1. Telangana CM inaugurates Medha Rail Coach Factory at Sangareddy
Tags: National News
Telangana Chief Minister K. Chandrasekhar Rao (KCR) inaugurated the Medha Rail Coach Factory in Sangareddy district.
An Overview of the News
MoU signed with Government of Telangana
Medha signed an MoU with the Government of Telangana in 2017.
The objective of the MoU is to set up a coach factory in the state.
The land was allotted by the Telangana State Industrial Infrastructure Corporation (TSIIC).
TSIIC allotted 100 acres of land for Rail & Metro coach manufacturing.
Medha Rail Coach Factory is located in Kondakal village.
Joint Venture Agreement with Stadler Rail
Medha and Swiss railway rolling stock manufacturer Stadler Rail signed a joint venture (JV) agreement.
The joint venture Telangana unit is meant to cater to its tenders from the Indian market and exports from customers in the Asia Pacific region.
The joint venture aims to serve tenders from the Indian market and export to the Asia Pacific region.
History of Medha from Indian Railways
Medha has been supplying various products to Indian Railways since 1990.
It is the largest electronics supplier of propulsion equipment to Indian Railways.
Company size and employment
Medha's annual turnover is Rs. 2500 crores.
It employs around 5000 people, most of whom are from the local areas.
Medha is the only Indian company with in-house R&D facilities.
Medha will start production of the complete Mumbai monorail trainset.
2. New Russian frigates will be armed with hypersonic Zircon missiles
Tags: Defence International News
The Commander-in-Chief of the Russian Navy has recently made an announcement stating that all new frigate and corvette class vessels of the Russian Navy will be equipped with hypersonic Zircon missiles.
About Zircon Missile
The Zircon Missile, also known as the 3M22 Zircon or SS-N-33, is a hypersonic cruise missile developed in Russia.
It is designed as an anti-ship missile with advanced capabilities.
Characteristics of Zircon Missile
The Zircon Missile can achieve speeds of over 9,500 kilometers per hour (6,000 miles per hour), which is approximately nine times the speed of sound.
It is a two-stage missile, utilizing solid fuel in the first stage and a scramjet motor in the second stage.
The missile has a range of more than 1,000 kilometers (620 miles) and is capable of accurately pinpointing targets within that range.
The Zircon Missile employs an active and passive radar seeker as its guidance system.
Hypersonic Cruise Missiles
Hypersonic cruise missiles are a type of missile designed to travel at extremely high speeds, typically exceeding Mach 5 (five times the speed of sound).
They are propelled by rocket engines and are equipped with guidance systems for target navigation.
One notable characteristic of hypersonic cruise missiles is their ability to maneuver during flight, making them difficult to track and intercept.
3. US agrees to provide market access to India's steel and aluminum products
Tags: Economy/Finance International News
The United States on 23 June has agreed to grant market access to India's steel and aluminium products, according to the Ministry of Commerce and Industry.
An overview of the news
As per the agreement, the US Department of Commerce will clear 70 percent of steel and 80 percent of aluminium applications for products originating in India.
The decision was made during Prime Minister Narendra Modi's visit to the United States.
The Ministry of Commerce and Industry expects this agreement to boost India's steel and aluminium exports by approximately 35 percent.
The US had restricted market access for Indian steel and aluminium products since June 14, 2018, under the exclusion process of Section 232 of the Trade Expansion Act 1962.
Under this restriction, additional duties of 25 percent and 10 percent were imposed on steel and aluminium products, respectively.
In response, India had implemented retaliatory tariffs on certain products, which it has now agreed to remove.
However, the basic import duties applicable to all imports of steel and aluminium products will continue.
4. India and UAE signed a Mutual Recognition Arrangement for Authorized Economic Operators
Tags: International Relations International News
India and the United Arab Emirates (UAE) on 23 June have signed a Mutual Recognition Arrangement for Authorized Economic Operators.
An overview of the news
The agreement was formally signed during the World Customs Organization's (WCO) Customs Co-operation Council meeting held in Brussels.
Aim of Mutual Recognition Arrangement
The Mutual Recognition Arrangement aims to promote trade facilitation and ease of doing business between the two countries.
It establishes a framework for recognizing Authorized Economic Operators (AEOs) from both India and the UAE.
Significance
The recognition of AEO status will streamline customs procedures, reduce administrative burdens, and lower costs for authorized businesses.
This agreement signifies an important milestone in the economic cooperation between India and the UAE and is expected to strengthen bilateral trade ties.
By leveraging the benefits of the Mutual Recognition Arrangement, both countries aim to enhance trade facilitation, improve the ease of doing business, and encourage investments.
India-UAE Comprehensive Economic Partnership Agreement (CEPA)
The signing of this arrangement is in line with the broader objective of the India-UAE Comprehensive Economic Partnership Agreement (CEPA) signed in February 2022.
CEPA aims to significantly increase the total value of bilateral trade in goods and services within five years.
The Mutual Recognition Arrangement is expected to contribute to achieving the trade targets set under the CEPA, fostering greater economic growth and cooperation between India and the UAE.
