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Current Affairs 17 December 2021

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NATIONAL AFFAIRS

Ministry of Corporate Affairs and Financial Intelligence Unit-India signs MoU for Data ExchangeOn December 15, 2021, Ministry of Corporate Affairs (MCA) and Financial Intelligence Unit-India (FIU-IND), Ministry of Finance signed a formal Memorandum of Understanding (MoU) for data exchange on an automatic and regular basis. It is on the line of vision of MCA and FIU-INDIA to harness data capabilities to ensure effective enforcement.

  • This MoU will also fulfill the Government’s vision of minimum government, maximum governance.

Signatories:
Manoj Pandey, Joint Secretary, MCA and Manoj Kaushik, Additional Director FIU-India in the presence of Secretary, MCA, and Director (FIU-India).
About MoU:
i.The MoU is an ongoing initiative of MCA and FIU-INDIA under which both entities are collaborating through various existing mechanisms.
ii.A Data Exchange Steering Group also has been constituted which will meet periodically to review the data exchange status and take steps to further improve the effectiveness of the data sharing mechanism.
iii.There will be sharing of specific information such as suspicious transactions, KYC (Know Your Customer) related details and consolidated financial statements of companies registered in the country.

  • On request, both organizations will also exchange any information available in their respective databases, for the purpose of carrying out scrutiny, inspection, investigation and prosecution.

iv.The MoU will also ensure that both entities have seamless linkage for regulatory purposes.
Need behind this MoU:
Notably, MCA21 Version 3 and FINNET 2.0 have been developed that utilizes technology to improve regulatory and facilitating functions. MCA will rollout MCA21 Version 3 in phases while FIU-India is in the process of upgrading existing FINnet 1.0 to FINnet 2.0.

  • FINnet 2.0 project is of national importance and assists FIU-IND to collect, analyze and disseminate financial information for combating money laundering and related crimes through latest the technologies.
  • Therefore, data sharing will play a significant role for the advancement of both entities.

About Financial Intelligence Unit – India (FIU-IND):
Establishment– 2004
Director– Pankaj Kumar Mishra
Headquarter– New Delhi, Delhi

Cabinet Approval on December 15, 2021The Union Cabinet headed by Prime Minister (PM) Narendra Modi approved the following important initiatives on December 15, 2021.Key Points:
i.The cabinet has approved an incentive scheme with an estimated financial outlay of Rs 1,300 crore (for 1 year i.e. FY22) to promote RuPayDebit cards and low-value (up to Rs 2,000) BHIM-UPI (Bharat Interface for Money – Unified Payments Interface) transactions (Person-to-Merchant (P2M) in India.
ii.Cabinet approved a production linked incentive (PLI) scheme with an outlay of Rs 76,000 crore to boost semiconductor and display manufacturing in India, making the total amount of incentives announced for the electronics sector to Rs 2.30 lakh crore.
iii.Cabinet has approved the extension of implementation of Pradhan Mantri Krishi Sinchayee Yojana (PMKSY) for 2021-26 with an outlay of Rs 93,068 crore to benefit about 22 lakh farmers, including 2.5 lakh Scheduled Caste and 2 lakh Scheduled Tribe farmers.
iv.The cabinet cleared a Bill on electoral reforms, including one to link the electoral roll with Aadhaar on a voluntary basis to root out multiple enrolments.
v.Cabinet has also approved the Treaty on Mutual Legal Assistance in Criminal Matters between the Government of the Republic of India and the Republic of Poland.
>> Read Full News

Ashok Leyland Signs Pact with DRDO Arm to Develop Combat Vehicle EnginesAshok Leyland has partnered with Combat Vehicles Research and Development Establishment (CVRDE), a premier lab of Defence Research and Development Organisation (DRDO), to develop and manufacture 600-HP indigenous engines.

  • The partnership will power futuristic combat vehicles under the Atma Nirbhar Bharat mission.

