Current Affairs 22 July 2021

We are here for you to provide the important Recent and Latest Current Affairs 22 July 2021, which have unique updates of Latest Current Affairs 2021 events from all newspapers such as The Hindu, The Economic Times, PIB, Times of India, PTI, Indian Express, Business Standard and all Government official websites.

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NATIONAL AFFAIRS

IBBI Amended Regulations for Insolvency Process to Enhance TransparencyInsolvency and Bankruptcy Board of India (IBBI) amended the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 to enhance the discipline, transparency, and accountability in corporate insolvency proceedings.
Amendments:
i.To reorganise the CD, the interim resolution professional (IRP)/ resolution professional (RP) were directed to find out either the Corporate Debtor (CD) is subjected to avoidance transactions and required to file an opinion about that to the Adjudicating Authority.ii.IBBI amended the regulations and directed the insolvency professional (IP), who is conducting the Corporate Insolvency Resolution Process (CIRP) to disclose all former names and registered office address(es) so far changed (2 years) preceding the commencement of insolvency along with the current name and address of the CD.
iii.IBBI also allowed the IRP/ RP to appoint any professional, including registered valuers, to assist him in the discharge of his duties while conducting the CIRP.
About Insolvency and Bankruptcy Board of India(IBBI):
Establishment – 1st October, 2016 under the Insolvency and Bankruptcy Code, 2016
Headoffice – New Delhi
Chairperson – M. S. Sahoo
>>Read Full News

Gujarat HC became 1^st Indian Court to allow Public Viewing of Proceedings; Launched by CJI NV RamanaThe High Court (HC) of Gujarat became the first court of India to formally start live streaming of proceedings on its YouTube channel to ensure transparency and openness in the Indian judiciary. It was launched on the eve of the 101st birth anniversary of Late Former CJI (16th) Yeshwant Vishnu Chandrachud by the Chief Justice of India (CJI) Nuthalapati Venkata (NV) Ramana.

• The CJI, who was the chief guest of online inaugural function, also released the Gujarat High Court (Live Streaming of Court Proceedings) Rules, 2021 in the presence of Guest of Honour Supreme Court judge Justice Dhananjaya Yeshwant (DY) Chandrachud along with Chief Justice of Gujarat HC Vikram Nath and other judges of the high court.

Key Points:
i.Live-streaming of proceedings will cater to the dissemination of information, which is an important aspect of Article 19 (right to freedom of speech and expression) of The Constitution of India 1949.
ii.People can get first-hand information about the entire proceedings and the opinions of the judges cutting misconceptions caused due to lack of direct access.
iii.Supreme Court will also start this live streaming soon.
Background:
In 2018, the Supreme Court had allowed the live streaming of cases of national importance on the basis of the judgment of Swapnil Tripathi VS Supreme Court. After that from October 26, 2020, Gujarat HC started hearing the cases live on YouTube on an experimental basis from October 26, 2020.

• Justice DY Chandrachud, the present chairperson of the Supreme Court E-committee took the initiative for executing the live streaming of proceedings. This was followed by a unanimous decision by Gujarat HC judges.

 Oxfam India Report Highlighted Sharp Inequalities in Health IndicatorsIn accordance with the report titled ‘India Inequality Report 2021: India’s Unequal Healthcare Story’ by Oxfam India, there are sharp inequalities across different caste, religious, class and gender categories on various health indicators.

• As per report general category is better than the SCs (Scheduled Caste) and STs (Scheduled Tribes), Hindus are better than Muslims, rich are better than the poor, men are better than women, and the urban population is than the rural population on most health determinants, interventions and indicators.
• Notably, it named Kerala as a success story in handling the pandemic.

Assessment:
The findings are based on the secondary analysis from rounds 3 (2005-06) and 4 (2015-16) of the National Family Health Survey (NFHS) and various rounds of National Sample Survey (NSS).
Key Points:
i.Women’s Literacy: The report shows that women’s literacy has improved across social groups over the years but SC and ST (Scheduled Tribe) women lag behind the general category by 18.6% and 27.9%, respectively.

