Raksha Mantri Shri Rajnath Singh & his Vietnamese counterpart General Phan Van Giang hold bilateral talks in Hanoi
Raksha Mantri Shri Rajnath Singh & his Vietnamese
counterpart General Phan Van Giang hold bilateral talks in Hanoi
‘Joint Vision Statement on India-Vietnam Defence Partnership towards 2030’
signed to enhance defence cooperation
MoU to simplify procedures for mutually beneficial logistic support also inked
Raksha Mantri Shri Rajnath Singh
held bilateral talks with Vietnam’s Minister of National Defence General Phan
Van Giang in Hanoi on June 08, 2022.
Why is it in news?
Wide-ranging discussions on
effective and practical initiatives to further expand bilateral defence
engagements and regional & global issues were held between the two sides.
The two Defence Ministers also signed the ‘Joint Vision Statement on
India-Vietnam Defence Partnership towards 2030’, which will significantly
enhance the scope and scale of existing defence cooperation.
Highlights
·
A Memorandum of Understanding on
Mutual Logistics Support was also inked in the presence of both the Ministers.
In these times of increasing cooperative engagements between the defence forces
of the two countries, this is a major step towards simplifying procedures for
mutually beneficial logistic support and is the first such major agreement
which Vietnam has signed with any country.
·
Both Ministers also agreed for early
finalisation of $US 500 million Defence Line of Credit extended to Vietnam.
Implementation of the projects shall add substantially to Vietnam’s Defence
capabilities and further Prime Minister Shri Narendra Modi’s vision of ‘Make in
India, Make for the World’.
·
The Raksha Mantri also announced
gifting two simulators and monetary grant towards setting up of Language and IT
Lab at Air Force Officers Training School for capacity building of Vietnamese
Armed Forces.
·
The Raksha Mantri began his official
visit by paying respects to late President Ho Chi Minh at his Mausoleum in
Hanoi. He also visited Tran Quoc Pagoda, a revered buddhist temple which
reaffirmed the age-old civilizational and people-to-people linkages between the
two countries.
·
India and Vietnam share a
Comprehensive Strategic Partnership since 2016 and defence cooperation is a key
pillar of this partnership. Vietnam is an important partner in India’s Act East
policy and the Indo-Pacific vision. Both countries share a rich history of
civilisational and cultural linkages spanning over 2,000 years. India and Vietnam
continue to have most trustworthy relations in contemporary times with broader
convergence of interests and common concerns. Bilateral defence engagements
have expanded over a period of time to include wide-ranging contacts between
the two countries, including Defence Policy Dialogues, military to military
exchanges, high level visits, capacity building and training programs,
cooperation in UN Peace Keeping, ship visits and bilateral exercises.
Coal Ministry Releases Task Completion Status of Agenda for 2021-22
Coal Ministry Releases Task
Completion Status of Agenda for 2021-22
The Ministry of Coal has released
the task completion status of Agenda for the year 2021-22 which broadly focused
on:
1.Coal Sector Reforms
2. Coal Transition and Sustainability
3. Institution Building
4. Futuristic Agenda.
Why is it in news?
This was a debut Agenda document of
the Ministry for 2021-22 which had been brought out as a compilation and
provided to all senior officers with the responsibility of steering the
four broad focus areas through the year with regular monitoring and appraisals.
There were 24 tasks in total, out of which four tasks are being continued in
the next year.
Highlights
·
The Agenda covered the entire gamut
of areas for steering the Coal Sector into new technologies while focussing on
the core competence of increasing production targets including moving towards
one Billion Ton coal production by 2024.
·
Coal sector reforms included
projects for the financial year 2021-22, Jharia Master Plan, Regulatory Reforms
(Exploration), Coal Beneficiation, Safety in coal mines, Coking coal Strategy,
Marketing reforms, Coal Pricing Reforms, Reforms in land acquisition, Solar
Power Projects, Coal Despatch & Stocking, Coal Export in Neighbouring
Countries and Strategy to boost coal production of mines allocated through
auction.
·
At the same time, Coal Transition
and Sustainability covered the areas of social aspects of coal
transition, monetization of de-coaled land, use of Artificial Intelligence (AI)
in data mining/drones and Sustainability (towards Net Zero Emissions).
·
Institution building segment of the
above Agenda contained reforms in Coal Controller Organisation (CCO), Coal
Mines Provident Fund Organisation (CMPFO), upgrading Coal testing lab and
staffing quality and training issues.
·
The Futuristic Agenda including Coal
to Chemical: Syn Gas, Hydrogen Gas, Liquid fuels, Chemicals and fertilizers,
CIL - diversify its business and explore prospects in sunrise industries
electric charging pods, EVs etc. Acquisition and mergers of similar or new
business after due diligence, media campaign and close monitoring of CSR
activities are continued in Agenda for Ministry of Coal’s for FY 22-23.
