1. Center approves new metro line between HUDA City Center and Cyber City in Gurugram, Haryana
Tags: National National News
The Union Cabinet approved the construction of a new metro line between HUDA City Center and Cyber City in Gurugram, Haryana.
An Overview of the News
The expansion project includes Metro connectivity extension from HUDA City Center to Cyber City, which also includes the Dwarka Expressway.
The entire project will be elevated and the estimated cost of this project is around Rs 5,452 crore.
The metro line will cover a distance of over 28 kilometres and the line will have a total of 27 stations along the route.
The network will also be connected to Gurgaon Railway Station and the main feature of this metro line is to connect New Gurugram to Old Gurugram.
In the next phase, plans were made to provide connectivity to the Indira Gandhi International Airport (IGI Airport).
About Haryana
It is a state located in North India, which is bordered by New Delhi on three sides.
The eastern boundary of Haryana is formed by the Yamuna River, which separates it from the state of Uttar Pradesh.
It shares its western border with the state of Punjab.
Haryana has Zakir Hussain Rose Garden, which is located in Chandigarh.
Rock Garden is located in Chandigarh, which displays sculptures made using recycled materials.
Capital - Chandigarh
Governor - Bandaru Dattatreya
Chief Minister - Manohar Lal Khattar
2. The Union Cabinet approved the third revival package for BSNL
Tags: Economy/Finance National News
On June 8, the government approved a revival package of over Rs 89,000 crore for BSNL.
An Overview of the News
Revival Package:
The total outlay of the revival package is Rs 89,047 crore.
The package includes allocation of 4G and 5G spectrum for BSNL through equity infusion.
The authorised capital of BSNL will be increased from Rs 1,50,000 crore to Rs 2,10,000 crore.
Revival Package Objectives
BSNL will emerge as a stable telecom service provider focused on providing connectivity to remote parts of India.
The spectrum allocation will enable BSNL to provide pan India 4G and 5G services.
BSNL will provide 4G coverage in rural and unserved villages under various connectivity projects.
Fixed Wireless Access (FWA) services for high-speed internet will be offered by BSNL.
BSNL will provide services and spectrum for the Captive Non-Public Network (CNPN).
Previous Revival Package
The first revival package for BSNL and MTNL was approved in 2019, amounting to Rs 69,000 crore.
The second revival package for BSNL and MTNL was approved in 2022 amounting to Rs 1.64 lakh crore.
About BSNL
BSNL was incorporated on 15 September 2000.
It is a 100% Government of India owned public sector undertaking
It is a technology oriented integrated telecom service provider company.
It provides wire line services, 2G, 3G, 4G and GSM mobile services including Value Added Services (VAS), Internet and Broadband services, Wi-Fi services, Data Center services etc.
Headquarters -New Delhi, India
3. RBI Monetary Policy Announcement
Tags: Economy/Finance National News
RBI Governor Shaktikanta Das announced the second monetary policy of this financial year on 8 June. There has been no change in the repo rate for the second time in a row.
An overview of the news
After the meeting of the Monetary Policy Committee, the RBI announced the monetary policy, saying that the repo rate would remain unchanged at 6.5%.
Consumer Price Inflation eased but remains above the target.
Continued efforts to manage liquidity and currency circulation.
The current account deficit is expected to narrow further in the fourth quarter.
Net inflows into non-resident deposits increased to US$ 8 billion in FY23 from US$ 3.2 billion in the previous year.
The Indian Rupee has remained stable since January this year. Conditions are favorable to accelerate capital expenditure.
Monetary Policy Committee's Decision
Policy repo rate remains unchanged at 6.5%.
Standing Deposit Facility (SDF rate) remains at 6.25%.
Marginal Standing Facilityand bank rates stand at 6.75%.
Inflation Trends in India
Consumer Price Inflation eased during March-April 2023.
Inflation moved into the tolerance band, declining from 6.7% in 2022-23.
Headline inflation remains above the target and is expected to continue in 2023-24.
Projected CPI headline inflation for 2023-24 is 5.1%, assuming a normal monsoon.
Withdrawal of Rs 2000 Note
Decline in currency circulation and increased government spending.
System liquidity expansion due to RBI's market operations.
Deposit of Rs 2000 banknotes in banks further augmented liquidity.
So far ₹1.8 lakh crore worth ₹2,000 banknotes have come back after the central bank announced to take these out of circulation.
This is 50% of the total ₹3.62 lakh crore-worth notes in circulation as of March 31.
What is the repo rate?
Repo rate is the rate at which the central bank of a country (RBI in India's case) lends money to commercial banks when they are short of funds. Here the central bank buys securities.
What is the Monetary Policy Committee?
Under Section 45ZB of the amended RBI Act 1934, the Central government is empowered to constitute a six-member Monetary Policy Committee (MPC) to determine the policy interest rate required to achieve the inflation target.
The first such MPC was constituted on September 29, 2016.
