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GoI Signs Headquarters Agreement with Coalition for Disaster Resilient Infrastructure
The Coalition for Disaster Resilient Infrastructure (CDRI) and the Government of India (GoI) signed the Headquarters Agreement (HQA) in New Delhi, Delhi, granting CDRI the status of “Independent and International Legal Entity.”
- In accordance with Section 3 of the United Nations (Privileges & Immunities) Act, 1947, CDRI is designated as an “International Organisation” and HQA is signed with CDRI for the purpose of granting exemptions, immunities, and privileges.
- It will equip CDRI with an independent and international legal persona, enabling it to carry out its tasks more efficiently and effectively on a global scale.
- The HQA was signed by Amit Prothi, Director General of CDRI, and Noor Rahman Sheikh, Joint Secretary of the Ministry of External Affairs.
Coalition for Disaster Resilient Infrastructure (CDRI)
i. The CDRI was launched by India’s Prime Minister (PM), Narendra Modi, on September 23, 2019, during the United Nations Climate Action Summit in New York, United States (US).
ii.The CDRI is a global collaboration of National Governments, United Nations (UN) agencies & programmes, Multilateral Development Banks &Financing Mechanisms, the private sector, and academic & research institutions.
- Its goal is to encourage infrastructure system resilience to hazards from the climate and natural disasters, ensuring sustainable development.
iii. It highlights India’s global leadership in disaster resilience and climate change concerns.
- CDRI Governing Council Co-chair – Dr P.K. Mishra, Principal Secretary, Prime Minister’s Office (PMO), GoI.
- CDRI Executive Committee Co-chair – Kamal Kishore, Member Secretary, National Disaster Management Authority (NDMA), GoI.
Advantages for CDRI in Having “International Organization” Status
The headquarters agreement basically gives CDRI a global organisation. It’s not just a Government of India organisation, it is actually supported and led by the Government of India but as an international organisation so it gets recognition from other governments.
i. CDRI is recognized as an independent international organisation, with a charter endorsed by 31 countries and 8 international organizations.
ii.CDRI strives to help nations in adopting policies for infrastructure risk governance and risk-informed infrastructure investments, to enhance the resilience of communities and states.
iii. As an “International Organisation,” CDRI will promote methods for strengthening disaster-resistant infrastructure in India and worldwide.
India’s First Private SSA Observatory to Monitor Space Activity to Come Up in UttarakhandDigantara, a Bengaluru (Karnataka)-based space sector start-up, will establish India’s first private Space Situational Awareness (SSA) observatory in Garhwal, Uttarakhand, to track objects as small as 10 centimeters (cm) in size orbiting the Earth.
- Digantara has signed an agreement with the Uttarakhand Government in this regard.
- This regional first-of-its-kind commercial SSA observatory will assist India in monitoring all space activity, including that of military satellites orbiting the region and space debris.
The United States (US) is currently a dominating actor in monitoring space debris, with observatories in numerous locations and commercial companies contributing additional input from across the world.
The new observatory in Uttarakhand will be a part of Digantara’s robust network of observational facilities. It is intended to cooperate with the constellation of space-based sensors that is currently being developed.
- This will lead to the formation of a hybrid data pool that will serve both the commercial and the defence sectors of the space industry, improving the efficiency of tracking and detecting pre-existing Resident Space Objects (RSO).
i. Digantara will be able to support its space-based sensors in their mission to monitor satellites and debris in orbits spanning from Low Earth Orbit (LEO) to Geosynchronous Earth Orbit (GEO) with the establishment of the observatory.
ii.Since there are no similar facilities between Australia and Southern Africa, the observatory will bridge a disparity in SSA observations in the region.
iii. It will minimize the risk of collisions between satellites and other spacecraft by providing more precise estimates of their location, speed, and trajectory.
iv.The observatory would also give India with indigenous monitoring capabilities over the subcontinent.
- Digantara received USD 2.5 million in seed funding from Kalaari Capital in 2021 to develop and strengthen its capabilities.
- In June 2022, Digantara launched the “world’s first commercial space-based space weather instrument,” “ROBI (ROBust Integrating proton fluence metre)” onboard the PSLV-C53 Mission of the Indian Space Research Organisation (ISRO).
