Primary Agriculture Credit Societies (PACS)
PACS are village level cooperative credit societies that serve as the last link in a three-tier cooperative credit structure headed by the State Cooperative Banks (SCB) at the state level. Credit from the SCBs is transferred to the district central cooperative banks, or DCCBs, that operate at the district level. The DCCBs work with PACS, which deal directly with farmers. Since these are cooperative bodies, individual farmers are members of the PACS, and office-bearers are elected from within them.
The Union Budget has announced Rs 2,516 crore for computerisation of 63,000 Primary Agricultural Credit Societies (PACS) over the next five years, with the aim of bringing greater transparency and accountability in their operations and enabling them to diversify their business and undertaking more activities.
Computerization of PACS, besides serving the purpose of financial inclusion and strengthening service delivery to farmers especially Small & Marginal Farmers, will bring transparency, efficiency, enhance trustworthiness in the working of PACS among farmers. A single ERP based software will be developed at National level which will enable PACS to digitize its services and link them with DCCBs and STCBs. It will ensure speedy disposal of loans, lower transaction cost, faster audit and reduction in imbalances in payments and accounting with State Cooperative Banks and District Central Cooperative Banks.
PACS generally provide facilities to their members like:
* Input facilities in form of cash or kind component
* Agriculture implements on hiring basis
* Storage facility
PACS should enable their farmer members strive towards better returns on agricultural produce, adopt latest technology to increase agricultural production, use new technology & High-Yielding Variety (HYV) seeds store their produce in a scientific way to minimise storage losses and also provide pledge loan against this scientifically stored produce to bridge their credit gap. In order to enable PACS to provide more services to their members and generate income for themselves, an initiative has been taken to develop PACS as Multi Service Centers. This will enable PACS to provide ancillary services to their members and diversify their activities.
Maharashtra (20,788) has the maximum number of registered PACS.
PACS are village level cooperative credit societies that serve as the last link in a three-tier cooperative credit structure headed by the State Cooperative Banks (SCB) at the state level. Credit from the SCBs is transferred to the district central cooperative banks, or DCCBs, that operate at the district level. The DCCBs work with PACS, which deal directly with farmers. Since these are cooperative bodies, individual farmers are members of the PACS, and office-bearers are elected from within them.
The Union Budget has announced Rs 2,516 crore for computerisation of 63,000 Primary Agricultural Credit Societies (PACS) over the next five years, with the aim of bringing greater transparency and accountability in their operations and enabling them to diversify their business and undertaking more activities.
Computerization of PACS, besides serving the purpose of financial inclusion and strengthening service delivery to farmers especially Small & Marginal Farmers, will bring transparency, efficiency, enhance trustworthiness in the working of PACS among farmers. A single ERP based software will be developed at National level which will enable PACS to digitize its services and link them with DCCBs and STCBs. It will ensure speedy disposal of loans, lower transaction cost, faster audit and reduction in imbalances in payments and accounting with State Cooperative Banks and District Central Cooperative Banks.
PACS generally provide facilities to their members like:
* Input facilities in form of cash or kind component
* Agriculture implements on hiring basis
* Storage facility
PACS should enable their farmer members strive towards better returns on agricultural produce, adopt latest technology to increase agricultural production, use new technology & High-Yielding Variety (HYV) seeds store their produce in a scientific way to minimise storage losses and also provide pledge loan against this scientifically stored produce to bridge their credit gap. In order to enable PACS to provide more services to their members and generate income for themselves, an initiative has been taken to develop PACS as Multi Service Centers. This will enable PACS to provide ancillary services to their members and diversify their activities.
Maharashtra (20,788) has the maximum number of registered PACS.
