DRDO & IN conducted successful maiden test trial of ADC-150 from IL-38SD Aircraft off Odisha coasti.The Defence Research & Development Organisation (DRDO) and Indian Navy (IN) conducted the successful maiden test trial of ‘ADC-150’ from IL 38SD aircraft off the coast of Goa. It is an indigenously designed and developed Air Droppable Container with 150 kg payload capacity.
ii.It is developed by 3 DRDO laboratories viz. Naval Science & Technological Laboratory (NSTL), Visakhapatnam (Andhra Pradesh); Aerial Delivery Research & Development Establishment (ADRDE), Agra (Uttar Pradesh) and Aeronautical Development Establishment (ADE), Bengaluru (Karnataka).
iii.The Design Validation Trial Vertical Shaft based Underground Ammunition Storage Facility was conducted successfully by detonating 5,000 kgs of Trinitrotoluene (TNT) in one of the chambers of the underground facility.
About Defence Research & Development Organisation (DRDO):
Chairman– Dr Samir V Kamat
Headquarter– New Delhi, Delhi
Establishment– 1958
MoPNG Increased the APM Natural Gas Price for May 2023 to US$8.27 per mBtuAccording to the data released by the Petroleum Planning and Analysis Cell (PPAC), the Ministry of Petroleum and Natural Gas (MoPNG) increased the Administered Price Mechanism (APM) domestic natural gas price for May 2023 to more than 4% MoM (month-over-month) to US$8.27 per mBtu (million British Thermal Units) on Gross Calorific Value (GCV) basis from US$7.92 per mBtu in April 2023.
- Objective: To ensure a stable pricing regime for domestic gas consumers and provide adequate protection to producers from adverse market fluctuation with incentives for enhancing production.
Key Points:
i.As per the statement of PPAC, the price of gas from the nomination fields of both ONGC and OIL will be subject to a ceiling of US$6.50 per mBtu.
ii.This means that the price of piped natural gas (PNG) and compressed natural gas (CNG) may remain unchanged as the two ONGC and OIL use the gas from their nomination field to supply to them.
iii.The nominations fields are the assets that the government awarded to ONGC and OIL prior to 1999.
About Ministry of Petroleum and Natural Gas (MoPNG):
Union Minister – Hardeep Singh Puri (Rajya Sabha Uttar Pradesh)
Minister of State(MoS) – Rameswar Teli (Constituency – Dibrugarh, Assam)
Union Govt extends EV battery Safety Certification deadline by 6 months till October 1, 2023Union Government has extended the deadline for obtaining the mandatory electric vehicle (EV) battery safety test certification from the Ministry of Heavy Industries by six months till October 1, 2023 from April 1, 2023.
- The certification was compulsory for manufacturers if they wanted to be eligible for incentives under various EV promotion schemes.
Backdrop:
i.Due to multiple instances of EVs catching fire in 2022, the Ministry of Heavy Industries notified the new testing parameters as mandatory for obtaining union government incentives from April 1, 2023.
- The incentives were provided under the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India (FAME-II) and production-linked incentives (PLI) schemes.
- According to the statement of the Ministry of Heavy Industries, Fire instances were reported in vehicles of Okinawa Autotech, Ola Electric, Pure EV, Jitendra Electric Vehicles, and Boom Motors.
ii.As all the automakers, across segments, failing to obtain EV battery certifications, in November 2022 Ministry of Heavy Industries mandated the industries to obtain certification to enhance human safety of the battery used in EVs by requiring checks at three levels such as the cell, battery management system (BMS), and the battery pack.
Kind of:
In September 2022, the Ministry of Road Transport and Highways (MoRTH)The industry to be complying with the new AIS 038 and AIS 156 EV battery safety standards issued under the central motor vehicle rules (CMVR) from March 31, 2023.
WEF Future of Jobs Report 2023: Indian Job Market to Witness 22% Growth in 5 YearsAccording to the 4th edition of World Economic Forum’s (WEF) bi-annual survey report Future of Jobs Report 2023 Insight Report May 2023, the Indian job market is expected to expand by 22% over the next five years with top job creation from the artificial intelligence (AI), machine learning, and data segments.
- Globally, the job market is estimated to expand at 23%, with 69 million new jobs expected to be created over the next 5 years.
- The study also estimates that about 83 million will be eliminated by 2027.
