UPSC QUIZ 19.01.2024

Explanation:

• Foreign portfolio investments into India have witnessed a significant reshuffling in the pecking order among regions.
• This transformation is attributed to various factors, including regulatory changes, geopolitical events, and strategic alliances.

Significant Changes in India’s FPI Landscape

Luxembourg's Ascendancy

• Luxembourg has become the third-largest region for FPIs in India, surpassing Mauritius, with its Assets Under Custody (AUC) growing by 30% to ₹4.85 lakh crore.
• Globally, its equity assets are now second only to the United States.
• The surge is linked to strengthened India-Europe ties, resulting in three financial agreements.
• Luxembourg hosts over 1,400 FPI accounts out of 3,000 in Europe (excluding the UK).
• Collaborations, notably with GIFT City, have further strengthened financial ties between India and Luxembourg.

Explanation:

• National Highways Authority of India (NHAI) launched the 'One Vehicle, One Fastag' initiative on January 15, 2024 to enhance the efficiency of the electronic toll collection system and facilitate seamless movement at toll plazas.

Key points

• The initiative aims to discourage user behavior such as using a single FASTag for multiple vehicles or linking multiple FASTags for a particular vehicle.
• National Highways Authority of India is also encouraging FASTag users to complete their latest FASTag Know Your Customer (KYC) process by updating KYC as per Reserve Bank of India guidelines.
• The National Highway Authority of India has announced that Fastags with incomplete KYC along with outstanding funds will be deactivated by banks after January 31, 2024.
• According to NHAI, FASTag users will also have to comply with 'one vehicle, one FASTag' and surrender all FASTags previously issued through their banks.

Explanation:

• Researchers from the Department of Zoology, Mizoram University have discovered a new species of coral snake in the state.

Key points

• The new species was unveiled in a paper titled 'Re-evaluation of the systematics of two sympatric coral snakes (Reptilia: Elapidae)' published in the British science journal, Systematics & Biodiversity (Taylor & Francis Group) on 10 January 2024.

Coral snake Sinomicurus gorei

• It is named Cynomicurus gorei after the British Indian doctor Gore.
• It is locally known as "Rul Thi Hna".
• It is very similar to the traditional amber ‘Thi Hna’ of Mizo culture.
• A total of 9 species of Sinomicurus coral snakes have been discovered in the world.

Explanation:

• India has signed an agreement to take over 5 lithium mines in Argentina.
• The centre has signed the agreement to take over five lithium blocks for exploration and development in Argentina.
• Khanij Bidesh India Ltd (KABIL) and Catamarca Minera Y Energética Sociedad Del Estado (CAMYEN) signed the agreement.
• CAMYEN is a state-owned mining and energy company in the Argentine province of Catamarca.
• This is the first lithium exploration and mining project by a state-owned company.
• KABIL will start exploration and development of Cortadera-I, Cortadera-VII, Cortadera-VIII, Cateo-2022-01810132 and Cortadera-VI blocks.
• These blocks cover an area of about 15,703 hectares in the Catamarca province.
• Argentina is part of “Lithium Triangle” along with Chile and Bolivia.
• Chile and Bolivia together have more than half of the world’s total lithium resources.
• Argentina has 20% of the world’s 98 million tonnes of lithium resources.
• Argentina has second largest lithium resources after Bolivia (first).
• It has third largest lithium reserves and fourth largest production in the world.
• Argentina’s salt-lake lithium offers a cost-effective extraction method compared to hard-rock mining. So, it is commercially appealing.
• Presently, India meets the lithium demand through 100% import.
• India’s lithium imports in FY23 amounted to about $3 billion (nearly ₹24,900 crore).

Explanation:

• PM Modi inaugurated three major infrastructure projects worth over 4,000 crore rupees at a function held at the Wellingdon Island in Kochi, Kerala.
• Inaugurated projects are the New Dry Dock Facility at the Cochin Shipyard, the Cochin Shipyard’s International Ship Repair facility at the Wellingdon Island, and the Indian Oil Corporation's LPG Import Terminal at Puthuvypeen.
• New Dry Dock facility built at a cost of 1799 crore rupees at the Cochin Shipyard, is the largest dry dock in India.
• It can accommodate LNG Carriers. It can also accommodate large vessels and oil rigs.
• The dual purpose dry dock can be utilized for both ship construction and ship repairs.
• The dry dock will completely remove dependency on foreign countries.
• The International Ship Repair facility at Wellingdon Island is constructed at a cost of 970 crore rupees.
• It has six work stations that would make the simultaneous repair of six vessels possible.
• PM Modi also inaugurated the 1236 crore IOC LPG Import Terminal at Puthuvypeen.
• It is expected that the project will result in annual logistic savings of 150 crore rupees.
• It is also expected to result in reduction of carbon dioxide emissions by 18,000 tonnes per annum.
• Wellingdon Island is the largest artificial island in India.