• It is highest amongst Sikhs and Christians at over 80%, followed by Hindus at 68.3% and Muslims at 64.3%.

ii.Sanitation: 65.7% households have access to improved, non-shared sanitation facilities in the general category while SC households are 28.5% behind them and ST are 39.8% behind them.

• 4% of households in the top 20% have access to improved sanitation, only 6% have access in the bottom 20 % resulting in a difference of 87.4%.

iii.Share of institutional deliveries in India: It has increased from 38.7% in 2005-06 to 78.9% in 2015-16, but inequalities persist with ST households 15% below the general category, Muslims 12% behind Hindus and a 35% gap between the poorest and richest 20% of the population.
iv.Immunisation: In ST households it is at 55.8% which is still 6.2% below the national average, and Muslims have the lowest rate across all socio-religious groups at 55.4%.
v.Life expectancy: Based on wealth, it is 65.1 years for the bottom 20% of the households, and 72.7 years for the top 20%.

• On an average, an upper caste woman lives 15 years longer than a Dalit woman.

NCGTC Issues Guidelines for INR 50,000 LGSCAS to improve Health InfrastructureNational Credit Guarantee Trustee Company Ltd (NCGTC) issued operational guidelines for the INR 50,000 crore Loan Guarantee Scheme for COVID-19 Affected Sectors (LGSCAS). The LGSCAS scheme aims to improve medical infrastructure in non-metros (8 metros have been excluded).

• LGSCAS was announced as part of the INR 6.29 Lakh crore stimulus package announced by Finance Minister Nirmala Sitharaman in June, 2021.

Operational Guidelines

>>Read Full News

BANKING & FINANCE

HDFC ERGO Launched a Health Policy – Optima Secure HDFC ERGO General Insurance, a non-life insurance company, launched a new health indemnity insurance policy named ‘Optima Secure’ to redefine the values of insurance plans that would be obtained by customers.

• The insurance plan provides guaranteeing coverage for listed non-medical expenses and it would offer up to 4 times the sum insured by customers at no additional charge within 2 years.
• The plan offers broad coverage from 5 Lacs to 2 Crores.

4 Benefits of Optima Secure:
i.Secure Benefit – The plan doubles the insurance cover automatically and instantly on purchase of the policy (eg. if the base cover is Rs 10 lakh it would be doubled to Rs 20 lakh).
ii.Plus Benefit – The base coverage of the policy would be increased automatically by 50 percent after 1 year and to 100 percent after 2 years.
iii.Restore Benefit – If the coverage of the customers is over, the policy would restore their base coverage up to 100 percent.
iv.Protect Benefit – The policy has ‘zero’ deduction on consumables and listed non-medical expenses.
About HDFC ERGO General Insurance:
It is a joint venture (51:49) between HDFC Ltd., the Housing Finance Institution and ERGO International AG, the insurance entity of Munich Re Group.
Headquarters – Mumbai, Maharashtra
MD & CEO – Ritesh Kumar

RBI Launched 2 Quarterly Surveys on Manufacturing, Service Sector: IOS, SIOSOn July 20, 2021, the Reserve Bank of India (RBI) launched the 95th round of the Quarterly ‘Industrial Outlook Survey’ (IOS), which assesses the performance of the Indian manufacturing sector. The reference period for the survey is Q2 FY22 (July-September 2021).

• Under IOS, RBI will assess the manufacturing sector business performance for Q2 FY22 and also the growth expectations in Q3 FY222.
• RBI launched the 30th round of the quarterly ‘Services and Infrastructure Outlook Survey’ (SIOS) for the reference period of Q2 FY22.
• RBI also released data on the performance of the private corporate sector in Q4 FY21 (January-March 2021). The data was based on the quarterly financial results of 2,608 listed non-government non-financial (NGNF) companies.

