Prelim Bits 22-07-2017

Dedicated Freight Corridors (DFC)

• Recently, Ministry of Railways have sanctioned the implementation of Western and Eastern Dedicated freight corridors.
• The commissioning of Western and Eastern DFCs is targeted in phases by 2019/2020.
• Western DFC covers the States of Haryana, Uttar Pradesh, Rajasthan, Gujarat and Maharashtra and funded by World Bank.
• Eastern DFC covers the States of Punjab, Haryana, Uttar Pradesh and Bihar and funded by Japan International Cooperation Agency (JICA).

Global Conference on Cyber Space 2017

• India will be hosting the 5th Global Conference on Cyber Space (GCCS) in 2017.
• The GCCS is taking place outside OECD nations for the first time.
• It aims at encouraging dialogue among stakeholders of cyberspace.
• The theme for 2017 is ‘Cyber4All: An Inclusive, Sustainable, Developmental, Safe and Secure Cyberspace’.
• GCCS will deliberate on issues relating to promotion of cooperation in cyberspace, norms for responsible behaviour in cyberspace and to enhance cyber capacity building.

National Trade Facilitation Action Plan (NTFAP)

• India’s NTFAP aims to reduce cargo release time for exports and imports.
• NTFAP has been described by the World Customs Organisation (WCO) as a ‘best practice’ that other nations can adopt and it goes beyond the requirements of WTO’s TFA.
• NTFAP is to be implemented between 2017 and 2020.
• It is part of India’s efforts to improve its ease of doing business ranking in the World Bank’s annual report.
• WCO is the international body supporting the uniform implementation of the TFA across the globe.

Trade Facilitation Agreement (TFA)

• The TFA under WTO is meant to ease Customs norms for faster flow of goods across borders. India Ratified TFA in 2016.
• TFA had come into effect in February 2017.
• The full implementation of the TFA could boost global trade by up to $1 trillion per year.
• National Committee on Trade Facilitation (NCTF) headed by the Cabinet Secretary was constituted to look after the implementation TFA.

Sunset clause for all Centrally Sponsored Schemes

• Every scheme has a sunset date and an outcome review.
• In the past, every scheme used to be revisited at the end of each plan period for their continuation to the next Five Year Plan.
• However, after the discontinuation of Five Year Plan, it has been decided that sunset date will be coterminous with Finance Commission Cycles.
• All the 28 centrally sponsored schemes have Sunset clauses except MGNREGA under Ministry of Rural Development.

New Financial Year format

• A government-appointed panel, headed by former chief economic adviser Shankar Acharya, has recommended changing the financial year from the current April to March to the calendar year (Jan –Dec).
• Madhya Pradesh was the first state to announce that it would implement the new financial year format from this year.
• Andhra Pradesh and Telangana are waiting for a nod from the Centre to switch to the new financial year (FY) starting next calendar year.

Pradhan Mantri Vaya Vandana Yojana (PMVVY)

• PMVVY is a Pension Scheme announced exclusively for the senior citizens aged 60 years and above.
• It is launched by the Ministry of Finance.
• Life Insurance Corporation of India is the implementing agency.
• It provides an assured return of 8% p.a. payable monthly for 10 years.
• It is exempted from Service Tax/ GST.
• The ceiling of maximum pension is for a family as a whole, the family will comprise of pensioner, his/her spouse and dependants.
• Premature withdrawal from the scheme is possible in case the money is required for the treatment of terminal or critical illness of the person or spouse.
• The shortfall owing to the difference between the interest guaranteed and the actual interest earned shall be subsidized by the Government of India and reimbursed to the Corporation.

Bharat Net

• The Cabinet recently revised the implementation strategy for Bharat Net programme.
• The programme aims to provide minimum 100 Mbps broadband connectivity to all gram panchayats by March 2019.
• The first phase has connected 100,000 gram panchayats.
• It is funded from Universal Service Obligation Fund.
• Bharat Broadband Network is the nodal agency to oversee the work.
• As part of the modified strategy, implementation will be done by states, state agencies, private sector companies and central public sector undertakings.