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By admin: June 1, 2023

Sakhalin-1 Project

Tags: International News

ONGC Videsh, a subsidiary of Oil and Natural Gas Corporation, recently said that oil production from the Sakhalin-1 project in Russia is back from zero to a high of around 200,000 barrels per day (bpd).

An overview of the news

• ONGC expressed confidence that it would be able to retain its 20 per cent stake in the Sakhalin-1 project.

• ONGC last year applied to the new Russian operator of Sakhalin-1 to retain its stake in the oil and gas project in the country's Far East.

• ONGC Videsh also has a 26% stake in Russia's Vankorneft, a company that owns Vankor Field and the North Vankor licence.

• ONGC, which has set a net zero target by 2038, is expecting gas production from its Mozambique project to begin by 2026-27.

About Sakhalin-1 project 

• The Sakhalin-1 project is an oil and gas exploration and production project located on the northeastern coast of Sakhalin Island in Russia. 

• It is one of the largest foreign direct investments in Russia's energy sector.

• The Sakhalin-1 project is estimated to have significant oil and gas reserves. 

• Consortium: The project is operated by Exxon Neftegas Limited, a subsidiary of ExxonMobil, in cooperation with other international partners, including Rosneft, ONGC Videsh Limited, and SODECO (a consortium of Japanese companies).

• Technological Challenges: The project faced numerous technological challenges due to its location in a remote and harsh environment. 

• The offshore fields are located in the subarctic region, where ice and extreme weather conditions pose significant operational difficulties.

• Socio Economic Impact: The Sakhalin-1 project has had a significant socioeconomic impact on the region and Russia as a whole. 

• It has contributed to job creation, infrastructure development, and technology transfer, stimulating economic growth in the area.

• Future Expansion: Additional exploration activities are being conducted to identify new reserves and expand production capacity.

• Collaboration and Partnerships: The Sakhalin-1 project serves as an example of successful international collaboration in the energy sector. 

• It has brought together major international oil companies and Russian partners to leverage their expertise, resources, and technology.

About ONGC Videsh 

• ONGC Videsh Limited is a Miniratna Schedule "A" Central Public Sector Enterprise (CPSE) of the Government of India under the administrative control of the Ministry of Petroleum and Natural Gas.

• It is a wholly owned subsidiary and overseas arm of Oil and Natural Gas Corporation Limited (ONGC).

• ONGC Videsh Limited's primary business is to explore possibilities for oil and gas production outside India, including exploration, development and production of oil and gas.

Govt appoints Ashwani Kumar as UCO Bank MD & CEO

Tags: Economy/Finance Person in news

The Appointments Committee of the Cabinet (ACC) has approved the appointment of Ashwani Kumar, Executive Director, Indian Bank, as the Managing Director and CEO of UCO Bank.

An overview of the news

• Ashwini Kumar will replace Soma Shankar Prasad, who retired on May 31.

• The Center had appointed Prasad as the MD and CEO of UCO Bank in December 2021.

• Ashwani Kumar will head the public sector bank for a period ofthree years from June 1.

• According to an order issued by the Department of Personnel and Training, Kumar will also be eligible for extension of office for two years or until further orders, whichever is earlier, after review of his performance.

• Kumar, a Chartered Accountant, has served in various offices of five public sector banks - Bank of Baroda, Corporation Bank, Oriental Bank of Commerce, Punjab National Bank and Indian Bank.

• His work experience includes working as the Head of the Wholesale Banking Division and several branches (including industrial finance branches).

About UCO Bank 

• UCO Bank is a leading public sector bank in India with a rich history dating back to 1943.

• It was established as the United Commercial Bank and later renamed UCO Bank in 1985.

• UCO Bank is a government-owned bank and operates under the administrative control of the Ministry of Finance, Government of India. 

• It is regulated by the Reserve Bank of India (RBI) and complies with banking regulations and guidelines.

•  UCO Bank has a widespread branch network across India, serving customers in both urban and rural areas. 

FCI becomes leading recruiter in recent years

Tags: National National News

The Food Corporation of India (FCI), a prominent Public Sector Undertaking under the Ministry of Consumer Affairs, Food and Public Distribution, has emerged as one of the leading recruiters in recent years.

An overview of the news

• FCI plays a crucial role in ensuring the food security of the nation and recruits a significant number of young individuals annually.

• FCI follows a transparent and genuine recruitment process, conducting examinations solely through online mode.

