Economy News- Daily Digest: 4 Key Updates
1. RBI seeks NID help for the scrapped notes
The Reserve Bank of India (RBI) has approached the National Institute of Design-Ahmedabad to come up with innovative ideas by suitably recycling shredded currency notes, including demonetised notes of Rs 500 and Rs 1,000 to make usable products. The NID will flag off a nation-wide design competition for college students to scout for ideas for the same.
Close to 200 kg of this shredded currency, also called ‘briquettes’ have arrived at the NID for this purpose and a team headed by NID director Pradyumna Vyas and Pravinsinh Solanki, an NID faculty of furniture and interior design discipline, have been working on the concept. The duo has already created four-five products, including a sheet that can be used on table-top, a clock, a paper weight etc from the briquettes and will now look for “out-of-the-box” ideas from youths.
More recently, the RBI had approached NID for creating a security design motif for the new notes of Rs 500 and Rs 2,000 and that the NID has previously worked in designing of coins that are currently part of the currency system.
2. State entities can seek loans overseas
Large infrastructure projects being executed by State government entities will find it easier to tap international funds from bilateral financing agencies, with the Cabinet enabling them to directly access funding from such agencies on the basis of a central government guarantee while keeping such loans off States’ books.
3. ICICI Bank data centre becomes first CII-IGBC Platinum rated project
The ICICI Bank Data Centre in Hyderabad has achieved the distinction of becoming the country’s first Platinum rated project under IGBC Green Data Centre Rating System.
IGBC Green Data Centre Rating System would facilitate in providing tremendous tangible and intangible benefits. Tangible benefits include 20 to 25% reduction in power usage effectiveness and 25 to 30% reduction in water consumption. Intangible benefits include enhanced air quality, excellent daylighting, health and well-being of the staff operating such facility.
4. Govt likely to opt for new fiscal framework
Moving to a new fiscal framework, the government is likely to accept most recommendations of the NK Singh committee, including the proposal for a new debt management law, fresh deficit goalposts and escape clauses for fiscal deviation. The Finance Ministry is keen to go for a complete overhaul of the fiscal framework, including new goalposts and a revamped Debt and Fiscal Responsibility Act in place of the current Fiscal Responsibility and Debt Management Act, 2003.