ODISHA

Odisha to get Rs 1194 crore GST compensation from Centre for August-September period

With many states moving the Centre seeking early release of dues towards the GST compensation for the August-September period, Odisha government has also expressed concern as it is yet to receive compensation of Rs 1194 crore for the two months.
The GST Compensation Act 2017 entitles the state and Union territories with assemblies to get compensation if the revenue growth is less than 14 per cent compared to corresponding period of a specific period.
The compensation, which is being paid bi-monthly, is for the loss of revenue to the states and UTs in view of implementation of the goods and services tax (GST), for a transition period of five years from July 1, 2017.

Odisha’s actual revenue collection under GST during April-September is estimated at Rs 6591.62 crore leading to a shortfall of Rs 2739.32 crore.

The state government apprehends that non-release of GST compensation dues by the Centre may affect implementation of social welfare schemes and development projects.

Since implementation of GST (July 1, 2017), Odisha has received compensation of Rs 2348 crore for 2017-18 and Rs 3785 crore for 2018-19 financial year.

INTERNATIONAL

· Singapore Signs MOU with South Korea on Cybersecurity Cooperation

Singapore signed a memorandum of understanding (MOU) with South Korea to enhance cooperation and information-sharing on cybersecurity, according to a statement from the city-state’s government.

The MOU witnessed by Singapore Prime Minister Lee Hsien Loong and South Korean President Moon Jae-in.Singapore signed similar agreements with New Zealand, Canada, India, Australia, France, the Netherlands, the UK the United States.The city-state, a trade-reliant nation with a rapidly aging population, is trying to restructure its economy to make it a global center of innovation. As a hyperconnected financial hub, it’s also been a target for hackers.

· Oxford Names Climate Emergency Its 2019 Word of the Year

Oxford Dictionaries named climate emergency as its 2019 Word of the Year choosing it from an all-environmental shortlist that also included climate action, climate denial eco-anxiety extinction, and flight shame.
The Word of the Year citation is intended to highlight a word or expression shown through usage evidence to reflect the ethos, mood, or preoccupations of the passing year, and have lasting potential as a term of cultural significance. Recent winners have included toxic youthquake post-truth and vape.

· India Ranks 44th In 2019 Nomuras Food Vulnerability Index

Nomura’s Food Vulnerability Index (NFVI) ranks countries based on their exposure to large swings in food prices.

NFVI has three components: (1) the country’s GDP per person, (2) the share of food in household consumption, and (3) the net food imports. The lower per capita GDP, a higher percentage of food in household consumption, and top net food imports would make a country more vulnerable to spikes in food prices. Around 50 countries most vulnerable to food price surges in the coming months mostly belong to the Emerging Market group. The top 50 together account for almost 60 percent of the global population.

India ranked 44 out of 110 countries; a higher rank is worse. At 4.6%, India’s retail inflation for October touched a 16-month high because of the jump in food prices. Food inflation grew by almost 8% – nearly double the rate of overall retail inflation.

NATIONAL

India’s urban unemployment rate drops to 9.3% in Jan-Mar 2019: Govt data

The urban unemployment rate in the country fell to 9.3 per cent during January-March 2019 from 9.8 per cent in April-June 2018, government data.

The Ministry of Statistics and Programme Implementation released its Quarterly Bulletin for the January-March 2019 period, presenting estimates of labour force indicators, for urban areas.

The data showed that unemployment rate in urban areas among males was estimated at 8.7 per cent during January-March 2019 as compared to 9 per cent during April-June 2018.

For women, the UR was at 11.6 per cent during the reported period as against 12.8 per cent during April-June 2018.

The overall labour force participation rate (LFPR) was estimated as 36 per cent in the urban areas during January-March 2019, as compared to 35.6 per cent during April- June 2018. The LFPR for men was estimated to be 56.2 per cent, while for women it was at 15 per cent in the urban areas during the January-March 2019 period.

· Alternative Water Route to the North-East will boost Economic Development in the Region

Minister of State for Shipping (I/C) and Chemicals & Fertilizers, Shri Mansukh Mandaviya, a protocol on Inland Water Transit and Trade (PIWTT) exists between India and Bangladesh since 1972.
There are specified inland water routes and an equal number of Ports of call in each country for Exim trade through the Inland Water Transport (IWT). The protocol is valid up to 05th June 2020 with a provision of automatic renewal after five years. => The Northeastern States are connected with the mainland through Inland waterways of Brahmaputra (NW-2) and Barak (NW-16) with the Ganga-Bhagirathi-Hoogly river system (NW-1) via Sunderbans (NW-97) through the Indo-Bangladesh Protocol (IBP) route.

The Memorandum of Understanding (MoU) signed between India and Bangladesh on 8th April 2017 for fairway development of Sirajganj-Daikhowa stretch of Jamuna river and Ashuganj-Zakiganj stretch of Kushiyara river in Bangladesh. The estimated cost of the project is Rs 305.84 crore on a cost-sharing ratio of 80:20 between India and Bangladesh.

· General Bipin Rawat set to be first Chief of Defence Staff

General Bipin Rawatvisits military establishments as his tenure as the Army Chief draws to an end in December. He to take over as the first Chief of Defence Staff (CDS). It is a four-star position being created as part of defence management. He served a rare full three-year term as the Army Chief. He provides military advise to the government and implement joint procurement by the three services.
His appointment of a new CDS is expected to be announced in December. The joint operations and tri-services commands are likely to be overseen by the CDS the top officer is set to be heavily involved in and procurement of military equipment.

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