PIB Summary- 3rd October, 2022 | PIB (Press Information Bureau) Summary - UPSC PDF Download

PM’s Scheme for Mentoring Young Authors – YUVA 2.0

Why in News?
The Ministry of Education, Department of Higher Education, today launched YUVA 2.0 – Prime Minister’s Scheme for Mentoring Young Authors, an Author Mentorship programme to train young and budding authors (below 30 years of age) in order to promote reading, writing and book culture in the country, and project India and Indian writings globally.

About YUVA

• The launch of YUVA (Young, Upcoming and Versatile Authors) is to encourage young writers to write about India’s freedom struggle. 
• YUVA is a part of India@75 Project (Azadi Ka Amrit Mahotsav) to bring to the fore the perspectives of the young generation of writers on themes like Unsung Heroes, Freedom Fighters, Unknown and Forgotten Places and their role in National Movement, and other related themes in an innovative and creative manner.
• This scheme will thus help to develop a stream of writers who can write on a spectrum of subjects to promote Indian heritage, culture and knowledge system.
• The National Book Trust, India under the Ministry of Education as the Implementing Agency will ensure phase-wise execution of the Scheme under well-defined stages of mentorship. 
• The books prepared under this scheme will be published by National Book Trust, India; and will also be translated into other Indian languages ensuring the exchange of culture and literature, thereby promoting ‘Ek Bharat Shreshtha Bharat’.
• The selected young authors will interact with some of the best authors of the world; participate in literary festivals etc. 

About YUVA 2.0 (Young, Upcoming and Versatile Authors)

• The launch of YUVA 2.0 (Young, Upcoming and Versatile Authors) is in tune with the Prime Minister’s vision to encourage the youth to understand and appreciate India’s democracy. 
• YUVA 2.0 is a part of India@75 Project (Azadi Ka Amrit Mahotsav) to bring to the fore the perspectives of the young generation of writers on the THEME : ‘Democracy (institutions, events, people, constitutional values – past, present, future)’ in an innovative and creative manner. 
• This scheme will thus help to develop a stream of writers who can write on a spectrum of subjects to promote Indian heritage, culture and knowledge system.
• The scheme will help to develop a stream of writers who can write on various facets of Democracy in India encompassing the past, present and future.
• Besides, it will also provide a window to the aspiring youth to articulate themselves and present a comprehensive outlook of Indian Democratic values at domestic as well as international platforms. 
• This scheme has been conceptualized on the premise that the 21st century India needs to groom a generation of young authors to create ambassadors of Indian literature.
• In view of the fact that our country is ranked third in the arena of book publishing and we have a treasure trove of indigenous literature, India must project it at the global stage.

Telecom Technology Development Fund scheme

Why in News?
Universal Service Obligation Fund (USOF), a body under the Department of Telecommunications, officially launched Telecom Technology Development Fund (TTDF) Scheme.

About Telecom Technology Development Fund (TTDF) Scheme

• The scheme is aligned with Prime Minister clarion call of adding Jan Anusandhaan in the new phase of Amrit Kaal.
• Telecom Technology Development Fund (TTDF) aims to fund R&D in rural-specific communication technology applications and form synergies among academia, start-ups, research institutes, and the industry to build and develop the telecom ecosystem.
• Additionally, the Scheme aims to promote technology ownership and indigenous manufacturing, create a culture of technology co-innovation, reduce imports, boost export opportunities and creation of Intellectual Property.
• Under the scheme, USOF is also targeting to develop standards to meet countrywide requirements and create the ecosystem for research, design, prototyping, use cases, pilots, and proof of concept testing, among others.
• The scheme entails grants to Indian entities to encourage and induct indigenous technologies tailor-made to meet domestic needs.

What is the Universal Service Obligation Fund (USOF)?