Functions of Reserve Bank of India (RBI):
i.Framing Monetary policy – RBI frames the Monetary policy of the country to meet challenges and maintain the price stability of the economy.
ii.Decides benchmark interest rate – A 6-member monetary policy committee headed by the RBI governor, decides the benchmark repo rate.
iii.Regulate Foreign Exchange(Forex) – Forex Management Act(‘FEMA’) envisages the RBI to manage Forex reserves.
>>Read Full News

Biteeu India Became World’s 1st Crypto Exchange with Multi-signature and Backup in SpaceBiteeu India made a partnership with SpaceChain, a space-as-a-service solution provider, to launch its digital security infrastructure into space onboard a SpaceX Falcon 9 rocket as part of the rideshare program.

• Under the partnership, SpaceChain will create the space node for Biteeu and install it on a YAM-2 satellite which is carried by rocket. The mission will be executed by satellite operator Loft Orbital.
• Through this, Biteeu will become the 1st cryptocurrency exchange in the world to leverage the high security of space-grade infrastructure for ultra-secure Bitcoin cryptocurrency transactions, and having public satellite keys backed up on a space node.

Features of Space Node:
i.After getting activated, the space node will process multi-signature Bitcoin transactions.

• As the Multisignature technology requires more than one private key to authorize a bitcoin transaction from a crypto-wallet address, it will provide a more secure transaction than standard single-signature methods.

ii.The space node also provides latency in communication between the ground stations and satellites of up to 12 hours, preventing cyber fraud and theft.
iii.High Security: The storing of public keys in the space will enhance the security of data and transactions from vulnerable cyberattacks, which would occur usually on land-based servers.
Eurasian Space Ventures (ESV), a company that operates and manages Biteeu, signed a Memorandum of Understanding (MOU) with SpaceChain for the current projects and to develop joint projects in the field of space technologies over 2 years.
About Biteeu:
Establishment – 2019
Co-founder and CEO – Talgat Dossanov

NSDL Payments Bank Partnered with Multilink to Provide Banking FacilitiesNSDL Payments Bank has made a strategic partnership with Multilink, a fintech company to build agent points across India to boost the banking facilities in rural and semi-urban areas of India through the Neo banking system.

• Under the partnership, Multilink will form Agent points named NSDL-MULTILINK point/BC Agent Point.
• The customers would also be enabled to open a savings account and perform banking from those Agent points.

About NSDL Payments Bank:
NSDL Payments Bank is the 1st and largest depository in India
Establishment – 2018
Headquarters – Mumbai, Maharashtra
CEO – Ashutosh Singh
>>Read Full News

U GRO Capital made Co-Lending Partnership with BoB to Lend MSMEsOn the eve of Bank of Baroda’s (BoB) 114th Foundation Day, U GRO Capital, a technology-enabled Non-Banking Finance Company (NBFC), made a Co-lending partnership with BoB to lend Micro, Small and Medium Enterprises (MSMEs) at a competitive rate of interest with reduced turn-around time.

• Under the partnership, a co-lending programme named Pratham was launched to disburse loans for over Rs 1,000 crore.

Key Points:
i.Loan Structure:

• Range of loan amount – Rs 50 lakh to Rs 2.5 crore
• Interest rate – Starts from 8 percent 
• Maximum Tenure – 120 months

ii.The co-lending was based on the Reserve Bank of India’s (RBI) revised Co-Lending Model (CLM).

• In November 2020, In the case of co-lending between NBFC’s and Banks, RBI mandated NBFC’s to share a minimum of 20 percent of the credit risk by way of direct exposure on their books till maturity and the balance on the bank’s books. Click here to know more

iii.The co-lending programme for MSMEs also includes the recently added wholesale and retail traders under it.