5. India and UAE signed a Mutual Recognition Arrangement for Authorized Economic Operators
Tags: International Relations International News
India and the United Arab Emirates (UAE) on 23 June have signed a Mutual Recognition Arrangement for Authorized Economic Operators.
An overview of the news
The agreement was formally signed during the World Customs Organization's (WCO) Customs Co-operation Council meeting held in Brussels.
Aim of Mutual Recognition Arrangement
The Mutual Recognition Arrangement aims to promote trade facilitation and ease of doing business between the two countries.
It establishes a framework for recognizing Authorized Economic Operators (AEOs) from both India and the UAE.
Significance
The recognition of AEO status will streamline customs procedures, reduce administrative burdens, and lower costs for authorized businesses.
This agreement signifies an important milestone in the economic cooperation between India and the UAE and is expected to strengthen bilateral trade ties.
By leveraging the benefits of the Mutual Recognition Arrangement, both countries aim to enhance trade facilitation, improve the ease of doing business, and encourage investments.
India-UAE Comprehensive Economic Partnership Agreement (CEPA)
The signing of this arrangement is in line with the broader objective of the India-UAE Comprehensive Economic Partnership Agreement (CEPA) signed in February 2022.
CEPA aims to significantly increase the total value of bilateral trade in goods and services within five years.
The Mutual Recognition Arrangement is expected to contribute to achieving the trade targets set under the CEPA, fostering greater economic growth and cooperation between India and the UAE.
6. 8th Global Pharmaceutical Quality Summit 2023
Tags: Summits National News
The Indian Pharmaceutical Alliance (IPA) on 23 June successfully concluded the 8th edition of the Global Pharmaceutical Quality Summit at Mumbai.
An overview of the news
The theme for the Summit was, ‘Patient Centricity: New Paradigm of Manufacturing and Quality’.
The two-day Summit brought together industry leaders, global regulators, quality experts, and stakeholders to foster knowledge exchange and deliberate on areas of importance in shaping the pharmaceutical landscape in India.
The event was inaugurated by Samir Mehta, Chairman, Torrent Pharmaceuticals and President, IPA.
Dr. Mansukh Mandaviya, Union Minister for Chemicals and Fertilizers and Health and Family Welfare addressed the summit.
India played a vital role as the "Pharmacy to the World" during the COVID-19 pandemic by ensuring a steady supply of quality medicines and vaccines across the globe.
The Indian pharmaceutical industry has demonstrated its potential both in terms of quality and quantity.
About the Indian Pharmaceutical Alliance (IPA)
IPA was established in the year 1999 in Mumbai.
IPA represents 24 research-based national pharmaceutical companies.
Collectively, the IPA companies contribute to over 85 percent of the private sector investment in pharmaceutical research and development in India.
IPA companies are responsible for more than 80 percent of the country's exports of drugs and pharmaceuticals.
They also serve over 60 percent of the domestic market in India.
7. India and US sign Artemis Accord to take Space cooperation to new heights
Tags: International Relations Science and Technology
During his state visit to the United States, Prime Minister Narendra Modi signed the Artemis agreement with the US National Aeronautics and Space Administration (NASA), highlighting the growing importance of India's role as a global space power.
An overview of the news
The agreement establishes the foundation for cooperation in space exploration and underlines India's commitment to peaceful space activities.
Joint Mission to the International Space Station (ISS)
In addition to the Artemis agreement, NASA and the Indian Space Research Organization (ISRO) have agreed to launch a joint mission to the International Space Station in 2024.
This collaborative effort will enable both countries to advance their space research and exploration efforts.
What is the Artemis Agreement?
The Artemis Agreement outlines principles for international cooperation in space exploration, particularly relating to the use of the Moon, Mars, comets and asteroids for peaceful purposes.
As non-binding multilateral arrangements, these agreements allow governments, including the United States and other participating nations, to contribute to NASA's Artemis program.
Significance of the Artemis Program
NASA's Artemis program aims to advance scientific discoveries and expand human exploration of the lunar surface.
By studying the Moon, researchers hope to make breakthroughs that could lead to advances in various fields such as technology, medicine and our understanding of the universe.
The program focuses on sending astronauts to Mars and exploring other planets and celestial bodies.
Establishment of the Artemis Accord
In 2020, NASA established the Artemis Agreement in collaboration with the US State Department.
These agreements serve as agreements between the United States and the seven other founding member states, reinforcing commitment to international space treaties and agreements.
These agreements promote best practices, including the transparent sharing of scientific data with the public.
Guiding principle of Accord
The purpose of the Artemis Agreement is to create a framework for peaceful and cooperative space exploration.
These principles facilitate progress while ensuring ethical and responsible practices in space.
Since many countries and private companies are actively engaged in lunar missions and operations, agreements establish shared principles governing civilian exploration and use of outer space.
Key principles include conducting all activities in space peacefully and with full transparency, sharing research findings, registering space objects, and releasing scientific data.
