Govt. may extend PLI scheme to chemicals, petrochemicals sectors

Finance Minister said the government is open to introducing a production-linked incentive (PLI) scheme for investments in the chemicals and petrochemicals sectors.

Production Linked Incentive (PLI) Schemes

• The Production Linked Incentive (PLI) schemes are a set of initiatives launched by the Government of India to boost domestic manufacturing and exports in various sectors.
• The schemes aim to provide financial incentives to eligible manufacturers based on their incremental production and sales over a base year.
• The schemes also seek to attract foreign direct investment (FDI) and enhance the competitiveness of Indian products in the global market.

Background

• The PLI schemes were first announced in April 2020 as part of the Atmanirbhar Bharat Abhiyan (Self-Reliant India Movement), a comprehensive economic package to revive the economy amid the COVID-19 pandemic.
• The schemes were initially introduced for three sectors: mobile phones and specified electronic components, active pharmaceutical ingredients (APIs) and medical devices, critical key starting materials (KSMs), drug intermediates and APIs. Later, the schemes were extended to more sectors.
• Currently, the schemes offer incentives to companies for incremental sales of products manufactured in India across 14 key sectors, such as electronics, pharmaceuticals, automobiles, textiles, and food products.

The PLI schemes have several features that make them different from the previous incentive schemes. Some of these features are:

Output-oriented

• The schemes are output-oriented rather than input-based. They reward manufacturers for increasing their production and sales rather than for investing in capital or infrastructure.

Time-bound

• The schemes are time-bound and have a sunset clause. They are valid for a period of five to six years depending on the sector.

Performance-based

• The schemes are performance-based and have a graded incentive structure. The incentive rate varies according to the category of the manufacturer (domestic or foreign), the level of value addition, the type of product and the year of operation.

Flexible

• The schemes are flexible and allow manufacturers to choose their own base year, investment plan and production targets within the prescribed guidelines.

Aligned with the national priorities

• The schemes are aligned with the national priorities and strategic sectors. They aim to reduce import dependence, promote innovation and R&D, create employment opportunities and enhance India''s share in the global value chain.

Significances

Boost Manufacturing

• The schemes can boost India''s manufacturing output and exports by creating a conducive environment for domestic and foreign investors.
• According to government estimates, the PLI schemes can generate additional production worth Rs 37.5 lakh crore ($500 billion) and additional exports worth Rs 20 lakh crore ($267 billion) over five years.

Enhance self-reliance and resilience

• The schemes can enhance India''s self-reliance and resilience in critical sectors such as electronics, pharmaceuticals, telecom and renewable energy. These sectors have high import dependence and strategic importance for India''s development and security.

Foster innovation

• The schemes can foster innovation and R&D in emerging technologies such as electric vehicles, 5G, artificial intelligence and biotechnology. These technologies have immense potential for transforming various sectors and improving the quality of life of people.

Employment opportunities

• The schemes can create employment opportunities for millions of people across various skill levels. According to government estimates, the PLI schemes can create direct employment for 1.8 million people and indirect employment for several more over five years.

The PLI schemes also face some challenges and limitations that need to be addressed for their effective implementation and impact. Some of these challenges are:

Monitoring and evaluation mechanism

• The schemes require a robust monitoring and evaluation mechanism to ensure transparency, accountability and compliance of the manufacturers.
• The government needs to establish clear criteria and indicators for measuring the incremental production, sales and value addition of the manufacturers and verify them through independent audits.

Coordinated approach

• The schemes require a coordinated approach among various ministries, departments, agencies and stakeholders to avoid duplication, overlap or conflict of policies and regulations.
• The government needs to harmonize the PLI schemes with other existing or proposed schemes such as Make in India, Digital India, Startup India, etc.

Supportive ecosystem

• The schemes require a supportive ecosystem of infrastructure, logistics, finance, skilling and market access to enable the manufacturers to scale up their production and exports. The government needs to address the bottlenecks and gaps in these areas through reforms and investments.

Gig workers demand model law, labour rights, social security

The National Coordination Committee on Gig Workers (NCCGW), an umbrella organisation of several unions working among gig and platform workers, protested in front of Parliament and demanded the Centre for a model law for the sector so that these workers get social and job security.

