1. Union Cabinet approves highest ever Fair and Remunerative Price for Sugarcane Farmers
Tags: Economy/Finance National News
The Union Cabinet on 28th June has approved a fair and remunerative price of 315 rupees per quintal for sugarcane farmers for the season 2023-24.
An overview of the news
This decision is aimed at benefiting five crore sugarcane farmers and their dependents, as well as five lakh workers employed in the sugar mills and related ancillary activities.
It is important to note that this price is the highest ever offered to sugarcane farmers, demonstrating the government's commitment to supporting the agricultural sector.
National Research Foundation (NRF) Bill, 2023
The government has decided to introduce the NRF Bill, 2023, which aims to strengthen the research ecosystem in the country.
The Union Cabinet has approved this bill, which will establish the NRF as an apex body responsible for seeding, growing, and promoting research and development.
The bill intends to foster a culture of research and innovation throughout India's universities, colleges, and research institutions.
Objectives of NRF
The NRF will provide high-level strategic direction for scientific research in India.
Over the next five years, the NRF is expected to receive a total estimated cost of 50 thousand crore rupees.
By repealing the Science and Engineering Research Board (SERB) established in 2008, the NRF will take on an expanded mandate, covering activities beyond those of SERB.
This will enable the NRF to forge collaborations among industry, academia, government departments, and research institutions.
Collaboration and Participation
The NRF will create an interface mechanism to facilitate the participation and contribution of industries, state governments, scientific ministries, and line ministries in research activities.
By encouraging collaboration between different stakeholders, such as industry, academia, and government, the NRF aims to enhance the impact of scientific research and promote innovation.
2. US decision to introduce in-country renewable of H-1B visas
Tags: International News
The Services Export Promotion Council (SEPC) has welcomed the US announcement to start in-country renewal of H-1B visas, saying it will facilitate the movement of Indian IT professionals and boost services exports.
An overview of the news
The decision will make on-site customer engagement easier for in-house IT professionals.
Quick travel to client locations abroad allows them to better understand client requirements, establish strong relationships, and provide tailored solutions.
The US is a major market for India's IT exports, and this decision will have a significant positive impact on IT services exports from India.
This will contribute to the timely completion of visa renewal projects in the country, ensuring high quality outcomes and meeting customer expectations.
It also enhances India's reputation as a reliable IT service provider, thereby creating more export opportunities.
About H-1B Visa
The H-1B visa is a non-immigrant visa that allows US companies to employ foreign workers in specialty occupations.
It is designed to allow skilled foreign workers to come to the United States and work for American companies.
This requires theoretical or technical expertise.
Other Visa Categories
L-1B - For Specialized Employees
L-1A - For Managers and Executives
E-2 - Treaty Investor Visa
E-1 - Treaty Trader Visa
E-3 - for Australians etc.
3. Center extends financial incentives to 12 states to accelerate power sector reforms
Tags: Economy/Finance National News
Centre has provided financial incentives to 12 states to accelerate power sector reforms. These states will receive over 66 thousand crore rupees incentives for reforms in the power sector.
An overview of the news
This initiative aims to support and motivate states in implementing reforms that enhance the efficiency and performance of the power sector.
The announcement regarding this initiative was made in the Union Budget 2021-22 by the Union Finance Minister.
As part of the initiative, states are granted an additional borrowing space of up to 0.5 percent of their Gross State Domestic Product (GSDP) annually for a period of four years, from 2021-22 to 2024-25.
Based on the recommendations of the Ministry of Power, the Ministry of Finance has granted permission for the reforms undertaken by 12 state governments in the years 2021-22 and 2022-23.
As a result, these states have been allowed to raise financial resources of Rs 66,413 crore through the additional borrowing permissions over the past two financial years.
Each State as an incentive to embark on the reform process is as follows:
SL No. | State | Cumulative amount (Rs in crore) |
1. | Andhra Pradesh | 9,574 |
2. | Assam | 4,359 |
3. | Himachal Pradesh | 251 |
4. | Kerala | 8,323 |
5. | Manipur | 180 |
6. | Meghalaya | 192 |
7. | Odisha | 2,725 |
8. | Rajasthan | 11,308 |
9. | Sikkim | 361 |
10. | Tamil Nadu | 7,054 |
11. | Uttar Pradesh | 6,823 |
12. | West Bengal | 15,263 |
Total | 66,413 |
4. International Conference on Green Hydrogen to be held in New Delhi
Tags: Summits National News
The Government of India is hosting the International Conference on Green Hydrogen (ICGH-2023) from 5th to 7th July 2023 at Vigyan Bhawan, New Delhi.
