28th June, 2021 – Daily News

Topics covered – ‘itat e-dwar’, , Enforcing Contracts Portal , Kudankulam nuclear power plant , district-level industry and investment promotion agencies, Asia Pacific Low Carbon Lifestyle Accelerator , Mobile World Congress 2021 , economic relief measures, World Humanist Day , International Day in Support of Victims of Torture , Fukuoka Prize for 2021, World Shooting Para Sports Cup , “The Startup Wife” ,

Bulletins

  1. Union Minister Ravi Shankar Prasad launched the e-filing portal of Income Tax Appellate Tribunal (ITAT), ‘itat e-dwar’.
  2. Department of Justice has launched Enforcing Contracts Portal to promote ease of doing business and improve the ‘Contract Enforcement Regime’ in the country.
  3. State-owned MOIL has signed an agreement with the Madhya Pradesh government and the Madhya Pradesh State Mining Corporation Ltd (MPSMCL) to explore the manganese ore mining in four districts of the state.
  4. Russia has started work on the fifth of six nuclear reactors at the Kudankulam nuclear power plant and it is ready to launch the construction of more advanced units at a new site in India.
  5. Odisha government has decided to set up district-level industry and investment promotion agencies to create more economic opportunities.
  6. Asia Pacific Low Carbon Lifestyle Accelerator has been launched by UNEP with Massive Earth Foundation (a NPO) to support the start-ups that make sustainable goods and services more readily available.
  7. Mobile World Congress 2021 – world’s biggest mobile event – was organized in Barcelona, Spain.
  8. Finance Minister Nirmala Sitharaman has announced 8 economic relief measures.
  9. World Humanist Day is celebrated on June 21.
  10. International Day in Support of Victims of Torture is observed on June 26 by UN.
  11. P. Sainath (journalist) has won the Fukuoka Prize for 2021.
  12. Rubina Francis (Indian) has created a world record in 10-m pistol event at World Shooting Para Sports Cup in Lima, Peru.
  13. “The Startup Wife” is authored by Tahmima Anam.
  14. Parassala B Ponnammal (Carnatic singer from Kerala) passed away.
  15. “Gopalganj to Raisina Road” has been written by Lalu Prasad Yadav and Nalin Verma.

Table of Content

National News

  1. Union Minister Ravi Shankar Prasad launched the e-filing portal of Income Tax Appellate Tribunal (ITAT), ‘itat e-dwar’.
      • The newly developed e-filing portal would enable the parties to file their appeals, miscellaneous applications, documents, paper books, etc., electronically.
  2. Department of Justice has launched Enforcing Contracts Portal to promote ease of doing business and improve the ‘Contract Enforcement Regime’ in the country.
      • The portal will provide easy access to latest information on commercial cases in Dedicated Commercial Courts of Delhi, Mumbai, Bengaluru and Kolkata. The portal will also provide access to a repository of commercial laws.
      • The portal is a comprehensive source of information pertaining to the legislative and policy reforms being undertaken on the Enforcing Contracts parameters.

State News

  1. State-owned MOIL has signed an agreement with the Madhya Pradesh government and the Madhya Pradesh State Mining Corporation Ltd (MPSMCL) to explore the manganese ore mining in four districts of the state.
      • The four districts of Madhya Pradesh are Balaghat, Jabalpur, Jhabua, and Chhindwara.
  2. Russia has started work on the fifth of six nuclear reactors at the Kudankulam nuclear power plant and it is ready to launch the construction of more advanced units at a new site in India.
      • Kudankulam is the first light water reactor in India.
  3. Odisha government has decided to set up district-level industry and investment promotion agencies to create more economic opportunities.
      • These agencies would be dedicated towards facilitation and handholding of the micro, small and medium enterprises.
      • They would operate as a single-point contact for all entrepreneurs and investors.

