1. IPCC warns of irreversible impact of global climate change
Tags: Popular Science and Technology
The Intergovernmental Panel on Climate Change (IPCC) has warned of a grim future for earth if global warming continues and the global temperatures continue to increase beyond 1.5% .
The latest warnings have come in the second part of IPCC’s Sixth Assessment Report which talks about climate change impacts, risks and vulnerabilities, and adaptation options. The first part of the report was released in August last year.
The Assessment Reports, the first of which had come out in 1990, are the most comprehensive evaluations of the state of the earth’s climate. Later reports were released in 1995,2001,2007 and 2015.
The report highlights the increasing impacts that are expected as the rise in global temperatures, currently around 1.1C, heads to 1.5Cabove the 1850s level.
Highlights of the report
South Asia is the most vulnerable to severe climate change impacts due to its inequality and poverty .
The Ganga, Indus, Amu Darya river basins in Asia will face severe water scarcity by 2050.It will adversely affect agriculture and drinking water scarcity in the region .
Ahmedabad city faces a risk of urban heat island effect . It means that the average temperature in the city will be higher than the surrounding areas.
Mumbai is at a high risk of rising sea level and consequent flooding
If the temperature increases by 1-4 degree centigrade then rice production in the world can fall by 10-30% and maize production can fall by 25-70%.
If temperatures rise to between 1.7 and 1.8C above the 1850s level, then the report states that half the human population could be exposed to periods of life-threatening climatic conditions arising from heat and humidity.
Rising Sea Level
According to the IPCC report, global sea levels will likely rise 44-76 cm this century if governments meet their current emission-cutting pledges. With faster emission cuts, the increase could be limited to 28-55 cm.
But with higher emissions, and if ice sheets collapse more quickly than expected, sea levels could rise as much as 2 m this century and 5 m by 2150.
Wet Bulb Temperature
Lucknow and Patna ,Bhubaneswar, Chennai, Mumbai, Indore, and Ahmedabad , are among the cities predicted to reach wet-bulb temperature of 35°C if emissions continue to rise.
Assam, Meghalaya, Tripura, West Bengal, Bihar, Jharkhand, Odisha, Chhattisgarh, Uttar Pradesh, Haryana and Punjab will be the most severely affected, but if emissions keep rising, all States will have regions that experience wet-bulb temperature of 30°C or more by the end of the century.
IPCC
The Intergovernmental Panel on Climate Change was set up by the World Meteorological Organisation and the United Nation Environment Programme in 1988.
Aim of IPCC
It was set up to prepare a comprehensive review and recommendations with respect to
- the state of knowledge of the science of climate change;
- social and economic impact of climate change,
- potential response strategies and elements for inclusion in a possible future international convention on climate.
Its Headquarters : Geneva, Switzerland
Current Chairman : Hoesung Lee
It shared Nobel Peace Prize with the former American Vice-President Al Gore in 2007
Concept Clearing
What is Wet Bulb Temperature
Human body regulates our body temperature depending upon the external environment of heat and humidity. If the temperature is high then our body tries to lower down our body temperature by sweating. The more we sweat the faster the cooling. However if humidity (water vapour in air ) is high then the ability of our body to cool also reduces . That’s why dry heat feels more tolerable than extreme humidity.
Wet-bulb temperature accounts for both heat and humidity, and reflects what that combination means for the human body’s ability to cool down.
The term wet bulb comes from a way the measurement can be taken, by wrapping a piece of wet cloth around the end of a thermometer to see how much evaporation can decrease the temperature.
35 degree centigrade is considered to be the maximum limit for a wet bulb temperature.
If the wet bulb temperature reaches 35 degree centigrade then a normal healthy human being cannot lose its body heat by sweating and will suffer heat stroke leading to death if they remain outdoors for a considerable period of time.
With the continuous rise in earth temperature the risk of wet bulb temperature phenomena is expected to become common.
