Year End Review of Department of Economic Affairs

Dec 28, 2023

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Table of contents

Context (PIB): A year-end recap of Department of Economic Affairs (Ministry of Finance) initiatives was released.

Year-end recap of the Department of Economic Affairs (Ministry of Finance)

It was announced in the Union Budget 2022-23 as part of the government’s market borrowings.
Green projects of various ministries would be financed through the proceeds of these bonds.

The Government of India launched it to commemorate the Azadi ka Amrit Mahotsav.
Eligibility : Any female ; Deposit : Minimum ₹1000/- and Maximum ₹2 Lakhs
This scheme is available for two years up to March 2025.
The partial withdrawal and premature closure facility on compassionate grounds are also available under this Scheme.
The Department of Posts, all Public Sector Banks and four Private Sector Banks will operate MSSC.

NIIF launched its first bilateral fund, the India-Japan Fund (IJF), with the Japan Bank for International Cooperation (JBIC).
Govt. of India and JBIC will contribute 49% and 51% respectively.
IJF will work towards environmental sustainability and low carbon emission strategies.

Global Partnership for Financial Inclusion (GPFI) will implement it, with India as one of the Co-Chairs.
Financial inclusion of individuals and MSMEs in G20 through Digital Public Infrastructure and innovative solutions will be targeted.

It is a joint initiative of the IMF, World Bank, and the Indian G20 Presidency.
It will facilitate effective debt restructuring.

TAAP is a multi-year document that generates an enabling environment for local needs.
It will focus on Emerging Markets and Developing Economies (EMDEs) and Small and Medium Enterprises (SMEs).

Transport and Logistics, Social and commercial Infrastructure, Energy, Water and sanitation and Communication are five categories under it.
Borrowings from External Commercial Borrowings (ECB), insurance companies and pension funds can now be accessed by these sectors.
The Bibek Debroy committee was appointed to define Amrit Kaal’s infrastructure finance framework.

Deakin University and Wollongong University from Australia will be the first universities to open campus at GIFT City.

GIFT (Gujarat International Finance Tec-City) City in Gandhinagar, Gujarat, includes a multi-service Special Economic Zone (SEZ), housing India’s first International Financial Services Centre (IFSC) and an exclusive Domestic Tariff Area (DTA).