What is the News ?

The RBI is considering launching a pilot program for a central bank digital currency (CBDC) specifically designed for interbank borrowing or the call money market.

Facts About:

• The Interbank Call Money Market is a short-term financial market where big institutions borrow and lend money to each other at interbank rates, which are the interest rates banks charge when they borrow from one another.
• The loans in this market are very short, typically lasting only a week or less.
• These loans are often used by banks to meet their reserve requirements.
• It's not just banks that use this market; other participants can include financial institutions, mutual funds, large corporations, and insurance companies.

What is the News ?

New Delhi recently hosted a full-day conference discussing "Transnational Grid Interconnections for One Sun, One World, One Grid (OSOWOG).

Facts About:

The OSOWOG initiative was introduced by the Prime Minister of India during the First Assembly of the International Solar Alliance (ISA) in October 2018.

Its goal is to link energy supply across international borders.

Vision:

• The initiative plans to connect various regional power grids using a common grid to transmit renewable energy, especially solar power.

The project is a collaboration between the governments of India and the UK, along with the International Solar Alliance (ISA) and the World Bank Group.

It will bring together governments, financial organizations, legislators, power operators, and experts to speed up the development of the infrastructure needed for a world powered by clean energy.

Completion timeline:

• The ISA is expected to establish this grid in the next few years.
• Once operational, it will transmit solar power to different countries.

What is the News ?

The Prime Minister of India recently declared the establishment of the Global Biofuels Alliance.

Facts About:

• The Global Biofuels Alliance is an initiative led by India that aims to bring together governments, international organizations, and industry to promote the use of biofuels.
• So far, 19 countries and 12 international organizations, including G20 members and non-members, have joined this alliance.

                     India, Brazil, and the US are its founding members.

• The alliance's main goal is to encourage the use of sustainable biofuels, especially in transportation.

Why it matters:

• The alliance will focus on strengthening markets, promoting global biofuels trade, sharing practical policy lessons, and providing technical support for national biofuels programs worldwide.
• It will support the development and use of sustainable biofuels through capacity-building, technical assistance, and knowledge sharing.
• The alliance will create a virtual marketplace to connect industries, countries, and technology providers involved in biofuels.
• Additionally, it will work on establishing internationally recognized standards and regulations to promote biofuels adoption and trade.

What is the News ?

At the G20 summit venue, Bharat Mandapam, the Prime Minister of India greeted the leaders with a backdrop featuring a replica of the Konark Wheel from Odisha's Sun Temple in Puri.

Facts About:

• The Konark Wheel was created in the 13th century when King Narasimhadeva-I ruled.
• This wheel, with 24 spokes, is also seen on India's national flag.
• It represents India's ancient knowledge, advanced civilization, and great architecture.
• The spinning motion of the Konark Wheel represents time, Kalachakra, and the idea of constant progress and change.
• It's a strong symbol of democracy, reflecting the endurance of democratic values and dedication to societal progress.

What is the News ?

The Prime Minister of India recently declared the start of a massive economic corridor connecting India, the Middle East, and Europe.

Facts About:

• The project involves India, the UAE, Saudi Arabia, the European Union, France, Italy, Germany, and the US.
• Its goal is to boost trade between these countries, especially in energy products.
• The IMEC has two parts:

              An Eastern Corridor linking India to the Gulf region and

              A Northern Corridor connecting the Gulf region to Europe.

• It includes railways, ship-rail transit, and road routes.
• This corridor will have a railway, an electricity cable, a hydrogen pipeline, and a high-speed data cable.
• In the future, it will play a big role in connecting India, West Asia, and Europe economically.
• This rail and shipping corridor is part of the Partnership for Global Infrastructure Investment (PGII).
• Why is it important?
• It will increase prosperity by enhancing energy and digital communications flow among these nations.
• The project will also address the infrastructure needs of developing countries in terms of growth.