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Daily Current Affairs 12 July 2024 – IAS Current Affairs

IAS Current Affairs
Daily Current Affairs 12 July 2024 – IAS Current Affairs

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Daily Current Affairs 12 July 2024 – IAS Current Affairs

Current Affairs 12 July 2024 focuses on the Prelims-Mains perspective. Major events are :

Samvidhaan Hatya Diwas

Source: Business Standard
GS II: Functions and responsibilities of the Union and the States, issues and challenges pertaining to the federal structure, devolution of powers and finances up to local levels and challenges therein

Overview

  1. News in Brief
  2. What Is Samvidhaan Hatya Diwas?
  3. The 1975 Emergency: A Dictatorial Regime
  4. Types of Emergencies
  5. Conclusion

Why in the News?

The government announced on Friday that June 25 will be observed every year as Samvidhaan Hatya Diwas.

News in Brief
  • The Government of India has decided to observe the 25th of June every year as ‘Samvidhaan Hatya Diwas.’
  • This day will commemorate the massive contributions of all those who endured the inhuman pains of the 1975 Emergency.
  • The Constitution and the Emergency also dominated the special session of Parliament, which began on June 24.
  • The Emergency was a part of President Droupadi Murmu’s address to a joint sitting of Parliament as well.
  • The Congress party criticized the move, calling it a “headline-grabbing exercise” and highlighting their own defeat in 2024 as ModiMukti Diwas.”
What Is Samvidhaan Hatya Diwas?
  • Samvidhaan Hatya Diwas translates to Constitution Murder Day.
  • It commemorates a dark chapter in Indian history.
  • The imposition of the Emergency by then-Prime Minister Indira Gandhi on June 25, 1975.
  • During this period, civil rights were suspended, dissent was stifled, and thousands of people were unjustly imprisoned.

Why Remember Samvidhaan Hatya Diwas?

  • Historical Reminder: Observing this day serves as a reminder of the consequences when the Constitution is trampled upon.
  • Honouring Victims: It pays homage to those who endured the inhuman pains of the Emergency.
  • Government Perspective: The Prime Minister emphasized that June 25 honours those who suffered due to Emergency excesses.
The 1975 Emergency: A Dictatorial Regime
  • Background: In 1975, India faced political turmoil, and Indira Gandhi declared a state of Emergency, citing internal disturbances.
  • Duration: The Emergency, which lasted for 21 months.
  • Impact: The Emergency led to the suspension of fundamental rights, censorship of media, and widespread abuses of power.
  • Mass Arrests: Lakhs of people, including political activists, journalists, and ordinary citizens, were thrown behind bars without due process.
  • Media Suppression: The voice of the media was silenced, and censorship was rampant.
  • Democracy Under Siege: The Emergency was seen as an assault on democracy and the Indian Constitution.
  • Decree Rule: The order bestowed upon the prime minister the authority to rule by decree, allowing elections to be cancelled and civil liberties to be suspended.
  • Political Opponents: For much of the Emergency, most of Gandhi’s political opponents were imprisoned, and the press faced censorship.
Types of Emergencies
  1. National Emergency (Article 352)
    • Grounds for Declaration: The President can declare a national emergency when the security of India or a part of it is threatened by war, external aggression, or armed rebellion.
    • External Emergency: Declared due to war or external aggression.
    • Internal Emergency: Declared due to armed rebellion.
    • Approval: The proclamation of emergency must be approved by both houses of Parliament within one month.
    • Judicial Review: The 44th Amendment Act of 1978 restored the judicial review of National Emergency declarations.
  2. State Emergency (Article 356)
    • Governor’s Report: If the President is satisfied that the governance in a state cannot be carried out according to the Constitution, the President can impose President’s Rule.
    • Approval: The proclamation of State Emergency must be approved by both houses of Parliament within two months.
    • Judicial Review: The Supreme Court can review the imposition of the President’s Rule.
  3. Financial Emergency (Article 360)
    • Grounds: If the financial stability of India or any state is threatened.
    • Approval: The President can proclaim a Financial Emergency without parliamentary approval, but it must be ratified within two months.
Conclusion
  • The Emergency remains a pivotal chapter in India’s history, marked by media censorship, restrictions on civil rights, and a forced mass sterilization campaign.
  • It serves as a reminder of the delicate balance between security and individual freedoms during critical times.

SEHER Scheme

Source: Business Today
GS III: Indian Economy; GS II: Welfare schemes for vulnerable sections of the population by the Centre and States and the performance of these schemes;

Overview

Image by Pabitra Kaity from Pixabay
  1. News in Brief
  2. About SEHER Scheme
  3. Women Entrepreneurship Platform
  4. TransUnion CIBIL

Why in the News?

Women Entrepreneurship Platform (WEP) and TransUnion CIBIL have launched SEHER.

