Current Affairs 28th June
National Affairs
1. MoA & FW Signed an MoU with Pixxel Space India Pvt. Ltd. to Develop Geospatial Solutions
A Memorandum of Understanding (MoU) between Pixxel Space India Pvt. Ltd. and the Union Ministry of Agriculture and Farmers Welfare (MoA & FW) in New Delhi, Delhi, was signed on June 26, 2023. Ltd., with headquarters in Bengaluru, Karnataka, to use Pixxel’s hyperspectral dataset to create free geospatial solutions for the Indian agriculture ecosystem.
Crop health monitoring, crop stage classification, crop mapping, and soil organic carbon assessments will be the primary focuses of the project.
- S. Murthy, Director of the Mahalanobis National Crop Forecast Centre (MNCFC), on behalf of the Government of India (GoI), and Abhishek Krishnan, Chief of Staff for M/s Pixxel Space India Pvt., signed the Memorandum of Understanding. Ltd within the sight of the Manoj Ahuja, Secretary, Division of Agribusiness and Ranchers Government assistance
(DA&FW), Pramod Kumar Meherda, Extra Secretary, DA&FW. Hyperspectral remote detecting innovation:
It can detect changes in chlorophyll content, canopy moisture status, and soil reflectance to evaluate crop health and perform soil nutrient mapping. It measures spectral data in narrow wavelength bands.
Crop risk management, early crop stress detection, and precise pest, disease, and water-related issues will all benefit from this technology.
It additionally decreases reliance on tedious and blunder-inclined manual reviews
also, estimations.
2. GoI extends the timeline for Loan/Completion of Ethanol Projects till September 30, 2023
Under the “scheme for extending financial assistance to sugar mills for augmentation of ethanol production capacity,” the Government of India (GoI) has extended the deadline for the disbursement of loans for the completion of ethanol projects until September 30, 2023. This move aims to boost ethanol production in India.
The extended timeline for ethanol projects typically benefits the agricultural economy, reduces reliance on fossil fuels, saves money on crude oil imports, and reduces air pollution.
Background:
The Government of India gives mills soft loans through banks to build new distilleries, expand existing ones, and install incineration boilers or any other method for zero liquid discharge that has been approved by the Central Pollution Control Board.
In the past, ethanol projects’ loan disbursement deadline was March 31, 2023.
Key Features:
As part of the plan, the government pays the loans’ interest and has extended the loan disbursement deadline until September 30, 2023. All schemes that were notified between 2018 and 2021 are covered by this extension.
The difficulties encountered in coordinating with multiple agencies and processing loan applications prompted the decision to extend the deadline.
The government recognized the requirement for an extension to address this issue because many project proponents were unable to adhere to the initial deadline, which resulted in delayed loan disbursements and incomplete projects.
The federal government offers financial assistance in the form of interest subvention at a rate of six per cent annually or fifty per cent of the interest that banks charge, whichever is less.
This benefit is available for five years, with a one-year moratorium in between.
Increasing ethanol production and supply for the Ethanol Blended with Petrol (EBP) Program, particularly during surplus seasons, is the primary objective of these measures.
Both grain-based and molasses-based distilleries have experienced remarkable growth as a result of government policies over the years. Note: Molasses-based distilleries now have a capacity of 811 million litres, up from 215 million litres in 2014. In a similar vein, grain-based distilleries now have a capacity of 433 crore litres, up from 206 crore litres in 2013.
Consequently, India’s national ethanol production capacity has increased to 1244 crore litres in 2023, a record high.
Supply of Ethanol:
The supply of ethanol to Oil Marketing Companies (OMCs) demonstrates the impact of these efforts. Note: In 2013-14, the stockpile was 38 crore litres with a mixing level of 1.53%. By 2020-21, the creation and supply of fuel-grade ethanol to OMCs had expanded by multiple times.
India reached a historic milestone during the Ethanol Supply Year (ESY) 2020-21 by producing 408 crore litres of ethanol at a blending rate of 10.02%. India had already blended 310 crore litres, or 11.70 per cent, by June 11, 2023, during the ESY 2022-23. A blending rate of 12% is the goal for the current ESY 2021–22.
India’s ethanol production capacity needs to be increased to 1700 crore litres in order to reach the ambitious target of 20% blending by 2025.
