Assam has unique natural beauty with very rich bio-diversity, historical monuments, tea gardens and its colourful cultural festivals. All these are perfect ingredient to make Assam one of the best destination of the tourists but it is still far below the potential level, mainly due to various reasons ranging from natural and geographical to negligence of government.
Of the tourism sector in Assam, natural parks and sanctuaries, rivers, lakes, warm water springs, forests, wild life, are the principal components of attraction in the state. State Govt. of Assam have been undertaking various tourism projects for infrastructure building as well as schemes for marketing and promotion of Assam Tourism. Assam Govt has formulated the Tourism Policy of Assam 2017 to boost the tourism sector of the state.
The policy will be eff ective from 1/1/2018 and will be valid for a period of 5 years, i.e. up to 31/12/2022. All eligible new tourism units, which commence commercial operation within the period of validity will be eligible for the incentives from the Date of commencement of commercial operation for the period applicable for each incentive as specified.
Vision Assam becomes a Nationally and Internationally acclaimed all-season Tourist destination for its unique wildlife, bio-diversity and experience of an unexploited wonderland. Tourism is to be one of the main sources of income-generation for the people. It will also be a vibrant and significant contributor to the sustainable development of the State of Assam.
Mission
To bring in maximum footfalls to Assam.
To promote Assam Tourism with a new approach of vigorous massive campaigning.
To build a global brand ‘Awesome Assam’ to attract National and International Tourist.
In keeping with “Act East Policy” of Central Government, we will have close collaboration with other neighboring countries like Bhutan, Nepal, Bangladesh, Myanmar, Thailand, Laos Vietnam, South Korea, Japan, China & other South East Asian Countries harping on the similarities of these communities with the people of Assam.
Identify most popular and attractive tourist destinations and develop tourist Infrastructure in an around them.
To encourage Responsible Tourism (RT) in the state with a view to preserving environment eco-systems in keeping with Sustainable Development Goals.
To facilitate extensive involvement of private sector and active participation of local community in all aspects of Tourism promotion.
To create an investment friendly atmosphere for promotion of Tourism by making full use of Ease of Doing Business.
To ensure safety and security of the tourists.
To promote Spiritual Tourism centering on Kamakhya Temple as India’s most powerful Shakti- Peeth highlighting Ambubachi Mela.
To promote Wildlife Tourism centering on one-horned Rhinoceros.
To promote Tea Tourism of Assam.
Promote Film Tourism by developing single Window clearances and providing incentive to film makers.
Objectives:
To make Assam a tourist Hub for North East India.
To market Assam as a hot destination for the tourists from East & South East Asian Countries.
To leverage innovative forms of Tourism such as Cruises, Ethnic Tourism, Tea & Golf, leisure Tourism, Transit Tourism, Adventure Tourism and Monsoon Tourism.
To develop positive, Tourist friendly and reciprocative culture among local tour operators, guides and hospitality providers.
To upgrade skill, quality and professionalism of all service providers connected with tourism.
Developing Assam into an all season tourist destination.
To focus on benefits for the Community from tourism. To create enabling environment for investment.
Strategies:
Assam Tourism website – An interactive and fully comprehensive website of Assam Tourism will be launched wherein all required information for any prospective domestic or international tourist will be readily available at the click of the mouse.
A vigorous campaigning through social media such as Facebook, You-Tube, Twitter, Blogging sites will be launched to attract the younger up-coming generation of Tourists.
Regular Meet with the National and International Tour Operators Association & Hoteliers & Restaurateurs Association will be organized. Fam tours will also be organized regularly.
Building Brand – A comprehensive marketing strategy will be chalked out in consultation with professional agencies. A brand image of Assam as “Awesome Assam” will be created portraying the states uniqueness and exotic beauty.
A renowned celebrity will be roped in as brand Ambassador of Awesome Assam. A blitz-Krieg National & International Promotional Campaign shall be launched to build “Awesome Assam brand through newspapers life style magazines, in-flight magazines, TV advertisements, Talk shows, Road shows, Travel marts and Tourism stalls and kiosks etc.
A total NE perspective in tourism planning, where the strength of each state complement each other is beneficial to all and is a constructive way forward for tourism promotion. Assam will play a proactive role to develop such a wide view of tourism promotion through coordination among the states in creating zonal and regional circuits.
Wildlife Tourism – An attractive feature of the Assam’s forests is its colorful wildlife. Some of the species are exclusive to the state. Assam is famous as the home of one-horned rhinoceros which is its unique selling point apart from the fauna.
Though most of the domestic and international tourists are drawn towards Kaziranga and this heritage site has got best tourist facilities with private participation, yet the Government will develop infrastructure around individual Wildlife sanctuaries such as Manas, Pabitora, Orang, Pani Dihing, Barail and Nameri at Dibru-Saikhowa across Assam to accommodate tourists and resort to aggressive marketing to position Assam as Wildlife destination of the world. The Quality of Tourist facilities will be improved and proper tourist information centers will be established in each place.
Spiritual Tourism
After wildlife, it is the spiritual tourism which attracts pilgrim tourists to Assam. Centered around the famous Shakti-peeth, Kamakhya Temple atop Nilachal hill top, the religious/spiritual tourism can catapult Assam into a major spiritual tourism destination in the country.
A brand Nilachal will be developed in the next five years in an integrated manner utilizing Government of India funds under PRASAD scheme. The Government will endeavour to help put in place best practices for the Management of the Temple.
Annual four day Ambubasi Mela at Kamakhya temple during the month of June has come to be known as Mahakumbh of the East where lakhs of people and sadhus congregate. This shall be highlighted in publicity campaigns in domestic tourist circuits with an appropriate tagline giving forceful punch to spiritual tourism.
Hajo is another centre where people from three religions- Hindu, Muslim and Buddhists converge for pilgrimage. It has always been symbol of communal harmony for the country and will continue to be projected as such. Hajo will also be linked with Guwahati city tour.
“Sankardev Trail” or “Vaishnav- Trail”– projecting Vaishnavite cultural proliferation in Assam will be developed in Barpeta-Bordua-Majuli. A number of Museums depicting the life of the great saint & reformer and development of neo-vaishnavism will be set up with the help of the Government. A number of local souvenirs, local handicrafts and cuisines will be developed and managed by the Local entrepreneurs.
Efforts shall be directed for preparing Buddhist circuit in the State to woo large number of Buddhist pilgrims.
Ethnic Tourism
Assam is a home land of various ethnic tribes and groups, each having its own cultural heritage.
Ethnic Tourist circuits will be developed to attract the tourists from all over the world. The ethnic socio-cultural and religious festivals will be organized where Songs and dances, display of colourful dresses, tasting of innumerable varieties of both vegetarian and non-vegetarian dishes is the main feature.
Tea & Golf Tourism
Since discovery of tea in 1823, tea-gardens have become an integral part of Assam’s landscape. Each of these thousands of lush green tea gardens in Assam is a treasure house of exotic beauty of nature with colourful people and their enchanting songs and dances, sprawling bungalows, and residential facilities. Many of these tea gardens have polo fields and golf courses.
Therefore, coordination with the management of the tea gardens can effectively n promote tea tourism in the state. Tourism Department will engage and persuade some of the willing tea gardens to be a partner in tea tourism packages.
There are about 20 key golf courses located mostly within the compact arear of tea gardens. These off er a unique opportunity to develop golf tourism in the state. Most of the courses are located near the airstrips and helipads maintained by the tea garden management.
River Tourism
The State of Assam has an extensive river network. Brahmaputra is intrinsic to the socio-cultural life in Assam. Colorful canal barges, boating, luxury cruisers, motor boats, dolphin shows, under water-world, water sports and lighters, para sailing, river rafting, water amusements and more.
International standard of luxury cruises can be a great driver to draw more domestic and international tourist traffic to Assam.
Ethnic tourism on both banks of river with infrastructure and on-shore linkages for night halts from Guwahati to Majuli will be put in place by promoting ethnic tourism.
Government will promote river taxi services between the North and South banks at Brahmaputra at places of touristic interest.
Transit Tourism
Guwahati is not only a tourist destination but also is perceived as a halt or the entry-point to the north eastern states. It is a city from where one could connect to other parts of Assam or get in and out of the northeast. On an average, a tourist spends about 2 days in transit which could be turned as a great opportunity to promote Guwahati City based Tourism titled as ‘One day in Guwahati’ or ‘Two days in Guwahati’.
Government will also promote Night Life in and around Guwahati city like nightclubs, malls, pubs, bars, sports bar and indoor gaming etc through the Private Sector.
