WBCS Current Affairs 18/07/2015 to 23/07/2015

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1. Seven Indian companies have found their place in 2015 Fortune 500 Global Companies list compiled by Fortune Magazine. They are Indian Oil: ranked 119th with revenues of 74 billion dollars. Reliance Industries: ranked 158th with revenues of 62 billion dollars. Tata Motors: ranked 254th with revenues of 42 billion dollars. State Bank of India (SBI): ranked 260th with revenues of 42 billion dollars. Bharat Petroleum: ranked 280th with revenues of 40 billion dollars. Hindustan Petroleum: ranked 327th with revenues of 35 billion dollars. Oil and Natural Gas: ranked 449th with revenues of 26 billion dollars. Top 5: Walmart (1st) of US, Sinopec Group (2nd) of China, Royal Dutch Shell (3rd) of Netherlands, China National Petroleum (4th) and Exxon Mobil (5th) of US. United States: US alone has 128 companies in this edition of list of the 500 global companies. Some of companies are Exxon Mobil (5th), Apple (15th), JP Morgan Chase (61st), IBM (82nd), Microsoft (95th), Google (124th), Pepsi (141st), Intel (182nd) and Goldman Sachs (278th).

2. United Nations Organization for Education, Science and Culture (UNESCO) has named Conakry, the Capital city of the Republic of Guinea as the World Book Capital for year 2017. With this selection Conakry become the 17th city in the World to be designated as World Book Capital. At present, Incheon city of South Korea is World Book Capital for year 2015.
In case of India, New Delhi was recognised as World Book Capital in 2003. Wrocław city of Poland has been chosen as World Book Capital for year 2016.

3. As per recently published data, India has been placed at 12th position among the 31 countries in the world in terms of power (electricity) generation from nuclear source. The data was published by the Power Reactor Information System (PRIS) of International Atomic Energy Agency (IAEA). However, India was placed at 6th position in terms of number of reactors in operation country-wise. Present installed nuclear power capacity of India is around 5780 MW. This capacity is expected to increase to 10080 MW on progressive completion of projects under construction and commissioning by 2019. Current projects are Gorakhpur Haryana Anu Vidyut Pariyojana (GHAVP) Units I and II with capacity of 2X700 MW and Kudankulam Units III and IV with capacity of 2X1000 MW are expected to be launched by end of 2015. Thus, they will add additional 3400 MW capacity. 1 Prototype Fast Breeder Reactor (FBR) of 500 MW capacity is in the stage of commissioning at Kalpakkam, Tamil Nadu. While, construction of 2 more FBR I and II of 600 MW capacity each are also planned at Kalpakkam. In order to meet, nuclear fuel demand India has signed nuclear agreements with number of countries including US, Canada, Kazakhstan, Russia, France, Australia, Namibia, Mongolia, South Korea, Argentina, United Kingdom and Sri Lanka. Apart from singing agreements, India also has opened paths for negotiation with other friendly countries that have potential to make contribution to country’s nuclear energy programme.

4. Puducherry city has emerged as the first nomination to be received by the Urban Development Ministry for a Smart City Mission. In this regard, Government of Union Territory of Puducherry has nominated its capital city for inclusion in the Union Government’s flagship 100 Smart Cities Mission. It also has forwarded the nomination along with all the forms and documents as required in the Stage-1 of ‘City Challenge’ competition. The nominations also include the details of evaluation of all the five urban local bodies (ULBs) viz. Puducherry, Kariakal, Oulgaret, Mahe and Yanam. The nomination was forwarded based on the recommendations of the High Powered Steering Committee (HPSC) constituted as per the guidelines of mission. It was headed by Chief Secretary of UT and had overseen the process of first stage intra-state competition. For each state and UTs slots assigned for Smart City are as per the criteria based on equal weightage for urban population and number of ULBs and the geographical equity. Facts about Stage-1 evaluation criteria of Puducherry Puducherry has a population of 6.5 lakh has scored 75 of the possible 100 marks in Stage-1 evaluation criteria. Since 2011, Puducherry Municipal Corporation (PM) has achieved 18 per cent improvement in provision of household sanitary latrines. Internal revenue generation has continuously increased by 14 per cent over the past three year period of 2012-13 to 2014-15. It has met 23 per cent of its capital expenditure from internal resources. It also has met about 80 per cent operation and maintenance costs of water supply through user charges.

