23rd May 2020 Current Affairs

23rd MAY 2020 CURRENT AFFAIRS+PIB Summary

These are the 23rd May 2020 current affairs. These current affairs are prepared from relevant sources like The Hindu, Indian Express, PIB, BusinessLine.

23rd MAY 2020 CURRENT AFFAIRS+PIB Summary

23rd May 2020 Current Affairs
23rd May 2020 Current Affairs

Keeping in mind the need of UPSC IAS Exam, 23rd MAY 2020 CURRENT AFFAIRS + PIB SUMMARY compilation has been prepared. Each and every topic which has been included in this compilation is taken from very authentic and relevant source. These “23rd MAY 2020 CURRENT AFFAIRS” includes topics form  The HinduThe Indian ExpressBusiness StandardPress Information Bureau, etc.

As per the evolving pattern of the UPSC IAS prelims and mains exam each and every topic in 23rd MAY 2020 CURRENT AFFAIRS + PIB SUMMARY compilation has been handpicked for you.



DAILY CURRENT AFFAIRS: 22nd MAY 2020: THE HINDU + PIB

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Tigers and Tourism | 22nd Webinar Series

23rd MAY 2020 CURRENT AFFAIRS

Source | Press Information Bureau


GS Paper III: Conservation, environmental pollution and degradation, environmental impact assessment.


Context: 22nd edition of Dekho Apna Desh Webinar Series was recently organized by the Ministry of Tourism. This time the webinar was titled ‘Tigers and Tourism’.

  • The session was presented by Mr. Sandesh Kadur, an eminent wildlife conservation photographer and filmmaker, National Geographic Fellow, winner of BAFTA in photography and an EMMY nominee for outstanding cinematography.
Tigers and Tourism Webinar Series; 23rd MAY 2020 CURRENT AFFAIRS
Tiger and Tourism Webinar Series


Also Read: PROJECT TIGER 1973 | EXPLAINED


What you need to know about Tiger population in India?

70% of world’s tiger population is found in diverse habitats of India with about 15 species of big cats presently existing in 50 reserves spread across the country. India with 50 tiger reserves in 18 states has over 80% of the global tiger population which stands at 3,159.

  • According to the latest tiger estimation report of 2018, India now has as many as 2,967 tigers in the wild, with more than half of them in Madhya Pradesh and Karnataka.
  • The range for the total tiger population in the wild is 2,603-3,346. The population has increased by nearly 33% since the last census in 2014 when the total estimate was 2,226.
  • The count has decreased drastically from 46 to 19 in Chhattisgarh.
  • In Odisha, it has been on a continual decline over the years and now stands at 28.
  • According to official records, the 24% mortality among tigers is due to poaching.
  • Madhya Pradesh showed the highest increase of 218 tigers, reaching an estimated 526, followed by Karnataka with 524.
  • The numbers have also increased in Uttarakhand (442), Maharashtra (312) and Tamil Nadu (264).
  • The tiger bearing habitats were divided into five landscape regions
    1. Shivalik-Gangetic plains,
    2. Central India and the Eastern Ghats,
    3. Western Ghats,
    4. North Eastern Hills and Brahmaputra Flood Plains
    5. The Sundarbans.
  • No tigers were found in Buxa (West Bengal), Dampa (Mizoram) and Palamau (Jharkhand).
  • As per the government records, the total numbers have been increasing at a rate of 6% every year i.e., from 1,411 in 2006 to 2,226 in 2014.
  • India along with 12 other tiger range countries had committed to doubling the population of tigers in their respective countries by 2022, as part of the World Wildlife Foundation (WWF) programme Tx2.

Read More: REPORT ON STATUS OF TIGER


Conservation Status

  • Tigers are globally listed as “Endangered” on the International Union for the Conservation of Nature (IUCN) Red List of Threatened Species.
  • The Malayan and Sumatran sub-species are listed as “Critically Endangered.”
  • Tiger has been protected under Appendix I of the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES) since 1 July 1975 which means commercial international trade in tiger is prohibited.
  • At the Tiger Summit held in St Petersburg, Russia in November 2010, the 13 tiger range countries adopted a Global Tiger Recovery Program.

