07 October 2022

DAILY CURRENT AFFAIRS ANALYSIS

 1 – Emergency Credit Line Guarantee Scheme: GS II – Topic Government Policies and Interventions

Context:

• The Ministry of Finance expanded the Emergency Credit Line Guarantee Scheme (ECLGS) lending limit, allowing airlines to borrow up to Rs. 1,500 crore, or 100% of their existing debt.

About:

• The objective is to extend additional commercial credit that is fully guaranteed and collateral-free to MSMEs, corporate entities, MUDRA borrowers, and individual borrowers, up to a maximum of 20% of their outstanding loan as of February 29, 2020.
• The National Credit Guarantee Trustee Company provides a 100% guarantee coverage while banks and non-banking financial institutions (NBFCs) provide loans.
• Borrowers can participate in the scheme if they had credit outstanding as of February 29, 2020, totaling up to 50 crore rupees, and if their yearly revenues were up to 250 crore rupees.
• On August 1, the government increased the maximum amount of debt that may be borrowed and broadened the scope of the Rs. 3 lakh crore-ECLGS programme to cover loans given to professionals for business purposes, including doctors, attorneys, and chartered accountants.
• A one-year principle payment moratorium is included in the four-year loan term offered by the Scheme.
• The Scheme caps interest rates at 9.25 percent for banks and other FIs and at 14 percent for NBFCs.
• current circumstance A total of Rs. 1.48 lakh crore has been disbursed thus far, while Rs. 2.03 lakh crore has been sanctioned under the Scheme to 60.67 lakh borrowers, according to data uploaded by Member Lending Institutions on the ECLGS website.

Source The Hindu

 2 – OPEC: GS II – Topic International Organizations:

Context:

• Due to the increase in global oil prices following the announcement of significant OPEC+ supply cutbacks, the record-breaking six-month price freeze for gasoline and diesel adjustments will probably be extended.

About OPEC:

• At the Baghdad Conference in 1960, Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela established the Organization of the Petroleum Exporting Countries (OPEC). OPEC is a continuous international organisation.
• In an effort to stabilise the price of oil on the global market and avoid volatility that would harm the economies of both oil-producing and -consuming nations, it works to limit the supply of oil.
• Their head office is located in Vienna, Austria.
• A nation can become a member of OPEC if it adheres to its ideals and exports a significant amount of oil.
• The membership of Gabon was terminated in January 1995. But in July 2016, it rejoined the Organization once more.
• Iran, Iraq, Kuwait, United Arab Emirates (UAE), Saudi Arabia, Algeria, Libya, Nigeria, Gabon, Equatorial Guinea, Republic of Congo, Angola, Ecuador, and Venezuela make up the 14 countries that make up OPEC as of 2019.

Source à The Hindu

 3 – UNHRC: GS II – Topic International Organizations:

Context:

• Ali Sabry, the foreign minister of Saudi Arabia, issued a warning during the 51st session of the U.N. Human Rights Council, stating that Sri Lanka would have “far less” support from the Geneva-based body.

About:

• The Human Rights Council, a global organisation that serves as an arm of the UN, is tasked with strengthening the promotion and defence of human rights around the world.

Formation:

• The Council was founded in 2006 by the UN General Assembly. The old UN Human Rights Commission was replaced by this one.
• The Office of the High Commissioner for Human Rights houses the secretariat of the Human Rights Council (OHCHR).
• The administrative hub of the OHCHR is in Geneva, Switzerland.

Members:

• It is made up of 47 countries that are UN members and were selected by the UN General Assembly (UNGA).
• The UNGA considers the candidate States’ voluntary commitments and obligations in this area, as well as their contributions to the advancement and defence of human rights.

Methods and techniques:

• Evaluation of the situation of human rights in each UN member state is the goal of the Universal Periodic Review (UPR).
• As the Council’s “think tank,” the Advisory Committee provides insights and suggestions on certain thematic human rights challenges.
• People and organisations can inform the Council of violations of human rights through the complaint process.
• N. Special Protocols These are made up of special rapporteurs, special representatives, neutral experts, and working groups that keep tabs on, look into, offer advice on, and publish reports on a range of subjects, including the situation with human rights in various countries.

Issues:

• The Council’s membership, which occasionally includes countries with a history of violating human rights, has drawn scathing criticism from some quarters.
• China, Cuba, Eritrea, Russia, Venezuela, and other nations are accused of violating global human rights laws.
• Focusing too heavily on Israel—the country that has gotten the most unfavourable council rulings of any nation—was the reason the USA departed the Agency in 2018.

Source The Hindu

 4 – Bandhavgarh Caves: GS I – Topic Indian Culture:

Context:

• In Madhya Pradesh’s Bandhavgarh Tiger Reserve, the Archaeological Survey of India has done research and just just made its findings public. According to the ASI, neighbouring excavations turned up Buddhist caves from the second century and Hindu temples from the eighth and ninth centuries. The eight statues that depict Vishnu’s avatars have been described.

About:

One of the monolithic sculptures that reflect the 10 avatars of Lord Vishnu is the Varaha sculpture.

Some conclusions are:

• There were 26 Buddhist caves between the second and fifth century. The caverns contain some of the artefacts of Mahayana Buddhist sites, including stone beds and “Chaitya” (round) entrances. With the addition of this cave, there are now 76 known caves in Bandhavgarh, up from 50 during the previous survey.
• There are 24 Brahmi inscriptions dating from the second to the fifth centuries. Places like Mathura, Kaushambi, Pavata, Vejabharada, and Sapatanaairikaa are mentioned in the inscriptions. They mention the rulers Bhimsena, Pothasiri, and Bhattadeva.
• Between the ninth and the eleventh centuries, the Kalachuri era saw the construction of 26 temples. Two Saiva mutts have also been mentioned in addition to this. The oldest Ellora and Elephanta cave systems are also associated with the Kalachuri dynasty, which ruled over portions of Gujarat, Maharashtra, and Madhya Pradesh.
• Cave drawings and door jambs from the Gupta era have also been discovered.

Source The Hindu