An overview of the news
The conference provides a platform for stakeholders in the sector to explore the evolving landscape of green hydrogen and innovative solutions.
Specific discussions on hydrogen production, storage, distribution, and applications, the conference will address topics such as green financing, upskilling of human resources, and startup initiatives in the sector.
The conference will facilitate the sharing of international best practices and provide opportunities for learning from global experiences in the field of Green Hydrogen.
Objective of the Conference
The primary objective of the conference is to examine the establishment of a Green Hydrogen ecosystem and promote a systemic approach to achieve global decarbonization goals through the utilization of Green Hydrogen.
The conference aims to bring together global experts from the scientific and industrial communities to discuss the latest advancements and emerging technologies in the field of green hydrogen.
Organiser of the Conference
It is organized by the Ministry of New and Renewable Energy in collaboration with the Ministry of Petroleum and Natural Gas, Council of Scientific and Industrial Research, and the Office of Principal Scientific Advisor to the Government of India.
National Green Hydrogen Mission
The aim of the National Green Hydrogen Mission is to enable India to meet its climate change target of net zero carbon emission by 2070 and make India a production and export hub of hydrogen fuel.
Aims of National Green Hydrogen Mission
Achieve the capacity to produce 5 million tonnes of green hydrogen per year by 2030 ,
Capacity addition of 125 GW of renewable energy by 2030.
Reduction in carbon dioxide emission of nearly 50 Million Metric Tonne per annum by 2030.
Reduction in fossil fuel imports worth Rs 1 lakh crore by 2030.
To attract investment over Rs.8 lakh crore in the sector.
Target of creation of over 6 lakh jobs in the sector by 2030.
5. Parshottam Rupala launched the ‘Report Fish Disease’ App
Tags: National National News
Union Minister for Fisheries, Animal Husbandry and Dairying Parshottam Rupala launched the 'Report Fish Disease' (RFD) app at Krishi Bhavan on 28 June to enhance the farmer-based disease reporting system and improve the reporting of aquatic animal diseases in India.
An overview of the news
The RFD app has been developed by ICAR-NBFGR (Indian Council of Agricultural Research - National Bureau of Fish Genetic Resources) under the National Surveillance Program for Aquatic Animal Diseases (NSPAAD).
NSPAAD is funded by the Department of Fisheries, Ministry of Fisheries, Animal Husbandry and Dairying, Government of India, under the Pradhan Mantri Matsya Sampada Yojana.
The primary objective of the RFD app is to assist farmers in improving their reporting methods, obtaining scientific guidance, and minimizing losses caused by diseases.
This, in turn, helps increase farmers' income and overall profitability.
Benefits of RFD App
The RFD app enables farmers to report disease incidents in finfish, shrimps, and mollusks on their farms, allowing them to connect with field-level officers and fish health experts.
This facilitates the exchange of information and provides farmers with scientific advice for effective disease management.
The app stores data related to diseases on a temporal and spatial scale, enabling the mapping of disease cases.
The implementation of the Fish Disease Reporting App has a significant impact on fish disease management.
It promotes early detection of diseases, facilitates rapid response measures, fosters collaboration among stakeholders, and facilitates knowledge sharing.
By mitigating the negative impacts of fish diseases on fish populations, the industry, and ecosystems, the app contributes to the sustainability and resilience of aquaculture systems.
6. Parshottam Rupala launched the ‘Report Fish Disease’ App
Tags: National National News
Union Minister for Fisheries, Animal Husbandry and Dairying Parshottam Rupala launched the 'Report Fish Disease' (RFD) app at Krishi Bhavan on 28 June to enhance the farmer-based disease reporting system and improve the reporting of aquatic animal diseases in India.
