22 Oct 2023: PIB Summary for UPSC

TABLE OF CONTENTS

1. Green arm of Lignite Company NLC India Limited Starts Business Activities
2. Union Minister of Cooperation will address the ‘National Symposium on Cooperative Exports’ organized 
by the National Cooperative for Exports Limited (NCEL)

1. Green arm of Lignite Company NLC India Limited Starts Business Activities

Syllabus: GS-III, Indian Economy

Prelims: NLC India Limited, NLC India Green Energy Limited

Context:  NLC India Limited has incorporated a wholly owned subsidiary called NLC India Green Energy Limited (NIGEL).

• NLC India Limited is a Navratna Central Public Sector Undertaking under the Ministry of Coal.
• NIGEL’s primary focus is on taking up all renewable energy initiatives.
• As per the Optimal Energy Mix Report 2030 of CEA, Ministry of Power, the envisaged Battery Energy Storage System (BESS) on the grid is about 41.65 GW. 
• NIGEL plans to establish renewable energy projects with a total capacity of 6 GW by 2030.
• Navratna Company 
  • To achieve the status of Navratna Company, the public sector unit  must achieve a score of at least 60 out of 100 in the parameters such as net worth, net profit, the total cost of production, total manpower cost, cost of services, capital employed, and PBDIT (Profit Before Depreciation, Interest, and Taxes).
  • It must also have the status of a Miniratna.
  • There should be four independent board directors in the company.
  • Navratna Companies have the freedom to invest an amount of up to ₹1,000 crores without requiring explicit government approval. 
  • They may even invest 15% of their net worth on a particular project or 30% of their net worth during the whole year, but without exceeding the ₹1,000 crores limit.

2. Union Minister of Cooperation will address the ‘National Symposium on Cooperative Exports’ organized by the National Cooperative for Exports Limited (NCEL)

Syllabus: GS-III, Indian Economy

Prelims: National Cooperative for Exports Limited

Context: NCEL is a newly established umbrella organization for cooperative sector exports registered under Multi-State Co-operative Societies Act, 2002. 

• NCEL covers agriculture and allied activities as well as handloom and handicrafts items and aims to double its revenue by 2025 from the current level of about Rs 2,160 crore.
• Four leading co-operatives – Gujarat Cooperative Milk Marketing Federation (GCMMF – Amul), Indian Farmers’ Fertiliser Cooperative (IFFCO), Krishak Bharti Cooperative (KRIBHCO), and National Agricultural Cooperative Marketing Federation of India (NAFED) and National Cooperative Development Corporation (NCDC) have jointly promoted NCEL.
• The Ministry of Cooperation has launched 54 initiatives in the last 27 months to empower cooperative societies and boost their contributions to India’s economic growth.
• This initiative aims to increase the global reach and competitiveness of Indian cooperative businesses.
• The goal of the Ministry’s efforts is to achieve the Prime Minister’s vision for “Sahakar se Samriddhi” (Prosperity through Cooperatives).

Read the previous PIB articles here.