List of Tiger Range Countries?

The 13 Tiger Range Countries (TRCs) are Bangladesh, Bhutan, China, India, Indonesia, Cambodia, Laos, Malaysia, Myanmar, Nepal, Russia, Thailand and Vietnam. The 13 TRC who are CITES member states recently held a conference in Russia and jointly vowed to double the estimated number of tigers left in the wild (3200).


Read More: 20th Webinar Series – Dekho Apna Desh


What is Tx2 programme of World Wildlife Foundation?

An ambitious and visionary species conservation goal was set by the governments of the 13 tiger range countries: to double the number of wild tigers by 2022 – the next Chinese year of the tiger. This is the Tx2 goal.

6,000+ wild tigers is the global goal set at the Tiger Summit and the goal WWF is dedicated to.

What has been the success so far?

  • Wild tiger numbers have increased for the first time globally! As of April 2016, there are now estimated to be 3890 tigers in the wild. The increase in numbers is a result of new areas being included in national surveys, improved survey techniques as well as growth in the population from conservation efforts.
  • India, Russia, Nepal, Bhutan and Bangladesh have all carried out comprehensive national tiger surveys, giving a clear picture of their wild tiger populations – a crucial step towards Tx2.
  • Exciting camera trap footage from 2014, along with long term studies, have shown that tigers are returning to Northeast China. China is currently undertaking its first national tiger survey.
  • Nepal became the first country in the world to achieve Zero Poaching. 2013 saw a full year of zero poaching of not only tigers, but rhinos and elephants too.
    • The country hosted the Towards Zero Poaching Symposium, bringing together delegates from the 13 tiger countries as well as experts from local and international NGO’s and partners to share best practice knowledge in the effort to combat the escalating illegal wildlife trade.
  • Conservation Assured | Tiger Standards (CA|TS) has been developed and two sites have become accredited; Chitwan National Park in Nepal and Sikhote-Alin Nature Reserve in Russia.
  • The Ranger Federation of Asia (RFA) was founded in 2013 as a way to connect and improve the working standards of the frontline staff who protect Asia’s wildlife

Also Read: 18th Webinar Series – Dekho Apna Desh


Sweet Revolution and Atmanirbhar Bharat

23rd MAY 2020 CURRENT AFFAIRS

Source | Press Information Bureau


GS Paper II: Major crops cropping patterns in various parts of the country, different types of irrigation and irrigation systems storage, transport and marketing of agricultural produce and issues and related constraints; e-technology in the aid of farmers.


Context: A webinar had been organised by the National Cooperative Development Corporation (NCDC) on the theme “Sweet Revolution and Atmanirbhar Bharat.”

Sweet Revolution and Atmanirbhar bharat; 23rd MAY 2020 CURRENT AFFAIRS


Read More: Atmanirbhar Bharat Abhiyan | 20 lac cr Economic Relief


Key Details about the Webinar titled “Sweet Revolution and Atmanirbhar Bharat”

The webinar was conducted by the National Cooperative Development Corporation (NCDC) on the theme “Sweet Revolution and Atma Nirbhar Bharat” in partnership with the National Bee Board, the Government of West Bengal, the Government of Uttarakhand and the Sher-e- Kashmir University of Agriculture Sciences and Technology, Kashmir.

Objective

The objective was to popularize scientific beekeeping as source of livelihood for landless rural poor, small and marginal famers to supplement agricultural income, as also as tool to enhance agriculture and horticulture production.

Participation

It attracted participation of beekeepers, honey processors, marketing and branding professionals, research scholars, academicians, cooperators from major honey producing states, representatives of State and Union Governments, international organizations such as FAO and NEDAC, Bangkok.

