Current Affairs

 

 

Pradhan Mantri Suryodaya Yojana Context: - 

• PM Modi announced the ‘Pradhan Mantri Suryodaya Yojana’, a government scheme under which one crore households will get rooftop solar power systems. Previous schemes to promote rooftop solar system 

About 

• In 2014, the government launched the Rooftop Solar Programme. 
• This had aimed to achieve a cumulative installed capacity of 40,000 megawatts (MW) or 40 gigawatts (GW) by 2022. Watt is a unit of power and is calculated as the amount of energy used over time, specifically one Joule per second.  The scheme aimed to expand India’s rooftop solar installed capacity in the residential sector by providing Central Financial Assistance and incentives to DISCOMs (distribution companies). 

Achievement 

• However, this target could not be achieved. But by the end of 2023, rooftop solar energy generation was just 11 GW. And energy generated from residences was only about a fifth of that. 
• As a result, the government extended the deadline from 2022 to 2026. 

Features 

• A consumer can avail of benefits of the scheme through DISCOM tendered projects or through the National Portal (solarrooftop.gov.in) 
• The DISCOMs role is limited to issuing of technical feasibility approval, installation of net-meter and inspect the system. 
• Net metering is a billing mechanism that credits solar energy system owners for the electricity they add to the grid.
• Surplus solar power units generated from the rooftop solar plant can be exported to the grid. 
• The consumer can receive monetary benefits for the surplus exported power as per the prevailing regulations. Pradhan Mantri Suryodaya Yojana 
• This scheme is a new attempt to help reach the target of 40 GW rooftop solar capacity. 
• It will involve installing solar power systems at rooftops for residential consumers. 
• The scheme would help not only reduce electricity bills of the poor and middle class, but also push India’s goal of becoming self-reliant in the energy sector. India’s current solar capacity 

Installed capacity 

• According to the Ministry of New and Renewable Energy, solar power installed capacity in India has reached around 73.31 GW as of December 2023. 
• Meanwhile, rooftop solar installed capacity is around 11.08 GW as of December 2023. 
• Overall, solar power has a major share in the country’s current renewable energy capacity, which stands at around 180 GW. 

High performing states 

• In terms of total solar capacity, Rajasthan is at the top with 18.7 GW. Gujarat is at the second position with 10.5 GW. 
• When it comes to rooftop solar capacity, Gujarat tops the list with 2.8 GW, followed by Maharashtra by 1.7 GW. 

Need for an expansion of solar energy in India 

• According to the latest World Energy Outlook by the International Energy Agency (IEA), India is expected to witness the largest energy demand growth of any country or region in the world over the next 30 years. 
• IEA is an intergovernmental organization that provides data, policy recommendations, and analysis on the global energy sector.
• IEA's goal is to help countries provide sustainable and secure energy for everyone. 
• To meet this demand, the country would need a reliable source of energy and it can’t be just coal plants. 
• Although India has doubled down on its coal production in recent years, it also aims to reach 500 GW of renewable energy capacity by 2030.

Researchers from various national and international organisations have identified and documented a previously unknown species of frog which has been thriving amidst the urban landscape of Bengaluru. 

About Sphaerotheca varshaabhu:

• It is a new frog species. 
• Sphaerotheca Varshaabhu, meaning a genus of frog which welcomes rain, has been attributed to its behavior of coming out of burrows during the early showers. 
• The newly unearthed amphibian exhibits distinctive characteristics that set it apart from known frog species.
• It has adapted to its urban surroundings displaying behaviors and physical attributes that help it navigate challenges posed by urbanization. 
• The team utilised advanced genetic analysis, morphological studies and bioacoustics to confirm the distinctiveness of this newly discovered amphibian. 

Key facts about amphibians 

• They are extremely sensitive to changes in the environment and can give scientists valuable insight into how an ecosystem is functioning. 
• Amphibians, like frogs, toads and salamanders, are known as indicator species. 
• They are both predators and prey; many other animals are affected by them.

Recently, the Union Environment Minister said that five more Indian wetlands have been added to the global list of wetlands of international importance under the Ramsar Convention.

