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US passes 'chips bill' to boost semiconductor production

US passes 'chips bill' to boost semiconductor production

Why is it in news?

Recently the US House of Representatives passed the Chips and Science Bill. CHIPS Bill stands for "Creating Helpful Incentives to Produce Semiconductors". The CHIPS bill has been passed to provide assistance and subsidies worth USD 280 billion.

Features of the bill

• The bill specifically focuses on the semiconductor industry in the US.

• The semiconductor industry in the US is facing competition from China.

• It will provide USD 52 billion to companies that are involved in making chips in the US.

• USD 200 billion will be provided for scientific research in the field of artificial intelligence and other innovative technologies.

• This bill was passed keeping many things in mind. In 2021, there was a global shortage of semiconductors or chips.

• It prompted the US to recognize its need for substantial manufacturing. In addition, the increasing use of laptops from 2020 has further fueled the demand for chips.

• Currently, 75% of the world's dependence on semiconductors is met by East Asia.

Semiconductors: Significance

• Semiconductors are important for driving most of the electronic devices used in daily life. They are made of a material such as silicone.

• They are used as data-storing memory chips, or logic chips, to run programs.


What is Craft Village Initiative?

What is Craft Village Initiative?

Why is it in news?

The government is linking major tourist destinations with the support of handicraft clusters and infrastructure as a part of the “Linking Textile with Tourism” initiative. In this regard, 8 Shilp Grams have already been established for the overall development of the villages. Craft promotion and tourism are being promoted in these villages.

 

8 Craft Villages

 

Raghurajpur (Odisha)

Tirupati (Andhra Pradesh)

Vadaj (Gujarat)

Naini (Uttar Pradesh)

Anegundi (Karnataka)

Mahabalipuram (Tamil Nadu)

Taj Ganj (Uttar Pradesh)

Amer (Rajasthan)

 

• These craft villages will promote handicrafts as a viable and money-earning livelihood option for artisans in clusters.

• It will protect the rich artistic heritage of India.

• The Craft Village initiative will benefit about 1000 artisans across India.

• The program has also increased the influx of tourists to these craft villages.

 

Introduction

• The concept of a craft village was drafted to collect most of the craft samples and craftsmen at one place.

• The infrastructure and environment in the Craft Village is designed in a village style to reflect the spirit of rural life in India. These villages also act as a market, where one can buy artefacts at a lower price than the normal market.

 

Significance

• Crafts are an important part of Indian culture.

• These crafts flourish in the far flung areas of the country.

• Most of the crafts are practiced as family and past heritage.

• Craftsmen have inherited the craft from their ancestors.

• This tradition is being followed for centuries.

 

 


6 billion transactions recorded through UPI in July 2022

6 billion transactions recorded through UPI in July 2022

Why is it in news?
India is running in the fast lane in the relief of Digital India. India is creating a new record in terms of UPI transactions with every passing day. However, the month of July proved to be a milestone for UPI transactions. In fact, the maximum number of UPI transactions took place in July 2022. This month the number of UPI transactions crossed 6 billion i.e. 600 crores, which is a record.
Highlights
• According to the National Payment Corporation of India (NPCI) report, 6.28 billion transactions have taken place in the month of July, which is about 10.62 trillion. If we talk about the last month, then there has been an increase of 7.16 percent in UPI transactions.
• While UPI transactions have doubled in July this year as compared to last year.
• It is worth noting that about 3 years ago in 2016, the first UPI payment system was launched.
• For the first time in the month of October 2019, India crossed the 1 billion transaction mark. A year after this, in October 2020, about 2 billion UPI transactions have been done.
• 10 months after this, in August 2021, the number of UPI transactions reached 3 billion. Whereas three months later in November 2021, the number of UPI transactions increased to 4 billion.
• In the next 6 months, in March 2022, the figure reached 5 billion per month. After this, in November 2022, 6 months later, the number of UPI transactions increased by 1 billion to 6 billion.
• During the Covid-19 epidemic, there was a strong growth in the case of digital transactions.
• Over 46 billion UPI transactions took place in FY 2022, valued at around Rs 84.17 trillion.
• There were 22.28 billion transactions in FY 2021, valued at around Rs 41.03 trillion. In such a situation, in the financial year 2022, there have been almost double the UPI transactions as compared to the previous year.
• On the other hand, the Digital Payment Index (DPI) of the Reserve Bank of India (RBI) increased to 349.30 in March 2022 from 304.06 in September 2021.
• DPI INDECT was launched in January 2021, which indicates the number of digital indices across the country. The index stood at 153.47 in March 2019, which increased to 173.49 in September 2019.
• Similarly in March 2020 it became 207.94. Then it became 217.74 in September 2020 and 270.59 in March 2021.
• It is estimated that one billion transactions per day in the next 5 years following the RBI's decision to link the RuPay card to UPI is expected to see a sharp rise in digital transactions in India in the coming days.
National Payments Corporation of India (NPCI)

NPCI is a specialized division of RBI. It functions under the Ministry of Finance. It was set up by RBI in 2008 to operate retail payment and settlement systems across India.


Scientists build world's most durable hydrogen fuel cell

Scientists build world's most durable hydrogen fuel cell
Why is it in news?
Scientists at Hong Kong University of Science and Technology (HKUST) have developed the world's most sustainable hydrogen fuel cell. Besides, this hydrogen fuel is more cost-effective, and paves the way for wider application of green energy in the pursuit of a carbon-neutral world. 

Highlights
Hydrogen fuel cells are the clean energy option because;
• Zero carbon dioxide, particulate matter and other air pollutants are emitted in this process.
• Hydrogen fuel cells have not yet been widely commercialized, despite their many environmental benefits. This is because, the power generation capability of a hydrogen fuel cell depends on an electrocatalyst. Electrocatalysts include the very expensive and rare metal platinum.
• They generate electricity efficiently by converting hydrogen and oxygen into electricity.
• Thus, researchers have tried to develop an alternative to platinum by replacing it with a more common and cheaper material such as iron, nitrogen or carbon.
• Significantly, at present the scientists of HKUST have discovered a new formula. This formula will reduce the proportion of platinum used by up to 80%.
• It will also set a benchmark in terms of durability level of SAIL.
• The new cell managed to maintain the platinum catalyst activity at 97% after 100,000 cycles of the accelerated stress test, while the current catalyst's performance decreased by 50% over 30,000 cycles. After 200 hours of operation, no performance decay was reported in the new fuel.