1. COALITION FOR DISASTER RESILIENT INFRASTRUCTURE (CDRI)
The Union Cabinet has approved the categorization of the Coalition for Disaster Resilient Infrastructure (CDRI) as an ‘International Organization’ and signing of the Headquarters Agreement (HQA) with CDRI for granting it the exemptions, immunities and privileges as contemplated under the United Nations (Privileges & Immunities) Act, 1947.
This will help the CDRI in:
- Deputing experts to other countries, that are particularly vulnerable to disaster risk and / or require support for post disaster recovery and also bringing in experts from member countries to India, for similar purposes;
- Deploying funds globally and receive contributions from member countries, for CDRI activities;
- Providing an independent and international legal persona so that it can efficiently and effectively carry out its functions internationally.
Background:
- On 28th August, 2019, the Cabinet had approved the setting up of CDRI with its Secretariat in New Delhi along with a support of Rs. 480 crore to CDRI.
- The CDRI was launched by the Hon’ble Prime Minister of India during the United Nations Climate Action Summit on the 23rd September, 2019, at New York.
- Since its launch, thirty-one (31) Countries, six (06) International Organizations and two (02) private sector organizations have joined as members of CDRI.
2. FLOATING SOLAR POWER PROJECT
India’s largest floating Solar Power Project is now fully operational.
About:
- NTPC declared Commercial Operation of the final part capacity of 20 MW out of 100 MW Ramagundam Floating Solar PV Project at Ramagundam, Telangana with effect from July 01, 2022.
- With the operationalisation of 100-MW Solar PV Project at Ramagundam, total commercial operation of Floating Solar Capacity in Southern Region rose to 217 MW.
- Earlier, NTPC declared Commercial operation of 92 MW Floating Solar at Kayamkulam (Kerala) and 25 MW Floating Solar at Simhadri (Andhra Pradesh).
- The solar modules are placed on floaters manufactured with HDPE (High Density Polyethylene) material.
3. YAIR LAPID
Prime Minister Narendra Modi on July 1 congratulated Yair Lapid for assuming the Premiership of Israel and said he looks forward to furthering the bilateral strategic partnership as the two countries celebrate 30 years of full diplomatic relations.
About:
- Yair Lapid officially became the 14th Prime Minister of Israel.
- Lapid's term could be the short one as he take over the caretaker government ahead of Israel's election which was scheduled to take place on November 1.
- Israel's Parliament voted on June 30 to dissolve itself and send the country to the polls in November for the fifth time in less than four years.
4. PSLV ORBITAL EXPERIMENTAL MODULE (POEM)
Besides placing three Singaporean satellites in precise orbit, the Indian Space Research Organisation (ISRO) also achieved the feat of successfully launching the PSLV Orbital Experimental Module or ‘POEM’.
About:
- The PSLV Orbital Experimental Module is a platform that will help perform in-orbit experiments using the final, and otherwise discarded, stage of ISRO’s workhorse rocket, the Polar Satellite Launch Vehicle (PSLV).
- The PSLV is a four-stage rocket where the first three spent stages fall back into the ocean, and the final stage (PS4) — after launching the satellite into orbit — ends up as space junk.
- However, in PSLV-C53 mission, the spent final stage will be utilised as a “stabilised platform” to perform experiments.
- POEM is carrying six payloads, including two from Indian space start-ups Digantara and Dhruva Space.
- According to ISRO, POEM has a dedicated Navigation Guidance and Control (NGC) system for attitude stabilisation, which stands for controlling the orientation of any aerospace vehicle within permitted limits.
- The NGC will act as the platform’s brain to stabilize it with specified accuracy.
- POEM will derive its power from solar panels mounted around the PS4 tank, and a Li-Ion battery. It will navigate using “four sun sensors, a magnetometer, gyros & NavIC.
5. SPECIAL CESS
In a series of measures to regulate the import and export of items such as crude oil and gold, the government has imposed special additional excise duty/ cesses on exports of petrol and diesel of Rs 6 per litre and Rs 13 per litre respectively.
About:
- The import duty on gold has been hiked to 15 per cent from 10.75 per cent to curb imports of gold amid concerns over increasing pressure on the current account deficit.
- A cess of Rs 23,250 per tonne (by way of special additional excise duty or SAED) or windfall tax, has been imposed on crude. A SAED of Rs 6 per litre has also been imposed on exports of aviation turbine fuel (ATF) or jet fuel.