International News

  1. Asia Pacific Low Carbon Lifestyle Accelerator has been launched by UNEP with Massive Earth Foundation (a NPO) to support the start-ups that make sustainable goods and services more readily available.
      • This is a first of its kind unique initiative of Industry-Academia Partnership.
      • The program will provide a platform for start-ups to interact with established corporates, leading technology companies and industry mentors to build collective capabilities for the industry in the cutting-edge areas of advanced sustainable technologies.
      • It is a 4 month campaign.
LowCarbon.Earth
LowCarbon.Earth Mission
  1. Mobile World Congress 2021 – world’s biggest mobile event – was organized in Barcelona, Spain.

Banking & Economy

  1. Finance Minister Nirmala Sitharaman has announced 8 economic relief measures.
      • Four measures are totally new.
A) ₹1.1 lakh crore loan guarantee scheme for Covid-affected sectors
⚬ This Rs 1.1 lakh crore has been divided into two parts – healthcare sector (Rs 50,000 crores) and other sectors (Rs 60,000 crores).
⚬ In the absence of this scheme, the normal interest rate on loans is around 10-11%.
For Healthcare sector For other sectors
For health sector, maximum interest rate is capped at 7.95%. For other sectors, interest rate is capped at 8.25%.
The govt will provide guarantee on the loans availed by public or private hospitals for expansion / new infrastructure projects in the healthcare sector in the underserved areas. The “other sectors” will be elaborated and evolved on the basis of needs in the near future.
Guarantee cover will be provided for expansion and new projects related to health / medical infrastructure in cities other than 8 metropolitan cities (Chennai, Delhi, Mumbai, Kolkata, Bengaluru, Hyderabad, Ahmedabad and Pune). Travel and Tourism section (mentioned in point D) is also a part of the “other sector”.
Guarantee cover: 50% for expansion and 75% for new projects
In Aspirational Districts, guarantee cover of 75% for both new projects and expansion.
Maximum loan: Rs 100 crore; Guarantee duration: 3 years
Guarantee by National Credit Guarantee Trustee Company Ltd
B) Additional ₹1.5 lakh crore for ECLGS
⚬ The FM announced additional ₹1.5 lakh crore for the Emergency Credit Line Guarantee scheme.
⚬ The ECLGS was announced as part of the Aatmanirbhar Bharat Package in May 2020.
⚬ Earlier, the overall cap was Rs 3 lakh crores. Now, it has been raised to Rs 4.5 lakh crores.
⚬ So far, 1.1 crore units have availed loans of up to Rs 2.69 lakh crore, out of the Rs 3 lakh crore outlay of the scheme.
⚬ Contact intensive sectors have already been covered and will continue to be covered. Rs 4000 crores will be provided to this sector under this scheme.
C) Credit Guarantee Scheme to provide loans to small borrowers via MFIs
i) Loans from Banks to MFIs
⚬ Govt will provide guarantee to Scheduled Commercial Banks (SCB) for providing loans to NBFC-MFIs and MFIs for on-lending to approx. 25 lakh small borrowers.
⚬ The interest on loan from banks will be capped at MCLR + 2%.
⚬ Maximum loan tenor for MFIs will be 3 years.
⚬ MFIs have to use 80% of these loans for incremental lending at interest rate of 2% below maximum rate prescribed by RBI.
⚬ Guarantee cover will be till March 31, 2022 or till the issue of Rs 7,500 crores worth of guarantees, whichever is earlier.
ii) Loans from MFIs to individuals
⚬ Maximum loan amount to the individual will be Rs 1.25 lakh, at an interest rate of 2% below RBI prescribed rate.
⚬ Focus will be on providing new loans via MFIs and not for repayment of old loans. However, stressed borrowers (excluding NPAs) will be covered.
⚬ All borrowers (including defaulters up to 89 days) are eligible under this scheme.
⚬ Guarantee of up to 75% of default amount for up to 3 years will be provided by National Credit Guarantee Trustee Company, without charging any guarantee fee
D) Financial support to over 11,000 tourist guides, tourism stakeholders
Working capital or personal loan would be provided to people in the tourism sector to restart their businesses impacted due to the Covid pandemic.
⚬ The loan would be provided under the new loan guarantee scheme.
⚬ The scheme will cover 10,700 regional level tourist guides recognised by the Ministry of Tourism and by the state governments.
⚬ The loan would be provided with 100% guarantee up to the following, limits:
◾ ₹10 lakh for Travel and Tourism Stakeholders (per agency)
◾ ₹1 lakh for tourist guides licensed at regional or state level.
⚬ There would not be any processing charge, no additional collateral requirements.
