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PM Narendra Modi Launched 2 Schemes Amrit Dharohar and MISHTI Yojana to revive wetlands and mangrovesOn World Environment Day 2023 (June 05, 2023), Prime Minister (PM) Narendra Modi launched two schemes named Amrit Dharohar Yojana and MISHTI Yojana (Mangrove Initiative for Shoreline Habitats and Tangible Incomes) under the Ministry of Environment, Forest and Climate Change (MoEFCC), to revive wetlands and mangroves across India.
- As per the statement of PM, the number of wetlands and Ramsar sites in India have increased almost three times in the past nine years.
Amrit Dharohar Yojana:The scheme was launched to conserve the existing Ramsar sites and achieve sustainable ecosystem development through public participation over the next three years, and make them as the centres of eco-tourism and a source of green jobs for thousands of people.
MISHTI Yojana:The scheme envisages to comprehensively explore the possible area for the development of mangroves covering nearly 540 sq km, spreading across 9 states and 4 union territories(UTs) over 5 years(2023-2028), starting from FY24.
About Ministry of Environment, Forest and Climate Change (MoEFCC):
Union Minister – Bhupender Yadav (Rajya Sabha – Rajasthan)
Minister of State (MoS ) – Ashwini Kumar Choubey
>> Read Full News
Tracking SDG7: 2.3 people use polluting fuel & 675 million have no ElectricityAccording to the report titled “Tracking SDG7: The Energy Progress 2023” released on 6th June 2023, around 2.3 billion people across the globe are still using polluting fuels and technologies for cooking and around 675 million people did not have access to electricity in 2021.
- The report states that the world is not on track to achieve the Sustainable Development Goal (SDG) 7 for energy by 2030.
- The report highlighted that despite the progress across various indicators of SDG 7 agenda, the current rates of progress is insufficient to achieve the 2030 targets.
About International Energy Agency (IEA):
Executive director– Fatih Birol
Headquarters– Paris, France
Established in 1974
>> Read Full News
Sixth edition of India-Maldives Exercise ‘Ekatha’ begin in MaldivesThe 6th edition of the annual Naval Exercise ‘Ekatha’ between India and Maldives was scheduled to be conducted from 4th June to 3rd July 2023, in Maldives to enhance interoperability in diving and special operations.
- The 5th edition was held in Maldives from September 5 to October 3, 2022.
i.Indian Navy divers and Marine Commandos (MARCOS) went to Maldives to participate in the exercise along with Maldives National Defence Force (MNDF).
ii.The conduct report of the exercise was reviewed by Lieutenant Commander of the Indian Navy training team, Mahesh Kumar.
iii.The High Commissioner of India to the Maldives, Munu Mahawar and the Flag Officer Commanding-in-Chief of Southern Naval Command, Indian Navy, Vice Admiral M. A. Hampiholi handed over certificates to the Marines of Special Operations Group (SOG) of the MNDF Marine Corps.
iv.Chief of Defence Force Major General Abdullah Shamaal, Flag Officer Commanding-in-Chief of Southern Naval Command, Indian Navy, Vice Admiral M. A. Hampiholi also participated in the exercise inauguration ceremony.
v.Ten marine commandos from the Indian Navy focused on combat shoot, VBSS, demolition, CQB, divator diving, rebreather diving, and diving operations.
BANKING & FINANCE
JPMorgan Partners with 6 Indian banks to trial blockchain-based USD settlementJPMorgan Chase & Co, the largest bank by assets under management in the United States (US), has joined forces with six leading Indian banks to launch a pilot program designed to test a blockchain-based platform for the settlement of interbank US Dollar transactions.
- The 6 Indian banks to be joining in the pilot program to test the new blockchain-based platforms includeHDFC Bank, ICICI Bank, Axis Bank, Yes Bank and IndusInd Bank and JPMorgan’s own banking subsidiary at Gujarat International Finance Tec-City (GIFT City ).
i.Under the pilot, the six Indian banks will open on-chain Nostro accounts with JPMorgan’s branch in Gift City.
- Nostro Account –A nostro account, derived from the Latin word for “ours,” is an account held by a bank in a foreign currency at another bank. These accounts are commonly utilized to facilitate foreign exchange and trade transactions.
