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Reliance, Ola & Rajesh Exports Signs Program Agreement for Battery Manufacturing
On 29th July 2022 Reliance New Energy Limited, Ola Electric Mobility and Rajesh Exports, Indian Multinational Gold Retailer signed the program agreement under Production Linked Incentives (PLI) scheme to build a total of 50 gigawatt hours (Gwh) Advanced Chemistry Cell (ACC) battery storage.
- The companies will receive incentives under India’s 18,100 crore (USD 2.3 billion) government incentive program.
- Under the PLI Program, private players are also expected to create battery manufacturing capacity to the tune of around 95 GWh.
i.Under the agreement, the companies must set up their battery manufacturing facility within two years for availing incentives that will be paid over a five-year period based on the sale of batteries manufactured in India.
- The implementation is taken care of by the Ministry of Heavy Industries & Public Enterprises (MoHI&PI).
ii.It is estimated that a direct investment of around Rs 45,000 crore in ACC Battery storage manufacturing projects will be available under the PLI scheme .
iii.Background – In May 2021, the Union Cabinet had approved a National Programme on ACC Battery Storage for achieving the manufacturing capacity of 50 GWh of ACC and 5 GWh of Niche ACC, with an outlay of Rs 18,100 crore.
- This comes in the wake of fulfilling India’s aim in establishing a domestic supply chain for clean transport and renewable energy storage to meet decarbonisation goals.
- Recent schemes such as PLI scheme for Advanced Chemistry Cell (ACC) ( ₹18,100 crore) , PLI Scheme for automotive sector ( ₹25,938 crore) and Faster Adoption of Manufacturing of Electric Vehicles (FAME) ( ₹10,000 crore) will enable India to take a step from traditional fossil fuel-based automobile transportation system to environmentally cleaner, sustainable transportation system.
IAF to Phase Out Remaining 4 MiG-21 Squadrons by 2025
The Indian Air Force (IAF) has planned to phase out four MiG-21 fighter squadrons by 2025. At present, the IAF has around 70 – MiG-21 aircraft and 50 MiG-29 variants.
The IAF has also planned to phase out the 3 squadrons of MiG-29 fighter jets in the next 5 years.
i.One of the MiG-21 fighter squadrons, Sri Nagar-based No 51 Squadron(also known as “Sword Arms,”), is set to retire from service in September 2022.
- It was a part of both “Operation Safed Sagar” during the Kargil conflict in 1999 and the operation to repulse Pakistan’s retaliatory action on February 27, 2019, a day following India’s airstrike on Pakistan’s Balakot.
- Indian Wing Commander (now Group Captain) Abhinandan Varthaman of the No. 51 squadron was awarded the Vir Chakra for shooting down a Pakistani F-16 during a dogfight over the Line of Control (LoC) on February 27, 2019.
ii.The squadron will be number plated on 30th September 2022. (number plating refers to the retirement of a squadron which comprises 17 to 20 aircraft).
iii.The other 3 squadrons at Uttarlai, Suratgarh and Nal in Rajasthan will subsequently retire by 2025.
IAF’s plans to phase out the MiG-21 – Soviet-origin aircraft fleet is part of the IAF’s modernisation drive.
History of MiG variants:
i.The MiG variants were first launched in 1963. The first fleet of the MiG variant was inducted into the IAF in 1963 and India procured more than 700 MiG Variants in the following years.
- The MiG-21 is India’s longest-serving fighter plane. However, the aircraft has had a very poor safety record of late.
- The aircraft was designed by the Mikoyan-Gurevich Design Bureau (OKB) of the erstwhile Soviet Union, and it made its maiden flight on 16 June, 1955.
i.As a part of the IAF modernisation drive, the Defence Ministry has signed a Rs 48000 crore with Hindustan Aeronautics Limited(HAL) in February 2021 to procure around 83 Tejas Fighter aircraft.
ii.IAF is also set to procure 114 Multi-Role Fighter Aircraft (MRFA).
iii.The government of India is working on a USD 5 billion project which aims to develop a 5th generation medium-weight deep penetration fighter jet to enhance the air power capability of India.
