Daily NEWS 23 February 2024:

Venture Debt Market Growth

• In 2023, India's venture debt market saw a significant increase, raising $1.2 billion, a 50% surge from the previous year.
• Consumer and fintech sectors were the top sectors for raising funds through venture debt.

About Venture Debt

• Venture debt is a type of financing commonly used by early stage startups without a proven revenue track record.
• Unlike traditional debt financing, venture debt is typically provided by specialized lenders who are willing to take on more risk for potentially higher returns.

Pigeon Pea Speed Breeding Protocol

• The International Crops Research Institute for SemiArid Tropics in Hyderabad has developed the world's first Pigeon Pea speed breeding protocol.
• This protocol will reduce the breeding cycle to 24 years, compared to the traditional 13 years, and will enhance food security in Asia and Africa.

About Pigeon Pea

• Pigeon Pea is high in nutritional value, containing iron, calcium, phosphorous, and more.
• India was the largest producer of Pigeon Pea in 2021.
• Pigeon Pea is a crop of tropical areas mainly cultivated in semiarid regions of India, with specific temperature requirements during different seasons.

Rashtriya Udyamita Vikas Pariyojana (RUVP)

• Launched by Ministry of Skill Development and Entrepreneurship under Skill India Mission.

About RUVP:

• Tailored for PM SVANidhi scheme beneficiaries.
• Offers comprehensive entrepreneurship training over 22 weeks.
• Focuses on reskilling and upskilling employees.
• Piloted in selected districts with 40% women participation.
• Training conducted through offline, online, and hybrid modes.
• Certificates awarded upon completion.

Miyawaki Method

• Adopted by Coal/Lignite Public Sector Undertakings in suitable areas.
• Based on work of Japanese botanist Akira Miyawaki
• Establishes dense forest in 10 years within limited area.
• Cultivates multilayered forests with rapid growth and biodiversity.
• Lacks some qualities of natural forests like medicinal properties and rainmaking ability
• Benefits include mitigating ecological impact of mining, creating carbon sinks, and providing livelihood opportunities for local communities.

Anatomy of Baleen Whales

• Scientists have discovered that Baleen Whales use a modified larynx for underwater vocalization.
• This anatomical feature allows them to produce their distinctive songs.

Species of Baleen Whales

• There are 14 species of baleen whales, including blue, bowhead, right, humpback, and gray whales.
• All species are protected under CITES Appendix I, preventing commercial international trade.
• Three species, including blue, Bryde, and humpback whales, can be found in India.

Characteristics of Baleen Whales

• Baleen whales have no teeth and can grow up to 30 meters in length.
• They are expert divers and have unique feeding habits.

BrahMos Missiles Acquisition

• The Cabinet Committee on Security has approved the acquisition of over 200 BrahMos extendedrange supersonic cruise missiles for the navy.

About BrahMos Missiles

• Developed through a joint venture between India and Russia, BrahMos missiles are supersonic cruise missiles.
• They travel at speeds of around 23 Mach and are propelled by jet engines.

Key Features of BrahMos Missiles

• Operate on a "Fire and Forget" principle.
• Have a long flight range of 290km with various flight trajectories.
• Possess a low radar signature and high accuracy with lethal power upon impact.

Umbrella Scheme for Safety of Women

• The Union cabinet approved funds for the Umbrella scheme for safety of women for the period 202122 to 202526.
• Nodal Ministry: Ministry of Home Affairs
• Objective: Strengthening mechanisms in States/Union Territories for ensuring timely intervention and investigation in case of crime against women and crime prevention in such matters.

Key Projects covered:

• Emergency Response Support System (ERSS) 2.0.
• Upgradation of Central Forensic Sciences laboratories, including setting up of National Forensic Data Centre.
• Strengthening of DNA Analysis, Cyber Forensic capacities in State Forensic Science Laboratories, etc.

Guinea Worm Disease (GWD)

• According to World Health Organization, the world is near to eradicating GWD.

About GWD (Dracunculiasis):

• It is an infection caused by parasite Dracunculus medinensis.
• Spread by drinking water containing Guinea worm larvae, affecting people in rural, deprived, and isolated communities.
• No vaccine or drug to prevent or treat the disease.
• India successfully eradicated GWD in 2000.

Albania (Capital: Tirana)

• Albania has announced to open an Embassy in India.

Political Boundaries:

• Located in Southeastern Europe in the Balkan Peninsula.
• Shares land borders with Montenegro, Kosovo, North Macedonia, and Greece.
• Water Bodies: Adriatic Sea and Ionian seas.