An overview of the news
The RFD app has been developed by ICAR-NBFGR (Indian Council of Agricultural Research - National Bureau of Fish Genetic Resources) under the National Surveillance Program for Aquatic Animal Diseases (NSPAAD).
NSPAAD is funded by the Department of Fisheries, Ministry of Fisheries, Animal Husbandry and Dairying, Government of India, under the Pradhan Mantri Matsya Sampada Yojana.
The primary objective of the RFD app is to assist farmers in improving their reporting methods, obtaining scientific guidance, and minimizing losses caused by diseases.
This, in turn, helps increase farmers' income and overall profitability.
Benefits of RFD App
The RFD app enables farmers to report disease incidents in finfish, shrimps, and mollusks on their farms, allowing them to connect with field-level officers and fish health experts.
This facilitates the exchange of information and provides farmers with scientific advice for effective disease management.
The app stores data related to diseases on a temporal and spatial scale, enabling the mapping of disease cases.
The implementation of the Fish Disease Reporting App has a significant impact on fish disease management.
It promotes early detection of diseases, facilitates rapid response measures, fosters collaboration among stakeholders, and facilitates knowledge sharing.
By mitigating the negative impacts of fish diseases on fish populations, the industry, and ecosystems, the app contributes to the sustainability and resilience of aquaculture systems.
7. MSME Ministry launches ‘CHAMPIONS 2.0 Portal’, ‘Mobile App’ and 'MSME Idea Hackathon 3.0'
Tags: Economy/Finance National News
The Ministry of Micro, Small & Medium Enterprises (MSME) celebrated 'Udyami Bharat-MSME Day' on International MSME Day (27th June).
An overview of the news
The event was attended by Narayan Rane, the Union Minister for MSME, as the Chief Guest, and Bhanu Pratap Singh Verma, the Union Minister of State for MSME, as the Guest of Honor.
The occasion marked the launch of various initiatives by the Ministry of MSME to support the growth and development of MSMEs.
These initiatives included the 'CHAMPIONS 2.0 Portal' and the 'Mobile App for Geo-tagging of Cluster Projects and Technology Centers', which were launched by the Chief Guest and Guest of Honor.
The results for the 'MSME Idea Hackathon 2.0' were announced, and the launch of 'MSME Idea Hackathon 3.0' specifically for women entrepreneurs took place.
During the event, both Union Ministers presented certificates to Gold and Silver ZED-certified MSMEs, motivating and recognizing their achievements.
Additionally, a digital release of a subsidy worth 400 crore rupees was made to 10,075 beneficiaries of the new Prime Minister's Employment Generation Programme (PMEGP) units.
Significance of MSMEs in India's GDP
Narayan Rane highlighted the significance of MSMEs in India's GDP and exports.
He expressed his hope that MSMEs would contribute to 50% of the country's GDP by 2030.
He congratulated all stakeholders and encouraged them to work towards making India a USD 5 trillion economy.
Bhanu Pratap Singh Verma acknowledged the role of Indian MSMEs in the growth of the country's economy.
He mentioned that since 2014, India's GDP ranking has significantly improved, moving from the 10th position to the 5th position.
8. Sarbananda Sonowal launches New CSR guidelines ‘Sagar Samajik Sahayog’
Tags: Economy/Finance National News
The Union Minister of Ports, Shipping & Waterways and Ayush, Sarbananda Sonowal, has introduced a set of new corporate social responsibility (CSR) guidelines called 'Sagar Samajik Sahayog' by the Ministry of Ports, Shipping & Waterways.
An overview of the news
The purpose of these guidelines is to enable ports to effectively address local community issues in a collaborative and efficient manner.
CSR funding guidelines
Under the new CSR guidelines, ports in India will allocate a specific percentage of their net annual profit towards CSR activities.
The allocation will be based on the turnover of each port for the year.
Ports with an annual turnover of less than Rs 100 crores will allocate 3-5% of their net annual profit towards CSR initiatives.
Ports with a turnover between Rs 100 to 500 crores will allocate 2-3% of their net annual profit for CSR activities.
Ports with a turnover exceeding Rs 500 crores will allocate 0.5-2% of their net annual profit towards CSR initiatives.
Additionally, two percent of the total CSR expenses will be dedicated to project monitoring by the ports.