Kapil Moreshwar Patil Releases SDG’s Anthem and Booklet
Union Minister of State (MoS) for Panchayati Raj, Kapil Moreshwar Patil and Minister of Rural Development & Panchayat, Punjab, Kuldeep Singh Dhaliwal inaugurated the National Workshop on Localization of Sustainable Development Goals (LSDGs) in Panchayats through Thematic Approach on ‘Village with Self-Sufficient Infrastructure’ at Mohali, Punjab.
- On the occasion, Kapil Moreshwar Patil also released the SDG’s Anthem and Booklet and launched a Prime App and Punjab State Rural Livelihood Mission (PSRLM) website.
i.The 2-day workshop was attended by around 1,300 elected representatives of Panchayat Raj Institutions (PRIs) from across India.
ii.This conference provides an opportunity of exchanging ideas and Best Practices to be followed by different States through exchange programmes in local governance and PRIs that could help in the infrastructure development.
Godrej Agrovet signs MoUs with Assam, Manipur and Tripura to promote oil palm cultivation Under the NMEO-OP schemeGodrej Agrovet signed three Memorandum of Understanding (MoU) with Assam, Manipur and Tripura state governments for the development and promotion of oil palm cultivation in the region under the National Mission on Edible Oils-Oil Palm (NMEO-OP) scheme.
What is in the MoU?
i.Under the agreement Godrej Agrovet will be allotted land across Assam, Manipur and Tripura for promotion and development of sustainable palm oil plantations in the region to support the farmers.
ii.The MoUs are in line with Godrej Agrovet’s long-term strategy to be the catalyst of India’s oil mission through sustainable growth of oil palm production and doubling of farmers’ income.
Godrej Agrovet’s palm oil is currently present in Andhra Pradesh, Telangana, Tamil Nadu, Orissa, Goa, Maharashtra, and Mizoram.
- It is the largest oil palm processor in India and works directly with farmers for the entire lifecycle of their crop.
- Its range of products, including crude palm oil, crude palm kernel oil and palm kernel cake, are produced at its six oil palm mills spread in India.
About National Mission on Edible Oils – Oil Palm (NMEO-OP):
i.In August 2021, the Government of India (GoI) launched the National Mission on Edible Oils – Oil Palm (NMEO-OP) with a planned outlay of Rs. 11,040 Crore.
ii.Under the mission, the Government envisaged to raise the area under cultivation of oil palm to 10 Lakh hectares by 2025-26 and 16.7 Lakh hectares by 2029-30 with special focus on the North East region and the Andaman and Nicobar Islands.
- Indonesia is the world’s biggest producer, exporter, and consumer of palm oil.
- Together Indonesia and Malaysia account for almost 90% of the global palm oil production.
- India is a net importer of palm oil.
About Godrej Agrovet:
Headquarters- Mumbai, Maharashtra
Nutrihub & Akshaya Patra Foundation ink an MoU under PM POSHAN Scheme
Akshaya Patra Foundation (APF) signed a memorandum of understanding (MoU) with Nutrihub, a technology Business Incubator hosted by the Indian Council of Agricultural Research (ICAR)-Indian Institute of Millets Research (IIMR) to promote balanced and healthy diets through the sustainable production and consumption of climate-resilient and nutritious millet in various feeding programme and integration of millets under Pradhan Mantri Poshan Shakti Nirman (PM POSHAN).
- This MoU has been signed to improve the nutritional status of children.
- The collaboration of APF and Nutrihub is an initiative as part of the run-up for 2023 as the International year of Millets by the Government of India (GoI).
i.The partnership Akshaya Patra and Nutrihub is to collaborate on millet products or grains to provide mid-day meals in various states.
ii.The test project is set to be launched in some schools in Bengaluru and Hyderabad.
iii. In order to focus on micronutrient deficiencies, improve schooling effectiveness, and inter-generational opportunity, particularly for girl children, PM POSHAN provides a huge opportunity.
iv.APF reaches 1.8 million children every day in its 65 kitchens across 14 states and Union Territories (UT).
v.Millet’s lunch menu is jowar, bajra and ragi to ensure child nutrients under POSHAN Abhiyan.
Akshaya Patra Foundation:
APF is the Non-Governmental Organisation (NGO) headquartered in Bengaluru, Karnataka. This foundation tends to implement the Mid-Day Meal scheme to promote healthy and balanced diets among children.
About Indian Institute of Millets Research (IIMR):
It is a premier agricultural research institute engaged in basic and strategic research under the Indian Council of Agricultural Research (ICAR).