5. Supreme Court (SC) has rejected the review pleas filed by the Union Government and Jat organisations seeking OBC status to the Jat community. Union Government and Jat organisations had filed a plea filed in SC seeking revival of apex court’s previous verdict which had declared OBC status to Jat community is unconstitutional. Background Then UPA II government in 2014 had granted OBC status to the Jat community in terms of socially and educationally backwardness for reservation in jobs and educational institution. NCBC Report: Prior to granting reservation status, National Commission for Backward Classes (NCBC) in its report had advised the government to grant OBC status to Jats. In its report, NCBC had clearly mentioned that community is not socially and educationally backward, but it is entitled to a share in 27% OBC quota in jobs and admission to educational institutions. The NCBC also had mentioned that Jat community is adequately represented in armed forces, government services and educational institutions. SC Ruling: In March 2015, SC had struck down this controversial decision of Union Government by declaring it unconstitutional and had termed it as a reflection of negative and retrograde governance. Later, NDA government also defended the UPA’s decision in the Supreme Court.

6. Flipkart-owned online and mobile fashion store Myntra has appointed Ananth Narayanan as its chief executive officer (CEO). He will succeed Flipkart’s co-founder Mukesh Bansal who is currently serving as the head of company’s commerce platform. He will start working from October 2015 from Myntra’s headquarters located in Bengaluru and will directly report to the Myntra board.

7. Every year July 23 is observed as National Broadcasting day. On this day in 1927, Indian Broadcasting Company (IBC) began organized radio broadcasting from Bombay station. To mark the occasion, All India Radio (AIR) had organized a symposium on the subject Creation of New India and Broadcasting Medium in New Delhi.

8. Union Government has announced that 14 States and Union Territories (UTs) have achieved or exceeded the literacy rate of 80 percent. It was announced by Union Human Resource Development Minister Smriti Irani in a written reply to the Lok Sabha. 14 States and UTs are: Kerala, Lakshadweep, Mizoram, Goa, Tripura, Daman and Diu, Andaman and Nicobar Islands, NCR of Delhi, Chandigarh, Puducherry, Himachal Pradesh, Maharashtra, Sikkim and Tamil Nadu. Union Government’s flagship scheme of Sarva Shiksha Abhiyan has helped to improve literacy rate. For implementing the scheme, Centre has helped the States and UTs. The literacy of adults has been covered under the Saakshar Bharat Programme. It was also announced that 10 States and UTs have also been able to reduce gender gap to 10 per cent or less. These states are Punjab, Chandigarh, Nagaland, Mizoram, Tripura, Meghalaya, Goa, Lakshadweep, Kerala and Andaman and Nicobar Islands.

9. Union Government has launched a national campaign Surakshit Khadya Abhiyan in a bid to create awareness and capacity building on Safe and Hygienic food for all. It was launched by Union Minister of Consumer Affairs, Food and Public Distribution Ram Vilas Paswan in New Delhi. Facts about Surakshit Khadya Abhiyan Objective: Building a culture of food safety in the country. It will ensure the safe food to consumers apart from providing them Food security in order to address the food requirements. Initiated under the brand name of Jago Grahak Jago, which is mass awareness campaign which creates awareness of consumer rights and demands. Planned by: Confederation of Indian Industry (CII) along with Consumer Organization VOICE and National Association of Street Vendors of India (NASVI). Initiatives: Under this public campaign various awareness programmes will be undertaken across the country. It will include hygiene & sanitation for safe food, informative sessions on cleaning, walkathons and awareness by information dissemination through media programmes for consumers and street food industries. Apart from this, the minister also launched website and a logo of Surakshit Khadya Abhiyan and also signed a pledge for a adopting safe food practices.