Adventure Tourism
The enchanting blue hills and speedy rivers of Assam provide and enormous scope for the development of water based adventure tourism. Adventure sports activities like rock-climbing, trekking, para-sailing, water sports, river rafting and angling are promoted by the Department of Tourism. Tourism Department will join hands with Adventure Institute of Sports Department to design various adventure activities at tourist sites catering to tourists in particular. This will generate a lot of employment opportunities for local youths.
Monsoon & Leisure Tourism
Assam has early onset of Monsoon, generally beginning from 15th of May, the comparatively cooler climate and fulsome rains coupled with summer vacations in other parts of the country is a major advantage for Assam to attract domestic travellers. ‘The Monsoon Country’ tag and proximity to Cherrapunjee, the wettest place on earth and discounts in luxury hotels, cottages, homestays and huts-on-stilts will obliterate seasonality in Assam Tourism and generate revenue throughout the year.
Leisure tourism activities during on or off season will be developed in the state through private sector participation which includes Gaming Centers, Nightclubs, Discotheques, Five Star Resorts, Malls, Pubs, Sports bars, Adventure Parks, Amusement parks, Yoga and Ayurvedic Spas, Bird watching, Angling, Fairs & Festivals etc.
Eco Tourism
Eco-tourism is also a new concept, developed around the idea of travelling to places of natural beauty, moving around and staying with the places of nature for a couple of days.
It has the twin objectives of conserving environment and improving the welfare of the local people.
Assam has immense scope for eco-tourism. The state is virtually free from industrial pollution. Its green forests, blue hills, enchanting rivers are the basis on which eco-friendly tourism can be developed. For that a host of matters to be properly addressed.
Medical Tourism
The rapidly growing healthcare sector in state capital Guwahati has gradually started to attract international patients not only from neighboring countries such as Nepal, Bhutan and Bangladesh but also from far-off countries, especially African nations.
From a place of primary healthcare centers, dispensaries and clinics, the city has now expanded itself into a hub of critical care, multi-specialty and super-specialty centers. Health sector experts attribute this emerging trend to low-cost treatment, quality healthcare infrastructure and availability of skilled doctors.
State can inject a dose of conventional transit tourism to a patient’s itinerary by taking the patients and escorts in and around Guwahati for a day or two.
Mining Tourism
The history of coal mining in the region of Assam dates back to the later part of the 19th century by the erstwhile Assam Railway and Trading Company (AR&T). Assam will also develop Mine Tourism in the eastern Coal fields and oil fields of the State.
Promotion of Film Tourism
Single Window Clearance System to film makers, serial producers, documentary makers etc.
Assam shall motivate reputed filmmakers of Hindi / English / other foreign languages for film shooting in Assam through attractive incentives.
Assam Tourism shall organize Regional, National and International Film festivals in suitable Tourist destinations to promote Film Tourism, with the assistance of Cultural Affairs Department.
Identification of tourist destinations /spots and circuits.
For each individual category of tourism such as Nature & Wildlife, Spiritual, Tea & Golf, Eco, Ethnic, Monsoon, Adventure etc diff erent Tourist destinations and tourist circuits shall be identified. For example, Jatinga valley and Majuli can be destinations for Ethnic Tourism.
Development of Tourism infrastructure.
A tourism destination must deliver quality service, environment and customer satisfaction to a tourist. Our endeavor should be to deliver a feel good experience to all categories of tourists which can be achieved only by providing quality basic amenities at the destinations. This shall include services in hotels, restaurants, places of interests, up-keep and maintenance.
A District Level Tourism Committee under the Chairmanship of Deputy Commissioner of district shall work to ensure co-ordination among the working executives of line departments and also look after community involvement.
The Tourism Department will depend on the local self-government such as Panchayat or Town Committees/ Municipalities in ensuring day to day upkeep and maintenance, cleanliness and hygiene, promotion of local cuisines, culture & handicrafts in Tourist localities.
Bhramyamaan or Mobile Theatre is the single largest entertainment sector of Assam and rarely found in other states of the country should be integrated with the Tourism sector.
Community involvement in Tourism
Participation and the acceptance of local community is the key to make Tourism a success. Tourism development at any destination should first benefit the local community in terms of economic and social gains. The economic objective of Tourism industry is basically generating employment opportunities for the local population. Increased incomes will help local people to enjoy better standard of life which will have an enabling eff ect on the community to live in harmony with their surroundings.
The Department will run awareness programmes on Responsible Tourism among the populace living in the vicinity with help of Local Management Committees.
The Department will also facilitate Entrepreneurship Development Programme (EDP) through IIE and Employment Generation Mission (EGM) to develop local entrepreneurs.
The department shall do a mapping of Local Handicrafts, Art work etc which are fast disappearing and would like to restore and promote among the new generation artisans as such preventing its extinction.
Tourist Information Officers (TIOs) and Assistant Tourist Information Officers (ATIO’s) shall be appropriately re-designated and will be given special responsibilities and powers to act as Tourist Warden.
Skill Development
There is a large gap between demand and supply of skilled manpower in the tourism sector. A detailed study on HRD in tourism sector in Assam is required to highlight the education system in travel, tourism and hospitality.
Attempts would be made to facilitate common standards, uniformity and harmony in curriculum, faculty qualification and education delivery.
Attempts would be directed towards making the hospitality and tourism sector a popular career option by providing skills that can bring attractive wage offers.
Local youths including women, differently-abled and Scheduled Caste & Scheduled Tribe category shall be trained in skill development courses. Tourism Department shall give financial assistance in the form of reimbursement of course fees for the selected courses up-to 100%. The criteria for selection and financial assistance will be decided by the Government.
Local Transport Improvement
Transport from airport, railway stations, bus stations or any other point of disembarkation up-to the tourist destination and between the destinations is the most crucial factor from tourist point of view.
Safe, secure and reliable Transport Services are of outmost importance.
Pre-paid and meter taxi services to the destinations shall be regulated through transport department. The taxis may carry the logo of tourism department once all standards and certifications are made.
Certification process for tourist drivers shall be made mandatory. The drivers, handymen shall be trained to behave appropriately with tourists and can also work as tourist guides. Special training programme for the drivers in the Airport must be organized on a regular basis.
Investment in transport services to places which are difficult to access like riverine islands (Majuli), hillocks, and hills. Such services could be river taxis, helicopters, hovercrafts, ropeways etc.
Development of Wayside amenities
Development of modern wayside amenities with public conveniences at interval of about 40 kms in major roads and also at the tourist destinations is the need of the hour. These facilities should consist of food joints with local /ethnic /continental cuisines, grocery shop, medical stores, coffee shops, play area for children and good, clean lavatories etc.
Managing Resources for Tourism
Wildlife Tourism is the most important component of Assam. It is imperative that the tourism Department is totally dependent on Forest and Environment Department for Wildlife Tourism. Hence, Tourism Department will take steps to augment eco-friendly initiatives of Forest Department to provide Tourists a wholesome experience while earning revenues with involvement of local community.
The success of Spiritual tourism centered on Kamakhya Temple, Ambubashi Mela, Hajo, Siva Doul in Sivasagar etc depends upon the involvement of local Self Government Boards. Hence, Tourism Department will work in tandem with the local bodies and other departments to increase tourist experience at the local level.
Adventure Tourism is linked with the Sports Department. Tourism Department will work in close co-ordination with the Adventure Institute of Sports Department to improve Tourist facilities and existing resources.
Tourist centric approach
A 24×7 centralized Tourist Helpline Number shall be activated for tourist information, safety and security in multiple languages. This helpline number will be displayed prominently in all Tourists spots and also on the way side amenities.
Home Department will be persuaded to set up tourist Police Stations and Tourist Police patrolling at important tourist destinations.
Enhancing local experience of tourist. Numerous monuments dating back to the medieval period to the 19th century reflect the Burmese architectural style as well as that of the mainland.
Department will encourage the Hoteliers and Restaurateurs to provide local cuisines to be served in traditional styles. Local youths shall be trained as Chefs and cooks.
The Tourism department will encourage ARTFED, JAGARAN, and other local self -help groups of Artisans to open Souvenir and Handicraft shops at all prominent destinations. Panchayat and Local Bodies shall allow spaces at concessional rates to the Artisans to open these out-lets.
Promotion of Environment Friendly Practices
The Government shall ensure strict enforcement of the provisions of this act to make water bodies of tourist importance such as Deepor beel and Charan beel free from nuisance.
Department will ban the use of disposable plastic bags, plastics cups, plates etc completely at Tourist places.
Ease of Doing Business in Tourism
A single window clearance system will be developed to facilitate fast track clearance of all required approvals/permission for film shooting in Assam.
Active collaboration with Central Govt. and proper implementation of Central Schemes
Tourism Department shall actively collaborate with Ministry of Tourism, Ministry of Urban Development, Ministry of Skill Development, Ministry of External Aff airs, and Ministry of Commerce, NITI Ayog, Archeological Survey of India and other ministries.