Key Findings regarding India:
i.As per the report’s estimation, India’s job growth will be driven by 61% of broader applications of ESG (Environment, Social and Governance) standards followed by increased adoption of new technologies (59%), broadening digital access (55%), Climate-change induced investments into adapting operations (53%), etc.
ii.India figured among the seven countries where job growth was slower for social jobs than non-social jobs.
iii.In India, 97% of respondents said that the preferred source of funding for training was ‘funded by organisation’ as against the global average of 87%.
About World Economic Forum(WEF):
Founder & Executive Chairman – Professor Klaus Schwab ;
Managing Director (MD) – Saadia Zahidi
Headquarters – Cologny, GenevaCanton, Switzerland
Establishment – 1971
HDFC Bank Smart Saathi: HDFC Bank rolls Out Digital Distribution Platform for BCs & BFsHDFC Bank has launched ‘HDFC Bank Smart Saathi’, a digital distribution platform (DDP) which will help in connecting Business Correspondents (BCs) and Business Facilitators (BFs) to the bank.
- It was launched in New Delhi, Delhi by the Department of Financial Services (DFS-Ministry of Finance) Secretary Vivek Joshi; and Smita Bhagat, Group Head, Government and Institutional Business, Alternate Banking Channels and Partnerships, Inclusive Banking Group and Start-Ups, HDFC Bank.
Key Points:
i.This launch is a step towards fulfilling India’s vision of a cashless economy and true digital financial inclusion.
ii.HDFC Bank Smart Saathi will enable its agents to offer over 40 banking products and services, including loan products, especially for rural customers.
iii.Over the next 12 to 18 months, HDFC bank plan to reach 2 lakh villages through a combination of branches and agent network.
iv.The platform will increase agents’ income generation, provide easy credit access for customers, boost agents’ capacity building, and enhance financial literacy for customers.
About HDFC Bank Ltd:
MD & CEO – Sashidhar Jagdishan
Established– 1994
Headquarters– Mumbai, Maharashtra
Tagline– We Understand Your World
FPIs pulled out Rs 29,921cr from Banking and Financial Services sector in FY23According to latest shareholding data, Foreign investors’ holdings in many of the private sector banks went down marginally in FY23 as they pulled out Rs 29,921 crore from the Banking and Financial Services sector, making it the 3rd highest loser of FPI money after IT (Information Technology) Services (Rs 51,138 crore) and Oil & Gas (Rs 37,674 crore).
Reducing stake
FPIs holding in RBL Bank went down by 4% to 25% as of March 2023 quarter. In IndusInd Bank too, FPIs have trimmed their exposure by 4% to 42.16%.
- The FPIs stakes in HDFC Bank went down by 3% while their stake in Bandhan Bank and Kotak Mahindra Bank reduced by 2% and 1%, respectively.
- FPI shareholding in ICICI Bank remained unchanged at 44% in FY23.
Stake Hike
In FY23, FPIs increased their stakes in Yes Bank (by 12%), IDFC First Bank (6%) and Axis Bank (2%).
- Notably, FPIs’ holding in Yes Bank went up to 23.1% as of March 2023 from 10.97%in March 2022. Amid Carlyle and Advent picking up a 9.99% stake in Yes Bank for about Rs 8,896 crore during the December 2022 quarter of FY23.
IFSCA inks MoU with IHub-Data, International Institute of Information Technology Hyderabad
The International Financial Services Centers Authority (IFSCA) and IHub-Data, IIIT (International Institute of Information Technology)-Hyderabad signed a Memorandum of understanding (MoU) at IIIT- Hyderabad campus in Hyderabad (Telangana).
- This MoU will enable cooperation and collaboration on diverse initiatives regarding FinTech.
- FinTechs and TechFins registered with IHub-Data, IIIT- Hyderabad will facilitated to access IFSCA’s Regulatory and Innovation Sandbox and apply to the IFSCA (FinTech Incentive) Scheme, 2022.
Reason behind this MoU:
To put in place a framework for cooperation and understanding between IFSCA and IHub-Data, IIIT- Hyderabad to collaborate in supporting and facilitating FinTech and TechFin entities.
Key Points:
i.The IFSCA is responsible for development and regulation of international financial services, including insurance sector.
ii.IHub-Data is a Technology Innovation Hub for Data Banks, Data Services and Data Analytics (IHub-Data) at IIIT Hyderabad which was established by IIIT Hyderabad under the National Mission on interdisciplinary Cyber-Physical Systems (NM-ICPS) scheme funded by the Department Of Science & Technology (DST), Ministry of Science and Technology (MoST).
- Its objective is to bring closer different stakeholders in research community, academics, government officials, industry leaders, incubating start-ups and social science critics for enhancing mutual collaboration.