FAHD Minister Parshottam Rupala launched Minister’s Dashboard for Animal Husbandry and Dairying
Union Minister of Fisheries, Animal Husbandry and Dairying (FAHD), Parshottam Rupala launched the Minister’s dashboard for Animal Husbandry and Dairying in New Delhi, Delhi.
- Minister’s Dashboard for schemes of the Department of Animal Husbandry helps in monitoring, and reporting real-time scheme data, and in analyzing the schemes’ key performance indicators and parameters through a visual matrix.
It was launched in the presence of Dr Sanjeev Kumar Balyan, Minister of State (MoS), FAHD, Dr L Murugan, MoS, FAHD and Information and Broadcasting (I&B), and Atul Chaturvedi, Secretary, FAHD.
Schemes of DAHD:
The Department of Animal Husbandry and Dairying(DAHD) has launched several schemes to strengthen the livestock sector in India through the introduction of new technologies, breeding programs, disease control and eradication programs, establishing dairy & meat processing infrastructures, human resource development etc.
Features of Dashboard:
i.It is equipped with the ability to track the status of individual scheme components, both at a national and state level schemes.
ii.The Dashboard enables the scheme owners to make policy interventions and improve decision making based on the dynamic data that is captured and periodically refreshed on it.
- It also offers a visual snapshot of the details of various schemes, state performances, achievements and gaps, and other associated data on a single dashboard.
iii.It is accessible by a web browser and is linked to real-time updating data sources using Application Programming Interface (API).
This dashboard encapsulates the following schemes:
i. Livestock Health and Disease Control Program (LHDCP)
ii. National Livestock Mission (NLM)
iii. Animal Husbandry Infrastructure Development Fund (AHIDF)
iv. National Program for Dairy Development Fund (NPDD)
v. Rashtriya Gokul Mission (RGM)
vi. Supporting Dairy Co-operatives and Farmer Producer Organizations (SDCFPO)
v. Dairy processing & Infrastructure Development Fund (DIDF)
About Ministry of Fisheries, Animal Husbandry and Dairying (FAHD):
Union Minister – Parshottam Rupala (Constituency -Gujarat)
Minister of State – Sanjeev Kumar Balyan (Constituency -Muzaffarnagar, Uttar Pradesh)
WHO declares Monkeypox as a Public Health Emergency of International Concern
The World Health Organisation (WHO) declared the global monkeypox outbreak a ‘Public Health Emergency of International Concern’ (PHEIC), one step below that of a ‘pandemic.’
- Majority of the cases are being reported in European and African regions.
- The virus already has spread in more than 70 countries, including a few registered cases in India.
What is the Public Health Emergency of International Concern’ (PHEIC)?
According to the WHO, a PHEIC is an extraordinary event, which constitutes a public health risk to other States through the international spread, and which potentially requires a coordinated international response.
i.Earlier in 2020, the WHO also categorised COVID-19 as a PHEIC, when about 7,500 cases of novel coronavirus were reported later the status was elevated to ‘pandemic.’,
- Since 2009, there have been seven PHEIC declarations, including monkeypox: the 2009 H1N1 (or swine flu) pandemic, the 2014 polio declaration, the 2014 outbreak of Ebola in Western Africa, the 2015–16 Zika virus in Latin America, the 2018–20 Kivu Ebola epidemic, and the ongoing Covid-19 pandemic.
ii.The decision was passed by the WHO’s International Health Regulations Emergency Committee (IHREC) which held the discussion on the monkeypox outbreak in several countries.
iii.As part of the PHEIC declaration which is “temporary” and reviewed every three months, countries are expected to follow the guidelines of WHO.
Countries are grouped into three categories:
i.Those with no reported cases or where the last case was from 21 days ago.
ii.Those with recently imported cases and experiencing human-to-human transmission.
iii.Countries where cases are being reported and have a history of the presence of the virus.
About World Health Organisation (WHO):
Director General- Dr. Tedros Adhanom Ghebreyesus
Headquarters- Geneva, Switzerland
BANKING & FINANCE
RBI Imposes Restrictions on Three Urban Cooperative Banks
The Reserve Bank of India (RBI) has imposed restrictions on three urban co-operative banks (UCBs) including Durga Co-operative Urban Bank, Jaiprakash Narayan Nagari Sahakari Bank and Karmala Urban Co-operative Bank.
