JHARKHAND

Economic Survey estimates 7.2 % growth rate

The Jharkhand Economic Survey tabled by the government in the State Legislative Assembly estimated 7.2 per cent growth in the Financial Year 2019-20, while it stated that the average annual growth rate of the State economy was just 5.7 per cent between the period 2015-16 and 2018-19.

The survey report prepared by the Centre for Fiscal Studies, Planning cum Finance department, Government of Jharkhand further stated that the economy of Jharkhand grew by 12.5 per cent in the financial year 2014-15, but the growth rate took a nosedive and fell by – 6.2 per cent in the year 2015-16.

he Gross State Domestic Product (GSDP) of Jharkhand is estimated to be Rs. 3, 43,126 crores at current prices and Rs. 2. 49,554 crores at constant prices in the year 2019-20. The per capita income (per capita NSDP) is estimated to be Rs. 83592 at current prices and Rs. 60,339 at constant prices in the year 2019-20.

However, the per capita income of Jharkhand is one of the lowest in the country. Out of the 28 states of the country it ranks 25th. The per capita income of only Bihar, Uttar Pradesh and Manipur is less than that of Jharkhand, says the survey.

The tertiary sector has been the major contributor in the growth of Jharkhand’s economy. It has contributed 65 per cent to the growth of the State’s economy in the year 2019-20. The primary and secondary sectors have made a contribution of approximately 15 and 20 per cent, respectively.

Notably, the rate of inflation in Jharkhand has remained almost similar to that of the country. The annual rate of inflation in Jharkhand was 5.3 per cent in 2016-17, 3.9 per cent in 2017-18 and 3.9 per cent in 20l8-l9. The rate of inflation, both in India and Jharkhand, has remained below 4 per cent since August 20l8.

According to the ‘Global Multidimensional Poverty Index -2019’ report, released by the OPHI and UNDP, in July 2019, 46.5 per cent (1.62 crore) people of the State were multidimensional poor in 2015-16.

Speaking of the fiscal development and State finances the report states that the share of non-tax sources in the rotal revenue receipts of the State varied from 30 per cent to about 37 per cent between 2013-14 and 2018-19. In the current financial year it is estimated to contribute about 33 per cent to the revenue receipts of the State.

The report further states that the dependence of the State on the Centre for revenue has increased over the years because of the increase in the State’s share in Central taxes in the period of 14th Finance Commission.

According to the survey the excess expenditure of the State over its total receipts has been financed by the fiscal deficit that had mostly remained within the limits set by the FRBM.

But, it exceeded the FRBM limits in 2016-17 and 2017-18 when it became 4.31 and 4.32 per cent of GSDP respectively. It was 2.16 per cent of the GSDP in 2018-19 and is estimated to be 2.09 per cent in the current financial year.

INTERNATIONAL

Moody’s Investors Service slashes India’s growth forecast to 5.4 per cent for 2020

Moody’s Investors Service slashed India’s growth forecast to 5.4 per cent for 2020 from 6.6 percent predicted earlier.

In its on Global Macro Outlook, Moody’s said India’s economy has decelerated rapidly over the last two years and expects economic recovery to begin in the current quarter.

The growth projections are based on calendar year and as per its estimates.

Global GDP growth forecast has been revised down, and Moody’s now expect G-20 economies to collectively grow 2.4 per cent in 2020.

NATIONAL

NABARD infuses Rs 1.46 lakh crore in rural banking system during current fiscal

National Bank for Agriculture and Rural Development (NABARD) has infused 1.46 lakh crore rupees in the rural banking system during the current fiscal.

In a statement, NABARD has said that 66,397 crore rupees have been given in short-term credit and 6,704 crore rupees in long-term credit to rural cooperative banks.

Regional rural banks have availed 14,141 crore rupees in short-term credit and 8,417 crore rupees in long-term credit.

While short-term refinance is essentially production credit, long-term refinance is aimed at supporting sectors like dairy, poultry, fishery, farm mechanisation, irrigation, and non-farm sectors, among others.

Government launches ‘Humsafar’ mobile app for doorstep diesel delivery

Housing societies, hotels, and hospitals in the national capital region will soon be able to get diesel delivered at their doorsteps, with the launch of mobile application ‘Humsafar’ by Labour Minister Santosh Gangwar.

