Current Affairs 16 March 2022

We are here for you to provide the important Recent and Latest Current Affairs  16 March 2022, which have unique updates of Latest Current Affairs 2022 events from all newspapers such as The Hindu, The Economic Times, PIB, Times of India, PTI, Indian Express, Business Standard and all Government official websites.

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NATIONAL AFFAIRS

Govt extends Rs 20,000-cr CGSSD for MSMEs till March 2023On the basis of the requests received from the stakeholders, the Ministry of Micro, Small & Medium Enterprises (M/o MSME) has extended ‘Credit Guarantee Scheme for Subordinate Debt (CGSSD)’ worth Rs 20,000 crore for stressed MSMEs for 1 year till March 31, 2023.

• Initially the scheme was up to March 31, 2021. The government later extended this scheme up to March 31, 2022.

About CGSSD:
The ‘Distressed Assets Fund- Subordinate Debt for Stressed MSMEs’ was created on May 13, 2020 under the Aatma Nirbhar Bharat’ economic package. 
The CGSS was approved by the Government on June 1, 2020 and the scheme was launched on June 24, 2020 to provide credit facility through lending institutions to the promoters of stressed MSMEs viz. SMA (Special Mention Account)-2 and Non-Performing Assets (NPAs) accounts, who are eligible for restructuring.

• SMA-2 accounts have payments overdue for 61-90 days.
• SMAs indicate incipient stress in the business that can result in defaults in debt servicing by the promoter. While SMA-0 are accounts with payments partially or wholly overdue for 1-30 days, SMA-1 accounts have payments overdue for 31-60 days.

Notably, About 1,623 MSMEs closed during April, 2020 to October, 2021.

GOI Unveils a Project Report to Rejuvenate 13 Major Rivers Through Forestry Interventions The Union Minister for Environment Forest and Climate Change, Bhupender Yadav and the Union Minister, Jal Shakti, Gajendra Singh Shekhawat along with the Minister of State, Ministry of Environment, Forest and Climate Change (MoEF&CC), Ashwini Kumar Choubey, under Government of India (GoI) aimed to create a Detailed Project Reports (DPRs) on Rejuvenation of 13 Major Rivers through Forestry Interventions. The project contributes towards the livelihood of terrestrial and aquatic biota. The budget outlay of thirteen DPRs is Rs. 19,342.62 crore.
i.The following 13 rivers are Jhelum, Chenab, Ravi, Beas, Sutlej, Yamuna, Brahmaputra, Luni, Narmada, Godavari, Mahanadi, Krishna, and Cauvery.
Aim Of The Project:
The project targets to create green cover expansion for upcoming 10 years and 20 years, under  ‘Amrit Kaal’.
Funding Of The Project:
The DPRs were funded by National Afforestation & Eco-development Board, MoEF&CC and it is prepared by Indian Council of Forestry Research & Education(ICFRE), Dehradun.
Coverage of The Rivers:
i.13 rivers collectively cover a total basin area of 18,90,110 sq. km, which represents 57.45% of the geographical area of the country. 
About Ministry of Environment, Forest and Climate Change (MoEF&CC)
Union Minister – Bhupender Yadav (Rajya Sabha – Rajasthan)
Ministry of State – Ashwini Kumar Choubey (Constituency – Buxar, Bihar)
>> Read Full News

Nagendra Nath Sinha Chairs Webinar Promoting 1st of its Kind Initiative “Captive Employer”

Union Rural Development Secretary Shri Nagendra Nath Sinha Promoted the first of its kind initiative ‘Captive Employer’ during the webinar on Captive Employment Policy under Deen Dayal Upadhyaya Grameen Kaushalya Yojana (DDU-GKY) which was chaired by him.The initiative provides employment support to rural youth. 

• The Captive Employer initiative is financed by the Ministry of Rural Development (MoRD).