Director- Dr C. V. Ratnavathi
Established in- 1958
Location- Hyderabad, Telangana
IREDA Signs MoU with MAHAPREIT to Provide Loans for Green Energy Projects
The Indian Renewable Energy Development Agency Ltd (IREDA), a Public Sector Undertaking (PSU) under the Ministry of New & Renewable Energy (MNRE), has signed a Memorandum of Understanding (MoU) with Mahatma Phule Renewable Energy and Infrastructure Technology Ltd (MAHAPREIT), Maharashtra, to provide loans for green energy projects.
- MAHAPREIT is a fully-owned subsidiary of the Mahatma Phule Backward Classes Development Corporation (MPBCDC), which is 49.0 % held by the Government of India (GoI) and 51.0% owned by the Maharashtra Government.
The MoU was signed by Pradip Kumar Das, Chairman & Managing Director (CMD), IREDA, and Bipin Shrimali, CMD, MAHAPREIT.
Note: This is the ninth MoU that IREDA has signed since 2020 to offer consulting services for sustainable development in India.
i. According to the MoU, IREDA will provide financing resources to MAHAPREIT for the Renewable Energy (RE) projects that will be implemented for state utilities, local governments, and the infrastructure of Renewable Energy Parks.
- IREDA will also carry out technical and financial due diligence on MAHAPREIT’s Renewable Energy, Energy Efficiency and Conservation projects.
ii.With this collaboration, IREDA will be able to assist the GoI in meeting its target of 50% share of energy from non-fossil fuel energy by 2030.
iii. In 2020, IREDA established a specialized Business Development and Consultancy division to address the growing demand in the RE sector.
iv.The other 8 PSUs that have signed MoUs with IREDA to improve their technological and financial expertise for green energy projects are: SJVN Ltd (previouslySatluj Jal Vidyut Nigam Limited), Himachal Pradesh; NHPC Ltd (previouslyNational Hydro Electric Power Corporation Ltd), Haryana; Tamil Nadu Generation and Distribution Corporation Limited (TANGEDCO), Tamil Nadu; North Eastern Electric Power Corporation Limited (NEEPCO), Meghalaya; Brahmaputra Valley Fertilizer Corporation Limited (BVFCL), Assam; THDC India Limited (THDCIL), Uttarakhand; Goa Shipyard Limited (GSL), Goa; and Central Institute of Petrochemicals Engineering & Technology (CIPET), Tamil Nadu.
About Indian Renewable Energy Development Agency Ltd (IREDA):
Chairman & Managing Director (CMD) – Pradip Kumar Das
Establishment – 1987
Headquarters – New Delhi, Delhi
Uttar Pradesh Govt Builds India’s First Education Township
The government of Uttar Pradesh (UP) is set to build India’s First Education Township with the idea of ‘Single Entry, Multiple Exit’.
- During a meeting with the representatives of consultancy firm Deloitte India to explore ways to make UP a USD 1 trillion economy UP’s Chief Minister(CM) Yogi Adityanath directed authorities to prepare a comprehensive action plan for setting up 5 education townships in UP.
- This education township will provide high-quality education to the youth and also equip them with various professional skills in a single place along with accommodation facilities.
- The township focusing on “High-end education” will also cater to students from African, Latin American and Central Asian countries.
i.The private sector will play an important role in this education township and also primary and secondary schools like Atal Residential Schools will be set up.
ii.Universities and colleges will be established for undergraduate and postgraduate studies wherein research works related to management, technology, law and medicine will be carried out.
iii.This will also feature skill development universities and coaching institutes like Abhyudaya will be started to impart different types of skills in youth.
iv.Accommodations will be provided to both teachers and students at the education township.
India nominates GARBA to be inscribed on UNESCO’s Intangible Cultural Heritage List
India has nominated the dance form Garba to be inscribed on the United Nations Educational, Scientific and Cultural Organization (UNESCO)’s intangible cultural heritage list.
Director and Representative of the UNESCO Eric Falt announced that after the inclusion of Durga Puja on the UNESCO intangible cultural heritage representative in 2021, India has nominated Gabra for 2022.
- The upcoming meeting of UNESCO will be held in November 2022.
- Garba is a Gujarati folk dance and is performed during Navratri, a nine-night festival in Gujarat.
India got elected to UNESCO Panel On Intangible Cultural Heritage for 2022-2026 cycle to serve on the distinguished Intergovernmental Committee of the 2003 Convention for the Safeguarding of the Intangible Cultural Heritage (ICH).
