Centre allows Bihar to raise Rs 1,699 crore from market
The department of expenditure (DoE) under the Union finance ministry has allowed the Bihar government to raise Rs 1,699 crore through market borrowing, as it has met the target of achieving 15% of the capital expenditure that had been earmarked for the first quarter of the current fiscal. The amount will be incrementally increased during the remaining three quarters.
On account of this, the 11 states have been allowed, as an incentive, an opportunity to raise Rs15,721 crore overall through market borrowing from financial institutions. The money so raised will be spent as capital expenditure for the creation of assets like bridges, hospitals and other infrastructural entities, as well as to meet the costs of loan repayment and other such expenditures.
This has been done after the first review of the capital expenditures made by the respective state governments. Subsequently, the reviews will be made in December to assess the capital expenditure made till September, followed by that in March next year, and finally in June.
The Centre allows the states to raise money from the open market, but the cap on the total amount that can be raised in a financial year is 4% of the Gross State Domestic Product (GSDP).
During the 2021-22 budget presented in the state assembly on February 22, the estimated GSDP was put at over Rs7.57 lakh crore. The estimated outlay for capital expenditure for the creation of assets and loan repayment was Rs41,231 crore, including Rs30,786 crore for expenditure on the creation of productive assets, sources said.
Bihar and the states concerned will be allowed to raise money in an incremental manner over the current fiscal in consonance with the achievement made in the subsequent quarters.
First Five-Country Biosphere Reserve of the World
Mura-Drava-Danube (MDD) was declared as the world’s first ‘five-country biosphere reserve’ by the United Nations Educational, Scientific and Cultural Organization (UNESCO).
♦ The biosphere reserve covers seven hundred kilometres of the Mura, Drava and Danube rivers and stretches across Austria, Slovenia, Croatia, Hungary and Serbia.
♦ The complete vicinity of the reserve is a million hectares – in the so-called ‘Amazon of Europe’, which is now the greatest riverine included area in Europe.
♦ The biosphere “represented an essential contribution to the European Green Deal (climate motion plan) and contributed to the implementation of the European Union Biodiversity Strategy in the Mura-Drava-Danube region.”
♦ The strategy’s aim is to revitalise 25,000 km of rivers and guard 30% of the European Union’s land area through 2030.
♦ The vicinity is one of the richest in Europe in terms of species diversity. It is domesticated to floodplain forests, gravel and sand banks, river islands, oxbows and meadows.
Digital Agriculture – Ministry of Agriculture
The Ministry of Agriculture and Farmer Welfare signs 5 memorandums of understanding with private enterprises to advance digital agriculture.
The government has launched a digital agriculture mission from 2021 to 2025. The project is based on new technologies such as artificial intelligence, blockchain, remote sensing and GIS technology, the use of drones and robots.
The Agriculture value chain extends from crop selection to crop management and the market; it includes public and non-public players in agricultural inputs and services and also logistics.
In addition to promoting innovation, the establishment of an agricultural digital ecosystem requires a long-term perspective on interoperability, data governance, data quality, data standards, security, and privacy.
T+1 Settlement System – SEBI
Securities and Exchange Board of India (SEBI) has provided a T+1 settlement system for stock Market exchanges. If the stock exchange agrees to the proposal, buyers will get cash for shares they sold or bought in their accounts faster, and in a safer and secure environment.
About T+1 (T+2, T+3) cycles:
T+1 (T+2, T+3) refers to the abbreviation of the settlement date of securities transactions.
“T” represents the transaction date, that is, the date on which the transaction occurred.
The numbers 1, 2, or three denote how many days after the transaction date the settlement—or the transfer of cash and protection ownership—takes place.
T+1 refers to stocks and mutual funds, while T+1, T+2, and T+3 refer to bonds and money market funds.
Forest Rights Act 2006 To be Carried Out
Forest Rights Act of 2006 was to be carried out in Jammu and Kashmir.
The Government of Jammu & Kashmir has decided to implement the Forest Rights Act, 2006.
It will enhance the socio-economic status of tribes and nomadic communities, including Gujjar-Bakarwals and Gaddi-Sippis.
The decision will address the prolonged struggling of tribal people and also ensure forest conservation.
Joshi Laboratory Excellence Award by QCI
QCI (Quality Council of India) launches Prof. S.K. Joshi Laboratory Excellence Award. This is India’s first laboratory excellence award. The Excellence Award has been instituted to promote Laboratory Quality and performance improvement in the country.
♦ The award has been incepted to ensure the laboratory’s dedication to attain excellence in presenting high precision checking out and calibration offerings in line with the universal national/international high-quality structures legislations, inclusive of Health, Safety & Environment.
♦ This award will be open to all presently operational laboratories pertaining to Testing, Calibration & Medical along with their Proficiency Testing Providers & Reference Material Producers positioned in India.
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