PUNJAB

SGPC passes Rs 912 crore budget plan for FY22

The Shiromani Gurdwara Parbandhak Committee (SGPC) passed Rs 912.5-crore budget plan for the financial year 2021-22 during its budget session held at Teja Singh Samundari Hall.

The budget was presented by SGPC general secretary Bhagwant Singh Sialka, which was approved by the members with a vote of voice amidst high-pitched religious slogans.

SGPC president said the historical gurdwaras, which are maintained and managed under Section 85, were expected to generate revenue of about Rs 647.25 crore during the year 2021-22, whereas the estimated expenditure was about Rs 652.37 crore. Similarly, she said the revenue from educational institutions this year would be around Rs 189.17 crore and the expenditure would be around Rs 223.18 crore. Kaur said at present about Rs 16.55 crore had been earmarked by SGPC to cover the budget deficit of educational institutions.

INTERNATIONAL

Climate Finance Urged Ministry Of Finance

The Minister of Finance of India urges advanced economies to expand their commitments to climate finance and technology transfer, which is essential to achieving climate-related commitments and goals. The Minister delivered a speech at the International Conference on Disaster Resilient Infrastructure (ICDRI). Highlights:

Local, national or transnational financing-drawn from private, public and alternative financing sources referred by Climate financing.

The United Nations Framework Convention on Climate Change, the Kyoto Protocol and the Paris Agreement call on countries with more financial resources to provide financial assistance to countries with weaker and more vulnerable financial resources.

Blockage of Suez Canal

The Department of Commerce has formulated a Four Point Plan to solve the blocking problem of the Suez Canal. Highlights:

A four-point plan was developed to deal with the situation caused by the blockage of the Suez Canal.

The plan has been formulated by the Logistics Division of the Department of Commerce.

The plan includes:

Priority of cargo: The Federation of Indian Export Organizations (FIEO), MPEDA and APEDA will jointly determine the priority of cargo, especially perishable cargo, and cooperate with the shipping company.

Freight Rates: The Container Shipping Lines Association (CSLA) guarantees that it will comply with the existing contract freight rates. The shipping company has been asked to maintain stable freight rates during the crisis.

NATIONAL

MoU signed for Ken Betwa River Linking

A Memorandum of Understanding (MoU) signed between the Union Minister of Jal Shakti and the Chief Ministers of Madhya Pradesh and Uttar Pradesh to implement the Ken Betwa Link project to be signed.

A team of experts from the Ministry of Environment has postponed environmental clean-up work to the Lower Orr River Dam, which is part of the second phase of the Ken-Betwa River Connection Project.

The Lower Orr Dam (Orr River in Madhya Pradesh) project is considered a national project and is part of the Ken-Betwa project.

There are differences between the two states (Uttar Pradesh and MPs) on water sharing.

NITI Aayog Sustainable Vision for Great Nicobar Island

Over 150 square kilometers. (18%) of the land has been used for the first phase of the “holistic” and “sustainable” vision of Greater Nicobar Island piloted by NITI Aayog. The island is the southernmost island in the Andaman and Nicobar Group Highlights:

It will cover nearly a quarter of its coastline.

The complete plan envisages the use of primary forests and coastal systems as the main components.

The projects to be implemented include the airport complex, the South Bay Transshipment Port (TSP), a large-scale rapid transportation system parallel to the coast, a free trade zone, and a storage complex on the southwest coast.

Nodal agency: Andaman and Nicobar Islands Integrated Development Corporation (ANIIDCO)

In January 2021, the Standing Committee of the National Board for Wildlife (NBWL) named the entire Galathea Bay Wildlife Sanctuary to allow the port to enter the area.

Agreement Signed for Milan-2T

The Department of Procurement of the Ministry of Defense (MoD) and the National Defense Public Undertaking (DPSU) Bharat Dynamics Limited (BDL) signed a contract to provide the Indian Army with MILAN-2T Anti-Tank Guided Missiles (ATGM) Highlights:

Milan-2T is a 1,850-meter Tandem Warhead ATGM produced by BDL under the license of the French MBDA missile system.

These missiles can be launched from the ground and vehicle launchers

These can also be deployed in Anti-Tank roles for offensive and defensive missions.

introduction of these missiles will further enhance the armed forces’ operational preparedness, which will be completed within three years.

This is a step towards achieving the goal of the Defense Department “Atmanirbhar Bharat”.

The Insurance Amendment Bill passed on Rajya Sabha

This bill amends the Insurance Act of 1938. Increase the maximum foreign investment allowed by insurance companies from 49% to 74%. Highlights:

The Act provides a framework for the operation of insurance business and regulates the relationship between the insurer, its policyholders, its shareholders and the regulator (India Insurance Regulatory and Development Authority).

The Act allows foreign investors to hold up to 49% of the capital in an Indian insurance company, which must be owned and controlled by an Indian entity.

The bill also removes restrictions on control and ownership.

Foreign investment may be subject to additional conditions set by the central government.

The Act requires insurance companies to make a minimum investment in assets, which is sufficient to liquidate their insurance claims liabilities.

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