MSME Minister Narayan Tatu Rane launches MSME Competitive (LEAN) Scheme
On 10th March 2023, Union Minister Narayan Tatu Rane, Ministry of Micro, Small & Medium Enterprises (MoMSME), launched the MSME Competitive (LEAN) Scheme (MCLS) and National Scheduled Castes (SC)/Scheduled Tribes (ST) Conclave under MSME Champion Scheme in the event organised at the NDMC Convention Centre, New Delhi, Delhi.
- LEAN is defined as a set of management practices to improve efficiency and effectiveness by eliminating waste through kaizen.
i.MCLS will create awareness about LEAN Manufacturing practices among the MSMEs and motivate and incentivize them to attain LEAN level and encourage them to become MSME Champions.
ii.The scheme will improve the quality, productivity and performance, and also improve the capability to change the mindset of the manufacturers.
About Ministry of Micro, Small & Medium Enterprises (MoMSME):
Union Minister– Narayan Tatu Rane (Rajya Sabha- Maharashtra)
Minister of State– Bhanu Pratap Singh Verma(Constituency- Jalaun, Uttar Pradesh)
Visit of US Secretary of Commerce Ms. Gina Raimondo to New Delhi – March 7–10, 2023Ms. Gina Raimondo, United States (US) Secretary of Commerce, visited New Delhi, India, from March 7-10, 2023, on the invitation of Piyush Goyal, Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles.
India-US Commercial Dialogue 2023 (5th edition) & CEO Forum
The India-US Commercial Dialogue 2023 (5th edition), co-chaired by Union Minister Piyush Goyal and US Secretary of Commerce Gina Raimondo, is part of ongoing efforts to strengthen the US-India Comprehensive Global Strategic Partnership.
- Gina Raimondo led a high-level business delegation of US Chief Executive Officers (CEOs) for the CEO Forum.
- The CEO Forum, which was itself re-launched in November 2022, also focused on shared strategic priorities in an outcome-oriented way.
About the United States (US):
President – Joseph Robinette Biden Jr.
Capital – Washington, D.C., US
Currency – US Dollar (USD)
NITI Aayog Released Report titled “Production and Promotion of Organic and Bio Fertilisers with Special Focus on Improving Economic Viability Of Gaushalas”On 10th March 2023, NITI Aayog(National Institution for Transforming India) released a task force report titled “Production and Promotion of Organic and Bio Fertilisers with Special Focus on Improving Economic Viability Of Gaushalas” which states that the gaushalas should be liberally financed for making a capital investment and working expenses at concessional rates of interest.
- The report was released by Ramesh Chand, Member (Agriculture), NITI Aayog in the presence of task force members, senior government officials and representatives from gaushalas.
i.The report provides factual estimates of operating costs, fixed costs and other issues in respect of gaushalas and cost and investments involved in setting up Bio-CNG plant and PROM plant in Gaushalas.
ii.This also offers suggestions and recommendations to improve the financial and economic viability of Gaushalas, channelizing potential of stray, abandoned and uneconomic cattle wealth for promoting natural and organic farming
iii.Through this report, NITI Aayog has proposed to make it mandatory for the fertilisers company to sell 10 to 20% of bio fertilisers or organic manure with Urea to increase their offtake and boost the economy of gaushala.
iv.The report also states that all grants to gaushalas should be linked to the number of cows, with more emphasis on dry, recused or abandoned cattle.
v.This aims to address the issues of the menace caused by increasing the number of stray cattle in urban and rural areas.
vi.The report highlighted that specific policy measures and support is required to encourage the commercial production, packaging, marketing and distribution of cow dung-based organic fertilisers including brand development.
About the task force:
The task force was headed by NITI Aayog member Ramesh Chand and other members of the task force include,
- Yogesh Suri, senior adviser NITI Aayog.
- Rajni Taneja, deputy secretary, MoA&FW
- Virendra Kumar Vijay, professor, IIT Delhi.
