Current Affairs 3rd July

National Affairs

1. Government raises interest rates on select small saving schemes by up to 0.3% for Q2 of FY24

For the second quarter of the fiscal year 2023-24 (Q2 FY24), which runs from July 1, 2023, to September 30, 2023, the Department of Economic Affairs (DEA) and the Ministry of Finance (MoF) have announced an interest rate increase of up to 0.3 per cent for some small savings accounts.

 

The rates are following the high financing costs in the financial framework.

 

Rates of Interest Have Changed:

 

The loan fee for the five-year repeating store (RD) has been raised by 30

the premise focuses (on bps), bringing about a most elevated increment of 0.3%. It used to be 6.2%, but it is now 6.5%.

 

The loan fee has expanded by 10bps for the One-year term stores with mailing stations will presently acquire 0.1% coming to

6.9% (prior 6.8%) and,

 

The two years tenor is 7% (prior 6.9%).

2. MoD signed a contract of Rs. 2725 Cr with MDL for INS Shankush

On 30th June 2023, the Service of Protection (MoD) marked an agreement with the

Mazagon Moor Shipbuilders Restricted (MDL) for the Medium Refit with Life Affirmation

(MRLC) of the Indian Naval force Boat “INS Shankush”, a SubSurface Executioner (SSK) Class of Submarine.

 

The submarine will be delivered in 2026 following the MRLC for a total contract cost of Rs. 2725 crore.

 

Under this agreement, INS Shankush, a submarine having a place with the SSK Class, will

go through complete remodel and life accreditation at MDL’s office in

Mumbai, Maharashtra.

 

Note: INS Shankush has a place with the Shishumar class of Submarines and has a speed

of 22 bunches.

 

About the Agreement:

 

This contract represents a significant step toward MDL’s establishment as an MRO (maintenance, repair, and overhaul) centre supporting India’s industrial ecosystem.

 

Over 30 Micro, Small, and Medium-Sized Enterprises (MSMEs) are expected to participate in the project.

 

It would prompt a working age of 1200 man-days out of each day all through

the task length.

 

The INS Shankush task will be a banner conveyor of Atmanirbhar Bharat in

agreement with the Public authority of India’s Make-in-India drive.

 

Extra Data:

 

Additionally, MDL is currently finalising a contract with the United States Navy to provide its fleet with maintenance and repair services while on a voyage.

3. Power Ministry notified Carbon Credit Trading Scheme 2023 to develop India’s 1st domestic carbon market 

On 30th June 2023, the Service of Force advised the “Carbon Credit Exchanging

Conspire, 2023″, to foster India’s most memorable homegrown directed carbon credit exchanging market.

 

The plan was first declared under the Energy Preservation (Correction) Bill,

2022.

 

The Bureau of Energy Efficiency (BEE), a statutory body under the Ministry of Power, drafted the plan.

 

The Carbon Credit Exchanging Plan, 2023, involves the development of a Public

Controlling Committee(NSC), a specialized board, a Licensed Carbon Check

Organization and the Focal Power Administrative Commission (CERC) as the carbon

market controller.

 

The secretary of the Ministry of Power will serve as the ex-officio chairperson of the National Steering Committee (NSC), which will have 20 to 22 members. The secretary of the Ministry of Environment, Forest, and Climate Change (MoEF&CC) will serve as co-chairperson.

4. KAPP-3 India’s 1st indigenous 700 MWe Nuclear Reactor commenced commercial operations in Gujarat

India’s first indigenously developed 700 MWe (megawatt electric) Pressurised Heavy Water Reactor (PHWR) (nuclear power reactor) began commercial operations on June 30, 2023, at the Kakrapar Site in Gujarat.

 

Central issues:

 

The Kakrapar project includes the development of two 700 MW PHWRs:

KAPPs 3, 4, and 5.

 

The Kakrapar Nuclear Power Venture (KAPP) site additionally houses two 220 MWe PHWRs (Kakrapar Nuclear Power Station(KAPS)- 1 and KAPS-2).

 

The reactor was worked by Atomic Power Enterprise of India Restricted (NPCIL), an

entirely possessed public area undertaking (PSU) of the Public Authority of India under the

regulatory control of the Division of Nuclear Energy (DAE).

 

Other PHWRs projects:

 

The actual advancement accomplished by the KAPP 4 unit, as toward the finish of May 2023 was 96.92% and was by starting different dispatching exercises.

 

The NPCIL has approved the financial and administrative construction of sixteen 700 MW PHWRs across India.

 

Development of 700 MW thermal energy stations is under progress at Rawatbhata,

Rajasthan in Rajasthan Nuclear Power Undertaking (Units 7 and 8) (RAPS 7 and 8) and at

Gorakhpur, Haryana in Gorakhpur Haryana Anu Vidyut Pariyojana (Units 1 and 2)

(GHAVP 1 and 2).

 

The Middle has authorized the working of 10 natively created PHWRs in the armada

mode at four areas like Gorakhpur in Haryana (GHAVP – 3 and 4), Chutka in

Madhya Pradesh(Chutka – 1&2), Mahi Banswara in Rajasthan (Mahi Banswara –

1&2&3&4) and Kaiga in Karnataka (Kaiga – 5&6).