Defence requirements:
i.On 15th December 2021, Pravin Kumar Mehta, Distinguished Scientist and Director General, Armament & Combat Engineering Systems (ACE), inaugurated the testing of the engine at the Engine Development Centre of Ashok Leyland, near Chennai.
ii.The 600-HP engine will undergo rigorous testing in the lab and will be qualified for application in tanks.
About Ashok Leyland:
CEO – Vipin Sondhi
Established – 1948
Headquarters – Chennai, Tamil Nadu

NMCG and c-Ganga organized 6th India Water Impact Summit 2021 in Hybrid mode; MoUs inkedi.On December 9-14, 2021, the 6th edition of the India Water Impact Summit (IWIS) 2021 was organized by the National Mission for Clean Ganga (NMCG), and Centre for Ganga River Basin Management and Studies (c-Ganga) in a hybrid mode. Physically it was held at NMCG office, New Delhi and IIT (Indian Institutes of Technology), Kanpur, Uttar Pradesh.ii.This 5-day event was themed at ‘River Resources Allocation “Planning and Management at the Regional Level’.
iii.It was inaugurated by Union Minister Gajendra Singh Shekhawat, Ministry of Jal Shakti (MoJS) along with Rajiv Ranjan Mishra, Director General  NMCG; and Dr Vinod Tare, Founding Head, c-Ganga.
iv.It saw the participation of experts from the scientific community across the globe.
About Ministry of Jal Shakti (MoJS):
Union Minister– Gajendra Singh Shekhawat (Constituency- Jodhpur, Rajasthan)
Ministers of State (MoS)- Prahlad Singh Patel (Constituency- Damoh, Madhya Pradesh); Bishweswar Tudu (Constituency- Mayurbhanj, Odisha)
>> Read Full News

India Hosts 8th Indian Ocean Dialogue – December 15On 15th December 2021 India hosted the 8th Edition of the Indian Ocean Dialogue virtually with the assistance of the Indian Council for World Affairs and the Indian Ocean Rim Association (IORA) Secretariat.

  • The dialogue was jointly hosted by the External Affairs Ministry and Indian Council of World Affairs.

Theme – Post Pandemic Indian Ocean: Leveraging Digital Technologies for Health, Education, Development and Trade in IORA Member States.
Key Highlights:
i.The Dialogue comprises 4 Sessions which focuses on the Health, Education, Development and Trade sectors that ensures digital inclusion and bridging the digital device.
ii.The Dialogue also highlighted new digital needs and innovative approaches for achieving the UN 2030 Agenda and its Sustainable Development Goals.
About Indian Ocean Rim Association (IORA):
i.IORA was formerly known as Indian Ocean Rim Association for Regional Cooperation (IOR-ARC) which is a regional forum, tripartite in nature that brings together representatives of Government, Academia and Business to promote cooperation and closer interaction between them.
ii.IORA strengthens Economic Cooperation, especially on Trade Facilitation & Investment, Promotion and Social Development of the region.
Established – March 1995 (Indian Ocean Rim Initiative), formally launched in March 1997.
Headquarters – Ebene, Mauritius.
Members – 23 states (Indian Ocean border countries).

HAL signs biggest order of Rs 2,400cr with BEL for LCA fightersHindustan Aeronautics Limited (HAL) signed a Rs 2,400 crore contract with Bharat Electronics Limited (BEL) for development and supply of 20 types of systems for LCA (Light Combat Aircraft) 83 Tejas Mk1A fighter aircraft programme .

  • The duration of the contract is 5 years i.e. from 2023 to 2028.
  • Notably, this is HAL’s biggest order on any Indian company thus boosting the ‘Atmanirbhar Bharat’ campaign.

