1. Government approves conversion of Rs 16,133 crore interest dues of Vodafone Idea into equity
Tags: Economy/Finance National News
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The government has approved the conversion of debt-ridden Vodafone Idea's interest dues of over Rs 16,133 crore into equity.
An overview of the news
The government said Aditya Birla Group, one of the promoters, has committed to bring in additional funds.
With this conversion, the government is expected to become the largest shareholder in the loss-making telecom company with 33.14 per cent stake.
Vodafone Idea will issue equity shares at a face value of Rs 10 each to the government.
This relief for the company comes as part of the reform package announced by the government in September 2021.
Merger of Vodafone and Idea
Kumar Mangalam Birla's telecom company Idea Cellular agreed to merge with Vodafone in March 2017.
According to the latest data published by telecom regulator TRAI, the company has 243 million mobile subscribers, with a market share of 21.33 per cent.
It is the only telecom operator that is yet to place purchase orders for equipment for 5G services and is struggling to clear dues to its vendors.
Largest mobile subscriber companies in India
Reliance Jio is a leading wireless telecom company with more than 411 million customers across India.
Bharti Airtel (21.5 crore), Vodafone Idea (12.2 crore) are in second and third place respectively.
Vodafone Idea
It is a joint venture of Vodafone (United Kingdom) and Aditya Birla Group.
It has the third largest mobile telecommunication network in India.
Headquarters: Gandhinagar, Gujarat
Corporate Headquarters: Mumbai
Chairman: Ravinder Takkar
Chief Executive Officer: Akshay Moondra
2. PM Modi to launch key green energy initiatives at India Energy Week
Tags: Environment National News
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Key energy initiatives will be unveiled by PM Modi during India Energy Week which will be held in Bengaluru from February 6 to 8.
An overview of the news
It will witness the participation of over 600 exhibitors from across the globe, over 34 ministers and several CEOs from top energy companies.
He will dedicate the HAL helicopter factory at Tumakuru to the nation and also lay the foundation stone for various development initiatives.
China, America, Russia, Brazil and many other countries will participate in this important event.
This is the first time that India is hosting such an event with a record number of CEOs from top energy companies.
According to the International Energy Agency (IEA), India will account for 25 percent of global energy demand by 2040.
Blending of ethanol in fuel
An important initiative to be launched during the India Energy Week will be to increase blending of ethanol in the fuel.
PM Modi is expected to launch the E20 initiative at the upcoming event.
Under the E20 programme, India aims to increase the percentage of blending of ethanol in fuel to 20 per cent by 2025, as against the earlier target of 2030.
In the initial phase, the program will cover 13 states and 100 petrol pumps.
India has saved Rs 40 lakh crore on fuel by blending 10% ethanol and farmers have got economic benefits for producing ethanol.
This initiative has environmental and economic benefits.
Ethanol blending will play an important role in reducing fuel imports and help the country move towards clean energy.
India Energy Week 2023
It is expected to feature more than 30 energy Ministers, 50 CEOs and 10000+ delegates.
This will provide a unique opportunity to showcase India as an engine of global economic growth and a driver of global consumption.
It will provide an unprecedented opportunity for regional, international leaders and CEOs to come together for strategic policy making and technical knowledge sharing.
During the 19 strategic conference sessions, a wide spectrum of issues covering the entire energy sector will be discussed.
It covers themes such as Energy Security, pathways for decarbonization, Resilient Energy Supply Chains, Emerging Fuels such as Biofuel and Hydrogen, Investments in Upstream and Midstream Sector etc.
3. Dr. Mansukh Mandaviya chairs CEO Conclave at PLASTINDIA 2023
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Dr. Mansukh Mandaviya chaired the CEO Conclave at PlastIndia 2023 in New Delhi.
An overview of the news
The conference was attended by more than 90 CEOs from the plastics industry both from India and abroad.
Exhibitors from more than 45 countries of the world as well as more than 2,00,000 trade visitors from around the world participated in it.
This conclave is a step where all the stakeholders are encouraged to understand the nature of India and invest in India's growth story.
The conclave will create opportunities to showcase India's capabilities and help facilitate the growth of the Indian plastics industry.
About PLASTINDIA 2023
It refers to a series of exhibitions under the PlastIndia Foundation, the 11th International Plastics Exhibition and Conclave being organized from February 1 to 5, 2023 at ITPO Pragati Maidan, New Delhi.
The exhibition will provide employment generation opportunities, facilitate the growth of the Indian plastics industry and make India a hub for sourcing plastics for global needs.
It will promote India as a global source of processed plastics, raw materials, machinery and products for use in all aspects of human existence.
