Despite economic slowdown, Andhra Pradesh improves tax collection
Allaying the fears of the administration, the state has registered improved its tax collection during 2019-20 financial year.
Even Maharashtra, an economic power house, has reported negative growth with minus 3 per cent growth rate. Despite slowdown of economy across the country, AP pulled a surprise by netting nearly Rs 43, 332 crore. Although the growth rate over the previous year is just 0.65 percent, staying in positive trend itself is being considered as big achievement in the given situation.
In fact, the state lost about 5 per cent of revenues in liquor sales following the YS Jaganmohan Reddy government’s decision to cut down the number of retail shops as well as bars. The overall liquor sales reported nearly 18 per cent dip in the last fiscal.
Similarly, the realty sector was badly hit due to the shortage of sand for nearly five months. While the state government stopped sand sales for nearly three months with a view to ready a new policy, floods and heavy rains have spoiled the sand exploration and sale for another two months.
India to send Tri-Services Contingent to participate in Russia’s Victory Day parade
India will send a 75-member Tri-Service contingent to participate in the military parade in Moscow on the occasion of the 75th anniversary of the victory in the Second World War.
The parade will honour the heroism and sacrifices made by the Russian and other friendly people.
The Defence Minister of Russia had invited an Indian contingent to take part in the Victory Day Parade scheduled to be held on 24th June.
India elected as non-permanent member of UN Security Council for a two-year term
India was elected as a non-permanent member of the UN Security Council for a two-year term after winning 184 votes in the 193-member General Assembly.
Along with India, Ireland, Mexico and Norway also won the Security Council elections.
India was a candidate for a non-permanent seat from the Asia-Pacific category for the 2021-22 term.
Its victory was certain as it was the sole candidate vying for the lone seat from the grouping. India’s two year term will begin on January 1, 2021.
This is the eighth time that India will sit at the UN high-table, which comprises five permanent members and 10 non-permanent members.
PM Narendra Modi launched ‘Garib Kalyan Rojgar Abhiyaan’ to boost livelihood opportunities in rural India
The Government of India has decided to launch a massive rural public works scheme ‘Garib Kalyan Rojgar Abhiyaan’ to empower and provide livelihood opportunities to the returnee migrant workers and rural citizens.
The campaign of 125 days across 116 districts in 6 states aims to work in mission mode to help migrant workers.
It will involve intensified and focused implementation of 25 different types of works to provide jobs and create infrastructure in the rural regions of the country.
India 9th largest recipient of FDI in 2019 reports UN
The UN Conference on Trade and Development (UNCTAD) reported that it was the world’s 9th largest recipient of foreign direct investments (FDI) in the year 2019 in its World Investment Report 2020. India has received $51 billion in foreign investment in 2019.
As per the report, the global FDI flows are forecast to decrease by up to 40% in 2020 against $1.54 trillion in 2019.
Teh COVID-19 pandemic has hit hard the FDI to developing economies in Asia. It has been projected to decline by up to 45% in 2020.
As per the forecast, India’s large market will continue to attract market-seeking investments to the country.
India has received $51 billion of FDI inflows in 2019 against $42 billion of FDI received in 2018.
Among the “developing Asia” region, India stands among the top five host economies for FDI.
Global FDI flows are forecast to decrease by up to 40% in 2020, from their 2019 value of $1.54 trillion.
KVIC taps with Indian Palm Industry to boost employment opportunities
The Khadi and Village Industries Commission (KVIC) launched a unique project at Dahanu in Palghar district of Maharashtra, a state with more than 50 lakh palm trees. Under the project, Neera and Palmgur will be produced in India. Neera and Palmgur have huge potential to create employment in the country.
The project aims to promote Neera as a substitute to soft drinks. It is aimed to generate self-employment to Adivasis and traditional trappers.
KVIC has distributed tool kits for extraction of Neera and making palmgur to 200 local artisans who were given 7 days of training by KVIC.
A tool kit of cost Rs.15,000 that comprises perforated moulds, canteen burners, food-grade stainless steel Kadhai, and other equipment like knives, rope, and axes for extraction of Neera will be provided.
The project aims to provide direct employment to 400 local traditional trappers.
Government unveils auction process for coal mines
India fully opened commercial coal mining for the private sector through auctions designed to boost production, reduce imports and raise state revenues.
The auction of 41 coal blocks, announced by Prime Minister Narendra Modi, is expected to attract ₹33,000 crore in investments, with private miners sharing revenues with the government.
The blocks are located across Madhya Pradesh, Chhattisgarh, Jharkhand, Odisha and Maharashtra.
There will be no restriction on the sale and utilization of coal from the mines.
Despite hosting the world’s fourth-largest coal reserves, India imports around 235 million tonnes (mt) of coal a year, of which around 135 mt worth ₹1.71 trillion could be sourced locally.
According to the coal ministry, these 41 mines are expected to hit a peak production of 225 mt, generating around 15% of India’s coal output in 2025-26.
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