Key Points:
i.Under this pact, there is supply of critical avionics, Line Replaceable Units (LRUs), flight control computers and night flying LRUs.It is related to Digital Flight Control Computers, Air Data Computers, Weapon Computers, LRUs related to Radar Warning Receiver (RWR) and Head Up Display.
ii.The order for supply of these systems will be executed by two units of BEL at Bengaluru (Karnataka), and Panchkula (Haryana).
iii.All items will be delivered by BEL to HAL in a ready-to-board condition.
iv.Deliveries under 83 Tejas Mk1A order to the Indian Air Force (IAF) will commence from 2023-24.
iv.These fighter aircrafts will be equipped with indigenous flight control computers, air data computers which would also be supplied by BEL under this contract.
Note – The LRUs have been indigenously designed and developed by Aeronautical Development Agency (ADA), DRDO Labs, Aeronautical Development Establishment (ADE), Combat Aircraft Systems Development and Integration Centre (CASDIC), and Central Scientific Instruments Organisation (CSIO).
About Hindustan Aeronautics Limited (HAL):
Chairman and Managing Director– R Madhavan
Headquarter– Bengaluru, Karnataka

EAC-PM Released Report on the State of Foundational Literacy and Numeracy in IndiaThe Economic Advisory Council to the Prime Minister (EAC-PM) released the report on the  State of Foundational Literacy and Numeracy in India which highlights the importance of early education years in the overall development of a child.The report was prepared by the Institute for Competitiveness. 

  • The report underlines the role of well-planned early interventions like the National Education Policy (2020) and the NIPUN Bharat guidelines in leading to long-term improved learning outcomes.
  • The Index on Foundational Literacy and Numeracy established an understanding of the overall state of foundational learning across children aged below 10 years in Indian states and Union Territories (UTs).

About Economic Advisory Council to the Prime Minister (EAC-PM):
Economic Advisory Council to the Prime Minister (EAC-PM) is an independent body constituted to give advice on economic and related issues to the Government of India, specifically to the Prime Minister
Chairman– Dr Bibek Debroy
Member Secretary– Ratan P Watal
Headquarters– New Delhi, Delhi
>> Read Full News

India & Vietnam Signed LoI to Establish Partnership in Digital MediaAnurag Thakur, Union Minister of Information & Broadcasting, Government of India signed a Letter of Intent (LoI) with Nguyen Manh Hung, Minister of Information and Communication, Government of Vietnam, to enable collaboration in the field of digital media and strengthen the partnership between India and Vietnam.
Key People:
Shashi Shekhar Vempati, CEO, Prasar Bharati; Jaideep Bhatnagar, Principal DG, PIB; and Vikram Sahay, Joint Secretary, Ministry of Information & Broadcasting (MIB) along with other officials from India and Vietnam were present during the event.
Features of LoI:
i.The LoI anticipates sharing of information and experience in establishing policies and regulatory frameworks on digital media and social networks.
ii.The LoI also expects to conduct capacity building and training programs for media professionals and officials in both India and Vietnam.
Note:
The year 2021 marks the completion of 5 years of Comprehensive Strategic Partnership between India and Vietnam and 2022 is set to mark the 50 years of diplomatic relations between India and Vietnam.
Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021:
The Ministry of Electronics and Information Technology (MeitY) notified the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021(IT Rules, 2021) on 25th February 2021 to ensure an open, safe, and trusted Internet and accountability of intermediaries including the social media intermediaries to users.

  • The rule was framed in exercise of powers conferred by sub-section (1), clauses (z) and (zg) of sub-section (2) of section 87 of the Information Technology Act, 2000 (21 of 2000), and in supersession of the Information Technology (Intermediary Guidelines) Rules, 2011.

About Vietnam:
President– Nguyen Xuan Phuc
Prime Minister– Pham Minh Chinh
Capital– Hanoi
Currency– Vietnamese dong

IFSCA Launched FinTech Hackathon ‘Sprint04: Market-Tech’ under I-Sprint’21

On 4th December 2021, during the closure of the InFinity Forum 2021, the International Financial Services Centres Authority (IFSCA), launched the FinTech Hackathon ‘Sprint04: Market-Tech’ under I-Sprint’21.

  • Sprint04: Market-Tech hosted by IFSCA and GIFT city in collaboration with NSE.
  • The Hackathon focuses on the Capital Market Segment and this is one of its kind being backed by a Regulator.
  • It is being conducted virtually and is open to eligible FinTechs from across the globe.

