What is the News ?

Rajnish Kumar, professor at the Indian Institute of Technology Madras (IIT-M) has won the Shanti Swarup Bhatnagar prize for science and technology.

Facts About:

• Named after the founder Director of CSIR India, Shanti Swarup Bhatnagar.
• Given annually for outstanding contributions in science and technology.
• Prize amount: Rs 5,00,000.
• Awarded in various disciplines including Biological, Chemical, Earth, Engineering, Mathematical, Medical, and Physical Sciences.
• Eligible for Indian citizens up to age 45, including OCI and PIO working in India.
• Recognizes work primarily conducted in India during the five years prior.
• Awardees selected based on recommendations from CSIR Advisory Committees.

What is the News ?

India and Saudi Arabia have recently decided to accelerate the progress of the $50 billion West Coast refinery project.

Facts About:

• The West Coast refinery project, also known as Ratnagiri Refinery and Petrochemicals Ltd. (RRPCL), was initially conceived in 2014.

          It is intended to be India's largest greenfield refinery, boasting a massive capacity of 60 million tonnes per annum.

          This project is set to become the world's largest integrated refinery and petrochemical facility.

• Location-wise, the project is planned to be situated on India's western coast, specifically in Ratnagiri, Maharashtra.
• Upon completion, the refinery is anticipated to produce approximately 1.2 million barrels of oil daily, in addition to various petroleum products generated by the attached petrochemical facilities.
• Three prominent government-owned enterprises in the Indian oil and gas sector came together to establish a joint venture named RRPCL.
• RRPCL is a joint venture in which India's three national oil companies, namely Indian Oil Corporation Limited (IOCL), Bharat Petroleum Corporation Limited (BPCL), and Hindustan Petroleum Corporation Limited (HPCL), hold stakes of 50%, 25%, and 25%, respectively.
• In 2019, Saudi Aramco and the Abu Dhabi National Oil Company (ADNOC) also joined the project by acquiring a collective 50 percent stake.

           This investment is estimated to be valued at around Rs 3 lakh crore, covering the setup costs.

What is the News ?

Recently, Indian overnight index swap (OIS) rates have surged to their highest levels in a span of 10 months. This increase has been attributed to offshore payments and the triggering of stop-loss orders.

Facts About:

• An Overnight Index Swap (OIS) is a financial tool that involves exchanging returns from a fixed-rate asset for a predetermined daily overnight reference rate index for an agreed-upon duration.
• The primary goal of OIS is to mitigate interest rate risk, specifically the risk linked to changes in the overnight lending rate.
• An OIS rate is computed daily, and it is based on the average interest rate that institutions with loans tied to the overnight rate have paid for that particular day.

How does an OIS Operate:

• OIS instruments enable financial institutions to exchange the interest rates they are currently paying, all without the need to refinance or alter the terms of their existing loans.
• In a typical overnight index swap arrangement, one financial institution swaps an overnight (floating) interest rate, while the other swaps a fixed short-term interest rate.
• To initiate the swap, both institutions agree to maintain their loan obligations as usual.
• However, at the end of an agreed-upon timeframe, the institution that ends up paying less interest will compensate the other institution for the difference.

What is the News ?

The Department of Empowerment of Persons with Disabilities (DEPwD) recently marked World Duchenne Muscular Dystrophy Day.

Facts About:

• Duchenne Muscular Dystrophy (DMD) is a rare and severe genetic disorder that primarily affects muscles.
• Duchenne Muscular Dystrophy (DMD) is a condition passed down through families, which means it's in your genes.
• It mainly affects the muscles, the body's moving parts, making them weaker and less effective as time goes on.
• DMD often begins in childhood, more commonly in boys than girls.
• Signs typically appear when children are about 3 to 5 years old, with noticeable difficulties in walking and getting around.
• Children with DMD may also struggle with breathing and using their arms and legs.
• Unfortunately, DMD worsens as time passes, making everyday tasks more challenging.
• Although there is no cure, there are treatments and therapies available that can help manage the symptoms and enhance the quality of life for those with DMD.

About World Duchenne Muscular Dystrophy Day:

• World Duchenne Muscular Dystrophy Day falls on 7th September annually.
• The aim of this day is to increase awareness about Duchenne muscular dystrophy and to encourage initiatives that enhance the lives of individuals with dystrophinopathies through education, advocacy, and promoting social inclusion.

What is the News ?

The Indian shipping Minister recently mentioned that India and Russia want to start working on the Eastern Maritime Corridor (EMC).

Facts About:

• The EMC is like a new sea road that connects the Indian port of Chennai with the Russian port of Vladivostok.
• This new road is expected to make it much faster to move things between Indian and Russian ports in the Far East. It could be up to 40 percent faster, which means instead of taking 40 days, it might only take 24 days.
• Right now, when things are shipped from Mumbai, India, to St. Petersburg, Russia, it's a really long trip of 8,675 nautical miles.
• The EMC, on the other hand, is a shorter route, only about 5,600 nautical miles, which is way quicker than the current path through the Suez Canal.
• So, when the EMC is ready, it will be a faster way to send stuff from India to Far East Russia.
• It's great for India, because it's a quicker and better route to reach places in the Far East like China and Japan.