Economy Current Affairs - 2020

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Government launches PAISA Portal under Deendayal Antyodaya Yojana – National Urban Livelihoods Mission

Union Ministry of Housing and Urban Affairs launched ‘PAiSA’ – Portal for Affordable Credit and Interest Subvention Access during National Workshop on Municipal Finance and Urban Planning held in New Delhi.

PAISA Portal

It is centralised electronic platform for quicker processing of loans under the Deendayal Antyodaya Yojana – National Urban Livelihoods Mission (DAY-NULM). It aims to connect directly with beneficiaries and ensure there is greater efficiency in the delivery of services. It has been designed and developed by Allahabad Bank, the nodal bank under the scheme. All 35 States and Union Territories (UTs) & all scheduled commercial banks, Regional Rural Banks (RRBs) and Cooperative Banks are expected to be on board the PAiSA portal the year end.

Deen Dayal Antyodaya Yojana-National Urban Livelihoods Mission (DAY-NULM)

It is Centrally Sponsored Scheme implemented by Union Ministry of Housing and Urban Poverty Alleviation. Its objective is to uplift urban poor folks by enhancing sustainable livelihood opportunities through skill development.

Its intended beneficiaries are urban poor (street vendors, slum dwellers, homeless, rag pickers); unemployed and differently abled. It provides for employment through Skill Training and Placement through City Livelihood Centers to reduce poverty and vulnerability of the urban poor households.

It also provides social mobilization and institution development through formation of Self-Help Groups (SHG) for training members and hand holding, an initial support of 10, 000 is given for each group.

It also provides subsidy to urban poor i.e. interest subsidy of 5% – 7% for setting up individual micro-enterprises with loan of up to 2 lakhs and for group enterprises with loan limit of up to Rs.10 lakhs.

It fully funds cost of construction of shelters for urban homeless. It also provides for development of vendor markets and also promotion of skills for vendors through setting up infrastructure and special projects for rag picker and differently abled etc.

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India and ADB sign $200 Million Loan to improve State Highways in Bihar

Union Government has signed $200 million loan agreement with Asian Development Bank (ADB) for Bihar State Highways III Project (BSHP-III). It will finance widening and upgrading of about 230 kms state highways in Bihar to all-weather standards with road safety features. Since 2008, ADB has provided four loans to Bihar amounting to $1.43 billion to upgrade about 1,453 km of State Highways and to construct new bridge over Ganga River near Patna (on completion it will be the India’s longest river bridge).

Bihar State Highways III Project (BSHP-III)

It was approved by ADB Board in October 2018. It aims at upgrading State Highways to standard two-lane width with road safety features and paved shoulders including reconstructing, widening and strengthening culverts and bridges. It also seeks to build institutional capacity of State for road design and maintenance and incorporate appropriate new technologies in the State’s road sub-sector. The improved roads under the Project will contribute to savings in vehicle operating cost and travel time, reduce vehicle emissions and improve road safety. This loan will complement efforts of Bihar Government to upgrade all state highways to meet minimum two-lane standard with better surfaces and improved road safety leading to improved connectivity. It will also establish State-level Road Research Institute to improve technical and management capacity of Road Agency Staff.

Asian Development Bank (ADB)

ADB is a regional development bank based out of Asia. It aims to promote social and economic development in Asia by achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. It was established in December 1966. It is headquartered at Ortigas Centre in Manila, Philippines. It has total 67 members, of which 48 are from within Asia and the Pacific and 19 outside

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