2. Indian GDP growth slows in 3rd Quarter 2022
Tags: Economy/Finance
The National Statistics Office (NSO) has released its second advance estimates for the financial year 2021-22 on 28 February 2022.
Major Highlights of the report
The Indian Gross Domestic Product (GDP) grew by 5.4 % in the third quarter (October 2021 to December 2021). This is the slowest growth in a quarter in the current Financial year of 2021-22.
In the first quarter(April-June ) the GDP grew by 20.3%and in the second quarter (July-September ) it grew by 8.5%
The GDP at constant (2011-12) prices in the third quarter of 2021-22 was estimated at Rs 38.22 trillion as against Rs 36.26 trillion in the third quarter of 2020-21, showing a growth of 5.4 per cent.
The Indian economy's growth rate of 5.4 % in the 3rd quarter makes it the fastest growing major economy in the world ahead of China which grew by 4% in the same time period .
The growth in GDP during 2021-22 is estimated at 8.9 percent as against a contraction of 6.6 per cent in 2020-21.
The growth rate is lower than the Budget estimates which projected a growth rate of 9.2% for 2021-22.
RBI in its latest Monetary policy has estimated a growth rate of 9.2 % for the Indian economy in 2021-22.
The GDP stood at Rs 38,22,159 crore in October-December 2021-22, higher than the Rs 36,22,220 crore in the corresponding period of the 2020-21.
Sector wise growth
According to NSO data, Gross Value Added (GVA) growth in the manufacturing sector growth remained almost flat at 0.2 per cent in the third quarter of 2021-22, compared to a growth 8.4 per cent a year ago.
Farm sector GVA growth was slow at 2.6 per cent in the third quarter compared to 4.1 per cent growth a year ago.
Construction sector GVA declined by 2.8 per cent as against a growth of 6.6 per cent a year ago.
Mining sector grew by 8.8 per cent, as against a contraction of 5.3 per cent.
Electricity, gas, water supply and other utility services segment posted a growth of 3.7 per cent in the third quarter of this fiscal against 1.5 per cent expansion a year ago.
Similarly, trade, hotel, transport, communication and services related to broadcasting grew by 6.1 per cent compared to 10.1 per cent contraction a year ago.
Financial, real estate and professional services growth stood at 4.6 percent in the third quarter compared to a growth of 10.3 percent last year.
Public administration, defence and other services grew at 16.8 percent during the quarter under review compared to 2.9 percent contraction a year earlier.
Central Statistical Office (CSO)
It is part of the National Statistical Office which comes under the Union Ministry of Statistics and Programme Implementation.
It was earlier called the Central Statistical Organisation.
CSO collects and releases data regarding :
National Income ;
Annual Survey of Industries ;
Economic Censuses;
Consumer Price Indices for Urban Non-Manual Employees;
Index of Industrial Production
CSO Headquarters : New Delhi
3. IMF raises Indian Growth rate for FY 23 to 9%
Tags: Economics/Business
International Monetary Fund (IMF) has raised the growth prospect of the Indian economy in 2022-23 to 9 % from the earlier forecast of 8.5%.
The IMF “World Economic Outlook report” released on 25 January 2022 has cut the economic growth rate for the world with weak growth forecasted in the United States and China.
Main Points of the Report
- It expects the world economy to grow by 4.4% in 2022 and 3.8% in 2023. The world economy grew by 5.9% in 2021.
- The main reason for the drop in world growth is due to lower growth in the US and China.
- The main reason for the weak world economic outlook is the spread of the Omicron variant of coronavirus which has led to a curb on mobility by countries . This has led to the disruption in the world supply chain and rise in inflation in all the countries.
- It expects the world's second largest economy China to grow by 4.8% and the largest economy in the world , the US is expected to grow by 4% in 2022.
India a lone Bright spot
- Among major economies of the world India’s growth rate is expected to be one of the highest in the world.
- The Indian economy growth rate has been increased from the earlier 8.5% to 9% in 2022-23.
- India's GDP growth forecast for FY24 was also raised by 50 bps to 7.1 percent.