• In July 2021, the Union Government revised the MSME guidelines and included the wholesale and retail traders under the category of MSMEs.

About Bank of Baroda(BoB):
Headquarters – Vadodara, Gujarat
MD & CEO – Shri Sanjiv Chadha
Tagline – India’s International Bank
About U GRO Capital:
It is a BSE listed business lending platform
Headquarters – Mumbai, Maharashtra
Executive Chairman & MD – Shachindra Nath

Kerala Bank Launched a New Loan Scheme – ‘Kerala Bank Samagra’

The Kerala Bank has launched a new loan scheme named ‘Kerala Bank Samagra’ to support the infrastructure development of the Primary Agricultural Credit Cooperatives (PACS). The loan aims to support PACS to create job opportunities in rural areas and overcome the COVID-19.

• The Health Minister of Kerala, Veena George stated about the plans to launch a campaign called ‘Mathru Kavacham’ to provide COVID-19 vaccines to all the pregnant women of the state.

AWARDS & RECOGNITIONS        

Football: Forward Bala Devi and Defender Sandesh Jhingan Named the AIFF’s Footballer of the Year 2020-2021Indian women’s football team forward Bala Devi (31 years old) from Manipur and Indian Men’s football team’s defender Sandesh Jhingan (28 years old) from Chandigarh, has been named the Women’s Footballer of the year 2020-2021 and Men’s Footballer of the Year 2020-2021 respectively at the annual All India Football Federation(AIFF) Awards 2020-2021.

• This is the 3rd time for Bala Devi to receive the honour. Previously she received the award in 2014 and 2015.
• Bala Devi is playing for the Rangers Women’s FC in Scotland, she is the first Indian women footballer to sign a professional contract in Europe.
• 2020 Arjuna awardee Sandesh Jhingan has previously won the AIFF Men’s Emerging Footballer of the Year in 2014.

Selection of Winners:
i.The winners of women’s awards were chosen by Maymol Rocky, national team head coach in consultation with Savio Medeira, interim Technical Director of AIFF.
ii.The winners of the men’s awards were voted by the club coaches of Hero Indian Super League and the Hero I-League.
Other Awards at the annual AIFF Awards 2020-2021:

Government of India launched National Logistics Excellence Awards

The government of India has announced the launch of the National Logistics Excellence Awards to appreciate the logistics service providers and to recognise the best practices in the Logistics sector including consolidation, process standardisation, technological upgrade, digital transformations and sustainable practices.

• The awards will be presented in 2 categories: Logistics Services Provider Excellence Awards and Industry Excellence Awards
• The winners of the award will be announced on 31st October 2021.

The case studies of the best practices in logistics will be showcased as a “Logistics Excellence Gallery” hosted by the Ministry of Commerce and Industry.

APPOINTMENTS & RESIGNATIONS          

Ariel Henry Appointed as the Prime Minister of HaitiAriel Henry(71 years old), a member of the political party Inite, was appointed as the new Prime Minister(PM) of Haiti. He took over the charge from the incumbent PM Claude Joseph.

• He was sworn in as the new PM at the ceremony held in the Port-Au-Prince, capital of Haiti.
• He will also serve as the Minister of social affairs and labour.

Claude Joseph has stepped down as the PM and continues as the Foreign minister of Haiti.
Background:
Late President Jovenel Moise, has designated Ariel Henry as the Prime Minister of Haiti days before his assassination.
About Ariel Henry:
Ariel Henry is a neurosurgeon and a former cabinet minister who has served in various Ministries like Minister of Social Affairs and Labor and Minister of Interior and Territorial Communities.
About Haiti:
Prime Minister– Ariel Henry
Capital– Port-au-Prince
Currency– Haitian Gourde

ACQUISITIONS & MERGERS        

CCI Approves Acquisition of 16.57% Stakes in Mukand Limited by Bajaj Group EntitiesThe Competition Commission of India (CCI) has approved the acquisition of around 16.57% equity shares in Mukand Limited(ML) by Bajaj Sevashram Private Limited (BSPL), Bachhraj & Company Private Limited (BCOPL), Bachhraj Factories Private Limited (BFPL) and Sanraj Nayan Investments Private Limited (SNIPL).