• The vacancies are widely advertised in Employment News, as well as leading national and local newspapers.

• The selection is based on open competition and merit, strictly adhering to the rules and regulations of the Corporation and the Government of India.

Recruitment of FCI

• The recruitment includes various categories, namely Category I, II, III, and IV. 

• In 2020, FCI successfully recruited 3,687 Category III officials, followed by 307 Category II and 87 Category I officers in 2021.

• FCI has advertised 5,159 posts for Category II & III in 2022.

• The recruitment process has witnessed the participation of around 11.70 lakhs candidates.

• Two phases of the online exams have already been completed, and the final stage of the recruitment process is expected to conclude soon.

• FCI is actively filling up existing vacancies within the organization to ensure efficient operations and address the shortage of human resources.

About Food Corporation of India (FCI)

• It is a prominent Public Sector Undertaking (PSU) under the Ministry of Consumer Affairs, Food and Public Distribution in India.

• It was established in 1965 to ensure food security and support the nation's public distribution system.

• FCI's primary mandate is to procure, store, and distribute food grains across the country. 

• It aims to maintain an adequate buffer stock of essential commodities and provide timely and affordable food grains to the vulnerable sections of society.

• FCI undertakes the procurement of food grains from farmers at Minimum Support Prices (MSPs) declared by the government. 

• It procures crops such as wheat, rice, and coarse grains directly from farmers through designated procurement centers.

Air Marshal Rajesh Kumar Anand VSM takes over as Air Officer-in-Charge Administration (AOA)

Tags: Defence Person in news

Air Marshal Rajesh Kumar Anand, Vishisht Seva Medal took over as the Air Officer-in-Charge Administration (AOA) on 1 June 2023.

An overview of the news

• An alumnus of the National Defense Academy, the Air Marshal was commissioned as Air Marshal in the administrative branch of the Indian Air Force.

• In a career spanning over 36 years, the Air Marshal has held various field and staff appointments.

• Prior to his present appointment, he was the Director General (Administration) at Air Headquarters, New Delhi.

• For his distinguished service, he was awarded the Vishisht Seva Medal by the President of India in January 2022.

Role of Air Officer-in-Charge Administration

• Air Force Officer-in-Charge Administration is responsible for overseeing the administrative functions of the Indian Air Force.

• It includes the management of human resources, logistics, infrastructure, welfare and other administrative aspects of the organization.

• The AOA plays a critical role in driving modernization efforts and improving administrative efficiency within the Indian Air Force.

P Upadhyay INAS takes over as Director General of Naval Armament

Tags: Defence Person in news

P Upadhyay, INAS has taken over as Director General of Naval Armament (DGONA) from KSC Iyer, who superannuated on 31 May 23.

An overview of the news

• P Upadhyay is an officer of the 1987 batch of Indian Naval Armament Service. 

• He joined the Naval Armament Organization of the Indian Navy on 12 July 1989. 

• An Electrical Engineering Graduate from SGSITS Indore, he earned his Post Graduate degrees from Devi Ahilya University in Electrical Engineering with specialization in 'Digital Techniques and Instrumentation' in 1988. 

• He is postgraduate in Mechanical Engineering from University of Pune with specialisation in 'Guided Missiles', in 1995. 

• In a span of 34 years, he has held various important assignments at NAD (Visakhapatnam), NAD (Karanja), NAD (Trombay), NAD (Alwaye). 

• He is an alumnus of Naval Defence College of NDC-53.

• He is also adept at missile and torpedo maintenance apart from having expertise on ammunition disposal.

Naval Armament

• The Naval Armament Directorate is responsible for the development, procurement, and maintenance of armament systems for the Indian Navy. 

• It plays a vital role in equipping the naval forces with advanced weaponry and supporting their operational readiness.

• It plays a crucial role in promoting indigenous development and self-reliance in armament systems. 

• P. Upadhyay will contribute to the Indian Navy's "Make in India" initiative by supporting indigenous research, development, and production capabilities.

South Korea offers KSS-III batch-II submarine to India

Tags: Science and Technology International News

Recently South Korea has made an exclusive offer to provide its advanced KSS-III Batch-II submarines to India.

An overview of the news

• The proposal comes at a time when Germany is about to complete India's submarine acquisition programme, Project 75I.

About KSS-III Batch-II submarine 

• The KSS-III is the largest submarine to ever be built by South Korea, is being developed in two phases, Batch-I and Batch-II.

