13th May, 2021 – Daily News

Topics covered – Central Public Sector Undertaking (CPSU) scheme phase-II, ‘Aerial Passenger Ropeway System’, Production Linked Incentive (PLI) scheme for manufacturing advanced chemistry cell (ACC) battery, “Mission Oxygen”, MoU between Institute of Chartered Accountants of India (ICAI) and Qatar Financial Centre Authority, US’s first major offshore wind farm, Yaogan-30 satellites, Renewable Energy Market Update Outlook for 2021 and 2022 report, Punjab National Bank – Geojit Financial Services partnership, Google’s international money transfer, SEBI’s circular about new disclosure norms on sustainability, Farmizo Khata, World Economic Situation and Prospects report, Nomura’s GDP growth estimate, National Asset Reconstruction Company Ltd, 2021 World Food Prize, Green Urja Award, English Premier League 2021.

Bulletins

  1. Ministry of New and Renewable Energy has amended the guidelines for implementation of Central Public Sector Undertaking (CPSU) scheme phase-II for setting up 12,000 MW grid-connected solar projects with viability gap funding (VGF).
  2. Union Cabinet has approved transfer of 1500 square metres of land belonging to Indo-Tibetan Border Police (ITBP) at Mussoorie to the Uttarakhand Government for the development of ‘Aerial Passenger Ropeway System’ between Dehradun and Mussoorie.
  3. Union Cabinet has approved the Production Linked Incentive (PLI) scheme for manufacturing advanced chemistry cell (ACC) battery.
  4. Maharashtra has launched the “Mission Oxygen”, also known as Swayampurna Maharashtra, to encourage the private sector to generate liquid medical oxygen.
  5. Union Cabinet have approved the signing of the MoU between Institute of Chartered Accountants of India (ICAI) and Qatar Financial Centre Authority (QFCA).
  6. US has approved the nation’s first major offshore wind farm aka Vineyard Wind Project, which will be located 23 km off the coast of Massachusetts.
  7. China has successfully sent a group of remote-sensing satellites of Yaogan-30 family into orbit from the Xichang Satellite Launch Centre in southwest China’s Sichuan Province.
  8. International Energy Agency has released the “Renewable Energy Market Update Outlook for 2021 and 2022” report.
  9. Punjab National Bank has partnered with Geojit Financial Services to offer 3-in-1 account services to its retail customers.
  10. Google has launched international money transfer partnerships with remittances firms Wise and Western Union Co for users of its U.S. payments app.
  11. SEBI has issued a circular notifying new disclosure norms on sustainability related reporting for the top 1,000 listed companies by market cap by FY23.
  12. Shivrai Technologies, Indian AgTech company, has launched the Farmizo Khata, a B2C Farm accounting mobile application.
  13. UN has forecasted a 7.5% GDP growth rate for India for FY22, in its latest World Economic Situation and Prospects report.
  14. Nomura has reduced its GDP growth estimate for India the current 2021-22 to 10.8% from the earlier 12.6%.
  15. Crisil has forecasted a 9.8-8.2% GDP growth rate for India for FY22, down from 11%.
  16. Moody’s has forecasted a GDP growth rate of 9.3% for India for the 2021-22 (FY22).
  17. Care Ratings has revised its GDP growth forecast for FY22 to 9.2% for India.
  18. Padmakumar M Nair has been appointed as the CEO of the National Asset Reconstruction Company Ltd (NARCL), the proposed bad bank for taking over stressed assets of lenders.
  19. Dr Shakuntala Haraksingh Thilsted (a global nutrition expert of Indian descent) has become the first woman of Asian descent to win the 2021 World Food Prize.
  20. Indian Renewable Energy Development Agency Ltd. (IREDA) has won the “Green Urja Award” for being the Leading Public Institution for financing renewable energy projects this year.
  21. Manchester City won the English Premier League 2021 (football) for a 3rd time.
  22. Venugopal Chandrasekhar (table tennis player and coach) has passed away due to Covid-19.

