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The Higher Education Financing Agency (HEFA), which was set up by the Centre in 2017 to upgrade the education infrastructure in the country to global best standards, has sanctioned 144 loans worth Rs 35,000 crore so far, falling short of the government’s target of mobilising Rs 1 lakh crore by 2022, according to information obtained by The Indian Express through an RTI application.
HEFA, which was set up as a non-profit Non-Banking Financing Company (NBFC), is a joint venture between the Union Ministry of Education and the Canara Bank to finance infrastructure development in educational institutions through long-term loans.
In an official statement shared with The Indian Express, the Union Ministry of Education attributed the shortfall to Covid-19, which broke out in 2020, and a revision in the funding pattern during the same year.
During the launch of the RISE scheme on July 5, 2018, then Union Education Minister Prakash Javadekar had announced that HEFA has set projected investments of Rs 22,000 crore in 2018-19, Rs 36,000 crore in 2019-20, Rs 32,300 crore in 2020-21 and Rs 9,500 crore in 2021-22.
In the RTI response, the HEFA said it sanctioned eight loans amounting to Rs 1,804 crore in 2017-18, its inception year.In 2018-19, as many as 48 loans worth Rs 15,572.56 crore were sanctioned, thereby missing the first annual target.
In the next year i.e., 2019-20 too, 48 loans were sanctioned, but the quantum of investment dropped to Rs 11,193.66 crore. With the onset of the pandemic, the numbers dipped further in 2020-21 when Rs 2,843 crore for 19 loans were sanctioned. In 2021-22, Rs 2,072 crore for 13 loans were sanctioned, while in 2022-23, till October 31, an amount of Rs 1,551 crore was sanctioned for eight loans.
In total, between 2017-18 and 2022-23, 144 loans worth Rs 35,038 crore have been sanctioned by the HEFA. While the modes of repayment differ from one institution to another, the agency said “till date no institution has defaulted in repaying HEFA loans”.
Responding to questions, the Union Ministry of Education said HEFA was set up to substantially augment funding for creating quality education infrastructure in higher education institutions under the Government of India.
Govt. and Politics
Govt notifies 1-year scheme to give free foodgrains to 81 cr(Page no. 5)
(GS Paper 2, Polity and Governance)
The Union Ministry of Consumer Affairs, Food and Public Distribution Friday issued a notification to provide free foodgrains to all eligible households under the National Food Security Act, 2013, for a year beginning January 1.
In a notification, the Ministry said: “In pursuance of the provisions of Schedule I to the National Food Security Act, 2013 (20 of 2013), the Central Government hereby decides that the rice, wheat and coarse grains shall be provided free of cost for all eligible households under section 3 of the National Food Security Act, 2013, for the period 1st of January, 2023 to 31st of December, 2023.”
The ministry has also appointed 18 nodal officers to ensure a smooth rollout of the free foodgrain scheme. These officers are of the Deputy Secretary and Director levels. Besides, it has asked Food Corporation of India officials to visit fair-price shops in the first week of the rollout of the free foodgrain scheme.
The move came a day after Union Food Secretary Sanjeev Chopra held a meeting with the Principal Secretaries of the Food Department of states.
Last week, the government announced that it would provide free foodgrains to beneficiaries under the National Food Security Act, 2013, as per their entitlement, for a year beginning January 2023. The decision was taken at a Union Cabinet meeting chaired by Prime Minister Narendra Modi on December 23.
The government, however, discontinued the Pradhan Mantri Garib Kalyan Anna Yojana launched in April 2020 amid Covid-19 under which 5 kg of free foodgrains was provided to every person on top of the NFSA entitlement of 5 kg foodgrains at subsidised rates.
As of now, the NFSA beneficiaries buy foodgrains at a subsidised rate — rice Rs 3 per kg, wheat Rs 2 per kg and nutria-cereals Re 1 per kg. The NFSA covers about 81.35 crore people and the Centre will bear the cost of Rs 2 lakh crore to provide them food security.
Express Network
Huge turnout at 205th anniversary of battle of Koregaon Bhima(Page no. 6)
(GS Paper 1, History)
The programme to mark the 205th anniversary of the Battle of Koregaon Bhima at the ‘Jaystambh’ in Perne village of Pune district passed off peacefully on Sunday.
‘Jaystambh’ is a ‘military monument’ erected by the British government in 1821 in memory of its soldiers, who fought against the Peshwas during the Maratha rule at Koregaon Bhima on January 1, 1818.
Later, the British had appointed their soldier KandojibinGajoji Jamadar (Malvadkar), who was injured in the battle, as in-charge of the ‘Jaystambh’ on December 13, 1824.
