- Suryashakti Kishan Yojana (SKY)
- Gujarat government announced Suryashakti Kishan Yojana (SKY) in which farmers can sell surplus power to the state-owned power companies at Rs7 per unit for a period of seven years under this scheme.
- As per the new scheme, a farmer signing up for it will have to spend only 5 % amount of the total expenditure for installing the solar project (including solar panels and inverters).
- The central and state governments would pay 60 % amount as a subsidy.
- While remaining 35% amount would be a loan to the farmer, interest on which would be paid by the state government.
- The duration for repayment of the loan amount has been fixed for seven years.
- The central government has been aggressively promoting clean and renewable energy initiatives with an ambitious target to install 100 gigawatts (GW) of energy capacity from solar power by 2022.
- SKY would be an able element in fulfilling Prime Minister’s pledge to double the income of farmers by year-2022.
- Modi govt plans ‘Pariwartan’ scheme for power sector revival
- The government plans to warehouse stressed power projects totalling 25,000 MW under an asset management firm to protect the value of the assets and prevent their distress sale under the insolvency and bankruptcy code till the demand for power picks up.
- State-run Rural Electrification Corp. Ltd (REC) has identified projects with a total debt of around Rs 1.8 trillion as part of the scheme, which is under government consideration and has been tentatively named Power Asset Revival through Warehousing and Rehabilitation, or ‘Pariwartan’.
- The ‘Pariwartan’ scheme is inspired by the Troubled Asset Relief Programme, or TARP, which was introduced in the US during the 2008 financial crisis.
- These stressed power projects will be housed under an asset management and rehabilitation company (AMRC) that will be owned by financial institutions.
- The AMRC will manage the projects and may ask utilities such as NTPC Ltd to operate and maintain them.
- India is the largest borrower from Asian Infrastructure Investment Bank
- With the total project portfolios of US$4.4 Billion, India has been the largest borrower of Asian Infrastructure Investment Bank (AIIB) lending since the time the Bank started its operations.
- Unlike most other multilateral development banks set up by advanced economies, AIIB is the first major multilateral development bank where principal contributors are the borrowing members themselves.
- AIIB will consider investing in projects outside Asia as long as they serve to benefit the Asian regions too. So far, AIIB has only invested in one solar power project in Egypt, Sir Alexander said.
- While 75% of the capital is from Asia, several non-Asian regions like Europe, North America, some East African and Latin American countries have also joined the bank as members.
- The third Annual Meeting of AIIB is being organized by Government of India, in collaboration with Government of Maharashtra at Mumbai during 25-26 June 2018.
AIIB (Asian Infrastructure Investment Bank)-
- The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank that aims to support the building of infrastructure in the Asia-Pacific region.
- The bank currently has 56 members states.
- Currently, It has 86 approved members from around the world.
- It is headquartered in Beijing, China.
- Current President of AIIB is Jin Liqun.
- AIIB to invest $200 million into a NIIF fund of funds
- The AIIB is likely to invest USD 200 million in a fund of funds set up by India to take interest in infra projects.
- They are investing USD 100 now and USD 100 million in the time to come.
National Investment and Infrastructure Fund (NIIF)
- National Investment and Infrastructure Fund (NIIF) is a fund created by the Government of India for enhancing infrastructure financing in the country.
- This is different from the National Investment Fund.
- The NIIF will be established as one or more Alternate Investment Funds(AIF) under the SEBI Regulations.
- NIIF would have full autonomy for project selection.
- NIIF would formulate guidelines and would follow due processes for selection criteria for AMCs (Asset Management Company’s) and Non-Banking Financial Companies (NBFCs) / Financial Institutions (FIs).
National Investment Fund
- The Cabinet Committee on Economic Affairs (CCEA) on 27th January 2005 had approved the constitution of a National Investment Fund (NIF).
- The Purpose of the fund was to receive disinvestment proceeds of central public-sector enterprises and to invest the same to generate earnings without depleting the corpus.
- The earnings of the Fund were to be used for selected Central social welfare Schemes. This fund was kept outside the consolidated fund of India.
Source- Economic Times
- First satellite “RemoveDEBRIS” to collect space junk set deployed from ISS
- The first-ever satellite to test possible solutions in cleaning up space junk has been deployed by the International Space Station (ISS) and would soon begin experiments in orbit.
- The Britain-built satellite, named RemoveDEBRIS mission, is one of the world’s first attempts to tackle the build-up of dangerous space debris orbiting the Earth.
- The 100-kg RemoveDebris spacecraft will attempt to capture simulated space debris using a net and a harpoon while also testing advanced cameras and radar systems.
- The experiment is important as there are thousands of pieces of space debris circulating the planet, many travelling faster than a speeding bullet, posing a risk to valuable satellites and even the International Space Station itself.
- Once the experiments are complete, it will unfurl a drag sail to bring itself and the debris out of orbit, where it will burn up as it enters the earth’s atmosphere.
- It was launched on a SpaceX Dragon spacecraft from Florida in April 2018.
Source- Indian Express
- 19th International Indian Film Academy Awards (IIFA) Awards 2018
- 19th IIFA Awards were presented in Siam Niramit Theatre in Bangkok, Thailand.
|Best Film||Tumhari Sulu|
|Best Actor (Male)||Irfan Khan (Hindi Medium)|
|Best Actor (Female)||Sridevi (Mom)|
|Best Director||Anirudh Roy Chaudhary (Pink)|
IIFA (International Indian Film Academy Awards)
- IIFA Awards are a set of awards presented annually by the International Indian Film Academy to honour both artistic and technical excellence of professionals in Bollywood.
- The first awards were presented in 2000 at The Millennium Dome in London, United Kingdom.