Gujarat, Kerala, Karnataka are Best Performing States in Startup Ranking 2022; National Startup Awards 2023 Announcedi.On the occasion of 8th National Startup Day 2024 i.e. on January 16, 2024, the results of the 4th edition of ‘States’ Startup Ranking 2022- On support to Startup Ecosystems of States and Union Territories‘ & 4th ‘National Startup Awards (NSA) 2023- Celebrating Achievers Ahead of the Curve‘ were declared by Startup India, Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry (MoCI) during an event at Bharat Mandapam in New Delhi, Delhi. ii.The winners were felicitated by the Union Minister Piyush Goyal, Ministry of Commerce and Industry (MoCI) in New Delhi, Delhi. iii.In the State’s Startup Ranking 2022, Gujarat, KarnatakaKerala, and Tamil Nadu (TN) emerged as the best-performing States in Category A (Population above 1 Cr) for developing startup ecosystems for budding entrepreneurs while Himachal Pradesh is emerged as the best performer in Category B (Population below 1 Cr). iv.During the event, the 4th edition of NSA 2023 was also held which recognizes, rewards, promotes and offers exclusive handholding support to outstanding startups. NSA 2023 acknowledges 21 winners in 16 categories from 84 finalists for the competition. v.The winning startups will get Rs 10 Lakh each. About Department for Promotion of Industry and Internal Trade (DPIIT): Secretary– Rajesh Kumar Singh Parent Ministry– Ministry of Commerce and Industry Headquarter– New Delhi, Delhi
Defence Minister Rajnath Singh Approves Proposal to Launch Group (Term) Insurance Scheme for CPLs Engaged by BROOn January 13, 2024, Union Minister Rajnath Singh, Ministry of Defence (MoD), approved the proposal to launch Group (Term) Insurance Scheme for Casual Paid Labourers (CPLs) engaged by Border Roads Organisation(BRO)/General Reserve Engineer Force(GREF) for their ongoing projects. The scheme provides Rs 10 lakhas insurance to CPLs’families/Next of Kin in case of death. Reason behind this: i.To address risks faced by CPLs in hazardous work environments. ii.To boost morale considering reported deaths Key Points: i.The insurance scheme functions as a crucial social security and welfare measure for CPLs operating in remote and far-flung regions of India. ii.It plays a pivotal role in securing the livelihoods of CPLs’ families, offering financial support in the face of unforeseen circumstances. Recent Measures taken by MoD for the betterment of the CPLs: i.Preservation of mortal remains, Transport Allowance for attendants. ii.Funeral Assistance increased from Rs 1,000 to Rs 10,000. iii.Rs 50,000 advance payment for immediate help in case of death. About Ministry of Defence (MoD): Union Minister– Rajnath Singh (Constituency- Lucknow, Uttar Pradesh) Minister of State (MoS)– Ajay Bhatt (Constituency- Nainital-Udhamsingh Nagar, Uttarakhand)
INS Cheetah, Guldar and Kumbhir Decommissioned in A&NThree Indian Navy Ships (INS) namely INS Cheetah, INS Guldar and INS Kumbhir were decommissioned simultaneously during a ceremony conducted at Port Blair, Andaman & Nicobar (A&N).
All three ships rendered nearly 40 years of glorious service to India.
Delegates: The ceremony was attended by Air Marshal SajuBalakrishnan, Commander-in-Chief Andaman and Nicobar Command (CINCAN) and Vice Admiral TarunSobti, Deputy Chief of Naval Staff of India. Historical Background: i.Built by: All three ships were built at Gdynia Shipyard, Poland; They belonged to the Polnocny class Landing Ships ii.Commissioned in: The ships were commissioned in 1984 (Cheetah), 1985 (Guldar), and 1986 (Kumbhir).
Commissioned in the presence of then Ambassadors of India to Poland, S K Arora (Cheetah and Guldar) and A K Das (Kumbhir).
iii.Commanding Officers: The Commanding Officers of the three ships were Commander V B Mishra, Lieutenant Commander SK Singh and Lieutenant Commander J Banerjee respectively. Operational History: i.INS Cheetah was initially deployed at Kochi(Kerala) and Chennai(Tamil Nadu) whereas INS Kumbhir and INS Guldar were based at Visakhapatnam(Andhra Pradesh). ii.Later, all three were re-based at the A&N Command where they served till their decommissioning process. iii.The ships have travelled about 17 lakh nautical miles and spent over 12,300 days at sea. iv.During their illustrious journeys, these ships participated in numerous maritime security missions and Humanitarian Assistance and Disaster Relief operations. About Indian Navy(IN): Chief of the Naval Staff (CNS) – Admiral Radhakrishnan Hari Kumar Headquarters – New Delhi, Delhi Established in – 1950
NITI Aayog Report: Over 24.8 Cr People Moved Out of Multidimensional Poverty in 9 YearsAccording to the National Institution for Transforming India‘s (NITI Aayog) discussion paper on the National Multidimensional Poverty Index (MPI), ‘National Multidimensional Poverty: A Progress Review -2023,’ India’s Multidimensional poverty, reduced from 29.17% (2013-14) to 11.28% (2022-23), with about 24.82 crore individuals emerged from poverty during this transformative period.
At the State level, Uttar Pradesh leads the list with 5.94 crore people escaping poverty, followed by Bihar at 3.77 crore and Madhya Pradesh at 2.30 crore.
About National Institution for Transforming India (NITI Aayog): Chairperson– Narendra Modi Chief Executive Officer (CEO)- B.V.R. Subrahmanyam Headquarters– New Delhi, Delhi NITI Aayog was formed via a resolution of the Union Cabinet on 1 January 2015. It is a policy think tank for the Indian government. It came into effect on 16 February 2015 via a notification by the Cabinet Secretariat.
DEPWD and NHRDN Join Hands to Offer Employment Oppurtunity for Divyangjans The Department of Empowerment of Persons with Disabilities (DEPWD) under the Ministry of Social Justice & Empowerment (MoSJE) and the National Human Resources Development Network (NHRDN) have signed a Memorandum of Understanding (MoU) to provide employment opportunities for Persons with Disabilities (Divyangjans).
The employment opportunities will be offered through PM-DAKSH-DEPWD digital portal of DEPWD by connecting with Human Resources (HR) professionals across India.
NITI Aayog & WFP launched a Compendium on Mainstreaming Millets in Asia & AfricaOn 12th January 2024, NITI Aayog (National Institution for Transforming India) and World Food Programme (WFP) launched a compendium featuring the field stories showcasing the use of millets in Asian and African countries, including India, in New Delhi, Delhi. The launch also marks the successful completion of Mapping and Exchange of Good Practices (MEGP) Initiative for Millets Mainstreaming in Asia and Africa. Note: MEGP, started in July 2022, is a joint initiative of NITI Aayog and WFP. About the compendium: i.This compendium serves as a valuable resource for capacity building and disseminating best practices in millet adoption worldwide. ii.It will also encourage countries to invest in climate-resilient crops like millets. iii.It will acts as a reference guide for integrating millets into mainstream food systems. iv.It also facilitates informed decision-making and knowledge exchange through South-South Cooperation and policy dialogues. v.It should be noted that India successfully promoted millets for climate resilience, food security, and small farmers’ livelihoods, especially women, during the International Year of Millets 2023. Attendees: The event was attended by Suman Bery, Vice Chairman, NITI Aayog, Elisabeth Faure, Country Director, WFP, India, among others. Additional information: i.The United Nations (UN) has declared 2023 as the International Year of Millets (IYM). ii.Millets are a group of cereal grains that belong to the Poaceae family, commonly known as the grass family. They are widely consumed in developing countries throughout Africa and Asia iii.In 2023,India’s Ministry of Food Processing Industries (MoFPI) has implemented the Production Linked Incentive Scheme for Food Processing Industry for Millet-based products (PLISMBP) during 2022-23 to 2026-27 with an outlay of Rs. 800 crores. iv.Pearl millet (Bajra), Sorghum (Jowar) and Finger Millet (Ragi) constitutes the largest share in India’s total production of millets.
DLabs at ISB launches `Build for Billions’ jointly with RBIH & UBIDLabs at the Indian School of Business (ISB) in Hyderabad, Telangana launched “Build for Billions”, a startup accelerator program, in collaboration with the Reserve Bank Innovation Hub (RBIH) and Union Bank of India (UBI).
It is themed around financial inclusion for the informal economy by addressing the gap of address the gap between financial services and the informal economy.
Reason behind the Program: Informal economy is represented by Gig workers, migrant workers, domestic workers, street vendors, carpenters, plumbers, electricians, and construction labourers. Their challenges include low and volatile income; irregular income streams; limited access to credit and savings; and a lack of social security nets.
Now, Build for Billions Program will support fintech startups dedicated to addressing these issues.
What is in the accelerator program? This 50-day equity-free accelerator by DLabs, offers comprehensive support, including mentorship, capacity building, resources, networking opportunities, the chance to pitch to banks and investors, and a unique piloting opportunity with Union Bank.
DLabs, a business incubator at the Indian School of Business (ISB), specialises in incubation, acceleration, and funding for startups.
Eligibility: Startups aiming to improve access, usage, and quality of financial services in the informal economy can apply for the program until January 21, 2024. Following the submission period, selected startups will undergo evaluation, with customized goals set for each. About Reserve Bank Innovation Hub (RBIH): It is a wholly-owned subsidiary of the Reserve Bank of India, focuses on promoting and facilitating an environment that accelerates innovation across the financial sector, CEO– Rajesh Bansal Headquarters– Bengaluru, Karnataka Established– 2022
SEBI allowedVoluntary Freezing Of Clients’ Trading Account from July 1, 2024On January 12, 2023, the Securities and Exchange Board of India (SEBI) notified that Investors will be allowed to freeze or block their trading account any suspicious activity is detected. The framework for the same will be laid down on or before 1st April 2024 and will be implemented from 1st July 2024.
This information was SEBI is provided in its exercise of powers conferred under Section 11(1) of SEBI Act, 1992 read with Regulation 30 of SEBI (Stock Brokers) Regulations, 1992, to protect the interests of investors in securities and to promote the development of securities markets.
About the framework: i.The framework will be developed by the Brokers’ Industry Standards Forum (ISF) under the aegis of stock exchanges, and in consultation with the capital markets regulator. ii.The framework outlines the process for voluntarily freezing online access to trading accounts. It includes details on how clients can request account blocking, the processing timeframe, and communication protocols. Stock exchanges are mandated to ensure the implementation of these guidelines by Trading Members starting from July 1, 2024. Reason: Investor concerns over suspicious activities in trading accounts resulted to propose a facility for blocking such accounts, While voluntary blocking of demat accounts is already in place for investors, the proposal now extends this option to their trading accounts as well.
Demat accounts allow investors to hold their financial instruments in an electronic form, while, trading accounts, actually carry out trades in the stock market.
Click Here for Official Notification Trading Account: A trading account is an investment account which helps retail investors to buy or sell securities. Trading account is opened with a stock broking firm which, in turn, provides access to the trading platform of a stock exchange, and allows the execution of trades on behalf of the account holder. It works as a link between the demat account and the bank account. About Securities and Exchange Board of India (SEBI): SEBI is the regulatory authority for the capital market. It was established as a statutory body in 1992 and the provisions of the SEBI India Act, 1992 (15 of 1992) came into force on January 30, 1992. Chairperson– Madhabi Puri Buch Headquarters– Mumbai, Maharashtra
KBL and NBFC Clix Capital Enter Co-Lending Partnership for MSME Karnataka Bank Limited (KBL) and Gurugram (Haryana) basedNon-Banking Financial Company (NBFC)Clix Capital Services Private Limited have entered into a digital co-lending partnership.
The partnership aims to provide loans to the Indian Micro, Small & Medium Enterprises (MSME) sector through the Yubi Co.lend Platform.
The agreement is in line with the Reserve Bank of India (RBI)’s guidelines on co-lending by banks and NBFCs to priority sectors.
RBI Cancels Licence of Karnataka’s Hiriyur Urban Co-Op Bank Reserve Bank of India (RBI) cancelled the licence of Karnataka based The Hiriyur Urban Co-operative Bank Limited as the bank does not have adequate capital and earning prospects. Key Points: i.The bank also does not comply with the provisions of Section 11(1) Sections 22(3)(a), 22 (3)(b), 22(3)(c), 22(3)(d) and 22(3)(e) read with Section 56 of the Banking Regulation Act, 1949. ii.Upon bank liquidation, each depositor is entitled to a deposit insurance claim of up to Rs.5 lakh from Deposit Insurance and Credit Guarantee Corporation (DICGC), as per the provisions of the DICGC Act, 1961. iii.Registrar of Cooperative Societies (Karnataka) will issue an order for winding up the bank. and appoint a liquidator for the bank.
REC Limited issues inaugural Yen Denominated Green Bonds aggregating to JPY 61.1 Billion REC Limited (formerly Rural Electrification Corporation Limited), a Maharatna Central Public Sector Enterprise (CPSE) under the Ministry of Power (MoP) has successfully issued its inaugural Japanese Yen (JPY) 61.1 billion worth Green bonds under its USD 10 billion Global Medium Term Notes Programme.
It is the first Yen Green Bonds issuance by any Indian Public Sector Unit (PSU).
About the issuance: i.The bond is issued in three tenure namely 5-year, 5.25-year and 10-year at yield of 1.76%, 1.79% and 2.20% respectively. ii.It is the largest Yen-denominated issuance from India and the largest ever Euro-Yen issuance in South and South East Asia. iii.The proceeds from the issue of the Bonds will be used to fund Eligible Green Projects in line with the REC’s Green Finance Framework and Reserve Bank of India (RBI)’s External Commercial Borrowings Guidelines.
Taiwan VP William Lai Ching-te Won Presidential Election William Lai Ching-te (64 years) of Democratic Progressive Party (DPP) won the Taiwan Presidential election with 40.05% of the vote and has been elected as the President of Taiwan.
William Lai Ching-te has been serving as the Vice President of Taiwan since 2020.
He will succeed Tsai Ing-Wen, the current and the first female president of Taiwan.
The formal swearing-in ceremony will be held in May 2024 in Taiwan and Lai Ching-te will be holding the post for 4 years(till 2028) .
About the Election: i.Lai Ching-te secured 40.1% of the votes whereas Huo Yu-ih the Mayor of Taipei from the Kuomintang (KMT) party secured only 33.5% of the votes and Ko Wen-je from the Taiwan People’s Party (TPP) got 26.5% of the votes. ii.The election made DPP as the first party in Taiwan to secure three consecutive terms in office.
DPP initially came to power in 2016 under the Presidentship of Tsai Ing-Wen; the second term was from 2020-24.
iii.The election was held on 13th January 2024. About William Lai Ching-te: i.In 2010, he was elected as the first mayor of Tainan Special Municipality. ii.He was appointed as 15th Vice-President of Taiwan in 2020. iii.He has been serving as the Chairperson of DPP since January 2023. About Taiwan: President – Tsai Ing-Wen Capital – Taipei Currency – New Taiwan Dollar
Padma Vibhushan Awardee & Renowned Classical Singer PrabhaAtre Passed AwayPrabhaAtre, a Hindustani classical vocalist, who received all 3 Padma Awards from the government of India passed away in Pune, Maharashtra at the age of 92. She was born on 13 September 1932 in Pune.
She was one of the senior-most, and leading female vocalists in India representing the Kirana Gharaanaa of Hindustani classical music.
Awards/Honours: i.She was honoured with the Padma Shri in 1990; Padma Bhushan in 2002; and Padma Vibhushan in 2022 for Arts. ii.In 1991, she received the Sangeet Natak Akademi Award as an appreciation for her outstanding role in enriching, preserving, and popularizing Indian art, and music. iii.Her first book `Swaramayee’ which is a compilation of many of her articles on music and has bagged the Maharashtra State Govt. Award in 1989. About PrabhaAtre: i.She was also an author, academician, composer, researcher, and reformer. She worked as an Assistant Producer with All India Radio (AIR). ii.She was a former Producer-Director of the recording company `Swarashree’, devoted only to Classical Music. iii.She also served as a Professor and Head of the Department of Post-Graduate Studies and Research in Music at Shreemati Nathibai Damodar Thackersey Women’s University. iv.She held the world record of releasing 11 books on a single subject (Music), from a single stage. v.She was the 1st woman performer to compose and publish 3 books containing 550 compositions from classical to light music. vi.She established the Dr. Prabha Atre Foundation and Swaramayee Gurukul.
RenownedUrdu Poet Munawwar Rana Passed AwayRenowned Urdu poet Munawwar Rana passed away at the age of 71 in Lucknow, Uttar Pradesh (UP). He was born on 26th November 1952 in Raebareli, UP. About Munawwar Rana: i.He was particularly recognized for his ghazals, a poetic form consisting of rhyming couplets and a refrain.
One of his most popular poems was ‘Maa’, celebrating the virtues of a mother in traditional ghazal form.
ii.He used more Hindi or Hindustani words in his poetry instead of Arabic or Persian words. iii.His works have been translated into several languages. Awards: i.He was awarded the Sahitya Akademi Award in 2014 for his poetry book ‘Shahdaba’. However, he returned the award due to political reasons in 2015.
He also returned the Maati Ratan Samman Award which was given by Shaheed Shodha Sansthan for his service to Urdu literature in 2012.
ii.He also received other notable awards including the Ameer Khusro Award, Mir Taqi Mir Award, Ghalib Award, Dr Zakir Hussain Award, and the Saraswati Samaj Award. iii.He was also awarded the Gyanpeeth Award in 2014.
8th Armed Forces Veterans’ Day – January 14 2024Armed Forces Veterans’ Day is annually celebrated across India on 14 January to honour and recognise the service of Field Marshal KodanderaMadappa Cariappa, the 1st Indian Commander-in-Chief (C-in-C) of the Indian Armed Forces, who retired from the military on 14 January 1953 and led Indian forces to victory in the 1947 war.
14 January 2024 marks the 8th Armed Forces Veterans’ Day observance.
Background: i.The Armed Forces Veterans’ Day was first celebrated in 2017. ii.Since then the day has been commemorated by all the 3 services by hosting interactive events in honour of the Ex-Servicemen, who have selflessly served the nation. About Ministry of Defence: Union Minister– Rajnath Singh (Constituency: Lucknow, Uttar Pradesh) Minister of State– Ajay Bhatt (Constituency: Nainital-Udhamsingh Nagar, Uttarakhand)
Indian & Japan Coast Guards Conducts Joint ‘Exercise Sahyog Kaijin’ off Chennai CoastThe Indian Coast Guard (ICG) and Japan Coast Guard (JCG) conducted a 5-day annual joint exercise, ‘SahyogKaijin,’ off the coast of Chennai, Tamil Nadu from 8–12 January 2024. This marks the 20thedition joint exercise between the Japanese and Indian Coast Guards since its institution in 2000.
The exercise was held as per the Memorandum of Cooperation (MoC) signed between India and Japan in 2006, promoting interactions between the 2 Coast Guard organisations.
The MoC also includes high-level visits, annual joint exercises, training exchanges, and participation in workshops and seminars.
Note: The 19th Sahyog-Kaijin joint exercise was conducted off the Chennai coast on January 2020. Participating Units: ICG: Shaunak, Shaurya, Sujay, Rani Abbakka, Annie Besant, C-440, Sagar Anveshika, Matsya Drishti, Chetak helicopters. JCG: Yahsima and Samudra Paheredar with an integral helicopter. Points to note: i.The 5-day training and exercise covers important aspects of chemical pollution at sea, and safety equipment including hands-on practical training on the response equipment. ii.The joint training particularly focused on chemical pollution response training on hazardous and narcotics substances to combat maritime pollution at sea. iii.This Joint Exercise was coordinated by Headquarters, Coast Guard Region (East), under the leadership of Inspector General Donny Michael, TM. Objectives of the Exercise:
Strengthening bilateral ties and mutual understanding.
Enhancing interoperability in communication.
Strengthening Standard Operating Procedures (SOPs).
Sharing best practices for mutual benefit.
Practical Scenarios: Conducted off the coast of Chennai, the exercise simulated joint response actions against a situation of collision between 2 vessels, resulting in a man overboard and an oil spill from a tanker.
MNRE launches Rs 515-cr Solar Scheme for Electrification of Houses in PVTG AreasThe Ministry of New and Renewable Energy (MNRE) has launched the ‘New Solar Power Scheme’ with an outlay of Rs 515 crore for electrification in habitations and villages of Particularly Vulnerable Tribal Groups (PVTG).
The scheme was launched under the Pradhan Mantri Janjati Adivasi Nyaya Abhiyan (PM-JANMAN) programme.
The scheme launched for the tenure expanding from Financial Year 2023-24 (FY24) to Financial Year 2025-26 (FY26).
New Solar Power Scheme: i.The scheme aims to provide solar power in one lakh un-electrified households identified by the Ministry of Tribal Affairs (MoTA) in 18 states across India and the Union Territories (UT) of Andaman & Nicobar.
The 18 states are – Andhra Pradesh, Bihar, Chhattisgarh, Gujarat, Jharkhand, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Manipur, Odisha, Rajasthan, Tamil Nadu, Telangana, Tripura, Uttar Pradesh, Uttarakhand, West Bengal.
ii.The scheme has made provisions for 0.3 kiloWatt off-grid solar systems in places where power supply is not techno-economically feasible through the grid. iii.The scheme also provides solar lighting in 1,500 Multi-Purpose Centres (MPCs) at the cost of 15 crore in PVTG areas where electricity through the grid is not possible. iv.The fund for the implementation of the scheme will be provided by the MNRE’s Development Action Plan for Scheduled Tribes (DAPST). Fund Distribution: Out of the allocated fund, 20 crore will be allocated in FY24, Rs.255 crore in FY25, and Rs 240 crore in FY26. PM-JANMAN: i.The scheme was launched in November 2023 with MoTA as the nodal agency. ii.Through the scheme, the government aims to reach tribal groups and primitive tribes. iii.The scheme will focus on 11 important areas/critical interventions across nine ministries(including MNRE). Additional Info: i.For the electrification of houses, the government provides Rs 50,000 crore per household or the actual cost. ii.For solar lighting, the government will provide Rs 1 lakh per MPC.
Denmark in partnership with India launched Green Fuels Alliance India Denmark has launched “Green Fuels Alliance India” (GFAI), an initiative to boost collaborative efforts between India and Denmark in the sustainable energy solutions sector, at the Tamil Nadu Global Investors Meet (GIM) 2024, Chennai, Tamil Nadu. i.This will also support both nations in advancing the joint global goal towards carbon neutrality. ii.The initiative is led by the Danish Embassy and Consulate General of Denmark in India. About GFAI: i.The initiative will play a pivotal role in advancing the green fuels sector which includes green hydrogen by fostering innovation, collaboration, and partnerships between Danish industries and their counterparts in India. ii.India has set the target to achieve carbon neutrality by 2070. iii.Denmark has topped the global Climate Performance Index (2024) and is on the path to achieving carbon neutrality by 2050. Key Points: i.The initiative aims to promote sustainable growth in India by fostering collaboration among businesses, government entities, research institutions and financial stakeholders from both the Indian and Danish sectors. ii.Nine prominent organisations in Denmark have pledged to support the GFAI initiative as founding members.
The 9 organisations are Maersk, Haldor Topsoe, Umwelt Energy, Mash Makes, European Sustainable Solutions, Novozymes, Danfoss, Brdr. Christensen and Hydrogen Denmark.
Advisory Group of GFAI: Members of the advisory board of GFAI include the India Hydrogen Alliance, the Energy Consortium at the Indian Institute of Technology (IIT, Madras), The Danish Energy Agency and the State of Green. Background: i.GFAI was developed under the Green Strategic Partnership (GSP) signed in 2020 between the Prime of India and Denmark. ii.GSP mainly focus on green hydrogen, renewable energy and wastewater management.
Green Hydrogen can be produced using renewable energy sources like wind, and solar power. It does not emit any greenhouse gases.
Additional info: Maersk has set a target to achieve net-zero greenhouse gas emissions by 2040 across the entire business and has also set an ambitious short-term target for 2030 to ensure progress in green hydrogen. About Denmark: Prime Minister– Mette Frederiksen Capital– Copenhagen Currency– Danish Krone
IEA’s Renewables 2023 report: The world added 50% more renewable energy but needed moreInternational Energy Agency (IEA) released the report titled “Renewables 2023”. It highlighted the important finding of the report that the world added 50% more renewable energy capacity in 2023 compared to 2022 but it also mentioned that still world need to adopt more robust efforts to counter climate change. Key Highlights: i.The increase in renewable energy saw the fastest growth in the last 20 years and consecutively for 22 years. It also mentioned that renewable energy capacity reached around 510 GigaWatts (GWs) in last year. ii.Top Countries which contributed maximum in rise of renewable energy at global level: China (which is the largest emitter of greenhouse gases) led the overall maximum increase in renewable energy followed by Europe, United States of America (U.S.A) and Brazil. iii.It emphasized on the deployment of solar and wind power to reduce dependence on fossil fuels usage in order to achieve the goal to limit global warming to 1.5 degree Celsius from pre-industrial levels. iv.As per the report global renewable energy capacity is expected to increase 2.5 times from 2022 levels by the end of the decade. v.The report highlighted that world efforts are not sufficient to achieve the goal to triple renewable energy capacity by 2030. Note: During UN COP28 Climate Summit which was held in Dubai, United Arabs of Emirates (UAE) in December, 2023. Nearly 200 countries pledged the target to triple renewable energy capacity by 2030. vi.The report projected global renewable power capacity is expected to increase by 7300GW over 2023-2028 periods. Solar Photovoltaic (PV) and Wind Energy: As per the report Solar Photovoltaic and wind energy will emerged as the largest source of global electricity by early 2025. Solar PV and wind power will contribute 95% of the total growth in renewable energy. Key points: i.Solar Photovoltaic (PV) contributed nearly three-quarter of additional renewable energy worldwide. ii.China commissioned an amount of Solar Photovoltaic (PV) in 2023 as much as whole world in 2022 and China’s wind power increased by 66% year-on-year. iii.Prices for solar PV devices decreased by 50% in 2023 compared to 2022 and they are further expected to decrease as global manufacturing capacity is predicted to exceed demand by the end of 2024. iv.Challenges for wind energy: It will face more hurdles due to disruption in supply chain, higher costs and long permitting timelines. Renewable Energy Progress Tracker: It was launched by IEA and allows users to explore historical data and predictions at regional and country level. It will also help to keep track on the progress of goal to triple renewable energy. About International Energy Agency (IEA): It is an autonomous intergovernmental organization which provides policy recommendations, analysis and data on entire global energy sector. Established: 1974 Executive Director: Fatih Birol Headquarter: Paris, France Member nations: 31(India joined IEA as association member nation in 2017)
WHO Launched ICD-11 Traditional Medicine Module 2; Integrates Ayurveda, Siddha, and Unani SystemsOn January 10, 2024, the World Health Organization (WHO) launched the International Classification of Diseases (ICD-11), Traditional Medicine (TM) Chapter Module 2 at the event held in India Habitat Centre in New Delhi, Delhi. i.ICD 11 TM module 2 includes data and terminology related to diseases based on Ayurveda, Siddha, and Unani(ASU) Systems. ii.With this, the terms defining diseases in these traditional systems are indexed as morbidity codes and included in the WHO Disease Classification Series ICD-11. Key Points: i.The final draft of the module comprises a total of 529 codes distributed across 18 chapters. ii.The module features 2 distinct types of terminologies or top-level blocks, namely Traditional Medicine Disorder and Traditional Medicine Pattern. iii.This will ensure global uniformity in ASU medicine as a code of vocabulary defining diseases. iv.Traditional medicinal diseases, including infectious diseases like Malaria and lifestyle diseases like chronic insomnia, are included in this classification. Collaboration Between Ministry of AYUSH & WHO: i.The Ministry of Ayurveda, Yoga and Naturopathy, Unani, Siddha, and Homoeopathy (AYUSH) in collaboration with WHO has prepared a classification of diseases used in ASU systems under the TM-2 module of the ICD-11 series. ii.A Donor Agreement has also been signed between WHO and the Ministry of AYUSH for this classification initiative. iii.This collaboration aims to strengthen India’s healthcare system, research, Ayush insurance coverage, research & development, and policymaking. iv.The Ministry of Ayush has already developed the Code for ASU Medicine through the National Ayush Morbidity and Standardized Electronic Portal (NAMSTE).
In addition, these codes can also be used in the formulation of future strategies to control various diseases in society.
About ICD-11: ICD 11 is the 11th revision of the ICD which replaced ICD 10 as the global standard for recording health information and causes of death. It is annually updated by the WHO. ICD-11 was adopted by the 72nd World Health Assembly in 2019 and came into effect on 1st January 2022. Additional info:Central Bureau of Health Intelligence (CBHI), under the Ministry of Health and Family Welfare(MoHFW), serves as the WHO Collaboration Centre for ICD-related activities. CBHI facilitates data collection and dissemination for diseases and mortality.
ICICI Bank Canada Launches “Money2India (Canada)”, a Mobile Banking AppICICI Bank Canada, a wholly-owned subsidiary of ICICI Bank Limited, launched its mobile banking application, “Money2India (Canada)”.
The app enables customers of any bank to instantly transfer money to any bank in India without opening an account with ICICI Bank Canada.
With this launch, ICICI Bank Canada enters into the remittance market of Canada.
About Money2India (Canada): i.Users can complete their identity verification digitally from anywhere in Canada. ii.Users can add beneficiaries immediately and transfer their money instantly. iii.Customerscan use Visa or MasterCard debit cards to send money via the app. iv.The app offers security standards prescribed for digital channels along with two-factor authentication including a one-time password (OTP). v.This also offers regular updates on transactions through text messages or email. Points to note: i.User can transfer up to CAD (Canadian Dollar) 30,000 in a single transaction with a confirmed exchange rate. ii.Users can also execute future dated and recurring transfers to beneficiaries in India at a defined frequency. iii.Users can also execute future dated and recurring transfers to beneficiaries in India at a defined frequency. About ICICI Bank Canada: President & CEO– Vikash Sharma Established in December 2003 Headquarters– Toronto, Canada
Reserve Bank of India imposes Rs.2.49 crore Monetary Penalty on 3 BanksThe Reserve Bank of India (RBI) has imposed monetary penalties of about Rs.2.49 crore on three banks namely Dhanlaxmi Bank Limited, Punjab & Sind Bank and ESAF Small Finance Bank Limited for contravention of regulatory norms. Dhanlaxmi Bank Ltd – Rs.1.20 crores (or Rs.120.74 lakhs): Reason: Non-compliance with certain directions issued by RBI on
Loans and Advances – Statutory and Other Restrictions
RBI (Know Your Customer (KYC) Directions, 2016
RBI (Interest Rate on Deposits) Directions, 2016’
ESAF Small Finance Bank Limited – Rs.29.55 Lakh: Reason: Non-compliance with the directions issued by RBI on ‘Customer Service in Banks’. Note- This penalty for the above two banks was imposed under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949. Punjab & Sind Bank – Rs.1 crore: i.Reason: Non-compliance with certain directions issued by RBI on ‘Loans and Advances – Statutory and Other Restrictions’ ii.This penalty has been imposed under the provisions of Section 47 A (1) (c) read with Sections 46 (4) (i) and 51(1) of the Banking Regulation Act, 1949. RBI Imposes Monetary Penalty on Five Co-Operative Banks RBI has imposed monetary penalties on five cooperative banks for deficiencies in regulatory compliance. All these penalties was imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949. Gujarat-based Navsarjan Industrial Co-operative Bank Limited – 7 lakh: Reason: Non-compliance with the directions on placement of deposits with other banks by primary (urban) co-operative banks, non-compliance with RBI (KYC) Directions, 2016 and contravention of certain norms of the Banking Regulation Act, 1949. Gujarat-based MehsanaJilla Panchayat Karmachari Co-operative Bank Limited – 3 lakh: Reason: Non-compliance with the directions issued by the RBI on ‘placement of deposits with other banks by primary (urban) co-operative banks’ and contravention of certain provisions of the Banking Regulation Act, 1949. Gujarat-based Halol Urban Co-operative Bank Limited – 2 lakh: Reason: Non-compliance with the directions issued by the RBI on ‘loans and advances to directors, relatives and firms/concerns in which they are interested’ and ‘placement of deposits with other banks by primary (urban) co-operative banks’. Telangana-based Stambhadri Co-operative Urban Bank Limited – Rs.50,000 Reason: Non-compliance with the directions issued by the RBI on ‘loans and advances to directors, their relatives, and firms/concerns in which they are interested Tamil Nadu-based Subramanianagar Co-operative Urban Bank Limited – Rs.25,000 Reason: Non-compliance with the directions issued by the RBI on ‘loans and advances to directors, their relatives, and firms/concerns in which they are interested’.
Indian Economy will Grow at 6.2% in FY25: UBS Securities Mumbai(Maharashtra) based UBS Securities India Private Limited has reduced the growth of the Indian economy for the financial year 2024-25 (FY25) to 6.2% from 6.3%.
India’s Gross domestic product (GDP) is projected to reach USD 3.9 trillion in FY25, up from USD 3.57 trillion in FY24.
Consumption growth is anticipated to stabilize at 4.7% in FY25, compared to 4.5% in FY24.
The growth is stimulated by neutral policy settings, positive credit momentum, and manageable macros amid a 15-year high household debt levels.
SwachhSurvekshan Awards 2023: Indore & Surat Adjudged as ‘Cleanest Cities’ in India Droupadi Murmu, President of India, presented the SwachhSurvekshan(Cleanliness Survey) Awards 2023 at the ceremony hosted by the Ministry of Housing and Urban Affairs (MoHUA) at Bharat Mandapam, New Delhi, Delhi. i.Surat (Gujarat) and Indore (Madhya Pradesh/MP) were jointly recognised as the cleanest city in India under category of cities with a population more than 1 lakh. ii.Indore has ranked No 1 in All India Clean city for the 6th Consecutive time. iii.President Murmu also launched the Swachh Survekshan(SS) 2023 dashboard during the event. About the Ministry of Housing & Urban Affairs: Union Minister– Hardeep Singh Puri(Rajya Sabha- Uttar Pradesh) Minister of State (MoS)– Kaushal Kishore(Constituency- Mohanlalganj, Uttar Pradesh)
ACC Approved the Reappointment of MD Patra as Deputy Governor of RBI Appointments Committee of the Cabinet (ACC) headed by Prime Minister (PM) Narendra Modi has approved the reappointment of Michael DebabrataPatra as Deputy Governor of the Reserve Bank of India (RBI) for the second time.
His tenure was extended by one year with effect from 15th January 2024 or until further orders, whichever is earlier.
About Michael DebabrataPatra: i.Patra was initially appointed as RBI Deputy Governor in 2020 for a tenure of three years (till 2023) by replacing Viral Acharya. ii.In 2023, his tenure was extended for one year which expired on 14th January 2024.
MoHUA Appointed Maheshwar Rao as MD of Bengaluru Metro Rail Corporation Limited The Ministry of Housing & Urban Affairs (MoHUA) has appointed Maheshwar Rao IAS as the new Full-time Managing Director (MD) of the Bangalore Metro Rail Corporation Limited (BMRCL).
Maheshwar Rao is a 1995 batch Indian Administrative Services (IAS) officer of the Karnataka cadre.
He will replace AnjumParwez(1994 batch IAS officer)who has been serving the post since 2021.
MoHUA holds a 50 percent equity stake in BMRCL.
Note: BMRCL also known as Namma Metro is the fourth-longest operational metro network in India.
CAS Launches ‘Einstein Probe’ Satellite to Observe Violent Cosmic Phenomena The Chinese Academy of Sciences (CAS) launched the lotus-shaped astronomical satelliteEinstein Probe (EP) to observe violent cosmic phenomena on a Chang Zheng (Long March) 2C carrier rocket from the Xichang Satellite Launch Centre in southwest Sichuan Province of China, on 9th January 2024. About Einstein Probe satellite: i.Einstein Probe is a collaboration led by CAS with the European Space Agency (ESA) and the Max Planck Institute for Extraterrestrial Physics (MPE), Germany. ii.The lotus-shaped satellite features twelve petals and two stamens, where the twelve petals are twelve modules consisting ofwide-field X-ray telescope (WXT), and the two “stamens” consist of two modules of Follow-up X-ray Telescope (FXT).
The satellite weighs 1.45 tonnes and the design of WXT’s optics is inspired by the eyes of lobster.
iii.The wide-field X-ray telescopes(12 modules) can keep an eye on one-tenth of the entire sky at one glance. iv.FXT features high sensitivity for rapid follow-up observation and is also able to independently discover explosive and transient sources. v.The satellite will help in the following ways:
To capture the first light stemming from supernova explosions.
To search for and pinpoint X-ray signals accompanying gravitational wave events.
To discover dormant black holes and other faint, transient, and variable celestial objects at the far reaches of the universe.
vi.Neutron stars, white dwarfs, supernovae, and gamma-ray bursts are also observation targets for this mission. Working: i.When WXT receives X-ray signals from a transient source, the onboard computer will process the data in real time and turn the spacecraft to target the celestial body with FXT for high-precision follow-up observation. ii.ESA’s ground stations will be used to download the data from the spacecraft for the entire mission. Naming Reason: The satellite is named after Albert Einstein Since black holes and gravitational waves are predictions made by Einstein’s theory of general relativity.
SAMBHAV: Indian Army’s Indigenously Developed End-to-end Secure Mobile Ecosystem The Indian Army has indigenously developed an end-to-end secure mobile ecosystem called SAMBHAV (Secure Army Mobile Bharat Version) to enhance national defense capabilities.
SAMBHAV operates on state-of-the-art contemporary 5G technology and aims to provide secure communication with instant connectivity, even on the move.
It was developed in collaboration with the National Centres of Excellence from academia and industry.
Points to note: i.SAMBHAV addresses the vulnerability of mobile networks to eavesdropping, thereby minimizing the risk of compromising information security on mobile devices. ii.This initiative aligns with the Government of India’s (GoI) efforts towards “dual-use infrastructure and demonstrates the concept of “civil-military fusion” in the field of emerging technology. Phased implementation: i.The ecosystem is designed to provide a secure communication platform and is set to configure 35,000 sets in two phases. ii.The initial phase aims to configure 2,500 sets (by 15 January 2024), with the remaining 32,500 sets scheduled to be completed by May 31, 2024. Features: i.SAMBHAV will be having a multi-layered encryption system, with the Pan India Secure ecosystem. ii.The ecosystem features indigenously developed secure applications and an operating system. iii.It operates on a commercial network with built-in security measures. Command Cyber Operations Support Wings (CCOSWs): i.CCOSWs are being established, which are “special sub-units” to enhance cyber capability. ii.Cyber capability is being enhanced and integrated at all levels with defense cyber agencies at a strategic level, while CCOSWs will be functional at “operational and tactical levels.
For each command, 6 CCOSWs are being set up, and personnel will undergo specialist training and validation exercises.
About Indian Army: Chief of Army Staff (CoAS)- General Manoj Pande Headquarters– New Delhi, Delhi Formed on– 1 April 1895
Researchers from Mizoram University Discover New Coral Snake Species ‘SinomicrurusGorei’The Indian Researchers from Mizoram University have discovered a new species of coral snake called ‘SinomicrurusGorei’ in Mizoram.
The discovery was published in the British science journal, Systematics & Biodiversity (Taylor & Francis Group) with the title ‘Reappraisal of the systematics of two sympatric coral snakes (Reptilia: Elapidae)’.
About SinomicrurusGorei: i.The newly discovered Sinomicrurus Gorei is one of the nine Sinomicrurus coral snake species found across the world. ii.This species is often confused with another species called ‘SinomicrurusMacclellandi’ found in North East India belonging to the same genus.
Sinomicrurus Gorei with its unique patterns, scales, Deoxyribonucleic acid(DNA), and skull characteristics differ from Macclellandi.
iii.It belongs to the family ‘Elapidae’ which contains venomous snakes. iv.The species is named after British Indian doctor ‘Gore’. v.The species resembles a Mizo traditional amber necklace called ‘ṬhiHna’ thereby locally called ‘Rul Thi Hna’. vi.Sinomicrurus gorei is found in both low-lying and hilly areas in Mizoram.
Indian Army Declares 2024 as the “Year of Technology Absorption” for Transformative ChangeThe Indian Army has officially declared 2024 as the “Year of Technology Absorption“, symbolising a dedicated commitment to integrating cutting-edge technologies, fostering development, and promoting innovation.
The objective is to transform the Indian Army into a modern and agile force, with a strong emphasis on indigenization.
Note: The year 2023 was declared as the “Year of Transformation.” Technology: i.Technology is recognized as a catalyst for transformative change and fostering self-reliance within the Indian Army. ii.The Army aims to leverage in-house expertise to innovate solutions for operational and logistic requirements, collaborating with the domestic defense industry. Modern Forces: i.Indian Army’s step towards transforming into a modern force with a redefined operational philosophy move encompasses various aspects, including:
The induction of drones and counter-drone systems;
Restructuring across infantry, artillery, and armored battalions; and
The establishment of Command Cyber Operations Support Wings (CCOSWs).
ii.CCOSWs are being organised into 4 verticals:
Computer Emergency Response Team for immediate response to emergencies;
Cyber Security Section for auditing Computers and Networks;
Security Operations Control for monitoring and analysis of Networks; and
Test and Evaluation Section for testing new applications/software.
iii.Beyond technological integration, the Indian Army aims to bridge conventional asymmetries prevalent in its current structure. Cyberspace Capabilities: i.The Indian Army emphasises exploring capabilities in the cyberspace domain. ii.Indian Army personnel are undergoing training to adeptly engage in the cyber domain through Project SAMBHAV (Secure Army Mobile Bharat Version).
SAMBHAV introduces a secure end-to-end mobile ecosystem powered by advanced 5G technology.
iii.Indian Army has already inducted 2500 SAMBHAV handsets, indigenously developed in close collaboration with National Centres of Excellence and industry. iv.The Army is also trying to create a pool of specialist officers through the Territorial Army (TA).
This approach extends to cyber experts, who will be inducted into the TA through civil-military infusion.
Haldia Petrochemicals Becomes India’s First BSI Certified ISO 27001:2022 Petrochemical FirmHaldia Petrochemicals Limited (HPL) has become the first International Organization for Standardization (ISO) / International Electrotechnical Commission (IEC) 27001:2022 certified petrochemical organisation in India.
The certification was awarded by the United Kingdom (UK) based certification body, British Standards Institution (BSI) in a ceremony held in Kolkata, West Bengal (WB).
Key Points: i.The certification highlights HPLs commitment to a secure and reliable digital environment for a seamless exchange of information across internal and external stakeholders. ii.This certification also demonstrated its ability to protect sensitive information and ensure the confidentiality, integrity, and availability of valuable data and systems. ii.The digitally transformed HPL empowers employees with cutting-edge tools specifically designed to their needs, thereby increasing teamwork and a digital culture that encourages creativity and efficiency. About ISO/IEC 27001:2022 i.ISO/IEC 27001:2022 is the latest iteration of the Information Security Management System (ISMS) program published in October 2022.
It was initially published as a “Code of Practice” in February 2022.
ii.It outlines the best practices for protecting vital intellectual property and information assets. iii.It also aligns the information security posture of an organisation with the digitalization of business practices and the accompanying threats. About British Standards Institution (BSI): BSI is the world’s first Standards Body and founding member of ISO. Chief Executive– Susan Taylor Martin Founded by – Sir John Wolfe-Barry Established in – 1901 About Haldia Petrochemicals Limited (HPL): Chief Executive Officer(CEO) – Navanit Narayan Headquarters – Kolkata, West Bengal (WB) Established in – 1985
LPAI Releases Report on Gender-Inclusive Framework for Cross-Border Trade in IndiaThe Land Ports Authority of India (LPAI), working under the aegis of Ministry of Home Affairs (MoHA), released a report title ‘Engendering Land Ports in India’, which highlights LPAI’s target to make all land ports gender friendly in the next 3 years.
The study aims for gender-inclusive framework for cross-border trade and tourism through land ports in India. Land Ports are also known as Integrated Check Posts(IPCs).
Note: LPAI is responsible for developing and managing facilities for the cross-border movement of goods and passengers at designated points along India’s international borders. About the Study: i.The study maps the existing infrastructure and services at select land ports to understand the gaps in promoting women’s participation in cross-border trade and tourism. ii.Purpose: To recommend action areas and intitiatives to make land ports gender responsive. Key Points: i.The report provided insights to the gender assessment undertaken at three selected land ports in India viz. ICP Agartala (Tripura), ICP Petrapole (West Bengal), and ICP Raxual (Bihar). ii.It highlighted the importance of gender responsiveness of land ports, and policy reforms, women-friendly eco-system under the purview of LPAI for promoting cross-border trade in Bhutan, Bangladesh, Northeast India and Nepal (BBIN) region. Key Findings: i.ICP Agartala and ICP Petrapole, 2 of the 3 land ports with gender audit scores of 0.59 and 0.55 were assessed as satisfying minimum requirements for gender responsiveness. ii.ICP Raxual with the score of 0.39 is considered to be approaching minimum requirements. iii.All three land ports fell short of satisfying the minimum standards for gender responsiveness within the institutional mechanism. iv.Around 71% of the women surveyed reported satisfaction with the facilities at the land ports, with 23% being adequately satisfied and only 6% reporting as not being satisfied. v.In terms of safety, all the women surveyed reported feeling almost or very safe.
Maharashtra’s Pench Tiger Reserve Becomes India’s First Dark Sky Park The Pench Tiger Reserve (PTR) in Maharashtra has been designated as India’s first Dark Sky Park and Asia’s fifth park for protecting the night sky and preventing light pollution, making the place ideal for astronomy enthusiasts.
The Dark Sky Place certification focuses on lighting policy, dark sky-friendly retrofits, outreach and education, and monitoring the night sky.
A night observatory has also been inaugurated under the innovation scheme of the district planning committee (DPC) fund. It is noted that the area near Bagholi has been reserved for stargazing.
The Pench Tiger Reserve, named after the Pench River, is spread across the two states of Maharashtra and Madhya Pradesh.
SBI Inks Pact with MoRD to Provide Loan Credit Facility to SHGsMinistry of Rural Development (MoRD) and State Bank of India (SBI) have signed a Memorandum of Understanding (MoU) to provide loans to rural Self-Help Groups (SHGs). i.SBI unveils Specialised financial product:
SBI launched Svyam Siddha, a specialised financial product developed exclusively for women Self-Help Groups (SHGs).
Training Toolkit Package was launched to encourage SHG women entrepreneurs to get access to formal financial assistance in form of loans.
It is developed in collaboration with International Finance Corporation (IFC) under World Bank aided National Rural Economic Transformation Project (NRETP).
About State Bank of India: Chairman – Dinesh Kumar Khara Headquarters – Mumbai, Maharashtra Established in – 1955
Indian Bank in Collaboration with Three Other Entities launches Indian Bank One Co-Branded Credit CardIndian Bank in partnership with firms namely FPL Technologies Private Limited, Visa & National Payments Corporation of India (NPCI) has launched the ‘Indian Bank One co-branded credit card’ to offer customized features to Indian consumers.
The metal credit card is powered by Visa and RuPaycontactless technology.
About the card: i.The co-branded card will be issued by Indian Bank and managed by FPL Technologies. ii.By operating in two networks, the card aims to introduce a new paradigm in credit accessibility and usability. iii.The card comes with Zero Joining Fees, Zero Annual Fees and Zero Rewards Redemption Fees. iv.The card can be used across the globe with a 1% forex fee. v.The card offers features like tracking transactions in real-time, managing expenses, converting purchases into Equated Monthly Installment (EMI), redeeming rewards, making Unified Payments Interface (UPI) payments, planning monthly budgets, adjusting credit limits, and facilitating seamless payments. vi.The Cardholder can control all aspects of the credit card through the OneCard mobile application. Note: OneCard is a co-branded credit card issued by, Reserve Bank of India (RBI) approved Banks and Financial Institutions in partnership with OneCard. OneReward is the reward program of OneCard. About Indian Bank: Managing Director(MD) and Chief Executive Officer(CEO) – Shanti Lal Jain Headquarters – Chennai, Tamil Nadu Established in – 1907 Tagline – Your own bank
SBI Launches Green Rupee Term-Deposit FD Scheme to Support Green Finance Ecosystem The State Bank of India (SBI) launched a special Fixed Deposit (FD) scheme named SBI Green Rupee Term Deposit (SGRTD), to mobilise funds for environment-friendly projects and initiatives. The SGRTD scheme is open to Resident individuals, Non-individuals, and Non-Resident Indians (NRIs).
The SGRTD scheme offers 3 distinct tenors: 1,111 days, 1,777 days, and 2,222 days. It is initially available through SBI’s branch network.
The interest rate on SGRTD will be 10 Basis Points (BPS) lower than the card rate for retail and bulk Deposits for respective tenors.
Senior Citizens/ Staff/ Staff Senior Citizens are eligible for an additional interest rate over the applicable rate for the public excluding NRI Senior Citizens NRI Staff.
Note: Green deposits are interest-bearing deposits, received by a Regulated Entity (RE) for a fixed period, and the earmarked proceeds from green deposits are specifically for green finance.
PFC Gets RBI Approval to Set-up Wholly-owned Finance Company in Gujarat Power Finance Corporation (PFC), a Maharatna Central Public Sector Enterprises (CPSEs) has received approval from the Reserve Bank of India (RBI) to establish a wholly-owned finance company at the International Financial Services Centre (IFSC) in Gujarat International Finance Tec-City (GIFT-City), Gujarat.
This establishment opens up new business opportunities for PFC and contributes to the growth of India’s power sector.
The GIFT City platform is said to provide a favorable environment for international lending activities and world-class infrastructure.
PFC is an infrastructure finance company under the administrative control of the Ministry of Power.
PFC is also registered as a Systematically Important Non-Banking Financial Company (SI-NBFC) with the RBI.
ILO Report Increases Global Unemployment Rate to 5.2% in 2024The International Labour Organization (ILO) has released a report titled “World Employment and Social Outlook: Trends 2024”. The report projected slight increase in the global unemployment rate to 5.2% in year 2024 as compared to 5.1% in year 2023. Report highlighted that unemployment will increase mostly in developed economies. Key Findings of the Report: i.The report predicted that the number of unemployed individuals will increase by 2 million at global level in 2024. ii.As per the report, both the unemployment rate and job rate has decreased to pre-pandemic levels. Note: Job Rate means numbers of persons without employment are interested in finding a job. iii.It projected both the labour market outlook and global unemployment will deteriorate further. iv.The report predicted informal work rate to remain same around 58% of the global workforce in 2024. v.The report cautioned that real disposable income and real wages are prone to sudden price shocks during the period of slow productivity growth. vi.Disposable incomes have declined in most of the G-20 countries and it is unlikely to recover quickly. vii.The report predicted informal work rate to remain same around 58% of the global workforce in 2024. viii.The report highlighted that labour productivity has decreased to the lowest level as compared to previous decade despite technological advances and increased investment. Main reasons cited by the report for decrease in labour productivity: i.Large amount of investments were made in less productive sectors such as services and construction. ii.Skill shortages and supremacy of large digital monopolies obstructs faster technological adoption especially in developing countries. iii.Sectors with a predominance of low productivity firms. Key Findings related to High-Income and Low-Income Countries: i.ILO report revealed jobs growth rate for high-income countries in 2023 was 8.2% while, for low-income countries jobs growth rate was 20.5% in 2023. ii.For high-income countries, employment growth is expected to turn negative in 2024 and only slight growth can be expected in 2025. iii.Unemployment rate remain constant for high-income countries at 4.5 %( 2023) while for low-income countries was 5.7 %( 2023). About International Labour Organisation (ILO): Director-General – Gilbert Fossoun Houngbo Headquarters – Geneva, Switzerland Established – 1919 Member nations – 187
India’s GDP to surpass USD 4 trillion in 2024-25: PHDCCI reportAccording to a PHD Chamber of Commerce and Industry (PHDCCI) report, India’s Gross domestic product (GDP) is expected to surpass USD 4 trillion in 2024-2025 and reach USD 5 trillion by 2026-2027.
It also projected India’s GDP to reach USD 7 trillion by 2030, as India is committed to attaining the status of a developed economy by 2047 under the initiative of ‘Viksit Bharat’.
Key Points: i.The retail inflation in India is expected to be around 4.5% on average in 2024. ii.The report recommended the Government to focus more on the informal sector because sometimes the reforms are not made at the ground level. iii.It also recommends enhancing banking system resilience to support small business growth in line with demand trends. iv.As per the report, the growth promising sectors will be Agriculture and food processing, Infrastructure, Textile and Apparel, Pharmaceutical, Defence Manufacturing, Electronics and Fintech. v.PHDCCI also expects the Reserve Bank of India (RBI) to reduce the repo rate by 100 basis points in a calibrated manner by the end of 2024. The repo rate will be brought to the level of 5.5% by the end of 2024. Assessment: The analysis is based on lead macroeconomic indicators, including GDP Growth, Export Growth, Gross National Savings, Total Investments and Debt of GDP Ratio. The analysis for the report has been conducted for four sets of periods, Pre Pandemic Years (2018, 2019), Pandemic Years (2020, 2021), Post Pandemic Years (2022,2023) and Futuristic Outlook Years (2024,2025).
Narayana Health Received IRDAI Approval to Launch Health Insurance BusinessBengaluru(Karnataka)-based Narayana Health Insurance Limited (Narayana One Health), a subsidiary of Narayana Hrudayalaya Limited, has received a license from the Insurance Regulatory and Development Authority of India (IRDAI) to operate independently as a health insurance company.
The approval from IRDAI will allow the healthcare provider to diversify its business into the health insurance business through the subsidiary and also offer integrated healthcare.
Points to note: i.The IRDAI in its 124th meeting held on 28 December 2023 has granted a Certificate of Registration to a new health insurer Narayana Health Insurance Limited to carry out health insurance business in India after a gap of 5 years. ii.Post the approval, the number of Standalone Health Insurance Companies (SAHI) rose to 6 from the existing 5. iii.This was the 5th approval from IRDAI in the calendar year 2023 in any line of insurance business. Key Points: i.The license will be renewed on an annual basis in terms of IRDAI (Registration of Indian Insurance Companies) Regulations, 2000. ii.Narayana Health operates a network of 38 multi-specialty and super specialty hospitals, heart centers, and primary care facilities across India.
It also has an international hospital (Included) in the Cayman Islands, a British overseas territory located in the Western Caribbean Sea.
Global Recognition: Narayana Health stands as the first healthcare group in India and the 6th globally to secure an Enterprise Accreditation from the Joint Commission International (JCI).
JCI’s accreditation extends to 8 individual hospitals within the Narayana Health group.
About Narayana Health Founder and Chairman– Dr. Devi Prasad Shetty Headquarters– Bengaluru, Karnataka Established in– 2000
DRDO Conducts Successful Flight-test of New Generation AKASH Missile off Odisha coastOn 12th January 2024, The Defence Research and Development Organisation (DRDO) successfully conducted a flight test of the New Generation AKASH (AKASH-NG) missile from the Integrated Test Range (ITR) in Chandipur off the coast of Odisha.
The AKASH-NG system is a state-of-the-art missile system, capable of intercepting high-speed, agile aerial threats.
Key People: The flight test was witnessed by senior officials from DRDO, Indian Air Force (IAF), Bharat Dynamics Limited (BDL) and Bharat Electronics Limited (BEL). Details of the Test: i.The missile was tested against a high-speed unmanned aerial target at a very low altitude. ii.The weapon system effectively intercepted and destroyed the high-speed unmanned aerial target during the flight test. iii.The flight test validated the seamless integration and functioning of the entire weapon system which includes indigenously developed Radio Frequency Seeker, Launcher, Multi-Function Radar, Command, Control, and Communication system. iv.The system performance was also validated through the data captured by Radars, Telemetry, and Electro-Optical Tracking Systems deployed by ITR, Chandipur. Akash Weapon System: i.It is indigenously designed and developed by the DRDO and produced by defense public sector units and other industries. ii.It has been in service for over 10 years, with multiple advanced versions of the missile under development by the Akash Team. iii.It has been inducted and is operational with the Indian Air Force (IAF) as well as the Indian Army (IA). About Defence Research and Development Organisation (DRDO): It is the Research and Development (R&D) wing of the Ministry of Defence(MoD), Government of India. Chairman – Dr Samir Vankatpati Kamat Headquarters– New Delhi, Delhi Established in– 1958
Mitsubishi Heavy Industries Launches H-IIA Rocket Carrying Japan’s IGS Mitsubishi Heavy Industries Limited has launched an H-IIA rocket carrying Japan’s Cabinet Satellite Information Center’s Information-Gathering Satellite (IGS) “Optical-8” into a 500-kilometre-altitude sun-synchronous orbit (SSO) from Tanegashima Space Centre (TNSC) in Japan on 12th January 2024.
It was the 48th launch from the H-IIA launch vehicle since it was developed by the Japan Aerospace Exploration Agency (JAXA) in 2001.
TheIGS satellites serve “both Japan’s national defense and civil natural disaster monitoring and capture high-resolution images at night and in bad weather.
Japan plans to retire the H-IIA after two more launches and replace it with an H3 rocket.
New butterfly species ‘CigaritisConjuncta’ Discovered in Bramhagiri Wildlife SanctuaryResearchers from the National Centre for Biological Sciences (NCBS) in Bengaluru, Karnataka, have discovered a new butterfly species Cigaritisconjuncta(also known as Conjoined Silverline butterfly) in Bramhagiri Wildlife Sanctuary in Kodagu district (also known as Coorg), Karnataka. i.The new species is named after its most “unique” feature: the “conjoined” bands on its wings. ii.The findings about the new species were published in ‘Zootaxa’, a peer-reviewed international journal on 10th January 2023. CigaritisConjuncta: i.Thespecies ‘Cigaritis conjuncta’ belongs to the butterfly family ‘Lycaenidae’ in the order Lepidoptera. ii.Features:
Males have “dark shining blue” wings with some black edges and the females have “dark brown” wings with some “orange-red” patches.
Both have a “pale yellow” coloring with “silver lines” and “conjoined” bands.
The species live in “mid-elevation evergreen forests” and are most active “on sunny days,”
The new species were distinguished from other congeners in India and Sri Lanka by its coloring, wing pattern and other physical features.
About the discovery: i.The butterflies were first seen in the Iruppu Falls area of the Brahmagiri Wildlife Sanctuary in Kodagu in 2008. The species was studied extensively when a large number of them were spotted in the Honey Valley in Kodagy in 2021. ii.The new species is described based on the five male and four female specimens from Honey Valley, Kodagu District(a part of the Western Ghats biodiversity hotspot) Note: The research team includes Krushnamegh Kunte, Ashok Sengupta, Ujwala Pawar, and Viraj Nawge.
Assam CM unveils ‘Mukhya Mantri Mahila Udyamita Abhiyan’ scheme to assist women of SGHThe Chief Minister (CM) of Assam HimantaBiswaSarma launched a ‘Mukhya Mantri Mahila Udyamita Abhiyan’ scheme to develop 4 million Self-Help-Group (SHG) women as rural micro-entrepreneurs and help them become ‘lakhpati baidos (elder sister)’.
The outlay of the scheme is Rs 4,000 crore and will be offered to SHG members who are committed to personal business plan along with their group activity.
About MukhyaMantriMahilaUdyamitaAbhiyan: i.Under the scheme, eligible women gets Rs 35,000 over three years.
Phase I – Each eligible woman will get Rs 10,000 in the first year (Entrepreneurship Fund).
Phase II – Loam amount of Rs 25,000 will be availed to the SHG Members from the bank over the next two years.
Rs 25,000 will be split into two halves for which Rs 12,500 is of government’s money (Capital Subsidy, non-refundable) and Rs 12,500 of the bank must be repaid.
Henley Passport Index 2024: Indian Passport Ranks 80th; Gives visa free Entry to 62 countriesAccording to the The Henley Passport Index 2024 Global Ranking released by Henley and Partners, Indian passport is ranked 80th by providing visa-free or visas on arrival access to 62 countries. India shares the 80th rank with Uzbekistan. i.Previously in 2023, India was ranked 83rd and provided visa free entry to 58 countries. ii.The top spot is grabbed by 6 countries: France, Germany, Italy, Japan, Singapore, and Spain with citizens enjoying visa-free access to 194 travel destinations. iii.Japan and Singapore have consistently held the top spot for the past five years. iv.The world’s weakest passports globally is of Afghanistan at 104th rank with access to 28 nations only. About Henley & Partners: Chief Executive Officer– Dr. Juerg Steffen Headquarters– London, United Kingdom (UK) Establishment– 1997
India Ranks 2nd in MSCI EM Index; China TopsIndia has secured a 2nd rank in the MSCI Emerging Markets (EM) index by surpassing Taiwan. The first spot is grabbed by China.
India’s share in MSCI Emerging Markets index saw an increase in over eight years from 7% to 17.1% and is projected to rise further to 20% by early 2024.
India witnessed the highest inflows observed in the last 11 years.
This makes India as an attractive investment option in emerging markets.
Key Points: i.India’s representation in MSCI EM doubled from 8% in October 2020 to 17.1% amid standardized Foreign Ownership Limit (FOL) in 2020 and strong performance in midcap equities. ii.In 2023, India’s stock count in MSCI Standard index increased to 131 after inducting 17 new Indian stocks. iii.Consistent flow from domestic institutional investors and potential for India to exceed 20% weight in MSCI EM Index by early 2024. iv.Top 5 countries in MSCI EM Index (8 Jan ‘24 ) – China (26.6), India (17.1), Taiwan (15.8), South Korea (12.6), and Brazil (5.7). About MSCI EM Index:
In 1988, MSCI Inc., formerly Morgan Stanley Capital International launched the MSCI Emerging Markets Index which is one of the first investable benchmark index global equity markets in the space. It captures large and mid cap representation across 24 EM countries. With 1,441 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country.
This index is a collection of stocks that tracks the performance of companies in fast-growing countries.
Dun & Bradstreet and Jupiter Wagons Unveiled Indian Railway Freight Activity IndexFlorida(United State of America)- based Dun & Bradstreet (D&B), in collaboration with Jupiter Wagons Ltd., unveiled the Indian Railway Freight Activity (IRFA) Index during the 15th International Railway Equipment Exhibition (IREE 2023) in Pragati Maidan, New Delhi, Delhi from 12th to 14th October 2023.
It is a quarterly report providing a comprehensive and data-driven assessment of the dynamics of Indian Railway freight activity.
The IRFA Index has become a first-of-its-kind tool for monitoring and understanding the intricacies of Indian railway freight activity.
Note: D&B is a leading global provider of business decisioning data and analytics for almost 200 years. About Jupiter Wagons Ltd: Managing Director (MD)- Mr. Vivek Lohia Headquarters– Kolkata, West Bengal Incorporated in– 2006 About Dun & Bradstreet (D&B) India: Managing Director (MD) and Chief Executive Officer (CEO)- Avinash Gupta Headquarters– Mumbai, Maharashtra Started operations in– 1995
India and U.K. signed LoA and MoU for Defence Collaboration in R&D and cadet exchange programme respectivelyUnion Defence Minister Rajnath Singh made a two day visit to the United Kingdom (U.K) on 9 & 10 January 2024 and held the bilateral meeting with his British Counterpart Grant Shapps. The visit also saw signing of LoA and MoU by both the countries. The bilateral meeting resulted in signing of two important agreements between India and U.K. i.A Memorandum of Understanding (MoU) was signed between India and U.K. on conduct of bilateral international cadet exchange programme. ii.Letter of Arrangement was signed between Defence Research and Development Organisation(DRDO), India and Defence Science and Technology Laboratory (DSTL), U.K. on defence collaboration in Research and Development (R&D). Significance of these Agreements: i.These agreements will give boost and promote people-to-people exchanges particularly among the youth. ii.It will expand areas of defence research collaboration between India and U.K. Note: This is the first visit by an Indian Defence Minister to U.K. over 20 years (Previously visited by MoD George Fernandes in 2002). About Ministry of Defence: Union Minister: Rajnath Singh (Lok Sabha Constituency: Lucknow, Uttar Pradesh) Minister of State (MoS): Ajay Bhatt (Lok Sabha Constituency: Nainital-UdhamSingh Nagar, Uttarakhand) About United Kingdom (U.K.): Prime Minister: Rishi Sunak Capital: London Currency: The Pound Sterling(GBP) About Defence Research Development and Organisation(DRDO): Chairman: Dr. Samir Vankatpati Kamat Headquarters: New Delhi, Delhi Established: 1958
IIT Madras to Establish New Campus in Kandy, Sri Lanka The Indian Institute of Technology Madras (IIT-Madras) based in Chennai, Tamil Nadu is set to start a new campus of its Tech univerity in Kandy, Sri Lanka in 2024. Dr. Susil Premajayantha, Education minister of Sri Lanka, announced that this proposal was part of the Budget 2024 presented by Sri Lanka President Ranil Wickremasinghe in his capacity as Finance Minister.
In January 2024, officials of the IIT-Madras will visit Sri Lanka to begin the process of setting up a branch of its campus in Sri Lanka.
The process involves presenting a report to the University Grants Commission (UGC) outlining courses and initiating the establishment process of the campus branch.
The campus is expected to help Sri Lankan students pursue higher education locally at an affordable price.
SBI’s Proposed Dollar-Denominated Bond Gets BBB- Rating from S&P and FitchThe S&P Global Ratings assigned its ‘BBB-‘ long-term issue rating to the proposed dollar-denominated bonds to be issued by the London branch of State Bank of India (SBI). Fitch Rating has given an expected rating of ‘BBB-(EXP)’ to these senior unsecured notes. SBI raises USD 600 million via 5-year senior unsecured fixed rate notes SBI raised USD 600 million through senior unsecured fixed rate notes having maturity of 5 years at a coupon of 5%, payable semi-annually, under Regulation-S. Under Regulation-S, offers and sales of securities that happen outside the United States are exempt from Securities and Exchange Commission (SEC) registration requirements.
The Bonds will be issued through SBI London branch in the United Kingdom (UK) as of January 17, 2024 and will be listed on Singapore Stock Exchange and India International Exchange, Gujarat International Finance Tec-City (GIFT) City in Ahmedabad, Gujarat.
Key Points: i.This fundraising is on the lines of the bank concluding placement of USD 250 million senior unsecured Green floating rate notes, aka “The Green Notes.” ii.This “Green Notes” issuance, maturing on December 29, 2028, is part of SBI’s USD 10 Billion medium-term note program and was conducted through a private placement facilitated by its London branch.
The Green Notes rated BBB- by S&P, were issued on a floating rate basis of 1.20% above SOFR (secured overnight financing rate).
IPPB & Hindustan Zinc Partners to Offer Financial Inclusion Services in RajasthanIndia Post Payments Bank (IPPB) and Hindustan Zinc Limited (HZL) have signed a Memorandum of Understanding (MoU) to transform the financial landscape of rural Rajasthan. Note: IPPB is a 100% government owned entity under the Department of Posts, Ministry of Communication(MoC). HZL is a subsidiary of Vedanta Limited Signatories: The MoU was signed by Gursharan Rai Bansal, Chief Sales & Marketing Officer, IPPB and Arun Misra, Chief Executive Officer(CEO) of HZL About the MoU: i.The MoU aims to provide financial inclusion services to the beneficiaries of HZL’s Corporate Social Responsibility (CSR) activities.
These services include helping people open bank accounts, providing access to pension plans, granting income-generating loans and offering long-term savings and investment options.
ii.The MoU is aligned with IPPB’s commitment to providing best-in-class digital banking services to the unserved and underserved population of India. iii.IPPB also empowers over 3.5 lakh beneficiaries, including Self-Help Group (SHG) women, farmers, and youth to make them Individual Business Correspondents (BC). iv.IPPB will also support government social welfare programs through its banking channels. About India Post Payments Bank Ltd (IPPB): Chief Executive Officer(CEO) – Venkatram Jayanthy Headquarters – New Delhi, Delhi Established in – 2018 Tagline – Aapka Bank, Aapke Dwaar About Hindustan Zinc Limited (HZL): HZL is India’s largest and the world’s second-largest integrated zinc producer. At present, Government of India owns 29.5% stake in HZL while Vedanta owns 64.9% stake. Chief Executive Officer(CEO)- Arun Misra Headquarters- Udaipur, Rajasthan Established in 1966
Bloomberg Index Services Ltd to Include India’s FAR Bonds into its EM Index from September 2024 Bloomberg Index Services Ltd (BISL) proposed the incorporation of India’s Fully Accessible Route (FAR) bonds into its Emerging Market (EM) Local Currency Index. As per the proposal, the inclusion of Indian government bonds will be a phased implementation plan spanning over 5 months starting in September 2024.
Each month will add 20% of the bonds’ full market value (100%) falling under the FAR category which does not involve any restrictions on foreign investors. The process will be completed in January 2025.
Once completely phased into the Bloomberg EM 10% Country Capped Index, India FAR bonds will be fully capped at 10% weight within the index.
At that point, the Indian Rupee will become the 3rd largest currency component, following the Chinese Renminbi and the South Korean Won, within the Bloomberg EM Local Currency Index.
Note:
India’s FAR bonds are those that foreign investors can buy without any limits.
In September 2023, JPMorgan said that Indian government bonds will be a part of its Government Bond Index-EM (GBI-EM) global index suite from June 2024.
President DroupadiMurmu Honoured Winners of Tenzing Norgay National Adventure Award 2022Droupadi Murmu, President of India, honoured the Four winners of Tenzing Norgay National Adventure Award (TNNAA) 2022 during the Sports and Adventure Award 2023 event held in Rashtrapati Bhavan, New Delhi, Delhi.
The 4 winners of TNNAA 2022 are: Savita Kanswal (posthumous), Praveen Singh, Tulsi Chaitanya Mothukuri, and Anshu Kumar Tiwari.
TNNAA award honours the achievements of individuals in adventure sports.
Points to note: During the event, President honoured the winners of Major Dhyan Chand Khel Ratna Awards-2023; Dronacharya Awards-2023; Arjuna Awards-2023; Dhyan Chand Awards-2023; Rashtriya Khel Protsahan Puruskar-2023; and Maulana Abul Kalam Azad Trophy-2023. Click here for the complete list of winners Winners of TNNAA2022:
She lost her life in an avalanche in Draupadi’s Danda-2 mountain peak in Uttarakhand on 4 October 2022.
ii.Tulsi Chaitanya Mothukuri is the 1st Indian poice officer to achieve the triple crown of the open water swimming.
He swam the English Channel in 15 hours(hr) 18 minutes(min) 45 seconds(sec); Gilbraltar Strail in 4 hr 25 mins; Palk Strait in 8hr 15 min and Catalina Channel in 12rh 40 min.
iii.Anshu Kumar Tiwari has completed 2214 hrs of flying including 250 hrs in night for skydiving, training and dispatching. iv.Pravin Singh has scaled more than 20 himalayan peaks including Mt Everest twice and Mt Kanchenjunga. About Tenzing Norgay National Adventure Awards (TNNAA): i.TNNAA was instituted in 1993-1994, and the first awards were given for the year 1994 in 1995. TNNAA is named after Tenzing Norgay, who was one of the first 2 people to reach the 8,849-meter summit of Mount Everest on May 29, 1953. ii.Objective: to encourage youths to develop the spirit of endurance, cooperative teamwork, and effective reflexes in challenging situations. iii.Categories: The TNNAA is presented in 4 categories namely: Land Adventure; Water (Sea) Adventure; Air Adventure; and Life Time Achievement for adventure activities on Land, Sea, and Air.
Achievements for the last 3 years are considered for the 3 categories namely Land Adventure, Water (Sea) Adventure, and Air Adventure;
For the Life Time Achievement award, the achievement of an entire career is considered.
iv.Award Value: The award includes a bronze statuette, a certificate, a blazer with a silken tie/a saree, and award money of Rs. 15 Lakh.
FIFA President Gianni Infantino Receives Award for International Sports Personality for 2023 in Dubai Gianni Infantino, President of the International Federation of Association Football (FIFA), received the Award for International Sports Personality for 2023 at the 12th annual Mohammed Bin Rashid Al Maktoum Creative Sports Awards held in Dubai, the United Arab Emirates (UAE).
He received the award in recognition of FIFA’s impactful contributions to football development through various means, including Video Assistant Referee (VAR) technology, doping detection, and player injury monitoring.
i.The award was established in 2009 inspired by Sheikh Mohammed bin Rashid Al Maktoum’s passion for sports. ii.The award recognizes outstanding individual achievements across diverse sport-related fields and acknowledges global innovators fostering sports development and enhancing fair competition. iii.International recipients have been eligible for recognition since 2012, and this award is the highest international honour.
Indian Navy Received the 1st Indigenous Drishti 10 Starliner Drone from Adani Defence and AerospaceThe Indian Navy received Drishti 10 Starliner (also known as Elbit Hermes 900), the 1st indigenouslymanufactured Medium Altitude Long Endurance (MALE) Unmanned Aerial Vehicle (UAV), manufactured at the Adani Defence and Aerospace(ADA) facility in Hyderabad, Telangana. The drone was unveiled by dmiral R Hari Kumar, Chief of Naval Staff (CNS), Indian Navy, in Hyderabad, Telangana. Note: The drone with 75 Navy personnel is set to be transported from Hyderabad to Porbandar, Gujarat, where it will be officially inducted into naval maritime operations. This will enhance surveillance and reconnaissance capabilities in the Arabian Sea. About Drishti 10 Starliner: i.The Drishti 10 drones were produced by Adani Group in partnerhsip with Israel’s Elbit Systems. Around 70% of the drone has been indigenised. ii.It has 36 hours endurance and 450 kg payload capacity Features: i.This UAV is a cutting-edge Intelligence, Surveillance, and Reconnaissance (ISR) platform, equipped with state-of-the-art sensors, and advanced communication capabilities. ii.It’s the only all-weather military platform with the North Atlantic Treaty Organization’s (NATO) STANAG 4671 (Standardized Agreement 4671) certification for the UAV system’s airworthiness.
It holds authorization for flight in both segregated and unsegregated airspaces.
iii.With advanced technologies such as Automatic Take Off and Landing (ATOL), Drishti would be a strong force multiplier, adding capability and credibility in undertaking ISR across the Indian Ocean Region (IOR). Background: i.In 2023, Ministry of Defence(MoD) and ADA signed a contract to suppy four MALE drones for Indian Army and Navy (2 each). ii.The contract was signed using the emergency financial powers granted by MoD. iii.The combined value of the deals is around Rs 550 crore. About Adani Defence and Aerospace: Adani Defence and Aerospace is a part of Adani Group. Chief Executive Officer (CEO)– Ashish Rajvanshi Headquarters– Ahmedabad, Gujarat
NSPAAD Launches‘Report Fish Disease’Mobile App to Monitor Disease OutbreaksThe National Surveillance Programme for Aquatic Animal Diseases (NSPAAD) project has introduced a mobile app ‘Report Fish Disease’ (RFD) to track and monitor fish diseases across India. Developers of the App: i.The ‘Report Fish Disease’ app has been developed by ICAR(Indian Council of Agricultural Research)-NBFGR(National Bureau of Fish Genetic Resources) in Lucknow (Uttar Pradesh)under the National Surveillance Programme for Aquatic Animal Diseases (NSPAAD), funded under Pradhan Mantri Matsya Sampada Yojana(PMMSY) by the Department of Fisheries, Ministry of Fisheries, Animal Husbandry and Dairying (MoFAH&D), Government of India. ii.The Central Institute of Fisheries Technology (CIFT) in Kochi (Kerala) is one of the collaborative partners of the NSPAAD project. About Report Fish Diseaseapp: i.Fish farmers can report disease outbreaks by providing essential information such as location, species affected, symptoms observed, and images of species. ii.Geo-tagging technology in the app helps to identify a farm’s location, facilitates swift response from authorities and farmers get real-time updates on the status of their reported cases. iii.It also ensures transparency and accountability in the disease management process. About the National Surveillance Programme on Aquatic Animal Diseases (NSPAAD) Phase-II: i.In February 2023, MoFAH&D launched NSPAAD Phase-II under PMMSY with a total cost of Rs.33.8 crores for implementation in all States and Union Territories for a period of 3 years. ii.It is launched to improve the collection of information on the distribution and occurrence of aquatic animal diseases. About PMMSY: i.The Pradhan Mantri Matsya Sampada Yojana (PMMSY) is being implemented by the Department of Fisheries at a total estimated investment of Rs. 20,050 Crore for a period of 5 years from 2020-21 to 2024-25. ii.The scheme aims to bring about the Blue Revolution (aquaculture production) through sustainable and responsible development of the fisheries sector in India. iii.PMMSY is designed to address critical gaps in the fisheries value chain from fish production, productivity, and quality to technology, post-harvest infrastructure, and marketing.
China’s OrienSpace Launches its Maiden Rocket Gravity-1OrienSpace, a Chinese space startup firm has launched its maiden rocket Gravity-1(Yinli-1) from Defu-15002 the mobile sea platform off the coast of Haiyang (Yellow Sea) in the eastern Shandong province of China.
Gravity-1 carried three Yunyao-1 weather satellites to 500km low earth orbit(LEO).
About the Gravity-1 rocket: i.Gravity-1 is a three-stage solid fuel-propelled rocket that can carry a payload of up to 6,500 kg into LEO and 4200 kg into sun-synchronous orbit, making it the most powerful launch vehicle developed by a private Chinese enterprise.
The medium-sized rocket stands 30 meters high, and its core stages and boosters are 2.65 meters in diameter.
Gravity-1 has the capability to deploy up to 30 satellites in a single launch.
ii.The satellites deployed through the launch were built by Changguang Satellite Technology (a Chinese State-owned enterprise) and will be operated by Tianjin Yunyao Aerospace Technology for meteorological analysis and forecasting, spatial environmental detection, and ground disaster research and prevention. iii.Orienspace’s successful launch of Gravity-1 establishes them as the fifth private Chinese company to operate their own carrier rocket, following i-Space, Galactic Energy, Space Pioneer, and LandSpace iv.The mission is the ninth sea-based rocket launch in China.
Union Minister Giriraj Singh Releases “Panchayats Free From GBV – A Handbook for Elected Representatives” Union Minister Giriraj Singh, Ministry of Panchayati Raj (MoPR) released a handbook titled “Panchayats Free From Gender-Based Violence (GBV) – A Handbook for Elected Representatives” during the virtual inauguration of the one-day National Workshop n Role of Panchayati Raj Institutions in Addressing Gender-Based Violence (GBV) in New Delhi, Delhi.
The workshop was organized by the MoPR in collaboration with the United Nations Population Fund (UNFPA) India in New Delhi, Delhi.
The book was released in the presence of Vivek Bharadwaj, Secretary, MoPR; Dr. Chandra Shekhar Kumar, Additional Secretary, MoPR; Ms. Andrea M. Wojnar, Resident Representative for UNFPA.
MoT & MoEF&CC Conducts Training Program in Chilika Lake under Amrit Dharohar Capacity Building Scheme Ministry of Tourism (MoT) in collaboration with the Ministry of Environment, Forest & Climate Change (MoEF&CC) has launched the fifth training program under the Amrit Dharohar Capacity Building Scheme in Chilika Lake, a Ramsar Site in Odisha on 6th January 2024.
Under this initiative, two training programmes of 15 days each namely the Alternative Livelihood program (ALP), and the Paryatan Navik Certificate (PNC) will be conducted.
Capacity building is the main part of the Amrit Dharohar scheme which promotes unique conservation values of Ramsar Sites.
About Ramsar Bureau: Secretary General – Musonda Mumba Headquarters – Gland, Switzerland i.Ramsar Sites are wetlands of international importance under the Ramsar Convention on Wetlands (1971). It is named after the city of Ramsar in Iran. ii.As of January 2024, there are 75 Ramsar Sites in India.
MoHFW Notifies Revised Pharma Manufacturing Rules under Schedule M to Ensure Quality ControlThe Ministry of Health and Family Welfare (MoHFW) notified the revised Pharma manufacturing rules under Schedule M guidelines of the Drugs and Cosmetics Rules, 1945, in the Gazette of India to ensure robust quality control for pharma and biopharmaceutical products.
Schedule M prescribes Good Manufacturing Practices (GMP) for pharmaceutical products. The revised Schedule M will upgrade the GMP in India to global standards.
The revised Schedule M has been notified as rules to ensure ‘Good Manufacturing Practices (GMP) and Requirements of Premises, Plant and Equipment for Pharmaceutical Products.’
Note: Schedule M part of the Drugs and Cosmetics Act 1940 deals with ‘GMP’ to be followed by pharmaceutical manufacturing units in India. Objective:This aims to ensure compliance with the standards of drugs, promoting exports, and building trust in the quality of drugs manufactured and sold. Revised Schedule M: i.After consultation with the Drugs Technical Advisory Board (DTAB), the Central government notified the revised rules under the Drugs (Amendment) Rules, 2023. ii.The revised Schedule M includes the following for the adoption of quality standards on par with the international standards:
Introduction of a Pharmaceutical Quality System (PQS);
Retesting of expired Active Pharmaceutical Ingredients (APIs);
Annual Product Quality Review (PQR);
Quality Risk Management (QRM);
Guidelines for equipment qualification and validation;
A computerized storage system for all drug products.
iii.The revised Schedule M has 13 parts that provide GMP guidelines for the specific requirements for manufacturing pharmaceutical drugs. iv.The revised guidelines require the applicability of World Health Organisation (WHO) guidelines on water and Heating, Ventilation, and Air-Conditioning (HVAC) systems. v.The revised rules are to be implemented based on company turnovers:
The medium and small manufacturers including those with an annual turnover of less than Rs. 250 crores will have to implement the revised rules within 12 months from the date of publication;
Large manufacturers with an annual turnover of over Rs. 250 crore will be given 6 months to implement the changes.
New Categories: The revised rules introduce 5 new categories of drugs including pharmaceutical products containing hazardous substances such as:
Sex hormones; Steroids (anabolic and androgenic); Cytotoxic substances; Biological products; Radiopharmaceuticals, Phytopharmaceuticals, and Investigational pharmaceutical products for human clinical trials.
GMP: GMPs are mandatory standards that build and bring quality into products by controlling materials, methods, machines, processes, personnel, and facility/environment. It was first incorporated under Schedule M of the Drugs and Cosmetics Rules, 1945 in 1988, and the last amendment was done in June 2005. Points to note: i.India is a major exporter of medicines to low and middle-income countries which require WHO-GMP certification. ii.On August 2, 2023, the MoHFW set a 6-month deadline for small manufacturers and 12 months for large units to get their WHO-GMP certification.
DGCA Revises New Flight Duty Time Rules for Flight Crew to Reduce Pilot Fatigue & Enhance Flight SafetyThe Directorate General of Civil Aviation (DGCA) has introduced substantial revisions to its Flight Duty Time Limitations (FDTL) Regulations’ to address fatigue among pilots and crew and enhance overall flight safety.
The revised FDTL Regulations include increased rest periods, redefining night duty, and regular fatigue reports to be shared by airlines.
The crucial changes implemented in FDTL regulations for flight crew, align with global standards to ensure aviation safety.
Timeline:The revised FDTL regulations are effective immediately, and compliance is mandatory by June 1, 2024. Revised Regulations: i.DGCA has increased the mandatory weekly rest period for flight crew to 48 hours from the previous 36 hours. ii.DGCA also cut the maximum flight duty period to 10 hours from 13 hours for pilots working at night (between 12 AM and 6 AM).
It also limited the number of flight landings during this period to 2, from 6, during night operations.
iii.The definition of night has also been adjusted, now spanning 12 AM to 6 AM compared to the previous 12 AM to 5 AM.
This adjustment of 1 hour during the early morning will facilitate adequate rest and synchronize the night duty period, particularly within the Window of Circadian Low (WOCL) spanning from 0200-0600 hours.
iv.The revised regulations have also taken into consideration different types of operations across time zones.
Maximum Flight Time: Limited to 8 hours during flight operations encroaching night.
Maximum Flight Duty Period: Restricted to 10 hours for night operations.
v.DGCA mandates that all airline operators must submit quarterly fatigue reports after thorough analysis, including the Action Taken on such reports.
Further, it has been stipulated that the fatigue reports shall follow a non-punitive and confidentiality policy.
vi.DGCA has capped the maximum flight time for flights exceeding 14 hours at 17 hours and mandated airlines to provide a minimum rest period of 120 hours after each flight.
After 2 consecutive Ultra Long Range (ULR) flights, the mandated rest period increases by 24 hours.
Fatigue Risk Management System (FRMS): In addition, DGCA will soon transition towards the adoption of a new regime of fatigue management i.e. Fatigue Risk Management System (FRMS), which will be a data-driven approach to enhance monitoring of flight crew fatigue. About Directorate General of Civil Aviation (DGCA): DGCA is an attached office of the Ministry of Civil Aviation. Director General– Vikram Dev Dutt Headquarters– New Delhi, Delhi
ICG & SAIL Signs MoU to Increase Indigenous Content Ship Indian Coast Guard (ICG) and the Steel Authority of India Limited (SAIL) have signed a Memorandum of Understanding (MoU) to enhance the Indigenous Content (IC) in the ship of ICG in New Delhi, Delhi.
As per the MoU, SAIL will supply indigenous marine-grade steel to Indian shipyards, for ICG Ships.
The MoU was signed in the presence of Rakesh Pal, Director General Indian Coast Guard (DGICG).
About Steel Authority of India Limited (SAIL): SAIL is a Maharatna Central Public Sector Enterprise (CPSE) functioning under the Ministry of Steel(MoS) Chairman – Amarendu Prakash Headquarters – New Delhi, Delhi Established in – 1973
Indore, Bhopal, Udaipur nominated for International Wetland CityAccreditationMinistry of Environment, Forest and Climate Change (MoEF&CC) has nominated three Indian cities viz. Indore and Bhopal in Madhya Pradesh (MP) and Udaipur in Rajasthan for the Wetland City Accreditation (WCA) scheme under the Ramsar Convention. These are the 1st three Indian cities to be nonimated for WCA. About WCA: The WCA is a voluntary accreditation system established by the Ramsar Convention during the Conference of the Contracting Parties (COP) 12, 2015 i.Aim: To recognize cities that have taken exceptional steps to safeguard their urban wetlands. To promote conservation and wise use of urban and peri-urban wetlands as well as sustainable socio-economic benefits for local populations. ii.Criteria: The get accreditation, the candidates must satisfy 6 international criteria which includes presence of Ramsar Sites or other significant wetlands in its territory or in its close vicinity. iii.Accredited cities: The convention has recognised 18 cities during COP13 and 25 cities during COP14. These 43 cities includes 13 from China and 6 from France. Key Points: i.The wetlands situated in and around the nominated Indian cities are Indore – SirpurWetland (Ramsar site); Yashwant Sagar (Ramsar site) Bhopal- Bhoj Wetland (Ramsar site), Udaipur – surrounded by 5 major wetlands, namely, Pichola, Fateh Sagar, Rang Sagar, Swaroop Sagar, and Doodh Talai ii.Indore, founded by Holkar Dynasty, is the cleanest city in India and the recipient of India’s Smart City Award 2023. Bhopal is the 6th cleanest city in India. About Ramsar Convention: Ramsar Convention (Convention on Wetlands of International Importance) is anintergovernmental treaty adopted on February 2, 1971, in the city of Ramsar, on the shores of the Caspian Sea, in Iran.
It provides a framework for the conservation and sustainable use of wetlands and their resources across its 172-member countries including India.
At present, 75 wetlands in India are protected under the treaty.
Secretary General– Dr Musonda Mumba Headquarters– Gland, Switzerland.
Indian Navy’s P-8I Participates in 4th Edition of ASW Exercise Sea Dragon 24 at Guam, USAThe Indian Navy’s (IN) P8I aircraft participate in the on-going 4th edition of the anti-submarine warfare (ASW) ‘Exercise Sea Dragon 24’ from January 10th to January 22nd, 2024, held at Anderson Air Force Base in Guam, United States of America (USA). About Sea Dragon 24: i.Sea Dragon is an annual, multinational ASW exercise for Long Range Maritime Reconnaissance (MR) ASW aircraft conducted by the US Navy. ii.Participants: Six countries that are participating in the exercise are India, USA, Australia, Japan, Canada, and the Republic of Korea (South Korea). iii.Under the exercise, the coordinated ASW will be held by two Royal Australian Air Force (RAAF) P-8A Poseidon aircraft and 51 personnel.
US Navy P-8A Poseidon, Republic of Korea Navy P-3CK Orion, Royal Canadian Air Force’s CP-140 and Japan Maritime Self-Defense Force Kawasaki P-1 aircraft are also participating in the exercise.
iv.A series of flying missions will be conducted to track, identify and target submarine vessels. v.The exercise also acts as a platform to enhance synergy and interoperability among participating navies. About Indian Navy(IN): Chief of the Naval Staff (CNS) – Admiral Radhakrishnan Hari Kumar Headquarters – New Delhi, Delhi Established in – 1950
Zerodha Fund House Launches India’s 1st Growth Liquid ETF Scheme Named ‘Zerodha Nifty 1D Rate Liquid ETF’Zerodha Fund House announced the launch of India’s 1st Growth Liquid Exchange-Traded Fund (ETF) – Zerodha Nifty 1D Rate Liquid ETF, that offer a Growth Net Asset Value (NAV). About Zerodha Nifty 1D Rate Liquid ETF: i.The new scheme follows Nifty 1D Rate Index, which measures the returns generated by market participants lending in the overnight market, as its benchmark. ii.The scheme is designed to prioritize liquidity while maintaining a relatively low-risk profile. iii.The fund is expected to be listed on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) exchanges by the 24th January 2024. Note: It is a simple ETF for effectively parking and managing extra cash. The New Fund Offer (NFO) is open for public subscription until 12 January 2024. Objective:To mirror the total returns of securities represented by the Nifty 50 Total Returns index before expenses, subject to tracking errors, fees, and expenses. Key Points: i.The scheme invests in overnight instruments such as Tri-Party Repo on Government Securities or Treasury Bills Repurchase (TREPS), T-bills, Reverse repo, Cash and Cash equivalents, and G-Sec(s) traded on the Clearing Corporation of India Ltd (CCIL) platform. ii.Unlike other ETFs that face continuous taxation due to dividend payouts, Zerodha Nifty 1D Rate Liquid ETF incurs taxes only when the ETF is sold. Benefits: i.This ETF proves to be an excellent choice for investors/Traders those with surplus funds seeking both liquidity and growth in a short period. ii.It offers a simple and effective way to manage cash with a relatively low interest rate and credit risk. iii.Investors can initiate their investment in Zerodha Nifty 1D Rate Liquid ETF through their preferred stock brokers. iv.Investors can invest under the scheme with a minimum application amount of Rs. 500 per plan/option and in multiples of Re 1.
There is no upper limit for investment.
v.To further enable more retail investors, the ETF will have a lower ticket size, starting with an NAV of 100. About Zerodha Fund House: Zerodha Fund House, an Asset Management Company (AMC), is a joint venture (JV) between Zerodha Broking Limited and Smallcase Technologies Pvt Ltd. Chief Executive Officer (CEO) and Sales Head- Vishal Jain Headquarters– Bengaluru, Karnataka Incorporated in– 2021
Karnataka Bank & Digivriddhi Partners to offer Financial Service to Dairy Farmers Karnataka Bank Limited (KBL) has partnered with Digivriddhi Technologies Private Limited (DGV) to offer financial services to support the requirements of dairy farmers and Dairy Societies.
The services will be offered to the Village Dairy Co-operative Societies, associated with Milk unions of Karnataka Milk Federation (KMF).
Key Points: i.This partnership with DGV will enable the KBL to offer seamless and innovative end-to-end digital product for dairy farmers. ii.This partnership will also provide access to institutional credit, ease and digitise payment across the dairy value chain. iii.Initially, the services are now made available to milk societies associated with Chamarajnagar Milk Union and will be expanded to other milk unions in the near future. Products of DGV: i.DGV PAY – Simplify payments value chain for dairy farmers and micro-enterprises ii.DGV MONEY – Facilitate digital working capital and bovine loans to farmers using its unique underwriting mechanism. iii.DGV CONNECT – address the gaps in bovine discovery, pricing and productivity with embedded financing options About Karnataka Bank Limited(KBL): Managing Director(MD) & Chief Executive Officer(CEO) – Srikrishnan Harihara Sarma Headquarters – Mangaluru, Karnataka Established in – 1924 Tagline – Your Family Bank Across India About Digivriddhi Technologies Private Limited (DGV): DGV is India’s first integrated dairy fintech and marketplace platform. Founder and MD & CEO- Ragavan Venkatesan Headquarters – Bengaluru, Karnataka Established in – 2019
WB forecasts 2024 Global Growth to slow for 3rdConsecutive Year to 2.4%;India to Grow at 6.4% in FY25i.On January 9, 2024, the World Bank (WB) has released its ‘January, 2024 Global Economic Prospects‘ (GEP) report projecting a third consecutive year of slowdown for global Gross Domestic Product (GDP) growth with a decrease to 2.4% in 2024. It was 2.6% in 2023, 3% in 2022 and 6.2% in 2021. ii.Notably, the growth in 2020-2024 period is weaker than the years around 2008-2009 global financial crisis, the late 1990s Asian financial crisis and downturns in the early 2000s. iii.The report forecasts 2025 global growth slightly higher at 2.7%, but this was marked down from a June forecast of 3% due to anticipated slowdowns among advanced economies. iv.The WB has kept India’s GDP growth forecast unchanged at 6.3% for FY23-24 and 6.4% for FY24-25 driven by robust investment and services. It will edge up to 6.5% in FY26. About World Bank (WB): President (WB Group)– Ajay Banga Establishment– 1944 Headquarters– Washington D.C, United States (US) Members– 189 member states
Indra Mani Pandey appointed as 4th SG of BIMSTEC; becomes 1st Indian to hold the post On 4th January 2024, Ambassador Indra Mani Pandey took charge as the 4th Secretary General (SG) of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC). i.With this, Pandey becomes the first Indian to hold the post. He will remain SG for a period of 3 years. ii.He succeds Tenzin Lekphell of Bhutan, who served as the 3rd SG of BIMSTEC from 6 November 2020 to 5 November 2023. Note: Pandey has been serving as the Permanent Representative of India to the United Nations(UN) and other International Organisations in Geneva, Switzerland since September 2020. About Indra Mani Pandey: i.Indra Mani Pandey is an Indian Foreign Service (IFS) Officer of 1990 batch. ii.Before his appointment as Permanent Representative of India to the UN, he served as Additional Secretary in Ministry of External Affairs(MEA) in-charge of Disarmament & International Security Affairs Division. iii.He also served as:
Ambassador of India to the Sultanate of Oman from 2015 to 2018;
Deputy Ambassador of India to France from 2013 to 2015;
Consul General of India at Guangzhou in China;
Counselor (disarmament) at the Permanent Mission to the Conference on Disarmament from September 2003.
iv.He served in various capacities at Indian Missions in Cairo (Egypt), Damascus (Syria), Islamabad (Pakistan), and Kabul (Afghanistan) and Permanent Mission of India to Conference on Disarmament in Geneva. About Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC): BIMSTEC, a regional organisation, was established as BIST-EC (Bangladesh-India-Sri Lanka-Thailand Economic Cooperation) on 6th June 1997 with the signing of Bangkok Declaration. Renamed as BIMSTEC on 22nd December 1997 after the admission of Myanmar. Current Members: Bangladesh; Bhutan; India; Myanmar; Nepal; Sri Lanka and Thailand. Secretary General– Indra Mani Pandey Director General– Mr. Abdul Motaleb Sarker Headquarters– Dhaka, Bangladesh
LIC to pick up to 10% equity stake in NHB promoted ‘RMBS’ entity On January 8, 2024, the Board of Directors of Life Insurance Corporation of India (LIC) approved the proposal to acquire up to 10% equity stake in a company promoted by the National Housing Bank (NHB). The investment in the NHB promoted company would focus on residential mortgage-backed securities (RMBS).
RMBS are debt-based assets/bonds secured by interest from residential loans (Home loans), making them generally considered a safer investment than some other asset types.
RMBS comprises various tranches with different credit ratings reflecting risk and seniority. Investors receive monthly interest and principal payments from the pooled mortgages.
CCI Approved Acquisition of 30% Stake in Signet by IMCD India The Competition Commission of India (CCI) has approved the acquisition of the remaining 30% paid-up share capital in Mumbai(Maharashtra) based Signet Excipients Private Limited (Signet) by Mumbai-based IMCD India Private Limited (IMCD India).
IMCD India is currently holding 70% paid-up share capital in Signet since 2020; whereas the remaining 30% of the share capital is held by the promoters.
The acquisition will be exercised through a call option.
Note: IMCD India is an indirect wholly-owned subsidiary of Dutch-based IMCD NV.
Union Minister Bhupendra Yadav launches book titled ‘Modi: Energising a Green Future’ by The Union Minister Bhupender Yadav, Ministry of Environment, Forest and Climate Change (MoEF&CC) unveiled a book titled “Modi Energising A Green Future”, published by Pentagon Press in association with Dr. Shyama Prasad Mookerjee Reserach Foundation. The book analyzes PM Narendra Modi’s environmental leadership, highlighting India’s ambitious contributions to a sustainable and eco-friendly future.
The book was edited by RK Pachnanda, former chairman of the Haryana Electricity Regulatory Commission, Bibek Debroy, chairman of the Economic Advisory Council to the Prime Minister(PM), Anirban Ganguly, and Uttam Kumar Sinha.
The contributors of the book includes Union Minister Bhupender Yadav; Manohar Lal, Chief Minister of Haryana; and others.
National Road Safety Week – January 11 to 17 2024National Road Safety Week is annually observed across India from 11–17 January to raise awareness about the importance of road safety and highlight the significance of road safety measures to prevent and reduce road accidents and save lives.
It emphasises the importance of responsible driving, pedestrian safety, and the need for improved road infrastructure.
2024 marks the observance of the 35th National Road Safety Week.
The annual observance is led by the Ministry of Road Transport and Highways (MoRTH) to promote road safety practices. Note: The National Safety Council of India (NSC), under the Ministry of Labour & Employment(MoLE), also organises the National Road Safety Week. Background: i.The National Road Safety Week was introduced by the Ministry of Road Transport and Highways (MoRTH) in 1989. ii.The first-ever National Road Safety Week was observed by the MoRTH in 1989. National Road Safety Month (RSM): i.This is an annual observance introduced by the MoRTH to sensitize citizens and road users about the severity of the challenges of road safety.
In 2024 the National RSM will be observed from the 15th January to 14th February 2024.
Key Facts: i.According to the “Road Accidents in India-2022” report released by the MoRTH:
In the calendar year 2022, there were 4,61,312 road accidents reported, which claimed 1,68,491 lives, and caused injuries to 4,43,366 persons.
This marks an 11.9% increase in accidents, 9.4% in fatalities, and 15.3% in injuries from 2021.
ii.This report is derived from data provided by the police departments of States/Union Territories on a calendar year following the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP).
This information is part of the Asia Pacific Road Accident Data (APRAD) base project.
UN’s Global Road Safety Week: The United Nations Global Road Safety Week (UNGRSW) is a biennial campaign that aims to raise awareness of road safety and reduce the number of road deaths.
This week-long event is observed across the globe in May. In 2023, it was observed from 15-21 May 2023.
First Meeting of IWDC commits Rs 45,000 crore for development of River Cruise TourismOn 8th January 2024, the first meeting of Inland Waterways Development Council (IWDC), chaired by the Union Minister Sarbananda Sonowal, Ministry of Ports, Shipping & Waterways(MoPSW), committed an investment of Rs 45,000 crore for development of river cruise tourism in India.
Rs 35,000 crore of this sum has been allocated for cruise vessels and Rs 10,000 crore is set aside for development of cruise terminal infrastructure by 2047(end of Amrit Kaal).
The Union Minister also launched ‘Harit Nauka– Guidelines for Green Transition of Inland Vessels’ and ‘River Cruise Tourism Roadmap, 2047’ during the meet.
i.The meeting was held on board vessel MV Ganges Queen at the Kolkata Dock Complex in Kolkata, West Bengal. ii.The meeting was organised by the Inland Waterways Authority of India(IWAI), nodal agency for inland waterways in India, under MoPSW. About Ministry of Ports, Shipping, and Waterways: Union Minister – Sarbananda Sonowal, (Rajya Sabha Constituency – Assam) Minister of State (MoS) – Shripad Yesso Naik; Shantanu Thakur
Overview of EAM S Jaishankar’s visit to Nepal on 4 & 5 January 2024The Union External Affairs Minister (EAM) Dr. Subrahmanyam Jaishankar visited Nepal on 4 & 5 January 2024. He was invited by the Foreign Minister of Nepal, Narayan Prakash Saud to co-chair the 7th India-Nepal Commission meeting in Kathmandu. Highlights: i.Nepal inked long term power deal with India to export 10000 MW electricity over 10 years. ii.India and Nepal signed four major agreements that deal with areas such as renewable energy, power, space and technology and for implementing High Impact Community Development Projects (HICDPs). iii.India will extend financial assistance of USD 75 million to Nepal for reconstruction efforts in earthquake hit-areas. About Nepal: Prime Minister – Pushpa Kamal Dahal ‘Prachanda’ Capital – Kathmandu Currency – Nepalese Rupee (NPR)
India to Chair & Host UNESCO’s World Heritage Committee in July 2024India is set to chair and host the 46th session of the UNESCO (United Nations Educational, Scientific and Cultural Organization) World Heritage Committeefrom July 21–31, 2024 in New Delhi, Delhi.
This marks the first time for India to chair and host the UNESCO heritage committee.
Note: During the 19th Extraordinary session, the World Heritage Committee decided that the 46th session will take place in India. Bureau Members: Chairperson– Vishal V Sharma(Permanent Representative of India to UNESCO) Rapporteur: Mr Martin Ouaklani (Belgium) Vice–Chairpersons: Bulgaria, Greece, Kenya, Qatar, Saint Vincent and the Grenadines Key Points: i.The World Heritage Committee determines inclusions, additions, and removals from the World Heritage List and the List of World Heritage in Danger. ii.The committee meets once a year, and consists of representatives from 21 member states iii.UNESCO is a specialised agency of United Nations that aims at promoting the world peace and national security through international cooperation in education, arts, science and culture. Additional info: The 45th session of the UNESCO World Heritage Committee was chaired and hosted by Saudi Arabia in Riyadh. Chairperson- Dr Abdulelah Al-Tokhais About United Nations Educational, Scientific and Cultural Organization (UNESCO): UNESCO’s Constitution was adopted in London (United Kingdom) in 1945, it entered into force in 1946. Director-General– Audrey Azoulay Headquarters– Paris, France
IndusInd Bank introduces SammanRuPay Credit Card for Government EmployeesIndusInd Bank Limited in collaboration with National Payments Corporation of India (NPCI) has launched the Unified Payments Interface (UPI)-enabled ‘IndusInd Bank SammanRuPay Credit Card’ for government sector employees. About the card: i.The contactless credit card enhances the day-to-day transactional experience of the cardholders thereby offering them a multitude of convenient payment options. ii.The card offers 1% cashback on retail spends in every statement cycle. iii.The cardholders are eligible for 1% Railway surcharge waivers for transactions made through the Indian Railway Catering and Tourism Corporation (IRCTC). iv.The cardholder can also avail 1% Waivers on fuel surcharges. v.The cardholders need not pay any additional charges to withdraw cash withdrawal using the card. About IndusInd Bank Limited: Managing Director(MD) & Chief Executive Officer(CEO) – Sumant Kathpalia Headquarters – Mumbai, Maharashtra Established in – 1994 Tagline – We Make You Feel Richer About National Payments Corporation of India (NPCI): Managing Director(MD) & Chief Executive Officer(CEO) – Dilip Asbe Headquarters – Mumbai, Maharashtra Established in – 2008 Established under – Payment and Settlement Systems Act, 2007
IOB Introduced Savings Account Portability Online Scheme to Transfer Savings Account Online Chennai (Tamil Nadu)-based public sector bank, Indian Overseas Bank (IOB) introduced a ‘Savings Account Portability Online’ scheme to simplify the savings account portability process for customers who move to different locations (for work or education).
The scheme aims to streamline the process, eliminating manual paperwork and reducing the waiting period to relocate bank accounts.
To initiate an account transfer, customers can access the ‘Transfer of Savings Accounts’ section on the IOB website (www.iob.in).
Gabriel Attal Appointed as Youngest-ever PM of France; PM Élisabeth Borne ResignsFrench President Emmanuel Macron has appointed 34-year-old Gabriel Attal as the New Prime Minister (PM) of France. With this, Attal becomes the youngest-ever PM of France since the founding of the French Fifth Republic in 1958. He is also the first openly gay PM of France.
Gabriel Attal replaces Élisabeth Borne, who resigned after 20 months in office on 8 January 2024. She was appointed as the PM of France in May 2022.
Prior to the appointment, Attal has been serving as theMinister of National Education and Youth (since July 2023).
Note: i.The record of youngest PM of France was previously held by Laurent Fabius, who was 37 years old when he was named PM of France in 1984. ii.Élisabeth Borne was the 2nd and longest serving female PM of France after Édith Cresson, the 1st female PM of France (May 1991- April 1992). About Gabriel Attal: i.Gabriel Attal joined the Socialist Party in 2006 and supported its presidential candidate, Ségolène Royal, in the 2007 election. ii.In 2016, he left the Socialist Party and joined Emmanuel Macron’s nascent centrist political party En March, which later became La République En Marche (LREM). iii.He was elected to the parliament in 2017 and became the youngest Cabinet member in 2018, serving as secretary of state for the youth. iv.He served as government spokesperson from 2020 to 2022 and was then named budget minister. v.He was elected to the Assemblée National in June 2023 and was appointed as a junior minister in the finance ministry and as Education Minister in July 2023. About France: President– Emmanuel Macron PM– Gabriel Attal Capital– Paris Currency– Euro
ACC Acquires Remaining 55% Stake in ACCPL at an Enterprise Value of Rs. 775 Cr ACC Limited, a subsidiary of Adani-owned Ambuja Cements Limited, acquired the remaining 55% stake (valued at Rs 425.96 crores) in Asian Concretes and Cements Private Limited (ACCPL) from its existing promoter at an enterprise value of Rs. 775 crores, making it a fully-owned subsidiary. The acquisition has been completely funded by internal accruals and includes cash and equivalents of Rs 35 crore with at Asian Concretes.
Prior to the acquisition, ACC Ltd held a 45% stake in ACCPL.
With this acquisition, ACC Ltd will add 2.8 million to its existing cement production capacity, taking it to a total of 38.55 million tonnes per annum (MTPA).
ACC Ltd when combined with Ambuja Cements Ltd (also referred to as Adani Cement), will increase ACC’s cement capacity and progress on the overall target of 140 MTPA capacity of Adani’s cement business by 2028 from the current 77.40 MTPA.
DRDO launches Assault Rifle ‘Ugram‘ for Indian ArmyThe Defence Research and Development Organisation (DRDO) launched the “Ugram (ferocious)” assault rifle for the Indian Army (IA).
It was unveiled by ShailendraGade, the Director General of the Armament and Combat Engineering (ACE) system of the DRDO during a program organised at Armament Research and Development Establishment (ARDE), Pune, Maharashtra.
Developers: It has been developed by Armament Research and Development Establishment (ARDE), Pune, Maharashtra and a Hyderabad-based private firm Dvipa Armour India Private Limited (DAIPL). Features: i.It is 7.62 x 51 mm caliber, weighs less than four kilograms, and has a 500-meter firing range. It has a 20-round magazine and fires in full auto mode. ii.It has a rivet-free design. iii.The rifle was developed based on the General Staff Qualitative Requirements (GSQRs) issued by the Indian Army for assault rifles. Key Points: i.This is the first time that DRDO lab has collaborated with a private industry to manufacture a 7.62 x 51 mm calibre rifle. ii.The weapon will meet the operational requirements of the Indian armed forces, paramilitary forces and state police forces iii.During the program, the small arms’ barrel manufacturing facility of ARDE was also inaugurated that will provide barrels for small arms’ manufacturing to both the Indian armed forces as well as to the private sector. About Armament Research & Development Establishment (ARDE): Director– Ankathi Raju Headquarters– Pune, Maharashtra Establishment– 1958
Swedish Researchers Developed Electronic Soil for Hydroponics Researchers from Sweden’s Linköping University, have developed an electrically conductive growing medium called electronic soil (e-Soil) which finds its application in soil-less gardening or hydroponics.
The study on e-Soil was published in Proceedings of the National Academy of Sciences (PNAS), a peer reviewed journal of the National Academy of Sciences (NAS).
eSoil: i.eSoil electrically stimulate the root system and growth environment of plants. ii.By using an organic mixed-ionic electronic conductor, e-soil surpasses the limitations of the commonly used mineral wool substrate in hydroponics. iii.This environmentally friendly substrate derived from cellulose and a conductive polymer called Poly(3,4-ethylenedioxythiophene) (PEDOT).
Overview of India tour of South Africa 10th Dec 2023 – 7th January 2024The Indian cricket team toured South Africa from 10th December 2023 to 07th January 2024 to play Thee Twenty20 International (T20I), Three One Day International (ODI), and two test matches.
Indian cricket team won the ODI series while T20I and test series ended in a draw.
South African former Test captain Dean Elgar has announced his retirement from international cricket after the last test match against India.
South African batsman Heinrich Klaasen has announced his retirement from Test cricket. He continues to play in ODI and T20I matches.
About Board of Control for Cricket in India (BCCI): President – Roger Binny Secretary – Jay Shah Headquarters – Mumbai, Maharashtra Established – 1928
Music Maestro & Padma Awardee Ustad Rashid Khan Passed AwayRenowned Hindustani classical singer and music maestro, and Padma awardee, Ustad Rashid Khan (55) passed away in Kolkata, West Bengal. He was born on 1st July 1968, in Badaun, Uttar Pradesh (UP). About Ustad Rashid Khan: i.Ustad Rashid Khan belongs to Rampur-Sahaswan gayaki (style of singing) which is related to the Gwalior gharana. ii.He was the great-grandson of Inayat Hussain Khan who founded Rampur-Sahaswan style of singing. iii.In 1994, ITC Sangeet Research Academy (SRA), Kolkata, acknowledged him as a musician at the academy. iv.He also worked for Bollywood(Hindi) and Tollywood (Bengali) movies. Awards: i.Ustad Rashid Khan was awarded the Padma Shri, the fourth highest civilian award, in 2006 and Padma Bhushan, the third highest civilian award in 2022 in the field of arts. ii.Rashid Khan received the SangeetNatakAkademi Award in 2006 for his contribution to Hindustani vocal music. iii.He also received the Global Indian Music Academy Awards (GIMA -2010), Maha Sangeet Samman Award (2012) and Mirchi Music Awards (2013). Additional Info: i.Through Shakhri Begum Memorial Trust, Rashid Khan created a musical village “Sangeet Graam” in Agartala, Tripura. ii.He is the 31st generation of MianTansen, a legendary Hindustani classical musician who lived during the 16th century.
Renowned Hindi Poet HariramDwivedi Passed Away Noted Hindi and Bhojpuri poet, lyricist and litterateur PanditHariramDwivedi passed away in Uttar Pradesh (UP). He was born on 12th March 1936 in Sherwan village of UP. i.Hariram Dwivedi was conferred with Sahitya Akademi’s Bhasha Samman 2013 for his contribution to Bhojpuri language and literature. ii.He is known for his poetry collections like ‘Anganaiya’, ‘Nadiyan Gail Dubray’ and ‘Jeevandayini Ganga’. iii.He also received awards such as Sahitya Bhushan, Hindi Sahitya Saraswat Samman, Rahul Sankrityayan.
World Hindi Day 2024- January 10World Hindi Day or Vishwa Hindi Diwas is annually observed across the globe on 10 January to highlight and educate the importance of the Hindi language and honour the contributions of Hindi speakers across the globe.
The Day is also a recognition of linguistic diversity, cultural heritage, and the impact of Hindi on a global scale.
Background: i.The decision to designate January 10 as World Hindi Day was made during the meeting of the follow-up committee on the World Hindi Conference held on June 8, 2005.
The decision was made by then-Prime Minister of India, Dr. Manmohan Singh
ii.The first-ever World Hindi Day was celebrated on 10 January 2006. iii.Since then, World Hindi Day has been celebrated by the Ministry of External Affairs (MEA), which organises events and activities to promote the language.
Odisha Govt Signs MoU with NDDBto Set up new GMP facility to Produce Anthrax & ENT VaccinesThe Fisheries and Animal Resources Development (ARD) Department of the Government of Odisha signed a Memorandum of Understanding (MoU) with the National Dairy Development Board (NDDB) for establishing a Good Manufacturing Practice (GMP) facility.
The GMP facility is for the production of Anthrax and Enterotoxaemia (ENT) vaccines at the Satellite Unit of Odisha Biological Products Institute (OBPI) in Berhampur.
Project Estimation: i.The project is estimated with an investment of Rs 52.20 crore for the production of these vaccines. ii.The construction work of the laboratory will be completed within 36 months. Current Production Status: The existing Satellite unit of OBPI in Berhampur currently produces:
22 lakh doses of Anthrax Spore Vaccine (ASV); and
14 lakh doses of ENT Vaccine (ENTV) annually using conventional methods.
Upgrading Technology: The establishment of a GMP laboratory will adhere to the World Health Organisation (WHO) norms and the Drugs and Cosmetics Act 1940 of India for superior vaccine quality.
Once operational, it will produce 2 crore doses of ENTV and 50 lakh of ASV vaccines respectively.
Role of NDDB: i.NDDB will provide consultancy and supervisory services for GMP unit setup. ii.NDDB’s involvement includes overseeing trial runs and final commissioning of the plant. Key Points: The project is initiated under the 5T initiative to transform healthcare and disease management for livestock and poultry in Odisha.
The 5T initiative is a governance model in Odisha that stands for Teamwork, Transparency, Technology, Time, and Transformation.
About Odisha: Chief Minister– Naveen Patnaik Governor– Raghubar Das Tiger Reserve– Similipal Tiger Reserve and Satkosia Tiger Reserve Wildlife Sanctuary– Satkosia Gorge sanctuary (Angul) and Nandankanan sanctuary (Bhubaneswar) About National Dairy Development Board (NDDB): Chairman– Dr. Meenesh C Shah Headquarters– Anand, Gujarat Established in– 1965
Cabinet Approvals on 5th January 2024The Union Cabinet chaired by Prime Minister(PM) Narendra Modi has approved the following proposals on 5th January 2024, i.Cabinet approves overarching scheme “PRITHvi VIgyan (PRITHVI)” of the Ministry of Earth Sciences ii.Cabinet approves MoU between ISRO and MRIC concerning cooperation on the development of a Joint Small Satellite iii.Cabinet approves signing of a MoU between USAID/India for supporting Indian Railways to achieve Mission Net Zero Carbon Emission iv.Cabinet approves Ayodhya Airport as an International Airport & naming it as “Maharishi Valmiki International Airport, Ayodhyadham” v.Cabinet approves signing of Memorandum of Understanding between India and Guyana on cooperation in the hydrocarbon sector About Mauritius: Capital– Port Louis Currency– Mauritian rupee President– Prithvirajsing Roopun
CBRE India’s report: Maharashtra Contributes Highest Share of MSMEs in India; TN & UP among top 3According to a report titled MSMEs: Unleashing the Engines of Economic Prosperity, prepared by CBRE India Research, Maharashtra has accounted for the highest share (17%) of Micro, Small, and Medium Enterprises (MSMEs) in India followed by Tamil Nadu (TN) (10%) and Uttar Pradesh (UP) (9%).
The report was unveiled during the CREDAI National New India Summit 2024(5th edition) held in Varansi, UP from 7th to 9th January 2024.
CBRE India Research is the knowledge partner of the New India Summit 2024.
Points to note: i.According to the report, Maharashtra, TN, and UP contributed to nearly 40% of the total MSMEs registered in India.
Maharashtra holds 38.09 lakh MSMEs, followed by Tamil Nadu (TN) with 22.32 lakh MSMEs, and UP stands out with 20.95 lakh registered MSMEs.
ii.Rajasthan with 16 lakh and Gujarat with 15.96 lakh MSMEs were the other top destinations for registered units in India. Note: As of 8 January 2023, official data from the Ministry of MSME reveals a substantial presence of 2.21 crore registered MSMEs, excluding Udyam Assist Portal registrations. Key Contributions of MSMEs in India: i.The MSME sector plays a vital component in the economic progress of India, contributing nearly 30% to India’s Gross Domestic Product (GDP), and about 44% of Exports in India.
UP in particular has a 90-lakh MSME base and contributes around 14% share of India’s total MEMEs.
ii.The development of MSME is crucial to achieving financial inclusion and generating significant employment opportunities across urban and rural areas. Udyam Scheme’s Impact: i.This report emphasises the pivotal role played by theUdyam scheme, a government initiative designed to promote and foster the growth of MSMEs. ii.MSME clusters have emerged in cities like Agra, Kanpur, Varanasi, Lucknow, Meerut, and Ghaziabad.
The Udyam scheme plays a pivotal role, in facilitating widespread enrollment across these cities.
Sector-wise Opportunities: i.The report highlights the construction sector, contributing approximately 8% to the GDP, as a strategic opportunity for Indian MSMEs. ii.Unorganized firms in the construction sector are expected to benefit by registering under the MSME ambit. iii.Integration of digitization, traditional banking, and open protocols has created a more inclusive financing ecosystem.
Coal India Limited signs MoU with NSDC for Establishing Multi Skill Development InstitutesCoal India Limited (CIL) and the National Skill Development Corporation (NSDC) have signed a Memorandum of Understanding (MoU) to establish Multi Skill Development Institutes (MSDIs) in each subsidiary companies of CIL.
Note: CIL is a Maharatna Public Sector Undertaking (PSU) under the Ministry of Coal and NSDC is a not-for-profit public limited company set up by the Ministry of Finance as Public-Private Partnership (PPP) model. Phased Implementation: As per the MoU, MSDIs will be established in each CIL’s subsidiaries starting with, Central Coalfields Limited (CCL); Bharat Coking Coal Limited (BCCL); Mahanadi Coalfields Limited (MCL); Northern Coalfields Limited (NCL); and South Eastern Coalfields Limited (SECL) in the 1st phase.
The remaining subsidiaries will be covered in the subsequent phase.
Repurposing Existing Infrastructure: Existing infrastructure within CIL subsidiaries will be repurposed and developed to serve as MSDIs. The project encompasses:
One-time capital expenditure (capex) for repurposing existing infrastructure as MSDIs;
Annual Recurring and Project Monitoring Unit (PMU) expenses.
Note: This initiative reflects CIL’s commitment to fostering skill development and creating sustainable employment for the local youth in coal-bearing areas. CIL Signs MoU with EdCIL for Digitizing Education in 11 districts of Jharkhand CIL signed a MoU with EdCIL (India) Limited to digitise education in 11 districts of Jharkhand. The MoU was signed as a part of CIL’s Corporate Social Responsibility (CSR) initiative.
The project will be implemented in the 11 districts of Jharkhand with mining areas of 3 subsidiaries of CIL namely Eastern Coalfields Ltd (ECL), Bharat Coking Coal Ltd (BCCL), and Central Coalfields Ltd (CCL).
The estimated cost of the project is Rs 27.08 crore and will be implemented over 3 years.
Objective: The initiative in line with the New Education Policy (NEP) 2020, aims to empower students with rich educational content, improving learning outcomes in schools around the coal mining areas of CIL subsidiaries ECL, BCCL, and CCL in Jharkhand. Key Project Details: i.As a part of this project, one smart classroom and one Information & Communication Technology (ICT) lab will be set up in each identified school. ii.The project also includes provisions for teacher training and 3 years of maintenance of the installed equipment. Key People: The MoUs were signed in the presence of Rupinder Brar, Additional Secretary, Ministry of Coal; Vinay Ranjan, Director (Personnel and Industrial Relations), CIL and Manoj Kumar, Chairman and Managing (CMD) Director, EdCIL (India) Ltd.
Individual Income Inequality has declined during FY14-FY22: SBI ERD Reporti.On January 8, 2023, the State Bank of India (SBI) Economic Research Department (ERD) released a report titled ‘SBI Research: Debunking K-shaped recovery‘ which stated that individual income inequality in India has declined during 2013–2014(FY14) to 2021–2022(FY22). ii.The Gini coefficient of taxable income, which captured income inequality, dropped from 0.472 to 0.402 during this period. iii.36.3% taxpayers moved to higher income groups, leading to a 21.3% income increase. iv.Top 2.5% taxpayers’ share dropped from 2.81% to 2.28% (2014–2021). About State Bank of India(SBI): Chairman–Dinesh Kumar Khara Establishment– 1955 Headquartered– Mumbai, Maharashtra Tagline – The Banker to Every Indian
RBI doubles Minimum Capital Requirement to Rs 200 cr for SFBsOn January 8, 2024, the Reserve Bank of India (RBI) increased the minimum capital requirement for Small Finance Banks (SFBs) from Rs 100 crore to Rs 200 crore, and permitted Payments Banks to upgrade as SFBs.
The reason behind this is to improve the financial resilience of SFBs and ensure their long-term sustainability.
It is noted that the net worth of all operational SFBs is in excess of Rs 200 crore.
Key Points: i.Urban Co-operative Banks (UCBs) transitioning to Small Finance Banks (SFBs) need an initial net worth of Rs 100 crore, to be increased to Rs 200 crore within five years. ii.Payments Banks, eligible as per guidelines, can apply for SFB conversion after five years of operation. iii.SFBs will be granted scheduled bank status immediately upon commencement of operations, and will get immediate general permission to open banking outlets. iv.The key difference between SFBs and Payments Bank is that the latter is not allowed to do lending.
SFBs can provide basic banking services like lending and accepting deposits. SFBs target customers like small farmers, small businessmen, unorganized workers, and micro small and medium enterprises.
Payment Banks offer limited banking services, such as debit card issuance, remittances, and deposit accounts.
About Reserve Bank of India (RBI): Governor– Shaktikanta Das Headquarter– Mumbai, Maharashtra Establishment– April 1, 1935
Overview of 81st Golden Globe Award 2024: Christopher Nolan’s “Oppenheimer” bagged 5 Awards81st edition of Golden Globe Awards (2024) held on 8th January, 2024 at the Beverly Hilton in Beverly Hills, California, United States of America (U.S.A.). i.Five-time Oscar nominee Christopher Nolan’s film “Oppenheimer” steals the entire spotlight at 81st Golden Globe Awards by securing 5 awards in coveted categories such as: Best Film in Drama, Best Actor in Drama, Best Supporting Actor and for best original score by Ludwig Goranson.
Christopher Nolan won his career 1st Golden Globe Award for Best Director for his film “Oppenheimer”. Though, he was nominated for Golden Globe 6 times.
ii.Cillian Murphy won the Golden Globe for best male actor in Drama for his role as the father of the atomic bomb ”J. Robert Oppenheimer”. iii.Lily Gladstone won best female actor in Drama for Martin Scorsese’s Killers of the Flower Moon. iv.Greta Gerwig’s film Barbie became the 1st film to win “Cinematic and Box Office Achievement” at Golden Globes. About Golden Globe Awards: Golden Globe Awards are one of the most prestigious awards given in both American and international film and television.
1st Golden Globe Award held in 1944.
The Awards were founded and presented annually by Hollywood Foreign Press Association (HFPA).
Bengali Writer ShirshenduMukyopadhyaya Named for 2023 Kuvempu Award Bengali writer and novelist, ShirshendhuMukyopadhyaya (87), has been honoured with the KuvempuRashtriyaPuraskar 2023 by the Rashtrakavi Kuvempu Trust.
The award recognises the litterateurs who had contributed to any language recognised by the constitution of India.
The award includes a cash award of Rs 5 lakh, a silver medal and a citation.
Note: The annual award was instituted in 2013 as a tribute to the late Kannada poet Kuvempu. About Shirshendhu Mukyopadhyaya: He has authored more than 90 books, including travelogues and fiction for children. He received the Sahitya Akademi Award in 1989 for his novel Manabajamina and became a fellow of the Sahitya Akademi in 2021.
Justice BR Gavai Nominated As Chairperson of SCLSC; Justice Sanjiv Khanna Nominated as Executive Chairman of NALSAThe National Legal Services Authority (NALSA) has nominated Justice Bhushan Ramakrishna (BR) Gavai, a judge of the Supreme Court of India, as the Chairman of the Supreme Court Legal Services Committee (SCLSC). He succeeds Justice Sanjiv Khanna, the senior most puisne judge of the Supreme court. Note: The Department of Justice, under the Ministry of Law & Justice, issued the notification to this effect on 29th December 2023. About BR Gavai: i.BR Gavai started his career as an advocate in the Nagpur Bench of the Bombay High Court in 1985. ii.He was appointed as Government Pleader and Public Prosecutor for Nagpur Bench in 2000. iii.In 2003, he was appointed as an Additional Judge of the Bombay High Court and later became the permanent judge in 2005. iv.In 2019, he was elevated as the Judge of the Supreme Court. He is due to retire on 23rd November 2025. About SCLSC: i.SCLSC was established under Section 3A of the Legal Services Authorities Act, 1987. ii.The committee aims to provide free and competent legal services to the weaker sections of society. iii.SCLSC consists of a sitting judge of Supreme court as the chairman and 9 members nominated by Chief Justice of India(CJI). Sanjiv Khanna Appointed as Executive Chairman of NALSA: The President of India, Droupadi Murmu, in exercise of the powers conferred under Clause (b) of sub-section (2) of Section 3 of the Legal Services Authorities Act, 1987 has nominated Justice Sanjiv Khanna as the Executive Chairperson of NALSA with effect from 26th December 2023.
He succeeds Justice Sanjay KishanKaul, who retired on 25th December 2023.
Note: He was was appointed as a Judge of the Supreme Court in 2019 and he is set to retire on 13th May 2025. Additional Info: i.The President, in consultation with the CJI, appoints an active or retired Supreme Court judge as the Executive Chairman of NALSA. ii.As per convention, the post of Executive Chairman of NALSA is occupied by the second-senior judge of the Supreme Court. About Supreme Court of India: Chief Justice of India (CJI) – Justice Dhananjaya Yeshwant (DY) Chandrachud Located in New Delhi, Delhi Established in 1950
ACC Appoints ArunaNayar as Secretary to Railway Board in IRMS The Appointments Committee of Cabinet (ACC) has appointed ArunaNayar, Indian Railway Personnel Service (IRPS) Officer of 1987 Batch,as Secretary to Railway Board in Indian Railway Management Service (IRMS) Level-16 with effect from 6th January 2024.
Aruna Nayar is the 1st IRPSofficer to be empanelled in IRMS at Level 16.
Prior to the appointment, she has been serving on the Railway Board as an Additional Member, Staff since May 2023.
She has aslo served as the Principal Executive Director/Staff, Railway Board from February 2022 to May 2023.
Canada’s Brookfield set to Acquire ATC India for USD 2.5 bn Canada-based Brookfield Asset Management(BAM) through its affiliate Data Infrastructure Trust(DIT) is set to fully acquire the Indian unit of American Tower Corporation (ATC) for an enterprise value of around USD 2.5 Billion. The transaction is subject to regulatory approvals and expected to close in the second half of 2024.
Following the acquisition, Brookfield will become India’s largest tower company with 2.53 lakh towers.
Reliance Jio Infocomm Limited (RJIL) is the anchor client of Brookfield whereas Vodafone Idea Limited (VI) is the anchor client of ATC.
NASA Tested Rotating Detonation Rocket Engine in USA National Aeronautics and Space Administration (NASA) has successfully tested the 3-dimensionally (3-D) printed innovative propulsion system called “Rotating Detonation Rocket Engine (RDRE)” at Marshall Space Flight Center in Huntsville, Alabama, the United States of America (USA).
RDRE is NASA’s first engine which generates thrust using a supersonic combustion phenomenon known as a detonation.
About the Engine: i.RDRE is managed and funded by the Game Changing Development Program within NASA’s Space Technology Mission Directorate. ii.The engine can power both human landers and interplanetary vehicles. iii.The RDRE incorporates the NASA-developed GRCop-42, a copper, chromium and niobium alloy, with the powder bed fusion additive manufacturing process iv.The engine increases the capacity of a spacecraft to carry more payload and mass to deep space destinations. v.The engine aims to change the structure of future propulsion systems which helps in NASA’s Moon to Mars vision. About the Testing: i.RDRE was tested for 251 seconds (4 minutes & 11 seconds). ii.The testing was aimed at scaling the combustor to different thrust classes, supporting engine systems of all types and maximizing the variety of missions it could serve. iii.The engine produced more than 5,800 pounds( 25,810 newtons) of thrust during testing. iv.The hot fire test of the engine was conducted in 2022 by NASA in partnership with In Space LLC of Indiana (USA) and Purdue University of Indiana. About National Aeronautics and Space Administration (NASA): Administrator – Bill Nelson Headquarters – Washington, D.C., the United States of America (USA) Established in – 1958
NASA Launched Peregrine Mission One to Moon with Five PayloadsOn 08th January 2024, the National Aeronautics and Space Administration (NASA) launched five payloads to soft land on the Moon’s surface aboard Peregrine Mission One (PM1) (TO2-AB). The mission was launched through United Launch Alliance (ULA)’s Vulcan Centaur Launch Vehicle (VC2S) from Cape Canaveral, Florida, United States of America (USA).
This is the first launch of NASA under the Commercial Lunar Payload Services(CLPS) Initiative.
PM1 is the first commercial mission of Astrobotic Technology to land on another planetary body.
SharadBhaskaran, who is of Indian origin, is the mission director.
About the Mission: i.This is the first lunar mission of NASA after the launch of Apollo 17 in 1972. ii.The mission aims to identify water molecules on the Moon, measure radiation and gases around the lander, and assess the lunar exosphere. iii.The mission consists of a Peregrine Lunar Lander, which carries scientific instruments and other payloads to the Moon’s surface. iii.The Lunar Lander will land at Sinus Viscositatis (also known as the Bay of Stickiness), a lunar feature near the Gruithuisen Domes on the Moon on 23rd February 2024. iv.The mission is said to be operated for about 10 Earth days.
i.Peregrine is a small-class lander that delivers payloads to lunar orbit and the lunar surface. ii.Payloads can be mounted above or below the decks, inside or outside of enclosures, and can remain attached or deployed. Payloads: The five payloads of the mission are:
Laser Retro-Reflector Array (LRA) – function as a permanent location marker on the Moon.
Linear Energy Transfer Spectrometer (LETS) – demonstrates the capabilities of the radiation monitors on the lunar surface.
Near-Infrared Volatile Spectrometer System (NIRVSS) – Studies lunar soil composition and finds hidden minerals and volatiles.
Peregrine Ion-Trap Mass Spectrometer (PITMS) – analyses thin lunar atmosphere and studies escaping gases & molecules.
Neutron Spectrometer System (NSS) – detects potential water present in the lunar soil.
CLPS Initiative: i.Through the CLPS initiative, NASA establishes a commercial marketplace for science, exploration, and technology development investigations on the Moon’s surface and in lunar orbit. ii.The initiative was launched in 2018. iii.14 vendors under CLPS are eligible to carry NASA payloads to the Moon. Note – United Launch Alliance (ULA) is a venture of Boeing-Lockheed Martin. About Astrobotic Technology: Chief Executive Officer (CEO) – John Thornton Headquarters – Pennsylvania, United States of America (USA) Established in – 2008
Franz Beckenbauer, Germany’s World Cup Winning Football Player & Manager, Passed AwayFormer German football player and managerFranz Beckenbauer, who won Two World Cup titles, passed away at the age of 78 in Salzburg, Austria. He was born on 11 September 1945 in Munich, Germany.
He was nicknamed “Der Kaiser” (“The Emperor”), who invented a new style of play as a central defensive sweeper role or ‘libero’, where he found the most success.
World Cup Records: i.He captained the West Germany national team which won the Federation Internationale de Football Association(FIFA) World Cup in 1974 held in Munich, Germany. ii.He was the Manager of the West Germany Football team that won the World Cup 1990 held in Italy. Note: He is one of the 3 individuals that have won the FIFA world cup both as player and as Manager. The other 2 are: Brazil’s Mario Zagallo and France’s Didier Deschamps Franz Beckenbauer’s Career: i.He played for Bayern Munich from 1964 to 1977; New York Cosmos from 1977 to 1980 and 1982 to 1983 and Hamburger SV from 1980 to 1932. ii.After his retirement 1983, he served as the manager of West Germany team from 1984 to 1990. iii.He has also served as the President of Bayern Munich from 1994 to 2009 and as Honorary President of Bayern Munich from 2009 till his death. Highlights: i.He represented West Germany 103 times scoring 14 goals. He has scored 74 goals in 582 games representing Bayern Munich. ii.He was a part of the West Germany team that won the European Championship in 1971. iii.During his stint with Bayern Munich, the club won Three European Cup and one European Cup Winners’ cup and one Intercontinental Cup. Awards: i.He won the Ballon d’Or twice for the best European Footballer of the year in 1972 and 1976. ii.He was named Germany’s Footballer of the year four time in 1966, 1968, 1974, 1976
PravasiBharatiya Divas 2024- January 9PravasiBharatiya Divas (PBD), also known as Non-Resident Indian (NRI) Day, is celebrated on 9 January to recognise the remarkable contributions and accomplishments of the Overseas Indian community (Indian diaspora) across the world to the development of India. PravasiBharatiya Divas (PBD) Convention: i.PBD Convention is the flagship event of the Ministry of External Affairs (MEA), Government of India (GoI). ii.It aims to provide a platform for the overseas Indian community to engage with the GoI and share their experiences and expertise with the Indian community. Background: i.The 1st PBD Convention was organised on 9 January 2003 (Delhi). ii.Since 2003, it has been celebrated as an annual event, but in 2015, the government revised its format to celebrate PBD once every 2 years (biennial).
The 18th PBD will be organised on 9 January 2025.
iii.The MEA has held 17 conventions since its inception.
The 17th PBD Convention took place from 08-10 January 2023 in Indore, Madhya Pradesh.
The theme for the 17th PBD was “Diaspora: Reliable Partners for India’s Progress in AmritKaal”.
Why January 9? It was on the same date in 1915, that Mahatma Gandhi returned to India from South Africa.
To mark this day, the tradition of celebrating PBD started in 2003.
Overseas Indians/Indian Diaspora: i.Indian Diaspora is a generic term used for addressing people who have migrated from the territories that are currently within the borders of the Republic of India. ii.It constitutes NRIs, who are citizens of India but live outside India, and Persons of Indian origins (PIOs) including Overseas Citizens of India (OCI), who are foreign nationals with Indian roots.
NRIs have rights like voting in India, which PIOs don’t have.
iii.As of October 2023, there are around 3,22,85,425 overseas Indians around the world (data by MEA). Note: To streamline processes and enhance engagement, the government merged PIO and OCI cardholders into a unified category, OCI, in 2015. Regional PravasiBhartiya Divas (RPBD): i.It is a strategic initiative by the MEA to engage with the diaspora beyond the main biennial event in India.
It aims to connect with the diaspora, who are all unable to attend the main event in India.
ii.So far, 10 RPBDs have been held:
The 10th RPBD was held in Singapore from 6-7 January 2018.
Earth’s Rotation Day 2024 – January 8Earth’s Rotation Day is annually observed across the globe on 8 January to highlight the significance of Earth’s rotational motion. It commemorates the anniversary of the scientific demonstration of Earth’s rotation by the French physicist Léon Foucault in 1851.
Earth’s Rotation Day 2024 observed on 8th January 2024 commemorates 173rd anniversary of Léon Foucault‘s demonstration.
Basics of Earth’s Rotation: i.The spinning of the Earth around its axis is called ‘rotation.’ Earth completes a full rotation on its axis every 23 hours and 56 minutes, which is rounded up to 24 hours. ii.This rotation around its axis is known as one Earth Day and this rotation is responsible for day and night cycles. ii.Earth rotates on its axis from West to East, and the Sun and Moon appear to move from East to West across the sky. History: i.In 470 BC, the Greeks claimed that the earth rotates on its own back. ii.In 1851, Léon Foucault demonstrated the earth’s rotation with the help of his pendulum called the Foucault Pendulum. iii.The principle of the Foucault Pendulum was 1st demonstrated in the Pantheon in Paris Observatory in 1851 by suspending the pendulum from the dome of the Panthéon.
The experiment involved suspending a 28-kilogram brass bob, 38 centimeters in diameter, hanging on a 67-meter (220-foot) long wire.
iv.It was the 1st satisfactory demonstration of the earth’s rotation using laboratory apparatus rather than astronomical observations. Note: Later, it was displayed at the Pantheon in Greece.
Union Housing & Urban Affairs Minister Hardeep S Puri Launched Refereshed PAiSA Portal & PM SVANidhi PortalUnion Minister Hardeep Singh Puri, Ministry of Housing and Urban Affairs (MoHUA), launched 2 portals namely the refreshed Portal for Affordable Credit and Interest Subvention Access (PAiSA Portal) Dashboard; and the Prime Minister Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) Mission Monitoring Portal during the inauguration of a seminar on ‘Grievance Redressal Committee (GRC) for Street Vendors.
These portals will provide real-time progress updates on the mission and scheme, fostering transparency and accountability.
The seminar on ‘GRC for Street Vendors’ was organised by the MoHUA on January 04, 2024 at the India Habitat Centre, New Delhi, Delhi.
About PM SVANidh: The MoHUA launched the PM SVANidhi scheme on 1 June 2020, to address challenges faced by Street Vendors and help them resume businesses affected by the COVID-19 pandemic. About PAiSA Portal: The PAiSA portal was launched on November 26, 2018. The web portal was designed and developed by Allahabad Bank. It is a centralized hub for processing interest subvention on bank loans to beneficiaries under the Deendayal Antyodaya Yojana – National Urban Livelihoods Mission (DAY-NULM). Seminar on GRC for Street Vendors: i.The seminar aimed to sensitize all States and Union territories (UTs) about the significance of robust GRCs and brought together key stakeholders, including GRC members, to enhance their understanding of the legal provisions within the Street Vendors Act 2014. ii.The event provides a platform for capacity building among State officials and GRC members to address the challenges faced by street vendors.. Role of GRC: i.During the inauguration, the minister emphasised the importance of establishing robust GRCs under the Street Vendors (Protection of Livelihood and Regulation of Street Vending) Act, 2014. ii.GRCs play a crucial role in ensuring fair treatment, resolving disputes and conflicts among street vendors, and upholding the rights of street vendors as per the Street Vendors Act of 2014. Street Vendors Act, 2014: i.It is an Act to protect the rights of urban street vendors and to regulate street vending activities in India and for matters connected therewith or incidental thereto. ii.The Act safeguards vendors from arbitrary evictions, fostering economic sustainability and contributing to vibrant urban spaces by:
Forming, 4,342 Town Vending Committees;
Demarcating 13,403 vending zones;
Constructing 1,350 vending markets; and
Issuing 38.06 lakh Certificates of Vending.
Note: Street vendors contribute significantly to the urban informal economy.
Union Minister Mansukh Mandaviya inaugurates “PRASADAM”, India’s 1st Healthy & Hygienic Food Street, at MP On 7th January 2024, Dr. Mansukh Mandaviya, Union Minister for Health & Family Welfare, inaugurated “PRASADAM”, India’s 1st Healthy & Hygienic Food Street, at Neelkanth Van, Mahakal Lok, in Ujjain, Madhya Pradesh(MP).
Dr. Mohan Yadav, Chief Minister(CM) of MP along with other dignitaries were present during the inauguration.
PRASADAM, with a total number of 17 shops spread across 939 square meters offers convenient and culturally rich dining options for devotees of Mahakaleshwar Temple. Other noted Launches: i.Union Minister also launched the official website for the Healthy & Hygienic Food Street initiative and the brochure outlining the Standard Operating Procedure for Healthy & Hygienic Food Streets. ii.They also launched the Mannhit app, an initiative facilitating screening for mental health. iii.Food Safety and Standards Authority of India (FSSAI) released “The DART Book” to empower consumers to tackle adulteration at home with simple tests. iv.A mobile food testing van called Food Safety on Wheels (FSW) was also launched to conduct training and awareness activities.
DoT makes mandatory M2M, WPAN/WLAN registration to All EntitiesThe Department of Telecommunications (DoT), under the Ministry of Communications (MoC), has mandated Machine-to-Machine (M2M) and Wireless Personal Area Network/Wireless Local Area Network (WPAN/WLAN) registration to all entities engaged in these businesses.
The registration process must be completed by March 31, 2024, through the SaralSanchar portal (saralsanchar.gov.in)
The reason behind this mandate is to broaden the scope of registration to foster a standard-based and secure M2M/IoT ecosystem.
Key Points: i.All entities, include Companies, Government departments, Organizations, Partnerships, LLPs (Limited Liability Partnerships), Institutions, Undertakings, Proprietorship firms, Societies, Trusts engaged in M2M service provisioning and WPAN/WLAN Connectivity Provisioning, ii.Non-compliance may result in the withdrawal or disconnection of telecom resources from Authorized Telecom Licensees. iii.This mandate will addresses the concerns of M2M Service Providers and WPAN/WLAN Connectivity Providers related to interface with Telecom Service Providers (TSPs), KYC (Know Your Customer), Security, Encryption, and more. iv.The above mandate also followed the recommendations of TRAI (Telecom Regulatory Authority of India) on Spectrum, Roaming and Quality of service (QoS) related requirements in M2M communications. About Telecom Regulatory Authority of India (TRAI): Establishment– 1997 Headquarters– New Delhi, Delhi
FAO Food Price Index December 2023 stood at 10.1% below 2022 levelsFood and Agriculture Organization of the United Nations (FAO) Food Price Index (FFPI) December 2023 stood at 118.5 points, 1.8 points (1.5%) lower than November 2023 level(120.3) and 13.3 points (10.1%) lower than December 2022 level(130.4).
For 2023 as a whole, FFPI stood at 124.0 points, 19.7 points (13.7%) lower than the average value in 2022.
The FAO’s World Food Price Index tracks monthly changes in the international prices of a set of globally-traded food commodities.
FAO Food Price Index:
In December 2023, the FAO All Rice Price Index rose 1.6% above its November 2023 level.
The International rice prices saw a 21% annual increase in 2023, primarily due to concerns about the impact of El Niño on rice production and the aftermath of export restrictions imposed by India.
ii.Compared to November 2023, FAO Vegetable Oil Price Index decreased by 1.4% (1.7 points) in December 2023. iii.The FAO Dairy Price Index increased by 1.6% (1.9 points) in December 2023, marking the third consecutive monthly rise but standing 16.1% lower than a year ago. v.The FAO Meat Price Index decreased by 1%(1.1 points) in December, standing 1.8% below its value from December 2022. v.The FAO Sugar Price Index in December dropped by 16.6% from November 2023, marking the lowest level in the past nine months but remained 14.9% above its level in the December 2023.
India & Saudi Arabia signed Bilateral Haj Agreement 2024 in Jeddah On 7th January 2024, India and the Kingdom of Saudi Arabia signed the Bilateral Haj Agreement 2024 under which a total quota of 1,75,025 pilgrims from India has been finalised for Haj 2024 with 1,40,020 seats reserved for pilgrims to proceed through Haj Committee whereas 35,005 pilgrims would be permitted to proceed through private operators Signatories: The agreement was signed by Smriti Irani, Union Minister for Minority Affairs and Dr. Tawfiq bin Fawzan, Saudi Minister of Hajj and Umrah in Jeddah in Saudi Arabia in the presence of V Muraleedharan, Union Minister of State(MoS) for External Affairs. Points to note: i.Union Minister Irani & MoS Haj Muraleedharan visited the Terminal of King Abdulaziz International Airport, Jeddah, to oversee the arrangements for pilgrims. ii.On 8th January 2024, Union Minister Irani attended the opening ceremony of the 3rd ‘Haj and Umrah Conference’ in Jeddah organised by the Saudi Ministry of Haj and Umrah Affairs.
IRDAI Eases Norms for Investment in Infrastructure by Insurance CompaniesThe Insurance Regulatory and Development Authority of India (IRDAI) has removed the requirement of case-to-case approval for investment in Infrastructure Debt Funds Non-Banking Financial Companies (IDF – NBFCs) by insurance companies.
The move aims to encourage investment in the infrastructure sector and enhance the ease of doing business.
This is in line with the updated regulations for IDF-NBFCs provided by the Reserve Bank of India (RBI) effective from August 2023.
Criteria: The investment of insurers in IDF-NBFCs is subjected to the following criteria: i.IDF – NBFCs should be registered with RBI. ii.The minimum credit rating of AA or its equivalent by a Credit Rating Agency(CRA) registered with the Securities and Exchange Board of India (SEBI) to be eligible for the investment. iii.These debt securities will have a residual tenure of at least five years. iv.The investment should be in line with Note 3 of Regulation 9 of IDRAI (Investment) Regulations 2016. Note: The requirement of case-to-case approval was dictated by Note 2 of Regulation 9 of IDRAI (Investment) Regulations 2016. What is IDF-NBFC ? i.An IDF can be established either as a trust or a company.
If established as a trust, it is designated as an IDF-Mutual Fund (IDF-MF) and is regulated by SEBI.
If established as a company, it’s labelled as an IDF-NBFC and is subject to regulation by RBI.
ii.An IDF-NBFC means a non-deposit-taking NBFC which is authorized to the following:
Refinance post Commencement Operations Date (COD) infrastructure projects that have completed at least one year of satisfactory commercial operations.
They can finance toll operates transfer (TOT) projects as the direct lender.
About Insurance Regulatory and Development Authority of India (IRDAI): Chairperson – Debasish Panda Headquarters – Hyderabad, Telangana Established in – 1999 (But Incorporated in 2000)
ADB Sells USD 5 Billion in Dual Tranche 3Yr and 10Yr Bonds to Promote Development in the RegionThe Asian Development Bank (ADB) sells a dual-tranche global benchmark bond valued at USD 3 billion with a maturity of 3 years and at USD 2 billion with a maturity of 10 years to raise USD 5 Billion to promote social and economic development across its member countries in Asia and the Pacific region.
The raised funds will be contributed to ADB’s ordinary capital resources.
USD 3 Billion – 3year Bond: i.This 3 year bond will be maturing on 12th January 2027. ii.Bond Details:
Coupon Rate: 4.125% per annum
Coupon Payment Frequency: Semi-annually
Priced at: 99.663%
Yield: 11.9 basis points
iii.The bond’s yield is referenced to a benchmark, which is the 4.375% United States (US) Treasury notes due December 2026. Investor Distribution:
By Investor Type- Central Banks and Official Institutions (66%), Banks (21%), Fund Managers and Other Investors (13%)
By Geography – Europe, the Middle East, and Africa (36%), Asia (33%), Americas (31%)
USD 2 Billion – 10year Bond: i.This 10-year bond will be maturing on 12th January 2034. ii.Bond Details:
Coupon Rate: 4.125% per annum
Coupon Payment Frequency: Semi-annually
Priced at: 99.530%
Yield: 21.3 basis points
iii.The bond’s yield is referenced to a benchmark, which is the 4.5% US Treasury notes due November 2033. Investor Distribution:
By Investor Type- Banks (50%), Central Banks and Official Institutions (28%), Fund Managers and Other Investors (22%)
By Geography – Europe, the Middle East, and Africa (54%), Americas (29%), Asia (17%)
Transaction: i.BofA Securities, Morgan Stanley, Royal Bank of Canada (RBC) Capital Markets, and TD Securities took the lead in managing the transaction. ii.This is ADB’s first US dollar global benchmark outing for 2024. Additional Info: i.A syndicate group, including Canadian Imperial Bank of Commerce (CIBC) Capital Markets, Daiwa Capital Markets Europe, NatWest Markets, Scotiabank, and Standard Chartered Bank, was also formed. ii.ADB plans to raise about USD 30 billion to USD 34 billion from capital markets in 2024. About Asian Development Bank (ADB): President – Masatsugu Asakawa Headquarters – Mandaluyong City, Manila, Philippines Estbalished in – 1966 Members – 68 countries (49 countries are from within Asia and the Pacific and 19 outside)
Former US President Barack Obama won 75th Creative Arts Emmy Awards: Outstanding Narrator Barack Obama, former President of the United States of America(USA) (2009-2017), won the 75th Creative Arts Emmy Award under the Outstanding Narrator category for his Netflix documentary series title Working: What We Do All Day “The Middle”.
Previously, he won the award in the same category in 2022 for the Netflix documentary series Our Great National Parks “A World Of Wonder”.
He also has 2 Grammys under the Best Spoken Word Album category for “The Audacity Of Hope: Thoughts On Reclaiming The American Dream” in 2008 and Dreams From My Father (Senator Barack Obama) in 2006.
Note:The Television Academy presented the 75th Creative Arts Emmy® Awards honouring outstanding artistic and technical achievement in television on 6th and 7th January 2024 at Peacock Theater in Los Angeles, California, USA. List of winners of the 75th Creative Arts Emmy Award(List 1 & List 2)
Sheikh Hasina won 5th Term as the Prime Minister of BangladeshSheikh Hasina (76) , President of Awami League and incumbent Prime Minister of Bangladesh has been re-elected as the PM for the 5th term. This also marks’s her 4th consecutive term as PM of Bangladesh.
With this win, Sheikh Hasina retains her title as world’s longest-serving female head of state.
Bangladesh General Election 2024: i.Awami League won the Bangladesh General Election 2024 held on 7th January 2024 securing 216 seats out of 224 seats. ii.This marks Awami League’s 4th consecutive term. iii.The 12th parliamentary election has recorded the 2nd lowest voter turnout since the reinstatement of democracy in 1991. About Sheikh Hasina: i.She is a daughter of Sheikh Mujibur Rahman, the founding father and first President of Bangladesh. He was killed during the 1975 Bangladeshi coup d’état along with most of his familymembers. ii.Following the 1975 massacre of her family, she lived in exile in India for 6 years. iii.she was elected as the President of the Awami League and returned to Bangladesh in 1981. iv.She was elected as the Prime Minister of Bangladesh for the first time in 1996. She was re-elected as PM of Bangladesh in 2008, 2014 and 2018. Awards and honours: i.United Nations Educational, Scientific and Cultural Organization (UNESCO) Houphouet-Boigny Peace Prize in 1998 ii.Indira Gandhi Peace Prize in 2009. iii.United Nations(UN)’s Champions of the Earth award in 2015. About Bangladesh: President– Mohammed Shahabuddin Prime Minister– Sheikh Hasina Capital– Dhaka Currency– Bangladeshi Taka
Former IPL officialRaghuram Iyer Appointed as CEO of IOAOn January 5, 2024, the Indian Olympic Association (IOA) appointed Raghuram Iyer as the its Chief Executive Officer (CEO).Previously, he has served as the CEO of Indian Premier League (IPL) teams such as Rajasthan Royals, Lucknow Super Giants and Rising Pune Supergiant.
Raghuram Iyer was unanimously selected for the post by IOA Nomination Committee
Points to note: i.Prior to this appointment, the functions of the CEO at IOA were managed by KalyanChaubey, the joint secretary of the IOA and the President of the All India Football Federation (AIFF). ii.Raghuram Iyer has also worked with Indian Super League (ISL) club ATK Mohun Bagan in football and Ultimate Table Tennis (UTT) franchise RPSG Mavericks. Background: i.The new constitution of the IOA was approved and ratified by General Assembly of IOA in November 2022. ii.As per the new constitution, the IOA was to appoint a CEO to perform the functions of the erstwhile Secretary General of IOA. iii.According to Article 15.3 of the amended IOA constitution, the CEO must be proposed by a nomination committee consisting of the IOA president, chairman of the Athletes’ Commission, and one IOC member from India. iv.The CEO of IOA will be an ex-officio member of the Executive Council without voting rights. The CEO is not an elected member but a salaried official of IOA. Eligibility: A candidate with at least 10 years of CEO experience in a company/entity with an annual turnover of Rs 25 crore or more is eligible to be appointed as CEO of IOA. About Indian Olympic Association (IOA): President– Pilavullakandi Thekkeparambil Usha(P.T. Usha) Headquarters– New Delhi, Delhi Establishment– 1927
ISRO successfully Tests Fuel Cell based Power System in Space Indian Space Research Organisation (ISRO) has tested a 100-watt(W) class Polymer Electrolyte Membrane Fuel Cell based Power System (FCPS) to assess its operation in space and to collect data to facilitate the design of systems for future missions. VSSC Tested Si–Graphite Anode-Based Lithium-Ion Cells ISRO’s Vikram Sarabhai Space Centre (VSSC) has tested 10 Ampere Hour (Ah) Silicon(Si)–Graphite anode based High Energy Density Lithium(Li)-ion cells through the POEM3 experiment to assess the anode’s capability to survive and perform in the space environment. About Indian Space Research Organisation(ISRO): Chairman – Sreedhara Panicker Somanath Headquarters – Bengaluru, Karnataka Established in – 1969
Australian Cricketer David Warner Retires from ODI & Test CricketAustralian batsman David Warner announced his retirement from one-day international (ODI) cricket and test cricket during his last test match against Pakistan, held from 3-6 January 2024 in Sydney, Australia. About David Warner’s cricket Career: i.David Warner made his test debut in 2011 against New Zealand in Brisbane, Australia.
He made his ODI debut in 2009 against South Africa.
ii.David Warner represented Australia in 112 tests and 161 ODI matches, scoring 8786 runs and 6932 runs, respectively. iii.David Warner was awarded Australian Cricket Awards(formerly Allan Border Medal) three times in 2020,2017 & 2016 by Cricket Australia(The national governing body for cricket in Australia) for his outstanding performance. iv.He was part of the cup-winning Australian team in the following tournaments, including
ODI World Cup (2015) hosted by New Zealand and Australia
Twenty20 (T20) World Cup (2021) held in the United Arab Emirates (UAE) and Oman
World Test Championship (2021–2023) held in London, United Kingdom(UK)
ODI World Cup (2023) held in India
v.He played in the Indian Premier League (IPL) for the Delhi Capitals (2009-2013 & 2022-Present) and Sunrisers Hyderabad (2014–2021). vi.David Warner holds the record for Australia’s second-highest run scorer across all three formats(ODI,T20I and Test) with 18,612 runs, behind Ricky Ponting (27,483 runs).
Germany wins United Cup 2024 title by Defeating Poland in FinalsThe German tennis team won the United Cup 2024 title by defeating Poland 2-1 in the finals held at the Ken Rosewall Arena in Sydney, Australia.
The second edition of the United Cup was held from 29th December 2023 – 7th January 2024 in Perth and Sydney, Australia.
Key Points: i.Each tie (round) in the United Cup 2024 features three matches (men’s singles, women’s singles, and mixed doubles). ii.Germany’sAlexander Zverev (6th in the ATP ranking) defeated Poland’s Hubert Hurkacz (9th ranked) in the men’s singles finals. iii.In the women’s singles finals, Poland’s IgaSwiatek(1st in WTA ranking) defeated Angelique Kerber (Germany). iv.In the mixed doubles event, Alexander Zverev and Laura Siegemund (Germany) defeated Hubert Hurkacz and Iga Swiatek (Poland) in the finals. Prize Money: i.Winners of men’s singles and women’s singles in the final receive USD 251,000 prize money, while mixed doubles winners get USD 47,255. ii.The final winning team received USD 23,155 in prize money. Results of final Match:
Each team is represented by three men and women players to compete in the events..
ii.The 2024 United Cup was jointly organised by the Association of Tennis Professionals (ATP) and the Women’s Tennis Association (WTA) in partnership with Tennis Australia. iii.Court: It is played on an outdoor hard-court surface.
Mario Zagallo, Brazil’s World Cup Winning Football Player & Coach Passed AwayFormer Brazilian Football player, coach and Manager Mário Jorge Lobo Zagallo,who won 4 World Cup titles, passed away at the age of 92 in Rio de Janeiro, Brazil. Mario Zagallo, nicknamed ‘Old Wolf’ & “The Professor”, was born on August 9, 1931, in Maceio, Brazil. Mario Zagallo’s World Cup records: i.He was a part of the Brazillian Football team that won Four Federation Internationale de Football Association(FIFA) World Cup titles.
He won two World Cups (1958 – Sweden and 1962 – Chile) as a player, one as a Head coach/Manager (1970 – Mexico) and one as an assistant coach (1994 – the United States of America/USA) for Brazil.
ii.He was the first person to win the World Cup as both a player and a Manager. iii.In 1970, Zagallo (38 years) became the 2nd youngest coach to win a World Cup. Alberto Suppici(31 years) won the world cup in 1930 with Uruguay. Career Overview: i.Mario Zagallo started his career with Rio de Janeiro’s America Football Club in 1948 and retired in 1966. ii.He has served as the Manager of the Brazil football team from 1967 to 1974, 1994-1998 and in 2002. iii.He served as the Manager of all four traditional Rio clubs — CR Flamengo, Fluminense Fc, CR Vasco Da Gama, Botafogo FR and the national teams of Kuwait, Saudi Arabia and the United Arab Emirates (UAE). Awards: In 1992 Zagallo received the FIFA Order of Merit, the highest honor awarded by FIFA, for his contributions to football.
Baayu: Assam launched India’s 1st first 100% Electric Bike Taxi ServiceAssam State Transport Corporation (ASTC) has launched an initiative called ‘Baayu’ aClean Air Movement to improve air quality in Assam’s cities.
It is India’s First 100% electric and decentralized open mobility electric bike (e-bike) taxi service.
The e-bike taxi service was launched by Parimal Suklabaidya,Minister of Transport of Assam Government, in Guwahati, Assam.
Baayu Clean Air Movement: i.Baayu Clean Air Movement is a sustainable mobility initiative launched by ASTC in collaboration with Guwahati based Bikozee Ecotech Private Limited led by the Department of Transport, Government of Assam. ii.The movement is supported by the National Institution for Transforming India (NITI) Aayog’s Shoonya Zero Pollution Mobility campaign. iii.By deploying electric vehicles (EVs) in the transport and logistics sectors, the movement aims to improve the air quality in Assam. iv.It also implements the Beckn protocol to develop digital public infrastructures to be deployed on the Open Network for Digital Commerce (ONDC). v.The movement strongly emphasises sustainability, innovation, and inclusivity. vi.The movement helps in reducing about 29,000 tons of carbon emissions by saving the fuel which may cost of Rs 73 crore. Services Provided by Baayu: i.Baayu ASTC has launched a mobile application called ‘Baayu Rider’. ii.Baayu offers e-bike taxi services, Business to Business (B2B) fleet services and Hyperlocal delivery services. iii.Baayu operates on three ‘Zero’ model.
Zero emission
Zero commission
Zero cancellation
Shoonya Zero Pollution Mobility Campaign: i.The Shoonya Zero Pollution Mobility Campaign aims to promote zero-pollution delivery vehicles by collaborating with consumers and industry. ii.The campaign was launched by NITI Aayog in September 2021.
Overview of PM Modi’s visit to Ayodhya (Uttar Pradesh) on 30th December 2023On 30th December 2023, Prime Minister Narendra Modi visited Ayodhya, Uttar Pradesh for the inauguration and launch of various initiatives and events as follows: i.PM Laid the Foundation Stone of Development Projects Worth Over Rs 15,700 Crore in Ayodhya and other parts of Uttar Pradesh ii.PM Inaugurated Redeveloped Ayodhya Railway Station, Flags off Two Amrit Bharat and Six Vande Bharat Trains.
The Amrit Bharat Express runs from Darbhanga-Ayodhya – Anand Vihar Terminal, and Malda Town – Sir M. Visvesvaraya Terminus (Bengaluru, Karnataka)
iii.PM Inaugurated Maharishi Valmiki International Airport iv.Ram Idol Carved by Sculptor Arun Yogiraj Selected for Ayodhya’s Ram Temple About Uttar Pradesh(UP): Chief Minister– Yogi Adityanath Governor– Anandiben Patel Bird Sanctuary– Parwati Arga Bird Sanctuary; Lakh-Bahosi Bird Sanctuary Festival– Janmashtami; Taj Mahotsava
Indian Railways signs 3rd MoU with CII to Facilitate Green InitiativesOn 4th January 2024, Indian Railways (IR) and Confederation of Indian Industry (CII) have signed the Memorandum of Understanding (MoU) to reduce energy and water consumption and lowering greenhouse gas (GHG) emissions.
The MoU been renewed for the 3rd consecutive time since 2016.
This renewed MoU with CII-Green Business Centre(GBC) aims to achieve IR’s target of Net Zero Carbon Emission by 2030.
Signatories: The MoU was signed and exchanged between Shailendra Singh, Principal Executive Director/Mechanical Engineering (EnHM & Project) of the Railway Board, and Seema Arora, Deputy Director General, CII in the presence of Jaya Varma Sinha, Chairman and Chief Executive Officer (CEO) of the Railway Board. Key Initiatives under the MoU: Under this renewed MoU IR and CII jointly focus on:
Bringing new/relevant technologies and their implementations.
Assistance in achieving ISO 50001 certification(Energy Management System certification) for workshops/production units (PUs).
Development of a Net-Zero Energy Railway station framework.
Creation of an information dashboard highlighting advancements in green initiatives throughout the year.
Previous MoUs: i.CII has been a key partner with IR since July 2016 to promote and facilitate green initiatives over IR. ii.The 1st MoU was signed in 2016 for 3 years. Following its expiration, a 2nd MoU was signed in 2019, for an additional 3 years. About Confederation of Indian Industry (CII): Director General– Chandrajit Banerjee Headquarters– New Delhi, Delhi Established in– 1895
IMAC to be Upgraded to National Maritime Domain Awareness in 3 Years The Indian Navy (IN)’s Information Management and Analysis Centre (IMAC) in Gurugram, Haryana is set to be upgraded into the National Maritime Domain Awareness (NMDA) centre in about 3 years. NMDA aims to address maritime challenges in the Indian Ocean Region (IOR). i.NMDA center will unite 15 departments and organizations spanning seven ministries including Ministry of Petroleum and Natural Gas(MoPNG), Ministry of Defense(MoD), Ministry of Ports, Shipping and Waterways (MoPS&W) ii.Bharat Electronics Limited (BEL), a Navratna Public Sector Unit (PSU) under the Ministry of Defence (MoD) is entrusted with the responsibility of providing all the requisite hardware and software necessary for the NMDA. About IMAC: i.IMAC is the nodal centre of the National Command Control Communication and Intelligence System (NC3I). ii.IMAC was approved by the Defence Acquisition Council in 2012 and became operational in 2014 at a cost of Rs 450 crore.
India Projected to Grow at 6.2% in 2024: UN-DESA WESP 2024i.On January 5, 2024, According to the United Nations Department of Economic & Social Affairs (UN-DESA) released World Economic Situation and Prospects (WESP) 2024 report projecting India’s economic growth to reach 6.2% in 2024 which is slightly lower than the 6.3% estimate for 2023. ii.India’s GDP is estimated to reach 6.6% in 2025. iii.South Asia’s Gross Domestic Product (GDP) is expected to increase by 5.2% in 2024. It grew by an estimated 5.3% in 2023. About United Nations Department of Economic & Social Affairs (UN-DESA): Under-Secretary-General for Economic and Social Affairs– Li Junhua Headquarters– New York, United States Establishment– 1948
World Bank’s IBRD raises GBP 1.5 billion in 5-year Sustainable Development Bond The World Bank (WB) arm International Bank for Reconstruction and Development (IBRD) has priced a 5-year Sustainable Development Bond in Great British Pound sterling (GBP) to raise GBP 1.5 billion from investors, contributing to finance sustainable development initiatives in World Bank member countries. Note: IBRD has maintained a triple-A(AAA) rating (investment grade ratings) since 1959. About the bond: i.The bond will mature on 2nd October 2028. ii.The bond is listed on the Luxembourg Stock Exchange (LSE) in Luxembourg City, Luxembourg. iii.Transaction details:
Issue price: 99.955%
Issue yield: 3.889% annual
Denomination: GBP 1,000
Coupon: 3.875% per annum
Coupon payment dates: 2 October of each year
v.Citigroup Inc., NatWest Markets Plc, Santander Bank and Toronto Dominion Securities are the joint lead managers of the transaction. vi.Belgium based Euroclear and Luxembourg based Clearstream will offer Clearing systems service for the transaction. vii.The transaction marks the largest GBP benchmark bond for Supranational Sovereign and Agency (SSA) issuers since 2022. Investor Distribution:
By Investor Type- Central Banks / Official Institutions (53%), Banks/Bank Treasuries/Corporates (25%), Asset Managers /Insurance/Pension Funds (22%).
By Geography – United Kingdom (UK – 59%), Asia (32%), Europe / Middle East (6%), Americas (3%).
About Arms of World Bank Group(WBG): WBG consists of five development institutions namely, i.International Bank for Reconstruction and Development (IBRD) ii.International Development Association (IDA) iii.International Finance Corporation (IFC) iv.Multilateral Guarantee Agency (MIGA) v.The International Centre for the Settlement of Investment Disputes (ICSID)
SBI raises USD 250 million through Green Bonds to Finance Green ProjectsState Bank of India (SBI),the largest public sector bank in India, has raised USD 250 million by issuing 5-year green bonds (also known as green notes) which will mature on 29th December 2028 to fund green projects which are in line with SBI’s Environmental, Social and Governance (ESG) Financing framework. Key Points: i.The issued senior, unsecured, green floating rate notes are rated as ‘BBB-’ by Standard & Poor’s (S&P). ii.The bonds were issued as part of SBI’s USD 10 billion medium-term note programme. iii.The bonds were issued on the floating rate basis of 1.20% above the Secured Overnight Financing Rate (SOFR). iv.The bond was issued via private placement facilitated by SBI’s London Branch, the United Kingdom (UK). v.It was listed on the India International Exchange Limited (India INX) located in the International Financial Services Centre (IFSC) in Gujarat’s International Finance Tec-City (GIFT City). vi.Tokyo(Japan) based – Mitsubishi UFJ Financial Group Inc.(MUFG) acted as the sole green note coordinator and placement agent for this placement. SBI’s Syndicated Social Loanof USD 1 Billion: i.SBI has successfully raised USD 1 Billion through Syndicated Social Loan to cater to the domestic ESG financing market. ii.The raised USD 250 million is the part of this Syndicated Social Loan. iii.The funds were raised through two tenures: a three-year and a five-year loan. Note: SOFR is a benchmark interest rate for dollar-denominated derivatives and loans which replaced the London Interbank Offered Rate (LIBOR) in June 2023. About State Bank of India (SBI): Chairman – Dinesh Kumar Khara Headquarters – Mumbai, Maharashtra Established in – 1955
India’s GDP likely to grow by 7.3% in FY24: First Advance Estimated by NSOi.On January 5, 2024, the National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI) released the First Advance Estimates (FAE) of National Income for the financial year 2023-24, both at Constant (2011-12) and Current Prices. ii.As per it, Indian economy growth in real GDP will be at 7.3% in FY24 as compared to the 7.2% in FY23. iii.While in nominal terms, the projected GDP growth for India in FY24 is 8.9%, a deceleration from the 16.1% recorded in FY23. iv.India will retain as the fastest-growing major economy. v.It should be noted that the India’s 7% growth rate in FY24 is a the third year in a row. vi.The higher GDP growth is driven by government expenditure along with a pickup in sectoral outputs of mining, manufacturing, construction and financial services. About Ministry of Statistics and Programme Implementation (MoSPI): Minister of State (Independent Charge)– Rao Inderjit Singh (Constituency- Gurugram, Haryana) Secretary– DR. G P Samanta
Vitol and GAIL Sign Long-Term LNG Supply Deal into India GAIL (India) Limited, a Maharatna Central Public Sector Enterprise (CPSE) under the Ministry of Petroleum and Natural Gas (MoPNG), has signed a Long Term Liquefied Natural Gas (LNG) deal with Singapore-based Vitol Asia Pte Limited for the supply of approximately one million metric tons of LNG per annum into India for a period of about 10 years, with effect from 2026.
Under this deal, Vitol will deliver LNG from its global LNG portfolio to GAIL in India on a pan-India basis.
About GAIL(India) Limited: Chairman & Managing Director (CMD) – Sandeep Kumar Gupta Headquarters – New Delhi, Delhi Established in – 1984
Canara Bank CGM P Santhosh Appointed as MD & CEO of NARCL; Natarajan Sundar Resigns as MD P Santhosh, Chief General Manager (CGM) of Canara Bank, has been appointed (on deputation) as Managing Director (MD) and Chief Executive Officer (CEO) of National Asset Reconstruction of India Limited (NARCL) with effect from 5th January 2024.
He succeeds Natarajan Sundar, MD & CEO of NARCL (from 2022), who resigned from the post.
Santhosh will hold the post until the appointment of a regular CEO.
Note: The majority of NARCL’s stake is held by Public Sector Banks (PSBs) and the balance by private banks. Canara Bank is among the sponsor bank of NARCL with 10% stake. Additional info: i.Natarajan Sundar is the 2nd person among NARCL’s top management to resign from the position before completing their tenure. ii.In August 2023, Karnam Sekar, then chairman of NARCL, resigned ahead of his term’s completion, without specifying any reason. About Natarajan Sundar: i.Natarajan Sundar is a veteran banker with over 30 years of experience across Corporate & Wholesale Banking. ii.During his term at SBI, he held the position of Deputy Managing Director (DMD) and was working as Chief Credit Officer for the Bank. iii.Previously, he served as the CGM in the Credit Review Department from June 2018 to June 2020; and in the Project Finance Strategic Business Unit (SBU) from June 2016 to June 2018. About National Asset Reconstruction Company Limited (NARCL): NARCL is a state-backed ‘bad bank’ formed on 7th July 2021. It is registered with the Reserve Bank of India (RBI) as an Asset Reconstruction Company (ARC). Chairman– Diwakar Gupta MD and CEO– P Santhosh Headquarters– Mumbai, Maharashtra
ACC Cleared Appointments of 7 Civil Servants to Key Posts Abroad in Foreign MissionsOn 5 January 2024, the Appointments Committee of the Cabinet (ACC) chaired by Prime Minister (PM) Narendra Modi, cleared the appointment of 7 civil servants to key posts abroad to represent India in foreign missions and captive posts within the Government of India (GoI) across various multilateral bodies. About the Appointments Committee of the Cabinet (ACC): Chairperson– Narendra Modi Headquarters– New Delhi, Delhi
Ravindra Kumar Tyagi Took Charge as CMD of Power Grid Corporation of India LimitedRavindra Kumar Tyagi assumed charge as Chairman and Managing Director (CMD) of Power Grid Corporation of India Limited (POWERGRID) with effect from 1 January 2024. Before this, he was serving as Director (Operations) of POWERGRID.
He succeeded KandikuppaSreekant, who was superannuated on 31 December 2023. He has been the CMD of POWERGRID since August 2019.
Note: State-owned POWERGRID is a Maharatna Central Public Sector Undertaking (CPSU) under the administrative control of the Ministry of Power. About Ravindra Kumar Tyagi: i.Ravindra Kumar Tyagi has over 3 decades of work experience in the Power Transmission sector. ii.He has handled multi-disciplinary work in various business segments of POWERGRID like Asset Management, Business Development (domestic and overseas), Telecom, etc. iii.Previously, he served as the Executive Director (ED) in POWERGRID’s North Eastern Region. iv.He is one of the Vice Presidents of CIGRE (International Council on Large Electric Systems) India Governing Council 2022-2024. About Power Grid Corporation of India Limited (POWERGRID): POWERGRID was incorporated on 23rd Oct 1989 under the Company Act, 1956. CMD– Ravindra Kumar Tyagi Headquarters– Gurugram, Haryana
Sanjiv Aggarwal Appointed as MD & CEO of NIIFLOn 5th January 2023, Sanjiv Aggarwal, Partner (Energy Infrastructure), Actis, was appointed as the Managing Director (MD) & Chief Executive officer (CEO) of National Investment and Infrastructure Fund Limited (NIIFL), with effect from February 2024.
He will succeed Rajiv Dhar, who has been serving as interim MD and CEO of NIIFL since May 2023.
Note: NIIF is a collaborative investment platform for international and Indian investors, anchored by the Government of India(GoI). About Sanjay Aggarwal: i.Sanjay Aggarwal has been associated with Actis, a leading global investor in sustainable infrastructure, since 2008. He became a partner in 2010. ii.Before joining Actis, he worked with Citigroup for seven years as Head of Power, Energy, Chemicals, Mining and Transportation for India. iii. Before that, he worked at ANZ Investment Bank for nine years, heading the project financing team for urban infrastructure and oil & gas. About National Investment and Infrastructure Fund Limited (NIIFL): The creation of the National Investment and Infrastructure Fund (NIIF) was announced in the Union Budget of 2015-16. Managing Director (MD) & Chief Executive Officer (CEO) – Rajiv Dhar Headquarters – Mumbai, Maharashtra Established in – 2015
SEBI Appoints G Ram Mohan Rao as Executive Director for 3 years The Securities and Exchange Board of India (SEBI), has appointed Govindayapalli Ram Mohan Rao as as Executive Director (ED) of SEBI for a period of three years.
He will handle Investigation Department and Internal Inspection Department in SEBI headquarters in Mumbai, Maharashtra.
About Govindayapalli Ram Mohan Rao: i.Prior to joining SEBI, G Ram Mohan Rao served as Regional Director of the Eastern Regional Office(ERO) of SEBI in Kolkata, West Bengal. ii.He also served at the Northern Regional Office(NRO) and Serious Fraud Investigation Office (SFIO) in New Delhi, Delhi. iii.Rao is a certified fraud examiner from the Association of Certified Fraud Examiners (ACFE).
ISRO Successfully Injected Aditya L1 into the Halo Orbit Around L1On 6th January 2024, the Indian Space Research Organisation (ISRO) successfully performed the crucial manoeuvre (final manoeuvre) of injecting the Aditya-L1 spacecraft, India’s first space-based observatory-class solar probe to study the Sun,into the halo orbit around Lagrangian point 1 (L1).
Aditya L1 has travelled around 3.7 million kilometers in 126 days to reach L1.
This marks the transition of Aditya L1 mission from cruise phase to orbit phase.
Points to note: i.After a flight duration of 63 minutes and 20 seconds, Aditya L1 was successfully injected into an elliptical orbit of 235×19500 km around the Earth. ii.The satellite in the orbit around L1 will have the advantage of continuously viewing the sun without any eclipse. About Indian Space Research Organisation (ISRO): ISRO operates as the primary research and development arm of the Department of Space (DoS). Chairman– S. Somanath Headquarters– Bengaluru, Karnataka Formed on – 1969
ICC Modifies Stumping Rule and Concussion Substitute RuleThe International Cricket Council (ICC) has made changes to the stumping rule by stating that while checking for a stumping appeal, the TV umpire (referred as 3rd Umpire) will only assess the images from the side-on camera (to show only stumping done by the wicketkeeper) and will not assess the caught-behind scenario.
ICC also made changes to the concussion substitute rules.
About New Stumping Rule: i.The change in the stumping rules make the bowling team go for a separate Decision Review System (DRS) referral for the caught-behind appeal (whether the ball caught by the wicketkeeper has been hit or edged by the batsman). ii.The new changes to the Stumping rule came into effect on 12th December 2023. About concussion Substitutionrule: According to new changes in the concussion (head or neck injury) Substitution rule, the substitute player will not be allowed to bowl if the replaced(injured) player was suspended from bowling at the time of the concussion incident. Additional Info: The ICC has also imposed a four-minute time limit for on-field injury assessment and treatment.
Four Stars of Destiny: The Autobiography of Ex-Indian Army Chief M.M. Naravane General Manoj Mukund Naravane (MM Naravane), former Chief of Army Staff(CoAS) has penned his autobiography titled “Four Stars of Destiny: An Autobiography”. The book is set to be published in January 2024 by Penguin Veer, an imprint of Penguin Random House India.
The book narrates the experiences that shaped his character, from his childhood to his years in the Services.
About MM Naravane: i.MM Naravane served as the 28th CoAS of Indian Army from December 2019 to April 2022. ii.He has also served as the Vice CoAS and General Officer Commanding-in-Chief of the Training and Eastern Commands. iii.He has received several national and international awards which includes Param Vishisht Seva Medal (PVSM) in 2019 and the Distinguished Public Service Award 2022 conferred by the US-India Strategic Partnership Forum (USISPF).
Union Cooperation Minister Amit Shah launched ‘e-samridhi portal’, a Tur Dal Procurement portal for FarmersOn 4th January 2024, Union Minister Amit Shah, Ministry of Cooperation, launched the ‘e-samridhi portal‘, a platform for registration, purchase, and payment of tur dal producing farmers across India. the portal was launched during the national symposium on ‘Self-reliance in Pulses’ held in New Delhi, Delhi. The portal was developed by National Agricultural Cooperative Marketing Federation of India Ltd. (NAFED) and National Cooperative Consumers’ Federation of India Limited (NCCF). Key People: Arjun Munda, Union Minister of Agriculture and Farmers Welfare; Ashwini Choubey, Minister of State for Consumer Affairs , B. L. Verma, Minister of State for Cooperation and many other dignitaries were present during the event. About e-samridhi portal: i.The portal offers a unified platform in which farmers can register directly or through Primary Agricultural Cooperative Societies (PACS) and Farmer Producer Organizations (FPOs). ii.NAFED will ensure seamless fund transfers directly into farmers’ mapped bank accounts, eliminating intermediary agencies. iii.The multi-lingual portal will streamline the entire process for tur dal growers in Maharashtra, Andhra Pradesh, Telangana, Gujarat, Karnataka and Jharkhand. Points to note: i.The portal will enable farmers to register themselves for selling the commodity to the NAFED and NCCF at the minimum support price (MSP) or market price, whichever is higher. ii.The initiative to procure pulses at market price will be supported by the existing schemes of Price Stabilisation Fund (PSF) and Price Support Scheme (PSS). iii.The portal aims to reduce dependence on imports by purchasing 80% of the buffer stock directly from farmers. Key Points: Union Minister also transferred about Rs 68 lakh, via Direct Benefit Transfer (DBT), to 25 farmers towards payment for sale of tur dal using the portal. Note: India has set target to become self sufficient (Atmanirbhar) in the pulses sector by 2027.
MeitY Secretary S Krishnan launches ERNET India’s web portal for Educational InstitutionsOn January 4, 2023, S Krishnan, Secretary, Ministry of Electronics & Information Technology (MeitY) and chairperson of the Executive committee of Education and Research Network (ERNET), India, launched integrated web portal (https://ernet.in/) of ERNET India for educational institutes in India.
The portal was created using open-source software and advanced technologies like Artificial Intelligence (AI) and Machine Learning (ML).
He also inaugurated new conference hall of ERNET India.
Key Points: i.The portal will offer domain registration, DNS (Domain Name System) and value-added services viz. Website as a Service (WaaS) and Learning Management as a Service (LMaaS). ii.Users can choose templates available for schools, colleges, or universities, meeting their needs, to effortlessly create websites and Learning Management Systems. ERNET India: i.ERNET India, a not-for-profit autonomous scientific society under MeitY, is the exclusive registrar for education and research institutes’ domains with ac.in, edu.in, and res.in. ii.It offers web accessibility, campus Wi-Fi, smart classrooms, and connectivity via Terrestrial and Satellite systems to educational and research institutes. iii.It is also involved in establishing data centers. About Education and Research Network (ERNET), India: Chairperson(governing Council)– Union Minister of MeitY (Ashwini Vaishnaw) Director General– Sanjeev Banzal Headquarters– New Delhi, Delhi.
Overview of PM Modi’s visit to Tamil Nadu, Lakshadweep & Kerala on 2nd & 3rd January 2024 Prime Minister (PM) Narendra Modi visited Tamil Naidu(TN), Lakshadweep and Kerala from 2nd to 3rd January 2024. i.During his visit to Tamil Nadu on 2nd January 2024, PM Modi inaugurated and laid the foundation stone for multiple development projects worth more than Rs 20,000 crores in the Tiruchirappalli (Trichy) district of Tamil Nadu. ii.PM inaugurated and laid the foundation stone for multiple development projects worth Rs 1150crore at Kavaratti Island in Lakshadweep on 3rd January 2024. iii.On 3rd January 2024, PM Modi held a mega roadshow in Thrissur during his visit to Kerala. He also addressed the Bharatiya Janata Party’s women’s conference “Sthree Shakti Modikkoppam” held at Thekkinkadu Maidan, Thrissur, Kerala. About Tamil Nadu: Chief Minister– M.K. Stalin Governor– R.N. Ravi Airport– Coimbatore International Airport, Chennai International Airport National Parks– Mudumalai Tiger Reserve, Aanamali Tiger Reserve
Three varieties of handloom Sarees in West Bengal & 7 Products from Odisha get GI tagi.The Geographical Indications Registry under the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry in Chennai, has recently awarded geographical indication (GI) tags to 3 handloom sarees of West Bengal, namely Tangail, Korial and Garad received geographical indication (GI) tags under the goods of Textiles. ii.The tangail sarees are woven in Nadia and Purba Bardhhaman districts, while korial and garad are woven in Murshidabad and Birbhum. iii.The Geographical Indications Registry also awarded GI tags to 7 distinct products of Odisha. These include two local foods, three agricultural products and one each for Textile and Handicraft products viz. Lanjia Saura painting, Dungaria Kondh embroidered shawl, Gajapati Date Palm, Dhenkanal Magji, Mayurbhanj Kai Chutney, Nayagarh Kanteimundi Brinjal and Koraput Kalajeera Rice. About Odisha: Chief Minister– Naveen Patnaik Governor– Raghubar Das Stadium– DRIEMS Ground, Kalinga Stadium, Barabati Stadium
MoD Signs Contracts worth Rs 802 Cr with Jupiter Wagons Ltd & BEML for Military EquipmentThe Ministry of Defence (MoD) has inked 2 contracts worthRs 802 crore for indigenous military equipment. The 1st contract, worth Rs 473 crore, was inked with M/s Jupiter Wagons Limited for the procurement of 697 Bogie Open Military (BOM)wagons.
The 2nd contract, worth Rs 329.87 crore, was signed with M/sBEML Limited (Formerly Bharat Earth Movers Limited ) for the procurement of 56 Mechanical Minefield Marking Equipment (MMME) Mark II.
The procurements were made under the Buy Indian-IDDM (Indigenously Designed, Developed, and Manufactured) category.
Note: Both BOM Wagons and MMME Mark II will be produced using equipment and sub-systems from indigenous manufacturers. About Bogie Open Military (BOM) wagons: i.The BOM wagons, designed by Research Design and Standard Organization (RDSO) are specialist wagons used by the Indian Army for mobilization of the Army units. ii.BOM wagons are used to transport light vehicles, Artillery Guns, BMPs, Engineering Equipment, etc. from their peacetime locations to operational areas.
BMP stands for Boyevaya Mashina Pekhoty, which is a Russian phrase that translates to “fighting vehicle of infantry”.
iii.Critical Rolling Stock ensures rapid and simultaneous deployment of units and equipment into operational areas during conflict and supports peacetime movements for military exercises and unit transfers. About MMME-Mark II: i.Marking of all minefields is a mandatory requirement under the amended Protocol-II of ‘the Convention on Certain Conventional Weapons by United Nations Office for Disarmament Affairs (UNODA)’ to which India is a signatory. ii.MMME is designed to operate cross-country with a full load of stores and carry out marking of minefields with minimal time and manpower employment. iii.The equipment is based on an in-service High Mobility Vehicle leveraging advanced mechanical and electrical systems.
This integration will reduce the timings for minefield marking during operations and will enhance the overall operational capability of the Indian Army.
This directive aims to enhance consumer grievance redress and customer service standards within RE by facilitating a thorough review before the rejection of customer complaints by IO.
IOs usually deal with customer complaints related to deficiency in service.
This directive by RBI is issued in exercise of its powers conferred by Section 35A of the Banking Regulation Act, 1949, Section 45L read with 45M of the RBI Act, 1934, sub-section (1) of Section 11 of Credit Information Companies (Regulation) Act, 2005 and Section 18 of the Payment and Settlement Systems Act, 2007, Repeal of Existing Schemes: With the issue of new Directions, the guidelines contained in Internal Ombudsman Scheme 2018 – Implementation by banks; Internal Ombudsman Scheme for Non-Bank System Participants, 2019; Appointment of IO by Non-Banking Financial Companies, 2021; and RBI (Credit Information Companies- Internal Ombudsman) Directions, 2022 stand repealed. Key Guidelines: i.REs must implement a fully-automated Complaints Management Software, escalating all partly or wholly rejected complaints by the internal grievance redress mechanism to the IO within 20 days for a final decision. ii.If Internal Ombudsman / Deputy Internal Ombudsman(DIO) appointments are contractual, it should not exceed 70 years before tenure completion.
If IO/DIO tenure is fixed, it should not be less than 3 years and also should not exceed 5 years, with no eligibility for reappointment or extension in the same RE.
iii.The IO should report to the Competent Authority of the RE administratively, and to the Board of regulated entity functionally. Applicability: i.Applicable to banks (meeting specific criteria as per Directions) with 10 or more outlets in India, regardless of incorporation location. ii.Applicable to NBFCs meeting specific criteria, including deposit-taking NBFCs with 10 or more branches and non-deposit taking NBFCs with an asset size of Rs 5,000 crore and above, having public customer interface. iii.Applies to all Non-bank System Participants (NBSPs) with more than one crore Pre-paid Payment Instruments outstanding as of March 31, 2023, or thereafter. iv.Mandatory for all Credit Information Companies. v.REs with these thresholds must establish an IO framework within 6 months.
REC & BoB sign MoU to Finance Power, Infra and Logistics Projects REC Limited (formerly Rural Electrification Corporation Limited) signed a Memorandum of Understanding (MoU) with Bank of Baroda (BoB) to jointly offer loans for power, infrastructure and logistics projects for a duration of three years (till 2026). The MoU was signed in presence of Vivek Kumar Dewangan, Chairman and Managing Director (CMD), REC Limited and Debadatta Chand, MD and CEO, Bank of Baroda i.The MoU aims to catalyse transformative projects that will positively impact communities and drive socio-economic progress in India. ii.The MoU integrates REC’s expertise in the power sector with BoB’s financial prowess. Note: REC Limited is a Maharatna Central Public Sector Enterprise (CPSE) under the Ministry of Power (MoP).
Ola Electric Becomes First Indian e2W Company Eligible for PLI Scheme Ola Electric Mobility Private Limited(Ola), has become the 1st Indian electric two-wheeler (e2W) company to get eligible for the Production-Linked Incentive (PLI) scheme after receiving approval from the Ministry of Heavy Industries (MHI). i.The PLI certification offers Ola a financial benefit of Rs 15,000 to Rs 18,000 per unit. ii.This financial incentives will help to increase the penetration of Electric Vehicles (EVs) across India. iii.Ola Electric has fulfilled all the requirements outlined in the PLI Scheme, including a minimum of 50% domestic value addition to its vehicles. About Ola Electric Mobility Private Limited: Co-Founder– Bhavish Aggarwal (CEO) & Ankit Bhati Headquarters – Bengaluru, Karnataka Established in – 2017
MoYAS Announced Winners of ‘Rashtriya Khel ProtsahanPuruskar’ 2023On 4th January 2023, the Ministry of Youth Affairs & Sports(MoYAS) announced the winners of ‘Rashtriya Khel Protsahan Puruskar’ 2023 which recognises the corporate entities and individuals for outstanding contribution in the area of sports promotion and development.
The award will be presented by the President of India, Droupadi Murmu, during a special event organised at the Rashtrapati Bhavan on 9th January 2024.
Winners of 2023 Rashtriya Khel ProtsahanPuruskar: The 2023 award was announced under 2 categories:
SuccesMasra Appointed as Chad’s Prime MinisterSuccesMasra, president of ‘The Transformers’ party and former opposition leader, was appointed as the Prime Minister (PM) of the Republic of Chad by transitional government under the presidentship of GeneralMahamatIdrissDebyItno following a referendum.
Succes Masra will replace Saleh Kebzabowhoresigned from the post in December 2023.
About SuccesMasra: i.Succes Masra is a former Senior Economist at the African Development Bank (AfDB), and a former Senior Consultant at Ernst & Young Global Limited and BNP Paribas Bank Group (Paris, France). ii.He started the Les Transformateurs (“The Transformers” in English) party in 2018. iii.Masra’s appointment through a referendum (with 86% of the vote) paved the way to a new constitution and put an end to military rule. iv.He was nominated for Chad Presidential election in 2021. About Republic of Chad: Prime Minister – Succes Masra Capital – N’Djamena Currency – Central African CFA Franc
Kuwait Emir Appoints Sheikh Mohammed Sabah al-Salem al-Sabah as PM of KuwaitSheikh Meshal al-Ahmad Al-Jaber al-Sabah, Emir of Kuwait, has appointed Sheikh Mohammed Sabah al-Salem al-Sabah as the Prime Minister(PM) of Kuwait and has been tasked to form a new cabinet.
He succeeds Sheikh Ahmad Nawaf Al Ahmad Al Sabah, the son of late Emir Nawaf Al-Ahmad Al-Jaber Al-Sabah, who has been serving as the PM of Kuwait since 2022.
About Sheikh Mohammed Sabah al-Salem al-Sabah: i.Sheikh Mohammed was born in 1955 and is the fourth son of Sheikh Sabah Al Salem Al Sabah, the 12th Emir of Kuwait, who ruled Kuwait from 1965 until 1977. ii.He served as the ambassador of Kuwait to the United States of America from 1993 to 2001. iii.He has also served as the minister of state for foreign affairs from 2001 to 2003, and minister of foreign affairs from 2003 to 2011. iv.He served as the deputy PM of Kuwait from 2006 to 2011. v.He has served as the chairman of the Sabah Al Salem Al Sabah Foundation, named after his father. About Kuwait: Emir(head of state/monarch)– Sheikh Meshal al-Ahmad Al-Jaber al-Sabah Prime Minister– Sheikh Mohammed Sabah al-Salem al-Sabah Capital– Kuwait City Currency– Kuwaiti Dinar (KWD)
Shashi Kumar Singh Elected as President of All India Rubber Industries AssociationShashi Kumar Singh, Director of Osaka Rubber Private Limited, was elected as the President of All India Rubber Industries Association (AIRIA) (2023-24), the apex body for rubber industries in India.
He will succeed Ramesh Kejriwal, who served as the President of AIRIA from 2022-23.
Prior to the appointment, Shashi Singh was serving as the senior vice president (VP) within AIRIA.
Other Appointments: The election of the new office bearers for 2023-24 was held during the Annual General Meeting on 23rd December 2023 in Mumbai, Maharashtra. i.Zafar Ahmed, Managing Director of New India Rubber Works Pvt Ltd was elected as the senior vice-president of AIRIA for 2023-24. ii.Indra Parekh, Director at RI Impex Private Limited has been elected as the vice president of AIRIA for 2023-24. About Shashi Kumar Singh: i.Shashi Kumar Singh is Director at various Industries Cement and construction based such as M/s. Chunar Churk Cement Limited, Hi-Span Developers Private Limited & Shree Salasar Developers Private Limited. ii.He is also a member of the Governing Council of the Indian Rubber Manufacturers Research Association (IRMRA) & Governing Council of the Rubber Chemical & Petrochemical Skill Development Council (RCPSDC) under Skill India. iii.He served as the Chief Convener for the Western Region, About All India Rubber Industries Association (AIRIA): President- Shashi Kumar Singh Headquarters- Mumbai, Maharashtra Established in – 1945
ISRO’s NSIL to launch GSAT-N2 Satellite onboard SpaceX’s Falcon-9NewSpace India Limited (NSIL), the commercial arm of the Indian Space Research Organisation (ISRO), is set to launch GSAT-20 (renamed GSAT-N2), a Ka-band high throughput satellite (HTS), onboard the Falcon-9 rocket of Space Exploration Technologies Corporation (SpaceX) in the 2nd quarter of 2024.
This will be ISRO’s first partnership with SpaceX to launch the satellites.
About GSAT-N2: i.GSAT-N2 is specifically designed to meet the broadband, In-flight and Maritime Connectivity (IFMC) and cellular backhaul service needs of remote/ unconnected regions.
It offers 32 user beams in the Ka-Ka band having Pan-India coverage including Andaman and Nicobar Islands and Lakshadweep islands.
ii.GSAT-N2 weighing 4700 kg, offers an HTS capacity of nearly 48 Gigabytes Per Second(Gpbs). iii.GSAT-N2 satellite will be fully owned, operated and funded by NSIL. Background: i.NSIL builds, launches, owns and operates satellites in “Demand-driven mode” to meet the service needs of the user. ii.NSIL launched 1st demand-driven satellite mission, GSAT-24, in June 2022, in which the capacity onboard the GSAT-24 was fully secured by TataPlay. iii.In line with this, GSAT-N2 is the NSIL’s 2nd Demand driven communication satellite mission. About Falcon 9 rocket: i.Falcon 9 is a reusable, two-stage rocket designed and manufactured by SpaceX for the reliable and safe transport of people and payloads into Earth orbit and beyond. It is the world’s first orbital-class reusable rocket. ii.As of 5th Jan’24, it has undertaken 286 launches, 244 landings, and 218 re-flights. Relying on SpaceX: Reason for relying on SpaceX rather than ISRO’s launch vehicles. i.The communication satellites are launched into an orbit called the Geosynchronous Transfer Orbit (GTO). ii.The Geosynchronous Satellite Launch Vehicle (GSLV) can only deliver around 2250 kg to GTO; the LVM3 can deliver a payload of 4000kg to GTO. Which can’t successfully lift the GSAT-N2 payload weight of 4,700 kg. iii.Whereas SpaceX’s Falcon 9 has a payload capacity of 8,300 kg to GTO. About NewSpace India Limited (NSIL): NewSpace India Limited (NSIL) is a wholly owned Government of India company, under the administrative control of the Department of Space (DOS). Chairman and Managing Director(CMD) – Radhakrishnan Durairaj Headquarters – Bengaluru, Karnataka Incorporated – 2019
GlobalSpace Technologies launches ‘GoRoga’, India’s 1st Anti-Stress Wearable Navi Mumbai (Maharashtra) based GlobalSpace Technologies Limited has unveiled ‘GoRoga’ India’s first anti-stress wearable. The device uses non-invasive brain stimulation (NIBS) technology to reduce anxiety and promote mental wellness. i.The device is manufactured and patented as RogaLife in the United States of America (USA) and the software is developed in India under the ‘Make in India’ initiative. ii.‘GoRoga’ is designed to activate cortisol(steroid hormone) by connecting to a phone and utilizing sticky pads on the ears.
PolygonumChaturbhujanum: New Herbaceous Plant Species Discovered in Maharashtra’s Pench Tiger Reserve A New Herbaceous Plant Species named “Polygonum Chaturbhujanum” was discovered at Gol Pahadi Island of the Pench Tiger Reserve (PTR) in Nagpur Maharashtra. The new species was discovered during the floral survey carried out in Pench with technical support of the Forest Survey of India(FSI). Note: This one of kind species belongs to the genus Polygonum which includes flowering plants in the knotweed and buckwheat family Polygonaceae. About the Floral Survey in Pench: The floral survey, carried out over 1 year in Pench, reported over 863 plant species belonging to 554 genera and 117 families. i.Out of this, 46 species are indigenous to India, 32 plant species are of rare distribution and 6 plant species are endemic to the Indian subcontinent.
The 6 endermic species are: Aegineta Indica; Boerhavia Crispa; Habenaria Gibsonii var Foetida; Iphigenia Pallida; Petalidium Barlerioides; and Gibson’s Barleria.
ii.294 species are herbs; 157 are natural trees; 131 are climbers; 131 belong to grasses; 52 are species of shrubs; the remaining are avenue trees and epiphytic plants. Note: During this survey, most of the biodiversity found is of grass species, Pench does not have extensive grasslands and most grasses are under the canopy. Key Points: i.According to a flora study of Nagpur district (Maharashtra) in 1986, 1,136 plant species fall under 669 genera and 142 families. ii.The floral diversity of Pench constitutes around 5.8% of India’s floral diversity.
It comprises 45,000 plant species, representing about 7% of the world’s flora, including over 15,000 flowering plants.Released of book titled “Flowering Plants of Pench Tiger Reserve”:
Book after the Survey: After the survey, Dr K Chandramohan and Dr D Ravivarma, who worked on the floral survey in Pench, authored a book titled ‘Flowering Plants of Pench Tiger Reserve’. The book was edited by Dr. Prabhu Nath Shukla and Chaturbhuja Behera. i.The book was released by Devendra Fadnavis, Deputy Chief Minister (Dy CM) of Maharashtra. ii.The book provides popular names, families, key characters, global distribution, and medicinal importance of each species. The Forest Survey of India (FSI) in its floral survey at Pench Tiger Reserve (PTR) in Maharashtra discovered a new Herbaceous Plant SpeciesPolygonumChaturbhujanum, at Gol Pahadi Island of the PTR. Note: The new species has been submitted for further research and an article will soon be published in a scientific journal. Genus and Species: Genus:Polygonum Species:Chaturbhujanum Polygonum is a genus of flowering plants in the buckwheat and knotweed family Polygonaceae
It is one of the largest genera in the family of flowering plants.
Findings in the Survey: i.The floral survey was carried out over 1 year in Pench during which 863 plant species belonging to 554 genera and 117 families were recorded. ii.Out of the total number of species reported, 32 plant species are in rare distribution; 6 plant species are endemic to the Indian subcontinent; and 46 species are indigenous to India. iii.Among these species, 294 are herbs; 157 are natural trees; 131 are climbers; 131 belong to grasses; 52 are species of shrubs; the remaining are avenue trees and epiphytic plants. Note: During this survey, most of the biodiversity found is of grass species, Pench does not have extensive grasslands and most grasses are under the canopy. 6 Plant Species Endemic to India: The 6 species found in Pench, which are only found in India, and are rare in the world are:
Aegineta Indica; Boerhavia Crispa; Habenaria Gibsonii var Foetida; Iphigenia Pallida; Petalidium Barlerioides; and Gibson’s Barleria.
Key Points: i.According to a flora study of Nagpur district (Maharashtra) in 1986, 1,136 plant species fall under 669 genera and 142 families. ii.The floral diversity of Pench constitutes around 5.8% of India’s floral diversity.
It comprises 45,000 plant species, representing about 7% of the world’s flora, including over 15,000 flowering plants.
About the Survey: The survey was carried out through the technical support of FSI. Dr. K. Chandramohan; Dr. D. Ravivarma, and their team had been working on this survey for more than a year. Book after the Survey: i.After the survey, Dr. K. Chandramohan; and Dr. D. Ravivarma authored a book titled “Flowering Plants of Pench Tiger Reserve Maharashtra,” which was edited by Dr. Prabhu Nath Shukla and Chaturbhuja Behera. ii.The book provides popular names, families, key characters, global distribution, and medicinal importance of each species. iii.The book was released by the Deputy Chief Minister (CM) of Maharashtra Devendra Fadnavis.
EPFO extends Deadline to Upload Wage Details for Higher Pension Options till May 31On January 3, 2024, the Employees’ Provident Fund Organisation (EPFO) has approved a five months extension for employers for uploading wage details of higher pension options online i.e. till 31st May, 2024 from 31st December 2023.
The information for the same was provided by Ministry of Labour and Employment.
Reason behind the extension: With over 3.6 lakh pending applications for the Validation of Options/ Joint Options, the EPFO has approved an extension to facilitate employers in processing these outstanding submissions. Background: i.In response to a Supreme Court order in October 2022, EPFO introduced an online application facility for pension option validation in February 2023, with an initial deadline of May 3, 2023. ii.Following the representations from the employees, the deadline was extended to June 26, 2023 with subsequent extensions till July 11, 2023. iii.The deadline was further extended till December 31, 2023 after receiving more representations from Employers & Employers’ Associations. About Employees’ Provident Fund Organisation (EPFO) EPFO works under the administrative control of the Ministry of Labour and Employment(MoLE). Chief Executive Officer– Neelam Shami Rao Headquarters– New Delhi, Delhi Establishment– 1952
NHAI & NRSC Entered into MoU to Develop and Report Green Cover Index for National Highways in IndiaThe National Highways Authority of India (NHAI) signed a Memorandum of Understanding (MoU) with the National Remote Sensing Centre (NRSC), one of the primary centres of the Indian Space Research Organization (ISRO), for 3 years to develop and report a “Green Cover Index” for the vast National Highways network in India. Green Highways Policy: Ministry of Road Transport and Highways (MoRTH) and NHAI has prioritised greening Highway Corridors since initiation of the Green Highways Policy in 2015. At present, the monitoring of plantations is based on site visits by field personnel. Comprehensive Pan-India Estimation: i.By using high-resolution satellite imagery, NRSC will undertake a comprehensive pan-India estimation of green cover referred to as the ‘Green Cover Index’ for National Highways.
This approach not only enhances in-situ data collection but also supplements plantation management and monitoring, including performance audits conducted by NHAI.
ii.This innovative approach aims to streamline the assessment process and facilitate targeted interventions where green cover is insufficient. Benefits: It promises a time-saving and cost-effective solution for generating macro-level estimates of greenness along National Highways. Capturing Green Cover Index Region-Wise: i.The primary goal of the project is to capture the Green Cover Index region-wise for National Highways in the initial assessment cycle. ii.Subsequent annual cycles will focus on utilizing scientific techniques to estimate the growth patterns of green cover for National Highways. iii.The findings of the Green Cover Index will enable the comparison and ranking of various National Highways.
This information will support timely and periodic interventions to enhance green cover.
Granular Metrics for Individual Projects: Green cover will be estimated for every 1 kilometer (km) length of National Highways, allowing for the generation of granular metrics for individual projects/packages as well. About National Remote Sensing Centre (NRSC): NRSC has been converted into full-fledged centers of ISRO since September 1, 2008. Earlier, it was an autonomous body called the National Remote Sensing Agency (NRSA) under the Department of Space (DOS). Director– Dr. Prakash Chauhan Headquarters– Hyderabad, Telangana Established in– 1974
President Droupadi Murmu Gives Assent to Two Bills on December 2023President of India Droupadi Murmu gave assent to two bills including The Chief Election Commissioner and Other Election Commissioners (Appointment, Conditions of Service and Term of Office) Bill, 2023, and The Press and Registration of Periodicals (PRP) Bill, 2023 i.The Chief Election Commissioner and Other Election Commissioners (Appointment, Conditions of Service and Term of Office) Bill, 2023
The key purpose of the bill is to put in place a mechanism for the appointment of the Chief Election Commissioner (CEC) and other Election Commissioners (ECs).
The Bill replaces the Election Commission (Conditions of Service of Election Commissioners and Transaction of Business) Act, 1991
ii.The Press and Registration of Periodicals Bill, 2023 replaces the Press and Registration of Books Act, 1867
The Ministry of Information and Broadcasting is the concerned ministry Highlights of Bill.
The bill aims to modernize and simplify the registration and declaration process. It will help publishers in easing up the procedures and reducing the number of declarations and fillings.
About Ministry of Information and Broadcasting Union Minister: Anurag Singh Thakur(Lok Sabha- Hamirpur, Himachal Pradesh) Minister of State: Dr. L. Murugan (Rajya Sabha – Madhya Pradesh)
3 Products from Arunachal Pradesh gets GI tag: AdiKekir, Handmade Carpets & Wancho CraftChennai, Tamil Nadu (TN) based Geographical Indications Registry has awarded the Geographical Indication (GI) tag 3 indigenous products from Arunachal Pradesh (AR) namely Adi Kekir (ginger), Handmade Carpet (by Tibetan settlers), and Wancho Wooden Craft. i.With the addition of 3 new GI products, Arunachal Pradesh now has a total of 8 GI products. ii.The other 5 products are: Arunachal (Wakro) Orange; Idu Mishmi Textile; Khaw Tai (Khamti Rice); Yak Churpi and Tangsa Textile About the 3 New GI products:
About: i.Adi Kiker is a flavourful ginger variant produced in the East Siang, Siang, and Upper Siang districts of AR. ii.Handmade Carpet made by the Tibetan refugees across AR are known for their designs, motifs and texture. iii.Wancho Wooden Craft featuring human head includes tobacco pipes with head-shaped bowls and drinking mugs with warriors carrying heads.
The wooden items made by the Wancho community also includes sculptures of Lord Buddha, animals, and dolls with intricate details.
Points to note: National Bank for Agriculture and Rural Development (NABARD) supports and provides financial assistance to the initiatives of the AR government under ‘vocal for local’. So far, 6 out of the 18 such products supported by NABARD have received GI registration.
QCI & KVIC Signed MoU to Enhance Quality of Khadi Products; Introduce Made-in-India Khadi Labels The Quality Council of India (QCI) and the Khadi and Village Industries Commission (KVIC) signed a Memorandum of Understanding (MoU) at Kochrab Ashram in Ahmedabad (Gujarat) to improve the quality of Khadi products, introduce Made-in-India label for khadi, and empower khadi artisans. The MoU was exchanged in the presence of Manoj Kumar, Chairman of KVIC; and Jaxay Shah, Chairman of QCI.
As per the MoU, QCI will assist KVIC in various activities, including training for enhanced product quality, improving productivity, and marketability of Khadi and Village Industries products domestically and internationally.
This collaboration will give a new identity to Khadi as a ‘Made in India’ label, and aims to position Khadi products as a symbol of quality globally, fostering increased production and sales.
This will also provide new employment opportunities to Khadi artisans with greater productivity and efficiency by empowering them with enhanced skills and knowledge.
RBI Issues Master Direction on Commercial Paper & Non-Convertible Debentures 2024i.On January 3, 2024, the Reserve Bank of India (RBI) issued Master Direction – RBI (Commercial Paper and Non-Convertible Debentures of original or initial maturity upto one year) Directions, 2024 which will come into effect from April 01, 2024. ii.These Directions have been issued in exercise of the powers conferred under section 45J, 45K, 45L and 45W of RBI Act, 1934 read with section 45U of the Act and of all the powers enabling it in this behalf. iii.Non-Convertible Debenture (NCD) means a secured money market instrument with a tenor between 90 days and one year. iv.Commercial Paper (CP) means an unsecured money market instrument issued in the form of a promissory note with maturity between a minimum of 7 days and a maximum of up to one year from the date of issue. v.The minimum credit rating, assigned by a Credit Rating Agency (CRA), for the issuance of CPs and NCDs is ‘A3’. About Reserve Bank of India (RBI): Governor– Shaktikanta Das Deputy Governors–Michael Debabrata Patra, M. Rajeshwar Rao, T. Rabi Sankar, and Swaminathan Janakiraman Establishment– 1st April 1935 Headquarters– Mumbai, Maharashtra
Bajaj Finserv launched India’s First Credit Pass, Powered by CIBIL Bajaj Finserv Limited has launched a Credit Pass, a first-of-its-kind subscription in India, that enables its customers to get real-time access to their credit dashboard to track and monitor credit health.
The credit pass is powered by TransUnion CIBIL Limited (formerly Credit Information Bureau (India) Limited), a credit information company (CIC) operating in India.
Eligibility: Any customer who has applied for a loan or credit card in the past or anyone who is looking to apply for a loan in the future is eligible to apply for the Credit Pass. Credit pass: i.The credit pass account can be accessed through a 12-digit unique number. ii.The pass offers access to the credit dashboard which gives information such as credit enquiries & repayment history. iii.The credit pass comes with interactive tools like the Credit Score Simulator and Equated Monthly Instalment (EMI) Calculator. iv.Monthly CIBIL Score checks, Credit Health Report, and Tracking Credit factors are some of the features of credit pass. What is the CIBIL score? i.CIBIL score introduced in 2007 was India’s 1st generic risk scoring model for banks and financial institutions. ii.A CIBIL score is a three-digit number between 300-900, 300 being the lowest, that represents an individual’s credit-worthiness. iii.A higher CIBIL score suggests a good credit history and responsible repayment behaviour. Bajaj Finance Ltd announces Digital FD with Interest Rate of 8.85% Bajaj Finance Limited (BFL), a Non-Banking Financial Company (NBFC), and a subsidiary of Bajaj Finserv Limited, has launched digital Fixed Deposit (FD) which offers interest rates of up to 8.85%. About the FD: i.The digital FDs can be booked through the Bajaj Finserv mobile application and website. ii.The revised rates will be applicable on fresh deposits and renewals of maturing deposits of up to Rs 5 crore for a tenure of 42 months (3.5 years). iii.Senior citizens (above 60 years) will be offered 8.85% interest rates whereas other depositors(below 60 years) will be paid interest rates of 8.6%. Additional Info: At present there are 4 CICs regulated and authorized by the Reserve Bank of India(RBI). They are, i.TransUnion CIBIL Limited ii.Equifax Credit Information Services Private Limited, iii.Experian Credit Information Company of India Private Limited and iv.CRIF High Mark Credit Information Services Private Limited About Bajaj Finserv Limited: Bajaj Finserv Limited is the financial arm of the Bajaj group. Chairman and Managing Director(CMD) – Sanjiv Bajaj Headquarters – Pune, Maharashtra Established in – 2007
AU SFB Collaborated WithMastercard To Launch Platinum Debit CardOn 3rd January 2024, AU Small Finance Bank (SFB) Limited in partnership with United States of America (USA) based Mastercard has launched ‘MastercardPlatinum Debit Card’ designed for Corporate Salary Customers. The card was introduced under the theme #Swipe&Save. About the card: i.The contactless Platinum Debit Card provides exclusive and convenient benefits to Corporate Salary class people in their daily lives. ii.The card aims to transform every purchase into a rewarding experience. iii.The card comes with entertainment offers, dining offers, online food delivery offers along with providing offers on purchase of groceries, travel bookings and online shopping. Features: i.The cardholders can withdraw and make purchases upto Rs 2 lakh per day. ii.The Automated Teller Machine (ATM) fund transfer limit made by the card is limited to Rs.20,000 and contactless transactions are limited to Rs.5000. Insurance Coverage: i.The card offers a personal accident insurance cover of Rs.2 lakh and purchase protection benefits up to Rs.25,000. ii.The cardholder can also avail card liability cover of Rs.2 lakh. Additional Info: With the launch of this card, AU SFB has expanded its card offerings in all the payments network (MasterCard, Rupay and Visa) in India. About Au Small Finance Bank Limited: Managing Director(MD) & Chief Executive Officer(CEO) – Sanjay Agarwal Headquarters – Jaipur, Rajasthan Established in – 1996 Tagline – Badlaav Humse Hai
WB Issued Bonds in Three Currencies to Finance Social Projects The World Bank (WB) has raised funds by issuing bonds in three different currencies namely Canadian dollars (CAD), Australian dollars(AUD), and United States Dollars (USD) to support the financing of green and social projects, programs and activities in the member countries.
World Bank’s arm International Bank for Reconstruction and Development (IBRD) acts as the issuer.
Launched Bonds: i.5-year AUD Sustainable Development Bond – AUD 2 billion ii.7-Year USD Sustainable Development Bond – USD 5 billion iii.5-year CAD Sustainable Development Bond – CAD 1.4 billion About World Bank: World Bank Group President – Ajay Banga Headquarters – Washington DC, United States of America (USA) Established in – 1944
India Ratings raises India’s GDP growth forecast for FY24 to 6.7% from 6.2%On January 3, 2024, India Ratings and Research (Ind-Ra) Private Limited, part of the Fitch Group, increased India’s Gross Domestic Product (GDP) growth estimate for 2023-2024(FY24) to 6.7% from 6.2%. Factors: The increase in GDP forecast is led by various factors like, i.The resilience of the Indian economy, which grew 7.6% yoy in second quarter growth (Q2FY24), after growing 7.8% yoy in 1QFY24. ii.sustained government (Capital Expenditure). iii.the prospect of a new private corporate capex cycle. iv.sustained momentum in business and software services exports, along with remittances from the rest of the world. Key Points: i.Indian economy faces challenges from slowing exports due to weaker global trade and economic growth. ii.Ind-Ra raised GDP growth projection for FY24 to 6.2% from 5.9% in October 2023. iii.India Ratings expects current account deficit to narrow to 1.3% of GDP in FY24 from 2.0% in FY23. iv.Merchandise exports expected to fall 9.3% YoY (Year-on-Year) in FY24; goods imports to fall 7.9% YoY. viTrade deficit estimated at $260.7 billion (7.3% of GDP) due to uncertain external demand. Global Scenario: i.There is risk to the global growth amid the monetary policy tightening in advanced economies.
This may result in global inflation declines to 6.9% in 2023 and 5.8% in 2024 (2022: 8.7%).
ii.The volatile geopolitical situation, may impact global growth and trade, especially through disruptions in the supply chain iii.The World Trade Organization (WTO) expects the world merchandise trade volume to have grown only 0.8% as against the expected 1.7% in 2023. iv.The International Monetary Fund (IMF) expects the global growth to slow down to 2.9% in 2024 (2023: 3 per cent), lower than the pre-pandemic average growth of 3.8% (2000-19).
SpaceX launches its first ‘direct-to-cell’ Starlink satellitesOn 2nd January 2024, SpaceX’s Falcon 9 launched the 21 Starlink satellites, including its first six “direct-to-cell” satellites, to Low-Earth orbit(LEO) from Space Launch Complex 4 East (SLC-4E) at Vandenberg Space Force Base in California, the United States of America(USA). Direct to cell satellites: i.Direct to cell satellites aims to provide seamless global access to text, call, and browse across all-terrain and location coverage without changing hardware or firmware. ii.These starlink satellites uses advanced eNodeB modem that acts as a cellphone tower in the space.
eNodeB – refers to the base station equipment that handles the radio interface with the mobile devices.
iii.This will eliminate deadzones (a place that doesn’t receive a cell signal) with network integration similar to a standard roaming partner. Services: i.Text functions using direct to cell will become active in 2024 and voice, data and Internet of Things (IOT) service will become active from 2025. ii.This technology will work with Long Term Evolution (LTE) phones. Additional info: The global cellular providers which are currently using Direct to cell includes T-Mobile in the USA, Rogers in Canada, KDDI in Japan, Optus in Australia, One NZ in New Zealand, Salt in Switzerland, and Entel in Chile and Peru. Starlink: i.Starlink is the world’s first and largest satellite constellation using a LEO to deliver broadband internet to all its users. ii.The first 60 Starlink satellites were launched in May 2019. iii.At present, it has more than 5,000 active satellites transmitting relatively low-latency internet from orbit. About SpaceX: SpaceX (Space Exploration Technologies Corporation) is a space transportation and aerospace manufacturer. Founder & CEO– Elon Musk Founded in 2002 Headquarters– Hawthorne, California, USA
World Braille Day 2024 – January 4The United Nations (UN) World Braille Day is annually observed across the globe on 4 January to raise awareness about the significance of Braille as a communication medium for people who are blind or partially sighted.
The Day commemorates the birth anniversary of Louis Braille, a 19th-century French educator, who invented the Braille script for the blind and visually impaired in 1824.
4 January 2024 marks the observance of the 6th World Braille Day and the 215th birth anniversary of Louis Braille. Background: i.On 17 December 2018, the United Nations General Assembly (UNGA) adopted the resolution A/RES/73/161 and proclaimed the 4 January of every year as World Braille Day. ii.The 1st ever World Braille Day was observed on 4 January 2019.
WB Govt Declared PoilaBaisakh as State Day & Tagore’s Banglar Mati Banglar Jal as State SongThe Government of West Bengal(WB) declared Poila Baisakh, the Bengali New Year, as the State day and Nobel laureate Rabindranath Tagore’s 1905 ode to Bengal, “Banglar Mati, Banglar Jal” (The soil of Bengal, the water of Bengal) as the State Song.
The state day will be celebrated as “Bangla Divas”.
Poila Baisakh is celebrated on the first day of the Baisakh month, the first month of the Bengali calendar year which usuallyfalls on the 14th or 15th of April.
Points to note: i.The State Day shall be celebrated every year by all the people of West Bengal with respect and dignity. ii.The 1-minute-59-seconds State Song shall be played compulsorily at the commencement of all official functions in West Bengal and the National Anthem shall be played compulsorily after the function.
All dignitaries/persons should stand at attention when the State Song and National Anthem are played and mass singing of it should be encouraged.
Background: In September 2023, the West Bengal Assembly passed a resolution declaring the 1st day of the Bengali calendar, ‘Poila Baisakh’, as statehood day and Rabindranath Tagore’s song ‘Banglar Mati Banglar Jal’ as the state anthem.
Subsequently, the State Cabinet gave its approval for the development.
Note: The order was issued by the former chief secretary of West Bengal HK Dwivedi on 30 December 2023, who retired on 31 December 2023. About Banglar Mati, Banglar Jal: The patriotic song Banglar Mati, Banglar Jal was written in 1905 in the context of Viceroy George Nathanial Curzon’s (1859-1925) partition of Bengal.
Rabindranath Tagore had penned the song in support of the Bangabhanga Rodh movement to oppose Bengal’s partition.
Note: Rabindranath Tagore won the Nobel Prize in Literature in 1913 and became the 1st Indian and 1st Asian to win the award.
PFC signs MoU with Gujarat Govt for Power Projects Worth Rs 25,000 CrThe Power Finance Corporation Limited (PFC) has signed a Memorandum of Understanding (MoU) worth Rs 25,000 crore with the Government of Gujarat (GoG) in Gandhinagar to provide financial backing for power generation, transmission, and distribution projects.
PFC is a Schedule-A Maharatna Central Public Sector Enterprise (CPSE) under the Ministry of Power (MoP).
Attended Delegates: The MoU has been signed by Parminder Chopra, Chairperson & Managing Director (CMD) of PFC and Jai Prakash Shivhare (MD) of GUVNL in the presence of Bhupendra Patel, Chief Minister (CM) of Gujarat. About the MoU: i.As per the MoU, PFC supports various projects undertaken by GoG-owned firms such as
Gujarat Urja Vikas Nigam Limited (GUVNL)
Gujarat State Electricity Corporation Limited (GSECL)
Gujarat Energy Transmission Corporation Limited (GETCO)
Dakshin Gujarat Vij Company Limited (DGVCL)
Madhya Gujarat Vij Company Limited (MGVCL)
Paschim Gujarat Vij Company Limited (PGVCL)
Uttar Gujarat Vij Company Limited (UGVCL)
ii.PFC also provides funding for the expansion of power infrastructure projects of these entities. iii.The MoU will also create employment generation in Gujarat. About Power Finance Corporation (PFC): Power Finance Corporation (PFC) is a Non-Banking Financial Company (NBFC) in the power sector. Chairman and Managing Director (CMD) – Parminder Chopra Headquarters – New Delhi, Delhi Established in – 1986 About Gujarat: Chief Minister – Bhupendra Rajnikant Patel Governor – Acharya Devvrat Airports – Shyamji Krishna Verma Bhuj Airport, Porbandar Airport UNESCO World Heritage Site – Champaner-Pavagadh Archaeological Park, Rani-ki-Vav (the Queen’s Stepwell)
CDSCO launches NSWS Portal for Medical Devices ManagementOn January 1, 2024, the Central Drugs Standard Control Organisation (CDSCO), under the Directorate General of Health Services, Ministry of Health & Family Welfare(MoHFW), launched the National Single Window System (NSWS) Portal to streamline, import, clinical investigations, and testing of medical devices. The site is designed and developed by Invest India, under the Department for Promotion of Industry and Internal Trade(DPIIT), Ministry of Commerce and Industry(MoCI), through Tata Consultancy Service (TCS) for CDSCO. About NSWS portal: i.The portal will be a one-stop shop for all approvals required by the investor and facilitates ease of doing business ii.This is an independent portal distinct from the existing SUGAM portal or the cdscomdonline portal for the medical devices industry. iii.The Know Your Approvals (KYA) module of the portal includes guidance for 32 Central Departments and 32 States. iv.This hosts applications for approvals from 31 Central Departments and 22 State Governments. Key Points: i.Initially, three activities under Medical Devices Rules, 2017- Certificate of Registration (CoR), license to manufacture medical devices for clinical purposes, and license to import medical devices for investigations or testing, went live on NSWS from January 1, 2024. ii.Stakeholders are mandated to submit applications for these activities through the NSWS portal, as the existing cdscomdonline portal for these activities will be disabled from January 15, 2024. iii.The CDSCO also released a user guide for navigation and a contact number for user queries. Background: During the 2020 budget speech, Nirmala Sitharaman, Union Finance Minister, announced the creation of an Investment Clearance Cell (ICC), a single platform to enable investors, entrepreneurs, and businesses in India to identify and get the required approvals and clearances. The proposed ICC is now developed as NSWS. Digital Drugs Regulatory System (DDRS): In November 2023, CDSCO initiated the development of Digital Drugs Regulatory System (DDRS) to unify all regulatory activities into a single portal for drugs, medical devices, cosmetics, etc.
Desert Cyclone 2024: 1st India-UAE Joint Military Exercise Begins in Mahajan, RajasthanDesert Cyclone 2024, the 1st edition of the India-United Arab Emirates (UAE) joint military exercise, commenced in Mahajan, Rajasthan on 2nd January 2024. The 2-week-long Exercise will conclude on 15th January 2024.
The goal of the exercise is to achieve shared security objectives and foster bilateral relations between two nations.
Note: “Desert Eagle”, the first-ever India-UAE Joint Air Forces exercise took place in September 2008 at the Al-Dhafra base in Abu Dhabi, UAE. Objective: To boost interoperability in Sub-conventional Operations, focusing on Fighting in the Built-Up Area (FIBUA) within desert and semi-desert terrain under Chapter VII of the United Nations (UN) Charter on Peace Keeping Operations.
It will enhance cooperation and interoperability between both sides during Peace Keeping Operations.
Participants:
UAE contingent: 45 personnel from the Zayed First Brigade.
Indian Army contingent: 45 personnel, primarily by a Battalion from the Mechanised Infantry Regiment.
Planned Drills: i.The drills under ‘Desert Cyclone 2024’ demonstrate India and the UAE’s joint dedication to regional security and stability.
ii.Various drills are set to be rehearsed during the exercise, including:
Establishment of a Joint Surveillance Centre;
Cordon and Search Operation;
Domination of Built-Up Area;
Heliborne Operations.
Note: It aims to enhance interoperability by learning and sharing best practices in urban operations. About United Arab Emirates (UAE): Capital– Abu Dhabi President– His Highness Sheikh Mohamed bin Zayed Al Nahyan Currency– UAE Dirham (AED)
Govt amends CCS (Pension) rules 2021; Allows Female Govt Servant/Pensioner to Nominate her child for Family PensionDepartment of Pension and Pensioners’ Welfare (DoPPW), under the Ministry of Personnel, Public Grievances & Pensions, has amended the Central Civil Services (CCS) (pension) rules, 2021, to allow female government servant/pensioner to nominate her child/children for family pension in precedence to her husband. Note: The sub-rules (8) and (9) of Rule 50 of CCS (Pension) Rules, 2021, states that if a deceased Government servant/pensioner is survived by a spouse, a family pension is initially granted to the spouse, with other family members becoming eligible only after the spouse becomes ineligible or passes away. Details of the amendment: i.In case of any marital discord leading to filing of divorce proceedings in a Court of Law orfiling of a case under Protection of Women from Domestic Violence Act or Dowry Prohibition Act or under Indian Penal Code(IPC), the female govt servant/pensioner can make a request to the effect that in the event of her death, the family pension may be granted to her eligible child in precendence to her spouse. ii.In the event of the death of the female govt servant/pensioner during the pendency of the above proceedings the family pension will be disbursed as following, (a)Widower without eligible children – family pension is payable to the widower. (b)Widower with minor children or children with disorder or disability of mind
The family pension goes to the widower (acting as guardian).
If the widower ceases to be the guardian, the pension is redirected to the child through the actual guardian.
Upon attaining the majority, the child receives the pension till the time they are eligible.
(c)Widower with children who have attained majority but are eligible for family pension. – family pension is payable to child/children. Note: If a child/children cease to be eligible under Rule 50 of the CCS (Pension) Rules, 2021, the family pension passes to other eligible child/children. After all, children are ineligible under Rule 50, the widower receives a family pension until death or remarriage, whichever comes first.
J&K becomes First UT to Implement PM VishwakarmaYojanaJammu and Kashmir (J&K) has become the first Union Territory (UT) in India to implement the Pradhan Manthiri Vishwakarma Yojana (PMVY). The training programme for the 1st batch of 30 trainees (Viswakarmas) in ‘darzi craft’ under PMVY was inaugurated at Industrial Training Institute (ITI) Shopian, J&K. Key People: The training programme was virtually inaugurated by Rajeev Rai Bhatnagar, Advisor to Lieutenant Governor of J&K and Atul Kumar Tiwa, Secretary, Union Ministry of Skill Development and Entrepreneurship (MSDE). About PM VishwakarmaYojana(PMVY): i.PM Vishwakarma Yojana(PMVY) is a Central Sector Scheme (CSS) launched by the Ministry of Micro, Small and Medium Enterprises (MoMSME) in September 2023. ii.The scheme aims to improve the quality and reach of products and services of artisans and craftspeople iii.The tagline of the scheme is ‘Samman Samarthya Samridhi’ iv.The beneficiary should be at least 18 years old. v.The scheme will cover 18 traditional crafts such as
Carpenter, Boat Maker, Armourer, Blacksmith, Hammer and Tool Kit Maker, Locksmith, Goldsmith, Potter, Sculptor & Stonebreaker, Cobbler (Shoesmith/ Footwear artisan), Mason (Rajmistri), Basket/Mat/Broom Maker/Coir Weaver, Doll & Toy Maker (Traditional), Barber, Garland maker, Washerman, Tailor and Fishing Net Maker.
vi.The scheme offers a collateral-free loan of upto Rs 3 Lakh at a concessional interest rate of 5% vii.The scheme also offers incentives for digital transactions and marketing support. viii.The scheme aims to cover 30 lakh families over five years from Financial Year 2023-24(FY24) to FY28 About the training program:. i.The trainees will be offered basic training of 5 to 7 days, and advanced training of 15 days or more. ii.The trainees will be paid a stipend of Rs 500 per day and will receive a free modern toolkit worth Rs 15,000.
Five New Countries Join BRICS in 2024Five countries namely Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE) has joined BRICS(Brazil, Russia, India, China, and South Africa) bloc as their membership came into force from January 1, 2024.
With the induction of new members, BRICS’ membership count increased to 10 from 5.
Background: The act of inducting new members into the bloc was decided in 15th BRICS summit under the chairmanship of South Africa in August 2023. : Argentina which was supposed to join BRICS withdrew from the entry by its President Javier Milei. Key Points: i.The addition of new members is seen as a strategic effort to reshape traditional global order into a multipolar world with voices from the Global South taking a more prominent role on the international stage. ii.Inclusion of two huge powers (Saudi Arabia and UAE) highlights the growing assertiveness of middle powers challenging the established Western-led order. iii.The expansion of the BRICS also creates new investment opportunities in Saudi Arabia and the UAE. iv.Both countries are diversifying their economy across various sectors, including tourism, real estate, construction, transport, manufacturing, and capital expenditure. 2024 BRICS chairmanship: i.On 1st January 2024, Russia has taken over the BRICS chairmanship. ii.Russian President Vladimir Putin stressed the commitment to advancing global development and security through the theme “Strengthening Multilateralism for Equitable Global Development and Security.” iii.16th BRICS summit was scheduled to happen in Kazan, Russia in October 2024. About BRICS: i.BRICS was formed in September 2006 and it originally comprised Brazil, Russia, India and China (BRIC). ii.It was renamed as BRICS after South Africa was accepted as a full member in September 2010. iii.At present, the BRICS represents 41% of the global population, 24% of the global Gross Domestic Product (GDP) and 16% of the global trade.
RBI revised guidelines for Inoperative Accounts and Unclaimed Deposits; Enhances Bulk Deposit Limit for Large UCBs to Rs 1cr & abovei.On January 1, 2024, the Reserve Bank of India (RBI) has issued revised guidelines for classifying accounts and deposits as inoperative accounts and unclaimed deposits by banks which will come into effect from April 1, 2024. ii.These instructions by RBI are issued in exercise of the powers conferred by Sections 35A of the Banking Regulation (BR) Act, 1949 read with Sections 26A, 51 and 56 of the Act ibid and all other provisions of this Act or any other laws enabling RBI to issue instructions in this regard. iii.Unclaimed credit balances in bank accounts inactive for ten years or more, as per paragraph 3(iii) of the Depositor Education and Awareness (DEA) Fund Scheme, 2014, must be transferred to the RBI’s DEA Fund, following the provisions outlined in the DEA Fund Scheme, 2014. iv.RBI also revises Bulk Deposits limit for Urban Co-operative Banks (UCBs) by increasing it from to Rs 1 crore and above from Rs 15 lakh and above for Scheduled Primary (Urban) Co-operative Banks, in Tier 3 and 4. This is 6.66 times increase. About Reserve Bank of India (RBI): Governor – Shaktikanta Das Deputy Governors – Swaminathan Janakiraman, Michael Debabrata Patra, M. Rajeshwar Rao, T. Rabi Sankar Establishment – 1st April 1935 Headquarters – Mumbai, Maharashtra
LEO and NSDL Payment Bank launched the MasterCard Powered LEO1 CardLEO1(formerly known as Financepeer), an Edu-fintech startup, in collaboration with NSDL Payments Bank Limited (NPBL), the wholly-owned subsidiary of National Securities Depository Ltd (NSDL), has launched ‘LEO 1 Card’ which is India’s first numberless Prepaid ID card with MasterCard as a network partner. Bank of Baroda launches NCMC RuPay Prepaid Card The Bank of Baroda (BoB), one of a public sector bank, has launched the National Common Mobility Card (NCMC) RuPay Reloadable Prepaid Card in alignment with the ‘One Nation, One Card’ initiative. About LEO1: Founder & Managing Director (MD) – Rohit Gajbhiye Headquarters – Mumbai, Maharashtra Established in – 2017 About Bank of Baroda (BoB): Managing Director and Chief Executive Officer(CEO) – Debadatta Chand Headquarters – Vadodara, Gujarat (Corporate centre is in Mumbai, Maharashtra) Established in – 1908 Tagline – India’s International Bank
HDFC Bank Executed Transactions as part of the ‘UPI for secondary market’ Facility HDFC Bank Limited has executed transactions via the National Payments Corporation of India (NPCI)’s Unified Payments Interface (UPI) payments app as a part of the ‘UPI for secondary market’ facility.
This is in line with “Trading supported by Blocked Amount in Secondary Market” which was permitted by the Security and Exchange Board of India (SEBI) and Indian Stock Exchanges, on an optional basis.
This is similar to the Application Supported by Blocked Amount (ASBA) facility available for primary markets.
Trading supported by Blocked Amount in Secondary Market: The funds of the buyer of the share(s) will continue to remain in their savings account with the required funds being blocked.
RBI grants Payment Aggregator Licence to Tata Pay & DigiO Tata Group’s digital payments arm,Tata Communications Payment Solutions Limited (Tata Pay), has received approval from the Reserve Bank of India (RBI) to act as a Payment Aggregator (PA).
The approval from RBI allows Tata Groups to power all their e-commerce transactions within its subsidiary entities through Tata Payments Limited.
The Groww (financial services platform)-backed identity verification startup, DigiO, also has received PA licence from RBI.
About Tata Communications Payment Solutions Limited: Tata Payments is held through Tata Digital Private Limited, which is the digital business arm of and subsidiary of Tata Group. Managing Director & Chief Executive Officer – A.S.Lakshminarayanan Headquarters – Mumbai, Maharashtra Established in – 2008
REC Limited & RVNL signed MoU to Finance RVNL Infrastructure Projects up to Rs 35,000 CrRECLimited (formerly Rural Electrification Corporation Limited) signed a Memorandum of Understanding (MoU) with Rail Vikas Nigam Limited (RVNL) to finance up to Rs35,000 crore for multi-modal infrastructure projects to be executed by RVNL over the next 5 years.
These projects will include multi-modal logistics hub projects, rail infrastructure projects, and road, port, and metro projects where RVNL is venturing into.
Note: REC Ltd is a Maharatna Central Public Sector Enterprise (CPSE) under the Ministry of Power, whereas RVNL is a Schedule ‘A’ Navratna CPSE under the Ministry of Railways. Signatories: Ajoy Choudhury, Director (Finance), REC; and Rajesh Prasad, Director (Operations), RVNL, signed the MoU. Key People: V.K Dewangan, Chairman and Managing Director (CMD), REC Ltd; Sanjeeb Kumar, Director (Finance), RVNL; Anupam Ban, Director (Personnel) of RVNL, and other senior officials from REC and RVNL were present during the event. Key Points: i.REC Ltd provides long-term loans and financial solutions for the power infrastructure sector, covering Generation, Transmission, Distribution, Renewable Energy (RE), Electric Vehicles (EVs), Battery Storage, and Green Hydrogen. iii.REC Ltd diversified into the Non-Power Infrastructure sector including Roads and Expressways, Metro Rail, Airports, etc. and Electro-Mechanical (E&M) works for sectors like Steel and Refinery.
REC’s substantial loan book exceeds Rs. 4,74,275 Crore.
iii.RVNL serves approximately 30% of Indian Railways’ infrastructure requirements. It pioneers large infrastructure projects under the Public-Private Partnership (PPP) PPP model. iv.RVNL’s primary focus is on Railway projects, with expansions into road, port, irrigation, and metro projects, often interlinked with railway infrastructure. About REC Limited: CMD– Vivek Kumar Dewangan Headquarters– Gurugram, Haryana Established in– 1969
Indian Cricketer Virat Kohli Won Pubity Sport Men’s Athlete of Year 2023 AwardIndian cricketer Virat Kohli won the Pubity Sport Men’s Athlete of the Year 2023 Award by defeating Argentine footballer Lionel Messi in the final clash of the online poll in which Kohli got 78 percent out of the total votes while Messi got remaining 22 percent.
Spanish footballer Aitana bonmati (76%)wins Pubity female Athlete of The Year 2023 Award by defeating American tennis player Coco Gauff (24%).
About Virat Kohli: i.Virat Kohli made his international debut in 2008 against Sri Lanka in a One-Day International(ODI) match held in Sri Lanka. ii.He is the third highest run-scorer in ODI’s with 13848 runs while Sachin Ramesh Tendulkar-India(18426 runs) and Kumar Chokshanada Sangakkara-Sri Lanka(14234 runs) are in first and second position respectively.
Kohli set a world record for the highest run tally in a single edition of the ODI World Cup (2023 in India), scoring 765 runs.
iii.His notable awards include Arjuna award in 2013. iv.He was also honored with the Padma Shri award in 2017 in the field of sports.
And Rajiv Gandhi Khel Ratna Award (Name changed into Major Dhyan Chand Khel Ratna) in 2018.
About the selection of the award: i.The award was selected based on the online poll conducted by Pubity Sport, a subsidiary channel of Pubity. ii.The poll for the Pubity Sport Men’s Athlete of the Year featured 16 sports players across various disciplines. iii.The Top 4 players in the list includes Virat Kohli and Lionel Messi, Novak Djokovic (tennis – Serbia) and Max Verstappen (Formula 1 motorsport – Belgian-Dutch ).
MNRE sets up 3-member Dispute Resolution Committee to Settle Unforeseen Disputes between Developers and REIAsThe Ministry of New & Renewable Energy (MNRE) has set up a 3-member Dispute Resolution Committee (DRC) to resolve “unforeseen disputes” between Renewable Energy (solar and wind) Power developers, Engineering, Procurement, and Construction (EPC) contractors, and Renewable Energy Implementing Agencies (REIAs). Members of the committee: Rajesh Bhushan, Former Health Secretary; M F Farooqui, Former Telecom Secretary; and Kumar Alok, Former Chief Secretary of Tripura. Background: i.In June 2023, MNRE issued an order to revise the Dispute Resolution Mechanism (DRM) for disputes between RE Power Developers and EPC Contractors. ii.The revised mechanism aims to ensure transparency and an unbiased platform for resolving disputes in the RE by forming a 3-member DRC to settle disputes between developers and REIAs. iii.The committee has been set up in line with the approval of Union Minister Raj Kumar Singh, MNRE. About the committee: i.The members of the committee will be chosen from eminent individuals with impeccable integrity in the National Capital Region (NCR) to avoid expenditure on air travel and accommodation travel expenses. ii.The upper age limit for the members is 70 years. DRC Applicability: i.The mechanism of DRC will apply to all the RE schemes, programs, and projects being implemented through REIAs.
The mechanism targets disputes, particularly those related to time extensions, impacting the government’s ambitious goal of achieving a 500-gigawatt clean energy capacity by 2030.
ii.It will also apply to contractual agreements between REIAs and EPC contractors executing RE power projects owned by a REIA. iii.DRC commits to meeting at least once a week, ensuring timely resolution for pending cases or applications. Note: REIAs in India includes NTPC Limited, formerly known as National Thermal Power Corporation, Solar Energy Corporation of India Limited (SECI), SJVN Limited, formerly known as Satluj Jal Vidyut Nigam, etc.
CCI Approves 100% Acquisition of GVK Power (Goindwal Sahib) Ltd by PSPCLThe Competition Commission of India (CCI) has approved the proposed acquisition of 100% shareholding of GVK Power (Goindwal Sahib) Limited by Punjab State Power Corporation Ltd (PSPCL). Note: This relates to the resolution plan, entailing the 100% acquisition of GVK Power (Goindwal Sahib) Limited by PSPCL once it is declared as the resolution applicant. Point to note: i.Punjab government has acquired the Goindwal Sahib Thermal Power Plant, for Rs 1,080 crore. With this, Punjab has become the first state government to purchase a private thermal plant. ii.The 540-Megawatt (MW) thermal plant will be named after Guru Amardass, the 3rd Guru of Sikhs. Punjab State Power Corporation Ltd(PSPCL): i.PSPCL is a fully owned undertaking of the Government of Punjab headquartered in Patiala, Punjab. ii.it was formed as the Punjab State Electricity Board (PSEB), in February 1959 under the Electricity Supply Act of 1948. ii.In 2010, the PSEB was restructured and split into 2 separate entities:
Punjab State Power Corporation Limited (PSPCL) and
Punjab State Transmission Corporation Limited (PSTCL).
GVK Power (Goindwal Sahib) Limited: GVK Power (Goindwal Sahib) Limited, incorporated in December 1997, is a wholly owned subsidiary of GVK Energy Limited, a subsidiary of GVK Power and Infrastructure Limited. Headquarters– Secunderabad, Telangana
ICICI Venture to Sell its Entire 42% Stake in Theobroma Food Ltd Mumbai (Maharashtra) based ICICI Venture Funds Management Company Limited has decided to sell its entire 42% paid-up share capital in Mumbai-based Theobroma Food Private Limited for Rs 1,200 crore.
It takes six to nine months to complete the deal.
ICICI Venture on-boarded Theobroma Food Private Limited in 2017 with a commitment to offer USD 20 million to expand it throughout India.
About ICICI Venture Funds Management Company Limited: ICICI Venture is an alternative investment arm of ICICI Bank Limited. Managing Director and Chief Executive Officer (CEO) – Puneet Nanda Established in – 1988
Tenure of PLI Scheme for Automobile and Auto Components extended by 1 Year with Partial AmendmentsThe Ministry of Heavy Industries (MHI) extended the Production Linked Incentive (PLI) Scheme for Automobile and Auto Components by one year, with partial amendments. This amended incentive scheme will be applicable for five consecutive financial years, starting from 2023-24 (FY24) and ending in 2027-28 (FY28).
This decision has been made after receiving the approval of the Empowered Group of Secretaries (EGoS).
These amendments aim to provide clarity and flexibility to the scheme.
What is the amended Scheme? i.Under this, the incentive disbursement will be made in the subsequent financial year i.e. FY25. ii.If a company fails to meet the determined sales value threshold in a year, it won’t receive an incentive for that year. iii.The eligibility for benefits in the next year if the threshold is met with a 10% year-on-year growth. Background: The PLI-Auto Scheme was approved by the Union Cabinet on September 15, 2021, with a budgetary outlay of Rs 25,938 crore for a period of 5 years (FY2022-23 to FY2026-27). The PLI-AUTO Scheme will boost manufacturing of Advanced Automotive Technology (AAT) Products.
The scheme supports AAT products with certified minimum 50% domestic value addition.
66th Foundation Day of DRDO – 1st January 2024Defence Research & Development Organisation (DRDO), the Research and Development (R&D) wing of the Ministry of Defence (MoD), annually celebrates its Foundation day or Raising Day on 1 January. DRDO, formed in 1958, celebrated its 66th foundation day on 1st January 2024. Formation of DRDO: DRDO was formed in 1958 from the amalgamation of the then already functioning Technical Development Establishment (TDEs) of the Indian Army and the Directorate of Technical Development & Production (DTDP) with the Defence Science Organisation (DSO). At present, DRDO is a network of 52 laboratories and 5 DRDO Young Scientist Laboratories (DYSLs). 2024 Events: The 66th DRDO Foundation Day was celebrated on 1 January 2024 at ARJUN Auditorium, Combat Vehicles Research and Development Establishment (CVRDE) in Avadi(Armoured Vehicles and Ammunition Depot of India.), Tiruvallur District, Tamil Nadu. Dr Samir V Kamat, Secretary, Department of Defence R&D and Chairman DRDO, addressed the DRDO fraternity at New Delhi (Delhi). Launch: DRDO Chairman also launched the Quantity-Distance Software developed by Pune(Maharashtra)-based lab, High Energy Materials Research Laboratory (HEMRL), to automate the siting of explosives and related buildings.
The software is an essential tool for all MoD establishments engaged in creating explosive-related infrastructure in optimum time and with greater precision.
Highlights of DRDO in 2023: i.DRDO received Acceptance of Necessity (AoN) worth around Rs. 1,42,000 crore for the induction of several DRDO-developed systems.
This is the highest ever accorded to DRDO-developed systems in any year.
ii.1,650 Transfers of Technology (ToTs) of in-house developed systems have been handed over to Indian industries.
In 2023, 109 Licensing Agreements for Transfer of Technology (LAToTs) were signed with indigenous companies for manufacturing DRDO products.
iii.DRDO filed more than 141 patents and 212 of them were granted. TDF Enhancements: To make the Technology Development Fund (TDF) and allied schemes more effective, Defence Minister Rajnath Singh constituted a committee headed by Dr Kakodkar, former Secretary Department of Atomic Energy (DAE) and Dr Saraswat, Member NITI Aayog (National Institution for Transforming India). Aim: To propose strategies to fund cutting-edge research similar to the model followed by the Defence Advanced Research Projects Agency (DARPA), in the United States of America (USA). About Defence Research & Development Organisation (DRDO): Chairman– Dr Samir V Kamat Headquarters– New Delhi, Delhi
Gujarat Emerges as ‘Petro Capital’ of India Gujarat has been recognised as the ‘petro capital’ of India, due to the presence of the Reliance Industry Limited’s Jamnagar refinery and ONGC Petro Additions Limited (OPaL)’s state-of-the-art petrochemical complex at Dahej in Bharuch district. RIL-Jamnagar refinery complex: i.Jamnagar refinery is the largest and most complex single-site refinery in the world. ii.The refinery can process 1.4 million barrels of crude oil per day. iii.The Refinery has a complexity index of 21.1 which is the highest in the world. iv.The Jamnagar refinery complex houses some of the world’s largest units, such as the Fluidised Catalytic Cracker (FCC), Coker, Alkylation, Paraxylene, Polypropylene, Refinery Off-Gas Cracker (ROGC) and Petcoke gasification plants. v.The refinery complex was established in 2000. OPaL Refinery Complex: i.OPaL is one of South Asia’s single largest petrochemical complexes. ii.It is a joint venture(JV) between the Oil and Natural Gas Corporation (ONGC), the Gas Authority of India (GAIL) & Gujarat State Petroleum Corporation Limited (GSPC). iii.The refinery complex can produce 14 lakh tons of polymers and 5 lakh tons of chemicals which adds value to various upstream processes. iv.OPaL was established in 2006. : Other petrochemical firms such as ONGC and Shell India also contribute to Gujarat’s oil production. Additional Info: i.Dahej’s PCPIR is one of the four PCPIRs declared by the Government of India(GoI) under the PCPIR Policy 2007.
Other three are Vishakapattam-Kakkinada(Andra Pradesh), Paradeep(Odisha) and Cuddalore-Nagapattinam(Tamil Nadu).
ii.10th edition of VGGS, themed ‘Gateway to the Future,’ which is scheduled to take place on 10th-12th January 2024 will further boost investments and collaborations in the petrochemical domain.
BOI Launched Super Special 175 days FD at 7.5% InterestBank of India (BoI), a Public Sector Bank(PSB), has launched a Super Special Fixed Deposit (FD) scheme with a specified maturity period of 175 days, commencing from January 1st, 2024.
The scheme offers a interest rate of 7.50% per annum for deposits ranging from Rs 2 crore to less than Rs 50 crore.
Key Points: i.This special fixed deposit is introduced as a limited period offer. ii.The scheme is exclusively for domestic rupee term deposits. iii.Senior citizens (aged 60 to 80) will get an additional interest rate of 0.50% on their retail term deposits (below Rs 2 crore) for tenors ranging from 6 months and above up to 3 years. iv.Super senior citizens(aged above 80) will get an extra 0.65% on same retail term deposits. Additional info: At present BoI pays 4.50% interest rate for a 175 day tenor for deposits below Rs 2 crore. 7.25% is the highest interest rate paid by BoI for a 2 year deposit. About Bank of India: Managing Director(MD) and Chief Executive Officer(CEO) – Rajneesh Karnatak Headquarters – Mumbai, Maharashtra Established in – 1906 Tagline – Relationship Beyond Banking
GoI Constitutes 16th Finance Commission of India with Arvind Panagariya as ChairmanThe Government of India, has constituted the 16th Finance Commission of India with Dr Arvind Panagariya, former Vice-Chairman(VC), NITI Aayog(National Institution for Transforming India)(2015 to 2017) as Chairman.
Ritvik Ranjanam Pandey, Joint Secretary(Revenue), Ministry of Finance, was appointed as the Secretary to the Commission. He is a 1998 batch IAS officer of Karnataka cadre.
The other members of the 16th commission will be notified seperately.