Highlights: 
i.In the webinar more than 16 Sector Skill Councils and 180 stakeholders had participated.
ii.The initiative will boost the demand driven requirement of industries and facilitate employment opportunities. 
iii.As per the DDU-GKY Capital Employment guidelines, the training courses will be provided as per their requirement to train the candidates with a minimum of 576 hours and a maximum of 2304 hours of skilling.
About Deen Dayal Upadhyaya Grameen Kaushalya Yojana (DDU-GKY):
i.It  is a nationwide placement-linked skill training program funded by the Ministry of Rural Development (MoRD).
ii.The programme is being implemented in 27 states and 3 UTs for rural poor youth with an emphasis on placements. 
>> Read Full News

Karnataka Launches India’s 1st ever Digital Water Databank ‘AQVERIUM’

The Information Technology (IT) Minister of Karnataka, Chikkakalya Narayanappa (CN) Ashwath Narayan launched India’s first ever digital water databank ‘AQVERIUM’ in Bengaluru, Karnataka. 

• AQVERIUM is an initiative of the Bengaluru-headquartered Digital Startup – AquaKraft Digital Ventures Pvt Ltd, a newly formed subsidiary of AquaKraft Projects Private Limited , the flagship company of AquaKraft Group Ventures.

Key points:
i.The Digital water data bank contains a list of water data from all institutions and sources, which will help in  the effective management of water & will help to tackle some common development challenges.
ii.The bank also provides insights and evidence from research and reliable information for tackling water pollution.
iii.AquaKraft Group Ventures is  offering a unique social franchising model to create ‘water entrepreneurs’ with an objective to make India ‘Water Positive’ by 2030.
Additional Info – It has been predicted that 60% of districts in India are likely to reach the critical level of groundwater depletion over the next 20 years.Availability of water per person has fallen from 4,000 cubic meters in 1950 to around 1,000 cubic meters in 2019.
About AquaKraft Group Ventures:
Headquarters- Mumbai, Maharashtra
Founder Chairman and CEO– Dr Subramanya Kusnur 

HAL Inks Mou with Bengaluru Based Firm SASMOS.The Hindustan Aeronautics Limited (HAL) has signed a Memorandum of Understanding (MoU) with SASMOS, Bengaluru-based company to work together in the field of advanced electronics, electrical and fibre optics interconnections in the aerospace domain.
Naini Aerospace Limited (NAeL), a subsidiary of HAL was also a signatory to the MoU.

• The MoU is aimed at exploring business cooperation, particularly in northern India, through utilization of capacity and capabilities of NAeL.
• This tie-up will bring out their expertise in fibre optics, electronics, and electrical interconnected systems in the aerospace domain through the support of HAL and SASMOS.

About Hindustan Aeronautics Limited (HAL):
An Indian state-owned aerospace and defence company, governed by the Indian Ministry of Defence, Government of India.
Chairman & MD – R. Madhavan
Establishment – 23 December 1940
Headquarters – Bengaluru, Karnataka
About SASMOS:
SASMOS HET Technologies Limited is India’s leading manufacturer of electrical harnesses, electromechanical assemblies and electronic panels, and has a global presence in London, UK.
Founder & Managing Director – Chandrashekar H.G.
Establishment – 2007
Headquarters – Bengaluru, Karnataka

INTERNATIONAL AFFAIRS

Adani Group Signs MoU For 2  Power Projects in Sri Lanka

Adani Group of India signed a Memorandum of Understanding (MoU) with Sri Lanka  for two large power projects in the Northern Province.

• In 2021, the group bagged a strategic port terminal project in Colombo, Sri Lanka. 

