AFA DAILY CURRENT AFFAIRS ANALYSIS- 15/01/2019
Tamil Nadu Defence industrial corridor:
- The Tamil Nadu defence industrial corridor is set to be launched as part of the Centre’s efforts to build an indigenous defence production ecosystem.
- Apart from major industry interaction there will be three main things — announcement of new investments both by Defence Public Sector Undertakings (DPSU) and the private sector, launch of new defence products and launch of a defence innovation hub in Coimbatore.
- Two defence corridors — one in Tamil Nadu and the other in Uttar Pradesh — were announced in the last budget.
- The Uttar Pradesh corridor was launched at Aligarh in August last year and saw investment announcements to the tune of Rs. 3,732 crore being made.
Reason to set up in Tamil Nadu:
- It is already a major manufacturing State and has a major auto components hub.
- Tamil Nadu will be very good for aero components due to its auto expertise and proximity to Bengaluru. There is a fair momentum for export of aero components.
- Multinational consultancy firm EY has been tasked with drawing up a roadmap on how the cluster is envisioned to grow.
- The Coimbatore District Small Industries Association will take the lead in the hub and has already come out with a plan to promote defence innovation. The hub is expected to get Rs. 20 crore from the Defence Innovation Organisation.
Snooping order is violation of Fundamental Rights:
- The Supreme Court sought a response from the government to a batch of petitions seeking a declaration that the December 20 notification issued by the government listing 10 Central agencies which can snoop on people is a violation of the fundamental right to privacy.
- A nine-judge Constitution Bench of the Supreme Court had in 2017 upheld privacy as a fundamental right under Article 21 (right to dignified life) of the Constitution.
- The judgment had also directed the government to protect informational privacy of every individual.
- The 2017 verdict had directed the government to balance carefully and sensitively individual privacy and the legitimate concerns of the State, even if national security was at stake.
- The December 20 order of the government allows the Central agencies to intercept, monitor and de-crypt “any information” generated, transmitted, received or stored in “any computer resource”.
Govt. mulls sops for electronics makers:
- The government is considering credit guarantee for term loans of up to Rs. 100 crore as well as interest subsidy on loans of up to Rs. 1,000 crore for electronic manufacturing companies under the new policy in works.
- The Ministry of Electronics and IT (Meity) has proposed “credit guarantee fund” (CGF) scheme and “interest subvention scheme” (ISS) to boost electronics manufacturing ecosystem in the country under new National Policy on Electronics in the works.
- There is proposal to provide credit guarantee on term loans for projects up to Rs. 100 crore per borrowing unit. This will not require any collateral security and third party guarantee, for setting up a new electronics manufacturing unit or considerable expansion of an existing electronics manufacturing pant. The cover will vary on case to case basis, depending upon investments.
- According to the proposal, the government will provide up to 50% guarantee cover of the sanctioned loan amount.
- It is proposed that Meity shall create a fund with the nodal agency for providing guarantees for the term loans. Meity shall provide funds in advance from its annual budgetary allocation to the nodal agency for utilisation under the scheme.
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