International Affairs
1. Highlights of Key Initiatives Launched during PM Narendra Modi’s Visit to the USA June 20-24
State leader (PM) Narendra Modi made his most memorable State Visit to the US of America (USA) from 20 to 24 June 2023, at the greeting of the Leader of USA
Joseph Biden and First Woman Dr Jill Biden.
Key Drives:
GE Aerospace, the world’s leading aircraft engine manufacturer, signed a memorandum of understanding (MoU) with India’s Hindustan Aeronautics Limited (HAL) in Washington on June 23, 2023, during PM Narendra Modi’s visit to the US, to produce fighter jet engines for the Indian Air Force (IAF) in the country.
The Association Bureau of India has supported U.S. chipmaker Micron Innovation’s USD 2.75 billion arrangement for another semiconductor testing and bundling unit of which Micron will contribute USD 825 million while the rest will be government motivators.
Jitendra Singh, Union Minister of State (Independent Charge) for Science and Technology, mentioned the signing of the “Artemis Accords” and the joint India-US mission to the International Space Station in 2024, which will give the space industry new momentum.
According to the joint assertion given by PM Narendra Modi and US President Joe Biden, the US and India declared a USD 2 million award program for man-made brainpower and quantum advances.
Through the signing of an agreement with Kapoor Enterprises Inc., a company based in California, Indian Farmers Fertiliser Cooperative Ltd. (IFFCO) began exporting the world’s first nano liquid urea, which was invented and manufactured in-house by IFFCO in India, to the United States.
Banking and Finance
1. SEBI unveils ASBA-like facility for Trading in Secondary Market
The Protections and Trade Leading body of India (SEBI) has presented ASBA
(Application upheld by Hindered Sum)- like the cycle for exchanging upheld by Obstructed Sum the auxiliary market w.e.f. January 1, 2024. This move is pointed
to shield financial backers’ money insurance.
This technique uses the assets held in the financial backer’s ledger, as opposed to
requiring forthright exchange to the exchanging part. It combines the “UPI block facility” and the secondary market trading and settlement process with the RBI-approved Unified Payments Interface (UPI) mandate service of single block and multiple debits.
In addition, SEBI releases disclosure formats for compliance reports on governance and annual secretarial for new investment vehicles, such as Infrastructure Investment Trusts (InvITs) and Real Estate Infrastructure Trusts (REITs), which will go into effect in FY 2023-2024.
2. Canara Bank becomes 1st PSB in India to introduce the facility of UPI payments to merchants through RuPay Credit Card
Canara Bank, a Public Sector Bank (PSB) in association with NPCI (National Payments Corporation of India), became the first PSB in India to offer merchants the ability to pay with UPI (Unified Payments Interface) using RuPay Credit Card on June 26, 2023. The Bank’s “Canara ai1” Banking Super App provides access to this facility.
Key Points:
Notably, this facility is currently only available for Merchant Payments; UPI payments made with RuPay Credit Cards will not be accepted for Person-to-Person, Card-to-Card, or Cash-Out Transactions.
Customers of the bank can use their RuPay Credit Cards to make UPI payments to merchants through this facility.
They can likewise connect their Canara Bank RuPay Charge cards to their UPI IDs.
For UPI payments made with a RuPay Credit Card, the transaction limits that apply to UPI transactions will remain in effect.
3. World Bank Approves USD 391 Million in Financing for Assam and Tripura
On 26th, June, 2023, World Bank endorsed USD 391 million in support to further develop medical care administrations and monetary open doors in India’s northeastern provinces of Assam and Tripura. The funding is intended to promote economic growth and improved access to high-quality healthcare services in these northeast India regions.
The World Bank’s support for these projects demonstrates its support for the Indian government’s northeastern development efforts.
By further developing medical care access and advancing monetary turn of events, these
drives will add to superior personal satisfaction and expanded efficiency in Assam and Tripura.
The World Bank Approves a USD 300 Million Loan to Improve Education in Chhattisgarh On June 27, 2023, the World Bank approved a loan to improve the quality of education in government-run schools in Chhattisgarh, India, under the project CHALK (Chhattisgarh Accelerated Learning for a Knowledge Economy Operation), which aims to benefit 4 million students, particularly those from poor and vulnerable communities. The loan has a maturity of 18.5 years and a grace
Economy and Business
1. S&P projects India’s GDP at 6% in 2023, Fastest Growing in Asia Pacific
S&P Global Ratings released its Asia-Pacific quarterly economic update on June 26, 2023, titled “Economic Research: Asia-Pacific Economy in the Third Quarter of 2023: According to Asia’s Outlook, India’s economy is expanding at the fastest rate of all the countries in the Asia-Pacific region.