Key points:
i.The renewable power projects will be executed  in two locations of Sri Lanka- Mannar, north-western coast, and Pooneryn, south of Jaffna Peninsula.
ii.Project aims to  generate a combined capacity of 500 MW, at a cost of $ 500 million. 
iii.NTPC (Formerly National Thermal Power Corporation) of India and the Ceylon Electricity Board (CEB) of Sri Lanka also agreed to set up a 100 MW solar power project in Sampur, Sri Lanka.
iv.Sri Lanka has a daily peak demand of over 2000 MW, and is currently experiencing a severe fuel and power shortage, resulting in right hour-long power cuts across the country that citizens’ groups have been protesting.
v.CEB also signed a Memorandum of Understanding with India’s Adani Green Energy Ltd to develop a 500MW wind power project in Mannar but it was not announced yet. 
About Sri Lanka:
Capitals- Sri Jayawardenepura Kotte(Administrative); Colombo (Commercial)
Currency-Sri Lankan rupee
President-Gotabaya Rajapaksa

BANKING & FINANCE

Regulatory Framework for (Microfinance Loans) Directions, 2022: RBI unveils Framework for Microfinance Lenders 

i.On March 14, 2022, the Reserve Bank of India (RBI) issued ‘RBI (Regulatory Framework for Microfinance Loans) Directions, 2022’ which will be effective from April 01, 2022
ii.These directions are issued by the apex bank by exercising its powers conferred by Section 21, Section 35A and Section 56 of the Banking Regulation (BR) Act, 1949; Chapter IIIB of the RBI Act, 1934; and Sections 30A and Section 32 of the National Housing Bank (NHB) Act, 1987.
iii.RBI asked the Regulated Entities (REs) to ensure that loans are collateral-free and not linked with a lien on the borrower’s deposit account, repayment obligations are capped, interest rates are not usurious, and there is no pre-payment penalty.
About Reserve Bank of India (RBI):
i.The Reserve Bank of India was established on April 1, 1935, in accordance with the provisions of the Reserve Bank of India Act, 1934.
ii.The Central Office of the Reserve Bank was initially established in Calcutta but was permanently moved to Mumbai in 1937.
iii.Though originally privately owned, since nationalization in 1949, the Reserve Bank is fully owned by the Government of India.
>> Read Full News

Ujjivan SFB launches  Industry’s first Digital based Onboarding

On 14 March 2022 the Ujjivan Small Finance Bank (USFB) launched  Industry’s first digital onboarding facility  for its micro banking customers through its  ‘Ujjivan SFB Assisted’ app.
Highlights: 
i.The Ujjivan SFB Assisted app provides the facility to update mobile numbers for individual banking transactions through paperless and secured manner. 
ii.It is an OTP and biometric authentication based process. 
iii.Customers can update their mobile number once every six months through the platform and at any point in time by visiting any branch of the small finance bank.
Related information:
In 2021, the board of Ujjivan Financial Services approved the amalgamation of the company with its subsidiary, Ujjivan Small Finance Bank (USFB). 

• This decision was taken to meet the public shareholding norms of SEBI (Securities and Exchange Board of India).

About Ujjivan Small Finance Bank (USFB): 
Chief Executive Officer (CEO) & MD- Ittira Davis
Tagline- Build a Better Life 
Headquarter-Bengaluru, Karnataka

ICICI Bank Launches Co-Branded Credit Cards with Emirates Skywards

ICICI Bank has announced a tie-up with Emirates Skywards, a loyalty programme of Emirates and flydubai, to launch a range of co-branded credit cards named “Emirates Skywards ICICI Bank Credit Card”, an exclusive card for avid travellers that gives them access to unmatched luxury and comfort.

• The cards will enable customers to earn reward points, called Skywards Miles, on travel, lifestyle and everyday spending. For every Rs. 100 spent, it awards up to 2.5 Skywards Miles.
• ICICI bank is the first Indian bank to partner with Emirates Skywards, to offer an exclusive range of credit cards in India.

About Emirates Skywards ICICI Bank Credit Card:
The co-branded credit cards are powered by Visa as the network partner and available in three variants: 
i.Emirates Skywards ICICI Bank Emeralde Credit Card
ii.Emirates Skywards ICICI Bank Sapphiro Credit Card and 
iii.Emirates Skywards ICICI Bank Rubyx Credit Card’.