Table of Content

National News

  1. Ministry of New and Renewable Energy has amended the guidelines for implementation of Central Public Sector Undertaking (CPSU) scheme phase-II for setting up 12,000 MW grid-connected solar projects with viability gap funding (VGF).
      • Now, the power produced by the government will be sold at not more than Rs 2.45 per unit. Earlier, it was Rs 2.80 per unit and not more than that.
      • The maximum permissible VGF has been kept at Rs 0.55 crore per MW, which was kept at Rs 0.70 crore per MW earlier.
      • As per the amended guidelines, solar power projects would have to be commissioned within a period of 30 months from the date of letter of award. Earlier, the timeline was 24 months.
      • Viability Gap Funding (VGF) means a grant one-time or deferred, provided to support infrastructure projects that are economically justified but fall short of financial viability.
      • In this case, VGF is provided for covering the cost difference between the domestically produced solar cells and modules and imported solar cells and modules.
      • Tenure of this scheme – 2019-20 to 2022-23
  2. Union Cabinet has approved transfer of 1500 square metres of land belonging to Indo-Tibetan Border Police (ITBP) at Mussoorie to the Uttarakhand Government for the development of ‘Aerial Passenger Ropeway System’ between Dehradun and Mussoorie.
  3. Union Cabinet has approved the Production Linked Incentive (PLI) scheme for manufacturing advanced chemistry cell (ACC) battery.
      • Outlay – Rs 18,100 crore
      • National Programme on Advanced Chemistry Cell (ACC) Battery Storage is expected to attract foreign and domestic investment of Rs 45,000 crore.
      • The proposal aims to achieve manufacturing of 50 gigawatts of battery storage.
      • These incentives will be available to those companies having higher production and sales capability.
      • ACCs are the new generation of advanced storage technologies that can store electric energy either as electrochemical or as chemical energy and convert it back to electric energy as and when required. This can be used in electric vehicles.
      • Each selected ACC battery storage manufacturer will have to commit to set-up an ACC manufacturing facility of a minimum 5 GWh capacity and ensure a minimum 60% domestic value addition at the project level within five years.
      • The beneficiary firms have to achieve a domestic value addition of at least 25% and incur the mandatory investment Rs 225 crore/GWh within 2 years (at the Mother Unit Level) and raise it to 60% domestic value addition within 5 years, either at mother unit, in-case of an Integrated Unit, or at the Project Level, in-case of ‘Hub & Spoke’ structure.

State News

  1. Maharashtra has launched the “Mission Oxygen”, also known as Swayampurna Maharashtra, to encourage the private sector to generate liquid medical oxygen.
      • The state is planning to increase daily production of liquid medical oxygen up to 3,000 metric tonnes (MT).
      • Under its Mission Oxygen, the state has set a short-term goal of 2300 MT to be achieved in the next six months. The mission, which is expected to cost the state ₹1,100 crore.
      • State govt will provide incentives to the private industry for this purpose. The state is expected to bear a cost of around ₹200 crore towards the incentives.

Memorandum of Understanding

  1. Union Cabinet have approved the signing of the MoU between Institute of Chartered Accountants of India (ICAI) and Qatar Financial Centre Authority (QFCA).
      • Purpose – to strengthen the accounting profession and entrepreneurship base in Qatar.
      • ICAI has a strong membership base of over 6000 members in the Middle East and Qatar (Doha) Chapter is amongst the most vibrant Chapters of ICAI.

International News

  1. US has approved the nation’s first major offshore wind farm aka Vineyard Wind Project, which will be located 23 km off the coast of Massachusetts.
      • The Vineyard Wind project is intended to create enough electricity to power 400,000 homes.
      • The project will begin delivering electricity to the grid in the second half of 2023.
  2. China has successfully sent a group of remote-sensing satellites of Yaogan-30 family into orbit from the Xichang Satellite Launch Centre in southwest China’s Sichuan Province.
      • The satellites were launched by a Long March-2C carrier rocket.
      • The satellites will be used for electromagnetic environmental detection and other related technological tests.
      • Tianqi-12 was also sent for data collection and transmission. It is a satellite belonging to the Tianqi constellation.