- According to the IMF an expected improvement in India’s credit growth will boost consumption and investment . Also the financial sector growth in India is better than expected, boosting its overall growth rate prospect.
4. Oxfam Report on Poverty in India
Tags: National News
The non-profit group Oxfam International published its latest report titled “Inequality Kills” on January 17th, 2022 ahead of the World Economic Forum’s Davos agenda.
- Oxfam is a British-founded confederation of 21 independent charitable organizations focusing on the alleviation of global poverty, founded in 1942 and led by Oxfam International.
- It is headquartered in Nairobi, Kenya.
- Gabriela Butcher is the present director of Oxfam.
- Oxfam describes itself as a global movement of people who are fighting inequality to end poverty and injustice.
Highlights from the latest report-
- The income of 84 percent of households in the country declined in 2021, but at the same time, the number of Indian billionaires grew from 102 to 142.
- Oxfam’s analysis during the coronavirus pandemic (March 2020 to November 2021) showed that the wealth of Indian billionaires rose from Rs 23.14 lakh crore to Rs 53.16 lakh crore. In contrast, more than 4.6 crore Indians were estimated to have fallen into extreme poverty in 2020 alone, which was nearly half of the global new poor according to the United Nations
- Oxfam says that a 1% Wealth Tax on India’s Super Rich families could fund its entire vaccination program cost of Rs 50,000 crore, and a 4% wealth tax on just the 98 richest families of India could account for the Union health ministry’s budget for two years and the mid-day meal program for 17 years.
- The budgetary allocation for social security schemes declined from 1.5% of the total Union budget to 0.6%. There was a 6% cut in allocation for education and in the health sector, even though covid continued to ravage India, the country's healthcare budget saw a 10% decline from RE (revised estimates) of 2020-21.
- Lowering corporate taxes from 30 percent to 22 percent to attract investment last year resulted in a loss of Rs 1.5 lakh crore, which contributed to the increase in India’s fiscal deficit.
- As a remedy to the growing wealth inequality in India, Oxfam suggested imposing a wealth tax on the super-rich population of India.
5. The UN expect Indian economy to grow by 6.5% in 2022
Tags: Economics/Business
The United Nation World Economic Situation and Prospect (WESP) 2022 report said that India's GDP is forecast to grow at 6.5 per cent in fiscal year 2022, a contraction from the estimated growth of 8.4 per cent in fiscal year 2021.
- It expect the growth to further slow down to 5.9 per cent in the financial year 2023,
- The report said that the global economic recovery is facing significant challenges amid new waves of COVID-19 infections, persistent labour market challenges, lingering supply-chain challenges and rising inflationary pressures.
- After expanding by 5.5 percent in 2021, the global economic growth is projected to grow by only 4.0 percent in 2022 and 3.5 percent in 2023.
6. World Bank Maintains India's Growth Projection At 8.3% For 2021-22
Tags: Economics/Business
According to the World Bank’s “Global Economic Prospect” report the Indian economy is expected to grow by 8.3% in the financial year 2021-22 and by 8.7% in the financial year 2022-23.
The report is released by the World Bank every Quarter.
Highlights of the report
- India is expected to be a bright spot in the world economy as the global economy faces grim outlook as the aftershock of the pandemic continues to affect the global economy especially the poor ones .
- It expects the global economy to grow by 4.1% in 2022 as compared to 5.5% in 2021.
- Driving the global slowdown are China, where the rate of growth is expected to drop to 5.1% from 8% last year, and the US, which is forecast to expand by 3.7% this year compared with 5.6% in 2021.
World Bank President David Malpas.
7. Good Governance Index
Tags:
What is Good Governance
- Governance is defined as the use of power and authority by those in government to provide goods and services to the people to uphold the common good and fulfill the aspirations and needs of the common man. People expect their government to proceed with its tasks in a way that maximum results follow with minimum cost or investment.
- Governance becomes good when the decisions and actions of the government are based on peoples’ consent, legitimacy, and accountability. It is a concept that is inclusive and positive in nature.
