Daily Current Affairs – 11th October

Jagadguru Basaveshwara 

Why in News? 

Basavanna’s 111-feet statue to be constructed near Bangalore.

About Basaveshwara: 

• Basavanna was a philosopher, statesman, Kannada poet, and social reformer.
• He was born in Karnataka in 1131 CE.
• Period:  During the rule of King Bijjala I of the Kalachuri dynasty.
• Basaveshwara was initially appointed as a karanika (Accountant) in his court and later as Prime Minister.
• Basavanna promoted societal awareness with his poetry, known as Vachanaas. 
• The Basavanna renounced all superstitions, rituals, and social or gender inequality.
• Basaveshwara founded Veera Shaivism in 12th-century.
• His devotees are known as Sharanas, propagated Veera Shaivism. They are referred to as Veera  Shaivaites and Lingayats, which is Sanskrit for “bearers of Siva Linga.” 
• These individuals are also referred to as Shivasharanas and Lingavantas.

Sharana movement:

• He started Sharana movement, which attracted members of all social levels and, like most branches of the Bhakti movement, produced a body of literature known as the vachanas that illuminated the Veerashaiva saints’ spiritual world.
• His spiritual discipline was founded on the principles of Arivu (true knowledge), Achara (right conduct), and Anubhava (divine experience), it resulted in a social, religious, and economic revolution in the 12th century.
• The equality advocated by Basavanna’s Sharana movement was far too radical for its time.
• Basaveshwara is the first Kannadiga to be honoured with a commemorative coin in recognition of his social reforms.

Anubhava Mantapa:

• It was India’s first and foremost Parliament, where Sharanas sat together and debated the socialist principles of a democratic system.
• He established the Anubhava Mantapa, a common forum for all to discuss the prevailing problems of socioeconomic and political strata, as well as religious and spiritual principles and personal problems.

Malabar exercise:

Why in News? 

Indian Navy to join Malabar exercise in Japan in Nov.

Malabar exercise:

• The Malabar Exercise began in 1992 as a bilateral naval exercise between the Indian and US navies. 
• In 2015, Japan joined the exercise Malabar, making it a trilateral naval exercise.
• The Australian Navy joined the Malabar Exercise in 2020, transforming it into a quadrilateral naval exercise. Previously, Australia took part in the exercise in 2007.
• This naval drill involves three countries. 
• However, it has changed into a quadrilateral exercise as a result of Australia’s involvement in 2020 and 2021.
• It alternately occurs in the Pacific Ocean and the Indian Ocean each year.
• In the Bay of Bengal, the first Malabar Exercise took place in 2007.
• Australia and Singapore were formerly non-permanent members.
• Fighter combat operations and maritime interdiction operations are just two of the many different actions that make up this exercise.
• India, the US, Japan, and Australia are coordinating for a free, open, and inclusive Indo-Pacific as part of the Malabar Exercise.

Credit Guarantee Scheme for Start-ups (CGSS)

Why in News? 

Union government recently announced the credit guarantee programme for start-ups.

Credit Guarantee Scheme for Start-ups: 

Aim:

• Supporting start-ups that have been severely damaged by the 
• Pandemic will now be further impacted by the situation of rising interest rates, when liquidity is not likely to be readily available to new entrepreneurs.
• About Scheme:
• The program’s goal is to provide credit guarantees for loans made by Member Institutions (MIs) to qualified start-ups. 
• Member institutions: Financial intermediaries (banks, financial institutions, and non-banking financial companies) that engage in lending or investing and meet the qualifying requirements outlined in the Scheme.
• Ministry: The Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry.
• Under the Scheme, the credit guarantee coverage would be transaction and umbrella-based. 
• The exposure to any one case would be limited to a maximum of Rs. 10 crore per case, or the actual amount of the outstanding credit, whichever is less.

Transaction-based guarantee:

• Regarding transaction-based guarantee cover, the MIs receive the guarantee cover on the basis of a single qualifying borrower.
• Transaction-based guarantees will encourage banks and NBFCs to provide money to qualified startups.
• The amount of transaction-based guarantee cover is 80% of the defaulted amount if the original loan sanction amount is up to Rs. 3 crore.
• 75% of the defaulted amount if it is over Rs. 3 crore and up to Rs. 5 crore.
• 65% of the defaulted amount if it is above Rs. 5 crore (up to Rs. 10 crore per borrower).

Umbrella-Based Guarantee Cover:

• The umbrella-based guarantee cover will provide guarantee to Venture Debt Funds (VDF) registered under AIF regulations of SEBI.
• Review committee: Management Committee (MC) and a Risk Evaluation Committee. 
• The Scheme will be run by the National Credit Guarantee Trustee Company Limited (NCGTC).

Meendum Manjapai scheme

About:

Tamil Nadu Chief Minister M K Stalin launched Meendum Manjapai scheme against plastic bags on December 2021 which aims to promote use of cloth bags and discourage use of plastic bags.

1. Organised by Department of Environment, Climate change and Forestry.
2. Tamil Nadu government has already banned 14 types of plastic products on Jan1,2019.

Objective:

1. To encourage people to return to the usage of eco-friendly bags.
2. To improve recyclability and investment in Research and Development.

Strategy:

1. Support people’s movement.
2. Design framework for effective monitoring.
3. Work with industries to create road map for large production of eco-friendly alternatives.

One Nation One Ration card

About:

The One Nation One Ration card was launched on pilot basis in 4 states in 2019 which aims to ensure hassle free delivery of subsidised food grains to all migratory beneficiaries anywhere in the country.

1. Nodal Ministry – Ministry of Consumer affairs, Food and Public distribution.
2. Scheme rolled out in all states and union territory from Mar 2021.
3. Implemented under National Food security act, 2013.

Objective:

1. Reforms in Public Distribution system
2. Access of food grains to each beneficiary
3. Ensure Food security

Salient features:

1. Existing ration cards will be turned as One nation one ration card.
2. Beneficiaries identified through biometric authentication.
3. Aadhar cards will be seeded with ration cards.
4. The government provides helpline number to assist beneficiaries.

Benefits:

1. Reduce leakages
2. Reduce discrimination
3. Prevent duplication
4. Efficient and effective implementation
5. Nutritional security
6. Achieve SDG Target 2

Singara Chennai 2.0

About:

The Government of Tamil Nadu has allocated Rs. 23 crore for Singara Chennai 2.0 project.

The word Singaram in Tamil means Beautiful.

Objective:

To beautify the city, free the roads from garbage and foul smell and enable smooth flow of traffic.

Proposals:

1. Project Blue – Beachfront with facelift, water sport facilities and aquarium.
2. Beautification of subways and flyovers.
3. Science and Mathematics park for students.
4. Renovation of heritage landmarks such as Victoria Hall.
5. Promotion of electric vehicle use.
6. Digitally printed name boards.
7. Creation of art district and pet parks