Nations Participating in the Artemis Accord
The agreement was signed in October 2020 by the directors of the national space agencies of the United States, Australia, Canada, Japan, Luxembourg, Italy, the United Kingdom and the United Arab Emirates.
Ukraine joined the agreement a month later. Subsequently, in 2021 the agreement was extended to South Korea, New Zealand, Brazil, Poland, Isle of Man and Mexico.
In 2022, Israel, Romania, Bahrain, Singapore, Colombia, France, Saudi Arabia, Rwanda, Nigeria and the Czech Republic also become signatories.
Spain, Ecuador and now India have also joined it, taking the total number of participating countries to 28.
8. Apple to launch its credit card in India
Tags: Economy/Finance National News
Apple Inc is planning to introduce its credit card, known as Apple Card, in India to take advantage of the growing opportunities in the country's financial sector.
An overview of the news
Apple intends to collaborate with HDFC Bank to offer Apple Card to Indian customers.
Apple CEO Tim Cook met HDFC Bank CEO and MD Shashidhar Jagadishan during the launch of the Apple Store in India in April.
RBI has directed Apple to follow the standard procedures set up for other co-branded credit cards.
Features of Apple Card
Physical Apple Card users can earn up to 1% cashback for regular purchases, which increases to 2% when paying with Apple Pay.
The cashback percentage has increased to 3% for payments made at Apple Stores and select partners.
Apple does not charge Apple Card holders late fees, foreign transaction fees, returned payment fees, or annual credit card fees. However, the users are responsible for paying the interest charges levied for maintaining the balance.
Apple Card owners have the option of opening a savings account with an interest rate of 4.15%, with no minimum balance requirement, to deposit their daily cash.
Each Apple Card user receives a unique card number for each device.
These numbers are securely stored in the device, used by Apple Pay for transactions and on-device cryptographic functions.
9. Minister of Steel inaugurates Silica Reduction Plant Project at SAIL-Bhilai Steel Plant’s Dalli Mines
Tags: Economy/Finance National News
Union Minister of Steel and Civil Aviation, Jyotiraditya M. Scindia virtually inaugurated the Silica Reduction Plant at Dalli Mines of Bhilai Steel Plant of Steel Authority of India Limited (SAIL) from New Delhi on 23 June.
An overview of the news
SAIL's silica reduction plant was inaugurated virtually and is located at the company's Dalli iron ore mine.
This enables SAIL to utilize low-grade ore from Dalli mines through beneficiation process.
About 80 per cent of the iron ore reserves present in the mine have already been utilised.
The newly inaugurated plant will improve the iron (Fe) content by 62-64 per cent and reduce the silica content by 2-3 per cent.
SAIL Chairman Amarendu Prakash emphasized the need to refine iron ore of size less than 1 mm to obtain the desired grade for effective use in blast furnaces at SAIL's Bhilai Steel Plant (BSP).
The Silica Reduction Plant has been set up with an investment of about Rs 149 crore and is equipped with state-of-the-art beneficiation equipment.
Its operation will increase iron ore supply to BSP, which will lead to higher annual production from blast furnace, reduce coke consumption and reduce carbon emissions.
SAIL, functioning under the Ministry of Steel, is one of the leading steel producers in India with an annual capacity of about 20 million tonnes.
Bhilai Steel Plant
It is located in Bhilai of Chhattisgarh state.
A ten-time winner of the Prime Minister's Trophy for Best Integrated Steel Plant in the country, Bhilai Steel Plant (BSP) is a flagship unit of Steel Authority of India Limited (SAIL), a Government of India undertaking.
It produces high strength rails, heavy structures, broad and heavy steel plates of various grades, commercial products, wire rods etc. Bhilai became the first integrated steel plant in the country to cross the 5 MT mark in crude oil production in the year 2005-06.
Bhilai has the unique distinction of having the cleanest rail network in the world.
10. NHAI launches 'Knowledge Sharing Platform' for inclusive development of National Highways
Tags: National News
The Ministry of Road Transport and Highways launched a 'Knowledge Sharing Platform' in collaboration with NHAI (National Highways Authority of India).
An Overview of the News
The objective of this platform is to promote inclusive development of National Highways.
It provides a collaborative space for experts and citizens to share ideas and knowledge.
Topics covered include road design, safety, construction, environmental sustainability and related fields.
The platform encourages exchange of best practices and innovative ideas from around the world.
It aims to contribute to the development of India's national highway infrastructure.
Minister of Road Transport and Highways - Nitin Jairam Gadkari
About National Highways Authority of India (NHAI)
The NHAI was created through a promulgation of the National Highways Authority of India Act, 1988.
It is an independent organization established by the Government of India.
NHAI manages and maintains a vast network of more than 50,000 km of National Highways across India, which represents about 40% of the total length of National Highways in the country.
NHAI is responsible for maintaining and upgrading the quality of National Highways in India and ensuring their smooth operation for the benefit of road users.
Establishment - 1995
Headquarters - New Delhi
Objective - Development and maintenance of National Highways
Parent Agency - Ministry of Road Transport and Highways of India