  • Issues before beekeepers such as promotion of scientific beekeeping, quality assurance, minimum support price, transport of bee colonies, processing, packaging, branding, testing, organic certification of honey and different beehive products were discussed.

Also Read: HORNETS | A RISK TO BEE INDUSTRIES



What you need to know about National Beekeeping & Honey Mission (NBHM)?

A new Central Sector Scheme “National Beekeeping and Honey Mission (NBHM)” for overall promotion & development of scientific beekeeping and production of quality honey & other beehive products was approved by the Govt. of India keeping in mind the vision of “Sweet Revolution.”

  • The scheme will be implemented through National Bee Board as a Central Sector Scheme (100% funded by Central Govt.).
  • The NBHM will have following sub-schemes/ three Mini Missions:
    1. Mini Mission-I: Under this Mission, thrust will be given on production & productivity improvement of various crops through pollination assisted by adoption of scientific beekeeping;
    2. Mini Mission-II: This Mission will concentrate on post harvest management of beekeeping/ beehive products including collection, processing, storage, marketing, value addition, etc. with a thrust to develop requisite infrastructural facilities for these activities; and
    3. Mini Mission-III: This Mission will concentrate on Research & Technology generation for different Regions/ States/ Agro-Climatic and Socio-Economic conditions.
  • The National Bee Board under the Department of Agriculture, Cooperation & Farmers Welfare, will be a National Level Nodal Agency for overall holistic development and promotion of beekeeping sector at National level under NBHM for implementation of activities.
  • National Beekeeping & Honey Mission (NBHM) will be implemented through National Bee Board (NBB) as a Central Sector (100% funded by Central Government) component under the existing vertical “Mission on Integrated Development of Horticulture (MIDH)”, as a part of the Centrally Sponsored Scheme “Green Revolution”.

Also Read: COVID-19 Economic Stimulus Package | Fifth Portion



About National Bee Board

The Ministry of Agriculture, Govt. of India launched a Central Sector Scheme titled ‘Development of Beekeeping for Improving Crop Productivity’ during the VIII plan (1994-95).

  • The scheme had various components covering R&D, production & distribution of honey bee colonies, organizing trainings and awareness programmes and support for setting up honey processing plant, etc.
  • A Beekeeping Development Board also functioned under the Chairpersonship of Secretary (A & C) to coordinate the Beekeeping activities.

The Scheme was approved for continuation during the IX Plan. However, the scheme got subsumed under the Macro Management Scheme, with effect from October, 2000.

The Department facilitated efforts by providing seed money through Small Farmers’ Agri-Business Consortium (SFAC) for enabling the private sector to join hands in forming the National Bee Board as a Registered Society under Societies Registration Act, XXI of 1860 on 19th July, 2000 & promoted by the Small Farmers’ Agri-Business Consortium (SFAC).

  • In May 2005, Beekeeping has been included as a supplemental activity under National Horticulture Mission (NHM) for promoting cross pollination of Horticultural Crops.

In view of the tremendous scope for increasing productivity due to cross pollination and increase in income through Apiculture, it was proposed to revive Beekeeping activity in the country. Accordingly, the National Bee Board (NBB) was reconstituted in June, 2006.

  • The main objective of the National Bee Board (NBB) is overall development of Beekeeping by promoting Scientific Beekeeping in India to increase the productivity of crops through pollination and increase the Honey production for increasing the income of the Beekeepers/ Farmers.

Also Read: Lockdown 4.0 Guidelines | All You need to Know


PLACEBO EFFECT IN MUMBAI

23rd MAY 2020 CURRENT AFFAIRS

Source | The Hindu


GS Paper II: Issues relating to development and management of Social Sector or Services relating to Health, Education, Human Resources.


Context: Homeopathy drug, Arsenicum Album 30, which is untested for efficacy against COVID-19 is being widely distributed in Mumbai as a feel-good factor for constituents.