International Affairs

1. India stands at 126 ranks out of 163 countries in the Global Peace Index

As indicated by the seventeenth version of the Worldwide Harmony List 2023 delivered by

global research organization, the Foundation for Financial Matters and Harmony (IEP), India has positioned at 126th situation by climbing nine situations from 2022. The rundown is topped by Iceland.

 

India’s situation for the year 2022 India stood firm on the 135th foothold in 2022 with a score of 2.578, while in the current year, it has improved to the 126th position with a score of 2.314. 

 

India’s position about its neighbours India is recorded as the 126th country on the rundown which is a long way behind not many of her neighbours like Bhutan (17), Maldives (23), Nepal (79), China (80), Bangladesh (88), Sri Lanka (107). Myanmar (145) and Pakistan (146) follow India on the list.

 

2. United States of America Rejoins UNESCO after 5 years

After five years, the United States of America (USA) rejoined the United Nations Educational, Scientific, and Cultural Organization (UNESCO) as a member.

 

On 30th June 2023, the 193 part provinces of UNESCO met for a remarkable meeting to analyze the proposition of the USA to rejoin UNESCO as soon as July 2023, based on a substantial monetary arrangement, which incorporates a guarantee to reimburse its assessed unfulfilled obligations of USD 619 million. There were 132 votes in favour and 10 votes against at the meeting.

 

USA’s choice to rejoin UNESCO was inspired by worry, over China’s impact in setting guidelines for Computerized reasoning (simulated intelligence) and innovation apprenticeship all over the planet.

 

Note:

 

In 2017, the USA, during the administration of Donald Trump, chose to pull out from

UNESCO.

 

The Joe Biden organization has previously mentioned USD 150 million for 2024

spending plan to go toward UNESCO contribution and unfulfilled obligations

Banking and Finance

1. Highlights of SEBI Board Meeting: Reduction of public issue listing timelines; Board representation for retail investors under REITs/InvITs 

On June 29, 2023, the leading group of Protections and Trade Leading group of India (SEBI) endorsed a progression of choices, for example, the decrease of public issue posting courses of events, the presentation of guidelines for non-convertible obligation protections, reinforcing financial backer complaints taking care of instruments to further develop the market proficiency and financial backer assurance.

 

Central issues:

 

The proposal to reduce the time required to list shares in a public issue from six days to three days from the date of issue closure (T Day) has been approved by the board. The modified course of events of T+3 days would be made appropriate in

two stages.

 

The new posting period would be willful for all open issues opening on or

after September 01, 2023, and required for the ones on or after December 01,

2023.

 

SEBI board likewise supports the corrections to the SEBI Foundation speculation

trusts (InvITs) Guidelines, 2014 and SEBI land speculation trusts (REITs)

Guidelines, 2014 to give selection freedoms to unitholders holding 10% or more

of the all-out extraordinary units of the InvIT/REIT, either separately or by and large, on

the directorate of the Speculation Supervisor/Chief.

 

The support who sets up the InvIT/REIT adapts its resources by moving

them to the InvIT/REIT and applies command over the choices of the InvIT/REIT

through a huge shareholding in the Venture Supervisor/Director.

 

Right now, SEBI Guidelines command the support to hold at least 15%

units for a time of something like a long time from the date of posting of units.

2. World Bank Approves USD1.5 Billion to Support India’s Low-Carbon Transition

On 29th June 2023, The World Bank allowed USD1.5 billion in funding to speed up

India’s advancement of low-carbon energy sources. This subsidizing plans to help India

in increasing sustainable power, encouraging the development of green hydrogen, and

animating environment finance for interests in low-carbon energy.

 

The program’s goals incorporate increasing sustainable power supply to lessen

costs and further develop network combinations.

 

India will be able to reach its goal of 500 GW of renewable energy capacity by 2030 thanks to this.

 

Background:

 

India’s economy, which is expanding rapidly, currently consumes less energy per person than the global average. Nonetheless, as the economy keeps on extending, the

country’s energy request is supposed to altogether increment. To line up with its

objective of accomplishing net-zero discharges by 2070, India plans to slowly transition away from the utilization of petroleum product-based energy sources.

Science and Technology

1. Galactic 01: Virgin Galactic completed its first Commercial Spaceflight

The space company founded by British entrepreneur Richard Branson, Virgin Galactic Holding Inc. (SPCE.N), completed its first commercial spaceflight mission, dubbed “Galactic 01,” on June 29, 2023.

 

Along with three members of the Virgin Galactic crew, two officers from the Italian air force—Colonel Walter Villadei and Lieutenant Colonel Angelo Landolfi—as well as an aerospace engineer from the National Research Council of Italy took the brief suborbital flight.

 

The team flew more than 50 miles (80 km), a height perceived as the edge of space by the Public Authority of the US of America(USA), over the New Mexico desert on a Virgin Cosmic rocket plane.

 

The Mission began at the Virgin Cosmic spaceport in New Mexico, where the travellers were safely appended underneath the wing of the tremendous twin-fuselage mothership known as Virgin Mother Boat (VMS) Eve. 75 minutes later departure, the Solidarity spaceplane arrived on a runway at Spaceport America.