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Ratan Tata appointed as Cares Trustee in P.M

  • Ratan Tata, former Chairman of Tata Companies, has been appointed as PM, Cares Trustee. Apart from him, former judge K.T. Thomas and former Deputy Speaker Kariya Munda have also been appointed. The result was announced on Tuesday PM. Prime Minister Modi has taken cares.
  • Also, the PM recommended three names to constitute the Advisory Committee on CARES. They are Auditor General Rajiv Mehrishi, Sudha Murthy, former chairman of Infosys Foundation, and Anand Shah, co-founder of Teach for India and former CEO of IndiCorps and Piramal Foundation.
For the first time in India, the Government of Tamil Nadu has issued an announcement on the protection of sea sponges in Pak Bay
  • On September 3, 2021, the Government of Tamil Nadu announced in the Legislative Assembly that a 'Seaweed Conservancy' would be set up in the Gulf of Mannar and Pakwirikuda in order to protect the endangered species of seaweed and its marine habitats in Tamil Nadu.
  • In order to implement this, an ordinance was issued to declare sea sponge conservation area in Pakwirikuda covering an area of ​​448 square km, covering the coastal areas of Thanjavur and Pudukottai districts.
  • Most of the sea sponges are found on the coast of Tamil Nadu (Baghwirikuda). This sea sponge sanctuary announced by Tamil Nadu in Bagvalekuda is proud to be the first sanctuary to be set up in India.
Asian Development Bank has reduced India's growth
  • The Asian Development Bank publishes a report called the Asian Development Outlook (ADO). It examines the economic issues and development prospects in developing countries in Asia.
  • The price variation and GDP and growth rate projections of countries in the Asian region including India and China can be known through this report.
  • In its supplementary report released today, it has been mentioned that: Compared to last year, the Indian economy grew by 13.5 percent in the first quarter of 2022-23. This reflects the strong growth of the services sector.
  • However, the GDP growth has been reduced in the ATO forecast. Growth for the current fiscal year has been cut to 7 percent and GDP growth for 2023-24 has been cut to 7.2 percent.
  • The price crisis is expected to adversely affect domestic consumption. Also, sluggish global demand and higher crude oil prices may reduce net exports. Similarly, China's growth was previously predicted at 5 percent. It has now been reduced to 3.3 percent.
  • Lockdowns due to Zero Covid, problems in the real estate sector and weakening demand for Chinese manufacturing abroad have affected Chinese economic activity. This was stated in the report.
Union Cabinet approves Union Freight Policy to promote greater efficiency in freight services
  • The Union Cabinet chaired by Prime Minister Shri Narendra Modi has approved the National Freight Policy. This policy lays down the framework for the freight sector. This policy aims to implement the Prime Minister's Fast Power National Plan.
  • The policy envisages bringing efficiency through regulatory framework, regulatory framework and capacity building in logistics and human resources. It aims to create a technologically enabled, integrated, cost-efficient, resilient, sustainable and reliable freight transport ecosystem for accelerated inclusive growth.
  • It aims to reduce freight rates in India to be comparable to global benchmarks, improve performance index ranking and bring it among the top 25 countries by 2030, and create a data-driven mechanism for an efficient freight ecosystem.
  • The National Freight Policy has been developed through a consultative process with several rounds of consultations with various Ministries/Departments of the Government of India, industry stakeholders and academics, taking cognizance of global best practices. This policy, when implemented, will benefit MSMEs and farmers.
Union Cabinet approves changes to scheme to improve semiconductor and display manufacturing environment in India
  • The Union Cabinet chaired by Prime Minister Narendra Modi has approved the following schemes to improve the semiconductor and display manufacturing environment in India.
  • Under the scheme for setting up of Semiconductor Manufacturing Centers in India, all technical terminals will be provided equal 50% of the project cost. Under the scheme for setting up Display Manufacturing Centres, 50% of the project cost is equally financed
  • 50% financing on capital cost, on equity basis, under the scheme for setting up joint Semiconductors/Photonics/Sensor Manufacturing Centers for Chile and addition of Semiconductor ATMB/OSAD facilities in India
  • Under the revised scheme, lump sum subsidy of 50% of the project cost will be provided for all technical units for setting up of semiconductors.
Cabinet approves production-coupled incentive scheme under National High Efficiency Solar Panel Scheme to achieve gigawatt-level production capacity of high-efficiency solar panels
  • The Cabinet chaired by Prime Minister Shri Narendra Modi has approved the recommendation of the Department of New and Renewable Energy to implement a Rs 19,500 crore production-linked incentive scheme under the National High Efficiency Solar Panels Scheme to achieve gigawatt-level production capacity of high-efficiency solar panels.
  • This will reduce import dependency in the renewable energy sector. It will strengthen the initiatives of the Self-reliant India movement and generate employment.
  • Manufacturers of solar panels will be selected transparently. After commissioning of the solar panels manufacturing plants for sale of high efficiency solar panels from the domestic market, a production linked incentive scheme will be provided for 5 years.
  • Direct investment to the tune of Rs 94,000 crore will be available through this scheme. 1,95,000 people will be directly employed and 7,80,000 indirectly.

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