Month: September 2022

Reducing India’s Forex reserves.

India’s forex reserves are at an alarmingly low stage and have dropped with the aid of 23 months of use. For the week ending September , India’s overseas foreign exchange (forex) reserves fell to $553. The lowest level in over a year, consistent with figures from the Reserve Bank of India (RBI).

The Reserve Bank of India saved its currency and intervened to save the rupee from falling beyond eighty to the greenback at some point every week whilst the greenback surged to over-decade highs, inflicting India’s forex reserves to plummet to their lowest stage in more than a decade and staining the third consecutive week of decline.

The rupee has fallen from around seventy-four to close to eighty against the greenback, a trend that experts say the RBI has maintained vehemently, echoing a drop in FX reserves of slightly more than sixty-seven billion since the Ukraine disaster and more than eighty billion from all-time highs last year. The effect of the appreciation or depreciation of non-greenback currencies like the Euro, British Pound Sterling, and Japanese Yen held in forex reserves is blanketed within the overseas forex belongings expressed in US dollars.

Experts say that the forex reserves have witnessed a fall as a result of the Reserve Bank of India’s (RBI) intervention to rein the currency volatility. In 2022, the rupee has declined by about 7 per cent, which has also made imports costlier.  Even though India’s forex reserves have seen a decline in the past few months, experts say the situation is not at all alarming. Experts say the country has a significant amount of forex reserves.

Reducing India's Forex reserves.

India’s forex reserves are at an alarmingly low stage and have dropped with the aid of 23 months of use. For the week ending September , India’s overseas foreign exchange (forex) reserves fell to $553. The lowest level in over a year, consistent with figures from the Reserve Bank of India (RBI).

The Reserve Bank of India saved its currency and intervened to save the rupee from falling beyond eighty to the greenback at some point every week whilst the greenback surged to over-decade highs, inflicting India’s forex reserves to plummet to their lowest stage in more than a decade and staining the third consecutive week of decline.

The rupee has fallen from around seventy-four to close to eighty against the greenback, a trend that experts say the RBI has maintained vehemently, echoing a drop in FX reserves of slightly more than sixty-seven billion since the Ukraine disaster and more than eighty billion from all-time highs last year. The effect of the appreciation or depreciation of non-greenback currencies like the Euro, British Pound Sterling, and Japanese Yen held in forex reserves is blanketed within the overseas forex belongings expressed in US dollars.

Experts say that the forex reserves have witnessed a fall as a result of the Reserve Bank of India’s (RBI) intervention to rein the currency volatility. In 2022, the rupee has declined by about 7 per cent, which has also made imports costlier.  Even though India’s forex reserves have seen a decline in the past few months, experts say the situation is not at all alarming. Experts say the country has a significant amount of forex reserves.

Protest in Chandigarh University.

At Chandigarh University in Mohali, there is a sizable demonstration. Giving justice to those girls who are the victims of this popular video is the motivation behind this protest. One of Chandigarh University’s dorm roommates takes 60 recordings of the females bathing. Although it sounds shameful and horrible, this is the reality. The female sends the lad those videos. The lad is from Shimla, the girl claims, and he asked him to shoot those movies. That boy sent those videos around via MMS. It’s terrible.

The girl was speechless as the Warden questioned her again. That establishes her errors. There are some YouTube videos where the girl tries to respond to those queries. Social internet is rife with allegations that a few girls have committed suicide. The fact check and police comments, however, make it very evident that no girl has actually committed suicide. But why were the ambulances sent to the institution, one could wonder? According to the police officer, a couple girls experienced panic attacks and required hospitalization. But they are now fine.

 The police team is thoroughly investigating this matter and an FIR has been filed against the female. Soon after this tragedy was made public, the students began protesting, displaying their sense of oneness. Several students are traveling the path to justice. Now, the situation is a social problem. Because the pupils in that age group are active, they must learn how to use that energy effectively. This matter is being looked into more thoroughly because it involves sensitive information. The search for that boy is urgent for the police. This cannot continue. The students there have received precise instructions from the cops. The experts are discussing this case.

This can’t happen. This was a silly thing to do. The university’s reputation will suffer as a result of this. And because this behavior was inappropriate, the parent will feel humiliated by her daughter. The girl is expelled from the university, and the police are given custody of her.

Why should you have health insurance?

