Today's Current Affairs 12th August 2023

NATIONAL

Meghalaya Launches Rs 500 Crore Chief Minister’s Solar Mission To Bridge Power Deficit

• In a significant step towards harnessing renewable energy and reducing power deficits, Meghalaya Chief Minister Conrad K Sangma launched the Chief Minister’s Solar Mission, a pioneering initiative aimed at ushering in a new era of green progress for the north eastern hill state.
• The mission, backed by an investment of Rs 500 crore from the government over the next five years, is set to transform the state’s energy landscape and contribute to its sustainable development.
• The state government has allocated an annual investment of Rs 100 crore to kickstart the solar mission. Additionally, plans are underway to attract diverse funding partners, including contributions from corporate social responsibility, carbon credits, and international organizations sharing the vision of sustainable energy.

India Aims to Increase Natural Gas Share to 15% by 2030

• India is embarking on a bold journey to significantly enhance its current 6% share of natural gas within its energy mix to a robust 15% by the year 2030. This audacious endeavor is being spearheaded by Rameswar Teli, the Minister of State in the Ministry of Petroleum & Natural Gas. The government is resolutely pursuing an array of far-reaching strategies to realize this vision, as elaborated by the minister in a written response to the Lok Sabha.

Strategic Steps to Achieve the 2030 Target

1. Expansion of National Gas Grid Pipeline: A pivotal step involves the expansion of the National Gas Grid Pipeline, creating an extensive network for efficient distribution of natural gas across the nation.
2. City Gas Distribution (CGD) Network Enhancement: The expansion of the City Gas Distribution network is another cornerstone of the strategy. This initiative ensures that urban and suburban areas have accessible and reliable sources of natural gas.
3. Liquefied Natural Gas (LNG) Terminals Establishment: Setting up LNG Terminals is a crucial aspect, facilitating the import and storage of liquefied natural gas to meet the growing demand.
4. Domestic Gas Allocation for CNG and PNG: The government is dedicated to ensuring a steady supply of domestic gas for Compressed Natural Gas (CNG) in the transportation sector and Piped Natural Gas (PNG) for domestic usage. This allocation is classified as “no cut,” ensuring stability.
5. Market and Pricing Freedom for Specific Gas Sources: The government’s forward-looking stance includes granting marketing and pricing freedom to gas extracted from high-pressure/high-temperature areas, deep water, ultra-deep water, and coal seams. This promotes exploration and utilization of diverse gas sources.
6. Promotion of Bio-CNG through SATAT: The Sustainable Alternative Towards Affordable Transportation (SATAT) initiative takes center stage in promoting Bio-CNG, a sustainable and eco-friendly alternative for transportation fuel.

 Govt moves to overhaul British-era criminal laws

• Union Home Minister Amit Shah introduced three new bills in Lok Sabha to reform the criminal justice system in India. Among these bills is the Bharatiya Sakshya Bill, which aims to replace the outdated Indian Evidence Act of 1872. This move is in response to the need for legal reforms that align with technological advancements and societal changes.
• The Bharatiya Sakshya Bill, 2023, seeks to consolidate and establish general rules and principles of evidence to ensure a fair trial in criminal cases. The current Indian Evidence Act is outdated and lacks provisions that cater to the modern landscape. The new bill aims to rectify this by modernizing the laws surrounding evidence and aligning them with the current needs and aspirations of the populace.
• In addition to the Bharatiya Sakshya Bill, two other bills have been introduced: the Bharatiya Nyaya Sanhita, 2023, which will replace the Indian Penal Code (IPC), and the Bharatiya Nagarik Suraksha Sanhita, 2023, which will replace the Criminal Procedure Code (CrPC). These bills collectively aim to revamp the legal framework pertaining to criminal justice.

 IMPORTANT DAYS

World Elephant Day 2023: 12th August

• World Elephant Day, observed globally on August 12, is a significant event dedicated to raising awareness about the pressing challenges faced by elephants and advocating for their protection and conservation. This observance serves as a vital platform to highlight issues such as habitat loss, ivory poaching, human-elephant conflicts, and the urgent need for improved conservation efforts.
• This occasion aims to promote the importance of safeguarding these magnificent creatures for future generations and to encourage actions that contribute to their welfare and survival. It’s a day to appreciate the vital role elephants play in maintaining ecosystems, as well as to support organizations and initiatives that work towards their preservation. From date to history here is everything you need to know about this day.

