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.
  • 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).
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