As per the RBI Act, the MPC must meet a minimum of four times in a year.
The meeting of the Monetary Policy Committee was held from 6 to 8 June 2023.
4. Indian Navy undertakes first combat firing of Varunastra torpedo
Tags: Defence Science and Technology National News
The Indian Navy and the country's Defence Research and Development Organisation (DRDO) undertook the first ‘combat' test-firing of the Varunastra heavyweight torpedo on 5 June.
An overview of the news
It will enhance the anti-submarine warfare capabilities of the indigenous Navy and give it a formidable force.
The torpedo was fired from a submarine and successfully hit the target at a distance of 40 km.
The test was conducted in the Arabian Sea in the presence of senior officials from the Indian Navy and the Defense Research and Development Organization (DRDO).
About Varunastra torpedo
It has been designed and developed by the Naval Science and Technological Laboratory at Visakhapatnam under the Defense Research and Development Organisation.
Bharat Dynamics Limited (BDL) is responsible for the production of the Varunastra missile system.
This would become the mainstay of anti-submarine torpedoes for all Navy warships.
It will replace the old torpedoes on all naval ships that can fire heavy-weight torpedoes.
Features of the Varunastra
It is seven to eight meters long, weighs 1,500 kg and has a diameter of 533 mm.
When fired it can travel at 40 knots, or 74 kmph.
The operational range is 40 km and it can carry a warhead weighing 250 kg.
Varunastra was inducted by Indian Navy in 2016
It can be fired from all Anti-submarine warfare (ASW) ships capable of firing heavy-weight torpedoes in an intense countermeasures environment.
Benefits of the Varunastra Torpedo
It is a powerful and sophisticated weapon that will significantly enhance the Navy’s ability to detect, track, and engage enemy submarines.
It is the first indigenously developed heavyweight torpedo that is capable of meeting the Navy’s operational requirements.
This will reduce the Navy’s dependence on foreign weapons systems.
It is a cost-effective weapon that will save the Navy money in the long run.
5. NHPC inks MoU with Maharashtra Government
Tags: National Economy/Finance National News
State-owned NHPC Limited has announced its collaboration with the Department of Energy, Maharashtra government through a Memorandum of Understanding (MoU) on 7 June.
An overview of the news
The primary objective of this partnership is to establish Energy Storage Systems, specifically Pumped Storage Systems, alongside other Renewable Energy Sources like Solar, Wind, and Hybrid, with a total combined capacity of 7,350 MW.
The introduction of energy storage systems, such as Pumped Storage Systems, is crucial for storing excess energy during periods of low demand and utilizing it during peak hours.
These systems play a vital role in ensuring a reliable and uninterrupted power supply.
They contribute to grid stability, enable efficient energy management, and facilitate the integration of intermittent renewable energy sources into the power grid.
By combining pumped storage systems with solar, wind, and hybrid power generation, this collaboration aims to optimize the utilization of renewable energy resources.
NHPC Limited
NHPC Limited, formerly known as the National Hydroelectric Power Corporation, is a state-owned company in India.
It was incorporated in 1975.
Its objective is developing, operating, and maintaining hydroelectric power projects in India.
It is a government-owned company, with the majority of shares held by the Government of India.
It operates under the administrative control of the Ministry of Power.
Some of its major projects include the Indira Sagar Project in Madhya Pradesh, the Teesta Low Dam Project in West Bengal, and the Parbati Hydroelectric Project in Himachal Pradesh.
6. NHPC inks MoU with Maharashtra Government
Tags: National Economy/Finance National News
State-owned NHPC Limited has announced its collaboration with the Department of Energy, Maharashtra government through a Memorandum of Understanding (MoU) on 7 June.
An overview of the news
The primary objective of this partnership is to establish Energy Storage Systems, specifically Pumped Storage Systems, alongside other Renewable Energy Sources like Solar, Wind, and Hybrid, with a total combined capacity of 7,350 MW.
The introduction of energy storage systems, such as Pumped Storage Systems, is crucial for storing excess energy during periods of low demand and utilizing it during peak hours.
These systems play a vital role in ensuring a reliable and uninterrupted power supply.
They contribute to grid stability, enable efficient energy management, and facilitate the integration of intermittent renewable energy sources into the power grid.
By combining pumped storage systems with solar, wind, and hybrid power generation, this collaboration aims to optimize the utilization of renewable energy resources.
NHPC Limited
NHPC Limited, formerly known as the National Hydroelectric Power Corporation, is a state-owned company in India.
It was incorporated in 1975.
Its objective is developing, operating, and maintaining hydroelectric power projects in India.
It is a government-owned company, with the majority of shares held by the Government of India.
It operates under the administrative control of the Ministry of Power.
Some of its major projects include the Indira Sagar Project in Madhya Pradesh, the Teesta Low Dam Project in West Bengal, and the Parbati Hydroelectric Project in Himachal Pradesh.