- S K Dutta, joint commissioner, Ministry of Fisheries, Animal Husbandry and Dairying.
- Ganesh Sharma, director, National Centre of Organic Farming.
- Ujjawal Kumar, deputy secretary, Department of Fertilisers.
About NITI Aayog(National Institution for Transforming India):
Chief Executive Officer(CEO)– B.V.R. Subrahmanyam
Headquarters– New Delhi, Delhi
Establishment– 1 January 2015
MoD Signs Rs. 667 Crore Deal with HAL to Procure Six Dornier Aircraft for IAF
The Ministry of Defence (MoD) and Hindustan Aeronautics Limited (HAL) inked a contract for the procurement of six Dornier-228 aircraft for the Indian Air Force (IAF) at a cost of Rs. 667 crore.
- The aircraft was employed by the IAF for communication and route transport roles, and it was also used to train IAF transport pilots.
i.The current batch of six aircraft will be equipped with a more fuel-efficient engine and a five-bladed composite propeller.
- This will strengthen the IAF’s operational capability in remote areas.
ii.The aircraft is appropriate for short-haul operations from semi-prepared or short runways in India’s North East and island chains.
First edition of Naval Commanders’ Conference 2023 begins onboard INS Vikrant
The first edition of the Naval Commanders’ Conference 2023, was held for the first time onboard India’s first indigenous aircraft carrier, Indian Naval Ship (INS Vikrant), off the coast of Arabian Sea in Goa, on March 06, 2023.
i.The conference provided a forum for Naval Commanders to connect with key government officials and debate crucial security concerns at the military-strategic level.
ii.Defence Minister Rajnath Singh addressed the Naval Commanders onboard INS Vikrant.
iii.The Chief of Naval Staff (CNS), together with other Naval Commanders, evaluated the Indian Navy’s key operational, materiel, logistics, human resource development, training, and administrative actions for the last six months.
iv.Naval Commanders were also given an update on the “Agnipath Scheme,” which was implemented in the Indian Navy in November 2022.
MoPSW Sanctioned 8 floating Jetty projects, 4 each in Karnataka & Tamil Nadu
The Ministry of Ports, shipping, and waterways(MoPSW) has provided an in provided in-principle approval for eight floating jetty projects, 4 each in Tamil Nadu and Karnataka under its Sagarmala Programme.
4 Floating Jetty Projects in Karnataka:
i.With the 4 new floating jetty projects in Karnataka, the total number of floating jetty projects in Karnataka becomes 11.
ii.The 4 projects will be located on the Gurupura River and Netravati River and shall be used for tourism purposes.
iii.The other locations for the projects are Thannir Bhavi Church, Bangra Kuluru, Kulur Bridge and Jappina Mogaru NH bridge.
4 Floating Jetty Projects in Tamil Nadu:
The Ministry has given approval for 4 floating jetty projects in Tamil Nadu, the projects will be located at Agni Thertham and Villoondi Theertham in Rameshwaram, a renowned spiritual place in India, and at Cuddalore and Kanyakumari to cater for tourists at these tourist destinations.
i.These floating jetty projects will help to offer safer, hassle-free transportation to tourists and support the overall development and upliftment of the coastal community.
ii.This will also provide strong connectivity which is required to build a developed India.
iii.The installation of these jetties will enhance the socio-economic development of these regions in Karnataka and Tamil Nadu and create an avenue for water water-related tourism and regional trade with more employment opportunities for the local population.
i.The Sagarmala Programme is an initiative by the Government of India to enhance the performance of the country’s logistics sector.
ii.The Sagarmala programme is the flagship programme of the MoPSW to promote port-led development in India through harnessing a 7,500 km long coastline, 14,500 km of potentially navigable waterways and strategic location on key international maritime trade routes.
Indian Army’s Chetak Corps conduct ‘Exercise Chetak Chaukas’On 11th March 2023, the Chetak Corps of the Indian Army conducted “Exercise Chetak Chaukas” with all stakeholders to strengthen Rear Area Security.