What are the features of Good Governance
As per World Bank reports of 1989 and 1992, Organization for Economic Cooperation and Development (OECD) Commission on Global Governance (1995), and United Nations Development Programme (UNDP) 1997, the attributes of good governance refers to
- people’s participation in governance,
- accountability of the decision-makers,
- women’s participation in decision making,
- meeting the needs of disadvantaged groups,
- guarantee of human rights,
- keeping the needs of the future generation in mind while decision making and whether the people own their structures of governance or not.
What is Good Governance Index
- To emphasize the government’s commitment towards good governance ,the Government of India declared 25 December as the Good Governance Day. It is the birth date of former Prime Minister Atal Bihari Vajpayee. It was started in 2014 .
- To encourage and assess the performance of the State government in Good governance and to promote citizen centric development in the country, the Government of India launched the Good governance Index.
- The objective of GGI is to create a tool that can be used uniformly across the States to assess the impact of various schemes and programs of the Central and State Governments including UTs on the people.
- Another significant contribution of the GGI would be contributing in tracking the progress of Sustainable Development Goals (SDGs) at the state level. The identified sectors and indicators are directly linked to some of the critical SDG indicators from an overall governance point of view.
- It is released on Good Governance Day (25th December)
Who publishes the Good Governance Index
- The Index is published by the Department of Administrative Reforms and Public Grievances (DARPG) under the Union Ministry of Personnel, Public Grievances and Pensions.
- The framework for assessing the quality of governance is prepared by the Centre for Good Governance, Hyderabad in collaboration with AC Nielsen
When was it first published
It was first published in 2019 and and it is released after every two years. The latest edition is released on 25th December 2021.
What is included in the Good Governance Index
The GGI 2020-21 encompassed 10 Governance Sectors and 58 Governance Indicators
- Agriculture and Allied Sector
- Commerce & Industries
- Human Resource Development
- Public Health
- Public Infrastructure & Utilities
- Economic Governance
- Social Welfare & Development
- Judicial & Public Security
- Environment,
- Citizen-Centric Governance.
Change as compared to the 2019 Index
The 2019 index included 10 governance sectors and 50 governance indicators . In the 2021 index the governance sectors are 10 but the governance indicators have been increased to 58.
Highlights of the 2021 Index
The GGI 2020-21 categorizes States and UTs into four categories
- Group A - It includes Gujarat, Maharashtra, Goa, Haryana, Kerala, Karnataka, Tamil Nadu, Punjab, Telangana, and Andhra Pradesh
- Group B - It includes Madhya Pradesh, Rajasthan, Chhattisgarh, Jharkhand, Uttar Pradesh, Bihar, Odisha, and West Bengal
- North-East and Hill States - It includes Himachal Pradesh, Mizoram, Uttarakhand, Tripura, Sikkim, Jammu & Kashmir, Assam, Nagaland, Manipur, Meghalaya, and Arunachal Pradesh
- Union Territories - It includes Delhi, Puducherry, Daman & Diu, Chandigarh, Andaman & Nicobar Islands, Dadra &Nagar Haveli, and Lakshadweep
Gujarat, Maharashtra and Goa top the composite rank score covering 10 sectors.
Ranking of the States group wise
- Group A:
- Gujarat has topped the composite ranking (12.3% increase over the GGI 2019 indicators), followed by Maharashtra and Goa.
- Group B:
- Madhya Pradesh tops the list followed by Rajasthan and Chhattisgarh.
- North-East and Hill States:
- Himachal Pradesh topped the list followed by Mizoram and Uttarakhand.
- Union Territories:
- Delhi topped the list.
UP has secured top position in Commerce & Industry sector
The GGI 2021 says that 20 States have improved their composite GGI scores over the GGI 2019 index scores. This indicates that overall governance in the states of India is moving in a positive direction.