Tenure: The Chairman and other members of the Commission will hold the post from date on which they assume office up to the date of submission of Report or 31st October 2025. Note: The 16th commission is set to submit its report by 31st October 2025 covering a period of five years commencing on the 1st April 2026. About Finance commission of India: The commission was constituted in pursuance of clause (1) of article 280 of the Constitution read with the provisions of the Finance Commission (Miscellaneous Provisions) Act, 1951 (33 of 1951) and was approved by the President of India, Droupadi Murmu. The Finance Commission is a Constitutionally mandated body to recommend how tax revenue should be shared between the Union and states. The 1st Finance Commission was set up in 1951. Roles and responsibilities: The 16th commission will make recommendations on i.distribution between the Union and the States of the net proceeds of taxes which are to be, or may be, divided between them under Chapter I, Part XII of the Constitution and the allocation between the States of the respective shares of such proceeds. ii.Principles that will govern the grants-in-aid of the revenues of the States out of the Consolidated Fund of India and the sums to be paid to the States by way of grants-in-aid of their revenues under article 275 of the Constitution for the purposes other than those specified in the provisos to clause (1) of that article iii.Efforts that should be taken to increase the Consolidated Fund of a State to supplement the resources of the Panchayats and Municipalities in the State on the basis of the recommendations made by the Finance Commission of the State. The 16th commisison will also review the current arrangements on financing Disaster Management initiative, with reference to the funds constituted under the Disaster Management Act, 2005 (53 of 2005) and provide the suitable recommendations. About Arvind Panagariya: i.Arvind Panagariya is a Professor of Economics and the Jagdish Bhagwati Professor of Indian Political Economy at Columbia University, the United States of America (USA). ii.He has been serving as the chancellor of Nalanda University, Bihar since April 2023. iii.He has also served as the Chief Economist of the Asian Development Bank (ADB) from 2000 to 2002. iv.He was honoured with Padma Bhusan (Literature and Eduction) in 2012.
CongoPresident Félix Tshisekedi Re-Elected for 2nd term Félix-Antoine Tshisekedi Tshilombo, the leader of Union for Democracy and Social Progress (UDPS) party, was re-elected as the President of the Democratic Republic of Congo (DRC) for the 2nd term.
He is set to sworn in as the President of Congo on 20th January 2024.
Results of election: The Presidential election of Congo was held on 20th and 21st December 2023. Félix Tshisekediwon 73% (or 13 million) of the vote defeating former Governor of Katanga province Moïse Katumbi Chapwe (18%) of the “Together for the Republic” party and Martin Madidi Fayulu(5%) of Engagement for Citizenship and Development party. Denis Mukwege, a surgical gynecologist and 2018 Nobel Peace Prize winner, also contested in the election. About Félix Tshisekedi: i.Félix Tshisekedi is the son of Étienne Tshisekedi, who served as the Prime Minister of Congo(then called Zaire) in 1991, 1992-92 and 1997. ii.In 2018, he was elected as the leader of UDSP after the death of his father in 2017. iii.He was first elected as the President of Congo in 2019 succeeding Joseph Kabila. iv.During his tenure as President, He also served as Chair of the African Union (AU) in 2021. Note: From 1971 to 1997, Congo was officially known as the Republic of Zaire. About Democratic Republic of Congo (DRC): President – Félix Antoine Tshisekedi Tshilombo Capital – Kinshasa Currency – Congolese Franc
Nadia Calviño of Spain took over as 1st Woman President of European Investment BankOn 1st January 2024, Nadia Calviño Santamaría, a Spanish economist and civil servant, took over as the 8th President of the European Investment Bank (EIB), the lending arm of the European Union(EU). i.With this appointment, she became the first woman President of EIB. ii.She succeeds Werner Hoyer of Germany, who held the post since 2012. Note: She has been serving as the First Vice-President(VP) and Minister for Economy, Trade and Companies, Government of Spain since July 2021. About Nadia Calviño: i.She started her career as a civil servant in the Ministry for Economy in Spain. ii.She joined the European Commission in 2006 and served as Assistant Director-General for Competition of the European Commission till 2010. iii.She also served as Director-General for Internal Market of the European Commission (2010-2014) and Director-General for Budget of the European Commission(2014-2018). iv.She has also served as the Minister for Economy and Business (2018-2020); Third Vice-President and Minister for Economy and Digitalization (2020-2021) and Second Vice-President and Minister for Economy and Digitalization (March-July 2021). v.She has also served as the Chair of International Monetary and Financial Committee (IMFC) of the International Monetary Fund (IMF) (since 3rd January 2022). Honours: In 2015, His Majesty King Felipe VI of Spain bestowed her with the Commendation of the Order of Civil Merit. About European Investment Bank (EIB): EIB the biggest multilateral financial institution in the world, and one of the largest providers of climate finance. President– Nadia Calviño Headquarters– Boulevard Konrad Adenauer, Luxembourg Founded in– 1958
Tata Power acquires 100% stake in Bikaner Special Purpose Vehicle Tata Power has acquired a 100% equity stake in Bikaner III Neemrana II Transmission Limited, a special purpose vehicle (SPV), for Rs 18.6 crore.
SPV was set up by PFC Consulting Limited which is a subsidiary of Power Finance Corporation.
SPV was formed in June 2023 for the electrical power transmission project, which will be developed on a Build-Own-Operate-Transfer (BOOT) basis.
The transmission line project with an estimated cost of Rs. 1544 crore will transfer 7.7 Gigawatt (GW) of green power from Bikaner to Neemrana in Rajasthan about a distance of 340 kms.
ISRO launches PSLV-C58/XPoSat: India’s 1st X-ray Polarimeter Satellite to study Black Holes & Neutron Stars in SpaceOn 1st January 2024, Indian Space Research Organisation (ISRO) launched XPoSat (X-ray Polarimeter Satellite), India’s 1st dedicated polarimetry mission onboard the Polar Satellite Launch Vehicle (PSLV)-C58 from Satish Dhawan Space Centre in Sriharikota, Andhra Pradesh (AP). PSLV-C58 has launched XPOSAT Satellite into an Eastward low inclination orbit.
It was PSLV-C58’s 60th mission and lifted a mass of 260 ton. It should be noted that this launch was by PSLV-DL variant. It was PSLV-DL’s 4th mission.
The satellite is expected to operate for at least 5 years.
About XPoSAT/PSLV-C58 Mission: i.The mission aims to study various dynamics of bright astronomical X-ray sources like blackhole, neutron stars, active galactic nuclei, pulsar wind nebulae etc. in extreme conditions. ii.With this, India becomes the 2nd country in the world (after the United States of America(USA)) to launch a specialised astronomy observatory to study black holes and neutron stars in our galaxy. About the Indian Space Research Organisation (ISRO): Chairman– Sreedhara Panicker Somanath Headquarters– Bengaluru, Karnataka Establishment– 1969
2023 World Blitz Chess Championships: Norway’s Magnus Carlsen won his 7th title & Russia’s Valentina Gunina won her 2nd titleNorwegian Grandmaster and World Chess Champion Magnus Carlsen won the title at the 2023 World Blitz Chess Championships(open tournament) held at the Samarkand Congress Center, Samarkand, Uzbekistan from 29th to 30th December 2023. i.This marks Carlsen’s 7th World Blitz championship title and 17th World Championshiptitle. ii.Russia’s Valentina Guninawon the title in the Women’s Blitz tournament. This marks her 2nd World Blitz title. she previously won the title in 2012. Top 3 under Open and Women’s tournament: Open: Magnus Carlsenfinished with 16 points scored in 21 games, while Russia’s Daniil Dubov (15.5 points), and Russia’s VladislavArtemiev (15 points) finished 2nd and 3rd in the Open Blitz tournament. Women: Valentina Gunina finished with 14 points out of 17 games. The former World Champion Alexandra Kosteniuk of Switzerland finished 2nd (13.5), and China’s Zhu Jinerfinished 3rd third (12.5). Note: The Russian players are currently playing under the neutral FIDE flag. About the Event: Since 2012, International Chess Federation (FIDE: Fédération Internationale des Échecs) has been organising the World Rapid and Blitz Championships as a joint tournament. Prize Money: The prize fund of 2023 championship is 1 million US dollars, with USD 700,000 for the Open and USD 300,000 for the Women’s tournaments. About Magnus Carlsen: i.Magnus Carlsen is a 5-time World Chess Champion who has been ranked No. 1 in the FIDE world chess rankings since 1 July 2011. ii.His 17 World championships includes 5 World Championship titles, 5 rapid and 7 blitz.
Indian American Academic and Padma Bhushan Awardee Professor Ved Prakash Nanda Passed AwayPadma Bhushan Awardee Professor Ved Prakash Nanda, an Indian American academic and a expert on international law, passed away in Denver, Colorado, the United States of America(USA). He was born on 20th November 1934 in Gujranwala, Punjab, British India (now in Pakistan). Note: Prof Ved Prakash Nanda was honoured with Padma Bhushan (literature and education) in 2018. About Professor Ved Prakash Nanda: i.He worked as a professor of law at the University of Denver USA. He has also served as the director of the International Legal Studies Program at the University of Denver Sturm College of Law. ii.Since 1970, he served as a professor of law at Denver Thompson G. Marsh, a part of the University of Denver. iii.He was a Vice-chair executive council of the World Federation United Nations (UN) Association, Geneva (Switzerland).
He served as its vice-chairman from 1995-2001.
iv.He was also the Founding Director and Director Emeritus of the International Legal Studies Program. v.He was a Director of the Ved Nanda Center for International and Comparative Law, which was founded in his honour by the alumni of the University of Denver’s Sturm College of Law. vi.He also served as:
Honorary President of the World Jurist Association;
Former Honorary Vice President of the American Society of International Law; and
a member of the advisory council of the United States Institute of Human Rights.
Books: World Debt and the Human Condition: Structural Adjustment and the Right to Development (Co-editor; 1992); International Environmental Law & Policy (1995); International Environmental Law and Policy for the 21st Century (Co-Author; 2004). Awards: He received the Gandhi-King-Ikeda Award for Community Peace Building from Soka Gakkai International (SGI) and Morehouse College (USA) in 2004.
Kerala Governor Launched the Book named “Ram Mandir Rashtra Mandir Ek Sajhi Virast” Kerala Governor Arif Muhammed Khan launched a book titled “Ram Mandir Rashtra Mandir Ak Sajhi Virast”(Meaning: Ram Mandir, Rashtra Mandir – A Common Heritage) jointly written by Geeta Singh and Arif Khan Bharti.
The book launch event was held at the Rang Bhawan Auditorium of Akashwani in New Delhi, Delhi.
The book explores the profound influence of Lord Ram not only in India but across the Asian continents.
TN Chief Minister MK Stalin Released a Book Titled ‘Maha Kavithai’ by Poet Vairamuthu Tamil Nadu Chief Minister MK Stalin released a Tamil book titled ‘Maha Kavithai’(means ‘Great Poem’)written by poet Vairamuthu at the event held in Chennai(Tamil Nadu) on 1st January 2024.
The event was attended by former Union minister P Chidambaram.
The book covers a wide range of subjects including the genesis of the universe, planet Earth, the functions of five elements, climate change, and its impact.
The book also delves into the immediate need for checking the ever-increasing global temperature and the dangers being faced by humans because of the deteriorating environment.
Kerala CM PinarayiVijayan launches K-SMART App to Offer Digital Access to Local Govt ServicesOn 1st January 2024, Pinarayi Vijayan, Chief Minister (CM) of Kerala, launched the K-SMART (Kerala Solutions for Managing Administrative Reformation and Transformation) software/mobile application, in an event held in Kochi, Kerala.
K-SMART is a unified platform to provide digital access to the services provided by the local self-government bodies across Kerala.
Developer: The app was developed by the Information Kerala Mission (IKM), an autonomous body under the Local Self-Government Department(LSGD), Government of Kerala. Features of K-SMART: i.K-SMART app will streamline the services provided by local government bodies in Kerala with its 35 different modules. ii.These modules include services like registration of birth, death, and marriage, business licenses, property taxes, and others.
This is in line with the effort to strengthen local self-governance through ICT (Information &Communication Technologies) applications.
Implementation: i.Initially, the K-SMART app will be implemented in corporations and municipalities across Kerala. ii.Starting from 1st April 2024, the app will be extended to reach the Gram Panchayats. About Kerala: Chief Minister– Pinarayi Vijayan Governor– Arif Muhammed Khan Capital– Thiruvananthapuram Stadium-Chandrasekharan Nair Stadium; Trivandrum Tennis Club
Durga Shanker Mishra Re-appointed as Chief Secretary of Uttar Pradesh Durga Shanker Mishra was re-appointed as the Chief Secretary (CS) of Uttar Pradesh (UP) for the third term, from 1st January to 30th June 2024.
DS Mishra, a 1984-batch UP cadre Indian Administrative Service (IAS) officer who was initially set to retire on December 31, 2021, was appointed as the CS of UP with a one-year extension of service.
This was his third service extension, following the second extension on 30th December 2022.
Delve into the rich history of the Indian independence movement and discover the inspiring individuals who played pivotal roles in securing India’s freedom from British rule. From Mahatma Gandhi’s nonviolent resistance to Subhas Chandra Bose’s militant approach, you will learn about the brave leaders who stood up against oppression and fought for the rights of … Read more
UP ranks First in the Inter-Operable Criminal Justice System for 3rd Consecutive YearUttar Pradesh (UP) has ranked first for the third consecutive year in recording the highest entries (1,56,22,514 entries) on the Inter-Operable Criminal Justice System (ICJS) platform.
With 35,04,828 entries Madhya Pradesh (MP) secured second position and Bihar is in third place with 16,65,107 entries.
The ICJS Phase II works with the principle of ‘one data one entry’.
ii.It stores information such as First Information Reports (FIRs), case numbers, jail IDs, and details of court cases, trials, judgments, prosecution, and forensics. iii.Information related to the investigation, search, case history, case pendency, and current status of the criminal is also provided by ICJS. iv.ICJS can also preserve photographs, videos, documentary evidence, court case data, and video recordings of court proceedings.
FinMin imposes Anti-Dumping Duty on ‘Wheel Loaders’ imports from China & on Gypsum Board from China, Oman The Ministry of Finance has imposed a definitive anti-dumping duty on imports of ‘Wheel Loaders’ from China for a period of 5 years. The duty rates, ranging from 18.84% to 82.71%, vary based on the producer and specific goods.
The duty will be applicable on imports in complete build unit (CBU) and semi-knocked down (SKD) forms, and not on the completely knocked down (CKD) form.
It has imposed definitive anti-dumping duty on gypsum board/tiles with lamination at least on one side (also known as PVC gypsum tiles, gypsum ceiling tiles or ceiling tiles) from China and Oman for five years.
It will range from USD 23.46-47.62 per tonne in case of imports from China, and between USD 71.80-91.42 per metric tonne for Oman.
Uttar Pradesh is set to build India’s 1st AI city in Lucknow Uttar Pradesh(UP) is set to build India’s first Artificial intelligence (AI) city in Lucknow to promote AI ecosystem. The AI city will be a hub integrating cutting-edge technology, research centres, and educational institutions. i.U.P. Electronics Corporation Limited, the nodal agency of the project, has issued an Expression of Interest (EoI) inviting real estate developers to build and operate the AI city.
U.P. Electronics is a unit of Department of Information Technology(IT) and Electronics, Government of UP.
ii.The government of UP will provide 40 acres in Nadarganj Industrial Area for the project. iii.Financial incentives: One-time capital expenditure (Capex) support of 25% up to Rs 20 crore for IT parks and Rs 100 crore for IT city and 100% stamp duty exemption as per IT and ITeS Policy, 2022.
ULFA faction inks Memorandum of Settlement with Govt of India & Assam On 29th December 2023, The faction of United Liberation Front of Assam (ULFA) led by Arabinda Rajkhowa, signed a Memorandum of Settlement (peace pact), with the government of India and Assam.
The 29 member delegations of ULFA’s pro talks delegation (16 ULFA members, 13 civil society members) signed the agreement in the presence of Union Minister, Amit Shah, Ministry of Home Affairs(MoHA).
About ULFA: i.ULFA, the oldest insurgent group in the Assam, was formed in April 1979 after the agitation against undocumented immigrants from Bangladesh (erstwhile East Pakistan). ii.In 2011, the group split into 2 factions after Arabinda Rajkhowa-led faction gave up violence and agreed to unconditional talks with the government. iii.The pro-talk faction has sought constitutional and political reforms for the protection of the identity and resources of Assam’s indigenous people including their right to land.
Overview of EAM Jaishankar’s Visit to Russia from 25 – 29 December 2023External Affairs Minister (EAM) S. Jaishankar was on a 5-day visit to Russia from 25-29 December 2023 as a part of the ongoing high-level exchanges between India and Russia. Meetings: i.During his visit, EAM Jaishankar met with Vladimir Putin, President of Russia in Moscow. ii.He also met with Denis Manturov, Deputy Prime Minister and Minister of Industry and Trade of Russia and discussed bilateral economic cooperation and met with Sergey Lavrov, the Foreign Minister of Russia and discussed bilateral, multilateral and international issues. EAM Signed Documents on Kudankulam Nuclear Power Plants During EAM’s visit to Russia, he signed agreements related to the construction of the power-generating units of the Kudankulam nuclear power plant in Tirunelveli, Tamil Nadu. Key Points: i.Russia is providing technical assistance for the construction of the Kudan Kulan Nuclear power plants which began in 2002. ii.Since 2016, The 1st power unit of the plant is operating at its design capacity of 1000 MW. iii.The Nuclear Power plant will start operating at full capacity in 2027. Note: An Inter-governmental agreement on the Kudankulam Nuclear Power Plant project was signed on 20 November 1988 by then Prime Minister of India, Rajiv Gandhi, and Mikhail Gorbachev, then President of the Soviet Union. India and Russia Sign Protocol on Consultations for the Next Four Years During his visit, EAM Jaishankar and his Russian counterpart Sergey Lavrov signed the protocol on consultation for the next 4 years (2024-28) to make progress in economic cooperation, energy trade, connectivity, military-technical cooperation, and people-to-people exchange.
Protocols promote relationship building and clarify the roles and responsibilities between governments for future consultation.
Other highlights: i.During the visit, EAM visited school No. 653, named after Gurudev Rabindranath Tagore in St. Petersburg, Russia and interacted with teachers and students. The school teaches Hindi as part of its regular curriculum. ii.He also visited the Russian Industry and Trade exhibition with Denis Manturov. iii.He also signed a memorandum of understanding (MoU) on cooperation in pharmaceuticals and healthcare About Russia: President– Vladimir Putin Capital – Moscow Currency- Russian Ruble
Report on Trend and Progress of Banking in India 2023 : RBI Recently, Reserve Bank of India (RBI) released the report titled “Report on Trend and Progress of Banking in India” (2022-2023). The report provides comprehensive data about the state of banking system in India. Small Finance Banks (SFBs) has the widest gap of remuneration between top executives and average employee As per the RBI report, the gap in the remuneration between top executives and average employees is widest for Small Finance Banks (SFBs). i.It mentioned that remuneration of Managing Director(MD) and Chief Executive Officer(CEO) of SFBs was 58.1 times the average employee pay in 2022. RBI flagged the interconnectedness of Small Finance Banks (SFBs) with Co-operative Banks RBI in its report observed higher dependence of SFBs on deposits from the Co-operative banks at higher rate. i.It showed the higher interconnectedness of SFBs with Co-operative Banks which means any shock to the Co-operative banks would directly impact the SFBs. ii.One of the main reason for Small Finance Banks to borrow huge amount from cooperative bank is of low Current account and Savings Account(CASA) deposits.
The Report highlighted by March-end2023, Total SFBs deposit is around 91 lakhcrore and out of which 67.53% term deposits with balance being accounted for by CASA deposits.
Highlights of 28th Financial Stability Report by RBIRBI(Reserve Bank of India) has released the half-yearly publication of the Financial Stability Report 2023 (September 2023), which assesses risks to financial stability and the resilience of the Indian financial system. Highlights: None of the Top 100 Borrower Accounts in the NPA Category for Scheduled Commercial Banks(SCBs) The Credit of large borrowers has improved and it is welcoming that the top 100 borrower accounts do not fall in the NPA(Non-Performing Assets) category. RBI Report Finds Debt Fund AUM (Asset Under Management) of Rs.1.7- lakh Crore in Stress According to a study by SEBI, Rs. 1.7 lakh crore of AUM of open-ended debt schemes of 17 mutual funds were under stress as of September.
However, only 24 out of a total of 299 schemes were under stress as per the Financial Stability Report by RBI
The survey was conducted for a total AUM of Rs.12.4 Lakh crore for all schemes, of which Rs. 1.7 Lakh crore are stressed AUM of the open-ended debt schemes.
RBI extends Deadline for Implementation of Instructions regarding Penal Charges in Loan Accounts to April 1, 2024On December 29, 2023, the Reserve Bank of India (RBI) extended the deadline for implementation of Instructions regarding Penal Charges in Loan Accounts by three months i.e. from January 1, 2024 to April 1, 2024, as a part of fair lending practices.
In this regard, all Regulated Entities (REs) must implement the new penal charges instructions for fresh loans from April 1, 2024.
In case of existing loans, the transition to the new regime should be ensured by the next review/renewal date on or after April 1, 2024, but no later than June 30, 2024.
Applicability: This extension will be applicable to all Commercial Banks (including Small Finance Banks (SFBs), Local Area Banks and Regional Rural Banks (RRBs), excluding Payments Banks), All Primary (Urban) Co-operative Banks, All Non-Banking Financial Company-NBFC’s (including HFCs-Housing Finance Companies), and All India Financial Institutions. Reason behind Extension: In August 2023, the RBI issued guidelines for banks to impose penalties on loan accounts i.e. ‘Fair Lending Practice – Penal Charges in Loan Accounts’ starting from January 1, 2024. Due to the need for clarifications and additional time required by banks and NBFCs, the implementation date has been extended. Click Here for Official Notification regarding Extension Purpose behind these Guidelines: Its purpose is to encourage credit discipline, not revenue enhancement beyond the contracted interest rate. The diverse practices among banks lead to customer disputes, therefore RBI instructs banks to avoid adding extra components to interest rates and strictly follow guidelines. Click Here to Read about Guidelines
Bandhan Bank Introduces ‘Inspire’ Programme Exclusively for Senior Citizens Bandhan Bank Limited has launched a new scheme called ‘Inspire’ programmedesigned to cater to the specific needs and aspirations of senior citizens. It offers plans that focus on financial security, healthcare, and convenience of old age people. Eligibility: i.Individuals residing in India of age 60 years and above. ii.Monthly Average Balance (MAB) should be Rs.1 lakh for Premium Savings Account and Rs.25,000 for Advantage Savings Account. Benefits: i.The Inspire programme offers benefits like preferential interest rates, priority banking services, and doorstep banking facilities to senior citizen customers. ii.The programme offers Inspire Membership ID Card which carries the details of the customers. iii.The programme also offers life care benefits such as exclusive discounts on medication purchases, diagnostic services, and medical treatments. iv.In collaboration with ‘Oxxy’, a New Delhi(Delhi) based health aggregator, the programme offers 360 Degree Health Care Plans. v.It offers preferential rates on retail term deposits(upto 6.60% per annum) & high interest rates on savings account balance(upto 8.05% per annum) Promoter of Bandhan Bank Limited: Bandhan Bank Limited is promoted by HDFC Limited. As of September 2023, HDFC Ltd holds 39.98% of paid-up share capital in Bandhan Bank. Promoters: As per Section 2(69) of the Companies Act 2013, promoter means, i.A person who is specifically named as a promoter in the company’s prospectus or identified by the company in its annual return. ii.A person who controls the company affairs, indirectly or directly, whether as a director, shareholder or otherwise. iii.A person in accordance with whose directions, advice or instructions the Board of Directors of a company are accustomed to act.
India’s GDP growth to Exceed 6.5% in FY24: DEAThe “Half-Yearly Economic Review 2023-24-November 2023” released by the Department of Economic Affairs (DEA), Ministry of Finance, mentioned that India’s real Gross Domestic Product (GDP) grew by 7.7% in the first half (H1)of financial year 2023-2024 (FY24). With this, India is expected to achieve a growth rate of over 6.5% in FY24.
India’s real GDP grew by a 7.6% on a year-on-year (YoY) basis in 2nd quarter (Q2) of FY24
i.Continued growth momentum expected in Q3 and Q4 of FY24. ii.Unemployment rate decreased to 6.6% in H1FY24 from 7% in H2FY23. About Ministry of Finance: Union Minister– Nirmala Sitharaman(RajyaSabha, Karnataka) Minister of State– Bhagwat Kishanrao Karad; Pankaj Chaudhary
USSF-52 Mission: SpaceX launches secretive U.S. military spacecraft on research mission On 28th December 2023, SpaceX’sFalcon Heavy rocket carrying US military’s secretive X-37-B military space plane to the orbit was launched from Launch Complex 39A (LC-39A) at Kennedy Space Center in Florida, the United States of America(USA).
The mission involves tests of ‘new orbital regimes, experimenting with future space domain awareness technologies.’
The mission codenamed “USSF-52” is the 7th mission of X-37B. This mission includes multiple cutting-edge experiments.
This is the first time the X-37B is launched using a Falcon Heavy rocket.
About X-37B: i.X-37B Orbital Test Vehicle, operating since 2010, was designed for the Air Force by United Launch Alliance, a joint venture between Boeing and Lockheed Martin. ii.It is 30 feet (9 meters) long, has a 15-foot wingspan and is powered by solar panels.
FIDE World Rapid Chess Championship 2023: Magnus Carlsen Wins 5th title, Koneru Humpy wins SilverNorwegian Grandmaster (GM) and World No.1, Magnus Carlsen won 2023 International Chess Federation (FIDE) World Rapid Chess title (Men) held at Samarkand, Uzbekistan from 26 December to 28 December 2023. This title marks Magnus Carlsen’s 5th World Rapid Chess Championship title.
He has totally won 16 World Championship titles, which include 5 rapid titles, 6 blitz titles, and 5 classical titles.
ii.Russian chess player Anastasia Bodnaruk (neutral Fide flag) won the 2023 FIDE World Rapid Chess Women’s title by defeating Indian Chess Grandmaster, Koneru Humpy in a tiebreaker match to secure first place. Top 3 Men Medalist
Winner: USD 60,000
1st Runner –up: USD 50,000
2nd Runner-up: USD 40,000
Top 3 Women Medalist
Winner: USD 40,000
1st Runner –up: USD 30,000
2nd Runner-up: USD 20,000
Venue of 2023 FIDE (International Chess Federation): 2023 FIDE World Blitz Chess Championship will also held in Uzbekistan at the same venue. It is scheduled to be held from December29 to December 30, 2023.
Magnus Carlson is the defending champion of Men’s Blitz title while Bibisara Assaubayeva (Kazakhstan) will defend her title in the women’s category of Blitz title.
Koneru at World Rapid Chess Championship: Koneru Humpy won her 1st medal (bronze) at World Rapid Chess Championship in year 2012. She was crowned (Gold medal) World Rapid Championship title in year 2019, and Silver medal in 2023. Additional Information: About Federation International des Echecs or International Chess Federation(FIDE): President – Arkady Dvorkovich Deputy President – Vishwanathan Anand Headquarters – Lausanne, Switzerland Established – 1924 About Uzbekistan: President – Shavkat Mirziyoyev Capital– Tashkent Currency – Uzbekistani Som
Former Indian Football Defender PrabirMajumdar passed away Former Indian footballer (defender) Prabir Majumdar, 77, passed away in Kolkata, West Bengal (WB). He played a significant role in the 1974 Asian Games (Tehran, Iran) as a member of the Indian team.
In domestic football, he represented East Bengal and Eastern Railways and Bengal in the Santosh Trophy.
Majumdar won several titles with East Bengal, which included the Calcutta Football League, IFA Shield, Durand Cup, Rovers Cup, DCM Trophy, Bordoloi Trophy, and many more.
Punjab CM Bhagwant Singh Mann launched website to support NRIsBhagwant Singh Mann, Chief Minister(CM) of Punjab, launched Non-Resident Indians(NRI) Punjab website(nri.punjab.gov.in), under the Department of NRI Affairs to provide support and assistance to NRIs. About the website: The website was developed by the Department of Governance Reforms & Public Grievances (DGRPG), Government of Punjab in collaboration with National Informatics Centre (NIC), under Ministry of Electronics and Information Technology (MeitY). Features: i.The website includes detailed information related to the NRI Police wing, Punjab State Commission for NRIs, and NRI Sabha. ii.The site also offers a helpline number: 1100 (+91-411-1905-1100), email addresses(psnri@punjab.gov.in), and a WhatsApp complaint number(9056009884). iii.It also provides data on registered travel and immigration agents. Other Initiative: CM also announced a series of initiatve to enhance the services for NRIs which includes.
Organising NRI milnis (meets) for on-the-spot redressal of problems faced by the NRIs.
Establishment of a 24×7 ‘Facilitation Center’ at the International Terminal at Indira Gandhi International Airport at New Delhi, Delhi to assist the NRIs arriving at the terminal.
About Punjab: Chief Minister – Bhagwant Singh Mann Governor – Banwarilal Purohit Wildlife Sanctuary – Takhni-Rehmapur Wildlife Sanctuary, Abohar Wildlife Sanctuary Zoological Park – Mahendra Chaudhary Zoological Park, Tiger safari zoo
Cultural Exchange and Tourism Collaboration Launched Between Vietnam’s Lam Dong and India’s Leh Ladakh Lam Dong Province in Vietnam and the Leh region of Ladakh,India officially launched a cultural exchange and tourism cooperation initiative with the theme “Ladakh Unveiled” in Da Lat, Vietnam.
This event signifies a crucial step towards strengthening the bonds between these two distinguished regions.
Union Minister Piyush Goyal: Govt Extends RoDTEP Benefits to E-Commerce ExportsUnion Minister Piyush Goyal, Ministry of Commerce and Industry (MoCI), announced that the government has extended the benefits of the Scheme for Remission of Duties and Taxes on Exported Products (RoDTEP) to e-commerce exports through courier and postal services.
Union Minister also released the “E-Commerce Exports Handbook for MSMEs(Micro, Small, and Medium Enterprises)” prepared by the Directorate General of Foreign Trade (DGFT) in New Delhi, Delhi.
Key Points: i.The scheme provides for refund of taxes, duties, and levies that are incurred by exporters for manufacturing and distribution of goods and are not reimbursed under any other mechanism at the center, state, or local level. ii.The DGFT will implement the necessary Information Technology (IT) framework and other enablers for the extension of the scheme for the exporters. Note: The RoDTEP scheme operates under a budgetary framework and for 2023-24, a budget of Rs 15,070 crore is available for it. E-Commerce Exports Handbook for MSMEs: i.The handbook stands as a definitive guide in assisting MSMEs to utitlise the potential of e-commerce for expanding their exports. ii.It is visualised as a one-stop repository, and provides detailed insights into strategies for promoting exports via e-commerce, facilitating MSMEs to venture into global markets effectively. iii.It was initially released in 4 languages namely English, Hindi, Gujarati, and Kannada. iv.It will be translated into all official languages across India, ensuring accessibility and benefitting consumers, entrepreneurs, and everyone, who is looking to contribute significantly to trade and commerce. DGFT and Shiprocket signed a MoU During the event, DGFT and Shiprocket, an E-Commerce enabler, signed a Memorandum of Understanding (MoU) to support new and first-time exporters, especially from MSMEs, in leveraging E-Commerce for international trade. The MoU was signed as part of the E-Commerce outreach conducted by DGFT Regional Authorities under its Districts as Export Hubs Initiative. Note: The “E-Commerce exports handbook for MSMEs” will be a key resource for raising awareness of E-Commerce exports through these outreach events in the districts.
NSE data: Maharashtra tops Among States with Highest Number of Registered InvestorsAccording to recent data from the National Stock Exchange (NSE), Maharashtra tops the list of states with the highest number of registered investors. Maharashtra registered a growth of 16.9% with over 1.48 crore registered investors.
Uttar Pradesh (UP), with 89.47 lakh investors, has surpassed Gujarat (76.68 lakh) and secured the 2nd position on the list.
Total investors: i.As of December 25, 2023, the total count of investors across India was 8.49 crore, which is a hike of 22.4% from last year. The count stood at 6.94 crore on 31st December 2022. ii.The total count of investors in India increased from around 7 crore to 8 crore in the past 8 months. iii.The recent market rally and increasing interest towards equity investments contributed to the increase in investor participation. Points to note: i.According to the report, UP has registered a growth of 33.8% in new investors while Gujarat recorded a growth of 17.2%. ii.West Bengal, Karnataka, Tamil Nadu, and Rajasthan are among the states that have witnessed an increase in the number of investors in the stock market. The registered individuals in these states are more than 47 lakh. iii.Bihar, Uttar Pradesh and Madhya Pradesh have recorded the highest growth among large states with a rise of 36.6%, 33.8%, and 28.9%, respectively. iv.The northeastern states have also registered growth in the number of investors. Mizoram; Nagaland and Tripura have witnessed a growth of 54.9%, 54% and 41.3% respectively. Market cap of NSE Listed Companies’ Surpass USD 4 Trillion Mark For the first time, the market capitalisation of listed companies on the NSE has surpassed the USD 4 trillion (Rs 334.72 trillion) mark, as of December 29, 2023, it stood at USD 4.32 trillion . i.At present, India is ranked 4th in the world in terms of market capitalisation, following the United States of America(USA), China and Japan. ii.Reliance Industries Limited (RIL) is India’s most valued firm with a market valuation of Rs 17,63,001.81 crore, followed by Tata Consultancy Services (TCS) with Rs 13,90,823.72 crore and HDFC Bank with Rs 12,94,593.58 crore. iii.The frontline index Nifty 50 has risen nearly 20%, while BSE Sensex surged more than 18% in 2023. Nifty Smallcap 100 index surged over 54% and the Nifty Midcap 100 jumped over 45% in 2023. iv.NSE is now ranked as 3rd largest exchange in the world based on number of trades in the cash market segment. NSE accounts for a 10.8% share globally. Note: In November 2023, the combined market valuation of all listed companies on the BSE (formerly Bombay Stock Exchange) also reached the USD 4 trillion mark.
Union Minister Bhupender Yadav Launched NTPS-“One Nation-One Pass” to Enable Seamless Transit of Forest Produce across IndiaUnion Minister Bhupender Yadav, Ministry of Environment, Forest and Climate Change (MoEF&CC) launched the National Transit Pass System (NTPS), envisioned as a One National One Pass system, will enable seamless transportation of timber, bamboo, and other forest produce across India. Key Points: i.At present, state-specific transit rules govern the issuance of transit permits(TP) of timber and forest produce; NTPS will replace this with a uniform, pan-India approach. ii.This unified online mode permit system will ease the process of getting TP for tree growers and farmers involved in agroforestry across India. Special Pan Indian Vehicle Launch: i.Union Minister also flagged off thespecial Pan Indian vehicles carrying forest produce to create awareness abou the applicability and ease of using NTPS. ii.2 vehicles carrying timber and other forest produce from Gujarat and Jammu & Kashmir (J&K) bound for West Bengal and Tamil Nadu were flagged off during the event. iii.NTPS generates a QR-coded TP will enable the check gates across different states to verify the permit validity and allow seamless transit. Features of NTPS: i.NTPS is designed for user convenience, featuring desktop and mobile applications for easy registration and permit applications. ii.NTPS manages records for inter-state and intra-state transportation, covering various sources like private lands and government-owned forests. iii.Transit permits will be issued for tree species that are regulated, while users can self-generate No Objection Certificates(NOC) for exempted species. Note: 25 States and Union Territories already embraced the unified permit system, streamlining interstate business operations for producers, farmers, and transporters.
DEA releases Interest Rate on Small Saving Schemes for Q4FY24; Hikes rate on SSAS & 3-year Time DepositOn December 29, 2023, the Department of Economic Affairs-DEA (Budget Division), Ministry of Finance released the interest rates for Small Savings Schemes applicable in the January-March 2024 quarter (Q4FY24) i.e. from January 1, 2024 to March 31, 2024.
As per it, the interest rate on the SukanyaSamriddhi Account Scheme (SSAS) increased by 20 basis points from 8% to 8.2% for Q424.
The interest rate on three-year time deposits also increased by 10 basis points from 7% to 7.1%.
The interest rates for all other small savings schemes will remain unchanged from the rates offered in Q3FY24 (October-December 2023).
List of Interest on Small Saving Schemes for Q4FY24:
The scheme is meant to meet the education and marriage expenses of a girl child.
Minimum deposit is Rs 250, and maximum Rs 1.5 lakh per financial year
Deposits qualify for Section 80-C deduction, and the interest is tax-free under Sec.10 of the Income Tax (IT) Act, 1961.
To be eligible for the SSAS, the girl child must be a resident Indian and under the age of 10 at the time of account opening.
Click Here to Read More about SSAS Key Points: i.Interest rates for small savings schemes are notified on a quarterly basis by the government. ii.The formula to arrive at the interest rates for small savings scheme was given by the ShyamalaGopinath Committee. iii.The committee suggested that interest rates of different schemes should be 25-100 bps higher than the yields of the government bonds of similar maturity.
New Design & Test Facility was Inaugurated at HAL’sAERDC in BengaluruOn 29th December 2023, Giridhar Aramane, Defence Secretary, Ministry of Defence (MoD), inaugurated a new state-of-the-art design and test facility at Aero Engine Research and Development Centre (AERDC) of Hindustan Aeronautics Limited (HAL) in Bengaluru, Karnataka. Note: AERDC, established in the 1960s, is the only design house that has developed test beds for engines of both Western and Russian origin. Features: i.The new facility of over 10,000 sq. meters houses set ups to test engine components and Line Replacement Units (LRUs). ii.The facility also has special machines, advanced setups leveraging on computational tools and in-house fabrication facility. iii.Test Beds: The facility has 2 test beds for testing Hindustan Turbo Fan Engine (HTFE)-25 and one testbed each for testing Hindustan Turbo Shaft Engine (HTSE)-1200 and upcoming JV engine for IMRH to be co-developed by France based Safran Helicopter Engines and HAL. iv.The facility can test
Air producer of attack aircraft SEPECAT Jaguar
Gas Turbine Starter Unit (GTSU) – 110 M2 and 127E of Light Combat Aircraft (LCA)
Auxiliary Power Units of Indian Multi-Role Helicopter (IMRH) and Advanced Medium Combat Aircraft.
Gas Turbine Electrical Generator (GTEG)-60 for Antonov An-32 aircraft.
About Hindustan Aeronautics Limited (HAL): CMD – C.B. Ananthakrishnan (additional charge) Headquarters – Bengaluru, Karnataka Established in – 1940
TEC Launched online modules for CoA & Technology ApprovalUnder Voluntary Certification Scheme Telecommunication Engineering Centre (TEC) launched aOnline Voluntary Certification modules of Certificate of Approval (CoA) and Technology Approval under its voluntary certification scheme to enhance the Ease of Doing Business and Promote Atmanirbhar Bharat.
TEC is the technical arm of the Department of Telecommunications (DOT) under the Ministry of Communications (MoC) .
The module was launched by A.K.Sahu, Member, Digital Communication Commission (DCC).
i.The online module was developed by Centre for Development of Telematics(C-DOT), a Research and Development(R&D) centre of DOT. ii.The module will streamline the testing and certification process, and foster an ecosystem for Start-ups and Micro, Small & Medium Enterprises (MSMEs_ in the Telecom and related Information and communication technology(ICT) sector. iii.Now, the Type Approval Certificate, Interface Approval Certificate, Certificate of Approval (CoA) and Technology Approval Certificate can be applied and processed through the online module. Note: The On-line modules for Type/Interface approval had been previously made operational with effect from 7th July 2023.
RBI Extends Payments Infrastructure Development Fund Scheme Till 2025The Reserve Bank of India (RBI) has revised the Payments Infrastructure Development Fund (PIDF) scheme and extended the deadline by two years, i.e., upto December 31, 2025. Key Points: The PIDF scheme has been enhanced to increase the scope of beneficiaries and acceptance infrastructure. The enhancements includes, i.Included Beneficiaries of PM Vishwakarma Scheme as merchants under the PIDF Scheme.
All installations since 17th September 2023(inception of PM Vishwakarma Scheme) may prefer claim under the PIDF scheme.
ii.Sound Box devices and Aadhaar-enabled biometric devices are now eligible to claim subsidy under the scheme. iii.Irrespective of the device type, the subsidy for devices deployed in special focus areas(North Eastern states; Jammu & Kashmir and Ladakh) has been increased to 90% from 75% of the cost of device.
Installations made from 1st October 2023 are eligible for subsidy.
About PIDF scheme: i.PIDF scheme was introduced by RBI in 2021 for a period of 3 years (until December 2023). ii.The scheme aims to encourage deployment of payment acceptance infrastructure such as physical Point of Sale (PoS) terminals, Quick Response (QR) codes by adding 30 lakh touch points every year.. iii.The scheme is targeted in tier-3 to tier-6 centres, North Eastern states, J&K and Ladakh. iv.In August 2021, beneficiaries of Pradhan Manthiri Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi Scheme) in Tier-1 and 2 centres were included in the PIDF scheme. v.By August 2023, over 2.66 crore new touchpoints have been deployed under the Scheme. Governance of PIDF: i.PIDF is governed by a nine-member ex-officio Advisory Council (AC). ii.Gunveer Singh who is the Chief General Manager-in-Charge, Department of Payment & Settlement Systems of RBI, functions as the Secretariat to the AC. Additional info: The instructions are issued by RBI under Section 18 read with Section 10 (2) of Payment and Settlement Systems Act, 2007. Fully Owned Subsidiaries of RBI: i.Deposit Insurance and Credit Guarantee Corporation of India (DICGC) ii.Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL) iii.Reserve Bank Information Technology Private Limited (ReBIT) iv.Indian Financial Technology and Allied Services (IFTAS) v.Reserve Bank Innovation Hub (RBIH)
IRDAI Annual Report 2022-23: India’s Insurance Penetration Drops to 4% in 2022-23According to the Insurance Regulatory and Development Authority of India (IRDAI)’s Annual Report 2022-23, the overall insurance penetration in India reduced from 4.2% in 2021-22 to 4% in 2022-23. i.Life insurance penetration has reduced marginally from 3.2% in 2021-22 to 3% in 2022-23 while non-insurance penetration remained unchanged at 1%. ii.A total of 2.84 crore policies were sold during the fiscal year 2022-2023 (FY23). Of this, 97.38 lakh were sold to women. iii.Premium income of life insurance companies rose by 12.98% to Rs 7.83 lakh crore in FY23 while the premium income of general insurers increased by 16.4 per cent to Rs 2.57 lakh crore. About Insurance Regulatory and Development Authority of India (IRDAI): Chairperson– Debasish Panda headquarters– Hyderabad, Telangana Established in 1999 (incorporated in April 2000)
RBI cancels licence of Gujarat’s Botad Peoples Co-operative Bank, and Maharashtra’s Adarsh Mahila Nagari Sahakari Bank MaryaditOn December 29, 2023, the Reserve Bank of India (RBI) has cancelled the banking license of The Botad Peoples Co-operative Bank Ltd., Botad, Gujarat but granted the non-banking institution licence. It also cancelled the license of Adarsh Mahila Nagari Sahakari Bank Maryadit, Aurangabad, Maharashtra. About The Botad Peoples Co-operative Bank: RBI has cancelled its licence to carry on banking business of the Botad Peoples Co-operative Bank in India which was granted in 1998 under Section 22 read with Section 56 of the Banking Regulation (BR) Act, 1949. However, RBI allows it to function as a non-banking institution under Section 36A (2) read with Section 56 of the BR Act.
In this regard, the bank must cease banking activities, including non-member deposits, under section 5(b) of the BR Act.
It is also obligated to repay any outstanding deposits upon demand, even after being designated a non-banking institution.
Click Here for Official Notification About Adarsh Mahila Nagari Sahakari Bank Maryadit, Aurangabad, Maharashtra RBI has cancelled the licence of Adarsh Mahila Nagari Sahakari Bank Maryadit, Aurangabad, Maharashtra. Consequently, the bank ceases to carry on banking business i.e. acceptance of deposits and repayment of deposits as defined in Section 5 (b) read with Section 56 of the Banking Regulation Act, 1949 with immediate effect.
The Commissioner and Registrar of Cooperative Societies, Maharashtra has also been requested to issue an order for winding up the bank and appoint a liquidator for the bank.
Reason behind Cancellation: i.Inadequate capital and earning prospects, violating Section 11(1) and Section 22 (3) (d) with Section 56 of BR Act, 1949. ii.Non-compliance with Sections 22(3)(a), 22 (3)(b), 22(3)(c), 22(3)(d), and 22(3)(e) read with Section 56 of the Banking Regulation Act, 1949. iii.The bank’s persistence poses a threat to the depositor interests as it is financially incapable of full repayment, negatively impacting public interest. Key Points: i.Depositors receive a deposit insurance claim, up to Rs 5,00,000 (monetary ceiling), upon liquidation, subject to Deposit Insurance and Credit Guarantee Corporation (DICGC) Act, 1961. ii.99.77% of depositors are entitled to the full amount from DICGC, as per bank data. iii.As of October 31, 2023, DICGC has paid Rs 185.38 crore of insured deposits under Section 18A of the DICGC Act, 1961.
CBI & Kisetsu Saison Finance Partners for MSME Loan The Central Bank of India Limited (CBI) has entered into a Co-Lending Partnership with Bengaluru (Karnataka) based Kisetsu Saison Finance (India) Private Limited, to offer Micro, Small & Medium Enterprise (MSME) Loans. i.Under this partnership, CBI will be acquiring 80% of the MSME loans which are originated and processed by Kisetsu Saison Finance. ii.The partnership aims to expand the portfolio by the CBI and Kisetsu Saison Finance. Kisetsu Saison Finance, Established in 2018, is a Non-Banking Financial Company (NBFC), known by its trade name Credit Saison India (“CS India”). It is the subsidiary of Japan based Credit Saison Company Limited. Chief Executive Officer (CEO) – Presha Paragash
RIL Becomes 1st Indian Company to Use Chemical Recycling For ISCC–Plus Certified Circular Polymers Reliance Industries Limited (RIL) became the 1st Indian company to chemically recycle plastic waste-based pyrolysis oil into International Sustainability & Carbon Certification (ISCC)-Plus certified Circular Polymers. i.RIL’s Jamnagar(Gujarat) refinery became the 1st refinery to get the ISCC-Plus certification, validating its capability to produce Circular Polymers through chemical recycling. ii.RIL has shipped its 1st batch of ISCC-Plus-certified Circular Polymers, named CircuRepol™ (Polypropylene) and CircuRelene™ (Polyethylene). These polymers were designed to spearhead the way in Circular Economy practices. The ISCC-Plus certification ensures adherence to traceability and rules in the production of Circular Polymers.
LIC reduces Stakes in BHEL to 9.617% Life Insurance Corporation of India (LIC) reduced its shareholding in Bharat Heavy Electricals Limited (BHEL) from 11.701% to 9.617% through open market operation(OMO).
LIC sold its BHEL shares at an average price of Rs 79.58 through secondary market between June 2019 and December 2023.
LIC’s shareholding decreased from 40,74,40,614 to 33,48,62,025 Equity Shares.
BHEL is a Maharatna Central Public Sector Enterprise (CPSE) under the Ministry of Heavy Industries (MHI). CMD – Koppu Sadashiv Murthy Headquarters – New Delhi, Delhi Established in – 1964
Seventh Ferry craft ‘Manjula‘ (Yard 786) Delivered to Indian Navy On 29th December 2023, Kolkata (West Bengal) based The Shalimar Works (1980) Limited has delivered the seventh 250 Men Ferry Craft ‘Manjula’ (Yard 786) to the Indian Navy (IN).
It was delivered in the presence of Rear Admiral Deepak Kumar Goswami, Admiral Superintendent, Naval Dockyard (ASD), Mumbai(Mbi), Maharashtra.
Contract: i.The delivery of the ship concludes the contract for construction of seven 250 Men Ferry Craft with Shalimar Works Limited. ii.The contract is in line with the ‘AatmaNirbhar Bharat’ initiatives of the Government of India (GoI). About Manjula (Yard 786): i.Manjula(Yard 786) Ferry Craft was built under the ‘Make in India’ initiative of the Ministry of Defence (MoD) with all major and auxiliary equipment or systems sourced from indigenous manufacturers. ii.The ferry craft was built with a life span of 25 years and provide impetus to operational and logistics requirements of the IN. iii.Manjula has the capacity to ferry 250 Men. iv.The ferry can transport both Men and Material between Indian Naval Ports and Shipsor Submarines at anchorage. Additional Info: Six out of Seven Ferry Crafts have already been delivered at Port Blair(Andaman and Nicobar Islands), Visakhapatnam (Andhra Pradesh) and Mumbai. Background: ‘Manjula’ was launched by Binod Kumar, Indian Administrative Service (IAS), Principal Secretary Transport, West Bengal on 23 November 2022 at Shalimar Works Ltd, in presence of Commodore Indrajit Dasgupta, Warship Production Superintendent (Kolkata). About The Shalimar Works (1980) Limited: The Shalimar Works (1980) Limited is fully owned by the Government of West Bengal. Chairman – Anshul Gupta Established in – 1981 (Originally established by Turner Morrison Limited, United Kingdom in 1885)
J&K Panchayati Raj Act, 1989 Amended to Incorporate OBC ReservationJammu and Kashmir (J&K) Administrative Council led by Lieutenant Governor(LG) Manoj Sinha amended J&K Panchayati Raj Act, 1989 to incorporate the definition of Other Backward Classes (OBCs) in the Act to ensure reservation for OBCs in Panchayati Raj Institutions (PRIs). For the 1st time, OBCs in J&K will benefit from reservations for positions such as Sarpanchs and Panchs. Background: i.The draft J&K Panchayati Raj Act (Amendment) Bill 2023 was submitted to the Ministry of Home Affairs (MHA). ii.The observations of the MHA were examined and the necessary amendments were incorporated into the revised bill. iii.Prior to the amendment, the reservations were limited to women, Scheduled Castes (SC), and Scheduled Tribes (ST). Objective: i.The proposed amendments aim to align the J&K Panchayati Raj Act, 1989 with the standards observed in other states and Union Territories(UTs). ii.It underlines the amendment goal to enhance transparency in the functioning of PRIs, adhere to constitutional alignment, and consistency with the practices in other states with OBC reservation, apart from SCs and STs. About the Amendments: i.The amendments not only guide new reservations but also bring clarity to the rules governing disqualification from Halqa Panchayat membership. ii.Moreover, provisions for the suspension or removal of Sarpanch, Naib Sarpanch, and Panch by the government have been outlined.
Removal is pursued in cases of confirmed misappropriation of funds or specified issues during investigation.
iii.It also defines the process for removal and conditions of service of the State Election Commissioner (SEC). iv.OBCs will also have reserved positions in Urban Local Bodies (ULBs). It requires separate amendments to the existing J&K Municipal Corporation and Municipalities Acts.
Presently, reservations in ULBs are only available for Women, SCs, and STs.
Cabinet Approval on 27th December 2023The Union Cabinet chaired by Prime Minister(PM) Narendra Modi approved the following proposals on 27th December 2023.
Minimum Support Prices (MSPs) for Copra for the 2024 season.
Project for the improvement and widening of the Khowai-Harina road covering a total length of 134.913 kms in Tripura.
Construction of a New 4556 meter-long, 6-Lane High Level/ Extra Dosed Cable-stayed Bridge across the River Ganga connecting Patna and Saran, in Bihar.
Migration and Mobility Agreement between India and Italy
Opening of the Consulate General of India in Auckland, New Zealand
MoU between Prasar Bharati and Radio Televisyen Malaysia (RTM), Malaysia
CBDT Issues Guidelines on Under Section 194-O of IT Act 1961On 28th December 2023, the Central Board of Direct Taxes (CBDT), under the Department of Revenue in the Ministry of Finance (MoF), issued the guidelines under sub-section 4 of section 194-O of the Income-tax Act 1961.
The guidelines was issued to provide clarity on issues related to the applicability of section 194-O in e-commerce operator (ECO) model framework.
About Section 194-O: Section 194-O of the IT Act, 1961 states that an ECO shall deduct income tax at the rate of 1% of the gross amount of sale of goods or provision of service, or both, facilitated through its platform. Note: The section was inserted through the Finance Act, 2020. Key Points: i.According to the guidelines, the tax deducted at source (TDS) liability will cover the gross amount of transaction including the packaging and shipping fee as well as the convenience fee levied by the e-commerce platforms on the side of both the buyer and the seller. ii.TDS is deducted by the seller side ECO during the payment or credit. About Central Board of Direct Taxes (CBDT): Chairman – Nitin Gupta Headquarters – New Delhi, Delhi Established in – 1964
Reliance Jio & IIT-Bombay collaborates to Build ‘BharatGPT’Reliance Jio Infocomm Limited (Jio), a subsidiary of Reliance Industries Limited(RIL), has collaborated with the Indian Institute of Technology (IIT) Bombay, Mumbai, Maharashtra, to develop the ‘BharatGPT(Generative Pre-Trained Transformer)’ program. About Bharat GPT program: i.Bharat GPT programaims to use large language models and generative Artificial Intelligence (AI) to improve various sectors in India. ii.The program is part of an upgraded mobile ecosystem ‘Jio 2.0’ of Reliance Jio. IIT Guwahati & Assam Govt Collaborated for Arohan Scheme to Promote STEM Subjects Indian Institute of Technology (IIT) Guwahati, Assam in collaboration with the Government of Assam had hosted a career progression session for meritorious students of Assam to help them to pursue Science, Technology, Engineering, and Mathematics (STEM) subjects in their higher education as part of Assam’s flagshipprogramme ‘Arohan’. IIT Guwahati & Assam: i.The programme was happened during four/five-days stay in IIT Guwahati from October to December 2023. ii.The programme enabled students(mentees) to engage with institute faculty members and explore institutional facilities. iii.So far IIT Guwahati has hosted 3311 students (about 65% are girls) and few hundred teachers. iv.It is coordinated by the Offices of Outreach Education Program (OEP), Public Relations Branding and Ranking (PRBR) and Students’ Affairs at IIT Guwahati. About Arohan: i.Arohan (means Ascent) is a Mentor-Mentee programme for career progression of meritorious students of Secondary classes(9th standard to 12th standard) studying in Government schools in Assam. ii.The program was launched in 2022 by Himanta Biswa Sarma, Chief Minister (CM) of Assam. iii.The programme is in alignment with the National Education Policy (NEP) 2020. Additional Info: The mentors of the programme include senior government officials, alumni of schools, students of esteemed universities, entrepreneurs, professionals or corporate individuals from Assam. About Reliance JioInfocommLimited : Chairman – Akash Ambani Headquarters – Mumbai, Maharashtra Established in – 2007
Indian Navy Unveils New Admirals’ Epaulettes Inspired By Chhatrapati Shivaji’s RajmudraThe Indian Navy (IN) has introduced a new design for the Admirals’ Epaulettes, drawn from the Naval Ensign and features elements inspired by the Rajmudra of ChhatrapatiShivajiMaharaj.
Prime Minister Narendra Modi unveiled the new design during Navy Day (4 December 2023) at Sindhudurg, Maharashtra.
Note: This new design signifies a departure from the previous design, which features Nelson’s Ring, a colonial legacy and reflects the rich maritime heritage of India. About the New Admirals’ Epaulettes: i.The new design incorporates several symbolic elements such as the Golden Navy Button, Octagon, Indian Sword, and Telescope. ii.The redesigned Epaulettes have been unveiled for the ranks of Admiral, Vice Admiral, and Rear Admiral, the top 3 positions in the naval forces. Rajmudra:Rajmudra, or the Royal Seal, was an authentic stamp that Chhatrapati Shivaji Maharaj used to use in his correspondences and ordinances. Shivaji Maharaj received the Rajmudra from his father Shahajiraje Bhosale, making it a symbol of historical significance. Golden Navy Button: It reiterates the resolve to do away with ‘Ghulam ki Maansikta’ (Colonial mindset). Octagon: Representing the 8 cardinal directions, emphasising the Navy’s all-round long-term vision. Indian Sword: It embodies the essence of the Navy’s Raison d’etre, emphasising the purpose of being at the forefront of national power and winning wars through dominance, defeating adversaries and overcoming every challenge. Telescope: It symbolises long-term vision, foresight and a weather eye in an ever-changing world. Discontinuation of Batons for Commanders: i.The IN is undergoing a significant transformation, aiming to discard colonial traditions. ii.The traditional use of batons for commanders is now discontinued, marking a departure from outdated colonial symbols of authority. iii.As a broader initiative to drop colonial military traditions, IN has also conducted a review of sailor ranks. iv.Over 65,000 sailors will now carry Indianised designations, aligning with the broader initiative, while officer ranks remain unchanged. v.The new sailor ranks include:
Master Chief Petty Officer I Class, Master Chief Petty Officer II Class, Chief Petty Officer, Petty Officer, Leading Seaman, Seaman I Class, and Seaman II Class.
8th Edition of IONS Conclave of Chiefs Held in Bangkok, Thailand from 19-22 Dec 2023The 8th edition of the Indian Ocean Naval Symposium (IONS) Conclave of Chiefs (CoC) (2023) hosted by the Royal Thai Navy (RTN) was held in Bangkok, Thailand from 19–22 December 2023.
The 8th Conclave marks the transition of IONS Chairmanship from France(2021-23) to Thailand(2023-2025).
Participants i.Chiefs of Navies, and Heads of Maritime Agencies from 27 IONS member/observer countries particiapted in the conclave. ii.Admiral R Hari Kumar, Chief of the Naval Staff (CNS) of the Indian Navy (IN), led the 3-member Indian Naval delegation for the conclave. Key Points: i.During the CoC, Thailand assumed the duties of Chair of IONS, and finalised the Work Plan for the next 2 years. ii.As a first, the Flag designed by India has been chosen as the IONS Flag. iii.India also took over as the co-chair of IONS Working Groups on Maritime Security and Humanitarian Assistance and Disaster Relief (HADR) for the forthcoming cycle. Seminar: i.A Seminar on the theme ‘Blue Economy: Ways Forward for Sustainable Development of IONS Member States’, was conducted on the sidelines of CoC. ii.Cmde Manmeet S Khurana, Cmde (Foreign Cooperation) from IN presented a paper on ‘Security is Foundation for Peaceful and Sustainable Blue Economy’. iii.Various bilateral interactions were also conducted during the Conclave to facilitate a greater degree of maritime cooperation and understanding between the IONS countries. Highlights of the Conclave: i.Commendations were exchanged between CNS IN and Adm Adoong Pan-Iam, Commander-in-Chief, RTN to uphold a trajectory of Bilateral Defence engagements.
It includes the naming of IN – RTN Bilateral based on historical and cultural connections.
ii.CNS engaged with Heads of Delegation from Australia, Bangladesh, France, Iran, Italy, Malaysia, Maldives, Russia, Saudi Arabia, and Spain, and discussed bilateral maritime issues. iii.CNS also visited the Indian Naval Ship (INS) Kadmatt in Bangkok. About IONS: i.IONS, conceived in 2008 by the IN, aims to enhance maritime cooperation among Navies of the littoral states of the Indian Ocean Region (IOR).
It provides an open platform for discussions on regionally relevant maritime issues.
ii.The inaugural edition of IONS was held in February 2008 in New Delhi, Delhi with IN as the Chair for 2 years (2008 – 2010) iii.Republic of Korea Navy became the latest ‘Observer,’ raising IONS’ collective strength to 34 (25 Members and 9 Observers). Note: India is scheduled to take over the Chair of IONS (2025-27) during the 9th CoC, which planned to be conducted in India in late 2025. About Thailand: Capital– Bangkok Prime Minister– Srettha Thavisin Currency– Thai Baht (THB)
SEBI issues Procedure for Public Issuance of ZCZP instrument by NPOsi.On December 28, 2023, the Securities and Exchange Board of India (SEBI) notified a procedure for public issuance of Zero Coupon Zero Principal (ZCZP) Instruments by a Not for Profit Organization (NPO) and listing of such instruments on the Social Stock Exchange (SSE). ii.This procedure is added in the Framework on Social Stock Exchange (SSE) issued in September 2022. iii.It should be noted that SSE framework resulted in the amendment of (Issue of Capital and Disclosure Requirements) Regulations, 2018 (ICDR Regulations) and (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR Regulations). iv.ZCZP instruments on the SSE are donation instruments offering no interest or principal return. Since it is a donation, not a loan or investment, the contributed funds will not be refunded to the donor. v.SEBI has also allowed stock brokers to settle Client’s Funds lying with Trading Member (TM) on Saturdays i.e. one more day is provided. Now, stock brokers can settle the running account of clients’ funds on the first Friday or Saturday of the quarter or month at the choice of the clients. About Securities and Exchange Board of India (SEBI): It was established as a statutory body in 1992 and the provisions of the SEBI India Act, 1992 (15 of 1992) came into force on January 30, 1992. Chairperson– Madhabi Puri Buch Headquarters– Mumbai, Maharashtra
SBI, HDFC Bank will need to maintain Higher Capital from FY25On December 28, 2023, the Reserve Bank of India (RBI) released the list of Domestic Systemically Important Banks (D-SIBs) in which State Bank of India (SBI), HDFC Bank and ICICI Bank continued to be identified as D-SIBS. However, SBI and HDFC Bank will need to maintain higher capital from April 1, 2025.
The additional common equity Tier 1 (CET-1) as a percentage of Risk Weighted Assets (RWAs) requirement for SBI will be 0.80%, and for HDFC Bank, it will be 0.40%.
Note: The RBI has moved SBI from bucket 3 to bucket 4 and HDFC Bank from bucket 1 to bucket 2. This means they will have to meet the above mentioned higher additional CET 1 requirements. Upto March 31, 2025, the D-SIB surcharge applicable to SBI and HDFC Bank is 0.60% and 0.20%, respectively.
ICICI Bank continues to be in the same bucketing structure i.e. bucket 1 with 0.20% addition CET-1 requirement.
Key Points: i.The RBI has to provide information about the names of banks that are important for the financial system every year in August since 2015. ii.D-SIBs are those institutions which are “too big to fail”, meaning their failure will negatively impact the economy.
The banks are placed in appropriate buckets depending upon their Systemic Importance Scores (SISs).
iii.The additional CET-1 requirement is in addition to the capital conservation buffer. iv.RBI had named SBI and ICICI Bank as D-SIBs in 2015 and 2016, and HDFC Bank in 2017. Click Here for Official Notification How D-SIBs are Selected and Assessed? i.The D-SIBs will be selected by RBI based on the size of the bank as a percentage of GDP(Gross Domestic Product) i.e the banks having a size beyond 2% of GDP. ii.The selected D-SIBs are assessed through the 4 indicators of Size, Interconnectedness, Lack of readily available substitutes or financial institution infrastructure, and Complexity. About State Bank of India (SBI): Chairman– Dinesh Kumar Khara Headquarters– Mumbai, Maharashtra Establishment– 1955 Tagline–The banker to Every Indian
VP JagdeepDhankhar Launched the New Logo of ICAI Jagdeep Dhankhar, Vice-President(VP) of India, launched the new logo of the Institute of Chartered Accountants of India (ICAI) during the 1st ever Global Professional Accountants Convention (GloPAC) held in Gandhinagar, Gujarat from 24th-26th November 2023. Union Minister Piyush Goyal, Ministry of Commerce and Industry, graced the event as a Guest of honour. i.The logo features the letters ‘CA’ in blue colour with an inverted tricolour tick mark on a white background and the word ‘India’ at the bottom of the symbol. ii.The upside-down tick mark is used by Chartered Accountants (CA) during audits is included to symbolise the wisdom and value of the professionals. iii.The logo epitomizes the Institute’s connection to the India-first approach and as a trusted partner in nation-building Note: ICAI is India’s largest professional accounting body under the Ministry of Corporate Affairs(MCA).
Adani Global and Sirium International partners to form a JV – Sirius Digitech International Adani Global Limited has formed a joint venture “Sirius Digitech International Limited (Sirius JV)” with United Arab Emirates (UAE)-based Sirius International Holding Limited (Sirius) to deploy Artificial Intelligence (AI), Internet of Things (IoT), and Secured Blockchain Products for industrial applications.
Sirius will own 51% of the Sirius JV, while Adani will own 49%.
Abu Dhabi based Sirius JV will focus on the USD 175 billion digitalization of the Indian economy
Note: Ahmedabad (Gujarat) based Adani Global is a subsidiary of Adani Enterprises Limited. Sirius is a subsidiary of International Holding Company (IHC).
Nina Singh Appointed as 1st Woman DG of CISF; Anish Dayal Appointed as DG of CRPFNina Singh was appointed as the 1st woman Director General (DG) of the Central Industrial Security Force (CISF). She will hold the post till her superannuation on July 31, 2024. she was holding the additional charge of DG of CISF from August 2023 following the superannuation of Sheel Vardhan Singh, who held the position from November 2021 to August 2023. Other Appointments: i.AnishDayal Singh, DG of Indo-Tibetan Border Police (ITBP) was appointed as the full-time DG of the Central Reserve Police Force (CRPF) till his superannuation on 31 December 2024.
He was holding the additional DG, CRPF charge following S L Thaosen’s retirement on 30 November 2023.
ii.RahulRasgotra succeeded Anish Dayal Singh and will be the new DG of ITBP till the date of his superannuation on 30 September 2025.
Rahul Rasgotra served as the Special Director of the Intelligence Bureau (IB).
iii.Vivek Srivastava was appointed as DG of the Fire Service, Civil Defence, and Home Guards till the date of his superannuation on 30 June 2025.
Before that, he was a special director of IB.
Key Points: i.Nina Singh, a 1989-batch Indian Police Service (IPS) officer was the 1st woman IPS officer allocated to the Rajasthan cadre.
She currently serves as the Special DG of CISF and held the position of Joint Director in the Central Bureau of Investigation (CBI) from 2013 to 2018.
Nina Singh was awarded the prestigious President’s Police Medal for Distinguished Service in 2015 by Prime Minister Narendra Modi.
ii.AnishDayal Singh, a 1988-batch IPS officer of Manipur cadre. He was working as a Special Director of IB. In 2022, he was appointed as the DG of ITBP. iii.RahulRasgotra, a 1989-batch IPS officer of the Manipur cadre was working as a Special Director in IB. iv.Vivek Srivastava, a 1989-batch IPS officer of Gujarat cadre became the 1st from Bihar to head the Special Protection Group (SPG). About Central Industrial Security Force (CISF): Director-General– Nina Singh Headquarters– New Delhi, Delhi CISF was set up under the “Central Industrial Security Force Act, 1968 (50 of 1968).” Later, it was established in 1969.
Hyundai Motor Appointed DeepikaPadukone as Brand Ambassador Hyundai Motor India Limited (HMIL), a wholly-owned subsidiary of South Korea-based Hyundai Motor Company (HMC),has roped in DeepikaPadukone, a Bollywood actress and producer as its brand ambassador.
Deepika Padukone’s profound connection with the Indian audience represents Hyundai’s commitment to its customers.
As a brand ambassador, Deepika will act as a catalyst to bridge the gap between cutting-edge automobiles and Indian customers.
Note: Indian actor Shah Rukh Khan is also a brand ambassador of Hyundai. About Hyundai Motor India Limited (HMIL): Managing Director(MD) & Chief Executive Officer (CEO) – Unsoo Kim Headquarters – Gurugram, Haryana Established in – 1996
US President nominated Indian American Deven Parekh to the Board of DFC Joe Biden, The President of the United States of America (USA) has nominated Indian-American global venture capitalist Deven Parekh, Managing Director at Insight Partners, as a memberof the Board of Directors of the US International Development Finance Corporation (DFC) for 3 years.
He is the nominee recommended by Charles Ellis Schumer, Senate Majority Leader.
Previously in 2020, he was nominated to the Board of DFC by then-President Donald Trump.
Note: DFC is America’s development finance institution, based in Washington, DC, USA. Chief Executive Officer- Scott Nathan
I-Pru AMC & I-Pru Life Gets RBI Approval to Acquire a 9.95% Stake in RBL, IDFC FIRST, Equitas SFB, Federal and IndusInd BankThe Reserve Bank of India (RBI) has given its approval to ICICI Prudential Asset Management Company Limited (I-Pru AMC) and ICICI Prudential Life Insurance Company Limited (I-Pru Life) to acquire aggregate holding of up to 9.95% of the paid-up share capital or voting rights in RBL Bank Limited, IDFC FIRST Bank Limited, Equitas Small Finance Bank (SFB), Federal Bank, and IndusInd Bank Limited.
The companies must complete the acquisition within 1 year, by December 26, 2024. The approval will be canceled if the companies fail to acquire the stake within the mentioned year.
The approval has been granted concerning an application submitted by I-Pru AMC and I-Pru Life to RBI.
I-Pru AMC and I-Pru Life hold 2.08% of the equity share capital of RBL Bank Limited as of December 22, 2023.
Conditions: i.The aggregate holding should not exceed 9.95% of the paid-up share capital or voting rights of the banks at all times. ii.If the aggregate holding falls below 5%, prior approval from the RBI is required to increase it to 5% or more of the share capital or voting rights of the banks. Regulatory Framework: i.The approval granted by the RBI is subject to compliance with the relevant provisions of the Banking Regulation Act of 1949. ii.Adherence to RBI’s Master Direction and Guidelines on Acquisition and Holding of Shares or Voting Rights in Banking Companies dated January 16, 2023 (as amended from time to time); iii.Comply with the provisions of the Foreign Exchange Management Act of 1999; iv.Follow regulations issued by the Securities and Exchange Board of India (SEBI), and any other guidelines, regulations, and statutes as applicable. About ICICI Prudential Life Insurance Company Limited (I-Pru Life): I-Pru Life is promoted by ICICI Bank Limited and Prudential Corporation Holdings Limited. Managing Director (MD) and Chief Executive Officer (CEO)– Mr. Anup Bagchi Headquarters– Mumbai, Maharashtra Incorporated in– 2000 Started Operations– 2001
Russia & NASA Agrees to Extend Cross-flight Programme to ISS until 2025Russia’sRoscosmos and the National Aeronautics and Space Administration (NASA) have agreed to extend their partnership in space exploration by continuing cross-flights, involving crews of various nationalities to travel on a single spacecraft to the International Space Station (ISS) until 2025.
The mutual commitment is aimed at ensuring the overall reliability and operational continuity of ISS and will be carried out on Russian and United States of America (U.S.) spacecraft.
Representative Presence: The cross-flights involve sending 1 American astronaut to the ISS as part of the crew of a Russian spacecraft and 1 Russian cosmonaut as part of an American crew. Key Points: i.The ISS was launched in 1998 at a time of increased US-Russia cooperation following the Cold War “Space Race.” ii.The current ISS partners, including the U.S., Russia, Europe, Canada, and Japan, have officially committed to operate the space station until 2024.
The 5 space agencies are NASA (U.S.), Roscosmos (Russia), the European Space Agency (ESA), the Japan Aerospace Exploration Agency (JAXA), and the Canadian Space Agency (CSA).
iii.An international partnership of 5 space agencies from 15 countries operates the ISS and the space station has been continuously occupied since November 2000. iv.US officials have shown interest in extending operations until 2030, while Russia has stated its intention to use the ISS until 2028. Key Facts about ISS: i.The ISS is an orbital laboratory, that was designed to perform microgravity and space environment experiments, ii.It orbits Earth at an average altitude of 400 kilometers (250 miles) and orbits Earth about every 90 minutes and in 24 hours. iii.In 24 hours, the ISS makes 16 orbits of Earth, traveling through 16 sunrises and sunsets. About Roscosmos: Director General– Yury Borisov Headquarters– Moscow, Russia It is a State Space Corporation, established in August 2015 to oversee and implement a comprehensive reform of the Russian space industry. It is a member of the International Astronautical Federation (IAF).
Cabinet Approval on 27th December 2023The Union Cabinet chaired by Prime Minister(PM) Narendra Modi approved the following proposals on 27th December 2023.
Minimum Support Prices (MSPs) for Copra for the 2024 season.
Project for the improvement and widening of the Khowai-Harina road covering a total length of 134.913 kms in Tripura.
Construction of a New 4556 meter-long, 6-Lane High Level/ Extra Dosed Cable-stayed Bridge across the River Ganga connecting Patna and Saran, in Bihar.
Migration and Mobility Agreement between India and Italy
Opening of the Consulate General of India in Auckland, New Zealand
MoU between Prasar Bharati and Radio Televisyen Malaysia (RTM), Malaysia
CBDT Issues Guidelines on Under Section 194-O of IT Act 1961On 28th December 2023, the Central Board of Direct Taxes (CBDT), under the Department of Revenue in the Ministry of Finance (MoF), issued the guidelines under sub-section 4 of section 194-O of the Income-tax Act 1961.
The guidelines was issued to provide clarity on issues related to the applicability of section 194-O in e-commerce operator (ECO) model framework.
About Section 194-O: Section 194-O of the IT Act, 1961 states that an ECO shall deduct income tax at the rate of 1% of the gross amount of sale of goods or provision of service, or both, facilitated through its platform. Note: The section was inserted through the Finance Act, 2020. Key Points: i.According to the guidelines, the tax deducted at source (TDS) liability will cover the gross amount of transaction including the packaging and shipping fee as well as the convenience fee levied by the e-commerce platforms on the side of both the buyer and the seller. ii.TDS is deducted by the seller side ECO during the payment or credit. About Central Board of Direct Taxes (CBDT): Chairman – Nitin Gupta Headquarters – New Delhi, Delhi Established in – 1964
Reliance Jio & IIT-Bombay collaborates to Build ‘BharatGPT’Reliance Jio Infocomm Limited (Jio), a subsidiary of Reliance Industries Limited(RIL), has collaborated with the Indian Institute of Technology (IIT) Bombay, Mumbai, Maharashtra, to develop the ‘BharatGPT(Generative Pre-Trained Transformer)’ program. About Bharat GPT program: i.Bharat GPT programaims to use large language models and generative Artificial Intelligence (AI) to improve various sectors in India. ii.The program is part of an upgraded mobile ecosystem ‘Jio 2.0’ of Reliance Jio. IIT Guwahati & Assam Govt Collaborated for Arohan Scheme to Promote STEM Subjects Indian Institute of Technology (IIT) Guwahati, Assam in collaboration with the Government of Assam had hosted a career progression session for meritorious students of Assam to help them to pursue Science, Technology, Engineering, and Mathematics (STEM) subjects in their higher education as part of Assam’s flagshipprogramme ‘Arohan’. IIT Guwahati & Assam: i.The programme was happened during four/five-days stay in IIT Guwahati from October to December 2023. ii.The programme enabled students(mentees) to engage with institute faculty members and explore institutional facilities. iii.So far IIT Guwahati has hosted 3311 students (about 65% are girls) and few hundred teachers. iv.It is coordinated by the Offices of Outreach Education Program (OEP), Public Relations Branding and Ranking (PRBR) and Students’ Affairs at IIT Guwahati. About Arohan: i.Arohan (means Ascent) is a Mentor-Mentee programme for career progression of meritorious students of Secondary classes(9th standard to 12th standard) studying in Government schools in Assam. ii.The program was launched in 2022 by Himanta Biswa Sarma, Chief Minister (CM) of Assam. iii.The programme is in alignment with the National Education Policy (NEP) 2020. Additional Info: The mentors of the programme include senior government officials, alumni of schools, students of esteemed universities, entrepreneurs, professionals or corporate individuals from Assam. About Reliance JioInfocommLimited : Chairman – Akash Ambani Headquarters – Mumbai, Maharashtra Established in – 2007
Indian Navy Unveils New Admirals’ Epaulettes Inspired By Chhatrapati Shivaji’s RajmudraThe Indian Navy (IN) has introduced a new design for the Admirals’ Epaulettes, drawn from the Naval Ensign and features elements inspired by the Rajmudra of ChhatrapatiShivajiMaharaj.
Prime Minister Narendra Modi unveiled the new design during Navy Day (4 December 2023) at Sindhudurg, Maharashtra.
Note: This new design signifies a departure from the previous design, which features Nelson’s Ring, a colonial legacy and reflects the rich maritime heritage of India. About the New Admirals’ Epaulettes: i.The new design incorporates several symbolic elements such as the Golden Navy Button, Octagon, Indian Sword, and Telescope. ii.The redesigned Epaulettes have been unveiled for the ranks of Admiral, Vice Admiral, and Rear Admiral, the top 3 positions in the naval forces. Rajmudra:Rajmudra, or the Royal Seal, was an authentic stamp that Chhatrapati Shivaji Maharaj used to use in his correspondences and ordinances. Shivaji Maharaj received the Rajmudra from his father Shahajiraje Bhosale, making it a symbol of historical significance. Golden Navy Button: It reiterates the resolve to do away with ‘Ghulam ki Maansikta’ (Colonial mindset). Octagon: Representing the 8 cardinal directions, emphasising the Navy’s all-round long-term vision. Indian Sword: It embodies the essence of the Navy’s Raison d’etre, emphasising the purpose of being at the forefront of national power and winning wars through dominance, defeating adversaries and overcoming every challenge. Telescope: It symbolises long-term vision, foresight and a weather eye in an ever-changing world. Discontinuation of Batons for Commanders: i.The IN is undergoing a significant transformation, aiming to discard colonial traditions. ii.The traditional use of batons for commanders is now discontinued, marking a departure from outdated colonial symbols of authority. iii.As a broader initiative to drop colonial military traditions, IN has also conducted a review of sailor ranks. iv.Over 65,000 sailors will now carry Indianised designations, aligning with the broader initiative, while officer ranks remain unchanged. v.The new sailor ranks include:
Master Chief Petty Officer I Class, Master Chief Petty Officer II Class, Chief Petty Officer, Petty Officer, Leading Seaman, Seaman I Class, and Seaman II Class.
8th Edition of IONS Conclave of Chiefs Held in Bangkok, Thailand from 19-22 Dec 2023The 8th edition of the Indian Ocean Naval Symposium (IONS) Conclave of Chiefs (CoC) (2023) hosted by the Royal Thai Navy (RTN) was held in Bangkok, Thailand from 19–22 December 2023.
The 8th Conclave marks the transition of IONS Chairmanship from France(2021-23) to Thailand(2023-2025).
Participants i.Chiefs of Navies, and Heads of Maritime Agencies from 27 IONS member/observer countries particiapted in the conclave. ii.Admiral R Hari Kumar, Chief of the Naval Staff (CNS) of the Indian Navy (IN), led the 3-member Indian Naval delegation for the conclave. Key Points: i.During the CoC, Thailand assumed the duties of Chair of IONS, and finalised the Work Plan for the next 2 years. ii.As a first, the Flag designed by India has been chosen as the IONS Flag. iii.India also took over as the co-chair of IONS Working Groups on Maritime Security and Humanitarian Assistance and Disaster Relief (HADR) for the forthcoming cycle. Seminar: i.A Seminar on the theme ‘Blue Economy: Ways Forward for Sustainable Development of IONS Member States’, was conducted on the sidelines of CoC. ii.Cmde Manmeet S Khurana, Cmde (Foreign Cooperation) from IN presented a paper on ‘Security is Foundation for Peaceful and Sustainable Blue Economy’. iii.Various bilateral interactions were also conducted during the Conclave to facilitate a greater degree of maritime cooperation and understanding between the IONS countries. Highlights of the Conclave: i.Commendations were exchanged between CNS IN and Adm Adoong Pan-Iam, Commander-in-Chief, RTN to uphold a trajectory of Bilateral Defence engagements.
It includes the naming of IN – RTN Bilateral based on historical and cultural connections.
ii.CNS engaged with Heads of Delegation from Australia, Bangladesh, France, Iran, Italy, Malaysia, Maldives, Russia, Saudi Arabia, and Spain, and discussed bilateral maritime issues. iii.CNS also visited the Indian Naval Ship (INS) Kadmatt in Bangkok. About IONS: i.IONS, conceived in 2008 by the IN, aims to enhance maritime cooperation among Navies of the littoral states of the Indian Ocean Region (IOR).
It provides an open platform for discussions on regionally relevant maritime issues.
ii.The inaugural edition of IONS was held in February 2008 in New Delhi, Delhi with IN as the Chair for 2 years (2008 – 2010) iii.Republic of Korea Navy became the latest ‘Observer,’ raising IONS’ collective strength to 34 (25 Members and 9 Observers). Note: India is scheduled to take over the Chair of IONS (2025-27) during the 9th CoC, which planned to be conducted in India in late 2025. About Thailand: Capital– Bangkok Prime Minister– Srettha Thavisin Currency– Thai Baht (THB)
SEBI issues Procedure for Public Issuance of ZCZP instrument by NPOsi.On December 28, 2023, the Securities and Exchange Board of India (SEBI) notified a procedure for public issuance of Zero Coupon Zero Principal (ZCZP) Instruments by a Not for Profit Organization (NPO) and listing of such instruments on the Social Stock Exchange (SSE). ii.This procedure is added in the Framework on Social Stock Exchange (SSE) issued in September 2022. iii.It should be noted that SSE framework resulted in the amendment of (Issue of Capital and Disclosure Requirements) Regulations, 2018 (ICDR Regulations) and (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR Regulations). iv.ZCZP instruments on the SSE are donation instruments offering no interest or principal return. Since it is a donation, not a loan or investment, the contributed funds will not be refunded to the donor. v.SEBI has also allowed stock brokers to settle Client’s Funds lying with Trading Member (TM) on Saturdays i.e. one more day is provided. Now, stock brokers can settle the running account of clients’ funds on the first Friday or Saturday of the quarter or month at the choice of the clients. About Securities and Exchange Board of India (SEBI): It was established as a statutory body in 1992 and the provisions of the SEBI India Act, 1992 (15 of 1992) came into force on January 30, 1992. Chairperson– Madhabi Puri Buch Headquarters– Mumbai, Maharashtra
SBI, HDFC Bank will need to maintain Higher Capital from FY25On December 28, 2023, the Reserve Bank of India (RBI) released the list of Domestic Systemically Important Banks (D-SIBs) in which State Bank of India (SBI), HDFC Bank and ICICI Bank continued to be identified as D-SIBS. However, SBI and HDFC Bank will need to maintain higher capital from April 1, 2025.
The additional common equity Tier 1 (CET-1) as a percentage of Risk Weighted Assets (RWAs) requirement for SBI will be 0.80%, and for HDFC Bank, it will be 0.40%.
Note: The RBI has moved SBI from bucket 3 to bucket 4 and HDFC Bank from bucket 1 to bucket 2. This means they will have to meet the above mentioned higher additional CET 1 requirements. Upto March 31, 2025, the D-SIB surcharge applicable to SBI and HDFC Bank is 0.60% and 0.20%, respectively.
ICICI Bank continues to be in the same bucketing structure i.e. bucket 1 with 0.20% addition CET-1 requirement.
Key Points: i.The RBI has to provide information about the names of banks that are important for the financial system every year in August since 2015. ii.D-SIBs are those institutions which are “too big to fail”, meaning their failure will negatively impact the economy.
The banks are placed in appropriate buckets depending upon their Systemic Importance Scores (SISs).
iii.The additional CET-1 requirement is in addition to the capital conservation buffer. iv.RBI had named SBI and ICICI Bank as D-SIBs in 2015 and 2016, and HDFC Bank in 2017. Click Here for Official Notification How D-SIBs are Selected and Assessed? i.The D-SIBs will be selected by RBI based on the size of the bank as a percentage of GDP(Gross Domestic Product) i.e the banks having a size beyond 2% of GDP. ii.The selected D-SIBs are assessed through the 4 indicators of Size, Interconnectedness, Lack of readily available substitutes or financial institution infrastructure, and Complexity. About State Bank of India (SBI): Chairman– Dinesh Kumar Khara Headquarters– Mumbai, Maharashtra Establishment– 1955 Tagline–The banker to Every Indian
VP JagdeepDhankhar Launched the New Logo of ICAI Jagdeep Dhankhar, Vice-President(VP) of India, launched the new logo of the Institute of Chartered Accountants of India (ICAI) during the 1st ever Global Professional Accountants Convention (GloPAC) held in Gandhinagar, Gujarat from 24th-26th November 2023. Union Minister Piyush Goyal, Ministry of Commerce and Industry, graced the event as a Guest of honour. i.The logo features the letters ‘CA’ in blue colour with an inverted tricolour tick mark on a white background and the word ‘India’ at the bottom of the symbol. ii.The upside-down tick mark is used by Chartered Accountants (CA) during audits is included to symbolise the wisdom and value of the professionals. iii.The logo epitomizes the Institute’s connection to the India-first approach and as a trusted partner in nation-building Note: ICAI is India’s largest professional accounting body under the Ministry of Corporate Affairs(MCA).
Adani Global and Sirium International partners to form a JV – Sirius Digitech International Adani Global Limited has formed a joint venture “Sirius Digitech International Limited (Sirius JV)” with United Arab Emirates (UAE)-based Sirius International Holding Limited (Sirius) to deploy Artificial Intelligence (AI), Internet of Things (IoT), and Secured Blockchain Products for industrial applications.
Sirius will own 51% of the Sirius JV, while Adani will own 49%.
Abu Dhabi based Sirius JV will focus on the USD 175 billion digitalization of the Indian economy
Note: Ahmedabad (Gujarat) based Adani Global is a subsidiary of Adani Enterprises Limited. Sirius is a subsidiary of International Holding Company (IHC).
Nina Singh Appointed as 1st Woman DG of CISF; Anish Dayal Appointed as DG of CRPFNina Singh was appointed as the 1st woman Director General (DG) of the Central Industrial Security Force (CISF). She will hold the post till her superannuation on July 31, 2024. she was holding the additional charge of DG of CISF from August 2023 following the superannuation of Sheel Vardhan Singh, who held the position from November 2021 to August 2023. Other Appointments: i.AnishDayal Singh, DG of Indo-Tibetan Border Police (ITBP) was appointed as the full-time DG of the Central Reserve Police Force (CRPF) till his superannuation on 31 December 2024.
He was holding the additional DG, CRPF charge following S L Thaosen’s retirement on 30 November 2023.
ii.RahulRasgotra succeeded Anish Dayal Singh and will be the new DG of ITBP till the date of his superannuation on 30 September 2025.
Rahul Rasgotra served as the Special Director of the Intelligence Bureau (IB).
iii.Vivek Srivastava was appointed as DG of the Fire Service, Civil Defence, and Home Guards till the date of his superannuation on 30 June 2025.
Before that, he was a special director of IB.
Key Points: i.Nina Singh, a 1989-batch Indian Police Service (IPS) officer was the 1st woman IPS officer allocated to the Rajasthan cadre.
She currently serves as the Special DG of CISF and held the position of Joint Director in the Central Bureau of Investigation (CBI) from 2013 to 2018.
Nina Singh was awarded the prestigious President’s Police Medal for Distinguished Service in 2015 by Prime Minister Narendra Modi.
ii.AnishDayal Singh, a 1988-batch IPS officer of Manipur cadre. He was working as a Special Director of IB. In 2022, he was appointed as the DG of ITBP. iii.RahulRasgotra, a 1989-batch IPS officer of the Manipur cadre was working as a Special Director in IB. iv.Vivek Srivastava, a 1989-batch IPS officer of Gujarat cadre became the 1st from Bihar to head the Special Protection Group (SPG). About Central Industrial Security Force (CISF): Director-General– Nina Singh Headquarters– New Delhi, Delhi CISF was set up under the “Central Industrial Security Force Act, 1968 (50 of 1968).” Later, it was established in 1969.
Hyundai Motor Appointed DeepikaPadukone as Brand Ambassador Hyundai Motor India Limited (HMIL), a wholly-owned subsidiary of South Korea-based Hyundai Motor Company (HMC),has roped in DeepikaPadukone, a Bollywood actress and producer as its brand ambassador.
Deepika Padukone’s profound connection with the Indian audience represents Hyundai’s commitment to its customers.
As a brand ambassador, Deepika will act as a catalyst to bridge the gap between cutting-edge automobiles and Indian customers.
Note: Indian actor Shah Rukh Khan is also a brand ambassador of Hyundai. About Hyundai Motor India Limited (HMIL): Managing Director(MD) & Chief Executive Officer (CEO) – Unsoo Kim Headquarters – Gurugram, Haryana Established in – 1996
US President nominated Indian American Deven Parekh to the Board of DFC Joe Biden, The President of the United States of America (USA) has nominated Indian-American global venture capitalist Deven Parekh, Managing Director at Insight Partners, as a memberof the Board of Directors of the US International Development Finance Corporation (DFC) for 3 years.
He is the nominee recommended by Charles Ellis Schumer, Senate Majority Leader.
Previously in 2020, he was nominated to the Board of DFC by then-President Donald Trump.
Note: DFC is America’s development finance institution, based in Washington, DC, USA. Chief Executive Officer- Scott Nathan
I-Pru AMC & I-Pru Life Gets RBI Approval to Acquire a 9.95% Stake in RBL, IDFC FIRST, Equitas SFB, Federal and IndusInd BankThe Reserve Bank of India (RBI) has given its approval to ICICI Prudential Asset Management Company Limited (I-Pru AMC) and ICICI Prudential Life Insurance Company Limited (I-Pru Life) to acquire aggregate holding of up to 9.95% of the paid-up share capital or voting rights in RBL Bank Limited, IDFC FIRST Bank Limited, Equitas Small Finance Bank (SFB), Federal Bank, and IndusInd Bank Limited.
The companies must complete the acquisition within 1 year, by December 26, 2024. The approval will be canceled if the companies fail to acquire the stake within the mentioned year.
The approval has been granted concerning an application submitted by I-Pru AMC and I-Pru Life to RBI.
I-Pru AMC and I-Pru Life hold 2.08% of the equity share capital of RBL Bank Limited as of December 22, 2023.
Conditions: i.The aggregate holding should not exceed 9.95% of the paid-up share capital or voting rights of the banks at all times. ii.If the aggregate holding falls below 5%, prior approval from the RBI is required to increase it to 5% or more of the share capital or voting rights of the banks. Regulatory Framework: i.The approval granted by the RBI is subject to compliance with the relevant provisions of the Banking Regulation Act of 1949. ii.Adherence to RBI’s Master Direction and Guidelines on Acquisition and Holding of Shares or Voting Rights in Banking Companies dated January 16, 2023 (as amended from time to time); iii.Comply with the provisions of the Foreign Exchange Management Act of 1999; iv.Follow regulations issued by the Securities and Exchange Board of India (SEBI), and any other guidelines, regulations, and statutes as applicable. About ICICI Prudential Life Insurance Company Limited (I-Pru Life): I-Pru Life is promoted by ICICI Bank Limited and Prudential Corporation Holdings Limited. Managing Director (MD) and Chief Executive Officer (CEO)– Mr. Anup Bagchi Headquarters– Mumbai, Maharashtra Incorporated in– 2000 Started Operations– 2001
Russia & NASA Agrees to Extend Cross-flight Programme to ISS until 2025Russia’sRoscosmos and the National Aeronautics and Space Administration (NASA) have agreed to extend their partnership in space exploration by continuing cross-flights, involving crews of various nationalities to travel on a single spacecraft to the International Space Station (ISS) until 2025.
The mutual commitment is aimed at ensuring the overall reliability and operational continuity of ISS and will be carried out on Russian and United States of America (U.S.) spacecraft.
Representative Presence: The cross-flights involve sending 1 American astronaut to the ISS as part of the crew of a Russian spacecraft and 1 Russian cosmonaut as part of an American crew. Key Points: i.The ISS was launched in 1998 at a time of increased US-Russia cooperation following the Cold War “Space Race.” ii.The current ISS partners, including the U.S., Russia, Europe, Canada, and Japan, have officially committed to operate the space station until 2024.
The 5 space agencies are NASA (U.S.), Roscosmos (Russia), the European Space Agency (ESA), the Japan Aerospace Exploration Agency (JAXA), and the Canadian Space Agency (CSA).
iii.An international partnership of 5 space agencies from 15 countries operates the ISS and the space station has been continuously occupied since November 2000. iv.US officials have shown interest in extending operations until 2030, while Russia has stated its intention to use the ISS until 2028. Key Facts about ISS: i.The ISS is an orbital laboratory, that was designed to perform microgravity and space environment experiments, ii.It orbits Earth at an average altitude of 400 kilometers (250 miles) and orbits Earth about every 90 minutes and in 24 hours. iii.In 24 hours, the ISS makes 16 orbits of Earth, traveling through 16 sunrises and sunsets. About Roscosmos: Director General– Yury Borisov Headquarters– Moscow, Russia It is a State Space Corporation, established in August 2015 to oversee and implement a comprehensive reform of the Russian space industry. It is a member of the International Astronautical Federation (IAF).
President DroupadiMurmu Gave Assent to Three New Criminal Bills & Telecommunications Bill 2023On 25th December 2023, the President of India Droupadi Murmu gave assent to three new criminal bills: Bharatiya Nyaya (Second) Sanhita (BNS2), 2023; Bharatiya Nagarik Suraksha (Second) Sanhita(BNSS2), 2023; and Bharatiya Sakshya (Second) Sanhita, 2023.
The three new criminal bills will replace the British-colonial era laws: the Indian Penal Code(IPC), 1860; the Criminal Procedure Code (CrPC), 1973 and the Indian Evidence Act(IEA), 1872 respectively.
She also gave assent to the Telecommunications Bill, 2023 and Post Office Bill, 2023.
Note: These three criminal bills were introduced by Union Minister, Amit Shah, Ministry of Home Affairs in August 2023, during the monsoon session of the parliament. About Ministry of Home Affairs(MoHA): Union Minister– Amit Shah (Constituency- Gandhi Nagar, Gujarat) Minister of State– Nityanand Rai; Ajay Kumar Mishra; Nisith Pramanik
Amit Shah releases a Postal Stamp, Marking 50 Years of Pandit Jasraj’s Music Festival Union Minister Amit Shah, Ministry of Home Affairs (MoHA) and Ministry of Cooperation (MoC), has released a commemorative Postal Stamp to mark 50th year of Pandit Jasraj Motiram’s music festival ‘Pandit Motiram Pandit Maniram Sangeet Samaroha’ in New Delhi, Delhi. About Pandit Motiram Pandit Maniram Sangeet Samaroha: i.The Pandit Motiram Pandit Maniram Sangeet Samaroha is an annual Indian classical music festival held at Chowmahalla Palace in Hyderabad, Telangana. ii.It is also the oldest festival of Hyderabad. iii.The festival was first initiated in 1972 by Pandit Jasraj in memory of his father ‘Sangeet Ratna Pandit Motiram’ and uncle ‘Pandit Maniram’. iv.51st edition of the musical festival titled ‘Jai Ho Pandit Jasraj’,was observed from 24th to 30th November 2023 by Pandit Jasraj Cultural Foundation. About Pandit Jasraj Motiram: i.Pandit Jasraj is an Indian classical vocalist, belonging to the Mewati gharana (a musical apprenticeship tribe of Hindustani classical music) ii.He was born in 1930 at Haryana and died in 2020 iii.He was a recipient of the Padma Shri (1975), Padma Bhushan (1990) and Padma Vibhushan (2000) in the field of art. iv.He was nicknamed the “Son of Hyderabad.” VP Dhankhar released the Postal Cover for Konda Madhava Reddy Vice-President (VP) of India Jagdeep Dhankhar has released a special postal cover to celebrate the 100th Birth Anniversary of Late Justice Konda Madhava Reddy in Hyderabad, Telangana. About Konda Madhava Reddy: i.Konda Madhava Reddy was born in 1923 at Nalgonda (now Telangana). ii.He served as Vice President of the Bar Council of Andhra Pradesh (AP). iii.In 1968, he was appointed as Judge of AP High Court and later became the Chief Justice of the same in 1983. iv.He served as Chief Justice of the Bombay High Court in 1984. v.He was appointed as the acting Governor of Maharashtra for 2 years-interim. vi.He founded the Central Administrative Tribunal (CAT) in 1985 and acted as its Chairman (1985-88).
RBI approves IDFC-IDFC First Bank Merger; Notifies GSL Directions 2023i.On December 26, 2023, the Reserve Bank of India (RBI) has given its nod for the reverse merger of IDFC Limited and IDFC Financial Holding Company (IDFC FHCL) with its banking subsidiary IDFC First Bank Limited. ii.As part of the composite scheme of amalgamation, IDFC FHCL would first merge with IDFC and then IDFC into IDFC First Bank Ltd. iii.RBI has notified RBI (Government Securities Lending/GSL) Directions, 2023 in exercise of the powers conferred under section 45W of the RBI Act, 1934 read with section 45U of the Act and of all the powers enabling it in this behalf w.e.f. December 27, 2023.These are applicable to all GSL transactions, undertaken in Over-the-Counter (OTC) markets. About Reserve Bank of India (RBI): Governor– Shaktikanta Das Deputy Governors– Swaminathan Janakiraman, Michael Debabrata Patra, M. Rajeshwar Rao, T. Rabi Sankar Establishment– 1st April 1935 Headquarters– Mumbai, Maharashtra
SEBI Extends Deadline to June 2024 to add Nominees in Mutual Funds, Demat AccountsOn December 27, 2023, the Securities and Exchange Board of India (SEBI) extended the deadline to add nominees for Demat Accounts (Dematerialisation Account) and mutual fund portfolios to June 30, 2024. Earlier the deadline was December 31, 2023.
This aims to help the investors to secure their assets and pass them on to their legal heirs.
This information by SEBI was provided in exercise of powers conferred by Section 11(1) of the SEBI Act, 1992, read with Section 19 of the Depositories Act, 1996 and Regulation 77 of SEBI (Mutual Funds) Regulations, 1996 to protect the interests of investors in securities and to promote the development of securities market. Key Points: i.If an investor doesn’t want to add nominee then he/she explicitly opt out of nomination by submitting a declaration. ii.Missing the nomination deadline may result in SEBI freezing debits from mutual funds or trading via demat accounts. iii.Only individual demat account holders, either singly or jointly, are eligible to nominate. iv.Non-individual entities like societies, trusts, corporations, etc., cannot nominate. v.Joint holders can nominate, and in case of death, securities go to surviving holders unless there is a nominee. vi.NRIs (Non-Resident Individuals) can nominate directly, but power of attorney holders or minors cannot nominate. vii.Up to three nominees are allowed, with the investor specifying the percentage allocation to each. viii.Depository Participants, Asset Management Companies (AMCs), and Registrar and Transfer Agents (RTA) will regularly remind holders via email and SMS (Short Message Service) to comply with the nomination requirement.
ONDC Announced Two Seperate Partnership with Google and MetaIn December 2023, Open Network for Digital Commerce (ONDC), an open e-commerce platform, announced two seperate partnership with Google and Meta(formerly known as Facebook).
ONDC and Google has partnered to enable metro ticket booking through its mapping app – Google map.
ONDC and Meta has partnered to expand its outreach to small businesses through Whatsapp.
ONDC is an initiative of Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry(MoCI). Details of Partnership between ONDC & Meta: i.Under this partnership, Meta will leverage its business and technical solution providers to ensure a seamless conversational buyer and seller experiences on Whatsapp. ii.Around 5 lakh small business will be trained on the Meta Small Business Academy for 2 years. The academy will offer certification to empower entrepreneurs and marketers to get digital marketing skills needed to grow on the Meta apps like Whatsapp, Facebook and Instagram. iii.Meta will enhance the services offered on Sahayak, the ONDC’s seller support whatsapp chatbot. Details of Partnership between ONDC & Google: i.Google’s collaboration with ONDC, aims to help the ONDC with public transport digitization on a massive scale. ii.The partnership focuses on leveraging Google Maps to enhance the ONDC-enabled auto-hailing service, NammaYatri with a focus on bringing metro schedules and bookings to users. Note: Google plans to launch the Kochi metro on Google Maps powered by Namma Yatri by mid-2024. About Open Network for Digital Commerce (ONDC): Chief Executive Officer (CEO)– Thampy Koshy Headquarters– New Delhi, Delhi Launched in 2022
HDFC Bank Recommends Re-appointment of Atanu Chakraborty as Chairman for 3 years The Board of Directors of HDFC Bank Limited has recommended the re-appointment of Atanu Chakraborty as the Part-Time Non-Executive Chairman and Independent Director of the Bank to the Reserve Bank of India (RBI) for a second term of 3 years with effect from 5th May 2024 to 4th May 2027.
He was appointed to the post in May 2021 and his first tenure of 3 years is set to end on 4th May, 2024.
Atanu Chakraborty: i.Atanu Chakraborty was an Indian Administrative Service (IAS) officer of the 1985 batch belonging to Gujarat Cadre. ii.He retired as Secretary of Department of Economic Affairs(DEA), Ministry of Finance(MoF) in April 2020. iii.He also served as Secretary of the Department of Investment and Public Asset Management(DIPAM), MoF. iv.In 2019, he served on the board of the World Bank(WB) as Alternate Governor as well as on the Central Board of Directors of the RBI. RBI Approval: The reappointment will be subjected to the approval of the RBI and the shareholders of the Bank in accordance with the Banking Regulation Act, 1949 and the Companies Act, 2013. About HDFC Bank Limited: Managing Director(MD) & Chief Executive Officer (CEO) – Sashidhar Jagdishan Headquarters – Mumbai, Maharashtra Established in – 1994 Tagline – HDFC Bank Parivartan. A Step Towards Progress.
IOA Forms 3-member Ad Hoc Committee to Run Operations of Suspended WFIThe Indian Olympic Association (IOA) constituted a 3-member ad hoc committeeto run the day-to-day operations of the Wrestling Federation of India (WFI). This comes after the suspension of the WFI’s governing council by the Ministry of Youth Affairs and Sports (MYAS).
The IOA appointed Bhupinder Singh Bajwa, the President of Wushu Association of India as chairman of the ad hoc committee.
The other 2 members of the committee are Maneyapanda Muthanna Somaya, an Olympian in hockey; and Manjusha Kanwar, a former international badminton player.
Note: Bhupinder Singh Bajwa was also one of the members of the previous ad-hoc committee formed by IOA in April 2023. Task of the Committee: The ad hoc committee is tasked with overseeing and supervising WFI’s operations, which include:
athlete selection, submitting entries for athletes to participate in international events, organizing sports activities, handling bank accounts, managing the websites, and other related activities.
Reason for the Suspension: i.The WFI’s governing council was suspended by the MYAS, after Sanjay Singh, a close aide of former WFI Chief Brij Bhushan Sharan Singh, was elected as President of WFI on 21 December 2023. ii.It was suspended due to alleged arbitrary decisions by the newly-elected office-bearers in violation of their constitutional provisions and disregarding principles of good governance.
Concerns were raised about the new WFI body operating under the influence of former office-bearers, contrary to the National Sports Code.
About Indian Olympic Association (IOA): IOA is the governing body for the Olympic Movement and the Commonwealth Games in India. President– P.T. Usha Headquarters– New Delhi, Delhi Established in– 1927
RBI Approved the Appointment of C S Rajan as the Part-time Chairman of KMBL Reserve Bank of India (RBI) has approved the appointment of Chandra Shekhar Rajan (C S Rajan) as the Part-time Chairman of Kotak Mahindra Bank Limited (KMBL) for two years with effect from 1st January 2024. i.C S Rajan is serving as an Additional and Independent Director on KMBL’s Board(since 2022). ii.He will be replacingincumbent Non-Executive Independent Part-time Chairman, Prakash Apte who is set to retire on 31st December 2023. About C S Rajan: i.C S Rajan, an Indian Administrative Service(IAS) Officer of 1978 batch, is a retired Chief Secretary of Rajasthan in 2016. ii.In 2018, Rajan was appointed as Director of Infrastructure Leasing & Financial Services Limited (IL&FS). iii.He was appointed as Managing Director (MD) of IL&FS in 2019 and is currently serving as its Chairman (from 2022). iv.He was also as a Consultant to the World Bank on a Study on Farmer Participation in Agricultural Research and Extension System.
CCI Approves Acquisition of Controlling Stake in RCL by IIHL, IIHL BFSI & Aasia The Competition Commission of India (CCI) has approved the acquisition of controlling stakes in Reliance Capital Limited (RCL) by IndusInd International Holdings Limited (IIHL), IIHL BFSI (India) Limited (IIHL BFSI), and Aasia Enterprises LLP (Aasia). CCI approves acquisition stake in Dilip Buildcon by Alpha Alternatives Group CCI approved the acquisition of a 9.99 % equity stake in Dilip Buildcon Limited (DBL) by Alpha Alternatives Holdings Pvt Ltd (AAHPL) and its other entities. PCBL Ltd received CCI Approval for Aquapharm Chemicals Acquisition The Competition Commission of India (CCI) has approved the proposal made by Kolkata (West Bengal) based PCBL Limited (formerly known as Phillips Carbon Black Limited) to acquire 100% paid-up share capital in Pune-based Aquapharm Chemicals Private Limited (ACPL). About IndusInd International Holdings Limited (IIHL): President & CEO – Moses Harding John Chairman – Srichand P. Hinduja Headquarters – Ebene, Mauritius
Pakistan Conducted Successful Flight Test of Indigenously Developed ‘Fatah-II’ Rocket SystemPakistanMilitary conducted a successful flight test of the indigenously developed guided Multi-Launch Rocket System (MLRS) ‘Fatah-II‘, which is equipped with state-of-the-art avionics, a sophisticated navigation system, and a unique flight trajectory. It has been developed as a potential challenger to the regional missile defense systems.
The weapon system is capable of engaging targets with high precision up to a range of 400 kilometers, marking a substantial advancement in long-range artillery.
The range is significantly more than its predecessor, Fatah-I, which has a range of 140 kilometers.
Note:
In 2021, Pakistan successfully conducted a flight test of the indigenously developed Fatah-I, a Guided MLRS.
The flight test of Fatah-II was witnessed by senior officers from tri-services and dedicated scientists and engineers.
Features: i.Fatah-II is featured with cutting-edge flight control technology and an advanced pathfinding mechanism and is an enhanced version of the Fatah rocket series.
ii.The Fatah-II is distinguished by its advanced precision-targeting technology, utilising a blend of satellite and inertial navigation systems.
The integration achieves remarkable accuracy with an exceptionally low margin of error.
iii.Its navigation system enables precision-guided strikes with a Circular Probable Error (CEP) of less than 10 meters, exemplifying its capability to hit targets with unparalleled accuracy. Note: The MLRS gave the Pakistan Army the capability of precision target engagement deep in enemy territory Key Points: In October 2023, Pakistan conducted a successful flight test of the Ababeel Weapon System and also conducted a training launch of the Ghauri Weapon System. About Pakistan: Capital– Islamabad President– Arif Alvi Prime Minister– Anwaar-ul-Haq Kakar (Caretaker) Currency– Pakistani Rupee (PKR)
NASA Relaunches OSIRIS-APEX mission to study Apophis Asteroid’s 2029 flybyNational Aeronautics and Space Administration (NASA) launched OSIRIS-APEX (Origins, Spectral Interpretation, Resource Identification, and Security – Apophis Explorer) to study the asteroid Apophis and take advantage of the asteroid’s 2029 flyby of Earth. i.Asteroid 99942 Apophis is named for the demon serpent “Apophis” of the ancient Egyptian mythology, which personifies evil and chaos. It is also known as “God of Chaos”. ii.Apophis is expected to pass close, within 19,794 miles (31,860 kilometers), to Earth surface on 13th April 2029. About OSIRIS-APEX: i.OSIRIS-APEX, previously named OSIRIS-REx(Regolith Explorer), is the 3rd mission in NASA’s New Frontiers Program, managed by NASA’s Marshall Space Flight Center in Huntsville, Alabama, the United States of America(USA). ii.OSIRIS-APEX will study Apophis after the pass, and record how the surface changes by interacting with Earth’s gravity. iii.OSIRIS-APEX will arrive at the asteroid on 13th April 2029, and operate in its proximity for about 18 months. Note: The name of the mission is inspired from God Osiris, one of the ancient Egyptian gods associated with the afterlife, the underworld and rebirth. About Asteroid 99942 Apophis: i.The Asteroids Apophis is a is a near-Earth object (NEO) which is estimated to be around 367 yards across (~ 340 meters). ii.This comes close to Earth surface only once every 7,500 years. iii.It is an “S(stony)-type” asteroid made of silicate materials and nickel-iron. Note: Apophis was discovered on 19th June 2004, by astronomers Roy Tucker, David Tholen, and Fabrizio Bernardi at the Kitt Peak National Observatory in Tucson, Arizona, USA.. Additional info: OSIRIS-REx is the first US mission to collect a sample from an asteroid. The mission launched in 2016 returned to Earth on 24th September 2023 and dropped the samples collected from asteroid Bennu.
Former President of European Commission Jacques Delors Passed Away French Politician Jacques Delors, who served as the President of the European Commission(EC) from 1985 to 1995, passed away at the age of 98 in Paris, France. He was born on 20th July 1925 in Paris, France. Note: EC is the politically independent executive body of the European Union (EU). About Jacques Delors: Career: i.Jacques Delors started his career at the Banque de France in 1945. ii.He began his political career as Counselor for Social Affairs to the Prime Minister of France Jacques Chaban-Delmas (1969-1972). iii.He served as a Member of the European Parliament and President of the Economic and Monetary Affairs Committee of the European Parliament from 1979 to 1981. iv.He served as the 8th President of the European Commission from 1985 to 1995 for three terms, longer than any other holder of the office. v.He also headed the Committee for the Study of Economic and Monetary Union, widely known as the Delors Committee(1988-1989), which proposed to create “Euro”, a new currency, to replace individual national currencies. vi.From 1992 to 1996, he chaired United Nations Educational, Scientific and Cultural Organization (UNESCO)’s International Commission on Education for the 21st century. vii.In 1996, he became the founding President of Notre Europe, which became Notre Europe – Jacques Delors Institute in 2012. Achievements: i.During his 2nd term as President of the EC, he played a major role in bringing out the 1992 Maastricht Treaty which established the modern European Union(EU) and paved the way for “Euro” and EU citizenship. ii.He played a major role in the creation and completion of the EC single market and supported the establishment of Schengen accords for travel and the Erasmus programme for student exchanges. Awards: In 2015, he became the 3rd person to be bestowed with the “Honorary Citizen of Europe” Award. The other two were Jean Monnet (1976), and Helmut Kohl (1998). About European Commission: President– Ursula von der Leyen Established in 1958 Headquarters– Brussels, Belgium
Actor-Turned Politician Vijayakanth Passed AwayTamil actor and the founder of Desiya Murpokku Dravida Kazhagam (DMDK),Vijayakanth, passed away in Chennai, Tamil Nadu (TN). DMDK is a regional political party in TN. About Vijayakanth: i.Vijayakanth (originally known as Vijayraj Alagaraswami) was born on 25 August 1952 in Madurai, TN. ii.He started his career as an actor in Tamil cinema in 1979 and acted in more than 150 films. iii.He was the President of the South Indian Artistes Association (SIAA) from 2001 to 2006. As a politician: i.Vijayakanth started his political career in 2005 by forming DMDK and contested in 2006 TN Legislative Assembly Election. ii.He served as a Leader of the Opposition in TN Legislative Assembly from 2011 to 2016.
He served as a Member of Legislative Assembly (TN) twice, representing the constituencies of Virudhachalam (2006) and Rishivandiyam (2011), respectively.
While the national and regional political parties were dominating TN (both ruling and opposition) (over 40 years), DMDK emerged as the first regional party to host an opposition leader in the TN Assembly.
Honours: i.In 2001, the Government of India(GoI) honoured him with the ‘Best Indian Citizen Award by the Government of India’ for promoting patriotism. ii.The Government of TN honoured him with ‘Kalaimamani Award’ in 2001. iii. Vijayakanth won the Filmfare Awards South for Best Actor in 1987 for the movie ‘Amman Koil Kizhakkaalae.’
MoRTH to Introduce Nationwide GPS-based Toll Collection System by March 2024Union Minister Nitin Jairam Gadkari, Ministry of Road Transport and Highways(MoRTH) announced that the Government of India plans to introduce a Global Positioning System (GPS)-based toll collection system to replace the existing highway toll-collection booths entirely. The National Highways Authority of India (NHAI) will begin implementing this new system by March 2024. Aim: To reduce traffic congestion and institute a system where motorists are charged accurately for the distance travelled on highways. Points to Note: i.Currently, physical toll plazas on highways across India deduct toll fees through the Radio-Frequency IDentification (RFID)-base technology called FASTag. ii.The implementation of the new GPS satellite-based toll-collection system doesn’t mean the removal of the existing FASTag system. Pilot Projects with ANPR Systems: i.The MoRTH has successfully conducted 2 pilot projects featuring Automatic Number Plate Recognition (ANPR) systems, specifically automatic number plate reader cameras. ii.These trials aim to enable automated toll collection without stopping the vehicles. Working: i.The new GPS-based toll collection system will scan vehicle number plates and charge toll fees. ii.The system calculates the distance the vehicle travels on a tolled road by monitoring its movement using GPS. Waiting Time: i.In the fiscal year 2018-19, vehicles faced an average waiting time of 8 minutes at toll plazas. ii.With the introduction of FASTag during 2020-21 and 2021-22, the average toll plaza waiting time of the vehicles was reduced to 47 seconds.
SREC & Council for Leather Exports Signed MoU to Strengthen Indian Leather Sector Solidaridad Regional Expertise Centre (SREC), New Delhi-based Charitable Trust, have signed a Memorandum of Understanding (MoU) with the Council for Leather Exports (CLE) under the Ministry of Commerce and Industry (MoCI) to strengthen the performance of the Indian leather industry in domestic and international markets. i.The MoU signed in Delhi aim to introduce comprehensive training programmes and enrich the skills and knowledge of 150,000 workers in the leather industry. ii.The MoU will be effective from 1st January 2024 till 31 December 2028. Note: CLE has set an ambitious target of USD 47-billion business by 2030 for the Indian leather industry.
Angola Quits OPEC After Disagreements Over Production Targets The Republic of Angola announced its decision to withdraw from OPEC (Organization of the Petroleum Exporting Countries), with effect from January 2024, after disagreements regarding the OPEC’s production targets. The decision was taken during the cabinet meeting and was approved by João Lourenço, President of Angola. Note: i.OPEC is a permanent, intergovernmental Organization enabling the cooperation of leading oil-producing countries. ii.OPEC+, formed in 2016, is a group consisting of OPEC members(13 members including Angola) and top 10 oil-producing countries. iii.Angola has been a member of OPEC since 2007. Background: i.In June 2023, OPEC and OPEC+ decided to reduce the overall production target from 2023 by 1.4 million barrels per day(bpd) ii.In November 2023, OPEC agreed to a combined 2.2 million bpd in output cuts for the 1st quarter of 2024. iii.Angola’s oil output target was reduced to 1.1 million barrels per day.
Angola which sought a quota of 1.18 million bpd, did not agree to this target and decided to withdraw its membership.
With this, the total number of members of OPEC reduces to 12. Organization of the Petroleum Exporting Countries(OPEC): OPEC was created at the Baghdad Conference in 1960, by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. Secretary General of OPEC – Haitham Al Ghais(Kuwait) Headquarters– Vienna, Austria Current Member: Algeria; Angola; Congo; Equatorial Guinea; Gabon; Iran; Iraq; Kuwait; Libya; Nigeria; Saudi Arabia; United Arab Emirates(UAE) and Venezuela. Note: Indonesia(2016); Qatar(2019) and Ecuador(2020) are the other countries that have left OPEC. Additional info: Angola is the 2nd largest oil producer of Africa after Nigeria. Oil and gas contribute to around 90% of Angola’s exports.
IndusInd Bank launches ‘eSvarna’, India’s First Corporate Credit Card on RuPay NetworkIndusInd Bank Limited has launched India’s first Corporate Credit Card ‘The eSvarna Card’ on RuPay network as part of a Corporate Liability program.
With this launch, IndusInd Bank became the first entity in India to integrate Unified Payments Interface (UPI) functionality with a Corporate Credit Card.
About the card: i.The eSvarna Card is a Europay, Mastercard and Visa (EMV) chip based contactless Commercial Credit Card which can be used at all RuPay accepting merchant establishments across the globe. ii.The card is in alignment with National Payments Corporation of India (NPCI)‘s vision for a digitally inclusive society. iii.The card simplifies expense management for the company with the exclusive rewards program. iv.It also eases reconciliation and reimbursement claim processing for the corporates. Benefits: i.The eSvarna Card comes with waived joining fees and annual fees. ii.The card offers 8 domestic & 2 international lounge visits in a year. iii.A surcharge of 1% is waived off at all fuel stations on transactions between Rs. 400 to Rs. 4000. iv.IndusInd bank offers insurance coverage of upto Rs.15 lakh in case of counterfeit fraud happening on the card. v.The bank also offers Travel Insurance and covers unauthorized transactions on the card (after reporting theft or loss of card). vi.The card can also be customised by embossing the company name onto it. What is a Corporate credit card? A corporate credit cards are credit cards are issued to employees by the company (in which they work) that let them charge business expenses (hotel stays, plane tickets etc) without having to use their own cards or cash. About National Payments Corporation of India (NPCI): NPCI is an initiative of the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007, for creating a robust Payment & Settlement Infrastructure in India. Managing Director(MD) & Chief Executive Officer (CEO) – Dilip Asbe Headquarters – Mumbai, Maharashtra Established in – 2008 About IndusInd Bank Limited: Managing Director(MD) & Chief Executive Officer (CEO) – Sumant Kathpalia Headquarters – Mumbai, Maharashtra Established in – 1994 Tagline – We Make You Feel Richer
Bank of Maharashtra unveils Comprehensive Suite of New Products and ServicesBank of Maharashtra (BoM) announced a new suite of products and services during Maha Parivartan Diwas on December 19, 2023 to improve the banking experience.
This showcases the bank’s dedication to digital innovations for customer needs.
The products and services were launched across diverse platforms like Mobile Banking, Internet Banking, WhatsApp Banking, Credit Card Services, and a spectrum of Digital Products.
Launched Products & Services: i.The bank launched STP (Straight Through Process) in PMSVANidhi (Prime Minister Street Vendor’s AtmaNirbharNidhi) and Digital Mudra schemes and an Automated renewal of Working Capital Limits for MSME (Micro, Small & Medium Enterprise) borrowers up to Rs. 10lakhs to ease the credit renewal process for continuous financial support. ii.BoM launched a virtual debit card, opening of e-FD (e-Fixed Deposits) and e-RD (e-Recurring Deposits) and Positive Pay System (PPS) on its mobile banking platform to enhance customber convenience. iii.The bank also introduced,
Online Dispute Resolution (ODR) platform through mobile and internet banking for swift dispute resolution of digital transactions;
self-enrollment options for internet banking customers; Online Public Provident Fund (PPF) Account opening, KYC (Know Your Customer) updation, and insurance policy applications on Internet Banking platform.
iv.It has also enhanced the WhatsApp banking (+91-7066036640) features. Now customers can warmlist, hotlist, and modify debit card limits for various channels through whatsapp banking. Users can also access detailed information about existing FDs. v.BoM has simplified the process of sending Domestic Letter of Credits (LCs) and Bank Guarantees (BGs) through SWIFT (Society for Worldwide Interbank Financial Telecommunications) vi.It has also launched Mahabank Equipment Finance and a scheme for Lab Grown Diamonds to support MSMEs. About Bank of Maharashtra (BoM): MD & CEO– A S Rajeev Headquarters– Pune, Maharashtra Establishment– 1935 Tagline– One Family One Bank (Ek Parivaar Ek Bank)
RBI Releases Draft Licensing Framework for APs under FEMAOn December 26, 2023, the Reserve Bank of India (RBI) has released a draft ‘Licensing Framework for Authorized Persons (APs)‘ under Foreign Exchange Management Act (FEMA), 1999. Focus of the draft norms: i.Rationalize the authorization framework for money changers in view of the widespread availability of banking services. ii.Improve the scope of services being offered by AD (Authorized Dealers)-Category II entities and review the regulatory framework for APs. Note: The licensing Framework for APs issued under FEMA, 1999, was last reviewed in March 2006. Key Points: i.Comments/feedback on the draft framework are invited from all stakeholders by January 31, 2024. ii.The goal is to improve operational efficiency in delivering foreign exchange services to individuals, tourists, and businesses while maintaining necessary safeguards. iii.In this framework, RBI proposed to introduce a scheme, i.e., FCS, based on a principal-agency model, where AD Category-I or AD Category-II acts as the principal for Forex Correspondents (FxCs), entering into agency agreements under the FCS. iv.It also proposed to renew an existing authorisation as an AD Category-II on a perpetual basis, subject to conditions. v.It is proposed to allow AD Category-II entities to additionally facilitate trade-related transactions up to a value of Rs 15 lakh (per transaction).
SBI signs USD 165 mnLoC with World Bank for Rooftop Solar Projects In December 2023, the State Bank of India (SBI) signed a USD 165 million Line of Credit (LoC) with the World Bank (WB) to finance grid-connected rooftop Solar Photovoltaic projects in residential and institutional sectors.
On December 21, 2023, SBI signed 200 million euro (~Rs 1,800 crore) LoC with the European Investment Bank (EIB) to support climate action projects in India.
The loan document will become operational once the necessary approvals are secured.
ATGL signs MoU with Flipkart to Reduce Carbon Footprint Adani Total Gas Limited (ATGL) and Flipkart India Private Limited have signed a Memorandum of Understanding (MoU) to collaborate on decarbonising Flipkart’s supply chain. i.This aims to reduce Flipkart’s carbon footprint in the primary, secondary, and tertiary movements of goods across sourcing locations, warehouses, and customer deliveries. ii.Under this MoU,
ATGL will provide decarbonising solutions to support Flipkart’s transition to cleaner fuel options, like natural gas, and the integration of EVs.
Adani Total Energies E-Mobility Ltd (ATEL), a subsidiary of ATGL, will provide electric vehicles (EVs) charging infrastructure at Flipkart’s pan-India supply chain, encompassing warehouses and logistics locations.
Winners of Sahitya Akademi 2023 Announced: Total of 24 Indian Languages been AwardedThe Sahitya Akademi announced the winners of the Sahitya Akademi Awards 2023, the annual award that recognizes literary works in 24 Indian languages (including English). i.The winners of the Sahitya Akademi Awards 2023 include 9 books of poetry, 6 Novels, 5 short stories, 3 Essays, and 1 Literary Study. ii.The winners are recommended by the jury members in 24 languages and were approved by the executive board of the Sahitya Akademi under the chairmanship of Shri Madhav Kaushik, President, Sahitya Akademi. iii.The Award is in the form of a casket containing an engraved copper plaque, a shawl, and a cash prize of Rs. 1 lakh. About Sahitya Akademi: The Sahitya Akademi Award is the second-highest literary honor by the Government of India, following the Jnanpith Award. i.Sahitya Akademi was established by the government of India in 1954, is India’s National Academy of Letters. The first Sahitya Akademi awards were given in1955. ii.The Akademi preserves and promotes the literature contained in 24 Indian languages(22 languages as per the 8th schedule of the Indian constitution and English and Rajasthan) through Awards, Fellowship, Grants, publications, and others iii.The head office of the Sahitya Akademi is in New Delhi, Delhi.
SEBI approves Appointment of Pramod Agrawal as BSE Chairman The Securities and Exchange Board of India (SEBI) has approved the appointment of Pramod Agrawal as the Chairman of the BSE Limited (formerly Bombay Stock Exchange) with effect from 17th January 2024.
He will be replacingSubhash Sheoratan Mundra (SS Mundra), the current Chairman of BSE, whose tenure is set to expire on 16th January 2024.
He has been serving as the Public Interest Director of BSE since November 2023.
About Pramod Agrawal: i.Pramod Agrawal is a retired Indian Administrative Service (IAS) officer of the 1991 batch belonging to the Madhya Pradesh (MP) cadre. ii.He served as Chairman and Managing Director(CMD) of Coal India Limited (CIL) from 2020 to June 2023. iii.Prior to that, he was a Principal Secretary in the Department of Technical Education, Skill Development & Employment and the Department of Labour, Government of MP. About SS Mundra: i.In 2022, BSE appointed SS Mundra as Chairman of the Board of Directors of the company by replacing Vikramajit Sen. ii.However he joined BSE in 2018 as a Public Interest Director. iii.He served as Deputy Governor of the Reserve Bank of India (RBI) from 2014-17. iv.Prior to that, he served as CMD of the Bank of Baroda (BoB). About BSE Limited: Chairman – Subhash Sheoratan Mundra Headquarters – Mumbai, Maharashtra Established in –1875
IN Commissioned Stealth Guided Missile Destroyer INS Imphal in MumbaiOn 26th December 2023,the Indian Navy (IN) commissioned the Indian Naval Ship (INS) Imphal(Yard 12706), a Stealth Guided Missile Destroyer, at Naval Dockyard, Mumbai, Maharashtra in the presence of Union Minister Rajnath Singh, Ministry of Defence (MoD). i.It is the third of four Project 15B ‘Visakhapatnam’ class destroyers designed by the IN’s Warship Design Bureau (WDB) and built by Mazagon Dock Shipbuilders Limited (MDL), Mumbai. ii.The ship is 163 meters long, 17m in breadth, has a displacement of 7,400 tons, and is capable of attaining speed in excess of 30 knots (56 km/hour). iii.This ship emphasizes ‘Aatmanirbhar Bharat’ with 75% indigenization. About Indian Navy (IN): Chief of the Naval Staff (CNS)– Admiral Radhakrishnan Hari Kumar Headquarters– Integrated Defence Headquarters, Ministry of Defence, New Delhi, Delhi
ISRO Releases Book on ‘FEAST Software’ Written by FEA Experts of VSSCThe book titled “Introduction to Finite Element Analysis – A Textbook for Engineering Students” released by the Indian Space Research Organisation(ISRO)’s Vikram Sarabhai Space Centre (VSSC) offers insights into the fundamentals of Finite Element Analysis (FEA) method and how FEAST (Finite Element Analysis of Structures) software can be used for solving real-world problems. i.The book was edited by S Somanath, Chairman of ISRO, and Dr. Unnikrishnan Nair S, Director of VSSC- Thiruvananthapuram(Kerala), and written by finite element analysis experts of VSSC. ii.The book was launched by Professor TG Sitharam, Chairman of All India Council for Technical Education (AICTE) at the ISRO’s Headquarters in Bengaluru(Karnataka).
It was published by Springer Publications.
About the Book: i.The book is useful for the undergraduate engineering curriculum and is expected to promote and support widespread use of FEAST software. ii.The book provides an overview of the fundamental principles of FEA, explaining concepts and problem-solving techniques through the utilization of FEAST software. About FEAST software: i.FEAST (Finite Element Analysis of Structures) software,indigenously developed by VSSC, is used to perform Finite Element Analysis (FEA) on a variety of structures, including rockets, aircraft, satellites, and buildings. ii.FEA is a computerised method of predicting how a component or structure will react to real-world forces such as structural loads, thermal conditions, and other physical influences that a structure would encounter while in operation. iii.FEAST software is available in four licensing options to accommodate the diverse spectrum of finite element analysis users.
Standard
Academic (for students and educational institutions)
Premium (for small and medium scale industries)
Professional (for general large scale applications)
iv.The National Finite Element Developers’/ FEAST Users’ Meet (NAFED) is organised each year to engage users and collect feedback on the software.
OYO partners with Khelo India and others to aid Differently-Abled Talent Ahmedabad (Gujarat) based OYO Hotels and Homes Private Limited (OYO) has partnered withKhelo India Para Games and Divyang Kala Mela, to provide specialised and accessible accommodation for differently abled players across India.
OYO has also partnered with Wheeling Happiness Foundation and other organizations to reach out to a larger group of differently-abled sportspersons
Under this, OYO will provide accessible accommodations for differently-abled players and urge its partner hotels to ensure wheelchair-friendly amenities. Note: Wheeling Happiness was founded by Padma Shri(2017 sports) and Arjuna Award(Athletics(Paralympics) Winner Deepa Malik,. She was the 1st Indian female para-athlete to win a medal at the Paralympics. She won the silver in shot put at 2016 Paralympics held in Rio de Janeiro, Brazil.
Veer BalDiwas 2022 – December 26Veer BalDiwas is annually observed across India on 26 December to pay honour and tribute to the sacrifices of Sahibzada Zorawar Singh and Sahibzada Fateh Singh, the 3rd and 4th son(Chhote Sahibzadas) of Guru Gobind Singh, 10th and last Sikh Guru. 26 December 2023 marks the 2nd observance of Veer Bal Diwas. Background: i.On 9 January 2022, on occasion of the Prakash Purab (birth anniversary) of Guru Gobind Singh, PM Narendra Modi declared that December 26 would be observed as ‘Veer Bal Diwas’ to mark the martyrdom of the Chhote Sahibzadas. ii.The first Veer Bal Diwas was observed on 26th December 2022. Guru Gobind Singh and his 4 Sons: i.He was the Sikh leader in Punjab during the Mughal reign and had 4 sons. They were know as the 4 Sahibzade Khalsa. ii.He founded the Sikh warrior community called Khalsa in 1699, especially for the defence of Sikhism and Hinduism against the Mughals. iii.On December 1704, Guru Gobind Singh’s eldest sons, Sahibzada Ajit Singh and Sahibzada Jujhar Singh were killed in the Battle of Chamkaur against Mughal iv.His younger sons Sahibzada Zorawar Singh (9) and Sahibzada Fateh Singh (6), were murdered by Wazir Khan the Mughal Governor of Sirhind. 2023 Events: PM Narendra Modi participated in the program marking the 2nd observance of ‘Veer Baal Diwas’ on 26th December 2023 at Bharat Mandapam in New Delhi, Delhi. The event was also attended by Union Minister Smriti Zubin Irani, Ministry of Women and Child Development; Union Minister Dharmendra Pradhan, Ministry of Education; and Union Minister Anurag Singh Thakur, Ministry of Information and Broadcasting. 1st international Veer Baal Diwas. i.The Sikh Diaspora from the United States of America (USA), United Kingdom (UK), New Zealand, United Arab Emirates (UAE), and Greece converged in a significant gathering to observe the 1st international Veer Baal Diwas. ii.The programs were organised by the Indian Minorities Foundation (IMF) across the 5 nations along with the Sikh Diaspora of the respective countries. iii.Chancellor of Chandigarh University & IMF Convener, Satnam Singh Sandhu, participated in the Veer Baal Diwas at the Sikh Religious Society of Wisconsin, USA. iv.Similar observance also took place at the Begampura Sikh Temple in Auckland(New Zealand); Guru Teg Bahadur Gurudwara of Oinofyta in Greece; and Gurudwara Guru Nanak Darbar Ras Al Khaimah in Dubai (UAE).
International Day of Epidemic Preparedness 2023- December 27The United Nations (UN)’sInternational Day of Epidemic Preparedness is annually observed across the globe on 27th December to highlight the significance of the prevention of, preparedness for, and partnership against epidemics.
27 December 2023 marks the observance of the 4th International Day of Epidemic Preparedness.
Background: i.On 7 December 2020, the United Nations General Assembly (UNGA) adopted the resolution A/RES/75/27 and proclaimed the 27 December of every year as the International Day of Epidemic Preparedness. ii.The first International Day of Epidemic Preparedness was observed on 27 December 2020.
Union Health Minister Mansukh Mandaviya Launched ‘MedTechMitra‘ to Empower India’s MedTech SectorUnion Minister Dr. Mansukh Mandaviya, Ministry of Health and Family Welfare (MoHFW), virtually launchedMedTechMitra, a strategic initiative to empower MedTech innovators and advance healthcare solutions.
It is a collaborative initiative of the NITI Aayog(National Institution for Transforming India); Indian Council of Medical Research (ICMR); and Central Drugs Standard Control Organization (CDSCO).
Key People: MedTech Mitra was launched in the presence of Prof. S.P. Singh Bhagel, Minister of State, Ministry of Health and Family Welfare who virtually joined, and Dr. V.K Paul, Member Health, NITI Aayog. About MedTech Mitra: Objective: The collaborative efforts aim to boost indigenous development, fostering affordable and quality MedTech devices and diagnostics, thereby reducing import dependece in MedTech sector. Note: India’s MedTech sector is currently heavily import-dependent (80%). Significance: i.It is envisioned as a platform, designed to empower young talents, providing a platform to shape their research, knowledge, and logic while aiding in obtaining regulatory approval. ii.MedTech Mitra plays a pivotal role in strengthening India’s commitment to Universal Health Coverage (UHC), its objective is to extend healthcare services to even the remotest corners of India to become an integral aspect of Viksit Bharat.
The initiative aligns with the vision of Viksit Bharat, aiming to transform India’s health landscape by 2047.
iii.It brings together various stakeholders in the field of medical technology to enhance cooperation among various stakeholders and partner with them to promote progress in the health sector. iv.MedTech Mitra empowers emerging start-ups in the healthcare sector and ensure ease of innovation, research, and development and contributes to building an Atmanirbhar Bharat (Self-reliant India).
CoinSwitch Released “India’s Crypto Portfolio 2023”: Delhi Tops in India’s Crypto Adoption According to “India’s Crypto Portfolio 2023”, the annual investor report of CoinSwitch, India’s largest crypto trading platform, Delhi tops India’s crypto adoption (measured in terms of value invested) in 2023.
Delhi accounted for 8.8% of total crypto investment followed by Bengaluru(Karnataka) with 8.3% and Mumbai(Maharashtra) with 5.2%.
These three metros accounted for more than 20% of the total crypto investment in India.
Top Indian cities: i.Hyderabad(Telangana) accounted for 3.8% of India’s Crypto adoption followed by Pune(Maharashtra) with 2.7%; Gurgaon (Haryana) with 2.2%; Thane(Maharashtra) with 2%; Jaipur(Rajasthan) with 1.9% ; Ghaziabad(Uttar Pradesh(UP)) with 1.7% ; Lucknow(UP) with 1.5% and others accounted for 62%. Crypto coins: i.Bitcoin, the most prominent crypto, is up by more than 150% year on year, compared to December 2022. ii.The report stated that Dogecoin(DOGE), is the most popular coin for retail investors.
DOGE accounted for 11.1% of total invested value, followed by Bitcoin (8.5%) and Ethereum (6.4%).
iii.Solana(SOL) was the best-performing crypto asset with a 633% (As of 20 Dec 2022) rise in 12 months. Points to note: i.The total crypto market capitalization grew from less than USD 1 trillion in June 2022 to over USD 1.5 trillion by December 2023. ii.The top 10 cities with the highest crypto adoption (market cap) 2023 are: Delhi, Bengaluru, Mumbai, Hyderabad, Pune, Jaipur, Gurgaon, Thane, Lucknow and Ghaziabad.
For the first time, Ghaziabad has secured the 10th position on the list of top cities (market cap), replacing Patna from the spot.
ii.About 75% of the investors in India were below the age of 35.
Around 60% of crypto investors from Gurgaon are below the age of 25.
iii.Delhi and Hyderabad witnessed the highest participation of women investors with 9% of India’s crypto investors being women. About CoinSwitch: CoinSwitch was founded by Ashish Singhal; Vimal Sagar Tiwari and Govind Soni in 2017 CEO– Ashish Singhal Headquarters– Bengaluru, Karnataka
India & Oman Adopts Vision Document to Expand Bilateral CooperationNarendra Modi, Prime Minister (PM) of India and Haitham Bin Tarik, the Sultan of Oman adopted the joint Vision document titled ‘A Partnership for the Future’for strengthening bilateral cooperation in diverse areas and to scale up the partnership between India and Oman. i.The vision document was adopted on 16th December 2023 during the maiden visitof his Majesty Sultan Haitham bin Tarik, the Sultanate of Oman, to India ii.Several Memorandum of Understandings (MoUs) and agreements were also signed during his visit. iii.The 3rd tranche of the Oman-India Joint Investment Fund (OIJIF-III), has been announced as a significant development in trade and capital cooperation in the India-Oman economic partnership. About Oman: Prime Ministerand Sultan- His Majesty Sultan Haitham bin Tarik Capital– Muscat Currency– Omani Rial (OMR)
PwC Global Risk Survey 2023: Cyber Risk Tops as Biggest Threat for Indian OrganizationsAccording to the report titled “PwC Global Risk Survey 2023 – India highlights”, Cyber risks are tops as the biggest threat faced by the Indian organisations. Around 38% of respondents are feeling highly or extremely exposed to cyber risk.
Climate change (37%) and inflation (36%) were the 2nd and 3rd biggest threats for Indian organisations.
Cyber risk was ranked 3rd in the 2022 survey.
Globally, business leaders considered inflation (39%) as the biggest threat followed by cyber (37%), macroeconomic volatility (33%), and digital and technology risks (32%).
Note: i.PwC refers to PricewaterhouseCoopers Private Limited. ii.PwC India Headquartered in Kolkata, West Bengal (WB) while PwC Global headquartered in London, United Kingdom (UK). About the Survey: Aim: To capture views on the top risks faced by organizations across different industries in 2023. Assessment: The final result of the survey is based on 3,910 responses from business and risk management leaders across 67 territories.
163 Indian organizations were a part of this survey.
Highlights: i.62% of Indian organizations proactively take risks, aiming to create opportunities. This is which is 5% higher than the global average of 57%. ii.71% of Indian organisations are gathering and analysing cybersecurity and IT data for risk management and opportunity identification iii.69% of Indian executives considers Generative Artificial Intelligence (GenAI) as an opportunity and 60% identifies quantum computing and enterprise blockchain as an opportunity. iv.67% of Indian respondents views transition to new energy sources as an opportunity rather than a threat and 51% of Indian executives considers changing customer demand/preferences as an opportunity. v.Around 67% of Indian executives stated that their CEO is eager to take risks to grow their businesses and 56% stated that their board has a similar risk appetite. Globally, these numbers are at 57% and 54% respectively. vi.88% of Indian organizations actively invest in resilience, compared to a global figure of 77%.
India’s Total Rooftop Solar Capacity crosses 10 GW; Gujarat emerges as LeaderUnion Minister Raj Kumar Singh(RK Singh), Ministry of New and Renewable Energy(MNRE), informed that the cumulative Roof Top Solar (RTS) installed capacity increased to 10.406 Gigawatts (GW) (as of 30th November 2023) from 1.8 GW (as of 31st March 2019). The Compound annual growth rate (CAGR) of RTS installations is around 46%.
With 3.2 GW of RTS installed capacity(30% of the total installed capacity), Gujarat has emerged as the leader in RTS segment.
Gujarat is followed by Maharashtra with 1.85 GW and Rajasthan with 1.06 GW capacity.
Grid connected Solar Rooftop Programme: i.In 2015, the government of India approved the Grid Connected Rooftop and Small Solar Power Plants Programme to install 4,200 megawatt (MW) PTS plants in India by the year 2019-20. ii.The Phase II of Grid Connected Rooftop and Small Solar Power Plants Programme was approved and launched in 2019.
Objective: To achieve a cumulative installed capacity of 40,000 MW from Grid Connected RTS projects.
iii.The Phase II of the RTS programme was launched with a financial outlay of Rs 11814 Crore. This includes Rs.6,600 Crore of Central Financial Assistance (CFA) and Rs.4,985 Crore of incentives to the Distribution Companies. iv.The RTS programe was extended till March 2026 without change in financial outlay.
IRDAI is set to Launch ‘Bima Vistaar’, the First of its Kind Insurance ProductThe Insurance Regulatory and Development Authority of India (IRDAI) is all set to launch the first of its kind affordable insurance product covering risks against life, health, and property namely ‘Bima Vistaar’ in the first quarter of 2024-2025 i.e. Q1FY25.
Bima Vistaar is a part of Insurance Trinity which also includes BimaSugam, a one-stop digital platform; and BimaVahak, a women-led field distribution force.
These efforts are integral to IRDAI’s vision for universal insurance by 2047 by addressing gaps in product design, pricing, distribution, and more.
Key Points: i.Bima Vistaar’s design is almost done, and the Life and General Insurance Councils are hunting for the technology platform for its launch. ii.Its launch will introduce Bima Vahak, and their implementation will take effect simultaneously.
Women ‘Vahaks’ will promote affordable social security and encourage/convince rural women to opt for Bima Vistaar coverage.
Bima Vahaks shall be deployed in each gram panchayat before 31st December 2024.
iii.Bima Sugam, drawing interest globally, is initiating smaller platforms for the effective launch of Bima Vistaar and Vahak, with eventual integration into the larger Bima Sugam platform.
It was originally planned to launch the platform in January 2023, but it was delayed to August 1, 2023, and then to June 2024.
Advanced technologies like Artificial Intelligence (AI)/ Machine Learning (ML) are being employed for last-mile insurance connectivity.
Note: It should be noted that in October 2022, IRDAI constituted a committee to study and recommend on Bima Vahak and Bima Vistaar. Its chairperson was Thomas M. Devasia, Member (Non-Life).
RBI Grants 1 year Extension to Co-branded Credit Card of Bajaj Finance & RBL BankReserved Bank of India (RBI) has granted a 1-year extension, until 21st December 2024, for Bajaj Finance Limited(BFL)’s co-branded credit card partnership with Mumbai(Maharashtra) based RBL Bank Limited. Note: RBI granted 1 year extension againts the 2 years sought by Bajaj Finance. RBI sited serious deficiencies in the Bajaj Finance’s adherence to RBI’s guidelines and stated that further extension from the current 1-year period would be subject to review Co-branded credit card of RBL & Bajaj Finance: i.In 2018, RBL Bank entered into a partnership with Bajaj Finance to launch a series of co-branded credit cards. ii.In 2021, RBL Bank extended the partnership for 5 years till 2026 while RBI gave its approval for only 2 years(till 2023). RBI Guidelines: At present, RBI allows the NBFCs registered with RBI to issue co-branded credit cards with scheduled commercial banks, with prior approval of RBI for an initial period of two years and a review thereafter. Bank of Baroda fined Rs 5 crore by RBI over Soiled Note Remittances RBI has imposed a penalty of Rs.5 croreon the Bank of Baroda (BoB) after detecting a shortage in the soiled note remittances as per RBI’s Clean Note Policy.
The RBI also imposed an additional penalty of Rs 2,750 on the BoB after it detected “fake and mutilated” notes in the soiled note remittances.
Clean Note Policy: i.The clean note policy was adopted by the RBI in 2002 to ensure the availability of good quality banknotes to the public. ii.Under the policy damaged, counterfeit, or soiled notes are removed from circulation by banks and financial institutions. iii.The RBI regularly monitors the quality of currency notes in circulation and sets standards for their acceptability. Soiled Note: i.A ‘soiled note’ means a paper currency note which has become dirty due to normal wear and tear
Adani Green Energy inks pact with SECI for supply of 1,799 MW Solar PowerOn December 25, 2023, Adani Green Energy (AGEL) signed a Power Purchase Agreement (PPA) with the Solar Energy Corporation of India (SECI) to supply 1,799 MW (Mega Watt) of solar power. The final PPA to supply 1,799 MW solar power was inked for a period of 25 years.
With this PPA, AGEL completes the power off-take tie-up for the 8,000 MW manufacturing-linked solar tender awarded to it by SECI in June 2020.
This set a record for being the world’s largest solar tender.
Key Points: i.AGEL targets 45 GW of renewable energy by 2030, aligned with India’s 500 GW non-fossil fuel goal. ii.AGEL has already commissioned a 2GW (Giga Watt) solar manufacturing plant through its associate company Mundra Solar Energy Ltd (MSEL) in Mundra, Gujarat.
AGEL holds 26% shares of MSEL through its wholly-owned subsidiary Adani Renewable Energy Holding Four Ltd.
iv.With this, Adani Green now has tied up PPAs of 19.8 GW and the balance is merchant capacity in its 20.6 GW locked-in portfolio. v.The portfolio, covering 2 lakh acres in resource-rich areas, ensures full de-risking for the 45 GW goal by 2030. About Solar Energy Corporation of India (SECI): It is a Central Public Sector Undertaking (CPSU) under the Ministry of New and Renewable Energy (MNRE) to implement India’s National Solar Mission (NSM) and its targets. Chairman & Managing Director– Rameshwar Prasad Gupta (RP Gupta) Headquarters– New Delhi, Delhi Establishment– 2011
Reliance & Walt Disney Signed a Non-binding Agreement to Merge Media Operations Reliance Industries Ltd (TIL) and Walt Disney Co. have signed a non-binding term sheet to merge their Indian media operations. Under the merger Reliance would own 51% through a combination of shares and cash, and Disney will hold the remaining 49%. The merger is expected to be finalised by February 2024,
Reliance operates TV channels and its streaming app JioCinema through its media and entertainment unit Viacom18.
As a part of this partnership, a unit under Reliance’s Viacom18 to take control of Star India through a stock swap.
Both Reliance and Disney Star are committed to invest over USD 1.5 billion in the merger. This agreement may have a special period of 45 to 60 days which may be mutually extended.
DSCI Excellence Awards Presented at Nasscom-DSCI Annual Information Security Summit 2023The 18th edition of the NASSCOM- Data Security Council of India (DSCI) Annual Information Security Summit (AISS), a 3-day event, was held from 19th to 21st December 2023 at the Leela Ambience Hotel, Gurugram, Haryana.
During the summit, the 13th edition of the DSCI Excellence Awards (2023) was presented to recognise organizations and individuals for their work in the fields of cybersecurity and privacy. Click here for the complete list of winners
The summit was organised by DSCI is a not-for-profit industry body that focuses on data protection in India established by the National Association of Software and Service Companies (NASSCOM).
About NASSCOM: It is a non-governmental non-profit organization that advocates for and serves the Information technology (IT) industry. It is a key entity in the Indian technology sector. Chairperson– Rajesh Nambiar Headquarters– Noida, Uttar Pradesh Founded in– 1988
Satish Kumar Kalra Named Interim MD & CEO of Slice-backed NESFB The Reserve Bank of India (RBI) has approved the appointment of Satish Kumar Kalra, as interim Managing Director (MD) and Chief Executive Officer (CEO) of the Fintech startup Slice-backed North East Small Finance Bank (NESFB).
Kalra served as the MD & CEO, and Executive Director of Andhra Bank from 2012 to 2017. Later he served as the independent director at Lakshmi Vilas Bank from 2019 to 2021. At present, he is serving as an independent director at Can Fin Homes Limited.
He has also served as a member of the Experience Advisory Board for Banking and Financial Frauds from 2020 to 2021.
In October 2023, RBI approved the merger of Guwahati(Assam) based NESFBL with Slice. Slice shareholders will own a 95-97% stake in the merged entity; the remaining is owned by NESFB shareholders.
China Launched 3 Satellites into Orbit from the South China Sea On 26th December 2023, China’s Taiyuan Satellite Launch Center successfully launched a Long March 11, carrying three experimental satellites of the Shiyan 24C series, from the waters of the coast of Yangjiang in Guangdong province, China. The rocket has successfully placed the satellites into the preset orbit. Note:
This was the 8th sea-based launch of Chinese rockets and the 2nd launch from the South China Sea.
It was the 503rd mission of the Long March carrier rocket series.
Shiyan-24C satellites: i.Shiyan-24C satellites were developed by the Shanghai Academy of Spaceflight Technology(SAST), a Chinese space agency and subordinate of China Aerospace Science and Technology Corporation (CASC). ii.These satellites will be used for space science and technology experiments. Long March 11: i.Long March 11 rocket is built by the China Academy of Launch Vehicle Technology in Beijing, China. ii.The 20.8-metre long rocket with a 2-metre diameter has a liftoff weight of 58 metric tons. China Launched 2 Meo to BeiDou constellation On 26th December 2023, China also Long March-3B rocket carrying the 57th and 58th satellites of the BeiDou Satellite Navigation System (BDS) from the Xichang Satellite Launch Center in the southwestern Sichuan province, China.
This marks the 1st mission of sending two MEO (Medium Earth orbit) satellites in one go to the BDS-3 since the system was completed in 2020.
BSD is China’s mega constellation of satellites in space, operational since 2020.
The BDS now has 15 BeiDou-2 satellites and 33 BDS-3 satellites.
PM Modi Released 1st Series of 11 Volumes of ‘Collected Works of Pandit Madan Mohan Malaviya’ On the occasion of the 162nd birth anniversary of Malaviya, the founder of Banaras Hindu University(BHU), Prime Minister (PM) Narendra Modi, launched the 1st series of 11 volumes of “Collected Works of Pandit Madan Mohan Malaviya“, at the event held in Vigyan Bhawan, New Delhi, Delhi.
The bilingual (English and Hindi) work in 11 volumes spanning over 4,000 pages is a collection of writings and speeches of Malaviya from various corners of India.
These volumes comprise his unpublished letters, articles, and speeches, including memorandums; articles, pamphlets, and booklets written by him from time to time.
The books were published by the Publications Division under the Ministry of Information and Broadcasting (MIB).
Breaking the Mould, a new book by Raghuram Rajan& Rohit Lamba Former Reserve Bank of India (RBI) GovernorRaghuramRajan in collaboration with EconomistRohitLamba authored a new book, titled “Breaking the Mould: Reimagining India’s Economic Future,” that explores strategies for accelerating India’s economic development.
The book was published by Penguin Random House India.
RaghuramRajan is currently the Katherine Dusak Miller Distinguished Service Professor of Finance at the University of Chicago Booth School of Business in the United States of America (USA).
He served as the 23rd Governor of the RBI from 2013 to 2016, and the Vice Chairman of the Board of the Bank for International Settlements, from 2015 to 2016.
He was the Chief Economist and Director of Research at the International Monetary Fund (IMF) from 2003 to 2006.
RohitLamba is an assistant professor of Economics at Pennsylvania State University, USA, and a visiting assistant professor of economics at New York University Abu Dhabi.
He has also worked as an economist at the office of the chief economic adviser to the Government of India.
Kerala Emerges as the Most Preferred State to Work: ISR 2024According to the 11th edition of the India skills Report (ISR) titled ‘India Skills Report 2024: Impact of Artificial Intelligence on Skills, Work, Monbility’ released on 20th December 2023, Kerala have emerged as the most preferred State to work for both male and female employable talent. The report has been prepared by Wheebox, a talent assessment agency. Highlights: i.Overall employability in India has increased to 51.25% among surveyed youth with the necessary skills. ii.In terms of large talent availability,States with the highest concentration of highly employable youth are Haryana, Maharashtra, Andhra Pradesh (AP), Uttar Pradesh (UP), Kerala, and Telangana. iii.Telangana has the highest concentration of employable talent in the age group of 18-21 with 85.45% followed by Kerala with 74.93%. About Kerala: Chief Minister– Pinarayi Vijayan Governor– Arif Mohammed Khan Stadium– Lal bahadur shastri stadium, VKN Menon Indoor Stadium
India’s Coking Coal Imports Witnessed 5-Year High, Reached 38.14 mt; Australia Remains Dominant SupplierIndia’s coking coal imports are at a five-year high during the April-November period(11 months) of fiscal year 2023-24(FY24) at 38.14 million tonnes (mt). On a year-over-year (y-o-y) basis, this represents a slight increase compared to the 38.12 mt imported during the same period in FY23.
Australia is the dominant supplier for India, accounting for over 60% of shipments. Over the past 5 years, Australia’s market share has decreased form 75%.
Key Points: i.As of October 2023, the United States of America (USA) is the 2nd largest supplier of coking coal to India. Russia is the 3rd largest supplier replacing countries such as Canada and Mozambique.
Russian supplies have doubled in 5 years, from 1.75 mt in FY20 to 3.9 mt in FY24 (up 123%).
USA supplies have doubled over the same period, reaching 5.8 mt from 2 mt (a near 200% jump). Supplies increased by 10%.
ii.Despite being the 2nd-largest global producer of crude steel after China, India faces a shortage of coking coal domestically. iii.Mills primarly depends on imports, positioning India as the largest global importer of coking coal.
Indian mills are diversifying sources, exploring suppliers from Poland, and New Zealand, and considering the potential of Mongolia.
Steel Industry Growth: i.The surge in coking coal demand aligns with a 13% YoY increase in finished steel production, reaching 88.9 mt for the period under review (as against 78.5 mt).
Consumption stands at 87 mt, up 15% YoY.
ii.Crude steel production has reached 94 mt for 11 months of FY24, a 15% YoY increase, as compared to 83 mt in the year-ago period. iii.Pig iron and hot metal production stood at 4.7 mt and 56.78 mt, up by 19% and 8%, respectively.
India, Bangladesh Agrees to Extend Crucial IBP Route As per the Protocol on Inland Water Transit & Trade (PIWT&T), the Government of India (GOI) and Government of Bangladesh(GoB) have agreed to extend Indo-Bangladesh Protocol (IBP) route and declare Safardighiin West Bengal as the new port of call. High level talks: i.Three high-level talks between India and Bangladesh was held in Dhaka, Bangladesh on 19th and 20th December, 2023. ii.These talks includes:
Shipping Secretary-Level Talks (SSLT)
22nd Standing Committee Meeting (SCM) under PIWT&T
3rd Meeting of Inter-Governmental Committee (IGC) on use of Chattogram and Mongla Ports (in Bangladesh) for to-and-fro movement of goods
Both agreed to extend the trade and connectivity through the land route of Land Customs Station (LCS) Radhikapur (Birol) and Hodibari (Chilahati) of West Bengal.
Attended Delegates: i.SSLT and IGC was led by T.K. Ramachandran (Secretary, Ministry of Ports, Shipping & Waterways-MoPSW,India) and Mohamed Mostafa Kamal (Senior Secretary, Ministry of Shipping, Bangladesh). ii.SCM was led by Sanjay Bandopadhyaya (Chairman, Inland Waterways Authority of India (IWAI), India) and Sheikh Mohamed Sharif Uddin (Additional Secretary, Ministry of Shipping, Bangladesh). Under SSLT: i.Both countries agreed to form a technical team to include Chandpur-Chittagong(Bangladesh) stretch as IBP route under PIWT&T. ii.Along with identifying a location for drop-in centre for Bangladesh, inclusion of Dhamra Port(Odisha) as Port of Call under Coastal Shipping Agreement was considered. Under SCM: i.In order to provide better navigation and tracking facility to ships, they agreed to establish a joint committee to implement a common Automatic Identification System (AIS) on the IBP route. ii.Bangladesh proposed to develop additional IBP (5&6; 9&10) on 80:20 sharing basis. iii.Mongla-Jamtola stretch of Bangladesh will also be added to IBP route to make it easier to visit the Sunderbans area in Bangladesh. Under ICG: The possibility of including Payra sea port(Bangladesh) into Agreement on the use of Chattogram and Mongla Ports (ACMP) will be examined by both the countries. What is “Port of call”? As per the shipping Monitoring, Reporting and Verification (MRV) regulation, a “port of call” can be defined as the port of a country where cargo or a passenger (cruise) ship halts to discharge or load the cargo or to embark or disembark passengers. About Bangladesh: Prime Minister(PM) – Sheikh Hasina Capital – Dhaka Currency – Bangladeshi Taka
ADB & India Signed USD 100 mn Loan Agreement to Improve Urban Services & Tourism Facilities in TripuraAsian Development Bank (ADB) and The Government of India (GoI) signed a loan agreement of USD 100 million for the project “India : Tripura Urban and Tourism Development Project” which aims to improve urban services and tourism facilities in the northeastern state of Tripura.
This is the first urban project in India that has been prepared with Project Readiness Financing(PRF).
Signatories: The loan agreement was signed by Juhi Mukherjee, Joint Secretary of Department of Economic Affairs(DEA) in the Ministry of Finance(MoF) and Nilaya Mitash, Officer-in-Charge of ADB’s India Resident Mission. Urban Services: i.The project will improve the municipal infrastructure and public services for 12 out of 20 urban local bodies (ULBs) along the main National Highways(NH) in Tripura. ii.A 21 km of urban roads will be build which incorporate features that respond to the needs of the elderly, women, children, and disabled people. Tourism Facilities: i.The project also aims to build the capacity of Tripura Tourism Development Corporation Limited (TTDCL), with a 10-year business plan and marketing strategy. ii.Along with establishing a digital museum and a new adventure park,ADB will help upgrade tourist destinations, such as the Chaturdash Devata Temple(Old Agartala), Kasba Kalibari(Kamalasagar), and Neermahal Palace(Rudijala) in Tripura. Urban water supply systems: The project will upgrade urban water supply systems by
installing 42 kilometers (km) of new transmission and distribution pipes
establishing 4 new water treatment plants
improving 55 km of stormwater drains
About the project: i.It is a ADB Administered Cofinancing project which is of total value USD 125 million(ADB financing USD 100 million & Non-ADB Financing USD 25 million). ii.The program is implemented by Tripura Tourism Development Corporation Limited and Tripura Urban Planning & Development Authority. iii.The project is executed by Urban Development Department of Government of Tripura with procurement plan duration of 18 months (1.5 years). iv.The project is expected to be closed on 30th June 2030. Additional Info: i.The project also increases the capacities of these ULBs in the areas such as climate and disaster resilience, project management, service delivery, and financial sustainability. ii.The project readiness financing (PRF) document describes the smooth transition from preparation to implementation of the project to minimize contracting delays and speed up the initial disbursements. About Asian Development Bank (ADB): President – Masatsugu Asakawa Headquarters – Mandaluyong City, Manila, Philippines Established in – 1966 Members – 68 members(49 members are from Asia)
NABARD signs pact with ADB to facilitate Climate Action in India’s ANR SectionNational Bank for Agriculture and Rural Development (NABARD) and Asian Development Bank (ADB) have launched an initiative to facilitate climate action in India’s Agriculture, Natural Resources, and Rural Development (ANR) sector.
Under this initiative, NABARD collaborates with the Bill and Melinda Gates Foundation to establish a Technical Support Unit (TSU) to address climate change challenges, focusing on agriculture and rural livelihood sectors in India. The TSU will be managed by Intellecap Advisory Services Private Limited.
Note: United States of America (USA) based Bill and Melinda Gates Foundation is a private foundation founded by Bill Gates and Melinda French Gates in 2000. Key Points: i.The ADB-NABARD collaboration will help the farming sector to tackle the adverse impact of climate change. ii.This will also identify and support food security and climate financing in India’s ANR sector. iii.Under this, NABARD will also receive support to formulate a climate financing policy and its adoption. This will also support the ongoing and future projects of NABARD, like crop diversification projects, micro-irrigation projects, and JIVA (agro-ecology programme for revitalising natural resources management). Note: JIVA, launched by NABARD in 2022, is a community-based participatory programme for watershed (rainfed) and wadi (tribal) areas. This extends across 2.5 million hectares, with a funding commitment of about Rs 5,000 crore. About National Bank for Agriculture and Rural Development (NABARD): Chairman– Shaji K V Headquarters– Mumbai, Maharashtra Establishment– 1982 About Asian Development Bank (ADB): President – Masatsugu Asakawa Headquarters – Mandaluyong City, Manila, Philippines Establishment– 1966
WB and DEA launch PPP Beginner’s e-course to foster PPP collaboration in Infrastructure Capacity-BuildingThe World Bank (WB) and the Department of Economic Affairs (DEA), Ministry of Finance launched the Public-Private Partnership (PPP) Beginner’s e-course to help people understand and contribute to PPPs in India.
It is a step towards fostering collaboration between the public and private sectors in infrastructure capacity-building.
It was launched by Ajay Banga, President, WB Group in the presence of Ajay Seth, Secretary, DEA, among others.
Key Points: i.The PPP e-course is a infra-focused capacity-building programme jointly undertaken by the Infrastructure Finance Secretariat, DEA and the World Bank. ii.The course is a five-module program that includes quizzes, including introduction to PPPs, identification of PPP projects, structuring of projects, tendering and implementation and monitoring aspects of PPP projects. iii.The modules are practical and multi-sectoral, and use projects and case studies. iv.The duration of the course is 7 hours and 15 mins. v.Its key features are Accessible Learning, Expert-Driven Content, Interactive Learning, and Certification vi.Key features of the PPP beginner’s e-Course include: Accessible Learning, Expert-Driven Content, Interactive Learning, Certification.
ICICI Prudential AMC Changed its ETF Symbols ICICI Prudential Asset Management Company(AMC) Limited has changed its exchange-traded fund (ETF) product symbols to ‘IETF‘ (which stands for ICICI Prudential ETF) to simplify the identification of ETF Schemes for passive investment purposes.
The move is in line with Securities Exchange Board of India (SEBI)’s master circular which dictates that the scheme name should mirror the scheme category.
About the code: i.The code will be a combination of the name of the fund followed by the symbol ‘IETF’. ii.The symbol of 28 ETF was changed in BSE (formerly Bombay Stock Exchange) Limited and National Stock Exchange (NSE) of India Limited. About ICICI Prudential Asset Management Company Limited: ICICI Prudential Asset Management Company Limited is a Joint Venture (JV) between ICICI Bank Limited and United Kingdom(UK) based Prudential Plc Managing Director(MD) & Chief Executive Officer (CEO) – Nimesh Shah Headquarters – Mumbai, Maharashtra Established in – 1998
SIDBI grants Rs.12.45 Cr to ETO Motors to deploy 300 E3W Small Industries Development Bank of India (SIDBI) has granted Rs. 12.45 crores to ETO Motors Private Limited to deploy 300 Electric 3-Wheelers (E3W) in Hyderabad(Telangana) and New Delhi (Delhi), under Mission 50K-EV4ECO.
ETO Motors will also develop Electric Vehicle (EV) Charging infrastructure including 180 Charging points.
All E3Ws will be manufactured in ETO Motors’ state-of-art manufacturing capacity in Jadcherla, Telangana.
Mission 50K-EV4ECO: i.Under this mission, SIDBI will provide loans to eligible small and medium enterprises (SMEs) for the purchase of EVs and developing charging infrastructure, including battery swapping. ii.The mission was launched in April, 2023.
DSCI Excellence Awards awarded at Nasscom-DSCI Annual Information Security Summit 2023
Iran’s Navy Includes Cruise Missiles Talaeieh & Nasir to its ArmouryOn December 24, 2023, Iran’s navy has added the “Talaeieh” and the “Nasir”, the domestically produced cruise missiles to its arsenal. The missiles are stationed at a naval base near the Indian Ocean in the southern Iranian port of Konarak. Key Points: i.The Talaeieh has a range of over 1,000 kilometers and can change targets while traveling. ii.The Nasir has a range of 100 kilometers and can be installed on warships. iii.The missiles were designed by Iran’s military sector. Note: Cruise missiles are unmanned vehicles that are propelled by jet engines, similar to an airplane. They can be launched from ground, air, or sea platforms. About Iran: President– Seyyed Ebrahim Raisi Currency– Iranian Rial Capital– Tehran
Uttarakhand Tourism Conducts trial run of Gyrocopter for ‘Himalaya Airsafari‘ Uttarakhand Tourism Development Board (UTDB) in partnership with Rajas Aerosports and Adventures Private Limited has completed the first gyrocopter trial flight at Bairagi Camp in Haridwar, Uttarakhand.
This paves a path for UTDB to launch India’s first Himalayan Air Safari scheme using gyrocopter.
These state-of-the-art gyrocopters are procured from German company ‘AutoGyro’ and it will be operated by trained German pilots.
About Himalayan Air Safari scheme: i.The scheme is part of the Breakfast Tourism initiative of UTDB. ii.The lesser-known picturesque locations in Uttarakhand can be explored through this scheme. Note: A gyrocopter (also called autogyro) is a rotary-wing aircraft that flies by means of autorotation.
Forbes’ World’s Highest-Paid Female Athletes 2023: Polish Tennis Player Iga Swiatek Tops; India’s PV Sindhu Ranked 16thPolish Tennis PlayerIga Świątek(22 years old) has topped theForbes’ annual list World’s Highest-Paid Female Athletes 2023, with a total earning of USD 23.9 million (on-field USD 9.9 million; off-field USD 14 million) in 2023.
Indian Badminton player Pusarla Venkata Sindhu (PV Sindhu) is tied with American Gymnast Simone Biles in 16th positionwith a total earning of USD 7.1 million (on-field USD 0.1 million; off-field USD 7 million).
Sindhu is the only Indian and the only badminton player featured on the list.
Note: Iga Świątek is ranked as the world No. 1 (as of 18th December 2023) in women’s singles by the Women’s Tennis Association (WTA). Top 3: Following Iga Świątek, Chinese freestyle skier Eileen Gu (20 years) is ranked 2nd with USD 22.1 million (on-field USD 0.1 million; off-field USD 22 million), and American tennis player Coco Gauff (19 years) is ranked 3rd with USD 21.7 million (on-field USD 6.7 million and off-field USD 15 million). Top 5 World Highest-Paid Female Athletes 2023 by Forbes:
Highlights: i.Iga Świątek is the 4th tennis player to secure the top spot on the list after Maria Sharapova(Russia) (2008 to 2015); Serena Williams(America) (2016 to 2019); and Naomi Osaka(Japan) (2020 to 2022).
According to the 2023 list, Iga Swiatek had the highest on-field earnings at USD 9.9 million.
ii.12 out of the world’s 20 highest-paid female athletes are tennis players.
WTA Tour players continue to dominate Forbes’ annual list, comprising 9 of the Top 10 highest-paid female athletes.
iii.At the age of 43, American tennis player Venus Williams is the oldest player on the list; and 19-year-old Coco Gauffis the youngest player on the list. v.Naomi Osaka secured No. 5 on the list but had 0 earnings on the on-field but earned a total of USD 15 million only on the off-field. Forbes’ World’s Highest-Paid Female Athletes List: Forbes introduced the ranking in 2008 and the annual list is comprised of on-court earnings and off-court earnings estimates.
On-field earnings: Include base salaries, bonuses, stipends, and prize money and are rounded to the nearest USD 100,000.
Off-court earnings: They are rounded to the nearest USD 500,000 and are determined from endorsements, licensing, appearances, and memorabilia, as well as cash returns from any businesses with significant athlete interest.
The 2023 list featured 20 female athletes who collectively earned USD 226 million, encompassing both on-field and off-field earnings. About PV Sindhu: i.She hailing from Hyderabad, Telangana is ranked 11th in the Badminton World Federation (BWF) World Ranking – Women’s Singles. ii.She won the silver in Women’s singles in 2016 Olympics held in Rio de Janeiro, Brazil and became the 1st Indian woman to win a silver medal at the Olympics. iii.She won the Bronze in Women’s singles in 2020 Olympics held in Tokyo, Japan and beacame the first Indian woman to win two Olympic medals. iv.In 2019, She became the first and the only Indian to win a gold in badminton world Championships. Awards: i.She was honoured with the Arjuna Award in 2013 and Rajiv Gandhi Khel Ratna Award (now known as Major Dhyan Chand Khel Ratna Award) in 2016. ii.She was honoured with the Padma Shri in 2015 and Padma Bhushanin 2020 for Sports. Recent related News: Mukesh Ambani, the Chairman and Managing Director of Reliance Industries Ltd. Topped the Forbes India’s 100 Richest 2023 List with USD 92 Billion. Mukesh Ambani regains the ‘Richest Indian’ title after he slipped to 2nd spot in 2022. About Forbes: Chief Executive Officer– Mike Federle Founded in– 1917 Headquarters– New Jersey, USA
Manchester City Defeats Fluminense to Win FIFA Club World Cup 2023 The United Kingdom’s Manchester City Football Club (F.C.) won their maiden Fédération Internationale de Football Association (FIFA) Club World Cup 2023 by defeating Fluminense F.C.(Brazil) in the finals held at King Abdullah Sports City in Jeddah (Saudi Arabia).
The 20th edition of the FIFA Club World Cup witnessed the participation of seven teams and was held from 12th -22nd December 2023.
This victory marks Manchester City’s fifth title of 2023 season, including the Premier League, the FA Cup, the Champions League, the Union of European Football Associations (UEFA) Super Cup, and the FIFA Club World Cup. Manchester City also became the first English team to win the FIFA Club World Cup at their first attempt.
The Golden Ball was given to Rodri (Manchester City), while the Silver Ball and Bronze Ball were awarded to Kyle Walker (Manchester City) and Jhon Arias (Fluminense), respectively. The FIFA Fair Play Award was awarded to Al Ittihad Football club.
The winners of the tournament were rewarded with USD 5 million, while the runners-up will get USD 4 million.
National Consumer Rights Day 2023- December 24National Consumer Rights Day, also known as BharatiyaGrahakDiwas or National Consumer Day, is annually observed across India on 24 December to raise awareness of consumer rights and responsibilities.
QETCI & MeitY Organised NQSTS 2023 in New Delhi; QETCI Released Quantum Value Chain Report Quantum Ecosystems and Technology Council of India (QETCI) and the Ministry of Electronics and Information Technology (MeitY) jointly organised the 1st edition of National Quantum Science and Technology Symposium (NQSTS 2023) at the Scope Convention Centre in New Delhi, Delhi from 14th to 15th December 2023.
During the event, QETCI released the Quantum Value Chain Report for India and Quantum Security Whitepaper for the Banking, financial services and insurance (BFSI) Segment.
The event also witnessed the launch of the Quantum Security Centre and Forum (QSCF) and a logo.
About Quantum Ecosystems and Technology Council of India (QETCI): QETCI is a not-for-profit Section 8 company that aims to accelerate the quantum ecosystem in India. Chairman– Vijay Kumar Saraswat Headquarters– Hyderabad, Telangana
MEA Notified Offshore Wind Energy Lease Rules 2023 for Leasing Sites for Offshore Wind Energy ProjectsOn 19th December 2023, Ministry of External Affairs (MEA) notified “ Offshore Wind Energy Lease Rules 2023”, new regulations for the lease of sites of offshore wind project. Term of Lease: i.According to the new rules, the Lease shall be valid for a period of 3-year for conducting resource measurements and surveys and it can be extended for an additional 2 years. The lease expires this after 5 years. ii.Post expiry of the lease, the leasee should submit the survey data to the National Institute of Wind Energy(NIWE), unless they have started the work to set up wind energy capacity. iii.The lease shall be further extended for a period of 35 year for constuction and operation of the project. This can be further extended on case to case basis based on the functional viability and safety of the project. Key Points: i.Lease Area: 25 square kilometres (Sq Km) to 500 sq km (based on the project) ii.Refundable Security Deposits:Rs 1 lakh per MegaWatt(MW) for wind energy project and Rs 50,000 per MW for wind transmission project.
The deposit amount will be returned upon successful project operation and decommissioning.
iii.Grant of Lease: Ministry of New and Renewable Energy (MNRE) shall lease out offshore area within Exclusive Economic Zone for Offshore Wind Energy Project and Offshore Wind Transmission Project. The selection process will be overseen by the National Offshore Wind Energy Policy. iv.Regulatory mechanism: NIWE, an autonomous body under MNRE for matters related to wind energy. Define Offshore wind power: Offshore wind power is a renewable energy source which uses wind farms in bodies of water, usually at sea, to generate electricity.
MoRD inks MoU with JioMart to Empower SHGsThe Ministry of Rural Development (MoRD) has signed a Memorandum of Understanding (MoU) with ecommerce platform ‘JioMart’ to empower the rural Self Help Group (SHG) artisans. Key People: The MoU was signed in the presence of Raghvendra Pratap Singh, Director of National Rural Livelihoods Mission (NRLM), MoRD; Ravi Prakash Gandhi, President and Chief of Public Policy and Regulatory, Reliance Retail Limited. About the Collaboration: i.The partnership paves a way for SHGs of Deendayal Antyodaya Yojana(DAY)-NRLM to on-boarded as sellers onto JioMart. ii.The collaboration will increase market base and the visibility of the products of SHG. iii.This alliance will also bring SHGs under MoRD’s SARAS collection brand onto JioMart. SARAS collection: i.SARAS collection was launched in 2020 by MoRD on Government eMarketplace(GeM) portal to showcase daily utility products made by rural SHGs. ii.It is an initiative of GeM and DAY-NRLM. About JioMart: JioMart is the online shopping platform by Reliance Retail Venture Limited (RRVL). Chief Executive Officer(CEO) – Sandeep Varaganti Headquarters – Navi Mumbai, Maharashtra Established in – 2020 About Ministry of Rural Development (MoRD): Union Minister – Giriraj Singh (Constituency- Begusarai, Bihar) Minister of State(MoS) – Faggan Singh Kulaste (Constituency- Mandla, Madhya Pradesh); Sadhvi Niranjan Jyoti (Constituency- Fatehpur, Uttar Pradesh)
BEL Bags Orders Worth Rs 2,673 Crore From GSL & GRSE Bengaluru (Karnataka) Based Bharat Electronics Limited (BEL), a Navratna Public Sector Undertaking (PSU) under the Ministry of Defence (MoD), has received orders worth Rs 2,673 crore for the supply of 14 types of sensors for use on Next Generation Offshore Patrol Vessels (NGOPV).
Order Details: BEL has received the order from Goa based Goa Shipyard Limited (GSL) for Rs 1701 crore and from Kolkata(West Bengal) based Garden Reach Shipbuilders & Engineers (GRSE) Limited for Rs 972 crore.
Note: Both GSL and GRSE are ‘Miniratna Central Public Sector Undertaking’ under MoD.
WB approved USD 300 Million Loan to Boost Urban Water, Sewerage Systems in TNThe World Bank(WB) has approved a loan of USD 300 million to the Ministry of Finance(MoF), Government of India(GoI), for the project ‘Tamil Nadu Climate Resilient Urban Development Program (TNCRUDP)’.
The Project Development Objective (PDO) is to strengthen urban management and improve access to efficient and climate-resilient urban water and sanitation services in 21 Urban Local Bodies (ULBs) in Tamil Nadu (TN).
WB approved USD 100 Million Loan to Boost Skill Development & Employment in Sikkim World Bank approved USD 100 million for the project ‘Sikkim: Integrated Service Provision and Innovation for Reviving Economies Program (INSPIRES)’ to support Sikkim’s efforts to train, upskill, and provide jobs for 300,500 women and youth in high-growth and priority sectors.
RBI Report: States’ Gross Fiscal Deficit below Budget Estimate for 2nd Consecutive YearReserve Bank of India (RBI) has released the report titled “State Finances: A Study of Budgets of 2023-2024”. RBI allows card-on-file tokenization through issuer banks, card networks RBI has allowed card-on-file tokenistation (CoFT) through issuer banks or institutions, card networks.
It will provide cardholders a facility to tokenise their cards for multiple merchant sites (e-commerce sites) through a single process.
Earlier, RBI had announced to extend this tokenization service to issuer banks and financial institutions as part of the Statement on Development and Regulatory Policies in October, 2023.
RBI’s model pegged India’s FY25 GDP growth at 6.0% RBI developed Dynamic Stochastic General Equilbrium(DSGE) model has projected GDP growth for India at 6.0% for FY25(2024-25). RBI’s model projects FY25 retail inflation at 4.8% RBI’s Dynamic Stochastic General Equilibrium(DSGE) model has projected retail inflation for India will be moderated at 4.8% for FY2025. RBI tightens norms to check evrgreening of loans by lenders through AIFs RBI has introduced new norms in order to curb “evergreening” of loans by lenders through Alternate Investment Funds(AIFs). Additional Information: About Reserve Bank of India(RBI): Established: 1 April, 1935 Headquarter: Mumbai, Maharashtra Governor: Shaktikanta Das(25th Governor of RBI)
HDFC Life & NKGSB bank Enters into a Corporate Agency tie-upHDFC Life Insurance Company Limited (HDFC life) and NKGSB Co-operative bank Limited, a leading multi-state scheduled co-operative bank, have entered into a Corporate Agency tie-up to enable the customers of the bank to avail the products of HDFC Life. Key Points: i.Under this partnership, customers of NKGSB Bank will get access to life insurance products like solutions for protection, pension, savings, investment and annuity. ii.This is in line with the bank’s commitment to ensure the well being and financial security of its customers. iii.Under this partnership, HDFC life will leverage its bancassurance expertise and product propositions.
This will support the efforts towards achieving India’s vision of “Insurance for all” by 2047 set by the Insurance Regulatory and Development Authority of India (IRDAI).
About HDFC Life Insurance Company Limited: i.It is a joint venture between HDFC Ltd., and Standard Life Aberdeen. ii.It is promoted by HDFC Bank Limited. Managing Director(MD) & Chief Executive Officer(CEO) – Vibha Padalkar Headquarters – Mumbai, Maharashtra Established in – 2000 About NKGSB Co-operative bank Limited: Chairperson – Himangee C. Nadkarni Managing Director– Panse Sunil Headquarters – Mumbai, Maharashtra Established in – 1917 Tagline – Trusted over a century
National Sports Awards 2023Announced by Ministry of Youth Affairs & Sports
Ministry of Youth Affairs and Sports (MYAS) announced the National Sports Awards 2023 which will be conferred on 42 sportspersons, coaches and entities under 5 categories on 9th January 2024 by the President of India, Droupadi Murmu at Rashtrapati Bhavan, New Delhi, Delhi. i.Major Dhyan Chand Khel Ratna Award 2023 will be given to the Badminton duo Chirag Chandrashekhar Shetty and Rankireddy Satwik Sai Raj. ii.Guru Nanak Dev University (GNDU), Amritsar (Punjab) won the Maulana Abul Kalam Azad (MAKA) Trophy 2023for the record 25th time. iii.Arjuna Awards for outstanding performance in Sports and Games 2023 will be awarded to 26 Awardees. iv.Dronacharya Award for Outstanding Coaches in Sports and Games 2023 will be awarded to 8 Awardees. v.Dhyan Chand Award for Lifetime Achievement in Sports and Games 2023 will be awarded to 3 Awardees. About the Ministry of Youth Affairs and Sports (MYAS): Union Minister– Anurag Singh Thakur (Constituency- Hamirpur, Himachal Pradesh) Minister of State (MoS)– Nisith Pramanik (constituency- CoochBehar, West Bengal)
Sony Sports ropes in Actor Kartik Aaryan as Brand Ambassador for Football Sony Sports Network (SSN), owned and operated by Sony Pictures Networks (SPN), has appointed Bollywood Actor Kartik Aaryan as its official brand ambassador for football. i.As the brand ambassador, he will feature on SSN’s ‘Your Home of Football’ campaign. ii.He will promote a diverse portfolio of football offerings that includes the live telecast of over 900 football matches.
This includes the UEFA(Union of European Football Associations) European Championship (UEFA EURO 2024), UEFA Champions League, UEFA Europa League, UEFA Conference League, UEFA Nations League, Bundesliga, Emirates FA Cup, Durand Cup, and Roshn Saudi League, amongst others.
MoT Launches “Paat-Mitro” App To Empower Jute Farmers Ministry of Textiles(MoT) has unveiled the ‘Paat-Mitro’ mobile application(app) to provide important information about Minimum Support Price (MSP) and agronomy to jute farmers.
The app was developed by Jute Corporation of India Limited (JCI), a central public sector undertaking(CPSU) under MoT.
The app was launched during the Jute Symposium held in New Delhi, Delhi on 21st December 2023.
Paat-Mitro app: i.The free app, available in 6 languages, provides access to Jute Gradation Parameters, Farmer-centric schemes like ‘Improved Cultivation and Advanced Retting Exercise for Jute (Jute – ICARE)’, weather forecasts, JCI’s Purchase Centers’ locations, Procurement Policies. ii.The app comes with features like ‘Chatbot’ and offers facility to track track the status of their payments made for the raw jute.
Pantoea Tagorei: Visva-Bharati Researchers Named New Bacteria after Rabindranath Tagore The researchers from Visva-Bharati University in Santiniketan, West Bengal(WB) have discovered a new specie of ‘good’ bacteria with unique properties beneficial for plant growth.
The new species is named “Pantoea Tagorei”, after Rabindranath Tagore, who won the 1913 Nobel Prize in Literature.
This is the 1st time any living thing has been named after Tagore.
The discovery has been published in the Indian Journal of Microbiology.
Pantoea Tagorei: i.The new specie was discovery from soil samples collected in the Jharia coal mines of Jharia in Jharkhand. ii.The new species solubilizes Potassium (K) and Phosphorus(P), and replenishes Nitrogen (N). Note: Rabindranath Tagore was the 1st non-European to receive the Nobel Prize in Literature.
Asian Youth Chess Championships 2023: India’s Kiyana Parihar (U-8 Girls) and Harsh Suresh (U-16 open) won gold medalsIndian chess players Kiyana Parihar (Under -8 Girls) and Harsh Suresh (U-16 Open) won gold medals (Standard – category)in the Asian Youth Chess Championships 2023 held at Al Ain City of Abu Dhabi in the United Arab Emirates (UAE) from December 12 to 22, 2023. i.The 25th edition of the Asian Youth Chess Championships 2023 featured three events, including Standard, Rapid, and Blitz Championships ii.Grandmaster (GM) Gukesh Dommaraju (India) won the inaugural Chennai Grand Masters 2023 title, which was held at Chennai (Tamil Nadu) from 15th to 21st December 2023.Indian chess players GM Arjun Erigaisi and GM Pentala Harikrishna secured second and third positions, respectively. About Asian Chess Federation (ACF): President – Sheikh Sultan Bin Khalifa Al Nehyan Headquarters – Al Ain,Abu Dhabi, United Arab Emirates(UAE)
Sports Minister Anurag Thakur Launched Official Jersey, Logo, and Mascot of the 6th KIYG in Tamil NaduUnion Minister Anurag Singh Thakur, Ministry of Youth Affairs and Sports(MoYAS) unveiled the official logo, jersey, and theme song of the6th Khelo India Youth Games (KIYG2024) in Chennai, Tamil Nadu.
The mascot of 6th KIYG named “Veera Mangai” and the ceremonial torch named “Thamizh” were also unveiled during the event.
The mascot “Veera Mangai” is the replica of the legendary freedom fighter Tamil queen ‘Velu Nachiyar’.
Note: The 6th KIYG is scheduled to be held from January 19 to 31, 2024 in 4 cities of Tamil Nadu namely Chennai, Trichy, Madurai, and Coimbatore. Key People: i.Udhayanidhi Stalin, Minister for Youth Welfare and Sports Development, Government of Tamil Nadu was also present during the event. ii.Grand Master and former 5-time World Chess Champion Vishwanathan Anand; Tokyo Olympian (Fencing) CA Bhavani Devi; Joshna Chinappa(squash) and 2022 Asia Cup (Hockey) bronze medalist S. Mareeswaran were also present at the event. Note: CA Bhavani Devi became the 1st Indian woman fencer to qualify for the 2020 Tokyo Olympics held in Tokyo, Japan in 2021. Points to Note: i.Over 5,000 athletes from all over the country will participate in the Olympic, non-Olympic as well as indigenous games at KIYG 2024. ii.Silambam, a form of Indian martial arts, has been included as a demo sport in the KIYG 2024. Khelo India Programme: The ‘Khelo India’, the national programme for development of sports’ was launched in October 2017 to enhance India’s sporting culture by engaging with children at the grassroots level.
The programme includes Khelo India Youth Games; Khelo India University Games; and Khelo India Winter Games.
Khelo India Youth Games: i.The 1st edition of the event was heldin 2018 as “Khelo India School Games” in New Delhi, Delhi.
It was renamed as Khelo India Youth Games in 2019.
ii.It is a multi-disciplinary sports competition for India’s under-18 young talents. At present, 27 sports listed for the KIYG. The last edition (5th) of KIYG was held in 2023 across Delhi, Pune(Maharashtra), Guwahati(Assam), Panchkula(Haryana), and Bhopal(Madhya Pradesh).
Robert M Solow, Nobel-winning American Economist Passed AwayAmerican Economist Robert Merton Solow, who won the 1987 Nobel Prize in economics has passed away at the age of 99. He was born on 23 August 1924 in Brooklyn, New York, USA. About Robert Merton Solow: Career: Robert M Solow joined the Department of Economics at Massachusetts Institute of Technology(MIT) Cambridge, Massachusetts, the United States of America (USA) in 1949.
He reitred in 1995 as an Institute professor, the highest title at the MIT.
After his retirement, he was named the Institute Professor Emeritus of MIT.
Key positions: i.From 1961 to 1962, Solow served on the Council of Economic Advisors in the administration led by then President of USA John F. Kennedy. ii.He has served as member and chairman of the Board of Directors of the Federal Reserve Bank of Boston from 1975 to 1980. iii.He was one of the founding directors and Chairman of the Manpower Demonstration Research Corporation, a non-profit research group. iv.He has also served as the president of the American Economic Association(AEA), and the Econometric Society. Noted works: “A Contribution to the Theory of Economic Growth” (1956); “Technical Change and the Aggregate Production Function” (1957), and “Investments and Technical Progress” (1960); “Nature and Sources of Unemployment in the USA” (1964). Nobel prize: In 1987, he won the Nobel Prize in Economic Sciences for his contributions to the theory of economic growth. Other Awards/Honours: i.John Bates Clark Medal, awarded by AEA to the best economist under the age of 40, in 1961. ii.President’s National Medal of Science in 2000 iii.Presidential Medal of Freedom, the highest civilian honor in the USA, in 2014 iv.He was elected a member of the National Academy of Sciences, and a Fellow of the British Academy
MOCI Minister Piyush Goyal releases 5th LEADS Survey Report: 13 States and UTs among AchieversUnion Minister Piyush Goyal, Ministry of Commerce and Industry (MOCI) released the 5th LEADS ( Logistics Ease Across Different States) 2023 Survey Report in New Delhi, Delhi.
Andhra Pradesh, Gujarat, Karnataka, and Tamil Nadu are categorized as achievers among the Coastal states in the 5th LEADS 2023 Survey Report.
LEADS 2023 categorizes States based on their geographic demographics into 4 categories viz. Landlocked Group, Coastal Group, north-eastern Group and UTs Group. For grading each of these categories is divided into the following three categories. i.Achievers ii.Fast Movers iii.Aspirers
13 states and UTs categorized as achievers, 10 are fast movers, and 13 are aspirers
About Ministry of Commerce and Industry (MOCI); Union Minister- Piyush Goyal (Rajya Sabha Maharashtra) Minister of State- Anupriya Singh Patel (Mirzapur, Uttar Pradesh); Som Prakash (Hoshiarpur, Punjab)
Union MSME Minister Narayan Rane Launched 3 Sub-schemes under RAMP ProgrammeOn 20th December 2023, Union Minister Narayan Rane, Ministry of Micro, Small & Medium Enterprises(MoMSME), launched three sub-schemes under the aegis of the Raising and Accelerating MSME Performance (RAMP) programme.
The 3 sub schemes are:
MSME Green Investment and Financing for Transformation Scheme (MSME GIFT Scheme).
MSE Scheme for Promotion and Investment in Circular Economy (MSE SPICE Scheme).
MSE Scheme on Online Dispute Resolution for Delayed Payments (MSE ODR scheme).
The schemes were launched during the 2nd meeting of the National MSME Councilchaired by Union Minister Narayan Rane.
Union Minister of State(MoS), Bhanu Pratap Singh Verma, MoMSME, graced the event as the Vice Chairperson of the National MSME Council.
About RAMP Programme: i.RAMP, launched in June 2022, is a World Bank supported 5 year central scheme by MoMSME. Aim: To strengthen governance at Central and State; improve Centre-State linkages and partnerships and improve access of MSMEs to market and credit, ii.RAMP will be implemented over a period of 5 years with a financial outlay of Rs 6,062.45 crore or USD 808 Million.
USD 500 Million will be funded by WB and USD 308 million will be funded by GoI.
iii.The National MSME Council is the administrative and functional body of RAMP. Details of the new Sub-schemes: i.MSME GIFT Scheme – will support the MSMEs to adopt green technology with interest subvention and credit guarantee support. ii.MSE SPICE Scheme – this is the 1st ever governemnt scheme to support circular economy projects which will be done through credit subsidy. This will aid to achieve the target of MSME sector towards zero emissions by 2070. iii.MSE ODR scheme –this is a first of its kind scheme to Integrates legal support with IT (Information Technology) tools and AI (Artificial Intelligence) to address delayed payment issues for MSEs. Implementing Agencies: MoMSME has signed Memorandum of Understanding (MoUs) with the implementing agencies Small Industries Development Bank of India (SIDBI) for MSME GIFT Scheme and MSE SPICE Scheme and with National Informatics Centre Services Inc. (NICSI) for MSE ODR scheme. New Initiatives: i.MoMSME’s Zero Defect and Zero Effect (ZED) scheme has been made free for women led MSMEs. ii.Support for Commercialisation of IP Programme (MSME – SCIP Programme) enables MSME innovators to commercialize their Intellectual Property Rights(IPR).
ICG & Amazon India Join Hands to Create Work Opportunities for Ex-Service Personnel Amazon India has signed a Memorandum of Understanding (MoU) with the Indian Coast Guard (ICG) to provide career opportunities for ex-service personnel.
The partnership aims to help ex-servicemen from military backgrounds pursue corporate careers through opportunities at Amazon or in other corporate roles.
The collaboration also aims to strengthen diversity, equity, and inclusion in Amazon India’s workplace.
Note: Amazon India also renewed its MoU with the Directorate General Resettlement (DGR), the Ministry of Defence (MoD) to reaffirmed its commitment to supporting ex-service personnel.
United Nations Declared 2024 as the International Year of CamelidsThe United Nations (UN) has declared the year 2024 as the International Year of Camelids (IYC 2024) to raise awareness of the economic and cultural significance of camelids in protecting ecosystems, conserving biodiversity, assuring food security, and adapting to climate change.
The Food and Agriculture Organization of the UN (FAO) is the lead agency for celebrating the IYC 2023 in collaboration with other relevant organizations and bodies of the UN system.
Slogan of IYC 2024: Heroes of deserts and highlands: Nourishing people and culture Background: i.On 20 December 2017, the United Nations General Assembly (UNGA) adopted the resolution A/RES/72/210 and declared 2024 as the IYC upon recommendation by FAO.
This was adopated following the resolution 7/2017 of the 40th session of the Conference of the FAO.
ii.The resolution for the IYC was proposed by the Government of Bolivia and presented by Ecuador as the Country Chair of the Group of Latin American and Caribbean Countries (GRULAC). iii.FAO officially launched the IYC 2024 on 4 December 2023 in Rome, Italy. Significance of IYC 2024:
Raise awareness of the potential of camelids
Encourage increased investment in the camelid sector
Promote research, capacity development, and innovative practices and technologies.
Promotes actions that improve the management of camelids to contribute to the Sustainable Development Goals (SDGs).
Camelids: i.Camelids are members of the family “Camelidae”, the only currently living family in the suborder Tylopoda. ii.Dromedary camels, Bactrian camels, wild Bactrian camels, llamas, alpacas, vicuñas, and guanacos are the 7 distinct members of this Camelids. iii.Camelids contributes to the livelihoods of millions of households across over 90 countries. iv.They contribute to food security, nutrition and economic growth and holds a strong cultural significance for communities across the world. Camelids and SDGs: Camelids contribute significantly to achieving SDGs, combating hunger, eradicating extreme poverty, empowering women, and ensuring the sustainable use of terrestrial ecosystems. About Food and Agriculture Organization of the United Nations (FAO): With 195 members – 194 countries and the European Union, FAO works in over 130 countries worldwide. Director-General– Qu Dongyu Headquarters– Rome, Italy Established in– 1945
IOMLaunches Project PRAYAS for Orderly, Safe Movement of Indians OverseasOn December 21, 2023, International Organization for Migration (IOM) launched Project PRAYAS (Promoting Regular & Assisted Migration for Youth and Skilled Professionals) in partnership with the Ministry of External Affairs (MEA), Government of India (GoI) to facilitate safe, orderly and regular migration for Indian workers and students.
The project was launched by Muktesh K. Pardeshi, Secretary (Consular, Passport, Visa and Overseas Indian Affairs/CPV& OIA), MEA, to commemorate the International Migrants Day (18 December).
Note: IOM is a leading United Nations(UN) agency promoting humane and orderly migration for the benefit of all. About Project PRAYAS: i.This project is a joint collaboration between the IOM India and Indian Council of World Affairs (ICWA). ii.PRAYAS, backed by the IOM Development Fund, seeks to develop a roadmap for enhanced coordination between Central and State Governments, fostering the sharing of best practices among States and bolstering engagement with MEA on international migration matters. Key Points: i.PRAYAS consolidates state initiatives for safe migration in alignment with GoI’s migration priorities and Goal 10.7 of the Sustainable Development Goals (SDGs).
SDG Target 10.7: Facilitate orderly, safe, regular and responsible migration and mobility of people, including through the implementation of planned and well-managed migration policies
ii.It adheres to the Global Compact for Safe, Orderly and Regular Migration (GCM) and the Migration Governance Framework (MiGOF). iii.India’s working-age population will be 68.9% by 2030, with over a billion workers. iv.With Over 32 million Indians and people of Indian origin residing abroad, India plays a major role in the international migration dynamics. About International Organisation for Migration (IOM): Director General (DG)– Amy E. Pope (First woman DG of IOM) Headquarters– Geneva, Switzerland Establishment– 1951
Bhutan King Announces Gelephu Mindfulness City Project of 1,000 sq km on Assam BorderBhutan’s Reigning King Jigme Khesar Namgyel Wangchuck has announced that the Gelephu Mindfulness City, or Special Administrative Region (SAR) project on the 116th National Day of the Kingdom of Bhutan held at the Changlimithang Stadium in Thimphu (Bhutan). i.The project covers over 1,000-square-kilometre area in Gelephu, located in Sarpang District in Bhutan which also borders the Indian state of Assam. About the project: i.The Special Administrative Region (SAR) in Gelephu will have the autonomy to formulate laws and policies that are needed.
It will also have executive autonomy and legal independence.
ii.The project of Mindfulness City encompasses conscious and sustainable businesses inspired by Buddhist spiritual heritage and distinguished by the uniqueness of the Bhutanese identity. iii.The project also includes building a second international airport for Bhutan at Gelephu. iv.During the Bhutan King’s speech on National Day, he thanked the Indian government for the approval of the first India-Bhutan railway line that connects Gelephu (Bhutan) to Kokrajhar (58 km rail link) in Assam.
The preliminary Engineering-cum-Traffic (PET)survey for the Kokrajhar-Gelephu link has been completed by the Indian Railways.
v.The project aims to establish an economic corridor connecting South Asia with Southeast Asia via India’s northeastern states. Note: Bhutan’s National Day (celebrated on December 17th every year) commemorates the coronation of the first King of Bhutan, Gongsar Ugyen Wangchuck, in 1907, to mark the unification of Bhutan under single monarchy. Related News: Bhutan’s King Jigme Khesar Namgyel Wangchuck has made an official visit to India from 03-10 November 2023. About Bhutan: Bhutan borders with four Indian states namely West Bengal, Sikkim, Assam, and Arunachal Pradesh. Capital – Thimphu Currency – Bhutanese Ngultrum (BTN)
JICA Signs Japanese ODA Loan Agreements with GoI for High-Speed Rail Project & SDGsThe Japan International Cooperation Agency (JICA) signed loan agreements with the Government of India (GoI) in Delhi to offer Japanese Official Development Assistance (ODA) loans totalling 415,301 million yen for the following two projects: i.Project for the Construction of Mumbai -Ahmedabad High-Speed Rail (V) (loan amount: 400,000 million yen) ii.Program for Japan-India Cooperative Actions towards Sustainable Development Goals (SDGs) in India (Phase 2) (loan amount: 15,301 million yen) Project for the Construction of Mumbai-Ahmedabad High-Speed Rail: i.By constructing a high-speed rail between Mumbai(Maharashtra) and Ahmedabad (Gujarat) (approximately 500-km section), the project aims to improve the efficiency of the transportation network and contribute to broad economic development. ii.The project will promote regional economic development and the attainment of the following Sustainable Development Goals (SDGs):
Goal 8 – Decent work and economic growth
Goal 9 – Industry, innovation and infrastructure
Goal 11 – Sustainable cities and communities
Goal 13 – Climate action
iii.India’s under-construction bullet train follows the style of Japan’s Shinkansen high-speed bullet trains. Program for Japan-India Cooperative Actions towards SDGs in India: i.The program aims to contribute to the promotion of the SDGs in India, especially in the field of social development. ii.The loan will fund projects overseen by the National Institution for Transforming India (NITI) Aayog which impact 112 aspirational districts and 500 aspirational blocks across India. iii.The program will also promote policy actions, implement effective practices, and enhance the Japan-India partnership through the exchange of human resources. iv.The project is currently in the second phase which was started in April 2021 and scheduled to be completed in March 2026. Policy Matrix Pillars: The program aims to work on areas (Policy Matrix Pillars) like i.Health and nutrition – to promote regional healthcare systems and improve maternal and child nutrition ii.Education – to enhance learning outcomes, foster inclusive school environments, and maintain hygienic educational facilities. iii.Agriculture and water resources – to increase farmers’ income and improve the efficacy of agricultural producer associations iv.Financial inclusion and skill development – to provide vocational training for youth and enhance financial inclusion and social security coverage. v.Basic infrastructure – to increase internet access and ensure universal availability of water supplies. Note: The quantitative and qualitative outcomes of these policy actions will be monitored and evaluated by JICA across three tranches. About Japan International Cooperation Agency (JICA): President – Tanaka Akihiko Headquarters – Tokyo, Japan Established in – 1974
Axis Bank & American Express Partners to Launch Co-Branded Credit CardAxis Bank Limited has partnered with the American Express Company and launched the “Axis Bank Privilege Credit Card” on the American Express network.
Under this partnership, Axis bank customers will benefit with the local and global benefits of the American Express network.
About Axis Bank Privilege Credit Card: i.Eligibility: The applicant should be a resident of India aged between 18 to 70 with a net annual income of Rs 6 lakhs or more. ii.Joining fee is Rs. 1500(NIL for priority customers) and the annual fee is (2nd year onwards) of Rs 1500.
The standard fee will be reversed by spending Rs.2.5 lakh in the previous anniversary year.
iii.The finance charges of the card are 3.6% per month and the Cash Withdrawal Fee is 2.5% of the Cash Amount. iv.Reward Points:EDGE Reward point is the new point redemption currency of this credit card. These reward points can be redeemed against multi-brand vouchers. About American Express (AMEX): American Express is a leading, globally integrated payments company Chairman & Chief Executive Officer(CEO) – Stephen J. Squeri Headquarters – New York, United States of America (USA) About Axis Bank Limited: MD & CEO– Amitabh Chaudhry Headquarters – Mumbai, Maharashtra Established in – 1993 Tagline – Badhti Ka Naam Zindagi
Kotak Life Has Introduced a New Insurance Product ‘T.U.L.I.P’ On 20th December 2023, Kotak Mahindra Life Insurance Company Limited launched “Kotak T.U.L.I.P”, a new term insurance policy with benefits of a unit-linked insurance plan (Ulip). T.U.L.I.P, stands for term and Ulip, offers comprehensive protection like a term plan and also the opportunity to grow their wealth like a ULIP.
This offers a refund of 2 times the premium allocation charges in the 10th, 11th, 12th, and 13th years.
The policy also offers loyalty addition up to 30% of the fund value as part of the maturity benefits,
This also offers 8 fund options to choose from for the policyholder to invest according to their financial goals.
DEA Grants One-Time Exemption to LIC to Achieve 25% MPS in 10 Years On 21st December 2023, The Department of Economic Affairs (DEA), Ministry of Finance (MoF), granted one-time exemption (in the public interest) to Life Insurance Corporation of India (LIC) to achieve 25% Minimum Public Shareholding (MPS) within 10 years from the date of listing, till May 2032. i.In January 2023, Securities and Exchange Board of India (SEBI) has amended the Securities Contracts (Regulation) Act, 1956 which will exempt Indian state-run companies from the MPS norm that requires listed companies to maintain a 25% public shareholding even after their privatisation, if the government decides so “in public interest”. ii.The exemption to the MPS rule was earlier available only to government-controlled companies. Note: LIC was listed on the exchanges in May 2022 and the Government of India (GoI) has sold over 22.13 crore shares (3.5% statke) through Initial Public Offering (IPO). At present, GoI holds 96.5% stake in LIC.
UNESCO AnnouncedWinners of 2023 Heritage award; Rambagh Gate in Punjab wins Award of ExcellenceThe United Nations Educational, Scientific and Cultural Organization (UNESCO)’s 2023 Asia-Pacific Awards for Cultural Heritage Conservation, also known as Heritage Awards, were awarded to a total of 12 projects from India(6), China(5), Nepal(1).
Rambagh Gate and Ramparts in Punjab(India), has won the “Award of Excellence”, the highest honour of UNESCO heritage awards.
Karnikara Mandapam, Kunnamangalam Bhagawati Temple, Kerala, India have won the 2 awards. It was recognised with Special Recognition for Sustainable Development category and Award of Distinction.
The awards were announced by UNESCO Regional office in Bangkok, Thailand(UNESCO Bangkok), the Asia-Pacific Regional Bureau for Education as well as a Cluster Office in the Asia-Pacific region of the UNESCO. About United Nations Educational, Scientific and Cultural Organization (UNESCO): Director-General– Audrey Azoulay Headquarters– Paris, France Founded in– 1945 (came into force in 1946) Members– 194 Members and 12 Associate Members
T2 of KIA wins World Special Prize for Interior 2023 at UNESCO Prix VersaillesIndia’s Kempegowda International Airport’s (KIA) Terminal 2 (T2) in Bengaluru, Karnataka received the “World Special Prize for an Interior 2023” from UNESCO’s (United Nations Educational, Scientific and Cultural Organization) Prix Versailles under the category of Airports.
The award recognizes creativity, innovativeness, ecological efficiency, and the reflection of local heritage.
As per Bangalore International Airport Limited (BIAL), it is the only Indian airport to receive such global recognition.
Other two Prix Versailles (Airports) Awards and Winners: i.Prix VersaillesAward– It was won by Shenzhen Bao’an International Airport, Satellite Concourse, Shenzhen, China ii.Special prize for an Exterior– It was won by Newark Liberty International Airport, Terminal A, Newark, New Jersey, United States (US) Click Here for full list of Awards About KIA Terminal 2: i.The 2,55,661 sqm Terminal 2 is built on four pillars: technological leadership, environmental stewardship, a terminal within a garden, and a tribute to Karnataka’s culture. ii.It is designed by Skidmore, Owings & Merrill (SOM), with civil construction by Larsen & Toubro (L&T).
SOM is an American architectural and engineering firm known for its expertise in urban planning.
About Prix Versailles Awards: Established in 2015, it recognizes intelligent sustainability as a cultural catalyst, acknowledging attributes such as innovation, creativity, reflection of local heritage, ecological efficiency, and promotes social interaction.
The Prix Versailles 2023 World Judges Panel was chaired by Elie Saab.
About Prix Versailles: Secretary General– Jerome Gouadain Secretariat– Versailles, France
Sanjay Kumar Singh Elected as a New President of WFIWrestling Federation of India (WFI) names Sanjay Kumar Singh as its new President, he is also the Vice-President of Uttar Pradesh(UP) Wrestling Association. i.Sanjay Kumar won the election with 40 votes (special majority) by defeating former India wrestler and Commonwealth Games gold medalist, Anita Sheoran who secured only 7 votes. Other elected members of WFI: Secretary General: Prem Chand Lochab (Gujarat) Treasurer: Satya Pal Sigh Deswal (Uttarakhand) Joint Secretaries: Bellippady Gunaranjan Shetty (Karnataka) and R K Purushottam (Andhra Pradesh) Senior Vice President: Devender Singh Kadian (Assam) Vice-Presidents: Asit Kumar Saha (West Bengal), Jai Prakash (Delhi), Kartar Singh (Punjab) and N Phoney (Manipur) Executive Committee (EC) members: M Loganathan (Tamil Nadu), Neivkuolie Khatsii (Nagaland), Prashant Rai (Chattisgarh), Rajnish Kumar (Jharkhand) and Ummed Singh (Rajasthan). Previous WFI President: i.Previously the position of ‘President’ was held by Brij Bhushan Sharan Singh Member of Parliament(MP) representing Kaiserganj Constituency of UP in the Lok Sabha. ii.Brij Bhushan was serving the post since 2011 (three tenure 2011-15, 2015-19, 2019-23). iii.However, in January 2023, he was removed from the post. iv.In April 2023, Indian Olympic Association (IOA) set up a two-member ad-hoc committee comprising, Bhupender Singh Bajwa, IOA executive council member and Suma Shirur, former Indian shooter of outstanding Merit of IOA, to overlook the operations of the WFI. Note: The WFI’s electoral college comprised 50 voters. Additional Info: United World Wrestling (UWW), the governing body of wrestling, has banned the WFI in August 2023 for not conducting its election on time. About Wrestling Federation of India (WFI): President – Sanjay Kumar Singh Headquarters – New Delhi, Delhi Established in – 1967
Govt Reconstitutes National Startup Advisory Council, MoCI Nominates 31 Non-Official MembersOn 18th December 2023, Government of India reconstituted the National Startup Advisory Council (NSAC) upon the completion of its 2 year term. Following the reconstitution, Ministry of Commerce and Industry (MoCI) has nominated 31 non-official members to represent various stakeholders of the startup eco-system. Note: The term of the non-official members of NSAC shall be 2 years or until further orders. About National Startup Advisory Council(NSAC): i.NSAC was constituted by the Department for Promotion of Industry and Internal Trade (DPIIT), MoCI in January 2020. ii.Aim: To advise the government on measures required to build a strong ecosystem to foster innovation and startups in India to promote sustainable economic growth and generate large scale employment opportunities. iii.The council with a term of 2 years aims to promote a culture of innovation, and enhace access to capital for startups. About the Reconstituted NSAC: i.The nominated members includes founders of startups, individuals representing investor interests and representatives from incubators and accelerators. ii.The 31 nominated non-official members includes Kunal Bahl, Co-Founder of Snapdeal, Sanjeev Bikhchandani, Founder and Executive Vice Chairman of Info Edge; Nithin Kamath, Founder and CEO of Zerodha; and Nivruti Rai MD & CEO of Invest India. Click here for the complete list of nominated members Additional info: The 8th meeting of NSAC was held on 19th December 2023 under the chairmanship of Union Minister Piyush Goyal, MoCI, in New Delhi, Delhi.
Bisleri ropes in Actress Deepika Padukone its 1st-ever Global Brand Ambassador Bisleri International Private Limited, leading Indian bottled water company, has roped in Deepika Padukone, a bollywood actress and producer as its first ever global brand ambassador.
As the brand ambassdor, she will feature on the Bisleri’s #DrinkItUp campaign, which embraces the fun and excitement of visualising hydration.
Padukone will also be a part of all Bisleri product packaging.
Note:Bisleri was launched in India in 1965. In 1969, Parle Group acquired the Bisleri brand, from an Italian entrepreneur, Signor Felice Bisleri About Bisleri International Private Limited: Chief Executive Officer(CEO) – Angelo George Headquarters – Mumbai, Maharashtra
CCI Approvals on 19th December 2023On 19th December 2023, the Competition Commission of India (CCI) approved the following: i.Proposal to acquire certain business undertakings of Ind Swift Laboratories Limited(ISLL) and Essix Biosciences Limited(Essix) by Synthimed Labs Private Limited(Synthimed). ii.Proposal to acquire majority shareholding of Glenmark Life Sciences Limited(GLS) by Nirma Limited. iii.Amalgamation of a list of companies and demerger of Real Estate Business Undertaking of India Land Hotels Mumbai Private Limited into Indiabulls Pharmacare Limited About the Competition Commission of India(CCI) CCI, the competition regulator in India, is responsible for enforcing the Competition Act, 2002 Chairperson – Ravneet Kaur Headquarters – New Delhi, Delhi Established– 2003
National Mathematics Day 2023- December 22National Mathematics Day (NMD) is annually celebrated across India on 22 December to commemorate the birth anniversary of the Indian mathematician Srinivasa Ramanujan, who was born on 22 December 1887 in Erode, Madras Presidency, British India (now Tamil Nadu, India)
This day is celebrated to raise awareness about the importance of mathematics for the growth of humanity and to recognise the contributions made by Ramanujan, to mathematics.
MoD signed Rs 1,614.89 crore contract with MDL for Procurement of Six NGOPVS On 20th December 2023, the Ministry of Defence (MoD) signed a contract worth Rs.1614.89 crore with Mazagon Dockyard Shipbuilders Limited (MDL – functioning under MoD) for the procurement of six Next Generation Offshore Patrol Vessels (NGOPVS) for the Indian Coast Guard (ICG). About the Contract: i.The contract was made under the Buy (Indian-Indigenously Designed, Developed and Manufactured (IDDM)) category. ii.The six multi-role state-of-the-art vessels will be delivered in sixty-six months (5.5 years) to ICG. iii.Four of these vessels would replace the existing ageing OPVs and the remaining two would augment the ICG fleet. CSL & Defence Ministry Signed Rs 488.25 cr Contract for Ship Repairs Ministry of Defence (MoD) entered into a contract with Cochin Shipyard Limited (CSL) worth Rs 488.25 crore for the repair and maintenance of equipment and systems onboard naval vessels.
CSL is a Miniratna Company under the Ministry of Ports, Shipping and Waterways (MoPSW).
About Mazagon Dock Shipbuilders Ltd (MDL): Chairman & Managing Director(MD) – Sanjeev Singhal Headquarters – Mumbai, Maharashtra Established in – 1934 Cochin Shipyard Limited (CSL): Chairman and Managing Director(MD) – Madhu S Nair Headquarters – Cochin, Kerala Established in – 1972
Union Minister Pralhad Joshi Launched NGDR portal & Roadshow on Critical MineralsOn 19th December 2023, Union Minister Pralhad Joshi, Ministry of Mines (MoM), launched the National Geoscience Data Repository (NGDR) Portal (https://geodataindia.gov.in/login), and the Roadshow on Critical Minerals in New Delhi, Delhi. Key People: Raosaheb Patil Danve, Minister of State for Mines; V.L. Kantha Rao, Secretary, MoM were present during the event. About NGDR: i.NGDR is a flagship initiative of the MoM created as a part of the National Mineral Exploration Policy (NMEP), 2016.
The initiative aims to increase the investment attractiveness of the mining sector in India.
ii.It is spearheaded by the Geological Survey of India (GSI) and the Bhaskarachaya Institute of Space Applications and Geoinformatics (BISAG-N). iii.This enables everyone to access critical geoscience data and empowers stakeholders in various industries and academia with access to invaluable resources. About the NGDR portal: i.NGDR portal is a state-of-the-art, user-friendly, interoperable platform that enables users to access and download geoscience data. ii.At present, 35 map services like geological, geochemical and geophysical, data layers have been incorporated with the NGDR portal iii.This will help in targeting potential mineral zones across India. Note: Out of the total 32 lakh square(sq) kilometres (km) area of India, the NGDR portal makes available detailed geospatial data for each sqkm of 20 lakh sqkm area. iv.Features:
Centralized Access.
User-Friendly Interface.
Open Access.
Mineral Exploration Reporting Template(MERT) enables geoscientific stakeholders to submit their data in the NGDR portal in a standard reporting template.
state-of-the-art analytical tools to interpret and extract valuable insights from complex geospatial data.
v.Benefit: This will benefit geoscience agencies such as GSI, Mineral Exploration and Consultancy Ltd. (MECL), State Departments of Mining and Geology, private agencies, and other stakeholders of India. Roadshow on Critical Minerals: Objective: To guide the potential bidders regarding the auction process of critical & strategic mineral blocks. i.The roadshow featured a presentation on prevalent mineral policies and the reform of the Mines and Minerals (Development and Regulation) Act (MMDR Act) and rules thereunder for enabling the Government to auction critical & strategic mineral blocks. ii.Details of Exploration Licence, a provision in the MMDR Act were also presented during the event.
Exploration Licence is a provision for the grant of a mineral concession for undertaking the full range of exploration starting from reconnaissance to prospecting operations.
Additional info: The MoM will conduct the auction for the 2nd tranche of the strategic and critical minerals before February 2024. Recent related News: Union Minister Pralhad Joshi, Ministry of Mines, Government of India (GoI) launched the auction process of 20 critical mineral blocks, which is estimated to be worth around Rs. 45000 crore. About Geological Survey of India (GSI): Director General– Janardan Prasad Headquarters– Kolkata, West Bengal Established in– 1851
1st Foundation Day of AIIA Goa: Union Minister Sarbananda Sonowal Released Commemorative Stamp Union MinisterSarbanandaSonowal, Ministry of Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homoeopathy (AYUSH) has released a commemorative postal stamp to mark the first foundation day of the All India Institute of Ayurveda (AIIA), Goa which was inaugurated on 11th December 2022.
AIIA is an autonomous organization under the Ministry of Ayush which aims to bring synergy between the traditional wisdom of Ayurveda and modern tools and technology.
The event was jointly organized by the AIIA and India Post at the Transport Bhawan in New Delhi, Delhi.
Note: During the event, AIIA and Andrew Yule & Company Limited (AYCL), headquartered in Kolkatta, West Bengal, signed a Memorandum of Understanding (MoU) to collaborate on efforts to understand the benefits of tea. Key People: Minister of State (MoS) Munjapara Mahendrabhai, Minister of Ayush and Vaidya Rajesh Kotecha, Secretary to Ministry of Ayush, graced the event.
IUCN Released Updated Red List of Threatened Species at COP28On 11th December 2023, The International Union for Conservation of Nature (IUCN) released the updated IUCN Red List of Threatened Speciesduring the 28th Conference of the Parties(COP 28) of the United Nations Framework Convention on Climate Change (UNFCCC) at Dubai, the United Arab Emirates(UAE).
The updated IUCN list includes 157,190 species, of which 44,016 are threatened with extinction.
This also completes the first comprehensive assessment of the world’s freshwater fish species, which states around 25% (3,086 out of 14,898 assessed species) are at risk of extinction.
About International Union for Conservation of Nature(IUCN): Director General– Dr Grethel Aguilar President– Razan Al Mubarak Headquarters– Gland, Switzerland Establishment– 1948
Razorpay, Cashfree along with 4 Other Firms Gets RBI Nod to Operate as PAsThe Reserve Bank of India (RBI) has lifted the ban on Razorpay Software Private Limited and Cashfree Payments India Private Limited to act as a payment aggregators (PAs) and gave final authorization to them along with 4 other firms to onboard new merchants onto their platform for processing online payments. Other Payment Aggregators to Receive RBI nod: i.Neobank ‘Open Financial Technologies Private Limited’ was also granted final approval to function as a PA.
However, they received in-principle approval for the PA licence from RBI in 2022.
ii.Nehat Tech Solutions Private Limited (EnKash) has secured regulatory approval RBI to operate as a payment aggregator under the brand name Olympus. iii.Few other firms like Google India Digital Services Private Limited (Google Pay) and Paymate India Private Limited also received approval from RBI. Note: The authorisation was granted under Section 7 of Payment and Settlement Systems Act, 2007. About the ban: i.In December 2022, RBI has imposed curbs on RazorPay and Cashfree Payments for on-boarding new merchants till they get the final Payment Aggregator (PA) licence. ii.These entities need to complete the migration of existing merchants to the new platform and submit a progress report with RBI. iii.They also require making some systematic upgrades which involve migrations to an escrow account from a nodal account, integrating RBI’s reporting system so that periodic reports can be submitted on transactions undertaken and merchants brought into the formal system, among others. Additional Info:
PayTM Payments Services Limited and PayU Payments Private Limited also received ban in 2022 to act as PA still continue to be under embargo.
Juspay Technologies Private Limited has reached the second stage of approval as a PA, however, it cannot start operations without the final approval from the RBI.
About Payment Aggregators: i.Online payment aggregators are companies that facilitate online payments by acting as intermediaries between the customer and the merchant. ii.RBI introduced Guidelines for Regulating PAs and Payment Gateway in 2020. iii.As of December 20, 2023 there are 38 Online Payment Aggregators in India.
World Bank Sets up Task Force to Study Recommendations of IEG on MDBs ReformsThe World Bank has set up a task force to study the recommendations to strengthen multilateral development banks (MDBs) made by an Independent Experts Group (IEG) constituted during India’s G20 (Group 20) chairmanship. This was revealed by World Bank President Ajay Banga during a meeting with Indian Finance Minister Nirmala Sitharaman on December 20, 2023, in New Delhi, Delhi.
The decision to set up a task force comes against the background of the World Bank signing anagreementwith nine MDBs to strengthen its collaboration with them in October 2023.
About the Independent Experts Group(IEG): i.TheIndependent Expert Group (IEG) was appointed under the India G20 Presidency to provide recommendations for strengthening (MDBs)and has two co-convenors: Professor Emeritus of Harvard University Lawrence Summers and former Chairperson of the 15th Finance Commission NK Singh. ii.IEG has recommended a triple agenda to reform and harness the potential of MDBs in itsreport. iii.The triple agenda would be:
Triple annual sustainable lending levels to USD 390 billion per year by 2030.
Adopt a triple mandate of eliminating extreme poverty, boosting shared prosperity, and contributing to global public goods (GPGs).
Creating a third funding mechanism that would permit flexible and innovative arrangements for purposefully engaging with investors willing to support elements of the MDB agenda.
Note: India held the Presidency of the G20 from December 1, 2022, to November 30, 2023. About the World Bank Agreement with Nine MDBs: i. As per the agreement, the World Bank will work with MDBs to fast-track solutions that can change the lives of people living in poverty in developing countries. ii.The agreement focused on the following five key areas to boost collaboration;
Scaling up financing capacity
Boosting collective efforts on climate
Enhancing country-level collaboration
Strengthening co-financing
Catalyzing private sector engagement
iii. The Nine MDBs with which world bank signed an agreement are the African Development Bank, the Asian Development Bank(ADB), the Asian Infrastructure Investment Bank(AIIB), the Council of Europe Development Bank(CEB), the European Bank for Reconstruction and Development(EBRD), the European Investment Bank(EIB), the Inter-American Development Bank(IDB), the Islamic Development Bank(IsDB), and the New Development Bank(NDB).
Bandhan Bank secured mandate to collect revenue on e-GRAS portal from AssamBandhan Bank Limited has gained authorisation to collect revenue on electronic-Government Receipt Accounting System (e-GRAS) from the Government of Assam .
This will enable the citizens of Assam to make tax and non-tax payments through GRAS.
Key Points: i.Through Assam e-GRAS portal, people can pay to 70 departments for their services.
House tax, Vehicle Registration Tax, Local body tax, Water Bill, Examination fees conducted by Assam Government, Trade License renewal, amongst others, can be paid using this portal.
ii.This will also make transactions easier, paperless, and accessible for the people of Assam About Assam e-GRAS: i.Assam e-GRAS (https://assamegras.gov.in) is an online system that facilitates creation of eChallan and online payment by citizens anywhere, anytime. ii.GRAS, a web application, provides facility to the citizens, business community to pay taxes and non-tax receipts to the government electronically. Note: In FY 2022-23, around Rs 16,000 crore was collected through Assam e-GRAS portal. About Bandhan Bank Limited: CEO– Chandra Shekhar Ghosh Headquarters– Kolkata, West Bengal Tagline– ‘Aapka Bhala. Sabki Bhalai’, (Your benefit. Everyone’s welfare) Establishment– 2001
Sukrita Paul Kumar won the 6th Rabindranath Tagore Literary Prize for Her book “Salt & Pepper”Sukrita Paul Kumar, Indian Poet, critic and Translator, was honoured with the6th Rabindranath Tagore Literary Prize (2023) for her book titled “Salt & Pepper: Selected Poems” published by Paperwall Publishing.
Indian-American economist, Abhijit Banerjee, the 2018 Nobel Prize laureate (Economics), received the Tagore Prize for Social Achievement 2023.
The Award Ceremony was held at the India International Center, IIC, in New Delhi, Delhi.
About Rabindranath Tagore Literary Prize: i.It was founded in 2018 by Copenhagen(Denmark)-based publisher Peter Bundalo, who is also the chair of the Awarding Committee. ii.It is an annual cultural event founded as a platform for World Peace, Literature, Art, Education, and Human Rights. Rabindranath Tagore Literature Prize: recognizing literary brilliance;
The award is presented to works of Indian authors (residing in India or abroad) in novel, short stories, poetry and drama, originally written in any of Indian official languages and dialects, but translated to English.
The award carries a cash prize of USD 10,000 and a handmade brass statuette of Tagore.
TagorePrize for Social Achievement: for outstanding contributions to societal well-being.
The award includes a custom-crafted brass statuette of Tagore.
About Sukrita Paul Kumar: i.She was born and raised in Kenya and has held the Aruna Asaf Ali Chair at the University of Delhi from 2014-16. ii.She is an Honorary Fellow of the prestigious International Writing Programme, University of Iowa (United States of America), of Cambridge Seminars. iii.As Director of a UNESCO project on “The Culture of Peace”, she edited “Mapping Memories“, a volume of Urdu short stories from India and Pakistan. Noted Works: i.Her notable works include Folds of Silence (1996); Narrating Partition: Texts, Interpretations, Ideas (2004); Speaking for Myself (Co-Editor; 2009); Krishna Sobti: A Counter Archive (2022). ii.Bilingual Collections: Poems Come Home (with Hindustani translation by Gulzar) and Rowing Together (with Hindi translation by Savita Singh) Awards: i.She received the Grant from Sahitya Akademi in 2010 for a project on narrating women’s lives in Chamba and Bharmou. ii.In 2012, she received the Tagore Fellowship by the Ministry of Culture for a book project on Cultural Diversity in India.
ISRO Received the 2023 Leif Erikson Lunar Prize for the Chandrayaan-3 MissionOn 19th December 2023, TheExploration Museum in Husavik, Iceland announced the winners of the 9th edition of the Leif Erikson Awards.
Indian Space Research Organisation (ISRO), the national space agency of India based in Bengaluru, Karnataka won the 2023 Leif Erikson Lunar Prize for its Chandrayaan-3 mission, the 1st spacecraft to softland near Moon’s south pole.
The award recognises ISRO’s efforts in advancing lunar exploration and contributions to understanding celestial mysteries.
Note: Indian Ambassador Balasubramanian Shyam in the Embassy of India in Reykjavik (Iceland), received the prize on behalf of ISRO. About Chandrayaan-3: i.Chandrayaan-3, the 3rd lunar exploration mission of India, was launched on 14th July 2023 from Satish Dhawan Space Centre Second Launch Pad in Sriharikota, Andhra Pradesh(AP). ii.Chandrayaan-3 Lander Module successfully landed on the Moon on 23rd August 2023 making India the 4th nation to softland on lunar surface. iii.The mission consists of a lunar lander named Vikram and a lunar rover named Pragyan. Click Here to read about Chandrayaan-3 Mission Other winners of 9th Leif Erikson Awards(2023): i.Leif Erikson Award is presented to an explorer for a lifetime achievement in exploration.
Leif Erikson Award 2023 is awarded to former American astronaut Bill Anders(William Alison Anders) for his iconic “Earthrise” photograph taken during the National Aeronautics and Space Administration (NASA)’s Apollo 8 mission.
ii.Leif Erikson Young Explorer Award is presented to an explorer under the age of 35 for achievements in exploration.
Leif Erikson Young Explorer Award 2023 is awarded to Kellie Gerardi, an American aerospace professional and science communicator, for her contributions to bioastronautics research and spacesuit evaluation.
iii.The Leif Erikson Exploration History Award, is awarded to a person or an organization that has worked to promote and preserve exploration history, or to educate about exploration, science and environmental issues.
Leif Erikson Exploration History Award 2023 is awarded to Libby Jackson, British space exploration expert and author, for her work in preserving the history of female astronauts and space professionals.
About Leif Erikson Awards: i.Leif Erikson Awards, also known as Exploration Awards, is an annual award presented by the Exploration Museum since 2015. ii.It is named after Leif Erikson, a Norse explorer who is considered as the 1st European to set foot on continental America. iii.It is awarded for achievements in exploration and for work in the field of exploration history.
Actress AasthaRawal Crowned With Miss Continental International 2023 Indian Actress AasthaRawal has won the 5th edition of the Miss Continental International Award (2023) pageant held in India for the very first time.
Aastha Rawal was also honoured with the titles of “Best in Interview” and “Best in Swimwear”.
The selection process included online submission of interviews, photographs, and personal snippets.
Crown Prince Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah Sworn in as 17th Emir of KuwaitSheikhMeshalAl-Ahmad Al-Jaber Al-Sabah officially assumed the role of Emir of Kuwait, taking the constitutional oath in a ceremony held before the Kuwaiti National Assembly. He became the 17th ruler of Kuwait, the oil-rich Gulf state.
He succeeded the late Emir Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah, who passed away at the age of 86 on 16 December 2023. He served as the Emir of Kuwait for 3 years (2020-2023).
Note: The Emir of Kuwait is the commander-in-chief of all defense forces and the Crown Prince is the deputy commander. About Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah: i.He was born in 1940 and is the half-brother of the late Sheikh Nawaf and the 7th son of the late Ruler of Kuwait, the late Sheikh Ahmad Al-Jaber Al-Sabah, who ruled Kuwait from 1921 to 1950. ii.He was Kuwait’s Crown Prince since October 2020 following the death of Emir Sheikh Sabah Al Ahmad Al Sabah.
At the age of 80, he became the oldest Crown Prince in the world.
iii.Sheikh Meshal has been the de-facto ruler of Kuwait since 2021 when his half-brother, Sheikh Nawaf, handed over most of his key constitutional duties. iv.He joined the Kuwaiti Ministry of Interior (MOI) and served as the head of MOI’s intelligence and state security service from 1967 to 1980. v.From 2004 – 2020 he was served as the deputy chief of the Kuwait National Guard (KNG) with the rank of a minister. vi.He is the founder and the honorary president of the Kuwait Amateur Radio Society. vii.He was named the honorary president of the Kuwait Aircraft Engineer Pilots Association in 1973 and of the Diwan of Poets in 1977.
Vita Dani becomes 1st Indian to be Inducted as ITTF governing Board Member Sports philanthropist and entrepreneur Vita Dani has become the first Indian to be inducted as a governing board member to the International Table Tennis Federation (ITTF) Foundation.
Vita Dani along with Jalaj Dani co-founded Dani Foundation.
She is also the co-owner of the Chennaiyin Football Club (CFC), along with Abhishek Bachchan and Mahendra Singh (MS) Dhoni.
As the Chairperson of Ultimate Table Tennis (UTT), she has been reshaping the landscape of Table Tennis, ensuring accessibility across all segments of society, and orchestrating multiple tournaments spanning 25 states in India.
ITTF Foundation: ITTF Foundation Governing Board, includes Petra Sörling( ITTF President); Steve Dainton(ITTF Group CEO ), HRH Princess Zeina Rashid of Jordan, Bruce Burton, Stefano Bosi, and ITTF Foundation Director Leandro Olvech. ITTF Foundation established in 2018 is headquartered in Lausanne, Switzerland
IndusInd Bank Exits Nippon Life India Asset, Sells Shares Worth Rs 795.27 cr IndusInd Bank Limited has sold its entire 2.86% of paid-up share capital in Nippon Life India Asset Management Limited (NAM-INDIA) (Formerly Reliance Life Asset Management Limited) for Rs 795.27 crore through open market transactions.
IndusInd Bank exits NAM-India by offloading 1,78,57,355 shares at an average price of Rs 445.35 per share.
SBI Funds Management Limited, ICICI Prudential Asset Management Company Limited, Bajaj Allianz Life Insurance Comany Limited, Société Générale S.A. and Morgan Stanley Asia (Singapore) Pte were among the buyers.
About Nippon Life India Asset Management Limited (NAM-INDIA): Executive Director & Chief Executive Officer (CEO) – Sundeep Sikka Headquarters – Mumbai, Maharashtra Established in – 2020
TBAL delivers 250th Fuselage for AH-64 Apache HelicopterTata Boeing Aerospace Limited (TBAL) has delivered the 250th fuselage for AH-64E Apache Combat helicopters which was manufactured at TBAL’s state-of-the-art facility in Hyderabad, Telangana. About the Fuselage: i.The fuselages are the primary body of an aircraft or helicopter. ii.The manufactured fuselages are dispatched to Arizona in the United States of America (USA) for final assembly. iii.After assembly, the Apaches are supplied to customers around the world, including the USA Army and the Indian Army. iv.TBAL serve as a single global source for fuselages for AH-64E Apache helicopters. v.More than 90% of the parts used in the Apache aero structure assemblies are manufactured by Micro, Small and Medium Enterprises (MSME) in India. AH-64E Apache Combat helicopters: i.The Apache attack helicopter is regarded as the world’s most advanced and deadliest attack helicopter, with over 1,280 AH-64E Apaches in operation worldwide. ii.The helicopter can deliver a variety of weapons, including air-to-ground Hellfire missiles, 70 mm Hydra rockets and air-to-air Stinger missiles. iii.It also carries one 30 mm chain gun (with 1200 rounds), fire control radar (for 360° coverage) and nose-mounted sensor suite (for target acquisition) and night vision systems. Indian Army and AH-64E: i.Government of India (GoI) inked a contract with TBAL in 2020 for procurement of six new Apache helicopters for the Indian Army at a cost of around USD 800 million. ii.The first Apache will be delivered in February 2024, whereas the remaining five helicopters are set to be delivered by April 2024. Note:The Indian Air Force (IAF) has a fleet of 22 AH-64E Apache attack helicopters. About Tata Boeing Aerospace Limited (TBAL): i.TBAL is a Joint Venture(JV) between Tata Advanced Systems Limited (TASL) and American aircraft manufacturer, Boeing Company. ii.The facility also produces vertical spare boxes and secondary structures for this multi-role combat helicopter. Headquarters – Hyderabad, Telangana Established in – 2016
Padma Bhushan Awardee and Women’s Rights Activist Dr. V. MohiniGiri Passed AwayPadma Bhushan awardee Dr. V. MohiniGiri, an Indian women’s rights activist and the former Chair of the National Commission for Women (NCW) passed away at the age of 86. She was born on 15 January 1938, in Lucknow (Uttar Pradesh). Awards/Honours: i.She received the Rosalie Wolf Memorial Award from the International Network for the Prevention of Elder Abuse (INPEA) in 2014, for a lifetime of demonstrated dedication in the service of “elder abuse.” ii.She was honoured with the Padma Bhushan in 2007 for Social Work. iii.She was also awarded with Lifetime Achievement Award for building a society for all ages by nongovernmental organization (NGO) Committee on Ageing, United Nations in 2011. About Dr. V. MohiniGiri: i.Dr. V. Mohini Giri was the daughter-in-law of former President V. V. Giri. ii.She founded the War Widows Association in 1972 following the Indo-Pakistani War of 1971 and served as a Founder /President of the War Widow Association since 1971. iii.She was the Chairperson of the Guild of Service, New Delhi(Delhi)–based social service organization, since 1979. iv.She served as Chair of the NCW (1995-1998) and Chair of the Delhi State Social Welfare Advisory Board (1987-1990). v.She also served as Founder Trustee of the Women’s Initiative for Peace in South Asia since 2000. vi.She was also a board member of The Hunger Project, an international charity, and retired from the Global Board after serving for 16 years, since 2000. vii.She was a trustee of Navdanya; trustee of Justice Sunanda Bhandare Foundation; and trustee of the Foundation for Academic Excellence and Access (FAEA). Her noteworthy publications include: Emancipation and Empowerment of Women (1998); Kanya: Exploitation of Little Angels (1999); Living Death: Trauma of Widowhood in India (2002); Deprived Devis: Women’s Unequal Status In Society (2006).
First-Ever UN World Basketball Day – 21st December 2023The first-ever United Nations (UN) World Basketball Day was observed across the globe on 21 December 2023 to recognise the pivotal role of sports (including sports for disabled persons), especially basketball, in fostering human rights, peace, development, gender equality, and the empowerment of women and girls.
Basketball has become the 1st team sport to be honoured with an UN-recognised international day.
Nitin Gadkari Launches DigiELV Trading Platform for ELV Certificate of Deposit along withAutomotive Circularity OrchestratorUnion Minister Nitin JairamGadkari, Ministry of Road Transport and Highways(MoRTH) launched ‘DigiELV’, an authorised End of Life Vehicle (ELV) Certificate of Deposit (CD) Trading Platform, and Automotive Circularity Orchestrator by Meta Materials Circular Markets (MMCM) in New Delhi, Delhi.
The launch event was organised by MMCM in collaboration with the Material Recycling Association of India (MRAI) and Policy Times Chamber of Commerce (PTCC).
The launch is in line with India’s commitment to reduce the greenhouse gas (GHG) emissions in the transport sector.
DigiELV: i.DigiELV, developed by MMCM and authorized by the MoRTH, offers a platform for the users to lawfully trade CD.
A CD is issued when a user sumbits a vehicle for scrapping at a Registered Vehicle Scrapping Facility (RVSF).
ii.In its beta phase over the last 3 months, DigiELV has facilitated the trade of over 800 certificates, benefiting ELV vehicle owners. iii.This ensures transparency and reward sustainable efforts by ELV owners. Automotive Circularity Orchestrator(ACO): i.The ACO addresses global environmental concerns by fostering collaboration among consumers, manufacturers, and recyclers. ii.It facilitates perfect data and material exchanges for an integrated, sustainable future. DigiELV and ACO aims to raise awareness about the Vehicle Modernisation Program, CD trading on DigiELV, and the role of the ACO in promoting environmental sustainability. National Vehicle Scrappage Policy: i.Prime Minister(PM) Narendra Modi initiated the National Vehicle Scrappage Policy in August 2021 to eliminate unfit and polluting vehicles, fostering a circular economy. The policy came into effect on April 1, 2022. ii.The implementation this policy will benefit the economy while and reduce environmental pollution by ~20-25%. iii.States and Union Territories (UTs) will provide up to 25% tax rebate on road tax for new vehicles after scrapping old ones. iv.The policy outlined in the Union Budget 2021-22 states that personal vehiles are subjected to fitness test after 20 years and commercial vehiles needs testing after 15 years. Note: Union Minister noted that India needs around 1000 Vehicle scrapping centres and 400 automated fitness test centres.
MoRTH has so far approved 85 vehicle scrapping facilities across India.
Unemployment Rate among Graduates declines to 13.4% Between July 2022 and June 2023As per the Periodic Labour Force Survey (PLFS) by the Ministry of Statistics & Programme Implementation (MoSPI), the Unemployment Rate (UR) for graduates aged 15 and above declined to 13.4% in 2022-2023 (July 2022 and June 2023) from 14.9% in July 2021-June 2022.
Chandigarh and Delhi had the lowest URs for graduates, at 5.6% and 5.7% respectively.
While, the highest unemployment is in Andaman & Nicobar Island at 33%, followed by Ladakh at 26.5% and Andhra Pradesh (AP) at 24%.
This information was part of the 6th annual report on the basis of the PLFS conducted during July 2022-June 2023 by National Sample Survey Office (NSSO).
Key Points: i.Among larger states, the unemployment rate was high in Rajasthan at 23.1% and in Odisha at 21.9%. ii.Joblessness or UR is defined as the percentage of unemployed persons in the labour force. iii.The NSSO launched the Periodic Labour Force Survey (PLFS) in April 2017. Earlier, five annual reports have been brought out on the basis of the data collected in PLFS during July 2017-June 2018, July 2018-June 2019, July 2019-June 2020, July 2020-June 2021 and July 2021-June 2022.
ACG’s Pithampur Facility Joins Global Lighthouse Network by WEF ACG Associated Capsules Pvt. Ltd. (ACG Capsules), a pharmaceuticals contract manufacturer, in Pithampur, Madhya Paradesh(MP), has joined the World Economic Forum’s (WEF) Global Lighthouse Network (GLN) as “Factory Lighthouse”.
ACG Capsules is a part of the ACG Group (formerly known as the Associated Capsules Group of Companies).
New Lighthouse 2023: i.2023 cohort of GLN inlcudes 21 lighthouses (16 Factory Lighthouses and 5 End-to-End (E2E) Lighthouse). In additition, 4 sustainability lighthouses have been recognised in 2023. ii.These lighthouses represents 8 countries: China, Germany, India, Saudi Arabia, South Korea, Thailand, Türkiye and the United States of America(USA). Lighthouses from India: 4 Indian Companies (including ACG Capsules) are featured among the 2023 cohort. The other 3 Indian companies are:
Renew Power Ventures Pvt Ltd (Ratlam, MP) as Factory Lighthouse
Schneider Electric India(Hyderabad, Telangana) as Sustainability Lighthouse
Hindustan Unilever (Sonepat factory in Haryana) as E2E Lighthouse
Click here to know more ACG Capsules (Pithampur): i.ACG Capsules implemented over 25 Fourth Industrial Revolution (4IR) use cases powered by the industrial internet of things (IIoT), machine learning (ML), deep learning (DL), digital twins, extended reality and generative Artificial Intelligence(AI). ii.ACG Capsules’s Pithampur factory stands out for its accelerated deployment of Generative AI (GenAI), which addresses the evolving skill sets of manufacturing employees through a remarkable Standard Operating Procedure (SOP) and policy interfacing with Gen AI. Note: ACG’s Pithampur factory incorporated green features during the design and layout stages, earning the Leadership in Energy and Environmental Design (LEED) Gold certification in 2014. Global Lighthouse Network: i.GLN, an initiative of WEF and Mckinsey & Company, is a community of manufacturers showing leadership in applying 4IR technologies. ii.It signifies leadership in transforming factories, value chains, and business models for notable financial and operational gains. iii.GLN exemplifies the power of digital transformation. Factories and value chains that join the GLN are designated by an independent panel of experts. iv.The GLN has experienced remarkable growth, expanding from 16 to 153 (as of December 2023) lighthouses since its inception in 2018. Note: China has 62 “Lighthouse Factories”, accounting for 40% of the global total, ranking first in the world. What is a Lighthouse? Lighthouses are manufacturers showing leadership in applying 4IR technologies at scale to drive step-change financial, operational, and sustainability improvements by transforming factories, value chains, and business models.
HDFC Life and KVB Entered Into a Corporate Agency ArrangementOn 19th December 2023, Karur Vysya Bank Limited (KVB) signed a Corporate Agency (CA) arrangement with HDFC Life Insurance Company Limited to empanel HDFC Life as an additional bancassurancepartner of KVB for the life insurance category. About CA arrangement: i.The CA arrangement will enable customers of KVB to avail HDFC Life’s wide range of customised life insurance products, including solutions for protection, savings and investment, retirement and critical illness. ii.The partnership aims to simplify the path to financial well-being for customers. iii.The collaboration is aligned with the goal of ‘Insurance for all by 2047’ set by the Insurance Regulatory and Development Authority of India (IRDAI). Insurance for all by 2047: i.IRDAI committed to enabling ‘Insurance for all by 2047’ to provide every citizen with life, health and property insurance coverage and every enterprise with appropriate insurance solutions. ii.The three pillars of the entire insurance ecosystem are insurance customers (policyholders), insurance providers (insurers) and insurance distributors (intermediaries). Bancassurance: Bancassurance is a financial services model in which banking institutions and insurance companies collaborate to offer a wide range of financial products and services to customers. About Karur Vysya Bank Limited: Managing Director(MD) & Chief Executive Officer(CEO) – B. Ramesh Babu Headquarters – Karur, Tamil Nadu Established in – 1916 Tagline – Smart Way to Bank About HDFC Life Insurance Company Limited: It is a joint venture between HDFC Ltd., and Standard Life Aberdeen. Managing Director(MD) & Chief Executive Officer(CEO) – Vibha Padalkar Headquarters – Mumbai, Maharashtra Established in – 2000
PayCraft partners with NSDL Payments Bank & NPCI to launch Corporate Transit CardOn December 19, 2023, Paycraft Solutions Pvt. Ltd., launched One Nation Corporate Card in partnership with NSDL Payments Bank and the National Payments Corporation of India (NPCI).
It will be offered to the Indian customers pan-India from June end 2024
Note:
NSDL Payments Bank, headquartered in Mumbai, Maharashtra, is a wholly owned subsidiary of National Securities Depository Ltd (NSDL).
NPCI is a not-for-profit organisation established by the Reserve Bank of India (RBI) and Indian Banks’ Association.
About One Nation Corporate Card : i.The One Nation Corporate Card is a National Transit Card built on an indigenously developed multi-wallet platform with Transit Issuance and Processing Capability. ii.The card allows cardholders to travel across India on any public transport that accepts bank-issued cards. iii.The card crafted on National Common Mobility Card (NCMC) specifications with offline capability, is in line with Government of India’s (GoI) One Nation One Card vision. iv.The card enables transaction across 4 channels: Automated Teller Machine (ATM) , POS (Point of Sale), e-commerce websites, and metro stations. v.The card serves as a tax benefit instrument for corporate employees, and also features a corporate expense management platform, providing a digital solution for businesses to streamline expenses nationwide. Click Here for Official Details about Card About PayCraft Solution Private Limited: Paycraft is a payments company providing contactless open loop products with capabilities of processing online and offline transactions. CEO– Ambarish Parekh Headquarters– Mumbai, Maharashtra Founded in 2013.
U GRO Capital raises USD 30mn through NCDs from Netherland’s FMOOn December 19, 2023, U GRO Capital Limited, a non-banking financial company (NBFC), raised USD 30 million (around Rs 250 crore) through Non-Convertible Debentures (NCDs) from FMO, the Dutch entrepreneurial development bank, based in the Hague, the Netherlands.
The INR (Rupee)-denominated NCDs issuance was fully subscribed by FMO.
Key Points: i.This in in line with FMO’s commitment to support inclusive and sustainable prosperity by supporting entrepreneurs. ii.FMO, as an impact investor, focuses on 3 sectors with a high development impact: agribusiness, food & water, energy, and financial institutions. Additional info: U GRO Capital has offered credit to more than 80000 small business over the last 5 years. In 2023, U Gro Capital has raised over Rs 340 crore in equity capital. This includes Rs 240 crore from the Danish Development Finance Institution(DFI) and Investment Fund for Developing Countries (IFU). Note: Reserve Bank of India (RBI) stated that in October 2023, the MSME (Micro, Small & Medium Enterprises) sector received Rs 23.15 lakh crore in priority sector lending (PSL) from scheduled commercial banks (SCBs). This is 22.8% higher than Rs 18.8 lakh crore deployed in October 2022 and 11.8% higher than Rs 20.6 lakh crore deployed in September 2023. About U GRO Capital Limited: It was established in 1993 as Chokani Securities Ltd and was renamed as “U Gro Capital” in 2018. Founder and Managing Director– Shachindra Nath Headquarters– Mumbai, Maharashtra
ABSLI Limited & IDFC First Entered Into a Bancassurance ArrangementAditya Birla Sun Life Insurance (ABSLI) Limited, the life insurance subsidiary of Aditya Birla Capital Limited (ABCL) and IDFC First Bank Limited have entered into a bancassurancepartnership to offer insurance solutions to the bank’s customers. About the Collaboration: i.The partnership aims to offer ABSLI’s insurance products through the extensive distribution network of IDFC First Bank. ii.The collaboration aims to create a one-stop-shop financial solutions to cater to the changing needs of customers with special focus on retirement planning, ensuring a steady source of second income and tax-free returns. iii.This will also promote financial inclusion and increase financial awareness about insurance and protection amongst the customers. About Aditya Birla Sun Life Insurance(ABSLI): i.ABSLI was incorporated on August 4, 2000 and commenced operations on January 17th, 2001. ii.ABSLI is a 51:49 a joint venture between the Aditya Birla Group and Canadian financial firm Sun Life Financial Inc. respectively. Managing Director(MD) & Chief Executive Officer(CEO) – Kamlesh Rao Headquarters – Mumbai, Maharashtra About IDFC FIRST Bank Limited: Managing Director & Chief Executive Officer (CEO)– V. Vaidyanathan Headquarter– Mumbai, Maharashtra Established– 2018 Tagline– Always You First
EIB invests USD 40 Million in Private Equity Fund Amicus Capital European Investment Bank (EIB) announced the investment of up to USD 40 million (EUR 37 million) in the private equity fund Amicus Capital Partners Fund II managed by Amicus India Capital Partners.
It is a closed-ended fund which supports investments in Indian small and medium-sized enterprises (SMEs) to strengthen their existing technology infrastructure.
The fund will prioritise investments in digital-first business models.
This investment promotes crowding-in and the diversification of the investor base.
Note: Amicus Capital Partners Fund II targets sectors like healthcare, consumer products and services, financial services, technology and business services, and speciality manufacturing. About European Investment Bank (EIB): President – Werner Hoyer Headquarters – Kirchberg, Luxembourg Established in 1958
RBL Bank launches electronic Bank Guarantee on NeSL platform RBL Bank Limited has entered into a partnership with National E-Governance Services Limited (NeSL) to issue its electronic Bank Guarantee (e-BG) products built on the framework enabled by NeSL.
The partnership incorporates NeSL’s expertise in e-stamping and e-sign with an aim to make the transition secure.
This collaboration will also reduce the turnaround time(TAT) and offer an enhanced value proposition to the customers.
e-BG: i.e-BG is a digital equivalent of a traditional paper-based Bank Guarantee. ii.It is a guarantee issued by a bank to a beneficiary on behalf of an applicant, promising to pay the beneficiary a specific amount of money if the applicant fails to fulfill a certain obligation. About National E-Governance Services Limited (NeSL): NeSL is India’s first Information Utility and is registered with the Insolvency and Bankruptcy Board of India (IBBI) under the aegis of the Insolvency and Bankruptcy Code, 2016 (IBC). Managing Director(MD) & Chief Executive Officer (CEO) – Debajyoti Ray Chaudhuri Headquarters – Mumbai, Maharashtra Established in – 2016
GenAI Could Boost India’s GDP by USD 1.5 trillion by FY2029-30: EY India ReportAccording to the Ernst & Young (EY) India’s report titled ‘The AIdea of India: Generative AI’s potential to accelerate India’s digital transformation”, Generative Artificial Intelligence (AI)/GenAI adoption could boost India’s Gross Domestic Product (GDP) by USD 359 billion to USD 438 billion by 2029-2030, reflecting a 5.9-7.2% increase over baseline GDP.
Over 7 years (2023-24 to 2029-30), this impact could cumulatively reach USD 1.2-1.5 trillion, contributing an additional 0.9% to 1.1% in annual CAGR (Compound Annual Growth Rate)
Key Points: i.Around 69% of the impact is anticipated from sectors like business services, financial services, education, retail, and healthcare. ii.In line with the development of Digital Public Infrastructure, Developing GenAI systems is considered as Public Goods.
