Current Affairs

ONGC OPENS WELL IN KG FIELD TO RAISE OIL PRODUCTION

Why in the News?

ONGC has initiated production from its fifth oil well in the Krishna Godavari basin, boosting crude oil and natural gas output. Following the initial four wells in January 2024, the company aims to reach 45,000 barrels of oil daily and 10 million cubic meters of gas by March 2025. Production has begun with Cluster-2, located off Andhra Pradesh's coast.

Oil and Natural Gas Corporation (ONGC)

• Established: 1956
• Chairman: Arun Kumar Singh
• It is a Maharatna Public Sector Undertaking (PSU) under the Ministry of Petroleum and Natural Gas.
• It contributes over 60% of India’s domestic crude oil production.
• Core Activities: Exploration and Production (E&P) of crude oil, Refining and Petrochemicals and Natural Gas distribution.
• Key Subsidiaries:
• ONGC Videsh Limited (OVL)
• Mangalore Refinery and Petrochemicals Limited (MRPL)
• Hindustan Petroleum Corporation Limited (HPCL)

UNIFIED PENSION SCHEME

Why in the News?

With the Union Cabinet's approval of the Unified Pension Scheme (UPS), the pension system for government workers underwent a dramatic change. With components of the Old Pension Scheme (OPS) and the contributory structure of the National Pension System (NPS), the UPS is set to be implemented on April 1, 2025, with the goal of resolving employee dissatisfaction with the current NPS.

About the scheme

• Objective: The UPS includes provisions for a fixed pension amount, ensuring retirees receive a guaranteed and predetermined sum regularly after retirement.
• It will be implemented from April 1, 2025.
• It will target Central Government employees (potentially 900,000 if adopted by states).
• Pension Amount
  • 50% of average basic pay for 25+ years of service.
  • Proportionate pension for 10-25 years of service.
  • Minimum pension of ₹10,000 per month for those with at least 10 years of service.
• Eligibility
  • Minimum of 10 years of service required.
  • Full benefits for at least 25 years of service.
  • Optional for existing NPS employees and future recruits.
  • The government will increase its contribution from 14% to 18.5%.
  • 60% of the pension amount received by the retiree, payable to the spouse upon the retiree’s death.

INDIA-SINGAPORE MINISTERIAL ROUNDTABLE

Why in the News?

The India-Singapore Ministerial Roundtable (ISMR) was held in Singapore, led by Finance Minister Nirmala Sitharaman, ahead of Prime Minister Narendra Modi's expected visit next month. The Indian and Singaporean delegations, led by Deputy Prime Minister Gan Kim Yong, discussed six key pillars, including digitalization, skill development, and sustainability, to strengthen bilateral cooperation during the second ISMR.

About the Conference

• Its inaugural meeting was held in New Delhi in September 2022.
• Trade between India and Singapore increased from $6.7 billion in FY 2004-05 to $30.11 billion in FY 2021-22.
• Singapore is India’s sixth-largest trade partner, with 2.9% of India's overall trade.
• Singapore remains the largest source of Foreign Direct Investment (FDI) into India.
• Focus Areas: Digital Connectivity, Fintech, Green Economy, Green Hydrogen, Skill Development and Food Security.
• Key Pillars of Cooperation: Digitalization, Skill Development, Sustainability, Healthcare and Medicine, Advanced Manufacturing, and Connectivity.
• Indian Delegation
  • Finance Minister Nirmala Sitharaman
  • External Affairs Minister Dr. S. Jaishankar
  • Railways and IT Minister Ashwini Vaishnaw
  • Commerce Minister Piyush Goyal
• Singapore Delegation
  • Deputy Prime Minister Gan Kim Yong
  • Minister for Foreign Affairs Vivian Balakrishnan
  • Minister for Home Affairs and Law K Shanmugam
  • Minister for Digital Development and Information Josephine Teo
  • Minister for Manpower Tan See Leng
  • Chee Hong Tat Minister for Transport

India-Singapore Ministerial Roundtable (ISMR) Delegates

RBI TO LAUNCH UNIFIED LENDING INTERFACE

Why in the News?

At a global conference in Bengaluru on “Digital Public Infrastructure and Emerging Technologies,” RBI Governor Shaktikanta Das stated that the Unified Lending Interface (ULI) is anticipated to revolutionize the retail lending system, similar to the impact of the Unified Payments Interface (UPI).

