Facts in News

Indian Polity 

37th PRAGATI Meeting

Syllabus: GS 2/Government Policies & Interventions

In News 

• Recently, the Prime Minister of India chaired the meeting of the 37th edition of  Pro-Active Governance And Timely Implementation (PRAGATI).

About 

• It is an information and communications technology( ICT) based multimodal platform aimed at addressing the common man’s grievances and simultaneously monitoring and reviewing important programmes and projects of the Government of India as well as projects flagged by State Governments.
• Launched in  2015; designed by- Prime Minister’s Office (PMO) team with the help of the National Informatics Center (NIC).
• Features:

• Multi-purpose and multi-modal platform
• Unique integrating and interactive platform
• This platform will fulfil three objectives: Grievance Redressal, Programme Implementation and Project Monitoring. 
• It uniquely bundles three latest technologies: Digital data management, video-conferencing and geo-spatial technology.

• Significance:
  • It will make the government more efficient and responsive.
  • It is a step in the direction of cooperative federalism since it brings on one stage the Secretaries of Government of India and the Chief Secretaries of the States.
  • It is also an innovative project in e-governance and good governance.

Indian Economy

SAMRIDH Scheme

Syllabus: GS 2/Welfare Schemes

In News 

Recently, the Ministry of Electronics and Information Technology (MeitY) launched Startup Accelerators of MeitY for Product Innovation, Development and growth (SAMRIDH) programme

About 

• The SAMRIDH Programme will focus on accelerating the 300 start-ups by providing customer connect, investor, connect, and international immersion in the next three years. 
  • Also, an investment of up to ? 40 lakh to the start-up based on the current valuation and growth stage of the Start-Up will be provided through selected accelerators.
  • It will also facilitate equal matching investment by the accelerator/investor.
• The programme aims to further the Indian start-up growth which has seen the emergence of 63 Unicorns and is now the third-largest Unicorn hub globally with a total valuation of 168 Bn USD.
• The programme is being implemented by MeitY Start-up Hub (MSH).

Significance 

• It will create a conducive platform for Indian Software Product star-ups to enhance their products and secure investments for scaling their business. 
• It will pick up startups that are ready for the acceleration stage and will provide them with funding support, mentorship and a lot of other support that is required by startups at this stage. 

Indian Economy

NIDHI Companies

Syllabus: GS 3/Indian Economy & Related Issues

• Recently, The Ministry of Corporate Affairs has warned people against parking savings in Nidhi companies, after it found that none of the firms that had applied so far to be recognised under relevant rules was compliant with the norms.

About 

• Nidhi Company is a type of Non-Banking Financial Company (NBFC).
• It is formed to borrow and lend money to its members.
• It inculcates the habit of saving among its members and works on the principle of mutual benefit.
• The Reserve Bank of India (RBI) keeps regulatory oversight.
• RBI has relaxed norms for Nidhi Companies as compared to other NBFCs and exempted them from the core provisions of the RBI Act because they deal with their shareholder-members only.
• “Sabanayagam Committee” suggested changes in the policies and regulatory framework of Nidhi companies.
• The Ministry of Corporate Affairs (MCA) has notified new regulations to curb the frauds in Nidhi Companies by amending the Companies Act, 2013 and the Nidhi Rules, 2014.
  • NDH-4 form is to be submitted by firms to get enrolled as Nidhi Companies.
  • Investor advisories regarding verification of the antecedents/status of a Nidhi company before investing have also been issued by MCA.
  • Several firms have already been declared unfit as they were non-compliant with the required standard.
• A firm is notified as a Nidhi company by the government under Section 620A of the Companies Act, 1956.

Indian Economy

What is Tokenization?

Syllabus: GS3/Indian Economy & related issues

• The Reserve Bank of India has decided to extend the scope of tokenisation to include consumer devices – laptops, desktops, wearables (wrist watches and bands) and Internet of Things (IoT) devices.

Tokenization

• It refers to replacement of actual card details with an alternate code called the “token”, which will be unique for a combination of card, token requestor (the entity which accepts request from the customer for tokenization of a card and passes it on to the card network to issue a corresponding token) and device. 
• A tokenized card transaction is considered safer as the actual card details are not shared with the merchant during transaction processing.