3,000 saplings planted by Delhi Customs Zone in Haryana as part of Azadi Ka Amrit Mahotsav Iconic Week Celebration under Ministry of Finance
3,000 saplings planted by
Delhi Customs Zone in Haryana as part of Azadi Ka Amrit Mahotsav Iconic Week
Celebration under Ministry of Finance
3,000 saplings were planted in
plantation drive by Delhi Customs in the State of Haryana on 7th June,
2022. This plantation drive was part of the Iconic Week Celebration of the
Ministry of Finance from 6th to 12th June, 2022
as part of the events under “Azadi Ka Amrit Mahotsav (AKAM)” to commemorate 75th year
of Independence and to bestow the honour to all our freedom fighters who have
laid their lives in ensuring India attaining freedom in 1947. This Iconic Week
celebration was launched on 6th June, 2022 by the Prime
Minister, Shri Narendra Modi at Vigyan Bhawan in New Delhi.
Why is it in news?
Central
Board of Indirect Taxes & Customs (CBIC) as part of Department of Revenue
under Ministry of Finance was entrusted with the responsibility of planting
75,000 saplings across the country on 7th June, 2022. Special
Secretary & Member, CBIC Shri Balesh Kumar inaugurated the event by
planting a sapling at Garhi-Harsaru, one of the 11 ICD/ dry port locations in
Haryana in the presence of Mrs. Simmi Jain, Principal Commissioner of Customs,
ICD Patparganj Commissionerate, along with other Customs officials.
Highlights
· Plantation was carried out
simultaneously at 12 ICDs under the jurisdiction of Patparganj Commissionerate
covering 11 ICDs in Haryana and 12th one located at Patparganj
in the State of Delhi. In total, over 3000 plants were planted in these 12
locations with 600 saplings at Garhi-Harsaru, 500 each at Sonipat and Piyala,
350 at Palwal, 300 each at Patli, Jathipur & Barhi, 100 at Ballabhgarh and
50 each at Bawal, Pali, Rewari and Patparganj in Delhi. In addition, plantation
was also undertaken in two schools namely, one at Sonipat and the other at
Gurugram where “Project Sajal” was launched recently by Delhi
Customs on 26th June, 2022 as part of Swachhata Action Plan of
the Government of India for providing safe drinking water to students.
Plantation in these schools over the years will not only ensure recharging the
local ground water level but will also aid the Project Sajal launched by Delhi
Customs in providing sustainable and safe drinking water to the school
students.
· As part of this plantation
drive, Delhi Customs has chosen variety of saplings with special emphasis on
plants that are of native species with fruit bearing, flowering and shade
giving properties. To ensure that the planted tree has high survival rate, pits
were prepared in advance and termite treatment was also given before the
saplings were planted. Based on this, saplings of different varieties of trees
like Asoka, Mango, Guava, Neem, Gulhar, Pilkhan, Kadamb, Bargad (Banyan),
Peepal, Kaner, Chandani, Orange were planted at these locations. In Sonipat,
Rajkiya Prathmik Pathshala, Garhi- Jhanjhara 250 plants were planted, most of
them being fruit bearing plants.
· This mega project of
plantation was undertaken in active coordination with the custodians of
Patparganj Customs, namely, ACTL-Faridabad, Hind Terminal, GRFL, Sanjvik
Terminal, Container Warehousing Corporation, Adani Logistics, Rewari Haryana
Warehousing Corporation, DP World, Concor & DICT, two government
schools each at Garhi- Harsaru and Garhi- Jhajhara and nearby villages to ensure
its better upkeep and maintenance for high survival rate post plantation.
· Most plants selected for
plantation are aimed to reduce greenhouse gases through photosynthesis. Neem on
an average produces 260 pounds of oxygen each year while the Banyan tree are
ecological linchpins. They not only produce oxygen at night but also produce
vast crops of figs that sustain many species of birds, fruit bats, primates
which in turn disperse the seeds of hundreds of plant species. The mango tree
produces delicious fruit and also absorb carbon dioxide to produce oxygen.
Peepal gives oxygen 24 hours and uses up carbon dioxide which is responsible
for greenhouse emissions.
RBI hikes Repo Rate by 50 basis points
RBI hikes Repo Rate by 50 basis points
Retains GDP growth forecast at 7.2%, Inflation projected at 6.7% during FY
2022-23
Why is it
in news?
Credit Cards, beginning with RuPay
card can be linked with UPI
e-Mandate transaction limit increased to Rs 15,000
Upper limit on housing loans by Cooperative banks hiked by more than 100%
Highlights
Key Policy Rates
·
The Monetary Policy Committee of
Reserve Bank of India, which met from 6-8 June 2022, has unanimously decided to
hike the Repo Rate by 50 basis points to 4.90 %
·
Consequently, Standing Deposit
Facility Rate stands adjusted to 4.65% and Marginal Standing Facility rate and
Bank Rate to 5.15%
·
The MPC also decided to remain
focused on withdrawal of accommodation to ensure that inflation remains within
the target going forward, while supporting growth.
