India–Venezuela | Prime Minister Research Chair (PMRC) Scheme, 2026 | Neelkanth Mishra Appointed as World Bank Executive Director | India–UK Critical Minerals Global Supply Chain Observatory (GSCO)

India–Venezuela

International

Context

• Acting President of Venezuela, Delcy Rodríguez, visited India and held talks with PM Modi.

Key Outcomes of the Visit

• Towards a Long-Term Energy Partnership: Both sides discussed moving from spot purchases to long-term crude oil supply contracts. 
• Cooperation in Critical Minerals: Discussions covered critical minerals, gold, and diamond mining. 
• Cooperation in Other Sectors: Agriculture and farm mechanization, Animal husbandry, Transportation and logistics, Automotive manufacturing, Science and technology.

Significance of Venezuela for India

• Energy Security: Venezuela possesses the world’s largest proven crude oil reserves.
• India is the world’s third-largest consumer of crude oil and imports more than 85% of its oil requirements.
• Indian refineries are well-equipped to process Venezuela’s heavy crude oil.
• Stronger ties can deepen India’s engagement with the Latin American region and reduce overdependence on traditional energy suppliers.
• Securing Critical Minerals for Future Industries: Venezuela possesses significant reserves of critical minerals, including rare earth elements, nickel, and other strategic resources.
• India’s Latin America Outreach: Venezuela serves as an important gateway for expanding India’s economic and diplomatic engagement in Latin America.

Venezuela

• • Location: Venezuela is located on the northern coast of South America.
  • It is bordered by Colombia to the west, Brazil to the south, Guyana to the east, and the Caribbean Sea lies to the north.

• Capital: Caracas.

Major Physiographic Regions:

• Northwestern Venezuela is traversed by the northeastern extension of the Andes.
• The Lake Maracaibo Basin is a major geological and geographical region in northwestern Venezuela.
• Llanos the vast, tropical savanna plains occupying over 250,000 square kilometers of central Venezuela.

Prime Minister Research Chair (PMRC) Scheme, 2026

Government Schemes

Context

• The Department of Higher Education has invited applications for the Prime Minister Research Chair (PMRC) Scheme 2026. 

About

• Launched in  – 2026

• • Implementation- It is a flagship national initiative by the Department of Higher Education, Ministry of Education. 

• Objective- : To bring Indian-origin researchers working abroad to leading Indian institutions for high-impact research in priority sectors.

Key DetailsGoal: 

• Aim – Bring top global Indian talent back to India.
• Target – Select 120 researchers over 5 years.
• Funding – Up to ₹5 crore in grants (and up to ₹14 crore total package).

Who Can Apply?

• Indian nationals, OCIs, and PIOs working abroad fit into three tracks:

1. Young Research Fellows: Up to 5 years after PhD.
2. Senior Fellows: 5 to 10 years after PhD.
3. Research Chairs: 10 or more years after PhD.

Focus Areas & Locations

• Sectors: 13 fields like AI, Semiconductors, Space, Health, and Green Energy.
• Host Places: Top institutes like IISc, major IITs, and national labs.

Neelkanth Mishra Appointed as World Bank Executive Director

International

Context

• The Appointments Committee of the Cabinet has approved the appointment of Neelkanth Mishra as Executive Director, World Bank Headquarters, Washington, DC, for a tenure of three years. 
• He succeeds Parameswaran Iyer, who has held the position since February 2023.
• The Executive Director is part of the World Bank’s board, which oversees policies, lending decisions and development priorities. 

World Bank

• It was founded in 1944.
• The World Bank is like a cooperative, made up of 189 member countries. 
• It provides financial and technical assistance to developing countries to reduce poverty and promote economic development.

Main Institutions of the World Bank Group:

• IBRD (International Bank for Reconstruction and Development): It lends to middle-income and creditworthy low-income countries.
• IDA (International Development Association): It provides low-interest loans and grants to the poorest countries.
• IFC (International Finance Corporation): It supports private-sector development.
• MIGA (Multilateral Investment Guarantee Agency): It encourages foreign investment by providing guarantees.
• ICSID (International Centre for Settlement of Investment Disputes): It resolves investment disputes.

Flagship Reports by World Bank – 

• World Development Report (WDR): The premier annual report focusing on a specific, critical aspect of development economics (e.g., jobs, digital dividends, or climate change).
• Global Economic Prospects (GEP): Examines global economic trends and prospects, with a specific focus on emerging markets and developing economies.
• Poverty and Shared Prosperity Report: Tracks the World Bank’s goals of ending extreme poverty and boosting shared prosperity.
• Human Capital Index (HCI): Measures the contributions of health and education to the productivity of the next generation of workers.

India–UK Critical Minerals Global Supply Chain Observatory (GSCO)

International

In News

• The India–UK Critical Minerals Global Supply Chain Observatory (GSCO) has been formally launched. 

About

• It is a joint digital platform launched in New Delhi on June 4, 2026.
• Launched by – IIT-ISM Dhanbad (through its TEXMiN foundation) & University of Cambridge.
• Objective – It tracks minerals like lithium, cobalt, and nickel across the globe. It warns of risks like war, export blocks, or price changes.

Significance – 

• It helps governments plan trade and build mineral stockpiles.
• These minerals power electric vehicles, solar panels, and defense tools. 
• The project helps both nations secure raw materials and reduce their dependence on single countries like China.

National Critical Mineral Mission (NCMM)

• Launch: The NCMM was approved by the Union Cabinet of India in January 2025, with a total outlay of approximately ₹16,300 crore over a period of 7 years (up to 2030–31).
• It is anchored under the Ministry of Mines.
• Objectives: Ensure a reliable and sustainable domestic supply of critical minerals such as lithium, cobalt, nickel, graphite, rare earth elements (REEs), titanium, and others.
• Reduce India’s import dependence for minerals vital to the energy transition (EVs, solar panels, wind turbines, batteries) and defence/electronics sectors.