Click here to know more about ‘Sprint04: Market-Tech’

BANKING & FINANCE

NIPL & Western Union sign MoU to enable Real-time Cross-Border TransactionsNPCI International Payments Limited (NIPL), international payments arm of National Payments Corporation of India (NPCI) signed a Memorandum of Understanding (MoU) with Western Union to enable real-time bank account payout in India.
Key points:
i.The agreement will enable bank account holders in India to receive cross-border money transfers instantly using UPI IDs.
ii.It will benefit millions of Indian citizens to seamlessly receive money from across the world.
About National Payments Corporation of India (NPCI):
i.It is an umbrella organisation for operating retail payments and settlement systems in India. It is an initiative of the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007.
ii.It has been incorporated as a “Not for Profit” Company under the provisions of Section 25 of Companies Act 1956 (now Section 8 of Companies Act 2013).
About NPCI International Payments Limited (NIPL):
CEO- Ritesh Shukla
Established- April 2020
Headquarters- Mumbai, Maharashtra
About Western Union: 
CEO- Hikmet Ersek
Headquarters- Denver, Colorado, US

PhonePe launches tokenization solution – PhonePe SafeCard

PhonePe, a digital payments major, launched PhonePe SafeCard which is a tokenization solution for online debit and credit card transactions.

  • PhonePe SafeCard supports all major card networks such as Mastercard, Rupay and Visa.
  • Through this launch, PhonePe has become the 1st payments platform to tokenize cards on Visa, Mastercard and Rupay card networks.

About SafeCard:
i.SafeCard enables PhonePe merchant partners to offer and use tokenization solutions on their own platforms through a simple Application programming interface (API) integration.
ii.The Merchant partners can create, process, delete and modify tokens for online card payments with the customer’s consent.
Key Highlights:
i.The tokenization solution saves time and effort for businesses without integrating with multiple card networks.
ii.The solution enables both PhonePe users and merchant partners to experience the use of saved card transactions with security, under new Reserve Bank of India guidelines.
Tokenization:
i.The process of replacing a card’s sensitive information like card number, expiration date, security code with a device-specific alternate code, or ‘Token’ is called Tokenization.
ii.This process eliminates the need of sharing the card number, expiry date or CVV Number (Card Verification Value) by only sharing the token number specific to the card.
About PhonePe:
CEO- Sameer Nigam
Established – 2015
Headquarters – Bangalore, Karnataka

Pine Labs Partners with AU Small Finance Bank for EMI OfferingsPine Labs, a merchant commerce platform, has partnered with AU Small Finance Bank, to enable the bank’s credit cardholders to avail equated monthly instalments (EMI) offers.

  • The Partnership offers EMI at the point of sale (PoS) and converts their customer’s regular purchase into interest-free EMIs across the over 2 lakh merchant base of Pine Labs, pan India.

Aim – To empower the underbanked with no cost EMI offers
Key Highlights:
i.Pine Labs contains more than 30 different credit issuers and Non-Banking Financial Corporation (NBFC) partners on its Android PoS terminals.
ii.About 55-60 percent of customers of the AU Small Finance Bank are first-time credit cardholders across the west, north, and central parts of India (especially in  Tier 3 and 4 cities).
About Pine Labs:
i.Pine Labs is expanding its ‘Buy Now Pay Later’ offering to international markets.
ii.It has also partnered with Standard Chartered Malaysia to offer zero-interest instalment purchase options to the customers.
Established – 1998
Headquarters – Noida, Uttar Pradesh
CEO – Amrish Rau

SBI Renews MoU with Indian Army; Offers Benefits to Veterans, Families

The State Bank of India (SBI)  has renewed its Memorandum of Understanding (MoU) with the Indian Army to offer benefits to all serving as well as retired army personnel and their families through its Defence Salary Package (DSP) Scheme.
The MoU was signed in the presence of AG Lt. Gen. Harsha Gupta in New Delhi.

