Crack Grade B - 1st & 2nd July - IFSC Authority - PDF

Crack Grade B 1 1 &2 st nd July IFSC Authority Expert Committee on Cl...

Crack Grade B 1 1 &2 st nd July IFSC Authority Expert Committee on Climate Finance submits First Report on Transition Finance to IFSCA  Expert Committee chaired by: Shri. Dhruba Purkayastha.  Expert Committee was constituted by IFSCA in 2023.  Member: 14  This report aims to provide a roadmap for IFSCA to develop a climate finance ecosystem and instruments at GIFT IFSC with a special focus on Transition Finance as well as to provide recommendations on establishing the GIFT-IFSC as a global hub for climate financing.  Terms of References of the Committee: o To assess the trends in climate financing across the world, identify best practices and assess requirement of climate Finance with special focus on transition in India by 2047. o To recommend a regulatory framework for transition finance instruments utilizing the IFSCA draft framework as a starting point. o To recommend policy measures by Government of India in order to promote transition finance from GIFT IFSC, including legal, taxation, regulatory etc. o To advise IFSCA on the approach to developing a reliable and cost-effective ecosystem for transition finance meeting needs of Indian industry. o To provide a roadmap and timelines for IFSCA to develop climate finance ecosystem and instruments at GIFT IFSC. o To recommend policies and regulations for establishment of GIFT-IFSC as the global hub for climate financing, as deemed fit by the committee.  The Report on Transition Finance captures the recommendations by the Expert Committee under three pillars: 1. Scope and definition of Transition Finance. 2. Policy and Regulation. 3. Financial Mechanisms and Instruments.  The objectives of each of the above sub-groups are: a) Scope and Definition - Establish scope and definition for transition finance. b) Policy and Regulation - Provide policy and regulatory recommendations feeding into a regulatory framework document. c) Financial Instruments - Identify market and institutional interventions required. www.crackgradeb.com | [email protected] | 9310558455  Crack Grade B 2  Key Highlights: o The world requires a staggering USD 125 trillion in climate investments by 2050 to achieve net-zero emissions. o India's needs over USD 10 trillion by 2070 to meet its climate goals and net-zero commitments. o A 2022 report by the Climate Policy Initiative ("Landscape of Green Finance in India 2022") found that domestic sources accounted for the majority of green finance in India, at 87% and 83% in fiscal years 2019 and 2020, respectively.  While international sources are increasing (from 13% in FY 2019 to 17% in FY 2020), they are still insufficient to meet India's net-zero target. 9th Anniversary of AMRUT, Smart Cities Mission, and PMAY-U  Why in News? o The Ministry of Housing and Urban Affairs commemorated today the 9th anniversary of three landmark initiatives: the Atal Mission for Rejuvenation and Urban Transformation (AMRUT), the Smart Cities Mission, and the Pradhan Mantri Awas Yojana – Urban (PMAY-U). These initiatives, launched on June 25, 2015.  AMRUT 2.0: Pioneering Sustainable Urban Infrastructure o Key Achievements under AMRUT 2.0: 1. Extensive Project Implementation: - Total Projects: 8200 - Total Project Cost: ₹182,583.07 Crores 2. Sector-wise Breakdown: - Water Supply: 3530 projects, ₹112,530.1 Crores - Sewerage and Septage Management: 562 projects, ₹63,790.57 Crores - Water Body Rejuvenation: 2709 projects, ₹5420.5 Crores - Parks Development: 1399 projects, ₹841.91 Crores www.crackgradeb.com | [email protected] | 9310558455  Crack Grade B 3  PMAY-U: Realizing the Vision of ‘Housing for All o Key highlights of PMAY-U: - As on date, 114 Lakh houses have been grounded for construction while more than 84 Lakh houses have already been completed and delivered to beneficiaries. - As on date out of committed Central Assistance of ₹2 lakh crore, ₹1.64 lakh core has been released. - To empower young professionals and Middle- Income Group (MIG) to own a house, MIG was also added in a government housing scheme for the first time ever through the Credit Linked Subsidy Scheme (CLSS) vertical from 2017-2021. Under CLSS for EWS/LIG/MIG, an Interest subsidy of ₹ 58,868 crore has been approved for 25.04 lakh beneficiaries. - Over 94 lakh houses have been provided under the name of women, thus giving them an identity of their own. - 323 Lakh jobs created in total, where 100 Lakh are direct and 223 Lakh are indirect. - It is estimated that so far, construction activity under the Mission would have consumed approximately 55.7 million MT of cement and 12.6 million MT of Steel, providing a much-needed impetus for the economy.  Smart Cities Mission: Advancing Urban Innovation and Technology o Key Highlights of Smart Cities Mission: - It aims to enhance the quality of life in 100 cities through over 8,000 innovative projects worth approximately ₹1.6 lakh crore. - As on 25 June 2024, 7,160 projects worth ₹ 1,43,778 Crore had been completed and another 854 projects worth ₹ 20,392 crore are in advanced stages of completion. - GOI has released ₹46,387 crore to 100 cities. 93% of released GOI funds have been utilized. Phase I News 1st International Conference on Steel Slag Road  Why in News? o This conference is jointly organized by CSIR-Central Road Research Institute (CSIR-CRRI) and PHDCCI. o Location: New Delhi. o Niti Aayog, Dr.V.K.Saraswat releases the Guidelines for Utilization of Steel Slag in Road Construction. www.crackgradeb.com | [email protected] | 9310558455  Crack Grade B 4 Global IndiaAI Summit 2024  Why in News? o Ministry of Electronics and Information Technology is organizing the ‘Global IndiaAI Summit’. o Location: New Delhi. o Aims: To foster collaboration and knowledge exchange, underscoring India’s dedication to the ethical and inclusive growth of AI technologies. o India to host member countries and experts as the lead chair of the Global Partnership on Artificial Intelligence (GPAI). o About Global Partnership on Artificial Intelligence (GPAI)- Gee-Pay  Established: 2020  It is established with 15 member countries- Australia, Canada, France, Germany, India, Italy, Japan, Mexico, New Zealand, the Republic of Korea, Singapore, Slovenia, the United Kingdom, the United States, and the European Union.  