Financing Current Affairs - 2019
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On the eve of celebration of 69th Independence Day at Red Fort Prime Minister Narendra Modi announced a new campaign ‘Start-up India; Stand up India’ an initiative to promote bank finance for Start-ups (an entrepreneurial venture).
The campaign was announced with an aim to boost entrepreneurship among the youth and to create employment in India.
As per the initiative PM urged 1.25 lakh bank branches to provide finance to at least one Dalit or Adivasi and at least one woman entrepreneur.
The initiative is expected to open a new dimension to entrepreneurship and to set up a network of start-ups in the country. It also aims to make India a number one country in Start-ups.
- Government will rename the present Agriculture Ministry as ‘Agriculture and Farmers’ Welfare Ministry’
- He announced to replace the current practice of ‘interview-based’ selections with online merit based recruiting for low-skilled government jobs.
- Under the Skill India and Digital India initiative government to provide package of incentives to manufacturing units.
- To provide houses and access to basic services to all and to make India a developed nation by 2022.
- Set deadline of 1000 days to connect 18,500 villages with electricity.
Cabinet Committee on Economic Affairs (CCEA) approved Rs.1750 crore for strengthening the drug regulatory system
The Cabinet Committee on Economic Affairs (CCEA) has approved Rs.1750 crore for strengthening the drug regulatory system both at the Central and the State.
The sanctioned amount will be spent for strengthening and up-gradation of the drug regulatory system over a period of three years.
The total amount of Rs 1750 crore will be divided into two parts, an amount of Rs.900 crore will be spent on strengthening central structures whereas Rs.850 crore will be made available to the State Governments.
Strengthening and up-gradation includes:
- Provision of additional equipment and manpower in existing drug testing laboratories
- Setting up of new laboratories for testing drugs, medical devices and cosmetics
- Making mobile drug testing laboratories available
- Creation of additional manpower for regulatory structures.
- Introduction of organisation wide e-Governance and Information Technology enabled/ online services.
- Setting up a training academy for both the Central and State regulatory and drug testing officials.
- Assistance to the States for strengthening their drug regulatory structures.
The need for strengthening and up-gradation of drug regulatory system was felt in line with recent ban imposed by US and EU on drugs manufactured in India.
- These measures will help Indian drug manufactures to enhance quality, safety and efficacy of drugs and other medical products.
- This will also help to increase export of pharmaceutical products from India and thus will trigger growth of the domestic medical devices sector.
- The measure of common training programmes for regulatory and laboratory staff will help to develop uniform practices throughout the country.
Note: India is one of the largest manufacturers of drugs and exports pharmaceutical products to over 200 countries/economies.