ECONOMY

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.

Eligibility of the Project:

-       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.

About the Funds:

-       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.

Impact of this Package:

-       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

SECURITY

India aware of Pak. ‘motive’ on Kartarpur

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.

Purpose of Pakistan:

-       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

ENVIRONMENT

Prepare schemes to stop stubble burning: SC

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.

Court Observation:

-       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

 

Development cannot take place on graves of human beings: NGT

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”.

NGT observation:

-       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.

Court Guidelines:

-       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.

About NGT:

 

 

Reference: https://www.thehindu.com/todays-paper/tp-national/tp-newdelhi/development-cannot-take-place-on-graves-of-human-beings-ngt/article29905790.ece

NGT issues ultimatum to ban certain RO systems

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.

Conditions by NGT;

-       Wherever RO is to be permitted, condition of recovery of water to the extent of more than 60% is required.

Court Observation:

-       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.

 

Reference: https://www.thehindu.com/todays-paper/tp-national/ngt-issues-ultimatum-to-ban-certain-ro-systems/article29904546.ece

INTERNATIONAL:

India, Russia to form after sales support groups

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

Earlier Accord:

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.

Reference: https://www.thehindu.com/todays-paper/tp-national/india-russia-to-form-aftersales-support-groups/article29904638.ece