States Current Affairs – 2018

Current Affairs 2017, 2016 of all States with latest updates. Current Affairs will list latest developments, issues in all states

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Kerala Infrastructure Investment Fund Board to issue masala bonds worth Rs 5,000 crore for development works

Kerala Infrastructure Investment Fund Board (KIIFB) is going to issue masala bonds worth Rs. 5,000 crore to mobilise funds for various development works. KIIFB has appointed Standard & Poor’s and Fitch Ratings for rating the masala bonds issue. The bonds will be listed in London and Singapore stock exchanges. The funds will be raised in tranches over period of 10 years.

KIIFB

It is Kerala government owned financial institution. Its mandate is to mobilize funds for infrastructure development from outside state revenue. It is statutory body constituted by Kerala Infrastructure Investment Fund Act, 1999.

Masala bonds

Masala bonds are rupee-denominated bonds through which Indian entities can raise money from foreign markets in rupee and not in foreign currency. Basically, it is debt instruments used by corporates to raise money from foreign investors in local currency. The issuance of rupee denominated bonds transfers risk associated with currency fluctuations to investors and not to the issuers. This is especially during depreciation of domestic currency and when borrowing is in foreign currency as company has to pay more while repaying its debt, or while servicing interest on such borrowings if the rupee weakened. From the issuer’s perspective, masala bonds provides cheaper borrowings compared to raising funds in India besides helps in diversifying its sources of fund-raising. Besides, it also helps in internationalization of the rupee and in expansion of Indian bond markets. Its issuance in long term can help to check slide of rupee and also reduce current account deficit over time.

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Odisha Government launches Nirman Kusuma programme

Odisha Government has launched ‘Nirman Kusuma’ programme for providing financial assistance to the children of construction workers for their technical education in the state. The scheme was launched by Chief Minister Naveen Patnaik in Bhubaneshwar, state capital.

Nirman Kusuma programme

The scheme aims to help fulfil dreams of construction workers’ children by providing financial assistance for their education in Industrial Training Institutes (ITIs) and polytechnics. Under it, ITI student is entitled to get financial assistance of Rs. 23,600 and diploma student to get Rs. 26,300 per annum. Total of 1,878 students from the state will get benefit from the programme.

Besides this programme, state government has also increased financial assistance for girl students by 20%. Female students from standard 6th to post graduation level will be provided financial assistance. State government also has doubled death benefits for the construction workers. The families of construction workers’ will now get compensation of Rs. 2 lakh, increased from earlier Rs. 1 lakh. Similarly, accidental benefit for construction workers’ also has been doubled from Rs. 2 lakh to Rs. 4 lakh.

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