- A vostro account is an account held by a foreign bank in the local currency at another bank. Vostro accounts, derived from the Latin word for “yours”.
ii.The pilot project would use JPMorgan’s Onyx blockchain platform after receiving the final approval from the International Financial Services Center Authority.
iii.Onyx blockchain platform, a permissioned version of Ethereum that is designed to handle wholesale payment transactions was originally launched in 2020.
- The platform is already being used by Goldman Sachs, DBS Bank and BNP Paribas.
- As of April 27, JPMorgan has processed almost USD700 billion in transactions in short-term loans using its Onyx platform.
i.The collaboration aligns with the Indian government’s vision to elevate GIFT City, the Gujarat International Finance Tec-City, to a competitive position among global financial centres such as Singapore, Hong Kong, the Abu Dhabi Global Market (ADGM), and the International Financial Centre (IFC) in Dubai.
ii.The implementation of blockchain technology is to expedite USD transactions between financial institutions.
iii.Dollar payments in India are currently made through the Swift messaging system via Nostro accounts held at US-based banks.
iv.The current settlement system service is only available during US office hours not available on Saturdays, Sundays, or public holidays whereas the blockchain platform will allow the banks to process instant transactions 24 hours a day, seven days a week.
SIDBI signs pact with HDFC Bank to offer Financial Solutions to MSMEs The Small Industries Development Bank of India (SIDBI) has signed a Memorandum of Understanding (MoU) with HDFC Bank Limited under which both entities will work together to provide complete financial product and services to the customers under MSMEs (Micro, Small & Medium Enterprises) in a seamless manner.
i. The signing of the MoU involved V. SatyaVenkata Rao, Deputy Managing Director of SIDBI, and Akhilesh Kumar Roy, Executive Vice President of HDFC Bank Limited.
ii.This arrangement will enable MSMEs to avail financial products and services of both the banks, and bring more MSMEs in financial ecosystems.
About Small Industries Development Bank of India (SIDBI):
Chairman & Managing Director– Sivasubramanian Ramann
Headquarters– Lucknow, Uttar Pradesh (UP)
Bajaj Finserv Launches its MF Business, Bajaj Finserv Mutual Fund
On June 6, 2023, Bajaj Finserv Limited (BFS) launched its new mutual fund(MF) business under Bajaj Finserv Mutual Fund.
- This will be India’s 43rd Asset Management Company (AMC) and 6th company to enter the MF industry post-2021.
- This MF will be headquartered in Pune, Maharashtra.
i.In March 2023, BFS received the final registration from the Securities and Exchange Board of India (SEBI) to commence its mutual fund operations under Bajaj Finserv Mutual Fund, with Bajaj Finserv Asset Management Limited (BFAML), a wholly owned subsidiary of BFS, as the Investment Manager.
ii.Ganesh Mohan will be the chief executive officer (CEO) of the MF while Nimesh Chandan will be the chief investment officer (CIO) of the MF. Sorbh Gupta Gupta and Siddharth Chaudhary will be the fund managers.
i.This AMC had filed its first seven schemes with SEBI i.e. the liquid fund, money market fund, overnight fund, arbitrage fund, large and mid-cap fund, balanced advantage fund, and flexi cap fund.
- It will start rolling out these products within the next 30 days, starting with Fixed Income products.
ii.The comprehensive set of products across fixed-income, hybrid and equity categories will meet the needs of diverse investor profiles ranging from retail and HNIs (High Net Worth Individuals) to institutions.
iii.It will deploy technology at scale to empower teams, create platforms for distributors, simplify investments, and build long-term sustainable value for customers.
i.BFAML aims to combine all sources of alpha, such as Information edge, Quantitative edge and Behavioural edge into a framework, called as ‘INQUBE’.
ii.India’s MF industry size is Rs 40.8 lakh crore.
About Bajaj Finserv Limited (BFS):
Chairman & Managing Director (CMD)– Sanjiv Bajaj
Headquarters– Pune, Maharashtra
HDFC Bank Introduces Millennia Credit CardOn June 7, 2023, HDFC Bank introduced a new credit card named ‘Millennia Credit card’ which offers cashback over e-commerce platforms and multiple benefits.
i.Millennia credit card is applicable to both self-employed and salaried Indian nationals.
ii.Age: The minimum age limit is 21 and maximum age is 40.
iii.Income: For Salaried persons the Gross Monthly Income has to be more than Rs 35,000 and for Self Employed the income has to be Rs 6.0 Lakhs per annum
Benefits of the Millennia Credit card:
i.The card comes with contactless technology allowing customers to ‘tap and pay’ via POS machine.