The exercise focused on planning, preparation, familiarisation & updation of the database.
- Previously, the Indian Army’s Desert Corps carried out tactical floatation to validate operational parameters under an all-arms combat simulation.
- This was carried out besides coordinating and refining numerous Battle Drills.
New India Vision: MCA appointed Grant Thornton Bharat to Assist in Capacity Building The Ministry of Company Affairs(MCA) has appointed Grant Thornton Bharat LLP, one of the largest fully integrated Assurance, Tax and Advisory firms in India, to assist in the formulation of an Annual Capacity Building Plan (ACBP) as a part of its efforts to build capacity among its cadre/ posts and other organisations to make them ‘future ready’ and to meet the requirements of a vision of ‘New India’.
- The objective of the vision is to enhance the delivery system and create a ‘citizen-centric, future-ready civil service with the right attitude, skills and knowledge aligned to the vision of New India.
- The ‘New India’ vision aims to transform India into a modern and developed country.
- The vision encompasses various sectors, including the economy, infrastructure, social welfare, healthcare, education, and agriculture.
PhonePe gets payment aggregator licence, reaches $1 trillion annualised payment value run ratePhonepe Private Limited (formerly FX Mart Pvt. Ltd.), which owns the brand PhonePe, has received in-principle approval for its PA [payment aggregator] licence from the Reserve Bank of India (RBI).
PhonePe has also achieved an annualised Total Payment Value(TPV) run rate of USD 1 trillion(~ Rs 84 lakh crore), mainly on account of its Unified Payments Interface (UPI) transactions.
- They have digitised more than 35 million offline merchants spread across tier 2, 3, 4 cities and beyond, covering 99% pin codes in India.
Lockheed Martin & Tata Group Sign MoU to Manufacture Fighter Wings in IndiaLockheed Martin Corporation (LMT), a global defence aerospace player based in the United States (US), and India’s Tata Group have signed a Memorandum of Understanding (MOU) for the production of fighter plane wings at their joint venture (JV) facility, Tata Lockheed Martin Aerostructures Ltd (TLMAL), in Hyderabad, Telangana.
- The MoU aims to manufacture 29 fighter wing shipsets with the potential of producing additional shipsets, with deliveries starting in 2025.
i.TLMAL was formally acknowledged by LMT as a potential co-producer of fighter wings in October 2021, following TLMAL’s successful production and qualification of a prototype fighter wing shipset.
- TLMAL was mandated to demonstrate the capabilities of doing comprehensive part manufacturing and delivery of a fully compliant fuel-carrying 9-g, 12,000-hour interchangeable/replaceable representative fighter wing through this prototype project.
ii.The LMT’s assistance comes at a time when the Indian Air Force (IAF) anticipates the acceptance of need (AoN) for 114 multi-role fighter aircraft (MRFA).
iii.LMT has a proposed F-21 (Advanced Multirole Fighter) partnership with India, which is intended to deliver 114 MFRA specifically configured for India and the Indian Air Force (IAF).
Tata Lockheed Martin Aerostructures Ltd (TLMAL)
i.Tata Advanced Systems Limited (TASL) and Lockheed Martin Aeronautics established TLMAL as a joint venture in 2010.
ii.TLMAL acts as the single global supplier of C-130J empennage assemblies that are installed on all new Super Hercules aircraft, supporting the government of India’s Aatmanirbhar Bharat “Make in India” and “Skills India” goals.
iii.TLMAL has manufactured and delivered over 200 C-130J empennages so far.
Lockheed Martin Corporation (LMT)
i.LMT is a global security and aerospace firm headquartered in Bethesda, Maryland, US.
ii.Its primary activities include the development, manufacture, integration, and maintenance of advanced technology systems, goods, and services.
- James Taiclet is the Chairman, President and CEO of LMT.
