Lockdown: Rs 1.63 lakh crore loss in GSDP in Gujarat
The lockdown necessitated by the Covid-19 pandemic will result in a gross state domestic product (GSDP) loss of Rs 1.63 lakh crore, the Hasmukh Adhia headed committee of experts has opined in its report to the state government.
The report also says that Gujarat’s growth rate, which was pegged at 13.32% by the 15th Finance Commission, will now hover around 5% because of the losses that all sectors have taken because of the lockdown.
The report states that the loss of GSDP in the primary sector is estimated to be Rs 0.17 lakh crore. The primary sector comprises crops, livestock, forestry & logging, fishing & aquaculture and mining & quarrying. Similarly, the loss of GSDP in the secondary sector will be 0.95 lakh crore. This sector comprises manufacturing, electricity, gas, water supply & other utility services and construction). The tertiary sector is estimated to face a GSDP loss of 0.51 lakh crore. This sector includes trade, repair services, hotels & restaurants, railways, transport by means other than railways, storage, communication & services related to broadcasting, financial services, real estate, ownership of dwellings & professional services, public administration, and other services.
The report states, “Since about 10 days of lockdown was in March 2020, the loss of GSDP for the year 2019-20 would be about Rs 0.27 lakh crore. Therefore, the quick estimate for the GSDP for 2019-20 would be Rs 16.36 lakh crore and not Rs 16.63 lakh crore taken as the base figure for the budget of 2020-21. The remaining 50 days of lockdown were in the months of April and May 2020 and hence, the loss of GSDP in the year 2020-21 would be about Rs 1.36 lakh crore.”
The fiscal deficit was budgeted to be Rs 33,536 crore or 1.78% of the GSDP for the year 2020-21 in February 2020. Similarly, the total debt, which includes PF, reserve funds, deposits & advances and contingency funds, was Rs 3.59 lakh crore or 19.1% of GSDP in 2020-21. “However, with revised GSDP due to lockdown the same fiscal deficit and debt would form respectively 1.95% and 20.9% of revised GSDP. Thus, the loss of GSDP due to lockdown has pushed the fiscal ratios up and marginally above the tolerance limit for total debt set by the Finance Commission for states,” the report states.
World Wind Day :15th June
Global Wind Day is a worldwide event that occurs annually on 15 June.
The event is celebrated to spread awareness about wind energy, the various uses of wind energy, and the ways and possibilities as to how wind energy can help change the world.
EWEA established the day as Wind Day in the year 2007 and later in 2009, EWEA (European Wind Energy Association) and GWEC (Global Wind Energy Council) teamed up with aims to coordinate the events globally and the name was changed to World Wind Day.
Global Wind Day began in Europe in 2007 and globally in 2009.
CIMAP announces photography competition on medicinal and aromatic plants
In an effort to create awareness about the usefulness of Medicinal and aromatic plants, the Central Institute of Medicinal and Aromatic plants (CIMAP) has announced a photography competition on medicinal and aromatic plants.
Through this competition, CIMAP also wants to convey the message of conservation of these medicinal plants.
The theme of the competition is ‘Know your Medicinal and Aromatic Plants (MAPs)’.
Central Institute of Medicinal and Aromatic Plants (CIMAP) is a research institute of Council of Scientific and Industrial Research (CSIR).
It is located in Lucknow, Uttar Pradesh.
Centre distributed assistive aids and devices to divyangjan under ADIP Scheme
Government of India has taken special measures to benefit the welfare scheme for Persons with Disabilities (Divyangjan) amidst the prevailing unprecedented situation faced by the society due to the COVID-19 pandemic.
A Virtual Assistance to Disabled Persons (ADIP) Scheme for free distribution of assistive aids and devices at Block level for Divyangjans under the ADIP scheme was organized at Talwandi Bhai Block of Firozpur district in Punjab.
Ministry of Social Justice and Empowerment has announced that the Virtual ADIP Camps will be organized nationwide for distribution of aids & assistive devices to Divyangjan during the pandemic.
Under the Ministry, several schemes have been initiated to provide financial assistance and scholarships to Divyangjan students to pursue their education to become self-reliant.
Centre also invited Divyangjan and their family members to get enrolled for Unique ID Cards for Divyangjan which are valid all over India.
31 Lakhs Unique ID Cards have been delivered to Divyangjan so far.
Centre launched online delivery-based gas trading platform, Indian Gas Exchange
The Union Minister of Petroleum and Natural Gas & Steel Dharmendra Pradhan launched the Indian Gas Exchange (IGX).
It will be the first nationwide online delivery-based gas trading platform.
IGX will act as a delivery-based trading platform to deliver natural gas.
The launch of IGX aims to help the nation move towards free-market pricing of natural gas
It is incorporated as a wholly-owned subsidiary of the Indian Energy Exchange (IEX), India’s energy market platform.
IGX will enable market participants to trade in standardized gas contracts.
The fully automated platform is a web-based interface and it provides seamless trading experience to the customers.
IGX is expected to play a bigger role in realizing a free market for gas.
IGX, India’s vision on mega investments on Liquefied Natural Gas (LNG) terminals, gas pipelines, City-gas distribution (CGD) infrastructure, and permission for market-driven price mechanism will be materialized.
India joined GPAI to support the responsible and human-centric development and use of AI
India has joined as a founding member and launched the Global Partnership on Artificial Intelligence (GPAI or Gee-Pay). Under this move, India has joined along with the league of leading economies including Australia, the US, the UK, European Union (EU), Canada, France, Germany, Italy, Japan, Mexico, New Zealand, Korea, Singapore.
Global Partnership on Artificial Intelligence (GPAI):
GPAI initiative aims to guide the responsible development and use of AI across the world.
The first of its kind initiative aims to evolve a better understanding of the challenges and opportunities around AI using the experience and diversity of participating countries.
The main objective of the initiative is to bridge the gap between theory and practice on AI by supporting cutting-edge research and applied activities on AI-related priorities.
They will evolve new methodologies through which AI can be leveraged to better respond to the present global crisis around COVID-19 pandemic.
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