Written by Shankha Shubhra Dutta
8. Development of National Waterways
Tags:
To promote Inland Water Transport in the country 111 waterways (including 5 existing and 106 new) have been declared as National Waterways (NWs) under the National Waterways Act, 2016 which came into effect from 12th April, 2016. Based on the outcome of techno-economic feasibility and Detailed Project Reports (DPRs) of NWs, 25 NWs have been found viable by the Inland Waterways Authority of India (IWAI) for cargo/ passenger movement. The list of the 25 NWs is given below.
Advantage of the Inland waterways
● Bulk cargo like coal, fly-ash and iron ore are found economical & cost-effective for movement through Inland Water Transport (IWT) which is an environmentally friendly and less pollutant mode of transport than Rail & Road. The cargo through Inland Ship is transported in barges and there is no direct contact of the cargo with water and therefore no ecological impacts.
Role of Inland Waterways Authority of India
Operation of Ferries is a State subject. Inland Waterways Authority of India (IWAI) established through IWAI Act, 1985 for the regulation and development of National Waterways for purposes of shipping and navigation has notified (with the prior approval of the Central Govt.) following regulations for safety considerations-
(i) Prevention of Collision on National Waterways Regulations, 2002 and
(ii) National waterway, Safety of Navigation and Shipping Regulations, 2002
LIST OF 25 NATIONAL WATERWAYS FOUND FEASIBLE FOR CARGO MOVEMENT
Sl. No. | National Waterway No. | Details of Waterways | STATES | Status |
1 | National Waterway 1 | Ganga-Bhagirathi-Hooghly River System (Haldia - Allahabad) | Uttar Pradesh, Bihar, Jharkhand & West Bengal | Development taken up with Assistance from World Bank Jal Marg Vikas Project |
2 | National Waterway 2 | Brahmaputra River (Dhubri - Sadiya) | Assam | Development taken up as per approved SFC for FY 20-21 to 2024-25 |
3 | National Waterway 16 | Barak River | Assam | |
4 | National Waterway 3 | West Coast Canal (Kottapuram - Kollam), Champakara and Udyogmandal Canals | Kerala | Mostly Operational Waterways and development and maintenance work taken up. |
5 | National Waterway 4 | Krishna River (Vijayawada – Muktyala) | Andhra Pradesh | |
6 | National Waterway 5 | Dhamra-Paradio via Mangalagadi to Pankopal | Odisha | |
7 | National Waterway 8 | Alappuzha- Changanassery Canal | Kerala | |
8 | National Waterway 9 | Alappuzha-Kottayam – Athirampuzha Canal | Kerala Alternate route: 11.5km | |
9 | National Waterway 27 | Cumberjua River | Goa | |
10 | National Waterway 68 | Mandovi River | Goa | |
11 | National Waterway 86 | Rupnarayan River | West Bengal | |
12 | National Waterway 97 | Sunderbans Waterway | West Bengal | |
13 | National Waterway 111 | Zuari River | Goa | |
14 | National Waterway 10 | Amba River | Maharashtra | Projects at appraisal stage |
15 | National Waterway 40 | Ghagra River | Bihar | |
16 | National Waterway 44 | Ichamati River | West Bengal | |
17 | National Waterway 52 | Kali River | Karnataka | |
18 | National Waterway 57 | Kopili River | Assam | |
19 | National Waterway 25 | Chapora River | Goa | |
20 | National Waterway 37 | Gandak River | Bihar | |
21 | National Waterway 28 | Dabhol Creek Vasisti River | Maharashtra | Substantial cargo moves in tidal waters/river mouth under respective State maritime board. No interventions are contemplated by IWAI as of now. |
22 | National Waterway 73 | Narmada River | Maharashtra & Gujarat | |
23 | National Waterway 85 | Revadanda Creek - Kundalika River System | Maharashtra | |
24 | National Waterway 94 | Sone River | Bihar | |
25 | National Waterway 100 | Tapi River | Maharashtra & Gujarat |
Source: PIB
9. World Economic Forum (WEF) defers annual Davos meet
Tags: International News
- The World Economic Forum (WEF) has deferred its 2022 annual Davos meet from its original schedule of January 17-21, 2022 owing to rising concerns over the Omicron corona virus Variant.
