CURRENT AFFAIRS 27 July, 2024
- GOVERNMENT SETTING UP 7 PM MITRA PARKS WITH WORLD CLASS INFRASTRUCTURE –
- The Government has approved setting up of 7 (Seven) PM Mega Integrated Textile Region. Apparel (PM MITRA) Parks in Greenfield/Brownfield sites (including a Greenfield project in Virudhanagar Tamil Nadu) with world class infrastructure including plug and play facility with an outlay of Rs. 4,445 cr for a period of seven years upto 2027-28.
- It is envisaged that each park when completed will generate 1 lakh direct and 2 lakh indirect employments. In order to implement the PM MITRA Scheme in Virudhnagar, a Special Purpose Vehicle (SPV) i.e. ‘PM Mega Integrated Textile Regions and Apparel Park, Tamil Nadu Limited’ has been incorporated with Government of Tamil Nadu holding 51% stake in the SPV and remaining 49% being held by the Government of India.
- The process of obtaining Environmental Clearance as well as layout approval from Directorate of Town and Country Planning has been completed. The Process of providing Water and Power supply up till the park gate is in progress. Memorandum of Understanding (MoU) worth Rs 1200 cr for investment in the park have been signed so far.
- RBI INTRODUCES PCA FRAMEWORK TO IMPROVE FINANCIAL HEALTH OF UCBS –
- The Reserve Bank of India (RBI) on July 26 prescribed a Prompt Corrective Action (PCA) framework for relatively weak urban co-operative banks (UCBs), with deposits above ₹100 crore (upper tier category), to nurse them back to health. As per the framework, a financially unsound and ill-managed UCB can be brought under PCA if it breaches the risk thresholds of identified indicators pertaining to capital and profitability (net profit).
- RBI said the objective of the PCA Framework is to enable supervisory intervention at an appropriate time and require the UCBs to initiate and implement remedial measures in a timely manner, to restore their financial health.
- Currently, there are around 1,500 UCBs in the country. RBI classifies UCBs as Tier-I (deposits up to ₹100 crore); Tier-2 (more than ₹100 crore and up to ₹1,000 crore); Tier-3 (deposits more than ₹1,000 crore and up to ₹10,000 crore); and Tier-4 (above ₹10,000 crore). Tiers 2 to 4 come under the upper Tier.
- INDIA’S INSTALLED NUCLEAR POWER CAPACITY TO TRIPLE BY 2031-32 –
- India’s installed nuclear power capacity is set to increase from 8,180 MW to 22,480 MW by 2031-32, according to Union Minister Dr. Jitendra Singh. The announcement was made in a written reply to an unstarred question in the Rajya Sabha. Dr. Singh also highlighted India’s commitment to achieving net-zero emissions by 2070 and projected a need for a national nuclear capacity of approximately 100,000 MW by 2047.
- Dr. Jitendra Singh noted that the current installed nuclear power capacity is 8,180 MW, distributed across 24 reactors. Over the past decade, there has been a significant increase of over 70% in nuclear power capacity, rising from 4,780 MW in 2013-14 to 8,180 MW at present. Annual electricity generation from nuclear power plants has also increased from 34,228 million units in 2013-14 to 47,971 million units in 2023-24.
Currently, 21 reactors with a combined capacity of 15,300 MW are at various stages of implementation by Nuclear Power Corporation India Limited (NPCIL). This includes:
- Nine reactors with a total capacity of 7,300 MW, including the Prototype Fast Breeder Reactor (PFBR) by Bharatiya Nabhikiya Vidhyut Nigam Limited (BHAVINI), which are under construction.
- Twelve reactors with a capacity of 8,000 MW, including two 500 MW twin units of Fast Breeder Reactors (FBR) by BHAVINI, which are in pre-project activities.
- RENAMING OF RASHTRAPATI BHAVAN’S HALLS TO REFLECT INDIAN VALUES –
- President Droupadi Murmu has renamed two important halls in Rashtrapati Bhavan, formerly known as ‘Durbar Hall’ and ‘Ashok Hall’, to ‘Ganatantra Mandap’ and ‘Ashok Mandap’ respectively. This change is part of ongoing efforts to reflect Indian cultural values and ethos within the President’s official residence.
Ganatantra Mandap: A Venue of National Significance
- Former Name: Durbar Hall
- Colonial Legacy: The term ‘Durbar’ originates from Persian, used for courts and assemblies during British rule and earlier Indian kingdoms.
- Historical Use: Hosted important ceremonies, including investiture ceremonies and the swearing-in of Jawaharlal Nehru as the first Prime Minister of independent India.
Rationale for Renaming
- Relevance: The term ‘Durbar’ lost its relevance post-India’s transformation into a republic (‘Ganatantra’).
- Cultural Significance: The concept of ‘Ganatantra’ is deeply rooted in ancient Indian society, making ‘Ganatantra Mandap’ an apt name.
Ashok Mandap: Symbol of Unity and Peace
Historical Background
- Former Name: Ashok Hall
- Original Use: Built as a ballroom for British recreation.
Rationale for Renaming
- Cultural Significance: The term ‘Ashok’ symbolizes being free from suffering and sorrow, and refers to Emperor Ashok, a symbol of unity and peaceful coexistence.
- National Emblem: The lion capital of Ashok from Sarnath is India’s national emblem.
- Cultural References: The Ashok tree holds deep significance in Indian religious traditions, arts, and culture.
- INDIAN ARMY DEPARTS FOR MULTINATIONAL EXERCISE KHAAN QUEST 2024 –
- The Indian Army contingent has embarked on its journey to participate in the multinational military exercise KHAAN QUEST 2024. This prestigious event is scheduled to take place from 27th July to 9th August 2024 in Ulaanbaatar, Mongolia. The exercise serves as a platform for military forces worldwide to collaborate and enhance their peacekeeping capabilities.
- KHAAN QUEST has a rich history dating back to 2003. It initially began as a bilateral event between the United States and Mongolian Armed Forces. However, the exercise has grown significantly since its inception:
- In 2006, KHAAN QUEST evolved into a Multinational Peacekeeping Exercise.The 2024 iteration marks the 21st occurrence of this multinational event. The previous edition was conducted in Mongolia from 19th June to 2nd July 2023.