Union Minister Jitendra Singh: India’s Bioeconomy to grow from 70 billion to 150 billion US dollars by 2025
Union Minister of State Science & Technology, Dr Jitendra Singh stated India’s Bioeconomy will grow from 70 billion to 150 billion US dollars by 2025 during the announcement of 75 “Amrit” Grants for Biotech initiatives.
He also stated that the Department of Biotechnology (DBT)-Biotechnology Industry Research Assistance Council (BIRAC) “75 Amrit Team Grant Initiative” will boost the Prime Minister’s call for “Jai Anusandhan”.
- The 75 inter-disciplinary, multi-institutional grants would be supported for high-risk, ambitious research ideas, milestones-driven collaborative research in all domain-specific areas of the biotech sector in Public-Private Partnership (PPP) mode.
Over 75 lakh cases across Rajasthan cleared by ‘Digital Lok Adalat’ for the first time in India
The State Legal Services of Rajasthan and Maharashtra authorities had launched the ‘Digital Lok Adalat’ in the respective states as part of the third National Lok Adalat of 2022.
Rajasthan and Maharashtra became the first states to use end-to-end digital platforms during the third National Lok Adalat of the year 2022, which highlighted over 75 lakh cases settled across India including 16.45 lakh pending and 58.33 lakh pre-litigation cases.
- The ‘Digital Lok Adalat’, powered by Artificial Intelligence (AI) and Blockchain, will facilitate common people to get justice from the comforts of their homes.
- This digitalisation was launched during the 18th All India Legal Services Authorities’ meet by the Chairman and Supreme Court Judge of the National Legal Services Authority, Justice Uday Umesh Lalit.
Piyush Goyal unveils the gift catalogue of ‘One District-One Product’ in digital version
Union Minister of Commerce and Industry, Piyush Goyal unveils the gift catalogue of ‘One District-One Product’ (ODOP) in digital version on 5th August 2022, during the meeting with Export Promotion Councils and Industry Association at Vanjiya Bhawan, New Delhi, Delhi.
- ODOP in digital version is to promote and popularise the local products for corporate gifting.
- This initiation is to support the vision of the Prime Minister’s “Make in India” and “Make for the World”.
15th International Olympiad On Astronomy and Astrophysics 2022: India Ranks Third, With 3 Gold Medals & 2 Silver Medals
India came in third at the 15th International Olympiad on Astronomy and Astrophysics (IOAA) 2022, which took place from August 14 – 21, 2022 in Kutaisi, Georgia.
- The IOAA is an annual contest for students in higher secondary education.
- India and Singapore were tied for third place in the medal count. Iran’s official team (5 Golds) won the top spot followed by Iran’s Guest team (4 Golds, 1 Silver).
Note: The 15th IOAA 2022 competition was initially scheduled to take place in Kyiv, Ukraine. It was rescheduled in March 2022 to take place in Kutaisi, Georgia owing to the conflict in Ukraine.
i. At IOAA-2022, all five students from the Indian contingent won five medals, comprising 3 gold & 2 silver.
- At the 15th IOAA 2022, 28 gold, 38 silver, and 55 bronze medals were presented altogether.
Details of The Individual Performance
|#||Name of the Contestant||Medal Won||Place From|
|2||Md Sahil Akhtar||GOLD||Kolkata, West Bengal|
|3||Mehul Borad||GOLD||Hyderabad, Telangana|
|4||Malay Kedia||SILVER||Ghaziabad, Uttar Pradesh|
|5||Atharva Nilesh Mahajan||SILVER||Indore, Madhya Pradesh|
- Raghav Goyal won a special prize for the best solution to the most challenging theoretical question.
Indian Contingent was accompanied by:
- 2 Leaders: Professor Sarita Vig (Indian Institute of Space Science and Technology, Thiruvananthapuram [Kerala]), Professor Ajit Mohan Srivastava (Institute of Physics, Bhubaneswar [Odisha])
- 2 Scientific Observers: Shriharsh Tendulkar (Tata Institute of Fundamental Research, Mumbai [Maharashtra]) & Tejas Shah (Fr. Agnel Multipurpose School & Jr. College, Navi Mumbai [Maharashtra]).
- In 2002 and 2003, Tendulkar won gold at the International Astronomy Olympiad.
iii. During the event, Professor Aniket Sule, faculty at the Homi Bhabha Center for Science Education (HBCSE) in Mumbai (Maharashtra), was elected as President of the international body of IOAA for a 5-year term.
