Short News Article

Published
25th Mar, 2023

Polity & Governance

Government launches ‘DigiClaim’

The government launched DigiClaim, under the ambit of Pradhan Mantri Fasal Bima Yojana, for claim disbursal through National Crop Insurance Portal.

With the launch of the module, claims will be disbursed electronically, which will benefit the respective farmers of six states.
Now, the automated claim settlement process will be an ongoing activity to ease all insured farmers’ lives and provide them with a sustainable financial flow and support, informed the government through a release.

Pradhan Mantri Fasal Bima Yojana (PMFBY), launched in 2016, is the government sponsored crop insurance scheme that integrates multiple stakeholders on a single platform.

Economy

Finance Ministry to start ‘greenshoe option’

The Finance Ministry recently decided to exercise the green shoe option as the offer-for-sale of Hindustan Aeronautics Ltd (HAL) has received a good response, with the issue subscribed 4.5 times on day one.

The greenshoe option refers to a clause used in an underwriting agreement during an IPO wherein this provision provides a right to the underwriter to sell more shares to the investors than an issuer planned if demand is higher than expected for the security issued.
A greenshoe option was first used by the Green Shoe Manufacturing Company (now part of Wolverine World Wide, Inc.)
Greenshoe options typically allow underwriters to sell up to 15% more shares than the original issue amount.
Greenshoe options provide price stability and liquidity.
Greenshoe options provide buying power to cover short positions if prices fall, without the risk of having to buy shares if the price rises.

Environment

Serbia introduces LIQUID 3 to control pollution

Serbian scientists have introduced a revolutionary solution to the problem of air pollution in densely populated urban areas.

LIQUID 3 is also known as a liquid tree.
This innovative tool converts carbon dioxide into oxygen just as plants do.
It is a state-of-the-art urban photobioreactor, the first of its kind in Serbia.
It is capable of replacing two 10-year-old trees or 200 square meters of lawn.
The LIQUID 3 photo-bioreactor is made up of a glass tank holding approximately 600 liters of water and microalgae.
It also has a solar panel that generates power for a small pump, which brings air into the tank through tiny openings, allowing the microalgae to perform photosynthesis.
This process converts CO2 and water into oxygen, which is then released into the air.