10. Anil Ambani-led Reliance Group’s Pipavav Defence and Offshore Engineering (PDOE) inked a multi-crore agreement with Russian firm Zvyozdochka, JSC Ship Repairing Centre. The agreement was signed in lines with Make in India initiative for the Medium Refits and Life Certification of 877 EKM Submarines in India. With this, Reliance Group became the first private sector Indian company to refit of submarines in India.

11. Noted Canadian author Naomi Klein has won the 36th edition of American Book Award 2015. She has won this award for her environmental work This Changes Everything: Capitalism vs. the Climate published in 2014. Apart from her, 14 others also have won the award. Some of them are Marlon James (A Brief History of Seven Killings), Carlos Santana (The Universal Tone) etc. Poet Anne Waldman was honoured with lifetime achievement award in this edition of prize.

12. Board of Control for Cricket in India (BCCI) has constituted IPL working group to study the verdict of the Justice RM Lodha Committee. Decision in this regard was taken in the IPL governing council meeting held in Mumbai after the Lodha committee ruled the suspension IPL franchise Chennai Super Kings (CSK) and Rajasthan Royals (RR) for two years on the verdict of 2013 IPL Betting Scandal. The working group will consist of four members including Rajiv Shukla– IPL chairman Anurag Thakur– BCCI secretary Anirudh Choudhury- BCCI treasurer and Sourav Ganguly- former India Cricket team captain. The working group will be assisted by the BCCI’s legal head Usha Nath Banerjee and give their recommendations to the Governing Council of BCCI within next 6 weeks. Backgroud The IPL spot-fixing scandal came into the light in 2013 after the Delhi Police arrested Rajasthan Royals cricketers S Sreesanth, Ankeet Chavan and Ajit Chandila. They were allegedly for indulging in betting and spot-fixing during then 6th edition of IPL. Later Supreme Court had constituted Committee headed by former Chief Justice of India R M Lodha to look into this matter. In January 2015, the Committee in its terms of reference being to announce the quantum of punishment against Meiyappan, Kundra and the two franchisees CSK and Rajasthan Royals.

13. The United Nations Security Council (UNSC) unanimously adopted a resolution for endorsing the historic deal on Iran’s nuclear program. It was supported by all 15 representatives of countries on the Security Council and opened path to lift nuclear-related economic sanctions on Iran. It also paved the way for establishing a monitoring system for Iran’s nuclear programme. UNSC’s passed resolution marks the endorsement of the Joint Comprehensive Plan of Action (JCPOA) which had find out the final historic diplomatic solution for Iranian nuclear issue in Vienna, Austria on 14 July 2015. Iran has reaffirmed that under no circumstances it will ever seek, develop or acquire any nuclear weapons in future. It should be noted that JCPOA was culmination of diplomatic efforts of so-called E3+3 or P 5+ 1 nations which included China, Russia, United Kingdom, France, Germany and United States on side and Iran on the other side. Summary Background There was a decade long deadlock between Iran and Western countries over the issue of Iran’s Nuclear Programme and safety concerns of uranium enrichment. Western Countries especially US, had alleged that Iran’s Nuclear Programme may be used by them to produce enriched uranium to develop nuclear warheads. However Iran had refused the allegations of western countries and clearly mentioned that it is their sovereign right to continue its nuclear programme for their energy demand. It is completely peaceful and not for defence purpose.

14. The New Development Bank (NDB) created by Brazil, Russia, India, China and South Africa (BRICS) nations formally started its operations from its headquarters in Shanghai, China. Chinese Finance Minister Lou Jiwei, Shanghai Mayor Yang Xiong and the bank’s first President K V Kamath from India attended the opening ceremony. About New Development Bank (NDB) Agreement for establishing NDB was signed during the 6th BRICS Summit being held in Fortaleza, Brazil in April, 2014. It was formally launched at the 7th BRICS summit held in Ufa, Russia in July 2015. Purpose: To fund infrastructure projects in the emerging economies. It is seen as an alternative institute to west dominated World Bank and the International Monetary Fund (IMF). Capital: It will have initial capital of US 50 billion dollars and will be raised to US 100 billion dollars within the next couple of years. Each members role: They will have an equal say in the bank’s management, regardless of GDP size and contribute an equal share in establishing a startup capital. President: Eminent banker Kundapur Vaman Kamath from India is President of Bank for the first five years i.e. till 2020.