  • Under this MoU, SBI will offer enhanced complimentary personal accidental insurance (Death) cover, air accidental insurance (Death) cover, permanent/partial disability covers.
  • It also supports the education of children and the marriage of girl children of deceased army personnel.

ECONOMY & BUSINESS     

IMF Announces Global Debt Record as $226 Trillion in 2020The International Monetary Fund (IMF) has announced that the Global debt raised a record $226 trillion in 2020 as the world was hit by the Covid-19 pandemic and a deep recession.

  • Global debt rose by 28 percentage points to 256 percent of gross domestic product (GDP) in 2020

Key Highlights:
i.IMF’s latest Global Debt Database figures the 2020’s debt as the largest 1-year debt surge since World War II.
ii.According to IMF, the public debt rose from 70 percent of GDP in 2007 to 124 percent of GDP in 2020 and the private debt rose at a moderate pace from 164 percent to 178 percent of GDP in 2020.
iii.The gap between the global financing divide and COVID-19 Pandemic is demanding strong, effective international cooperation and support for the developing countries.
Challenge: To create a right mix between fiscal and monetary policies in an environment of high debt and rising inflation.
Suggestion by IMF:
Adjusting high gross financing needs or exposure to exchange rate volatility is necessary to preserve market confidence and prevent fiscal distress.
About International Monetary Fund (IMF):
Managing Director (MD) – Kristalina Georgieva
Established – 1944
Headquarters – Washington DC, United States
Member Countries – 190

          APPOINTMENTS & RESIGNATIONS   

Army Chief Gen Naravane takes charge as Chairman of CoSCThe Chief of Army Staff, General Manoj Mukund (MM) Naravane, was appointed as the  chairman of the Chiefs of Staff Committee (CoSC). The CoSC comprises the chiefs of the Army, Navy, and the Air Force. He succeeded General Bipin Rawat, Chief of Defence Staff (CDS) passed away in an accident in Tamil Nadu. 
Note- General Bipin Rawat took charge as the 1st CDS of India on 31st December 2019.

  • MM Naravane is the Senior most of the Chiefs of all Three Armed forces – Army, Navy & Air Force.

i.MM Naravane took over as the 27th Chief of the Army Staff in 2019, previously served as Vice Chief of the Army and prior to that headed the Eastern Command of the Army which takes care of India’s border with China.
Chairman of Chiefs of Staff Committee:
i.Previously, the Chairman of the Chiefs of Staff Committee is selected from the senior-most Chief of Staff of Indian Armed forces.
ii.After the creation of the post of CDS, the Chairmanship of CoSC is taken over by CDS.
Roles played by CDS (Chief of Defence Staff):
i.The CDS also heads the newly created Department of Military Affairs apart from acting as the Permanent Chairman of the Chiefs of Staff Committee.
Note- It was recommended by the Kargil Review Committee in 2001 and reiterated by the Naresh Chandra committee in 2012.
ii.The CDS has powers on tri-service administrative issues. The CDS will not exercise any military command, including over the three service chiefs.   

BOOKS & AUTHORS

‘Rewinding of First 25 years of Ministry of Electronics and Information Technology’ book authored by SS Oberoi LaunchedThe book titled ‘Rewinding of First 25 years of Ministry of Electronics and Information Technology’ authored by S S Oberoi, the former adviser at the Ministry of Electronics and Information Technology (MeitY) was launched by Ajay Prakash Sawhney, Secretary of MeitY.

  • The book consists of life experience, challenges working as an advisor under the MeitY.

i.S. S. Oberoi is a retired adviser in the Department of Electronics (DoE).
ii.He was the first head of the Software Development Agency and the first adviser of Information Technology.
Note – Faqir Chand Kohli, the 1st CEO of TCS is known as the “Father of Indian IT Industry”
iii.In 1987 he conducted the first major Software Export Promotion Campaigns, ‘Software India’, jointly with the Indian Embassy in the United States (US).
iv.He coordinated the Super Computer Program of the Government and also worked with the Governing Council of C-DAC (Centre for Development of Advanced Computing).