Geographical Features:

• Physiography: Consists of mountains, hills, coastal, and alluvial lowlands.
• Major Rivers: Drin, Seman, and Shkumbin.
• Highest Point: Mount Korab.
• Climate Type: Mediterranean climate.

Ministry of Home Affairs allocates Rs 20 crore for 'Support to Poor Prisoners Scheme'

• Provides relief to poor prisoners unable to pay fines or secure bail.
• A State subject, announced in Union Budget 202324
• MHA aims to help underprivileged prisoners, majority from socially disadvantaged groups: Solves overcrowding in jails.

Guidelines and Standard Operating Procedure for Scheme implementation

• National Crime Records Bureau designated as Central Nodal Agency
• Empowered Committee in each District to assess financial support needs.
• Oversight Committee at State Government level.

Maximum assistance of Rs. 40,000 for undertrial prisoners and Rs. 25,000 for convicted prisoners.

• Proposals above these amounts approved by State level Oversight Committee
• Other measures to improve prison conditions and prisoner welfare
• Model Prisons Act, 2023 for inmate transformation and rehabilitation
• Fast Track Courts for expedited trials
• National Human Rights Commission protection of prisoners' rights
• Model Prison Manual 2016 guidelines for facilities for under trial inmates

Challenges:

• Identifying and reaching out to all eligible poor prisoners across the country
• Ensuring proper utilization of allocated funds without any misuse or corruption
• Overcoming bureaucratic hurdles and delays in the implementation of the scheme
• Addressing the stigma and discrimination faced by underprivileged prisoners in accessing support
• Ensuring transparency and accountability in the selection process of beneficiaries
• Dealing with the lack of awareness among eligible prisoners about the scheme
• Managing the financial burden on the government in providing assistance to a large number of poor prisoners
• Addressing the potential challenges in coordinating with various stakeholders at the national and state levels

Merits:

• Provides relief to poor prisoners unable to pay fines or secure bail, ensuring access to justice for all.
• Aims to help underprivileged prisoners, majority from socially disadvantaged groups, promoting social justice.
• Solves overcrowding in jails by facilitating the release of eligible prisoners.
• Guidelines and Standard Operating Procedure for Scheme implementation ensure uniformity and transparency.
• National Crime Records Bureau designated as Central Nodal Agency for efficient coordination.
• Empowered Committee in each District to assess financial support needs of prisoners.
• Oversight Committee at State Government level to monitor and evaluate the implementation of the scheme.
• Maximum assistance of Rs. 40,000 for undertrial prisoners and Rs. 25,000 for convicted prisoners ensures adequate support.

Way Forward:

• Conduct awareness campaigns to inform eligible prisoners about the scheme and its benefits.
• Strengthen coordination between different stakeholders for effective implementation.
• Regular monitoring and evaluation of the scheme to identify and address any challenges or issues.
• Ensure transparency and accountability in the selection process of beneficiaries.
• Explore partnerships with NGOs and civil society organizations to enhance the reach of the scheme.
• Provide training and capacity building to officials involved in the implementation of the scheme.

Agricultural and Processed Food Products Export Development Authority (APEDA) created dedicated organic promotion division:

APEDA's Organic Promotion Division

• APEDA has created a dedicated division to promote organic exports.
• This division coordinates efforts to enhance the country's organic export potential.

Roadmap for Organic Exports in Uttarakhand and Sikkim

• Focus on improving farming practices and certification procedures.
• Identify key export products from these regions.

Sikkim as India's First Organic State

• Sikkim is recognized as the first organic state in India
• Organic farming excludes synthetic inputs and relies on natural resources for crop management

India's Ranking in Organic Agricultural Land

• India ranks 6th in the world for organic agricultural land
• States like Madhya Pradesh, Maharashtra, Rajasthan, Karnataka, and Odisha are top producers of organic products

Export Markets for Organic Products

• Organic products are exported to countries like USA, Canada, Great Britain, Switzerland, Turkey, Australia, and Ecuador
• Organic farming has various benefits like improving soil fertility and reducing environmental pollution
• Initiatives to promote organic farming
• Revising NPOP guidelines for international market accessibility
• Role of NPOP in accreditation and setting standards
• Paramparagat Krishi Vikas Yojana and Mission Organic Value Chain Development
• Jaivik Kheti organic ecommerce portal by Ministry of Agriculture and Farmers Welfare.