Gig workers

• Non-standard or gig work consists of income-earning activities outside of standard, long-term employer-employee relationships.
• A gig economy is a labor market that relies heavily on temporary and part-time positions filled by independent contractors and freelancers rather than full-time permanent employees.
• The term is borrowed from the music world, where performers book "gigs" that are single or short-term engagements at various venues.
• The gig economy uses digital platforms to connect freelancers with customers to provide short-term services or asset-sharing.
• Examples include ride-hailing apps, food delivery apps, and holiday rental apps.

Rise in Gig Workers

• Post Pandemic: The trend accelerated during the 2020 COVID-19 pandemic, the gig economy experienced significant increases as gig workers delivered necessities to home-bound consumers, and those whose jobs had been eliminated turned to part-time and contract work for income.
• Freedom to work from anywhere: These types of positions facilitate independent contracting work, with many of them not requiring a freelancer to come into an office.
• Wide Range of Applicants: Employers also have a wider range of applicants to choose from because they don''t have to hire someone based on their proximity.
• Rise of Technology and Internet: Rise of fast internet and smartphones have made it easier to work from anywhere easily.
• Convenient for Small Organisations: Employers who cannot afford to hire full-time employees to do all the work will often hire part-time or temporary employees to take care of busier times or specific projects.
• More income with more work: People often find they need to move or take multiple positions to afford the lifestyle they want. It''s also common to change careers many times throughout a lifetime, so the gig economy can be viewed as a reflection of this occurring on a large scale.
• Benefits Employers: Employers do not need to provide related benefits, such as medical insurance, Provident Fund, and year-end bonuses which make it a better option for them to pay only for work on a unit basis.
• Work for All: Students can choose lower-skilled jobs and work without academic or professional qualifications. Retirees, housewives, etc. may find it difficult to find part-time jobs on weekdays, but now they can make good use of their spare time to earn extra money.

India and Gig Economy

• In 2020, 7.7 million workers were engaged in the gig economy.
• The gig workforce is expected to expand to 23.5 million workers by 2029-30.
• At present about 47% of the gig work is in medium skilled jobs, about 22% in high skilled, and about 31% in low skilled jobs.
• Trend shows the concentration of workers in medium skills is gradually declining and that of the low skilled and high skilled is increasing.
• It may be expected that while the domination of medium skills would continue till 2030, gig work with other skills will emerge.

Steps Taken by Government of India for Gig Workers

• Code of Social Security, 2020: The Government has formulated the Code on Social Security, 2020 which envisages framing of suitable social security schemes for gig workers and platform workers on matters relating to life and disability cover, accident insurance, health and maternity benefits, old age protection, etc. However, these provisions under the Code have not come into force.
  • Platform workers are those whose work is based on online software apps or digital platforms. Non-platform gig workers are generally casual wage workers and own-account workers in the conventional sectors, working part-time or full time.
• e-Shram Portal: The Government has also launched e-Shram portal in 2021 for registration and creation of a Comprehensive National Database of Unorganized Workers including gig workers and platform workers.
  • It allows a person to register himself or herself on the portal on a self-declaration basis, which is spread across around 400 occupations.

New millipede species discovered

Millipede species

• The newly found species is a thread Millipede.
• It is about the length of a paperclip but skinny as pencil lead.
• Its scientific name is Illacme socal.
• It is translucent and sinuous like a jellyfish tentacle.
• The creature burrows four inches below ground, secretes unusual chemicals and is blind.
• It relays on hornlike antennas protruding from its head to find its way.
• These are member of the arthropod class Diplopoda.
• They are cylindrical or slightly flattened invertebrates.
• The word “millipede” translates to “a thousand feet”—but while millipedes have many feet, none of them quite have a thousand.
• Their bodies are split into a number of segments, and each segment has two sets of legs that attach to the body''s underside.
• Diet: It is a detritivore, which means that it eats dead organic matter in the earth like damp wood pieces, decayed leaves, and other materials that naturally exists in their moist habitat underground.