  • According to the experts, there is no data exists which reflects the efficacy of this drug against COVID-19.
PLACEBO EFFECT IN MUMBAI; 23rd MAY 2020 CURRENT AFFAIRS

Read More: Platform for detecting Carcinogenic compounds in food



What is Placebo Effect?

A placebo is anything that seems to be a “real” medical treatment — but isn’t. It could be a pill, a shot, or some other type of “fake” treatment. What all placebos have in common is that they do not contain an active substance meant to affect health.

  • Researchers use placebos during studies to help them understand what effect a new drug or some other treatment might have on a particular condition.

Sometimes a person can have a response to a placebo. The response can be positive or negative. For instance, the person’s symptoms may improve. Or the person may have what appears to be side effects from the treatment. These responses are known as the “Placebo effect.”

  • There are some conditions in which a placebo can produce results even when people know they are taking a placebo. These includes depression, pain, sleep disorders, irritable bowel syndrome and menopause.

According to the research on the placebo effect, it is found that it focused on the relationship of mind and body. One of the most common theories is that the placebo effect is due to a person’s expectations.

  • If a person expects a pill to do something, then it’s possible that the body’s own chemistry can cause effects similar to what a medication might have caused.

Also Read: COVID-19 RNA Extraction Kit | Agappe Chitra Magna



What is the issue in Maharashtra?

  • A corporator from Borivali, Riddhi Khursange, has distributed 10,000 bottles of Arsenicum Album 30, the homoeopathy medicine that was recommended by Ministry of AYUSH as a prophylactic for COVID-19.
  • Another corporator from Ghatkopar, Pravin Chheda, has bought 25,000 bottles and has distributed over 7,100 in the past four days.
  • There is no evidence on whether the medicine, which is given for a broad spectrum of respiratory illnesses, holds any preventive properties for COVID-19, yet its demand has skyrocketed.
  • Experts, however, say such large-scale distribution without a trial may lead to a false sense of security among people commonly referred to as the Placebo Effect.
  • The demand is so high that chemists are selling one bottle for Rs 100 which rarely costs around Rs 12 per bottle.
  • The major problem is this general mass distribution of the medicine without an attempt to collect data on efficacy.

Few details about the Medicine distributed so widely

  • One bottle of Arsenicum Album 30 has around 90 tiny pills, enough for a family for several months.
  • The pills consist of the water memory of arsenic trioxide, otherwise a highly toxic substance, which is diluted to a point that only the nanoparticles remain in the solution and nullify the toxicity.
  • Also known as Ars Alb, the medication was termed as genus epidemicus (homoeopathy medicine indicated for an epidemic) during the H1N1 outbreak of 2008-2009.
  • Meanwhile, a trial on 44 COVID-19 patients in Agra has shown that a homoeopathy medicine called Bryonia Alba was more beneficial than Ars Alb.

Read More: Ashwagandha against COVID-19



Rajiv Gandhi Kisan Nyay Yojana

23rd MAY 2020 CURRENT AFFAIRS

Source | The Hindu


GS Paper II: Welfare schemes for vulnerable sections of the population by the Centre and States and the performance of these schemes; mechanisms, laws, institutions and Bodies constituted for the protection and betterment of these vulnerable sections.


Context: Chhattisgarh Governnment launched the Rajiv Gandhi Kisan Nyay Yojana, by transferring Rs 1,500 crore into the accounts of more than 18,000 farmers.

Rajiv Gandhi Kisan Nyay Yojana


Read More: Pradhan Mantri Matsya Sampada Yojana (PMMSY)


What you need to know about the Rajiv Gandhi Kisan Nyay Yojana?

The Rajiv Gandhi Kisan Nyay Yojana aims to ensure minimum income availability to farmers growing one rabi and 13 kharif season crops in the state. It is similar to the Nyuntam Aay Yojana (NYAY) that was proposed by Rahul Gandhi in the last Lok Sabha polls.