As per a Dalit narrative, a British Army comprising 500 soldiers from the Mahar community defeated a 25,000-strong force of upper caste Peshwas in the battle of Koregaon Bhima.
Hundreds of thousands of people, mainly from the Ambedkarite Mahar community, visited the Jaystambh on Sunday to pay tribute to the soldiers, who they believe, fought a war against the alleged casteism of the Peshwas.
‘Jaystambh’ is a ‘military monument’ erected by the British government in 1821 in memory of its soldiers, who fought against the Peshwas during the Maratha rule at Koregaon Bhima on January 1, 1818. (Express photo by Pavan Khengre)
However, descendants of Jamadar from the Maratha community say that both British and Peshwa forces that fought the battle of Koregaon Bhima consisted of soldiers from different castes.
So they maintain that going by contemporary historical records, the ‘Jaystambh’ cannot be linked to any particular caste or religion.
Meanwhile, VBA chief Prakash Ambedkar, grandson of Dr Babasaheb Ambedkar, Union Minister of State for Social Justice and Empowerment Ramdas Athavale, former MP JogendraKavade, Dalit leader Anandraj Ambedkar and many other Ambedkarites visited the Jaystambh on Sunday. Also, Shiv Sena leader (UBT) Sushma Andhare and NCP’s Jitendra Awhad visited the military monument.
Explained
The International Year of Millets(Page no. 7)
(GS Paper 3, Economy)
The United Nations has declared 2023 as the International Year of Millets. Since that was at the initiative of India, which also accounts for a fifth of the world’s millets production, the Narendra Modi government would be expected to do something different this year to promote these “nutri-cereals” — going beyond just spreading awareness, or organising “special millets lunch” for parliamentarians and journalists.
Millets score over rice and wheat in terms of minerals, vitamins, and dietary fibre content, as well as amino acid profile. Polished/ white rice, for instance, contains only 2-4 mg/ kg iron and 15-16 mg/ kg zinc.
Wheat has more of both — iron (37-39 mg/ kg) and zinc (40-42 mg/ kg) — but its protein quality is poorer than even that of rice. Up to 80% of wheat’s average 13% protein content comprises glutens, known to trigger gastrointestinal and autoimmune disorders in many people.
Bajra (pearl millet), on the other hand, has iron, zinc, and protein levels comparable to that of wheat, but it’s gluten-free and has more fibre. The rotis from bajra makes one feel fuller for longer, as they take more time to digest and do not raise blood sugar levels too fast.
The same nutritionally superior traits — which significantly address the problem of “hidden hunger” arising from the consumption of energy-dense but micronutrients-deficient foods — are present in other millets too: jowar (sorghum), ragi (finger millet), kodo (kodo millet), kutki (little millet), kakun (foxtail millet), sanwa (barnyard millet), cheena (proso millet), kuttu (buckwheat) and chaulai (amaranth).
Nutritional advantages apart, millets are hardy and drought-resistant crops. This has to do with their short duration (70-100 days, against 115-150 days for rice and wheat), lower water requirement (350-500 mm versus 600-1,250 mm) and ability to grow even on poor soils and in hilly terrain.
For the poor, both in urban and rural areas, rice and wheat were once aspirational foods. But thanks to the Green Revolution and the National Food Security Act of 2013, two-thirds of India’s population receives up to 5 kg of wheat or rice per person per month at Rs 2 and Rs 3/kg respectively.
The Modi government has, in fact, made the issue of the two fine cereals free of cost from January 2023, further tilting the scales against millets.
Remote voting for migrants proposal(Page no. 7)
(GS Paper 2, Polity and Governance)
While discussions within the Election Commission (EC) to enable remote voting by migrants are not new, the poll body has this week come out with a plan to test its latest proposal to help domestic migrants cast their ballots for their home constituencies, from polling stations in the cities they work in.
The EC spelled out its plan in a letter to political parties on December 28, asking them to attend a demonstration of the prototype Remote Voting Machine (RVM) on January 16, 2023 and send in their comments by January 31, 2023.
Though voter turnout has increased over the years since the first few general elections after Independence when it hovered around 50%, the last three Lok Sabha polls have seen an average of one-third of registered voters sit out the elections.
In its letter to parties, the EC expressed concern over the stagnation in voter turnout. In 2019, 67.40% of the 91.20 crore registered electors voted, slightly higher than 66.44% in 2014. In 2009, the turnout was 58.21%.
The EC letter said it was concerned that about 30 crore electors were not exercising their franchise, as well as about the differential voter turnout in different states and UTs.
