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Economy News-Daily Digest: 4 Key Updates

Economy News copy

1. ISRO launches earth monitoring satellite HysIS

 India successfully launched its latest earth observation satellite HysIS, the data from which can be used in wide-ranging areas including agriculture. The rocket, PSLV-C43, successfully injected state of the art HysIS and 30 other co-passenger satellites from eight countries into their designated orbits.The Hyper Spectral Imaging Satellite (HysIS) was placed in its orbit 17 minutes and 27 seconds after lift-off while the 30 co-passenger satellites were dropped into the designated orbit one by one after an hour.

HysIS, the latest earth observation satellite developed by ISRO, has several uses. The satellite’s data will be useful in many fields including agriculture, forestry, soil survey, geology, coastal zone studies, inland water studies, environmental monitoring and pollution detection from industries.

The primary mission of the HysIS, whose mission life is five years, is to study the earth’s surface in visible, near infrared and shortwave infrared regions of the electromagnetic spectrum.

It is the primary satellite of the PSLV-C43 mission, which is on its 45th flight.

The mass of the spacecraft is about 380 kilograms. The co-passenger satellites have been contracted for launch through ISRO’s commercial arm Antrix Corporation Limited.

PSLV-C43 is the ‘Core Alone’ version of PSLV. It is the lightest version of the launch vehicle.

 

2. RBI makes LEI mandatory for market participants regulated by it

 The Reserve Bank of India (RBI) has decided to make Legal Entity Identifier (LEI) code mandatory for all market participants regulated by the central bank.

The LEI code has been conceived of as a key measure to improve the quality and accuracy of financial data systems for better risk management post the global financial crisis. The LEI is a 20-character unique identity code assigned to entities who are parties to a financial transaction. Globally, use of LEI has expanded beyond derivative reporting and it is being used in areas relating to banking, securities market, credit rating and market supervision.

The LEI system has been implemented in a phased manner for participants (other than individuals) in the over-the-counter markets for rupee interest rate derivatives, foreign currency derivatives and credit derivatives in India.

 

3. Piyush Goyal to track railway operations using a CRIS software; may be made available to public soon

 Railway Minister Piyush Goyal would soon be able to monitor the entire rail network, including movement of trains and earnings of the national transporter, live in his office through a software.

The system could also become available for the general public soon as the railways is mulling putting up such screens on its premises to promote transparency.

The software, ‘eDrishti’, was developed by the Centre for Railway Information System (CRIS) and it will let Goyal directly track any information on just a click of mouse.

The software would give the minister a bird’s eye view of freight and passenger earnings, freight loading and unloading, punctuality, major projects, grievances, live trains, station details, and much more.

 

4. IAF and US air force to conduct joint exercise in West Bengal next month

The air force units of the US and India are going to participate in Exercise COPE INDIA 2019 (CI19), a bilateral flying training programme, next month at two crucial airbases in West Bengal: Air Force Station Kalaikunda in West Midnapore and Air Force Station Arjan Singh at Panagarh in Burdwan.

The exercise will be held from December 3 to 14.

Exercise CI19 is a long-standing bilateral US Pacific Air Forces (PACAF)-sponsored Field Training Exercise (FTX), conducted with the IAF, focused on enhancing US-Indian mutual cooperation and building on existing capabilities, aircrew tactics and force employment.

 

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