This is in line with the National Strategy for Artificial Intelligence(NSAI) (2018) which highlights inclusive “AI for All”.
iii.The report shows that 60% of organizations recognize Gen AI’s significant impact, but 75% indicate low to moderate readiness to harness its benefits. The main challenges are a skills gap (52%) and unclear use cases (47%), with only 36% seeing data privacy as a Gen AI risk. Note: NSAI was released by NITI Aayog (National Institution for Transforming India) in 2018. About the report: The report analyzes key trends in the AI/Gen AI ecosystem, suggests an enterprise transformation agenda, explores economic opportunities, identifies use cases across industries, and outlines a strategic framework for responsible Gen AI development and deployment in India. Assessment:Gen AI’s economic impact has been estimated by utilizing a macro framework in the Indian context, i.e., using the current sectoral share in the overall economy and input and output ratios for industry segments.
INS Shivaji Receives VAdm B R Chowdhury’s Vir ChakraIndian Naval Ship (INS) Shivaji, Indian Navy’s premier marine engineering training institute, has received the original ‘Vir Chakra’ medal, which was awarded to Late Vice Admiral(VAdm) Benoy Roy Chowdhury for his gallant actions during the 1971 India-Pakistan war.
The Chair of INS Shivaji, VAdm Dinesh Prabhakar, Ati Vishisht Seva Medal (AVSM), Vishisht Seva Medal (VSM) (Retd) received the medal from Padipta Bose & Gargi Bose, the family members of B R Chowdhury on behalf of the Indian Navy at an event held in Lonavala, Maharashtra.
Gallantry Awards: i.The ‘Vir Chakra’ is an Indian wartime military bravery award presented for acts of gallantry on the battlefield, on land or in air or at sea. ii.It is one of the six gallantry awards and the order of precedence of these awards is the Param Vir Chakra, the Ashoka Chakra, the Maha Vir Chakra, the Kirti Chakra, the Vir Chakra and the Shaurya Chakra. About Benoy Roy Chowdhury: i.Benoy Roy Chowdhury was an Indian Navy Engineer who served as a Commander to INS Vikrant during 1971 India-Pakistan war (also known as 1971 Liberation War). ii.He undertook several innovative repairs Boilers of INS Vikrant for the first time without any assistance from the British Original Equipment Manufacturers (OEMs).
This act earned him the title of ‘An Engineer Par Excellence’, along with Vir Chakra award.
iii.Benoy Roy is the only technical officer of the Indian Navy (IN) to be honoured with Vir Chakra. Note: He is also the recipient of AVSM Medal. INS Shivaji: i.The training institute was commissioned as His Majesty’s Indian Ship (HMIS) Shivaji in 1945. However, after independence(in 1950), it was rechristened as INS Shivaji. ii.INS Shivaji comprises four institutions; Centre of Marine Engineering and Technology(CMET), Centre of Excellence (CoE – Marine Engineering), School of Basic Sciences(SBS) and Nuclear Biological Chemical Defence School(NBCDS). iii.Naval Engineering Museum(registered under Society Registration Act, 1860) is also an integral part of INS Shivaji.
Israeli Film ‘Children of Nobody’ Wins Best Film Award at Kolkata International Film Festival Israeli film ‘Children of Nobody’, written and directed by Erez-Tadmor, won the Golden Royal Bengal Tiger Award for Best Film in the international competition category at the 29th Kolkata International Film Festival – 2023 (KIFF – 2023) held from 5th – 12th December 2023 in Kolkata(West Bengal).
Along with the award, ‘Children of Nobody’(Yeladim Shel Af Ehad in Hebrew language) was given the prize money of Rs 51 lakh.
Venezuelan director Carlos Daniel Malave was chosen as the Best Director and Rs 21 lakh for “One Way”.
‘Mon Potongo’, directed by Sarmistha Maiti and Rajdeep Paul, was awarded best film under the Bengali Panorama category
‘Broken Dreams Stories from the Myanmar Coup’ from Myanmar directed by Ninefold Mosaic won the NETPAC award(Asian Select) for Best Film.
India’s Hardik Singh and Savita won the 2023 FIH Hockey Star AwardsIndian men’s hockey team midfielder Hardik Singh and Indian women’s hockey team captain Savita Punia won the FIH men’s Player of the Year and the FIH Women’s Goalkeeper of the Year award respectively at the 2023 International Hockey Federation’s (FIH) annual Hockey Star Awards.
The awardees were determined through a voting process involving a panel of experts, national associations represented by their team captains and coaches, fans, and media.
Winners of FIH Hockey Star Awards 2023:
He was also part of India’s gold medal-winning team at the Asian Champions Trophy 2023 in Chennai(Tamil Nadu) and the 2022 Hangzhou Asian Games in China.
iv.As of December 2023, Hardik Singh represented the Indian hockey team in 114 international matches. Savita Punia: i.The 2023 Award for Savita Punia marks the third consecutive FIH Women’s Goalkeeper of the Year Award, after winning it in 2021 and 2022.
She was part of India’s gold medal-winning team at the Women’s Asian Champions Trophy 2023 held in Ranchi(Jharkhand).
She also received the Arjuna Award in 2018.
ii.As of December 2023, Savita Punia represented the Indian hockey team in 266 international matches. About Fédération Internationale de Hockey (FIH – International Hockey Federation): President– Tayyab Ikram Headquarters– Lausanne, Switzerland Established – 1924
KKR Bids Mitchell Starc for Rs 24.75 cr as Most Expensive Player in IPL Australian cricket player Mitchell Aaron Starcbecomes the most expensive player in the history of Indian Premier League (IPL) as he was bought by Kolkata Knight Riders (KKR) for Rs 24.75 crore to play in the 2024 IPL season.
Mitchell Starc breaks Pat Cummins‘s (Australia) record buy of Rs 20.50 crore by the Sunrisers Hyderabad.
Mallika Sagar, an art collector and consultant, became the IPL’s first female auctioneer since 2008.
The 2024 IPL auction was held for the first time outside India at the Coca-Cola Arena in Dubai, United Arab Emirates(UAE) on 19th December 2023.
International Human Solidarity Day 2023- December 20The United Nations (UN)’s International Human Solidarity Day is annually observed across the globe on 20 December to raise public awareness of the importance of solidarity in addressing global challenges such as poverty, inequality, and injustice.
The Day also aims to remind governments of all countries to respect their commitments to international agreements.
Background: On 22 December 2005, the United Nations General Assembly (UNGA) adopted the resolution A/RES/60/209 and proclaimed 20 December each year as International Human Solidarity Day.
The first-ever International Human Solidarity Day was observed on 20 December 2006.
About UN Human Rights Council: The Human Rights Council replaced the former United Nations Commission on Human Rights. President– Václav Bálek(Czech Republic) Established in 2006 Members– 47 member states
India’s First Winter Expedition to Arctic Launched by MoES, Minister KirenRijijuUnion Minister Kiren Rijiju, Ministry of Earth Sciences (MoES) has launched ‘1st Indian Winter Expedition to Arctic’ to expand the India’s scientific activities to other critical and core Arctic realms, in New Delhi, Delhi.
The expedition is facilitated under Polar Science and Cryosphere Research (PACER) scheme of MoES, through the aegis of the National Centre for Polar and Ocean Research (NCPOR), Goa.
Attended Delegates: The expedition was launched in the presence of Ravichandran (Secretary, MoES), Vijay Kumar (Head of PACER and Scientist/Adviser, MoES), Thamban Meloth (Director of NCPOR) and Manish Tiwari (Scientist and Group Director of the Arctic Operations, NCPOR). About the Expedition: i.The expedition aims to make atmospheric observations in Earth’s North Pole during the winter (November to March) night and carry out auroral studies and changes in sea ice. ii.It also aims to establish a network of observatories to study ‘land-sea-atmosphere-cryosphere’ interactions. iii.The scientific observations in the Arctic Ocean will also be made by the scientists to understand the sea-ice loss and its impact on Monsoons among others. iv.With the launch of Winter Expedition, India will have a year-long presence at Himadri. Expedition Team: The Arctic winter expedition comprised of four scientists from NCPOR, Indian Institute of Technology (IIT) Mandi (Himachal Pradesh); Indian Institute of Tropical Meteorology (IITM – Pune, Maharashtra) and Raman Research Institute(RRI – Bengaluru, Karnataka). Background: i.Arctic is an area of scientific, climatic, and strategic importance. ii.India’s Arctic research station ‘Himadri’ is located in Ny Alesund at Spitsbergen, Norway. iii.The research base hosts scientists only during the summer (April to October). Additional Info: i.India began to explore Arctic in 2007 after visiting the International Arctic Research Facilities at Norway. ii.India has an observer status in the International Arctic Science Committee (IASC) since 2011. iii.India has two operational research stations at Antarctica namely ‘Maitri’ and ‘Bharati’. About International Arctic Science Committee (IASC): President – Henry Burgess Headquarters – Akureyri, Iceland Established in – 1990
18th session of the Intergovernmental Committee for the Safeguarding of the Intangible Cultural Heritage held in BotswanaThe 18th session of the United Nations Educational, Scientific and Cultural Organization (UNESCO)’s Intergovernmental Committee for the Safeguarding of the Intangible Cultural Heritage(ICH) was held from 5th to 8th December 2023 in Kasane, Republic of Botswana.
The session was chaired by H.E. Mr Mustaq Moorad, Ambassador and Permanent Delegate of the Republic of Botswana to UNESCO.
Highlights of the session: i.The session inscribed 55 new cultural practices, including India’s Garba Dance, to its Intangible Cultural Heritage (ICH) List,in response to nominations submitted by 72 countries. ii.The 20th anniversary of the adoption of the Convention for the Safeguarding of the Intangible Cultural Heritage was celebrated during the Session. About United Nations Educational, Scientific and Cultural Organisation(UNESCO): Director-General– Audrey, Azoulay Headquarters– Paris, France Established– 1945
World Bank : India tops Global Remittance Charts at USD 125 Billion in 2023According to World Bank(WB)’s Migration and Development Brief 39 titled ‘Leveraging Diaspora Finances for Private Capital Mobilization’, India is considered a top remittance recipient with an estimated inward remittance flow of USD 125 Billion.
Mexico stands at the second position with an estimated recipient value of USD 67 billion followed by China as third with USD 50 billion.
This report indicates a continuing growth in remittance flows to low- and middle-income countries (LMICs) in 2023.
The report raises awareness about the potential impact of global economic conditions on remittance flows.
Top Five Remittance Recipients:
WHO Officially Recognized Noma as a Neglected Tropical Disease The World Health Organization (WHO) has officially recognised Noma, also known as cancrum oris or gangrenous stomatitis, as a neglected tropical diseases (NTDs).
With the inclusion of noma, WHO’s NTD list now has 21 diseases or groups of diseases.
Background: The efforts to recognise noma as a NTD was led by the Government of Nigeria. In January 2023, an official request was submitted to WHO on behalf of 32 Member States. About Noma: i.Noma is a severe gangrenous (Dead tissue) disease of the mouth and face, primarily affects malnourished young children(between age 2 & 6) in regions of extreme poverty. ii.It is a fast-spreading bacterial infection starting with gum inflammation. Without prompt antibiotic treatment, it can rapidly destroy facial tissue and bone, often resulting in death or severe disfigurement. iii.Noma is mostly found in sub-Saharan Africa, Latin America, Asia and other regions. iv.It is caused by bacteria found in the mouth. v.Risk factors: poor oral hygiene, malnutrition, weakened immune systems, infections, and extreme poverty. Key Points: i.Recognizing noma as an NTD aims to enhance efforts with a comprehensive approach, raising global awareness, and promoting research and funding. ii.WHO NTDs, affecting tropical regions, primarily impact impoverished communities, disproportionately affecting women and children. These diseases have severe health, social, and economic consequences for over one billion people.Click here for full list of NTD Diseases
GoI & ADB sign 37bn Japanese Yen loan for Delhi-Meerut RRTS CorridorOn December 15, 2023,Government of India (GoI) and Asian Development Bank (ADB) have signed an loan agreement for a 37 Billion Japanese Yen (USD 250 million) loan to continue financing the construction of the 82-kilometre Delhi-Meerut Regional Rapid Transit System (RRTS) corridor. Signatories: The agreement was signed by the Juhi Mukherjee, Joint Secretary, Department of Economic Affairs (DEA), Ministry of Finance, GoI, and Hoe YunJeong, Deputy Country Director, ADB India Resident Mission, ADB About RRTS: i.Delhi Meerut RRTS is the first of the 3 priority rail corridors planned as a part of the National Capital Region (NCR) Regional Plan 2021, to connect Delhi to neighboring cities. ii.RRTS is a new, dedicated, high speed, high capacity, comfortable commuter service connecting regional nodes in NCR. iii.It will have multi-modal hubs to ensure smooth interchange with other transport modes. Implementing agency: National Capital Region Transport Corporation (NCRTC), a joint venture company of GoI and States of Delhi, Haryana, Rajasthan and Uttar Pradesh(UP). Note: i.In 2020, ADB approvedUSD 1,049 million Multi-tranche Financing Facility (MFF) for RRTS project. ii.The 1st tranche of the ADB loan ammounted to USD 500 million and another USD 500 million co-financed by Asian Infrastructure Investment Bank (AIIB). Key Points: i.This investment will enable RRTS to improve urban mobility. The economic impacts of this project will also benefit women and the differently abled. ii.The Delhi-Meerut RRTS corridor will offer rapid, safe, and high-capacity commuter transit, reducing travel time from 3-4 hours to about 1 hour.
KMBL & IOCL Collaborate to Launch Co-Branded Rupay Credit CardKotak Mahindra Bank Limited (KMBL) in collaboration with IndianOil Corporation Limited (IOCL) has launched a co-branded credit card called ‘Indian Oil Kotak Credit Card’.
The fuel card is powered by Rupay contactless technology.
About of Indian Oil Kotak Credit Card: i.This fuel credit card is specifically designed to benefit customers when used at Fuel Pump Station. ii.With a fuel credit card, you can use it to purchase petrol, diesel, etc. or other fuels at participating fuel stations. Benefits: i.The cardholders will get 4% back as Reward Points(24 points/Rs.150 spent) along with the benefit of 1% Fuel Surcharge waiver on IndianOil fuel transactions. ii.The customer will also save 2%(12points/Rs.150 spent) when using the card for dining and grocery spending. Eligibility: i.Primary Credit Card holders should be in the age limit of 18 years to 65 years. ii.Add-on cardholders should be above the age of 18 years. iii.The cardholder should be a resident of India. Features: i.The card comes with an annual fee of Rs.499 and a Joining fee of Rs.499.
However, the annual Fee will be waived on spending more than Rs 50,000 in the previous year.
ii.All the aspects of the card can be controlled from mobile applications. iii.No pin is required for payments up to Rs.5000. iv.Personal accident insurance cover of Rs 2,00,000 is available in the IndianOil Kotak Credit Card. Reward Points: i.Kotak Rewards is the new point redemption currency of this credit card.
These points can be redeemed in multiples of 300.
ii.The Kotak Reward Points can be converted to XTRAREWARDS Points which is a loyalty program offered and managed by IndianOil. iii.Kotak Reward points have a validity of 24 months whereas XTRAREWARDS Points do not expire. About IndianOil Corporation Limited (IOCL): IOCL is a Maharatna Central Public Sector Enterprises (CPSEs) Chairman- Srikant Madhav Vaidya Headquarters – New Delhi, Delhi Established in – 1964
Max Life introduces the Smart Total Elite Protection Term PlanThe Max Life Insurance Company Ltd. (Max Life) introduced “Max Life Smart Total Elite Protection (STEP) Term Plan”, a non-linked, non-participating, individual pure-risk premium life insurance plan. Aim: To enhance financial security in the current dynamic landscape and address the modern consumer’s need for increased protection through higher coverage solutions. Key Points: i.The offering provides enhanced coverage of Rs 2 crores, aligning with the growing financial needs. ii.It also offers flexibility, allowing policyholders to take a premium break every five years as part of the cover continuance benefit. iii.It offers policyholders multiple enhanced benefits like Instant Payment on Claim Intimation, Cover Continuance Benefit and Special Exit Value. About Max Life Insurance Company Ltd. (Max Life): Max life is a joint venture between Max Financial Services Limited, a part of the Max Group, and Axis Bank Limited. Managing Director & CEO– Prashant Tripathy Headquarters– Gurugram, Haryana
IndusInd Bank Launched Industry-First Program For Diamond Industry IndusInd Bank Limited has launched ‘Indus Solitaire Program’, an industry-first community banking program designed for the diamond industry. About the Indus Solitaire Program: i.The program provides a range of exclusive benefits along with distinct features and offerings to customers in the diamond industry. ii.The program goes beyond traditional banking and offers elite banking services to the diamond community through IndusInd’s flagship branches in Mumbai (Maharashtra) and Surat (Gujarat). iii.The program also offers a dedicated relationship, service and wealth manager for handholding customers and providing them assistance with their diverse financial needs.
CASHe Repositions the Brand and Launches New Website and Mobile App CASHe, an Artificial Intelligence(AI) driven financial wellness platform has strategically repositioned the brand, along with the launch of the new website and mobile application(app) with the tagline – ‘Bharat Ka Money App.’ Repositioning: i.Through repositioning, CASHe established itself as a premier credit-centric financial platform which offers accessible, innovative, and empowering financial solutions. ii.This repositioning underscores CASHe’s commitment to meeting the diverse financial needs of young working millennials in urban hubs and tier 2, tier 3 cities and small towns across India. iii.Through the new website and mobile app CASHe provides a comprehensive and tailored financial solutions. About CASHe: Chief Executive Officer – Yashoraj Tyagi Headquarters – Mumbai, Maharashtra Established in – 2016
ICRA Revises India’s FY24 GDP Growth projection to 6.5% from 6.2%On December 18, 2023, ICRA Limited (formerly Investment Information and Credit Rating Agency of India Limited) has upgraded its Gross Domestic Product(GDP) growth forecast for India for the fiscal year 2023-24 (FY24) to 6.5% from the earlier estimate of 6.2%.
The revises forecast is still lower than the Reserve Bank of India (RBI)’s GDP growth forecast of 7% for FY24.
Points to note: i.ICRA revised the estimates stating that the deflation in commodity prices will be sustained and expects a better growth in the October-December period than previous estimates. ii.The festive-led increase in volume growth in high-frequency non-agri indicators, as indicated by the ICRA Business Activity Monitor in October-November 2023 (Q3FY24) (11.3% versus 9.5% in Q2FY24) highlights that GDP growth is likely to fare between Q3FY2024 than expected. Key Points: i.Global commodity prices are stable in Q3FY24 due to reduced demand from China, sufficient supplies for commodities like crude oil, and the normalization of supply chains. ii.While October and November have seen higher activity, the early trends for December are mixed, amid moderation in electricity demand growth, a rise in daily vehicle registrations, and a contraction in diesel sales. iii.The sustenance of deflation in commodity prices in Q3 FY24 is likely to continue to favour margins of some sectors such as manufacturing.
Zepto’s Kaivalya Vohra & Aadit Palicha are the Youngest in Hurun India Top 100 Under 30 List 2023On 13th December 2023, Mumabi (Maharashtra) based Hurun India launched the inaugural edition of Hurun India Top 100 Under 30 List (2023), which features 100 Indian entrepreneurs of age 30 or younger (sorted by age). i.Kaivalya Vohra(21) and Aadit Palicha(22) the co-founders of Zepto, a grocery delivery platform, were the yougest entrepreneurs on the 2023 list. ii.Devanshi Kejriwal(27), Co-Founder and Chief Product Officer (CPO) of Skillmatics is the youngest woman entrepreneur on the list. iii.SaaS (software as a service) emerged as the primary contributor to the List, with 19 entrepreneurs, followed by Fintech and Edtech, with 11 entities each. About Hurun India: Founder, MD, and Chief Researcher– Anas Rahman Junaid Headquarters– Mumbai, Maharashtra Launched in– 2012
Poonam Khetrapal Singh, WHO Regional director, Honoured with Bhutan’s National Order of MeritBhutan Government honoured Dr Poonam Khetrapal Singh(India), Regional Director of the World Health Organisation (WHO) South-East Asia, Bhutan’s National Order of Merit (NOM) Gold Medal for her significant contribution to public healthcare services to Bhutan.
Jigme Khesar Namgyel Wangchuck, the Druk Gyalpo(dragon king) of Bhutan presented the award during the celebration of 116th National Day of Bhutan(17th December 2023) in Thimphu, Bhutan.
Note:
As the WHO regional director, she has played a key role in supporting transformative healthcare leadership in Bhutan.
During her tenure, Bhutan has bceame one of the first countries to eliminate measles(2017) and rubella(2023) ahead of schedule.
About Dr Poonam Khetrapal Singh: Poonam Khetrapal Singh is a retired Indian Administrative Service (IAS) officer of 1975 batch of Punjab cadre. In 2014, she became the first Indian and the first woman to be elected as the Regional Director of WHO South-East Asia. In 2019, she was re-elected to the post for an other 5 year term. Carrer highlights: i.She has served as the Secretary of Health and Family Welfare, Managing Director of Punjab Financial Corporation and Punjab Industrial development corporations in Punjab. ii.In 1987, she moved to the Health, Population, and Nutrition Department of The World Bank. iii.In 1998 she joined WHO headquarters as Executive Director of Sustainable Development and Healthy Environments Cluster and later became a member of the Director-General’s Cabinet. iv.She has served as the WHO Deputy Regional Director for the Southeast Asia Region (SEAR) from 2000 to 2013. v.In February 2013, she joined the Ministry of Health & Family Welfare(MoHFW), Government of India, as Advisor for International Health. National Order of Merit (NOM): i.It was instituted by the King of Bhutan, Jigme Khesar Namgyel Wangchuck in 2008. ii.The Order is awarded for distinguished and meritorious services to Bhutan. iii.It is awarded in 3 classes namely: First Class (Gold); Second Class (Silver) and Third Class (Bronze).
‘Against All Odds’ and ‘Winning Middle India’ jointly Awarded Gaja Capital Business Book Prize 2023 The 5th edition of Gaja Capital Business Book Prize 2023 was jointly awarded to”Against All Odds: The IT Story of India” written by S. ‘Kris’ Gopalakrishnan, N. Dayasindhu, and Krishnan Narayanan; and “Winning Middle India: The Story of India’s New-Age Entrepreneurs” written by T.N. Hari and BalaSrinivasa.
The books were selected from a shortlist of 5 books, including Capture the Dream: The Many Lives of Captain C.P. Krishnan Nair (by Bachi Karkaria); Essentially Mira: The Extraordinary Journey Behind Forest Essentials(by Mira Kulkarni); and The Tech Phoenix: Satyam’s 100-Day Turnaround(by T.N. Manoharan & V. Pattabhi Ram).
Gaja Capital Business Book Prize 2023 is an annual award established in 2019, which celebrates non-fiction works on contemporary Indian business.
The award offers prize money of Rs 15 lakhs, the largest book prize in India.
Note: Journalist and author Harish Damodaran won the 2022 Gaja Capital Business Book Prize for his book Broke to Breakthrough: The Rise of India’s Largest Private Dairy Company.
Egypt Re-electes El-Sisi for 3rd Time in the 2024 Presidential ElectionsIncumbent Egyptian President Abdel Fattah Saeed Hussein Khalil El-Sisi secures 3rd term as Egypt’s president, after winning the 2024 Presidential Elections with 89.6% of the vote. He is Egypt’s 8th president, who has been in office since 2014. He was 1st elected as president in mid-2014, then re-elected in 2018 for the 2nd term.
In 2019, constitutional amendments in Egypt extended the presidential term from 4 years to 6 and also amended the constitution to raise the limit on consecutive terms in office from 2 to 3.
It added 2 years to El-Sissi’s 2nd term and allowed him to run for the 3rd term with six-years this is also said to be the final term in office according to the constitution, starting from April 2024.
Egypt’s Presidential Election: Voting in Egypt took place on 10-12 December 2023, 4 candidates ran for the presidency including Sisi, the other 3 were:
Hazem Omar, head of the Republican People’s Party, came 2nd with 4.5% of the vote; followed by Farid Zahran, head of the opposition Egyptian Social Democratic Party with 4%; and Abdel-Sanad Yamama, chairman of the Al-Wafd Party, received less than 2% of the vote.
Note: The 2024 presidential election is the 5th multi-party presidential election held in Egypt since 2005, and the 3rd since the 2013 revolution. About Abdel Fattah Saeed Hussein Khalil El-Sisi: i.He is an Egyptian general, who served as military attaché in Saudi Arabia, chief-of-staff, and then commander of Egypt’s Northern Military Zone. ii.In February 2011, shortly after the Egyptian revolution, a military council assumed control of Egypt and appointed el-Sisi as the head of military intelligence. iii.The then President Mohamed Morsy appointed Sisi as Minister of Defense and Commander in Chief of the Egyptian Armed Forces in 2012.
He was subsequently appointed as First Deputy Prime Minister while remaining Minister of Defense.
iv.He became Egypt’s de facto leader in July 2013 after leading a military coup to remove the then President Mohamed Morsi from power, in response to the June 2013 Egyptian protests. v.In 2013, El-Sisi came to power after the overthrow of Mohamed Morsi, the country’s first popularly elected president. vi.In January 2014, he was promoted to field marshal, Egypt’s highest army rank before the presidential election. vii.In 2017, he became the 1st Egyptian leader to visit the White House in the United States of America (USA) since the 2011 revolution and visited again in 2019. About Egypt: President– Abdel Fattah Saeed Hussein Khalil El-Sisi Capital– Cairo Currency– Egyptian Pound (EGP)
Khelo India Para Games 2023: Haryana Tops Medal Tally with 105 MedalsHaryana topped the medal tally with 105 medals (40 gold, 39 silver, and 26 bronze) in the inaugural edition of the Khelo India Para Games 2023 held in New Delhi, Delhi from 10th – 17th December 2023.
Uttar Pradesh finished second in the medals table with 62 medals (25 gold, 23 silver, and 14 bronze) while Tamil Nadu finished third with 42 medals (20 gold, 8 silver, and 14 bronze).
Mascot: ‘Ujjwala’, a sparrow, reminds strength comes in many forms and the human spirit is unbreakable.
About the Ministry of Youth Affairs and Sports (MYAS): Union Minister– Anurag Singh Thakur (Constituency- Hamirpur, Himachal Pradesh) Minister of State (MoS)– Nisith Pramanik (Constituency- Coochbehar, West Bengal)
Cabinet Approvals on 15 December 2023The union cabinet chaired by Prime Minister Narendra Modi approved the following proposals on 15th December 2023 i.Approves declaration of Surat Airport (Gujarat) as an International Airport. ii.Approves MoU signed between India and Tanzania on Cooperation in the field of sharing successful Digital Solutions. iii.Approves MoC signed between India and Saudi Arabia on cooperation in the field of Digitization and Electronic Manufacturing. iv.Approves draft MoU between USA, India to enhance innovation ecosystems through innovation handshake. v.Approves MoU between India,Italy on Cooperation in the field of Industrial Property Rights. About Tanzania President – Samia Suluhu Hassan Capital– Dodoma Currency– Tanzanian shilling
NSDC signs MoU with Saudi Govt to Protect Rights of Skilled Labourers from India National Skill Development Corporation (NSDC) under the Ministry of Skill Development and Entrepreneurship (MSDE) has signed a Memorandum of Understanding (MoU) with the government of Saudi Arabia.
The MoU aims to protect the rights of skilled India labourers (across all categories, including Air Conditioner (AC) mechanics, and car painters) who are working in Saudi Arabia.
By registering with NSDC, these skilled labours will get to know where they are going, for which work and with whom they will be working.
Saudi Arabian government will also be introducing a wage protection system and freedom of mobility will be offered to Indian labourers.
About National Skill Development Corporation(NSDC): i.National Skill Development Corporation (NSDC) is a not-for-profit public limited company incorporated under section 25 of the Companies Act, 1956 (corresponding to section 8 of the Companies Act, 2013). ii.NSDC was set up by the Ministry of Finance(MoF) as a Public Private Partnership (PPP) model. Chief Executive Officer (CEO) – Ved Mani Tiwari Headquarters – New Delhi, Delhi Established in – 2008
UAE Hosted the 28th UNFCCC COP: Advancing Global Climate Action(Part-II)The 28th Conference of the Parties of the United Nations Framework Convention on Climate Change (UNFCCC)(COP 28) was held in Expo City, Dubai, The United Arab Emirates(UAE) from 30th November to 12th December 2023.
On 1st December 2023, Narendra Modi, Prime Minister (PM) of India, attended the COP 28 Presidency’s session on “Transforming Climate Finance” in Dubai, the United Arab Emirates (UAE).
Key Points: i.Indian Renewable Energy Development Agency(IREDA), a Mini Ratna Category I Public Sector Undertaking(PSU) under the Ministry of New and Renewable Energy(MNRE) has launched its retail division. ii.Coalition for Disaster Resilient Infrastructure(CDRI) has launched a data platform named-“GlobalInfrastructure Risk Model and Resilience Index(GIRI)” on the sidelines of the COP28 summit. iii.On the sidelines of COP28, ADB launched a Nature Solutions Finance hub for Asia and the Pacific, with an investment of USD 2 billion. About Indian Renewable Energy Development Agency(IREDA): Chairman– Pradip Kumar Das Established– 1987 Headquarters– New Delhi, Delhi
LIC Notifies Hike in Gratuity Limit to Rs 5 lakh from Rs 3 lakh for Agents Life Insurance Corporation of India (LIC) has increased the gratuity limit to Rs 5 lakh from Rs 3 lakh with an aim to improve the working conditions and benefits of the agents with effect from 6th December 2023.
These regulations will be called the Life Insurance Corporation of India (Agents) Amendment Regulations, 2023.
Key Points: i.In September 2023, the Ministry of Finance(MoF) approved a series of welfare measures related to the amendments of LIC (Agents) Regulations, 2017. ii.This includes enhancement of gratuity limit and Uniform Rate of Family Pension. iii.It also includes the reappointed agents to be eligible for renewal commission, thereby providing them with increased financial stability.
Indian Banks Global Presence Expanded: RBI ITBS SurveyThe Reserve Bank of India (RBI) released the annual Survey on International Trade in Banking Services (ITBS), 2022-23 which provides insights into cross-border banking activities of 14 Indian banks and 44 foreign banks’ branches/subsidiaries in India.
The cross-border banking activities include fund-based banking services, encompassing deposits, credit, and financial auxiliary services with fees or commissions. Click Here for the list of Full Banking Services
Highlights: i.Indian banks expanded their global presence through the subsidiaries route, with an increase in employee strength for foreign branches (0.5%) and subsidiaries (6.2%) in 2022-23.
While, the number of branches and employees of foreign banks in India deceased in 2022-23.
ii.There is expansion of the overseas business of Indian banks witnessing growth in deposits and lending activities. iii.Foreign banks in India experienced a decline in aggregate deposits and credit due to a retail business transfer of major foreign bank in India to a domestic private sector bank.
However their capital and investments increased during 2022-23, and saw a 5.7% increase in the consolidated balance sheet in US (United States) dollars.
iv.The Total Income to assets ratio for overseas branches of Indian banks rose to 3.9% in 2022-23 from 1.6% in 2021-22 , still lower than the 6.9% for foreign banks in India. v.Higher interest rates in 2022-23 resulted in an increased total income, but caused a decline in the share of fee income.
Foreign banks in India had a higher fee income share at 11.5%, surpassing the 7% share for overseas branches of Indian banks.
Indian bank branches in the United Arab Emirates (UAE) generated the highest fee income, followed by those in the United Kingdom (UK), Hong Kong, and Singapore.
vi.The tightening of global monetary policy during of 2022-23 led to increased interest income and expenses across bank groups.
Reliance General Insurance introduces ‘Reliance Health Global’ Insurance PolicyThe Reliance General Insurance Company Limited (RGICL), a subsidiary of Reliance Capital limited, introduced “Reliance Health Global”, a health insurance policy that provides comprehensive coverage for customers globally, including treatment from the best hospitals.
Notably, it is the first global health insurance policy that covers emergency and planned treatments within India by offering an unlimited Sum Insured.
About Reliance Health Global: i.It aimed at providing Indians with access to global healthcare i.e. it offers coverage in India and in other parts of the world too. ii.It offers four plans: Elite, Elite+, Royal, and Royal+. iii.The tagline of this policy is ‘A Health Policy Without Borders’. Features: i.The age criteria for child is 91 days to 25 years, and for adult is 18 years to 65 years ii.The policy period is 1 year, 2 years & 3 years. iii.Its sum-insured coverage is up to USD 1 million (Rs 8.30 crores). Key Points: i.It covers all specialised treatments+ including neurosurgery, bypass surgery, cancer, etc. ii.It also includes provisions for travel, accommodation, and comprehensive Visa and assistance services, addressing unforeseen situations like lost passport or emergency cash needs. iii.Other services include air ambulance services, organ donor expenses and without any limitations on room rent.
Maharashtra becomes Largest Economy in India; UP becomes 2nd largest According to a report by online blogging platform soic.in, Maharashtra has emerged as the largest economy of India. It has largest share of 15.7% in India’s Gross Domestic Product (GDP).
It is followed by Uttar Pradesh (UP) with 9.2% share in India’s GDP, and Tamil Nadu (TN) with 9.1%.
The platform keeps track of investments and the stock market.
Key Points: i.The above states are followed by Gujarat (8.2%), West Bengal (7.5%), Karnataka (6.2%), Rajasthan (5.5%), Andhra Pradesh (4.9%), and Madhya Pradesh (4.6 %) ii.With Respect to UP, it has eliminated organized crime to zero, surged to 2nd place in ‘Ease of Doing Business,’ attracted Rs 40 lakh crore investments via Global Investors Summit (GIS) 2023, achieved nearly Rs 2 lakh crore in exports, and increased the bank loan-deposit ratio from 42-43% to 56%, aiming for 60%.
Infibeam Avenues acquires 49% stake in Pirimid Fintech Infibeam Avenues Limited (IAL), a Gandhinagar (Gujarat) based Financial Technology Company, has acquired 49% of paid-up equity share capital in Pirimid Fintech, a Ahmedabad (Gujarat) based Financial Services company, by investing Rs 25 crore.
This is in response to the increasing demand in the global capital markets for artificial intelligence (AI)-backed software to streamline trading, research and investment processes.
i.The collaboration aims to combine Infibeam’s digital payments and AI-based frameworks with Pirimid Fintech’s capital market trading software. ii.The partnership helps Pirimid Fintech to develop innovative digital lending solutions, offer more efficient credit disbursement, enhance customer experience and improve risk management.
LIC reduces stake in Dixon Technologies to 3% from 5.012% Headquartered in Mumbai (Maharashtra), Life Insurance Corporation of India (LIC) has reduced its percentage of the paid-up capital in Dixon Technologies (India) Limited to 3% from 5.012% through open market operations.
This decrease of 2.012% during the period from 20th April 2022 to 15th December 2023, is a result of decreasing equity shares from 29,97,913 to 17,94,395 at an average cost of Rs 5,877.65.
About Dixon Technologies (India) Limited: Chief Executive Officer(CEO) – Atul B. Lall Headquarters – Noida, Uttar Pradesh (UP) Established in – 1993
Exercise Astrashakti 2023: AWS Abilities showcased by IAF, SAMAR successfully Test-firedi.Exercise Astrashakti-2023, took place at the Air Force Station Suryalanka in Andhra Pradesh (AP). During this the Indian Air Force (IAF) showcased the abilities of Akash weapon system (AWS), and also successfully test fired Surface to Air Missile for Assured Retaliation (SAMAR) air defence missile system. ii.During the exercise, AWS which is a Short Range Surface to Air Missile (SRSAM) Air Defence System neutralized four targets simultaneously in a single firing unit making India the first country to do so. iii.IAF successfully test-fired the SAMAR air defense missile system for the first time which engaged aerial threats with a speed range of 2 to 2.5 Mach. About Indian Air Force (IAF): Chief of the Air Staff – Vivek Ram Chaudhari Headquarters – New Delhi, Delhi Establishment– 1932 Motto – Touch the sky with Glory
Rocket Lab Returns Electron vehicle to flight With Successful iQPS MissionRocket Lab Inc., has returened the electron vehicle to flight after the successful mission dubbed as “The Moon God Awakens”, the mission of the Japan-based Radar Earth-imaging company Institute for Q-shu Pioneers of Space, Inc. (iQPS).
This mission marked the 10th Electron flight in 2023, surpassing the previous record of 9 launches in 2022.
This was Rocket Lab’s 42nd launch of a two-stage Electron booster.
About iQPS: On 15th December 2023, Rocket lab successfully launched its Electron rocket into space from Rocket Lab Launch Complex 1, Pad B, on Mahia Peninsula, New Zealand. Payload: The Electron rocket deployed the Tsukuyomi-1 Synthetic-Aperture Radar (SAR)-5 satellite to a circular orbit 575 kilometers above Earth.
Tsukuyomi-1 is named after Japanese god of the moon.
Key Points: i.The Tsukuyomi-1 satellite joins another iQPS satellite in orbit to capture high-resolution views of Earth as closely as a 1-meter-square view. ii.The satellite is part of a 36-satellite constellation, aiming to monitor fixed points on Earth every 10 minutes by 2025 or later.
The Electron’s first-stage booster was not recovered on this mission.
Electron Rocket: i.Rocket Lab’s Electron is a two-stage rocket featuring a unique third “kick stage” designed to deliver small satellites to precise and unique orbits. ii.The rocket stands 59 feet tall (18 meters) and is capable of launching over 660 pounds (300 kilograms) to low Earth orbit (LEO). iii.Electron is now the 2nd most frequently launched United States of America (U.S.) rocket for the 5th consecutive year. iv.The Electron is the only reusable orbital-class small rocket. Capturing and reflying Electron’s 1st stage enables higher launch frequency without expanding production and lowers launch costs. v.It has the world’s first 3D-printed, electric-pump-fed rocket engine.
Haryana Defeats Rajasthan to Win Vijay Hazare Trophy 2023–24The Haryana men’s cricket team captained by Ashok Menaria won the Vijay Hazare Trophy 2023-24 by defeating the Rajasthan men’s cricket team led by Deepak Hooda in the finals held in the Saurashtra Cricket Association Stadium in Rajkot (Gujarat). i.The 31st edition of the Vijay Hazare Trophy was held from 23rd November to 16th December 2023, with 38 teams competing in a total of 135 matches. ii.This marks the first-ever Vijay Hazare Trophy win for the Haryana team, which beat Rajasthan by 30 runs in the finals. Highlights: i.Haryana’s Sumit Kumar was awarded Player of the Tournament and Player of the Match in the finals.
He was awarded for his best performance by scoring 183 runs and taking 18 wickets.
ii.Highest Runscorer: Arslan Khan (Chandigarh) (508 runs) iii.Highest Wicket Taker: Varun Chakravarthy (Tamil Nadu) (19 wickets) iv.Prize Money: Winner (Rs 1 crore), runners-up (Rs 50 lakh) About the Vijay Hazare Trophy: i.The Vijay Hazare Trophy (Ranji One-Day Trophy) is the annual one-day domestic tournament organised by the Board of Control for Cricket in India (BCCI), the inaugural season was held in 2002–03.
The Vijay Hazare Trophy was named after the legendary Indian cricketer Vijay Samuel Hazare.
ii.The previous edition, 2022–23 was won by the Saurashtra cricket team. Note: Tamil Nadu is the most successful team, having won the trophy five times (2002–03, 2004–05, 2008–09, 2009–10, 2016–17). About Board of Control for Cricket in India (BCCI): President – Roger Binny Secretary – Jay Shah Headquarters – Mumbai, Maharashtra Established – 1928
Kuwait’s Ruling Emir Sheikh Nawaf Passed Away; Sheikh Meshal Named as New EmirThe Ruling Emir of Kuwait, Sheikh Ahmad Nawaf al-Ahmad al-Jaber al-Sabah passed away at the age of 86. He ruled Kuwait for 3 years, after taking over from his half-brother, Sheikh Sabah al-Ahmad al-Sabah in September 2020. He was born on 25 June 1937.
Kuwait’s crown prince and his half-brother (Heir), 83-year-old Sheikh Meshal al-Ahmad al-Jaber al-Sabah, was named the new Emir succeding Sheikh Nawaf .
Sheikh Meshal has been the de facto ruler since 2021 when Sheikh Nawaf handed over most of his duties.
Key Points: i.Under the constitution of Kuwait, the crown prince automatically becomes an emir but assumes power only after taking an oath in parliament. The new emir has up to a year to name an heir. ii.Sheikh Meshal now joins the ranks of the Gulf Arab countries’ last octogenarian leaders.
The octogenarian had been one of the world’s oldest crown princes.
About Sheikh Ahmad Nawaf al-Ahmad al-Jaber al-Sabah: i.Sheikh Nawaf was the 5th son of Kuwait’s late ruler Sheikh Ahmad al-Jaber Al-Sabah, who ruled from 1921 to 1950. ii.He became the Governor of Hawalli Governorate on February 12, 1962, and remained in the position until 1978. iii.He served as the Ministry of Interior from 1978 to 1988 and then in 2003 to 2006. iv.In 1985, he was appointed an officer with the rank of first lieutenant in the Ministry of Defense. He served as Minister of Defense in 1988. v.He was assigned to be in charge of the portfolio of the Ministry of Social Affairs and Labor on April 2, 1991. vi.He was one of the founders of the state’s modern police force and he served as Deputy National Guard Commander on October 16, 1994. vii.He became the first Deputy Prime Minister in 2003 and was later named Crown Prince in 2006, a position he held for 14 years. About Kuwait: Capital– Kuwait City Prime Minister– Sheikh Meshal Al Ahmad Al Jaber Al Sabah Currency– Kuwaiti dinar (KWD)
International Day to End Violence Against Sex Workers 2023- December 17The International Day to End Violence Against Sex Workers is annually observed across the globe on 17 December to focus attention on hate crimes committed against sex workers worldwide, as well as the need to remove the social stigma and discrimination that have contributed to violence against sex workers.
The Day has empowered sex workers from cities around the world to come together and organise against discrimination and remember victims of violence.
The global observance of the International Day to End Violence Against Sex Workers is led by the NSWP- Global Network of Sex Work Projects. Background: i.The day was started by the Sex Workers Outreach Project (SWOP), United States of America (USA), and inaugurated by Dr. Annie Sprinkle, an American certified sexologist on 17 December 2003. ii.The 1st International Day to End Violence Against Sex Workers was observed on 17 December 2003 as a memorial and vigil for the victims of Gary Ridgway, also known as the “Green River Killer” in Seattle, Washington (USA). iii.A memorial organised by Annie Sprinkle and Robin Few, Co-Founder of SWOP-USA was held on the lawn of San Francisco City Hall (USA) on 17 December 2003, the date of Ridgway’s conviction.
Since then the day has been observed annually on December 17 by sex workers, their advocates, friends, families, and allies across the world.
About NSWP- Global Network of Sex Work Projects: President– Phelister Abdalla (Kenya Sex Workers Alliance (KESWA)), Kenya Headquarters– Edinburgh, Scotland, United Kingdom (UK)
International Migrants Day 2023 – December 18United Nations (UN)’s International Migrants Day is annually observed across the globe on 18th December to create awareness about the important contribution of migrants while highlighting the challenges they face.
18th December 2023 marks the observance of 23rd International Migrants Day.
The theme of International Migrants Day 2023 is ‘Act Today‘. Background: i.On 4th December 2000, the United Nations General Assembly (UNGA), adopted the resolution A/RES/55/93 and proclaimed 18th December of every year as International Migrants Day. ii.The first ever International Migrants Day was observed on 18th December 2000. About United Nations(UN): i.The United Nations (UN) Charter of 1945 is the foundational treaty of the United Nations, as an inter-governmental organization. ii.The main bodies of the UN are
General Assembly
Security Council
Economic and Social Council
Trusteeship Council
International Court of Justice
UN Secretariat
Secretary-General – António Guterres Headquarters – New York, United States of America (USA) About International Organization of Migration (IOM): Director General – António Vitorino Headquarters – Geneva, Switzerland Established in – 1951
UN Arabic Language Day 2023- December 18The United Nations (UN) Arabic Language Day is annually observed across the globe on 18 December to honour the language and cultural diversity of the Middle Eastern Region.
The Day acknowledges the contribution of the ‘Arabic language’ in enriching science, philosophy, literature, art, and universal culture.
The 2023 commemoration coincides with the 50th anniversary of the proclamation of Arabic as one of the 6 UN official languages.
The 2023 theme of UN Arabic Language Day is, “Arabic – the Language of Poetry and Arts.”
Background: i.On 18 December 1973, the United Nations General Assembly (UNGA) adopted resolution 3190 (XXVIII) introducing Arabic as the 6th official language of the UN. ii.Commemorating this decision, in 2010 the UN Educational, Scientific and Cultural Organization (UNESCO) (190 EX/48) established the World Arabic Language Day to be celebrated on 18 December each year. iii.The 1st Arabic Language Day was observed on December 18, 2012.
India’s Coal Demand to grow at 3.5% annually till 2026: IEAi.According to the International Energy Agency (IEA) report titled ‘Coal 2023-Analysis and forecast to 2026‘, Indian coal demand is expected to rise by 3.5% annually to 1397 million tonnes (Mt) til 2026. In 2023, the coal demand in India is estimated to have increased by 8% or 98 Mt. ii.The global demand for coal will rise by 1.4% in 2023, reaching an all-time high of about 8536 Mt. The global coal consumption in 2026 is expected to be 2.3% lower than in 2023. iii.India aims for 50% non-fossil fuel power by 2030 but may need extra coal capacity to meet growing demand and ensure supply security. About the International Energy Agency (IEA): Executive Director– Dr Fatih Birol Headquarters– Paris, France Establishment– 1974
Logistics cost in India at 7.8% – 8.9% of GDP in 2021-22: NCAER 1st Official Logistic EstimatesOn December 14, 2023, the National Council of Applied Economic Research (NCAER) released secondary data-based estimates with guidance from the Asian Development Bank (ADB) experts. As per it, India’s logistic costs ranged between 7.8% and 8.9% of Gross Domestic Product (GDP) during 2021-22, down from 8.7-9.9% during 2011-12. These are the first official estimates of logistics costs in India.
It should be noted that these estimates are a part of report titled ‘Logistics Costs in India: Assessment and Long-term Framework’ released by the Logistics Division, Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry (MoCI).
This report was officially unveiled by Rajesh Kumar Singh, Secretary, DPIIT, SumitaDawra, Special Secretary, Logistics Division, DPIIT, and other dignitaries including Deputy Country Director, ADB, Hoe YunJeong.
What is in the report? i.Baseline aggregated logistics cost estimate ii.Framework for long-term logistics cost calculation. Assessment The secondary data for estimates was used from the Supply Use Tables and National Account Statistics of MoSPI and the NCAER’s 2019 study, “Analysis of India’s Logistics Costs”. Why these estimates required? Through the report, a framework is being developed, using 2021-22 for first estimates, which will aid in calculating credible logistics cost estimates. This will help in aligning India’s logistics costs with global benchmarks by 2030, as per the Logistics Policy launched in September 2022. About Logistics Policy: The policy aims to place India in the top 25 of the World Bank’s Logistics Performance Index (LPI) by 2030. It already saw a six-place improvement to 38 in 2023. It seeks to reduce costs and enhance the competitiveness of Indian industry. Highlights: i.India’s logistics costs saw a dip during 2014-15 to 2016-17, from 8.3-9.4% to 7.8-8.8%, due to a faster growth in nominal GDP than in logistic costs, and a fall in fuel prices. ii.This report recommends hybrid approach i.e. combining primary and secondary survey data along with real-time Big Data to estimate logistics costs comprehensively, covering trade flows, product types, industry trends, OD pairs, etc. iii.It also suggested the estimation of logistic costs on regular basis to ensure evidence-based decision making.
MoD Inks Rs 5336 Cr Contract with BEL For Procurement Of Electronic FuzesOn December 15, 2023, the Ministry of Defence (MoD) signed a 10-year contract worth Rs 5,336.25 crore with Bharat Electronics Limited (BEL) to procure electronic fuzes for the Indian Army (IA).
This contract has been signed for ammunition procurement under ‘Manufacture of Ammunition for Indian Army by Indian Industry’ as a part of Aatmanirbhar Bharat vision.
Electronic Fuzes will be manufactured by the BEL at its Pune, Maharashtra and upcoming Nagpur Plant, Maharashtra.
Aim: To attain self-sufficiency in ammunition production, minimize imports, acquire critical technologies, and secure stock during supply chain disruptions. Key Points: i.The fuzes purchased for artillery guns are capable of lethal engagements in diverse terrains, including high-altitude areas along the Northern Borders. ii.Electronic Fuzes are an integral component of medium to heavy caliber Artillery guns which provides sustained artillery firepower for military operations. iii.The project aims to create 150,000 man-days of employment, promote active involvement of Indian industries, including MSMEs (Micro, Small & Medium Enterprises), in ammunition manufacturing, and expand the national ammunition manufacturing ecosystem.
Celebrating 150 Years of Rio Tinto: Department of Posts India Unveiled a Commemorative Stamp and Cover Rio tinto, a British-Australian multinational metals and mining company, has launched a customised ‘My Stamp’ and a special cover called ‘Rio Tinto 150’ in collaboration with the Department of Posts, Ministry of Communications, Government of India.
The stamp commemorates the 150th anniversary of Rio Tinto which was founded in 1873.
Ashok Kumar, Postmaster General, Delhi Circle released the stamp & special cover in the presence of H.E. Mr. Philip Green OAM, the High Commissioner of Australia to India.
i.The cover features 6 blocks of images with the Rio Tinto 150 logo, it captures the essence of Rio Tinto’s products that are integral to everyday life. ii.The stamp valued at Rs. 5, is available for purchase at the National Philatelic Museum of India Post and can also be acquired online at https://www.epostoffice.gov.in/.
It denotes Rio Tinto’s commitment to driving innovation and continuous improvement to produce the minerals and metals used in everyday life most safely and sustainably possible.
TIWB launched Programme in Saint Lucia for Tax Administration; India chosen as Partner AdministrationThe Tax Inspectors Without Borders (TIWB), a joint initiative between the United Nations Development Programme (UNDP) and the Organisation for Economic Cooperation and Development (OECD) launched a program in Saint Lucia to strengthen its tax administration.
India, chosen as the Partner Administration, will provide Tax Experts for this 12-18 months program.
Note: This is the 7th TIWB program for which India has supported by providing Tax Experts. Previously, India has helped countries like Bhutan and Seychelles for tax administration. Key Participants: i.Pragya Sahay Saksena, Member (Legislation) of the Central Board of Direct Taxes (CBDT), Ministry of Finance, Government of India, virtually attended the launch. ii.Other notable participants of the event includes, Francis Fontenelle, Permanent Secretary, Ministry of Finance, Saint Lucia; Ben Dickinson, Head of Global Relations and Development Division of the Centre for Tax Policy and Administration at the OECD; and Rusudan Kemularia, Head of the TIWB Secretariat. Key Points: i.As a part of this programme, India will collaborate with the TIWB Secretariat and get the support of the UNDP Country Office, Barbados and the Eastern Caribbean, to strengthen the Tax administration of Saint Lucia. ii.As a partner administration, India will help Saint Lucia to strengthen its tax administration by transferring technical knowledge and skills to its tax administration and sharing best practices. iii.The program focus on the effective use of automatic exchange of information under the Common Reporting Standard (CRS) framework. About Saint Lucia: Prime Minister– Philip J. Pierre Capital– Castries Currency– East Caribbean Dollar (EC$)
KMBL & IIT Kanpur Launched India’s 1st School of SustainabilityKotak Mahindra Bank Limited (KMBL) and the Indian Institute of Technology, Kanpur(IIT-K) in Uttar Pradesh(UP), has launched “Kotak School of Sustainability (KSS)”, India’s first fully integrated school of sustainability, at IIT-K Campus.
KSS is funded by KMBL through their Corporate Social Responsibility (CSR) programme ‘Kotak Karma’.
Key People: i.Union Minister Dharmendra Pradhan, Ministry of Education(MoE) graced the event as Chief Guest. ii.Abhay Karandikar, Secretary, Department of Science and Technology(DST); Prakash Apte, Chairman of KMBL; and Nagendra Nath Sinha, Secretary, of Ministry of Steel(MoS) were present during the event. About Kotak School of Sustainability (KSS): Aim: To promote pedigree education, research, and outreach by focusing on enhancing home-grown capabilities to address sustainable development. Cost: The total project cost is around Rs 200 crore. Kotak will be contributing Rs 70 crore in the first phase. Features: i.The KSS will be housed in a green building in IIT-K’s main campus. It will be platinum-rated with net zero practices on energy, water, and waste. ii.KSS will be led by tenured professors and leading industry experts from across the world. iii.It will offer both undergraduate and postgraduate academic and skill-building programmes on different themes of sustainability. Key Points: i.KSS will acts as a platform for collaborative research across multiple facets of sustainability by bringing together departments and Centres of Excellence (COEs) at IIT-K. ii.KSS will have dedicated COEs covering diverse aspects of sustainability like clean energy, environment, ecology, circular economy, climate finance, sustainable societies and policy. v.KSS will contribute to India’s growing skilled workforce towards achieving the goal of long-term sustainable development, including its net-zero target by 2070. About Kotak Mahindra Bank Limited (KMBL): Managing Director & Chief Executive Officer (CEO)– Dipak Gupta Headquarters – Mumbai, Maharashtra Established in – 2003 Tagline – Let’s Make Money Simple
Sovereign Gold Bonds Scheme 2023-24 Series III Unveiled The Government of India (GoI), under Notification No.4(6)-B(W&M)/2023 dated December 8, 2023, announces the opening of Sovereign Gold Bonds (SGBs) 2023-24 (Series III) for subscription during the period December 18-22, 2023 with Settlement date December 28, 2023.
The issue price during the subscription period shall be Rs.6,199 per gram (as per the Reserve Bank of India (RBI) Press Release dated December 15, 2023).
The Government of India in consultation with the RBI has decided to allow a discount of Rs. 50 per gram to investors applying online and making payments through digital mode.
The issue price of Gold Bond for such investors will be Rs. 6,149 per gram.
PSBs Wrote-off Rs 10.42 lakh crore in 9 Years & Recovered 15.45% The Public Sector Banks (PSBs) have recovered Rs 1.61 lakh crore out of the Rs 10.42 lakh crore written off during the 9 fiscal years from 2014-15 to 2022-23.
The recovered amount accounts for around 15.45% of the total written-off amount.
What is a loan write-off?
As per Reserve Bank of India(RBI) guidelines and Banks Board-approved policies, Non-Performing Assets (NPAs), including those fully provisioned after 4 years, are written off from the balance sheets of the concerned banks.
Recovery from Written-Off: i.The recovery from written-off accounts is initiated through various mechanisms, such as
Filing of civil suits in the Debts Recovery Tribunals(DRTs)
Action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest(SARFAESI) Act, 2002.
Filing of cases in the National Company Law Tribunal(NCLT) under the Insolvency and Bankruptcy Code(IBC), 2016
ii.With respect to the ‘Framework for Compromise Settlements and Technical Write-offs’ released by the RBI in June 2023, lenders can offer compromise settlements to defaulters without prejudice to criminal proceedings.
Such compromise will enable multiple avenues for lenders to recover money in default without delay.
SCB written off Rs 10.57 lakh Crore in the last 5 years; Recovered Rs 7.15 lakh crore
Scheduled Commercial Banks (SCBs) have collectively written off Rs 10.57 lakh crore over the past 5 financial years spanning from 2018-19 to FY 2022-23.
Over Rs 5.52 lakh crore was allocated to loans linked to large industries. This also includes Rs 93,874 crore written off by all banks due to fraud during this period.
During this period, SCBs have recovered Rs 7.15 lakh crore from NPAs.
Note: In FY23, SCBs have collected an aggregate amount of Rs 5,309.80 crore as penal charges, including penalty charges against delay in payment of loans.
Static GK:
Scheduled Commercial Banks are divided into 6 types: Scheduled Public Sector Banks; Scheduled Private Sector Banks; Scheduled Small Finance Banks; Regional Rural Banks; and Foreign Banks.
At present, India has 12 Public Sector Banks and 22 Private Banks.
India’s IIP Hits 16-Month High of 11.7% in October 2023; Retail Inflation Rises to 3-Month High India’s Index of Industrial Production (IIP) has increased to a 16-month high, marking an 11.7% year on year (YoY) increase, in October 2023 compared to 6.2% YoY growth in September 2023. This was mainly due to the robust performances in the manufacturing (10.4%), electricity (20.4%), and mining (13.1%) sectors’ output.
The robust industrial growth contributes to a positive outlook for 2023-24 Gross Domestic Product (GDP). The 1st advance estimates of GDP data are anticipated on 5 January 2024, ahead of the Interim Budget for FY25.
In contrast,the retail inflation, based on the Consumer Price Index (CPI), has increased to a 3-month high of 5.55% in November 2023,partly because of a seasonal spike in vegetable prices.
Earlier, the Reserve Bank of India (RBI) adjusted the economic growth projection for FY24 upward by 50 basis points to 7%, anticipating a 6.5% GDP expansion in the December quarter.
3 Indian Armed Forces Officers Honoured with ‘Golden Owl’ at Sri Lanka’s DSCSC GraduationOn 14th December 2023,All 3 Indian Armed Forces officers, who underwent the Command & Staff course No 17 at the Defense Services Command & Staff College (DSCSC) in Sapugaskanda, Sri Lanka, were honoured with the “Golden Owl” for outstanding performance.
Ranil Wickremesinghe, President and the Commander in Chief of the Armed Forces of Sri Lanka presented the awardrs during the Graduation ceremony of DSCSC Course No.17 at Nelum Pokuna Mahinda Rajapaksa Theatre in Sri Lanka.
He also presented the Commandant’s Honours and Golden Pen award during the event.
The 3 Indian Officers were:
Major Rohit from the Indian Army.
Lieutenant Commander Sunnay Sharma from the Indian Navy
Wing Commander S Mahajan from the Indian Air Force
Note: i.The 3 Indian officers topped their respective wings amongst fellow student officers from over 10 countries. ii.Indian Navy’s Sunnay Sharma also received the ‘Commandant’s Honours’ during the ceremony. Golden Owl Award: i.The “Golden Owl” award serves as a testament to the officers’ exceptional analytical skills, strategic thinking, and potential for future leadership. ii.The award recognizes the most outstanding Sri Lankan Student officer and foreign Student officer of each Wing(Army, Air force and Navy). Commandants Honours: “Commandants Honours” Award is presented to officers with the highest aggregate in the overall grading and outstanding performances displayed during the entire course of training. Golden Pen: The Golden Pen Award was presented to the student officer who produces the best commandant’s research paper from the three wings. About Defence Services Command and Staff College (DSCSC): DSCSC is the highest seat of military learning for middle-grade Officers of the Tri Forces. It aims to develop the professional knowledge and understanding of Student Officers of the Tri-Services, Sri Lanka Police, Friendly Foreign Countries and other State Agencies and prepare them for appointments on Command and Staff on state administrative procedures in the public sector. DSCSC Course No 17: DSCSC Cource No 17 comprised 148 undergraduates which includes 123 officers from Sri Lanka ( 72 Army, 26 Navy, 24 Air Force and 1 Police Officer) and 25 foreigners from Bangladesh (2), India (3), Indonesia (1), Maldives (2), Nepal (2), Pakistan (2), Rwanda (1), Saudi Arabia (10), Senegal (1) and Zambia (1). About Sri Lanka: Capital– Sri Jayawardenepura Kotte (Legislative Capital); Colombo (Executive and Judicial capital) Prime Minster– Dinesh Gunawardena Currency– Sri Lankan Rupee
First-Time MLA Bhajan Lal SharmaSworn in as 14th CM of RajasthanBhajan Lal Sharma of the Bharatiya Janata Party (BJP), a 1st-time Member of the Legislative Assembly (MLA) elected from the Sanganer Constituency, sworn in as the 14th Chief Minister (CM) of Rajasthan.
Rajasthan Governor Kalraj Mishra administered oath of office and secrecy to Bhajan Lal Sharma in the event held in Jaipur, Rajasthan.
Bhajan Lal Sharma replaced Indian National Congress (INC) leader Ashok Gehlot, who served as the CM of Rajasthan for 3 terms from 1998-2003, 2008-2013, and 2018-2023.
About Rajasthan: Chief Minister – Bhajan Lal Sharma Governor– Kalraj Mishra Festivals– Udaipur Mewar Festival (March/April) and BrajHoli (March)
DRDO Successfully Tested High-Speed Flying-Wing UAV Under Project “Ghatak”Defence Research and Development Organisation (DRDO) has successfully carried out a flight trial of an indigenous high-speed tailless flying-wing stealth Unmanned Aerial Vehicle (UAV) from the Aeronautical Test Range, Chitradurga, Karnataka.
The FWTD has been developed for India’s secret unmanned combat aerial vehicle (UCAV) programme called ‘Ghatak’.
About UAV: i.The UAV is called as Autonomous Flying Wing Technology Demonstrator (FWTD) ii.FWTD was designed and developed by the Aeronautical Development Establishment (ADE), a premier DRDO laboratory located in Bengaluru, Karnataka. iii.DRDO carried out the maiden flight of this aircraft in 2022, followed by six more trials in various developmental configurations using two in-house manufactured prototypes. iv.These flight test programs facilitated significant advancements in the development of a robust aerodynamic and control system, integrated real-time and hardware-in-loop simulation capabilities, and a modern Ground Control Station. v.The aircraft (along with a complex arrowhead wing platform), is designed and manufactured with indigenously developed lightweight carbon prepreg composite material. Features: i.FWTD can take-off and land from any runway with surveyed coordinates. ii.The UAV can land autonomously without the need for ground radars, infrastructure and pilot. iii.FWTD uses onboard sensor data along with indigenous satellite-based augmentation using GPS Aided GEO Augmented Navigation (GAGAN) receivers to improve the accuracy and integrity of Global Positioning System (GPS) navigation. iv.This aircraft is powered by a small turbofan engine and equipped with fibre interrogators for health monitoring. Additional Info: i.(UCAV) programme aims to develop a technology demonstrator called stealth wing flying test bed (SWift). ii.The programme is linked to the development of India’s fifth-generation stealth fighter advanced medium combat aircraft (AMCA). About Defence Research and Development Organisation (DRDO): Chairman – Samir Vankatpati Kamat Headquarters – New Delhi, Delhi Established in – 1958
World’s Deepest Physics Laboratory began its Operation in China’s SichuanChina has commenced the operation of a 2,400-metre (7,874 feet) deep physics laboratory, Deep Underground and Ultra-low Radiation Background Facility for Frontier Physics Experiments (DURF) in Sichuan Province of the People’s Republic of China (PRC).
DURF has become the deepest and largest underground lab in the world.
About DURF: i.DURFis the expansion of the second phase of China Jinping Underground Laboratory (CJPL – II) which was jointly developed by Tsinghua University and Yalong River Hydropower Development Company Limited. ii.The construction of 330,000 cubic metres laboratory was started in 2020. iii.DURF is located beneath Jinping Mountain in Sichuan’s Liangshan Yi Autonomous Prefecture. iv.The extreme depth of the laboratory blocks most cosmic rays and provides ultra-low cosmic ray flux, extremely low environmental radiation, extremely low radon concentration, and ultra-clean space. v.The lab emerged as a pioneering hub for carrying out scientific experiments on dark matters by scientists.
The dark matter is a hypothetical form of matter that appears not to interact with light or the electromagnetic field.
Scientists infer that visible matter accounts for only about 5 percent of the universe, while some 95 percent of the universe is made up of dark matter and dark energy.
Additional Info: The first phase of the China Jinping Underground Laboratory(CJPL – I) was inaugurated in 2010, with a room capacity of about 4,000 cubic meters. About People’s Republic of China (PRC): President – Xi Jinping Capital – Beijing Currency – Renminbi(Yuan )
Hyderabad’s HC Robotics Partners with France’s Merio to make Advanced Gimbals for Indian Armed Forces Hyderabad(Telangana)-based HC RoboticsPrivate Limited is set to collaborate with the France-based Merio, specialised in UAV(Unmanned Aerial Vehicle) payload systems, to make Advanced Gimbals for the Indian armed forces.
A high-level delegation led by Remi Plenet, Chief Executive Officer (CEO) of Merio, met with Sridhar Babu, Minister for Industries and Information Technology, Telangana to explain Merio’s plan to build new technologies in Hyderabad.
The delegation has met officials of the Defence Ministry, and Air Force Chief, and visited Western Naval Command and Indian Coast Guard, etc focusing on developing advanced gimbals in collaboration with HC Robotics.
India’s Antim Panghal, along with Hasrat & Georgios Named as UWW Rising Star of the Year 2023 India’s Antim Panghal, Georgios Kougioumtsidis (Greece), and Hasrat Jafarov(Azerbaijan) have been named as United World Wrestling’s (UWW) Rising Stars of the Year 2023 in Women’s Wrestling, Freestyle, and Greco-Roman respectively.
Iszmail Muszukajev (Hungary), Bose Tosun (Türkiye), and Gabriel Rosillo (Cuba) have been named UWW’s Breakout Performances of the Year2023 in Freestyle, Women’s Wrestling, and Greco-Roman respectively.
The 19-year-old Antim Panghal from Haryana becomes the UWW Women’s Rising Stars of the Year 2023 for her exceptional performances, including her two women’s World Under-20 Championship titles (2022 and 2023) in the 53kg category.
She is also the first Indian women’s Wrestler to win junior world champion (under-20) more than once.
Antim Secured the bronze medal in the women’s 53kg category in the Asian Games held in Hangzhou(China) in October 2023.
About United World Wrestling (UWW): United World Wrestling (UWW) is the international governing body for the sport of wrestling. President – Nenad Lalovic Headquarters– Corsier-sur-Vevey, Switzerland Established – 1905
53rd Vijay Diwas– 16th December 2023Vijay Diwas, or Victory Day(Bijoy Dibos), is annually observed across India and Bangladesh on 16 December to celebrate the historic victory of Indian armed forces against Pakistan in the 1971 Indo-Pak war (India – Pakistan War of 1971).
The Day also pays tributes to the martyrs of both India and Bangladesh, who lost their lives on the line during the war.
16 December 2023 marks the celebration of the 53rd Vijay Diwas.
Observance in Bangladesh: i.Bijoy Dibos, celebrated on December 16, is a national holiday in Bangladesh . ii.The Day commemorates the formal surrender of the Pakistani Armed Forces to the joint Indian and Mukti Bahini (Bangladeshi liberation forces) in Dhaka (now Bangladesh) during the Bangladesh Liberation War in 1971. About the 1971 Indo-Pak War: i.It was a 13-day military confrontation between India and Pakistan that occurred during the Bangladesh Liberation War in East Pakistan from 3 to 16 December 1971.
India entered the war supporting Bengali nationalist forces seeking independence in East Pakistan.
ii.The war concluded with the Instrument of Surrender signed by the Eastern Command of the Pakistan military on December 16, 1971, in Dhaka.
It marked the formation of East Pakistan as the new nation of Bangladesh.
2023 Events: i.As a part of 53rd Vijay Diwas, the Southern Command of the Indian Army organised a 53-hour Ultra Marathon at Pune’s(Maharashtra) Race Course.
24 participants have embarked on a 53-hour Ultra Marathon, which commenced on 14 December 2023 and concluded on 16 December 2023.
MoEF&CC launched the Indian Forest and Wood Certification SchemeThe Ministry of Environment, Forest and Climate Change (MoEF&CC) has launched the Indian Forest and Wood Certification Scheme (IFWCS) to encourage sustainable forest management and agroforestry in India by offering voluntary third-party certification. About the Indian Forest and Wood Certification Scheme: The scheme has three main components:
Forest Management Certification
Tree Outside Forest(TOF) Management Certification
Chain of Custody(COC) Certification
IFWCS is governed by the Indian Forest and Wood Certification Council (IFWCC) and operated by the Indian Institute of Forest Management (IIFM) in Bhopal(Madhya Pradesh) as the designated Scheme Operating Agency (SOA). About Ministry of Environment, Forest and Climate Change (MoEF&CC): Union Minister– Bhupendra Yadav(Rajya Sabha- Rajasthan) Minister of State– Ashwini Kumar Choubey(Constituency- Buxar, Bihar)
NITI Aayog, IFPRI sign SoI to Strengthen Policy Frameworks for Agricultural TransformationOn December 13, 2023, National Institution for Transforming India (NITI Aayog) and the International Food Policy Research Institute (IFPRI) have signed a 5-year long Statement of Intent (SoI) to strengthen the policy and programme frameworks that will contribute to the development of India. About the SoI: i.This SoI will broaden the mandate of IFPRI to support the Agriculture Vertical of NITI Aayog in key areas. ii.IFPRI will provide policy analytics and support to NITI in mutually identified areas within the broader realm of food systems transformation, initially focusing on agriculture, rural development, trade, and climate change policies in India iii.The activities under the SoI includes
developing and tracking Rural Transformation Indicators
supporting the design and evaluation of flagship programs,
providing policy analytical tools
generating evidence on India’s agri-food trade in regional and global contexts
Note: NITI Aayog has been guiding the development programs through periodic monitoring and evaluation with focus on agriculture to ensure sustainable and inclusive agricultural and rural transformation. Key People: Chief Guest- SumanBery, Vice Chairman, NITI Aayog. Participants: Johan Swinnen, Director General of IFPRI and Managing Director of Systems Transformation, CGIAR(Consultative Group on International Agricultural Research), France. Prof. Ramesh Chand, Member, NITI Aayog, About National Institution for Transforming India (NITI) Aayog: Chairman– Prime Minister (PM) of India (Currently- Narendra Modi) CEO– B.V.R. Subrahmanyam Establishment– 2015 Headquarters– New Delhi, Delhi About International Food Policy Research Institute (IFPRI): Director General– Johan Swinnen Headquarters– Washington, DC, United States of America (USA) Establishment– 1975
India’s Women Voters toSurpass Male Voters from 2029 General Election: SBI’sERD ReportOn December 14, 2023, the State Bank of India’s (SBI) Economic Research Department (ERD) released a report titled ‘Women Empowerment & Ladli Behna_Dec23‘ which states that women voters in India will surpass male voters from the 2029 General Election onwards.
In 2029, the total voter turnout is expected to be 73 crores of which women voters will be at 37 crore, which will be higher than the registered men voters at 36 crore.
The report projects that the total voter turnout in the 2024 general election will be around 68 crores of which 33 crore (49%) will be women.
The 2047 General Election Voter Turnout Projection: ERD projects that in 2047 (probable election year 2049), women voter turnout should increase to 55% and men voter turnout might decrease to 45%.
It is projected that in 2047, around 115 crore would be registered electors.
The voter turnout is projected to be at 80% (92 crore), with women outnumbering men (50.6 crore women, 41.4 crore men).
Rise of Voter Count: i.In 1951, 8 crore voted; by 2009, it rose to 42 crores, with 19 crores women. ii.In 2014, the voter turnout increased by 13.7 crores to 55 crores. This includes 26 crore women.
This was 5.5 time higher than average voter turnout between 1962 and 2009. The same was 5.8x for women and 5.2x for men.
2014 witnessed the highest increase in voter turnout with 8.23% increase in voter turnout adding nearly 13.6 crore (6.9 crore women & 6.7 crore men) voters in polling vote.
iii.In 2019 Lok Sabha elections, 67.18% women voted as compared to 67.01% men. iv.In state assembly elections (in last 5 years) across 23 major states, women’s voter turnout surpassed men’s in 18 states. Key Points: i.The report highlights Madhya Pradesh (MP) MukhyaMantriLadliBehna scheme as a key women empowerment initiative, offering financial support to women aged 21-60 for enhancing the health and nutrition of themselves and their dependent children. The 17th Lok Sabha of India has the highest ever number of women politicians with a total of 78 which is nearly 14%.
On the other hand, Scandinavian countries such as Sweden Norway, and South Africa have more than 45% women representation in their national legislatures. Japan at 10%, lags behind India.
iii.On the basis National Sample Survey (NSS) data, the report indicates that unpaid women’s total economic contribution amounts to approximately Rs 22.7 lakh crore, constituting 7.5% of India’s Gross Domestic Product/GDP (Rural: Rs 14.7 lakh crore, Urban: Rs 8 lakh crore).
Report on “Logistics Costs in India: Assessment and Long-Term Framework”: Released by DPIITThe Logistics Division of the Department for Promotion of Industry and Internal Trade (DPIIT) under the Ministry of Commerce and Industry (MoCI) haslaunched a report titled “Logistics Cost in India: Assessment and Long-Term Framework” in New Delhi, Delhi.
The Report was prepared by the National Council of Applied Economic Research (NCAER), along with Asian Development Bank (ADB) experts and task force members.
About the report: i.The report offers reliable estimates regarding the efficient movement of goods and services. ii.This report presents
a baseline aggregated logistics cost estimate.
a framework for long-term logistics cost calculation
About the Ministry of Commerce and Industry (MoCI): Union Minister – Piyush Goyal (Rajya Sabha – Maharashtra) Minister of States(MoS) – Anupriya Singh Patel (Constituency: Mirzapur, Uttar Pradesh) ; Som Parkash (Constituency: Hoshiarpur, Punjab)
WHO’s 5th Global Status Reports on Road Safety 2023: Global Road Traffic Deaths Drops by 5%; Rise in India’s Global ShareThe World Health Organisation (WHO) launched the report titled “Global Status Reports on Road Safety 2023”, which shows that the annual number of road traffic deaths across the world has slightly decreased to 1.19 million from 1.25 million, marking a 5% decrease in 10 years between 2010 and 2021.
The 2023 report provides an overview of progress between 2010 and 2021. This is the 5th edition in the series published since 2009.
As of 2019, road traffic injuries are the primary cause of death for those aged 5-29, and the 12th leading cause of death globally when all ages are considered.
In India, the total number of road traffic fatalities went up from 1.34 lakh in 2010 to 1.54 lakh in 2021, and India’s share in global road fatalities also increased from 11% to 13%.
About World Health Organisation (WHO): Director General– Dr Tedros Adhanom Ghebreyesus Headquarters– Geneva, Switzerland Founded on– 7 April 1948
LIC Cards, IDFC First & Mastercard Collaborate to Launch Co-Branded Credit CardLIC Cards Services Limited (LIC CSL), IDFC FIRST Bank Limited and Mastercard has collaborated to launch “LIC IDFC FIRST Credit Cards”, a co-branded credit card to meet the dynamic financial needs of India.
The card is available in two variants: LIC Classic Credit Card and LIC Select Credit Card.
The Lifetime free card is (zero joining fee and zero annual fee) specially designed for the customers in Tier II and Tier III cities.
Co-branded Credit Card: i.The card provides reward points on payment of every Life Insurance Corporation of India (LIC) insurance premium. ii.These reward points (valid for 3years) can be redeemed by a cardholder against any online purchase, including the payment of LIC insurance premiums. iii.The card comes with Zero Joining Fee and Zero Annual Fee with no minimum spend conditions. Eligibility: i.Primary cardholder should be above the age of 21 years. ii.The annual income of a cardholder should be Rs.3 lakhs or more. Benefits: i.The card offers low interest rate of 9% per annum. ii.The card provides upto Rs 50,000 cover for lost card liability and a personal accident insurance cover of up to Rs 5 lakh. iii.The card gives complimentary access to lounges at airports and railway stations insurance. iv.The cardholders also avail a 1% fuel surcharge waiver along with roadside vehicle assistance worth Rs 1,399. v.The cardholders can use the card to withdraw cash from an Automated Teller Machine (ATM) at zero interest rate. About IDFC FIRST Bank Limited: Managing Director & Chief Executive Officer (CEO)– V. Vaidyanathan Headquarter– Mumbai, Maharashtra Established– 2015 Tagline– “Always You First” About LIC Cards Services Limited (LIC CSL): LIC Cards Services Ltd., (LIC CSL) is a wholly owned subsidiary of Life Insurance Corporation of India (LIC) of India. Headquarters – New Delhi, Delhi Established in– 2008
Cashfree Payments Launches India’s First Self-Hosted Payments Orchestration Platform Cashfree Payments has introduced India’s first self-hosted payments orchestration platform ‘FlowWise’ which allows payment management to take place directly on the merchant’s infrastructure. About FlowWise: i.FlowWise is one setup solution for Indian businesses for managing different payment systems. It simplifies the complexity and effort of using multiple Payment Gateways (PGs) for businesses. ii.The platform is considered to be secure as there is no scope for data leaks. iii.The platform allows to send payments to different partners by cutting processing costs by up to 40% and improving success rates up to 10%.
RIL & DBS Bank India Collaborates to Promote CBG Plants Across IndiaReliance Industries Limited (RIL) and DBS Bank Indiahave collaborated to introduce a customised supply chain financing program meet the requirements of compressed biogas (CBG) project initiated by RIL.
This initiative is a part of RIL’s net zero emissios roadmap.
Note: DBS Bank India’s customized funding structure facilitates the development of a competitive logistics and scalable CBG industry. Key Points: i.DBS Bank India customizes its supply chain financing model to accommodate the unique challenges presented by the highly fragmented and seasonally variable CBG industry. ii.The financing will enable the development of an ecosystem where vendor partners can aggregate agricultural residue as raw material for Reliance’s CBG production plants across India. Reliance’s Green Vision: i.RIL sees agricultural residue as pivotal in its net-zero roadmap and plans to invest nationwide in producing CBG as an eco-friendly alternative to imported Compressed Natural Gas (CNG) and other fossil fuels. ii.It has planned to set up 100 CBG plants over 5 years that will not only meet domestic gas demand but also position India as a key biofuel source. iii.The focus is on converting over 5.5 million tonnes per annum of agricultural residue and organic waste.
The initiative contributes to India’s net-zero goals, reducing carbon dioxide (CO2) emissions by nearly 2 million tonnes annually.
Benefits of CBG Plants: i.CBG plants play a crucial role in controlling air pollution, caused primarily by burning organic waste. ii.These plants not only manage waste effectively but also contribute significantly to reducing carbon emissions. iii.It will also contribute towards the production of Fermented Organic Manure (FOM) which will enhance soil fertility and reduce the consumption of chemical fertilizers over a period. iv.It can benefit farmers from an additional revenue stream, avoiding penalties tied to residue burning. About Reliance Industries Limited (RIL): Chairman and Managing Director(CMD)– Mukesh D. Ambani Headquarters– Mumbai, Maharashtra About DBS Bank India Limited: It is a wholly owned subsidiary of DBS Bank Ltd, Singapore. MD & CEO– Surojit Shome Headquarters– Mumbai, Maharashtra
Music Conductor Daniel Barenboim & Peace Activist Ali Abu Awwad honourd with Indira Gandhi Prize for Peace 2023The Indira Gandhi Prize for Peace, Disarmament, and Development for 2023 has been jointly awarded to Daniel Barenboim, an Argentine-Israeli classical pianist and conductor, and Ali Abu Awwad, Palestinian peace activist, for their efforts towards a non-violent resolution of the Israel-Palestine conflict.
They utilised instruments of music and people’s action to promote meaningful political and humanitarian dialogue, mutual social and cultural understanding, and peaceful public cooperation.
They brought together the youth and peoples of Israel and the Arab World for a peaceful resolution of the ongoing conflict in the Middle East
About Indira Gandhi Memorial Trust: Chairperson– Sonia Gandhi Headquarters- New Delhi, Delhi
India’s first woman candidate, UmaSekhar, elected to Governing Council of UNIDROITIndia’s first woman candidate, Uma Sekhar was elected to the Governing Council of the International Institute for the Unification of Private Law (UNIDROIT) in its 82nd session, by winning 45 out of 59 votes in the initial round of elections held in Rome, Italy on 14 December 2023.
The election consisted of 32 contestants from different countries.
With this, India will be a member of the Governing Council for the period from 1 January 2024 – 31 December 2028.
Uma Sekhar is an Additional Secretary and Legal Adviser in the Ministry of External Affairs (MEA), India.
Note: The current President of this Governing Council is Maria ChiaraMalaguti (As of December 14 2023). Key Points: i.To be elected to the Governing Council, 21 votes were required ii.The Governing Council consists of 25 positions which are held by distinguished legal experts. iii.India, as a Governing Council member, is positioned to significantly influence UNIDROIT’s direction and policies in its term. iv.UNIDROIT aims to study and develop uniform laws to modernize, harmonize, and coordinate private and commercial laws among states and state groups. About International Institute for the Unification of Private Law (UNIDROIT): Secretary-General– Professor Ignacio Tirado Headquarters– Rome, Italy Members– 65 Nations Re-established in – 1940
CCI Approves Acquisition of 100% Shareholding in Constantia by Capripack On December 12, 2023, the Competition Commission of India (CCI) approved the acquisition of sole control over Constantia Flexibles Holding GmbH (Constantia) by Capripack BidCo GmbH (Capripak).
The sole control will be acquired by the acquisition of 100% of Constantia’s shareholding and voting rights from Constantia Lux S.à r.l.
Acquirer– Capripak Target – Constantia Seller– Constantia Lux S.à r.l. About Capripack: i.Capripack is an acquisition vehicle owned by investment funds managed and advised by One Rock Capital Partners, LLC (ORC), a private equity firm based in New York, United States of America(USA). ii.ORC manages funds that invest in portfolio companies operating across diverse industries like chemicals, specialty manufacturing, healthcare, food, and environmental services. About Constantia: i.Constantia, headquartered in Austria, is a wholly owned subsidiary of Constantia Lux S.à r.l. It is indirectly controlled by funds managed or advised by Wendel SE, a French investment company. ii.It is global producer of flexible packaging products for everyday use products.
Its products are mainly based on aluminium (foil), film and paper.
About Competition Commission of India (CCI): Chairperson– Ravneet Kaur Headquarters– New Delhi, Delhi Establishment– 2003 Tagline– Fair Competition for greater Good
India’s Fastest’ Solar-Electric Boat Barracuda Launched in Kerala India’s fastest solar-electric boat, Barracuda was launched at the Navgathi Panavally Yard in Alappuzha, Kerala. The vessel was jointly developed by Mazagon Dock Shipbuilders Limited and Navalt Solar & Electric Boats Private Limited. About the vessel: i.Barracuda has twin 50 kilowatt (kW) electric motors, a marine-grade LFP battery, and 6 kW solar power system. ii.The vessel can be deployed in the rough seas as a workboat to ferry up to 12 passengers and cargo. ii.The vessel is of 14-metre-long and 4.4-metre-wide. iii.It can travel at a top speed of 12.5 knots (23 kmph) and has a range of seven hours on a single charge.
China Launches Uncrewed Reusable Spacecraft Into the Orbit China launched a reusable uncrewed spacecraft atop a Long March 2F rocket from the Jiuquan Satellite Launch Center, China.
The launch marked the third instance of a reusable robotic spacecraft after 2020 and 2022.
The spacecraft was developed by the China Aerospace Science and Technology Corporation (CASC)
The spacecraft was launched in a series of secretive orbital test flights which is aimed at developing reusable technologies to reduce space mission costs.
The spacecraft will operate in orbit for a certain period of time and return to the designated landing site in China.
China’s reusable spacecraft mission coincides with the United States of America(USA)’s X-37B.
China starts up world’s first fourth-generation nuclear reactor China has commenced the operations of 200 megawatt (MW) High-Temperature, Gas-Cooled Reactor (HTGCR) plant which is the world’s first fourth-generation nuclear reactor in Shandong, China.
The plant was developed jointly by state-run utility Huaneng, Tsinghua University and China National Nuclear Corporation.
The plant uses a modular design(less than 300MW) which can be constructed off-site.
China has a goal to produce 10% of electricity from nuclear by 2035 and 18% by 2060.
About People’s Republic of China: President – Xi Jinping Capital – Beijing Currency – Renminbi(Yuan )
Leander Paes & Vijay Amritraj Become 1st Indians to be inducted into the International Tennis Hall of FameIndian tennis legends Leander Paes; Indian sports commentator and promoter Vijay Amritraj; and British sports journalist and writer Richard Evans were inducted into the International Tennis Hall of Fame as a part of the class of 2024.
Leander Paes was selected under Player Category and Vijay Amritraj and Richard Evans were selected under Contributer Cateogry.
Paes and Amritraj have became the 1st two Indians to receive the honours and the 1st Asian men to be selected in their respective categories.
Note: With this, India has became the 28th nation represented in the Hall of Fame. About Association of Tennis Professionals (ATP): Chairman– Andrea Gaudenzi Chief Executive Officer– Massimo Calvelli Headquarters– London, United Kingdom (UK) Formed in– September 1972
BCCI Retires MS Dhoni’s Iconic Jersey Number 7 The Board of Control for Cricket in India (BCCI) has announced the retirement of the former Indian cricketer Mahendra Singh Dhoni’s (MS Dhoni) iconic jersey number “7” to honour his achievements in Indian cricket. About the Retirement of Jersey Number: i.MS Dhoni becomes the second Indian to be given this honour after Sachin Tendulkar, whose jersey number “10” retired in 2017.
Since both the two jersey numbers “7” and “10” were retired, they will not be designated for any other Indian cricket players.
ii.According to International Cricket Council(ICC) rules, the numbers 1-100 were allotted to cricket players as jersey numbers when they debuted for the national team.
BCCI also reported that around 60 out of 100 numbers were already designated to the players who currently plays for the Indian team and those in contention. Thus, the upcoming debutant will choose from the remaining undesignated numbers.
The present Indian players with popular jersey numbers are Virat Kohli (18) and Rohit Sharma (45).
About MS Dhoni: i.MS Dhoni,a Ranchi(Jharkhand)-born cricketer, made his international debut for the Indian cricket team in December 2004 against Bangladesh. ii.He has represented India in 90 test matches, scoring 350 One-Day Internationals (ODI) and 98 Twenty20 Internationals (T20I), with 4876, 10773, and 1617 runs respectively. iii.MS Dhoni announced his retirement from international cricket on 15th August 2020. He made his last appearance wearing India’s jersey No.7 in the 2019 World Cup (England & Wales) semi-final against New Zealand . iv.He played in the Indian Premier League(IPL) for Chennai Super Kings(CSK)(2008 – 2015 & 2018 – Present)and Rising Pune Supergiants(2016 – 2017). Records: i.MS Dhoni is the only captain in the history of cricket to win three ICC trophies: the World T20 in 2007 (held in South Africa), the ODI World Cup in 2011 (held in India, Sri Lanka, and Bangladesh), and the ICC Champions Trophy in 2013 (held in England and Wales). ii.He holds the record for most dismissals by an Indian keeper, with 634 catches and 195 stumpings in his cricket career. iii.He had also won 5 IPL trophies (2010,2011,2018,2021 & 2023) Honors & Awards: i.He was the recipient of Padma Shri (2009) and Padma Bhushan (2018) for sports. ii.He is the 2nd cricketer to be awarded Rajiv Gandhi Khel Ratna (now Major Dhyan Chand Khel Ratna) in 2007 after Sachin Tendulkar in 1997–1998. iii.He was bestowed the honorary rank of Lieutenant Colonel in the Indian Army in 2011.
Novak Djokovic and Aryna Sabalenka wins ITF World Champion awards 2023Novak Djokovic, a Serbian tennis player, has been named men’s International Tennis Federation (ITF) World Champion 2023 for the eighth time in his career.
Aryna Sabalenka, aBelarusian tennis player, has been named as the women’s ITF World Champion for the first time for her consistent performance in the 2023 season.
The ITF World Champions Awards honours tennis players for their outstanding performances from the previous season.
Winners of ITF World Champion Awards 2023:
In the 2023 season, Djokovic won three out of four grand slams, including the Australian Open 2023, the French Open 2023, and the US Open 2023.
He also holds the record for the most number of grand slam titles(24).
ii.Women’s Singles:In the 2023 season, Aryna Sabalenka won the Australian Open women’s singles title and reached the semifinals of the French Open, Wimbledon, and the finals of the US Open.
iii.Men’s Doubles: Rajeev Ram (United States of America) and Joe Salisbury(United Kingdom)have been named men’s doubles ITF World Champions for a second time.
In 2023, the pair won the men’s doubles title at the US Open and Nitto Association of Tennis Professionals (ATP) Finals.
ICICI Prudential Life & Ujjivan SFB enters Bancassurance Partnership to Distribute Life Insurance ProductsICICI Prudential Life Insurancelimited have have entered into a bancassurance partnership Ujjivan Small Finance Bank (SFB) Limited for the distribution of life insurance product . Key Points: i.Under this partnership, Ujjivan SFB’s 700+ branches across 26 states and Union Territories will offer the entire suite of ICICI Prudential Life’s customer-friendly protection, long-term savings, and retirement products to its customers. ii.Through this partnership, Ujjivan SFB aims to increase access to insurance solutions for the middle class and enable them to secure their financial future. iii.This partnership will bridge the demand gap for insurance services, and strengthen Ujjivan’s position in offering insurance solutions for its customers. Highlighted Products: i.On the pure protection platform, ICICI Pru iProtect Smart and ICICI Pru iProtect Return of Premium will be available.
The protection products can serve as crucial income replacements in the unfortunate loss of the primary breadwinner.
ii.For long-term savings, customers will be able to conveniently purchase ICICI Pru GIFT Pro, ICICI Pru Gold, and ICICI Pru Signature.
Long-term savings products will aid customers in building a savings pool and creating supplementary income sources.
iii.For retirement planning, ICICI Pru Guaranteed Pension Plan Flexi will aid Ujjivan SFB customers in systematically planning for their retirement.
iv.Introduction of ICICI Pru Stack, a suite of digital capabilities, enables efficient customer segmentation, lead generation, and end-to-end digital policy issuance.
The stack provides customers with a virtually paperless buying journey.
About ICICI Prudential Life Insurance Company Limited: It is promoted by ICICI Bank Limited and Prudential Corporation Holdings Limited. Managing Director & CEO– Anup Bagchi Headquarters– Mumbai, Maharashtra Started operating in 2001
ADB approves USD 250mn to support NICDP Subprogram 2; USD 200mn Loan to improve Waste Management in Indiai.On December 8, 2023, the Asian Development Bank (ADB) approved a USD 250 million policy-based loan to develop industrial corridors in India aligning with the National Industrial Corridor Development Program (NICDP). ii.This funding supports NICDP subprogram 2 for development of multimodal logistics in industrial corridors under the Prime Minister (PM)Gati Shakti– National Master Plan for Multi-modal Connectivity platform. iii.On December 13, 2023, ADB approved USD 200 million loan to improve solid waste management and sanitation in Indian cities. It will support GoI’s Swachh Bharat Mission (Clean India Mission)–Urban 2.0 targeting garbage free Indian cities by 2026. iv.ADB announced plans to launch the Climate Action Catalyst Fund (CACF) on January 1, 2024. It is a first-of-its-kind carbon fund under the Paris Agreement. About National Industrial Corridor Development Program (NICDP): CEO & MD– Rajat Kumar Saini Headquarters– New Delhi, Delhi
SBI Signs 70 Million Euro Loan with Germany’s KfW For Solar PV ProjectsThe State Bank of India (SBI) has signed a 70 million Euro (approximately Rs 636 crore) Line of Credit (LoC) with KfW Development Bank, Germany, to support solar photovoltaic(PV) projects in India.
The agreement was signed at the International Financial Services Centres (IFSC) Gujarat International Finance Tec-City (GIFT City) Branch of SBI in Ahmedabad, Gujarat.
India’s COP Commitments: i.The agreement is in line with India’s commitment made at 28th Conference of the Parties of the United Nations Framework Convention on Climate Change (UNFCCC – COP 28) summit held at Dubai in November 2023. ii.COP 28 calls for deep, rapid and sustained reduction in greenhouse gas (GHG) emissions” and “transitioning” away from fossil fuels in the energy system in an orderly and equitable manner iii.India’s commitment at COP26 in 2021, promising five key climate goals, including 500 Gigawatt (GW) of non-fossil energy by 2030 and generating half of all energy requirements from renewables, to reducing emissions by 1 billion tonnes by 2030. iv.India aims to reduce the GHG emissions intensity of Gross Domestic Product (GDP) by 45 per cent. v.India also commits to net-zero emissions by 2070. About State Bank of India (SBI): Chairperson – Dinesh Kumar Khara Headquarters – Mumbai, Maharashtra Established in – 1955 About Kwf Development Bank: Chief Executive Officer (CEO) – Stefan Wintels Headquarters – Frankfurt, Germany Established in – 1948
Federal Bank recognised as Top Performer of 2023 CAFI Award for Climate Reporting by IFCInternational Finance Corporation (IFC), a member of the World Bank Group, has recognised Federal Bank Limited as the top performer of the 2023 Climate Assessment for Financial Institutions (CAFI) Awards for Climate Reporting.
Federal Bank emerged as a standout performer by securing 2 positions on the global stage and 4 recognitions in South Asian Region.
Note: Around 258 financial institutions across the globe are participating in climate reporting through the CAFI tool. Accolades Received by Federal Bank: Global recognition:
Highest Climate Loan Amount Reported
Most (Greenhouse Gas) GHG Mitigated.
FY23 Regional Award (South Asia):
Most Transactions Reported
Highest Climate Loan Amount Reported
Most GHG Mitigated
Best Achievement vs Climate Targets
The awards recognise the Federal Bank’s dedication to climate-conscious practices. 2023 CAFI Awards for Climate Reporting: i.The 2023 CAFI Awards for Climate Reporting acknowledges the IFC clients using the CAFI tool to report on their climate investments and commitments in emerging markets. ii.Apart from Federal Bank, 2 other financial institutions were recognized as the 2023’s top global reporting financial institutions, they are:
Most Transactions Reported- Equity Bank, Kenya
Best Achievement vs Climate Targets- Banco de la Producción, Ecuador
iii.The award also recognized the top performers in each IFC’s region Click here for the complete list of 2023 awardees Key Points: i.As of June 2023, IFC has committed USD 15.2 billion to climate-related projects through more than 210 emerging market financial institution partners, leveraging an additional USD 5.8 billion. ii.The CAFI tool enables these partners to evaluate the climate eligibility and impact of their investment decisions. iii.CAFI was used by the IFC clients to report more than USD 12 billion worth of climate loans distributed in emerging markets. iv.Annually, these loans will reduce GHG emissions by more than 31 million tons, generate 45 terawatt hours of renewable energy, and finance 2.8 million square metres of certified green buildings. v.In the Fiscal year 2023, IFC contributed about USD 43.7 billion to private companies and financial institutions in developing countries. About Federal Bank Limited: Managing Director(MD) & Chief Executive Officer (CEO)– Shyam Srinivasan Headquarters– Aluva, Kerala Established in – 1931 Tagline– Your Perfect Banking Partner
RBI authorised Bandhan Bank to Disburse Pensions to Railway Employees Bandhan Bank Limited has received authorisation from Reserve Bank of India (RBI) to distribute pensions through Electronic Pension Payment Order (e-PPOs) on behalf of the Ministry of Railways (MoR).
The authorisation is in line with the mandate of the Ministry of Finance(MoF), MoR and RBI.
The bank will be able to provide pension services to around 50,000 retirees each year across 17 zonal offices and 8 production units of the Indian Railways.
About Bandhan Bank Limited: Managing Director(MD) & Chief Executive Officer (CEO)– Chandra Shekhar Ghosh Headquarters – Kolkata, West Bengal Established in – 2015 Tagline – Aapka Bhala. Sabki Bhalai
ADB raises India FY24 growth forecast to 6.7% On December 13, 2023, the Asian Development Bank (ADB) in its Asian Development Outlook (ADO) December 2023 raised its economic forecast for India to 6.7% for Fiscal 2023-2024 (FY24) from the 6.3% forecast made in September 2023. This increase is driven by India’s higher-than-expected gross domestic product (GDP) growth of 7.6% year-on-year in the July-September quarter.
On the other hand, Real GDP growth for Q1 FY25 is projected at 6.7%; Q2 at 6.5%; and Q3 at 6.4%.
India’s inflation also unchanged at 5.5% in FY24.
For Asia: i.For whole of Asia, ADB projected its economic growth forecast in 2023 at 4.9% which higher than the September 2023 forecast of 4.7%. ii.The outlook for 2024 is retained at 4.8%. iii.Inflation has been lowered from the original 3.6% to 3.5% in 2023.
In 2024, it is expected to be 3.6%, slightly higher than the previous forecast of 3.5%.
iv.ADB also revised the Developing Asia’s growth projection to 4.9% for the calendar year 2023 from 4.7% earlier, on account of robust domestic demand. v.While, Southeast Asia will grow slower than expected due to downward revisions for Malaysia, Thailand, and Vietnam. It has been cut from 4.6% to 4.3%. About Asian Development Bank (ADB): President – Masatsugu Asakawa Headquarters – Mandaluyong City, Manila, Philippines Establishment – 1966 Members – 68
Indian Actor Actor Kabir Bedi honoured with Italy’s Order of Merit Kabir Bedi, a renowned Indian actor, was honoured with “Officer Order of Merit of the Italian Republic” (Ufficiale Ordine al Merito della Repubblica Italiana), the one of the most prestigious Italian civilian award, for his contributions in promoting better relations between India and Italy.
The Scroll of Honour was read aloud by Consul General Alessandro de Masi at a private ceremony held in Mumbai, Maharashtra.
Note: The Scroll of Honour was signed by Italian President Sergio Mattarella and counter-signed by Italian Prime Minister(PM) Giorgia Meloni. About Kabir Bedi: i.Kabir Bedi is an international actor, writer and a producer. ii.As an actor, he has worked in Bollywood, Hollywood, and Europe, in film television and theatre. iii.He has also starred in the James Bond film “Octopussy” as Gobinda, villain’s aide. iv.He has acted in more than 65 Hindi Movies which include Khoon Bhari Maang, Main Hoon Na, Mohenjo Daro. vi.In theatre, Kabir starred in M.M Kaye’s “Far Pavillions” in London’s West End at the Shaftesbury Theatre. He has also played the title role of “Othello”, and the role of Emperor Shah Jahan in “TAJ”, by Canada’s award-winning playwright John Murrell, which opened Toronto’s Luminato Theatre Festival. vii.In 2010, Italian Government honoured him with Cavaliere Ordine al Merito della Repubblica Italiana (Knight of the Order of Merit of the Italian Republic), for his lifetime achievements as an actor. About “Order of Merit of the Italian Republic”: i.The Order of Merit was established in 1951 by Luigi Einaudi, the second President of Italy. ii.The order is awarded for outstanding merits in the fields of literature, the arts and economy; philanthropic, social and humanitarian activities. iii.The President of the Italian Republic is the Head of the Order. iv.The degrees of the award is
Knight Grand Cross with Colla – Cavaliere di Gran Croce Decorato di Gran Cordone Ordine al Merito della Repubblica Italiana
1st Class / Knight Grand Cross – Cavaliere di Gran Croce Ordine al Merito della Repubblica Italiana
2nd Class / Grand Officer – Grande Ufficiale Ordine al Merito della Repubblica Italiana
3rd Class / Commander – Commendatore Ordine al Merito della Repubblica Italiana
4th Class / Officer – Ufficiale Ordine al Merito della Repubblica Italiana
5th Class / Knight – Cavaliere Ordine al Merito della Repubblica Italiana
Telangana’sTiriyani Block Ranked First in NITI Aayog’sInaugural Delta Ranking of Aspirational Blocks ProgrammeTiriyani Block of Kumuram Bheem Asifabad district, Telangana secured the first position in the National Institution for Transforming India(NITI) Aayog’s inaugural delta rankings of Aspirational Blocks Programme (ABP) for the first Quarter of 2023-2024.
The Kaushambi block of Kaushambi District in Uttar Pradesh secured second position.
This is the first time that the ranking of blocks was calculated as part of the Aspirational Blocks Programme.
About Aspirational Blocks Programme: The Aspirational Blocks Programme (ABP) was launched in January 2023 with a focus on improving governance to enhance citizens’ quality of life in underdeveloped blocks in India. Ranking of Blocks Zone-wise: i.the blocks are also divided geographically into six zones and ranking is given to two blocks from each zone.
500 blocks from 329 districts across 27 states and 4 Union Territories participated in the ranking.
Apart from the overall ABP ranking, blocks are also ranked zone-wise.
Royal Society of Chemistry: Prof Savita Ladage from Mumbai honoured with Nyholm Prize for Education Savita Ladage Professor at Homi Bhabha Centre for Science Education, Tata Institute of Fundamental Research in Mumbai, Maharashtra, has been honoured with the Royal Society of Chemistry (RSC)’s Nyholm Prize for Education, in recognition for her contributions to chemistry education.
As a part of the prize, Prof. Ladage will receive a cash prize of awarded 5,000 British pound sterling (GBP), along with a medal and a certificate.
Savita Ladage has been honoured for advocating chemical education, including efforts like mentoring chemistry educators and initiating programs for teachers and students that promote chemistry education in India.
The Nyholm Prize for Education recognises inspirational, innovative, and dedicated individuals or teams making a substantial and sustained impact within education.
The award runs annually but alternates between being open internationally and being open only to nominations from the United Kingdom(UK) and Ireland.
Vishnu Deo Sai Sworn in as 4th Chief Minister of ChhattisgarhVishnu Deo Sai of Bharatiya Janata Party(BJP) was sworn in as the 4th Chief Minister (CM) of Chhattisgarh. BJP legislators Vijay Sharma and Arun Sao were sworn in as the Deputy Chief Ministers.
They were administered the oath of office and secrecy by Governor Biswabhusan Harichandan in Raipur, Chhattisgarh on 13th December 2023.
Vishnu Deo Sai replaced Bhupesh Baghel(Congress) who served as the CM of Chhattisgarh from 2018 to 2023.
About Vishnu Deo Sai: i.Vishnu Deo Sai became the first tribal chief minister of Chhattisgarh. ii.Vishnu Deo Sai served as the Member of the Parliament(MP) from the Raigarh Lok Sabha constituency from 1999 to 2019( four consecutive terms).
He was appointed as the Union Minister of State (MoS) for mines, steel, and labour and employment in 2014.
iii.He had won two consecutive Assembly elections in 1990 and 1993 from the Tapkara constituency in the undivided Madhya Pradesh assembly before the state of Chhattisgarh was formed. About the election: i.In the Chhattisgarh assembly general election, BJP won 54 of the 90 seats while Congress won 35 seats. Gondvana Gantantra Party (GGP) has won 1 seat. iii.Vishnu Deo Sai was elected as the Member of Legislative(MLA) from the Kunkuri Assembly constituency. About Chhattisgarh: Chhattisgarh was created as an Indian state on 1st November 2000 by partitioning 16 Chhattisgarhi-speaking southeastern districts of Madhya Pradesh. Chief Minister (CM) – Vishnu Deo Sai Governor – Biswabhusan Harichandan Dances – Panthi Dance, Raut Nacha, Gendi Festivals – Bastar Dussehra, Bastar Lokotsav, Fagun Wadai
Bain Capital Sold 1.08% Stake in Axis Bank for Rs 3737 Cr Bain Capital, an American Private Equity (PE) firm, has sold 1.08% stakeor 33.38 million shares worth Rs 3737 crore in Axis Bank in a block trade. The shares were sold by 3 affiliate firms of Bain Capital: BC Asia Investments VII, BC Asia Investments III and Integral Investments South Asia IV at Rs 1119.7 apiece.
This was the 2nd sell down of Axis bank by Bain in 2023. Previously, in June 2023, Bain has sold 0.73% stake for Rs 2178 crore at Rs 968 per share.
In November 2017, Bain had bought stake worth Rs 6,854 crore in Axis Bank and has sold shares in several tranches since then.
Note: The block trade was carried out by Goldman Sachs Group, Inc.. The top buyers of the shares includes Société Générale S.A., Goldman Sachs, Union Bank of Switzerland (UBS) and Morgan Stanley & Co Limited Liable Company (LLC.) About Axis Bank Limited: Managing Director(MD) & Chief Executive Officer (CEO)– Amitabh Chaudhry Headquarters – Mumbai, Maharashtra Established in – 1993 Tagline – Badhti Ka Naam Zindagi
KPIT Unveils India’s First Sodium-Ion Battery TechnologyKPIT Technologies unveiled India’s first Sodium (Na)-Ion battery technology which was developed in collaboration with the Indian Institute of Science Education and Research (IISER), Pune, Maharashtra.
KPIT is the first company in India and the fourth in the world to possess a proven technology solution for sodium-ion battery storage.
The technology can reduce the cost of an Electric Vehicle(EV) battery by 25-30% as compared to current lithium-ion batteries.
About Sodium (Na)-Ion battery: i.Sodium-ion batteries are considered alternatives to lithium-ion batteries, leveraging the abundance and lower cost of sodium.
Lithium availability is limited to only a few countries like China, Bolivia, etc.
ii.Sodium Ion batteries can significantly reduce import dependency on core battery materials. Advantages: i.Sodium-ion battery technology offers an extended lifespan with 80% capacity retention for 3000-6000 cycles and faster charging capability as compared to lithium-ion batteries and increases uptime of the vehicle. ii.One of the key advantages of sodium-ion batteries over lithium-ion batteries is their superior sub-zero temperature tolerance. iii.The battery also possesses high-temperature tolerance with minimal thermal management. iv.The battery is available in multiple variants with diverse performance characteristics and energy density ranging from 100-170 Watthour/ kilogram (Wh/Kg). Applications: i.The battery finds its application in the automotive and mobility sector, especially for electric two and 3-wheelers and commercial vehicles. ii.These batteries are also used in stationary deployments, such as Uninterruptible Power Supply (UPS) backups and grid storage, as well as in the marine and defence sectors. About KPIT Technologies: Co-founder, Managing Director(MD) & Chief Executive Officer(CEO) – Kishor Patil (Ravi Pandit is also the co-founder) Headquarters – Pune, Maharashtra Established in – 1990
Ministry of Defence Approved Rs. 2800 Cr Order for Buying 6,400 Rockets for Pinaka Weapon SystemThe Ministry of Defence (MoD) has approved the Rs 2,800crore proposal to purchase about 6,400 rockets for Pinaka Multi-Barrel Rocket Launcher (MBRL) systems, for boosting the Indian Army’s capabilities. Key Points: i.MoD’s Defence Acquisition Council (DAC) approved the proposal for the acquisition of 2 variants of these rockets, known as Area Denial Munition Type 2 and Type-3. ii.The Indian Army will only purchase the rockets from domestic suppliers and the 2 main contenders are Munitions India Limited and Economic Explosives Limited of Solar Industries. Note: Munitions India Limited is one of the ammunition-producing companies created by the corporatisation of the erstwhile Ordnance Factories. Pinaka MBRL System: i.Named after the bow of the Hindu deity ‘Shiva’, the Indian-made Pinaka weapon system was developed by the Defence Research and Development Organisation (DRDO) of India.
It stands as a battle-proven, all-weather artillery weapon system, strategically designed for indirect area fire.
ii.The system is designed to deliver a large volume of fire swiftly, making it a difficult force against critical targets. iii.The rocket system, which is currently in service with the Indian Army, can fire a salvo of 12 rockets in 44 seconds. iv.The Pinaka system one of the first few military technologies to be exported from India to foreign countries like Armenia. Points to note: i.Private companies involved in the project include Larsen & Toubro (L&T), Tata Defence, and Economic Explosives Limited which have set up production lines for the Pinaka system that are being supplied in bulk to the armed forces. ii.22 Pinaka MBRL regiments are needed by the army as part of larger plans for artillery modernization. iii.The Indian Army’s Pinaka regiments are comprised of command posts and launchers with automated gun aiming and positioning systems.
Indian Navy Commissioned INS Tarmugli at Naval Dockyard in Visakhapatnam On December 14, 2023, The Indian Navy commissioned the Fast Attack Craft, Indian Naval Ship (INS) Tarmugli at the Naval Dockyard in Visakhapatnam, Andhra Pradesh(AP). VAdm Sandeep Naithani, Chief of Materiel was the Chief Guest for the commissioning ceremony.
The ship has served under the flags of 2 nations (India and Maldives) and bearing 3 names (INS Tillanchang; MCGS Huravee and INS Tarmugli) during its commendable service. 3
The vessel was build by Garden Reach Shipbuilders and Engineers, Kolkata, West Bengal in 2001.
Details: i.It was commissioned in the Indian Navy as INS Tillanchang, a Trinkat Class ship, and served till 2006. It was gifted to Maldives National Defence Force (MNDF) as a part of diplomatic outreach in Indian Ocean Region (IOR). ii.On 16 April 2006, the MNDF commissioned the ship as MCGS Huravee and was decommissioned in May 2023 and was returned to the Indian Navy. iii.Indian Navy has repaired and upgraded the ship a the Naval Dockyard, Visakhapatnam, and commissioned it as INS Tarmugli. Note: Indian Navy has provided an in-service Waterjet Fast Attack Craft, INS Tarmugli, to MNDF as the new MCGS Huravee.
National Energy Conservation Day 2023- December 14National Energy Conservation Day is annually observed across India on 14 December to raise awareness about the importance of conserving energy and to promote sustainable energy practices. The day also aims to showcase the achievements of India in energy efficiency and conservation.
The National Energy Conservation Day is annually organised by the Bureau of Energy Efficiency (BEE), under the Ministry of Power, Government of India (GoI).
MoD to buy 70,000 More Sig Sauer Semi-Automatic Assault Riflesfor Rs 800crThe Indian Ministry of Defence (MoD) has approved the purchase of 70,000 semi-automatic assault rifles for the Indian Army (IA) at a cost of Rs 800 crore, during a high-level MoD meeting. They will be bought from the United States (US) based Sig Sauer Inc.
The rifles will be used in counter terrorism operations and other duties at borders.
Key Points: i.India has been using Sig Sauer rifles since 2019 when it bought 72,400 SiG 716 rifles of 7.62 x 51mm caliber viz. 66,400 for IA, 4,000 for the Indian Air Force (IAF) and 2,000 for the Indian Navy (IN),. ii.The rifles are being purchased to boost the capabilities of soldiers stationed along the borders with China and Pakistan. iii.This acquisition provides an alternative to the domestically produced Indian Small Arms System(INSAS) and AK-47 or Avtomat Kalashnikova rifles. iv.India and Russia made the joint production of AK 203 rifles at a factory in Amethi, Uttar Pradesh.
A Joint venture Indo-Russia Rifles Private Limited was established between the Indian Ordnance Factory Board (OFB), Kalashnikov Concern, and Rosoboronexport, (both subsidiaries of the Rostec State Corporation).
About Sig Sauer 716 assault rifle: Weighs 3.82 kg without the magazine, it has an effective kill range of 600 meters. It is more accurate than the INSAS (Indian Small Arms System) because it has a higher caliber. About Ministry of Defence (MoD): Union Minister– Raj Nath Singh (Constituency- Lucknow, Uttar Pradesh) Minister of State– Ajay Bhatt (Constituency- Nainital-Udhamsingh Nagar, Uttarakhand)
India’s First Bullet Train Terminal Built At Sabarmati In Ahmedabad According to Union Minister Ashwini Vaishnaw, Ministry of Railways (MoR), India’s first bullet train terminal is built at the Sabarmati Multimodal transport hub in Ahmedabad, Gujarat.
The terminal is equipped with state-of-the-art and modern features, and it will host the inaugural bullet train which is scheduled to operate between Ahmedabad and Mumbai(Maharashtra).
About Bullet Train Project: i.The foundation stone for India’s Mumbai-Ahmedabad High-Speed Rail Project was laid in 2017. ii.The bullet train project is currently under construction and is expected to be completed in 2026. iii.Thebullet train is being constructed with technical and financial support from the Government of Japan. iv.National High-Speed Rail Corporation Limited (NHSRCL), a ‘Special Purpose Vehicle’ was incorporated to finance, construct, maintain, and manage the High-Speed Rail Corridor in India. Note: NHSRCL is jointly owned by the Ministry of Railways, the Government of Gujarat, and the Government of Maharashtra.
Tracxn Geo Annual Report:India Tech 2023, India Slips to 5th Spot in Global RankingTracxn Technologies Ltd., a leading global market intelligence platform, released its ‘Tracxn Geo Annual Report: India Tech 2023,’ which reveals a notable 73% decline in funding for the Indian tech startup ecosystem in 2023, compared to USD 25 billion in 2022, making it the lowest-funded year in the last 5 years.
India, with total funding of USD 7 billion (till 5 December 2023), has slipped from 4th place (in 2022 and 2021) to 5th place among the highest-funded geographies globally in the 3rd Quarter (Q3) of 2023.
The top 4 highest-funded countries are the United States of America (USA), the United Kingdom (UK), China, and France respectively.
Note: The last quarter (Q4) 2023 marked the lowest funding quarter since Q3 2016, recording a mere USD 957 million in investments. Tracxn Geo Annual Report: India Tech 2023: India’s Tech Startup Funding Drops 72% in 2023, Slips to 5th Spot in Global Ranking About Tracxn Technologies Ltd: Managing Director and Chairperson– Ms. Neha Singh Headquarters– Bengaluru, Karnataka
It is an annual report published by FAO’s Regional Office for Asia and the Pacific (RAP).
It provides a glimpse on the progress in meeting Sustainable Development Goals (SDGs) and World Health Assembly (WHA) global nutrition targets.
Statistics Info of India : i.In India, the report indicates that 74.1% of the population, equivalent to 104.3 million people, could afford a healthy diet in 2021. ii.The cost of a healthy diet was documented at 3.0 PPP (Purchasing Power Parity) dollars per person per day in 2021. iii.The prevalence of undernourishment was reported as 16.6% for the period spanning from 2020 to 2022. Key Points i.The Asia-Pacific region, with 370.7 million undernourished, represents half the global total. ii.An estimated 232.8 million people in the region couldn’t afford a healthy diet in 2021. iii.In Pakistan, 82.2%, and in Bangladesh, 66.1% faced challenges accessing healthy food. iv.Rising food costs without income increases may lead to more people unable to afford a nutritious diet. v.Urgent, coordinated efforts and investments are needed for agrifood systems transformation to meet the 2030 SDG agenda. Notes: i.SDG 2.1 is for Undernourishment and Food Insecurity ii.SDG 2.2 is for Malnutrition
IDFC FIRST Bank & MasterCard Unveiled the “FIRST SWYP” Credit CardIDFC First Bank Limited, in collaboration with MasterCard, has launched “FIRST SWYP credit card”, designed exclusively for Gen Z generation.
The card, powered by Mastercard, aims to provide various lifestyle requirements of the youth, focused on affordability, convenience and increased customer engagement.
IDFC FIRST Bank has launched IDFC FIRST Bank digital RuPay credit cards IDFC FIRST bank has introduced “IDFC FIRST Bank digital RuPay credit card”, powered for UPI (Unified Payments Interface). This is a digital credit card on the Rupay network. Objective: It focuses to enhance customer convenience and simplify transaction experience for them. In addition, it will blend the UPI transactions and main credit card facilities. About IDFC FIRST Bank Limited: Managing Director & CEO– V. Vaidyanathan Headquarter– Mumbai, Maharashtra Established– 2015 Tagline– “Always You First” About MasterCard: CEO– Michael Miebach Established– 1966 Headquarter– New York, the United States of America (U.S.A)
SEBI allows brokers to Invest Clients’ Fund in overnight MF Scheme; Suspends Registration of Religare Commoditiesi.On December 12, 2023, SEBI has allowed Stock Brokers (SBs) and Clearing Members (CMs) to park client funds in Mutual Fund Overnight Schemes (MFOS). Currently, they invest only in risk-free government securities. ii.This follows the revision in framework for upstreaming of clients’ funds to clearing corporations by SBs and CMs which was issued in June 2023. iii.MFOS ensures minimal risk transformation of client funds because of overnight tenure and exposure to only risk-free government securities. iv.On December 13, 2023, SEBI suspended the registration of Religare Commodities, a brokerage firm, for its alleged involvement in illegal paired contracts on the National Spot Exchange Ltd (NSEL). About Securities and Exchange Board of India (SEBI): It was established as a statutory body in 1992 and the provisions of the SEBI India Act, 1992 (15 of 1992) came into force on January 30, 1992. Chairperson– Madhabi Puri Buch Headquarters– Mumbai, Maharashtra
Canara HSBC Life Insurance Launches ‘Alpha Wealth’ Plan with Option to Modify PremiumsCanara HSBC Life Insurance introduced the Alpha Wealth plan to provide extensive financial security for policyholders and their families. The plan encourages long-term savings, with loyalty additions and wealth boosters enhancing the attractiveness of the plan. Canara Bank, a public sector bank in India launched new products and services for customers on its 118th Founder’s Day (19 November). These include Corporate ai1, Whatsapp Banking Channel, and Canara Unified Payments Interface (UPI) 123 Pay. About Canara Bank: MD and CEO– K.Satyanarayana Raju Headquarters– Bengaluru, Karnataka Founded on– 1 July 1906 Tagline– Together we can
World Bank & WFP Deepen Partnership against Backdrop of Record Food Insecurity World Bank (WB) and the World Food Programme (WFP) have strengthened their partnership amidst growing concerns about record levels of food insecurity worldwide.
The partnership aims to build robust food systems along with a preparation plan to handle future shocks.
The collaboration also addresses the interconnected challenges of food insecurity such as climate change, fragility, and poverty.
They also help governments and communities to boost food security, transform food systems, and expand adaptive social protection programs.
The partnership will improve programmatic alignment with a sharp focus on strengthening the capacities of institutions in the poorest and most vulnerable countries.
Donald Tusk Elected as Prime Minister of PolandDonald Tusk, leader of Civic Coalition (KO), was elected as the Prime Minister(PM) of Poland by winning a vote of confidence in parliament on 11th December 2023.
He takes oath as PM at the presidential palace by Poland’s President Andrzej Duda.
Background: i.Mateusz Morawiecki, leader of the Law and Justice (PiS) party had been elected as the Prime Minister after his party emerged as the single biggest party in the election held in October 2023. Mateusz Morawiecki previously served as the PM of Poland from 2017–23.
But Morawiecki lost a vote of confidence in the Polish parliament on 11th December.
ii.Later Donald Tusk won the vote of confidence in the parliament by support of 248 members out of 460 members. About Donald Tusk: i.Donald Tusk was born in Gdańsk(Poland) in 1957. ii.Donald Tusk served as the prime minister of Poland between 2007 and 2014. In that period, he was in office for seven years, which made him the longest-serving Prime Minister in democratic Poland iii. He also served as the European Council president from 2014-2019. About Poland: Capital– Warsaw Currency– Polish złoty President – Andrzej Duda
Guinea-Bissau President Reappoints Geraldo Martins as Prime MinisterOn 12th December 2023, the President of the Republic of Guinea-Bissau, Umaro Sissoco Embalo issued the decree reappointing Geraldo João Martins as Prime Minister(PM) to the Government of Guinea-Bissau. About Geraldo João Martins: i.He was initially appointed as PM in August 2023 after winning the legislative elections conducted in June 2023. ii.He belongs to the African Party for the Independence of Guinea and Cape Verde (PAIGC) party since 2018. iii.Prior to the appointment, he served as a Finance Minister to the Government of Guinea-Bissau. An attempted coup: The elected government was dissolved by the President due to a attempted coup on 2nd December 2023 About Guinea-Bissau: President – Umaro Sissoco Embalo Capital – Bissau Currency – West African CFA Franc
Mohan Yadav Sworn in as 19th CM of Madhya Pradesh;Rajendra Shukla and JagdishDevda as Deputy CMsMohan Yadav, the Bharatiya Janata Party (BJP) legislature party leader was sworn in as the 19th Chief Minister (CM) of Madhya Pradesh (MP). BJP legislators Rajendra Shukla and JagdishDevda were sworn in as the Deputy Chief Ministers.
They were administered the oath of office and secrecy by Governor Mangubhai Patel at the Lal Parade Ground in Bhopal, MP.
Mohan Yadav replaced Shivraj Singh Chouhan who served as the CM of MP for a record 4 terms of more than 16 years and 5 months in office.
Note: Shivraj Singh Chouhan, BJP’s longest-serving CM in India from 2005 to 2023, except for 15 months from December 2018 to March 2020 when the Congress governed the state. Key People: Prime Minister Narendra Modi; Union Minister Amit Shah, Ministry of Home Affairs; JP Nadda, BJP national president were also present at the ceremony. Assembly Elections: From the results of the State Assembly elections held in November 2023, the BJP had retained power in MP with a huge 163-66 seats win over the Congress Party.
Mohan Yadav won from his Ujjain Dakshin constituency by a margin of 12,941 votes.
About Mohan Yadav: i.He is a 3-time Member of the Legislative Assembly (MLA) from the Ujjain-Dakshin South Assembly constituency and won the seat consecutively in 2013, 2018, and 2023. ii.He was holding the position of minister of higher education in the outgoing Shivraj Singh Chouhan government. Key Points: i.Mohan Yadav is the 7th politician from the 66 assembly seats-strong Malwa-Nimar (western and southwestern MP region) to have become the CM of MP. ii.He is the 2nd politician from Ujjain district to have become MP CM, after Congress’s PC Sethi, who was the CM from 1972-75. iii.Ex-Union Minister Narendra Singh Tomar, Ministry of Agriculture and Farmers Welfare has been elected as the speaker of the MP Assembly.
CCI approves Temasek & MO Alternate Investment Advisors Stake Buy in Niva Bupa Health Insurance The Competition Commission of India (CCI) has given its approval to acquire the stakes in Niva Bupa Health Insurance Company Limited by Temasek-controlled entity and Motilal Oswal(MO) Alternate Investment Advisors Private Limited. Background: i.In October 2023, Niva Bupa Health Insurance company opened the windows for new investors to invest Rs.800 crore in the firm for a minority stake. ii.Following this, investors like Motilal Oswal Private Equity, Temasek and Paragon Partners Growth Fund II invested in Niva Bupa. iii.This investment is subjected to regulatory approval. Temasek: i.Temasek invested in Niva Bupa Health Insurance through its investment arm V-Sciences Investments Pte Ltd. ii.Temasek is a global investment company. Motilal Oswal Alternate Investment Advisors: i.Motilal Oswal Private Equity through India Business Excellence Fund-IV(IBEF IV) invested in Niva Bupa Health Insurance Limited.
IBEF IV which is a private equity fund managed by Motilal Oswal Private Equity.
ii.IBEF-IV acquired certain equity shares and special rights in Niva Bupa Health Insurance Limited. iii.It is a Category II Alternative Investment Fund(AIF) registered with the Securities and Exchange Board of India(SEBI). Earlier Acquisition: i.In September 2023, True North Managers Limited Liable Partnership (a majority shareholder), announced that it would be selling 20% of its holding in Niva Bupa for Rs.2,700 crore. ii.Bupa Singapore Holdings Pte Limited bought these shares and CCI approved it in November 2023.
Bupa Singapore Holdings is a shareholder of Niva Bupa and a subsidiary of the international healthcare group The British United Provident Association Ltd (Bupa).
About Competition Commission of India (CCI): Chairperson – Ravneet Kaur Headquarters – New Delhi, Delhi Established in – 2003
SBI Mutual Fund Buys 1.5% Stake Karur Vysya Bank for Rs 194.4 cr SBI Mutual Fund (MF) has acquired 1.5% of paid-up equity share capital in Karur Vysya Bank (KVB) Limited through open market transactions. About the Acquisition: i.SBI Mutual Fund (MF) purchased a total of 1.2 crore shares of KVB for Rs 194.4 crore with the average price per share being Rs 162. ii.In November 2023, the Reserve Bank of India(RBI) granted its approval to SBI MF to acquire an aggregate holding of up to 9.99% in KVB. iii.The acquisition should take place within one year from the date of RBI’s letter; Otherwise the approval shall stand cancelled. About Karur Vysya Bank Limited: Managing Director(MD) & Chief Executive Officer(CEO) – B. Ramesh Babu Headquarters – Karur, Tamil Nadu Established in – 1916 Tagline – Smart Way to Bank
Russian President Putin Unveils 2 New Nuclear-powered Submarines “Krasnoyarsk” and “Emperor Alexander III”Russian President Vladimir Putin unveiled 2 newly built nuclear-powered submarines namely the “Krasnoyarsk” and “Emperor Alexander III,” at the Sevmash shipyard in Severodvinsk in Russia’s northwestern Archangelsk region. The 2 vessels will join the Russian Navy’s Pacific fleet and will start patrolling the Pacific.
He also visited the Admiral Kasatonov frigate, one of the most advanced ships in Russia’s Northern Fleet. This vessel is equipped with new Zircon hypersonic cruise missiles.
The President also took part in a flag-hoisting ceremony in Severodvinsk on the White Sea where the 2 new nuclear-powered submarines were built over the past 6 years.
The Krasnoyarsk: i.It is a nuclear-powered submarine of the new Yasen (Ash Tree) class of multi-purpose submarines equipped with long-range, high-precision missiles. ii.It is armed with cruise missiles and torpedoes and is designed to hunt for enemy submarines. iii.It is also capable of attacking ground targets. The Emperor Alexander III: i.It is the 7th Borei (Arctic Wind)-class atomic-powered submarine to enter service.
The Borei is the first new generation of undersea vessels Russia has launched since the Cold War.
ii.Each of them is armed with 16 nuclear-tipped Bulava intercontinental ballistic missiles. Note: Alexander III was known as a fervent Russian nationalist and strongman, who ruled from 1881 until he died in 1894. Key Points: i.The 2 submarines would strengthen the combat readiness of the Russian navy, and Russian naval power in the Arctic, in the Middle East, in the Black and Baltic Seas, in the Caspian. ii.According to the Global Firepower website, Russia has the world’s second-largest submarine fleet with 70 submarines after China. Note: In addition to these 2 vessels, Russia is building 8 nuclear submarines, 3 Borei-class and 5 Yasen-class.
RattanIndia arm Introduces Compact Delivery Drone for Health Care and E-Commerce Throttle Aerospace Systems Private Limited (TAS), a subsidiary of RattanIndia Enterprises Limited has unveiled a compact delivery drone, L07 under TAS L-series.
L07 drone finds its application in the healthcare and e-commerce industries with a reliable and efficient delivery solution.
About L07: i.L07 is a vertical take-off and landing (VTOL) drone designed to meet the specific requirements of scenarios. ii.This indigenous drone has a carrying capacity of up to 7 kg, and can be deployed single-handedly in less than 5 minutes. iii.The drone can fly up to 2,000 metres above Mean Sea Level (MSL). iv.The drone has a high wind tolerance of 43 km/hr (12 metres/sec) and endurance of up to 30 minutes. v.Itadheres to the guidelines set by the Directorate General of Civil Aviation (DGCA) for cargo drone operations.
DemaorchestiaAlanensis: New Marine Amphipod Discovered in Chilika LakeResearchers from Berhampur University, Odisha have discovered a new species of marine amphipod in the Odisha’s Chilika lake on east coast of India.
The new species is given the scientific nomenclature ‘Demaorchestiaalanensis’ after Professor Alan Myers who made a significant contribution to global marine amphipod studies.
The discovery of the specie was published in online edition of journal ‘Zootaxa’.
About DemaorchestiaAlanensis: i.The new specie is added to the genus Demaorchestia. ii.It belongs to the family Talitridae, subfamily Platorchestiinaeand suborder Senticaudata. iii.The discovery raised the global species number in the genus to six. Appearance: i.The newly discovered Demaorchestia alanensis is white in colour. ii.The length of the specie is less than 15 millimeters. iii.This marine amphipod contains 13 pairs of legs. About Family Talitridae: i.The Talitridae family is one of the oldest groups of amphipods existing since the Jurassic age. ii.The family consists of four subfamilies namely Talitrinae, Floresorchestiinae, Pseudorchestoideinae and Platorchestiinae. iii.However, only two sub families (Talitrinae and Floresorchestiinae) are found in India. Research Team: i.The team consists of three researcher scholar from (Department of Marine Sciences, Berhampur University) namely Shesdev Patro, Lipika Tarafdar and Gitanjali Bhoi. ii.The team conducted the research by collecting eight specimens of the species from Barkul beach in Ganjam district, Odisha on the shore of the Chilika lake. Additional Info: In March 2023, Shesdev Patro and Gitanjali Bhoi discovered two marine amphipodsQuadrivisioChilikensis(discovered in Nalaban bird sanctuary, Odisha) and Talorchestiabuensis (discovered in West Bengal coastal area)
Indian Navy’s 56th Submarine Day 2023- December 8Indian Navy annually observes Submarine Day on 8 December to commemorate the induction of the Indian Navy’s 1st submarine, the erstwhile Indian Naval Ship (INS) Kalvari (a Soviet Foxtrot Class submarine) on 08 December 1967.
8 December 2023 marks the observance of the 56th Submarine Day.
Background: The Indian Navy submarine arm was born on 8 December 1967, with the commissioning of INS Kalvari, the 1st Scorpene class submarine in India under the command of Commander K.S. Subramanian at Riga in Latvia, the erstwhile Union Soviet Socialist Republics (USSR) in 1967.
Since then this day has been celebrated as “Submarine Day” by the Indian Navy.
About INS Kalvari: i.Kalvari is the Malayalam name for Tiger Shark, a predator in the Indian Ocean. ii.INS Kalvari commenced her maiden voyage from Riga on 18 April 1968, covering 19,000 nautical miles and the submarine arrived at Vishakhapatnam, Andhra Pradesh on 16 July 1968.
Commander KS Subramanian, the 1st Commanding Officer of INS Kalvari, brought the submarine from St Petersberg in Russia to Vishakhapatnam in India.
iii.It was a diesel-electric submarine and was 91.3-metre long, which carried a crew of 75. iv.It had a surface speed of 16 knots while the submerged speed was 15 knots. v.It had a range of 32,000 kilometers at a speed of 8 knots when on the surface and a submerged range of 610 km at a speed of 10 knots. vi.After nearly 3 decades of service, INS Kalvari was decommissioned on 31 May 1996.
Post decommissioning of the submarine, its fin has been displayed at Beach Road, Visakhapatnam as part of the city’s Maritime Museum.
MoD Inks Rs 588.68 Cr Contract with TCIL for Digital Coast Guard projectOn 8th December 2023, Ministry of Defence (MoD) has signed a contract worth Rs. 588.68 crore with Telecommunications Consultants India Limited (TCIL), Ministry of Communications (MoC), to acquire the Digital Coast Guard (DCG) project under the Buy (Indian) category.
This contract in line with Government of India’s strategic vision for Digital Armed Forces will contribute to the efforts to achieve ‘Atmanirbharta’ in defence.
About DCG: i.The Digital Coast Guard (DCG) project is a pivotal initiative of the Indian Coast Guard (ICG). ii.The project includes the establishment of a Disaster Recovery Data Center; amplification of connectivity across ICG sites and the development of the Enterprise Resource Planning (ERP) system. iii.The project also uses the secured MultiProtocol Label Switching (MPLS)/Very Small Aperture Terminal (VSAT) connectivity. iv.This marks the establishment of a Tier-III standard Data Centre with latest technological capabilities.
This will enable the centralised monitoring and management of applications deployed by the ICG and ensures vigilant oversight of critical IT(Information technology) assets of the ICG.
About Ministry of Defence: Union Minister – Raj Nath Singh (Lucknow, Uttar Pradesh) Minister of State (MoS) – Ajay Bhatt (Constituency: Nainital-Udhamsingh Nagar, Uttarakhand) About Telecommunications Consultants India Limited (TCIL): TCIL is a Public Sector Enterprise (PSE) under the administrative control of the Department of Telecommunications (DOT), Ministry of Communications. Chairman & Managing Director – Sanjeev Kumar Headquarters – New Delhi, Delhi Established in – 1978
PM Narendra Modi Inaugurated 2nd Edition of IFSCA’s Infinity ForumOn 9th December 2023, Prime Minister (PM) Narendra Modi virtually inaugurated and addressed the InFinity Forum 2.0, the 2nd Edition International Financial Services Centres Authority (IFSCA)’s flagship financial technology event, held at the Gujarat International Finance Tec-City (GIFT City) in Gandhinagar, Gujarat. Note:
The first edition of InFinity Forum was organised in December 2021.
The 2nd edition of InFinity Forum is organised as a precursor event to Vibrant Gujarat Global Summit 2024.
About InFinity Forum 2.0: Organiser: IFSCA under the aegis of Government of India and GIFT City.
International partner: Bloomberg
Domestic Partners: Federation of Indian Chambers of Commerce & Industry (FICCI); Invest India; Institute of Chartered Accountants of India(ICAI) and Institute of Company Secretaries of India(ICSI).
Knowledge Partner: Boston Consulting Group.
Theme:‘GIFT-IFSC: Nerve Centre for New Age Global Financial Services’ Objective: To unite the world’s leading minds in policy, business, and technology to explore and advance the biggest ideas in finance and technology and to develop those ideas into global solutions and opportunities. Key Highlights: i.The Infinity Forum 2.0 was primarily focused on three tracks:
Plenary Track: Making of a New Age International Financial Centre
Green Track: Making a case for a “Green Stack”
Silver Track: Longevity Finance Hub at GIFT IFSC
ii.During the event, Memorandum of Understandings (MoUs) were exchanged by IFSCA with Ahmedabad University of Gujarat and Software Technology Parks of India (STPI), under the Ministry of Electronics & Information Technology(MeitY), for mutual collaboration. iii.The Forum also witnessed the launch of the Longevity Economy Cohort, which will focus on ‘Integrating Age-Tech’ with financial services and will be mentored by renowned experts from India and across the globe. iv.As a precursor to the Infinity Forum 2.0, an Investors Meet was organized on December 8, 2023, to provide a platform for the collaboration of fintech entities with the investment ecosystem.
The investor meeting witnessed the participation of 10 investors, of whom 14 FinTechs made their pitches.
About International Financial Services Centres Authority (IFSCA): IFSCA is a statutory authority established by the Government of India on April 27, 2020, under the International Financial Services Centres Authority Act, 2019 Chairperson–K Rajaraman Headquarters– GIFT City, Gandhinagar, Gujarat
UAE Hosted the 28th UNFCCC COP: Advancing Global Climate Action
The 28th edition of Conference of Parties (COP) of the UN Framework Convention on Climate Change (UNFCCC) held in Dubai, UAE (United Arabs of Emirates). The annual climate summit was held from November 30, 2023 to December12, 2023. The summit witnessed the participation of more than 70,000 delegates from nearly 200 countries.
Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and UAE Special Envoy for Climate Changes served as President of COP28.
UN Climate Change conferences (or COPs) take place every year, and are the world’s only multilateral decision-making forum on climate change with almost complete membership of every country in the world.
India is the 3rd highest emitter of Carbon Dioxide from Fossil Fuels.
Global Climate Report declared 2023 as Hottest Year on Record
7th edition of Yearbook of Global Climate Action released at UNFCC COP28 in Dubai, UAE.
CHD Group, Manguluru based global health organization will lead an international delegation at the COP28 meeting of UNFCCC in Dubai.
UAE inaugurated the 2-GW (Gigawatt) Al Dhafra Solar Photovoltaic Independent Power Project ,the world’s largest single-site solar power plant.
VINBAX-2023: 4th Joint Military Exercise between India & Veitnam held in HanoiVINBAX-2023, the 4th edition of Joint Military Exercise is being held between India and Vietnam in Hanoi, Vietnam from 11th to 21st December 2023. Aim: To foster collaborative partnership, inter-operability and share best practices between the India and Vietnam under Chapter VII of United Nations (UN) Charter on Peace Keeping Operations. About VINBAX: i.VINBAX, is an annual training exercise instituted in 2018 and the first edition was conducted at Jabalpur, Madhya Pradesh (MP)(India). ii.The exercise is annnually conducted alternatively in India and Vietnam.
The 3rd edition of VINBAX was conducted at Chandimandir Military Station, Panchkula District in Haryana in August 2022.
About VINBAX-2023: Participants: i.The Indian contingent is represented by 45 personnel including 39 personnel from the Engineer Regiment of the Bengal Engineer Group, and 6 personnel from the Army Medical Corps. ii.The Vietnam People’s Army contingent is also represented by 45 personnel. Key Points: i.The exercise is conducted as Command Post Exercise and Field Training Exercise, emphasizing the deployment and use of an Engineer Company and a Medical Team. ii.The exercise involve rehearsing tactics, techniques, and procedures for combat engineering and medical tasks. iii.There will be exchange of ideas on modern methods to construct roads, culverts, helipads, ammunition shelter and observation posts in operational areas. iv.The Exercise ends with a Validation showcasing both contingents’ standards through UN-akin technical military operations.
RITES signed Pact with CFM Mozambique for Supply of 10 Diesel Locomotives RITES Limited (formerly known as Rail India Technical and Economic Service Limited), a Navratna and Schedule ‘A’ Central Public Sector Enterprise (CPSE) under the Ministry of Railways (MoR) has entered into an agreement with Mozambique Ports and Railways (CFM), Mozambique. About the Agreement: i.As per the agreement, RITES will supply 10 diesel locomotives along with incidental services to CFM, Mozambique. ii.The contract is valued at USD 37.68 million (approximately Rs 314.1 crores) About RITES Limited: Chairman & Managing Director (CMD)– Rahul Mithal Headquarter– Gurugram, Haryana Established in – 1974
Bank of India Launches Exclusive SB Account “Nari Shakti Savings Account” for WomenBank of India(BOI), a leading public sector bank in India, has launched an exclusive Saving Bank (SB) Account named Nari Shakti Savings Account, specifically designed for women aged 18 and above who have an independent source of income.
This account offers benefits and features designed to empower women financially and promote their well-being.
Key People: The Nari Shakti Savings Account was unveiled by Rajneesh Karnatak, Managing Director and Chief Executive Officer (MD & CEO) of BOI at its Head Office in Mumbaim Maharashtra, in the presence of its Board of Directors. Features: i.It offers advanced benefits and features including discounted health insurance and wellness products, and complimentary facilities for Platinum SB account holders. ii.Discounts on locker facilities for Gold and Diamond SB account holders and personal accident insurance cover up to Rs. 1 crore. iii.It also offers free issuance of credit cards, a lower usage limit of up to Rs. 5 lakh for point-of-sale (POS) transactions, and preferential interest rates on personal loans. iv.It also provides a lower rate of interest on Retail Loans and a remission of processing fees on Retail Loans. v.This account comes with a comprehensive personal accident insurance cover of up to Rs. 100 lakhs, ensuring the safety and security of women account holders. Note:
For every new Nari Shakti account opened, the bank contributes Rs 10/- to the Corporate Social Responsibility (CSR) fund, which will be used for the socio-economic development of underprivileged women and girls.
All 5132 domestic branches as well as online platforms offer the Nari Shakti savings account.
About Bank of India (BOI): MD and CEO– Rajneesh Karnatak Headquarters– Mumbai, Maharashtra Founded on– 7 September 1906 Tagline– Relationship Beyond Banking
Intellect Signs a Rs.80 Cr Deal with Indian Bank to Deploy CMS Chennai(Tamil Nadu) based Intellect Design Arena Limited has signed a Rs 80 crore worth 5–year deal with Indian Bank to deploy its eMACH.ai powered Cash Management System(CMS) to bolster their Corporate Banking Modernisation.
Under ‘INDLEAP’ Project, the Indian Bank Indian Bank has adopted the goal of digital transformation, by leveraging technology wherever possible with transaction banking and supply chain management as growth engines.
Through this partnership, Intellect will offer various services including
Omni-channel access across Desktop, Mobility, Host to Host & Application Programming Interface(API).
Treasury persona aligned dashboard to drive Contextual Banking eXperience
Extensive coverage of Payments across electronic and physical channels
Coverage of Multi-Modal Collections offerings for Indian Corporates
Ready Open APIs across Portfolio, Payment, and Collections to curate Banking-as-a-Service from Indian Bank.
About Indian Bank: MD & CEO– Shanti Lal Jain Headquarters– Chennai, Tamil Nadu Established in 1907 Tagline– Your own bank
RBI Report State’s Finances Improved for 2nd Consecutive Year; Combined GFD Stood at 2.8%i.On 11th December 2023, the Reserve Bank of India (RBI) released its annual report titled “State Finances: A Study of Budgets of 2023-24” under the theme “Revenue Dynamics and Fiscal Capacity of Indian States”. ii.The report states that the improvement achieved in State finances in 2021-22 was sustained in 2022-23, with the combined States’ gross fiscal deficit (GFD) stood at 2.8% of gross domestic product (GDP). iii.This was below the budget estimate of 3.2% and Central Government’s limit of 4% for the second consecutive year due to a reduction in the revenue deficit. iv.The report has been prepared in the Division of State Finances (DSF) in the Department of Economic and Policy Research (DEPR), RBI under the supervision of MuneeshKapur, Executive Director, RBI. v.Fiscal outlook is positive for states in FY24 with adequate fiscal space for higher capital expenditure due to resilient domestic economic activity and consolidation efforts About Reserve Bank of India (RBI): Governor – Shaktikanta Das Deputy Governors – Swaminathan Janakiraman, Michael Debabrata Patra, M. Rajeshwar Rao, T. Rabi Sankar Establishment – 1st April 1935 Headquarters – Mumbai, Maharashtra
ACKO Partnered With PhonePe to Sell Car and Bike Insurance ACKO General Insurance and PhonePe have partnered to offer car and bike insurance products directly through the PhonePe platform which aims to deliver intuitive, affordable, and reliable insurance coverage to the users. About the Partnership: i.The partnership combines ACKO’s customer-first approach with PhonePe’s extensive distribution network. ii.This collaboration is facilitated through the cutting-edge partnership Application programming interface (API) stack for seamless integration. About API Stack: i.The API stack is specifically designed to enable quick and efficient collaborations with online distributors. ii.API stack ensures that ACKO’s personalized pricing, innovative Stock Keeping Units (SKUs), and consistent user experience are seamlessly extended to all partners.
In a world first, China’s Methane Powered rocket Zhuque-2 Launched Satellites into orbit On 9th December 2023, China-based private space technology firm, LandSpace Technology Corporation, successfully launched the Zhuque-2 Yao-3, the world’s first liquid oxygen-methane powered launch vehicle, carrying 3 satellites, from the Jiuquan Satellite Launch Center, Inner Mongolia region, China.
With this, LandSpace became the World’s first company to launch satellites using a rocket fueled by Methane and liquid oxygen.
iSpace completes China’s First reusable Rocket test China-based Beijing Interstellar Glory Space Technology Ltd., also known as iSpace, has launched “Hyperbola-2”, fuelled by methane–liquid oxygen, from the Jiuquan Satellite Launch Center, China.
With this, iSpace completed China’s first reusable launch vehicle test.
About China: President– Xi Jinping Capital– Beijing Currency– Renminbi (Chinese Yuan )
Former President Ram Nath Kovind Launches Book Titled “Naye Bharat ka Samveda” Authored by PM Narendra Modi Former(14th) President of India Ram Nath Kovind launched a book titled “Naye Bharat ka Samveda” in an event held in Indira Gandhi National Centre for the Arts(IGNCA), New Delhi, Delhi. About the book: i.The book was authored by Prime Minister(PM) Narendra Modi. ii.The book is a compilation of speeches of Narendra Modi on the Indian Constitution. iii.The book is published by Prabhat Prakashan Private Limited. About the launch event: i.The event was chaired by Rambahdur Rai, President of IGNCA. ii.Meenakashi Lekhi, Minister of State(MoS) for Ministry of Culture and External Affairs.
International Mountain Day 2023- December 11The United Nations (UN) International Mountain Day is annually observed across the globe on 11 December to create awareness about the importance of mountains to life. The theme of International Mountain Day 2023 is “Restoring Mountain Ecosystems”.
The Food and Agriculture Organization of the UN (FAO) is the coordinating agency for the preparation and animation of this celebration and it is mandated to lead observance globally.
Background: i.International Mountain Day has its origins in 1992 when the adoption of Chapter 13 of Agenda 21, titled “Managing Fragile Ecosystems: Sustainable Mountain Development,” at the UN Conference on Environment and Development (UNCED).
It is often known as the Earth Summit, which was held in Rio de Janeiro, Brazil to recognise the important role of mountains in sustainable development.
ii.The increasing attention to the importance of mountains led the United Nations General Assembly (UNGA) to declare 2002 as the International Year of Mountains (IYM2002).
UNGA also adopted the resolution A/RES/57/245 and declared 11 December as International Mountain Day, as of 11 December 2003.
iii.The first-ever International Mountain Day was observed on 11 December 2003.
International Day of Neutrality 2023- December 12The United Nations (UN) International Day of Neutrality is annually observed across the globe on 12 December to raise public awareness of the importance of neutrality in intergovernmental relations.
The Day also aims to develop peaceful, friendly, and mutually beneficial relations and encourages cooperation between different countries globally.
Note:Article 2 of the UN Charter compels member states to settle international disputes peacefully and avoid using force. Background: i.On 2 February 2017, the United Nations General Assembly (UNGA) adopted the resolution A/RES/71/275, introduced by Turkmenistan, and declared the 12 December of every year the International Day of Neutrality.
Turkmenistan has been recognised by the UN as a permanently neutral state since 12 December 1995.
The resolution highlighted the link between the preservation of peace and the 2030 Agenda for Sustainable Development.
ii.The 1st International Day of Neutrality was observed on 12 December 2017. About United Nations (UN): Secretary-General– António Guterres Headquarters– New York, United States of America (USA) Founded in– 1945
Universal Health Coverage Day 2023- December 12The United Nations (UN) Universal Health Coverage Day (UHC Day) is annually observed across the globe on 12 December to raise awareness about the importance of strong and resilient health systems in achieving universal health coverage and to celebrate the progress towards health for all. The 2023 UHC global campaign theme is, “Health For All: Time for Action.” Background: i.The Universal Health Coverage Day was first organised on 12 December 2014 by the Universal Health Coverage Coalition. ii.On 12 December 2017, the United Nations General Assembly (UNGA) adopted the resolution A/RES/72/138 and proclaimed the 12 December of every year as International Universal Health Coverage (UHC) Day. iii.The first-ever official UN-designated International UHC Day was observed on 12 December 2018.
Punjab Govt launches ‘Bhagwant Mann Sarkar, TuhadeDwaar‘ SchemeOn December 10, 2023, the Government of Punjab launched “Bhagwant Mann Sarkar TuhadeDwar”, a state government scheme to deliver 43 citizen-centric services at people’s doorstep.
It was launched by the Arvind Kejriwal,Chief Minister (CM) of Delhi and AAP (Aam Aadmi Party) national convenor; and Punjab CM Bhagwant Mann during the event held in Ludhiana, Punjab.
CRB’s Crime In India 2022: Around 58 lakh crimes registered in 2022; registration of cases declined by 4.5%The National Crime Records Bureau(NCRB) has released its annual report titled “Crime in India– 2022”. The report shows that a total of 58,24,946 cognisable crimes which includes 35,61,379 Indian Penal Code(IPC) crimes and 22,63,567 Special & Local laws(SLL) crimes were registered in 2022.
It shows a decline of 4.5% in registration of cases compared to 2021.
The crime rate registered per lakh population has declined from 445.9 in 2021 to 422.2 in 2022.
This (2022) is the 70th edition of Crime in India, the annual report published by NCRB.
Kolkata(West Bengal) emerged as the safest city in India for the 3rd consecutive year among major metropolis.
About NCRB (National Crime Records Bureau): NCRB under the Ministry of Home Affairs(MoHA) is a repository of information on crime and criminals so as to assist the investigators. Director– Vivek Gogia Headquarter– New Delhi, Delhi Established in 1986
Kenyan President William Ruto’s visit to India from December – 4 to 6 2023The President of the Republic of Kenya, William Samoei Ruto was on an official visit to India from December 4 to 8, 2023 at the invitation of the President of India. This marks Ruto’s 1st visit to India as President representing Kenya. i.India announced USD 250 million Line of Credit (LOC) to Kenya to modernize its agri-sector. ii.India and Kenya have signed 5 Memorandum of Understanding (MoUs) in various sectors such as: sports, education, culture and digital solutions. iii.The Indian Council For Cultural Relations (ICCR) scholarships to be increased from 48 to 80 per year. iv.India and Kenya unveiled a blueprint on”Joint Vision Statement on Maritime Cooperation in the Indian Ocean Region- BAHARI (Ocean in Swahili)”. About Kenya: President – William Samoei Ruto Capital – Nairobi Currency – Kenyan Shilling
Indian Army and MeitY Partners to Infuse Digital Infrastructure in Army Indian Army (IA) and the Ministry of Electronics and Information Technology (MeitY) collaborated to infuse cutting-edge technology and digital infrastructure into the core of the Indian Army’s operational framework. About the Collaboration: i.The collaboration is rooted in a ‘Whole of the Nation’ approach. ii.The partnership aims to establish indigenous fifth Generation(5G) labs and plans to designate the Military College of Telecommunication Engineering in Madhya Pradesh as a sixth generation (6G) test bed, to drive technological advancements. iii.IA is developing military-grade 5G and 6G telecom apps in collaboration with MeitY
This includes the creation of Artificial Intelligence (AI)-enabled decision-making tools, predictive analytics, and advanced cybersecurity measures.
Mercom’s ‘Leading Global Large-Scale Solar PV Developers’ report: Adani Green Energy Ranked 2nd Adani Green Energy Ltd (AGEL), a part of Adani Group, is ranked as the World’s 2nd largestlarge-scale solar PhotoVoltaic (PV) developer in the Mercom Capital Groups’s annual global report titled “Leading Global Large-Scale Solar PV Developers”. AGEL has a total solar portfolio of 18.1 GigaWatt (GW).
The list is topped by France-based TotalEnergies with 41.3 GW of solar in its portfolio of projects. Canada-based Brookfield Renewable Partners is ranked 3rd with a capacity of 18 GW.
AGEL is the only solar PV developer from Asia to feature on the list.
About the Report: i.The report, which includes data from July 2022 to June 2023, features a list of top 10 global large-scale (utility-scale) solar PV developers based on projects in operation, under construction, and awarded (power purchase agreements (PPA)-contracted). ii.The report considered Large-scale projects with operational capacity of 1 MegaWatt (MW) or more. Top 3 Rankings:
S&P’s Ranking 2023: LIC Becomes World’s 4th Largest Insurer based on Reserve; Germany’s Allianz SE TopsAccording to S&P Global Market Intelligence’s new ranking “The Worlds Largest Life Insurers, 2023” based on life and accident & health reserves, Life Insurance Corporation of India (LIC) has been named the 4th largest insurer in the world.
LIC’s reserves stood at USD 503.7 billion in the fiscal year 2023 (FY23) – April 2022 to March 2023. LIC is the only Indiancompany featured on the list.
The 2023 ranking is topped by Germany’s Allianz SE with a reserve of USD 750.2 billion followed by China Life Insurance Company Ltd, China(USD 616.90 billion) and Nippon Life Insurance Company, Japan (USD 536.80 Billion)
About the Ranking: The list features top 50 companies ranked by 2022 life and accident & health reserves.
Life and accident & health reserves represent a liability to provide for future commitments under outstanding policies.
Top 5 Largest Insurer in the world:
The United Kingdom(UK) is home to the most companies on the list. 7 companies on the list are headquartered in UK.
ii.Asia is the region with 2nd highest number of entries on the list. Asian companies accounts for 17 spots on the list.
China and Japan share the top spots in Asia with 5 companies headquartered in the two countries.
iii.In terms of premium income, India ranks 7th in world life insurance in 2023, a rise from 9th rank in 2022. iv.North America had 12 spots on the list, with 8 companies based in the United States of America (USA), 2 in Canada, and 2 in Bermuda.
On an individual country basis, the USA has the highest number of life insurers on the top 50 list.
About Life Insurance Corporation of India (LIC): Chairperson– Siddhartha Mohanty Headquarters– Mumbai, Maharashtra Establishment– 1956
RBI Cancels Licence of Maharashtra’s Shankarrao Pujari Bank & UP’s Urban Co-operative BankThe Reserve Bank of India (RBI) has cancelled the license of ShankarraoPujariNutanNagariSahakari Bank Limited, Ichalkaranji, Kolhapur in Maharashtra, and Urban Co-operative Bank Limited, Sitapur in Uttar Pradesh (UP) with effect from the close of business on 4th December 2023 and 7th December 2023, respectively. Reason: i.The banks does not have adequate capital and earning prospects.
The banks do not comply with the provisions of Section 11(1) and Section 22 (3) (d) read with Section 56 of the BR Act, 1949.
ii.The banks also failed to comply with the requirements of Sections 22(3) (a), 22 (3) (b), 22(3)(c), 22(3) (d) and 22(3)(e) read with Section 56 of the Banking Regulation (BR) Act, 1949. iii.The bank’s persistence poses a threat to depositors’ interests, as its current financial inability to fully repay depositors and the adverse impact on public interest if it continues its banking operations. Key Points: i.Upon cancellation, both banks are immediately prohibited from engaging in banking activities, including the acceptance and repayment of deposits, as per Section 5(b) read with Section 56 of the BR Act, 1949. ii.It should be noted that on liquidation, every depositor is entitled to receive deposit insurance claim amount upto Rs 5,00,000 from DICGC, subject to DICGC Act, 1961. iii.As per the data submitted by the Urban Co-operative Bank Ltd,98.32% of the depositors will receive full amount of their deposits from Deposit Insurance and Credit Guarantee Corporation (DICGC), and for ShankarraoPujariBank,99.85% of the depositors will receive full amount of their deposits. RBI Imposes Monetary Penalty on 4Co-Operative Banks On 7th December 2023, RBI has imposed monetary penalty on4 co-operative banks:
Rajarshi Shahu Sahakari Bank Ltd., Pune, Maharashtra
Prathamik Shikshak Sahakari Bank Limited, Satara, Maharashtra
Patan Co-operative Bank Limited, Mumbai, Maharashtra
The District Co-operative Central Bank Ltd., Mahabubnagar, Telangana
Note: The penalty was imposed in exercise of powers conferred on RBI under the provisions of Section 47A (1) (c) read with Section 46 (4) (i) and Section 56 of the BR Act, 1949. This will not affect any transaction or agreement entered into by the bank with its customers. Details of the Monetary Penalty: i.RajarshiShahuSahakari Bank Ltd: Penalty– Rs 1 Lakh Reason– Non-compliance with the directions issued by RBI on ‘Maintenance of Deposit Accounts – Primary (Urban) Co-operative Banks’ ii.PrathamikShikshakSahakari Bank Limited: Penalty– Rs 1 Lakh Reason– Non-compliance with the directions issued by RBI on ‘Management of Advances-UCBs iii.Patan Co-operative Bank Limited: Penalty– Rs 1 Lakh Reason– Non-compliance with directions issued by RBI on ‘Reserve Bank of India –Know Your Customer (KYC) Direction, 2016 iv.The District Co-operative Central Bank Ltd: Penalty– Rs 10,000 Reason– Non-compliance with the directions issued by the National Bank for Agriculture and Rural Development (NABARD) on ‘Review of Frauds – Guidelines on Monitoring and Reporting System’ read with ‘Frauds – Guidelines for Classification, Reporting and Monitoring of Frauds’.
ADB, Government of India sign USD 175mn Loan to Improve Connectivity in MPThe Government of India (GoI) and Asian Development Bank (ADB) signed a USD 175 million loan to improve the connectivity and resilience of roads in Madhya Pradesh (MP).
This project will enhance connectivity in the state road network across 14 districts in MP.
Signatories: JuhiMukherjee, Joint Secretary, Department of Economic Affairs, in the Ministry of Finance, for the Government of India, and Takeo Konishi, Country Director of ADB’s India Resident Mission, for ADB. Features of Project: i.ADB will enhance Madhya Pradesh Road Development Corporation Limited(MPRDC) by upgradation of 500 km of roads to two-lane, with climate-resilient design, innovative safety features and facilities catering to elderly, women, children, and people with disabilities.
It will also develop strategies for green technology and electric vehicle infrastructure.
ii.Formulate gender equality strategy, establish internship program, and engage women self-help groups. iii.Conduct livelihood training for women and girls; build at least two roadside markets. iv.This project will also connect rural areas to growth centres and industrial corridors. About Asian Development Bank (ADB): President – Masatsugu Asakawa Headquarters – Mandaluyong City, Manila, Philippines Established in – 1966 Members – 68 About Madhya Pradesh (MP): Governor– Mangubhai C. Patel Chief Minister– Shivraj Singh Chouhan Wildlife Sanctuaries – Singhori Wildlife Sanctuary, Son Gharial Wildlife Sanctuary, Veerangana Durgavati Wildlife Sanctuary Tiger Reserve – Panna Tiger Reserve, Sanjay Tiger Reserve
iVIS partners with ICICI Bank to Boost Security with Advanced E-Surveillance Services Intensive Vigilance and Intervention System (iVIS), a subsidiary of Magellanic Cloud Limited, has partnered with ICICI BankLimited to offer cutting-edge electronic surveillance (e-surveillance) services across the bank branches.
The partnership aims to fortify ICICI Bank’s branch-level security operations in Automated Teller Machines (ATMs) and cash counter operations.
iVIS will deploy state-of-the-art Artificial Intelligence (AI)/ Machine Learning (ML) and Internet of Things (IoT) technology to deliver services such as real-time video monitoring, facial recognition, incident detection, reporting, and data analytics.
iVIS is a company specializing in electronic surveillance systems. It is headquartered in Hyderabad, Telangana.
Govt Provides Rs.6,186 Crore for Renewable Energy Via Green Bonds in FY23Union Minister R.K.Singh, Ministry of New and Renewable Energy (MNRE), in a written response to a query in Lok Sabha, informed that the Government of India (GoI) had raised Sovereign Green Bonds (SGB) of Rs.16,000 crore (approximately) in the financial year 2022-23 (FY23).
Out of the total funding, Rs. 6,186 crores was crafted to offer low-cost funds for renewable energy projects via green bonds.
About Renewable Energy Projects: i.Through a transparent bidding process, private sector developers contribute to the majority of renewable energy projects.
The Solar & Wind power projects are developed by Independent Power Producers (IPPs)
ii.The funds can be raised through Equity Funding or by debt financing Sources: i.The sources to raise Equity Funding include Private Equity Capital, Own Funds of the developers, Venture Capital, etc. ii.The sources for debt financing include borrowings from commercial banks, Financial Institutions (FIs), external commercial borrowings and foreign currency loans from multilateral and bilateral agencies. About Sovereign Green Bonds (SGB): i.Sovereign Green Bonds (SGBs) are fixed interest-bearing financial instruments issued by any sovereign entity or inter-governmental organisation /corporation. ii.SGBs are exclusively implemented to raise capital for environmentally friendly projects. iii.Union Budget 2022-23 announced the issue of SGBs. Steps taken by GoI: To encourage investment in the renewable energy sector, GoI has taken many stepssuch as i.Liquidity Infusion Scheme – to help Distribution Companies (Discoms) settle their debt. ii.Electricity (Late Payment Surcharge & related matters) Rules, 2022 – to encourage timely payment of dues. iii.Revamped Distribution Sector Scheme (RDSS) – to improve the operational efficiency of Discoms. Additional Info: i.India’s installed power generation capacity from non-fossil sources accounts for 43.82% (186.46 gigawatts (GW)) of its total installed capacity. ii.In addition, it has 114.08 GW under implementation.
American Pop Singer Taylor Swift Named Time Magazine’s 2023 Person of the Year, 1st Woman to be Named TwiceTIME, the news magazine based in the United States of America (USA), has named the American singer-songwriter Taylor Alison Swift as its 2023 Person of the Year and became the 1st person to be recognised for her achievements in the arts.
With this, She became the 1st woman to appear twice on a Person of the Year cover since the nominations began in 1927.
i.Lionel Andrés Messi, Captain of Argentina’s national football team, has been named Time magazine’s Athlete of the Year for 2023. ii.An American entrepreneur Sam Altman, the Chief Executive Officer (CEO) and co-founder of OpenAI, has been named Time Magazine’s CEO of The Year 2023. iii.American actor and singer, Alex Eugene Newell, was named TIME’s Breakthrough of the Year 2023. About Time Magazine: CEO– Jessica Sibley Headquarters– New York City, USA Founded in– 1923
President Honoured Narayan Seva Sansthan’s President Prashant Agrawal with National AwardOn the occasion of International Day of Persons with Disabilities 2023 (3 December 2023), Draupadi Murmu, President of India, honoured Prashant Agrawal, President of Narayan Seva Sansthan (NSS) in Udaipur, Rajasthan, with National Awards for the Empowerment of Divyangjan under the category ‘Best Personality- Empowerment of Differently-abled’ .
The award recognises his outstanding work in the field of empowerment of persons with disabilities (PwDs/Divyangjan).
The award ceremony was organised by the Department of Empowerment of Persons with Disabilities (DoEPwD), Ministry of Social Justice and Empowerment (MSJE) at Vigyan Bhavan, New Delhi, Delhi.
Key People:Union Minister Dr. Veerendra Kumar, MSJE and A. Narayan Swami, Ministers of State (MoS), MSJE were present during the event. About National Awards for the Empowerment of Divyangjan: The award has been annually presented by the Department of Empowerment of Persons with Disabilities (DoEPwD), MSJE since 1969.
A total of 30 awards (21 individuals and 9 institutions) were preseted as a part of National Awards for the Empowerment of Divyangjan 2023.
Performed over 4,45,000 surgeries on differently-abled individuals;
Provided artificial limbs to nearly 40,000 accident victims;
Offered computer, mobile, and sewing training for comprehensive rehabilitation.
ii.His efforts led to the establishment of the Differently-abled Sports Academy, recognised by the Guinness Book of World Records.
The academy has organised national-level competitions in swimming, blind cricket, wheelchair cricket, and physical disability cricket.
Awards: In 2017, the Rajasthan government honoured him with the Best Social Worker Award.
Education Minister Presents National Award for Innovations & Good Practices in Educational Administration 2020-21 & 2021-22Union Minister Dharmendra Pradhan, Ministry of Education(MoE) honoured the 65 outstanding district and block education officers across India with the National Awards for Innovations and Good Practices in Educational Administration for the years 2020-21 & 2021-22.
The awards were presented during the event held at Dr. B.R. Ambedkar International Centre in New Delhi, Delhi.
Note: A 2-day National Conference on Innovations and Good Practices in Educational Administration was organised by the National Institute of Educational Planning and Administration (NIEPA) as a prelude to the award ceremony. National Awards for Innovations and Good Practices in Educational Administration: The awards for district and block-level education officers were instituted by the NIEPA in 2014. Aim:
To create a culture and ecosystem of innovations and good practices in educational administration at the field level of educational administration.
To elevate the quality of educational administration at the grassroots level to improve the functioning of the public system of education.
Objectives:
To identify innovative practices in educational administration at the district and block levels.
To recognize and appreciate officers implementing successful innovations by giving awards or certificates of appreciation.
To document and disseminate noteworthy practices to enrich educational administration.
National Institute of Educational Planning and Administration (NIEPA): i.The NIEPA was established by the erstwhile Ministry of Human Resource Development(MoHRD), now MoE, Government of India. It became a deemed-to-be university in 2006. ii.It deals with capacity building and research in the planning and management of education not only in India but also in South Asia. iii.The orgin of the institute dates back to 1960 when it was established as the Asian Regional Centre for Educational Planners and Administrators by the United Nations Educational, Scientific and Cultural Organization (UNESCO). iv.Later in 1970, the institute was taken over by the Government of India and was renamed as “National Institute of Educational Planning and Administration (NIEPA)” in 1979.
Cambridge Dictionary Reveals ‘Hallucinate’ as Word of the Year 2023 The Cambridge dictionary has chosen “hallucinate” – a verb as its Word of the Year for 2023. This decision is in recognition of the new meaning the word has acquired in the context of artificial intelligence (AI) algorithms.
The traditional definition of “hallucinate” refers to the experience of seeing, hearing, or feeling things that are not there
The new meaning specifically applies to AI systems that generate text, images, or other outputs that are not based on real-world data.
This can include things like chatbots that make up stories or image generators that create fictional scenes.
AnumulaRevanth Reddy Sworn in as CM of Telangana; Mallu Bhatti Vikramarka Took Oath as Deputy CMOn 7th December 2023, AnumulaRevanth Reddy, President of Telangana Pradesh Congress Committee (TPCC), sworn in as the Chief Minister (CM) of Telangana. He became the 1st Congress CM of Telangana and the 2nd CM of the State since its formation in 2014.
Mallu Bhatti Vikaramarka, Former Leader of Opposition in Telangana Legislative Assembly, took oath as the Deputy CM of Telanga.
Telangana Governor Tamilisai Soundararajan administered the oath of office at the Lal Bahadur Shastri Stadium in Hyderabad, Telangana.
Key People: Mallikarjun Kharge, Congress President; Sonia Gandhi, Chairperson of Congress Parliamentary Party (CPP), and other leaders including Rahul Gandhi, and Priyanka Gandhi were present at the swearing-in ceremony. 2023 Telangan Assembly Election: i.Telangana Legislative Assembly elections were held on 30th November 2023 to elect 119 member. ii.The Indian National Congress (INC – 64 ) with its ally Communist Party of India (CPI – 1)won a clear majority with 65 seats against the incumbent Bharat Rashtra Samithi (BRS)’s 39 seats. iii.As per the strength of the Assembly, Telangana can have 18 ministers, including the CM. Other Noted Appointment: Gaddam Prasad Kumar was appointed as the Speaker of the Telangana Legislative Assembly. 10 other Members of the Legislative Assembly (MLAs) took oath as ministers of Telangana. The 10 Ministers are: Nalamada Uttam Kumar Reddy; Komatireddy Venkata Reddy; C Damodar Rajanarasimha; Duddila Sridhar Babu; Ponguleti Srinivas Reddy; Ponnam Prabhakar; Konda Surekh; D Anasuya (popularly known as Seethakka); Tummala Nageswara Rao; and Jupally Krishna Rao. About AnumulaRevanth Reddy: i.In 2007, he was elected as a Member of the Legislative Council (MLC) as an independent candidate and later joined the Telugu Desam Party (TDP). ii.He won the Legislative Assembly elections and was a 2-time MLA in the erstwhile Andhra Pradesh assembly in 2009 and Telangana assembly in 2014. iii.He joined the INC in October 2017 and became President of TPCC in 2021. iv.He won the Lok Sabha elections in 2019 and served as a Member of the Parliament (MP) from the Malkajgiri constituency of Telangana. About Telangana: Chief Minister– Anumula Revanth Reddy Governor– Tamilisai Soundararajan Festivals– Bathukamma and Vijayadashami also known as Dussehra or Navaratri (both in October)
Union Minister Nirmala Sitharaman & 3 other Indians featured on Forbes’ 2023 World’s 100 Most Powerful WomenThe 20th annual ranking of the World’s 100 Most Powerful Women (2023) features a total of 4 Indian women. Union Minister Nirmala Sitharaman, Ministry of Finance and Corporate Affairs is ranked 32nd on the list.
The other 3 Indians are Roshni Nadar Malhotra(rank 60), Chairperson of HCLTech; Soma Mondal(rank 70), former Chairperson of Steel Authority of India Limited(SAIL) and Kiran Mazumdar-Shaw(rank 76), Founder and Executive Chairperson of Biocon India Private Limited.
Ursula vonder Leyen, the President of the European Commission, European Union (EU) topped the listfor the second consecutive year.
Other Key Rankings: i.Christine Lagarde the President of the European Central Bank is ranked 2nd whereas Kamala Harris, Vice President(VP) of the United States of America (USA) ranked 3rd in the list. ii.Barbie is ranked 100th on the list under the category “Media & Entertainment” and became the first ever fictional character to feature on the list.
Annually, the rank 100 is allocated to a figure that’s not the traditional image of power but symbolically influential for the year.
iii.American Singer and Songwriter Taylor Swift is ranked 5th on the list. She became the first woman from the entertainment industry to rank among the top 5 on the list. Top 3 Rankings along with Indian women:
Key Points: i.Nirmala Sitharaman was the first woman to be appointed full-time Defence Minister of India in September 2017.
In 2019, She was appointed as the first full-time female Finance Minister of India.
Previously, she was ranked 36th in 2022, 37th in 2021, 41st in 2020, and 34th in 2019 on the list.
ii.Kiran Mazumdar-Shaw is one of India’s richest self-made women with a net worth of USD 2.3 billion. Biocon founded in 1978 has Asia’s largest insulin factory in Malaysia’s Johor region. iii.Roshni Nadar Malhotra is the Chief Executive Officer (CEO) of HCL Corporation and Chairperson of HCL Technologies. She is the first woman to head a listed Indian IT company.
She is also a trustee of the Shiv Nadar Foundation, focused on education.
iv.Soma Mondal served as the chairperson of SAIL, central public sector undertaking(CPSU) under the Ministry of Steel, from January 2021 to April 2023.
She is currently a member of the Public Enterprises Selection Board (PESB).
About the list: i.The list ranks the inspirational female CEOs, entertainers, politicians, philanthropists and policymakers making a life-changing impact on the world. ii.The rankings are based on money, media presence, impact, and spheres of influence.
University of Delhi ranked 220th on QS World University Ranking for Sustainability 2024; University of Toronto topsAccording to the QS World University Rankings: Sustainability 2024, the 2nd edition of the list published by Quacquarelli Symonds(QS), a global higher education analyst, the University of Delhi (DU), ranked 220th (globally), hastopped among the 56 Indian Universities featured on the list.
DU is ranked 30th among Asian Universities.
The University of Toronto, Canada, has topped the list as the world’s most sustainable University followed by the University of California (UCB), Berkeley, the United States of America(USA) at 2nd and the University of Manchester, the United Kingdom (UK) at 3rd place.
About QS (Quacquarelli Symonds): Founder and President– Nunzio Quacquarelli Headquarters– London, United Kingdom (UK)
WHO Report: India Accounted for 66% of Malaria Cases in WHO South-East Asia Region in 2022As per the 2023 World Malaria Report by the World Health Organization (WHO), India constituted 66% of malaria cases in the WHO’s South-East Asia region in 2022. Despite an overall decrease of 11.9% in estimated cases between 2021 and 2022 in the region, Bangladesh, Indonesia, Myanmar and Thailand recorded an increases in cases. i.Plasmodium vivax(P. vivax), a protozoal parasite, contributed to almost 46% of cases in the region. ii.Notably, India and Indonesia accounted for about 94% of all malaria deaths in South-East Asia region in 2022. iii.Around 249 million malaria cases have been reported around the world(in 85 malaria endemic countries and areas) which exceeded the pre-pandemic count of 233 million in 2019. About World Health Organisation (WHO): Director General – Tedros Adhanom Ghebreyesus Headquarters – Geneva, Switzerland Establishment– 1948
AIIB, UNDP Signed MoU for Promoting Sustainable Infrastructure DevelopmentThe Asian Infrastructure Investment Bank (AIIB) has signed a Memorandum of Understanding (MoU) with the United Nations Development Programme (UNDP) to promote sustainable infrastructure development and address development challenges in Asia and beyond.
The MoU recognises the shared objectives of AIIB and UNDP in supporting national climate goals and the 2030 Agenda through financing sustainable development initiatives in common members of operations.
Signatories: The MoU was signed by Achim Steiner, UNDP Administrator, and Jin Liqun, AIIB President and Chair of the Board of Directors.
The MoU was signed at the 28th Conference of the Parties (COP28) of the United Nations Framework Convention on Climate Change (UNFCCC), being held in Dubai, United Arab Emirates (UAE) from 30 November to 12 December 2023.
About the Partnership: i.Under this partnership, AIIB will leverage its respective strengths and resources to drive positive change and make a lasting impact on the lives of people in Asia and beyond. ii.With this partnership, UNDP can unlock new opportunities for financing sustainable development projects and promote innovative solutions that address pressing global challenges. iii.Under the MoU, AIIB, and UNDP will:
Plan to co-invest and leverage multilateral funding and private financing in developing countries;
Collaborate on measuring the impact of investments on climate goals and Sustainable Development Goals (SDGs); and
Pursue joint technical assistance and explore innovative de-risking instruments, knowledge sharing, joint advocacy, and policy support work.
Note: AIIB, Headquartered in Beijing, China, is a multilateral development bank focusing on financing sustainable infrastructure for a better future. About United Nations Development Programme (UNDP): Administrator– Achim Steiner Headquarters– New York, United States of America (USA) Established in– 1966
Bharat Electronics Limited Receives orders worth Rs. 3,915 Crore The Bharat Electronics Limited (BEL), a Navratna Public Sector Undertaking (PSU), has received multiple orders worth Rs. 3,915 crore for the supply of various defense equipment.
It received an order worth Rs 580 crore from the Indian Army for supplying an artificial magnetic conductor (AMC) of radars.
It also received an order worth Rs 3335 crore worth of multiple orders like AMC for an Airborne Early Warning & Control (AEW&C)system, Uncooled TI (thermal imager) sights, Software-Defined Radios, SWIR (Shortwave Infrared) payload, AMC for the IACCS (Integrated Air Command and Control System), and Passive Night Vision Binoculars.
CII Projected India’s GDP to Grow at 6.8% Confederation of Indian Industry (CII) has projected the India’s Gross Domestic Product (GDP) to grow at 6.8 % in Financial Year 2023-24 (FY24) supported by infrastructure development and promotion of ease of doing business.
The projected economic growth is higher than earlier projection of 6.5-6.7% which was made in June 2023.
CII also projected that the growth will further accelerate to 7% in FY25.
Note: Indian economy recorded a growth of 7.7% in the first half(H1) of FY24 About Confederation of Indian Industry (CII): Director General – Chandrajit Banerjee Headquarters – New Delhi, Delhi Established in – 1895
Rex Karmaveer Global Fellowship (RKGF) 2023-24 and Chakra Awards Presented at the 12th Edition of the annual REX CONCLiVERex Karmaveer Global Fellowship (RKGF) 2023-24 and the most prestigious and inclusive Karmaveer Chakra Medal were presented to people who have innovative ideas which may make a difference to the world.
The awards are instituted by the International Confederation of Non-Governmental Organisation (iCONGO) in association with the United Nations (UN).
The awards were presented during the 12th Edition of the annual REX CONCLiVEand Karmaveer Chakra Award event at Shri Nadar School, Faridabad, Haryana.
Rex Karmaveer Chakra Medal: i.The Rex Karmaveer Chakra Medal is a global civilian honour that recognises people who have made outstanding contributions to humanity. ii.The award was instituted in partnership with the UN to encourage proactive citizenship. iii.3 Tiers of Karmaveer Chakra: Recognising outstanding contributions in activism, education, volunteering, and healthcare, the Karmaveer Chakra comes in 3 tiers: Gold, Silver and Bronze 2023 Awardees of Rex Karmaveer Global Fellowship & Chakra Awards: GOLD: Rumana Sinha Sehgal, the founder of Serendipity and Mentor at T-Hub (Technology Hub), was honoured with the RKGF 2023-24 and Chakra (Gold) medal.
In 2019, she received the Karamveer Chakra Silver medal.
SILVER:
Maihursa Boro, a first-generation social entrepreneur and education entrepreneur from Assam, has been honoured with the RKGF 2023-24 and Chakra Award (Silver) Medal.
Kalyan Srinivas Raygalla of Hyderabad (Telangana) was honoured with the RKGF 2023-24 and Chakra Award (Silver) Medal.
Deepak Sharma received the REX Karmaveer Chakra (Silver) Award.
BRONZE: Narayanappa, a marginal farmer of the Andhra Pradesh Community-Managed Natural Farming (APCNF) programme from Andhra Pradesh, was honoured with the RKGF 2023-24 and Chakra Award (Bronze) Medal. Other Awardees: i.Dr. Hemachandran Ravikumar, an Indian scientist, and Doctor of Medicine by profession was honoured for his exceptional contributions to Research and Development (R&D) in Physical and Bio-Science and Microbiological Studies. ii.Ramniet S Mukherjee, a dynamic human rights activist, founder of HI-Helping India Trust from the Union Territory Chandigarh and capital of Punjab and Haryana. iii.Goa’s acclaimed percussionist Carlos Gonsalves has been awarded the Rex Karmaveer Jyoti award in recognition of his services in the music field. UNV Karamveer Chakra: i.Sikkimese fashion designer and social entrepreneur Omi Gurungwas awarded the UN Volunteer (UNV) Karmaveer Chakra (Gold) at the 12th REX CONCLiVE.
He was awarded for his outstanding contribution towards sustainable fashion and proactively creating awareness about climate change in the world.
Previously, he had recieved the UN Karamveer Chakra (Silver) Award in 2019.
He is the first person from Sikkim to receive both the gold and silver UN Karmaveer Chakra /awards.
Karmaveer Chakra, Instituted in 2008-09 by the Indian Confederation of NGOs (iCONGO) in association with the UN, is the national medallion for proactive voluntary action to Be the Change.
10 BJP MPs Including 2 Minister resigned from Parliament After winning State Elections10 Bharatiya Janata Party (BJP) Members of Parliament (MPs) including Union Minister Narendra Singh Tomar, Ministry of Agriculture and Farmers Welfare (MoA&FW) and Minister of State (MoS) Prahlad Singh Patel, Ministry of Food Processing Industries (MoFPI), have resigned from the Parliament after winning the respective state assembly elections. Details of 10 MPs who have resigned from the Parliament:
After resignation they can continue as member of the state legislative assembly.
Govt to sell 8% stake in IRCON International through OFS The government of India has proposed to sell 8%stake in Ircon International Limited (IRCON), a Navratna Central Public Sector Unit(CPSU) under the Ministry of Railways (MoR), through an offer for sale (OFS). Key Points: i.As of September 2023, the government holds 73.18% stake in IRCON. ii.Initially, the government will sell 3.76 crore shares at Rs.2 per share (representing a 4% stake) through the OFS and the additional 4% will be sold if the offer is oversubscribed. Details of IRCON OFS: I.The offer will take place on a separate window of the stock exchanges under the T+1 period. ii.The offer will take place on December 7, 2023 (T Day) and continue till the next day(8th December 2023). iii.OFS is open for Non-retail investors on 07th December 2023 (T day). The retail investors can participate in the OFS on 08th December 2023 (T+1). iv.Theunallocated bids of non-retail investors can be carried forward to T+1 for allocation in the unsubscribed portion of the retail category. Floor price: i.The floor price for the sale has been set at Rs 154 a share. This is ~10% discount to the last traded price. ii.The allocation will be at or above the floor price on price priority basis. However, retail investors have an option to bid at or above the cut-off price. Reservation: i.About 10% of the offer is reserved for retail investors.
If the retail category is undersubscribed, then these shares will be assigned to non-retail investors who opted to carry forward their unallotted bids to T+1 day.
ii.Another 0.5% of the offer is reserved for employees. These employee shares will be issued at the retail category’s cut-off price. iii.A minimum of 25% of the offered shares is reserved for mutual funds and insurance companies. In case of undersubscription, the unsubscribed portion will be available to other bidders in the non-retail category. Brokers: IDBI Capital Markets & Securities Limited, Bank of Baroda Capital Markets Limited, and Yes Securities (India) Limited (YSL) are brokers to the proposed OFS. Additional Info: i.Retail Investors are any individual or non-professional investor who buys and sells securities in stock exchanges. ii.Non-Retail Investor are the entities which manage money on behalf of others, such as pension funds, mutual funds, and hedge funds. About Ircon International Limited (IRCON): IRCON was established in 1976 as Indian Railway Construction Company Limited. Chairman & Managing Director(CMD)– Brijesh Kumar Gupta (Additional charge) Headquarters – New Delhi, Delhi
Ambuja Cements Completes Acquisition of Sanghi Industries, at Rs 5,185 crAdani Group-owned Ambuja Cements Limited (ACL) completed the acquisition of Gujarat-based Sanghi Industries Limited (SIL) at an enterprise value of Rs 5,185 crore by holding a controlling stake of 54.51%.
The acquisition will be fully funded through internal accruals.
The deal will boost Ambuja Cements’ capacity to 74.6 million tonnes per annum (MTPA) from 68.5 MTPA .
About the Acquisition: i.ACL bought about 141 million shares of SIL.
Each share is priced at Rs. 121.9 by the Promoters.
ii.Whereas, 7.3 million shares of SIL were bought through off-market trade. iii.This acquisition will increase the cement capacity of ACL to 15 MTPA along the West Coast on the strength of SIL’s low-cost clinker. Offerings: i.The deal offers low-cost debottle necking, with total clinker capacity of 6.6 MTPA, cement capacity of 6.1 MTPA and 1 billion tonnes of limestone reserves to Adani Group. ii.SIL also offers potential for green power generation, reaching up to 45%, incorporating an additional 12 MegaWatt (MW) Waste Heat Recovery Systems (WHRS) and 30 MW of Solar/Wind power. Additional Funding: i.SIL also borrowed additional funds not exceeding Rs 1,810 crore from ACL to repay outstanding amounts. ii.The fund was received after amending Inter Corporate Deposit (ICD) agreement with Ambuja Cements. Additional Info: i.Ambuja Cements plans to invest in expanding the Sanghipuram (Gujarat) captive port to accommodate larger vessels.
This project is expected to be completed within the next 30 months.
ii.Sanghipuram unit is India’s largest single-location cement and clinker production facility.
Enemy Properties Shares Worth Rs 2709 crore Disposed through e-auction The enemy property shares worth Rs 2709 crore were sold by the Government of India as part of its initiative to dispose the enemy properties in India.
The enemy properties are the assets left behind by people who have taken citizenship of Pakistan and China, mostly between 1947 and 1962.
On September 2023, 19 enemy properties in Uttar Pradesh were disposed of by way of sale through e-auction.
As of December 2023, a total of 12,611 enemy properties (12,485 were related to Pakistanis and 126 to Chinese) were vested with the Custodian of Enemy Property for India (CEPI), a statutory authority under the provisions of the Enemy Property Act (1968).
The proceeds of the sale or disposal of enemy property, such as shares, are deposited into the Consolidated Fund of India(Constituted under Article 267 of the Indian Constitution).
Google Launches its largest and most capable AI Model ‘Gemini’Google launched its largest and most capable multimodal Artificial intelligence (AI) model, ‘Gemini’, which comes in three sizes: Gemini Ultra, Gemini Pro, and Gemini Nano. Variants of Gemini: Gemini Ultra: The largest and most capable model for highly complex tasks
Gemini Ultra is the first model to outperform human experts on MMLU (massive multitask language understanding) with a score of 90.0%.
MMLU uses a combination of 57 subjects, such as math, physics, history, law, medicine, and ethics, to test both world knowledge and problem-solving abilities.
Gemini Ultra’s performance exceeds current state-of-the-art results on 30 of the 32 widely-used academic benchmarks used in large language model (LLM) research and development.
ii.Gemini Pro: The best model for scaling across a wide range of tasks
Google Bard integrated with Gemini Pro for more advanced reasoning, planning, and understanding.
iii.Gemini Nano: The most efficient model for on-device tasks
It is expected to launch Bard Advanced with Gemini Ultra in early 2024.
How it can be useful? i.The companies and enterprises will use the new AI model for the following:
Advanced customer service engagement through chatbots and product recommendations
To identify trends for companies looking to advertise products
To create content for marketing campaigns or blogs
To summarize meetings or generate code for developers
Availability of Gemini: i.From 13th December 2023, developers and enterprise customers can access Gemini Pro through the Gemini API(Application Programming Interface) in Google AI Studio or Google Cloud Vertex AI. ii.Android developers will also be able to build with Gemini Nano via AICore, a new system capability available in Android 14, starting on Pixel 8 Pro devices. About Google: Chief Executive Officer(CEO) – Sundar Pichai Headquarters -California, United States of America(USA) Established – 1998
International Civil Aviation Day 2023- December 7The United Nations (UN) International Civil Aviation Day is annually observed across the globe on 7 December to create awareness about the importance of international civil aviation and its role in the social and economic development of a country.
The day also highlights the role of the International Civil Aviation Organisation (ICAO), a UN agency, in helping countries to cooperate and realise a truly global rapid transit network at the service of all mankind.
The 2023 theme of International Civil Aviation Day is “Advancing Innovation for Global Aviation Development”. Background: i.International Civil Aviation Day was established in 1994 as part of ICAO’s 50th anniversary activities. ii.In 1996, under an ICAO initiative and with the assistance of the Canadian Government, the United Nations General Assembly (UNGA) adopted the resolution A/RES/51/33 and proclaimed the 7 December of every year as International Civil Aviation Day in the UN system. About International Civil Aviation Organization (ICAO): ICAO is funded and directed by 193 national governments (Member states) to support their diplomacy and cooperation in air transport as signatory states to the Chicago Convention (1944). Secretary General– Juan Carlos Salazar (Colombia) Headquarters– Montreal, Canada
Armed Forces Flag Day 2023- December 07Armed Forces Flag Day (AFFD) is annually observed across the globe on 7 December to honour the martyrs, men, and women in the armed forces who bravely fought and continue to fight on the borders to safeguard the country’s honour.
Flag Day emphasise the dedication to looking after the war-disabled soldiers, Veer Naris, and the families of Martyrs who have sacrificed their lives for the country.
Background: i.A committee was set up on 28 August 1949 under the then Defence Minister Baldev Singh. The committee recommended observing Flag Day annually on December 7. ii.The 1st Armed Forces Flag Day was observed on 7 December 1949. About Indian Army: Chief of the Army Staff– General Manoj Pande Motto– ‘Seva Paramo Dharma’
Odisha CM Launches ‘AMA bank’ Scheme to Provide Banking Service in Unbanked Gram PanchayatsChief Minister (CM) of Odisha Naveen Patnaik has launched “AMA Bank” scheme for providing banking services through Customer Service Point (CSP) Plus banking outlets in 4373 unbanked Gram Panchayats (GPs) in Odisha.
Ama Bank model is the first-of-its-kind financial inclusion programme in India.
About Ama Bank Scheme: i.Ama Bank offers credit for small businesses along with 15 banking services through CSP Plus banking outlets.
It is positioned between a business correspondent (BC) and a small bank branch and offers all banking services.
ii.The bank also offers doorstep services to the elderly, differently-abled persons and pregnant women. iii.The scheme was launched in collaboration with six public sector banks (PSBs) namely State Bank of India (SBI), Punjab National Bank (PNB), Union Bank of India (UBI), UCO Bank, Bank of India (BoI) and Bank of Baroda(BoB). iv.As part of the scheme, the Government of Odisha will provide rent-free banking space for 5 years along with bearing one-time expenses for fixed costs and recurring expenses for three years. v.It was launched with a budget of about Rs 500 crore. vi.The scheme will be implemented in a phased manner, with the first phase covering 750 GPs and the remaining GPs will be covered by March 2024. vii.The scheme is in alignment with Odisha’s 5T initiative. Why is the scheme introduced? Around 65% of Odisha’s 6,798 gram panchayats lack physical bank branches, creating challenges for residents to access essential banking services and receive government benefits through the Direct Benefit Transfer (DBT) schemes. 5T initiative: i.The 5T initiative is a governance model in Odisha that stands for Teamwork, Transparency, Technology, Time, and Transformation. ii.In 2022, a sixth “T” representing ‘Tour’ was added to the initiative. About Odisha: Chief Minister – Naveen Patnaik Governor – Raghubar Das Wildlife Sanctuary – Lakhari Valley Sanctuary, Karlapat Sanctuary Tiger Reserve – Similipal Tiger Reserve, Satkosia Tiger Reserve
18 New Products of Uttarakhand gets GI Tag18 products of Uttarakhand including 13 agricultural goods, 4 Handi-craft goods, 1 food-stuff and 1 manufactured good received Geographical Indication (GI) tag.
Uttarakhand has become the 1st state in the country to get the highest number of 18 GI tags in a single day.
Chief Minister (CM) of Uttarakhand, Pushkar Singh Dhami officially distributed GI certificates to 18 products.
With these 18 new products, the total number of GI products in Uttarakhand has become
Ministry of Panchayati Raj launched GIS application ‘Gram Manchitra’ The Union Minister of State (MoS), MoPR, Kapil Moreshwar Patil launched the Geographic Information System (GIS) application “Gram Manchitra” to encourage technology driven spatial planning by the Gram Panchayat.
It utilizes geo-spatial technology to offer a dynamic, unified platform for Gram Panchayats to visualize and plan diverse developmental projects spanning natural resource management, water harvesting, sanitation, agriculture, and more.
Gram Manchitra will serve as a support system for the formulation of Gram Panchayat Development Plan (GPDP).
Key Points: i.This newly launched app will be aided by MoPR’s previously launched mActionSoft application, which will enhance the platform by integrating geo-tagged data from assets, providing a detailed view of Gram Panchayat projects. ii.mActionSoft, mobile-based solution captures photos with Global Positioning System (GPS) coordinates/Geo-Tags, creating a transparent record of works and assets, particularly those funded by the Finance Commission. iii.The Gram Panchayat is responsible for the overall development of the village. They also play a key role in providing basic services like drinking water and sanitation.
India Joins Battery Energy Storage Systems ConsortiumOn December 4, 2023, during the 2023 United Nations Climate Change Conference (COP28), India became a member of the Battery Energy Storage Systems (BESS) Consortium, led by the Global Leadership Council (GLC) of the Global Energy Alliance for People and Planet (GEAPP).
A total of 11 countries(first-mover countries), including India, have joined the BESS consortium during the COP28.
The BESS consortium is committed to achieving a combined commitment of 5 Gigawatts (GW) of BESS by the end of 2024.
The other first-mover countries are: Barbados, Belize, Egypt, Ghana, Kenya, Malawi, Mauritania, Mozambique, Nigeria, and Togo Note: COP28 is being held in Dubai, United Arab Emirates (UAE) from 30 November to 12 December 2023. Key Points: i.90 GW of storage capacity must be developed, To achieve the estimated 400 GW of renewable energy required to alleviate energy poverty by 2030 and save a gigaton of Carbon dioxide (CO2),
The 5GW goal will support the creation of a roadmap for achieving the rest by 2030.
ii.During the Energy Transition Dialogues (TETD) organised by GEAPP in New Delhi in November 2023, GEAPP also announced the expansion of its BESS project in India.
This aims to achieve the target of 1GW for DISCOMS (Distribution Companies) under BESS by 2026.
India’s efforts towards BESS: India has taken significant steps for the integration of BESS which include the following: i.In September 2023, the Indian Government approved a scheme to develop 4,000 MWh of BESS projects by 2030-31, offering up to 40% capital cost support through Viability Gap Funding (VGF) to encourage public-private partnerships and reduce BESS infrastructure project costs. ii.IndiGrid, India’s first power sector infrastructure investment trust, was awarded its first BESS project to design, supply, test, install, commission, operate, and maintain a 20 MW/40 MWh in Delhi.
GEAPP will provide concessional debt financing for 70% of the total capital investment and technical assistance for the project.
About BESS Consortium: BESS Consortium is a multi-stakeholder partnership set up to ensure these BESS benefits transform energy systems across low- and middle-income countries (LMICs). BESS Consortium’s first-mover countries will be supported by resources like the African Development Bank (AfDB), the World Bank(WB), the Asian Development Bank (ADB), Sustainable Energy for All (SEforALL), COP28 Presidency with additional partners and countries expected to join. About Global Leadership Council (GLC) of GEAPP: GLC is a high-level coalition of global leaders brought together by GEAPP. GLC is co-chaired by Jonas Gahr Store, Prime Minister of Norway and Dr Rajiv J. Shah, President of The Rockefeller Foundation. Established in 2022
World Bank Launched Various initiatives to Address Methane Emissions Globally at the COP28 summitThe World Bank (WB) launched partnershipplatforms namely the Global Methane Reduction Platform for Development (CH4D), a hub for methane reduction in agriculture and waste, and the Global Flaring and Methane Reduction Partnership (GFMR) which focuses on reducing methane leaks in the oil and gas sector.
WB also launched an 18-month “blueprint for methane reduction” to set up 15 national programs to reduce methane emission.
The proposals were launched at the 28th Conference of the Parties (COP28) of the United Nations Framework Convention on Climate Change (UNFCCC), being held in Dubai, United Arab Emirates (UAE) from 30 November to 12 December 2023.
About World Bank (WB): World Bank Group President– Ajay Banga Headquarters– Washington, DC, USA Established in– 1944
Bank of Baroda Introduced BOB Parivar Account for Savings & Current AccountsBank of Baroda (BOB), a leading public sector bank(PSB), has launched the BOB Parivar Account for Savings and Current Accounts which groups all the bank accounts belonging to members of a single family under One Family.
The ‘My Family, My Bank’ segment was launched under the “BOB Ke Sang Tyohaar Ki Umang” festive campaign of BoB.
About BOB Parivar Account: i.The accounts under the BOB Parivar Account will be operated independently by the primary account holder. ii.This eliminates the need to maintain a quarterly average balance (QAB) in every single account. The QAB is recorded at the Group/Family level. Eligibility: i.Savings account segment is open to a family of a minimum 2 members and a maximum of 6 members. ii.Current account segment is open to proprietorship, partnership, LLP, and Pvt. Ltd. companies, which are group companies or sister concerns. Categories: i.Both the BOB Parivar Saving Accounts and the BOB Parivar Current Account segments are classified into 3 different categories: Diamond, Gold and Silver. ii.These accounts vary on Pooled Quarterly Average Balance (PQAB) requirements.
For Savings Account:
Diamond – Rs 5 lakh and above
Gold- Rs 2 lakh and above
Silver – Rs 50000 and above
Diamond – Rs 5 lakh and above
Gold- Rs 2 lakh and above
Silver – Rs 50000 and above
For Current Account:
Diamond- Rs 10 lakh and above
Gold – Rs 5 lakh and above
Silver – Rs 2 lakh
Diamond- Rs 10 lakh and above
Gold – Rs 5 lakh and above
Silver – Rs 2 lakh
Benefits: The benefits of this account includes,
Concessional interest rates on retail loans for savings account holders.
Concession in manual NEFT(National Electronic Funds Transfer)/RTGS (Real Time Gross Settlement) charges.
Complete waiver of processing charges on Retail loans.
About Bank of Baroda (BOB): MD & CEO– Debadatta Chand Establishedin 1908 Headquarters– Vadodara, Gujarat Tagline– “India’s International Bank”
HDFC Bank Partnered with Tata Neu to Launch Tata Neu HDFC Bank Credit CardsHDFC Bank Limited in partnership with Tata Neu launched the co-branded credit card “Tata Neu HDFC Bank credit card” powered by RuPay/Visa. The credit card is available in 2 variants:
Tata Neu Infinity HDFC Bank Credit Card
Tata Neu plus HDFC Bank Credit Card
Note: This collaboration will help Tata New to expand into financial services which aims to provide online payment services to its customers. About Tata New HDFC Plus Credit Card: Eligibility: i.For salaried individuals:
Age: Minimum 21 years & Maximum 60 Years
Net Monthly Income should be more than Rs 25,000
ii.For Self-Employed Person:
Age: Minimum 21 years & Maximum 65 Years
Income Tax Return should be more than Rs 6 Lakhs per annum
Joining fees: Rs 499 + GST & Renewal fees: Rs 499 + GST About Tata Neu Infinity HDFC Bank Credit Card: Eligibility: i.For salaried individuals:
Age: Minimum 21 years & Maximum 60 Years
Net Monthly Income should be more than Rs 1 lakh.
ii.For Self-Employed Person:
Age: Minimum 21 years & Maximum 65 Years
Income Tax Return should be more than Rs 12 lakh per annum.
Joining fees: Rs 1499 + GST & Renewal fees: Rs 1499 + GST click here to know more About Tata Neu App: i.Tata Neu app is popularly known as the Super app developed by Tata Group. This app was launched on April 7, 2022. Tata Neu is a single online platform which provides various services like shopping, and booking flights and hotels. ii.Tata Neu app gives Neu coins to its customers as an incentive which can used for availing other services on the app. Additional info: NeuCoins are the rewards a customer earns when transacting on the Tata Neu app, website, or at any brand stores or hotels.
1 NeuCoin is worth Rs 1.
About HDFC Bank Limited: Chairman– Atanu Chakraborty Headquarters– Mumbai, Maharashtra Established– 1994 Tagline– “We Understand Your World”
ADB Offered Loans for Various Projects in India and Co-Hosts ‘Kutumb‘ with IIFL Home Finance LtdAsian Development Bank (ADB) helps its members and partners by providing loans, technical assistance, grants, and equity investments to promote social and economic development. Recently it has collaborated with GOI, Uttrakhand, and IIFl Home Finance Limited for various projects.
ADB has approved a USD($) 98 million(Rs.816 Cr) loan to improve the horticulture crop farmers’ access in India to certified disease-free planting materials.
ADB approves USD 200 million boost to enhance water supply and sanitation in Uttarakhand
IIFL Home Finance Ltd. presents the 15th chapter of ‘Kutumb’ in collaboration with the Asian Development Bank (ADB).
AboutAsian Development Bank Founded in-1966 Headquarters– Manilla, Philippines President- Masatsugu Asakawa
SBI Card joins Bharat BillPay in the Credit Card CategorySBI Card has joined the credit card category of Bharat BillPay. The integration of the SBI Card into Bharat BillPay was made by NPCI Bharat BillPay (NBBL), a wholly-owned subsidiary of the National Payments Corporation of India (NPCI),
The goal of this partnership is to make credit card bill payments more convenient and accessible.
Key Points: i.This will enable SBI Card’s approx 1.68 crore customers to pay and manage their credit card bills through Bharat BillPay’s supported payment channels.
These channels include: Online via banks, Payment apps, Bharat BillPay physical outlets.
ii.On the other hand, Bharat BillPay’s settlement technology enhances security, ensuring a reliable and seamless payment experience for all consumers. iii.Credit card issuers already present in this category include Kotak Mahindra Bank, BoB Financial, Federal Bank, AU Small Finance Bank, IndusInd Bank, and Canara Bank. Note – NPCI incorporated Bharat BillPay in December 2020, which is accountable for driving the Reserve Bank Of India (RBI)-conceptualised Bharat Bill Payment System (BBPS).
Aditya Birla Sun Life launches ABSLI Salaried Term Plan for Salaried IndividualsAditya Birla Sun Life Insurance (ABSLI) has launched the ABSLI Salaried Term Plan, a budget-friendly term insurance plan for salaried individuals.
The plan is categorised as a non-linked, non-participating, Life Individual, pure risk, and premium plan.
Key Points: i.This plan allows the policyholders to customize their plan based on their protection needs. ii.Along with the Standard Life Cover option, the policyholders can opt for a Life Cover with a Return of Premium (ROP) feature.
With this option, policyholders can receive a refund of the total premiums paid upon survival.
Features of Plan: i.ABSLI Salaried Term Plan provides long-term comprehensive protection with a policy term of up to 49 years.
The minimum & maximum entry age is 21 to 55 years, respectively, with a maximum maturity age of 70 years.
ii.The policyholders can also choose between multiple PPT (Premium Payment Term) options i.e., Limited Pay (5, 7, 10, 12, 15 and 20 Years) & Regular Pay. iii.Fixed Income Cover: In case of the policyholder’s death, the nominee receives a monthly income equal to 1.25% of the chosen sum assured for the selected Income Benefit Period, which can span 10, 15, or 20 years. About Aditya Birla Sun Life Insurance (ABSLI): ABSLI is a life insurance subsidiary of Aditya Birla Capital Ltd (ABCL). MD & CEO– Kamlesh Rao Headquarters– Mumbai, Maharashtra Incorporated in 2000 Commenced operations in 2001
Union Bank Collaborates with Accenture to Boost Operational Efficiency The Union Bank of India (UBI) has partnered with Accenture, a leading global professional services company, to design and develop a scalable and secure enterprise data lake platform with advanced analytics and reporting capabilities.
The partnership aims to improve operational efficiency, enhance customer-centric banking services, and manage the risk of Union Bank of India.
i.The platform generates business-relevant insights by using leverage structured and unstructured data from within the bank as well as from external sources. ii.The platform will use the predictive analytics, machine learning (ML) and artificial intelligence(AI) and leverage structured and unstructured data from within the bank and from external sources to generate business-relevant insights. iii.This will enable the bank to develop data visualisation and reporting capabilities including interactive dashboards and reports for business, operational and regulatory purposes.
S&P’s Global Credit Outlook 2024: India set to become 3rd largest economy by 2030According to ‘Global Credit Outlook 2024: New Risks, New Playbook’ released by S&P Global Market Intelligence, India is set to become the third-largest economy in the world by 2030 and it is projected to be the fastest-growing major economy in the next 3 years. Largest Economy: i.At present, India is the fifth largest economy in the world. ii.The top five economy along with their Gross Domestic Product (GDP) are as follows (according to the ranking):
United States Of America (USA) – USD 26,954 Billion
China – USD 17,786 Billion
Germany – USD 4,430 Billion
Japan – USD 4,231 Billion
India – USD 3,730 Billion
GDP prediction: i.According to the report, India’s GDP is set to grow at 6.4% in the current fiscal (FY24), which is 40 basis points(bps) higher than the previous forecast. ii.It is expected to grow at 6.4% for FY25, this is 50 bps lower than the earlier projection. iii.For FY26 and FY27, India’s GDP is expected to grow at 6.9% and 7%, respectively. Note: i.India‘s nominal GDP is expected to rise from USD 3.5 trillion in 2022 to USD 7.3 trillion by 2030. ii.With this, Indian GDP will exceed the Japanese GDP by 2030, making India the 2nd largest economy in the Asia-Pacific region. Key Points: i.India has a scope of becoming next major global manufacturing hub. ii.The report also pointed out that India is in need of a strong logistics framework to transform into a manufacturing-dominant economy from the current services-dominated economy. iii.It also suggested that by enhancing the skills of workers and boosting female participation in the workforce, India will India to realise its demographic dividend. iv.India growing digital market will boost the startup ecosystem, especially in financial and consumer technology. Additional Info: In the second quarter of the financial year 2023-24(July to September 2023) India experienced the GDP growth rate of 7.6%.
ONDC launches ‘Build for Bharat’ Initiative to Tackle Challenges in Digital Commerce Space The Open Network for Digital Commerce (ONDC) has launched a nationwide initiative called ‘Build for Bharat‘ in collaboration with Google Cloud India Private Limited, Antler Innovation India Private Limited, Paytm(One97 Communications Limited), Protean eGov Technologies Limited and Startup India.
Objective: To tackle diverse challenges in digital commerce and to promote industry innovation to develop practical solutions.
The initiative, organized at a national-scale in more than 50 cities across India, plans to utilise India’s technological and entrepreneurial potential.
ONDC is an initiative of the Department for Promotion of Industry and Internal Trade (DPIIT) under the Ministry of Commerce and Industry (MoC&I).
SuganthySundararaj Honored With PRSI National Award 2023 Public Relations Society of India (PRSI) honoured SuganthySundararaj, Regional Head of Public Relations at Apollo Hospitals, with the PRSI National Award 2023 for her outstanding contributions to PRSI and the industry.
The award was presented during the International Public Relations (IPR) Festival 2023 held in New Delhi, Delhi from 25th to 27th November 2023.
The award recognised her dedication to the PR industry and her role in shaping the strategic management of the PR function in the healthcare domain.
Suganthy Sundararaj has executed the PR mandate for Apollo Hospitals for more than 40 years. She has driven key initiatives and built lasting relationships with the media. Note: The theme of IPR Festival 2023 is “G20: Showcasing Indian Values and The Emerging India to the World: Opportunities for Public Relations’. Additional Info: i.NHPC Limited received 2nd prize under the ‘Annual Report’ category of ‘PRSI National Awards 2023 ii.Indian Oil Corporation Ltd. (IndianOil) has won 35 awards in the event whereas Garden Reach Shipbuilders & Engineers Limited(GRSE) received awards in five categories.
SBI to Acquire Additional 20% Stake in SBI Pension Funds for Rs 229.52 CroreThe Executive Committee of the Central Board (ECCB) of State Bank of India (SBI) has approved SBI to acquire an additional 20% stake in SBI Pension Funds Private Limited (SBIPFPL) for a cash consideration of Rs. 229.52 crore.
These stakes are currently held by SBI Capital Markets Limited (SBICAPS), a wholly-owned subsidiary of SBI.
About the Acquisition: i.After the acquisition, SBI will own 80% of the stake in of SBIPFPL whereas the remaining 20% of the stake will be owned by SBI Funds Management Limited. ii.The acquisition will be completed by 15th December 2023. iii.The acquisition is based on the valuation report of Deloitte Touche Tohmatsu India Limited Liability Partnership (LLP). iv.The entire process will be carried out on an arm’s length basis. v.The proposal also received approval from Reserve Bank of India (RBI) and Pension Fund Regulatory and Development Authority (PFRDA). Present Composition: i.At present, SBI is the major stakeholder in SBIPFPL, holding 60% of the shares. ii.SBICAPS and SBI Funds Management Limited each hold 20% of the remaining shares. Additional Info: SBI Funds Management Limited is a joint venture of SBI (62.53%) and Amundi (36.73%), a French asset management company. About State Bank of India (SBI): Chairman– Dinesh Kumar Khara Headquarters– Mumbai, Maharashtra Established in – 1955 Tagline– The banker to Every Indian About SBI Pension Funds Private Limited (SBIPFPL): It is appointed as the Pension Fund Manager (PFM) to manage the pension corpus under the National Pension System (NPS). Managing Director & Chief Executive Officer (CEO) – Anthony Rodrigues Headquarters– Mumbai, Maharashtra Established in – 2007
Chandrayaan-3 Propulsion Module Moves from Lunar Orbit to Earth OrbitThe Propulsion Module (PM) of Chandrayaan-3 by the Indian Space Research Organisation (ISRO) retreats from an orbit around the moon to an orbit around Earth.
ISRO performed three maneuvers, including the first orbit-rising maneuver (from 150 km to 5112 km), the second maneuver moved PM to Earth orbit of 1.8 lakhs x 3.8 lakhs km, and the final Trans-Earth Injection (TEI) maneuver.
i.ISRO is set to launch India’s first X-ray polarimeter satellite (XPoSat) to investigate the polarisation of intense astronomical X-ray sources.
XPoSat has two payloads, including the POLIX (Polarimeter Instrument in X-rays) and the XSPECT (X-ray Spectroscopy and Timing).
About the Indian Space Research Organisation (ISRO): Chairman– S. Somanath Headquarters– Bengaluru, Karnataka Establishment– 1969
SIPRI Report 2022 : India’s HAL, BEL, MDL in Top 100 arms–producing companiesSwedish think-tank Stockholm International Peace Research Institute (SIPRI) has released the report titled “World’s Top 100 Arms Producing Companies 2022”. SIPRI Top 100 listing includes the 100 companies with the largest arms revenue during the year covered. It lists the companies which make arms, weapons, military planes and equipment. i.For the 1st time, three Indian Public Sector Units (PSUs) : Hindustan Aeronautics Limited (HAL), Bharat Electronics Limited (BEL) and Mazagon Dock Shipbuilders Limited (MDL) are listed in the Top 100 arms producing companies. ii.Mazagon Dock Shipbuilders Limited (MDL), an Indian PSU specialized in Shipbuilding marks its debut in the list by securing 89th position. It generated revenue of USD 1 billion for year 2022. iv.The United States (U.S.) continues to dominate the Top 100 list with 42 companies. Despite having most number of U.S. companies in the list, revenue of these companies fell by 7.9% to USD 302 billion in 2022. About Stockholm International Peace Research Institute (SIPRI): Chair: Stefan Löfven (Sweden) Establishment – 1966 Headquarters – Stockholm, Sweden
LIC Notifies Framework for Appointment of Shareholders’ Director in its BoardOn December 1, 2023, Life Insurance Corporation of India (LIC) has notified LIC (shareholders’ director) Regulations, 2023 to allow the induction of shareholders’ directors on LIC’s board.
The regulations was notified in exercise of the powers conferred by clause (f) of subsection (2) of section 4 read with clause (n) of sub-section (2) of section 49 of the Life Insurance Corporation Act, 1956 (31 of 1956).
Highlights from Regulation: i.Election: Upon notice of not less than 1000 shareholders or one-tenth of the total number of shareholders (whichever is lower), LIC would elect a shareholders’ director through a general meeting of such shareholders. ii.Term: The board will appoint a shareholders’ director for a tenure of 4 years. iii.Re-election: The director will be eligible for re-election and re-appointment for another 4 years. Key Points: i.After the appointment, the shareholder’s director cannot hold a similar position in more than two companies at the same time, clarifying the corporation in its notification. ii.At present, LIC has five executive directors, including Chairman Siddhartha Mohanty, nine independent directors, and one government nominee Director MP Tangirala. About Life Insurance Corporation of India (LIC): Chairperson– Siddhartha Mohanty Headquarters– Mumbai, Maharashtra Establishment– 1956
ESIC received “ISSA Vision Zero 2023” Award at the 23rd World Congress on Safety and Health at WorkThe Employees’ State Insurance Corporation (ESIC) under Ministry of Labour & Employment (MoL&E) was awarded Vision Zero 2023 Award by International Social Security Association (ISSA) at the 23rd World Congress on Safety and Health at Work, held in Sydney, Australia from 27th to 30th November, 2023.
The award was received by Rajendra Kumar, Director General of ESIC.
Why ESIC? i.ESIC was awarded for its outreach in the field of safety and health at work places by aligning the prevention strategy. ii.ESIC also provided post-accidental mechanism for medical care and cash benefits to the workers and their dependents. iii.The award also recognises the improvements made in the service delivery of the ESI Corporation as well as increase in its administrative and operational efficiency using Information Technology (IT) enabled initiatives. 23rd World Congress on Safety and Health at Work: i.It is one of the largest international conferences for work health and safety. ii.The World Congress was co-organised by the International Labour Organization (ILO), SafeWork New South Wales (NSW) and ISSA. iii.The theme of the event was “Shaping Change: Collaborating for a healthier and safer world of work”. ISSA: Vision ZERO Award: i.The award is presented by ISSA to companies and organizations that have promoted and implemented the 7 Golden Rules of Vision Zero. ii.It is a transformational approach for prevention of accidents at work places integrating the three dimensions of safety, health and well-being at all levels of work. International Social Security Association (ISSA): i.ISSA offers a global platform and a unique network for all those in social security concerned with the health of workers. ii.ISSA is headquartered at the International Labour Office (ILO) in Geneva, Switzerland. President – Mohammed Azman Established in – 1927 About Employees’ State Insurance Corporation (ESIC): Director General – Rajendra Kumar Headquarters – New Delhi, Delhi Established in – 1952
Oxford University Press names ‘Rizz‘ as Word of the Year 2023On December 4, 2023, the Oxford University Press (OUP) has named ‘Rizz’, a colloquial noun defined as style, charm, or attractiveness; the ability to attract a romantic or sexual partner, as its word of the year for 2023. It is mainly used by the younger generation. Note: The Oxford word of the year 2022 was ‘goblin mode’ describing ‘unapologetically self-indulgent, lazy, slovenly or greedy’ behaviour. Rizz: i.Etymologically, the term is believed to be a shortened form of the word ‘charisma’, taken from the middle part of the word. ii.The word ‘rizz’ can also be used as a verb, in phrases such as ‘to rizz up’, OUP’s Word of the year: OUP, the publisher of the Oxford English Dictionary, annually chooses a word of the year, which reflects the mood, preoccupations, and ethos of the year. The word should also have the potential to be culturally significant. Shortlisted words of 2023: For 2023, the experts of OUP shortlisted 8 words and phrases and released them for public voting. From the 4 winners of the contest, the OUP experts choose the Oxford world of the year for 2023 through detailed analysis. 1.Celebrity Culture
Swiftie(noun – n)– an enthusiastic fan of the singer Taylor Swift.
de-influencing(n)– the practice of discouraging people from buying particular products, or of encouraging people to reduce their consumption of material goods, esp. via social media.
2.Personal Characteristics
Rizz(n)– style, charm, or attractiveness; the ability to attract a romantic partner.
Beige Flag(n)– a character trait that indicates that a partner or potential partner is boring or lacks originality
3.Shifts in the World
Prompt(n)– an instruction given to an artificial intelligence program, algorithm, etc., which determines or influences the content it generates.
Heat Dome(n)– a persistent high-pressure weather system over a particular geographic area, which traps a mass of hot air below it.
4.Relationship Dynamics
Parasocial(adjective)– designating a relationship characterized by the one-sided, unreciprocated sense of intimacy felt by a viewer, for a well-known or prominent figure in which the follower or fan comes to feel (falsely) that they know the celebrity as a friend.
Situationship(n)– a romantic relationship that is not considered to be formal or established.
Pakistan Elected asVice Chair of UNESCOExecutive Boardfrom the Asia Pacific GroupPakistan was elected as the Vice Chairperson of United Nations Educational, Scientific and Cultural Organization (UNESCO) Executive Board for the term 2023-2025 from the Asia Pacific Group.
Out of the 58-member Executive Board, Pakistan received 38 votes defeating India which got only 18 votes.
The election was held on 15th November 2023 during the 218th session of UNESCO’s Executive Board in Paris, France.
Note: As the Vice Chair of UNESCO Executive board, Pakistan will be able to influence global policies and initiatives in education, science, culture and communication. About the Executive Board of UNESCO: i.The executive board, made up of 58 member states with a 4-year term, has the role of administering the UN body and appointing the director-general. ii.It is one of the 3 constitutional organs of UNESCO, along with the 194-member general conference and the secretariat. iii.The bureau of the executive board consists of 12 members: the chairperson, 6 vice-chairpersons and the 5 chairpersons of the permanent commissions and committees. Iv.The 6 Vice-Chairs are from each electoral group of the board. The 6 electoral groups are:
Group I (Western European and North American States)
Group II (Eastern European States)
Group III (Latin-American and Caribbean States)
Group IV (Asian and Pacific States)
Group V (a) (African States)
Group V (b) (Arab States)
Chair and Vice Chairpersons (2023-2025): The Chairperson of the UNESCO Executive Board, for the term 2023-2025 is Vera Lacoeuilhe, a French-Lebanese diplomat and the representative of St. Lucia. The Vice-chairs for 2023-2025 are:
USA (Group I),
Lithuania (Group II),
Haiti (Group III),
Pakistan (Group IV),
Botswana (Group V (a))
Oman (Group V (b))
Note: Vice-chairpersons representing Groups I, II, III, V (a) and V (b) were elected by consensus. Voting was held only in Group IV. Role of Vice Chair: i.The vice-chairperson has no decision-making powers. ii.In the absence of the Chairperson during a session, the functions of the chair are exercised in turn by the Vice-Chairpersons. Key Points: i.India was elected to the UNESCO executive board in 2021 for a 4-year term till 2025. ii.In 2023, Pakistan was elected for a 4-year term which will end in 2027. iii.Group IV includes Pakistan, Australia, Bangladesh, China, Cook Islands, India, Indonesia, Japan, the Philippines, Republic of Korea, Sri Lanka and Vietnam.
Rajiv Anand Appointed as Chairman of Max Life Insurance; succeeds Analjit SinghRajiv Anand, a Non-Executive Director of Max Life Insurance Co. Ltd. nominated by Axis Bank Ltd, has been named the Chairman of Max Life Insurance Co. Ltd., with effect from 5th December 2023.
Rajiv Anand, Deputy Managing Director (MD) of Axis Bank(since 2021) succeeded Analjit Singh, the Founder and Chairman Emeritus of Max Life Insurance Co Ltd.
Analjit Singh has formally stepped down from the Chairman position and as a member of the Max Life Insurances board as of 4 December 2023.
Note: Max Life Insurance Co Ltd is a 70:30 Joint Venture (JV) between Max Financial Services Limited (MFSL), a part of the Max Group, and Axis Bank Limited. About Rajiv Anand: i.He joined Axis Asset Management Co. Ltd (AMC) in 2009 and was the founding MD and CEO of Axis AMC. ii.In 2013, he was appointed as the President (retail banking) of Axis Bank and was inducted on to the Board of the bank in 2016. iii.He was apppointed as the Executive Director (Wholesale Banking) of Axis Bank in 2018. iv.He is a member of the Corporate Social Responsibility (CSR) Committee and the Committee of Whole Time Directors of Axis Bank. v.He is the Co-Chair of the Banking Taskforce at the Confederation of Indian Industry (CII)- Western region, and a member of the National Committee on Banking at CII. About Analjit Singh: i.He has served as non-executive Chairman of Vodafone India and a Director on the boards of several companies like Tata Global Beverages and Sofina NV/SA, Belgium. ii.He has also served as member of Prime Minister(PM)’s Joint Indo-US CEOs Forum and the Chairman of CII’s National Committee on Insurance & Pension. iii.He was honoured with Padma Bhushan in 2011 for Trade and Industry. About Max Life Insurance Co. Ltd: MD and CEO– Prashant Tripathy Headquarters– Gurugram, Haryana Launched in– 2000
India to Represent Asia in Executive Committee of Codex Alimentarius Commission India has been unanimously elected to represent the Asian region in the Executive Committee of the Codex Alimentarius Commission (CAC).
The election took place during the 46th meeting of the CAC held at the Food and Agriculture Organization of the United Nations (FAO) Headquarters in Rome, Italy from 27th November to 2nd December 2023.
The Indian delegation was led by G Kamala Vardhana Rao, Chief Executive Officer (CEO), Food Safety and Standards Authority of India (FSSAI).
Note: CAC is an international organization that develops food standards, guidelines, and codes of practice. Codex Alimentarius is Latin for “food code”. Key Points: i.As a part of the executive committee of CAC, India can significantly contribute to setting international standards for various food categories and actively participate in decision-making processes. ii.During the meeting of CAC, India proposal to set up group standards for millets under Additional agendas category. This was discussed during the meeting and was approved by CAC for preparation of 3 project documents. iii.CAC also acknowledged India’s initiatives to establish global standard for millets. About the Executive Committee of CAC: i.The Executive Committee comprises of the Chair, 3 vice Chairs, 6 regional coordinators and 7 elected representatives from the 7 geographical regions of Codex: (Africa; Asia; Europe; Latin America and the Caribbean; Near East; North America; & The Southwest Pacific). ii.The Executive Committee is chaired by the Chairperson of the CAC.
At present, Chairperson of CAC isSteve Wearne, Director of Global Affairs at the United Kingdom Food Standards Agency.
About Codex Alimentarius Commission (CAC): The CAC was established in 1963 by the Food and Agriculture Organization (FAO) and the World Health Organization (WHO). Chairperson– Steve Wearne Members– 188 Member Countries (Including India) and 1 Member Organization (The European Union) Headquarters– Rome, Italy
Vivek Kumar Gupta Appointed as Part-time Govt Director on the Board of RVNL Droupadi Murmu, The President of India, has approved the appointment of Vivek Kumar Gupta as Part-time Government Director on the Board of Rail Vikas Nigam Limited (RVNL) with immediate effect. .
He is currently serving as the Principal Executive Director (PED)/Gati Shakti, Railway Board.
He will hold the part time post till he holds the position of PED/Gati Shakti, Railway Board, or until further orders, whichever comes earlier.
Vivek Kumar Gupta is an Indian Railway Service of Engineers (IRSE) officer and was transferred to the Railway Board and posted as PED (Gati Shakti), Railway Board in 2023.
He was a Higher Administrative Grade (HAG)/IRSE in Central Railway and served as Chief Bridge Engineer (CBE) and Chief Track Engineer (CTE) in Central Railway.
Note: RVNL is a Navaratna Central Public Sector Enterprise (CPSE) under the Ministry of Railways. It undertakes and executes the development, financing, and implementation of projects related to rail infrastructure.
Indian Air Force Officer Manisha Padhi Appointed India’s 1st Woman Aide-De-Camp to Mizoram Governor Squadron leader Manisha Padhi, a 2015 batch Indian Air Force (IAF) officer was appointed as the Aide-de-Camp (ADC) of Mizoram Governor Hari Babu Kambhampati. She became the first woman Indian Armed Forces officer to be appointed as Aide-de-Camp (ADC).
She formally joined her post and reported to the Mizoram Governor at a ceremony at the Raj Bhavan in Aizawl, Mizoram.
She was previously posted at Air Force Stations in Bidar (Karnataka), Pune (Maharashtra), and Bhatinda (Punjab).
i.In India, Aide-de-Camp is a title of honour, and current as well as former aides-de-camp have conferred the post-nominal letter ADC. ii.ADC is an officer in the armed forces who assists a higher-ranking officer, they are also personal assistants or secretaries to people of high rank, such as the head of state. iii.In India, the Governor of states have 2 ADCs, one from either the Army/Navy/Air Force, and the other from the state’s police force.
Zonun Thara, a Mizoram state police officer, is the other ADC to the Governor of Mizoram.
Note: The service chiefs, including the chief of the Army, Navy, and Air Staff, usually have 3 ADCs and the President has 5 ADCs (3 from the Army and 1 each from the Navy and the Air Force). There is also one honorary ADC from the Territorial Army.
GRSE delivered Sandhayak (Yard 3025) SVL to Indian NavyGarden Reach Shipbuilders & Engineers (GRSE), Kolkata (West Bengal) has delivered Indian Naval Ship (INS) Sandhayak (Yard 3025), the first of four Survey Vessel (Large) (SVL) ships to the Indian Navy(IN) on 4th December 2023.
Sandhayak has an indigenous content of over 80% by cost.
Yard 3025: i.The contract for building four SVL ships was signed between the Ministry of Defense (MoD) and GRSE on 30 October 2018. ii.The Keel for the ship was laid in 2019 and the ship was launched in 2021.
After the launch, the ship has undergone a comprehensive schedule of trials in harbour and at sea.
Specifications: i.SVL ships are 110 meter long, 16 meter wide with a displacement of 3,400 tons. ii.The hull of these ships is made from indigenously developed DMR 249-A steel manufactured by Steel Authority of India Limited (SAIL). iii.The ship is powered by two Diesel Engines and it can achieve speeds upto 18 knots. iv.The vessel is fitted with state of the art hydrographic equipment such as Data Acquisition and Processing System, Autonomous Underwater Vehicle, Remotely Operated Vehicle, Differential Global Positioning System (DGPS) Long range positioning systems, Digital side scan sonar etc. Primary Role of Sandhayak: i.It will conduct full scale coastal and deep-water Hydrographic Survey of Port/ Harbour approaches and will determine the navigational channels/ routes. ii.The zone of operation includes maritime limits upto the exclusive economic zone (EEZ) and continental shelf. iii.The vessel will gather oceanographic and geophysical data for both defence and civilian purposes Additional Info: Other three Survey Vessel (Large) (SVL) are Nirdeshak (Yard 3026), Ikshak (Yard 3027) and Sanshodhak (Yard 3028)
China Launches MisrSat-2 satellite jointly-developed with EgyptOn 4th December 2023, China National Space Agency (CNSA) launched the MisrSat-2 or Aiji Yaogan Weixing Erhao (Aiji 2) satellite with a Long March-2C carrier rocket from the Jiuquan Satellite Launch Center in northwest China.
MisrSat-2, the optical remote sensing satellite, was jointly developed by the Egyptian Space Agency (EgSA) and CNSA.
About MisrSat-2: i.The satellite, weighing 350 kg, features an high-resolution imager with a ground resolution of 2 metres in panchromatic mode and 8 metres in colour. ii.The lifetime of the satellite is 5 years. iii.The development of MisrSat-2 is a landmark project between China and Egypt under the Belt and Road Initiative (BRI). iv.The satellite was tested at Satellite Assembly, Integration, and Test Center (AITC) in Cairo, Egypt.
AITC was funded by China.
v.The satellite finds its application in fields like farming, national resources, urban planning, and coastal change monitoring. Note: In June 2023, China delivered the two prototype satellites of MisrSat-2 to Egypt. Two More Satellite: i.Along with the MisrSat-2, two remote sensing satellites namely Starpool (Xingchi-1) 02-A and Starpool(Xingchi -1) 02-B, developed by Chinese startup EllipSpace, were also launched by the same rocket. ii.These satellites will provide wide-area comprehensive perception services, laying a solid foundation for the construction of the “StarPool Plan” integrated communication, navigation and remote sensing system. About People Republic of China: President – Xi Jinping Capital – Beijing Currency – Renminbi(Yuan) About Egypt: President – Abdel Fattah El-Sisi Capital – Cairo Currency – Egyptian Pound
World’s Biggest Experimental Nuclear Fusion Reactor JT-60SA Inaugurated in JapanThe world’s largest and most advanced nuclear fusion reactor, Japan Torus-60 Super Advanced (JT-60SA) started its operations in Naka, Japan. The reactor is a joint initiative between the European Union (EU) and Japan. About JT-60SA:
i. JT-60SA reactor is a six-storey-high machine which is constructed as per Broader Approach (BA) Agreement.
The agreement was signed between the European Atomic Energy Community (Euratom) and Japan in 2007.
The Satellite Tokamak Programme (STP) involved the construction of JT-60SA reactor.
ii.It comprises a doughnut-shaped “tokamak” vessel set to contain swirling plasma heated up to 200 million degrees Celsius. iii.The term “tokamak” means “toroidal chamber with magnetic coils” iv.The reactor is the most advanced tokamak in the world. v.It uses powerful superconducting coils cooled to approximately -269 °C (absolute temperature approximately 4K) to confine plasma that can reach 100 million °C. Similar to ITER: i.JT-60SA serves as a precursor to its larger counterpart, the International Thermonuclear Experimental Reactor (ITER) in France.
ITER is currently under construction.
ii.Both the reactors aim to induce the fusion of hydrogen nuclei into a heavier element, helium, releasing energy in the form of light and heat. iii.The mission of JT-60SA is to support research for ITER to meet its technological goals, and provide knowledge for the transition from ITER towards DEMOnstration (DEMO) reactors. What is Nuclear Fusion? Nuclear fusion is the process by which two light atomic nuclei combine to form a single heavier one while releasing massive amounts of energy. The energy released is used for various purposes, such as electricity,etc..
Indian Researcher Dr.Akshata Krishnamurthy, 1st Indian Woman to Operate a Rover on Mars with NASA Indian Researchers Dr Akshata Krishnamurthy has became the first indian citizen (woman) to operate the rover (Perseverance) on Mars and also the first Indian citizen to collect sample from the Mars to bring back to Earth.
She is currently working as a Principal investigator and mission science Phase lead at National Aeronautics and Space Administration(NASA).
After completing her Ph.D. in Space Systems Engineering from the Massachusetts Institute of Technology (MIT), the United States of America (USA), she secured a position as Systems Engineer and Scientist, at NASA Jet Propulsion Laboratory (JPL).
She leads project verification and validation evidence management for the NASA-Indian Space Research Organisation (ISRO) Synthetic Aperture Radar (NISAR) mission.
She was the Science Data Analysis Lead on the Arcsecond Space Telescope Enabling Research in Astrophysics (ASTERIA) mission.
Space regulator IN-SPACe Launches Seed Fund Scheme for Startups to Promote Innovation in Space Sector India’s space regulator Indian National Space Promotion and Authorization Centre (IN-SPACe) has unveiled a seed fund scheme to offer financial assistance of up toRs 1 crore each to start-ups operating in the areas of Urban Development and Disaster Management by using space technology. The scheme was launched in collaboration with the Indian Space Research Organisation (ISRO)’s National Remote Sensing Centre (NRSC) to provide opportunities to companies that leverage space technology for societal benefit. Aim: To promote space technology and provide mentorship support, training, and networking opportunities.
Start-ups will receive seed funding to develop prototypes using space technology, ISRO facility support, including earth observation (EO) data, for concept validation, mentorship support, and access to a data algorithm as a transfer of technology from the Department of Space.
The seed fund grants of up to Rs. 1 crore are disbursed in 3 or more instalments. The first instalment may constitute up to 40% of the total approved commitment.
The intellectual property rights (IPR) generated under the program will be owned by the respective startup, adding a layer of support for innovation in India’s evolving space sector.
International Volunteer Day 2023- December 05The United Nations (UN) International Volunteer Day for Economic and Social Development commonly known as International Volunteer Day (IVD) is annually observed across the globe on 5 December to raise awareness about volunteer service, encouraging individuals, who dedicate their time and skills to contribute their services as volunteers locally and internationally.
The 2023 theme of IVD centres on “The power of everyone – collective action – if everyone did”.
Background: i.The International Volunteer Day for Economic and Social Development was adopted by the United Nations General Assembly (UNGA) through Resolution A/RES/40/212 on December 1985. About United Nations Volunteers (UNV) programme: Executive Coordinator– Mr Toily Kurbanov (Russian Federation) Headquarters– Bonn, Germany It is the volunteer arm of the UN that was created by the UNGA in 1970.
World Soil Day 2023 – December 05The United Nations(UN)’s World Soil Day (WSD) is annually observed across the globe on 5th December to create awareness about the importance of healthy soil and to advocate the sustainable management of soil resources.
5th December 2023 marks the observance of 10th WSD.
India’s Emission Intensity Reduced by 33% between 2005 and 2019i.According to a Government report titled ‘The Third National Communication to the United Nations Framework Convention on Climate Change’, India reduced its Gross Domestic Product (GDP) emission intensity by 33% between 2005 and 2019. This was 11 years ahead of the target. ii.India’s average rate of emission reduction increased from 1.5% annually during 2014 – 2016 to 3% annually from 2016 – 2019. This is the fastest recorded rate of reduction so far across any country. iii.India created an additional carbon sink of 1.97 Billion tonnes of CO2 equivalent during this period. About United Arab Emirates (UAE) Capital– Abu Dhabi Currency– UAE Dirham President– Mohammed bin Zayed Al Nahyan
Mercom India Report: Rooftop Solar Installations Rise 34.7% to 431 MW in July-Sep 2023According to ‘Q3 2023 Mercom India Rooftop Solar Report’ released by Mercom India Research, the rooftop solar installations in India registered a 34.7% year-on-year (YoY) jump to 431 MegaWatt (MW) in the third quarter (Q3- July-September) of calendar year (CY) 2023.
With this India’s cumulative rooftop solar capacity reached 10.1 GigaWatts (GW) at the end of September 2023.
Key Findings: i.Rooftop solar installations saw a significant increase in the first nine months (January – September) of 2023, reaching 1.3 GW, compared to 1.2 GW in the same period of 2022.
As far as Q3 of 2022 is concerned, the installation capacity was at 320 MW.
ii.The increase in rooftop installation is due to a fall in module prices. iii.In Q3 of 2023, average rooftop solar system cost fell 13.4% YoY and around 5% on a quarter-on-quarter (q-o-q) basis. iv.The residential segment was the largest adopter of rooftop solar installation followed by commercial and industrial (C&I) market segments. v.Rooftop solar tender announcements in Q3 2023 witnessed a decline of 61.6%, drop from 310.6 MW in Q3 2022 to 119 MW. Key points: i.Gujarat retained its top position in rooftop solar installations, contributing 26.7% to the cumulative installations, followed by Maharashtra (13.5%) and Rajasthan (8.3%).
As of September 2023, the top 10 states collectively accounted for ~77% of the cumulative rooftop solar installations.
ii.Between Q3 2022 and Q3 2023, Kerala recorded the highest compounded growth of 15%, followed by Gujarat(7.3%) and Maharashtra (5.1%). iii.Around 62% of the total tendered capacity during the quarter was for government buildings in Rajasthan, Gujarat, Kerala, and other states.
World’s First Portable Hospital ‘Aarogya Maitri Aid Cube’ Unveiled in Gurugram The world’s first portable hospital, the ‘Aarogya Maitri Aid Cube,‘ which can be set up within one hour of arriving at the emergency site to treat the injured, was unveiled in Gurugram, Haryana.
It was designed indigenously under Project BHISHM (Bharat Health Initiative for Sahyog Hita and Maitri).
The modular trauma management and aid system is made up of 72 detachable mini-cubes, each being a specialised station for emergency response and humanitarian efforts.
It can be used to treat as many as 200 patients with a range of injuries, including bullet injuries, burns, head, spinal, and chest injuries, minor surgeries, fractures, and major bleeding.
India Ranks 49th in IMD’s “World Digital Competitiveness Ranking 2023”India Ranks 49th in the International Institute for Management Development (IMD)’s 7th edition of World Digital CompetitivenessRanking (WDCR) 2023. The report measures the capacity and readiness of 64 economies based on three broad categories which are: Knowledge,Technology and Future readiness.
The U.S.A reclaimed its top position (Rank 1) which performs well in all three categories – Knowledge, Technology and Future Readiness.
The report mentioned that India made a little progress in the field of cyber security knowledge (Rank 45) but perform low in the fields of technology and future readiness.
Note: In the previous edition of WDCR 2022 report, India was ranked at 44th position. About International Institute for Management Development (IMD): It is an independent academic institute which provides various business programmes. President – Jean-François Manzoni Established in – 1990
ADB provided USD 200mn loan for U’khand’s Climate-Resilient Power System Development Projecti.On December 4, 2023, the Asian Development Bank (ADB) has approved a USD 200 Million loan for Uttarakhand Climate Resilient Power System Development Project to improve the quality, efficiency, and reliability of power supply, and aiding the state in achieving 24×7 power to its residents and transitioning to the use of clean energy. ii.The Japan Fund for Prosperous and Resilient Asia and the Pacific, financed by the Government of Japan through ADB, will also provide USD 2 million grant to support livelihood enhancement, training, and awareness-raising activities of this project. iii.ADB has unveiled an initiative to address climate and disaster risks in the crucial Hindu Kush Himalaya region, a vital water source supporting over a billion people across Asia. About Asian Development Bank (ADB): President – Masatsugu Asakawa Headquarters – Mandaluyong City, Manila, Philippines Establishment– 1966 Members – 68
Godrej Capital Nirmaan partners with DBS Bank India, Visa and Amazon to aid MSME growth Godrej Capital, Non-Banking Finance Company (NBFC) arm of the Godrej Group, has partnered with DBS Bank India, Visa and Amazon as part of its Nirmaan digital platform initiative, aimed at providing an extensive range of services to micro, small, and medium enterprises (MSMEs). i.This is in line with Nirmaan’s commitment to support MSMEs through diverse value-added services (VAS) to enhance market reach, financial assistance, legal and compliance simplification, employee welfare, and others. ii.NirmaanIt has expanded its collaborative model to include 13+ partners iii.Under this partnership,
Amazon will list MSME products in their website, and offer 3-month subscription to Amazon’s e-commerce exports program called Amazon Global Selling.
Visa will provide a comprehensive payment solutions for MSMEs through the Nirmaan platform.
DBS Bank India will offer access to a comprehensive suite of VAS, featuring a customised current account.
Kerala Startup Mission Inks MoU with Business Finland to Boost Start-Up EcosystemKerala Startup Mission (KSUM) and Business Finland have signed a Memorandum of Understanding (MoU) to boost the startup ecosystems in India and Finland.
A KSUM volunteer exchanged the MoU with Business Finland Senior Director Laura Lindeman, during the Slush 2023 held in Helsinki, Finland, from 30th November 2023 to 1st December 2023.
Note:
Business Finland is a part of the Talent Boost program of the Ministry of Employment and the Economy in Finland.
SLUSH is an annual event held in Helsinki, Finland which brings together entrepreneurs, investors, corporate professionals, policymakers, and venture capital firms on a common platform. It is organized by the students at Aalto University, Helsinki.
About MoU: i.The MoU seeks to support and maintain regular contact for mutual exchange of information and knowledge related to the start-up ecosystems in both countries. ii.Under the MoU, a collaboration platform – Kerala Finland Innovation Corridor will be established. This will function as a bridge to accomplish the various initiatives by both organisations. iii.There will be research co-operation, joint events, visits, communication and marketing by both sides. iv.The MoU will serve as a vital link fostering mutual innovation and market access within the ecosystems. About KSUM i.Established in 2006, KSUM is Kerala Government’s agency for promoting entrepreneurship in Kerala. ii.It implements the Kerala Technology Startup Policy and supports the startup ecosystem through schemes and programs. iii.It fosters technology-based entrepreneurship and builds the necessary infrastructure for high-end startup businesses. About Finland: President– Sauli Niinisto Capital– Helsinki Currency– Euro
Forbes Asia’s 2023 Heroes of Philanthropy List features 3 Indian: K.P. Singh, NandanNilekani, & Nikhil KamathThe Forbes Asia’s 2023 Heroes of Philanthropy list, the 17th edition of the annual unranked list, features 3 Indians: Kushal Pal Singh (K.P. Singh), Chairman Emeritus of DLF Limited; NandanNilekani, co-founder and Chairman of Infosys; and Nikhil Kamath, Co-founder and Chief Financial Officer, Zerodha.
The list features a total of 15 philanthropists from the Asia-Pacific region.
Note: The list includes names from lifelong philanthropists to newcomers from the Asia-Pacific region. About Forbes: Chief Executive Officer (CEO)- Mike Federle Headquarters– Jersey City, New Jersey, the United States of America (USA) Founded in– 1917
Educate Girls Founder Safeena Husain Honoured with WISE Prize for Education 2023 Safeena Husain, the founder and board member of Educate Girls, was awarded the WISE Prize for Education 2023 by the Qatar Foundation at the 11th edition of the World Innovation Summit for Education (WISE) Summit held on 28th -29th November 2023.
Safeena Husain became the first Indian woman to receive the WISE Prize for Education, and she received the WISE Prize medal along with USD 500,000 prize money.
WISE Prize for Education 2023: Safeena Husain is recognized for her contribution to equality and access to education through her Educate Girls organisation, which empowers communities for girls’ education by partnering with the government to identify, enrol, and retain out-of-school girls across India. About Safeena Husain: i.Safeena Husain has been awarded the NITI Aayog Women Transforming India Award(2017), and the NDTV-L’Oréal Paris Women of Worth Award(2016). ii.She also received the British Asian Trust’s Special Recognition Award for outstanding contribution to education. About Educate Girls: i.Educate Girls,an Indian Non-Governmental Organisation (NGO), established in 2007, enrolled 1.4 million girls in schools and supported education for more than 18.6 million children through the government education system. ii.Educate Girls works with over 21,000 community-based gender champions in the most marginalised communities in India to break the cycle of inequality and exclusion. iii.Educate Girls initiated the world’s first Development Impact Bond (DIB) in education, an outcomes-based financing model that achieved extraordinary results in both learning and enrolment. iv.Educate Girls has received the prestigious Skoll Award(2015) the USAID Millennium Alliance Award(2014), the Stars Impact Award(2014), and the India Development Marketplace Award in 2011 from the World Bank.
Educate Girls was one of the winners of the WISE Award in 2014.
About The WISE: i.The WISE Prize for Education was established in 2011 by Her Highness Sheikha Moza bint Nasser, Chairperson and Co-Founder of the Qatar Foundation. ii.The prestigious WISE Prize for Education was the first of its kind recognition given to an individual or a team for an outstanding, world-class contribution to education. Note: Madhav Chavan, co-founder of ‘Pratham’, a Mumbai-based NGO, was the recipient of the 2012 WISE Prize for providing quality education to millions of underserved children in India.
Renowned Cricketer Suresh Raina appointed as the Youth Voter Awareness Ambassador for Jammu & KashmirElection Commission of India (ECI) appointed Former (Retired) Indian cricketer Suresh Kumar Raina as the Youth Voter Awareness Ambassador for Union Territory (UT) Jammu & Kashmir (J&K), to create awareness among the youngsters to participate in the electoral process for higher voter turnout.
Chief Electoral Officer (CEO) of J&K, Pandurang K Pole presented a letter of his appointment on 1st December, 2023.
i.ECI released a notification that individuals who are 18 year or above can enroll in the electoral rolls by submitting “Form No.6” for new elector registration by December 9, 2023. ii.It has also mandated a special summary revision of photo electoral rolls in all parliamentary and assembly constituencies in UT J&K with January1, 2024 as the qualifying date. About Suresh Raina: Suresh Raina, the former Indian cricketer from Uttar Pradesh is a Left-handed batsman. He was a part of 2011 ICC Cricket World Cup (50 overs) winning squad and 2013 International Cricket Council (ICC) Champions Trophy Triumph. He was also the first Indian to have scored a hundred in all three formats of the game (Tests, One Day International & Twenty 20 International).
He played his Debut international match against Sri Lanka in 2005 (ODI).
Also his final international match against England in 2018 (ODI).
About Election Commission of India (ECI): Chief Election Commissioner of India – Rajiv Kumar Established – 1950. Headquarters – New Delhi, Delhi PNB MetLife appointed India’s Star Cricketer Smriti Mandhana its Ambassador Smriti Mandhana, Vice Captain of Indian Women’s Cricket team has been appointed as the brand ambassador of PNB MetLife India Insurance Company Limited for their campaign “Karo Bade Sapno Ki Tayyari”.
With this partnership, PNB MetLife hopes to inspire all Indians to dream big and enable them a secured future.
About Smriti Madhana Smriti Madhana is one of the finest Indian woman cricketers and she was honored with International Cricket Council (ICC) Player of the year award twice (in 2019 and 2021). She was honored with Arjuna Award (2018) by Government of India for her exemplary performance in cricket. About PNB MetLife:
It is one of the main insurance companies in India, established in 2001.
MetLife International Holdings LLC (MIHL) and Punjab National Bank (PNB) are the majority shareholders of in the company.
Ashish Kumar Srivastava is the MD (Managing Director) and CEO (Chief Executive Officer) of PNB MetLife. Its headquarter is located in Mumbai, Maharashtra.
SBI’s Stake in Jio Payments Bank Drops to 23% in FY23 State Bank of India’s (SBI) shareholding in Jio Payments Bank Limited reduced to 23% in Financial Year2022-23 (FY23) from 30% that SBI maintained since the inception of Jio Payments Bank.
With shareholding less than 25%, SBI will not be able to restrict special resolutions in the payment bank.
SBI has stayed away from two Jio Payments Bank rights issue while Reliance Industries Limited(RIL), has picked up 10 million shares on 29 November 2023, and 70 million on 23 January 2023.
Note: As per Section 114 of the Companies Act, 2013, a special resolution can be passed only when at least 75% members of the company vote in favour of the resolution.
Jio Payments Bank was established as a joint venture of RIL and SBI and commenced operations as payment bank in 2018.
Indian Tennis Player Ramkumar Ramanathan Wins ITF Kalaburagi Open 2023 Indian tennis player Ramkumar Ramanathan won the men’s singles title of the International Tennis Federation(ITF) Kalaburagi Open 2023 by defeating David Pichler (Austria) in the finals held at the Chandrashekhar Patil Stadium, Kalburgi, Karnataka.
This marks his 3rd ITF title of 2023. He has recently won the men’s singles title in the ITF Dharwad Open (Oct’ 2023) in Dharwad (Karnataka) and the ITF Men’s Tennis Championship (Dec’ 23) in Mumbai (Maharashtra).
Ramkumar received the prize money of USD 3200 and 25 ATP (Association of Tennis Professionals) points as the title winner, while David Pichler received USD 2120 and 16 ATP points as the runner-up.
The ITF Kalaburagi Open 2023 is part of the ITF Men’s World Tennis Tour and is played on hard courts.
The ITF Men’s WTT incorporates two prize money levels of tournaments – USD 15,000 (M15) and USD 25,000 (M25). ITF Kalaburagi Open 2023 is a M25 event.
Kalaburagi Open 2023 Doubles title: Japanese pair Ryuki Matsuda and Ryotaro Taguchi clinched the men’s doubles title by defeating David Pichler (Austria) and Nitin Kumar Sinha (India) in the finals.
International Day of Persons with Disabilities 2023- December 03 The United Nations (UN) International Day of Persons with Disabilities (IDPD) is annually observed across the globe on 3 December to promote an understanding of disability issues and mobilise support for the dignity, rights, and well-being of persons with disabilities.
IDPD also seeks to increase awareness about the situation of persons with disabilities in every aspect of political, social, economic, and cultural life.
The 2023 theme of IDPD is, “United in action to rescue and achieve the Sustainable Development Goals (SDGs) for, with, and by persons with disabilities“. Background: i.In October 1992, as the UN Decade of Disabled Persons (1983–1992) drew to an end, the United Nations General Assembly (UNGA) adopted the resolution A/RES/47/3 and designated 3 December as an annual International Day of Disabled Persons. ii.The 1st observance of International Day of Disabled Persons was marked on 3 December 1992. In December 2007, the UN renamed the title International Day of Disabled Persons, observed every year on 3 December, as the International Day of Persons with Disabilities under the Convention on the Rights of Persons with Disabilities (CRPD) by the UNGA resolution A/RES/62/127. iv.The 1st observance of the new title International Day of Persons with Disabilities was on 3 December 2008. The President of India, Droupadi Murmu presented the National Awards for the Empowerment of Persons with Disabilities (Divyangjan) for the year 2023 at Vigyan Bhavan in New Delhi, Delhi on December 3, 2023, on the occasion of the International Day of Persons with Disabilities.
International Day of Banks 2023 – December 4The United Nations (UN)’s International Day of Banks is annually observed across the globe on December 4 to recognise the vital role of banking systems in the Member States in contributing to the improvement of the standard of living.
4th December 2023 marks the observance of the 4th International Day of Banks.
Background: i.In 2019, United Nations General Assembly (UNGA) adopted the resolution A/RES/74/245 proclaimed December 4 of every year as International Day of Banks. ii.The first ever International Day of Banks was observed on 4th December 2020. About the United Nations (UN): Secretary-General- António Guterres Headquarters- New York, United States of America (USA) Establishment- 1945
MoJS Minister Gajendra Singh Shekhawat releases Dynamic Ground Water Resource Assessment Report 2023i.The Union Minister Gajendra Singh Shekhawat, Ministry of Jal Shakti (MoJS) released the ‘National Compilation on Dynamic Ground Water Resources Of India, 2023’ whose assessment was carried out jointly by Central Ground Water Board (CGWB) and States/UTs for taking suitable interventions by various stake-holders. ii.CGWB works under the aegis of Department of Water Resources, River Development & Ganga Rejuvenation, MoJS. iii.Total Annual Ground Water Recharge is 449.08 Billion Cubic Metres (BCM) which is an increase of 11.48 BCM from 2022 when it was 437.6 BCM. iv.The major increase is noticed in the States of West Bengal (WB), Assam, Telangana, Chhatisgarh, Karnataka, Gujarat and Bihar. About Central Ground Water Board (CGWB): Chairman– Dr. Sunil Kumar Ambast Headquarters– Faridabad, Haryana Formed in – 1970
iDEX signed 300th Contract For Design and Development of GaN SemiconductorsInnovations for Defence Excellence (iDEX)-Defence Innovation Organisation (DIO), the flagship initiative of the Ministry of Defence (MoD), signed its 300th contract with Bengaluru (Karnataka) based M/S Agnit Semiconductors Private Limited in New Delhi, Delhi.
The agreement focuses on developing advanced Gallium Nitride (GaN) Semiconductors which is essential for next-generation wireless transmitters in defence applications.