• Depending upon the card variant, numerous benefits are provided, which include bonus Skywards Miles, complimentary Emirates Skywards Silver status, dining offers through ICICI Bank Culinary Treats Programme, as well as entertainment offers through BookMyShow.
• Customers can spend Skywards Miles on rewards, including flight tickets on partner airlines, flight upgrades, hospitality at sporting and cultural events, and much more.

Note:
India is home to the fifth largest membership base of the Emirates Skywards loyalty programme with more than 2 million members.
About Emirates:
It is a subsidiary of The Emirates Group which is owned by the government of Dubai’s Investment Corporation of Dubai.
Chairman and Chief Executive, Emirates Airline & Group –  Sheikh Ahmed bin Saeed Al Maktoum
First Flight Operation – 25 October 1985
About ICICI Bank:
It is formerly known as Industrial Credit and Investment Corporation of India.
MD & CEO – Sandeep Bakhshi
Headquarters – Mumbai, Maharashtra
Tagline – Khayaal Aapka

Bob and BNP Paribas Asset Management Asia (BNPP AM) To Form Mutual Fund JV

Baroda Asset Management India, a wholly-owned subsidiary of Bank of Baroda (BoB) and BNP Paribas Asset Management India, a subsidiary of BNP Paribas Asset Management Asia (BNPP AM), have entered into a strategic partnership by merging their mutual fund businesses to form a joint venture (JV) called “Baroda BNP Paribas Mutual Fund”.

• This merger involves no cash consideration and post-merger BoB will hold 50.1% stake in the merged Asset Management Company (AMC) and the rest will be held by BNPP AM.
• Suresh Soni has been appointed as the CEO of Baroda BNP Paribas Mutual Fund.

About Baroda BNP Paribas Mutual Fund:

i.Baroda BNP Paribas Mutual Fund will offer 28 schemes across equity, hybrid, debt and overseas fund of fund categories. The AMC concentrates on specifically designed products for retail and institutional clients and aims to cater to the fast-evolving needs of Indian investors.
ii.The joint venture (JV) AMC will also provide offshore advisory services and has combined Assets Under Management (AUM) and advisory of Rs. 22,522 crores.
iii. It is expected to serve over 1 million investor folios and more than 10,000 distributors as it has touch points in 90 towns and cities across India.
About BNP Paribas Asset Management (BNPP AM)
BNP Paribas Asset Management is the investment management arm of BNP Paribas, one of the world’s major financial institutions, based in Europe.
Chief Executive Officer (CEO) – Sandro Pierri
Establishment – 2007
Headquarters – Paris, France.
About Bank of Baroda (BoB):
MD & CEO – Sanjiv Chadha
Headquarters – Vadodara, Gujarat
Tagline – India’s International Bank

ECONOMY & BUSINESS

India Ranks 5th in Terms of Market Cap, Enters World’s Top 5 Club for the 1st Time

As per Bloomberg’s recent data on Market capitalization, for the 1st time, India‘s equities market has entered the world’s top 5 in terms of market capitalization. India is ranked 5th with an overall market capitalization of USD 3.21 trillion.
The US tops the ranking with an overall market cap of USD 47.32 trillion, followed by China (USD 11.52 trillion), Japan (USD 6 trillion) and Hong Kong (USD 5.55 trillion). The total world market cap stands at USD 109.22 trillion.

• India has climbed two positions, despite a 7.4% drop in its market cap. 
• India’s market cap has surpassed the United Kingdom (UK) ranked 6th with M-Cap of USD 3.19 trillion, Saudi Arabia ranked 7th with M-Cap of USD 3.18 trillion, Canada ranked 8th with M-Cap of USD 3.18 trillion, France ranked 9th with M-Cap of USD 2.89 trillion and Germany ranked 10th with M-Cap of USD 2.29 trillion.

