Economy News-Daily Digest: 3 Key Updates
1. Government hikes FAME India phase-1 outlay to ₹895 crore
The government has increased the outlay by Rs 100 crore to Rs 895 crore for the first phase of the FAME India scheme to promote mass adoption of electric vehicles, having extended the scheme four times. The phase-I of the Faster Adoption and Manufacturing of (Hybrid) and Electric Vehicles (FAME India) scheme was supposed to be implemented over a two-year period commencing from April 1, 2015. It was to be followed by the rollout of the second phase. The first phase was extended four times for six months each. The latest extension is in effect till March 2019 or till a notification for the second phase. The Ministry of Finance has approved the enhancement of the total outlay on the first phase of the scheme from Rs 795 crore to Rs 895 crore, according to a gazette notification issued by the Ministry of Heavy Industries and Public Enterprises, which is implementing the scheme. This followed recommendation from the Expenditure Finance Committee (EFC) for an additional outlay of Rs 100 crore, over and above the existing approved outlay.
2. “Paisa – Portal for Affordable Credit & Interest Subvention Access”, Launched Under Day-NULM
A centralized electronic platform for processing interest subvention on bank loans to beneficiaries under Deendayal Antyodaya Yojana – National Urban Livelihoods Mission (DAY-NULM) named “PAiSA – Portal for Affordable Credit and Interest Subvention Access”, was launched. The web platform has been designed and developed by Allahabad Bank which is the Nodal bank. PAiSA is yet another effort by the government to connect directly with the beneficiaries, ensuring that there is greater transparency and efficiency in delivery of services. DBT of subvention on monthly basis under DAY-NULM will give the necessary financial support to small entrepreneurs in a timely manner. The portal was launched during the course of a day long National Workshop on Municipal Finance and Urban Planning organised by the Ministry of Housing and Urban Affairs and provided a platform to identify key areas of concern regarding municipal finance and urban planning, and exploring the options available to resolve them by inviting senior officials / experts to shed light on best practices. More than 300 delegates comprising officers from the States, Urban Local Bodies, Town Planning Offices across the country and Banks participated in the workshop. All 35 states / UTs & all scheduled commercial banks, RRBs and Cooperative Banks are expected to be on board the PAiSA portal the year end.
3. First-ever India Russia Strategic Economic Dialogue being held at in Russia
The first-ever India Russia Strategic Economic Dialogue is being held at St. Petersburg in Russia. The Indian side is being led by NITI Aayog Vice Chairman Rajiv Kumar, with the Russian delegation headed by Economic Development Minister Maxim Oreshkin.
The two-day forum is also expected to bring together key business figures from both countries.
The participants will discuss the development of bilateral ties in trade, investment, technology and industry.
Transport, agriculture and agro-processing, Small and Medium Enterprises, digital transformation and frontier technologies and industrial cooperation are some of the key areas of focus.