Signatories: The contract was signed by Additional Secretary (Defence Industries Production) & Chief Executive Officer (CEO) of Defence Innovation Organisation (DIO)T Natarajan in the presence of Defence Secretary Giridhar Aramane. About the contract: i.The contract aims to utilise indigenous GaN technology to design, develop and manufacture GaN components for defence in India. ii.With this India can reduce its reliance on imports of GAN components and potentially become an exporter of it. Note: GaN’s applications range from radars to Electronics Warfare (EW) jammers. Previous Contracts: i.iDEX signed its 300th contract within seven months of signing its 250th contract and nine months of signing 200th Contact. ii.iDEX signed it’s 250th contract in May 2023 with Thane (Maharashtra) based InspeCity Space Laboratories Private Limited. iii.Its 200th contract was with a winner of the Indian Navy Prime challenge launched under the SPRINT initiative in February 2023. iv.In December 2022, iDEX signed its 150th contract with Pune (Maharashtra) based Altair Infrasec Private Limited. Note: SPRINT stands for Supporting Pole-Vaulting in R&D through Innovations for Defence Excellence (iDEX), NIIO and Technology Development Acceleration Cell (TDAC). Additional info: i.Bharat Electronics Limited (BEL), a Navratna Public Sector Unit (PSU) under Ministry of Defence, signed a procurement contract with the iDEX Winner M/s Blurgs Innovations Private Limited for their solution TRIDENT. ii.This is the first procurement order placed by a Defence Public Sector Undertakings (DPSUs) under the iDEX scheme. About iDEX: i.It was launched in 2018 with an objective to provide the platform of co-creation & co-development in the defence sector. ii.It promotes startups, innovators, and entrepreneurs to contribute to indigenous defense production. iii.It is being implemented by DIO, established under the Department of Defence Production, MoD.
Union Home Minister Amit Shah led Committee Approves Rs 1,658 Crore Recovery and Reconstruction Plan for JoshimathThe high-level central committee, headed by Union Home Minister Amit Shah, has approved the Recovery and Reconstruction (R&R) plan of Rs 1,658 crore for Joshimath in Uttarakhand, which was affected by landslides and land subsidence. About Joshimath’s Natural Disaster: i.Joshimath, a hill town in the Chamoli district of Uttarakhand, suffered a land subsidence(sink) of about 5.4 cm in the 12 days from December 27, 2022, to January 8, 2023.
After this incidence, Joshimath has been declared a landslide-subsidence zone by the Uttarakhand government.
Land subsidence is a gradual settling or sudden sinking of the Earth’s surface due to removal or displacement of subsurface earth materials.
ii.Joshimath is also located in a high-risk seismic zone known as ‘Zone V’, which is vulnerable to landslides and flash floods. Note: Joshimath is located en route to Badrinath and the Valley of Flowers National Park and Gurdwara Hemkund Sahib. About the recovery plan for Joshimath: i.The recovery plan for Joshimath will be implemented in three years, following best practices, Build Back Better (BBB) principles, and sustainability initiatives. ii.Central Assistance:The union government will provide assistance of Rs 1,079.96 crore from recovery and reconstruction the window of the National Disaster Response Fund (NDRF). iii.State Assistance:The Uttarkhand state government will provide assistance of Rs 126.41 crore from its State Disaster Response Fund (SDRF) and Rs 451.80 crore from its state budget, including land acquisition costs for resettlement of Rs 91.82 crore.
RBI, Bank of England sign MoU concerning Clearing Corporation; Fines Bank of America, N.A., HDFC Banki.On December 1, 2023, the Reserve Bank of India (RBI) and the Bank of England (BoE) signed a Memorandum of Understanding (MoU) for cooperation and information exchange regarding the Clearing Corporation of India Limited (CCIL). ii.It was signed byRBI Deputy Governor T Rabi Sankar and BoE Deputy Governor for Financial Stability Sarah Breeden in London, United Kingdom (UK). iii.RBI in exercise of powers under the provisions of Section 11(3) of FEMA (Foreign Exchange Management Act), 1999 has imposed a monetary penalty of Rs 10,000 onBank of America, N.A. for violation of RBI’s instructions on reporting requirements under Liberalised Remittance Scheme of FEMA, 1999. iv.RBI approved the promoter of CSB Bank to keep a 26% stake in the lender. This is higher than the 15% stake that RBI had previously advised. About Reserve Bank of India (RBI): Governor – Shaktikanta Das Deputy Governors –Michael Debabrata Patra, M. Rajeshwar Rao, T. Rabi Sankar, and Swaminathan Janakiraman Establishment – 1st April 1935 Headquarters – Mumbai, Maharashtra
SEBI Postpones Linking of SCORES with ODR Portal to April 2024The Securities and Exchange Board of India (SEBI) has extended the timeline of linking of SEBI Complaint Redressal (SCORES) platform with the Online Dispute Resolution (ODR) Portal from 4th December 2023 to 1st April 2024.
The circular was issued under Section 11(1) of the Securities and Exchange Board of India Act, 1992.
Key Points: i.As per the circular issued by SEBI on 20th September 2023,
The market entities has to keep submitting the Action Taken Report (ATR) on SCORES within 21 calendar days from the date of receipt of the complaint.
The market entities have to apply for SCORES authentication and for Application Programming Interface (API) integration so that entities can comply with the circular from December 4, 2023.
ii.SEBI has proposed to reduce the timelines and introduce auto-routing and auto-escalation of complaints to strengthen the investor grievance handling mechanism through SCORES. iii.This will ultimately reduce the timelines and introduce automatic routing as well as automatic escalation of complaints. About SCORES: i.The SCORES acts as a platform for investors to file their grievances against listed companies or registered intermediaries which are unresolved. ii.It is an initiative by SEBI. iii.It was launched in 2011. Additional Info: Designated bodies include stock exchanges, the Association of Investment Bankers of India (AIBI), the Indian Real Estate Investment Trusts (REITs) Association, Depositories and Association of Portfolio Managers in India (APMI) and the Association of Mutual Funds in India (AMFI). About Securities and Exchange Board of India (SEBI): Chairperson – Madhabi Puri Buch Headquarters – Mumbai, Maharashtra Established in – 1992 Established under – Securities and Exchange Board of India Act, 1992
HDFC Securities Launches Mobile Trading App HDFC SKY On AWS Cloud HDFC Securities Limited, the stock-broking arm of HDFC Bank, has launched its mobile trading app, HDFC SKY on Amazon Web Services (AWS), the cloud computing unit of Amazon.com. AWS is the world’s most comprehensive and broadly adopted cloud.
HDFC Securities will provide secure and low-latency trading services to retail investors who prefer mobile trading.
HDFC SKY, built on AWS, will enable investors to access the stock market at a scale of thousands of transactions per second.
With AWS, HDFC Securities will reduce its annual Information technology (IT) infrastructure and management costs by up to 50%.
Note:
Recently, AWS has outlined its plans to invest USD 12.7 billion in cloud infrastructure in India by 2030.
Since 2017, AWS has also trained more than 4 million individuals in India with cloud skills
Bose Krishnamachari among 5 Indians featured on Art Review’s 2023 Power100 Most Influential People in Art 5 Indians including Bose Krishnamachari, an Indian painter and artist-curator hailing from Kerala, are featured on 2023 Power 100, the annual ranking of the most influential people in art, published by Art Review, a London-based magazine. i.Bose Krishnamachari is ranked 38th on the list. He has curated the murals on Manaveeyam street in Thiruvananthapuram, Kerala Traditional Historical and Colonial Architecture photography exhibition and ‘Contextual Cosmologies. ii.The other Indians on the list were,
Prateek Raja & Priyanka Raja, Gallerists and Cofounders of Experimenter, Kolkata(West Bengal) ranked 62nd.
Dayanita Singh, Photographer (Delhi) ranked 78th.
Natasha Ginwala, an independent curator, researcher, and writer, ranked 94th.
‘Power 100’ list, first published in 2002, is a global list to recognize and honour the most relevant works across international art on numerous occasions. The List is annually compiled by an international panel of global art professionals. Top 5 of 2023 list:
India re-elected to International Maritime Organisatio CouncilIndia has been re-elected to the International Maritime Organisation (IMO) Council in Category B states for the 2024-2025 biennium. The decision was taken at the 33rd Assembly of IMO held in London, The United Kingdom (U.K.). Indian High Commissioner Vikram Doraiswami represented India at the IMO Assembly in London. India wins with maximum votes to the IMO Council India got 157 votes out of 167 which is the highest number of votes among candidates in category B which includes 10 member nations with largest interest in international seaborne trade.
Category B states are: India, Argentina, Australia, Brazil, Canada, France, Germany, Netherlands, Spain, Sweden, UAE (United Arab Emirates).
Previously, India was re-elected to the IMO Council in year 2017 in which India secures 144 votes which were the second highest votes and then in 2021.
About International Maritime Organisation (IMO) Assembly: The IMO Assembly is the highest governing body. It consists of 175 member states of IMO and meets once in every 2 years (biennial). i.Its main function is to monitor and approve the work programme and budget of IMO. ii.It determines financial arrangements and elections of members to the IMO Council. IMO Council:
It is the executive organ of IMO and is responsible for supervising the work of the organization under the IMO assembly. The council performs all functions of assembly in between the session of the assembly except, in making recommendations to government on maritime safety and pollution prevention.
It consists of 40 members who are elected for period of 2 years. These members are further classified in 3 different categories:
i.CategoryA: It includes 10 member states with largest interest in providing international shipping services. ii.CategoryB: It includes 10 member states with largest interest in international seaborne trade iii.CategoryC: It includes20 member states which have special interest in maritime transport or navigation. About International Maritime Organisation: International Maritime Organisation (IMO) is one of the specialized agency of U.N. (United Nation) it is international body responsible for regulating and formulating policies for international maritime.
It was established under the United Nations Convention in Geneva in 1948 and operationalised formally for 1st time in 1959.
IMO has its permanent secretariat in London, U.K. and currently has 175 member states and 3 associate members.
Kitack Lim (South Korea) is currently serving as the Secretary General of IMO.
India joined the IMO as its member state in the year 1959.
Chandra Shekhar Ghosh Re-appointed as MD & CEO of Bandhan Bank for 3 YearsThe board of Bandhan Bank Limited approved the re-appointment of Chandra Shekhar Ghosh as the Managing Director (MD) and Chief Executive Officer (CEO) of the Bandhan Bank , for 3 years.
The re-appointment is subject to the approval of the Reserve Bank of India (RBI) and the shareholders of the bank.
If approved by RBI, the re-appointment would be effective from July 10, 2024.
Note: His current tenure as the MD and CEO would expire on 9th July 2024.He has been serving as the MD & CEO of the bank since 2015. About Chandra Shekhar Ghosh: i.Chandra Shekhar Ghosh has more than 30 years of experience in the microfinance and development spaces. ii.He founded Bandhan in 2001 as a not-for-profit enterprise. iii.He played a pivotal role in transforming Bandhan into a Non-Banking Financial Company-Micro Finance Institution (NBFC-MFI) (2006) and as a universal bank in August 2015.
It became the first microfinance company in India to get a universal banking licence.
iv.Previously, he has also served as the President of the Bengal Chamber of Commerce & Industry (BCC&I), and Chairman of The Confederation of Indian Industry (CII), Eastern Region. v.He is also a member of the Managing Committee of the Indian Banks’ Association (IBA) and a member of the Corporate Governance Council, CII. vi.He co-chairs the Financial Inclusion Committee of the Federation of Indian Chambers of Commerce and Industry (FICCI). vii.He is a Member of the Committee on Micro, Small, and Medium Enterprises (MEMEs) sector in the Government of West Bengal. About Bandhan Bank Ltd: MD & CEO– Chandra Shekhar Ghosh Headquarters– Kolkata, West Bengal Commenced Operations (as bank) on– August 23, 2015 Tagline– Aapka Bhala. Sabki Bhalai
Gajraj System: Indian Railways to Install AI-based Surveillance System to Prevent Elephant Deaths on TracksUnion Minister Ashwini Vaishnaw, Ministry of Railways, announced that the Indian Railways will install ‘Gajraj System’, an Artificial Intelligence (AI)-based surveillance system, covering 700-kilometer (km) track across India to to reduce elephant deaths on railway tracks.
700 km of rail network across Assam, West Bengal, Odisha, Kerala, Jharkhand, Chattisgarh, and Tamil Nadu will be covered under this system.
The implementation of this system will costs around Rs 181 Crore.
Background: i.The ‘Gajraj System’ was developed by the Railways in collaboration with several startups. ii.This technology was tested on a 150-kilometer stretch of Assam in 2022. Based on the field experience, improvements were made in the system exhibiting a 99.5% accuracy in detecting elephants on tracks. iii.The Northeast Frontier Railway(NFR) has commissioned this system a pilot project over a section of 60 to 70 km. iv.In September 2023, the system was installed on 11 elephant routes in the Northeast: 5 in Alipurduar, West Bengal and 6 in Lumding, Assam.
NFR reported zero elephant deaths from train accidents since the implementation of the system.
Note: The system was the brainchild of former General Manager of NFR Anshul Gupta, who retired in March 2023. About Gajraj System: i.The Intrusion Detection System (IDS) for railways is based on AI software, it can monitor unusual movements up to 60 kilometers. ii.IDS (Elephant Detection) is based on the Distributed Acoustics Sensing (DAS) technique, which locates and detects the presence of elephants near the track so that the speed of trains in the sections will be reduced. How does the system work? i.Railways utilise Optical Fiber Cables (OFC) beneath tracks for communication and signaling purposes. ii.The IDS, integrated into the OFC network, detects vibrations caused by elephants stepping onto the track. iii.Instant alerts are sent to the division control room and a dedicated mobile application when elephant movement is detected. iv.The system can accurately detect and locate moving elephants up to 5 meters from the fiber optic cable.
PCI Launched Revamped ‘DIGI-PHARMed’ Portal for PharmacistsPharmacy Council of India (PCI) launched the revamped version of the DIGI-PHARMed application, a cloud-based application to provide end-to-end services to Pharmacy institutions/Pharmacist/Pharmacy student/Pharmacist jobseeker.
Dr. Montu Kumar M Patel, President of PCI inaugurated the revamped DIGI-PHARMed application.
About DIGI-PHARMed Objective:
To ensure that educational standards are implemented uniformly across India.
Key Points: i.The application has been enhanced with 4 integrated services with an objective to regulate the Pharmacy education in the country by enrollment/registration of Pharmacy institutions/ Pharmacist/ Pharmacy student/ Pharmacist jobseeker across India. ii.The revamped version will enable the stakeholders to avail the full benefits of PCI digital services. iii.The revamped portal will ensures total digitization, saving man-hours and paper. iv.This will also enhance user satisfaction, streamlines registration, and boosts productivity and transparency. About Pharmacy Council of India (PCI) : Pharmacy Council of India (PCI) is a statutory body working under the Ministry of Health and Family Welfare (MoHFW). President– Dr. Montu Kumar M Patel Headquarters– New Delhi, Delhi
Vaishali Rameshbabu becomes India’s 84th Chess GrandmasterIndian Chess player Vaishali Rameshbabu(22 years old), has become India’s 84th Grandmaster(GM) by crossing the 2500 Elo live ratings during the ongoing 4th edition of the Llobregat Open Chess Tournament (Llobregat Open 2023) from 30th November 2023 to 8th December 2023 in Barcelona, Spain.
She is the third Indian female, after Koneru Humpy (2002) and Harika Dronavalli (2011), to get the GM title.
Vaishali and her brother Praggnanandhaa became the world’s first sister-brother pair to be GrandMasters.
Vaishali’s GM Norms: To become a GM, a player has to secure three GM norms and cross the live rating of 2,500 Elo points. i.Vaishali had secured three GM norms at the Xtracon Open 2019 in Denmark, the Fischer Memorial 2022 in Greece, and the Qatar Open 2023. ii.She crossed the 2500 rating when she defeated FIDE Master (FM) Tarik Selbes (Türkiye) in the second round of the 2023 IV Elllobregat Open. About Vaishali Rameshbabu: i.Vaishali Rameshbabu secured her Woman Grandmaster (WGM) title in 2018 (elo rating 2300) and International Master (IM) title in 2021(elo rating 2400).
At present, she is ranked world no. 11 in the women’s ranking with a live rating of 2501.5.
ii.She was a part of the women’s chess team that won the silver medal in the 19th Asian Games (Hangzhou 2022). Note: Recently(November 2023), she won the FIDE Women’s Grand Swiss 2023 title and qualified for the 2024 Women’s Candidates, which is set to be held in Canada.
Along with her brother Praggnanandhaa, they became the first brother-sister duo to qualify for the Candidates Tournament.
About Federation Internationale des Echecs/International Chess Federation (FIDE): President – Arkady Dvorkovich Headquarters – Lausanne, Switzerland Established – 1924
International Day for the Abolition of Slavery 2023- December 02The United Nations (UN) International Day for the Abolition of Slavery is annually observed across the globe on 2 December to combat and eradicate contemporary forms of slavery, such as trafficking in persons, sexual exploitation, the worst forms of child labour, forced marriage, and the forced recruitment of children for use in armed conflict. Background: i.The International Day for the Abolition of Slavery observed on 2 December, marks the date of the adoption of the UN Convention for the Suppression of the Traffic in Persons and of the Exploitation of the Prostitution of Others (resolution A/RES/317(IV)) by the United Nations General Assembly (UNGA) of 2 December 1949. ii.The Convention for the Suppression of Trafficking Persons and of the Exploitation of the Prostitution of Others entered into force on 25 July 1951.
National Pollution Control Day 2023- December 2National Pollution Control Day or National Pollution Prevention Day is annually observed across India on 2 December in the memory of those who lost their lives in the disastrous 1984 Bhopal Gas Tragedy.
The Day also aims to raise awareness of the management and control of industrial hazards and avoid pollution caused by industrial processes or human negligence.
2 December 2023 marks the 39th Anniversary of the Bhopal Gas Tragedy. AboutCentral Pollution Control Board (CPCB): CPCB functions under the Ministry of Environment, Forest and Climate Change(MoEF&CC). Chairman– Tanmay Kumar Headquarters– New Delhi, Deli
World Computer Literacy Day 2023 – December 02World Computer Literacy Day is annually observed across the globe on December 2 to raise public knowledge of computers and encourage the development of technological skills, particularly among children and women in India.
2nd December 2023 marks the observance of 23rd World Computer Literacy Day.
The first World Computer Literacy Day was observed on 2nd December 2001. About National Institute of Information Technology (NIIT): Chief Executive Officer (CEO) and Executive Director (ED) – Sapnesh Lalla Headquarters – Gurugram, Haryana Established in – 1981
Assam govt and NDDB sign MoU for holistic dairy development in Assam The Government of Assam has signed a Memorandum of Understanding (MoU) with the National Dairy Development Board (NDDB) for the holistic development of the dairy sector in Assam.
This partnership is in line with efforts to make Assam, sufficient in milk and egg production in the coming years.
The government has targeted to increase Assam’s milk production to 39 lakh litres per day from 29 lakh litres.
Assam has identified land at three places to set up mega milk processing plants with a capacity of 1 lakh litres per day.
Note: In January 2022, Assam and NDDB signed an MoU to create a Rs 2000 crore joint venture for the holistic development of the dairy sector in Assam.
Under this MoU, the joint venture will be established with a target to process 10 lakh litres of milk through 6 new units in 7 years.
Himanta Biswa Sarma, Hon’ble Chief Minister of Assam also laid the foundation stone of Purabi Dairy expansion project under World Bank-funded Assam Agribusiness & Rural Transportation Project (APART).
Bengaluru’s KIA set to become India’s 1st Airport to Introduce CTX System For Effortless Screening Experience The Kempegowda International Airport (KIA) in Bengaluru, Karnataka, is set to become the first Airport in India to introduce the Computer Tomography X-ray (CTX) machine to eliminate the need for removing personal electronic devices from handbags during pre-boarding security checks. KIA operator Bengaluru International Airport Limited (BIAL) has initiated a trial run for the CTX machine.
The CTX system will allow the passengers to leave electronic devices, such as laptops, and items categorized as Liquids, Aerosols, and Gels (LAGs), in their bags, expediting the screening process.
The CTX machine integrated with the Automatic Tray Retrieval System (ATRS) and full-body scanners, will enhance the security measures and operational efficiency.
The system is expected to become fully operational by December 2023.
Overview of the 54th International Film Festival of India held in GoaThe 54th edition of the International Film Festival of India (IFFI) was held in Goa from 20 to 28th November 2023.
The 54th IFFI was jointly organised by the National Film Development Corporation (NFDC) under the Ministry of Information & Broadcasting(MIB) along with the Entertainment Society of Goa (ESG), Government of Goa.
Key Points: i.Anurag Thakur, Union Minister, MIB inaugurated the 17th edition of the Film Bazar and VFX and Tech Pavilion, and launched “75 Creative Minds of Tomorrow” challenge during 54th IFFI in Goa. ii.Renowned Indian actress, Padma Shri AwardeeMadhuri Dixit was honoured with the Special Recognition to Bhartiya Cinema award for her outstanding contributions to the Indian film industry. iii.Michael Douglas career spans more than 50 years. He is best known for his iconic roles in films like Wall Street, Fatal Attraction, The American President, Basic Instinct and many others.
President Droupadi Murmu Confers President’s Colour to Armed Forces Medical College at PuneThe President of India, Droupadi Murmu, conferred the President’s Colour (represented by a flag) to the Armed Forces Medical College (AFMC) at Pune, Maharashtra.
To commemorate the AFMC’s platinum jubilee year, the President released a commemorative coin (Rs. 75), a special cover, and a stamp to mark the occasion.
President Droupadi Murmu also inaugurated the Armed Forces Centre for Computational Medicine, ‘Prajna’.
About the President’s colour: i.The president’s colour, also known as “Rashtrapati ka Nishaan,” is the highest honour bestowed upon a military unit for its exemplary service, courage, and discipline. ii.The Indian Navy was the first Indian Armed Force to be awarded the President’s Colour by Dr. Rajendra Prasad on 1951. iii.The President’s Colour Award ceremony is presided over by the President, who is also the supreme commander (under Article 53 of the Indian Constitution) of the armed forces, or by the respective armed forces head designated by the President for the event. About the Armed Forces Medical College: i.The Armed Forces Medical College (AFMC) was established on May 1, 1948, in Pune by the recommendations of the BC Roy Committee by merging various defence medical organizations. ii.The college offers training to under-graduate and post-graduate medical and nursing students with assured career prospects in the defence services.
IDFC FIRST Private Hurun India’s Top 200 Self-made Entrepreneurs of the Millennia 2023: DMart’s Radhakishan Damani Tops the listRadhakishan Shivkishan Damani, the founder of Avenue Supermarts Limited (DMart) topped the first edition of ‘India’s Top 200 Self-made Entrepreneurs of the Millennia 2023’ released by First Private (Private Banking by IDFC First Bank Limited) and Hurun India, with the value of Rs.2.38 lakh crore.
He is followed by Binny Bansal and Sachin Bansal (founders of Flipkart India Private Limited) with an equity value of Rs. 1.19 lakh crore.
Deepinder Goyal, the founder of Zomato Media Private Limited, is ranked third with a net worth of Rs 86,835 crore.
i.It is a list of the 200 most valuable companies in India founded after the millennium (year 2000). ii.It is comprised of 405 founders who are Self-made Entrepreneurs and propelling India’s entrepreneurial ecosystem to new heights. About Hurun India: Founder – Anas Rahman Junaid Headquarters – Mumbai, Maharashtra Established in – 2012 About IDFC FIRST Bank Limited: Managing Director(MD) & Chief Executive Officer(CEO) – V. Vaidyanathan Headquarters – Mumbai, Maharashtra Established in – 2018 Tagline – Always You First
DAC Approves AoNs for Various Acquisition Proposals worth Rs.2.23 Lakh Crore to Boost Indian Defence SectorThe Defence Acquisition Council (DAC) chaired by Union Minister Rajnath Singh, Ministry of Defence(MoD), granted approval for Acceptance of Necessity (AoNs) for diverse Capital Acquisition Proposals, worth Rs 2.23 lakh crore to enhance the operational capabilities of the Armed Forces.
Around 98% of the total AoN amount (Rs 2.20 lakh crore) worth acquisition will be sourced from domestic industries.
This is in line with efforts towards achieving self-reliance in the Indian Defence sector (Aatmanirbharta).
Key Points: i.DAC has approved the procurement of defence equipment worth Rs.1.5 lakh crores such as 97 new LCA Mk 1A fighter aircraft and the indigenous upgrade of 84 Su-30 MKI combat planes. ii.To maximise indigenisation, the DAC has accorded approval for a major amendment in the Defence Acquisition Procedure (DAP) 2020. About Ministry of Defence: Union Minister– Raj Nath Singh (Constituency- Lucknow, Uttar Pradesh) Minister of State– Ajay Bhatt (Constituency- Nainital-Udhamsingh Nagar, Uttarakhand)
Government of India and Manipur Signs Peace Agreement with UNLF The Government of India (GoI) and the Manipur Government signed a tripartite Peace Agreement with the United National Liberation Front (UNLF), in New Delhi, Delhi to establish permanent peace in the Northeastern region specifically in Manipur. The peace agreement marks the end of a six-decade-long armed movement. The agreement was signed by senior officials of the Ministry of Home Affairs (MoHA) and Government of Manipur and representatives of UNLF.
For the first time, a Valley-based armed group has agreed to return to the mainstream by giving up violence and agreeing to honour the Constitution of India and the laws of the land.
It also provides an opportunity to address the longstanding concerns of the community.
A Peace Monitoring Committee (PMC) will be constituted to oversee the enforcement of the agreed ground rules.
Note:
UNLF, established in 1964, is the oldest and first valley-based armed group in Manipur. It comprises around 400-500 armed rebels, dominated by the majority Meitei community.
UNLF was formed under the leadership of Areambam Samrendra Singh to achieve independence and a socialist society.
As per the publication, nearly 98,000 adolescent girls aged 10-19 were infected with Human Immunodeficiency Virus (HIV) in 2022 – or 1,900 new infections every week, it shows a significant testing and medication access gaps persist among children and adolescents.
The report was published ahead of World Acquired immunodeficiency syndrome (AIDS) Day 2023 (1 December)
About United Nations Children’s Fund (UNICEF): Executive Director– Catherine M. Russell Headquarters– New York, United States of America (USA) Established in– 1946
Ujjivan SFB Partners with Water.org to offer Water, Sanitation & Hygiene LoansUjjivan Small Finance Bank Limited (Ujjivan SFB) has partnered with Water.org, a global nonprofit organization dedicated to providing clean water and sanitation, to offer accessible financing solutions for water and sanitation solutions. Features of the partnership: i.Under this partnership, Water.org will assist Ujjivan SFB in identifying areas that require financing for clean water and hygienic sanitation. ii.Water.org will also provide technical assistance, market assessment, development of Information, Education and Communication (IEC) material, monitoring and evaluation support. iii.Ujjivan SFB will offer loans of about Rs. 6,000 to Rs. 1,00,000 to existing as well as new customers to enable them to construct and renovate water and sanitation facilities. iv.By offering affordable loan over the next 3 years, Ujjivan SFB will provide 65,000 households with access to clean, hygienic sanitization facilities and safe drinking water. Note: In 2022, Ujjivan SFB has disbursed over 5,000 Water and Sanitation (WATSAN) loans worth Rs 30 crore supporting its customers to construct sanitation facilities in line with Government’s Swachh Bharat Mission. About Ujjivan Small Finance Bank Limited: Managing Director(MD) & Chief Executive Officer(CEO) – Ittira Davis Headquarters – Bengaluru, Karnataka Established in – 2017 About Water.org: Water.org is a global nonprofit organization working to bring water and sanitation to the world. Co-founder & Chief Executive Officer(CEO) – Gary White Headquarters – Kansas City, Missouri, United States of America (USA) Established in – 2009
Federal Bank, NeML tie-up to Streamline E-Procurement, E-AuctionA Memorandum of Understanding (MoU) was signed between the Federal Bank Limited and NCDEX e-Markets Limited (NeML) to strengthen the integration of e-procurement and e-auction systems.
This partnership will facilitate an advanced e-procurement solution and streamline e-procurement and e-auction systems for Central and State Government organizations.
Signatories: IndraneelPandit, Senior Vice President and Zonal Business Head, Federal Bank, CIB (Corporate & Institutional Banking) West, and Dhawal Shah, Chief Operating Officer (COO), NeML. Key Points: i.Under this initiative, farmers’ list crop details on NeML’s platform, with the government purchasing them at the Minimum Support Price (MSP). ii.Federal Bank’s host-to-host integration with NeML’s e-procurement platform will enable a secure payment processing system. iii.NeML’s eAuction solution offers a price-discovery mechanism, benefiting the Government of India by providing a robust price-discovery mechanism for various commodities
NeML holds major market share in transparent price discovery across more than 90 commodities.
iv.The other advantages of this partnership includes nationwide participation, enhanced price discovery, cartel prevention, and adaptable bids, end-to-end digital payment execution, a tailored plug-and-play solution, simplified documentation, automated reconciliation on NeML’s portal, customizable payment advice, all without additional charges. Note: NeML, headquartered in Mumbai, Maharashtra, is a wholly owned subsidiary of National Commodity and Derivatives Exchange Limited (NCDEX). NeML, formerly NCDEX Spot Exchange-NSPOT, is the leading Indian electronic trading platform. It was incorporated on October 18, 2006 About Federal Bank: It was established in 1931 as the Travancore Federal Bank Limited. It was renamed as the Federal Bank Limited in December 1949, and became scheduled commercial bank on July 20, 1970. Managing Director & CEO– Shyam Srinivasan Headquarters– Aluva,Kochi, Kerala Tagline– Your Perfect Banking Partner
India GDP growth in Q2FY24 estimates at 7.6%: NSOi.On November 30, 2023, the National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI) released the estimates of Gross Domestic Product (GDP) for the July-September Quarter (Q2) of 2023-24 (Q2FY24), both at Constant (2011-12) and Current Prices. ii.India’s Real GDP or GDP at Constant (2011-12) Prices in Q2FY24 is projected to grow at 7.6%as compared to 6.2% in Q2FY23. It is estimated to attain a level of Rs 41.74 lakh crore in Q2FY24 as against Rs 38.78 lakh crore in the Q2FY23. iii.The State Bank of India (SBI) through its Research ‘Ecowrap’ report has raised its forecast for India’s GDP growth for FY24 to 7% from 6.7%, citing robust Q2FY24 growth at 7.6%, driven by a 13.9% surge in manufacturing and a 13.3% rise in construction. About the Ministry of Statistics and Programme Implementation (MoSPI): MoSPI is the nodal agency for the planned and organized development of the statistical system in India. Ministers of State (Independent Charge) – Rao Inderjit Singh (Gurugram Constituency – Haryana)
CSL launches 3 ASW SWC ‘Mahe, Malvan & Mangrol‘ for IN; Delivery of 3rd ACTCM Barge, LSAM 17 Madei.On November 30, 2023, Cochin Shipyard Limited (CSL) launched the first three ships of the 8 Anti-Submarine Warfare Shallow Water Crafts (ASW SWC) project namely Indian Naval Ship (INS) Mahe, INS Malvan, and INS Mangrol at its Kochi Yard in Kerala for the Indian Navy (IN). ii.Mahe Class to replace Abhay Class ASW Corvettes, designed for anti-submarine operations, Low Intensity Maritime Operations (LIMO), and Mine Laying Operations including subsurface surveillance.. iii.On November 30, 2023, the 3rd Ammunition Cum Torpedo Cum Missile (ACTCM) Barge, LSAM 17 (Yard 127) has been delivered to IN in the presence of Shankar Mukharjee, INAS (Indian Naval Armament Service), AGM Naval Armament Depot (NAD), Karanja in Mumbai, Maharashtra. This delivery was made for NAD Karanja. About Indian Navy (IN): Chief of the Naval Staff (CNS)– Admiral Radhakrishnan Hari Kumar Headquarters– Integrated Defence Headquarters, Ministry of Defence, New Delhi, Delhi
Tata Advanced Systems Partners Satellogic to Develop Local Space Tech Capabilities in India Tata Advanced Systems Limited (TASL), a leading aerospace and defence solutions provider, has announced a partnership with Satellogic Inc., a sub-meter resolution Earth Observation(EO) Data collection company, to develop local space technology capabilities in India. This collaboration is a first step in TASL’s satellite strategy.
Both TASL and Satellogic will collaborate to develop a new satellite design along with developing imagery in India for national defense and commercial applications. For this, TASL is commissioning a Satellites’ Assembly, Integration and Test (AIT) in Karnataka.
Both the companies will also work together to integrate multiple payloads on a single satellite that will generate a diverse range of data over India.
The project will commence with comprehensive training, knowledge transfer, and local assembly of optical sub-meter resolution EO satellites, the first of which is planned to be launched as TSAT-1A.
World AIDS Day 2023- December 1The United Nations (UN)’s WorldAcquired Immune Deficiency Syndrome (AIDS) Day is annually observed across the globe on 1 December to raise awareness about AIDS and to unite people across the globe to show support for people living with AIDS and affected by Human Immunodeficiency Viruses (HIV).
1 December 2023, marks the 35th anniversary of World AIDS Day,
The theme of World AIDS Day 2023 is, “Let Communities Lead.”
UNAIDS, the UN program on HIV/AIDS took the lead in campaigning for World AIDS Day since its creation in 2004.
The red ribbon has become an internationally recognized symbol of solidarity and support for people living with HIV and for AIDS awareness.
Background: i.Founded in 1988, World AIDS Day was the first-ever international day for global health. ii.The concept of World AIDS Day was first conceived in August 1987, by James W Bunn and Thomas Netter, two public information officers for the Global programme on AIDS at the World Health Organization (WHO) in Geneva, Switzerland. About UNAIDS: Executive Director– Winnie Byanyima Headquarters– Geneva, Switzerland Started Operations in 1996
59th Raising Day of the Border Security Force – December 1, 2023The Border Security Force (BSF) of India annually celebrates the BSF Raising Day on 1 December to mark the establishment of BSF, a primary border-guarding organisation of India that came into existence on 1st December 1965.
1st December 2023 marks the observance of the 59th Raising Day of BSF.
BSF, also known as the First Line of Defence of Indian Territories, is a paramilitary force charged with guarding India’s land borders with Pakistan and Bangladesh during peacetime and preventing transnational crime.
Veera Rana takes Additional Charge as Chief Secretary of Madhya Pradesh Veera Rana, a 1988-batch Indian Administrative Service (IAS) officer, was given the additional charge as the Chief Secretary of Madhya Pradesh (MP). She became the 2nd woman IAS officer to be elevated to the post of Chief Secretary of MP.
Nirmala Buch was the 1st woman Chief Secretary of Madhya Pradesh, from 1991 to 1993.
i.Veera Rana succeeds CS Iqbal Singh Bains, who retired on 30 November 2023 after getting 2 six-month extensions.
He was set to retire on 30 November 2022 but was granted 2 extensions from 1 December 2022 to 31 May 2023 and from 1 June 2023 to 30 November 2023.
ii.Veera Rana is currently serving as the Chairperson of the Madhya Pradesh Board of Secondary Education (MPBSE). She also holds the Additional Charge of Madhya Pradesh Agriculture Production Commissioner.
Cabinet Approvals on November 29th, 2023On November 29, 2023, the Union Cabinet chaired by the Prime Minister (PM) of India Narendra Modi has approved the following: i.The Union Cabinet has approved the Terms of Reference (ToR) for the Sixteenth/16th Finance Commission (FC), whose recommendations, spanning a 5-year period from April 1, 2026 to March 31, 2031, will be submitted by October 31, 2025. ii.The Union Cabinet also extended Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY) for five years till December 2028. In this regard, the Central Government will spend approximately Rs 11.80 lakh crore on food subsidies to provide free food grains (rice , wheat and coarse grains/millets) to about 81.35 crore people . iii.The Union Cabinet has approved the Pradhan Mantri Janjati Adivasi Nyaya Maha Abhiyan (PM JANMAN) with a budget of Rs 24,104 crore (Central Share: Rs. 15,336 crore, State Share: Rs. 8,768 crore). The scheme will focus on for 11 important areas/critical interventions across 9 line Ministries. iv.The Union Cabinet also approved the Central Sector Scheme (CSS) for providing Drones to the 15000 selected Women Self Help Groups (SHGs) from 2024-25 to 2025-26 for providing rental services to farmers for agriculture purpose. The outlay of the scheme is Rs 1261 Crore. v.The Union Cabinet has approved the continuation of the Fast Track Special Court (FTSCs) for a further three years i.e. from April 1, 2023 to March 31, 2026. The financial implication for the same will be Rs 1952.23 crore (Rs. 1207.24 crore as Central Share and Rs. 744.99 crore as State share).
Urban Unemployment Rate Dropped to 6.6%: 20th Quarterly Bulletins of PLFSAccording to 20th Quarterly Bulletins of Periodic Labour Force Survey (PLFS) released by National Sample Survey Office (NSSO), Ministry of Statistics and Programme Implementation (MoSPI) the unemployment rate (UR) in urban India fell to 6.6% in the second quarter (Q2-July to September) of the financial year 2023-24 (FY24). i.For males, the UR in urban areas decreased to 6% in July-September 2023, down from 6.6% in the same period in 2022. ii.Among females, the survey indicates a reduction in the UR in urban areas to 8.6% in July-September 2023, down from 9.4% in the corresponding quarter of FY23. Ministry of Statistics and Programme Implementation (MoSPI): Minister of State (MoS – Independent Charge)– Rao Inderjit Singh (Constituency- Gurugram, Haryana) Secretary– G P Samanta
GoI Launched Auction of 20 Critical Minerals Worth Rs 45,000 crUnion Minister, Pralhad Joshi, Ministry of Coal and Mines, Government of India (GoI) launched the auction process of 20 critical mineral blocks, which is estimated to be worth around Rs 45000 crore.
The 20 blocks on sale are across various states, including Chhattisgarh, Uttar Pradesh, Tamil Nadu, Odisha, Jharkhand, and Bihar. This includes the lithium reserves in the Jammu and Kashmir(J&K).
This is a part of India’s efforts to strengthen the critical mineral supply chain for energy transition and to achieve its net-zero target by 2070.
Details of the 20 blocks: i.16 out of the 20 blocks are composite licences encompassing exploration, discovery, and processing, while four are mining leases. ii.These 20 blocks contain a range of minerals like Lithium, Titanium, Bauxite (Aluminous Laterite), Glauconite, Nickel, Chromium, Potash, Copper, Graphite, Manganese Ore, Molybdenum Ore, Phosphorite, Platinum Group Elements, and Rare Earth Elements. Details of the auction: i.The first tranche of the auction will end on 20th February 2024.
This is a part of the planned auction of 100 blocks.
ii.The 2nd trance discussion will be held after February 2024. iii.The online auction process will involve a 2-stage ascending forward auction. iv.The bidders will be chosen based on the highest percentage of the value of mineral dispatch quoted. Note: Details about the mineral blocks, and auction terms can be accessed on the MSTC Auction platform.
MSTC Limited (formerly known as Metal Scrap Trade Corporation Limited) is a Mini Ratna Category-I PSU under the Ministry of Steel.
Amendment to the MMDR Act: After the amendment of the Mines and Minerals (Development and. Regulation) Act, 1957 on 17th August 2023, 24 minerals were declared as Critical and Strategic. This enabled prioritising the auction in line with national needs. The 2023 amendment introduced reforms like Omission of 6 minerals from the list of 12 atomic minerals specified in Part-B of the First Schedule of the Act. 6 minerals were Lithium bearing minerals, Titanium bearing minerals and ores, Beryl and other beryllium bearing minerals, Niobium and Tantalum bearing minerals and Zirconium-bearing minerals.
UNAIDS’s World AIDS Day Report 2023: End to AIDS is Possible by 2030Ahead of World AIDS Day 2023 (1 December 2023), the Joint United Nations Programme on Human Immunodeficiency Virus (HIV)/Acquired Immunodeficiency Syndrome (AIDS) (UNAIDS) released the World AIDS Day Report 2023, titled “Let Communities Lead”.
The report states that AIDS can be ended as a public health threat by 2030, if only frontline communities get full support from governments and donors.
The report was launched in London, United Kingdom (UK) at a World AIDS Day event hosted by STOPAIDS, a civil society organization.
The 2023 theme of World AIDS Day is “Let Communities Lead”.
About UNAIDS: Executive Director– Winnie Byanyima Headquarters– Geneva, Switzerland Started Operations in– 1996
LIC JeevanUtsav: New Life Insurance Plan Launched with Lifetime Guaranteed ReturnsThe Life Insurance Corporation of India (LIC) has launched JeevanUtsav plan, a Non-Linked, Non-Participating, Individual, Savings, Whole Life Insurance plan, which provides insurance coverage for the entire lifetime of the insured individual. Eligibility: i.Age limit to join the policy- 90 days and 65 years ii.Premium paying terms – 5 to 16 years iii.Minimum sum assured – Rs 5 lakh iv.Maximum Premium ceasing age – 75 Years v.Mode of Instalment payment – Monthly, Quarterly, Half-Yearly & Yearly Key Features: i.The plan is available in two payout options namely
Regular income benefits: 10% of the basic sum assured chosen by the policyholder will be paid at the end of each policy year (starting after 3 to 6 years).
Flexi income benefits: 10% of the basic sum assured payable can be accumulated and withdrawn later.
ii.The death benefit will not be less than 105% of total premiums.
The sum assured on death is the basic sum assured or seven times the annualized premium, whichever is higher.
iii.LIC will pay interest on any delayed or accumulated Flexi Income Benefits at a rate of 5.5% per annum, compounded annually. iv.A policyholder can withdraw up to 75% of the balance accumulated Flexi Income Benefit(s). About Life Insurance Corporation (LIC) of India: Chairperson –Siddhartha Mohanty Headquarters – Mumbai, Maharashtra Established in – 1956
OECD Projected India’s GDP Growth at 3.6% FY24According to the Organization for Economic Cooperation and Development (OECD)Economic Outlook November 2023 titled ‘Restoring growth’, the real Gross Domestic Product (GDP) growth of India is expected to be at 6.3% in financial year (FY) 2023-24.
The report also pointed out that the economy will slow down to 6.1% in FY25 due to adverse weather-related events and the weakening international outlook.
Impact: i.Due to the slower growth rates the parameters such as inflation expectations, housing prices, and wages are all anticipated to moderate. ii.This will facilitate the convergence of headline inflation toward 4.2%, enabling the Reserve Bank of India (RBI) to reduce interest rates from mid-2024, reaching 5.5% by the end of 2025. Inflation and Economy: i.With the increase in purchasing power, the inflation(currently 4.9%) is expected to decrease gradually.
However, the Food and energy prices depend on weather conditions and geopolitical tensions.
ii.This, coupled with the end of the El Niño weather pattern, productivity advancements resulting from recent policy reforms, and favorable global conditions, will foster economic growth. iii.So, the Indian economy will be predicted to grow at the rate of 6.5% in FY26. Warning: i.The Indian economy will be facing challenges in the future due to global uncertainty. ii.In addition, the lagged impact of domestic policy tightening will continue to be felt, along with the disappointing dynamics of some socio-economic indicators, such as consumer goods’ sales, in rural areas. Tax Gap: While the government’s fiscal targets for the next two years are expected to be met, stronger efforts to manage expenditures at the state level are necessary, along with policy measures to reduce the tax gap.
ISRO Scientist V R Lalithambika Honoured with France’s Chevalier AwardDr V R Lalithambika, a distinguished scientist at the Indian Space Research Organisation (ISRO) was honoured with with “Chevalier de la Légion d’Honneur”, the highest civilian award of France, for her contributions in promoting space cooperation between India and France.
She becomes the 2nd ISRO scientist to receive the award. Previously, A S Kiran Kumar, former chairman of ISRO received the award in 2019.
Indian Author Dr Arshia Sattar Honoured with France’s Chevalier dans l’Ordre des Arts et des Lettres Eminent Indian author and translator, Dr Arshia Sattar, was honoured with “Chevalier de l’Ordre des Arts et des Lettres” (Knight of the Order of Arts and Letters), a prestigious honor from French Government, for her commitment to cultural relationship and cooperation between diverse literary worlds. About France: President – Emmanuel Jean-Michel Frédéric Macron Capital – Paris Currency – Euro
CCI Approves Atlas 2022 Holdings Stake Increase in Vodafone Group PlcThe Competition Commission of India (CCI) approves the proposed acquisition by Atlas 2022 Holdings Limited to increase its voting rights/shareholding in Vodafone Group Plc (Vodafone) from 14.6% to less than 25% through a series of on-market and/or off-market transactions. Key Points: i.Atlas 2022 Holdings Limited (Atlas), a wholly-owned subsidiary of Emirates Telecommunications Group Company PJSC (e&), plays a pivotal role in acquiring and holding e&’s significant 14.6% interest in Vodafone
e& is a telecommunications operator that provides services in various countries across the Middle East Asia and Africa.
ii.Vodafone Group Plc. (Vodafone) is a prominent British telecommunications operator that provides mobile and fixed-line connectivity services to customers across Europe, Africa, and Asia. Note: In India, Vodafone is active in the telecommunications sector through Vodafone Idea Limited (VI India). CCI Approves Acquisition of Delanord Investments by Abu Dhabi Ports CCI aproved the acquisition of shareholding of Delanord Investments Limited (Delanord) by Abu Dhabi Ports Company PJSC (Abu Dhabi Ports Company). Key Points: i.Abu Dhabi Ports Company has engaged in direct and indirect port and terminal operations and provides short-sea vessel operation, provision of Non-Vessel Operating Common carrier (NVOCC), and freight forwarding services. ii.Delanord, directly or indirectly involved in short-sea vessel operations, NVOCC, and in-land transportation services.
SBI MF Gets RBI Approval to Buy 9.99% Stake in KarurVysya BankThe SBI Mutual Fund (SBI MF) received approval from the Reserve Bank of India (RBI) for acquiring aggregate holding of up to 9.99% of the paid-up share capital or voting rights of KarurVysya Bank Ltd (KVB).
SBI MF has received regulatory approval, pursuant to Regulation 30 of the Securities and Exchange Board of India (SEBI)(Listing Obligations and Disclosure Requirements) Regulations, 2015.
The approval has been granted in accordance with the application submitted by SBI MF to the RBI.
About the Approval: i.As per the approval, SBI MF must acquire major shareholding within 1 year from the RBI’s letter.
Failure to do so will result in the automatic cancellation of the approval.
ii.SBI MF must ensure that its aggregate holding in the Bank remains below 9.99% of the paid-up share capital or voting rights. iii.If the aggregate holding falls below 5%, prior approval from RBI is mandatory to increase it to 5% or more of the paid-up share capital or voting rights of the Bank. iv.The approval granted by RBI is subject to strict adherence to various regulatory frameworks, including the:
Provisions of the Banking Regulation Act, 1949;
RBI’s Master Direction and Guidelines on Acquisition and Holding of Shares or Voting Rights in Banking Companies Directions, 2023 on 16 January 2023 (as amended from time to time);
Provisions of the Foreign Exchange Management Act, 1999;
Regulations issued by SEBI; and any other guidelines, regulations, and statutes as applicable.
About KarurVysya Bank (KVB): Managing Director (MD) & Chief Executive Officer (CEO)– B Ramesh Babu Headquarters– Karur, Tamil Nadu Tagline– Smart Way to Bank Started in– 1916
Garuda Aerospace received ‘Second Type’ Certificate from DGCA for Medium Category Drones Chennai (Tamil Nadu) based Garuda Aerospace Private Limited has secured the second type certificate for medium category drones from the Directorate General of Civil Aviation (DGCA).
The certification showcases Garuda Aerospace’s dedication to pioneering advancements in Unmanned Aerial Vehicle(UAV) technology.
The DGCA Type Certification is issued under the provision of Rule 8 and Rule 9 (3) of the Drone Rules 2021.
This certificate is valid until it is revoked or suspended.
About Garuda Aerospace Private Limited: Founder & Chief Executive Officer (CEO) – Agnishwar Jayaprakash Established in –2015
Indian shooter Anish Bhanwala wins Bronze Medal ISSF World Cup Final 2023 Indian shooter Anish Bhanwala (21 years) has won bronze medal in International Shooting Sport Federation (ISSF) World Cup Final 2023. This is also the only medal India own in ISSF 2023.
It was the first medal for India in the men’s 25m rapid fire pistol event in the ISSF World Cup Final history.
The event was held Lusail Shooting Range, Doha (Qatar) from 21st to 26th November, 2023.
Florian Peter (Germany) secured the first position and won the gold medal whereas Li Yuehong (China) stands at second position.
The ISSF World Cup Final 2023 held for rifle, pistol, and shotgun shooters.
Nobel Peace Prize Winner Henry Kissinger passed away at 100Henry Alfred Kissinger, the Nobel Peace Prize winner and former American Diplomat, passed away at the age of 100 in Connecticut, the United States of America(USA).
Henry Kissinger was born as Heinz Alfred Kissinger in Furth, Germany, on 27th May 1923. His family moved to the USA in 1938.
About Henry Alfred Kissinger: i.Kissinger served in the U.S. Army Counter Intelligence Corps from 1943 to 1946 and as captain in the Military Intelligence Reserve from 1946 to 1949. ii.He served as the faculty at Harvard University from 1954 to 1971, both in the Department of Government and at the Center for International Affairs. iii.He served as the 56th Secretary of State of the United States from 1973 to 1977. In addition, he held the post of National Security Adviser from 1969 to 1975. Awards: i.He received the Nobel Peace Prize in 1973, jointly with Le Duc Tho(Vietnam), for jointly having negotiated a cease fire in Vietnam in 1973. ii.He was honoured with the US’s highest civilian honor, the Presidential Medal of Freedom in 1977. iii.He was also awarded a Bronze Star from the U.S. Army for meritorious service. iv.His award list includes the Woodrow Wilson Prize for the best book in the fields of government, politics, and international affairs (1958) and the Hope Award for International Understanding (1973). Books: i.Henry Kissinger has written 21 books about topics that include United States foreign policy, international affairs, and diplomatic history.
His notable books include American Foreign Policy (1969), On China (2011), and World Order (2014).
ii.His memoirs include The White House Years (1979), Years of Upheaval (1982), and Years of Renewal (1999). iii.He co-authored “The Age of AI: And Our Human Future,” along with Eric Schmidt (former Chief Executive Officer of Google) and Daniel Huttenlocher, which was published in 2021.
Uttarakhand CM Pushkar Dhami released New book titled “Resilient India” Pushkar Singh Dhami , Chief Minister (CM) of Uttarakhand, released a new book titled “Resilient India: How Modi Transformed India’s Disaster Management Paradigm” at the 6th World Congress on Disaster Management in Dehradun, Uttarakhand.
The book is edited and compiled by Bluekraft Digital Foundation and Modi Story.
It is published by Rupa Publications India.
The book highlights Prime Minister Narendra Modi’s efforts in transforming India’s disaster management approach.
Modistory is a website designed to be a platform for people to learn more about Modi and his contributions to the country.
Mohan Kumar’s book “India’s Moment: Changing Power Equations Around the World” launched by Indian HC Vikram K. Doraiswami, High Commissioner(HC) of India in London, United Kingdom(UK), released a new book titled “India’s Moment: Changing Power Equations around the World” authored by Ambassador (Dr.) Mohan Kumar, one of India’s leading experts on foreign trade.
The book is published by HarperCollins Publisher India
The book highlights the fundamental factors and traces how India’s positions in international negotiations have evolved over time.
Mohan Kumar, an Indian Foreign Service (IFS) officer of the 1981 batch, is the Dean of Strategic & International Initiatives, O.P. Jindal Global University. He has also served as the India’s ambassador to Bahrain and France.
Day of Remembrance for All Victims of Chemical Warfare 2023- November 30The United Nations (UN) Day of Remembrance for All Victims of Chemical Warfare is annually observed across the globe on 30 November to pay tribute to the victims, who lost their lives or suffered from chemical warfare.
The Day also reaffirms the commitment of the Organisation for the Prohibition of Chemical Weapons (OPCW) to eliminate the chemical weapons threat and promote the goals of peace, security, and multilateralism.
Background: i.The Conference of the States Parties to the CWC, at its 20th Session in 2015, designated that:
MoCF MinisterMansukhMandaviya launches National Policy and PRIP Scheme for Pharma-MedTech sectori.On September 26, 2023, Union Minister Dr. Mansukh Mandaviya, Ministry of Chemicals and Fertilizers (MoC&F) launched National Policy on Research and Development (R&D) and Innovation in the Pharma-MedTech Sector in India; and Scheme for Promotion of Research and Innovation in PharmaMedTech (PRIP) Sector during an event in New Delhi, Delhi. ii.The policy aims to promote R&D in pharmaceuticals, including traditional medicines, phyto-pharmaceuticals, and medical devices. iii.The Department of Pharmaceuticals has introduced the PRIP scheme with a budget of Rs. 5,000 crores, aiming to shift the Indian pharmaceutical sector towards innovation-driven growth by enhancing research infrastructure. About Ministry of Chemicals and Fertilizers (MoC&F): Union Minister– Dr. Mansukh Mandaviya (Rajya Sabha- Gujarat) Minister of State (MoS)– Bhagwanth Khuba(Constituency- Bidar, Karnataka)
Ministry of Tribal Affairs Launches ‘Amazon Future Engineer Programme’ for EMRSs National Education Society for Tribal Students (NESTS) under the Ministry of Tribal Affairs launched Phase II of the ‘Amazon Future Engineer Programme’ in 54 Eklavya Model Residential Schools (EMRS) spread across Andhra Pradesh, Gujarat, Madhya Pradesh, Odisha, Rajasthan and Telangana.
The second phase would include an Advanced Block Programming and Artificial Intelligence(AI)curriculum in addition to coding, logical sequencing, learning loops, and block programming.
The program covers students from class six to class 9 by offering fundamentals of computer science to the fundamentals of AI respectively.
Phase I was launched on 2022 in collaboration with Amazon India and Learning Links Foundation (LLF), and has trained over 7,000 students from grades six to eight on the fundamentals of computer science and block programming modules.
Additional Info:
Anil Kumar Jha, Secretary of the Ministry of Tribal Affairs has inaugurated the EMRS Coders Expo in New Delhi, Delhi. It is an exhibition of the top 20 Coding Projects of the students from EMRS.
Anil Kumar Jha also inaugurated a 3-day workshop in Delhi to train EMRS teachers in the revised module.
Chainalysis’s Global Crypto Adoption Index 2023; India Tops Among 154 NationsAccording to the 2023 Global Crypto Adoption Indexreleased by Chainalysis, a crypto-analysis firm, India has topped the index (rank 1), with a score of 1.0, among 154 countries. Previously, India was ranked 4th in the 2022 index.
Nigeria and Vietnam stands at second and third rank with the index score of 0.642 and 0.568 respectively.
This is the 4th annual Global Crypto Adoption Index. The first edition of the Index was published in 2020.
Centralized service value
Retail centralized service value
Peer-to-Peer (P2P) exchange trade volume
DeFi (decentralized finance) value
Retail DeFi value
Methodology: The index ranks 154 countries based on characteristsic like population size and purchasing power, take the geometric mean of each country’s ranking in all five, and then normalize that final number on a scale of 0 to 1. India’s rank in sub-index: i.The country ranked first in four parameters including centralized service value, retail centralised service value, DeFi value and Retail DeFi value. ii.India ranked 5th in sub index P2P exchange trade volume. Government Interference: i.This comes even as crypto trading and investing in India has subdued due to taxation rules introduced by the government.
With 30% tax on gains, India has also introduced 1 per cent Tax Deducted at Source (TDS) on crypto trades.
ii.India is also advocating for worldwide crypto legislation, at the G20 Summit hosted by India. Note:The report also said that low-income countries saw a dramatic uptick in crypto adoption following a slump in late 2022, spurred by the collapse of the FTX(one of the world’s largest cryptocurrency exchanges). About Global Crypto Adoption Index: i.The report combines on-chain data and real-world data to measure which countries are leading the world in grassroots crypto adoption. ii.The report aims to highlight the countries in which common people who use crypocurrency. iii.The report has divided countries into several regions such as – (1) Central & Southern Asia and Oceania, (2) Sub-Saharan Africa, (3) North America, (4) Eastern Europe, (5)Latin America, (6) Eastern Asia, (7)Middle East & North Africa and (8)Central, Northern, & Western Europe Additional info: Central & Southern Asia and Oceania (CSAO) region dominates the index, with six of the top ten countries located in this region.
Yudh Abhyas 23: 19th Edition of India-US Joint Military Training Exercise Began in USA Exercise Yudh Abhyas 23, the 19th edition of the annual joint military training exercise between Indian Army and the United States Army is being conducted in Fort Wainwright, Alaska, the United States of America (USA).
This is a 14-day-long exercise which began on 25th September 2023 is set to culminate on 8th October 2023.
The theme of Yudh Abhyas 23 is ‘Employment of an Integrated Battle Group in Mountain/ Extreme Climatic Conditions’ under Chapter VII of United Nations(UN) mandate. Note: The 18th edition of the Indo-US joint military exercise “Yudh Abhyas 22” was held at Auli in Chamoli district, Uttarakhand (India) from 16th November to 2nd December 2022. Participants: Indian Army contingent comprising of 350 personnel and 1-24 Infantry Battalion from the 1st Brigade Combat Team of the US Army is participating in the exercise.
The lead battalion from Indian side is affiliated to MARATHA Light Infantry Regiment.
Highlights: i.The Exercise will entail exchanging best practices and enhancing interoperability to mutually learn from each other & strengthen the bond between the two Armies. ii.A Command Post Exercise and Expert Academic Discussions on selected topics will also form part of the exercise. iii.The scope of Field Training Exercise includes
Validation of Integrated Battle Groups against hostile forces at the Brigade level
Integrated Surveillance Grid at the Brigade/ Battalion level
Employment of Heliborne/ Airborne elements and Force Multipliers
Validation of logistics and casualty management during operations
Evacuation and combat medical aid and other aspects as applicable to High Altitude Areas and Extreme Climatic Conditions.
Significance: i.Both sides will engage in a series of tactical drills to enhance interoperability in conducting United Nations(UN) peacekeeping operations. ii.Additionally, the personnel from both countries will also hold detailed discussions to share their experiences and best practices.
Poonawalla Fincorp Gets RBI’s Approval to Issue Co-Branded Credit Card with IndusInd BankPoonawalla Fincorp Limited has received Reserve Bank of India(RBI)’s approval to issue co-branded credit card with IndusInd Bank Limited.
Poonawalla Fincorp Limited(formerly known as Magma Fincorp) is an Non-Banking Finance Company (NBFC) belonging to Cyrus Poonawalla group.
Key Points: i.The co-branded credit card is designed offer benefits to the customers with a favourable credit history.
The credid card is set to be launched within 3 months.
ii.This partnership paves ways for Poonawalla Fincorp to enter credit card segment. iii.The entire process of credit card will be 100% digital. What is Co-branded Credit Card? Co-branded credit cards are the product of a mutual partnership between a particular merchant and a credit card issuer. This will provide merchant-specific benefits to brand-loyal consumers. About Poonawalla Fincorp Limited: Poonawalla Fincorp was established in 1989 as Magma Fincorp Ltd. It was renamed as Poonawalla Fincorp Limited in July 2021 following the acquisition of controlling stake by Sun Holdings Private Limited. Chairman – Adar Poonawalla Headquarters – Pune. Maharashtra About IndusInd Bank Limited: Managing Director(MD) & Chief Executive Officer(CEO) – Sumant Kathpalia Headquarters – Mumbai, Maharashtra Established in – 1994 Tagline – We Make You Feel Richer
REC & PNB sign MoU to Co-Finance Infrastructure Project Debts worth Rs 55,000crOn September 26, 2023, a Memorandum of Understanding (MoU) has been inked between the REC Limited (Formerly Rural Electrification Corporation Limited) and Punjab National Bank (PNB)for collaboration to hunt potential funding opportunities in the Power Sector and Infrastructure & Logistics Sector through a consortium arrangement.
Both entities jointly provide financing worth Rs. 55,000 crores over the next 3 years.
Note: REC Limited is a Non-Banking Finance Company (NBFC), focusing on power sector financing and development across India. Signatories: It was signed by T.S.C Bosh, Executive Director (Infra & Logistics), REC Limited; and Rajeeva, CGM (Corporate Credit Division), PNB in Gurugram, Haryana. Key Points: i.REC provides long term loans and other finance products for Power-Infrastructure sector comprising of Generation, Transmission, Distribution, Renewable Energy and new technologies like Electric Vehicles, Battery Storage, Green Hydrogen etc. ii.PNB, one of the largest Public Sector Banks (PSB) in India funds infrastructure projects too along with banking. Additional info: i.REC Limited is venturing to expand its loan portfolio for green projects to Rs 3 lakh crore by 2030. ii.REC have sanctioned more than Rs 85,700 crore towards various projects spanning from metro, ports, airports, oil refineries, highways, steel infra to healthcare, educational institutions and also in sectors of IT infra/ fiber optics, etc About REC Limited: It is a Maharatna CPSE (Central Public Sector Enterprise) established in 1969, under Ministry of Power. Chairman and Managing Director– Vivek Kumar Dewangan Headquarters– Gurugram, Haryana About Punjab National Bank (PNB): MD & CEO– Atul Kumar Goel Headquarters– New delhi, Delhi Tagline– the name you can BANK upon ! Establishment– 1894
Ministry of Education, AICTE & Microsoft Signs MoU to Equip Students with SkillsMinistry of Education(MoE), All India Council for Technical Education (AICTE), and Microsoft have signed a Memorandum of Understanding (MoU) to equip students with skills and exposure to new technologies.
The collaboration aims to provide students with opportunities for skill development, mentorship, and project development, as well as to empower educators in the fields of AI, Cloud, Data Science, Data Analytics, and Security.
Features of the MoU: i.Microsoft is set to integrate Microsoft Learn its centralized training and skilling platform to complement AICTE’s existing curriculum and offer students hands-on experience with Microsoft technologies. ii.Microsoft will also engage students in the Azure Developer Community in India for industry insights and mentorship.
Students and educators will also have access to Azure Handbooks to work on projects that solve problems for industries including manufacturing, retail, healthcare, and education.
iii.The Future Ready Talent Program will also be offered for skilling students and virtual mentorship on technology projects to strengthen their competences. Key people: The MoU was signed in the presence of Dharmendra Pradhan, Union Minister of Education, Skill Development and Entrepreneurship, Dr. Subhas Sarkar, Minister of State for Education; Annapurna Devi, Minister of State for Education and T.G. Sitharam, Chairman of AICTE. About Future Ready Talent Program: i.Future Ready Talent Program is a digital upskilling program for students to enhance their employability.
Students will receive a certificate from Microsoft and the National Association of Software and Service Companies (NASSCOM) after completing their internship through this program.
It is the collaborative initiative by Microsoft, AICTE, FutureSkills Prime – a NASSCOM and Ministry of Electronics and Information Technology (MeitY) digital skilling initiative, Ernst & Young (EY), GitHub and Quess Corp.
About All India Council for Technical Education (AICTE): All India Council for Technical Education (AICTE) is the national-level Apex Advisory Body for the promotion of quality in technical education under the Ministry of Education(MoE). Chairman – T.G. Sitharam Headquarters – New Delhi, Delhi Established – 1945 About Microsoft: Chief Executive Officer (CEO) – Satya Nadella Headquarters – Redmond, Washington (United States of America) Established – 1975
WaheedaRehman to be Honoured with 53rd Dada Saheb Phalke AwardVeteran Indian actor and Padma Awardee WaheedaRehman will be conferred with the Dada Saheb Phalke Award for the year 2021 for her lifetime contribution to Indian cinema. She will become the 53rd recipient of this award.
She will also be the 8th female artist to receive the dadasaheb phalke award.
The award will be presented during the 69th National Film Awards ceremony.
Honoured with the highest award in the field of cinema, the recipients of this award are recognized for their ‘outstanding contribution to the growth and development of Indian cinema’.
About WaheedaRehman: i.She was born on February 3, 1938, in Chengalpattu, Tamil Nadu. In her career spanning over 5 decades, Waheeda Rehman has worked in over 90 films. ii.She initially started her film career in the Telugu industry with the 1955 Telugu films “Rojulu Maraayi” and “Jayasimha”. She made her Hindi cinema debut in Guru Dutt’s 1956 film “CID”. iii.Her notable films include Pyaasa (1957), Guide (1965), Khamoshi (1969), Phagun (1973), Kabhi Kabhie (1976), Chandni (1989), Lamhe (1991), Rang De Basanti (2006), and Delhi 6 (2009), Skater Girl (2021) among many others. Awards: i.The Government of India (GoI) awarded her the National Film Award (Best Actress) for the movie “Reshma and Shera” (1971). ii.She was honoured with the Padma Shri (Art) in 1972, and Padma Bhushan (Art) in 2011 About DadasahebPhalke Award: i.Dada Saheb Phalke Award, instituted in 1969, was introduced by the GoI to commemorate the contribution of Dhundiraj Govind Phalke (Dadasaheb Phalke) to Indian cinema. The award recognises the ‘outstanding contribution to the growth and development of Indian cinema’.
Dhundiraj Govind Phalke, who directed India’s first full-length feature film, Raja Harishchandra in 1913 was considered the Father of Indian cinema.
ii.It is presented annually at the National Film Awards (NFA) ceremony organised by the Directorate of Film Festivals (DFF), under the Ministry of Information and Broadcasting(MIB). iii.The award comprises a Swarna Kamal (Golden Lotus) medallion, a shawl, and a cash prize of Rs.10 lakh. Note:
The inaugural award was conferred by Devika Rani Roerich in 1969.
Asha Parekh was honoured with the Dadasaheb Phalke Award for the year 2020(53rd recipient).
Council of Scientific & Industrial Research celebrated its 82nd Foundation Day – 26th September 2023Council of Scientific & Industrial Research(CSIR) celebrated its 82nd Foundation Day on 26th September 2023 with a event organised at the Bharat Mandapam in New Delhi, Delhi.
Note: CSIR, a premier national Research and Development (R&D) organization led by Prime Minister Narendra Modi, works under the administrative supervision of the MoST. Achievements and Initiatives of CSIR: i.CSIR’s Carbon Capture, Utilisation, and Storage (CCUS) mission aims to combat the urgent global challenge of carbon emissions reduction and climate change mitigation.
It tackles the pressing issue of carbon emissions and climate change.
Focuses on innovative CO2 capture, utilisation, and storage technologies.
ii.CSIR’s initiative focusing on the Sickle Cell Anaemia project aims to implement a comprehensive disease management plan.
The initiative’s goal is to alleviate the future disease burden and enhance the quality of life of patients.
Initiative: i.CSIR Leadership to devise a “One Week-One Theme” scheme along the lines of OWOL, combining all the institutions dealing with the theme or the subject in a truly integrated fashion. About Council of Scientific and Industrial Research (CSIR): President– Narendra Modi Vice-President– Dr. Jitendra Singh Director – General – Dr. Nallathamby Kalaiselvi Headquarters– New Delhi, Delhi Established in– 1942
ACC approved Re-Appointment of Rajeshwar Rao as RBI Deputy Governor for 1 yearAppointments Committee of the Cabinet (ACC) has approved the re-appointment of M Rajeshwar Rao, Deputy Governor of Reserve Bank of India (RBI), for a period of 1 year with effect from 9th October 2023.
Initially, he was appointed as the Deputy governor of RBI in October 2020 for a period of 3 years.
About Rajeshwar Rao: i.Rajeshwar Rao joined the RBI in 1984 and as a career central banker, he has served in various key roles in the functioning of RBI, India’s Central Bank. ii.He has held charge of the Risk Monitoring Department. He has also worked as the Banking Ombudsman, in New Delhi (Delhi). iii.He worked in the RBI’s regional offices in Ahmedabad (Gujarat), Hyderabad (Telangana), Chennai (Tamil Nadu), and New Delhi. iv.He was appointed as the Executive Director of RBI on November 7, 2016. Prior to this, he served as the Chief General Manager of the Financial Markets Operations Department. Deputy Governors of RBI: i.According to the RBI Act 1934, besides the governor, RBI needs 4 DGs, 2 from within the ranks, one commercial banker, and another economist to head the monetary policy department. ii.The current 4 DGs of RBI are:
Swaminathan J
T. Rabi Sankar
M. Rajeshwar Rao
Dr. M.D. Patra
About Reserve Bank of India (RBI): Governor– Shaktikanta Das Headquarters– Mumbai, Maharashtra Established on– April 1, 1935
Katrina Kaif Becomes Uniqlo’s First Brand Ambassador for India Bollywood Actress Katrina Kaif has been named as the first Indian Brand Ambassador of Uniqlo, a Japanese multinational fashion retailer brand.
The one-year agreement will feature the actress in advertising films for the company’s ‘LifeWear’ range of everyday apparel.
Uniqlo is part of Japan’s largest fashion group Fast Retailing which has eight brands including Uniqlo, GU, Theory, PLST, Comptoir des Cotonniers, Princesse Tam-Tam, J Brand and Helmut Lang.
Uniqlo opened its first store in India in 2019.
Switzerland’s Tennis Player Roger Federer has been the Uniqlo Global Brand Ambassador since 2018. Note: Katrina Kaif was also recently (in September ‘23) named as the brand ambassador of Etihad Airways of United Arab Emirates.
World Tourism Day 2023- September 27The United Nations (UN) World Tourism Day (WTD) is annually observed across the globe on 27 September to promote and raise awareness among the international community about the importance of tourism, and its social, cultural, political, and economic significance.
The annual observance of WTD is led by the UN World Tourism Organization (UNWTO), a UN specialized agency responsible for the promotion of responsible, sustainable and universally accessible tourism.
27th September 2023 marks the observance of 43rd World Tourism Day. The 2023 theme kept by the UNWTO is, “Tourism and green investment”.
With this theme, UNWTO highlights the need for more and better-targeted investments for the Sustainable Development Goals (SDGs), the UN roadmap for a better world by 2030.
Background: i.On September 1979, the UNWTO General Assembly at its 3rd session in Torremolinos (Spain), decided to institute WTD. ii.The first-ever WTD was observed on 27 September 1980. About United Nations World Tourism Organization (UNWTO): It is the UN agency responsible for the promotion of responsible, sustainable, and universally accessible tourism. Secretary-General– Zurab Pololikashvili Headquarters– Madrid, Spain Established in– 1975
World Lung Day 2023 – September 25World Lung Day is observed annually on September 25th across the globe to raise awareness about lung health and promote lung disease prevention.
25th September 2023 marks the 6th World Lung Day.
Theme: The theme for World Lung Day 2023 is “Access to prevention and treatment for all. Leave no one behind.”
The theme highlights the importance of ensuring equal access to lung disease prevention and treatment for everyone, emphasizing that the goal is to ensure healthy lungs for all.
The theme reflects the commitment to ‘Reduce Inequity’ which is one of the 2030 Agenda for Sustainable Development goals.
Background: i.World Lung Day was initiated by Forum of International Respiratory Societies (FIRS) which is a collaborative organization consisting of the world’s foremost international respiratory societies. ii.The first World Lung Day was celebrated in 2017. Significance: i.The day aims to make people aware that clean air and essential lung care are fundamental rights, regardless of one’s circumstances. ii.The daypaves a path in the prevention of lung diseases such as asthma, chronic obstructive pulmonary disease (COPD), lung cancer, and infections like tuberculosis. iii.It serves as a platform to advocate for universal access to quality healthcare, education, and diagnostics regarding lung health. About FIRS: i.FIRS was established in 2001; FIRS is dedicated to advancing lung health on a global scale.
David CL Lam is the President of FIRS and the Asian Pacific Society of Respirology (APSR)
ii.FIRS has identified three key target areas to tackle inequalities in the fight against respiratory disease:
Improving access to preventative services and stop-smoking treatments
Expanding access to inhalation therapies
Strengthening access to effective pneumonia vaccines for children.
iii.FIRS along with Global Initiative for Chronic Obstructive Lung Disease (GOLD), is calling on governments and healthcare providers worldwide to give equitable access to preventative services and treatments for respiratory conditions, and lifesaving pneumonia vaccines for children.
Chhattisgarh Government launches Mukhyamantri Gramin Awas Nyay Yojana Chhattisgarh Chief Minister (CM) Bhupesh Baghel has launched the “Mukhyamantri Gramin Awas Nyay Yojana” with the aim of providing assistance for constructing houses to eligible beneficiaries of the scheme across the state. The scheme includes beneficiaries who have not received the benefit of Pradhan Mantri (PM) Awas Yojana which is based on Socio-Economic Survey 2011 (officially known as Socio Economic and Caste Census – SECC 2011).
Based on the Chhattisgarh State Socio-Economic Survey 2023, around 1,076,545 families out of the 5,979,000 families were found to be houseless and having kutcha(mud and straw) houses.
The scheme provides financial assistance of Rs 1,30,000 and Rs 1,20,000 per family by dividing it into IAP (hilly and inaccessible areas) and non-IAP (plain areas) districts, respectively.
In addition, the eligible families will get Rs 12,000 as per their eligibility through the convergence of Swachh Bharat Mission Grameen (SBM-G) and Mahatma Gandhi National Rural Employment Guarantee Act(MNREGA).
Note: Additionally, Rs 5 crore has been deposited to the accounts of 500 beneficiaries under the Mukhyamantri Nirman Shramik Awas Sahayata Yojana (MNSASY), which offers Rs 1 lakh for the construction of housing assistance to registered construction workers.
Northeast’s Mithun Recognized as a ‘Food Animal’ by FSSAI The Food Safety and Standards Authority of India (FSSAI) has recognized Mithun (scientific Name-Bos frontalis), the bovine (cow-like animal) as a ‘food animal’.
PM Modi Inaugurations on 23 & 24 September 2023Prime Minister Narendra Modi Had made notable made significant inaugurations during September 23 & 24 2023. i.Prime Minister Narendra Modi Inaugurated Kashi Sansad Sanskritik Mahotsav 2023 at Rudraksh International Cooperation and Convention Centre in Varanasi, Uttar Pradesh. ii.Prime Minister flagged Off Nine Vande Bharat Express Trains on September 24, 2023, via Video Conferencing to Enhance Connectivity and Passenger Experience.
The newly introduced Orange Vande Bharat Express in Kerala, inspired by the saffron color of the national flag, will operate on the Kasaragod-Thiruvananthapuram route via Alappuzha.
iii.Prime Minister Narendra Modi laid the foundation stone of an international cricket stadium in Varanasi. iv.On September 23, 2023, Prime Minister Narendra Modi inaugurates International Lawyers’ Conference 2023 at Vigyan Bhavan in New Delhi.
VeeranganaDurgavati Tiger Reserve: MP’s 7thTiger Reserve unveiled in MPThe State Government of Madhya Pradesh (MP) has unveiled its 7th Tiger Reserve namely ‘Veerangana Durgavati Tiger Reserve’ which is spread over an area of 2,339 square kilometres across Sagar, Damoh and Narsinghpurdistricts of MP. Parts of it falls under the Narmada and Yamuna River basins.
The unveiling comes after the approval from the National Tiger Conservation Authority (NTCA).
The declaration of this Tiger Reserve is in accordance with the provisions of clause (ii) of sub-section (iv) of section 38V of the Wildlife (Protection) Act, 1972 (53 of 1972).
Key Points: i.It will encompass areas within the Nauradehi Wildlife Sanctuary and Veerangana Durgavati Wildlife Sanctuary. ii.About 1,414 square kilometres in the tiger reserve has been included in the core area and 925.12 square kilometres in the buffer zone. iii.It comprises two core areas.
Core Area-1 spans an expansive 1390.036 square kilometers.
Core Area-2 encompasses 23.97 square kilometers.
iv.A green corridor will be developed to connect Panna Tiger Reserve (PTR) to Durgavati for tiger movement. v.Singorgarh Fort lies within the reserve. vi.Designated areas in Veerangana Durgavati Tiger Reserve are recognized by the Union Ministry of Environment, Forest, and Climate Change (MoEF&CC) to safeguard wildlife conservation. Features: Vegetation– Dry deciduous type Flora– Teak, Saja, Dhaora, Ber, Amla, etc. Fauna– Tiger, leopard, wolf, jackal, Indian fox, striped hyena, Nilgai, Chinkara, Chital, Sambhar, Black Buck, Barking deer, Common Langur Rhesus Macaque etc. Notes: i.As per the report ‘Status of Tigers: Co-predators & Prey in India-2022’, released by the National Tiger Conservation Authority and Wildlife Institute of India in July this year, MP (785) has the highest number of tigers in India, followed by Karnataka (563) and Uttarakhand (560). ii.Other six Tiger Reserves in MP are Kanha, Bandhavgarh, Satpura, Pench, Panna and Sanjay-Dubri. About NTCA The National Tiger Conservation Authority (NTCA) is a statutory body under the Ministry of Environment, Forests and Climate Change constituted under provisions of the Wildlife (Protection) Act, 1972, as amended in 2006, for strengthening tiger conservation. About Madhya Pradesh (MP): Governor– Mangubhai Chhaganbhai Patel Chief Minister– Shivraj Singh Chouhan Wildlife Sanctuaries– Panpatha Wildlife Sanctuary, Phen Wildlife Sanctuary
Tata Motors delivers India’s first Hydrogen Fuel Cell Powered Buses to IOCLOn September 25, 2023, Tata Motors delivered first-of-its-kind two Hydrogen Fuel Cell Electric Vehicle (FCEV) buses to Indian Oil Corporation Ltd. (IOCL). These were flagged off by Union Minister Hardeep Singh Puri, Ministry of Petroleum & Natural Gas (MoPNG); Minister of State (MoS) RameswarTeli, MoPNG; ShrikantMadhavVaidya, Chairman, IOCL; among others.
The Indian Oil Corporation Ltd. is a Maharatna Central Public Sector Enterprises.
Key Points: i.In June 2021, Tata Motors won a tender from IOCL to supply 15 FCEV buses for testing hydrogen-based Proton Exchange Membrane (PEM) fuel-cell technology in India. ii.These 12-meter buses, designed for easy boarding and seating 35 passengers, were developed at Tata Motors’ R&D (Research & development) center in Pune, Maharashtra. iii.This bus features 350-bar hydrogen storage system, 70 Kw fuel cell stack, electronic braking system & stability control for higher safety, intelligent transport system, new-generation telematics for efficient, user-friendly vehicle maintenance, etc. iv.The buses underwent rigorous road testing and validation before delivery. v.The buses are equipped with four cylinders each with a capacity of 30 kilograms that can run the buses for 350 kilometers. Note: Tata Motors launched its 3rd vehicle scrapping facility in Surat, Gujarat, on September 23, 2023. The facility, operated by partner Shree Ambica Auto, has an annual capacity to disassemble 15,000 end-of-life vehicles safely and sustainably, including vehicles of all brands.
Other two similar facilities are in Jaipur, Rajasthan; and Bhubaneshwar, Odisha.
Indian Navy & IIScBengaluru Signed MoU for Technical Collaboration & Joint Research A Memorandum of Understanding(MoU) was signed between the Indian Navy (IN) and the Indian Institute of Science (IISc), Bengaluru, Karnataka, to promote academic cooperation in the varied field on Engineering, improve scientific understanding of defense-related technologies, and create new technologies.
The MoU was signed by Rear Admiral K Srinivas, Assistant Chief of Materiel (Dockyard & Refit) on behalf of the IN and Captain Shridhar Warrier (Retd), Registrar IISc and Prof B Gurumoorthy, Director of Foundation for Science Innovation and Development (FSID) Bengaluru. FSID is promoted by IISc
CO2 Based AC: IN collaborates with IISc to undertake development indigenously designed & developed future-ready Transcritical carbon dioxide (CO2) based Air Conditioner (AC) plant working on natural refrigerant.
By inculcating this technology, the use of halon synthetic refrigerants can be reduced and phased out in near future.
This MoU paves a path to develop such technologies in the near future
EFW 2023 Annual Report: List Topped By Singapore & India Ranks 87According to the Economic Freedom of the World(EFW) 2023 Annual Reportreleased by Canadian think tank Fraser Institute, Singapore is the world’s freest economy in the world with the rating of 8.56. India Ranked 87 in the index.
Hong Kong and Switzerland stand as the second and the third freest economy with the rating of 8.55 and 8.47 respectively.
Hong Kong retained the top position since the start of the EFW Index in 1970. For the first time, Hong Kong has slipped from its number one position to second place.
EFW 2023 Annual Report is based on data from 2021, the most recent year with comparable statistics across 165 jurisdictions.
New Delhi(Delhi) based independent Think-Tank ‘Centre for Civil Society’ is one among the Co-publishers of the index.
5 Areas: The index measures the degree of economic freedom present in five major areas:
Size of Government
Legal System and Property Rights
Sound Money
Freedom to Trade Internationally
Regulation
Within these five major areas, there are a total of 45 components and subcomponents in the index. India’s rating in five areas is as follows: Size of Government – 7.64, Legal System and Property Rights – 5.29, Sound Money – 7.99, Freedom to Trade Internationally – 6.19 and Regulation – 5.98. A comparison: India ranked high among BRICS countries. Brazil secured 90th rank, Russia secured 104th rank, China stands at 111 whereas South Africa ranks at 94. Additional Info: The reason for Hong Kong’s decline in the ranking is i.The main reason is introduction of new regulatory barriers to entry, an increase in the cost of doing business, and limitations on employing foreign labour affected the economic freedom score. ii.The imposition of a national security law in 2020 restricted political and civil freedom connection.
RBI Approves SahebraoDeshmukh Co-op Bank Merger with Cosmos Co-op Bank; Penalizes SBI, Indian Bank, Punjab & Sind Banki.RBI in exercise of its power conferred under Sub-Section (4) of Section 44A read with Section 56 of the Banking Regulation (BR) Act, 1949 sanctioned the Scheme of amalgamation of The SahebraoDeshmukh Co-operative Bank Ltd., Mumbai, Maharashtra with The Cosmos Co-operative Bank Limited, Pune, Maharashtra. ii.RBI imposed a monetary Penalty on the State Bank of India (SBI), Indian Bank, an Punjab & Sind Bank in exercise of it powers conferred under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 51(1) of the BR Act. iii.RBI also imposed a penalty of Rs 8.80 Lakh onFedbank Financial Services Limited, a Non-Banking Financial Company (NBFC) in Mumbai, for non-compliance with certain provisions of the Monitoring of Frauds in NBFCs (Reserve Bank) Directions, 2016. iv.RBI has cancelled the licence of The Kapol Co-operative Bank Limited, Mumbai, Maharashtra amid inadequate capital and earning prospects. About Reserve Bank of India (RBI): Governor – Shaktikanta Das Deputy Governors – Swaminathan Janakiraman, Michael Debabrata Patra, M. Rajeshwar Rao, T. Rabi Sankar Establishment – 1st April 1935 Headquarters – Mumbai, Maharashtra
ONGC Signed Agreement with HPCL for Sale of Oil from Mumbai Offshore Oil and Natural Gas Corporation Limited (ONGC), the largest crude oil and natural gas Company in India, signed an agreement to supply crude oil from Mumbai (Maharashtra) offshore fields to Hindustan Petroleum Corporation Ltd (HPCL). This agreement covers the sale of approximately 4.5 million tonnes of crude oil per annum to HPCL’s Mumbai refinery.
ONGC and HPCL are the Maharatna Central Public Sector Undertakings (CPSUs) under the Ministry of Ministry of Petroleum and Natural Gas(MoPNG). HPCL is a subsidiary of ONGC
Note: ONGC produces 13-14 million tonnes of crude oil per year from its resources in the Arabian Sea, off the coast of Mumbai. This is ONGC’s 2nd term agreement sealed for the sale of Mumbai Offshore crude oil post-marketing freedom. Previsouly, in August 2023, ONGC signed a similar agreement with Bharat Petroleum Corporation Ltd (BPCL) to supply 4 million tonnes per annum of crude oil, with an optional 0.5 million tonnes. About Oil and Natural Gas Corporation (ONGC): Chairman & CEO– Arun Kumar Singh Headquarters– New Delhi, Delhi Established in– 14th August 1956
Agri Scientist Swati Nayak Becomes 3rd Indian to be Honoured with Norman E. Borlaug AwardIndian Scientist Swati Nayak has been named the 2023 recipient of the Norman E. Borlaug Award for ‘Field Research and Application’.She became the third Indian and first odia (Odisha) scientist to receive this award in Field Research and Application. The award was announced in Climate Week New York City which held from 17-24 September 2023.
She received the recognition for her innovative approach of engaging farmers in demand-driven rice seed systems, from testing and deployment to access and adoption of climate-resilient and nutritious rice varieties.
Note: The other two Indians who received this award is Aditi Mukherji (2012) and Mahalingam Govindaraj (2022). About Swati Nayak: i.Swati Nayak is a Scientist and the South Asia Lead for Seed System and Product Management at the International Rice Research Institute (IRRI), New Delhi, Delhi.
Nayak joined IRRI in 2013 as a specialist in Agriculture Research & Development (Gender, climate change)
ii.She is fondly called BihanaDidi (seed lady) in Odisha. iii.She also serves as the Global Lead for Rice and Co-lead for Cereal Seed Systems under the key initiative SeedEqual of Consortium of International Agricultural Research Centers (CGIAR), a global research partnership of centers conducting research on agriculture food systems. Achievements: i.Nayak developed high demanded drought-tolerant rice variety called ShahabhagiDhan. ii.She is also one of the key scientists working in the international seed policy agreement called Seeds Without Borders, which speeds the dissemination of modern rice varieties across South and Southeast Asia. iii.Nayak anchored MahilaKisanSashaktikaranPariyojna (MKSP), an initiative under National rural Livelihood Mission(NRLM).
This was the first ever such dedicated initiative approved by Indian Cabinet for women farmers.
iv.She disseminated more than 20 promising climate-resilient and bio-fortified rice varieties. About Norman E. Borlaug Award: i.The Norman E. Borlaug Award for Field Research and Application, endowed by the Rockefeller Foundation ii.The award is presented annually by the World Food Prize Foundation to an individual under the age of 40 who has made a significant contribution to improving global food security and nutrition. iii.The recipient will receive USD 10,000 and an award diploma. Additional Info: Swati Nayak is set to formally receive the award during the Borlaug Dialogue scheduled to take place on 24 October 2023 in Des Moines, Iowa in United States of America(USA).
ICICI Lombard General Insurance Appoints Sanjeev Mantri as MD & CEOICICI Lombard General Insurance Limited appointed Sanjeev Mantri as the Managing director (MD) and Chief Executive Officer (CEO) of the company following the resignation of BhargavDasgupta from the post.
Sanjeev Mantri is currently serving as the Executive Director of ICICI Lombard General Insurance (since 2015).
Details of the Appointment: i.Sanjeev Mantri will take on the position of MD and CEO from 1st December 2023 or the date of approval from the Insurance Regulatory and Development Authority of India (IRDAI), whichever is later, for a period of five consecutive years or his date of retirement, whichever is earlier, subject to the approval of IRDAI and the members of the company.
However, till 30th November 2023, Bhargav Dasgupta will continue to be the MD&CEO.
About Sanjeev Mantri: i.Mantri is a cost and chartered accountant; He began his career with Bennett Coleman and Co., followed by key leadership positions at BNP Paribas. ii.He was in charge of the retail division of ICICI Lombard and is responsible for the distribution of products across agency, bancassurance, direct, and alternate channels.
He also heads the strategy, products, analytics, pricing, marketing, and corporate communication segments in the company.
iii.Prior to ICICI Lombard, he handled Rural and Inclusive Banking portfolio at ICICI Bank. About ICICI Lombard General Insurance Limited: Managing Director & Chief Executive Officer(CEO) – Bhargav Dasgupta Headquarters – Mumbai, Maharashtra Established in – 2001
LSAM 9 (Yard 77): Indian Navy’s 3rd MCA Barge launched at Visakhapatnam Commodore G Ravi, Warship Production Superintendent (Visakhapatnam, Andhra Pradesh) lanched Yard 77 (LSAM 9), the 3rd Missile Cum Ammunition (MCA) Bargeof the Indian Navy, at the at Guttenadeevi, East Godavari, Andhra Pradesh, the launch site of M/s SECON Engineering Projects Pvt Ltd.
The Barge featuring major and auxiliary equipment/systems sourced from indigenous manufacturers is in line with the Make in India initiative of the Ministry of Defence.
The barge is constructed under the classification rules of the Indian Register of Shipping (IRS), with a service life of 30 years.
The contract for the construction and delivery of 08 X MCA Barges was concluded with M/s SECON Engineering Projects Pvt Ltd, Visakhapatnam, a Micro, Small, and Medium Enterprises (MSME) shipyard, aligning with the GoI’s “Aatmanirbhar Bharat” (Self-reliant India) initiatives.
The availability of MCA Barges is set to significantly enhance the operational commitments of the Indian Navy (IN), making the transportation, embarkation, and disembarkation of articles and ammunition for IN Ships more efficient.
The MSME shipyard had already delivered the first Barge of the series LSAM 7 (Yard 75) on 18th July 2023 and the 2nd Barge, Yard 76 (LSAM 8) on 18th August 2023.
Japanese Grand Prix: Max Verstappen Wins 13th F1 Grand Prix in 2023Belgian-Dutch driver Max Verstappen of Red Bull won the Formula 1 (F1) Japanese Grand Prix 2023 held in Suzuka International Racing Course from 22nd – 24th September 2023.
McLaren driver Lando Norris of the United Kingdom(UK) finished second while Australian racing driver Oscar Piastri of McLaren won third place.
This marks Max Verstappen’s 13th victory in 16 races of the 2023 season.
This also marks Max Verstappen’s 48th career win and Red Bull’s 15th of the season.
Note: This victory marks Verstappen’s second consecutive Japanese Grand Prix title, including his title in 2022. Winners of Japanese Grand Prix 2023:
This marks Red Bull’s second consecutive Constructors title and also their sixth title since they entered the sport in 2005.
Red Bull won the constructors’ title in 2010,2011,2012,2013,2022 & 2023.
The constructors’ title was awarded to the team based on the points earned by the finishing position of each of their two drivers at each Grand Prix.
F1 Driver standing: i.Max Verstappen leads F1 Driver standing points, and he could win his third consecutive driver’s title(world championship) if he wins the 2023 Qatar Grand Prix which is set to be held in October 2023. ii.As of now, Verstappen has 400 points in driver standing while Mexican driver Sergio Perez of Red Bull is in 2nd place with 223 points and British driver Lewis Hamilton of Mercedes is at 3rd place with 190 points. About Japanese Grand Prix 2023: i.The first edition of the Japanese Grand Prix was held in 1987.
Circuit Length – 5.807km
Number of Laps – 53
Race Distance – 307.471 km
ii.Sponsorship – Lenovo About Federation Internationale de l’Automobile (FIA) The F1 Grand Prix races are organised by Federation Internationale de l’Automobile (FIA). President – Mohammed Ben Sulayem Headquarters – Paris, France Established – 1904
National Award Winner, Veteran Malayalam Filmmaker KG George Passed AwayVeteran Malayalam film director and National Award winner KulakkattilGeevarghese (KG) George passed away at the age of 77 near Kakkanad in Kochi, Kerala. He was born on 26 May 1946 in Pathanamthitta, Kerala. About KG George: i.KG George started his film career as an assistant to Ramu Kariat in the early 1970s. ii.He debuted as a director with the film ‘Swapnadanam’ (1975) starring Rani Chandra.
He won the National film award for best feature film in Malayalam for his debut movie ‘Swapnadanam’ in 1976.
The film also won 2 Kerala State Film Awards for Best Film and for Best Screenplay.
iii.His prominent directorial works include ‘Ulkkadal’ (1979); ‘Onappudava’ (1978); ‘Panchavadi Palam’ (1984); ‘Adaminte Vaariyellu’ (1984); among others. v.The last film he directed was Elavamkodu Desam, a period drama in 1998. Awards: i.He has won a total of 9 Kerala State Film Awards for his film Swapnadanam(1975); Rappadikalude Gatha (1978) Yavanika (1982); Adaminte Variyellu(1983); and Irakal(1985). ii.He was honoured with the JC Daniel Award for 2015 in recognition of his lifelong contributions to Malayalam cinema.
JC Daniel Award is the highest award for contribution to Malayalam Cinema.
Other careers: i.KG George was selected as a jury member for the National Film Awards in 2000 and he also chaired the jury of the Kerala State Film Awards in 2003. ii.He also held the position of chairman of the Kerala State Film Development Corporation (KSFDC) for five years. iii.He was the founder and chairman of the Malayalam Cine Technicians Association (MACTA) and continued to be an executive member.
UOW Australia& NSE Academy Unveils New Book on Corporate Finance The University of Wollongong (UOW), Australia in collaboration with the NSE Academy Limited launched the global edition of the book Introduction to Corporate Finance (sixth edition) at the NSE India(National Stock Exchange of India Ltd) headquarters in Mumbai, Maharashtra.
The book is authored by first year lecturers at UOW campuses (in Hong Kong and Dubai).
The book covers the principles of valuing and trading of shares in UAE, India, Malaysia, Hong Kong and Australia; The book hels in understanding the complexities and nuances of the corporate finance landscape.
The book was launched by NSE Managing Director and Chief Executive Officer (CEO) Ashishkumar Chauhan, UOW Vice-Chancellor and President Professor Patricia M. Davidson, and UOW’s Global Brand Ambassador Adam Gilchrist.
Note: On 18th September 2023, UOW Australia unveiled its UOW India identity at the Gujarat International Finance Tec-City (GIFT City), Gandhinagar and became one of the 1st foreign universities to have an International Branch Campus (IBC), a teaching base in India. This will award Australian degrees to Indian students.
International Day for the Total Elimination of Nuclear Weapons 2023- September 26The United Nations (UN) International Day for the Total Elimination of Nuclear Weapons is annually observed across the globe on 26 September to enhance public awareness about the threat posed to humanity by nuclear weapons and the necessity for their total elimination.
This day provides an opportunity to educate the public about the real benefits of eliminating such weapons, and the social and economic costs of perpetuating them.
Background: i.On 26 September 2013, the United Nations General Assembly (UNGA) adopted a resolution A/RES/68/32 and declared 26 September of every year as the International Day for the Total Elimination of Nuclear Weapons.
The resolution was the follow-up to the UNGA’s first-ever high-level meeting on nuclear disarmament in 2013.
ii.The first-ever International Day for the Total Elimination of Nuclear Weapons was observed on 26 September 2014.
World Contraception Day 2023 – September 26 World Contraception Day celebrated annually observed across the globe on September 26th to raise awareness about contraception and to enable people to make informed choices about their sexual and reproductive health.
26th September 2023 marks the observance of 17th World Contraception Day.
The theme of World Contraception Day 2023 is “The Power of Options” Background: i.World Contraception Day was established by the 10 International Family Planning Organizationsto highlight the importance of contraception as a conscious choice in family planning. ii.The first-ever World Contraception Day was observed on 26 September 2007.
World Environmental Health Day 2023- September 26World Environmental Health Day is annually observed across the globe on 26 September to raise awareness about the importance of environmental health and to promote action to protect human health from environmental hazards.
The day is dedicated to raising awareness about the critical role the environment plays in our well-being.
The 2023 theme of World Environmental Health Day is, “Global Environmental Public Health: Standing up to protect everyone’s Health each and every day“.
The theme highlights that Environmental health is a critical component of public health, encompassing both natural and human-induced factors that shape our well-being.
India’s First Lighthouse Festival Held in Goa to promote Lighthouses as Tourist DestinationsThe First edition of ‘Bharatiya Prakash Sthamb Utsav’ or ‘Indian Lighthouse Festival’, the 3 day long event to promote Lighthouses as Tourist Destinations was held in Goa from 23rd to 25th September 2023.
The festival was inaugurated by Union Minister Sarbananda Sonowal, Ministry of Ports, Shipping & Waterways (MoPSW) at Fort Aguada in Panjim, Goa on 23rd September 2023.
This festival was celebrated across all the lighthouses in India to promote historic spots i.e. Lighthouses as tourist destinations.
It also highlights the invaluable role of lighthouses in the coastal regions.
Key Points: i.MoPSW will utilize this festival to promote Public Private Partnerships (PPP) for transforming India’s historic lighthouses into world-class tourist destinations, and showcase their rich maritime heritage globally.
The Central Government has selected 75 Lighthouses for the same.
This transformation will be done under the campaign ‘Lighthouse Heritage Tourism’.
ii.During the event, a session titled ‘Vanguards of Our Shores: Lighthouses as Testaments of India’s Past and Present’ was held, organized by Bharat Pravah, an initiative of Institute for Governance, Policies and Politics. It was hosted by known historian and archaeologist Professor Vasant Shinde, ii.Investment opportunities across 75 Lighthouses were highlighted along with cultural exhibitions, session highlighting maritime history and culture, classical performances, light and sound shows, among others. iii.The Central Government replaced the Lighthouse Act, 1927 with the Marine Aids to Navigation Act, 2021, establishing a framework for aid to navigation in India.
This new law introduced the concept of Heritage Lighthouses, allowing the government to designate aids to navigation as heritage sites for educational, cultural, and tourism purposes.
Note: India has at least 203 lighthouses spread across its 7,517 km coastline. Participants: Pramod Sawant, Chief Minister (CM) of Goa; Shripad Naik, Union Minister of State(MoS) for Ports, Shipping & Waterways and Tourism along with other senior officials from both state and central governments participated in the event. About Goa: Governor– P. S. Sreedharan Pillai Chief Minister– Pramod Sawant Airports– Marmagao Port, Manohar International Airport
India Creates History, Achieves 75% ODF Plus Villages under Swachh Bharat Mission – GrameenIndia has achieved the major milestone under the Swachh Bharat Mission (Grameen) Phase II with 75% villages achieving Open Defecation Free (ODF) Plus status under Phase II of the Mission.
Total of 4.43 lakh villages have declared themselves ODF Plus, which is a significant step towards achieving the Swachh Bharat Mission – Grameen (SBM-G) phase II goals by 2024-25.
i.100% ODF Plus Model villagesAmong States/ UTs – Andaman & Nicobar Islands, Dadra Nagar Haveli & Daman Diu, Jammu & Kashmir and Sikkim. About Swachh Bharat Mission (Grameen) Launched In –2014 Released By – Ministry of Jal Shakti Aim – To accelerate the efforts to achieve universal sanitation coverage and to put focus on sanitation.
Iran-India Joint Chamber of Commerce & FIEO Signed MoU to Boost Trade, Investment On September 22, 2023, Iran-India Joint Chamber of Commerce signed a Memorandum of Understanding (MoU) with New Delhi(Delhi) based Federation of Indian Export Organization (FIEO) to develop cooperation in the fields of trade, investment, quality standards and technology transfer.
The MoU was signed by MahdiRangrona, Vice President of the Iran-India Joint Chamber of Commerce; and Ajay Shai, Director General(DG) and Chief Executive Officer (CEO) of FIEO.
About Iran: Capital– Tehran Currency– Iranian Rial President– Ebrahim Raisi
INS Sahyadri Participates in 1st India-Indonesia-Australia Trilateral Maritime Exercise From September 21-22, 2023, the first trilateral Maritime Partnership Exercise was held between the Indian Navy (IN), Royal Australian Navy (RAN) and Indonesian Navy where India was represented by warship Indian Naval Ship (INS) Sahyadri which is mission deployed in Indo-Pacific.
INS Sahyadri is an indigenously built warship of the Indian Navy which was mission deployed in the Indo-Pacific region.
The trilateral Maritime exercise allowed the nations to enhance their partnership and capabilities for a stable Indo-Pacific region through complex tactical exercises, cross-deck visits, and helicopter training to improve interoperability. About INS Sahyadri: INS Sahyadri is the third ship of the indigenously designed and built Project-17 class multirole stealth frigates. It was built at Mazagon Dock Ltd, Mumbai, Maharashtra and is commanded by Capt RajanKapoor.
SIDBI signs pact with DLAI to Boost Fintech SectorOn September 23, 2023, a Memorandum of Understanding (MoU) has been inked between the Small Industries Development Bank of India (SIDBI) and the Digital Lenders Association of India (DLAI) to boost India’s fintech sector by utilizing each other’s expertise.
The MoU was signed during UnConvlave2023 event organized by DLAI in Goa.
Signatories: JatinderHandoo, Chief Executive Officer (CEO), DLAI; and SivasubramanianRamann, Chairman and Managing Director (CMD), SIDBI What is in the MoU? i.The MoU focuses on creating standard protocols for digital lending partnerships, including Bank- Lending Service Providers (LSPs) alliances and co-lending arrangements. ii.SIDBI will offer resource support to eligible DLAI member NBFCs (Non-Banking Financial Company) and explore Assignment and Securitisation transactions. iii.The agreement will explore partnerships for various direct credit schemes, such as “Prayaas,” GST Sahay, Express loan, and green financing. iv.There will also be development of policies to protect consumer interest. Key Points: i.During the event, DLAI’s latest version of the industry Code of Conduct (CoC) was also launched by Sivasubramanian Ramann, CMD, SIDBI. ii.This CoC aligns with Reserve Bank of India’s (RBI) Digital Lending Guidelines, emphasizing responsible lending, transparency, fair debt collection, data privacy, security, and regulatory compliance. iii.Established in 2016, DLAI is a premier national-level association of digital lending institutions in India.
SEBI Board Approves Various Proposals; Discusses Tech Trends In Securities MarketThe Securities and Exchange Board of India (SEBI) discussed various trends in the securities market, and on SEBI approach to proactively plan for the same during its 202nd Board Meeting held on September 21, 2023 in Mumbai, Maharashtra. SEBI also approved the following proposals: 1.Flexibility in the framework for Large Corporates (LCs) for meeting incremental financing needs through issuance of debt securities SEBI approved the proposal to provide flexibility in the framework for large corporations (LCs) to meet financing needs from the debt market through measures to the existing LC framework The measures are: i.Raise the monetary threshold for defining LCs
As per the current rules, LCs are those that need to have an outstanding long term borrowing of at least Rs 100 crore, a credit rating of ‘AA and above’, and a target to finance themselves with long term borrowings (above one year).
ii.Eliminate penalties for LCs unable to meet a set percentage of incremental borrowing from the debt market iii.Introduce a system of incentives and balanced disincentives iv.Keeping the three-year contiguous block requirement for compliance v.Removing the need for large corporations to file identification and compliance statements vi.Manadates LCs to meet one-fourth of their financing needs from the debt market. 2.SEBI extends timeline for compliance with enhanced qualification and experience requirements for Investment Advisers SEBI Board extended the compliance deadline for enhanced qualification and experience requirements for investment advisers to September 2025 from September 2023 and applied these requirements to individuals, principal officers, and associated persons with investment advisers. 3.Streamline the Framework for credit of unclaimed amounts of investors in listed entities other than companies, REITS and InvITs to IPEF i.SEBI Board has approved amendments to make it easier for investors in debt to access unclaimed amounts in debt-listed entities (excluding companies), Real-Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs).
In this regard amendments will be made in Investor Protection and Education Fund (IPEF) Regulations, Listing Obligations and Disclosure Requirements (LODR) Regulations, InvIT Regulations and REIT Regulations
ii.With this,Investors can directly approach the respective listed entities, REITs, and InvITs to claim their unclaimed amounts, ensuring a smoother claim process. iii.Regulatory guidelines will be put in place for the segregation and efficient utilization of unclaimed amounts in the IPEF as per the board’s directives.
FinMin Retains 6.5% GDP Growth Estimate for FY24 The Monthy Economic Review – August 2023 released by the Department of Economic Affairs under the Ministry of Finance, has retained its estimate for India’s real Gross Domestic Product (GDP) growth for the Financial Year 2023-24 (FY24) at 6.5%.
The risks to the growth outlook were offset by the bright spots in corporate profitability, private sector capital formation, bank credit growth, and activity in the construction sector.
The report also said that the steady decline in the urban unemployment rate has contributed to keeping private consumption strong in the economy.
High domestic demand for consumption and investment hiked the GDP growth rate in the first quarter(Q1) of FY 24 (April-June 2023).
High-Frequency Indicators(HFIs) suggest that the second quarter(Q2) of FY24 (July-September 2023) is shaping up well.
BiswanathGhat in Assam Selected as Best Tourism Village of India 2023 Assam Chief Minister(CM) Himanta Biswa Sarma announced that the Union Ministry of Tourism(MoT) has selected BiswanathGhat(also known as Gupta Kashi) of Sonitpur district of Assam as the Best Tourism Village of India 2023.
MoT has also selected Kiriteshwari village in the Murshidabad district of West Bengal as the Best Tourism Village of India.
The villages were selected from amongst 791 applications from 31 States and Union Territories(UTs).
i.Biswanath Ghat is known for cultural amalgamation and spiritual and religious sites like Gangmou Than and Nagsankar temple. ii.Kiriteshwari, located near Bhagirathi River, houses the Kiriteshwari temple, one of India’s 51 Shaktipeethas. The Best Tourism Villages Competition seeks to honor a village that best exemplifies a rural tourism destination.
It showcases the renowned cultural and natural assets, and preserves & promotes community-based values, goods, and lifestyles of the villages in India.
ADB Appoints BhargavDasgupta as Vice-President for Market Solutions On September 22, 2023, the Asian Development Bank (ADB) has appointedBhargavDasguptaas Vice-President (Market Solutions) for a period of 3 years.
Prior to this appointment, He was serving as the Managing Director (MD) & Chief Executive Officer (CEO) of ICICI Lombard General Insurance Co. Ltd since 2009.
He has resigned from the post of MD & CEO of ICICI Lombard. His tenure as MD & CEO was set to end in April 2024.
Roles and Responsibilities: As the Vice President (Market Solution) of ADB, he will be responsible for management of the operations of ADB’s Private Sector Operations Department and Office of Markets Development and Public–Private Partnerships. About BhargavDasgupta:
ii.He also set up ICICI Bank’s International Banking Group and built its presence in 15 countries within 4 years.
This International Banking business strategy became a case study at Harvard Business School in Massachusetts, United States (US)
iv.Prior to the appointment as MD & CEO of ICICI Lombard, he was the Executive Director of ICICI Prudential Life Insurance during October 2006 to May 2009. v.He is currently the Chair of FICCI’s (Federation of Indian Chambers of Commerce & Industry ) Insurance & Pension Committee. About Asian Development Bank (ADB): President– Masatsugu Asakawa Headquarters– Mandaluyong, Metro Manila, Philippines. Established in 1966 Members– 68 member countries(49 are from Asia and Pacific)
Tata Electronics Chairman BanmaliAgrawala Appointed as New Chairman of Tata Advanced SystemsBanmali Agrawala has been appointed as the New Chairman of Tata Advanced Systems Limited (TASL), the aerospace and defense solutions division and wholly owned subsidiary of TATA Sons, the holding company of TATA Group.
Prior to the appointment, he was serving as the Senior Advisor at Tata Sons and Chairman of Tata Electronics Private Limited (TEPL).
He succeds Vijay Singh who has retired from the post. He was serving as the Chairman of TASL since 2018 and he is also serving as the Vice-Chairman of TATA Trust.
Note: Tata Sons is the holding company of Tata Group. About BanmaliAgrawala: i.Banmali Agrawala started his career with the Wartsila Group, a Finnish manufacturing and services company and worked there for 20 years, both in India and in Finland.
He became the Managing Director (MD) of Wartsila India Ltd, the Global head of the BioPower Industries and a member of the Global Power Plant Management Board.
ii.He has also served as the President and Chief Executive Officer (CEO) of General Electric (GE), South Asia.
Prior to GE, he served as the Executive Director (Business Development & Strategy) and a member of the Board at Tata Power.
iii.He assumed the role of President of Infrastructure, Defence & Aerospace at Tata Sons Private Limited in October 2017, markinghis 2nd tenure with the Tata Sons. iv.He is a member of the Board of Directors of the United States of America (US)-India Business Council (USIBC) and Pratham Education Foundation. Chairman in Tata Group: In the Tata Group, he is the Chairman of companies like Tata Projects, Tata Housing Development Company, Tata Realty and Infrastructure Ltd., Air Asia (India) Ltd. and is on the Board of Tata Power and TASL. Positions in CII: He is an active member of the Confederation of Indian Industries (CII), and held several positions within CII such as Chairman of the Western Regional Council, and currently is also a Member of CII’s National Council. Note: TASL is planning to build defence systems and equipment under its ‘Make in India‘ scheme with technological help from foreign defence equipment makers. About Tata Advanced Systems Limited (TASL): Chairman– Banmali Agrawala CEO & Managing Director– Sukaran Singh Headquarters– Hyderabad, Telangana Established in– 2007
Archaeologists Found World’s Oldest Wood Structure in Zambia, Dating Back 476,000 YearsA group of archaeologists has discovered the evidence of world’s oldest wooden structure, “a pair of interlocking logs connected by a notch” that date to 476,000 years ago at an archaeological site of Kalambo Falls, Africa’s 2nd-highest waterfall on the Kalombo River in Zambia.
The findings of this structure were published in the journal ‘Nature’ on 20 September 2023.
Note:
Kalambo Falls on the Kalambo River is a 235-metre single-drop waterfall on the border of Zambia with the Rukwa Region of Tanzania at the edge of Lake Tanganyika.
This falls was inscribed into the United Nations Educational, Scientific and Cultural Organization’s (UNESCO) World Heritage site in 2009.
Highlights of the Discovery:
The remains of the ancient complex wood structure pre-date ‘Homo sapiens’ (humans) by over 100,000 years suggesting that early hominins were experts at woodworking.
This discovery challenges the standard view that Stone Age humans were wanderers.
About the Wooden Artifact: i.The artifact includes 2 preserved interlocking logs joined transversely by an intentionally cut notch. The upper log had been shaped, and tool marks were found on both logs. ii.These logs were deliberately shaped and joined together to form a structure, probably the foundation of a platform or part of a dwelling.
This revelation originates from the Kalambo Falls area, where ancient Stone Age humans had a consistent water source and an abundance of forest-based food.
iii.According to the scientists, this is a first of its kind finding in the African or Eurasian Paleolithic and may represent the earliest use of wood in construction. Research technique: i.The research team employed a luminescence dating technique to determine the age of the world’s oldest wooden structure. ii.This technique involved measuring the natural radioactivity in minerals in the fine sediment that encased the wood to figure out when it was last exposed to sunlight. Other findings: At Kalambo, the scientists also recovered 4 wood tools from 390,000 to 324,000 years ago, including a wedge, digging stick, cut log, and notched branch. Research Team: i.This research is part of the Deep Roots of Humanity project, led by Archaeologist Professor Larry Barham from the University of Liverpool, the United Kingdom (UK), and Geoff Duller, professor of Geography at the University of Aberystwyth, UK. ii.This project explores how human technology developed during the Stone Age and is funded by the UK’s Arts and Humanities Research Council. About Zambia: Capital– Lusaka President– Hakainde Hichilema Currency– Zambian Kwacha/Ngwee
Israel Unveils MBT ‘5th Generation’, ‘Lightning’ Version of Merkava TankThe Defense Ministry and Israel Defense Forces(IDF) unveiled its new 5th generation main battle tank (MBT), the Merkava Mark 5, also known as “Barak,” which translates to “lightning” in Hebrew. The Merkava 5 is the refined version of the Merkava IV.
The tank underwent five years of development.
The Barak tank was developed jointly by the Defense Ministry’s Armored Vehicles Directorate and the IDF’s Ground Forces and Armored Corps.
The first models of the tank were delivered to the 52nd Armored Battalion of the 401st Brigade.
Features: The tank is described as a “leap forward” in terms of its technological capabilities and is equipped with a number of advanced features, including:
A new Iron Vision helmet for the tank commander, which provides a 360-degree view of the surrounding area equipped with artificial intelligence and augmented reality overlays that can highlight enemy targets and other important information.
A new fire control system that is more accurate and faster than previous systems.
A new active protection system that can detect and intercept incoming anti-tank missiles.
Improved armor and mobility.
These advanced systems were created by multiple Israeli defense companies, including Elbit Systems Limited, Rafael Advanced Defense Systems Limited, and the Israel Aerospace Industries’ subsidiary, Elta system Limited along with other firms. Capabilities: i.The Barak tanks are equipped with “a wide infrastructure of reliable sensors” to detect targets and intelligence information can be shared between the tank and other parts of the military, which will be “a real revolution on the battlefield. ii.The tanks also feature the advanced Windbreaker missile defense system, developed by Rafael, which is currently used on older Merkava tank models and Namer armored personnel carriers. iii.It also has a radar detection system ‘Trophy outside Israel’, for identifying incoming missiles and taking subsequence action. About Israel: Prime Minister – Benjamin Netanyahu Capital – Jerusalem Currency – New Israeli Shekel
Pterygotrigla intermedica: ZSI Discovered New Species of Deep Water Marine Fish of West Bengal CoastThe scientists of Zoological Survey of India (ZSI) have identified a new species of vibrant orange deep-water marine fish namely ‘Pterygotriglaintermedica‘ from Digha Mohana in West Bengal. The details of the new species are published in the international marine science Journal Thalassas on September 20, 2023.
The new species, commonly known as gurnards or sea-robins, belongs to the family Triglidaeand Indo-Pacific subgenus Otohime of the genus Pterygotrigla.
It’s is the fourth Pterygotrigla species found in India, among a total of 178 Triglidae species worldwide.
Features: Notable features of the new species include a long opercular spine and a very short cleithral spine; lateral-line, gill rakers on upper limb and 12–13 on lower limb of first gill arch and a large black blotch between the 4th and 6th spines of the first dorsal fin. Key Points: i.The team of scientists was led by Anil Mohapatra of the Estuarine Biology Regional Centre (EBRC) at ZSI, along with Sanmitra Roy and Subhrendu Sekhar Mishra. ii.The discovery was made in 2018 when a local fisher caught the species as a bycatch.
24 specimens were collected during a study of by-catch components along India’s east coast.
Out of the 24 specimens, 23 are preserved at ZSI’s EBRC in Gopalpur, Odisha with one specimen in the Marine Fish Section in Kolkata for further study.
About Zoological Survey of India (ZSI) ZSI is a statutory advisory body under the Ministry of Environment, Forests and Climate Change (MoEFCC). Director– Dr. Dhriti Banerjee Headquarters– Kolkata, West Bengal Establishment– 1916
Marco Bezzecchi Wins Inaugural MotoGP Grand Prix of India 2023Italy’s Marco Bezzecchi of Mooney VR46 Racing team won the IndianOil Grand Prix of India (MotoGP Bharat 2023) held at the Buddh International Circuit(BIC), Greater Noida, Uttar Pradesh.
Jorge Martin(Spain) of Prima Pramac Racing and Fabio Quartararo ((France) of Monster Energy Yamaha MotoGP finished second and third place respectively.
The inaugural edition of the MotoGP India Grand Prix was held from 22nd to 24th September 2023.
Winners of Grand Prix of India 2023:
MotoGP is the top division of motorcycle racing, while Moto2 and Moto3 are the lower divisions below MotoGP.
MotoGP uses a 1,000cc engine with top speeds of about 360 kmph, Moto2 uses 765cc motorcycles (up to 300 kmph) and Moto3 uses 250cc motorcycles (240 kmph).
ii.India Grand Prix 2023 was the 13th out of 20 races in the MotoGP season of 2023.
This marks the biggest motor racing event in India after Formula 1.
Note: Kadai Yaseen Ahmed, India’s only rider participated in MotoGP in Moto3 category. Winners of Moto2: Pedro Acosta(Spain) of Red Bull KTM Ajo finished in first place while Tony Arbolino (Italy)of ELF Marc VDS Racing Team and Joe Roberts(United States of America) of Italtrans Racing Team finished second and third place respectively. Winners of Moto3: Jaume Masia(Spain) of Leopard Racing finished in the first position while Kaito Toba(Japan) of SIC58 Squadra Corse team and Ayumu Sasaki (Japan) of Liqui Moly Husqvarna Intact GP finished second and third place respectively. About the circuit: i.The Buddh International Circuit hosted Formula 1 races from 2011 to 2013.
Circuit Length – 4.96km
MotoGP – 21 Laps
Total Distance – 105.21 Km / 65.37 Miles
About MotoGP: MotoGP (International Motorcycling Federation/Fédération Internationale de Motocyclisme (FIM) Road Racing World Championship Grand Prix)has been organised by Dorna Sports since 1991.
Fairstreet Sports has signed an agreement with Dorna Sports to organise the MotoGP round in India for the next seven years, from 2023 to 2029.
About Fairstreet Sports: Chief Executive Officer – Vaibhav Sinha Headquarters – Lucknow, Uttar Pradesh Established – 2022
Former Italian President Giorgio Napolitano Passed Away Giorgio Napolitano, Former President of Italy (2006 to 2015) and leader of Italian Communist Party, passed away at the age of 98 in Rome, Italy. He was born in 1925 in Naples, Italy. He was the longest-serving and longest-lived president in the history of the modern Italian Republic(post-second world war democratic era).
He joined the Italian Communist Party (PCI) in 1945 and became the 11th president of Italy in 2006 and later re-elected for a 2nd term in 2013 and later stepped down from the post in 2015.
He was the first and the onlypresident in Italy to be reelected to the office.
In 2005, he was appointed Senator for Lifein Italy’s Senate by then president Carlo Azeglio Ciampi.
World Rivers Day 2023 – September 24World Rivers Day (WRD) is annually observed across the globe on the 4th Sunday of September to promote awareness about the importance of rivers and aims to encourage the improved protection of all rivers around the world.
The day also promotes the conservation and sustainable management of these vital natural resources. It is a celebration of the world’s waterways.
World Rivers Day (WRD) 2023 was observed on 24 September 2023.
WRD 2022 was observed on25 September 2022 and WRD 2024 will be observed on 22 September 2024.
Background: i.In 2005, the United Nations (UN) launched the “International Decade for Action “Water for Life” 2005-2015″, to help create a greater awareness of the need to better care for water resources. ii.Following this, WRD was established in response to a proposal initiated by Canada’s internationally renowned river conservationist, Mark Angelo. iii.That first WRD was observed in 2005 and was celebrated across 12 countries.
World Pharmacists Day 2023 – September 25 World Pharmacists Day(WPD) is annually observed across the globe on 25th September to encourage activities that promote and advocate the role of the pharmacist in every corner of the world.
The day also marks the foundation day of the International Pharmaceutical Federation (FIP– Fédération Internationale Pharmaceutique), global body for pharmacy, pharmaceutical sciences, and pharmaceutical education.
25th September 2023 marks the observance of the 13th World Pharmacists Day. i.The theme of WPD 2023 is “Pharmacy Strengthening Health Systems.” ii.FIP’s message for WPD 2023 is “Let pharmacies do more”. Background: i.In 2009, during the Council meeting of the FIP Congress in Istanbul, Turkey(Now Türkiye), the Turkish Pharmacists Association (TPA) proposed the annual celebration of World Pharmacists Day on September 25. ii.The first-ever World Pharmacist Day was observed on 25th September 2010. About International Pharmaceutical Federation (FIP): President(Acting)- Paul Sinclair (Australia) Headquarters- The Hague, Netherlands
AntyodayaDiwas Day 2023- September 25
AntyodayaDiwas Day is annually observed across India on 25 September to commemorate the birth anniversary of PanditDeendayalUpadhyaya, former leader of the political party Bharatiya Jana Sangh (BJS), which was a precursor to the Bharatiya Janata Party (BJP).
25th September 2023 marks the 107th birth anniversary of Pandit Deendayal Upadhyaya.
The term ‘Antyodaya’ means the “rise and development of the last person in society”, one of the concepts promoted by Deendayal Upadhyaya.
The aim of the Antyodaya is to uplift the poor in the society.
Kisan e-Mitra: Union MoS Kailash Choudhary Launched AI Chatbot for PM-KISAN SchemeKailash Choudhary, Minister of State (MoS) for the Ministry of Agriculture and Farmers Welfare (MoA&FW), launched “Kisan e-Mitra”, an AI (Artificial Intelligence) Chatbotfor the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) Scheme in New Delhi, Delhi.
The chatbot will enhance the efficiency and accessibility of the PM-KISAN scheme, providing farmers with rapid, clear, and easily accessible responses to their inquiries.
Points to note: i.The MoA&FW successfully integrated the AI chatbots into government schemes. This is the first AI Chatbot integrated with a major Union government flagship scheme. ii.This initiative is in line with the Government of India’s (GoI) vision of leveraging technology for the betterment of farmers’ lives and governance. About Kisan e-Mitra: Objective:The introduction of the AI chatbot in the PM-KISAN grievance management system is aimed at empowering farmers with a user-friendly and accessible platform. Features: i.The AI Chatbot acts as a comprehensive guide for the beneficiaries, providing them with timely and accurate responses to their queries related to the scheme. ii.It has been developed and improved with the support of the EKstep Foundation and Bhashini. iii.In the initial phase, the AI chatbot assists farmers with:
Application status queries.
Payment details.
Ineligibility status.
Scheme-related updates.
iv.The AI Chatbot, accessible through the PM KISAN mobile app, is integrated with Bhashinifor multilingual support, addressing the linguistic and regional diversity among PM KISAN beneficiaries.
Currently, the Chatbot is available in English, Hindi, Bengali, Odia, and Tamil. In a short period, it will be made available in all 22 official languages of India.
Benefits: The AI Chatbot will help in accessing scheme information and resolving grievances.
The scope of this service needs to broaden with other related issues like weather information, soil conditions bank payments, and others.
Pradhan MantriKisanSamman Nidhi (PM-KISAN) Scheme: i.The PM-KISAN is a central sector scheme launched in February 2019 to support the financial needs of land-holding farmers in India (with 100% funding from GoI). ii.The scheme offers an annual financial benefit of Rs 6,000, in 3 equal installments to eligible farmers’ families through Direct Benefit Transfer (DBT) mode.
Department of Social Justice & Empowerment and All World GayatriPariwar signed MoU for NMBA awarenessOn September 22, 2023, a Memorandum of Understanding (MoU) has been inked between the Department of Social Justice & Empowerment under the Ministry of Social Justice and Empowerment (MoSJ&E), and All World Gayatri Pariwar at Dr. Ambedkar International Centre in New Delhi, Delhi for spreading the message of NMBA among the youth, women, students and the community under the banner of All World Gayatri Pariwar.
This MoU is a boost towards achieving the objective of drug sensitized India.
The MoU was signed in the presence of Union Minister Dr. Virendra Kumar, MoSJ&E, Dr. Chinmay Pandya, All World Gayatri Pariwar, among others.
Key Points: i.Alcoholis the most frequently used psychoactive substance in India, followed by Cannabis and Opioids, according to the first comprehensive National Survey on Substance Use conducted by the Department of Social Justice & Empowerment through the National Drug Dependence Treatment Centre (NDDTC) at AIIMS (All India Institute of Medical Sciences), New Delhi. ii.MoSJ&E is actively combating drug demand through the implementation of the National Action Plan for Drug Demand Reduction (NAPDDR).
NAPDDR is an umbrella scheme that provides financial assistance to State Governments and Union Territories (UTs) for various initiatives, including Preventive Education and Awareness Generation, Capacity Building, Skill Development, Vocational Training, and support for the livelihood of former drug addicts.
About NashaMukt Bharat Abhiyaan (NMBA): In August 2020, MoSJ&E has formulated and launched NMBA in 272 Districts across 32 State/Union Territories identified as most vulnerable in terms of usage of drugs. Its aim is to create awareness about ill effects of substance abuse among the youth, with special focus on higher education institutes, university campuses, schools, among others. About All World GayatriPariwar Head/Mentor– Dr. Pranav Pandya Headquarters– Haridwar, Uttarakhand
SIMBEX 2023: Indian Navy Conducts Maritime Exercise with Singapore at South China SeaThe Indian Navy (IN) and the Republic of Singapore Navy (RSN) participate in the 30th edition of the Singapore-India Maritime Bilateral Exercise (SIMBEX 2023), a joint naval combat exercise, from 21st to 28th September 2023 in the southern parts of the South China Sea off the coast of Singapore. Two Phases: SIMBEX 2023 is conducted in two phases including the land phase and the sea phase. Land Phase:
The land phase will include table-top activities and planning meetings.
It is held from 21st to 24th September 2023 at RSS Singapura – Changi Naval Base, Singapore.
Sea Phase:
The sea phase will see the navies engage in various naval drills, including anti-submarine warfare and live weapon firing.
It is held from 25th to 28th September 2023 in the southern reaches of the South China Sea in international waters.
The Harbour Phase will witness a wide range of professional interactions, cross-deck visits, Subject Matter Expert Exchanges (SMEE) and sports fixtures, aimed at enhancing interoperability and mutual understanding between the two navies.
Participants: i.Indian Navy’s Rajput-class destroyer INS Ranvijay, Kamorta-class corvette INS Kavaratti, Sindhughosh class diesel-electric submarine INS Sindhukesari and a P-8I maritime patrol aircraft are taking part in this exercise. ii.The Republic of Singapore Navy’s two Formidable-class frigates Republic of Singapore Ship (RSS) Stalwart and RSS Tenacious, an S-70B naval helicopter, and the Victory-class missile corvette RSS Valour are taking part in this exercise.
The Republic of Singapore Air Force (RSAF) is also participating in the exercise with a Fokker-50 maritime patrol aircraft and four F-15SG fighter aircraft.
Higlights: During the opening ceremony, RSN’s Fleet Commander Colonel (COL) Kwan Hon Chuong and India’s Eastern Naval Command Flag Officer Commanding-in-Chief Vice Admiral Rajesh Pendharkarunveiled the commemorative logo of its 30th edition of the bilateral exercise. Note:
SIMBEX, first held in 1994, is the longest continuous naval exercise that India has had with any other country.
Indian Navy hosted the 29th edition of SIMBEX in October 2022 at Visakhapatnam, Andhra Pradesh(AP), India.
Highlights of SIMBEX 2023: i.The Indian Navy and the Republic of Singapore Navy will also sign a submarine rescue joint standard operating procedures (JSOP) agreement. ii.During the shore phase, sailors from both navies will conduct joint planning, professional exchanges, and sporting activities. iii.During the sea phase, both fleets will perform a series of naval serials in the air, surface, and underwater domains, including gunnery firing, air defence, anti-submarine, communication, and navigation exercises.
The exercise will be concluded with a sail-past of participating ships.
UPNEDA and SIDBI Signed MoU to Promote Green ProjectsA Memorandum of Understanding (MoU) has been inked between the Uttar Pradesh New and Renewable Energy Development Agency (UPNEDA), and Small Industries Development Bank of India (SIDBI) for solarization of residential units at Ayodhya, Uttar Pradesh (UP) and for bio-energy and renewable project financing.
The agreement was inked during an event organised in the SIDBI’s Lucknow Office in UP.
This MoU will help in promoting solar energy, and encourage innovations for environment friendly projects.
It should be noted that the State Government of UP has nominated Ayodhyato be developed as a Solar City. Key Points: i.During the event, emphasis were laid on creating awareness about digital and latest initiatives being undertaken by SIDBI through ‘Promotional campaign for Financing Solar/ Green Projects’ for Micro, Small & Medium Enterprises (MSME) sector. ii.It should be noted that the Central Government is installing solar rooftop panels in 2500 MSMEs, and also targets 30% electrification of vehicles by the year 2030, under the EV30@30 mission.
SIDBI is supporting both missions of the Government.
iii.Through this event, information was shared among MSMEs regarding the solar and green projects and direct financing products being offered by SIDBI. About Uttar Pradesh New and Renewable Energy Development Agency (UPNEDA): It is an autonomous institution functioning as nodal agency for implementation of various schemes in the state. Director– Anupam Shukla Headquarters– Raebareli, Uttar Pradesh Establishment– 1983 About Small Industries Development Bank of India (SIDBI): It was established under an Act of Parliament in 1990. Chairman & Managing Director– Sivasubramanian Ramann Headquarters– Lucknow, Uttar Pradesh
Axis Bank launches ‘NEO for Business’ for MSMEsOn September 21, 2023, Axis Bank launched ‘NEO for Business’, a distinctive one-stop Transaction Banking platform for Indian Micro, Small, and Medium Enterprises (MSMEs). This is a first-of-its-kind comprehensive digital proposition that supports real, current, and emerging Transaction Banking needs of MSMEs.
It has contemporary UX (User Experience)/UI (User Interface) along with bank-grade security features.
“NEO for Business” is the latest launch as part of “NEO by Axis Bank” branding. NEO by Axis Bank is the digital banking proposition for its corporate banking customers/clients.
About NEO for Business: i.It offers a wide array of Banking and Beyond Banking features such as: Digital self on-boarding, Bulk Payments, GST Compliant Invoicing, Payment Gateway integration, 360° Customer View, End to End Transaction Tracking, Auto Reconciliation, Recurring Collections, Cash Flow Reports, among others. ii.These features make banking easier for MSMEs, allowing them to do transactions without going to a bank branch. iii.Axis Bank’s existing Current Account holders can access NEO for Business on mobile through an app or web registration. Initially, it serves sole proprietors and individuals in the MSME sector, with plans to expand to companies, partnerships, and LLPs (Limited Liability Partnership). About Axis Bank: Managing Director (MD) & Chief Executive Officer (CEO) – Amitabh Chaudhry Headquarters – Mumbai, Maharashtra Established in – 1993 (begun operations in 1994) Tagline – Badhti ka Naam Zindagi
Utkarsh Small Finance Bank Launched Interoperable Cardless Cash Withdrawal (ICCW) Using UPI on ATMsUtkarsh Small Finance Bank Limited (USFBL) launched Interoperable Cardless Cash Withdrawal (ICCW) service with an aim to allow Unified Payment Interface (UPI) enabled cardless cash withdrawal from Utkarsh Small Finance Bank Automated Teller Machine (ATM).
This is in line with notification ‘ICCW at ATMs’ released by Reserve Bank of India(RBI) in 2022 under Section 10(2) read with Section 18 of the Payment and Settlement Systems Act, 2007 (Act 51 of 2007).
ICCW is also known as UPI-ATM; It enables withdrawal through Quick Response(QR) code.
About ICCW: i.Card-less cash withdrawal through ATMs is a permitted mode of transaction offered by a few banks in India on an on-us and Off-us basis. ii.UPI users can withdraw cash from any participating banks’ ATMs (enabled for UPI-ATM) via UPI mobile application instead of using a physical card. iii.By scanning single-use dynamic QR code displayed on the ATM screen and authorising the transaction with UPI PIN, a customer can withdraw money from an ATM. iv.As far as transaction Limits is concerned, customers can enjoy up to two ICCW transactions per day per account, with a withdrawal limit of Rs. 10,000/- per transaction. Key Features of ICCW: i.ICCW allows customers to withdraw cash from any ATM, regardless of which bank they use. This is especially convenient for people who have multiple bank accounts. ii.Since the whole transaction is cardless, the card-related frauds like skimming, cloning etc can be reduced. iii.The process is considered to be more secured as it uses dynamic QR code for each transaction. iv.Customers need not carry multiple credit/debit cards. v.It will be useful for customers who have completed KYC (Know Your Customer) but have not yet received a physical card. vi.ICCW allows Cash withdrawal from Multiple UPI-Linked Accounts along with streamlined interaction with ATM Machines. About Utkarsh Small Finance Bank Limited (USFBL): Managing Director & Chief Executive Officer(CEO) – Govind Singh Headquarters – Varanasi, Uttar Pradesh Incorporated in – 2016
Highlights of Raj Bhasha Kirti Puraskar 2022-23
The Rajbhasha Kirti Puraskar 2022-23 ,the most prestigious award offered by the Indian government for “achievements in implementing the official language” was presented at the Hindi Diwas Samaroh 2023.This prestigious award ceremony was part of the 3rd All-India Official Language Conference (Akhil Bharatiya Rajbhasha Sammelan)took place at Shree Shiv Chhatrapati Sports Complex in Balewadi, Pune, Maharashtra, from September 14-15.
Organized and Presented Annually by: Department of Official Language, Ministry of Home Affairs, Government of India. Key points:
Department of Pension & Pensioners’ Welfare Receives First Prestigious Raj Bhasha Kirti Puraskar, 2022-23.
Power Finance Corporation (PFC) received the prestigious ‘Rajbhasha Kirti Puraskar’ in the ‘A’ category for the year 2022-23. PFC secured the third position in this category.
Banking Institutions such as Punjab National Bank,Bank of Baroda,Indian Overseas Bank (IOB) ,Central Bank of India, UCO Bank and Bank of Maharashtra have been recognised in different categories.
India set to Host 17th International Congress on the Chemistry of Cement in 2027 in New Delhi India won the bid to host the 17th International Congress on the Chemistry of Cement (ICCC) in 2027 in New Delhi, Delhi. The decision was announced during the ongoing 16th ICCC (2023) in Bangkok, Thailand held from 18 to 22 September 2023. Besides India, other bidders were from Switzerland and the United Arab Emirates (UAE).
India’s bid was made by National Council for Cement and Building Materials (NCCBM / NCB) and Indian Institute of Technology (IIT) Delhi. The bid was presented by Dr L P Singh, Director General, NCCBM; Dr S K Chaturvedi, Joint Director, NCB and Dr Shashank Bishnoi, Professor (Civil Engg.), IIT Delhi.
The 17th ICCC will offer India a unique opportunity to bring together global leaders, experts, and innovators in the cement sector. India previously hosted the 9th Congress in 1992.
The event highlights India’s research and academic expertise in the cement and concrete sector and as the host city New Delhi will showcase its vibrancy with world-class conference facilities, including Bharat Mandapam and Yashobhoomi to the global industry.
About ICCC: The ICCC is regarded as the largest and most prestigious event in the area of Cement and Concrete. These congresses have been held approximately every 4 to 6 years since 1918, serving as a crucial bridge between academia and the cement industry. Note:
NCB, then Cement Research Institute of India (CRI) was founded on 24 December 1962. It is the premier body under the administrative control of the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry.
India’s cement industry, the second-largest in the world, has a low carbon-di-oxide (CO2) footprint and is energy efficient.
Rajya Sabha Chairman Appoints Four New Women Vice-Chairpersons; Panel to Discuss Women’s Reservation BillThe Vice President of India, ex-officio Chairman of Rajya Sabha Jagdeep Dhankhar has reconstituted the panel of vice-chairpersons with the eight member panel with 50 percent(4 members) of women parliamentarians with effect from 13th September 2023.
For the first time in the history of Rajya Sabha (the Upper House of the Indian Parliament) has given equal representation to women members in the panel.The four new women Vice-Chairpersons are: Kanta Kardam(Uttar Pradesh), Sumitra Balmik(Madhya Pradesh), Mamata Mohanta (Odisha) and Geeta alias Chandraprabha(Uttar Pradesh).
13 Women Vice-chairpersons Panel for a Day to Discuss Women’s Reservation Bill
The Vice President of India, ex-officio Chairman of Rajya Sabha Jagdeep Dhankhar has constituted 13 women Parliamentarians to the panel of vice-chairpersons.The panel was reconstituted for a day to discuss the Women’s reservation Bill or Nari Shakti Vandan Adhiniyam 2023.
The panel of vice-chairpersons was constituted for a day specifically to discuss the Women’s Reservation Bill in 2023. This suggests that the panel was formed temporarily to address this particular legislative matter or session to discuss the bill.
Indian-origin NiharMalaviyaAssumes Permanent CEO of Penguin Random House NiharMalaviya, an Indian-origin American publishing executive, has been named permanent Chief Executive Officer (CEO) of Penguin Random House, the New York (United States of America, USA)-based international publishing group.
Nihar Malaviya has been serving as the interim CEO for 9 months since January 1, 2023.
Since his appointment as interim CEO, he has been a member of Bertelsmann’s (the parent company of Penguin Random House) Group Management Committee (GMC).
He will succeed Markus Dohle, who left the position following Penguin Random House’s unsuccessful attempt to acquire Simon & Schuster in 2022.
Prior to his appointment as interim CEO, he served as President and Chief Operating Officer (COO) of Penguin Random House, USA since 2014.
He started his career at Bertelsmann in 2001 as a participant in the Bertelsmann Entrepreneurs Programme. In 2003, he moved within the group, joining Random House, where he excelled in various leadership roles.
He also serves on the board of directors of the Association of American Publishers (AAP) and Yale University Press in the USA. He is a two-time recipient of the Bertelsmann Entrepreneur Award for Strategy Execution.
Note: Penguin Random House, the world’s largest trade book publisher, has been undergoing company-wide reorganization since 2023.
Vivek Bhasin Appointed as 14th Director of BARC On 15th September 2023, Vivek Bhasintook charge as the 14th Director of Bhabha Atomic Research Centre (BARC), India’s premier nuclear research facility, headquartered in Mumbai, Maharashtra. Prior to this appointment, Vivek was serving as the director of the Nuclear Fuels Group(NFG) of the BARC.
He succeds Ajit Kumar Mohanty who was appointed as the Secretary to Department of Atomic Energy(DAE) under the Prime Minister’s Office(PMO) and Chairman of Atomic Energy Commission in May 2023.
Vivek Bhasin joined the Reactor Engineering Division of BARC in 1988. He is known for his contribution towards APSARA-U Reactor (operational in BARC) and Fast Breeder Test Reactor (FBTR)(Operational in Kalpakkam Nuclear Power Plant, Tamil Nadu)
BARC was founded by Homi Jehangir Bhabha in the name Atomic Energy Establishment, Trombay (AEET) in 1954. AEET was renamed BARC in 1966.
Delhi LG VK Saxenalaunches Vigilance Complaint Information Management System Portal The Lieutenant Governor of Delhi, Vinai Kumar (VK) Saxena launches first of its kind Vigilance Complaint Information Management System (VCIMS) portal enabling people to file graft complaints against government employees at anytime from anywhere.
Complaints can be related to the vigilance/corruption/demand of bribe.
With transparency and secrecy, this portal will monitor complaints and initiate speedy action.
This portal requires only one time registration.
Key Points: i.To ensure that only genuine complaints are filed on the portal, it is mandated for the complainants to submit an e-undertaking so that he/she can be prosecuted under section 182 of IPC ( Indian Penal Code) for giving false information to public servants. ii.Complaints against corruption received in physical form will not be accepted. iii.This tool will aid in achieving the goal of zero tolerance to corruption.
Batillipeskalami: New Marine Tardigrade Species Found in TN, Named after Former President A.P.J. Abdul KalamResearchers from the Department of Marine Biology of the Cochin University of Science and Technology (Cusat) in Cochin, Kerala, have identified a new species of a marine tardigrade, “Batillipeskalami” from intertidal beach sediments of the Mandapam coast in Ramanathapuram (southeast) Tamil Nadu (TN).
The new species is named after Late Dr. A.P.J. Abdul Kalam, the 11th President of India (2002-2007) and an aerospace scientist, since the discovery was made close to his native place Rameswaram(TN).
The research findings have been published in the 18 September 2023 issue of the scientific journal, Zootaxa.
Genus and Species: i.The new Species ‘Batillipeskalami‘ of the marine tardigrade belongs to the Genus‘Batillipes‘. It is the 37th species of the genus Batillipes. ii.Batillipes kalami is the 2nd marine tardigrade to be discovered in Indian waters and the first one from the east coast.
“Stygarctus keralensis”, the 1st marine tardigrade species from India was discovered from Vadakara(West Coast) in Kerala in 2021.
iii.It is also the first taxonomically described species belonging to the genus Batillipes from India. Tardigrades: i.Marine Tardigrades, often referred to as “water bears”, are eight-legged micro-animals found in the water. They are extremely tiny animals whose size is measured in micrometers. ii.They are considered to be one of the toughest organisms on earth, having survived all five mass extinctions, and are also the first known animals to survive in space.
Tardigrades are semi-aquatic. They can survive in watery as well as terrestrial environments.
Researcher Team: Vishnudattan N.K. (research scholar) and S. Bijoy Nandan (Professor) from the Dept. of Marine Biology, Microbiology, and Biochemistry at Cusat; and Marcus Rubal from the Centre of Molecular and Environmental Biology at the University of Minho, Portugal. Features: i.B. kalami measures an average of 170 micrometers (0.17 mm) in length and around 50 micrometers (0.05 mm) in width. The females are slightly bigger compared to the males. ii.It is characterised by 4 pairs of legs, which possess sensory spines of varying lengths. iii.It has a trapezoid-shaped head with sharp-tipped filament-like appendages (cirri) extending from it. iv.It belongs to the phylum Tardigrada, which comprises more than 1,300 described species. Of them, just 17% are marine species. v.It can be differentiated from all its congeners by:
The presence of unconstricted primary clavae;
2 pairs of lateral body projections between leg II and leg III;
Long and blunt-ended lateral body projections between leg III and leg IV;
The shape of leg IV sensory organs and the presence of dorsal indentations in its head.
Padma Bhushan Awardee & Bharatanatyam Dancer Saroja Vaidyanathan Passed Away Bharatanatyam Dancer and Padma Bhushan Awardee Saroja Vaidyanathan passed away at the age of 86 due to lymphoma diseases in Delhi. About Saroja Vaidyanathan: i.Saroja Vaidyanathan was born on 19 September 1937 in Bellary, Karnataka, and grew up in Chennai, Tamil Nadu.
She was married to Vaidyanathan, an IAS officer from the Bihar cadre.
ii.She established “Ganesha Natyalaya” in Delhi, where she teaches Bharatanatyam, Tamil, Hindi, and Carnatic music. iii.She served as the president of “Sanskar Bharathi”, a pan-Indian organisation working in the fields of art and literature, for the Delhi Chapter since 2021. Awards: i.Saroja Vaidyanathan was conferred with the Padma Shri in 2002 and the Padma Bhushan in 2013 in the Arts category.
She received the Sangeet Natak Akademi Award in 2008 and the Sangeet Natak Akademi fellowships (Akademi Ratna) award in 2023.
ii.She is also the recipient of Delhi’s government Sahitya Kala Parishad Samman(1991), Tamil Nadu’s government Kalaimamani title(1999),and the title of Bharata Kalai Sudar, from the Pollachi Tamil Isai Sangam.
She was also the recipient of Kalidas Samman(2009-10) of the Government of Madhya Pradesh.
Books Written: Saroja Vaidyanathan has authored a number of books on Bharatanatyam and Carnatic music, including ‘The Classical Dances of India’, ‘Bharatanatyam – An In-Depth Study’, ‘Carnataka Sangeetham’, and ‘The Science of Bharatanatyam’.
Sonal Goel IAS Unveils Her Book “Nation Calling” for IAS aspirants Union Minister Kiren Rijiju, Ministry of Earth Sciences has launched a book ‘Nation Calling – Holistic Approach for Union Public Service Commission (UPSC) Civil Services Examination’ authored by IAS officer Sonal Goel Resident Commissioner of Tripura Bhawan in New Delhi, Delhi.
The book was published by UPSC Guide.
The book was launched at the Constitution Club of India in New Delhi, Delhi.
The book summarises Sonal Goel’s 15 year experience as an IAS officer which inspires young people to become a bureaucrat.
About Sonal Goel: Sonal Goel, hailing from Panipat, Haryana, is a 2008 batch IAS officer of Tripura Cadre. She joined the Haryana cadre in July 2016 and served as Commissioner of Municipal Corporation of Faridabad(Haryana) & Chief Executive Officer (CEO) of Smart City Faridabad and Deputy Commissioner district Jhajjar(Haryana).
International Day of Sign Languages 2023- September 23The United Nations (UN) International Day of Sign Languages (IDSL) is annually observed across the globe on 23 September to support and protect the linguistic identity and cultural diversity of all deaf people and other sign language users.
The day also aims to raise awareness of the importance of sign language in the full realisation of the human rights of people who are deaf.
C-DOT & CSIR-NPL Signed an Agreement for Development of NavIC Based IST Traceable PRTC for Telecom Sector Centre for Development of Telematics (C-DOT) and Council of Scientific and Industrial Research(CSIR)-National Physical laboratory (NPL) in New Delhi, Delhi signed an agreement to develop Indian Standard Time (IST) traceable Primary Reference Time Clock (PRTC) to synchronise all the telecom services with one reference time.
The time clock will be based on a regional navigation satellite system called Navigation with Indian Constellation (NavIC).
The agreement was signed under the Telecom Technology Development Fund (TTDF) scheme of the Department of Telecommunication(DoT).
The agreement was signed in the presence of Rajkumar Upadhyay, the Chief Executive Officer (CEO) of C-DOT
: C-DOT is an autonomous telecom Research & Development(R&D) centre under the Department of Telecommunication under the Ministry of Communications. About Primary Reference Time Clock (PRTC): i.The device aims to provide direct IST traceability to all the Telecom Service Providers (TSPs) and Internet Service Providers (ISPs) within ± 20 nanoseconds. ii.The device provides several benefits such as reducing the dependency on Global Positioning System (GPS), shifting to NavIC (formerly known as Indian Regional Navigation Satellite System (IRNSS)), Improving digital forensic analysis of transactions along with increased cyber secure networks and reduced call drops. Why PRTC? i.Time synchronisation of TSPs and ISPs is essential for a nation’s cybersecurity, as all financial transactions, stock market trades, and communication are routed through them. ii.The development of the PRTC is also an important step towards achieving the objective of “One nation One time“.
This is because it will ensure that all telecom networks in India are synchronised with the same time source.
About Telecom Technology Development Fund (TTDF) scheme: TTDF Scheme was launched in 2022 by Universal Service Obligation Fund (USOF), a body under the DoT.
TTDF Scheme (TTDF) aims to fund R&D in rural-specific communication technology applications.
It brings together academia, startups, research institutes, and industry to build and develop the telecom ecosystem.
Additional Info: i.Indian R&D has the potential to develop innovative solutions for the future. ii.To achieve the goal of “Atmanirbhar Bharat” (self-reliant India), the collaboration in areas of mutual interest is needed. About Centre for Development of Telematics (C-DOT): Chief Executive Officer(CEO) – Rajkumar Upadhyay Headquarters – New Delhi, Delhi Established in – 1984 About Council of Scientific and Industrial Research(CSIR) – National Physical laboratory (NPL): The National Physics Laboratory(NPL) was the first among the chain of national laboratories to be set up under CSIR. Director – Venugopal Achanta Located in – New Delhi, Delhi Established in – 1950
MSDE Minister DharmendraPradhan launches ‘Skills on Wheels’ with NSDC and IndusInd Bank to Promote SkillingUnion Minister Dharmendra Pradhan, Ministry of Skill Development and Entrepreneurship (MSDE) launched ‘Skills on Wheels’ initiative in collaboration with the National Skill Development Corporation (NSDC) and IndusInd Bank.MSDE minister and Shri Om Birla,Speaker, Lok Sabha have jointly launched the initiative during the inauguration of the program ceremony. Aim: To equip rural youth, especially women, with key digital skills and make them job and future-ready About Initiative: i.This initiative will empower 60,000 youth over a period of 5 years with relevant skills training to improving the livelihood of rural households. ii.To bring the Skill India Mission to the farthest areas of India, a specially equipped bus with retrofitted tools and resources known as ‘Skills On Wheels’ will travel to remote areas. iii.It will also spreading awareness at grass root level about free skill training programs. iv.It will empower youth with industry-relevant skill training, enhancing both theoretical and practical knowledge.
It will align candidates’ academic backgrounds, aptitudes, and skill sets with the right courses, thereby bridging the industry’s skill gap and reducing youth unemployment.
About Skill India Mission:
Prime Minister, Mr. Narendra Modi launched the Skill India Mission in 2015 in accordance with his vision to help India become ‘Atmanirbhar’ (self-reliant).
This initiative was aimed to create and implement comprehensive skill development training programmes that would help bridge the gap between industry demands and skill requirements.
About National Skill Development Corporation (NSDC): NSDC was set up by Ministry of Finance as Public Private Partnership (PPP) model. The Government of India through Ministry of Skill Development & Entrepreneurship (MSDE) holds 49% of the share capital of NSDC, while the private sector has the balance 51% of the share capital. It is a not-for-profit public limited company under section 25 of the Companies Act, 1956 (corresponding to section 8 of the Companies Act, 2013). CEO– Ved Mani Tiwari Establishment– 2008 Headquarters– New delhi, Delhi
Global Report on Hypertension: WHO Released 1st Report on the Impacts of Hypetension & Ways to Stop ItThe World Health Organization (WHO) released it’s first-ever report on the global impact of hypertension (high Blood Pressure –BP) titled, “Global Report on Hypertension: the race against a silent killer”, along with recommendations on the effective hypertension care to save lives.
Hypertension, also known as high or raised blood pressure, is a condition in which the blood vessels have persistently raised pressure.
This comprehensive report features statistics underscoring the consequences of uncontrolled hypertension, ranging from heart attacks, strokes, and premature death to substantial economic loss.
About World Health Organisation (WHO): Director-General- Dr Tedros Adhanom Ghebreyesus Headquarters- Geneva, Switzerland Established on- 7 April 1948
ISO and UNDP Partnership to enhance achievement of SDGThe International Organization for Standardization (ISO) and the United Nations Development Programme (UNDP) have signed a Statement of Intent(SoI) to use International Standards as a tool in advancing the achievement of Sustainable Development Goals(SDGs).
The collaboration also aims to develop the first international standard for the SDGs based on UNDP’s SDG Impact Standards and relevant ISO standards.
The partnership is in alignment with SDG17 – Partnerships for Goals.
About the partnership: i.The collaboration will develop a common basis for documentation and certification, making it easier for organizations and companies to align their efforts and document progress toward the SDGs. ii.The collaboration will design New management standards for the benefit of businesses and investors.
This is to make sustainability and the SDGs as intrinsic part of business instead of being as an add-on element.
Better practices in business will lead to better outcomes for business.
About United Nations Development Programme(UNDP): Administrator – Achim Steiner Headquarters – New York, United States of America (USA) Established in – 1966 About International Organization for Standardization (ISO): President – Ulrika Francke Headquarters – Geneva, Switzerland Members – 169 national standards bodies. Established – 1947
RBI: Household Savings fall to 5-decade Low at 5.1% in FY23,RBI Imposes Penalties on Four Cooperative BanksNet financial savings of households declined to a historically low level, reaching 5.1% of GDP in FY23. This marked a notable decrease from the previous fiscal year, where it stood at 7.2% (FY22), as per RBI data.
National Financial Switch (NFS) usage was decreased from 11.5% in FY21 to 5.1% in FY23, as per data from RBI’s Flow of Financial Assets and Liabilities of Household released on September 2023.
Household financial liabilities saw a substantial increase, rising to 5.8% of GDP in FY23, up from 3.8% in FY22. This indicates that households have increasingly relied on borrowing to meet their consumption needs.
Reserve Bank of India (RBI) imposes monetary penalties on four cooperative banks Lalbaug Cooperative Bank Ltd (Gujarat), Cooperative Bank of Mehsana Ltd (Gujarat), Harij Nagrik Sahakari Bank Ltd (Gujarat),and National Cooperative Bank Ltd (Maharashtra) citing its authority under the Banking Regulation Act, 1949, specifically Section 47 A (1) I in conjunction with Sections 46 (4) (i) and 56.
About Reserve Bank of India (RBI): Governor– Shaktikanta Das Headquarters– Mumbai, Maharashtra Established – April 1, 1935
ADB lowers India’s GDP projection for FY23 to 6.3%; India Ratings revises India’s FY24 GDP growth to 6.2%The Asian Development Bank (ADB) in its Asian Development Outlook (ADO) September 2023 lowered India’s gross domestic product (GDP) projection by one percentage point for Fiscal 2022-2023 (FY23) to 6.3% from 6.4% (ADO April 2023 estimate).
For FY 2023-2024 (FY24), the GDP projection is retained at 6.7%.
India Ratings Revises India’s FY24 GDP Growth Estimates to 6.2% India Ratings and Research (Ind-Ra) revised India‘s GDP growth estimate for FY24 to 6.2% from 5.9% projected in February 2023. .
This increase is due to the sustained government capital expenditure, deleveraged balance sheet of India Inc and banks, and the prospect of a new private corporate capex cycle.
About Asian Development Bank (ADB): President– Masatsugu Asakawa Headquarters– Mandaluyong, Metro Manila, Philippines, Establishment– 1966
S&P Global raises India’s FY24 Growth Projection to 6.6% On September 18, 2023, S&P (Standard & Poor’s) Global raised India’s growth prediction for FY24 to 6.6% from 5.9% predicted in August 2023 amid strong growth in the April-June quarter (Q1FY24).
In FY25, it will increase at a rate of 6.2% as compared to 6.1% projected in August 2023.
Key Points: i.India’s inflation rate will grow sharply to 6% in 2023 as compared to 5.1% prediction in August 2023.
India’s inflation rate is anticipated to be high, at 5.3% in 2024.
Global inflation will reach 5.7% in 2023 and over 4% in 2024.
ii.India’s economic growth momentum was buoyant in Q1FY24, growing at a pace of 7.8% year-on-year (y-o-y), supported by robust growth in domestic demand. iii..The deceleration of global economic growth will exert pressure on India’s exports.
TCS Partners with BankID BankAxept AS to Enhance Norway’s Financial Infrastructure Tata Consultancy Services(TCS), a part of the Tata group, has entered a partnership with BankID BankAxept AS, Norway’s national payment and electronic identity system, to set up and manage an operations command center that will enhance the resilience, security, and availability of Norway’s financial infrastructure.
BankID is the Norwegian eID verification system, used by more than 90% of the population, banks, government agencies, and commercial enterprises.
i.As part of the agreement, TCS will build and manage a 24×7 operations command center in Oslo, Norway, for all BankID BankAxept AS users and clients. ii.It will enable immediate responses to any service disruption, security issues, or client requests that are related to Norway’s essential national payments and electronic identity verification systems. iii.TCS will operate a specialised monitoring platform at the new command center that can predict, respond, and prevent any issues in the value chain from affecting the larger financial services ecosystem. About Norway: Prime Minister(PM) – Jonas Gahr Støre Capital – Oslo Currency – Norwegian Krone
IAF Tested ‘Type V Heavy Drop System’ from Cargo AircraftThe Indian Air Force (IAF) has successfully tested the indigenously developed ‘Type V Heavy Drop System’ from a cargo aircraft which is capable of paradropping arms, ammunition, and other equipment to inaccessible places/battlefields.
The design of this system has been developed by Aerial Delivery Research and Development Establishment (ADRDE), Agra, Uttar Pradesh (UP).
The parachute was developed under the ‘Make In India’ initiative.
About Type V Heavy Drop System: i.The parachute is manufactured by Airbornics Defence and Space Private Limited. ii.It is a multi-stage parachute system comprises of eight Main canopies, three extractor parachutes and one drogue parachute. iii.The parachute weighs up to 20 tons. iv.It has a platform which is made up of a special Aluminium-based metal. v.The parachute also has electrical, electronic and mechanical systems along with other latching accessories. Can be used with: The Type V Heavy Drop System can be used with the Boeing C-17, Lockheed Martin C-130 and other C-series aircraft. Additional Info: i.With this testing, the preparations have been completed for the induction of the Type V Heavy Drop System into the Indian Armed Forces. About Aerial Delivery Research and Development Establishment (ADRDE): The ADRDE is a Research & Development(R&D) laboratory of the Indian Defence Research and Development Organisation(DRDO). Director – Manoj Kumar Headquarters – Agra, Uttar Pradesh Established in – 1969 About Indian Air Force (IAF) Chief of the Air Staff – Air Chief Marshal VR Chaudhari Headquarters – New Delhi, Delhi Established in – 1932
GRSE Signed MoUs with Lloyd’s Register & Caterpillar Inc for Hydrogen Fuel Cell Ferry & Medium-Speed EnginesThe Garden Reach Shipbuilders and Engineers (GRSE) Limited signed two non-binding Memorandums of Understanding (MoUs) with foreign companies during the Defense and Security Equipment International (DSEI) Exhibition in London, United Kingdom (UK) which took place from 12th – 15th September 2023 at the Excel in London’s Royal Victoria Dock.
These MoUs are in line with India’s commitment to advance innovative green energy technologies and promote sustainable, cost-effective alternative fuels.
GRSE MoU’s with Foreign Companies: The two non-binding and confidential in nature MoUs
With Lloyd’s Register for the development of a hydrogen fuel cell ferry
With Caterpillar Inc. for a potential collaboration in the production, sale, and service of medium-speed engines, particularly for the Indian Navy (IN) and the Indian Coast Guard (ICG).
Note:
GRSE is a Mini Ratna Category 1 Public Sector Undertaking (PSU) under the Ministry of Defence.
Lloyd’s Register is a 260-year-old company that works towards finding sustainable solutions to maritime transportation.
Caterpillar Inc. is an American construction, mining and other engineering equipment manufacturer.
Key Points: i.GRSE has also entered into a MoU with Goa-based DEMPO Group to construct commercial vessels at its three premier shipyards of DEMPO at DSEPL Goa and Modest Infrastructure Pvt. Ltd Bhavnagar, Gujarat.
This represents GRSE’s first venture into commercial shipbuilding following their groundbreaking public-private partnerships in India’s warship-building sector.
ii.The Central Government also plans to build hydrogen-fueled electric vessels, in line with the Global Maritime Green Transitions initiative, in partnership with Cochin Shipyard Limited (CSL) and The Energy and Resources Institute (TERI). Additional info: i.Munition India Limited(MIL), Advanced Weapons & Equipment India Limited (AW&EIL), Yantra India Limited(YIL) and Bharat Dynamics Limited(BDL) were the other PSU’s that participated in DSEI exhibition. ii.The Indian Pavilion in the exhibition was inaugurated by Vikram Doraiswami, India’s High Commissioner to the UK on 12th September 2023. About Garden Reach Shipbuilders and Engineers (GRSE) Limited: Chairman & Managing Director– Cmde PR Hari, IN Retd Headquarter– Kolkata, West Bengal
ISSF Rifle/Pistol World Cup 2023 Rio de Janeiro: India Ends Campaign with Two MedalsInternational Shooting Sport Federation (ISSF) Rifle/Pistol World Cup 2023 in Rio de Janeiro, Brazil was held from 12th – 19th September 2023. India finished 5thin the medal tally with 2 medals(1 Gold and 1 Silver).
The World Cup Rifle/Pistol 2023 Rio de Janeiro was the final stage of the ISSF World Cup for rifle and pistol shooters.
Note: A total of 16 Indian shooters took part in the ISSF World Cup in Rio. Medal Tally:
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Oceanne Muller of France and Jiale Zhang of China won the silver and bronze medals respectively in the same event.
This has been Elavenil’s second individual ISSF World Cup medal since she won the gold in the women’s 10m air rifle event in ISSF World Cup Rio in 2019.
ii.India’s Nischal won the silver medal in the Women’s 50m Rifle 3 Positions while Jeanette Hegg Duestad of Norway and Stephanie Laura Scurrah Grundsoee of Denmark won the gold and bronze medals respectively.
This event marks Nischal’s first senior World Cup appearance.
iii.The 19-year-old Nischal created a qualification national record in the Women’s 3 Positions event by shooting a solid 587 in relay one.
Previously Anjum Moudgil and Ayushi Podder held qualification national record with a short in relay two.
Anjum Moudgil and Ayushi Podder also participated in this event and finished 10th and 35th place respectively.
About ISSF World Cup:
The 2023 ISSF World Cup comprised 13 stages including the final of competitions held across various cities in the world.
The 2023 ISSF World Cup final will be held from 18th – 26th November 2023.
About the International Shooting Sport Federation (ISSF): ISSF is the governing body of the Olympic shooting events in rifle, pistol and shotgun (clay target) disciplines, and of several non-Olympic shooting sports events. President– Luciano Rossi Headquarters– Munich, Germany Established – 1907
MIB Secretary Apurva Chandra released E-Book titled “People’s G20”, on India’s G20 Presidency Apurva Chandra, Secretary, Ministry of Information and Broadcasting(MIB) unveiled an ebook, titled “People’s G20”, which provides the comprehensive documentation of India‘s journey during its G20 Presidency, in New Delhi, Delhi.
The e-book was prepared by research unit of Press Information Bureau(PIB).
The eBook is divided into three parts:
The 1st part focuses on the historic G20 Summit held in New Delhi from 9th -10th September 2023.
The 2nd part offers a summary of the meetings conducted by various Working Groups under the Sherpa and Finance Track.
The 3rd part presents a captivating photo essay that captures the essence of the Jan-Bhagidari events(awareness events about G20) held across India during India’s presidency.
International Day of Peace 2023- September 21The United Nations (UN) International Day of Peace also known as “World Peace Day” is annually observed across the globe on 21 September and is dedicated to strengthening the principles of peace both within and among all nations and peoples, advocating for 24 hours of non-violence and cease-fire.
The 2023 theme of International Day of Peace (IDP) is, “Actions for peace: Our ambition for the #GlobalGoals“.
Background: i.In 1981, the United Nations General Assembly (UNGA) declared the 3rd Tuesday of September as International Day of Peace. This day coincided with the opening day of the regular annual sessions of the General Assembly. ii.The first IDP was observed on 21 September 1982 (3rd Tuesday of September 1982). iii.In 2001, the UNGA declared 21 September of every year as an official date for the IDP. The day will henceforth be observed as a day of global ceasefire and non-violence.
During the IDP, the UN invites all nations and people to honour a cessation of hostilities.
iv.The UN Peace bell is rung in the UN headquarters in New York City, the United States of America (USA), to signal the call for global peace.
World Alzheimer’s Day 2023- September 21World Alzheimer’s Day is annually observed across the globe on 21 September to raise awareness and challenge the stigma that persists around Alzheimer’s disease, which is the most common type of dementia and other forms of dementia.
The day also aims to raise awareness about Alzheimer’s disease symptoms, and the importance of timely diagnosis and treatments.
World Alzheimer’s Day is observed during the World Alzheimer’s Month.
Background: i.World Alzheimer’s Day was launched during the opening of ADI’s annual conference in Edinburgh, Scotland on 21 September 1994 to celebrate the 10th anniversary of ADI. ii.In 2010, ADI launched the first awareness campaign, “World Alzheimer’s Month”, as a pilot campaign in 12 countries.
Since 2012, World Alzheimer’s Month is annually observed during the month of September.
About Alzheimer’s Disease International (ADI): Chief Executive Officer– Paola Barbarino Headquarters– London, UK Founded in– 1984
UP Launched Instant Birth Registration for Newborns at Govt Health FacilitiesUttar Pradesh (UP) Government has integrated its Maa Navjaat Tracking app (MaNTrA) with the birth registration system, to enable the immediate issuance of birth registration certificates for newborns at the Government health facilities in UP.
This will enhance citizen convenience and eliminate the need for parents to apply separately.
With this development, UP has become the first state to implement ‘Suo Motu’ automatic birth registration for government health institutions verified through the Civil Registration System (CRS) portal.
Partners of the initiative: The Directorate of Census Operations, Lucknow (UP), has partnered with the UP National Health Mission (NHM-UP), the United Nations International Children’s Emergency Fund (UNICEF), and the Office of the Registrar General of India, Delhi, aims to facilitate the generation of automatic birth registration certificates at government facilities. MaNTrA app: i.The MaNTrA app, originally developed in UP in collaboration with UNICEF, monitors the quality of services in the labour room and has been successfully deployed in public health facilities in UP. ii.The seamless integration of the MaNTrA app with the birth registration system is a significant step towards increasing the ‘ease of living’ of a common citizen by creatively using digital technology architecture. Note: In August 2023, the MaNTrA for Delivery Point Health Facilities, under the NHM-UP, received the “Silver Award” in the “Government Process Re-engineering for Digital Transformation” category of the National Awards for e-Governance Scheme 2023. Process: i.The CRS (Office of Registrar General, India) Application Programming Interface (API) retrieves data for 17 fields from the MaNTrA, managed by NHM-UP. ii.The API is now acting as registrar in all government health institutions up to the primary healthcare level.
A total of approximately 2,500 birth certificates have already been issued.
iii.The data is then configured into a birth certificate, digitally signed by the hospital registrar. Note: The initiative has started in about 1,000 public health facilities, with plans to expand it to every government facility. The objective is to ensure that Automatic Birth Registration Certificates are issued on the spot in each case. About Uttar Pradesh: Chief Minister– Yogi Adityanath Governor– Anandiben Patel Stadiums– Shaheed Vijay Singh Pathik Sports Complex (Greater Noida Cricket Stadium, Indoor) and Pandit Madan Mohan Malviya Sports Stadium (Outdoor)
Startup Odisha Launches Rs 100 Crore Startup Growth Fund Startup Odisha, an initiative of the Micro, Small & Medium Enterprises(MSME) Department of the Odisha government, launched “Odisha Startup Growth Fund (OSGF)” worth Rs 100 Crore in collaboration with Small Industries Development Bank of India (SIDBI).
SIDBI will serve as the fund manager for the new fund and will be responsible for framing the investment strategy and managing the fund’s portfolio.
Odisha Startup Growth Fund operates a Fund-of-Funds vehicle to invest in state startups through a centralized tracking and implementation mechanism.
The Odisha government will replenish the fund once Rs 100 crore gets exhausted.
The nature of the investments from the fund will be based on equity and quasi-equity.
The fund will invest in startups of Odisha over five years through Alternative Investment Funds (AIFs).
HP CM Sukhvinder Singh Sukhu Launches Integrated Electricity Consumer Portal Himachal Pradesh(HP) Chief Minister(CM) Sukhvinder Singh Sukhu launched the Integrated Electricity Consumer Portal of Himachal Pradesh State Electricity Board Limited (HPSEBL) on the occasion of Engineer’s Day on 15th September 2023.
India G20 Summit, 9 September 2023 – 10 September 2023The two-day 18th G20 (Group of 20) Leaders’ Summit, under India’s presidency, happened in Bharat Mandapam International Exhibition and Convention Centre, Pragati Maidan, New Delhi from September 9th to 10th, 2023. This is the first ever G20 Summit being hosted by India.
The meeting was held under the theme of “VasudhaivaKutumbakam” or “One Earth – One Family – One Future”. It is inspired from the Maha Upanishad, an old Sanskrit scripture.
The theme also spotlights LiFE(Lifestyle for Environment).
Key Attendees: The members of the G20 are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States and the European Union.
G20 Invitees: The Nations invited by India included delegates from these countries: Bangladesh, the Netherlands, Nigeria, Egypt, Mauritius, Oman, Singapore, Spain, and the United Arab Emirates (UAE).
G-20’s invited international organisations included UN (United Nations), IMF(International Monetary Fund), World Bank, WHO (World Health Organization), WTO (World Trade Organization), ILO(International Labour Organization), FSB (Financial Stability Board), OECD (Organization for Economic Co-operation and Development), AU (African Union), NEPAD (New Partnership for Africa’s Development) , ASEAN (Association of Southeast Asian Nations), ADB (Asian Development Bank), ISA (International Seabed Authority), and CDRI (China Development Research Institute).
On September 9, 2023, at the G20 Summit held in New Delhi, Prime Minister Shri Narendra Modi launched the Global Biofuel Alliance (GBA), a collective effort aimed at reducing the world’s dependency on petrol and diesel fuels.
During the 18th G20 Summit, Indian PM Narendra Modi announced that the African Union has been included as a member of the G20, making it the 21st member.
NABARD Inks MoU with UNDP India to Boost Data-Driven Innovations in AgricultureOn September 12, 2023, the United Nations Development Programme (UNDP) and the National Bank for Agriculture and Rural Development (NABARD) signed a 5-year Memorandum of Understanding (MoU) on technical cooperation for the joint development of data-driven innovations in agriculture and food systems to support smallholder farmers. Aim: To promote sustainable agriculture, reducing vulnerability by sharing best practices and optimizing investments Signatories: It was signed by Chief General Manager of NABARD, SanjeevRohilla, and UNDP Deputy Resident Representative, Isabelle Tschan. What will be done under the MoU? i.Under this MoU, NABARD and UNDP will share open-source data for product development, technology transfer, collective climate action, and agrarian policy support to enhance the livelihoods of smallholder farmers. ii.UNDP will utilize its expertise in open innovations, data collaboratives, data science, and global knowledge to support NABARD’s goal of data-driven decision-making in agriculture investments. iii.UNDP and NABARD will analyze agricultural trends over time to optimize investment decisions in areas like watershed management, micro-irrigation, warehouse, and climate-related initiatives. iv.The partnership will also include enhancing and disseminating collaborative digital public goods like DiCRA (Data in Climate Resilient Agriculture). About DiCRA and how it will be useful in this partnership: Curated by UNDP and partner organizations, it provides intelligence on climate resilience for 50 million hectares of farmland across India. It identifies resilient and vulnerable farms by using data science and machine learning, crucial for India’s 80% of rural women employed in agriculture, who are highly vulnerable to climate change.
As a part of the partnership, NABARD will host and maintain the DiCRA platform and utilize its geospatial datasets for policy-making, research, and development activities with UNDP’s technical support.
About National Bank for Agriculture and Rural Development (NABARD): Chairman– Shaji K V Headquarters– Mumbai, Maharashtra Established on 12 July 1982
MoLE Signs MoUs with Private Job Portals/Employersto Integrate with NCSPortalOn September 12, 2023, the Ministry of Labour and Employment (MoLE) signed Memorandums of Understanding (MoUs) with various job portals, employers, and skill providers to integrate with its National Career Service (NCS) portal.
This collaboration allows private job portals to share their job openings on the NCS platform, expanding employment opportunities for registered jobseekers of NCS.
This partnership is set to benefit over 30 lakh eShram registered workers in the unorganized sector who have joined NCS.
Notes: i.The eShram portal is used for enrollment, registration, collection and identification of the required data of all the unorganised workers ii.NCS is a mission mode project launched in 2015 which is being implemented by the Directorate General of Employment, MoLE. It is a one-stop solution providing employment and career related services to the citizens of India. Aim of MoUs: To enhance employment opportunities and services for jobseekers on NCS portal Signatories: MoUs were signed by Amit Nirmal, Deputy Director General (Employment) on behalf of MoLE presence of Arti Ahuja, Secretary, MoLE; and Ramesh Krishnamurthi, Additional Secretary (Labour and Employment). Entities with which MoUs were Signed:
Other MoUs by MoLE: i.MoLE partnered with TCS iON to offer free online soft skills employability training in English and Hindi, enhancing jobseekers’ employability and workforce quality.
TCS iON is a strategic unit of Tata Consultancy Services (TCS) focused on Manufacturing Industries (SMB), Educational Institutions and Examination Boards.
ii.MoLE also signed an MoU withHireMeeto provide free aptitude tests, benefiting both jobseekers and employers by streamlining candidate selection.
12th India-UK EFD: Announced the launch of UK-India Infrastructure Financing BridgeIndia and the United Kingdom (UK) announced the launch of the UK-India Infrastructure Financing Bridge (UKIIFB) during the 12th Round of Ministerial India-UK Economic and Financial Dialogue (EFD) held in New Delhi, Delhi on 11th September 2023, to secure long-term investment for vital infrastructure sectors in India.
UKIIFB is a collaborative initiative signifies the continuing commitment of both nations to work in close cooperation toward unlocking substantial infrastructure investment opportunities in India.
UKIIFB initiative also provide expertise and investment to support the National Infrastructure Pipeline of India.
About the United Kingdom (UK): Capital– London Prime Minister– Rishi Sunak Currency– Pound Sterling, or Great British Pound (GBP)
Rajnath Singh Inaugurates 90 Infrastructure Projects Worth Over Rs 2900 Crore By BROUnion Minister Rajnath Singh, Ministry of Defense inaugurated 90 infrastructure projects constructed by Border Road Organisation (BRO) at a ceremony organised by the BRO at Devak Bridge on Bishnah-Kaulpur-Phulpur Road in Jammu and Kashmir.
The projects have been constructed in 11 border States and Union Territories of India.
The BRO completed the construction of these projects with Rs 2941 crores in less time frame using state-of-the-art technology.
Note: The state-of-the-art 422.9 meter long Class 70 RCC Devak bridge enhances the operational preparedness of the Armed Forces. Infrastructure Projects and Locations: i.The infrastructure projects include Nechiphu Tunnel in Arunachal Pradesh; two airfields in West Bengal, two helipads, 22 roads and 63 bridges. ii.Among these 90 projects Arunachal Pradesh hosts 36 of them, Ladakh is home to 26, Jammu & Kashmir accommodates 11, Mizoram sees five, Himachal Pradesh has three
Sikkim, Uttarakhand, and West Bengal each have two.
There is one project in Nagaland, one in Rajasthan, and one in the Andaman & Nicobar Islands.
Nechiphu Tunnel in Arunachal Pradesh: The tunnel is of 500-metre long located on Balipara-Charduar-Tawang Road in Arunachal Pradesh.
The all-weather connectivity tunnel will be used by Armed Forces deployed and the tourists to visit Tawang Region of Arunachal Pradesh.
Bagdogra and Barrackpore Airfields: The Bagdogra and Barrackpore Airfields in West Bengal were renovated to bolster the preparedness of the Indian Air Force (IAF) and to facilitate commercial flight operations in the region. Upcoming Projects: i.Nyoma Airfield: The foundation stone was also laid for Nyoma Airfield in Eastern Ladakh to be developed at a cost of Rs 200 crore. ii.Shinkun La Tunnel: the world’s highest tunnel at an altitude of 15,855 feet. to connect Lahaul-Spiti in Himachal pradesh to the Zaskar Valley in Ladakh.
Govt Inaugurated VSK; Laid foundation stone for 141 PM SHRI Schools & NSCBAV in UttarakhandUnion Minister Dharmendra Pradhan, Ministry of Education(MoE) and Ministry of Skill Development and Entrepreneurship (MSDE) along with Pushkar Singh Dhami, Chief Minister (CM) of Uttarakhand, inaugurated the Vidya Samiksha Kendra (VSK) in Dehradun, Uttarakhand.
They also laid the Foundation Stone of 141 Pradhan Mantri Schools for Rising India (PM SHRI) Schools and 40 bed Netaji Subhash Chandra Bose Awasiya Vidyalaya (NSCBAV) (residential school) in Deharadun Uttarakhand.
PM SHRI Schools will serve as the models for the existing schools to achieve excellence and the NSCBAV will provide quality education to underprivileged children.
VidhyaSamiksha Kendra (VSK) in Uttarakhand: i.VSK is a technology-based and modern data-driven model that aims to enhance the learning outcomes of Uttarakhand’s 23.50 lakh school students of Uttarakhand.
The Education Department of the Government of Gujarat set up India’s first VSK in 2019 as a prototype, aimed at leveraging data and technology to bring a transformation in learning outcomes.
ii.Since the introduction of the National Education Policy 2020 (NEP 2020), VSK has expanded its reach across India, ensuring a standardised and effective approach to education.
NEP 2020 is a philosophical document for creating a knowledge-based economy in the 21st century.
i.Government of India (GoI) has sanctioned more than Rs 79 crore for this financial year for 142 PM-Shri schools and 3 Netaji Subhash Chandra Bose residential hostels in the Uttarakhand. ii.More than Rs 18 crore has already been sanctioned by the Union government for the 1st phase. Other Launches & Highlights: i.During the event, the Union Education Minister Dharmendra Pradhan and Uttarakhand CM Pushkar Singh Dhami also launched the Chief Minister Higher Education Meritorious Scholarship Scheme and Higher Education Research Incentive Scheme for Uttarakhand. ii.The Research Scholarship aligns with the National Research Foundation in which teachers of Uttarakhand will be receiving grants for their research projects.
Under this scheme, the Uttarakhand government will provide a grant of Rs. 15-18 lakhs to those who want to go ahead with research.
iii.The Union Minister Dharmendra Pradhan also attended the Amrit Kaal Dialogue at the University of Petroleum and Energy Studies at Bidholi, Uttarakhand.
IICA & UNICEF jointly organize workshop on Business Responsibility and Sustainability ReportingOn September 12, 2023, the Indian Institute of Corporate Affairs (IICA) organised a workshop on Business Responsibility and Sustainability Reporting (BRSR) in collaboration withUNICEF (United Nations Children’s Fund) and National Stock Exchange of India Limited (NSE) at the NSE premises in Mumbai, Maharashtra.
It was inaugurated by Dr. Harish Ahuja, SVP (Senior Vice President) & Head PSD – Power & Carbon Markets, Investor Awareness, NSE.
The workshop was part of the ongoing collaboration between IICA and UNICEF to promote responsible business conduct among corporates and relevant stakeholders in India.
Aim: The workshop aimed to provide a comprehensive understanding of the BRSR framework. What is BRSR framework? It is based on the 9 principles of the National Guidelines for Responsible Business Conduct (NGRBC). It mandates the top 1000 listed companies to report their ESG performance, showcasing their dedication to responsible business conduct. Participants: The workshop was attended by more than 50 Sustainability, CSR (Corporate Social Responsibility), ESG (Environment, Social and Governance) and BHR (Business Human Rights) professionals from key corporate entities. Key Points: i.Workshop topics included CSR and ESG for building responsible brands, effective BRSR disclosures, digital tools, IT portal/software for BRSR, and the application of family-friendly policies in business. ii.Participants enhanced their BRSR knowledge and implementation skills through interactive learning and peer networking. iii.Upcoming BRSR workshops are scheduled in different Indian cities, including Indore, Madhya Pradesh (MP) (20 Sept.), Delhi (26 Sept.), and Bengaluru, Karnataka (29 Sept.). Points to note: IICA:It was established as a think-tank of the Ministry of Corporate Affairs (MCA) which provides necessary support through policy advocacy, research and capacity building programmes to Government, Corporates, and other relevant stakeholders. SoBE: School of Business Environment (SoBE), a school within IICA, has the mandate to work in the domains of CSR, ESG and BHR to strengthen the Responsible Business ecosystem. About Indian Institute of Corporate Affairs (IICA): IICA was registered as a society on September 12, 2008 under the Societies Registration Act, 1860. Director General & CEO– Praveen Kumar Headquarters– Gurugram, Haryana
MNRE Extends Waiver of DCR for Solar Cells Under Comp C of PM KUSUM till March 2024The Ministry of New & Renewable Energy (MNRE) has extended the relaxation for the provision of requirement of indigenous domestic content requirement (DCR) under Component C of Pradhan Mantri Kisan Urja Surakshaevam Utthaan Mahabhiyan Yojana (PM-KUSUM Scheme) till 31st March 2024.
The DCR requirement for solar cells was waived off for projects awarded on or before June 20, 2023.
This is a continuation of the memorandum issued by MNRE in August 2022, which extended the DCR waiver until 20th June 2023. This decision comes after receiving industry representations on the matter.
About PM KUSUM Scheme: i.Pradhan Mantri Kisan Urja Surakshaevam Utthaan Mahabhiyan Yojana (PM-KUSUM Scheme) was launched in March 2019 by the MNRE, to subsidize farmers to install solar irrigation pumps for cultivation. ii.It has 3 components:
Component A: 10,000 (Mega Watt) MW of solar capacity through installation of small Solar Power Plants of individual plants of capacity upto 2 MW.
Component B: Installation of 20 lakh standalone Solar Powered Agriculture Pumps.
Component C: Solarisation of 15 Lakh Grid-connected Agriculture Pumps.
Note: Component C is also known as Feeder Level Solarization(FLS). It envisages solarization of 10 Lakh grid connected agricultural pumps with unique pump capacity of upto 7.5 Horse Power (HP). Key Points: i.DCR Rule, which mandates the use of local solar cells and modules, is crucial for PM-KUSUM’s implementation. ii.The extension aims to support the scheme’s efforts to decarbonize agriculture by promoting solar energy use in various forms. iii.As of February 28, 2023, the scheme has installed 89.45 MW of solar capacity under Component A and approximately 2.09 lakh pumps have been installed or solarized under Components B and C, equivalent to about 1,140 MW of solar capacity.
Cashfree Payments Partners With NPCI To Launch Customer On-Boarding FeatureCashfree Payments India Private Limited in collaboration with National Payments Corporation of India (NPCI) launched “AutoPay on QR(Quick Response)”, a feature enabling customer onboarding through a 2-step process.
The 2 step process involves scanning the QR code and approving an e-mandate through Unified Payments Interface (UPI) apps.
Working: i.Subscription-based businesses should circulate their subscription QR codes through various marketing channels like online ads, newspapers, websites, TV, and product packaging. ii.This will eliminate the necessity to download an app or register on the website which is time consuming and poor onboarding experience. Additional Info: i.Cashfree Payments works with banks to build the core payments and banking infrastructure that powers the company’s products. ii.It is also integrated with major platforms such as Shopify, Wix, PayPal, Amazon Pay, Paytm, and Google Pay. About Cashfree Payments India Private Limited: Cashfree Payments is a payments and banking technology company that enables businesses in India to collect payments online and make payouts. Chief Executive Officer(CEO)- Akash Sinha Headquarters- Bengaluru, Karnataka Established in- 2015 About National Payments Corporation of India (NPCI): NPCI was launched in 2008 by the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007. Chief Executive Officer(CEO)- Dilip Asbe Headquarters- Mumbai, Maharashtra
MastercardAnd Invest India Along With Tourism Ministry Launched Enhanced Priceless.com‘Mastercard’ with the support from the Ministry of Tourism and Invest India has launched Priceless.com to explore India’s history and culture (using latest travel trends).
Priceless.com will support the “DekhoApnaDesh“ initiative of the Tourism Ministry.
About Priceless.com: i.priceless.com is an extension of Mastercard’s global priceless platform that offers exclusive experiences and privileges to Mastercard cardholders around the world. ii.It paves a way for local and international travellers to experience the country’s diverse heritage. iii.The program enables Mastercard cardholders to gain exclusive access to culture-rich, gastronomical, and wellness luxe experiences in New Delhi(Delhi), Agra(Uttar Pradesh), Jodhpur(Rajasthan), Dehradun (Uttarakhand), Pune(Maharashtra), etc.
The program offers many experiences including a visit to Qutub Minar in New Delhi and to the streets Old Agra.
Demand for travel: According to the Mastercard Economics Institute’s Travel Industry Trends 2023, spending on experiences at travel destinations has increased by 65% since March 2019, driven by pent-up demand for travel.
Priceless.com is available exclusively to Mastercard cardholders which aims to create memorable, once-in-a-lifetime experiences for its cardholders.
DekhoApnaDesh initiative: Introduced in Budget 2023, the scheme aims to promote domestic tourism and encourage people to explore the rich cultural heritage and diversity of India.
The scheme is intended to offer financial assistant to tourists travelling to different parts of India.
About Mastercard: President – Ari Sarker( Asia Pacific) Headquarters – NewYork, United States of America(USA) Established in – 1966
About Invest India: Invest India is the National Investment Promotion and Facilitation Agency of India, set up as a non-profit venture under the Department for Promotion of Industry and Internal Trade(DPIIT), Ministry of Commerce and Industry, Government of India. Chief Executive Officer(CEO) – Nivruti Rai Headquarters- New Delhi, Delhi Established in – 2009 About Ministry of Tourism: Union Minister – G. Kishan Reddy (Constituency: Secunderabad, Telangana) Minister of State(MoS) – Ajay Bhatt (Constituency: Nainital – Udhamsingh Nagar, Uttarakhand) ; Shripad Yesso Naik (Constituency: North Goa, Goa)
Hindalco Partners with Italy’s Metra to Manufacture Extruded Products for Rail Coaches Hindalco Industries Limited signed a technology partnership with Rodengo Saiano, Italy-based Metra SpA to manufacture high-precision extruded products for high-speed aluminium rail coaches in India.
Extruded aluminium is important in the railway industry because it combines weight reduction and mechanical strength.
Hindalco plans to invest Rs.2,000 crore in making passenger coaches for the Vande Bharat trains and this technology partnership will provide cutting-edge technology for this effort.
Note:
Hindalco Industries Limited, the metals flagship company of Aditya Birla Group, is the world’s largest aluminium rolling and recycling company.
MetraSpA produces high-technology content aluminium extrusions for Railway, Mechanics, Industrial, Automobile and Architectural applications.
Extrusion is the process of shaping material such as aluminum, by forcing it to flow through a shaped opening in a die.
Air India Launches Project Abhinandan to Offer Enhanced On-Ground Experience to Passengers Tata Sons-owned Air India launched “Project Abhinandan” (greetings in Hindi) to provide personalised and hassle free ground experience for its passengers. As part of the Project Abhinandan, Specially trained Service Assurance Officers(SAOs) will be stationed at 16major airports in India to provide support and assistance to Air India guests.
The 16 major airports include Ahmedabad(Gujarat), Bengaluru(Karnataka), Kochi & Kozhikode(Kerala), Chennai(Tamil Nadu), Delhi, Goa, Guwahati(Assam), Hyderabad(Telangana), Kolkata(West Bengal), Varanasi & Lucknow(Uttar Pradesh), Mumbai, Nagpur, Pune (Maharashtra), and Vishakhapatnam(Andhra Pradesh).
Over 100 Service Assurance Officers have already been recruited and deployed across airports.
These officers have been trained to deal with unexpected problems that travellers may have, such as missed flights, delayed baggage delivery, and misconnections.
GSITI Signs 5-year MoU with ISRO, for Capacity Building in Mineral Resources, Disaster ManagementThe Geological Survey of India Training Institute (GSITI) in Hyderabad (Telangana) has signed a 5-year Memorandum of Understanding (MoU) with the Indian Space Research Organisation (ISRO) in Bengaluru (Karnataka) as part of the National Natural Resources Management System (NNRMS) programme. Signatories: The MoU was signed by Dr Mathew Joseph, Deputy Director General and Head of Mission-V, representing GSITI, and Dr JV Thomas, Director of Earth Observation Applications and Disaster Management Support Programme Office (EDPO), ISRO, in the presence of Shantanu Bhatawdekar, Scientific Secretary, ISRO. Objective : The primary objective of the project is capacity building through the generation of a skilled workforce (human resources) in the Application of Digital Image Processing and Geographic Information Systems (GIS) in Mineral Exploration, Advanced Remote Sensing Techniques in Mineral Exploration, and Applications of Geo-informatics in Disaster Management. About the Collaborative Project Between GSITI & ISRO: i.The scope of the collaborative project between GSITI and ISRO is to conduct a series of training for capacity building in the areas of mineral resources and disaster management within the framework NNRMS programme. ii.This aims to provide individuals with the essential skills and knowledge required to contribute effectively to the sustainable management of natural resources and disaster response efforts. iii.The Photo Geology and Remote Sensing (PGRS) Division at GSITI, Hyderabad will conduct 15 training programs over the next 5 years, with an estimated 300 participants.
These participants represent Central/State Government Departments, Public Sector Units (PSUs), faculty members, and research scholars of academic institutions.
About National Natural Resources Management System (NNRMS): The NNRMS of the Ministry of Environment, Forest and Climate Change(MoEF&CC) is a Central Sector (National level) inter-agency system Scheme. It aimed at the utilisation of Remote Sensing Technology for the Inventorisation, Assessment, and Monitoring of the country’s natural resources. ISRO-developed Device Named ‘Nabhmitra’ for Fishers’ Safety Successfully Tested at Neendakara ISRO has successfully tested its innovative device named ‘Nabhmitra’, which was developed at ISRO-Space Applications Centre in Ahmedabad, Gujarat. The device aims to enhance the safety of fishermen during their sea expeditions.
The testing took place at Neendakara in Kollam, Kerala, where the device was installed on a fishing vessel and tested in the presence of scientists and Fisheries department officials.
Nabhmitra operates on the basis of a satellite-based communication system that facilitates two-way communication, bridging the gap between sea and shore.
Features and Benefits of Nabhmitra: i.Fishers receive crucial weather and cyclone warnings in their local language, and the boats can also send distress messages to the authorities. ii.In emergencies such as capsizing or fire, fishers can swiftly send distress signals to the authorities in the control center with the push of a button. iii.The control center instantly receives the distress alert, along with the precise location of the distressed vessel (boat), expediting rescue efforts, and the fishers on the distressed vessel receive prompt response messages. iv.Apart from providing information about shipping channels and maritime boundaries, the device will also help to identify fishing fields.
Indonesia Masters 2023 Badminton: India’s Kiran George Wins Men’s Singles TitleIndia’s Kiran George won the men’s singles title at the BNI Indonesia Masters 2023 held from 5th to 10th September 2023 in Medan, Indonesia.
BNI Indonesia Masters 2023 is the Badminton World Federation(BWF) World Tour Super 100 tournament.
This marks Kiran George’s second BWF Super 100 title after he won his maiden title at the Odisha Open in 2022.
Highlights: i.Men’s Singles: India’s Kiran George won the men’s singles title by defeating Koo Takahashi of Japan in the finals.
This win helped him to get the career-best BWF 39th rank in men’s singles.
ii.Women Singles: Ester Nurumi Tri Wardoyo of Indonesia won the women’s singles title by defeating Chiu Pin-Chian of Chinese Taipei in the finals. iii.Men’s Doubles: Sabar Karyaman Gutama and Muhammad Reza Pahlevi Isfahani of Indonesia won the men’s doubles title by defeating Kakeru Kumagai and Kota Ogawa of Japan. iv.Women’s Doubles: Lanny Tria Mayasari and Ribka Sugiarto of Indonesia won the women’s doubles title by defeating Chang Ching Hui and Yang Ching Tun of Chinese Taipei. v.MixedDoubles:Roy King Yap and Valeree Siow of Malaysia won the mixed doubles title by defeating Hiroki Nishi and Akari Sato of Japan. Prize Money: Total – USD 100,000 Singles Winner – USD 7,500 Doubles Winner – USD 7,900 Key points: i.Indian pair Tanisha Crasto and Ashwini Ponnappa lost to Sung Yu-Hsuan and Wang Szu-Min of Chinese Taipei in the women’s doubles semifinals. ii.India’s Mansi Singh lost to Chiu Pin-Chian of Chinese Taipei in the women’s singles quarter-finals.
World Duchenne Muscular Dystrophy Day 2023- September 7World Duchenne Muscular Dystrophy Day also known as World Duchenne Awareness Day (WDAD) is annually observed across the globe on 7th September, to increase awareness of Duchenne Muscular Dystrophy (DMD), a rare genetic disorder affecting muscles.
WDAD also raises awareness and inspires action to improve the lives of people living with Duchenne and Becker Muscular Dystrophy (DMD/BMD).
The 2023 theme of World Duchenne Muscular Dystrophy Day theme is “Duchenne: Breaking Barriers“.
7th September 2023 marks the observance of the 10th World Duchenne Awareness Day.
Background: i.In 2014, Elizabeth Vroom, the Chair and Cofounder of the World Duchenne Organization (WDO); and Nicoletta Madia, the Community Coordinator of the WDO, initiated the observance of World Duchenne Awareness Day to raise global awareness about DMD.
WDO, formerly known as the United Parent Project Muscular Dystrophy (UPPMD) is a Netherland-based global umbrella organization of national patient organizations established in 2000.
WDO represents persons with Duchenne and their families worldwide.
ii.The first-ever World Duchenne Awareness Day was celebrated in 2014. iii.Since 2014, the day has become a worldwide movement with participants from across the globe. About Duchenne Muscular Dystrophy(DMD): i.Duchenne Muscular Dystrophy (DMD) is named after Dr. Duchenne de Boulogne, a French neurologist who was one of the first to report the disease in detail in the 1860s. ii.DMD is a genetic disorder characterized by progressive muscle degeneration and weakness due to the alterations of a protein called ‘dystrophin’ that helps keep muscle cells intact.
Approximately 1 in every 5.000 boys is born with the disease. It is caused by a mutation on the X-chromosome, this is why only a few girls are affected.
Symptoms:
The initial sign of a problem is difficulty in walking. Then, other motor functions follow until it ultimately affects the ability to breathe as well as the function of the heart, as the heart is a muscle too.
The missing protein has a role in brain function, potentially causing learning and behavioural issues.
About Becker Muscular Dystrophy (BMD): Becker Muscular Dystrophy (BMD) is one of nine types of muscular dystrophies, a group of genetic, degenerative diseases primarily affecting voluntary muscles.
BMD is named after German doctor Peter Emil Becker, who first described this variant of DMD in the 1950s.
Note: DMD/BMD are both X-linked recessive disorders. Both conditions are caused by mutations in the dystrophin gene, which encodes the protein dystrophin. BMD has a later onset and milder symptoms compared to DMD. 2023 Observance in India: i.The Department of Empowerment of Persons with Disabilities (DEPwD), commemorated World Duchenne Muscular Dystrophy Day on 7th September 2023, with the vision aimed at raising awareness about Duchenne Muscular Dystrophy (DMD).
PM Narendra Modi inaugurates ‘Barisu Kannada Dim Dimava’ at Talkatora Stadium in New DelhiTo celebrate Karnataka’s culture, traditions and history, on February 25, 2023, the Prime Minister (PM) of India Narendra Modi inaugurated the ‘Barisu Kannada Dim Dimava‘ cultural festival at Talkatora Stadium in New Delhi, Delhi.
It is being held on the sidelines of Azadi Ka Amrit Mahotsav, and on the Central Government’s vision of ‘Ek Bharat Shreshtha Bharat’.
Key Notes: i.The 75th-anniversary celebrations of the Delhi Karnataka Sangh is coinciding with the Amrit Mahotsav of 75 years of independence. ii.From 2019-2023 till now Rs 30 thousand crore have been given to Karnataka by the Central Government. About Ek Bharat Shreshtha Bharat: On October 31st, 2015, Prime Minister Narendra Modi launched the Ek Bharat Shreshtha Bharat program in commemoration of the 140th birth anniversary of Sardar Vallabhbhai Patel. It aims to foster national integration and strengthen emotional connections between the people of India.
Under this, each state and Union Territory (UT) is paired with another state or UT for a designated period, during which they will engage in a structured exchange of ideas and experiences related to language, literature, cuisine, festivals, cultural events, tourism, and other areas.
1st G20 Finance Ministers & Central Bank Governors and 2nd G20 Finance & Central Bank Deputies Meetings Held in Bengaluru, Karnataka – February 22-25, 2023 The “First G20 Finance Ministers and Central Bank Governors” (FMCBG) meeting took place in Bengaluru, Karnataka, on February 22-25, 2023, as part of the G20 (Group of Twenty) Indian Presidency.
The meeting was co-chaired by Union Minister Nirmala Sitharaman, Ministry of Finance (MoF) and Dr. Shaktikanta Das, Reserve Bank of India (RBI).
Prime Minister (PM) Narendra Modi addressed the first FMCBG meeting via video message.
The 2nd G20 Finance & Central Bank Deputies Meeting – Feb 22, 2023 The ‘2nd G20 Finance and Central Bank Deputies’ (FCBD) meeting was co-chaired by Ajay Seth, Secretary (Economic Affairs), and Dr. Michael D. Patra, Deputy Governor, RBI, on February 22, 2023.
The 2nd G20 FCBD meeting was inaugurated by Union Minister Anurag Thakur, Ministry of Information and Broadcasting (MIB) and Ministry of Youth Affairs and Sports (MoYAS), Government of India.
About the Group of Twenty (G20): i.The G20 is the leading forum for economic cooperation on a global scale.
G20 Members: It has 20 members, including 19 countries: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Türkiye, United Kingdom (UK), United States (US), and the European Union (EU).
Union Minister Dr Jitendra Singh inaugurates International Biotech Conclave in Imphal, Manipur i.From February 24-26, 2023,the International Bio-resource Conclave2023along with the 22nd Congress of the International Society for Ethno-pharmacology and the 10th Congress of Society for Ethno-pharmacology (ISE SFEC-2023) was held at the City Convention Centre, Imphal, Manipur. ii.It was inaugurated by Union Minister of State (Independent Charge) Dr Jitendra Singh, Ministry of Science and technology (MeitY). iii.It is for the first time since Independence, North East Region (NER) organized an International Conference on Biotechnology. iv.The events were themed upon ReimagineEthnopharmacology : Globalisation of Traditional Medicine About Institute of Bio-resources and Sustainable Development (IBSD): It is an autonomous institute under Department of Biotechnology, Ministry of Science & Technology (MeitY). Director– Prof. Pulok Kumar Mukherjee Headquarter– Imphal, Manipur Establishment– 2001
CM Himanta Biswa Sarma lays Foundation Stone of North East India’s 1st Compressed Biogas PlantOn 25th February 2023, Himanta Biswa Sarma, Chief Minister (CM) of Assam, laid the foundation stone of 5-tonne-per-day-capacity compressed biogas(CBG) plant, North East India’s first ever CBG plant, at Domora Pathar, Sonapur in Kamrup (Metropolitan) district, Assam.
The First of its kind CBG plant is being built by entrepreneurs Pankaj Gogoi and Rakesh Doley under the banner of Redlemon Technologies Pvt Ltd based in Guwahati, Assam..
The plant is proposed to be operational from November 2023.
The biogas unit in Sonapur, Assam, is being set up under the Centre’s Sustainable Alternative Towards Affordable Transportation (SATAK) scheme. Key Highlights: i. The Northeast’s first-of-its-kind project will support the efforts of the Assam Government to switch to cleaner and greener energy sources. ii. The plant will have a 5-tonne-per-day production capacity of compressed biogas that would be produced from raw materials such as cattle dung, municipal solid wastes, etc. iii. The CBG plant would also provide an additional source of income to farmers since they would be able to sell the biogas producers their cattle wastes. SATAK Scheme:
The Sustainable Alternative Towards Affordable Transportation (SATAK) scheme on CBG was launched on 1st October 2018.
It envisages a target production of 15 million tonnes (MMT) of CGB by 2023 from 5,000 plants.
PM Narendra Modi inaugurates Aadi Mahotsav at Major Dhyan Chand National Stadium, Delhi
“Aadi Mahotsav”, the mega National Tribal Festival was held from 16th February to 27th February 2023 at Major Dhyan Chand National Stadium in Delhi. The festival was inaugurated by Prime Minister(PM) Narendra Modi on 16th February 2023 in the presence of Arjun Munda, Union Minister for Tribal Affairs.
Aadi Mahotsav is an annual initiative of the Tribal Cooperative Marketing Development Federation Limited (TRIFED) under the Ministry of Tribal Affairs(MoTA).
It aims to promote tribal culture on a national scale and celebrate the spirit of traditional arts, crafts, cuisine, and commerce.
With more than 200 stalls at the venue, the programme highlights the rich and varied heritage of tribes from all over India.
MoHFW launched Sarva Dawa Sevan, MDA Campaign to End Filariasis
Rajesh Bhushan, Secretary of the Ministry of Health and Family Welfare(MoHFW), nationwide Sarva Dawa Sevan, Mass Drug Administration (MDA) campaign, to eliminate Lymphatic Filariasis (LF) by 2027, 3 years ahead of the global target. The campaign aims to end disease transmission through the door-to-door administration of anti-filarial drugs, especially in 10 filaria-affected states. The campaign was jointly launched by the High-burden districts in Bihar, Chhattisgarh, Jharkhand, Maharashtra, Uttar Pradesh, West Bengal, Karnataka, Odisha, Madhya Pradesh, and Andhra Pradesh.
Lymphatic Filariasis a Vector Borne Disease caused by Culex mosquitoes.
In January 2023, the Government of India unveiled a renewed five-pronged strategy for the elimination of LF .
Karnataka to get India’s 1st Marina to Promote Coastal Tourism
Karnataka Chief Minister(CM) Basavaraj Bommai confirmed that Karnatka is set to get India’s 1st Marina to promote coastal tourism during the event “Seven Wonders of Karnataka” hosted under the Department of Tourism, Government of Karnataka.
The Marina will be constructed by Byndoor in Udupi district after getting permission from the government of India for the relaxation of Coastal Regulation Zone Rules.
It is proposed to take up beach tourism in coastal areas and pilgrim tourism.
The Karnataka government has also proposed to build a corridor of ancient temples like Madhukeshwara in Banavasi and Dattatreya in Ganagapura and promote ‘Yatra tourism’.
LIC reduces its stake in Industrial Investment Trust from 5.433% to 3.362%
Life Insurance Corporation of India(LIC), an Indian state-owned insurance group and investment company, has diluted its shareholding in Industrial Investment Trust Limited(IITL) from 12,25,017 to 7,57,966 Equity Shares, reducing its shareholding from 5.433% to 3.362% of the paid-up capital.
Between 6th July 2012, and 23rd February 2023, LIC sold around 4.67 lakh shares of IITL at an average price of Rs 88.39.
Industrial Investment Trust Limited (IITL) was incorporated in 1933 as an investment trust company. IITL obtained a Certificate of Registration from the Reserve Bank of India(RBI) in 2000 to carry on as a Non-Banking Financial Company (NBFC) without accepting Public Deposits
President of India Presented Sangeet Natak Akademi Felllowships and Awards for 2019, 2020 & 2021On 23rd February 2023, Droupadi Murmu, President of India, presented the Sangeet Natak Akademi Fellowship (Akademi Ratna) and Sangeet Natak Akademi Awards (Akademi Puraskar) for the year 2019, 2020 and 2021 in New Delhi, Delhi.
9 eminent personalities were given Akademi Ratna in the field of performing arts and a total of 128 artists from the field of music, dance, theatre, traditional, folk, and puppetry were given the Akademi Puraskar.
Key People: i. Kishan Reddy Union Minister for Minister of Culture, Ministry of Tourism and Ministry of Development of North Eastern Region(MoDoNER), Arjun Ram Meghwal, Minister of State(MoS) for Parliamentary Affairs & Culture, Uma Nadnuri, Joint Secretary, Ministry of Culture and Dr Sandhya Purecha, Chairman, Sangeet Natak Akademi were present during the event. About Sangeet Natak Akademi: Sangeet Natak Akademi is the apex body in the field of performing arts in India. Chairman– Dr Sandhya Purecha Headquarters– New Delhi, Delhi Established in 1953
6th Annual HCA Film Awards 2023: SS Rajamouli’s ‘RRR’ Wins 5 TrophiesThe Hollywood Critics Association (HCA) Film Awards 2023 (6th Edition), held at the Beverly Wilshire in Los Angeles, United States (US), has acknowledged “RRR,” directed by SS Rajamouli, on a global scale and honored it with 5 awards.
The film ‘RRR’ gained recognition for Best Action Film, Best International Film, Best Original Song, and Best Stunts, while the cast/crew of RRR earned an honorary HCA Spotlight Award.
Key Points: i.The film “RRR” has been nominated in 8 categories for the HCA Film Awards and HCA Creative Arts Awards combined.
RRR has also been nominated for Best Director, Best Picture, Best Editing, and Best Visual Effects.
ii.The HCA now creates and produces two in-person award ceremonies annually: the HCA Film Awards in the winter (January or February) and the HCA TV Awards in the summer (August). About the Film ‘RRR’ i.RRR is a fictional pre-independence story about two real-life Indian revolutionaries from the 1920s, Alluri Sitarama Raju (Ram Charan) and Komaram Bheem (Junior NTR). ii.RRR previously won Best Foreign Language Film and Best Original Music for Naatu Naatu at the 28th Critics’ Choice Awards 2023. iii.In addition, Naatu Naatu won the ‘Best Song’ at the 80th Golden Globe Awards in Los Angeles (US) in 2023. iv.RRR has also been nominated for “Best Original Song” at the 2023 Oscars for Naatu Naatu.
Thyreus narendrani: New Cuckoo Bee Species Discovered in KeralaThyreus narendrani, a new species of cuckoo bee was discovered in Kerala’s Srayilkadavu Kole wetland ecosystem, Malappuram district, and Christ College campus.
Kole wetlands, located in the districts of Thrissur and Malappuram in Kerala, are unique and productive ecosystems that were designated as Ramsar sites in 2002.
The new species is named after the late T.C. Narendran, Professor of Zoology, in recognition of his expertise and excellence in the field of entomology. About ‘Thyreus narendrani’ i.The newly discovered species ‘Thyreus narendrani’ is a member of the Apidae family of the Hymenoptera order.
The genus Thyreus consists of cuckoo bees or cleptoparasitic bees.
Thyreus bees primarily parasitize solitary bees of the genera Amegilla and Anthophora.
ii.Cuckoo bees infiltrate other bees’ nests by breaking in, entering, and laying their eggs.
When the larva of the cuckoo bee hatches from the nest of the host bee, it consumes the food accumulated by the host for its own growing larva.
iii.Cuckoo bees, unlike other female bees, lack pollen-collecting mechanisms.
Bees are well-known pollinators, pollinating numerous food crops as well as natural vegetation.
Key Points: i.The new bee species was discovered by researchers from Shadpada Entomology Research Lab (SERL), Christ College (autonomous), Irinjalakuda, and Government College, Kodenchery, Kerala. ii.The findings are published online in the recent issue of the international journal ‘Oriental Insects’. iii.The research was sponsored by the Council of Scientific and Industrial Research (CSIR), New Delhi, Delhi.
8th ICC Women’s T20 World Cup 2023 held in South Africa: Australia won its title defeating South AfricaThe Australian women‘s national cricket team captained by Meg Lanning won the 8th edition of the International Cricket Council (ICC) Women’s Twenty20 (T20) World Cup 2023 by defeating South Africa women’s team captained by Sune Luus by 19 runs in the finals held in the Newlands Cricket Ground in Cape Town, South Africa.
This marks the6th and third consecutive ICC Women’s T20 World Cup title of Australia. Australia previously won the title in 2010, 2012, 2014, 2018 and 2020.
ICC women’s T20 World Cup 2023 was hosted by South Africa from 10th to 26th February 2023.
The tournament was held at 3 venues in three cities of SA viz. Newlands Cricket Ground (Cape Town), St George’s Park (Gqeberha), and Boland Park (Paarl).
About Australia: Prime Minister– Anthony Albanese Capital– Canberra Currency– Australian Dollar
World NGO Day 2023 – 27th February World Non-Governmental Organisation (NGO) Day is annually observed across the globe on 27th February to recognise, celebrate, and honour all non-governmental and nonprofit organizations that contribute to society. World NGO Day is celebrated in more than 89 countries and over 6 continents.
27th February 2023 marks the observance of the 10th edition of World NGO Day.
The first-ever World NGO Day was observed on 27th February 2014. The Global Inaugural event was hosted by the Ministry for Foreign Affairs of Finland, in Helsinki, Finland ib 27th February 2014.
About Council of the Baltic Sea States(CBSS): The Council of the Baltic Sea States(CBSS), established in 1992, is an intergovernmental forum for cooperation between the states in the Baltic Sea Region. Presidency (2022-2023)– Germany Aim: To promote democratic and economic development in the Baltic Sea Region. Members – 10 Member States and the European Union Headquarters– Stockholm, Sweden
4th National Protein day – 27 February 2023 National Protein Day is annually observed across India on February 27 to raise public awareness and educate people about the health benefits of protein.
27th February 2023 marks the observance of the 4th National Protein Day.
The theme of National Protein Day 2023 is “Easy Access to Protein for All”.
The theme aims to raise awareness and promote the importance of having easy access to protein for a healthy and well-balanced diet.
Background: i. National Protein Day was initiated by the Right To Protein (RTP), a nationwide public health campaign, which focuses on raising awareness of adequate protein consumption for better health and nutrition. ii. The 1st ever National Protein Day was observed on 27th February 2020.
Kerala, UN Women signs MoU to Empower Women in Tourism; JFE Engineering Ltd Providing Technical Support to Kerala’s 1st Waste-to-Energy PlantKerala Tourism has signed a memorandum of understanding (MoU) with UN Women at the first-ever Global Responsible Tourism Summit, which was scheduled to be held for 4 days in Kumarakom, Kerala.
Objective: To work towards promoting women-friendly tourism in Kerala with a focus on women empowerment.
The MoU was signed by Director of Kerala Tourism P.B. Nooh and UN Women India Representative Ms Susan Ferguson. The Responsible Tourism Mission will be the implementing agency for the MoU.
Chief Minister of Kerala Pinarayi Vijayan announced the agreement made with Japan-based JFE Engineering Limited to provide technical support to Kerala’s first waste-to-energy treatment plant at Kozhikode, Kerala.
The Kerala government plans to complete the construction of the plant within 2 years.
JFE Engineering Limited has experience of installing more than 350 waste disposal plants across the world.
About UN Women: It is the United Nations entity dedicated to gender equality and the empowerment of women. Headquarters – New York, USA Establishment – July 2010 Executive Director – Ms. Sima Bahous
Odisha’s FM Niranjan Pujari Presented the State’s Highest ever budget of Rs 2.3 lakh crore for FY24 Odisha’s Finance Minister Niranjan Pujari presented the state’s highest-ever budget for the Financial year 2023-24 with an outlay of Rs 2.30 lakh crore, increased by 15% from FY23’s budget outlay of Rs 2 lakh core.
The budget was presented in two parts such as the agriculture budget and the general budget.
Key Budgetary Allocations: i.An outlay of Rs 24,829 crore was made for the agriculture budget, which was 20% more than that of FY23. It constitutes about 22.5% of the Gross State Value Added (GSVA).ii.The capital outlay was increased by more than 60 times from Rs 834 crore in 2000-2001 to Rs 51,683 crore in 2023-24, which is about 6% of the GSDP iii.The total budget allocation is proposed to be financed through revenue receipts of Rs 1,84,500 crore and borrowing and other receipts of Rs 45,500 crore. iv.As per the FM’s statement, the state’s development expenditure increased by ‘35 times’ from Rs 3,538 crore in 2000-01 to Rs 1,25,000 crore in 2023-24. v.Rs 16,048 crore was proposed for public health care. Rs 22, 528 crore allocated for School and mass education department. vi.With a budgetary allotment of Rs 50 crore, FM announced a new scheme Mission Shakti Scooter Yojana for FY24. About Odisha: Governor – Ganeshi Lal Festival – Kalinga Mahotsav, Chandan Yatra or Gandhalepana Yatra Stadium – Kalinga Stadium, Barabati Stadium
Madhya Pradesh Cabinet Approves Ladli Behna Yojana to Empower WomenOn 25th February 2023, The Cabinet of Madhya Pradesh headed by Chief Minister of MP Shivraj Singh Chouhan, approved the Mukhyamantri Ladli Behna Yojana 2023 with the aim to empower women at every level.
Under this scheme, married women aged between 23 and 60 years, will be offered financial assistance of Rs 1000 per month.
About Mukhyamantri Ladli Behna Yojana: i.The scheme aims to ensure the all-round development of women in MP, their economic independence, better health and nutritional level. ii.This will also support the women in strengthening their decision-making role in the family. iii.The scheme is planned to benefit around one crore women in MP. Rs 1000 will be deposited directly into the aadhar linked bank accounts of the eligible women. Special provision: For women (aged below 60 years) receiving less than Rs 1000 per month under any other social security pension scheme, a provision has been made to pay her a raised amount of Rs 1000 per month. About Madhya Pradesh: Chief Minister– Shivraj Singh Chouhan Governor– Mangubhai Chhaganbhai Patel National Park– Madhav National Park; Satpura National Park Wildlife Sanctuary– National Chambal Gharial Wildlife Sanctuary, Kheoni Wildlife Sanctuary
UP Government signs MoA with Tata Technologies to Upgrade 150 ITIsOn 26th February 2023, the Government of Uttar Pradesh (UP) signed a 10-year Memorandum of Agreement (MoA) amounting to Rs 5472 crore with Tata Technologies Limited, a global engineering and digital services company, to upgrade 150 government-owned Industrial Training Institutes (ITIs) across 75 districts in UP with modern infrastructure, industry-oriented courseware, training, and support for advanced equipment and software as per industry 4.0. ITI Upgrade Project: i. Tata Technology will invest around Rs 4282 crore and Rs 1190 crore will be spent by the Government of UP. ii.With an investment of Rs 4887 crores, ITI centres will be modernised on the existing ITI premises with approx. 10,000 square feet of ITI area being developed by the Government of UP. iii. When the ITIs are modernised, they will offer 6 new trades and 23 new short-term courses to meet Industry 4.0 demands. At full capacity, they will train over 1,20,000 students a year. iv. The project is scheduled to start in March 2023 and is expected to be ready between January 2024 and March 2024. Key Highlights: i. After being upgraded, these ITIs will serve the needs of students and potential employers for advanced skills while also serving as technology hubs and skill centres for both large industries and Micro, Small, and Medium Businesses (MSME). ii. The project will enhance industrial education and training while also improving the learning environment for young people to better fulfil the demands of the business. iii. Upgraded ITIs will provide guidance, experience learning earning through physical and digital delivery, and employability skills. iv. It will also function as a skill centre and support local artisan and handicraft industries by providing custom courses on product design and increasing their artistic level v. The collaboration between Tata Technology and the UP Government aims to advance youth employment opportunities and the development of digital skills in UP, helping the state towards a brighter future. About Tata Technologies Limited: Chief Executive Officer (CEO) & Managing Director (MD)- Warren Haris Headquarters- Pune, Maharashtra Establishment- 1989 About Uttar Pradesh: Chief Minister- Yogi Adityanath Governor- Anandiben Mafatbhai Patel Airports- Chitrakoot Airport; Azamgarh Airport Bird Sanctuary- Nawabganj Bird Sanctuary; Sandi Bird Sanctuary
Ellora Ajanta International Festival 2023 held in Maharashtra- 25th to 28th February 2023
The 3 day- Ellora -Ajanta International Festival 2023 held in Chatrapati Sambhajinagar (formerly known as Aurangabad), Maharashtra, from 25th to 28th February 2023. The festival was organised at the historical place Soneri Mahal, under the campus of the Dr Babasaheb Ambedkar Marathwada University in Chatrapati Sambhajinagar (Aurangabad).
The festival was inaugurated by the Union Minister of State (MoS) for Finance Dr. Bhagwat Karad on 25th February 2023.
The festival is a celebration of the cultural heritage and diversity of the region. The festival featured a range of events, including live music performances, dance shows, art exhibitions, and food festivals.
EAC-PM Chairman Bibek Debroy Released the 2nd Edition of Foundational Literacy and Numeracy Report Dr Bibek Debroy, Chairman of the Economic Advisory Council to the Prime Minister (EAC-PM) released the second edition of the Foundational Literacy and Numeracy (FLN) report at the conference ‘TheIndiaDialog’, which was organised by Institute for Competitiveness and US-Asia Technology Management Center, Stanford University, on February 23 & 24, 2023.
The FLN Index 2022 is an indicator of literacy among children below 10 years of age.
India’s overall average score in the FLN index 2022 was 44.48 and 18 out of 36 state/UTs have scored above the country average.
The report has been authored by Amit Kapoor, Chair, Institute for Competitiveness, Natalia Chakma, Researcher, Institute for Competitiveness, and Sheen Zutshi, Research Manager, Institute for Competitiveness.
In the FLN index, under the large state categories, West Bengal maintained its top position while Uttar Pradesh stood at the bottom. Among smaller states, Punjab was at the top of the index while Telangana was at the bottom. Among UTs Puducherry topped the index while Ladakh was the worst performer.
About Economic Advisory Council to the Prime Minister (EAC-PM): It is an independent body constituted to give advice on economic and related issues to the Government of India, specifically to the Prime Minister. Current members: Chairman – Dr. Bibek Debroy; Part-time Members – Rakesh Mohan, Dr. Sajjid Chinoy, Dr. Neelkanth Mishra , Shri Nilesh Shah, Prof. T.T. Ram Mohan and Dr. Poonam Gupta . Headquarters– New Delhi, Delhi
Kerala becomes 1st State to use Robotics Scavengers to Clean ManholesOn 24th February 2023, Roshi Augustine, Minister of Water Resources, launched a robotic scavenger “Bandicoot”, in Guruvayur in Thrissur district, Kerala and noted that the robotic technology would be extended throughout the state. With this, Kerala becomes the 1st state in India to use robotic technology to clean all its commissioned manholes and drainage.
The Bandicoot was launched under the Guruvayur Sewerage Project by the Kerala Water Authority (KWA) as a part of the Kerala Government’s 100-day action plan.
Note: In 2018, KWA started using Bandicoot to clean the manholes in Thiruvananthapuram, Kerala, and later, it was introduced in Ernakulam, Kerala. Bandicoot: i. Bandicoot, the world’s 1st robotic scavenger, was developed as a Make in India and Swachh Bharat Abhiyan initiative by Kerala-based Genrobotics, National Award winning Robotics startup that focuses on developing robotic technologies for solving social issues. ii. It is already in use in urban bodies across India to replace the practice of sanitation workers physically entering the manholes. iii. Genrobotics has received the ‘Kerala Pride’ award at the Huddle Global 2022 conclave organised by the Kerala Startup Mission (KSUM) for Bandicoot innovation. Function: i. The major component of Bandicoot is the robotic Tron Unit, which enters the manhole and removes sewage with robotic hands that resemble human hands. ii. Bandicoot has waterproof, High-definition (HD) vision cameras and gas sensors that can detect harmful gases inside the manhole iii. The launch of a robotic scavenger in Guruvayur Municipality was a significant step towards the usage of technologically advanced manhole cleaning solutions across Kerala.Note: Bandicoot robots are currently deployed across selected cities in 17 States and 3 Union Territories. About Kerala: Chief Minister- Pinarayi Vijayan Governor- Arif Mohammed Khan Wild Life Sanctuary- Aralam Wildlife Sanctuary; Malabar Wildlife Sanctuary Tiger Reserve- Periyar Tiger Reserve; Parambikulam Tiger Reserve
UR dips to 7.2% in Q3FY23 & to 4.1% in July 2021-June 2022: NSO Surveysi.On February 24, 2023, the National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI) released the 5th ‘Annual Periodic Labour Force Survey (PLFS)- July, 2021 – June, 2022’ stating Unemployment rate (UR) at 5-year low of 4.1% in 2021-22. It was 4.2% in July 2020-June 2021. ii.The pan-India UR for male was 4.4% and for women was 3.3% in July, 2021 – June, 2022. iii.The UR in both rural and urban areas declined to 3.2% and 6.3%, respectively from 3.3% and 6.7% respectively, in July 2020-June 2021. iv.The NSO also released the 17th quarterly PLFS survey for urban India for October-December 2022 quarter (Q3FY23). As per it, India’s urban UR in CWS terms for persons aged 15 years and above stagnated at 7.2% in Q3FY23, the same as the Q2FY23. v.However, as compared to October-December 2021 it has declined when it was 8.7%. About Ministry of Statistics and Programme Implementation (MoSPI): Minister of State (Independent Charge)– Rao Inderjit Singh (Constituency- Gurugram, Haryana) Secretary– DR. G P Samanta
NMCG Executive Committee Approved 9 Projects worth Rs 1278 crore for pollution abatement in Ganga Basin and Ghat DevelopmentNine projects worth around Rs. 1278 crore were approved at the 47th meeting of the Executive Committee of NMCG (National Mission for Clean Ganga) which was held under the chairmanship of G. Asok Kumar, Director General, NMCG.
Out of the 9 projects, 7 were related to reducing pollution in the Ganga Basin and 2 were related to ghat development.
Key Points: i.West Bengal: A project in West Bengal worth Rs 123.02 crore was approved for the creation of a 13 MLD (millions of litres per day) STP (Sewage Treatment Plant) and a 300 KLD (Kiloliters Per Day) decentralized STP at Chakdaha Municipal Town. ii.Bihar:A project at an estimated cost of Rs. 94.12 crore for the development of two Sewage Treatment Plants (10.91 MLD and 10.66 MLD) for pollution abatement in River Ganga was approved for Lakhisarai town in Bihar. iii.Madhya Pradesh: A project costing Rs. 511.15 crore was approved to decrease pollution in Rivers Kahn and Saraswati in Indore, Madhya Pradesh. iv.Uttar Pradesh: Under ghat development, a project worth Rs. 2.84 crore was approved for Nageshwar Dham Ashram ghat in Fatehpur. About National Mission for Clean Ganga (NMCG): NMCG was registered as a society on 12th August 2011 under the Societies Registration Act 1860. It acted as the implementation arm of the National Ganga River Basin Authority(NGRBA) Director General – G Asok Kumar Headquarters – New Delhi, Delhi
Union Minister V. Muraleedharan to Launch New Initiatives at NIT CalicutOn 24th February 2023, V. Muraleedharan, Minister of State (MoS) for External Affairs and Parliamentary Affairs, visited the National Institute of Technology, Calicut (NIT-C), Kozhikode, Kerala. V. Muraleedharan launched several new initiatives in light of the implementation of the National Education Policy (NEP).
The visit of MoS V. Muraleedharan was organized by the Centre for International Relations and Foreign Languages (CIRFL) of NIT-C.
Key Highlights: i. V. Muraleedharan also released a brochure of the “Centre for Women’s Welfare and Social Empowerment (CWSE)” at the NIT-C.
CWSE was established as an inclusive platform to assist women in developing their leadership, communication, and entrepreneurial skills through workshops, training programmes, and mentorship opportunities.
ii. The National Education Policy (NEP) 2020 calls for several actions to promote the internationalisation of higher education and make India a top study destination.
NEP 2020 calls for various actions, including facilitating faculty/student exchanges, research and teaching partnerships, and the signing of pertinent (mutually beneficial MOUs with foreign nations).
iii. The Centre for International Relations & Foreign Languages (CIRFL), one of the newly established multidisciplinary centres of the NITC, has actively established the International Students and Scholars Office (ISSO). iv. The National Skills Qualifications Framework (NSQF) Level of Training (Level 3-7) Skill Hub is being established by NIT Calicut to support self and wage employment, apprenticeship, etc.
Skill Hub in NIT Calicut will focus on new-age courses: Artificial Intelligence (AI), Blockchain, 3D Printing, Drone, etc.
v. During the Minister’s visit, the new ISSO office was unveiled and the 1st newsletter from CIRFL will be published to highlight its activities and successes from the previous year (2022). NITC signs MoU with MAGCOM for academic cooperation: NIT-C signed a Memorandum of Understanding (MoU) with the Kozhikode-based Mahatma Gandhi College of Mass Communication (MAGCOM) for academic cooperation. Under this MoU, both NIT-C and MAGCOM will work together on the role of communication in engineering studies and the role of technology in media studies. In collaboration with CIRFL and NIT-C, academic courses in the domains of content writing, technical writing, and international media studies are set to be started.
The MoU was signed by M.S. Shamasundara, Registrar of NIT-C, and A.K. Anuraj, Director of MAGCOM.
MHA approves Renaming of Aurangabad and Osmanabad
On 24th February 2023, the Ministry of Home Affairs (MHA) approved the renaming of Aurangabad city as “Chhatrapati Sambhajinagar” and Osmanabad city as “Dharashiv” in Osmanabad district, Maharashtra.
The renaming of Aurangabad as Chhatrapati Sambhajinagar and Osmanabad as Dharashiv was the last Cabinet decision of the Maha Vikas Aghadi government led by Uddhav Thackeray. The demand was first raised by Bal Thackeray, founder of Shiv Sena.
Aurangabad derives its name from the Mughal emperor Aurangzeb, while Osmanabad was named for a 20th-century ruler of the princely state of Hyderabad.
The new name of Aurangabad – ‘Chhatrapati Sambhajinagar’, is derived from Chhatrapati Sambhaji, the eldest son of Maratha king Chhatrapati Shivaji Maharaj and 2nd ruler of the Maratha state(1681-1689). Sambhaji Maharaj was executed on Aurangzeb’s orders in 1689.
‘Dharashiv‘, a new name for Osmanabad, is derived from the name of a cave complex near Osmanabad city. According to researchers, Dharashiv dates back to the 8th century.
US’s International IPR Index 2023 (11th Edition): India Drops to 42nd Place According to the International Intellectual Property Rights Index 2023 (11th edition) released by the United States (US) Chamber of Commerce, India ranks 42nd with an overall index score of 38.64% (i.e.,19.32 out of 50) among 55 major global economies across 50 unique indicators.
According to the index, India is well-positioned to take the lead among developing nations in driving innovation that is IP-driven to transform their economies.
India was placed 43rd out of 55 countries in 2022 and 40th in the index in 2021, rising just one spot to the 42nd position in 2023.
The index was launched by the Global Innovation Policy Centre of the US Chamber of Commerce and is closely monitored by the Indian government. International IP Index 2023 (11th Edition) i.The annual international IP index assesses the protection of intellectual property rights (IPR) in 55 of the world’s largest economies, which account for around 90% of global GDP.
The index found that several domestic and international measures threatened to weaken IPR.
ii.It addresses issues ranging from patent and copyright laws to the ability to monetize IP assets and the ratification of international treaties. iii.The index seeks to guide countries towards a brighter economic future characterised by increased innovation, creativity, and competitiveness by analysing the IP landscape in global marketplaces. Click here to read the executive summary of the report.
Bangladesh Govt, ISA Inks Agreement to Enhance Usage of Solar Power in BangladeshThe International Solar Alliance (ISA) and the Government of Bangladesh have signed an agreement to enhance the use of solar energy in Bangladesh.
The agreement was signed by Bangladesh Power Division Secretary Md. Habibur Rahman and ISA Director General Ajay Mathur.
The agreement is scheduled to take effect in December 2026. Featured Projects under the Agreement
12 trolley-mounted solar irrigation systems of 2 kW (kilowatt) each for the Bangladesh Rice Research Institute (BRRI)
12 portable 2 kW solar paddy threshers
1.5 kW of solar-powered drinking water
Installation of any one railway rooftop solar project on platforms
Installation of two rooftop solar projects with a combined capacity of 22 KW
Key Points: i.By 2041, the Bangladesh government intends to have 40% of its energy generated from renewable sources. ii.By the year 2030, Bangladesh intends to generate 4000 MW of solar energy through several projects.
The country is also promoting the use of other renewable energy sources like wind power, energy from waste, and hydropower to help it reach its goals.
iii.Guidelines for net metering rooftop solar installations have also been implemented. Solar energy is also being encouraged in agriculture. International Solar Alliance (ISA) i.The ISA is a group of 123 nations that was established to enhance solar energy and solar technology deployment to increase energy security and promote sustainable energy use among member nations. ii.It was developed as a joint initiative between India and France to mobilize efforts to combat climate change by deploying solar energy alternatives. iii.It was conceived on the fringes of the United Nations Framework Convention on Climate Change (UNFCCC) Conference of Parties (COP21) in Paris (France) in 2015. All United Nations member states are eligible to join the ISA. Director General – Ajay Mathur Headquarters – Gurugram, Haryana
FATF Suspends Russia’s Membership due to Ukraine War; Added South Africa, Nigeria on ‘grey list’Following its 2nd Plenary under the presidency of T. Raja Kumar of Singapore (22-24 February 2023), the Financial Action Task Force (FATF), the Global financial crime watchdog, updated its statements identifying high-risk and other monitored jurisdictions.
FATF suspended Russia’s membership stating that Russia’s war in Ukraine violated the FATF’s principles to promote security, safety, and the integrity of the global financial system.
FATF has also added South Africa and Nigeria to its “greylist“, a list of countries that are failing to combat money laundering and terrorism financing.
FATF has removed Cambodia and Morocco from the grey list.
Key Points: i.While the membership of Russia has now been suspended, it still remains a member of FATF and the Russian Federation remains accountable for its obligation to implement the FATF Standards and continue to meet its financial obligations. ii.This decision of FATF indicates to global banks, financial institutions and investors that these countries are not fully compliant with anti-money laundering and terrorist financing standards.
Ukraine welcomed the decision of FATF and urged FATF to exclude Russia from the list of FATF member countries and to place it on the Blacklist as a high-risk country or jurisdiction.
iii.The addition of South Africa and Nigeria to the grey list means the clients at the financial institutions in these countries are likely to experience increased due diligence checks in international banking and finance. South Africa and Nigeria have made high-level political commitments to address the deficiencies it had found.
The FATF has listed 8 areas that South Africa still needed to work on in order to remove it from the grey list.
Points to note: Paris (France) based FATF is an inter-governmental organisation established to combat money laundering and terrorism financing. FATF sets international standards to prevent these illegal activities. Members: FATF members include 39 countries, which includes, the United States of America(USA), India, China, Saudi Arabia, the United Kingdom(UK), Germany, and France. Ukraine is not a member of FATF. Black list: Countries under the FATF blacklist: Democratic People’s Republic of Korea(North Korea), Iran, Myanmar About Financial Action Task Force (FATF): President– T. Raja Kumar of Singapore (1 July 2022 to 30 June 2024) Headquarters– Paris, France
NSE Indices launches India’s 1stNifty India Municipal Bond IndexIndia’s first ever municipal bond index namely ‘Nifty India Municipal Bond Index’ has been launched by NSE Indices Limited, a subsidiary of National Stock Exchange (NSE). It has a base date of January 1, 2021, and a base value of 1,000.
It was launched at a Securities and Exchange Board of India (SEBI) workshop on Municipal Debt Securities in Bengaluru, Karnataka.
This index will track the performance of municipal bonds issued by Indian municipal corporations across maturities and having investment grade credit rating.
About Index: i.Presently, the index has 28 municipal bonds issued by 10 issuers all having credit rating in the AA category. ii.The index constituents are assigned weights based on their outstanding amount. iii.The index is computed using the total return methodology including price return and coupon return. iv.It will be reviewed quarterly. Key Note: In 2015, SEBI’s Issue and Listing of Municipal Debt Securities Regulations, 2015 came into effect after which the Indian municipal bond market has seen a resurgence of issuances. Raising money from capital markets incentivises municipal corporations to fund new projects and improve civic infrastructure About NSE Indices Limited: The company owns and manages a portfolio of indices under the Nifty brand of NSE It also maintains fixed income indices based on Government of India securities, corporate bonds, money market instruments and hybrid indices. CEO– Mukesh Agarwal Headquarter– Mumbai, Maharashtra
PFRDA Launches T+2 Settlement for Partial Withdrawal of NPSThe Pension Fund Regulatory & Development Authority (PFRDA) has reduced the waiting period for National Pension System (NPS) subscribers for processing partial withdrawal requests to T+2 (after two days of the request) across all Central Record Keeping Agencies (CRAs).
Formerly, the turnaround time for NPS was T + 4 (after four days of the request).
In September 2022, PFRDA decreased the timeline for processing withdrawal requests from subscribers at the time of exit from T+4 working/settlement days (T being the day of authorization of withdrawal request by Nodal officer/ PoP/ Subscriber) to T+2 days. Key Points: i.The pension regulator, PFRDA, has expanded the services available under T+2 timeframes and has now calculated the turnaround time for all types of withdrawals. ii.Reduced timelines will be implemented gradually in the future for many more activities in the interest of subscribers. iii.The intermediaries of PFRDA, namely CRAs, Pension Funds, and Custodians, have improved the system interface and enhanced their IT capabilities as part of Azadi Ka Amrit Mahotsav and to commemorate 75 years of India’s independence.
This has decreased the timelines of various transactions under the NPS and provided a better subscriber experience to meet their evolving needs.
iv.Assets under management (AUM) reached nearly Rs. 8.75 lakh crore as of February 11, 2023, as India’s pension assets [NPS and Atal Pension Yojana (APY)] continue to rise rapidly.
Despite challenges like rising inflation and rising interest rates in India, AUM has been growing at a 28–30% rate.
About the Pension Fund Regulatory & Development Authority (PFRDA): Chairman – Supratim Bandyopadhyay Establishment – 2003 Headquarters – New Delhi, Delhi
APEDA signs MoU with Lulu Hypermarket for export promotion of millets in GCC Countries
On 21st February 2023, The Agricultural and Processed Food Products Export Development Authority (APEDA), under the Ministry of Commerce (MoC) signed a Memorandum of Understanding (MoU) with Lulu Hypermarket LLC to promote the export of millets to the Countries of Gulf Cooperation Council (GCC). APEDA in association with Lulu Group aims to promote millet products and value-added products around the world.
The MoU was signed by Tarun Bajaj, Director of APEDA, and VI Saleem, Chief Operating Officer (COO) of Lulu Hypermarket LLC, at Gulfood 2023 in Dubai, the United Arab Emirates (UAE), for the promotion of millets in GCC countries.
From April to November 2022, India exported millets worth USD 46.05 million. The new MoU will help APEDA to reach its target of exporting millets and its value-added products worth USD 100 million by 2025.
Govindaraj Kempareddy becomes 1st Indian to be Nominated as President of FIBA AsiaGovindaraj Kempareddy(K Govindaraj), President of the Basketball Federation of India (BFI), was unanimously nominated as the President of FIBA Asia, a zone within the International Basketball Federation (FIBA – Federation Internationale de Basketball Amateur) which contains all 44 Asian FIBA federations. He becomes the 1st Indian to be elected as FIBA Asia President.
K Govindaraj will replace Qatar’s Sheikh Saud Ali Al Thani, who is currently serving his 4th five-year term as President of FIBA Asia. He has been president of FIBA Asia since 2002.
Indian National Congress activist K Govindaraj is currently serving as a member of the Karnataka Legislative Council (KLC) and Vice-President of the Indian Olympic Association(IOA).
Note: FIBA Asia is one of the five regional zones of FIBA: the other 4 zones are FIBA Africa, FIBA Americas, FIBA Europe and FIBA Oceania. About Govindaraj Kempareddy: i. Govindaraj Kempareddy started his career as National Basketball Player ii. He also serves as Secretary of the Karnataka State Basketball Association for the last 25 years and is a member of the Sports Authority of Karnataka for the last 10 years. iii. He is also a member of the Selection Committee for the prestigious Ekalavya Awards. iv. He served as the Manager of the Indian team at the Asian basketball championship held in Shanghai (China) in 2001, and as a Manager of the Indian team at the Asian basketball championship held in Jakarta (Indonesia). v. Presently, Govindaraj Kempareddy serves as the Director of the Indian Cost Accountants Institute, a Government of India Nominee. About FIBA Asia: President- Sheikh Saud Ali Al Thani Chairman- Yao Ming Headquarters- Beirut, Lebanon Establishment- 1960
First MCA Barge Launched by Indian NavyOn February 24, 2023, the first Missile cum Ammunition (MCA) Barge, Yard 75 (LSAM 7) was launched by Rear Admiral Sandeep Mehta at Guttenedevi, the launch site of SECON, Visakhapatnam, Andhra Pradesh.
Background: In February 2021, a contract for the construction of 8 Missile Cum Ammunition Barges (MCA) has been concluded with an MSME (Micro, Small & Medium Enterprise) SECON, Visakhapatnam.
The MCA Barges included in Indian Navy to perform the mission needs for embarking/ disembarking Missile, Gunnery and ASW Ammunition.
Key Points: i.Being a part of the ‘Make in India’ initiative of the Government of India, all major and auxiliary equipment/systems of the MCA Barge was sourced from indigenous manufacturers. ii.The Barge was built with a service life of 30 years. iii.The MCA Barges will support the Operational commitments of the Indian Navy by providing Transportation, Embarkation and Disembarkation of articles/ammunition to IN (Indian Navy) Ships both alongside jetties and at outer harbours.
Roscosmos launches Soyuz MS-23 Spacecraft to bring back 3 Astronauts stranded on ISSOn 24th February 2023, State Space Corporation ROSCOSMOS (Roscosmos), the Russian Space Agency, launched a Soyuz MS-23 spacecraft to bring back 3 astronauts stranded on the International Space Station (ISS) due to the coolant leak on their original return capsule, Soyuz MS-22 capsule. The unmanned Soyuz MS-23 was launched from Baikonur space centre in Kazakhstan and had been placed in Orbit.
Soyuz MS-23 will bring back 3 Astronauts: Sergey Prokopyev and Dmitri Petelin, cosmonauts from Russia, and Frank Rubio, a NASA astronaut from the United States of America (USA) who had been due to end their mission in March
Key Points: i. The 3 astronauts were intended to be on board the International Space Station (ISS) for 6 months when they arrived in September 2022, but their mission was extended when their return Soyuz MS-22 capsule began to leak coolant in December 2022. ii. US and Russian space officials believe that the leak on MS-22 was caused by a micrometeorite, a tiny particle of space rock. iii. The three astronauts would return to Earth aboard Soyuz MS-23 in September 2023.
The damaged MS-22 spacecraft is scheduled to land without a crew in March 2023.
Note: 430 kilogrammes (about 950 pounds) of cargo was sent aboard the replacement craft, including medical equipment, scientific instruments, water, food and cleaning supplies. About State Space Corporation ROSCOSMOS (Roscosmos): Director-General- Yury Ivanovich Borisov Headquarters- Moscow, Russia Establishment- 1992
Devisingh Ransingh Shekhawat, Former President Pratibha Patil’s husband, Passed Away
On 24th February 2023, Renowned educationist Devisingh Ransingh Shekhawat, husband of the former President of India Pratibha Patil and former First Gentleman of India (2007-2012), passed away in Pune, Maharashtra, at the age of 89. He was born in 1934.
Devisingh Shekhawat was an Indian agriculturist and politician He also served as the first gentleman of Rajasthan (2004 -2007) and also as mayor of Amravati (1991–1992). He was a member of the Indian National Congress.
He served in the Legislative Assembly for the years 1985 to 1990, having been elected from the Amravati constituency to the Maharashtra state assembly.
Bihar cabinet approves USD 50,000 for developing fog alert system with US-NCAROn 24th February 2023, the Cabinet of Bihar chaired by Chief Minister Nitish Kumar, approved USD 50,000(around Rs 41.41 lakh) to develop an early warning system for dense fog and cold wave conditions in collaboration with the National Center for Atmospheric Research (NCAR), a Federally Funded Research and Development Center of the National Science Foundation, United States of America.
The proposal to approve USD 50,000 for this project was introduced by the Planning and Development Department, Government of Bihar.
Key Points: i.USD 50,000 will be utilised to offer technical support for the works that will be jointly carried out by the government of Bihar and NCAR. ii.Bihar and NCAR are set to sign a Memorandum of Understanding(MoU) in this regard. About Early warning systems: i.The Early warning systems will play a major role in climate change adaptation and disaster risk reduction. ii.The aim of the Early warning systems is to avoid or reduce the damages caused by extreme weather conditions. iii.The Bihar Mausam Seva Kendra(BMSK) under Planning & Development Department, is developing an application which will provide early warning of dense fog and cold wave conditions to the people.
These information will also be provided to the people through the call centre of the BMSK.
About Bihar: Chief Minister– Nitish Kumar Governor– Rajendra Vishwanath Arlekar National Park– Valmiki National Park Wildlife Sanctuary– Bhimbandh Wildlife Sanctuary; Gautam Buddha Wildlife Sanctuary
Ola Electric to set up World’s largest EV hub in Tamil Nadu with Rs. 7,614 crore investment
Ola Electric Mobility Private Limited has signed a Memorandum of Understanding (MoU) with the Government of Tamil Nadu(TN) committing investments worth Rs 7,614 crore in the presence of TN Chief Minister(CM) Muthuvel Karunanidhi Stalin (M.K. Stalin) and Bhavish Aggarwal, Chief Executive Officer (CEO) of Ola, at the Secretariat in Chennai, TN.
The investments include setting up of world’s largest Electric Vehicle (EV) hub with an integrated two-wheeler, electric car and lithium-cell Gigafactories with a capacity of 20 GW in SIPCOT Bargur, Krishnagiri district of Tamil Nadu
Ola will invest Rs 5,114 crore for making lithium cells and Rs 2,500 crore for the car plant.
This will generate employment for around 3111 people in TN.
CJI DY Chandrachud Launches “Neutral Citations” For All Supreme Court JudgementsOn 23rd February 2023, Chief Justice of India (CJI) D Y Chandrachud, launched the “Neutral Citations” which would ensure a uniform pattern of citing the decisions of the Supreme Court. Neutral citation system: i.The Neutral citations system is a part of the efforts of the Supreme Court to introduce and implement a uniform, reliable and secure methodology to identify and cite decisions in the supreme court. ii.On 23rd February 2023, The bench headed by CJI, DY Chandrachud announced that all the judgements of the apex court will have neutral citations. iii.A committee of 3 High Court judges has been constituted to work on the process of neutral citations.
It is noted that the high court of Delhi and Kerala already have a neutral citation system.
Key Points: i.CJI noted that the SC will also employ a machine learning (ML) tool to translate the verdicts from English to Indian Languages. So far, Around 2900 judgements have been translated into Hindi. ii.A team of district judges and law researchers will assist in checking the translated versions of the judgements. Electronic Supreme Court Reports (e-SCR) project: The e-SCR project launched by CJI on 2nd January 2023 is aimed to provide free access to around 34000 judgements to lawyers, law students and the common public.
e-SCR projects also aims to provide a digital version of the apex court’s judgments in the manner as they are reported in the official law report – ‘Supreme Court Reports’.
Mercom report: India’s Solar capacity installations grows 27% to 13 GW in 2022 As per the Mercom India report, titled ‘2022 Q4 and Annual India Solar Market Update’, Solar capacity installations in India increased by 27% year-on-year (y-o-y) to 13 gigawatts (GW) during the calendar year (CY) 2022 compared to 10.2 GW installed in CY 2021.
Solar capacity Installations in 2022 were the highest ever recorded in India.
The cumulative solar capacity installed in India was approximately 63 GW at the end of Q4 2022.
Key Points: i.During CY 2022, large-scale solar projects accounted for 87% of the installations. Rooftop installations decreased by 3.7% YoY. ii.India’s large-scale solar project pipeline stood at 58 GW, with another 51 GW of projects tendered and pending auction iii.India added 2.6 GW of solar installed in Q4 (October-December) 2022, decreased by 5% from 2.8 GW in 2021, a marginal decrease of 2.5% from 2.7 GW installed in Q3 2022.
Solar accounted for 82% of new power capacity additions in 2022, the highest recorded in any year
iv.Rajasthan, Karnataka and Gujarat were the top three states for cumulative large-scale solar capacity, accounting for 54% of installations in India as of December 2022. v.Renewable energy sources accounted for 96% of new power capacity added in 2022, the highest share in India’s history. vi.India requires 27 GW annual solar installation per year to meet the 280 GW target by 2030. vii.The average cost of projects throughout CY 2022 was affected due to higher module prices and supply constraints.
CSC Academy and NIELIT signs MoU to Enhance Digital Literacy and Skill Development in IndiaOn February 23, 2023, a Memorandum of Understanding (MoU) has been signed between CSC Academy, a subsidiary of Common Service Centre (CSC) e-Governance Services India Limited, and New Delhi (Delhi)-based National Institute of Electronics and Information Technology (NIELIT) to enhance digital literacy and skill development in India. The MoU was signed in the presence of Director General Dr. Madan Mohan Tripathi, NIELIT; Chief Executive Officer (CEO) Dr. RishikeshPatankar, CSC Academy; MD (Managing Director) & CEO Sanjay Kumar Rakesh, CSC SPV (Special Purpose Vehicle); among others. Aim behind MoU: i.To establish a long-term partnership between the two organizations iii.To create employment opportunities for the youth of India What is in the MoU? i.Under this, both sides will develop and implement training programs in various fields of technology that promote digital literacy.
These will include Skill Development, Virtual Academy, Accreditation and Facilitation Centre, Faculty Development Program, Digital and financial inclusion, Entrepreneurship development, Content and certifications and Provision of support to mutual partners and NGOs (Non Government Organizations).
ii.Both entities will reach out to a wider audience and help them to acquire new skills, thus creating a skilled workforce for the Indian digital economy. About CSC Academy: It is a subsidiary of CSC SPV and provides digital literacy and skill development training to the rural youth of India. It bridges the digital divide and creates employment opportunities for the rural population of India. About NIELIT: It is affiliated with the Ministry of Electronics and Information Technology (MeitY), and provides training and certification programs in various fields of Information Technology (IT).
18th UIC World Security Congress organized by UIC & RPF in Jaipur, RajasthanThe 18th UIC World Security Congress, a 3-day Conference, was held in Jaipur, Rajasthan from 21st February to 23rd February 2023. It was jointly organised by the International Union of Railways (UIC – Union International Des Chemins) and the Railway Protection Force (RPF), India. The theme of Congress is “Railway Security Strategy: Responses and Vision for Future”.
The congress was divided into 4 sessions with underlying sub-themes of “Protecting Critical Assets & Freight”, “Human Security Approach”, “Best Railway Security Tools & Practices across the World” and “Vision 2030”.
Inaugural Session: A Special UIC edition of the RPF Journal was released on the occasion.
The journal contains articles from leading professionals from Indian and International police and security organizations, senior officials with decades of experience in civil administration and industry experts.
2nd Day: On the 2nd day, the Congress focused on exploring the best Railway Security tools and practices from around the world and called for an international collaboration to tackle Railway security challenges. “Jaipur Declaration” adopted at the 18th World Security Congress On 23rd February 2023, the 18th UIC World Security Congress concluded with the adoption of the Jaipur Declaration for rail safety and security by the attendees. About International Union of Railways (UIC) or Union International Des Chemins: Chairman- Krzysztof Mamiński Director-General- François Davenne Headquarters- Paris, France Establishment- 1922 About Railway Protection Force (RPF): Director General- Sanjay Chander IPS Headquarters- New Delhi, Delhi Establishment- 1957 (Constituted as a federal Force)
Union Cabinet approves Construction of Shinkun La tunnel in Ladakh
The Cabinet Committee on Security(CCS) approved the construction of the 4.1 kilometres (km) Shinkun La tunnel on the Nimu (Ladakh) -Padam (Ladakh) -Darcha(Himachal Pradesh) road link to provide all-weather connectivity to the border areas of Ladakh.
The tunnel will be completed at a cost of Rs 1,681 crore by December 2025. An approach will also be built by December 2025.
The Shinkun La tunnel will provide Ladakh all-weather road access, which will be the shortest route to reach the Union Territory (UT) border regions
CAG Girish Chandra Murmu selected as External Auditor of ILO Girish Chandra Murmu (G.C. Murmu), Comptroller and Auditor General(CAG) of India, has been selected as External Auditor of the International Labour Organisation (ILO) in Geneva, Switzerland, for a 4-year term (2024-2027).
CAG Girish Chandra Murmu will replace the incumbent external auditor of ILO, Jose Callangan Calida, Chairperson of the Commission on Audit (COA), the Supreme Audit Institution of the Republic of the Philippines.