  • This was the first installment of a Rs 5,750-crore scheme, meant to benefit farmers sowing 14 types of crops.
  • The Scheme was launched by the Congress President Sonia Gandhi to mark the 29th death anniversary of the late Prime Minister of India, Rajiv Gandhi who was martyred in 1991.
  • The Congress government has already transferred nearly Rs 40,700 crore into the accounts of farmers in form of payment against paddy procurement, loan waiver, crop insurance claim, irrigation tax waver and bonus.
  • The government had promised a sum of Rs 2,500 per quintal to the paddy farmer last year, which was Rs 1,300 more than the central government’s price.
  • Further, as part of the scheme, an exchange grant of Rs 13,000 per acre will be provided for sugarcane farming and Rs 10,000 per acre for paddy farming.
  • The assistance shall be provided in a proportionate manner from Kharif 2019 season, depending on the quantity acquired through the cooperative society.
  • Under this scheme, 18, 34, 834 farmers will be provided Rs 1,500 crore as the first installment for paddy crop.
  • Similarly, for sugarcane crop, payment of maximum Rs 355 per quintal will be made depending on the quantity of sugarcane purchased by the cooperative mill in the crushing year 2019-20.

Also Read: Coir Geotextiles in Road Constructions under PMGSY



Few Points you need to remember about Chhattisgarh from Prelims perspective

Being a resource-rich state, it is a source of electricity and steel for the country, accounting for 15% of the total steel produced as well as a large contributor of coal.

Chhattisgarh is one of the fastest-developing states in India. The state was formed on 1 November 2000 by partitioning 10 Chhattisgarhi and 6 Gondi-speaking southeastern districts of Madhya Pradesh.

  • Bordering States: Madhya Pradesh in the northwest, Uttar Pradesh in the north, Jharkhand in northeast, Maharashtra in the southwest, Telangana and Andhra Pradesh in the south, and Odisha in the southeast.
  • State Animal: Van Bhainsa, or wild Asian buffalo.
  • State Bird: Pahari Myna, or Hill Myna.
  • State Tree: Sal (Sarai) found in Bastar division.
  • Deciduous forests of the Eastern Highlands Forests cover roughly 44% of the state.
  • The Mahanadi is the chief river of the state. The other main rivers are Hasdeo (a tributary of Mahanadi), Rihand, Indravati, Jonk, Arpa and Shivnath.

History

  • In ancient times, this region was known as Dakshina Kosala.
  • This area also finds mention in Ramayana and Mahabharata.
  • One of the earliest statues of Vishnu has been excavated from Shunga period site at Malhar.
  • The Bastar region of Chhattisgarh was invaded by Rajendra Chola I and Kulothunga Chola I of the Chola dynasty in the 11th century.
  • Chhattisgarh was under Maratha rule (Bhonsales of Nagpur) from 1741 to 1845 AD.
  • It came under British rule from 1845 to 1947 as the Chhattisgarh Division of the Central Provinces.
  • The area constituting the new state merged into Madhya Pradesh on 1 November 1956, under the States Reorganisation Act, 1956 and remained a part of that state for 44 years.