- The in-person event will be replaced by an online series of “State of the World” sessions.
World Economic Forum (WEF)
- The World Economic Forum (WEF) is an international non-governmental and lobbying organization for Public-Private Cooperation.
- It is based in Geneva, Switzerland.
- It was founded on 24 January 1971 by German economist Klaus Schwab as a not-for-profit foundation.
- Mission - Improving the state of the world by engaging business, political, academic, and other leaders of society to shape global, regional, and industry agendas
- It is known for its annual event in Davos, the annual meeting brings together various Heads of Government, top business leaders of the world, economist executives, and activists from around the world to discuss global economic and business issues.
Important Reports of WEF-
- Global Competitiveness Report
- Global Information Technology Report
- Global Gender Gap Report
- Global Risks Report
- Global Travel and Tourism Report
- Global Enabling Trade Report
10. Economics/ Business
Tags: Economics/Business
1. NSE launches Digital Index
- NSE Indices, the subsidiary company of National Stock Exchange (NSE) has launched Nifty India Digital Index.
- This is a sector specific index which aims to track the performance of a portfolio of stocks that broadly represent the Digital theme within basic industries like software, e-commerce, IT enabled services, industrial electronics and telecom services companies.
- The Nifty Digital Index will include stocks of 30 largest companies in the chosen basic industries sectors.
- The index is expected to act as a benchmark for asset managers and be a reference index tracked by passive funds in the form of Exchange Traded Funds (ETFs), index funds and structured products.
- The base date for the index is April 01, 2005 and base value is 1000. Index reconstitution will be done on a semi-annual basis.
2. WPI Inflation at 13 months high
- Wholesale Inflation in India increased to 14.2% in the November month 2021 as compared to 2.29% in November 2020.
- This was the eight successive month that saw wholesale inflation inflation in double digits.
- This was also the highest wholesale inflation since 1991.
3. ADB reduces India’s expected growth rate for 2021-22.
- The Asian Development Bank has released its Asian Development Outlook Report.
- The Asian Development Bank (ADB) has marginally lowered its growth projection for the Indian economy to 9.7% in 2021-22, from 10% estimated in September.
- The bank cited the lower than expected 8.4% growth in the July to September quarter and expects supply chain factors such as chip shortages and rising semiconductor prices to continue to suppress growth.
4. 12,892 companies removed from Registrar of Companies in 2020-21
- According to the Union Minister of State for Corporate Affairs Shri Rao Inderjit Singh, 12,982 companies' licences have been cancelled by the Registrar of Companies in 2020-21.
- Under section 248(2) of the Companies Act 2013, the Registrar of Companies has the power to remove a company from its list of companies and cancel its license.
5. Bengaluru based Neo-banking platform Open acquires Finin
- Bengaluru based, Google-backed business-focused Open has acquired consumer neobanking startup Finin for $10 million in a cash-and-stock deal.
- Open, is Asia’s first neobanking platform for SME (Small and Medium Enterprises) and startups.
- It operates an SME banking platform and also provides banks with infrastructure to launch their own digital banks.
6. PMJDY accounts increased from 60.38% in March’17 to 85.70% in November’21
- According to the Government of India the number of Pradhan Mantri Jandhan Yojana (PMJDY) account holders in India was 43.94 crore and 31.78 crore Rupay Debit card was issued to the PMJDY account holder as on 24 November 2021.
- It covers 85.70% of the household in India as of November 2021.
- It was 60.38%in March 2017.
7. RBI fines ICICI bank and PNB
- Reserve Bank of India has imposed a fine of Rs 30 lakhs on the ICICI bank for not following the RBI direction on the “levy of charges on customer for the non maintenance of minimum balance in Saving accounts “
- RBI has fined Punjab National Bank Rs 1.80 crore for not following RBI directions on holding shares of a company as collateral .
