Current Affairs 05-JAN-2024 (The Hindu)

Coking Coal

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Coking Coal & its Uses

About Coal:

• Sedimentary rock - combustible in nature.
• Appears in black or brownish-black in color.
• Contains carbon & other chemical elements like hydrogen, sulfur, oxygen, and nitrogen.
• Division based on composition.
  • peat, lignite, sub-bituminous coal, bituminous.
• Division based on its application.
  • Thermal & coking coal.

Coking Coal & Basics:

• Used in the production of high-quality coke.
  • Metallurgical coal.
• Type of bituminous coal.
• Properties - High carbon content, low contents of ash, moisture, sulfur and phosphorous etc.
• Widely used in the steelmaking industry.
• Feature – It tends to swell and increase the volume during the coking process.

Data on India’s Coal Production:

• India's coal sector - Second largest in the world.
• Production rose 14.8% to 893 MT in the 2022– 2023 financial year.
  • India - More than 10% of the global coal production & second after China.
• International Energy Agency (IEA) - India’s coal consumption doubled since 2007 at an annual growth rate of 6 per cent.
• IEA – “India’s coal production will surpass a billion tonnes by 2025”.

Practice Question – Prelims

Consider the following statements about Coal:

1. Coal is a type of metamorphic rock.

2. Coking coal is mainly used in the Thermal power plants of India.

3. India’s coal production is on the decreasing trend as it is moving towards renewable energies.

How many of the statements given above is/are correct :

(a) one pair only.

(b) only 2 pairs.

(c) only 3 pairs .

(d) No pair is correct.

Competition Commission of India

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Competition Commission of India

About:

• Statutory body.
• Competition Act, 2002.
• Quasi-Judicial body.
• Aim.
  • Ensuring fair competition in the market.
  • Protecting the interest of consumers.
• Appeal against the decision of the CCI can be made to the NCLAT (since 2017).

Composition:

• Chairman + 6 full-time Members.
  • Appointment - by Central Government.
• Eligibility.
  • Person of ability and integrity.
  • Special knowledge and professional experience of not less than fifteen years.

Functions:

• To eliminate practices that have adverse effects on competition.
• To protect the interests of consumers.
• To give an opinion on competition issues.
• To work towards competition advocacy.
• To create public awareness.
• To impart training on competition issues.
• To make markets work for the benefit and welfare of consumers.

Practice Question – Prelims

With reference to the Competition Act 2002, consider the following statements:

1. The Competition Act 2002 replaced the erstwhile Monopolies and Restrictive Trade Practices Act, 1969 (MRTP Act).

2. The act aims to curb anti-competitive agreements and abuse of dominant position.

3. The provisions of the act are implemented by Competition Commission of India

Which of the statements given above is/are correct?

(a) Only one

(b) Only Two

(c) All three

(d) None

Export Credit Guarantee Corporation of India

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Export Credit Guarantee Corporation of India

About ECGC:

• Established - 1957.
• Formed under Companies Act - 1956.
• Ministry of Commerce and Industry.
• Providing export credit insurance services to exporters on a 'no-profit no-loss” basis.

Objectives:

• To promote exports from the country.
• Providing credit risk insurance & related services for exports.
• Offering export credit risk insurance products to suit the requirements of Indian exporters.

Functions:

• Promotes exports by providing credit insurance services to exporters.
• Protects from non-payment risks by overseas buyers.
• Provides insurance covers to banks against risks in export credit lending.
• Export Factoring facility for MSME sector.
  • Financing of working capital.
  • Credit risk protection.
  • Maintenance of sales ledger.
  • Collection of export receivables from buyers located in overseas countries.
• Works to improve labor-intensive sectors.

Schemes implemented by ECGC:

• National Export Insurance Account (NEIA) Trust scheme.
• NIRVIK scheme.
• Remission of Duties and Taxes and Exported Products (RoDTEP) schemes.

Practice Question – Prelims

Consider the following statements about Export Credit Guarantee Corporation of India:

1. It is formed under Export credit guarantee corporation act – 1956.

2. It works under Ministry of Finance.

3. It is administering the NIRVIK scheme of India.

How many of the statements given above is/are correct:

(a) one pair only.

(b) only 2 pairs.

(c) only 3 pairs .

(d) No pair is correct.