Gujarat [GPSC] Current Affairs - 2020

Injeti Srinivas appointed as the 1st Chairman of IFSCA

Retired  1983 batch Indian Administrative Service (IAS) officer from the Odisha Cadre- Injeti Srinivas has been appointed as the 1st Chairman of the International Financial Services Centre Authority (IFSCA) on 6th July 2020.

Injeti Srinivas has retired as the Secretary of the Ministry of Corporate Affairs on 31st May 2020. He has been appointed for a period of three years as the Chairman of International Financial Services Centre Authority.

International Financial Services Centre Authority (IFSCA)

During the winter session of the Parliament in 2019, on 12th December the bill to set up a unified authority that will be regulating the financial activities across all the International Financial Services Centres (IFSCs) in the country was passed by the parliament.

On 27th April 2020, through a notification by the Union Ministry of Finance, the International Financial Services Centre Authority (IFSCA) was established. The notification also stated that the headquarter of the IFSCA will be in Gujarat’s capital city Gandhinagar (GIFT City: Gujarat International Finance Tec-City is the first IFSC of India which is also located at Gandhinagar).

IFSCA will consist of a Chairman, and one member will be nominated by each of the regulators under the IFSCA Act 2019 (SEBI, RBI, IRDAI etc are the regulators). Apart from this, there will also be two members of the Central Government in IFSCA.

‘At One Click’ Initiative launched by Gujarat Government for MSMEs & Other Bigger Industries

For 12,247 Micro, Small, and Medium Enterprises (MSMEs) and bigger industrial units (including the textile industry) in the state, the Gujarat Government on 26th June 2020 has launched an online cash aid initiative. The initiative is named as ‘At One Click’. The initiative was launched by the Chief Minister of Gujarat Vijay Rupani.

About the Initiative

‘At One Click’ is an online aid initiative for which the Gujarat Government has committed Rs 1,369 crore of financial aid for the MSMEs and bigger industrial units (including the textile industry).

Objective of the Initiative

Through the initiative, the State Government looks to restore the former vibrancy of the state by motivating sectors such as MSME, traders, bigger industries, and businesses. The online initiative is to encourage these sectors for taking up the challenge that the COVID-19 crisis has bought and convert this into an opportunity.

Launch of the Initiative

By transferring Rs 768 crore directly into the bank accounts of 12,247 MSMEs the initiative was launched. Bigger industrial units that include textile industries as well will be transferred Rs 601 crore under the initiative.

The Chief Minister at the launch of the initiative has informed that 1.3 lakh loan applications from MSMEs and other industries have been received in the state under the Atma Nirbhar Bharat Package of the Central Government. The total loan amount of Rs 8,200 crore has been sanctioned as per the applications received to date, out of this, Rs 4,175 crore has already been disbursed.