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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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.
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).
Tags: GeM Organizational Transformation Team • GOTT PMU • Government e-Marketplace • Government of Punjab • Memorandum of Understanding • Project Management Unit • Union Ministry of Commerce & Industry
India and Asian Development Bank (ADB) signed 200-million dollar loan agreement for upgrading rural roads in 34 districts of Maharashtra with the objective of improving road safety and better connecting rural areas with markets and services. The agreement was signed between Sameer Kumar Khare, Additional Secretary, Department of Economic Affairs (DEA) in Union Ministry of Finance and Sabyasachi Mitra, Deputy Country Director of ADB’s India Resident Mission.
Key Highlights about ADB Project
Need: In 2016-17 Maharashtra accounted for about 15% of gross domestic product (GDP) but economic development in the state is concentrated around urban centres of Mumbai, Pune, and Thane. About 20 million people (or 17% per cent of state’s population) still live below national poverty line, while in some districts mainly in rural areas it is as high as 40%. Also, Maharashtra’s agriculture accounts for about 47% of employment, engages as much as 79% of rural labour force, and contributes 11% to state GDP.
Under the project the roads in rural areas will improve the condition of about 2100 kilometres of rural roads to all-weather standards. This will boost links between local residents and economic centres across the state.
The project will also work with Maharashtra Rural Road Development Association (MRRDA), the rural infrastructure agency, to develop road safety, road asset management, contract management, and climate resilient design. The loan provided by ADB is accompanied with a technical assistance grant of $1 million to support MRRDA to improve its management performance in these areas.
Total cost of project: is $296 million and out of this government will provide $96 million. The project is due for completion at end of September 2024.
Importance: The upgraded roads under ADB project will improve rural connectivity, boost links between local residents, productive agricultural land, and economic centers across the state. This will further help enhance agricultural productivity and incomes, rural livelihoods and alleviate poverty.