02 July 2021: PIB Summary & Analysis

July 02nd, 2021, PIB:- Download PDF Here

TABLE OF CONTENTS

1. Stock Limits and Movement Restrictions on Specified Foodstuffs (Amendment) Order, 2021
2. INS Sarvekshak
3. OECD/G20 Inclusive Framework tax deal
4. Covid-19 Vaccine Update
5. Sardar Patel National Unity Award 2021

1. Stock Limits and Movement Restrictions on Specified Foodstuffs (Amendment) Order, 2021

Context:

Stock Limits and Movement Restrictions on Specified Foodstuffs (Amendment) Order, 2021 has been issued with immediate effect from 2 July 2021.

Details:

• As retail prices of dal continue to increase and the long gap in monsoon rain casts a shadow over Kharif sowing, the central government has stepped in to control further price rise.
• Through this order, stock limits have been imposed on wholesalers, retailers, millers and importers of pulses.
• As per the order, stock limits have been prescribed for all pulses except moong until October 31 for all states and union territories.
• Wholesaler traders can stock 200 tonnes (but not more than 100 tonne of one variety) while retailers can stock a maximum of 5 tonnes.
• Dal millers can stock 25 per cent of their annual installed capacity or the last three months of production, whichever is higher.
• The government has been trying to reign in the retail prices of pulses in the previous months.
• In March-April, it had asked the state and UT governments to take stock of pulses and their trade. Even an online system was developed to monitor the stock.
• When these steps failed to have the desired cooling down effect on prices, the central government tweaked the import policy by shifting tur, urad and moong — all three major Kharif pulses — from restricted to free category from May 15 to October 31.
• A direct effect of this notification would be the crashing of wholesale prices once the mandis start after the weekend. With Kharif sowing underway, this will impact the decision of farmers on whether to go for pulses or other crops this season.

2. INS Sarvekshak

Context:

Indian Naval Ship (INS) Sarvekshak departs Colombo after completion of survey assistance.

Details:

• Indian Navy’s Hydrographic Survey Ship Sarvekshak successfully completed survey action around the site of the Singapore-registered container ship MV X-Press Pearl that had caught fire off the coast of Colombo.
  • After burning for 12 days, X-Press Pearl sank and was declared a total loss.
  • The incident was deemed the worst marine ecological disaster in Sri Lankan history for the chemical products that spilled.
• INS Sarvekshak, equipped with state-of-the-art survey equipment including the Side Scan Sonar, was deployed at the request of the Sri Lankan Government.
• The survey of the wreckage area would facilitate issuance of advisory to both mariners and fishermen, and subsequent removal of debris by Sri Lankan authorities, thereby ensuring safety of navigation for marine traffic operating through Colombo port.

INS Sarvekshak:

• INS Sarvekshak is the Indian Navy’s Hydrographic Survey Ship that is based at the Southern Naval Command at Kochi.
• It is fitted with state-of-the-art survey equipment like Deep Sea Multibeam echo sounder system, Side Scan Sonar, Sound Velocity Profilers, and a fully automated digital surveying and processing system. In addition, the ship carries a Chetak helicopter.
• In the past, INS Sarvekshak has also undertaken foreign cooperation surveys in Sri Lanka, Mauritius, Seychelles, Tanzania and Kenya.

3. OECD/G20 Inclusive Framework tax deal

Context:

India joined the OECD/G20 Inclusive Framework tax deal.

Details:

• A majority of the members of OECD-G20 Inclusive Framework on Base Erosion and Profit Shifting, including India, adopted a high-level statement containing an outline of a consensus solution to address the tax challenges arising from the digitalisation of the economy.
• The proposed solution consists of two components:
  • Pillar One, which is about re-allocation of an additional share of profit to the market jurisdictions, and
  • Pillar Two, which consists of minimum tax and subject to tax rules.
• Some significant issues, including share of profit allocation and scope of subject to tax rules, remain open and are yet to be addressed.
• Further, the technical details of the proposal will be worked out in the coming months, and a consensus agreement is expected by October 2021.
• According to the Finance Ministry statement, India is in favour of a solution that will result in allocation of meaningful and sustainable revenue to market jurisdictions, particularly for developing and emerging economies.

Read more about profit sharing and base erosion in the linked article.

4. Covid-19 Vaccine Update

What’s in News?

Based on recommendations from the National Technical Advisory Group on Immunization (NTAGI), the Union Ministry of Health and Family Welfare (MoHFW) approved the vaccination of pregnant women against COVID-19.

5. Sardar Patel National Unity Award 2021

Context:

Nominations for Sardar Patel National Unity Award-2021 Open till 15 August 2021.

Read more about the Sardar Patel National Unity Awards in PIB dated Jan 17, 2020.

Read previous PIB here.

July 02nd, 2021, PIB:- Download PDF Here