Business, Economy & Banking Current Affairs - 2019

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.

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PM inaugurates Multi-Modal Cargo Terminal at Sahibganj

Prime Minister Narendra Modi inaugurated India’s second Multi-Modal Cargo Terminal (built at Sahibganj) online from Ranchi, Jharkhand. He also laid the foundation of a secretariat building in the state capital (Ranchi) which will come up at an estimated cost of Rs.1238.92 crore.

About Multi-Modal Cargo Terminal at Sahibganj

This is the 2nd of three Multi Modal Terminals (MMTs) being constructed on river Ganga under Jal Marg Vikas Project (JMVP). In November 2018, PM Modi inaugurated first MMT at Varanasi, Uttar Pradesh.

The Rs.290 crore multi-modal cargo terminal has been built by Inland Waterways Authority of India (IWAI) on River Ganga at Sahibganj.

It will have a cargo storing capacity of 3 million tonne (MT) per year, a stockyard and parking and berthing space for two vessels.

Government has also planned an investment of Rs.376 crores for capacity enhancement in Phase-II to 54.8 lakh tonnes per annum. The development in Phase II will be entirely made by private concessionaire, under public-private partnership (PPP) mode.

Importance:

It will open up industries of Jharkhand and Bihar to global market and provide Indo-Nepal cargo connectivity through waterways route.

It will play an important role in transportation of domestic coal from local mines located in Rajmahal area (in Sahibganj district) to other thermal power plants located along National Waterway-1 (NW-1).

Cargo to be transported from terminal includes coal, stone chips, fertilisers, cement and sugar.

The convergence of Road-Rail-River Transport at Sahibganj through the new Multi Modal Terminals will connect this part of hinterland to Haldia (in Kolkata), to North-East states via Bangladesh by river-sea route and further to Bay of Bengal.

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GeM and Punjab Government inks MoU to set up Project Management Unit

Government e-Marketplace (GeM) under Department of Commerce, Union Ministry of Commerce & Industry and Government of Punjab, signed a Memorandum of Understanding (MoU) to set up a GeM Organizational Transformation Team (GOTT) Project Management Unit (PMU) in the state.

Key Highlights

Punjab is the 1st state which will establish GOTT PMU for effectively utilising this transformational initiative towards inclusive, efficient and transparent procurement. Among CPSUs, as of now only Steel Authority of India (SAIL) has already signed MoU for setting up of PMU. Many other states and CPSUs are in process of setting up GOTT PMUs.

It is estimated that through initiatives of GOTT PMU, Government of Punjab will be able to transact around Rs.1700 crore in terms of annual Gross Merchandize Value (GMV) on GeM platform in 1st year and over Rs.3000 crore per annum, over a period of time.

Importance: To further strengthen and enable Government departments towards a market based procurement, Department of Expenditure under Union Ministry of Finance has advised Ministries and Departments of Central and State Governments to consider services of GOTT on an outcome based self-sustenance model. GOTT will assist buyer agency to redesign procurement processes and enhance competencies to derive maximum benefit from online marketplace.

About GeM: It is the national public procurement portal that was launched in August 2016. Since then it has transformed public procurement landscape in country with transparency, efficiency and inclusion.  It has facilitated procurement worth more than Rs.34,000 crore of goods & services by various Government Departments, Organisations and Public Sector Undertakings (PSUs).

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