Now, there are 29 members.  It is an international and diverse body that unites prominent experts from fields including science, industry, civil society, international organisations, and national governments who share a common commitment.  GPAI endeavours to bridge the gap between theoretical understanding and practical implementation of AI by endorsing cutting-edge research and applied endeavours in AI-related priorities.  GPAI has a Council, Steering Committee and an Executive Council  Supported by a Secretariat hosted by the OECD, and two Centres of Expertise  one in Montreal (ICEMAI, the International Centre of Expertise in Montreal for the Advancement of Artificial Intelligence)  one in Paris (at INRIA, the French National Institute for Research in Digital Science and Technology).  GPAI structures its working groups around four core themes: (1) Responsible AI (2) Data Governance (3) Future of Work (4) Innovation and Commercialization. o About IndiaAI Mission  Launched by: Ministry of Electronics and IT.  Total Outlay: Rs.10,300 crore.  It aims to build a comprehensive ecosystem that fosters AI innovation by democratizing computing access, enhancing data quality, developing indigenous AI capabilities, attracting top AI talent, enabling industry www.crackgradeb.com | [email protected] | 9310558455  Crack Grade B 5 collaboration, providing startup risk capital, ensuring socially impactful AI projects, and promoting ethical AI.  Seven Pillars are:  IndiaAI Compute Capacity: Establishing a scalable AI computing ecosystem with over 10,000 GPUs through public-private partnerships.  IndiaAI Innovation Centre  IndiaAI Datasets Platform  IndiaAI Application Development Initiative  IndiaAI FutureSkills  IndiaAI Startup Financing  Safe & Trusted AI C-DAC partners with MosChip and Socionext  Why in News? o Centre for Development of Advanced Computing (C-DAC) has partnered with MosChip® Technologies, and Socionext Inc. o Purpose: For the design and development of a High-Performance-Computing (HPC) Processor SoC based on the Arm® architecture and built on TSMC (Taiwan Semiconductor Manufacturing Company Limited) 5nm technology node. o Indigenous compute node RUDRA, Trinetra-Interconnect and System Software stack - Developed by C-DAC. Government of India and Asian Development Bank (ADB) sign $170 million loan  Why in News? o The Government of India and the Asian Development Bank (ADB) today signed a $170 million policy-based loan to consolidate and strengthen India’s health system preparedness and response capacity to future pandemics. o The programme will be anchored in major government's plans and initiatives including the National Health Policy 2017; Pradhan Mantri Ayushman Bharat Health Infrastructure Mission (PM-ABHIM), the National One Health Mission, and the government’s efforts to strengthen human resources for health (HRH). 13th edition of JOINT MILITARY EXERCISE MAITREE  Why in News? o The Indian Army contingent departed for the 13th edition of India- Thailand joint military Exercise MAITREE. o Location: Fort Vachiraprakan in Tak Province of Thailand. o Last edition of the same exercise was conducted at Umroi, Meghalaya in September 2019. www.crackgradeb.com | [email protected] | 9310558455  Crack Grade B 6 o Aim of Exercise MAITREE is to foster Military Cooperation between India and Thailand. o The Exercise will enhance combined capabilities in executing Joint Counter Insurgency/ Terrorist Operations in Jungle and Urban Environment under Chapter VII of United Nations Charter. Ministry of Defence MOU with Tamil Nadu Industrial Development Corporation Limited  Why in News? o MoD inks MoU to set up testing facilities in Unmanned Aerial System, Electronic Warfare & Electro Optics domains. o The MOU was signed under the Defence Testing Infrastructure Scheme (DTIS). o Defence Testing Infrastructure Scheme (DTIS)  Launched: 2020.  Total Outlay: Ministry of Defence  To set up state-of-the-art testing facilities in collaboration with private industry and Central/State Government, promoting indigenous defence production, reducing military equipment imports and enhancing self-reliance.  To provide impetus to the defence and aerospace sectors within the Defence Industrial Corridors, seven testing facilities were approved - four in Tamil Nadu and three in Uttar Pradesh.  The DTIS provides up to 75% government funding as ‘Grant-in- Aid’, with the remaining 25% funded by the Special Purpose Vehicle (SPVs), comprising Indian private entities and State/Central Governments. NIRMAN Portal  Why in News? o Union Minister for Coal and Mines, launched a portal “Noble Initiative for Rewarding Mains Aspirants of National Civil Services Examination (NIRMAN)” o This is a unique CSR scheme by Coal India Limited for meritorious youth of its operating districts who have qualified the Preliminary round of UPSC examination (for Civil Services & Forest Service) in 2024. o The scheme is aimed towards providing support of Rs 1,00,000/- (Rupees One Lakh) to the Preliminary examination qualified candidates with annual family income less than 8 lakhs and belonging to Scheduled Caste, Scheduled Tribe, female or third gender; who are permanent residents of any of the 39 operational districts of CIL. www.crackgradeb.com | [email protected] | 9310558455  Crack Grade B 7 PM congratulates Netherlands PM on assuming office  Why in News? o Newly-sworn in Prime Minister of Netherlands Dick Schoof on assuming office. www.crackgradeb.com | [email protected] | 9310558455