8. PSU Banks go on 2-days strike
- Bank unions under the United Forum of Bank Unions (UFBU) have declared a nationwide strike on December 16 and 17 against the proposed privatisation of two public sector banks (PSBs).
- The Public sector bank unions demand that the government withdraw the Banking Laws (Amendment) Bill, 2021.
- The Banking Laws (Amendment) Bill, 2021 (has not been introduced in the parliament) will enable the privatisation of the two public sector banks in India.
- NITI Aayog has shortlisted Indian Overseas Bank and Central Bank of India for the proposed privatisation of the public sector banks.
- The strike has been called by the United Forum of Bank Unions (UFBU), an umbrella body of nine unions, including the All India Bank Officers' Confederation (AIBOC), All India Bank Employees Association (AIBEA) and National Organisation of Bank Workers (NOBW).
9. Indian and Vietnam sign Memorandum of Understanding (MoU) towards promoting scientific and technical cooperation in marine science and ecology
- The agreement was signed between the Union Minister for Science & Technology, Dr.Jitendra Singh and the visiting Vietnamese Natural resources & Environment Minister, Tran Hong Ha.
- The MoU is the first agreement related to marine science and ecology between the two countries.
10. INDIA, KFW sign Euro 442.26 million loan for Surat Metro Rail Project
- The Government of India and the Germany Development Bank – KFW (Kreditanstalt für Wiederaufbau) signed a Euro 442.26 million loan for the Surat Metro Rail project in Gujarat.
- The total cost of the project is Euro 1.50 billion, out of which KfW is financing Euro 442.26 million.
- The project is co-financed by the French Development Agency, AFD (Agence Française de Développement) which will provide a Euro 250 million loan.
- The total length of the Surat Metro is 40.35 Km.
11. IFSCA sets up a committee for creating a Framework for transfer of stressed loans from domestic lenders to permitted financial institutions in IFSC
- The International Financial Services Service Authority (IFSCA) has set up a committee to create a framework for transfer of stressed loans from domestic lenders to permitted financial institutions in the International Financial Service Center (IFSC).
- Chairman of the committee : Shri G. Padmanabhan, Former Executive Director, Reserve Bank of India
- Stressed loan means a loan which is not being repaid by the borrower on time and has defaulted on its loan repayment.
12. Hindalco to buy Hydro’s aluminium extrusion plant in Andhra Pradesh
- Hindalco Industries Ltd. of the Aditya Birla Group will buy Hydro’s aluminium extrusions enterprise in India for ₹247 crore.
- Hydro is a Norwegian company which has a 15000 tonnes per annum aluminium extrusion plant at Kuppam, Andhra Pradesh.
13. ArcelorMittal Nippon Steel to set up a steel plant in Odisha
- The Government of Odisha has approved the Investment proposal of ArcelorMittal Nippon Steel to set up an integrated steel plant in Kendrapara district of Odisha with an investment of Rs.1.02 lakh crore.
- ArcelorMittal Nippon Steel, is a joint venture between the world’s 2nd largest steel manufacturing company, ArcelorMittal and Nippon Steel.
- The integrated plant will have steel-making capacity of 24 million tonnes per annum and will generate 16,000 direct employment.
- The approved project is the largest project in the manufacturing sector in the country.
- This facility will also produce 18.75 million tonnes of cement annually, making it the largest cement manufacturing plants in the country
Note:
- ArcelorMittal is based in Luxembourg, Europe.
- Nippon Steel is based in Tokyo, Japan.
14. HPCL Launches High Octane Power100 Fuel
- Hindustan Petroleum Corporation Limited has launched the Power100 ultra-premium fuel for supercars and bikes.
- Power100 is one of the highest octane rating petrol in India.
- It has superior anti-knocking properties to improve engine power resulting in faster acceleration, better fuel economy, and smooth ride.
- XP100 by Indian Oil is the first and the only other 100 Octane fuel in India.