Health Insurance 

Usually, the first thought that comes to mind when entering a hospital is how much lighter your wallet will be when you leave. In a high-tech world, medicine is at the forefront, and technology comes with a cost. It’s not uncommon for routine check-up bills to run into the thousands of dollars. A lengthy hospital stay will inevitably set you back hundreds of thousands of dollars. Having reliable comprehensive health insurance can save you a day and your wallet, at least if you’re in the hospital for treatment.

What is health insurance?

If you choose health insurance, your medical expenses will be covered by your insurance company and you will instead have to pay an annual membership fee called a “premium”. This can also be paid in monthly installments. Depending on which policy you choose and who provides it, health insurance protects your wallet by covering medical bills, hospital bills, ambulance bills, test bills, and other related costs. Some policies also cover lost earnings compensation.

Why should you have health insurance?

A WHO report outlines the need for expanded health insurance coverage in India, which is staggering as 68% of India’s healthcare costs are out-of-pocket (OOP). Also, only 18% of urban and 14% of rural India have health insurance. Getting health insurance at a young age is a wise decision as premiums are much lower. Please note that many policies do not cover pre-existing illnesses or illnesses that occur within 30 days of obtaining the policy, except for accidents.

If you do not yet have health insurance or are considering it, here is a list of reasons why you should recognize the importance of health insurance.

• Cashless treatment: All major health insurance companies have many popular hospitals in their networks, so-called network hospitals. When you get treatment at one of these hospitals, all you have to do is present your health insurance card (or just your insurance number), fill out a few forms if necessary, and then you’re all set. However, if you decide to go to an out-of-network hospital, you will have to pay for treatment and later apply for a refund. Cashless treatment is therefore one of the biggest benefits of health insurance. Because few people can arrange a large amount of money in a short period of time for medical purposes.

• Rising health care costs and illnesses: According to cancer statistics in India, there were 11,57,294 registered cancer patients in 2019. In the last 26 years, cancer incidence has almost doubled in India. Other life-threatening diseases such as tuberculosis and diabetes are also on the rise. With medical and treatment costs continuing to rise, look no further than why health insurance is a must.

• Free Health Checks and Additional Benefits: Many insurers offer their customers free health checks every year (but only if you haven’t filed a claim in the last few years). Some companies do). You are also eligible to receive a No Claim Bonus (NCB). H. If you do not have insurance other than outpatient insurance during the insurance period, the insurance amount will increase by a certain amount. In addition, ambulance costs, pre-hospital and post-hospital costs are some of the other benefits offered by insurance companies.

• Tax Incentives: Section 80D of the Income Tax Act provides tax incentives for health insurance premiums. Under the age of 60, INR 50,000 for parents under the age of 60 (INR 25,000 for self-employed persons, spouses and dependent children and INR 25,000 for parents), for parents over the age of 60 can claim a deduction of Rs 75,000. (Self-employed person, spouse and dependent children Rs 25,000 for her and Rs 50,000 for parents). In total he can claim a deduction of Rs 1,00,000 if both the individual and the parents are above her 60 years of age.

• Peace of Mind: Well-planned back insurance can be a great peace of mind, especially when life-threatening diseases have increased at an alarming rate in recent decades. It can save you and your family during a medical emergency, and most importantly, one less thing to worry about in your busy daily schedule.

Now that you understand the importance of health insurance, let’s take a look at what to consider when choosing health insurance.

Points to note when looking for health insurance 

• As mentioned above, it is better to get health insurance when you are young. Insurance premiums tend to increase with age, as does the risk of health problems.

• Look for insurance that covers terminal illness. These are the things that weigh most on our finances, so it makes no sense not to include them in the covered list.

• Do not choose insurance with expensive copay clauses. Your copay is the part of your bill that you have to pay out of your own pocket in the event of a claim. The insurance company will pay the rest according to the terms of the policy.

• You may select passenger/additional features related to health insurance to contribute to the overall insurance coverage network.

Types of Health Insurance

•Compensation Plan: In this case, the patient pays a fixed amount for hospital expenses and the insurance company pays the rest of the bill. You can choose the doctor you want to see, and your insurance company doesn’t have to decide which hospital or whether you need to see a doctor. But this autonomy is only up to a point. In an emergency, emergency room admission still requires insurance clearance unless you are incapacitated. If you choose a coverage plan, first pay the full amount out of your own pocket and then request a refund. is needed.