Public Private Participation (PPP) in Tourism
Existing tourism infrastructure manned by ATDC/Assam Tourism shall be given to Private sector for operation and management.
Wayside Amenities such as Information Kiosks, Souvenir Shops, Public toilets, dhabas on tourism routes and at tourism destinations shall be developed in PPP mode.
Development of River Cruise, On-shore infrastructure on Brahmaputra, Golf Course-cum-Resort and Convention Centre.
Standardization and Certification
To promote sustainable development of the tourism industry and to prevent unplanned mushroom growth of tourism related activities, the State Government will put in place a regulatory mechanism.
Annual Excellence Awards
To recognize and encourage excellence in tourism services and tourism products in the state, Tourism department shall institute annual Excellence Awards for various categories.
ICT Measures in Tourism
The Government shall promote ICT enabled technologies through mobile applications, social networking sites, tourism blogs and virtual tourism under Digital India Programme.
Major Tourist destinations will be equipped with CCTV cameras, wi-fi services and mobile based services to ensure tourist safety and security as of paramount importance.
Connecting Highways to South East Asian Nations
In tune with ACT EAST policy of the Government of India and to exploit fully the opportunities for tourism expansion opened up by the Trans-Asian Highway, particular attention will be given to connect the destinations by good all weather road links from this highway. The road connectivity of the North-West of South East Asia (i.e. Assam) to South-East Asian counties via Myanmar and Thailand to Singapore, Laos, Cambodia and Vietnam will open floodgate for the tourists from these countries.
Initiatives for improvement of air connectivity from diff erent countries like Tokyo-Seoul-Beijing etc. shall be taken up for the benefit of tourists.
Incentives to tourism sector
Tourism shall be accorded industry status in Assam and all facilities & incentives applicable to Industries shall be available to Tourism Industry also.
The newly launched Scheme of “Amar Alohi” is the flagship scheme of Government of Assam to promote sustainable tourism and provide employment opportunities in semi urban and rural areas through Home Stay Schemes. It will provide subsidy for construction of new home stay units in the tourism potential areas of semi urban and rural Assam. The newly constructed homestays will also have sustained and regular training mechanism.
Financial grant to Hindi / English / foreign language Cinema makers who have produced minimum 5 feature films with country wide audience and having the following criteria –
a) Minimum 25 % of the entire shooting of the feature film in Assam b) At least 25 % of cast & crew should be from Assam c) Should get an U or UA certificate by Censor Board.
Cash grant amounting to 25 % of Qualified Production Expenditure (QPE) or Rs 1 crore, whichever is less. Number of films to be covered will depend on budgetary provision for the year.
Free Counseling at Tourism Incubation Centre at ATDC for promotion of tourist business and entrepreneurship.
Subsidies
In order to promote industrialization in the North Eastern Region, the Government of India has been announcing various Industrial and Investment promotion policies from time to time. The state Government shall take initiative for extending all such benefits/incentives etc. to the tourism sector also in addition to the Govt. of India’s Scheme.
State Government proposes to provide the following incentives to eligible tourism units.
(i) A new tourism unit which commences its commercial operation during the validity of this policy i.e. from 1/1/2018 to 31/12/2022 with a minimum investment of Rs.100 lakhs in the Tourism locations, shall be entitled to reimbursement of 50% of net SGST paid for a period of ten years from the date of such commercial operation subject to maximum of 100% of fixed capital investment. (ii) of 30% of capital investment subject to a ceiling of Rs.1 crore shall be available for Tourist lodges, Hotels, Resorts, Houseboats and floating Restaurant and located in tourism locations. (iii) 25% of the cost payable to Assam State Power Distribution Company Ltd. (APDCL) for drawal of power line to the eligible units including the cost of transformer subject to a ceiling of Rs.10 lakhs. (iv) 75% of the cost of construction of approach road to the premises of eligible units shall be reimbursed in the form of a subsidy subject to a ceiling of Rs. 10 lakhs. (v) Private sector will be encouraged to proactively participate and invest in tourist places in the Tourism sector. A special incentive will be off ered as additional 10% capital grant upto Rs.25 lakhs for investment in remote/potential tourist destination of Assam. (vi) For private properties in Tourism sector, both existing and new, 25% of investment on renewal sources of energy will be reimbursed subject to maximum of Rs.10 lakhs.
Implementation and Monitoring
Following Committees are constituted for scrutiny of the applications and to approve the deserving cases for the issuance of Eligibility Certificate for the entire fiscal and tax incentives under this Policy.
Director Level Committee to consider grant of Eligibility Certificate for incentives under this policy for new Tourism units:
1. Director Tourism, Assam Chairman 2. Managing Director ATDC Vice Chairman 3. Representative of Deputy Commissioner of the concerned district Member 4. Representative of concerned Autonomous council Member 5. Finance & Accounts officer of the Tourism Department Member 6. Officer of APDCL Member 7. Representative of Tourism Department Government of Assam Member 8. Senior most Deputy Director Tourism Member Secretary
It is a non Government, non profit, literary organisation of Assam.
It was founded in December, 1917 to promote the culture of Assam and Assamese literature.
It has about one thousand branches all over Assam and also outside the state.
It’s central office is at Jorhat
Genesis
The history of modern Assam, modern Assamese language and literature and culture found their starting points in the early part of the 19th century.
Since 1872 some efforts were made to build up some organisations for the development of modern Assamese language, literature and culture.
Padmanath Gohain Baruah had established Kohima Sahitya Sabha at Kohima, Nagaland, in the month of December, 1895. Padmanath Gohain Baruah was founder Secretary and Nabin Chandra Bhattacherjee was the founder President.
Assam Sahitya Sabha, which came into being in 1917, was the final results of all those efforts.
The first conference was held in the month of 26th December 1917 and Padmanath Gohain Baruah was it’s first President. Sarat Chandra Goswami was the first secretary.
At that time it was held under the banner of Sodou Axom Sahitya Sanmilani. On 5th May of 1924, it was registered as ‘Axom Sahitya Sabha’ and the earlier name was formally changed in 1944.
Main functions
Work for all round development of the Assamese language, literature and the culture of Assamese.
Publications of Dictionary, Research works, monographs on languages, literature, culture, tribes and races etc.
To enquire, discover, collect and research on ancient Assamese literature.
To promote music, art and sculpture of the State.
To promote and publicize the Assamese language and literature.
Sahitya Sabha festivals
The conference of the Asam Sahitya Sabha helds biennially. The writers of the state assemble, exchange their views and address the people.
First conference of Asam Sahitya Sabha was held at Sivasagar, Assam.
The last conference was held in Padmanath Gohain Baruah Khetra, Sivasagar from 8 February to 12 February 2017.
The official journal of the Asam Sahitya Sabha, Asam Sahitya Sabha Patrika was first published in 1927.
Presidents
Padmanath Gohain Baruah was the first president of Asam Sahitya Sabha during the inaugural conference at Sibsagar in 1917.
Chandradhar Barua Goalpara was president 1918, Kaliram Medhi in 1919, Hemchandra Goswami in 1920 and Amrit Bhushan Dev Adhikari in 1923.
Unicode for Assamese language
A team, included the current Sahitya Sabha president Dr Paramananda Rajbongshi, met with the International Organization for Standardization (ISO) working group II to sound out a long-standing demand for an independent digital identity to the Assamese script.
Unicode Standard was accepted by the Government of India in 2000, the Unicode Consortium did “not encode the Assamese script, instead added two characters of the Assamese script to the Bengali script, depicting them as a Bengali characters.”
According to the Asam Sahitya Sabha factsheet, the early 5th century inscription of the Nagajari-Khanikar village in Assam’s Golaghat district is the oldest Assamese inscription.
The Bodo Sahitya Sabha promotes the Bodo language and Bodo literature.
It was founded on 16 November 1952, under the presidency of Joy Bhadra Hagjer, at Basugaon, in the district of Kokrajhar, Assam.
Major works of Bodo Sahitya Sabha
Bodo intellectuals felt that Bodo language must be preserved and developed at par with Assamese and Bengali languages, as they realized very late that the education was the key component to the overall development of Bodo people and their language.
After prolonged struggle and determination of the Bodo Sahitya Sabha, the Bodo language was introduced as a medium of instruction at primary level in 1963 and then at secondary level in 1968.
Bodo language and literature has been recognized as one of the Major Indian Languages (MIL) in Gauhati, Dibrugarh and North-Eastern Hill Universities.
In 1985, Bodo has been recognized as an associated state official language of Assam.