• It is part of the Korean Attack Submarine program and represents a significant advancement in the country's naval capabilities.

• The KSS-III Batch-II submarine is an advanced version of its predecessor submarine in terms of combat management system, firepower and sonar capabilities.

• It is jointly developed by Daewoo Shipbuilding and Marine Engineering (DSME) and Hyundai Heavy Industries (HHI).

• The KSS-III submarine is a series of diesel-electric attack submarines.

Features of KSS-III batch-II submarine

• It is equipped with advanced technologies and facilities to enhance operational effectiveness.

• The submarine has a length of approximately 84 m (275 ft) and a submerged displacement of approximately 3,000 tonnes.

• The KSS-III Batch-II submarine utilizes a combination of air-independent propulsion (AIP) system and diesel-electric propulsion. 

• The submarine is capable of reaching speeds of over 20 knots (37 kilometers per hour)while submerged.

• The submarine is equipped with a range of armaments and sensors to fulfill its mission requirements. 

• It includes torpedoes for anti-submarine warfare,anti-ship missiles for surface engagement, and land-attack capabilities.

• The submarine also features advanced sensor systems, such as sonar and radar, to detect and track underwater and surface targets.

• The KSS-III Batch-II submarine has a crew capacity of around 50 personnel.

Export Potential 

• South Korea aims to promote the KSS-III Batch-II submarine for potential export to other countries. 

• The advanced features, operational capabilities, and competitive pricing make it an attractive option for nations seeking to modernize their naval forces.

India, Vietnam hold 3rd Maritime Security Dialogue

Tags: International Relations International News

India and Vietnamese officials held the third Maritime Security Dialogue in New Delhi on 31st May.

An overview of the news

• Both sides discussed ways to better maintain the marine environment which is helpful for theinclusive development of both the countries.

• Senior officials from ministries and services dealing with maritime affairs participated in the dialogue.

• The two sides also reviewed initiatives for maritime cooperation and ways to strengthen international and regional mechanisms for comprehensive maritime security.

• The second India-Vietnam Maritime Security Dialogue was to be held in virtual format in April 2021 after the first round was held in Hanoi in March 2019.

India, Vietnam Relation 

• Vietnam has become an important partner in India’s Act East policy and the Indo-Pacific vision as both countries have disputes with China.

• Vietnam is involved in a dispute with China on the South China Sea Island. China  claims nearly all of the disputed South China Sea islands, though Taiwan, the Philippines, Brunei, Malaysia and Vietnam all claim parts of it. Beijing has built artificial islands and military installations in the South China Sea.

• India favours free and open navigation right in the South China Sea which is threatened by China.

• India has oil exploration projects in the Vietnamese waters in the South China Sea. India and Vietnam are boosting their maritime security cooperation in the last few years to protect common interests.

• In 2016, during Prime Minister Modi’s visit to Vietnam, the bilateral relations were further elevated to a “comprehensive strategic partnership”.

• India and Vietnam signed an important Joint Vision Statement on defence partnership during the visit of the Defence Minister Rajnath Singh to Vietnam on 8 June 2022.

• During the defence minister's visit India provided a $500 million defence loan to Vietnam.

About Vietnam

• It lies in South East Asia and it is a member of Association of Southeast Asian Nation (ASEAN)

• Prime Minister: Pham Minh Chinh

• Capital: Hanoi

• President: Vo Van Thuong

• Currency: Dong

Bidyut Bihari Swain takes Oath of Office and Secrecy as Member, UPSC

Tags: Person in news

Bidyut Bihari Swain, IAS (GJ:1988) was administered the oath of office and secrecy as a member of UPSC by Dr. Manoj Soni, Chairman, UPSC.

An Overview of the News

• Bidyut B. Swain joined the Indian Administrative Service in 1988 in the Gujarat cadre.

• Between 1989 and 2018, he served the Government of Gujarat in various positions at the district and state levels.

• In 2018, he joined the Government of India as Additional Secretary in the Department of Commerce, overseeing Special Economic Zones and trade negotiations with CIS countries.

• He also served in positions such as Chairman of the Kimberley Protocol and Commissioner General of India for the World Expo-Dubai.

• In 2020, he was promoted to Special Secretary in the Department of Commerce, responsible for the Trade Policy Division and the CIS and OCEANIA Divisions.

