Which organization has been appointed as the nodal agency for the Pradhan Mantri Suryoday Yojana, with plans to lend Rs 1,20,000 crore for the installation of rooftop solar panels?

Daily Current Affairs

REC

PFC

NHPC

NTPC

Correct Answer : REC

REC Ltd, a Maharatna power finance company, has been designated as the nodal agency for the ambitious Pradhan Mantri Suryoday Yojana. This initiative, announced by Prime Minister Narendra Modi on January 22, aims to install rooftop solar panels in one crore households. REC Ltd, under the leadership of CMD Vivek Kumar Dewangan, is set to lend up to Rs 1,20,000 crore for this massive undertaking.

Key Points (Pradhan Mantri Suryoday Yojana) :

* Target and Timeline : The scheme sets an ambitious target of installing rooftop solar in one crore households within a year, contributing to the larger goal of achieving 40 GW of rooftop solar installations by 2026.

* odal Agency Role : REC has been designated by the Ministry of New and Renewable Energy (MNRE) as the overall program implementation agency for the rooftop solar scheme, showcasing the company’s pivotal role in driving the initiative.

* Central Public Sector Enterprises Involvement : Eight central public sector undertakings (CPSEs), including NTPC, NHPC, and PowerGrid, will actively participate in rooftop solar installation under the RESCO model, receiving a Line of Credit from REC.

* hallenges and Commitment : Achieving the ambitious target will require coordination with multiple stakeholders, but REC expresses confidence in meeting the set objectives.

* Financial Outlook : REC Ltd aims to increase its renewable energy loan portfolio to Rs 300,000 crore by 2030, with a current sanctioned amount of about Rs 125,000 crore.

In the quarter ending December 2023, REC Ltd reported a net profit of Rs 3,269.3 crore, reflecting a 13.6% increase from the previous year. The company remains steadfast in its commitment to advancing renewable energy initiatives.

Published On : January 29, 2024

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