20-06-23 Daily-Odisha-OPSC Current Affairs

The debt level of Odisha is now within stipulated limit and it is expected to increase by 4% by the end of financial year 2026-27, according to a status paper published by the Odisha Finance Department on .

As per the report, the total outstanding public debt of the State as per the revised estimate for the financial year 2022-23 stood at Rs 97,037 crore which is 12.7% of the States Gross Domestic Product (GSDP). Over the next three years, total public debt is expected to increase to approximately 16.7% of GSDP in 2026-27, which will be within the stipulated limit of 25%.

The Fifteenth Finance Commission and Odisha FRBM Act, 2005 prescribe for limiting the debt to GSDP ratio within 25%. The current debt level of Odisha is within the stipulated debt limit. Besides, the debt stock is considerably lower than that of the Central Government which is 57% of GDP as per the Union Budget.

This will be driven by Fiscal Deficit arising on account of higher capital spending in various programmes of the State Government.

The Government has expected that the total debt stock will increase to Rs 1,12,882 crore by the end of FY 2023-24 and again it will go up to Rs 1.40 lakh crore in 2024-25, Rs 1.72 lakh crore by 2025-26 and may rise to Rs 2.09 lakh crore by the end of 2026-27.

The Odisha Government has not resorted to open market borrowing during 2022-23 because of funds from other low cost sources like the Odisha Mineral Bearing Areas Development Corporation (OMBADC) and Compensatory Afforestation Fund Management and Planning Authority (CAMPA).

The guarantees do not constitute a part of the State Government’s loan, but in case of default by the State PSUs, the State Government is liable to repay the loan. The guaranteed loan as a Percentage of Revenue Receipts has been reduced from 123.37 percent in 2001-2002 to 6.3% during 2022-23 against the ceiling of 80 percent.

The first season of the WomensKabaddiLeague (WKL), which was being demanded for a long time, is all set to begin. Eight teams will participate in the inaugural season, held in Dubai from June 16 to 27. Ahead of the marquee event, the trophy has been unveiled and the anthem has also been announced.

It is worth noting that the Mens Kabaddi League has already been organised for nine seasons and has been quite popular. That is probably the reason that WKL 2023, which is expected to give a big boost to womens kabaddi will be launched.

The Gandhi Peace Prize for 2021 will be conferred on Gita Press, Gorakhpur, for its contribution towards promotion of the “Gandhian ideals of peace and social harmony.” Established in 1923, Gita Press is one of the world’s largest publishers, having published 41.7 crore books in 14 languages, including 16.2 crore copies of Shrimad Bhagvad Gita. The jury headed by Prime Minister Narendra Modi unanimously decided that Gita Press will be the recipient of the Gandhi Peace Prize, according to the statement issued by the Union ministry of culture.

Various steps are being taken to achieve green Growth,a safe handle to confront the threat and shape a safe economic future, with an ultimate aim to achieve Carbon Net Zero by 2070 as envisaged by Prime Minister Narendra Modi, India told representatives from the Asia-Pacific region at an international conference held recently.

The event witnessed participation from experts, policymakers, Industry leaders, and stakeholders who discussed strategies for institutional strengthening for green growth, financing mechanisms, leveraging ESG ratings to boost green finance and realizing net zero emission targets for achieving higher productivity and green growth.

International participants were those from countries such as Republic of Korea, Taiwan, Malaysia, Philippines, Indonesia, Singapore, Fiji etc.

India and Vietnam reviewed the entire spectrum of their bilateral DEFENCE ties during talks here between Defence Minister Rajnath Singh and his counterpart General Phan Van Giang. Rajanth also announced that India will gift indigenously-built missile corvette INS Kirpan to Vietnam to enhance the capabilities of its Navy. Both Ministers identified means to enhance existing areas of collaboration, especially in the field of Defence cooperation, maritime security and multinational cooperation, Defence Ministry officials said later.

As part of his engagements, the Defence Minister of Vietnam also visited the Defence Research and Development Organisation (DRDO) headquarters and discussed ways to enhance Defence industrial capabilities by cooperation in research and joint production.

The two sides have been focused on further boosting bilateral Defence ties and reviewing the situation in the South China Sea, a region that has witnessed growing Chinese assertiveness.

With growing DEFENCE ties between the two countries, India and the US are likely to unveil a roadmap for industries in the sector to partner closely in co-production, co-development and maintaining supply change during Prime Minister Narendra Modi’s visit to the US beginning June 21, Foreign Secretary Vinay Kwatra said here on Monday. He described Defence co-operation as a ‘key pillar” of ties between the two countries.

Ahead of Prime Minister Modi’s visit to the US, a select group of eminent Defence sector firms from the two nations will participate in an innovative summit in Washington. It will serve as a bridge and is expected to catapult the Defence industrial cooperation between them like never before.

To be attended by some of the key private sector Defence players, the INDUS-X summit beginning June 20 will see the initiation of ‘Joint Challenges’ under the Defence Innovation Bridge, focusing on common dual-use cases for both nations.