Daily Current Capsules

13 July 2023

SAGAR SAMPARK

Union Minister of Ports, Shipping and Waterways, inaugurated the indigenous Differential Global Navigation Satellite System (DGNSS) ‘SAGAR SAMPARK’

Know! about Differential Global Navigation Satellite System (DGNSS) ‘SAGAR SAMPARK’

DGNSS is a terrestrial based enhancement system which corrects the errors and inaccuracies in the Global Navigation Satellite System (GNSS) allowing for more accurate positioning information.
The launch of ‘Sagar Sampark – Differential Global Navigation Satellite System (DGNSS)’ at 06 locations under DGLL, will enhance the capability of the DGLL in the field of the Radio Aids to Marine Navigation.’
The DGNSS service will help mariners in safe navigation and will reduce the risk of collisions, groundings, and accidents in the port and harbour areas.This will lead to safe & efficient movement of vessels.
DGNSS is also an important Radio Aid to Navigation towards fulfillment of international obligations of International Maritime Organisation (IMO), Safety of Life at Sea (SOLAS) and International Association of Marine Aids to Navigation and Lighthouse Authorities (IALA)’.
After recapitalization with multiple satellite constellations like GPS and Global Navigation Satellite System (GLONASS), DGNSS further increases the availability and redundancy as per International standards and helps the mariners to improve their positioning within 5 meters.
The latest DGNSS system is now able to transmit corrections of GPS and GLONASS.
The DGNSS significantly improves the accuracy of GPS positioning, reducing errors caused by the atmospheric inferences, satellite clock drift and other factors.
The error correction accuracy has been improved from 5 to 10 meters to less than 5 meters for 100 Nautical Miles from Indian coastlines.

BHARAT (Banks Heralding Accelerated Rural & Agriculture Transformation).

Ministry of Agriculture & Farmers Welfare launched a new campaign for banks under Agri Infra Fund titled BHARAT (Banks Heralding Accelerated Rural & Agriculture Transformation).
This one month-long Campaign (from 15^th July 2023 to 15^th August 2023) with a target of Rs 7200 crore was attended by more than 100 Banking Executives
The Agriculture Ministry asked banks to promote Rs 1 lakh crore Agriculture Infrastructure Fund (AIF) for creation of necessary infrastructure in the farm sector.
The AIF is a financing facility launched on July 8, 2020 for creation of post-harvest management infrastructure and community farm assets.
Under this scheme, Rs 1 lakh crore is to be disbursed by financial year 2025-26 and the interest subvention and credit guarantee assistance will be given till the year 2032-33.

Agri Infra Fund

It is a new pan India Central Sector Scheme called Agriculture Infrastructure Fund (National Agriculture Infra Financing Facility).
The scheme shall provide 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 financial support.
Agriculture Infrastructure Fund Scheme is a top-up scheme along with all other available state and central government schemes.
Any grant or subsidy available under any present or future scheme of Central/State government can be availed for projects in addition to this financing facility.

India Mobile Congress

Minister for Communications, Electronics & Information Technology inaugurated the Curtain Raiser of IMC-2023
IMC is a flagship event of telecom sector in the country
The curtain raiser was attended by members of Cellular Operators Association of India (COAI), various representatives from telecom industries, start-ups, etc.
The seventh edition of Asia’s premier digital technology exhibition, India Mobile Congress (IMC), co-hosted by the Department of Telecommunications (DoT) and Cellular Operators Association of India (COAI) will be held from 27^th – 29^th October at Pragati Maidan in New Delhi this year with the theme of ‘Global Digital Innovation’.
IMC 2023 event will witness around 100,000 plus participants, 5,000 plus CXO-level delegates, 350 plus speakers, and 400 plus exhibitors.
In IMC 2022 ,PM launched the 5G revolution

Cellular Operators Association of India (COAI)

The Cellular Operators Association of India (COAI), was constituted in 1995 as a non-governmental society registered under the Societies Act, 1860.
The Association is dedicated to the advancement of the modern communications through the establishment of a world class cellular infrastructure and to delivering the benefits of affordable mobile communication services to the people of India.
It is regard as an important interface between the main stakeholders of the Indian Telecom Ecosystem, i.e. Government, Operators, Consumers, Equipment Manufacturers, Content Providers.
COAI provides a forum for discussions and exchange of ideas between Service Providers, Policy Makers, Regulators, Technologists, etc., who share a common interest in the development of mobile telephony in the country.

42nd Foundation Day of NABARD

Union Home Minister and Minister of Cooperation, Shri Amit Shah addressed the 42nd Foundation Day function of NABARD
On this occasion Shri Amit Shah also distributed Micro-ATM cards to milk societies and RuPay Kisan Credit cards to the members of these societies.

Know! all about NABARD

NABARD stands for National Bank for Agriculture and Rural Development.
This bank was established in 1982 to foster rural prosperity.
It is an apex regulatory body for overall regulation of regional rural banks and apex cooperative banks in India.
It is under the jurisdiction of Ministry of Finance, Government of India.
NABARD is active in developing and implementing financial inclusion.
NABARD has been authorised to provide credit and other financial facilities to promote and develop agriculture, cottage industries, small-scale industries, village industries, handicrafts, and more.
The role of NABARD includes the funding of any agricultural activities with respect to rural development in India, as the institution’s primary goal is the nationwide growth of India’s rural community.
There are three sectors around which schemes of NABARD work: development, supervision, and finance.
NABARD was established on the recommendations of B. Sivaramman Committee (by Act 61, 1981 of Parliament) on 12 July 1982 to implement the National Bank for Agriculture and Rural Development Act 1981.
It replaced the Agricultural Credit Department (ACD) and Rural Planning and Credit Cell (RPCC) of Reserve Bank of India, and Agricultural Refinance and Development Corporation (ARDC).
NABARD supervises State Cooperative Banks (StCBs), District Cooperative Central Banks (DCCBs), and Regional Rural Banks (RRBs) and conducts statutory inspections of these banks.
NABARD’s refinance fund from World Bank and Asian Development Bank to state co-operative agriculture and rural development banks (SCARDBs), state co-operative banks (SCBs), regional rural banks (RRBs), commercial banks (CBs) and other financial institutions approved by RBI

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13 July 2023 – Current Affairs