1) International Finance Corporation (IFC): IFC has committed a record $2.97 billion (Rs 24,561 crore) to India across 30 projects in the FY 2022-23
- Genesis: Established in 1956, IFC is a member of the World Bank Group.
- Objectives: Largest global development institution focused on the private sector in developing countries.
- Other members of the World Bank Group:
- International Bank for Reconstruction and Development (IBRD)
- International Development Association (IDA)
- Multilateral Investment Guarantee Agency (MIGA)
- International Centre for Settlement of Investment Disputes (ICSID)
- India is a member of all World Bank institutions except ICSID
2) Compacts of Free Association (COFA): COFA agreements have become key part of U.S. efforts to counter China’s bid to expand its Pacific influence.
- US first signed COFA accords with three Pacific island states – FSM, Palau and Marshall Islands – in the 1980s.
- Now, US has signed renewed COFA agreements with Micronesia, PNG and Palau
3) Aatmanirbhar Bharat Rozgar Yojana (ABRY):
- Aim: Increase the employment generation in post-Covid recovery phase along with social security benefits.
- Implementation: Through Employees Provident Fund Organization (EPFO), Ministry of Labour and Employment.
- Incentive: Government is covering both the employee and employer EPF contributions (24% of wages) for establishments with up to 1,000 employees
- For establishments with over 1000 employees, only the employee’s EPF contributions (12% of wages) were covered in respect of new employees.
4) Renewable Power Generation Costs in 2022: International Renewable Energy Agency (IRENA) has recently launched a report titled “Renewable Power Generation Costs in 2022”.
- In 2022, the renewable power deployed globally since 2000 saved an estimated USD 521 billion in fuel costs in the electricity sector.
- In India, thermal coal import costs rose sharply in 2021, by 107%, but power generators either scaled back generation or sourced cheaper coal sources, moderating the price increase in 2022 to 20%.