About International Financial Services Centers Authority (IFSCA):
Chairperson– Injeti Srinivas
Headquarters– Gandhinagar, Gujarat
NTPC and NPCIL signed agreement for developing Nuclear Power PlantsOn May 1, 2023, The NTPC Limited, formerly known as National Thermal Power Corporation Limited (NTPC), signed a supplementary joint venture (JV) agreement with Nuclear Power Corporation of India Ltd. (NPCIL) for the development of nuclear power projects.
- The agreement between both the entities (NTPC Ltd. and NPCIL) is expected to help India in meeting its Clean Energy Commitments to achieve net zero emission target by 2070.
- Government of India (GoI) aims to achieve 20 GW capacity of nuclear power generation by 2030 under this collaboration.
Signatories:
The agreement was signed by Ujjwal Kanti Bhattacharya, Director Projects, NTPC Ltd. and Ranjay Sharan, Director Projects, NPCIL in New Delhi, Delhi.
Key People:
The agreement was signed in the presence of R.K. Singh, Minister of Power, New & Renewable Energy, K.N. Vyas, Secretary Department of Atomic Energy (DAE) & Chairman Atomic Energy Commission, Gurdeep Singh, Chairman and Managing Director (CMD) of NTPC, Bhuwan Chandra Pathak, CMD of NPCIL and other senior officials of the ministry.
Nuclear Power Projects:
i. At first, the JV company shall develop two pressurised heavy-water reactor (PHWR) projects: Chutka Atomic Power Project 2×700 MW in Madhya Pradesh and Mahi Banswara Atomic Power Project 4×700 MW in Rajasthan, which were identified as a part of fleet mode nuclear projects.
ii. NTPC hopes to commission 3.5 GW (Giga-Wat) of capacity by 2030 from its two nuclear power projects in collaboration with the NPCIL.
Note: The current total installed power generation capacity of NTPC is 71.644 GW, of which 3.01 GW is renewable energy (RE).
iii. As per the Union ministry of State for Atomic Energy and Space, GoI has accorded administrative approval and financial sanction for construction of 10 indigenous 700 MW (megawatt) PHWRs to be set up in fleet mode.
iv. The present installed nuclear capacity is expected to reach 22,480 MW by 2031, on progressive completion of the projects under construction and accorded sanction.
About NTPC Limited:
Established in – 1975
Chairman & MD – Gurdeep Singh
Headquarters – New Delhi, Delhi
About Nuclear Power Corporation of India Limited (NPCIL)
Established in – September, 1987
Chairman & MD – Bhuwan Chandra Pathak
Headquarters – Mumbai, Maharashtra
IMF Regional Economic Outlook: Asia-Pacific to grow 4.6% in 2023; India, China to contribute half of global growthAccording to the International Monetary Fund’s (IMF) Regional Economic Outlook Asia and Pacific May 2023, growth in Asia and the Pacific is projected to increase to 4.6% in 2023, from 3.8% in 2022, which is an increase of 0.3% relative to the October 2022 World Economic Outlook.
- Asia and the Pacific region is expected to contribute around 70% of global growth in 2023.
- IMF expects China and India to contribute around half of global growth in 2023, with the rest of Asia and the Pacific contributing an additional fifth.
Key Points:
i.The IMF reduced 2024’s Asian growth forecast by 0.2% to 4.4%, and warned of risks to the outlook such as stickier-than-expected inflation, slowing global demand as well as the impact of US and European banking-sector stress.
ii.The global economy is expected to grow by 2.8% in 2023 and 3% in 2024. In 2022, the global economy projected to rise 3.4%.
iii.The IMF also urged central banks in Asia ( excluding Japan and China) to keep monetary policy tight to bring down inflation.
About International Monetary Fund (IMF)
Managing Director – Kristalina Georgieva
Headquarters – Washington, D.C, USA
Establishment – 1944
Member Countries – 190
UK based Indian origin actor-author Meera Syal receives BAFTA FellowshipUK (United Kingdom) based Indian-origin actor, writer Meera Syal, 61 has been presented a BAFTA (British Academy of Film and Television Arts) Fellowship, the highest accolade granted by the (British Academy of Film and Television Arts, a world-leading independent arts charity) BAFTA annually upon an individual in recognition of an outstanding and exceptional contribution to films, games and/or television.
- On May 14, 2023 the fellowship will be presented to Meera Syal, during the BAFTA Television Awards ceremony as part of a special commemoration of her work till date at the Royal Festival Hall in London, UK.