VP Released Telugu Book Titled ‘Gandhi Topi Governor’ by Yarlagadda Lakshmi PrasadM Venkaiah Naidu, Vice President(VP) of India released the Telugu book titled ‘Gandhi Topi Governor’ by Padma Awardee Dr Yarlagadda Lakshmi Prasad, Chairman, Official Language Commission, Andhra Pradesh(AP), at Upa Rashtrapati Nivas, New Delhi, Delhi.

  • The book chronicles the life of Barrister Idpuganti Raghavendra Rao. 
  • The book is published by Emesco Books.

Key People:
P.S. Rammohan Rao, Former Governor of Tamil Nadu, Vijay Kumar, CEO of Emesco Books were also present during the launch.
About Idpuganti Raghavendra Rao:
i.Idpuganti Raghavendra Rao was a prominent freedom fighter, Legislator and the Governor of the Central Provinces in the British Administration.
ii.He has served in various capacities at the British government, from Chairman of Bilaspur Municipality to Member General of the Governor General’s Executive Council.
About Dr Yarlagadda Lakshmi Prasad:
i.Dr Yarlagadda Lakshmi Prasad is an Indian writer (Hindi & Telugu) who hails from Gudivada, Andhra Pradesh(AP).
ii.Some of his books: ‘Attadugu nundi Agrasthanam varaku’; ‘Doctor Karan Singh’ (biography); Harivamsrai Bachchan’ (biography); ‘Kathanala Venuka Kathalu’; ‘Mana Governor; Narayanadutt Tiwari’; ‘Puchalapalli Sundarayya’ (biography); ‘Satyabhama’ (novel); ‘Pakisthan lo Padi Rojulu’.
Politics:
i.He has served as the Member of Parliament (MP) Rajya Sabha between 1996 and 2002.
ii.He has also served as the Deputy Chairman of the Parliamentary Committee on Official Language.
Awards:

  • National Award for the Hindi Book “Telugu Ke Audhunik Kavi Bairagi” in 1981.
  • National AWard for the Hindi Book ‘Vaicharik Kranti Ke Agradoot Kaviraj’ (biography of Tripuraneni Ramaswamy Chowdary) in 1988.
  • Sahitya Academy Award for “Tamas” (for Translation) in 1992
  • Padma Shri in 2003 for literature and Education
  • Sahitya Academy Award(Telugu) for “Draupadi”- 2009
  • Padma Bhushan in 2016 for literature and Education

IMPORTANT DAYS

50th Vijay Diwas – 16th December 2021 Vijay Diwas is annually observed across India and Bangladesh on December 16th to commemorate the victory of Indian armed forces against Pakistan in the 1971 Indo Pak War, also known as the 1971 Liberation War.
The day also pays homage to the soldiers who sacrificed their lives in the line of duty to the nation.

  • 16th December 2021 marks the celebration of the 50th Vijay Diwas(Swarnim Vijay Diwas), the Golden Jubilee of the 1971 Liberation War.
  • The year 2021 was celebrated as the Swarnim Vijay Varsh to mark the 50th anniversary of India’s victory over Pakistan.

Swarnim Vijay Varsh:
The “Swarnim Vijay Varsh” celebrations were launched by Prime Minister (PM) Narendra Modi on 16th December 2020, 49th Vijay Diwas, at National War Memorial(NWM), Delhi.
>> Read Full News

STATE NEWS

CM Hemant Soren launches SAHAY Scheme for Maoist-hit areas in JharkhandThe Chief Minister (CM) of Jharkhand Hemant Soren has launched Sports Action toward Harnessing Aspiration of Youth (SAHAY) scheme aimed at nurturing young sporting talents in Maoist-hit districts of the state.

  • Currently, it is launched in Saraikela-Kharsawan, West Singhbhum, Khunti, Gumla and Simdega districts of Jharkahn, and will extend to other districts too.

Need behind this scheme:
This scheme has been launched to curb the Left Wing Extremism (LWE) which affected 19 of the state’s 24 districts.

