MoU between India and Guyana on cooperation in the hydrocarbon sector (GS Paper 3, Economy)
Why in news?
- The Union Cabinet has approved the signing of Memorandum of Understanding (MoU) between the Ministry of Petroleum & Natural Gas, Government of India and the Ministry of Natural Resources, Republic of Guyana on cooperation in the hydrocarbon sector.
Details:
- The proposed MoU covers the complete value chain of hydrocarbon sector including sourcing of crude oil from Guyana, participation of Indian companies in Exploration and Production (E&P) sector of Guyana, cooperation in the areas of crude Oil refining, capacity building, Strengthening bilateral trade, collaboration in natural gas sector, collaboration in developing regulatory policy framework in oil & gas sector in Guyana; Cooperation in the area of clean energy including biofuels as well as renewables sector including solar energy etc.
Impact:
- The MoU on cooperation in hydrocarbon sector with Guyana will strengthen bilateral trade, foster investment in each other countries and help diversifying source of crude oil, thus augmenting the energy & supply security of the country.
- It will also provide opportunity to Indian company to participate in E&P sector of Guyana, gaining experience by working with global oil & gas companies in upstream projects, thus fostering the vision of “Aatmanirbhar Bharat”.
Implementation strategy and targets:
- This MoU shall enter into force on the date of its signature and will remain in force for a period of five years and shall be automatically renewed thereafter on a quinquennium basis unless either Party gives the other Party a written notice three months in advance of its intention to terminate this Understanding.
Background:
- In recent times, Guyana has gained significant salience in the oil & gas sector becoming the world’s newest oil producer. The new discoveries of 11.2 billion barrels of oil equivalent, amounts to 18% of total global Oil & Gas discoveries and 32% of discovered oil.
- As per OPEC World Oil Outlook 2022, Guyana is projected to see a significant ramp-up in production, with liquids supply growing from 0.1 mb/d in 2021 to 0.9 mb/d in 2027.
- Further, as per BP Statistical Review of World Energy 2022, India is the world’s 3rd largest energy consumer, 3rd largest consumer of oil and 4th largest refiner and the fastest-growing major economy with rising energy needs.
- BP Energy Outlook and International Energy Agency estimate that India's energy demand would grow at about 3% per annum till 2040, compared to the global rate of 1%.
- Further, India is likely to account for approximately 25-28 per cent of the global energy demand growth between 2020-2040.
Way Forward:
- With a view to give a further impetus to ensure energy access, availability, affordability to citizen underpinned by energy security of the country, India is focusing on fostering new partnership in hydrocarbon sector, both through diversification of crude oil sources and through acquiring quality overseas assets.
- This dilutes dependencies on a single geographical/economic unit and increase India’s strategic maneuverability.
Scholarships for Higher Education for Young Achievers Scheme (SHREYAS) for OBC and Others
(GS Paper 2, Education)
Why in news?
- The scheme Scholarships for Higher Education for Young Achievers Scheme-SHREYAS, has been proposed to implement during the 2021-22 to 2025-26 by placing two ongoing Central Sector schemes for OBC and others namely –
- National Fellowship for OBC
- Dr. Ambedkar Central Sector Scheme of Interest Subsidy on Educational Loans for Overseas Studies for Other Backward Classes (OBCs) and Economically Backward Classes (EBCs).
- The main objective of the schemes is Educational Empowerment of OBC & EBC students by way of awarding fellowship (financial assistance) in obtaining quality higher education and interest subsidy on educational loan for overseas studies.
The Scheme comprises following two components:
National Fellowship for OBC students
- The scheme aims at providing financial assistance to the OBC students in obtaining quality higher education leading to degrees such as M.Phil and Ph.D in universities, research institutions and scientific institutions.
- The scheme is designed to provide a total number of 1000 Junior Research Fellowships per year to undertake advanced studies and research leading to M.Phil. /Ph.D. Degrees, who have qualified in the following tests:
- National Eligibility Test – Junior Research Fellowship (NET-JRF) of UGC (for Humanities/Social Sciences) or
- UGC-Council of Scientific and Industrial Research (UGC-CSIR) NET-JRF Joint Test (for Sciences)
- The scheme covers all universities/institutions recognized by the University Grants Commission (UGC) and are implemented by the UGC itself on the pattern of the scheme of UGC Fellowships being awarded to research students pursuing M.Phil. and Ph.D.
Salient features of the Scheme:
- The scheme is now implemented by the Ministry through the designated Central Nodal Agency; National Backward Classes Finance and Development Corporation (A Govt. of India Undertaking, under the administrative control of Ministry of Social Justice & Empowerment
- All universities/institutions recognized by the University Grants Commission (UGC).
- Eligibility conditions are as per notification for UGC-NET and CSIR-UGC-NET examinations.
- The rate of fellowship for JRF level has been increased and w.e.f. 01.01.2023, it is Rs. 37000/- per month and for SRF level it is Rs. 42000/- per month, besides contingencies amount.
- Out of 1000 slots available under this scheme, 750 will be allocated for the subjects under National Eligibility Test – Junior Research Fellowship (NET-JRF) of UGC and remaining 250 UGC-Council of Scientific and Industrial Research (UGC-CSIR) NETJRF joint test (for Science streams).
- These 1000 slots will be over and above the OBC Students selected under the normal reservation policy of the Government.
- At least 5% of the total seats should be reserved for students with disabilities while making selection of candidates for award of fellowships by the UGC.
Dr. Ambedkar Scheme of Interest Subsidy on Educational Loans for Overseas Studies for Other Backward Classes (OBCs) and Economically Backward Classes (EBCs):
- This is a Central Sector Scheme to provide interest subsidy to the student belonging to the OBCs and EBCs on the interest payable for the period of moratorium for the Education Loans for overseas studies to pursue approved courses of studies abroad at Masters, M.Phil. and Ph.D. level.
Salient features of the Scheme:
- The scheme is implemented through the Canara Bank (the Nodal bank for the scheme).
- The Scheme is applicable for higher studies abroad. The interest Subsidy shall be linked with the existing Educational Loan Scheme of Indian Banks Association (IBA) and restricted to students enrolled for course at Masters, M.Phil and Ph.D level.
- The students should have secured admission in the approved courses at Masters, M.Phil or Ph.D levels abroad for the courses listed in the guidelines.
- For OBC candidates, total income from all sources of the employed candidate or his/her parents/guardians in case of unemployed candidate shall not exceed present Creamy Layer criteria.
- For EBC candidates, total income from all sources of the employed candidate or his/her parents/guardians in case of unemployed candidate shall not exceed Rs.5.00 lakh per annum
- 50% of the total financial assistance is reserved for women candidates.
- Under the scheme, 100% interest payable by the students availing the education loans of the IBA for the period of moratorium (i.e. course period, plus one year or six months after getting job, whichever is earlier) as prescribed under the Education Loan Scheme of the IBA, shall be borne by the Government of India.
- After the period of moratorium is over, the interest on the outstanding loan amount shall be paid by the student, in accordance with the existing Educational Loan Scheme as may be amended from time to time.
- The candidate will bear the Principal installments and interest beyond moratorium period.
