FAME III To Come With Penalties For Not Adhering To Localisation Norms, Kharif MSP Hiked

Centre Looks To Open Special Heatwave Units At Govt Hospitals In Delhi As Death Toll Climbs

Union Health Minister JP Nadda has directed the opening of special heatwave units in central government hospitals, with the temperatures soaring, the Economic Times reported. 

The heatwave has claimed at least 34 lives in Delhi over the last 48 hours. An advisory was issued to state health departments to reduce health impacts of extreme heat. The Director General of Health Services (DGHS) Dr Atul Goel directed the central government hospitals to identify cases of heat related illnesses (HRI) on time, triaged and provided immediate attention with rapid, active cooling and subsequent supportive care.

Many parts of India have been reeling under excessive heat, with the maximum temperature soaring to 45 degrees Celsius, alongside warm nights. More here 

Govt Sets Localisation Guidelines, Penalties For Availing FAME III Subsidies

Automakers applying for FAME III will be liable to pay penalties in event of non-adherence with laid-down localisation norms, the Economic Times reported. 

Companies certifying vehicles for subsidies under the Faster Adoption and Manufacturing of Electric Vehicles (FAME 3) - scheduled to be announced in the upcoming budget - will have to undergo a techno-commercial audit twice a year to ascertain they are meeting localisation guidelines.

In the event of irregularities, manufacturers would have to return claimed subsidies with interest at a rate 3 per cent higher than the marginal cost of funds-based lending rate in penalties, an official said. This will be the first time EV makers are penalised for not meeting declared localisation criteria under the scheme. Read more

GST Council Meeting On June 22 To Consider Reform Measures

The Goods and Services Tax (GST) Council is likely to consider a number of measures at its meeting on June 22 that are expected to set the tone for broader tax reforms in the first full budget of the newly elected government, the Economic Times reported.

These include the conditional waiver of interest or penalty on tax notices issued between 2017 and 2020, barring cases of wilful default. The budget is likely to be announced in July. The GST Council may also discuss crunching timeline for issuing notices, a monetary limit for pursuing disputes at the GST Appellate Tribunal, and a sunset date for anti-profiteering cases to reduce tax litigation and improve ease of doing business. More here 

Cabinet Approves MSP Increase For Kharif Crop But It Is Lower Than Last Year

The Union Cabinet increased the Minimum Support Price (MSP) for Kharif crop by 5-12.7 per cent for the 2024-25 marketing season, the usiness Standard reported.

The highest increases were for pulses and oilseeds, while cereals saw the lowest hikes, following a trend from the previous years.  The MSP for paddy, the main cereal grown in the Kharif season, was raised by Rs 117 per quintal. The new MSP for paddy is Rs 2,300 per quintal for the 2024-25 kharif marketing season.

This increase is lower than the Rs 143 per quintal seen in the 2023-24 crop season (July to June). Besides paddy, the MSP increases for 2024-25 were lower than the previous year for jowar, bajra, moong, and cotton. More here 

Global Intellectual Property Treaty To Boost Innovation, Biodiversity

A recently adopted global treaty on intellectual property, genetic resources, and traditional knowledge is expected to benefit both India and multinational companies reliant on the country's indigenous knowledge for innovation. But some experts caution it may not be a complete win for India, Livemint reported.

The World Intellectual Property Organization (WIPO) treaty, adopted on May 24 after more than two decades of negotiations, introduces a much-needed legal framework for utilising genetic resources and traditional knowledge.

The treaty has crucial implications for sectors such as pharmaceuticals and biotechnology, as companies must now disclose the sources of their knowledge and ensure it is used ethically and legally, minimising the risk of legal disputes and international exploitation. More here

Govt Likely To Finalise Base Year Revision For Consumer, GDP and Industrial Indices By Year-End

The Ministry of Statistics and Programme Implementation (MoSPI) is set to finalise the base year revision for consumer price index (CPI), index of industrial production (IIP) and gross domestic product (GDP) by end of the year, the Business Standard reported.

While the final time frame and roadmap isn’t yet ready for the implementation of base year revisions, it is certain that a final call will be taken by the end of this year, the report quoted a senior official as saying. The government has already started the groundwork to update the CPI, IIP and GDP with the release of the latest household consumption expenditure survey (HCES) for August 2022-July 2023. More here