Question of the Day
As per The Trademarks Act 1999, consider the following statements:
1. Trademarks can be assigned (ownership transfer) to someone/entity
2. Trademarks can be Licensed for some time to someone/entity
As per The Trademarks Act 1999, consider the following statements:
1. Trademarks can be assigned (ownership transfer) to someone/entity
2. Trademarks can be Licensed for some time to someone/entity
Select the correct code:
Final Results
18%
(a) 1 only
18%
(b) 2 only
57%
(c) Both 1 and 2
7%
(d) Neither 1 nor 2
The answer to the above question is (C)
Explanation:
Transfer of ownership and rights over the Trademark to any other person or entity (for some consideration) is known as Trademark Assignment. Trademarks are assignable and transmissible in respect either of all the goods or services in respect of which the trade mark is registered or of some only of those goods or services. (As per Section 37/38 of the Act)
A Trademark License is granted to legally permit a third party to make use of the Registered Trademark. For e.g. – an owner of a brand can grant a license to another person to use his trademark in the course of trade for both goods and services. The granting of the Trademark License is not a sale. Licensing only transfers the right to use the trademark while the ownership of the trademark rests with the proprietor (owner) himself. The rights granted are limited rights w.r.t. time and can range from right to use the trademark, sell the products etc. The Trademark License can be an exclusive or non – exclusive one. (As per Section 48/49 of the Act)
Explanation:
Transfer of ownership and rights over the Trademark to any other person or entity (for some consideration) is known as Trademark Assignment. Trademarks are assignable and transmissible in respect either of all the goods or services in respect of which the trade mark is registered or of some only of those goods or services. (As per Section 37/38 of the Act)
A Trademark License is granted to legally permit a third party to make use of the Registered Trademark. For e.g. – an owner of a brand can grant a license to another person to use his trademark in the course of trade for both goods and services. The granting of the Trademark License is not a sale. Licensing only transfers the right to use the trademark while the ownership of the trademark rests with the proprietor (owner) himself. The rights granted are limited rights w.r.t. time and can range from right to use the trademark, sell the products etc. The Trademark License can be an exclusive or non – exclusive one. (As per Section 48/49 of the Act)
The term 'ANTARDRISHTI (अंतर्दृष्टि)' was recently in the news, is related to which of the following:
Final Results
35%
(a) Internal Security
46%
(b) Financial Inclusion
9%
(c) Health sector
11%
(d) Capital Markets
ANTARDRISHTI is a Financial Inclusion Dashboard of RBI launched recently. The dashboard provides the required insight to assess and monitor the progress of financial inclusion by capturing relevant parameters. This facility will also enable to gauge the extent of financial exclusion at granular levels across the country so that such areas can be addressed.
ECONOMY MAINS 2023 FACTS.pdf
263 KB
ECONOM FACTS FOR MAINS 2023
Very soon I will be releasing 50 ECONOMY MAINS QUESTIONS and its Video Discussion
Very soon I will be releasing 50 ECONOMY MAINS QUESTIONS and its Video Discussion
The above article has very good examples of FPOs and how they are helping small and marginal farmers in India. And how Walmart and other big retail giants are planning to enter into the retail market in India for agriculture products in future. You should be aware that India has allowed "100% FDI is allowed in multi-brand retail (in all models) for trading, including through e-commerce in respect of food products sourced from Indian farmers or manufactured or produced in India", but still, there is hardly any presence of these players in India.
Farmer Producer Organization (FPOs) can be a company, a cooperative society, Trust or any other form of legal entity which provides for sharing of profits/benefits among the farmers. Ownership control is always with the members/farmers and management is through the representatives of the members. The main aim of an FPO is to ensure better income for the farmers through an organization of their own.
FPOs enable member farmers to reap the benefits of economies of scale in purchase of inputs, processing and marketing of their produce and can also provide access to timely and adequate credit facilities and linkages to market.
Farmer Producer Organization (FPOs) can be a company, a cooperative society, Trust or any other form of legal entity which provides for sharing of profits/benefits among the farmers. Ownership control is always with the members/farmers and management is through the representatives of the members. The main aim of an FPO is to ensure better income for the farmers through an organization of their own.
FPOs enable member farmers to reap the benefits of economies of scale in purchase of inputs, processing and marketing of their produce and can also provide access to timely and adequate credit facilities and linkages to market.
Question of the Day
If Nominal Exchange Rate between US and India is "$1 = Rs. 80" and PPP exchange rate is "$1 = Rs. 20" then, one dollar in India can buy .............. times (more) goods and services than in the US.