- The HDFC Millennia Credit card offers cashback and reward points on Amazon, Flipkart, and other e-commerce platforms.
- In addition, the card also offers 1% cashback on offline purchases, smart EMI, and lounge access for free, among others.
- In every billing, a maximum reward of Rs 1000 would be offered.
iii.Millennia Credit Card would offer interest free period of up to 50 days from the date of purchase of the card.
About HDFC Bank Ltd
MD&CEO – Sashidhar Jagdishan
Headquarters -Mumbai, Maharashtra
Establishment – August, 1994
Tagline – HDFC Bank Parivartan. A Step Towards Progress.
ECONOMY & BUSINESS
World Bank trims India’s Growth Forecast to 6.3% for 2023i.On June 6, 2023, the World Bank (WB) in its Global Economic Prospects Report-June 2023 has lowered India’s growth outlook to 6.3% for 2023, a 0.3 percentage point downward revision from 6.6% in January 2023.
ii.However, India will remain the fastest-growing economy (in terms of both aggregate and per capita GDP) of the largest EMDEs (Emerging Market and Developing Economies).
iii.For 2024, WB expects GDP growth rate at 6.4%. While for 2025 forecast, the growth rate is expected at 6.5%.
iv.Global growth is projected to decelerate from 3.1% in 2022 to 2.1% in 2023. It will be 2.4% in 2024 and 3% in 2025.
About World Bank (WB):
President (WB Group)– Ajay Banga
Establishment – 1944
Headquarters – Washington D.C, United States (US)
Member Nations – 189
>> Read Full News
Microsoft India & AirJaldi signs MoU to offer internet access to underserved in 12 states
Microsoft India and AirJaldi Network signed a 3-year Memorandum of Understanding (MoU) to provide internet access for underserved communities in 12 states.
Titled ‘Contentful Connectivity‘, the program aims to expand access to high-speed internet and meaningful connectivity in rural regions of India by partnering with private, public, and non-profit sectors.
Note: AirJaldi is the brand name used by Rural Broadband Private Limited, a Class A Internet Service Provider in India.
- Under this program, AirJaldi Networks will expand into 3 new states namely, Telangana, Chhattisgarh, and Odisha.
- AirJaldi Networks will be strengthened in 9 states by extending the wireless and wired infrastructure and supporting the extension of reach and connectivity provision for underserved users.
APPOINTMENTS & RESIGNATIONS
Prathapa Reddy took charge as Chairman of APGVB; succeeds K. Praveen Kumar
On 4th June 2023 K Prathapa Reddy, Deputy General Manager of State Bank of India (SBI), took charge as the Chairman of Warangal(Telangana)-headquartered Andhra Pradesh Grameena Vikas Bank (APGVB), Regional Rural Bank sponsored by SBI, Operating in Telangana and Andhra Pradesh.
- He will serve as the chairman of APGVB for 5 years.
- He took charge from K. Praveen Kumar, the outgoing chairman of APGVB.
K Prathapa Reddy worked with SBI for over 2 decades and served at various positions, including that of the regional manager of Nizamabad and Himayat Nagar regions.
- As the Deputy General Manager, he led the Real Estate Housing Business Unit (REHBU) at SBI Bhopal circle.
ACQUISITIONS & MERGERS
Competition Commission of India approves deal involving Manipal GroupOn 6th June 2023, the Competition Commission of India (CCI), a fair-trade regulator, cleared the proposed deal involving Manipal Health Enterprises Pvt Limited (MHEPL) and Manipal Education and Medical Group India Pvt Limited (MEMG India).
- The deals beyond a certain threshold require approval from the regulator CCI, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.
- The proposed combination entails the: (a) acquisition of equity shares capital of the Manipal Health Enterprises Private Limited (MHEPL/ Target) by Kangto Investments Pte. Ltd.(Kangto), Kabru Investments Pte. Ltd. (Kabru), Manipal Research & Management Services International (MRMSI), Manipal Global Health Services (MGHS), MEMG International India Private Limited (MEMGIIPL) and TPG SG Magazine Pte. Ltd. (TPG SG); and
(b) acquisition of optionally convertible debentures of MEMG India by MEMGIIPL from National Investment and Infrastructure Fund – II (Proposed Combination).
