Facts in News

                               Facts in News

Akshya Patra

• It is an all-women’s art exhibition to mark the International Women’s Day 2021.
• Location: Lalit Kala Akademi, Rabindra Bhavan Galleries, New Delhi.
• It will showcase more than 250 artworks from over 12 countries.
• The multi-dimensional art show will exhibit works of senior, young and budding art practitioners.
• Significance
  • It brings to the fore contemporary, tribal, international and Avante Garde art practices worldwide, themed around the many faces and benefactions of Mother Nature.
  • It showcases the work by women who have been the keystone in the unyielding arch of Indian art and culture.
• Lalit Kala Akademi
  • Established in August 1954, in pursuance of the dream for a cultural and national identity.
  • It was given statutory authority in 1957, under the Societies Registration Act 1860.
  • Headquarter: New Delhi.
  • It is the principal establishment to direct its focus on activities in the field of visual arts.
  • Objectives
    • To encourage and promote study and research in the fields of creative arts such as painting, sculpture and graphics, etc.
    • To publish and to promote publication of literature on art including monographs, journals, etc.
    • To foster cultural contacts within the country and also with other countries, through art exhibition, exchange of personal and art objects, etc.
    • To award scholarships and prizes to deserving artists and accord recognition for outstanding achievements.

102nd (Constitutional) Amendment Act, 2018

• It amended Article 338 and added Article 338B into the Constitution.
  • It provided Constitutional status to the National Commission for Backward Classes (NCBC) under the Ministry of Social Justice and Empowerment.
• It inserted Article 342A to the existing Article 342.
  • It empowers the President to specify socially and educationally backward classes in various states and union territories.
  • She/He can do this in consultation with the Governor of the concerned State.
• It amended Article 366 and added clause (26C) to it.
  • It modified definition viz. “socially and educationally backward classes” means such backward classes as are so deemed under Article 342A for the purpose.

• National Commission for Backward Classes
  • It was initially constituted as a statutory body under the National Commission for Backward Classes Act, 1993.
    • The 1993 Act was repealed by the Central Government in 2018.
  • So far, it has been reconstituted 7 times up to 2016.
  • The present Commission is the 8th one and has been accorded Constitutional Status and constituted through the 102nd (Constitutional) Amendment Act, 2018.
  • It has the authority to examine complaints and welfare measures regarding socially and educationally backward classes.

Sessions of Parliament

• The summoning of Parliament is specified in Article 85 of the Constitution and the power rests with the government.
• The decision is taken by the Cabinet Committee on Parliamentary Affairs, which is formalised by the President, in whose name MPs are summoned.
• India does not have a fixed parliamentary calendar and meets for three sessions in a year, by convention.
• Budget Session
  • It is the longest session which starts towards the end of January, and concludes by the end of April or first week of May.
  • It has a recess so that Parliamentary Committees can discuss the budgetary proposals.
• Monsoon Session
  • It is a three-week session, which usually begins in July and finishes in August.
• Winter Session
  • It is a three week-long session, held from November to December.
  • The parliamentary year ends with this session.

Write Off, Write Down & Waive off

These 3 terms are often seen in the context of Loan.

• Write Off: Loan Write off means the loan amount is removed from the Bank’s account books to free up the Capital requirement as per Basel Norms.
  • It does not mean the trials for recovery will be ceased.
  • Writing off a loan makes the bank’s balance sheet look rosy.
  • The Bank calls for the write off of a loan borrowed by a defaulter when the chances of loan recovery are almost zero and its assets are non-performing.
  • Banks wrote off ?1.2 lakh cr. in the past 9 months of FY21 to improve liquidity as per RBI.
• Write Down: A write-down is an accounting term for the reduction in the book value of an asset when its fair market value (FMV) has fallen below the carrying book value, and thus becomes an impaired asset.
  • The amount to be written down is the difference between the book value of the asset and the amount of cash that the business can obtain by disposing of it in the most optimal manner.
  • Write-down is the opposite of a write-up, and it will become a write-off if the entire value of the asset becomes worthless and is eliminated from the account altogether.
• Waive Off: One major point that differentiates Loan waive-off and Loan Write off is that the loan amount is not cleared out completely in Write off.
  • Loan Waive off means the complete loan is cleared or forgiven and all recovery procedures are stopped. There is no need to repay the loan.
  • Eg. Farmers Loan Waive Off announced by the Government.

Azadi ka Amrut Mahotsav

• It is a program launched to commemorate the completion of 75 years of Independence in 2022.
• The PM called for people to prepare and participate with innovative ideas. The time left in the preparations is 75 weeks.
• The plan is to look back at achievements of the previous 75 years and draw a framework for next 25 years i.e. 2047 when India will be celebrating its centenary since independence.
• PM Modi has announced the ‘Azadi KaAmrut Mahotsav’ programme from Sabarmati Ashram.
  • He also flagged off Dandi March in remembrance of the Historic Salt March.
• Recently, Telangana has also announced its grand plans for Azadi Ka Amrut Mahotsav.
  • The Centre has sanctioned Rs 25 crore for Telangana’s program.

Polavaram Irrigation Project

• Polavaram Project is an under construction multi-purpose irrigation National project on the Godavari River in Andhra Pradesh.
• It will facilitate an inter-basin water transfer from Godavari River to the Krishna river through its Right canal.
• Its reservoir spreads in parts of Chhattisgarh and Orissa States also.
• The project is a multipurpose major terminal reservoir project for development of Irrigation, Hydropower and drinking water facilities.
• The project was started in 2008, accorded national status in 2014 in the Andhra Pradesh Bifurcation Act.
• Recently Andhra Pradesh government extended the completion date to 2022 kharif season.
• Six other important projects in Andhra Pradesh are
  • Vamsadhara-Phase 2,
  • Vamsadhara-Nagavali link,
  • Owk tunnel-2,
  • Veligonda-Phase 1
  • Nellore Barrage and
  • Sangam barrages

Gross State Domestic Product (GSDP)

• It is the sum total of value added by different economic sectors (Agriculture, Industry & Services) produced within the boundaries of the state calculated without duplication during a year.
• It is one of the measures of economic growth for a state’s economy.
• From Gross State Domestic Product (GSDP), the Consumption of Fixed Capitals (CFC) is deducted to arrive at NSDP i.e. NSDP = GSDP – CFC.
  • Consumption of Fixed Capital (CFC) is the value of fixed capital that is consumed during the process of production.
    • It is calculated on the basis of the life span of the fixed asset.

Retail 4.0: India story – Unlocking Value through Online and Offline Collaborations” s

• Retail 4.0 Report released by Nasscom in partnership with Technopak.
• Key Points
  • Retail 4.0 would result in a significant rise in the size of the domestic market, job creation and exports.
  • The changing demand and supply drivers are likely to accelerate the growth momentum, with the India retail market reaching up-to $1.5 trillion by FY30.
  • About 25 million new jobs will be created by the Indian retail sector by 2030
  • The retail sector is one of the growth engines for the nation’s economy, with a double-digit(10%) contribution to the GDP, and employment to nearly 35 million individuals in the financial year 2020.
  • “The growth has been backed by sustained digital transformation.
  •  The COVID 19 pandemic backed by ever-changing consumer preference which  has accelerated the adoption of online and offline play that will define the next phase of retail growth in the country