Year End Review of Department of Economic Affairs
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- 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)
Sovereign Green Bonds
- 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.
Mahila Samman Savings Certificate (MSSC)
- 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.
National Investment and Infrastructure Fund (NIIF) in 2023
- 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.
New Financial Inclusion Action Plan 2024-26
- 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.
Global Sovereign Debt Roundtable (GSDR)
- It is a joint initiative of the IMF, World Bank, and the Indian G20 Presidency.
- It will facilitate effective debt restructuring.
G20 Sustainable Finance Technical Assistance Action Plan (TAAP)
- 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).
Harmonised Master List (HML) of Infrastructure
- 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.
Foreign Universities in GIFT City
- Deakin University and Wollongong University from Australia will be the first universities to open campus at GIFT City.
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