• He also served as the Director General of Trade Remedies.

• From January 2021 to May 2023, he served as the Secretary in the Ministry of Micro, Small and Medium Enterprises.

About UPSC

• It is the central recruitment agency in India for Group 'A' officer posts under the Government of India.

• It is established as a constitutional body under Article 315 of the Indian Constitution.

• UPSC conducts competitive examinations for recruitment to various civil services including IAS, IPS and IFS.

• It is responsible for the selection and placement of candidates in All India Services like IAS, IPS and IFS.

• UPSC also conducts exams for recruitment to other central services like IRS, IAS, IRTS and others.

Establishment - 1 October 1926

Founder - United Kingdom Government

Headquarters - New Delhi

Parminder Chopra becomes first woman head of Power Finance Corporation

Tags: Person in news

Parminder Chopra was appointed as the next Chairman and Managing Director (CMD) of Power Finance Corporation (PFC).

An Overview of the News

• Parminder Chopra is the first woman appointed as the Chairman and Managing Director (CMD) of a Maharatna company.

• Joined PFC in 2005 and currently serves as Director (Finance) & CFO.

Power Finance Corporation (PFC):

• Incorporated in 1986, Largest infrastructure finance company for power sector.

• Ministry of Power, under the administrative control of the Department of Public Enterprises.

• Awarded 'Maharatna' status, 11th PSU to receive this recognition.

Harsh Jain - President of Internet and Mobile Association of India (IAMAI):

• Dream11 CEO Harsh Jain has been elected as the chairperson of IAMAI.

• He will replace Google India Vice President and Country Manager Sanjay Gupta.

• Rajesh Mago, Co-founder and Group CEO of MakeMyTrip, was elected as the Vice Chairman of IAMAI.

R Dinesh - President of Confederation of Indian Industry (CII):

• TVS Supply Chain Solutions EVP R. Dineshbecame the President of CII for 2023-24.

• Sanjiv Puri, MD of ITC, has been appointed as the chairman.

• Dinesh Bajaj replaced Sanjiv Bajaj, CMD of Finserv Limited.

'Mo Ghara' housing scheme launched by Odisha

Tags: Government Schemes State News

The Odisha government launched the 'Mo Ghara' (My Home) housing scheme on May 29, 2023.

An Overview of the News

• The scheme provides credit-linked financial assistance to economically and socially weaker families and the scheme is fully funded from the state budget.

• Applications for the loan will open from June 15, 2023 and the scheme covers families who were earlier excluded from the housing schemes.

• Beneficiaries can avail housing loans up to Rs.3 lakh.

• The state government waives off registration fee, stamp duty and processing fee for bank loan approval.

• The 'Mo Ghara' housing scheme is in addition to the Biju Pakka Ghar Yojana (BPGY) and Pradhan Mantri Awas Yojana-Gramin.

About Odisha

Capital - Bhubaneswar

Governor - Ganeshi Lal

Chief Minister - Naveen Patnaik

Ahmednagar to be named after Ahilyabai Holkar

Tags: State News

Maharashtra Chief Minister Eknath Shinde announced that Ahmednagar district will be named after warrior queen Ahilyabai Holkar.

An Overview of the News

• The announcement was made during a program organised at the birthplace of Ahilyabai Holkar on her 297th birth anniversary at Chondi village in Ahmednagar district.

• Ahilyabai Holkar, born in 1725, was a famous ruler of the Indore kingdom, known for her wisdom and compassion.

• Earlier, Maharashtra Chief Minister Eknath Shinde had announced on May 28 that the Bandra-Versova sea-link bridge would be named 'Veer Savarkar Setu'.

About Maharashtra

• It is a state located in the western part of India and covers a significant part of the Deccan Plateau.

• Chief Minister - Eknath Shinde

• Deputy Chief Minister -Devendra Fadnavis

• Governor - Ramesh Bais

• Official Animal -Indian giant squirrel

• Official Bird - Yellow-footed Green Pigeon

• Official Dance - Lavani

South Korea launches first commercial-grade satellite

Tags: Science and Technology International News

South Korea to launch its first commercial-grade satellite on May 25, 2023.

An Overview of the News

• The commercial-grade satellite was launched by the Naro Space Center in Gohang, South Korea, using a Launch Nuri rocket.

• The main satellite, called "Next Generation Small Satellite 2", was accompanied by seven cube-shaped satellites.

