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In which Indian region were the first lithium deposits discovered with estimated reserves of 5.9 million tonnes?
  • a)
    Punjab
  • b)
    Jammu and Kashmir
  • c)
    Rajasthan
  • d)
    Himachal Pradesh
Correct answer is option 'B'. Can you explain this answer?
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In which Indian region were the first lithium deposits discovered with...
The groundbreaking discovery of India's first lithium deposits, estimated at 5.9 million tonnes, was made in Jammu and Kashmir in February. Subsequent modifications to mining rules in July allowed private miners to explore these critical minerals, and reports indicate that the region will auction its lithium reserves in the coming months.
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In which Indian region were the first lithium deposits discovered with...
First Lithium Deposits in Jammu and Kashmir

The first lithium deposits in India were discovered in the region of Jammu and Kashmir. These deposits are estimated to have reserves of around 5.9 million tonnes of lithium, making it a significant find in terms of lithium resources in the country.

Significance of Lithium Deposits

Lithium is a highly sought-after mineral due to its use in various industries, particularly in the production of batteries for electric vehicles and renewable energy storage. With the increasing global demand for electric vehicles and the transition towards clean energy sources, the availability of lithium has become crucial.

Implications for Electric Vehicle Industry

The discovery of lithium deposits in Jammu and Kashmir has significant implications for the electric vehicle industry in India. As the Indian government aims to promote and accelerate the adoption of electric vehicles, having domestic lithium reserves will help reduce the country's dependence on imports. This, in turn, will contribute to the growth of the electric vehicle sector and support the government's vision of a cleaner and sustainable transportation system.

Boost to the Indian Economy

The presence of significant lithium reserves in Jammu and Kashmir also holds the potential to boost the Indian economy. The mining and processing of lithium can create job opportunities and contribute to local and national economic growth. Moreover, the export of lithium and lithium-based products can generate revenue for the country.

Environmental Considerations

While the discovery of lithium deposits brings economic benefits, it is essential to consider the environmental implications of lithium mining. The extraction and processing of lithium can have environmental consequences, such as water pollution and habitat destruction. Therefore, it is crucial to ensure that mining activities are conducted responsibly, with proper environmental regulations and sustainable practices in place.

Conclusion

The discovery of the first lithium deposits in Jammu and Kashmir is a significant development for India's energy and transportation sectors. It provides an opportunity to reduce dependence on lithium imports, promote the growth of the electric vehicle industry, and contribute to the country's economic development. However, it is essential to balance the economic benefits with environmental considerations to ensure sustainable and responsible mining practices.
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Directions: Read the passage carefully and select the best answer to each question out of the given five alternatives.In a bid to ensure timely support to depositors of stressed banks, the government may bring amendment to DICGC Act in the monsoon session with the objective to provide account holders easy and time-bound access to funds to the extent of the deposit insurance cover. Last year, the government raised insurance cover on deposit five-folds to Rs 5 lakh with a view to provide support to depositors of ailing lenders like Punjab and Maharashtra Co-operative (PMC) Bank. Following the collapse of PMC Bank, Yes Bank and Lakshmi Vilas Bank NSE 4.79 % too came under stress leading to restructuring by the regulator and the government.The amendment to the Deposit Insurance and Credit Guarantee Corporation (DICGC) Act, 1961 is the budget announcement made by the Finance Minister and the Bill is almost ready, sources said. It is expected that the Bill will be tabled in the upcoming monsoon session after being vetted by the Union Cabinet, sources added. Once the Bill becomes the law, it will provide immediate relief to thousands of depositors who had their money parked in stressed lenders such as PMC Bank and other small cooperative banks.As per the current provisions, the deposit insurance of up to Rs 5 lakh comes into play when the licence of a bank is cancelled and liquidation process starts. DICGC, a wholly-owned subsidiary of the Reserve Bank of India, provides insurance cover on bank deposits. Finance Minister Nirmala Sitharaman in the Budget speech in February said the government had approved an increase in the Deposit Insurance cover from Rs 1 lakh to Rs 5 lakh for bank customers last year. It could not be presented in the Budget session due to curtailment of the last session following the spread of the second wave of COVID-19 pandemic.It is to be noted that the enhanced deposit insurance cover of Rs 5 lakh is effective from February 4, 2020. The increase was done after a gap of 27 years as it was static since 1993. The cover is provided by the Deposit Insurance and Credit Guarantee Corporation (DICGC), a wholly-owned subsidiary of the RBI. With increased insurance cover, the banks are paying a higher premium of 12 paise against 10 paise per Rs 100 deposited without any additional burden on account holders. The deposit insurance scheme covers all banks operating in India, including private sector, cooperative, and even branches of foreign banks. There are some exemptions such as deposits of foreign governments, deposits of central and state governments, and inter-bank deposits.It can be recalled that way back in 2009, the Raghuram Rajan committee on financial sector reforms had recommended strengthening the capacity of the DICGC, a more explicit system of prompt, corrective action, and making deposit insurance premia more risk-based.Q. Consider the following statements and choose the correct option.A. the enhanced deposit insurance cover of Rs. 5 lakh.B. The increase is never seen in Indian history.C. DICGC is a subsidiary of the Indian govt.