4. IIT Madras to get Rs 242 cr grant for research on Lab Grown Diamonds
Tags: Economy/Finance National News
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The Indian Institute of Technology Madras will be provided a grant of Rs 242 crore over a period of five years to carry out research on Lab Grown Diamonds (LGD).
An overview of the news
It will encourage indigenous production of LGD seeds, machines and reduce import dependence.
The research will focus on indigenization of the LGD manufacturing process.
Presenting the Union Budget 2023-24, Finance Minister Nirmala Sitharaman said that "Laboratory grown diamonds (LGD) is a technology and innovation-driven emerging sector with high employment potential.
The government has proposed to cut duty on import of 'seeds', used as raw material for lab-grown diamonds.
About Lab-Grown Diamonds
Lab-grown diamonds are diamonds that are produced using specific technology that mimics the geological processes that grow natural diamonds.
These eco-friendly diamonds have optically and chemically similar properties to natural diamonds.
LGDs are chemically, physically and optically similar to natural diamonds and thus it is difficult to identify "lab-grown" diamonds.
Significance of LGDs
LGD is often used for industrial purposes, in machines and equipment.
Their hardness and added strength make them ideal for use as cutters.
Additionally, pure synthetic diamond has high thermal conductivity, but negligible electrical conductivity.
As the Earth's natural diamond reserves dwindle, LGDs are slowly replacing the precious stones in the jewellery industry.
Like natural diamonds, LGDs go through the same processes of polishing and cutting that are required to provide diamonds their distinctive lustre.
5. First G20 Employment Working Group meeting commence at Jodhpur in Rajasthan
Tags: Summits National News
On 2 February the first G20 Employment Working Group meeting began in Jodhpur, Rajasthan.
An overview of the news
The meeting will be held from February 2 to 4 where guest nations including Spain, the Netherlands and Singapore will take part.
The Employment Working Group under the Indian Chairmanship of the G20 has a mandate to address priority labour, employment and social issues for strong, sustainable, balanced and sustainable employment for all.
The significance of this meeting lies in the fact that the G20 countries represent 85% of world GDP, 3/4 of global trade and almost two-thirds of the world population.
International organisations like ILO, OECD and ISA, Indian institutions like NITI Aayog and MSDE (Ministry of Skill Development and Entrepreneurship), and EPFO (Employees' Provident Fund Organisation) will also share their views on various topics.
G20 member states have also been invited to share their interventions on key areas.
India is hosting over 73 delegates from 19 countries, the European Union and 9 guest countries and 9 regional and international organisations.
Thematic areas of the deliberations
Addressing global skill gaps
Gig and platform economy and social protection
Sustainable financing of social security
A panel discussion has also been organised to discuss the Framework for Global Skills and Competency Harmonisation, Common Skills Classification.
6. Government e-Marketplace achieves a Gross Merchandise Value of Rs 1.5 Lakh Crores
Tags: Economy/Finance National News
As of 1 February 2023, the Government e-Marketplace (GeM) has achieved Rs 1.5 lakh crore of Gross Merchandise Value (GMV) in FY23 alone.
An overview of the news
GeM is well positioned to cross its annual target of Rs 1.75 lakh crore.
GeM has crossed a gross business value of Rs 3 lakh crore since inception with the support of its stakeholders.
The total number of transactions on GeM has crossed 1.3 crore.
GeM has over 66,000 government buyer organisations and over 58 lakh sellers and service providers.
GeM portal features over 11,000 product categories with more than 29 lakh listed products.
About Government-e-Marketplace (GeM) platform
Launch - 9 August 2016
Purpose - to bring transparency and efficiency in the government buying process
Nodal Ministry - Ministry of Commerce and Industry
GeM works on inclusion, transparency and efficiency.
Who registered on GeM - Artisans, weavers, SHGs, startups, women entrepreneurs & MSMEs are registered on GeM
The portal is open for - all government buyers, Central and State Ministries, departments, public sector enterprises, autonomous institutions, local bodies, etc
Private buyers cannot buy on the platform but private people can sell products to government bodies by the portal.
7. MoU signed to develop waste-to-wealth plants in million plus cities
Tags: Environment National News
The Ministry of Housing and Urban Affairs (MoHUA) and Engineers India Limited (EIL) have signed an MoU for construction of waste-to-energy and bio-methanation projects in million plus cities for "Green Growth" of India.
An overview of the news
The MoU was signed in the presence of Manoj Joshi, Secretary, MOHUA and Vartika Shukla, CMD, EIL.
The ministry has decided to set up solid waste processing facilities on a large scale in million plus cities.
