11.03.22 KPSC Daily Current Affairs



Karnataka: Revenue at Byadagichilli market exceeds forecast


The pandemic and its impact on the economy had compelled the state government to reduce its revenue forecast for what is considered the largest chilli market in Asia: Byadagi in Haveridistrict.
Although the state government had set a revenue target of Rs 9.5 crore from the market for the 2021-22 fiscal year, the market has already registered a turnover of Rs 11.2 crore, having far outstripped the conservative estimate of the state government.

In 2020-21, when the state government had forecast that the Byadagi market would register revenue to the tune of Rs 15 crore, the sales touched a sum of Rs 18 crore. The stakeholders attributed the impressive sales to the reduction in the Agriculture Produce Market Committee (APMC) cess.

The spike in the price of Byadagi Chilli, with one quintal of the crop selling for a record Rs 70,000, ensured that the many farmers in North Karnataka continued cultivating it. The sale of Byadagi Chilli helped increase revenue of the market this year, with the crop registering sales higher than what it had registered in the previous fiscal year.




Dubai adopts first law regulating virtual assets


Dubai has adopted the first law of its kind in the emirate that regulates virtual assets, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai.


The Dubai Virtual Asset Regulation Law is aimed at creating an advanced legal framework to protect investors and provide international standards for virtual asset industry governance that will promote responsible business growth in the emirate.


The UAE government is taking concrete steps to establish a strong digital economy and make use of the advantages provided by digital transformation.




Smart Event Tracking System (SETS)


The Smart Event Tracking System (SETS), which is a new tool on Google Maps-based planning and analysis that has been deployed to tackle the growing problem of cattle getting run over by trains.


The software has been made functional in Agra Division and it will be adopted by other divisions in the future, depending on further results. According to officials, the SETS map the kilometre stamps on electrical masts along the rail tracks and feed the exact location of a “cattle run over” into the system. As a result of this, managers are able to identify the location instantly where the cattle run over occurred as well as spot a pattern.


According to the report, the system is particularly important for the North Central Railway zone, which saw more than 6,500 of the 26,000 cases of cattle run over that were recorded in the year 2020-21.



Gati Shakti cargo terminal comes up at Asansol


The Indian Railways’ first ‘Gati Shakti’ cargo terminal was commissioned in the Asansol division of Eastern Railway. The cargo terminal seeks to augment railways’ earnings to the tune of about Rs 11 crore per month.


This is the first such terminal to be commissioned by Indian Railways since the publication of GCT policy in December, 2021. The Maithan Power project was initiated in 2009 and the power generation was started in the year 2011.


The PM Gati Shakti Yojana is one of the four big priorities for the Prime Minister Narendra Modi government.


The Pradhan MantriGati Shakti scheme will help India attract investment from all over the world for improving the infrastructure of the country.

It begs mention here that logistics and supply chain costs account for around 12% of the gross domestic product (GDP) in India at present.  This is much higher when compared to the global average of 8%.

MSME ministry launches scheme to promote creativity, entrepreneurship in sector


The MSME ministry  launched an innovative scheme to promote creativity, adoption of latest technologies and increase awareness about importance of intellectual property rights among MSMEs.

The scheme is an amalgamation of the incubation, design and IPR (intellectual property rights) schemes of the ministry.

It would act as a hub for innovative activities, besides facilitating and guiding development of ideas into viable business prepositions that can benefit society directly and can be marketed successfully.


Launching the scheme, MSME Minister Narayan Rane said the scheme will help the MSME sector, which accounts for a major share in the country’s exports and manufacturing.


Under the scheme, the ministry would provide financial assistance for innovation, design and IPR protection.

The IPR vertical of the scheme aims at enhancing the awareness of these rights among MSMEs and taking suitable measures for the protection of ideas, technological innovation and knowledge-driven business strategies.

Similarly, under the innovation vertical, untapped creativity would be supported and promoted besides adoption of latest technologies in MSMEs.



The Innovative scheme provides financial assistance up to Rs.5 lakh for a foreign patent, Rs.1 lakh for a domestic patent, Rs.2 lakh for GI registration, Rs.15,000 for design registration and Rs.10,000 for a trademark in the form of reimbursement.


India’s first 100% women-owned industrial park begins operations in Hyderabad


India’s first 100 per cent women-owned industrial park began operations in Hyderabad. Promoted by the FICCI Ladies Organisation (FLO) in partnership with the State government, the park has 25 units, representing 16 diverse green category industries, all owned and operated by women.


The FLO industrial park, the first-of-its-kind park in the country, was established over 50 acres in Sultanpur near Patancheru with an investment of Rs 250 crore. The park has already garnered tremendous interest from women entrepreneurs to run and operate their businesses


The park has also created amenities to offer a homely environment for women by keeping in mind the necessities of working women entrepreneurs, including designing creches and playschools. The FLO also plans to set up similar multi-industry women industrial parks in various States and a centre of excellence for skill development in Phase II.

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