AWARDS & RECOGNITIONS 

IFR Asia Awards 2021: Axis Bank bags Asian Bank of the Year and India Bond House 

Axis Bank, India’s third-largest private sector bank, was adjudged as the Asian Bank of The Year 2021 and India Bond House at the IFR Asia Awards 2021. The awards are organised by IFR Asia, a Hong Kong based provider of capital markets intelligence.
Axis bank has been honoured with the Asian Bank of The Year 2021 for its breadth of coverage and depth of expertise in the Asian investment banking space. 

• The Asian Bank of The Year award acknowledges the bank’s performance in equity and debt issuance, across all major products and segments.

Other Awardees:
Morgan Stanley has been honoured with the Bank of the year award at the IFR Asia Award 2021 and the JSW Group has been awarded with the Issuer of the year award. 
Click here for the complete list of winners of the IFR Asia Awards 2021 
Key Points:
i.Axis Bank was the only local house to serve as a global coordinator for the record Rs. 183 billion(Bn) Paytm Initial Public Offering (IPO), and was also the global coordinator for Macrotech Developers’ Rs. 25 Bn IPO.
ii.Axis Bank’s performance in DCM was encapsulated by its market share in India, which at 17.1% was double that of its nearest challenger.
iii.Axis Bank has also sold India’s first sustainable Additional Tier 1 bonds issue, a USD 600 million perpetual non-call five issues priced at 4.1%, while acting as a joint global coordinator. 
About Axis Bank:
MD & CEO– Amitabh Chaudhry 
Headquarters– Mumbai, Maharashtra 
Tagline– Badhti ka naam Zindagi        

APPOINTMENTS & RESIGNATIONS       

Tata Sons Chairman N Chandrasekaran Appointed as Chairman of Air IndiaThe board of Air India has appointed Natarajan Chandrasekaran(N Chandrasekaran), Chairman of the Board of Tata Sons Private Limited(Tata Sons), as the Chairman of Air India.

• Tata Group which took over the airline on 27th January 2022 is yet to announce a reconstituted board of directors.
• At present, 3 executive directors who were appointed by the government when Air India was under the control of the Government of India are still serving on the board of Air India.

About N Chandrasekaran:
i.N Chandrasekaran joined the Board of Tata Sons in October 2016 and was appointed Chairman in January 2017.
ii.He also chairs the Boards of other operating companies of TATA Group including Tata Steel, Tata Motors, Tata Power, and Tata Consultancy Services(TCS). 
iii.He has also served as the CEO of TCS from 2009 to 2017. 
iv.He served as the chairman of the National Association of Software and Service Companies (NASSCOM) from 2012 to 2013. 
Air India CEO & MD:
Tata Sons is yet to appoint the Chief Executive Officer (CEO) and Managing Director (MD) for Air India.

• In February 2022, Air India has appointed Ilker Ayci, former Chairman of Turkish Airlines as the CEO & MD of Air India. He was set to assume his responsibilities on or before 1 st April 2022
• On 1st March 2022, Ilker Ayci declined Tata Sons’ offer to be CEO & MD of Air India.  

About Air India:
Air India was founded by Jehangir Ratanji Dadabhoy(JRD) Tata and was nationalised in 1953. 
Chairman– N Chandrasekaran
Headquarters– New Delhi, Delhi
Mascot– Maharajah 

Ashwani Bhatia MD of SBI appointed as a whole-time member SEBI for 3 years

The Appointments Committee of Cabinet(ACC) has approved the appointment of Ashwani Bhatia, Managing Director(MD) (Corporate Banking & Global Markets) of State Bank of India (SBI), as the whole-time member (WTM) of the Securities and Exchange Board of India (SEBI) for a period of 3 years from the date of assumption of charge of the post, or until further orders, whichever is earlier.