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Directions: Read the passage carefully and select the best answer to each question out of the given five alternatives.In a bid to ensure timely support to depositors of stressed banks, the government may bring amendment to DICGC Act in the monsoon session with the objective to provide account holders easy and time-bound access to funds to the extent of the deposit insurance cover. Last year, the government raised insurance cover on deposit five-folds to Rs 5 lakh with a view to provide support to depositors of ailing lenders like Punjab and Maharashtra Co-operative (PMC) Bank. Following the collapse of PMC Bank, Yes Bank and Lakshmi Vilas Bank NSE 4.79 % too came under stress leading to restructuring by the regulator and the government.The amendment to the Deposit Insurance and Credit Guarantee Corporation (DICGC) Act, 1961 is the budget announcement made by the Finance Minister and the Bill is almost ready, sources said. It is expected that the Bill will be tabled in the upcoming monsoon session after being vetted by the Union Cabinet, sources added. Once the Bill becomes the law, it will provide immediate relief to thousands of depositors who had their money parked in stressed lenders such as PMC Bank and other small cooperative banks.As per the current provisions, the deposit insurance of up to Rs 5 lakh comes into play when the licence of a bank is cancelled and liquidation process starts. DICGC, a wholly-owned subsidiary of the Reserve Bank of India, provides insurance cover on bank deposits. Finance Minister Nirmala Sitharaman in the Budget speech in February said the government had approved an increase in the Deposit Insurance cover from Rs 1 lakh to Rs 5 lakh for bank customers last year. It could not be presented in the Budget session due to curtailment of the last session following the spread of the second wave of COVID-19 pandemic.It is to be noted that the enhanced deposit insurance cover of Rs 5 lakh is effective from February 4, 2020. The increase was done after a gap of 27 years as it was static since 1993. The cover is provided by the Deposit Insurance and Credit Guarantee Corporation (DICGC), a wholly-owned subsidiary of the RBI. With increased insurance cover, the banks are paying a higher premium of 12 paise against 10 paise per Rs 100 deposited without any additional burden on account holders. The deposit insurance scheme covers all banks operating in India, including private sector, cooperative, and even branches of foreign banks. There are some exemptions such as deposits of foreign governments, deposits of central and state governments, and inter-bank deposits.It can be recalled that way back in 2009, the Raghuram Rajan committee on financial sector reforms had recommended strengthening the capacity of the DICGC, a more explicit system of prompt, corrective action, and making deposit insurance premia more risk-based.Q. What changes will come after the bill has passed?

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In which Indian region were the first lithium deposits discovered with estimated reserves of 5.9 million tonnes?a)Punjabb)Jammu and Kashmirc)Rajasthand)Himachal PradeshCorrect answer is option 'B'. Can you explain this answer?
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