- MHEPL operates a chain of multi-speciality hospitals under the brand name ‘Manipal Hospitals.
- MEMG India is a wholly-owned subsidiary of RSP Trust India and belongs to the Pai family group.
CCI approved minority Stake Acquisition in Lenskart Solutions
CCI has approved the minority stake acquisition in Lenskart Solutions by Dove Investments, Defati Investments Holding BV and Infinity Partners under the green channel route.
- The proposed combination relates to Dove Investments, Defati Investments Holding BV and Infinity Partners’ minority acquisition of certain equity shareholding of Lenskart.
- Under the green channel route, wherein a transaction, which does not raise any risk of an appreciable adverse effect on competition, is deemed to be approved on being intimated to the antitrust/fair-trade regulator.
- Lenskart Solutions Pvt Ltd (LSPL) is engaged in the business of manufacturing, sale and wholesale trading of eyewear products.
- Dove Investments, Defati Investments Holding BV and Infinity Partners are private equity investors.
Mahindra & Mahindra Ltd:
CCI has also cleared the acquisition of securities of a newly incorporated entity of Mahindra & Mahindra Ltd by the World Bank Group arm International Finance Corporation (IFC).
IFC would invest in Mahindra & Mahindra Ltd by subscribing to certain compulsorily convertible preference shares (CCPS) of the new unit of Mahindra & Mahindra, which is being incorporated to improve the last-mile electric mobility business.
SCIENCE & TECHNOLOGY
Indian Navy partners with QNu Labs to Procure Quantum Encryption SystemsQuNu Labs Private Limited (QNu Labs), a leading quantum technology startup company, partners with the Indian Navy for the procurement and deployment of Quantum Key Distribution (QKD) based systems.
- With this collaboration, Indian Navy becomes India’s 1st agency to procure large-scale Quantum-based encryption systems.
- The procurement order for the QKD systems was signed by the Indian Navy in May 2023.
- Indian Navy will procure and deploy QKD systems in a Hub & Spoke configuration across multiple locations, with QNu Labs as the partner of choice for delivering and integrating these state-of-the-art systems.
- The procurement of QKD-based Hub & Spoke systems is a strategic move that underscores the Indian Navy’s determination to stay at the forefront of emerging security technologies.
i. The collaboration aims to increase the security of sensitive communication networks within the Indian Navy and strengthen their defence against emerging cyber threats.
ii. It also aims to strengthen the security of the communication networks, which are critical for mission-critical operations and the exchange of sensitive information.
i. Quantum encryption offers exceptional security by harnessing the principles of quantum mechanics to protect sensitive information.
ii. Unlike traditional encryption methods, which rely on mathematical algorithms, quantum encryption leverages the unique properties of quantum principles to ensure the integrity and confidentiality of data.
Quantum Encryption has a wide range of suggestions for various sectors including finance, healthcare, and telecommunications in addition to its usage in defence.
About QNu Labs:
Founded in– 2016
Co-Founder & CEO– Sunil Gupta
Headquarters– Bengaluru, Karnataka
GalaxEye Space to launch world’s 1st Multi-Sensor Earth Observation Satellite ‘Drishti’Galaxeye Space Solutions Pvt Ltd(Galaxeye Space), a space-tech startup incubated by the Indian Institute of Technology (IIT) Madras, (Chennai, Tamil Nadu), is developing the world’s first multi-sensor earth observation satellite namely ‘Drishti‘ incorporating a visible spectrum camera that allows synchronized imaging, capable of capturing multiple images simultaneously.
- The startup is going to launch “Drishti mission”, its first satellite, in 2024.
- It will be India’s first and the world’s highest-resolution multi-sensor imaging satellite.
i.GalaxEye is focused on deploying a satellite constellation featuring a unique sensor based on data fusion to provide the most comprehensive dataset of imagery from space.
ii.This data fusion technology will deliver unprecedented insights and data from space, enabling satellite constellations to conduct all-weather imaging without being hindered by atmospheric interference commonly experienced by single-sensor satellites today.
iii.The technology will allow the production of extremely high-resolution images through a compact satellite constellation, and will provide global coverage in less than 12 hours.
