PUNJAB
Punjab approves over Rs 1,037 crore incentives for industries
The Punjab government has approved over Rs 1,037 crore fiscal incentives till now under its industrial business and development policy-2017.
The state government has also extended over Rs 3,522 crore worth of power subsidy to industrial units. He said the state had notified the industrial business and development policy on October 17, 2017, and detailed guidelines notified on August 7, 2018.
He added that till date, 53 micro, small and medium enterprises and large industrial units with an investment of over Rs 5,776 crore were granted fiscal incentives in the state from 2017. Out of these, 23 units were granted 100% electricity duty exemption, which is above Rs 1,023 crore, eight units were granted stamp duty exemption to the tune of Rs 3.69 crore, six units were granted change of land use or external development charges exemption of Rs 2.45 crore and three units were granted benefit of VAT and state GST market fees, credit guarantee fund trust for micro and small enterprises of Rs 7.86 crore.
Under the fiscal incentives for industrial promotion policy-2013, 11 industrial units with investment of over Rs 446 crore in the state were granted eligibility certificate to avail fiscal incentives.
INTERNATIONAL
China offers Bangladesh tariff exemption for 97% of exports from Dhaka amid tensions with India
In a bid to woo Bangladesh, China has provided a huge trade boost to the country by announcing tariff exemption for 97 per cent of Bangladeshi products effective from July 1.
The decision has come one month after Bangladesh Prime Minister Sheikh Hasina and Chinese President Xi Jinping held a discussion to upgrade their bilateral relations during the COVID-19 pandemic.
With this announcement, a total of 8,256 Bangladeshi products will come under the 97 percent of products that would be exempted from tariff.
Currently, 3095 Bangladeshi products enjoy duty-free access to Chinese market under Asia-Pacific Trade Agreement (APTA).
World Bank approves dollar 1.05 billion to Bangladesh for jobs and economic recovery
The World Bank has approved dollar 1.05 billion for three projects in Bangladesh to create quality jobs and accelerate economic recovery in the wake of the Corona pandemic.
These projects will help the economy in bouncing back by creating more and better jobs and promoting direct private investment in specialized economic zones.
The first project worth a dollar 500 million called Private Investment and Digital Entrepreneurship (PRIDE) project will strengthen social and environmental standards in selected economic zones and software technology parks in Bangladesh.
The dollar 295 million Enhancing Digital Government and Economy (EDGE) Project will establish an integrated, cloud-computing digital platform for all government agencies and improve cyber-security.
The dollar 250 million Second Programmatic Jobs Development Policy Credit will create fiscal space to support the government’s response to the COVID-19 crisis.
NATIONAL
Govt Launches Portal ‘SATYABHAMA’ to Promote R&D in Mining, Mineral Sector
The mines ministry announced the launch of a portal “SATYABHAMA” with an aim to promote research and development in the mining and minerals sector.
This portal will allow online submission of project proposals along with monitoring of the same and utilisation of funds.
The portal has been designed, developed and implemented by the National Informatics Centre (NIC), Mines Informatics Division.
The portal will increase efficiency and effectiveness in the implementation of the scheme.
The major institutes where research projects have been funded include Indian Institute of Science, Bengaluru and Indian Institute of Technology (IIT), Kharagpur.
Housing Ministry, SIDBI sign MoU for special micro-credit facility for street vendors
Ministry of Housing & Urban Affairs has signed a Memorandum of Understanding (MoU) with Small Industries Development Bank of India (SIDBI) for PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi).
PM SVANidhi is a Special Micro-Credit Facility for Street Vendors.
According to the MoU, PM SVANidhi Scheme will be implemented by SIDBI under the guidance of MoHUA.
The credit guarantee to the lending institutions would also be managed by the SIDBI through Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE).
Gk bit: PM SVANidhi scheme
The scheme targets to benefit over 50 lakh street vendors, who had been vending on or before 24th March this year, in urban areas. The duration of the scheme is till March 2022. The street vendors belonging to the surrounding peri-urban or rural areas are being included as beneficiaries under the urban livelihoods programme for the first time.
The vendors can avail a working capital loan of upto ten thousand rupees, which is repayable in monthly instalments in the tenure of one year. On timely and early repayment of the loan, an interest subsidy at the rate of seven per cent per annum will be credited to the bank accounts of beneficiaries through Direct Benefit Transfer on six monthly basis.
In order to ensure fast implementation of the scheme with transparency, a digital platform with web portal and mobile app is being developed to administer the scheme with end-to-end solution. The IT platform will also help in integrating the vendors into the formal financial system.
RIL becomes India’s first $150 billion company
The Reliance Industries Limited (RIL) has reached a $150-billion mark in terms of market capitalization.
Hence, the Mukesh Ambani-helmed RIL has become India’s first $150-billion company in terms of market capitalisation.
RIL achieved this milestone when its share price had gained 6.23% to close at Rs 1,759, taking its market capitalisation to Rs 11.15 lakh crore i.e. around $150 billion.
Mukesh Ambani, chairman and managing director of Reliance Industries (RIL) has entered into the list of world’s top 10 richest, according to the Forbes Real-Time Billionaire list.
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