• BSPL, BCOPL, BFPL and SNIPL are a part of the Bajaj Group of companies.
• The acquisition was approved under Section 31(1) of the Competition Act, 2002.
• The acquisition of 16.57% equity shareholding is in addition to around 57.70% of issued and paid-up equity share capital of ML currently held by the Bajaj group.

About Acquirers:
i.BSPL, BFPL and SNIPL are unregistered core investment companies.
ii.BCOPL is registered as a non-banking finance company (NBFC) with the Reserve Bank of India(RBI).
About Mukand Limited(ML):
Mukand Limited(ML) is involved in the business of manufacturing, marketing, selling, exporting distribution of specialty steel long products and heavy machinery.
Chairman and Managing Director– Niraj R Bajaj
Co-Chairman and Managing Director– Rajesh V Shah
Headquarters– Mumbai, Maharashtra

SCIENCE & TECHNOLOGY

Russia Successfully Tests S-500 Air Defence Missile System  Russia successfully test-fired its new S-500 Air Defence Missile Systems in a Kapustin Yar Training ground, Russia. The missile, considered as the most advanced anti-missile system, successfully hit a high-speed ballistic target.

• S-400 Triumf is a Long-range Surface-to-Air Missile Defence System. It is an interceptor-based missile system which can destroy incoming hostile aircraft, missiles, and drones at ranges of up to 600 kms.
• It is manufactured by Almaz-Antey (Russian State-owned company).

S-400 System
i.In 2018, India signed a USD 5 billion deal with Russia to buy 5 units of the S-400 air defence missile systems.

• India is set to receive the 1st batch of S-400 System from Russia between October-December, 2021.

About Russia
President – Vladimir Putin
Capital – Moscow
Currency – Russian Rouble
>>Read Full News

BDL flags off 1st MRSAM Missile for Delivery to IAFBharat Dynamic Ltd (BDL) officially started the delivery of the 1st Missile of the 1st Firing unit of Medium Range Surface to Air Missile (MRSAM) for delivery to the Indian Air Force (IAF). It was flagged off by MSR Prasad, Director General (Missiles & Strategic Systems) of BDL.

• MRSAM is a high response, quick reaction, vertically launched supersonic missile.
• It has been jointly developed by Defence Research & Development Organisation (DRDO) & Israel Aerospace Industries (IAI). MRSAM is manufactured by Bharat Dynamics Ltd (BDL).
• MRSAM has a range of 70 kms & a speed of Mach 2. It is capable of neutralizing Aerial targets like missiles, aircraft, guided bombs, helicopters.

>>Read Full News

China Unveils New Maglev Train –  World’s Fastest Ground VehicleChina has unveiled a new Maglev transportation system, which is capable of achieving a maximum speed of 600 kph or 372 mph, in Qingdao, the coastal city in Shandong province of China. The Maglev train developed by China and manufactured in Qingdao is reported to be the world’s fastest ground vehicle available.
This is China’s latest scientific and technological achievement in the field of rail transit.
What is Maglev?
i.Maglev (from magnetic levitation) is a train transportation system, which uses the electromagnetic force and levitates above the track & there will be no contact between the body of the train and rail.
ii.It uses two sets of magnets: one set to repel and push the train up off the track, and another set to move the elevated train ahead, taking advantage of the lack of friction.
Note:
China has been using this technology on a limited scale for around 20 years.
Background:
i.The high-speed maglev train project was launched in October 2016.
The magnetic-levitation train prototype with a designed speed of 600 kilometers per hour(kmh) was developed in 2019 and the successful test run was conducted in June 2020.

