Assam Inland Water Transport
Why in news?
- With the World Bank’s support, the government will create an institutional framework to turn inland waterways into a mode of transport, which is both attractive and well-suited to the people.
- The World Bank has approved a loan of Rs 630 crore to Assam Inland Water Transport (AIWT) for modernisation of the state’s passenger ferry services on Brahmaputra and other rivers.
About:
- Under the Assam Inland Water Transport Project (AIWTP), the infrastructure of passenger ferry services will be improved and the capacity of institutions running the inland water transport will be strengthened.
- Better-designed terminals and energy-efficient vessels will make the ferry services more sustainable with least disruption to nature. Of the total project cost of Rs. 770 crore, the bank will provide Rs. 630 crore.
Significance:
- With the World Bank’s support, the government will create an institutional framework to turn inland waterways into a mode of transport, which is both attractive and well-suited to the people.
- Assam’s ferry services are integral to the lives of the people living both in the Brahmaputra Valley and Barak Valley.
- With better navigation aid, appropriate safety gear and suitable marine engines, the ferry services are expected to get more reliable and safer.
- The project will also help build modern ferry terminals.
Objectives:
- It will follow the ‘working with nature’ principle that aim to design new infrastructure and rehabilitate the existing one in a way that works with natural river processes. The project will be initiated at Guwahati and Majuli.
- The project will also improve the infrastructure of ferry services and focus on safety of women passengers.
- The terminals will have better access, lighting and signages, while the new vessels will be equipped with individual seats and washroom facility.
- A strengthened regulatory regime will ensure reduced overloading, adherence to time schedule and better crew standards.
Green clearance for onshore and offshore oil and gas exploration
Why in news?
- The Environment Ministry has exempted oil and gas firms, looking to conduct exploratory drilling, from seeking environmental clearance.
About:
- The clearance is for both on-shore and offshore drilling explorations.
- Until today, exploratory surveys have merited the highest level of environmental scrutiny — called category ‘A’. This requires project proponents to prepare an environment impact assessment (EIA) plan, have it scrutinised by a Centrally constituted committee of experts and subject the proposal to a public hearing involving the locals of the proposed project site.
- The new amendments demote exploratory projects to the category of ‘B2’. This means it will be conducted by the States concerned and will not require an EIA.
- Developing an offshore or onshore drilling site as a hydrocarbon block will, however, continue to merit a “category A” treatment.
Interest rate futures (IRF) contracts
Why in news?
- The Metropolitan Stock Exchange (MSE) has become the first bourse to get a regulatory approval to launch weekly interest rate futures (IRF) contracts.
- MSE received the final go-ahead from the Securities and Exchange Board of India (SEBI).
Monthly versus weekly:
- Currently, both the National Stock Exchange (NSE) and the BSE offer trading facilities in such instruments but the contracts have a monthly tenor.
- It is expected that weekly contracts would give market players an avenue to hedge their risk exposure in the short term,
especially during events such as central bank policy reviews, growth data releases and certain global events that can have a bearing on the interest rates in the domestic market. - Also, during periods of extreme volatility, a section of market participants would want to bet on a shorter term movement instead of a month-long contract.
- Simply put, IRFs are futures contracts wherein the underlying financial instrument pays interest.
Significance:
- In the Indian market, exchange traded IRFs are based on 6-year, 10-year and 13-year government bonds and 91-day government treasury bills.
- Interest rate futures have been in the market for many years but are yet to register a significant trading presence. On NSE, the daily trading turnover has been in the range of ₹600 crore and ₹1,800 crore on most days in January.
- On BSE, the daily turnover in the IRF segment has been between ₹200 crore and ₹500 crore in January.
- MSE has also got SEBI approval to launch weekly futures and options contracts on cross currency pairs.
Development Support Services to States for Infrastructure Projects
Why in news?
- NITI Aayog entered into a MoU with the UT of Ladakh for Development of Infrastructure Projects in the UT through its key initiative ‘Development Support Services to States for Infrastructure Projects (D3S-i)’.
Key facts
- NITI Aayog has implemented a structured initiative for “Development Support Services for States (DSSS) for Infrastructure Projects” with a vision to achieve transformational, sustained delivery of infrastructure projects with state of art capacity disseminated at all levels of governance.
- The key objective behind the objective is creating PPP success stories and rebooting infrastructure project delivery models
- The DSSS Infrastructure initiative involves providing project level support from Concept plan till financial closure to State Governments / UTs.
Department of Military Affairs
Why in news?
- The defence ministry has shifted administrative and revenue procurement matters of the armed services to the newly created military affairs department led by Chief of Defence Staff Bipin Rawat.
Key facts
- The orders marking formal division of work, which were notified over the week, have also specified that the secretariat of the high powered Defence Acquisition Council (DAC), which looks after large capital procurements.
- This will be moved to the Department of Defence (DoD), in a change from the past when it functioned under the tri-services headquarters.
- The fresh allocation has broadly shifted most of the work earlier being done by the Joint Secretaries for Army, Air Force and Navy to the Department of Military Affairs (DMA), which includes promotions and appointments of senior officers.
- DMA will operate with two joint secretary level officers, 13 directors and 25 under secretaries who were earlier posted to DoD.
- While orders have been issued for appointment of junior staff to the DMA, the two joint secretary level officers are yet to be posted.
- Any important matter related to defence policy will be dealt by the defence secretary.