This allocation ensures effective implementation and monitoring of the respective CSR projects undertaken by the ports.
20% of CSR expenses must be earmarked to Sainik Kalyan Board at district level, National Maritime Heritage Complex and National Youth Development Fund.
Corporate Social Responsibility (CSR)
Under CSR, companies integrate social and environmental concerns with their business partners with their stakeholders.
It is regulated under Section 135 of the Companies Act, 2013.
India is the first country in the world to make CSR mandatory.
The provision of CSR is applicable to companies whose net worth is more than ₹ 500 crores or turnover is more than ₹ 1000 crores or net profit is more than ₹ 5 crores.
Certain categories of profitable companies are required to spend at least two per cent of their annual average net profit for three years on Corporate Social Responsibility (CSR) activities.
CSR Activities
Promotion of education
Gender equality and women empowerment
Eradication of poverty and hunger
Preparing to fight HIV and other diseases
Ensuring environmental balance
Improvement in infant mortality rate and maternal mortality rate in the country.
Contribution to Prime Minister's National Relief Fund
Promoting sports, Slum area development etc.
9. CCI approves acquisition of TCNS Clothing by Aditya Birla Fashion
Tags: Economy/Finance National News
The Competition Commission of India (CCI) on 27th June approved the acquisition of TCNS Clothing Co Limited by Aditya Birla Fashion and Retail Limited.
An overview of the news
ABFRL is a listed company and a part of the Aditya Birla group of companies.
It operates in the retail industry, specifically in the apparel, footwear, and accessories segments.
The company sells branded products through various channels, including retail stores, online platforms, and e-commerce marketplaces.
TCNS Clothing is another listed company that specializes in the manufacturing, distribution, and sale of women's apparel, jewelry, footwear, and beauty products.
It owns several brands such as W, Aurelia, Wishful, Elleven, and Folk Song.
In May of the current year, ABFRL announced its plan to acquire a 51% stake in TCNS Clothing.
The deal involved a combination of cash and equity and valued the promoter stake at approximately Rs 1,650 crore.
ABFRL reported a loss of Rs 186.94 crore in the fiscal fourth quarter of FY 2022-23, compared to a profit of Rs 43.59 crore in the same quarter of the previous year.
Competition Commission of India (CCI)
The Competition Commission of India (CCI) is the chief national competition regulator in India.
It was set up under the Competition Act, 2002
It comes under the Ministry of Corporate Affairs.
It promotes healthy market competition and prevents activities that have an adverse effect on competition in India.
CCI also approves combinations under the act so that two merging entities do not overtake the market.
Headquarter - New Delhi
Current Chairman - Ravneet Kaur
10. Pakistan and China sign $4.8 billion nuclear power plant deal
Tags: International News
Pakistan and China recently have signed a $4.8 billion deal to construct a 1,200-megawatt nuclear power plant.
An overview of the news
The investment by China, which Pakistan considers its most dependable ally, is viewed as a significant achievement.
The project, known as Chashma 5, will be located in the central province of Punjab.
The memorandum of understanding (MOU) was signed between China National Nuclear Cooperation and Pakistan Atomic Energy Commission, marking the beginning of the project.
The Chashma 5 project will aid Pakistan in transitioning away from reliance on fossil fuels and contribute to its nuclear energy production capacity.
Pakistan's total nuclear energy production capacity reached 1,400 MW with the opening of the country's sixth nuclear power plant in Karachi, which was also constructed with Chinese assistance.
The investment is separate from the $65 billion that China has pledged for infrastructure development in Pakistan under the Belt and Road Initiative.
Chinese side has already disbursed an initial amount of 30 billion Pakistani rupees ($104.53 million) for project initiation.
Nuclear power plant in Pakistan
The Pakistan Atomic Energy Commissionstates that the four existing Chashma power plants have a combined installed capacity of 1,330 megawatts.
Apart from the Chashma power plants, Pakistan also operates two other nuclear power plants known as Karachi Nuclear Power Plants (KANUPP) 2 and 3.
The Karachi Nuclear Power Plants have a substantial capacity of 2,290 megawatts, further enhancing Pakistan's nuclear energy generation capabilities.