Note: The appointment of CAG is a recognition of its status within the international community and of its professionalism, high standards, experience with international audits, and solid national credentials. Key Points: i. The selection panel for the appointment of the external auditor was formed by ILO and invited bids from the Superior Audit Institutions (SAIs). ii. The ILO selected three Supreme Audit Institutions (India, Canada, and the United Kingdom) for technical presentations based on their technical expertise and other criteria. About Girish Chandra Murmu: i. Girish Chandra Murmu, a 1985 batch Indian Administrative Service (IAS) officer of Gujarat cadre, assumed office as the 14th Comptroller and Auditor General (CAG) of India on 8th August 2020. ii. he served as the first Lieutenant Governor of the Union Territory (UT) of Jammu and Kashmir (J&K) from 2019-2020 after the bifurcation of the state into two union territories. iii. Previously, he served in various capacities in the Government of India such as Secretary of the Department of Expenditure, Special and Additional Secretary in the Department of Financial Services and Department of Revenue, and Joint Secretary in the Department of Expenditure. iv. Girish Chandra Murmu is currently the external auditor of the Inter-Parliamentary Union (2020-2022), World Health Organization (2020-2023), Food and Agriculture Organization (2020-2025), Organization for Prohibition of Chemical Weapons (2021-2023), and International Atomic Energy Agency (2022-2027). About the International Labour Organisation (ILO): Director-General- Gilbert Fossoun Houngbo Headquarters- Geneva, Switzerland Establishment- 1919 Members- 187 Member States
I2U2 Business Forum’s Inaugural Meeting Hosted by UAE in Abu Dhabi; India became member of AIM4C The inaugural I2U2 (a grouping of Israel, India, the UAE, and United States) Business Forum was hosted by the United Arab Emirates (UAE) on February 21-22, 2023 at Abu Dhabi, UAE. Highlights of 1st I2U2 Business Forum: i.I2U2 Business Forum discussed building integrated agricultural facilities across India. As a part of the forum’s initiative, the UAE is committed to $2-billion investment for integrated agricultural facilities across India and the development of a 300-MW wind and solar power plant in Gujarat. ii.India was represented by Dammu Ravi, secretary (economic relations) of the external affairs ministry.
Dammu Ravi stated India’s commitment to I2U2 and insisted all stakeholders to work towards achieving tangible progress in I2U2 initiatives, including setting up an innovation centre at Gurugram, Haryana.
By representing India’s LiFE (Lifestyle for Environment) initiative, he urged I2U2 partners to work for a sustainable and environment-friendly lifestyle.
iii.The Business Forum was also addressed by Ahmed Al Sayegh, UAE minister of state, Jose Fernandez, US under secretary of state, Ronen Levi, director general of Israel’s foreign ministry, and Brett McGurk, the White House coordinator for the Middle East and North Africa. iv.Private and public sector representatives from the four countries participated in the forum and discussed opportunities for cooperation between the business communities. -India Joins the Agriculture Innovation Mission for Climate On the sidelines of the I2U2 Business Forum, in Abu Dhabi, UAE, India became the latest member of the Agriculture Innovation Mission for Climate (AIM4C), which was launched by the UAE and the US at COP26 in November 2021.
AIM4C intends to increase investment in and support for climate-smart agriculture and food systems innovation.
The AIM4C initiative has successfully increased these investments to more than 8 billion U.S. dollars globally.
Being a member, India joins the more than 275 partners, including 42 governments, who are working to collectively advance AIM4C’s mission by supporting investment in climate-smart agriculture and food systems innovation.
About I2U2 The I2U2 Grouping was conceived during a conference of the Foreign Ministers of four countries, India, Israel, the United States, and the United Arab Emirates in October 2021 to deepen technological and private sector collaboration in the region and tackle transnational challenges in six focus areas water, energy, transportation, space, health, and food security. Note – UAE prepares to host COP28 in November 2023.
S&P Global’s Top 250 Global Energy Company ranking: NTPC Top among Independent Power Producers and Energy Traders
NTPC Limited, India’s largest power generating company has topped among the Independent Power Producers and Energy Traders category in the S&P Global Commodity Insights Top 250 Global Energy Company Rankings® 2022. Globally NTPC is ranked 58th on the ranking. About NTPC: i.NTPC currently contributes 24% of the total electricity produced in India with a share of 17% of the installed capacity. ii.NTPC targets non-fossil fuel-based capacity to make up around 50% of its portfolio by 2032.
NTPC’s portfolio includes a renewable energy capacity of 60 GW and a total portfolio of 130GW.
About the S&P Global’s Top 250 Global Energy Company ranking: i.The S&P Global’s ranking, the annual survey of the publically traded global energy companies, calculates and ranks based on financial performance using four key metrics: asset worth, revenues, profits and return on invested capital. ii.All the companies in the list have assets greater than USD 5 billion Top 5 on the 2022 ranking:
Indian companies among the top 50 on the ranking:
Sri Lanka approves USD 442 Million Adani Green Wind Power PlantsOn 22nd February 2023, the Board of Investment (BOI) of Sri Lanka issued a letter of approval to India’s Adani Green Energy Limited (AGEL) for 2 wind power plants project in Mannar and Pooneryn areas of (northern province) Sri Lanka with a total investment of USD 442 million.
The two wind power facilities of 350 megawatts (MW) will be commissioned in two years and will be added to the national grid by 2025. It will likely create around 1500 to 2,000 jobs.
Key Highlights: i. Adani Green Energy is the renewable energy unit of the embattled Adani Group. The Adani investments in Lanka’s energy sector are in addition to their investment in the port of Colombo’s Western container terminal. ii. With this BOI’s approval, the Adani Group’s total investments in Sri Lanka now exceed USD 1 billion.
Construction on the West Container Terminal began in November 2022, and it has already committed to investing USD 700 million at a strategic port terminal in Colombo, Sri Lanka.
iii. Sri Lanka raised power tariffs by a hefty 66% recently in an effort to get a USD 2.9 billion bailout from the International Monetary Fund (IMF) as it struggles to emerge from its worst financial crisis in more than 7 decades. 0000About Adani Green Energy Limited(AGEL): Chief Executive Officer (CEO)- Vneet Jaain Headquarters- Ahmedabad, Gujarat Establishment- 2015 About Sri Lanka: Prime Minister- Dinesh Gunawardena President- Ranil Wickremesinghe Capitals- Colombo, Sri Jayawardenepura Kotte Currency- Sri Lankan Rupee
Karnataka Bank, Paisalo Digital inked Co-Lending Pact for MSME LendingA co-lending agreement has been signed between the Karnataka Bank (KBL) and Paisalo Digital Ltd (PDL), a non-deposit-taking NBFC (Non-Banking Financial Company) registered with the Reserve Bank of India (RBI).
This arrangement will provide financial support, and inclusion to the small income segment, and give impetus to the Micro, Small and Medium Enterprise (MSME) segment of India.
Signatories: It was signed byGokuldasPai, Chief Business Officer of Karnataka Bank, and SantanuAgarwal, Deputy Managing Director of Paisalo in New Delhi, Delhi. Key Points: i.This pact will utilize KBL’s low cost of funds and its end-to-end digital capabilities and PDL to help the sourcing, servicing and recovery of small-ticket priority sector loans.
This will help both sides in extending credit to the priority sector like agriculture, retail, MSME, and women entrepreneurs.
ii.This pact is on the line with RBI guidelines on Co-lending by banks and NBFCs to Priority Sector to improve the flow of credit to unserved and underserved segments. iii.In September 2022, PDL signed a co-lending pact with UCO Bank. It also has tied up with SBI (State Bank of India) wherein the latter has allotted 984 codes for the opening of new Customer Service Point (CSP) Outlets during FY23. About Karnataka Bank: Managing Director and Chief Executive Officer– Mahabaleshwara MS Headquarter– Mangaluru, Karnataka
NivaBupa rolls out ReAssure 2.0, a New Comprehensive PlanOn February 23, 2023, Niva Bupa Health Insurance Company (formerly Max Bupa Health Insurance) launched ‘ReAssure 2.0’ which is a ‘+’ (plus) variant of its current ReAssure plan.
The current plan provides the benefits of ReAssure , Booster and Safeguard. But the new launch provides a ‘+’ variant of these benefits to offer greater benefits.
It also offers a ‘live healthy’ benefit that gives a premium discount of up to 30% on policy renewal basis health points earned.
Eligibility: It is available as an individual, multi-individual and family floater starting from Rs 5 lakh to Rs 1 crore for the age bracket of 18 years to 65 years. Key Points:</stroni.This plan offers lock in of entry age until customer make a first claim thereby helping customers save on premium.
After the first claim, regular age band wise premiums will be paid.
ii.ReAssure Forever: Under this, customer will always have a sum-insured equal to his base sum insured available to him after the customer has made his first claim, that too unlimited times in a policy. iii.Booster+ benefit: It allows the unutilized base sum insured to be carried forward to the next policy year. The sum insured amount will keep on accumulating with each renewal till up to 5X and 10X, depending on whether the customer has opted for platinum+ or titanium+ variant. iv.Safeguard+: This optional benefit lets one claim for all non-payable items as per Non-Payables Annexure in addition to safeguarding the Booster+ benefit if the claim in a policy year is up to 1 lakh. Other Benefits: No capping on room rent, any hospitalization of 2 hours and above will be covered, Smart Health+ rider – offering unlimited tele consultations – and Day one coverage for diabetes and hypertension.
AUM of ARCs expected to grow 9.8% in FY23: CRISIL ReportAccording to the ASSOCHAM-Crisil Ratings report, Assets Under Management (AUM) of Asset Reconstruction Companies (ARCs) is projected to grow 9.8% in FY23 to Rs 1,19,000 crore after a period of relative stagnation.
ASSOCHAM full form is Associated Chambers of Commerce and Industry of India.
This growth is five-year high driven by few large transactions.
The report was released at the ARC seminar organised by ASSOCHAM.
Key Points: i.The AUM stood at Rs 1.09 lakh crore in FY22. ii.The growth in AUM, as measured by security receipts (SRs) outstanding, dropped to low single digits in the past 4 years. iii.Between fiscals 2014 and 2018, AUM had grown at a steady pace (from Rs 42,000 crore to Rs 95,000 crore), initially driven by the supportive regulatory environment for banks to sell bad assets. iv.There was steep fall in banks’ non-performing assets (NPAs), which is set to fall to under 5% by March 2023, down from over 11% in FY18. v.There are 29 participants in the ARC industry. Though 70 per cent of the industry AUM are with just five of them and 54% of the total net owned funds are with just the top three of them.. vi.From Rs 2,500 crore capital deployed by 14 ARCs between fiscal 2003 and 2014, it has gone up to Rs 11,500 crore by 28 players in 2022. vii.Until March 2022, 68% of the debt was corporate NPAs, down from a much higher 96% in FY19 when only 4% were non-corporate debt. What is ARC? It is a specialized financial institution that buys the NPAs or bad assets from banks and financial institutions at a mutually agreed value. It attempts to recover the debts or associated securities by itself.
ARCs are registered under the RBI and regulated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 (SARFAESI Act, 2002).
Policybazaar Launches Unique ‘Health, Wealth and Life Solution’
Policybazaarin partnership with the insurer partners Niva Bupa Health Insurance and Tata AIA Life Insurance Company Limited has developed a new unique solution ‘health, wealth and life solution’ to offer the benefit of health insurance, life insurance as well as return on investment.
The new health + wealth + life offering combines the benefits of ULIP (Unit Linked Insurance Plan) and health insurance, thereby delivering protection against death and disease as well as enabling wealth creation for customers.
This solution will be beneficial for all kind of customers as it overcomes buying multiple plans for health insurance, life insurance and investment.
Key Features: i.Wealth creation– This plan offers double the amount of premium invested at the time of maturity even if the funds grow at an 8% rate. ii.Ageless plan – The applicable premium has to be paid as per the same age (age at when the customer buys the plan) for blocks of 10 years. iii.Tax saving – ULIP provides the policyholder with the benefit of Section 80C and 10 (10D) owing to the life insurance component and health insurance component being eligible for rebate under Section 80D. iv.Preventive healthcare: The plan offers the customer coverage for annual health check-up from day 1 of the policy. v.The solution also include Booster Benefit in health insurance and ReAssure Benefit About Policybazaar: Headquarters – Gurgaon, Haryana Establishment – 2008 President & CEO– Sarbvir Singh
CBoI & Moneywise Financial Services partners for MSME loans
Central Bank of India (CBoI) and Moneywise Financial Services Pvt Ltd (MFSPL), a non-banking financial company, signed a co-lending agreement for lending to micro, small and medium-sized enterprises (MSMEs). The agreement will help both entities to expand their portfolio.
According to the agreement, Moneywise Financial Services will process MSME loan proposals as per jointly formulated credit parameters and eligibility criteria.
CBoI will record 80% of the MSME loans on its books under mutually agreed terms.
Trade bodies sign MoU to foster Indo-Brazilian Bilateral Pulses Trade
The India Pulses and Grains Association (IPGA) and IBRAFE (Instituto Brasileiro do Feijão e Pulses), the Brazilian Institute of Beans, Pulses and Special Crops, have signed a Memorandum of Understanding (MoU) at the 6th edition of the Pulses Conclave (16-18 February 2023) held in Mumbai, Maharashtra, to establish cooperative actions to contribute to the food security of both India and Brazil.
As part of the MoU, both nations would take steps to promote the development of international trade between Brazil and India.
MoU highlights market intelligence, food security, quality standards, trade promotion, technology transfer, and incentives for investments.
IPGA and IBRAFE will conduct research in pre-harvest and post-harvest activities and promote pigeon peas (tur), black matpe (urad), and any other pulse crop of mutual interest.
Infosys Collaborates with Microsoft to boost Enterprise Cloud Adoption
On 23rd February 2023, Infosys Limited, an Indian multinational information technology company, announced that it will expand its collaboration with Microsoft Corporation, an American multinational technology corporation, to help accelerate enterprise cloud transformation journeys worldwide.
Businesses will benefit from the expanded partnership by receiving the best cloud services from Infosys Cobalt and Microsoft’s cloud computing technologies, headed by Azure, across the business value chain.
Adopting the cloud improved speed to market and the ability to discover new revenue streams and increased profit growth by up to 11.2% year-over-year (YOY).
The extended strategic collaboration aims to benefit enterprises by providing the best of Infosys Cobalt cloud products and Microsoft’s cloud computing technologies, led by Azure, across the business value chain.
24th EY Entrepreneur of the Year Awards: Sajjan Jindal of JSW Group wins EY Entrepreneur of the Year Award 2022On 23rd February 2023, Sajjan Jindal, Chairman and Managing Director(CMD) of Mumbai (Maharashtra)-based JSW Group, has been named the EY Entrepreneur of the Year 2022 India at the 24th EY Entrepreneur of the Year™ Awards ceremony held in New Delhi, Delhi.
He was recognised for his exceptional entrepreneurial journey in scaling the global conglomerate with a presence in steel, cement, infrastructure, energy, and paints to revenues of USD 22 billion, globally employing over 40,000 people.
Sajjan Jindal will now represent India at the EY World Entrepreneur of the Year Award (WEOY) at Monte Carlo, Monaco, in June 2023.
K P Singh, Chairman Emeritus, DLF Group was honoured with the Lifetime Achievement Award for his pioneering work in architecting the real-estate landscape of India.
Hardeep Singh Puri, Union Minister for Housing and Urban Affairs and Minister for Petroleum and Natural Gas, felicitated the winners and finalists.
Awards for 9 other categories were also announced and the winners represented both mature industries and young entrepreneurs from startups. About EY: EY refers to the global organisation and may refer to one or more of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity.
Ernst & Young Global Limited, the United Kingdom (UK) company limited by guarantee, does not offer services to clients.
Chairman and CEO- Carmine Di Sibio Headquarters- London, United Kingdom Establishment- 1989
Central Excise Day 2023 – February 24The Central Excise Day is annually observed across India on 24th February to recognise and acknowledge the efforts and contributions of the Central Board of Indirect Taxes and Customs (CBIC) towards the development of India.
The day also marks the anniversary of the enactment of the Central Excise and Salt Act on 24th February 1944.
The annual events and celebrations as a part of Central Excise Day are organised by the CBIC.
Objective of Central Excise Day: To encourage the excise department employees to carry out the duties of central excise across India in a better way in order to prevent corruption in the goods manufacturing business. About Central Board of Indirect Taxes and Customs(CBIC): Chairman– Vivek Johri Headquarters– New Delhi, Delhi Motto– “Desh Sevarth Kar Sanchay” Tax collection in Service of the Nation
Haryana CM ManoharLalKhattar Presents Tax-free Budget for FY24 with Rs 1,83,950crore Outlay
On February 23, 2023, Chief Minister of Haryana Manohar Lal Khattar presented a tax-free state budget for financial year 2023-24 (FY24) with an outlay of Rs 1,83,950 crore, an increase of 11.6% from FY23 Budget of Rs 1,64,808 crore.
The budget was focused on agriculture, rural development, education, and health
No proposal was imposed for new tax.
Key Points: i.Rs 57,879 crore was proposed under the budget for expenditure on capital asset creation, representing 31.5% and Rs 1,26,071 crore on revenue expenditure representing 68.5%. ii.Revenue receipt was projected at Rs 1,09,122 crore, and Capital receipt was projected at Rs 71,173 crore. iii.Fiscal Deficit: In Revised Estimates 2022-23 (RE FY23), the fiscal deficit was about 3.29% of Gross State Domestic Product (GSDP) as against the permissible limit of 3.5% of GSDP. The fiscal deficit for FY24 was projected at 2.96% of GSDP. iv.The old-age pension was proposed to be increased from Rs 2,500 to Rs 2,750 per month from April 1, 2023. iv.The budget also ensured an increase in eligibility income from Rs 2 lakh to Rs 3 lakh. About Haryana: Governor – Bandaru Dattatreya Zoological park– Mini Zoo and Rohtak Zoo Wildlife Sanctuary – Chhilchhila Wildlife Sanctuary, Nahar Wildlife Sanctuary
Gujarat Finance Minister Kanu Desai Presented Rs 3.01 lakh Crore Budget for FY 2023-24 with no new taxesGujarat Finance Minister Kanu Desai presented a Rs 3.01 lakh crore budget for fiscal 2023-24 with no new taxes imposed on people. The budget for 2023-24 includes proposals for various schemes and projects which were promised in the manifesto of the 2022 elections.
The budget 23-24 focuses on infrastructure development, tourism, Electric Vehicle (EV) ecosystem and more.
This records a significant increase of Rs 57,056.89 crore in the budgetary provisions, which is 23.38% higher than the budget of FY 2022-2023.
Highlights: i.Rs 500 crore has been allocated for the Ujjwala Yojana, under which around 39 lakh families would be provided with 2 cooking gas cylinders for free in a year. ii.Gujarat government has announced a 10% point reduction in value-added tax (VAT) on Compressed Natural Gas (CNG) and Piped Natural Gas (PNG). The VAT is reduced from from 15% on CNG and PNG to 5%. About Gujarat: Chief Minister– Bhupendrabhai Patel Governor– Acharya Devvrat Wildlife Sanctuary– Ratanmahal Sloth Bear Sanctuary; Kutch Desert Sanctuary Zoological Park– Sakkarbaug zoo; Dr Shyamaprasad Mukherjee Zoological Garden (Sarthana Nature Park)
Cabinet Approvals on February 22 2023The Union Cabinet chaired by the Prime Minister (PM) Narendra has approved the following proposals: i.The Union Cabinet has approved the signing of the Air Services Agreement (ASA) between India and Government of Co-operative Republic of Guyana to enable the framework for provision of air services between the two countries. ii.The Union Cabinet approved the ratification of three Protocols on Article 3 bis and Article 50 (a) and Article 56 relating to amendments in the convention on International Civil Aviation (Chicago Convention), 1944. iii.The Union Cabinet also approved the extension of the term of the Twenty-second Law Commission of India upto 31st August, 2024 whose tenure was supposed to end on February 20, 2023. It was constituted for three years on February 21, 2020 and its chairperson is Justice Rituraj Awasthi (retd). iv.The Union Government has approved Quality Control Order (QCO) for mandatory certification of cotton bales under specification No. IS12171: 2019-Cotton Bales to augment supply of good quality cotton to the textile industry. About Guyana: Capital– Georgetown Currency– Guyanaese Dollar President– Dr. Irfaan Ali
MoSPI released Revised Guidelines on MPLADS 2023On 22nd February 2023, Rao Inderjit Singh, Minister of State (Independent Charge) of the Ministry of Statistics and Programme Implementation (MoSPI), released the Revised Guidelines on Members of Parliament Local Area Development Scheme (MPLADS)-2023.
MoS Rao Inderjit Singh also launched a new Web portal for the implementation of the Revised Fund Flow Procedure under MPLADS.
The new revised guidelines for MPLAD and the web portal will come into effect from 1st April 2023.
Aim of revised guidelines: To expand the scope of the MPLAD scheme to enable MPs to recommend developmental works as per the changing needs of the community; with focus on improving the functioning, implementation and monitoring of the MPLADS. About Ministry of Statistics and Programme Implementation (MoSPI): MoSPI became an Independent Ministry in 1999 after the merger of the Department of Statistics and the Department of Programme Implementation. Minister of State (Independent Charge)– Rao Inderjit Singh
Indian Navy’s IFC-IOR Signed MoU with RCOC, Seychelles to Enhance Maritime Domain AwarenessOn 21st February 2023, The Information Fusion Centre – Indian Ocean Region (IFC-IOR) hosted by the Indian Navy signed a Memorandum of Understanding (MoU) with Regional Coordination Operations Centre (RCOC), Seychelles to further the existing cooperation in the Indian Ocean Region to enhance maritime safety and security. Signatories: The MoU was signed by Captain Rohit Bajpai, Director of IFC-IOR and Captain Sam Gontier, Director of RCOC, Seychelles. Key People: Vêlayoudom Marimoutou, Secretary General of IOC, Kartik Pande, High Commissioner of India to Seychelles, delegates from IOC, and senior officers of the Indian Navy attended the event. Features of the MoU: i.The MoU aims to promote the collaboration between IFC-IOR and RCOC towards enhancing maritime domain awareness, information sharing and expertise development. ii.This partnership will enable the centres to develop a common maritime understanding to counter non-traditional maritime security threats. iii.The non-traditional threats include piracy and armed robbery, human and contraband trafficking, Illegal Unregulated and Unreported (IUU) fishing, arms running, poaching, maritime terrorism, etc with a special focus on the Western Indian Ocean. About IFC-IOR: i.IFC-IOR was established by the Government of India at Gurugram on 22 Dec 2018. Objective: To enhance collaborative maritime safety and security in the Indian Ocean Region in line with India’s vision of Security and Growth for All in the Region (SAGAR). ii.IFC-IOR also hosts International Liaison Officers (ILOs) from partner nations to enable better correlation, compressed information cycles and timely inputs. iii.So far, IFC-IOR has hosted ILOs from 12 partner nations Australia, France, Italy, Japan, Maldives, Mauritius, Myanmar, Sri Lanka, Seychelles, Singapore, the United Kingdom, and the United States of America. Additional info: The Maritime Security Architecture in the Western Indian Ocean is implemented by the Indian Ocean Commission (IOC) and supported by the Regional Maritime Information Fusion Centre (RMIFC), the Regional Operations Coordination Centre (RCOC) and the national centres of the 7 signatory countries: Comoros, Djibouti, France, Kenya, Madagascar, Mauritius, and Seychelles. About Seychelles: Seychelles is an archipelago of 115 islands in the Indian Ocean, off East Africa. President– Wavel Ramkalawan Capital– Victoria Currency– Seychellois Rupee
BIS Signs MoU with IIT Guwahati, IIT Gandhinagar & NIT Calicut for Establishing “BIS Standardization Chair Professor” The Bureau of Indian Standards (BIS) signed a Memorandum of Understanding (MoU) with the Indian Institutes of Technology (IIT) Guwahati (Assam), IIT Gandhinagar (Gujarat), and the National Institute of Technology (NIT) Calicut (Kozhikode, Kerala) for the establishment of “BIS Standardization Chair Professor” at these institutes.
Professor Parameswar K. Iyer, Officiating Director of IIT Guwahati; Prof Rajat Moona, Director of IIT Gandhinagar; Prof Prasad Krishna, Director of NIT Calicut (virtually present) assured commitment towards this initiative and agreed to take forward the collaboration with BIS.
BIS Standardization Chair Professor: i. The BIS Standardization Chair Professor initiative aims to institutionalise its relationships with India’s eminent institutes to ensure the active participation of academia in the standard formulation and to make the teaching of Indian standards an integral part of the curriculum. ii. It is created for research and development, teaching and training in the field of Standardization and Conformity Assessment in India.
It focuses on the areas of Civil, Electrical, Mechanical, Chemical, Earthquake Engineering, Development and Management of water resources and renewable energy projects, Infrastructure Development, Medical Biotechnology & Nanotechnology, Biomaterials, etc.
iii. This will promote excellence and leadership in teaching as well as scientific research and development (R&D) and various disciplines. Key Points: i. The MoUs between the top academic institutes and BIS would strengthen and enhance the standards formulation activity.
It strengthens by facilitating R&D projects, encouraging the involvement of young minds in the area of the standardization process and jointly organizing seminars, conferences, workshops symposia or lectures, training and short-term education programs.
ii. Pramod Kumar Tiwari, director general of BIS, emphasised the importance to engage with start-ups and incubation centres at academic institutions to develop new standards and compliance with the existing ones. About the Bureau of Indian Standards (BIS): BIS is the National Standard Body of India under the Ministry of Consumer Affairs, Food & Public Distribution. Director General- Pramod Kumar Tiwari Headquarters- New Delhi, Delhi Establishment- 1987
UK Overtakes India as World’s 6th-Biggest Stock Market with $3.11 trillion McapAs per the data of Bloomberg, the United Kingdom (UK) became the world’s 6th-largest equity market surpassing India for the first time in almost 9 months (Since May 2022).
On 21 February 2023, the combined market capitalization (Mcap) of primary listings in the UK, excluding ETFs (Exchange-Traded Funds) and ADRs (American depositary receipt ), reached about $3.11 trillion, about $5.1 billion higher than their Indian equivalents.
Key Points: i.India’s stock market remains behind the UK due to a weaker rupee and falling share prices of companies in the Adani Group amid allegations of stock manipulation and accounting fraud by US-based short-seller Hindenburg Research. ii.Indian stocks started declining from December 2022 and it reached a peak to more than 10% as of February 22, 2023. iii.The MSCI (Morgan Stanley Capital International) India Index has dropped 6.1% in 2023, while the group of companies owned by Gautam Adani among Asia’s richest men has lost about $142 billion in market capitalization. iv.UK loses its place as Europe’s biggest stock market in 2022 as UK’s equity market capitalization remains behind France.
Every 2 Minutes, A Woman Dies During Pregnancy or Childbirth: WHO ReportAccording to the report titled “Trends in maternal mortality 2000 to 2020” produced by World Health Organization (WHO), which tracks maternal deaths nationally, regionally and globally from 2000 to 2020, it was estimated that around 287 000 women died from a maternal cause in 2020, which is approximately 800 deaths every day and one every 2 minutes.
The report highlights the setbacks for women’s health in recent years. The Rate of maternal deaths fell significantly between 2000 and 2015 but largely stagnated between 2016 and 2020 in nearly all regions of the world.
The report was produced on behalf of the United Nations Maternal Mortality Estimation Inter-Agency Group comprising WHO, the United Nations Children’s Fund (UNICEF), the United Nations Population Fund (UNFPA), the World Bank Group and the Population Division of the United Nations Department of Economic and Social Affairs(UN-DESA).
According to the report, the global maternal mortality ratio (MMR) has dropped by 34.3% (one-third) over a period of 20 years. The Global MMR dropped from 330 deaths per 100000 live births in 2000 to 227 in 2015 to 223 in 2020. About World Health Organization (WHO): Director-General– Dr Tedros Adhanom Ghebreyesus Headquarters– Geneva, Switzerland
ADB Proposes up to $25 Billion Support to India’s Development Priorities On 21 February 2023, under the meeting of the Prime Minister (PM) Narendra Modi with Asian Development Bank (ADB) president Masatsugu Asakawa, ADB committed to provide $20 billion–$25 billion resources over 5 years to advance India’s aspirations for fast, inclusive, and green growth.
ADB stated its assistance to meet India’s priority development needs, and its country partnership strategy (CPS) for India, 2023–2027. ADB is now finalizing the new 5-year CPS following a comprehensive stakeholder consultation process.
ADB president also admitted that India continues to be the fastest-growing major economy after the COVID 19 recovery with an anticipated 7% growth in the fiscal year ending March 31, 2023.
Key Points: i.ADB will fund India’s infrastructure creation under PM’s Gati Shakti (National Master Plan for multimodal connectivity) initiative, building future cities, mobilizing domestic resources, and strengthening basic services in disadvantaged districts. ii.Green growth agenda: ADB also plans to support India’s decarbonisation of transport and the clean energy transition, including carbon market development and circular economy transition. iii.In his meeting with Finance Minister Nirmala Sitharaman, Masatsugu Asakawa outlined ADB’s efforts to achieve annual regular lending of $4 billion from its sovereign operations in the next few years. iv.Masatsugu Asakawa will visit the ADB-funded Delhi–Meerut Regional Rapid Transit System Investment Project and participate in the G20 Finance Ministers and Central Bank Governors meeting at Bengaluru, Karnataka on 24–25 February, 2023. ADB’s Support to India: i.ADB started operations in India in 1986. As of 31 December 2022, ADB had committed $52.28 billion in sovereign lending in India and $6.75 billion in non sovereign lending and investment. ii.ADB’s current India portfolio comprises 64 projects worth about $16 billion across the transport, urban, energy, human development, agriculture and natural resources, and finance sectors. iii.As a guest international organization, ADB is supporting the priorities of India’s presidency at the G20 meetings and Leaders’ Summit. About Asian Development Bank (ADB): Headquarters – Mandaluyong City, Manila, Philippines Establishment – 1966 President – Masatsugu Asakawa Member countries – 68 countries (49 from the region)
India to Singapore Fund Transfers: SBI integrated ‘BHIM SBIPay’ with UPI-PayNow linkage; Axis Bank Launches Cross Border Transactions
On February 22, 2023, the State Bank of India (SBI) integrated its mobile application ‘BHIM SBIPay’ with UPI-PayNow linkage to facilitate fund transfers from India to Singapore through registered mobile numbers and from Singapore to India using UPI (Unified Payments Interface) ID. Key Points: i.Backdrop: SBI was one of the banking partners which would carry out both inward and outward remittances through the UPI-PayNow linkage. ii.UPI-PayNow linkage:It is a linkage between Fast Payment Systems of India and Singapore i.e. linkage between ‘UPI’ and ‘PayNow’ which will enable users of the two fast payment systems in either country to make convenient, safe, instant, and cost-effective cross-border funds transfers using their respective mobile apps. iii.Now under the UPI-PayNow linkage, Axis Bank would act as the settlement bank for peer-to-peer foreign inward remittance transactions initiated through PayNow by the Liquid Group in Singapore. About State Bank of India (SBI): Establishment – 1 July, 1955 Headquarters – Mumbai, Maharashtra Chairman – Dinesh Kumar Khara
IIT-M partners with GIC Re to develop Urine-Based TB Diagnosis
The Indian Institute of Technology Madras(IIT-M), Chennai, Tamil Nadu, is partnering with the General Insurance Corporation of India (GIC Re), a Public Sector Insurance Company, to develop a urine-based tuberculosis diagnosis or screening.
This diagnosis will make testing faster and more affordable than the existing point-of-care diagnostic kits available for various diseases such as blood glucose monitors.
The key beneficiaries of this project (CSR funding from GIC Re) will be primary, secondary, and tertiary healthcare centres besides the Health departments in State and Governments.
Singapore’s RBB Ship Chartering becomes 1st Ship Leasing Operator at IFSC in GIFT City
On 22nd February 2023, RSCPL (IFSC) Pvt Ltd, a wholly-owned subsidiary of Singapore-based RBB Ship Chartering Private Ltd, has become the first ship leasing operator at the International Financial Services Centre (IFSC) in Gujarat International Finance Tec-City (GIFT City), Gandhinagar, Gujarat.
RSCPL (IFSC) Pvt Ltd received the maiden provisional licence for the ship leasing business in February and is planning to commence commercial operations by next month.
The licence was granted in February 2023, and before March, commercial operations are expected to begin.
DPIIT: FDI Equity Inflows Decline 15% to $36.75 Billion in April-December FY23As per the data released by the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry, India’s Foreign Direct Investment (FDI) equity inflows declined 15% year-on-year to $36.75 billion during the first three quarters (April-December) of Financial year 2022-23 (FY23).
Total FDI inflows, which includes the equity capital of unincorporated bodies, reinvest earnings, and other capital, decreased by 8% to $55.27 billion in April-December FY23 from $60.4 billion in April-December FY22.
Key Points: i.Recipient of FDI in April-December FY23:
The Computer software and hardware manufacturing were the highest recipient of FDI at $8.07 billion.
Services sector (encompassing financial, banking, insurance, and outsourcing, among others) – $6.56 billion
Telecommunications – $5.33 billion
Trading sectors – $4.14 billion
ii.Top investment in April-December FY23:
State Wise: Maharashtra continued to be the most favoured destination of investors, receiving $10.76 billion, followed by Karnataka with $8.77 billion and Delhi with $6.11 billion.
Countrywise: Singapore was the top investing country with equity inflows of $13.07 billion. This was followed by the US ($4.95 billion), Mauritius ($4.73 billion), the United Arab Emirates ($3.1 billion), etc.
ICOMM ties up with UAE’s CARACAL for Co-Manufacturing of Small Arms in IndiaOn February 21, 2023, ICOMM Tele Limited, a group company of Megha Engineering and Infrastructures Ltd (MEIL) signed a partnership and licensing agreement with the United Arab Emirates (UAE)-based CARACAL for the transfer-of-technology (ToT) to locally manufacture small arms for the domestic market under the ‘Make in India’ initiative.
It is the first ever ToT in defence articles by CARACAL.
The deal was signed during the ongoing (February 20-24, 2023) 16th edition of IDEX (International Defence Exhibition & Conference) 2023 defence exhibition in Abu Dhabi, UAE.
Key Points: i.ICOMM is a group company of Megha Engineering & Infrastructures Ltd (MEIL). ii.Under the agreement, ICOMM in collaboration with CARACAL will develop a full portfolio of locally manufactured small arms for the Indian market.
This include EF pistol, modern CMP 9 submachine gun, CAR 814, CAR 816 and CAR 817 tactical rifles, CAR 817 DMR tactical sniper rifle, CSR 50 anti-material sniper rifle, CSR 338 and CSR 308 bolt action sniper rifles and CSA 338 semi-automatic sniper rifle.
iii.This entire range of small arms will be produced at ICOMM’s manufacturing facility in Hyderabad, Telangana. iv.This pact will enable CARACAL to do business as per Defence Procurement Procedure (DPP) 2020. IDEX is the only international defence exhibition and conference in the MENA (Middle East and North Africa) region demonstrating the latest technology across land, sea and air sectors of defence. About ICOMM Tele Limited: Managing Director– Sumanth Paturu Headquarter– Telangana, Hyderabad
CarDekho signs on Medulance to Provide Emergency Medical Services
CarDekho, an online used-car marketplace, has on-boarded Delhi-based Medulance, an ambulance service provider, on its platforms to provide emergency medical services.
CarDekho’s partnership will enable its users to call for an ambulance from the app and website.
Without any exchange of money, Medulance decided to offer CarDekho its ambulance services.
Amit Jain, Co-Founder and Chief Executive Officer (CEO) of CarDekho, decided to add Medulance, a GPS-based platform enabling fast ambulance services.
Rajan Kohli President of Wipro’s iDEAS resigned Rajan Kohli, President of the iDEAS (Integrated Digital, Engineering, and Application Services) business at Wipro Limited, has resigned after a nearly three-decades career with the IT (Information technology) firm.
As a President of Wipro’s iDEAS, he led a team of over 1 lakh employees.
About Rajan Kohli: i. Rajan Kohli resides in New York, the United States of America (USA). He is a director of the Wipro US Foundation and an Independent Director (Member of the Board) of Technicolor Creative Studios. ii. He is also a member of the Wipro Executive Board (WEB) and the Wipro Executive Council (WEC). iii. He has led the Banking and Financial Services (BFS) segment during his tenure at Wipro. iv. Previously he served as the President of Wipro Digital, Wipro’s digital transformation business, which he incubated and scaled to become one of the largest and most recognized businesses of Wipro. Note:
iDEAS brings together strategic design, domain and consulting capabilities along with cloud applications, Artificial intelligence (AI), data, engineering and next-generation technologies.
Since iDEAS starts with a design-led approach, it is in a unique position to provide the business solutions needed by companies to develop what matters to their business.
iDEAS orchestrate solutions for clients to build and operate digital businesses focusing on 5 themes: cloud, intelligence everywhere, Industry 4.0, 5G & edge computing, and sustainability.
Rajeev Raghuvanshi was appointed as the new Drug Controller General of India
The Appointments Committee of the Cabinet(ACC) chaired by Prime Minister Narendra Modi, has approved the recommendation submitted by the Union Public Service Commission (UPSC) to appoint Dr Rajeev Raghuvanshi as new Drug Controller General of India(DCGI), head of Central Drugs Standard Control Organization (CDSCO) with effect from the date of his assumption of charge till his attaining the age of superannuation on 28th February 2025 or until further orders. The appointment is made at “Level 14 of the Pay Matrix”, on a “short-term contract basis”.
He will be taking over as DCGI from Dr PBN Prasad, who was appointed as DCGI with effect from 16th February 2023 till 28th February 2023.
Dr Rajeev Raghuvanshi has been serving as the secretary-cum-scientific director at Indian Pharmacopoeia Commission (IPC) since 2021.
He previously worked National Institute of Immunology for 7 years, at Ranbaxy Research Laboratories till 2010 and had a stint with Dr Reddy’s Laboratories between 2010 and 2021. He has 14 granted United States of America (USA) patents along with more than 250 published patent cooperation treaties and Indian patents. He has more than 25 publications in peer-reviewed journals and has co-authored 6 chapters in books.
CCI approves Acquisition of 100% of issued and outstanding share capital & sole control of VGP Holdings LLC by Gateway The Competition Commission of India (CCI) approved the acquisition of 100% of issued and outstanding share capital and sole control of VGP Holdings LLC, a subsidiary of Valvoline Inc, by Saudi Arabian Oil Company (Saudi Aramco) through Gateway Velocity Holding Corp(Gateway) and Aramco Overseas Company B.V. (AOC) from Valvoline Inc. Note: Gateway is a wholly-owned subsidiary of AOC, which is a wholly-owned subsidiary of Saudi Aramco. Acquirer: Gateway Velocity Holding Corp. (Gateway) Target: VGP Holdings LLC Seller: Valvoline Inc. CCI gives nod to Deal Involving VVDN Technologies The CCI has approved the acquisition of shareholding by Kotak Funds, Kotak Special Situations Fund (KSSF) and Kotak Pre-IPO Opportunities Fund (KPIOF), and India Business Excellence Fund (IBEF)-IV through a combination of secondary share purchases of equity shares and subscription to Compulsorily Convertible Debentures (CCD) of VVDN Technologies. Acquirers: KSSF, KPIOF and IBEF-IV Target: VVDN Technologies Private Limited About the Competition Commission of India: Acting Chairperson- Sangeeta Verma Headquarters- New Delhi, Delhi Establishment- 2003
Tokamak Energy Built World’s 1st Super Magnets for Fusion Power Plant TestingUnited Kingdom (UK)-based Tokamak Energy Limited, a fusion power research company, has built the world’s first set of new-generation High-Temperature Superconducting (HTS) Magnets to be assembled and tested in fusion power plant-relevant scenarios.
Strong magnetic fields are required to contain and manage the extremely hot, positively-charged hydrogen fuel, which becomes a plasma several times hotter than the Sun to produce clean, sustainable fusion energy.
Key Points: i. The new Demo4 facility from Tokamak Energy will consist of 44 individual magnetic coils made using 38 kilometres (Km) of ground-breaking HTS tape, which carries currents with zero electrical resistance and requires 5 times less cooling power than traditional superconducting materials. ii. According to Tokamak Energy, the Demo4 magnet has a magnetic field that is about a million times stronger than the Earth’s magnetic field, which will have a strength of over 18 Tesla. About Tokamak Energy Ltd: Chairman- Dr Chris Martin Headquarters- Oxfordshire, UK Establishment- 2009
UP Finance Minister Suresh Kumar Khanna Tabled Rs 6.90 Lakh Crore Budget for FY 2023-24On 22nd February 2023, Suresh Kumar Khanna, Finance Minister of Uttar Pradesh(UP) presented Rs 6.90 lakh crore budget for the year 2023-24 in the UP assembly focusing on agriculture, education and populist schemes.
The budget of Rs 6,90,242.43 crore for FY24 was the biggest budget in the history of UP.
The FY24 budget focuses on the all-around development of UP for making it a USD 1 trillion economy.
i.CM Yogi Adityanath noted that the 50% subsidy in electricity for irrigation for the farmers will be increased to 100% in a systematic way in the future. ii.With an investment of Rs 10 lakh crore, the government aims to create around 20000 jobs in the next 5 years under UP Tourism Policy 2022. iii.A provision of over Rs 21,159 crore was proposed for the construction of roads and bridges, and Rs 6,209 crore for their maintenance. Rs 3,473 crore is proposed for the work of bridges and roads for agricultural marketing facilities and Rs 1,525 crore for roads in rural areas. Chief Minister– Yogi Adityanath Governor– Anandiben Patel Airport– Bareilly Airport, Aligarh Airport UNESCO Heritage Sites– Agra Fort, Taj Mahal
Indian Railways Completed Electrification of Entire Broad Gauge Rail Line In Uttar Pradesh
On 21st February 2023, Indian Railways completed the electrification of the entire Broad Gauge (BG) routes in Uttar Pradesh (UP) with the electrification of the Subhagpur-Pachperwa BG route in the North Eastern Railway. This will increase the region’s rail connection and train speed.
Also, the Highly Utilized Network (HUN-5), Jhansi-Muzzaffarpur-Katni is fully electrified now.
Indian Railways has completed the electrification of BG routes in 6 zonal railways: East Coast Railway, North Central Railway, North Eastern Railway, Eastern Railway, South Eastern Railway, and West Central Railway.
Indian Railways has electrified 85% of Route Kilometer (RKM) and is rapidly progressing to complete Mission 100% Electrification and become the largest green railway network in the world.
Union Education Minister Dharmendra Pradhan launched “JaaduiPitara,” a learning and teaching material for the foundational stage, as envisioned by the National Education Policy 2020 (NEP 2020).
“Jaadui Pitara” (magic collection) was created in accordance with the National Curriculum Framework (NCF) and is available in 13 Indian languages.
The Amrit Generation, as envisioned in the NEP 2020, will benefit greatly from an environment that is more child-centric, lively and joyful for learning and teaching. What is ‘JaaduiPitara’? i.“Jaadui Pitara” is a play-based learning and teaching material designed for children aged 3 to 8 years.
It is intended to stimulate interest and meet the evolving needs of foundational stage learners.
It includes playbooks, toys, puzzles, posters, flash cards, storybooks, and worksheets, as well as cultural, social, and linguistic materials.
ii.It will be made mandatory in at least 1,200 union government-run schools starting next academic year. Backdrop i.The NEP 2020 envisions a 5+3+3+4 curriculum pedagogical structure. ii.A National Steering Committee led by Professor K. Kasturirangan has been established by the Department of School Education and Literacy under the Ministry of Education (MoE) to develop the NCF for each stage. iii.The MoE launched the NCF for Foundational Stage (FS) in October 2022. iv.The National Council for Educational Research and Training (NCERT) has developed and collected learning teaching material (LTM) in compliance with the NCF.
As a result, LTM at the foundational level was introduced, based on the “Jaadui Pitara” concept, for children enrolled in Balvatika, which includes classes in nursery, lower kindergarten (LKG), and upper kindergarten (UKG).
Salient features of “JaaduiPitara“ i.“Learn through play” is the CORE transformative feature of NCF-FS. ii.Children learn most efficiently and effectively through play during the foundational stage (ages 3-8). iii.Research from fields as diverse as Neurosciences to Education iv.This also applies to Classes 1 and 2 (aged 6-8 years), resulting in a significant shift in which children will learn via play, have fun, and FLN will be addressed. v.It emphasizes on the Learning and Development of children in 5 domains – Physical Development, Socio-emotional and Ethical Development, Cognitive Development, Language and Literacy Development, Aesthetic and Cultural Development, Positive Learning Habits.
BEL signs MoUs with Cisco, Aeronautical Development Agency Bharat Electronics Limited (BEL), a Public Sector Undertaking (PSB) under the Ministry of Defence (MoD), has signed two Memorandums of Understanding (MoUs) for the Advanced Medium Combat Aircraft (AMCA) program with Aeronautical Development Agency (ADA); and for networking and security with Cisco.
These were signed on the sidelines of Aero India 2023 in Bengaluru (Karnataka) from February 13 to 17.
MoU with ADA: The first MoU was signed with the ADA for the AMCA program. ADA is an autonomous body under MoD. The AMCA is a 5th generation, multi-role, all-weather fighter aircraft designed with high survivability and stealth capability.
Under this MoU, BEL and ADA will co-operate for the design, development, qualification, production and supply of Internal Weapon Bay Computer and other Line Replaceable Units (LRUs) for AMCA and provide lifetime product support to the Indian Air Force.
MoU with CISCO: The second with Cisco is for long-term strategic co-operation in the areas of networking, collaboration and security, among other associated services. This will give BEL access to Cisco technology, including enterprise networks, advanced wireless technology, security, data centre network, etc.
As a part of the MoU, Cisco will explore establishing a Cisco Network Training Academy at the BEL Academy for Excellence (Nalanda), Bengaluru.
This MoU will facilitate joint customization and product lifecycle management for BEL’s various projects.
This MoU will enable BEL to elevate its relationship with Cisco as a “Strategic Partner”.
The above partnerships with Cisco and ADA are expected to further boost BEL’s capabilities and contribute towards the government’s vision of making India self-reliant in defence technology. About Bharat Electronics Limited (BEL): Chairman & Managing Director– Bhanu Prakash Srivastava Headquarter– Bengaluru, Karnataka Establishment– 1954
Vedanta-Foxconn Selects Dholera SIR for First Semiconductor Facility in IndiaThe Dholera Special Investment Region (SIR) near Ahmedabad, Gujarat, has been chosen by the joint venture (JV) of Indian conglomerate Vedanta and electronics manufacturing giant Foxconn to set up their semiconductor and display manufacturing facility.
It is India’s first semiconductor manufacturing facility.
The project is in the advanced stage of evaluation by the Government of India (GoI).
Backdrop In September 2022, the Gujarat government and the Vedanta-Foxconn JV signed a Memorandum of Understanding (MoU) for the JV to invest Rs. 1,54,000 crore in the establishment of a semiconductor and display manufacturing facility.
The MoU was signed in Gandhinagar in the presence of Minister for Railways, Communications, Electronics & Information Technology, Ashwini Vaishnaw.
Key Points: i.The Gujarat government announced the “Gujarat Semiconductor Policy 2022-27” in July 2022.
The project is set to receive significant subsidies and incentives under the policy, such as zero stamp duty on land purchases and subsidised water and electricity.
ii.Gujarat is the first Indian state to have a specific policy for the semiconductor and display fabrication sectors. iii.This policy provides eligible projects with a 75% subsidy on the first 200 acres of land they purchase to develop manufacturing units.
For the first 5 years, eligible projects would be provided with high-quality water at a cost of Rs. 12 per cubic metre.
iv.The Gujarat government has also declared that it will reimburse investors for 100% of the stamp duty that they would pay for the first time when leasing, selling, or transferring land. About Vedanta Resources Limited (Vedanta): Vedanta is a leading global natural resources conglomerate operating across India, South Africa, Liberia and Namibia. Chairman & Founder – Anil Agarwal Whole-time Director & CEO – Sunil Duggal Founded – 1976 Headquarters – London, United Kingdom (UK)
MoRD & Meesho signs MoU to Onboard Rural Women as Online Sellers
The Ministry of Rural Development (MoRD) signed a Memorandum of Understanding (MoU) with Meesho, an e-commerce platform owned by Bengaluru (Karnataka)-based Fashnear Technologies Private Limited, to drive digital inclusion of all women registered under State Rural Livelihood Missions (SRLMs) and enable them to sell online.
The MoU was signed in the presence of Giriraj Singh, Union Minister of Rural Development.
Charanjit Singh, Additional Secretary (RL-I) of MoRD, and Sanjeev Barnwal, Co-Founder and Chief Technology Officer (CTO) of Meesho, signed and exchanged the MoU. Key Points: i. The partnership would help Meesho continue its efforts to support rural women entrepreneurs in various states and enable them to start and expand their businesses online. ii. The cumulative loan to Self Help Groups (SHGs) was about Rs 80000 crore before 2014. Now, the bank linkage has crossed over 6.25 lakh crore in the last 9 years, with an NPA of just 2.08%. iii. SHGs are present in 97% of Blocks, and 85% of them have direct connections to the Ministry’s network. iv. Meesho will offer free support to individual sellers for 100 products and to aggregators for 300 products, as well as training on cataloguing, order management, pricing, and business growth. v. Meesho currently offers zero commission fees on all products for Rural Livelihood Mission affiliate sellers. About the Ministry of Rural Development(MoRD): Union Minister- Giriraj Singh (Constituency- Begusarai, Bihar) Minister of State (MoS)- Faggan Singh Kulaste (Constituency- Mandla, Madhya Pradesh); Sadhvi Niranjan Jyoti (Constituency- Fatehpur, Uttar Pradesh) About Meesho: Chief Executive Officer (CEO)- Vidit Aatrey Headquarters- Bengaluru, Karnataka Establishment- 2015
NSE lists first Green Bonds issued by Indore Municipal CorporationThe Indore Municipal Corporation’s (IMC) Green Bonds have been listed on the National Stock Exchange (NSE), marking the first-ever green bond issue by a municipal corporation in India.
The public issue of IMC green bonds was subscribed 5.91 times the issue size.
This issue will provide momentum for the advancement of green financing and aid in India’s goal of moving towards clean and sustainable energy.
The Green bonds are debt securities designated to finance environment-friendly projects. Key Points: i.Municipal bonds provide an alternative means of financing for urban local bodies (ULBs), reducing dependence on Central and State Grants.
Most urban infra bonds can be categorized as green bonds since the proceeds are primarily directed towards energy, transport, water management, sewage treatment and energy-saving.
ii.Green municipal bonds attract specialized foreign investors who are experienced in sustainable financing with environmental, social and governance considerations. iii.There is an exponential increase in the global green bond market, which has now surpassed $2 trillion in cumulative green bond issuance.
From 2019 to 2022, Indian corporations, public sector undertakings (PSUs), and financial institutions have collectively issued green bonds totaling approximately $10.8 billion.
About National Stock Exchange (NSE): Managing Director & CEO– Ashishkumar Chauhan Headquartered– Mumbai, Maharashtra Establishment– 1992 (commenced operations as a stock exchange- 1994)
Gopalan Aerospace signs Joint Venture with Slovakian Firms to Develop Precision DronesGopalan Aerospace India Pvt Ltd signed a joint venture (JV) with Slovakia-based Magic Trading Corporation, Inc. (MTC), a self-regulatory organization (S.R.O), and DEFSYSTECH S.R.O for the development of precision drones in India.
The JV was signed by C Prabhakar, Director, Gopalan Aerospace and Peter Ostromecky, President of DEFSYSTECH S.R.O at Aero India 2023, Bengaluru, Karnataka.
Gopalan Aerospace Ties Up With Omnipol Group of Czech Republic For Passive Radars Gopalan Aerospace signed a joint venture with Omnipol Group, a partner of the Czech government institution and North Atlantic Treaty Organization (NATO) in the field of defence and security, to integrate Passive Radars for the Indian Defense Industry in border regions.
The agreement was signed by C Prabhakar and Podpera Jiri, President of Omnipol Group.
About Gopalan Aerospace India Pvt Ltd: Gopalan Aerospace is a fast-paced, innovative ISO 9001/AS 9100 Rev D 2015 certified, Aerospace components and composites design, development, and manufacturing company. Director- C Prabhakar Headquarters- Bengaluru, Karnataka
DPIFF Awards 2023: Ranbir Kapoor, Alia Bhatt, Vivek Agnihotri’s ‘The Kashmir Files’ won AwardsIndia’s only independent international film festival, Dadahaheb Phalke International Film Festival (DPIFF) 2023, held on February 20, 2023 in Mumbai, Maharashtra.
The winners of DPIFF Awards 2023 under different categories were announced to recognize the outstanding efforts by international and national personalities from cinema.
Bollywood actors Ranbir Kapoor and Alia Bhatt received awards in the Best Actor and Best Actress category for their performances in movies ‘Brahmastra: Part 1‘ and ‘Gangubai Kathiawadi.
Filmmaker SS Rajamouli’s Telugu Movie, ‘RRR’ received the Film of the year award and Filmmaker Vivek Agnihotri’s Hindi Movie ‘The Kashmir Files’ won the Best Film award.
About Dadasaheb Phalke International Film Festival (DPIFF): i.DPIFF, was founded in 2012 and established in 2016 to carry forward the legacy of Dhundiraj Govind Phalke, The Father of Indian Cinema.The Dadasaheb Phalke Award is India’s highest award in the field of cinema. ii.It is presented annually at the National Film Awards ceremony by the Directorate of Film Festivals, an organisation set up by the Ministry of Information and Broadcasting. Founder & MD – Anil Mishra CEO – Abhishek Mishra
13th Sansad Ratna Awards: 13MPs selected for Sansad Ratna Awards for 2023; T K Rangarajan selected Lifetime Achievement Award On 20th February 2023, the Jury Committee chaired by Arjun Ram Meghwal, Union Minister of State (MoS) for Parliamentary Affairs has nominated 13 members of Parliament (MP) : 5 from Rajya Sabha and 8 from Lok Sabha for Sansad Ratna Awards for 2023.
In addition, T K Rangarajan, Former Member of Parliament – Rajya Sabha for two terms and a Senior Communist Party of India (Marxist)(CPI-M) Leader has been nominated for the Dr APJ Abdul Kalam Lifetime Achievement Award.
2 Departmentally Related Standing Committees (DRSC) were also selected for the Sansad Ratna Awards under special awards category.
About Ministry of Parliamentary Affair: Union Minister- Pralhad Joshi (Constituency- Dharwad, Karnataka) Minister of State– Arjun Ram Meghwal(Constituency- Bikaner, Rajasthan) & V Muraleedharan (Rajya sabha – Maharashtra)
INS Nireekshak Receives On-the-Spot Unit Citation for Salvage OperationChief of the Naval Staff (CNS) Admiral R. Harikumar presented a “on the spot” unit citation to “Indian Naval Ship (INS) Nireekshak” at Kochi, Kerala, marking a first for the Indian Navy.
INS Nireekshak was honoured for deep water diving and salvage operations at a depth of 219 metres (m) in the Arabian Sea under the most difficult conditions.
This is the deepest salvage operation ever performed in Indian waters.
The CNS also awarded commendations to the crew involved in the salvage operation. INS Nireekshak i.INS Nireekshak is a dive support and submarine rescue vessel of the Indian Navy.
The ship was constructed in 1985 by Mazgaon Shipbuilders, entered Navy service in 1989, and was commissioned in 1995.
ii.It has participated in numerous diving operations and holds the record for the deepest dive performed in India, at a depth of 257 m. iii.INS Nireekshak recently paid tribute to the erstwhile INS Khukri off the coast of Gujarat by laying a wreath at 80 m depth. iv.During the Indo-Pakistan War in 1971, the Indian Navy frigate INS Khukri was sunk by three torpedoes fired by a Pakistani submarine.
Captain Mahendra Nath Mulla of the Indian Navy, who was the ship’s commanding officer at the time, was awarded the Mahavir Chakra (posthumously).
Justice Sanjaya Kumar Mishra became the 14th chief justice of Jharkhand High Court
On 20 February, 2023, Justice Sanjaya Kumar Mishra was sworn in as the 14th chief justice of the Jharkhand High Court.
After the superannuation of justice Ravi Ranjan on December 19, 2022, the post of the chief justice of the Jharkhand High Court became vacant.
On February 17, 2023, the Union Ministry of Law and Justice issued a notification regarding the appointment of justice Sanjaya Kumar Mishra as the chief justice of the Jharkhand high court.
Governor CP Radhakrishnan administered the oath of office to Sanjaya Kumar Mishra. Chief Secretary Sukhdev Singh read out the warrant of appointment issued by President Droupadi Murmu.
Chief Minister Hemant Soren, and several judges and senior government officials have participated in the swearing-in ceremony.
About Sanjaya Kumar Mishra: i.He hails from Odisha and completed LL.B (Bachelor of Law) from Law Faculty Delhi University in 1987. ii.He worked as District & Sessions Judge, Sundergarh, Dhenkanal, Special Judge (CBI), Bhubaneswar, Odisha and joined as Registrar General of Orissa High Court. iii.He was elevated as Judge of the Orissa High Court on October 7, 2009. iv.Later he assumed the charge of the office of Judge of the High Court of Uttarakhand and was appointed as the Acting Chief Justice on December 24, 2021 and held the office till June 28, 2022. Additional info: According to clause (1) Article 217 of the Constitution of India, Chief Justices of the High Courts are appointed by the President in consultation with the Chief Justice of India (CJI) and the Governor of the State.
ASSOCHAM appoints Sanjay Nayar as New Vice-President
On 21st February 2023, Associated Chambers of Commerce and Industry (ASSOCHAM), a non-governmental trade association, announced the appointment of Sanjay Nayar, a global financial markets expert, as its new Vice-President.
Sanjay Nayar is a prominent finance professional in the banking landscape in India and private equity sectors with almost 40 years of experience in both the domestic and international financial markets.
Currently, he serves as the Founder and Chairman of the Sorin Investment Fund, a fund for early-stage technology companies.
Sanjay Nayar also serves as a non-executive Director at the e-commerce company Nykaa founded by him and his wife Falguni Nayar.
He assists in a non-executive capacity in mergers and acquisitions activity as well as overseeing its expansion in the United Arab Emirates (UAE), the United Kingdom (UK), and the United States of America (USA).
He was recently also appointed as a non-official member of the Centre’s Board of Trade, representing the private sector.
Rajesh Rai appointed CMD of Indian Telephone Industries Ltd for 5 Years
On 20th February 2023, the Union Government approved the appointment of Rajesh Rai for the post of Chairman and Managing Director (CMD) of Indian Telephone Industries Limited (ITI Limited), a Public Sector Undertaking (PSU) under the Department of Telecommunication (DoT), for a period of 5 years with an immediate effect.
Rakesh Chandra Tiwari, Director of Marketing, has resigned from the additional charge as Chairman and Managing Director with effect from Feb 21, and will only serve as Director-Marketing.
Rajesh Rai has more than 30 years of rich experience in the Telecommunication industry.
Prior to ITI Limited, Rajesh Rai served as the General Manager of Mahanagar Telphone Nigam Limited (MTNL), Mumbai, Maharashtra.
He also held the prestigious post of Chief Technology Officer (CTO) of Mahanagar Telephone Mauritius Limited (MTML) in Mauritius for 12 years.
HAL gets ITSO approval from DGCA for Indigenously Developed “Black Boxes”
Hindustan Aeronautics Limited (HAL)has received the Indian Technical Standard Order (ITSO) authorisation from the Directorate General of Civil Aviation (DGCA) for its indigenously developed Cockpit Voice Recorder (CVR) and Flight Data Recorder (FDR), which is popularly known as “Black Boxes”.
The ITSO is a minimum performance standard for specified materials, parts, processes, and appliances used on civil aircraft.
Critical flight characteristics and audio environment are recorded using CVR and FDR and then used for the investigation of an aircraft incident or accident.
Horaglanis populi: New Catfish Species with no Eyes Discovered in Kerala
“Horaglanis populi”, a new species of catfish with no eyes and blood red body was discovered in Kerala by an Indo-German team of researchers, led by Rajeev Raghavan from the University of Kochi, Kerala and Neelesh Dahanukar from Shiv Nadar Institution of Eminence, Delhi-National Capital Region (NCR).
This marks the 4th Horaglanis species endemic to the southern Indian state of Kerala.
The discovery of Horaglanis populi is reported in a paper in the journal Vertebrate Zoology.
Note: The other 3 Horaglanis species endemic to Kerala are: Horaglais abdulkalami; Horaglanis alikunhii and Horaglaris Krishnai. Significance: i.Horaglanis populi belongs to Horaglanis, a genus of rarely-collected, tiny, blind, pigment less, and strictly aquifer-residing catfish. ii.Horaglanis populi has a blood-red body, four pairs of well-developed barbels, and measures less than 3.2 cm in length. iii.The fish is blind and pigmentless, and is genetically distinct from the 3 previously known Horaglanis species. iv.This species is considered to be at high risk of extinction. Naming: The species name populi, genitive of the Latin noun populus which means “people”, honours the contributions by the public of Kerala in documenting the biodiversity of subterranean and groundwater systems, including the discovery of this new species. Occurrence: i.The new species occurs in the lateritic aquifer systems in the Alappuzha and Pathanamthitta districts of Kerala. ii.The specimens were collected from the dug-out wells in the towns of Malapally, Edanadu, and Chengannur, and the nearby village of Thiruvanvandoor. Discovery: i.The biologists team conducted a series of workshops, focus group discussions, and informal conversations with communities at several sites over a period of 6 years. ii.The team generated data sets with a total of 47 new site detections and 65 new genetic sequences. iii.This highlights that Horaglanis are endemic to the part of Kerala state south of the Palghat Gap. The mountain pass represents a biogeographical barrier.
At present, around 289 fish species are known from Subterranean aquatic habitat and only around 10% of them lives in aquifers.
JP Nadda launches a Book “Modi: Shaping a Global order in flux”
On 22nd February 2023, JP Nadda, President of Bharatiya Janata Party (BJP), launched a book titled “Modi: Shaping a Global Order in Flux” in Chanakyapuri, New Delhi, Delhi.
The book was edited by Sujan Chinoy, Vijay Chauthaiwale, and Uttam Kumar Sinha; and the foreword was written by Dr S Jaishankar, Minister of External Affairs, Government of India.
The publisher of the book is Wisdom Tree.
World Thinking Day 2023 – February 22World Thinking Day (WTD) is annually observed across the globe on February 22 by Girl Scouts and Girl Guides in the 152 member organisations across the world. The day aims to collect money for the 10 million girl scouts and guides in over 150 countries to honour sisterhood, solidarity, and women’s empowerment.
The day is annually observed and organised by the World Association of Girl Guides and Girl Scouts (WAGGGS).
World Thinking Day 2023 is observed on 22nd February 2023 under the theme “Our World, Our Peaceful Future: The environment, peace, and security”. Background: i. In 1926, Girl Guides and Girl Scouts delegates from across the world met in the United States of America (USA) for the 4th World Conference and declare February 22 of every year as Thinking Day, a special day for the Girl Guides and Girl Scouts across the globe. ii. In 1999, at the 30th World Conference in Dublin, Ireland, delegates from across the globe decided to rename the day from Thinking Day to World Thinking Day. About the World Association of Girl Guides and Girl Scouts (WAGGGS): WAGGGS was formed at the 5th International Conference in Hungary in 1928. It is the world’s largest voluntary movement dedicated to girls and young women. Chief Executive Officer- Anna Segall Headquarters- London, the United Kingdom
India’s 1stMarine Spatial Planning Framework launched in PuducherryIndia’s first Marine Spatial Planning (MSP) Framework was launched in Puducherry as a part of a pact under the Indo-Norway Integrated Ocean Initiative.
Puducherry and Lakshadweep were chosen as coastlines to pilot the MSP initiative.
This follows the 2019 Memorandum of understanding (MoU) between India and Norway.
Aim: To achieve growth and sustainability in the management of ocean resources and preservation of coastal environments What is MSP? It is a process of allocating spaces in marine zones for human activities like economic purposes, ecological purposes, or social purposes. MSP is a spatial planning approach based on the principles of ecosystem management.
It involves analyzing existing and potential ocean and coastal activities to identify suitable areas.
About Framework: i.The framework includes ecosystem-based plans, integrated plans, area-based plans, strategic plans, and adaptive and participatory plans. ii.India’s Ministry of Earth Sciences (MoES) oversees the implementation of the MSP through National Centre for Coastal Research (NCCR), the National Centre for Sustainable Coastal Management, the Puducherry Coastal Zone Management Authority and Department of Science, Technology and Environment, Puducherry in collaboration with Norwegian Environment Agency. iii. Both sides will ensure the sustainable utilization of ocean resources, with the goal of fostering economic and social progress in coastal areas. iv.After successful implementation of pilot project in Lakshadweep and Puducherry, the framework can be replicated to other coastal regions of the country. About Puducherry: Chief Minister– Natesan Krishnasamy Rangasamy Lt. Governor– Tamilisai Soundararajan
Manipur CM presents FY24 Budget with Expenditure Proposal of Rs 35,022cri.On February 21, 2023, the Chief Minister (CM) of Manipur NongthombamBiren Singh who is also the minister in-charge of finance presented the Manipur state budget for 2023-24 with an expenditure proposal of Rs 35,022 crore out of the consolidated fund of the state. ii.The budget proposals focus on education, health, sports and agriculture. iii.This was the 3rd sitting of the 3rd session of the 12th Manipur Legislative Assembly which began on February 2, 2023. iv.The Gross State Domestic Product (GSDP) for 2023-24 is estimated at Rs 45,145 crore. v.It is proposed to launch the ‘College Fagathansi Mission’ to improve the infrastructure of government colleges. About Manipur: Governor – Ms. Anusuiya Uikey National Park – Sirohi National Park Wildlife Sanctuary – Yangoupokpi-Lokchao Wildlife Sanctuary
WB CM Mamata Banerjee Launched Apan Bangla Portal for Non-Resident BengalisOn the occasion of the International Mother Language Day(21st February 2023), West Bengal(WB) Chief Minister(CM) Mamata Banerjee launched Apan Bangla (Own Bengal) portal non-resident Bengalis residing in other Indian states and other countries to communicate with the WB government during emergency. Features of Apan Bangla postal: i.Apan Bangla postal will provide the non resident bengalis with a one-stop window to connect with the state government during emergency situations and to get updates about the recent developments in West Bengal. ii.This portal will also offer a platform for the non residents to virtually participate (online) in state organised programmes like business summit and cultural programmes. iii.They will also be able to access different forms of the state government for public services. iv.The portal will also have the option to give their valuable advice to the state government for improvement of services and facilities About West Bengal: Chief Minister– Mamata Banerjee Governor– CV Ananda Bose National Park– Buxa National Park; Gorumara National Park Wildlife Sanctuary– Jorpokhri Wildlife Sanctuary; Senchal Wildlife Sanctuary
Kerala HC became the First in India to Publish Judgements in Regional LanguageOn the occasion of International Mother Language Day (21st February 2023), the Kerala High Court (HC) published 2 of its recent judgments in and became the 1st HC in India to publish its judgments in the regional language.
The judgements passed by a division bench of Chief Justice S. Manikumar (WA 926/2016) and Justice Shaji P. Chaly (WA 1638/2022) in January 2023 were published in Malayalam on the High Court’s website.
Key Points: i. Since Chief Justice of India (CJI) D Y Chandrachud assumed office in November 2023, there has been a renewed push for the publication of High Court and Supreme Court decisions in regional languages. ii. On 2023 Republic Day, the supreme court also proposed to release 1,268 of its judgments in 13 Indian languages.
Translated Judgments in Supreme Court: 1,091 judgments had been translated to Hindi, 21 to Odia, 14 to Marathi, 4 to Assamese, 1 to Garo, 17 to Kannada, 1 to Khasi, 29 to Malayalam, three to Nepali, 4 to Punjabi, 52 to Tamil, 28 to Telugu and 3 to Urdu.
About Kerala: Chief Minister- Pinarayi Vijayan Governor- Arif Mohammed Khan National Park- Anamudi Shola National Park; Periyar National Park Wildlife Sanctuary- Chinnar Wildlife Sanctuary; Chimmony Wildlife Sanctuary
International ‘Khajuraho Dance Festival-2023’ Begins in Madhya PradeshThe Khajuraho Dance Festival-2023 (49th edition) began on February 20, 2023, at the world-famous tourist destination of Khajuraho in Madhya Pradesh.
Vishnu Dutt Sharma, the Bharatiya Janata Party (BJP) state president and Khajuraho MP (Member of Parliament), officially inaugurated the seven-day event, which will be held till February 26, 2023.
Key Points: i.The Khajuraho Dance Festival began in 1975.
Since then, it has been successfully organised by the Ustad Allauddin Khan Music and Arts Academy under the Department of Culture, Government of Madhya Pradesh.
ii.Khajuraho is home to an outstanding collection of temples that are part of a United Nations Educational, Scientific and Cultural Organization (UNESCO) World Heritage Site. iii.On this occasion, the Madhya Pradesh State ‘Rupankar Kala Puraskar 2023’ was presented to 10 artists from various fields.
The artists were awarded Rs. 51,000 in cash and certificates, and their works will be presented in the State Rupankar Kala Puraskar exhibition.
iv.On February 22–25, 2023, Khajuraho will host the first meeting of the G20 (Group of Twenty) Cultural Working Group (CWG). About Madhya Pradesh: Chief Minister – Shivraj Singh Chouhan Governor – Mangubhai Patel National Parks – Sanjay National Park; Kanha national park Wildlife Sanctuaries – Karera Wildlife Sanctuary; Ken Gharial Wildlife Sanctuary
Nitin Gadkari Laid Foundation Stone for World’s Largest Divyang Park – Anubhuti Inclusive Park in MaharashtraOn 20 February 2023, Union Minister for Road Transport and Highways, Nitin Gadkari, laid the Foundation Stone of the world’s largest and unique ‘Divyang Park – Anubhuti Inclusive Park’ in Nagpur, Maharashtra. About Divyang Park – Anubhuti Inclusive Park: Nitin Gadkari has mentioned Divyang Park – Anubhuti Inclusive Park as the world’s first inclusive disabled park.
The Ministry of Social Justice and Empowerment (MSJE), Government of India, has provided the provision of about Rs 12 crore for this park which has been built on 90,000 square feet.
The park will have facilities for all 21 types of disabilities, like a touch-and-smell garden, hydrotherapy unit, water therapy, and an independent room for mentally challenged children, and mother.
This park act as an initiative taken under the Rights of Persons with Disabilities Act, 2016 (RPWD Act).
Note:
Divyang is a Hindi word which means the one with a divine body part.
Prior to this persons with disabilities are referred to as viklang. The word viklang is Hindi for someone with non-functional body parts. Prime Minister Narendra Modi, uttered the word divyang and coined a new meaning for it.
About Rights of Persons with Disabilities Act, 2016 (RPWD Act): i.United Nations Convention on the Rights of Persons with Disabilities (UNCRPD) was formed on the 13th day of December, 2006. India signed the UNCRPD and subsequently ratified the same on 1st October, 2007. ii.RPWD Act was enacted in 2016 and came into force in 2017 to give effect to the UNCRPD. The act replace the Persons with Disabilities (Equal Opportunities, Protection of Rights and Full Participation) Act, 1995. iii.The act promotes and protects the rights and dignity of people with disabilities in educational, social, legal, economic, cultural and political spheres. iv.Types of disabilities: As of now 21 types of disabilities were included under the act Note – UN’s International Day of Persons with Disabilities (IDPD) is annually observed on December 3.
India, Uzbekistan 4thJoint Military Exercise ‘DUSTLIK 2023’ commences in UttarakhandA 14-day long India, Uzbekistan 4th Joint Military Exercise ‘DUSTLIK 2023’ between the Indian Army and Uzbekistan Army was commenced in Foreign Training Nodein Pithoragarh, Uttarakhand on February 20, 2023. It will culminate on March 5, 2023.
It is a biennial bilateral training Exercise.
Aim: i.To promote positive relations and interoperability between both the armies ii.To enhance military capability to undertake multi-domain operations in a Sub Conventional scenario under United Nations Mandate. Representors: Indian Army: 14th Battalion, The GARHWAL RIFLES, part of Western Command Uzbekistan Army: North Western Military District of Uzbekistan Army. Participants: 45 soldiers each from Uzbekistan and Indian Army Key Points: i.It will focus on joint counter-terrorist operations in mountainous and semi-urban scenario under the United Nations (UN) mandate. ii.This will include field training exercises, combat discussions, lectures, demonstrations and culminate with a validation exercise. iii.Both sides will jointly train, plan and execute a series of tactical drills for neutralisation of likely threats. iv.Training will be given to the soldiers on how to exploit new-generation equipment and technology for conducting joint operations. About DUSTLIK: The 1st Indo-Uzbekistan Joint Field Training Exercise “DUSTLIK-2019” was held in 2019 at Uzbekistan’s Chirchiq Training Area. It was focused on counter-insurgency and counter-terrorism operations (CI/CT Ops) in an urban scenario as well as the exchange of expertise on skills at arms.
The second edition of the exercise was held at the Foreign Training Node in Ranikhet, Uttarakhand in 2021 while 3rd edition was conducted at Yangiarik, Uzbekistan in 2022.
About Uzbekistan: Capital– Tashkent Currency– Uzbekistani Som President– Shavkat Mirziyoyev
India & Singapore Introduce Live Cross-Border UPI-PayNow ConnectivityThe Prime Minister (PM) of India, Narendra Modi, and the Prime Minister (PM) of Singapore, Lee Hsien Loong, took part in the virtual launch of real-time payment linkage between the Unified Payments Interface (UPI) of India and PayNow of Singapore.
The integration of UPI and PayNow marks a significant shift in India-Singapore relations.
Shaktikanta Das, Governor of the Reserve Bank of India (RBI), and Ravi Menon, Managing Director (MD) of the Monetary Authority of Singapore, launched the UPI-PayNow linkage. i.The PayNow-UPI linkage is India’s first and Singapore’s second cross-border real-time payment system linkage. ii.Singapore is the first country to introduce a cross-border person-to-person (P2P) payment service. About Republic of Singapore: Prime Minister – Lee Hsien Loong Capital – Singapore Currency – Singapore Dollar (SGD)
ONGC Videsh signed MoU with YPF SA, Argentina to enhance cooperation in the Energy Sector
ONGC Videsh Limited (OVL), a wholly-owned subsidiary and overseas arm of Oil and Natural Gas Corporation Limited (ONGC), has signed a Memorandum of Understanding (MoU) with YPF SA, Argentina to enhance cooperation in the areas of upstream oil and gas opportunity exploration and development, promote investment and cooperation, and forge closer ties between research and training centres.
The MoU was signed on the sidelines of the maiden India Energy Week 2023 being held in Bengaluru, Karnataka, by the Ministry of Petroleum & Natural Gas.
OVL currently has a stake in 32 oil & gas projects in 15 countries.
YPF S.A. is Argentina’s largest integrated energy company, 51% owned by the Argentine Government and 49% listed in the New York, United State of America (USA) and Buenos Aires stock exchanges, Argentina.
2023 GDCR – World’s First Comparison of Every State’s Physical Climate Risk; 9 Indian States Among World’s Top 50 Facing Climate RiskAccording to the “2023 Gross Domestic Climate Risk Assessment” released by Cross Dependency Initiative (XDI), 9 Indian states are among the world’s top 50 regions at risk of causing damage to the built environment as a result of climate change hazards.
The 9 states are Bihar (ranked 22), Uttar Pradesh (25th), Assam (28thg), Rajasthan (32nd), Tamil Nadu (36th), Maharashtra (38th), Gujarat (44th), Punjab (48th), and Kerala (50th).
This Gross Domestic Climate Risk Report (GDCR) is the first physical climate risk analysis to compare every state, province, and territory in the world with a specific emphasis on the built environment. i.Overall, the “globally significant states” of India, China, and the United States (US) are home to 80% of the world’s top 50 most vulnerable cities and economic centres. About the Cross Dependency Initiative (XDI): CEO – Rohan Hamden Founded – 2017 Headquarters – Sydney, NSW ( New South Wales), Australia
Banking mergers in India have been Beneficial to the Banking Sector: RBI paper As per the Reserve Bank of India (RBI) occasional paper Vol. 43, No.1, 2022 titled ‘Do Bank Mergers Improve Efficiency? The Indian Experience’, banking mergers in India have been, on an average, beneficial to the banking sector as the financial performance and efficiency of acquirers improved post-merger.
The paper is authored by Snehal S. Herwadkar, Shubham Gupta and Vaishnavi Chavan, Director, Department of Economic and Policy Research, RBI.
It has evaluated bank mergers in India since 1997 to gauge their impact on acquirers’ efficiency.
The views expressed in the paper are of the authors and do not necessarily reflect the views of the Reserve Bank of India. Assessment: The Findings of data envelopment analysis (DEA) are for the period 1997-2017. The study covered all registered Mergers and Acquisitions (M&As) in the Indian commercial banking industry, between 1997 and 2020.
The sample reduced to includes 17 merger cases during 1997- 2017 and five merger cases during 2019-2020.
Key Points: i.Most of the mergers amongst PVBs (private sector banks) were market-driven and those between PSBs (public sector banks) were government-led mergers. ii.The mean technical efficiency of acquirers increased from 90.88 in the pre-merger period to 93.80 three years post-merger, and 94.24 five years post-merger. iii.Factors that may have led to efficiency gains are post-merger geographical diversification and improvement in the share of interest income.
The impact was sharper in the medium term (-3 to +5 years period) as compared to the short-term (-1 to +1 years or -3 to +3 years period).
iv.Post-merger, banks were able to channelise higher share of deposits/assets into loans. v.There is also improvement in capital adequacy and NPA (Non Profit Asset) provisions measures post-merger as the combined entity has become relatively more resilient to financial risks. vi.Post-merger, banks have been able to cut some operating costs by consolidating bank branches/ATMs operating in the same area, etc. About Reserve Bank of India (RBI): i.The Reserve Bank of India was established on April 1, 1935, in accordance with the provisions of the RBI Act, 1934. ii.The Central Office of the Reserve Bank was initially established in Calcutta but was permanently moved to Mumbai in 1937. iii.Though originally privately owned, since nationalization in 1949, the Reserve Bank is fully owned by the Government of India.
SBI Mutual Fund launches SBI Dividend Yield FundSBI Mutual Fund announced the launch of SBI Dividend Yield Fund, an open-ended equity scheme that will invest at least a minimum of 65% of the assets into equity & equity related instruments predominantly into dividend yielding companies.
The new fund offer (NFO) is opened on February 20, 2023 and will close on March 6, 2023.
The first-tier benchmark of the fund is the NIFTY 500 TRI.
Objective: To provide investors with opportunities for capital appreciation and/or dividend distribution Key Points: i.The fund will hunt for investment opportunities in companies which may have relatively lower dividend yield currently but have been consistently demonstrated growth in their dividend pay-out. ii.It aims to achieve an aggregate dividend yield that is at least 50% higher than that of the Nifty 50 Index. iii.The scheme will consider dividend-paying stocks that have paid dividends or repurchased shares in at least one of the previous three fiscal years. iv.Investors who want regular income, can use the SWP (A) facility offered in this fund to plan regular tax efficient cash flows. About SBI Mutual Fund: MD & CEO– Shamsher Singh Headquarters– Mumbai, Maharashtra
BoM Launched its own Private Cloud Infrastructure Mahabank Nakshatra
Bank of Maharashtra (BoM) has launched its own private cloud infrastructure, Mahabank Nakshatra, to improve the performance of cloud capabilities of the bank’s digital infrastructure and hosting applications.
BoM’s own private cloud platform will strengthen asset monitoring mechanism via predictive machine learning model.
The Cloud platform will alert in advance whether a borrowal account will move into special mention account (SMA)-0 (principal or interest payment not overdue for more than 30 days). Thus the prior alert will reduce the potential stress accounts in retail, agriculture and MSME (Ministry of Micro, Small and Medium Enterprises) portfolios.
Initiatives undertaken by BoM: i.The bank has upgraded its mobile banking application version with enhanced UI/UX features for seamless customer experience. ii.A mobile app named Arjun (Automated Remote Junction for Monitoring of Assets Under Stress) was launched by the bank to provide a snapshot of stressed asset (SMA & Slippages) portfolio to bank staff and feat on street (FOT).
Analysis to identify the daily variation in stressed asset portfolio will also be given by the app alongwith recovery suggestions.
iii.The bank launched a legal case tracking software termed ‘Mykase’ to strengthen Recovery mechanism. The software will fetch all the cases in various courts of India which are online where BoM. iv.‘Pension slip facility’ was developed by the bank using Digi locker, which is a flagship initiative of Ministry of Electronics & IT (MeitY) under Digital India programme. v.The FASTag auto top-up facility of the bank will now enable its customers to set a Standing Instruction (SI) facility for their FASTag wallet. vi.The bank’s WhatsApp banking now include Credit Card with detailed account summary and transactions, pension slip for pensioners, account statement, health insurance etc., About Bank of Maharashtra (BoM): Establishment – 16 September 1935 Headquarters – Pune, Maharashtra Managing Director and CEO – A S Rajeev Tagline – Ek Parivaar, Ek Bank (One Family One Bank)
Kotak Mahindra Bank Launched a Banking Portal Kotak fynKotak Mahindra Bank Ltd (KMBL) launched an integrated banking portal named ‘Kotak fyn‘, to provide inclusive digital banking and value-added services to its business banking and corporate clients. Features of the Portal Kotak fyn:
Under the portal, services will be provided for all products, including trade & services, account services, payments, and collections.
It will offer the option to unify data across multiple product-specific portals and back-office systems to create a single view of transactions, positions and balances, enabling self-service and driving operational efficiency,
It will also assure paperless transactions and overcomes the need for multiple logins and disparate user interfaces, making all trade and service transactions seamless and easy for customers.
The corporate customers of the bank would have a superior banking experience through the portal as it has an innovative user interface with several industry-leading features.
About Kotak Mahindra Bank Ltd (KMBL): Establishment – 2003 Headquarters – Mumbai, Maharashtra MD & CEO – Uday Kotak Tagline – Let’s Make Money Simple
SBI Ecowrap pegs India’s Q3FY23 GDP growth at 4.6%As per the research report by the State Bank of India (SBI) Ecowrap, India’s Gross Domestic Product (GDP) growth for Q3 FY23 is estimated at 4.6%.
For the whole FY23, the GDP is estimated to grow between 6.8 and 7%.
Basis of Estimate: This estimate is based upon an in-house SBI Artificial Neural Network (ANN) model. ANN is a computational network model that has artificial neural networks like biological neurons that are linked to each other in various layers of the networks. These neurons are known as nodes.
The SBI ANN model has been developed with 30 high frequency indicators, and has been trained for the quarterly GDP data from Q4 2011 to Q4 2020.
Key Points: i.This Q3FY23 projection by SBI is higher than the 4.4% growth projected by Reserve Bank of India (RBI) and National Statistical office (NSO). ii.Notably India’s GDP grew at 0.7% and 5.4% in Q3 FY21 and Q3 FY22, respectively. iii.In Q1FY23 the growth has been pegged at 13.5%, and for Q2FY23, it was at 6.3%. iv.The corporate results, excluding BFSI (banking, financial services and insurance), for Q3 FY23 shows a decline in EBIDTA (earnings before interest, depreciation, tax and ammortisation) by 9% year-on-year (y-o-y) against 18% EBIDTA growth in Q3 FY22
Net sales grew by 15% in Q3 FY23.
BEML signed MoU with DMRC led SPV for Bahrain Metro Rail Project On 20th February 2023, BEML Limited(formerly Bharat Earth Movers Limited), a schedule ‘A’ company under the Ministry of Defence(MoD) signed a Memorandum of Understanding (MoU) with the Delhi Metro Rail Corporation (DMRC)-led Special Purpose Vehicle (SPV) for constructing the Bahrain Metro Rail Project Phase-1.
The project involves the construction of a 30 kilometer (Km) network with 20 stations.
Signatories: Saleem Ahmed, Executive Director (Last Mile Connectivity), Delhi Metro and DS Ganesh, General Manager (Marketing), BEML signed the MoU in the presence of Vikas Kumar, Managing Director (MD) of DMRC, and Amit Banerjee, Chairman and Managing Director(CMD), BEML. Note: The DMRC has qualified for the pre-qualification tender process for an international consultancy project to construct the Phase-1 of the Bahrain Metro Project. Features of the MoU: i.Under this MoU, BEML will manufacture and supply Metro rolling stock and DMRC will provide expertise in the fields of project development, budgeting, and facilitation of contractual obligations for the phase-1 of the Bahrain Metro Project. ii.The MoU will enable BEML to utilise its manufacturing expertise and technological resources and expand globally and optimise business processes for Metro Rolling Stock used in urban transportation. Other projects of Delhi Metro:
Previously, Delhi Metro has qualified in the pre bid process for constructing the Tel Aviv Metro Project in Israel.
It is also in process of bidding for other international projects like Alexandria in Egypt, Ho Chi Minh in Vietnam, and Mauritius.
At present Delhi Metro is engaged in the construction of Dhaka Metro in Bangladesh as consultant.
About BEML Limited: BEML Limited was established in May 1964 as a Public Sector Undertaking(PSU) for Rail Coaches & Spare Parts and Mining equipment. BEML operates under 3 major business verticals: Defence & Aerospace, Mining & Construction and Rail & Metro. Chairman and Managing Director(CMD)– Amit Banerjee Headquarters– Bengaluru, Karnataka
Karnataka Bank wins ‘Prathista Puraskar-Digidhan Award’ from MeitY
Karnataka Bank Limited was awarded “Prathista Puraskar” under ‘Digidhan Awards 2021-22’ by the Ministry of Electronics and Information Technology (MeitY), Government of India (GoI), for achieving the target with the highest percentage in Bharat Interface for Money-Unified Payments Interface (BHIM-UPI) transactions in Private Sector Bank category.
Gokuldas Pai, Chief Business Officer and Jagadeesh K S, Deputy General Manager of Delhi-Region, received the award from Ashwini Vaishnaw, Minister for Electronics & Information Technology, Communications and Railways, in a function held at New Delhi, Delhi.
The bank, known as “KBL-NxT”, is currently undertaking an accelerated digital drive under its transformation journey “KBL VIKAAS 2.0.”
GoI Appoints BVR Subrahmanyam as NITI Aayog CEO; Incumbent CEO Iyer Moves to World BankThe Government of India (GoI) has approved the appointment of former Commerce Secretary BVR Subrahmanyam (56 years old) as the new Chief Executive Officer (CEO) of NITI Aayog (National Institution for Transforming India).
The Appointments Committee of the Cabinet has approved Subrahmanyam’s appointment for a period of 2 years from the date of assumption of the charge of the post.
Subrahmanyam will succeed incumbent CEO ParameswaranIyer, who will join the World Bank (WB) as Executive Director in Washington, DC, United States (US) for a 3-year term. About BVR Subrahmanyam i.BVR Subrahmanyam is a 1987 batch Indian Administrative Service (IAS) officer from the Chhattisgarh cadre. ii.Subrahmanyam was named Chairman and Managing Director (CMD) of the India Trade Promotion Organization (ITPO) in 2022 on a contract basis for a period of two years following his retirement on September 30, 2022. iii.He was Additional Chief Secretary (Home) in Chhattisgarh before being deputed to Jammu and Kashmir (J&K) as Chief Secretary when the state proclaimed Governor’s Rule in June 2022. iv.From 2004 to 2008, he served as a private secretary to former Prime Minister (PM) Manmohan Singh. v.After serving at the World Bank, he rejoined the Prime Minister’s Office (PMO) under Narendra Modi between 2012 and 2015. About ParameswaranIyer i.Parameswaran Iyer, the current CEO of NITI Aayog, is a retired 1981-batch IAS officer of Uttar Pradesh cadre.
In July 2022, he was appointed CEO of NITI Aayog for a 3-year term.
ii.As appointed to the World Bank (WB), Parameswaran Iyer will take over for Rajesh Khullar, a 1988-batch IAS official who has been repatriated to his home cadre of Haryana. iii.Iyer voluntarily retired from the IAS in 2009 to join the WB as the global lead for strategic initiatives in the water and sanitation sector. iv.Between 2016 to 2020, he was the Secretary to the Ministry of Drinking Water and Sanitation in New Delhi, where he oversaw the implementation of India’s flagship initiative, the USD 20 billion Swachh Bharat Mission (SBM). About NITI Aayog (National Institution for Transforming India): Chairperson – Prime Minister of India (Narendra Modi) Vice Chairperson – Suman Bery Establishment – 2015 Headquarters – New Delhi, Delhi
UN appoints Indo-Canadian Afshan Khan Coordinator for SUN Movement
On 20th February 2023, United Nations (UN) Secretary-General Antonio Guterres announced the appointment of Indo-Canadian Afshan Khan as Coordinator of the Scaling Up Nutrition (SUN) Movement. She will coordinate the implementation of the SUN movement through its 3rd phase (2021-2025).
Afshan Khan will succeed Gerda Verburg of the Netherlands.
Currently, she serves as United Nations Children’s Fund (UNICEF)’s Regional Director for Eastern Europe and Central Asia. Key Points: i. Afshan Khan will coordinate the implementation of the SUN Movement through its 3rd phase (2021-2025). ii. She will lead the SUN Movement Secretariat and manage the network of SUN Government Focal Points, stakeholders, and supporters. iii. As the coordinator of the SUN movement, she will work to ensure the execution of the SUN strategy at the global level by building partnerships, and galvanizing engagement and commitment to end malnutrition in all its forms. SUN Movement: i. The Scaling Up Nutrition (SUN) Movement, which is led by 65 Countries and 4 Indian States (Maharashtra, Jharkhand, Madhya Pradesh and Uttar Pradesh), is a country-driven initiative with an aim of eradicating all types of malnutrition by 2030. ii. It is a renewed initiative to end all forms of malnutrition, based on the principle that everyone has a right to food and good nutrition. iii. It works to achieve sustainable and equitable reductions in malnutrition and nutrition justice for all. About Afshan Khan: i. Afshan Khan was born in Hyderabad, Telangana, India and has both Canadian and United Kingdom (UK) citizenship. ii. She worked as a consultant to the Canadian International Development Agency between 1984 and 1986. iii. She started her work for UNICEF in Mozambique in 1989. iv. Since Afshan Khan also served as the Chief Executive Officer (CEO) of Women for Women International from 2012-2014.
HAL extends C B Ananthakrishnan Tenure as CMD for Six Months
On 20th February 2022, the Appointments Committee of the Cabinet (ACC) have approved to extend the tenure of C B Ananthakrishnan, Director (Finance) of Hindustan Aeronautics Limited (HAL), as Chairman and Managing Director (CMD) (additional charge) for a period of 6 months with effect from 1st February 2023.
He assumed additional charge of the post of CMD following the superannuation of R Madhavan as CMD of HAL on 31st July 2022.
HAL is an aerospace and defence company under the Ministry of Defence, Government of India headquartered in Bengaluru, Karnataka.
Ranji Trophy 2022-2023: Saurashtra won their 2nd Ranji Trophy title defeating BengalSaurashtra cricket team won the Mastercard Ranji Trophy 2022-2023 defeating Bengal cricket team(West Bengal) by 9 wickets in the finals of held in Eden Gardens in Kolkata, West Bengal.
This marks Saurashtra’s 2nd Ranji Trophy Title. Saurashtra won their maiden Ranji Trophy in 2020.
Mastercard Ranji Trophy 2022-2023 was the 88th season of the Ranji Trophy, the premier first-class cricket tournament in India.
Ranji Trophy 2022-23 was held from 13th December 2022 to 19th February 2023
Note: Saurashtra cricket team is one of the three first-class cricket teams based in Gujarat. The others 2 teams are Baroda and Gujarat. Captains: Saurashtra: Jaydev Unadkat Bengal: Manoj Tiwary Awards – Ranji Trophy 2022-2023: Jaydev Unadkat, captain of Saurashtra, was declared Man of the Match (finals) for his impressive performance. Arpit Vasavada, a middle-order batsman for Saurashtra, was adjudged the Player of the Series for his consistent run in this Ranji season(2022-2023). Prize Money: Ranji Trophy winning team receives a coveted trophy and Rs 2 crore in prize money. Player of the Series: Rs 10 lakhs Player of the Match: Rs 25000 About Ranji Trophy: i. Ranji Trophy was founded by the Board of Control for Cricket in India(BCCI) in 1935. ii. The Ranji Trophy is named after one of India’s first test cricketers, Ranjitsinhji, who played for England and Sussex. iii. It is annually organised across various grounds and stadiums in India. iv. The inaugural edition of the Ranji Trophy was played in the 1934-35 season with Mumbai (Bombay), Maharashtra. Note: Mumbai (Bombay) dominates the Ranji Trophy by winning the tournament 41 times. After Mumbai, Karnataka have won the most Ranji Trophies (8) followed by Delhi (7) and Baroda (5).
Indian Chess Player N.R. Vignesh from TN Becomes India’s 80th Chess GrandmasterIndian Chess Player N.R. Vignesh (25-year-old), from Chennai, Tamil Nadu (TN), became India’s 80th Grandmaster (GM) after defeating International Master (IM) Ilja Schneider of Germany at NordWest Cup 2023 (24th edition) at Bad Zwischenahn in Germany which was held from 26th January 2023 to 29th January 2023.
He became the Grandmaster after crossing 2500 in the live ratings.
N.R. Vignesh also became the 29th Grandmaster hailing from Tamil Nadu(TN).
M Pranesh from TN became India’s 79th GM in January 2023 after winning the Rilton Cup 2022/2023 in Stockholm, Sweden. Note: N.R. Visakh, elder brother of Grandmaster N.R. Vignesh, became had become India’s 59th GM in 2019.
Visakh and Vignesh became India’s first pair of siblings (brothers) to hold the title of Grandmaster.
About N.R. Vignesh: i. N.R. Vignesh become an International Master in chess in 2015. He is ranked 767th in FIDE (Fédération Internationale des Échecs or International Chess Federation) World Rank (Active Players). ii.His GM-Norms: 1st GM-norm: At Qatar Masters in 2015; 2nd GM-norm: At 24th Abu Dhabi Masters in 2017; 3rd GM-norm: At 1st Gujarat GM Open 2018; and 4th GM-norm: At Asian Continental 2019 at Xingtai, China. Highlights: i. After becoming GM, N.R. Vignesh returned to India to play for Railways Sports Promotion Board (RSPB) A at MPL 42nd Indian Team Chess Championship Open 2023, a 9-round swiss team tournament, held from 10 to 16 February 2023 in Pollachi, Coimbatore, Tamil Nadu. ii. IM Vignesh N R remained undefeated for the 2nd consecutive year for RSPB A.
Former Gujarat Governor & Veteran BJP Leader Om Prakash Kohli Passed Away On 20th February 2023, Om Prakash Kohli (O P Kohli), former Governor of Gujarat (2014-2019) and Veteran Bharatiya Janata Party (BJP) leader, passed away in Noida, Uttar Pradesh (UP), at the age of 87. He was born on 9th August 1935 in Delhi. About Om Prakash Kohli: i. O. P. Kohli was a lecturer at Hansraj College (Delhi) and Deshbandhu College, University of Delhi, for over 37 years. ii. O. P. Kohli began his political career as a Rashtriya Swayamsevak Sangh volunteer. He then held several positions with the Akhil Bharatiya Vidyarthi Parishad (ABVP), the Delhi University Students Union, and the Delhi University Teachers Association. iii. In 1991, he served as the President of the Delhi BJP, where he held the position for 3 terms. As a member of the BJP national executive, he oversaw the organisational charge of Jammu and Kashmir (J&K), Himachal Pradesh, Chandigarh, Punjab, and Haryana. iv. He served as a Member of Parliament (MP) – Rajya Sabha (representing Delhi) from 1994 to 2000. v. O. P. Kohli served as the 19th Governor of Gujarat between 2014 and 2019.
He also held the additional charge of the office of the Governor of Madhya Pradesh along with Gujarat from 2016 to 2018 and also held the additional charge as the Governor of Goa for 3 weeks in 2014.
International Mother Language Day 2023 – February 21United Nations (UN)’s International Mother Language Day (IMLD) is annually observed across the globe on February 21 to promote linguistic and cultural diversity, as well as multilingualism.
21st February 2023 marks the observance of the 24th edition of IMLD.
The theme of International Mother Language Day 2023 is “Multilingual education – a necessity to transform education”. Aim: To preserve traditional knowledge and cultures through sustainable methods and support multilingualism in societies. Background: i. International Mother Language Day was established on the initiative of Bangladesh. ii. In 1999, the United Nations Educational, Scientific and Cultural Organization (UNESCO) General Conference approved the observance of February 21 as the IMLD and has been observed worldwide since 2000. iii. The United Nations General Assembly (UNGA) adopted the resolution A/RES/56/262, titled Multilingualism, on 9th April 2002 and formally recognized February 21 of every year as International Mother Language Day. About the United Nations Educational, Scientific and Cultural Organization (UNESCO): Director-General- Audrey Azoulay Headquarters- Paris, France Establishment- 1945 (came into force in 1946) Members- 193 Members and 11 Associate Members.
Ganeshi Lal, Governor of Odisha, launched “Ama KrushAI”, India’s first Artificial Intelligence (AI)-powered ChatBot for the agriculture sector, at the valedictory session of ‘Krushi Odisha 2023’. It is designed to help farmers access agronomic practices, government schemes, and loan products from more than 40 commercial and cooperative banks.
The ChatBot will run under a pilot project involving more than 10,000 farmers and will be implemented in full-fledged in the next two months.
Ama KrushAI is created using Bhashini (a language interpretation platform) and the ChatGPT system by the Indian Institute Of Technology–Madras (IIT Madras).
Krushi Odisha 2023: Three-day event under the theme “Emerging Technologies in Agriculture”, organised by Odisha’s Agriculture and Farmers’ Empowerment department in collaboration with the Federation of Indian Chambers of Commerce & Industry (FICCI) to promote farm mechanisation and enhancement in farmers’ income. More than 20,000 farmers and agri-entrepreneurs from across Odisha.
Aero India 2023 (14th Edition) Held in Bengaluru, Karnataka – Feb 13- 17, 2023The 14th edition of “Aero India 2023,” a biennial event highlighting India’s indigenous defence capabilities, was launched by Prime Minister (PM) Narendra Modi, who also released a commemorative stamp on the occasion.
The five-day event took place at Air Force Station Yehlanka in Bengaluru, Karnataka, from February 13 – 17, 2023.
The theme of the event was “The runway to a billion opportunities.”
The event was organized by the Department of Defence Production of the Indian Ministry of Defence (MoD) in Bengaluru.
The major exhibitors of Aero India 2023 include Airbus, Boeing, Dassault Aviation, Lockheed Martin, Israel Aerospace Industry, BrahMos Aerospace, Army Aviation, HC Robotics, SAAB, Safran, Rolls Royce, Larsen & Toubro, Bharat Forge Limited, Hindustan Aeronautics Limited (HAL), Bharat Electronics Limited (BEL), Bharat Dynamics Limited (BDL) and BEML Limited.
Aim: To encourage the export of indigenous aircraft such the Light Combat Aircraft (LCA)-Tejas, HTT-40, Dornier Light Utility Helicopter (LUH), Light Combat Helicopter (LCH), and Advanced Light Helicopter (ALH).
Rajnath Singh launches 9th Defence India Start-up Challenge on ‘Cybersecurity’ Union Minister Rajnath Singh, MoD, launched the 9th edition of the Defence India Startup Challenges (DISC 9) on “Cybersecurity” at the “Startup Manthan” at Aero India 2023.
12 Cheetahs from South Africa released into enclosures at Kuno National ParkOn February 18, 2023, Madhya Pradesh (MP) Chief Minister (CM) Shivraj Singh Chouhan released 12 cheetahs into the Kuno National Park (KNP) in Sheopur, MP. The cheetahs include 7 males and 5 females from South Africa (SA). While 8 cheetahs were put up in separate quarantine enclosures, 4 others were kept in two bomas in pairs.
Now, the total number of Cheetahs in KNP or India has increased to 20.
KNP is situated on the northern side of Vidhyachal mountains and is spread across more than 700 square km.
The Cheetah, Acinonyxjubatus, is the world’s fastest mammal. The average life span of a South African cheetah was 8-10 years. Key Points: i.This move comes after five months (September 17, 2022) when the first batch of 8 cheetahs arrived in KNP from Namibia.
The cheetahs from Namibia, 5 females and 3 males, are currently in hunting enclosures at the park before their full release into the wild.
ii.The eldest of the 12 cheetahs to be housed in the KNP is an eight-years-and-three-month-old male, while the youngest is a female which has completed two years and four months, iii.The CM was accompanied by Union Minister BhupenderYadav, Ministry of Environment, Forests and Climate Change (MoEF&CC); Union Minister Narendra Singh Tomar, Ministry of Agriculture & Farmers Welfare (MoA&FW); and Union Minister JyotiradityaScindia, Ministry of Civil Aviation (MoCA). Background: The Indian and South African governments signed a Memorandum of Understanding (MoU) on January 26, 2023 to translocate more than 100 cheetahs to India over the next decade. The terms of the MoU will be reviewed every five years to ensure it remains relevant.
The last cheetah in India was killed in Koria district of present-day Chhattisgarh in 1947, and the species was declared extinct in 1952.
This multi-disciplinary international programme is being coordinated by the Department of Forestry, Fisheries and the Environment (DFFE), the Department of International Relations and Cooperation (DIRCO) in collaboration with the South African National Biodiversity Institute (SANBI), South African National Parks (SANParks), The Cheetah Metapopulation Initiative, the Faculty of Veterinary Science of the University of Pretoria and the Endangered Wildlife Trust (EWT) in South Africa together with the MoEF&CC, the High Commission of India, the National Tiger Conservation Authority (NTCA) and the Wildlife Institute of India (WII) and Madhya Pradesh Forest Department.
GHAVP: North India’s 1st Nuclear Plant to be set up in HaryanaUnion Minister of State (Independent Charge) Science & Technology and the Atomic Energy and Space, Jitendra Singh mentioned about upcoming installation of North India’s 1st Nuclear Plant ‘Gorakhpur Haryana Anu Vidyut Pariyojana’ (GHAVP) near Gorakhpur village in Fatehabad, Haryana.
GHAVP’s two units of 700 MWe capacity each of Pressurised Heavy Water Reactor (PHWR) indigenous design is under implementation.
Out of the total allocated funds of Rs 20,594 Crore an amount of Rs 4,906 Crore has been spent so far. Thus as of the date, the total financial progress is 23.8%.
Background: i.Jitendra Singh has stated about approval given by the centre for the installation of 10 nuclear reactors. ii.In June 2017 approval was granted for the construction of 10 indigenously developed Pressurised Heavy-Water Reactors (PHWRs) of 700 MegaWatts (MW) each with a total cost of Rs 1.05 Lakh crore.
Kaiga Atomic Power Plant, Karnataka, Gorakhpur Haryana Anu Vidyut Praiyonjan, Chutka Madhya Pradesh Atomic Power Project, Mahi Banswara Rajasthan Atomic Power Projects were planned for construction.
iii.To fulfil India’s all energy needs, the department of atomic energy has also been given permission to form joint ventures with Public Sector Undertakings (PSUs) for resources to open up atomic energy plants. In Progress: Main Plant buildings and structures like the fire water Pump House (FWPH), Safety Related Pump House (SRPH), Fuel Oil storage area-1&2 (FOSA-1&2), Ventilation stack, overhead tank (OHT), Switchyard Control Building, Safety related and Non-safety related Tunnel and Trenches, Retaining walls and Garland Drain are under construction.
Govt. forms Panel led by Cabinet Secretary Rajiv Gauba to Monitor Mission Karmayogi
Central Government (Govt) has formed a 12-member Cabinet Secretariat Coordination Unit (CSCU) panel headed by Cabinet Secretary Rajiv Gauba to monitor the implementation of the government’s National Programme for Civil Services Capacity Building (NPCSCB) or Mission Karmayogi for training government employees. Key Points: i.Members of the CSCU include a nominee of Prime Minister’s Office (PMO), secretary (Coordination), cabinet secretariat, DoPT (Department of Personnel and Training) secretary, home secretary, expenditure secretary, Environment, Forest & Climate Change secretary, Higher Education secretary and revenue secretary. ii.Chief Executive Officer of Karmayogi Bharat and secretary of Capacity Building Commission will be the permanent invitees to the panel, Additional Secretary/Joint Secretary (Training), DoPT will be the Member Secretary. iii.The CSCU will monitor the implementation of NPCSCB, oversees the formulation of the National Capacity Building Plan (NCBP) and place it for approval of the Prime Minister’s Human Resource Council (PMHRC), and periodically monitor the implementation of Annual Capacity Building Plans. iv.The meeting of CSCU was planned to be convened quarterly or as and when deemed appropriate. Initiatives under iGOTKarmayogi Platform: i.As per the latest update, a total of 3,13,367 learners have been onboarded with 5 million learning minutes on the iGOT (Integrated Government Online Training) Karmayogi platform. ii.As many as 341 courses have been published by 1,532 ministries/departments and their organisations as of January 2023, on the iGOT Karmayogi digital learning platform. iii.A ‘Karmayogi Talks Series’ was also launched by Karmayogi Bharat, as a forum for all learners on iGOT Karmayogi to engage and interact with renowned experts/professionals across the government, industry and private entities.
India & Nepal inks Pact to Rise 200 MW to Dhalkebar-Muzaffarpur Transmission LineIndia and Nepal have signed an agreement to increase the power import and export capacity through the Dhalkebar-Muzaffarpur transmission line by 200 MW, increasing it from 600 megawatts (MW) to 800 MW.
The agreement between India and Nepal was signed on On 18th February 2023, during the 10th India Nepal Energy Secretary-level Joint Steering Committee (JSC) meeting in Mount Abu, Rajasthan.
10th India Nepal Energy Secretary-level JSC meeting: i. The Meeting was co-chaired by Madhu Prasad Bhetwal, Joint Secretary Ministry of Energy, Water Resources and Irrigation, Nepal and Alok Kumar, Secretary of the Ministry of Electricity, India. ii. During the 10th meeting of Nepal India Energy Secretary-level JSC, the power of existing, projected, and under-construction transmission lines, Arun Third hydroelectric power, was discussed along with related transmission line projects and international power export and import. Features of the agreement: i. The agreement was made to increase the capacity to import & export electricity through the 400 KV Dhalkebar-Muzaffarpur transmission line by 200 MW (600 MW-800 MW). ii. It has also been agreed to set up the necessary mechanisms to use the existing 132 KV transmission line to export electricity from Nepal to Bihar throughout the rainy season. iii. India and Nepal concurred that the 400 KV new Butwal-Gorakhpur transmission line, the second international transmission line, should be completed by March 2025. iv. Also, it was decided to construct two more 400 KV international transmission lines between the two nations, namely the Inaruwa-Poornia transmission line by 2027/28 and the New Lamki-Bareli transmission line by 2028/29. v. India has granted permission for Nepal to export 50 MW of power to Bangladesh through India under export-import guidelines if a specific proposal is submitted. Additional Information: i. An agreement to import and export 70 to 80 MW of electricity from Tanakpur-Mahendranagar 132 KV (kilovolt) power transmission was also signed between the two sides. ii. It has also been agreed to set up the necessary mechanisms to export power from Nepal to Bihar during the rainy season through the existing 132 KV transmission line. Dhalkebar-Muzaffarpur transmission line: In 2016, the 140 km Muzaffarpur-Dalkebar power transmission line was launched by Prime Minister (PM) Narendra Modi and his then-Nepalese counterpart KP Sharma Oli.
By then, an agreement was signed to import and export 70 to 80 MW of electricity from Tanakpur-Mahebdranagar’s 132 KV power transmission.
About Nepal: President- Bidhya Devi Bhandari Prime Minister- Pushpa Kamal Dahal Capital- Kathmandu Currency- Nepalese Rupee
World’s Highest Weather Station Rebuilt on Mount EverestThe World’s Highest Weather Station, which was installed by the National Geographic Society (NatGeo), has been rebuilt on Mount Everest after it was destroyed due to hurricane-force winds on Mt Everest.
A team of scientists and Sherpa have again placed its new version atop Mt Everest.
The group has been led by Tenzing Gyalzen Sherpa, a 31-year-old electrician and mountain guide.
Installation of the World’s Highest Weather Station: i. According to the Guinness World Records report, the team of mountaineers and scientists of NatGeo installed a record-breaking weather station in 2022 at an altitude of 8,810 metres (28,904 ft); just 39 metres (128 ft) below Everest’s summit.
It was installed to automatically measure various meteorological phenomena.
ii. The station will be fully operated by NatGeo till 2025 before transferring the technology to the Nepal Government in 2026. Key Points: i. As part of National Geographic and Rolex’s “Return to Everest Expedition” in May 2022, the crew began reinstalling the world’s highest meteorological station. ii. Twelve additional Sherpas helped Tenzing, Matthews, and Perry rebuild the weather station on the highest mountain in the world. iii. The old weather station, which was about 400 metres lower than the current one, was situated on Everest’s “Balcony”.
It was notable for being the first terrestrial weather station to be positioned over 8,000 metres.
iv. The highest weather station needed to be rebuilt because the data it was gathering could impact the lives of 1.6 billion people who depend on the area’s freshwater supply. v. The team began cleaning the damaged Balcony’s weather station in May 2022 and assembling its updated version together.
On 9 May 2022, in the chilly winter at -40°C (-40°F), the team arrived at Bishop Rock carrying several weather station components.
NDDB Mrida Ltd. signs MoU with Sistema.bio & unveils “Gobar Se Samriddhi” programme
NDDB Mrida Ltd., a wholly-owned subsidiary company of the National Dairy Development Board (NDDB), signed a Memorandum of Understanding (MoU) with Sistema.bio, India’s leading biogas company, and launched the “Gobar Se Samriddhi” programme in Anand, Gujarat.
The agreement is signed to collaborate with smallholder dairy farmers and offers sustainable waste-to-energy solutions and creates opportunities for farmers to earn additional income.
Meenesh Shah, Chairman of the NDDB and NDDB Mrida Ltd. and Piyush Sohani, Managing Director (MD) of Sistema.bio India graced the occasion.
As per the agreement, in the initial phase, 15,000 biogas plants will be installed by the bio company for the farmers in Surat, Kolhapur, and Pune.
Currently, around 370 farmers have installed biogas plants in Jankharia, Anand, Gujarat.
The plan is to reach out to more than 25,000 farmers with biogas plants in 2023, with a vision to serve 3,00,000 dairy farms in the coming 2-3 years.
Note: At present, 40,000 farmers use biodigesters developed by Sistema.bio to create value from waste.
Union Minister Parshottam Rupala launches Sagar Parikrama Phase-III from Hazira Port in Gujarat
Parshottam Rupala, Union Minister of Fisheries, Animal Husbandry and Dairying, launched the Sagar Parikrama Phase-III from Hazira Port in Gujarat, and proceeds towards the coastal line of Maharashtra at Satpati, Vasai, Versova, and Parikrama will end at Sasson Dock, Mumbai.
The main objectives of Sagar Parikrama are to promote responsible fisheries, save marine ecosystems, disseminate information about the various fisheries-related government schemes and programmes, and show solidarity with all fishermen and concerned stakeholders.
The 3rd phase focuses on finding a sustainable balance between using marine fisheries resources to support coastal fishing communities’ livelihoods and India’s food security.
It also aims to close gaps between fishing communities and safeguard maritime ecosystems.
Bank of Maharashtra tops list of PSBs in Loan GrowthAs per an analysis of the latest financial results of Public Sector Banks (PSBs), Pune (Maharashtra) based Bank of Maharashtra (BoM) tops the list of Public Sector Banks (PSBs) in terms of loan growth percentage for the third quarter of FY23/Q3FY23.
It shows a growth of 21.67% in gross advances year-on-year (y-o-y) in Q3FY23.
BoM is followed by Union Bank with a growth rate of 19.80% in advances.
Highlights: i.PSBs had a robust profit growth of 65% at Rs 29,175 crore during Q3FY23, with BoM emerging as the top performer in terms of percentage growth in profit. It recorded a 139% jump in profit at Rs 775 crore.
BoM was followed by UCO Bank which posted a profit of Rs 653 crore.
ii.The State Bank of India (SBI) with a growth rate of 16.91% YoY in lending platforms held the 4th spot. However, in value terms, SBI’s total loan book is at Rs 26,47,205 crore, which is more than 17 times higher than BOM’s lending book of Rs 1,56,962 crore. Key Points: i.BoM has maintained the top slot in credit growth in percentage terms consistently for the past 10 quarters despite COVID-19 pressures. ii.In terms of Retail-Agriculture-MSME (RAM) loans, BoM attained the highest growth of 19.18%, followed by Punjab & Sind Bank with a growth rate of 19.07%, and Bank of Baroda (BoB) with a growth of 18.85% on an annual basis. iii.In terms of asset quality, BoM and SBI were in the lowest quartile w.r.t. non-performing assets (NPAs) and net NPAs. iv.As of December 31, 2022, BoM and SBI’s gross NPA were at 2.94% and 3.14% respectively.
Their net NPAs stood at 0.47% and 0.77%.
v.With regard to deposit growth,BoB topped the charts among PSBs with a growth rate of 14.50%, followed by Union Bank of India which recorded an upside of 13.48% year-on-year. BoM was in the third spot in terms of deposit growth. vi.In terms of total business growth, Union Bank of India recorded the highest growth of 16.07% during Q3FY23. It was followed by BoM with 15.77% rise, and BoB with 15.23%. vii.With regard to Capital Adequacy Ratio (CAR), BoM recorded 17.53%, the highest among PSBs, followed by Canara Bank at 16.72% and Indian Bank at 15.74% as on December 31, 2022.
UAE-India Business Council launched the UAE chapter to Boost Bilateral Trade & InvestmentOn 18th February 2023, UAE-India Business Council-UAE Chapter (UIBC-UC) was launched to boost Bilateral Trade and Investment between India and UAE, commemorating the 1st anniversary of the India-UAE Comprehensive Economic Partnership Agreement (CEPA) to strengthen economic ties and to make it easier to achieve the shared goal of enhancing bilateral trade and investment.
UIBC-UC was launched by Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, in the presence of Sunjay Sudhir, the Ambassador of India to the UAE, Aman Puri, Consul General of India in Dubai, and founding members of the UBIC-UC.
The 2 countries aim to increase bilateral trade to USD 100 billion and attract USD 75 billion in investment from the UAE to India.
Leadership: i. Chairman of UIBC-UC- Faizal Edavalath Kottikollon (Chairman of KEF Holdings) ii. Co-Chairman of UIBC-UC- Rizwan Soomar (Chief Executive Officer (CEO) & Managing Director (MD) (India Subcontinent) at DP World). Major General (Retd.) Sharafuddin Sharaf, Chairman of the UIBC India Chapter, will also hold the position of Vice Chairman of UIBC-UC.
UNICEF India appoints Bollywood Actor Ayushmann Khurrana as National Ambassador
On 18th February 2023, United Nations Children’s Fund (UNICEF) India announced the appointment of Ayushmann Khurrana, a National Award-winning Bollywood Actor, as a National Ambassador.
Ayushmann Khurrana joins hands with UNICEF to support ensuring the rights of every child to survive, thrive, and be protected as well as promoting their voice and agency in decisions that concern them.
In 2020, he was appointed UNICEF India’s Celebrity Advocate to advocate for ending violence against children and the broader child rights agenda.
He made active participation in international observance of Children, women, child labour and more.
Note: Global, Regional and National Ambassadors are among the most recognizable faces of UNICEF.
ISRO’s Chandrayaan-3 successfully undergoes EMI/EMC TestAs per the Indian Space Research Organisation (ISRO), between January 31 and February 2, 2023, the ‘Chandrayaan-3’ lander has successfully underwent the Electro-Magnetic Interference/Electro-Magnetic Compatibility (EMI/EMC) test at the U R Rao Satellite (URSC) Centre in Bengaluru, Karnataka.
The performance of the systems was satisfactory.
What is EMI/EMC test? It is conducted for satellite missions to ensure the functionality of the satellite subsystems in the space environment and their compatibility with the expected electromagnetic levels. About Chandrayaan-3: i.Chandrayaan-3 interplanetary mission has the following three major modules:
Propulsion module
Lander module and Rover
Mission’s complexity calls for establishing radio-frequency (RF) communication links between the modules.
ii.It is a follow-on mission to Chandrayaan-2 to demonstrate end-to-end capability in safe landing and roving on the lunar surface. iii.It will be launched by GSLV MkIII from Satish Dhawan Space Centre (SDSC), Sriharikota, Andhra Pradesh, tentatively in June 2023. iv.The propulsion module has Spectro-polarimetry of Habitable Planet Earth (SHAPE) payload to study the spectral and polarimetric measurements of Earth from the lunar orbit. v.The Lander payloads has Chandra’s Surface Thermophysical Experiment (ChaSTE) to measure the thermal conductivity and temperature. vi.The Rover payloads has Alpha Particle X-ray Spectrometer (APXS) and Laser Induced Breakdown Spectroscope (LIBS) for deriving the elemental composition in the vicinity of landing site.
Dr APJ Abdul Kalam Satellite Launch Vehicle Mission 2023: India’s 1st hybrid Sounding Rocket made by Students Launched On February 19, 2023, India’s 1st hybrid sounding rocket made by school students from various states as part of ‘Dr APJ Abdul Kalam Satellite Launch Vehicle Mission 2023’ was launched from Pattipulam Village in Chengalpattu, Tamilnadu in the presence of Tamilisai Soundararajan, Governor of Telangana and Lieutenant Governor of Puducherry. Key Points: i.The project “Dr. APJ Abdul Kalam Satellite Launch Vehicle Mission 2023” was formed by Dr.APJ Abdul Kalam International Foundation- House of Kalam, Rameswaram in association with the Space Zone India, Chennai and Martin Charitable Trust. ii.Around 5000 students from colleges and schools (from Grades VI to XII) across the country were involved in the project. The team included 200 from the fishermen community in Tamil Nadu and Pondicherry, 100 students from tribal communities across India, and 60 from Tamil Nadu. iii.Top 100 students were selected under the project which enabled them for designing and developing 150 PICO Satellites research experiment cubes that contained different payloads
Those 150 PICO satellites were launched through the sounding Rocket from Pattipulam village.
The rocket can be used for research in weather, atmospheric conditions and radiation.
Selected students also learnt more about Science, Technology, Engineering, and Mathematics (STEM).
100 Femto satellites: The current project is the continuation of “Dr. APJ Abdul Kalam Space Research Payload Cubes Challenge 2021” a project which involved 1347 students from schools who were given training through virtual classes and also hands-on training for designing and developing 100 Femto satellites.
Those 100 Femto satellites were launched through a single high-altitude scientific balloon from Rameswaram, Tamil Nadu on 7th February 2021.
Note – Dr. APJ Abdul Kalam International Foundation (AKIF) was launched on 11th October 2015 to fulfil his dreams of transforming India.
Delhi Metro Launches first-ever Indigenously Developed Automatic Train Supervision SystemIndia’s first-ever Indigenous Automatic Train Supervision System (i-ATS) was launched in February 2023 for operations on the Delhi Metro’s 1st corridor Red Line (Rithala to Shaheed Sthal) from the Operations Control Centre (OCC) in Shastri Park by Manoj Joshi, Secretary of Union Ministry of Housing and Urban Affairs, and Chairman of Delhi Metro Rail Corporation (DMRC).
It has been developed by a joint team of DMRC and Bharat Electronics Limited (BEL), under the government of India’s ‘Make in India’ and ‘Aatmanirbhar Bharat’ initiatives for metro rail transit systems.
DMRC stated about the launch of India’s first virtual shopping app for the metro, ‘Momentum 2.0’, which will allow users to make a variety of purchases and schedule a variety of services.
It includes features such as instant recharge of Delhi Metro’s smart cards and smart payment options for other utility services.
The app includes features for e-shopping options with a variety of goods and the ‘brick & click’ store experience will enable shopping for groceries and other essential items at the metro stations.
About Delhi Metro Rail Corporation (DMRC) Headquarters – New Delhi Establishment – 1995 Chairman – Manoj Joshi Managing Director – Vikas Kumar
Rolls-Royce Marine North America signed MoU with KSSL for naval marine propulsorsRolls-Royce Marine North America Inc, a subsidiary of Rolls-Royce North America Inc,, has signed a memorandum of understanding (MoU) with Kalyani Strategic Systems (KSSL), a 100% subsidiary of Bharat Forge limited, to indigenously develop niche naval propulsion technologies and products for the Indian Navy.
This partnership of Rolls Royce with KSSL will strengthen its defence ecosystem in India.
Note: Rolls-Royce North America Inc is a subsidiary of multinational corporation Rolls-Royce plc. Features of the MoU: i.The MoU aims to enable the creation of a local supply chain ecosystem in India for controllable pitch propellers and shafting. ii.Under this MoU, the KSSL will explore the options to become an in-country provider for propulsor sales within the Indian market. iii.This also includes, design and development; licensed manufacturing; pre-sales and sales support; installation, commissioning, testing; and aftermarket services and support.
Indian team won Bronze at Badminton Asia Mixed Team Championship 2023 in DubaiThe 3rd edition of Badminton Asia Mixed Team Championships 2023/Tong Yun Kai Cup 2023 (official and sponsored title: Blue Ocean Badminton Asia Mixed Team Championship Dubai 2023) was held from February 14-19, 2023 at Dubai Exhibition Centre in Dubai, United Arab Emirates (UAE).
The championship was won by China with Gold medal by defeating South Korea with 3-1.
With this, South Korea stood at 2nd position with Silver medal.
The 3rd position or Bronze medal was shared by India and Thailand.
Participants: 17 teams representing all five regions in Asia Organizers: Badminton Asia and United Arab Emirates Badminton Federation. Official shuttle: Li-Ning G900 Key Points: i.India faced a 2-3 defeat against China in the semifinals. ii.This is a continental badminton tournament to crown the best mixed national badminton teams in Asia.
Balipa Narayana Bhagawatha, a legendary Yakshagana playback singer, passed away on 16th February 2023 in Moodbidri, Karnataka. He was born on 13 March 1938 in Kasaragod, Kerala.
Balipa Narayana Bhagawatha was known as the “Bheeshma” of Tenku Thittu school of Yakshagana.
He was known for the “Balipa style” of singing with his rich voice. He inherited the style from his grandfather who was also Balipa Narayana Bhagawatha
He had performed in Kateel Yakshagna Mela alone for over four decades.
Balipa Narayana Bhagawatha was the recipient of the State-level Kannada Rajyotsava Award and the prestigious Parthi Subba Award instituted by Karnataka Yakshagana Academy.
World Day of Social Justice 2023 -February 20United Nations (UN)’s World Day of Social Justice is annually observed across the globe on February 20 to raise a voice against social injustice.
The day also aims to eradicate poverty, physical discrimination, gender inequalities, religious discrimination and illiteracy, and create a socially integrated society by bringing together diverse communities worldwide.
World Day of Social Justice 2023 was observed on 20th February 2023 under the theme “Overcoming Barriers and Unleashing Opportunities for Social Justice”. Background: i. The United Nations General Assembly (UNGA) adopted the resolution A/RES/62/10 on 26th November 2007 and proclaimed February 20 of every year, starting from the 63rd session of UNGA (September 2008 to September 2009), as World Day of Social Justice. ii. The 1st ever World Day of Social Justice was observed on 20th February 2009. About the International Labour Organisation (ILO): Director-General- Gilbert Fossoun Houngbo Headquarters- Geneva, Switzerland Establishment- 1919 Members- 187 Member States
Financial Literacy Week 2023 – 13 to 17 February 2023Reserve Bank of India (RBI) is annually observing the Financial Literacy Week (FLW) to create awareness about the importance of financial literacy to address demand side barriers and enable customers to make better financial decisions. The Financial Literacy Week 2023 was observed from 13th to 17th February 2023.
The theme of FLW 2023 is “Good Financial Behaviour, Your Saviour”.
Significance of FLW 2023: FLW 2023 aims to create awareness about financial education messages on relevant themes including “Micro, Small and Medium Enterprises (MSMEs)”, “Credit Discipline and Credit from Formal Institutions” and “Digital Financial Literacy” and others. Background: In April 2017, the Reserve Bank of India (RBI) decided to observe one week in a year as ‘Financial Literacy Week’ to emphasise the importance of financial literacy.
The Financial Literacy Week 2017 was observed from 5th to 9th June 2017.
Wadhwani AI signs MoU with KSDA to promote the welfare of Farmers across Karnataka
Wadhwani Institute for Artificial Intelligence (Wadhwani AI) has signed a Memorandum of Understanding with the Karnataka State Department of Agriculture (KSDA) to improve farmers’ welfare across Karnataka using AI-powered solutions.
Under this partnership, the KSDA and Wadhwani AI will explore opportunities for the scaled deployment of Wadhwani AI’s AI-powered early pest warning and advice solution for cotton and other crops.
Wadhwani AI will also conduct capacity-building programmes for ministry personnel on the responsible use of AI and its application to improve agriculture systems in Karnataka and strive to ensure the KSDA is AI-ready.
Note: The Wadhwani Institute for Artificial Intelligence was inaugurated in 2018 by Narendra Modi, Prime Minister of India.
MoTA Minister Arjun Munda launches CSS ‘Marketing and Logistics Development for Promotion of Tribal Products from NER‘ in Manipur i.On April 18, 2023, Union Minister Arjun Munda, Ministry of Tribal Affairs (MoTA) launched MoTA’s new Central Sector Scheme (CSS) namely ‘Marketing and Logistics Development for Promotion of Tribal Products from North -Eastern Region (PTP-NER)’ during a function at Auditorium of Manipur State Film Development Society (MSFDS) in Imphal, Manipur. ii.The outlay of scheme is ∼ Rs 143 Crore iii.It aims to strengthen livelihood opportunities for NER’s artisans from Scheduled Tribes (STs) through increased efficiency in procurement, logistics and marketing of tribal products from North Eastern states. About Manipur: Governor– Anusuiya Uikey Zoological Park– Manipur Zoological Garden Airport– Imphal Airport (also called Bir Tikendrajit International Airport or Tulihal Airport)
India’s target of blending 20% ethanol in petrol advanced from 2030 to 2025-26On April 18, 2023, the Government of India (GoI) advanced its target to achieve 20 percent ethanol blending in petrol from 2030 to 2025-26.
As per the Union Minister – Ministry of Petroleum and Natural Gas (MoP&NG), Hardeep Singh Puri in the Global CBG (Compressed BioGas) Conference of the Indian Federation of Green Energy (IFGE) – CBG Producers Forum, the GoI has notified the National Policy on Biofuels, 2018 to increase the usage of biofuels in the energy and transportation sectors of the country.
The GoI has set a target to increase the share of gas in the energy mix up to 15 per cent in 2030 to make India a Gas based economy.
Production of Compressed BioGas: i. Production of indigenous biofuels will play a pivotal role in achieving the targets of net zero and import reduction. ii. The ethanol blending in petrol has been increased from 1.53 per cent in 2013-14 to 10.17 per cent in July 2022.
This translates into forex savings of Rs 41,500 crore, timely payment of over Rs 40,600 crore to farmers and a reduction of 27 lakh tones in CO2 emissions.
iii. The objectives of the Programme include reducing import dependence, savings in foreign exchange, providing boost to domestic agriculture sector and for associated environmental benefits. Note: At present we are importing around 50 percent of our requirement of natural gas. India has a target to set up 5000 commercial plants by 2024- 25 and produce 15 MMT (Methylcyclopentadienyl manganese tricarbonyl) of CBG which would replace other gaseous fuels being used in the country. About Ethanol blending: i. In ethanol blending, a blended motor fuel containing ethyl alcohol derived from agricultural products is blended with petrol. ii. Ethanol blended petrol has higher octane number than petrol thereby aiding in complete combustion and reduced vehicular emissions.
Ethanol is a biofuel, naturally produced by the fermentation of sugars by yeasts or by petrochemical processes like ethylene hydration.
NTPC & Chempolis India signs MoU for Setting Up Bamboo-Based Bio-Refinery at Bongaigaon
On 10th April 2023, NTPC Limited (formerly known as National Thermal Power Corporation Limited), the largest power-generating utility in India, and Chempolis India Private Limited, a Fortum group associate company and a leading Finnish bio-refining technology provider, signed a Memorandum of Understanding (MoU) to explore the feasibility of setting up a Bamboo-based Bio-Refinery in Bongaigaon, Assam.
The MoU was signed in presence of Dilip Kumar Patel, Director (HR) of NTPC, Ashok Kumar Kalra, Director (HR) of Engineers India Limited (EIL), and Markus Alholm, President & Chief Executive Officer (CEO) of Chempolis.
Chempolis will work with NTPC to conduct the feasibility study for the project that would use bamboo for the manufacturing of 2G Ethanol, Bio-Coal for thermal power plants, and other value-added goods.
The proposed Bio-Refinery is planned as an integration project with NTPC Bongaigaon Power Plant.
The Bio-Coal produced by the Bio-Refinery shall partly replace coal in the power plant, effectively converting 5% of the generation of the power plant to green.
World’s Wealthiest Cities Report 2023 released by Henley & Partners; New York topsi.The investment migration firm Henley & Partners released its annual ‘World’s Wealthiest Cities Report 2023‘ which is again topped by New York, United States (US) with 340,000 millionaires, 724 centi-millionaires, and 58 billionaires in 2022. ii.New York followed by Tokyo (Japan), California’s Bay Area (US), London (United Kingdom) and Singapore. iii.The annual survey looked at 97 cities in 9 regions around the world viz. Africa, Australasia, CIS (Commonwealth of Independent States), East Asia, Europe, the Middle East, North America, South Asia, and Southeast Asia. iv.The list also featured Mumbai (Maharashtra) at 21st rank with 59,400 millionaires, 238 Centi-millionaires, and 29 Billionaires. About Henley & Partners: Chief Executive Officer– Dr. Juerg Steffen Headquarters– London, UK
Highlights of EAM S Jaishankar’s Visit to Uganda, Ethiopia, & MozambiqueUnion minister Subrahmanyam Jaishankar, Ministry of External Affairs (MEA) visited African nations – Uganda, Ethiopia and Mozambique for 6 days from April 10 to 15, 2023 to strengthen India’s bilateral relationship with the countries. Key Points: i.Launch of Tulsi Ghat Restoration Project:
During his visit to Kampala, Uganda, the External Affairs Minister (EAM), S. Jaishankar launched the ‘Tulsi Ghat Restoration Project‘ of Varanasi (Uttar Pradesh), a project funded by the Indian community of Uganda.
ii.Inauguratin of NFSU’s Uganda Campus:
EAM inaugurated the first foreign campus of India’s National Forensic Sciences University (NFSU) in Jinja, Uganda.
Notably, the inauguration of NFSU’s Uganda campus marks the first government University of India to open a campus anywhere abroad in the world.
iii.Rides ‘Made in India’ train in Mozambique: EAM rode a ‘Made in India’ train (procured under an Indian Line of Credit (LoC)) from Maputo to Machava in Mozambique. iv.Inaugurated Buzi Bridge in Mozambique: He also virtually inaugurated the Buzi Bridge constructed as part of the 132 km Tica-Buzi-Nova-Sofala Road project. The bridge is being constructed by India through Indian LoC. About Ministry of External Affairs(MEA) Union Minister – Subrahmanyam Jaishankar (Rajya Sabha Gujarat) Minister of State (MoS) – VMuraleedharan; Meenakashi Lekhi ; Dr. Rajkumar Ranjan Singh
UNFPA’s SOWP 2023: India’s population pegged at 142.8 crore, becomes World’s most populous nationAccording to the State of World Population (SOWP) 2023 titled “8 Billion Lives, Infinite Possibilities: the case for Rights and Choices” published by the United Nations Population Fund (UNFPA), India overtakes China to become the most populous nation in the world, the population of India has grown by 1.56% in the past year and it is estimated to be 142.86 crore.
The population of China is estimated to be 142.57 crore.
Global population: In November 2022, the global population has crossed the 8 billion mark. Experts states that the population growth is not as rapid as it was and the growth is at its slowest rate since 1950. About United Nations Population Fund (UNFPA): United Nations Population Fund (UNFPA), formerly the United Nations Fund for Population Activities, is the United Nations sexual and reproductive health agency. Executive Director– Natalia Kanem Headquarters– New York, United States of America(USA)
RBL Bank launches Unique Digital FD Scheme for New-to-Bank CustomersOn April 18, 2023, RBL Bank launched an innovative Digital Fixed Deposit (FD) Scheme available to new-to-bank customers. Customers can book the Digital FD within minutes without having to visit a branch or opening a savings account with the Bank.
It has an interest rate of up to 7.8 per cent and a term of 15 months to 725 days.
Key Points: i.It will offer several additional benefits, such as embedded insurance cover, seamless savings account opening process, ability to track and manage FD digitally, etc. ii.The FD holders can opt for insurance cover under a Hospital Daily Cash Benefit policy which offers daily cash benefit for hospital expenses. iii.The Digital FD utilizes quick online KYC (Know Your Customer) process, making it easy and hassle-free for customers to open an FD within minutes. About RBL Bank: Managing Director & CEO– R Subramaniakumar Headquarters– Mumbai, Maharashtra Tagline– Apno Ka Bank
IBA Constituted 4-Member Working Group on ARCsThe Indian Banks’ Association (IBA) has constituted a four-member working group on Asset Reconstruction Companies (ARCs) which will operate on various issues and report them to the IBA, the RBI (Reserve Bank of India) and the Union government. The four-member of the working group include
Tarun Kumar, Director, Encore Asset Reconstruction Company.
About Asset Reconstruction Companies (ARCs): It is a financial institution (FI) that buys the NPAs (Non-Performing Assets) or bad loans from banks and FI and helps them to recover from the NPAs. They are registered under RBI and regulated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest (SARFAESI) Act, 2002. About Indian Banks’ Association (IBA): Chief Executive – Sunil Mehta; Chairman – Atul Kumar Goel (MD & CEO of Punjab national Bank) Headquarters – Mumbai, Maharashtra Establishment – 1946
SIB introduces 2 Savings Accounts for NRIs – SIB SEAFARER & SIB PULSEOn April 18, 2023, South Indian Bank (SIB) launched two flexible saving products namely, SIB SEAFARER and SIB PULSE for its non-resident Indian (NRI) customers specifically for mariners and healthcare professionals.
The two saving products would enable the NRIs to either maintain the term deposits or the prescribed minimum balance in the saving account.
Features of SIB Seafarer & SIB PULSE :
Free and unlimited Debit card transactions, NEFT (National Electronic Funds Transfer)/ RTGS & DD / PO.
Free International Debit card, SMS & Internet banking services.
About South Indian Bank Ltd. MD&CEO – Murali Ramakrishnan Headquarters – Thrissur, Kerala Tagline – Experience Next Generation Banking
SBI Board Approves to Raise USD 2 Billion Via Long-Term Debt
On 18th April 2023, the State Bank of India (SBI), a public sector lender, in its Executive Committee of the Central Board, approved to examine the status and decide on long-term fund-raising in single or multiple trenches up to USD 2 billion (about Rs 16,000 crore) under Reg-S/144A, through Public Offer and/or private placement of senior unsecured notes in USD or other convertible currency during FY2023-2024. SBI will raise USD 2 billion through foreign currency bonds in 2023-2024 in single or multiple tranches.
SBI will utilise the fund for augmenting additional Tier 1 capital and the overall capital base, and for strengthening capital adequacy according to Reserve Bank of India (RBI) guidelines.
In March 2023, SBI raised Rs 3,717 crore through an additional tier 1 bond sale.
According to SBI, this is the 3rd Basel III compliant additional tier 1 (AT1) bond sale and the latest issue was closed at a coupon rate of 8.25%.
IIT Roorkee signs MoU with Taiwan’s NCDR to Develop Tech Solutions for Earthquakes & Floods
The Indian Institute of Technology Roorkee (IIT Roorkee), Uttarakhand, signed a Memorandum of Understanding (MoU) with the National Science and Technology Centre for Disaster Reduction (NCDR), Taiwan, to develop technology solutions to natural hazards, including earthquakes, landslides, floods, debris flow, and compound disasters. The agreement was signed during a visit by NCDR scientists and faculty members, as well as NCDR director Dr Hongey Chen.
The MoU aims to develop scientific and academic cooperation and scientific research to promote relations and mutual understanding between NCDR and the Centre of Excellence in Disaster Mitigation and Management (CoEDMM) of IIT Roorkee.
The researchers from IIT Roorkee and NCDR aim to co-establish an early warning sensor network equipped with P-Alert sensors at selected locations in Uttarakhand.
Hurun’s Global Unicorn Index 2023: BYJU’s, Swiggy & Dream11 Named India’s top UnicornsAccording to the Global Unicorn Index 2023 published by Hurun Research Institute, India is ranked 3rd on the index with 68 unicorns (up 14 compared to 2022). Online educator BYJU’S worth USD 22 billion topped the list of Indian Uniocrons, followed by on-demand delivery start-up Swiggy and fantasy sports platform travel-stay finder Dream11 (USD 8 billion each).
The United States of America(USA) topped the index with 666 unicorns, up 179 compared to 2022, followed by China in 2nd spot with 316 unicorns (up 15).
BYJU’S is the only Indian Unicorn among the list of the top 10 biggest rises in valuation since pre-Covid.
Tata Steel becomes Steel Sustainability Champion 2023 for sixth consecutive yearTata Steel has been recognised as 2023 Steel Sustainability Champion by the World Steel Association and the announcement was made at the Worldsteel Special General Meeting of the Board of Members held in Vienna, Austria.
Recognised for the sixth consecutive year this year, Tata Steel has been a champion every year since the programme’s launch in 2018.
This prestigious award highlights Tata Steel’s commitment to sustainability and acknowledges its position as a world-class steel producer.
Evaluations:
The Steel Sustainability Champions recognition is based on evaluations of data provided on various sustainability indicators, like material efficiency, environmental management systems, lost time injury frequency rate, employee training, investment in new processes and products, and economic value distributed.
Companies are also required to provide Life Cycle Inventory (LCI) data to worldsteel’s data collection programme, which covers more than 60 percent of its crude steel production data and is less than five years old.
Other Recognitions: i. Tata Steel was recognised as 2022 ‘Supplier Engagement Leader’ by CDP (Carbon Disclosure Project), a global environmental non-profit charity, for its efforts in measuring and reducing environmental risks across its supply chain.
This achievement marks the third time in the last four years that the Company has been rated at the highest level by its suppliers.
ii. The company’s Noamundi and Joda East Iron Mines received a 5-Star rating for sustainable development for 2021-22 from the Indian Bureau of Mines (IBM).
The Noamundi mine received the honour in 2015-16, 2016-17, 2017-18, 2018-19 and 2019-20 as well.
About Tata Steel Company: Asia’s first integrated private steel company in India. Founded in: 25 August 1907, in Jamshedpur, Jharkhand Headquarters: Mumbai, Maharashtra CEO & MD: T. V. Narendran
Colorado (United States of America-USA)-based Biofire Technologies, a gun-making company, has unveiled the world’s 1st smart gun “Biofire Smart Gun”, a 9mm handgun secured by fingerprint and facial recognition biometrics. The smart gun can only be fired after verifying the shooter’s identity with fingerprint/biometric and facial recognition technology.
A 9mm handgun is designed to prevent unauthorised access and usage by individuals such as children and criminals.
It makes use of advanced technology that limits access to only the owner and individuals who have been properly authorised by the owner.
Kai Kloepfer, the founder of Biofire, has the goal of lowering the suicide rate in the USA as well as the number of children dying from accidental firing.
World Liver Day 2023 – April 19World Liver Day is annually observed across the globe on April 19 to raise awareness about the importance of liver health and educate people on how to maintain a healthy liver. The day provides an opportunity to educate people about the risk factors for liver diseases, such as alcohol consumption, obesity, viral hepatitis, and certain medications.
World Liver Day 2023 was observed on 19th April 2023 under the theme “Be Vigilant, Do Regular Liver Check-Up, Fatty Liver Can Affect Anyone”.
Note: WHO annually observes 28th July as World Hepatitis Day to mark the birthday of Nobel-prize-winning scientist Dr Baruch Blumberg, who discovered the Hepatitis B virus (HBV) and developed a diagnostic test and vaccine for the virus.
TNeGA signs MoU with Indian Bank for Payment Aggregator Services
On 18th April 2023, the Tamil Nadu e-Governance Agency (TNeGA), a State Nodal Agency under the Information Technology and Digital Service (IT&DS) Department, Government of Tamil Nadu(TN), signed a Memorandum of Understanding (MoU) with the public sector Indian Bank for integrating Payment Aggregator for e-Governance Application of various department in Tamil Nadu (TN).
The MoU was signed in the presence of T. Mano Thangaraj, Minister for IT&DS Tamil Nadu, and Mahesh Kumar Bajaj, Executive Director of Indian Bank.
Key Highlights: i. With this MoU, all government departments now have access to a plug-and-play platform for their payment-related needs. ii. The Indian Bank Payment Aggregator platform services will offer timely and cost-effective solutions to departments as well as provide citizens and businesses with a seamless payment experience. iii. This MoU would support one of the top priorities of the TN government by enabling easy access, transparency, and quick service delivery. iv. The bank’s payment aggregator service will serve as a one-stop solution for all payment collection needs for different departments in the TN government.
This payment aggregator solution platform enables an integrated payment mechanism for online payment and collection through aggregation and reconciliation services with multiple payment channels such as debit/credit cards, UPI payment wallets, net banking, e-challans, and e-UPI.
About Indian Bank: Managing Director (MD) & Chief Executive Officer (CEO)- Shanti Lal Jain Headquarters- Chennai, Tamil Nadu Establishment- 15 August 1907
Sabarimala Greenfield Airport Project gets Site Clearance from MoCA
The Ministry of Civil Aviation (MoCA) has granted site clearance for the Sabarimala Greenfield Airport project at Kottayam in Kerala, which aims to enhance infrastructure and connectivity to Sabarimala.
The Kerala State Industrial Development Corporation (KSIC) has proposed the project, which is expected to be built on 2,250 acres of land using a Public-Private Partnership (PPP) model, with an estimated cost of Rs 4,000 crore.
The airport will have a runway length of at least 3.5 kilometres on the 08/26 alignment.
Once completed, the airport will become the 5th International Airport in Kerala.
India Acquires Weapons Worth USD 300 Million from US for Indian NavyIndia is set to clear the proposal to acquire armaments worth over USD 300 million from the United States of America(USA) to arm the Indian Navy’s MH 60 “Romeo” chopper, the multi-role helicopters which will enhance its capabilities to counter enemy warships and submarines. Under this, the fleet of 24 choppers will get additional Hellfire missiles and Mk 54 lightweight torpedoes.
The Hellfire missiles are a potent anti-shipping weapon and can be used to take down the targets like tanks, and command posts.
Mk 54 lightweight torpedoes are a very effective anti-submarine weapon. They are also equipped onboard the P8I maritime aircraft.
Note:The negotiation for the USD 300 million deal will be concluded under the Foreign Military Sales route. Background: i.India signed an agreement to procure 24 MH 60 Romeo naval multi-role helicopter worth USD 2 billion(over Rs 16000 crore) from Lockheed Martin in February 2020. ii.Under the original contract signed with the USA, a limited amount of armaments. The 24 MH-60 Romeos were equipped with multi-mode radars and night-vision devices as well as armed with missiles, torpedoes and other precision-guided weaponry. iii.The delivery of all 24 anti-submarine helicopters are expected to be completed by 2025. iv.The first batch of MH 60 Romeos were delivered in 2022 at Kochi, Kerala and has been acquired to fill a critical capability gap in the Indian Navy. v.The MH-60 which can operate from frigates, destroyers, cruisers and aircraft carriers, are going to replace Sea King choppers. About Indian Navy: Chief of the Naval Staff– Admiral R Hari Kumar Headquarters– New Delhi, Delhi
Indian Navy conducts offshore security exercise ‘Prasthan‘ in MumbaiOn April 6th 2023, Indian Navy conducted the offshore security exercise Prasthan, a bi-annual co-ordinated exercise along with other defence, state and civilian agencies on the Greatdrill Chaaya platform about 30 nautical miles South West of Mumbai harbour, Maharashtra.
The exercise is held every six months, to verify the policies and methods for handling potential emergencies on oil production platforms.
The previous ‘Prasthan’ exercise was conducted on October 11 and 12 2022 in the Krishna Godavari Basin Offshore Development Area (ODA) under the aegis of Headquarters, Eastern Naval Command, Vishakapatnam in Andhra Pradesh.
About Prasthan exercise:
It ensures offshore security and aims to integrate the efforts of all maritime stakeholders involved in offshore defence.
Actions were taken throughout the simulation to prepare for several situations, including an oil platform fire, a man overboard, an oil spill in the area, helicopter emergencies, a hazardous gas leak, assisting a disabled vessel in the offshore area and medical evacuation of the platform crew.
A number of ships and helicopters from the Indian Navy, Indian Air Force, Indian Coast Guard, ONGC (Oil and Natural Gas Corporation) and Directorate General of Shipping were deployed for the exercise.
Personnel from Maharashtra Police, Customs, Fisheries Department, Mumbai Port Authority, JN (Jawaharlal Nehru) Port Authority and other concerned state and central civilian agencies also participated in it.
Union Minister Giriraj Singh launches ‘Sangathan se Samriddhi’ Campaign to Bring Marginalised Rural Women into SHGs
On 18th April 2023, Union Minister Giriraj Singh, Minister of Rural Development (MoRD), launched the “Sangathan Se Samriddhi” campaign. It will empower marginalised rural households by bringing all eligible rural women into Self Help Groups (SHGs).
The government is targeting to bring 10 crore women under the purview of SHGs from the existing 9 crores. The number of members has now crossed 9 crores from just over 2.3 crores in 2014.
The government has also set a target that every woman associated with SHGs should be able to earn Rs 1 lakh per annum.
Law Minister Kiren Rijiju releases 1st Edition of Dogri version of Constitution of India
Union Minister Kiren Rijiju, Ministry of Law and Justice (MoL&J), released the 1st edition of the Dogri version of the Constitution of India at the University of Jammu, Jammu and Kashmir (J&K).
Kiren Rijiju described the translated document as very important in providing justice to the common people.
According to Kiren Rijiju, it is necessary to understand the law and it cannot be done better than organising it in one’s mother tongue.
Dogri is an Indo-Aryan language spoken in the Jammu region of J&K and is one of the 22 official languages recognized by the Indian Constitution.
IAF Participated in Multilateral Military Exercise Orion at Mont-de-MarsanAirbase in FranceOn April 17, 2023, a Multilateral Military Exercise Orion was initiated at Mont-de-Marsan, an Air Force base of the French Air and Space Force (FASF) in France
It saw the participation of the Indian Air Force (IAF) along with other Air Forces from Germany, Greece, Italy, Netherlands, United Kingdom, Spain and the United States of America (USA).
The exercise will culminate on May 5, 2023.
Key Points: i.The Indian Air Force Contingent comprises four Rafale, two C-17, two IL-78 aircraft and 165 air warriors.
This is the first overseas exercise for the IAF Rafale aircraft. It is regarded as among the most powerful fighter jets in service with any military in Asia.
ii.By participating in this exercise, the IAF will incorporate the best practices of other Air Forces, further enhancing their employment philosophy. iii.Exercise Orion is one of the largest military exercises organized by France recently, involving approximately 12,000 troops from North Atlantic Treaty Organization and four phases. iv.The French armed forces, including the Army, Navy, and Air Force, have conducted several sections of military drills. The exercises have also involved several allied nations, such as the US and UK, in the past.
UPI remains Preferred Medium for Digital Payments in 2022; Bengaluru tops with Rs 6,500cr digital transactions: Worldline Report i.According to the report by Worldline India titled ‘India Digital Payments Annual Report 2022‘ Unified Payments Interface (UPI) continued to be the most preferred medium for digital payments in 2022 in India with a 70% increase in the number of transactions to 74 billion and a 54% increase in the value of transactions to Rs 126 trillion. ii.A total of 8,792 crore digital payments were undertaken in 2022 worth Rs 149.5 lakh crore. iii.The UPI volume and value market share was 84%. It recorded 91% increase in volume and over 76% increase in value in Year 2022 as compared to Year 2021. iv.Credit card issuance increased 18% to 81.1 million, while debit cards increased slightly by 0.2% to 939.4 million from 938 million. v.As per the data by Worldline Report, Bengaluru recorded 29 million transactions valued at Rs 6,500 crore, the highest number of digital transactions across 12 cities in India in 2022. About Worldline India Private Limited: CEO– Ramesh Narasimhan Headquarter– Mumbai, Maharashtra
HDFC Bank launches Regalia Gold Credit CardHDFC Bank, India’s largest private bank, launches Regalia Gold Credit Card, for travel and lifestyle needs. It is a super-premium credit card launched under the bank’s Regalia range of credit cards with multiple features and benefits. Key Points: i.The card has Travel and Lifestyle benefits, allowing customers to redeem rewards for the global travel and on a collection of premium brands via the exclusive Regalia Gold catalogue. ii.It also offers cardholders complimentary airport lounge access globally, and premium milestone benefits. iii.The credit card was available to high-income individuals and is designed exclusively to cater to the needs and requirements. iv.Regalia Gold Credit Card also offers an option to convert spends into EMI. v.The Credit Card is enabled for contactless payments, facilitating fast, convenient and secure payments at retail outlets. Note – Government has allowed payment through contactless mode (without being asked to input your Credit Card PIN) for a maximum of Rs 5,000 for a single transaction. Additional info: HDFC Bank is the leading player in the payment’s ecosystem in India with over 1.65 crore credit cards and, an overall cumulative card base of over 6 crore, including credit, debit, and prepaid cards, addressing the need of different market segments. About HDFC Bank Ltd: MD & CEO – Sashidhar Jagdishan Establishment – 1994 Headquarters – Mumbai, Maharashtra Tagline – We Understand Your World
India gives $500,000 to UN Women for Women EmpowermentIndia has made a contribution of $500,000 (Rs 4.09 crore) to the United Nations Entity for Gender Equality and the Empowerment of Women, also known as UN Women. The cheque for the same was handed over by RuchiraKamboj, the Permanent Representative of India to the UN, supporting UN Women’s core voluntary budget.
The donation was received by Sima Sami Bahous, the Under Secretary General and Executive Director of UN Women.
Key Points: i.This funding highlights India’s commitment towards gender equality and empowerment of women, as well as the government’s support towards UN Women’s activities. ii.The donation will be utilized towards UN Women’s efforts to promote gender equality and empower women globally. iii.India currently serves as a member of the Executive Board of the UN Women and Women-led Development is one of the priorities of India’s G20 presidency. iv.India’s development model is centered around women-led initiatives, entrepreneurship, and STEM (Science, technology, engineering, and mathematics) education. About United Nations Entity for Gender Equality and the Empowerment of Women Executive Director– Sima Bahous Headquarters– New York, United States
AU SFB partnered with BBPS to Enable Bill Payment Via Video Banking
AU Small Finance Bank (AU SFB), has become India’s 1st commercial bank to connect with the Bharat Bill Payment System (BBPS) and deliver bill payment services through video banking. This initiative’s primary goal is to promote digital accessibility and improve economic capability leading to greater financial inclusion.
Customers can use this platform to pay their bills without having to go to a branch, which is especially useful for senior citizens and others with mobility challenges who live in remote areas.
Customers of AU SFB can access the bill payment service on video banking through https://www.aubank.in or AU 10101 app.
Karnataka Bank launches “KBL Centenary Mahotsav” Campaign for Home loans
Karnataka Bank Limited (KBL) launched a special campaign “KBL Centenary Mahotsav” for Home loans from 17 April 2023 to 17 July 2023 to mark its 100th year of establishment. KBL was incorporated on 18th February 1924 at Mangaluru, Karnataka.
Customers can utilize the benefits of digital banking and offers of the special campaign across all its 901 branches.
Customers can obtain a Horne loan under the KBL Centenary Mahotsav campaign with a reduction in the upfront fee, an attractive rate of interest starting at 8.75%, Nil processing charge for a Horne loan and other benefits.
Karnataka Bank has developed digital loan products for home loans, allowing customers to take advantage of seamless digital processes and immediate in-principle approvals at their comfort and convenience.
President DroupadiMurmu Conferred National Panchayat Awards 2023 & Inaugurated the ‘National Conference on Incentivisation of Panchayats’On April 17, 2023, the President of India, Droupadi Murmu conferred the National Panchayat Awards 2023 and inaugurated the ‘National Conference on Incentivisation of Panchayats’ in New Delhi, Delhi.
The President also inaugurated the National Panchayat Awards Week which was celebrated by the Ministry of Panchayati Raj (MoPR)from April 17 to 21, 2023 as part of Azadi Ka Amrit Mahotsav (AKAM) 2.0.
i.The National Panchayat Awards under different categories are conferred annually by the MoPR since 2011 to acknowledge and incentivize the best-performing Panchayats (local self-government bodies) across the country. ii.All the Panchayats will be ranked based on their performance under 9 Localization of Sustainable Development Goals (LSDGs) themes aggregating 17 SDGs (Sustainable Development Goals). iii.The MoPR conceptualized a series of Thematic Conferences for the National Panchayat Awards Week on the theme of “Panchayaton ke Sankalpon ki Siddhi ka Utsav” iv.A booklet on ‘Best Practices on Works of Awardee Panchayats’ was released by Giriraj Singh, Union Minister of Rural Development and Panchayati Raj. GS NIRNAY App: Union Minister Giriraj Singh launched a mobile application GS NIRNAY (National Initiative for Rural India to Navigate,InnovAte and Resolve PanchaYat decisions), for empowering rural communities during the National Conference. About the Ministry of Panchayati Raj (MoPR): Union Minister – Giriraj Singh (Constituency- Begusarai, Bihar) Minister of State (MoS) – Kapil Moreshwar Patil (Constituency- Bhiwandi, Maharashtra)
Economist Utsa Patnaik selected for Malcolm Adiseshiah Award 2023 Utsa Patnaik, a renowned economist of national and international repute, has been selected for the Malcolm Adiseshiah Award 2023 by the Malcolm & Elizabeth Adiseshiah Trust (MEAT) based in Chennai, Tamil Nadu (TN).
The award will be given with a citation and a prize money of Rs. 2 lakh at a function which will be held in Chennai, TN.
About Malcolm Adiseshiah Award: i. MalcolmAdiseshiah Award is annually presented by the MEAT to honour the contributions of the outstanding social scientist in the field of development studies. ii. The recipients are selected by a national-level jury specially constituted for this purpose, from the nominations received. Note: Malcolm Adiseshiah Award 2022 was awarded to Prabhat Patnaik, a renowned Indian Economist and Political commentator, and he is the Husband of Utsa Patnaik. About Utsa Patnaik: i. Utsa Patnaik is an Indian Marxian economist, who obtained her doctorate in economics from the Somerville College, Oxford, United Kingdom(UK). ii. She served as the Professor of Economics at the Centre for Economic Studies and Planning (CESP) in the School of Social Sciences at Jawaharlal Nehru University (JNU) in New Delhi, Delhi, from 1973 until her retirement in 2010. Awards: She had won the V.V. Giri Memorial Award 2011 for her outstanding contribution to labour studies, instituted by the V.V Giri National Labour Institute, Noida in Uttar Pradesh. Malcolm & Elizabeth Adiseshiah Trust: MEAT was registered on 8th March 1996 as a Public Charitable Trust and the award instituted during the year 2000. The trust established The Malcolm Adiseshiah Award & The Elizabeth Adiseshiah Award for Distinguished Contributions to Development Studies.
The Elizabeth Adiseshiah Award, Instituted in 2018, will be presented to a young scholar below the age of 45. The award carry a cash prize of Rs. 1 lakh.
Both awards are open to Indian and foreign scholars ordinarily resident in India.
Indian-American FedEX CEO Raj Subramaniam awarded with Pravasi Bharatiya SammanAn Indian-American Rajesh Subramaniam, President and Chief Executive Officer (CEO) of FedEx Corporation, has been awarded the Pravasi Bharatiya Samman Award, for his contribution to Business.
The award was conferred by Droupadi Murmu, President of India, on 10 January 2023, as a part of the celebration of Pravasi Bharatiya Divas (PBD) 2023 at Indore, Madhya Pradesh.
Note: 27 Indians living abroad received the Pravasi Bharatiya Samman Award in 2023. About Pravasi Bharatiya Samman Award: i. The Pravasi Bharatiya Samman Award is the highest honour conferred on a Non-Resident Indian (NRI) to recognise their achievements and honour their contributions to various fields, both in India and abroad. ii. The inaugural Pravasi Bharatiya Samman Award was given in 2003.
Sekhar Rao appointed as interim MD and CEO of Karnataka Bank Karnataka Bank had appointed Sekhar Rao as the interim managing director and Chief Executive Officer (CEO), following the completion of M S Mahabaleshwara’s term as the incumbent CEO. Additional Info:
Mahabaleshwara M S, who served as the bank’s managing director and CEO, completed his second three-year term and demitted office on April 14.
Term 1:(15th Apr 2017 – 14th April 2020)
Term 2:(15th Apr 2020 – 14th April 2023)
Sekhar Rao, the bank’s executive director, assumed the role of interim managing director and CEO on April 15, 2023, after receiving approval from the Reserve Bank of India on April 12, 2023.
As per the appointment terms, he will hold the position for a duration of three months or until a regular managing director and CEO is appointed, whichever is earlier.
About Karnataka Bank: CEO – Sekhar Rao Headquarters – Mangalore, Karnataka Tagline – Your family bank across India Founded in – 1924
Union Minister Dr Jitendra Singh launches ‘YUVA PORTAL’ to Identify Potential Young Start-UpsOn 17th April 2023, Dr Jitendra Singh, Union Minister of State (Independent Charge) Science & Technology, launched the “YUVA Portal” and One Week- One Programme at National Physical Laboratory (NPL) in New Delhi, Delhi, to help in connecting and identifying potential young Start-Ups.
YUVA- Young, Upcoming and Versatile Authors.
Key Highlights: i. Dr Jitendra Singh highlighted the 37 Council of Scientific & Industrial Research (CSIR) Labs spread across India as examples of India’s excellence in technology, innovation, and start-ups. ii. The One Week – One Lab programme will offer the opportunity for the CSIR labs to showcase the work being done by them so that others can avail of it.
In the campaign, each of the CSIR labs is showcasing their exclusive innovations and technological breakthroughs to the people of India.
One Week – One Lab programme: i. CSIR-National Physical Laboratory (NPL) is going to organise the One Week- One Lab program from 17 to 21 April 2023. ii.Aim of One Week – One Lab programme:
To create awareness about the available technologies and services present at NPL among potential stakeholders,
To provide solutions to societal problems,
To sensitise the masses about the importance of precise measurements
To develop the scientific temperament among the masses, especially amongst students who are the future of India.
iii. From 18 to 20 April 2023, there will be three days of Start-up/Micro, Small & Medium Enterprises (MSME)/Industry Meet.
The aim of this event is to showcase various services extended by NPL to industries.
Additional Information: i. Dr Jitendra Singh also noted the launch of the astronomy lab that has come up in Karnal, Haryana, that it will provide a level-playing field to all and even Divyangs (persons with disabilities) could excel in various forms of skill, art and craft.
The facility in different languages will enable hearing-impaired students to study the sun, moon, and stars along with basic to complicated ideas of space
ii. Indian Sign Language AstroLab has 65 pieces of equipment, including a large telescope, interactive models, audio-visual aids, etc.
International Day For Monuments and Sites 2023 – April 18International Day for Monuments and Sites, also known as World Heritage Day is annually observed across the globe on April 18 to create global awareness about the significance of historical, heritage, and cultural monuments, and measures to protect them so that future generations can also witness them and embrace the rich heritage of the world.
International Day for Monuments and Sites 2023 was observed on 18th April 2023 under the theme “Heritage Changes”.
The theme for World Heritage Day is annually proposed by the International Council on Monuments and Sites (ICOMOS).
Background: i. International Day for Monuments and Sites was established by ICOMOS, a non-governmental international organisation dedicated to the conservation of the world’s monuments and sites. ii. Later, the day was adopted by the United Nations Educational, Scientific and Cultural Organization (UNESCO) during its 22nd General Conference in November 1982 and declared April 18 of every year as International Day for Monuments and Sites.
The day was 1st observed in 1983 by UNESCO.
About the International Council on Monuments and Sites (ICOMOS): President- Teresa Patricio Secretary General- Mario Santana Headquarters- Paris, France Establishment- 1965
Kerala adopts Water Budget, the 1st of its kind in India, to tackle water scarcity in SummerKerala became the first state in India to adopt a water budget to tackle water shortage in summer. Pinarayi Vijayan, Chief Minister (CM) of Kerala, unveiled the details of the 1st phase of the Water Budget in Kerala covering 94 grama panchayats in 15 block panchayats.
CM handed over a copy of the budget to Additional Chief Secretary Sarada Muraleedharan during the event held in Thiruvananthapuram, Kerala.
Water Resources Minister Roshy Augustine presided over the event.
About the Water Budget: i.The Water Budget provides the scientific methods for the conservation of water and it also aims to create awareness about the need for water conservation. ii.This water budget would support Kerala to meet the demand and supply of Water, the precious liquid resource and apportion it accordingly. Water Budget Preparation: i.The Water budget was prepared by a committee of officials including Water Resources department representatives and experts from the sector. ii.The budget was prepared in consultation with the Centre for Water Resources Development and Management (CWRDM). Background: i.Despite housing 44 rivers, several backwaters, lakes, ponds, streams and abundant rain, several parts of Kerala is facing water scarcity during the summers. ii.The water budget will regulate the usage of water in accordance with its availability in the area. iii.This would create awareness among the public against water wastage and will support achieving water conservation. Other highlights: CM also inaugurated the 3rd phase of the Haritha Keralam Mission’s ‘Ini Njan Ozhukatte’ campaign to revive rivulets, canals, and streams in the Western Ghats.
Around 7,290 kilometres (km) of irrigation networks had been rejuvenated under the 1st and 2nd phases of the project.
Water sources in 230 grama panchayats spread over 9 districts will be mapped using satellite images.
Following the completion of the surveys, the local bodies will undertake activities to revive the sources before the onset of the monsoon.
About Kerala: Chief Minister– Pinarayi Vijayan Governor– Arif Mohammed Khan Wildlife Sanctuary– Kottiyoor Wildlife Sanctuary; Mangalavanam Bird Sanctuary Airport– Calicut International Airport; Kannur International Airport
Himachal Pradesh launches project Sanjeevani to empower dairy farmersOn April 9th, The Animal Husbandry Department (AHD) of Himachal Pradesh along with Bharat Financial Inclusion Ltd. (BFIL), (a subsidiary of IndusInd Bank) has launched an initiative called ‘Sanjeevani‘ which aims to provide doorstep veterinary services to farmers.
Under the Sanjeevani project, mobile veterinary clinics will be set up to provide doorstep veterinary services to farmers at a single toll-free phone call.
The collaboration under National Animal Disease Control Programme-Mobile Veterinary Van (NADCP-AHD-MVU) will enhance the doorstep services.
The integrated call centre will function as a single contact point for various matters related to livestock healthcare and vaccination programs.
To support farmers and improve their livelihoods, the Chief Minister of Himachal Pradesh, Thakur Sukhvinder Singh Sukhu, has launched the Sanjeevani project which will benefit farmers in 44 blocks of all 12 districts of the state.
Key Points:
The Sanjeevani project is a farmer-friendly initiative that aims to empower the livelihoods of small dairy farmers and livestock owners. By providing convenient and quality care for their livestock at their doorstep, the project will enhance the lives of many farmers from rural remote areas. The collaboration will ensure holistic veterinary services to farmers.
The project’s uniqueness lies in its mobile app that connects doctors and farmers, tracks the efficiency of service delivery, medicines prescribed, and livestock diseases related data in one platform.
About Himachal Pradesh: Chief Minister – Thakur Sukhwinder Singh Sukhu Governor – Shiv Pratap Shukla Capitals – Shimla (Summer), Dharamshala (Winter) National Parks – Great Himalayan national park, Pin valley national park About Bharat Financial Inclusion Ltd: Founded : 1998 Headquarters : Hyderabad, Telangana Executive Vice Chairman : J Sridharan
TN & High Glory Footwear signed MoU for an investment of Rs 2302 crore
On 17th April 2023, the Tamil Nadu (TN) Government signed a Memorandum of Understanding (MoU) with the High Glory Footwear India Private Limited subsidiary of Taiwan-based Pou Chen Group, for setting up a footwear manufacturing facility in Tamil Nadu involving an investment of Rs 2,302 crore over 12 years.
The manufacturing unit will come up at the SIPCOT (State Industries Promotion Corporation of Tamilnadu Ltd) Industrial Park, Ulundurpet in Kallakurichi, TN.
This partnership will generate job opportunities for more than 20,000 people in the non-leather footwear sector, especially for the youth and women in and around the Kallakurichi district, TN.
The investment has been attracted after the government released its Footwear and Leather Products Policy in August 2022.
4th Edition of India-Japan Army exercise ‘Dharma Guardian’ Commenced in JapanOn 17, February 2023, the 4th edition of the India-Japan joint annual military training exercise ‘Dharma Guardian’ commenced at Camp Imazu in the Shiga province of Japan. The exercise was scheduled to be conducted till 2 March, 2023.
Objective: To strengthen bilateral relations between India and Japan and enhance the level of defence cooperation between the two forces.
Participants: Infantry Regiment from the Middle Army of the Japan Ground Self Defence Force (JGSDF) and Troops of the Garhwal Rifles Regiment of the Indian Army have participated in the exercise.
Key Points: i.The two armies will share best practices in tactics, techniques, and procedures of conducting tactical operations under a UN (United Nations) Mandate, along with developing inter-operability, bonhomie, camaraderie, and friendship. ii.The exercise includes platoon-level joint training on operations in jungle and semi-urban/urban terrain to improve the interoperability in planning and execution. iii.Both armies will engage in a variety of missions ranging from joint planning, joint tactical drills, basics of establishing integrated surveillance grids, including employment of aerial assets. iv.During the port call by the two JMSDF (Japan Maritime Self-Defense Force) ships Uraga and Awaji at Kochi, Kerala the ship’s crews visited training facilities and activities undertaken at the Training Command of the Indian Navy.
Port call is an intermediate stop for a ship on its sailing itinerary
Note – The last edition of Exercise Dharma Guardian was held in Belgaum, Karnataka in February, 2022.
OECD STRI Index: India Ranked 47; Japan and UK gained 1st two Spots
India ranked 47th in OECD’s (Organisation for Economic Cooperation and Development) report titled ‘OECD Services Trade Restrictiveness Index (STRI): Policy trends up to 2023’, which highlights the key outcomes of the 2022 OECD STRI. Key Points: i.India’s rank of 47 (which was increased from ) among 50 countries shows the presence of more market restrictions in the country. ii.OECD STRI index covers 38 OECD members, as well as Brazil, China, India, Indonesia, Kazakhstan, Malaysia, Peru, Russia, Singapore, South Africa, Thailand, and Vietnam. iii.Russia, Thailand and Indonesia are the three countries ranked below India. iv.On average, Japan, the United Kingdom (UK) and the Netherlands displayed the lowest regulatory barriers to services trade across sectors in 2022. v.Economies with the highest trade liberalisation impact on the STRI in 2022 were Viet Nam, Japan, and Kazakhstan.
World Bank Report: COVID-19 Damaged Cognitive Development, Lifetime Earnings of an Entire Generation
According to the World Bank report“Collapse and Recovery: How the COVID-19 Pandemic Eroded Human Capital and What to Do About It”, the COVID-19 pandemic caused a massive destruction of human capital at essential stages of the life cycle, especially affecting children and young people in underdeveloped and developing countries. Key Findings from the Report i.In the report, researchers analyzed global data on how the pandemic affected children at three crucial developmental ages: early childhood (0–5 years), school-age (6–14 years), and youths (15–24 years). ii.It concluded that COVID-19-related education shocks could cause students in South Asia to lose up to 14.4% of their future earnings. iii.Between April 1, 2020, and March 31, 2022, schools in South Asia were entirely or partially closed for 83% of the time—significantly longer than the global average of 52%. iv.The report claims that COVID-19 also did significant damage to youth employment.
Earnings for young people fell by 15% in 2020 and 12% in 2021.
Key Points: i.During the two years since the pandemic began (April 2020–April 2022), the World Bank has provided roughly USD 11 billion in pandemic response financing in South Asia. ii.The amount includes USD 2.7 billion to support social safety nets for more than 857 million vulnerable people, USD 2.5 billion for 15 health projects, USD 2.80 billion for 12 education projects, and USD 1 billion to support the purchase and distribution of vaccines.
12th World Hindi Conference held in Fiji; The 12th World Hindi Conference, which took place from February 15–17, 2023, in Nadi, Fiji, decided to promote Hindi as a language of contact-dialogue among all people around the world who speak, understand, and are fond of it.
The Conference was jointly inaugurated by Fijian President Rato Wiliame Katonivere and Indian External Affairs Minister (EAM) S. Jaishankar, who was on his maiden visit to Fiji.
The Ministry of External Affairs (MEA), Government of India (GoI) organized the conference in collaboration with the Government of Fiji.
The main theme of the conference is “Hindi – Traditional Knowledge to Artificial Intelligence.” Note: The 11th World Hindi Conference was held in Mauritius in 2018.
i.In 1973, the Rashtrabhasha Prachar Samiti of Wardha (Maharashtra) envisioned the idea of World Hindi Conferences. ii.As a result, the inaugural World Hindi Conference was held in Nagpur, India, from January 10–12, 1975. iii.So far, 11 World Hindi Conferences have been held in various parts of the world. Key Points: i.A commemorative postal stamp was released by the Fijian government during the commencement of the conference. ii.On the occasion, a special Samarika and five additional publications were also released. iii.During the conference, the “Vishwa Hindi Samman” was presented to a total of 12 Hindi scholars from India and 19 scholars from abroad, as well as two institutions from each of India and abroad. iv.The Indian Council for Cultural Relations (ICCR) and the Fijian government organized special cultural performances to take place during the conference. v.A special exhibition on the history of the Girmitiyas in Fiji was presented in accordance with the conference. India-Fiji Ink Visa Exemption Pact for Diplomatic and Official Passports Holders India and Fiji signed a Memorandum of Understanding (MoU) on visa exemption for holders of diplomatic and official passports on the margins of the 12th World Hindi Conference, held in Fiji.
The MoU exchange was witnessed by Fiji’s Prime Minister Sitiveni Rabuka and India’s EAM S. Jaishankar.
Key Points: i.Diplomatic and official passport holders in India and Fiji will now be permitted to enter, transit through, stay, and leave each other’s territories without a visa for a period not exceeding 90 days as a result of the visa exemption. ii.The exception will make it simpler for both countries to participate in opportunities for discussion, meetings, and collaboration at all levels.
RBI Issues Final Guidelines On Interest Rate Risk in Banking BookThe Reserve Bank of India (RBI) issued final guidelines on “Interest Rate Risk in Banking Book” (IRRBB), which mandate banks to measure, monitor, and disclose their exposure to IRRBB, which may have an impact on lenders’ capital base and future earnings.
The final IRRBB guidelines are consistent with the revised framework issued by the Basel Committee on Banking Supervision (BCBS).
The implementation date of the guidelines will be announced in due course.
Interest Rate Risk in Banking Book (IRRBB) IRRBB refers to the current or future risk to banks’ capital and earnings resulting from unfavourable changes in interest rates that affect their banking book positions.
Increased IRRBB can adversely impact a bank’s current capital base and/or future earnings.
Key Points: i.Banks are mandated to be prepared to measure, monitor, and disclose their exposure to interest rate risk in the banking book. ii.According to the guidelines, the bank’s board is accountable for identifying the nature and extent of the bank’s IRRBB exposure. iii.The board may assign responsibility for IRRBB management and monitoring to ALCO (Asset-Liability Committee), which should regularly assess the nature and extent of the bank’s IRRBB exposure. iv.The Board/ALCO is in charge of establishing adequate limits on IRRBB, valuing positions, and evaluating performance.
It includes procedures for updating interest rate shock and stress scenarios and key underlying assumptions guiding the institution’s IRRBB analysis.
v.Banks are required to have a clearly defined, board-approved risk appetite statement that outlines the policies and procedures for limiting and controlling IRRBB. vi.Prior to implementation, significant hedging or risk management measures must be approved. Click here for official guidelines About the Reserve Bank (RBI): Governor – Shaktikanta Das Deputy Governors – Mahesh Kumar Jain, Michael Debabrata Patra, M. Rajeshwar Rao, T. Rabi Sankar Headquarters – Mumbai, Maharashtra Establishment –1935
Paytm Payments Bank becomes the first in India to launch UPI LITE feature Paytm Payments Bank Limited (PPBL) has launched UPI LITE, a feature enabled by National Payments Corporation of India (NPCI) for multiple small-value UPI transactions.
PPBL has become the first payments bank to deploy such a UPI LITE feature as part of its commitment to promote innovation.
UPI LITE i.The Reserve Bank of India (RBI) introduced the UPI LITE feature, designed by NPCI, in September 2022.
UPI LITE offers customers a better experience by enabling faster and safer real-time small value payments.
ii.A UPI LITE wallet, once loaded, enables a user to make instant transactions of up to Rs. 200, making the entire experience quick and seamless.
A maximum of Rs. 2,000 can be added to UPI LITE twice daily, increasing the cumulative daily usage to Rs. 4,000.
Note: According to official NPCI data, half of all daily UPI transactions in India are for less than Rs. 200. Key Points: i.As PPBL strives to promote the use of digital payments across India, the feature enables faster real-time transactions with a single click through Paytm. ii.Additionally, it clears the bank passbook of small transactions since they are now only displayed in the Paytm balance and history section rather than the bank passbook. iii.This will improve customer experience, increase transaction success rates, and get PPBL closer to processing a billion transactions per day on the UPI platform. Paytm Payments Bank Limited (PPBL) i.With more than 1,726.94 million transactions in December 2022, PPBL continued to lead all other major Indian banks as the largest UPI beneficiary bank for 19 months in a row. ii.PPBL is among the top 10 remitter banks for UPI transactions, with 386.50 million registered transactions.
It is also one of the leading issuers and acquirer banks for the National Electronics Toll Collection (NETC) FASTag.
About National Payments Corporation of India (NPCI) NPCI was formed as an umbrella organisation for retail payment and settlement systems in India. MD & CEO – Dilip Asbe Headquarters – Mumbai, Maharashtra Establishment – 2008
RBI Appointed Vikramaditya Singh Khichi as a Member of the Advisory Committee on RCLOn February 17, 2023, Reserve Bank of India (RBI) appointed Vikramaditya Singh Khichi, former ED ( Executive Directors) of Bank of Baroda(BoB) as a member of the Advisory Committee on Reliance Capital LimitedLtd (RCL). Background: i.On December 7, 2021, RBI had constituted an Advisory Committee under Rule 5 (c) of the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019, to assist Nageswara Rao Y, Administrator of RCL in the operations of the financial service providers during the corporate insolvency resolution process. ii.Members: In December 2021, the Advisory Committee was formed with the following members,
Sanjeev Nautiyal, ex-DMD(Deputy Managing Director), State Bank of India
Srinivasan Varadarajan, ex-DMD, Axis Bank
Praveen P Kadle, ex-MD & CEO, Tata Capital LimitedF
Key Points: i.Now due to the resignation of Srinivasan Varadarajan from the Advisory Committee with effect from February 17, 2023, RBI has decided to appoint Vikramaditya Singh Khichi as a member of the Advisory Committee with immediate effect. ii.The Advisory Committee will advise the Administrator in the operations of RCL during the corporate insolvency resolution process.
Philips Domestic Appliances globally renamed as Versuni
Philips Domestic Appliances, headquartered in the Netherlands, has been rebranded as “Versuni” after Royal Philips sold its domestic appliance business to Hillhouse Capital in September 2021. Following the sale, the Domestic Appliances business became independent.
As a licensee of Royal Philips, the company will continue to use the Philips consumer brand, as well as Saeco, Gaggia and Philips Walita, on its products and services.
The new company name will be implemented worldwide throughout 2023 and supported with a new and distinct company visual identity.
The company’s portfolio includes kitchen appliances, coffee, climate care, garment and floor care.
Indian Railways & India Posts launch joint parcel service – Rail Post Gati Shakti Express Cargo Service
The Indian Railways and India Posts have formally launched their joint parcel service “Rail Post Gati Shakti Express Cargo Service”. The service is started in 4 sectors: Delhi to Kolkata; Bangalore to Guwahati; Surat to Muzaffarpur; and Hyderabad to Hazrat Nizamuddin. In the first phase, a total of 15 sectors have been planned to be covered.
A pilot weekly service was launched on 31st March 2022 from Surat to Varanasi by attaching a VPU to Tapti Ganga Express.
India Post will be the single point of contact for the customer for the despatch of consignment from pick-up till delivery.
Union Minister G. Kishan Reddy Presented Ustad Bismillah Khan Yuva Puraskar 2019, 2020 and 2021 to102 Artists of IndiaOn 15th February 2023, G. Kishan Reddy, Union Minister, Ministry of Culture presented the Ustad Bismillah Khan Yuva Puraskar (UBKYP) for 2019, 2020 and 2021 to around 102 Artists (including three joint awards) at Meghdoot Theatre Complex, Rabindra Bhavan in New Delhi, Delhi.
The event was presided over by Dr Sandhya Purecha, Chairperson of Sangeet Natak Akademi, the national academy of Music, Dance and Drama, and the apex body of the performing arts in the country.
Note: The winners of includes 19 artists from the North East region of India, which highlights the changed circumstances of the region.
Background: On 8th November 2022, the General Council meeting of Sangeet Natak Akademi has selected 102 artists of India who have made a mark as young talents in their respective fields of performing arts for the Ustad Bismillah Khan Yuva Puraskar 2019, 2020 and 2021. Key Points: From 14th to 17th February 2023, a four-day festival of music, dance and drama was organised featuring the recipients of the Ustad Bismillah Khan Yuva Puraskar for the year 2019 at Meghdoot Theatre Complex, Rabindra Bhavan, New Delhi, Delhi. About Ustad Bismillah Khan Yuva Puraskar: i.Ustad Bismillah Khan Yuva Puraskar is presented to artists up to the age of 40 years to encourage young talents in diverse fields of the performing arts. ii.The award was introduced in 2006 with the objective to identify and encourage young talents and give them national recognition early in their life. iii.The award carries a purse money of Rs 25,000, an Angavastram and a plaque.
Indian-Origin Neal Mohan Replaces Susan Wojcicki as Youtube’s New CEONeal Mohan, a longtime Google and YouTube executive who is an Indian-American, has been appointed the new Chief Executive Officer (CEO) of YouTube.
Mohan will succeed Susan Wojcicki, YouTube’s outgoing CEO, who is departing after nine years in the position.
She had been with Alphabet Inc., YouTube’s parent company, for nearly 25 years.
About Neal Mohan i.Mohan began his career at Accenture in 1996. ii.He subsequently joined NetGravity, a startup that was later acquired by DoubleClick, an internet advertising firm, in 2002.
DoubleClick was acquired by Google in 2008.
iii.Mohan was in charge of Google’s display and video advertising units from 2008 to 2015.
He led the development of advertising products for Google’s AdSense, AdMob, DoubleClick, YouTube, and Google Display Network ad tech products.
iv.He has been the Chief Product Officer at YouTube since 2015. Key Facts: i.Neal Mohan’s appointment elevates him to a growing list of renowned Indian-American CEOs at some of the world’s largest technology firms.
He will join executives like Microsoft CEO Satya Nadella, Adobe CEO Shantanu Narayen, and Alphabet CEO Sundar Pichai.
ii.With over 20,000 searches for his name, Neal Mohan scored third in Google’s trending searches following the announcement of his appointment as YouTube CEO. About YouTube: CEO – Neal Mohan Founded – 2005 Headquarters – San Bruno, California, United States (US)
Govt Approved 3 major appointments in Army: Lt Gen MV Suchindra Kumar as new Army Vice Chief
The Government of India (GoI) has approved 3 major appointments in the Indian Army, Lieutenant general MV Suchindra Kumar, who is currently serving as the Deputy Chief of Army Staff (Strategy) in the Army Headquarters, was appointed as the new Vice Chief of Army Staff. He succeeds Lt Gen B S Raju who has been appointed as the Jaipur- headquartered South Western Army Commander. The government has also appointed new commanders for the Central and South Western commands.
Lt Gen NSR Subramani, serving as the Chief of Staff at the headquarters of the Northern Command in Udhampur, has been appointed as the next Central Army Commander in Lucknow, Uttar Pradesh(UP).
Lt General Kumar replaces Lt Gen BS Raju, who has been appointed as the Jaipur-headquartered South Western Command chief.
The new appointments will come into effect on 1st March 2023.
MEA launched ‘mPassport Police App’ to Fast Track Passport Verification ProcessThe Ministry of External Affairs(MEA), Government of India launched ‘mPassport Police App’ to streamline and expedite the passport issuance system. This app will also help with the timely updation and issuance of passports. Background: i.Police verification is one of the integral parts of the passport issuance system. ii.Various efforts have been undertaken to streamline and expedite the process of the passport issuance system. iii.The MEA introduced the ‘mPassport Police App’ to further expedite the process, Additional info: i.On the occasion of the 76th Delhi Police Raising Day, Union Home Minister Amit Shah, dedicated 350 mobile tablets to personnel of the Delhi Police Special Branch. ii.This will result in the entire process of police verification and submission reports digital and paperless. iii.Passport verification using tablets will reduce the verification time from 15 days to 5 days, effectively reducing the passport issuance timeline by 10 days.
12th World Pangolin Day – 18th February 2022World Pangolin Day is annually observed across the world on the 3rd Saturday of February with an aim to create awareness about Pangolins a unique endangered mammal and their plight. 18th February 2023 marks the observance of the 12th World Pangolin Day.
The 11th World Pangolin day was observed on 19th February 2022.
The 13th World Pangolin Day will be observed on 17th February 2024.
About Pangolin: i.Pangolins are the only mammals wholly covered in scales and they use those scales to protect themselves from predators in the wild that feeds on ants and termites. ii.The hard plate-like scales of the pangolins are made of Keratin. iii.The name pangolin is derived from the Malay word ‘pengguling’ meaning ‘something that rolls up’.
Karnataka CM Basavaraj Bommai Presented Revenue Surplus Budget with Outlay of Rs 3 lakh croreOn 17th February 2023, during the Karnataka State Assembly, the Karnataka Chief Minister(CM) Basavaraj Bommai presented a revenue surplus budget with no tax hike. For the 1st time, the budget outlay of Karnataka has crossed Rs 3 lakh crore mark and is pegged at Rs 3,09,182 crore, up from Rs 2,65,720 crore in 2022-2023.
The budget for the first time, post-pandemic, was a revenue surplus one, with receipts expected to be more than expenditure by Rs 402 crore.
To further boost capital expenditure, the budget has enhanced outlay by 30.4% for capex to Rs 61,234 crore in FY24.
Key Points: i.The fiscal deficit has been expected to be at Rs 60,581 crore which is 2.60% of the Gross State Domestic Product (GSDP). The total liabilities at the end of 2023-2024 are estimated at Rs 5,64,896 crore, which is at 24.2% of GSDP. ii.With borrowings of Rs 77,750 crore, the liabilities at the end of 2023-24 are pegged at Rs 5,64,896 lakh crore, or 24.20% of GSDP, thereby satisfying all parameters of the Karnataka Fiscal Responsibility Act, 2002. About Karnataka: Chief Minister– Basavaraj Somappa Bommai Governor– Thawar Chand Gehlot Wildlife Sanctuary– Brahmagiri Wildlife Sanctuary; Cauvery Wildlife Sanctuaries
J&K Govt Approves Rs 30.40 cr ‘Sensor-based Smart Agriculture’ ProjectJammu and Kashmir (J&K) government (Govt) has approved a ‘Sensor-based Smart Agriculture’ project worth Rs 30.40 crore for integration of agriculture with technology driven by Artificial Insemination (AI) and IoT (Internet of Things) for automation of practices, and make it efficient and profitable for the farmers. Key Points: i.Under the project, a sensor-based pilot study will be conducted on high-density apple orchards, protected cultivation and smart livestock farming. ii.Hi-tech poly houses would be used for the cultivation of cash crops around the year with the application of IoT and automation for monitoring the microclimatic parameters of plants. iii.The greenhouse technology will increase yields and produce off-season vegetables as early production or late availability as compared to open field conditions. iv.As 70% of the J&K’s economy is based on agriculture, the adoption of digital agriculture, particularly AI and IoT, will increase efficiency, production, productivity, and profitability. v.The project intends to increase the use of resources and improve efficiency by up to 80% and automate agricultural operations with precision in HDPs (High-Density Plantings) of Apple, vegetables, and livestock. vi.Identifying pests and diseases via AI-based detection using handheld sensor devices would reduce the drudgery and cost of cultivation by 20%. vii.Real-time detection and variable rate spray using robotics and drones will reduce the production cost by 80%. viii.The project also aims to build a sensor corridor for livestock and phenotyping and yield prediction. About Jammu & Kashmir: Airports – Udhampur Air Force Station, Awantipur Air Force Station Bird sanctuary – Hokersar bird sanctuary
Mastercard & ACCESS announce FPO empowerment programmes in Assam
Mastercard and ACCESS Development Services have announced the launch of a new programme in Assam with a focus on empowering Farmer Producer Organisations(FPOs) in Assam.
The programme aims to strengthen FPOs by helping build their capacity through structured technical assistance by a professional cadre of trainers.
The programme mainstreams Agriculture through Networks and Development Initiatives, or MANDI.
Mastercard and ACCESS are aiming to help address these challenges by facilitating training frameworks, curriculum, and tools for FPOs.
FAO: Closing gender gap in agri-food systems can boost global economy by $1 trillionAs per the ‘The Status Of Women In Agrifood Systems’ released by the Food and Agriculture Organization of the United Nations (FAO), tackling gender inequality in agri-food systems can reduce hunger, boost the economy and reinforce resilience to shocks like climate change and the COVID-19 pandemic.
There would be increase in the global gross domestic product (GDP) by 1% or nearly $1 trillion if there is no gender gap in farm productivity and the wage gap in agri-food-system employment.
Currently, Women earn 82 cents for every dollar earned by men.
Globally, 36% of working women are employed in agrifood systems, along with 38% of working men.
Note: The report is the first of its kind since 2010 (State of food and agriculture (SOFA) 2010–11: Women in agriculture – Closing the gender gap for development). It goes beyond agriculture to provide a comprehensive picture of the status of women working across agri-food systems — from production to distribution and consumption. Highlights: i.Prioritizing women in development interventions for small-scale producers could benefit 58 million people with increased income and 235 million people with greater resilience. This could also reduce global food insecurity by 2%, impacting 45 million individuals. ii.Nearly 4 billion individuals depend on agri-food systems as their main source of livelihoods, with approximately half of them being women who face barriers to realizing their full potential such as inequality and discrimination, marginalized and denied agency, work in poorer conditions with lower wages, unpaid work, among others. iii.Since the outbreak of COVID-19, the gap between women’s and men’s food security has grown to 4.3 percentage points in 2021 from 1.7 percentage points in 2019. iv. Although 75% of agriculture and rural development policy documents from 68 countries acknowledge the roles and challenges faced by women, a mere 19% of these policies include gender-related goals.. v.Women need more access to and control over the livestock, water, seeds, land, technology, and finance needed to grow their livelihoods.
India, Japan &France Launch Common Platform for Sri Lankan Debt Restructuring ProgrammeIndia, Japan, and France announced a common platform for talks among creditors to address the debt restructuring programme of Sri Lanka, the country which was hit by an unprecedented financial crisis since 2022.
The representatives of the three creditor countries, the Finance Minister (FM) Nirmala Sitharaman (India), FM Shunichi Suzuki (Japan), French Director General of the Treasury Emmanuel Moulin, held a press briefing on the margins of the annual spring meetings of the World Bank and the International Monetary Fund (IMF) in Washington DC , United States
Under the platform, the representatives will demonstrate the multilateral cooperation regarding the debt restructuring process among the creditors, together with Sri Lanka.
Key Points: i.Finance Minister Nirmala Sitharaman expressed India’s commitment to supporting Sri Lanka in dealing with its current economic crisis.
She emphasised the need for collaboration among creditors to ensure transparency and equality in the debt restructuring discussions.
ii.Sri Lankan President, Ranil Wickremesinghe who joined the conference virtually at the press conference mentioned the agreement with the IMF in March 2023 for USD 2.9 billion bailout. iii.The IMF’s Executive Board approved a 48-month extended arrangement under its Extended Fund Facility (EFF) with an amount of SDR 2.286 billion to Sri Lanka following financing assurances from the creditors. iv.Sri Lanka owes USD 7.1 billion to bilateral creditors, with USD 3 billion owed to China, USD 2.4 billion to the Paris Club (France) and USD 1.6 billion to India. Note – Sri Lanka was hit by an unprecedented financial crisis in 2022, the worst since its independence from Britain in 1948, due to a severe paucity of foreign exchange reserves, sparking a major political and humanitarian crisis in the island nation.
SEBI Issued Framework on Upfront Contribution by Issuers for LPCC’s Settlement Guarantee Fund On April 13, 2023, the Securities and Exchange Board of India (SEBI) released a new framework for the upfront collection of amounts as charges from eligible issuers at the time of allotment of debt securities to build the Settlement Guarantee Fund of the Limited Purpose Clearing Corporation (LPCC).
The new framework will come into force from May 1, 2023.
Background: i.As a well-functioning repo market contributes to the development of the debt securities market, on September 29, 2020, the SEBI board permitted the setting up an LPCC for clearing and settling repo transactions in debt securities.
The board also allowed collecting 0.5 basis points of the issuance value of debt securities per annum upfront prior to the listing of such securities to build the Settlement Guarantee Fund of the LPCC.
ii.With respect to that, AMC Repo Clearing Limited (ARCL) has been granted recognition as LPCC by SEBI.
The Reserve Bank of India (RBI) also provided necessary approvals to ARCL to offer central counterparty services for repo transactions in debt securities.
About the Framework: i.As per the framework the eligible issuers shall be notified by the LPCC as per its risk management policy. ii.Collection of an amount of 0.5 basis points of the issuance value of debt securities per annum based on the maturity of debt securities by the Stock Exchanges will be held and placed in an escrow account prior to the allotment of the debt securities.
The amount is applicable on a public issue or private placement of debt securities under the SEBI (Issue and Listing of Non-convertible Securities) Regulations, 2021.
iii.Further the collected amount will be transferred by the Stock exchange to the bank account of the LPCC within one working day of the receipt of the amount and inform the details of the same to the LPCC.
Amount details will also be disclosed by the Stock Exchanges on their websites.
Note – The framework was issued in the exercise of powers under Section 11(1) of the SEBI Act, 1992. About Securities Exchange Board of India(SEBI): Chairperson -Madhabi Puri Buch Headquarters – Mumbai, Maharastra Establishment – 12 April 1992
CGTMSE Increased Guarantee Coverage for MSEs from Rs 2 crore to Rs 5 croreThe Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) increased the guarantee coverage ceiling under its Credit Guarantee Fund Scheme for MSEs from Rs 2 crore to Rs 5 croreper borrower for credit facilities extended by lending institutions to Micro and Small Enterprises (MSEs). Key Points: i.The changes are made with respect to the reduction in the loan growth to the MSE segment to 13.2% year-on-year (y-o-y) (as on February 24, 2023) from 24% y-o-y (as on February 25, 2022). ii.Threshold for waiver of legal action was enhanced to Rs10 lakhs from the existing Rs 5 lakhs. iii.The scheduled commercial banks’ credit to MSEs, as on February 24, 2023, stood at Rs 5,87,494 crore compared with Rs 5,18,873 crore as on February 25, 2022. About Ministry of Micro, Small and Medium Enterprises: Union Minister – Narayan Tatu Rane (Rajya Sabha Maharashtra) Minister of State (MoS) – Bhanu Pratap Singh Verma (Jalaun,Uttar Pradesh)
Citi India completes first blockchain-enabled LC transaction on Contour
Citibank India (Citi India) has completed its 1st blockchain-enabled Letter of Credit (LC) transaction on Contour Pte. Ltd (Contour) for its client Cummins India Limited (Cummins), a diversified industrial manufacturing company. The transaction is the 1st for both Cummins and Citi India on Contour. Citi is a founding member bank of Contour..
Contour is a global digital trade finance network powered by blockchain technology, that enables multiple parties, including corporations, and logistics partners, to work together smoothly and securely in real time on a single platform.
The decentralised global trade finance network of Contour has proven that LC processing times can be reduced by up to 90%.
Document presentation under the LC usually takes 5–10 days, however, it was finished in 3 hours for Cummins. On Contour, this was the 1st domestic end-to-end blockchain-enabled LC transaction to be successfully executed.
Citi, through its Treasury and Trade Solutions (TTS) business in India, served as both LC Advising and Issuing Bank.
US Became India’s biggest Trading Partner in FY23 Followed by China According to the data of the Ministry of Commerce, the United States (US) has emerged as India’s biggest trading partner in the financial year 2022-23 (FY23) at USD 128.55 billion followed by China in the second position at US$15.32 billion.
The bilateral trade between India and the US has increased by 7.65% in FY23 due to increasing economic co-operation as against USD 119.5 billion in FY22. It was USD 80.51 billion in FY21.
Followed by US and China, the UAE with US$76.16 billion, was the third largest trading partner of India. It was followed by Saudi Arabia (US$52.72 billion), and Singapore (US$35.55 billion).
Key Points: i.Exports to China decreased by 28% in FY23, whereas the imports increased by 4.16% to $98.51 billion in FY23. The Trade gap increased to $83.2 billion in FY23 as against $72.91 billion in FY22. ii.The increase in bilateral trade between India and US was expected to continue in further years too. iii.In FY23, India had a trade surplus of $28 billion with the US. iv.Being the world’s third-largest consumer market and the fastest-growing market economy, India provides huge trade opportunities for the US. Note – As per the Ministry of Commerce data, China was India’s top trading partner since FY14 till FY18 and also in FY21. Before China, the UAE was the India’s largest trading partner.
WPI Inflation eases to 30-month low in March 2023 on Easing Input Prices
According to the Index Numbers of Wholesale Price in India for the Month of March 2023 (Base Year: 2011-12), the annual rate of inflation based on the all-India Wholesale Price Index (WPI) number for the month of March 2023 is 1.34% (Provisional), lower than 3.85% recorded in February 2023. As input costs continued to decline, India’s annual wholesale-price-based inflation (WPI) decreased to its lowest level in nearly 30 months.
In March 2023, the food index rose 2.32% year-on-year (YoY) compared with 2.76% in February 2023, while fuel and power rose 8.96%, slowing from the 14.82% rate.
WPI on manufactured products fell 0.28%, compared with a fall of 0.14% in February 2023.
The main factor for the decline in the rate of inflation in March 2023 is by the fall in prices of basic metals, food products, textiles, non-food articles, minerals, rubber & plastic products, crude petroleum & natural gas and paper and paper products.
Union Home Minister Amit Shah presented Maharashtra Bhushan 2022 to Dr. AppasahebDharmadhikariOn April 16, 2023, the Union Minister Amit Shah, Ministry of Home Affairs (MHA) presented Maharashtra Bhushan Award for 2022 to Dr. Appasaheb Dharmadhikari during a public function at Kharghar area in Raigarh district, Maharashtra.
Dr. Appasaheb Dharmadhikari was presented with a shawl, a citation and memento and a cheque of Rs 25 lakh, and a 10-feet garland of roses.
Notably, he donated all prize money of Rs 25 lakh to the Chief Minister’s (CM) Relief Fund.
Note: Appasaheb is from the Dr. Nanasaheb Dharmadhikari family, an Indian spiritual Guru cum Social Reformer. This is the first time that the Maharashtra Bhushan award has been given in the same family for the second time. Nanasaheb was awarded with the same in 2008. Key Points: i.Appasaheb was a selfless social worker who dedicated his life to serving the community on the slogan of “Let’s March On”, without seeking any recognition and inspired people to work towards positive change. ii.His work spanned a wide range of social issues, including the betterment of children, the distribution of free educational materials, tree plantation drives, cleanliness initiatives, blood donation camps, and the empowerment of women and tribals. He also played a key role in eradicating superstition and illiteracy. iii.In 2017, he was recognized with Padma Shri for his outstanding contributions to society. About Maharashtra Bhushan Award: Instituted in 1995, it is a highest civilian award presented annually by the Government of Maharashtra State. This award acknowledges the person who has contributed to the social life of Maharashtra.
Some of the notable recipients of the award include Lata Mangeshkar, Asha Bhosle, Bhimsen Joshi, Ratan Tata and Sachin Tendulkar.
Participants: CM of Maharashtra Eknath Shinde, Deputy CM Devendra Fadnavis, among others
59th Femina Miss India World: Rajasthan’s Nandini Gupta crowned Femina Miss India World 2023On 15th April 2023, Nandini Gupta, a 19-year-old, from (Kota)Rajasthan, won the 59th edition of Femina Miss India World 2023 crown in the grand ceremony held at Khuman Lampak Stadium, Imphal, Manipur.
Femina Miss India 2022 winner Sini Shetty of Karnataka crowned Nandini Gupta.
Nandini Gupta will now represent India at the 71st edition of Miss World (2023), which is to be held in the United Arab Emirates (UAE).
Key Highlights: i. Hosts– Manish Paul and Bhumi Pednaker ii. Jury Panel– Femina Miss India Universe 2002 and Mentor Neha Dhupia, ace choreographer Terence Lewis, film director & writer Harshavardhan Kulkarni, boxing icon Laishram Sarita Devi, and distinguished designers Rocky Star and Namrata Joshipura. iii. Runners-Up–Shreya Poonja of Delhi became the 1st runner-up and Thounaojam Strela Luwang of Manipur was crowned the 2nd runner-up. iv. A total of 30 contestants from across India competed for the Femina Miss India World 2023 crown. Note: The ceremony was hosted by Manipur Tourism and co-presented by VLCC & Trends. The event was co-sponsored by Rajnigandha Pearls and co-powered by ORRA Fine Jewellery with the cosmetics partner, Colorbar Made for Magic. About Nandini Gupta: Nandini Gupta was born in 2004 in Kaithun, Kota, Rajasthan, and is currently pursuing a course in Business Management at Lala Lajpat Rai College in Mumbai, Maharashtra.
FAA of USA: India’s IASA will continue to be published as Category 1
The Federal Aviation Administration (FAA) of the United States of America (USA) confirmed to the Directorate General of Civil Aviation (DGCA) that India’s International Aviation Safety Assessment (IASA) category will continue to be published as Category 1.
The FAA conducted the IASA program over a one-year period which included physical audits from 25 to 29 October 2021, and a further review in July and September 2022.
In the recent International Civil Aviation Organization (ICAO) audit conducted in November 2022, India scored an Effective Implementation (EI) of 85.65% from the previous EI of 69.95%.
The CAT-1 status denotes an airline’s ability to operate flights, provide services to American cities, and engage in codesharing arrangements with US carriers.
Fengyun-3G: China launches 1st satellite dedicated to monitoring heavy rainfalls On April 16, 2023, China launched Fengyun (FY)-3G, its first satellite allowing scientists to monitor the Earth’s precipitation from space. It was launched by China’s Long March 4B rocket from the Jiuquan Satellite Launch Center in Northwest China’s Gansu Province.
With a lifespan of 6 years (2023 – 2029), FY 3G is dedicated to monitoring heavy rainfalls during catastrophic weather conditions in global regions of low- and mid-latitude i.e. it will forecast global meteorological disasters through its powerful tool.
Note: This satellite is a continuation of the Global Precipitation Measurement mission (GPM) which is led by Japan and the United States (US). Developer: Eighth Research Institute under China Aerospace Science and Technology Corporation (CASC), and its ground system is built and operated by the China Meteorological Administration (CMA). Key Points: i.The 20th member of the Fengyun series, the FY-3G can accurately sense minute changes in precipitation intensity in the atmosphere, such as the intensity of drizzle at 0.2 millimeters per hour ii.It can provide information on the 3D structure of precipitation in the Earth’s low- and mid-latitude regions. iii.Fengyun-3G adopts a Low-Earth Orbit (LEO) with an inclination of 50 degrees and will first head southeast toward China.
This track design can help the satellite move between 50 degrees north latitude to 50 degrees south latitude where global rainfalls are concentrated.
iv.The satellites onboards precipitation measurement radar, moderate resolution imaging spectroradiometer, upgraded microwave radiance imager which can receive the 10 to 183GHz microwave radiation energy in the atmosphere and obtain the typhoon’s internal temperatures and humidity structure. v.China falls within the typhoon activity zone of western North Pacific Ocean and the heavy rainfall and flooding linked to typhoons are more frequent in some Chinese cities. vi.After the launch, the satellite observation data in China’s global weather prediction model can have an update every four hours with a 3% increase in accuracy. About China: Capital– Beijing Currency– Chinese Yuan
Taifa-1: Kenya launches First Operational Satellite into Space On April 15, 2023, Kenya successfully launched its inaugural earth observation satellite (EOS) ‘Taifa-1’ (Nation-1, in the Swahili language), using a SpaceX Falcon 9 rocket from Vandenberg Base in California, United States (US).
Created by a team of nine Kenyan engineers, it is designed to gather environmental and agricultural data, such as flood, drought, wildfire, forest and urbanization changes data, which will be employed by authorities to manage disasters and tackle food insecurity.
Key Points: i.The satellite was developed over a two-year period at a cost of 50 million Kenyan shillings ($372,000), with assistance from the Bulgarian aerospace firm Endurosat. ii.It is anticipated to operate for five years before disintegrating over a 20-year period as it enters the atmosphere and burns up. iii.It is equipped with an optical camera that takes pictures simultaneously in multispectral and panchromatic modes enabling it to operate within and beyond the visible light spectrum. iv.The Falcon 9 rocket also carried 50 payloads from other countries under SpaceX’s rideshare initiative. v.Kenya sent its first nano-satellite into space in 2018. About Kenya: Capital– Nairobi Currency– Kenyan Shilling
Europe Successfully Launches JUICE Mission to Study Jupiter’s Icy MoonsOn April 14, 2023, The European Space Agency (ESA) successfully launched the Jupiter Icy Moons Explorer (JUICE), via the Ariane-5 rocket from Europe’s Spaceport from Kourou, French Guiana.
Juice, a robotic explorer’s, mission was to make detailed observations of the solar system’s biggest planet, Jupiter and three ice-encrusted moons which scientists believed to have underground oceans where sea life could exist.
Juice is expected to reach Jupiter in 2031 and has a mission lifespan of about three years which could be extended by 200 or more days.
It will make multiple flybys of Jupiter’s satellites Ganymede, Callisto and Europa before orbiting around Ganymede.
Components of JUICE:
The 1.7 billion dollar spacecraft is armed with a suite of remote-sensing, geophysical and in-situ instruments.
Juice’s main engine contains a bi-propellant: Mono-methyl hydrazine and mixed oxides of nitrogen.
The spacecraft will be powered by 10 solar arrays arranged in two wings, stretching 27 meters from tip to tip. It can produce about 850 watt power at Jupiter.
Mission of JUICE:
The mission would help scientists locate places where there is internal energy and liquid water.
It will explore Jupiter’s complex environment extensively and study the wider Jupiter system as an archetype for gas giants across the Universe.
According to the researchers, Ganymede (the largest Jovian moon) and Callisto (the second-largest) are ocean worlds. It will also map the topography, geology and composition of the surface, characterise the ocean layers and detect subsurface water reservoirs.
In 1996, NASA’s Galileo spacecraft revealed that Ganymede has its own magnetic field, the only moon with an intrinsic magnetic field.
According to NASA, Juice would study the planets chemistry, including organic molecules, and understand its surface features and the composition of the non-water-ice material.
ESA has determined that the possibility of finding life was very high on Europa, as it possesses environments suitable for some form of life.
Europa has all three essential ingredients to support life: Liquid water, an energy source and organic compounds that act as building blocks for biological processes.
About European Space Agency: Established in: 30 May 1975 Director General: Josef Aschbacher Headquarters: Paris, France
The second underwater nuclear attack drone “Haeil-2” was tested by North KoreaEarlier on March 23, North Korea made a claim of conducting a test of an underwater nuclear attack drone, which notably had the ability to unleash a “radioactive tsunami”.The “Unmanned Underwater Nuclear Attack Craft” was the name given to the drone, also known as “Haeil” (meaning tsunami).
As a sequel,Haeil-2, which is the second underwater nuclear attack drone of North Korea was tested from April 4 to April 7.
The test effectively demonstrated the dependability and lethal striking capability of the underwater strategic weapon system.
Additional Info:
North Korea’s repeated missile tests and other actions are seen as a demonstration of strength against the joint military exercises being conducted by the United States and South Korea.
North Korea launched approximately 30 missiles in 11 separate launch events in 2023. These launches involved various missile types, including an intercontinental ballistic missile with the potential to reach the United States mainland, as well as shorter-range nuclear-capable missiles designed to target neighbouring countries.
About Haeil-2:
Developed since 2012.
The purpose is to prevent any form of escalated military actions by the enemy.
Over a period of approximately 71 hours, the vehicle travelled a total distance 1,000 km along a course that included both an oval and figure-of-eight shape.
Average speed: 4.6 knots.
Depth : 80 to 100 mts.
About North Korea: Capital : Pyongyang Currency : North Korean won President : Kim Jong Un (since 2011)
CUO & ZSI found New cyprinid fish named Garralaishrami in KoraputOn April 16 2023, the researchers of the Central University of Odisha (CUO), Koraput, and the Zoological Survey of India (ZSI) found a rare new edible freshwater cyprinid fish species of Genus Garra from the Kolab River at Ghatguda, Koraput in Odisha.
The cyprinid fish species was named Garralaishrami.
The new species is named after Dr.Laishram Kosygin of ZSI to honor his remarkable contributions to understanding the taxonomy of Indian freshwater fishes.
The findings were published in the taxonomy journal “Ichthyological Exploration of Freshwaters”, from Germany.
Characteristics:
Fishes of genus Garra are characterized by the presence of a gular disc developed from tissues of the gular region that exhibit variation in the size, shape, and arrangement of the snout tubercles.
These groups of fishes are distributed from Borneo, southern China and southern Asia through Middle East Asia, Arabian Peninsula and East Africa to West Africa.
The new species Garralaishrami has been found so far in Kolab River, one of the major tributaries of Godavari, in the Eastern Ghats of Odisha.
It is a member of the proboscis species group and is distinguished from its other members by the development of proboscis, degree of tuberculation on the proboscis and transverse lobe on snout and nostrils, position of transverse groove and morph metric data of the body.
The maximum length of the fish is from 76 mm to 95.5 mm, and is edible.
Researchers Involved:
Research conducted by – SupriyaSurachita, a Department of Science and Technology (DST) INSPIRE (Innovation in Science Pursuit for Inspired Research) Fellow on the topic “Diversity, distribution of fishes and threats in the freshwater bodies of Koraput in Eastern Ghats of Odisha”.
Supervised by Prof.Sharat Kumar Palita, Dean of School of Biodiversity and Conservation of Natural Resources of CUO, Koraput.
World Voice Day 2023 – April 16World Voice Day (WVD) is annually observed across the globe on April 16 to celebrate the phenomenon of voice and raise awareness about the importance of voice. The day also raises awareness of issues affecting the health of the voice.
World Voice Day 2023 was observed on 16th April 2023 under the theme/motto “Your Voice Matters”.
The theme for WVD was chosen by members of the American Academy of Otolaryngology-Head and Neck Surgery (AAO-HNS) Voice Committee. Background: i. World Voice Day was initiated by the Brazilian Society of Laryngology and Voice in 1999, and the first World Voice Day was observed as Brazilian Voice Day on 16th April 1999.
The day was later recognised as a global awareness day after the members of the Academy’s Speech, Voice, and Swallowing Disorders Committee
ii. In 2002, Professor Mario Andre, a Portuguese laryngologist and the president of the European Laryngological Society, proposed the idea of celebrating the day as a global event. Note: Since the day’s inception in 2002, the AAO-HNS has sponsored the World Voice Day celebration in the United States of America (USA). About the American Academy of Otolaryngology-Head and Neck Surgery (AAO-HNS): President- Kathleen L. Yaremchuk Headquarters- Alexandria, Virginia, USA Establishment- 1896
World Hemophilia Day 2023 – April 17 World Hemophilia Day is annually observed across the globe on 17th April to create awareness about Hemophilia, an inherited bleeding disorder in which the blood does not clot properly. 17th April 2023 marks the 34th World Hemophilia Day.
The annual observance of the day is organised by the World Federation of Hemophilia(WFH).
The theme of World Hemophilia Day 2023 is “Access for All: Prevention of bleeds as the global standard of care”. About World Federation of Hemophilia (WFH): The World Federation of Hemophilia (WFH) is a non-profit organization dedicated to improving and sustaining care for people with inherited bleeding disorders President– Cesar Garrido(Venezuela) Chief Executive Officer (CEO)– Alain Baumann Headquarters– Montréal, Québec, Canada
AP Government changes Name of Greenfield Seaport in Srikakulam
On 16th April 2023, the Andra Pradesh (AP) Government renamed the Bhavanapadu Port as “Mulapeta Port”, respecting the sentiments of local villagers in Srikakulam district, AP. Y S Jagan Mohan Reddy, Chief Minister (CM) of AP, will lay the foundation stone for the greenfield port on April 19.
The AP government took this decision as farmers from Mulapeta and Vishnuchakram villages requested the name change since Bhavanapadu village has no scope in the proposed port area, considering all the lands of Mulpeta and some from Vishnuchakram have been earmarked for acquisition.
Lathkar Srikesh Balajirao, Indian Administrative Service (IAS) of Srikakulam district, laid the proposals for renaming Greenfield Port, since the total land and the project displaced families belong to Mulapeta and Vishnuchakram villages and not Bhavanapadu.
Union Cabinet Approvals: February 15, 2023The Union Cabinet chaired by Prime Minister Narendra Modi has given its approval to the following proposals which were detailed by Union Minister Anurag Singh Thakur, Ministry of Information & Broadcasting (I&B): i.The Union Cabinet has approved the signing of Memorandum of Understanding (MoU) between the New Delhi (Delhi) headquartered Institute of Chartered Accountants of India (ICAI) and the Institute of Chartered Accountants in England & Wales (ICAEW) in London, United Kingdom (UK). ii.The Union Cabinet has approved the signing of MoU between India and South Africa for cooperation in the Disability Sector which will benefit Persons with Disabilities (PwDs) at large and ageing population in both countries. iii.The Cabinet has also approved the signing of MoU between GoI and Chile for cooperation in the field of Agriculture and Allied sectors. iv.The Union Cabinet has approved the Centrally Sponsored Scheme (CSS)- Vibrant Villages Programme (VVP) for FY 2022-23 to 2025-26, the action plan for which i.e. Vibrant Village Action Plans, will be created by the district administration with the help of Gram Panchayats. v.Ministry of Cooperation (MoC) has formulated a plan to establish 2 lakh Primary Agriculture Credit Societies (PACS) over the next 5 years. vi.The Cabinet Committee on Security (CCS) approved the raising of seven new battalions of the Indo-Tibetan Border Police (ITBP) force by 2025-26.
MoYAS, NIPER Hyderabad and FSSAI Signed Tripartite MoU to Address Doping Problem in SportsOn 15th February 2023, the Ministry of Youth Affairs & Sports(MoYAS), Government of India, Food Safety and Standards Authority of India (FSSAI) and National Institute of Pharmaceutical Education & Research, Hyderabad (NIPER Hyderabad) signed a tripartite Memorandum of Understanding (MoU) to create nutritional supplement testing capacity in India.
This MoU is a part of the efforts to address the doping problems in sports and to awareness about the risks associated with the use of nutritional supplements.
The MoU also aims to increase research opportunities in the clean sport and anti-doping domain and to provide options for safe and dope-free nutritional supplements for sports persons.
Signatories: The MoU was signed at the Office of the Department of Pharmaceuticals, Shastri Bhawan, New Delhi, Delhi in the presence of S. Aparna, Secretary, Department of Pharmaceuticals; Sujata Chaturvedi, Secretary (Sports); Ritu Sain, Director General & CEO, National Anti Doping Agency (NADA) and other officials. Key Points: i.This tripartite MoU is a form of mutual commitment in compliance with the mandate towards strengthening the field of “Food for Special Dietary Use for Sportspersons”. ii.Under this partnership, tools for the dissemination of data and information generated by the testing laboratory at NIPER Hyderabad for the benefit of the sports ecosystem and the public in India will be developed. iii.This will also promote the best practices in the marketing and distribution of supplements in India and educate the athletes about the harmful components in the nutritional supplements which affect their long-term performance. Additional info: i.In 2022, the MoYAS, FSSAI and National Forensic Sciences University (NFSU) signed a tripartite MoU to create nutritional supplements testing capacity and research in the country. ii.MoYAS and NADA are committed to protecting athletes against inadvertent cases of doping. About Food Safety and Standards Authority of India(FSSAI): Chairperson– Rajesh Bhushan, Headquarters– New Delhi, Delhi
IIT Roorkee & CWC sign MoA for establishing ICED in DelhiOn 14th February 2023, the Indian Institute of Technology Roorkee (IIT Roorkee) and Central Water Commission (CWC) signed a Memorandum of Agreement (MoA) for establishing the International Centre of Excellence for Dams (ICED) at IIT Roorkee in Shram Shakti Bhawan, Ministry of Jal Shakti, New Delhi, Delhi.
The MoA signing event was chaired by Pankaj Kumar, Secretary of the Department of Water Resources, River Development & Ganga Rejuvenation (DoWR, RD&GR), Ministry of Jal Shakti.
According to the MoA, IIT Roorkee has received a grant of Rs 108.99 crore from the Ministry of Jal Shakti for the establishment of the ICED. Signatories:
Vijay Saran, Chief Engineer of Dam Safety Organisation (DSO) in CWC and Project Director, Dam Rehabilitation and Improvement Project (DRIP) Phase II and III.
Prof Akshay Dvivedi, Dean of Sponsored Research & Industrial Consultancy in IIT Roorkee.
Key Highlights: i. The ICED will focus on different safety and rehabilitation aspects of Dams, like Hydrological, Hydraulic, Structural, Geotechnical, seismic safety evaluation, and reservoir sedimentation & silt control, etc. ii. ICED is being developed to create manpower with sufficient training and experience in dam safety. It also will be developed to deal with the complete life cycle of the dam in the longer run. iii. The Indian and overseas dam owners will receive specialised technical help from ICED and Roorkee in the areas of investigations, modelling, research and development, and technical support services. iv. ICED will conduct applied research, instruction, and technology transfer in dam safety management at the local, regional, national, and international levels, v. The ICED is envisioned as a world-class, cutting-edge facility that will be the first of its kind to offer leadership, best practices, research, assistance, and training in dam engineering.
It will also assist in integrating technological advancements made in other parts of the world and developing solutions that are appropriate for Indian conditions.
vi. The formation of the ICED will empower ‘Make in India’ in dam safety, plus augment advanced research and developing technologies and application products. About the Central Water Commission (CWC): CWC is an attached office of the Dept. of Water Resources, RD&GR, Ministry of Jal Shakti, CWC was formerly known as Central Waterways, Irrigation and Navigation Commission (CWINC). Chairman- Kushvinder Vohra Headquarters- New Delhi, Delhi Establishment- 1945
UDIAI launches new AI/ML Chatbot “Aadhaar Mitra” to Address Aadhaar-Related Queries
The Unique Identification Authority of India (UIDAI) has launched an AI/ML (Artificial intelligence and machine learning)-based new Chatbot called “Aadhaar Mitra” to help people get answers to their queries related to the Aadhaar card. The chatbot solves the queries like tracking Aadhaar polyvinyl chloride (PVC) status, registering and tracking grievances, and information on enrollment centre location.
Consumers can connect to the Aadhaar Mitra chatbot by scanning a unique QR code that has been provided by UIDAI.
‘Nari Shakti’: Indian Navy’s all-women car expedition sets off from NWM to cover 2,300 km over 12 Days
On 14th February 2023, the Indian Navy in association with the Navy Wives Welfare Association (NWWA) is collaborating with M/s Jeep India for the conduct of an All Women Motor Expedition as a tribute to the brave women of India and of the Indian Navy. the rally aims to motivate women to join the Naval Force.
The all-women car rally with the slogan ‘She’s Unstoppable’ and tagline ‘Soar High’ started from the National War Memorial in New Delhi and travel to the Longewala War Memorial, Rajasthan and back over 12 days, spanning February 14-25, 2023.
The rally would traverse through Jaipur, Bikaner, Jaisalmer, Longewala, Jodhpur, and Udaipur prior to returning to Delhi covering a distance of 2300 km.
WEO Update: IMF Projects India’s Growth in 2023 at 6.1%; Global growth in 2023 at 2.9%As per the International Monetary Fund’s (IMF) World Economic Outlook (WEO) update, January 2023, growth in India is projected to decline from 6.8% in 2022 to 6.1% in 2023 before rising to 6.8% in 2024. Key Projections: i.Global growth: It is projected to reduce from an estimated 3.4% in 2022 to 2.9% in 2023, then rise to 3.1% in 2024.
The growth forecast for 2023 is 0.2 percentage points higher than predicted in the October 2022 WEO.
Global growth projected for 2023 and 2024 is below the historical (2000–19) annual average of 3.8%.
ii.Global Inflation: As per the IMF WEO, global inflation is expected to reduce from 8.8% in 2022 to 6.6% in 2023 and 4.3% in 2024 but between 2017 and 2019 (pre-pandemic period), inflation averaged about 3.5%.
Global inflation is predicted to be reduced in 2023 amid average-level economic growth.
iii.WEO Projections year-on-year:
iv.The Russia-Ukraine war and the rise of central bank rates were highlighted as factors constraining economic activity. v.Global inflation still remains high in the Americas and Europe, whereas it is lower in many parts of Asia. About International Monetary Fund (IMF) Headquarters – Washington, D.C, USA Establishment – 1944 Managing Director – Kristalina Georgieva
RBI Granted in-principle Approval to 32 Existing PAs, 19 New PAs to Operate as Online PAOn 15 February 2023, the Reserve Bank of India (RBI) granted in-principle approval to 32 existing online non-bank Payment Aggregators (PAs) and 19 new PAs to operate as online PAs.
Objective: To bring entities that are undertaking online payment aggregation business within the regulatory fold.
Background: On March 17, 2020, and March 31, 2021, RBI issued “Guidelines on Regulation of Payment Aggregators and Payment Gateways” and instructed the existing online non-bank PAs to apply to RBI for seeking authorisation to act as online PAs under the Payment and Settlement Systems Act, 2007 (PSS Act) by September 30, 2021. Further, the timeline was extended for all PAs by September 30, 2022. Key Points: i.Now RBI has granted in-principle approval to the shortlisted applications to act as online PAs. ii.Existing PAs: Approved firms under the category of existing PAs include Amazon (Pay) India Private Limited, Google India Digital Services Private Limited, Pine Labs Private Limited, Razorpay Software Private Limited, Reliance Payment Solutions Limited, Zomato Payments Private Limited among others. iii.New PAs: Approved firms under the category of new PAs include Hitachi Payment Services Private Limited, Juspay Technologies Private Limited, Payment Gateway Solutions Private Limited, Tata Payments Limited, Zoho Payment Technologies Private Limited among others. iv.The applications of 4 aggregators including Axis Bank-led Freecharge Payment Technologies Private Limited, PayTM Payments Services Limited, PayU Payments Private Limited , and Tapits Technologies Private Limited were returned by RBI. Click here to know the full list Further Regulations: i.Entities whose applications have been returned are allowed to apply to the RBI within 120 days from the date of return. ii.The existing PAs are allowed to continue business unless advised otherwise by the RBI. iii.The new PAs that received in-principle approval are not allowed to commence operations until they are granted ‘authorisation’ under Section 7 of the Payment and Settlement Systems Act, 2007.
To get ‘authorisation’, the entity needs to submit to RBI a System Audit Report (SAR) along with a certificate from a Chartered Accountant regarding compliance with the net worth requirement.
SEBI Introduces IOD for filing IPO papers in XBRL formatOn 15 February 2023, the Securities and Exchange Board of India (SEBI) introduced the Issue Summary Document (ISD) for filing papers pertaining to IPO (Initial Public Offer) and for further issue of securities in XBRL (Extensible Business Reporting Language) format to make available relevant information at the stock exchanges and depositories in a structured manner.
SEBI plans to roll out the ISD in a phased manner starting March 1, 2023.
Key Points: i.XBRL: It is a language for the electronic communication of business and financial data which is used worldwide for business reporting. It is useful in the preparation, analysis and communication of business information. ii.2 Stages of ISD filing: SEBI has stated 2 stages for ISD filing i.e. in the first stage, the ISD will be filed with pre-issue fields and in the 2nd stage, the ISD will be filed with post-issue fields after allotment is completed. iii.Prescribed formats were provided by SEBI with a timeline for submission of the details. iv.SEBI decided to introduce the ISD in XBRL format for Initial Public Offer (IPO), Further Public Offer, further issues — preferential issue, qualified Institutions Placement (QIP), rights issue, issue of American Depository Receipts (ADRs), Global Depository Receipts (GDRs) and Foreign Currency Convertible Bonds (FCCBs), among others. v.SEBI has directed the Stock exchanges to develop a utility to support the filing of the ISD by submitting entities. vi.3 phases of introducing ISD:
1st phase – ISD will be rolled out for public issues of specified securities, for offer documents filed on or after March 1, 2023.
2nd phase – ISD for further issues will be implemented from April 3, 2023.
3rd phase – ISD for open offer, buy-back and voluntary delisting will be implemented from May 2, 2023.
About Securities Exchange Board of India(SEBI): Headquarters – Mumbai, Maharastra Establishment – 12 April 1992 Chairperson -Madhabi Puri Buch
Indian Overseas Bank Launched e-BG Facility in Association with NeSLIn February 2023, the Indian Overseas Bank launched e-BG (Electronic Bank Guarantee i.e. BG in a digital mode) scheme in collaboration with the National E-Governance Services Limited (NeSL). What is e-BG? The e-BG is an instrument issued by the city-headquartered bank to eliminate the possibility of fraud and manipulation, in which, the bank undertakes to guarantee a specific amount against the non-fulfilment of some action/performance of the applicant. (In simple terms, it is a promise made by a bank that if a borrower fails to pay a loan, then the bank will take care of the losses.) Features of e-BG: i.They are issued instantly in a completely paperless mode with digital stamping and digital signature i.e. replacing the existing issuance of Paper-based bank guarantees through physical stamping and wet signatures which would take 3-5 days.
NeSL’s Digital Document Execution (DDE) platform, provides e-Stamp and e-Sign functions.
ii.Thus the real-time issuance of e-BG would enhance transparency and reduce turnaround time from days to minutes. The applicant and beneficiary can instantly view an e-BG on NeSL’s platform. Prior Launches:
In September 2022, HDFC Bank, as the first bank in India, issued an e-BG in partnership with NeSL.
In January 2023, the State Bank of India (SBI) also launched e-BG in association with NeSL.
About National E-Governance Services Limited (NeSL): NeSL is India’s first Information Utility and is registered with the Insolvency and Bankruptcy Board of India (IBBI) under the aegis of the Insolvency and Bankruptcy Code, 2016 (IBC). Headquarters – Mumbai, Maharashtra Managing Director & CEO – S. Ramann
NSE & CME Group inks pact for Rupee-Denominated WTI Crude Oil and Natural Gas Contracts
National Stock Exchange (NSE) has signed a data licensing agreement with CME Group, the world’s leading derivatives marketplace, for West Texas Intermediate (WTI) crude oil and natural gas contracts.
The agreement will allow the NSE to list, trade and settle rupee-denominated Nymex WTI crude oil and natural gas derivatives contracts for Indian market participants.
The addition of the contracts will expand the NSE product offering and its overall commodity segment.
NSE has applied to the Securities and Exchange Board of India (SEBI) seeking approval to launch the additional futures contracts.
The Nymex WTI Crude Oil and Natural Gas (Henry Hub) contracts are among the world’s most traded commodity derivatives contracts generating interest from across the globe.
2nd Annual Anthem Awards: UNDP’s “Don’t Choose Extinction” Campaign wins 2 Anthem AwardsOn 15th February 2023, The ‘Don’t Choose Extinction’ campaign of the United Nations Development Programme(UNDP) won 2 awards – a gold and silver, under Awareness & Media Categories (Nonprofit), at the 2nd Annual Anthem Awards.
Silver Winner: under Sustainability, Environment & Climate – Global Awareness Campaign category
2nd annual Anthem Awards: The winners of the 2nd annual Anthem Awards were announced by the International Academy of Digital Arts & Science (IADAS).
During the event, the Special Achievement Awards were also presented to individuals who have dedicated their lives, platform or work to bring attention to some of the most important issues of our time.
About Anthem Awards: The Anthem Awards celebrates and champions work across seven core causes: Diversity, Equity & Inclusion; Education, Art & Culture; Health; Human & Civil Rights; Humanitarian Action & Services; Responsible Technology; and Sustainability, Environment & Climate. Click here to view all the winners of 2nd annual Anthem Awards and Special Achievement Awards Note: The 2nd annual Anthem award winners were selected from 2,000 submissions from over 43 countries around the world. About UNDP’s ‘Don’t Choose Extinction’ Campaign: i.The ‘Don’t Choose Extinction’ campaign was launched in October 2021 by UNDP as a response to raising awareness about the climate emergency. The film highlights the negative impact of fossil fuel subsidies on the planet. ii.The Don’t Choose Extinction’ film features “Frankie the Dino”, a computer-generated Utharaptor dinosaur that urges the members of the UN to avoid the fate of extension by tackling climate change. iii.The original short film was voiced in 39 languages and features famous actors from around the world and It has been translated into more than 60 languages. iv.The film has reached an audience of over 2 billion and garnered more than 4,000 media mentions across the globe. Note: According to new UNDP research, For every dollar pledged to tackle the climate crisis for world’s poor, 4 dollars are spent on fossil fuel subsidies which contribute to the climate crisis.
Scotland’s First Minister Nicola Sturgeon resignsOn 15th February 2023, Nicola Ferguson Sturgeon announced her resignation as First Minister of Scotland and leader of the Scottish National Party (SNP) at a press conference in Edinburgh, Scotland.
Nicola Sturgeon will remain in office until her successor was elected and will remain a member of the Scottish Parliament.
She was the first female First Minister of Scotland and the first woman to lead any of the devolved United Kingdom (UK) administrations.
Nicola Sturgeon, who has been serving as the first Minister of Scotland since 2014, is the longest-serving First Minister of Scotland.
About Nicola Ferguson Sturgeon: i. Nicola Ferguson Sturgeon was born on 19th July 1970 in Irvine, United Kingdom (UK). ii. She was a solicitor at the Drumchapel Law and Money Advice Centre in Glasgow, Scotland, and entered the Scottish Parliament as a regional Member of the Scottish Parliament (MSP) for Glasgow in 1999. iii. She served as the MSP for Govan between 20007 and 2011. iv. She held the position of Cabinet Secretary for Health and Wellbeing in the government from 2007 to 2012. v. From 2014 to 2015, she held the position of Cabinet Secretary for Infrastructure, Investment, and Cities, which included responsibility for government strategy and the constitution. She also served as Deputy First Minister of Scotland throughout this period. vi. In 2014, she became the leader of the SNP and was sworn in as First Minister. She had led the government for eight years now. About Scotland: Scotland is a member nation of the United Kingdom. Following devolution in 1999, powers held by the UK Government transferred to the Scottish Parliament and to Scottish Ministers. First Minister- Nicola Ferguson Sturgeon Capital- Edinburgh Currency- Pound sterling
David Malpass to step down as World Bank President
World Bank President David Malpass (66) will step down on June 1, 2023 after more than four years. He was appointed by then United States (US) President Donald Trump in April 2019. His five-year term was due to end in April 2024.
His tenure faced global crises such as the Covid pandemic and the Russian invasion of Ukraine, and international economic slowdown but has responded quickly to face these challenges.
CCI Clears Acquisition of Certain Assets of Jaiprakash Associates by Dalmia CementOn 15th February 2023, the Competition Commission of India (CCI) approved the acquisition of certain assets of Jaiprakash Associates Limited and its associates by Dalmia Cement (Bharat) Limited. Acquirer: Dalmia Cement (Bharat) Limited Target Assets (Sellers): Jaiprakash Associates Limited and its associate Highlights: i. The proposed combination relates to the acquisition of clinker, cement and power plants belonging to Jaiprakash Associates Ltd and its associates by Dalmia Cement (Bharat) Ltd. ii. It constitutes an acquisition under the terms of Section 5(a)(i) (A) of the Competition Act, 2002. Purpose: i. Dalmia Cement Ltd. intends to produce cement for an entire India with a targeted capacity of 70 to 75 Million Tonnes Per Annum (MTPA) by the Financial Year (FY) 2026-2027 and 110 to 130 MTPA by FY 2030-2031. ii. The Proposed Combination incorporates the Target Assets with the intention of lowering total debt.
Furthermore, the Acquirer’s acquisition of the Target Assets will enable sustainable operations and serve the interests of all stakeholders involved.
About Dalmia Cement (Bharat) Ltd: i. Dalmia Cement (Bharat) Ltd is a wholly-owned subsidiary of Dalmia Bharat Ltd (DBL), which has been in the business of the manufacture and sale of cement for over 80 years. ii. DBL, the ultimate parent entity of the Dalmia Bharat Group, engages in the business of the manufacture and sale of cement, the manufacture and sale of sugar, and the provision of refractory services. About Jaiprakash Associates Limited and its Associates: i. Jaiprakash Associates Limited and its associates are engaged in the manufacture and sale of clinker, grey cement and thermal power generation in the states of Madhya Pradesh, Uttar Pradesh and Chhattisgarh. Note: Deals that exceed a certain threshold must be approved by CCI, which monitors unfair business practices and promotes fair competition in the marketplace.
Scientists discovered a New Beetle Species ‘Omorgus Khandesh’ in IndiaScientist Aparna Sureshchandra Kalawate, working with Zoological Survey of India(ZSI), Western Regional Centre (WRC), Pune, Maharashtra, has discovered a new beetle species of Trogidae family named “Omorgus Khandesh” in India.
The beetle was found in the collections of WRC, Pune, Maharashtra.
The paper, co-authored by Werner P Strümpher of the Ditsong National Museum of Natural History, Pretoria, South Africa was published in New Zealand-based journal Zootaxa.
About Omorgus Khandesh: i.Omorgus Khandesh, a necrophagous(feeds on dead or decaying animal flesh), is also called as keratin beetle. ii.With the addition of this new species, now there are a total of 14 extant species of Trogidae family in India. iii.These beetles are also called hide beetles since they cover their body under soil and hide. iv.They have a bumpy appearance with short, dense setae all over its body. Significance in forensic science: i.Omorgus Khandesh is important for forensic science as it helps detect the time of death of an animal or human. ii.During the decomposition of a body, the blowflies arrive first in the early stages and the arrival of the keratin feeders indicates the final stage. Key Points: i.Omorgus Khandesh is mainly associated with bird and mammal nests or burrows and the details of their life histories are poorly known. ii.When disturbed, these beetles feign death and become motionless. iii.The new species is morphologically most similar to Omorgus rimulosus. Note: The newly published paper has redescribed and illustrated Omorgus rimulosus to enable accurate recognition of both species.
Arjuna Awardee & Legendary Indian Footballer Tulsidas Balaram Passed Away
On 16th February 2023, Legendary Indian football player and two-time Olympian Tulsidas Balaram (Tulsidas Balaraman), an Arjuna Awardee, passed away in Kolkata, West Bengal, at the age of 87. He was born on 4th October 1936 in Ammuguda village near Secunderabad, state of Hyderabad, British India (Secunderabad, Telangana). About Tulsidas Balaram: i. Tulsidas Balaram was considered one of the three pillars who ushered in the Indian football team’s golden era in the 1950s and 60s alongside Chuni Goswami and PK Banerjee. ii. He made his international debut representing India at the 1956 Melbourne Olympics in Australia. He also competed at the 1960 Olympics in Rome, Italy, and scored India’s first goal of the tournament against Hungary. iii. He was a part of the Indian Football team that won the gold in the 1962 Asian Games in Jakarta, Indonesia. iv. Tulsidas Balaram represented the national team 27 times from 1957 to 1963 and scored 10 goals. He retired from his football career in 1963 at the age of 27 and took up coaching and selection. Awards and Honours: i. As a captain in 1961, Tulsidas Balaram had the distinction of winning both the Canadian Football League (CFL) and the Indian Football Association (IFA) Shield, when he also won the CFL Golden Boot. ii. He had also played for Bengal Nagpur Railway (BNR) Football Club, where he won the IFA Shield (1963), and Rovers Cup (1964). Also won 3 Santosh Trophy titles in 1959, 1960 and 1962. iii. He was awarded the Arjuna Award in 1962 for his contribution to Indian Football.
WB Finance Minister Presents Rs. 3,39,162 Crore Budget for 2023-2024On 15th February 2023, Chandrima Bhattacharya, Finance Minister of West Bengal, presented the Rs. 3,39,162 crore Budget of West Bengal(WB) for the Financial Year 2023-24. The budget focused on farmers, the tea sector, and the potential of WB as a logistics hub and entrepreneurs. Highlights of WB’s Budget for 2023-2024: i.The West Bengal economy is expected to grow at a rate of 8.41% in 2022-2023, which is higher than the expected growth rate of the Indian economy (6.95%). The all-India Index of Industrial Production (Manufacturing) growth during 2022-23 (April to November) is 5.0%, and West Bengal’s growth has been 7.8%. ii.An additional dearness allowance of 3% for employees of the WB government, including teachers and pensioners. About West Bengal: Chief Minister– Mamata Banerjee Governor– C. V. Ananda Bose National Park– Singalila National Park; Neora Valley National Park Wildlife Sanctuary– Jorpokhri Wildlife Sanctuary; Senchal Wildlife Sanctuary
Indore’s Solar Plant Project funded by Rs 720 crore through Green Bonds
Indore Municipal Corporation (IMC) has successfully managed to raise about Rs 720 crores through their green bonds which will be utilized for developing a 60-megawatt solar plant. The green bonds floated by the Indore Municipal Corporation (IMC) as a public issue for setting up solar power plants have received an overwhelming response from investors and attracted a subscription of around Rs 721 crore.
IMC floated the green bonds to raise a total of Rs 244 crore for setting up a 60 MW solar power plant, the first of its kind offering by any civic body in the country in the capital market.
The bond attracted a subscription of Rs 661.52 crore on February 10, the first day of its opening, and reached Rs 720.75 crore by the time it closed on 14th February 2023. This is almost six times more than the base price of the issue of Rs 122 crore.
Boeing launches its 1stGlobal Support Center in India at Gurugrami.On February 13, 2022, the United States (US) aerospace company Boeing launched its first Global Support Center (GSC) in India at Gurugram which will offer customized safety and efficiency projects for Boeing’s airline customers, regulatory bodies, and other stakeholders. ii.It will also transfer knowledge to enhance safety and efficiency for airline partners in India. iii.It also plans to invest in a new logistics center to cater to its regional customers. In the initial phase of the operations, the India logistics centre will focus on supporting airline customers. iv.Seven teams comprising university students and early stage start-up entrepreneurs became the winners of Boeing University Innovation Leadership Development (BUILD) program 2022-23. About Boeing India: President– Salil Gupte Headquarters– Bengaluru, Karnataka
PMC & TGBL partners to set up India’s 1st Solid Waste to Hydrogen plant in Pune Pune Municipal Corporation (PMC), has partnered with TheGreenBillions Limited(TGBL), to set up India’s first solid waste-to-hydrogen plant in Hadapsar Industrial Estate in Pune, Maharashtra, at an investment of Rs 350 crore.
TGBL will spend an additional Rs 82 crore to construct the storage facility and logistics support.
TGBL has entered into a 30-year-long agreement with PMC to set up this plant.
Aim: To demonstrate the technological and financial feasibility of waste-to-hydrogen generation. About Pune’s solid waste-to-hydrogen plant: i.Broadcast Engineering Consultants India Limited (BECIL), a Mini Ratna enterprise under the Ministry of Information and Broadcasting(MIB), will provide project management consulting and Variate Pune Waste to Energy Pvt Ltd, a wholly-owned subsidiary of TGBL, will implement the project of converting Pune’s municipal non-recyclable waste into hydrogen. ii.Bhabha Atomic Research Institute and the Indian Institute of Science(IISc), Bengaluru, Karnataka, offer technological support to the plant. Key Points: i.This is India’s first attempt to extract hydrogen from waste. PMC will provide Rs 347 per tonne to TGBL as a tipping fee to treat the waste. ii.The entire plant is set to be completed by November 2024 and the 1st 10-tonne reactor will be installed by November 2023. iii.The refuse-derived fuel(RDF) from the waste will be used to generate hydrogen using plasma gasification technology. iv.By 2024, will treat around 350 tonnes of solid waste every day and produce 10 tonnes of hydrogen. Benefits: i.With this project, Pune will reduce up to 2.5 million MT of carbon emission, more than 3.8 million metric tons(MT) of waste will be diverted from the landfill, and more than 180,000 estimated households will be served directly. ii.Municipal solid waste (MSW) dumped in low-lying urban areas will be diverted and save around 25.16 hectares of land per year. iii.The wet waste from the facility, which will be segregated using an optical sensor technology at the facility, will be used to generate humic acid-rich bio-fertilisers, which are better than conventional bio-fertilisers with low carbon emissions. About Maharashtra: Chief Minister– Eknath Shinde Governor– Ramesh Bais National Park– Sanjay Gandhi National Park; Pench (Jawaharlal Nehru) National Park Wildlife Sanctuary– Nagzira Wildlife Sanctuary, Chikhaldara Wildlife Sanctuary
Indian Army undertakes Multiple Welfare Activities under Operation Sadbhavana in Ladakh, J&K
The Indian Army is undertaking multiple welfare activities such as the running of Army Goodwill Schools, Infrastructure Development Projects & Education Tours etc, for the children living in remote areas of the Union Territory (UT) of Ladakh, Jammu & Kashmir (J&K) as part of ‘Operation SADBHAVANA’.
In Ladakh, the Indian Army is now operating 7 Army Goodwill Schools (AGS) under “Operation Sadbhavana” to improve the standard of education and provide students with a quality education. More than 2,200 Students are currently studying in these schools.
During the current fiscal year 2022–2023, funds for “Operation SADBHAVANA” totalling Rs 8.82 crore have been allocated for Ladakh.
Global Sea Level Rose by 4.5 mm per year during 2013-22 period: WMOAccording to the World Meteorological Department (WMO), Global mean sea level rose by 4.5 millimeters (mm) per year during the period 2013-22. WMO stated that Human influence played a major role in the increases in sea levels since 1971. Rise in Sea Level: i.Global mean sea level increased by 0.20 m between 1901 and 2018 and the average rate of sea level rise was 1.3 mm per year between 1901 and 1971, 1.9 mm per year between 1971 and 2006, and 3.7 mm per year between 2006 and 2018 ii.Since 1900, the sea level has been increasing faster than any preceding century in the past 3000 years. iii.Since the end of the last deglacial transition(around 11000 years ago), the temperature of the global oceans has increased faster in the past century. Expected increase in sea level: Over the next 2000 years, if the warming is limited to 1.5 degrees, the global mean sea level will rise by about 2 to 3 meters and 2 to 6 meters, if the warming is limited to 2-degree celsius and 19 to 22 meters with 5 degrees of warming. Threats imposed by increasing sea level: i.The increasing sea level threatens the low-lying small islands across the globe. It also poses a major threat to countries like India, China, Netherlands and Bangladesh which has a large coastal population. ii.According to WMO’s report, major cities across all continents such as Mumbai, Shanghai, Dhaka, Bangkok, Jakarta, Maputo, Lagos, Cairo, London, Copenhagen, New York, Los Angeles, Buenos Aires and Santiago, are threatened due to increasing sea level. This will be a major economic, social and humanitarian challenge. iii.If the global sea mean level rises by 0.15 meters relative to 2020 levels, the population exposed to a 100-year coastal flood is estimated to increase by 20%. This will double at a 0.75-meter rise and triple at a 1.4-meter rise. iv.The rising sea level threatens lives, and access to water, food and health care, while saltwater intrusion will affect the economies and industries like agriculture, fisheries and tourism. Key Points: The 2015 Paris Agreement aims to limit global warming to less than 2 degrees Celsius above pre-industrial levels and pursue efforts to limit the temperature increase to 1.5 degrees Celsius.
Global temperature has increased by around 1.1 degree Celsius compared with the average in 1850-1900.
About World Meteorological Organization(WMO): WMO is a specialized agency of the United Nations(UN). President– Gerhard Adrian Sectreaty General– Petteri Taalas Headquarters– Geneva, Switzerland Membership– 193 Member States and Territories
HARBINGER 2023 Innovation for Transformation: RBI announces 2ndGlobal HackathonOn February 14, 2023, the Reserve Bank of India (RBI) launched its 2nd global hackathon ‘HARBINGER 2023 – Innovation for Transformation’ on the theme ‘Inclusive Digital Services’.
Registration for the hackathon starts from February 22, 2023.
It invites innovative ideas for the following problem statements: i. Innovative, easy-to-use, digital banking services for differently abled (Divyaang). ii. RegTech solutions to facilitate more efficient compliance by Regulated Entities (REs). iii. Exploring use cases/solutions for CBDC-Retail transactions, including transactions in offline mode. iv. Increasing Transactions Per Second (TPS)/ throughput and scalability of blockchains. Key Points: i.The winner gets Rs 40 Lakh and Runner-Up Rs 20 Lakh. ii.It also gives an opportunity to the participants to get mentored by industry experts and exhibit their innovative solutions before an eminent jury and win exciting prizes in each category. iii.The first hackathon was announced in November 2021 and results were declared in June 2022. It had received 363 proposals submitted by teams from within India and from 22 other countries including the US, UK, Sweden, Singapore, Philippines, and Israel.
January 2023: India’s WPI inflation eases to 2-year low of 4.73%; CPI inflation rises to 3-month high at 6.52%As per the data released by the Ministry of Commerce and Industry, India’s annual rate of a wholesale price index (WPI)-based inflation in January 2023 (provisional) was eased to a two-year low of 4.73% from 4.95% in December 2022.
Considering the month-on-month change the WPI index increased by 0.13% in January 2023 as against a contraction of 1.12% in December 2022.
The decrease in the rate of inflation in January 2023 was mainly due to a fall in the price of mineral oils, chemicals & chemical products, textiles, crude petroleum & natural gas, textiles, and food products.
The rate of inflation based on the WPI Food Index increased from 0.65% in December 2022 to 2.95% in January 2023.
Note – The WPI inflation is reducing for the eighth consecutive month.The DPIIT releases WPI in India on monthly basis on the 14th of every month (or the next working day). All India WPI based inflation Rate:
India measures inflation based on two indices such as the WPI and CPI.
The WPI captures prices at the level of production or manufacturing, taking into account goods traded between companies. Manufactured goods constitute a major part of the WPI.
The CPI measures prices at the retail consumer level. Food items constitute a major part of the CPI.
EbixCash becomes 1st Entity in India to enable UPI Transactions for Foreign NationalsEbixCash World Money Limited, a subsidiary of US-based Ebix Inc, became the first company in India to launch the Unified Payments Interface (UPI) transactions for foreign nationals visiting India. Background:
In February 2023, under its Monetary policy, the Reserve Bank of India (RBI) proposed to permit all inbound travellers to India to use UPI for their merchant payments (P2M) while they are in India.
Initially, it was planned to be extended to travellers from G-20 countries arriving at select international airports.
Facility for NRIs:
In January 2023, the NPCI approved UPI transactions for non-resident bank accounts such as Non-Resident External (NRE) and Non-Resident Ordinary (NRO) linked to international mobile numbers.
Initially, transactions from mobile numbers of Non-resident Indians (NRIs) from 10 countries would be allowed: Singapore, Australia, Canada, Hong Kong, Oman, Qatar, the United States of America (USA), Saudi Arabia, the UAE, and the United Kingdom (UK).
Key Points: i..EbixCash has become the first entity to enable UPI services for foreign delegates attending the G-20 summit. It plans a pilot launch in Bangalore at the G-20 summit. ii.It is a leading player in India’s airport and seaport Money Exchange business with retail kiosks in 20 international airports, and 12 seaports. iii.The launch of UPI for exchanging currencies across airports in India would enable passengers to convert their foreign currency into digital Indian currency, with a UPI interface to pay for goods and services across the country. EBIXCASH World Money Limited Headquarters– Mumbai, Maharashtra Whole-Time Director – Guruprasad T. Chandrashekaran
CCI Approves Acquisition of Certain Equity Share Capital of LT Foods Limited by SIICOn 14th February 2023, the Competition Commission of India (CCI) approved the acquisition of a certain equity share capital of LT Foods Limited, a subsidiary Daawat Foods Limited (DFL), by SALIC International Investment Corporation (SIIC), under Section 31(1) of the Competition Act, 2002. Acquirer: SALIC International Investment Corporation (SIIC) Targets: LT Foods Limited (LT Foods) and Daawat Foods Limited (DFL) Highlights: i. The SIIC proposes to acquire certain equity share capital of LT Foods along with certain affirmative rights amounting to control. ii. The Proposed Transaction is notified under Section 6(2) read with Section 5 of the Competition Act, 2002 (as amended) (“Act”). About SALIC International Investment Corporation (SIIC): i. Riyadh (Saudi Arabia)-based SALIC International Investment Corporation (SIIC) is an unlisted limited liability company.
SIIC is owned and controlled by the Saudi Agricultural and Livestock Investment Company (SALIC).
ii. SALIC is an investment company having stakes in various international companies that specialise in agriculture and the selling of food commodities both in Saudi Arabia and internationally. iii. The agri-business of SALIC is focused on farming, procurement, and importing goods into the Kingdom of Saudi Arabia. About LT Foods Limited: i. LT Foods Limited (LT Foods), a 70-year-old consumer food company, is engaged in the speciality rice-based foods business across the globe.