 About the New Ramsar site: 

• Of the five wetlands added to the Ramsar list, Magadi Kere Conservation Reserve, Ankasamudra Bird Conservation Reserve, and Aghanashini Estuary are in Karnataka and Karaivetti Bird Sanctuary and Longwood Shola Reserve Forest are in Tamil Nadu. 

Ankasamudra Bird Conservation Reserve 

• It is a man-made Village Irrigation Tank built centuries back. 
• It is an ecologically important wetland and rich in biodiversity. 
• It supports more than 1% of the biogeographic population of Painted Stork and Black-headed Ibis. 

Aghanashini Estuary 

• It is formed at the confluence of the Aghanashini River with the Arabian Sea.
• The brackish water of the Estuary provides diverse ecosystem services including flood and erosion risk mitigation, biodiversity conservation and livelihood support.
• The wetland helps in traditional fish farming in the estuarine rice fields (locally known as Gazni rice fields), bivalve shell collection and salt production.

Magadi Kere Conservation Reserve

• It is a man-made wetland which was constructed to store rainwater for irrigation purposes.
• The wetland harbours two vulnerable species, namely the Common pochard and River tern and four near-threatened species, namely the Oriental Darter Black-headed Ibis Woolly-necked Stork and Painted Stork 
• It is also one of the largest wintering grounds for the Bar-headed goose. 

Karaivetti Bird Sanctuary 

• It is one of the largest inland wetlands of Tamil Nadu and is a significant source of groundwater recharge for the area. 

The Longwood Shola Reserve Forest 

• It derives its name from the Tamil word, "Solai", which means a ‘tropical rainforest’. 
• The ‘Sholas’ are found in the upper reaches of the Nilgiris, Anamalais, Palni hills, Kalakadu, Mundanthurai and Kanyakumari in Tamil Nadu. 
• These forested wetlands serve as habitats for the globally endangered Black-chinned Nilgiri Laughing thrush, Nilgiri Blue Robin and vulnerable Nilgiri Wood-pigeon. India increases its tally of Ramsar sites (Wetlands of International Importance) to 80 by adding Five more wetlands to the list on the eve of World Wetlands Day 2024 (2nd February)” published in “PIB” on 31 January 2024. 

The Reserve Bank of India (RBI) recently imposed restrictions on Paytm Payments Bank Ltd (PPBL), following a system audit report and subsequent compliance validation report of external auditors. 

About Payments Bank: 

• A payments bank is like any other bank but operates on a smaller scale without involving any credit risk. 
• It was set up based on the recommendations of the Nachiket Mor Committee. 

Objective: 

• To advance financial inclusion by offering banking and financial services to the unbanked and underbanked areas, helping the migrant labour force, low-income households, small entrepreneurs, etc. 
• It is registered as a public limited company under the Companies Act 2013 and licensed under Section 22 of the Banking Regulation Act 1949. 
• It is governed by a host of legislation, such as the Banking Regulation Act, 1949; RBI Act, 1934; Foreign Exchange Management Act, 1999, etc. 

Features: 

• They are differentiated, and not universal banks. 
• These operate on a smaller scale. 
• The minimum paid-up equity capital for payments banks shall be 100 crores. 
• The minimum initial contribution of the promoter to the Payment Bank to the paid-up equity capital shall be at least 40% for the first five years from the commencement of its business. 

Activities that can be performed: 

• It can take deposits up to Rs. 2,00,000. It can accept demand deposits in the form of savings and current accounts. 
• The money received as deposits can be invested in secure government securities only in the form of a Statutory Liquidity Ratio (SLR). This must amount to 75% of the demand deposit balance. 
• The remaining 25% is to be placed as time deposits with other scheduled commercial banks. 
• It can offer remittance services, mobile payments/transfers/purchases, and other banking services like ATM/debit cards, net banking, and thirdparty fund transfers. 

Activities that can be performed: 

• It cannot issue loans and credit cards. 
• It cannot accept time deposits or NRI deposits. 
• It cannot set up subsidiaries to undertake non-banking financial activities.