Current Affairs for SSC CGL Exams - 18 February 2022

SSC CGL Current Affairs

Current Affairs for SSC CGL Exams - 18 February 2022

::NATIONAL::

Govt. releases national hydrogen policy

Releasing the first part of India’s National Green Hydrogen Policy, the government announced some incentives for potential manufacturers, generation companies (gencos) and distribution licensees (discoms) to boost large scale indigenous production of green hydrogen, so as to decarbonise the energy sector and reduce India’s heavy dependence on fossil fuels and crude oil imports.
However, industry experts sought more clarity as they claimed as per the latest policy; a lot would still depend on the rates charged by the respective states and union territories (UTs).
The policy was notified by the power ministry on Thursday a year after finance minister NirmalaSitharaman first revealed about India’s plan to harness green hydrogen in her 2021 budget speech. Later, Prime Minister NarendraModi announced the National Hydrogen Energy Mission in his Independence Day speech in August.
The second part of the policy, which is likely to be about mandating (refineries, fertiliser companies etc) the usage of green hydrogen and green ammonia in a phased manner and also offering PLIs, will require a Cabinet approval and is currently under review with the expenditure finance committee.
Power minister RK Singh said the implementation of this policy will provide clean fuel to the common people of the country. “This will reduce dependence on fossil fuel and also reduce crude oil imports.
The objective also is for our country to emerge as an export Hub for Green Hydrogen and Green Ammonia. The policy gives companies the liberty to set up renewable energy capacity anywhere by themselves or through a developer.
It (the policy) promotes renewable energy generation as RE will be the basic ingredient in making green hydrogen. This in turn will help in meeting the international commitments for clean energy,” he said.

::INTERNATIONAL::

Ensure security interests of all countries, India at UNSC meet on Ukraine crisis

India said the situation in Ukraine can be resolved only through diplomatic dialogue that leads to an immediate de-escalation of tensions while ensuring the “legitimate security interests of all countries”.
New Delhi’s position was outlined by TS Tirumurti, India’s permanent representative to the United Nations, during a Security Council briefing on the situation in Ukraine. Tirumurti reiterated India’s call for all parties to avoid any steps that increase tension and to focus on “quiet and constructive diplomacy”.
India has refrained from any criticism of the actions of Russia, a key strategic partner, on the border with Ukraine in the face of repeated assertions by the US and its allies about the likelihood of a Russian invasion. Shortly before the Indian envoy made his statement at the UN Security Council, US President Joe Biden said the threat of a Russian invasion is “very high” though the door to a diplomatic solution remains open.
Tirumurti said a priority for India is the well-being of more than 20,000 Indian students and nationals who “live and study in different parts of Ukraine, including in its border areas”.
“In conclusion, we reiterate our call for the peaceful resolution of the situation by sincere and sustained diplomatic efforts to ensure that concerns of all sides are amicably resolved through constructive dialogue,” he said.
Unlike other members of the Security Council, India made no reference to shelling across the front in the Donbas region on Wednesday, over which Ukraine and pro-Russian rebels offered conflicting accounts or the Russian Parliament’s vote to recognise the self-declared Donetsk and Luhansk “people’s republics” in Ukraine as independent nations.
Tirumurti said India believes a solution can be found through dialogue under the Normandy format and the Minsk Agreements, which provide a basis for a “negotiated and peaceful settlement of the situation in eastern Ukraine”.

::ECONOMY::

HFCs' bad loans jump by 70 bps following new asset quality norms: Report

Since the introduction of new asset quality norms last November that brought in shadow banks and housing financiers on par with banks, housing finance companies' gross bad loans have gone up by 70 basis points (bps) even as their portfolio quality has improved, according to a report.
The bad loan pile is expected to stabilise by the end of this quarter, Crisil Ratings said in the report.
The Reserve Bank of India (RBI) had on November 12, 2021, introduced tighter asset quality reporting norms for all lenders, which brought in housing financiers and non-banking financial companies (NBFCs) on par with commercial banks.
Though the new norms had to be implemented by December 31, 2021, by all; earlier this week, the monetary authority extended the timeline for NBFCs and housing finance companies (HFCs) till September 30, 2022.
Crisil studied 35 HFCs comprising 95 per cent of the industry's assets under management.
Stated differently, without the change in rule, their portfolio quality on-quarter and on a like-to-like basis would have shown an improvement of 40 bps.
The RBI, on February 15, 2022, deferred the implementation of the revised norms pertaining to NPA upgrades to September 30, 2022, from December 31, 2021. However, this is unlikely to have much impact because most HFCs have already switched to the new way of calculating and that they are well-positioned to improve their gross NPA ratio to three per cent by the end of this fiscal.
The two RBI clarifications, on daily stamping of accounts and NPA upgrades on interest payback, have impacted HFCs. However, the extent of the impact is diverged based on asset class and borrower segment, it noted.
It pointed out that those with relatively more-vulnerable customer profiles, a higher proportion of affordable home loans, self-employed borrowers, and/or loans against property have been impacted more.

::SCIENCE AND TECH::

Indian mining company Vedanta to manufacture semiconductors in India

In a recent development, Anil Agarwal led Vedanta and Taiwan's Foxconn are all set to manufacture semiconductors in India. Earlier this week the duo announced the signing of an MOU to form a joint venture company that will manufacture semiconductors in India. This is a first-of-its-kind joint venture between the two companies that is slated to support Indian Prime Minister NarendraModi's vision to create an ecosystem for semiconductor manufacturing in India.
According to the MOU signed between the two companies, Vedanta will hold the majority of the equity in the JV, while Foxconn will be the minority shareholder. As per a press release, Vedanta Chairman Anil Agarwal will be the Chairman of the joint venture company.
The targeted project plans are aimed at investing in manufacturing semiconductors and are expected to provide a significant boost to the domestic manufacturing of electronics in India. This is reportedly among the first joint ventures in the electronics manufacturing space after the announcement of the policy.
The release cited that discussions are currently ongoing with a few state governments to finalize the location of the plant. The collaboration between Vedanta and Foxconn follows the Indian government's recent policy announcement for the Electronics Manufacturing & PLI scheme for incentivizing organizations that can contribute towards the development of this sector.
The Indian government had recently announced aRs 76,000 crore production-linked incentive (PLI) scheme for semiconductor and display manufacturing in an attempt to boost local production. While Vedanta Group is a globally diversified group of companies with a presence in metals, mining, oil & gas, power, telecom, and glass, Taiwanese firm Hon Hai Technology Group(Foxconn) is one of the world's leading electronics manufacturers.

::SPORTS::

Michael Masi replaced as F1 race director after Abu Dhabi controversy

Michael Masi, who will be offered a new role within the FIA, will be replaced by NielsWittich and Eduardo Freitas who will share the race director job as part of a wider restructuring of the sport's refereeing process unveiled on Thursday by the governing body's president Mohammed Ben Sulayem.
Australian Michael Masi has been replaced as Formula One race director in the wake of the title-deciding safety car controversy in the season-ending Abu Dhabi Grand Prix, the governing FIA's new president said
Wittich, who worked in German touring car series DTM, was already set to step up into the role of Masi's deputy this year having been part of race control last season.