World Bank Approved $ 1.5 Billion to Support Swachh Bharat Abhiyan
1) The World Bank has approved a $ 1.5 billion loan on December 16, 2015 for the ambitious clean India campaign to support the government in its efforts to ensure all citizens in rural areas have access to improved sanitation and end the practice of open defecation by 2019.
2) As per World Bank statistics, of the 2.4 billion people who lack access to improved sanitation globally, more than 750 million live in India, with 80% living in rural areas. More than 500 million of the rural population in India continue to defecate in the open, suffering from preventable deaths, illness, stunting, harassment and economic losses.
3) As per the World Bank, Ministry of Drinking Water and Sanitation (MDWS) will play the overseeing and coordinating role for the programme and support the participating States. The funds will also be used to develop the capacity of MDWS in program management, advocacy, monitoring and evaluation.
Government Slapped Anti-dumping Duty on Stainless Steel
1) The Centre imposed an anti-dumping duty ranging from 5% to 57% on import of cold-rolled flat products of stainless steel for five years on December 11, 2015. The Central Board of Excise and Customs (CBEC) imposed the duty on China, South Korea, the USA, South Africa, Thailand and Taiwan, besides the European Union.
2) In this regard, a review with regard to the imports of cold rolled flat products of stainless steel was initiated in April, 2014. The highest duty has been levied on steel imports from China at 57.39%, followed by the European Union at 52.56%. Imports from Thailand will have the least duty imposition of 4.58%.
3)The government took decision in the wake of rising incidence of dumping hampering the performance of domestic industry and with steel prices on a decline. The total production of stainless steel in India stood at three million tonnes (mt) in 2013-14 from 0.5 mt in 1994-95.
Global Financial Integrity Report Published
1) India ranked fourth in black money outflows with a whopping $ 51 billion siphoned out of the country per annum between 2004-2013, Global Financial Integrity (GFI), a US-based think-tank’s report published on December 8, 2015.
2) The illegal capital outflows stem from tax evasion, crime, corruption and other illicit activity according to which a record $ 1.1 trillion flowed illicitly out of developing and emerging economies in 2013.
3) In all, during this decade-long period of 2004-2014, GFI estimates that more than half a trillion ($510 billion) went out of India and in the case of China the figure was $ 1.39 trillion and Russia $ 1 trillion.
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