4 Oct 2023 : PIB
PRESS INFORMATION BUREAU
4-Oct -2023
1. CCI approves acquisition of majority stake in Indira IVF by Zonnebaars and amalgamation of Spaceway Wellness into Indira IVF
Topic: GS3 – National organisations
Context:
- Zonnebaars Netherlands B.V. (Zonnebaars), a part of the EQT group, has received approval from the Competition Commission of India (CCI) to acquire a majority shareholding in Indira IVF Hospital Private Limited (Indira IVF).
- Indira IVF is primarily focused on providing fertility and in vitro fertilisation (IVF) treatment services through its hospitals and centers located across India.
About Competition Commission of India (CCI):
The Competition Commission of India (CCI) is a regulatory authority established under the Competition Act of 2002. It is responsible for promoting and ensuring fair competition in the Indian market to protect the interests of consumers and foster economic efficiency. Here are some key points about the Competition Commission of India:
- Regulatory Authority: CCI is an independent statutory body responsible for enforcing competition laws and regulations in India. Its primary objective is to prevent anti-competitive practices and promote fair competition among businesses.
- Composition: The CCI is typically composed of a Chairperson and six members who are appointed by the government. These members have expertise in various fields, including economics, law, and business.
- Functions and Responsibilities:
- Investigating Anti-Competitive Practices: CCI investigates and takes action against anti-competitive agreements, abuse of dominant market positions, and anti-competitive mergers and acquisitions.
- Approving Combinations: CCI reviews and approves mergers, acquisitions, and other combinations that may have an impact on competition in the Indian market. It ensures that such combinations do not lead to adverse effects on competition.
- Advocacy: CCI also engages in advocacy efforts to promote competition awareness and education among businesses, policymakers, and consumers.
- Research and Analysis: The commission conducts research and analysis on various aspects of competition and markets to make informed policy recommendations.
- Enforcement: CCI has the authority to impose penalties and take corrective measures against entities found to be engaging in anti-competitive behavior. It can issue cease and desist orders, levy fines, and require divestitures in certain cases.
- Jurisdiction: CCI’s jurisdiction extends to all economic sectors in India, and it can investigate both public and private enterprises, including government-owned entities.
Mains question: What are the main functions and objectives of the Competition Commission of India (CCI), and how does it contribute to fostering fair competition in the Indian market?
Source: https://pib.gov.in/PressReleseDetail.aspx?PRID=1963829
2. Umbrella Scheme of “SHREYAS” comprising 4 central sector sub- schemes.
Topic: GS3 – Government initiatives.
About SHREYAS Scheme:
The “SHREYAS” scheme stands for the Scheme for Higher Education Youth in Apprenticeship and Skills. It is a government initiative in India aimed at providing students with a platform to gain practical training and work experience while pursuing higher education. Here are the key features and objectives of the SHREYAS scheme:
- Objective: The primary goal of the SHREYAS scheme is to bridge the gap between formal education and the skill requirements of the industry. It aims to equip students with practical skills and work experience, making them more employable.
- Integration of Education and Skills: SHREYAS focuses on integrating education and skills development by providing students with opportunities for apprenticeships and on-the-job training while they are still pursuing their higher education degrees.
- Skill Development: Apart from apprenticeships, SHREYAS also emphasizes skill development. It offers short-term skill development courses to students, enhancing their skill sets and making them more competitive in the job market.
- Financial Support: The scheme provides financial support to both students and industries. Students receive stipends during their apprenticeships, and industries are encouraged to participate by offering apprenticeship opportunities.
- Industry Collaboration: SHREYAS encourages collaboration between educational institutions and industries. This collaboration ensures that the skills being imparted align with the industry’s requirements.
- Enhancing Employability: By offering practical experience and skill development, SHREYAS aims to make students more job-ready and improve their chances of securing employment after completing their education.
Source: https://pib.gov.in/PressReleseDetail.aspx?PRID=1963683
3. 50 lakh Street Vendors covered under PM SVANidhi Scheme.
Topic: GS3 – Government initiatives.
Context:
- PM SVANidhi has extended support to over 50 lakh street vendors nationwide.
About SVANidhi Scheme:
The SVANidhi Scheme, officially known as the Pradhan Mantri Street Vendor’s AtmaNirbhar Nidhi Scheme, is an initiative launched by the Government of India to provide financial support and promote the self-reliance of street vendors in urban areas. Here are the key features and objectives of the SVANidhi Scheme:
Objective:
The primary objective of the SVANidhi Scheme is to empower street vendors by providing them access to affordable working capital loans to restart or scale up their businesses that have been impacted by the COVID-19 pandemic.
Key Features:
- Financial Support: Street vendors can avail working capital loans of up to ₹10,000 at affordable interest rates to meet their business needs.
- Tenure: The loan tenure is for one year and can be repaid in monthly installments.
- Interest Subsidy: Beneficiaries who repay their loans on time are eligible for an interest subsidy of 7% per annum. This subsidy encourages timely repayment.
- Identification of Beneficiaries: State and Union Territory governments are responsible for identifying eligible street vendors and providing them with vendor ID cards. These cards facilitate access to the SVANidhi Scheme benefits.
- Collateral-Free: The loans are collateral-free, meaning vendors do not need to provide any assets as security for the loan.
Source: https://pib.gov.in/PressReleseDetail.aspx?PRID=1963799
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