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PIB – 13 July 2021

CONTENT

  1. NATIONAL BANK FOR AGRICULTURE AND RURAL DEVELOPMENT (NABARD)
  2. DEEP OCEAN MISSION
  3. LOWER ARUN HYDRO ELECTRIC PROJECT

NATIONAL BANK FOR AGRICULTURE AND RURAL DEVELOPMENT (NABARD)

Focus: GS III- Agriculture

Why in News?

Union Agriculture Minister addressed a webinar on 40th foundation day of National Bank For Agriculture And Rural Development (NABARD).

About NABARD:

  • It was established in 1982 on the recommendations of B. Sivaraman Committee to implement the National Bank for Agriculture and Rural Development Act 1981.
  • Headquarters: Mumbai
  • It is a development bank focussing primarily on the rural sector of the country.
  • It is the apex banking institution to provide finance for Agriculture and rural development.
  • It is responsible for the development of the small industries, cottage industries, and any other such village or rural projects.
VISION

Development Bank of the Nation for Fostering Rural Prosperity.

MISSION

Promote sustainable and equitable agriculture and rural development through participative financial and non-financial interventions, innovations, technology and institutional development for securing prosperity.

Functions
  • NABARD’s initiatives are aimed at building an empowered and financially inclusive rural India through specific goal oriented departments which can be categorized broadly into three heads: Financial, Developmental and Supervision.
  • It provides refinance support for building rural infrastructure.
  • It prepares district level credit plans to guiding and motivating the banking industry in achieving these targets.
  • It supervises Cooperative Banks and Regional Rural Banks (RRBs) and helping them develop sound banking practices and integrate them to the CBS (Core Banking Solution) platform.
  • Core Banking Solution (CBS) is networking of branches, which enables Customers to operate their accounts, and avail banking services from any branch of the Bank on CBS network, regardless of where he maintains his account. The customer is no more the customer of a Branch. He becomes the Bank’s Customer.
  • It is involved in designing Union government’s development schemes and their implementation.
  • It provides training to handicraft artisans and helps them in developing a marketing platform for selling these articles.
  • NABARD has various international partnerships including leading global organizations and World Bank-affiliated institutions that are breaking new ground in the fields of rural development as well as agriculture.
  • These international partners play a key consultant’s role in providing advisory services as well as financial assistance designed to ensure uplifting of rural peoples as well as optimization of various agricultural processes.

DEEP OCEAN MISSION

Focus: GS I- Physical Geography

Why in News?

Minister of State (Independent Charge) Earth Sciences said that in the years to come, India aims to target over 100 billion “Blue Economy” through its Deep Ocean Mission (DOM) and ocean resources.

About Deep Ocean Mission:

Nodal:  Ministry of Earth Sciences

  • Deep Ocean Mission is a mission mode project to support the Blue Economy Initiatives of the Government of India.
  • Government of India has also launched a ‘Deep Ocean Mission’ for exploration of polymetallic nodules in Central Indian Ocean Basin.
    • Polymetallic nodules contain multiple metals like copper, nickel, cobalt, manganese, iron, lead, zinc, aluminium, silver, gold, and platinum etc. in variable constitutions and are precipitate of hot fluids from upwelling hot magma from the deep interior of the oceanic crust.
  • It is a Central Sector Scheme and no separate allocation for States is envisaged.
  • It is proposed to collaborate with non-governmental organizations for research collaboration for various components of Deep Ocean Mission.
The major objectives proposed under Deep Ocean Mission are as follows:
  • Development of technologies for deep sea mining, underwater vehicles and underwater robotics;
  • Development of ocean climate change advisory services;
  • Technological innovations for exploration and conservation of deep sea biodiversity;
  • Deep ocean survey and exploration;
  • Proof of concept studies on energy and freshwater from the ocean; and
  • Establishing advanced marine station for ocean biology.

About Blue Economy:

  • It is the sustainable use of ocean resources for economic growth, improved livelihoods and jobs, and ocean ecosystem health.
  • It advocates the greening of ocean development strategies for higher productivity and conservation of ocean’s health.
  • Blue Economy emphasizes on integration of development of ocean economy with social inclusion, environmental sustainability, combined with innovative business model.
  • This is reflected in Sustainable Development Goal (SDG 14), which calls to conserve and sustainably use the oceans, seas and marine resources for sustainable development.
It encompasses–
  • Renewable Energy
  • Fisheries
  • Maritime Transport
  • Tourism
  • Climate Change
  • Waste Management

LOWER ARUN HYDRO ELECTRIC PROJECT

Focus: GS III- Infrastructure

Why in News?

A MoU has been signed for execution of 679 MW Lower Arun Hydro Electric Project in Nepal between Satluj Jal Vidyut Nigam (SJVN) Central Public Sector Enterprise under Ministry of Power, Government of India & Investment Board of Nepal (IBN) in Kathmandu Nepal.

About Lower Arun Hydro Electric Project:

  • The Lower Arun HEP (679 MW) is a downstream development of Arun-3 HEP and is located in Sankhuwasabha and Bhojpur Districts of Nepal.
  • The project will not have any reservoir or dam and will be a tail race development of 900 MW Arun3 HEP.
  • The project will have four francis type turbines.
  • On completion the Project will generate 2970 million units of electricity per annum.
  • It is scheduled to be completed in four years after commencement of construction activities and has been allocated to SJVN for 25 years on Build Own Operate Transfer basis.

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