Challenges:

• Yield of organic farming is around 18.4% lower than that of conventional farming.
• High certification cost, and inadequate supporting infrastructure.
• Requires more time for observation, timely control, and intervention. It is naturally more laborintensive.
• Lack of awareness and education among farmers about organic farming practices.
• Difficulty in maintaining consistency in organic farming practices.
• Limited availability of organic inputs and resources.
• Lack of proper marketing and distribution channels for organic products.
• Competition from cheaper nonorganic products in the international market.

Merits:

• Organic farming improves soil fertility and reduces soil erosion.
• It lowers environmental pollution and reduces greenhouse gas emissions.
• Organic products are in high demand in international markets due to their perceived health benefits.
• Organic farming promotes biodiversity and sustainable agricultural practices.
• Organic farming helps in conserving water resources and protects the environment.
• Organic products command a premium price in the market, leading to higher profits for farmers.
• Organic farming promotes rural development and empowers smallscale farmers.
• Organic farming contributes to food security and ensures the availability of safe and healthy food for consumers.

Way forward:

• Revise National Programme for Organic Production (NPOP) guidelines to bolster accessibility of organic products in international markets.
• Strengthen accreditation of Certification Bodies and fix standards for organic production and packaging.
• Implement Paramparagat Krishi Vikas Yojana 2015 to promote traditional organic farming practices.
• Focus on Mission Organic Value Chain Development for North East Region to boost organic farming in the region.
• Promote Jaivik Kheti organic ecommerce portal of Ministry of Agriculture and Farmers Welfare to facilitate online marketing of organic products.
• Provide training and capacity building programs for farmers to enhance their knowledge and skills in organic farming.

Ministry of Health and Family Welfare Notification on Surrogacy (Regulation) Amendment Rules, 2024

• Amendment Rules made under Surrogacy (Regulation) Act 2021
• Changes to Surrogacy (Regulation) Rules, 2022

Changes for Couples in Surrogacy

• Couples with medical conditions certified by District Medical Board can use only one gamete from intending couple.
• Child born through surrogacy must have at least one gamete from intending couple.

Changes for Single Women in Surrogacy

• Single woman (widow or divorcee) must use selfeggs and donor sperms for surrogacy.
• Supreme Court case allowed woman with MRKH Syndrome to undergo surrogacy with donor egg.
• Information on MRKH Syndrome:  Rare congenital disorder affecting reproductive system and causing infertility.
• Definition of Surrogacy:  Practice where one woman bears and gives birth to a child for an intending couple.

Details of Surrogacy (Regulation) Act, 2021

• Only altruistic surrogacy allowed, commercial surrogacy penalized.
• Intending couple must be legally married with age limits.
• Surrogate Mother must be married woman with child of her own and specific age range between age of 25 – 35 years.

Challenges:

• Lack of awareness about the new rules among stakeholders.
• Potential resistance from those who were benefiting from the previous rules.
• Difficulty in monitoring and enforcing the new regulations.
• Concerns about the impact on the surrogacy industry and availability of surrogates.
• Legal challenges and potential loopholes in the amended rules.
• Ensuring access to surrogacy for all eligible individuals and couples
• Addressing the ethical concerns surrounding surrogacy
• Balancing the rights and interests of all parties involved in the surrogacy process

Merits:

• Ensuring greater protection for the rights of all parties involved in surrogacy arrangements
• Promoting ethical practices and preventing exploitation of surrogates
• Encouraging transparency and accountability in the surrogacy process
• Safeguarding the interests of children born through surrogacy
• Promoting the health and wellbeing of surrogate mothers and intended parents
• Addressing specific medical conditions and ensuring appropriate use of gametes in surrogacy
• Providing clarity and guidance for individuals and couples seeking surrogacy services
• Aligning with international best practices and standards in surrogacy regulation

Way forward:

• Conducting awareness campaigns and training programs for stakeholders on the amended rules
• Establishing mechanisms for monitoring and enforcing compliance with the new regulations
• Collaborating with healthcare professionals, legal experts, and advocacy groups to address challenges and concerns
• Reviewing and revising the rules based on feedback and experiences from implementation
• Strengthening the infrastructure and capacity for regulating surrogacy services
• Conducting research and data collection to evaluate the impact of the amended rules

Prime Minister of Greece paid State visit to India:

• Greece joins IndoPacific Oceans Initiative (IPOI)
• IPOI builds upon India's SAGAR initiative
• Collaboration in Eastern Mediterranean region and IMEC development

