Ease of Doing Business Reforms | Rajasthan | 27 Dec 2023
Why in News?
According to the Department of Expenditure, Ministry of Finance, Rajasthan has become the 6th State in the country to successfully undertake “Ease of Doing Business” reform. Thus, the State has become eligible to mobilise additional financial resources of Rs. 2,731 crore through Open Market Borrowings.
- The other five states on the list are Andhra Pradesh, Karnataka, Madhya Pradesh, Tamil Nadu and Telangana.
Key Points
- The ease of doing business is an important indicator of the investment friendly business climate in the country.
- In May 2020, the Government of India granted additional borrowing permissions to States who undertake the reforms to facilitate ease of doing business. The reforms set forth in this category are:
- Completion of first assessment of ‘District Level Business Reform Action Plan’.
- Elimination of the requirements of renewal of registration certificates/approvals/licences obtained by businesses under various Acts.
- Allocation of inspectors by implementation of computerized central random inspection system.
- To address the challenges of the Covid-19 pandemic, the Government increased the borrowing limit of the States by 2% of their Gross State Domestic Product (GSDP). Half of this allowance was tied to the States implementing citizen-centric reforms in four areas:
Note
Open Market Borrowings (OMBs) is a method of raising funds by corporates or government entities by issuing securities such as bonds, debentures, or treasury bills to the public.
- These securities are issued in the open market and are available to purchase by anyone interested in investing in them. The Reserve Bank of India (RBI) regulates the OMBs in India.
Rajasthan Scraps Youth Internship Scheme | Rajasthan | 27 Dec 2023
Why in News?
The newly elected Rajasthan government has decided to scrap ‘Rajeev Gandhi Yuva Mitra Internship Scheme’ (RGYMIS) from 31st December 2023.
Key Points
- Launched in 2021-22, the scheme aimed to provide practical work experience to young graduates and help them develop their skills and knowledge.
- Under this the interns were placed in various government departments and agencies, and they were provided a stipend of up to Rs 10,000.
- Around 50,000 youngsters were enrolled under this program.
- According to the Department of Economics and Statistics, the scheme was brought in to develop a pool of intellectual and self-motivated youths named Rajiv Gandhi Yuva Mitras (RYM).
- The initiative also aimed to educate people about governance and build their confidence in the government and ensure that their basic needs are met at their doorsteps.
- Some important state initiative schemes are:
- Mukhyamantri Kaushal Vikas Yojana.
- Skill Development Initiative Scheme (SDIS)
- Pandit Deendayal Upadhyay Grameen Kaushal Yojana.