It is credited for a large number of books on prose, poetry, drama, short story, novel, biography, travelogue, children’s literature & criticism.
Recent development
Recently, under the aegis of the commission for Scientific and Technical terminology, HRD Ministry, the Govt. of India, the Bodo Sahitya Sabha is preparing more than forty thousand scientific and technical terms in Bodo language.
Since 2005, Sahitya Akademi Award for Bodo language is given each year, by Sahitya Akademi, to writers and their works, for their outstanding contribution to the upliftment of the language.
By 92nd Constitutional Amendment Act, 2003, Bodo language was added to the 8th Schedule of the Indian Constitution.
Important Personality
Joy Bhadra Hagjer was the first Presidents of Bodo Sahitya Sabha, from 1952 to 1966, and Satish Chandra Basumatary was the second President for the period of 1966-1968.
Sahitya Akademi Awardee for Bodo language in 2005 was Mangal Singh Hazowary and in 2006 was Katindra Swargiary.
The Mising Agom Kebang is the highest body of the Mising people.
It was established on 18 April 1972 in the district of Dhemaji, Assam.
It is a non-political voluntary organization, dedicated to the cause of preservation and development of Mising language and literature.
It has been registered as a ‘society’under the SOCIETIES REGISTRATION ACT, 1860, Govt of India
Genesis
Nahendra Padun, a research student at Gauhati University, and Prof. Tabu Taid, a lecturer in English at Cotton College, Guwahati, initiated to carrying the works of the Guwahati Mising Kebang at the level of the whole Mising community.
A meeting was organised at Disangmukh of Sibsagar district on April 17 and 18, 1972 and there a resolution was adopted to set up an organization named Mising Agom Kebang (MAK).
Tabu Ram Taid as its first president and Nahendra Padun as its first secretary.
Activities
The MAK decided to adopt the Roman system of writing as the script for Mising language, with extensive modification as per the requirement of the phonemics of the Mising tribes.
MAK has also published various books and periodicals written in Mising language, mainly on Mising language, literature, and culture.
MAK also worked for the introduction of Mising language in the primary schools in Mising villages, and in 1985 the Assam government agreed to do so.
EESL signed $300 mollin pact with World Bank to boost energy efficiency programme
Indian Govt, the government, World Bank and Energy Efficiency Services Limited (EESL) signed a US$ 220 million loan agreement and a US$ 80 million guarantee pact to push energy efficiency programme in India.
To be implemented by EESL, the programme will help incrase the deployment of energy saving measures in residential and public sectors, strengthen EESL’s institutional capacity, and enhance its access to commercial financing.
The US$ 220 million loan, from the International Bank for Reconstruction and Development (IBRD) to Energy Efficiency Services Ltd, has a 5-year grace period, and a maturity of 19 years. This investment package is expected to avoid lifetime greenhouse gas emissions of 170 million tons of CO2, and contribute to avoiding an estimated 10 GW of additional generation capacity, which would be over 50 per cent of the National Mission for Enhanced Energy Efficiency target of 19.6 GW indicated in India’s Nationally Determined Contributions (NDCs) under the Paris Accord.
The key components of the program includes
creating sustainable markets for LED lights and energy efficient ceiling fans; facilitating well-structured and scalable investments in public street lighting
developing sustainable business models for emerging market segments such as super-efficient air conditioning and agricultural water pumping systems
strengthening the institutional capacity of EESL
FACTFILE – Energy Efficiency Services Limited (EESL)
Energy Efficiency Services Limited (EESL) is an energy service company (ESCO) of the Government of India and is the world’s largest public energy service company (ESCO).
It is 100% government owned, a joint venture of state-owned NTPC Limited, Power Finance Corporation, Rural Electrification Corporation and POWERGRID.
EESL was formed under India’s Ministry of Power to facilitate energy efficiency projects. Innovative business and implementation models can significantly reduce consumption and costs.
EESL also acts as the resource centre for capacity building of state electricity distribution companies, electricity regulatory commissions (ERCs), state-designated agencies (SDAs), upcoming ESCOs, financial institutions, etc.
It is backed by and promoters, and has net worth of over INR 2.144 billion. India’s energy efficiency market is estimated at US$12 billion
FACTFILE – TheInternational Bank for Reconstruction and Development (IBRD)
IBRD is an international financial institution that offers loans to middle-income developing countries.
The IBRD is the first of five member institutions that compose the World Bank Group and is headquartered in Washington, D.C., United States.
It was established in 1944 with the mission of financing the reconstruction of European nations devastated by World War II. The IBRD and its concessional lending arm, the International Development Association, are collectively known as the World Bank as they share the same leadership and staff.
Following the reconstruction of Europe, the Bank’s mandate expanded to advancing worldwide economic development and eradicating poverty. The IBRD provides commercial-grade or concessional financing to sovereign states to fund projects that seek to improve transportation and infrastructure, education, domestic policy, environmental consciousness, energy investments, healthcare, access to food and potable water, and access to improved sanitation.
World Bank to provide USD 250 Million loan to Rajasthan to improve power distribution
An agreement was signed between the Government of India, the Government of Rajasthan and the World Bank, under which the World Bank will provide a USD 250 million loan facility to Rajasthan for improving the performance of its electricity distribution sector.
The Second Programmatic Electricity Distribution Reform Development Policy Loan for Rajasthan is the second in the series of two operations planned for a comprehensive turnaround of Rajasthan’s electricity distribution sector.
The key areas that the programme will support include, strengthening governance in the distribution sector by establishing annual performance MoUs between the DISCOMs and the State Government.
The loan from the International Bank for Reconstruction and Development (IBRD), has a 3-year grace period, and a maturity of 21 years.
Gross NPAs may improve to 10% by March 2019
The gross non-performing assets (GNPAs) of the banking sector is likely to improve to 10% in March 2019, from 11.52% as on June 30, 2018, as nearly 60% of the bad loans of the sector are under active resolution.
The net NPA is also expected to decrease to 4.3%, from 5.92% as of June-end this year. GNPA and NNPA may be higher at 12.2% and 5.6%, respectively, in absence of resolution.
ICRA estimated that 70 big companies accounting for around Rs 3.8 trillion of debt may be heading for resolution under the Insolvency and Bankruptcy Code (IBC).
Expect GNPAs and NNPAs for banking sector are likely to reduce to close to 10% and 4.3% respectively by March 2019, same may be higher at 12.2% and 5.6%, respectively, in absence of resolution. The GNPAs declined to 11.52% as on June 30, 2018, from 11.68% as on March 31, 2018, while the NNPAs decreased to 5.92%, against 6.27%.
FACTFILE – Non-performing asset (NPA)
A Non-performing asset (NPA) is defined as a credit facility in respect of which the interest and/or installment of principal has remained ‘past due’ for a specified period of time. In simple terms, an asset is tagged as non performing when it ceases to generate income for the lender.
Once the borrower has failed to make interest or principal payments for 90 days the loan is considered to be a non-performing asset.
Non-performing assets are problematic for financial institutions since they depend on interest payments for income. Troublesome pressure from the economy can lead to a sharp increase in NPLs and often results in massive write-downs.
August 30
Govt approves 80% hike in spending for India Post Payments Bank to Rs 1,435 crore
The Cabinet approved 80 per cent increase in spending for India Post Payments Bank (IPPB) to Rs 1,435 crore. The IPPB is set to go live with 650 branches and 3,250 access points across the country on September 1.
It will offer financial services in rural areas including savings and current accounts, money transfer, direct benefit transfer, bill and utility payments and enterprise and merchant payments.
This financial push will increase IPPB project outlay to Rs 1,435 crore from Rs 800 crore, giving it additional firepower to compete in the market with existing operators like Airtel Payments Bank and Paytm Payments Bank.
The revised cost estimate of Rs 635 crore is on account of Technology Costs (Rs 400 crore) and HR expenses (Rs 235 crore). IPPB will begin scaling up its operations immediately from the 650 branches and 3,250 access points.
All 1.55 lakh post offices will be linked to its system by December 31, 2018. Of these, 1.30 lakh access points will be located in rural areas, taking it to vast untapped market.
FACTFILE – India Post Payments Bank
India Post Payment Bank (IPPB) is a Payments bank headquartered in New delhi.It is a goverment owned Public limited company. The bank was inaugurated on September 1, 2018.
It’s 100 per cent Government owned, set up under the aegis of Department of Post, and will offer products and services though multiple channels such as counter services, micro ATMs, mobile banking app etc.
On August 19, 2015 India post got licence to run payments bank from Reserve Bank of India.
On August 17 ,2016 registered as public limited government company for setup payments bank. First branch of IPPB inaugurated on 30 January 2017 at Raipur and Ranchi. The payment bank was nationwide inaugurated on September 1, 2018.