It predicts that India’s real GDP (Gross Domestic Product) will increase by 6.9% (FY2023-24) in 2023, 6.9% (FY2024-56) in 2024, and 7.1% (FY2026-27) in 2026.
India, Vietnam, and the Philippines keep on driving, with normal development of 6.7%, 6.6%, and 6.1% in 2023-2026.
Inflation:
The normal monsoon and lower crude prices are cited as the primary reasons why retail inflation is likely to fall to 5% in 2023 (FY2023-24) from 6.7% in 2022 (FY2022-23).
In 2024 (FY 2024-25), 2025 (FY2025-26), and 2026 (FY 2026-27), it will be 4.8 per cent.
The update predicted that India’s policy rate would be 6.25 per cent in 2023, 5.25 per cent in 2024, and 5 per cent in 2025 and 2026.
Central issues:
India’s retail expansion facilitated to a 2-year low of 4.25% in May 2023 on a yearly premise as against 4.70% in April 2022.
This year, as oil prices have decreased, external deficit trends have improved in Thailand, India, New Zealand, the Philippines, and Thailand.
In our global growth outlook through 2026, the economies of Asian emerging markets will continue to be among the fastest-growing ones. Localized scenario: Asia A Gross domestic product development of 3.8% is extended in Asia in 2023 for Asia-Pacific barring China,
after 4.7% in 2022. Both the external deficit and inflation are decreasing; There is now less pressure on central banks to raise rates.
Science and Technology
1. Parshottam Rupala, Union Minister of Fisheries, Animal Husbandry & Dairying, launched NANDI Portal
A NANDI–NOC (No Objection Certificates) Approval for New Drug and Inoculation System Portal was launched on June 26, 2023, by Union Minister of Fisheries, Animal Husbandry, and Dairy Parshottam Rupala, at Krishi Bhavan in New Delhi, Delhi, to expedite the processing of applications and grant NOCs for veterinary drugs and vaccines.
Portal for NANDI:
The Division of Creature Cultivation and Dairying (DAHD) fostered this entry
through the Middle for Improvement of Cutting edge Registering (C-DAC) to upgrade the
administrative endorsement process and guarantee straightforwardness in surveying and looking at veterinary item recommendations.
The approval procedure will be further streamlined by integrating the NANDI portal with the e-Governance solution for the Ministry of Health’s Central Drugs Standard Control Organization (CDSCO).
The DAHD has taken a significant step toward achieving the goals of its Animal Pandemic Preparedness Initiative (APPI) with the launch of the NANDI portal.
Highlights:
Following the creature inoculation inclusion drive and Portable Veterinary Units
(MVUs), the send-off of NANDI Entry wouldn’t just work with administrative cycles yet
likewise offer significant help to scientists and ventures according to a business point of view.
This drive is a critical stage towards propelling the Legislature of India’s Computerized
India and advancing the prosperity of animals and the animals business by making
mindfulness among animal rearers and working on strategic offices. It is anticipated that the use of veterinary medications will rise.
It has been recognized that veterinary vaccines play a crucial role in preserving the health of animals, increasing production, ensuring safe food supplies, and preventing the spread of infectious diseases from animals to humans.
The regulatory approval process, which is essential for the availability of veterinary medicines and vaccines in India, has always been accelerated by the DAHD.
To accomplish this objective, the DAHD has laid out enabled boards of trustees, like the Enabled Board of Trustees for Creature Wellbeing (ECAH), led by the Main Logical Counsel (public service announcement), GoI.
Note: In India, ECAH focuses on developing animal health systems that are resilient and focused on farmers, as well as recommending modifications to improve the livestock industry’s long-term success. Furthermore.
The ECAH established the Regulatory Subcommittee, which is made up of industry and academic veterinary experts who deliberate, take effective actions, and provide recommendations and policy inputs on veterinary vaccine, biological, and drug submissions.
By making use of information technology (IT) systems, the portal adheres to the Digital India vision and exemplifies the concepts of Minimum Government and Maximum Governance.
Tags:
Best teachers in every subject.
Let’s get started
We can teach you anything