⚬ The scheme will be administered by Tourism Ministry through National Credit Guarantee Trustee Company.
E) Free tourist visa to 5 lakh tourists
⚬ First five lakh tourist visas will be issued free of charge once visa insurance restarts.
⚬ The scheme will be applicable till March 31, 2022, or till 5 lakh visas are issued, whichever is earlier.
⚬ Total financial implication – Rs 100 crores
F) Extension of Aatmanirbhar Bharat Rozgar Yojana
⚬ Extension of Aatmanirbhar Bharat Rozgar Yojana
⚬ Aatmanirbhar Bharat Rozgar scheme has been extended from June 30, 2021 to March 31, 2022.
⚬ Under the scheme, the central govt will pay the 12% of the employee’s burden of EPF, if the employees is drawing less than Rs 15,000 p.m.
⚬ The central govt will also pay the remaining 12% of the employer’s burden of EPF, if the establishment has up to 1000 employees.
⚬ If the company has more than 1000 employees, then only employees’ burden will be taken care of by the govt.
⚬ The scheme is being implemented via EPFO.
⚬ The move will also increase take-home pay of new employees or those who are re-joining after being retrenched during covid-19 pandemic.
⚬ This scheme has benefitted 21.42 lakh beneficiaries from 79,577 establishments since its launch till 18th of June, 2021
G) Pradhan Mantri Garib Kalyan Anna Yojana
⚬ Free food grains will be provided to the poor from May to November 2021 under Pradhan Mantri Garib Kalyan Anna Yojana (PMGKY).
⚬ Total financial implication is nearly Rs 94,000 crore, making the total cost of PMGKY nearly Rs. 2.28 Lakh crore.
⚬ 5 Kg of free food grains are being provided under the scheme.
H) ₹23,220 crore for the public healthcare sector
⚬ This is a separate announcement from the credit guarantee scheme for the healthcare sector.
⚬ The funding of ₹23,220 crore is aimed to increases ICU beds, oxygen availability, medical equipment availability etc.
⚬ It would also enhance testing capacity and supportive diagnostics, strengthen capacity surveillance and genome sequencing.
⚬ The funding of ₹23,220 crore is earmarked for 1 year.
I) Revival of North Eastern Regional Agricultural Marketing Corporation
⚬ The FM announced a revival package of ₹77.45 crore for the financial restructuring and infusion of funds to the North Eastern Regional Agricultural Marketing Corporation (NERAMAC).
⚬ NERAMAC was established in 1982.
⚬ The purpose of this package is to enhance agriculture, procurement, processing, and marketing infrastructure in the North East region.
J) ₹33,000 crore for NEIA and ₹88,000 crore for Export Insurance Account
⚬ Funding worth ₹33,000 crore will be provided to National Export Insurance Account (NEIA) over 5 years to support project exporters.
⚬ NEIA was launched in 2011 by the Govt of India to provide safety of the payment to exporters / suppliers of infrastructure projects.
⚬ Exporter and importers both enter into an agreement with the Exim Bank under NEIA. The bank acts as the insurer for the Exporter as the latter will get payment, even if the borrower defaults. For this service, the bank receives premium from the exporters.
⚬ The bank then recovers the amount as a loan from the borrower, under the NEIA agreement.
K) ₹88,000 crore to Boost Export Insurance Cover
⚬ ₹88,000 crore will be infused into Export Credit Guarantee Corporation (ECGC) over 5 years.
⚬ Export Credit Guarantee Corporation (ECGC) promotes exports by providing credit insurance services.
⚬ ECGC has supported around 30% of India’s merchandise exports
L) Extension of Tenure of PLI Scheme for Large Scale Electronics Manufacturing
⚬ The tenure of the scheme has been extended by 1 one year i.e., 2025-26.
M) New streamlined process for PPP projects and asset monetisation
⚬ A new policy will be formulated for appraisal and approval of PPP proposals and monetization of core infrastructure assets, including InvITs.
⚬ According to the government, the new process would ensure speedy clearance of projects to facilitate the private sector's efficiencies in financing construction and management of infrastructure.
N) Financial Assistance to Other Sectors
⚬ The FM announced ₹3.03 lakh crore to DISCOMS for infrastructure creation, up-gradation of system, capacity building and process improvement.
⚬ FM also provided additional ₹19,041 crore for BharatNet to improve the broadband connectivity to all inhabited villages.
⚬ Farmers will get additional protein-based fertilizer subsidy of Rs 14,775 crore (DAP subsidy amount is Rs 9,125 cores and NPK subsidy is Rs 5,650 crores)
⚬ Record procurement of Rabi crop of 432.48 lakh million tonnes of wheat took place in the rabi marketing season of 2021-22.

