UPSC Quiz – 2024 : IASbaba’s Daily Current Affairs Quiz 3rd August 2024

·       It is a coalition of Iranian-backed groups.

·       The coalition’s name is said to be inspired by former US President George W Bush’s use of the term ‘axis of evil’ — referring to Iran, Iraq and North Korea.

Formation

·       The roots of the ‘axis of resistance’ go back to the Iranian Revolution of 1979, which paved the way for radical Shia Muslim clerics to come to power.

·       To expand its political and military influence in a region where most powers — such as US-ally Saudi Arabia — are Sunni-majority nations, Iran’s new regime began to support non-state actors.

·       Another reason for this was to deter threats from Israel and the US — Iran has seen Israel’s creation in 1948 as a means for the US (and the West) to influence the region for its strategic interests.

Group members

·       Hezbollah – Shiite militant organization

·       Hamas – Palestinian Sunni militant group in Gaza

·       Palestinian Islamic Jihad (PIJ) – Sunni Islamist militant group, Palestine

·       Houthis – Zaydi Shia militant group, Yemen

·       It is designed to address the distinct challenges that women face when starting and growing businesses.

·       This initiative aims to empower approximately 25 lakh women across India, providing them with the skills, knowledge, and resources needed to start and grow successful businesses.

·       The initiative will also offer financial grants and feature their products and services on the Skill India Digital Hub, reflecting a strong commitment to fostering an inclusive environment for women entrepreneurs.

·       It is in partnership with Britannia Industries Limited.

·       NSDC, with support from the National Institute for Entrepreneurship and Small Business Development (NIESBUD), will offer free online self-learning entrepreneurship courses through the Skill India Digital Hub (SIDH).

·       These courses, available in multiple languages, will cover crucial topics such as entrepreneurial skills, enterprise setup, finance basics, digital skills, and market analysis.

·       It refers to a form of advertisement that duplicates the brand image of one product to promote another product of the same brand.

·       The word surrogate means a ‘substitute’. Usually, brands use surrogate advertising to promote products that cannot be advertised directly due to legal or social restrictions.

·       Surrogate goods could either resemble a similar commodity or an entirely different product. Meaning, companies advertise their products and services by disguising them for some other product under the same brand name.

·       From liquor to tobacco-related products, several brands have embraced this form of advertising to spread their word and uphold their image in the industry.

·       In India, surrogate ads are common and used across several media platforms. For example, liquor brands using their brand names and logos to promote products like music CDs, soda, and more.

·       While the target audience knows a particular brand’s niche, surrogate advertising helps you get your message across in a subtle and legal way.

·       The motive behind doing so is to ensure that the customers can be recall the original product in the disguise of another advertised product. This process is also called “brand extension”.

·       Objectives – It provide funding support to Daughter Funds for onward provision to MSMEs as growth capital.

·       Enhance equity financing and listing of MSMEs on stock exchanges.

·       Support faster growth of MSME businesses and job creation.

·       It is an investment strategy of holding a portfolio of other investment funds, rather than investing directly.

·       Help MSMEs become national/international champions and contribute to India’s self-reliance.

Structure –

·       The SRI Fund will be a Category II Alternative Investment Fund (AIF).

·       It will consist of a Mother Fund and multiple Daughter Funds.

·       The Mother Fund will provide funds to Daughter Funds, which will then invest in MSMEs.

·       Fund Corpus – The Government of India will provide Rs. 10,000 crore as initial support to the Mother Fund.

·       Daughter Funds will raise 80% of funds from outside sources and receive 20% from the Mother Fund.

·       The total leveraged amount is expected to reach Rs. 50,000 crores.

Key Features –

·       15-year fund life with a 6-year commitment period.

·       Fund managers should have at least 5 years of experience in growth funding.

·       The fund aims to create an MSME investment ecosystem involving various financial institutions.

·       Governance – A SPV with 100% equity from NSIC will anchor the Mother Fund.

·       An Advisory Board chaired by the Secretary (MSME) will oversee the fund.

·       A professional Investment Committee will make investment decisions.

·       Investment Strategy – The Mother Fund will invest only through approved Daughter Funds.

·       Daughter Funds must be registered as Category I or II AIFs with SEBI.

·       Focus on traditional manufacturing and service MSMEs.

·       Commercials – Management fee of 1% for the SPV and up to 0.50% for the Fund Manager.

·       Risk Management – Both Mother and Daughter Funds must have financial risk management and environmental/social safeguard systems in place.

·       The plan will be carried out for next 5 years and regularly monitored from the top so that maximum productivity is driven without duplicity of efforts.

·       ICAR is also working to develop 100 new seed varieties and 100 farm technologies in 100 days as part of the Centre’s 100-day action plan.

·       At the beginning of every year, the scientist or a group of scientists will have to identify the product, and the ICAR will map the scientist’s or the group’s work.

·       ICAR have assigned every scientist with a target that they have to come out with a product which includes seed variety, technology or some research paper or some model/concept.