19-Year-Old Naval Sailor Found Dead Onboard INS Vikrant

INS Vikrant

• It is India’s first indigenously designed and manufactured aircraft carrier.
• The ship has been designed in-house by Indian Navy’s Warship Design Bureau and constructed by M/s Cochin Shipyard Limited.
• It will strengthen the country’s standing as a ‘Blue Water Navy’ — a maritime force with global reach and capability to operate over deep seas.
• With it, India also joins the elite group of nations – the US, Russia, France, the UK and China – who are capable of designing and constructing aircraft carriers.
• Features:
  • Dimension: It has an approximate length of 262 meters (860 feet) and a breadth of 62 meters (203 feet).
  • Displacement: Its full-load displacement is 43,000 tonnes.
  • Propulsion: It is powered by four gas turbine engines.
  • Speed: It has a top speed of 52 km/h (32 mph).
  • Endurance: 8,600 miles (13,890 kilometres)
  • Aircraft capacity: It can accommodate up to 30 fixed-wing aircraft, including fighter jets, and rotary-wing aircraft, such as anti-submarine warfare helicopters and utility helicopters.

INS Vikrant

• INS Vikrant, with pennant number R11, was the first-ever aircraft carrier that was operated by the Indian Navy.
• The ship was officially laid down in 1943 and was being built for the Royal Navy as HMS (Her Majesty’s Ship) Hercules when the constitution was put on hold after World War II ended.
• Like many other ships at the time, the under-construction HMS Hercules was put up for sale by the United Kingdom and was purchased by India in 1957.
• The construction work was completed and the ship was commissioned in the Indian Navy as INS Vikrant in 1961.
• The plan for building an indigenous aircraft carrier started taking shape as the old INS Vikrant neared its decommissioning in the late 1990s.

Rail Vikas Nigam Ltd. offer-for-sale over-subscribed, institutional buyers place bids worth ₹2,000 crore

Offer for Sale

• It is a simpler method of share sale through the exchange platform for listed companies.
• The mechanism was first introduced by India’s securities market regulator Sebi in 2012.
• Aim: To make it easier for promoters of publicly-traded companies to cut their holdings and comply with the minimum public shareholding norms by June 2013.
• The method was largely adopted by listed companies, both state-run and private, to adhere to the Sebi order.
• Later, the government started using this route to divest its shareholding in public sector enterprises.
• In an OFS, promoters of a company will dilute their stake by selling their shares to retail investors, companies, Foreign Institutional Investors (FIIs) and Qualified Institutional Buyers (QIBs) on an exchange platform.
• Features of Offer for sale
  • Unlike a follow-on public offering (FPO), where companies can raise funds by issuing fresh shares or promoters can sell their existing stakes, or both, the OFS mechanism is used only when existing shares are put on the block.
  • Only promoters or shareholders holding more than 10 per cent of the share capital in a company can come up with such an issue.
  • The mechanism is available to 200 top companies in terms of market capitalisation.
  • In an OFS, a minimum of 25 per cent of the shares offered, are reserved for mutual funds (MFs) and insurance companies.
  • At any point, no single bidder other than these two institutional categories is allocated more than 25 per cent of the size of the offering.
  • A minimum of 10 per cent of the offer size is reserved for retail investors.
  • A seller can offer a discount to retail investors either on the bid price or on the final allotment price.
  • It is mandatory for the company to inform the stock exchanges two banking days prior to the OFS about its intention.

13 Islands That Will Disappear in the Next 80 Years

Tuvalu

• It was formerly called as the Ellice Islands.
• It’s an island country in the west-central Pacific Ocean, and sits around halfway between Hawaii and Australia.
• Capital: Funafuti
• Its neighbours include Kiribati, to the north, and Fiji, to the south.
• It is composed of nine small coral islands scattered in a chain lying approximately northwest to southeast
• Language: The Tuvaluans are Polynesian and they speak Tuvaluan language which is closely related to Samoan.
• Government
  • The government is a parliamentary democracy with a unicameral legislature elected by universal adult suffrage.
  • There are no political parties: the prime minister is chosen by and from the legislature.
  • Tuvalu is a member of the South Pacific Forum.
• Economy
  • Most people are subsistence farmers and are aided by remittances from relatives working overseas.
  • A small quantity of copra is produced for export, the sale of stamps accounts for modest earnings, and fees are collected from foreign fishing fleets.
• Threats
  • Due to its low-lying geography, Tuvalu is at acute risk from natural disasters, including rising storm surges, cyclones, and tsunamis.

