1. Coal Ministry Action Plan 2023 -24 : Targets 1012 Million Tonne Coal Production
Tags: Economy/Finance National News
The Ministry of Coal has prepared an action plan for the financial year 2023-24 with the aim of making Atmanirbhar Bharat by increasing production, efficiency, sustainability, new technologies etc. in the coal sector.
Action Plan for the FY 2023-24
Coal Analytics
Coal Production - The total coal production target of 1012 MT for FY 2023-24.
Outsourcing of Mines- Various steps to increase coal production and efficiency like Mining Developers cum Operators (MDO).
Coking Coal Strategy – Ministry of Coal has formulated a coking coal strategy to enhance coking coal availability in the country to reduce imports.
Quality of Coal - Various measures to achieve the objective of supply of quality coal to all consumers.
Private Investment
CAPEX and Asset Monetization -The overall projected target of Assets Monetization plan for FY 2023-24 is Rs 50,118.61 Crores.
Commercial Mining - During FY 2022-23, the Ministry signed agreements for a total of 23 coal mines having cumulative PRC of 33.224 MTPA.
Infrastructure Projects
PM Gatishakti National Master Plan– Ministry of Coal is closely monitoring the new railway line projects that are critical for coal evacuation.
Coal Evacuation- FMC & Railway Lines – Ministry of Coal has adopted a Coal Logistics Policy/Plan for effective and environmentally friendly transport of coal.
Safety in Mines
The Ministry of Coal reaffirms its commitment to the best safety standards and utmost priority to the safety in Coal Mines.
Scientific closure of Mines – To restore the ecological balance in the mined-out areas, mine closure activities will begin this year.
Technology Push to Coal
Technology roadmap in the Coal sector - Ministry is going to circulate the Monitoring framework for coal companies towards Implementation of Technology Roadmap.
Coal to Chemical– Various initiatives like Coal to Hydrogen, Coal & Lignite gasification, CBM/CMM etc.
Diversification of Coal India Limited (CIL)– Coal India Limited is being diversified for sustainable future business operations like New Business Areas (Aluminium, Power, Solar wafer, Solar Power & Renewable) etc.
Sustainability in the coal sector
The Ministry of Coal envisages promoting a sustainable development model in which coal production goes hand in hand with measures for environment protection, resource conservation, care for society and protection of forests and biodiversity.
2. National Conference on Agriculture for Kharif Campaign- 2023
Tags: National Economy/Finance Summits National News
Union Agriculture Minister Narendra Singh Tomar inaugurated the National Conference on Agriculture for Kharif Campaign 2023-24 on 3rd May at NASC Complex New Delhi.
An overview of the news
Agriculture remains the major pulse of the Indian economy and lies at the core of the country's socio-economic development.
It accounts for about 19 percent of the GDP and about two-thirds of the population is dependent on the agriculture sector.
India's agriculture sector has been witnessing strong growth with an average annual growth rate of 4.6 percent over the past six years.
As per the Second Advance Estimates (2022-23), the production of food grains in the country is estimated at 3235 lakh tonnes which is 79 lakh tonnes more than the production of food grains during 2021-22.
The objective of the conference
To review and assess the crop performance during the preceding crop seasons.
fix crop-wise targets for the Kharif season in consultation with State Governments.
ensure supply of critical inputs.
facilitate adoption of innovative technologies with a view to enhance production and productivity of the crops.
Record production is estimated of rice, maize, gram, pulses, rapeseed and mustard, oilseeds and sugarcane.
National target for 2023-24
In the conference, a national target of 3320 lakh tonnes has been fixed for the total food grain production for the year 2023-24.
The target of pulses production has been set at 292.5 lakh tonnes as against 278.1 lakh tonnes this year.
Oilseeds production will be increased from 400 to 440 lakh tonnes in 2023-24.
Shri Annaaims to increase the total production from 159.1 lakh tonnes in 2022-23 to 170.0 lakh tonnes in 2023-24.
3. Government launches Vivad se Vishwas scheme
Tags: Economy/Finance Government Schemes National News
The Department of Expenditure, Ministry of Finance, has launched the scheme, “Vivad se Vishwas I – Relief to MSMEs” for providing relief to Micro, Small and Medium Enterprises (MSMEs) for COVID-19 period.
An overview of the news
The scheme was announced in the Union Budget 2023-24 by Union Finance Minister Nirmala Sitharaman.
The relief provided under this scheme is in continuation to the efforts of the government in promoting and sustaining the MSME sector.
Under the scheme, ministries have been asked to refund performance security, bid security and liquidated damages forfeited/ deducted during the Covid pandemic.
Additional benefits to eligible MSMEs, affected during the COVID-19 period
95% of the performance security forfeited shall be refunded.
95% of the Bid security shall be refunded.
95% of the Liquidated Damages (LD) deducted shall be refunded.
95% of the Risk Purchase amount realized shall be refunded.
