Inclusive Growth Current Affairs
Punjab Government has launched Mahatma Gandhi Sarbat Vikas Yojna (MGSVY) for the welfare of the downtrodden citizen across the state.
This scheme is aimed at the inclusive growth of the distressed sections of the society. It will be on the line of Antyodaya principles (Antyodaya’ means rise of the last person) and will be implemented in the state’s rural areas.
Mahatma Gandhi Sarbat Vikas Yojna (MGSVY)
The objective of scheme is to identify poor and distressed households which have been deprived of the benefits of the various welfare schemes launched by state government. It will give distressed sections much need socially or economically or psychologically help.
Its purpose is to benefit 18 marginalized sections living in rural areas of state. It will provide benefit of welfare schemes for debt stressed farmers, poor families that have woman as sole bread earner, out-of-school children, martyred soldiers, families of AIDS patients, differently-abled, abandoned old persons, drug addicts etc.
It aims to will give more focus on encouraging voluntary organizations, various civil society organizations, Non-Resident Indians (NRIs) and other socially committed persons to contribute to the welfare of the downtrodden. Moreover, under the scheme will be no financial implication.
Multi-lateral funding agency Asian Development Bank (ADB) announced that it increase annual funding to India to up to $4 billion from existing $2.7 billion from next year to accelerate inclusive economic transformation.
As part of ADB’s Country Partnership Strategy 2018-22, the multi-lateral funding agency will provide loans up to $4 billion on annual basis including non-sovereign or private debt during 2018-22. Cumulatively, India which is the largest recipient of ADB will get about $20 billion over a period of 5 years.
Under this strategy, ADB’s annual sovereign funding to India will increase from $2 billion to $3 billion while private sector funding will be doubled to $1 billion. The other priority pillars of strategy also include increasing annual funding to low income states and climate change.
ADB’s India specific programme will focus on boosting economic competitiveness to create more and well-paid jobs, improve access to infrastructure and services and addressing climate change and improving climate resilience over these 5 years.
Asian Development Bank (ADB)
ADB is regional development bank which aims to promote social and economic development in Asia. It was established in 1966. It is headquartered in Manila, Philippines. Now it has 67 members, of which 48 are from within Asia and the Pacific and 19 outside.
The ADB has been modelled closely on World Bank. It has similar weighted voting system where votes are distributed in proportion with members’ capital subscriptions. As of 2014, Japan was largest shareholder (capital subscription) of ADB having 15.7% shares followed by US (15.6%), China (6.5%), India (6.4%), and Australia (5.8%).