Tata Advanced Systems Limited (TASL)
i.TASL, a wholly-owned subsidiary of Tata Sons, specializes in offering integrated solutions for aerospace, defence, and homeland security.
ii.TASL is a leading manufacturing partner for global original equipment manufacturers (OEMs) and the Defence Research and Development Organization (DRDO) of the Indian government.
iii.Tata Sons Private Limited is the primary holding company of the Tata group.
- N Chandrasekaran is the Chairman of Tata Sons.
RBI Approves Reappointment of Sumant Kathpalia as MD & CEO of IndusInd BankThe Reserve Bank of India (RBI) has approved the reappointment of Sumant Kathpalia as Managing Director (MD) and Chief Executive Officer (CEO) of Induslnd Bank for another 2 years, with effect from March 24, 2023.
- He has been the MD & CEO of Industrial Bank since March 24, 2020, following the retirement of Romesh Sobti, the former CEO.
The RBI approval comes nearly six months after the board of directors of the IndusInd Bank approved a three-year term for Kathpalia in 2022.
About Sumant Kathpalia:
i.Sumant Kathpalia graduated with a B. Com. (Hons.) from Hindu College, Delhi University, and is a qualified chartered accountant (CA).
ii.Sumant Kathpalia has been a major member of the top-level executive committee overseeing IndusInd Bank’s financial management, investor relations, and the evaluation of inorganic growth opportunities.
iii.As the former Head of Consumer Bank at IndusInd Bank, Kathpalia played a crucial role in creating a number of new businesses to serve the needs of the individual and SME segments.
iv.Prior to joining IndusInd Bank, he worked at ABN AMRO, where he held various key leadership positions, including Head of Consumer Bank for ABN AMRO India.
About IndusInd Bank:
IndusInd Bank’s profit after tax increased by 68.71% to Rs. 1,959.20 crore for the quarter ended December 2022, from Rs. 1,161.27 crore in the previous quarter.
MD & CEO – Sumant Kathpalia
Established – 1994
Headquarters – Mumbai, Maharashtra
Tagline – We Make You Feel Richer
Infosys President Mohit Joshi joins Tech Mahindra as MD & CEO designate Mohit Joshi, Former President of Infosys, was appointed as the Managing Director (MD) and Chief Executive Officer (CEO) designate of Tech Mahindra Limited, India’s 5th -largest Information technology (IT) services and consulting company for a period of 5 years with effect from 20th December 2023 to 19th December 2028.
- Mohit Joshi will succeed Tech Mahindra’s current CEO and MD, CP Gurnani, who is set to retire on 19th December 2023.
- Prior to this appointment, he resigned from his post as the President of Infosys. He will be on leave effective from 11th March 2023 and his last date with Infosys will be 9th June 2023.
About Mohit Joshi:
i.As the President of Infosys, Mohit Joshi served as the head of the Global Financial Services & Healthcare and Software businesses, which included Finacle (the banking platform) and the Artificial intelligence (AI)/ Automation portfolio.
- He was also responsible for Infosys’s internal CIO(Chief Information Officer) function and the Infosys Knowledge Institute.
ii.He has also been a Non-Executive Director at Aviva Plc since 2020 and is a member of its Risk & Governance and Nomination committees.
iii.He joined the Young Global Leader program at the World Economic Forum(WEF), Davos in 2014 and also served as a member of the Young Presidents Organization (YPO).
iv.Previously he also served as the Vice Chair of the Economic Growth Board of the Confederation of British Industry (CBI).
v.Prior to joining Infosys in 2000, he worked with the Corporate and Investment bank of ABN AMRO and ANZ Grindlays.
About Tech Mahindra Limited:
Tech Mahindra is a part of the Mahindra Group, founded in 1945.