- As part of the fellowship, Meera Syal will work directly with the arts charity over the upcoming year to inspire and support aspiring creatives through BAFTA’s year-round learning, inclusion and talent programmes.
About Meera Syal:
i. MeeraSyal was born on 27 June 1961 to a Punjabi parents who grew up in the West Midlands region of England, UK.
ii. She was honoured with an MBE (Member of the Most Excellent Order of the British Empire) and then a CBE (Commander of the Most Excellent Order of the British Empire) by the late Queen Elizabeth II for her contribution to drama and literature.
iii. She has received the Women In Film and TV Award for Creative Innovation, honorary doctorates from SOAS (School of Oriental and African Studies), Manchester and Birmingham Universities, UK.
iv. She was the Cameron Mackintosh Visiting Professor of Contemporary Theatre at St Catherine’s College, Oxford University, England in the UK in 2012.
v. Apart from the television and literary arts, she has made an extraordinary impact as a voice artist, novel writer, storyteller and an actor in radio dramas.
- Some of her best novels are: Anita and Me’ and ‘Life Isn’t All Ha Ha Hee Hee’.
- Best television shows of Meera Syal such as ‘Goodness Gracious Me’ and ‘The Kumars at No. 42.
About British Academy of Film and Television Arts (BAFTA) Fellowship:
First awarded– 1971
Presented by– British Academy of Film and Television Arts (BAFTA)
Country– United Kingdom (UK)
About British Academy of Film and Television Arts (BAFTA):
Formed in– 1947
President– Prince William, The Prince of Wales
Headquarters– London, United Kingdom
Socialist Pandit Ramkishan conferred with the Title ‘Man of the Century’
On 30th April 2023, a former Member of Parliament (MP) – Lok Sabha, Pandit Ramkishan was honoured with the title of Shatabdi Purush (Man of the Century) to recognise his efforts as a socialist leader during the event organised to mark the birth centenary celebrations of Madhu Limaye, a socialist ideologue and ace parliamentarian, in New Delhi, Delhi.
- Pandit Ramkishan had actively participated in the movements launched by socialist leaders Jayaprakash Narayan and Lohia and was put behind bars several times while fighting for tribals, Dalits and the poor.
- He was elected once to the Lok Sabha in 1977 and 4 times to Rajasthan Assembly (1962, 1967, 1974 and 1990).
Brookfield Acquires 51% Stake in 4 Commercial Properties of Rostrum Realty
Canada-based Brookfield Asset Management has acquired a 51% stake in 4 commercial properties Rostrum Realty Private Limited, a real estate joint venture (JV) firm, in which Bharti Enterprises Limited will hold the balance of 49%.
- Bharti Enterprises Limited and Brookfield Asset Management announced the completion of their joint venture (JV) agreement for a portfolio of commercial properties totalling 3.3 million square feet, located in the Delhi-NCR region.
- The transaction had an enterprise value of Rs 5,000 crore.
- Rostrum Realty Pvt Ltd is home to 4 upscale commercial properties near the airports in Delhi, Gurugram, and Ludhiana, which were previously owned entirely by Bharti Realty.
The Commercial Properties: Worldmark Aerocity (Delhi), Airtel Centre and Worldmark 65 (Gurugram); and Pavillion Mall (Ludhiana).
ATP Challenger Tour 2023: Sumit Nagal won Men’s Singles title at 2023 Roma Garden Open
On 30th April 2023, Indian tennis player Sumit Nagal won the men’s singles title at the 2023 Roma Garden Open, a part of the ATP (Association of Tennis Professionals) Challenger Tour 2023, defeating Jesper de Jong of the Netherlands. The 2023 Roma Garden Open was held in Rome, Italy, from 24th to 30th April 2023.
- This marks his 3rd Challenger title and his 1st title since 2019(Buenos Aires, Argentina). He won his maiden Challenger title at Bengaluru Open 2017.
- Sumit Nagal is the first ever Indian to win a challenger trophy title on European clay.
Amitabh Kant Authored a New Book Titled “Made In India: 75 Years of Business and Enterprise”
Retires Indian Administrative Service (IAS) officer Amitabh Kant, who served as Chief Executive Officer (CEO) of the National Institution for Transforming India (NITI Aayog) (2016-2022), has authored a new book titled “Made In India: 75 Years of Business and Enterprise” published by the Rupa Publications India on 5th March 2023.
- The book coincides with India reaching a significant milestone by becoming the 5th largest economy in the world, surpassing its former colonial master, the United Kingdom (UK), after 75 years of independence.