Eligibility Criterion
Registered as a Medium, Small or Micro Enterprise as per relevant scheme of Ministry of MSME on the date of claim by supplier/ contractor.
MSME could be registered for any category of Goods and Services.
4. Index of Eight Core Industries increases by 3.6 percent in March 2023
Tags: INDEX Economy/Finance
The combined Index of Eight Core Industries (ICI) increased by 3.6 percent (provisional) in March 2023 as compared to the Index of March 2022.
An overview of the news
The production of Coal, Fertilizers, Steel, Natural Gas, and Refinery Products increased in March 2023 over the corresponding month of last year.
ICI measures combined and individual performance of production of eight core industries viz Coal, Crude Oil, Natural Gas, Refinery Products, Fertilizers, Steel, Cement and Electricity.
The Eight Core Industries comprise 40.27 percent of the weight of items included in the Index of Industrial Production (IIP).
Summary of the Index of Eight Core Industries
Coal - Coal production (weight: 10.33 percent) increased by 12.2 percent in March 2023 over March 2022.
Crude Oil - Crude Oil production (weight: 8.98 percent) declined by 2.8 percent in March 2023 over March 2022.
Natural Gas - Natural Gas production (weight: 6.88 percent) increased by 2.8 percent in March 2023 over March 2022.
Petroleum Refinery Products - Petroleum Refinery production (weight: 28.04 percent) increased by 1.5 percent in March 2023 over March 2022.
Fertilizers - Fertilizer production (weight: 2.63 percent) increased by 9.7 percent in March 2023 over March 2022.
Steel - Steel production (weight: 17.92 percent) increased by 8.8 percent in March 2023 over March 2022.
Cement - Cement production (weight: 5.37 percent) declined by 0.8 percent in March 2023 over March 2022.
Electricity - Electricity generation (weight: 19.85 percent) declined by 1.8 percent in March 2023 over March 2022.
5. National Manufacturing Innovation Survey (NMIS) 2021-22
Tags: Reports Economy/Finance
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Dr. S. Chandrasekhar, Secretary, Department of Science and Technology, released the “National Manufacturing Innovation Survey (NMIS) 2021-22: Summary for Policymakers" on April 27, 2023.
Major Findings of the report
25.01% of the 8,074 firms surveyed were considered innovative.
The 25% of firms that reported innovation in the survey saw 83% increase in turnover and 80% opening up new opportunities in the market.
Only 15% of micro firms are innovative while it is 56% in large firms.
Over 45% of firms reported that lack of funding within the firm or group was the most common constraint, followed by high innovation costs (40.30%) and lack of finance from external sources (39.52%).
The most important constraints were the low demand for innovations in the market (71.23%).
What is the NMIS survey?
It is a joint study by the Department of Science and Technology (DST) and the United Nations Industrial Development Organization (UNIDO) to evaluate the innovation performance of manufacturing firms in India.
The study is a follow-up to DST's first National Innovation Survey conducted in 2011.
The survey had two distinct components: the firm-level survey and the Sectoral Systems of Innovation (SSI) survey.
The study was not designed to assess the effectiveness of specific policies individually or collectively.
6. India, Russia to explore possibility of accepting RuPay and Mir cards
Tags: Economy/Finance
India and Russia will explore the possibility of accepting RuPay and Mir cards in each other's country for hassle-free payments amid sanctions imposed by the West on Moscow.
An overview of the news
In the recent meeting of the High Level Inter-Governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation (IRIGC-TEC), it was discussed and agreed to explore the possibility of allowing acceptance of these cards.
The mutual acceptance of RuPay (India) and Mir cards (Russia) will help Indian and Russian citizens to make hassle-free payments in Indian rupees and Russian ruble in their respective countries
The meeting was co-chaired by External Affairs Minister S Jaishankar and Russia Deputy Prime Minister Denis Manturov.
They agreed to explore the possibility of interaction with the Unified Payments Interface (UPI) of National Payment Corporation of India and the Faster Payments System (FPS) of the Bank of Russia.
The two countries agreed to adopt the Russian Financial Messaging System, the Service Bureau of the Bank of Russia's Financial Messaging System, for cross-border payments.
What is Mir?
Mir is a payment system in Russia.
It waslaunched in 2017.
The Central Bank of Russia has established the function of this payment option.
The Russian national card payment system operatesit.
Sberbank was the first Russian bank to issue payment cards under the Mir brand.
7. Ministry of Finance approves Navratna status to Rail Vikas Nigam
Tags: Economy/Finance National News
The Government of India upgraded the status of Rail Vikas Nigam Limited (RVNL) to 'Navratna' Central Public Sector Enterprise (CPSE).
An Overview of the News
Prior to this upgrade, RVNL was earlier classified as a 'Miniratna' CPSE.
The decision to upgrade RVNL was approved by the Finance Minister and is effective from April 26, 2023.
RVNL is a mid-cap company under the Ministry of Railways.
For the year 2021-22, RVNL has an annual turnover of Rs 19,381 crore and a net profit of Rs 1,087 crore.