Unified Lending Interface

• Developed by: Reserve Bank Innovation Hub, a subsidiary of the RBI.
• Objective: To speed up disbursal of credit, especially to rural and smaller borrowers.
• It is being transformed to enable frictionless credit through digital information sharing among lenders.
• It uses open architecture with open APIs, allowing seamless connection between financial sector players in a ‘plug and play’ model.
• It links with 31 different data services, integrating data from various sources like central and state governments, banks, credit information companies, etc.
• It is expected to address the large unmet demand for credit in agriculture and MSME sectors.

Reserve Bank of India

• Founded: 1^st April 1935 under the Reserve Bank of India Act, 1934 based on the recommendations of the Hilton-Young Commission.
• Purpose: To manage the country's monetary policy and financial system as a Central Bank.
• Headquarters: Mumbai, Maharashtra
• Governor: Shaktikanta Das
• Functions
  • Formulates and implements monetary policy to control inflation, manage economic growth, and stabilize the currency.
  • Regulates and supervises financial institutions such as banks and non-banking financial companies (NBFCs) to ensure stability and compliance with regulations.
  • Issues and manages the supply of currency notes and coins.
  • Oversees foreign exchange operations and maintains the stability of the Indian Rupee in the foreign exchange market.
  • Acts as the banker to the central and state governments, managing their accounts and facilitating transactions.
  • Promotes financial inclusion, digital payments, and supports development of the financial sector.

Logo of RBI

INDIA-US DEFENCE PACTS

Why in the News?

India and the USA have recently signed two significant agreements to boost defence cooperation: the Security of Supplies Arrangement (SOSA) and a Memorandum of Understanding (MoU) on Liaison Officers. During Defence Minister Rajnath Singh’s visit to the USA, both countries agreed to advance priority co-production projects under the 2023 US-India Roadmap for Defence Industrial Cooperation.

Security of Supplies Arrangement (SOSA)

• It is a non-legally binding agreement based on mutual goodwill rather than formal legal obligations.
• Objective: Mandates reciprocal priority support for goods and services that enhance national defence between the US and India.
• India is the 18th SOSA partner, following countries like Australia, Canada, Israel, Japan and the UK.
• It will mandate the US and India to provide reciprocal priority support for goods and services that promote national defence.
• It aims to deepen defence cooperation, enhance interoperability, and facilitate the sharing of information on mutual interests.

Location of USA

General Knowledge

AXIS OF RESISTANCE

• It refers to a political and military alliance.
• It is an informal and loosely organized coalition comprising both Sunni and Shia Muslim groups and governments across Yemen, Syria, Lebanon, Gaza, and Iraq.

Formation

• Post-1979 Islamic Revolution: Iran sought to expand its ideology and political influence across the Middle East.

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• Formation of Proxies: Iran established a network of violent proxies and allies in Iraq, Lebanon, Syria, Yemen, and other regions.

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• Membership: The coalition includes both Sunni and Shia groups, despite differing ideologies. Common goals include opposing Western influence and confronting Israel.

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• Quds Force: a division of the Islamic Revolutionary Guard Corps (IRGC) which focused on training Shia militants in Lebanon against Israeli forces and supported the Northern Alliance in Afghanistan against the Taliban.

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• Post-2002 Declaration: After President George W. Bush's 2002 declaration of an "axis of evil," some Arab and Iranian media used the term "axis of resistance" to describe the network of anti-American militias.

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• Expansion in the Late 1990s: The Quds Force extended its network, forming armed organizations in Iraq following the 2003 U.S. invasion to fight American and British forces.

Key Groups

• Hezbollah
  • It was created in the early 1980s by Iran’s Revolutionary Guards.
  • It is a Shiite militant organization formed to resist Israeli incursions in Lebanon.
  • It is one of the most formidable members of the Axis, boasting a significant arsenal and an estimated 30,000 to 45,000 members.
  • It has engaged in multiple conflicts with Israel, including the 2006 Lebanon War and Syria.
• Hamas
  • It was established during the First Intifada in 1987.
  • It is an Iran backed Sunni Islamist group that opposes Israeli control and has governed the Gaza Strip since 2007.
  • It opposes Zionism and aims to create an Islamic state in Palestine.
• Palestinian Islamic Jihad (PIJ)
  • Formation: 1979 as an offshoot of the Egyptian Muslim Brotherhood.
  • It seeks to establish an Islamic state in Palestine.
  • It is the second-largest militant group in Gaza and the West Bank, following Hamas.
• Houthis
  • The Houthis, or Ansar Allah are a Zaydi Shia militant group from Yemen.
  • They initiated their insurgency in the early 2000s and seized control of Yemen’s capital, Sana’a, in 2014.
  • They have been involved in the ongoing Yemeni civil war and have attacked shipping in the Red Sea in response to Israeli actions in Gaza

Distribution of Axis of Resistance across countries