- The Directions will remain in force for 6 months from the close of business on 29th July 2022, and are subject to review.
- The UCBs can continue to undertake banking business with restrictions until their financial position improves.
i.Under RBIs Directions, these UCBs cannot grant or renew any loans and advances or make any investment, incur any liability, including borrowal of funds and acceptance of fresh deposits without prior approval of RBI.
ii.Durga Co-operative Urban Bank, Vijayawada (Andhra Pradesh) – Depositors withdrawal limit must not exceed Rs. 1.50 lakh of the total balance across all savings bank or current accounts or any other account, subject to RBIs direction.
iii.Jaiprakash Narayan Nagari Sahakari Bank, Basmatnagar (Maharashtra) – The customers cannot withdraw amounts due to the bank’s liquidity position but are allowed to set off loans against deposits subject to RBIs direction.
iv.The Karmala Urban Co-operative Bank, Solapur (Maharashtra) – Depositors will be allowed to withdraw not more than Rs. 10,000 of the total balance across all savings bank or current accounts or any other account, subject to RBIs direction.
About Urban Co-operative Banks (UCBs):
i.The term Urban Co-operative Banks (UCBs) are not formally defined but it refers to primary cooperative banks located in urban and semi-urban areas.
ii.Until 1996, these banks were allowed to lend money only for non-agricultural purposes and now they essentially lend to small borrowers and businesses.UCBs are supervised under the Registrar of Cooperative Societies.
ECONOMY & BUSINESS
JSW Steel partners with BCG to meet its decarbonisation goals for 2029-30
JSW Steel has partnered with the United States (US)-based Boston Consulting Group (BCG) to meet its decarbonisation goals – to reduce its carbon emission by 42% by 20-29-30 versus the base year 2005.
- The collaboration focus on applying digital and analytics to track, measure, simulate and enhance JSW Steel’s environmental performance.
- BCG will focus on upskilling the employees and enhancing the sustainability culture across the manufacturing operations. This will play a major role in scaling up the sustainability initiatives.
Globally, the iron and steel industry accounts for ~8% of total Carbon dioxide (CO2) but in India, the industry contributes ~12% to the total CO2 emissions.
APPOINTMENTS & RESIGNATIONS
Ravi Kishan Takkar Appointed as Additional Director on LIC HFL’s Board
The Board of Directors of LIC (Life Insurance Corporation of India) Housing Finance Limited (LIC HFL) has approved the appointment of Ravi Kishan Takkar, former Managing Director(MD) and Chief Executive Officer(CEO) of UCO Bank, an additional Director (Independent) on the LIC HFL’s Board.
- He will hold the office up to the 33rd Annual General Meeting of LIC HFL and upon the regularisation of his appointment by the members of the board, he will hold the office as Independent Director for 5 years effective from the date of appointment (25th July 2022).
ACQUISITIONS & MERGERS
HDFC to fully Acquire Venture Capital Arm HVCL by buying shares from SBI
The Housing Development Finance Corporation Limited (HDFC) will acquire its venture capital subsidiary HVCL (HDFC Venture Capital Limited)by buying out the State Bank of India (SBI)’s 19.5% stake in the company.
- Currently HDFC holds 80.50 % equity share capital of HVCL and the remaining 19.50 % shares are held by SBI.
- After the proposed acquisition of shares, HVCL would become a wholly-owned subsidiary of HDFC.
HVCL is an investment manager to HDFC Property Fund, and it was incorporated in October 2004.
About the Acquisition:
i.On July 29, 2022, HCFC signed a Share Purchase Agreement (SPA) with SBI for the acquisition of 97,500 equity shares of HVCL representing 19.50% of its paid-up share equity capital, at a consideration of Rs 10 per share.
ii.The acquisition will be completed within 14 days from the date of execution of the Share Purchase Agreement (SPA) or by August 12, 2022.
About Housing Development Finance Corporation Limited (HDFC):
Chairman- Deepak Parekh
Vice Chairman & CEO-Keki M. Mistry
World Day Against Trafficking in Persons 2022 – 30 July
The United Nations(UN)’s World Day Against Trafficking in Persons is annually observed across the globe on 30th July to create awareness about the state of victims of human trafficking and for the promotion and protection of their rights.
