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- Why in News?
- The proposed rules aim to modernize India’s oil and gas sector by replacing the outdated Petroleum Concession Rules of 1949 and the Petroleum and Natural Gas Rules of 1959, aligning with recent changes to the Oilfields (Regulation and Development) Act, 1948.
- Key Provisions:-
- Key features include mandatory greenhouse gas emissions reporting, a regulatory structure for carbon capture and storage (CCS), and the establishment of site restoration funds with a minimum five-year post-closure monitoring requirement. Operators are also permitted to develop renewable and low-carbon energy projects—such as solar, wind, hydrogen, and geothermal—within oilfield areas.
- A stabilization clause offers protection to investors from negative fiscal or legal changes by enabling compensation mechanisms. Companies must declare underutilized infrastructure like pipelines to reduce redundancy and open access to smaller operators. The rules propose a dedicated Adjudicating Authority for dispute resolution and enforcement. Additionally, all data and samples remain government property, with external use requiring official approval.
- Why in News?
- India has successfully conducted trials of its indigenous anti-submarine weapon system, marking a significant milestone in naval defense capabilities.
- Key Provisions:-
- The Extended Range Anti-Submarine Rocket (ERASR) is a homegrown solution developed to neutralize underwater threats. Designed to be launched from Indian Navy ships, ERASR enhances maritime security by offering precise and reliable anti-submarine firepower. It features a unique twin-rocket motor design, allowing it to operate effectively across varied range requirements while maintaining consistent performance.
- A key innovation in ERASR is its use of an indigenously built Electronic Time Fuze, which ensures accurate detonation timing. The system reflects India's growing self-reliance in defense technology.
- ERASR has been developed by the Armament Research & Development Establishment (ARDE), a key laboratory under the Defence Research and Development Organisation (DRDO) in Pune. This successful test reinforces India’s focus on strengthening indigenous defense manufacturing and advanced naval warfare systems.
- Why in News?
- The Finance Minister recently stated that Non-Banking Financial Companies (NBFCs) in India can no longer be classified as "shadow banks," highlighting their growing regulatory compliance and systemic importance.
- About Shadow Banking:-
- Shadow banking refers to financial entities and activities that operate outside the scope of traditional banking regulations. These institutions—such as money market funds, hedge funds, private equity firms, and those involved in securitization and asset-backed securities—provide credit and liquidity but lack the same oversight as regular banks. This can lead to concerns about transparency and potential risks to financial stability.
- However, in recent years, NBFCs in India have come under tighter regulatory scrutiny, especially after their role in expanding credit access across sectors. Their integration into the formal financial ecosystem, improved governance, and stricter supervision have distinguished them from typical shadow banking players. As a result, they are now viewed as more structured, transparent, and essential components of India’s financial system.