UTTAR PRADESH
UPSIDA relief to investors
Uttar Pradesh State Industrial Development Authority (UPSIDA) has taken yet another step towards facilitating the policy of ‘Ease of Doing Business’ for its allottees and potential investors. The UPSIDA in its board meeting under the chairmanship of Additional Chief Secretary (IIDD) on June 22 took a decision on revising the time extension fee for all the allottees.
As per the UPSIDA’s existing policy, the allottees that do not set up their unit and commence production within stipulated time are required to pay a time extension fee on the allotted plots computed on quarterly basis.
In order to provide relief to the allottees, the UPSIDA Board decided to reduce the basis of computing time extension fee from existing three months to one month, as a result of which the allottees will be able to pay a minimum one month time extension fee instead of three months, if their unit starts production within one month.
Earlier, the minimum time extension period was three months irrespective of whether the unit started production within one month or two months. The amendment has been made to ensure that those allottees who are ready to start production or have already started production are not required to pay the time extension fee for more than the required time.
This step has been appreciated by all allottees as it now gives them a huge relief on monetary fronts. Apart from this, in case UPSIDA is not able to transfer possession of the allotted land to the allottee within prescribed time, the time extension fee calculation shall be done from the actual date when the allottee gets the possession.
INTERNATIONAL
India-UK Financial Markets Dialogue
The Financial Market Dialogue between India and the United Kingdom was conducted virtually.
Highlights:
The dialogue was established at the 10th Economic and Financial Dialogue in October 2020 to strengthen the bilateral financial relationship between the United Kingdom and India.
The discussion revolved around four main topics:
♦ GIFT City (Gujarat International Finance Tec-City), India’s premier international financial centre
♦ Banking and payment systems
♦ Insurance
♦ Capital markets
NATIONAL
India Industrial Land Bank – IILB
The Industrial Land Bank of India is a GIS-based portal that contains all information related to industrial infrastructure, such as connectivity, infrastructure, natural resources and topography, plot-level information about open spaces, activity lines, and contact information.
♦ It serves as a one-stop shop for all industrial infrastructure-related data.
♦ It acts as a decision-support system for investors scouting land remotely.
♦ It is currently integrated with industry-based GIS systems from 17 states, allowing details on the portal to be updated in real time.
♦ The IILB has planned about 4,000 industrial parks on 550,000 hectares of land and is expected to achieve pan-Indian integration by December 2021.
♦ It is administered by the Department of Industry and Internal Trade (DPIIT).
Agriculture Infrastructure Fund – Central Sector Scheme
Union Cabinet has approved changes to the Central Sector Scheme of financing facility under the ‘Agriculture Infrastructure Fund’.
Highlights:
♦ State Agencies/APMCs, National and State Federations of Cooperatives, Federations of Farmers Producers Organizations (FPOs), and Federations of Self-Help Groups are now eligible (SHGs).
♦ Currently, the scheme allows for interest subventions on loans of up to Rs. 2 crore in a single location.
♦ If an eligible entity other than a private sector entity (i.e., state agencies, national and state federations of cooperatives, federations of FPOs, and federations of SHGs) establishes projects in multiple locations, all such projects will now be eligible for interest subsidies of up to Rs. 2 crore.
♦ However, a private sector entity will be limited to a maximum of 25 such projects.
♦ For APMCs, an interest subvention of up to Rs. 2 crore will be provided for each project of different infrastructure types, such as cold storage, sorting, grading, and assaying units, silos, and so on, within the same market yard.
INS Tabar Exercises was Held
The INS Tabar exercise was held with the Italian Navy near Naples, Italy, as part of a continuous deployment to the Mediterranean
Highlights:
♦ The exercise covered a broad range of naval operations, such as air defence procedures and communication drills.
♦ The exercise benefited both parties by improving interoperability and consolidating combined operations against maritime threats.
Major Indian Maritime Exercises:
♦ SLINEX – Sri Lanka
♦ Bongosagar and IN-BN CORPAT – Bangladesh
♦ JIMEX – Japan
♦ Naseem-Al-Bahr – Oman
♦ Indra – Russia
♦ Za’ir-Al-Bahr – Qatar
♦ Samudra Shakti – Indonesia
♦ Indo-Thai CORPAT – Thailand
♦ IMCOR – Malaysia
♦ SIMBEX – Singapore
♦ AUSINDEX – Australia
♦ Malabar Exercise – Japan, and the USA
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