on 20-Jan-2021 (Wed)

Public procurement refers to the purchase of goods and services by the public sector or the government, accounting for an average 15% of GDP globally. In India, government procurement is estimated to constitute about 30% of GDP with the central government accounting for a major chunk.

There is no standardised nomenclature in public procurement in India and a mix of American, European and Indian nomenclature has become common,” the department pointed out in an introduction to the 130-odd page document for inviting bids for official supplies.

As an instance, it pointed that a ‘Tender’ is taken to mean ‘Tender document’ or ‘Tender Process’ as well as the ‘Bid’ submitted by the prospective suppliers.

“Similarly, participants in the Tender are called tenderers and bidders. This duality is reflected in ‘Notices inviting Tenders’ and ‘Instructions to Bidders, and so on,” the note reviewed by The Hindu points out.

he standard bidding document developed now, seeks to ease out this duality by mooting that the ‘Tender’ should refer to the tender document and process, while the term ‘Bid’ shall refer to the bidders’ pitches. ‘Bidder’ is to be used instead of ‘Tenderer’ to refer to potential suppliers and the usage ‘Bid document’ be done away with, as per the proposed model.

January 9 was chosen as the PBD as it was on this day in 1915, Mahatma Gandhi, the “greatest pravasi”, returned to India from South Africa and led the country’s freedom struggle.

The Securities and Exchange Board of India (SEBI) has floated a discussion paper on review of ownership and governance norms to facilitate new entrants to set up stock exchanges and depositories, otherwise called as market infrastructure institutions (MIIs).

At least 50% of ownership of the MII may be represented by individuals or entities with experience of five years or more in the areas of capital markets or technology related to financial services.

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The NIP has been expanded from 6,385 projects at the time of its introduction a year ago, to more than 7,300 projects, and is making progress despite the pandemic, the government said in a statement.

The ratio of Gross Non-Performing Assets (GNPA: loan accounts overdue for 90 days or more) in Indian banks decreased in FY20 and FY21 (upto September) despite the impact of COVID-19 and the economic downturn that preceded it.

This was mostly due to three factors: 1) Banks wroteoff relatively more NPAs in FY20 to clean their balance sheets; 2) Some large NPA accounts got resolved through debt-recovery channels; and 3) It is not known what share of loan accounts, which were under COVID-19-related moratorium, will turn into NPAs in the immediate future.

The fall in NPAs in FY20 can be largely attributed to loan write-offs

Thus, NPAs reduce a bank’s available capital to lend fresh loans. So, banks voluntarily choose to write-off NPAs to maintain healthy balance sheets. In FY20, GNPAs written off by PSBs reached a six-year high.

Through various debt recovery channels, ₹1,72,565 crore worth of NPAs was recovered in FY20, the highest in many years.

“In the faceless regime, the main objective is to remove physical interaction as much as possible, and hence, the taxpayers may not have the opportunity to explain (in person) business-related complexities and explain various positions they have taken while filing their income-tax returns. These facilities are available in the existing system,” PwC India had noted last month in a report titled ‘Faceless Interface — a paradigm shift in administration of the income tax law’.

• Endemic: the usual, expected rate of disease over time; the disease is maintained without much variation within a region

• Epidemic: occurrence of disease in excess of the expected rate; usually presents in a larger geographic span than endemics (epidemiology is the study of epidemics)

• Pandemic: worldwide epidemic

• Epidemic curve: visual description (commonly histogram) of an epidemic curve is disease cases plotted against time; classic signature of an epidemic is a “spike” in time

A disease may occur in a country at a regular annual rate, which makes it endemic.

If there is a sudden rise in the number of cases in a specific month, we say that there is an epidemic.

As the disease continues to rise and spread to other countries, it becomes a pandemic.

Thus the terminology is related to both the number of cases and its geographical distribution.

think-tank NCAER said.

“The sharp recovery of GDP in Q2, the bowstring effect, was a welcome surprise.