• In August 2020 he was appointed as the MD of SBI till the date of his superannuation (31st May 2022).
• He has also served as the MD and Chief Executive Officer(CEO) of SBI Mutual Fund.
• The other two whole time members on the board of SEBI are SK Mohanty and Ananta Barua. 

SCIENCE & TECHNOLOGY

ISRO Successfully Tested Newly Developed SS1 of its New SSLV

On 14th March 2022, Indian Space Research Organisation (ISRO) has successfully carried out the ground testing of the newly developed solid booster stage (SS1) for its new launch vehicle Small Satellite Launch Vehicle (SSLV) at Satish Dhawan Space Centre (SDSC), at Sriharikota, Andhra Pradesh(AP). 

• The successful ground testing of SS1 will support with the first developmental flight of SSLV(SSLV-D1), which is scheduled in May 2022. 

• The remaining stages of SSLV, SS2 & SS3, have successfully undergone necessary ground tests and are ready for integration.
• At present, the launch of small satellites has been dependent on ‘piggy-bank’ rides with big satellite launches on the PSLV (Polar Satellite Launch Vehicle) of ISRO, which has completed around 50 successful launches.

Note:
Usually after 2 successful development flights, ISRO declared a launch vehicle operational. 
About SS1:
The newly developed Solid Booster Stage (SS1) motor is a three-segmented solid propulsion stage incorporating various new technologies and innovative processes which includes, 

• bond-free joint between the segments
• high power electromechanical actuator with digital control electronics
• optimized ignitor
• simultaneous propellant casting of all segments which are successfully validated in the ground test.

About SSLV:
The SSLV was designed to be smaller, cheaper, and quickly assembled for commercial launches on demand.
Dr S Somanath, the Chairman of ISRO, is credited with the design and development of SSLV during his term as the director at Vikram Sarabhai Space Centre, Thiruvananthapuram, Kerala, since 2018.
Cost: ~Rs 30 crore
Payload: ~500 kg
SSLV can be assembled by a team of 6 members within a period of 7 days 
The SSLV will carry the satellites weighing up to 500 Kg to a low earth orbit. 
About Indian Space Research Organisation (ISRO):
Chairman– S. Somanath
Headquarters– Bengaluru, Karnataka

SPORTS

Chess: Indian GM S L Narayanan wins 1st Grandiscacchi Cattolica International Open 

Indian Grandmaster(GM) S L Narayanan(24-year), from Kerala, won the 1st Grandiscacchi Cattolica International Open (Cattolica Open), a 9-round Swiss tournament which took place from 1st to 8th March 2022 in Cattolica, Italy. Indian GM R Praggnanandhaa, from Tamil Nadu, finished as runner up of the tournament.

• The 1st Grandiscacchi Cattolica International Open Tournament is part of the Italian Spring Chess Tour 2022.
• World Rank 79, SL Narayanan’s current FIDE(International Chess Federation) rating is 2658

BOOKS & AUTHORS

E-Book On Land Governance Reforms Released by MoRD Minister Giriraj Singh

Union Minister of Rural Development and Panchayati Raj, Giriraj Singh has released an e-book on Land Governance Reforms titled “Empowering Citizens-Powering India”.

• The book highlights information related to Unique Land Parcel Identification Number (ULPIN), National Generic Document Registration System (NGDRS) and Multilingual Land Records – to break the linguistic barrier in land records.

i.In an attempt to advertise the digitization of land records, an exclusive multilingual software for land records will be launched in April 2022 by the Department of Land Resources, Ministry of Rural Development.
ii.This platform will enable the people of India to get their land records in their regional/mother language. The land records will be available in 22 languages (Schedule VIII languages of the Indian Constitution).
Similar Initiatives by the Government of India (GoI):
i.GoI is keen on digitization of land records through its scheme Digital India Land Record Modernization Programme (DILRMP).
ii.According to the Department of Land Records, over 90 per cent of land records have been digitized across 24 states.
iii. National Generic Document Registration System (NGDRS) – ‘One Nation One Software’ an indigenous software for registration of documents & properties to ‘empower citizens’ developed by the National Informatics Centre (NIC).