 International Youth Day 2023: 12th August

• Every year, on the 12th of August, the global community comes together to celebrate International Youth Day. This annual occasion serves as a dedicated day of awareness and action, recognized by the United Nations (UN), to address pertinent issues affecting the world’s youth population.
• The roots of International Youth Day can be traced back to 1965 when the United Nations General Assembly initiated a deliberate focus on the younger generation. By endorsing the Declaration on the Promotion among Youth of the Ideals of Peace, Mutual Respect, and Understanding between Peoples, the UN marked the inception of its commitment to empowering youth.
• This effort involved allocating time and resources to nurture emerging leaders and equip them to meet the evolving needs of the global community.

 AWARDS & RECOGNITION

Indian real estate entrepreneur Subhash Runwal receives the Lifetime Achievement Award at the RICS South Asia Awards

• Subhash Runwal, Chairman of Runwal, a leading real estate developer with a legacy of over four decades, has been recognized with the Lifetime Achievement Award at the first-ever RICS South Asia Awards. RICS (Royal Institution of Chartered Surveyors) is a global industry body representing professionals across the country.
• Hosting its first-ever awards, it aimed to recognize global and Indian industry-leading achievements and demonstrate the upholding of the highest standards of professionalism and ethics by individuals and teams across built and natural environments. This recognition is a testimony to Runwal’s exceptional contributions, outstanding achievements, and unwavering dedication to the real estate sector.

IFFM 2023 full winners list: Pathaan, Rani Mukerji, Sita Ramam win top honours

• The Indian Film Festival of Melbourne (IFFM) Awards once again took center stage, honouring the finest cinematic gems from the Indian film industry. The 14th Indian Film Festival of Melbourne (IFFM) Awards were held in Melbourne, Australia, on 11 August, honouring the best of film and OTT content from India globally.
• Filmmaker Karan Johar was honoured for completing 25 years in the Indian film industry as a Filmmaker. He received a huge round of applause for his immense contributions in the field of entertainment.

 BOOKS & AUTHOR

Indian Poet-Diplomat Abhay Kumar Unveils "Monsoon

• Indian ¬poet ¬diplomat Abhay Kumar (Abhay K), Deputy Director General of Indian Council of Cultural Relations (ICCR), launched his new book titled “Monsoon: A Poem of Love and Longing”, a book¬length poem running across 150 fourline stanzas, at Kathika Culture Centre in Old Delhi, Delhi. The book was published by Sahitya Akademi on the occasion of its 68th anniversary (13th March 2022). The book is a poem that follows the monsoon which originates from Madagascar and travels to the Srinagar in the Himalayas and back to Madagascar.
• In the preface to Monsoon: A Poem of Love and Longing, the poet traces how he came to write a love poem that connects India and Madagascar. One of Abhay K’s books is a translation of Kalidasa’s Meghaduta into English. So, this preoccupation with topos – topography, so to say – remains firmly in the poet’s oeuvre.

 BANKING AND ECONOMY

Indian economy to grow at 6% in FY24 : NIPFP researchers

• In a recent mid-year macroeconomic review, the National Institute of Public Finance and Policy (NIPFP) has forecasted that India’s economic growth will likely decelerate to 6% in the financial year 2023-24 (FY24), down from the 7.2% recorded in FY23. This projected slowdown is attributed to prevailing headwinds in the global economy. The NIPFP analysis takes into consideration various economic indicators and trends, offering valuable insights into the potential trajectory of India’s economy.
• The review highlights a robust industrial sector performance in the first quarter (Q1), particularly in the construction and consumer non-durables segments.
• However, the agricultural sector’s growth remained subdued, and the services sector experienced sluggish growth during the same period.

NCLT clears Zee-Sony deal, paves way for creation of $10-billion entertainment giant

• The National Company Law Tribunal (NCLT) has given the green light to the merger between India’s prominent entertainment company, Zee Entertainment Enterprises, and Culver Max Entertainment (formerly known as Sony Pictures Networks India or SPNI).
• The favorable verdict paves the way for an exciting phase of integration and transformation in the Indian entertainment industry. (Securities and Exchange Board of India) SEBI is expected to deliver its final decision on the matter on 14th of August.
• The decision was handed down by the panel led by Justice HV Subba Rao alongside member Madhu Sinha. With this approval in hand, Zee Entertainment Enterprises and Culver Max Entertainment are ready to kickstart the integration process in the upcoming week.
• A crucial step in this journey involves ZEE filing with the registrar of companies within a 30-day window. While an official timeline for completion has yet to be announced, seasoned mergers and acquisitions experts anticipate a potential conclusion around mid-November.