India has 59 million plus cities and to manage the organic/wet fraction of municipal solid waste bio-methanation plants have been proposed in these cities.
In February 2022, Prime Minister Narendra Modi inaugurated Asia's largest municipal solid waste based cow dung plant in Indore, aimed at generating 19,000 kg of bio-CNG gas.
Bio-methanation plants linked to the Swachh Bharat Mission-Urban 2.0, Gobardhan and SATAT schemes will produce bio-CNG as a renewable energy.
In the first phase, 25 million plus cities will be selected to develop large scale process plants.
Waste to Energy plants
Waste-to-energy plants use the dry waste fraction of municipal solid waste and produce renewable energy.
These plants work by burning waste at high temperatures and using the heat to produce steam.
The steam drives a turbine which produces electricity.
8. India welcomes Congo into International Solar Alliance
Tags: International News
India has welcomed Congo into the International Solar Alliance.
An overview of the news
According to the Ministry of External Affairs, the International Solar Alliance Framework Agreement was signed by Raymond Serge Bell, Ambassador of the Republic of Congo in the presence of Joint Secretary (Economic Diplomacy).
International Solar Alliance
It is a treaty-based intergovernmental organization whose primary function is to promote solar development by reducing the cost of financing and technology.
It is the nodal agency to implement 'One Sun, One World, One Grid'.
It aims to transfer the solar energy generated in a specific region to meet the electricity demand of another region.
It was launched by the Prime Minister of India and the President of France on 30 November 2015 at the Conference of the Parties (COP-21) to the UNFCCC in France (Paris) along with 121 solar resource rich nations.
Its key objectives include achieving a global potential of over 1000 GW of solar power generation capacity and mobilising about $1000 billion to invest in solar energy by 2030.
Member-113 countries have signed this Framework Agreement. 86 out of 106 countries have signed and ratified this Framework Agreement.
Headquarters - Gurugram, India
Democratic Republic of Congo
It is located in Central Africa. It is the second largest country in Africa after Algeria.
Capital : Kinshasa. It is on the bank of River Congo.
Congo is the only river in the world to cross the equator twice.
Currency : Congo franc
9. Equatorial Guinea appoints Manuela Roka Botey as first female PM
Tags: Person in news International News
Equatorial Guinea has appointed Manuela Roka Botey as prime minister on 31 January.
An overview of the news
She is the first woman in the country to reach this position.
She was appointed by President Teodoro Obiang Nguema Mbasogo who has ruled the country since 1979.
Bote, who was the deputy minister of education in the West African country, replaced Francisco Pascual Obama Asue, who held the position of prime minister for nearly eight years.
The country of about 1.5 million people has had only two presidents since independence from Spain in 1968.
Obiang overthrew his uncle, Francisco Macías Nguema, in a coup in August 1979.
Equatorial Guinea
It is located on the west coast of Africa.
Capital: Malabo
President: Teodoro Obiang Nguema Mbasogo
Currency -franc
10. MISHTI, Amrit Dharohar, PM PRANAM ecological conservation initiative in the budget
Tags: Environment National News
Finance Minister Nirmala Sitharaman's budget speech launched various schemes and policies aimed at ecological conservation.
An overview of the news
Targeting various ecological issues, these schemes come with the promise of preserving the ecological health of India.
The newly introduced schemes are MISHTI, Amrit Dharohar and PM PRANAM.
MISHTI (Mangrove Initiative for Shoreline Habitats & Tangible Incomes)
This is a new scheme which will facilitate mangrove plantation on salt lands along the sea coast of India.
The scheme will operate through “convergence between MGNREGS, Campa Fund and other sources”.
It aims at intensive afforestation of coastal mangrove forests.
There are such forests on both the east and west coasts of India, with the Sundarbans in Bengal being one of the largest mangrove forests.
Amrit Dharohar
The scheme will be implemented over the next three years to encourage optimum use of wetlands and enhance biodiversity, carbon stock, ecotourism opportunities and income generation for local communities.
It will emphasise on the importance of lakes and their conservation.
PM PRANAM (Prime Minister Programme for Restoration, Awareness, Nourishment and Amelioration of Mother Earth)
The program will endeavour to encourage States and Union Territories promoting balanced use of alternative fertilisers and chemical fertilisers.
It aims to reduce the subsidy burden of the government, which is estimated to reach Rs 2.25 lakh crore in 2022-23.
Bhartiya Prakritik Kheti Bio-Input Resource Centres
To adopt "natural farming", 10,000 bio-input processing centers will be set up.
These centers will form a nationally distributed micro fertilizer and pesticide manufacturing network.
This will affect more than 1 crore farmers in the next three years.