•Exclusive Provider Organization (EPO): Members of the EPO plan must use a defined network of physicians and primary care physicians (PCPs) who issue referrals to the network’s specialists for treatment. However, this condition does not apply in emergency situations. You will also be required to make a small donation yourself.

•Point of Service (POS): Similar to EPO Pan, POS also offers PCP with a choice of network providers. In such cases, higher compensation is available. However, if you choose to go to an out-of-network hospital, you may be subject to a deductible (out-of-pocket) and have less insurance coverage. You may also need to prepay and then request a refund.

In summary, the importance of health insurance cannot be overestimated. Get health insurance for yourself, your spouse, your children, and your parents early.

Role of ‘MSME’ sector in Indian Economy.

MSME has introduced in the year 2006 in India. There are still some service sector that was not yet included in this sector was included in the definition of the Micro, Small and Medium-sized Enterprises making a historic change to this Act. 

The MSME sector in India gave a major boost to the economy. Over 63 million MSMEs spread across the country contributed 30.5% to India’s GDP in FY19 and 30% in FY20. It also created many employment opportunities. Based on a study conducted by the Ministry of Statistics & PI between July 2015 and June 2016, the MSME sector employed 111 million workers. Compared with large-scale companies, MSMEs aided in the industrialisation of rural areas at minimal capital cost. The sector has made significant contributions to the country’s socio-economic growth and complemented major industries as well. MSMEs account for approximately 40% of India’s total exports, 6.11% of GDP from the manufacturing sector and 24.63% of GDP from the services sector.

The significance of the MSMEs sector can be noted from the fact that it is the second-largest employment provider, after agriculture in India. This sector has proven the instrumental in the growth of the nation, leverage exports, creating huge employment opportunities for the unskilled, fresh graduates, and the underemployed. It also extended the opportunities to banks for giving more credit to enterprises to MSME Sector. The government should take the special care by addressing the importance of MSME in terms of providing more and more MSME Registration advantages by implementing better regulations and enable financial institutions to lend more credit at less interest rate for sustainability of this sector.

To ensure that MSMEs continue to lead the country towards economic growth, the Government of India has from time to time announced various schemes to support the development of this sector. Recently, in view of the economic hardship caused by covid 19, the government has announced few schemes under ‘Aatmanirbhar Bharat’ i.e. Self-reliant India initiative. Accordingly, the criterion for classifying MSME has also been revised. Under the revised criterion, the combined factors of ‘Investment in plant and machinery’ and ‘Turnover’ are required to be considered to determine whether a business should be classified as a micro, small or a medium enterprise. In contrast, earlier the classification of an MSME unit was based only its investment in plant and machinery; and also depending on whether the enterprise was in the manufacturing sector or in the services sector.

Role of 'MSME' sector in Indian Economy.

MSME has introduced in the year 2006 in India. There are still some service sector that was not yet included in this sector was included in the definition of the Micro, Small and Medium-sized Enterprises making a historic change to this Act. 

The MSME sector in India gave a major boost to the economy. Over 63 million MSMEs spread across the country contributed 30.5% to India’s GDP in FY19 and 30% in FY20. It also created many employment opportunities. Based on a study conducted by the Ministry of Statistics & PI between July 2015 and June 2016, the MSME sector employed 111 million workers. Compared with large-scale companies, MSMEs aided in the industrialisation of rural areas at minimal capital cost. The sector has made significant contributions to the country’s socio-economic growth and complemented major industries as well. MSMEs account for approximately 40% of India’s total exports, 6.11% of GDP from the manufacturing sector and 24.63% of GDP from the services sector.

The significance of the MSMEs sector can be noted from the fact that it is the second-largest employment provider, after agriculture in India. This sector has proven the instrumental in the growth of the nation, leverage exports, creating huge employment opportunities for the unskilled, fresh graduates, and the underemployed. It also extended the opportunities to banks for giving more credit to enterprises to MSME Sector. The government should take the special care by addressing the importance of MSME in terms of providing more and more MSME Registration advantages by implementing better regulations and enable financial institutions to lend more credit at less interest rate for sustainability of this sector.