·
Inflation
Assuming
normal monsoon in 2022 and average crude oil price of $105 per barrel in Indian
basket, inflation is projected at 6.7% in 2022-23
Q1
- 7.5%
Q2
- 7.4%
Q3
- 6.2%
Q4
- 5.8%
·
Growth forecast
The MPC has observed that the global
economy continues to grapple with multi-decadal high inflation and slowing
growth, persisting geopolitical tensions and sanctions, elevated prices of
crude oil and other commodities and lingering COVID-19 related supply chain
bottlenecks.
·
Economic indicators for April –May
indicate a broadening of the recovery in economic activity in India. Urban
demand is recovering and rural demand is gradually improving. Merchandise
exports posted robust double-digit growth for the fifteenth month in a row
during May while non-oil non-gold imports continued to expand at a healthy
pace, pointing to recovery of domestic demand.
·
Real GDP growth for 2022-23 is
estimated at 7.2%
Q1
- 16.2%
Q2
- 6.2%
Q3
- 4.1%
Q4
- 4.0%
·
According to NSO provisional
estimates released on May 31, India's GDP growth in 2021-22 is estimated at
8.7%, higher than pre-pandemic level.
Measures to benefit Cooperative
Banks
1.
Taking into account the increase in
housing prices since the limits were last revised and considering the customer
needs, it has been decided to increase the existing limits on individual
housing loans by cooperative banks. Accordingly, the limits for Tier I /Tier II
UCBs shall stand revised from ₹30 lakh/ ₹70 lakh to ₹60 lakh/ ₹140 lakh, respectively.
As regards RCBs, the limits shall increase from ₹20 lakh to ₹50 lakh for RCBs
with assessed
2.
net worth less than ₹100 crore; and
from ₹30 lakh to ₹75 lakh for other RCBs.
3.
Urban cooperative banks can now
extend doorstep banking services to customers Will enable these banks to better
meet the needs of their customers, especially senior citizens and differently
abled persons-
·
Rural cooperative banks can now
extend finance to commercial real estate (loans to residential housing
projects) within existing aggregate housing finance limit of 5% of total assets
·
Enhancement of limit on e-mandate
transactions
To further augment customer
convenience and facilitate recurring payments like subscriptions,
insurance premia and education fees of larger value, limit per transcation for
e-mandate based recurring payments increased from ₹5,000 to ₹ 15,000
·
Enhancing scope of UPI payment
system.
Now,
credit cards too can be linked with UPI platform, beginning with RuPay
cards. This will provide additional convenience to users and enhance
scope of digital payments. UPI has become the most inclusive mode of
payment in India. Currently, over 26 crore unique users and 5 crore merchants
are onboarded on the UPI platform.
·
The Monetary Policy Committee,
besides the Governor Shri Shaktikanta Das comprised Dr. Shashanka Bhide, Dr.
Ashima Goyal, Prof. Jayanth R. Varma, Dr. Rajiv Ranjan and Dr. Michael
Debabrata Patra
The next meeting of the MPC is
scheduled during August 2-4, 2022.
Coal Ministry Releases Task Completion Status of Agenda for 2021-22
Coal Ministry Releases Task
Completion Status of Agenda for 2021-22
The Ministry of Coal has released
the task completion status of Agenda for the year 2021-22 which broadly focused
on:
1.Coal Sector Reforms
2. Coal Transition and Sustainability
3. Institution Building
4. Futuristic Agenda.
Why is it in news?
This was a debut Agenda document of
the Ministry for 2021-22 which had been brought out as a compilation and
provided to all senior officers with the responsibility of steering the
four broad focus areas through the year with regular monitoring and appraisals.
There were 24 tasks in total, out of which four tasks are being continued in
the next year.
Highlights
·
The Agenda covered the entire gamut
of areas for steering the Coal Sector into new technologies while focussing on
the core competence of increasing production targets including moving towards
one Billion Ton coal production by 2024.
·
Coal sector reforms included
projects for the financial year 2021-22, Jharia Master Plan, Regulatory Reforms
(Exploration), Coal Beneficiation, Safety in coal mines, Coking coal Strategy,
Marketing reforms, Coal Pricing Reforms, Reforms in land acquisition, Solar
Power Projects, Coal Despatch & Stocking, Coal Export in Neighbouring
Countries and Strategy to boost coal production of mines allocated through
auction.
·
At the same time, Coal Transition
and Sustainability covered the areas of social aspects of coal
transition, monetization of de-coaled land, use of Artificial Intelligence (AI)
in data mining/drones and Sustainability (towards Net Zero Emissions).
·
Institution building segment of the
above Agenda contained reforms in Coal Controller Organisation (CCO), Coal
Mines Provident Fund Organisation (CMPFO), upgrading Coal testing lab and
staffing quality and training issues.
·
The Futuristic Agenda including Coal
to Chemical: Syn Gas, Hydrogen Gas, Liquid fuels, Chemicals and fertilizers,
CIL - diversify its business and explore prospects in sunrise industries
electric charging pods, EVs etc. Acquisition and mergers of similar or new
business after due diligence, media campaign and close monitoring of CSR
activities are continued in Agenda for Ministry of Coal’s for FY 22-23.