National News

Metro :

Nagpur Metro successfully created a Guinness World Record

Why In News

Nagpur Metro has successfully created a Guinness World Record by constructing the longest double-decker viaduct (metro) is 3,140 meters and was achieved by the Wardha Road in Nagpur. 

Key Points

The double-decker viaduct of 3.14 km on Wardha Road has three metro stations – Chhatrapati Nagar, Jai Prakash Nagar and Ujjwal Nagar. These stations require special planning which are station specific to meet the functional requirements of themetro duly incorporating site specific constraints and double-decker viaduct requirements. The engineering thought process, concept, design and execution of these stations are no less than a challenge.

The project has already bagged records from Asia Book and India Book. Initially, the alignment of the highway flyover and metro rail were on same existing highway on Wardha Road, with independent piers at alternating locations proposed on the median.This was later reviewed and decided to integrate Highway Flyover and Metro Rail to form a double-decker viaduct.

Double decker viaduct carries highway flyover at the first level and Metro Rail at second level making it a three-tier transportation system with the existing highway at ground level. This helped in avoiding additional land acquisition thus saving land cost and reducing construction time and project cost.

Ladakh To Soon Have India’s First Dark Night Sky Reserve

Why in News

Ladakh is all set to have India’s first Dark Night Sky Reserve at Hanle village in Changthang region. In about eighteen locations in Hanley, powerful telescopes will be installed for stargazing.

Key Points  

Union Territory Ladakh administration has distributed eighteen telescopes to the trained youths of Hanley village.

At an elevation of 4,500 meters, Hanley is home for the second-highest optical telescope in the world, established in 2001 by Indian Institute of Astrophysics.

On his maiden visit to Hanley, Ladakh Lieutenant Governor RK Mathur was convinced with the unique potential lied for Astro tourism in the area.

Following a tripartite MoU between UT Administration, Leh Hill council and Indian Institute of Astrophysics in June this year, necessary approvals from Department of Science and Technology and Ministry of Environment and Forests were issued for Dark sky sanctuary.

On the other hand, Leh Hill Council CEC Tashi Gyaltson and MP Jamyang Tsering Namgyal have convinced the villagers about the economic development through Home stays and new avenues in tourism. LG Mr Mathur has kept establishment of Dark Sky Sanctuary on priority. He already instructed the concerned authorities to get affiliation with International Dark Sky Association and Star Light Foundation for Hanley Dark Sky Sanctuary. Sanctuary opens up personalized experiences to Astro tourists, economic opportunities for youths through the Telescope operation and villagers from the home stays.

UT administration is also planning for mobile and static planetariums in the region. 24 youths from three hamlets of Hanley were provided with training by the Indian Institute of Astrophysics under the guidance of Engineering Chief Dorjey Angchuk.

Locations are identified for the installation of telescopes including one big telescope in Punguk village. 

Edelweiss Mutual Fund Launches Fourth Tranche of ‘BHARAT Bond ETF’

Why In News

Edelweiss Mutual Fund has announced the launch of the fourth tranche of BHARAT Bond ETF.

Key Points

Edelweiss Mutual Fund has announced the launch of the fourth tranche of BHARAT Bond ETF – India’s first corporate bond ETF (exchange-traded fund).

A central government initiative, Bharat Bond ETF invests only in ‘AAA’-rated bonds of public sector companies. Edelweiss Asset Management is the fund manager of the scheme. This latest tranche of the ETF and BHARAT Bond Fund of Fund (FoF) series will mature in April 2033. The new fund offer (NFO) will start on 2 December and end on 8 December. Through the launch of this new series, Edelweiss Mutual Fund proposes to raise an initial amount of ₹1,000 crore with a green shoe option of another ₹4,000 crore.