To ensure that MSMEs continue to lead the country towards economic growth, the Government of India has from time to time announced various schemes to support the development of this sector. Recently, in view of the economic hardship caused by covid 19, the government has announced few schemes under ‘Aatmanirbhar Bharat’ i.e. Self-reliant India initiative. Accordingly, the criterion for classifying MSME has also been revised. Under the revised criterion, the combined factors of ‘Investment in plant and machinery’ and ‘Turnover’ are required to be considered to determine whether a business should be classified as a micro, small or a medium enterprise. In contrast, earlier the classification of an MSME unit was based only its investment in plant and machinery; and also depending on whether the enterprise was in the manufacturing sector or in the services sector.

Need of Hindi Day

 Hindi Day

Hindi Diwas or National Hindi Day is celebrated every year on September 14 to mark the adaptation of Hindi (written in Devanagari script) as the official language by the Constituent Assembly on September 14, 1949. The first Prime Minister of the country, Jawaharlal Nehru, decided to celebrate Hindi Diwas on September 14. September 14 to spread awareness about the importance of the Hindi language in the country. The Hindi language is one of the oldest languages that obtains much of its academic terminology from the Sanskrit language written in the Devanagari script. All schools, colleges, offices, and organizations to showcase the importance of the day and the language. The day commemorates the event when Hindi was adopted as one of the official languages of India. The most interesting fact about Hindi is that “Hindi” is basically a Persian language word and the first Hindi poem was written by the eminent poet “Amir Khusro”.The first literature on the history of the Hindi language was composed by a French writer “Grasim the Taisi”.

Modelling: Career

 Modelling

Modelling offers a glamorous career with tremendous opportunities to travel and meet various people. An established model gets good income. Modelling involves a lot of hardworking, dedication and perseverance. It is highly competitive field. In this field, physical attributions and personal qualities are more important. They are types of modelling like ramp modeling, television modeling and print modeling. There are no specific qualifications or age limit to enter this field. The model coordinating agency or a fashion designer will help to enter to this field if they are satisfied with one’s portfolio. Other way to enter to modelling field is through participating in contests sponsored by magazines, cloth manufacturers, cosmetic companies etc. and to take part in beauty pageants. Model learn on the job. Training programs include beauty care, make up, hair styling, diet and exercise, presentation skills etc. The main attributes required to become a model is good and healthy complexion and energetic expression.

Salient Features of NEP, 2020

Salient Features of NEP, 2020

The National Education Policy 2020 was unveiled on July 29, 2020. The National Education Policy 2020 makes a number of changes to both higher education and secondary education, including technical education. The National Education Policy 2020 lists a number of action items/activities that should be implemented in both higher education and schooling.

The following are specifics of NEP 2020’s key features:

• Ensuring universal access at all educational levels, from preschool to grade 12;

• Ensuring that all children between the ages of 0 and 3 receive high-quality early care and education;

• New Pedagogical and Curricular Framework (5+3+3+4);

• There are no clear distinctions between the humanities and sciences, academic and extracurricular pursuits, or career paths;

• Launching a national initiative on basic literacy and numeracy;

• Promoting multilingualism and Indian languages as a priority; The home language, mother tongue, local language, or regional language will be used as the primary medium of teaching until at least Grade 5, but ideally until Grade 8 and beyond.

• Assessment reforms, including up to two Board Exams per school year, one for the main exam and one for improvement, if requested;

• The establishment of the PARAKH (Performance Assessment, Review, and Analysis of Knowledge for Holistic Development) National Assessment Center;

• Educational equity and inclusion, with a focus on Socially and Economically Disadvantaged Groups (SEDGs);

• Special Education Zones and a specific gender inclusion fund for underprivileged areas and groups;

• Effective and open procedures for hiring teachers and performance evaluations based on merit;

• Ensuring that all resources are accessible via school complexes and clusters;

•State School Standards Authority (SSSA) establishment 

• Promotion of vocational education throughout the K–12 and tertiary systems of instruction;

• raising GER to 50% in higher education;

• Multidisciplinary, all-encompassing education with numerous points of access and departure;

• NTA will conduct a Common Entrance Exam for HEI Admission;

• The founding of an academic bank of credit

•Multidisciplinary Education and Research Universities (MERUs) establishment ;

•The National Research Foundation (NRF) was established.

