Thursday 04 June 2020, 07:58 AM
Rs 100 crore for India hosting G20 Presidency: Sitharaman
By IANS | Bharat Defence Kavach | Publish Date: 2/1/2020 2:40:38 PM
Rs 100 crore for India hosting G20 Presidency: Sitharaman

New Delhi: Finance Minister Nirmala Sitharaman during the Budget presentation in Lok Sabha on Saturday said India will host the G20 Presidency in 2022 and the government has allocated Rs 100 crore for making preparations for this historic occasion, where it will drive global economic agenda.

The Group of 20 nations (G20) is an international grouping consisting of Argentina, Australia, Brazil, Canada, China, the European Union, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the UK and the US. It was conceived as a bloc to create a common platform to bring together the industrialised and developing economies, to have a discussion on international economic and financial stability. With India hosting the G20 Presidency, it is expected to play a crucial role in driving the global economic agenda.

The meeting of world leaders is usually preceded by ministerial meeting of finance and trade ministers, and central bank governors. This meeting designs the economic agenda for the world leaders to discuss. In 2022, India would look to leverage this opportunity to increase its footprints in the global economic agenda.The G20 is often credited with containing the shift to protectionism in the backdrop of the global financial meltdown in 2008. To counter this economic meltdown, the G20 decided to a three-fold increase in the International Monetary Fund's budget and gave development banks more remit.

Debt ETF with G-sec announced in Budget for more liquidity

New Delhi: The Budget 2020 has proposed a debt exchange-traded fund (ETF) consisting of government securities and also hiked investments in corporate bond limit by the FPIs from 9 per cent to 15 per cent to deepen the bond market.

"For the financial markets, deepening the bond market is the key. Some government securities will be open for non-resident investors. To improve investor confidence, a legislation on laying down mechanism for netting of financial contracts will be done. A debt ETF consisting of government securities will be launched. For NBFCs and HFCs, liquidity constraints will be addressed. The FPI Limit in corporate bonds will be raised to 15 per cent from 9 per cent", Finance Minister Nirmala Sitharaman said in her Budget speech.

The entry of G-Secs will add enhanced liquidity, enhanced investors base and transparency and smoothening of borrowing plans of the participating CPSEs. The debt market comprises the government securities market and the corporate debt market. G-Secs constitute 79 per cent of the total amount of outstanding bonds in India.

Government securities (G-Secs) will add lustre to the debt ETF as part of the initiative by the Centre to help PSUs bring down their cost of borrowings. Along with bonds of 'AAA' rated PSUs, G-Secs will make the proposed debt ETF far more attractive for investors.However, immediate gains hike in corporate bond limit from 9 per cent to 15 per cent is unlikely as only 60 per cent of the current limit is utilized now," says CRISIL.

Budget proposes Rs 8,000 crore boost for quantum tech

New Delhi: Giving a huge boost to adoption of emerging technologies, Finance Minister Nirmala Sitharaman on Saturday proposed to provide an outlay of Rs 8,000 crore for commercial application of quantum computing like in Blockchain over the next five years under the 'National Mission on Quantum Technologies and Applications'.

"Proposed to provide outlay of Rs 8,000 crore for quantum computing over five years to break into this technology. India will be the third country in this area," Sitharaman said in her second Union Budget presentation in Parliament.Saying that quantum technology is opening up new opportunities, Sitharaman said that several commercial applications would emerge in the area.

"Whoa! USD 1 bn+ allocation for new mission on #quantum computing and applications #BUDGET2020 Will be crucial to ensure we focus the mission on priority areas which, will see the max benefit. This is another very progressive move," Debjani Ghosh, President, Nasscom tweeted.

The Finance Minister also said that a policy will be set up to build data centre parks throughout the country.She mentioned that technologies such as data analytics, Artificial Intelligence (AI) and Machine Learning (ML) and bioinformatics are proliferating fast in the country.

Rs 35,600 cr for nutrition related programmes: FM

New Delhi: Union Finance Minister Nirmala Sitharaman on Saturday allocated Rs 35,600 crores for nutrition related programmes.While speaking in Parliament during the Budget session, she said that the Prime Minister's "Beti Bachao Beti Padhao" scheme had yielded tremendous results."Over six lakh Anganwadi workers are equipped with smartphones to upload nutritional status of more than 10 crore households," said the Finance Minister.

She added: "I propose to provide Rs 35,600 crores for nutrition related programmes for 2020-21."Earlier, Sitharaman had said that Mission Indradhanush has been expanded to cover 12 diseases, and five new vaccines have been added.

Tags:

Finance Minister,Nirmala,Sitharaman,G20,governors,economic,government,CPSEs,

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