PIB Summary- 9th December, 2023 | Current Affairs & Hindu Analysis: Daily, Weekly & Monthly - UPSC PDF Download

Primary Agricultural Credit Societies (PACS)

Context
Recently, the Ministry of Cooperation has introduced Model Bye laws aimed at revitalizing Primary Agricultural Credit Societies (PACS).

Purpose of Model Bye-Laws for PACS

• Designed to delineate the structure, activities, and functioning of Primary Agricultural Credit Societies (PACS).
• Aims to enhance the economic viability of PACS, making them more sustainable and impactful in rural areas.

Business Diversification:
Expanded Business Activities:

• The Model Bye-Laws empower PACS to diversify their business activities.
• Allows PACS to engage in over 25 business activities, including but not limited to dairy, fishery, floriculture, setting up godowns, procurement of foodgrains, fertilizers, seeds, short-term & long-term credit, custom hiring centers, Fair Price Shops (FPS), community irrigation, and Business Correspondent activities.

Inclusivity and Representation:
Broadened Membership:

• Introduces provisions to make the membership of PACS more inclusive and broad-based.
• Ensures adequate representation for women and Scheduled Castes/Scheduled Tribes within the PACS structure.

Overall Objectives:

• Economic Growth in Rural Areas:
  • The Model Bye-Laws serve the overarching objective of fostering economic growth in rural areas by empowering PACS to engage in diverse economic activities.
• Social Inclusion:
  • Prioritizes social inclusion by ensuring diverse representation within the membership, promoting gender equality, and providing opportunities for marginalized communities.
• Community Development:
  • Aims to strengthen the role of PACS as catalysts for community development, enabling them to play a more significant and varied role in the economic landscape of rural regions.

About Primary agricultural credit societies:

• PACS is the smallest cooperative credit institution in India and a basic unit.
• The initial Primary Agricultural Credit Society (PACS) was founded in 1904.
• It has a grassroots effect (gram panchayat and village level).
• PACS serves as the last point of contact between the primary borrowers, or rural residents, and the higher agencies, such as the Central Cooperative Bank, State Cooperative Bank, and Reserve Bank of India.
• PACS are governed by the RBI and registered under the Co-operative Societies Act.
• The “Banking Regulation Act-1949” and the “Banking Laws (Co-operative societies) Act 1965” are in charge of them.

Objectives of PACS

• To raise capital for the purpose of making loans and supporting members’ essential activities.
• To collect deposits from members with the goal of improving their savings habit.
• To supply agricultural inputs and services to members at reasonable prices,
• To arrange for the supply and development of improved breeds of livestock for members.
• To make all necessary arrangements for improving irrigation on land owned by members.
• To encourage various income-generating activities through supply of necessary inputs and services.

Functions of PACS

• PACS typically offer the following services to their members:
  • Input facilities in the form of a monetary or in-kind component
  • Agriculture implements for hire
  • Storage space

Global Partnership on Artificial Intelligence (GPAI)

Context
India is hosting the Annual Global Partnership on Artificial Intelligence (GPAI) Summit from December 12 – 14, 2023.

Global Partnership on Artificial Intelligence (GPAI)

• A multi-stakeholder initiative established to bridge the gap between theory and practice in the field of Artificial Intelligence (AI).
• Aims to support cutting-edge research and applied activities on AI-related priorities.

Launch:

• Launched in June 2020.

Membership:

• Open to all countries, including emerging and developing nations.
• As of now, it has 28 member countries, including the European Union.
• India is one of the founding members of GPAI.

Secretariat:

• The secretariat is hosted at the Organisation for Economic Co-operation and Development (OECD) in Paris.

Structure:

• Council and Steering Committee:
  • Governed by a Council and a Steering Committee.
• Centres of Expertise:
  • Two Centres of Expertise, located in Montreal and Paris.
  • Facilitate GPAI’s four working groups and their research and practical projects.

Working Groups and Themes:

• Responsible AI:
  • Focuses on promoting AI development and deployment in an ethical and responsible manner.
• Data Governance:
  • Addresses issues related to the collection, management, and use of data in the context of AI.
• Future of Work:
  • Explores the impact of AI on the nature of work and employment.
• Innovation and Commercialization:
  • Concentrates on fostering innovation and commercialization of AI technologies.

Objectives:

• Foster collaboration among nations on AI-related matters.
• Provide a platform for joint research and practical projects.
• Address key challenges and opportunities in the AI domain.

Global Collaboration:

• Reflects a commitment to global collaboration, inviting participation from a diverse range of countries and stakeholders.