15. ISRO has successfully test-fired Geosynchronous Satellite Launch Vehicle (GSLV) Mark III project’s high-thrust cryogenic rocket engine. It is India’s first indigenously designed and developed high-thrust cryogenic rocket engine capable of generating a nominal thrust of 19 tonnes. Test: It was conducted at ISRO’s Propulsion Complex at Mahendragiri in Tamil Nadu for 800 seconds time frame which produces 25 per cent more thrust than the burn duration of the engine during flight. The test meet all its parameters. About high-thrust cryogenic rocket engine The engine operates on Gas Generator Cycle. It uses extremely low temperature propellants such as Liquid Hydrogen at -2530 C and Liquid Oxygen at -1930 C. Integration and assembly of the engine and its testing were carried out in ISRO Propulsion Complex (IPRC), a unit of ISRO. Applications This high-thrust cryogenic rocket engine will used to power Cryogenic stage (C25) i.e. the upper stage of the next generation GSLV Mk-III rockets. The rockets are aimed at carrying four-tonne payloads, including future manned missions. This successful test will help ISRO to master this complex, high-performance cryogenic propulsion technology which will further help in building self-reliance for the Indian space programme

16. Union Government has launched National Career Counselling Portal in a bid to modernize all government-run employment exchanges. It was launched by Prime Minister Narendra Modi under the aegis of National Career Service (NCS) project of Union Ministry of Skill Development and Entrepreneurship. The web portal will be a one-stop platform for both job providers and job seekers where registration can be done online. It will provide basic platform for searching and applying for jobs on the portal. It will also provide candidates career-related counseling either by its helpline numbers or visiting these centres along with other facilities like job posting, aptitude assessment, job matching, training providers, skill courses and guidance on self-employment and entrepreneurship. It should be noted that NCS project aims at transforming all the government-run employment exchanges.

17. Union Government has appointed Bhanu Pratap Sharma as Chairperson Food Safety and Standards Authority of India (FSSAI). Presently, he is Health and Family Welfare Secretary was given additional charge of FSSAI for three months. Sharma is an IAS officer of 1981 batch from Bihar cadre. About Food Safety and Standards Authority of India (FSSAI) FSSAI is a nodal statutory agency responsible for protecting and promoting public health in India through the regulation and supervision of food safety. FSSAI was established under the Food Safety and Standards Act, 2006 and operates under aegis of Union Ministry of Health & Family Welfare. Functions: FSSAI has been established to lay down science based standards for various food products in order ensure availability of safe and wholesome food for human consumption. It also regulates the manufacture, storage, distribution, sale and import of food products for human consumption. Structure: It is led by a non-executive Chairperson. The executive head of FSSAI is the Chief Executive Officer. Headquarters: New Delhi. It also has 8 regional offices located in Delhi, Guwahati, Mumbai, Lucknow, Chandigarh, Kolkata, Cochin and Chennai. It has 4 referral laboratories and 72 local laboratories located across India.

18. Kerala Tourism has won 2015 Pacific Asia Travel Association (PATA) award in the ‘Heritage & Culture’ category for its Muziris Heritage Project. The award bestowed in recognition project efforts which aim at restoring and conservation of historical and cultural significance of the ancient town and its uniqueness and impact on local community located in stretches from Ernakulam to Kodungalloor in Thrissur district of Kerala.