India Post Payment Bank is a digital bank. Account can open from mobile app of the bank using Aadhaar and PAN.
Account: The bank offer savings and current accounts up to a balance of Rs 1 Lac.
Key Person – Suresh Sethi, MD & CEO
FACTFILE – Payments banks
Payments banks is a new model of banks conceptualised by the Reserve Bank of India (RBI).
They can accept a restricted deposit, which is currently limited to ₹1 lakh per customer.
Payments banks cannot issue loans and credit card, but can issue services like ATM cards, debit cards, net-banking and mobile-banking.
Point2Remember-Bharti Airtel set up India’s first live payments bank.
GDP to register 7.4% growth on industrial activity, says RBI
The Reserve Bank expects India’s (RBI) says India’s economic growth rate to accelerate to 7.4% in the current financial year on pick up in industrial activity and good monsoon, as compare to 6.7% in the previous year.
RBI also expressed that its monetary policy objective will continue to be of achieving the medium-term target for retail inflation of 4%, within a tolerance band of +/- 2%, while supporting growth.
Several experts, including SBI, expects the CAD to widen this fiscal on account of persistent high oil prices and large trade deficit. The CAD was estimated at 2% of the GDP in fiscal year ending March 2018.
The prevailing negative credit-to-GDP gap indicates that there is sufficient scope for credit absorption and expansion in bank lending on a sustained basis.
India’s Chandrayaan-2 Moon Mission to be launched in 2019
Kailasavadivoo Sivan, the chairperson of the Indian Space Research Organisation (ISRO) has said that the window to launch India’s second mission to the moon – Chandrayaan-2 – has been slotted between 3 January 2019 and 16 February 2019.
FACTFILE – Chandrayaan-2
The mission is planned to be launched to the Moon by a Geosynchronous Satellite Launch Vehicle Mark III (GSLV Mk III).
Chandrayaan-2 will be equipped with a lander and rover probe which will descend on the surface of the moon from where it will observe the lunar surface and send back data which will be useful for analysis of the lunar soil.
The mission will have an orbiter weighing 2,379kg, lander named Vikram weighing 1,471kg and a rover weighing 27kg.
Chandrayaan-2 is scheduled to be launched no earlier than January 2019, and will attempt to soft land a lander and rover in a high plain between two craters, Manzinus C and Simpelius N, at a latitude of about 70° south. If successful, Chandrayaan-2 will be the first-ever mission to land a rover near the lunar south pole.
Bihar Governor Satya Pal Malik is appointed the Governor of Jammu and Kashmir, replacing N.N. Vohra who was in the post for more than 10 years.
With Satya Pal Malik transferred to Jammu and Kashmir, where Governor’s Rule was imposed on June 20 after the fall of PDP-led governmentt, President Ram Nath Kovind also appointed three new governors in Bihar, Haryana and Uttarakhand and transferred three Governors to new states.
Satya Pal Malik will only be the second politician to enter the Kashmir Raj Bhavan as 11 others were former bureaucrats or from military personnel.
Lalji Tandon is appointed as Bihar Governor.
Satyadev Narayan Arya has been appointed as Haryana Governor.
Baby Rani Maurya has been appointed Uttarakhand Governor.
Meghalaya Governor Ganga Prasad has been transferred to Sikkim.
Tripura Governor Tathagata Roy has been transferred to Meghalaya.
Kaptan Singh Solanki, Governor of Haryana, has been transferred to Tripura.
President’s rule– President’s rule refers to suspension of state government and imposition of direct Central Government rule in a state of India. Under Article 356 of the Constitution of India, if any state government is unable to function according to constitutional provisions, the Central government can take direct control of the state governance.
In such scenario, executive authority is exercised through the centrally appointed governor.
Governor of Indian state – Governor is a de jure constitutional head of Indian state. During President’s rule, the Council of Ministers is dissolved, vacating the office of Chief Minister. Furthermore, the Vidhan Sabha is either prorogued or dissolved, necessitating a new election.
In the state of Jammu and Kashmir, failure of governmental function results in Governor’s rule, imposed by invoking Section 92 of the Constitution of Jammu and Kashmir. The state’s governor issues the proclamation, after obtaining the consent of the President of India. If it is not possible to revoke Governor’s rule within six months of imposition, the President’s Rule under Article 356 of the Indian Constitution is imposed.
Darrang awarded best CSC performing district
The Union Ministry of Electronics and Information Technology (MeitY) has recognised Darrang as the best performing district in the field of digital online services through Common Service Centres or CSCs.
The Additional Secretary of the Electronics and Information Technology Pankaj Kumar in the presence of Union IT Law and Justice Minister, Ravi Shankar Prasad, Chief Executive Officer (CEO) of CSC Dr Dinesh Kumar Tyagi, Director MeitY, Pravin Chandekar, Joint Secretary, MeitY Sanjay Goel, and other senior officials from the North East offered a memento and a certificate of appreciation to Darrang Deputy Commissioner Ashok Kumar Barman and Additional Deputy Commissioner (IT) cum Project Director of DRDA, Darrang Pankaj Chakravarty.
This award was given ceremonially in a function organised in connection with the launching of the North East Vision Document recently in Guwahati.
FACTFILE – Common Service Centres or CSCs
CSCs are the access points for delivery of essential public utility services, social welfare schemes, healthcare, financial, education and agriculture services, apart from host of B2C services to citizens in rural and remote areas of the country.
It is a pan-India network catering to regional, geographic, linguistic and cultural diversity of the country, thus enabling the Government’s mandate of a socially, financially and digitally inclusive society.
Common Service Centres (CSC) scheme is one of the mission mode projects under the Digital India Programme.
Based on the assessment of CSC scheme, the Government launched the CSC 2.0 scheme in 2015 to expand the outreach of CSCs to all Gram Panchayats across the country. Under CSC 2.0 scheme, at least one CSC will be set up in each of the 2.5 lakh GPs across the country by 2019.
August 23
Veteran Journalist-Author Kuldip Nayar passes away at 95
Veteran journalist Kuldip Nayar passed away on 22 August at the age of 95. Nayar was also an author, with 15 books to his name, and was appointed as High Commissioner of India to the United Kingdom in 1990. He was also nominated as a Member of Parliament in the Rajya Sabha in 1997.
Kuldip Nayar was born in Punjab’s Sialkot in British India (now Pakistan) on 14 August, 1923 to Gurbaksh Singh and Pooran Devi. He completed a BA from Forman Christian College in Lahore and LLB from the Law College Lahore.
Kuldip Nayar was known as an editor who “refused to bend or crawl” during the Emergency under former Prime Minister Indira Gandhi’s tenure. Apart from his work in journalism, Kuldip Nayar was also a part of India’s delegation to the United Nations in 1996.
He was awarded 2003 Astor Award for Press Freedom and 2007 Shaheed Niyogi Memorial Award for Lifetime Achievement.
PV Sindhu among the World’s highest earning non-tennis female athlete
World championship and Rio Olympics silver medallist PV Sindhu is the seventh highest paid female athlete in the world based on the earnings from prize money and endorsements for the last 12 months ending June 1, 2018.
Sindhu and race car driver Danica Patrick are the only non-tennis players in the top-10 list that is headed by 23-time Grand Slam singles champion Serena Williams.
According to Forbes, Sindhu earned a total of $8.5 million in the corresponding 12 months with her prize money only accounting for $500,000, with the remaining $8 million coming from endorsements.
The top 10 women earned a total of $105 million in these 12 months through prize money and endorsements, which was 4% down from last year and 28% down from five years ago.
Every year India celebrates 15th of August as Independence Day to commemorate the day India got independence from British rule, after the UK Parliament passed the Indian Independence Act 1947 transferring legislative sovereignty to the Indian Constituent Assembly. India still retained King George VI as head of state until its transition to full republican constitution.
India attained independence following the Independence Movement noted for largely non-violent resistance and civil disobedience led by the Indian National Congress (INC). Independence coincided with the partition of India, in which the British India was divided along religious lines into the Dominions of India and Pakistan; the partition was accompanied by violent riots and mass casualties, and the displacement of nearly 15 million people due to religious violence.
On 15 August 1947, the first Prime Minister of India, Jawaharlal Nehru raised the Indian national flag above the Lahori Gate of the Red Fort in Delhi. On each subsequent Independence Day, the incumbent Prime Minister customarily raises the flag and gives an address to the nation.
Odisha CM Naveen Patnaik launches Biju Swasthya Yojana
Odisha Chief Minister Naveen Patnaik launched a new health scheme, the Biju Swasthya Kalyan Yojana, on 15th Aug on the occasion of the 72nd Independence Day.
