Rs. 25,000-cr. fund to help housing sector
Context:
Union Cabinet has approved creation of Alternative Investment Fund (AIF) of Rs. 25,000 crores to provide last-mile funding for stalled affordable and middle-income housing projects across country.
- All affordable and middle-income housing projects whose net worth is positive
- They have to be registered with the Real Estate Regulatory Authority (RERA).
- They have not been deemed liquidation-worthy.
- This fund is not capped as it will grow as a sovereign funds
- The funds will be set up as Category-II Alternative Investment Fund registered with the Securities and Exchange Board of India.
- It will be managed by SBICAP Ventures Limited.
- Cabinet allows housing projects that have been classified as non-performing assets (NPA) and are under National Company Law Tribunal (NCLT) proceedings eligible for financing.
- Will create special window for affordable and middle-income housing projects, would revive real estate sector and generate considerable employment.
- Revival of real sector will increase demand of cement, iron & steel industries and generate more employment.
- It will have a positive effect in releasing stress of other major sectors of the Indian economy.
- It will generate commercial return for its investors.
Reference: https://www.thehindu.com/todays-paper/rs-25000-cr-fund-to-help-housing-sector/article29904656.ece
Pakistan’s military has a “strategic purpose” in opening up the Kartarpur corridor, and India is concerned about its “ulterior motive” of spreading Sikh separatism.
- India objected to photographs of former Sikh separatist leader Jarnail Singh Bhindranwale and other “terrorists from the 1980s” as well as pictures of posters calling for“Referendum 2020”.
Reference: https://www.thehindu.com/todays-paper/india-aware-of-pak-motive-on-kartarpur/article29904657.ece
Supreme Court has ordered centre to prepare a comprehensive national scheme, in consultation with States, within three months to wean small and marginal farmers away from stubble burning.
- Punishing poor farmers for burning stubble is not a solution.
- It also ordered States to distribute crop residue management tools and machines to small and marginal farmers free of cost.
- It would take a decision on the sharing of financial liability between the Centre and the States on a later date.
- It ordered an incentive of Rs. 100 per quintal for small and marginal farmers who engage in residue management of non-Basmati variety rice crop in Punjab, Haryana and Uttar Pradesh.
- It asked Delhi government to submit an action plan to deal with issues of garbage dumping and burning, pockmarked roads and the state of traffic congestion in the capital city.
Reference: https://www.thehindu.com/todays-paper/wean-farmers-off-stubble-burning/article29904674.ece
Following a plea alleging violation of environmental norms by industries in Haryana, the National Green Tribunal (NGT) has held that industrial development cannot take place “on the graves of human beings”.
- There was “rampant non-compliance of environmental norms by industries resulting in contamination of groundwater and air quality”.
- Revised policy must match the gap in violations.
- Regulators must suggest and monitor remedial measures.
- Initiatives like ease of doing business must be balanced against deterioration of air and water quality.
- Inspect 17 industries under the ‘highly polluting category’ every three months, ‘red’ category industries every six months; and ‘orange’ category industries every year.
- Ensure remedial action against deficiencies pointed out in the report of the CPCB, especially with regard to fluoride in groundwater.
- Furnish a compliance report by February 2020.
The National Green Tribunal (NGT) has given a “last opportunity” to the Union Environment Ministry to issue notifications pertaining to prohibition on the use of RO (reverse osmosis) systems, which result in wastage of almost 80% of water.
- Wherever RO is to be permitted, condition of recovery of water to the extent of more than 60% is required.
- The officials have not shown any valid reason for non-compliance.
- Delay in compliance of order is causing harm to public health and environment in terms of an expert committee report to which the (environment ministry) is a party.
- Bench had ordered Environment Ministry to issue “appropriate notification prohibiting the use of RO where Total Dissolved Solids in water is less than 500 mg/l.
India and Russia has agreed to form specific working group’s i. e. After sales support groups to intensify efforts to finalise a cooperation programme for 2021-2030
India-Russia had signed an Intergovernmental Agreement (IGA) for cooperation in joint manufacturing of spares, components, aggregates and other material related to Russian or Soviet-origin defence equipment.
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