19. Union Agriculture Ministry has launched 3 agricultural-portals namely Soil Health Card (SHC) portal, Participatory Guarantee System (PGS) and Fertiliser Quality Control System portal (FQCS). These portals were launched as part of first phase which is only in English. While in later phase they will be made available in regional languages. Objective: These portals seek to make the process of fertilisers’ quality checking, organic farming certification and issuance of soil health cards more transparent and accountable. Soil Health Card (SHC) portal soilhealth.dac.gov.in is developed for recording test results of soil samples and generation of SHC along with registration of soil samples. It will provide crop wise fertiliser recommendations to farmers. Participatory Guarantee System (PGS) pgsindia-ncof.gov.in is web based platform to simplify the process of certifying organic products in accordance with the standards laid down for organic products for export purpose. Thus it seeks to curb third party certification. Implemented: by the Department of Agriculture and Cooperation under the aegis of Union Ministry of Agriculture. Fertilizer Quality Control System (FQCS) fqcs.dac.gov.in is a web-based and configurable workflow platform for processing of sample collection, testing and generation of analysis reports. It is developed by National Information Centre.

20. World’s sixth biggest greenhouse gas polluter, Japan has pledged to cut emissions 26 per cent from 2013 levels by 2030 in a bid to fight calamitous global warming. In this regard, Japanese Prime Minister Shinzo Abe led government submitted its target to the United Nations Framework Convention on Climate Change (UNFCCC). Japan’s announcement comes ahead of Climate change conference to be held in December 2015 in Paris which is aiming for international efforts to create a new frame work for addressing climate change. With this Japan became the 19th UNFCCC member party to submit a carbon-cutting pledge to the United Nations. Other countries announcements Unite States: Earlier in 2014, US had committed to reduce the greenhouse gas emissions by 26 to 28 per cent cut by 2025 from 2005 levels. European Union (EU): It also had set a target to reduce emission of 35 per cent below 2005 levels by 2030. China: World’s largest emitter officially has not announced its target to reduce the greenhouse gases emissions yet, but had set a target for the country’s emissions to peak by 2030 in a joint climate announcement with US in November, 2014.

21. The official nationality preference survey in recently swapped 162 enclaves on India- Bangladesh border under the Land Boundary Agreement (LBA) has ended. The survey was conducted by the Enclaves Exchange Co-ordination Committee (EECC) of both countries for ascertaining the nationality preference of over 50,000 enclave-residents. On Bangladesh’s side it is found that 1,027 out of around 37,369 had opted for Indian nationality from the recently swapped 111 Indian enclaves now located in Bangladesh. In case of India’s side, over 14,000 residents in 51 Bangladeshi enclaves transferred to India have opted to relocate to Bangladesh. Background The nationality preference survey was conducted by 75 joint-teams of EECC under the modalities of the LAB. The agreement came in to effect after Prime Minister Narendra Modi’s visit to Bangladesh in June 2015. India had swapped around 111 enclaves to Bangladesh, while the counterpart had had swapped 51 enclaves. As per LBA, all 162 enclaves will stand transferred to the two respective countries on midnight of 31 July, 2015.

22. The annual Lord Jagannath Rath Yatra, largest-ever religious congregation in Odisha has begun at Puri district on 18 July 2015. This edition of yatra is the Millennium’s first Nabakalebar Rath Yatra meaning all the Lords of Puri Jagannath Temple will get new avatar after nineteen years. Thus, Nabakalebara marks the re-embodiment of deities.

23. India and Myanmar have announced plans to strengthen their defence cooperation during a joint consultative commission (JCC) meeting held in New Delhi. JCC meeting was chaired by Union External Affairs Minister Sushma Swaraj and Myanmar’s Foreign Minister Wunna Maung Lwin. The meeting had released joint statement on various aspects. They are Both countries to work together on effective border management especially on the issue of cross-border insurgency and terrorism. India has reaffirmed to provide defence assistance program as part of its Goodwill Diplomacy to Myanmar in order to modernise their Armed Forces.

24. European Union (EU) has approved a short-term loan of 7.16 billion euros to Greece after it was backed by the 28 member states. This loan will allow Greece to pay its debt to European Central Bank (ECB) and the International Monetary Fund (IMF) till new bailout plan is ratified. The loan will be given through the European Financial Stabilisation Mechanism (EFSM) which is a rescue fund set up during the first time bailout of Greece in 2010. But presently it covers the whole of the 28 EU member nations and not just the 19 eurozone members. This loan fund will be officially for three months, but looking at present debt crisis of Greece it can be sustained until 20 August 2015.