•”Light yet Tight” regulation 

• The Higher Education Commission of India (HECI), a single overarching umbrella organisation, with independent bodies for standard setting (the General Education Council), funding (the Higher Education Grants Council), accreditation (the National Accreditation Council [NAC]), and regulation (the National Higher Education Regulatory Council [NHERC]), is responsible for promoting the higher education sector, including teacher education but excluding medical and legal education;

• Growing open and distant education to boost the gross enrollment ratio (GER).

• Globalization in Education

• The higher education system will include professional education as a core component. The goal of institutions in these and other sectors, including independent technical universities, law schools, medical schools, and agricultural colleges, is to become multidisciplinary institutions.

• 4-year integrated stage- and subject-specific teacher education degree in education

• Creating a National Mentoring Mission.

•The establishment of the National Educational Technology Forum (NETF), an independent organisation that would serve as a forum for the unrestricted discussion of ways to use technology to improve instruction, evaluation, planning, and administration.

•The appropriate use of technology in all educational levels.

•Objectives Reaching 100% adult and juvenile literacy.

• The commercialization of higher education will be fought and stopped by a number of methods with checks and balances.

• As a “not for profit” company, all educational institutions will be held to the same standards of audit and disclosure.

• The Center and the States will collaborate to boost public spending on education so that it reaches 6% of GDP as soon as possible.

• The Central Advisory Board of Education should be strengthened to maintain coordination and to put more of an emphasis on quality education overall.

By 2030, the NEP, 2020 aims to raise the GER in preschool through secondary education to 100%, while it will rise from 26.3% in 2018 to 50% in higher education, including vocational education.

Fiscal Deficit

 

Fiscal Deficit

Fiscal deficit is the difference between the government’s total expenditure and the total non debt creating receipts. Revenue receipts, recoveries of loan and other receipts are all non debt creating. The government doesn’t have to borrow to generate these sources of income. Revenue receipts include both tax and non tax revenue of the government of India. Tax revenue means revenue that government gets by collecting taxes like personal income tax, corporate tax and goods and services tax. Non tax revenue include stamp duty and dividends earned from public sector units. Dividend is the return on capital invested by the government in PSU’s. Fiscal deficit arises when the government has expenditure higher than the revenue it generates. To bridge this expenditure revenue deficit government starts borrowing. This borrowing is called Fiscal Deficit. Fiscal deficit is usually expressed in terms of percentage of the country’s Gross Domestic Product (GDP). A high and rising Fiscal deficit is bad for the general state of the economy, trade balance and currency exchange rates. A high fiscal deficit means that the governments borrowing are high. When the government borrows money from the general public , it creates demand for money. A high fiscal deficit can be dangerous it affect general economic activity it will reduce business and economic activity. It will reduce income and employment generation. It lead to reduction of exchange rates and rises the trade deficit.

International Day for Preservation of Ozone Layer : 16th September.

The world observes September 16th as International Day for the Preservation of the Ozone Layer or World Ozone Day. The day marks the anniversary of the Montreal Protocol which was signed to keep in check Ozone depleting substances. On this day, people from all over the world hold talks and seminars on the ozone layer.  Educators teach students about the benefits of the Ozone layer and special events and activities are organised to spread awareness.

The ozone layer is a fragile shield of gas that protects the Earth from the harmful portion of the rays of the sun, thus helping preserve life on the planet. Ozone is a protective layer that protects us from harmful radiations of the sun. It is crucial for sustaining life on this planet. Montreal Protocol was an effort countries made to collaborate and protect the ozone layer. The principal aim of the Montreal Protocol is to protect ozone layer by taking measures to control total global production and consumption of substances that deplete it.

World Ozone Day 2022 Theme “Montreal Protocol@35: global cooperation protecting life on earth” is the theme of World Ozone Day 2022.

Let us understand what Ozone is and how it is being depleted.

Ozone is made up of three atoms of oxygen. It is highly reactive gas and is represented by O3. It occurs naturally as well as a man-made product in the Earth’s upper atmosphere i.e. stratosphere and lower atmosphere i.e. troposphere. The Ozone layer is present in Earth’s atmosphere (15-35km above Earth) in the lower portion of the stratosphere and has relatively high concentrations of ozone (O3). Naturally, it is formed through the interactions of solar UV radiation with molecular oxygen O2. It reduces the harmful UV radiation reaching the Earth’s surface.