About Galaxeye Space Solutions Pvt Ltd:
Galaxeye was founded by a team of 5 students/alumni of IIT- Madras who were qualified as the only Asian Finalists at the SpaceX Hyperloop Pod Competition 2019.
Chief Executive Officer (CEO)– Suyash Singh
Incorporated in 2021
Headquarters– Bengaluru, Karnataka
Israel Conducts the First Test of an Autonomous Flying Taxi to ease Traffic CongestionIsrael, has carried out its initial tests flights of an Autonomous aircraft that can carry passengers and heavy cargo, an Air taxi, in a bid to ease traffic congestion on the roads.
- The revolutionary aircraft which is part of the government-led pilot project, also known as the Israel National Drone Initiative (INDI) is expected to serve as future public transportation.
- This is the first initiative of its kind in the world for an extensive and multidisciplinary examination of new technologies, including the transportation of cargo and later, people.
i. The project launched under INDI aims to create a national drone network and prepare the sky for drone deliveries, across Israel, with regulators and private companies working together.
ii. It is also to build an ecosystem whereby drones will not only help with traffic congestion, but provide commercial and public services more efficiently and give Israeli companies a global competitive advantage.
i. This project is a joint collaboration between the Transportation Ministry, the Israel Innovation Authority, Ayalon Highways Ltd (Israel), and the Civil Aviation Authority of Israel (CAAI).
ii. The collaborative project examines all the aspects, including regulation and legislative changes, involved in the commercial operation of drones, as an additional tool to deal with congestion.
i. The air taxis launched were part of the second phase of the INDI project, which began in January 2023 and so far 11 drone operating and delivery companies were involved in the experimental tests.
- The first phase of the initiative focused on small cargo flights, which lasted until 2022.
ii. For the first time ever, an autonomous Electric Vertical Takeoff and Landing (eVTOL) aircraft with long-distance capabilities were all tested within a managed urban airspace carrying heavy cargo loads, which in the future could transport people.
Note: Notable results were achieved by Cando Drones, Israeli Air, and Downwind.
Prime Minister– Benjamin Netanyahu
President– Isaac Herzog
Capital – Jerusalem
Currency– New Israel Shekel (NIS)
Gracixalus patkaiensis: New Species of Green Tree Frog Discovered from NTR, Arunachal PradeshA team of Indian and German scientists discovered a new species of green tree frog named Gracixalus patkaiensis from the Namdapha Tiger Reserve (NTR) in Changlang district, Arunachal Pradesh.
- The suggested common name of the new species is “Patkai green tree frog”.
- The frog is named after Patkai hills range, where the type locality of the new species lies within NTR.
- The discovery of the species is the first of its kind in India and the 6th new frog species discovered from the NTR, one of the largest protected areas of Northeast India.
The findings of the new species have been published in the recent edition (26th May 2023) of the German scientific journal Vertebrate Zoology
Genus and Species:
i. The new species of rhacophorid frog belongs to the genus Gracixalus (Anura, Rhacophoridae).
ii. The genus Gracixalus is a subspecies of small- to medium-sized frogs, and there are 19 species of this genus across Vietnam, Laos, Thailand, southern China and Myanmar.
The team includes researchers from:
Dehradun (Uttarakhand)-based Wildlife Institute of India; Dresden (Germany)-based Senckenberg Natural History Collections, and the Namdapha Tiger Reserve (NTR).
About the discovery:
i. The team first heard the frog’s mating call (a sound made by a bird or animal in order to attract a sexual partner) while on a herpetological exploration of the NTR on 14th May 2022.
ii. The new species has been described based on morphological and molecular study, along with calling patterns.
Note: Herpetology is the branch of zoology concerned with the study of amphibians and reptiles.
i. patkaiensis is morphologically distinct from other congeners by a suite of morphological characters such as snout-vent length 23.6 – 26.5 mm (millimetres) in adult males.
ii. It has a long head, small nostrils, a green back with irregular brown spots, slender physique, a dark streak across the head and white marks on its side.
iii. It also has spikes sticking out of its head and back and appears to be closely related to the Gracixalus gracilipes found in China, Thailand and Vietnam.
iv. Genetically, the new taxon is found to differ from all the recognized Gracixalus species by 4–14.8% divergence in the 16S (Mitochondrially encoded 16S Ribonucleic acid (RNA)) mitochondrial gene.