Reports & Indices

    1. International Energy Agency has released the “Renewable Energy Market Update Outlook for 2021 and 2022” report.

Global Forecast:

        • The renewable energy capacity addition increased by 45% in 2020 to 280 GW which is the highest year on year increase since 1999.
        • In 2019, the additions were 190 GW.
        • China accounted for more than 50% of this global addition in 2020.
        • This 280 GW comprised of solar power (135 GW), wind (114 GW), Hydro (20 GW), and other renewables (10 GW).
        • In 2021, the global renewable energy capacity additions will be 270 GW, followed by 280 GW in 2022.
        • China is expected to contribute 45% in 2021 and 58% in 2022 in the renewable energy capacity additions.
        • Solar PV addition is expected to reach a record breaking level of 162 GW in 2022.

India’s Forecast:

      • India’s renewable energy capacity addition declined by 50% in 2020 as compared to 2019 due to Covid-19. In absolute terms, the capacity addition was 5.62 GW.
      • Majority of this addition was in hydropower sector.
      • The report forecasts that India will add 17 GW of renewable energy capacity in 2021.
      • At present, India has 94 GW of renewable energy capacity, that also includes hydro and biomass energy. About 34 GW is under various stages of implementation while 30 GW is under bidding stages.

Banking & Economy

  1. Punjab National Bank has partnered with Geojit Financial Services to offer 3-in-1 account services to its retail customers.
      • This 3-in-1 account will combine savings and demat accounts of the bank with the non-bank’s trading account to help clients diversify their investments and manage it all through one account.
      • Geojit had a similar tie up with Oriental Bank of Commerce (OBC), which along with United Bank of India has now merged into PNB.
  2. Google has launched international money transfer partnerships with remittances firms Wise and Western Union Co for users of its U.S. payments app.
      • Google Pay users in the United States can now transfer money to app customers in India and Singapore.
      • The payment network is likely to be expanded to the 80 countries available via Wise, and 200 via Western Union by the end of the year.
      • Wise is a London-based international money transfer company. Western Union is a US company which is a market leader in remittances.
  3. SEBI has issued a circular notifying new disclosure norms on sustainability related reporting for the top 1,000 listed companies by market cap by FY23.
      • This reporting will now be under a new business responsibility and sustainability report (BRSR) format.
      • Now, the companies will need to provide an overview of their material environmental, social, governance risks and opportunities and approach to mitigate or adapt to the risks along with financial implications.
SEBI issued disclosure norms on sustainability
  1. Shivrai Technologies, Indian AgTech company, has launched the Farmizo Khata, a B2C Farm accounting mobile application.
      • For this app, Shivrai Technologies partnered with Yono by SBI to help farmers across the country to manage their accounts efficiently, thus cutting down on losses.
      • Shivrai also owns their own B2B brand, FarmERP.

GDP Forecasts

  1. UN has forecasted a 7.5% GDP growth rate for India for FY22, in its latest World Economic Situation and Prospects report.
      • India will grow by 10.1% in 2022.
      • India will be world’s fastest growing major economy in 2022.
      • Global GDP forecast for FY21 – 5.4%
      • Global GDP forecast for FY22 – 4.7%
  2. Nomura has reduced its GDP growth estimate for India the current 2021-22 to 10.8% from the earlier 12.6%.
      • FY21 GDP: (-) 7.6%
      • RBI estimates Indian GDP to grow by 10.5% in FY22.
  3. Crisil has forecasted a 9.8-8.2% GDP growth rate for India for FY22, down from 11%.
      • 9.8% GDP growth rate would be under Scenario 1 and 8.2% will be under Scenario 2.
  4. Moody’s has forecasted a GDP growth rate of 9.3% for India for the 2021-22 (FY22).
      • FY23 GDP forecast – 7.9%
      • Moody’s maintains a Baa3 rating for India, with a negative outlook.
  5. Care Ratings has revised its GDP growth forecast for FY22 to 9.2% for India.

