Olive Ridleys
Category: Ecology
- Though Gahirmatha in Odisha is the preferred location for Olive Ridley’s nestling, many turtles stop by in the intermediate beaches, lay their eggs and return to their source location.
- Each female digs a sandpit, lays 90 to 120 eggs and promptly closes the pit before leaving the shore.
- The turtles do not protect the eggs from predators such as dogs and jackals. This makes the role of the Forest Department important, and it has been taking care of the conservation part.
FDI in Medical Devices
Category: Economy
- Blanket implementation of price controls has contributed to a drastic fall in Foreign Direct Investment (FDI) in the medical device sector.
- India imports 70 % of its medical devices.
- In 2015 the Centre approved 100% FDI in the medical devices sector via automatic route.
- Previously medical devices, which came under the pharma sector, could take in 100% FDI through automatic route only in case of new ventures. Further approval of Foreign Investment Promotion Board (FIPB) was needed in case of acquisition of existing companies.
RBI Swap
Category: Economy
- The second dollar-rupee buy/sell auction also saw healthy demand with the Reserve Bank of India getting bids worth $18.65 billion compared with the notified amount of $5 billion.
- The move would help shore up the country’s foreign exchange reserves which are now close to $415 billion.
- Companies that raise funds via the external commercial borrowing route find this route cost effective due to lower hedging cost as compared to the secondary market.
- RBI had added this new toolkit for liquidity management to ease liquidity to reduce its dependence on open market operations.
- On March 26, RBI had bought $5 billion through a similar swap auction.
Life without Iranian Oil
Category: Economy
- India has said the country is “sufficiently prepared” to deal with the impact of the US decision to curtail the temporary exemption from sanctions on the purchase of Iranian oil, and that “a robust plan” has been put in place for adequate supply of crude to refineries.
- India, the world’s third-biggest oil consumer, meets more than 80% of its crude oil requirements and around 40% of its natural gas needs through imports.
- Domestic oil and natural gas production has been declining for the last few years, even as the energy needs of the economy have grown.
- India is Iran’s top oil buyer after China.
- Iran was the fourth largest supplier of oil to India in 2018-19.
- Indian refiners are increasing their planned purchases from the Organisation of the Petroleum Exporting Countries (OPEC), Mexico, and even the US to make up for the loss of Iranian oil.
- The big concern is that the substitute crude suppliers — Saudi Arabia, Kuwait, Iraq, Nigeria and the US — do not offer the attractive options that Iran does, including 60-day credit, and free insurance and shipping.