The app will be used for the fuel delivery services to housing societies, hotels, hospitals, malls, construction sites, industries, banquets and other bulk buyers of diesel in various national capital region cities, including Gurugram, Ghaziabad, Noida, Faridabad, Hapur, Kundli, Manesar, and Bahadurgarh.

The main idea of introducing this service is to help entities such as housing societies, industries and malls avoid the hassle of transporting large amounts of fuel from the fuel station to the desired destination.

The major benefits of diesel delivery service are good quality and quantity of fuel delivered, live tracking of the delivery vehicle, automated billing, delivery within 8 hours and no spillage and wastage of fuel.

Humsafar has 12 bowser tankers in varying capacity from 4 kilo litres to 6 kilo litres and an experienced team of 35 people, excluding bowser crews.

Cabinet approves 2019 Companies Second Amendment Bill

The Union Cabinet chaired by Prime Minister Narendra Modi approved the Companies (Second Amendment) Bill, 2019 on 4 March 2020. The Bill will amend the Companies Act, 2013.

Bill Provisions:

The Bill will make 72 changes in the Companies Act.

The Bill will remove criminality under the Act in case of defaults which can be determined objectively and which, otherwise, lack the element of fraud or do not involve larger public interest.

The Bill will lead to further de-clogging of the criminal justice system in the country.

It would also further ease of living for law-abiding corporates.

Previously, the Companies Act was amended by the Companies (Amendment) Act, 2015. The Bill removed certain difficulties faced in the implementation of various provisions of the Act.

APEDA signed MoUs with various organizations to implement Agri Export Policy

Agricultural and Processed Food Export Development Authority (APEDA) signed MoUs with specialized institutions namely the Indian Institute of Technology Delhi (IITD), Indian Chamber of Food and Agriculture (ICFA), SGT University, Pearl Academy, and Quality Council of India (QCI) Delhi, on 4 March 2020. The MoU aims to utilize its expertise to work together to boost the activities in the interest of agriculture and allied sectors to bring better value to the stakeholders.

As per the agreement, IITD will cooperate in the areas of technology development for export promotion by APEDA. It will also develop early detection techniques for detecting spoilage of agri-produce to boost Agri exports. It will also identify the cause and suggest low-cost mitigation technology and develop Internet of things (IoT) based technologies in areas like early warning systems, efficient and precision farming related to international food exports.

With the Quality Council of India (QCI), APEDA aims to develop training material on various QCI Certification Schemes such as Product Certification, Inspection, INDGAP certification, IND-HACCP Certification, etc.

APEDA will develop suitable export worthy varieties of potatoes, groundnut, high TSS onion varieties, Moringa plantation for successful cultivation in Haryana, through a pilot project at SGT University agricultural fields.

Cabinet approved MoU between India and Cote dlvoire for cooperation in the field of health

The Union Cabinet approved a Memorandum of Understanding (MoU) signed between the Ministry of Health and Family Welfare of India and the Ministry of Health and Public Hygiene of Cote d’Ivoire. The MoU was aimed to enhance cooperation in the field of health.

The MoU will regulate drugs and pharmaceutical products.

It covers various areas of cooperation, including the exchange & training of medical doctors, officials, other health professionals, and experts in the field of advanced medical technology, nuclear medicine, renal transplantation, cardiac surgery, nephrology, hemodialysis, and medical research.

As per the MoU, the countries will work together to Procure generic and essential drugs and assistance in sourcing of drug supplies

The MoU provides provision for collaboration and research in the field of HIV/AIDS, development and improvement of the techniques and strategies for epidemiological surveillance, exchange of best practices in the field of primary health care and sharing of know-how on the management of hospitals and community healthcare centers.

Cabinet approves amendment on the FDI policy on civil aviation

The Union Cabinet led by Prime Minister Narendra Modi approved to amend the existing Foreign direct investment (FDI) Policy to permit Foreign Investment(s) in M/s Air India Ltd. The amendment will allow foreign investment up to 100% by those Non-resident Indians (NRIs), who are Indian Nationals, in the case of M/s Air India Ltd.

The amendments to the FDI Policy will enable foreign investment by NRIs into Air India up to 100% under the automatic route.

The present FDI Policy permits 100% FDI in scheduled Air Transport Service and Domestic Scheduled Passenger Airline, that is, Automatic up to 49% and Government route beyond 49%.

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