PIB Summary- 1st April, 2022 | PIB (Press Information Bureau) Summary - UPSC PDF Download

Index of Eight Core Industries

Why in News?

The combined Index of Eight Core Industries stood at 137.1 in February 2022, which increased by 5.8 per cent (provisional) as compared to the Index of February 2021.

• The production of Coal, Natural Gas, Refinery Products, Steel, Cement and Electricity industries increased in February 2022 over the corresponding period of last year.

About Index of Eight Core Industries:
The Eight Core Industries comprise 40.27% of the weight of items included in the Index of Industrial Production (IIP).

Below image attached Eight Core Industries based on their weightage.

Index of Industrial Production (IIP):

• The Index of Industrial Production (IIP) is an index that shows the growth rates in different industry groups of the economy in a fixed period of time.
• It is compiled and published monthly by the Central Statistical Organization (CSO), Ministry of Statistics and Programme Implementation (MOSPI).
• The Central Statistics Office (CSO) revised the base year of the all-India Index of Industrial Production (IIP) from 2004-05 to 2011-12 on 12 May 2017.
• IIP is a composite indicator that measures the growth rate of industry groups classified under broad sectors, namely, Mining, Manufacturing, and Electricity.
• Use-based sectors, namely Basic Goods, Capital Goods, and Intermediate Goods.

Significance of IIP:

• IIP is the only measure on the physical volume of production.
• It is used by government agencies including the Ministry of Finance, the Reserve Bank of India, etc., for policy-making purposes.
• IIP remains extremely relevant for the calculation of the quarterly and advance GDP estimates.

Exercise VARUNA

Why in News?

The 20th edition of the Bilateral Naval Exercise between Indian and French Navies – ‘VARUNA’ is being conducted in the Arabian Sea from 30 Mar – 03 Apr 22.

About Exercise VARUNA:

• The Bilateral Naval Exercises between the two Navies were initiated in 1993. The exercise was christened as ‘VARUNA’ in 2001 and has become a vital part of India – France strategic bilateral relationship.
• Various units including ships, submarines, maritime patrol aircraft, fighter aircraft and helicopters of the two navies are participating in the exercise. 
• These units will endeavour to enhance and hone their operational skills in maritime theatre, augment inter-operability to undertake maritime security operations and demonstrate their commitment to promote peace, security and stability in the region as an integrated force.
• Having grown in scope and complexity over the years, VARUNA series of exercises continue to provide both the navies opportunities to learn from each other’s best practices.
• The exercise has been a principal driver for operational level interactions between the two navies and has underscored the shared commitment of both nations to security, safety and freedom of the global maritime commons.

PM SVANidhi Scheme

Why in News?

PM SVANidhi Scheme facilitates provision of collateral free working capital loan to street vendors to restart their businesses. A credit of ₹3,170 crore has been disbursed to 29.1 lakh beneficiaries.

PM Street Vendor’s Atmanitbhar Nidhi (PM SVANidhi)

• PM SVANidhi is a Special Micro-Credit Facility.
• PM SVANidhi was launched by the Ministry of Housing and Urban Affairs for providing affordable Working Capital loan to street vendors to resume their livelihoods that have been adversely affected due to Covid-19 lockdown.
• Under the Scheme, the vendors can avail a working capital loan of up to Rs. 10,000, which is repayable in monthly instalments in the tenure of one year.
• The scheme promotes digital transactions through cash back incentives.
• Beneficiaries: 50 lakh Street Vendors.

The eligible vendors are identified as per following criteria:

• Street vendors in possession of Certificate of Vending / Identity Card issued by Urban Local Bodies (ULBs);
• The vendors, who have been identified in the survey but have not been issued Certificate of Vending / Identity Card;
• Street Vendors, left out of the ULB led identification survey or who have started vending after completion of the survey and have been issued Letter of Recommendation (LoR) to that effect by the ULB / Town Vending Committee (TVC); and
• The vendors of surrounding development/ peri-urban / rural areas vending in the geographical limits of the ULBs and have been issued Letter of Recommendation (LoR) to that effect by the ULB / TVC.

PM Svanidhi and SIDBI

• Small Industries Development Bank of India (SIDBI) is the Implementation Agency for PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi)
• SIDBI will also manage the credit guarantee to the lending institutions through Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE).
• SIDBI will leverage the network of lending Institutions like Non-Bank Finance Companies (NBFCs), Co-operative Banks etc., for the Scheme implementation.

Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE)

• The Ministry of Micro, Small and Medium Enterprises, GoI and Small Industries Development Bank of India (SIDBI), established a Trust named Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) to implement the Credit Guarantee Fund Scheme for Micro and Small Enterprises.
• Beneficiaries: New and existing Micro and Small Enterprises engaged in manufacturing or service activity excluding Educational Institutions, Agriculture, Self Help Groups (SHGs), Training Institutions etc., are eligible.
• Fund and non-fund based (Letters of Credit, Bank Guarantee etc.) credit facilities up to Rs 200 lakh per eligible borrower are covered under the guarantee scheme provided they are extended on the project viability without collateral security or third-party guarantee.