- Aniket Sule has been the IOAA’s General Secretary for the past 5 years.
BANKING & FINANCE
GoI in consultation with RBI framed Foreign Exchange Management (Overseas Investment) Rules, 2022i.In line with the amendment in the Foreign Exchange Management Act 2015, Outward Investments Rules, officially called, ‘Foreign Exchange Management (Overseas Investment) Rules, 2022’ have been framed by the Government of India (GoI) in consultation with the Reserve Bank of India (RBI). They are applicable w.e.f. August 22, 2022.
ii.As per the amendment, the net worth of a registered partnership firm or LLP (Limited Liability Partnership) will be the sum of the capital contribution of partners and undistributed profits of the partners after deducting therefrom the aggregate value of the accumulated losses, deferred expenditure, and miscellaneous expenditure not written off, as per the last audited balance sheet.
iii.Currently, the overseas investment by a person resident in India is governed by the Foreign Exchange Management (Transfer or Issue of Any Foreign Security) Regulations, 2004 and the Foreign Exchange Management (Acquisition and Transfer of Immovable Property Outside India) Regulations, 2015.
About Reserve Bank of India (RBI):
Establishment– April 1, 1935
Headquarters– Mumbai, Maharashtra
Governor– Shaktikanta Das
Deputy Governors– Mahesh Kumar Jain, Michael Debabrata Patra, M. Rajeshwar Rao, T. Rabi Sankar
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ADB Provide USD 96.3mn Loan to Improve Water Supply & Sanitation in HP
The Government of India (GoI) and the Asian Development Bank (ADB) signed a USD 96.3 million (around Rs 769 crores) loan agreement to provide safe drinking water, improve water supply and sanitation in Himachal Pradesh (HP)
The agreement was signed by Rajat Kumar Mishra, Additional Secretary, Department of Economic Affairs and Takeo Konishi, Country Director for ADB in India.
i.This project is aligned with the objectives of Jal Jeevan Mission which aims to provide piped water to all rural households by 2024 and also strengthens Jal Shakti Vibhag, an initiative of the government of HP and gram panchayat village water and sanitation committees.
ii.The project aims to construct 48 groundwater wells, 109 water treatment plants, 117 pumping stations and 3000 km of water distribution pipelines for improving water supply and sanitation services.
iii.ADB will provide water management best practices and strengthen institutional capacity by connecting 75,800 households to provide uninterrupted water supply to about 3,70,000 residents across 10 districts.
iv.The pilot faecal sludge management and sanitation programme will also be implemented in Sirmaur district of HP which will benefit around 2,50,000 residents.
v.The project will also support the water tariff policy reforms of the state government and introduce an asset management system at state level and district asset management plans.
About Asian Development Bank (ADB):
President – Masatsugu Asakawa
Establishment – 1966
Headquarters – Mandaluyong City, Metro Manila, Philippines
Members – 68 members (49 from Asian and the Pacific and 19 outside)
HDFC Bank Opens its First All-Women Branch in Kozhikode, Kerala
HDFC Bank opened its first all-women branch at Cherootty Road, Kozhikode, Kerala(north Kerala region) with an aim to enhance gender diversity in banking sector.
The branch inaugurated by city Corporation Mayor Beena Philip will have 4 women bankers.
- With this opening, there are a total of 245 bank branches in Kerala.
- Somesh Nambiar, circle head, Kerala; Abhilash Nair, Cluster head, Kerala were also present in the inaugural Ceremony of this 245th branch in Kerala.
i.HDFC Bank is driving diversity and inclusion within the organisation with a special focus on enhancing gender diversity.
ii.As on March 31, 2022, women constituted 21.7 percent of the workforce and the target is to increase it to 25 percent by 2025.
About HDFC Bank:
Managing Director (MD) & Chief Executive Officer (CEO) – Sashidhar Jagdishan
Established – 1994
Headquarters – Mumbai, Maharashtra
Muthoot Finance Launches Milligram Reward Programme for Customers
Muthoot Finance Limited has launched Milligram Reward Programme for its customers where the customers will be rewarded with a certain amount of milligram reward points for transactions with the company.
- With this launch, Muthoot Finance becomes the first gold loan NBFC (Non-banking Financial Company) to launch such a new reward programme.
i.This is a 2-year programme which will be run in 24 carat gold for the first time in India.
