07 Nov 2023: PIB Summary for UPSC

TABLE OF CONTENTS

1. National Coal Index
2. Opening  of two Australian Universities in GIFT City

1. National Coal Index

Syllabus: GS-3, Economy

Prelims: National Coal Index

Context:

The National Coal Index increased by 3.83 points in September 2023. This incline was influenced by the temporary rise of coal prices in global markets.

What is the National Coal Index?

• The NCI is a price index which reflects the change in the price level of coal on a particular month relative to the fixed base year.
• The base year for the NCI is FY 2017-18.
• Prices of coal from all the sales channels of coal, including import, as existing today are taken into account for compiling the NCI.
• The amount of revenue share per tonne of coal produced from auctioned blocks would be arrived at using the NCI by means of a defined formula.
• NCI was rolled out in June 2020 and the same is placed on the website of the Ministry of Coal.
• NCI is composed of a set of five sub-indices: three for Non-Coking Coal and two for Coking Coal.
  • The three sub-indices for Non Coking Coal are combined to arrive at the Index for Non Coking Coal and the two sub-indices for Coking Coal are combined to arrive at the Index for Coking Coal.
  • Thus, indices are separate for Non-coking and Coking Coal.
• As per the grade of coal pertaining to a mine, the appropriate sub-index is used to arrive at the revenue share.

2. Opening of two Australian Universities in GIFT City

Syllabus: GS-2, Education, IR

Prelims: Opening  of two Australian Universities in GIFT City

Context:

The education ministers of India and Australia announce the opening of two Australian Universities in GIFT City.

Details:

• Opening up of foreign universities on Indian soil is in line with the Nation Education Policy 2020’s vision of the internationalization of education. 
• The two universities that are opening up campuses in GIFT City are the Wollongong and Deakin Universities.

Also read: Australia’s Deakin University Campus in India

Read the previous PIB articles here.