Daawat Foods Limited is a subsidiary of LT Foods (DFL).
ii. The basmati and other speciality rice business of LT Foods and DFL in India are led by brands like Daawat and other local brands like Heritage, Devaaya, Chef Secretz, Rozana, etc. that serve varied client portfolios ranging from value to premium consumers.
Indian Army, ADRIN signs MoU to co-develop niche technology The Indian Army signed an MoU with Advanced Data Processing Research Institute (ADRIN) at ISRO (Indian Space Research Organisation) to co-develop niche technology and end products duly aligned to the dynamic requirements of the Indian army.
Under the MoU, more importance will be given to the collaborative development of multi-domain technology-driven capabilities aligned with the needs of the Indian Army.
ADRIN, Department of Space will develop technology that will facilitate real-time situation awareness and rapid decision-making.
ADRIN is located in Secunderabad, Telangana and its Central Public Information officer was Anurag Shukla.
Note – Recently, the Ministry of Defence (MoD) signed a contract with Larsen & Toubro(L&T) to procure 41 indigenous Modular Bridges for the Corps of Engineers of the Indian Army. About Indian Army: Headquarters– New Delhi, Delhi Established – April 01, 1895 Chief of the Army Staff – General Manoj Pande
Aero India 2023: Garuda Aerospace unveils its Solar-Powered Drone SURAJOn 15th February 2023, drone startup Garuda Aerospace Private Limited unveiled its “SURAJ”, a solar-powered unmanned reconnaissance J-Glider, at Aero India 2023, which is being held from 13th to 17th February at the Air Force Station, Yelahanka, Bengaluru, Karnataka.
SURAJ, an Intelligence, Surveillance and Reconnaissance (ISR)high-altitude drone, is designed specifically for surveillance operations, providing high command real-time data and protecting jawans on the ground.
The 1:1 prototype of SURAJ will be ready to fly by August 2023.
About the SURAJ: i. SURAJ will carry a versatile payload of high-resolution zoom cameras with thermal imagery and foliage-penetrating lidar sensors with a maximum capacity of 10 Kilograms(Kg).
This will capture, process, and transmit photos and videos in real time and ensure access to vital information before planning strategic operations and terms.
ii. Its J-shaped wings are equipped with solar-powered cells that serve as its main fuel source, while an auxiliary battery offers additional propulsion or reduced speed as required.
It can fly at an altitude of 3,000 feet for 12 hours.
iii. According to Garuda Aerospace, SURAJ is set to support various Indian and global giants, including the Indian Army, Navy, Air Force, Border Security Force (BSF), Central Reserve Police Force (CRPF), Central Industrial Security Force (CISF), Indo-Tibetan Border Police (ITBP), Defence Research and Development Organisation (DRDO), Ministry of Defence (MOD), and Ministry of Home Affairs (MHA). About the Garuda Aerospace Pvt Ltd: Founder and Chief Executive Officer (CEO)- Agnishwar Jayaprakash Headquarters- Chennai, Tamil Nadu Establishment- 2015
1st Sundarban Bird Festival: 145 bird species spotted in Sundarban Biosphere ReserveWildlife enthusiasts and forest officials have sighted 145 different bird species during the first-ever Sundarban Bird Festival, organised by the Sundarban Tiger Reserve (STR) and South 24 Parganas division of West Bengal Forest Department.
The birds were sighted by 6 teams that visited different parts of the Sunderban Biosphere Reserve during the 2-day exercise.
The Sundarban Bird Festival was held from 7th to 10th February 2022 at Sajnekhali Beat Complex, Sundarban Tiger Reserve.
145 bird species spotted in Sundarban: i.The 145 bird species sighted in the Sundarban include 78 forest birds, 42 species of waders, 12 species of raptors, six species of waterfowl and seven other bird species. ii.During the festival, the birders spotted 7 out of the 9 species of kingfishers found in Sundarban.
Note: A total of 12 kingfisher species are found in India and 9 of them are found in the mangroves of Sundarban.
iii.Birds like Eurasian curlew, lesser sand plover and brown hawk owl were spotted during the festival. iv.Around 86 species were spotted in the core zone, 128 species were spotted in the buffer zone and 71 were spotted outside the protected area. Key Points: According to various studies by the Zoological Survey of India(ZSI) and a publication titled “Birds of Sundarban Biosphere Reserve” 428 bird species are documented in the Sundarban biosphere reserve. Sundarbans: i.Sundarbans National Park, a national park, tiger reserve and biosphere reserve in West Bengal, India, houses the largest population of Bengal Tigers (endangered species). ii.The Sundarbans, located between India and Bangladesh, is the largest single block of tidal, halophytic mangrove forests in the world. iii.It is an alluvial archipelago of 54 islands formed by the rivers Ganga and Brahmaputra.
Khelo India Winter Games 2023 held in Gulmarg in J&K; J&K Tops Medal Tally with 76 medalsThe 3rd edition of Khelo India Winter Games, KIWG 2023, a 1st of a kind multi-sport competition of India, was held in Gulmarg, in Baramulla District of North Kashmir, Jammu and Kashmir(J&K) from 10th to 14th February 2023.
Nisith Pramanik, Union Minister of State(MoS), Ministry of Youth Affairs and Sports(MoYAS), chief guest of the closing ceremony of KIWG 2023, distributed the medals among the winners.
J&K Topped the Medal Tally with 76 medals: i.J&K topped the medal tally of KIWG 2023 with 26 Golds, 25 silvers and 25 bronze, a total of 76 medals.
With the highest number of gold medals at the end of the meet, J&K was declared the winner of KIWG 2023.
About Ministry of Youth Affairs and Sports: Union Minister– Anurag Singh Thakur(Constituency- Hamirpur, Himachal Pradesh) Minister of State– Nisith Pramanik(Constituency- Coochbehar, West Bengal)
5th edition of Khelo India Youth Games held in Madhya Pradesh; Maharashtra tops Medal TallyThe 5th edition of Khelo India Youth Games (KIYG 2022) hosted by Madhya Pradesh was held from 30th January to 11th February 2023. Maharashtra won the overall championship and topped the medal tally of the Khelo India Youth Games 2022 with 161 medals (56 gold, 55 silver, and 50 bronze).
Haryana (40 golds) and Madhya Pradesh (39 golds), were ranked 2nd and 3rd, respectively.
Madhya Pradesh was the 5th Indian State to host the Khelo India Youth Games.
The sporting events were held at 11 venues in 8 different cities in the state of Madhya Pradesh and New Delhi (for Track Cycling).
At KIYG 2023, 11 athletes from various sports set a total of 15 new youth national records.
About the Ministry of Youth Affairs and Sports: Union Minister- Anurag Singh Thakur (Constituency- Hamirpur, Himachal Pradesh) Minister of State- Nisith Pramanik (Constituency- Coochbehar, West Bengal)
Pakistani cricketer Kamran Akmal announces Retirement from All Forms of Cricket
On 14th February 2023, Kamran Akmal, (41-year-old) Pakistan wicketkeeper-batter, announced his retirement from all forms of cricket. Recently, he was appointed as the chair of the Pakistan Cricket Board(PCB)’s selection committee for the national men’s Uner 19(U19). He is also appointed as a member of the selection committee for the national men’s senior headed by Haroon Rashid. .
He made his test and One Day International (ODI) in 2002 and his Twenty20 International (T20I) debut in 2006.
He represented Pakistan in 53 Tests, 157 ODIs and 58 T20Is with 6871 runs across formats, including 11 centuries.
He was part of the Pakistan team that won the T20 World Cup in 2009.
During the inaugural edition of the Indian Premier League (IPL) (2008), Kamran Akmal played 6 games for Rajasthan Royals (RR).
He has been added to the coaching staff of Peshawar Zalmi, a Pakistani franchise T20 cricket team, in preparation for the Pakistan Super League (PSL) 2023.
FIFA World Cup 2026: FIFA confirms US, Canada, Mexico Automatic Qualification
The Men’s National Football team of the United States (US), along with those of Mexico and Canada, will automatically qualify for the 2026 FIFA (Fédération Internationale de Football Association) World Cup finals. The 3 countries won the right to host the World Cup in a united North American bid.
This is the 1st time FIFA has had to set aside three host bids. The tournament is set to expand from 32 teams to 48 in 2026.
Under the new rules, there are 3 more spots left for the Confederation of North, Central America, and Caribbean Association Football (CONCACAF) teams beyond the three hosts for six in total.
Saudi Arabia has been named the host of the FIFA Club World Cup 2023, scheduled to take place from 12-22 December 2023.
Toyota Motor Corporation Chairman Shoichiro Toyoda Passed Away
On 14th February 2023, Shoichiro Toyoda, the Chairman of Toyota Motor Corporation, passed away in Aichi, Japan at the age of 97. He was born on 27 February 1925 in Aichi, Japan. Shoichiro Toyoda was the eldest son of Kiichiro Toyoda, who founded Toyota in 1937.
Shoichiro Toyoda joined Toyota in 1952 and has served in various positions.
He become the President of Toyota, a Japanese multinational automotive manufacturer, in 1982.
He was the Chairman of the company from 1999 till his demise.
International Childhood Cancer Day 2023 – February 15International Childhood Cancer Day (ICCD) is annually observed across the globe on February 15 to raise awareness about childhood cancer and to express support for children and adolescents who have the disease, the survivors, and their families.
The primary message or theme of International Childhood Cancer Day 2023 is ‘Better Survival’ is achievable #throughtheirhands.
Background: i. ICCD, a global campaign, was established in 2002 by Childhood Cancer International(CCI), a global network of 183 parent organizations, childhood cancer survivor associations, childhood cancer support groups, and cancer societies, in over 94 countries, across 5 continents. ii. ICCD’s founding organisations are CCI and its collaborating partner, the International Society of Pediatric Oncologists, or Société Internationale d’Oncologie Pédiatrique (SIOP). iii. The 1st ever International Childhood Cancer Day was observed on 15th February 2002. About the World Health Organisation (WHO): Director General- Dr Tedros Adhanom Ghebreyesus Headquarters- Geneva, Switzerland Establishment- 1948
Renault-Nissan Alliance to Invest Rs. 5,300 Crore Over 5 Years, Signs MoU with TN GovtRenault and Nissan, two of the leading manufacturers of automobiles, made an agreement with the Tamil Nadu (TN) government for Rs. 5,300 crore (USD 600 million).
In accordance with the agreement, the Renault-Nissan alliance would collaborate together on six new vehicles, including two new completely electric vehicles, for domestic and international customers from their base in Chennai.
i.Out of the six new models, the two firms would create 3 on joint platforms while maintaining the unique, distinctive styling of their own brands.
A total of four new C-segment sport utility vehicles (SUVs) will be among them.
Renault and Nissan will launch two new A-segment electric vehicles in India.
About Tamil Nadu (TN): Chief Minister – M.K. Stalin Governor – Ravindra Narayana Ravi National Park – Mukurthi National Park; Mudumalai National Park
FAO: Closing gender gap in agri-food systems can boost global economy by $1 trillionAs per the ‘The Status Of Women In Agrifood Systems’ released by the Food and Agriculture Organization of the United Nations (FAO), tackling gender inequality in agri-food systems can reduce hunger, boost the economy and reinforce resilience to shocks like climate change and the COVID-19 pandemic.
There would be increase in the global gross domestic product (GDP) by 1% or nearly $1 trillion if there is no gender gap in farm productivity and the wage gap in agri-food-system employment.
Currently, Women earn 82 cents for every dollar earned by men.
Globally, 36% of working women are employed in agrifood systems, along with 38% of working men.
Note: The report is the first of its kind since 2010 (State of food and agriculture (SOFA) 2010–11: Women in agriculture – Closing the gender gap for development). It goes beyond agriculture to provide a comprehensive picture of the status of women working across agri-food systems — from production to distribution and consumption. Highlights: i.Prioritizing women in development interventions for small-scale producers could benefit 58 million people with increased income and 235 million people with greater resilience. This could also reduce global food insecurity by 2%, impacting 45 million individuals. ii.Nearly 4 billion individuals depend on agri-food systems as their main source of livelihoods, with approximately half of them being women who face barriers to realizing their full potential such as inequality and discrimination, marginalized and denied agency, work in poorer conditions with lower wages, unpaid work, among others. iii.Since the outbreak of COVID-19, the gap between women’s and men’s food security has grown to 4.3 percentage points in 2021 from 1.7 percentage points in 2019. iv. Although 75% of agriculture and rural development policy documents from 68 countries acknowledge the roles and challenges faced by women, a mere 19% of these policies include gender-related goals.. v.Women need more access to and control over the livestock, water, seeds, land, technology, and finance needed to grow their livelihoods.
India, Japan &France Launch Common Platform for Sri Lankan Debt Restructuring ProgrammeIndia, Japan, and France announced a common platform for talks among creditors to address the debt restructuring programme of Sri Lanka, the country which was hit by an unprecedented financial crisis since 2022.
The representatives of the three creditor countries, the Finance Minister (FM) Nirmala Sitharaman (India), FM Shunichi Suzuki (Japan), French Director General of the Treasury Emmanuel Moulin, held a press briefing on the margins of the annual spring meetings of the World Bank and the International Monetary Fund (IMF) in Washington DC , United States
Under the platform, the representatives will demonstrate the multilateral cooperation regarding the debt restructuring process among the creditors, together with Sri Lanka.
Key Points: i.Finance Minister Nirmala Sitharaman expressed India’s commitment to supporting Sri Lanka in dealing with its current economic crisis.
She emphasised the need for collaboration among creditors to ensure transparency and equality in the debt restructuring discussions.
ii.Sri Lankan President, Ranil Wickremesinghe who joined the conference virtually at the press conference mentioned the agreement with the IMF in March 2023 for USD 2.9 billion bailout. iii.The IMF’s Executive Board approved a 48-month extended arrangement under its Extended Fund Facility (EFF) with an amount of SDR 2.286 billion to Sri Lanka following financing assurances from the creditors. iv.Sri Lanka owes USD 7.1 billion to bilateral creditors, with USD 3 billion owed to China, USD 2.4 billion to the Paris Club (France) and USD 1.6 billion to India. Note – Sri Lanka was hit by an unprecedented financial crisis in 2022, the worst since its independence from Britain in 1948, due to a severe paucity of foreign exchange reserves, sparking a major political and humanitarian crisis in the island nation.
SEBI Issued Framework on Upfront Contribution by Issuers for LPCC’s Settlement Guarantee Fund On April 13, 2023, the Securities and Exchange Board of India (SEBI) released a new framework for the upfront collection of amounts as charges from eligible issuers at the time of allotment of debt securities to build the Settlement Guarantee Fund of the Limited Purpose Clearing Corporation (LPCC).
The new framework will come into force from May 1, 2023.
Background: i.As a well-functioning repo market contributes to the development of the debt securities market, on September 29, 2020, the SEBI board permitted the setting up an LPCC for clearing and settling repo transactions in debt securities.
The board also allowed collecting 0.5 basis points of the issuance value of debt securities per annum upfront prior to the listing of such securities to build the Settlement Guarantee Fund of the LPCC.
ii.With respect to that, AMC Repo Clearing Limited (ARCL) has been granted recognition as LPCC by SEBI.
The Reserve Bank of India (RBI) also provided necessary approvals to ARCL to offer central counterparty services for repo transactions in debt securities.
About the Framework: i.As per the framework the eligible issuers shall be notified by the LPCC as per its risk management policy. ii.Collection of an amount of 0.5 basis points of the issuance value of debt securities per annum based on the maturity of debt securities by the Stock Exchanges will be held and placed in an escrow account prior to the allotment of the debt securities.
The amount is applicable on a public issue or private placement of debt securities under the SEBI (Issue and Listing of Non-convertible Securities) Regulations, 2021.
iii.Further the collected amount will be transferred by the Stock exchange to the bank account of the LPCC within one working day of the receipt of the amount and inform the details of the same to the LPCC.
Amount details will also be disclosed by the Stock Exchanges on their websites.
Note – The framework was issued in the exercise of powers under Section 11(1) of the SEBI Act, 1992. About Securities Exchange Board of India(SEBI): Chairperson -Madhabi Puri Buch Headquarters – Mumbai, Maharastra Establishment – 12 April 1992
CGTMSE Increased Guarantee Coverage for MSEs from Rs 2 crore to Rs 5 croreThe Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) increased the guarantee coverage ceiling under its Credit Guarantee Fund Scheme for MSEs from Rs 2 crore to Rs 5 croreper borrower for credit facilities extended by lending institutions to Micro and Small Enterprises (MSEs). Key Points: i.The changes are made with respect to the reduction in the loan growth to the MSE segment to 13.2% year-on-year (y-o-y) (as on February 24, 2023) from 24% y-o-y (as on February 25, 2022). ii.Threshold for waiver of legal action was enhanced to Rs10 lakhs from the existing Rs 5 lakhs. iii.The scheduled commercial banks’ credit to MSEs, as on February 24, 2023, stood at Rs 5,87,494 crore compared with Rs 5,18,873 crore as on February 25, 2022. About Ministry of Micro, Small and Medium Enterprises: Union Minister – Narayan Tatu Rane (Rajya Sabha Maharashtra) Minister of State (MoS) – Bhanu Pratap Singh Verma (Jalaun,Uttar Pradesh)
Citi India completes first blockchain-enabled LC transaction on Contour
Citibank India (Citi India) has completed its 1st blockchain-enabled Letter of Credit (LC) transaction on Contour Pte. Ltd (Contour) for its client Cummins India Limited (Cummins), a diversified industrial manufacturing company. The transaction is the 1st for both Cummins and Citi India on Contour. Citi is a founding member bank of Contour..
Contour is a global digital trade finance network powered by blockchain technology, that enables multiple parties, including corporations, and logistics partners, to work together smoothly and securely in real time on a single platform.
The decentralised global trade finance network of Contour has proven that LC processing times can be reduced by up to 90%.
Document presentation under the LC usually takes 5–10 days, however, it was finished in 3 hours for Cummins. On Contour, this was the 1st domestic end-to-end blockchain-enabled LC transaction to be successfully executed.
Citi, through its Treasury and Trade Solutions (TTS) business in India, served as both LC Advising and Issuing Bank.
US Became India’s biggest Trading Partner in FY23 Followed by China According to the data of the Ministry of Commerce, the United States (US) has emerged as India’s biggest trading partner in the financial year 2022-23 (FY23) at USD 128.55 billion followed by China in the second position at US$15.32 billion.
The bilateral trade between India and the US has increased by 7.65% in FY23 due to increasing economic co-operation as against USD 119.5 billion in FY22. It was USD 80.51 billion in FY21.
Followed by US and China, the UAE with US$76.16 billion, was the third largest trading partner of India. It was followed by Saudi Arabia (US$52.72 billion), and Singapore (US$35.55 billion).
Key Points: i.Exports to China decreased by 28% in FY23, whereas the imports increased by 4.16% to $98.51 billion in FY23. The Trade gap increased to $83.2 billion in FY23 as against $72.91 billion in FY22. ii.The increase in bilateral trade between India and US was expected to continue in further years too. iii.In FY23, India had a trade surplus of $28 billion with the US. iv.Being the world’s third-largest consumer market and the fastest-growing market economy, India provides huge trade opportunities for the US. Note – As per the Ministry of Commerce data, China was India’s top trading partner since FY14 till FY18 and also in FY21. Before China, the UAE was the India’s largest trading partner.
WPI Inflation eases to 30-month low in March 2023 on Easing Input Prices
According to the Index Numbers of Wholesale Price in India for the Month of March 2023 (Base Year: 2011-12), the annual rate of inflation based on the all-India Wholesale Price Index (WPI) number for the month of March 2023 is 1.34% (Provisional), lower than 3.85% recorded in February 2023. As input costs continued to decline, India’s annual wholesale-price-based inflation (WPI) decreased to its lowest level in nearly 30 months.
In March 2023, the food index rose 2.32% year-on-year (YoY) compared with 2.76% in February 2023, while fuel and power rose 8.96%, slowing from the 14.82% rate.
WPI on manufactured products fell 0.28%, compared with a fall of 0.14% in February 2023.
The main factor for the decline in the rate of inflation in March 2023 is by the fall in prices of basic metals, food products, textiles, non-food articles, minerals, rubber & plastic products, crude petroleum & natural gas and paper and paper products.
Union Home Minister Amit Shah presented Maharashtra Bhushan 2022 to Dr. AppasahebDharmadhikariOn April 16, 2023, the Union Minister Amit Shah, Ministry of Home Affairs (MHA) presented Maharashtra Bhushan Award for 2022 to Dr. Appasaheb Dharmadhikari during a public function at Kharghar area in Raigarh district, Maharashtra.
Dr. Appasaheb Dharmadhikari was presented with a shawl, a citation and memento and a cheque of Rs 25 lakh, and a 10-feet garland of roses.
Notably, he donated all prize money of Rs 25 lakh to the Chief Minister’s (CM) Relief Fund.
Note: Appasaheb is from the Dr. Nanasaheb Dharmadhikari family, an Indian spiritual Guru cum Social Reformer. This is the first time that the Maharashtra Bhushan award has been given in the same family for the second time. Nanasaheb was awarded with the same in 2008. Key Points: i.Appasaheb was a selfless social worker who dedicated his life to serving the community on the slogan of “Let’s March On”, without seeking any recognition and inspired people to work towards positive change. ii.His work spanned a wide range of social issues, including the betterment of children, the distribution of free educational materials, tree plantation drives, cleanliness initiatives, blood donation camps, and the empowerment of women and tribals. He also played a key role in eradicating superstition and illiteracy. iii.In 2017, he was recognized with Padma Shri for his outstanding contributions to society. About Maharashtra Bhushan Award: Instituted in 1995, it is a highest civilian award presented annually by the Government of Maharashtra State. This award acknowledges the person who has contributed to the social life of Maharashtra.
Some of the notable recipients of the award include Lata Mangeshkar, Asha Bhosle, Bhimsen Joshi, Ratan Tata and Sachin Tendulkar.
Participants: CM of Maharashtra Eknath Shinde, Deputy CM Devendra Fadnavis, among others
59th Femina Miss India World: Rajasthan’s Nandini Gupta crowned Femina Miss India World 2023On 15th April 2023, Nandini Gupta, a 19-year-old, from (Kota)Rajasthan, won the 59th edition of Femina Miss India World 2023 crown in the grand ceremony held at Khuman Lampak Stadium, Imphal, Manipur.
Femina Miss India 2022 winner Sini Shetty of Karnataka crowned Nandini Gupta.
Nandini Gupta will now represent India at the 71st edition of Miss World (2023), which is to be held in the United Arab Emirates (UAE).
Key Highlights: i. Hosts– Manish Paul and Bhumi Pednaker ii. Jury Panel– Femina Miss India Universe 2002 and Mentor Neha Dhupia, ace choreographer Terence Lewis, film director & writer Harshavardhan Kulkarni, boxing icon Laishram Sarita Devi, and distinguished designers Rocky Star and Namrata Joshipura. iii. Runners-Up–Shreya Poonja of Delhi became the 1st runner-up and Thounaojam Strela Luwang of Manipur was crowned the 2nd runner-up. iv. A total of 30 contestants from across India competed for the Femina Miss India World 2023 crown. Note: The ceremony was hosted by Manipur Tourism and co-presented by VLCC & Trends. The event was co-sponsored by Rajnigandha Pearls and co-powered by ORRA Fine Jewellery with the cosmetics partner, Colorbar Made for Magic. About Nandini Gupta: Nandini Gupta was born in 2004 in Kaithun, Kota, Rajasthan, and is currently pursuing a course in Business Management at Lala Lajpat Rai College in Mumbai, Maharashtra.
FAA of USA: India’s IASA will continue to be published as Category 1
The Federal Aviation Administration (FAA) of the United States of America (USA) confirmed to the Directorate General of Civil Aviation (DGCA) that India’s International Aviation Safety Assessment (IASA) category will continue to be published as Category 1.
The FAA conducted the IASA program over a one-year period which included physical audits from 25 to 29 October 2021, and a further review in July and September 2022.
In the recent International Civil Aviation Organization (ICAO) audit conducted in November 2022, India scored an Effective Implementation (EI) of 85.65% from the previous EI of 69.95%.
The CAT-1 status denotes an airline’s ability to operate flights, provide services to American cities, and engage in codesharing arrangements with US carriers.
Fengyun-3G: China launches 1st satellite dedicated to monitoring heavy rainfalls On April 16, 2023, China launched Fengyun (FY)-3G, its first satellite allowing scientists to monitor the Earth’s precipitation from space. It was launched by China’s Long March 4B rocket from the Jiuquan Satellite Launch Center in Northwest China’s Gansu Province.
With a lifespan of 6 years (2023 – 2029), FY 3G is dedicated to monitoring heavy rainfalls during catastrophic weather conditions in global regions of low- and mid-latitude i.e. it will forecast global meteorological disasters through its powerful tool.
Note: This satellite is a continuation of the Global Precipitation Measurement mission (GPM) which is led by Japan and the United States (US). Developer: Eighth Research Institute under China Aerospace Science and Technology Corporation (CASC), and its ground system is built and operated by the China Meteorological Administration (CMA). Key Points: i.The 20th member of the Fengyun series, the FY-3G can accurately sense minute changes in precipitation intensity in the atmosphere, such as the intensity of drizzle at 0.2 millimeters per hour ii.It can provide information on the 3D structure of precipitation in the Earth’s low- and mid-latitude regions. iii.Fengyun-3G adopts a Low-Earth Orbit (LEO) with an inclination of 50 degrees and will first head southeast toward China.
This track design can help the satellite move between 50 degrees north latitude to 50 degrees south latitude where global rainfalls are concentrated.
iv.The satellites onboards precipitation measurement radar, moderate resolution imaging spectroradiometer, upgraded microwave radiance imager which can receive the 10 to 183GHz microwave radiation energy in the atmosphere and obtain the typhoon’s internal temperatures and humidity structure. v.China falls within the typhoon activity zone of western North Pacific Ocean and the heavy rainfall and flooding linked to typhoons are more frequent in some Chinese cities. vi.After the launch, the satellite observation data in China’s global weather prediction model can have an update every four hours with a 3% increase in accuracy. About China: Capital– Beijing Currency– Chinese Yuan
Taifa-1: Kenya launches First Operational Satellite into Space On April 15, 2023, Kenya successfully launched its inaugural earth observation satellite (EOS) ‘Taifa-1’ (Nation-1, in the Swahili language), using a SpaceX Falcon 9 rocket from Vandenberg Base in California, United States (US).
Created by a team of nine Kenyan engineers, it is designed to gather environmental and agricultural data, such as flood, drought, wildfire, forest and urbanization changes data, which will be employed by authorities to manage disasters and tackle food insecurity.
Key Points: i.The satellite was developed over a two-year period at a cost of 50 million Kenyan shillings ($372,000), with assistance from the Bulgarian aerospace firm Endurosat. ii.It is anticipated to operate for five years before disintegrating over a 20-year period as it enters the atmosphere and burns up. iii.It is equipped with an optical camera that takes pictures simultaneously in multispectral and panchromatic modes enabling it to operate within and beyond the visible light spectrum. iv.The Falcon 9 rocket also carried 50 payloads from other countries under SpaceX’s rideshare initiative. v.Kenya sent its first nano-satellite into space in 2018. About Kenya: Capital– Nairobi Currency– Kenyan Shilling
Europe Successfully Launches JUICE Mission to Study Jupiter’s Icy MoonsOn April 14, 2023, The European Space Agency (ESA) successfully launched the Jupiter Icy Moons Explorer (JUICE), via the Ariane-5 rocket from Europe’s Spaceport from Kourou, French Guiana.
Juice, a robotic explorer’s, mission was to make detailed observations of the solar system’s biggest planet, Jupiter and three ice-encrusted moons which scientists believed to have underground oceans where sea life could exist.
Juice is expected to reach Jupiter in 2031 and has a mission lifespan of about three years which could be extended by 200 or more days.
It will make multiple flybys of Jupiter’s satellites Ganymede, Callisto and Europa before orbiting around Ganymede.
Components of JUICE:
The 1.7 billion dollar spacecraft is armed with a suite of remote-sensing, geophysical and in-situ instruments.
Juice’s main engine contains a bi-propellant: Mono-methyl hydrazine and mixed oxides of nitrogen.
The spacecraft will be powered by 10 solar arrays arranged in two wings, stretching 27 meters from tip to tip. It can produce about 850 watt power at Jupiter.
Mission of JUICE:
The mission would help scientists locate places where there is internal energy and liquid water.
It will explore Jupiter’s complex environment extensively and study the wider Jupiter system as an archetype for gas giants across the Universe.
According to the researchers, Ganymede (the largest Jovian moon) and Callisto (the second-largest) are ocean worlds. It will also map the topography, geology and composition of the surface, characterise the ocean layers and detect subsurface water reservoirs.
In 1996, NASA’s Galileo spacecraft revealed that Ganymede has its own magnetic field, the only moon with an intrinsic magnetic field.
According to NASA, Juice would study the planets chemistry, including organic molecules, and understand its surface features and the composition of the non-water-ice material.
ESA has determined that the possibility of finding life was very high on Europa, as it possesses environments suitable for some form of life.
Europa has all three essential ingredients to support life: Liquid water, an energy source and organic compounds that act as building blocks for biological processes.
About European Space Agency: Established in: 30 May 1975 Director General: Josef Aschbacher Headquarters: Paris, France
The second underwater nuclear attack drone “Haeil-2” was tested by North KoreaEarlier on March 23, North Korea made a claim of conducting a test of an underwater nuclear attack drone, which notably had the ability to unleash a “radioactive tsunami”.The “Unmanned Underwater Nuclear Attack Craft” was the name given to the drone, also known as “Haeil” (meaning tsunami).
As a sequel,Haeil-2, which is the second underwater nuclear attack drone of North Korea was tested from April 4 to April 7.
The test effectively demonstrated the dependability and lethal striking capability of the underwater strategic weapon system.
Additional Info:
North Korea’s repeated missile tests and other actions are seen as a demonstration of strength against the joint military exercises being conducted by the United States and South Korea.
North Korea launched approximately 30 missiles in 11 separate launch events in 2023. These launches involved various missile types, including an intercontinental ballistic missile with the potential to reach the United States mainland, as well as shorter-range nuclear-capable missiles designed to target neighbouring countries.
About Haeil-2:
Developed since 2012.
The purpose is to prevent any form of escalated military actions by the enemy.
Over a period of approximately 71 hours, the vehicle travelled a total distance 1,000 km along a course that included both an oval and figure-of-eight shape.
Average speed: 4.6 knots.
Depth : 80 to 100 mts.
About North Korea: Capital : Pyongyang Currency : North Korean won President : Kim Jong Un (since 2011)
CUO & ZSI found New cyprinid fish named Garralaishrami in KoraputOn April 16 2023, the researchers of the Central University of Odisha (CUO), Koraput, and the Zoological Survey of India (ZSI) found a rare new edible freshwater cyprinid fish species of Genus Garra from the Kolab River at Ghatguda, Koraput in Odisha.
The cyprinid fish species was named Garralaishrami.
The new species is named after Dr.Laishram Kosygin of ZSI to honor his remarkable contributions to understanding the taxonomy of Indian freshwater fishes.
The findings were published in the taxonomy journal “Ichthyological Exploration of Freshwaters”, from Germany.
Characteristics:
Fishes of genus Garra are characterized by the presence of a gular disc developed from tissues of the gular region that exhibit variation in the size, shape, and arrangement of the snout tubercles.
These groups of fishes are distributed from Borneo, southern China and southern Asia through Middle East Asia, Arabian Peninsula and East Africa to West Africa.
The new species Garralaishrami has been found so far in Kolab River, one of the major tributaries of Godavari, in the Eastern Ghats of Odisha.
It is a member of the proboscis species group and is distinguished from its other members by the development of proboscis, degree of tuberculation on the proboscis and transverse lobe on snout and nostrils, position of transverse groove and morph metric data of the body.
The maximum length of the fish is from 76 mm to 95.5 mm, and is edible.
Researchers Involved:
Research conducted by – SupriyaSurachita, a Department of Science and Technology (DST) INSPIRE (Innovation in Science Pursuit for Inspired Research) Fellow on the topic “Diversity, distribution of fishes and threats in the freshwater bodies of Koraput in Eastern Ghats of Odisha”.
Supervised by Prof.Sharat Kumar Palita, Dean of School of Biodiversity and Conservation of Natural Resources of CUO, Koraput.
World Voice Day 2023 – April 16World Voice Day (WVD) is annually observed across the globe on April 16 to celebrate the phenomenon of voice and raise awareness about the importance of voice. The day also raises awareness of issues affecting the health of the voice.
World Voice Day 2023 was observed on 16th April 2023 under the theme/motto “Your Voice Matters”.
The theme for WVD was chosen by members of the American Academy of Otolaryngology-Head and Neck Surgery (AAO-HNS) Voice Committee. Background: i. World Voice Day was initiated by the Brazilian Society of Laryngology and Voice in 1999, and the first World Voice Day was observed as Brazilian Voice Day on 16th April 1999.
The day was later recognised as a global awareness day after the members of the Academy’s Speech, Voice, and Swallowing Disorders Committee
ii. In 2002, Professor Mario Andre, a Portuguese laryngologist and the president of the European Laryngological Society, proposed the idea of celebrating the day as a global event. Note: Since the day’s inception in 2002, the AAO-HNS has sponsored the World Voice Day celebration in the United States of America (USA). About the American Academy of Otolaryngology-Head and Neck Surgery (AAO-HNS): President- Kathleen L. Yaremchuk Headquarters- Alexandria, Virginia, USA Establishment- 1896
World Hemophilia Day 2023 – April 17 World Hemophilia Day is annually observed across the globe on 17th April to create awareness about Hemophilia, an inherited bleeding disorder in which the blood does not clot properly. 17th April 2023 marks the 34th World Hemophilia Day.
The annual observance of the day is organised by the World Federation of Hemophilia(WFH).
The theme of World Hemophilia Day 2023 is “Access for All: Prevention of bleeds as the global standard of care”. About World Federation of Hemophilia (WFH): The World Federation of Hemophilia (WFH) is a non-profit organization dedicated to improving and sustaining care for people with inherited bleeding disorders President– Cesar Garrido(Venezuela) Chief Executive Officer (CEO)– Alain Baumann Headquarters– Montréal, Québec, Canada
AP Government changes Name of Greenfield Seaport in Srikakulam
On 16th April 2023, the Andra Pradesh (AP) Government renamed the Bhavanapadu Port as “Mulapeta Port”, respecting the sentiments of local villagers in Srikakulam district, AP. Y S Jagan Mohan Reddy, Chief Minister (CM) of AP, will lay the foundation stone for the greenfield port on April 19.
The AP government took this decision as farmers from Mulapeta and Vishnuchakram villages requested the name change since Bhavanapadu village has no scope in the proposed port area, considering all the lands of Mulpeta and some from Vishnuchakram have been earmarked for acquisition.
Lathkar Srikesh Balajirao, Indian Administrative Service (IAS) of Srikakulam district, laid the proposals for renaming Greenfield Port, since the total land and the project displaced families belong to Mulapeta and Vishnuchakram villages and not Bhavanapadu.
1stG20 Environment and Climate Sustainability Working Group (ECSWG) Meeting 2023 held in Bengalurui.From February 9-11, 2023, the First G20 (Group of Twenty) Environment and Climate Sustainability Working Group (ECSWG) meeting was held in Bengaluru, Karnataka under India’s G20 Presidency. ii.It was led by the Ministry of Environment, Forests and Climate Change (MoEFCC), Government of India. iii.Indian Presidency will publish the 5th report on actions against marine plastic litter under the G20 Framework for Marine Plastic Litter, in collaboration with Japan. iv.The Indian Presidency also announced a coordinated beach cleaning event to be conducted on May 21, 2023 on the sidelines of the Ocean 20 dialogue. About Ministry of Environment, Forests and Climate Change (MoEFCC): Union Minister– Bhupender Yadav Minister of State– Ashwini Kumar Choubey Secretary– Leena Nandan
MoPSW: High-Level Committee headed by Chairman of DPA to draft revised Guidelines for Ro-Ro & Ro-Pax ferry servicesThe Ministry of Ports, Shipping and Waterways(MoPSW) has constituted a High-Level Committee headed by Sanjay K. Mehta (SK Mehta), Chairman of Deendayal Port Authority (DPA), Gandhidham, Gujarat, to draft the revised guidelines for the operation of Roll on-Roll off (Ro-Ro) and Roll on-Passenger (Ro-Pax) ferry service.
The committee would also simultaneously draft the Model Concession Agreement for Ro-Ro / Ro-Pax Terminal Operator and a Model License Agreement for the Operation of Ro-Ro/ Ro-Pax/ Fast Passenger Ferry.
About Ministry of Ports, Shipping and Waterways(MoPSW): Union Minister– Sarbananda Sonowal(Constituency- Rajya Sabha- Assam) Minister of State– Shantanu Thakur (Constituency- Bangaon, West Bengal); Shripad Yesso Naik (Constituency- North Goa, Goa)
Girish Chandra Murmu led 6th SCO SAI Leaders’ Meeting; MoUs Signed with SAIs of Kazakhstan, TajikistanThe 6th Meeting of the Shanghai Cooperation Organisation Supreme Audit Institutes (SCO SAI) Leaders’ meeting was held in Lucknow, Uttar Pradesh (UP) from February 6 to 8, 2023.
Discussions were held at the SCO SAI Leaders’ meeting led byGirish Chandra Murmu, Comptroller and Auditor General of India (CAG) India, under the theme of “Integrating Emerging Technologies in Audit” with focus on Artificial Intelligence and Cyber-security.
On the sidelines of the SCO SAI Leader’s meeting, on 13 February 2023, Girish Chandra Murmu signed 2 Memoranda of Understanding (MoUs) with SAIs of Kazakhstan and Tajikistan to strengthen cooperation and exchange of expertise in the field of auditing.
Under the SCO SAIs Leader’s meeting, Girish Chandra Murmu stressed the need for proper auditing of the country’s local bodies as India is aiming to achieve the $5 trillion economy by 2025.
About Shanghai Cooperation Organization (SCO): Headquarters – Beijing, China Establishment – 15 June 2001 Secretary-General – Zhang Ming Member countries – 9 Member countries (China, India, Kazakhstan, Kyrgyzstan, Russia, Pakistan, Tajikistan , Iran, and Uzbekistan)
37th APEDA Foundation Day – 13th February 2023The Agriculture and Processed Food Products Export Development Authority (APEDA), under the Ministry of Commerce and Trade, observed the 27th APEDA Foundation Day on 13th February 2023 across India,
APEDA, established in 1986, has achieved phenomenal success in the promotion export of agricultural products in its successful journey of 37 years.
APEDA’s Growth History- 1986 to 2023: i. Due to APEDA’s active interventions, the export of agricultural products has increased from USD 0.6 billion export in 1987-88 to USD 19.69 billion till April-December 2022-23 and expanded the export basket to more than 200 countries.
The APEDA exported agricultural products worth USD 24.77 billion in 2021-22.
ii. For the current fiscal(2022-2023, the target given to APEDA is USD 23.56, till December 2022, 84%(USD 19.69 billion) has been achieved and the remaining target is expected to be completed within the expected time period. WTO Trade Data:
According to the World Trade Organization (WTO) Trade Data, India was ranked 25th in 1986, fell to 28th in 1987, and 29th in 1988.
Currently, India’s ranking has improved significantly by rising to the 10th rank in 2019, which has further improved to 9th in 2020, and to 8th in 2021.
APEDA Initiatives: i. APEDA promoted IT-enabled activities for ease of doing business in the promotion and development of exports from India in an effort to elevate the export of agricultural products to a new level. ii. APEDA has undertaken initiatives like a paperless office (re-engineering, digital signatures, electronic payment facility), APEDA Mobile App, phase-wise delivery of online services, monitoring and evaluation, uniform access, and virtual trade fair to make governance more efficient and effective. iii. India’s infrastructure for agri exports was set up and upgraded with the help of APEDA, which also improved the quality of agri exports. iv. APEDA has constituted a Market Intelligence Cell, and the activity of disseminating E-market intelligence reports containing in-depth market analysis has commenced. v. APEDA has also created a Farmer Connect Portal on its website to give Farmer Producer Organizations (FPOs)/Farmer Producer Companies (FPCs) and cooperatives a forum to communicate with exporters. vi. Out of the 417 registered GI products, more than 100 registered GI products fall under the category of APEDA scheduled products (Cereals, Fresh Fruits and vegetables, processed products, etc).
PM Modi’s Visit to Uttar Pradesh & MaharashtraPM Narendra Modi visited Uttar Pradesh (UP) & Maharashtra to launch various initiatives on February 10, 2023. Prime Minister Narendra Modi inaugurated the Uttar Pradesh Global Investors Summit (UPGIS) 2023 on February 10, 2023 in Lucknow, Uttar Pradesh (UP). UPGIS 2023 is the flagship investment summit of the Government of Uttar Pradesh which took place in Lucknow (UP) from February 10 to 12, 2023. On February 10, 2023, the PM visited Maharashtra and flagged off two Vande Bharat trains at Chhatrapati Shivaji Maharaj Terminus (CMST) in Mumbai, Maharashtra.
The two trains, Mumbai-Solapur Vande Bharat and Mumbai-Sainagar Shirdi Vande Bharat, would run on the popular tourist route between Chhatrapati Shivaji Maharaj Terminus (CSMT)-Shirdi and CSMT-Solapur.
On February 12, 2023, PM Narendra Modi visited Rajasthan and inaugurated the 246-kilometer (km) Delhi-Dausa-Lalsot stretch of the Delhi-Mumbai Expressway from Dausa in Rajasthan.
This Delhi-Mumbai Expressway would be India’s longest Expressway, spanning 1,386 km.
CBDT Notified 6 Income Tax Return Forms for Assessment Year 2023-24In exercise of the powers conferred by section 139 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes (CBDT) has notified six income tax return (ITR) forms for assessment year 2023-24 (Financial Year 2022-23).
CBDT has also notified ITR-V (verification form) and Indian Income Tax Return Acknowledgement.
ITR forms include ITR-1 SAHAJ, ITR-2, ITR-3, ITR-4 SUGAM, ITR-5, ITR-6.
The forms will come into effect from April 1, 2023.
ITR Form details i.ITR-1(SAHAJ): It can be filed by an individual having total income up to Rs 50 lakh and who receives income from Salaries, one house property, other sources (Interest etc.), and agricultural income up to Rs 5 thousand. ii.ITR-2 is filed by people having income from residential property. iii.ITR-3 is for people having income as profits from business/ profession iv.ITR-4 (SUGAM): Filed by Individuals, HUFs (Hindu undivided families) and Firms (other than LLP (limited liability partnerships)) being a resident having total income up to Rs.50 lakh v.ITR-5 and 6 are filed by LLPs and businesses and ITR-7 is filed by trusts. Due date and Late fee: i.Normally, the due date for individuals and HUF (whose books of accounts are not required to be audited) for filing ITR is July 31. December 31 was specified as the due date for the belated return. ii.If the return is filed after the due date, interest has to be paid under Section 234 A at the rate of 1 % per month or part month on the unpaid tax amount. iii.There is also a late fee of Rs 5,000 under Section 234F, which shall be reduced to Rs 1,000 if the income is below Rs 5 lakh. Note – In 2022 such forms were notified in the first week of April.
IEA’s Electricity Market Report 2023: Asia set to use half of World’s Electricity by 2025
According to the International Energy Agency (IEA) report Electricity Market Report 2023 released on 8th February 2023, Asia will use half of the world’s electricity by 2025, a majority of which will be used in China, which consumes more electricity than the European Union, the United States (US), and India combined.
Africa will only use 3% of the world’s electricity in 2025, despite having a fifth of the world’s population.
Key Highlights: i. China, a country of 1.4 billion people whose share of world consumption will increase from a quarter in 2015 to a third by the middle of this decade, will account for a large portion of Asia’s energy use. ii. The IEA’s annual report predicts that nuclear energy and renewable sources like wind and solar will supply the majority of the additional electricity generated globally over the next three years.
As a result, the power sector’s greenhouse gas emissions won’t significantly increase.
iii. According to scientists, immediate sharp reductions in emissions from all sources are required to keep the average global temperature from rising by 1.5 degrees Celsius (2.7 degrees Fahrenheit) above pre-industrial levels. iv. The report warned that electricity demand and supply are becoming increasingly weather dependent. v. In 2022, Electricity demand in India (8.4%) and the United States (US) (92.6%)rose, while Covid restrictions affected China’s growth. About the International Energy Agency (IEA): Executive Director- Dr Fatih Birol Members- 31 member countries and 8 association countries Establishment- 1974
ICICI Bank signs MoU with BNP Paribas
ICICI Bank signed a Memorandum of Understanding (MoU) with a European bank, BNP Paribas, to meet the financial needs of European enterprises operating in India and Indian companies in the European Union (EU). The agreement was signed by Anup Bagchi, Executive Director of ICICI Bank, and Grzegorz Marczuk, Chief Operating Officer of BNP Paribas India. Key Points: The MoU would create a framework for collaboration between the two banks to offer financial services to corporate customers operating along the India-Europe corridor. This partnership would enhance the support provided to Indian firms on their global journey as well as European corporations seeking to establish their presence in India. About ICICI Bank: MD & CEO – Sandeep Bakhshi Established – 1994 Headquarters – Mumbai, Maharashtra
Cashfree Payments, a leading payment and Application Programming Interface (API) banking solutions company, has launched ‘Co-lend’, India’s 1st fully automated escrow management solution for co-lending. Co-lend was developed in line with the digital lending guidelines announced by the Reserve Bank of India (RBI).
It enables instant disbursal with automatic reconciliation and a dashboard for managing various partnerships, and other features. It requires no manual intervention, automatically notifies the loan management system, and eliminates reconciliation efforts.
‘Co-lend’ provides a robust platform for co-lending originators and lenders, particularly those authorising high volumes of loans where real-time disbursement, repayment, and reconciliation are primary requirements.
Currently, the Co-Lend integration was supported by the ICICI Bank, Kotak Mahindra Bank, Yes Bank, IndusInd Bank, and Axis Bank.
Mohammad Shahabuddin Chuppu was declared the Next President of Bangladesh On 13th February 2023, Mohammad Shahabuddin Chuppu, (74 years old), a former judge and freedom fighter, has been declared the next President of Bangladesh by Bangladesh’s Election Commission. The ruling Awami League (AL) party nominee, Shahabuddin Chuppu, was elected unopposed as the 22nd President of Bangladesh.
Shahabuddin Chuppu will replace the incumbent President Mohammad Abdul Hamid, the longest-serving president of Bangladesh(2013 to 2023), whose tenure ends in April 2023.
Note: According to Bangladesh’s constitution, the presidential election must be held 60 to 90 days before the expiry of each five-year term. Key Points: i. Shahabuddin Chuppu, nominated by Awamin League, would be elected to the top position without opposition since Awami League has the majority of 305 seats in the 350-member House. ii. The presidential election in Bangladesh must take place 90 to 60 days before the incumbent’s five-year tenure comes to an end. iii. Since all seven MPs from the opposition Bangladesh Nationalist Party (BNP) resigned in December 2022 as part of their anti-government campaign ahead of the general elections, there are no other candidates for the top position besides Shahabuddin Chuppu. About Mohammad Shahabuddin Chuppu: i. Mohammad Shahabuddin Chuppu was born in 1949 in the northwestern Pabna district of East Pakistan (present-day Bangladesh). ii. In the late 1960s and early 1970s, he was a leader of Awami League’s student and youth wings. iii. He was also part of the Bangladesh Liberation War in 1971. He was imprisoned for protesting the murder of Bangabandhu Sheikh Mujibur Rahman, Bangladesh’s founder and the father of Prime Minister (PM) Sheikh Hasina. iv. He started his career in Judicial Service in 1983 and was District Judge till 2006. He served as the coordinator of the Bangabandhu murder trial when Awami League returned to power in the 1996 elections. v. He also served as the Labor Court’s Chairman in 2006, a Supreme Court lawyer for Bangladesh from 2008 to 2011, and a Commissioner for the Anti-Corruption Commission from March 2011 to March 2016. About Bangladesh: President- Mohammad Abdul Hamid Prime Minister- Sheikh Hasina Capital- Dhaka Currency- Bangladeshi Taka
CCI approvals on 13, Feb 2023On February 13, 2023, the Competition Commission of India (CCI) has given its approval to the following proposals: i.Acquisition of up to 100% shareholding in R Systems International Limited by BCP Asia II Topco II Pte. Ltd ii.Consolidation of HPM Business of LANXESS AG and DEM Business of Koninkiljke DSM N.V. under Zehnte LXS GmbH, a JV HoldCo of Platin 2170 GmbH & LANXESS iii.Acquisitions of Commercial Real Estate assets by Nexus Select Trust About the Competition Commission of India (CCI): Acting Chairperson– Sangeeta Verma Establishment– October 14, 2003 Headquarters– New Delhi, Delhi
HDFC Bank sells its entire 9.95% stake in Softcell Technologies Global
On 13th February 2023, Mumbai(Maharashtra)-based HDFC Bank Limited is set to sell its entirestake of 9.95% (1,65,731 Equity Shares) in Softcell Technologies Global Private Limited (Softcell) for Rs 9.94 crore, at Rs 600.36 per Equity Share. In March 2020, HDFC Bank sold a 2.05% stake in Softcell for Rs 1.47 crore.
Softcell, a company founded on 6h September 2018, sells Information Technology (IT) products and offers software and related services.
HDFC Bank offers a variety of financial services and products using multiple distribution channels, including a pan-India network of branches, ATMs (Automated Teller Machines), phone banking, online banking, and mobile banking.
Liberty Global buys 4.3% stake in Vodafone betting on Share Revival
On 14th February 2023, Liberty Global Plc, a multinational telecommunications company headquartered in London, the United Kingdom (UK), acquired a 4.9% stake(1.34 billion shares) in Vodafone Group Plc, British multinational Telecom Company based in the UK, in a surprise bet on Vodafone’s plans to revamp its business.
Liberty Global and Vodafone share a 50-50 joint venture in the Netherlands called VodafoneZiggo, and in 2019 Liberty sold Vodafone its German and eastern European businesses for Euro 18.4 billion.
Liberty Global stated that it is not considering making an acquisition bid for the Newbury, England-based telecom company.
In 2022, Vodafone’s share price has dropped by around 30%, which has drawn the attention of several strategic investors.
GoI launched Mobile app: ‘Khanan Prahari’ & Web App: CMSMS to Curb Illegal MiningThe Government of India (GoI) has launched a mobile application of the Ministry of Coal, “Khanan Prahari”, and a web app “Coal Mine Surveillance and Management System” (CMSMS) for reporting unauthorised coal mining activities so that the responsible Law & Order enforcing body can monitor them and take appropriate action.
The Apps had received reports of 462 cases as of January 2023.
CMSMS was developed by the Ministry of Coal in coordination with the Bhaskaracharya Institute for Space Application and Geo-informatics (BISAG), Gandhinagar, Gujarat, and the Ministry of Electronics & Information Technology (MeitY).
Key Highlights: i. The CMSMS was created as a GoI e-Governance initiative on using Space Technology to report illegal mining and take transparent action. ii. The objective of developing and launching this CMSMS application was to track and respond to any illegal coal mining activities occurring within the leasehold boundaries of any coal mining project in the coalfield areas.
This was done by collecting citizen complaints through the mobile app Khanan Prahari.
iii. The Khanan Prahari app was also developed by the Ministry of Coal, which enables citizens to report any illegal mining incidents through geo-tagged photographs and textual information from the place of the incident. About the Ministry of Coal: Union Minister- Pralhad Joshi (Constituency- Dharwad, Karnataka) Minister of State (MoS)- Raosaheb Patil Danve (Constituency- Jalna, Maharashtra)
Qualcomm Technologies, Inc. introduced “Snapdragon Satellite” the world’s 1st satellite-based two-way capable messaging solution for premium smartphones, at the Consumer Electronics Show(CES) 2023 was held in Las Vegas, Nevada, United States of America(USA) from 5th to 8th January 2023.
The Snapdragon satellite, Developed with Iridium, will allow next-generation premium Android smartphones and other gadgets to support messaging for emergency use in rural, and offshore locations.
About Snapdragon Satellite: i.Snapdragon Satellite will provide global connectivity using mobile messaging from around the world, starting with devices based on the flagship Snapdragon 8 Gen 2 Mobile Platform. ii.Snapdragon Satellite, powered by Snapdragon 5G Modem-RF Systems and supported by the fully operational Iridium® satellite constellation, will enable Original Equipment Manufacturers (OEMs) and other service providers to offer truly global coverage. iii.The smartphone’s solutions will use Iridium’s weather-resilient L-band spectrum for uplink and downlink. Additional info: i.The emergency messaging on Snapdragon Satellite is set to be made available on next-generation smartphones, launched in select regions in the second half of 2023. ii.The Snapdragon Satellite can expand beyond smartphones to devices like laptops, tablets, vehicles and the Internet of Things (IoT). iii.The Satellite system is planned to support 5G Non-Terrestrial Networks (NTN), as NTN satellite infrastructure and constellations can be easily available.
Noted Painter Lalitha Lajmi Passed Away
On 13th February 2023, Lalitha Lajmi, a renowned Painter and sister of late actor-filmmaker Guru Dutt, passed away at the age of 90. Lalitha Lajmi was born on 17th October 1932 in Calcutta, Bengal Presidency, British India (now West Bengal, India).
Lalitha Lajmi has held several exhibitions at international art galleries in Paris(France), London (United Kingdom)and Holland.
Her works are held in the collection of the National Gallery of Modern Art, the British Museum and Chhatrapati Shivaji Maharaj Vastu Sangrahalaya (CSMVS) Museum Mumbai, Maharashtra.
Lalitha Lajmi, an unparalleled water-colourist, tells the story of the modern Indian woman in the decades after Independence through her works.
Her artwork captures the hidden tensions between men and women, which are reflected in the various roles they play.
UP Global Investor Summit 2023: 18,643 MoUs Worth Rs 33.50 Lakh Crore SignedThe Uttar Pradesh (UP) government signed 18,643 Memorandums of Understanding (MoUs) for investment intentions over the three-day Uttar Pradesh Global Investor Summit (UPGIS) 2023, with a value of Rs. 33.50 lakh crore, in Lucknow, UP.
Western UP has received the most investment due to cities like Noida and Agra.
The region will receive about 45% of the entire investment.
Welspun One Logistics Parks (WOLP) has signed a Rs. 2,000 crore pact with the Uttar Pradesh government to create warehousing and logistics parks in the state and expand its position in the warehousing sector in North India. Reliance, Aditya Birla Group, and Tata, three of India’s largest conglomerates, pledged to spend more than Rs. 1 lakh crore in UP to expand their businesses in the near future, at UPGIS 2023. About Reliance Industries Limited (RIL): CMD – Mukesh Ambani Establishment – 1973 Headquarters – Mumbai, Maharashtra
Mizoram CM Zoramthanga Presents State’s Annual Budget for 2023-24On 13th February 2023, Zoramthanga, Chief Minister(CM) of Mizoram, who also holds the portfolio of Finance Minister, presented Mizoram’s annual budget for the financial year 2023-2024 with a total outlay of Rs 14,209.95 crores, an increase of Rs 201.80 crore from 2022-2023 budget.
He also presented the supplementary demands for grants for 2022-23 fiscal amounting to Rs 3,265.69 crore.
He stated that the 2023-2024 budget is a zero-deficit and non-surplus budget as the estimated total receipts are exactly equal to the estimated total expenditures.
No new taxes have been imposed nor was a proposal to hike the existing rates in the 2023-24 budget.
Highlights of the budget: i.With a special focus on Socio-Economic Development Policy (SEDP), Rs 595 crore was allocated to it for the 2023-2024 fiscal. Out of this, Rs 300 crore will be allocated under Family-oriented SEDP for 2023-24.
The SEDP is the flagship programme of the Mizo National Front (MNF) government that aims at bringing sustainable development by accelerating progress in key sectors through exploration and judicious use of resources.
ii.Under SEDP, the government will distribute monetary assistance of Rs 50,000 each to 60,000 families during the current fiscal.
The 1st instalment of this amounting to Rs 25,000 each has been already disbursed to 5,996 beneficiaries and Rs 25,000 each for the beneficiary) has been sanctioned for the 2nd instalment.
iii.During the 11th session of the 8th Mizoram Legislative Assembly, the CM cum Finance Minister Zoramthanga stated that the Revenue Receipts amount to Rs 11489.63 crore and Capital Receipts of Rs 2723.32 crore. iv.The Revenue expenditure amounts to Rs 11068.76 crore – 78.10% of the total budget expenditure and Capital expenditure amounts to Rs 3141.19 crore, 21.90% of the total expenditure. v.To cut the expenditure and create a better revenue source for Mizoram, the Mizoram Resource Mobilization Committee had been formed. vi.The committee reported that a surplus of Rs 35.74 crore from various Departments was collected by the Mizoram government. Key Points: i.Rs 60 crore has been allocated to MLA Local Area Development Fund. ii.Rs 50 lakh has been set aside to support the meritorious students prepare for All India Service and other Central Service examinations, iii.The government has proposed to allocate Rs 1.20 crore for higher and technical education to meet the management requirements of various colleges. iv.The State’s Own Tax Revenue (SOTR) in the new fiscal is expected to increase by 35.32% from the current fiscal and the State’s Own Non-tax Revenue (SONTR) is set to increase by Rs 60.57 crore.
Union Minister AshwiniVaishnaw inaugurates AMRITPEX 2023 at New DelhiOn February 11, 2023, Union Minister Ashwini Vaishnaw, Ministry of Communications inaugurated a 5-day long AMRITPEX 2023, National Philatelic Exhibition at Pragati Maidan, New Delhi (Delhi) as a part of Azadi Ka Amrit Mahotsav Celebrations.
It will culminate on February 15, 2023.
Key Points: i.AMRITPEX is the national platform to highlight and display the 5000 years old rich history and culture of India.
The exhibition displays more than 20,000 exhibits under 13 competitive categories and invitees.
AMRITPEX 2023 saw the number of workshops, panel discussions and cultural programs.
ii.It was attended by large number of school students and philatelists from all parts of the country. iii.Department of Posts opened more than 10 lakh Sukanya Samriddhi Accounts on February 9-10, 2023, as a tribute to Beti Bachao, Beti Padhao and Azadi ka Amrit Mahotsav. iv.The exhibition for the first time in India has a number of technology artifacts like Virtual Reality and Augmented Reality. Release of Commemorative Postage Stamp on Azadi Ka AmritMahotsav: The Department of Posts (DoP) also released a Commemorative Postage Stamp on Azadi Ka Amrit Mahotsav. This stamp has been designed from the best entries of the national wide design competition in which more than 4 lakh students participated.
This competition was organized at Pan India level in partnership with the Department of School Education and the Ministry of Culture, Government of India.
Other Participants: The Minister of State (MoS) Devusinh Chauhan, Ministry of Communications; Secretary, Department of Posts, Vineet Pandey; and Director General Postal Services, Alok Sharma, among others.
India’s First Electric AC Double-Decker Bus Inaugurated in Mumbai
The first double-decker electric AC busin India was unveiled in Mumbai, Maharashtra, by the Brihanmumbai Electric Supply and Transport Undertaking (BEST).
The regional transportation agency ‘BEST’ in Mumbai has not yet completed the registration process for the electric bus and will begin offering the service to passengers after conducting a few tests.
The bus will run between the Bandra-Kurla Complex (BKC) and the Kurla bus depot after all clearances have been granted.
A minimum fare of Rs 6 will be levied for a distance of 5 km, and the ticket prices will remain the same.
The electric double-decker bus can accommodate 73 passengers. It can be charged in 80 minutes and has automatic doors and CCTV cameras.
UNDP & The Ocean Cleanup Sign MoU to Eliminate Plastic Pollution in The OceansThe United Nations Development Programme (UNDP) and ‘The Ocean Cleanup’ signed a Memorandum of Understanding (MoU) to work together to eliminate plastic pollution in the world’s oceans and rivers. Key Points: i.The partnership aims to decrease plastic leakages into marine ecosystems by promoting policies and behavioural changes intended to advance effective plastic waste management systems and decrease overall plastic pollution. ii.It will hasten the implementation of interception technology in rivers in order to reduce marine plastic pollution. iii.Plastic pollution endangers the health of the world’s seas as well as the billions of people who rely on marine resources for food and income. The Ocean Cleanup ‘The Ocean Cleanup’ is a non-profit foundation established in 2013 in Delft, the Netherlands by Dutch inventor Boyan Slat. United Nations Development Programme (UNDP) UNDP is the United Nations (UN) agency in charge of international development. Administrator – Achim Steiner Established – 1966 Headquarters – New York, USA
FT Global MBA Ranking 2023: ISB Placed First Among Indian B-Schools; Six Indian B-Schools Listed Among World’s Top 100 MBA Institutes According to the“Financial Times (FT) Global MBA Ranking 2023,” the Post Graduate Programme (PGP) from the Indian School of Business (ISB) has retained its prominence among Indian B-Schools and is the only Indian B-school (Business School) to rank in the top 50 globally. (As of February 13, 2023).
ISB dropped to 39th rank in the world from 32nd in 2022 and 23rd in 2021. It is currently ranked sixth in Asia.
ISB has campuses in Hyderabad (Telangana) and Mohali (Punjab).
In addition to ISB, the Financial Times’ top 100 list includes five Indian Institutes of Management (IIMs).
In 2022, India had four B-schools in the list.
Note: For the 2023 edition, 142 schools participated in the ranking process. Indian School of Business (ISB) i.In terms of research ranking, ISB is ranked first in India and 61st globally, supporting its goal of being a research-led management institution. ii.The PGP of 2019 alumni were surveyed on a variety of parameters for the “FT Global MBA Ranking 2023.” iii.According to the ranking, ISB performed well in aspects like salary percentage increase (#2), alumni network (#12), career progress (#28), and career services (#29). Other Indian B-schools on the list: i.According to the Financial Times, IIM Indore (Madhya Pradesh) and IIM Lucknow (Uttar Pradesh) are among the top 100 global MBA institutes.
IIM Ahmedabad (Gujarat) rose to 51st in the 2023 ranking from 62nd in 2022.
IIM Bangalore (Karnataka) is ranked 52nd, IIM Calcutta (West Bengal) is ranked 76th, IIM Indore is ranked 89th, and IIM Lucknow is ranked 90th.
ii.Weighting for salaries has been reduced from two-fifths to less than one-third in the 2023 ranking, with more emphasis placed on diversity and sustainability. Top 5 Global B-schools on the list:
HDFC Bank Launches “OfflinePay” Pilot Program for Offline Digital Payments
HDFC Bank, the largest private sector bank in India, and Crunchfish Digital Cash established a pilot programme called“OfflinePay“ to test offline digital payments for customers and merchants, as part of the Reserve Bank of India (RBI) Regulatory Sandbox Program.
HDFC Bank is the industry’s first bank to provide an entirely offline digital payment service.
i.OfflinePay is a first-of-its-kind digital solution that allows for quick and easy low-value offline transactions. ii.OfflinePay enables users and merchants to accept and process payments even when there is little to no internet connection or network. iii.This OfflinePay digital payment solution has the potential to increase digital payment usage in smaller towns and rural locations with limited network connectivity. Backdrop i.Under the Payments cohort of the RBI’s Regulatory Sandbox programme, HDFC Bank has been collaborating with the RBI to trial offline digital payments. ii.The proposal submitted by Crunchfish and HDFC Bank for entry to the Regulatory Sandbox was granted by the RBI in September 2022. iii.Crunchfish Digital Cash AB is a subsidiary of Crunchfish AB, a publicly traded company on Nasdaq First North Growth Market in Stockholm, Sweden. Key Points: i.As of now, HDFC Bank will roll out this service in 16+ cities and towns across India as part of a 4-month limited pilot.
The offline transaction value during the trial would be capped at Rs. 200 per transaction.
ii.If the pilot is successful, it will be the basis for the RBI’s guidance and regulatory support in enabling offline digital payments to India’s payment ecosystem via the Crunchfish Digital Cash platform. iii.HDFC Bank has teamed with IDFC First Bank to highlight transactions with consumers and merchants of other banks.
For the pilot, HDFC Bank appointed M2P Fintech Pvt. Ltd. to develop client and merchant apps.
RBI’s Regulatory Sandbox Program The RBI created the Regulatory Sandbox in 2020 to encourage responsible innovation in financial services, enhance efficiency, and benefit end users.
The Regulatory Sandbox is a formal regulatory programme that allows market participants to test innovative products and services in a live environment, subject to oversight and safeguards.
ReNew Power Unveils Its New Rebranding and Decarbonisation Focus
ReNew Power made the strategic decision to rebrand itself as ReNew and introduced the new company logo, with the new brand identity reflecting the transition from a pure-play renewable independent power producer to an end-to-end provider of decarbonization solutions.
ReNew is set to advance the Net-Zero transition goals of enterprises by pioneering the development of upcoming decarbonization solutions like green hydrogen, energy storage, carbon markets, and solar manufacturing.
ReNew has been using digital technology to hasten the transition to green energy and meet the specific needs of the B2B (business-to-business) market in India.
According to industry forecasts, as electrification and living standards increase, the world’s electricity consumption will probably triple by 2050.
De-carbonization will be crucial in reaching the Sustainable Development Goals (SDGs) and strengthening global climate action.
Sumant Sinha is the Chairman and CEO of ReNew Power.
President DroupadiMurmu appoints New Governors in 13 states On February 12, 2023, the President of India Droupadi Murmu appointed governors in 12 states and a Union Territory (UT). These include the following 6 new appointments and 7 reshuffles:
Law Minister Kiren Rijiju: GoI Appoints Chief Justice for 4 High CourtsKiren Rijiju, Union Minister of Law and Justice, announced that the Government of India(GoI) has appointed Chief Justices(CJs) for 4 High Courts(HC) as per the relevant provisions under the Constitution of India. Details of the Appointments of CJ of 4 High courts:
(Guwahati, Assam)
Syed Qamar Hasan Rizvi
Manish Kumar Nigam
Anish Kumar Gupta
Nand Prabha Shukla
Kshitij Shailendra
Vinod Diwaka
Note: They are appointed in the order of seniority for a period of 2 years with effect from the date they assume charge. ii.Advocates Lekshmana Chandra Victoria Gowri, Pillaipakkam Bahukutumbi Balaji, Kandhasami Kulandaivelu Ramakrishnan, and Judicial Officers Ramachandra Kalaimathi and K Govindarajan Thilakavadi were appointed as the Additional Judges in Madras High Court. iii.Advocates Vijaykumar Adagouda, Patil, and Rajesh Rai Kallangala were elevated as Additional Judges of the Karnataka High Court. About Ministry of Law and Justice: Union Minister– Kiren Rijiju(Constituency- Arunachal West, Arunachal Pradesh) Minister of State– S. P. Singh Baghel(Constituency- Agra, Uttar Pradesh)
Nikos Christodoulides elected as 8th Cyprus PresidentOn february 12, 2023, Nikos Christodoulides (49) has been elected as the 8th President of Cyprus by defeating veteran diplomat Andreas Mavroyiannis.
He gained 51.9% of the vote while Andreas Mavroyiannis, had 48.1%.
He will succeed NicosAnastasiades.
Key Points: i.Nikos Christodoulides served as Minister of Foreign Affairs of Cyprus from 2018 to 2022. ii.He ran as an independent with the backing of centrist and right-of-centre parties. iii.In 2021, he was awarded with Order of Serbian Flag. About Cyprus: Capital– Nicosia Currency– Euro
ICAI elects Aniket Sunil Talati & Ranjeet Kumar Agarwal as President & Vice-President for 2023-24The Central Council of the Institute of Chartered Accountants of India (ICAI) has elected CA. Aniket Sunil Talati and CA. Ranjeet Kumar Agarwalas President and Vice Presidentof ICAI for the term 2023-24. About Aniket Sunil Talati: i.He is currently the Director of ICAI Accounting Research Foundation (ICAI ARF), Indian Institute of Insolvency Professionals of India (IIIPI) and Extensible Business Reporting Language (XBRL) India. ii.He is the Technical Advisor to the ICAI’s Nominee on the PAIB (Professional Accountants in Business) Advisory Group of IFAC and Technical Advisor to the IFAC Board Member. iii.He is also appointed as the Board member of SAFA (South Asian Federation of Accountants). About Ranjeet Kumar Agarwal i.He was elected to the 23rd, 24th & 25th Central Council of the Institute of Chartered Accountants of India 3 times in a row. ii.As the Chairman of the Professional Development Committee of ICAI, conceptualised and implemented UDIN (Unique Document Identification Number) , a landmark reform of ICAI. iii.He was also the Convenor of Group constituted to implement the UDIN concept in all South Asian Association for Regional Cooperation (SAARC) Countries (Sri Lanka, Pakistan, Nepal, Bhutan, Bangladesh, Afghanistan & Maldives). About Institute of Chartered Accountants of India (ICAI): i.The Institute of Chartered Accountants of India is a statutory body established by an Act of Parliament, viz. The Chartered Accountants Act, 1949 on 1st July, 1949 for regulating the profession of Chartered Accountancy in the country. ii.The ICAI, functions under the administrative control of the Ministry of Corporate Affairs iii.It is one of the largest professional bodies of Chartered Accountants in the World, with a strong tradition of service to the Indian economy in public interest.
Hyundai Motors India signs Women Cricketers Yastika Bhatia & Renuka Singh Thakur as Brand Ambassadors
Hyundai Motor India Limited (HMIL), a wholly-owned subsidiary of the South Korea-based Hyundai Motor Company, has signed 2 more women cricketers Yastika Bhatia and Renuka Singh Thakur to its roster of brand ambassadors which includes, Smriti Mandhana, Shafali Verma, and Jemimah Rodrigues. HMIL announced the next edition of its #TheDriveWithin campaign featuring five Indian women cricketers – Smriti Mandhana, Shafali Verma, Jemimah Rodrigues, Yastika Bhatia and Renuka Singh.
The campaign marks the celebration of these world-renowned women cricketers and a testament to years of gruelling training and hardships.
The brand renewed its partnership with Smriti Mandhana, Shafali Verma, and Jemimah Rodrigues, which was first signed in December 2021.
Real Madrid beat Al Hilal to win 5thFIFA Club World Cup 2022Real Madrid has won the FIFA Club World Cup for the 5th time after beating Saudi Arabia’s Al-Hilal 5-3 in the final by 5-3 in Rabat, Morocco.
The 2022 FIFA Club World Cup (officially known as the FIFA Club World Cup Morocco 2022 presented by Visit Saudi for sponsorship reasons) was its 19th edition.
It was held from February 1-11, 2023 in Morocco at Ibn Batouta Stadium in Tangier and the Prince Moulay Abdellah Stadium in Rabat.
Key Points: i.Its Official Song/Anthem was ‘Welcome To Morocco’. ii.The Best player award/Adidas Golden Ball went to ViníciusJúnior of Real Madrid.
Adidas Silver Ball was awarded to Uruguay’s Federico Valverde (Real Madrid).
Adidas Bronze Ball was presented to Argentina’s LucianoVietto (Al-Hilal).
iii.The Fair Play award was also grabbed by Real Madrid. iv.The Brazilian football player Pedro Guilherme Abreu dos Santos aka Pedro was the top goal scorer of the tournament with 4 goals.
He played for Campeonato Brasileiro Série A club Flamengo, Brazil.
About FIFA Club World Cup: It is an international men’s association football competition organised by the Fédération Internationale de Football Association (FIFA), the sport’s global governing body.
Inaugural edition of SA20 League: Sunrisers Eastern Cape won title at SA20 2023Sunrisers Eastern Cape captained by South African cricketer Aiden Markram won the inaugural edition of Betway SA20 League (SA20 2023), a Twenty20 franchise cricket tournament in South Africa, organised by Cricket South Africa.
Sunrisers Eastern Cape defeated Pretoria Capitals captained by South African cricketer Wayne Parnell in the finals held in Wanderers Stadium in Johannesburg, South Africa.
Sunrisers captain Aiden Markram has been named “Player of the Series” in SA20 2023. He also became the 3rd-highest run-scorer and joint 7th-highest wicket-taker in the competition.
About SA20 2023: i.The inaugural SA20 was played from 10 January to 12 February 2023. ii.The 33 matches of the SA20 were held across 6 venues in South Africa, which includes, Newlands Cricket Ground in Cape Town, Centurion Park in Centurion (Gauteng) , Kingsmead Cricket Ground in Durban, Boland Park in Paarl, The Wanderers Stadium in Johannesburg and St George’s Park in Gqeberha. Teams that participated in the inaugural SA20 are,
Sunrisers Eastern Cape
Pretoria Capitals
MI Cape Town
Paarl Royals
Joburg Super Kings
Durban Super Giants
Betway SA20 Award Winners:
2023 Formula E Hyderabad E-Prix: Jean-Eric Vergne wins India’s first-ever E-Prix
On 11th February 2023, Two-time Formula E champion Jean-Eric Vergne of DS Penske, a French Racing Driver, won the first ever Formula E race in India – 2023 Greenko Hyderabad E-Prix, Round 4 of the ABB FIA Formula E World Championship (Formula E 2023). A total of 11 teams competed in the 2023 Hyderabad E-Prix held in the Hyderabad street circuit, Hyderabad, Telangana.
Nick Cassidy of Envision and Antonio Felix da Costa of TAG Heuer Porsche finished second and third, respectively.
Jean-Eric Vergne is one of the top drivers in the competition and has been a part of Formula E since its beginning in the 2014–15 season.
Hyderabad street circuit becomes the 30th venue and 1st in India to host an E-Prix.
On 12th February 2023, Wu Yibing from China(23-year-old), world no 97th, won the Men’s Singles title at the 2023 Dalla Open (2nd edition of the Dallas Open), defeating American tennis player John Isner at the finals held in Styslinger/Altec Tennis Complex in the city of Dallas, United States of America (USA). Dallas Open 2023 was held from 4th to 12th February 2023.
Wu Yibing became the first Chinese Association of Tennis Professionals (ATP) Tour titlist in Men’s singles.
With this win, Wu Yibing rose to world number 58 in the rankings and became the highest-ranked Chinese player in ATP history.
Jamie Murray and Michael Venus of New Zealand won their 1st Men’s doubles title together against Americans Nathaniel Lammons and Jackson Withrow.
Jamie Murray is a 28-time tour-level titlist and has earned at least one crown in 11 consecutive seasons.
Michael Venus, an 18-time tour-level champion, has now earned glory in 9 straight years.
Note: The Dallas Open is a men’s tennis tournament played on indoor hard courts. The Dallas Open is one of only 10 United States tournaments on the ATP Tour and the only ATP Tour indoor championship in the USA.
National Productivity Day 2023 – February 12 & National Productivity Week 2023 – 12th-18th FebruaryNational Productivity Day or National Productivity Council Foundation Day is annually observed across India on February 12 to mark the foundation day of the National Productivity Council of India (NPC) and raise awareness of productivity, efficiency, and innovation.
National Productivity Day is celebrated as part of National Productivity Week, which is observed annually from 12 to 18 February.
The theme for National Productivity Week 2023 is “Productivity, Green Growth, and Sustainability: Celebrating India’s G20 Presidency”.
The events and observance of National Productivity Week and National Productivity Day are led by the National Productivity Council of India (NPC).
Background: The National Productivity Council of India (NPC) was established in 1958 and registered as an autonomous society under the Societies Registration Act XXI of 1860, under the Department for Promotion of Industry Trade (DPIIT), Ministry of Commerce and Industry (MoCI). About the National Productivity Council of India (NPC): President – Piyush Goyal (Minister of Commerce and Industry & President) Chairman- Anurag Jain, IAS Director General- Sundeep Kumar Nayak, IAS Headquarters- New Delhi, Delhi Establishment- 1958
International Darwin Day 2023- February 12International Darwin Day is annually observed across the globe on February 12 to commemorate the birth anniversary of the 19th-century British naturalist, Charles Robert Darwin, who is well known for his work “The Theory of Natural Selection”.
The day is observed to reflect and act on the principles of intellectual bravery, perpetual curiosity, scientific thinking, and hunger for truth as embodied in Charles Darwin.
International Darwin Day is the celebration, activism, and international cooperation for the development of science, education, and human well-being. Background: International Darwin Day was initiated by three Darwin enthusiasts: Dr Robert Stephens, Prof. Massimo Pigliucci, and Amanda Chesworth. i. In 1995, Dr Robert Stephens motivated the Silicon Valley Humanist Community to start an annual Darwin Day Celebration. ii. In 1997, Prof. Massimo Pigliucci initiated annual Darwin Day celebrations at the University of Tennessee, United States of America (USA). iii. In 2000, Amanda Chesworth joined Stephens to officially incorporate the Darwin Day Program in New Mexico, USA.
World Radio Day 2023 – February 13 The United Nations(UN)’s World Radio Day is annually observed across the globe on 13th February to highlight the importance of radio as an essential part of the maintenance and transition to peace.
World Radio Day also marks the anniversary of the establishment of the UN Radio service “UN Radio” which was established on 13th February 1946.
13th February 2023 marks the observance of the 12th edition of World Radio Day. The theme of World Radio Day 2023 is “Radio and Peace”. Background: i.The General Conference of the United Nations Educational, Scientific and Cultural Organization(UNESCO) adopted the resolution at its 36th session and proclaimed the 13th February of every year as World Radio Day to mark the establishment of UN Radio. ii.The United Nations General Assembly(UNGA) adopted the resolution A/RES/67/124 on 18th December 2012 and endorsed the UNSECO’s resolution on World Radio Day.
The first edition of World Radio Day was observed on 13th February 2012.
About United Nations Educational, Scientific and Cultural Organization(UNESCO): Director-General– Audrey Azoulay Headquarters– Paris, France Establishment– 1945
National Women’s Day 2023 – February 13National Women’s Day is annually observed across India on February 13 to commemorate the birth anniversary of Sarojini Naidu, who was referred to as the “Nightingale of India”.
National Women’s Day is celebrated to honour the social, cultural, political, and economic accomplishments of Indian women.
13th February 2023 marks the 144th birth anniversary of Sarojini Naidu. Note: The United Nations (UN)’s International Women’s Day is annually observed across the globe on March 8. About Sarojini Naidu: i. Sarojini Naidu was born on 13th February 1879 in Hyderabad, Telangana. ii. She was a political activist, feminist, poet, freedom fighter, and the 1st Indian woman to be the President of the Indian National Congress. iii. She was appointed as Uttar Pradesh’s 1st governor in 1947, the year India attained freedom. She held onto her position until her demise in 1949.
International Epilepsy Day 2023- February 13International Epilepsy Day is annually observed across the globe on the 2nd Monday of February to raise awareness of Epilepsy and its impact on individuals, families and communities around the world. International Epilepsy Day 2023 is observed on 13th February 2023.
International Epilepsy Day 2022 was observed on 14th February 2022.
International Epilepsy Day 2024 will be observed on 12th February 2024.
The theme of International Epilepsy Day 2023 is “Stigma”.
The Campaign of International Epilepsy Day 2023 is #StampOutStigma of epilepsy.
Background: i. International Epilepsy Day is a joint initiative by the International Bureau for Epilepsy (IBE) and the International League Against Epilepsy (ILAE) started in 2015. ii. The 1st ever International Epilepsy Day was observed in 2015. About the International Bureau for Epilepsy (IBE): President- Francesca Sofia Vice President- Natela Okujava Headquarters- Dublin, Ireland Establishment- 1961 About the International League Against Epilepsy (ILAE): President- J. Helen Cross Vice President- Roberto Horacio Caraballo Headquarters- Texas, United States of America (USA) Establishment- 1909
First ACTCM Barge, Yard 125 (Lsam 15) was launched at M/S Suryadipta Projects Pvt Ltd, ThaneOn February 10, 2023, the first Ammunition Cum Torpedo Cum Missile (ACTCM) Barge, Yard 125 (LSAM 15) was launched by Capt Prashant Saxena, AWPS (Mbi) at M/s Suryadipta Projects Pvt Ltd, Thane (Maharashtra).
In this Barge, all major and auxiliary equipment/systems sourced from indigenous manufacturer. This caters to the ‘Make in India’ initiative of Ministry of Defence.
Its service life of Barge is 30 years.
Key Points: i.The construction of Barge was done with M/s Suryadipta Projects Pvt Ltd, Thane, an MSME (Micro, Small & Medium Enterprises). ii.ACTCM Barges will provide impetus to Operational commitments of Indian Navy (IN) by facilitating Transportation, Embarkation and Disembarkation of articles / ammunition to IN Ships both alongside jetties and at outer harbours. Background: In 2021, IN signed a contract with Suryadipta Projects to construct 11 ACTCM barges with with Suryadipta Projects Private Limited.
India jumps to 55th rank in ICAO’s Aviation Safety Oversight Ranking: DGCAAs per the Directorate General of Civil Aviation (DGCA), India’s position has improved in the Aviation Safety Oversight Ranking of the International Civil Aviation Organization (ICAO) as India’s aviation security monitoring ranking has improved to the 55th position from 112th place.
Under the continuous monitoring approach of the Universal Safety Oversight Audit Program (USOAP), the Coordinated Validation Mission (ICVM) was launched in India from November 9 to 16, 2022.
Key Points: i.This ranking is dynamic and is contingent upon the outcomes of various Audits undertaken by ICAO.
USOAP allows the ICAO to continuously monitor the safety obligations of its 187 member states.
ii. The USOAP is based on eight critical elements (CE) of a safety oversight system, which are measured by a set of protocol questions (PQs).
The eight CE of the audit are Primary Aviation Legislation and Civil Aviation Regulations (LEG), Civil Aviation Organization (ORG), Personnel Licensing and Training (PEL), Aircraft Operations (OPS), Airworthiness of Aircraft (AIR), Aircraft Accident and Incident Investigation (AIG), Air Navigation Services (ANS), and Aerodromes and Ground Aids (AGA).
iii.The ICAO team reviewed the progress in addressing 137 Protocol Questions (PQs) out of which 101 PQs are now satisfactory, 1 PQ to not applicable, and 35 PQs remained not satisfactory.
This resulted in an updated overall Effective Implementation (EI) of 85.65%.
About Directorate General of Civil Aviation (DGCA): Director General– Arun Kumar Headquarters– New Delhi, Delhi
The New Fund Offer (NFO) for the same is open till February 13, 2023.
The scheme will be managed by Abhishek Mor, Nirman Morakhia and Arun Agarwal.
Objective of scheme: To provide returns that are commensurate (before fees and expenses) with the performance of the underlying index over long term, subject to tracking error Key Points: i.The launch of these schemes will expand the suite of HDFC Mutual Fund Index Solutions, and allow investors to participate in the India growth story in a diversified manner, ii.The minimum subscription amount for investment in these schemes is Rs 500 per application and in multiples of Re 1 thereafter. iii.It willoffer diversified exposure to large, mid and smallcap segments, but with lower volatility than the vast majority of their underlying constituents. About HDFC Asset Management Company (AMC) Ltd: Managing Director and Chief Executive Officer– Navneet Munot Headquarters- Mumbai, Maharashtra
Paytm launches G20-Theme QR Code to celebrate India’s Presidency
On 10th February 2023, One97 Communications Limited, which owns financial services company Paytm, launched a G20 theme QR Code to celebrate India’s Presidency of the Inter-governmental forum and India’s leadership in mobile payments. Ashwini Vaishnaw, Union Minister for Railways and Information Technology, launched the QR Code during the “Digital Payments Utsav” at the India Habitat Centre in New Delhi, Delhi.
The special commemorative QR Code includes the “DigiDhan Mission” logo from MeitY (Ministry of Electronics and Information Technology) along with the logos of the G20 in 2023 and the 75th anniversary of India’s independence.
Paytm is planning a special drive under the “Digital Payments Utsav” in which a branded car will travel to several areas in Delhi with a high public presence.
Air India signed agreements to buy around 500 new planes from Airbus and Boeing
Tata’s Air India has signed agreements to buy around 500 new planes worth USD 100 billion at list prize. The deal for around 500 planes is split between French company Airbus and Boeing based in the United States of America(USA).
Air India has agreed to purchase 250 Airbus planes, split between 210 single-aisle A320neos and 40 widebody A350s, and 220 Boeing aircraft including 190 of its 737 MAX narrowbody jets, 20 787 widebodies and 10 777Xs.
Boeing agreed to the deal on 27th January 2023 and Airbus agreed to the deal on 10th February 2023.
The deal for 400 narrowbodies will also allow Air India to win a bigger share of regional international traffic and the domestic market.
Former Federal Chancellor of Germany Angela Merkel honoured with Félix Houphouët-Boigny-UNESCO Peace Prize 2022On 8th February 2023, Angela Merkel, former Federal Chancellor of Germany, received the Félix Houphouët-Boigny-UNESCO(United Nations Educational, Scientific and Cultural Organization) Peace Prize 2022 during the ceremony held in Yamoussoukro, the capital of the Ivory Coast. She received the prize in recognition of her efforts to welcome refugees during her term in the office.
The international jury members headed(President) by Denis Mukwege, gynaecologist & Nobel Peace Prize winner, announced Angela Merkel as the recipient of the Félix Houphouët-Boigny-UNESCO Peace Prize 2022 in August 2022.
Key Points: i.In 2015, Angela Merkel, then Federal Chancellor of Germany, decided to suspend the Dublin Procedure for Syrians, which meant that refugees from that country no longer had to be sent back to the first European Union(EU) country that they entered. ii.The 2015 European migrant crisis, also known internationally as the Syrian refugee crisis, was a period of significantly increased movement of refugees iii.She declared “Wir schaffen das” or “We can do this” as Europe was confronted with the largest refugee crisis it has seen in years. About Angela Merkel: i.Angela Merkel was born on 17th July 1954 in Hamburg, Germany. ii.She became the first female Chancellor of Germany in 2005 and served in the post for 16 years (4 terms). She resigned from the post in 2021. ii.She is a member of the Christian Democratic Union(CDU). Note: She was honoured with the Jawaharlal Nehru Prize for International Understanding by the government of India in 2011. About the Félix Houphouët-Boigny-UNESCO Peace Prize: i.The Félix Houphouët-Boigny-UNESCO Peace Prize is intended to honour an individual, an institution, or a private or public body which has significantly contributed to the promotion, research, safeguarding or maintenance of peace. ii.The Prize was established in 1989 by a resolution supported by 120 countries and adopted by the General Conference of UNESCO at its 25th session. iii.The award is named after Félix Houphouët-Boigny, the first president of Ivory Coast(Côte d’Ivoire), serving from 1960 until his death in 1993.
The other renowned recipients of the prize include Nelson Mandela, Frederik W. De Klerk, and Jimmy Carter.
About United Nations Educational, Scientific and Cultural Organization (UNESCO): Director-General– Audrey Azoulay Headquarters– Paris, France Establishment– 1945
Taj Miss & Mrs India 2023: Akshata Rakshe from Mumbai crowned as Taj Miss India 2023
Akshata Rakshe from Mumbai, Maharashtra, was crowned the winner of Taj Miss India 2023 at the grand finale of Taj Miss & Mrs India 2023 held at Hotel Sadanand Regency in Balewadi, Pune, Maharashtra. The 1st runner-up was announced to be Natasha Sadaphal, while Isha was the 2nd runner-up in the Taj Miss India 2023 pageant.
The winner was selected from the top 40 finalists.
Jury Panel: Television Actor Dhanashri Bhalekar, actor-writer-director Chetan Chavada, Miss India 2018 Pia Roy and The Dental Hub’s Dr Sagar Abichandani.
Moldovan PM Natalia Gavrilița resigns; Dorin Recean appointed new PM of MoldovaOn 10th February 2023, Natalia Gavrilița (41 years old), Prime Minister (PM) of the Republic of Moldova announced her resignation from the post, claiming a lack of support in the former Soviet Union. The pro-Western government had been in power for just 18 months (August 2021 to February 2023).
Maia Sandu, President of Moldova, appointed presidential adviser Dorin Recean, a pro-Western economist, as the new PM following the resignation of Natalia Gavrilița.
Natalia Gavrilița, a Moldovan economist and politician, was appointed as the PM of Moldova in August 2021. She became the 3rd woman PM of Moldova after Zinaida Greceanii and Maia Sandu.
About Natalia Gavrilița: i. Natalia Gavrilițaserved as the Minister of Finance for the Republic of Moldova in 2019. ii. She oversaw projects in a number of developing countries while serving as the managing director (MD) of the Global Fund for Innovation just before she entered politics. iii. She was also the Executive Director of the World Bank’s Education Reform Project. iv. Natalia Gavrilița also served within the State Chancellery, for Oxford Policy Management, and the Ministry of Education. v. In her earlier career, Natalia Gavrilița held the position of Head of the Department for Economic Forecasts and Development Programs within the Ministry of Economy and Infrastructure. About the Republic of Moldova: President- Maia Sandu Prime Minister- Dorin Recean
Ekta Kapoor & Shobha Kapoor step down as ALTBalaji Heads; Vivek Koka named as CBO
Ekta Kapoor, a film Producer, and her mother Shobha Kapoor have stepped down from their positions as the head of the ALTBalaji, a subsidiary of Balaji Telefilms Limited, is an OTT (over-the-top) platform. The process of stepping down started in 2022. Vivek Koka, who has been named Chief Business Officer(CBO) of ALTBalaji, will now run the online streaming business.
ALTBalaji wants to continue its excellent tradition of providing its consumers with original, high-quality programming under the leadership of Vivek Koka.
Shobha Kapoor and Ekta Kapoor are the Managing Director and Joint Managing Director of Balaji Telefilms Limited, respectively.
Kotak Mahindra Bank Acquires Sonata Finance for Rs. 537 Crore
Kotak Mahindra Bank Limited (KMBL) has entered into binding share purchase agreements with existing shareholders to acquire 100% of the equity shares of Sonata Finance Pvt Ltd (SFPL) for about Rs. 537 crore in cash.
The acquisition is scheduled to be completed in H1 (April-September) of the fiscal year 2023-24 (FY24).
SFPL will become a wholly-owned subsidiary of KMBL once the transaction is approved by the Reserve Bank of India (RBI).
SFPL is a Non-Banking Finance Company and Microfinance Institution (NBFC-MFI).
Sonata Finance Pvt Ltd (SFPL) i.Anup Kumar Singh acquired SFPL in January 2006 and converted it to an NBFC-MFI on December 3, 2013. It is headquartered in Lucknow, Uttar Pradesh. ii.As of December 31, 2022, SFPL has Rs. 1,903 crore in Assets Under Management (AUM), serving a customer base of 9 lakh with 2,882 employees. iii.SFPL offers microfinance services to the economically weaker section of society, particularly to women, through the joint liability group (JLG) and individual lending (IL) models. Key Points: i.The acquisition will provide KMBL access to 502 branches in 10 states as well as 9 lakh more female customers. ii.The acquisition would be used by KMBL to expand its operations in the rural and semi-urban markets in the northern Indian states. Note: The last time KMBL purchased an NBFC-MFI was in 2017, when it paid a total of Rs. 139.2 crore in all-cash for 99.49% of the equity shares of BSS Microfinance. About Kotak Mahindra Bank Limited (KMBL): MD & CEO – Uday Kotak Established – 2003 Headquarters – Mumbai, Maharashtra Tagline – Let’s Make Money Simple
Gaganyaan Mission: ISRO & Indian Navy conducts Initial Recovery Trials
On 7th February 2023, the Indian Space Research Organisation (ISRO) and the Indian Navy carried out initial recovery trials of the Crew Module in the Water Survival Test Facility (WSTF) in Kochi, Kerala for the Gaganyaan mission, India’s human space flight mission.
A Crew Module Recovery Model (CMRM) was used for the trial that simulates the mass, the centre of gravity, outer dimensions, and externals of the actual Crew Module at touchdown.
According to ISRO, the Gaganyaan project will demonstrate the capability of human spaceflight by sending its three crew members into a 400 km orbit for a 3-day mission and safely bringing them back to land in Indian sea waters.
International Day of Women and Girls in Science 2023 – February 11United Nations (UN)’s International Day of Women and Girls in Science is annually observed across the globe on February 11 to promote the full and equal access and participation of women in Science, Technology, Engineering and Mathematics (STEM) fields.
The day celebrates women and girls who have devoted themselves to science and the advancement of human knowledge and understanding as students, researchers, and practitioners.
11th February 2023 marks the observance of the 8th International Day of Women and Girls in Science. The theme of International Day of Women and Girls in Science 2023 is “Innovate, Demonstrate, Elevate, Advance, Sustain. (IDEAS): Bringing communities Forward for sustainable and equitable development”. Background: i. The United Nations General Assembly (UNGA) adopted the resolution A/RES/70/212 on 22nd December 2015 and proclaimed February 11 of every year as the International Day of Women and Girls in Science. ii. The 1st ever International Day of Women and Girls in Science was observed on 11th February 2016. About the UN Women: Executive Director- Sima Bahous Headquarters- New York, USA Establishment- 2010
World Unani Day 2023 – February 11World Unani Day is annually observed across the globe on February 11 to create and spread awareness about health care delivery through the Unani system of medicine. The day also commemorates the birth anniversary of Mohammad Ajmal Khan, better known as “Hakim Ajmal Khan”, a great Indian Unani Scholar and social reformer.
11th February 2023 marks the 155th anniversary of Mohammad Ajmal Khan.
The theme of World Unani Day 2023 is “Unani Medicine for Public Health”.
The day marks the contribution of Mohammad Ajmal Khan to the growth of Unani medicine in India and globally.
i. The Ministry of Ayurveda, Yoga, Naturopathy, Unani, Siddha, Sowa-Rigpa and Homoeopathy (AYUSH), Government of India has declared the birth anniversary of Hakim Ajmal Khan, February 11 of every year as the World Unani Day to recognise his contribution towards the development of Unani medicine in India and across the globe. ii. The 1st ever World Unani Day was observed on 11th February 2017 at the Central Research Institute of Unani Medicine (CRIUM) (now National Research Institute of Unani Medicine for Skin Disorders (NRIUMSD)), Hyderabad, Telangana. About the Central Research Institute of Unani Medicine (CRIUM): CRIUM (NRIUMSD) is a decentralized Institute working under the Central Council for Research in Unani Medicine (CCRUM). Director In-Charge- Dr Ahmed Minhajuddin Headquarters- New Delhi, Delhi. Establishment- 1971
World Day of the Sick 2023 – 11th February
World Day of the Sick annually observed across the globe on February 11 marks the annual day of prayer for the sick. The day was established by Pope John Paul II in 1992 as a way to offer hope and comfort to those who are suffering from illness.
The day also marks the Feast day of Our Lady of Lourdes in honour of the Marian apparitions that were said to have been seen in and around Lourdes, France
11th February 2023 marks the 31st World Day of the Sick.
The theme of the 2023 observance is “Take care of him: Compassion as a synodal exercise of healing”,
Rajasthan CM Ashok Gehlot Unveiled the State Budget for 2023-24
Ashok Gehlot, the Chief Minister (CM) of Rajasthan and Minister of Finance, presented the state’s 2023–24 budget. For the first time, the state budget was streamed live to all state government offices and private colleges. Highlights of the Rajasthan Budget 2023-24 i.The Liquefied petroleum gas (LPG) subsidy will benefit at least 76 lakh families under the Ujjwala scheme, who would receive LPG cylinders at Rs 500. ii.The Rajasthan government would provide free electricity of up to 2,000 units to 11 lakh farmers. iii.In response to the paper leak controversy, the state suggested a One-Time Registration (OTR) Mechanism for competitive exams for job applicants. iv.The annual family limit for medical coverage under the ChiranjeeviSwasthyaBima Yojana (Health Insurance Scheme) has been raised from Rs. 10 lakh to Rs. 25 lakh. About Rajasthan: Chief Minister (CM) – Ashok Gehlot Governor – Kalraj Mishra Wildlife Sanctuaries – Gajner Wildlife Sanctuary; Kaila Devi Sanctuary Tiger Reserves – Ranthambore Tiger Reserve; Ramgarh Vishdhari Tiger Reserve
Assam Govt approves Assam Industrial and Investment Policy (Amendment), 2023On February 9, 2023, the State Cabinet of Assam chaired by Chief Minister (CM) HimantaBiswaSarmacleared the Assam Industrial and Investment Policy (Amendment), 2023. Objective behind this amendment: To amend the existing policy for attracting global investment through customized incentives for implementation of mega projects in the state and to make Assam a globally-competitive investment destination. Key Points: i.Under the customized incentives for implementation of mega projects, there will be initial investment of Rs 100 crore and 200 permanent employments with all non-skilled/ grade 3 and 4 employees to be from within the state. ii.The amended policy will include capital investment/ production linked subsidy, subsidy on power tariff, land, stamp duty reimbursement etc. iii.There will also be an empowered committee, chaired by Assam’s Industries and Commerce minister (Currently- Bimal Bora), under the provisions of the amended policy. Other approvals by State Cabinet: i.The Assam factories (Amendment) Rules, 2023′ was approved in view of certain omissions and errors in the existing provisions. ii.Approval for Power Purchase Subsidy of Rs 150 crore to Assam Power Distribution Company Ltd (APDCL) for easing the burden on consumers.
This will allow APDCL to mitigate the revenue gap claimed in the tariff petition and avoid a hike in retail tariff for fiscal 2022-23.
iii.The Cabinet also approved new service rules for persons appointed in the technical wing of the Panchayat and Rural Development department. iv.There is also an approval to the World Bank-funded Assam State Secondary healthcare Initiative for Service delivery Transformation (ASSIST)’ project for Rs 2,529.17 crore to improve district-level healthcare services. About Assam: Governor– Prof. Jagadish Mukhi Capital– Dispur National Parks– Kaziranga National Park, Manas National Park, and Dibru – Saikhowa National Park
UP Government launches Portal for Family ID – “One Family, One ID”
The Uttar Pradesh (UP) Government has launched the portal for creation of “Parivar Pehchan (Family Identity (ID))-One Family One ID” to identify families as a unit to implement the ‘One Family One Job’ scheme. Aim: To give free or discounted rations to families without ration cards who are ineligible for the National Food Security Scheme. Key Highlights: i. The database entered in the portal will help with better beneficiary scheme management, timely targeting, and transparent operation, giving 100% of the benefit of the scheme to eligible persons, and streamlining public access to government services. ii. Families without jobs can be recognised and given priority access to suitable employment opportunities on the basis of the integrated database gained through Parivar Pehchan Patra (Family ID). iii. The National Food Security Scheme currently provides benefits to 14.92 crore people and 3.59 crore families in Uttar Pradesh. iv. The “One Family One Identity” portal was developed to provide a 12-digit unique family ID to those families which were not ration card holders. About Uttar Pradesh: Chief Minister (CM)- Yogi Adityanath Governor- Anandiben Mafatbhai Patel Airports- Gorakhpur Airport; Agra Airport (now Pandit Deen Dayal Upadhyaya Airport) Festivals- Ganga Dussehra; Buddha Purnima
MoRD Minister Giriraj Singh launches Mission Antyodaya Survey 2022-23i.On February 9, 2023, the Union Minister Giriraj Singh, Ministry of Rural Development (MoRD) inaugurated Mission Antyodaya Survey (MAS) 2022-23 including launching of its portal and mobile application at a function in New Delhi, Delhi. ii.Based upon the Central Government’s ‘Whole of Government Approach’, it is an annual survey at the Gram Panchayat (GP) level to monitor the progress in the development process in rural areas. It is being conducted by the Department of Rural Development across all GPs in India since 2017-18. iii.MAS 2022-23 will be conducted in all 2,69,253-gram panchayats and equivalent, whose profile has been created on e-Gram Swaraj.
Ashwini Vaishnaw launches ‘Digital Payments Utsav’ to Promote Digital TransformationThe “Digital Payments Utsav”, a comprehensive campaign aiming at promoting digital payments across India, has been launched by Union Minister Ashwini Vaishnaw, Ministry for Electronics and Information Technology (MeitY).
i.This campaign, which is a part of the G20 Digital Economy Working Group (DEWG) event, aims to highlight India’s path towards digital transformation.
It will take place from February 9, 2023 to October 9, 2023 through a number of initiatives and events.
Various initiatives with respect to digital payment in India i.The National Payments Corporation of India (NPCI) is mandated to take the lead in the development of the digital credit system, which will be fully implemented in 2023. ii.UPI 123 Pay is now accessible in more than 20 regional languages through a collaboration between UPI and the National Language Translation Mission (Mission Bhashini). About Ministry for Electronics and Information Technology (MeitY): Union Minister – Ashwini Vaishnaw (Rajya -Sabha Odisha) Minister of State (MoS) – Rajeev Chandrasekhar (Rajya Sabha – Karnataka)
GoI Approves the Commercial Release of Nano-DAPThe Ministry of Agriculture and Farmers Welfare (MoA&FW) has approved the commercial release of nano-diammonium phosphate (nano-DAP), which is intended to minimise fertiliser subsidy and import dependence.
The nano-DAP will be manufactured by India Farmers Fertiliser Cooperative (IFFCO) and Coromandel International.
Backdrop i.Following the completion of biosafety and toxicity studies, the Indian Council for Agricultural Research (ICAR) approved the provisional release of nano-DAP for one year. ii.The cooperative IFFCO introduced liquid nano urea as a substitute for conventional urea in June 2021.
IFFCO and Rashtriya Chemicals and Fertilizers began commercial production of nano urea on August 1, 2021.
iii.Retail prices of phosphatic and potassic (P&K) fertilisers, including DAP, were “decontrolled” in 2020 with the implementation of a “fixed subsidy” regime as part of the government’s twice-yearly nutrient-based subsidy (NBS) mechanism. Note: As an alternative to conventional urea, liquid soil nutrients provide nitrogen to plants. Current state of DAP requirements in India i.India imports roughly 25% of its annual urea consumption, while more than half of the nation’s DAP supplies come from West Asia and Jordan.
Imports contribute for nearly one-third of total domestic soil nutrient usage, which is estimated to be around 60 million tonnes per year.
ii.According to revised estimates, the fertiliser subsidy for the current fiscal year 2022-23 (FY23) is projected to be Rs 2.25 trillion, up 39% from Rs 1.62 trillion in 2021–22 (FY22).
It is primarily related to a rise in the price of Liquefied Natural Gas (LNG), a crucial component in the manufacturing of urea, and fertilisers on a global scale.
iii.According to rating agency ICRA Limited (formerly Investment Information and Credit Rating Agency of India Limited), the fertiliser subsidy is anticipated to be close to Rs 2 trillion in 2023–24. Key Points: i.Currently, one bag of conventional DAP costs Rs. 1,350, while a bag costs Rs. 4,000.
IFFCO plans to offer 500-ml bottles of nano-DAP for roughly Rs. 600-650, which will be equivalent to a bag of conventional soil nutrient.
The difference between actual costs and farmer prices is covered by the Government of India (GoI) under the fertiliser subsidy umbrella.
ii.The GoI’s fertiliser subsidy could be significantly reduced over the next few years if nano-urea and nano-DAP are widely used.
Nano Urea has an efficiency of more than 80%, whereas conventional urea has an efficiency of around 40%.
The use of nano urea increases yield by 3–16%.
GAIL became India’s 1st Oil, Gas PSU to Sign Advance Pricing Agreement with CBDTGAIL (India) Limited entered into an Advance Pricing Agreement (APA) with the Central Board of Direct Taxes (CBDT) for determining the transfer pricing margin payable on its long-term LNG ( Liquefied natural gas ) sourcing contract from the United States (US) for 5 years.
GAIL became India’s first oil & gas Public Sector Undertakings (PSUs) sector to successfully sign the APA.
About APA Programme: i.The APA scheme was launched in 2022 to enhance the government’s goal of promoting a non-adversarial tax system and improving the ease of doing business in India. ii. APA programmes are operational in a number of countries like Canada, the USA, Japan the and UK for almost 30 years. iii.They will provide certainty to taxpayers in respect of the transfer price of the cross-border transactions undertaken by such taxpayers with their group entities. iv.Advantage of APA:
In the case of Cross border transactions, Multi National Enterprises are facing numerous tax disputes on the issue of transfer pricing.
The APA will resolve transfer pricing issues in advance i.e., before the cross-border related party transaction actually takes place by transferring the price of goods and services between group entities is decided in advance by the tax authorities and the taxpayers.
Cause for India’s Entry into APA: i.To replace the supply from a former trading arm of Gazprom, which has not delivered on scheduled shipments since May, 2022.
Backdrop: In 2012, Gazprom’s former subsidiary, Gazprom Marketing and Trading Singapore (GMTS) entered into a 20-year contract to supply GAIL with 2.85 million tonnes of LNG a year.
The supplies under the deal had started in 2018 and the full volume was expected to be reached in 2023.
But after the Russian invasion of Ukraine, Germany seized control of Gazprom Germania in April, housing it under Gazprom Germania GMBH.
ii.Thus now GAIL is depending on the US to secure a stable supply of LNG cargoes. Already it has 2 contracts to buy a combined 5.8 million tons per year of LNG from the US. About GAIL(India) Limited Headquarters – New Delhi, Delhi Establishment – August 1984 Chairman & Managing Director (CMD) -Sandeep Kumar Gupta
GSI discovered Lithium Reserves for the 1st Time in India at Salal-Haimana, J&KGeological Survey of India (GSI), an attached office to the Ministry of Mines, has discovered lithium inferred resources(G3) for the first time in India. A 5.9 million tonnes of lithium inferred resources have been established at Salal-Haimana in the Reasi district of the Union Territory (UT) of Jammu and Kashmir(J&K).
This was announced on 9th February 2023 by Vivek Bharadwaj, Secretary of the Ministry of Mines, during the 62nd Central Geological Programming Board (CGPB) meeting in New Delhi, Delhi.
He handed over 16 resource-bearing geological reports (G2 & G3 stage) and 35 Geological memorandums to respective state governments during the 62nd CGPB meeting.
Note: Mines at the preliminary stage of exploration are also known as G3. Lithium: i. Lithium, a non-ferrous metal. is a vital part of rechargeable batteries used in electric vehicles, laptops, digital cameras, mobile phones, and other electronic devices. ii. It is also used in some non-rechargeable batteries for devices like clocks, toys, and heart pacemakers. Key Points: i. The Ministry of Mines reports that 51 mineral blocks, including Lithium and Gold, have been given to the respective state governments.
These 51 mineral blocks, which are located in the 11 states of J&K, Andhra Pradesh, Chhattisgarh, Gujarat, Jharkhand, Karnataka, Madhya Pradesh, Odisha, Rajasthan, Tamil Nadu, and Telangana, contain five blocks of gold and other blocks of commodities like potash, molybdenum, base metals, etc.
ii. The blocks were created based on the work completed by GSI from the 2018–19 field seasons until the present. iii. The Ministry of Coal also received 17 reports with a combined total of 7897 million tonnes of coal and lignite. iv. India is currently dependent on imports of several other minerals, including lithium, nickel, and cobalt. Note: GSI in realizing the commitment made by GoI for the auction of 500 blocks by submitting 287 geological memorandum and 195 G2&G3 reports to the state government since 2015. The 62nd Central Geological Programming Board (CGPB) meeting: i. Seven Publications on different themes and intervention areas in which GSI operates were also released during the 62nd CGPB Meeting. ii. The proposed Annual Programme for the upcoming Field Season 2023–2024 was presented and discussed.
The following year, 2023–2024, will see GSI undertaking 966 initiatives, including 318 projects for mineral exploration, including 12 for marine mineral research.
About the Ministry of Mines: Union Minister- Pralhad Joshi (Constituency- Dharwad, Karnataka) Minister of State- Raosaheb Patil Danve (Constituency-Jalna, Maharashtra) About the Geological Survey of India (GSI): Director General- S Raju Headquarters- Kolkata, West Bengal Establishment- 1851
GQII 2021: India’s Accreditation System under QCI Ranked 5th; Overall QI system Rank at 10The National accreditation system of India under the Quality Council of India (QCI) was ranked 5th globally in the Global Quality Infrastructure Index (GQII)2021. India’s overall QI (Quality infrastructure) system ranking continues to be in the Top 10 unchanged from GQII 2020 at the 10th position, with a GQII score of 0.932. What is GQII 2021?
The GQII Index is a pioneer in measuring the development status and dynamics of QI worldwide.
The GQII ranks 184 countries according to the relative development of their QI. A formula calculates a score for each country based on its position in the sub-rankings for metrology, standards and accreditation (the 3 QI pillars).
A country that ranks first in all areas would score 1. In the GQII 2021, the top-ranked country (Germany) scored 0.9958, while the lowest-ranked country (Timor-Leste) scored 0.1190.
Key Points: India’s Sub Rank in GQII 2021: Sub rank at Other QI areas: In the case of the standardization system (under BIS) India got the 9th rank and in terms of metrology system (under NPL-CSIR) India was at 21st position in the world. *NPL-CSIR – National Physical Laboratory under the Council of Scientific & Industrial Research; BIS – Bureau of Indian Standards
Bank of India Multi Cap Fund launched by BOI Investment Managers Private LimitedBank of India (BoI) Investment Managers Private Limited (Investment Manager for Bank of India Mutual Fund) launched ‘Bank of India Multi Cap Fund’ for investors to diversify their portfolio across large, mid and small cap market cap categories.
The New Fund Offer (NFO) for the scheme opens for subscription on February 10 till February 24, 2023.
The scheme will be managed by NitinGosar.
Objective: To generate long-term capital appreciation by investing in equity and equity-related securities across various market capitalisations. Key Points: i.The multi cap allocation strategy includes a spread of minimum 25% of its total assets each in large, mid, and small cap companies ii.The minimum initial investment in the scheme is Rs 5,000 and Re 1 thereafter. iii.The scheme will be benchmarked against S&P BSE 500 TRI (first tier). About Bank of India Investment Managers Private Limited: CEO– Mohit Bhatia Headquarters– Mumbai, Maharashtra
ADB Approves USD 130 Million Loan for Horticultural Sector in HPThe Asian Development Bank (ADB) has authorized a USD 130 million (over Rs. 1,072 crore) loan to Himachal Pradesh (HP) to boost agricultural production and promote horticulture agribusinesses in order to increase farmers’ income.
The “Himachal Pradesh Subtropical Horticulture, Irrigation, and Value Addition Project” will help at least 15,000 agricultural households in Bilaspur, Hamirpur, Kangra, Mandi, Sirmour, Solan, and Una in HP enhance their income and resilience to the effects of climate change.
Significance of the project
The project will restore and construct new irrigation facilities and hence improve on-farm irrigation and water management on around 6,000 hectares (ha) of farmland.
Additionally, it will create new water sources, enhance the capacity of Water Resources Department (Jal Shakti Vibhag), and support water user associations.
Key Points: i.Farmers will be organised into district-wide and cluster-wide Community Horticulture Production and Marketing Associations (CHPMAs). ii.The use of intercropping, beekeeping, and other modern agronomic techniques will be introduced to farmers. iii.To ensure profitability and market access for subtropical horticulture, a Farmer Producer Company (FPC) will be established at the state level to oversee agribusiness development. iv.The FPC will be in charge of creating business plans, promoting agribusiness, and designing value-added facilities such sorting and packaging facilities and storage and collection facilities. About Asian Development Bank (ADB): President – Masatsugu Asakawa Established – 1966 Members – 68 members (49 from the region) Headquarters – Mandaluyong City, Manila, Philippines
Karnataka’s DCTE & Samsung’s SSIR signs MoU to set up AI Industrial IoT lab in Govt Polytechnics
On 9th February 2023, the Department of Collegiate and Technical Education (DCTE), the Government of Karnataka, and Samsung Semiconductor India Research (SSIR), a subsidiary of Samsung Electronics signed a Memorandum of Understanding (MoU) to set up artificial intelligence (AI) “Industrial Internet of Things(IoT) Labs” (IoT Innovation Labs) in 35 Government Polytechnics across Karnataka.
P. Pradeep, Commissioner, DCTE and Balajee Sowrirajan, Vice-President & Managing Director (MD) of SSIR signed the MoU in the presence of Dr C.N. Ashwath Narayan, Minister for Information Technology and Bio-Technology, Government of Karnataka
The project costs Rs 1.52 crore and also includes setting up AI labs in at least two institutions.
These labs contain equipment and innovations that can be used for a variety of Science, technology, engineering, and mathematics (STEM) projects, including unmanned aerial vehicles (drones), automobiles, bio-medical applications, agritech, biotech, and other prospective STEM applications.
Pfizer Limited appoints Meenakshi Nevatia as additional director & MD
Pfizer Limited (Pfizer India), Pfizer Inc’s commercial business in India, has appointed Meenakshi Nevatia as Additional Director and Managing Director (MD) of Pfizer Ltd for a period of 5 years with effect from 3rd April 2023. Meenakshi Nevatia will succeed S Sridhar who will be stepping down as Managing Director and Member of the Board on 31st March 2023.
Meenakshi Nevatia is an experienced business leader with more than 30 years of consulting and leadership experience with top companies including McKinsey & Company, Novartis Pharmaceuticals, and Stryker Corporation.
She has held many general management positions across multiple markets such as Thailand, Spain (Iberia), and India. She has worked in more than 8 countries (developed and emerging).
The appointment of Meenakshi will be subject to the approval of shareholders through the Postal Ballot and the central government.
CCI Approvals for Merger and Acquisition of Various Entities – 9th February 2023On 9th February 2023, the Competition Commission of India (CCI) approved the following acquisition and mergers,
Acquisition of 100% equity and preference shares of Lanco Anpara Power Limited by Megha Engineering and Infrastructures Limited Group.
Internal restructuring involving certain subsidiaries of Keimed Private Limited.
Acquisition of 20% equity share capital of Keimed by Shobana Kamineni through Prime Time Logistics Technologies Private Limited.
Acquisition of the textile effects business of Huntsman International by Archroma Operations S.à.r.l.
Subscription of Compulsorily Convertible Preference Shares of Hero Future Energies Global Limited by Ardor Holdings II Pte. Ltd.
Acquisition of up to 25% shareholding in Hindustan Ports Private Limited (HPPL), by the National Investment and Infrastructure Fund(NIIF) and the proposed merger of Hindustan Infralog Private Limited (HIPL) into HPPL.
About the Competition Commission of India (CCI): Acting Chairperson– Sangeeta Verma Establishment – 2003 Headquarters – New Delhi, Delhi
Alibaba leaves India and sells its entire stake of 3.16% equity in PaytmOn 10 February 2023, Alibaba Group Holding Limited (Alibaba), a Chinese multinational technology company owned by Jack Ma, sold its entire stake of 3.16% equity (2.1 crore shares) for around Rs 13,600 crore in a block transaction of One97 Communications Ltd. (OCL), the parent company of Paytm.
Alibaba, which held 6.26% of Paytm as of September 2022, sold a 3.1% share in the company for USD 125 million in a block sale in January 2023.
Background: i. Alibaba has been offloading stakes in listed new-age technology companies in India amid a sharp erosion in the value of its investments. ii. This deal almost completes Alibaba’s exit from India. Earlier, Alibaba had sold its stakes in Zomato and BigBasket.
In December 2022, Alibaba has reportedly diluted its stake in Zomato to 10% from 13%.
In 2021, Tata Group bought a majority stake in BigBasket, resulting in the exit of Alibaba from the online grocer.
Key Highlights: i. Paytm’s share price has increased over the past few days after it revealed operating profitability in its Q3FY23 earnings with EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) before ESOP (Employee Stock Ownership Plan) cost at Rs 31 crore. ii. Paytm’s operational revenue increased to Rs 2,062 crore, a rise of 42% on an annual basis.
It was followed by the comprehensive operating update for January 2023 that Paytm filed with the stock market in February 2023.
The company’s key payments and lending business have continued to witness sustained growth momentum.
About Paytm: Chief Executive Officer (CEO)- Vijay Shekhar Sharma Headquarters- Noida, Uttar Pradesh Establishment- 2010 About Alibaba Group Holding Limited: CEO- Daniel Zhang Headquarters- Hangzhou, China Establishment- 1999
ISRO launches SSLV-D2 with 3 satellites from Sriharikota, APi.On February 10, 2023, the Indian Space Research Organisation (ISRO) launched the 2nd edition of the Small Satellite Launch Vehicle (SSLV-D2) from the first launch pad of Satish Dhawan Space Centre (SDSC) at Sriharikota, Andhra Pradesh (AP). ii.It carried the following 3 satellites weighing 175.2 kg to put them into a 450 km circular orbit:
ISRO’s Earth Observation Satellite-07/EOS-7
AzaadiSAT-2
Janus-1
iii.This launch demonstrated the designed payload capability of SSLV in LEO (Low Earth Orbit), and also marked ISRO’s first launch of 2023. About Indian Space Research Organisation (ISRO): Chairman – S. Somanath Headquarters– Bengaluru, Karnataka Establishment– 1969
Oscar & Grammy-Winning American Composer Burt Bacharach Passed AwayOn 8th February 2023, American Composer, Burt Bacharach, who won 3 Oscars in 1982 and 1970 (twice) and eight Grammys, passed away in Los Angeles, California, United States of America (USA) at the age of 94. He was born on 12th May 1928 in Kansas City, Missouri, USA. About Burt Bacharach: i. Burt Bacharach, who began his career in music in the late 1950s, is a singer, composer, and songwriter. ii. He was known for composing pop songs, but he also wrote melodies for country music artists along with rhythm and blues, soul and more.
More than 1,000 different singers have covered his songs, and Dionne Warwick was the subject of several of Burt Bacharach’s hits.
iii. He also composed the soundtracks for several films, including “What’s New, Pussycat?,” “Alfie,” and the 1967 James Bond parody “Casino Royale.” iv. Burt Bacharach made a cameo appearance in the 1999 hit movie “Austin Powers: The Spy Who Shagged Me,” playing the piano and singing “What the World Needs Now” with Mike Myers and Vanessa Williams. Collaboration: Burt Bacharach wrote songs for many musicians, including Dionne Warwick, Aretha Franklin, Dusty Springfield and Tom Jones. Famous Works: Since the 1950s, he had top 10 hits including “I Say a Little Prayer,” “I’ll Never Fall in Love Again,” and “Walk on By,” which Dionne Warwick recorded. “Mexican Divorce” (1962), “Don’t Make Me Over” (1962), and “The Look of Love” (1967) are some of his famous works. Awards: i. Burt Bacharach won his 1st Oscar (Academy Awards, USA) in 1970 for the score of “Butch Cassidy and the Sundance Kid” and for the song “Raindrops Keep Fallin’ on My Head”. In 1982, he shared the Oscar with his then-wife Carole Bayer Sager for “Best That You Can Do,” the theme from “Arthur”. ii. He won Grammy awards in 2008, 2006, 1999, 1997, 1987, 1970 (twice), and 1968. In 1971, he was awarded the Primetime Emmy Award. iii. He also won BAFTA Awards (1971), ASCAP Film and Television Music Awards (1991 & 1988), Golden Globes, USA (1982 & 1972), Laurel Awards (1970), and more.
CoAS Gen Manoj Pande released Times Group Book titled “A Chronicle of Central Command – Savdhaan”
On 9th February 2023, Manoj Pande, Chief of Army Staff (CoAS)General, released a book titled “A Chronicle of Central Command – Savdhaan”, authored by Lt Gen Vivek Kashyap, Chief of staff of the Central Command (Surya Command), and Vikram D Souza, in New Delhi, Delhi. The book was designed and produced by the Times Group, a media company.
The book is a compilation and documentation of the proud heritage and transitions with deep research and creativity.
The book highlights the Central Command’s unique status within the Army, as well as its role and growing importance over the previous 60 years.
The operational tasks of the command have greatly increased since its formation in May 1963. The Surya Command is in charge of maintaining a constant watch along the Line of Actual Control (LAC) in Uttarakhand and Himachal Pradesh. It has a presence across eight states.
World Pulses Day 2023- February 10United Nations (UN)’s World Pulses Day (WPD) is annually observed across the globe on February 10 to recognise the value of these food items and to increase knowledge of the nutritional benefits of consuming a variety of foods, including pulses.
The theme of World Pulses Day 2023 is “Pulses for a sustainable future”.
WPD is also observed to educate the public about pulses and the fundamental role they play in the transition to MORE efficient, inclusive, resilient, and sustainable agrifood systems for greater production, better nutrition, a better environment, and a better life for everyone. Aim: WPD aims to spread awareness about the nutritional and environmental benefits of pulses as part of sustainable food production. Background: i. Building on the success of the International Year of Pulses (IYP) in 2016 implemented by the Food and Agriculture Organization (FAO) of the UN and recognising the potential of pulses to advance the achievement of the Sustainable Development Goals (SDG) 1, 2, 3, 5, 8, 12, 13, and 15 in the 2030 Agenda for Sustainable Development. ii. The United Nations General Assembly (UNGA) adopted the resolution A/RES/73/251 on 20th December 2018 and proclaimed February 10 of every year as World Pulses Day.
Burkina Faso, a landlocked country in West Africa, proposed the observance of World Pulses Day.
iii. The 1st ever World Pulses Day was observed on 10th February 2019. About the Food and Agriculture Organization of the United Nations (FAO): Director-General- Qu Dongyu Headquarters- Rome, Italy Establishment- 1945
National Deworming Day 2023 – February 10 The National Deworming Day(NDD) is annually organised in all states and Union Territories (UTs) across India on February 10, with a mop-up day on February 15 with an aim to eradicate intestinal worms also referred to as Soil-Transmitted Helminths (STH), among children of age 1-19 years.
The National Deworming Day(NDD) is conducted as a bi-annual round on 10th February and 10th August.
The 1st round is conducted in February and the 2nd round is conducted in August.
Background: i.The NDD is an initiative of the Ministry of Health and Family Welfare(MoH&FW), Government of India(GoI) which aims to ensure that every child in India is worm-free. ii.In February 2015, the MoHFW launched the NDD as a part of the National Health Mission(NHM) in 11 states and UT: Assam, Bihar, Chhattisgarh, Dadra and Nagar Haveli, Haryana, Karnataka, Maharashtra, Madhya Pradesh, Rajasthan, Tamil Nadu, and Tripura.
The first round of NDD was conducted in February 2015 and achieved coverage of 85%.
Pawan Hans launches Multiple Helicopter Routes in Assam under RCS UDAN
On February 8th, 2023, helicopter service provider, Pawan Hans Limited (PHL), a central public sector undertaking under the Ministry of Civil Aviation (MoCA), launched its helicopter services on 6 routes in Assam under the RCS UDAN Scheme (Regional Connectivity Scheme- Ude Desh ka Aam Naagrik). The new helicopter services will provide connectivity on the “Dibrugarh-Jorhat-Tezpur-Guwahati-Tezpur-Jorhat-Dibrugarh” network
The RCS UDAN of the MoCA is focusing especially on bringing air connectivity to the remote areas of the northeastern states that have inadequate rail and road connectivity.
RCS UDAN Helicopter services in the state of Assam would improve air connectivity inside the state by providing the fastest means of transportation to connect Tezpur, Jorhat, and Dibrugarh from the State capital, Dispur.
Note: Services will be provided three days a week: Monday Wednesday and Friday. PHL has been awarded 86 routes under the RCS UDAN scheme in six states.
MoD signed Contract with L&T to Procure 41 Modular Bridges Worth Rs 2585 crore for Indian ArmyOn 8th February 2023, the Ministry of Defence (MoD) signed a contract with Larsen & Toubro(L&T) to procure 41 indigenous Modular Bridges for the Corps of Engineers of the Indian Army, a combat support arm which provides combat engineering support, develops infrastructure for armed forces.
The bridges will be procured at an estimated cost of over Rs 2,585 crore.
The Modular Bridges were designed and developed by Defence Research and Development Organisation (DRDO) and will be produced by L&T as a DRDO-nominated production agency.
This will boost the indigenisation of defence equipments, in line with the ‘Aatmanirbhar Bharat’ mission.
Note: This project exhibits India’s growth in designing and developing world-class military equipment. About Modular Bridges: i.The set of Modular Bridge will consist of 7 carrier vehicles based on 8×8 Heavy Mobility Vehicles and 2 launcher vehicles based on 10×10 Heavy Mobility Vehicles. ii.Each set will be capable of mechanically launching a single-span fully decked 46-meter assault bridge. iii.The Modular Bridges can be employed over obstacles like canals & ditches with quick launching and retrieval capabilities. iv.This highly mobile, versatile, rugged equipment is also capable of keeping pace with wheeled and tracked mechanized vehicles. Benefits: i.The advantages of the Modular Bridges over the MGB include the increased span, less time for construction and mechanical launching with retrieval capability. ii.These modular bridges will enhance the bridging capabilities of the Indian Army on the Western Front.
Highlights of RBI’s Bi-monthly Monetary Policy of FY23; Repo Rate raised to 6.50%i.The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) met on February 6-8, 2022 , and released the Monetary Policy Statement, 2022-23 Resolution of the MPC which projected India’s real Gross Domestic Product (GDP) growth to 6.4% for FY24 (lower than 7% in FY23) with FY24’s Q1 at 7.8%, Q2 at 6.2%, Q3 at 6%, and Q4 at 5.8%. ii.The stance is to focus on withdrawal of accommodation. iii.Consumer Price Index (CPI) inflation or retail inflation is projected at 5.3% for FY24, with FY24’s Q1 at 5%, Q2 at 5.4%, Q3 at 5.4%, and Q4 at 5.6%. iv.RBI proposed to permit all inbound travellers to India to use Unified Payments Interface (UPI) for their merchant payments (P2M) while they are in India. v.RBI will launch a pilot project on QR Code based Coin Vending Machine (QCVM) in 12 cities. About Reserve Bank of India (RBI): i.The Reserve Bank of India was established on April 1, 1935, in accordance with the provisions of the Reserve Bank of India Act, 1934. ii.The Central Office of the Reserve Bank was initially established in Calcutta but was permanently moved to Mumbai in 1937. iii.Though originally privately owned, since nationalization in 1949, the Reserve Bank is fully owned by the Government of India.
MobiKwik became 1st Fintech App to Offer UPI Payments through RuPay Credit CardsMobiKwik, payment app of One MobiKwik Systems Limited, has become the first fintech app in India to support RuPay Credit Cards on Unified Payments Interface (UPI). The National Payments Corporation of India (NPCI) has allowed Mobikwik to offer its customers the facility to make UPI payments through the RuPay credit cards.
Objective: To make financial services accessible to all Indians and lead the way to financial inclusion.
Key Points: i.As the RuPay Credit Cards are now linked directly to UPI IDs, it will enable MobiKwik’s customers to make payments to merchants by scanning the UPI QR code by using UPI PIN for payment authentication. ii.The feature will enable the acceptance of credit cards using asset-lite QR codes without the need for point-of-sale (PoS) terminals. iii.The transaction limit for this feature will follow the existing UPI standard transaction limits. iv.What is the limit of fund transfer using UPI?
For normal UPI the transaction limit is up to Rs 1 Lakh per transaction.
For few specific categories of transaction in UPI like Capital Markets, Collections, Insurance, Foreign Inward Remittances the transaction limit is up to 2 lakh and
For Initial Public Offering and Retail Direct Scheme the limit is up to Rs 5 lakh per transaction.
Recent Initiatives under UPI: i.Recently NPCI allowed UPI platforms to onboard non-resident account holders accounts like Non-Residential External (NRE) and Non- Resident Ordinary (NRO) from 10 countries with international mobile numbers with certain conditions. ii.Recently, RBI has proposed to permit all inbound travellers to India to use UPI for their merchant payments (P2M) while they are in the country. About One Mobikwik Systems Limited Establishment – 2009 Headquarters – Gurugram, Haryana Co-Founder, MD & CEO – Bipin Preet Singh
Ujjivan SFB Launches App to Ease Banking Access for ‘Digitally Challenged’Ujjivan Small Finance Bank (SFB) has launched “Hello Ujjivan,” a mobile banking application featuring three Vs—voice, visual, and vernacular-enabled features—to provide banking access to people with limited reading and writing skills.
The app “Hello Ujjivan” was developed in collaboration with Navana.AI.
Significance of ‘Hello Ujjivan’ App i.The ‘Hello Ujjivan’ app is designed to instill banking habits in its micro-banking and rural customers who are digitally challenged. ii.The app is accessible by voice in 8 regional languages: Hindi, Marathi, Bengali, Tamil, Gujarati, Kannada, Oriya, and Assamese.
The app engine can also adapt to various dialects.
iii.Users can use voice commands to conduct banking transactions and have access to services such as loan Equated Monthly Instalment (EMI) payments, opening Fixed Deposit (FD) and Recurring Deposit (RD) accounts, transferring funds, and more. iv.The app can interpret unstructured banking demands of customers and deliver the right outcome due to its intuitive Artificial Intelligence (AI) and machine learning (ML) capabilities. v.At each step, the app displays a visual representation as well as a recorded voice guide in the user’s preferred language. Key Points: i.In the initial phase, the app will only be accessible to current users of the micro-banking service. ii.In the following phase, Ujjivan SFB will introduce other languages and banking features, such as creating new customer accounts, paying utility bills, obtaining repeat loans, and recharging mobile and DTH devices. iii.Currently, Ujjivan SFB serves over 72 million consumers through its 600 branches across India. iv.Ujjivan SFB’s gross loan book is valued at Rs. 21,895 crore, and the deposit base is valued at Rs. 23,203 crore as of December 31, 2022. About Ujjivan Small Finance Bank (Ujjivan SFB) MD & CEO – Ittira Davis Established – 2017 Headquarters – Bengaluru, Karnataka Tagline – Build a Better life
Bajaj Finance Launches ‘Insurance Mall’ portal
Bajaj Finance Ltd. (Bajaj Finance) has launched a new portal named “Insurance Mall” for its customers to ensure an easy-buy experience in an effort to provide quality services and to simplify all the inconveniences consumers may face during their policy purchase.
The “Insurance Mall” portal offers a wide range of insurance plans and policies in addition to Bajaj Finance’s exclusive Pocket Insurance and Subscription categories.
Key Points: i.Insurance Mall has over 250+ policies and plans designed to meet the needs of every customer, and these products are constantly updated to guarantee that they remain relevant. ii.The policies offered in the single platform for all policies include: Health insurance, two-wheeler and four-wheeler insurance, appliance extended warranties, pocket insurance and subscriptions, and investment plans. iii.The benefits obtained by customers while purchasing insurance plans from the Bajaj Finance Insurance Mall include: a 100% digital process; an extensive product list; budget-friendly premiums; and exclusively designed plans. iv.In order to provide products that are best suited to the shifting demands of the industry, Bajaj Finance has also partnered with some of India’s leading insurers. About Bajaj Finance Ltd (Bajaj Finance): Bajaj Finance Ltd., a subsidiary of Bajaj Finserv Ltd., is a deposit-taking Non-Banking Financial Company (NBFC-D) registered with the Reserve Bank of India (RBI) and is categorized as an NBFC-Investment and Credit Company (NBFC-ICC).
It was founded in 1987 as Bajaj Auto Finance Limited and incorporated in 2012 as Bajaj Finance Limited.
Managing Director (MD) – Rajeev Jain Headquarters – Pune, Maharashtra
EIB Agrees to Join IH2A & Pledges to Provide 1 Billion Euros in Funding for Large-Scale Green Hydrogen Projects in India
Kris Peeters, Vice-President of the European Investment Bank (EIB), has formally agreed to join the “India Hydrogen Alliance (IH2A)” and enhance support for large-scale green hydrogen hubs and projects across India with initial investment of Euro (€) 1 billion, subject to Indian government and EIB approvals.
The EIB, a lending arm of the European Union (EU) bank, is the world’s largest international public bank and a leading financier of renewable energy and climate action.
The new memorandum of understanding (MoU) with IH2A would allow the EIB to promote clean energy investment and green hydrogen development in India even more.
The IH2A is a worldwide and Indian industry alliance dedicated to developing a hydrogen value chain and economy in India.
Key Points: i.The EIB is currently exploring a credit facility with the Indian government to boost the growth of the green hydrogen industry by investing in important public sectors.
This facility would aid India’s attempts to commercialise new green hydrogen technologies and expedite cost reductions by investing consistently in innovation, R&D, green hydrogen hubs, and pilot projects.
ii.The enhanced cooperation of IH2A will help India achieve its targets for a net-zero carbon footprint and an energy transition by implementing a national green hydrogen roadmap.
The IH2A is focusing on attracting global climate finance for development of large-scale hydrogen hub development in India, while working with the Government of India, state governments, global hydrogen players and Indian companies.
iii.This climate action project is part of the EU’s ‘Global Gateway Initiative’, which promotes projects that increase global and regional connectivity in the digital, climate, transport, health, energy, and education sectors. Note:The First EU-India Green Hydrogen Forum was conducted in Delhi in September 2022 during the visit of Energy Commissioner Kadri Simson, fostering further clean energy cooperation between the EU and India. About European Investment Bank (EIB): President – Werner Hoyer Founded – 1958 Headquarters – Luxembourg
Samsung Semiconductor India Research & IISc partners for R&D in electrostatic discharge protectionOn 8th February 2023, Samsung Semiconductor India Research (SSIR), a subsidiary of Samsung Electronics, announced a new partnership with the Indian Institute of Science (IISc), Bengaluru, Karnataka, to promote research and development(R&D) in the field of on-chip Electrostatic Discharge (ESD) protection.
This partnership strengthens IISc’s commitment to enhance industry-academia engagements that can make a significant impact in the future.
Key People: Balajee Sowrirajan, Corporate Vice President (CVP) & Managing Director (MD) at SSIR, Bengaluru, Karnataka, and Professor Govindan Rangarajan, Director of IISc exchanged the research agreement in the presence of delegates from SSIR and IISc. Features of the partnership: i. Under this partnership, IISc will collaborate with SSIR in the crucial area of advanced nanoelectronics device research. ii. The partnership aims to develop cutting-edge ESD device solutions to protect ultra-high-speed serial interfaces in advanced Integrated Circuits (ICs) and system-on-chip (SoC) products. iii. Prof. Mayank Shrivastava’s group at IISc’s Department of Electronic Systems Engineering (DESE) will conduct related research on ESD protection. iv. The solutions arising from this research will be deployed in Samsung’s advanced process nodes. Key Points: i. ICs and SoCs are essential for any system, from small to big, but they are very sensitive to ESD failures, especially those developed using advanced nanoscale CMOS (Complementary Metal Oxide Semiconductor) technologies.
ESD failures are responsible for the vast majority of IC chip failures and field returns.
ii. ESD is a rare area of expertise and industries that master the art of designing ESD protection devices and interface concepts lead the market.
As a result, research and development (R&D) in ESD technology for highly reliable interfaces and SoCs that operate at low power and high speed is essential to the semiconductor innovation effort.
Note: IISc is one of the world’s leading institutes for ESD device research. About the Samsung Semiconductor India Research: CVP & MD- Balajee Sowrirajan Headquarters- Bengaluru, Karnataka Establishment- 1996 About the Indian Institute of Science (IISc): Director – Govindan Rangarajan Headquarters- Bengaluru, Karnataka Establishment- 1909
NOVATEK & Deepak Fertilisers Signs MoU on LNG Supply & Low-Carbon AmmoniaOn 6th February 2023, PAO NOVATEK(NOVATEK), Russia’s 2nd-largest natural gas producer, and Deepak Fertilisers and Petrochemicals Corporation Ltd. (Deepak Fertilisers) signed a non-binding Memorandum of Understanding (MoU) in the supply of LNG (Liquefied Natural Gas) and low-carbon ammonia.
The MoU envisages spot and long-term LNG deliveries to Deepak Fertilisers, including from the Arctic LNG 2 project.
Key Highlights: i. The parties also intend to collaborate in the long-term supply of low-carbon hydrogen and ammonia produced with the use of carbon capture and underground storage, cracking, and renewable energy sources at NOVATEK’s future gas chemical site in Yamal, Russia.
The gas chemical complex’s pre-FEED (Front End Engineering Design) study was completed in 2022.
ii. Russia’s mutually beneficial energy cooperation is actively developing, and the signed MoU will contribute to its further strengthening. iii. The high-quality, low-cost resource base, as well as advanced process and logistical solutions, will enable NOVATEK to supply competitive LNG with a low carbon footprint to India’s energy market, which is one of the world’s fastest-growing. iv. Cooperation in the area of low-carbon hydrogen and ammonia, which we intend to produce along with LNG within an integrated cluster, will facilitate the region’s economic development and address the relevant environmental and climate issues. About NOVATEK: NOVATEK, the 7th-largest publicly traded company globally by natural gas production volume, was established as AOOT FIK Novafininvest, which was later changed to PAO NOVATEK). Chairman- Leonid Mikhelson Headquarters- Russia Establishment- 1994 About the Deepak Fertilisers and Petrochemicals Corporation Ltd: Chairman & Managing Director- Sailesh Chimanlal Mehta Headquarters- Mundhwa, Pune Establishment- 1979
Edelweiss General Insurance rebranded as Zuno General Insurance
Edelweiss General Insurance has rebranded itself as Zuno General Insurance Limited (Zuno GI), a new-age digital insurer with the ambition to reimagine and redefine insurance to make it easy, friendly, and transparent.
The new name embodies the company’s passion, enthusiasm, and singular focus on providing customers with the most convenient and hassle-free experience possible, powered by responsive and intuitive technology.
This new identity represents its young, innovative, approachable, digital native, and upbeat personality, which resonates with the Millennial and GenZ audiences.
Zuno GI has also launched a consumer study titled ‘Usage Based Insurance: Decoding Awareness, Perception and Behaviour’.
The study was done to assess Millennials’ and GenZ’s (Generation Z) awareness, understanding, and consideration of usage-based insurance (UBI).
TCS bags GBP 600-million deal with UK’s Phoenix Group
Tata Consultancy Services (TCS) has announced an expansion of its partnership with Phoenix Group, the United Kingdom’s (UK) largest long-term savings and retirement provider, through a contract valued at over 600 million British pound sterling (GBP).
TCS will use the Bell Administrative Network Communications System (BaNCS)-based platform to digitally transform Phoenix’s ReAssure business, including its administration services, as part of the agreement.
TCS’s regulated subsidiary in the UK on behalf of Phoenix, Diligenta, will manage customer administration and servicing for ReAssure’s 3 million policies under the terms of the agreement.
TCS Solution will help Phoenix in transforming end-to-end customer service through self-service across channels and analytics.
Grammy 2023: Bengaluru-based Ricky Kej wins 3rd Grammy at 65th Annual Grammy AwardsRicky Kej, an Indian music composer and environmentalist based in Bengaluru, Karnataka, has his 3rd Grammy at the 65th annual Grammy Awards(Grammy 2023) under the Best Immersive Audio Album category for the album Divine Tides.
He shared the award with rock legend Stewart Copeland, the drummer of the iconic British rock band The Police.
Grammy 2023: The 65th annual Grammy Awards(Grammy 2023) was held at the Crypto.com Arena in Los Angeles, California, the United States of America(USA). Grammy 2023 recognises the recordings released between 1st September 2021 and 30th September 2022.
The Grammy Awards, presented by the Recording Academy or National Academy of Recording Arts and Sciences, since 1957 honour musical artists, compositions and albums.
ABK Prasad chosen for PCI’s Raja Ram Mohan Roy National Award for excellence in Journalism-2020
Veteran journalist Dr Anne BhavaniKoteswara Prasad, popularly known as ABK, has been chosen for the ‘Raja Ram Mohan Roy National Award for excellence in Journalism-2020’ for his outstanding contribution to the field of journalism.
The award was conferred by Justice Ranjana Prakash Desai, chairperson of the Press Council of India (PCI).
The award will be presented on February 28 2023 at Deputy Speaker Hall, Constitution Club of India, Rafi Marg, New Delhi.
Career of ABK: i.He served as the chairman of the Official Language Commission from 2004 to 2009 in United Andhra Pradesh. ii.In his career of over 75 years, he has been the editor of nearly all mainstream journals in United Andhra Pradesh. About Raja Ram Mohan Roy National Awards for Excellence in Journalism: i.The PCI has instituted National Awards to honour journalists excelling in print journalism in various fields from 2012 onwards. ii.To encourage the media to pursue its duties, the main Award ‘Raja Ram Mohan Roy National Award for Excellence in Journalism’ was instituted in honour of one of the greatest reformer journalists of the country. iii.The award carries a cash award of Rs 1Lakh, a plaque, and a citation. About Raja Ram Mohan Roy: i.The religious and social reformer Raja Ram Mohan Roy is the founder of the Brahmo Samaj (a monotheistic sect of Hinduism). ii.He was known as the ‘Father of Modern India’ or ‘Father of the Bengal Renaissance’. iii.He was the one who introduced the word “Hinduism” (or “Hindooism”) for the first time into the English language in 1816.
ATD Best Awards 2023: NTPC bags ATD Best Awards for 6th time NTPC Limited, a Maharatna Central Public Sector Undertaking (CPSU) under the Ministry of Power, Government of India, has been honoured with the Association for Talent Development (ATD) Best Awards 2023 for demonstrating enterprise success in the field of Talent Development by the Association for Talent Development (ATD), United States of America (USA).
NTPC has won the ATD Best Awards for the sixth time.
Key Highlights: i. NTPC’s culture has always been built on engaging employees through creative methods. The award attests to NTPC’s contemporary Human resources (HR) practices.
NTPC has been successful in developing an ecosystem that allows employees to grow their skill sets.
ii. NTPC won the ATD Best Award by the ATD, USA in 2017, 2018, 2019, 2020, and 2022. iii. ATD has named 72 organisations as Best Awards 2023 winners, including 7 best of the best, organisations that have won the BEST Awards ten times or more. About the ATD Best Awards: i. The ATD Best Awards was established in 2003. The BEST Awards Winners’ Circle includes small and large private, public, and non-profit organisations across the globe.
The Association for Talent Development (ATD), formerly ASTD, is the world’s largest association in the field of Talent Development and ATD’s Best award is the most coveted recognition in L&D.
ii. This award honours organisations that demonstrate entrepreneurial spirit through talent development. About the NTPC Limited: NTPC Limited, formerly known as National Thermal Power Corporation Limited, is a public sector undertaking (PSU) under the ownership of the Ministry of Power, Government of India. Chairman & Managing Director (CMD)– Gurdeep Singh Headquarters- New Delhi, Delhi Establishment- 1975
Italy’s Olympic skier Elena Fanchini Passed Away
On 8th February 2023, Italian Alpine Ski Racer Elena Fanchini, who represented Italy at 3 Winter Olympics(2006, 2010, and 2014), and 6 World Championships, passed away in Solato, Brescia, Italy, at the age of 37 due to cancer. She was born on 30th April 1985 in Lovere, Italy.
Elena Fanchini made 4 World Cup podiums, all in downhill, including 2 victories in Lake Louise, Canada in 2005 and Cortina d’Ampezzo, Italy in 2015.
She won a silver medal in the downhill at FIS Alpine World Ski Championships 2005, which were held in Bormio, Italy. She raced last in 2017.
She announced her retirement from alpine skiing on 22nd April 2020.
South Indian Bank Partners with Telangana Government to Facilitate Online Payments South Indian Bank Ltd. (SIB) has been authorized by the Telangana government to collect government receipts on their behalf, for which SIB has signed an agreement with the Telangana government’s Directorate of Treasury and Accounts (DTA), Hyderabad, Telangana.
SIB is one of the six private sector banks that Telangana State has designated for the purpose of facilitating payments to the Cyber Treasury.
Key Points: i.Under this partnership, residents of Telangana can make payments to the state’s online treasury portal, “Cyber Treasury,” using SIB’s Internet banking platform, “SIBerNet.” ii.Residents can use this facility to pay online the fees/charges/taxes, Meeseva, Meeseva RTA, the inspector of factories, boilers, the fire department, TGBCL, the Drug Control Administration, roads and buildings, agriculture, the excise department, Ayush, panchayat raj engineering, and police intelligence. iii.SIBerNet has a state-of-the-art facility dedicated to providing consumer services over the internet with improved convenience and security. About South Indian Bank (SIB): MD & CEO – Murali Ramakrishnan Headquarters – Thrissur, Kerala Tagline – Experience Next Generation Banking
India Health Link signs MoU with UP Govt to set up Health ATMsIndia Health Link (IHL) Private Limited, a digital health and medical device start-up, has signed a Memorandum of Understanding (MoU) with the Government of Uttar Pradesh (UP) under UP’s InvestUP Programme to set up “hPod”, a Health ATMs providing screening of various health parameters at more than 4,600 community and primary health care centres in UP.
“hPod” will provide a non-invasive digitally-integrated ecosystem that enables Primary, Preventive, and Predictive Healthcare.
IHL, backed by the American company, Iyka Ent, has committed through signing an MoU of up to Rs 1,000 crore and opening significant job opportunities in UP over the next 5 years by establishing a manufacturing plant in UP’s 1st Medical Device Park. What is Health ATM? Health ATM is a touch-screen kiosk hardware, designed for managing health-related information which allows individuals to access their personal health information through any Internet-connected web browser. About hPod: i. ‘hPod’ is a self-service, walk-in Health ATM where individuals can get their screening for 20+ health vital parameters including blood pressure, weight, pulse, temperature, and ECG (electrocardiogram) done in 10 minutes and receive an instant report without any paramedic assistance. ii. IHL has introduced a first-of-its-kind connected ‘user-centric’ and award-winning Health Pod non-invasive digitally integrated self-service, walk-in health kiosk. About the India Health Link (IHL)Private Limited: Director- Krishan Goel Headquarters- Karnal, Haryana Establishment- 2013 About Uttar Pradesh: Chief Minister (CM)- Yogi Adityanath Governor- Anandiben Mafatbhai Patel Bird Sanctuary- Samaspur Bird Sanctuary, Parvati Arga Bird Sanctuary Airport- Kushinagar International airport, Kanpur Airport
J&K Govt Launches Project to Promote Sustainable Agriculture with Focus On Organic Farming
The Government of Jammu and Kashmir (J&K) has initiated a programme “alternate agriculture system for sustainability project” to boost organic food production and increase economic returns for farmers in the Union Territory (UT). The J&K government has allocated Rs 84 crore to support the programmes over the next 5 years. The project is estimated to create around 12600 jobs and 300 enterprises in the organic agri sector.
This is a part of the efforts to promote sustainable agriculture, commercial agriculture, and the production of healthy food.
The project aims to create six to seven organic clusters per district, covering 2,000 hectares of land and converting another 2,000 hectares into organic production, including niche crops and default organic areas.
The programme will also train 10,000 farmer families in organic farming and establish 200 commercial and 3,000 low-cost vermicomposting units and 100 integrated organic farming systems.
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MoA&FW & Digital Green signs MoU to develop National Level Digital Extension Platformi.On February 6, 2023, Ministry of Agriculture & Farmers Welfare (MoA&FW) signed a Memorandum of Understanding (MoU) with Digital Green under Public Private Partnership (PPP) framework to build a national level digital extension platform. ii.It will be launched within six months. iii.MoA&FW will also formulate a new certification system for organic cotton, and derivatives as a part of its efforts to promote Indian export. In this regard, the ministry will set up a committee to look into the issues of organic certification of cotton and its derivatives. About Ministry of Agriculture & Farmers Welfare (MoA&FW): Union Minister– Narendra Singh Tomar (Constituency- Morena, Madhya Pradesh )
Minister of state – Sushri Shobha Karandlaje ;Kailash Choudhary Secretary– Manoj Ahuja
India’s G20 Presidency 2023: G20 Meetings Held in February 2023India is hosting the prestigious G20 (Group of Twenty) summit in 2023, as the country holds the G20 Presidency from December 1, 2022, to November 30, 2023.
The theme for India’s G20 Presidency is “Vasudhaiva Kutumbakam,” which refers to “One Earth, One Family, One Future. It is taken from the Maha Upanishad, an ancient Sanskrit text.
i.The G20 is the leading forum for economic cooperation on a global scale. ii.G20 Members:It has 20 members, including 19 countries: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Türkiye, United Kingdom (UK), United States (US), and the European Union (EU). iii.The first“G20 Energy Transition Working Group” (ETWG) Meeting under India’s G20 Presidency was held in Bengaluru, Karnataka, from February 5-7, 2023. iv.The Ministry of Electronics and Information Technology (MeitY) and Meta, parent company of Facebook, have partnered for the “G20 Stay Safe Online Campaign.” v.Meta has also launched the #DigitalSuraksha campaign to educate the youth against misinformation, with the objective of raising cyber safety awareness and protecting people from falling victim to prevailing online frauds. About Malaysia: Prime Minister (PM) – Anwar Ibrahim Capital – Kuala Lumpur Currency – Malaysian Ringgit (MYR)
Key Events of India Energy Week 2023: India hosted the AMER9, OPEC released ‘World Oil Outlook 2045’i.India hosted the 9th Asian Ministerial Energy Roundtable (AMER9) in association with the International Energy Forum (IEF) on 7 February 2023 at the India Energy Week 2023 in Bengaluru, Karnataka. ii.The Ministry of Petroleum has signed a pact with the Paris-based International Energy Agency (IEA) for strengthening cooperation in the field of data and research and for enhancing global energy security, stability, and sustainability. iii.As per report ‘World Oil Outlook 2045’ released by Organisation of the Petroleum Exporting Countries (OPEC) at the India Energy Week 2023, India and China alone will account for 40% of global GDP in 2045, whereas the OECD region will account for 31%. iv.Greenko Group has signed an agreement with Belgium-based John Cockerill for supply of 28 units of 5 MW alkaline electrolysers to be installed at a green ammonia plant being set up at Una in Himachal Pradesh. About Ministry of Petroleum and Natural Gas: Union Minister – Hardeep Singh Puri (Rajya Sabha Uttar Pradesh) Minister of state – Rameswar Teli (Dibrugarh, Assam)
K Rajaraman launches ‘IEEE C-DOT Certified Telecom Expert Program ’
On 7th February 2023, K Rajaraman, Chairman, Digital Communications Commission (DCC) & Secretary of the Department of Telecommunications, Ministry of Communications (MOC), launched the ‘IEEE C-DOT Certified Telecom Expert Program (ICCTEP)’ to bring learning in the areas of Telecom including 5G, Cyber Security and Quantum Communication to bridge the skill gap. The first program launched on the platform is on 5G and beyond.
The program was collaborated by the Institute of Electrical and Electronics Engineers (IEEE) and the Centre for Development of Telematics (C-DOT) to create telecommunication courses, promote and train students and professionals, create job opportunities, and bridge the digital divide.
It was launched during the IEEE Standards Association (IEEE SA) Workshop centred on “Next Generation Connectivity” in New Delhi, Delhi.
IEEE Blended Learning Program (BLP) aims to upskill young professionals in Wireless, Optical, Broadcasting, Telecom Validation & Security.
Shobha Karandlaje, MoS Agriculture, released NCAER Report on Farm Machinery Industry in IndiaOn 7th February 2023, Shobha Karandlaje, Union Minister of State(MoS) for Agriculture and Farmer’s Welfare, released the National Council of Applied Economic Research(NCAER)’s new report titled “Making India a Global Power House on Farm Machinery Industry” in Krishi Bhawan, New Delhi, Delhi.
This study was sponsored by Mahendra & Mahendra.
Note: NCAER is one of the premier economic policy research think tanks in India. Gist of the report: i.The report highlights the challenges, proposes reforms and presents a vision for making India a hub for non-tractor farm machinery. ii.The study makes a comparative assessment of the non-tractor farm machinery industry, interprets global practices, and introduces a road map to transform India into a manufacturing and export centre for non-tractor farm technology. iii.The report also focused on India’s need to have a vision for the next 15 years to convert it into a production and export hub for non-tractor farm machinery. Recommendations: The report recommends measures and reforms by benchmarking global practices that will be examined by the team of policymakers for making the best solutions in farm mechanization. Additional info: i.Union MoS Shobha Karandlaje stated that the Ministry of Agriculture & Farmers Welfare(MoA&FW) is promoting farm mechanization through various schemes and programmes such as Sub-Mission on Agricultural Mechanization (SMAM), Crop Residue Management (CRM), Drones promotion. ii.She also highlighted the significance of the training and testing of agricultural machines including tractors, power tillers, and combine harvesters by Farm Machinery Training and Testing Institutes (FMTTIs). iii.The FMTTIs have contributed to the testing and training of farm machines and provided a pool of around 2.3 lakhs of skilled professionals in farm mechanization.
DGGI & NFSU signs MoU for Setting Up of Digital Forensic Laboratories On 7th February 2023, the Directorate General of GST (Goods and Services Tax) Intelligence (DGGI) and the National Forensic Sciences University (NFSU) signed a Memorandum of Understanding (MoU) to set up digital forensic laboratories along with the exchange of information and knowledge, technological advancement and skill development in the field of digital forensics. Signatories: The MoU was signed by Surjit Bhujabal, Principal Director General of DGGI and Dr J. M. Vyas, Vice Chancellor of NFSU, Gandhinagar, Gujarat. Features of the MoU: i. The MoU will facilitate DGGI and NFSU to establish digital forensic laboratories, collaborate in research and training initiatives, and exchange technical support. ii. This MoU will strengthen the DGGI’s investigative and digital forensic capabilities and help the organisation bring effective prosecutions and secure convictions of the guilty.
The quick and effective convictions of Serious tax offenders will secure government revenues and plug leakages and will also ensure trade facilitation by ensuring a fair tax regime for the honest taxpayer.
iii. This will be a significant step for DGGI to have the requisite physical infrastructure, skill sets, and knowledge in the area of digital forensics Significance of DGGI and NFSU: i. DGGI, the apex intelligence organisation under the Central Board of Indirect Taxes and Customs (CBIC), is responsible for gathering and disseminating information and implementing the required controls to prevent GST evasion.
DGGI uses data analytical tools and cutting-edge technologies to detect substantial tax evasion and disrupt huge false invoice rackets.
ii. NFSU is an institution of national importance established by the Parliament of India to promote forensic science education and research.
NFSU, the first and only forensic sciences institute, is equipped with state-of-the-art digital forensics technology and the capacity to study and analyse digital evidence.
It has established cooperations with a number of governmental agencies, including the Enforcement Directorate of DRDO, and Central Bureau of Investigation, as well as international organisations and nations in the field of digital forensics.
About the Directorate General of GST Intelligence (DGGI): DGGI was formerly known as the Directorate General of Central Excise Intelligence (DGCEI).
DGGI was founded in 1979 as the Directorate General of Anti-Evasion (DGAE) and was later renamed DGCEI.
Principal Director General- Surjit Bhujabal Headquarters- New Delhi, Delhi About the National Forensic Sciences University (NFSU): Vice Chancellor- Dr J. M. Vyas Headquarters- Gandhinagar, Gujarat Establishment- 2009
Hillary Clinton Announces USD 50 Million Climate Fund for Women
Hillary Clinton, former United States (US) secretary of state has announced a first-of-its-kind “Global Climate Resilience Fund” of USD 50 million from the Clinton Global Initiative (CGI) to support women in the fight against climate change in collaboration with the Self-Employed Women’s Association (SEWA).
Hillary Clinton was on a two-day visit to Gujarat, commemorating the 50th anniversary of SEWA as a trade union.
The goal of the fund is to enable women and communities to confront the challenges caused by the rising temperatures brought on by climate change, as well as to offer new opportunities for employment and education. Self Employed Women’s Association (SEWA) i.Elaben Bhatt (89), who passed away in November 2022, founded SEWA in Ahmedabad, Gujarat, in 1972. ii.SEWA operates in 18 states and has a membership of 25 lakh women in the informal sector. Clinton Global Initiative (CGI) i.Former US President Bill Clinton (born William Jefferson Blythe III) founded CGI in 2005 to bring established and emerging global leaders together to create and execute solutions to the world ’s most challenging problems. ii.CGI collaborates with partners to create new, precise, and measurable commitments to action in climate resilience, health equity, and inclusive economic recovery and growth.
India ranks 1/110 nations for Inclusivity Measures towards Religious Minorities: Global Minority ReportAs per the Centre for Policy Analysis’ (CPA) inaugural assessment on global minorities in its’ Global Minority Report’, India has been ranked one among 110 nations for its inclusivity measures towards religious minorities. India has the highest level of religious minorities’ acceptance
India is followed by South Korea, Japan, Panama, and the United States (US) at the 2nd, 3rd, 4th and 5th positions respectively.
Key Points: i.Maldives, Afghanistan, and Somalia are at the bottom of the list. ii.The United Kingdom(UK) and the United Arab Emirates (UAE) are at positions 54 and 61, respectively. iii. India’s Constitution has unique provisions for promoting religious minorities in culture and education and there are no similar provisions for linguistic and religious minorities in any other constitution. There is also no restriction on any religious sects in India.
However, there have been reports of conflict between the majority and minority communities.
iv.The report noted that the United Nations (UN) may use India’s minority policy as a model for other nations due to the model’s inclusiveness and lack of discrimination against many religions and their sects. The purpose of this report is also to educate the world community on the prevalence of discrimination against minorities based on their faith in different nations.
Curtailing pollution is essential to reduce superbugs: UNEP report
Superbugs are other instances of Antimicrobial Resistance (AMR).
The report was released during the Sixth Meeting of the Global Leaders Group on AMR held in Barbados. Antimicrobial Resistance (AMR): i.Antimicrobials are essential in reducing the burden of infectious diseases in humans, animals and plants. ii.The development and spread of AMR mean that the antimicrobials which are used to prevent and treat infections in humans, animals and plants are becoming ineffective. iii.AMR has therefore emerged as a principal public health problem. Key Points: i.According to the WHO AMR is listed among the top 10 global threats to health. ii.It is estimated that in 2019 around 1.27 million deaths were attributed to drug-resistant infection and 4.95 million deaths were associated with bacterial AMR. iii.It is estimated that AMR causes around 10 million additional direct deaths annually by 2050. iv.The AMR is also expected to result in a GDP drop of at least USD 3.4 trillion annually by 2030 and push around 24 million more people into extreme poverty. One Health Response: i.The report calls for a multisectoral One Health response which recognises that the health of people, animals, plants and the environment are closely related and interdependent.
The One Health Joint Plan of Action was launched by the Quadripartite Alliance including UNEP, the Food and Agriculture Organization of the United Nations (FAO), the World Health Organisation (WHO) and the World Organisation for Animal Health (WOAH).
ii.One Health response to AMR will reduce the risk and burden of AMR on humans and nature and will help to address the triple planetary crisis. iii.The triple planetary crisis entails higher temperatures and extreme weather patterns, land-use changes that alter its microbial diversity, as well as biological and chemical pollution.
CloudSEK report: India Accounts for Most Cyber Attacks in Asia in 2022
According to the Global Threat Landscape Report 2021-2022 by CloudSEK, a contextual AI company that predicts Cyber Threats, India is the most targeted country by hackers in Asia in 2022. Globally, India is the 2nd most targeted country in 2022 while the United States of America(USA) remained the most targeted country.
The number of cyber attacks targeting India has increased by 24.3% in 2022.
Indonesia, Russia and China are the 3rd, 4th and 5th most targeted countries in 2022.
Region-based findings: i.Asia-Pacific, Europe and North America are the most targeted regions in both the years 2021 and 2022. ii.Asia & Pacific remained the most targeted region, receiving 20.4% of all attacks in 2021 and 24.1% of all attacks in 2022. The number of attacks targeting Asia & Pacific increased by 26.43% in 2022. iii.Europe which accounted for around 18% of all attacks in both 2021 and 2022 is the 2nd most targeted region in 2022. The number of attacks on Eupore has increased by 8.28%.
Europe was the 3rd most targeted region in 2021.
iv.North America accounted for 18.9% of all attacks in 2021 and 16% of all attacks in 2022. The total number of attacks observed a 9.68% decline. The Global attacks remained the most significant but saw a slight decline, accounting for 29.2% of the total attacks in 2021 and 27.5% of the total attacks in 2022. T Key Points: i.With an increase in sophisticated and targeted cyber attacks, the number of cybercrime increased in 2022. This is attributed to an increase in underground activity leading to a rise in the utility of malicious tools and malware. ii.Due to new technologies plagued with various vulnerabilities the sectors like electric vehicles were targeted by the threat actors. iii.In 2022, Ransomware attacks increased from 0.3%(least common) in 2021 to 8% in 2022 (the 3rd most common). iv.Globally, the attacks on the government sector have increased from 4.1% in 2021 to 12.1% in 2022.
Bajaj Allianz Life unveils Sustainable Equity Fund; KMAMC launches Kotak Banking & Financial Services FundBajaj Finserv’s life insurance arm, Bajaj Allianz Life Insurance has launched Sustainable Equity Fund namely ‘Bajaj Allianz Life Sustainable Equity Fund ‘ enabling investors to invest in companies that are socially responsible and have been evaluated on relevant Environment (E), Social (S), and Governance (G) factors. This new fund offer (NFO) is available for subscription now, and is available on the insurer’s following flagship ULIPs (Unit Linked Insurance Plans):
Bajaj Allianz Life Goal Assure – A Unit-linked Non-Participating Life Insurance Plan.
Bajaj Allianz Life Smart Wealth Goal – A Unit-linked Non-Participating Life Insurance Plan
Bajaj Allianz Life Future Wealth Gain – A Non-Participating, Unit-Linked, Individual, Endowment Life Insurance Plan
Bajaj Allianz Life Longlife Goal – A Unit-Linked Non-Participating Whole Life Insurance Plan
Bajaj Allianz Future Gain – A Unit-Linked Endowment Insurance Plan
Key Points: i.It is benchmarked to the Nifty 100 ESG Index. ii.The fund will keep ensure the ESG quotient of investor decisions remains strong as it will park investors’ money in businesses that have high ESG scores. iii.To identify the businesses for the same, Bajaj Allianz Life Insurance will evaluate organizations based on its internal proprietary ESG factor model, which will assess data such as public disclosures, investor presentations, annual reports, etc.
Then, ESG principles combined with the existing investment decision-making process will allow the screening of stocks for the fund.
Kotak Mahindra Launches Kotak Banking & Financial Services Fund Kotak Mahindra Asset Management Company Ltd (KMAMC/Kotak Mutual Fund) launched ‘Kotak Banking & Financial Services Fund’ an open-ended equity scheme investing in the Banking and Financial Services sectors.
The scheme opens for public subscription on February 6th, 2023 and closes on February 20th, 2023.
Key Points: i.Investors can invest a minimum amount of Rs 5,000 and subsequently in multiples of Re.1 for purchase and Re 0.01 for switches during the NFO period. ii.Its objective is to generate long term capital appreciation from a portfolio that is invested predominantly in equity and equity related securities of companies engaged in banking and financial services sector. About Bajaj Allianz Life Insurance: MD & CEO– Tarun Chugh Headquartered– Pune, Maharashtra
Global Fintech Ascenda Announces Partnership with Axis Bank to Power Its Innovative New Rewards Program
Axis Bank Limited (Axis Bank), India’s third largest private sector bank, has partnered with Ascenda (Singapore), to power its creative new rewards programme, the Axis Bank Points/Miles Transfer Program.
Ascenda is a world leader in enabling global rewards cards and payment value propositions for financial brands.
Axis Bank Points/Miles Transfer Program i.It is a programme specifically designed for Axis Bank credit cardholders. ii.Customers can use this to seamlessly transfer their Edge Rewards Points and Edge Miles to domestic and international loyalty program partners across airlines and hotels. iii.e ligible cards include Select Axis Bank credit and debit cards. Click here for the detailed list Key Points: i.Axis Bank will make use of Ascenda’s premium rewards infrastructure and points exchange marketplace to create a novel product that targets the steadily growing premium traveller segment. ii.As of September 30, 2022, Axis Bank had 4,760 branches in India spread across 2,676 cities and towns, as well as 16,043 ATMs. iii.The Axis Group includes Axis Mutual Fund, Axis Securities Ltd., Axis Finance, Axis Trustee, Axis Capital, A.TReDS Ltd., Freecharge and Axis Bank Foundation. About Axis Bank Limited: MD & CEO – Amitabh Chaudhry Establishment – 1993 Headquarters – Mumbai, Maharashtra Tagline – Badhti Ka Naam Zindagi
Paytm Payments Bank partners with NPCI to introduce RuPay Credit Card on UPI
Paytm Payments Bank Ltd (PPBL) introduced the ‘RuPay credit card on UPI’ in collaboration with the National Payments Corporation of India (NPCI), allowing users to link their RuPay credit cards to the Unified Payments Interface (UPI) infrastructure. The partnership will allow RuPay credit card holders to use the UPI service to pay for goods and services both online and offline.
NPCI has been in discussions with India’s top lenders, including ICICI Bank, State Bank of India (SBI), Union Bank of India, and Axis Bank, to launch the “RuPay credit card on UPI” option.
Shaktikanta Das, governor of the Reserve Bank of India (RBI), stated in June 2022 that credit cards will be permitted to be linked to UPI, with the service initially going live with RuPay credit cards.
In October 2022, NPCI released an operating circular for the linkage of the RuPay credit card and UPI.
The total UPI transaction in India touched 8 billion in January 2023, with the infrastructure processing close to Rs 12.98 lakh crore worth of payments.
Raul Rebello appointed as MD & CEO of Mahindra Finance
Mahindra & Mahindra Financial Services Limited (MMFSL), a subsidiary of Mahindra Group, has appointed Raul Rebello(45 years), who is currently the Chief Operating Officer(COO) of the company, as its new Managing Director (MD) and Chief Executive Officer (CEO) with effect from 29th April 2024.
He will replace the incumbent Ramesh Iyer who is set to retire on 29th April 2024.
He joined MMFSL as COO in 2021 and previously worked with Axis Bank where he served as Executive Vice President and the Head of Rural Lending and Financial Inclusion.
Dr Rajeev Singh Raghuvanshi appointed as New Drugs Controller General of India
The Union Public Service Commission (UPSC) conducted interviews for the appointment of the Drugs Controller General of India and has recommended the name of Dr Rajeev Singh Raghuvanshi as the new DCGI. The top contenders for the DCGI interview were Dr V G Somani, Dr Rajeev Singh Raghuvanshi, and Dr Jai Prakash.
Formerly, Dr VG Somani was appointed as the Drugs Controller General of India (DCGI) in August 2019. He received the DCGI extension for three months in August 2022 and for the 2nd time in November 2022.
DCGI is in charge of ensuring the quality of India’s drug supply. Additionally, it has the power to regulate clinical trials and approve new medications.
Skye Air launches “Skye UTM”, India’s First Traffic Management System for DronesOn 7th February 2023, Skye Air Mobility Private Limited(Skye Air), a Gurugram (Haryana)-based drone solutions provider, launched India’s first traffic management system for drones, named “Skye UTM”.
Skye UTM, was launched in the presence of Nitin Gadkari, Union Minister of Road Transport and Highways.
The system, Skye UTM, will allow drone operators to plan routes, make flight plans and assess risks before running drone-based operations in India.
Key Highlights: i. The control of airspace will rely on unmanned traffic management systems, which will enable multiple beyond visual line-of-sight (BVLOS) drone operations to be run simultaneously by different firms.
Such systems are provided globally by several companies, including United States(US)-based AirMap and Netherlands-based Airbus.
ii. Ankit Kumar, Chief Executive Officer (CEO) of Skye Air, claims that the programme imports information from the government’s Digital Sky platform, which was developed to assist drone operators in planning flights in Indian airspace.
The Digital Sky platform, run by the Directorate General of Civil Aviation (DGCA), was 1st introduced in 2018 and provides users with essential knowledge for conducting drone missions in India.
iii. Skye UTM will allow operators a “better understanding” of where they can fly. The software has been tested on over 300 successful BVLOS flights. iv. The information on drone flights planned through Skye UTM will also be shared with authorities before a take-off.
After an operator submits the flight plan, information on the drone license number, drone operator’s contact, flight plan, purpose of flight, and duration and time of flight on Skye UTM, the information will be shared with the Airports Authority of India (AAI), which can then reject a flight if it finds inconsistencies or possible disruptions with aircraft/helicopter operations.
BVLOS:
Beyond visual line-of-sight (BVLOS) refers to drone flights where the pilot cannot see the drone.
They enable firms to run drone missions over longer distances, which is necessary for logistics, the delivery of medicines, and more.
Skye UTM will also offer latitude and longitude data, which is unavailable on Digital Sky.
Skye Air Offer: Skye Air also offers remote ID services to track drones, which is a piece of hardware that needs to be installed on drones to communicate real-time information on their location.
2023 Grand Prix Zagreb Open: Indian wrestlers conclude with Two Bronze Medals
Indian wrestlers concluded the Grand Prix Zagreb Open 2023, the first ranking series of 2023, held in Zagreb, Croatia from 1st to 5th February 2023, with 2 bronze medals.
Aman Sehrawat, a freestyle wrestler and under-23 world champion, won the bronze medal in the men’s 57 kg category on the opening day.
Ashu, the Greco-Roman wrestler, won the bronze in men’s 67 kg on the penultimate day of the competition.
Note: 15 Indian wrestlers competed at the Zagreb Open 2023. Key Points: i. Aman Sehrawat, an Indian wrestler, defeated Zane Raye Rhodes Richards of the United States of America (USA) 10-4 to win India’s 1st medal in this edition of the tournament.
Aliabbas Rzazade of Azerbaijan won the gold, beating Yuto Nishiuchi of Japan 2-0 in the 57 kg category.
ii. Ashu, an Indian wrestler, won India’s 2nd medal in the ranking series by blanking Adomas Grigaliunas of Lithuania 5-0 in the bronze medal match.
Husiyuetu of China won the gold medal while Iran’s Reza Mahdi Abbasi won the silver medal in the 67 kg category.
Click here for the Results Other Participants from India: Freestyle Wrestles: Vishal Kaliramana (men’s 70kg), Pankaj Malik (men’s 61kg), and Pruthviraj Babasaheb Patil (men’s 92kg). Greco-Roman Wrestlers: Sagar (63kg bracket), Manjeet (55kg), Gyanender (60kg), Ankit Gulia (72kg) and Narinder Cheema (97kg). Women Wrestling: Shivani Pawar ( 50kg), Sushma Shokeen ( 53kg), Reetika ( 72kg), and Kiran ( 76kg). Prize Money: The United World Wrestling (UWW) will award gold, silver and bronze medals, and money prize in each weight category. The gold winner will get 1500,00 CHF (the Swiss franc), the silver winner 750,00 CHF and the bronze winner 500,00 CHF. About 2023 Grand Prix Zagreb Open: The 2023 Grand Prix Zagreb Open was the first of the ranking series of United World Wrestling (UWW) in 2023.
Noted Kannada Writer and Sahitya Akademi Awardee K.V. Tirumalesh passed away in Hyderabad, Telangana, at the age of 82. He was born in 1940 in Karadka village in Kasargod, Madras Presidency, British India (now in Kasargod district, Kerala). About K.V. Tirumalesh: i. Retired professor K.V. Tirumalesh is an Indian poet, writer and critic in the Kannada and English languages. He was a linguist who trained and taught at the English and Foreign Languages University (EFLU), Hyderabad, Telangana. ii. He is regarded as one of the most significant modernist (Navya) poets of Kannada and made his debut in 1968 with the poetry collection “Mukhavadagalu” (Masks).
His critical works include an essay on Da Ra Bendre’s poems and existentialism in Kannada.
In a writing career spanning 5 decades, he has made significant contributions to the poetry, fiction, translation, criticism, and columns of Kannada literature.
iii. He translated Miguel de Cervantes’ “Don Quixote,” a work of Spanish literature, and the works of other writers, including French writer Gerard De Nerval, Austrian poet Rainer Maria Rilke, and American novelist Herman Melville. iv. In addition to the two critically acclaimed plays Caligula and Tiberius, he also produced at least three novels and four collections of short tales. His works “Bendre Kavyashaili”, “Astitvavada” and “Kavyakarana” are critically acclaimed. Awards: K.V. Tirumalesh was awarded the Sahitya Akademi Award, a literary honour in India, in 2015 for his collection of poems “Akshaya Kavya” (2010).
UP CM Yogi Adityanath inaugurates 1stVFS Global JVAC in Lucknow
The Chief Minister (CM) of Uttar Pradesh (UP), Yogi Adityanath has launched a new global gateway for the state with the inauguration of the first VFS Global Joint Visa Application Centre (JVAC) and the VFS Global Academy in Lucknow, UP.
It is located strategically on the first floor of the Interstate Bus Terminal, Alambagh (Shalimar Gateway Mall),Lucknow.
Key Points: i.This new facility equipped with modern amenities and services will have the capacity of processing approximately 1.2 lakh applications a year. ii.Spread across 24,000 sq ft, the JVAC would cater to travellers bound to 10 countries such as Austria, The Netherlands, The Czech Republic, Switzerland, Estonia, Hungary, Portugal, Germany, Italy and the Kingdom of Saudi Arabia. iii.It will benefit the citizens of UP, who till now had to travel to other cities like New Delhi to submit their visa applications. iv.VFS Global will also open an academy in partnership Indian Hotels Company Ltd (IHCL) to train local youth in hospitality skills and enable employability in line with the UP-government’s skilling programme. About Indian Hotels Company Ltd (IHCL): Managing Director and Chief Executive Officer– Puneet Chhatwal Headquarters– Mumbai, Maharashtra
PM Narendra Modi Inaugurates India Energy Week 2023 in Bengaluru, KarnatakaThe India Energy Week (IEW) 2023, the first significant occasion under India’s G20 (Group of Twenty) Presidency, was inaugurated by Prime Minister (PM) Narendra Modi on February 6, 2023, in Bengaluru, Karnataka.
IEW 2023 will take place from February 6 to 8, 2023, at the Bangalore International Exhibition Centre (BIEC) in Bengaluru, Karnataka.
i.The IEW 2023 is held under the patronage of the Ministry of Petroleum & Natural Gas (MoP&NG) of the Government of India (GoI) and is officially supported by the Federation of Indian Petroleum Industry (FIPI). ii.PM Narendra Modi inaugurated the Helicopter Factory of Hindustan Aeronautics Limited (HAL), India’s largest helicopter manufacturing facility, and unveiled the Light Utility Helicopter (LUH) in Tumakuru district, Karnataka. iii.The firstHydrogen Internal Combustion Engine (H2ICE) technology solution for heavy-duty trucks was introduced by Reliance Industries Limited (RIL) and launched by PM Narendra Modi at IEW 2023 in Bengaluru, Karnataka. iv.PM Narendra Modi unveiled ‘E20 Fuel’ as part of the IEW 2023 event and flagged off the Green Mobility Rally, which was organized by Hindustan Petroleum Corporation Limited (HPCL) on behalf of Petronet LNG (PLL) and the oil and gas PSUs. About the Ministry of Petroleum & Natural Gas (MoP&NG): Union Minister – Hardeep Singh Puri (Rajya Sabha – Uttar Pradesh) Minister of State (MoS) – Rameswar Teli
GoI Constituted 16 Member Inter-Ministerial Committee to Draft Digital Competition ActOn 6th February 2023, the Government of India(GoI) constituted a 16-member inter-ministerial committee to analyse the need for a separate law for competition in the digital market and to draft a digital competition act within three months.
The inter-ministerial committee is headed by Manoj Govil, Secretary of the Ministry of Corporate Affairs(MCA).
Background: In December 2022, the report on “Anti-Competitive Practices by Big Tech” by the Standing Committee on Finance, headed by Jayant Sinha, Member of Parliament(MP) – Lok Sabha (Constituency- Hazaribagh, Jharkhand) recommended the enactment of the Digital Competition Act to ensure a fair, transparent, and contestable digital ecosystem. About Ministry of Corporate Affairs(MCA): Union Minister- Nirmala Sitharaman(RajyaSabha- Karnataka) Minister of State- Rao Inderjit Singh (Constituency- Gurugram, Haryana)
DEA mandates Depts, CPSEs to refund 95% of MSMEs securities till March 2022On February 6, 2023, the Department of Expenditure (DEA) under Ministry of Finance mandates all Departments and Public Sector Entities to refund 95% of the performance or bid security and liquidated damages forfeited/deducted Micro, Small And Medium Enterprises (MSME) in government tenders for over two years i.e. between February 19, 2020, and March 31, 2022 (during COVID-19 pandemic). Eligibility: i.All contractors or suppliers registered as MSME with the Ministry of MSME as on March 31, 2022, would be eligible to claim a refund of the forfeited amount for contracts which had an original delivery or completion period between February 19, 2020, and March 31, 2022. ii.The relief will be provided in all contracts for the procurement of goods and services, entered into by any Ministry/ Department/ attached or subordinate office/ autonomous body/ Central Public Sector Enterprise (CPSE)/ Public Sector Financial Institution etc. with MSMEs. Key Points: i.This order by DEA followed the ‘Vivad se Vishwas-I’ scheme announced during the FY24 Union Budget which provide additional benefits for MSMEs in response to the difficulties they have faced due to the COVID-19 pandemic in executing contracts. ii.These benefits include the refund of 95% of performance security, 95% of Bid security (Earnest Money Deposit), 95% of Liquidated Damages (LDs), and the revocation of debarment for firms that have defaulted due to the pandemic.
However, no claim will be entertained in case a firm has been ignored for placement of any contract due to debarment in the interim period.
iii.The grant of relief will be monitored through Government e-Marketplace (GeM) and MSME vendors will be able to register on the GeM portal. The nodal officers of each procuring entity will verify the claim of the vendor and refund the due amount.
Telangana govt Launches Telangana Mobility Valley, India’s 1st mobility-focused cluster to attract investmentsOn 6th February 2023, K T Rama Rao, Minister for Information Technology(IT) and Industries, the Government of Telangana, launched the Telangana Mobility Valley (TMV), India’s 1st mobility focused cluster with an aim to attract investments of around Rs 50,000 crore and generate more than 4 lakh jobs in the next 5 years.
The TMV was unveiled during the Mobility Next Hyderabad Summit 2023 (1st edition) held at the Hyderabad International Convention Centre, Hyderabad, Telangana.
The summit was organised as a part of the Hyderabad E-Mobility Week (5th to 11th February 2023).
During the event, the Telangana Government announced 3 Memorandum of understanding(MoUs): ATS-TUV Rheinland MoU with the Telangana Government; Bosch Global Software Technologies MoU with BITS Pilani Hyderabad Campus and Telangana Academy for Skill and Knowledge’s (TASK) MoU with Shell. About Telangana: Chief Minister– K. Chandrashekar Rao Governor– Tamilisai Soundararajan National Park– Mrugavani National Park Wildlife Sanctuary– Kinnerasani Wildlife Sanctuary; Pakhal Wildlife Sanctuary
India, EU set up three working groups under Trade and Tech CouncilOn February 6, 2023, India and the European Union (EU) formed the following three working groups under the ‘Trade and Technology Council (TTC)’: i. Working Group on Strategic Technologies, Digital Governance and Digital Connectivity: Chaired by Secretary, Ministry of Electronics and Information Technology ii. Working Group on Green & Clean Energy Technologies: Chaired by Principal Scientific Adviser to the Government of India iii. Working Group on Trade, Investment & Resilient Value Chains: Chaired by Secretary, Department of Commerce. Key Points: i.In April 2022, TTC was launched by Prime Minister Narendra Modi and President of the European Commission Ursula von der Leyen during the latter’s visit to India.
TTC aims to tackle the challenges at the nexus of trade, trusted technology and security. Such a council is the first for India with any of its partners and second for the EU, after the United States (US)
ii.The working group will now start preparing for the first meeting of the council, which will take place before the next EU-India Summit in spring of 2023. iii.Ministerial meetings of the council will take place at least once a year, with the venue alternating between the EU and India. iv. The TTC will be co-chaired on the Indian side by the Ministers for External Affairs; Commerce & Industry; and Communications, Electronics & Information Technology.
The greener trade and investment is also crucial for incorporating a separate chapter on efforts to mitigate environmental concerns in regional trade agreements can help ensure their effectiveness in achieving climate goals
Key Points: i.The report states that increasing the coverage and depth of environment and climate change provisions or incorporating a separate chapter on climate change mitigation efforts into regional trade agreements will ensure effectiveness in achieving the climate goals. ii.Clean and renewable energy like solar panels and wind turbines and resource-efficiency goods plays a major role in reducing greenhouse gas emissions. Climate change in Asia and the Pacific: i.AEIR 2023 states that Asia and the Pacific are one of the most vulnerable regions to climate change risk and yet it is responsible for around 50% of global annual carbon dioxide (CO2) emissions. ii.The annual temperatures of Asia and the Pacific have increased faster in the last 3 decades compared to any other region. The annual temperatures are now 0.86 degrees celsius above the 1981-2010 average. Asia and the Pacific is warming faster than the global average(0.42-degree celsius). iii.Asia is also increasingly facing more extreme precipitation incidences such as storms, floods, and landslides, having borne the brunt of almost 40% of disasters worldwide in the past 2 decades. Trade and Investment in Asia and the Pacific: i.Trade and investment, which have played a major role in the economic growth of Asia in the past 10 years, have also led to an increase in CO2 emissions in the region.
Measures like promoting trade in environmental goods and services, nurturing green businesses, developing carbon pricing mechanisms, and strengthening regional cooperation through trade and investment agreements will be required to revise this trend.
ii.The report states that the integration in Asia and the Pacific is progressing steadily and remained stable in 2020 despite the COVID-19 pandemic. Trade growth moderated in 2022 following a strong rebound in 2021. iii.The report stated that the rebound in 2021 pushed Asia’s merchandise trade volume 11.3% higher than its pre-pandemic lever, growth in trade has moderated in 2022 and high-frequency data indicate a slowdown in the region’s trade growth momentum.
Switzerland Becomes First WTO Member to Formally Accept New Agreement On Fisheries Subsidies
On January 20, 2023, Switzerland became the first World Trade Organization (WTO) member to formally submit its acceptance of the WTO’s new“Agreement on Fisheries Subsidies”.
Minister Guy Parmelin of Switzerland, Head of the Federal Department of Economic Affairs, Education, and Research, submitted his country’s instrument of acceptance to Ngozi Okonjo-Iweala, Director- General of WTO, at the informal WTO ministerial meeting conducted on the margins of the annual meeting of the World Economic Forum (WEF) in Davos, Switzerland.
Agreement on Fisheries Subsidies i.The WTO Agreement on Fisheries Subsidies was adopted on June 17, 2022, at the 12th Ministerial Conference (MC12) held in Geneva, Switzerland.
It is a significant step forward for ocean sustainability by prohibiting harmful fisheries subsidies, which are a major contributor to the widespread degradation of the world’s fish stocks.
ii.It is the second agreement reached at the WTO since its inception, the first broad, legally binding multilateral agreement on ocean sustainability, and the first WTO agreement with an environmental focus. iii.The agreement must be ratified by two-thirds of WTO members in order to come into effect. Key Provisions: i.The agreement acknowledges the needs of developing and least-developed countries (LDCs) and creates a fund to provide technical support and capacity building to assist them in implementing the agreement. ii.The Agreement forbids subsidies for illegal, unreported and unregulated (IUU) fishing as well as unreported high seas fishing and fishing in overfished stocks. iii.At MC12, members also agreed to continue working on unresolved issues in order to recommend new provisions that would enhance the disciplines of the Agreement at MC13.
South Indian Bank launches SIB WealthSouth Indian Bank (SIB) launched SIB Wealth, a wealth management platform in partnership with Geojit Financial Services to offer a range of financial services to its High Net worth Individuals (HNI) customers to invest their money in the best financial instruments available in the market. Key Points: i.Under the platform, SIB will be offering the following products/services:
Portfolio management services
Alternative investment fund
Systematic investment plan
Mutual fund
Bond
Real estate funds
Structured products
ii.This platform will enable the bank’s account holders to maximize their wealth through personalized, efficient, and convenient investment solutions. iii.Geojit Financial Services is an investment services company with over 35 years of experience in providing effective financial solutions. The launch of SIB Wealth is a significant step forward for the bank in its mission to provide comprehensive financial solutions to its customers. About South Indian Bank (SIB): Managing Director and Chief Executive Officer – Murali Ramakrishnan Headquarter– Thrissur, Kerala
Phonepe Becomes India’s First Fintech Platform to Support Cross-Border UPI PaymentsPhonePe has launched support for “UPI international” payments, making it India’s first fintech platform to enable cross-border Unified Payments Interface (UPI) payments.
Indian users of PhonePe can utilize this feature to instantly pay foreign merchants using UPI when they are travelling abroad.
UPI international
UPI International is intended to make transactions safe and simple for millions of Indians travelling abroad.
It supports all international merchant outlets with a local QR (quick response) code in the United Arab Emirates (UAE), Singapore, Mauritius, Nepal, and Bhutan.
Key Points: i.Users of PhonePe can use the PhonePe App to activate their UPI-linked bank account for the service at the merchant’s location or in advance of travelling overseas.
The customer will be required to enter their UPI pin in order to activate the service.
ii.This feature will allow PhonePe users to make foreign currency payments directly from their Indian bank account using UPI, just like they do with international debit cards.
Previously, Indian customers had to pay at international merchant outlets in foreign currency or using their credit or Foreign exchange cards.
iii.The National Payments Corporation of India (NPCI), in partnership with its international arm, NPCI International Payments Limited (NIPL), intends to expand UPI International to more countries in 2023. UPI was developed by NPCI.
In January 2023, the NPCI approved UPI transactions for non-resident bank accounts such as Non-Resident External (NRE) and Non-Resident Ordinary (NRO) linked to international mobile numbers.
Initially, transactions from mobile numbers of Non-resident Indians (NRIs) from 10 countries would be allowed: Singapore, Australia, Canada, Hong Kong, Oman, Qatar, the United States of America (USA), Saudi Arabia, the UAE, and the United Kingdom (UK).
About PhonePe: i.PhonePe, the most valued fintech player in India, recently secured USD 350 million in funding from General Atlantic at a pre-money valuation of USD 12 billion. ii.With 435 million registered users, PhonePe is now used by one in four Indians, making it the largest payments app in the country. iii.Flipkart transferred its stake in PhonePe to its parent firm, Walmart, a US-based retail company, in December 2022. Founder & CEO – Sameer Nigam Founded – 2015 Headquarters – Bengaluru, Karnataka
Airtel Payments Banks launches BizKhata for Small Businesses & Merchant Partners
Airtel Payments Bank has announced the launch of BizKhata, a current account with unlimited transactions and instant activation for small merchants and business partners in India. The Airtel Payments Bank current account – BizKhata i.BizKhata by Airtel Payments Bank was created exclusively for small merchants and business owners who utilize savings accounts for business purposes since they cannot meet the minimum balance requirement of their business accounts.
This current account has no minimum balance requirement.
Business owners can use Immediate Payment Service (IMPS), Unified Payments Interface (UPI), National Electronic Funds Transfer (NEFT), and IFT to make online payments to any bank in India.
In order to accept payments from any UPI app, the account is also linked to a QR (quick response) code.
ii.It unifies all business transactions on a single platform, enables them to keep accurate records, and offers other banking benefits. iii.The current account solution will be available to both existing and new Airtel Payments Bank merchants and business partners. iv.A business owner can instantly open this account with biometric authentication and minimum documentation. Note: Delhi Metro and Airtel Payments Bank recently partnered to provide a top-up (recharge) service for Delhi Metro Smart Cards as well as additional convenience and features for Airtel Payments Bank users. About Airtel Payments Banks Limited: It was founded by Bharti Airtel, India’s largest telecom operator, and is regarded as India’s first payments bank. MD & CEO – Anubrata Biswas Launched – 2017 Headquarters – New Delhi, Delhi
Government approves Fourth Executive Director post at Indian bank
On 6th February 2023, the Department of Financial Services (DFS), Ministry of Finance, stated that the Government of India has approved increasing the number of posts of executive directors in the Indian Bank from three to four.
In August 2019, DFS announced that nationalised banks with a total business of Rs 10 lakh crore or more as per the last declared results should have 4 executive directors.
The merger of Kolkata-based Allahabad Bank with Indian Bank on 1st April 2020 has created a combined entity with a business mix of over Rs 8-lakh crore, making Indian Bank the 7th largest bank in India.
The total revenue generated by Indian Bank increased by 9% reaching the level of Rs 10,48,772 crore by the end of December 2022 from Rs 9,63,007 crore in December 2021.
Reliance Jio & GSMA launch Initiative to Train Rural Women in Digital Skills
On 7th February 2023, Reliance Jio and GSM (Groupe Speciale Mobile) Association (GSMA), the global mobile network operators’ organisation, announced the roll-out of a national digital skills programme to offer need-based training to rural women in India. Aim: To give rural women and others from low-income/marginalized groups the training they need to effectively use their access to the internet. Under this programme, the GSMA and Jio teams collaborated to identify existing digital skill gaps and develop need-based digital skills training toolkits that are India-specific.
The toolkits were designed post extensive field research and user feedback. During the trial phase, more than 1,000 rural men and women from Tamil Nadu and Uttar Pradesh took part and contributed to the improvement of the digital training toolkits. At present, the program is being rolled out in 10 states with a focus on reaching women and marginalized groups.
Reliance Foundation will be supporting the roll-out through its large network and self-help groups, particularly in rural areas.
As per the GSMA’s ‘Mobile Gender Gap Report 2022’, women in India are 41% less likely than men to use mobile internet.
Hurun India Award: VP Nandakumar receives The Hurun Industry Achievement Award 2022
VP Nandakumar, Managing Director and Chief executive officer (CEO) of Manappuram Finance Limited, received The Hurun Industry Achievement Award 2022 for his remarkable achievements in the world of business. He received the award from Rupert Hoogewerf, Founder & Chairman of Hurun Global, at Hurun India’s award ceremony held in Mumbai, Maharashtra. The award recognises the contributions of Manappuram Finance in the non-banking finance space.
The earlier recipients of this award were Adi Godrej, chairman of Godrej Group, Cyrus S. Poonawalla, Managing Director of Serum Institute of India Ltd, Kris Gopalakrishnan, co-founder of Infosys Ltd and Sanjiv Goenka of RPG Group.
K Satyanarayana Raju appointed as New MD & CEO of Canara Bank On 7th February 2023, the Government of India(GoI) appointed K Satyanarayana Raju as Managing Director (MD) and Chief Executive Officer (CEO) of the state-owned Canara Bank, with immediate effect.
K Satyanarayana Raju succeeds L V Prabhakar who resigned from office on 31st December 2022.
About K Satyanarayana Raju: i. K Satyanarayana Raju joined the erstwhile Vijaya Bank in 1988 and has risen to the level of Chief General Manager at the Bank of Baroda(BoB) (Vijaya Bank and Dena Bank were merged with BoB in 2019). ii. During his tenure at BoB, he has headed various branches including a specialized corporate banking branch.
He has also served as a Director in BoB Financial Solutions Limited, a Subsidiary of BoB.
iii. K. Satyanarayana Raju took charge as Executive Director of Canara Bank on 10th March 2021.
He has overseen various verticals in Canara Bank including information technology & digital banking, inspection, compliance, gold loan, Micro, Small & Medium Enterprises (MSME), retail assets, corporate credit, marketing & public relations, etc.
iv. He also serves as a director on the boards of both Canara Computer Services Limited and Canara HSBC Life Insurance Company Limited. v. He has rich experience in all segments of banking including branch banking, agri financing, credit monitoring, recovery, general administration, etc. About Canara Bank: Canara Bank was established as Canara Hindu Permanent Fund Ltd. in 1906 and was renamed as Canara Bank Limited in 1910. The Canara bank was nationalised in 1969. Non-Executive Chairman- Vijay Srirangan MD & CEO- K. Satyanarayana Raju Headquarters- Bengaluru, Karnataka Tagline- Together we can
Myntra appointed Ranbir Kapoor as Brand Ambassador
Bengaluru (Karnataka)-based, Myntra, a major Indian fashion e-commerce company, has appointed Ranbir Kapoor, an Indian Bollywood actor, as its new Brand Ambassador.
Ranbir Kapoor will feature in a brand campaign titled ‘Be Extraordinary Everyday’ slated to go live shortly alongside Kiara Advani.
Myntra’s association with Kapoor will help the brand tap into his popularity and national appeal.
Ranbir Kapoor has joined an all-star group representing Myntra that also includes Kiara Advani, Tamannaah Bhatia, and Vijay Deverakonda. This strengthens the platform’s ties to India’s film industry and establishes Myntra as the go-to source for the newest in on-trend fashion.
IIT Madras & ISRO sign MoU to collaborate on application of XR in Indian Human Spaceflight Program Indian Institute of Technology Madras (IIT Madras) and the Indian Space Research Organization (ISRO) signed a Memorandum of Understanding (MoU) to collaborate on the application of Extended Reality (XR) and other technologies in the Indian Human Spaceflight Programme(IHSP). MoU Objective: i. IIT Madras is set to develop a training module for the Indian Spaceflight Programme using Augmented Reality(AR), Virtual Reality(VR), and Mixed Reality (MR). ii. To advance Research and Development (R&D) in the domain of XR, ISRO would make use of the advanced technologies developed at the recently formed eXperiential Technology Innovation Centre (XTIC) at IIT Madras. Key Points: i. XR Technologies will benefit human spaceflight programs in various aspects, particularly in reducing the design cycle and simulating the space environment. ii. IIT Madras will start with developing models of physiological systems and design optimization studies. iii. In addition to creating XR technologies for the human spaceflight programme, the XTIC will train concerned HSFC engineers in this technology and help in the establishment of an XR/VR lab at the Human Space Flight Centre (HSFC). iv. Anticipated outcomes of this collaboration:
Modelling and Simulation of human physiology as well as space systems
Outreach activities
Visualization and optimization of design architecture
Training ISRO scientists in developing their own XR systems
eXperiential Technology Innovation Centre (XTIC): i. The XTIC established “CAVE”, a group of start-ups and industries working in the XR and haptics fields in India. ii. Many applications, including outreach and education for the Human Spaceflight Program to Digital Twins, will make use of the ecosystem headed by XTIC. iii. Aim: visualising and optimising design architecture, modelling and simulating human physiology and space systems, and training ISRO scientists to create their own XR systems. Note: XTIC is India’s 1st Research and Product Innovation centre for XR and haptics Technology, a transdisciplinary centre encompassing several fields of engineering, medicine, psychology and arts. About the Indian Institute of Technology Madras (IIT Madras): Chairman- Dr Pawan Kumar Goenka Headquarters- Chennai, Tamil Nadu Establishment- 1959 About the Indian Space Research Organization (ISRO): Chairman- S. Somanath Headquarters- Bengaluru Establishment- 1969
Naval LCA & MIG29 K Fighter Aircraft Performed Maiden Landing & Take-off on INS VikrantOn 6th February 2023, Indian Navy’s Light Combat Aircraft (LCA) and the MIG29 K Fighter Aircraft successfully performed their maiden landing and take-off attempts on the Indian Naval Ship (INS) Vikrant, India’s first Indigenous Aircraft Carrier.
The indigenously developed LCA landings were carried out by the pilots of the Indian Navy.
The maiden landing of MIG-29K marks the integration of the fighter aircraft with INS Vikrant.
Key Points: i.The landing of LCA on INS Vikrant demonstrated the self-reliance in India’s capability to design, develop, construct and operate indigenous Aircraft carriers with indigenous fighter aircraft. ii.This marks the first successful trials of the prototype aircraft indigenously designed and produced by the Aeronautical Development Agency(ADA) and Hindustan Aeronautics Limited (HAL) on an indigenous Aircraft Carrier. Background: i.INS Vikrant has been undertaking extensive Air Operations with Rotary Wing and Fixed Wing aircraft since December 2022 towards Air Certification and Flight Integration Trials to achieve being “Combat Ready”. ii.The landing of LCA (Navy) and MiG-29K onboard INS Vikrant was carried out as a part of the aviation trials. About INS Vikrant: i.INS Vikrant was commissioned by Prime Minister(PM) Narendra Modi on 2nd September 2022. ii.The 45,000 metric tons vessel is 262 meters (~860 feet) long and around 60 meters (~197 feet) wide. iii.The carrier was built at an estimated cost of Rs 20,000 crore by Cochin Shipyard Limited. iv.This is the biggest ship ever built in India. With INS Vikrant, India joined the list of countries with the capability to design and build aircraft carrier ships, including the list are the United States of America(USA), the United Kingdom(UK), France, China and Russia.
Aaron Finch, Australia’s Most successful T20I captain, retires from International CricketOn 7th February 2023, Aaron James Finch, Australia’s most successful Twenty20 International (T20I) Captain, announced his retirement from International Cricket. Under his captaincy, Australia won their 1st International Cricket Council (ICC) T20 World Cup in 2021 in Dubai, United Arab Emirates (UAE).
In September 2022, Aaron Finch announced his retirement from the One Day International (ODI), 50-over format.
About Aaron James Finch: i. Aaron Finch, 36, an Australian international cricketer, was born on 17 November 1986 in Colac, Victoria, Australia. ii. As a junior, he was at Colac West Cricket Club in the Colac & District Cricket Association (CDCA) as a wicketkeeper. He first represented Australia in the Under-19 Cricket World Cup in 2006 in Sri Lanka. iii. Aaron Finch made his International cricket debut in T20I against England in 2011 and made his ODI debut against Sri Lanka in 2013.
He has played 146 ODIs, and 103 T20Is for Australia across an international career spanning 12 years and scored 8,804 runs which include 17 ODI centuries, and 2 T20I centuries.
iv. In 2014, he was named Australia’s T20I captain, replacing George Bailey. He captained Australia in 76 T20Is, more than any other men’s player, leading the team to a maiden ICC Men’s T20 World Cup title in 2021. He has also won an ODI World Cup title with Australia in 2015. v. Finch has played county cricket in England, first for Yorkshire County Cricket Club in 2014 and 2015 before joining Surrey in 2016. vi. He created a record in the Indian Premier League’s (IPL) history by representing nine franchises in 11 years – Rajasthan Royals, Delhi Daredevils (now Delhi Capitals), Pune Warriors India, Sunrisers Hyderabad, Mumbai Indians, Gujarat Lions, Kings XI Punjab (now Punjab Kings), Royal Challengers Bangalore and Kolkata Knight Riders (KKR).
He has played 92 matches in the IPL, scoring 2091 runs at an average of 25.19 and a strike rate of 128.20.
Safer Internet Day 2023 – February 7Safer Internet Day (SID) is annually observed across the globe on the 2nd Day (Tuesday) of the 2nd week of February to raise awareness of emerging online issues and current concerns and to promote the safe and positive use of digital technology for children and young people.
The day aims to inspire a national conversation about using technology responsibly, respectfully, critically, and creatively.
Safer Internet Day 2023 is observed on 7th February 2023, marking the 20th edition of SID.
The 19th Edition of SID, SID 2022 was observed on 8th February 2022.
The 21st Edition of SID, SID 2024 will be observed on 13th February 2024.
The theme of SID 2023 is “Together for a better internet“. This has been the campaign slogan of SID since 2019. Background: i. Safer Internet Day was initiated in 2004 by the EU SafeBorders Project and was later adopted by the Insafe network of European Safer Internet Centres (SICs) in 2005. ii. The day is now celebrated in approximately 180 countries and territories worldwide. iii. The 1st ever Safer Internet Day was observed on 6th February 2004. By then, 14 countries (13 European countries and Australia) celebrated the day.
World Interfaith Harmony Week 2023 – February 1-7United Nations (UN)’s World Interfaith Harmony Week (WIHW) is annually observed across the globe during the 1st week of February(1-7 February) to promote harmony between all people regardless of their faith.
The WIHW mantra, “Love of Good, Love of Neighbor”, is not only a slogan but a plea and an existential imperative to ensure our survival as a species.
Background: i. The WIHW was 1st proposed at the UNGA on 23rd September 2010 by H.M. King Abdullah II of Jordan. ii. The United Nations General Assembly (UNGA) adopted the resolution A/RES/65/5 on 20th October 2010 and proclaimed the first week of February every year as World Interfaith Harmony Week.
The 1st ever WIHW was observed on 1-7 February 2011.
Harmony in a World in Crisis – World Interfaith Harmony Week 2023 i. The event “Harmony in a World in Crisis” was organized during World Interfaith Harmony Week at the UN headquarters in New York City, United States of America (US). ii. The event was focused on working together to achieve peace gender equality, mental health and wellbeing, and environmental preservation. iii. The UNGA noted that mutual understanding and interreligious dialogue constitute important dimensions of a culture of peace, whereas it initiated the WIHW as a way to promote harmony amongst all people, regardless of their faith. Key Points: The World Interfaith Harmony Week is based on the pioneering work of “The Common Word initiative”, which was authored by Prince Ghazi bin Muhammad and released in 2007.
This initiative called on Christian and Muslim leaders to have a discourse based on the two common religious principles of love for God and love for one’s neighbour, without compromising any of their own beliefs.
Telangana Budget FY24: FM Harish Rao Presents Tax-Free Budget of Rs 2.9 lakhcri.On February 6, 2023, the Finance Minister of Telangana, Thaneeru Harish Rao, presented the tax-free State Budget worth Rs 2.90 lakh crore for next financial year (FY) 2023-24 while giving priority to infrastructure development and public welfare in the latest budget. ii.Tax revenue for FY24 is projected at Rs 1.31 lakh crore against the Rs 1.1 lakh crore in FY23. iii.The highest allocation of Rs 31,426 crore will be for Panchayat Raj and Rural Development departments. iv.For the State government’s flagship programme of Dalit Bandhu, Rs 12,980 crore sanctioned to ensure benefit for 1,100 beneficiaries per each of the 118 constituencies in the State in FY24. About Telangana: Capital– Hyderabad Chief Minister– Kalvakuntla Chandrashekar Rao Governor– Tamilisai Soundararajan
India, France & UAE Announce Plans for Co-Operation Under Trilateral FrameworkIn the midst of the geopolitical unrest brought on by the conflict in Ukraine, India, France, and the United Arab Emirates (UAE) have announced an ambitious roadmap for cooperation in a wide range of fields, including defence, energy, and technology under a trilateral framework. Proposed Actions to Support the Framework i.A number of trilateral events will be organized to assist the efforts during the G20 Presidency of India and the hosting of 28th session of the Conference of the Parties (COP 28) to the UN Framework Convention on Climate Change (UNFCCC) by the UAE in 2023, respectively. ii.The three nations also decided to enhance their cooperation through projects like the Indo-Pacific Parks Partnership, headed by India & France, and the Mangrove Alliance for Climate (MAC), led by the UAE. iii.In the context of the International Year of the Millet 2023, the three countries decided to focus on major concerns like single-use plastic pollution, desertification, and food security. About the United Arab Emirates (UAE): President – Sheikh Mohamed bin Zayed Al Nahyan Capital – Abu Dhabi city Currency – Arab Emirati Dirham (AED) [called Dirhams]
Union Minister Bhupender Yadav launches ‘Save Wetlands Campaign’ as a “whole of society” approach for wetlands conservationOn 4th February 2023, Union Minister for Environment, Forest & Climate Change, Bhupender Yadav, launched the ‘Save Wetlands Campaign’, a campaign structured on a “whole of society” approach for wetlands conservation, during the National level Celebration of World Wetlands Day at Nanda Lake in Goa.
This 1-year campaign will include creating awareness about the importance of wetlands among the people and increasing the coverage of wetlands mitras and establishing citizen partnerships for wetlands conservation.
During the event, The “India’s 75 Amrit Dharohar- India’s Ramsar Sites Factbook” and “Managing Climate Risks in Wetlands – A Practitioner’s Guide” booklets were also released.
About Ministry of Environment, Forest and Climate Change (MoEFCC): Union Minister– Bhupender Yadav Minister of State– Ashwini Kumar Choubey
Indian Railways to introduce Bharat Gaurav Deluxe AC Tourist Train under ‘Ek Bharat Shrestha Bharat’ SchemeThe Indian Railways (IR) is set to introduce the “Bharat Gaurav Deluxe AC Tourist Train” a special tour Garvi Gujarat to showcase the Cultural & Spiritual Heritage of Vibrant Gujarat.
on 28th February 2023, the train, operated by the Indian Railway Catering and Tourism Corporation(IRCTC) will depart from Delhi Safdarjung Railway Station on an 8 days tour.
The entire tour will cover a distance of 3500 kilometres(Kms) during the course of 8 days journey.
The launch of the Bharat Gaurav Tourist Train is in line with the Government of India initiative “Dekho Apna Desh” to promote domestic tourism.
About Bharat Gaurav Deluxe AC Tourist Train: i.The train Tour is designed in line with the “Ek Bharat Shrestha Bharat” scheme of the Government of India, conceptualised on the life of Sardar Vallabh Bhai Patel, the Iron Man of India, to showcase the heritage of Gujarat. ii.Bharat Gaurav Deluxe AC Tourist Train, the state-of-the-art train, with 1st AC & 2nd AC Class will be operated for 8 days inclusive tour. iii.The train will consist of 4 first AC coaches, 2 second AC Coaches, 1 well-equipped pantry car and two rail restaurants and can accommodate 156 tourists onboard. iv.For the convenience of the tourists, the boarding and deboarding facilities will be provided at the Gurugram, Rewari, Ringas, Phullera & Ajmer Railway Stations. About the Tour: The 8 days tour will include a visit to various heritage sites and religious sites.
Heritage sites: World’s tallest statue – Statue of Unity, Champaner archaeological park, a United Nations Educational, Scientific and Cultural Organization (UNESCO) world heritage site, Adhlej Step Well, Akshardham Temple at Ahmedabad, Sabarmati Ashram, Modhera Sun Temple and the Rani ki Vao, a UNESCO site at Patan.
Religious sites: Somnath Jyotirlinga, Nageshwar Jyotirlinga, Dwarkadheesh Temple and Beyt Dwarka
Note: IRCTC has partnered with payment gateways to provide Equated Monthly Instalment (EMI) payment options to customers.
IAF Revises Doctrine, Defines its Role In a ‘No War, No Peace’ Setting
On 4th February 2023, the Indian Air Force (IAF) made public a revised doctrine which defines the role of air power in the “no war, no peace scenario” setting in India.
The doctrine highlighted the use of air power as part of a joint military strategy involving the two other forces.
The doctrine, which refers to air power as aerospace power, also emphasised that defensive and offensive counter-operations are “inextricably linked”.
For the first time, the doctrine extensively detailed the “no war, no peace” (NWNP) environment, saying the condition requires the IAF to work towards shaping the behaviour of external threats.
The IAF first published a doctrine in 1995, which was revised in 2007. In 2012, a revised and unclassified basic doctrine was published. The latest doctrine revises the 2012 document.
Indian Fertiliser Companies signs MoUs with Morocco’s OCP Group for 1.7 MT import of Soil NutrientsFour India-based fertiliser companies, the state-run National Fertilizers Limited, the private Chambal Fertilizers and Chemicals Ltd, Rashtriya Chemicals and Fertilizers Ltd, and Paradeep Phosphates Ltd, have signed a Memorandum of Understanding (MoU) with OCP Group, a Moroccan state-owned fertilizer producer, for the annual importation of 1.75 million metric tonnes (MT) of phosphorus (P) and potassium (K) fertilisers at Rabat, Morocco.
According to the MoU, 1 MT of diammonium phosphate (DAP), 0.7 MT of triple superphosphate (TSP), and 0.05 MT of mutate of potash (MOP) will be imported to cover the domestic requirements of the soil nutrient variety for the upcoming year.
Key Points: i. OCP Group will supply India with 1.7 million metric tonnes of phosphate-based fertilizer over the coming 12 months (2023) after India entered a strategic partnership with the group. ii. Senegal, Jordan, Israel, Oman, Russia, Canada, and Saudi Arabia are among the nations with which India is negotiating to acquire supplies of non-urea fertilisers like DAP and nitrogen, phosphorus, and potassium (NPK).
India imports about half of its DAP needs from these countries.
iii. According to Dr Mansukh Mandaviya, Minister of Chemicals and Fertilizers (MoC&F), India will be a global market price-setter for fertilizers in the next 2 years. MoUs regarding Fertilizers: i. In October 2022, Rashtriya Chemicals and Fertilizers Ltd signed MoU with K Plus S Middle East FZE DMCC, a subsidiary of Germany’s K+S Minerals and Agriculture GmBH for the supply of around 0.1 MT of MOP annually till 2025 at a discounted India specific price. ii. In September 2022, Coromandel International, Chambal Fertilizers and Indian Potash Limited signed an MoU with Canpotex, Canada for the import of potash. iii. In August 2022, India and Saudi Arabia signed a pact for an annual supply of 2.5 MT of ammonia and DAP, NPK fertilisers till 2025.
IEA Report: India’s ‘LiFE’ Initiative Can Save USD 440 Billion Globally in 2030 The International Energy Agency (IEA) claimed in its country report titled“LiFE lessons from India -The benefits of advancing the Lifestyle for Environment (LiFE) initiative through the G20”that if adopted worldwide, the measures specified under the LiFE initiative could save consumers around USD 440 billion in 2030, corresponding to around 5% of total fuel spending across the global economy that year.
It further said that implementing India’s “LiFE” initiative may help decrease worldwide carbon dioxide (CO2) emissions by more than 2 billion metric tonnes by 2030, or roughly one-fifth of the emission reduction required to reach global net-zero emissions.
i.In November 2021, Indian Prime Minister Narendra Modi introduced the LiFE initiative during the 26th Conference of the Parties (COP 26) to the United Nations Framework Convention on Climate Change (UNFCCC), that was held in Glasgow, Scotland (United Kingdom). ii.India, the third-largest national market for renewable energy in the world, is currently 10% more energy efficient than the global and G20 averages, with various policies already integrated into its energy transition strategy. About International Energy Agency (IEA): Executive Director – Dr. Fatih Birol Headquarters – Paris, France
SEBI Notifies Stronger Framework for Green Bonds; Introduces Concept of Blue, Yellow BondsThe Securities and Exchange Board of India (SEBI), India’s capital market regulator, has strengthened the green bond framework by introducing “Blue” and “Yellow” bonds as new modes of sustainable finance.
These bonds are subcategories of Green Debt Securities (GDS), with ‘Blue Bonds’ pertaining to water management and the marine sector and ‘Yellow Bonds’ pertaining to solar energy.
Green Debt Securities (GDS) According to the regulatory framework, GDS are debt securities that are issued to raise funds for projects or assets that belong into specific categories. Sustainable Finance Sustainable finance is the process of taking environmental, social, and governance (ESG) factors into account when making financial investment decisions, resulting in increasing long-term investments in sustainable economic activities and projects. About the Securities and Exchange Board of India (SEBI): Chairperson– Madhabi Puri Buch Headquarters– Mumbai, Maharashtra Establishment– 1992
Indian Achievers Award 2022: RV Prassad received The Most Distinguished Scientist Of The Year 2022 Award
R Vishnu Prassad, Founder and Chief Scientist at Vishnu Prasad Research Centre was awarded “The Most Distinguished Scientist of the Year 2022” at the Indian Achievers Award 2022 by Anurag Singh Thakur, Minister of Information and Broadcasting at Vigyan Bhawan, New Delhi, Delhi.
RV Prasad was chosen by a jury headed by Justice Gyan Sudha Misra.
He was recognised for working tirelessly on sustainability, smart cities, and a vision to create a clean India through solid waste management and the treatment of huge water bodies.
Dignitaries: The event was attended by a number of notable figures, including Justice K. G. Balakrishnan, a former Chief Justice of India (CJI), and Justice Gyan Sudha Misra, a former Judge of the Supreme Court of India. About R Vishnu Prasad: i. R Vishnu Prasad, a scientist from Chennai, Tamil Nadu, with 69 patents, has published over 300 research papers in International journals and has been awarded several patents for his inventions. ii. He has won a number of honours, including the Shanti Swarup Bhatnagar Prize, which is India’s highest award for outstanding contributions to science and technology. Indian Achievers Award: i. The Indian Achievers Award is India’s most prestigious award and a prestigious recognition that is given to individuals for outstanding contributions in various fields including culture, science, sports and innovation. ii. The deserving Achievers are felicitated with appropriate Award Titles like the Entrepreneur of the Year Award, Woman Of Excellence Award, Business Leadership Award and more. iii. The primary goal is to promote the Ministry of Micro, Small & Medium Enterprises (MSMEs) and Startups while also making sure that the government and society as a whole understand both the needs of the business community and its contribution to the nation’s well-being. Note: Other recipients of the Indian Achievers Award include Paramveer Chakra Subedar Major Sanjay Kumar, hockey player late Major Dhyan Chand, film actress Shruti Haasan, Padma Shri Alok Mehta, and boxer Vijender Singh.
Shamika Ravi appointed as a full-time Member of EAC-PM
Shamika Ravi, an Economics Professor and Researcher, has been appointed as a full-time Member of the Economic Advisory Council to the Prime Minister (EAC-PM) in the rank of the Secretary to the Government of India (GoI). She is currently a non-resident senior fellow of the governance studies program at the Brookings Institution in Washington D.C., United States of America (USA).
Shamika Ravi, the former Director of Research at Brookings India, researches the economics of development including areas of finance, health, urbanization and gender inequality.
She had previously served as a part-time member of the EAC-PM from 2017 to 2019 and publishes extensively in peer-reviewed academic journals.
EAC-PM: Chairman: economist Bibek Debroy Member: Sanjeev Sanyal & Part-time Members: Rakesh Mohan, Dr Sajjid Chinoy, Dr Neelkanth Mishra, Nilesh Shah, Prof. T.T. Ram Mohan, and Dr Poonam Gupta.
RBI allows DSP Investment Managers to hike stake in DCB Bank to 9.99%
The Reserve Bank of India (RBI) has allowed DSP Investment Managers to hike their stake in DCB Bank Limited, a private sector scheduled commercial bank in India, to 9.99% as part of investments made through various mutual fund schemes.
The approval is valid for a year up to February 2, 2024. Currently, DSP Mutual Fund holds 4.23 per cent of the bank.
The DCB Bank got notification from the RBI on 3rd February 2023 that it had given DSP Investment Managers permission to purchase up to 9.99% of the Bank’s paid-up equity capital through the schemes of DSP Mutual Fund.
Additionally, the RBI directed DSPIM to make sure that its ownership of the bank never exceeds 10% of its paid-up equity capital.
BARC’s Thorium Reactors IHTR & IMSBR can Deliver Clean Energy, HydrogenIndian high-temperature reactor (IHTR) and Indian molten salt breeder reactor (IMSBR), the noted Thorium(Th) technologies of Bhabha Atomic Research Centre(BARC), A premier multi-disciplinary Nuclear Research Centre of India under the Department of Atomic Energy (DAE) can deliver clean energy – hydrogen and play a major role in India’s green energy transition.
Apart from Coal, Thorium is the only abundant energy source in India.
At present, BARC is working on several technologies for using thorium, of which IHTR and IMSBR are noteworthy.
About the Indian high-temperature reactor (IHTR): IHTR is designed to produce heat and, in turn, produce hydrogen through the ‘sulphur-iodine’ method.
In this method, sulphuric acid decomposes into oxygen, sulphur dioxide and water under high temperatures.
When iodine is added to sulphur dioxide and water, you get hydrogen iodide, which again splits into hydrogen and iodine at high temperatures.
The fuel of the reactor: A mixture of Uranium-233 dioxide and Thorium dioxide.
Note: Uranium-233(233U) does not occur naturally, it is obtained by the mutation of thorium in reactors.
About the Indian molten salt breeder reactor (IMSBR): IMSBR is a 5-Megawatt (MW) pilot project in Visakhapatnam, Andhara Pradesh(AP). IMSBR can operate in a self-sustaining 233U-Th fuel cycle. Additionally, being a thermal reactor, the 233U requirement is lower (as compared to fast spectrum), thus allowing higher deployment potential.
BARC has developed an appropriate salt for this purpose (LiF-CaF -ThF –UF) which is circulated by the pump through the reactor core.
BARC has also developed other things such as pumps, valves, flow meters and heat exchangers.
Key Points: i.The establishment of the IMSBR demonstration plant at Visakhapatnam will mark a significant step in India’s green energy journey with the entry of the thorium cycle. ii.The electricity-generating IMSBR and the hydrogen-producing IHTR will play a major role in making India achieve the net-zero target. iii.The IMSBR and IHTR systems and the associated fuel cycle aspects are in exploratory evaluation and initial assessment stages. About Bhabha Atomic Research Centre(BARC): BARC was established as Atomic Energy Establishment, Trombay (AEET) in 1954. Renamed as Bhabha Atomic Research Centre(BARC) in 1966. Director– Dr. Ajit Kumar Mohanty Location– Mumbai, Maharashtra
JUICE: ESA’s Jupiter Icy Moons Explorer to be launched in April 2023European Space Agency(ESA)’s JUpiter ICy moons Explorer (Juice) mission which aims to explore Jupiter and its three largest natural satellites – Ganymede, Callisto and Europa, is set to be launched in April 2023 onboard Ariane 5 (launch vehicle) from Europe’s Spaceport at Kourou, French Guiana in South America. About Juice: i.The Juice mission will make detailed observations of the giant gas planet and its three large ocean-bearing moons, Ganymede, Callisto and Europa, with a suite of remote sensing, geophysical and in situ instruments.
The Juice mission will also be the last ESA mission to launch on an Ariane 5 from ESA’s Spaceport in Kourou. After this launch, Ariane 6, the new heavy-lift launch system, will be used.
ii.The mission will characterise the moons of Jupiter as both planetary objects and possible habitats. iii.It will also explore Jupiter’s complex environment in-depth, and study the wider Jupiter system as an archetype for gas giants across the Universe. Highlights: i.Juice will be the first spacecraft ever to orbit a natural satellite other than Earth’s moon. ii.On route to Jupiter, this will perform the 1st ever lunar earth gravity assist to save propellant. iii.This will also be the first spacecraft to change orbit from another planet to one of its moons(Jupiter to Ganymede). Click here to know more about JUICE Astronomers Discovered 12 new Moons of Jupiter; Beocmes Planet with most Moons Astronomers have discovered 12 new moons of Jupiter, taking the total number of natural satellites revolving around Jupiter from 80 to 92. Jupiter becomes the planet with the most number of moons overtaking Saturn which has 83 confirmed moons.
The findings have been reported by astronomer Scott S. Sheppard from the Carnegie Institution for Science in Washington DC who observed the planet between 2021 and 2022.
The Minor Planet Center (MPC) of the International Astronomical Union (IAU) has published the orbits of the new moons.
New Balance Indoor Grand Prix 2023: India’s Tejaswin Shankar won Gold in Men’s High Jump
On 4th February 2023, Indian High Jumper & Commonwealth Games 2022 bronze medallist, Tejaswin Shankar won the gold medal in men’s highjump event with a leap of 2.26 metres at the 2022 New Balance Indoor Grand Prix, a World Athletics Indoor Tour Gold Series event, held in Boston, United States of America(USA).
2007 world champion & four-time Olympian Donald Thomas (2.23 metres) of the Bahamas secured the 2nd spot and Darryl Sullivan of the USA came in 3rd with a season-best of 2.19 metres.
In 2018, Tejaswin Shankar set India’s indoor high jump record at 2.28 metres. He also holds the national record for men’s outdoor high jump in India with 2.29 metres.
He won the bronze in Men’s high jump at Birmingham 2022 Commonwealth Games(CWG) and became the first Indian to win a CWG medal in the sport.
The high jump field at New Balance Indoor Grand Prix consisted of only 4 athletes.
Former Pakistan President, General Pervez Musharraf (Retd) Passed AwayOn 5th February 2023, Pervez Musharraf, Former President of Pakistan (2001-2008) and retired General, passed away at the age of 79 in Dubai, the United Arab Emirates (UAE). Pervez Musharraf was born on 11th August 1943 in Delhi, British India (now New Delhi, Delhi, India).
Pervez Musharraf was known as the architect of the 1999 conflict in Kargil.
About Pervez Musharraf: i. Pervez Musharraf moved from Delhi to Karachi, Pakistan, in 1947, during the India-Pakistan partition. ii. He joined the army in 1964, graduated from the Army Command and Staff College in Quetta, and attended the Royal College of Defence Studies in London. iii. He fought in the Indo-Pakistan War of 1965 as a second lieutenant, and also participated in the Indo-Pakistan War of 1971 as a Company Commander in the Commando Battalion.
Between 1966 and 1972, he was initially promoted to Army Captain and then to Major.
iv. He rose to the rank of General and was appointed as the Chief of Army Staff in 1998, by then Prime Minister (PM) of Pakistan, Nawaz Sharif. v. General Pervez Musharraf, then-Chief of Army Staff and Chairman of the Joint Chiefs of Staff Committee, led a coup against PM Nawaz Sharif and became head of government. vi. He was associated with 2 parties: All Pakistan Muslim League and Pakistan Muslim League (Qaid e Azam Group). vii. In 2001, he appointed himself as the President of Pakistan and served till 2008. Later in 2002, he amended the constitution 29 times, giving himself the authority to dismiss parliament and remove the PM. viii. He was charged with high treason and given a death sentence in 2019 for suspending the Constitution. To avoid criminal charges against him in Pakistan, he lived in self-imposed exile in the UAE, since 2016. ix. He published his autobiography titled “In the Life of Fire: A Memoir” in 2006. Honour: Pervez Musharraf was honoured with the Imtiaz Sanad Medal for his gallantry during the Indo-Pakistan War of 1965.
International Day of Zero Tolerance for Female Genital Mutilation 2023 – February 6The United Nations (UN)’s International Day of Zero Tolerance for Female Genital Mutilation(FGM) is annually observed across the globe on February 6 to combat the horrific practice of female genital mutilation (FGM).
The day offers an opportunity for all stakeholders involved in eliminating FGM to recognise achievements, advocate for the abandonment of the practice, and raise awareness
6th February 2023 marks the 12th anniversary of the International Day of Zero Tolerance for Female Genital Mutilation. The theme of International Day of Zero Tolerance for Female Genital Mutilation 2023 is “Partnership with Men and Boys to transform Social and Gender Norms to End FGM”. Background: i. On 6th February 2003, Stella Obasanjo, the 1st Lady of Nigeria and spokesperson for the Campaign Against Female Genital Mutilation (FGM), made the official declaration on “Zero Tolerance to FGM in Africa during a conference organised by the Inter-African Committee on Traditional Practices Affecting the Health of Women and Children (IAC).
The 1st International Day of Zero Tolerance for Female Genital Mutilation (FGM) was observed on 6th February 2003.
As a result, February 6 has been designated as the International Day of Zero Tolerance for FGM by the UN Sub-Commission on Human Rights.
ii. The United Nations General Assembly (UNGA) adopted the resolution A/RES/67/146 on 20th December 2012 and proclaimed the 6th February of every year as the International Day of Zero Tolerance for Female Genital Mutilation. About the United Nations Population Fund (UNFPA): United Nations Population Fund, formerly the United Nations Fund for Population Activities, is a UN agency aimed at improving reproductive and maternal health worldwide Executive Director- Dr Natalia Kanem Headquarters- New York, United States of America (USA) Establishment- 1969 About the United Nations Children’s Fund (UNICEF): Executive Director- Catherine M. Russell Headquarters- New York, USA Establishment- 1946
Pune-Nashik High-Speed Rail Project Received in-principle Approval from Railway Ministry
On February 4, 2023, Devendra Fadnavis, the Deputy Chief Minister of Maharashtra, announced that the Ministry of Railways had accorded “in principle approval” for the Pune-Nashik (Maharashtra) high-speed rail project, which had been in the works since 2020.
Devendra Fadnavis made the announcement after a meeting with Ashwini Vaishnaw, the Railway Minister, in New Delhi, Delhi.
The officials from Maharashtra and the railway ministry will make a technical appraisal of the project and then take the proposal to the Union Cabinet for approval.
The high-speed rail between Pune and Nashik will boost development and provide seamless connectivity to the industrial zones of both cities.
First technical regulation from India for Technical Textiles industry launchedi.On April 11, 2023, the Ministry of Textiles launched 2 Quality Control Orders (QCOs) for 31 items which marked the first technical regulation from India for the Technical Textiles industry. ii.These QCOs consist of 19 Geo Textiles and 12 Protective Textiles in the Phase-I. iii.These two Geo Textiles and Protective Textiles QCOs will come into effect in 180 days immediately after the date of the publication of the orders in the gazette and both, domestic manufacturers as well as foreign manufacturers who intend to export their products to India. About Ministry of Textiles: Union Minister– Piyush Goyal (Constituency- Rajya Sabha, Maharashtra) Minister of State (MoS)– Darshana V Jardosh (Constituency- Surat, Gujarat)
NCRTCnames India’s first semi high-speed Regional Rail Services as ‘RAPIDX’National Capital Region Transport Corporation (NCRTC) has named India’s first semi high-speed Regional Rapid Transit System (RRTS) as RAPIDX as it is easy to read and simple to pronounce in various languages.
It also signifies speed and progress, the ‘X’ denotes the next generation technology and the new-age mobility solution.
RAPIDX, with a design speed of 182kmph, will connect Delhi with National Capital Region (NCR), including Meerut, Alwar and Panipat.
Release of Logo: NCRTC also released RAPIDX’s logo with a green leaf symbol highlighting brand’s commitment towards decarbonisation by not only decongesting NCR by reducing the number of vehicles on the road but also by using green energy.
NCRTC is installing solar panels on stations and depots by using blended power in traction.
Key Points: i.RAPIDX trains will run on RRTS corridors, being implemented to connect key urban nodes across the NCR. ii.NCRTC is targeting to commission a 17km priority section between Sahibabad and Duhai of the 84km Delhi-Ghaziabad-Meerut corridor, in 2023, before the scheduled time, and the entire first RAPIDX corridor by 2025. iii.NCRTC is a Joint Venture (JV) company of the Union government and states of Delhi, Haryana, Rajasthan, and Uttar Pradesh (UP).
President Droupadi Murmu Gives Assent to Competition (Amendment) Bill, 2023President Droupadi Murmu has given her assent to the Competition (Amendment) Bill, 2023, which aims to amend the Competition Act, 2002, that regulates competition in the Indian market and forbids anti-competitive practices like cartels, mergers, and acquisitions that might have a negative impact on competition.
This Act may be referred to as the Competition (Amendment) Act, 2023, and it will go into effect on the date that the Ministry of Corporate Affairs (MCA) “appoints” for the amended law to take effect.
It is worth noting that the law stipulates that different dates may be chosen for certain provisions of the Act.
The Act shall be implemented and enforced by the Competition Commission of India (CCI).
i.The Competition Amendment Bill 2023 suggests a number of amendments to the Competition Act of 2002, including reducing the window for evaluating combinations, broadening the scope of anti-competitive agreements, and changing the penalties. About the Competition Commission of India (CCI): Acting Chairperson– Sangeeta Verma Establishment – 2003 Headquarters – New Delhi, Delhi
Madhya Pradesh’s products including Gond Painting, Sharbati Wheat gets GI TagThe Geographical Indication (GI) Tag has been granted by the Ministry of Commerce and Industry (MoC&I) to 9 products of Madhya Pradesh (MP), which include 6 handcrafts product, 1 Agricultural product, 1 Food stuff.
The 6 handicraft products include Gond (tribal) Paintings (Dindori), Stone Carpets (Gwalior), Batik print (Ujjain), Bhedaghat stone craft (Jabalpur), wrought iron crafts (Dindori), and Waraseoni handloom sarees (Balaghat).
Sharbati wheat (also called The Golden Grain), registered by the GI Registry in the agricultural product category.
Morena Gajak(a kind of sweet) has received the GI tag in the food ingredient category.
Additional info: i.Sharbati wheat is a regional variety of wheat grown in Sehore and Vidisha districts, the grains have a golden sheen. Sehore district is the largest producer of Sharbati wheat in India ii.Gond painting is a traditional art of Madhya Pradesh and belongs to the Gond tribe. Patangarh village of Dindori district is famous for gond paintings.
Andaman & Nicobar Command conducted a Joint Military Exercise “Ex KAVACH”Andaman and Nicobar Command (ANC), the first and only Tri-Service theatre command in India, conducted a large-scale Joint Military Exercise “Exercise KAVACH” (Ex KAVACH) involving the assets of the Indian Armed forces – Army, Navy, Air Force, and Indian Coast Guard (ICG) from 23rd February 2023 to 7th April 2023. Aim: The aim of the exercise was to enhance joint warfare capabilities & Standard Operating Procedures (SOPs) and enhance inter-operability and operational synergy between the forces. Ex KAVACH: i. “Exercise KAVACH” showcased the capabilities and preparedness of the Armed Forces to protect India’s maritime interests and ensure the security of the Andaman and Nicobar Islands. ii. This exercise demonstrated the professionalism and synergy among the various ANC components while conducting successful joint operations in a complex and dynamic environment. Key Points: i. The multi-domain exercise included participants from the “Shatrujeet Brigade” of the Army, Armed Forces Special Operations Division (AFSOD), Special Forces of the Navy, and Amphibious troops of the ANC. ii. The exercise involves amphibious landing, air-landed operations, heliborne operations and rapid insertion of the Special Forces from the mainland on a remote Island of the Andaman and Nicobar Islands. iii. The demonstrations of rapid response capabilities during the exercise were witnessed by Lieutenant General Ajai Singh, Commander-in-Chief of ANC.
Dharmendra Pradhan unveils Digital Version of Employability Skills Curriculum for Students enrolled in ITIs
On 11th April 2023, Dharmendra Pradhan, Union Minister of Education and Skill Development & Entrepreneurship, unveiled the digital version of the Employability Skills Curriculum for students enrolled in India’s Industrial Training Institutes (ITIs) at the Future Skills Forum in New Delhi, Delhi.
The Future Skills Forum is an initiative of the Future Right Skills Network (FRSN), a collaborative effort by QUEST Alliance, Accenture, Cisco, and J.P. Morgan.
The Employability Skills Curriculum brings together government skills training institutions, civil society organisations, and industry and corporate social responsibility partners to help young people acquire critical skills for the future.
The digital lessons include modules on financial and digital literacy, diversity and inclusion, career development, goal setting and entrepreneurship.
These come from the upgraded ES curriculum that the MSDE launched in September 2022.
World’s ‘most criminal countries’ ranking: India Stood at 77; Crime Rate by Country 2023: India Ranked at 71
World of Statistics has shared the ranking of the world’s “most criminal countries”. Venezuela has been ranked top the list of criminal countries. India was at the position of 77 in the list of criminal countries. The top 10 most criminal countries list include Venezuela (1), Papua New Guinea (2), Afghanistan (3), South Africa (4), Honduras (5), Trinidad (6), Guyana (7), Syria (8), Somalia (9) and Jamaica (10), respectively.
The US and UK were ahead of India in the criminal ranking country. The USA was at 55th number and the UK at 65th rank.
Turkey, Germany, and Japan were among the least criminal countries, ranking at 92nd, 100th, and 135th ranks.
Countries with the Highest Crime Rates: The World Population Review’s (WPR) Crime Rate by Country 2023 ranked Venezuela as the country with the highest crime rates globally. India was ranked 71 with crime index of 44.43. The top 10 countries with the highest crime rates expressed in per 100,000 people are, Venezuela (83.76), Papua New Guinea (80.79), South Africa (76.86), Afghanistan (76.31), Honduras (74.54), Trinidad and Tobago (71.63), Guyana (68.74), El Salvador (67.79), Brazil (67.49), Jamaica (67.42). Overall crime rate is calculated by dividing the total number of reported crimes of any kind by the total population, then multiplying the result by 100,000 (because crime rate is typically reported as X number of crimes per 100,000 people).
RBI Released Framework for Acceptance of Green Deposits for REsOn April 11, 2023, the Reserve Bank of India (RBI) notified an enclosed Framework for acceptance of Green Deposits for the Regulated Entities (REs) to promote and develop a green finance ecosystem in India.
The framework will come into effect from June 1, 2023.
Purpose: The framework was set up with the intent to encourage REs to offer green deposits to customers, protect interests of the depositors, support customers to achieve their sustainability agenda, address greenwashing concerns and help augment the flow of credit to green activities/projects. Applicability: The provisions of the framework would be applicable to the following entities (i.e. collectively referred to REs):
Scheduled Commercial Banks including Small Finance Banks (excluding Regional Rural Banks, Local Area Banks and Payments Banks) and
All Deposit-taking Non-Banking Financial Companies (NBFCs) registered with the RBI, including Housing Finance Companies (HFCs).
Key Points: i.The REs were directed to implement a comprehensive RBI-approved policy on green deposits. ii.REs were directed to ensure that the funds raised through green deposits are allocated to eligible green activities/projects. iii.The allocation of funds raised through green deposits by REs during a financial year shall be subject to an independent Third-Party Verification/Assurance which shall be done on an annual basis. iv.Use of proceeds: RBI stated that the allocation of proceeds raised from green deposits should be based on the official Indian green taxonomy.
In case of pending finalization of the taxonomy, as an interim measure, REs are required to allocate the proceeds raised through green deposits towards list of green activities/projects mentioned by RBI such as Renewable energy, energy efficiency, clean transportation, climate change adaptation, sustainable water and waste management, and green buildings.
The projects have to encourage energy efficiency in resource utilisation, reduce carbon emissions and greenhouse gases, promote climate resilience and/or adaptation and value and improve natural ecosystems and biodiversity.
v.The list of ‘exclusions’ mentioned by RBI for REs includes projects involving new or existing extraction, production and distribution of fossil fuels, nuclear power generation, and direct waste incineration.
GIC Data: India’s Non-Life Insurers Report Double-Digit Growth in FY23According to provisional statistics released by the General Insurance Council (GIC), India’s non-life insurers recorded growth in the high teens in fiscal year 2023 (FY23) due to strong performance across sectors.
In FY23, non-life insurers have underwritten a gross premium of Rs 2.6 crore, a 16.4% increase over FY22.
i.Underwriting is a process by which an individual or organisation undertakes financial risk in exchange for a fee.
Underwriters evaluate the level of risk in the business activities of insurers.
According to the Insurance Regulatory and Development Authority (IRDAI), the four public sector general insurance companies – New India Assurance Co. Ltd, United India Insurance Company Ltd, Oriental Insurance Company Ltd., and National Insurance Company Limited– have lost 803 basis points (bps) in market share to their private counterparts in the past five years. About Insurance Regulatory and Development Authority (IRDAI): Chairperson – Debasish Panda Headquarters – Hyderabad, Telangana
IMF WEO 2023 cuts India’s growth forecast for FY24 to 5.9% and for FY25 to 6.3%i.On April 11, 2023, the International Monetary Fund (IMF) in its bi-annual World Economic Outlook (WEO) 2023 report with a title ‘A Rocky Recovery’ has downgraded India’s Gross Domestic Product (GDP) forecast for the financial year 2023-24 by 20 basis points (-0.2%) to 5.9% from 6.1% in January 2023 WEO Update. ii.For FY25, India’s growth projections is cut by 50 basis points (-0.5%) to 6.3% from 6.8% in January 2023 WEO Update. iii.The global economy will grow by 2.8% in 2023 and 3% in 2024, down 10 basis points each from its January WEO 2023 forecasts. About International Monetary Fund (IMF): Managing Director – Kristalina Georgieva Headquarters– Washington, D.C, USA Establishment– 1944
BHEL-led consortium bags Rs 9,600 crore order to Supply 80 Sleeper Class Vande Bharat Trains
A consortium led by state-owned Bharat Heavy Electricals Ltd (BHEL) has bagged an order worth more than Rs 9,600 crore to supply 80 sleeper class Vande Bharat trains to Indian Railways over a period of 6 years. The consortium, comprising BHEL and Titagarh Wagons Ltd, is called Technology Partner.
In the mega-tender of the Indian Railways, the BHEL-led consortium received an order for 80 Vande Bharat trains.
Sleeper class Vande Bharat or Train18 trainsets are in demand since they can travel on long routes like Delhi-Mumbai and Delhi-Howrah.
The order is for the supply of 80 trains each at a cost of Rs 120 crore, excluding taxes and duties.
The order for an Annual Maintenance Contract (AMC) has also been placed for 35 years.
RRI & Indian Navy partners to develop secure maritime communications using Quantum TechnologyBengaluru(Karnataka) based Raman Research Institute(RRI) has partnered with the Indian Navy to develop secure maritime communications using quantum technologies.
RRI signed a 5-year Memorandum of Understanding (MoU) with the Weapons and Electronics Systems Engineering Establishment (WESEE), the Research and Development (R&D) wing of the Indian Navy in this regard.
Signatories: Professor Tarun Souradeep, Director, RRI, and Vice Admiral Sandeep Naithani, Chief of Materiel, Indian Navy signed the MoU at the Sena Bhawan in New Delhi, Delhi. Note: RRI is an aided autonomous research institute engaged in research in basic science which receives funding from the Department of Science and Technology(DST). Key Points: i.The partnership between RRI and Indian Navy was formalised after RRI announced a breakthrough demonstration in establishing secure communication between a stationary source and a moving receiver using quantum key distribution. ii.This partnership with an aim to enhance the research in quantum technologies for maritime use cases is in line with efforts of India towards becoming self-reliant. About the MoU: i.The MoU between RRI and WESEE comprises a broad umbrella of potential research areas. ii.Under this MoU, the Quantum Information and Computing (QuIC) laboratory at RRI along with WESEE will develop solutions in areas that include ship-to-shore communication. iii.Recently, the QuIC Lab has achieved the capabilities to find applications in secure communications with moving offshore vessels. Significance of QuIC Lab: i.QuIC is India’s 1st laboratory to propose and implement a wide range of applications using single and entangled photons, particularly towards establishing secure communications in strategic areas like banking, defence, and cyber security. ii.QuIC has been leading India’s research in the field of secure quantum communication. iii.Major achievements of QuIC Lab:
Development of an end-to-end simulation toolkit named “qkdSim”.
Ensuring safety in communication platforms.
Establishing secure communication between two buildings and between a stationary source and a mobile receiver.
About Raman Research Institute(RRI): RRI was founded in 1948 by the Indian physicist and Nobel Laureate Sir Chandrasekhara Venkata Raman (C V Raman). It was restructured in 1972 as aided autonomous institute. Director– Prof. Tarun Souradeep Location– Bengaluru, Karnataka
Revenue Secretary Sanjay Malhotra launches Unified Portal of CBN
On 11th April 2023, Sanjay Malhotra, Revenue Secretary, Ministry of Finance (MoF), launched the Unified Portal of the Central Bureau of Narcotics (CBN), which will instil efficiency and transparency and reduce the time taken by the pharma industry to get a trade licence.
The launch of the Unified portal of CBN will prove as a stepping stone to ease doing business with NDPS and controlled substances in India with transparent and better compliance.
Under the ambit of various United Nations Conventions and the Narcotic Drugs and Psychotropic Substances (NDPS) Act of 1985, the CBN is a central government organisation that deals with the international trade of narcotic drugs, psychotropic substances, and precursor chemicals.
The portal has been calibrated to have database integration and ingestion with other government services including Bharat Kosh, GST, PAN- NSDL validation, e-Sanchit, and UIDAI facilitating single point services for obtaining the licenses from CBN.
Former Chairman Emeritus of Mahindra & Mahindra, Keshub Mahindra Passed AwayOn 12th April 2023, Keshub Mahindra, former chairman emeritus of Mahindra & Mahindra (M&M) Group, passed away in Mumbai, Maharashtra, at the age of 99. He was born on 9th October 1923 in Shimla, British India (now in Himachal Pradesh).
According to the Forbes’ World’s Billionaires List 2023, Keshub Mahindra was named India’s Oldest Billionaire.
About Keshub Mahindra: i. A renowned philanthropist Keshub Mahindra, who has redefined good corporate governance in India, joined his father’s company, Mahindra & Mahindra(M&M) Group, which was into manufacturing and selling utility vehicles, in 1947. ii. Later, he served as the chairman of the M&M Group from 1963 to 2012. The current Chairman of Mahindra & Mahindra Group is Anand Mahindra. iii. He has been appointed by the Government of India to serve on many Committees including the Sachar Commission on Company Law & MRTP and the Central Advisory Council of Industries. iv. He served as a Member of the Prime Minister’s Council on Trade & Industry from 2004 to 2010. v. He also served as a member of the Apex Advisory Council of the Associated Chambers of Commerce & Industry of India (ASSOCHAM) and President Emeritus of the Employers’ Federation of India. vi. He was a member of the Council of the United World Colleges (International) in the United Kingdom (UK) and an Honorary Fellow of the All India Management Association. vii. He has also served on several Boards and Councils such as Steel Authority of India Limited (SAIL), Tata Steel Limited, Tata Chemicals Limited, Indian Hotels, International Finance Corporation (IFC) and ICICI Bank Limited. viii. He was also the Founder Chairman of HUDCO (Housing and Urban Development Corporation Limited); Vice-Chairman of Housing Development Finance Corporation Ltd; Chairman of Mahindra Ugine Steel Co. Ltd; Director of Bombay Dyeing & Manufacturing Co. Ltd. and Bombay Burmah Trading Corporation Limited. Awards: In 1987, Keshub Mahindra was awarded the Chevalier de l’Ordre National de la Legion d’honneur (Knight of the National Order of the Legion of Honor) by the French Government.
“The Great Bank Robbery”, a new book co-authored by V. Pattabhi Ram & Sabyasachee Dash
i. Pattabhi Ram & Sabyasachee Dash has co-authored a new book titled “The Great Bank Robbery: NPAs, Scams and the Future of Regulation” which discusses 11 scams that have rocked India since its Independence(1947). The book is published by Rupa Publications India Pvt Ltd.
V. Pattabhi Ram, a Chartered Accountant based in Chennai, Tamil Nadu, is an author, public speaker and teacher. He has authored several books such as “Ticking Times: An Accountant and a Gentleman”, and “First Lessons in Strategic Financial Management” (co-authored with S.D. Bala).
Sabyasachee Dash is a career corporate executive and a Chartered Accountant.
International Day of Human Space Flight 2023 – April 12The United Nations (UN)’s International Day of Human Space Flight is annually observed across the globe on April 12 to mark the beginning of the space era for mankind, the contribution of space science and technology, and ensure the realisation of the conservation of outer space for peaceful purposes.
International Day of Human Space Flight 2023 was observed on 12th April 2023.
Why April 12? i. On 12th April 1961, Yuri Gagarin, a Soviet cosmonaut, carried out the 1st human space flight. ii. He travelled into space on the Vostok 1 mission in 1961 and completed one orbit around the Earth in 108 minutes in the Vostok 3KA spacecraft launched by the Vostok K launch vehicle.
Yuri Gagarin became the 1st human to orbit the Earth.
Background: i. The United Nations General Assembly (UNGA) adopted the resolution A/RES/65/271 on 7th April 2011 and declared April 12 of every year as International Day of Human Space Flight. ii. The 1st ever International Day of Human Space Flight was observed on 12th April 2011. Note: 2011 marked the 50th anniversary of the first-ever human space and the 50th anniversary of the 1st session of the Committee on the Peaceful Uses of Outer Space. About the United Nations Office for Outer Space Affairs (UNOOSA): Acting Director- Niklas Hedman Headquarters- Vienna, Austria Establishment- 1958
International Day for Street Children 2023 – April 12International Day for Street Children(IDSC) is annually observed across the globe on 12th April to create awareness about the difficulties faced by the children who live on the streets and demand equal rights for them.
The day offers a platform for the street children to speak out and promote their rights.
The observance of the IDSC is led by the Consortium for Street Children(CSC), a global network that raises the voices of street children and creates long-term change to ensure they are not overlooked. Background: i.The first ever International Day for Street Children was launched by CSC on 12th April 2011. ii.Since 2012, the day is celebrated globally to recognise the humanity, dignity and defiance of street children in the face of unimaginable hardships.
Home Minister Amit Shah inaugurates & lays Foundation Stone for various development projects in Azamgarh & Kaushambi of UP On 7th April 2023, Amit Shah, Union Minister of Home Affairs, inaugurated and laid the foundation stone of 234 development projects worth Rs 5,196 crore in the Azamgarh and Kaushambi districts of Uttar Pradesh (UP).
Of the total projects, 117 development works worth Rs 4,583 crore rupees are in Azamgarh, UP, and 117 development projects worth Rs 613 crore rupees are in Kaushambi, UP.
i. The foundation stone of 117 development projects worth Rs.4583 includes
1358 schemes at the cost of Rs 4257 crore under ‘Nal se Jal’
55 schemes related to widening and strengthening of roads at the cost of Rs 175 crore
61 schemes at the cost of Rs 151 crore related to 16 different departments of UP.
ii. The foundation stone of 117 development projects worth Rs 613 includes the inauguration of:
70 schemes of the Public Works Department worth Rs 405 crore
24 projects worth Rs 51 crore from 12 departments including Youth Welfare, Sports, Urban Development and Vocational Education.
4 schemes of the Health and Urban Development Department worth Rs 6 crore
Dignitaries: Yogi Adityanath, Chief Minister of Uttar Pradesh, and Brijesh Pathak & Keshav Prasad Maurya, Deputy Chief Ministers. About the Ministry of Home Affairs (MoHA): Union Minister- Amit Shah (Constituency- Gandhi Nagar, Gujarat) Minister of State (MoS)- Nityanand Rai (Constituency- Ujiarpur, Bihar); Ajay Kumar Mishra (Constituency- Kheri, Uttar Pradesh); Nisith Pramanik (Constituency- Coochbehar, West Bengal) About Uttar Pradesh: Chief Minister (CM)- Yogi Adityanath Governor- Anandiben Mafatbhai Patel Bird Sanctuary- Samaspur Bird Sanctuary; Okhla Bird Sanctuary Festival- Ayudha Pooja; Lath Mar Holi
Coal India Arm MCL Introduces Drone Technology in Coal MinesMahanadi Coalfields Ltd (MCL), a premier Central Public Sector Enterprise (CPSE) under the Ministry of Coal, has introduced drone technology in coal mines by launching “VIHANGAM,” a web-based portal that includes a drone and ground control system.
MCL is a wholly owned subsidiary of Coal India Limited (CIL).
CIL accounts for more than 80% of domestic coal output.
Key Points: i.The “VIHANGAM” portal enables authorised users to access real-time drone video from the mine via a dedicated 40 Mbps internet lease line located near the mines. ii.The drone is flown by a control station, and the system is controllable through the portal from any location. iii.This pilot project is currently in operation at the opencast mines of Talcher Coalfields in Bhubaneswari and Lingraj in Odisha. Mahanadi Coalfields Ltd (MCL) i.MCL is digitizing the mining process by using drone technology for environmental monitoring, volume measurement, and photogrammetric mapping of mines.MCL has installed a robotic nozzle water sprayer in its coal stockyard to further enhance safety standards. ii.MCL generates more than 20% of the total coal produced in India through its coal mining operations in the districts of Sundergarh, Jharsuguda, and Angul in Odisha. Chairman-cum-Managing Director (CMD) – O P Singh Formed – 1992 Headquarters – Sambalpur, Odisha
Union Minister Amit Shah Lays Foundation Stone of Rs 450-Crore Nano Urea Plant in Jharkhand
On 4th February 2023, Amit Shah, Union Minister of Home Affairs, laid the foundation stone of a Rs.450 crore nano urea plant and township of the Indian Farmers Fertiliser Cooperative (IFFCO) in Deoghar, Jharkhand. This will be India’s 5th nano urea plant.
