Economy

 

Indian Economy Current Affairs, important for Competitive Exams.

ONGC starts oil production from its Cluster-2 project in Krishna Godavari basin in Bay of Bengal

  1. The Oil and Natural Gas Corporation (ONGC) has initiated oil production from its Cluster-2 project in the Krishna Godavari basin in the Bay of Bengal.
  2. The project is situated in the KG-DWN-98/2 block, characterized as a complex and challenging block.
  3. Initial production is expected to be 45 thousand barrels per day and over 10 million standard cubic metres per day of gas.
  4. The project, located offshore the Godavari river delta, is positioned 35 kilometres off the coast of Andhra Pradesh.
  5. Water depths in the project area range from 300 to 3,200 metres.
  6. The discoveries in the KG-DWN-98/2 block are divided into three clusters, with Cluster-2 being the first to be put into production.
  7. The anticipated impact of the project includes adding 7 percent to the current national oil production and 7 percent to national natural gas production.

Q: Where is the KG-DWN-98/2 block located, where the ONGC starts oil production from Cluster-2 project in January 2024 ?

a) Arabian Sea
b) Bay of Bengal
c) Indian Ocean
d) Andaman Sea

Answer: b) Bay of Bengal

Govt constitutes 16th Finance Commission with Dr Arvind Panagariya as its Chairman

The Sixteenth Finance Commission has been constituted by the Centre.

  1. Dr. Arvind Panagariya, former NITI Aayog Vice Chairman and current Columbia University Professor, will serve as the Chairman of the 16th Finance Commission.
  2. Ritvik Ranjanam Pandey, an IAS officer, will be the secretary of the Commission.
  3. The Commission’s recommendations will include matters related to the distribution of net proceeds of taxes between the Union and the States, and measures to augment the Consolidated Fund of a State to support Panchayats and Municipalities.
  4. The Commission may review current financing arrangements for Disaster Management initiatives, particularly funds under the Disaster Management Act, 2005, and make appropriate recommendations.
  5. The Finance Commission has been tasked with making its report available by October 31, 2025, covering a five-year period starting from April 1, 2026.

Q: Who has been appointed as the Chairman of the Sixteenth Finance Commission?

a) Dr. Arvind Panagariya
b) Ritvik Ranjanam Pandey
c) Nirmala Sitharaman
d) Dr Subramanyam Swami

Answer: a) Dr. Arvind Panagariya

Q: What is the role of Ritvik Ranjanam Pandey in the Sixteenth Finance Commission?

a) Chairman
b) Secretary
c) Financial Advisor
d) Member

Correct Answer: b) Secretary

Scroll to Top