The theme of World Day Against Trafficking in Persons 2022 is “Use and abuse of technology”.
i.On 18th December 2013, The United Nations General Assembly(UNGA) adopted the resolution A/RES/68/192 and proclaimed the 30th July of every year as the World Day Against Trafficking in Persons.
ii.The first-ever World Day Against Trafficking in Persons was observed on 30th July 2014.
About United Nations Office on Drugs and Crime (UNODC):
Executive Director– Ghada Fathi Waly
Headquarters– Vienna, Austria
Established in 1997
>> Read Full News
Earth Overshoot Day 2022 – July 28
Earth Overshoot Day is the day of the year on which humanity’s demand on nature exceeds the Earth’s annual biological capacity to regenerate.In 2022, Earth Overshoot Day falls on July 28th, meaning that between January 1st and July 28th, humanity’s demand for biological regeneration is equivalent to the planet’s entire annual regeneration.
- EOD 2021 was observed on 29th July 2021.
- EOD 2020 was observed on 22nd August 2020.
Earth Overshoot Day is hosted and calculated by Global Footprint Network
i.The Earth Overshoot Day is an initiative of Global Footprint Network, an international research organization.
ii.The concept of Earth Overshoot Day was conceived by Andrew Simms of the United Kingdom (UK)’s think tank New Economics Foundation.
iii.In 2006, New Economics Foundation partnered with Global Footprint Network to launch the first global Earth Overshoot Day campaign.
Calculation of Earth Overshoot Day:
The observance of EOD is calculated with the data from Global Footprint Network’s National Footprint and Biocapacity Accounts.
Formula for calculation:
(Planet’s Biocapacity / Humanity’s Ecological Footprint) x 365 = Earth Overshoot Day
Country Overshoot Days 2022:
A country’s overshoot day is the date on which Earth Overshoot Day would fall if all of humanity consumed like the people in this country.
Click here for the country overshoot days
Karnataka Govt’s First Anniversary: CM Launches Various Welfare Schemes
On 28th July 2022 Karnataka Chief Minister (CM) Basavaraj Bommai launched various welfare measures in commemoration of the first year anniversary of his government.
i.CM launched Swami Vivekananda Yuva Shakti Scheme that aims at empowerment of rural youth along with other schemes including, financial assistance and skills training to 10 lakh people for vision towards self-employment and also helps in marketing similar to Stree Shakti Self-Help Groups (SHGs).
ii.Vidyanidhi scholarship programme, a Government initiative for children of farmers has so far benefited 9.98 lakh students, which is now extended to children of weavers, taxi drivers and fisherfolk.
iii.Govt. will offer free power supply up to 75 units to around 25 lakh SC and ST families and four lakh houses for the poor will be built by December 2022.
Governor – Thawar Chand Gehlot
Stadium – Koramangala Indoor Stadium, Mangala Stadium, Srikantadatta Narasimha Raja Wadeyar Ground (Gangothri Glades Cricket Ground)
Lakes – Hirekolale Lake, Ayyanakere Lake
>> Read Full News
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Current Affairs Today (AffairsCloud Today)
|S.no||Current Affairs 31 July 2022|
|1||Reliance, Ola & Rajesh Exports Signs Program Agreement for Battery Manufacturing|
|2||IAF to Phase Out Remaining 4 MiG-21 Squadrons by 2025|
|3||FAHD Minister Parshottam Rupala launched Minister’s Dashboard for Animal Husbandry and Dairying|
|4||WHO declares Monkeypox as a Public Health Emergency of International Concern|
|5||RBI Imposes Restrictions on Three Urban Cooperative Banks|
|6||JSW Steel partners with BCG to meet its decarbonisation goals for 2029-30|
|7||Ravi Kishan Takkar Appointed as Additional Director on LIC HFL’s Board|
|8||HDFC to fully Acquire Venture Capital Arm HVCL by buying shares from SBI|
|9||World Day Against Trafficking in Persons 2022 – 30 July|
|10||Earth Overshoot Day 2022 – July 28|
|11||Karnataka Govt’s First Anniversary: CM Launches Various Welfare Schemes|