KARNATAKA

Karnataka revenue hits high note in new financial year

Karnataka has ringed in the 2021-22 financial year on a promising note: Most revenue-earning departments have exceeded their annual target for the previous year despite the lockdown-induced slowdown in the first two quarters due to the pandemic.

The commercial taxes department has mopped up Rs 82,491 crore as against the target of Rs 82,443 crore and the excise department surpassed the target of Rs 22, 700 crore by collecting Rs 23,131 crore through duties on liquor sales in the year of distress that ended on March 31. Even the transport department that looked the most sluggish exceeded its target and collected Rs 5,609 crore motor vehicle tax, which is Rs 91 crore more than what it had estimated. The department, in all, racked up Rs 56,615 crore against the target of Rs 5,525 crore that includes non-tax revenue.

Property registration was the only head that missed the target as stamps & registration duties fetched only Rs 10,481 crore while the target was Rs 12,655 crore. Yet, the revenue collection was better in 2020-21 as compared to Rs 10,248 crore in the previous year.

INTERNATIONAL

Grant Assistance for Grassroots Projects

The Grant Assistance for Grassroots Projects (GGP) is a financial aid program in Japan. GGP is provided by Japan for development projects designed to meet the diverse basic human needs of people in more than 100 countries, including India. Highlights:

Japan initiated grant assistance for grassroots projects in 1989.

Currently, grant assistance for grassroots projects has been provided to more than 100 countries/regions including India.

The GGP program supports projects implemented by non-profit organizations (such as NGOs, medical and educational institutions) that are eligible to receive foreign funds in accordance with the relevant laws of the Indian government.

BIMSTEC Hosted By Sri Lanka

The 17th BIMSTEC (Bay of Bengal Initiative for Multisectoral Technical and Economic Cooperation) Ministerial Conference hosted by Sri Lanka has been held. The meeting attracted the participation of all seven member states, including Myanmar, and the country witnessed a massive suppression of anti-military demonstrators.

BIMSTEC currently includes five countries in South Asia and two countries in ASEAN, and is a bridge between South Asia and Southeast Asia.

It includes all major countries in South Asia, except for the Maldives, Afghanistan and Pakistan. Matters related to region: One-fifth (22%) of the world’s population lives in the surrounding seven countries, and their GDP totals close to US$2.7 trillion.

Joint Comprehensive Plan of Action – JCPOA

:The United States and Iran will begin negotiations through intermediaries in an attempt to re-reach an agreement restricting Iran’s nuclear program. Highlights:

The announcement marked significant progress in the efforts to return the two countries to the 2015 accord, which has restricted Iran and restricted its nuclear program in exchange for relief from U.S. and international sanctions.

Former US President Donald Trump withdrew the United States from the accord in 2018 and imposed tougher sanctions on Iran.

Iran’s response is to strengthen uranium enrichment and build centrifuges, while insisting that its nuclear development is for civilian rather than military purposes.

NATIONAL

Nacaduba Sinhala Ramaswamii Sadasivan – Butterfly Species

A group of lepidopterists discovered a new butterfly species in India. Highlights:

The species is named Nacaduba sinhala ramaswamii Sadasivan.

It was found in Agasthyamalais in the Western Ghats.

The new taxa of Lycaenid butterflies belong to the genus Nacaduba.

The blue line is a small butterfly belonging to the Lycaenidae subfamily.

Their distribution ranges from India and Sri Lanka to the entire Southeast Asia, Australia and Samoa.

This is the first time that an all-India research team has discovered a butterfly species from the Western Ghats.

Nasa InSight Lander Red Planet

NASA’s InSight lander has so far recorded more than 500 quakes on Mars. The two recent magnitude 3.3 and 3.1 quakes originated in an area called Cerberus Fossae. These findings support the idea that the planet is seismically active. About InSight Mission:

InSight is part of NASA’s exploration program.

This is the first mission to explore the depths of the surface of Mars, to study the interior of the planet by measuring its heat output and listening to marsquakes (similar to earthquakes on Earth).

It will use seismic waves generated by mars quakes to map the deep interior of the planet.

Expansion of Emergency Credit Line Guarantee Scheme

Recently, the government has extended the 3 lakh-crore rupees Emergency Credit Line Guarantee Scheme (ECLGS) until June 30, 2021, and has also expanded its scope to new areas, including hotels, travel and tourism. ECLGS was launched in May 2020 as part of the Atmanirbhar plan, the center of the response to the Covid-19 crisis. The purpose is to support small businesses that are struggling to meet their operational responsibilities due to the implementation of the national lockdown. Highlights: ECLGS 1.0:

As of February 29, 2020, fully secured and collateral free additional credit is provided to MSMEs, business enterprises, MUDRA borrowers and personal loans for business purposes, the amount of which is 20% of the outstanding credit.

The total income of eligible MSMEs does not exceed Rs 250 crore, and the turnover does not exceed Rs 100 crore.

New Emission Norms for Coal-Fired Power Plants

The central government has postponed the deadline for adopting new emission standards for coal-fired power plants by three years. It also allows utility companies that missed the new target to continue operating after paying fines. Highlights:

Initially, India sets a 2017 deadline for thermal power plants to install Flue Gas Desulfurization devices to reduce sulfur dioxide emissions.

But this has been postponed to different deadlines in different regions, ending in 2022.

According to the new order, plants in densely populated areas and near New Delhi will have to meet the standards by 2022, while utility companies in less polluting areas will have to meet or retire before 2025.

The Central Pollution Control Board will form a task force to divide them into three categories “according to the location of the factory to meet emission standards.

If the regulations are violated, a fine of up to ₹0.20 will be imposed for each unit of electricity generated.

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