• • IMEC launched by India at G20 Leaders' Summit in 2023
• Establishment of Joint Working Group (JWG) for defence, cybersecurity, counterterrorism, and maritime security

• • Emphasis on increased cooperation in defence manufacturing
• Commitment to double trade by 2030, with bilateral trade at USD 1.9 billion in 202223
• IndiaGreece relations as key partner in Mediterranean region and gateway to EU

• • Relations elevated to Strategic Partnership in 2023
  • Support for India's membership in Wassenaar Arrangement, Australia Group, etc.
• Support for India's permanent membership in UNSC and participation in initiatives like International Solar Alliance

RAISINA Dialogue:

• Greek PM as chief guest at 9th edition of Raisina Dialogue
• Raisina Dialogue addresses challenging international issues
• Theme of 2024 edition: Chaturanga: Conflict, Contest, Cooperate, Create
• Organised by Ministry of External Affairs and Observer Research Foundation.

Challenges:

• Ensuring effective implementation of agreements and collaborations in the Eastern Mediterranean region and IMEC development.
• Overcoming potential obstacles in the establishment of the Joint Working Group (JWG) for defence, cybersecurity, counterterrorism, and maritime security.
• Addressing trade barriers and enhancing economic cooperation to achieve the target of doubling trade by 2030.
• Managing geopolitical complexities in the IndoPacific region and balancing interests of various stakeholders.
• Dealing with potential resistance or opposition to India's increased engagement in the Mediterranean region.
• Ensuring smooth coordination and cooperation in defense manufacturing between India and Greece.
• Addressing any security concerns or threats that may arise in the context of the strategic partnership between the two countries.
• Managing expectations and ensuring sustained momentum in the IndiaGreece relationship beyond the state visit.

Merits:

• Strengthening India's presence and influence in the Mediterranean region through strategic partnerships with Greece.
• Enhancing India's maritime security and defense capabilities through collaboration with Greece in areas like cybersecurity and counterterrorism.
• Boosting bilateral trade and economic ties, leading to mutual growth and prosperity for both countries.
• Leveraging Greece's support for India's membership in international organizations like the Wassenaar Arrangement and Australia Group.
• Enhancing India's strategic positioning in the IndoPacific region through collaborations like the IndoPacific Oceans Initiative (IPOI).
• Facilitating technology transfer and knowledge sharing in defense manufacturing and other key sectors.
• Strengthening India's case for permanent membership in the UN Security Council and participation in global initiatives like the International Solar Alliance.
• Enhancing mutual understanding and cooperation on challenging international issues through platforms like the Raisina Dialogue.

Way Forward:

• Implementing concrete action plans to realize the commitments made during the state visit and further strengthen bilateral ties.
• Regularly reviewing progress and addressing any challenges or bottlenecks that may hinder the implementation of agreements.
• Expanding the scope of cooperation to new areas of mutual interest and exploring opportunities for collaboration in emerging sectors.
• Enhancing peopletopeople ties through cultural exchanges, educational programs, and tourism promotion.
• Engaging in joint research and development projects to foster innovation and technological advancements.
• Building on the momentum generated by the state visit to deepen strategic partnerships and enhance regional stability.

Union Cabinet approves continuation of Flood Management and Border Areas Programme.

• FMBAP to continue for 5 years from 20212026
• Initially launched during Eleventh Five Year Plan (20072012)

Explanation:

• FMBAP aims to assist State Governments in protecting human life, land, and property from floods
• Scheme promotes bilateral cooperation in water resources with neighboring countries

Key Features of Scheme:

• Type: Centrally sponsored Scheme
• Ministry: Ministry of Jal Shakti

Subcomponents:

• Flood Management Programme (FMP)
• Covers critical works related to flood control, antierosion, drainage development, and antisea erosion
• Funding Pattern: 90%:10% between Centre and 8 NorthEastern States and Hilly States (For rest state 60%:40%)
• 427 projects completed under it
• River Management and Border Areas (RMBA)
• Covers flood control and antierosion works on common border rivers with neighboring countries
• Includes hydrological observations, flood forecasting, and investigation/preconstruction activities of joint water resources projects
• Funding Pattern: 100% central assistance

Challenges:

• Limited funding allocation for flood management projects in comparison to the scale of the problem
• Coordination issues between different states and central agencies in implementing flood management measures
• Climate change leading to unpredictable and extreme weather events, increasing the frequency and intensity of floods
• Lack of proper maintenance and upkeep of existing flood management infrastructure
• Inadequate community participation and awareness in flood preparedness and response
• Encroachment on floodplains and water bodies exacerbating flood risks
• Limited technical expertise and capacity in some states for effective flood management
• Transboundary issues and cooperation with neighboring countries for managing shared river basins and border areas

Merits:

• Continuation of FMBAP ensures sustained efforts towards flood management and protection of border areas
• Central assistance under the scheme helps in equitable distribution of resources and support to states with limited financial capacity
• Focus on bilateral cooperation with neighboring countries promotes regional water security and peaceful relations
• Completion of 427 projects under FMP highlights the tangible impact of the scheme in reducing flood risks
• Inclusion of RMBA component enhances the scope of flood management to border areas, addressing security concerns as well
• Funding pattern of 100% central assistance for RMBA ensures timely implementation of critical projects
• Ministry of Jal Shakti's oversight ensures a holistic approach to water resource management and flood control
• FMBAP's emphasis on antierosion measures and drainage development complements traditional flood control methods, enhancing overall effectiveness

Way Forward:

• Increase funding allocation for FMBAP to address the growing challenges of flood management
• Strengthen interstate coordination mechanisms and promote knowledge sharing best practices in flood management
• Incorporate climate change adaptation strategies into flood management plans to build resilience against extreme weather events
• Regular maintenance and monitoring of flood management infrastructure to ensure its effectiveness during floods
• Conduct community awareness programs and capacity building initiatives for better flood preparedness and response
• Enforce strict regulations against encroachment on floodplains and water bodies to reduce flood risks

PFRDA Amendments to Enhance Ease of Doing Business

• Amendments in line with Union Budget 202324 to reduce compliance costs and improve business ease
• Focus on enhancing transparency in the pension ecosystem

Key Reforms in National Pension System:

• NPS Trust: Strengthened provisions for appointment of Trustees, holding meetings, and appointment of CEO.
• NPS introduced in 2004 by Union Government for pension income.
• Pension Fund: Now under Prevention of Money Laundering Act.
• Additional Board committees like Audit and Nomination & Remuneration Committees for better governance.
• Improving governance in line with Companies Act, 2013 and enhanced disclosure by Pension Funds.
• Trustee Bank (TB): Requires approval from PFRDA for status or constitution changes.
• Central Recordkeeping Agency (CRA): Implementing fraud prevention policy to protect subscribers.
• Criteria of fit and proper person introduced, similar to SEBI's initiative.

About PFRDA:

• Statutory body under PFRDA Act, 2013
• Objective is to promote old age income security through pension funds
• Works under Ministry of Finance.

Challenges:

• Resistance from stakeholders to adapt to new regulations and compliance requirements.
• Lack of awareness among pension fund subscribers about the changes and their benefits.
• Potential increase in operational costs for pension funds to comply with the new amendments.
• Ensuring effective implementation and enforcement of the amended regulations across all stakeholders.
• Balancing the need for transparency with the protection of sensitive financial information.
• Addressing concerns about data security and privacy in the pension ecosystem.
• Potential delays in the approval process for changes in the status or constitution of Trustee Banks.
• Ensuring that the amendments do not inadvertently create barriers for new entrants in the pension sector.

Merits:

• Increased transparency in the pension ecosystem will build trust among subscribers and investors.
• Strengthened governance provisions will help prevent fraud and ensure accountability.
• Alignment with international best practices will enhance the credibility of the National Pension System.
• Improved disclosure requirements will enable stakeholders to make informed decisions.
• Enhanced compliance measures will reduce the risk of money laundering and other financial crimes.
• Streamlined processes for appointment of Trustees and CEO will improve efficiency and decisionmaking.
• Implementation of fraud prevention policies by the Central Recordkeeping Agency will protect subscribers' interests.
• The criteria of fit and proper person for Trustees will ensure that qualified individuals are appointed to key roles.

Way Forward:

• Conducting awareness campaigns to educate stakeholders about the benefits of the amendments.
• Providing support and guidance to pension funds to help them comply with the new regulations.
• Monitoring and evaluating the impact of the amendments on the ease of doing business in the pension sector.
• Collaborating with industry experts and regulators to address any challenges that may arise during the implementation phase.
• Regularly reviewing and updating the regulations to ensure they remain relevant and effective.
• Encouraging innovation and competition in the pension sector to drive growth and improve services for subscribers.