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Indian Economy

RBI panel proposes framework for State guarantees

Through the framework State governments may publish/ disclose data relating to guarantees, as per the Indian Government Accounting Standard (IGAS). It will lead to better fiscal management by the state governments.

About- The RBI’s working group on state government guarantees has proposed the following:

• The word ‘guarantee’ should include all instruments, which create an obligation, contingent or otherwise, on the part of the state government.
• “The purpose for which Government guarantees are issued should be clearly defined.
• State governments may consider fixing a ceiling for incremental guarantees issued during a year at 5 per cent of Revenue Receipts or 0.5 per cent of Gross State Domestic Product, whichever is less,”
• “State governments may consider charging a minimum guarantee fee for guarantees extended and additional risk premium may be charged based on the risk category and the tenor of the underlying loan.
• State governments may publish/ disclose data relating to guarantees, as per the Indian Government Accounting Standard (IGAS)
• The terms of reference of the Working Group included prescribing a uniform guarantee ceiling for the states, uniform reporting framework for the guarantees given by the State Governments and assessing the adequacy of states’ contribution to the Guarantee Redemption Fund.

Art and Culture

Pakke Paga Hornbill Festival begins in Arunachal

About-

• The 9th edition of the PakkePaga Hornbill Festival (PPHF) began in Seijosa, Arunachal Pradesh, near the Pakke Tiger Reserve.
• Inaugurated by Arunachal’s Tourism Minister NakapNalo, the festival aims to raise awareness about the conservation of hornbills.
• The Nyishi people, the largest tribal group in Arunachal Pradesh, play a crucial role in hornbill conservation, transitioning from hunters to conservationists.
• Nyishi Elite Society President TanaShowren emphasized the connection between tribal traditions and conservation, calling for a balanced approach.
• PPHF was declared a 'state festival' in 2019, and 2024 year's theme, "DomutohDomutoh, Paga hum Domutoh," translates to 'Let Our Hornbills Remain' in Nyishi.
• The festival featured a skit on hornbill conservation, millet competition, and cultural presentations from various communities in the region.

Governance

8th Meeting of National Technical Textiles Mission

Context: Ministry of Textiles approves 11 R&D projects valuing INR 103 Crores across different areas of Technical Textiles

I.  Focus on Collaboration for Indigenous Development

• Union Minister PiyushGoyal chaired the 8th Meeting of the Mission Steering Group (MSG) of the National Technical Textiles Mission (NTTM).
• Emphasized the need for collaborative efforts between the Government and industry to enhance indigenous development of technical textiles products.

II. Strategic Project for High-Strength Carbon Fiber

• One of the projects focuses on the development of high-strength carbon fiber for strategic applications.
• Aiming to make India self-reliant in the field of Technical Textiles.

III. Project Distribution Across Application Areas

• Approved projects cover various application areas of technical textiles:
• 2 Protech
• 2 Meditech
• 2 Mobiltech
• 1 Buildtech
• 2 Smart Textiles
• 1 Sustainable Textiles

IV. Institute and Research-Led Initiatives

• Research in India:Research projects led by reputed institutes and research bodies, including CSIR-NAL, ATIRA, NITRA, IIT Delhi, ICT-Mumbai, NIT-Jalandhar, and Colorjet India Ltd.

• Technological advancements:Collaboration with esteemed institutions emphasizes the importance of academic and research partnerships in driving technological advancements.

V.  Review of National Technical Textiles Mission Progress

• Review of Mission:Union Minister reviewed the progress of various components of NTTM, including sanctioned R&D projects, academic initiatives, quality control orders, patents guidelines, and outreach activities.