• The main satellite objectives include verifying imaging radar technology and observing cosmic radiation in near-Earth orbit.

• South Korea's Science Minister Lee confirmed the successful launch of all seven secondary satellites from the rocket.

• South Korea plans to launchthree more Nuri rockets by 2027.

• In the past year, South Korea became the 10th country to send a satellite into space using its technology, with a "performance verification satellite" launched via a Nuri rocket.

South Korea

• It is an East Asian nation located in the southern part of the Korean Peninsula.

• It shares a heavily militarised border with North Korea.

• President - Yoon Suk Yeol

• Capital -Seoul

• Prime minister -Han Duck-soo

Prannoy wins BWF World Tour title for the first time

Tags: Sports Sports News

Prannoy won his maiden BWF World Tour title on 28 May 2023 by emerging victorious at the Malaysia Masters Super 500 tournament held in Kuala Lumpur.

An Overview of the News

• After six years, Prannoy captured the championship title by defeating Weng Hong Yang of China in a thrilling men's singles final.

• Prannoy is ranked 34th in the world and had earlier won a bronze medal at the 2022 Asian Championships.

• The win ensured India's first singles title of the year.

Malaysia:

• It is a South East Asian country.

• It occupies parts of the Malay Peninsula and the island of Borneo.

• Capital - Federal Territory of Kuala Lumpur

• Prime Minister -Anwar Ibrahim

• Official language - Malay

Edinburgh University launches Hindi course

Tags: International News

The University of Edinburgh and the Indian Consulate in the UK collaborated to create the first open access course in the Hindi language.

An Overview of the News

• The course, entitled "Climate Solutions", was developed with the help of translators and in partnership with the Edinburgh Climate Change Institute and the Government of India.

• Professor Dave Ray, Executive Director of the Edinburgh Climate Change Institute, and other climate change experts collaborated to design and deliver the course.

• The Climate Solutions Course syllabus is available in Hindi, English and Arabic.

• It focuses on the causes, implications and solutions related to climate change in India.

University of Edinburgh:

• It is a public research university located in Edinburgh, Scotland.

• It was established in 1582 by the city council under a royal charter granted by King James VI.

United Kingdom:

• It is an island nation located innorthwestern Europe. It consists of four countries: England, Scotland, Wales and Northern Ireland.

• Capital - London

• Prime Minister - Rishi Sunak

• Emperor - Charles III

World Milk Day - 1 June

Tags: Important Days

World Milk Day is observed annually on 1 June and was created by the Food and Agriculture Organization (FAO) of the United Nations (UN) in 2001.

An Overview of the News

• World Milk Day aims to promote the consumption and benefits of milk around the world.

• The day aims to raise awareness and support initiatives related to the dairy industry.

• The theme for World Milk Day 2023 is "Showcasing how dairy is reducing its environmental footprint, while also providing nutritious foods and livelihoods."

• The theme highlights the dairy industry's efforts to reduce environmental impact and its contribution to nutrition and livelihoods.

• Dairy products are consumed by more than six billion people worldwide.

Food and Agriculture Organization (FAO):

Establishment - 16 October 1945

Headquarters - Rome, Italy

Director General - Qu Dongyu

Shashi Tharoor releases Vijay Darda's book Ringside

Tags: Books and Authors

On May 30, 2023 Renowned author and Congress MP Dr. Shashi Tharoor released the book "Ringside" written by Lokmat Media Group Editorial Board Chairman and former MP Dr. Vijay Darda.

An Overview of the News

• "Ringside" is a compilation of Dr Darda's weekly articles published between 2011 and 2016 in Lokmat Media Group newspapers and other leading national and regional dailies.

• The book serves as a follow-up to Dr. Darda's previous work, "Straight Thoughts" and provides readers with a wide range of topics covering a variety of topics such as science, environment, economy, security, social development, sports, arts, culture, foreign policy Provides an intellectual journey. , and national and international affairs.

• "Ringside" provides readers with insight into contemporary political, social, cultural and important events and developments.

• With a comprehensive exploration of important topics, the book aims to engage readers and provide a deeper understanding of the current political and social landscape.

Other Books by Shashi Tharoor

• The Great Indian Novel (1989)

• Show Business (1992)

• India: From Midnight to the Millennium (1997)

• Bookless in Baghdad (2005)

• The Hindu Way: An Introduction to Hinduism (2019)

• Thaurosaurus (2020)