Appointments

  1. Padmakumar M Nair has been appointed as the CEO of the National Asset Reconstruction Company Ltd (NARCL), the proposed bad bank for taking over stressed assets of lenders.
      • Nair, Chief General Manager of Stressed Assets Resolution Group at SBI, is the first CEO of NARCL.
      • NARCL (the name coined for the bad bank) was announced in the Union Budget 2021-22. It will become operation by June 2021.
      • Bad bank refers to a financial institution that takes over bad assets of lenders and undertakes resolution.
      • NARCL will pay up to 15% of the agreed value for the loans in cash and the remaining 85% would be government-guaranteed security receipts.
      • Loans classified as fraud cannot be sold to NARCL. As per the annual report of the RBI, about 1.9 lakh crore of loans have been classified as fraud as on March 2020.

Awards

  1. Dr Shakuntala Haraksingh Thilsted (a global nutrition expert of Indian descent) has become the first woman of Asian descent to win the 2021 World Food Prize.
      • Purpose – for her ground breaking research in developing holistic, nutrition-sensitive approaches to aquaculture and food systems.
      • The award is given by World Food Prize Foundation.
      • Thilsted is a native of Trinidad and Tobago and a citizen of Denmark.
Dr Shakuntala Haraksingh Thilsted  has won 2021 World Food Prize.
  1. Indian Renewable Energy Development Agency Ltd. (IREDA) has won the “Green Urja Award” for being the Leading Public Institution for financing renewable energy projects this year.
      • The award is given by Indian Chamber of Commerce (ICC).
      • CMD of IREDA – Pradip Kumar Das

Sports

  1. Manchester City won the English Premier League 2021 (football) for a 3rd time.
      • Manchester City Football Club is an English football club based in Manchester, England.
Manchester City won the English Premier League 2021

Miscellaneous

  1. Venugopal Chandrasekhar (table tennis player and coach) has passed away due to Covid-19.
  2. “1971: The Beginning of India’s Cricketing Greatness” book has been written by Boria Majumdar and Gautam Bhattacharya.
  3. Noted Assamese litterateur and journalist Homen Borgohain passed away.

Start Quiz of 13th April 2021

Q.1) Which state has launched “Mission Oxygen” to encourage the private sector to generate liquid medical oxygen?
Q.2) As per the International Energy Agency’s “Renewable Energy Market Update Outlook for 2021 and 2022” report, the renewable energy capacity addition increased by 45% in 2020 to ______ which is the highest year on year increase since 1999?
Q.3) With which bank has Geojit Financial Services partnered to offer 3-in-1 account services to its retail customers?
Q.4) Which of the following company has launched the Farmizo Khata, a B2C Farm accounting mobile application, in partnership with Yono app?
Q.5) Who has been appointed as the CEO of the National Asset Reconstruction Company Ltd?
Q.6) What is the GDP forecast for India for FY22, as per the UN’s World Economic Situation and Prospects report?
Q.7) Who has become the first woman of Asian descent to win the 2021 World Food Prize?
Q.8) Which of the following has won the “Green Urja Award”?
Q.9) Who is the author of “1971: The Beginning of India's Cricketing Greatness” book?
Q.10) What is the GDP growth rate forecasted by Nomura for FY22?
CEO of Anujjindal.in


About Anuj Jindal

━━━━

Anuj Jindal, the founder, is an ex-manager from SBI, with an M.Com from Delhi School of Economics. He also has a JRF in Commerce & Management and NET in HRM, along with more than 4 years of experience in the field of Education.

0 Comments
Submit a Comment

Your email address will not be published. Required fields are marked *