25. International Cricket Council (ICC) has banned Pakistan’s all-rounder cricketer Mohammad Hafeez from bowling in international cricket for a period of one year. He was banned after he failed in ICC’s independent assessment on his suspected bowling action which violated permitted 15-degree limit. He will be able to reassess his bowling action only after the completion of this 1 year period.

26. India’s first defence industrial park will be set up at Ottappalam in Palakkad district of Kerala. In this regard, Department of Industrial Policy and Promotion (DIPP) of Union Government has approved a proposal for this defence park forwarded by the Kerala Industrial Infrastructure Development Corporation. The proposed defence park will be established as part of Union Government’s flagship Make in India programme and state government’s Make in Kerala project. The park will have modern common infrastructure facilities aimed at favourable environment to component manufacturers of the defence industry. Union government also has agreed to bring the park under the Modified Industrial Infrastructure Upgradation Scheme (MIIUS). Ottappalam was selected for the defence park in view of its strategic location in terms connectivity and other common facilities such as dedicated power and water supply along with infrastructure for the research and development centre. Implications: This defence park will play important role bridging the gap related to defence components manufacturing sector and provide platform for export of products related to defence from small- and medium-sized enterprises (SMSEs).

27. Information and Broadcasting Ministry has given additional charge to Prashant Pathrabe as Director of Film and Television Institute of India (FTII).

28. Reserve Bank of India has signed a special currency swap agreement with the Central Bank of Sri Lanka (CBS). Under this agreement, Sri Lankan bank can draw up to 1.1 billion dollars for a maximum period of 6 months. It was signed with an intention to mitigate the possible currency volatility in the spirit of strengthening bilateral relations and economic ties of India with Sri Lanka. It should be noted that, this special arrangement was signed in addition to the existing Framework on Currency Swap Arrangement for the SAARC member countries. Earlier in March 2015, RBI had signed similar Currency Swap Agreement with Sri Lankan bank for 400 million dollars under the SAARC Currency Swap Framework within the overall limit of 2 billion dollars. SAARC Currency Swap Framework This Currency Swap Framework is signed between SAARC member countries. It seeks to provide a backstop line of funding to member countries in order to meet any balance of payments and liquidity crises. During the crisis, this fund will be provided till longer term arrangements are made or till the need for short-term liquidity due to stressed market conditions.

29. India has inked a financing agreement with World Bank (WB) to raise US 250 million dollars financial assistance for Andhra Pradesh Disaster Recovery Project (APDRP). The agreement was signed by the Union Government, Andhra Pradesh government and the World Bank in New Delhi.

30. Union Cabinet meeting chaired by Prime Minister Narendra Modi approved the redevelopment of 400 major railway stations. This approval will enable the Union Ministry of Railways to accelerate the redevelopment of ‘A-1’ and ‘A’ category railway stations across the country. These stations generally are located in major cities, metros, pilgrimage centres and important tourist destinations. These major railway stations will be redeveloped under a new a unique method which is form of public procurement of ideas called the Swiss Challenge. It will also encourage innovative ideas from interested parties without any additional extra cost from the Railways. Under this initiative, major stations will be redeveloped by leveraging real estate development of land and air space in and around the stations. It also includes permitting commercial development of real estate by the Zonal Railways. Swiss Challenge: In this method, government agencies are required to invite bids for a public project such as a port or railways. Under this method the bid is invited from third parties to match or exceed or improve the existing bid. Finally, the original bidder gets to lower the bid or accept the new bid. Categorisation of A-1 and A category railway stations: At present, Indian Railway’s based on earnings classify 7000 railway stations into seven categories. A-1 category railway stations are those non-suburban stations with 50 crore rupees and above annual passenger earnings. While, Category A railway stations comprises non-suburban stations with 6 crore to 50 crore rupees annual passenger earnings.

