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Daily News Digest:21 May 2020

Borrowing Limits for states raised by Centre

Borrowing Limits for states was raised by the centre on 17 May 2020 from 3 percent to 5 percent of Gross State Domestic Product (GSDP) for the fiscal year 2020-2021. The 5 percent of GSDP for the current fiscal year is Rs 4.28 trillion.

Modifications in "Partial Credit Guarantee Scheme (PCGS)" approved by Cabinet

The Union Cabinet under the Chairmanship of Prime Minister Shri Narendra Modi has given approval to the Sovereign portfolio guarantee of up to 20 percent through an extension of the Partial Credit Guarantee Scheme (PCGS). The present PCGS was issued on 11 December 2019 offering sovereign guarantee of up to 10 percent. The scheme has also been extended from 30 June 2020 to 31 March 2021 to allow the purchase of pooled assets.

‘Pradhan Mantri Matsya Sampada Yojana’ approved by the Cabinet

The Union Cabinet under the chairmanship of Prime Minister Shri Narendra Modi, has approved the implementation of Pradhan Mantri Matsya Sampada Yojana (PMMSY) which is expected to bring about the Blue Revolution. The total estimated investment of the scheme is Rs. 20,050 crore. The implementation of the scheme will be done in five years from FY 2020-21 to FY 2024-25.

Special Liquidity Scheme has been approved by cabinet for NBFCs/HFCs

The Union Cabinet under the chairmanship of Prime Minister Shri Narendra Modi has approved the Finance Ministry’s plan to launch a new Special Liquidity Scheme to improve liquidity position of NBFCs(Non-Banking Financial Companies) and Housing Finance Companies (HFCs). The scheme will have a direct financial implication of Rs 5 crore for the government, which might be in the form of equity contribution to the Special Purpose Vehicle (SPV).

Ayushman Bharat Covers one crore beneficiaries

The Ayushman Bharat scheme was launched in 2018 to resolve issues of Health at all levels ranging from Primary, Secondary and Tertiary. Under Ayushman Bharat scheme, the number of beneficiaries has crossed one crore on 20 May 2020. 

Scheme for formalisation of Micro Food Processing Enterprises (FME) approved by Cabinet

The Union Cabinet under the chairmanship of Prime Minister Shri Narendra Modi has approved the "Scheme for Formalization of Micro food processing Enterprises (FME)" for the Unorganized Sector across the nations with a budget of Rs.10,000 crore.The Union Cabinet under the chairmanship of Prime Minister Shri Narendra Modi has approved the "Scheme for Formalization of Micro food processing Enterprises (FME)" for the Unorganized Sector across the nations with a budget of Rs.10,000 crore. The scheme will follow a cluster approach while focussing on perishables and will be implemented over five years from 2020-21 to 2024-25. The scheme is expected to benefit nearly eight lakh micro-enterprises through access to information, formalization and better exposure.

Push for Permanent Tariff Cuts by WTO members opposed by India

India has opposed several developed member countries of the World Trade Organization (WTO) including Singapore and New Zealand with regards to the Push for Permanent Tariff cuts terming the bid as an opportunity to access the market for their exporters on several products ranging from medicinal to farm.

India stated that the medical industry, which is a nascent industry that requires tariff protection to shore up the manufacturing of these products in the developing countries. Job losses in various sectors will need to be compensated elsewhere, which won't be possible if the cuts are allowed.

Changing Dynamics of India-China Border

The patrolling at the Line of Actual Control has been increased by India recently, which has elicited an increase in Chinese troops from the other side in the Aksai Chin region. 

The 2013 Border Defence Cooperation agreement signed by India and China, calls for maximum self restraints on both sides and does not allow for patrol on either side where common understanding of Line of Actual Control is not there.

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