The Finance Minister on August this year had announced a series of measures to boost the economy and the financial market sentiments of the country. Among them was the setting up of a development bank. This comes during the time when there is an increasing call for sustainable development of the economy and the promotion of eco-friendly technologies. This announcement was in response to the economic slowdown and discouraging capital market sentiments. The idea for the establishment of a sound development bank is encouraging as it helps in providing investments on long-term projects that may have little or no profitable returns but are essential for the sustainable development of the country. This move allows for risky investments, the ones that are essential for addressing the environmental concerns, technological growth, and rural economic development.
Four and a half years after nations negotiated the Paris Climate Agreement (now ratified by 187 of them), the global climate change action is taking place at a slow pace. Though there is incremental progress in the activities, the finance issue is still looming large as the main contributors, the developing countries are yet to meet their obligations. In this background, it is important to take stock of the Climate finance regime as we are lagging behind the targets and the gap between what is to be done and what is being done is increasing.
Banking Regulation (Amendment) Bill, 2020 was introduced in Lok Sabha on 3rd March 2020 to improve cooperative banks’ management and regulation so as to protect the interests of the depositors. It also proposed to strengthen the cooperative banks by increasing professionalism, enabling access to capital, improving governance and ensuring sound banking through the RBI. This bill seeks to ensure that PMC-like frauds are not repeated in the future.
In recent times, with the ongoing farmers’ agitation near the Delhi-Haryana border, agriculture as an issue has again captured the limelight. Various issues related to farmers have cropped up. The Union Government has dedicated a significant part of the 2021 Budget towards providing agricultural credit to the farmers. As the country is facing a number of problems in agriculture of which financing the agricultural needs tends to be a major issue, agricultural credit has become an important subject now to discuss and to pay attention to.