• The Universal Service Obligation Fund (USOF) was established with the primary objective of providing access to ‘Basic’ telecom services to people in the remote and rural areas at reasonable and affordable prices.
• USOF ensures that there is universal non-discriminatory access to quality ICT (Information and Communications Technology) services at economically efficient prices to people in rural and remote areas.
• It was created under the Ministry of Communications in 2002.
• It is a non-lapsable fund, i.e., the unspent amount under a targeted financial year does not lapse and is accrued for next years’ spending.
• All credits to this fund require parliamentary approval and it has statutory support under Indian Telegraph (Amendment) Act, 2003.
• Universal Service stands for universal, interdependent and intercommunicating, affording the opportunity for any subscriber to any exchange to communicate with any other subscriber of any other exchange.
• Subsequently, the scope was widened to provide subsidy support for enabling access to all types of telegraph services including mobile services, broadband connectivity, and creation of infrastructure like Optical Fiber Cable (OFC) in rural and remote areas.
• With access to affordable telecom services in remote and rural areas, the USOF is the right step towards stemming urban migration. This would ensure to generate employment opportunities in the rural areas which would help generate more income.

The USOF proposes to meet its social, economic, political and constitutional objectives which are as follows

• To extend the telecommunication network.
• To stimulate the uptake of Internet and Communication Technologies (ICT) services.
• To bring the underserved and unserved areas of the country into the telecom spectrum and narrow down the access gap.
• To use the pooled USO levy for an equitable distribution through target subsidies.

Who are the partners of USOF?

• Bharat Sanchar Nigam Limited
• Tata Tele Services Limited
• Reliance Communications Limited
• Vodafone
• Bharti Airtel Limited, etc.

Insolvency and Bankruptcy Board of India

Why in News?
The Insolvency and Bankruptcy Board of India (IBBI) celebrated its sixth Annual Day .

What is Insolvency and Bankruptcy?

• Insolvency is a financial status: your debts are greater than the fair market value of your assets & you’re unable to pay your debts as they generally become due.
• Bankruptcy is a legal status: it’s a legal procedure whereupon an insolvent person files for protection from her creditors so that they cannot commence or continue legal proceedings (like a wage garnishment) against her to recover their debts.

About Insolvency and Bankruptcy Code (IBC), 2016

• Insolvency and Bankruptcy Code, 2016 provides a time-bound process for resolving insolvency in companies and among individuals.
• The Government implemented the Insolvency and Bankruptcy Code (IBC) to consolidate all laws related to insolvency and bankruptcy and to tackle Non-Performing Assets (NPA), a problem that has been pulling the Indian economy down for years.

Objectives of IBC

• To consolidate and amend all existing insolvency laws in India.
• To simplify and expedite the Insolvency and Bankruptcy Proceedings in India.
• To protect the interest of creditors including stakeholders in a company.
• To revive the company in a time-bound manner.
• To promote entrepreneurship.
• To get the necessary relief to the creditors and consequently increase the credit supply in the economy.
• To work out a new and timely recovery procedure to be adopted by the banks, financial institutions or individuals.
• To set up an Insolvency and Bankruptcy Board of India.
• Maximization of the value of assets of corporate persons.

Insolvency and Bankruptcy Board of India (IBBI)

• The Insolvency and Bankruptcy Board of India (IBBI) is the regulator for overseeing insolvency proceedings and entities like Insolvency Professional Agencies (IPA), Insolvency Professionals (IP) and Information Utilities (IU) in India.
• The IBBI is a Statutory Body under the Insolvency and Bankruptcy Code, 2016 (IBC).
• It covers Individuals, Companies, Limited Liability Partnerships and Partnership firms.
• It attempts to simplify the process of insolvency and bankruptcy proceedings.
• It handles the cases using two tribunals like NCLT (National Company Law Tribunal) and Debt Recovery Tribunal.

Process of resolution of Insolvency

• If the adjudicating authority accepts the Insolvency resolution process initiated by any of the stakeholders of the firm: firm/debtors/creditors/employees., then – an Insolvency resolution professional (IP) is appointed.
• The power of the management and the board of the firm is transferred to the committee of creditors (CoC) and they act through the IP.
• The IP has to decide whether to revive the company (insolvency resolution) or liquidate it (liquidation).
• If they decide to revive, they have to find someone willing to buy the firm.
• The creditors also have to accept a significant reduction in debt. The reduction is known as a haircut.
• They invite open bids from the interested parties to buy the firm.
• They choose the party with the best resolution plan, that is acceptable to the majority of the creditors (75 % in CoC), to take over the management of the firm.