05.11.21 Daily [Telangana] TSPSC Current Affairs

At a time when states are facing pressure to lower value added tax (VAT) on diesel and petrol sales, the Controller and Auditor Generals (CAG) report forTelanganareveals that the government was already facing a of Rs 8,000 crore according to calculations till September.

In sharp contrast to budget predictions of a total revenue surplus of Rs 6,743 for the entire fiscal year, CAG now predicts a revenue deficit of up to 119%.

The budget estimates (2021-22 financial year) states that the states own Revenue Receipts will be Rs 1.76 lakh crore this fiscal year, with Telanganas own Resources being Rs 1.23 lakh crore.
Until September, it was projected that the state would earn Rs 53,000 crore in revenue, but it only received Rs 43,000 crore from its own sources, which is only 30% of the anticipated income.The state has raised loans of Rs 25,573 crore in the first six months of the fiscal year.

According to CAG estimates, the state has also earned Rs 12,000 crore through VAT sales.
The numbers also reveal that the states own tax collection is on course, but the Centres grant, the state portion of central taxes, and non-tax revenue forecast have all taken a hit.

From the collection of VAT, the state enjoyed a significant income source in the form of Rs 13,000 crore and Rs 8,000 crore from excise duty. Stamps and registration revenue was the next largest source of revenue, accounting for Rs 4,000 crore so far.

The State Government has estimated that it will get Rs 30,000 crore as non-tax revenue in this financial year, but has only earned Rs 4,000 crore until now.

The and Niti Ayog are ready to financially push the EVs in India.

Highlights

The World Bank (WB) and the NITI Aayog (National Institution for Transforming India) are collaborating to support a scheme for faster and easier financing of electric vehicles (EVs).

The State Bank Of India (SBI) will serve as the program manager for a $300 million ‘first loss risk sharing instrument’ set up by NITI Aayog and the World Bank.

The present rate of interest on electric two-wheelers and electric three-wheelers, which is at 20-25 percent, is likely to drop to 10-12 percent.

Minister of Power, New & , R.K. Singh Launched the Pakal Dul Hydro Electric Project on November 1, 2021.

Highlights:

This project is located in Jammu and Kashmir’s Kishtwar district.

Accelerated hydropower project development is critical for grid balancing and peak power generation.

The Pakal Dul H.E. Project will contribute to achieving the 450 GW renewable energy target by 2030.

In this region, an Investment of Rs 8212 crores is being made through this project.

Direct and indirect EMPLOYMENT opportunities will be created as a result of the investment.

It will contribute to the general development of the local Population.

On November 5, the world commemorated World Tsunami Awareness Day.

Highlights:

The day is observed to raise awareness about the hazards of Tsunamis among people all around the world.

World Tsunami Awareness Day in 2021 promotes the “Sendai Seven Campaign,”

It aims to “significantly expand international cooperation to developing nations through suitable and sustainable support to complement their national measures for the implementation of the current Framework by 2030.”

After the proclamation of the UN General Assembly on December 22, 2015, World Tsunami Day was first formally marked on November 5, 2016.

The United Nations General Assembly urged all countries in international organizations to increase awareness of the crisis and share product ideas.

The report was published in the backdrop of Indias target to achieve net zero emissions by 2070. This target was committed by Prime Minister Narendra Modi at COP26 global Climate summit in Glasgow.

At the summit, PM Modi also committed:

To bring non-fossil energy capacity of India to 500 GW by 2030,

To lower carbon intensity to 45 per cent by 2030

To reduce 1 billion tonnes of carbon emissions out of total projected emission by 2030.

To fulfil 50 per cent of energy requirement using renewable waste by 2030.

Report highlights that, Indias transition towards a <a href="https://exam.pscnotes.com/green-economy“>Green Economy could contribute about $1 trillion in economic impact by 2030. It will create more than 50 million jobs.

The economic impact would increase to $15 trillion by 2070.

Report notes that, Indias commitments are a critical foundation for achieving 1.5-degree Celsius Global Warming target.

India is on the frontline of Climate Change. More of Indians are exposed to negative effects of climate change and extreme weather events as compared to other nationality.

Energy, Industry, mobility, <a href="https://exam.pscnotes.com/Agriculture-notes-for-state-psc-exams”>Agriculture and Infrastructure & cities are the five pillars in India, contributing over 90 per cent emissions. India will require to curb this emission, along with four cross-sectoral enablers including-

Accelerated approach to green technology innovation;

Integrated approach to carbon, capture, utilisation and storage

Overarching framework to catalyse green finance and

Plan for climate adaptation.

Forest & Bird, an independent conservation organization, organized its annual Bird of The Year Award.

Highlights:

The Pekapeka-tou-roa, a New Zealand native bat species, took up the annual bird of the year award in 2021.

Despite not being a bird, the species was declared the winner of the competition.

Long-tailed bat is another name for Pekapeka-tou-roa. It is one of two land animals found in New Zealand.

Forest and Bird named this bat to their Bird of the Year list because both bats and native birds are endangered by the same issues such as habitat loss, predators, and <a href="https://exam.pscnotes.com/Climate-change”>Climate Change.