MD & CEO– CP GURNANI
MD & CEO designate– Mohit Joshi
Headquarters– Pune, Maharashtra
SpaceX launches 40 OneWeb internet satellites to orbitSpaceX’s 2-stage Falcon 9 rocket launched 40 broadband satellites to orbit for the United Kingdom (UK) company OneWeb from Cape Canaveral Space Force Station in Florida, United States of America. With the launch of this mission, OneWeb 17, the total number of satellites in this network becomes 582.
- The 1st stage of the rocket came back to earth on schedule. It was the 13th launch and landing for this particular booster
The OneWeb satellites were deployed in small batches in the low earth orbit(LEO) and all 40 satellites had been successfully deployed. One more launch of 40 satellites will complete the construction of this constellation.
- OneWeb is building a constellation of more than 600 satellites in LEO, which will provide internet service to customers around the world.
- Most of OneWeb’s satellites have been launched onboard the Russian-built Soyuz rockets operated by the French company Arianespace.
- OneWeb has now flown 3 times with SpaceX, on Falcon 9 rockets and once with NewSpace India Limited (NSIL), on an Indian Geosynchronous Satellite Launch Vehicle (GSLV) Mark III vehicle.
Pat McCormick, America’s 4-time Olympic Diving Champion, Passed Away American Olympic athlete (competitive diver), Patricia Joan McCormick (Pat McCormick) who won both diving events (Springboard and Platform) at 2 consecutive Summer Olympics in 1952 and 1956, passed away at the age of 92 in California, the United States of America(USA).
- She was born on 12th May 1930 in Seal Beach, California, USA.
About Pat McCormick:
i.Pat McCormick won 2 gold medals in the 1952 Olympic Games held in Helsinki, one in the 3-meter springboard and the other in 10-meter platform diving events.
ii.She also won the 2 Gold medals at the 1956 Olympics held in Melbourne, Australia and became the 1st diver to accomplish that feat.
- Note: Her daughter Kelly Anne McCormick won the silver medal in springboard diving at the Los Angeles 1984 Olympic Games and a bronze at the Seoul 1988 Olympic Games.
Medals and Honours:
i.Besides her Olympic achievements, she has won 27 national championships and a Pan American Games gold medal.
ii.Amateur Athletic Union (AAU) honoured her with the James E. Sullivan Award – amateur athlete of the year in 1956. She was the 2nd woman to win the award after Swimmer Ann Curtis(1944).
iii.She also won the Babe Zaharias Award as a woman athlete of the year.
iv.She was inducted into several halls of fame including the U.S. Olympic Hall and the International Swimming Hall.
i.She served on the Los Angeles Olympic Organizing Committee in 1984.
ii.She established the Pat McCormick Educational Foundation to help at-risk youngsters get through school.
iii.She also climbed Mount Kilimanjaro and boated down the Amazon River.
Maharashtra Budget 2023-24: Deputy CM Devendra Fadnavis Presents Shinde Government’s First Budget for FY24Maharashtra’s Deputy Chief Minister (CM), Devendra Fadnavis, presented the Eknath Shinde (CM)-led government’s maiden budget to the state Assembly, a massive Rs. 5,47,450 crore for the next fiscal year 2023-24 (FY24), based on the ‘Panchamrut’ principle.
- “Panchamrut” focuses on five primary domains: farmers, women, tribals, infrastructure development with significant capital investment, employment generation, and eco- friendly development.
- Devendra Fadnavis, the deputy chief minister (CM) who also holds the office of state finance minister (FM), made the state budget presentation for the first time.
The Maharashtra Economic Survey projected 6.8% growth for the state.
Key Budget Components of FY24:
- Revenue Receipts – Rs. 4,49,522 crore
- Revenue Expenditure – Rs. 4,65,522 crore
- Revenue Deficit – Rs. 16,112 crore
- Fiscal Deficit – Rs. 95,500.80 crore
- Total Outlay – Rs. 1,72,000 crore
Chief Minister – Eknath Shinde
Governor – Ramesh Bais
Wildlife Sanctuary (WLS) – Nagzira WLS; Chikhaldara WLS
Odisha Announces Mukhya Mantri Janajati Jeebika Mission – Rs 500 Crore Worth Livelihood Scheme for Tribals The Cabinet of Odisha has approved the launch of a new Livelihoods Cluster Development initiative under the “Mukhya Mantri Janajati Jeebika Mission” with a total outlay of Rs 500 crore.