The plant will be constructed at a cost of Rs 300 crore and the township at a cost of Rs 150 crore.
IFFCO has been given 20 acres of land by the Jharkhand Industrial Area Development Authority (JIADA) for the complex in the Jasidih area of the Deoghar district.
The world’s 1st nano urea plant was inaugurated by Prime Minister (PM) Narendra Modi in Gujarat.
Note: Nano urea is already being exported to five countries.
Austrade Signs MoU with Leather Sector Skill Council
The Australian Trade and Investment Commission (Austrade), an Australian Government agency, signed a Memorandum of Understanding (MoU) with the Leather Sector Skill Council (LSSC) to work on Technical Vocational Education and Training (TVET) programmes and implement Australian training standards in the leather sector in India.
LSSC is a non-profit organisation aimed to meet the demand for skilled workforce in India’s leather sector.
The MoU will be implemented by the Australia-India Future Skills Initiative team of Austrade in India.
The MoU will focus on job roles in the leather industry related to 3D printing, product design, automation engineering, 3D scanning, computerised stitching machine operations, computerised cutting machine operations, automatic machine programming, and others.
A special emphasis will be directed on areas including sustainability, net zero, industry 4.0, virtual and augmented reality (AR), and other applications.
DA&FW and DIL Collaborate to Enhance Food Security and Double Farmers’ Income
The Department of Agriculture and Farmers Welfare (DA&FW), under the Ministry of Agriculture and Farmers Welfare (MoA&FW), Government of India (GoI), has signed a Memorandum of Understanding (MoU) with the Development Innovation Lab (DIL) at the University of Chicago in New Delhi, Delhi.
Objective: To explore opportunities to use innovation to promote food security, address climate change, and allow farmers to increase their incomes.
During the signing of the MoU, the DIL was represented by the University of Chicago Trust in India.
The DIL was established by Nobel laureate Dr. Michael Kremer, University Professor of Economics at the University of Chicago, and co-recipient of the 2019 Sveriges Riksbank Prize in Economic Sciences in memory of Alfred Nobel.
The DIL uses economic strategies to develop inventions that have the potential to assist millions of people in low- and middle-income countries.
DIL will support DA&FW in its efforts to identify, develop, test, and refine technologies to support India’s smallholder farmers in priority areas.
TCS Named to ‘World’s Most Admired Companies List by FORTUNE Magazine
Tata Consultancy Services (TCS) has been included in the 25th edition of FORTUNE magazine’s list of the “World’s Most Admired Companies” for 2023.
The list, which is regarded as a benchmark of corporate reputation, is based on a survey of global business executives, directors, and analysts.
Companies are evaluated based on features such as innovation, social responsibility, management quality, global competitiveness, talent management, and quality of products/services.
In the annual ranking of corporate reputation, Apple topped the list for the 16th consecutive year, followed by a tie between Amazon and Microsoft for 2nd spot.
Wings Publication announces Golden Book Awards 2023 WinnersWings Publication announced the list of winners of Asia’s most prestigious book award, Golden Book Awards 2023, a highly-acclaimed recognition program honouring exceptional Authors.
The winners were chosen based on factors such as originality, creativity, and impact on the literary world.
2023 winners were selected from a pool of highly qualified nominees by a panel of independent judges.
Juries: Dr Kailash Pinjani (President of Indian Authors Association), Dr Deepak Parbat (Founder of Superfast Author) & Murali Sundaram (Founder of TLC).
About Golden Book Awards: i. The Golden Book Awards recognises authors who have written impacting, creative and powerpack books, and showcases their commitment to excellence and leadership. ii. Wings Publication created this award as a way to commend authors and books for their hard work. iii. India saw the publication of more than 75,000 books, and the nominees represent a wide range of literary categories, including children’s literature, nonfiction, poetry, and fiction. Winners of Golden Book Awards 2023:
PM Modi appears as World’s Most Popular Leader, With an Approval Rating of 78%
Morning Consult, a US-based consulting firm, reported that Prime Minister (PM)Narendra Modi has become the most popular leader in the world for the 2nd consecutive year, with a 78% approval rating in its Global Leader Approval Ratings.
He is rated highest among the 22 countries studied, followed by Andrés Manuel López Obrador of Mexico with an approval of 68%.
PM Narendra Modi received an approval rating way ahead of US President Joe Biden, who received a 40% rating.
Prime Minister Modi has left behind world leaders in terms of popularity as per the latest rating. These leaders include US President Joe Biden, French President Emmanuel Macron and UK Prime Minister Rishi Sunak.
Paytm Non-Independent Director Douglas Feagin ResignsOne 97 Communications (Paytm) has announced that Douglas Feagin, a non-executive, non-independent director of the company, has submitted his resignation with immediate effect from February 2, 2023.
Feagin, the senior vice president of the Ant Group, joined the board of One97 Communications in July 2021.
With loans disbursed in December 2022 totaling Rs 9,958 crore, Paytm reported a 357% rise in its loan distribution business.
During the third quarter, the merchant gross merchandise value (GMV) processed increased 38% year on year to Rs 3.46 lakh crore.
During the third quarter, Paytm added 1 million payment devices, and the number of merchants paying subscriptions for payment devices had reached 5.8 million as of December 2022.
Ferrero signs Ranveer Singh as Brand Ambassador for Nutella
Nutella, the hazelnut cocoa spread the brand of Ferrero, has signed Ranveer Singh, Bollywood Actor, as its brand endorser for the Indian market.
Ranveer Singh will actively participate in their different initiatives and promote the Nutella brand through both online and offline marketing channels.
The brands endorsed by Ranveer Singh are MakeMyTrip, Thumps Up, Bingo, Maruti Suzuki, Kotak Mahindra Bank, Adidas Originals, and Nivea among others.
The association was announced with a video in which Ranveer Singh proclaims his love for the brand.
GoI to Become Vodafone Idea’s Largest Shareholder with 33% Stake
The Ministry of Communications, Government of India (GoI), has approved the conversion of Rs. 16133,18,48,990 (~Rs. 16,133 crore) in accrued interest on deferred adjusted gross revenue (AGR) dues of debt-ridden Vodafone Idea into equity.
The company has been directed to issue 1613,31,84,899 (~1613.31 crore) equity shares with a face value of Rs. 10 each at an issue price of Rs. 10 each.
The conversion will make GoI the single-largest shareholder in Vodafone Idea, with a projected stake of around 33%.
The co-promoters of Vodafone Idea, Vodafone Group (United Kingdom) and Aditya Birla Group (India), currently hold 47.61% and 27.38% of the company (74.99% combine), respectively.
After the conversion, the two will own 31.8% and 18.3% of the company, increasing their combined ownership to over 50% from 74.99%.
“NISAR”: NASA-ISRO Joint Satellite to Launch in 2024According to the Indian Space Research Organisation (ISRO), the‘NASA-ISRO Synthetic Aperture Radar (NISAR)’ will be launched from Indian soil in the first quarter of 2024, and science operations will commence 90 days after it reaches the intended orbit.
NISAR is a Low-Earth orbit (LEO) observatory being developed jointly by National Aeronautics and Space Administration (NASA), United States (US) and ISRO, India.
Launch Phase The NISAR Observatory will be launched on the expendable Geosynchronous Satellite Launch Vehicle (GSLV) contributed by ISRO from the Satish Dhawan Space Centre SHAR (SDSC SHAR), Sriharikota (Andhra Pradesh), India’s Spaceport on the southeast coast of the Indian peninsula.
The anticipated launch readiness date is January 2024.
NASA-ISRO Synthetic Aperture Radar (NISAR) i.NISAR, the joint NASA-ISRO Earth-observation mission, will map the entire globe in 12 days and provide reliable spatial and temporal data for analyzing changes in Earth’s ecosystems.
It will monitor Earth on ascending and descending passes, sampling Earth every 6 days on average for a baseline 3-year mission.
It will provide data on ice mass, vegetation biomass, sea-level rise, ground water, and natural hazards such as earthquakes, tsunamis, volcanoes, and landslides.
ii.This would be the first mission using advanced sweep Synthetic Aperture Radar (SAR) technique for dual-frequency radar imaging in the L-band and S-band.
It will provide L & S band space-borne SAR data with high repeat cycle, high resolution, and larger swath, with capability of full-polarimetric and interferometric modes of operation.
iii.The observatory is made up of the SAR payloads installed on the Integrated Radar Instrument Structure (IRIS) and the spacecraft bus. iv.NASA is in charge of the L-band SAR payload system, while ISRO is in charge of the S-band SAR payload, and both systems will use a large (about 12 m in diameter) common unfurlable reflector antenna.
The US component of the project is led by NASA’s Jet Propulsion Laboratory (JPL) in Southern California, US.
v.NISAR explores concepts for a SAR mission to assess Earth change in 3 fields: Ecosystems (vegetation and the carbon cycle), Deformation (solid earth studies), and Cryosphere sciences (primarily as related to climatic drivers and effects on sea level). Click here for quick facts about NISAR
Khelo India Winter Games-2023: Union Minister Anurag Thakur & Lt. Governor of J&K jointly launched Mascot, Theme Song & Jersey On 4th February 2023, the Mascot, Theme Song, and Jersey for the 3rd edition of the Khelo India Winter Games were launched by Anurag Singh Thakur, Union Minister of Youth Affairs & Sports, with Manoj Sinha, the Lieutenant Governor of Jammu and Kashmir (J&K), at Raj Bhawan, Jammu, J&K.
The 3rd edition of the Khelo India Winter Games, a 5-day event, is scheduled to be held from 10-14 February 2023 in Gulmarg, Jammu, and Kashmir.
Mascot: The Snow Leopard depicts the vibrant heritage of the Himalayas. Khelo India Winter Games 2023: i. The J&K Sports Council and the Winter Games Association of J&K are in charge of organising the Khelo India Winter Games, which is funded by the Ministry of Youth Affairs and Sports. ii. The games, which will feature 9 sports events, will feature about 1500 competitors from across India. iii. The first edition of Khelo India Winter Games was held in 2020,the Jammu & Kashmir, the host of the first and second editions had won the top spot in both editions. iv. The primary events are a snowshoe race, ice skating, ice hockey, skiing, nordic ski, snowboarding, ski mountaineering and ice stock among others. About Jammu and Kashmir (J&K): Governor- Manoj Sinha Wildlife Sanctuary- Surinsar Mansar Wildlife Sanctuary; Jasrota Wildlife Sanctuary Festivals- Losar; Matho Nagrang
Veteran Singer & Padma Bhushan Recipient Vani Jayaram Passes AwayVani Jairam, the famed and veteran singer who was recently honoured with India’s third-highest civilian award, the “Padma Bhushan“ (2023), passed away in Chennai, Tamil Nadu, at the age of 78. She was born in the Vellore district of Tamil Nadu and her parents originally named her Kalaivani. Key Points: i.Vani began her career in the early 1970s and recently celebrated 50 years as a professional singer. ii.She has recorded over 10,000 songs for Indian films in 19 languages, including Tamil, Telugu, Hindi, Kannada, and Gujarati, among many others. iii.She has also received state awards from Tamil Nadu, Maharashtra, Andhra Pradesh, Kerala, Gujarat, and Odisha. iv.In July 2017, she was honored with the Best Female Singer at the North American Film Awards (NAFA) 2017 event at New York City, United States. National Film Awards
Vani was awarded the Best Female Playback Singer (Tamil) award in 1975 for her songs in the Tamil film “Apporava Raagangal.”
She got the Best Female Playback Singer (Telugu) award in 1980 for her songs in the Telugu film “Sankarabharanam.”
She received her third national award in 1991 for the song “Anathineeyara Hara” from the Telugu film “Swathi Kiranam.”
International Day of Human Fraternity 2023 – February 4United Nations (UN)’s International Day of Human Fraternity is annually observed across the globe on February 4 to honour the principles of compassion, religious understanding, and mutual respect that keep humans united.
International Day of Human Fraternity falls in the middle of International Interfaith Harmony Week, which is observed annually during the 1st week of February.
4th February 2023 marks the observance of the 3rd International Day of Human Fraternity. Background: i. The United Nations General Assembly (UNGA) adopted the resolution A/RES/75/200 on 21st December 2020 and proclaimed February 4 of every year as International Day of Human Fraternity.
The resolution was co-facilitated by Egypt and the United Arab Emirates (UAE).
ii. The 1st ever International Day of Human Fraternity was observed on 4th February 2021. About the United Nations: Secretary-General- António Guterres Headquarters- New York, USA Establishment- 1945
World Cancer Day 2023 – February 4World Cancer Day (WCD) is annually observed across the globe on February 4 to raise awareness towards cancer and to encourage its identification, prevention, and treatment.
The campaign theme of World Cancer Day 2022-2024 is “Close the care gap”.
The Campaign theme of World Cancer Day 2023 is “Close the care Gap: Uniting our voices and taking action”.
The 2023 campaign invites like-minded individuals to join to strengthen alliances and new innovative collaborations in the fight against cancer. Background: i. World Cancer Day is an initiative of the Union for International Cancer Control (UICC), the largest and oldest international cancer organisation.
It was initiated on 4th February 2000 at the World Summit Against Cancer for the New Millennium in Paris, France.
ii. At the World Summit Against Cancer, a document titled the “Charter of Paris Against Cancer”, consisting of 10 articles, was signed.
Under Article X, the charter officially proclaimed World Cancer Day and was decided to be observed on February 4.
Note: The document highlighted a global commitment to enhancing cancer patients’ access to care and quality of life. About the Union for International Cancer Control (UICC): Chief Executive Officer (CEO)- Cary Adams Headquarters- Geneva, Switzerland Establishment- 1933
Goa CM Pramod Sawant launches Heli-Tourism Service in Panaji On 3rd February 2023, Dr Pramod Sawant, Chief Minister of Goa, launched a Heli-Tourism Service, the 1st premium Helicopter service, under the public-private partnership (PPP) model from the Dauji-Ella helipad (Old Goa) in Panaji, Goa.
PPP- The services are provided by Goa Tourism Development Corporation (GTDC) in association with Hawk Soaring Aerospace Pvt Ltd.
Note: The Helipad at Dauji-Ella helipad, Old Goa, has been constructed under the Swadesh Darshan Scheme of the Ministry of Tourism (MOT). Heli-Tourism Service: The Heli-Tourism Service offers 10-minute joy rides to tourists for Rs.8,000 per person, charter flights, airport transfer rides and customised heli-tours for tourists wanting to travel to nearby places such as Hampi, Kolhapur and Shirdi. Key Points: i. Goa’s focus for the tourism sector is on ease of doing business and high-end services. The Goa government is also exploring PPP to achieve the goal of high-end tourism services. ii. During the launch, the Department of Tourism also launched a helpline for the assistance of tourism.
The helpline is being operated by a call centre and will provide information on forthcoming events, venue, cost, etc.
iii. The government has built the second Zuari bridge, Mopa Airport, and the future conference centre as part of the infrastructure for tourism. Swadesh Darshan Scheme: i. The Ministry of Tourism and Culture, Government of India (GoI), introduced the Swadesh Darshan Scheme in 2014–2015 for the integrated development of theme-based tourist circuits. ii. Aim- To promote, develop and harness the potential of tourism in India. iii. The MOT offers Central Financial Assistance (CFA) to State Governments and UT Administrations for the construction of circuit infrastructure under the Swadesh Darshan scheme. About Goa: Chief Minister- Pramod Sawant Governor- Sreedharan Pillai Airport- Marmagao Port Bird Sanctuary- Dr Salim Ali Bird Sanctuary
Punjab Cabinet Approves New Industrial and Electric Vehicle Policies
The new “Industrial and Business Development Policy (IBDP)-2022” and “Punjab Electric Vehicle Policy (PEVP)-2022” have been approved by the Punjab Cabinet, which is presided over by Chief Minister (CM) Bhagwant Mann.
The cabinet approved both policies ahead of an investors’ summit scheduled for February 23-24, 2023, in Mohali, Punjab.
Punjab Electric Vehicle Policy (PEVP)- 2022 i.The PEVP-2022 is designed to reduce environmental pollution in the state brought on by automobile emissions.
The policy aims to minimize vehicular emissions, build infrastructure, manufacturing, research and development, and job creation, while also establishing Punjab as a preferred destination for the manufacturing of electric vehicles (EVs), components, and batteries.
ii.Under the vehicle scrapping policy, the Punjabi government has already provided incentives for people who switch to electric vehicles.
Industrial and Business Development Policy (IBDP)-2022 i.The IBDP-2022 policy provides a host of incentives for a range of sectors, including infrastructure, power, and Micro, Small & Medium Enterprises (MSMEs), among others.
It focuses on fostering an environment that facilitates industries and businesses to achieve balanced economic growth, job creation, and overall state development.
The IBDP-2022 shall be effective from October 17, 2022, the time when the previous policy’s period ended. The new policy will be in effect for a duration of 5 years.
ii.According to the policy, Punjab will create 20 rural clusters throughout the state in addition to 15 industrial parks that will address both general and industry-specific needs. Note: Punjab Government would also implement Raising and Accelerating MSME Performance (RAMP), a Government of India (GoI) initiative supported by the World Bank, for MSMEs. Other Punjab Cabinet Approval i.The Punjab cabinet also approved the establishment of public mining sites to ensure that sand and gravel are affordable to the general public. ii.Initially, 18 such sites would be created in 7 districts, one of which will be inaugurated by CM Bhagwant Mann on February 5, 2023. iii.Punjab will have 50 such sites functional by the end of March 2023. About Punjab: Chief Minister (CM) – Bhagwant Mann Governor – Banwarilal Purohit Wildlife Sanctuary (WLS) – Bir Moti Bagh WLS; Bir Bhunerheri WLS Zoological Park – Mahendra Chaudhary Zoological Park; Tiger safari zoo
MoHUA & EIL signs MoU to develop Waste to Wealth plants in cities with million plus populationThe Ministry of Housing and Urban Affairs(MoHUA) signed a Memorandum of Understanding(MoU) with Engineers India Limited(EIL) to develop Waste to Energy and bio-methanation projects in cities with a population of million plus(million plus cities). This MoU is in line with India’s Green Growth Agenda. Signatories: Roopa Mishra, Joint Secretary, Swachh Bharat Mission – Urban (SBM-U) & Mission Director, MoHUA and R.K. Rathi, Executive Director, EIL signed the MoU in the presence of Manoj Joshi, Secretary, MoHUA and Vartika Shukla, Chairman and Managing Director (C&MD), EIL. Features of the MoU: i.Under this MoU, EIL will assist and handhold the million plus cities in developing such projects for larger quantum of waste integrating circularity in waste management. ii.In the 1st phase, 25 million plus cities will be selected for developing large-scale process plants. iii.EIL will also handhold Urban Local Bodies (ULBs) to monitor the process of these Public-Private Partnership (PPP) projects during the construction phase and will assist in obtaining statutory approvals. iv.These projects will result in additional processing capacity of 15,000 TPD for Bio-Methanation and 10,000 TPD for Waste to Energy. Background: The Union budget 2023-2024 presented by Nirmala Sitharaman, Union Minister for Finance and Corporate Affairs designated Green Growth as one of the 7 priorities (Saptarishi) of the Union Budget 2023-2024.
In the ‘Green Growth’ segment, 500 new Waste to Wealth plants will be established under the Galvanizing Organic Bio-Agro Resources Dhan (GOBAR-DHAN) scheme for promoting circular economy.
This will include, 200 compressed biogas (CBG) plants, 75 in urban areas, 300 community or cluster-based plants, at a total investment of Rs 10,000 crore.
Note: The 7 priorities are: inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth power and financial sector Key Points: i.The Swachh Bharat Mission-Urban (SBM- U) 2.0 has strengthened the efforts towards sustainable solid waste management, with an overall vision of creating garbage free cities. ii.The MoHUA has set up a large scale solid waste processing facilities in cities with more than million people. iii.In India there are around 59 million plus cities which includes Lucknow, Kanpur, Bareilly, Nasik, Thane, Nagpur, Gwalior, Chennai, Madurai, Coimbatore. iv.For management of organic/wet fraction of municipal solid waste bio-methanation plants have been proposed in these million plus cities Waste to Energy plants: i.Waste to Energy plants utilises the dry waste from municipal solid waste and produce renewable power with maximum reduction of waste volume with least space in execution in compliance with Solid Waste Management(SWM) Rules 2016 and meet all the statutory norms of environment protection. ii.The by-products of these projects, such as electricity and Bio-CNG, will help in achieving sustainability of waste management operations. Additional info: In February 2022, Prime Minister(PM) Narendra Modi inaugurated the Asia’s biggest municipal solid waste based GOBARdhan plant in Indore, Madhya Pradesh(MP) to generate 19,000 kg bio-Compressed natural gas(CNG). About Ministry of Housing and Urban Affairs(MoHUA): Union Minister– Hardeep Singh Puri(Rajya Sabha- Uttar Pradesh) Minister of State– Kaushal Kishore (Constituency- Mohanlalganj, Uttar Pradesh)
Ministry of Cooperation Signs MoU to Enable PACS to Operate as CSCThe Ministry of Cooperation, the Ministry of Electronics and Information Technology, the National Bank for Agriculture and Rural Development (NABARD), and CSC e-Governance Services India Limited signed a Memorandum of Understanding (MoU) to enable Primary Agricultural Credit Societies (PACS) and provide services offered by Common Service Centres (CSCs) in New Delhi, Delhi.
The MoU was signed in the presence of Amit Shah, Union Home Minister and Minister of Cooperation, and Ashwini Vaishnaw, Union Minister of Electronics and Information Technology.
CSCs are the access points for the delivery of vital public services like utility services, social welfare schemes, healthcare, financial services, education, and agriculture services under the Digital India Programme. Key Points: i.According to the MoU, PACS would be able to operate as CSCs and provide over 300 services to the rural population, including their 13 crore farmer-members. ii.Additionally, the Government of India (GoI) intends to permit PACS to offer all of the services mentioned on the Digital Seva Portal of the CSC scheme to citizens.
The services include banking, insurance, Aadhaar enrolment and updates, legal services, agri-inputs like farm equipment, PAN cards, as well as services related to railway, bus, and air tickets.
iii.CSCs will benefit from the Pan-India deployment of a common software being developed for PACS. iv.Within 4 lakh CSCs currently in operation, the GoI intends to add 2 lakh PACS over the next five years.
The budget for FY 2023–2024 includes funding for the establishment of multipurpose PACS in every panchayat and the world’s largest storage scheme.
v.This move will work in favour of the “Sahkar Se Samridi” concept and make cooperatives the backbone of rural development.
C-CAMP launches InDx 2.0 National Diagnostics Catapult to Scale up Diagnostics Space for Infectious Diseases
On 2nd February 2023, the Centre for Cellular and Molecular Platforms (C-CAMP) Indigenisation of Diagnostics (InDx) launched the National Diagnostics Catapult (C-CAMP InDx 2.0) in New Delhi, Delhi,
The programme was launched in the presence of Dr Parvinder Maini, Office of the Principal Scientific Adviser (PSA) to the Government of India (GoI).
The program is anchored by C-CAMP with support from the Bangalore Life Sciences Cluster (BLiSc) and funding from The Rockefeller Foundation, Bill & Melinda Gates Foundation and FIND, a global alliance for diagnostics. Note: The CCAMP-InDx initiative, which was introduced in July 2020 and is based on the incredibly successful COVID-19 diagnostics platform, is expanded upon in C-CAMP InDx 2.0. Aim: The programme aims to boost India’s preparedness for current and future pandemics and scale up diagnostics space for infectious diseases including but not limited to COVID-19. Key Points: i. C-CAMP InDx 2.0 is intended to provide a global model for diagnostics capacity development in low and middle-income countries to meet the twin goals of cost and accessibility in the United Nations’ vision for universal health coverage.
Diagnostics play a key role in infectious disease management both at the individual and community levels.
ii. C-CAMP InDx 2.0 seeks to solve this dual requirement by enabling access through innovation, development and commercialization of high-quality, affordable diagnostics and building a robust surveillance platform for rapid response by the public health system to disease outbreaks iii. Within a year of its launch, the programme had built the capacity of more than 200 indigenous Micro, Small & Medium Enterprises (MSMEs) and academic labs, the largest cohort of its kind in India.
Also reached its goal of producing one million indigenous RT-PCR test kits for SARS CoV2 each day.
iv. CCAMP-InDx has enabled the development of more than 40 RT-PCR kits and 12 fast tests that have received regulatory approval and are all currently available on the market. Note: C-CAMP is an initiative supported by government agencies, including the Department of Biotechnology, Department of Science and Technology, NITI Aayog-AIM, Ministry of Electronics and Information Technology (MeitY), Startup India and the Government of Karnataka.
Azad Engineering is India’s First Supplier of Parts for Nuclear Turbines
Azad Engineering Private Limited, Hyderabad (Telangana)-based precision engineering firm and GE Steam Power, an American energy technology company, have agreed to a long-term supply deal for the supply of nuclear turbine parts.
Azad Engineering has been approved as the 1st Indian company to supply critical rotating parts for nuclear turbines. The first set of critical parts has now been delivered and will be assembled on nuclear turbines manufactured in Belfort, France.
To help clients deliver reliable power while they make the transition to a lower carbon future, GE Steam Power offers a wide range of technology and services for power plants.
RailTel Secures Rs. 253.35 Crore SBI Project for 4G Connectivity to ATMs State Bank of India (SBI) has issued a work order to RailTel Corporation of India Ltd. (RailTel), a Central Public Sector Enterprise (CPSE) under the Ministry of Railways, to provide 4G LTE (Long-Term Evolution) connectivity to 15,000 offsite Automated Teller Machines (ATMs) distributed across India.
The total estimated cost of the project is Rs 253.35 crore (excluding taxes).
The project also includes the operation and maintenance of the entire network for 5 years.
LTE (Long-Term Evolution) LTE is a fourth-generation (4G) wireless standard that offers better network capacity and speed for cellphones and other cellular devices over third-generation (3G) technology. Key Points: i.RailTel was selected through competitive bidding, and this SBI project is one of the largest in India for 4G LTE last-mile connectivity. ii.In addition to last-mile connectivity, the project calls for the creation of a Network Operations Centre (NOC), backhaul connectivity to SBI’s Data Center & Disaster Recovery Centre (DC-DR), a live dashboard for Service-Level Agreement (SLA) monitoring, a 24×7 support desk, etc. RailTel Corporation of India Ltd (RailTel) i.RailTel is one of India’s largest neutral telecom infrastructure and Information and Communications Technology (ICT) Solutions & Services providers, with a Pan-India optical fibre network connecting various towns and cities as well as rural areas. ii.RailTel has two Tier III data centres that are approved by the Ministry of Electronics and Information Technology (MeitY) in addition to a robust and reliable network of 61,000+ RKM (route kilometres) of optic fibre. iii.RailTel provides a wide range of services, including Multiprotocol Label Switching (MPLS), Virtual Private Networks (VPNs), Telepresence, leased lines, Tower Co-location, Data Center Services, and more. iv.RailTel is also collaborating with the Indian Railways to turn railway stations into digital hubs by providing public Wi-Fi at railway stations across India. Chairman and Managing Director (CMD) – Sanjai Kumar Incorporated – 2000 Headquarters – New Delhi, Delhi
Hindujas Intends to Raise Their Stake in IndusInd Bank to 26%IndusInd International Holdings Ltd. (IIHL), a subsidiary of the Hinduja Group, has received preliminary approval from the Reserve Bank of India (RBI) to increase its ownership in IndusInd Bank Ltd. (IndusInd Bank) to 26%.
As a result, the Hinduja Group will contribute more than Rs. 10,000 crore to IndusInd Bank.
With this, IndusInd Bank has become the first bank to have its promoter increase its shareholding to 26%. Backdrop i.In November 2021, the RBI revised private bank ownership guidelines to allow promoters to own up to 26% of the bank, up from 15% earlier. ii.In January 2023, the RBI issued operational guidelines, “Reserve Bank of India (Acquisition and Holding of Shares or Voting Rights in Banking Companies) Directions, 2023,” which permitted promoters to hold 26%, up from 15%, of a bank’s paid-up share capital or voting rights after 15 years of operation.
This increase in the cap on promoter stakes is based on the recommendations of the Internal Working Group (IWG), 2021.
Key Points: i.Hinduja Group, through Mauritius-based IndusInd International Holdings Limited (IIHL), owns 16.51% of the stake and 15.16% of the voting shares in IndusInd Bank as of December 2022. ii.IndusInd International Holdings held 12.58%; and IndusInd Ltd. held 3.92%. About IndusInd Bank Ltd: MD & CEO – Sumant Kathpalia Established – 1994 Headquarters – Mumbai, Maharashtra Tagline – We Make You Feel Richer
8th meeting of US-India Civil Space Joint Working Group: officials discussed on Space CollaborationOn 30 and 31 January 2023, delegates from India and the United States of America(USA) gathered at the United States (US) Department of State for the 8th meeting of the US-India Civil Space Joint Working Group (CSJWG) and discussed on collaboration in Earth and space science as well as human space exploration. Delegates: i. The U.S. delegation included officials from the Department of State, the National Aeronautics and Space Administration (NASA), the Department of Homeland Security, the Federal Aviation Administration, the United States Geological Survey and the National Oceanic and Atmospheric Administration of the Department of Commerce. ii. The Indian delegation included representatives from the Indian Space Research Organisation (ISRO), the Ministry of Environment, Forest & Climate Change, the Indian Institute of Astrophysics, the Ministry of Earth Sciences and the Ministry of External Affairs. 8th US-India CSJWG: The meeting was co-chaired by Jennifer R Littlejohn, Principal Deputy Assistant Secretary in the Bureau of Oceans and International Environmental and Scientific Affairs and Karen Feldstein, Associate Administrator for International and Interagency Relations at NASA for the United States and Shantanu Bhatawdekar, Scientific Secretary of ISRO for India.
The CSJWG discussions were focused on space, earth, global navigation satellite systems, spaceflight safety and space situational awareness, and policies for commercial space.
Participants also considered the implementation of guidelines and best practices developed by the United Nations Committee on the Peaceful Use of Outer Space (COPUOS) to ensure the long-term sustainability of outer space activities.
India-US Bilateral Cooperation in Space: The NASA-ISRO Synthetic Aperture Radar (NISAR) mission, scheduled to launch in 2024, is a part of the India-US bilateral cooperation in Space. . NISAR Mission: i. NISAR is a joint Earth-observing mission between NASA and ISRO to systematically map Earth, using two different radar frequencies to monitor resources such as water, forests and agriculture. ii. NISAR will be the 1st satellite mission to measure changes in Earth’s surface less than a centimetre in size using two separate radar frequencies (L-band and S-band). Note: On 30th September 2014, NASA and ISRO signed a partnership to collaborate on and launch NISAR.
SpaceX launches 53 Starlinks on the 200th Falcon 9 rocket flight
On 2nd February 2023, SpaceX launched a batch of 53 internet satellites Starlink to orbit on its Falcon 9 rocket from Kennedy Space Center in Florida, United States of America(USA). This marks the 200th flight of SpaceX Falcon 9.
The previous missions of the rocket include SpaceX’s CRS-24 cargo mission to the International Space Station(ISS) in December 2021, Eutelsat’s Hotbird 13F telecom satellite in October 2022; and the OneWeb 1 flight in December 2022.
To date, SpaceX has launched more than 3,800 Starlink satellites and all All Starlink satellites to date have flown aboard Falcon 9 rockets.
NASA & IBM collaborate to Develop AI-Based Models to Spur New Earth Discoveries
The National Aeronautics and Space Administration (NASA) and IBM (International Business Machines Corporation), headquartered in New York, United States of America(USA), have collaborated to develop Artificial Intelligence (AI) based models that will make it easier to mine vast datasets to advance scientific knowledge about Earth and help the world to adapt to a changing environment.
Under this collaboration, NASA and IBM will create AI foundation models to analyze petabytes of text and remote-sensing data to make it easier to build AI applications tailored to specific questions and tasks.
The collaborative work will apply AI foundation model technology to NASA’s Earth-observing satellite data for the 1st time.
IBM and NASA will build 2 foundation models. One will be trained on reams of earth science journals to thematically organize the literature and make it easier to search and discover new knowledge and the other will be USGS and NASA’s popular dataset, Harmonized Landsat Sentinel-2 (HLS), a record of land-use changes captured by Earth-orbiting satellites.
UN ECOSOC Partnership Forum 2023: Indian NGO Shares Initiatives on Road Safety & Environment Conservation
The 2023 Partnership Forum of an annual session, the United Nations (UN) Economic and Social Council (ECOSOC), was held on 31 January 2023, back-to-back with the Council’s Coordination Segment, at the United Nations (UN) headquarters in New York, United States (US).
Punjab-based Patiala Foundation, a Non-governmental organization (NGO) from India, shared initiatives such as reflective stickers for bicycles, a ‘helmet bank’ and a ‘children’s challan book’ for road safety and environmental conservation.
This NGO was accorded ECOSOC Special Consultative Status in 2018 and works in the fields of livelihood protection and regeneration, heritage conservation, road safety, and environmental conservation, issues that are the focus of various Sustainable Development Goals.
The ECOSOC meeting highlighted the need for “revitalised partnerships” to recover more quickly from the pandemic and carry out the goals of the 2030 Agenda for Sustainable Development.
Cricket: New Zealand Tour Of India ODI and T20I series 2022-2023The New Zealand National Cricket Team(named: Black Caps) toured India for 3 One Day Internationals(ODIs) and 3 Twenty 20 Internationals(T20Is) from 18th January 2023 to 1st February 2023. India defeated New Zealand To and won both the 3-match ODI and T20I series.
In ODI, the Indian Cricket Team captained by Rohit Sharma defeated the New Zealand team captained by Tom Latham by 3-0 and in T20I, Team India captained by Hardik Pandya defeated New Zealand captained by Mitchell Santner by 2-1.
India defeated New Zealand in the ODI series 2022-2023: On 24th January 2023, India defeated New Zealand by 90 runs in the 3rd and Final ODI match held in Holkar Cricket Stadium, Indore, Madhya Pradesh(MP) and won the 3 match ODI series by 3-0. Player of the Series: Shubman Gill of India was adjudged the Player of the series for his aggregate of 360 in 3 innings, which includes a double century in the 1st ODI and a century in the final and 3rd ODI. India defeats New Zealand in T20I series 2022-2023: India defeated New Zealand by 168 runs in the 3rd and final T20I match held in Narendra Modi Stadium, Ahmedabad, Gujarat, to win the series by 2-1. This is the biggest margin of victory of runs in the T20I format in a match between full members.
New Zealand won the 1st march by 21 runs while India won the 2nd match by 6 wickets.
Player of the Series: India’s T20I captain Hardik Pandya was adjudged as the Player of the Series for his all-round performance throughout the T20I series against New Zealand.
Indian Cricketer Joginder Sharma announces Retirement from All Forms of CricketOn 3rd February 2023, Indian Cricketer, Joginder Sharma (39), who was known for bowling the last over in 2007 Twenty20 (T20) World Cup final against Pakistan, announced his retirement from all forms of Cricket.
Joginder Sharman currently serves as a Deputy Superintendent of Police (DSP) in Haryana. He joined the Haryana Police in October 2007.
About Joginder Sharma: i. Joginder Sharma was born on 23rd October 2023 in Rohtak, Haryana. He made his debut for Haryana against Madhya Pradesh in the 2002-2003 Ranji Trophy. He played domestic cricket for Haryana. ii. He was captain of the Haryana Cricket Team and was selected in Indian Team to play the T20 World Cup Cricket Championship in South Africa from 11-28th September 2007. iii. Joginder Sharma represented the Indian Cricket Team in 2003, 2004, 2006 and 2007. iv. He represented India in 4 One Day Internationals (ODIs) and as many T20s between 2004 and 2007. v. He played for Chennai Super Kings (CSK) in the Indian Premier League (IPL) from 2008 to 2012 and was part of the 2 IPL-winning CSK teams (2010 & 2011).
France’s World Cup Winning Defender Raphael Varane Retires from International Football
French footballer Raphaël Xavier Varane(29 years old) has announced his retirement from international football to focus on his career with Manchester United. He was a part of the France national football team (nicknamed: Les Bleus) that won the Fédération Internationale De Football Association (FIFA) world cup in 2018 and was a runner-up in 2022. Varane made his professional debut in 2010 and later joined Real Madrid in 2011 and made his international debut for France in 2013.
He played for Real Madrid from 2011 to 2021 and won 4 Union of European Football Associations (UEFA) Champions League, 4 Club World Cups, 3 European Super Cups, 3 Spanish Super Cups, 3 LaLiga titles, 1 Spanish Cup and 3 Spanish Super Cups.
He became only the 4th player in history to win both the World Cup and the Champions League in the same year (2018), joining Christian Karembeu (in 1998), Roberto Carlos (in 2002), and Sami Khedira (in 2004).
In 2021, he left Real Madrid to sign with Manchester United.
Padma Shri & Dadasaheb Phalke Awardee K Vishwanath, a renowned director, Passed AwayOn 2nd February 2023, Padma Shri and Dadasaheb Phalke awardee, Kasinadhuni Vishwanath (K Viswanath), a renowned Telugu filmmaker and actor, passed away in Hyderabad, Telangana at the age of 92.
K Vishwanath was born on 19 February 1930 in Repalle, Madras Presidency, British India (now in Andhra Pradesh, India).
He was popularly known as ‘Kalatapasvi’.
About Kasinadhuni Vishwanath: i. Kasinadhuni Vishwanath, who began his career as a sound artist, was a prominent figure in the Indian film industry. He is well known for his works in Telugu Cinema and he has also directed over 50 films in Telugu, Hindi and Tamil. ii. He debuted as a director with the Akkineni Nageswara Rao-starring “Aatma Gowravam”(1965), which won the Nandi Award for the best feature film. iii. K Viswanath made his Bollywood debut with the 1979 film Sargam, which was a remake of his movie Siri Siri Muvva. iv. He acted in movies like Pandurangadu, Narasimha Naidu, Bagavathi, Yaaradi Nee Mohini, Rajapattai, Lingaa, and Uttama Villain, among others. v. He has directed several award-winning films, including ‘Sankarabharanam’, ‘Sagara Sangamam’ (1983), ‘Saptapadi’ (1981), ‘Kaamchor’ (1982) and ‘Sanjog’ (1985). vi. Some of his popular films include Swathi Muthyam, Swarnakamalam, Sutradharulu, Sargam, Kaamchor, Shubh Kaamna, Eeshwar and Dhanwaan. Awards and Recognition: i. In recognition of K. Vishwanath’s outstanding contribution to Telugu film, the State Government of Andhra Pradesh gave him the prestigious Raghupathy Venkaiah award in 1991. ii. He was awarded the Padma Shri, the fourth-highest civilian award in India, in 1992.
Recipient of the Golden 20 Nandi Awards from the AP State Government starting from Best Picture for his 1st directorial venture (Atma Gowravam) followed by two consecutive awards in the same category.
iii. He was the 48th recipient of the Dadasaheb Phalke Award, India’s highest award in the field of Cinema, for the year 2016. iv. K. Vishwanath was a five-time National Film Awards winner for his movies Sankarabharanam, Sagara Sangamam (twice), Swathi Muthyam, and Swarna Kamalam. Note: Swati Mutyam, a National Award-winning film, was India’s official entry to the 59 Academy Awards in the best foreign film category.
Kerala Finance Minister Presents the State Budget for FY 2023-24Kerala Finance Minister (FM) KN Balagopal presented to the Legislative Assembly the budget for fiscal year 2023–24 (FY24), the second full budget of the Communist Party of India (Marxist) government led by Pinarayi Vijayan, the Chief Minister (CM) of Kerala. Important Budgetary Provisions for Kerala for 2023–24 i.The Kerala government has set aside Rs. 100 crore for welfare programmes and Rs. 2,000 crore to combat price increases, in addition to a plethora of initiatives in the infrastructure and higher education sectors. ii.The Kerala Infrastructure Investment Fund Board (KIIFB) has allotted Rs. 1,000 crore for the development of the Vizhinjam ring road as an industrial corridor. iii.In the state budget, Kerala Finance Minister announced a total allocation of Rs. 2,828.33crore for the medical sector, with Rs. 194.32 crore set aside for the “Integrated Child Development Service” (ICDS) scheme. About Kerala: Chief Minister – Pinarayi Vijayan Governor – Arif Mohammed Khan National Parks – Pampadum Shola National Park; Mathikettan Shola National Park Wildlife Sanctuaries (WLS) – Peppara WLS; Shendurney WLS
CM Prem Singh Tamang launched ‘Mero Rukh Mero Santati’
On 2nd February 2023, Prem Singh Tamang, Chief Minister (CM) of Sikkim, launched the initiative, named ‘Mero Rukh Mero Santati’ (Plant a Tree, Leave a Legacy), under which 100 trees will be planted for every child born in Sikkim.
The initiative is aimed at strengthening the connection between parents, children, and nature by planting trees to commemorate childbirth.
At the programme, CM Prem Singh Tamang distributed token seedlings to some new parents.
MeitY, Meta Announce List of 120 Startups, Innovators for XR Startup Programme
The Ministry of Electronics and Information Technology (MeitY) and Meta (Meta Platforms, Inc formerly named Facebook) have announced the list of 120 startups and innovators for the Extended Reality (XR) Startup Programme in New Delhi, Delhi. The Programme includes an Accelerator and a Grand Challenge, aiming towards boosting the emerging Tech ecosystem in India.
The programme will discover, nurture, and accelerate XR Technology startups and innovators across India.
The programme supports 40 early-stage start-ups working in XR technologies with a grant of Rs 20 lakh each.
Among the selected startups, more than 30% are from Tier II or Tier III cities across India and women-led or co-led Startups and Innovators form over 20% of the cohort.
IIT Patna signs MoU with Drone Destination to open Bihar’s 1st UAV Training Centre
Delhi-based Drone Destination Private Limited (DD), one of India’s leading Unmanned Aerial Vehicle (UAV) training and manufacturing groups, has signed a Memorandum of Understanding (MoU) with the Indian Institute of Technology (IIT) Patna (Bihar) to open Bihar’s 1st Directorate General of Civil Aviation (DGCA)-authorized Drone Training Centre. DD is the drone training partner of Indira Gandhi National Flying Academy (IGRUA) under the Ministry of Civil Aviation (MoCA) and has several centres across India.
IIT Patna plans to develop a drone centre of excellence to propel the UAV ecosystem.
Drone Destination became the 1st Drone Training Organisation to certify more than 1,200 DGCA-certified Drone Pilots in India, along with IGRUA and Sanskardham, the training partners of DD.
DD became the National Skill Development Corporation’s (NSDC)’s 1st Drone Training Partner and plans to jointly open 10 new drone centres.
CMIE: Unemployment Rate Falls to 4-Month Low of 7.14% in January
According to the data from the Centre for Monitoring Indian Economy (CMIE), India’s unemployment rate declined by 7.14% in January 2023, the lowest in 4 months, from 8.30% in December 2023. The unemployment rate was 8.03% in November 2022, 7.92% in October 2022 and 6.43% in September 2022.
Rural unemployment was 6.48% in January 2023, and Urban unemployment was 8.55%.
Jammu and Kashmir had the highest unemployment rate among the states with 21.8%, followed by Haryana (21.7%), and Rajasthan (21.1 %).
Unemployment in Delhi in January was at 16.75, in Goa (16.2%), Assam (16.1%) and Tripura (16%).
Chhattisgarh is the lowest unemployment rate among the states with 0.5%, followed by Odisha (1.5%), Tamil Nadu (1.8%), and Madhya Pradesh (1.9%).
India’s 1st Hydrogen Train Will Come by Dec 2023 On Heritage Routes
i.Union Railway Minister Ashwini Vaishnaw announced that India’s first hydrogen train will be designed and manufactured in India by December 2023, as the Union Budget 2023–24 focuses on green growth.
Once operational, the hydrogen train will operate on heritage circuits such as Kalka-Shimla before being expanded to other places.
ii.The train’s purpose is to exhibit India’s cultural heritage through trains, which will be updated by adding new circuits to the list, such as the Guru Kripa circuit.
iii.The Union Budget 2023-24 has an allocation of Rs. 2.41 lakh crore for Railways.
The “Amrit Bharat Station” scheme will redevelop 1275 stations while also revamping the production of Vande Bharat trains.
Indore Municipal Corporation Launches Secured Redeemable NCDs of Rs 244 croreIndore municipal corporation has launched secured redeemable Non-Convertible Debentures (NCDs) of face value of Rs 1000 each, aggregating up to Rs 122 crore. The issue contains an option to retain over-subscription up to 122 crores, making the total issue size to 244 crores.
Rate of return: The issue offers a 8.25% rate of return per annum, payable half yearly.
Each NCD shall consist of 4 separate transferable and redeemable principal tranches, each having a face value of Rs 250.
Key Points: i.The NCDs will be issued from 10 to 14 February 2023 and they are proposed to be listed on the National Stock Exchange of India Limited. ii.Rating: The NCDs that are proposed to be issued have been rated ‘IND AA+/Stable’ as per India Ratings and ‘CARE AA;(Stable)’as per Care Ratings. iii.The benefits such as interest on NCDs/ any STRPPs (Separately Transferable Redeemable Principal Parts) that are forming part of the NCD, would be available to the NCD Holders from the Deemed Date of Allotment. What are Debentures? Debentures are financial instruments that a company issues when it wants to raise long-term capital. About NCDs: i.Definition: The debentures which cannot be converted into shares or equities are called NCDs. ii.They have higher rate of return compared to convertible debentures as they are considered a little risky (due to long term). iii.The maturity value of the NCDs remains fixed, and they give fixed returns on maturity. iv.An eligible corporate that is intending to issue NCDs should obtain credit rating for issuance of the NCDs from one of the rating agencies specified by the Reserve Bank of India.
Kotak Mahindra Bank Implements RBI’s First Phase of Digital RupeeKotak Mahindra Bank Limited (KMBL) has announced the implementation of the first phase of the Central Bank Digital Currency (CBDC), referred to as the “Digital Rupee” (e₹).
The “Digital Rupee” (e₹) is a legal tender equivalent to bank notes and coins but issued in a digital form by the Reserve Bank of India (RBI).
The RBI has shortlisted KMBL as one of eight banks to implement a pilot project for the issuance of e-currencies. Reliance Retail has become the first organized retail chain in India to accept the RBI-created and blockchain-based CBDC (e₹) payments at its gourmet food store, Freshpik.
Innoviti Technologies, a payments-focused financial-tech firm, announced the launch of in-store payments via digital rupee in the retail segment (e ₹-R) in collaboration with Reliance Retail, ICICI Bank, and Kotak Mahindra Bank Limited (KMBL).
About Kotak Mahindra Bank Limited (KMBL): MD & CEO – Uday Kotak Established – 2003 Headquarters – Mumbai, Maharashtra
IDFC First Bank to receive Rs. 2,200 crore investment from IDFC Ltd
i.The board of IDFC Limited gave its in-principle approval for an investment of Rs 2,200 crore in IDFC First Bank, raising its stake in the bank from 36.38% to 40%.
IDFC Limited, the parent firm, is planning a reverse merger with IDFC First Bank.
ii.Additionally, the IDFC board has approved a special interim dividend of Rs. 11 per share, resulting in a payout of Rs. 287 crore to the Government of India (GoI), IDFC’s largest shareholder. iii.In December 2021, the boards of IDFC, IDFC Financial Holding Company, and IDFC First Bank gave their in-principle approval to the merger of IDFC and IDFC Financial Holding with IDFC First Bank.
IDFC Ltd. and IDFC Financial Holding have started the merger process with IDFC First Bank.
KFin Technologies launches in GIFT City
i.KFin Technologies Limited (KFintech) has announced the commencement of its operations in Gujarat International Finance Tec-City (GIFT City), Gandhinagar, Gujarat.
KFintech has formally signed deals with 4 GIFT City funds and 2 global funds in GIFT City, while discussions with other asset managers continue.
ii.KFintech is a top provider of technology-driven financial services that spans all asset classes and offers comprehensive services and solutions to the Indian capital markets ecosystem.
It also provides asset managers in Malaysia, the Philippines, Singapore, and Hong Kong with a range of investor solutions, such as transaction origination and processing for mutual funds and private retirement plans.
iii.The Gift City IBU (IFSC (International Financial Services Centre) business unit) of KFintech will meet the rising demand for portfolio management, private wealth, and alternative investments.
PVR Cinemas launches India’s 1st Multiplex within Airport Complex in Chennai
PVR Cinemas launched its 5-screen property at PVR Aerohub in Chennai International Airport, Chennai, Tamil Nadu (TN). this is India’s 1st multiplex housed within an airport complex.
There are 1155 seats available, and it is outfitted with cutting-edge cinematic technologies including 2K RGB+ laser projectors, REAL D 3D digital stereoscopic projection for incredibly clear, razor-sharp, ultra-bright pictures, and advanced Dolby Atmos high-definition immersive audio.
PVR Cinemas will have 12 locations in Chennai with 77 screens after this launch, and it will strengthen its position in TN with 88 screens spread across 14 properties. Its South Indian screen count would increase to 328 in 53 properties.
9th Edition of Kalinga Literary Festival: Announces KLF Book Awards 2022The Kalinga Literary Festival (KLF) [9th edition] has announced the KLF Book Awards 2022 in a variety of categories and languages including English, Hindi, Nepali, Maithili, Odia, and other Indian languages.
The awards will be given in a range of categories, including Non-fiction, Fiction Poetry Book, Book in Hindi language, Book in Translation, Bhasa First Book, Business Book, Environmental Book, Biography/Autobiography, Children Book, Sports Book, Lifestyle and Emerging Trend Books among others.
The 9th KLF will take place in Bhubaneswar, Odisha, from February 24 to 26, 2023.
The KLF, India’s Largest Festival of Literature Spirit, is an annual literary festival held in Bhubaneswar. KLF Book Awards 2022: List of Awardees
Manuela Roka Botey appointed as the 1st Female Prime Minister of Equatorial GuineaTeodoro Obiang Nguema Mbasogo, President of the Republic of Equatorial Guinea, appointed Manuela Roka Botey, deputy minister of education, as the Prime Minister (PM) of Equatorial Guinea. She becomes the first woman to hold the post of PM in Equatorial Guinea.
She succeeds Francisco Pascual Obama Asue who served as the PM of Equatorial Guinea, since 2016 for 3rd consecutive term.
On 1st February 2023, Manuela Roka Botey, the 1st female PM of Equatorial Guinea, was sworn in before President Teodoro Obiang Nguema Mbasogo in the Ambassadors Room of the People’s Palace in Malabo, Bioko, Equatorial Guinea.
Key points: i. The 3 Deputy Prime Minister of Equatorial Guinea has been confirmed in their post.
Clemente Engonga Nguema Onguene- 1st Deputy PM and Minister of Education.
Ángel Mesie Mibuy- 2nd Deputy PM and Minister of the Government, charged with Relations with Parliament and Legal Affairs.
Alfonso Nsue Mokuy- 3rd Deputy PM and Minister of Human Rights.
ii. The 3 Deputy PMs were invited as veterans to support the newly appointed PM. About Manuela Roka Botey: i. Manuela Roka Botey is a native of Bariobe, Baney District, Equatorial Guinea. ii. Manuela Roka Botey was Vice Chancellor of the National University of Equatorial Guinea and Sister Militant of the District Monitoring Commission of the PDGE, Convergencia para la Democracia Social (Democratic Party for Equatorial Guinea), in Baney, Equatorial Guinea. President of Equatorial Guinea: i. Equatorial Guinea has had only two presidents since its independence from Spain in 1968. The 1st President of Equatorial Guinea was Francisco Macías Nguema (1968- 1979). ii. Teodoro Obiang Nguema Mbasogo (80 years old) has been serving as the President since 1979. In November 2022 he was re-elected as the President for a 6th term with 95% of the vote. About Equatorial Guinea: President- Teodoro Obiang Nguema Mbasogo Capital- Malabo Currency- Central African Franc (CFA)
US Based GA-ASI Initiates 3 Projects in India in AI, Drones & Semiconductors General Atomics Aeronautical Systems (GA-ASI), a major energy and defence corporation based in the United States (US), has begun 3 significant projects in India in the fields of artificial intelligence (AI), drones, and semiconductors following the establishment of a landmark India-US initiative on Critical and Emerging Technology (iCET).
The US-India Business Council hosted the inaugural meeting under iCET, which was attended by US Secretary of Commerce Gina Raimondo, US National Security Advisor Jake Sullivan, Indian National Security Advisor (NSA) Ajit Doval, and other senior US and Indian officials.
Three Significant Projects i.GA-ASI has formed a partnership with Bharat Forge Limited (BFL), one of India’s leading forging companies, in the critical field of aerostructure manufacturing. ii.In order to create the next generation AI technologies, GA-ASI has partnered with 114ai, an Indian AI company. iii.In the field of semiconductors, GA-ASI has partnered with the Indian start-up 3rdiTech.
3rdiTech is one of the inaugural winners of the flagship Innovations For Defence Excellence (iDEX) programme of the Ministry of Defence (MoD).
The Task Force i.In order to enhance cooperation between the two nations in the semiconductor industry, the US Semiconductor Industry Association (SIA) and the India Electronics and Semiconductor Association (IESA) have decided to establish a task force.
The task force will be made of stakeholders from the private sector in both countries.
Objective: Develop a “readiness assessment” to discover near-term industrial prospects and support the long-term strategic development of complementary semiconductor ecosystems.
ii.This task force will make recommendations to the Department of Commerce and the India Semiconductor Mission (ISM) on ways to enhance India’s position within the global semiconductor value chain, including chip manufacturing, as well as contribute to the US-India Commercial Dialogue. iii.The task force will also identify and promote opportunities for workforce development, Research and Development (R&D), advanced packaging, and exchange. About Bharat Forge Limited (BFL): Chairman and Managing Director (CMD) – Baba Kalyani Headquarters – Pune, Maharashtra
Former Indian Footballer Parimal Dey Passed AwayOn 1st February 2023, a former Indian footballer Parimal Dey, who was fondly known as “Jangla-da” passed away at the age of 81. He was born on 4th May 1941 in West Bengal. About Parimal Dey: i. Parimal Dey played for India in 5 matches, scoring just one goal for the Indian team, the game-winning goal against the Republic of Korea in the bronze-medal game of the 1966 Merdeka Cup in Kuala Lumpur, Malaysia. ii. He also won 2 IFA Shield finals against BNR (Bengal Nagpur Railway Football Club (also known as BNR Recreation Club)) in 1966 and PAS Club (Pas Tehran Football Club, an Iranian football club based in Tehran, Iran) in 1970. iii. In 1970, he took a leading role in the IFA (Indian Football Association) Shield final. iv. He holds the distinction of winning the Calcutta Football League and IFA Shield thrice in 1966, 1970, and 1973. v. Parimal Dey played for Mohun Bagan Athletic Club only for two seasons. He played for East Bengal in eight seasons and won Santosh Trophy twice at the domestic level in 1962 and 1969, before retiring in 1973. vi. For East Bengal, he scored 84 goals and won a host of important trophies like the Calcutta Football League and the IFA Shield thrice in 1966, 1970, and 1973.
Among other tournaments, he has won the Durand Football Tournament, commonly known as the Durand Cup (1967, 1970), and the Rovers Cup (1967, 1969, 1973).
vii. He has the distinction of capturing the IFA Shield and Calcutta Football League 3 times, in 1966, 1970, and 1973, respectively. Awards and Honours: i. In 2018-2019, Parimal Dey was conferred with the ‘Banglar Gourav’ award for football. ii. He was conferred with the “Banga Bhushan” title by the Government of West Bengal in 2019 after his retirement from active football.
Palagummi Sainath authored a New Book titled “The Last Heroes”
Indian Columnist (Journalist) and author Palagummi Sainath (P Sainath) has authored a new book titled “The Last Heroes- Foot Soldiers of Indian Freedom” which broadly deals with the history of India’s freedom struggle written from the perspective of common people. The book was published by India Viking, an imprint of Penguin Random House.
P Sainath provides a graphic account of the participation of 15 ordinary persons, men and women, belonging to rural and tribal society, who were described as “Foot Soldiers of Indian Freedom.”
The book highlights the spirit of common people’s resistance and heroic activities against British rule and the feudal elements working as its collaborators.
World Wetlands Day 2023 – February 2 The United Nations (UN)’s World Wetlands Day is annually observed across the globe on 2nd February to create awareness about the wetlands, a critically important ecosystem on the planet and their vital role in the lives of the people.
The day also marks the date of the adoption of the “Convention on Wetlands of International Importance” (Ramsar Convention), an intergovernmental treaty adopted on 2nd February 1971, in the city of Ramsar, on the shores of the Caspian Sea, in Iran.
The theme of World Wetlands Day 2023 is “Wetland Restoration”. Note: According to the UN, “Revive and restore degraded wetlands” is the theme of 2023 World Wetlands Day which highlights the importance of wetland Restoration. 2023 Campaign visual: The Ripple Effect: Core idea: Our actions have an impact. One small action can trigger a ripple effect.
The 2023 campaign visual shows a person restoring a wetland through the action of re-planting. The visual features the outward “Ripple Effect” with the headline “Its Time for Wetland Restoration”.
About Ramsar Convention on Wetlands: The Secretariat of the Convention on Wetlands is based at the headquarters of the International Union for the Conservation of Nature (IUCN) in Gland, Switzerland. Secretary General– Musonda Mumba
Manish Sisodia, Dy CM of Delhi, launched DCPCR’s WhatsApp Chatbot ‘Bal Mitra’ On 1st February 2023, Manish Sisodia, Deputy Chief Minister of the Government of Delhi, launched the WhatsApp Chatbot ‘Bal Mitra’ developed by the Delhi Commission for Protection of Child Rights (DCPCR) to enable two-way between people and the Commission (child rights panel) and eliminating the information gap.
“Bal Mitra” can be accessed by sending a WhatsApp message to DCPCR Helpline No. 9311551393.
Manish Sisodia termed it as an important initiative to make governance citizen-friendly.
The technology support for the chatbot was offered by Infobip limited.
‘Bal Mitra’: Aim: To make the Commission more accessible, efficient and responsive to the needs of children in distress and those at high risk. Benefits: i. The Chatbot called ‘Bal Mitra’ will enable Children, parents, and concerned citizens to interact with the Commission more quickly and effectively. ii. The chatbot’s features include complaint registration, searching information and tracking complaint status, seeking information on admissions, and more. iii. The Chatbot will also ensure the confidentiality of the matters reported through it and provide authentic information on various issues relating to children and their rights. Key Points: i. The launch of the Chatbot ‘Bal Mitra’ was followed by the panel discussion on the “Role of technology for strengthening governance for children”.
The panel was facilitated by Amee Misra, the Head of Policy at the United Nations Development Programme (UNDP).
Additional info: i. In March 2022, DCPCR launched the ‘Early Warning system’, which assisted the education department in re-admitting over 50,000 students and reducing the dropout rate. ii. Early Warning System and the Chatbot ‘Bal Mitra’ will help DoE to disseminate the information related to the education of children in a better way across Delhi. About the Delhi Commission for Protection of Child Rights (DCPCR): The Delhi Commission for Protection of Child Rights (DCPCR) has been constituted under the Commission for Protection of Child Rights (CPCR) Act, 2005.
It is a statutory body of the Government of National Capital Territory (NCT) of Delhi that works on monitoring and protecting the rights of children.
Chairperson- Anurag Kundu Headquarters- New Delhi, Delhi
MP CM Shivraj Singh Chouhan launched Ladli Bahina Scheme to Provide Rs 1,000 Per Month to Poor WomenShivraj Singh Chouhan, Chief Minister (CM) of Madhya Pradesh(MP), launched a new scheme to provide Rs 1,000 per month to women from financially poor backgrounds in Madhya Pradesh.
CM noted that a sum of Rs 60,000 crore will be spent on this scheme over a period of 5 years.
The announcement was made during a programme on the banks of the Narmada River in Narmadapuram, MP.
About Ladli Bahina Scheme: i.The Ladli Bahina Scheme for the poor women from lower and middle classes of all sections on the line of Ladli Lakshmi Scheme. ii.The beneficiaries of other welfare schemes can also avail the benefits of the new scheme. iii.Under this scheme women will get financial assistance of Rs 12000 per year(Rs 1000 per month). Note: He also stated that the government is set to construct a Narmada corridor and Narmada lok on the line of the Mahakal Lok at the Mahakaleshwar Temple in Ujjain.
Gandhisagar Floating Festival 2023, Asia’s 1st floating festival, started in MP On 1st February 2023, Usha Thakur, Minister of Tourism, Culture and Religious Trust and Endowments, Government of Madhya Pradesh(MP), inaugurated the Gandhisagar Floating Festival 2023, Asia’s first floating festival, the first edition of the 5-day global festival in Mandsaur, Madhya Pradesh(MP).
The unique and first-of-its-kind floating festival will have land, air and water-based adventure activities.
After the 5-day festival which concludes on 5th February 2023, the tent city for tourists will continue for 3 months (till 30th April 2023) and adventure activities will continue for 6 months.
About Gandhisagar Floating Festival 2023: The festival is organised by the Madhya Pradesh Tourism Board (MPTB) with an aim to promote Gandhisagar as a tourist destination in both the domestic and international markets.
The Gandhisagar Floating Festival is operated and managed by LJS, Ahmedabad, Gujarat.
Note: Gandhi Sagar Dam is one of the 4 major dams constructed on the Chambal River in the Mandsaur district of Madhya Pradesh. The Gandhi Sagar Dam is a masonry gravity dam standing 62.17 meters high with a gross storage capacity of 7.322 billion cubic metres from its catchment area. Features of the festival: i.The festival will offer a unique glamping and adventure activities experience to tourists in Mandsaur. ii.The festival includes live music performances on a floating stage, a floating market, a boat spa, a boat safari, a silent forest tour, and other such events. iii.As a part of the festival, adventure activities will be organized near Gandhisagar reservoir. iv.Various workshops are organised as a part of the festival to promote awareness and understanding of eco-friendly craftsmanship. About Madhya Pradesh: Chief Minister– Shivraj Singh Chouhan Governor– Mangubhai Chhaganbhai Patel National Park– Ghughwa Fossil National Park(Dinosaur Fossil National Park), Vanvihar National Park Dams– Gandhi Sagar Dam(Chambal River); Bansagar Dam( Sone River)
First G20 International Financial Architecture Working Group Meeting Held in ChandigarhOn January 30 – 31, 2023, the first “G20 International Financial Architecture Working Group Meeting” under the G20 (Group of Twenty) Indian Presidency was held in the Union Territory of Chandigarh.
India assumed the G20 Presidency for a year, from December 1, 2022 to November 30, 2023.
The “International Financial Architecture Working Group” is focused on addressing ways to strengthen the international financial architecture, improve finance for development, and address vulnerabilities in the global financial system. First G20 International Financial Architecture Working Group Meeting (2023) i.The meeting was inaugurated by Union Minister Narendra Singh Tomar, Ministry of Agriculture and Farmers Welfare (MoA&FW) and Union Minister Pashupati Kumar Paras, Ministry of Food Processing Industries (MoFPI).
Nearly 100 participants from G20 member countries, invitee countries, and international organisations attended the meeting.
ii.The two-day meeting was co-led by the Ministry of Finance (MoF) and the Reserve Bank of India (RBI), as well as France and South Korea, who are co-chairs of the International Financial Architecture Working Group. iii.The meeting reviewed a range of topics, including the strengthening and reform of Multilateral Development Banks. iv.In light of the growing debt situation, it explored strategies to overcome the implementation challenges associated with the G20 Common Framework for Debt Treatments beyond the Debt Service Suspension Initiative (DSSI).
i.Following the Asian financial crisis in 1997, the G20 was established in 1999, as a forum for Finance Ministers and Central Bank Governors to address global economic and financial issues.
It serves as a premier forum for international economic cooperation.
ii.G20 Members:
It has 20 members, including 19 countries: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Türkiye, United Kingdom (UK), United States (US), and the European Union (EU).
iii.The G20 members account for nearly two-thirds of the world’s population, over 75% of global trade, and about 85% of the global Gross Domestic Product (GDP).
Austrade & CII Sign MoU for Technical Vocational Education and Training CoursesThe Australian Trade and Investment Commission (Austrade), an Australian Government agency, has signed a Memorandum of Understanding (MoU) with the Confederation of Indian Industry (CII) to collaborate on Technical and Vocational Education and Training (TVET) programmes.
The partnership will focus on Australian training standards and delivery in sectors such as automotive, allied health, mining, information technology (IT), cyber security, renewable energy, logistics, supply chain, and water management.
These activities will be implemented in partnership with CII by the Australia-India Future Skills Initiative team of Austrade in India.
Australia-India Future Skills Initiative i.The Australia-India Future Skills Initiative is a 4-year flagship programme of the Australian government.
It intends to encourage bilateral cooperation between Australia and India in the domains of education and training.
ii.The initiative will help India’s workforce and skill development by partnering with Australian vocational education, training, and skills providers. iii.Additionally, the programme would encourage bilateral cooperation in the transfer of Australian skills training to India through trade missions, Government to Government (G2G) agreements, webinars, seminars, and business networking in the field of education and training.
It will also promote two-way market literacy and integrate commercial skilling opportunities between Australian and Indian universities and corporates.
About the Confederation of Indian Industry (CII): The CII is a non-government, non-profit, industry-led and industry-managed organization having members from both the public and private sectors. President – Sanjiv Bajaj Incorporated – 1992 [Established as Engineering and Iron Trades Association (EITA) in 1895] Headquarters – New Delhi, Delhi
Inaugural Meeting of iCET (2023): India & US Unveil Ambitious Roadmap for Defence and Tech Partnership
On January 31, 2023, the inaugural meeting of the “US-India initiative on Critical and Emerging Technologies (iCET)” (2023) was formally launched by Ajit Doval, the National Security Advisor (NSA) of India, and Jake Sullivan, the National Security Advisor of the United States (US) in Washington, DC, US.
India and the US unveiled an ambitious agenda during the inaugural iCET dialogue to establish themselves as “trusted technology partners” and strengthen their defence partnership with an emphasis on co-production and co-development.
US-India initiative on Critical and Emerging Technologies (iCET) In May 2022, Indian Prime Minister Narendra Modi and US President Joe Biden jointly announced the “U.S.-India initiative on critical and emerging technologies (iCET)”. Objective: To strengthen and broaden the strategic technology partnership and defence industrial cooperation between the governments, businesses, and academic institutions of two countries. Key Points: i.The US and India have pledged to expand their collaboration in artificial intelligence (AI), quantum, space, semiconductor manufacturing, and scientific research and development (R&D). ii.iCET aimed to establish the two countries as “trusted technology partners” by establishing technology value chains and facilitating product co-development and co-production.
It also seeks to set up a stable system to overcome regulatory impediments and export controls, particularly on the US side.
iii.The two countries decided to focus on “joint production of key items of mutual interest” in the defence manufacturing sector. iv.The US also committed to a prompt examination of licence application by General Electric (GE) to manufacture jet engines in India for indigenously made Light Combat Aircraft (LCA).
Exercise ‘TrishakriPrahar’ held in North Bengal; IAF’s Exercise PoorviAkash held in Northeastern Region i.From January 21-31, 2023, a joint training exercise namely ‘Exercise Trishakri Prahar (Three-Force Strike)’ was held between the all arms and services of Indian Army, Indian Air Force (IAF) and Central Armed Police Forces (CAPF) in North Bengal. ii.The exercise tested the Security Forces’ preparedness to fight using the modern tools and weapons in a networked, integrated environment. iii.The IAF has started its annual mega exercise ‘Poorvi Aakash’ in the northeastern region to check its combat preparedness. The mega air drill which is being held after a gap of two years due to COVID-19. About Indian Air Force (IAF): Chief of the Air Staff– Air Chief Marshal Vivek Ram Chaudhari Headquarters– New Delhi, Delhi Establishment– 1932
India invited as Theme country of Madrid International Book Fair in 2025
On 1st February 2023, Jose Maria Ridao, the Ambassador of Spain, announced that India will be invited as the focal country at the Madrid International Book Fair in 2025 in Madrid, Spain.
The announcement was made during the event held at the Spain Pavilion at the 46th International Kolkata Book Fair (IKBF 2023) at Salt Lake, Kolkata, West Bengal
Spain is the theme country of the 46th International Kolkata Book Fair which will be held from 31st January 2023 to 12th February 2023.
A football dictionary of Spanish to Bengali is announced to be launched at the Kolkata Book Fair, containing terms and phrases used in the Spanish league.
RBI Partially Relaxes Restrictions on SBM Bank India till March 15, 2023; Appoints V. Ramachandra as an Advisory Committee Member of SIFL & SEFL The Reserve Bank of India (RBI) has partially relaxed the restrictions it had imposed on SBM Bank (India) Limited (“SBM Bank India“) with regard to transactions made under the Liberalised Remittances Scheme (LRS).
The relaxation will be effective till March 15, 2023 or till a further order by the RBI.
On January 31, 2023, the RBI appointed V. Ramachandra, former Chief General Manager of Canara Bank, as a member of the Advisory Committee of Srei Infrastructure Finance Limited (SIFL) and Srei Equipment Finance Limited (SEFL) with immediate effect. The Srei Group, which primarily serves the infrastructure and Micro, Small & Medium Enterprises (MSME) sectors, owes around Rs. 18,000 crore to around 15 lenders. About the Reserve Bank of India (RBI): Governor – Shaktikanta Das Headquarters – Mumbai, Maharashtra Establishment – 1st April 1935
RBI’s Digital Payments Index for September 2022 Increased to 377.46 The Reserve Bank of India (RBI) – Digital Payments Index (DPI), a measure of the extent of digitisation of payments across the country for September 2022 increased to 377.46 as against 349.30 in March 2022 and 304.06 in September 2021.
As per the index, Digital payments across the country registered a growth of 24.13 % in a year.
The RBI-DPI has increased across all parameters with significant growth in payment infrastructure and payment performance.
Mobicule launches Industry First Asset Repossession Module for Banks and NBFCs
Mobicule, a niche player and expert in debt collection, has announced the launch of the mCollect Repossession module, an industry first for banks and Non-Banking Financial Companies (NBFCs).
The revolutionary Asset Repossession Solution, a component of its debt collection and recovery product, is a comprehensive solution that maps all the complex processes involved in the repossession of an asset.
Mobicule is a pioneer in providing solutions that use mobile technologies to digitise processes and improves efficiency. This makes the launch of the mCollect Repossession Module seem like a natural extension of its debt collection platform.
India UK Achievers Honours 2023: Former PM Manmohan Singh honoured with Lifetime Achievement HonourDr Manmohan Singh, former Prime Minister (PM) of India and Member of Parliament (MP) Rajya Sabha (constituency- Rajasthan), was honoured at the 2023 edition of the prestigious India-United Kingdom (UK) Achievers Honours, a first-of-its-kind celebration of the UK’s Indian alumni, held on 25th January 2023 in London, UK, for his contribution to economic and political life.
British Indian peer Lord Karan Bilimoria received the Living Legend Honour.
Virendra Sharma MP from Ealing Southall, who chairs the Indo-British All Party Parliamentary Group, was also bestowed with the Living Legend Honour.
The India-UK Achievers Honours was organised by the National Indian Students and Alumni Union UK (NISAU UK) in partnership with the British Council in India and supported by the UK Government’s Department for International Trade and the UK Higher Education Sector. India-UK Achievers Honour: i. The India UK Achievers Honours honoured 75 Indian UK students and alumni who have made significant contributions to their field and society.
75 Young Achievers, 8 Outstanding Achievers and 2 Living Legends and a Lifetime Achievement award were recognised.
ii. To mark 75 years of India’s independence, the 1st-ever India-UK Achievers Honours covered 75 high achievers and some key Outstanding Achievers who bolster the India-UK diaspora living bridge. About Dr Manmohan Singh: i. Dr Manmohan Singh was born on 26th September 1932, in Punjab. ii. In 1971, he joined the Government of India as an Economic Advisor in the Ministry of Commerce (MoC). He was appointed as Chief Economic Advisor in the Ministry of Finance in 1972. iii. He has occupied positions like Secretary in the Ministry of Finance (MoF); Deputy Chairman of the Planning Commission; Governor of the Reserve Bank of India (RBI); Advisor of the PM; and Chairman of the University Grants Commission. iv. He has been a Member of the Rajya Sabha since 1991. He served as PM of India for two terms from 2004 to 2014. v. He has authored some books, which include, Untold Story of Arvind Kejriwal: Story of a Common man, India’s Export Trends and Prospects for Self-Sustained Growth, Collateral and Financial Plumbing, and Changing India.
DRDO Develops Unfurlable Antenna for Space RadarElectronics and Radar Development Establishment (LRDE), the Defence Research and Development Organisation (DRDO)’s lab based in Bengaluru(Karnataka), has developed an UnFurlable Reflector Antenna (UFRA), one of the major subsystems of radar.
The UFRA has a significant role in both Indian Space Research Organisation(ISRO) and the Military.
About UFRA: i.LRDE has developed the UFRA system with a rim truss-based deployable mechanism, primary arm, reflector mesh, tension ties, nets, and motor. ii.The deployment of the antenna to the required height was achieved by an unfurlable deployment mechanism Working: i.A cable is routed through the diagonal members of the rim truss elements where one end of the cable is fixed and the other end is pulled by a motor. ii.The antenna made up of metallic mesh will be deployed to the desired size when the cable is pulled by a motor. Need for UFRA: i.LRDE was involved in the development of space-borne imaging radar, consisting of electronic radar subsystems and antenna deployment mechanisms, for installation on satellites. ii.The radars require an antenna to be stowed in compact volume during the launch and then deployed in the required shape after the satellite reaches the required orbit. iii.The UFRA concept is a cost-effective option for small radar missions or constellations. About Electronics and Radar Development Establishment (LRDE): Director– P Radhakrishna Location– Bengaluru, Karnataka Mission:
To design & develop state-of-the-art radar systems and technologies to fulfil the requirements of the tri-services, paramilitary forces, intelligence and strategic missions.
To establish indigenous production capability through Industry partnership to achieve total self-reliance in the field of Radars.
Note: To distinguish between “Electrical” and “Electronic”, the Electronic is abbreviated with the first letter of its Latin root (Lektra)
Asian Waterbird Census-2023: 52 Avian Species Observed in Ladakh
52 avian species were observed during the Asian Waterbird Census-2023, conducted in the union territory of Ladakh between 17th and 19th January 2023.The census was organised by the Himalaya project and the Department of Wildlife Protection of Ladakh in collaboration with the Ladakh Biodiversity Council, a statutory body of the Ministry of Environment, Forest and Climate Change(MoEFCC).
Himalaya project, a joint project by United Nations Development Programme (UNDP) and MoEFCC.
About the Asian Waterbird Census-2023: i.The Asian Waterbird Census-2023 was organised in and around Chumathang, and Puga – 2 major hot springs in eastern Ladakh, and major birding sites like Tso Kar, and Shey and Phey villages along the banks of the Indus River. ii.The waterbird census was led by Padma Gyalpo, a known birder (person who observes or identifies wild birds in their habitats) from Shey. Key Points: i.Among the 52 bird species, 11 were sighted in Chumathang, 10 in Puga, 21 in Shey, and 10 in Phey along the Indus river. ii.Among the 52 species, 35 were recorded across all the birding sites, out of which 13 were waterbirds. iii.The observations were recorded on the eBird app, an online bird observations database that offers real-time data about bird distribution and abundance to scientists, researchers, and amateur naturalists. Additional info: i.The International Waterbird Census is a monitoring programme to collect information on the number of waterbirds at wetland sites. ii.The programme is operating in around 143 countries. India is a part of this programme under the Asian water bird census which is annually held during mid-winter.
Former Union Law Minister& Veteran lawyer Shanti Bhushan Passed AwayOn 31st January 2023, Shanti Bhushan, former Minister of Law (1977-1979) and eminent Jurist, passed away in New Delhi, Delhi, at the age of 97. He was born on 11th November 1925 in Bijnor, a district town of Western Uttar Pradesh. About Shanti Bhushan: i. Shanti Bhushan served as the Law Minister of India holding office at the Ministry of Law and Justice from 1977 to 1979 in the Ministry of Morarji Desai and was a member of the Rajya Sabha (1977-1980) ii. He introduced the 44th Amendment to the Indian Constitution, officially known as the Constitution (Forty-fourth Amendment) Act, 1978, which reversed many of the provisions of the 42nd Amendment (The Constitution (Forty-second Amendment) Act, 1976) approved by the Indira Gandhi government when he served as the Law Minister. iii. He was an active member of the Indian National Congress (Organisation), also known as Congress (O). In 1980, he joined the Bharatiya Janata Party (BJP) and resigned in 1986. iv. Shanti Bhushan was one of the founding members of the Aam Aadmi Party (AAP), which was founded in 2012. v. His son, Prashant Bhushan, is a well-known legal activist who regularly challenges the government in court. He has authored a book titled “The Case that Shook India: The Verdict That Led to the Emergency” about India’s historic case Raj Narain vs Indira Nehru Gandhi handled by Shanti Bhushan.
Shanti Bhushan represented Raj Narain in the historic Raj Narain vs Indira Nehru Gandhi case in the Allahabad High Court in 1975.
The court found Prime Minister of India Indira Gandhi guilty of electoral malpractices. This case led to the imposition of an Emergency in India from 1975 to 1977.
ICG Day 2023: Indian Coast Guard Celebrates 47th Raising Day – 1st February 2023Indian Coast Guard (ICG) Day is annually observed across India on February 1 to commemorate its Raising Day of the Indian Coast Guard (ICG), operating under the Ministry of Defence (MoD), Government of India(GoI). The purpose of the Day is to recognise organisations that support maritime security.
1st February 2023 marks the observance of the 47th Raising Day of the ICG.
Indian Coast Guard is the 4th largest coast guard in the world, with approximately 158 ships and 70 aircraft in its inventory. Background: i. On 18th August 1978, the Parliament officially established the ICG Day to be observed on February 1. ii. The day was inaugurated by Morarji Desai, former Prime Minister (PM) of India, on 19th August 1978. About the Indian Coast Guard: Director-General- Virender Singh Pathania Headquarters- New Delhi, Delhi Motto- “Vayam Rakshamah” means “We protect”
AP CM Jagan Mohan Reddy declares Visakhapatnam as the New Capital of Andhra PradeshChief Minister (CM) of Andhra Pradesh, YS Jagan Mohan Reddy, stated that Visakhapatnam will be declared as the new capital of Andhra Pradesh during the International Diplomatic Alliance Meet, a curtain-raiser event for the Global Investors Summit, held in New Delhi, Delhi.
He also announced that the government of AP will be organising the Global investor Summit in Visakhapatnam on 3rd-4th March 2023.
Note: He also described AP as one of the fastest-growing Indian states with 11.43% Gross State Domestic Product (GSDP). Background: i.Following the bifurcation of Andhra Pradesh into Telangana and the residuary Andhra Pradesh state in 2014, the then CM N Chandrababu Naidu-led government acquired over 33,000 acres of land from farmers to develop Amaravati as the capital of AP.
Note: During the bifurcation, it was stated that Hyderabad will serve as a joint capital for both Telangana and Andhra Pradesh for 10 years and the Governor of Telangana will administer Hyderabad till the AP government moves to a new capital.
ii.In 2019, after YS Jagan Mohan Reddy took charge as the CM, the government decided to develop 3 capitals – Visakhapatnam as the executive capital, Amaravati as the legislative capital and Kurnool as the judicial capital. iii.In March 2022, the AP High Court ruled against 3 capitals and directed the government to develop Amaravati as AP’s capital. iv.The state government has filed a petition in the Supreme court challenging the High court order.
The case against the HC ruling is still pending in the supreme court.
About Andhra Pradesh: Chief Minister– YS Jagan Mohan Reddy Governor– Biswabhusan Harichandan National Park– Sri Venkateswara National Park; Mrugavani National Park Wildlife Sanctuary– Sri Lankamalleswara Wildlife Sanctuary; Krishna Wildlife sanctuary
UP CM Yogi Adityanath launches Aarohini Initiative Training Programme for GirlsYogi Adityanath, Chief Minister (CM) of Uttar Pradesh (UP), launched the “Aarohini Initiative Training Programme” for the safety and security of girls in all 746 Kastuba Gandhi Balika Vidyalayas (KGBV) in UP.
Under the newly launched campaign, the Samagra Shiksha Abhiyan will work to ensure the safety and security of girls in all 746 KGBV.
Aim: The campaign aims to make the daughters of the underprivileged section capable and self-reliant. It also aims to enable the girls to raise their voices for their rights. Aarohini Initiative Training Programme: i. The Aarohini Initiative was established in 2011. It is a girls’ empowerment and education program rooted firmly in the philosophy that girls and boys must receive an education. ii. The initiative was initially introduced in 946 KGBVs, government-run residential girls’ schools, across UP and Rajasthan. iii. The aim of the Aarohini programme, which will be implemented in 3 phases, is gender sensitization. iv. In the first phase, teachers will be trained. After receiving training, two teachers at every KGBV will educate girl students. The institution will also groom the girls through debates and other activities along with the teachers. In the third phase, the campaign will be run at the community level. About Uttar Pradesh: Chief Minister- Yogi Adityanath Governor- Anandiben Mafatbhai Patel Wildlife Sanctuary- Sohagibarwa Wildlife Sanctuary; Saman Bird Sanctuary Airport- Kushinagar International airport; Kanpur Airport
‘Me-Dam-Me-Phi’ Festival 2023: Union Minister Sonowal hosts the Festival & Pays Respect to Ancestors
On 31st January 2023, Sarbananda Sonowal, Minister of Ports, Shipping and Waterways & Minister of AYUSH (Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homeopathy), hosted “Me-Dam-Me-Phi”, a festival of Assam’s Tai Ahom community to worship and pay respect to the ancestors in New Delhi, Delhi.
The Me-Dam-Me-Phi festival is annually observed across Assam on January 31.
The meaning of ‘Me’ means offerings, ‘Dam’ means ancestors, and ‘Phi’ means God.
During the festival, worship is offered in the name of three gods namely Grihadam, Dam Changphi, and Me Dam Me Phi.
Along with hundreds of members of the Assamese community living in Delhi-NCR (National Capital Region), the ceremony was attended by several Union Ministers, MPs, and ambassadors from Thailand and Laos.
Maharashtra recognised ‘Jai Jai Maharashtra Majha’ as State Song
On 31st January 2023, The Cabinet of Maharashtra, headed by Chief Minister (CM) Eknath Shinde, decided to recognise ‘Jai Jai Maharashtra Majha’, penned by Raja Badhe and sung by Balladeer Krishnaro Sable, as the state song of Maharashtra. The iconic Marathi song “Jai Jai Maharashtra Majha” which means “glory to Maharashtra” is popularly known as Shaheer Sable.
The song will be adopted on 19th February 2023, the birth anniversary of Chhatrapati Shivaji Maharaj, the founder of the Maratha Empire.
The song will be sung on Maharashtra Foundation Day on May 1 after the national anthem and it will also be sung or played in schools after the national anthem.
Nagaland Govt and Patanjali Foods Ltd. sign MoU on Palm Oil Cultivation
On 31st January 2023, Nagaland Government and Patanjali Foods Limited (formerly known as Ruchi Soya Industries Limited) signed a Memorandum of Understanding (MoU) for development and area expansion under oil palm cultivation and processing for Zone-II (Mokokchung, Longleng and Mon districts) in Nagaland under the National Mission on Edible Oil- Oil Palm (NMEO-OP).
The MoU was signed by M Ben Yanthan, Director of Agriculture of Nagaland, and Subhas Bhattacharjee, Patanjali Foods Ltd Head-NE Region, Oil Palm, at the Directorate of Agriculture, Kohima, Nagaland.
This MoU is for the development and area expansion of palm oil cultivation and processing for Zone II of Nagaland.
Patanjali Foods Ltd is already working in the states of Mizoram, Arunachal Pradesh, Assam and Tripura in the North East.
Indian Army’s Exercise Topchi held in Deolali, Maharashtra; Made-in-India Weapons showcasedOn January 29, 2023, the Indian Army’s annual firepower demonstration and training exercise ‘Exercise Topchi’ was conducted at the School of Artillery in Devlali in Deolali, Maharashtra.
The event took place under the stewardship of Lt Gen S HarimohanIyer, AVSM, Commandant School of Artillery and Col Commandant Regiment of Artillery.
Key Points: i.The event shows the capability of the Indian artillery with this year’s focus on ‘Atmanirbharata’ (self-reliance). ii.This edition showcased the integrated employment of firepower and surveillance assets to include guns, mortars, rockets, drones, and aviation assets. iii.The highlight of the exercise was display and firing by indigenously manufactured artillery equipment viz K-9 Vajra, Dhanush, Indian field gun (IFG)/ light field gun (LFG) system and Pinaka multi-barrel rocket launchers. iv.The event was witnessed by student officers of Defence Services Staff College, Wellington, Defence Services Technical Staff Course, Pune, Nepal Army Command & Staff College and civil administration officers.
USISPF launched STEM Initiative to increase women in STEM education & workforce in IndiaMukesh Aghi, president and Chief Executive Officer (CEO) of the United States(U.S.)-India Strategic Partnership Forum (USISPF) launched the U.S.-India Alliance for Women’s Economic Empowerment STEM Initiative(STEM Collaborative) to increase the number of women in Science, Technology, Engineering, and Mathematics (STEM) education and the workforce in India.
The STEM initiative was launched during the US-India Alliance Shatter Summit.
US-India Alliance for Women’s Economic Empowerment: The US-India Alliance for Women’s Economic Empowerment is a public-private partnership between the Department of State, the United States Agency for International Development (USAID), USISPF and George Washington University.
This is designed to speed up the transformational commitments to foster women’s economic advancement and inclusion in India.
About the STEM Initiative(STEM Collaborative): The STEM initiative plans to collaborate with leaders representing government, civil society, and the private sector to foster dialogue and catalyze collaboration, resources, innovative solutions & knowledge sharing across sectors between US and India. Aim: To identify barriers and create opportunities for advancing women and girls in STEM in India. Collaborative Founders and Co-Chairs: Radhika Shah, Co-President, of Stanford Angels & Entrepreneurs and Dr Temina Madon, Co-founder, of The Agency Fund. Objectives:
Foster dialogue to achieve systems change and accelerate women’s leadership in STEM
Identify opportunities and constraints for investing in women-led or co-founded tech start-ups.
Identify opportunities and obstacles to promote women and girls in STEM
Accelerate U.S.-India Higher Education Cooperation to support women’s higher education in STEM
Build bridges between corporations, philanthropic organizations and civil society to build effective corporate and philanthropic strategies to promote women in STEM
Raise public awareness of successful role models and career pathways to accelerate women in STEM
Mercom India Research: India’s Solar Module Manufacturing Capacity to Reach 95 GW by 2025 According to“State of Solar PV Manufacturing in India” report by Mercom India Research, India’s capacity to manufacture solar photovoltaic (PV) modules exceeded 39 gigawatts (GW) by the end of September 2022, and it is anticipated to reach about 95 GW by the end of the calendar year (CY) 2025.
The report offers an in-depth analysis of the solar PV module manufacturing landscape in India.
Note: The Mercom Capital Group is a clean energy research and communications firm based in the United States (US). Key Points: i.As of September 2022, India had a solar cell manufacturing capacity of around 4.7 GW, which is predicted to rise seven-fold by the end of CY 2024.
India needs a huge increase in manufacturing capacity since it will need to have 220 GW of solar capacity by the end of the decade.
ii.Various fiscal and non-fiscal incentives under industrial, electronics, and solar policies have been offered by States to encourage the growth of domestic solar manufacturing. iii.Additional support for vertical integration of new capacity is provided by the Production Linked Incentives (PLI) Scheme of the Government of India (GoI).
The Union Cabinet approved a Rs. 19,500 crore PLI Scheme on the “National Programme on High Efficiency Solar PV Modules” in September 2022, with the aim of attracting Rs. 94,000 crore in investment.
iv.The companies that received incentives under the first round of the government’s PLI scheme will have contributed significant amounts of polysilicon, ingots, and wafers to the market by the end of 2024.
The domestic value chain for PV manufacturing would also be improved significantly by the pending allocations under the second round of the PLI scheme.
v.The GoI is keen to establish India as a manufacturing hub for solar modules, and Indian manufacturers have consistently met demand for solar modules in the US, South Africa, and the United Arab Emirates (UAE) since 2018.
Gujarat is home to the majority of solar module and cell manufacturers.
vi.As of September 2022, India had a total installed solar power capacity of 60 GW. vii.Over the next ten years, significant increases in solar power generation capacity are expected in China, the U.S., the European Union (EU), and India.
Working Committee under the Chairmanship of PK Malhotra to Draft rules for Mediation in IndiaMinistry of Law and Justice has constituted a working committee under the chairmanship of former Law Secretary PK Malhotra to draft rules and standards for the implementation of the provisions of the Mediation Bill/Act in India.
Suggestions for setting various standards including, certifications, accreditation, grading, criteria etc, for various stakeholders will also be provided under the Mediation Bill.
The committee would suggest a way for the online conduct of mediation as per subordinate legislation.
Drafts of the rules and regulations as envisaged under the Mediation Bill/Act will also be provided by the committee.
The working committee: i.Chairperson:
PK Malhotra, former Law Secretary
ii.Members:
Tejinder Singh Luthra IPS, IG Research, BPRD (Bureau of Police Research and Development)
JP Sengh, Senior Advocate, Delhi High Court and Mediator
Dr Rajiv Mani, Additional Secretary, Department of Legal Affairs
Member Secretary, NALSA (National Legal Services Authority of India)
Laila Ollapally, Founder, Centre for Arbitration & Mediation Practice (CAMP)
Gayathri B Kalia- Executive Director, CAMP
Representative nominated by the Department of Panchayati Raj
Representative from the International Mediation Institute, Hague
Haimanti Bhattacharya, Director, Department of Legal Affairs
Avnit Singh Arora, Director, Department of Legal Affairs
Background: i.The Mediation Bill, 2021 was introduced in the Rajya Sabha on December 20, 2022, and further the Bill was referred to the Department-related Parliamentary Standing Committee (DRPSC) on Personnel, Public Grievances, Law and Justice. ii.The Committee presented its 117th report on the Mediation Bill, 2021 to the Chairman of Rajya Sabha on July 13, 2022.
Union Minister Hardeep Singh Puri re-dedicates ONGC’s Sagar Samrat as a Mobile Offshore Production Unit
On 28th January 2023, Hardeep Singh Puri, Union Minister of Petroleum and Natural Gas, re-dedicated Oil and Natural Gas Corporation’s (ONGC) iconic drilling rig Sagar Samrat, as a Mobile Offshore Production Unit (MOPU) at a ceremony held on Sagar Samrat.
MOPU Sagar Samrat commenced production on 23rd December 2022 and is currently deployed at the Western Offshore (WO)-16 field, located 140-145 kilometres west of Mumbai.
MOPU will handle up to 20,000 barrels per day of crude oil and is expected to add 6,000 barrels per day to India’s production.
Sagar Samrat, Commissioned in 1973, has drilled almost 125 wells and has been involved with 14 key offshore oil and gas discoveries in India.
Note: MOPU is considered any type of portable structure that can be reused when procuring Oil and gas from the seabed.
MIB Guidelines: TV channels to provide monthly details of public service content
On 30th January 2023, the Ministry of Information and Broadcasting clarified that the topics of national importance and social relevance embedded in the programmes broadcast by private TV channels would qualify for their obligation under the “Guidelines for Uplinking and Downlinking of Television Channels in India, 2022”.
The guidelines ask TV channels to show at least 30 minutes of public broadcasting (PSB)content every day and 15 hours monthly and submit a monthly report on the Broadcast Seva Portal on or before the seventh day of the following month.
Foreign television channels downlinking in India and channels broadcasting predominantly (more than 12 hours) sports, devotional, spiritual and yoga content are exempted from providing the monthly reports.
The content could include the themes of education and the spread of literacy; agriculture and rural development etc.
These norms will become effective from 31 March 2023.
This joint flagship report is published by 4 specialized agencies of the UN: The Food and Agriculture Organization (FAO), the United Nations Children’s Fund (UNICEF), the World Food Programme (WFP), and the World Health Organization (WHO).
The report is the fifth annual assessment of food insecurity and hunger by the UN agencies.
i.The 5F crisis, which refers to a lack of food, feed, fuel, fertilizer, and finance, is driving millions of people in the Asia-Pacific (APAC) region, which is home to the majority of the world’s population, into hunger and poverty. ii.Globally, the prevalence of food insecurity increased from 21% in 2014 to over 29% in 2021. About the United Nations World Food Programme (WFP): The World Food Program (WFP) is the largest humanitarian organisation in the world. It was awarded the Nobel Peace Prize in 2020. Executive Director – David Beasley
Headquarters – Rome, Italy Established – 1961
Infibeam Avenues Brand CCAvenue Becomes India’s First Payment Gateway Player to Process Retail CBDC TransactionsCCAvenue, the premier payments brand of Infibeam Avenues Limited (IAL), has emerged as India’s first payment gateway player to process Central Bank Digital Currency (CBDC) or Digital Rupee (e-rupee) transactions for online retail merchants.
In an industry- first move, CCAvenue has processed CBDC transactions for IDFC First Bank, one of India’s top private sector banks, enabling CBDC online transactions in an attempt to improve the country’s digital payments ecosystem.
i.On November 1, 2022, the RBI launched its first pilot project to implement CBDC or Digital Rupee (e₹) in the Wholesale Segment (e₹-W) for secondary trade in government securities (G-secs). ii.On December 1, 2022, the RBI launched its pilot project to implement CBDC or Digital Rupee (e₹) in the Retail Segment (e₹-R) with four banks in four cities, including IDFC FIRST Bank, after testing the wholesale CBDC. About IDFC FIRST Bank: MD & CEO – V. Vaidyanathan Headquarters – Mumbai, Maharashtra
RBI Data: The Number of Micro ATMs Surged in 2022, But Cash Withdrawals DroppedAccording to data from the Reserve Bank of India (RBI), there was a sharp increase in the number of micro Automated Teller Machines (ATMs) installed all over India in 2022. However, no major increase in the value of money withdrawn through these devices has occurred since June 2022.
As of December 2022, there were 14.19 lakh micro ATMs operating across India.
Micro ATMs i.As the term indicates, micro ATMs are compact ATMs or card-swipe machines that are portable and handheld.
Additionally, they provide cardless money transfers using the Aadhaar-enabled payment system (AePS) in remote regions.
The customer is recognized by the micro-ATM using an identity proof, typically the Aadhaar, which is linked to their bank account.
ii.According to the RBI, the micro-platform will enable functioning via low-cost devices (micro ATMs) linked to banks across India.
This would allow a person to instantly deposit or withdraw money, irrespective of the bank linked to a specific business correspondent (BC).
Every BC will have access to this device, which will operate via a mobile phone connection.
Trend with Respect to Micro ATMs in India i.According to the RBI data, there were around 3.56 lakh micro ATMs in India by the end of 2020, and 5.9 lakh in December 2021. The total number increased by more than double to a remarkable 14.19 lakh in December 2022. ii.Meanwhile, in December 2020, cash withdrawals amounted to Rs. 19.67 lakh crore.
It was Rs. 25.2 lakh crore in December 2021 and had grown to just around Rs. 25.5 lakh crore by November 2022, when the number of micro ATMs was at 13.3 lakh.
iii.This revealed that the value of transactions per micro ATM per month is declining, while cash withdrawal figures for December 2022 have yet to be disclosed. iv.It should be noted that this was not always the case, since the value of cash withdrawals from micro ATMs increased significantly during the COVID-19 pandemic.
It increased from Rs. 1,17,086 crore in the Financial Year 2019–20 (FY20) to Rs. 2,25,041 crore in FY21, a 92% increase. It was Rs. 2,99,776 crore in FY22.
v.Fino Payments Bank operates over a quarter (3.55 lakh) of India’s 14.19 lakh micro ATMs.
SBM Bank India Ltd., which ranks second, has deployed 3.3 lakh of them.
NSDL Payments Bank, with 2.25 lakh devices, is the third-largest player.
NIA Launches its ‘Pay As You Drive’ Vehicle Insurance Policy
New India Assurance (NIA) has launched its ‘Pay as You Drive’ (PAYD) vehicle Insurance Policy to offer charges premium based on the usage of the vehicle. Key Points: i.Features of PAYD include discounts on renewals, coverage beyond distance limit, and enhanced protections such as zero depreciation, roadside assistance, engine protection, return to invoice, etc. ii.In the PHYD policy, insurance premiums are calculated based on driving and distance travelled instead of a fixed amount paid in a conventional car insurance policy.
For instance, if person A drives his car 200-300 km per month and person B drives his car 1200-1500 km per month, they do not have to pay the same premium under the ‘PAYD’ model. Thus PHYD will benefit those who do not use their vehicles much.
iii.The two components of the policy include a third-party cover and own-damage cover.
Under own-damage premium cover, the customer can save money through discounts on renewal premiums, provided the vehicle runs within the specified kilometers.
Note – Recently, the Insurance Regulatory and Development Authority of India (IRDAI) has permitted general insurance companies in India to launch telematics-based motor insurance covers, such as pay as you drive (PAYD) and pay how you drive (PHYD), allowing vehicle owners to decide how much to pay on their car insurance. About New India Assurance (NIA): Establishment – 1919 Headquarters – Mumbai, Maharashtra Chairman-cum-Managing Director – Neerja Kapur
IMF projects India’s growth to fall 6.1% in 2023i.The International Monetary Fund (IMF) in its World Economic Outlook- January 2023 update has projected India’s growth to decline from 6.8% in 2022 to 6.1% in 2023 before picking up to 6.8% in 2024. ii.The global growth is projected to fall from an estimated 3.4% in 2022 to 2.9% in 2023, then rise to 3.1% in 2024. iii.About 84% of countries are expected to have lower headline (consumer price index) inflation in 2023 than in 2022. About International Monetary Fund (IMF): Managing Director– Kristalina Georgieva Headquarters– Washington, DC, United States (US)
Ministry of Defence Announced the Best Marching Contingents & Tableaux of R-Day Parade 2023On 30th January 2023, the Ministry of Defence(MoD) announced the best marching contingents and tableaux of Republic Day (R-Day) Parade 2023 in two separate results, one selected by the 3 member Expert Committee of Ministry of Defence and the other through an online public vote conducted by MyGov platform.
A total of 23 tableaux – 17 from states and union territories and six from various ministries and departments- participated in the Republic Day parade 2023.
i.The expert panel has declared Uttarakhand’s tableaux, featuring the Manaskhand, Maharashtra with the theme Sade Tin Shaktipithe & Nari Shakti, as the winner of the first prize under Best Tablueaux of State/UTs.
Maharashtra’s tableaux featuring sadetin shakti peeth of Kolhapur’s Devi Amba, Mahur’s Mata Renuka Devi, Vani’s Saptashringi Devi, and Tuljapur’s Bhavani Mata was and Uttara Pradesh(UP)’s tableaux featuring the 3-day Deepotsav won the 2nd and 3rd prize respectively.
ii.Central Reserve Police Force (CRPF) Marching Contingent was declared as the Best Marching Contingent among Central Armed Police Forces (CAPF)/other auxiliary forces under both categories. About Ministry of Defence: Union Minister– Rajnath Singh (Constituency- Lucknow, Uttar Pradesh) Minister of State– Ajay Bhatt (Constituency- Nainital-Udhamsingh Nagar, Uttarakhand)
Puma India ropes in Indian Cricket Harmanpreet Kaur as Brand AmbassadorPuma India, one of the largest sportswear brand, has roped in Indian Women’s cricket team captain Harmanpreet Kaur as its brand ambassador as a part of Puma India’s commitment towards the women’s business, particularly in sports segment in India.
As the brand ambassador, Harmanpreet will endorse the brand’s footwear, apparel and accessories throughout the year.
Key Points: i. Harmanpreet Singh was appointed over a unique social experiment that revealed the general attitude of India toward gender perception in sports. ii. This is a major step towards the brand’s commitment to back women in the sports ecosystem. Other Brand ambassadors of Puma: Indian Cricketers Virat Kohli and Harleen Deol, champion sprinter Usain Bolt(Jamaica), football players Neymar Jr (Brazil)and Sunil Chhetri(India), Indian boxer MC Mary Kom, and Indian para-shooter Avani Lekhara. About Harmanpreet Kaur: i. Harmanpreet Kaur Singh was born on 8th March 1989 in Moga, Punjab. ii. She made her One Day International (ODI) debut at the age of 20, against Pakistan in March 2009 in the Women’s Cricket World Cup at Bradman Oval, Bowral, Australia. iii. In June 2009, she made her Twenty20 International (T20I) debut against England in the 2009 ICC Women’s World Twenty20 at County Ground, Taunton, England. iv. She has the record of the 4th fastest women’s Twenty20 International (T20I) hundred in the world to her name and she is also India’s only centurion in the women’s T20I.
In 2013, she was named ODI captain of India women’s.
v. Harmanpreet Kaur Singh has scored 6 international hundreds so far in her career, 5 of them in ODIs. vi. She won the ICC Player of the Month award in the ODI series in England in 2022. Award: Harmanpreet Kaur was conferred with the Arjuna Award in 2017 for Cricket. About Puma India: Puma, a German multinational corporation, was established in 1948 in Herzogenaurach, Germany and entered the Indian market in 2006. Managing Director- Abhishek Ganguly Headquarters- Bengaluru, Karnataka
Unilever appoints Hein Schumacher as New CEO
Unilever, the British multinational consumer goods company, appointed Hein Schumacher, as its next Chief Executive Officer (CEO), replacing Alan Jope who announced his intention to retire from Unilever after strategy mishaps frustrated investors including Nelson Peltz. Hein Schumacher is the CEO of Royal FrieslandCampina, a Dutch multinational dairy cooperative based in Amersfoort, Netherlands.
He will take over as the CEO of Unilever on 1st July 2023, following a one-month handover.
He became a Non-Executive Director of Unilever in October 2022. Prior to joining Royal FrieslandCampina as Chief Financial Officer (CFO) in 2014, he worked for H.J. Heinz for over a decade.
Morgan Stanley appoints Arun Kohli as New Country Head for India
Morgan Stanley appointed Arun Kohli as the new Country Head for India to replace Sanjay Shah, a veteran of 26 years at the firm, who will be retiring from service.
Presently, Arun Kohli, a veteran in the field of investment banking, serves as Morgan Stanley’s Managing Director (MD) and Chief Operating Officer (COO) for Europe, the Middle East, and Africa (EMEA) regions.
He is currently based in London, United Kingdom(UK), and has been associated with Morgan Stanley for the past 15 years.
He will be relocating to Mumbai, Maharashtra, from London to take over his new role.
Drone Start-up Eminent Air showcased India’s 1st one of its kind Drone with Parachute Integrated SystemEminent Air Private Limited, a New Delhi(Delhi) based drone start-up, showcased India’s 1st one-of-its-kind drone with a Parachute Integrated system as part of an event to mark its inaugural flight. The inaugural flight was a part of a live demonstration to highlight the drone’s capabilities and features. Note: Unmanned Aerial Vehicles (UAVs) are anticipated to significantly change the logistics industry in India by providing a fast and effective way of package delivery. Drone with Parachute Integrated system: i. The custom-designed UAVs have a maximum takeoff weight of 35 kg and can travel more than 60 kilometres in 60 minutes during a single mission, depending on the load.
The UAV’s performance is inversely proportional to the weight it carries.
ii. The drone’s Parachute Integrated system improves the safety and reliability of the goods being delivered. Key Points: i. The drone with Parachute Integrated System’, ensures safe and dependable delivery of items and eliminates any potential risk during the operation. ii. The drone’s payload compartment has an “Insulated Vaccine Carrier” to safeguard temperature-sensitive objects like vaccines and medicines. iii. Eminent Air specialises in providing safe and reliable means of transportation for the fastest and most effective contact-free deliveries. iv. Eminent Air will provide services to various industries, including Healthcare, Retail, Logistics, Agriculture, and E-Commerce.
India won 1stWomen’s U-19 T20 World Cup 2023 by defeating England i.India won the 1st ICC (International Cricket Council) Under-19 Women’s T20 (Twenty 20) World Cup 2023 by defeating England with 7 wickets. ii.It was the first edition of the ICC Women’s Under-19 Cricket World Cup and it was hosted by South Africa (SA) from January 14 – 29, 2023. iii.This is India’s first World Cup win in the women’s section. iv.The Player of the final match title was awarded to 18-year-old Indian pacer TitasSadhu. v.The Player of the Tournament or Most Valuable Player (MVP) title was grabbed by England captain and stellar all-rounder Grace Scrivens. About South Africa (SA): Capitals– Pretoria (Executive), Cape Town (Legislative), and Bloemfontein (Judicial) Currency– South African Rand
Martyrs’ Day 2023 – 30th January 2023Martyrs’ Day, also known as Sarvodaya day or Shaheed Diwas, is annually observed across the globe on January 30 to pay tribute to all who sacrificed their lives for India. The day also marks the death anniversary of Mahatma Gandhi, who was fondly called ‘Bapu’.
30th January 2023 marks the 75th anniversary of the Martyrdom Day of Mahatma Gandhi.
Martyrs’ Day or Shaheed Diwas is also observed across India on March 23 to commemorate the sacrifice of 3 young freedom fighters of India – Bhagat Singh, Shivaram Rajguru, and Sukhdev Thapar.
23rd March 2023 marks the 92nd death anniversary of the 3 freedom fighters.
Other Martyrs’ Day observed in India: i. In the Barak Valley, May 19 is observed as Bhasha Shahid Divas (Language Martyrs’ Day), recognising the deaths of 11 people killed during the Bengali Language Movement ii. The Queen of the Maratha-ruled princely state of Jhansi, Rani Lakshmibai’s birthday, November 19, 1828, is commemorated as Martyrs’ Day in honour of those who lost their lives in the rebellion of 1857, in which she was a leading figure. iii. The death anniversary of the ninth Sikh Guru Tegh Bahadur on 24 November 1674, executed by the Mughal emperor Aurangzeb, is seen as Martyrs’ Day.
TSRTC signs MoU with Nalsoft for Enterprise Resource Planning Implementation
On 30th January 2023, the Telangana State Road Transport Corporation (TSRTC) signed a Memorandum of Understanding (MoU) with Nalsoft Private Limited for Enterprise Resource Planning (ERP) implementation.
TSRTC is the first State Road Transport Corporation undertaking in India to commission and implement ERP.
TSRTC is a Telangana government-owned corporation that runs bus transport services to and from Telangana. Signatories: The MoU was signed by Vishwanath Channappa Sajjanar (V.C. Sajjanar), Vice Chairman and Managing Director (MD) of TSRTC, and Nalsoft Chief Executive Officer (CEO) CA. Venkata Nakkuri in Bus Bhavan, Hyderabad, Telangana. Key Points: i. Over 10,000 vehicles are in the TSRTC’s fleet, and 47,528 employees (of whom 37,000 are drivers and conductors and the rest mechanics), are overseen by 200 officers. ii. TSRTC manages around 45 lakh passengers (30 lakh fare-paying and 15 lakh bus pass-holders), travelling 32 million kilometres daily, across 99 depots, 364 bus stops, and 3,000 routes.
It has chosen Nalsoft as its implementation partner for the Oracle ERP (enterprise resource planning) project to integrate all the departments and front office systems.
It is expected to go live in the record a 9 months’ time.
iii. TSRTC is using the latest technology in the corporation as part of the digital transformation of various services and improving internal efficiency. iv. Bajireddy Govardhan, Chairman of TSRTC and V.C. Sajjanar reinforced the need to have an effective ERP system to have an online back office system for depots, zones and the head office. About the Telangana State Road Transport Corporation (TSRTC): Chairman- Bajireddy Govardhan MD- V.C. Sajjanar Headquarters- Hyderabad, Telangana Establishment- 2014 About the Nalsoft (P) Ltd: Chief Executive Officer (CEO)- Venkata Nalluri Headquarters- Hyderabad, Telangana Establishment- 2001
MeitY Notifies “IT Amendment Rules 2023”: Government-Appointed Fact-Checker to Identify Fake NewsThe Ministry of Electronics and Information Technology (MeitY) made a draft amendment to the Information Technology Rules, 2021, which will now be known as the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Amendment Rules, 2023 [IT Amendment Rules, 2023].
In accordance with the 2023 draft amendment, MeitY is given the authority to establish a “fact-checking unit” with broad power to ascertain what is “fake, false, or misleading” in relation to “any business of the Union Government.”
The proposed amendment grants the Press Information Bureau (PIB) the power to judge whether news reports are accurate, and anything deemed “fake” must be removed by online intermediaries, including social media platforms. Key Points: i.The government fact-checking body will solely be in charge of information pertaining to Union Government schemes.
It would send necessary notices informing intermediaries of content that it has determined to be false or misleading.
In the future, a separate mechanism for establishing private fact-checking bodies will be established.
ii.As part of the added due diligence requirements, social media intermediaries (like Facebook and Twitter) and telecom service providers must warn users not to host, display, upload, modify, publish, transmit, store, update, or share any information in relation to any activity of the Union Government that has been flagged as fake, false, or misleading by such a fact-check unit. iii.If an intermediary fails to remove content after the fact-checking unit requests it, the intermediary will lose safe harbour for that piece of content. Click here for official notification. Key concerns: i.There is no indication of the regulatory mechanism for such a fact-checking unit established by MeitY. ii.In addition, MeitY has not addressed the judicial oversight, the right of appeal, or the adherence to the guidelines established by the Supreme Court of India in the Shreya Singhal v. Union of India case with regard to the removal of content or the barring of social media handles. iii.The announcement of these amended rules increases the detrimental impact of these limitations on the fundamental right to speech and expression. iv.These amendments will have severe repercussions, particularly for news publishers, journalists, activists, and press freedom in India. Note: Internet Freedom Foundation (IFF) is an Indian digital liberties organisation that seeks to ensure that technology respects fundamental rights.
Union Cabinet grants approval to LIGO-India to build gravitational-wave Detector in MaharashtraOn 6th April 2023, the Union Cabinet of the Government of India headed by Prime Minister(PM) Narendra Modi approved the LIGO-India(Laser Interferometer Gravitational-wave Observatory in India) mega science proposal for research on gravitational waves.
The LIGO-India project will establish a state-of-the-art gravitational wave observatory in Hingoli, Maharashtra(India) in collaboration with the LIGO Laboratory in the United States of America(USA).
The LIGO project is piloted by the Department of Atomic Energy(DAE) and the Department of Science and Technology (DST).
The project worth Rs 2600 crore is estimated to be built by 2030. Note: LIGO Laboratory is a consortium of the California Institute of Technology (Caltech) and the Massachusetts Institute of Technology(MIT). About the Ministry of Science and Technology(MoST): Minister of State(Independent Charge)– Dr. Jitendra Singh(Constituency – Udhampur, Jammu and Kashmir) Secretary (DST)– Dr. S. Chandrasekhar
Visit of His Majesty The King of Bhutan to India – April 03-05, 2023From April 3–5, 2023, His Majesty Jigme Khesar Namgyel Wangchuck, the King of Bhutan, visited India on an official trip with Lyonpo Dr. Tandi Dorji, Minister of Foreign Affairs and External Trade, and other top Royal Government of Bhutan officials.
i.India and Bhutan have unique friendship and collaboration ties that are distinguished by trust and mutual understanding. ii.During the COVID-19 pandemic, India was the first country to respond to Bhutan’s medical needs, sending 13 consignments of medical supplies and becoming the first country to offer Indian-made Covishield vaccines to Bhutan. iii.India has historically been Bhutan’s top trading partner and continues to be its top investor. India, Bhutan agree on steps to boost cooperation in hydropower, trade and space India and Bhutan have agreed on a number of new measures to strengthen their cooperation in sectors such as hydropower, trade, and space, including the finalization of a joint plan of action to deepen their partnership in space technology. i.India decided to increase its support for Bhutan’s upcoming 13th Five-Year Plan (2023-28), has agreed to an increase in the tariff on the Chhukha hydroelectric power (HEP) project, and is negotiating an additional standby credit line for Bhutan. About Royal Government of Bhutan: Prime Minister – Lobgay Tsering Capital – Thimphu Currency – Bhutanese Ngultrum (BTN)
PM Inaugurates, Lays Foundation for Projects Worth Rs 11,300 cr in TelanganaPrime Minister(PM) Narendra Modi inaugurated and laid the foundation stone for various development projects worth over Rs 11,300 crore in Telangana during his visit to Telangana on 8th April 2023.
During his visit, he also addressed the public gathering at the Secunderabad Parade Grounds, Secunderabad, Telangana.
PM flagged off Secunderabad-Tirupati Vande Bharat train: He also flagged off the prestigious Secunderabad-Tirupati Vande Bharat Express train connecting Secunderabad and Tirupati. i.This is the second Vande Bharat train for the two Telugu States, Telangana and Andhra Pradesh. ii.This will reduce the travel time between Hyderabad to Tirupathi to about 8 hours 30 minutes(around 3 hours less than the usual travel time) with limited stops at Nalgonda, Guntur, Ongole, and Nellore. About Telangana: Chief Minister– K. Chandrashekar Rao Governor– Tamilisai Soundararajan Wildlife Sanctuary– Pranahita Wildlife Sanctuary; Pocharam Sanctuary; Manjira Wildlife Sanctuary Zoological Park– Nehru Zoological Park; Vana Vigyan Kendra Mini Zoo (Kakatiya Zoological Park)
8th Anniversary of the Pradhan Mantri MUDRA Yojana8th April 2023, the Ministry of Finance marked the 8th anniversary of the launch of the Pradhan Mantri MUDRA (Micro Units Development and Refinance Agency) Yojana (PMMY).
PMMY was launched on 8th April 2015 by Prime Minister (PM) Narendra Modi in New Delhi, Delhi.
Aim of PMMY: To facilitate easy collateral-free micro-credit of up to Rs 10 lakh to non-corporate, non-farm small and micro-entrepreneurs for income-generating activities. About Pradhan Mantri MUDRA Yojana (PMMY): Significance of PMMY: The National Mission of Financial Inclusion in India is based on 3 pillars:
Banking the Unbanked
Securing the Unsecured and
Funding the Unfunded
One of these pillars, “Funding the unfunded” is achieved through the flagship scheme of PMMY. Features of PMMY: i.The loans have been divided into three categories based on the need for finance and the stage in the maturity of the business.
Shishu – loans up to Rs 50,000
Kishore – loans above Rs 50,000 and up to Rs 5 lakh
Tarun – loans above Rs 5 lakh and up to Rs 10 lakh
ii.The rate of interest is decided by lending institutions in terms of Reserve Bank of India(RBI) guidelines.
In the case of a working capital facility, interest is charged only on money held overnight by the borrower.
Achievements: i.As of 24th March 2023, around Rs 23.2 lakh crore has been sanctioned in 40.82 crore loan accounts. ii.Around 68% of the accounts under the scheme belong to women entrepreneurs and 51% of accounts belong to entrepreneurs of Scheduled Caste (SC) / Scheduled Tribes (ST) and other backward classes (OBC) categories.
The loans under this scheme are provided by Member Lending Institutions (MLIs): Banks, Non-Banking Financial Companies (NBFCs), Micro-Finance Institutions (MFIs) and other financial intermediaries.
SAI integrates Khelo India games certificates with DigiLocker
On 7th April 2023, Anurag Singh Thakur, Union Minister of Youth Affairs and Sports, announced that the Sports Authority of India (SAI), the apex national sports body of India, has integrated the Khelo India sports certificate with Digilocker.
This will allow the athletes of the Khelo India Youth Games and other stakeholders to access their certificates of merits and participation from the Khelo India Youth Games 2022 in Madhya Pradesh onwards.
This will enable a more efficient and streamlined process for accessing certificates of merit and participation for the Khelo India Youth Games 2022 and beyond.
Note: DigiLocker is a flagship initiative of the Ministry of Electronics & IT (MeitY) under the Digital India Programme. It is a secure cloud-based platform for storage, that enables easy sharing and verification of documents & certificates.
Mumbai ranked 19th in ‘Best public transport in the world 2023‘According to a survey published by London (United Kingdom) based ‘Time Out’, India’s Financial Capital Mumbai (Maharashtra) was ranked 19th in the list of ‘Best public transport in the world 2023’. The list has included 19 countries from the world.
The list is topped by Germany’s Berlin with the best public transport system globally. It has the most reliable, safe, and comfortable public transport network. 97% of its residents praised the public transit network, particularly for its metro system, U-Bahn.
Assessment: The survey conducted among 20,000 respondents in 50 cities worldwide to gauge public sentiment about their local transport systems List of world’s top 10 cities with best public transit system:
The city has also introduced the Chalo Pay app – a pioneer for Indian public transport
ii.Public transit is a broad term that includes subways, above-ground trains, buses, trams and even ferries. iii.7 of the top 19 cities are from Asia. Time Out is a media outlet that focuses on hospitality business and labels itself as a global brand ‘dedicated to city life’.
India supports African Union Transition Mission in Somalia with USD 2 millionRuchira Kamboj, India’s Permanent Representative to the United Nations (UN), presented USD 2 million to the United Nations Trust Fund in support of the African Union Transition Mission in Somalia (ATMIS).
With this grant, the Government of India (GoI) reaffirms its dedication to promoting peace and stability in Somalia and the Horn of Africa.
India had previously granted the African Union Mission in Somalia (AMISOM) USD 4 million. Key Points: i.ATMIS is crucial for developing a secure environment that allows for the prevention of terrorism carried out by Al-Shabaab in Somalia. ii.As an elected member of the UN Security Council (UNSC), India has actively worked to enable a smooth transition from the AMISOM to ATMIS in accordance with Somalia’s security needs. iii.For more than 30 years, the GoI has participated in peacekeeping operations in Somalia and has been a “steadfast supporter” of AMISOM. iv.India continues to assist the African Union (AU) and UN in combating terrorism and fostering peace and stability in Somalia and the wider Horn of Africa. African Union Transition Mission in Somalia (ATMIS) i.ATMIS was founded on April 1, 2022, in accordance with Security Council decision 2628 (2022) and African Union Peace and Security Council Communique 1068 of March 8, 2022.
Objective: To assist in the implementation of the Somali Transitional Plan in order to fully transfer security responsibilities to the Somali security forces and institutions by the end of 2024.
ii.The main objective of ATMIS is to mitigate the threat posed by the terrorist group Al-Shabaad. About Somalia: Prime Minister – Hamza Abdi Barre Capital – Mogadishu Currency – Somali Shilling
TVS SCS wins UK Defence Ministry Contract for supplying Land Rover Spares
TVS Supply Chain Solutions (TVS SCS), a part of TVS Mobility Group, won the contract from the United Kingdom(UK) Ministry of Defence (MOD), acting through its agent, Babcock Land Defence Ltd, for the supply of spares, consumables and accessories for the Land Rover Wolf Platform.
Under this contract for 2 plus 1 year, TVS SCS will use its accredited inventory management, procurement and supply chain expertise to ensure the optimum availability of spares for this legacy vehicle platform.
The contract is in line with the TVS SCS’s commitment to provide innovative and resilient supply chain services to maximise the availability of equipment it operates across land, sea and air domains of UK’s MOD.
Shah Rukh Khan tops 100th TIME 100 Reader Poll 2023India’s Bollywood Actor Shah Rukh Khan has topped the 100th edition of annual 100th TIME 100 Reader Poll 2023 by grabbing 4% of the over 1.2 million votes.
Notably Shah Rukh Khan’s net worth is estimated to be around Rs 627 million ($770 million), which positions him as the wealthiest actor in Asia and the fourth wealthiest actor globally.
TIME 100 will reveal their choices for the 2023 TIME100 list on April 13, 2023.
Key Points: i.At the 2nd place there are Iranian women protesting for more freedom in Iran’s Islamic regime. They garnered 3% of the vote.
The protestors were named TIME’s 2022 Heroes of the Year and had won 2022 Person of the Year reader poll too.
ii.The healthcare workers of the United States (US) made it to the 3rd place with 2% of the votes as they were at the forefront of the global pandemic since 2020. iii.With 1.9 per cent vote share, Harry and his wife Meghan came third and fourth on the poll. iv.Footballer Lionel Messi, earned his place at the 5th spot with 1.8% of the votes. v.Other noteworthy figures who featured on the poll included Oscar-winning actress Michelle Yeoh, former tennis player Serena Williams, Brazilian President Luiz Inacio Lula da Silva and Mark Zuckerberg.
Bharat Biotech wonViE Award 2023 at World Vaccine Congress Europe 2023
On 4th April 2023, Hyderabad (Telangana) based Bharat Biotech International Limited(Bharat Biotech) won the Best Production/Process Development Award at ViE Award 2023, the 16th Annual ViE awards, during the World Vaccine Congress Washington 2023 held from 3rd to 6th April 2023 at Walter E. Washington Convention Center, Washington D.C., United States of America(USA).
Bharat Biotech is the world’s first producer of intranasal Covid-19 vaccine, iNcovacc. Its intramuscular vaccine, Covaxin, is part of India’s public vaccination programme.
Bharat Biotech was the only Indian company in the list of VIE awards in various categories, including best clinical trial company, best clinical trial network, best central/speciality laboratory award, best contract research organisation, and best production/process development award, among others.
SpaceX Falcon 9 Launches NASA’s TEMPO from Florida, USOn April 7, 2023, the SpaceX Falcon 9 rocket has launched NASA’s (National Aeronautics and Space Administration) Tropospheric Emissions: Monitoring of Pollution (TEMPO) instrument from Space Launch Complex 40 (SLC-40) at Cape Canaveral Space Force Station in Florida, United States (US).
The instrument was built by Ball Aerospace and integrated onto Intelsat 40E by Maxar.
TEMPO slogan is ‘It’s about time,’ which focuses at TEMPO’s ability to provide hourly air pollution data.
Key Points: i.TEMPO will be the first space-based instrument to measure air quality over North America hourly during the daytime and at spatial regions of several square miles ii.TEMPO data will play an important role in the scientific analysis of pollution, including studies of rush hour pollution, the potential for improved air quality alerts, the effects of lightning on ozone, the movement of pollution from forest fires and volcanoes, among others. iii.It’s observations will dramatically improve the scientific data record on air pollution – including ozone, nitrogen oxide, sulfur dioxide and formaldehyde – not only over the continental US, but also Canada, Mexico, Cuba, the Bahamas, and part of the island of Hispaniola. About National Aeronautics and Space Administration (NASA): Administrator– Bill Nelson Headquarters– Washington, D.C., United States
New production line for LCA opened; HAL hands over 100th Su-30 MKI Aircraft Handed to IAFOn April 7, 2023, the Defence Secretary, Giridhar Aramane, inaugurated the third LCA (Light Combat Aircraft) production line and handed over the 100th Sukhoi-30 MKI Repair and Overhaul (ROH) aircraft to the Indian Air Force (IAF) at Hindustan Aeronautics Ltd’s (HAL) Nashik Division in Nasik , Maharashtra.
The Signal Out Certificate (SOC) of the 100th ROH aircraft was handed over by Saket Chaturvedi, CEO (MiG Complex), HAL, to Air Vice Marshal Sarin in the presence of HAL CMD C.B.Ananthakrishnan and other senior officials.
Key Points: i.The new production line will enable HAL to enhance LCA MK1A production capacity from 16 to 24 aircraft per year.
HAL already operates two LCA manufacturing facilities in Bengaluru, Karnataka.
ii.HAL’s Nashik Division had set up the Su-30 MKI Repair and Overhaul (ROH) facility in 2014, the first of its kind globally, to cater to the operational requirements of the IAF. iii.HAL also aims to reduce its dependency on Original Equipment Manufacturers (OEM) by indigenizing a majority of components required for ROH within the next 3-5 years.
Anti-Submarine Rockets Developed by 2 Pune Labs Successfully Tested from INS ChennaiThe Indian Navy’s guided missile destroyer, the Indian Naval Ship (INS) Chennai, successfully test-fired the Extended Range Anti-Submarine Rocket (ER-ASR) on April 3, 2023.
The ER-ASR was designed by two Defence Research and Development Organisation (DRDO) facilities located in Pune, Maharashtra: The Armament Research and Development Establishment (ARDE) and the High Energy Materials Research Laboratory (HEMRL).
Key Points: i.The ER-ASR is intended to replace the existing Russian-origin Rocket Guided Bombs (RGBs) rockets already installed on ships, as well as to intercept submarines at specific depths.
The RGB has a range of 5 kilometers, whereas the ER-ASR has a range of more than 8 kilometres.
ii.The rocket system’s performance was assessed during the initial testing at a short range of 2.7 kilometres and in long range mode at 8.5 kilometres. iii.The rocket system will be employed in anti-submarine operations and will be launched from an indigenous rocket launcher placed on various Indian military ships. iv.Depending on the tactical mission requirements, ER-ASR can be launched in a single or salvo mode.
James Webb Telescope Discovered 4 Oldest Galaxies
According to the papers published in the journal “Nature”, a team of 80 international astronomers from 10 countries have detected 4 oldest galaxies in the known universe using the James Webb Space Telescope (JWST). The observations were part of the JWST Advanced Deep Extragalactic Survey (JADES), which gets just over one month of the telescope’s time spread over two years, and is designed to provide a view of the early universe unprecedented in both depth and detail.
The light from the 4 galaxies took more than 13.4 billion years to reach Webb located nearly 15 lakh kilometres away from Earth.
These galaxies date back to less than 400 million years after the big bang when our universe came to life.
These four galaxies exist in the epoch of reionization, a time when astronomers think the first stars were being created.
International Romani Day 2023 – April 8 International Romani Day is annually observed across the globe on 8th April to celebrate the Romani culture and create awareness about the difficulties faced by the Romani community across the globe. Background: i.The International Romani Day was officially declared in 1990 in Serock, Poland, during the 4th World Romani Congress of the International Romani Union (IRU). ii.The day was declared in honour of the 1st major international meeting of Romani representatives, 7th to 12th April 1971 in Chelsfield near London, The United Kingdom(UK). About Romani community: i.Romani colloquially known as the Roma, are an Indo-Aryan ethnic group and traditionally nomadic itinerants. ii.Romani are the minority group who are known as gitanos in Spain, as gitan in France, as Tsingani in Central and Eastern Europe, and by several names across Scandinavia that translate as “Travelers.” Romani population: i.According to the European Union(EU), Roma are Europe’s largest ethnic minority. Out of an estimated total of 10-12 million in Europe, some 6 million live in the EU, and most of them are citizens of an EU country. ii.According to the 2020 data of the EU Agency for Fundamental Rights (FRA), Excessive force, police brutality and misconduct against Romani people are reported across EU. Other Related observance: i.Since 2009, 5th November of every year is observed as the World Day of Romani Language which aims to promote Romani language, culture and education. ii.In 2015, the United Nations Educational, Scientific and Cultural Organization (UNESCO) proclaimed the 5th November as the World Day of Romani Language. Romani Language: The Romani language has about 33,000 words and it represents a good basis for its modernization and final standardization.
Cabinet approvals on April 6, 2023The Union Cabinet chaired by the Prime Minister (PM) Narendra Modi has approved the following proposals: i.The Cabinet Committee on Security (CCS) has approved the Indian Space Policy 2023 that will enable the private sector to participate in various space activities, such as constructing satellites, rockets, and launch vehicles, as well as collecting and sharing data. ii.CCEA has approved a mechanism to fix pricing for domestic natural gas in India. It has revised domestic natural gas pricing guidelines for gas produced from nomination fields of ONGC/OIL, New Exploration Licensing Policy (NELP) blocks and pre-NELP blocks, where Production Sharing Contract (PSC) provides for Government’s approval of prices. iii.In March 2023, the Central Government has approved the Indian Army’s decision to induct women officers in the artillery regiments. In this regard, the first lot of women will be commissioned in the Army’s artillery regiments by the end of April 2023 when they pass out of the Officers’ Training Academy (OTA), Chennai, Tamil Nadu. About Indian Space Research Organisation (ISRO): Chairman – S. Somanath Headquarters– Bengaluru, Karnataka Establishment– 1969
CEA: WBPDCL Ranks best performing Power Generation Company in FY23According to a list published by the Central Electricity Authority (CEA), the Ministry of Power, State-run West Bengal Power Development Corporation (WBPDCL) has ranked best performing power generation company in the country for the financial year 2022-23 (FY23).
WBPDCL has been ranked India’s best power generation corporation with PLF of 85.23% followed by Odissa Power Corporation with 76.93 % , NTPC (coal based station)- 75.9% and DVC at 73.42%.
Key Points: i.Three thermal power plants of WBPDCL have established their places in the top five ranks in terms of their performance and efficiency (as measured by the plant load factor or PLF). ii.Out of total 205 thermal power plants operating in India, Bakreswar power plant of WBPDCL has been ranked number one (PLF- 92.38%), Santaldih has been ranked second (PLF-91.37%) followed by Sagardighi plant at fifth position (PLF-89.39%) iii.Performance of WBPDCL:
WBPDCL has registered a record gross generation of 31.85 billion units with a growth of 35 per cent over last two years.
It has witnessed a superior performance in the areas of availability, PLF, Specific Oil Consumption (SOC) and auxiliary power consumption (APC).
Major turnaround has also been observed in the other two plants at Kolaghat and Bandel in West Bengal.
iv.NTPC Korba has ranked third with 91.15 percent PLF and NTPC Vindyachal ranked fourth with 89.54 percent PLF.
2nd Tourism Working Group Meeting held in Siliguri, West BengalThe 2nd Tourism Working Group Meeting was held in Siliguri, Darjeeling District, West Bengal, from April 1-4, 2023, and was represented by 56 delegates from 17 Member Countries, 8 Invitee Countries, and 4 International Organizations (IOs) including United Nations Environment Programme (UNEP), International Labour Organization (ILO), and World Tourism Organization (UNWTO).
The event was also graced by the participation of Ambassadors from seven G20 countries: Australia, Bangladesh, Japan, Singapore, Mexico, Indonesia, and South Korea.
The inaugural session was attended by Union Minister G. Kishan Reddy, Ministry of Culture; Ministry of Tourism; and Ministry of Development of North Eastern Region (MDoNER) & Union Minister of State (MoS) John Barla, Ministry of Minority Affairs. Significant Events: i.Presentations by UNEP on “Travel for LiFE” and UNWTO on “1st Draft Outcome Document—GOA Roadmap” were made at the first session of the Tourism Working Group meeting. ii.The G20 Member Countries, Invitee Countries, and IOs have agreed to adopt the “First Draft of GOA Roadmap” during the Tourism Ministerial Meeting in Goa in June 2023. iii.The working group meeting featured presentations on the five goals of green tourism, digitalization, skills, tourism MSMEs, and destination management, respectively, from Türkiye, Saudi Arabia, Australia, Indonesia, and Italy. iv.Green Tourism was unanimously adopted as the most important priority for all participating countries. Events On the Sidelines: i.In order to highlight the potential of adventure tourism on the tourism maps of India and the North East Region, two side events on “Adventure Tourism” were arranged in conjunction with the Working Group Meetings. ii.The second event was “Tourism in Mission Mode: Advantage Adventure Tourism,” which included regional stakeholders and domestic industry partners and States of the Government of India. Note:
The Darjeeling Himalayan Railway (DHR) in West Bengal is a World Heritage Site designated by the United Nations Educational, Scientific and Cultural Organization (UNESCO).
The DHR’s Ghum railway station, located at an altitude of 2,258 meters, is India’s highest railway station. It’s also the 14th highest railway station in the world.
Highlights of the 1st Bi-Monthly Monetary Policy of FY24The Reserve Bank of India’s (RBI) 6-members Monetary Policy Committee (MPC) met on 3rd, 5th and 6th of April 2023 and released its first bi-monthly monetary policy statement for FY24 (Financial year 2023-2024). Policy Rates: i.The MPC has decided to keep the policy rates unchanged with the stance remain focused on the withdrawal of accommodation. ii.The Unchanged Policy rates are as follows:
SEBI Issues Guidelines for Usage of Brand or Trade Name by Investment Advisers & Research AnalystsThe Securities and Exchange Board of India (SEBI), India’s capital markets regulator, has issued a circular on the use of brand names or trade names by Investment Advisers (IAs) and Research Analysts (RAs), following its previous publication of an extensive set of guidelines for advertisements issued by these entities. SEBI has also released new rules on the advertisement code for IAs and RAs, as well as enforced their compliance with the advertisement code, in order to further enforce the conduct of IAs and RAs when releasing any advertisement.
The provisions of the circular will take effect on May 1, 2023.
SEBI issued this circular in the exercise of powers granted under Section 11(1) of the Securities and Exchange Board of India Act, 1992, to protect the interests of investors in the securities market and to promote the growth and regulation of the securities market. About the Securities and Exchange Board of India (SEBI): Chairperson– Madhabi Puri Buch Headquarters– Mumbai, Maharashtra Establishment– 1992
IIFL Finance secures $100mn funding from EDC, Deutsche Bank IIFL Finance Limited has received a total of $100 million in long-term funding from Export Development Canada (EDC) and Deutsche Bank, with $50 million from each. In this deal, Deutsche Bank acted as the mandated lead arranger, book runner, and co-financier. Fairfax-backed IIFL is a non-banking financial company (NBFC).
IIFL is a non-banking financial company (NBFC) backed by Fairfax.
Key points: i. This marks IIFL’s second loan from EDC, with the company having previously received $100 million in funding from EDC in 2019. ii.In February 2020, IIFL Finance raised $400 million through its debut dollar bond issue, with the maximum possible amount approved by the Reserve Bank of India being bought back. The remaining amount is due for maturity in April 2023. iii.The fresh funding obtained at a competitive rate is expected to result in significant savings in borrowing costs compared to the previous fundraise. iv.These long-term funds will assist IIFL in further strengthening its asset-liability management position and supporting continued growth across its core businesses. About IIFL Finance Limited: Managing Director– Nirmal Jain Headquarters– Mumbai, Maharashtra
South Indian Bank signs bancassurance pact with Chola MS
South Indian Bank Limited(SIB) has signed a bancassurance pact with Cholamandalam MS General Insurance (Chola MS) to offer the health and general insurance products of Chola MS to SIB’s customers.
This partnership will enable SIB customers to have access to the range of insurance products offered by Chola MS.
This will also facilitate Chola MS to offer insurance products for SME customers and innovative insurance covers for retail customers of the SIB.
The key product offerings include personal accident coverage, home and property insurance, farmer care, EMI insurance, home package and retail health.
FY23 Direct Tax Collections at Rs 16.61 trillion marginally overshoot RDirect tax collections in 2022-23, net of refunds, came in at Rs 16.61 trillion, exceeding the revised estimate (RE) of Rs 16.5 trillion by 0.69% despite liberal refunds
It was up 17.63% over Rs 14.12 trillion collected in FY22.
Key Points: i.The provisional direct tax collections (net of the refunds) have exceeded the BE (Budgeted Estimate) by 16.97% and RE by 0.69% ii.The gross collections of direct taxes (before adjusting for refunds) for 2022-23 was Rs 19.68 trillion, registering a 20.33% growth over Rs 16.36 trillion in 2021-22. Gross corporate tax collections grew 16.9% to Rs 10.04 trillion last fiscal against Rs 8.59 trillion in 2021-22. iii.Gross personal income tax receipts (including securities transaction tax) grew 24.2% to Rs 9.6 trillion in 2022-23 versus Rs 7.73 trillion in FY22. iv.The income tax department issued refunds worth Rs 3.07 trillion in 2022-23, which was a 37.42% increase over refunds of Rs 2.24 trillion issued in 2021-22.
Razorpay partners with UIDAI to process payments for online Aadhaar services
Razorpay (Razorpay Software Private Limited) has partnered with UIDAI (Unique Identification Authority of India) to process payments for online Aadhaar services. This partnership will enable citizens accessing online Aadhaar services to enjoy a seamless secure payment experience.
The UIDAI allows Aadhaar holders to update their Aadhaar data such as names and addresses online and charges a fee of Rs.50 for these services.
The UIDAI website currently handles over 80,000 such transactions per day and there was a need for a robust payment solution to ensure high success rates while handling such a large volume of transactions. Razorpay will eventually support over 70% of the total daily transactions on the UIDAI portal.
MCA extends Tenure of C S Rajan Chairman of IL&FS till September 2023
The Ministry of Corporate Affairs (MCA) has extended the term of Chandra Shekhar Rajan (C S Rajan) as non-executive chairman of IL&FS(Infrastructure Leasing & Financial Services Ltd) up to 30th September 2023.
MCA has also extended the term of Nand Kishore as Managing Director (MD) of IL&FS up to March 31, 2024.
IL&FS is a Core Investment Company registered with the Reserve Bank of India(RBI).
It is a holding company for diversified businesses in segments such as Transportation, Energy, Financial Services, Real Estate etc.
The government had taken over the board of IL&FS in 2018 to help the troubled company come out of difficulties.
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CCI Approves Acquisition of SREI Infrastructure Finance by NARCL & IDRCLOn 6th April 2023, the Competition Commission of India (CCI) has approved the acquisition of shares and control over SREI Infrastructure Finance Limited by National Asset Reconstruction Company Limited (NARCL) and India Debt Resolution Company Limited (IDRCL) under Section 5(a) of Competition Act. Acquirers: NARCL and IDRCL Target: SREI Infrastructure Finance Limited Proposed Combination: The proposed transaction involves the acquisition of a majority of the equity share capital of the target by acquirers, pursuant to the resolution plan submitted by NARCL in relation to the corporate insolvency resolution process of Target and its wholly-owned subsidiary, SREI Equipment Finance Limited, initiated under the Insolvency and Bankruptcy Code, 2016. Note: NARCL’s resolution plan has been approved by the Committee of Creditors of the SREI Infrastructure Finance on 14th February 2023. Green Channel notification: Since there are horizontal overlaps or vertical or complimentary linkages between the activities of the target and acquirers, the Proposed Transaction is being notified under the Green Channel route under Regulation 5A(1) read with Schedule III of the Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Regulations, 2011 (as amended). About NARCL i.NARCL was incorporated under the provisions of the Companies Act 2013. ii.NARCL is to take- over the stressed assets of banks thus, assisting banks to clean-up their balance sheets iii.It was set up as a ‘bad bank’ with a clear mandate to clean up the legacy stressed assets with an exposure of Rs 500 crore and above in the Indian banking system. About IDRCL i.The primary objective of IDRCL is to provide debt management services including, the resolution of stressed assets, to NARCL. ii.IDRCL advises NARCL on the acquisition of stressed financial assets or companies and assists NARCL for the optimal resolution of the acquired assets or companies. About Competition Commission of India (CCI): Acting Chairperson–Sangeeta Verma Headquarters– New Delhi, Delhi Establishment– 14th October 2003 (Operational from 2009)
ISRO completes Vikas Engine & SDM Tests, Two Crucial Gaganyaan Mission Tests The Indian Space Research Organisation (ISRO) has successfully completed two significant tests for Gaganyaan—the Human Space Flight Programme—at the ISRO Propulsion Complex (IPRC) in Mahendragiri, Tirunelveli District, Tamil Nadu. The two key tests are as follows:
Human-Rated Vikas Engine Test Campaign for the L110 Stage
SDM (System Demonstration Model) tests for the Crew Module Propulsion System
The successful completion of these two tests signifies a major accomplishment in ISRO’s Gaganyaan mission. i.The air-lit liquid core stage of the human-rated launch vehicle (LVM3-G) is powered by two clustered L110-G Vikas engines. ii.The Liquid Propulsion Systems Centre (LPSC) created and developed the L110 stage for Gaganyaan, while the IPRC handled its assembly, integration, and testing. About the Indian Space Research Organisation (ISRO): Chairman – S. Somanath Headquarters – Bengaluru, Karnataka Establishment – 1969
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World Health Day 2023 – April 7The United Nations(UN) World Health Day is annually observed across the globe on 7th April to draw attention to a specific health topic of concern to people all over the world. The day also marks the anniversary of the founding of the World Health Organization(WHO).
7th April 2023 marks the 75th anniversary of the founding of WHO in 1948.
The theme of World Health Day 2023 is “Health for All”. Background: i.During the 1st World Health Assembly(WHA), WHO decided to sponsor the observance of World Health Day on 22nd July of every year across all member states. ii.Later, the 2nd World Health Assembly decided that starting from 1950, every year the 7th April will be observed as World Health Day. About World Health Organization(WHO): WHO is the UN agency working to promote health, keep the world safe and serve the vulnerable. Director-general– Dr Tedros Adhanom Ghebreyesus Headquarters– Geneva, Switzerland
International Day of Reflection on the 1994 Genocide Against the Tutsi in Rwanda 2023 – April 7The United Nations (UN)’s International Day of Reflection on the Genocide in Rwanda is annually observed across the globe on 7th April to honour the memory of the victims of the 1994 genocide against Tutsi, Hutu and others who opposed it in Rwanda.
7th April 2023 marks the 29th anniversary of the genocide against the Tutsi in Rwanda.
Background: i.The United Nations General Assembly(UNGA) adopted the resolution A/RES/58/234 on 23rd December 2003 and designated the 7th April as the International Day of Reflection on the Genocide in Rwanda. ii.Since 2004(which marked the 10th anniversary of the genocide in Rwanda), the 7th April has been observed as the International Day of Reflection on the Genocide in Rwanda. Amendment of observance title: i.On 26th January 2018, The United Nations General Assembly (UNGA) adopted the draft resolution A/72/L.31, designating 7 April as the International Day of Reflection on the 1994 Genocide against the Tutsi in Rwanda.
Prevention of Blindness Week 2023 – April 1 to 7 The Prevention of Blindness Week is annually observed across India from 1st to 7th April (the first week of April) to promote the prevention of blindness and to create awareness about the cause of blindness. The day also supports individuals with visual impairments, and to promote access to eye care services.
The National Society for the Prevention of Blindness-India (NSPB-I) coordinates Prevention of Blindness Week in India with the assistance of state and local branches.
Significance: i.The Prevention of Blindness Week is observed to bring awareness towards various factors that can cause blindness. ii.The week aims to educate the general public about various eye injuries, and visual impairments, and how to avoid, treat, and cure them.
Tamil Nadu’s ‘TN REACH’ Initiative to use 80+ Unused Helipads for Intra-state Helicopter Service
Tamil Nadu(TN) government is set to formulate an institution mechanism – Tamil Nadu Regional Aerial Connectivity through Helicopters (TN REACH) to use helicopters for travel between cities and towns of Tamil Nadu. Under this initiative, more than 80 unused helipads across Tamil Nadu will be put to use with helicopter services.
The TN REACH initiative was announced in the State Industry Policy to improve the intra-state transportation network, particularly in urban areas where the air travel demand is high.
MoE Released AISHE 2020-21: Enrolment in Higher Education Increases to 4.14 croreOn January 29, 2023, the Ministry of Education (MoE) released the All India Survey on Higher Education (AISHE) 2020-2021.
AISHE 2020-21 was the 11th annual Survey and 1st Survey being conducted using an entirely online data collection platform through the Web Data Capture Format (Web DCF).
Key Highlights of AISHE 2020-21: i.A total of 1,113 Universities, 43,796 Colleges and 11,296 Stand Alone Institutions were registered in AISHE 2020-21. ii.Total students’ enrolment in higher education in 2020-21 increased to around 4.13 crore (crossing the 4 crore mark for the 1st time)from 3.85 crore in 2019-20. iii.The number of Universities in 2020-21 increased by 70 to 1,113 from 1,043 in 2019-20. Since 2014-15, there has been an increase of 353 Universities (46.4%). iv.The number of Colleges has increased by 1453, to 43,796 in 2020-21 from 42,343 in 2019-20. v.The total number of pass-outs has increased to 95.4 Lakh in 2020-21 as against 94 Lakh in 2019-20. vi.The total number of teachers are 15,51,070 of which about 57.1% are male and 42.9% are female.
New Act renaming India International Arbitration Centre comes into force
On January 27, 2023, the ‘New Delhi International Arbitration Centre (Amendment) Act, 2022’ came into force that will rename the New Delhi International Arbitration Centre to the India International Arbitration Centre.
The information for the same was provided by the Ministry of Law and Justice.
It will amend the New Delhi International Arbitration Centre Act, 2019.
Key Points: i.The Act also establishes the New Delhi International Arbitration Centre and designates it as a national institute. ii.The International Centre for Alternative Dispute Resolution was replaced by the New Delhi International Arbitration Centre. iii.It modifies Section 15(a) of the main Act and makes it easier to conduct international and domestic arbitration and other forms of alternative dispute resolution mechanisms in the manner specified by the regulations. iv.The Act allows the central government to provide for removing any difficulties in implementing the Act up to two years from the date of commencement of the Act.
The Act extends this time period to 5 years.
The New Delhi International Arbitration Centre (Amendment) Bill, 2022 was passed by Parliament during the Winter Session in December of last year. The Lok Sabha passed the Bill on August 8, 2022, and the Rajya Sabha passed it on December 14, 2022.
IIRF MBA Ranking 2023: IIM Ahmedabad Is India’s Top Government MBA College, Followed by IIM-B and IIM-K; XLRI-Jamshedpur Tops Among Private CollegesAccording to the latest Indian Institutional Ranking Framework (IIRF) ranking (2023), the Indian Institute of Management (IIM), Ahmedabad (Gujarat), is the top government college in India for pursuing the Master of Business Administration (MBA) course.
IIM Bengaluru (Karnataka) and IIM Kolkata (West Bengal) are ranked second and third, respectively, after IIM Ahmedabad.
The top three colleges have remained unchanged since 2022.
i.The Xavier Labour Relations Institute (XLRI), Jamshedpur (Jharkhand), came in first rank among private colleges, followed by the Management Development Institute (MDI), Gurugram (Haryana), and Symbiosis Institute of Business Management, Pune (Maharashtra). About Indian Institutional Ranking Framework (IIRF) i.IIRF is prepared and published by Education Post, a monthly magazine on higher education since 2012, and is India’s most authentic non-government ranking framework.
NSE Ranked 3rd In The Equities Segment & World’s Largest Derivatives Exchange in 2022According to the Futures Industry Association (FIA), a derivatives trade body, the National Stock Exchange of India Ltd (NSE India) has once again emerged as the world’s largest derivatives exchange in terms of the number of contracts traded in 2022.
The NSE India has retained its top spot for a record-breaking 4th year in a row.
Furthermore, according to World Federation of Exchanges (WFE) statistics, the NSE was named the 3rd largest exchange in the world in the equity segment by the number of trades (electronic order book) in 2022, up from 4th in 2021. Key Points: i.The benchmark equity index, the Nifty 50 (NIFTY), reached an all-time high of 18,887.60 in the calendar year (CY) 2022.
Several product categories, including equity, equity derivatives, and currency derivatives, also experienced a great improvement in liquidity.
ii.In the equity segment, daily average turnover of Exchange-Traded Funds (ETFs) was Rs. 470 crore in CY 2022, a 51% increase year-on-year (Y-o-Y).
In CY 2022, the daily average turnover of Sovereign Gold Bonds (SGB) in the secondary market was Rs. 7 crore, signifying a 59% rise YoY.
iii.Government securities, which have been made available in the NSE’s equity segment, are seeing solid growth, though from a lower base, with daily average turnover reaching Rs. 3 crore in December 2022. iv.The recently launched derivatives on the Nifty Financial Services index (FINNIFTY) have seen a successful increase in liquidity, similar to the derivatives on the Nifty 50 index (NIFTY) and the Nifty Bank index (BANKNIFTY). v.NSE India intends to launch the Social Stock Exchange as a segment in the near future, subject to regulatory approvals.
As a result, “social enterprises,” in particular Non-Profit organizations, would be able to reach a wider audience, mobilize funds by issuing instruments like zero-coupon zero-principal bonds, facilitate participants to support philanthropic causes, and improve the ecosystem’s efficiency and transparency.
vi.On the derivatives side, NSE is developing new products for the currency, interest rate, and commodity derivatives segments, and will eventually announce their launch, subject to regulatory approvals. About the National Stock Exchange of India Ltd (NSE India): MD & CEO – Ashishkumar Chauhan Incorporated in – 1992 (commenced operations as a stock exchange in 1994) Headquarters – Mumbai, Maharashtra
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Edelweiss Mutual Fund House Launches India’s First Passive Short-Duration FundEdelweiss Asset Management Limited, one of India’s fastest-growing AMCs, has launched the“Edelweiss CRISIL IBX 50:50 Gilt Plus SDL Short Duration Index Fund”, India’s first passive short-duration index fund.
This New Fund Offer (NFO) is open for subscription from January 27,2023 to February 10, 2023.
It is a cost-effective index fund that could be an ideal option for investors wishing to include fixed income as part of their asset allocation strategy.
Edelweiss Asset Management Limited was established under the Companies Act of 1956 and is authorized by the Securities and Exchange Board of India (SEBI) to act as the AMC for Edelweiss Mutual Fund schemes. Edelweiss CRISIL IBX 50:50 Gilt Plus SDL Short Duration Index Fund i.Edelweiss CRISIL IBX 50:50 Gilt Plus SDL Short Duration Index Fund, an open-ended index fund, would invest in 50% Indian Government Bonds (IGBs) and 50% State Development Loans (SDLs), subject to tracking errors.
ii.The Government Security (G-Sec) component will be created by choosing the most liquid government bonds with a minimum outstanding of Rs. 10,000 crores falling in duration buckets starting from 1 year to 5 years. iii.The SDL portion will be built by first selecting the most liquid state issuers in each of the eligible duration buckets, followed by picking the most liquid International Securities Identification Number (ISIN) in each of these buckets with a minimum outstanding of Rs. 500 crore.
The index will be rebalanced every quarter, with the first business day of the month serving as the effective date.
The minimum subscription amount that investors may invest to this relatively low credit risk and high interest rate risk instrument is Rs. 5,000.
During the NFO period, the Net Asset Value (NAV) is restricted to Rs. 10 per unit.
iv.The scheme may also invest in money market instruments to meet regulatory liquidity requirements.
Money Market Instruments will only include Treasury Bills (T-Bills) and G-Secs with a residual maturity of up to one year, Tri-Party Repos, and any other similar instruments as defined from time to time by the Reserve Bank of India (RBI).
About Edelweiss Asset Management Limited (Edelweiss Mutual Fund): MD & CEO – Radhika Gupta Founded – 2008 Headquarters – Mumbai, Maharashtra
SBM Bank raises Rs 99 crore from LIC through Tier-II Bonds
SBM Bank (India) Limited, the wholly-owned subsidiary of Mauritius-based SBM Group, has raised Rs 99 crore from Life Insurance Corporation (LIC) of India, through the issuance of the second tranche (tier II) of Basel-III compliant bonds on 24 January 2023.
The SBM bank has raised the entire corpus from LIC, the largest financial organisation in India
The bank issued its first tranche of tier-II bonds in April 2022, raising Rs 125 crore at a rate of 9.75%. This is the second tranche of those bonds.
SBM Bank India has now raised a total of Rs 224 crore through Basel III compliant tier II bonds with this new round of capital raising from multiple investors.
In 2022, SBM Bank India raised Rs 300 crore from the National Bank for Agriculture and Rural Development (NABARD) under the automatic refinance facility.
UN WESP 2023 slashes India’s Economic Growth Forecast by 20 bps to 5.8% for 2023The United Nations (UN) in its World Economic Situation and Prospects (WESP) 2023 Report slashed India’s Gross Domestic Product (GDP) growth forecast for the calendar year 2023 by 20bps (Basis Points) to 5.8% (from an estimated 6.4% in 2022) amid tighter monetary policy and weak global demand.
However, for FY 2023-24, it kept its growth forecast unchanged for India at 6%.
The report is written by the UN’s Department of Economic and Social Affairs (UNDESA), the UN Conference on Trade and Development (UNCTAD), and the regional economic commissions for Africa, Europe, Latin America and the Caribbean, Asia and the Pacific, and Western Asia. Key Points: i.In India, the unemployment rate dropped to a four-year low of 6.4% in 2022 due to stepped-up urban and rural employment. But youth employment remained below pre-pandemic levels, particularly among young women. ii.India’s annual inflation is estimated at 7.1% in 2022 (exceeding the 2-6% target band) but is expected to reduce to 5.5% in 2023.
iii.Economic growth in India is projected to moderate in 2023, with higher interest rates weighing on investment and slower global growth weakening exports iv.In India, the additional interest payments would amount to 8.7% of total government expenditures. Global Scenario: i.The global economic growth will slow down to 1.9% in 2023, one of the lowest in recent decades, from 3.1% previously forecast. ii.The global growth in 2022 was 3% and it was expected to increase to 2.7% in 2024.. iii.The global trade will contract to 0.4%in 2023.
GRSE & Rolls Royce Solutions signs MoU to Manufacture Rolls Royce Marine Engines in IndiaOn 27th January 2023, Garden Reach Shipbuilders and Engineers (GRSE) Limited, a Mini Ratna Category 1 Defence PSU, signed a Memorandum of Understanding (MoU) with Rolls Royce Solutions of Germany to locally manufacture Rolls Royce’s high-quality marine diesel engine in India.
The MoU aims to strengthen the ‘Make in India’ initiative.
Signatories: The MoU was signed by Commodore P R Hari (Retired), the Chief of GRSE, and GS Selwyn, the MTU head in India, in the presence of Vice Admiral Sandeep Naithani, the Chief of Materiel of the Indian Navy. MTU S4000 Marine Engines: i. According to the agreement, GRSE and Rolls Royce Solutions will work together to localise and produce the technologically advanced MTU S4000 (Maximum Transmission Unit Series 4000) governmental marine engines. ii. These 746-4300 Kilowatt (KW) power output engines are compact, reliable, and easy to maintain. iii. The S4000 engines will power Fast Patrol Vessels (FPVs), Interceptor Boats (IBs), and Fast Attack Crafts (FACs) built by GRSE and other shipyards around India. iv. MTU is a solution brand of Power Systems, a fully-owned subsidiary of Rolls Royce. v. The manufacture of these engines in India would also provide a great opportunity to local industry, particularly Micro, Small, and Medium Enterprises (MSME) involved in the manufacture of components and spares Key Points: i. The MoU deal with the Transfer of Technology related to engines that will be assembled at GRSE’s Diesel Engine Plant in Ranchi, including engine assembly, painting, components sourcing, and after-sales support. ii. The collaboration between GRSE & Rolls Royce Solution is a step towards the indigenisation of Marine Engines. It also creates a robust ecosystem of self-reliance in the naval shipbuilding domain. About the Garden Reach Shipbuilders & Engineers (GRSE) Limited: Chairman & Managing Director (CMD)- P R Hari Headquarters- Kolkata, West Bengal Establishment- 1884
IndianOil exports 1st consignment of AVGAS 100 LL to Papua New Guinea
Tamil Nadu-based Indian Oil Corporation (IOC) Limited has started the export of its first Special Aviation Fuel (SAF) for small aircraft and unmanned aerial vehicles (UAVs), AVGAS (aviation gasoline) 100 LL, blue aviation gasoline with a high octane number, to Papua New Guinea. S M Vaidya, Chairman of IndianOil flagged off the 1st export consignment of AVGAS 100 LL to Papua New Guinea from GTI Terminal of JNPT.
The shipment consisted of 16 KL (Kilolitre) of AVGAS packed in 80 barrels and was sent on 27th January 2023.
India’s largest auto fuel retailer aims to tap the USD 1.92 billion AVGAS market by exporting the SAF which was launched in 2022.
The aircraft traffic in India is anticipated to increase by 7% compound annual growth rate (CAGR), while the global aviation gasoline market is projected to grow at 5% CAGR.
The present production of AVGAS 100 LL is being done from IndianOil’s Gujarat Refinery which has a capacity of 5TMT per annum.
Petr Pavel, Former Chair of NATO Military Committee, elected as new President of Czech Republic On 28th January 2023, Petr Pavel (61-year-old), the former chairman of the North Atlantic Treaty Organisation (NATO)military committee, won the runoff vote defeating former Prime Minister (PM) Andrej Babis, to become the 4th President of Czech Republic.
He will succeed Milos Zeman who steps down in March 2023 at the end of his 2nd term.
Czech Presidential Election 2023:
With the ballots from 97% of almost 15,000 polling stations, Petr Pavel won 58.3% of the votes by defeating the former Prime Minister (PM) of the Czech Republic, Andrej Babis scored 41.7%.
Turnout for the election was about 70 %, the highest since direct presidential elections were instigated in 2013.
Note: On 19th October 2022, Milos Zeman declared that he would step down in March 2023, at the conclusion of his 2nd term. About Petr Pavel: i. General Petr Pavel, born on 1 November 1961 in Planá u Mariánských Lázní, Czech Republic. ii. He joined the military intelligence service in 1991 and served in the Czechoslovak troops of the United Nations Protection Force (UNPROFOR), also known by its French acronym FORPRONU: Force de Protection des Nations Unies, in Bosnia. iii. During the 1993 Bosnian War, when French forces were being held hostage by the Serbs, a South Slavic people, Petr Pavel rose to fame for having liberated them. iv. He served for 3 years in NATO’s regional command in the Netherlands when the Czech Republic joined NATO in 1999. v. From July 2012 to 2015, General Pavel served as Chief of the General Staff of the Czech Armed Forces, the highest-ranking officer in the Army and the principal military adviser to the Czech Government. vi. He served as the Chairman of the NATO Military Committee from 2015 to 2018.with his term beginning in 2015 and retiring in 2018. Awards and Recognition: i. Paris awarded Petr Pavel the highest French order of merit, the National Order of the Legion of Honour (formerly the Royal Order of the Legion of Honour), in 2012 for his bravery. ii. He was awarded the Commander of the Legion of Merit (LOM), a military award of the United States (US) Armed Forces, for his work in the Military Committee. iii. His other honours are Croix de Guerre (France) and Cross of Merit of the Minister of Defence of the Czech Republic. About the Czech Republic: Prime Minister (PM)- Petr Fiala Capital- Prague Currency- Czech Koruna
NMDC signs up World Boxing Champion Nikhat Zareen as its Brand AmbassadorNMDC Limited, formerly National Mineral Development Corporation, a Public Sector Undertaking (PSU) under the Ministry of Steel, has signed a Memorandum of Agreement (MoA) with Nikhat Zareen, World Boxing Champion and gold medal winner of Birmingham 2022 Commonwealth Games, to representing NMDC as its brand ambassador.
NMDC has decided to be represented by someone who shares their commitment to bringing honour to India since they epitomise strength, an essential quality to NMDC.
Nikhat Zareen represents the strength, courage, agility and national pride that goes with the brand of the NMDC. About Nikhat Zareen: i. Nikhat Zareen is an Indian Boxerborn on 14th June 1996 in Nizamabad, Telangana. ii. She was inducted into the Sports Authority of India (SAI) in Vishakhapatnam to train under Dronacharya awardee, IV Rao in 2009. In 2010, she won the golden best boxer title at the Erode Nationals. iii. She won a gold medal at the 2011 AIBA (International Boxing Association (IBA), previously known as the Association Internationale de Boxe Amateur) Women’s Youth & Junior World Boxing Championship in Antalya, Turkey, and won a Senior Championship in 2016. iv. In 2019, she won a silver medal in the Thailand Open International Boxing Tournament v. In 2022, she won the gold at the 2022 IBA Women’s World Boxing Championship in Istanbul, Turkey. vi. In 2019 she won an International Competition and brought a silver medal from Thailand Open International Boxing Tournament.
She became the 5th Indian woman to win the gold medal at the IBA World Boxing Championship after Jeeny R.L., Mary Kom, Lekha K.C., and Laishrma Sarita Devi.
vii. In 2018, Zareen signed a brand endorsement deal with Adidas. Nikhat was appointed the official ambassador of her home town Nizamabad, Telangana. Award: Nikhat Zareen received Arjuna Award for Boxing from Draupadi Murmu, President of India, in 2022. About NMDC Limited: Chairman-Cum-Managing Director- Sumit Deb Headquarters- Hyderabad, Telangana Establishment- 1958
US to test Nuclear Thermal Rocket Engine For Future Mars Missions
The National Aeronautics and Space Administration (NASA) and the Defense Advanced Research Projects Agency (DARPA) announced a collaboration to demonstrate a nuclear thermal rocket engine in space, an enabling capability for NASA crewed missions to Mars.
Both NASA and DARPA will partner on the Demonstration Rocket for Agile Cislunar Operations (DRACO) programme.
According to NASA, using a nuclear thermal rocket enables a quicker transit time while lowering the risk for astronauts.
For human missions to Mars, reducing transit times is essential since longer trips require more supplies and more robust systems.
As early as 2027, NASA will collaborate with DARPA to develop and demonstrate advanced nuclear thermal propulsion technology.
In order to get ready for crewed expeditions to Mars, this new technology would allow astronauts to travel to and from deep space more quickly than ever before.
Overview of 111thAustralian Open 2023; Novak Djokovic claims Men’s Singles & ArynaSabalenka won Women’s Singlesi.From January 16-29, 2023, the 2023 Australian Open was held at Melbourne Park in Melbourne (Victoria), Australia. ii.It was the 111th edition of the Australian Open, the 55th in the Open Era, and the first major/Grand Slam of the year. iii.The tournament’s main sponsor was Kia. It was managed by Tennis Australia, the Governing Body for Tennis in Australia. iv.Novak Djokovic of Serbia claimed the men’s singles title which is his 10th Australian Open title and 22nd major title overall. With this he tied with Rafael Nadal’s (Spain) all-time record total of men’s singles titles (22). v.ArynaSabalenka of Belarus won the women’s title which was her first major singles title. About Australia: Prime Minister– Anthony Albanese Capital– Canberra Currency– Australian Dollar
FIH Odisha Hockey Men’s World Cup 2023: Germany won its 3rd Hockey World Cup Title On 29th January 2023, Germany(Nickname: Die Honamas) won the (Fédération Internationale de Hockey or International Hockey Federation) FIH Odisha Hockey Men’s World Cup 2023 by defeating Belgium(Nickname: The Red Lions) by 5-4 in the Penalty shootout during the finals held in Kalinga Stadium in Bhubaneswar, Odisha.
This marks Germany’s 3rd hockey World Cup title, earlier they won the world cup in 2002 and 2006.
FIH Odisha Hockey Men’s World Cup 2023, the 15th edition of the Men’s FIH Hockey World Cup, is a quadrennial world championship for men’s national field hockey teams organised by the FIH.
FIH Odisha Hockey Men’s World Cup 2023 was held at the Kalinga Stadium in Bhubaneswar, Odisha and Birsa Munda International Hockey Stadium in Rourkela, Odisha from 13th to 29th January 2023.
About Fédération Internationale de Hockey (FIH – International Hockey Federation): President– Tayyab Ikram Chief Executive Officer (CEO)– Thierry Weil Headquarters– Lausanne, Switzerland
Indian Cricketer Murali Vijay announces retirement from international cricket
Veteran Indian Cricketer Murali Vijay, hailing from Chennai, Tamil Nadu, has announced his retirement from international cricket at the age of 38.
He was a member of the Indian Test Team till 2018 and plays for Tamil Nadu in Domestic first class cricket.
About Murali Vijay: i.Murali Vijay made his international debut representing India in the final Test of the 2008-09 Border Gavaskar Trophy in Nagpur replacing Gautam Gambhir. ii.He has played 61 Tests, 17 One Day International (ODIs) and nine Twenty20 International (T20Is) since 2008. iii.Vijay was a key member of India’s Test squad for a five-year period between 2013 and 2018. iv.He has scored 12 Test centuries and 15 half-centuries from 61 Tests. He has also scored 3982 runs at an average of 38.28. v.He last played for India in a Test series against Australia in Perth in December 2018. vi.He led 2 Indian Premier League (IPL) franchises: Delhi Daredevils (now Delhi Capitals) and Punjab Kings and he also played for the Chennai Super Kings(CSK) and won 2 IPL titles in 2010 and 2011. vii.He has scored 2619 runs in 106 IPL matches. viii.His last appearance in professional cricket was in the IPL, in September 2020.
Meghnad Desai Authored a New Book titled “The Poverty of Political Economics”
India-born naturalised British economist Meghnad Desai has authored a new book titled “The Poverty Of Political Economy: How Economics Abandoned the Poor” which highlights how the discipline of economics, since the time it evolved from the late 18th century, systematically kept the interests of the poor at the periphery. The book is published by HarperCollins Publishers India.
The book examines the philosophical traditions that have shaped economics across the world in this engrossing new book.
Through this book, Meghnad Desai studies the contributions of economics to domestic and international politics from Adam Smith to John Maynard Keynes, and from the Great Depression to the collapse of the Lehmann Brothers.
World Neglected Tropical Diseases Day 2023 – January 30World Health Organisations’ (WHO)’s World Neglected Tropical Diseases (NTD) Day is annually observed across the globe on January 30 to create awareness of the devastating impact of Neglected Tropical Diseases (NTDs) on the poorest populations around the world.
30th January 2023 marks the observance of the 4th World NTD Day.
The theme of World NTD Day 2023 is “Act Now. Act Together. Invest in Neglected Tropical Diseases”. Note: World NTD Day aims to mobilise political will and secure commitments to eliminate NTDs in support of the WHO’s NTD Roadmap 2021-2030, including the elimination of at least 1 NTD from 100 countries by 2030. Background: i. For the 1st time, World NTD Day was informally observed on January 30, 2020. ii. On 31 May 2021, The 74th World Health Assembly (WHA) recognised 30th January as World Neglected Tropical Disease (NTD) Day through decision WHA74(18). iii. The proposal to recognise the day was made by the United Arab Emirates (UAE). About the World Health Organisations (WHO): Director General- Dr Tedros Adhanom Ghebreyesus Headquarters- Geneva, Switzerland Establishment- 1948
World Leprosy Day – 29th January 2023The World Leprosy Day(WLD) is annually observed across the globe on the last Sunday of January to create awareness about the fact that Leprosy, otherwise known as Hansen’s disease, still exists and to educate people to end leprosy-related stigma and discrimination. The day also aims to celebrate the people who have experienced leprosy. i.World Leprosy Day 2023 falls on 29th January 2023
World Leprosy Day 2022 was observed on 30th January 2022 and the World Leprosy Day 2024 will be observed on 28th January 2024.
29th January 2023 marks the observance of the 70th World Leprosy Day.
ii.The theme for World Leprosy Day 2023 is ‘Act Now: End Leprosy’. iii.World Leprosy Day was established in 1954 by French journalist and activist, Raoul Follereau with 2 goals.
Delhi CM Launched Realtime Pollution Factors Gathering MechanismDelhi’s Chief Minister, Arvind Kejriwal launched mechanisms such as a ‘super site’ and a mobile air quality management van to collect pollution data in real-time to identify factors that are responsible for increasing air pollution at any place in Delhi.
Through this initiative, Delhi has become the first city in the country to get a real-time source segmentation of air pollution.
The super site facility is located at Sarvodaya Bal Vidyalaya premises near ITO (Income Tax Office).
The project has been initiated by the Delhi Pollution Control Committee (DPCC) in collaboration with IIT(Indian Institute of Technology) Kanpur, IIT Delhi, and TERI (The Energy and Resources Institute).
The pollution forecasts from the super site will also help the government in taking policy decisions to combat pollution.
Overview of the Visit of Egyptian President Abdel Fattah El-trip Sisi to India – January 24–27, 2023Abdel Fattah Saeed Hussein Khalil El-Sisi, President of the Arab Republic of Egypt, visited India for 3 days from January 24 – 27, 2023 at the invitation of Indian Prime Minister (PM) Narendra Modi to attend India’s 74th Republic Day celebrations as the Chief Guest.
President Sisi is on his second state visit to India, and his visit coincides with the 75th anniversary of Egypt-India diplomatic relations.
i.Droupadi Murmu, President of the Republic of India, accorded President Sisi a ceremonial welcome at the “Rashtrapati Bhavan,” India’s presidential residence in New Delhi, Delhi. ii.This is the first time the President of the Arab Republic of Egypt has been invited as the chief guest on India’s Republic Day. iii.India and Egypt have resolved to upgrade their ties to the “strategic partnership” level, covering a wide range of sectors such as politics, security, defence, energy, and economy, with the signing of various Memoranda of Understanding (MoUs). iv.India and Egypt have exchanged commemorative postal stamps to honour the 75th anniversary of the establishment of India-Egypt relationship. About the Arab Republic of Egypt: President – Abdel Fattah Saeed Hussein Khalil El-Sisi Capital – Cairo Currency – Egyptian Pound (EGP)
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Union Minister Sarbananda Sonowal Inaugurates NLP Marine
Sarbananda Sonowal, Union Minister for Ports, Shipping and Waterways and Ayush, inaugurated the National Logistics Portal (NLP) (marine) in New Delhi, Delhi.
The NLP (marine) project is a one-stop platform for connecting all the stakeholders of the logistics community using Information Technology.
It was envisaged by the Ministry of Ports Shipping Waterways and the Ministry of Commerce & Industry.
Key Points: i.NLP will act as a single window for all trade processes of the logistics sector across the country covering all modes of transport in the waterways, roadways, and airways along with an E-marketplace. ii.The activities of NLP Marine are categorized into four distinct verticals viz. i. Carrier, ii. Cargo, iii. Banking and Finance and iv. Regulatory Bodies and Participating Government Agencies (PGAs). iii.Features of NLP:
It acts as a Single Platform to perform all core activities of the Importer / Exporter / Customs Broker / Freight Forwarder
Provides a level playing field to relevant stakeholders (large & small)
Gives a Complete domestic tracking of the shipment with notifications at each stage
Providing Real-time information on the activities which are generally not within reach of the Importer / Exporter / Customs Broker.
Enhanced transparency in Government to Business relations and Ease of doing Business
Provides Document Management System to store all the important documents securely on Cloud Storage.
Reduced costs and timeframes for execution of trade and logistics operations
Paper-less transaction, for all the stakeholders along with BI reporting and data analytics.
Note – NLP (marine) is an “open platform” developed to fulfill the mission of PM Gati Shakti – National Master Plan for Multi-modal Connectivity.
EPFO Launches a District Outreach Program “Nidhi Aapke Nikat 2.0”On 27 January 2023, Arti Ahuja, Secretary, Ministry of Labour and Employment, e-launched the Employees’ Provident Fund Organisation’s (EPFO) district outreach program “Nidhi Aapke Nikat 2.0” in all the districts of the country.
Nidhi Aapke Nikat 2.0 will be conducted on the 27th of every month at all district headquarters of EPFO (starting from January 2023) to reach out to all the districts of the country on the same day.
EPFO organized camps in 685 districts of the country to create participatory awareness among all stakeholders and provide a grievance redressal platform to members.
Key Points over the Program: i.Grievance redressal platform:
A help desk will be created under the program where members could get online services for filing online claims.
Grievance redressal of the members will also be done on the spot and in case any grievance could not be redressed on the spot, it will be registered on the grievance portal of EPFO and will be resolved on priority.
ii.It will act as an information exchange network for employers and employees and also as a platform for the exchange of information with the district-level authorities of various State and Central Government departments. ii.Under Nidhi Aapke Nikat, the EPFO stakeholders used to come to the EPFO field offices for grievance redressal, whereas under the Nidhi Aapke Nikat 2.0, EPFO will reach out to the stakeholders, for increasing accessibility and visibility of the organisation. iv.Participants: Central Provident Fund Commissioner (CPFC), officers of EPFO, Members of Parliament, Members of Legislative Assemblies, CBT (Central Board of Trustees) Members, Regional Committee members, and District Collectors. Note: In the year 2015, Bhavishya Nidhi Adalat was renamed Nidhi Aapke Nikat.
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MeitY’s R&D institute SAMEER signs MoU with Siemens Healthineers for Low-Cost MRI Technology On 27th January 2023, the Society for Applied Microwave Electronics Engineering & Research (SAMEER), an autonomous (Research and Development) R&D institution under the Ministry of Electronics and Information Technology (MeitY) and Siemens Healthineers, a Germany-based Healthcare Company, signed a Memorandum of Understanding (MoU) to ensure the availability of low-cost Magnetic Resonance Imaging (MRI) Technology in India.
This collaboration will advance the development of new, improved, and innovative technologies for advancing healthcare and diagnostic access in India.
The MoU was signed in the presence of Rajeev Chandrasekhar, Minister of State(MoS) for Electronics & Information Technology and Skill Development & Entrepreneurship, in Bengaluru, Karnataka. Key Points: i. The MoU, which will ensure the availability of low-cost MRI, is in line with Prime Minister Narendra Modi’s vision to provide quality, and affordable healthcare and diagnostic access for every Indian. ii. MoS Rajeev Chandrasekhar, noted that India’s healthcare sector represents a big market and the Government is prepared to partner with global companies who are willing to set up manufacturing bases in India. iii. In addition to combining SAMEER and Siemens Healthineers’ experience in healthcare technologies, particularly in Linear Accelerators (LINAC) and Magnetic Resonance Imaging (MRI), the partnership will pursue joint activities to improve access to MRI in India. iv. Siemens Healthineers identifies India as a strategic market and has a significant role in the advancement of technology and global innovation to achieve the future of healthcare. Features of the MoU: i. This MoU will help in creating local industry access for Siemens Healthineers and in turn, SAMEER will get access to next-generation research in advanced healthcare technologies. ii. This will enable India’s health mission towards deploying healthcare technologies for early diagnostics and treatment to save lives across India. About SAMEER’s MRI Technology: i. SAMEER is a strategic partner specialising in RF Microwaves Radar and Communication Systems, E3 (Electromagnetic Environmental Effects) testing, and Medical Electronics. ii. SAMEER currently develops the IMRI (Indigenous Magnetic Resonance Imaging) Technology under the Sushrut MRI (Indian MRI) system. About SAMEER: Director General- Dr P. Hanumantha Rao Headquarters- Mumbai, Maharashtra Establishment- 1984 About Siemens Healthineers: Chief Executive Officer (CEO)- Bernd Montag Headquarters- Erlangen, Germany Establishment- 1847
Indian Railways Introduces “Ideal Train Profile” To Maximize Seat Occupancy
The Indian Railways has introduced the “Ideal Train Profile” to maximize capacity utilization and revenue generation in reserved mail express trains by analyzing the demand pattern of each individual train on a regular basis.
The “Ideal Train Profile” is essentially a decision support tool for seat capacity optimization, as there can be more than 5,000 different ticket-class combinations on a single train journey.
Pilot Project i.The pilot project began on 7 zonal railways: The Eastern, Central, Northern, Southern, South Central, Western, and West Central Railways.
The pilot project has already been implemented in more than 200 Indian Railways trains.
ii.The facility is anticipated to improve confirmed seat availability and boost train occupancy by up to 5%. iii.The modules were developed by an in-house team, led by R Gopalakrishnan of the Centre of Railway Information Systems (CRIS), an organization under the Ministry of Railways.
CRIS develops and maintains software for key areas of the Indian Railways.
Leveraging the “Ideal Train Profile” to Simplify Seat Allocation i.The demand for accommodations fluctuates across all trains depending on a number of factors rather than constantly following an end-to-end pattern.
The factors include origin-destination pairs, timings, class of accommodation, and availability to alternative trains or means of transportation.
ii.This problem is effectively overcome by allocating accommodation quotas based on the business need of meeting demand for various origin-destination pairs.
Historically, this has been done on the Indian Railways by analyzing historical data for a certain train or other similar trains that operate along a specific route.
iii.By adopting the Ideal Train Profile utility, railway administrators in the passenger profile cells of various zonal railways will have a decision-support tool that will help them perform seat distribution analytics on trains faster.
The periodic review of train quotas by zonal railways will be helpful in addressing the changing demand mix due to holidays, seasonality, etc.
MeitY notifies 3 Griecance Appellate Committees on IT Rules 2021 to Address Users Appeal Against Social Media PlatformsOn 28th January 2023, The Ministry of Electronics and Information Technology(MeitY) notified that the government has established 3 Grievance Appellate Committees (GACs), with 3 members each, to address the grievances of the users against the content moderation decisions of social media platforms such as Twitter and facebook in India.
The GACs are established based on the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021 (“IT Rules 2021”) amended in October 2022.
Member of GACs: i.The 2 GACs will have chairperson and 2 whole time members. ii.The chairperson will be a government official while the members are retired government officials and senior executives from different industries. iii.The members of the committee appointed for a 3 years term. About Ministry of Electronics and Information Technology(MeitY): Union Minister– Ashwini Vaishnaw(Rajya Sabha- Odisha) Minister of State– Rajeev Chandrasekhar(Rajya Sabha- Karnataka)
Suzuki to use Cow Dung for its CNG Cars; Maruti Suzuki & NDDB signed MoU
In 2022, while announcing its Growth strategy for 2030, Suzuki Motor Corporation (SMC), India’s largest car manufacturer, announced that it will use cow dung to power its Compressed natural gas (CNG) cars. Maruti Suzuki, National Dairy Development Board (NDDB), and Banas Dairy, Asia’s largest dairy manufacturer, have signed a Memorandum of Understanding (MoU).
SMC announced that it will launch 6 models of battery Electric Vehicles (EVs) by financial year (FY) 2030
The SMC expects that the Indian market will expand through FY2030, but it also expects that despite a decline in product-related CO2 (carbon dioxide) emissions, there will still be a rise in overall CO2 emissions.
SMC challenges itself to strike a balance between increasing sales units and reducing total CO2 emissions.
The biogas could be used for Suzuki’s CNG models, which make up over 70% of the CNG car market in India.
By 2030, 50% of passenger cars sold in India are predicted to be EVs, and manufacturers like Tata Motors and Mahindra & Mahindra have announced to launch of 10 EV models by 2026 and 5 EV models by 2027.
On 27th January 2023, Alkesh Kumar Sharma, the Secretary of the Ministry of Electronics and Information Technology (MeitY), inaugurated 1Ton/day Printed Circuit Board (PCB) Recycling facility at the Centre for Materials for Electronics Technology (C-MET), an autonomous scientific society under MeitY in Hyderabad, Telangana.
The indigenously developed e-waste recycling technologies will boost India’s Mission to Atmanirbharata and circular economy.
The Center of Excellence (CoE) on E-waste Management, the first of its kind in India, was established by C-MET using the Public-Private Partnership (PPP) model.
CoE on E-waste management has developed all varieties of e-waste recycling technologies including spent PCB, Li-Ion Battery, Permanent magnet and Si-solar cells etc.
The CoE-developed PCB recycling technology has reached Technology Readiness Level 6 and is now prepared for commercialization. In addition to developing recycling processes, C-MET also designed and fabricated necessary processing equipment for the same.
Meghalaya’s Shillong is set to host Space20 programme of G20 in April 2023
Meghalaya Governor BD Mishra, announced that as a part of the G20 (Group of 20) programme, Shillong, the capital of Meghalaya, is set to host the Space 20 programme on 17th and 18th April 2023. The Space20 programme will discuss the contribution of the space partnerships to the economy of the countries.
This is the continuation of the Space Economy leaders meeting held by the National Space Agencies of G20 Countries in 2020. .
India has decided to host around 200 G20 meetings across India during its yearlong Presidency of G20. India holds the Presidency of the G20 from 1st December 2022 to 30th November 2023.
This is initiated with an aim to make space economy a formal agenda item of G20 Summits. Note – The G20 or Group of 20 is an intergovernmental forum of the world’s major developed and developing economies and India assumed its Presidency for one year from 1st December 2022.
G20 comprises Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom (UK), the United States (US), and the European Union (EU).
3rd Edition of Interpol YGPLP begins in New Delhi; Aims to Build Public-Police Trust
On 25th January 2023, the 3rd edition of the Interpol Young Global Police Leaders Programme (YGPLP) began in New Delhi, Delhi. The 9-day Interpol YGPLP will end on 2nd February 2023. The theme of the 3rd Interpol YGPLP is “Trust”, which aims to build trust between public-police and also to build trust factors between international police forces in the era of technology.
Around 60 participants from 44 countries took part in the event, which is being organised by the Central Bureau of Investigation (CBI).
During the programme, the participants will visit CBI Headquarters, Global Operations Center, Delhi Police Headquarters, Maharashtra Police Headquarters and Mumbai Police Control Room.
The YGPLP is a unique INTERPOL initiative, established in 2019, that guides selected officers on the path to international leadership.
2nd Interpol YGPLP was held in the United Arab Emirates (UAE) from 13th to 17th March 2022 under the theme ‘Connecting Minds, Creating the Future’(theme of Dubai Expo).
South Africa to host 15th BRICS summit at Durban in late August 2023
On 26th January 2023, Sergei Lavrov, the foreign minister of Russia, and Osman Saleh, the foreign minister of the State of Eritrea, jointly announced South Africa’s Durban as a host of the 15th BRICS (Brazil, Russia, India, China, and South Africa) Summit. The summit will be held in August 2023.
Previously, South Africa hosted the 5th BRICS Summit from 26 to 27 March 2013.
In April 2011, South Africa participated, for the first time, in the 3rd BRICS Summit held in Sanya, China. Since 2009, the BRICS leaders have convened 14 formal meetings and 9 informal meetings.
Star Health & Allied Insurance Partners with PNB for a Long Term Bancassurance Agreement
Star Health and Allied Insurance, renewed its strategic corporate agency Bancassurance tie-up with Punjab National Bank (PNB) for a long-term period.
PNB will continue to distribute Star Health’s insurance products across all their branches pan India.
Key highlights: i.Under the agreement, Star Health’s best-in-class health insurance products will be available through the PNB’s distribution network across India, providing customers with a one-stop solution for all their health insurance needs. ii.This partnership shall enable both PNB and Star Health to further increase insurance penetration across India and ensure that health insurance is easily accessible across regions.. About Punjab National Bank (PNB): Managing Director (MD) & Chief Executive Officer (CEO) – Atul Kumar Goel Headquarters – New Delhi, Delhi Establishment – 1895 Tagline – The name you can bank upon
NPST Launches a UPI API engine TimePay Evok for PAPG
NPST (Network People Services Technologies Ltd), a banking technology provider, has launched Timepay Evok, a UPI (Unified Payments Interface) API (Application Programming Interface) engine for PAPGs (Payment Aggregators and Payment Gateways). Features of Timepay Evok: i.The Timepay Evok, which is a modern-day payment platform will act as a one-stop UPI payment solution for digital merchants and ensures secure, reliable, and fast-paced payment collections. ii.It has inbuilt solutions such as merchant onboarding, auto reconciliation, merchant dispute resolution and strong data points for customer support. iii.It offers the QR POS (Quick Response Point of Sale) solution with UPI-based payments to make secure transactions and UPI AutoPay for making recurring payments through UPI. Key Points: i.Background:
In June 2021, NPST received a Third-Party Application Provider (TPAP) registration from the National Payments Corporation of India (NPCI) for its TimePay solution.
TPAPs are third-party providers like Google Pay, Amazon Pay or PhonePe that generate a distinct UPI handle for their customers.
ii.About NPST:
It is an authorized Merchant Payment Service Provider, approved by NPCI, acquiring merchants, and providing payment applications to users across various segments.
It serves as a Fintech partner to banks and financial institutes operating as Technology Service Providers (TSP), providing a certified digital payment solution including Mobile Banking, IMPS (Immediate Payment Service), Bhim UPI, and Wallet platform.
iii.About UPI (Unified Payments Interface):
It was developed by the NPCI and launched in 2016. It facilitates 24*7 instant payments using a Virtual Payment Address (VPA) created by the customer instead of his/her bank account number.
It provides security in both person-to-person (P2P) and person-to-merchant (P2M) transactions.
Now it has made digital payments a habit and growing Indians towards a cashless economy.
In December 2022, 382 banks were live on the UPI interface, with 7.82 billion financial transactions being carried out for a total value of nearly Rs. 12.82 trillion.
RenewBuy Launches Customised Health Insurance Product – RenewBuy Health Wellness planRenewBuyhas launched its first line of customised health insurance products, RenewBuy Health Wellness plan with a focus on the large uninsured segment beyond the tier 1 markets.
This new product aims to bridge that gap in purchasing such products in smaller cities compared to metro cities and has introduced various benefits in pre-hospitalization and Out-Patient Department (OPD) treatments.
About the product: i.The product has new-age health insurance benefits, ranging from coverage of Rs. 2-5 lakhs and is also available in three variants including Gold Plan, Silver Plan and Wellness Plan. ii.Benefits – Senior citizens are offered with up to 70 percent lower premiums and also up to 50 percent lower premiums for people till 59 years of age and also includes maternity cover with a significantly low waiting period.
All the 3- variants do not require any medical underwriting and offer OPD benefits, unlimited doctor-on-phone consultations, free lab tests, a heavy concession for offline OPD consultations, modern treatment under very low sum insured, no room rent capping and various other benefits under certain T&C.
Nigeria Launches Domestic Card Scheme AfriGo to Boost Cashless Economy
The Central Bank of Nigeria’s (CBN) governor, Godwin Emefiele, launched a domestic card scheme ‘AfriGo’ to boost the cashless economy and compete with foreign cards like Mastercard and Visa.
Objective: To save the country’s foreign transaction fees.
Through this launch, Nigeria was joining China, Russia, India and Turkey to be a country with a domestic card scheme.
AfriGo is owned by CBN and Nigerian banks.
The card scheme will provide more options for domestic consumers in a cost-effective and competitive manner.
As per Godwin Emefiele’s statement, the operations of foreign cards will continue to exist even after the launch of the domestic card.
Redesigned version of Naira: i.Nigeria, being Africa’s biggest economy, has more than 200 million people but the majority of them still use cash because they live in rural areas where there are no banks. ii.To promote “financial inclusion” in remote areas, the CBN announced the launch of a cash swap programme introducing a redesigned version of the local currency, the naira. Note – Africa’s first digital currency, the e-naira was launched in October 2021. About Nigeria: Capital – Abuja Currency – Nigerian naira (NGN) President – Muhammadu Buhari
Aviva Life Insurance Launches Unit-Linked Aviva Signature Investment Plan
Aviva Life Insurance launched Aviva Signature Investment Plan, a unit-linked non-participating individual life insurance plan targeting millennial and GenX customers. The plan comes with two options, Signature Millennial and Signature GenX.
Signature Millennial has an inbuilt premium waiver and a guaranteed amount for a dependent parent, spouse, or child after the death of the insured person. All future premiums are waived in case of death of the life insured during the policy term in the Signature Millennial option.
While, Signature GenX enables customers to grow their wealth for up to 60 years through disciplined monthly savings.
Benefits – zero allocation charges, periodic milestone boosters every 3rd year starting at the end of the 6th policy year, up to 100 per cent mortality & policy administration charges at maturity, employs the “RetireSafe Strategy” to safeguard the accrued returns, and others. In addition, the plan comes with various other benefits, including death benefits, top-up premium facility, rewards, premium redirection, and premium redirection.
Aditya-L1: India’s 1st mission to Study the Sun to be launched by June-July 2023The Indian Space Research Organisation (ISRO) is set to launch the Aditya-L1 mission, 1st Indian space mission to observe the Sun and the solar corona, to the L1 orbit (which is the first Lagrangian point of the Sun-Earth system) by June or July 2023 since the launch window for the mission would close by August 2023.
L1 orbit allows Aditya-L1 to look at the Sun continuously.
Aditya-L1 Mission: i. The Aditya-1 Mission, originally known as Aditya-L1, was initially meant to put into an 800-kilometre (km) low-Earth orbit (LEO) as a 400-kg class satellite but it was later decided that the satellite would be launched into a halo orbit around the Sun-Earth system’s first Lagrangian Point (L1). ii. Aditya-L1 is equipped with a total of 7 payloads, the Visible Emission Line Coronagraph (VELC) being the main one. The 7 Payloads of Aditya-L1:
visible Emission Line Coronagraph (VELC),
Solar Ultraviolet Imaging Telescope (SUIT),
Solar Low Energy X-ray Spectrometer (SoLEXS),
High Energy L1 Orbiting X-ray Spectrometer (HEL1OS),
Aditya Solar Wind Particle Experiment (ASPEX),
Plasma Analyser Package for Aditya (PAPA), and
Advanced tri-axial high-resolution digital magnetometers.
Key Points: i. On 26th January 2023, the ISRO received the Visible Emission Line Coronagraph (VELC), the largest payload to be carried on board the Aditya-L1, from the IIA team for integration with other payloads on board the satellite.
VELC was created and manufactured by the Indian Institute of Astrophysics(IIA) in Bengaluru, Karnataka.
ii. The VELC was handed over at the Center for Research and Education in Science and Technology (CREST) campus of IIA in the presence of S Somanath, Chairman of ISRO. iii. The payload has been transported to the UR Rao Satellite Centre in Bengaluru, Karnataka on January 27. Note: Scientists at the IIA, Bengaluru, Karnataka, have spent over 15 years building and assembling nearly 40 different optical elements in a payload. Corona Observation: i. According to Raghavendra Prasad, Principal Investigator of the VELC payload, the payload will be able to observe the corona continuously, and the data provided by it is expected to answer many outstanding problems in the field of solar astronomy. ii. VELC can image it as close to 1.05 times the solar radius. iii. It can also do imaging, spectroscopy, and polarimetry at the same time, and can take observations at a very high resolution (level of detail) and many times a second.
Hyderabad Formula E-Prix announces Greenko as Title Partner
Greenko, a dispatchable renewables company, has been named the title sponsor of the 1st ABB FIA Formula E World Championship race which will be held in India. The Formula E 2023 will be held in Hyderabad, Telangana, on 11th February 2023.
Greenko will use renewable energy to power the entire 2023 Greenko Hyderabad E-Prix event, making it the world’s first Net Zero event of this scale.
Greenko’s core values align with the championship’s mission of accelerating towards a clean energy future as the title partner.
Core, a lifestyle brand, was named as the new title sponsor of the Formula E 2023 CORE Diriyah E-Prix in Saudi Arabia, which was held within the town walls of the UNESCO World Heritage site on 27th and 28th January 2023.
Veteran Telugu Actress & Former MP Jamuna Passed Away
On 27th January 2023, Veteran Telugu film actor and former parliamentarian Jamuna passed away in Hyderabad, Telangana.
Jamuna was born on 30th August 1936 in Hampi, Madras Presidency, British India (now Karnataka, India).
About Jamuna: i. Jamuna began her career in acting at the age of 15. In 1952, she debuted in the Telugu film “Puttillu” directed by Garikipati Raja Rao. ii. She also debuted in the Tamil film “Panam Paduthum Padu” in 1954, the Kannada film “AAdarsha Sathi” in 1955, and the Hindi film “Miss Mary” in 1957. iii. Some of her famous movies are “Missiamma”, “Tenali Ramakrishna”, “Bhookailas”, “Kadan Vaangi Kalyaanam”, “Anbu Sagodhararhal”, “Rathnagiri Rahasya”, “Ek Raaz”, and “Hamrahi”. iv. Jamuna was known as the ‘Satyabhama’ of the silver screen and the roles played by her symbolized self-confidence and women’s empowerment. v. In the 1980s, she joined the Indian National Congress(INC). She was elected to Lok Sabha from Rajahmundry in Andhra Pradesh on behalf of the Congress in 1989.
The 17th Data Privacy Day – 28th January 2023
Data Privacy Day or Data Protection Day is annually observed across the globe on January 28. It is an international initiative to raise awareness about the significance of protecting Data Privacy Day 2023, promoting trust, and respecting privacy.
The day commemorates the anniversary of the opening for signature of Convention 108, the global data protection Convention, on 28th January 1981.
28th January 2023 marks the 17th edition of Data Protection Day.
Data Protection Day is now celebrated globally and is called “Privacy Day” outside Europe. Goal: To raise awareness of data protection issues and inform people of their rights and how to exercise them. Data Privacy Day India: Data Security Council of India (DSCI), a not-for-profit, industry body on data protection in India, set up by the National Association of Software and Service Companies (NASSCOM), is running an awareness campaign on the theme of ‘Think Privacy First’. Background: i. On 28th January 2006, the Committee of Ministers of the Council of Europe decided to launch Data Protection Day and observe it as an annual celebration. ii. The 1st ever Data Protection Day was observed on 28th January 2007. Convention 108: i. The title of Convention 108 is “Convention for the protection of individuals with regard to the automatic processing of personal data”. ii. This Convention is the 1st legally binding international instrument that protects individuals from abuses associated with the collection and processing of personal data while also attempting to regulate the transfrontier flow of personal data. iii. Convention 108 has influenced and shaped privacy and data protection for more than 40 years. iv. The Committee of Convention 108 established the Stefano Rodotà Award to recognise innovative and original academic research projects in the field of data protection. Click here for the winners of the Stefano Rodotà Award 2023.
NITI Aayog’s AIM, CBSE, Intel India Collaborate to Bring Change in Education SectorA tripartite agreement has been inked between the NITI (National Institution for Transforming India) Aayog’s Atal Innovation Mission(AIM); Central Board of Secondary Education (CBSE)- Ministry of Education (MoE); and Intel India to bring a change in the education sector by utilizing future skills, such as Artificial Intelligence (AI), in the formal curriculum.
It was signed during an event at Dr Ambedkar International Centre, New Delhi, Delhi which was attended by Dr. Chintan Vaishnav, Mission Director, AIM.
Aim of the Agreement: i.To increase the pace of tech integration for youth ii.To bridge the future skills gap in the country iii.To optimize the current infrastructure (ATLs, etc) Key Points: i.In September 2022, the above 3 parties launched the AIoT (Artificial intelligence of things) Integration in the school curriculum and initiated a pilot project for the same. ii.During the event an AIoT integration-based lesson plans created by teachers were also displayed. iii.There was also a demonstration of AI and AIoT-enabled social impact projects built by students using tinkering and AI, with guidance from their teachers. iv.A compendium with 70 exemplar lesson plans was released which will set the pace for schools and educators to build digital readiness in India. About National Institution for Transforming India (NITI) Aayog: CEO– Parameswaran Iyer Headquarters- New Delhi, Delhi Establishment– 2015
Central Govt. approves proposal for sale of 30 LMT of wheat under OMSSOn January 25, 2023, the Central Government approved a proposal to sell 30 Lakh Metric Tonnes (LMT) of wheat under the Open Market Sale Scheme- Domestic (OMSS-D) to control prices of wheat and wheat flour.
This approval has been made amid rising prices of wheat.
The off loading of 30 LMT wheat will be done by the Food Corporation of India (FCI) from the Central pool stock to the market through various routes under OMSS-D.
Key Points: i.FCI will start the process of E- auction of stocks immediately, throughout India during January to March 2023 i.e. within 2 months. ii.This off loading will have an immediate impact in containing the rising prices and will bring relief to the common man. iii.To address the rising price of wheat in India, a Group of Ministers headed by Union Minister Amit Shah, Ministry of Home Affairs (MHA) discussed the buffer stock position, and the following options to offload wheat to the market were approved by the Committee of Ministers (CoM):
Wheat will be offered to the Flour millers, Bulk Buyers etc through e-auction for a maximum quantity of 3000 MT per buyer, per auction, from a FCI Region under e-auction.
Wheat will also be offered to State Governments/UTs for their schemes without e-auction.
Wheat will be offered at a concessional rates of Rs 2350/ Qtl to Govt PSUs/cooperatives/Federations, Kendriya Bhandar etc without e-auction.
The sale under this special scheme will be subject to the stipulation that the buyer will convert wheat to atta and offer it to public at an Maximum Retail Price (MRP) of Rs. 29.50 per Kg.
Godrej Agrovet launches Samadhaninitiative for Farmers
Godrej Agrovet Ltd. has launched ‘Samadhan’, a one stop solution centre for oil palm farmers, under its Oil Palm business. It will provide a comprehensive package of knowledge, tools, services and solutions to farmers.
Through this initiative, Godrej Agrovet Ltd. will share global best practices with the Indian oil palm farmers and help the farmers to adopt these practices.
It will also help to support farmers to avail developmental finance, government subsidies/schemes and other benefits.
It also became the first company in India to be awarded a verification Certification under the Indian Palm Oil Sustainability (IPOS) Framework.
Aim: i.To be a critical enabler in the Palm Oil industry ii.To assist oil palm farmers in optimizing their yields by adopting the latest agricultural techniques and boosting their productivity. Key Points: i.Under this initiative, Godrej Agrovet will establish 50 Samadhan centers across India by 2027. ii.Each center will support the planting of ~2,000 hectares of oil palm and help farmers achieve sustained productivity. iii.Notably, the Ministry of Agriculture and Farmer Welfare (MoA&FW) has set a goal to cultivate 1,000,000 hectares of oil palm by 2027 under the National Mission on Edible Oils– Oil Palm (NMEO-OP) scheme. iv.Godrej Agrovet has set a goal to add 60,000 hectares of new oil palm plantations in the next five years v.The IPOS Framework, established by the Solvent Extractors Association of India with assistance from Solidaridad, the Indian Institute of Oil Palm Research (IIOPR), and SOPOPRAD (Society for Promotion of Oil Palm Research and Development), has been created for the Indian industry and lays down a set of environment friendly, economically viable and socially beneficial practices and guidelines. About Godrej Agrovet Limited: Managing Director– Balram Singh Yadav Headquarters– Mumbai, Maharashtra
Union Minister Dr Mansukh Mandaviya unveils World’s 1st intranasal COVID-19 vaccine – iNNCOVACC
On 26th January 2023, Dr Mansukh Mandaviya, Union Minister of Health & Family Welfare, unveiled the iNNCOVACC, the world’s 1st intranasal COVID-19 vaccine to receive approval for the primary 2-dose schedule and as a heterologous booster dose, in the presence of Union Minister of State (Independent Charge) for Science and Technology, Dr Jitendra Singh.
It is developed by Bharat Biotech International Limited (BBIL) in collaboration with Biotechnology Industry Research Assistance (BIRAC), a Public Sector Undertaking (PSU) under the Department of Biotechnology, Ministry of Science and Technology.
Dr Mansukh Mandaviya stated that over 65% of vaccines supplied in the world were from India.
UNESCO and Solvay launch STEM Education Program in AsiaThe United Nations Educational, Scientific and Cultural Organization (UNESCO) and Solvay, a Belgian multinational chemical company, announced the launch of a Science, technology, engineering, and mathematics (STEM) Education Program, aiming at engaging high schoolers and graduate students from Asia- India, Indonesia and South Korea.
The Program was developed by UNESCO and Solvay, the 2 leading science-based organisations that have a 3-year partnership.
The program will explore the mutual impact on the environment by focusing on the theme “Sustainable living for one planet”.
Key Points: i. Through STEM and EBA (evidence-based approach), students will develop skills and strengthen their understanding of science to nurture their interest in science and scientific careers for the benefit of society. ii. Professors & University students will receive training to implement the strategy in their countries, and hold regional competitions with experts from Solvay, UNESCO’s Science Networks and other partners iii. Teams from Solvay and UNESCO in the relevant countries will actively participate in the implementation to co-nurture innovative solution projects. Innovative Solution Projects: i. Science teachers and university students will be trained by scientists in interactive national masterclasses on topics such as emerging environmental issues, introduction to the Internet of Things (IoT) and hands-on pedagogical activities, data science and digital literacy. ii. A national hackathon was held in high schools with an integrative trans-disciplinary approach to improve capacities in translating data into information and co-develop data narrative. iii. With regional competitions to recognize the most innovative projects. Note: i. The program builds on collaboration among science networks and UNESCO-designated sites and will contribute to 7 United Nations (UN) Sustainable Development Goals (SDGs 4, 6, 9, 11,12, 14, 15). ii. This partnership represents a fresh initiative within Solvay’s extensive Corporate Citizenship programme, a key pillar that focuses on promoting education.
Veer Guardian 2023: 1st edition of India-Japan Joint Air Defence Exercise held in JapanVeer Guardian-2023, a joint Air Exercise between India and Japan involving the Indian Air Force and Japan Air Self Defence Force (JASDF) was held at Hyakuri Air Base, Japan and its surrounding airspace in Omitama and Iruma Air Base in Sayama, Japan from 12th January 2023 to 26 January 2023.
This is the inaugural edition of the bilateral Air Exercise ‘Veer Guardian 2023’ between India & Japan.
Aim: The exercise aims to strengthen strategic connections and defence cooperation between the two Nations. Participants: The participants of the IAF contingent include four Su-30 MKI, two C-17 & one IL-78 aircraft and the JASDF participants include four F-2 & four F-15 aircraft. Background: In September 2022, During the second 2+2 Foreign and Defence Ministerial meeting held in Tokyo, Japan, India and Japan agreed to step up bilateral defence cooperation. Both nations also agreed to engage in defence exercises including fighter jet drills. This exercise will be a part of the efforts to deepen the strategic ties and defence cooperation between India and Japan. Veer Guardian 2023 i. During the Veer Guardian 2023 exercise, various aerial combat drills between the Air Forces of India and Japan was conducted. ii. IAF and JASDF had engaged in air defence missions, air combat manoeuvring, and interception both in Visual and Beyond Visual Range (BVR) settings. iii. The exercise also included multi-domain air combat missions in a complex environment allowing the air warriors to exchange their best practices. iv. This exercise also provided both sides’ pilots with the opportunity to fly each other’s fighter jets in order to gain a better understanding of each other’s operating philosophies. v. The exercise involved precise planning and skilful execution by both the air forces. Highlight: Su-30 MKI pilot Squadron Leader Acani Chaturvedi, one of the first 3 woman combat pilots in the IAF, participated in the inaugural air exercise Veer Guardian 2023. She became the 1st IAF Woman Fighter Pilot to participate in aerial wargames abroad. About the Indian Air force (IAF): Chief of the Air Staff – Air Chief Marshal VR Chaudhari Headquarters– New Delhi, Delhi Established- 1932 About Japan: Prime Minister- Fumio Kishida Capital- Tokyo Currency- Japanese yen
HDFC Life Policyholders Can Now Pay Premiums Via NPCI’s ‘UPI 123PAY’HDFC Life Insurance Company Limited (HDFC Life)has partnered with the National Payments Corporation of India (NPCI) to allow policyholders to pay their premiums via “UPI 123PAY”, a unique voice-based Unified Payments Interface (UPI) service.
The “first of its kind” UPI 123Pay aims to significantly streamline the premium payment procedure for HDFC Life policyholders.
About UPI 123PAY i.In 2022, the Reserve Bank of India (RBI) released UPI 123Pay, a voice-based payment feature developed by the NPCI and launched to improve the digital penetration of financial services. ii.UPI 123PAY empowers smartphone and feature phone users to make a variety of digital transactions based on four approaches.
The 4 approaches include: Voice payments using an IVR (Interactive Voice Response) number, proximity sound-based payments, missed call-based payments, and app-based scan and pay on feature phones.
iii.Customers will be able to conduct financial transactions on this platform with or without an internet connection. iv.This service is available to customers in a variety of regional languages, including Hindi, Marathi, Gujarati, Punjabi, Kannada, Tamil, etc. v.A customer can begin a transaction after placing a secure call from their phone to the UPI number 080 4516 3571 and completing the UPI on-boarding formalities. vi.This service would also enable HDFC Life policyholders who are not used to digital payments to take control of their policies with a single IVR call. About HDFC Life Insurance Company Limited (HDFC Life): HDFC Life is a joint venture between HDFC Ltd., India’s leading housing finance institution and abrdn plc (formerly Standard Life Aberdeen plc) a global investment company. MD & CEO – Vibha Padalkar Established – 2000 Headquarters – Mumbai, Maharashtra
India Sells First Green Bonds at 5-6 Basis Points Below Sovereign Yields
India sold its first sovereign green bonds worth a total of Rs 80 billion (USD 979.61 million) at yields below comparable government bonds. The Reserve Bank of India (RBI) auctioned 40 billion rupees of 5-year bonds at a coupon rate of 7.10 per cent, 5 basis points below the 5-year sovereign yield. Another 40 billion rupees in 10-year bonds were sold at a 7.29%, 6 basis points below comparable government securities.
These proceeds will be used for ‘green’ projects including solar power, wind and small hydro projects and other public sector projects that help in reducing the carbon footprint.
Padma Awards 2023: President Approves 106 Padma Awards; List Includes 6 Padma Vibhushan, 9 Padma Bhushan, 91 Padma Shri Awards, With 7 Posthumous AwardeesOn January 25, 2023, the Padma Awards 2023 were announced by the Ministry of Home Affairs (MHA) on the eve of India’s 74th Republic Day. The President of India, Droupadi Murmu, has approved the conferment of 106 Padma Awards for the year 2023. Padma Awards, one of India’s highest civilian honours, are given in three categories: Padma Vibhushan, Padma Bhushan, and Padma Shri.
“Padma Vibhushan,” India’s second-highest civilian honour, is given for exceptional and distinguished service.
“Padma Bhushan” is given for distinguished service of high order
“Padma Shri” is given for distinguished service in any field
Padma Awards 2023
The 106 Padma Awards in 2023 comprises 6 Padma Vibhushan, 9 Padma Bhushan, and 91 Padma Shri Awards, including 3 duo cases (in a duo case, the award is counted as one).
There are 19 women among the awardees, as well as 2 persons from the category of Foreigners/ Non-Resident Indian (NRI) / Person of Indian Origin (PIO) / Overseas Citizen of India (OCI) and 7 Posthumous awardees.Click here for official notification.
i.Mulayam Singh Yadav, the founder of the Samajwadi Party, BV Doshi, an architect, and Dilip Mahalanabis, a physician from West Bengal, will all receive the Padma Vibhushan posthumously. About Ministry of Home Affairs (MHA): UnionMinister– Amit Shah (Gandhi Nagar Constituency, Gujarat) Minister of State (MoS) – Nityanand Rai (Ujiarpur, Bihar); Ajay Kumar Mishra (Kheri, Uttar Pradesh) ; Nisith Pramanik (Coochbehar, West Bengal)
Entrepreneur Sunil Krishnan honoured with Dr Babasaheb Ambedkar National Contribution Award 2022
Global Entrepreneur Sunil Krishnan was honoured with the coveted Dr Babasaheb Ambedkar National Contribution Award 2022 for his contribution to India – for Spreading Indian Cuisine Globally With Moksh Restaurant. Governor of Maharashtra Bhagat Singh Koshiyari presented the award during the ceremony organised at Raj Bhavan, Mumbai, Maharashtra.
The event was organised by Dr. Geet S Thakkar, Chandramani Jadhav and Pravin More. Philanthropist Gurubhai Suresh Bhai Thakkar and Vaastu Mahaguru Basannt R Rasiwasia were present on the occasion.
India elected as Vice-Chair at the 12th session of FAO’s ITWG on AnGRDuring the 12th Session of the Intergovernmental Technical Working Group (ITWG) on Animal Genetic Resources (AnGR) at Rome, Italy from January 18-20, 2023, India was elected as the Vice-Chair and represented the Asia & Pacific region.
DrBhupendra Nath Tripathi, Deputy Director General (Animal Sciences), ICAR (Indian Council of Agricultural Research), and the National Coordinator, vice-chaired the Session and also acted as Rapporteur.
What is ITWG? It wascreated by the Food and Agricultural Organization (FAO’s) Commission on Genetic Resources for Food and Agriculture (CGRFA) at its 7th Session in May 1997. It reviews technical issues, advises and makes recommendations to the Commission and further implements the Commission’s programme related to AnGR at global level. What was in the 12th session of ITWG? i.There was an implementation of the Global Plan of Action for AnGR, monitoring of AnGR diversity and reviewing the 3rd Country Report. ii.There was also a discussion on the agenda points on role of microorganisms relevant to ruminant digestion, role of genetic resources in mitigating and adapting to climate change; access and benefit-sharing for AnGR; digital sequence information and potential implications for the conservation and sustainable use of genetic resources. Point to be noted: Earlier to the 12th ITWG Session, the Global National Coordinators’ Workshop was held at Rome, from 16-17th January, 2023 where Dr B N Tripathi shared India’s experience in updating data in Domestic Animal Diversity – Information System (DAD-IS) and presented a framework for cataloguing native populations. About Food and Agricultural Organization (FAO): Director-General– QU Dongyu Headquarters– Rome, Italy Establishment– 1945
Tata Trusts Names Siddharth Sharma as New CEO & Aparna Uppaluri as First COO
Tata Trusts has named former civil servant Siddharth Sharma as its new chief executive officer (CEO) and has also appointed former Ford Foundation official Aparna Uppaluri as its chief operating officer (COO). The new appointments will come into effect on 1st April, 2023.
Siddharth Sharma will succeed Srinath Narasimhan in his new role. He has acted as the financial advisor to the 13th and 14th Presidents of India and was also the chief sustainability officer at Tata Sons.
Aparna Uppaluri is presently the programme director for India, Nepal and Sri Lanka at the Ford Foundation. She was also involved in grant-making activities, especially into gender justice.
Anurag Gupta appointed as VP & Head of Global Merchant And Network Services in Amex India
American Express Banking Corp., (AEBC) announced the appointment of Anurag Gupta as the Vice President (VP) and Head of Global Merchant & Network Services in American Express (Amex) India, bringing both the acquiring and the network cards issuance teams under one leader.
Anurag Gupta will be in charge of extending Amex merchant coverage and the network that issues American Express Cards, through bank partnerships.
He has been a part of American Express for over 18 years working across different businesses, functions, and roles in India and in other global markets.
This appointment aims to further accelerate and drive a step-up in the growth trajectory of American Express’ acquiring and issuing partnerships in India
Winners of ICC Awards 2022 announced: India’s Suryakumar Yadav & Renuka Singh Among WinnersThe International Cricket Council (ICC) announced the winners of the ICC awards 2022, India’s Suryakumar Yadav has won the ICC Men’s T20I Cricketer of the Year 2022 while compatriot Renuka Singh has won the ICC Emerging Women’s Cricketer of the Year 2022 award.
Babar Azam won the Sir Garfield Sobers Trophy for ICC Men’s Cricketer of the Year 2022 as well as ICC Men’s ODI Cricketer of the Year 2022.
Nat Sciver won the Rachael Heyhoe Flint Trophy for ICC Women’s Cricketer of the Year and ICC Women’s ODI Cricketer of the Year.
England’s Ben Stokes has been named ICC Men’s Test Cricketer of the Year, after leading England’s stunning revival in the Test format.
Nepal wicketkeeper Aasif Sheikh has been named the recipient of the ICC Spirit of Cricket Award 2022. He became the first player from Nepal to win the ICC Spirit of Cricket Award.
About International Cricket Council (ICC): Chair– Greg Barclay Chief Executive– Geoff Allardice Headquarters– Dubai, United Arab Emirates (UAE) Establishment– 1909
France Captain Hugo Lloris Retires from International Football
Hugo Lloris(36-year), Captain of France national football team, retired from international football. He retired from playing for France after a record 145 appearances. He will be focusing on his Tottenham club career in the English Premier League.
. He captained the france team that won the 2018 FIFA(Fédération Internationale De Football Association) World Cup in Russia.
He was also the captain of the team that lost to Argentina in the final in the 2022 FIFA World Cup held in Qatar.
Hugo Lloris made his national debut in 2008 against Uruguay.
74th Republic Day of India – 26th January 2023 India celebrated its 74th Republic Day on 26th January 2023. The republic day events and parade were held at the newly-renovated and renamed Kartavya Path(previously known as Rajpath) in New Delhi, Delhi. The Republic day of India marks and celebrates the date on which the Constitution of India came into effect on 26 January 1950.
President of India, Droupadi Murmu, led her maiden Republic Day celebrations at Kartavya Path and unfurled the national flag.
Egyptian President Abdel Fattah El –Sisi is the chief guest of the 74th Republic Day.
Highlights: i.On the occasion of Republic Day 2023, the President of India, Droupadi Murmu, awarded the President’s Tatrakshak Medal (PTM) and Tatrakshak Medal (TM) to 6 Indian Coast Guard(ICG) Personnel. ii.On the eve of the 74th Republic Day, President Droupadi Murmu approved 412 gallantry awards and other Defence decorations to Armed Forces personnel. iii.On the occasion of the 74th Republic Day, a total of 23 tableaus – 17 from States and Union Territories, and 6 from Central Ministries and Departments, showcasing the rich cultural heritage, economic progress and strong and in internal and external security, participated in the parade on the Kartavya Path.
International Customs Day 2023 – January 26International Customs Day (ICD) is annually observed across the globe on January 26 to acknowledge the role of customs officials in managing the efficient flow and exchange of goods and services across countries. The day also commemorates the inaugural session of the Customs Cooperation Council(now World Customs Organization) held in Brussels, Belgium in 1953.
26th January 2023 marks the 70th anniversary of the WCO, a unique Organisation dedicated to International cooperation and the sharing of knowledge.
The theme of International Customs Day 2023 is “Nurturing the Next Generation: Promoting a Culture of Knowledge-sharing and Professional Pride in Customs”.
It is the slogan announced by Dr Kunio Mikuriya, the Secretary General of the World Customs Organization (WCO).
Purpose: To honour the customs agencies and officials who ensure that world trade is managed as efficiently as possible. Background: i. Customs Day was first celebrated in 1983 by the CCC to celebrate 30 years of its first session.
The CCC became a global organisation and was renamed the World Customs Organisation (WCO) in 1994.
ii. The 1st ever ICD was observed on 26th January 1983 in Brussels, Belgium with only 17 member nations participating. About the World Customs Organisation (WCO): Secretary -General- Kunio Mikuriya Headquarters- Brussels, Belgium Establishment- 1952 WCO now has 183 customs organisations across the globe that are in charge of managing at least 98% of global trade.
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International Day of Commemoration in Memory of the Victims of the Holocaust 2023 – January 27 United Nations (UN)’s International Day of Commemoration in Memory of the Victims of the Holocaust (International Holocaust Remembrance Day) is annually observed across the globe on January 27 to remember the victims of the Holocaust, also known as the Shoah, which was the genocide of European Jews during World War II.
27th January 2023 marks the 78th anniversary of the liberation of Auschwitz-Birkenau, a Nazi German concentration and extermination camp.
The theme of International Day of Commemoration in Memory of the Victims of the Holocaust 2023 is “Home and Belonging“. Background: i. The United Nations General Assembly (UNGA) adopted the resolution A/RES/60/7 on 1st November 2005 and proclaimed January 27 of every year as the International Day of Commemoration in Memory of the Victims of the Holocaust. ii. International Holocaust Remembrance Day was chosen by the UNGA to mark the liberation of the German Nazi Concentration and Extermination Camp Auschwitz-Birkenau (1940-1945) by the Soviet Army. iii. The 1st ever International Day of Commemoration in Memory of the Victims of the Holocaust was observed on 27th January 2006. About the United Nations: Secretary-General- António Guterres Headquarters- New York, USA Establishment- 1945 About the United Nations Educational, Scientific and Cultural Organization(UNESCO): Director-General- Audrey Azoulay Headquarters- Paris, France Establishment- 1945 (came into force in 1946)
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Chhattisgarh Chief Minister Announces Monthly Allowance for UnemployedOn the occasion of the 74th Republic Day of India, (26th November 2023), the Chief Minister (CM) of Chhattisgarh, Bhupesh Baghel, announced that the unemployed youth of Chhattisgarh will be given a monthly allowance from FY 23-24.
The allowance to unemployed youths was one of the key promises made by Congress ahead of the 2018 Assembly polls.
He also announced the formulation of a rural industry policy to strengthen the cottage industry-based rural economy.
He also made few other announcements including, setting up of an aerocity near Raipur airport, housing assistance scheme for labourers and a scheme to promote women entrepreneurship.
Key Points: i.An aerocity will be developed near the Swami Vivekananda Airport, Raipur, to enhance passenger facilities, commercial development of the airport area and employment generation. ii.Construction workers registered with the Chhattisgarh Building and Other Construction Workers Welfare Board for a period of 3 years will be given a grant of Rs. 50,000 for building their own houses. iii.The formulation of a rural industry policy will strengthen the cottage industry-based rural economy, and also increase employment along with the income of people in rural areas. Highlights: i.An aid of Rs. 10,000 will be provided every year to each gram panchayat for organising festivals of tribal communities in the tribal-dominated Bastar and Surguja divisions and scheduled areas of the state from FY 2023-24. ii.Also, Chhattisgarh State Innovation Commission will be constituted with an aim to promote innovation for the development of the state, he said. iii.A river front will be developed along the Kharun river which flows on the outskirts of capital Raipur bordering Durg district. About Chhattisgarh: Governor – Anusuiya Uikey Chief Minister (CM) – Bhupesh Baghel National Parks – Indravati (Kutru) National Park, Kanger Valley National Park Wildlife Sanctuaries – Achanakmar Wildlife Sanctuary, Badalkhol Wildlife Sanctuary
Union Cabinet approves Competition (amendment) Bill, 2022On January 24, 2023, the Union Cabinet chaired by Prime Minister Narendra Modi has approved the reworked Competition (Amendment) Bill, 2022 that seeks to introduce changes in the governing structure of the Competition Commission of India (CCI), and modify the substantive, procedural and institutional provisions in the current competition law to address the needs of new age market.
This revamped Bill will be taken up in the upcoming Budget session of Parliament starting on January 31, 2023.
Key Points: i.The bill was introduced in Parliament on August 5, 2022. Reworking has been done since the Standing Committee on Finance gave its report on the Bill in December 2022. ii.The Parliamentary Panel headed by Jayant Sinha had made recommendations to the Bill. iii.This is the first time the government is going in for comprehensive changes to the Competition law since its coming into force in 2009. Some Key Proposals in the Bill:
To broaden the scope of anti-competitive agreements
Reduce the time limit for approval of mergers & acquisitions from the existing 210 days to 150 days
Provide a limitation period of three years for filing cases relating to anti-competitive agreements and abuse of a dominant position
Introduce settlement & commitment framework
Reasonable use of intellectual property rights should be a valid defence against allegations of abuse of dominance.
Periodic revision of basic deal value threshold of Rs 2,000 crore and its indexation to inflation
Inclusion of cartels under the proposed Settlement and Commitment framework and the controversial one of requiring the CCI to establish ‘effects’ of anti competitive conduct of dominant undertakings.
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Chandigarh Administrator Inaugurates North India’s largest floating Solar Project of 2000kWp in Water Works of ChandigarhOn 23rd January 2023, Banwari Lal Purohit, Governor of Punjab and Administrator of Chandigarh, inaugurated the North India’s largest floating Solar project of 2000kWp(Kilowatt peak) at Water Works in Chandigarh.
He also inaugurated a 500kWp floating Solar Project with Fountains at Dhanas Lake in Chandigarh.
The 2000kWp solar project in the water works of Chandigarh is a unique floating project and it is a one of its kind solar plant in North India.
With this Chandigarh aims to achieve the vision of the Indian government to become increase the renewable energy capacity and achieve 100% renewable energy in the future. About the solar power plants: These 2 solar power projects were designed and executed by Chandigarh Renewal Energy and Science and Technology Promotion Society (CREST), Chandigarh Capacity: Annually, these projects will generate a minimum of 35 lakh Units (kWh – kilowatt-hour) of solar energy with 20% module efficiency. Total Cost: The 2000kWp plant at water works has been installed at a total cost of Rs 11.70 crores and the 500kWp plant at Dhanas Lake has been installed at a cost of Rs 3.34 crores. Note:
The Dhanas lake with fountain was developed and beautifies as a part of the efforts of CREST and Forest and Wildlife Department.
Banwari Lal Purohit urged the people to install rooftop solar power in the residential and commercial buildings. The installation of rooftop solar power is both environmentally beneficial and economically viable.
‘TROPEX 2023’: Indian Navy Conducts Mega Naval Wargame in IORThe Indian Navy is conducting the 2023 edition of “Theatre Level Operational Readiness Exercise” (TROPEX), a significant biennial maritime exercise, in the Indian Ocean region (IOR).
TROPEX 23 will take place from January to March 2023 over a three-month period.
In light of China’s rising military intrusions into the IOR, the exercise TROPEX aims to “validate and refine” the Indian Navy’s concept of “operations” and test overall combat capabilities. Exercise TROPEX 2023: i.As part of Exercise “TROPEX 2023,” all surface combatants of the Indian Navy, including destroyers, frigates, and corvettes, as well as submarines and aircraft, are subjected to complex maritime operational deployments.
The maritime exercise also features and facilitates operational-level interaction with the Indian Army, Indian Air Force (IAF), and Indian Coast Guard (ICG).
ii.The exercise is being conducted in phases, both in harbour and at sea, and includes many aspects of combat operations, including live weapon firings. iii.This exercise offers the opportunity to assess the combat readiness of combined fleets of the Indian Navy for multi-threat operations.
i.The Indian Navy also held the biennial tri-service Amphibious Exercise (AMPHEX) 2023 in Kakinada, Andhra Pradesh, from January 17 to 22, 2023. ii.The exercise was designed to improve interoperability and synergy by training elements from all three services (Indian Navy, Indian Army & IAF) in various aspects of amphibious operations. iii.The AMPHEX exercise, the largest of its kind to date, was held for the first time in Kakinada.
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India Likely to Surpass China as The Most Populous Country as China’s Population ShrinksIndia, which presently has 1.38 billion people, is on track to overtake China, which currently has 1.4 billion people, as the world’s most populous country in 2023.
India’s population is expected to reach 1.668 billion in 2050, surpassing China’s 1.317 billion at the time.
This can be attributable to the fact that China’s population began to decline in 2022, for the first time in six decades since 1962. The National Bureau of Statistics (NBS) of China reported that as of the end of 2022, China’s population was 1.41175 billion, a decrease of about 850,000 people from the end of 2021.
The last time China recorded a decline in population was in 1961, the final year of the Great Famine under former leader Mao Zedong.
About People’s Republic of China: President – Xi Jinping Capital – Beijing Currency – Renminbi (RMB)
5 billion People Globally Unprotected from Trans fat leading to Heart disease: WHO Report The World Health Organization (WHO) in its 4th annual status report ‘ Countdown to 2023 WHO Report on global trans fat elimination 2022’, stated that 5 billion people globally remain unprotected from harmful trans fat resulting in increasing their risk of heart disease and death. Trans fat elimination target set for 2023 remained unattained: In 2018, WHO called for the global elimination of industrially produced trans-fatty acids (TFA) in 2023. 43 countries have implemented best-practice policies for tackling trans fat in food, with 2.8 billion people protected globally. Despite these efforts, the target remained unattainable leaving 5 billion worldwide at risk from trans fat’s health impacts. Key Points: i.Industrially produced trans fat (also called industrially produced trans-fatty acids) is found in packaged foods, baked goods, cooking oils and spreads. ii.Trans fat intake is responsible for up to global 500 000 premature deaths from coronary heart disease annually. iii.Currently, 9 of the 16 countries with the highest estimated proportion of coronary heart disease deaths caused by trans fat intake do not have a best-practice policy.
They are Australia, Azerbaijan, Bhutan, Ecuador, Egypt, Iran (Islamic Republic of), Nepal, Pakistan and Republic of Korea.
iv.Most trans fat elimination policies to date have been implemented in higher-income countries mainly in the Americas and Europe.
There is also an increase in middle-income countries implementing or adopting these policies, including Argentina, Bangladesh, India, Paraguay, Philippines and Ukraine. Best-practice policies are also being considered in Mexico, Nigeria and Sri Lanka in 2023.
v.As per WHO, two best-practice policy alternatives in trans fat elimination are:
Mandatory national limit of 2 grams of industrially produced trans fat per 100 grams of total fat in all foods;
Mandatory national ban on the production or use of partially hydrogenated oils (a major source of trans fat) as an ingredient in all foods.
vi.In 2023, WHO recommends countries to focus on four areas viz. adopting best-practice policy, monitoring and surveillance, healthy oil replacements and advocacy. vii.WHO also encourages food manufacturers to eliminate industrially produced trans fat from their products, aligning with the commitment made by the International Food and Beverage Alliance (IFBA).
Note:
In December 2020, the Food Safety and Standards Authority of India (FSSAI) lowered the previous 5% TFA limit in oils and fats to 2% and extended it to cover all foods.
As of January 2022, India is implementing a best-practice policy for TFA, protecting an additional 1.4 billion people from the harms of TFA.
WHO published the report in collaboration with Resolve to Save Lives.
Canada to Commercialise World’s First Photonic-based Quantum Computer
Canadian Prime Minister (PM) Justin Trudeau has announced a new federal investment of 40 million Canadian dollars (USD 32 million) that enables Xanadu Quantum Technologies Inc., a Toronto-based Canadian quantum computing company, to build and commercialise the world’s first photonic-based, fault-tolerant quantum computer.
The project is supported through the Canadian government’s Strategic Innovation Fund and with 177.8 million Canadian dollars (USD 142 million), the project is expected to create 530 new highly skilled positions in the high-tech and quantum computing fields.
Xanadu Quantum Technologies Inc., was founded in 2016 with the mission to build quantum computers that are useful and available to people everywhere.
BOB Financial Solutions Limited launches Vikram Credit Card Dedicated to SoldiersBOB Financial Solutions Limited (BFSL), a wholly owned subsidiary of Bank of Baroda, launched ‘Vikram – the contactless RuPay credit card’ dedicated to the Indian defence, paramilitary, and police personnel on the occasion of 74th Republic Day celebrations i.e. January 26, 2023.
It will be offered as Lifetime Free (LTF) and it comes with reward points and an activation gift of a complimentary OTT (Over-The-Top) subscription.
Key Points: i.The credit card also offers an Accidental Death cover of Rs 20 lakh. ii.Other features include a 1% fuel surcharge waiver, LTF add-ons, EMI (Equated Monthly installments) offers, and periodic merchant offers. iii.BFSL already has exclusive co-branded credit cards with the Indian Army (Yoddha), Indian Navy (Varunah), Indian Coast Guard (Rakshamah) and Assam Rifles (The Sentinel). iv.This credit card honours the protectors of our nation for their selfless services. About Bank of Baroda (BoB): Managing Director (MD) & Chief Executive Officer (CEO) – Sanjiv Chadha Headquarters – Vadodara, Gujarat Establishment – 1908 About BOB Financial Solutions Limited (BFSL): MD & CEO– Shailendra Singh Headquarters – Mumbai, Maharashtra Tagline– Credit Reimagined
PNB & Aadhar Housing Finance Enters into Co-Lending Partnership to offer home loans
Punjab National Bank (PNB) and Aadhar Housing Finance Limited(AHFL) have entered into a co-lending agreement to offer home loans at competitive interest rates. The main aim of this partnership is to reach out to a large section of society including economically weaker, lower, and middle-Income groups for providing easy, convenient, and efficient home finance solutions to customers.
The agreement was signed in presence of Kalyan Kumar, Binod Kumar, M. Paramasivam, Executive Directors, Sunil Kumar Chugh, Chief General Manager from PNB and Rishi Anand, Managing Director (MD) & Chief Executive Officer (CEO), DK Tripathi, Executive Vice Chairman from Aadhar Housing Finance Limited.
Visakhapatnam Railway Station receives ‘Green Railway Station Certification’ with Highest Platinum RatingVisakhapatnam railway station of East Coast Railway has been awarded the “Green Railway Station Certification” with the highest Platinum rating by the Indian Green Building Council (IGBC) for adopting green concepts thereby reducing the adverse environmental impact.
Visakhapatnam station secured 82 out of 100 points in 6 environmental categories, such as sustainable facilities, health, hygiene, energy and water efficiency, smart green initiatives, and innovation and development.
IGBC Green Railway Stations rating system: i. IGBC Green Railway Stations rating system is the first of its kind holistic rating in India to address environmental sustainability in Indian railway stations. ii. The Green Railway Station rating system was developed by the Environment Directorate of Indian Railways with the support of the IGBC. iii. Different levels of certification are as follows.
‘Certified’ to recognise best practices
‘Silver’ to recognise outstanding performance
‘Gold’ to recognise national excellence
‘Platinum’ to recognise global leadership
Key Points: i. The Green Railway Station rating system has addressed national priorities such as water conservation, handling of waste, energy efficiency, reduced use of fossil fuel, lesser dependence on using virgin materials and health and well-being of occupants. ii. Based on the survey’s findings and the IGBC’s recommendations, the following actions were taken:
Segregation of Waste by Constructing MRF Shed
Setting and Operationalization of 500KLD STP for Station & Colony Water
Setting up of Solar Panels to conserve Power
Well Developed Passenger Amenities
100% fitment of LED Lightings.
About the Indian Green Building Council (IGBC): Chairman- Gurmit Singh Arora Headquarters- Hyderabad, Telangana Establishment- 2001 The Indian Green Building Council (IGBC) was formed by the Confederation of Indian Industry (CII).
Chris Hipkins Becomes 41st Prime Minister of New Zealand; Jacinda Ardern resignedOn 25th January 2023, Chris Hipkins (44 years old), leader of the Labour Party, was sworn in as the 41st Prime Minister (PM) of New Zealand by the governor-general Cindy Kiro, King Charles representative in New Zealand, during a ceremony in Wellington, New Zealand.
Chris Hipkins took over the premiership succeeding Jacinda Ardern(42 years old), after she tendered her resignation to Governor-General Cindy Kiro on 25th January 2023.Carmel Sepuloni was also sworn in as the deputy PM, the first time that a person with Pacific Island heritage has taken the role.
Note – The 2023 General Election of New Zealand will be held on 14 October 2023 Key highlights: i.Chris Hipkins entered Parliament in 2008 and became the Spokesperson for Education in 2013. He was appointed minister for Covid-19 in November 2020. ii.On the sidelines, he is also the Member of Parliament (MP) for Remutaka, the Minister for National Security and Intelligence, and the Minister Responsible for Ministerial Services.
He was also the minister for police, education and public service under Jacinda Ardern.
Jacinda Ardern resigned from the Prime Ministerial post Ms Jacinda Ardern has resigned as the New Zealand Prime Minister (PM) ahead of the elections. She is New Zealand’s third female leader and one of the youngest heads of government in the world, when she was elected prime minister in 2017 at the age of 37 years. Highlights: i.In 2018, she became the second elected world leader to ever give birth while in office, after Pakistan’s Benazir Bhutto in 1990. ii.She was re-elected for a second term as Prime Minister in 2020. About New Zealand: Prime Minister – Chris Hipkins Governor General – Cindy Kiro Capital – Wellington Currency – New Zealand dollar
Amul: GCMMF re-elects Shamalbhai B Patel as Chairman & Valamji Humbal as Vice ChairmanOn 24th January 2023, Shamalbhai B Patel was re-elected as the Chairman of the Gujarat Cooperative Milk Marketing Federation (GCMMF), the umbrella body of milk cooperatives in Gujarat which owns the brand Amul.
The election took place at the headquarters of the federation in Anand, Gujarat in presence of the heads of all the district cooperative milk unions.
The board of directors of GCMMF has also re-elected Valamji Humbal as Vice-Chairman of the GCMMF for the 2nd time. Note: The duo was 1st elected as Chairman and Vice-Chairman in July 2020 for a two and a half years term. Key Points: i. The election was conducted by the Deputy Collector of Anand in the presence of 17 out of 18 members who are chairmen representing their district milk unions in Gujarat. ii. The nomination of Shamalbhai B Patel was proposed by Ashokbhai Chaudhary, Chairman of the Mehsana milk union and supported by Ramsinh Parmar, Chairman of the Kaira milk union. iii. The nomination of Valamji Humbal was proposed by Mansinhbhai Patel, Chairman of the Surat milk union and supported by Vihabhai Sabhad, Chairman of the Surendranagar milk union. Shamalbhai B Patel: i. Shamalbhai B Patel is the Chairman of Sabarkantha District Cooperative Milk Producers Union Ltd., Sabar dairy.
He was associated with dairy cooperatives of Gujarat for the last 33 years.
ii. The Sabar Union is one of the largest dairy unions in Gujarat with an annual sales turnover exceeding Rs 6,800 crores and farmer membership of 3.85 lakh milk producers. Valamji Humbal: i. Valamjibhai Humbal is the Chairman of Kutch District Cooperative Milk Producers Union Ltd., Sarhad Dairy for the last 14 years. ii. Kutch milk union’s annual sales turnover exceeds Rs. 870 crores and farmer membership of 1 lakh milk producers. About the Gujarat Cooperative Milk Marketing Federation (GCMMF)-Amul: GCMMF is the largest food products organisation in India and has annual sales of Rs 46,481 crores during the financial year (FY) 2021-2022. Managing Director- Jayen Mehta Headquarters- Anand, Gujarat Establishment- 1946
GoI Extends tenure of Sangeeta Verma as Acting Chairperson of CCI The Government of India (GoI) has extended the tenure of Sangeeta Verma as acting Chairperson of the Competition Commission of India (CCI). In October 2022, She was appointed as the acting Chairperson of CCI for a period of 3 months following the retirement of Full time chairman Ashok Kumar Gupta on 25th October 2022.
The Ministry of Corporate Affairs (MCA) noted that Sangeeta Verma will be the acting Chairperson of CCI until the date on which a new Chairperson is appointed or till any further orders in this regard.
About Sangeeta Verma: i.Sangeeta Verma, a 1981 batch Indian Economic Service (IES) officer, joined the CCI board as a member in December 2018. ii.She has wide-ranging experience of over three decades in government, both central and state, as an economist, administrator, regulator, and policymaker.
She has also served the government in several sectors of the economy, including consumer affairs, industry, agriculture, power, and women and child development.
iii.She was superannuated as Principal Adviser to the GoI in the Department of Consumer Affairs (DCA) and also served as the Secretary of Uttar Pradesh State Electricity Regulatory Commission (UPERC), and Economic Adviser with the Central Electricity Authority, Ministry of Power. Keynote: i.The CCI has been without a full-time Chairperson since the retirement of Ashok Kumar Gupta. ii.A quorum of 3 members with a chairperson are required for the approval of Mergers and acquisitions beyond a certain threshold under the Competition Act, 2022.
Each member will have a tenure of 5 years or till the age of 65 years, whichever is earlier.
iii.Sangeeta Verma & Bhagwant Singh Bishnoi were the members of CCI and Bhagwant Singh Bishnoi was appointed in July 2019 for a five year period, and will retire later in 2023. About Competition Commission of India (CCI): Chairperson – Sangeeta Verma Headquarters – New Delhi, Delhi Establishment – 2003
RBI approves appointment of Prabdev Singh as CEO of JP Morgan Chase Bank India
JPMorgan Chase & Co. has received approval from the Reserve Bank of India (RBI) to name Prabdev Singh as its Chief Executive Officer (CEO) of JP Morgan Chase Bank India for a period of 3-years. He has been serving as the interim CEO of the bank since November 2022, replacing Madhav Kalyan.
Prior to joining JP Morgan in 2010, he has worked with HSBC Holdings Plc for over a decade JP Morgan Chase & Co is an American multinational financial services company headquartered in New York City, United States of America(USA).
NARCL Acquires First Stressed Asset – Jaypee Infratech
The National Asset Reconstruction Company Limited (NARCL) has acquired its first stressed asset, Jaypee Infratech from lenders led by IDBI Bank. The total exposure of all the banks to Jaypee Infratech was over Rs 9,000 crore, while IDBI Bank’s exposure was Rs 3,750 crore.
IDBI Bank received Rs. 253 crore, which is 15 percent of the Rs. 1,687.50-crore recovery in cash and Rs. 1,434.5 crore, an 85 percent of the recovery in the form of security receipts.
The other lenders of the consortium will receive cash and security receipts depending on their exposure to the company.
IIT-Madras-Incubated Company Develops Indigenous Operating System “BharOS“
JandK Operations Private Ltd., a company incubated by the Indian Institute of Technology (IIT) Madras Pravartak Technologies Foundation, has developed ‘BharOS’, an indigenous mobile operating system (OS).
It is funded by the Department of Science and Technology (DST), Ministry of Science & Technology (MoS&T) through its “National Mission on Interdisciplinary Cyber-Physical Systems” (NM-ICPS).
The BharOS is offered to organisations with strict privacy and security requirements, as well as users who handle sensitive information. BharOS i.BharOS, a play on the Bharat Operating System, is promoted by IIT-Madras as a contribution to Aatmanirbhar Bharat and can be installed on commercially available mobile devices, creating a secure environment for users. ii.It gives users access to apps that comply with certain security and privacy standards established by organisations. iii.BharOS is identical to Android OS in terms of technology, with the primary distinction being that BharOS does not feature Google services. Significant Features of BharOS i.The Private App Store Services (PASS) offered by BharOS give users access to reputable apps.
A PASS grants access to a select group of apps that have undergone extensive verification and adhere to particular organisational security and privacy standards.
ii.No Default Applications (NDA) in BharOS prevent users from being forced to use programmes they may not be familiar with or do not feel trustworthy.
It gives them more control over the apps and permissions they require.
iii.BharOS provides “Native Over The Air” (NOTA) updates, which are automatically downloaded and installed to maintain the software secure and bug-free.
Padma Awardee & Renowned Indian Architect Balkrishna Vithaldas Doshi Passed AwayOn 24th January 2023, Balkrishna Vithaldas Doshi (B.V. Doshi), a renowned Indian Architect and Padma Awardee, passed away in Ahmedabad, Gujarat at the age of 95. B.V. Doshi was born on 26th August 1927 in Pune, Maharashtra. About Balkrishna Vithaldas Doshi: i. B.V. Doshi is considered the most celebrated practitioner of Indian architecture. He was noted for his contributions to the evolution of architectural discourse in India. ii. His notable works: Amdavad ni Gufa (Ahmedabad, Gujarat), Indian Institute of Management (IIM) Udaipur (Rajasthan), National Institute of Fashion Technology (NIFT) Delhi, CEPT University, IIM Bengaluru (Karnataka), and the Aranya Low-Cost Housing in Indore (Madhya Pradesh). iii. He was a follower of Architect legends Le Corbusier and Louis Kahn. He worked closely with noted Architect Le Corbusier on the latter’s projects in Paris, France between 1951 and 1954. iv. B.V. Doshi established his own practice, Vastushilpa Consultants, in Ahmedabad in 1955 and the Vastushilpa Foundation for Studies and Research in Environmental Design, a research institute affiliated with Vastushilpa Consultants, in 1978. Awards and Recognitions: i. B.V. Doshi was conferred with both the RIBA’s Royal Gold Medal in 2021 and the Pritzker Prize (often referred to as the Nobel Prize for architecture) in 2018 for his outstanding contribution to the field of architecture.
He was the 1st Indian to receive Royal Gold Medal and Pritzker Prize.
ii. He was conferred with Padma Shri for Science and engineering in 1976 and Padma Bhushan (others) in 2020. iii. He also received the Ordre des Arts et des Lettres (2011) and the Aga Khan Award for Architecture (1993-1995).
Former Indian Decathlete & Arjuna Awardee Sabir Ali Passed Away
On 22nd January 2023, Former Indian Decathlete & Arjuna Awardee Sabir Ali, known as the ‘Ironman of India’ passed away in New Delhi, Delhi, at the age of 67. Sabir Ali was born in 1955 in Haryana. He won the decathlon gold at the 1981 Asian Athletics Championships in Tokyo, Japan. He became the 3rd Indian to win the Asian Athletics Championships decathlon after VS Chauhan (1974) and Suresh Babu (1975).
He won 10 gold medals in the decathlon and 2 silver medals in the South Asian Athletics meet held at Kathmandu & Dhaka. He also won 8 consecutive Open National titles between 1979 and 1985. He was declared the best sportsman of India in the year 1981.
In 1981, he won a bronze and silver at the World Railway meets. He was honoured with the Arjuna Award and Bhim award by the government of Haryana in 1981.
He was captain of the Indian athletics team in the 1983 Asian track and field athletic competition held in Kuwait.
He worked in Indian Railways till 2015(retired).
Decathlon is a combined event in athletics consisting of 10 track and field events.
13th National Voters’ Day – 25th January 2023 On 25th January 2023, the Election Commission of India (ECI) celebrated the 13th edition of National Voters’ Day (NVD) across India to spread awareness about the importance of voting, and participating in the electoral process. The theme of 2023 National Voters’ Day is ‘Nothing Like Voting, I Vote for Sure’.
The 2023 theme is dedicated to voters conveying individual’s feeling and aspiration towards participation in the electoral process through power of their vote.
Background: i.National Voters’ Day is annually observed across India on 25th January to mark the foundation day of the ECI.
ECI was founded on 25th January 1950 as an autonomous body under the Ministry of Law and Justice, to give every Indian citizen the right to vote in the country’s democratic election process.
ii.The first ever National Voters’ Day was celebrated in 2011, to encourage active participation in India’s electoral process. About Election Commission of India: Chief Election Commissioner– Rajiv Kumar Election Commissioner– Anup Chandra Pandey and Arun Goel
National Tourism Day 2023 – January 25National Tourism Day is annually observed across India on January 25 to raise awareness and promote tourism for India’s economic and financial growth and development. Aim: The day aims to save national heritage and create popular tourist spots across India. Background: i. National Tourism Day was initiated by the Indian government in 1948 when the tourist committee was established. ii. The Ministry of Tourism is responsible for promoting and growing tourism in India, which also involves collaborating with local, national, and international organisations. About the Ministry of Tourism: Minister- G. Kishan Reddy (Constituency- Secunderabad, Telangana) Minister of State (MoS)- Ajay Bhatt (Constituency- Nainital-Udhamsingh Nagar, Uttarakhand); Shripad Yesso Naik (Constituency- North Goa, Goa).
India International Science Festival 2022 held in Bhopal, Madhya Pradesh – 21st to 24th January 2023
The India International Science Festival (IISF) 2022, a 4-day festival, was held from 21st to 24th January 2023 at the Maulana Azad National Institute of Technology (MANIT), Bhopal, Madhya Pradesh. The IISF 2022 marks the 8th edition of IISF since its inception in 2015. On 21st January 2023, IISF 2022 was jointly inaugurated by Shivraj Singh Chauhan, Chief Minister (CM) of Madhya Pradesh and Dr Jitendra Singh, Union Minister for Science & Technology.
The theme of the IISF 2022 is “Marching towards Amrit Kaal with Science, Technology, and Innovation”.
IISF is an initiative of the Ministry of Science and Technology and the Ministry of Earth Science, Government of India (GoI), in association with Vijnana Bharati (VIBHA).
There were 15 important events organised in the 4-day science festival, like the Student Science Village, Mega Start-ups Expo, and NATS Exhibition/ Innovation Showcase.
The 3rd Edition of the Annual Orange Festival held in Kohima, Nagaland- 24th & 25th January 2023
The 3rd edition of the Orange Festival (Orange Festival 2023) was held from 24th to 25th January 2023 in Rusoma village near Kohima, in Nagaland. The festival was organised under the aegis of Rüsoma Village Council in association with Kohima Smart City Development Limited, Rural Development Department, Horticulture Department, Agriculture Department and Land Resources Department.
The festival featured several stalls like handicrafts, organic vegetables and fruits, food items, the sale of orange saplings, a workshop on orange and coffee plantations and a campaign on “Beti Bachao Beti Padhao”.
On 24th January 2023, the festival was inaugurated in the presence of K Neibou Sekhose, Additional Director of Rural Development.
Mangrove cultivation different from agriculture, will attract 18% GST: AAARAs per the Appellate Authority for Advance Rulings (AAAR), the cultivation of mangroves is different from agriculture and will not be exempted from the Goods and Services Tax (GST). It will attract 18% GST.
With this, AAAR upheld the ruling of West Bengal Authority of Advance Ruling (AAR).
What was the case? The applicant, who is engaged in developing mangrove seeds into seedlings in nurseries with an objective of environmental protection against cyclones and tidal waves, had sought a ruling from the West Bengal AAR that his activities be exempted from GST.
However, as per AAAR the activities by the applicant will be classified as ‘support services to agriculture, forestry, fishing, animal husbandry’ only if it is related to the cultivation of plants and rearing of all life forms of animals, except the rearing of horses, for food, fiber, fuel, raw material or other similar products.
Therefore his services are not related to the cultivation of plants for food, fiber, fuel, raw material or other similar products. None of the activities carried out by the appellant will be classified under the chapter heading 9986, which covers activities that support agriculture and hence liable for GST.
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GoI Introduces U-WIN to Digitize India’s Universal Immunization ProgrammeThe Government of India (GoI) has launched U-WIN, a platform to digitize India’s Universal Immunization Program (UIP) in a pilot mode in two districts from each State and Union Territory (UT).
The GoI initiated this move due to the effectiveness of the Co-WIN platform, and replicated it in establishing this digital registration for routine vaccinations.
i.The U-WIN platform is a replica of Co-WIN, which was introduced in January 2021 in 65 districts and has been the “digital backbone” for India’s COVID-19 immunization programme. ii.The UIP was first introduced as an ‘Expanded Programme of Immunization’ (EPI) by the Ministry of Health and Family Welfare (MoH&FW) in 1978.
It was renamed as ‘Universal Immunization Programme’ (UIP), when it got upgraded beyond the urban regions in 1985. It is fully funded by the GoI.
About Ministry of Health and Family Welfare (MoH&FW): Union Minister – Mansukh Mandaviya (Rajya Sabha Gujarat) Minister of State (MoS) – Dr. Bharati Pravin Pawar (Dindori, Maharashtra)
AYUSH Ministry signed MoU with ITDC to Promote Medical Value Travel in IndiaThe Ministry of Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homoeopathy (AYUSH) have signed a Memorandum of Understanding (MoU) with the India Tourism Development Corporation (ITDC), Ministry of Tourism to collaborate on the promotion of Medical Value Travel (MVT) in Ayurveda and other traditional medical systems.
Dr Shashi Ranjan Vidyarthi, Director of the AYUSH and Piyush Tiwari, Director (Commercial and Marketing) of ITDC signed the MoU in the presence of Pramod Kumar Pathak, special secretary of AYUSH and other senior officials of the Ministry of Ayush and ITDC.
The implementation and progress of the MoU will be monitored by a Joint Working Group (JWG) co-chaired by representatives from MoA and ITDC.
Features of the MoU: i. Under this MoU, the Ministry of AYUSH will train ITDC officials on the MVT in Ayurveda and other traditional systems of medicine.
