India and Japan launch _______ Fund for Environment Projects.

Daily Current Affairs

$600 Million

$700 Million

$800 Million

$900 Million

Correct Answer : $600 Million

India's National Investment and Infrastructure Fund (NIIF) and Japan Bank for International Cooperation (JBIC) jointly launched a $600 million fund on Wednesday (4th Oct 2023) for climate and environment projects.

The Indian government will contribute 49% to the target corpus for the India-Japan fund, which is also NIIF’s first bilateral fund, while the remaining 51% will be contributed by JBIC, the finance ministry said.

"India-Japan Fund will focus on investing in environmental sustainability and low carbon emission strategies and aims to play the role of being a partner of choice to further enhance Japanese investments into India," the ministry said.

The Indian government will contribute 49% of the target corpus for the India-Japan fund, which is also NIIF’s first bilateral fund, while the remaining 51% of the funds will be contributed by JBIC.

The India-Japan fund will be managed by NIIF Limited. JBIC IG, a subsidiary of JBIC, will support NIIFL in promoting Japanese investments in India, the statement added.

NIIF is a sovereign wealth fund, which was founded in 2015 to provide an investment platform for international and Indian investors.

While the government holds a 49% stake in the fund, 51% is held by domestic institutional investors, sovereign wealth funds, international pension funds and others like the US International Development Finance Corporation (USIDFC), multilateral development banks including Asian Infrastructure Investment Bank (AIIB), Asian Development Bank (ADB) and New Development Bank (NDB)..

Source : Mint

Published On : October 5, 2023

Solar’s Ascendance in India :

In 2015, India ranked ninth in solar energy deployment, but by 2023, it produced 5.8% of its electricity from solar, up from 0.5% in 2015. This significant increase underscores India’s commitment to clean energy and its pivotal role in mitigating climate change.

Global Solar Growth Trends :

Ember’s report highlights that solar energy witnessed a remarkable increase globally, with 2023’s solar generation exceeding six times that of 2015. The top four solar growth countries, including India, accounted for 75% of this growth, emphasizing the widespread adoption of solar power worldwide.

Published On : May 9, 2024

Q .

India's Toy Exports Slip to _____ Million in 2023-24

$102.92

$121.19

$139.53

$152.34

Correct Answer : Option (D) - $152.34

India’s toy exports experienced a slight decline to USD 152.34 million in the fiscal year 2023-24, with limited benefits from quality control measures. Despite efforts to bolster the domestic industry and ensure product safety, exports did not see significant improvement.

Declining Export Trends :

Export figures dropped marginally from USD 153.89 million in the previous fiscal year to USD 152.34 million in 2023-24, as outlined by the Global Trade Research Initiative (GTRI). Despite a modest increase in exports from FY’2020 to FY’2022, the subsequent year witnessed a downturn.

Import Trends :

Conversely, imports rose to USD 64.92 million in 2023-24 from USD 62.37 million in the preceding year, indicating a persistent challenge in balancing trade dynamics.

GTRI’s Recommendations :

Comprehensive Industry Development Strategy : GTRI Founder Ajay Srivastava emphasized the necessity for a holistic approach to foster the growth of India’s toy industry and bolster exports.

Domestic Ecosystem Strengthening : Developing a robust domestic ecosystem is paramount, alongside measures to encourage renowned global toy brands to establish manufacturing facilities within India’s borders.

Published On : May 9, 2024

Q .

India Leads Global Remittances, Surpassing _____ Billion Mark.

$50

$100

$200

$250

Correct Answer : Option (B) - $100

India emerged as the global leader in remittances in 2022, receiving over $111 billion, surpassing the $100 billion mark for the first time. The International Organisation for Migration (IOM) highlighted India, alongside Mexico, China, the Philippines, and France, as the top five remittance recipient countries.

Consistent Growth: From $53.48 Billion to $111.22 Billion

The UN’s World Migration Report 2024 underscored India’s consistent growth in remittances, noting a rise from $53.48 billion in 2010 to $111.22 billion in 2022. This significant increase showcases India’s pivotal role in the global remittance landscape.

Southern Asia’s Significance in Global Remittances :

The IOM emphasized Southern Asia’s importance as a major recipient of global remittances, attributed to its high proportion of migrant workers and emigrants. India, Pakistan, and Bangladesh all ranked among the top ten recipients worldwide, highlighting the sub-region’s reliance on labor migration.

Prominent Migration Corridors and Destination Countries :

While India ranks 13th as a destination country for immigrants, it features prominently in various international migration corridors, including India-United Arab Emirates, India-Saudi Arabia, and Bangladesh-India, all of which are among the top 10. This indicates India’s significant role in global labor migration patterns.

Published On : May 9, 2024