Note: The discovery of this new species can help in trans-boundary conservation initiatives and future recognition of the area as a United Nations Educational, Scientific and Cultural Organization (UNESCO) World Heritage site.
World Food Safety Day 2023 – June 7 The United Nations(UN)’s World Food Safety Day(WFSD) is annually observed across the globe on 7th June to create awareness about the importance of maintaining food standards and to promote actions to prevent foodborne diseases at all levels.
- 7th June 2023 marks the observance of the 5th World Food Safety Day
- The theme of WFSD 2023 is “Food standards save lives” and the slogan of WFSD 2023 is “Food safety is everyone’s business”
i.On 20th December 2018, United Nations General Assembly(UNGA) adopted the resolution A/RES/73/250 and proclaimed the 7th June of every year as World Food Safety Day.
The first-ever World Food Safety Day was observed on 7th June 2019.
Union Minister Mansukh Mandaviya released 5th State Food Safety Index of FSSAI
On the occasion of the World Food Safety Day 2023 (7th June 2023), Union Minister Dr Mansukh Mandaviya, Ministry of Health and Family Welfare(MoH&FA), released the 5th edition of State Food Safety Index(SFSI), an annual assessment released by Food Safety and Standards Authority of India (FSSAI).
>> Read Full News
UP Govt launched “Nand Baba Milk Mission” Scheme & Family ID Portal under ‘One Family One Identity’ SchemeOn 6th June 2023, the Government of Uttar Pradesh (UP), launched the Nand Baba Milk Mission scheme, to provide milk producers the facility of selling their milk at a reasonable price in villages through dairy co-operative societies.
- The scheme has been allocated a budget of Rs 1,000 crore.
- The scheme aims to make Uttar Pradesh a leading state in the field of milk development and milk production.
On 6th June 2023, the UP Government launched the Family ID Portal for the creation of a unique Family ID (Identity) under the ‘One Family One Identity’ scheme.
- This aims to establish a live, comprehensive database of family units of UP and to connect at least one member of each family with employment.
About Uttar Pradesh:
Chief Minister– Yogi Adityanath
Governor– Anandiben Patel
Stadium: Eklavya Sports Stadium (Outdoor) and Late Mohan Choubey Pahalvan Sports Stadium (Outdoor)
>> Read Full News
Union Government sanctioned Rs 12,911 crore for the Polavaram project in Andhra PradeshThe Union government sanctioned Rs 12,911 crore to Andhra Pradesh (AP) for completing the first phase of the Polavaram Project, which also includes an additional Rs 2,000 crore for the construction of the diaphragm wall, which was washed away due to the Godavari floods.
- The Polavaram Irrigation Project is on the river Godavari near Ramayyapeta village of Polavaram Mandal in Eluru district, where Godavari emerges out of the last range of the Eastern Ghats and enters the plains in West Godavari District of Andhra Pradesh.
About Polavaram Project:
i.The major part of this project is the construction of Earth cum Rock fill dam (2454 metre) with three gaps.
ii. This multi-purpose major irrigation project will irrigate agricultural lands up to 4,36,825 hectares.
iii.This project also includes a hydroelectric power plant with generation capacity of 960 MW power (12 x 80 MW).
iv.It will supply drinking water to a population of 20.50 lakh population in 611 villages.
River linking part:
This project interlinks Godavari and Krishna rivers by diverting 80 TMC of water to the Krishna river basin.
The Water Resources Department of AP is the Executing Agency for Polavaram Irrigation Project (PIP) on behalf of Govt. of India for the timely execution of the project.
Recently, the Union government sanctioned a revenue deficit grant of Rs 10,461 crore to AP and Rs 55,000 crore has been sanctioned to AP under the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) in the last nine years.
About Andhra Pradesh:
Chief Minister- Y.S. Jagan Mohan Reddy
Governor- S. Abdul Nazeer
Wildlife Sanctuaries- Nagarjuna Sagar-Srisailam Wildlife Sanctuary, Gundla Brahmeswaram Wildlife Sanctuary
NHPC & Torrent Power signed MoU with Maharashtra for pumped hydro projects
NHPC Limited (erstwhile National Hydroelectric Power Corporation) and Torrent Power Limited signed a Memoranda of Understanding(MoUs) with the Government of Maharashtra for the development of pumped hydro storage projects.
