Governance

US Secretary of State Mike Pompeo, External Affairs Minister S Jaishankar and Union Finance Minister Nirmala Sitharaman will address a star-studded virtual summit next week on building a better future for both the countries and the world, amidst the COVID-19 and China’s aggressive actions. The two-day virtual India Ideas Summit of the powerful US India Business Council (USIBC) would be held on July 21 and 22.

Hon’ble Prime Minister Mr Narendra Modi on May 12, 2020 announced the Special economic and comprehensive package of Rs 20 lakh crore (US$ 283.73 billion) – equivalent to 10 per cent of India’s GDP – to fight COVID-19 pandemic in India. He gave a clarion call for Aatma Nirbhar Bharat or Self-Reliant India Movement. He also outlined five pillars of Aatma Nirbhar Bharat – Economy, Infrastructure, System, Vibrant Demography and Demand.

Dr. Harsh Vardhan, Union Minister for Science & Technology, Health and Family Welfare and Earth Sciences today released a white paper on “Focused Interventions for ‘Make in India’: Post COVID 19” and “Active Pharmaceutical Ingredients: Status, Issues, Technology Readiness and Challenges”, prepared by Technology Information, Forecasting and Assessment Council (TIFAC), at a virtual function, here.

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi today has given its approval for extending the contribution both 12% employees’ share and 12% employers’ share under Employees Provident Fund, totaling 24% for another 3 months from June to August, 2020, as part of the package announced by the Government under Pradhan Mantri Garib Kalyan Yojana (PMGKY)/ Aatmanirbhar Bharat in the light of COVID-19, a Pandemic.

A large part of workforce in manufacturing industries, service providers in hospitality, health, domestic/commercial establishments, and construction or other sectors, labourers, students etc. who come from rural areas or small towns seeking better opportunities will be the target beneficiary under ARHCs.

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi today has given its approval to a new pan India Central Sector Scheme-Agriculture Infrastructure Fund. The scheme shall provide a medium – long term debt financing facility for investment in viable projects for post-harvest management Infrastructure and community farming assets through interest subvention and financial support.

India’s Global Real Estate Transparency Index ranking has improved by one notch to 34 on the back of regulatory reforms, better market data and green initiatives, as per property consultant JLL. During 2018 bi-annual survey, India ranked 35th in the index, while the country was at 36th position in 2016 and 39th in 2014.

The commerce and industry ministry has sought stricter scrutiny of goods coming from Bangladesh, Sri Lanka, South Korea and the Asean bloc, amid fears of Chinese imports increasingly being routed through these countries. It has pushed for fast tracking amendments to the customs law to tighten the rules to claim concessional benefits under India’s free trade pacts, in line with the changes proposed in the budget this year.