One of the reasons, according to the EC, was internal migration that took electors away from their home constituencies. Electors can have their names added to the electoral rolls of the constituency they ordinarily reside in, but many chose to retain the Voter ID from their home constituencies for various reasons.
Hearing a petition on the alleged denial of voting opportunities to migrants, the Supreme Court had in 2015 directed the EC to explore options for remote voting.
The EC had formed a committee of officers to come up with solutions for remote voting in 2016, however, there were several unanswered questions.
The term domestic migrant was not defined and counted in a central database. The EC letter pointed out that the Registrar General of India, the Union Labour and Employment Ministry and the National Sample Survey Organisation had different meanings of “migrant”.
The Idea Page
The path to decarbonisation in the wake of the Russia-Ukraine conflict(Page no. 9)
(GS Paper 3, Environment)
Twelve months back I reflected through this column that in 2022, India will have to navigate the choppy waters of a volatile petroleum market without straying off the “green” course towards clean energy. I proffer the same reflections for 2023.
The waters will be choppier and the course more labyrinthine, but the challenge will be essentially similar.
The answer is not easy. The international energy market has been convulsed by the Ukraine conflict. Four factors in particular mark this convulsion. One, the energy market has fragmented and energy nationalism is the driving force behind policy.
Two, a second iron curtain has come down. Irrespective of how and when the Ukraine conflict ends, Russia will not be allowed access to the western markets for as long as President Putin is at the helm of the affairs.
One fallout is the tightening energy embrace between Russia and China. Three, OPEC plus one which is, in effect, Saudi Arabia plus Russia has stepped outside the Western orbit.
Saudi Arabia has made clear it intends to pursue a “Saudi first”, non-aligned approach to international relations including with the US. And four, new centres of energy power are emergent around countries that have a large share of the metals, minerals and components required for clean energy. China is currently the dominant power.
It is against this international backdrop that India must pivot the needle of its energy compass towards short-term energy security and long-term decarbonisation. A combination of the following measures should be considered in 2023.
Discounted Russian crude is an opportunistic panacea. It does not provide a sustainable cover to meet our requirements. To secure such a cover, government must increase the productivity of our existing producing fields; additional resources should be allocated for accessing relevant enhanced oil recovery technologies.
Further, it should leverage the country’s market potential to secure a long-term supply relationship with Saudi Arabia and an equity partnership with Iran.
It should enhance the strategic petroleum reserves to cover at least 30 days of consumption and remove the sword of Damocles that the CBI/CVC/CAG wield over the heads of the public sector petroleum companies so that their traders can, without fear, take advantage of market volatility. The construction of a pan-India national gas pipeline grid should be expedited.
Economy
Why the Indian rupee fell 10% against the US dollar in 2022(Page no. 11)
(GS Paper 3, Economy)
The Indian rupee depreciated by around 10 per cent against the US dollar in 2022 on account of sharp appreciation of the greenback as the US Federal Reserve tightened its interest rate to check inflation amid the uncertainties surrounding the Russia-Ukraine conflict.
The rupee was the worst-performing Asian currency in 2022, witnessing a fall of around 10 per cent against the greenback. This decline was mainly on account of appreciation in the US currency on safe haven appeal amid fears of recession and inflation across many parts of the world and Russia-Ukraine war.
During the year, the rupee fell to a lifetime low of 83.2 against the dollar. Compared to rupee, depreciation of other Asian currencies was to a lesser extent.
During the year, Chinese Yuan, Philippine Peso and Indonesian Rupiah fell around 9 per cent. South Korean Won and Malaysian Ringgit declined by nearly 7 per cent and 6 per cent, respectively.
However, the Reserve Bank of India (RBI) heavily intervened in the forex market to defend rupee. Since the beginning of 2022, the country’s foreign exchange reserves have fallen by $70 billion. It stood at $562.81 billion as of December 23, 2022, the latest RBI data showed.
Reserves have witnessed a bit of erosion but the central bank is now starting to again build up its reserves and that would act as a buffer in times of uncertainty, senior vice president (currency and commodity) Motilal Oswal Financial Services (MOFSL).
The US Fed aggressively raised interest rates by 425 basis point (bps) in 2022 in its fight against inflation. This led to a higher interest rate differential between the US and India, and investors pulled out money from the domestic market and started investing in the US market to take advantage of higher rates.
In 2022, foreign portfolio investors (FPIs) pulled out Rs 1.34 lakh crore from the Indian markets – the highest-ever yearly net outflow.
They withdrew Rs 1.21 lakh crore from the stock markets and Rs 16,682 crore from the debt market in 2022, putting pressure on the rupee.
Russian invasion of Ukraine accentuated the FPI withdrawals with the global economic slowdown making inflows tougher, analysts said.