Bharat Bond ETF:

Bharat Bond ETF is a target-maturity bond ETF, which has defined fixed maturity, investing in bonds with a similar maturity. So far, five maturities of Bharat Bond ETFs have been launched – 2023, 2025, 2030, 2031, & 2032. The fourth tranche of Bharat Bond ETF comprises AAA-rated public sector undertakings with an indicative yield of 7.5%, a maturity date of April 18, 2033, and a modified duration of 6.66 years.

The Centre launched the fourth tranche of India’s first corporate bond exchange-traded fund (ETF) on December 2. The latest Bharat Bond ETF is maturing in April 2033.

Subscriptions in this new ETF will be allowed till December 8. Edelweiss AMC is managing the Bharat Bond ETF. Since 2019, the government has launched a series of Bharat Bond ETFs and they have witnessed strong demand from investors as they offer reliability and tax-efficiency debt investment option for a long term basis.

ESIC Can Invest Up to 15% Surplus Funds in Equity Through ETFs

Why In News

The Employees State Insurance Corporation(ESIC) can now invest up to 15 per cent of its excess fund into equity after the Centre allowed the body to do so.

Key Points

 The Employees State Insurance Corporation(ESIC) can now invest up to 15 per cent of its excess fund into equity after the Centre allowed the body to do so. The social security body can invest its surplus fund in equity through exchange traded funds.

The decision to invest surplus funds into equity was taken due to the low returns on debt instruments and the need to diversify the corporation’s portfolio. Initially, the investment will be restricted to exchange-traded funds.

“The initial investment shall start at 5 per cent and increase up to 15 per cent gradually, after review of two quarters. The investment will be confined in ETFs, i.e., Nifty50 and Sensex. It will be managed by fund managers of Asset Management Companies (AMCs). The equity investment will be monitored by existing custodian, external concurrent auditor and consultant looking after the debt investments in addition to the management of the ETF for equity”, the statement said.

Besides, the minister also emphasised strengthening the infrastructure at ESIC hospitals and dispensaries and approved the setting up of a new 100 bedded ESIC Hospital at Shyamlibazar, Agartala, Tripura and Idukki.

Further, it was also decided to execute the capital works in ESIC through Central / State PSUs besides the Central Public Works Department (CPWD). A fresh empanelment of such central / state PSU will be invited by the ESIC for empanelment in due course.

ESIC gave in-principal approval for the execution of Annual Repair Maintenance & Operational work (ARMO) and Special Repair (SR) works by the Engineering Wing under the Project Management Division (PMD) of ESI Corporation.

ESIC:

International News

NDDB, Amul to Provide Technical Support to Enhance Milk Production in Sri Lanka

Why In News

India will provide technical support to Sri Lanka to enhance its dairy industry and milk output.

Key Points

India will provide technical support to Sri Lanka to enhance its dairy industry and milk output, a move aimed at reducing the cash-strapped country’s dependence on imported milk products, the Sri Lankan President’s Office said.

Officials of the National Dairy Development Board (NDDB) and the Gujarat Cooperative Milk Marketing Federation (GCMMF), which markets milk under the Amul brand, have taken steps to provide necessary technical support for the production of milk in Sri Lanka.

Ranil Wickremesinghe, the President of Sri Lanka has appointed a panel consisting of public and private players to work in consultation with the multi-disciplinary team of NDDB and chalk out long and short-term plans to increase the milk production of Sri Lanka and reduce its dependence on milk imports.

Plans were discussed doubling local milk production by implementing short and medium-term plans and making Sri Lanka self-sufficient in milk in the long run through a targeted program,” the statement said.

The move came at a time when questions are also being raised about the food security situation in Sri Lanka as malnutrition in the country, especially among children has increased.

According to UN World Food Programme (WFP) currently, more than 56,000 children in Sri Lanka are suffering from acute malnutrition. The organization added that according to its data, 32% of the households in Sri Lanka are currently food insecure and 68% of the households are changing their food preference or choosing smaller portions of food.

The economic situation of the country which even invoked violent protests has improved compared to the initial months of the year, but still, the citizens of the country are suffering from the deficiency of basic products.