News in Brief
  • According to TransUnion CIBIL data, there has been a significant rise in the demand for business loans by women.
  • During this period, the number of women borrowers holding business loans increased by 10%, with women constituting 38% of the 1.5 crore borrowers.
  • The portfolio balance for business loans held by women grew at a compound annual growth rate (CAGR) of 35% from March 2019 to March 2024.
About SEHER Scheme
  • SEHER is a credit education program designed to enhance financial literacy and business skills among women entrepreneurs.
  • This initiative aims to provide crucial support, empowering women to access the financial tools necessary for business expansion and job creation.
  • It is a  first-of-its-kind initiative aimed at accelerating access to finance for women entrepreneurs.
  • This initiative supports WEP’s goal of improving financing access for women in India’s 63 million MSMEs.

Major focus of the Scheme

  • Educate women on financial topics, including their CIBIL Rank and commercial credit reports.
  • Help women understand how to access and manage credit effectively.
  • Provide resources and training to help women manage and grow their businesses.
Women Entrepreneurship Platform
  • The Women Entrepreneurship Platform (WEP) by NITI Aayog is an initiative aimed at fostering and nurturing female entrepreneurship in India.
  • It provides a unified access portal to a multitude of services, including funding support, mentorship, incubation, and partnerships.
  • WEP seeks to empower women by addressing and overcoming challenges they face in the entrepreneurial ecosystem, thereby promoting inclusive growth and innovation.
TransUnion CIBIL
  • TransUnion CIBIL, formerly known as Credit Information Bureau (India) Limited, is India’s premier credit information company.
  • Established in 2000, it is a key player in the financial sector, providing critical credit information services to banks, financial institutions, and consumers.

Functions and Services

  • Credit Information Reports (CIR) and Credit Scores:
    • CIR: A detailed report that includes a borrower’s credit history across various loans and credit institutions. It helps lenders assess the creditworthiness of an individual or a business.
    • Credit Score: A three-digit numeric summary of an individual’s credit history, ranging from 300 to 900. A higher score indicates better creditworthiness.
  • Consumer and Commercial Credit Information:
    • Consumer Credit: Covers individual borrowers and their credit behaviors.
    • Commercial Credit: Involves credit data of businesses and commercial entities.
  • Credit Insights and Analytics:
    • TransUnion CIBIL provides analytical tools and insights to financial institutions, helping them make informed lending decisions and manage risk effectively.
  • Fraud and Verification Services:
    • Helps in identifying potential fraudulent activities and ensures the authenticity of the information provided by borrowers.

BIMSTEC Countries

Source: PIB
GS II: Bilateral, regional and global groupings and agreements involving India and/or affecting India’s interests

Overview

  1. News in Brief
  2. What is BIMSTEC?
  3. BIMSTEC Countries

Why in the News?

India hosted the first BIMSTEC Foreign Ministers’ Retreat held in New Delhi,

News in Brief
  • Fruitful discussions with the group of Ministers on further strengthening the regional cooperation in diverse areas including connectivity, energy, trade, health, agriculture, science, security and people to people exchanges.
  • Stressed on the role of BIMSTEC as an engine for economic and social growth.
  • India fully supports Thailand for the upcoming BIMSTEC Summit to be held in September.
What is BIMSTEC?
  • BIMSTEC is a regional organization
  • BIMSTEC Countries comprising seven Member States:
    • Five from South Asia: Bangladesh, Bhutan, India, Nepal, and Sri Lanka.
    • Two from Southeast Asia: Myanmar and Thailand.
  • It was established on June 6, 1997, through the Bangkok Declaration.
  • The BIMSTEC Secretariat is headquartered in Dhaka, Bangladesh.

Areas of Cooperation:

  • BIMSTEC covers various sectors, including:
    • Trade
    • Technology
    • Energy
    • Transport
    • Tourism
    • Fisheries
    • Agriculture
    • Human resource development
    • Investment
    • Commerce
Significance of BIMSTEC Countries
  • Global Weightage:
    • Approximately 22% of the world’s population resides in the seven BIMSTEC countries around the Bay of Bengal.
    • Their combined GDP is close to USD 2.7 trillion.
    • A fourth of the world’s traded goods pass through this region annually.
  • Regional Strategic Incentives:
    • Each country has unique strategic interests:
      • Bangladesh aims to elevate its status beyond being a small state on the Bay of Bengal.
      • Sri Lanka sees it as an opportunity to connect with Southeast Asia and become an Indo-Pacific hub.
      • Nepal and Bhutan seek to overcome their landlocked positions by connecting with the Bay of Bengal.
      • Myanmar and Thailand view BIMSTEC as a means to access India’s consumer market and balance China’s influence.
  • Importance for India:
    • BIMSTEC aligns with India’s foreign policy objectives of “Neighborhood First” and “Act East.”
    • It bridges South and Southeast Asia, encompassing the ecologies of the Great Himalayas and the Bay of Bengal.

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