02-02-23 Daily-Tamilnadu-TNPSC Current Affairs

Nadu has the scope to be a hub for technical textiles, says commissioner of textiles M VallalarIn an interview, he speaks about the state governments initiatives to promote the sector.

Technical textiles are the future of the Industry.Tamil Nadu, which is Home to several leading educational institutions, has skilled manpower.There is a huge potential for mobiltech because Tamil Nadu is the Detroit of India.Our companies must have R&D arrangements with manufacturers of mobiltech products in other parts of the world to produce them in the state.

A textile city of international standards will be established in Chennai on Outer Ring Road.It is going to be a landmark facility with first-of-its-kind Infrastructure in the country.This is going to be a one-stop exhibition centre, where allthe textile products manufactured in Tamil Nadu will be displayed.

The total receipts other than borrowings is estimated at Rs 27.2 lakh crore and the total expenditure is estimated at Rs 45 lakh crore.

The net tax receipts are estimated at Rs 23.3 lakh crore.

The is estimated to be 5.9 per cent of GDP.

To finance the fiscal deficit in 2023-24, the net market borrowings from dated securities are estimated at Rs 11.8 lakh crore.

The gross market borrowings are estimated at Rs 15.4 lakh crore.

The total receipts other than borrowings is Rs 24.3 lakh crore, of which the net tax receipts are Rs 20.9 lakh crore.

The total expenditure is Rs 41.9 lakh crore, of which the is about Rs 7.3 lakh crore.

The Fiscal Deficit is 6.4 per cent of GDP, adhering to the Budget Estimate.

The maximum deposit limit for Monthly Income Account Scheme to be enhanced from Rs 4.5 lakh to Rs 9 lakh for single account and from Rs 9 lakh to Rs 15 lakh for joint account.

The entire fifty-year interest free loan to states to be spent on within 2023-24. Part of the loan is conditional on States increasing actual Capital expenditure and parts of outlay will be linked to States undertaking specific loans.

Fiscal Deficit of 3.5% of GSDP allowed for States of which 0.5% is tied to Power sector reforms.

Financial sector regulators to carry out a comprehensive review of existing regulations in consultation with public and regulated entities. Time limits to decide the applications under various regulations would also be laid down.

To enhance business activities in GIFT IFSC, the following measures to be taken.

Delegating powers under the SEZ Act to IFSCA to avoid dual regulation.

Setting up a single window IT system for registration and approval from IFSCA, SEZ authorities, GSTN, RBI, SEBI and IRDAI.

Permitting acquisition financing by IFSC Banking Units of foreign bank.

Establishing a subsidiary of EXIM Bank for trade re-financing.

Amending IFSCA Act for statutory provisions for arbitration, ancillary Services, and avoiding dual regulation under SEZ Act

Recognizing offshore derivative instruments as valid contracts.

Amendments proposed to the Banking Regulation Act, the Banking Companies Act and the Reserve of India Act to improve bank Governance and enhance investors protection.

Countries looking for digital continuity solutions would be facilitated for setting up of their Data Embassies in GIFT IFSC.

SEBI to be empowered to develop, regulate, maintain and enforce norms and standards for Education in the National Institute of Securities Markets and to recognize award of degrees, diplomas and certificates.

Integrated IT portal to be established to enable investors to easily reclaim the unclaimed and unpaid dividends from the Investor Education and Protection Fund Authority.

At least 50 tourist destinations to be selected through challenge mode; to be developed as a complete package for domestic and foreign tourists.

35000 crore outlay for Energy Security, energy transition and net zero objectives.

Battery energy storage systems to be promoted to steer the economy on the path.

20,700 crore outlay provided for RENEWABLE ENERGY grid integration and evacuation from Ladakh.

One stop solution for reconciliation and updation of identity and address of individuals to be established using DigiLocker service and Aadhaar as foundational identity.

PAN will be used as the common identifier for all digital systems of specified government agencies to bring in .

95 per cent of the forfeited amount relating to bid or performance security, will be returned to MSMEs by government and government undertakings in cases the MSMEs failed to execute contracts during Covid period.

Result Based Financing to better allocate scarce Resources for competing development needs.

More than 39,000 compliances reduced and more than 3,400 legal provisions decriminalized to enhance .

Jan Vishwas Bill to amend 42 Central Acts have been introduced to further trust-based Governance.

Effective of Centre to be Rs. 13.7 lakh crore.

Continuation of 50-year interest free loan to state governments for one more year to spur Investment in Infrastructure and to incentivize them for complementary policy actions.

Encouragement to states and cities to undertake urban planning reforms and actions to transform our cities into sustainable cities of tomorrow.

Transition from manhole to machine-hole mode by enabling all cities and towns to undertake 100 percent mechanical desludging of septic tanks and sewers.

Rs. 5,300 crore to be given as central assistance to Upper Bhadra Project to provide sustainable <a href="https://exam.pscnotes.com/micro-Irrigation“>Micro Irrigation and filling up of surface tanks for drinking water.