7. Union Cabinet approves continuation of ‘Exploration of Coal and Lignite Scheme’
Tags: Government Schemes National News
The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi on 7 June, has approved the continuation of the Central Sector Scheme called "Exploration of Coal and Lignite scheme."
An overview of the news
The scheme will be implemented from 2021-22 to 2025-26, aligned with the 15th Finance Commission cycle, and will require an estimated expenditure of Rs 2980 crore.
The scheme focuses on the exploration of coal and lignite through two main stages: Promotional (Regional) Exploration and Detailed Exploration in Non-Coal India Limited (CIL) blocks.
The approved funding includes Rs 1650 crore for Promotional (Regional) Exploration and Rs 1330 crore for Detailed Drilling in Non-CIL areas.
The scheme aims to cover approximately 1300 sq. km under Regional exploration and approximately 650 sq. km under Detailed exploration.
Significance of the scheme
Exploration for Coal and Lignite is essential to ascertain and estimate the available coal resources in the country.
It plays a crucial role in preparing detailed project reports required to initiate coal mining operations.
The geological reports generated through these exploration activities are utilized in the auctioning of new coal blocks.
The cost of exploration is subsequently recovered from successful allocatees.
The continuation of the Exploration of Coal and Lignite scheme will contribute to the assessment and identification of coal and lignite reserves, facilitating future coal mining operations.
It ensures the availability of reliable geological data for the auctioning process, promoting transparency and efficiency in the allocation of coal blocks.
8. AIIMS Nagpur first AIIMS in country to get NABH accreditation
Tags: National National News
AIIMS Nagpur, the branch of the All India Institute of Medical Sciences in Nagpur, has emerged as the first AIIMS in India to be accredited by the National Accreditation Board for Hospitals (NABH).
An overview of the news
This accreditation places AIIMS Nagpur at par with the world's leading hospital standards in terms of quality and patient care.
AIIMS officials proudly announce this achievement and emphasize their commitment to provide the highest quality of patient care, ensure safety and maintain organizational efficiency.
The NABH accreditation serves as validation of their efforts in these fields.
Minister of Health and Family Welfare, Dr. Mansukh Mandaviya praised the institute for its state-of-the-art facilities, advanced infrastructure and remarkable contribution in patient care, academic activities and research.
What is NABH accreditation?
The NABH accreditation is a voluntary and internationally recognized certification that signifies a healthcare organization's commitment to delivering high-quality healthcare services and ensuring patient safety.
NABH has developed a set of rigorous standards that cover various aspects of healthcare delivery, including patient care, infrastructure, infection control, patient rights, medication management, safety protocols, and more.
These standards are designed to ensure that healthcare providers adhere to the best practices and deliver superior quality care.
9. AIIMS Nagpur first AIIMS in country to get NABH accreditation
Tags: National National News
AIIMS Nagpur, the branch of the All India Institute of Medical Sciences in Nagpur, has emerged as the first AIIMS in India to be accredited by the National Accreditation Board for Hospitals (NABH).
An overview of the news
This accreditation places AIIMS Nagpur at par with the world's leading hospital standards in terms of quality and patient care.
AIIMS officials proudly announce this achievement and emphasize their commitment to provide the highest quality of patient care, ensure safety and maintain organizational efficiency.
The NABH accreditation serves as validation of their efforts in these fields.
Minister of Health and Family Welfare, Dr. Mansukh Mandaviya praised the institute for its state-of-the-art facilities, advanced infrastructure and remarkable contribution in patient care, academic activities and research.
What is NABH accreditation?
The NABH accreditation is a voluntary and internationally recognized certification that signifies a healthcare organization's commitment to delivering high-quality healthcare services and ensuring patient safety.
NABH has developed a set of rigorous standards that cover various aspects of healthcare delivery, including patient care, infrastructure, infection control, patient rights, medication management, safety protocols, and more.
These standards are designed to ensure that healthcare providers adhere to the best practices and deliver superior quality care.
10. Government launches Mission on Advanced and High-Impact Research, MAHIR
Tags: National National News
The government launched the Mission on Advanced and High-Impact Research, MAHIR, in the power sector.
An Overview of the News
The objective of the mission is to identify emerging technologies and develop them indigenously for use within and outside the country.
It focuses on facilitating indigenous research, development and demonstration of latest technologies in the power sector.
It aims to leverage these technologies for future economic growth and make India a global manufacturing hub.
The mission is planned for an initial period of five years from 2023-24 to 2027-28.
Minister of Power and New & Renewable Energy - RK Singh
Make in India:
Launched on 25 September 2014.
Objective: To facilitate investment, promote innovation and create best-in-class infrastructure.
Goal: To make India a manufacturing, design and innovation hub.
Startup India:
Launched on January 16, 2016.
Objective: To nurture and support startups, encourage entrepreneurship and innovation.
Benefits: Tax exemptions, simplified rules and access to funding opportunities.
