Current Affairs - Economy

Oil and Natural Gas Corporation (ONGC) has secured approval from the Ministry of Petroleum and Natural Gas to establish 'ONGC Green Limited.' The subsidiary aims to focus on gas business and clean energy initiatives, including green hydrogen, renewable energy, and biofuels. ONGC plans to invest Rs 1 lakh crore to achieve 10 GW of renewable energy capacity and two million tonnes of green ammonia production by 2035.

Maharashtra has made a significant breakthrough in attracting investments at the WEF in Davos, securing commitments worth Rs 3.53 lakh crore across various sectors. This move is expected to create numerous job opportunities and contribute to the state's ambitious goal of becoming a USD 1 trillion economy.

The 2nd edition of 'IInvenTiv' was inaugurated by Shri Pradhan at IIT Hyderabad, showcasing 120 groundbreaking projects from 53 future-focused institutes and engaging 2000 industry stakeholders. The initiative envisions 'Viksit Bharat' by 2047, promoting new-age innovators and entrepreneurs for a transformed India.

The windfall tax on petroleum crude in India was reduced to 1,700 rupees per tonne from the previous 2,300 rupees per tonne, as indicated by a recent government notification. Windfall taxes are designed to address profits resulting from external events, such as energy price rises due to factors like the Russia-Ukraine conflict.

The World Economic Forum (WEF) Annual Meeting, themed 'Rebuilding Trust,' will convene in Davos, Switzerland from January 15-19, with the presence of Indian leaders Smriti Irani, Ashwini Vaishnaw, and Hardeep Puri, engaging in discussions on climate change, conflicts, and misinformation.