Geography and Economy

  • Chhattisgarh State is ranked as the 17th-largest tea-producing state in India.
  • Agriculture is counted as the chief economic occupation of the state.
  • The main crops are rice, maize, kodo-kutki and other small millets and pulses (tuar and kulthi); oilseeds, such as groundnuts (peanuts), soybeans and sunflowers, are also grown.
  • Chhattisgarh is also called the “rice bowl of central India”.
  • Chhattisgarh is rich in minerals. It produces 50% of the country’s total cement production.
    • It has the highest output of coal in the country with second-highest reserves.
    • It is third in iron ore production and first in tin production.
    • Limestone, dolomite and bauxite are abundant.
    • It is the only tin ore-producing state in India.
    • Other commercially extracted minerals include corandum, garnet, quartz, marble, alexandrite and diamonds.
  • The major exports products include steel, handicrafts, handlooms, blended yarn, food and agri-products, iron, aluminium, cement, minerals, and engineering products.
  • With the exception of the hilly states of the north-east, Chhattisgarh has one of highest shares of Scheduled Tribe (ST) populations within a state, accounting for about 10% of the STs in India. Scheduled Tribes make up 30.62% of the population.
  • According to the 2011 census, 93.25% of Chhattisgarh’s population practised Hinduism, while 2.02% followed Islam, 1.92% followed Christianity.
  • The official languages of the state are Chhattisgarhi and Hindi.
  • Chhattisgarh has a high female-male sex ratio (991) ranking at the fifth position among other states of India.
  • Chhattisgarh is known for “Kosa silk” and “lost wax art”.
  • Panthi, Raut Nacha, Pandwani, Chaitra, Kaksar, Saila, Khamb-swang, Bhatra Naat, Rahas, Raai, Maao-Pata and Soowa are the several indigenous dance styles of Chhattisgarh.
  • India’s first man-made jungle safari is also situated in Raipur, the capital city of Chhattisgarh.

Read More: Special Liquidity Scheme for NBFCs, HFCs and MFIs



World’s Fastest Internet Data Speed achieved by Australia

23rd MAY 2020 CURRENT AFFAIRS

Source | The Hindu Businessline


GS Paper III: Science and Technology – developments and their applications and effects in everyday life Achievements of Indians in science & technology; indigenization of technology and developing new technology.


Context: In a major breakthrough, the researchers from Monash, Swinburne, and RMIT universities of Australia have successfully tested and recorded the world’s fastest internet data speed.

  • It is the first time any micro-comb has been used in a field trial and possesses the highest amount of data produced from a single optical chip.
world's fastest internet speed


Read More: MoodOfIndia Portal Developed by IIT-Tirupati


How did Australia achieved World’s fastest internet speed?

  • The researchers achieved this from a single optical chip – capable of downloading 1000 high definition movies in a split second.
  • The researchers were able to achieve a data speed of 44.2 Terabits per second (Tbps) from a single light source.
  • This technology has the capacity to support the high-speed internet connections of 1.8 million households in Melbourne.
  • This can also address the problem of virtual jams across the world during peak periods.
  • They used a new device called micro-comb that replaces 80 lasers, which is smaller and lighter than existing telecommunications hardware.

What you need to know about Micro-combs?

  • Optical frequency combs based on micro-resonators, or micro-combs, represent an exceptionally active field of research that has only developed in the last ten years.
  • This has been motivated by the prospect of creating compact and efficient multi-wavelength sources that are able to replace the very bulky and power-hungry bulk or table-top optical sources, used in many applications, with an ultra-compact and energy-efficient device.
  • An important property of optical micro-resonators is their ability to efficiently store and enhance the optical field.
  • For this reason, nonlinear optical phenomena that, typically, require very high-power optical pump sources can be observed in micro-resonators at extremely low powers.


Also Read: Lightweight Carbon Foam to replace Lead Batteries


International Day for Biological Diversity 2020

23rd MAY 2020 CURRENT AFFAIRS

Source | CBD


GS Paper III: Conservation, environmental pollution and degradation, environmental impact assessment.


Context: The International Day for Biological Diversity is observed on 22nd May every year to increase understanding and awareness of biodiversity issues.

  • When first created by the Second Committee of the UN General Assembly in late 1993, 29 December (the date of entry into force of the Convention of Biological Diversity), was designated The International Day for Biological Diversity.
  • In December 2000, the UN General Assembly adopted 22 May as IDB, to commemorate the adoption of the text of the Convention on 22 May 1992 by the Nairobi Final Act of the Conference for the Adoption of the Agreed Text of the Convention on Biological Diversity.
INTERNATIONAL DAY FOR BIOLOGICAL DIVERSITY


Read More: INTERNATIONAL MUSEUM DAY


What you need to International Day for Biological Diversity 2020?

