• Ujwal DISCOM Assurance Yojana (UDAY) was launched in November, 2015.
• It allows state governments, which own the DISCOMS, to take over 75 percent of their debt as of September 30, 2015 (50% in FY 2015-16 and 25% in FY 2016-17), and pay back lenders by selling bonds.
• States to issue non-SLR including SDL bonds, to take over debt and transfer the proceeds to DISCOMs in a mix of grant, loan, equity.
• Maturity period of bonds - 10-15 years.
• Moratorium period – up to 5 years.
• Rate - G-sec plus 0.5% spread plus 0.25% spread for non-SLR.
• Borrowing not to be included for calculating fiscal deficit of the State.
• Balance 25% of debt to remain with the DISCOMs in the following manner:
○ Issued as State-backed DISCOM bonds; or
○ Re-priced by Banks/FIs at interest rate not more than bank base rate + 0.10%
• States to take over future losses of DISCOMs as per trajectory in a graded manner.
○ [0% of loss of 14-15 & 15-16; 5% of 16-17; 10% of 17-18; 25% of 18-19 & 50% of 2019-20]
• Balance losses to be financed through State bonds or DISCOM bonds backed by State Govt guarantee, to the extent of loss trajectory finalised with MoP.
• Jharkhand and J&K given special dispensation for takeover of outstanding CPSU dues.
• Rest of the debt with DISCOMs is mostly in the nature of CAPEX debt, which pays for itself, or Scheme based debt, which converts into grants fully or partially. Thus, they are not required to be taken over by the States.
• State DISCOMs will comply with the Renewable Purchase Obligation (RPO) outstanding since 1st April, 2012, within a period to be decided in consultation with Ministry of Power.
• States accepting UDAY and performing as per operational milestones will be given additional / priority funding through Deendayal Upadhyaya Gram Jyoti Yojana (DDUGJY),Integrated Power Development Scheme (IPDS), Power Sector Development Fund (PSDF) or other such schemes of Ministry of Power and Ministry of New and Renewable Energy.
• Old Series - The Price Reference Year for this series is 2010, whereas Weight Reference Year is 2004-05.
• Revise Series - Though the Weight Reference Year is July 2011 to June 2012 (reference period of NSS 68th Round), Price Reference Year (Base Year) has been chosen to be calendar year 2012.
Price Reference Year - The year in which the average prices, of goods and services consumed, are taken as base price and equated to 100 and accordingly, CPI for Base Year is 100.
Weight Reference Year - The year in respect of which the data of consumer expenditure survey was used to compute weights for aggregating elementary indices to compile higher level indices i.e. sub-group, group and overall indices.
• Under Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation
• The basket of items and their weighing diagrams have been prepared using the Mo...
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