26-10-21 Daily-Odisha-OPSC Current Affairs

While the Team Finance led by Principal Secretary Finance Vishal Dev is working out a framework for the Annual Budget-2022-23, the FSR will outline the broad objectives of public financial reforms, macro-economic outlook and medium fiscal outlook.The FSR 2022 will be presenting a fresh look on the State economy as it is looking up for a Growth of 9.5 percent during 2021-22. States own revenue is enhanced substantially as compared to 2020-21 and during 2021-22, annual targets for collection of Own Tax and Own Non Tax revenue is all set to surpass as indications are available from now onwards.

While States own revenues are set to have moderate growth, the GST compensation to bridge the gap between the projected revenue and actual collection will continue till June, 2022. Considering these factors, the spending is expected to increase by about 17 percent in Financial Year 2022-23 over the current years revised estimates.The Department of Finance in consultation with the Department of Planning and Convergence will bring out the FSR, indicating the assumptions of revenue and expenditure projections in the medium term outlook for the State economy and finances.

In fact, Odisha is one of the foremost States to prepare the FSR as the State has made great progress in building a foundation for improved fiscal discipline.

As per projections, Odisha is expected to register a growth of 9 percent during 2022-23 and accordingly the Budget framework is being worked out, an official said.

While Odisha is a Fiscal Responsibility and Budget Management (FRBM) complaint State and the Odisha , 2005 mandates the State to generate revenue balance and contain Fiscal Deficit within 3 percent of Gross State Domestic Product (GSDP), these aspects will be taken care of.

The Fiscal Policy of the State is guided by the principle of long term fiscal sustainability keeping in view the contraction of the GSDP due to impact of Covid-19 pandemic as well as its susceptibility to natural calamities.

While the Department of Finance is engaged in formulation of Revised Estimates for 2021-22 and Budget Estimates for 2022-23, all the departments are engaged in through scrutiny and prioritization of the Budget proposals, sources said.

ESAs Proba-1 minisatellite, launched two decades ago, on October 27, completed 20 years.

Highlights

It is the oldest serving Earth-observing mission of the agency, and The minisatellite has survived fully operational for 20 years.

Proba-1 is approximately the size of a hotel fridge that hosts two Earth-observing instruments and several technological firsts.

It is the first in ESAs family of Project for On-Board Autonomy missions which started as a technology demonstration satellite and later became an Earth observation mission.

The proba-1 mission carries many low-cost, commercial-off-the-shelf systems and components.

It is seldom described as NewSpace before NewSpace as the mission delivers imagery to scientists worldwide.

ROIP system is a long-range marine Communication solution, to aid especially during storms and inclement weather.

Using the ROIP mode of communication, the ships at Sandheads can be directly wired via Radio from Kolkata.

The resolution shall cover the entire Hugli River Estuary from Kolkata to Sandheads.

The MSME has launched the SAMBHAV program to promote engagement of the youth in .

Highlights:

The program was launched with the aim to promote engagement of the youth in promoting entrepreneurship.

The e-National Level Awareness Programme 2021 SAMBHAV was launched by Union Minister of MSME Narayan Rane in New Delhi.

The mass outreach program will be a one-month long initiative under the Ministry of MSME.

In the program students from different colleges/ITIs from all parts of the country will be encouraged by 130 field offices of the Ministry to take up entrepreneurship.

During the campaign, the college students will be made aware of the various schemes being implemented by the Ministry of MSME through Audio/Video film presentations.

Awareness programs will be conducted in more than 1,300 colleges across the country in which 1,50,000 students are expected to participate.

DRDOs Agni -5 Ballistic Missile was tested successfully on 27 October.

Highlights

The DEFENCE Research and Development Organisation (DRDO) successfully tested the surface-to-surface ballistic missile Agni-5 on 27 October.

The test-fire happened from APJ Abdul Kalam Island in Odisha.

Agni-5 is a nuclear-capable intercontinental ballistic missile (ICBM), which uses a three-stage solid-fuelled engine.

The missile can strike targets at ranges up to 5,000 km with a very high degree of accuracy.

The indigenously-developed surface-to-surface missile, Agni-5, is capable of striking a target of more than 5,000 km.

It is about 17-metre long, 2-metre wide and has a launch weight of around 50 tonnes.

The missile can carry a nuclear warhead of more than one tonne.

The successful test of Agni-5 is in line with Indias declared policy to have probable least deterrence that underpins the delegation to No First Use.

Crown Prince Mohammed bin Salman launched the Saudi Green Initiative forum

The forum was launched in Riyadh with the statement of Saudi Arabias new green objectives.

The forum will address the environmental efforts made by Saudi Arabia with guests, including international personalities and high-profile government heads.

Audi Arabia also announced the roadmap of Saudi Arabia for protecting the Environment and facing <a href="https://exam.pscnotes.com/Climate-change”>Climate Change.

This annual forum will serve as a platform for the launch of new environmental initiatives in the country.

It will also monitor the impact of previously announced environmental initiatives.

Saudi Arabia also launched initiatives in the Energy sector.

These initiatives would reduce carbon emissions by 278 million tons annually by the year 2030.