Theme for the year 2020 is “Our solutions are in nature”. The theme highlights that Biodiversity remains the answer to a number of sustainable development challenges.

From nature-based solutions to climate, to food and water security, and sustainable livelihoods, biodiversity remains the basis for a sustainable future. The year 2020 is a reflection, opportunity and solutions for biodiversity issues. The year will witness:

  • The final period for the 2011-2020 Strategic Plan on Biodiversity and its 20 Aichi Biodiversity Targets.
  • The end of the 2011-2020 United Nations Decade on Biodiversity, and start of other new pivotal biodiversity related decades for the period 2021-2030: the UN Decade of Ocean Science for Sustainable Development and the UN Decade on Ecosystem Restoration.
  • The UN Biodiversity Summit (15th Conference of the Parties: COP-15) which will highlight the urgency of actions in support of a post-2020 global biodiversity framework that contributes to the 2030 Agenda for Sustainable Development and places the global community on a path towards realizing the 2050 Vision for Biodiversity.
    • Sustainable Goal 15 aims to “Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss”.

Also Read: EARTH DAY 2020



Read More: WORLD TUNA DAY CELEBRATED


ReStart Programme for MSMEs by Andhra Pradesh

23rd MAY 2020 CURRENT AFFAIRS

Source | The Hindu


GS Paper II: Government policies and interventions for development in various sectors and issues arising out of their design and implementation.


Context: In a recent move, Chief Minister of Andhra Pradesh has launched “ReStart Programme” for MSMEs to support the Micro, Small and Medium Enterprise (MSME) sector in the State.

ReStart Programme for MSMEs; 23rd MAY 2020 CURRENT AFFAIRS


Read More: Emergency Credit Line Guarantee Scheme (ECLGS)


What you need to know about the ReStart Program for MSMEs?

  • As part of the package, the government will spend Rs. 1,100 crore on revival of the sector which is expected to benefit 98,000 units that provide employment to more than 10 lakh people.
  • Apart from above, a special fund of ₹200 crore will provide input capital loan to the firms at low interest rates.
  • As part of the Scheme, the minimum power demand charges of the MSMEs for the months of April, May and June, amounting to Rs. 188 crore to be waived off.
  • Further, the government will purchase around 360 products from the MSMEs, and payments towards it would be cleared in 45 days. Of the total purchases,
    • Almost 25% would be done from the micro and small enterprises.
    • 4% from the SC/ST community enterprises.
    • 3% from women entrepreneurs.
  • Skills required by the industries (MSMEs) will be imparted through Skill Development Colleges.

Also Read: INDIA SME SERVICES PLATFORM



What is the importance of MSMEs for Indian Economy?

  • MSME Sector is the second largest employment generating sector after agriculture. It provides employment to around 120 million persons in India.
  • With around 36.1 million units throughout the geographical expanse of the country, MSMEs contribute around 6.11% of the manufacturing GDP and 24.63% of the GDP from service activities.
  • Further, the MSME ministry has set a target to up its contribution to GDP to 50% by 2025 as India becomes a $5 trillion economy.
  • Apart from above, MSMEs contributes around 45% of the overall exports from India.
  • MSMEs promote inclusive growth by providing employment opportunities in rural areas especially to people belonging to weaker sections of the society.
  • Small industries and retail businesses in tier-II and tier-III cities create opportunities for people to use banking services and products as part of financial inclusion initiative of MSMEs.

What is the new revised definition of MSME?

Under the new MSME Classification, MSMEs will now be defined in a composite manner, taking both investments as well as turnover into account. Following table depicts the required classification:

INDUSTRY TYPEINVESTMENTTURNOVER
MicroUpto Rs. 1 croreUnder Rs. 5 crore
SmallUpto Rs. 10 croreUpto Rs. 50 crore
MediumUpto Rs. 20 croreUnder Rs. 100 crore

Also Read: Major Stimulus Package for MSMEs amid COVID-19



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