 The main cause of ozone depletion and the ozone hole is manufactured chemicals, especially manufactured halocarbon refrigerants, solvents, propellants, and foam- blowing agents (chlorofluorocarbons (CFCs), HCFCs, halons). Since the early 1970’s, scientists observed reduction in stratospheric ozone and it was found more prominent in Polar Regions. ODS substances have a lifetime of about 100 years.

International Day for Preservation of Ozone Layer : 16th September.

The world observes September 16th as International Day for the Preservation of the Ozone Layer or World Ozone Day. The day marks the anniversary of the Montreal Protocol which was signed to keep in check Ozone depleting substances. On this day, people from all over the world hold talks and seminars on the ozone layer.  Educators teach students about the benefits of the Ozone layer and special events and activities are organised to spread awareness.

The ozone layer is a fragile shield of gas that protects the Earth from the harmful portion of the rays of the sun, thus helping preserve life on the planet. Ozone is a protective layer that protects us from harmful radiations of the sun. It is crucial for sustaining life on this planet. Montreal Protocol was an effort countries made to collaborate and protect the ozone layer. The principal aim of the Montreal Protocol is to protect ozone layer by taking measures to control total global production and consumption of substances that deplete it.

World Ozone Day 2022 Theme “Montreal Protocol@35: global cooperation protecting life on earth” is the theme of World Ozone Day 2022.

Let us understand what Ozone is and how it is being depleted.

Ozone is made up of three atoms of oxygen. It is highly reactive gas and is represented by O3. It occurs naturally as well as a man-made product in the Earth’s upper atmosphere i.e. stratosphere and lower atmosphere i.e. troposphere. The Ozone layer is present in Earth’s atmosphere (15-35km above Earth) in the lower portion of the stratosphere and has relatively high concentrations of ozone (O3). Naturally, it is formed through the interactions of solar UV radiation with molecular oxygen O2. It reduces the harmful UV radiation reaching the Earth’s surface.

 The main cause of ozone depletion and the ozone hole is manufactured chemicals, especially manufactured halocarbon refrigerants, solvents, propellants, and foam- blowing agents (chlorofluorocarbons (CFCs), HCFCs, halons). Since the early 1970’s, scientists observed reduction in stratospheric ozone and it was found more prominent in Polar Regions. ODS substances have a lifetime of about 100 years.

Workshop on “Interventions Required for Strengthening the PPP Ecosystem (Partners in Progress)”

 The Government of India envisions a major role of Public Private Partnership (PPP) to leverage private sector investment and operational efficiencies in the provision of affordable, qualitative, and sustainable public assets and services.

The Government of India has taken several interventions to encourage private sector investors to participate, leverage their resources, technology, and management skills to increase infrastructure investment and improve the delivery of public goods and services with a high level of efficiency and quality in light of the rising demand of infrastructure facilities.

Continuing with the interventions to encourage the private sector investment, Infrastructure Finance Secretariat, DEA with the support of British High Commission (BHC) organised a workshop on 14.9.2022, with an intent to provide a platform to the key stakeholders (specially the private players) to share their views about the current PPP landscape, their areas/ sectors of interest, and suggest interventions/initiatives required to further strengthen the current PPP ecosystem. The workshop, included sector specific sessions on Health, Education and Sports, Water Supply and Municipal Solid Waste Management, Urban Transport and Roads & Airports.

The Workshop was inaugurated by Shri Ajay Seth, Secretary, DEA, Ministry of Finance (MoF) with welcome address from Shri B Purushartha, Joint Secretary, (ISD), Infrastructure Finance Secretariat.  Special Addresses were also delivered by Dr. V. Anantha Nageswaran, Chief Economic Adviser, MoF, Ms. Sally Taylor, Minister Counsellor (Director Development, Climate, Science and Technology), and Ms. Wendy Werner, Country Head India, International Finance Corporation, World bank Group.

During the Sessions, the private players presented key issues/constraints faced by them during structuring and execution of PPP projects and suggested key interventions that may be required for enhancing private sector investments in the infrastructure sector.

