Today in History (july 26th, 1999)
July 26 is observed as Kargil Vijay Diwas to honor the soldiers who sacrificed their lives during the 1999 Kargil War. “Operation Vijay” was launched by Indian Army to drive out Pakistani infiltrators from the Kargil region.
Summary of Today’s News
Pradhan Mantri JI-VAN Yojana
The Pradhan Mantri JI-VAN Yojana was launched by the Government of India to encourage ethanol blending in petrol as part of the Ethanol Blended Petrol (EBP) Programme with the objectives of addressing the environmental concerns related to fossil fuel burning, providing income to farmers, subsidizing crude imports, and achieving foreign exchange savings. The aim is to achieve 10% ethanol blending by 2022 and 20% blending by 2025-26.
Galvanizing Organic Bio-Agro Resources Dhan (GOBARdhan) Scheme
The Gobardhan scheme, launched under Swachh Bharat Mission Grameen-Phase II, aims to convert cattle dung and organic waste into biogas, Compressed Bio Gas (CBG), and bio-fertilizers, promoting a circular economy and sustainable energy generation. The Department of Drinking Water and Sanitation, Union Ministry of Jal Shakti, oversees the scheme’s implementation.
Full-reserve banking
Full-reserve banking, also known as 100% reserve banking, requires banks to hold all money received from customers as demand deposits in their vaults at all times, acting solely as custodians. They can only lend money received as time deposits, reducing the risk of bank runs. Supporters argue that this system prevents crises and artificial economic booms and busts, but opponents believe fractional-reserve banking fuels economic growth by allowing loans without necessary savings. Bank runs are less likely in today’s system due to non-cash transactions and central bank interventions.
Biological Diversity (Amendment) Bill, 2021
The Biological Diversity (Amendment) Bill 2021 aims to amend the Biological Diversity Act 2002, addressing compliance burden issues. It exempts registered AYUSH practitioners and others from prior intimation to access biological resources for certain purposes. It decriminalizes offenses under the Act, substituting them with monetary penalties. The Biological Diversity Act of 2002 aims to conserve biological resources, manage their sustainable use, and enable fair and equitable sharing of benefits arising from the use and knowledge of biological resources with the local communities.
Janjatiya Darpan Gallery
‘Janjatiya Darpan’ gallery was inaugurated in Rashtrapati Bhavan to commemorate the first anniversary of assuming charge by India’s first tribal community President, Droupadi Murmu. It aims to depict tribal arts, culture, and heroes. It emphasizes their contributions to the nation. The President also inaugurated ‘Navachara,’ an AI-enabled gallery, and ‘Sutra-kala Darpan,’ a textile collection documenting the Rashtrapati Bhavan’s legacy.
