Current Affairs – July, 2019

Latest Current Affairs July, 2019 with Current Affairs, news summary on current events of National and International importance of July, 2019 for Banking, SSC, CLAT, UPSC / IAS, State PCS, IBPS, Railways and other Competitive Examinations.

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Govt targets to install Rooftop Solar projects of 40,000 MW by 2022

Government has set a target for installation of Rooftop Solar projects (RTS) of 40,000 MegaWatt (MW) by 2022 in the country including installation of RTS on rooftop of houses. New and Renewable Energy Minister RK Singh submitted reply in this regard to Rajya Sabha.

Key Highlights

Grid Connected Rooftop Solar programme is being implemented by Union Ministry of New and Renewable Energy (MNRE). Projects include installation of solar panels on rooftop of houses.

Total Rooftop Solar Installations in India: As of 18 July 2019 over 1700 Mega Watt of grid-connected rooftop systems has been installed in India. On an average it is estimated that 1.5 million units per MegaWatt/year are generated from solar rooftop plants.

Gujarat Model: In terms of area of solar rooftop installations, Gujarat has stood 1st in India with total 261.97 megawatts (MW) of installed rooftop solar capacity at present. Out of total 261.97 MW installation, 183.51 MW are subsidised installations and 78.45 MW are non-subsidised installations. On an average it is estimated that 1.5 million units per MW/year are generated from solar rooftop units.

Gujarat is followed by Maharashtra with 198.52MW and Tamil Nadu with 151.62MW in terms of installed rooftop capacity.

Grid Connected Rooftop Solar Programme

This programme seeks to achieve a cumulative capacity of 40,000 MW from rooftop solar projects by year 2022.

It will be implemented in two phases with a total central financial support of ₹11,814 crore.

Phase II programme provides for central financial assistance (for residential rooftop solar installations) up to 40% for rooftop systems up to 3kW and 20% for those with a capacity of 3-10kW. This 2nd phase will also focus on increasing involvement of distribution companies (DISCOM).

What is Solar Rooftop System?

Rooftop solar installations as opposed to large-scale solar power generation plants can be installed on roofs of any residential, commercial, institutional and industrial building.

They are of 2 types:

  • Solar Rooftop System which have storage facility by using battery
  • Grid Connected Solar Rooftop System.

Environmental Significance: On considering average energy generation of 1.5 million units per MW, it is expected that addition of 38 GW solar rooftop plants under Phase-II (by year 2022) will result in CO2 emission reduction of about 45.6 tonnes/year.

Employment Opportunity: Besides increasing self-employment approval is likely to generate employment opportunity equivalent to 9.39 lakh job years for skilled and unskilled workers.

Month:  Categories: Government Schemes & Projects

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RIL becomes highest-ranked Indian company on Fortune Global 500 list

Mukesh Ambani-led Reliance Industries Ltd. (RIL) becomes highest-ranked Indian company on Fortune Global 500 list. It has jumped 42 places and was ranked 106 this year.

Key Highlights

In this year’s list, RIL replaced Indian Oil Corporation (IOC) which ranked 117 as top-ranked Indian company. State-owned IOC had been top-ranked Indian company on list for years and was 1st on Fortune India 500 list which started in 2010. In 2018’s Global 500 list, RIL was ranked 148th and IOC was at 137th place.

RIL’s revenue rose by 32.1% from $62.3 billion in 2018 to$82.3 billion in 2019 while IOC clocked a 17.7% growth in revenue from $65.9 billion to $77.6 billion.

Other Indian companies to feature on list: Oil & Natural Gas Corp (ONGC) was ranked 160th, State Bank of India (SBI) 236th, Tata Motors 265th , Bharat Petroleum Petroleum Corp Ltd (BPCL) 275th and Rajesh Exports 495th.

Top 10 Position:

  1. Walmart: United States (US) retail giant topped list.
  2. Sinopec Group: Chinese state-owned oil and gas company
  3. Royal Dutch Shell: Dutch company
  4. China National Petroleum
  5. State Grid
  6. Saudi Aramco: Saudi oil giant
  7. BP: British multinational oil and gas company
  8. Exxon Mobil
  9. Volkswagen
  10. Toyota Motor

About Fortune Global 500

It is an annual ranking of top 500 corporations worldwide as measured by revenue. It is also known as Global 500.

The list is compiled and published annually by Fortune magazine, an American multinational business magazine.

Factors that push and pull Global 500 rankings- global economy, trade policies, mergers and acquisitions and corporate upheaval.

Analysis: World’s 500 largest companies generated $32.7 trillion in revenues and $2.15 trillion in profits. The companies represented by 34 countries and employ 69.3 million people worldwide.

Month:  Categories: Business, Economy & Banking

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