Blue Origin’s ‘New Shepard’ Completes 1st Human Passenger FlightOn July 20, 2021, ‘New Shepard’ Rocket System built by Blue Origin (a Company owned by Amazon’s Founder, Jeff Bezos) successfully completed its 1st human spaceflight with 4 people on board.  It was launched from a private launch site near Van Horn, Texas.

• The 4 members in the spaceflight were Jeff Bezos, Mark Bezos, Wally Funk (82 years, oldest to ever fly in space) & Oliver Daemen (18 years, youngest ever to fly in space).
• July 20 marks the 52nd anniversary of Neil Armstrong & Buzz Aldrin’s moon landing (on Apollo 11).
• Recently, US based Spaceflight company ‘Virgin Galactic’ owned by Richard Branson successfully completed its successful space flight.

Indian-born Engineer part of Team that Built New Shepard
Indian born engineer Sanjal Gavande is part of the Blue Origin team that built the New Shepard Rocket. She hails from Kalyan, Maharashtra.
>>Read Full News

SPORTS

Viswanathan Anand wins NC World Masters of Sparkassen Chess Trophy India’s Viswanathan Anand defeated Russia’s Vladimir Kramnik to win the ‘No-Castling (NC) World Masters’ event of the Sparkassen Trophy held at Dortmund, Germany.

• The ‘No-Castling Chess’ is a new format of chess conceived by Vladimir Kramnik which aims to make Chess less predictable and more dynamic.
• The NC World Masters is part of the 48th Dortmund Sparkassen Chess Meeting held from July 10-18, 2021. It has been held annually since 1973 and was cancelled in 2020 due to COVID-19 pandemic.

BOOKS & AUTHORS

Bollywood Filmmaker Rakeysh Omprakash Mehra Penned his Autobiography “The Stranger in the Mirror”Bollywood Filmmaker Rakeysh Omprakash Mehra has authored his debut book – his autobiography – titled “The Stranger in the Mirror”. The book is co-written by noted author Reeta Ramamurthy Gupta.

• The foreword of the book is written by AR Rahman and the afterword is written by Aamir Khan. 
• The book published by Rupa Publications India is set to release in July 2021.

About the book:
i.The book features the life events of India’s celebrated ad director turned filmmaker Rakeysh Omprakash Mehra.
ii.The book has a multi-dimensional, multi-character narration which allows the readers to understand Rakeysh Omprakash.
About Rakeysh Omprakash Mehra
i.Rakeysh Omprakash Mehra has directed ad films for Indian and international brands such as Coke, Pepsi, American Express etc.,
ii.He debuted as a feature film director with Ask(2001) starring Amitabh Bachan.
iii.His 2006 film ‘Rang De Basanti’ starring Aamir Khan, won the 4 National Award including the award for Best Popular Film.
iv.His well-known films include, Delhi 6(2009), Bhaag Milkha Bhaag(2013), Mirza’s Lady(2016), Mere Pyare Prime Minister(2018) and Toofaan(2021).
v.He established “Flicks: The Motion Picture Company” in 1987 which became ‘Rakeysh Omprakash Mehra Pictures’ in 2004.
About Reeta Ramamurthy Gupta:
i.Author Reeta Ramamurthy Gupta is well known for her works on biographies of live and posthumous luminaries.
ii.She is set to write the biography of 2-time national award-winning actor Sanjeev Kumar.
Books: Rescript Your Life: Awaken The Voice Within You.

IMPORTANT DAYS

Space Exploration Day 2021 – July 20Space Exploration Day also known as Moon Day is annually observed across the globe on 20th July marks the anniversary of America’s Apollo 11, the first manned mission to land on the Moon.
The day aims to encourage people to learn about space exploration and to inspire the youths to consider space science and space exploration as careers.
Background:
On 20th July 1969, NASA (National Aeronautics and Space Administration) astronauts Neil Armstrong and Buzz Aldrin (Americans) became the first humans to set foot on the surface of the Moon.
Apollo 11:
i.The primary objective of Apollo 11 is to perform a crewed lunar landing and return to earth.
ii.Apollo 11 was launched from Cape Kennedy on 16th July 1969 carrying Commander Neil Armstrong, Command Module Pilot Michael Collins and Lunar Module Pilot Edwin “Buzz” Aldrin.
iii.On 20th July 1969, Neil Armstrong became the first human to step on the lunar surface.

