Kerala Affairs
Govt to raise 1.5k-cr amid financial crisis
The has decided to raise Rs 1,500 crore from the market as Kerala continues to be in a financial crisis.
A statement issued by the finance department said that the government decided to raise the amount and use it for developmental activities in state. However, it is also learnt that the funds are meant for the disbursal of salaries and pensions next month.
The states main committed expenditure include salaries, pensions and interest payments on loans and the revision of salaries and pensions based on the recommendations of the 11thpay commission alone has caused an additional burden of Rs 15,000 crore annually to the exchequer.
The government has been maintaining that with the discontinuation of GST compensation by Centre, Kerala is facing a shortage of Rs 12,000 crore every year. In addition, another Rs 6,700 crore is the Revenue Deficit grant this year.
National and International Affairs
Increase in the use of Green Hydrogen
In the Independence Day speech on August 15, 2021,thePrime Minister announced the launch of National Hydrogen Mission. The Ministry of New and has accordingly prepared a draft Mission document which inter-alia proposes to support production and deployment of Green Hydrogen.
Green Hydrogen can potentially be used to replace fossil fuels and fossil fuel based feedstocks in a number of sectors inter alia including fertilizer production, petroleum refining, steel production and transport applications.
AAP to become a national party
Aam Aadmi Party(AAP) led by Arvind Kejriwal is all set to become the latest political outfit to get the status of ‘national party’ as the counting of votes is underway in recently concluded Gujarat Assembly . For AAP to get the status of the national party it will require atleast 6% vote share and needs to win atleast two seats.
To earn a national party status, a political party needs to be recognized in at least four states, and to be recognised as a state party, it needs to win at least two seats and 6 per cent of votes polled in the Assembly election. In other words, AAP needs to win just two seats and secure 6 per cent of votes
Indias first Surety Bond Insurance product to be launched on December 19: Nitin Gadkari
The Ministry of Road Transport and Highways (MoRTH) will launch India’s first-ever surety Insurance product on December 19 to boost liquidity in the Infrastructure sector.
While surety bonds refer to the performance or delivery obligation to complete the insured project, the corporate bonds refer to financial obligation to repay the debts or loans.
Croatia joins the euro
The European Union has given Croatia the green Light to begin using the euro and join theSchengen zone from next year.
The country will join 19 other EU member states that use the currency.
It will adopt the currency from 1 January 2023, making Croatia the latest nation to join the eurozone since Lithuania in 2015.
From next year, it will mean that just seven EU countries still use their own currency.
By adopting the euro, the eastern European nation hopes to gain more financial security and improve the living standards of its citizens.
Croatia will also benefit economically from closer financial links with the single currency areas other members and the European Central Bank.
As Croatia becomes the 20th EU nation to adopt the euro, there are still a number of members that havent taken this step.
In total, seven EU countries dont use the euro: Bulgaria, Czech Republic, Denmark, Hungary,Poland, Romania, and Sweden.