The Odisha government had rejected the National Health Protection scheme, widely called the Modicare scheme, as it covered much lesser number of people in Odisha by adopting the 2011 census.
The Odisha government has gone ahead with its own Biju Swasthya Yojana with an extended coverage up to Rs 5 lakh per year. The amount is Rs 7 lakh for women.
FACTFILE – The Biju Krushak Kalyan Yojana or BKKY
It is a health insurance scheme for the farmers in the state of Odisha, India.
The Biju Krushak Kalyan Yojana (BKKY) was launched in Angul district of Odisha to provide people financial support through health and accident insurance.
There are many hospitals, Community Health Centre (CHCs) in each district of Odisha under Biju Krushak Kalya Yojana (BKKY) to provide people health care with low cost.
Smitha Crishna tops the list of India’s richest women list
Kotak Wealth-Hurun, for the first time, has compiled a list of India’s wealthiest women, which features the heir of the Godrej empire, Smitha Crishna, as India’s richest woman.
Kotak Wealth-Hurun used multiple parameters including industry parameters like price-to-earnings, price-to-sales etc. to calculate wealth and prepare the list. The ranking recognizes India’s leading women, viz. entrepreneurs, businesswomen, investors and inheritors. The report acknowledges the Indian woman’s role in creating wealth in one of the fastest growing economies in the world.
Smitha Crishna’s top-ranked net worth of Rs. 37,570cr is followed by HCL CEO and Executive Director Roshni Nadar’s Rs. 30,200cr. Occupying the third spot is Times Group chairperson, Indu Jain, with a net worth Rs. 26,240cr. Fourth is the Biocon founder Kiran Mazumdar-Shaw with a net worth of Rs. 24,790cr, the only self-made woman in the list. Fifth is HCL’s Kiran Nadar (Rs. 20,120cr).
The youngest woman in the rankings is Outcome Health co-founder Shradha Agarwal, with a net worth of Rs. 8,200cr. In a sector-wise breakdown, 22% of India’s top 100 wealthiest women come from the pharmaceutical sector, while 18% hail from the software services sector.
August 16
Former Indian Test captain Ajit Wadekar passed away
Former Indian captain Ajit Wadekar passed away on 15th Aug in Mumbai, at the age of 77.
Born in Mumbai, Wadekar made his international debut in 1966 against West Indies. Ajit Wadekar was the captain of the Indian side that won the series in England and West Indies. Wadekar was India’s first ODI captain, although he appeared in just two matches.
Wadekar also served as India’s manager in the ’90s during Mohammed Azharuddin’s tenure as captain. He later went on to become the chairman of selectors as well.
In 1967, the Government of India bestowed Wadekar with the Arjuna Award. He received the Padma Shri Award, the country’s fourth highest civilian honour. He was also awarded with CK Nayudu Lifetime achievement award, Sportsperson of the Year, and the Castrol Lifetime Achievement award.
All-women SWAT team guards Red Fort
India’s first all-women SWAT team from the north-east beamed with pride as guarded the historic Red Fort on the Independence Day. The SWAT unit was formed in 2009 in the wake of 26/11 terror attack in Mumbai, to counter terror operations in highly complicated situations.
The 36-member all-women Special Weapons And Tactics (SWAT) team has been trained by the NSG for anti-terrorism duty under the Delhi Police’s Special Cell.
They are equipped with AK-47 rifles, MP5 machine guns, Glock 17 or 26 pistols and corner shot devices for enhanced night vision.
The women commandos were also trained in Krav Maga, which is a self-defence system developed for the Israel Defence Forces.
The women commandos were trained to undertake complex operations during terrorist attacks at crowded markets, residential complexes or government premises.
The commandos are further equipped with a pencil torch, bulletproof helmet, bulletproof jacket, a cutter and a commando dagger. They also wear special knee and elbow pads for protection during covert operations.
Anandiben Patel takes oath as Governor of Chhattisgarh
Madhya Pradesh Governor Anandiben Patel, who has been given the additional charge of Chhattisgarh following the death of governor Balramji Dass Tandon, was sworn in at a ceremony. Chhattisgarh High Court Chief Justice Ajay Kumar Tripathi administered the oath of office to Patel during a simple function at the Raj Bhawan.
President Ram Nath Kovind gave Patel the additional charge of Chhattisgarh following the demise of Tandon, Patel will discharge the additional duties until regular arrangements for the office of the governor of Chhattisgarh are made.
Term of Governor– The governors and lieutenant-governors are appointed by the president for a term of five years.
Qualifications – Article 157 and Article 158 of the Constitution of India specify eligibility requirements for the post of governor. They are as follows:
be a citizen of India.
be at least 35 years of age.
not be a member of the either house of the parliament or house of the state legislature.
India’s GDP growth rate will be 7.3% in 2018-’19, 7.5% in 2019-’20, says IMF Report
The International Monetary Fund (IMF) expressed that the macroeconomic outlook for India for the 2018-’19 financial year is “broadly favourable”, as the economy continues to recover after the implementation of the GST and demonetization. India’s Gross Domestic Product growth rate will rise to 7.3% in the present financial year and 7.5% in 2019-’20.
India’s Current Account Deficit will also widen to 2.6% of GDP due to higher oil prices and strong demand for imports. The IMF described the Goods and Services Tax (GST) as a “milestone reform” in India’s tax policy, but pushed for a simplified structure, saying the multiple rate structure and other features could give rise to high compliance and administrative costs.
The overall inflation will rise to 5.2% in 2018/19 from a 17-year low of 3.6 percent in the previous fiscal year, due to higher oil prices, implementation of the minimum selling price for farmers, depreciation of the rupee and housing rent allowances.
FACTFILE – The International Monetary Fund (IMF)
IMF is an international organization consisting of “189 countries working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.”
Formed at the Bretton Woods Conference primarily by the ideas of Harry Dexter White and John Maynard Keynes, it came into formal existence in 1945 with 29 member countries and the goal of reconstructing the international payment system.
It has headquarters in Washington, D.C., US.
It now plays a central role in the management of balance of payments difficulties and international financial crises.
Countries contribute funds to a pool through a quota system from which countries experiencing balance of payments problems can borrow money. As of 2016, the fund had SDR477 billion (about $666 billion).
Govt appoints S Gurumurthy, Satish Marathe to RBI board
The Centre has appointed Swadeshi Jagaran Manch co-convenor Swaminathan Gurumurthy and businessman Satish Kashinath Marathe to the Central Board of the Reserve Bank of India (RBI).
The names were approved on 07th Aug as per provisions of Section 81 C of the RBI Act, 1934 by Prime Minister Narendra Modi-led Appointments Committee of the Cabinet.
They have been appointed as a part-time, non-official director for the period of four-year. With the two new appointments, the total number of government-appointed directors on the RBI board has reached 10.
FACTFILE – Central Board of the Reserve Bank of India (RBI)
The central board is the RBI’s highest decision-making body, which approves all key decisions the central bank takes, the central board members are responsible for the broad direction the central bank takes.
Under the RBI Act, 1934, the central board is designed to consist of 21 members: the governor and four deputy governors [under Sec 8(1)a], four directors from the four regional boards of the RBI [under Sec 8(1)b] who are elected by their respective local board members, 10 directors nominated by the Union government who are usually experts in their respective fields [under Sec 8(1)c], and two government appointed officials (usually from the finance ministry) [under Sec 8(1)d].
Unlike the monetary policy committee (MPC), which releases the minutes of its meetings, central board meetings are closed-door affairs, and hence, do not attract the same level of public scrutiny as MPC meetings.
Mandate of the central board is far larger than that of the MPC.
Lok Sabha passes Rs 11,698 cr extra expenditure for current fiscal
Parliament on 07th Aug approved gross additional expenditure of Rs 11,697.92 crore for the current fiscal, including Rs 980 crore for equity infusion into the heavily indebted Air India’s Turnaround Plan (TAP), which is burdened with accumulated debt of Rs 50,000 crore.
The Lok Sabha passed the Supplementary Demands for Grants for 2018-19 and demands for excess grants for 2015-16 along with the appropriation bills by voice vote. This is the lowest in the last 15 years. It is just 0.2 per cent of the total budget compared to 14 per cent in 2008-09.
400 schemes had been brought under the Direct Benefit Transfer (DBT) scheme under which Rs 4 lakh crore have been disbursed directly to beneficiaries.
As per the latest demands for grants, the net cash outgo amounts to Rs 5,951,22 crore and the government’s gross additional expenditure have been shown at Rs 5,745.68 crore. These are on account of expenditure of Rs 1,791.62 crore for the Agriculture Ministry, Rs 1,500 crore for the Textiles Ministry, Rs 1,057.84 crore for the Defence Ministry and Rs 1,708 crore for the Petroleum Ministry towards creation of capital assets under various schemes.