STATE NEWS

Haryana Government to introduce ‘One Block, One Product’ SchemeThe State Government of Haryana is all set to launch the ‘One Block, One Product’ scheme to encourage and promote small industries in the rural areas. It was announced by the state’s Deputy Chief Minister (CM) Dushyant Chautala.
What is in the scheme?
i.It will be introduced in 137 blocks of the state under which every block will be connected with some industry. The arrangements for common services, lab testing, packaging, transportation, accountancy will be set up in the cluster itself.
ii.This will support the small entrepreneurs of rural areas to compete with large industries.
Key Points:
i.A team of officers constituted for the implementation of this Scheme started working on the selection of industrial products for 137 blocks.
ii.In 2020, Haryana implemented ‘One District, One Product’ Scheme implemented under Micro, Small & Medium Enterprises (MSME) Directorate.
About Haryana:
Capital– Chandigarh
Chief Minister– Manohar Lal Khattar
Governor– Bandaru Dattatraya

BSES Delhi Discoms’ BRPL & BYPL inked PSA for 510-MW Solar, Hybrid Power with SECIi.Reliance Infrastructure Limited (RInfra) BSES Delhi Discoms (Electricity Distribution Companies of India) viz. BSES Rajdhani Power Limited (BRPL) and BSES Yamuna Power Limited (BYPL) have signed a power sale agreements (PSA) with Solar Energy Corp of India (SECI) to procure 510MW (Megawatt) of solar and hybrid power (a mix of solar and wind power) at Rs 2.44 per unit and Rs 2.48 per unit respectively.
ii.Of the total power, 300 MW will be solar power and 210 MW will be hybrid power.
iii.With this BRPL and BYPL became the first in Delhi to ink an agreement for hybrid power.
About Reliance Infrastructure Limited (RInfra):
Chairman– Anil Dhirubhai Ambani
Headquarters– Mumbai, Maharashtra
>>Read Full News

TN receives INR 28,508 Crore Investment from Investment Conclave 2021Tamil Nadu (TN) received INR 28,508 Crore Investment Commitments from 49 Projects during the ‘Investment Conclave 2021’ held in Chennai on July 20, 2021. It was organized by the State’s Industry Ministry & Guidance Tamil Nadu (TN’s Nodal Agency for Investment Promotion).
i.During the event, 35 Memorandum of Understandings (MoUs) were exchanged with a cumulative investment of INR 17,141 crores which will generate employment opportunities to 55,054 persons.
ii.During the event, TN Chief Minister (CM) M K Stalin outlined several targets,

• To bring investment of INR 23 Lakh Crore to TN by 2030.
• To make TN a USD 1 trillion economy by 2030.

Key Points
i.General Electric (GE) Company has signed an MoU with TIDCO (Tamil Nadu Industrial Development Corporation) to establish a Centre of Excellence (CoE).

• The CoE will enhance production of aircraft and aeronautical components for industries in the aerospace and defence sector.

ii.ESR India has signed an MoU with Tamil Nadu Government to develop 2 Industrial parks in Kancheepuram & Krishnagiri districts over the next 5 years. It will be set up with an estimated investment of INR 550 crore.
iii.TN Chief Minister M K Stalin inaugurated a 1.3 GigaWatt (GW) Solar Photovoltaic (PV) Module Manufacturing Facility of Vikram Solar at Indospace Industrial Park, Oragadam, Chennai.
>>Read Full News

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