GS3

About: IN LESS than six weeks since Finance Minister announced major financial sector reforms in the Budget for 2021-22, the Union Cabinet has approved a proposal to amend the Insurance Act, 1938, paving the way for increasing the foreign direct investment (FDI) limit in the sector to 74% from 49%. A Bill …

Indian Navy’s third stealth Scorpene class Submarine INS Karanj has been commissioned at the Naval Dockyard Mumbai through a formal commissioning ceremony. About: Six Scorpene Class submarines are being built in India by the Mazagon Dock Shipbuilders Limited (MDL) Mumbai, under collaboration with M/s Naval Group, France. INS Karanj would …

The country’s biggest floating solar power plant till date, by generation capacity, which is being developed by the NTPC in the reservoir of its thermal plant at Ramagundam in Peddapalli district, Telangana, is set to be commissioned by May-June next. About: Work on this 100 megawatt floating solar power plant …

Recently, the second edition of India-Uzbekistan joint military exercise “Dustlik-2” started in Chaubatia, Uttarakhand. Aim : Counter Insurgency (CI) and Counter Terrorism (CT) operations in mountainous, rural and urban scenarios under the United Nations (UN) mandate. First Edition: Took place in Tashkent, Uzbekistan in November 2019. Uzbekistan is important to India for security and connectivity to the Central Asian region and also …

The Defence Research and Development Organisation (DRDO) has conducted the final development test of Air Independent Propulsion (AIP) System, crucial for diesel electric submarines. Air Independent Propulsion (AIP) System: Submarines are essentially of two types: conventional and nuclear. The conventional submarines use diesel-electric engines, which require them to surface almost daily to get atmospheric …

The Parliamentary Standing Committee on Railways has suggested rationalisation of both freight and passenger fares. Social Service Obligations: The losses incurred by the railways in passenger services purportedly due to the social service obligations which include pricing tickets at fares lower than costs and passenger concessions. The railways incur losses to the tune of Rs. 35,000-38,000 …

Recently, the Supreme Court (SC) asked the government to explain the reasons for not setting up an “Independent Environment Regulator” to oversee green clearances. SC’s Order: SC had ordered the setting up of a national environment regulatory body under the Environment (Protection) Act, 1986 to ensure independent oversight of green clearances way back in Lafarge Umiam Mining …

GS-3 NEW UMBRELLA ENTITY FOR PAYMENT SYSTEMS The private companies have shown interest in setting up New Umbrella Entities (NUEs) for payment systems – an idea floated by the Reserve Bank of India (RBI). The aim is to create an alternate mechanism to the existing National Payments Corporation of India (NPCI).     New Umbrella Entities (NUEs): About: NUEs will …

GS-3 PLI SCHEME FOR TELECOM SECTOR The Union Cabinet has approved the Production-Linked Incentive (PLI)scheme for the telecom sector with an outlay of Rs. 12,195 crores over five years. About the PLI Scheme: In order to boost domestic manufacturing and cut down on import bills, the central government in March 2020 introduced a scheme that aims to give companies …

GS-3 SUB-MISSION ON AGROFORESTRY SCHEME The Central Silk Board (CSB) under the Ministry of Textiles and the Ministry of Agriculture & Farmers Welfare have signed a Memorandum of Understanding (MoU) for a “convergence model” in order to implement the “Agro-forestry in silk sector” under the “Sub-Mission on Agroforestry (SMAF) Scheme”. …