The Workshop witnessed presenters  from infra sector private  players viz., Olympiados, Max Healthcare,  Apollo Hospitals,  Krsnaa Diagnostics,  Medanta,  GenWorks,  Apex Hospitals, Jindal Urban Infrastructure,  Vishwaraj Infrastructure,  VA Tec Wabag,  SUEZ India,  Re Sustainability Co.,  Tata Projects,  Abellon Green Energy,  Megha Engineering,  GreenCell Mobility,  Reliance Infrastructure Limited,  Hindustan Construction Company,  Cube Highways,  IRB Infrastructure,  GMR Infrastructure,  Noida International Airport,  Gammon India, Fortis Memorial Research Institute, and attendees from  Shapoorji Pallonji, L&T Infrastructure, PNC Infrastructure, Ashoka Buildcon, Boehringer Ingelheim, Kishan Agro Industries, Incredible Medtech LLP, Dynatom International GmbH, Innovative Technologies and Projects, Aggcon Equipments, Sekura, etc.

During the workshop Project Sponsoring Authorities (PSAs) presented successful PPP Projects executed in aforementioned sectors. Shri Manu Srivastav, Principal Secretary, Government of Madhya Pradesh presented successful REWA project. IDA Bihar gave a presentation on Jayaprabha Hospital on PPP mode, , Goa Waste Management Corporation presented on Solid waste management facility, Housing &Urban Development Department, Government of Odisha on Bhubaneswar Water Supply , Indore Municipal Corporation on Urban Public Transport , Pune Metro Rail Development Authority (PMRDA) on Pune Metro project , Uttar Pradesh Expressways Industrial Development Authority (UPEIDA)  on road projects undertaken on PPP mode  and Airport Authority of India (AAI)  on Leasing of Airports on PPP mode.

Each session was concluded by senior officials of the respective Central Infra Line Ministries wherein they assured full support from the Government in overcoming the existing challenges while implementation of PPP projects including remarks from, Shri Amit Ghosh, Additional Secretary of the Ministry of Road Transport and Highways, Shri Vishal Chauhan, Joint secretary, Ministry of Health and Family Welfare, Shri Kunal Kumar, Joint Secretary, Ministry of Housing And Urban Affairs, Smt. Rubina Ali, Joint Secretary, Ministry of Civil Aviation and Shri Vishwajeet Kumar, Director, Dept. of Higher Education, Ministry of Education.

The workshop witnessed an active participation of 150+ participants that include participants from Private sector infra players, representatives from FICCI, CII, ASSOCHAM , NIIF, Senior Government officials from Central Ministries and State Governments , officials from British High Commission and International Finance Corporation and Transaction Advisers empanelled by DEA.

****

Ease of Doing Business further and reduce compliance burden on “small companies"

 The Ministry of Corporate Affairs (MCA) has taken several measures in the recent past towards ease of doing business and ease of living for the corporates.  These included decriminalisation of various provisions of the Companies Act, 2013 & the LLP Act, 2008, extending fast track mergers to start ups, incentivising incorporation of One Person Companies (OPCs) etc. Earlier, definition of “small companies” under the Companies Act, 2013 was revised by increasing their thresholds for paid up capital from “not exceeding Rs 50 lakh” to “not exceeding Rs 2 crore” and turnover from “not exceeding Rs 2 crore” to “not exceeding Rs 20 crore”. This definition has, now, been further revised by increasing such thresholds for paid up Capital from “not exceeding Rs. 2 crore” to “not exceeding Rs. 4 crore” and turnover from “not exceeding Rs. 20 crore” to “not exceeding Rs. 40 crore”.

Small companies represent the entrepreneurial aspirations and innovation capabilities of lakhs of citizens and contribute to growth and employment in a significant manner. The Government has always been committed to taking measures which create a more conducive business environment for law-abiding companies, including reduction of compliance burden on such companies.

Some of the benefits of reduction in compliance burden as a result of the revised definition for small companies are as under:

  • No need to prepare cash flow statement as part of financial statement.
  • Advantage of preparing and filing an Abridged Annual Return.
  • Mandatory rotation of auditor not required.
  • An Auditor of a small company is not required to report on the adequacy of the internal financial controls and its operating effectiveness in the auditor’s report.
  • Holding of only two board meetings in a year.
  • Annual Return of the company can be signed by the company secretary, or where there is no company secretary, by a director of the company.
  • Lesser penalties for small companies.

The relevant notification issued by the Ministry of Corporate Affairs is available on the Ministry’s website at the following link:

https://www.mca.gov.in/bin/dms/getdocument?mds=tiMs9IFJ8xuPm%252B%252Foxc6fUw%253D%253D&type=open

Click to see the notification: Small Companies Notification