NASA’s IXPE Discovers Twisted Magnetic Field Fueling a Distant Black Hole’s Energetic Jet

Markarian 421

• It is a supermassive black hole firing a jet of high-energy particles aimed directly at Earth.
• It is about 400 million light-years away from the earth
• It is located in the constellation Ursa Major.

Supermassive black hole

• They have a mass greater than about 50,000 times the mass of our sun.
• These black holes are far too large to have formed from the gravitational collapse of a single star.
• These are always found at the centre of a galaxy and almost all galaxies have a supermassive black hole at its centre.

Imaging X-ray Polarimetry Explorer (IXPE)

• It is an international collaboration between NASA and the Italian Space Agency.
• It studies the most extreme and mysterious objects in the universe – supernova remnants, supermassive black holes, and dozens of other high-energy objects.
• It is the first satellite dedicated to measuring polarized X-rays from objects, such as neutron stars and supermassive black holes, to reveal previously hidden details of the universe.

Ship carrying nearly 3000 cars ablaze off Dutch coast, crew member dead

North Sea

• It is a sea in northern Europe and is part of the Atlantic ocean.
• Borders: It is bordered by the United Kingdom and Norway to the west, Denmark to the south, Germany, the Netherlands, Belgium, and France to the east, and the Faroe Islands and Norway''s Svalbard archipelago to the north.
• The North Sea connects to the Atlantic Ocean via the English Channel in the southwest and the Baltic Sea in the east via the Kattegat and Skagerrak straits.
• The Kiel Canal, one of the world''s busiest artificial waterways, connects the North Sea with the Baltic.
• Area: It covers an area of approximately 570,000 square kilometres (220,000 square miles).
• Depth:
  • It is a relatively shallow sea with an average depth of 90 meters.
  • The sea’s deepest part is the Norwegian trench which is 725 meters deep.
  • The shallowest area is the Dogger Bank, which is only 12 metres deep.
• Climate:
  • It experiences an oceanic temperate maritime climate characterized by slightly high temperatures.
  • Winters are long but cool, while summers are short and mild.
• Rivers: Major rivers that drain into the North Sea include the Forth, Elbe, the Weser, the Ems, the Rhine and Meuse, the Scheldt, the Thames, and the Humber.
• Ports: It has several major ports located along its coasts, such as Rotterdam, the busiest port in Europe, Antwerp, Hamburg, Bremerhaven and Felixstowe, all busy container seaports, as well as the Port of Bruges-Zeebrugge, Europe''s leading RoRo port.

Rare Ureilite Meteorite formed Dhala structure in MP

Ureilite

• ‘Ureilites’ are a rare class of primitive meteorites that constitute just a tiny fraction of meteorites on Earth.
• It is named after the locality where the first specimen was discovered, the Novo Urei village in Russia.
• Composition:
  • They consist of silicate rock, mostly olivine and pyroxene, interspersed with less than 10% of carbon (diamond or graphite), metal sulphides and a few fine-grained silicates.
  • They contain elongated cavities generally stretched in the same direction.
  • Lack of Chondrules: Unlike many other stony meteorites, ureilites do not contain chondrules, which are small, spherical grains that formed in the early solar system.
• Primitive Nature: Ureilites are considered primitive meteorites because their composition closely resembles the material from which the solar system formed.

Dhala Crater

• It is the oldest and the largest impact crater in India.
• It is estimated to have formed some 2500 million years ago.
• Named after the village Dhala, the crater is an eroded leftover of the original impact structure.
• Location: It is located in Shivpuri district in Madhya Pradesh.
• Size: It is a massive 11 km in diameter, making it the largest in Asia.

Meteor, a meteoroid, and a meteorite

• Meteoroids: They are objects in space that range in size from dust grains to small asteroids.
• Meteors: When meteoroids enter Earth’s atmosphere (or that of another planet, like Mars) at high speed and burn up, the fireballs or “shooting stars” are called meteors.
• Meteorite: When a meteoroid survives a trip through the atmosphere and hits the ground, it’s called a meteorite.