- Amitabh Kant’s other books: Branding India-An Incredible Story, Incredible India 2.0, Editor of “The Path Ahead- Transformative Ideas for India”, and the author of over 500 published articles in leading Indian newspapers.
World Asthma Day 2023- May 2 World Asthma Day (WAD) is annually observed across the world on the first Tuesday of May month to create awareness about asthma, a condition in which a person’s airways become inflamed, narrow and swell and produce extra mucus, which makes it difficult to breathe.
World Asthma Day 2023 is observed on 2nd May 2023.
The theme of World Asthma Day (WAD) 2023 is “Asthma care for All”
- The goal of WAD 2023 theme is to encourage all resource rich countries to create and execute extensive asthma management programmes globally.
- The theme of World Asthma Day (WAD) 2022 is “Closing Gaps in Asthma Care“
World Asthma Day is annually organised by the GINA (Global Initiative for Asthma).
Background:
The first World Asthma Day was first observed by the GINA in 1998 and it was celebrated in more than 35 countries in conjunction with the first World Asthma Meeting held in Barcelona, Spain.
About Global Initiative for Asthma (GINA):
GINA was launched in 1993 in collaboration with the National Heart, Lung, and Blood Institute (NHBL) and National Institutes of Health in the United State of America (USA), and the World Health Organisation (WHO).
MD, Chairperson– Arzu Yorgancioglu (Türkiye)
Headquarters– Wisconsin, United States of America (USA)
World Tuna Day 2023 – May 2United Nations (UN)’s World Tuna Day is annually observed across the globe on May 2 to raise awareness about the importance of tuna and to promote more sustainable fishing practices.
- World Tuna Day 2023 was observed on 2nd May 2023.
i. The United Nations General Assembly (UNGA) adopted the resolution A/RES/71/124 on 7th December 2016 and proclaimed May 2 of every year as World Tuna Day.
ii. The 1st ever World Tuna Day was observed on 2nd May 2017.
About the Food and Agricultural Organisation (FAO):
Director-General- QU Dongyu
Headquarters- Rome, Italy
Establishment- 1945
Member States- 194 member states
International Workers’ Day 2023 – May 1 International Workers’ Day also known as International Labour Day is annually observed on 1st May to highlight the importance of workers and their contributio to the society.
- International Workers’ Day is also referred to as International Workers Day or May Day or Antarrashtriya Shramik Diwas or Kamgar Din.
Origin:
The origin of the observance of labour day traces back to the 1886 Haymarket riot of Chicago, the United States of America(USA).
- The Haymarket Riot (also known as the “Haymarket Incident” and “Haymarket Affair”) occurred on May 4, 1886, when a labor protest rally near Chicago’s Haymarket Square turned into a riot after someone threw a bomb at police. At least 8 people died as a result of the riot.
In 1889, Second International, a worldwide organisation of socialist and labour parties, declared the 1st May of every year as the International Workers Day.
International Jazz Day 2023 – April 30The United Nations (UN)’s International Jazz Day is annually observed across the globe on 30th April to create awareness about the significance of jazz as an educational tool, and its role in promoting peace and dialogue among people from diverse cultures.
The theme of International Jazz Day 2023 is “A Jazz Journey around the World”.
Major support for International Jazz Day is provided by the Doris Duke Foundation, with additional, generous support from the Ford Foundation.
Background:
i.The United Nations Educational, Scientific and Cultural Organization (UNESCO) General Conference, 36th Session, adopted the resolution UNESCO 36 C/Resolution 39 in November 2011, and proclaimed 30th April of every year as “International Jazz Day”.
- The first-ever International Jazz Day was observed on 30th April 2012.
Ayushman Bharat Diwas 2023 – April 30Ayushman Bharat Diwas is annually observed across India on April 30 to emphasise the importance of healthcare facilities for all citizens of India. The day is celebrated as a part of the Gram Swaraj Abhiyan.
- The day aims to promote the significance of providing medical facilities to all remote areas and to provide quality healthcare to every citizen in India.
Ayushman Bharat Diwas 2023 was observed on 30th April 2023 under the theme “Swasthya Amrit”.
i. Ayushman Bharat, under the Ministry of Health and Family Welfare (MOHFW), is a flagship scheme of the Government of India (GoI), which was launched as recommended by the National Health Policy 2017, to achieve the vision of Universal Health Coverage (UHC).
- It was launched by Prime Minister (PM) Narendra Modi on 23rd September 2018 in Ranchi, Jharkhand.
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