If Nominal Exchange Rate between US and India is "$1 = Rs. 80" and PPP exchange rate is "$1 = Rs. 20" then, one dollar in India can buy .............. times (more) goods and services than in the US.
Select the correct code (fill in the blank)
Final Results
5%
(a) 1
12%
(b) 2
72%
(c) 4
10%
(d) None of the above
Correction in Facts
There was some error in LFPR data in the facts which I shared few days back. The correct data is:
Labour Force Participation Rate (LFPR): 55.2%
Male LFPR: 77.2%
Female LFPR: 32.8%
Labour Force Participation Rate (LFPR) is defined as the percentage of population in the labour force. (i.e. labour force/Population)
I have also updated in the pdf which you can find on:
https://t.me/VivekSingh_Economy/4165
There was some error in LFPR data in the facts which I shared few days back. The correct data is:
Labour Force Participation Rate (LFPR): 55.2%
Male LFPR: 77.2%
Female LFPR: 32.8%
Labour Force Participation Rate (LFPR) is defined as the percentage of population in the labour force. (i.e. labour force/Population)
I have also updated in the pdf which you can find on:
https://t.me/VivekSingh_Economy/4165
Cabinet Committee on Economic Affairs (CCEA) on28 June approved the PM Programme for Restoration, Awareness Generation, Nourishment and Amelioration of Mother – Earth (PM-PRANAM)
Important Features:
1. Centre would incentivise those States which would adopt alternative fertilizers (like Nano Fertilizers and Bio-Fertilizers) with the subsidy that was saved by reducing the use of chemical fertilizers
2. For example, if a State was using 10 lakh tonnes of conventional fertilizers and reduces its consumption by three lakh tonnes, then the subsidy saving would be around Rs. 3,000 crore. Out of that subsidy savings, the Centre will give 50% of it to that State Govt.
The CCEA also approved continuation of the urea subsidy scheme to ensure constant availability of urea to the farmers at the same price of Rs. 242/ 45 kg per bag excluding taxes and neem coating charges. This comes around Rs. 5.38/kg while in the international market prices are hovering around Rs. 40/kg.
As our Fertilizer Subsidy Bill has crossed Rs. 3,00,000 crore, So Central Govt. is taking several steps to reduce it and move towards sustainable agriculture practises and in this regard it has announced several measures. Will compile all in one and provide pdf in few days.
(Major economic decisions in the country is approved by CCEA)
Ref: https://pib.gov.in/PressReleasePage.aspx?PRID=1935896
Important Features:
1. Centre would incentivise those States which would adopt alternative fertilizers (like Nano Fertilizers and Bio-Fertilizers) with the subsidy that was saved by reducing the use of chemical fertilizers
2. For example, if a State was using 10 lakh tonnes of conventional fertilizers and reduces its consumption by three lakh tonnes, then the subsidy saving would be around Rs. 3,000 crore. Out of that subsidy savings, the Centre will give 50% of it to that State Govt.
The CCEA also approved continuation of the urea subsidy scheme to ensure constant availability of urea to the farmers at the same price of Rs. 242/ 45 kg per bag excluding taxes and neem coating charges. This comes around Rs. 5.38/kg while in the international market prices are hovering around Rs. 40/kg.
As our Fertilizer Subsidy Bill has crossed Rs. 3,00,000 crore, So Central Govt. is taking several steps to reduce it and move towards sustainable agriculture practises and in this regard it has announced several measures. Will compile all in one and provide pdf in few days.
(Major economic decisions in the country is approved by CCEA)
Ref: https://pib.gov.in/PressReleasePage.aspx?PRID=1935896
Source: The Hindu
A general article on "Open Market Sale Scheme (OMSS)". I have already discussed OMSS few days back.
The link is: https://t.me/VivekSingh_Economy/4148
A general article on "Open Market Sale Scheme (OMSS)". I have already discussed OMSS few days back.
The link is: https://t.me/VivekSingh_Economy/4148
All collateral free loans given to low income households irrespective of end use are considered as 'microfinance' loans.
Final Results
56%
True
44%
False