UTTAR PRADESH
- India will be $5 trillion economy if UP touches $1 trillion: Finance panel
- Prime Minister Narendra Modi’s dream of turning India into a $ 5 trillion economy will not come true until Uttar Pradesh pushes its economy to $ 1 trillion, said finance commission chairman N K Singh.
- The finance commission submits its report every fifth year, making recommendations to the Centre on devolution of funds between Centre and the states.
- The 15th finance commission is likely to submit its report by next year.
If the commission was impressed by the efforts of the Yogi government in maintaining fiscal discipline and good governance, it expressed its concern over poor performance of the state in key social development indicators including health, education, poverty eradication and energy.
- The per capita income of Rs 55,456 in 2017-18 of the state in 2017-18 is far below the national Rs 1,14,958 while the total population below poverty line (BPL) in the state was 29.43 per cent against nation’s 21.92 per cent. The state’s performance in key social indicators is adverse as compared to the national average.
- The commission also underlined the fact that in FY 2017-18, there had been a substantial decrease in capital expenditure of Rs 30,701 crore (44 per cent) over the previous year due to reduction in expenditure under road and bridges, power sector, food storages and warehousing and major irrigation.
- The commission praised the state government for substantial progress in development of integrated technical management system and the state showing 1.51 per cent forest cover increase in 2017 from 2015.
INTERNATIONAL
- Japan’s Naruhito declares himself emperor
- The reign of Japan’s 126th emperor, Naruhito, has begun following a series of ancient ceremonies at the Imperial Palace. He succeeded his father, who became the first emperor to abdicate in over two centuries.
- After he finished speaking, Japanese Prime Minister Shinzo Abe led three “banzai” (“long live the emperor”) cheers for the emperor, completing the process.
NATIONAL
· New foreign trade policy to have simpler export promotion schemes
- The Ministry of Commerce plans to rationalize and simplify certain export promotion schemes like EPCGin the next foreign trade policy. The policy is formulated by the ministry’s arm directorate general of foreign trade (DGFT).
The change will provide guidelines and incentives toincrease shipments. Regarding this, the ministry is in consultation with all stakeholders for the preparation of the next policy for the year 2020-25. The validity of the old policy ends on 31 March 2020.
- The new policy guidelines are expected to have new features like:
- It is expected to have e-commerce exports and self ratification
- As per the Exporters demand, the incentives based on research and development, and product-specific clusters might be included under the new policy.
- Currently, the tax benefits are being provided underMerchandise export from India scheme (MEIS) for goods and services export from India scheme (SEIS). The current export promotion schemes have been challenged by the US in the dispute resolution.
- New chapters will also be included in the new guidelines for services.
- Bring $500 million FDI, get relationship manager: Government
- Soon, those looking to invest $500 million or more in the country will have a designated person who will facilitate all clearances — from the Centre to local bodies — with officials from state government and central ministries too converging on one place to address investor queries and enhance flows.
- Drawing from the experience in Gujarat, the department for promotion of industry and internal trade (DPIIT) and Invest India have joined hands to put in place a new mechanism aimed at attracting investors.
· MoD to decide on Armys Akash missiles proposal for Pak, China border
ð The Ministry of Defence is planning to discuss the Army proposal worth around Rs.10,000 crore to acquire two regiments of the Akash Prime missiles. The Ministry plans to deploy the missiles in high altitude areas above 15,000 feet.
The Indian Army already has two regiments of the missile. It now plans to add two more for deployment on Pakistan and China border.
ð The Akash missile system was tested along with all other air defence missiles, including Israeli ones in the Indian Air Force (IAF) inventory during an exercise in Surya Lanka in 2018. The test successfully came out as the best performer.
- Over 40,000 troops to participate in Indian Army’s exercise ‘Sindhu Sudarshan’
- More than 40,000 troops will take part in the Indian Army’s exercise codenamed ‘Sindhu Sudarshan’ in the deserts of Rajasthan, from November 29 to December 4.
- The Indian Army will be carrying out this exercise using its integrated battle groups which are the new formations being raised by the force for warfighting in future.
- Over 40,000 troops will participate in an all-arms battle array of Divisions and Brigades carrying out offensive operations in deserts.
· DRDO is manufacturing a hypersonic missile
- The Defence Research and Development Organisation (DRDO)is currently working on manufacturing a hypersonic missile. It is expected that the Defence Minister Rajnath Singh is most likely to inaugurate the tunnel facility soon.
- DRDO also offered 1,500 of its patents, including critical missile technology, life sciences, and naval technology to boost the defence manufacturingin India. DRDO’s patents can be accessed by free of cost by the start-ups and medium and small manufacturing enterprises (MSMEs).
- Hypersonic weapons are marked as thenext-generation weapon systemsas the missile will be capable of travelling at speed five times faster than that of sound.
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