- The scheme will be implemented by the ST & SC Development, Minorities & Backward Classes Welfare department.
- This will be implemented in 119 Tribal Sub Plan (TSP) blocks of the State through 22 Integrated Tribal Development Agencies (IT DAs) utilising a total outlay of Rs 500 crore over a period of 3 years from 2023-24 to 2025-26.
Note: This scheme is in line with the vision of the Odisha government to improve the lives and livelihoods of the tribal communities in Odisha by enhancing their economic power and strengthening their livelihood source.
i.This scheme will benefit more than 1.5 lakh tribal households with timely access to quality inputs, infrastructure support incidental to livelihood, the introduction of better production practices, training and capacity building support and marketing assistance in a convergence mode.
ii.Through this scheme, the SC/ST development department will enable the tribal households to venture into well-planned farm-based and off-farm livelihood activities at the household level to enhance their income and quality of life on a sustained basis.
i.The Odisha Cabinet has also approved incentives for the investment proposal of Indian Oil Corporation Limited (IOCL) to set up a mega Dual Feed Cracker (DFC) at Paradip with an investment of Rs 58,042 crore for the production of ethylene, polypropylene, polyvinyl chloride (PVC), phenol, Is-Propyl Alcohol (IPA) etc.
ii.The DFC will enable significant industrial development in various downstream industries like plastic, pharma, agro-chemical, personal care products, speciality chemicals, paints, packaging materials etc.
- This will create around 25000 jobs both directly and indirectly.
Chief Minister– Naveen Patnaik
Governor– Ganeshi Lal
Festivals– Konark Dance Festival; Mahabisuva Sankranti
Stadium– Barabati Stadium; Jawaharlal Nehru Indoor Stadium
Mauganj beocmes 53rd district of Madhya Pradesh: MP CM Shivraj Singh Chouhan
On 11th March 2023, Shivraj Singh Chouhan, Chief Minister (CM) of Madhya Pradesh (MP), announced the formation of a new district named Mauganj, with this the total number of districts in MP becomes 53.
- 4 tehsils, including 3 existing tehsils – Mauganj, Hanumana and Naigarhi, and a new tehsil Dev Talab, within the limits of Rewa district(MP) will be merged to form the new district Mauganj.
- The announcement was made during the public welfare program organised at Mauganj tehsils in Rewa district.
- The process of establishing the new district will be completed by 15th August 2023.
i.The new district of east Madhya Pradesh will also include two full-fledged Assembly constituencies of the existing Rewa district, including Mauganj and Dev Talab.
Mauganj will become the new gateway of MP to eastern Uttar Pradesh’s Mirzapur-Varanasi region.
ii.The new district with 4 tehsils will be a population of more than 6 lahks.
iii.He also announced the construction of a town hall in Mauganj, development work in the industrial area, a degree college in Hanumana, construction of ghats, road construction and various works in the tribal sub-plan.
i.The CM also transferred an ex-gratia amount of Rs 605 crore to 27,310 labour families of MP. The amount was deposited into their accounts under Mukhyamantri Jan-Kalyan (Sambal) Yojana 2.0.
ii.He also laid the foundation stone for several projects and inaugurated development works worth Rs 738.92 crore.
- Among these new projects, 10 projects worth Rs 73.56 crore will be carried out in the new district – Mauganj.
About Madhya Pradesh:
Chief Minister– Shivraj Singh Chouhan
Governor– Mangubhai Chhaganbhai Patel
National Park– Kuno National Park; Ghughwa National fossils Park
Wildlife Sanctuary– Nauradehi Wildlife Sanctuary; Orchha Wildlife Sanctuary