31. Union Cabinet has given nod to introduce composite foreign investment cap in a bid to streamline the Foreign Direct Investment (FDI) structure. Decision in this regard was taken during Union Cabinet meeting chaired by Prime Minister Narendra Modi in New Delhi. This move will help government to club all forms of overseas investments such as FDI, Non-resident Indians (NRIs), foreign institutional investors (FIIs) and other foreign investments to define sectoral limits as a composite cap. Present policy has different caps for separate investment categories like FDI, FII and NRIs. The proposed sectors for composite foreign investment cap are agriculture, mining, tea, broadcasting, airports, media, retail (single brand and multi-brand), asset reconstruction companies, e-commerce, banking, insurance and commodity exchanges. Thus it will simplify the FDI policy with a view to attract foreign investments and also improving ease of doing business in India. Apart from this decision, Cabinet Committee on Economic Affairs (CCEA) also gave its approval for development of 6 lanning of Eastern peripheral expressway in Uttar Pradesh and Haryana. The cost is estimated for this project is to be 7,558 crore rupees including 1,759 crore rupees for land acquisition, rehabilitation and resettlement activities. The main objective of this project is to expedite the movement of infrastructure in the states of Uttar Pradesh and Haryana. Its development will also help in uplifting the socio-economic condition of the concerned regions of the state.

32. Sunita Viswanath, an Indian-American woman has been with Champion of Change award by the White House of United States. She is among the 12 other recipients who have been honoured with this award for their continuous efforts towards climate change.

33. Mid-tier IT services company Mindtree has acquired two companied from United States and United Kingdom. Acquired companies are in BlueFin Solutions Ltd of UK and Relational Solutions Inc of US.

34. The International North-South Transport Corridor (INSTC) is considered as gateway for India to expand trade and investment links with Central Asia and Eurasia. Its importance was highlighted in India’s Foreign Trade Policy of India 2015-20. However, recently it gained importance in light of the evolving geopolitical developments of India after Prime Minister Narendra Modi’s visit to 5 Central Asian Countries viz Uzbekistan, Kazakhstan, Turkmenistan, Kyrgyzstan and Tajikistan. International North-South Transport Corridor (INSTC) It is a multi-modal trade transport network that includes strategic rail, road, and water transport connecting India with Central Asian and Eurasia Countries. Route: It will connect Mumbai (India) via Chabahar and Bandar Abbas ports of Iran with Baku (Azerbaijan) to Moscow (Russia) and other countries in Central and Eastern Europe via the Caspian Sea. Economic Integration: It will help in facilitating India’s economic integration with Eurasian economies and other countries in surrounding regions. If India partners with Eurasian Economic Union (EEU), it will further boost and expand its economic, trade and investment opportunities in more countries in this region. Shorter transport route: It will be a shorter route to transport goods to Eurasian and Central Asian regions compared to present route via Suez Canal and western European countries. Thus, reduce the cost of transporting goods from India to Eurasia. Natural resources access: It will help India to tap the abundant natural resources potential of Central Asian countries for its energy security. These countries are having rich deposits of petroleum, natural gas and uranium along with deposits of fertilizer inputs such as potash. Exports: Many sectors in this region are becoming increasingly service-oriented which can benefit India to export expertise in information technology and IT-enabled services.

35. The Cabinet Committee on Economic Affairs (CCEA) has approved the creation of an Intra-state Transmission System (ISTS) in 7 states across the country. 7 States are: Andhra Pradesh, Karnataka, Maharashtra, Gujarat, Madhya Pradesh, Rajasthan and Himachal Pradesh. Key facts about Intra-state Transmission System Under the project, the activities envisaged includes establishment of 48 new Grid sub-stations of different voltage levels. It will have total transformation capacity around 17,100 Mega Volt Ampere (MVA). It will also include installing over 7,800 Circuit Kilometres (ckt-kms) of transmission lines in these seven states. The project is proposed to be completed within a period of 3 to 5 years. Tapping renewable energy potential: These 7 states are having rich renewable resource potential with numerous large planned renewable power projects. Creation of this system will facilitate evacuation of renewable power from generation stations to load centres. Funding: It will be created at an estimated cost of 8548 crore rupees. Of this total amount National Clean Energy Fund (NCEF) will contribute 3,419 crore rupees i.e. 40 per cent for this project.