MoU between NHPC & Maharashtra:
NHPC Limited signed MoU with the Department of Energy, Govt of Maharashtra for the development of 4 pumped Storage Projects aggregating to 7350 MW(megawatt), namely Kalu – 1150 MW, Savitri – 2250 MW, Jalond – 2400 MW and Kengadi -1550 MW and other Renewable Energy Source Projects in Maharashtra.
- These projects will attract an investment of about Rs 44,000 crore.
- These will generate indirect and direct employment for 7,000 people in Maharashtra.
Signatories: The MoU was signed by Biswajit Basu, Director(Projects) NHPC and Abha Shukla, Principal Secretary (Energy), Department of Energy, Maharashtra in the Presence of Deputy Cheif Minister (Dy CM) Devendra Fadnavis.
MoU between Torrent Power and Maharashtra:
Torrent Power signed an MoU with Maharashtra for 3 pumped storage hydro schemes of 5,700 MW capacity in Maharashtra at an investment of Rs 27000 crore.
- The projects will be executed over a period of 5 years.
- These projects will be implemented in Karjat 3000 MW in Raigarh District, Maval – 1200 MW and Junnar – 1500 MW in Pune District of Maharashtra.
Bihar & AAI signs MOUs to construct new Civil Enclaves at Darbhanga & Purnea Airport
On June 5 2023, The Government of Bihar signed two Memoranda of Understanding (MOUs) with the Airports Authority of India (AAI) for the construction of Civil Enclaves at Darbhanga Airport and Purnea Airport in Bihar.
- The MOUs were signed by Kundan Kumar, Resident Commissioner, Govt. of Bihar and Charul Shukla, Executive Director (Planning), AAI in the presence of other senior officers from AAI and GoB.
- Under this MoU, the Bihar government will provide undisputed land free of cost to AAI for both airports.
- The construction will take place on 76.65 acres of land for the New Civil Enclave and the installation of CAT-II approach lights in Darbhanga and 52.18 acres of land for the Civil Enclave in Purnea.
- The construction of the new Civil Enclaves will bolster the infrastructure and also pave the way for the commencement of air services at Purnea Airport.
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Current Affairs Today (AffairsCloud Today)
|S.no||Current Affairs 8 June 2023|
|1||PM Narendra Modi Launched 2 Schemes Amrit Dharohar and MISHTI Yojana to revive wetlands and mangroves|
|2||Tracking SDG7: 2.3 people use polluting fuel & 675 million have no electricity|
|3||Sixth edition of India-Maldives Exercise ‘Ekatha’ begin in Maldives|
|4||JPMorgan Partners with 6 Indian banks to trial blockchain-based U.S. dollar settlement|
|5||SIDBI signs pact with HDFC Bank to offer Financial Solutions to MSMEs|
|6||Bajaj Finserv Launches its MF Business, Bajaj Finserv Mutual Fund|
|7||HDFC Bank Introduces Millennia Credit Card|
|8||World Bank trims India’s Growth Forecast to 6.3% for 2023|
|9||Microsoft India & AirJaldi signs MoU to offer internet access to underserved in 12 states|
|10||Prathapa Reddy took charge as Chairman of APGVB; succeeds K. Praveen Kumar|
|11||Competition Commission of India approves deal involving Manipal Group|
|12||Indian Navy partners with QNu Labs to Procure Quantum Encryption Systems|
|13||GalaxEye Space to launch world’s 1st Multi-Sensor Earth Observation Satellite ‘Drishti’|
|14||Israel Conducts the First Test of an Autonomous Flying Taxi to ease Traffic Congestion|
|15||Gracixalus patkaiensis: New Species of Green Tree Frog Discovered from NTR, Arunachal Pradesh|
|16||World Food Safety Day 2023 – June 7|
|17||UP Govt launched “Nand Baba Milk Mission” Scheme & Family ID Portal under ‘One Family One Identity’ Scheme|
|18||The central Government sanctioned Rs 12,911 crore for the Polavaram project in Andhra Pradesh.|
|19||NHPC & Torrent Power signed MoU with Maharashtra for pumped hydro projects|
|20||Bihar & AAI signs MOUs to construct new Civil Enclaves at Darbhanga & Purnea Airport|