Telangana Affairs
TS for raising FRBM limit to 5%
government has urged the Centre at the GST Council meeting to raise the Fiscal Responsibility and Budget Management (FRBM) limit from three to five per cent for borrowing purpose as the States revenue had dipped significantly and its expenditure shot up considerably due to COVID pandemic.
Yet, Telangana was in a better position to borrow because its Fiscal Deficit in the revenues for 2021-22 was expected to touch 23.10% while the aggregate Average of all States put together was pegged at 36.3%.
Mr. Rao sought immediate release of 218 crore due to Telangana from the 13,000 crore deposited to the consolidated fund of Integrated Goods and Services Tax. The deposit to the fund was only 2,638 crore.
National and International Affairs
GoM to study concessions for key items to combat corona
The government announced the setting up of an eight-member ministerial panel, headed by Meghalaya chief minister Conrad Sangma, to examine the issue of concessions or exemptions to Covid-19 materials like Vaccines, Oxygen concentrators, hand sanitisers, testing and PPE kits, masks, ventilators and temperaturechecking equipment.
The fitment committee comprising officers had recommended a reduction in rates for a number of items. While nine states wanted Covid materials to be zero-rated (which means the entire value chain to be exempted while providing tax credits to manufacturers), three states pushed for 5%. TheCentrehas said it was not clear if the benefit of lower rates on vaccines or other goods will flow to the end consumer.
National-level Housing Pricing Index launched
A Housing Pricing Index (HPI) on residential property prices in eight cities across the country has been unveiled by real estate portal Housing.com in association with Indian School of Business (ISB).
It seeks to help homebuyers assess the appropriate time to purchase as well as assist sellers know the opportune moment to sell assets. Policymakers and financial analysts can make use of the Index as a reliable estimate to keep track of the trends in the real estate sector, said a release from Housing.com by Union Housing and Urban Affairs Secretary Durga Shanker Mishra.
India Inc steps up health infrastructure aid
India Inc has stepped up its efforts to contribute to thecountrys healthcare in the wake of the second wave of Covid.
HDFC Bank, under its Parivartan programme, will set up and enhance medical infrastructure across the country to assist the fight against the coronavirus. The bank said it has committed Rs 100 crore as an initial amount for Covid relief in FY22. This is in addition to the Rs 120 crore the bank spent in FY21.
The Money will be used to set up 20oxygenplants attached to hospitals, three 100-bed Covid-care facilities, isolation centres and provide medical equipment & supplies to over 200 hospitals across the country.
The initiative targets providing 20 lakh patients Home care support for asymptomatic, mild-symptom cases to reduce pressure on the overburdened Health system.