This upgrade makes RVNL the 13th Navratna company among CPSEs in India.
About Navratna CPSE
It is a select group of public sector enterprises in India that have been granted greater autonomy in decision making and financial management by the government.
The term "Navratna" means "Nine Gems" in Hindi and refers to the original nine CPSEs that were granted this status in 1997.
Navratna CPSEs are also subject to certain obligations, such as achieving certain performance targets and maintaining minimum levels of public shareholding.
Some examples of Navratna CPSEs include Bharat Electronics Limited, Hindustan Petroleum Corporation Limited and Power Grid Corporation of India Limited.
List of Navratna Companies in India 2023
Shipping Corporation of India Limited
Rashtriya Ispat Nigam Limited
Oil India Limited
NMDC Limited
Neyveli Lignite Corporation Limited
National Building Construction Corporation Limited
National Aluminum Company Limited
Mahanagar Telephone Nigam Limited
Hindustan Aeronautics Limited
Engineers India Limited
Container Corporation of India Limited
Bharat Electronics Limited
8. AIIB to open its first overseas office in Abu Dhabi
Tags: Economy/Finance International News
The Asian Infrastructure Investment Bank (AIIB) signed an agreement to set up its first overseas office in Abu Dhabi Global Market.
An Overview of the News
The AIIB is a multilateral development bank that prioritises financing infrastructure projects focused on sustainability.
The new foreign office in Abu Dhabi will support the AIIB's development agenda by funding sustainable economic development projects, primarily in areas where it is most needed.
The strategic location of the office in the Middle East will enable AIIB to make a global impact in achieving its goals.
AIIB was established in 2016 with a mission to promote sustainable economic growth, create wealth and improve infrastructure connectivity in Asia by investing in productive sectors.
It is headquartered in Beijing, China and has over 100 member countries, including major economies such as the United Kingdom, Germany and Australia.
About United Arab Emirates (UAE)
Location: It is located in Western Asia.
Geographical Boundaries: It shares borders with Oman and Saudi Arabia.
Maritime Borders: It also has maritime borders with Qatar and Iran in the Persian Gulf.
Religion: Islam is the dominant religion in the UAE, with the majority of the population being Sunni Muslim.
Capital - Abu Dhabi
Official language - Arabic
Government - Federal Islamic parliamentary elective semi-constitutional monarchy
President/Crown Prince - Mohamed bin Zayed Al Nahyan
Prime Minister - Mohammed bin Rashid Al Maktoum
Vice President - Mohammed bin Rashid Al Maktoum and Mansour bin Zayed Al Nahyan
9. PFC sanctions Rs 663 crore loan to Gensol Engineering for purchase of Electric Vehicles
Tags: Economy/Finance
Power Finance Corporation (PFC), a Maharatna company and NBFC in the Indian power sector has sanctioned a loan of Rs 633 crore to Gensol Engineering, for the purchase of 5000 passenger Electric Vehicles (EVs) and 1000 cargo EVs.
An overview of the news
The passenger EVs will be leased to Blusmart Mobility Pvt Ltd (BMPL) to expand its fleet of ride-hailing cabs.
The first tranche of the loan has been disbursed, and the first lot of EV cabs has hit the roads of Delhi.
5000 Passenger E4W (Electric Four-Wheelers) funded by PFC are being deployed in Delhi and will result in CO2 emission reduction.
With a view to accelerate India's net-zero target, PFC is exploring opportunities in debt financing of EVs (OEMs and Fleet Acquisition), battery OEMs and EV charging infrastructure, apart from large scale renewable energy financing.
Power Finance Corporation Ltd (PFC)
It plays an important role in the power sector and is responsible for electricity management.
Established -in 1986
It falls under the ownership of the Ministry of Power and has achieved the status of Maharatna from Navratna on 12th October 2021.
10. City Union Bank launches India's first Voice Biometric Authentication banking app
Tags: Economy/Finance
City Union Bank (CUB) launched India's first Voice Biometric Authentication banking app for its mobile banking app which uses it to improve security.
An Overview of the news
The purpose of this feature is to provide an additional layer of security to customers while logging into their accounts.
Currently the Voice Biometric Authentication login option is available only for Mobile Banking App users. Customers will have multiple authentication methods to choose from, including User ID/PIN, Face ID, fingerprint authentication and now voice biometric authentication.
The Voice Biometric Authentication feature was developed in collaboration with M/s Kaizen Secure Voice Pvt Ltd, a Chennai based start-up and 5G Use Case Lab of Institute for Development and Research in Banking Technology (IDRBT).
The technology has received support from the Department of Telecommunications and the Department of Financial Services.
The launch of the Voice Biometric Authentication facility came a day after CUB reported its provisional business figures, in which the total business increased from Rs 88,846 crore to Rs 96,347 crore.
About City Union Bank Limited
Established - 1904
Headquarters - Kumbakonam
CEO - Dr.N. kamakodi