DMK chief Karunanidhi passes away
DMK chief M Karunanidhi, one of the foremost Dravidian politicians of in recent time, passed away at the age of 94. Karunanidhi became the chief minister for the first time in 1969 after the demise of Annadurai. He subsequently helmed the state as chief minister in 1971, 1989, 1996 and 2006. He was elected to the Legislative Assembly 13 times, the last time as a 92-year-old in 2016.
He has also made contributions to Tamil literature, having written stories, plays, novels, and a multiple-volume memoir. He was popularly referred to as Kalaignar, meaning artist in Tamil.
August 9
76th anniversary of Quit India Movement on 9th August
The Quit India Movement which was an agitation launched by Mahatma Gandhi in 1942 demanding an end to the British Rule. 9th August 2018 is the 76th anniversary of the start of the event.
The movement was started on August 9, 1942, and since then the day is celebrated as August Kranti Day/Diwas. The day is celebrated by paying tribute to freedom fighters with national integration speeches and other events.
In May 1942, Mahatma Gandhi called on Britain to “Leave India to God. If this is too much then leave her to anarchy”. In July 1942, the Congress Working Committee met at Wardha and a resolution was passed which was termed The Wardha Resolution. It is also known as Quit India Resolution which demanded, “The British Rule in India must end immediately.
The resolution was ratified in the AICC with minor amendments and a non-violent mass struggle under the leadership of Mahatma Gandhi was sanctioned. The session began on the August 7 and concluded post midnight of August 8, 1942 at Gowalia Tank Maidan, Bombay. In a speech entitled, “Do or Die (Karo ya Maro),” given on by Mahatma Gandhi, he urged the masses to act as an independent nation and not to follow the orders of the British.
RBI to pay Rs 50,000 crore dividend to govt for FY18
The RBI decided to pay Rs 50,000 crore as dividend to government in line with the Union Budget provisions, helping the Centre stick to its fiscal road-map. The Reserve Bank, which follows July-June financial year, has paid about 63 per cent higher dividend than previous year (2016-17). The RBI made a dividend payout of Rs 30,659 crore for the fiscal ended June 2017.
The Central Board of Directors of the Reserve Bank of India (RBI), at its meeting, approved the transfer of surplus amounting to Rs 500 billion (Rs 50,000 crore) for the year ended June 30, 2018 to the Government of India. Earlier in March month, RBI paid interim dividend of Rs 10,000 crore at the insistence of the government to support fiscal position.
As per the Budget Estimate, the government projected to collect Rs 54,817.25 crore as dividend or Surplus of Reserve Bank of India, Nationalised Banks and Financial Institutions.
It is to be noted that the RBI transferred a surplus of Rs 30,659 crore as dividend to the government for the year ended June 30, 2017, which was less than half of what it paid in the previous year (Rs 65,876 crore).
Point2Remember – Under the RBI Act, 1934, the central bank is required to pay the government its surplus after making provisions for bad and doubtful debts, depreciation in assets and, contribution to staff and superannuation fund among others.
Average Per Capita Income Edges Closer to Rs 80,000 in the Last 4 Years
The Parliament on 8th Aug was informed that India’s average per capita income in the last four financial years was higher at Rs 79,882 as compared to the preceding four fiscals. Between 2011-12 to 2014-15, it was much lesser at Rs 67,594.
The average Per Capita NNI (net national income) in the country during 2011-12 to 2014-15 is estimated at Rs 67,594 whereas average Per Capita NNI in the country during 2014-15 to 2017-18 is estimated at Rs 79,882.
The data that the per capita income in India grew by :
6 percent in 2013-14 to Rs 68,572
2 percent to Rs 72,805 in 2014-15
9 percent to Rs 77,826 in 2015-16
7 percent to Rs 82,229 in 2016-17
FACTFILE – Per Capita Income
It is a measure of the average income earned per person in the country for the given period.
It can apply to the average per-person income for a city, region or country, and is used as a means of evaluating the living conditions and quality of life in different areas.
It can be calculated for a country by dividing the country’s national income by its population.
NDA candidate Harivansh Narayan Sing elected RS Deputy Chairman
NDA candidate and JD(U) member Harivansh Narayan Singh was elected as Rajya Sabha Deputy Chairman, defeating Opposition’s BK Hariprasad by 125 votes to 105 votes.
Rajya Sabha Chairman M Venkaiah Naidu initiated the process of the election by calling for division of votes in the House.
Point2Remeber– Shri S.V. Krishnamoorthy Rao was the first Deputy Chairman of the Rajya Sabha of India
FACTFILE – Deputy Chairman of the Rajya Sabha
The Deputy Chairman of the Rajya Sabha presides over the proceedings of the Rajya Sabha in the absence of the Chairman of the Rajya Sabha.
The Deputy Chairman is elected internally by the Rajya Sabha.
India’s security market watchdog Securities and exchange Board of India (SEBI) has decided to appoint auditors to perform forensic audit of financial statements of listed companies to put a check on rising frauds.
Concerns regarding some of the auditors’ negligence have come up wherein they ignore different inconsistencies in the financial statement while examining the books of listed entities. SEBI has also put the directive to conduct forensic audit of some of the firms that include Fortis Healthcare.
FACTFILE – Forensic Auditing
Forensic Auditing is a specialization within the field of accounting, and forensic auditors often provide expert testimony during trial proceedings. Most large accounting firms have a forensic auditing department.
It is an examination and evaluation of a firm’s or individual’s financial information for use as evidence in court. A forensic audit can be conducted in order to prosecute a party for fraud, embezzlement or other financial claims.
The audit covers a wide range of investigative activities performed by accountants. The process may also include serving as an expert witness in a fraud trial. A forensic audit could also cover situations that do not involve fraud or embezzlement, such as disputes related to a bankruptcy, business closures, and divorces.
FACTFILE – The Securities and Exchange Board of India (SEBI)
SEBI was established on April 12, 1992 in accordance with the provisions of the Securities and Exchange Board of India Act, 1992.
Securities and exchange Board of India (SEBI) was first established in the year 1988 AQF as a non-statutory body for regulating the, securities market.
It became an autonomous body by The Government of India on 12 May 1992 and given statutory powers in 1992 with SEBI Act 1992 being passed by the Indian Parliament.
SEBI has its headquarters at the business district of Bandra Kurla Complex in Mumbai, and has Northern, Eastern, Southern and Western Regional Offices in New Delhi, Kolkata, Chennai and Ahmedabad respectively.
It has opened local offices at Jaipur and Bangalore and is planning to open offices at Guwahati, Bhubaneshwar, Patna, Kochi and Chandigarh in Financial Year 2013 – 2014.
Lok Sabha passed The Insolvency and Bankruptcy Code (Second Amendment) Bill, 2018
The Lok Sabha on 31st July passed the The Insolvency and Bankruptcy Code (Second Amendment) Bill, 2018, seeking to give home buyers the status of financial creditors. This will give the home buyers, just like the financial creditors, the right to decide the fate of defaulting builders.
Union Finance Minister Piyush Goyal said the financial creditor status will help home buyers protect their hard earned savings. Whether home buyers are secured or unsecured creditors will be decided on a case to case basis by the resolution professional and the courts.
Once it becomes a law, home buyers would be able to invoke Section 7 of the Insolvency and Bankruptcy Code against errant developers. This would allow financial creditors to file application seeking insolvency resolution process.
As financial creditors, home buyers will be able to participate in the decision-making process when developers are declared bankrupt under the bankruptcy law – IBC (Insolvency and Bankruptcy Code, 2016). It also proposes to reduce the minimum voting threshold for the Committee of Creditors (CoC) to 66 per cent, from 75 per cent for key decisions.
Micro, Small and Medium Enterprises (MSME) sector would also benefit from the Insolvency and Bankruptcy Code amendment. The promoter of MSME will no longer be disqualified to bid for their own enterprise as long as they are not the willful defaulters.
Earlier this year, the Insolvency and Bankruptcy Code was amended to prevent dishonest persons from misusing the law. Willful defaulters and those whose accounts were classified as ‘non-performing assets’ were barred from bidding for stressed assets.
Infrastructure growth jumps to 6.7% in June month
Growth of eight core sectors expanded to 7 month high of 6.7 % in June due to better performance by cement, refinery and coal segments, especially. The eight sectors, which also include fertilisers, steel, natural gas, electricity and crude oil, had expanded by 1 % in June last year.
The previous high rate of growth was recorded in November 2017 at 6.9%. The expansion in cement, refinery products and coal was 13.2 %, 12 % and 11.5 % respectively, year-on-year basis.