Osiris-Rex adjusts course to get closer to Earth with asteroid samples

OSIRIS-REx

• It is a NASA spacecraft mission designed to study the near-Earth asteroid called Bennu.
• The name OSIRIS-REx stands for "Origins, Spectral Interpretation, Resource Identification, Security, Regolith Explorer."
• Goal: To collect a sample weighing at least 2.1 ounces (59.5 grams) from asteroid 101955 Bennu (formerly known as 1999 RQ36) and then bring the sample to Earth.
• The mission will help scientists investigate how planets formed and how life began, as well as improve our understanding of asteroids that could impact Earth.
• It is the first U.S. spacecraft to collect a sample from an asteroid.
• It was launched on Sept. 8, 2016.
• It reached its asteroid target in 2018 and is bringing a small sample to Earth for study.
• The samples will arrive on Earth in 2023. An extended mission will take the spacecraft into orbit around near-Earth asteroid Apophis in 2029.

Asteroid Bennu

• It is located about 200 million miles away from the Earth.
• It was discovered by a team from the NASA-funded Lincoln Near-Earth Asteroid Research team in 1999.
• It is a B-type asteroid, implying that it contains significant amounts of carbon and various other minerals.
• Around 20-40 percent of Bennu’s interior is empty space, and scientists believe that it was formed in the first 10 million years of the solar system’s creation, implying that it is roughly 4.5 billion years old.
• Bennu is believed to have been born in the Main Asteroid belt between Mars and Jupiter, and because of gravitational tugs from other celestial objects and the slight push asteroids get when they release absorbed sunlight, the asteroid is coming closer to Earth.

Asteroid

• An asteroid is a small rocky object that orbits the Sun.
• These objects are remnants from the early formation of our solar system, dating back billions of years.
• Most asteroids are found in the region between the orbits of Mars and Jupiter, known as the asteroid belt, but they can also be found in other regions of the solar system.

What is Urea Gold launched by PM Modi in Rajasthan''s Sikar ahead of polls

Urea Gold

• It is a new variety of Urea coated with Sulphur.
• It is being introduced to address the Sulphur deficiency in soil and save input costs for the farmers.
• Urea Gold surpasses the existing Neem-coated urea in terms of both economic viability and efficiency.
• How Urea Gold Is Better Than Others?
  • Sulphur-coated urea facilitates a gradual release of nitrogen, thereby enhancing its availability and uptake by crops.
  • The inclusion of humic acid in Urea Gold further extends its lifespan as a fertilizer.
  • This product not only substitutes traditional urea consumption but also reduces overall fertilizer usage.
  • According to the report, 15 kg of Urea Gold provides comparable benefits to 20 kg of conventional urea, making it a more efficient and effective choice for farmers.

Neem-coated urea

• Urea is a commonly used nitrogen-based fertilizer that provides essential nutrients to plants to promote healthy growth.
• Neem-coated urea is a specialized form of urea fertilizer that has been coated with neem oil.
• Benefits:
  • The neem coating on urea slows down the release of nitrogen into the soil. This controlled release helps reduce nitrogen leaching and volatilization, leading to improved nitrogen use efficiency by plants.
  • It would bring down the quantity of urea per acre and consequent reduction in input cost to farmers.
  • The emission of nitrous oxide is also brought down significantly.
  • Neem oil, derived from the neem tree (Azadirachta indica), has natural pesticidal properties.

INDIAai and Meta India sign pact to collaborate on AI and emerging technologies

INDIAai

• It is the National artificial intelligence Portal of India which was launched on 28th May 2020.
• It is a knowledge portal, research organisation, and an ecosystem-building initiative.
• It stands to unite and promote collaborations with various entities in India’s AI ecosystem.
• It is a joint initiative by the Ministry of Electronics and IT (MeitY),National e-Governance Division (NeGD) and NASSCOM.
  • NeGD: It was created in 2009 as an Independent Business Division under the Digital India Corporation (a not-for-profit company set up by MeitY).
  • NASSCOM: It is a not-for-profit industry association and the apex body for the IT and IT-enabled products and services sector in India.
• It is the single central knowledge hub on artificial intelligence and allied fields for aspiring entrepreneurs, students, professionals, academics, and everyone else.

Artificial intelligence (AI)

• It is a wide-ranging branch of computer science concerned with building smart machines capable of performing tasks that typically require human intelligence.