• State NGDRS has been successfully implemented in 13 states so far, which has benefitted 22 crore people.
• The benefits of NGDRS include reduced land disputes, a check on fraudulent transactions, SMS and email alerts related to property transactions, and external system integrations can be provided as needed (e.g., e-Sign, e-KYC, Payment Gateways, PAN Verification, ROR to fetch party names for data standardisation).

iv. Unique Land Parcel Identification Number (ULPIN)  

• ULPIN is a 14 digits Alpha–numeric unique ID for each land parcel, which is similar to the Aadhaar number of an individual to prevent fraudulent and benami property transactions.

IMPORTANT DAYS

World Consumer Rights day 2022 – March 15 

World Consumer Rights Day is annually observed across the globe on 15th March to create awareness about consumer rights and needs. The day offers a platform to demand that the rights of all consumers are respected and protected. 

• The day highlights the importance of consumer rights in protecting consumers against market abuses and social injustices. 

World Consumer Rights Day is annually coordinated by Consumers International, a membership organization for consumer groups around the world.

• The theme of World Consumer Rights Day 2022 is “Fair Digital Finance”, which addresses the issues faced by consumers in digital finance. 

India Organises “Consumer Empowerment Week” – 14th to 20th March 2022
Department of Consumer Affairs, Ministry of Consumer Affairs, Food & Public Distribution(MoCAF&PD), Government of India is organising “Consumer Empowerment Week” from 14th to 20th March 2022 to celebrate and commemorate 75 years of progressive India during the Azadi Ka Amrit Mahotsav.
The celebrations of Consumer Empowerment Week coincide with the observance of World Consumer Rights Day on 15th March 2022. 
>> Read Full News

No Smoking Day 2022 – March 9

No Smoking Day is annually observed on the 2nd Wednesday of March to create awareness and educate people about the adverse impacts of tobacco use. 
The No Smoking Day 2022 falls on 9th March 2022. 

• The theme of No Smoking Day 2022 is “Quitting Smoking Doesn’t Have to be Stressful”.
• The first National No Smoking Day is recognized in Ireland in 1984 on Ash Wednesday and later shifted to the 2nd Wednesday of March. 
• According to the World Health Organisation (WHO), Tobacco kills around half of its users and more than 80% of the world’s 1.3 billion tobacco users live in low- and middle-income countries.

STATE NEWS

Maharashtra Dy CM Ajit Pawar Presented State’s Budget 2022-23, Rs 1,15,215cr Proposed for Panchasutri Programme

i.The Deputy(Dy) Chief Minister (CM) of Maharashtra, Ajit Pawar, who also holds the finance portfolio presented the Maharashtra state budget for 2022-23 reflecting state’s aspirations to become 1st Indian state to have a $1-trillion economy.
ii.Maharashtra also has become the 1st state in the country to formulate an agricultural export policy.
iii.The state budget proposed an outlay of Rs 1,15,215 crore for Panchasutri (Five-Point Programme) i.e. 5 focus areas viz. Agriculture, Health, Human Resource, Transport and Industry for a sustainable & prosperous Maharashtra. These sectors will get Rs 4 lakh crore in the next three years.
iv.The Maharashtra government also reduces VAT (Value Added Tax) on CNG (Compressed Natural Gas) from 13.5% to 3%.
About Maharashtra:
Governor– Bhagat Singh Koshyari
UNESCO Heritage Sites – Ellora Caves, Chhatrapati Shivaji Terminus (formerly Victoria Terminus) , Victorian Gothic and Art Deco Ensembles of Mumbai
Bird Sanctuary – Karnala Bird Sanctuary, Great Indian Bustard Sanctuary, Mayani Bird Sanctuary
>> Read Full News

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