  • LWE are those groups that try to bring change through violent revolution. They try to stop the developmental processes in the least developed regions of India & misguide the people by keeping them ignorant of current happenings.
  • According to police records, 126 extremism-related incidents were reported in Jharkhand in 2020, down from 196 in the year 2016. Number of civilians killed by extremists was 28 in 2020, down from 61 in 2016.

What is in the scheme?
i.Boys and girls in the 14-19 age group from villages to ward level will be registered under the scheme, and will be given opportunities to display their skills in basketball, volleyball, hockey and athletics.

  • They will be encouraged with incentives such as cash prizes as well as money for kits.

ii.A Sports Nursery will be set up in the affected areas.
About Jharkhand:
Capital– Ranchi
Governor– Ramesh Bais
National Parks– Hazaribagh National Park, and Betla National Park

PFC will Finance 350 Electric Buses in Uttar PradeshPower Finance Corporation (PFC), a Maharatna company signed an agreement with GreenCell Mobility, to lend INR 275 crore for deployment of 350 electric buses across nine cities of Uttar Pradesh.

  • The initiative is part of the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME)-II scheme.

Highlights: 
i.GreenCell Mobility is an e-mobility platform supported by Governments of India and United Kingdom to boost adoption of electric vehicles in the country.
ii.The buses will be deployed in key cities of UP including Agra, Meerut, Aligarh, Bareilly, Ghaziabad & Mathura.
iii.Government of India has launched FAME-II scheme with an allocation of INR 3500 crore for promotion of adoption of electric buses.

  • To promote Electric Vehicles (EVs) in the country, the government increased the demand incentive under FAME-II scheme to INR 15,000/KWh from INR 10,000/KWh with an increase in cap from 20% to 40% of cost of vehicles.

About FAME-II scheme:
FAME (Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India) scheme was launched by the Central Government in 2015.

  • FAME – II or FAME Phase 2, was launched with a total outlay of Rs. 10,000 crore for 5-years.
  • FAME-II duration – 1st April 2019 to 31st March 2024

About Uttar Pradesh:
Stadium– Mahamaya Sports Stadium, Nehru Sports Stadium
Airport- Jhansi Airport, Moradabad Airport
Power Finance Corporation (PFC) :
Headquarters- New Delhi
Founded- 1986

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Current Affairs Today (AffairsCloud Today)

S.no Current Affairs 17 December 2021
1 Ministry of Corporate Affairs and Financial Intelligence Unit-India signs MoU for Data Exchange
2 Cabinet Approval on December 15, 2021
3 Ashok Leyland Signs Pact with DRDO Arm to Develop Combat Vehicle Engines
4 NMCG and c-Ganga organized 6th India Water Impact Summit 2021 in Hybrid mode; MoUs inked
5 India Hosts 8th Indian Ocean Dialogue – December 15
6 HAL signs biggest order of Rs 2,400cr with BEL for LCA fighters
7 EAC-PM Released Report on the State of Foundational Literacy and Numeracy in India
8 India & Vietnam Signed LoI to Establish Partnership in Digital Media
9 IFSCA Launched FinTech Hackathon ‘Sprint04: Market-Tech’ under I-Sprint’21
10 NIPL & Western Union sign MoU to enable Real-time Cross-Border Transactions
11 PhonePe launches tokenization solution – PhonePe SafeCard
12 Pine Labs Partners with AU Small Finance Bank for EMI Offerings
13 SBI Renews MoU with Indian Army; Offers Benefits to Veterans, Families
14 IMF Announces Global Debt Record as $226 Trillion in 2020
15 Army Chief Gen Naravane takes charge as Chairman of CoSC
16 ‘Rewinding of First 25 years of Ministry of Electronics and Information Technology’ book authored by SS Oberoi Launched
17 VP Released Telugu Book Titled ‘Gandhi Topi Governor’ by Yarlagadda Lakshmi Prasad
18 50th Vijay Diwas – 16th December 2021
19 CM Hemant Soren launches SAHAY Scheme for Maoist-hit areas in Jharkhand
20 PFC will Finance 350 Electric Buses in Uttar Pradesh





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