Source : Indian Express
6. G-SEC YIELDS
On June 30, 2022, the government said that it had decided to keep interest rates on small savings instruments unchanged for the July-September quarter, defying expectations of a hike in rates given the sharp rise in government security (G-sec) yields over the last three months.
About:
- G-secs, or government securities or government bonds, are instruments that governments use to borrow money. Governments routinely keep running into deficits — that is, they spend more than they earn via taxes. That is why they need to borrow from the people.
- But G-secs are different from everyday lending between two private individuals or entities.
- For one, G-secs carry the lowest risk of all investments. After all, the chances of the government not paying back your money are almost zero. It is thus the safest investment one can make.
- The other ways in which G-Secs are different are in the manner in which they are structured, and how their effective interest rates (also called yields) are calculated.
Source : Indian Express
7. DAK KARMAYOGI
‘Dak Karmayogi’, an e-learning portal of the Department of Posts was launched by Ashwini Vaishnaw, Minister of Communications.
About:
- This portal has been developed ‘In-House’ under vision of ‘Mission Karmayogi’, which was conceptualized by Prime Minister Narendra Modi with a view to bring efficiency in actions of all the employees of Government of India and transforming efficiency of bureaucracy with ‘Minimum Government’ and ‘Maximum Governance’.
- ‘Dak Karmayogi’ portal will enhance the competencies of about 4 lakh Gramin Dak Sevaks & Departmental employees by enabling the trainees to access the uniform standardized training content online or in blended campus mode to enable them to effectively deliver a number of G2C services for enhanced customer satisfaction.
Source : PIB
8. 47th GST COUNCIL MEETING
The 47th GST Council met under the Chairmanship of Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman in Chandigarh.
The GST Council has inter-alia made the following recommendations:
- 18 per cent of GST will be applied to bank cheque book and 12 per cent will be applied on maps, atlas and globes. The rate rationalisation decision implies that printing, writing and drawing ink will get costlier.
- Non-branded pre-packed lassi, curd, butter milk, food items and grains will now be a part of the GST.
- GST rates on medical items, including ostomy and orthopaedic appliances – splints and other fracture appliances, artificial body parts which are worn or implanted in the body has been reduced to five per cent.
- The GST for transport of good and passengers via ropeway has been reduced from 18 per cent to five per cent. Also, the renting of truck which includes fuel cost will now stand at 12 per cent.
- As part of the revised rates, GST on LED lamps, lights and fixture, their metal printed circuits board, drawing and marking instruments will be increased from 12 per cent to 18 per cent.
- The GST rates have been increased for services supplied by a foreman in a chit fund, jobs related to leather goods and footwear, processing of hides and skins, manufacturing of clay bricks, contracts for roads, bridges, railways, metro among others.
Source : DNA
9. AUTONOMOUS FLYING WING TECHNOLOGY DEMONSTRATOR
Maiden flight of the Autonomous Flying Wing Technology Demonstrator was carried out successfully by Defence Research and Development Organisation (DRDO) from the Aeronautical Test Range, Chitradurga, Karnataka on July 01, 2022.
About:
- This flight marks a major milestone in terms of proving critical technologies towards the development of future unmanned aircraft and is significant step towards self-reliance in such strategic defence technologies.
- The Unmanned Aerial Vehicle is designed & developed by Aeronautical Development Establishment (ADE), Bengaluru, a premier research laboratory of DRDO.
- It is powered by a small turbofan engine. The airframe, undercarriage and entire flight control and avionics systems used for the aircraft were developed indigenously.
Source : PIB
10. REGULATORY FRAMEWORK FOR ANGEL FUNDS
Angel Funds bridge the gap between start-ups and angel investors, who are instrumental in providing mentoring, and resources to the start-ups. In recognition of the same, IFSCA has now issued a framework for Angel funds under the IFSCA (Fund Management) Regulations, 2022.
The salient features of the said framework are as under:
- A Fund Management Entity (FME) in IFSC will be able to launch Angel Fund by filing a placement memorandum with the Authority under a Green Channel, i.e. the schemes can open for subscription by investors immediately upon filing the placement memorandum with the Authority.
- Angel Funds shall accept investments from accredited investors or investors who are willing to commit at least USD 40,000 over 5 years.
- Angel Funds are permitted to invest in start-ups as well as other regulated angel schemes in IFSC, India, foreign jurisdictions upon receiving consent from the desirous investors.
- While investment(s) by an Angel Fund in a start-up is capped at USD 1,500,000, the Angel fund is permitted to invest in subsequent rounds of fund raising by the start-up in order to protect its shareholding from dilution, subject to certain conditions.
Source : PIB