- These reward points aim to strengthen the relationship between customers and help in bringing back the inactive customers.
ii.The company will offer 20 mg (milligram) of gold with every customer referral transaction with the company and also Rs. 50 crore worth gold (100 kg) is expected to be paid off through the programme annually.
Benefits for existing customers:
i.Apart from this, the company will also offer 20 mg gold points per referral to its existing customers for referring new customers to the company.
ii.Existing customers can refer and submit a referral form online web portal (www.muthootfinance.com) or at the Muthoot Finance branch and the redemption of these gold coins is subject to specific procedures and terms and conditions (T&C).
About Muthoot Finance Limited:
Muthoot Finance Limited, India’s largest NBFC is a financial corporation that finances gold transactions, offers gold loan services and wealth management services and also sells gold coins.
Managing Director (MD) – George Alexander Muthoot
Establishment – 1939
Headquarters – Kochi, Kerala.
ECONOMY & BUSINESS
NHPC Ltd signs MoU with BEL to set up Solar Equipment Manufacturing Facility
NHPC Limited (formerly known as National Hydroelectric Power Corporation) signed a Memorandum of Understanding (MoU) with Bharat Electronics Limited (BEL) to set up a large capacity solar equipment manufacturing facility.
The agreement was signed by Biswajit Basu, Director (Projects), NHPC and Vinay Kumar Katyal, Director (Bangalore Complex), BEL.
i.Under the agreement, the GigaWatt Scale Vertically Integrated solar manufacturing unit will be established.
ii.NHPC is engaged in the construction of 11 projects aggregating to a total installed capacity of 7,539 MW.
- NHPC also has an installation base of 7071.2 MW from 24 power stations including two projects in JV (Joint Venture) mode.
About NHPC Limited:
Headquarters- Faridabad, Haryana
Chairman & Managing Director- Abhay Kumar Singh
AWARDS & RECOGNITIONS
2022 Liberty Medal will be awarded to Ukrainian President Volodymyr Zelensky The 2022 Liberty Medal is set to be awarded to Ukrainian President Volodymyr Zelensky. He will be honoured at the National Constitution Centre (NCC), Philadelphia, the United States(US) in October 2022.
President Zelensky will be honoured with the medal and a prize of USD100,000 to recognize his leadership in response to the Russian invasion of Ukraine. He planned to donate the prize to the new Ukrainian Veteran Fund.
i.As the face of Ukrainian, Zelensky surpassed the challenges of the Russian invasion crisis.
ii.Zelensky will be honoured “for his heroic defence of liberty in the face of Russian Tyranny” by recognizing his heroism, courage, and bravery.
iii. He was also been the recipient of awards:
- The Ronald Reagan Freedom Award 2022– this was given to those who have made huge contributions to the cause of freedom worldwide.
- John F. Kennedy Profile in Courage Award 2022– this was given to the people, who have been recognized and celebrated the qualities of politically courageous leadership in the spirit of ‘Profiles in Courage’.
About the Liberty Medal Award:
i.The Liberty Medal is an annual award by the NCC of the United States (US), established in 1988 to commemorate the bicentennial of the U.S. Constitution. It was found by the Philadelphia Foundation.
- Some notable recipients are Nelson Mandela, Sandra Day O’Connor, Kofi Annan, Malala Yousafzai, and Colin Powell.
ii.This award is given to the person of courage and conviction who has struggled to secure the favour of liberty to the people.
About the Ukrainian President Zelensky:
i.Zelensky, Ukrainian actor and comedian elected for president of Ukraine in 2019.
ii.He was a political novice (no prior experience in politics) who gained support through his anti-corruption platform.
iii. He won the 2019 presidential election against Petro Poroshenko.
iv.Zelensky emphasised the state should make priority to the veteran policy.
ACQUISITIONS & MERGERS
MCA approves BGRL amalgamation with Bharat Petroleum
On 8 August 2022, The Ministry of Corporate Affairs (MCA) approved the amalgamation of Bharat Gas Resources Limited (BGRL) with its parent company Bharat Petroleum Corporation Limited (BPCL).
- Bharat Gas Resources Limited (BGRL), incorporated in June 2018, is a wholly owned subsidiary of BPCL for handling the Natural Gas business.
- The scheme of amalgamation became effective on 16 August 2022
i.BGRL is a gas sourcing and retailing company. It was set up to implement city gas distribution networks in different regions of India and the exercise was to contour the corporate structure and unify the assets and liabilities of BGRL with BPCL.