Important Days

  1. World Humanist Day is celebrated on June 21.
  2. International Day in Support of Victims of Torture is observed on June 26 by UN.
      • On this day in 1987, UN Convention Against Torture and Other Cruel, Inhuman or Degrading Treatment or Punishment came into effect. Currently, the Convention has been ratified by 162 countries.

Awards

  1. P. Sainath (journalist) has won the Fukuoka Prize for 2021.
      • Academic Prize and the Prize for Arts and Culture will go to Prof. Kishimoto Mio of Japan and filmmaker Prabda Yoon of Thailand respectively.
      • The prize is given by Fukuoka City International Foundation in Fukuoka, Japan.
      • It is given to individuals or groups / organizations which work for preserving and creating the unique and diverse cultures of Asia.

Sports

  1. Rubina Francis (Indian) has created a world record in 10-m pistol event at World Shooting Para Sports Cup in Lima, Peru.
Rubina Francis

Miscellaneous

  1. “The Startup Wife” is authored by Tahmima Anam.
  2. Parassala B Ponnammal (Carnatic singer from Kerala) passed away.
  3. “Gopalganj to Raisina Road” has been written by Lalu Prasad Yadav and Nalin Verma.
      • The book describes the journey of Lalu Prasad Yadav.

Start Quiz of 28th June 2021

Q.1) What is the name of the portal launched for enabling the parties to file their appeals, miscellaneous applications, documents, paper books, etc., related to income tax electronically?
Q.2) Which of the following statement is true about the Enforcing Contracts Portal?
Q.3) Where is Kudankulam nuclear power plant located?
Q.4) Which state has decided to set up district-level industry and investment promotion agencies to create more economic opportunities?
Q.5) Which of the following organization has launched the LowCarbon.Earth, in partnership with UNEP?
Q.6) Who has won the Fukuoka Prize for 2021?
Q.7) How much interest rate will be applicable on loans taken by healthcare sector under the ₹1.1 lakh crore loan guarantee scheme for Covid-affected sectors of the govt?
Q.8) What is the total cap of Emergency Credit Line Guarantee scheme at present?
Q.9) How much loan will be provided to the tourist guides at 100% guarantee under the central govt’s economic relief measures?
Q.10) How much amount will be infused in the National Export Insurance Account (NEIA) as part of the economic relief measures to support project exporters?
CEO of Anujjindal.in


About Anuj Jindal

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Anuj Jindal, the founder, is an ex-manager from SBI, with an M.Com from Delhi School of Economics. He also has a JRF in Commerce & Management and NET in HRM, along with more than 4 years of experience in the field of Education.

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