October 26, 2024
Table of contents:
- PM lays foundation stone and inaugurates multiple development projects in Varanasi, Uttar Pradesh
- COP-29 Summit
- National Payments Corporation of India Teams Up with Al Etihad Payments to Launch Domestic Card Scheme JAYWAN in the UAE
- MNRE approves three pilot projects to use hydrogen in steel production
- PM lays foundation stone and inaugurates multiple development projects in Varanasi, Uttar Pradesh:
In Varanasi, Uttar Pradesh, Prime Minister Shri Narendra Modi today laid the foundation stone and officially announced number of development projects. Today’s projects include many Varanasi development projects and multiple airport projects of worth Rs 6,100 crore.
Key Findings:
- The Prime Minister of India, Shri Modi, has inaugurated multiple development projects in Varanasi, including the RJ Sankara Eye Hospital, which will benefit the elderly and children.
- He also talked about the inauguration of new airport terminals in Uttar Pradesh, Bihar, West Bengal, Madhya Pradesh, and Chattisgarh, including Babatpur Airport and Sarsawa Airport.
- The aim of these projects to boost services and create new employment opportunities for the youth. PM Modi also mentioned the inauguration of such development projects that costs crores of rupees related to Sarnath, the land of Lord Buddha’s sermons.
- Shri Modi inaugurated development projects of crores of rupees related to Sarnath, the land of Lord Buddha’s sermons, with the motive to boost economy and create employment opportunities for youth.
- The New Civil Enclave at Agra Airport, Darbhanga Airport, and Bagdogra Airport, as well as the extension of Lal Bahadur Shastri International Airport in Varanasi, which estimated to cost around Rs 2870 crore, have been laid by the PM.
- He also laid the foundation of new terminal buildings at Rewa Airport, Maa Mahamaya Airport, Ambikapur, and Sarsawa Airport, worth Rs 220 crore, increasing the annual passenger capacity to 2.3 crore passengers.
Inauguration of Sankara Eye Hospital in Varanasi:
- The establishment of this eye care facility cost ₹110 crore. The hospital will operate on a 75:25 cross-subsidization model, meaning that 75% of beneficiaries would receive free surgeries from the income of paying patients (25% of beneficiaries).
Other projects:
- PM also inaugurated Phases 2 and 3 of Varanasi Sports Complex redevelopment, worth over Rs 210 crore, under Khelo India scheme and Smart City Mission. The project also includes a National Centre of Excellence, players’ hostels, sports science center, practice fields, and public pavilion.
2. COP-29 Summit:
The UNFCCC is facing a major budget shortage, which could affect its ability to conduct climate negotiations and support the 2024-25 climate agenda, including the COP-29 summit. The UNFCCC works on a two-tier funding system, with mandatory funds contribution from member countries and optional donations for any other needs, such as event organizing funds.
- The UNFCCC faces financial challenges due to delays from major countries like the U.S. and China, which results in a €57 million shortfall in 2024.
- This has forced the organization to reduce its activities, increase its reliance on voluntary contributions.
- It also creates inefficiencies of the organization by limiting its transparency in project planning.
About COP – 29 Summit:
- The 29th COP29 to the UNFCCC will be held in Baku, Azerbaijan, from November 11-22, 2024, at Baku Stadium, which represents Azerbaijan’s capacity to host international events.
- The conference will concentrate on pushing forward the UNFCCC and Paris Agreement’s objectives, which includes limiting global warming, adapting to climate change, and mobilizing financing.
- President of COP29 and Ecology and Natural Resources of Azerbaijan: Mukhtar Babayev.
3. National Payments Corporation of India Teams Up with Al Etihad Payments to Launch Domestic Card Scheme JAYWAN in the UAE:
India’s National Payments Corporation (NPCI) in collaboration with Al Etihad Payments (AEP) is set to launch a domestic card scheme called JAYWAN in United Arab Emirates (UAE). The JAYWAN card is based on India’s RuPay card, developed by NPCI.
- The JAYWAN card is based on India’s RuPay card, developed by NPCI, and is shared with AEP to enable UAE’s digital payment.
- The UAE has become the first country to adopt the RuPay stack for their domestic payments. The Indian and UAE governments are working together to interlink their national payment platforms, UPI and AANI.
- This will benefit almost 3 million Indians in the UAE. The JAYWAN card scheme, launched during Prime Minister Narendra Modi’s visit to UAE, was an important step towards India-UAE partnership in terms of digital payments.
About JAYWAN Card:
- The Jaywan card is the UAE’s first national card scheme, launched in June 2024. It aims to improve payment options as well as financial inclusion for the people.
- It is primarily owned by Al Etihad Payments. The card can be issued to UAE residents with bank and can be co-badged with Mastercard or Visa cards. It is part of the UAE’s Financial Infrastructure Transformation (FIT) initiatives, focusing on ecommerce, digital transactions, and financial inclusion.
- The name Jaywan, originated from the history of the UAE, translates to “Precious Pearl.”
About Rupay:
- Rupay is a domestic card payment system of India that allows electronic payments at ATM, POS devices and E-commerce website.
- In 2012, NPCI launched RuPay, a less-cash economy initiative, combining the words “Rupe” and “Payment” to align with the Reserve Bank’s vision.
- Launched in 2012 to align with RBI’s vision of less cash economy.
- The term “Rupay” combines “Rupee” and “Payment.”
- Over 1,100 banks issue RuPay cards.
- Banks include State Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda, Union Bank of India, Bank of India, ICICI Bank, HDFC Bank, Citibank N. A.
4. MNRE approves three pilot projects to use hydrogen in steel production:
National Green Hydrogen Mission Approves three Pilot Projects for Steel Production
- National Green Hydrogen Mission Approves Three Pilot Projects for Steel Production
- The Ministry of New and Renewable Energy has approved three pilot projects for hydrogen use in steel production.
- The projects include Matrix Gas and Renewables with a 50 TPD capacity, Simplex Castings with a 40 TPD capacity, and Steel Authority of India (Ranchi) with a 3,200 TPD capacity.
- The government will provide financial support of Rs 3.47 billion to the pilot projects.
- The projects aim to produce Direct Reduced Iron (DRI) using hydrogen only, reduce coal/coke consumption, and inject hydrogen into a vertical-shaft based DRI production unit.
- The guidelines aim to identify advanced technologies, evaluate performance, and support safe operations of green hydrogen.
National Green Hydrogen Mission:
The Union Cabinet of India approved the National Green Hydrogen Mission on January 4, 2023.
The mission’s goals:
National Green Hydrogen Mission Approves Three Pilot Projects for Steel Production
- The Ministry of New and Renewable Energy has approved three pilot projects for hydrogen use in steel production.
- The projects include Matrix Gas and Renewables with a 50 TPD capacity, Simplex Castings with a 40 TPD capacity, and Steel Authority of India (Ranchi) with a 3,200 TPD capacity.
- The government will provide financial support of Rs 3.47 billion to the pilot projects.
- The projects aim to produce Direct Reduced Iron (DRI) using only hydrogen, reduce coal/coke consumption, and inject hydrogen into a vertical-shaft based DRI production unit.
- The guidelines aim to identify advanced technologies, validate technical feasibility, evaluate performance, and support safe operations of green hydrogen and its derivatives on low-carbon iron and steel.
Ministry of New and Renewable Energy (MNRE):
- Headed by Union Cabinet Minister Pralhad Joshi.
- Responsible for research, development, intellectual property protection, and international cooperation.
- Focuses on renewable energy sources like wind, small hydro, biogas, Battery Energy Storage, and solar power.
