Current Affairs – March, 2018

Current Affairs 2018 (March) with Latest Current Affairs and news summary on current events of national and international importance for Banking, SSC, CLAT, UPSC, State PCS, IBPS, Railways and other Competitive Examinations.

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CCEA approves continuation of Nutrient Based Subsidy and City Compost Scheme

The Cabinet Committee on Economic Affairs (CCEA) has approved for continuation of Nutrient Based Subsidy (NBS) Scheme and City Compost Scheme beyond 12th Five Year plan till 2019-20. The proposal was forwarded by Department of Fertilizers.

Key Facts

The total expenditure for continuation of both schemes till 2019-20 will be Rs. 61,972 crore. The expenditure will be on actual basis since national roll out of DBT entails 100% payment of subsidy to fertilizer companies on sale of fertilizers to farmers at subsidized rates.

The subsidy on Phosphatic and Potassic (P&K) fertilizers and Market Development Assistant (MDA) on City Compost will be provided on subsidy rates approved by CCEA on annual basis. The continuation of both schemes will ensure that adequate quantity of P&K is made available to farmers at statutory controlled price.

Background

Government is making available fertilizers, namely Urea and 21 grades of P&K fertilizers to farmers at subsidized prices through fertilizer manufacturers and importers. The subsidy on P&K fertilizers is being governed by NBS Scheme which was launched in 2010.Its objectives are to foster balanced use of fertilizers to improve soil health and reduce government outgo on fertiliser support (subsidy).

Similarly, MDA is being governed by City Compost Scheme which was launched in 2016. City Compost Scheme  aims to convert all organic waste generated in cities into compost or biogas and market the compost with the help of fertiliser companies to benefit farmers.

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CCEA approves enhancing coverage of Pradhan Mantri Rojgar Protsahan Yojana

The CCEA chaired by Prime Minister Narendra Modi, has approved proposal of enhancing scope of Pradhan Mantri Rojgar Protsahan Yojana (PMRPY).  The Central Government will now contribute Employer’s full admissible contribution for first 3 years from date of registration of new employee for all sectors including existing beneficiaries for their remaining period of 3 years. It will benefit the informal sector workers as the will get social safety net and result in more job creation.

Pradhan Mantri Rojgar Protsahan Yojana (PMRPY)

PMRPY has been in operation since August 2016. Under it, Government is paying 8.33% contribution of Employers to Employees’ Pension Scheme (EPS) in respect of new employees (joined on or after 1st April 2016) having new Universal Account Number (UAN), with salary up to Rs. 15,000/- per month.

The scheme has dual benefit i.e. it incentivize employers for increasing employment base of workers establishments and enables large number of workers to find jobs in such establishments. Its direct benefit is that these workers get access to social security benefits of organized sector. Till now, the scheme has produced quite encouraging results and has added about 31 Lakhs beneficiaries to formal employment involving expenditure of more than Rs. 500 crore.

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