Crude oil and natural gas registered a negative growth of 3.4 % and 2.7 % respectively in June compared to the year-ago period.
The expansion in the electricity generation was 4 % in June compared to 2.2 % in the same month of the last fiscal.
Steel sector, however witnessed a slower growth of 4.4 % compared to 6 % in June 2017.
Expansion rate in the fertiliser segment was 1 %, better than negative growth recorded in the year ago month.
April-June quarter of the current fiscal, the eight core industries recorded a growth of 5.2 % as against 2.5 % in the same period last year.
These eight core industries comprise 40.27 % of the weight of items included in the Index of Industrial Production (IIP).
Reliance overtakes TCS to become Most Valued Indian Company
Reliance Industries Ltd has overtaken Tata Consultancy Services Ltd in market capitalisation to reclaim the tag of India’s most valuable company.
The company is currently valued at Rs 7.44 lakh crore, higher than the Rs 7.39 lakh crore market cap of the India’s largest software exporter. The oil-to-telecom company reported its highest-ever quarterly profit in the April-June period, driven by its petrochemicals and consumer businesses.
FACTFILE – Reliance Industries Limited (RIL)
Reliance Industries Limited (RIL) is an Indian conglomerate holding company headquartered in Mumbai, Maharashtra, India.
Reliance owns businesses across India engaged in energy, petrochemicals, textiles, natural resources, retail, and telecommunications.
Reliance is one of the most profitable companies in India and the second largest company in India as measured by revenue after the government-controlled Indian Oil Corporation.
On 18 October 2007, Reliance Industries became the first Indian company to breach $100 billion market capitalization.
The company is ranked 203rd on the Fortune Global 500 list of the world’s biggest corporations as of 2017.
It is ranked 8th among the Top 250 Global Energy Companies by Platts as of 2016.
Reliance continues to be India’s largest exporter, accounting for 8% of India’s total merchandise exports with a value of Rs 147,755 crore and access to markets in 108 countries.
Reliance is responsible for almost 5% of the government of India’s total revenues from customs and excise duty.
It is also the highest income tax payer in the private sector in India.
India’s Fiscal Deficit reached 68.7% of budgeted target
India has already reached fiscal deficit of $62.57 billion (Rs 4.29 lakh crore) for the April-June quarter, which is 68.7 percent of the budgeted target of Rs 6.24 lakh crore for the current fiscal year of 2018-19 compared to 80.8 percent in the same period of the previous year.
For the same quarter of 2017-18, the government’s finances were constrained owing to the revision of the deficit target upwards to implement the new tax system-GST, that was launched on 1 July 2017.
For the first quarter of fiscal year ended March 2019, net tax receipts were Rs 2.37 lakh crore, that is 16 percent of the budgeted full-year target.
India aims to trim the deficit to 3.3 percent of GDP (gross domestic product) in this fiscal year, after meeting an upwardly revised fiscal deficit target of 3.5 percent of GDP in the FY 2017-18.
Union government’s total expenditure for the quarter rose to Rs 7.07 lakh crore, or 29 percent of the full-year target, while revenue receipts stood at 15.5 percent of the target.
Fiscal deficit = The difference between total revenue and total expenditure
It indicates the total borrowings needed by the government. Fiscal deficit takes place either due to revenue deficit or a major hike in capital expenditure (expenditure is incurred to create long-term assets such as factories, buildings and other development).
The gross fiscal deficit (GFD) is the excess of total expenditure including loans net of recovery over revenue receipts (including external grants) and non-debt capital receipts. The net fiscal deficit is the gross fiscal deficit less net lending of the Central government. A deficit is usually financed through borrowing from either the central bank of the country or raising money from capital markets by issuing different instruments like treasury bills and bonds.
August 2
US passes bill to waive sanctions against India for buying Russian weapons
The United States Congress has passed the conference report on National Defense Authorization Act-2019 (NDAA-19), which paves the way for waiver to India from punitive Countering America’s Adversaries Through Sanctions Act or CAATSA, under which sanctions kick off on countries that purchase significant military equipment from Russia.
The Senate passed the John McCain National Defense Authorization Act for Fiscal Year 2019 (NDAA) by an overwhelming, bipartisan vote of 87 to 10.
Passed by the House last week, the bill, named after Senate Armed Services Committee Chairman John McCain, would provide USD 716 billion support in funding for national defense for fiscal year 2019.
The bill, which now moves to the White House for President Donald Trump to sign it into law, as, the proposed modified waiver requires presidential certifications designed to protect US alliances, military operations and sensitive technology.
RBI hikes repo rates by 25 basis points
The Reserve Bank of India increased the repo rate by 25 basis points to 6.5% and the reverse repo rate to 6.25%, in their third bi-monthly policy review of the 2018-’19 financial year. The marginal standing facility rate and the bank rate have been adjusted to 6.75%.
The Monetary Policy Committee headed by RBI Governor Urjit Patel made the decision after a two-day meeting. Five of the six members on the rate panel voted for an increase.
The committee retained the growth forecast of 7.4% for the economy. Gross domestic product is likely to grow at 7.5% to 7.6% in the first half and 7.3% to 7.4% in the second half of the financial year.
The RBI lowered the retail inflation target for the first half of the 2018-’19 financial year to 4.7% from 5.1% on the grounds of a normal monsoon forecast and moderation in food price rise. For the second half 2018-’19, it has predicted an inflation outlook of 4.4%, lower than its last forecast of 4.5% to 4.6%.
The central bank takes the contrary position in the event of a fall in inflationary pressures. Repo and reverse repo rates form a part of the liquidity adjustment facility.
Repo rate is the rate at which the central bank of a country (Reserve Bank of India in case of India) lends money to commercial banks in the event of any shortfall of funds. Repo rate is used by monetary authorities to control inflation. In the event of inflation, central banks increase repo rate as this acts as a disincentive for banks to borrow from the central bank. This ultimately reduces the money supply in the economy and thus helps in arresting inflation.
Reverse repo rate is the rate at which the central bank borrows money from commercial banks in India.
7 Indian companies in the Fortune 500 list
Seven Indian companies have made it to the latest Fortune 500 list of the world’s biggest corporations in terms of revenue, with state-owned Indian Oil Corporation (IOC) continuing to be the highest ranked Indian firm and Reliance Industries (RIL) jumping 55 places.
In the list topped by retail giant Walmart, Indian Oil Corporation with 23 per cent rise in revenues at USD 65.9 billion was ranked 137th, up from the 168th position in 2017.
RIL was the top private sector company from the country as it jumped from 203rd rank last year to 148th. It had a revenue of USD 62.3 billion in 2017-18. RIL was also the most profitable Indian firm on the list. On the globally most profitable list, it secured the 99th position on the list topped by Apple.
Oil and Natural Gas Corp (ONGC) made a come back into the list with a ranking of 197, with USD 47.5 billion revenue. It did not feature in the 2017 ranking.
State Bank of India (SBI) with USD 47.5 billion revenue is on rank 216, a shade higher than 217 last year.
Tata Motors improved its ranking from 247th last year to 232nd.
State-owned Bharat Petroleum Corp Ltd (BPCL) that moved up to 314th position from 360th last year.
Rajesh Exports was the seventh Indian firm on the list though its ranking slipped to 405th this year from 295th last year.
FACTFILE – The Fortune Global 500
Fortune 500, also known as Global 500, is an annual ranking of the top 500 corporations worldwide as measured by revenue and the list is compiled and published annually by Fortune
The world’s 500 largest companies generated USD 30 trillion in revenues and USD 1.9 trillion in profits in 2017. Together, this year’s Fortune Global 500 companies employ 67.7 million people worldwide and are represented by 33 countries.
Retail inflation hovers at 4.8%
The Reserve Bank pegged retail inflation at 4.8 per cent for the second half of current fiscal expecting increase in food prices due to hike in minimum support price (MSP). For the July-September quarter, it has projected inflation to be at 4.6 per cent.
RBI made the projections in its third monetary policy review for the current fiscal. Retail inflation has been projected to rise further to 5 per cent in the first quarter of the next financial year 2019-20.
The Monetary Policy Committee (MPC), chaired by RBI Governor Urjit Patel has raised the benchmark repo rate by 0.25 per cent to 6.25 per cent citing inflation worries, which is likely to make consumer products costlier.
FACTFILE – Retail inflation
Retail inflation means the increase in prices of certain products or commodities compared to a base price.Retail inflation is linked to Consumer Price Index(CPI) which is managed by Ministry of Statistics.
Currently the base year for India’s CPI is 2012 which means the prices for the certain commodities for the 2012 year are considered as the base price to calculate the price rise.
CPI numbers are widely used as a macroeconomic indicator of inflation, as a tool by governments and central banks.
