Polavaram Irrigation Project
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- The Finance Minister stated that the government is fully committed to completing and financing the Polavaram irrigation project.
Polavaram irrigation project:
- About: The project is a multi-purpose irrigation development under construction on the Godavari River, spanning the Eluru and East Godavari districts in Andhra Pradesh.
- It has been designated as a National project by the Union Government of India.
- Objectives: Develop irrigation, hydropower, and drinking water facilities in East Godavari, Visakhapatnam, West Godavari, and Krishna districts.
- Generate 960 MW of hydropower and supply water to 28.5 lakh people in 611 villages.
- Achieve irrigation potential of 4.368 lakh hectares.
- Implement the Godavari-Krishna link, transferring 80 TMC of surplus water to Krishna River, shared by Andhra Pradesh, Karnataka, and Maharashtra.
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Angel Tax
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- Recently, the Union Minister for Finance proposed abolishing the ‘angel tax’ for all types of investors during the presentation of the Union Budget 2024-25 in Parliament.
Angel Tax:
- About: The ‘angel tax’ was applied to capital raised by unlisted companies from Indian investors if the share price exceeded the company’s fair market value.
- Funds raised above this fair value were considered income and subjected to tax.
- Origins: It originates from Section 56(2)(viib) of the Income Tax Act, 1961, and was first introduced in 2012 to prevent black money laundering through share sales.
- Levy: It was charged at a rate of 30.9% on the net investments exceeding the fair market value.
- Exemption: In 2019, the Government exempted startups from Angel Tax if:
- They are recognized by DPIIT.
- Their paid-up share capital and share premium do not exceed ₹25 crores, excluding funds from NRIs, venture capital firms, and specified companies.
- Angel investors can claim a 100% tax exemption on investments exceeding the fair market value.
- However, the investor must have a net worth of ₹2 crores or an income of over ₹25 lakh in the past three fiscal years.
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World Intellectual Property Organization (WIPO)
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- Atal Innovation Mission (AIM) and WIPO signed a Letter of Intent to develop joint innovation programs in the Global South.
Atal Innovation Mission (AIM)
- About: AIM is the Government of India’s flagship initiative, established in 2016 under NITI Aayog, to foster a culture of innovation and entrepreneurship in the country.
World Intellectual Property Organization:
- Establishment: It was established by the WIPO Convention in 1967. this United Nations (UN) agency promotes creative activity and the protection of intellectual property worldwide.
- Members: It currently has 193 member states, including India.
- While all UN member states can join specialised agencies, they are not obligated to do so.
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Purvodaya
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- In the Budget speech, the Finance Minister said, Government will formulate a plan, Purvodaya, for the all-round development of the eastern region of the country.
About Purvodaya:
The ‘Purvodaya’ concept was first publicly aired by PM Modi during a meeting in Paradip in 2015, after he had dedicated a refinery to the Indian Oil Corporation Limited (IOCL).
- The Government of India will formulate a plan ‘Purvodaya’ for the all-round development of the eastern region of the country covering:
- Bihar
- Jharkhand
- West Bengal
- Odisha
- Andhra Pradesh.
- This will cover human resource development, infrastructure, and generation of economic opportunities to make the region an engine to attain Viksit Bharat.
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Curiosity Rover
![Curiosity Rover](https://pwonlyias.com/wp-content/uploads/2024/07/2515-66a1039175634.webp)
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- The NASA Curiosity rover uncovered yellowish-green sulphur crystals on Mars by accidentally cracking open a rock, marking the first discovery of its kind.
Findings:
- Discovery: The sulphur rocks, exposed when the rover accidentally crushed a rock, showed a crystalline texture and yellowish-green colour, contrasting sharply with Mars’ typical orange landscape.
- Past Finds: This discovery parallels NASA’s Spirit rover’s 2007 find of pure silica, suggesting the presence of past hot springs on Mars.
About Sulfur:
- Appearance: Yellow crystalline solid at room temperature.
- Natural Occurrence: Found in minerals, ores, and biological compounds; common in volcanic regions.
- Biological Role: Essential for amino acids (cysteine and methionine), vitamins, coenzymes, and cellular processes.
- Industrial Uses: Used to produce sulfuric acid, fertilizers, refine petroleum, and as a fungicide.
- Compounds: Includes sulfur dioxide (SO₂), sulfur trioxide (SO₃), and hydrogen sulfide (H₂S).
- Physical Properties: Insoluble in water, soluble in carbon disulfide; melting point of 115.21°C.
- Health Impact: Can be toxic in high concentrations; sulfur compounds may cause respiratory issues and irritation.
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Tinzaparin
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- Researchers have made an exciting discovery related to cobra venom and a commonly used blood thinner called tinzaparin.
Findings:
- Tinzaparin, a drug used to prevent blood clots, can reduce cell damage from spitting cobra venom.
- It does it by blocking the interaction between venom and its cellular receptor.
- Tinzaparin mimics heparan sulphate, tricking the body into stopping the production of heparan sulphate.
- Animal Testing: During the research, Mice was injected with cobra venom and tinzaparin.
- The mice with tinzaparin had less skin damage compared to those without the drug.
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