- The equity shares of BGRL are not listed in the stock exchanges.
ii.In terms of the scheme of amalgamation, the aggregate authorized share capital of BGRL as on date is combined with the authorized share capital of BPCL.
iii.The BGRL is also planning to implement City Gas Distribution Networks (CGDN) to supply natural gas to various Domestic, Commercial, Industrial and Automobile Consumers in various Geographical Areas (GA).
About Bharat Petroleum Corporation Ltd (BPCL):
Headquarters- Mumbai, Maharashtra
Chairman & Managing Director-Arun Kumar Singh
International Day for the Remembrance of the Slave Trade and its Abolition 2022- August 23
United Nations (UN)’s International Day for the Remembrance of the Slave Trade and its Abolition is annually observed across the globe on August 23 to abolish the practice of slave trading and to remember the tragedy of the slave trade across the globe during colonial rule.
The day also spread awareness about the abolition of the slave trade and related practices.
- The day was chosen by the United Nations Educational, Scientific, and Cultural Organization (UNESCO) to memorialize the transatlantic slave trade.
Puducherry CM presents Rs 10,696cr Budget for 2022-23i.On August 22, 2022, the Chief Minister (CM) of Puducherry, N. Rangasamy, who also holds finance portfolio of the Union Territory (UT) presented Rs 10,696.61crore tax-free budget of the UT for FY22-23 in his 75-minute address in the Legislative Assembly.
ii.It should be noted that the Budget session of the Puducherry Legislative Assembly began on August 10, 2022; however, the Assembly was adjourned indefinitely as the Union government did not approve the Budget at that time.
iii.Revenue Receipts are estimated at Rs 6,557.23 crore
iv.Central Government assistance will be Rs 1,729.77 crore with an additional Rs 500 crore under centrally sponsored schemes and Rs 20 crore from the central road fund.
Lieutenant Governor– Dr. Tamilisai Soundararajan
Airport– Puducherry Airport (PNY)
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- List of Current Governors in India – AUGUST 2022
- List of Current Chief Ministers in India – AUGUST 2022
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Current Affairs Today (AffairsCloud Today)
|S.no||Current Affairs 24 August 2022|
|1||GoI Signs Headquarters Agreement with Coalition for Disaster Resilient Infrastructure|
|2||India’s First Private SSA Observatory to Monitor Space Activity to Come Up in Uttarakhand|
|3||Kapil Moreshwar Patil Releases SDG’s Anthem and Booklet|
|4||Godrej Agrovet signs MoUs with Assam, Manipur and Tripura to promote oil palm cultivation Under the NMEO-OP scheme|
|5||Nutrihub & Akshaya Patra Foundation ink an MoU under PM POSHAN Scheme|
|6||IREDA Signs MoU with MAHAPREIT to Provide Loans for Green Energy Projects|
|7||Uttar Pradesh Govt Builds India’s First Education Township|
|8||India nominates GARBA to be inscribed on UNESCO’s Intangible Cultural Heritage List|
|9||Union Minister Jitendra Singh: India’s Bioeconomy to grow from 70 billion to 150 billion US dollars by 2025|
|10||Over 75 lakh cases across Rajasthan cleared by ‘Digital Lok Adalat’ for the first time in India|
|11||Piyush Goyal unveils the gift catalogue of ‘One District-One Product’ in digital version|
|12||15th International Olympiad On Astronomy and Astrophysics 2022: India Ranks Third, With 3 Gold Medals & 2 Silver Medals|
|13||GoI in consultation with RBI framed Foreign Exchange Management (Overseas Investment) Rules, 2022|
|14||ADB Provide USD 96.3mn Loan to Improve Water Supply & Sanitation in HP|
|15||HDFC Bank Opens its First All-Women Branch in Kozhikode, Kerala|
|16||Muthoot Finance Launches Milligram Reward Programme for Customers|
|17||NHPC Ltd signs MoU with BEL to set up Solar Equipment Manufacturing Facility|
|18||2022 Liberty Medal will be awarded to Ukrainian President Volodymyr Zelensky|
|19||MCA approves BGRL amalgamation with Bharat Petroleum|
|20||International Day for the Remembrance of the Slave Trade and its Abolition 2022- August 23|
|21||Puducherry CM presents Rs 10,696cr Budget for 2022-23|