What is Stagflation?
- Stagflation= Stagnant Growth + Rising Inflation.
- It is also called as recession-inflation.
- It can also be defined as inflation and a decline in Gross Domestic Product (GDP).
- Inflation rises when the economy is growing fast. That is because people are earning more and more money and can pay higher prices for the same quantity of goods.
- When the economy stalls, inflation tends to go down as well because there is less money now chasing the same quantity of goods.
Agriculture Infrastructure Fund
- PM Modi launched a new Central Sector Scheme of financing facility under the Agriculture Infrastructure Fund of Rs. 1 Lakh Crore.
- Target beneficiaries: Farmers, PACS, FPOs, Agri-entrepreneurs, etc.
- Aim: Building community farming assets and post-harvest agriculture infrastructure.
- Credit guarantee coverage will be available for eligible borrowers from this financing facility.
- The Agriculture Infrastructure Fund is a medium – long term debt financing facility for investment in viable projects for post-harvest management infrastructure and community farming assets through interest subvention and credit guarantee.
- The duration of the scheme shall be from FY2020 to FY2029 (10 years).
- Under the scheme, Rs. 1 Lakh Crore will be provided by banks and financial institutions as loans with interest subvention of 3% per annum and credit guarantee coverage under CGTMSE scheme for loans up to Rs. 2 Crore.
- Will be given under the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) scheme
- For a loan of up to Rs 2 crore paid by the government.
- Also, Rs. 17000 Crore transferred by PM to nearly 8.5 Crore farmers under PM-KISAN through Direct Benefit Transfer to Aadhaar linked bank accounts.
- India’s Agriculture sector is around 15.9% of the country’s economy and 49% of the total employment (2018-19).
- PM-KISAN
- Pradhan Mantri Kisan Samman Nidhi is a Central Sector Scheme with 100% funding from the GoI.
- Implemented by Ministry of Agriculture and Farmer’s Welfare.
- Launched on February 24 in 2019.
- Centre transfers an amount of Rs 6,000 per year, in three equal instalments, directly into the bank accounts of the all landholding farmers irrespective of the size of their land holdings.
Railway Museum at Hubballi
- Union Ministers Prahlad Joshi and Piyush Goyal inaugurated the Rail Museum in Hubballi.
- This Museum displays the gradual evolution of advanced systems in all spheres of growth of Railways.
- The museum includes sections such as:
- Galaxy rolling stock
- Malaprabha and Ghataprabha cottage, Theatre coach, a toy train, and
- A section to teach children about how the railways is operated, and about ticketing and railway innovations.
Girish Chandra Murmu takes charge as CAG
- Girish Chandra Murmu is the new Comptroller and Auditor General of the country.
- He is former Lieutenant Governor of Jammu and Kashmir.
- President Ram Nath Kovind administered the oath of office to Murmu as the CAG at Rashtrapati Bhavan.
- Comptroller and Auditor General
- CAG is an independent authority under the Constitution of India.
- He is the head of the Indian audit & account department and chief Guardian of Public purse.
- Article 148
- Broadly deals with the CAG appointment, oath and conditions of service.
- CAG of India who shall be appointed by the President.
- Article 151 says that the reports of the Comptroller and Auditor-General of India relating to the accounts of the Union shall be submitted to the president, who shall cause them to be laid before each House of Parliament.
PM launches ‘Gandagi Mukt Bharat’
- It is a week-long campaign for ‘garbage-free India’ in the run-up to Independence Day.
- During this week, each day till August 15 will have special ‘swachhata’ initiatives in urban and rural India to re-enforce the ‘jan andolan’ for ‘swachhata’.
- Launched during the inauguration of Rashtriya Swachhata Kendra.
Mahinda Rajapaksa takes oath as Prime Minister
- Mahinda Rajapaksa was on Sunday sworn in as the Prime Minister of Sri Lanka for the fourth time.
- He previously served as President of Sri Lanka from 2005 to 2015.
- The relationship between India and Sri Lanka is more than 2,500 years old. Sri Lanka is one of the largest trading partners in SAARC.
Current COVID19 Situation in India
QUIZ TIME
PM launched financing facility under the Agriculture Infrastructure Fund for:
- 2 lakh crores
- 1 lakh crores
- 3 lakh crores
- 4 lakh crores
Answer – B
In which of the following year PM-KISAN was launched?
- 2018
- 2012
- 2020
- 2019
Answer – D
Who is current Comptroller and Auditor General of India?
- Rajiv Mehrishi
- Shashi Kant Sharma
- Vinod Rai
- G. C. Murmu
Answer – D
Who appoints Comptroller and Auditor-General (CAG) of India?
- President
- CJI
- Governor
- Prime Minister
Answer – A
Question of the Day
What is Rashtriya Krishi Vikas Yojana?
Answer in next session…
