Economy & Banking Current Affairs

Business, Economy and Banking in Current Affairs 2019 with latest news and current affairs in Agriculture, Industry, Banking, Capital Markets, Import and Export and Government schemes in commercial sector.

World Bank Group approves USD 400 million for SNGRBP

Last week the Board of Executive Directors of the World Bank Group has approved a loan of USD 400 million for the rejuvenation of the Ganga River under the NAMAMI Gange Program of the Government of India. The loan approved by the World Bank Group is for strengthening the river basin.

Back in 2015, the World Bank Group has approved USD 1 billion for the First National River Ganga Basin Project. The loan approved for USD 400 million is for the Second National River Ganga Basin Project (SNGRBP).

Financing for the Project

Lending arm of the World Bank Group- International Bank for Reconstruction and Development (IBRD) will be sanctioning the loan amount. USD 381 million is the loan amount that will be sanctioned by IBRD, while USD 19 million is for the IBRD Payment Guarantee for the loan amount. The Guarantee expiry date is 18 years for the date of effectiveness. Including a grace period of 5 years, the loan amount has a maturity of 18.5 years.

Objectives of SNGRBP

  • Expand the sewage treatment infrastructure to more cities in the Ganga Basin
  • In the long term, the assets related to sewage treatment is operated and maintained effectively
  • Help develop State-of-the-art tools for National Mission for Clean Ganga (NMCG) for effective management of the riverfront
  • To help control pollution discharge, sewage networks and treatment plants will be set up in select cities across the Ganga Basin
  • New infrastructure projects will be developed under the Hybrid Annuity Model (HAM) to ensure long term effectiveness and are well maintained

GST Revenue Collection Improves significantly in the month of June 2020

Rs 90,917 crore is the gross GST (Goods and Services Tax) revenue collected in the month of June 2020. The amount Rs 90,917 crores is 91 percent of GST revenue collected in the month of June in 2019.

Breakdown of GST Revenue Collection for June 2020

  • Central GST (CGST): Rs 18,980 crore
  • State GST (SGST): Rs 23,970 crore
  • Integrated GST (IGST): Rs 40,302 crore (includes-on import of Goods Rs 15,709 crore collected)
  • Cess: Rs 7,665 crore (includes-on import of goods Rs 607 crores collected)

GST Revenue Collection in First Quarter of FY 2020-21

The GST revenue collected in the first quarter of the Financial Year (FY) 2020-21 is 59 percent of the GST revenue collected during the first quarter of the 2019-20 financial year.

Apart from the economic impact experienced due to the nationwide lockdown, the GST revenue collection in the first quarter of FY 2020-21 was also affected due to the relaxations provided for filing up of GST returns and payment of taxes by the Government.

Month-wise GST Revenue Collection in First Quarter of FY 2020-21

  • In April 2019 GST Revenue Collection was of Rs 113, 866 crore while in April 2020 it was 32,294 crore
  • In May 2019 GST Revenue Collection was Rs 100,289 crore while in May 2020 it was Rs 62,009 crore
  • In June 2019 GST Revenue Collection was Rs 99,940 crore while in June 2020 it was Rs 90,917 crore