The Ministry will identify tourist circuits with immense scope to promote MVT in Ayurveda and other traditional systems of medicine and will provide ITDC with all technical know-how as needed.
ii. ITDC, on the suggestion of the AYUSH, will include historical heritage sites of Indian systems of medicine in tourist destinations under “Knowledge Tourism,” and may create films & literature that tourists will find useful.
It will explore establishing Ayurveda and Yoga centres in ITDC-run hotels and will organise sensitization workshops in collaboration.
iii. JWG will identify the best practices adopted by Malaysia, Singapore and Thailand etc. to promote themselves as a preferred MVT destination. Key Points: i. G20 delegates discussed opportunities and challenges to promote MVT in India at the First Health Working Group meeting under India’s G20 presidency (on 18th January 2023) in Thiruvananthapuram, Kerala.
ii. According to the Global Wellness Institute’s (GWI) report ‘The Global Wellness Economy: Looking Beyond COVID,’ the Global Wellness economy will grow at a 9.9% annual rate.
The healthcare and wellness economy based on Ayush is expected to grow to USD 70 billion by 2025.
About the Ministry of Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homoeopathy (AYUSH): Minister- Sarbananda Sonowal (Rajya Sabha- Assam) Minister of State (MoS)- Dr Munjpara Mahendrabhai Kalubhai (Constituency- Surendranagar, Gujarat)
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MoYAS forms Oversight Committee headed by MC Mary Kom to Enquire Allegations Against WFI
The Ministry of Youth Affairs and Sports (MoYAS) has formed an Oversight Committee headed by Khel Ratna Awardee(Boxing) MC Mary Kom, Chairperson of the Athletes Commission of the Indian Olympic Association (IOA), to enquire into the allegations of sexual misconduct, harassment and financial irregularities in the Wrestling Federation of India (WFI), levelled by prominent sportspersons.
The oversight committee will complete the enquiry within 4 weeks and during the course of the enquiry, the Committee will also undertake the day-to-day administration of WFI.
India among top 3 nations in Expanding Organic Farming in 2020; Argentina TopsAccording to the Bonn, Germany headquartered IFOAM -Organics International data, India is ranked 3rd globally where the area under organic agriculture expanded the maximum in 2020 to 3,59,000 hectares (16%).
This list is topped by Argentina with 7,81,000 hectares (up by 21%), followed by Uruguay at 5,89,000 hectares (28%).
The total increase under organic cultivation globally in 2020 was 3 million hectares (MH).
IFOAM is an acronym for International Federation of Organic Agriculture Movements. Key Points: i.Of the world’s total 74.9 MH under organic farming, Australia has the highest at 35.7 MH, whereas India has 2.8 MH. ii.Out of total 34 lakh organic producers in the world, 16 lakh farmers in India are into certified organic farming. iii.It should be noted that the Union Cabinet is yet to approve the Ministry of Agriculture & Farmers Welfare’s proposal Rs 2,481crore proposal to launch the National Mission on Natural Farming (NMNF).
The mission is supposed to be implemented from the current fiscal (FY23) until 2025-26, with a target to bring 7.5 lakh farmers to practice non-chemical natural farming on 7.5 lakh hectares.
Under the scheme, farmers will get a maximum of Rs 15,000/hectare (until 2025-26) depending on loss in income.
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RBI extends deadline to Complete Renewal Agreements for Existing Safe Deposit Lockers by Dec 31, 2023i.On January 23, 2023, the Reserve Bank of India (RBI) extended the deadline for banks to complete the process of renewal of agreements for the existing safe deposit locker holders by December 31, 2023 from January 1, 2023. ii.Banks have been advised to make necessary arrangements to facilitate the execution of the revised agreements by ensuring the availability of stamp papers, etc. iii.In cases where operations in lockers have been frozen for non-execution of the agreement by January 1, 2023, the same will be unfrozen with immediate effect. iv.RBI in exercise of its powers under sections 35A and 36(1)(a) of the Banking Regulation (BR) Act, 1949, directed SBM Bank (India) Ltd to stop all transactions under Liberalized Remittance Scheme (LRS) with immediate effect till further orders. About Reserve Bank of India (RBI): i.The Reserve Bank of India was established on April 1, 1935, in accordance with the provisions of the Reserve Bank of India Act, 1934. ii.The Central Office of the Reserve Bank was initially established in Calcutta but was permanently moved to Mumbai in 1937. iii.Though originally privately owned, since nationalization in 1949, the Reserve Bank is fully owned by the Government of India.
AIF Exceeds Rs. 30,000 Crore in Capital Raised for Agriculture Infrastructure ProjectsAccording to the Ministry of Agriculture & Farmers Welfare (MoA&FW), the Agriculture Infrastructure Fund (AIF) has raised more than Rs. 30,000 crore in capital for agricultural infrastructure projects, with a sanctioned amount of Rs. 15,000 crore.
Agriculture Infrastructure Fund (AIF) i.AIF is a financing facility that was introduced on July 8, 2020, for the creation of post-harvest infrastructure and community farm assets across India.
It was developed as a Central Sector Scheme (CSS) by the Department of Agriculture and Farmers Welfare (DA&FW), MoA&FW.
ii.This scheme would disburse Rs. 1 lakh crore by the fiscal year 2025-26, while interest subvention and credit guarantee support will be provided until 2032-33.
Agricultural infrastructure projects at farm-gate and aggregation points (Primary Agricultural Cooperative Societies, Farmer Producer Organisations (FPOs), Agriculture Entrepreneurs, Start-Ups, etc.) will be funded by means of this financing facility of Rs. 1 lakh crore.
It also supports other groups like Self Help Groups (SHGs), Joint Liability Groups (JLGs) etc.
iii.Under the Credit Guarantee Fund Trust for Micro and Small Enterprises(CGTMSE) scheme, eligible borrowers of this financing facility would have access to credit guarantee coverage for loans up to Rs. 2 crore. iv.There will be a 3% annual interest subsidy on all loans made through this financing facility, up to a maximum of Rs. 2 crore. This subvention will be available for a maximum period of 7 years. v.It allows for convergence with all schemes of the Union or State government.
Infrastructure projects help farmers get better prices for their produce, modernize agricultural programmes and practices, and reduce post-harvest losses.
About the Ministry of Agriculture & Farmers Welfare (MoA&FW): Union Minister – Narendra Singh Tomar (Constituency- Morena, Madhya Pradesh) Minister of State (MoS) – Kailash Choudhary (Constituency- Barmer, Rajasthan)
AU Small Finance Bank Launches Credit Card Offering Platform – SwipeUpOn 23rd January 2023, AU Small Finance Bank Limited, India’s largest Small Finance Bank(SFB),launched the first-of-its-kindSwipeUp platform, that allows other bank Credit Cardholders to get upgraded AU Credit Cards.
This new facility for credit card users is similar to mobile number portability which allows to change service provided while retaining the same number.
The cards issued in SwipeUp platform are different from current credit cards offered by AU Small Finance Bank. The new range of cards will offer a high value proposition to customers.
This card is made from biodegradable plastic, intended towards a healthy environment.
Key highlights: i.SwipeUp platform helps customers to upgrade the benefits of credit cards according to their lifestyle. The bank primarily focuses on the customers who hold Credit Cards of any other Bank and can benefit from an upgraded Credit Card matching their current lifestyle. ii.The credit cardholders of other banks can provide details of their existing credit cards and check their eligibility for upgrading their cards within a few seconds.
These cards will have a higher credit limit, higher cashback, better reward points with a quick end-to-end digital process, zero membership fees, and various other features.
Note – Earlier in 2023,AU SFB has launched LIT, a fully customisable credit card to help customers curate a card specific to their needs. About AU Small Finance Bank: Managing Director (MD) and Chief Executive Officer (CEO) – Sanjay Agarwal Headquarters – Jaipur, Rajasthan Establishment – Received the SFB licence in 2015 and commenced operations as SFB in 2017.
ADB & NSFTPL Signs USD 131 Million Loan to Support the JLN Port Upgradation & Enhance International TradeThe Asian Development Bank (ADB) and Nhava Sheva Freeport Terminal Private Limited (NSFTPL) signed USD 131 million loan to upgrade the Jawaharlal Nehru (JLN) Port Container Terminal located in Navi Mumbai, Maharashtra to enhance international trade in India through efficient, transparent, and state-of-the-art logistics infrastructure.
The loan comprises USD 61.4 million from ADB’s ordinary capital resources and USD 69.6 million from Leading Asia’s Private Infrastructure Fund (LEAP) administered by ADB.
Key highlights: i.NSFTPL is a special purpose vehicle jointly owned by J M Baxi Ports and Logistics Limited (JMBPL) and CMA Terminals. ii.The funds will be used to upgrade existing berths and yards and install additional energy efficient equipment such as electric quay cranes, which shall increase the terminal’s container handling capacity and attract vessels operating on important international shipping lanes. Note – Nhava Sheva Freeport Terminal is a key terminal for India and the deal with ADB will increase India’s potential in becoming a USD 10 trillion economy by 2035. About Asian Development Bank (ADB): President – Masatsugu Asakawa Headquarters – Mandaluyong city, Metro Manila, Philippines Members – 68 members (49 from Asia and the Pacific and 19 outside)
HDFC to Raise at least Rs 30 Billion through Issue of 10-year Bonds
Housing Development Finance Corp (HDFC) plans to raise at least 30 billion rupees (USD 370.5 million) through the sale of bonds maturing in 10 years. The company has invited bankers and investors to bid for coupons and commitments. The issue will also have a greenshoe option to retain an additional Rs 20 billion and will close for subscription later this week.
The bonds are rated AAA by CRISIL and will have a put option at the end of the third year.
Tata Motors, ICICI Bank tie up to offer Financing Solutions to its EV Dealers
Tata Motors has tied up with ICICI Bank to offer financing solutions to its authorized passenger Electric Vehicle (EV) dealers. Under this, the bank will provide inventory funding to the authorized passenger EV dealers in addition to the bank’s funding to dealers for diesel and petrol models.
This partnership envisages making EVs and their purchase process more accessible and seamless.
The EV dealers can also avail flexible repayment tenures.
OPPO India & Meity’s CSC partners to train 10,000 women in Cyber Security through Cyber Sangini
OPPO India, a Mobile phone brand, partnered with the Common Service Centre (CSC) Academy, the Education & Corporate social responsibility (CSR) wing of Common Services Centres (CSC) under the Ministry of Electronics and Information Technology (MeitY), Government of India (GoI), for the Cyber Sangini program, 45-day course, to empower rural and semi-urban women by training them in the fundamentals of cybersecurity and cyber wellness..
This initiative aims to equip women with the skills and knowledge needed to become certified ‘Cyber Sanginis’and act as Cyber Security Ambassadors in their area.
Participants will receive a certificate from the National Institute of Electronics and Information Technology (NIELIT) or Centre for Development of Advanced Computing (C-DAC) upon completion of the course. This will enable them to get employment opportunities.
Cyber Sanginis will be trained in the existing laws and frameworks that every citizen can use to protect themselves from such cyber incidents.
MSDE partners with Bharat Dynamics to Promote Apprenticeship Training Framework
The Ministry of Skill Development and Entrepreneurship (MSDE) has partnered with Bharat Dynamics Limited (BDL), under the Ministry of Defense (MoD), to create an apprenticeship training framework to address the need for the skilled and future-ready workforce in the Central Public Sector Undertaking and industries.
More than 250 apprentices have been employed under the collaboration at the BDL facility in Hyderabad, Telangana, where the ‘Astra’ missile, the state-of-the-art air missile is being manufactured.
Three of the five components of these missiles are manufactured at this facility.
The apprentices will receive on-the-job training in various sections of the facility and exposure to other industries.
President Droupadi Murmu Confers Pradhan Mantri Rashtriya Bal Puraskar 2023On 23rd January 2023, President of India, Droupadi Murmu, conferred Pradhan Mantri Rashtriya Bal Puraskar for 2023 to 11 children for their exceptional achievement at Vigyan Bhawan in New Delhi, Delhi.
The 2023 awardees are from 11 states and Union territories (UTs) include 6 boys and 5 girls.
Each awardee will receive a certificate, a cash prize of Rs. 1 lakh, and a medal.
Attendees – Union Minister for Women and Child Development, Smriti Zubin Irani; Minister of State (MoS) for Women and Child Development, Dr. Munjapara Mahendrabhai, were also present at the award ceremony.
During the ceremony, Union Minister Smriti Zubin Irani released a book on Baal Veer titled “Young Heroes of India” and presented the 1st copy to the President of India.
About the Ministry of Women and Child Development (MoWCD): Union Minister – Smriti Zubin Irani (Amethi Constituency, Uttar Pradesh) Minister of State (MoS) – Munjapara Mahendrabhai Kalubhai (Surendranagar Constituency, Gujarat)
GoI announces winners of Subhash Chandra Bose Aapda Prabandhan Puraskar for 2023On 23rd January 2023, on the occasion of the birth anniversary of Netaji Subhash Chandra Bose, the Government of India (GoI) has selected the Odisha State Disaster Management Authority (OSDMA) and Lunglei Fire Station (LFS), Mizoram, for the Subhash Chandra Bose Aapda Prabandhan Puraskar (SCBAPP) for 2023 under the Institutional category for their excellent work in Disaster Management. About Subhash Chandra Bose Aapda Prabandhan Puraskar: Subhash Chandra Bose Aapda Prabandhan Puraskar(SCBAPP) was instituted by National Disaster Management Authority (NDMA), under the Ministry of Home Affairs (MHA), the Government of India(GoI) in 2018 to recognise and honour the invaluable contribution and selfless service rendered by individuals and organisations in India in the field of Disaster Management.
This includes contributions in the areas of Disaster Prevention, Mitigation, Preparedness, Rescue, Response, Relief, Rehabilitation, Research / Innovations or Early Warning.
The winners of the award are annually announced on 23rd January, the birth anniversary of Netaji Subhash Chandra Bose. Prize: The award carries a cash prize of Rs 51 lakh and a certificate in the case of an institution and Rs 5 lakh and a certificate in the case of an individual. Key points: i. For the award of the year 2023, nominations were solicited from 1st July 2022 onwards. ii. For Subhash Chandra Bose Aapda Prabandhan Puraskar 2023, 274 valid nominations were received from institutions and individuals. About the Winners of the 2023 Award in the Field of Disaster Management: Odisha State Disaster Management Authority (OSDMA): i. OSDMA was established in 1999 in the aftermath of the Super Cyclone.
It launched multiple initiatives including raising the Odisha Disaster Response Action Force (ODRAF), Multi-hazard Early Warning Service (MHEWS) framework, and a cutting-edge technology-enabled web/smartphone-based platform called “SATARK” (System for Assessing, Tracking, and Alerting Disaster Risk Information based on Dynamic Risk Knowledge).
ii. It responded effectively to various cyclones, including Hudhud (2014), Fani (2019), Amphan (2020), and Odisha floods (2020). iii. It implemented disaster preparedness projects in 381 tsunami-prone villages and wards, as well as 879 multi-purpose cyclone and flood shelters within 1.5 kilometres (Km) of the coastline. Lunglei Fire Station (LFS), Mizoram: i. LFS responded quickly and effectively to a massive forest fire that broke out on 24th April 2021 in the uninhabited forest areas surrounding Lunglei town and spread to more than 10 village council areas. ii. LFS personnel, assisted by local civilians, worked continuously for more than 32 hours, during which they motivated and provided on-the-spot training to residents.
There was no loss of life or property due to the quick efforts of Fire & Emergency staff in putting out the flames, and the spread of fire to other parts of the state was prevented
Justice Sabina appointed Acting Chief Justice of Himachal Pradesh High Court
Justice Sabina, the senior-most judge of the Himachal Pradesh High Court (HC), was appointed as Acting Chief Justice of the Himachal Pradesh HC, in the exercise of the power conferred by Article 223 of the Constitution of India, with effect from 21st January 2023 following the retirement of Himachal Pradesh HC Chief Justice, Amjad Ahtesham Sayed.
In 1986, Justice Sabina was unanimously selected as Joint Secretary of the Bar Association of Punjab and Haryana HC. She was appointed as an Additional District Judge in 1997.
She was appointed as a Sessions Judge in September 2004 and was promoted to Additional Judge of Punjab and Haryana HC in 2008 and Permanent Judge in 2010.
In 2016, she was transferred to the Rajasthan HC and sworn in as a Judge of the Rajasthan HC. Later in 2021, she was transferred to the Himachal Pradesh HC.
DRDO & Naval Group France Signs Agreement to Safely Integrate Indigenous Systems in Kalvari-Class SubmarinesThe Defence Research and Development Organization (DRDO) and Naval Group France have signed an agreement that would greatly improve the endurance of the Indian Navy’s Scorpene-class conventional submarines.
According to the agreement, the Indian Naval Ship (INS) Kalvari will soon be equipped with the fuel cell-based Air Independent Propulsion (AIP) system of Naval Materials Research Laboratory (NMRL), giving a significant boost to “Aatmanirbhar Bharat”.
NMRL is an Indian defence laboratory of the DRDO.
Key Points: i.With this agreement, cooperation will be enhanced to include the design process for integrating indigenous AIP into Kalvari-class submarines.
Kalvari class submarines have been built by Mazagon Dock Shipbuilders Limited (MDL) in Mumbai, Maharashtra.
ii.Naval Group France will certify the AIP design for integration into the submarines as part of the agreement.
Pierre Eric Pommellet is the Chairman and CEO of Naval Group France.
Air Independent Propulsion (AIP) System i.The AIP has a force multiplier impact on the lethality of a diesel-electric submarine since it increases submerged endurance by several folds. ii.When compared to other technologies, it performs better, and it stands out since the hydrogen is generated onboard. iii.The land-based prototype has been tested, and the technology has now reached the stage of maturity for industrialization.
i.In accordance with a USD 3.75 billion agreement signed in October 2005, six Scorpene submarines are being manufactured by the MDL under ‘Project-75’ with technology transfer from Naval Group France. ii.The first submarine, “INS Kalvari”, was commissioned in December 2017.
It was followed by the 2nd submarine, “INS Khanderi”, in September 2019, the 3rd submarine, “INS Karanj”, in March 2021, and the 4th submarine, “INS Vela”, in November 2021.
iii.On January 23, 2023, the Indian Navy commissioned “INS Vagir”, the 5th Scorpene-class conventional submarine.
The 6th and last Scorpène-class submarine, “Vagsheer”, was launched into the sea in April 2022 and will be delivered to the Indian Navy by the end of 2023.
About the Indian Navy: Chief of Naval Staff (CNS) – Admiral Radhakrishnan Hari Kumar Founded – January 26, 1950 Headquarters – New Delhi, Delhi
National Girl Child Day 2023 – January 24National Girl Child Day (NGCD) is annually observed across India on January 24 to spread public awareness about inequities that girls face in Indian society. The day also promotes awareness about the rights of the girl child. The day is observed by holding a variety of events to honour girls. Background: i. National Girl Child Day was established in 2008 by the Ministry of Women and Child Development (MoWCD). ii. The 1st ever National Girl Child Day was observed on 24th January 2008. Note: Various initiatives and campaigns have been implemented to improve the lives of girls, including Save the Girl Child, Beti Bachao Beti Padhao, subsided or free education for girls, and so on. Significance: According to the MoWCD, NGCD is meant to raise awareness about girls’ rights, support the nation’s girl children, eliminate gender biases, and emphasise the importance of education, health, and nutrition. Event: The event of National Girl Child Day 2023 is organised by the Department of School Education & Literacy, Ministry of Education (MoE), with the theme “Self Defence Training for Girls”. Beti Bachao and Beti Padhao (BBBP) Scheme: i. The MoWCD in collaboration with the Ministry of Human Resource Development (now the Ministry of Education) and the Ministry of Health and Family Welfare initiated the BBBP Scheme. ii. BBBP scheme was launched by Narendra Modi, India’s Prime Minister (PM) on 22nd January 2015 in Panipat, Haryana. iii. The objectives of this initiative are
Prevention of gender-biased sex-selective elimination
Ensuring survival & protection of the girl child
Ensuring education and participation of the girl child
International Day of Education 2023- January 24United Nations (UN)’s International Day of Education (IDE) is annually observed across the globe on January 24 to celebrate the role of education in peace and development.
24th January 2023 marks the 5th observation of International Day of Education.
The theme of International Day of Education 2023 is “to invest in people, prioritize education”.
The United Nations Educational, Scientific, and Cultural Organization (UNESCO), the United Nations agency for education, facilitates the annual observance of the Day in close collaboration with main education actors.
Background: i. The United Nations General Assembly (UNGA) adopted the resolution A/RES/73/25 on 3rd December 2018 and proclaimed January 24 of every year observed as International Day of Education. ii. Nigeria and 58 other Member States co-authored the resolution. iii. The 1st ever International Day of Education was observed on 24th January 2019. About the United Nations Educational, Scientific, and Cultural Organization (UNESCO): Director-General- Audrey Azoulay Headquarters- Paris, France Establishment- 1945 (came into force in 1946) Members- 193 Members and 11 Associate Members.
Highlights of PM Narendra Modi’s visit to Maharashtra and KarnatakaOn January 19, 2023, the Prime Minister (PM) Narendra Modi visited Karnataka and Maharashtra. i.In Kodekal of Yadgiri District, Karnataka, PM laid the foundation stones and inaugurated various developmental projects related to irrigation, drinking water and a National Highway (NH) development project. ii.In Malkhed of Kalaburagi District, the PM distributed title deeds (hakku patra) to the eligible beneficiaries of newly declared revenue villages. iii.PM inaugurated, dedicated and laid the foundation stone of multiple development initiatives worth around Rs 38,800 crores in Mumbai including Mumbai Metro Rail Lines 2A & 7. About Maharashtra: Governor– Bhagat Singh Koshyari Chief Minister– Eknath Shinde National Parks– Chandoli National Park, Sanjay Gandhi National Park, Pench National Park
IPA & RIS signed MoA to set up Centre for Maritime Economy and ConnectivityIndian Ports Association (IPA) and Research & Information System for Developing Countries (RIS) have signed a Memorandum of Agreement (MoA) to set up a Centre for Maritime Economy and Connectivity.
The MoA was signed in the presence of Sarbananda Sonowal, Union Minister of Ports, Shipping & Waterways in New Delhi, Delhi.
Key Points: i.The proposed projects of the Transhipment Port at Galathea bay at Greater Nicobar in Andaman and Nicobar Islands will be advantageous for the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) Nations. ii.Union Minister stated that the RIS should offer its expertise in Policy formulation and support the implementation of policy decisions by the government of India. Union Minister Sarbananda Sonowal launches Bharat Pravah to highlight role of rivers, ports, and shipping On 18th January 2023, the Union Minister Sarbananda Sonowal, launched ‘Bharat Pravah – India along its shores”, an initiative to highlight the importance of rivers-ports-shipping in the life of common man through literature dialogue and communication. About Bharat Pravah: i.Under the Bharat Pravah initiative, the Ministry of Ports, Shipping & Waterways would organise events on various topics like Rivers and Sea-Centric Development in India: Through a Historical Lens’ and ‘Sea, Rivers, Ports and Ship in Folk Culture and Literature’, among others. ii.The events will be organised at Mumbai, Kolkata, Guwahati, Visakhapatnam, Varanasi, Calicut and other key hubs of waterways, ports, and shipping across India.
Cyclone-I: Inaugural Indo-Egypt Joint Special Force Training Exercise held in RajasthanExercise Cyclone-I, the first edition of a joint exercise between the special forces of the Indian Army and the Egyptian Army is being conducted in Jaisalmer, Rajasthan with an aim to boost defence co-operation between the India and Egypt.
14 days long exercise is being conducted since 14th January 2023.
The exercise aims to boost the defence cooperation between India and Egypt.
Note: Cyclone I which was planned to be held in Jodhpur, Rajasthan from 8th to 22nd January 2022 was postponed. About Exercise Cyclone-I: i.This first-of-its-kind exercise brings together the special forces of both India and Egypt on a common platform. ii.Cyclone I will engage the contingents of both the Indian Army and the Egyptian Army to advance special forces skills like sniping, combat free fall, reconnaissance, surveillance & target designation, and sharing of information on weapons, equipment, innovations, tactics, techniques & procedures. iii.The participants of the exercise also undertake joint planning and drills for special forces operations in a mechanised warfare setting as well as surgical strikes on terrorist camps/hideouts to include sniping of high-value targets. iv.This is expected to offer insight into the culture and ethos of both armies and foster military cooperation and interoperability to strengthen diplomatic relations between India and Egypt. About Egypt: President– Abdel Fattah El-Sisi Capital– Cairo Currency– Egyptian Pound
IREDA & MNRE Signs MoU for Setting Performance Target for 2022-23
The Indian Renewable Energy Development Agency (IREDA) has signed a Memorandum of Understanding (MoU) with the Ministry of New and Renewable Energy (MNRE) to set an annual performance target for 2022-23.
The MoU was signed by Pradip Kumar Das, Chairman and Managing Director (CMD), IREDA, and Bhupinder Singh Bhalla, Secretary, MNRE.
For 2022–2023, the Government of India (GoI) has set a target of Rs. 3,361 crore for revenue from operations, an increase of 18% from 2021-22.
The GoI has also set up a number of performance-related key indicators, including return on net worth, return on capital employed, the ratio of non-performing assets (NPAs) to total loans, asset turnover ratio, and earnings per share, among others.
IREDA’s Performance Assessment: i.In the second quarter of the fiscal year 2022–23 (FY23), IREDA reported a 67% increase in profit after tax (PAT) compared to the same period in FY22. ii.The net NPAs decreased from 4.87% to 2.72% compared to the same period in FY22. iii.IREDA has shown significant performance by earning 96.54 points for the FY22 MoU. iv.Over 3,068 renewable energy projects have been funded by IREDA so far, with loan accounts totaling Rs. 1,41,622 crore in loan sanction and Rs. 90,037 crore in loan payment.
It has also contributed to the addition of 19,502 megawatt (MW) of renewable energy capacity in India.
About Indian Renewable Energy Development Agency (IREDA): IREDA is a Mini Ratna (Category I) Public Sector Undertaking (PSU) administered by MNRE. It is a public limited government company incorporated as a non-banking financial institution (NBFI). Chairman and Managing Director (CMD) – Pradip Kumar Das Established – 1987 Motto – “Energy for Ever”
GoI Switches Bonds Maturing in 2024 With RBI in Cash-Neutral Deal
i.The Government of India (GoI) has been conducting conversion/switch operations with market participants as well as the Reserve Bank of India (RBI) in order to streamline its liability profile and promote market development. ii.The GoI entered into a conversion/switch transaction with the RBI on January 17, 2023 (settlement on January 18, 2023), as part of these operations.Click here for official notification.
The GoI bought back 6.18% bonds maturing in 2024 (FY 2024-25) worth Rs. 22,610 crore (USD 2.78 billion) at a price of Rs. 98.62, and it issued 8.28% 2032 bonds to the RBI worth Rs. 21,025.914 crore at a price of Rs. 106.05.
The transaction was processed using Financial Benchmarks India Pvt. Ltd. (FBIL) prices as of January 16, 2023.
iii.Prior to this switch, the GoI had switched bonds worth more than Rs. 820 billion in FY23, falling short of its target of Rs. 1 trillion. [1 USD = 81.2680 INR (Indian Rupee)]
Three Key Takeaways from RBI’s Report On State Government BudgetsThe Reserve Bank of India (RBI) released a report titled“State Finances: A Study of Budgets for 2022-2023” on January 16, 2023, under the theme “Capital Formation in India: The Role of States.”
The report is an annual publication that presents information, analysis, and an assessment of state government finances for 2022–2023 (FY23) in comparison to actual and revised/provisional accounts for 2020–2021 and 2021–2022, respectively.Click here to know more.
The three key observations from the RBI report are as follows: i.The report states that the state’s debt to gross domestic product (GDP) ratio continues to be extraordinarily high. ii.The report claims that the contingent liabilities of state governments have also significantly increased. iii.The report also warns of new concerns, with some states preferring to return to the Old Pension Scheme (OPS). About the Reserve Bank of India (RBI): Governor – Shaktikanta Das Headquarters – Mumbai, Maharashtra Establishment – 1935
LIC launches Guaranteed Return Life Insurance Plan ‘Jeevan Azad’The Life Insurance Corporation of India (LIC) has unveiledJeevan Azad (Plan No. 868), a new non-linked, non-participating plan designed for individual savings and life insurance.
The plan offers an attractive combination of protection and savings.
Key Points: i.LIC Jeevan Azad is a limited-period payment endowment plan that provides financial support to the family in the case of the untimely death of the life assured during the policy term and also addresses liquidity requirements through a loan facility.
The survivor will also get a guaranteed lump sum amount on the maturity date.
ii.Subject to a certain condition, the plan also offers participants the option of receiving death or maturity benefits in instalments. iii.It provides three optional riders under the plan for the payment of an additional premium: LIC’s Accidental Death and Disability Benefit Rider, LIC’s New Term Assurance Rider, and LIC’s Premium Waiver Benefit Rider. Key Features of ‘Jeevan Azad’ Plan i.The minimum basic sum assured is Rs. 2 lakh, while the maximum is Rs. 5 lakh. ii.There will be no medical checkup for an amount assured of up to Rs 3 lakh, while it is needed for a sum assured of above Rs 3 lakh. iii.The policy can be purchased for a minimum of 15 years and a maximum of 20 years, with the premium-paying term determined as the policy term minus 8 years. iv.The minimum entry age is 90 days completed, while the maximum entry age is 50 years. v.Regular premium payments can be made at yearly, half-yearly, quarterly, or monthly intervals. vi.The death benefit is paid if the life assured passes away during the policy’s term, after the commencement of the risk but before the maturity date. vii.The death benefit will be the “Sum Assured on Death,” which is the higher of the “Basic Sum Assured” or 7 times the annualized premium.
The death benefit cannot be less than 105% of the “total premiums paid” up to the date of death.
About the Life Insurance Corporation of India (LIC): Chairperson– Mangalam Ramasubramanian Kumar Established – 1956 Headquarters – Mumbai, Maharashtra
Paytail Partners with HDB Financial Services to Offer Loans for Lifestyle Products
i.Paytail Commerce Private Limited (Paytail) has partnered with HDB Financial Services Limited to provide loans on lifestyle products such as bicycles, electric vehicles (EVs), mobile devices, consumer durables, and kitchen appliances.
The loan amount varies from Rs. 5,000 to Rs. 3 lakhs.
It provides a 24-month Equated Monthly Instalment (EMI) period, based on the amount borrowed and the product segment.
ii.Customers will benefit from the partnership by receiving instant digital finance for in-store purchases as well as the option to pay for the product in easy instalments.
It would also enable retailers in over 85,000 stores across India to create opportunities for cross-selling and up-selling their products.
iii.HDB Financial Services Limited is a prominent Non-Banking Financial Company (NBFC). G. Ramesh is the MD & CEO of HDB Financial Services Limited. iv.Paytail is a fintech firm that provides merchants with instant digital finance and simple EMIs. Vikas Garg is the Co-founder & CEO of Paytail.
Brand Guardianship Index 2023: Ambani tops among Indians, 2nd globally According to the Brand Finance Brand Guardianship Index 2023, Mukesh Ambani chairman of Reliance Industries Limited (RIL) is ranked No 1 among Indians and second globally with Brand Guardianship Index (BGI) score of 81.7.
Jensen Huang, President and Chief Executive Officer(CEO) of US-based tech leader Nvidia, is ranked No 1 on the Brand Guardianship Index 2023 globally with a BGI Score of 83.
Satya Nadella, CEO of Microsoft is ranked 3rd followed by Shantanu Narayen of Adobe (4th) and Sundar Pichai of Google (5th).
The Brand Guardianship Index 2023, ranking of the world’s top 100 CEOs or equivalents, was launched during the event hosted in association with Deloitte during the World Economic Forum(WEF) in Davos, Switzerland.
Bahrain’s Isa Award for Service to Humanity 2023: Dr Sanduk Ruit of Nepal declared as 5th Laureate On 17th January 2023, Dr Sanduk Ruit, a renowned Nepali ophthalmologist, won the Isa Award for Service to Humanity 2023, a top civilian award in Bahrain.
He has been declared the 5th laureate 2021-2022 of the Isa award for his work on blindness prevention and his service to the community and his achievements.
The award carries a cash prize of USD 1 million, a certificate of merit and a gold medallion.
The award was presented by Sheikh Mohammad bin Mubarak Al Khalifa, a royal family member, to Dr Sanduk Ruit at the award announcement ceremony held in Manama, Bahrain. About ISA Award: i. The “Isa Award for services to Humanity” was established in 2009 by His Majesty King Hamad bin Isa Al Khalifa, the King of Bahrain. ii. Every two years, an expert jury team selects individuals or organisations to receive the ISA Award after a rigorous selection process. iii. The award is named in honour of Shaikh Isa bin Salman Al Khalifa, the former King of Bahrain. iv. This honourary award has been presented since 2013. v. The first 4 laureates to receive the ISA award are Dr Jemilah Mahmood (2013); Dr Achyuta Samanta (2015); The Children’s Cancer Hospital Egypt, popularly known as Hospital 57357, (2017); and The Edhi Charitable Foundation (2019). About Dr Sanduk Ruit: i. Dr Sanduk Ruit is the co-founder of the Himalayan Cataract Project. ii. He is a pioneer in delivering high-quality microsurgical procedures in remote eye camps. iii. He enabled countries in Asia, Africa, and Latin America to afford and have access to modern eye care. iv. Since he saved 1,20,000 people’s eyesight who would have otherwise gone blind in the absence of treatment, he is fondly called the “God of Sight.” v. More than 650 doctors have received training from Dr Sanduk Ruit on how to treat preventable blindness. Awards: i. In 2006, Dr Sanduk Ruit received the Ramon Magsaysay Award for Peace and International Understanding. ii. He was awarded the National Order of Merit Gold in 2015 for his outstanding contribution to the prevention of blindness in Bhutan and the return of sight to hundreds of people. iii. In 2018, he received Padma Sri from the Government of India for Medicine (Nepal). iv. He was also honoured with Nepal’s Prime Minister National Talent Award-2075 and Well known Prabal Janasewa Shri (First) Honorary Degree 2076.
GGIAL: New Goa Manohar International Airport wins Best Sustainable Greenfield Airport AwardOn 18th January 2023 the New Goa Manohar International Airport (MIA), formerly Mopa International Airport, won the ‘Best Sustainable Greenfield Airport‘ award for the excellent initiatives taken by the GMR Goa International Airport Limited (GGIAL) in implementing sustainability as one of their key concepts.
The award was presented at the Associated Chambers of Commerce and Industry of India (ASSOCHAM)’s 14th International Conference-cum-Awards for Civil Aviation 2023 at Hotel Leela Palace, New Delhi, Delhi.
GGIAL received the award under Aviation Sustainability and Environment category.
Note: New Goa Manohar International Airport (MIA) was built by GGIAL, a subsidiary of GMR Airports Infrastructure Limited. Key Points: i. Jyotiraditya Scindia, Union Minister of Civil Aviation, presented the award to the senior officials of the GGIAL. ii. The award criteria are contribution, innovativeness, applicability, relevance and impact potential in their respective areas. iii. Sustainability being one of the core concepts, the New Goa Manohar International Airport is intended to have a net-zero carbon impact. It will therefore join the elite club of green airports across the world. Other Civil Aviation Awards: GMR Aviation for the Best Maintenance, Repair, and Overhaul (MRO) Services, Airbus for the Best Aircraft manufacturer, Pawan Hans for the Best Helicopter flights, SpiceJet for the Best Cargo Carrier, Adani for the Best Airport Technology and more.
ESAF Bank bags Inclusive Finance India Award 2022
ESAF Small Finance Bank has won the prestigious Inclusive Finance India Awards 2022 in recognition of its contributions to advancing the goal of financial inclusion and supporting inclusive growth.
i. Paul Thomas, Managing Director (MD) and Chief Executive Officer (CEO) of ESAF Bank, received the award from Anantha Nageshwaran, Chief Economic Advisor at the 19th Inclusive Finance India Summit held in New Delhi, Delhi.
The Inclusive Finance India Awards is an initiative of ACCESS Development Services in partnership with HSBC India.
The award recognises the ESAF’s unique spectrum of Financial Inclusion projects ESAF Dhansree, ESAF Udyog Jyothi, LSEDP (Local Sustainable Economic Development Project), ESAF Balajyothi, ESAF Vayojyothi, and ESAF Garshom.
EESL CEO Vishal Kapoor assumes Additional Charge as CEO of CESL
Vishal Kapoor, Chief Executive Officer (CEO) of Energy Efficiency Services Limited (EESL), has assumed the additional charge as the CEO of Convergence Energy Services Limited (CESL), a subsidiary of state-owned EESL.
He succeeds CESL MD & CEO Mahua Acharya who resigned from the post on 1st December 2022.
Vishal Kapoor joined the EESL in November 2022 before which he served as Joint Secretary (Distribution) in the Ministry of Power (MoP), Government of India (GoI).
He led various government interventions, schemes, and reforms in the power distribution sector.
Tata Boeing Aerospace Delivers 1st Fuselage for 6 AH-64 Apache Helicopters to Indian ArmyTata Boeing Aerospace Limited (TBAL), a joint venture (JV) between Tata Advanced Systems Limited (TASL) and The Boeing Company, delivered the first fuselage for six AH-64 Apache attack helicopters ordered by the Indian Army.
The first fuselage, which is the primary body of an aircraft, was officially handed over to Lieutenant General Ajay Kumar Suri, Director General and Colonel Commandant of Army Aviation, before being dispatched by TBAL to Arizona in the United States (US) for final assembly.
i.The Apache attack helicopter is regarded as the world’s most advanced and deadliest attack helicopter, with over 1,275 AH-64 Apaches in operation worldwide. ii.Globally, these helicopters have completed over 4.9 million flight hours, 1.3 million of which have been in combat. Tata Advanced Systems Limited (TASL) i.TASL is a leading private player in aerospace and defence solutions in India. ii.It is a fully owned subsidiary of Tata Sons and the strategic aerospace and defence division of the TATA Group. MD & CEO – Sukaran Singh Founded – 2007
Tripartite Agreement signed between UCSL, Department of Fisheries & 5 Fishermen SHGs to build Advanced Fishing VesselsOn January 19, 2023, a tripartite agreement has been signed between Malpe (Karnataka)-based Udupi Cochin Shipyard Limited (UCSL), a wholly-owned subsidiary of Cochin Shipyard Limited (CSL), the Department of Fisheries, Kerala; and five fishermen Self-Help Group (SHGs) societies from Kerala to construct 10 Deep-Sea Tuna Long Liner-cum-Gill netter fishing vessels.
The outlay for these advanced fishing vessels will be Rs 14 crores.
Signatories: The tripartite agreement was signed by Adeela Abdulla, Director of Fisheries, Government of Kerala; Harikumar A A, Chief Executive Officer (CEO), UCSL and five fishermen belonging to various SHGs in Kerala. Key Points: i.The vessels are designed as per the standard design for Pradhan Mantri Matsya Sampada Yojana’s (PMMSY) deep sea fishing . ii.The vessels will be equipped with advanced navigation and communication systems, including GPS (Global Positioning System), Automatic Identification System, distress alert transmitter, fish finder and magnetic compass. iii.The vessel is of 22.7 m length and 6.4 m of breadth with a capacity of 12 persons, and can achieve a maximum speed of 8 knots. iv.These vessels will provide safety to enhance productivity and livelihood of fishers.
IIT Guwahati signs MoU with AMTRON & RCH to Foster Drone Technology in Northeast India
On 18th January 2023, the Indian Institute of Technology-Guwahati (IIT-G), Assam, signed a Memorandum of Understanding (MoU) with Assam Electronics Development Corporation Ltd (AMTRON) and RC Hobbytech Solutions Pvt. Ltd. (RCH) to improve and advance drone-based technology in Northeast India.
The MoU was signed between Professor Parameswar K. Iyer, Officiating Director, IIT Guwahati (Assam), S. Sundar, IFS, Managing Director (MD) of AMTRON, and Biswajit Dey, Co-Founder of RCH.
The MoU covers research and development and manufacturing for varied sectors such as agriculture, disaster management, wildlife conservation and health care.
The members of the IIT Guwahati Drone Centre and Technology Incubation Hub will play a key role in this effort for the greater good of the region.
The MoU will also support professional training programmes in the use of drones that will provide a variety of services, including drone-based surveys and mapping, courses on Geographic Information Systems, coding and AI (artificial intelligence)- related courses, and other related courses that will be held on the IIT Guwahati campus.
New Plateau housing 76 species of plants and shrubs Discovered in Maharashtra
Agharkar Research Institute (ARI) led by Dr Mandar Datar discovered a rare low-altitude basalt plateau housing 76 species of plants and shrubs from 24 different families in Manjare village, Thane district, Maharashtra, in the Northern Western Ghats.
Key Points: i. The region is being studied by ARI in Pune, Maharashtra. ii. The discovered plateau can prove to be a repository of information for species interactions. iii. This will also help to study the effects of climate change on species survival and increase awareness of the conservation needs of rock outcrops and their immense biodiversity value in the global context. About the New Plateau: i. The plateau is located 156 meters above mean sea level. ii. The newly discovered plateau is the 4th type of Plateau to be identified in the region; the previous 3 are lateritic outcrops at high (HLF) and low altitudes (LLF) and basalt outcrops at high altitudes (BM). iii. According to the researchers, the plateau shares the vegetation with the 3 other rock outcrops, simultaneously holding a few unique species. Plateaus: i. Plateaus are the main landscape type in the Western Ghats, which are notable due to the predominance of endemic species.
They are classified as a particular kind of rock outcrop and offer a special and challenging environment for species to adapt to.
ii. These outcrops are excellent study sites for the effects of climate change on species survival because they have seasonal water supply, limited soil, and nutrients. iii. Therefore, plateaus provide valuable sources about how organisms can survive harsh environments.
Jnanpith Winning Assamese Poet Nilmani Phookan Passed AwayOn 19th January 2023, Nilmani Phookan, a renowned Assamese poet and recipient of the Jnanpith Award and Padma Shri Awardee, passed away in Guwahati, Assam at the age of 89. He was born in 1933 in Dergaon (present-day Golaghat), Assam. About Nilmani Phookan: i. Nilmani Phookan started his career as a lecturer in 1964 at Arya Vidyapeeth College, Guwahati until his retirement in 1992. ii. He infused French symbolism into his Assamese poetry, which is evident in his poetry. His poems are inspired by the European symbolist movement in poetry. iii. The notable works of Nilmani Phookan are Surya Heno Nami Ahe Ei Nadiyedi (1963), Manas-Pratima (1971), Phuli Thaka Suryamukhi Phultor Phale (1971), and Gulapi Jamur Lagna.
He has also translated Japanese and European poetry into Assamese.
Awards: i. Nilmani Phookan was awarded the Assam Valley Literary Award in 1997. In 1981, he was awarded the Sahitya Akademi Award in Assamese for his poetry collection, Kavita. ii. In 1990, he has conferred the 4th-highest civilian award, Padma Shri, for Literature and Education (Assam). iii. In 1998, he was selected by the Cultural Department, Government of India, to serve as an “Emeritus Fellow” for a 2-year tenure. The Assam Sahitya Sabha also gave him the “Sahityacharya” honour. iv. In 2002, he received the Sahitya Akademi Fellowship, the highest literary honour in India, given by Sahitya Akademi, India’s National Akademi of Letters. v. In 2020, he won the 56th Jnanpith Award, India’s highest literary award. He was the 3rd recipient of Jnanpith from Assam after Birendra Kumar Bhattacharya and Mamoni Raisom Goswami.
MoA&FW approves ‘Apple Cluster’ for Jammu and Kashmir’s Shopian
On 19th January 2023, the Union Ministry of Agriculture and Farmers Welfare (MoA&FW) approved an “Apple Cluster” for the Shopian district, Jammu and Kashmir (J&K), under the Cluster Development Programme.
The approval was announced during a daylong conference on the “India Cold Chain Conclave”, organised by the MoA&FW in association with the PHD Chamber of Commerce & Industry (PHDCCI) and National Center for Cold Chain Development (NCCD), in New Delhi, Delhi.
The apple cluster of Shopian envisions the development of Shopian apple on 3 verticals including pre-production-production, post-harvest management and value addition and logistics, marketing and branding to make it globally competitive.
The project’s estimated cost is Rs 135.23 crore, of which the MoA&FW will contribute roughly Rs 37.05 crore as a grant-in-aid. It is expected to be implemented in 4 years.
Ministry of Minority Affairs Discontinues PadhoPardesh Scheme
The Ministry of Minority Affairs (MoMA) has discontinued the ‘PadhoPardesh – Scheme of Interest Subsidy On Educational Loans for Overseas Studies for The Students Belonging to The Minority Communities’.
The scheme was implemented by Canara Bank, which served as the scheme’s designated nodal bank, and will be phased out in 2022-23.
According to MoMA’s most recent annual report, Canara Bank received an amount of Rs. 20.20 crore to reimburse interest subsidies paid to fresh plus renewal candidates under the Scheme during the fiscal year 2020–21 (FY21). Key Points: i.The Indian Banks’ Association (IBA) notified all banks in December 2022 that the Padho Pardesh Interest Subsidy Scheme would be phased out during 2022-23. ii.Existing beneficiaries (as on March 31, 2022) will remain entitled to the interest subsidy during the moratorium period of the loan, subject to compliance with the existing guidelines. iii.On December 11, 2022, MOMA notified that the “Maulana Azad National Fellowship” (MANF) scheme has also been discontinued since it overlaps with various other government schemes for higher education. PadhoPardesh Scheme The Padho Pardesh Scheme was launched in June 2006 as part of the Prime Minister’s 15-point program. Dr. Manmohan Singh was the Prime Minister of India in 2006.
Objective: To provide an interest subsidy to meritorious students from economically weaker sections (EWS) of notified minority communities.
It was designed to improve their employability and give them better prospects for higher education, such as Masters, M.Phil., and Ph.D. levels abroad. Features of the Scheme i.The Government of India covered the interest payable by students availing education loans under the IBA’s Education Loan Scheme for the term of moratorium (that is, the course period + one year or six months after getting a job, whichever is earlier). ii.After the completion of the moratorium period, the student is required to pay interest on the remaining loan amount in accordance with the current Educational Loan Scheme.
Principal and interest will be paid by the candidate after the moratorium has expired.
iii.According to the scheme, only candidates (both employed and unemployed) with a total yearly income of less than Rs. 6 lakh are eligible for the interest subsidy. iv.The scheme also reserves 35% of the seats for women. If no female students are available, seats can be transferred to male students.
India Ranks 4th Globally for Tech VC Investments in 2022; US topsi.As per the Dealroom and London & Partners report, India ranked 4th globally, with USD 24.1 billion worth of venture capital (VC) investments in 2022. ii.The list has been topped by the United States with $233.3 billion tech VC investments. It is followed by China ($48 billion), and the United Kingdom ($29.9 billion). iii.Bengaluru (Karnataka) accounted for five of the top 10 deals for Indian tech companies in 2022. About London & Partners: Chief Executive Officer– Laura Citron Headquarters– London, UK
UNGA adopts resolution on ‘Education for Democracy’ co-sponsored by IndiaOn January 18, 2023, the United Nations General Assembly (UNGA) adopted a resolution by consensus titled ‘Education for Democracy’ that reaffirms the right of ‘education for all’ and contributes to the strengthening of democracy.
The resolution is co-sponsored by India.
Key Points: i.This resolution will recognize the importance of ensuring inclusive and equitable quality education and lifelong learning opportunities for all. ii.It also encourages member states to integrate education for democracy into their education standards. ii.In 2015, a similar resolution was passed at the Assembly encouraging all UN entities to use education to promote peace, human rights, and democracy. About United Nations General Assembly (UNGA): President– Csaba Kőrösi Headquarters– New York, United States Establishment– 1945
Poorest Learners Benefit the Least from National Public Education Funding: UNICEF ReportAccording to the United Nations Children’s Fund (UNICEF) report titled Transforming Education with Equitable Financing, globally children from the poorest households benefit the least from national public education funding in both low- and middle-income countries.
Only 16% of the public funding for education goes to the poorest 20% of learners, while the richest benefit from 28%.
The report examines data on government spending across pre-primary, primary, secondary, and tertiary education from 102 countries.
Among 102 countries, 30% of countries fail to spend even 15% of public education resources on learners from the poorest 20% of households.
Key Points: i.Among low-income countries, only 11% of public education funding goes to the poorest learners, while 42% goes to the richest.
compared to the children from the poorest households, the children from the wealthiest households benefit from more than 6 times the amount of public funding for education.
ii.In middle-income countries, the richest learners receive around four times more gets more than 4 times the spending compared to the poorest. iii.In high-income countries, the richest usually benefit from 1.1 to 1.6 times as much public education spending as the poorest. iv.The report discovered that just a 1% increase in the allocation of public education resources to the poorest learners could lift 35 million primary school-aged children out of learning poverty. v.The report stated that children living in poverty are less likely to have access to school and drop out sooner. vi.The education system across the globe was largely failing since millions of school-going children did not grasp basic reading or mathematics skills. vii.It is estimated that around two-thirds of all 10-year-olds across the globe cannot read or understand a simple story. About United Nations Children’s Fund (UNICEF): Executive Director– Catherine M. Russell Headquarters– New York, United States
With $10.8 billion, Bengaluru tops city on Start-up Funding in 2022: Tracxn DataAccording to data provided by Tracxn, a leading global market intelligence platform, Bengaluru (Karnataka) topped the startup funding chart in India with $10.8 billion in 2022. It is followed by Mumbai (Maharashtra) at $3.9 billion, and Gurugram (Haryana) at $2.6 billion.
Startups in Delhi and Chennai (Tamil Nadu) registered $1.2 billion each in funding, and Pune (Maharashtra) at $1 billion.
Key Points: i.Byju’s has topped the list of highest funding raised in 2022 with over $1.2 billion from existing investors.
This amounted to almost 50% of the total funding received in the edtech sector.
ii.There were 22 unicorns in 2022, compared to 46 in 2021, and average funding before the unicorn round was around $160 million.
It is now taking an average of 5.1 years from Series A funding to the Unicorn round for the Indian startups.
iii.A total of 11 tech IPO (Initial Public Offering) were launched in 2022. iv.LetsVenture, AngelList, and Y Combinator have topped the list of most active investors in 2022 to date. About Tracxn: Chairperson and Managing Director– Neha Singh Headquarters– Bengaluru, Karnataka
PNB Becomes the First PSB to Launch Credit Card Against FDs DigitallyPunjab National Bank (PNB) has become the first Public Sector Bank (PSB) to introduce a credit card against fixed deposits (FDs) digitally, for customers who do not fulfill the eligibility criteria for regular credit cards.
PNB has introduced two types of consumer credit cards: ‘PNB Global Gold’ and ‘PNB Global Classic’, which are designed to meet various income levels and customer needs.
These are global credit cards that were developed in association with the payment gateway provider, VISA. Key Features & Benefits i.The PNB credit card will initially be offered at 84 locations and will have no joining fee, renewal fee, annual fee, or fuel surcharge. ii.Customers of the bank can get a RuPay or VISA credit card digitally in exchange for a single or multiple FDs with an 80% credit limit. iii.PNB credit card benefits over FD include no document submission; no branch visits; no joining fees; instant issuance of a virtual credit card; comprehensive insurance coverage (on the RuPay variant); advantages of Unified Payments Interface (UPI) linkage on the RuPay Credit Card; exciting reward points and promotions.
i.PNB has raised the interest rate on FDs across various tenures by 50 basis points (bps) in an effort to attract deposits. The revised FD rates are effective from January 1, 2023. ii.The interest rate on one- to three-year term deposits under Rs. 2 crore has increased by 50 bps to 6.75%, from the previous rate of 6.25%. iii.The interest rate on FDs on any domestic deposit with maturities of less than Rs. 2 crore has increased by an additional 50 bps in favour of senior citizens. iv.The rate for the PNB Uttam Scheme, which does not offer a premature withdrawal option, has been revised to 6.80% from 6.30%. v.In addition to the new interest rates, PNB will continue to offer competitive interest rates of 8.1% annually for a fixed deposit of 666 days. About the Punjab National Bank (PNB): MD & CEO – Atul Kumar Goel Established –1894 Headquarters – New Delhi, Delhi Tagline – The name you can bank upon
SBI raises Rs 9,718 crore via Second Infrastructure Bond Issuance
On 18th January 2023, the State Bank of India (SBI), India’s largest bank, raised Rs 9,718 crore through its 2nd infrastructure bond issuance at a coupon rate of 7.70% per annum for the 15-year bond. The pricing of 7.70% represents a spread of 17 basis points(bps) over the G-Sec (Government Security) curve. This is the 2nd fundraising of SBI since December 2022.
On 6th December 2022, SBI raised Rs 10,000 crore through its maiden infrastructure bond issuance at a coupon rate of 7.51%, at a spread of 17 bps over the corresponding G-Sec curve.
The fund proceeds will be used to improve long-term funding sources for affordable housing and infrastructure.
The offer received a strong reaction from investors, as evidenced by bids of Rs 14,805 crore, representing a 2.96-times oversubscription from 118 bidders.
EY Report projects Indian economy to be $26-trillion by 2047According to the estimates released by consulting firm EY (Ernst & Young) in its report ‘India@100: Realising the potential of a $26 trillion economy’, India’s economy will reach $26 trillion by 2047.
Notably, the year 2047 will mark the 100th year of India’s independence.
The per capita income is expected to increase to $15,000 which will place India among the ranks of developed economies
The report was launched by Union Minister Ashwini Vaishnaw, Ministry of Electronics and Information Technology , on the sidelines of the World Economic Forum (WEF) being held at Davos, Switzerland. Key Points: i.The report underscores the growth trajectory of the Indian economy, that is projected to be the highest for any large economy over the coming decades. ii.It recommends ensuring macro-economic stability and resilience, and continued thrust on reforms. iii.Underthe most preferred scenario, India is likely to cross the critical thresholds of $5 trillion, $10 trillion and $20 trillion in market exchange rate terms in FY28, FY36 and FY45, respectively, iv.EY has recognised key enablers of growth that will impact sectors across India and play a critical role in propelling the growth engine These are as follows:
About EY (Ernst & Young): Global Chairman and CEO– Carmine Di Sibio Headquarters– London, United Kingdom
CMAI & AREAS signed MoU to exchange knowledge & developments in the Carbon Market
On 19th January 2023, the Carbon Markets Association of India (CMAI), and the Association of Renewable Energy Agencies of States (AREAS) signed a Memorandum of Understanding (MoU) to provide a regular exchange on policy and regulatory developments in carbon trading and assist in the development of an Indian carbon market.
CMAI – an association of carbon offset industry players.
AREAS – an association of state nodal agencies working for the promotion of renewable energy.
Aim of the MoU: To work for a carbon-neutral economy and support the development of the Indian carbon market. Key Points: i.The MoU between CMAI and AREAS will ensure a regular exchange of knowledge, information, innovation, policy and regulatory developments in the carbon market. ii.Both CMAI and AREAS will work towards enhancing the development of Renewable Energy (RE) projects to reduce emissions with a focus on community development. iii.Under this MoU, both entities will work towards end-to-end carbon offset management of greenhouse gas (GHG) mitigation projects and generate carbon finance by guiding their associates about carbon neutrality and net zero goals with collaborative recommendations for a structured roadmap towards a net zero future. Note: As climate actions gain momentum across the globe, India is taking efforts to develop the carbon market and National Emissions Trading Scheme (ETS) Additional info: i.Emission control and reduction, and carbon emission trading, facilitated through a robust carbon market, provide flexibility in achieving emission reduction targets required to achieve the net zero target by 2070. ii.AREAS also aims to strengthen the transformation and develop more RE and GHG mitigation projects, promote grid-connected and off-grid renewable energy, guide a larger group of associates about climate change & carbon neutrality and accelerate the net-zero journey. About Association of Renewable Energy Agencies of States (AREAS): The Ministry of New & Renewable Energy (MNRE) is the nodal agency at the central level for the promotion of grid-connected and off-grid renewable energy in the country. Patron– Raj Kumar Singh Minister for New & Renewable Energy (ex-officio) President– Bhupinder Singh Bhalla MNRE Secretary (ex-officio)
Establishment – 2014 Executive Director- J. K. Jethani Headquarters– New Delhi, Delhi
Union Minister Piyush Goyal felicitates National Startup Awards 2022 WinnersOn the occasion of the National Start-up Day (16th January 2023), Piyush Goyal, Union Minister for Commerce and Industry, Consumer Affairs, Food and Public Distribution & Textiles felicitated the winners of the National Startup Awards(NSA) 2022 during the award ceremony held in New Delhi, Delhi.
Union Minister Piyush Goyal also launched the MAARG Platform (MAARG stands for Mentorship, Advisory, Assistance, Resilience, and Growth) during the event.
National Start-up Day 2023 – January 16: National Startup Day is annually observed across India on 16th January to celebrate the spirit of the Indian startup ecosystem. The day also marks the founding day of Startup India. The observance of the National Startup Day is organised by DPIIT (Department for Promotion of Industry and Internal Trade), under MoCI (Ministry of Commerce and Industry).
2023 marks the observance of the 2nd National Start-up Day.
National Start-up Day 2023 marks the completion of 7 years of Start-up India.
As a part of the National startup Day 2023, a 7-day long Startup India Innovation Week – January 10 – 16, 2023, was organised across India with several events to reach stakeholders and enable the Indian startup ecosystem. About Ministry of Commerce and Industry (MoCI): Union Minister– Piyush Goyal (Rajya Sabha- Maharashtra) Minister of State– Som Prakash(Constituency- Hoshiarpur, Punjab); Anupriya Singh Patel(Constituency- Mirzapur, Uttar Pradesh)
UN-Habitat’s World Habitat Awards 2023: Odisha Wins Bronze Award for Slum Upgradation Program “Jaga Mission”Odisha has won the “Bronze Award” in the United Nations Human Settlements Programme’s (UN-Habitat) “World Habitat Awards 2023” for the Jaga Mission, a 5T programme of the state. [5T: Transparency; Technology; Teamwork; Time & Transformation]
Jaga Mission – ‘Odisha Liveable Habitat Mission’ is India’s largest land titling and slum upgrading initiative, and one of the largest in the world.
Jaga Mission – Odisha Liveable Habitat Mission i.The Jaga Mission is an ongoing project in Odisha aimed at improving the lives of slum dwellers. It uses a comprehensive strategy to combat poverty, focussing on three key issues. ii.The Government of Odisha has set an aspirational target of becoming the first slum-free state in India, and it is leading the Jaga Mission to upgrade all 2,919 slums in the state. About Odisha: Chief Minister (CM) – Naveen Patnaik Governor – Ganeshi Lal Biosphere Reserve – Similipal Biosphere Reserve
UNGA confirms Inger Andersen for Second Term as Executive Director of UNEPOn 18th January 2023, the United Nations General Assembly (UNGA) elected Inger Andersen of Denmark as Executive Director (ED) of the United Nations Environment Program (UNEP) for a second, 4-year term beginning from 15th June 2023 to 14th June 2027.
She is currently serving her initial 4-year term from 2019 to 2023.
Background: i. On 9th January 2023, Secretary-General Antonio Guterres sent a note to the 193 General Assembly members nominating Inger Andersen for reelection. ii. Russia circulated a “draft decision” that required Antonio Guterres to present candidates for the position of executive director of UNEP.
The assembly defeated the Russian proposal by a vote of 13-77 with 62 abstentions.
The secret ballot on Inger Andersen’s nomination was approved by a majority of 136-0 with 31 abstentions.
About Inger Andersen: i. Inger Andersen started her career in Sudan in 1982 where she worked initially as an English teacher under the UK-funded English teachers programme. ii. She spent 12 years working for the UN in New York at the UN Sudano-Sahelian Office (UNSO), which is now the Nairobi (Kenya)-based Global Policy Centre on Resilient Ecosystems and Desertification. iii. She oversaw the global environment portfolio in 22 Arab nations when she was appointed the Global Environment Facility Coordinator for MENA at UNDP in 1992. iv. She served as the Vice President for the Middle East and North Africa, the Vice President for Sustainable Development, and the Head of the CGIAR Fund Council at the World Bank for 15 years (between 1999 and 2014). v. Between 2015 and 2019, Inger Andersen led the International Union for Conservation of Nature (IUCN) for 4 years before being named the head of UNEP in June 2019. About the United Nations Environment Program (UNEP): Executive Director– Inger Andersen Headquarters- Nairobi, Kenya Establishment- 1972 About the United Nations General Assembly; President- Csaba Kőrösi of Hungary Headquarters- New York, United States of America (USA) Establishment- 1945
Sujeet Sharma joins Vodafone Idea as VP- Active Network and Commercial
Sujeet Sharma has joined Vodafone Idea as Vice President (VP) of active network and commercial, where he will be in charge of the procurement for the company.
Prior to joining Vodafone Idea, he was working at the Bharti Airtel for 15 years where he last held the position of VP & head of infrastructure procurement and operations.
In 2007, he joined Airtel as Senior Manager in the supply chain department and moved on to roles like deputy general manager, and general manager in the department.
He spent 6 years at the erstwhile Idea Cellular (now Vodafone Idea) from 2001 to 2007.
Archaeologists in Norway have found the oldest runestone in the world. The inscriptions are up to 2,000 years old and date back to the earliest days of the enigmatic history of runic writing in Oslo, Norway.
The runestone, which measures 31 by 32 centimetres, has numerous inscriptions that include runes and letters related to the Germanic alphabet. Eight runes on the front of the stone read “idiberug”.
The runestone was discovered in 2021 during the excavation of a grave at Tyrifjord, west of Oslo, Norway, in a region known for many monumental archaeological finds.
Items found in the cremation pit, such as burned bones and charcoal, indicate that the runes were most likely inscribed between A.D. 1 and 250.
According to the Museum of Cultural History in Oslo, Norway, the carved scribbles on the flat, square slab of brownish sandstone could be the earliest example of words ever found in writing in Scandinavia.
Welsh footballer Gareth Bale retires from International & Club Football
Welsh footballer Gareth Bale(33 years old), a 5-time Champions League winner with Real Madrid and Wales men’s all-time leading goalscorer, has announced his retirement from international and club football with immediate effect. He holds the record for being named Welsh player of the year for a record 6 times.
Gareth Bale started his career in 2006 at Southampton, England, UK, and moved to Tottenham Hotspurs (London, UK) in 2007.
He represented Real Madrid from 2013 to 2022 and Major League Soccer club Los Angeles Football Club (FC) in the United States (US) from 2022 to 2023.
In 2022, as captain and talisman, he led Wales to their 1st World Cup since 1958 in Qatar.
He scored 41 goals in 111 International appearances. With 41 goals, he now ranks 1st among all male goal scorers in Wales history, 13 goals ahead of the late striker Ian Rush.
Gambian Vice-President Badara Alieu Joof Passes Away in India Badara Alieu Joof, the Vice-President (VP) of the Republic of the Gambia (West African country), passed away in India at the age of 65. His demise was announced by the President of Gambia, Adama Barrow. Badara Alieu Joof was born on 1958 in Gambia. About Badara Alieu Joof: i. In 2022, Badara Alieu Joof became the Vice-President of Gambia. President Adama Barrow chose him as VP after being re-elected as President in 2021 for 2nd term. ii. Before becoming the VP, he served as Minister of Higher Education, Research, Science and Technology from 2017 to 2022. iii. He also served in the Gambian Civil service and the World Bank as an Education Specialist for West and Central Africa, transmitting his experience there to his time as minister of higher education, research, science and technology. iv. He began his career as a qualified teacher at The Gambia College, where he taught English. At the same time, he was also in charge of the language and literature department at Nusrat High School.
Padma Shri Awardee Prabhaben Shah Passed AwayOn 18th January 2023, Padma Shri Awardee Prabhaben Sobhaghchand Shah, Social Worker from Union Territory (UT) of Dadra and Nagar Haveli, Daman, and Diu passed away in Daman at the age of 92.
Prabhaben Shah was born on 20th February 1930 in Bardoli, Surat district, Gujarat, and settled in Daman in 1963.
About Prabhaben Shah: i. Prabhaben Shah, fondly known as “Daman ki Divya”, organised canteens for the poor and coordinated the All India Women Council’s “Vatra Banks” to assist Gujarat flood victims. ii. Since childhood, She was attached to the Swaraj Ashram in Bardoli, Gujarat and was influenced by the Gandhian ideology. iii. She dedicated her life to providing food and clothes for others and advancing the status of women. She has spent more than six decades working for the environment and women’s empowerment. iv. In 1963, she established the women’s association (Mahila Mandal) and began its activities on various issues related to women and children apart from education. v. In addition, Prabhaben Shah and her team of women at the Mahila Mandal created a credit organisation to offer loans to women who wished to start small businesses like “papad” manufacturing, tailoring, or running a grocery store. vi. She was elected to the defence committee in 1965 and 1971, during India’s Indo-China war and Bangladesh Partition. vii. She served on the Board of Directors of the Gujarat State Social Welfare Advisory Board in Ahmedabad from 1992 to 1994. In 1998, she served as Dowry Prohibition Officer and was nominated to the District Legal Advisory Committee of the Daman and Diu in 2001. viii. She also worked in several health camps within the Medical and Health Services section of Daman and Diu’s “SEVA” Program. She made her contributions to several divisions and collaborated with many trusts for social welfare. Awards: In 2022, Prabhaben Shah received Padma Shri, India’s 4th highest civilian award, for Social Work (Dadra and Nagar Haveli and Daman and Diu).
18th National Disaster Response Force Raising Day – 19th January 2023National Disaster Response Force (NDRF) Raising Day is annually observed across India on January 19 to commemorate the establishment of the NDRF, under the Ministry of Home Affairs on 19th January 2006.
19th January 2023 marks the observance of the 18th NDRF Raising Day.
The 1st ever NDRF Raising Day was observed on 19th January 2006.
NDRF Role:
The NDRF is a specialist force that is prepared to respond to various disasters, including man-made disasters (chemical spills and terrorist attacks) and natural disasters (floods, cyclones, and earthquakes).
This audit standard for sustainability information is the first of its kind in the world, developed by ICAI to assist its members in providing “reasonable or limited” assurance on such information by reporting entities.
Note: Sanjeev Singhal is the Chairman of the Sustainability Reporting Standards Board (SRSB), ICAI.
i.This move is noteworthy as it is undertaken as the market regulator, the Securities and Exchange Board of India (SEBI), considers conducting a “mandatory audit” of the Business Responsibility and Sustainability Reporting (BRSR) reports that the top 1,000 listed companies are already required to include as part of their annual reports for fiscal year 2022–23 (FY23).
The SRSB of ICAI has been leading initiatives such as the sustainability reporting maturity model, social audit standards, the BRSR certificate course, and so on.
ii.The Business Responsibility Reporting (BRR) requirement had been extended by SEBI in December 2019 to include the top 1,000 listed companies by market capitalization for the fiscal year 2019–20 (FY20). Social Audit Standards i.The ICAI has now issued 16 Social Audit Standards (SAS) that will apply to social enterprises listed on the social stock exchange.
These social audit standards address themes including hunger, poverty, malnutrition, inequality, healthcare, education, gender equality, and environmental sustainability, among others.
The ICAI central council approved the framework of SAS and 16 such standards spanning 16 thematic areas in which social enterprises can operate in order to list on social stock exchanges in October 2022.
ii.The ICAI has also established the Institute of Social Auditors of India (ISAI) as a Section 8 company to regulate the profession of social audit. iii.Social auditors registered with the Institute of Social Auditors of India (ISAI) are required to comply with the 16 SAS. These could be chartered accountants (CAs) or other individuals qualified to act as social auditors. Institute of Chartered Accountants of India (ICAI) The ICAI is a statutory body formed by an Act of Parliament under the Chartered Accountants Act, 1949. It acts as the authority responsible for establishing national standards and accounting rules in India. President – Debasish Mitra Vice President – Aniket Talati Headquarters – New Delhi, Delhi
Asteria Aerospace’s A200-XT drone Receives DGCA Type Certification
Asteria Aerospace Limited, based in Bengaluru, Karnataka, has received the type certification for its indigenously designed and manufactured A200-XT drone from the Directorate General of Civil Aviation (DGCA).
With this, Asteria becomes the 1st company to have 2 DGCA-certified drones that can be offered to its customers for various applications like law enforcement, industrial security and infrastructure inspections and agriculture and land survey.
A200 XT drone is a versatile drone with payloads that can be swapped between a high resolution, and high zoom day camera and night time thermal camera.
Asteria’s A200 becomes India’s 1st Micro Category Drone with DGCA Type Certification and is empanelled with Survey of India for SVAMITVA Yojana.
It is a cost-effective, micro-sized multirotor drone offering up to 40 minutes of flight time for agriculture and GIS survey applications
India to be covered by the Doppler Weather Radar Network by 2025: Union Minister Jitendra Singh
On the occasion of the 148th Foundation Day of the Indian Meteorological Department(IMD) (15th January 2022), Dr Jitendra Singh, Union Minister of State(MoS) for Earth Sciences stated that India will be covered by Doppler Weather Radar Network by 2025 to predict extreme weather events more accurately.
This will enhance weather monitoring capabilities and benefit the farmers and other stakeholders to contribute significantly to the economy.
IMD has initiated pro-active steps to increase the Radar Network from 15 in 2013 to 37 in 2023 and will add 25 more in the next 2-3 years.
With the advent of the latest technologies in IMD, the weather prediction accuracy has increased by about 20 to 40 % for different severe weather events forecast during the last 5 years.
During the event, He also dedicated 4 Doppler Weather Radar Systems for Jammu and Kashmir, Uttarakhand and Himachal Pradesh and also dedicated 200 Agro Automated Weather Stations to the Nation.
Union Minister Anurag Singh Thakur joins Bhoomi Pujan of SAI-Railways NCOE in Coochbehar, West Bengal
Anurag Singh Thakur, Union Minister of Youth Affairs and Sports and Information and Broadcasting, joined the Bhoomi Pujan of the first National Centre for Excellence(NCOE) being set up with the joint partnership of the Sports Authority of India (SAI) and the Indian Railways. The NCOE will be instrumental in bringing about a big change in the sports ecosystem in North Bengal. This is the first-ever NCOE set up by SAI in partnership with another organisation.
The centre will be a platform of world-class training for athletes of the region as well as for athletes from across India.
The Indian Railways has provided 9.5 acres of land to set up the NCOE with facilities like a 400 meters synthetic track of international standard, a football ground, a multi-purpose hall for indoor games (boxing, judo, wrestling, volleyball, badminton, basketball and others) and a 100 bedded hostel. An international standard hockey synthetic turf is also planned.
The 23 NCOEs across India impart specialised training and playing facilities to elite and development-level athletes in 14 priority and high-priority disciplines,
21st edition of Naval Exercise VARUNA between India and France beginsOn January 16, 2023, the 5-day long i.e. till January 20, 2023, the 21st edition of the bilateral naval exercise between the Indian Navy (IN) and French Navy commenced on the Western Seaboard. Representors: i.India is represented by indigenous guided missile stealth destroyer INS (Indian Naval Ship) Chennai, guided missile frigate INS Teg, Maritime Patrol Aircraft P-8I and Dornier, integral helicopters and MiG29K fighter aircraft. ii.The French Navy is represented by the aircraft carrier Charles De Gaulle, frigates FS Forbin and Provence, support vessel FS Marne and maritime patrol aircraft Atlantique. Key Points: i.During the exercise there will be advanced air defence exercises, tactical manoeuvres, surface firings, underway replenishment and other maritime operations. ii.Both sides will showcase their war-fighting skills, enhance their inter-operability to undertake multi-discipline operations in the maritime domain and demonstrate their ability to promote peace, security and stability in the region. About VARUNA: Initiated in 1993, it is a bilateral exercise between the navies of India and France. However it was christened as ‘VARUNA’ in 2001.
This exercise provides an opportunity to learn from each other’s best practices, and foster mutual cooperation for good order at sea.
RBI Released State Finances Study Report; Advises State against Risk over Reverting to OPSOn January 16, 2023, the Reserve Bank of India (RBI) released the annual report titled “State Finances: A Study of Budgets of 2022-23”, which provides data and analysis of the fiscal position of State governments in India for FY23.
The theme of the Report: “Capital Formation in India – The Role of States”.
Key Fiscal Indicators: i.The States’ capital outlay-GDP (Gross Domestic Product) ratio is budgeted to increase to 2.9 percent in FY23 from 2.3 percent in FY22. ii.The ratio of revenue expenditure to capital outlay (RECO) for the States is budgeted to improve to 5.2 in FY23 from 6.1 in FY22. iii.For FY23, the States’ consolidated GFD is about 3.4 percent of GDP, which is within the Centre’s indicative target of 4 percent. iv.States’ debt to GDP ratio is projected to be higher at 29.5 percent by end-March 2023, as against 31.1 percent in 2020-21. v.In the report, RBI stated risk over the subnational fiscal horizon due to restoring the Old Pension Scheme (OPS) by some States. About the Reserve Bank of India (RBI): Governor – Shaktikanta Das Deputy Governors – Mahesh Kumar Jain, Michael Debabrata Patra, M. Rajeshwar Rao, T. Rabi Sankar Headquarters – Mumbai, Maharashtra Establishment – 1935
RBI issues Guidelines on Acquisition in Banks; Protean’s arm gets RBI nod for AA Licencei.On January 16, 2023, the Reserve Bank of India (RBI) issued ‘Acquisition and Holding of Shares or Voting Rights in Banking Companies Directions, 2023’ which allowed promoters to hold 26% from the current 15% of the paid-up share capital or voting rights of a bank after the completion of 15 years from commencement of its business. ii.This increase in the cap on promoters’ stake is based upon the Internal Working Group (IWG) recommendations in 2021. iii.If the shareholder intends to get a strategic stake, the board has to inform the RBI even if the shareholding is less than 5%. iv.The guidelines also bar investors from countries not compliant with Financial Action Task Force (FATF) rules. v.ProteaneGov Technologies Limited (formerly NSDL e-Governance Infrastructure Limited), has received approval from the RBI for its wholly owned subsidiary to operate as an Account Aggregator (AA) with an NBFC (Non-Banking Financial Company)-AA certificate. About Protean eGov Technologies Limited: MD & CEO– Suresh Sethi Headquarters– Mumbai, Maharashtra
“Major shareholding” refers to a person’s “aggregate holding” of 5% or more of the paid-up share capital or voting rights in a banking company.
These directions are issued in accordance with the powers granted by Sections 12, 12B, and 35A of the Banking Regulation Act, 1949. The RBI has granted final approval to Paytm Payments Bank Ltd (PPBL) for it to operate as a Bharat Bill Payment Operating Unit (BBPOU) under the Payment and Settlement Systems Act, 2007. About Paytm Payments Bank Ltd (PPBL): Chairman- Vijay Shekhar Sharma Headquarters- Noida, Uttar Pradesh Establishment- 2017
WDRA Signed MoU with SBI to Support FarmersWarehousing Development Regulatory Authority (WDRA) has signed a memorandum of understanding (MoU) with the State Bank of India (SBI) to help farmers in availing low interest-rate loans.
Objective: The MoU was signed with the intent to promote awareness about the new loan product called ‘Produce Marketing Loan’ to fund against e-NWRs (electronic Negotiable Warehouse Receipt) with features such as nil processing fee, no additional collateral and attractive interest rates.
Along with the inherent security and negotiability of the e-NWR system, the ‘Produce Marketing Loan’ will improve rural liquidity and increase farmers’ income.
As per the statement of the Ministry of Food and Consumer Affairs, a conference on “Digital financing against e-Negotiable Warehouse Receipts and way forward” was held at NABARD (National Bank for Agriculture and Rural Development), Mumbai, Maharashtra.
Objective: To interact with bankers to increase post-harvest pledge finance against e-NWRs issued by warehouses registered by WDRA and create mechanisms that would improve the ease of doing business.
Loaning against e-NWRs during FY 2022-23 has crossed Rs 1,500 crore.
About Warehousing Development and Regulatory Authority (WDRA): Establishment – 2010 Chairman – T K Manoj Kumar Headquarters – New Delhi
SIDBI partners with VFS to extend MSME loans up to Rs 5 lakh at 13% pa The Small Industries Development Bank of India (SIDBI) has tied up with Kolkata (West Bengal) based VFS Capital to extend loans to the MSME (Micro, Small & Medium Enterprises) and SME sector.
Under this agreement, the VFS Capital will extend MSME loans upto Rs 5 lakh at 13% interest rate per annum.
Under this scheme, VFS Capital plans to disburse Rs 30 to 40 crore in this financial year.
Key Points: i.VFS Capital also plans to expand its footprint in the north-western part by launching operations in Rajasthan. At present, it operates in 13 states. ii.It gives loans to promising and existing entrepreneurs who require funds for seed money or working capital. This helps firms access resources and increase their capacity and efficiency. iii.Its MD (Managing Director) and CEO (Chief Executive Officer) is KuldipMaity. About Small Industries Development Bank of India (SIDBI): It is the principal financial institution for the development of MSMEs in India Chairman & Managing Director– Sivasubramanian Ramann Headquarter– Lucknow, Uttar Pradesh Establishment– 1990
Siemens Mobility received Rs 26,000-crore locomotive order from Indian RailwaysSiemens Mobility, managed by Siemens AG of Germany, has received a locomotive order worth 3 billion Euro (~Rs 26,000 crore) from Indian Railways, under the Ministry of Railways, Government of India, for 1,200 electric locomotives of 9,000 horsepower (HP).
Under this contract, the delivery of locomotives is planned over an 11-year period and the contract also includes 35 years of full-service maintenance.
This is the single largest locomotive order in the history of Siemens Mobility and the single largest order in the history of Siemens India.
Features of the contract: i.Under this contract, Siemens Mobility will design, manufacture, commission and test the locomotives. ii.The Siemens-designed trains with a top speed of 120 km (75 miles)/ hour will be assembled in India over the next 11 years, with deliveries starting in 24 months. iii.The assembly will be done at the Indian Railways factory in Dahod, Gujarat. iv.The maintenance of the locomotives will be done in 4 Indian Railways depots located in Vishakhapatnam (Andhra Pradesh), Raipur (Chhattisgarh), Kharagpur (West Bengal) and Pune (Maharashtra). Key Points: i.The state-of-the-art locomotives will be used for freight transport throughout the Indian Railways network and are specified to haul loads of 4,500 tons at a maximum speed of 120 km per hour. ii.The locomotives are equipped with advanced propulsion systems, produced locally in Siemens Mobility factories in India. iii.Siemens Mobility will use the power of its Railigent platform to deliver the highest availability and performance. Additional info: i.This contract with Siemens will support India in achieving its goal of creating the world’s largest green rail network. ii.This also secures Indian Railway’s commitment to achieving 100% electrification of rail traffic in India. iii.These locomotives will replace 500,000 to 800,000 trucks over their lifecycle and save around 800 million tons of Carbon dioxide (CO2) emission. About Indian Railways: Indian Railways is a statutory body under the ownership of Ministry of Railways. Chairman of Railway Board & Chief Executive Officer(CEO)– Anil Kumar Lahoti Head office– New Delhi, Delhi
Russia Is Fourth Biggest Source of Imports for India
i.Russia has now become India’s fourth-largest trading partner, with imports from Russia increasing five-fold to USD 32.9 billion between April – December 2022.
India’s higher imports from Russia are mostly due to two commodities: fertilizers and crude oil.
Russia has improved from being India’s 20th largest source of imports in the previous fiscal year (FY22).
ii.If the current rate of growth continues, Russia’s imports might reach USD 50 billion, just short of the value of items exported from the United States (US), India’s third largest source of imports. iii.The US and the United Arab Emirates (UAE) might end FY23 with exports to India totaling USD 56 billion and USD 54 billion, respectively, if their rates of growth continue through the last quarter of FY23.
The exports to India from the two countries increased by almost 25% each during April -December 2022.
Sri Lanka Tour of India T20I and ODI series 2022-2023: 3rd to 15th January 2023The cricket team of Sri Lanka toured India for 3 One Day Internationals(ODIs) and 3 Twenty 20 Internationals(T20Is) from 3rd to 15th January 2023. India defeated Sri Lanka in a comprehensive manner in both ODI and T20I.
In ODI, the Indian team captained by Rohit Sharma defeated Sri Lanka by 3-0 and in T20I, the Indian Team captained by Hardik Pandya defeated Sri Lanka by 2-1.
The Sri Lanka team was captained by Dasun Shanaka(for both ODI and T20I).
i.India defeated Sri Lanka by 91 runs in the 3rd and final T20I match held in Saurashtra Cricket Association Stadium, Rajkot, Gujarat. India won the 3-match T20I series by 2-1.
All-Rounder Axar Rajeshbhai Patel of India won the Player(Man) of the Series award for scoring 117 runs and picking 3 wickets in the series
ii.India defeated Sri Lanka in the largest ever one-day victory margin of 317 runs in the 3rd and final ODI held in Greenfield International Stadium, Thiruvananthapuram, Kerala.
By winning the 3rd and final ODI against Sri Lanka, India clinched the 3-match ODI series by 3-0.
Badminton: Denmark’s Viktor Axelsen wins Men’s Singles at Malaysia Open 2023; Japan’s Akane Yamaguchi wins Women’s SinglesOlympic champion and World’s No. 1 Viktor Axelsen of Denmark won the Men’s Singles title defeating World’s No 6 Kodai Naraoka of Japan at the PETRONAS Malaysia Open 2023 held from 10th to 15th January 2023 in Axiata Arena, Kuala Lumpur, Malaysia.
Japan’s Yamaguchi Akane(World’s No 1) defeated South Korea’s An Se-Young(World’s No 4) to win the Women’s Singles title at the Malaysia Open 2023.
China’s Women’s doubles pair Chen Qingchen and Jia Yifan (World’s No 1 Women’s doubles pair) defeated South Korea’s Baek Ha Na and Lee Yu Lim (World No 15) to win the Women’s Doubles title.
World’s No 1 Mixed Doubles pair Zheng Si Wei and Huang Ya Qiong of China won the Mixed doubles title defeating world’s No 3 Yuta Watanabe and Arisa Higashino of Japan.
World’s No 1 Men’s Doubles Pair Fajar Alfian and Muhammad Rian Ardianto of Indonesia won the Men’s doubles title defeating China’s Liang Wei Keng and Wang Chang(world’s No 11) in the finals.
About Badminton World Federation(BWF): President– Poul-Erik Høyer(Denmark) Headquarters– Kuala Lumpur, Malaysia
Mukarram Jah Bahadur: The Last Nizam of Hyderabad Passes Away
The titular Nizam VIII of Hyderabad, Mukarram Jah (89 years old), also known as Nawab Mir Barket Ali Khan WalashanMukarram Jah Bahadur, passed away at his residence in Istanbul, Turkey. He was born on October 6, 1933, in Nice, France.
The informal Nizamate of Hyderabad comes to an end with the demise of Mukarram Jah.
He will be buried at the family vault in Mecca Masjid near Charminar in Hyderabad (Telangana), where other members of the Nizam’s family, who ruled Hyderabad from 1724, are also buried. About Mukarram Jah Bahadur: i.Mukarram Jah Bahadur was connected to two prominent Islamic dynasties—the Nizam of Hyderabad and the deposed Caliph—through the marriage of his parents. ii.He was the son of Prince Azam Jah and Princess DurruShehvar, the only daughter of Sultan Abdul Mejid II, the last caliphof the Ottoman Empire.
Sultan Abdul Mejid II was exiled by Mustafa Kemal Ataturk, who abolished the Caliphate.
Azam Jah was the eldest son of Mir Osman Ali Khan, the Nizam of Hyderabad, whose kingdom was integrated with India on September 18, 1948.
iii.On February 24, 1967, Mukarram Jah was formally crowned as the Nizam VIII of Hyderabad following the demise of Mir Osman Ali Khan, the Nizam VII.
In 1969, the GoI recognized him as Nizam VIII of Hyderabad and Berar.
iv.He retained the position until November 1971, when the privy purse was abolished by the Government of India (GoI). v.The golden jubilee of Mukarram Jah’s coronation was celebrated in 2017.
NTPC REL signs MoU with Government of Tripura for collaboration in Renewable Energy DevelopmentOn January 16, 2023, the NTPC Renewable Energy Ltd (NTPC REL) signed a Memorandum of Understanding (MoU) with the Government of Tripura for the development of Floating and Ground Mounted based Renewable Energy Projects in Tripura. Signatories: It was signed by Rajiv Gupta, Chief General Manager, NTPC REL and Mahananda Debbarma, Director General (DG) and CEO, Tripura Renewable Energy Development Agency (TREDA) in New Delhi, Delhi. Key Point: This MoU will initiate the development of large sized Renewable Energy Projects in the State of Tripura and also help the Government of Tripura in meeting its Clean Energy Commitments and obligations. About NTPC Renewable Energy Ltd (NTPC REL): It is a wholly owned subsidiary of the NTPC Limited Establishment– 2020 CEO– Mohit Bhargavaa
RailTel Gets Rs. 170.11 Crore Order for Puducherry Smart City Project
RailTel Corporation of India Ltd. (RailTel), a Mini Ratna (Category I) Public Sector Unit (PSU) under the Ministry of Railways, has obtained a work order from the Department of Revenue and Disaster Management of the Government of Puducherry for design, develop, supply, instal, test, commission, and operations and maintenance for a period of 5 years.
The project involves setting up an Integrated Command Control Center (ICCC) and other related activities for the Puducherry Smart City Area.
The total estimated value of the work order is Rs. 170.11 crore [including Goods and Services Tax (GST)], and the project would be finished in 10 months.
RailTel was selected through competitive bidding, and it is the first smart city project of the Puducherry government. Key Points i.In addition to ICCC, the project comprises Data Center Disaster Recovery (DC-DR), On-Street Parking Management, Intelligent Traffic Management System, Creation of an online/mobile-based platform to help tourists and visitors, City-level application and Smart Dashboard, Smart Kiosks, Smart Poles with CCTV, Wi-Fi, Air Quality Monitoring, Digital Billboards, and other components.
On-street parking systems allow users to reserve a parking space in advance, pay, and extend their stay without having to return to their vehicle.
DC-DR is the organizational plan for resuming operations after an unanticipated event that damages or destroys data, software, and hardware systems.
The Intelligent Traffic Management System uses intelligent cameras on the roads to recognize vehicle numbers and send this information to the central system to track the cars in the city.
ii.Smart City centres also provide technical assistance in guaranteeing improved street safety for women, environmental sensitivity, faster response times, and better preparedness for emergencies and disasters. iii.Several cities where the ICCC was implemented became cleaner as a result of CCTV surveillance of cleaning activity. About RailTel Corporation of India Ltd (RailTel): RailTel was founded with the objective of creating a nationwide broadband, telecom, and multimedia network, and also modernising the train control operation and safety system of Indian Railways. It offers virtual private network (VPN) and broadband services. Chairman and Managing Director (CMD) – Sanjai Kumar Incorporated – September 26, 2000 Headquarters – Delhi, Delhi
J&K declared as ‘Free Area’ for purposes of Prevention and Control of Infectious and Contagious Diseases in Animals Act, 2009
Government of Jammu and Kashmir(J&K) has declared the Whole Union Territory (UT) as “Free Area” for purposes of the Prevention and Control of Infectious and Contagious Diseases in Animals Act, 2009. The declaration has been made in the exercise of powers conferred by sub-section (5) of section 6 of the Prevention and Control of Infectious and Contagious Diseases in Animals (PCICDA) Act, 2009, and in supersession of notification dated 5th September 2022, after the government of J&K on being satisfied that no cases of lumpy skin disease (LSD) have been reported from any district of Union Territory of J&K.
‘MV Ganga Vilas’: Modi Flagged off World’s Longest River Cruise in Varanasi, UPNarendra Modi, Prime Minister of India, flagged off the ‘MV Ganga Vilas’, the world’s longest river cruise in Varanasi, Uttar Pradesh(UP). The 51-day luxury cruise, passing through 27 river systems, will cover a distance of 3,200 km from Varanasi in Uttar Pradesh to Dibrugarh in Assam, via Bangladesh.
The first trip of the cruise hosts 32 tourists from Switzerland.
The river cruise is aimed to promote tourism and create new job opportunities.
The expected date of arrival of MV Ganga Vilas in Dibrugarh is on 1st March, 2023.
MS Ganga Vilas, the first of its kind cruise service, is supported by the Inland Waterways Authority of India (IWAI) under Ministry of Shipping, Ports and Waterways (MoPSW). Note: PM Modi noted that more river cruise systems are being developed in various parts of India. About the MV Ganga Vilas: i.The MV Ganga Vilas vessel is 62 meters in length, 12 meters in width and comfortably sails with a draft of 1.4 meters. ii.It features 18 suites, three decks, and other amenities for tourists. iii.The cruise has a capacity of carrying 36 passengers. iv.The cruise, which follows sustainable principles, is equipped with pollution-free mechanisms and noise control technologies. v.MV Ganga Vilas cruise cost around Rs 25,000 to Rs 50,000 per day and the cost of the entire 51-day trip will be around Rs 20 lakh. Key Points: i.MV Ganga Vilas cruise is curated to bring out the best of the country to be showcased to the world. ii.The cruise will indulge in the art, culture, history, and spirituality of India and Bangladesh. iii.The cruise includes visit to 50 tourists spots including world heritage sites, national parks, river ghats, and major cities like Patna in Bihar, Sahibganj in Jharkhand, Kolkata in West Bengal, Dhaka in Bangladesh and Guwahati in Assam. iv.The international cruise is being offered by Antara Luxury River Cruises. Points to note: i.The global River cruise market has grown at ~5% over the past few years and is expected to constitute around 37% of cruise market by 2027. ii.Europe leads the growth with approximately 60% share of river cruise vessels in the world. iii.In India, 8 river cruise vessels are operational between Kolkata and Varanasi while cruise movement is also operation on National Waterways(NW) 2 (Brahmaputra). iv.At present, four river cruise vessels are operational in NW2 while it is operating in limited capacity in NW3 (West Coast Canal), NW8, NW 4, NW 87, NW 97, and NW 5.
India is committed to eliminating Lymphatic Filariasis by 2027Union Minister for Health and Family Welfare Dr Mansukh Mandaviya stated that India is committed to eliminating Lymphatic Filariasis (LF) by 2027 three years ahead of the global target through mission mode, multi-partner, multi-sector, targeted drive for which they have drawn up the roadmap. Dr Mansukh Mandaviya chaired the National Symposium on India’s Roadmap to Eliminate Lymphatic Filariasis (LF) at Vigyan Bhawan, New Delhi, Delhi.
Lymphatic Filariasis (LF) elimination is a priority illness with a deadline, in contrast to other countries where it may be neglected.
Key Highlights: i. The health ministry has developed a new five-pronged plan as part of its resolve to eradicate the disease by the end of 2027.
As part of its commitment to eliminate the disease, multi-drug administration (MDA) will be held twice a year in conjunction with National Deworming Day on February 10 and August 10.
ii. Dr Mansukh Mandaviya highlighted that 133 districts in 20 states and Union Territories supply anti-filarial drugs for free while calling for the “proper synergy of governmental effort and community change.” iii. The national symposium’s launch of Enhanced Strategies for LF Elimination will serve as a precursor to the pan-Indian MDA Campaign’s mission mode launch on February 10, 2023. iv. The ministry will observe this day by conducting mass visibility campaigns at the national, state, district, sub-district, and block levels to ensure that everyone has access to LF-preventing medications. Other Aspects of the Strategy: Early diagnosis and treatment; Engagement of medical colleges for strengthening morbidity management and disability services; Integrated vector control with multi-sectoral coordinated efforts; Inter-sectoral convergence with allied departments and ministries; Leveraging existing digital platforms for LF and exploring alternative diagnostics. Five Enhanced Strategies for Elimination of LF:
Multi-drug administration (MDA) Campaign twice a year synchronized with National Deworming Day (10th Feb and 10th August)
Early diagnosis and treatment; engagement of medical colleges for strengthening Morbidity management and disability (MMDP) services
Integrated Vector Control with multi-sectoral coordinated efforts
For inter-sectoral convergence with allied departments and ministries
Leveraging existing digital platforms for LF and exploring alternate diagnostics
Lohri 2023: Harvest Festival celebrates in different parts of India
On 13th January 2023, the Lohri festival is observed across India with the customary fervour and joy, which is mostly associated with crop harvesting and happiness.
The festival is celebrated in North India, especially in Punjab, Haryana, Himachal Pradesh, Delhi, Jammu and Chandigarh.
India’s 1st CoE for Online Gaming to be set up in Shillong by March 2023During his two-day visit to Meghalaya, Minister of State for Electronics & Information Technology and Skill Development & Entrepreneurship, Rajeev Chandrasekhar, stated about the launch of India’s first Centre of Excellence (CoE) in Online Gaming at Shillong, Meghalaya by March 2023.
Objective: To catalyse startups and entrepreneurs from the entire North East Region to build the next generation Online Gaming ecosystem.
The CoE will be set up by Digital India Startup Hub through the Software Technology Parks of India.
Key Points: i.Note: The Ministry of Electronics and IT (MeitY) has recently circulated Draft amendments to the IT Rules 2021 in relation to Online Gaming for public consultation. ii.Rajeev Chandrasekhar also announced another initiative of MeitY to set up a state-of-the-art facility under the National Institute of Electronics and IT (NIELIT) to provide training on cutting-edge Digital Skills at Shillong. iii.He also stated about Re-launching Skill India through Pradhan Mantri Kaushal Vikas Yojana (PMKVY) 4.0, to train around 50,000 youth in Meghalaya, 60,000 in Tripura, and 35,000 in Nagaland. About Ministry of Electronics and Information Technology: Union Minister – Ashwini Vaishnaw (Rajya Sabha Odisha) Ministers of State (MoS) – Rajeev Chandrasekhar (Rajya Sabha Karnataka)
India, UAE Signed Agreement on Green Hydrogen Development and Under Sea Cable Connectivity
Union Minister of Power and New and Renewable Energy, Raj Kumar Singh, who is on a three-day visit to Abu Dhabi, and UAE’s (United Arab Emirates) Minister of Energy and Infrastructure Suhail Al Mazrouei, signed the agreement on cooperation in the field of Green Hydrogen Development and Investment.
They also discussed the launch of a sub-sea cable between India and the UAE under the Mission, ‘ONE SUN, ONE WORLD, ONE GRID INITIATIVE’, which is announced by Prime Minister Narendra Modi.
They also discussed opportunities in the field of power and renewable energy.
Key Points: i.RK Singh presided over the 13th Assembly of the International Renewable Energy Agency (IRENA), which is a 168-country International organisation dedicated to renewable energy. ii.During his visit to Abu Dhabi, he had a meeting with COP28 President designate and UAE’s Special Envoy for Climate Change, Sultan Ahmed Al Jaber. iii.RK Singh stated India’s priorities on G20 in the field of energy and Dr Sultan Al Jaber highlighted the priorities of the UAE for COP28, which is scheduled to be held in November 2023 in Dubai. iv.India is working on achieving net zero emission by 2070 as specified under the Paris Climate Agreement and also pledged to attain about 40 percent accumulative electric power generation capacity from non-fossil fuels by 2030. v.India is moving towards the Mission LiFE – Lifestyle for Environment, which was announced by Prime Minister Modi and the UN Secretary-General in October 2022. Click here to know more About Ministry of New and Renewable Energy: Union Minister – Raj Kumar Singh (Arrah, Bihar) Ministers of State (MoS) – Bhagwanth Khuba (Bidar, Karnataka)
US, Japan sign pact at NASA for Deep Space Exploration
The United States (US) and Japan signed a space agreement at the National Aeronautics and Space Administration (NASA) headquarters in Washington D.C., US. It was signed during Japanese Prime Minister Fumio Kishida’s first visit to the US.
It is based upon the long history of collaboration in space exploration between the two nations for deep space exploration.
The pact recognizes a mutual interest in peaceful exploration.
This agreement is called as ‘Framework Agreement Between the Government of Japan and the Government of the United States of America for Cooperation in Space Exploration and Use of Outer Space, Including the Moon and Other Celestial Bodies, For Peaceful Purposes’. Signatories: It was signed by US Secretary of State Antony J Blinken and Japanese Foreign Minister Hayashi Yoshimasa.
Aditya Birla Health Insurance Inks Bancassurance Partnership with Punjab & Sind BankThe Aditya Birla Health Insurance Co. Ltd. (ABHICL) and Punjab & Sind Bank have established a bancassurance partnership for the distribution of health insurance products through the bank’s branch network in India.
This collaboration would allow ABHICL to expand its national footprint and serve the 1,528 branches and customers of Punjab & Sind Bank.
ABHICL is the health insurance joint venture of Aditya Birla Capital Ltd. (ABCL).
Note: Mayank Bathwal is the Chief Executive Officer (CEO) of ABHICL. Key Points: i.Through this collaboration, customers and staff of Punjab & Sind Bank will have access to ABHICL’s extensive lineup of health-first insurance plans, which are designed to reward customers for leading healthy lifestyles.
It offers unique products such as incentivized wellness benefits of up to 100% Health ReturnsTM and a chronic management programme with Day 1 coverage for asthma, high blood pressure, high cholesterol, and diabetes; nutrition and fitness wellness coaching; and mental health counselling, among others.
ii.As a result of this partnership, ABHICL currently has 18 bancassurance partners and more than 70,000 direct sales agents functioning across India. About Punjab & Sind Bank: MD & CEO – Swarup Kumar Saha Established – 1908 Headquarters – New Delhi, Delhi Tagline – Where Service is a Way of Life
Russian VTB Bank launches Direct Payments in Rupees
Russian VTB Bank, Russia’s second-largest bank, launched direct payments in rupees, which will significantly increase bilateral trade and investment.
Russian Small and Medium-sized Enterprise (SME) clients can now make transfers without double conversion, which simplifies the work on international trade contracts with India.
The mechanism of direct settlements allows for the setting of the price of a product and the payment in the national currency, as well as getting individual quotes on market terms.
Additionally, it eliminates preliminary transaction coordination.
In November 2022, 9 Russian banks, including VTB, opened unique vostro accounts in India to promote trade between Russia and India.
NCLT Approves Transfer of Ownership of Jet Airways to Jalan-Kalrock Consortium
On January 13, 2023, National Company Law Tribunal (NCLT) allowed the transfer of ownership of Jet Airways to the Jalan-Kalrock consortium (JKC). Key Points: i.Background:
Due to a financial crisis Jet Airways closed its operations in April 2019, after which it underwent a resolution process under the Insolvency and Bankruptcy Code.
The revival plan submitted by the JKC was cleared by Jet’s committee of creditors in October 2020. The NCLT approved the revival plan in June 2021.
ii.In accordance with the revival plan, JKC proposed a total infusion of Rs 1,375 crore, in which Rs 900 crore towards capital infusion and Rs 475 crore paid to creditors (Rs 380 crore will go to financial creditors). iii.So far, the JKC has deposited bank guarantees worth Rs 150 crore with the lenders. As per the resolution plan, JKC had to make cash payments of Rs 185 crore to financial creditors within 180 days from mid-November 2022. iv.Now, JKC was given additional 6 months(i.e. till mid-May 2023) to clear all required payment to lenders, other creditors and workers. v.JKC will have an 89.79% stake while 9.5% will go to lenders.
India Honours 82 Best Agripreneurs with Awards on National Youth Day 2023
On the occasion of National Youth Day 2023 (12th January), the government of India presented the National Awards to 82 best Agripreneurs trained under the Central Sector Scheme – Agri-Clinics and Agri-Business (AC&ABC) at the National Agripreneurs Award ceremony was held at NASC Complex, New Delhi, Delhi.
The award recognises their significant contribution to farmers through agri-clinic and agribusiness services.
8 Nodal Training Institutes (NTIs) that efficiently deliver AC&ABC training were also recognised with awards for their best training, handholding and facilitation activities.
Shubha Thakur, Joint Secretary, Ministry of Agriculture and Farmers Welfare (MA&FW) inaugurated the Awards Ceremony and distributed awards.
AC&ABC is a mega flagship Scheme of the Indian government, implemented in collaboration with NABARD since 2002.
This aims to transform unemployed youth into self-employed Agripreneurs through 45 days of free residential training, with a provision for availing loans and subsidies from the banks.
The Scheme is implemented by the National Institute of Agricultural Extension Management (MANAGE), Hyderabad, Telangana.
R’Bonney Gabriel of USA crowned Miss Universe 2022R’Bonney Gabriel of the United State of America (USA) was crowned 71st Miss Universe 2022 during the Miss Universe 2022 pageant held in New Orleans, Louisiana while Amanda Dudamel of Venezuela was named as the first runner-up, and Andreina Martinez of the Dominican Republic was named as the second runner-up.
R’Bonney Gabriel was crowned by the Miss Universe 2021 Harnaaz Sandhu.
Key Points: i.The Miss Universe 2022 pageant saw the participation from over 80 different nations.R’Bonney Gabriel, a 28 year old, is a fashion designer from Houston, Texas,
Notably, Miss USA wins the contest for the first time in eleven years.
ii.From India, Miss Diva Universe 2022 Divita Rai entered into the prestigious Top 16 category.
ACC extends tenure of Bank of Baroda MD Sanjiv ChadhaOn January 14, 2023, the Appointments Committee of the Cabinet (ACC) headed by Prime Minister Narendra Modi has approved the proposal of the Department of Financial Services for extending the term of Managing Director (MD) and Chief Executive Officer (CEO) of Bank of Baroda (BoB) Sanjiv Chadha for about five months till June 30, 2023 i.e. when he attains 60 years, the retirement age.
Earlier his tenure was going to end on January 19, 2023.
Key Points: i.Meanwhile, the Financial Services Institutions Bureau (FSIB), the headhunter for directors of state-owned banks and financial institutions, recommended elevation of Executive Director (ED) Debadatta Chand as MD of BoB. ii.FSIB also recommended Union Bank of India ED Rajneesh Karnataka for the position of MD & CEO in Bank of India. iii.FSIB is the headhunter for directors of state-owned banks and financial institutions, and is headed by former secretary, Department of Personnel and Training (DoPT), Bhanu Pratap Sharma. iv.The final decision on the FSIB recommendation is taken by ACC. About Bank of Baroda: Headquarters– Vadodara, Gujarat Tagline– India’s International Bank
World’s 1st Agri-focused Satellite to Generate $108 million Revenue for SouthAfrica
As per the statement of Pontsho Maruping, Chairperson of the South African Council for Space Affairs, the launch of world’s first agriculture-focused satellite, AgriSAT-1 /ZA 008 is expected to generate over USD 100 million in revenue for South Africa. Key points about AgriSAT-1 /ZA 008: i.Background: It was launched by Dragonfly Aerospace on a Space X Falcon 9 rocket. Being the world’s first agriculture-focused satellite, it will provide high-quality data to the agriculture and forestry industry for efficient and sustainable practices. ii.Benefits:
Images obtained from Dragonfly’s satellite will deliver valuable information for harvest monitoring, application mapping, and seasonal planning to develop sustainable agricultural methods.
Assessments to analyse soil moisture, yield prediction, and biomass levels also could be obtained from AgriSAT-1 /ZA 008.
iii.It is the first of a seven-satellite constellation in low Earth orbit for customer EOSDA (EOS Data Analytics). iv.Firsts associated with AgriSAT-1 /ZA 008:
First ever-commercial satellite licensed in South Africa
First imaging satellite designed and built by Dragonfly
First microsatellite to be manufactured in South Africa since 2009
First agri-focused constellation in space.
Renowned Scientist Dr AD Damodaran Passed Away
On 13th January 2023, Dr A D Damodaran, a renowned scientist and former Director of the Council of Scientific and Industrial Research (CSIR) National Institute For Interdisciplinary Science and Technology (NIIST), passed away in Thiruvananthapuram, Kerala.
Dr A D Damodaran worked briefly at the Nuclear Fuels Complex in Hyderabad, Telangana, and served as a visiting scientist at the Indian Institute of Metals and the Vikram Sarabhai Space Centre in Thiruvananthapuram, Kerala.
He started working at the Bhabha Atomic Research Centre and later took over as Director of CSIR-NIIST in 1985, where he held the position for 12 years.
He was also chairman of the Kerala State Electronics Development Corporation (Keltron) and an expert in advanced materials, nutraceuticals, food nutrition, and intellectual property rights.
CongressJalandhar MP Santokh Chaudhary dies of Heart Attack during Bharat JodoYatraThe Congress MP (Member of Parliament) Santokh Singh Chaudhary aged 76 from Jalandhar (Lok Sabha constituency), Punjab has passed away due to heart attack while taking part in the Bharat Jodo Yatra.
He was the Cabinet Minister of Punjab.
He won the 2014 Indian general election and 2019 Indian general election being an Indian National Congress (INC) candidate.
What is Bharat JodoYatra? It was initiated by INC, and orchestrated by leader of the Congress Rahul Gandhi. The aim of this Yatra is to unite and strengthen India. The Yatra began on September 7, 2022 from Kanyakumari and will pass through 12 states, culminating in Jammu and Kashmir (J&K). It will cover a distance of nearly 3,500 Km over about 150 days.
Come! Let’s Run: English translation of Book Authored by Tamil Nadu Health Minister Released The English version of the book titled ‘Come! Let’s Run’ by Tamil Nadu Health and Family Welfare Minister, Ma. Subramanian was released by Krishnamachari Srikkanth, former Captain of the Indian Cricket team.
The Tamil version of the same book titled ‘Odalam Vanga’ was released on March 8, 2021.
The book was published by Emerald Publishers and the English translation was done by Geeta Padmanaban (a teacher) along with J. Joicy and Sharon.
7th Armed Forces Veterans Day Observed on January 14, 2023 On January 14, 2023, the 7th Armed Forces Veterans Day was observed to recognize the contribution of the veterans of the Indian Armed Forces in serving the nation. Defence minister Rajnath Singh presided over the Celebrations. Key Points: i.Background: The day honors the services rendered by Field Marshal Kodandera Madappa Cariappa OBE, the first Indian Commander-in-Chief (C-in-C) of the Indian Armed Forces. ii.Rajnath Singh addressed an Armed Forces Veterans Rally at Jaswant Ground in Dehradun Cantonment and launched the ‘Soul of Steel Alpine Challenge’ which is a joint adventure sports initiative of the Indian Army and CLAW Global by flagging off a car expedition from Dehradun to Ghamshali located in the Niti Valley. iii.‘We for veterans’ anthem – an ode to veterans was played for commemorating their valor and sacrifice.
75th Indian Army Day– January 15, 2023On January 15, 2023, the Indian Army (IA) Day was observed which commemorated its 75th anniversary at the Parade Grounds in Bengaluru, Karnataka which was attended by the Union Minister Rajnath, Ministry of Defence. This day recognizes the achievements of the first Indian Commander in Chief of the Indian Army General (later Field Marshal) KodanderaMadappa (KM) Cariappa.
On this day, he took over the command of IA from General Sir Francis Robert Roy Bucher, the last British Commander-in-Chief in 1949.
Hailed from Karnataka, he led Indian forces to victory in the 1947 war.
Indian Army Day 2023: First Time celebrated outside Delhi It should be noted that it is for the first time that this day is celebrated outside the National Capital Region (NCR), Delhi. Till 2022, the main Army Day parade was held at the Cariappa Parade ground in Delhi where Service Chiefs paid homage to the IA.
The reason behind the shifting of celebrations is to increase the visibility of these events and secure greater engagement with the local population.
In Bengaluru ‘Shaurya Sandhya‘ event was also organized on this occasion.
The celebrations for IA Day were also held in Hyderabad, Telangana.
About 2023 Parade: Eight marching contingents including a horse-mounted contingent from the Army Service Corps and a military band comprising regimental brass bands were a part of this year’s Army parade. The parade was also supported by a flypast of Army aviation Dhruv and Rudra helicopters. Key Points: i.The Army Day Parade showcases the evolution of various weapon systems held in the Indian Army’s inventory. Soldiers were also awarded with Gallantry awards and Sena medals on the day. ii.As a part of the Army outreach programme with civilians, a run was organised in Hyderabad at Necklace Road where around 1,000 people participated. iii.A blood donation camp was also organized in which 7,500 units of blood were donated in both Hyderabad and Secunderabad at Military hospitals.
3rd India Justice Report 2022: Karnataka tops among Large States in Delivery of Justicei.On April 4, 2023, the 3rd edition of India Justice Report i.e. ‘IJR 2022’ was released in which Karnataka has achieved the top rank in delivery of Justice among the 18 large and mid-sized States with populations over one crore. ii.Karnataka is followed by Tamil Nadu (TN) in 2nd position and Telangana at 3rd. iii.In this category Uttar Pradesh (UP) is at rank 18th which is the lowest. iv.Among the category of Seven Small States with a population less than one crore was topped by Sikkim. About Tata Trusts: Chairman– Ratan N Tata Headquarters– Mumbai, Maharashtra
MoHUA forms 14-member panel to examine stalled Real Estate Projects; Headed by Amitabh KantThe Ministry of Housing and Urban Affairs (MoHUA) has set up a 14-member committee to examine stalled real estate projects and recommend ways to complete them, and hand them over to homebuyers in a time-bound manner.
It will be headed by Amitabh Kant, India’s G20 (Group of Twenty) Sherpa for 2023 and the former Chief Executive Officer (CEO) of National Institution for Transforming India (NITI) Aayog.
The committee will submit its report within six months from the date of its first meeting.
Key Points: i.The committee comprises top central and state government officials, including the Secretary in the Department of Financial Services, Ministry of Finance, the Principal Secretary of the Housing and Urban Planning Department of Uttar Pradesh (UP), and the Chairperson of the Insolvency and Bankruptcy Board of India (IBBI)- (Currently: Ravi Mital), among others. ii.On April 12, 2022, the Central Advisory Council (CAC) formed under the Real Estate (Regulation and Development) Act, 2016 (RERA) in its third meeting decided to form a committee to look into the issue of legacy stalled projects.
CAC is headed by Union Minister Hardeep Singh Puri, MoHUA.
iii.As per real estate consultancy Anarock, around 500,000 homes worth Rs 4.48 lakh crore are stuck across seven micro markets in India.
Among metro cities, the National Capital Region (NCR) and Mumbai Metropolitan Region (MMR) together account for 77% of such projects.
GoI grants Geographical Indication Tags to 33 New Products; Raising the Total to 465The Government of India (GoI) has given the Geographical Indication (GI) tag to 33 new products from different states, including Bihar (1), Uttar Pradesh (10), Madhya Pradesh (1), Chhattisgarh (1), and Tamil Nadu (11), as well as the Union Territories (UT) of Ladakh (1) and Jammu & Kashmir (J&K) (8).
The total number of GI Tags in India has risen to 465.
About GI Tag: GI tags are issued by the Geographical Indication Registry under the Department of Industry Promotion and Internal Trade, Ministry of Commerce and Industry.
GI tags are issued as per the Geographical Indications of Goods (Registration and Protection) Act of 1999.
Note: The 1st GI Tag in India was facilitated to the Darjeeling Tea (Agricultural), West Bengal.
GoI Announces Plans to Add 250 GW of RE Capacity Over the Next 5 YearsThe Government of India (GoI) has announced a plan to install 250 gigawatt (GW) of renewable energy (RE) capacity over the next 5 years in order to meet its target of 500 GW of clean energy by 2030.
The GoI has chosen to invite bids for 50 GW of RE capacity annually for the next 5 years, from Fiscal Year 2023-24 (FY24) to Fiscal Year 2027-28 (FY28).
The installation of wind power capacity of at least 10 GW annually will also be included in these annual bids of RE capacity connected to the ISTS (Inter-State Transmission System).
i.The Ministry of New and Renewable Energy (MNRE) finalized the plan during a meeting presided over by Union Minister R K Singh, MNRE.
It complies with Prime Minister Narendra Modi’s declaration at COP26 that 500 GW of installed power capacity from non-fossil fuel (renewable energy + nuclear) sources will be available by 2030.
ii.As of February 28, 2023, India had a total RE capacity of 168.96 GW, with roughly 82 GW in various stages of deployment and about 41 GW available for auction.
This includes 64.38 GW of solar power, 51.79 GW of hydropower, 42.02 GW of wind power, and 10.77 GW of biopower.
MNRE’s Quarterly Bid Plan i.The MNRE has also unveiled a quarterly plan of the bids for FY24, which includes bids for at least 15 GW of RE capacity in the first quarter (Q1: April–June 2023) and second quarter (Q2: July–September 2023) of the fiscal year.
It also includes bids for at least 10 GW in the Q3 (October-December 2023) and Q4 (January-March 2024) of FY24.
ii.The additional capacity goes beyond the RE capacities that would be created through schemes like Rooftop solar and PM-KUSUM under MNRE. Renewable Energy Implementing Agencies (REIAs) i.The GoI has designated 3 companies as Renewable Energy Implementing Agencies (REIAs) for the purpose of inviting bids: Solar Energy Corporation of India Ltd (SECI), NTPC Ltd, and NHPC Ltd. It has also been agreed to notify SJVN Ltd as a REIA.
The intended bid capacity for FY24 will be distributed among the 4 REIAs.
ii.The REIAs would be allowed to issue bids for solar, wind, solar-wind hybrid, RTC RE power, and so on, with or without storage, based on their evaluation of the RE market or government mandates.
Rani’s Girls Hockey Turf: Rani Rampal becomes 1st Indian Woman Hockey Player to have a Stadium Named After her
The Modern Coach Factory (MCF) Stadium in Raebareli, Uttar Pradesh(UP), has been renamed the ‘Rani’s Girls Hockey Turf’ in honour of former captain of the Indian women’s hockey team Rani Rampal. Rajiv Gandhi Khel Ratna 2020 (nowMajor Dhyan Chand Khel Ratna) and Padma Shri awardee (2020) Rani Rampal became the 1st Indian woman hockey player to have a stadium named after her.
She was the 1st woman hockey player to receive the Rajiv Gandhi Khel Ratna Award.
Rani Rampal has played over 250 international matches for India since making her senior debut in 2009.
She was part of India’s 2017 Women’s Asian Cup title-winning team and led the Indian women’s hockey team to a historic 4th-placed finish at the Tokyo 2020 Olympics.
Finland Becomes NATO’s 31st Ally On the Occasion of NATO’s 74th AnniversaryFinland became the 31st member of theNorth Atlantic Treaty Organization (NATO) on April 4, 2023, when it presented its instrument of accession to the ‘North Atlantic Treaty’ (Washington Treaty) with the United States (US) at NATO Headquarters in Brussels, Belgium.
The accession of Finland coincides with the 74th anniversary of the ‘Washington Treaty’, which established NATO, that was signed on April 4, 1949, and is commemorated by a flag-raising ceremony at NATO headquarters.
i.NATO is a political and military alliance of countries in Europe and North America.
NATO was established on the Washington Treaty, also known as the North Atlantic Treaty.
About Republic of Finland: President – Sauli Niinistö Capital – Helsinki Currency – Euro (EUR)
WHO Infertility Prevalence Estimates 1990-2021: Infertility Affects 1 in 6 Adults GloballyAccording to the World Health Organization (WHO) report, ‘Infertility prevalence estimates 1990-2021’ released on April 03, 2023, globally an estimated 1 out of every 6 adult people are affected by Infertility in their lifetimes.
The report,the first of its kind in a decade, provides estimates of the global and regional prevalence of infertility by analyzing all relevant studies from 1990 to 2021
As per the report, the Lifetime prevalence of infertility is estimated to be 17.5% and Period prevalence of infertility is estimated to be 12.6%.
What is Infertility? As per WHO, Infertility is a disease of the male or female reproductive system defined by the failure to achieve a pregnancy after 12 months or more of regular unprotected sexual intercourse. About World Health Organization (WHO): Director General – Dr Tedros Adhanom Ghebreyesus Headquarters -Geneva, Switzerland Establishment – 7 April 1948
Global Energy Transition has made Progress but Falls Short of 1.5°C Pathway: IRENA WETO 2023 ReportThe “World Energy Transitions: Outlook (WETO) 2023: 1.5°C Pathway” released by International Renewable Energy Agency (IRENA) in Berlin(Germany), shows that the global energy transition is off-track, aggravated by the effects of global crises and calls for a fundamental change of course in the energy transition. The report stated that the significant progress has been made in power sector where the renewables account for 40% of installed power generation and contributes to 83% of global power additions in 2022.
Despite the progress, the global energy transition is still off-track and falls short of the 1.5 degrees Celsius(°C ) pathway.
The report warns about the lack of progress and calls for the strategic shift in energy transition to sustain 1.5 degrees °C target.
About International Renewable Energy Agency (IRENA): IRENA is a lead global intergovernmental agency for energy transformation. Director-General– Francesco La Camera Membership– 167 countries and the EU. Headquarters– Abu Dhabi United Arab Emirates
UK Become 12th Member of CPTPP with 11 Asia and Pacific Nations
On March 31, 2023, the Accession Working Group (AWG) of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) agreed on the accession of the United Kingdom (UK) as the 12th member of CPTPP.
With this UK became the first European nation and the first non-founding country to join CPTPP.
Background: i.On 1 February 2021, the UK formally requested accession to the CPTPP and on 2 June 2021, the CPTPP Commission agreed to formally commence accession negotiations with the United Kingdom. ii.On 31 March 2023, the Accession Working Group (AWG) and CPTPP Ministers met virtually to discuss the UK accession to the CPTPP and confirmed the membership of the UK. What is CPTPP? It is a free trade agreement (FTA) signed by 11 nations – Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, Peru, New Zealand, Singapore and Vietnam on 8 March 2018 in Santiago, Chile. Together, the 11 members account for about 13% of the world’s income. Now the membership of UK will make the value of the CPTPP £11 trillion. UK will be the trade group’s second-biggest economy after Japan. Note – The CPTPP accounted for 8% of UK exports in 2019. Benefit for the UK: i.Membership in the CPTPP would provide relaxation to the restrictions on trade between member countries and reduces tariffs on goods (i.e. a form of border tax). ii.The Prime Minister of the UK, Rishi Sunak stated that through the membership, the UK will benefit the unparalleled access to markets from Europe to the south Pacific. iii.Joining the group will also improve UK exports by cutting tariffs on goods such as cheese, cars, chocolate, machinery, gin and whisky. Additional info: i.With the membership, the UK will comply with the existing rules contained in the CPTPP. ii.The CPTPP Members and the UK are now committed to further promoting free trade, open and competitive markets, the rules-based trading system and economic integration in the region and beyond. iii.Under the membership, the UK has also provided market access offers of the highest standard on goods, services, investment, financial services, government procurement, state-owned enterprises and temporary entry for business persons. iv.The CPTPP Parties also have confirmed or submitted, respectively, their market access commitments to the UK.
IDBI Bank Offers E-Bank Guarantee Service in Collaboration with NeSLIDBI Bank, in collaboration with National e-Governance Services Ltd. (NeSL), has developed an e-Bank Guarantee (e-BG) service that substitutes the paper-based Bank Guarantee (BG) issuance process with e-stamping and e-signature. Key Points: i.This move will bring in a dramatic change in the business ecosystem where BGs are utilized in large quantities, as the new initiative increases transparency and saves turnaround time from days to minutes. ii.With this achievement, the bank has reached another milestone in its efforts to provide digital and user-friendly services to its customers.
i.An Electronic Bank Guarantee (e-BG) eliminates the need for physical documentation while issuing a BG. ii.The digital steps involved in an e-BG include the application, preview and confirmation steps, paperless e-stamping, e-signing, hosting the final e-BG on the NeSL portal, and notifying the beneficiary of the final BG.
NeSL’s Digital Document Execution (DDE) platform, provides e-Stamp and e-Sign functions.
iii.It decreases the time between BG issuance and delivery to the beneficiary from an industry average of 3-4 working days to a few minutes. iv.The registration process for e-BG users is simple and one time on the NeSL portal.
NeSL also provides Application Programming Interface (API) integration with Enterprise Resource Planning (ERP) systems for bulk e-BG users.
About National E-Governance Services Limited (NeSL): NeSL is India’s first Information Utility and is registered with the Insolvency and Bankruptcy Board of India (IBBI) under the aegis of the Insolvency and Bankruptcy Code, 2016 (IBC). MD & CEO – Debajyoti Ray Chaudhuri Headquarters – Mumbai, Maharashtra
Canara Bank introduces Premium Payroll Account for Salary Account Holders
Canara Bank has introduced a “Premium Payroll Package” for Salary account holders with competitive features. It has multiple features, including free term life insurance, instant overdraft, and free personal air accident insurance coverage.
The Premium Payroll Package is designed to meet all Banking requirements of salaried class.
The product comes with multiple features, including free Term Life Insurance, Insta over Draft, free Personal & Air Accident Insurance coverage, and Premium Cards are some of the unique features of the product apart from the other various features offered.
NBCC inks MoU to help in Construction of 1 lakh Housing Units in Zambia
NBCC (India) Limited (formerly known as National Buildings Construction Corporation) signed the Memorandum of Understanding (MoU) with Scirocco Enterprises Ltd. of Zambia for the construction of 1 lakh low and medium-cost houses to mitigate an acute shortage of housing in Zambia. NBCC is a the Navratna Central Public Sector Enterprises (CPSE) under the Ministry of Housing & Urban Affairs, Government of India.
The MoU was virtually signed by K P M Swamy, Director (Commercial) of NBCC (India) Ltd, and Maustafa Saadi, Chief Executive Officer(CEO), Scirocco Enterprises Ltd in the presence of P K Gupta, Chairman and Managing Director (CMD) of NBCC.
The housing units are to be constructed by 2030. NBCC will provide its engineering services as Engineering, procurement, and construction (EPC) Agency.
MukeshAmbani regains Asia’s richest person spot; Bernard Arnault World’s Richest: Forbes 37thWorld Billionaire List 2023On April 4, 2023, Forbes released its 37th Annual World Billionaire List 2023 in which Mukesh Ambani regained his spot as Asia’s richest person. With a net worth of USD 83.4 billion, he was ranked at No. 9 on the world billionaire list. 2023 Ranking in India: i.After becoming India’s richest person, Mukesh Ambani is followed by Gautam Adani at 2nd place with net worth of USD 47.2 billion. His world ranking is 24th. ii.Shiv Nadar is the 3rd richest person in India with USD 25.6 billion. His world ranking is 55th.
He is followed Cyrus Poonawalla at 4th with USD 22.6 billion
iii.Notably, among the newcomers is the youngest Indian billionaire, 36-year-old Nikhil Kamath, who co-founded discount brokerage Zerodha with his older sibling Nithin Kamath (also a newcomer). They are worth USD 1.1 billion and USD 2.7 billion, respectively. 2023 World Billionaire List:
But their combined wealth dropped 10% to USD 675 billion, from USD 750 billion on the 2022 list.
iv.Americans have a greater presence on the Forbes 2023 list than individuals from any other country or territory, with 735 billionaires hailing from the US.
China is in second place with 495 billionaires, followed by India with 169 billionaires, and Germany with 126 billionaires.
47th Oliver Award: Chennai-born Singaporean actress Anjana Vasan bags Award for supporting actress
On 2nd March 2023, Anjana Vasan, a Chennai-born Singaporean actress and singer-songwriter based out of London, United Kingdom (UK), won Best Supporting Actress in the Play at the 47th edition of Olivier Awards (2023) held at the Royal Albert Hall in London, UK.
Anjana Vasan, 36 years old, is the 1st Singaporean to win the Olivier Award.
She was recognised for her role as Stella Kowalski in the revival of Tennessee Williams’ play “A Streetcar Named Desire”.
Olivier Awards, Established in 1976 by the Society of West End Theatre (now known as the Society of London Theatre (SOLT)), celebrate the world-class status of London theatre. Oliver Awards are Britain’s most prestigious stage honours.
Skyroot Aerospace Test-Fired Dhawan-II Fully 3D-printed Cryogenic Rocket EngineOn April 4, 2023, Skyroot Aerospace, the Private space technology startup based in Hyderabad, Telangana successfully test-fired advanced fully 3D-printed ‘Dhawan-II’cryogenic engine for 200 seconds at Solar Industries propulsion test facility in Nagpur, Maharashtra, using Skyroot’s indigenously developed mobile cryogenic engine test pad. Key Points: i.The Dhawan-II engine was built upon the foundation laid by Skyroot’s first privately developed fully-cryogenic rocket engine, the 1.0 kN thrust Dhawan–I, which was successfully test fired in November 2021. ii.The endurance test of ‘Dhawan-II’ demonstrated impressive performance results. iii.The cryogenic engine series is named in honour of Satish Dhawan, an eminent Indian rocket scientist. iv.The 3D printed Dhawan – II engine also uses a 3D printed torch igniter and a bellow-actuated cryo-injection valve with quick response time. v.Skyroot’s cryogenic rocket engines utilise two high-performance propellants – Liquid Natural Gas (LNG) and Liquid Oxygen (LoX) – which require temperatures below minus 150 degrees Celsius for storage and operation.
Skyroot Aerospace plans the next generation of cryogenic engine technology with LNG as fuel.
vi.The cryogenic propulsion program was intended to enhance the payload capacity of Vikram series of space launch vehicles.
Former CJ of Calcutta HC Thottathil Bhaskaran Nair Radhakrishnan Passed Away
On 3rd April 2023, Former Judge of Kerala High Court Thottathil Bhaskaran Nair Radhakrishnan, commonly called Thottathil B Radhakrishnan, passed away in Kochi, Kerala, at the age of 63. He was born on 29th April 1959 in Kollam, Kerala. He also served as the Chief Justice of High Courts of Chhattisgarh (2017-2018) Andhra Pradesh (2018-2019), Telangana (2019), and Calcutta (2019-2021). About Justice Thottathil B Radhakrishnan: i. Thottathil B Radhakrishnan started his career as a lawyer in 1983 in Thiruvananthapuram, Kerala and was shifted to Kerala High Court (HC) in 1988. ii. He practised in various fields of law but his primary focus was on Civil, Constitutional and Administrative Law. iii. On 14th October 2004, he was sworn in as the permanent Judge of Kerala HC. iv. He served as the President of the Kerala Judicial Academy, the Executive Chairman of the Kerala State Legal Services Authority, the Executive Chairman of the Lakshadweep State Legal Services Authority, the Chairman of the Law Reporting Council, Indian Law Reports (Kerala Series) and the President of the Rule Committee under Section 123 of the Code of Civil Procedure. v. In May 2016, he was appointed as the Acting Chief Justice (CJ) of the Kerala HC and served in the position till August 2016. vi. Again in February 2017, he was appointed as the Acting CJ of Kerala and held that post until he was sworn in as CJ of the Chattisgarh HC in March 2017. vii.He was sworn in asCJ of the High Court of Judicature at Hyderabad for the States of Telangana and Andhra Pradesh in 2018. In January 2019 he swron in as CJ of HC of Telangana. viii.He was appointed as CJ of HC of Calcutta in April 2019 and held the post until his retirement in April 2021.
National Maritime Day 2023- April 5National Maritime Day (NMD) or Merchant Navy Flag Day is annually observed across India on April 5 to raise awareness about the economy and global trade and to commemorate the sailing of the 1st Indian Steamship “S.S. Loyalty” of the Scindia Steam, Navigation Co. Ltd., in 1919, from Mumbai (Maharashtra) to London (United Kingdom).
5th April 2023 marks the observance of the 60th edition (diamond jubilee) of National Maritime Day.
The theme of National Maritime Day 2023 is “Amrit Kaal in Shipping” (Golden Era in Shipping). Background: i. National Maritime Day was initiated by the Ministry of Ports, Shipping and Waterways (MoPSW), Government of India. ii. The 1st ever National Maritime Day was observed on 5th April 1964. Directorate General of Shipping: Director General- Rajiv Jalota Headquarters- Mumbai, Maharashtra About the Ministry of Ports, Shipping & Waterways (MoPSW): Union Minister- Sarbananda Sonowal (Rajya Sabha Assam) Minister of State- Shantanu Thakur (Constituency- Bangaon, West Bengal), Shripad Yesso Naik (Constituency- North Goa, Goa)
International Day of Conscience 2023 – 5th April The United Nations (UN)’s International Day of Conscience is annual observed across the world on 5th April to commemorate the importance of the human conscience. The day also promotes culture of peace with love and conscience in accordance with the culture and other appropriate circumstances or customs of their local, national and regional communities. 5th April 2023 marks the observance of the 4th International Day of Conscience. Background: i.The United Nations General Assembly(UNGA) during its 73rd session on 25th July 2019 adopted the resolution A/RES/73/329 and proclaimed the 5th April of every year as the International Day of Conscience.
The draft resolution titled “Promoting the Culture of Peace with Love and Conscience” was submitted by the Kingdom of Bahrain with proposal to mark the 5th April of every year as International Day of Conscience.
ii.The first ever International Day of Conscience was observed on 5th April 2020. About United Nations Educational, Scientific and Cultural Organisation (UNESCO): Director-General– Audrey Azoulay Headquarters– Paris, France Established in 1945
Assam CM Dr Himanta Biswa Sarma launches scheme to aid Higher Secondary and Degree Students in Buying Books
On the occasion of the commemoration of the 67th birth anniversary of Bodofa Upendranath Brahma, Assam Chief Minister (CM) Dr Himanta Biswa Sarma inaugurated a scheme where 3.4 lakh students of Higher Secondary and Degree will be given Rs. 1,459 each for buying books. Also, 16,763 pupils will receive Rs 7,157 each to cover meal expenses.
Every Post Graduate (PG) girl student will be entitled to Rs. 10,000 each annually, as well as special benefits including minority scholarships to the tune of Rs. 2000 and Rs. 4000 will be given to every girl student for pursuing Higher Secondary and Degree courses respectively.
MoD signs Rs 470 crore Contract with UDPL for Modernisation of Naval Aircraft Yards at Goa & KochiOn 31st March 2023, the Ministry of Defence (MoD) signed a contract with Ultra Dimensions Private Limited (UDPL), Visakhapatnam for the modernisation of Naval Aircraft Yards (NAYs) at Goa and Kochi (Kerala), at a cost of approximately Rs 470 crore.
The NAYs would service and repair Naval Aircraft, Aero Engines, Rotables and Test Equipment at Goa and Kochi, Kerala.
The MoD has also signed a contract with Mecon Ltd, Ranchi, Jharkhand, as Project Monitoring Consultant, at a cost of Rs 24 crore. Key Points: i. The induction of the latest state-of-the-art aircraft to the Indian Navy inventory necessitates the modernization of existing maintenance and repair facilities at NAYs to bridge the technological and capability gap and address current and future aviation maintenance challenges. ii. The modernisation includes repair facilities with state of Art automated machinery and Composite repair bays. iii. Over three years, this project will create more than 1.8 lakh man-days of employment. iv. The modernization will improve the operational readiness of Naval Aviation Platforms and reduce dependence on external agencies and foreign Original Equipment Manufacturers (OEMs) for repairs.
10th Annual Indian Navy & Sri Lanka Navy Bilateral Maritime Exercise SLINEX-2023 commences at ColomboOn April 3, 2023, the 10th edition of annual bilateral maritime exercise between Sri Lanka Navy (SLN) and India Navy (IN) ‘SLINEX-2023’ commenced in Colombo, Sri Lanka.
The exercise is divided into two phases, namely the Harbour Phase, which will be held from April 3-5, 2023, followed by the Sea Phase from April 6-8, 2023.
The opening ceremony of SLINEX-2023 was attended by Sri Lankan Navy Commander, Vice Admiral PriyanthaPerera, and India’s Deputy High Commissioner Vinod K. Jacob.
Aim: To enhance interoperability, improving mutual understanding and exchanging best procedures in the multi-faceted maritime operations between the navies Representors: IN: INS Kiltan (Advanced Anti Submarine Warfare Corvette) and INS Savitri (Offshore Patrol Vessel)
Participant: Chetak helicopter and Dornier Maritime Patrol Aircraft
Participant: Sri Lanka Air Force Dornier and BEL 412 helicopters
Key Points: i.As part of the Harbour Phase of the exercise, personnel from both navies will engage in a range of activities, including sports, yoga, and cultural events, aimed at promoting mutual learning, shared values, and
Additionally, to increase public awareness and interest in the armed forces, the Indian Naval ships will be open to visitors, including school children.
ii.The interactions between the Sri Lankan and the Indian navies have grown significantly in accordance with India’s ‘Neighbourhood First’ policy.
This exercise strengthened mutual cooperation in the maritime domain.
iii.The previous edition of SLINEX was held in Visakhapatnam in March 2022.
Axis Bank Introduces ‘Digital Dukaan’ Business Management Solution for Merchants The third-largest private sector bank in India, Axis Bank, has collaborated with Visa and announced the launch of “Digital Dukaan”, a comprehensive digital offering that would allow merchants to accept payments through a number of digital modes and conduct day-to-day business digitally.
i.Digital Dukaan, an Android Smart POS (Point of Sale) application, is exclusively developed to address business needs such as accepting digital payments, inventory management, billing, and much more. ii.With an inbuilt camera and LED flashlight, this Android Smart POS application can scan product barcodes, pay option for transactions up to Rs. 5,000, and allow tapping. iii.It will offer value-added services like EMI (Equated Monthly Instalment), BQR, Sodexo card acceptance, Buy Now Pay Later, etc. iv.Furthermore, Digital Dukaan will help merchants easily set up an online store and expand their business by creating new channels. v.It would also simplify the process for merchants to notify customers about ongoing offers, discounts, and promotions via SMS. Key Features of ‘Digital Dukaan’:
Inventory management – hassle-free stock management; receipt of alerts and reminders on limited stocks, as well as a pre-loaded catalogue
Digital Billing—Quick Billing accepts a wide range of payment options, including credit/debit cards, UPI (Unified Payments Interface), and others.
Customized real-time business reporting: Getting reports that are tailored to help manage the organisation efficiently
Digital Khatabook—Easy credit management and customer payment collection.
Customer management – managing customer data and providing loyalty options.
About Axis Bank Ltd: MD&CEO – Amitabh Chaudhry Headquarters – Mumbai, Maharashtra Establishment – 1993 Tagline – Badhti Ka Naam Zindagi
KVB inks pact with SBI Life to market insurance schemesKarur Vysya Bank Ltd. (KVB) has entered into a pact with SBI Life Insurance to market the latter’s insurance schemes through its branches.
SBI Life Insurance will utilize bank’s strong presence in urban, semi-urban and rural locations of South India viz. Tamil Nadu (TN), Andhra Pradesh (AP), Telangana and Karnataka to market its schemes.
The agreement for the same was signed in Chennai, TN. About SBI Life Insurance: MD & CEO– Mahesh Kumar Sharma Headquarters– Mumbai, Maharashtra
PhonePe Introduces E-commerce Consumer App “Pincode” on the ONDC PlatformPhonePe, a Walmart-owned fintech firm, has announced the introduction of ‘Pincode,’ an e-commerce consumer app that would be integrated into India’s Open Network for Digital Commerce (ONDC) framework.
The Pincode app will be initially made available in Bengaluru (Karnataka) in six major categories, including groceries, food, pharmaceuticals, electronics, home decor, and fashion.
It will then be made available in other cities once it achieves a transaction volume of about 10,000 per day.
i.Pincode is a hyperlocal commerce app that is available on Google Play and the App Store. ii.Pincode is centered on the ONDC network, which fosters demand for merchants to be digitized by multiple seller platforms in an inclusive manner while fostering new prospects for growth and innovation at scale. About PhonePe: Co-Founder & CEO – Sameer Nigam Founded – 2015 (entered into financial services in 2017) Headquarters – Mumbai, Maharashtra
SBI WeCare Senior Citizen FD scheme Last Date Extended by 3 Months
The State Bank of India’s (SBI) “WECARE” Senior Citizens’ Term Deposit Programme, which was introduced in May 2020 with an initial maturity date of September 2020, was repeatedly extended and has now been extended by the bank until 30 June 2023.
SBI introduces a new Deposit Scheme “SBI WECARE” protecting their income by offering additional interest on Term Deposits.
India Development Update (Spring 2023 Edition) By WB: India’s GDP Growth Probably to Slow Down to 6.3% in FY24The World Bank (WB) lowered its fiscal year 2023-24 (FY24) growth projection for India to 6.3% in its“India Development Update” (Spring 2023 Edition), down from 6.6% in December 2022 (FY23).
It further added that slower consumption growth and unfavourable external conditions are anticipated to restrain India’s GDP growth.
Key Observations from the IDU 2023: i.According to the latest IDU 2023, increased borrowing costs and weaker income growth are likely to adversely affect private consumption growth. ii.The report also states that, while headline inflation remains high, it is expected to fall to 5.2% in FY24, down from 6.6% in the current fiscal year (FY23). iii.Furthermore, the Government of India (GoI) is projected to achieve its fiscal deficit target of 5.9% of Gross Domestic Product (GDP) in FY24. About the World Bank (WB): President (WB Group) – David Robert Malpass Establishment – 1944 Headquarters – Washington D.C, United States (US)
ADB Projected India’s GDP Growth Forecast for FY24 at 6.7%, FY23 at 6.4%The Asian Development Bank’s (ADB) Asian Development Outlook April 2023, has reduced India’s GDP (Gross Domestic Product) growth forecast for the Financial year 2022- 2023 (FY23) to 6.4% from 7% of its earlier projection.
India’s GDP growth forecast for FY24 was projected at 6.7% due to improvement in private investment and growth in the industry.
i.Growth: The Indian economy is estimated to have grown by 6.8% in fiscal year 2022 (FY2022, ending 31 March 2023). iii.Inflation: Headline inflation exceeded the inflation target range of 2%–6%, averaging 6.8% in the first 10 months of FY22. At its highest, it reached 7.8% in April 2022. About Asian Development Bank (ADB): President– Masatsugu Asakawa Headquarters– Mandaluyong City, Metro Manila, Philippines Establishment – 1966 Members– 68 members (49 from Asian and the Pacific and 19 outside)
RBI Data on India’s BoP: India’s Current account Deficit Declined to 2.2% of GDP in Q3 FY23According to the Preliminary data on India’s balance of payments (BoP) for the third quarter of Financial Year 2022-23 (Q3 FY23) (i.e., October-December 2022) released by the Reserve Bank of India’s (RBI) on March 31, 20223, India’s current account deficit, declined to 2.2% of the GDP ($18.2 billion) in Q3 FY23 from US$ 30.9 billion (3.7% of GDP) in Q2 FY23 and US$ 22.2 billion (2.7% of GDP) in Q3 FY22.
Key Features of India’s BoP in Q3 FY23: i.According to RBI data, the decline was mainly due to the narrowing of the merchandise trade deficit to US$ 72.7 billion in Q3 FY23 from US$ 78.3 billion in Q2 FY23. ii.Services exports reported a growth of 24.5% on a year-on-year (y-o-y) basis due to rising exports of software, business and travel services. iii.Non-resident deposits’ net inflows in Q3 FY23 was US$ 2.6 billion as compared with net inflows of US$ 1.3 billion in Q3 FY22. iv.In Q3 FY23, the net foreign direct investment (FDI) decreased to US$ 2.1 billion from US$ 4.6 billion in Q3 FY22. v.Accretion to foreign exchange reserves (on a BoP basis) was about US$ 11.1 billion in Q3 FY23 as compared with an accretion of US$ 0.5 billion in Q3 FY22. vi.Net external commercial borrowings to India recorded an outflow of US$ 2.6 billion in Q3 FY23 as compared with an outflow of US$ 0.4 billion in Q3 FY22. BoP in April-December 2022: i.The current account deficit of India was about 2.7% of GDP in April-December 2022 as compared with a deficit of 1.1% during April-December 2021. ii.Net FDI inflows was at US$ 21.7 billion in April-December 2022 compared with US$ 24.8 billion in April-December 2021. iii.Portfolio investment recorded a net outflow of US$ 3.5 billion during April-December 2022 as compared with S$ 1.6 billion in April-December 2021. iv.RBI reported a depletion of US$ 14.7 billion from the foreign exchange reserves (on a BoP basis) in April-December 2022.
Bane NOR Selects TCS to Strengthen Identity and Access Management Across its Digital Landscape
Mumbai (Maharashtra)-based Tata Consultancy Services (TCS), an Indian multinational information technology services and consulting company, has been selected by Bane NOR, the Norwegian government agency responsible for maintaining, operating, and developing the Norwegian railway network, to enable secure access to the latter’s digital systems.
Bane NOR needed an end-to-end partner to better secure employees’, partners’, and train operators’ access to business systems.
Teams from TCS based in Norway and across Europe will provide managed services for identity governance and administration (IGA), access management, identity lifecycle management, and application management operations.
The identity and access management (IAM) module of TCS’ Cyber Security Suite, TCS IdentiFence, is a key lever in this transformation.
Kiran Nadar conferred with France’s highest civilian award “Chevalier de la Légion d’Honneur”Kiran Nadar, Philanthropist and an art collector, was conferred with “Chevalier de la Légion d’Honneur” (Knight of the Legion Honour), the highest French civilian award, by Emmanuel Lenain, French Ambassador to India in a ceremony held at the Residence of France in New Delhi, Delhi.
Kiran Nadar was honoured for her outstanding contribution to the arts, her dedication to providing greater access to culture both nationally and internationally, and her leading role in establishing cultural ties between France and India.
About Kiran Nadar: i. Kiran Nadar, the Chairperson of the Kiran Nadar Museum of Art (KNMA) and a Trustee of the Shiv Nadar Foundation, is the founder of India’s 1st private museum. ii. She started her career in advertising as a communications and brands professional at MCM Worldwide, a luxury fashion brand. iii. Later she joined NIIT Limited (National Institute of Information Technology) and helped shape the brand, as well as worked in an advertisement agency. iv. In 1988, Kiran Nadar started collecting pieces of art and decided to launch her own museum in 2005 to house her huge collection of artwork. Currently, the KNMA attracts over 1 lakh visitors annually. Awards: Kiran Nadar has received many awards and honours as an acknowledgement of her social work. Some of the most prestigious awards she has bagged are
Hero of Philanthropist for launching India’s first private philanthropist in 2010,
Gold Medal of Bridge at The 2018 Asian Games in Mixed teams,
Named Maharani of the Indian Art World due to her huge collection of art with more than 5,500 modern Southern Asian Arts.
About Légion d’Honneur: i. The Légion d’Honneur (Legion of Honour) was instituted in 1802 by Napoleon Bonaparte in France. ii. It is the highest civilian award given by the French Republic for outstanding service to France, regardless of the nationality of the recipients. iii. The President of the French Republic is the Grand Master of the Order of the Legion of Honour.
PM Narendra Modi confers President’s Police Medals on 2 CBI officers of Chandigarh
On 3rd March 2023, Narendra Modi, Prime Minister (PM) of India, presented the President’s Police Medal to 2 Central Bureau of Investigation (CBI) officers of Chandigarh, Vineet Vinayak, Joint Director (Chandigarh Zone) of CBI, and Seema Pahuja, Additional Superintendent of Police (ASP) of CBI, Chandigarh, for their Distinguished Service, during the diamond jubilee celebration of CBI, at Vigyan Bhawan in New Delhi, Delhi.
CBI has evolved from an anti-corruption agency to a multifaceted, multi-disciplinary police investigative agency with the capability, credibility, and legal mandate to investigate and prosecute offences.
CBI, which was initially established (in 1963; enlarged in 1965) to look into bribery and official corruption, operates under the jurisdiction of the Ministry of Personnel, Public Grievances and Pensions.
Note:
CBI was established by a resolution of the Ministry of Home Affairs, Government of India dated 1st April 1963.
Children’s Champion Award 2023: Assam’s Tapoban honoured in Health and Nutrition Category
Pathsala (Assam)-based Tapoban, a non-government organisation (NGO), which supports children with special needs has been honoured with the prestigious Children’s Champion Award 2023 in the Health and Nutrition category at a function held in Triveni Auditorium, Delhi. The award was presented by the Delhi Commission for Protection of Child Rights (DCPR) on 25th March 2023.
This award is given to honour individuals and organisations who have significantly enhanced the lives of children in many areas, including education, justice, health, nutrition, sports, and the artistic arts.
The award was presented by Justice Dr S Muralidhar, Chief Justice of Odisha High Court, to Kumud Kalita, founder-president of the NGO.
The award carries Rs 75,000, a certificate, and a plaque.
Pranav Haridasan to be new MD & CEO of Axis Securities
Axis Securities Limited, a wholly-owned subsidiary of Axis Bank, announced the appointment of Pranav Haridasan as its new Managing Director (MD) and Chief Executive Officer (CEO) for a tenure of 3 years.
He will succeed the current MD & CEO, B Gopkumar, who is set to transfer to Axis Asset Management Company as MD & CEO as part of the internal succession plan of Axis Group.
Prior to this appointment, Pranav Haridasan was serving as the MD and Co-Head of Equities at Axis Capital. About Pranav Haridasan: i. Before joining Axis Capital, Pranav Haridasan worked at Citigroup Global Markets as Director & Head of India/ Association of Southeast Asian Nations (ASEAN) Execution Services. ii. He has a rich experience of over 20 years in financial markets across different asset classes. iii. He has a history of upscaling an equity company while focusing on technology, compliance, and operations to build a robust, top-rated research, sales, trading, and derivatives platform. About Axis Securities Limited: Axis Securities Limited was originally incorporated as ENAM Securities Direct Private Limited as a wholly owned subsidiary of ENAM Securities Private Limited. MD & CEO- B Gopkumar Headquarters- Mumbai, Maharashtra Incorporated on- 21 July 2006
CCI approvals on April 3, 2023On April 3, 2023, the Competition Commission of India (CCI) has approved the following proposals: i.CCI approves merger between Koninklijke DSM N.V. (DSM) and Firmenich International SA (Firmenich) under Section 31(1) of the Competition Act, 2002. This proposed merger will form DSM-Firmenich (Danube), a Swiss domiciled company whose shares are proposed to be listed on Euronext Amsterdam. ii.CCI has approved a share swap for the acquisition of the Constantia Flexibles Sales B.V. (CFlex) India entities by SBP Packagings (SBP) from C-Flex. iii.CCI also approved the proposed combination involving the demerger of the FMCG business of Haldiram Snacks Pvt Ltd (HSPL), and Haldiram Foods International Pvt Ltd (HFIPL) into Haldiram Snacks Food Pvt Ltd (HSFPL) through an NCLT-approved scheme of arrangement. About the Competition Commission of India (CCI): Acting Chairperson– Sangeeta Verma Establishment – 2003 Headquarters – New Delhi, Delhi
Artemis II lunar Mission: NASA Names 4 Member Crew with 1st Woman & 1st Black AstronautsOn April, 03, 2023, NASA (National Aeronautics and Space Administration) has announced the 4 member Astronauts crew, Christina Koch, Victor Glover, Reid Wiseman and Canadian Space Agency Astronaut Jeremy Hansen, chosen for the Artemis II lunar mission.
Christina Koch is the first woman and Victor Glover is the first Black astronaut ever to be sent on a lunar mission.
The four-member crew was chosen to fly as early as 2024. Artemis II would be the first crewed voyage around the moon in more than 50 years.
Key Points: i.About the Astronauts:
Jeremy Hansen (47) is a Royal Canadian Air Force colonel and the first Canadian ever chosen for a flight to the moon, he was named an Artemis II mission specialist.
Reid Wiseman (47), another former U.S. Navy fighter pilot, was named Artemis II mission commander.
Christina Koch (44) is an engineer who already holds the record for the longest continuous spaceflight by a woman, and she was named a mission specialist. She set a record for the longest single spaceflight by a woman with a total of 328 days in space and participated in the first all-female spacewalks.
Victor Glover (46), a US Navy aviator was selected as the Artemis II pilot.
ii.The objective of the 10-day, 1.4-million-mile (2.3-million-km) Artemis II journey around the moon and back, is to demonstrate that all of Orion’s life-support apparatus and other systems will operate as designed with astronauts aboard in deep space.
Note – Artemis I mission was successfully completed in December 2022.
India’s IUCAA Partners With NASA to Develop AI-Based Model For Predicting Solar Storms
The Inter-University Centre for Astronomy and Astrophysics (IUCAA) in India has partnered with the National Aeronautics and Space Administration (NASA) to develop a new computer model that combines Artificial Intelligence (AI) and satellite data to sound alarms for dangerous space weather.
The team of researchers at the Frontier Development Lab applied an AI method “deep learning” and developed a computer model called DAGGER (formally, Deep Learning Geomagnetic Perturbation).
The model uses AI to analyze data from spacecraft measurements of the solar wind (a relentless stream of solar material) and predict the location of an upcoming solar storm anywhere on Earth with 30 minutes of advance warning.
It provides enough time to prepare for these storms and prevent severe impacts on power grids and other critical infrastructure.
International Day for Mine Awareness and Assistance in Mine Action 2023 – April 4 United Nations (UN)’s International Day for Mine Awareness and Assistance in Mine Action is annually observed across the globe on April 4 to create awareness about landmines and work toward their eradication, as well as to educate people about the harmful effects of explosive mine action across the world
4th April 2023 marks the commemoration of the 18th International Day for Mine Awareness and Assistance in Mine Action.
The theme for International Day for Mine Awareness and Assistance in Mine Action 2023 is “Mine Action Cannot Wait”.
The day is annually observed by the United Nations Mine Action Service (UNMAS).
Background: i. The United Nations General Assembly (UNGA) adopted the resolution A/RES/60/97 on 8th December 2005 and proclaimed April 4 of every year as International Day for Mines Awareness and Assistance in Mine Action. ii. The 1st ever International Day for Mine Awareness and Assistance in Mine Action was observed on 4th April 2006. About United Nations Mine Action Service: Director- Ilene Cohn Headquarters- New York, United States of America (USA) Establishment- 1997
259th Raising Day of Army Medical Corps – 3rd April 2023On 3rd April 2023, the Indian Army celebrated the 259th Raising Day of Army Medical Corps(AMC), specialist corps in the Indian Army which primarily provides medical services to all Army personnel(serving and veterans along with their families). The AMC raising day marks the foundation day of AMC and pays tribute to the medical personnel who have sacrificed their lives in the line of duty. Background: i.The Indian Army Medical Corps (IAMC) came into existence as a homogeneous corps of officers and men on the pattern of the Royal Army Medical Corps on 3rd April 1943. ii.It was formed by the amalgamation of the Indian Medical Service (IMS), Indian Medical Department (IMD) and Indian Hospital Corps (IHC).
In May 1943, the IHC headquarters at Poona(Now Pune) became the Administrative Headquarters of the IAMC.
iii.The IAMC was re-designated as Army Medical Corps with effect from 26 Jan 1950. About Armed Force Medical Services(AFMC): AFMS consists of Army Medical Corps (AMC) including AMC (Non-Technical(NT)), Army Dental Corps (AD Corps) and Military Nursing Service (MNS). Director General of AFMC– Vice Admiral Rajat Datta
Telangana Launched India’s 1st ‘Cool Roof Policy’ for All Types of Buildings
Telangana launched “Telangana Cool Roof Policy 2023-2028”to reduce temperatures in Hyderabad and other urban areas in Telangana. With this launch, Telangana became the India’s first state to introduce Cool Roof Policy.
The Telangana Cool Roof Policy 2023-2028 aims to reduce the heat island impact and heat stress in Telangana.
This policy encourages and promotes the usage of cool roof.
Targets: Telangana has set target to cover an area of 7.5 square kilometers, including 5 sq km in Hyderabad, Telangana in the first year (2023). The government is set to cool roof an area of 300 sq km of area including 200 sq km in Hyderabad by 2030. Key Points: i.The government of Telangana will make it mandatory for all constructions beyond 600 square yards to factor in a cool roof at the design stage.
Cool roofing can be implemented by using paints, tiles or other materials to reflect sunlight.
The cool roof will be made optional for construction below 600 square years.
ii.The policy will be implemented in various projects including housing schemes, government offices, roads, pavements and cycling tracks. Cool Roofs: i.Cool roofs are one of the simplest and most cost effective methods to combat heat. These will help to keep the indoor air temperature lower by 2.1 to 4.3 degree Celsius compared to traditional roofs. ii.Cool roof reflects some of the incoming radiations of the sun back into the atmosphere, reducing heat retention and cooling indoor spaces. Points to note: i.With 48% of the population residing in urban area, Telangana is one of the urban states of India and Hyderabad is one of the fastes growing urban region in India. ii.This rises the need to introduce the cost-effective and climate-friendly cooling solutions to counter the urban heat island effect. Note: i.Urban heat island (UHI) effect is a phenomenon that causes cities to be warmer than their surrounding rural areas, due to human activities and the built environment. ii.UHI can have negative impacts on human health, energy consumption, air quality, and biodiversity. About Telangana: Chief Minister– K. Chandrashekar Rao Governor– Tamilisai Soundararajan Wildlife Sanctuary– Jannaram Wildlife Sanctuary; Kawal Wildlife Sanctuary Tiger Reserve– Nagarjunsagar Srisailam Tiger Reserve(shared with Andhra Pradesh); Kawal Tiger Reserve
MP’s Vidisha Becomes India’s 1st District for on-Ground Deployment of 5G Use Cases Offered by StartupsVidisha, an aspirational district of Madhya Pradesh(MP) becomes India’s first district for on-ground deployment of 5G(fifth-generation) use cases offered by startups.
This is a joint initiative by Vidisha District Administration and Centre for Development of Telematics (C-DOT), Department of Telecommunications (DoT), Ministry of Communications, under the guidance of V.L Kantha Rao, Additional Secretary (Telecom) & Administrator of Universal Service Obligation Fund (USOF).
5G use case promotional pilot: On 12th January 2023, during V.L Kantha Rao’s visit to Vidisha, the startups in collaboration with C-DOT demonstrated the following 5G use cases,
Superceuticals– 5G/4G Enabled smart health kiosk for measuring vitals & performing tests almost instantaneously with
Ambupod: 5G/4G Enabled Auto Ambulance with basic life safety support & measurement of vitals with remote doctor support.
LogyAI: Cataract Eye Screening application using smartphone for quick & effective screening of cataract disease
Easiofy: AR/VR-3D visualization application for Lung & Brain scans (CT/XRAY etc.) for effective diagnosis.
TechXR: AR/VR- 3D immersive experience kit for students for enhanced learning & teaching tool for innovative teaching methods.
BKC Aggregators: Fasal Salah App- personalized crop advisory for farmers to take informed decisions and connect with Mandis/Traders, state subsidies/insurance for crops
Dvara-Surabhi: Unique Biometric muzzle identity of cattle to be used by the state department and insurance companies, and predicting health status of cattle to be used by dairy farmers
C-DOT (R&D Arm of DoT): One stop platform integrating all the health suits enabling Tele consultation and e-learning solution suits.
Key Points: i.Under 5G use case promotional pilot, the above-mentioned use cases will be deployed at community and district health centres model schools and Agri and Dairy Farmers skill development centres for 1 year. This may be extended subsequently as per the need. ii.These digital solutions will also be powered by BharatNet broadband to provide uninterrupted services to user communities of Vidisha.
DoT is front-ending the “5G use case promotional pilot” for deploying 5G/4G/IoT innovative solutions of Startups & SMEs at Vidisha with a focus on Health, Agriculture, Diary, Education & Skill Development, benefiting the Vidisha community.
iii.During the event, the purchase cum Service orders and agreements have been signed with C-DOT and 7 Startups in presence of the officials of the Ministry of Communications, C-DOT and Vidisha District Administration at the Vidisha district Collectorate.
FSSAI notifies first-ever Regulatory Standards for Basmati RiceFor the first time in India, the Food Safety and Standards Authority of India (FSSAI) has formulated identity standards for basmati rice (including brown basmati, milled basmati, parboiled brown basmati, and milled parboiled basmati) through Food Safety and Standards (Food Products Standards and Food Additives) First Amendment Regulations, 2023.
These standards will be implemented from August 1, 2023.
Basmati rice in the Himalayan foothills of the Indian subcontinent and is universally known for its long grain size, fluffy texture and unique inherent aroma and flavour.
Aim behind this regulatory standards: To establish fair practices in the trade of basmati rice and protect consumer interest at domestic and global level. What are the standards? i.As per it, Basmati rice should possess its natural fragrance and should be free from artificial colouring, polishing agents, and artificial fragrances. ii.It should also specify various identity and quality parameters for basmati rice such as average size of grains and their elongation ratio after cooking, maximum limits of moisture, amylose content, uric acid, defective or damaged grains and incidental presence of other non-basmati rice etc. Reason behind the Formulation of these Standards: As basmati rice are of premium quality rice and fetch a price higher than the non-basmati varieties, it is prone to adulteration for economic gains which may include, undeclared blending of other non-basmati varieties of rice.
In order to overcome this scenario, and to ensure supply of standardized genuine basmati rice in domestic and export markets, FSSAI has notified regulatory standards for basmati rice.
India & US Establish New Trade Group to Build Sustainable Supply Chains
India and the United States of America(USA) have established a new working group to build sustainable supply chains and boost bilateral trade. This working group will initially focus on trade facilitation, digitization of customs procedures, issues related to sustainable finance and the scaling up of innovative clean technologies.
The countries also agreed to continue close monitoring of visa issues and increase dialogue on food and agricultural trade issues in 2023 at the Trade Policy Forum meeting co-chaired by India’s trade minister, Piyush Goyal, and U.S. Trade Representative Katherine Tai.
People aged 65+ worldwide to more than double from 761 mn in 2021 to 1.6 bn in 2050: UNThe United Nations (UN) in its World Social Report 2023 projected that the number of people aged 65 years or older worldwide will more than double from 761 million in 2021 to 1.6 billion in 2050.
It is published by the UNDepartment of Economic and Social Affairs (DESA).
The report has suggested the countries should undertake pension reforms including raising the retirement age to ensure income security for all older persons, including informal workers.
Key Points: i.Northern Africa, Western Asia and sub-Saharan Africa are expected to experience the fastest growth in the number of older people over the next three decades.
Currently, Europe and Northern America have the highest share of older persons.
ii.Older persons should be able to continue working for as long as they desire and are able, but should not be compelled to do so. iii.The governments should work to eliminate barriers to the participation of older people in the labour force and supporting their learning and skills development throughout the life course. iv.Public spending in most countries has not been sufficient to cover the growing demand for long-term care. v.Globally, a child born in 2021 can expect to live, on average, to age 71, with women living longer than men.
UN Reports: 5 Million Children Died Before Their Fifth Birthday in 2021; 1.9 Million Stillborn in 2021 Globally According to the recent data published in the“Levels & Trends in Child Mortality” report by the United Nations Inter-Agency Group for Child Mortality Estimation (UN IGME), an estimated 5 million children died before turning five, with nearly half (47%) dying during their first month.
In 2021, another 2.1 million children and youth between the ages 5–24 years lost their lives.
According to the report, while mortality rates have decreased since 2000, progress has slowed in the last 12 years.
According to a separate report titled“Never Forgotten” by the United Nations Children’s Fund (UNICEF), 1.9 million babies were stillborn in 2021, with more than three-quarters (77%) occurring in Sub-Saharan Africa and South Asia.
Many of these deaths may have been avoided if one had equitable access to high-quality maternal, newborn, child, and adolescent health care.
Key Points from The Reports: i.Since 2000, the global under-5 mortality rate (U5MR) has declined by 50%, while mortality rates in older children and youth have decreased by 36%, and the stillbirth rate has decreased by 35%.
This can be directly attributed to increased investments in primary health care systems to benefit women, children, and young people.
ii.However, if health services are not implemented quickly, nearly 59 million children and youth could die before 2030, and close to 16 million babies could be lost to stillbirth. iii.Although Sub-Saharan Africa only accounted for 29% of live births globally, the region was responsible for 56% of all under-five fatalities in 2021, and southern Asia for 26% of the total. iv.In 2021, the under-five deaths decreased to 5 million, and the global U5MR decreased to 38 per 1,000 live births.
The risk of childhood mortality is highest in children born in sub-Saharan Africa.
v.Children born in Sub-Saharan Africa have the highest risk of childhood death in the world, with a U5MR of 74 deaths per 1,000 live births in 2021, compared to the global rate.
This is 15 times higher than the risk for children in Europe and Northern America, and 19 times higher than the risk in Australia and New Zealand.
vi.Sub-Saharan Africa experienced nearly half of all stillbirths.
In sub-Saharan Africa, stillbirths are seven times more common than they are in Europe and North America.
About the United Nations Inter-Agency Group for Child Mortality Estimation (UN IGME): UN IGME is led by UNICEF and includes the World Health Organization (WHO), the World Bank Group and the United Nations Department of Economic and Social Affairs, Population Division. Formed in – 2004
SEBI allows AIFs to participate in CDS transactions; allows MFs to switch from Active to Passive ELSS schemesi.On January 12, 2023, the Securities and Exchange Board of India (SEBI) has amended the SEBI (Alternative Investment Funds-AIF) Regulations, 2012 to allow Alternative Investment Funds (AIFs) to participate in the Credit Default Swaps (CDS) market as protection buyers and sellers. ii.Regulations 16(1)(aa),17(da), 18(ab)and 20(11) of AIF Regulations enable AIFs to participate in CDS. iii.SEBI also allowed Mutual Funds (MFs) with active Equity-Linked Savings Schemes (ELSS) to launch passively managed open-ended ELSS schemes. iv.SEBI has allowed the stock exchanges to launch multiple contracts of a commodity to attract more participation of investors in commodity derivatives market. For its implementation exchanges are required to make necessary amendments to the relevant bye-laws, rules and regulations, and inform the same to their members. About Securities and Exchange Board of India (SEBI): Chairperson– Madhabi Puri Buch Headquarters– Mumbai, Maharashtra Establishment– 1992
UBI Sanctions 150 Agri Drone Loans for Garuda Kisan Drones under AIFOn 12th January 2022, Chennai-based Drone Startup, Garuda Aerospace Pvt Ltd, partnered with the Union Bank of India (UBI). Under this partnership, 150 Garuda Agri Kisan drones have received sanction for Loan under the Union Kisan Pushpak Scheme.
This partnership is for the Agriculture Infrastructure Fund (AIF) scheme and capital subsidy under sub-mission on Agriculture Mechanization (SMAM).
Key Points: i.The UBI has launched the Union KisanPushpak Scheme for financing Kisan Drones in the field of digitisation of land records and operations in crop production, spraying of fertilisers, chemicals, growth promoters and pesticides which helps farmers in growing their crop yield and improving their income. ii.The AIF scheme will finance 150 drone applications that will benefit the farmer community and create 150 skilled pilots who will engage to become entrepreneurs and improve farmers income. iii.Garuda Aerospace is training 1 lakh youth free of cost and is targeting to sell 5,000 drones before 31st March 2023. Points to note: i.Garuda Kisan drone is the 1st to receive the Agri drone loan in July 2022 from Union Minister of Agriculture and Farmer Welfare Narendra Singh Tomar. ii.AIF Scheme has about Rs 1 lakh crore out of which Rs 1,000 crores have been allocated to drones.
The AIF loans are collateral-free and can secure up to Rs.10 lakhs with three months of EMI relaxation and a 5 percent interest rate for the youth and farmers.
About Union Bank of India (UBI): Managing Director (MD) & Chief Executive Officer (CEO) – A. Manimekhalai Headquarters – Mumbai, Maharashtra Establishment – 1919 Tagline –Good People To Bank With
SBI Launches E-Bank Guarantee (E-BG) Facility
State Bank of India (SBI) has launched an e-Bank Guarantee (e-BG) facility in association with National e-Governance Services Limited (NeSL) to enhance transparency and reduce turnaround time from days to minutes. NeSL’s Digital Document Execution (DDE) platform, which provides e-Stamp and e-Sign functions, will facilitate the e-Bank Guarantee process and also the beneficiaries will instantly receive an e-Bank Guarantee on NeSL’s platform without further verification.
The introduction of e-BG will replace the existing issuance of guarantees through physical stamping and wet signatures with e-stamping and e-signature.
Retail Inflation Eases to One-Year Low of 5.72% In December 2022According to data provided by the Ministry of Statistics and Programme Implementation (MoSPI), Retail Inflation as measured by the Consumer Price Index (CPI) decreased to a one-year low of 5.72% in December 2022.
This decrease was primarily caused by a sharp deflation (-15.08%) in vegetable prices and an easing of price pressures in the broader “food and beverages” category.
In November 2022, the retail inflation rate was 5.88%. Retail inflation
The consumer price index measures retail inflation by monitoring price changes in the most commonly purchased consumer goods and services.
It is estimated for a given list of items such as food, housing, apparel, transportation, electronics, medical care, education, and so on.
Key Points: i.For the second month in a row, Headline Inflation, or Wholesale Price Inflation (WPI), stayed below the upper limit of the Reserve Bank of India’s (RBI’s) medium-term target of 2-6%. ii.Food price inflation, which makes up about 40% of the CPI basket, decreased from 4.67% in November 2022 to 4.19% in December 2022. iii.In December 2022, Core CPI Inflation—the measure of inflation that excludes food and fuel—remained strong at 6.1%, with evidence of significant inflation in the services sector. iv.For the first time in 11 months, inflation dropped to below 6% in November 2022.
The RBI projected 6.7% inflation for fiscal year 2022-23 (FY23).
v.In December 2022, the Monetary Policy Committee (MPC) raised the repo rate by 35 basis points (bps) to 6.25%, the fifth increase in the current fiscal year (FY23), bringing the policy rate to its highest level since August 2018.
L&T Partners with H2Carrier to Develop Floating Green Hydrogen Projects
On 13th January 2023, Larsen & Toubro (L&T) signed an agreement with the Norway-based H2Carrier (H2C) to develop floating green ammonia projects for industrial-scale applications. Under the MoU, L&T and H2C will become a partner for Engineering, Procurement, Construction, Installation and Commissioning (EPCIC) of the topsides for H2C’s floating process plants.
H2C has expertise in developing and integrating Power-to-X (PtX) projects based on affordable, often stranded, non-commercial renewable power.
H2C plans to build the P2XFloater hull at yards in Asia, and L&T will design and fabricate the topside process and utility modules to produce green hydrogen and green ammonia, including electrolysers, nitrogen generation plant, and ammonia synthesis unit.
Cognizant appoints Ravi Kumar S as CEO; succeeds Brian HumphriesOn 12th January 2023, Cognizant, an Information technology (IT) company, announced the appointment of Ravi Kumar S as its Chief Executive officer (CEO) with immediate effect. He was also named as a member of the Board of Directors of Cognizant.
Ravi Kumar S succeeds Brian Humphries, who resigned from the post of CEO due to Cognizant’s recent underperformance on 9th January 2023.
Brian Humphries will remain as a special advisor of Cognizant until 15th March 2023 to facilitate a smooth transition.
Key Points: i. Stephen J. Rohleder, a member of Cognizant’s Board since March 2022, has been elected Chair of the Board.
Former Chair Michael Patsalos-Fox will remain on the Board as an independent director.
ii. Surya Gummadi, a 24-year veteran of Cognizant, has been named President of Cognizant Americas.
She had held the role on an interim basis since July 2022 and previously served as SVP of Cognizant’s Health Sciences business segment.
About Ravi Kumar S: i. Ravi Kumar S currently serves on the board of directors of TransUnion, a computer and information technology company. ii. Ravi Kumar joins Cognizant after a 20-year career at Infosys, where he held a number of leadership positions. He served as the President of Cognizant from January 2016 to October 2022. iii. He started his career as a nuclear scientist at the Bhabha Atomic Research Center and joined Infosys in 2002. iv. He oversaw the Business Process Management (BPM) Unit and was Chair of the Board of Infosys BPM Ltd. He has been in charge of the business operations of Infosys in China, Japan, Latin America, and India. v. He has led the Infosys Global Services Organization across all global industry segments, driving digital transformation services, consulting services, technology services, engineering services, data & analytics, cloud and infrastructure, and enterprise package applications service lines. About Cognizant: CEO- Ravi Kumar S Headquarters- Teaneck, New Jersey, United States Establishment- 1994
UAE Names Oil Chief Sultan Ahmed Al Jaber as COP28 Climate PresidentThe United Arab Emirates (UAE) has named Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology of UAE and Group Managing Director & Chief Executive Officer (CEO) of the Abu Dhabi National Oil Company(ADNOC), as President of the COP28 climate summit.
The 28th session of the Conference of the Parties (COP 28) to the United Nations Framework Convention on Climate Change (UNFCCC) will be held in Dubai, UAE, from 30th November to 12th December 2023.
On 12th January 2023, His Highness Sheikh Mohamed bin Zayed Al Nahyan, Deputy Prime Minister and H.H. Sheikh Mansour bin Zayed Al Nahyan, Minister of the Presidential Court appointed Dr Sultan Ahmed Al Jaber as President-Designate for the COP28). Notes:
Shamma Al Mazrui appointed COP28 UAE Youth Climate Champion.
Razan Al Mubarak appointed COP28 UAE UN Climate Change High-Level Champion.
Conference of the Parties (COP): i. According to UNFCCC, the COP is the convention’s top decision-making body. ii. All States that are Parties to the Convention are represented at the COP, which examines the implementation of the Convention and any other legal instruments that the COP adopts. iii. It also makes decisions regarding institutional and administrative arrangements that are necessary to support the Convention’s effective implementation. iv. The COP27 Sharm el-Sheikh Climate Change Conference was held n the Red Sea resort of Sharm el-Sheikh, Egypt in 2022. Note: This is the 1st formal assessment of the progress which will be held at COP28 in reducing emissions since the Paris Agreement was signed. It is referred to as a Global Stocktake (GST). Election and Membership: The 3 bureaux of the governing and subsidiary organisations and the 17 constituted technical bodies make up the institutional framework for climate change created under the Convention, the Kyoto Protocol, and the Paris Agreement. About Sultan Ahmed Al Jaber: i. He serves as the chairman of Masdar, a government-owned renewable energy corporation, which now operates in more than 40 countries. He also served as the UAE’s Climate Envoy. ii. Al Jaber’s role as COP28 President will be vital in leading intergovernmental negotiations and influencing the outcomes of the UN climate change conference. About the United Arab Emirates (UAE): Prime Minister- Sheikh Mohammed bin Rashid Al Maktoum President- Sheikh Mohamed bin Zayed Al Nahyan Capital- Abu Dhabi Currency- United Arab Emirates Dirham
Alibaba Sells 3.1% Stake in Paytm for USD 125 million via Block Deal
On 12th January 2023, China’s Alibaba Group sold a 3.1% stake in Indian digital payments firm Paytm for USD 125 million through a block deal. Alibaba, which owned a 6.26% stake in Paytm as of September 2022, sold its stake at Rs 536.95 apiece.
Paytm’s parent company, One97 Communications, ot listed on the Indian stock exchanges on 18 November 2021 after an Initial Public Offering(IPO). Paytm raised USD 2.5 billion in India’s largest IPO.
Apax Partners Sells its Entire Stake in Shriram Finance
On 13th January 2023, Private equity player Apax Partners’ subsidiary Dynasty Acquisition is likely to sell its entire stake, up to 1.73 crore shares or 4.63 percent stake, in Shriram Finance through a block deal. As per the report, Apax will offer up to a 6 percent discount on deals. The deal size is Rs 2,250 crore including the green shoe option. Kotak Securities is likely to be the broker for the deal.
In 2015, Apax had acquired a stake in Shriram City from TPG Capital. Presently, Apex holds a 4.63 percent stake in Shriram Finance, the merged entity of Shriram City and Shriram Transport.
‘ICGS Kamla Devi’: Last Vessel of FPV Series Commissioned in Kolkata, West BengalThe Indian Coast Guard Ship (ICGS) “Kamla Devi,” the fifth and last vessel in the series of fast-patrol vessels (FPVs), was commissioned in Kolkata, West Bengal.
The vessel was built indigenously by Garden Reach Shipbuilders and Engineers Ltd. (GRSE), Kolkata, in a public-private partnership (PPP) with Titagarh Wagons Limited (TWL) to the specifications of Indian Coast Guard (ICG).
Significance
The ICGS Kamladevi is named after ‘Kamla Devi Chattopadhyay’, a social reformer and freedom activist who advocated for the advancement of artisans and craftsmen across India as well as the promotion of the performing arts.
She also campaigned for the socio economic upliftment of women in India and was awarded the Padma Bhushan, Padma Vibhushan, and Ramon Magsaysay Award.
Features of ICGS Kamla Devi i.The ICGS Kamla Devi has a length of 48.9 metres and a width of 7.5 metres, with a displacement of 308 tonnes.
The vessel has a top speed of 34 knots and an endurance of over 1,500 nautical miles.
ii.It is propelled by three 71S type III Kamewa waterjets from Rolls-Royce and is powered by MTU 4000 series engines.
It is equipped with a 40/60 gun as its primary armament and features an Integrated Bridge System.
iii.The ICGS Kamla Devi will patrol the seas and conduct anti-smuggling, anti-poaching, and search-and-rescue missions as needed. “MV Ma Lisha” Set Sail Towards Cooperative Republic of Guyana The “MV Ma Lisha,” a passenger-and-cargo oceangoing ferry built for the CooperativeRepublic of Guyana, was flagged off by Commodore (retired) P R Hari, Chairman and Managing Director (CMD) of GRSE.
The ship was launched on June 15, 2022.
It is designed and built by GRSE, a Defense Public Sector Unit (DPSU).
Key Points: i.This is the first such ship built by any DPSU shipyard for export to a Latin American country. ii.The “MV Ma Lisha” will travel to Chennai, where it will be loaded onto a semi-submersible vessel, the “MV Sun Rise,” for its journey to Guyana. iii.The 70-metre-long vessel with a displacement of 1,700 tonnes is propelled by two diesel engines and has a maximum speed of 15 knots.
Former Union Minister Sharad Yadav Passed AwayOn 12th January 2023, Sharad Yadav, former Union minister and one of India’s most prominent socialist leaders, passed away in Gurugram, Haryana. He was born on 1st July 1947 in Babai, Hoshangabad, Madhya Pradesh. About Sharad Yadav: i. Sharad Yadav is a prominent Indian politician and founder-member of Bihar’s ruling Janata Dal-United (JD-U) Sharad Yadav. ii. He was a 7-time former Lok Sabha Member of Parliament and had been elected thrice to Rajya Sabha (1986, 2004, and 2014). Political career: i. He joined the Bharatiya Lok Dal (Lok Dal) in the 1970s and later became the National General Secretary of the Lok Dal in 1979. ii. He was first elected to the 5th Lok Sabha in the by-election held in 1974 from Jabalpur, Madhya Pradesh he was re-elected from the same in 1977. iii. He played an important role in the formation of the Janata Dal (JD) in 1988, under the leadership of V.P. Singh. iv. He has been elected 4 times from Bihar’s Madhepura (1991, 1996, 1999, and 2009). v. He served as the Chairman of the Janata Dal Parliamentary Board from 1989 to 1997 and was also the Union Minister for Textiles and Food Processing Industries from 1989 to 1990. vi. He also served as the Union Minister for Civil Aviation (1999-2001), the Minister of Labour (2001-2002) and the Minister of Consumer Affairs, Food and Public Distribution (2002-2004). vii. In 2018, Sharad Yadav and Ali Anwar founded the Loktantrik Janata Dal with their supporters.
UP Attracts Investments Worth Rs 76,867 Crore Ahead of UPGIS 2023The Government of Uttar Pradesh (UP) has received investment offers worth Rs. 76,867 crore from across India and signed 79 Memorandums of Understanding (MoUs) ahead of the Uttar Pradesh Global Investors Summit (UPGIS) 2023.
UPGIS 2023 is the flagship investment summit of the Government of Uttar Pradesh and it is set to take place in Lucknow (UP) from February 10 to 12, 2023.
The proposals and MoUs were signed during the Lucknow Roadshow held on the initiative of Nand Gopal Gupta Nandi, Minister of Industrial Development, UP.
REC Inks 3 Strategic MoUs in Backdrop of MP Global Investors Summit 2023 REC Limited (formerly Rural Electrification Corporation Limited), a Maharatna Central Public Sector Enterprise (CPSE) under the Ministry of Power, signed strategic MoUs in the backdrop of the “Invest Madhya Pradesh Global Investors Summit 2023.”
Cabinet Approvals on Jan 11, 2023The Union Cabinet, chaired by Prime Minister Shri Narendra Modi, has approved the following proposals which were briefed to media by the Union Minister Bhupender Yadav, Ministry of Labour & Employment (MoLE) in New Delhi, Delhi: i.The Union Cabinet has approved setting up of National Level multistate cooperative export society under the Multi State Cooperative Societies (MSCS) Act, 2002 that will act as an umbrella organisation for carrying out and promoting exports. ii.The Union Cabinet also approved setting up of a national level multi-state cooperative seed society under MSCS Act, 2002. It will act as an apex organisation for production, procurement, processing, branding, labelling, packaging, storage, marketing and distribution of quality seeds. iii.CCEA approved a Rs 2,600-crore incentive scheme to promote Rupay debit card and low-value BHIM-UPI (Bharat Interface for Money – Unified Payments Interface) transactions (person-to-merchant) in FY23. iv.The Union Cabinet has also given its ex post facto approval for renaming of National Centre for Drinking Water, Sanitation and Quality, Joka, Kolkata in West Bengal as ‘Dr. Syama Prasad Mookerjee National Institute of Water and Sanitation (SPM-NIWAS)’. About the Ministry of Commerce and Industry (MoCI): Union Minister – Piyush Goyal (Rajya Sabha – Maharashtra) Ministers of State (MoS) – Anupriya Patel; Som Parkash
Indian High Commission signs MoU to establish Hindi Chair at Sabaragamuwa University of Sri Lanka
The Indian High Commission signed a Memorandum of Understanding (MoU) with Sabaragamuwa University to establish a Hindi Chair at the Sabaragamuwa University of Sri Lanka.
Gopal Baglay, High Commissioner, and Professor Udaya Rathnayake, Vice Chancellor of Sabaragamuwa University, signed the MoU to establish the Hindi Chair as part of India’s cultural connect through the Indian Council for Cultural Relations.
The Hindi chair will help familiarise students with India, its history, and culture as well as pave way for popularising Hindi by deputing Indian faculties.
At the university’s Hindi Kavita competition, Gopal Baglay also presented awards to the winners.
WEF Global Risks Report 2023: Cost of Living Crisis and Digital Inequality Among India’s RisksThe World Economic Forum (WEF) has published ‘TheGlobal Risks Report 2023’ (18th Edition), which lists the biggest risks for India over the short and medium terms.
These risks include cost-of-living crisis, digital inequality, geopolitical competition for resources, natural disasters, and extreme weather events.
The Global Risks Report 2023 summarises the findings of the latest Global Risks Perception Survey (GRPS). Key Report Findings: i.Globally, the greatest risks over the next 2 years [2023–2025] include: cost-of-living crisis, natural disasters and extreme weather conditions, geoeconomic confrontations, failure to control climate change, and occurrences causing significant environmental damage. ii.The biggest risks over the long term (10 years) [2023-2033] are failures to adapt to and mitigate climate change, loss of biodiversity, massive involuntary migration, and natural resource crises, among others. About the World Economic Forum (WEF): Managing Director (MD) – Saadia Zahidi Established – 1971 Headquarters – Cologny, GenevaCanton, Switzerland
UNU-INWEH: 3,700 Indian Dams Will Lose 26% Storage Capacity By 2050; World to Lose 26% Storage By 2050 To Trapped Sediment According to a new study by the United Nations University Institute for Water, Environment, and Health (UNU-INWEH), around 3,700 large dams in India could lose on average 26% of their initial total storage by 2050 owing to sediment deposition, which might affect future water security, irrigation, and power generation.
The findings were originally published in the journal ‘Sustainability’ in an article titled “Present and Future Losses of Storage in Large Reservoirs Due to Sedimentation: A Country-Wise Global Assessment” by the UNU-INWEH.
UNU-INWEH Study: The Global Scenario i.Due to sediment trapped in dams, about 50,000 large dams around the world will lose 24-28% of their water storage capacity by 2050.
These reservoirs have already lost 13%-19% of their capacity due to sedimentation.
About United Nations University Institute for Water, Environment, and Health (UNU-INWEH): UNU-INWEH, also known as the UN’s ‘Think Tank on Water’, is one of the UNU institutes and an academic arm of the United Nations (UN). Director – Vladimir Smakhtin Established – 1996
OAG’s Punctuality League 2023: IndiGo Airlines & Coimbatore International Airport are Among World’s 20 Most Punctual Airlines & AirportsAccording to The Official Airline Guide (OAG)’s Punctuality League 2023 report, released on 11th January 2022, India’s largest airline IndiGo and Airports Authority of India (AAI)-owned Coimbatore International Airport, Coimbatore, Tamil Nadu, are among the 20 most punctual airlines and airports globally in terms of On-Time Performance (OTP) in 2022.
Indigo and Coimbatore International Airport are the only indian airline and airport featured on the OAG’s Punctuality League 2023 report.
On-Time Performance (OTP):
The OTP can be defined as, flights that arrive or depart within 15 minutes of their scheduled arrival or departure times.
An airline’s OTP is calculated on the basis of arrivals data, while both departures and arrivals data are taken into consideration for an airport’s OTP.
Key highlights: i.IndiGo has been ranked 15th among the Top 20 most Punctual Airlines with OTP of 83.51 percent in 2022, while Coimbatore International Airport is ranked 13th among the Top 20 Most Punctual Airports. ii.The list is topped by Garuda Indonesia with an OTP of 95.63 percent, followed by Safair (95.30 percent) in the 2nd position and Eurowings (95.26 percent) in third spot. Airlines: i.In the top 20 list, IndiGo is ahead of Thai Smile Airways (16th rank), Delta Air Lines (17), Viva Air Colombia (18), Etihad Airways (19) and Emirates (20). ii.Among the top 20 mega airlines by OTP, IndiGo is at fifth place in the list, topped by All Nippon Airways (88.79 per cent) and with Japan Airlines (88.07 per cent) in the second place, followed by LATAM Airlines Group (85.03 per cent) and Azul Airlines (84.87 per cent) in the 3rd and 4th position respectively.
Mega airlines are the world’s top 20 operators in terms of scheduled flights in 2022.
iii.In the league of the top 20 most punctual low-cost carriers, IndiGo holds the 6th position. Airports: i.Among the top 20 airports in OTP globally in 2022, Coimbatore International Airport holds 13th position with a score of 88.01 percent and a cancellation rate of only 0.54 percent.
Japan’s Osaka international airport (Itami) holds the first position with an OTP of 91.45 percent.
ii.Among the 10 most punctual airports in the Asia Pacific region, Coimbatore International Airport, Tamil Nadu, holds the 10th position.
PwC India Report: Startup Funding in India Drops 33% to USD 24 Billion in 2022In accordance with the “Startup Tracker-CY22” report published by PwC India, funding for Indian startups fell by 33% to USD 24 billion in calendar year 2022 (CY22) as compared to CY21 but was still more than twice as much as the amount raised in CY20 and CY19 combined together.
Startups received a total of USD 13.2 billion in funding in 2019, USD 10.9 billion in CY20, and USD 35.2 billion in CY21.
i.In value terms, early-stage deals made up roughly 12% of the total capital in CY22, compared to just under 7% in CY21. ii.In volume terms, early-stage deals made up 60–62% of the total funding in CY21 and CY22, with an average ticket size of USD 4 million per deal. iii.Growth and late-stage funding deals accounted for 88% of funding activity in CY22 in terms of value, accounting for 38% of overall deal count. About PwC India: Chairperson – Sanjeev Krishan Headquarters – Kolkata, West Bengal
NPCI allows UPI transactions for Non-Resident Accounts linked to International Numbers
The National Payments Corporation of India (NPCI) has allowed UPI (Unified Payments Interface) transactions for non-resident bank accounts like Non-Residential External (NRE) and Non- Resident Ordinary (NRO) linked to international mobile numbers.
Initially, the transactions from mobile numbers of 10 countries – Singapore, Australia, Canada, Hong Kong, Oman, Qatar, United States of America(USA), Saudi Arabia, United Arab Emirates (UAE) and the United Kingdom (UK) – will be enabled
This means Non-resident Indians (NRIs) from these countries can transact through UPI.
This decision has been taken to expand and boost the global use of UPI.
NPCI has mandated all UPI members, including banks and payments platforms, to comply with the norms by 30th April 2023.
Key Points: i.Banks engaged in such type of accounts should ensure that only those accounts complying with the Foreign Exchange Management Act(FEMA) use this facility, and should adhere to the guidelines issued by the Reserve Bank of India (RBI). ii.This allows the diaspora to use it not just when they come to India but also when they are abroad. They can make instant transfers and use it on e-commerce portals. iii.All onboarding and transaction level checks — such as cooling period and risk rules — will be applicable as per existing UPI guidelines. Additional info: i.NPCI allowed UPI transactions to and from NRO/NRE accounts linked to Indian numbers in October 2018. ii.NRIs couldn’t access the UPI network since SIM binding, which is an important security feature of UPI, was available only to Indian SIM cards.
Bajaj Allianz Life, Punjab & Sind Bank enter into strategic partnershipOn January 11, 2023, a corporate agreement was signed between Punjab & Sind Bank (PSB), a Public Sector Bank (PSB), and Pune (Maharashtra) based Bajaj Allianz Life Insurance Company (BALIC).
This will allow PSB’s new and existing customers to avail a variety of retail life insurance products from BALIC including term, savings, retirement and investment options.
Signatories: The agreement was signed by Swarup Kumar Saha, Managing Director(MD) & Chief Executive Officer (CEO), Punjab & Sind Bank and Tarun Chugh, MD & CEO, BALIC in New Delhi, Delhi.
Key Points: i.PSB is the 25th Schedule Commercial Bank (SCB) that has partnered with BALIC for distributing its life goals-based product suite. ii.BALIC will provide seamless service to customers which include responding to customer support requests made via WhatsApp or a self-service tool like the Bajaj Allianz Life LifeAssist App, in addition to the well-trained bank employees servicing the life insurance division. About Punjab & Sind Bank: MD & CEO– Swarup Kumar Saha Headquarters– New Delhi (Delhi) Tagline– Where service is a way of life
RBI Grants In-principle Approval for Payment Aggregator Licence to EnKash
On 11th January 2023, the Reserve Bank of India (RBI) has provided in-principle approval for the Fintech startup EnKash, for payment aggregator’s licence. This will enable EnKash to broaden its product offerings to millions of businesses for digital transactions.
EnKash,established in 2018, has assisted around 1 lakh businesses to digitise and decentralise their corporate payments.
Note – Hitachi Payment Services an end-to-end payment service provider and BharatPe, a fintech unicorn have also received in-principle approval from RBI for a payment aggregator licence.
Exim Bank Raises USD 1 billion through 10-year Sustainability Bond Issue
Export-Import Bank of India ( Exim Bank) has raised USD 1 billion via a 10-year Sustainability Bond issue in the 144A/Reg-S format under its Environmental Social Governance (ESG) Framework. According to the Exim Bank, the net proceeds of Sustainability Bond will be used towards eligible projects under its ESG Framework, including renewable energy, clean transportation, access to essential services and basic infrastructure, affordable housing, and sustainable water and wastewater management.
India Exim Bank becomes the first Indian issuer to open the markets for dollar and sustainability bond issuances in 2023, by issuing at a coupon rate of CT10 (US 10-year Treasury Bond) +190 basis points.
RITES Signs MoU with IIT-Kanpur to Explore Opportunities in Sustainability Sector
Rail India Technical and Economic Service (RITES) Limited, a Miniratna (Category-I) and Schedule ‘A’ Central Public Sector Enterprise under the Ministry of Railways (MoR) signed a Memorandum of Understanding (MoU) with Indian Institute of Technology (IIT)-Kanpur, Uttar Pradesh for exploring opportunities in the areas of sustainability and carbon-related works including carbon neutrality, particularly in sectors such as steel and power.
The MoU also includes research and development-related works on air quality sensors to address air pollution, greenhouse gas emissions and solid waste management.
NASA’s James Webb Space Telescope discovers its 1st Earth-Like ExoplanetThe National Aeronautics and Space Administration’s (NASA) James Webb Space Telescope (JWST) discovered its first exoplanet, a planet that orbits another star, formally classified as LHS 475 b, which is reportedly almost the exact size of Earth, clocking in at 99% of Earth’s diameter.
The planet is rocky and almost precisely the same size as Earth, but whips around its star in only two days.
LHS 475 b, located in the constellation Octans, is only 41 light-years away.
Team: The research team is led by Kevin Stevenson and Jacob Lustig-Yaeger, both from the Johns Hopkins University Applied Physics Laboratory in Laurel, Maryland, United States (US).
Researchers used NASA’s James Webb Space Telescope’s Near-Infrared Spectrograph (NIRSpec) to observe exoplanet LHS 475 b on 31st August 2022.
The team’s results were presented at a press conference of the American Astronomical Society (AAS) on 11th January 2023.
Key Points: i. The team chose to examine this target with Webb after carefully reviewing targets of interest from NASA’s Transiting Exoplanet Survey Satellite (TESS), which highlighted the planet’s existence. ii. With just two transit observations, Webb’s Near-Infrared Spectrograph (NIRSpec) was able to capture the planet clearly. iii. Only Webb is able to characterise the atmospheres of Earth-sized exoplanets among all other active telescopes. iv. By examining the transmission spectrum of the planet, scientists made an effort to assess what is included in its atmosphere. v. The precise light curve of Webb almost immediately showed the planet’s two-day orbital period. vi. LHS 475 b is closer to its star than any other planet in the solar system. Its red dwarf star is less than half the temperature of the Sun, therefore researchers project it still could support an atmosphere.
Sony Sports Ropes in Hyundai Ioniq 5, Samsonite & Panasonic as Sponsors for Australian Open 2023
Broadcaster Sony Sports Network, which will air the Australian Open 2023 across its channels and OTT (Over-The-Top) app SonyLiv has roped in sponsors including Hyundai Ioniq 5 and Samsonite as co-presenting sponsors and Panasonic as an associate sponsor for the upcoming Australia Open. This will mark the return of the Sony Sports network’s live tennis studio show, ‘Extraaa Serve’, hosted by Arpit Sharma and the Hindi commentary for the tournament will be provided by Natekar, Manish Batavia & Atish Thukral.
The Extraaa Serve will feature Olympian, Commonwealth Games Gold Medalist and Indian tennis player, Somdev Devvarman, former tennis player Gaurav Natekar and Davis Cup player Purav Raja.
Sony Sports also launched its ‘Slam Of The Greats’ campaign, which pays homage to the ‘Greats of Tennis in this Era’, that includes Roger Federer, Novak Djokovic, Rafael Nadal, Serena Williams and Ashleigh Barty and highlights the rise of new young tennis stars.
Health Minister Mansukh Mandaviya launches book titled “Braving A Viral Storm”
On 11th January 2023, Mansukh Mandaviya, Minister of Health and Family Welfare, launched the book titled “Braving A Viral Storm: India’s Covid-19 Vaccine Story” in New Delhi, Delhi. The book is co-authored by Aashish Chandorkar and Suraj Sudhir and published by Rupa Publications India. Narendra Modi, Prime Minister, has received a book from Aashish Chandorkar where he has detailed India’s advancements in vaccination.
The book’s release coincides with India’s second anniversary of starting its COVID-19 vaccination drive in January 2021.
The book is a transcription of India’s success story and will be New India’s history. It depicts India’s strength and capability.
National Youth Day 2023- January 12National Youth Day is annually celebrated across India on January 12 to mark the birth anniversary of Swami Vivekananda, a Hindu spiritual leader, Philosopher and reformer in India, whose contributions to India’s freedom movement and revival of nationalism were enormous.
12th January 2023 marks the 160th birth anniversary of Swami Vivekananda.
On National Youth Day 2023, Prime Minister (PM) Narendra Modi inaugurated the 26th National Youth Festival (from 12th to 16th January 2023) in Hubbali, Karnataka.
The theme of National Youth Festival 2023 is “Viksit Yuva-Viksit Bharat”.
i. In 1984, the Indian government declared the birth anniversary of Swami Vivekananda as National Youth Day to honour and recognise his teachings. ii. The 1st ever National Youth Day was observed on 12th January 1985. About Ministry of Youth Affairs and Sports: Minister- Anurag Singh Thakur (Constituency- Hamirpur, Himachal Pradesh). Minister of State (MoS)- Nisith Pramanik (Constituency- Coochbehar, West Bengal).
Meghalaya CM Conrad Sangma launches Shared School Bus System & Agriculture Response Vehicle Scheme
On 11th January 2023, Conrad K Sangma, Chief Minister (CM) of Meghalaya, flagged off 30 Shared School Bus systems and unveiled Prime Tourist Vehicles and an agriculture response vehicle scheme at a function held at U Soso Tham Auditorium, Shillong, Meghalaya. Key Highlights: i. The buses are part of the Sustainable Transport & Efficient Mobility Society (STEMS) programme, which focuses on mobility and overall transportation to decongest Shillong, Meghalaya.
The buses have a passenger information system and LED screens to display the routes, and they are GPS-enabled for real-time tracking.
ii. The primary tourist vehicles are a step to enhance the overall tourism sector, offer quality transportation services to tourists, and at the same time provide employment opportunities for local entrepreneurs. iii. The Meghalayan government provides financial aid to tourism entrepreneurs so they can buy premium tourist vehicles. iv. The Meghalaya Agriculture Response Vehicle Scheme, which was recently launched, would reduce the amount spent on the transportation of agricultural produce by the farmers by providing them with financial support for the purchase of “Agriculture Response Vehicles” under the scheme.
This initiative will provide the state’s rural entrepreneurship ecosystem.
v. The transport department will be enlisted to run and maintain the buses while the National Informatics Centre (NIC) will develop a mobile application and website for tracking and booking the buses. vi. The Meghalaya Skills Development Society will provide training for drivers and caretakers of the buses. About Meghalaya: Chief Minister (CM)- Conrad K Sangma Governor- Brig. (Dr.) B D Mishra (Retd.) Capital- Shillong Wildlife Sanctuary- Siju Wildlife Sanctuary; Narpuh Wildlife Sanctuary
OTPC & APDCL signed MoU to Develop 250 MW Battery Energy Storage in AssamONGC Tripura Power Company Limited (OTPC) and Assam Power Distribution Company Limited (APDCL) signed a Memorandum of Understanding (MoU) to develop a battery energy storage system project in Assam at an investment of Rs 2000 crore. The 250 megawatts (MW) / 500 MW-hour system will be developed in a phased manner by incorporating a joint venture company.
OTPC is a joint venture of Oil and Natural Gas Corporation (ONGC), gas utility GAIL (India) Ltd, Government of Tripura and India Infrastructure Fund-II.
Signatories: Sanil C Namboodiripad, Managing director (MD) of OTPC, and Rakesh Kumar, MD of APDCL, signed the MoU in the presence of Nandita Gorlosa, Minister for Power, Cooperation, Mines and Minerals, Indigenous & Tribal Faith and Cultural Department, Guwahati, Assam. Key Points: i. The development project would assist Assam in realising its goal of becoming a leader in the green energy transition. ii. The battery storage projects are essential for the successful integration of future solar power projects in Assam, which has been developing a significant amount of solar energy potential. iii. The benefit of this project is to improve power availability during peak load hours, integrate renewable energy generation into the electricity grid and increase grid reliability. About the ONGC Tripura Power Company Limited (OTPC): OTPC, a reliable and strategic energy partner, has been a trusted energy supplier to Assam since 2014. Chairman- Arun Kumar Singh Managing Director- Sanil C. Namboodiripad Headquarters- Tripura Establishment- 2004
IAS officer ASanthiKumari Appointed as 1st Woman Chief Secretary of Telangana
Telangana Chief Minister K Chandrashekar Rao appointed Senior Indian Administrative Officer (IAS) officer A Santhi Kumari (1989 batch) as the first woman Chief Secretary of Telangana for a tenure until April 2025.
She will succeed the incumbent Somesh Kumar, after the Department of Personnel and Training (DoPT) relieved him from the post and repatriated him to his home cadre Andhra Pradesh(AP).
Prior to her appointment, She was serving as the Special Chief Secretary for Environment and Forests.
Being honest helps build trust with others. People that demonstrate honesty in their dealings, show they value the truth and are reliable. Honesty is a great attribute to have in life and can help lead to great success. It sets the foundation of strong relationships, as it shows that one can be trusted. Honesty is also the most dignified way to live and act, as it displays respect for those around you and a commitment to morality.
An honest person is more likely to retain relationships and develop meaningful connections, both professionally and personally. Honesty can lead to deeper, more meaningful relationships with colleagues, friends, or family because it allows for greater trust and transparency. Thus, Mahatma Gandhi was right to say that honesty is the best policy. By being open and honest with others, we can form relationships that are built on trust and transparency.
Honesty is the best policy because it allows us to be true to ourselves and to others. It builds trust in relationships, which helps us form strong connections with people around us. To be honest with each other shows respect for one another and leads to better understanding. Honesty creates an atmosphere of openness that allows us to share our thoughts and feelings without fear of judgement or criticism. When we stay honest, no matter the situation, it helps us move forward in life with integrity.
In conclusion, it is important to remember that honesty is the best policy when it comes to any type of relationship. Whether it’s a friendship, family relationship, or professional relationship, being honest can create a strong foundation for success. Honesty builds trust and respect, helps people understand who you are and what you stand for, promotes open communication, improves self-esteem and other positive outcomes. Being honest isn’t always easy but it is the best approach each time. In conclusion, honesty is the best policy, not only because it’s a great trait but also because it serves as a sign of respect for yourself and others.
Defence Acquisition Council approves AoN of 3 acquisition proposals of IA & IN worth Rs 4,276cr On January 10, 2022, the Defence Acquisition Council (DAC) approved Acceptance of Necessity (AoN) for three capital acquisition – two of the Indian Army (IA) and one of the Indian Navy (IN) – proposals worth Rs 4,276 crore during a meeting under the chairmanship of Union Minister Rajnath Singh, Ministry of Defence (MoD) in New Delhi, Delhi.
The three proposals, two of the IA and one of the IN, are under the Buy {Indian-IDDM (Indigenously Designed, Developed and Manufactured)} category.
This approval will strengthen India’s deterrence and combat readiness.
Approvals: i.Procurement of HELINA (Helicopter based NAG) Anti-Tank Guided Missiles, launchers and associated support equipment which will be integrated to the Advanced Light Helicopter (ALH).
This missile is an essential part of weaponization of ALH for countering enemy threats.
ii.Procurement of Very Short Range Air Defence System or VSHORAD (IR Homing) missile system in order to focus on effective Air Defence weapon systems which can be deployed quickly in rugged terrain and maritime domain, and to strengthen the Air Defence capabilities.
It is designed and developed by the Defence Research and Development Organisation (DRDO).
iii.Procurement of Brahmos Launcher and Fire Control System (FCS) for the Shivalik class of ships and Next Generation Missile Vessels for the IN.
Henley Passport Index 2023: Indian Passport Ranks 85th; Gives Visa-Free Entry to 59 Destinations Worldwide According to the ‘Henley Passport Index 2023’ released by Henley & Partners, a London-based global citizenship and residence advisory firm, the Indian passport ranks 85th in the Henley Passport Index 2023, the world’s most powerful passport index, and gives visa-free entry to 59 destinations worldwide.
Previously, India was ranked 82nd, 84th, 85th, and 83rd in 2019, 2020, 2021, and 2022, respectively.
Indian passport holders can travel visa-free to 59 countries, including Bhutan, Cambodia, Indonesia, Macao, the Maldives, Nepal, Sri Lanka, Thailand, Kenya, Mauritius, Seychelles, Zimbabwe, Uganda, Iran, and Qatar.
About Japan: Prime Minister – Fumio Kishida Capital– Tokyo Currency– Japanese Yen
Hitachi Payment Services gets RBI’s in-principle nod for Payment Aggregator LicenceOn January 10, 2022, the Reserve Bank of India (RBI) provided its in-principle authorization to Hitachi Payment Services to act as a payment aggregator (PA).
PAs are entities that facilitate e-commerce sites and merchants to accept various payment instruments from customers to complete payments.
Key Points: i.Hitachi Payment Services is a wholly-owned subsidiary of Hitachi Ltd. ii.As a PA it will further augment its digital solutions with various merchant-friendly digital payment solutions such as UPI (Unified Payments Interface), netbanking, cards and wallets. BharatPe receives in principle nod from RBI for online PA RBI also awarded its in-principle approval to Resilient Payments Private Ltd , a 100% owned subsidiary of Resilient Innovations Private Ltd (BharatPe), to operate as an online PA.
However, the final authorization is subject to fulfilment of certain conditions.
Key Points: i.BharatPe was founded in 2018, and launched UPI interoperable QR (Quick Response) code, the first zero MDR (Merchant Discount Rate) payment acceptance service. ii.In 2020, post-Covid, BharatPe also launched a card acceptance terminal – BharatSwipe. iii.In October 2021, the consortium of Centrum Financial Services Ltd (Centrum) and BharatPe, was issued a Small Finance Bank (SFB) license by the RBI.
It also entered the Buy Now Pay Later segment with the launch of postpe.
RBI shortlists 7 global consultancy firms to use AI, ML to improve regulatory supervision RBI has shortlisted seven global consultancy firms to use artificial intelligence (AI) and machine learning (ML) for supervisory functions. This shortlisting followed the expressions of interest (EoI) invited by RBI in September 2022 for engaging consultants for the same. The seven firms are as follows:
Accenture Solutions Private Limited
Boston Consulting Group (India) Pvt Ltd
Deloitte Touche Tohmatsu India LLP
Ernst and Young LLP
KPMG Assurance and Consulting Services LLP
McKinsey and Company
Pricewaterhouse Coopers Pvt Ltd.
Key Points: i.RBI is already using AI and ML in supervisory processes, it now intends to upscale it to ensure that the benefits of advanced analytics can accrue to its Department of Supervision. ii.The RBI’s Department of Supervision undertakes supervision over banks, urban cooperative banks, NBFCs, payment banks, small finance banks, local area banks, credit information companies and select all Indian financial institutions to assess their financial soundness, solvency, asset quality, governance framework, liquidity, and operational viability to protect depositors’ interests and financial stability.
SEBI allows futures contract on corporate bond indexThe Securities and Exchange Board of India (SEBI) allowed stock exchanges to launch future contracts on corporate bond indices of corporate debt securities rated AA+ and above to enhance liquidity in the bond market and to provide an opportunity to the investors to hedge their positions.
Framework for Cash Settled Corporate Bond Index Futures (CBIF):
i.Stock exchanges who want to introduce such contracts are required to submit a detailed proposal to SEBI for approval.
ii.Exchanges should also make amendments to the relevant bye-laws, rules and regulations.
iii.There should be at least eight issuers in the index, with not more than a 15% weightage by a single issuer, and not more than 25% by a particular group of issuers.
iv.Contract value: The value of the CBIF contracts should not be less than Rs 2 lakhs at the time of introduction.
v.Tenure or the contract: Stock exchanges may introduce contracts of up to a tenure of 3 years.
SEBI amends Portfolio Managers’ Norms SEBI also allowed portfolio managers under co-investment Portfolio Management Services (PMS) to terminate their services as per the provisions of the agreement signed with the client for early termination.
For the clients under co-investment PMS, the Portfolio Manager should ensure compliance with the second provision of Regulation 22 (2) of PMS Regulations which mandates norms for early termination of contract.
Earlier the portfolio manager, with prior approval from SEBI, should inform its investors about the proposed change before effecting any change.
The information for the same was provided by SEBI in exercise of powers conferred under Section 11(1) of the SEBI Act, 1992 read with the provisions of Regulation 43 of the SEBI (Portfolio Managers) Regulations, 2020 to protect the interest of investors in securities and to promote the development of the securities market.
World Bank Report: Indian Economy to Grow at A Robust 6.6% In FY24According to the latestGlobal Economic Prospects (January 2023) report released by the World Bank (WB), the Indian economy is projected to grow at a robust 6.6% in fiscal year 2023-24 (FY24), down from an estimated 6.9% in FY23 and 8.7% in FY22.
India, Asia’s third-largest economy, is projected to be the fastest-growing among the seven largest Emerging-Market and Developing Economies (EMDEs): Brazil, China, India, Indonesia, Mexico, the Russian Federation, and Turkey.
Notable India-Related Statistics: i.Strong private consumption and fixed investment growth contributed to India’s 9.7% growth in the first half of FY23 (April-September).
India accounts for three-fourths of the output from Asia.
ii.The National Statistics Office (NSO) of India recently projected that the Indian economy will grow at 7% in FY23. iii.However, most economists predict that India would grow at 6% or less in FY24 due to escalating global challenges. The Global Scenario: A Global Downturn i.Global growth is slowing drastically as a result of rising inflation, higher interest rates, lower investment, and disruptions from Russia’s invasion of Ukraine.
The sharp decline in growth is likely to be widespread, with estimates for 95% of advanced economies and roughly 70% of EMDEs revised downward for 2023.
The third slowest pace of global growth in over 30 years may occur in 2023, raising concerns of a global recession.
This would be the first time in over 80 years that two global recessions occurred in the same decade.
ii.According to projections, the global economy will grow by 1.7% in 2023 and 2.7% in 2024.
In 2023, it is projected that the United States (US) will grow by 0.5% and the Euro Area will expand by 0%.
Excluding China, EMDE growth is anticipated to slow to 2.7% in 2023 from 3.8% in 2022.
iii.Per-capita income growth in EMDEs is anticipated to be 2.8% on average during the next two years, which is a full percentage point less than the average growth rate from 2010 to 2019. iv.China’s growth is projected to accelerate to 4.3% in 2023 when COVID-19 pandemic restrictions are lifted, releasing pent-up consumer spending.
Except for the COVID-19 pandemic year of 2020, China is expected to grow at a 2.7% annual rate in 2022, the weakest pace since the mid-1970s.
v.Growth in South Asia is projected to dip to 5.5% in 2023 before rising up slightly to 5.8% in 2024.
IN-SPACe signs MoU with Nascent Info Technologies for GIS Applications
The Indian National Space Promotion and Authorization Centre (IN-SPACe) signed a Memorandum of Understanding (MoU) with Nascent Info Technologies Private Limited for technical collaboration for the development of various Geographic Information System (GIS) applications. Geographic Information System (GIS) Applications: A Geographic Information System (GIS) is a computer system that maps and examines changes on Earth by analysing and displaying spatially related data from a range of data sources. Key Points: i. According to the MoU, Nascent Info Technologies will use its expertise and resources to research the functional requirements of various stakeholders in the fields of limestone, bauxite, clay, coal, etc.
It develops various algorithms and applications that will increase the efficiency of mineral identification and mapping while also enhancing operational safety, surveillance, and environmental compliance.
ii. The built applications would be made available for business use both on-premises and in the cloud. iii. IN-SPACe will provide Nascent with assistance by facilitating access to Earth Observation data and developing an algorithm for the identification of minerals including limestone, bauxite, clay, and coal, among others, and using other resources. About the Indian National Space Promotion and Authorization Centre (IN-SPACe): Chairman- Pawan Kumar Goenka Headquarters- Ahmedabad, Gujarat Establishment- 2020
Overview of 80th Annual Golden Globe® Awards 2023: RRR’s “Naatu Naatu” wins Best Original Song Award
On 11th January 2023, the Hollywood Foreign Press Association® (HFPA) announced the winners of the 80th Annual Golden Globe® Awards 2023, at an event held in The Beverly Hilton in Beverly Hills Los Angeles, California, United States of America (USA).
The Golden Globe awards have been annually presented by HFPA since 1943.
The 2023 award recognises excellence in film, both American and international, and American television of 2022.
“Naatu Naatu” Song from SS Rajamouli’s Telugu film “RRR” won the Best Original Song- Motion Picture. The award was shared among M M Keeravani, composer of the track, and Chandrabose, lyricist of the song.
Clayfin & Bandhan Bank Wins Best Digital Channel/Platform Award from IBS Intelligence
Clayfin Technologies, a leading provider of Digital Customer Experience solutions for Banks and Financial institutions, and Bandhan Bank have been awarded ‘Best Digital Channel/Platform Implementation: Best Project Implementation’ at International Banking Systems Intelligence (IBSi) Global FinTech Innovation Awards 2022.
This recognition was the basis of the implementation of Corporate Internet Banking (version 5.x) by Clayfin as part of Bandhan Bank’s vision to enhance its digital services to the Small and Medium Enterprises (SME) sector.
With this implementation, the bank will now offer an enhanced digital banking experience through enhanced self-administration, easy onboarding, more advanced risk mitigation and audit features.
Indian-American A.C. Charania Appointed as NASA’s new Chief Technologist
An Indian-American aerospace industry expert A.C Charania has been appointed as National Aeronautics and Space Administration (NASA)’s new chief technologist. He will serve as the principal advisor to Administrator Bill Nelson on technology policy and programmes at NASA’s headquarters.
He replaced Indian-American scientist Bhavya Lal who has been serving as acting chief technologist, prior to Charania’s appointment.
Prior to joining NASA, A.C Charania served as vice president of product strategy at Reliable Robotics, a firm that works to bring certified autonomous vehicles to commercial aviation.
He has also worked in strategy and business development for the Virgin Galactic (now Virgin Orbit) LauncherOne small satellite launch vehicle programme and has served in multiple management and technology roles at SpaceWorks Enterprises, including helping to incubate two startups, Generation Orbit and Terminal Velocity Aerospace.
Axis Bank enters into Revised Pact with Max Fin Serv to Acquire Additional 7% Stake in Max Life Axis Bank Limited has entered into a revised pact with Max Financial Services Limited to acquire an additional 7% stake in Max Life Insurance Company Limited at fair market value using discounted cash flow method.
The agreement has been revised by the guidance issued by the Insurance Regulatory and Development Authority (IRDAI) in October 2022.
According to the Axis Bank, Axis Entities entered into revised agreements with Max Financial on 9th January 2023.
Key Highlights: i. Axis Bank entered into the pact agreeing that the valuation for the right to acquire the balance 7% of Max Life’s equity stake would be at Fair Market Value using Discounted Cash Flows instead of valuation as per Rule 11UA of the Income Tax Rules, 1962. ii. Axis Entities acquired 12.99% of Max Life’s equity share capital in April 2021 for a total of Rs 35 per share, with the right to purchase an additional 7% stake in the future.
Additionally, it fined Max Life Insurance Rs 3 crores for violating the laws governing the transfer of shares.
Note:
Mitsui Sumitomo Company Ltd (MSI) held 25.48% of the company’s shares and Max Financial Services Ltd (MFS) held 72.52% of them.
Discounted cash flow refers to the estimated value of an investment based on future cash flows.
About the Axis Bank Limited: Managing Director (MD) & Chief Executive Officer (CEO)- Amitabh Chaudhry Headquarters- Mumbai, Maharashtra Establishment- 1993
India carries out successful test launch of Prithvi-II from Chandipur, OdishaOn January 10, 2023, India successfully test launched nuclear capable tactical ballistic missile Prithvi-II from the Integrated Test Range (ITR), Chandipur off the coast of Odisha.
The missile struck its target with high accuracy.
This test was done to test the missile’s night time capabilities.
Key Points: i.Prithvi-II, a short-range, surface-to-surface ballistic missile, is the first missile to have been developed by the Defence Research and Development Organisation (DRDO) under the Integrated Guided Missile Development Programme (IGMDP). ii.It is a part of India’s Prithvi missile series, which includes the Prithvi-I, Prithvi-II, Prithvi-III, and Dhanush. iii.It is powered by light propulsion twin engines. iv.It has a range of around 350 km and can carry 500-1,000 kg of warheads. It uses an advanced inertial navigation system to strike the set target. v.It will be primarily used by the Indian Army.
NASA’s TESS mission discovers 2nd Earth-sized planet in “Habitable Zone”
NASA’s Transiting Exoplanet Survey Satellite (TESS) mission has made a discovery, identifying a 2nd Earth-sized, called TOI 700 e, a rocky planet within the habitable zone of a star. TOI 700 e: i. TOI 700 e takes 28 days to orbit its star called TOI 700, a small red dwarf star located around 100 light-years from Earth. ii. TOI 700 e is a member of the TOI 700 system, 95% the size of the Earth, and most likely rocky. Key Points: i. The three planets in the same system were previously found by NASA:
TOI 700 b (90% Earth’s size)- orbits the star every 10 days.
TOI 700 c (2.5 times bigger than Earth)- completes an orbit every 16 days.
TOI 700 d (near-Earth-sized)- a 37-day orbit
ii. In January 2020, scientists announced the discovery of TOI-700 d, the 1st Earth-sized planet discovered by TESS in the habitable zone. iii. Since Planet e is around 10% smaller than Planet d, the system shows how additional TESS observations enable the discovery of smaller and smaller worlds. iv. Emily Gilbert, a postdoctoral fellow at NASA’s Jet Propulsion Laboratory in Southern California, presented the result on behalf of her team at the 241st meeting of the American Astronomical Association in Seattle, Washington, United States (US).
A paper about the newly discovered planet was accepted by The Astrophysical Journal Letters.
About Transiting Exoplanet Survey Satellite (TESS): i. TESS was launched on April 18, 2018, aboard a SpaceX Falcon 9 rocket. ii. TESS was designed and launched specifically to find Earth-sized planets orbiting nearby stars.
Planetary scientists can learn more about the development of our own solar system by discovering other systems in this region that have Earth-sized worlds.
OneWeb Launches 40 Satellites from SpaceX’s Florida Space Centre
OneWeb, a United Kingdom-based satellite broadband connectivity company backed by the Bharti group, has launched another 40 satellites from SpaceX’s Cape Canaveral Space Force Station in Florida, United States of America to achieve over 80% deployment of its planned in-orbit low-earth orbit (LEO) constellation.
This marks OneWeb’s 16th launch and 2 more launches will complete OneWeb’s 1st -generation constellation enabling global connectivity in 2023.
With 542 satellites in orbit, OneWeb has more than 80% of its first-generation constellation launched.
Hockey India launched Hockeyverse, becomes 1st National Sports Federation to Enter Metaverse
On 9th January 2023, Hockey India launched the ‘Hockeyverse’ on their social media platforms ahead of FIH Odisha Hockey Men’s World Cup 2023 Bhubaneswar-Rourkela. With this launch Hockey India became the first National Sports Federation to enter the world of metaverse. The Hockeyverse will provide a new virtual experience whichhas unique attractions such as a replica of the newly built Birsa Munda Hockey Stadium.
It also has the Time Machine which is uniquely designed based on time travel elements. where global hockey fans can visit and experience the sport from the comfort of their home, on their personal computer.
There is also The Trophy Room and The Team Room where fans are welcomed by Hockey India’s key players and fans can also use the Photo Booth feature for taking selfies with players.
Greece’s Last King & 1960 Olympic Gold Medalist Constantine II Passed AwayOn 10th January 2023, Constantine II, the former and last King of Greece who ruled Greece before the country became a republic in 1974, passed away in Athens, Greece, at 82.
He was born on 2nd June 1940 in Psikhikó near Athens, Greece.
About Constantine II: i. When Constantine was an infant, the royal family fled Greece during the German invasion of World War II, moving to Alexandria (Egypt), South Africa. They returned to Greece in 1946. ii. Constantine II, the 2nd cousin of Britain’s King Charles III, is the only son of King Paul and Queen Frederica of Greece, he ascended to the throne in 1964 at the age of 23 after the demise of his father.
His reign was marred by political instability, culminating in a military coup on 21st April 1967.
A military coup was launched as a result of the episode involving the defection of numerous lawmakers from the ruling party, which is widely known as the “apostasy” in Greece.
He remained in Rome until the regime abolished the monarchy in 1973.
iii. He married Princess Anne-Marie of Denmark in 1964. iv. At the 1960 Rome Olympics, he participated in sailing and won a gold medal in the Dragon class along with 2 other Greek sailors. v. He was elected as a member of the International Olympic Committee (IOC) in 1963 and served until 1974. He was then made an Honorary Member in 1974.
During his tenure, he served on the Commission for the International Olympic Academy from 1967-73.
vi. Most of his life went into exile where he lived in Hampstead Garden Suburb, London, United Kingdom (UK).
Prince Harry Released his Memoir titled “Spare”
Prince Harry, Duke of Sussex, a member of the British royal family, has released his memoir titled “Spare”. The book was written with the assistance of American novelist J. R. Moehringer. The book is published by Transworld Publishers Ltd, a division of Penguin Random House. The book reveals the details of Harry’s relationship with his father, King Charles, his elder brother, Prince William, and other members of the royal family.
Prince Harry announced that the proceeds from his memoir will be used to support British charities with donations including USD 1.5 million to Sentebale, an organization Prince Harry founded with Prince Seeiso in their mothers’ legacies, which supports vulnerable children and young people in Lesotho and Botswana.
National Road Safety Week from 11th to 17th January 2023National Road Safety Week is annually observed across India from 11th to 17th January to create awareness about the importance of road safety and to highlight the importance of road safety measures to prevent accidents.
The observance of the week is led by the Ministry of Road Transport & Highways(MoRTH).
2023 marks the observance of the 34th Road Safety Week.
Road Safety Week 2023 is observed under “Swachhata Pakhwada 2023” to propagate the cause of safer roads for all.
Note: ‘Swachhata Pakhwada’ is a concept inspired by Prime Minister Narendra Modi’s vision to engage all ministries and departments in “swachhta” related activities, and making it “everyone’s business”.
Background: i.The National Road Safety Week was introduced by the Ministry of Road Transport and Highways in 1989. ii.The first ever National Road Safety Week was observed in 1989. Observance: i.The observance of Road Safety Week includes awareness campaigns related to causes of road accidents and measures to prevent them and various activities with students, drivers and all other road users. ii.Agencies such as the National Highways Authority of India (NHAI), and National Highways & Infrastructure Development Corporation Limited (NHIDCL) conducts special drives related to compliance with traffic rules and regulation, pedestrian safety, eye check-up camps for drivers and other road engineering related initiatives across India. Global Road Safety Week: The United Nations(UN)’s Global Road Safety Week is a biennial event observed across the globe from the 13th to 17th May to spread awareness on the importance of road safety
Justice N Kotiswar Singh Appointed as Acting Chief Justice of Gauhati HC
On 10th January 2023 Justice Nongmeikapam Kotiswar Singh has been appointed as the acting Chief Justice of the Gauhati High Court (HC), Assam and will take charge from 12th January 2023 after the retirement of incumbent Chief Justice Rashmin Manharbhai Chhaya on 11th January 2023. A notification has been issued by the Department of Justice, under the Ministry of Law.
Note – HC Judges retire at the age of 62 year, while the Supreme Court judges retire at the age of 65 years.
India, Panama signs agreement on Cooperation in Training of Diplomats during 17th PDB Convention 2023i.On January 9, 2023, during the 17th Pravasi Bharatiya Divas (PBD) Convention 2023 in Indore, Madhya Pradesh (MP), an agreement was signed between India and Panama on the cooperation in the training of diplomats. ii.The PBD convention was held on January 8-10, 2023 on the theme ‘Diaspora: Reliable Partners for India’s Progress in Amrit Kaal’. iii.It was signed by the Union Minister Subrahmanyam Jaishankar, Ministry of External Affairs (MEA), India; and JanainaTewaneyMencomo, Minister of Foreign Affairs, Panama. iv.India and the United Kingdom (UK) also signed and exchanged letters of ‘UK-India Young Professionals Scheme’ which will allow 3,000 young Indians and Britons aged 18 to 30 to live, study and work in each other’s countries without needing to have a job in hand. About Panama: Currency– Panamanian Balboa President– Laurentino Cortizo
ReNew Power Installs India’s First 3x Platform WTGs in KarnatakaReNew Power (“ReNew”), one of India’s largest independent power producers (IPPs) for renewable energy, has announced the installation of India’s first 3x-platform wind turbine generators (WTGs) at Gadag, Karnataka.
The new WTGs will be a component of India’s first “Round the Clock” renewable energy project, which combines wind, solar, and a Battery Energy Storage System (BESS).
The energy produced by this project will be sufficient to power more than 1 million Indian homes per year.
ReNew is a subsidiary of Renew Energy Global PLC. Key Points: i.The WTGs are 128–140 m tall and have a nameplate capacity of 3.3–3.465 MW (megawatts).
They have much more capacity than those already installed in India, which typically have a nameplate capacity of 2-3 MW.
ii.The installations were carried out by an in-house Wind Engineering Procurement and Construction (EPC) team, a first for an Indian company.
This included site procurement, construction of foundations, crane management for WTG installations, and transmission build-out.
iii.They assisted ReNew Power in installing more than 400 MW of WTGs at various locations in Gujarat and Karnataka. About ReNew Power (“ReNew”): Founder, Chairman and CEO – Sumant Sinha Established – 2011 Headquarters – Gurugram, Haryana
Union Minister Jitendra Singh releases the Theme of National Science Day 2023On 9th January 2023, Jitendra Singh, Union Minister of State (Independent Charge) Science & Technology, released the theme for the National Science Day 2023 titled “Global Science for Global Wellbeing” at National Media Centre in New Delhi, Delhi.
The theme indicates India’s emerging global role and rising visibility in the international arena.
Senior officials from the Ministry of Science and Technology, including Dr Manoranjan Mohanty, Head of National Council for Science and Technology Communication (NCSTC), Department Of Science & Technology (DST), attended the occasion. Key Highlights: i. The theme has been chosen for the purpose of raising public appreciation of scientific issues in a global context which is having a bearing on global well-being. ii. India’s new Science, Technology, and Innovation Policy 2020 plan seeks to increase the effectiveness and expert-driven promotion of science. iii. The theme of “Global Science for Global Wellbeing” is in sync with India’s Group of Twenty (G20) presidency, where it will become the voice of the global south-developing countries of Asia, Africa and South America.
It represents India’s growing International visibility
iv. This theme was selected to increase public understanding of the scientific concerns in a global framework that are affecting global well-being. National Science Day 2023: i. National Science Day (NSD) is annually observed across India on February 28 to commemorate the discovery of the “Raman Effect”.
In 1986, the Indian government declared February 28th to be National Science Day (NSD).
Sir C.V. Raman announced the discovery of the “Raman Effect” on 28th February 1928, for which he was given the Nobel Prize in 1930.
The theme-based science communication activities are carried are conducted across India on this occasion.
ii. National Science Day is celebrated across India in scientific institutions, research laboratories, and independent scientific institutions affiliated with the Department of Science and Technology (DST).
The DST serves as the nodal agency to support, catalyse, and coordinate this celebration.
GoI Allocates Rs 1037.90 Crore to New India Literacy Programme for A 5-Year Period (FY23-FY27)
The Government of India (GoI) has allotted Rs. 1037.90 crore for the New India Literacy Programme (NILP), a centrally sponsored programme (CSS), for a 5-year period, from fiscal years 2022-23 (FY23) to 2026-27 (FY27). Background
The NILP was approved by the Ministry of Education (MoE) in 2022 to cover all aspects of adult education in accordance with the new National Education Policy 2020 (NEP 2020) for the next five years, from FY23 to FY27.
The MoE has also adopted the phrase “Education for All” over “Adult Education” as the latter did not adequately define all non-literates aged 15 years and above.
New India Literacy Programme (NILP) i.The Foundational Literacy and Numeracy component of NILP aims to reach 5 crore learners over a 5-year period from FY23 to FY27. ii.The programme has 5 objectives:
Foundational Literacy and Numeracy
Critical Life Skills
Vocational Skills Development
Basic Education
Continuing Education
iii.Financial Outlay – The GoI will contribute Rs. 700 crore out of the total financial outlay of Rs. 1037.90 crore, while the state will contribute Rs. 337.90 crore.
The GoI and State shares are in the ratio of 60:40 for all states except for the North Eastern Region (NER) and the Himalayan States, where the pattern of sharing between the GoI and the State is in the ratio of 90:10.
The ratio is 60:40 for Union Territories (UTs) with legislatures, except for Jammu & Kashmir, where it is 90:10. For UTs without legislatures, the GoI share is 100%.
Steps Taken by GoI to Ensure Effective Implementation of NILP i.Using schools as the foundation, States/UTs conduct surveys of beneficiaries and volunteer teachers (VTs). ii.The DIKSHA (Digital Infrastructure for Knowledge Sharing) portal, developed by the National Council for Educational Research and Training (NCERT), provides access to the teaching and learning resources. iii.Under the Samagra Shiksha scheme, a lot of interventions have been made to facilitate it for girls to attend school.
In 2021–22, more than 8 lakh new girl students were enrolled.
During 2021-22, over 95.07 lakh teachers were employed in school education, with more than 51% being female teachers.
RBI notifies revised List of Accredited Credit Rating AgenciesOn January 9, 2023, the Reserve Bank of India (RBI) issued the revised list of accredited Credit Rating agencies (CRAs) for the purpose of assigning risk weight to assets for capital adequacy purposes by the banks.
The six credit rating agencies are as follows: i.Acuite Ratings & Research Limited (Acuite) ii.Credit Analysis and Research Limited (CARE) iii.CRISIL Ratings Limited iv.ICRA Limited v.India Ratings and Research Private Limited (India Ratings) vi.INFOMERICS Valuation and Rating Pvt Ltd Key Points: i.In this regard, RBI has advisedbanks to use the ratings of the six domestic credit rating agencies for risk weighting their claims for capital adequacy purposes. ii.In October 2022, RBI dropped Brickwork Ratings India Private Limited from the list of accredited rating agencies. What are Credit Rating agencies (CRAs)? CRA evaluates and assesses an individual’s or a company’s creditworthiness, means, these agencies consider a debtor’s income and credit lines to analyze the debtor’s ability to repay the debt or if there is any credit risk associated. The credit rating indicates if the borrower is worth trusting with the new loan.
In India, CRAs are regulated by the Securities and Exchange Board of India (SEBI) as per the SEBI Regulations, 1999 of the SEBI Act, 1992.
The creditworthiness of an individual or a company is decided based on the lending and borrowing transactions done in the past.
On October 31, 2022, SEBI issued norms regarding the standardization of rating scales used by CRAs. Click here to know more
Axis Bank & IISc Signs MoU to Set up Centre for Mathematics and ComputingAxis Bank signed a Memorandum of Understanding (MoU) with the Indian Institute of Science (IISc), Bengaluru, Karnataka to establish a Centre for Mathematics and Computing at IISc Key highlights: i.The centre spread across 1.6 lakh square feet will have state of the art labs and programmes that will benefit the faculty and students of the 20 IISc departments. Annually the centre will benefit more than 500 engineers and scientists.
In addition, it will also host the new IISc BTech programme in Mathematics and Computing and the ongoing Interdisciplinary PhD programme in Mathematical Sciences.
ii.The centre will play a vital role in understanding the futuristic areas including Artificial Intelligence (AI) and Data Science which rely on the foundations of mathematics and computing. iii.The state-of-art facility will provide a platform for exploring and undertaking research in the fields of Computational Fluid Dynamics, Computational Biology, Quantum Computing, Precision Medicine, Digital Health, Climate Science, Materials Genomics, Cybersecurity, AI, Machine Learning (ML), and Data Science. About Axis Bank: Managing Director (MD) & Chief Executive officer (CEO) – Amitabh Chaudhry Headquarters – Mumbai, Maharashtra Establishment – 1994 Tagline – Badhti Ka Naam Zindagi
ICRA Report: Bank Bond Issuances Reach a Record of Rs. 91,500 Crore in Debt Capital in FY23 (April –December)According to the report released by credit rating agency ICRA Limited (formerly Investment Information and Credit Rating Agency of India Limited), Gross bond issuances by Indian banks reached a record of Rs. 91,500 crores in the first 9 months (April-December) of the financial year 2022-23 (FY23).
In FY22, banks issued Rs. 70,000 crore in gross bond issuances. The previous record was Rs. 80,000 crore in FY17.
Bank gross bond issuances are likely to reach Rs. 1.3-1.4 lakh crore by the end of FY23, as the banking system’s credit-to-deposit (CD) ratio continues to firm up.
About Small Industries Development Bank of India (SIDBI): Chairman & Managing Director (CMD)– Sivasubramanian Ramann Establishment– 1990 Headquarters– Lucknow, Uttar Pradesh
“PayRup“: India’s Fastest Payment App Has Been LaunchedPayRup, India’s fastest payment app, has been launched. PayRup is built on cutting-edge Web 3.0 technology and offers an enhanced digital payment experience with an exceptional user experience.
PayRup was launched by Mahadevappa Halagatti at a launch ceremony held at Lulu Mall in Bangalore, Karnataka.
Key Points: i.PayRup offers 24/7 assistance and support to users. Its customer service desk utilises cutting-edge Customer relationship management (CRM) technologies and adheres to international standards.
To provide the best customer service, PayRup assures the SERVQUAL (service quality) standard and the 5 dimensions of service quality.
ii.Users of PayRup can purchase gift cards, recharge their mobile, broadband, and DTH devices, and pay their utility and landline bills.
PayRup services will be made available for a wider range of financial instruments, including multiple payment options including rent, school fees, and other payment collection services.
iii.PayRup has launched several other USPs, including ticketing and booking services for buses, hotels, and flights. About PayRup: Established – 2017 Headquarters – Bengaluru, Karnataka
SEBI Extends Trading Hours for Stock Exchange Outage
On January 9, 2023, the Securities and Exchange Board of India (SEBI) issued a Standard Operating Procedure (SOP) for handling Stock Exchange outages and extension of trading hours in case of an outage.
Key Points:
i.Stock Exchange Outage: It is a stoppage of continuous trading, either suo moto by exchange or beyond the control of the stock exchange.
ii.Reporting the outage:
SOP mandates the affected Stock exchange to inform SEBI immediately after the occurrence of the outage through a dedicated email id.
They also have to inform the outage to stakeholders (i.e market participants, trading members and other market infrastructure institutions (MIIs)) within 15 minutes.
iii.Extension of Trading hours: If the trading on the affected stock exchange resumes to normalcy one hour before the normally scheduled market closure, trading hours on that day for all stock exchanges would remain unchanged, but if not resumed within one hour then the trading hours would get extended for one and half hours on that day.
South Indian Bank Launches MSME Online Portal
The South Indian Bank(SIB), headquartered in Thrissur, Kerala, has launched a Micro Small and Medium Enterprises (MSME) online portal that provides instant online ‘In Principle’ approval of up to Rs. 1 crore.
This initiative will support the MSME business to get loans quickly and support the domestic MSMEs to scale up their businesses.
This is in line with the government’s efforts to make India a USD 5 trillion economy.
HDFC Capital Achieves USD 376-mn Initial Close for Scheme 2 of H-CARE 3
On 9th January 2023, HDFC Capital, a subsidiary of HDFC Limited has successfully achieved the initial close of USD 376 million for Scheme 2 of HDFC Capital Affordable Real Estate Fund – 3 (H-CARE 3) to provide long term, flexible funding across affordable and mid-income housing projects including early-stage funding.
The primary investor in H-CARE 3 Schemes 1 & 2 is a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA).
H-CARE 3 has flexibility to provide equity funding for real estate projects and invest in tech companies that address the needs of the affordable housing ecosystem.
H-CARE 3 Scheme 1 & 2 and HDFC Capital Affordable Real Estate Funds – 1 & 2 have created a USD 3.1 billion funding platform, rated as one of the world’s largest private finance platforms focused on developing affordable housing.
Kotak General Insurance Ties Up with Clootrack to Boost Customer Experience
i.Kotak Mahindra General Insurance Company Limited (“Kotak General Insurance“) has partnered with Clootrack, an artificial intelligence (AI)-powered, real-time customer experience platform.
This partnership will provide Kotak General Insurance with actionable insights about its non-life insurance products based on customer feedback, as well as assist it in understanding market gaps in order to improve its customer experience.
ii.Kotak General Insurance is a wholly owned subsidiary of Kotak Mahindra Bank Ltd.
iii.Clootrack’s comprehensive, intelligent customer experience analytics platform is fully a Software as a Service (SaaS) model. It gathers and analyses billions of customer reviews to help organisations understand “why” customer experience decreases.
Shameel Abdulla is the Chief Executive Officer (CEO) of Clootrack.
Garuda Aerospace Signs MoU with Rallis India to Boost Agriculture
Garuda Aerospace, the Chennai-based drone manufacturing company has signed a Memorandum of Understanding (MoU) with Rallis India Limited, a subsidiary of Tata Chemicals, to work for the betterment of the farmers by leveraging technology in their agricultural operations. The pilot demonstrations and spraying of pesticides on fields through drones will be conducted in Maharashtra and Andhra Pradesh. Rallis will also supply pesticides and crop nutrients to Garuda Aerospace for the pilot demon.
The drone pilots will conduct demonstrations on a 1,000-acre land on crops like paddy, onion, Bengal gram, wheat and vegetables.
RS Sodhi steps down as GCMMF MD; Jayen Mehta given Interim ChargeThe Managing Director (MD) of Gujarat Cooperative Milk Marketing Federation (GCMMF), RS Sodhi, has stepped down from his post.
He will be succeeded by the Chief operating officer (COO) of GCMMF, Jayen Mehta who has been given immediate charge as MD.
GCMMF is the owner of India’s biggest dairy brand Amul (Anand Milk Union Limited).
Key Points: i.RS Sodhi joined Amul in 1982 and became its MD in 2010. In 2015, he was re-appointed to the same post till 2020. Since then, he has been on an extension. ii.Under his leadership, GCMMF’s turnover surged from Rs 9,774.2 crore in 2010-11 to Rs 46,481 crore in 2021-22. iii.He worked under the direct guidance of VergheseKurien, the father of the White Revolution.
He is also the President of the Indian Dairy Association (IDA).
iv.On the other hand, Jayen Mehta has been with Amul for over 30 years and has served various roles in the company, including as Brand Manager and General Manager in the marketing function. v.GCMMF procures 30 million litres of milk per day from over 18,600 village dairy co-operative societies. About Gujarat Cooperative Milk Marketing Federation (GCMMF):
GCMMF is India’s largest food product marketing organisation.
Chairman– Shamalbhai B Patel Headquarter– Anand, Gujarat Establishment– 1973
Michael Patra reappointed as RBI’s Deputy Governor for One YearThe Appointments Committee of the Cabinet (ACC), headed by Prime Minister Narendra Modi, has approved the reappointment of Michael Debabrata Patra as the Deputy Governor of the Reserve Bank of India (RBI) for a further period of one year with effect from the 15th January 2023.
Michael Debabrata Patra’s 3-year tenure comes to an end on 14th January 2023.
Key Points & Static: i. As the deputy governor and a rate-setting Monetary Policy Committee member, Michael Debabrata Patra oversees the monetary policy department. ii. Shaktikanta Das, governor of the RBI, is in charge of the 6-member Monetary Policy Committee. iii. Four deputy governors work under the governor at the RBI. The bank’s three other deputy governors are M K Jain, M Rajeshwar Rao, and T Rabi Sankar. About Michael Debabrata Patra: i. Michael Debabrata Patra was 1st appointed to a 3-year tenure as deputy governor of the Reserve Bank of India on 15th January 2020. ii. Prior to the appointment as RBI’s Deputy Governor he served as the Executive Director of RBI before being elevated to the post of Deputy Governor.
As Executive Director, he was a member of the Monetary Policy Committee (MPC) of RBI, which is entrusted with the responsibility of monetary policy decision-making in India.
iii. Between July 2012 and October 2014, he served as the Principal Adviser, at the Monetary Policy Department of RBI. iv. From 2008 to 2012, he served as Senior Advisor to the Executive Director (India) at the International Monetary Fund. v. He has held various posts in the Reserve Bank of India since beginning his career in central banking in 1985. vi. He authored a book titled “The Global Economic Crisis through an Indian looking glass” which vividly captures the experience of the global financial crisis and the great recession of 2008-2009.
Additionally, he has written papers on topics like exchange rates, the balance of payments, international trade, monetary policy, and inflation.
Gabon appoints Ossouka Raponda as Vice President & Alain-Claude Bilie as Prime Minister
On 9th January 2023, Ali Bongo Ondimba, President of Gabon, appointed Rose Christiane Ossouka Raponda as the first-ever female Vice President of Gabon. Prior to this appointment, she has been serving as the Prime Minister of Gabon since July 2022.
Alain-Claude Bilie By Nze(56 years old), former Minister, was appointed as the new Prime Minister of Gabon to replace Rose Christiane Ossouka Raponda.
In July 2020, Rose Christiane Ossouka Raponda became the first-ever female PM of Gabon. She was appointed as PM following the resignation of her predecessor Julien Nkoghe Bekale. Note: The Post of Vice President has been vacant since May 2019. The function of the VP is to “assist” the head of state and has no interim role in the event of a power vacuum. About Rose Christiane Ossouka Raponda: i. Rose Christiane Ossouka Raponda, began her career as Advisor to the Director General of the Economy in 2000, before being appointed Deputy Director General of the Economy.
Her appointment marks the 4th cabinet shuffle to take place under the dual health and economic crises brought on by the COVID-19 epidemic.
ii. She served as minister of budget and public finance from February 2012 until January 2014. She was Mayor of Libreville, Gabon’s capital, in 2014 and served till 2019.
She was the first woman to hold the position since 1956.
iii. She served as President of the United Cities and Local Governments in Africa in 2018. About Alain-Claude Bilie By Nze: i. Alain Claude Bilie By Nze served as the Deputy Prime Minister and Minister of Energy and Water Resources in the outgoing government. ii. Since 2012, he had been working alongside Ali Bongo Ondimba when he was appointed political adviser and spokesperson for the Gabonese Presidency. iii. He joined the government in 2006 as Minister Delegate for Communication and Government Spokesperson and has held several roles in ministerial jobs since then. About Gabon: President- Ali Bongo Ondimba Capital- Libreville Currency- Central African CFA franc
Herbalife signs up cricketer Smriti Mandhana as Brand Ambassador
On 9th January 2023, Herbalife International India private limited (Herbalife Nutrition) signed up an Indian woman cricketer Smriti Mandhana as its Brand Ambassador. She is the 5th Indian athlete and the 2nd cricketer to be Herbalife’s nutrition sponsor.
Virat Kohli, Mary Kom, Lakshya Sen, and Manika Batra are the other athletes associated with the brand.
Smriti Mandhana, hailing from Mumbai, Maharashtra, made her Test debut in 2014. Currently, she is the vice-captain of the Indian women’s national cricket team.
Herbalife Nutrition has more than 150 sponsored teams and athletes worldwide.
The United Kingdom (UK)’s first-ever space mission failed after the rocket suffered an anomaly during the flight. Virgin Orbit’s modified Boeing 747 dubbed “Cosmic Girl” carrying LauncherOne, the first rocket to launch into space from the UK took off from Cornwall.
The Virgin Orbit plane flew to 35,000 ft over the Atlantic Ocean where it jettisoned the rocket containing 9 small satellites towards space. The rocket successfully detached from the plane and ignited.
The rocker suffered an anomaly and failed to reach the orbit.
This is also the first time that satellites have been launched from Europe.
Renowned Poet & Kashmir’s 1st Jnanpith Awardee Abdur Rehman “Rahi” Passed AwayOn 9th January 2023, Kashmir’s 1st Jnanpith awardee Professor Abdur Rehman Rahi, a renowned Kashmiri poet, translator, and critic, passed away at Srinagar, Jammu and Kashmir (J&K). He was born in Srinagar in 1925. About Abdur Rehman Rahi: i. Abdur Rehman Rahi was a well-known poet who translated several famous authors’ works into the Kashmiri language.
As a translator, he did a translation of Baba Farid’s Sufi poetry to Kashmiri from Original Punjabi.
ii. In 1948, he started working for the government as a clerk for a short period in the Public Works Department. iii. He joined the Department of Persian at the University of Kashmir as a Professor after completing his masters in Persian and English. iv. He later joined the Kashmiri Department at the University of Kashmir in 1977, and he remained associated with it until he retired in 1983. v. He then joined the Progressive Writers’ Association, where he eventually rose to the position of General Secretary. Awards: i. In 1961, Rehman Rahi received Sahitya Akademi Award for his collection of poems in Kashmiri called “Nawroz-i-Saba”. ii. In 2000, he was honoured with the 4th-highest civilian award in India, Padma Shri Award for Literature and Education. iii. In 2004, he received the highest literary award in India, the Jnanpith Award for his poetic collection in Kashmiri “Siyah Rood Jaeren Manz” (In Black Drizzle). Notable Works: Some of his literary collections: Sana-Wani Saaz (poems), Kashir Naghmati Shayiri, Kahwat (literary criticism), Sukhok Soda (poems), and Kalam-e-Rahi (poems).
World Hindi Day 2023 – January 10World Hindi Day or Vishwa Hindi Diwas is annually observed across the globe on 10th January to celebrate and promote the rich cultural and linguistic heritage of the Hindi language and its speakers across the globe.
The day, January 10 marks the anniversary of the first time that Hindi was spoken in the United Nations General Assembly (UNGA) in 1949.
The day also marks the anniversary of the 1st World Hindi Conference held from 10th to 12th January 1975 in Nagpur, Maharashtra.
12th World Hindi Conference – 2023: i.The 12th World Hindi Conferece(2023) will be held in the Republic of Fiji from 15th to 17th February 2023. ii.The conference is organised by the Ministry of Foreign Affairs, Government of India in collaboration with the Government of Fiji.
The main theme of the World Hindi Conference 2023 is “Hindi – Traditional Knowledge to Artificial Intelligence”.
About Ministry of External Affairs(MEA): Union Minister– S Jaishankar (Rajya Sabha- Gujarat) Minister of State– V Muraleedharan; Meenakashi Lekhi; Dr. Rajkumar Ranjan Singh
TN CM M.K. Stalin launches a platform for Global Tamil investors to fund the State’s Start-Ups
On 9th January 2023, M K Stalin, Chief Minister of Tamil Nadu (TN), launched the Global Tamil Angels platform http://www.tamilangels.fund of StartupTN for investors from the global Tamil diaspora to make investments in Tamil Nadu-based startups. The platform was launched during the Global Tamil Startup Investors Summit, jointly organised by the Tamil Nadu Startup and Innovation Mission and FeTNA International Tamil Entrepreneur Network in Chennai, TN.
The platform will connect TN-based startups with international Tamil angel investors, offer legal assistance for investors, and help take products to the global markets.
A multi-crore American Tamil Fund by investors from the Tamil Nadu Diaspora in the United States (US) to invest in TN startups was announced during the event.
An intent to invest USD 2 million (about Rs16.5 crore) by December 2023 was presented to T.M. Anbarasan, TN’s Micro, Small & Medium Enterprises (MSME) Minister.
WB CM Mamata Launches Vehicle Location Control Centre & App to Boost Security For Women
On 9th January 2023, West Bengal (WB) Chief Minister (CM) Mamata Banerjee inaugurated a new vehicle location control centre and mobile app, as a part of efforts to enhance security for women in WB. Both, control centre & mobile app would help the police track movement of vehicles and also keep a tab on crimes on women inside moving cars. It also has panic buttons in each vehicle, which on pressing, alerts the police.
Home Minister Amit Shah inaugurated & laid the foundation stone of 21 development projects at Moirang, Manipuri.Union Minister Amit Shah, Ministry of Home Affairs (MHA), inaugurated and laid the foundation stone of 21 development projects worth Rs 1,311 crore in Moirang, Manipur. ii.He unveiled the 165-feet tall tricolor at the historic ‘Azad Hind Fauj’ Headquarters at Moirang, which is the tallest national flag in the entire North East region.
Moirang is a town in Manipur that was liberated from British colonial rule by the Indian Nation Army under Netaji Subhas Chandra Bose.
iii.He also inaugurated a 122 feet tall statue of a polo player at a cost of Rs 39 crore in Marjing Polo Complex in Imphal East. iv.He inaugurated Churachandpur Medical College in the Churachandpur district. It is the first-ever medical college constructed in the hill district of Manipur. About Manipur: Governor – La. Ganesan Chief Minister (CM) – Nongthombam Biren Singh National Park – Sirohi National Park Wildlife Sanctuary – Yangoupokpi-Lokchao Wildlife Sanctuary
NHA Introduces New System to Evaluate and Grade Hospitals Empanelled under AB PM-JAY SchemeThe National Health Authority (NHA) is establishing a new system to measure and grade hospital performance as part of the flagship scheme Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB PM-JAY). Objective: To shift the focus of hospital performance measurement from the volume of services rendered to the value of healthcare services. Significance i.The new initiative will establish the concept of “value-based care,” in which payment will be based on outcomes and providers will be rewarded based on the quality of treatment provided. ii.The performance of AB PM-JAY-empanelled hospitals will be measured using five performance indicators under value-based care, including:
Beneficiary Satisfaction
Hospital Readmission Rate
The extent of Out-of-Pocket Expenditure
Confirmed Grievances and
Improvement in patient’s Health-Related Quality of Life
Key Points: i.Value-based care has the potential to greatly enhance the healthcare landscape in India by incentivizing and encouraging healthcare providers to focus more on providing patient-centric services.
The beneficiaries would be able to make informed decisions by having access to the hospitals’ performance based on the indicators via a public dashboard.
ii.The quality-of-care interventions will transform AB PM-JAY and the Indian health system from a volume-based to a value-based health-care delivery system.
The interventions include performance assessment, value-based incentives, the use of health technology assessment, and the use of digital tools.
iii.Consequently, the hospital’s performance will determine its financial incentive, creating a demand for quality treatment among PMJAY beneficiaries. National Health Authority (NHA): i.On January 2, 2019, the erstwhile National Health Agency was reconstituted as the National Health Authority (NHA). ii.The NHA is the apex organisation in charge of implementing India’s flagship public health insurance scheme, AB PM-JAY.
It is an affiliated office of the Ministry of Health and Family Welfare (MoH&FW) with complete functional autonomy.
It is governed by a Governing Board presided over by the Union Minister for Health and Family Welfare.
Dr. Ram Sewak Sharma is the Chief Executive Officer (CEO) of the NHA.
iii.NHA has also been tasked with developing strategy, creating technological infrastructure, and implementing the “National Digital Health Mission” (NDHM) to establish a national digital health ecosystem. It also leads the implementation of the Ayushman Bharat Digital Mission (ABDM).
Kerala becomes India’s 1st State with Full Digital Banking Service Kerala has become the first state in India to go fully digital in its banking service. It was declared by the Chief Minister (CM) of Kerala, Pinarayi Vijayan during an event.
Kerala also received three ‘Digital India’ awards for the advancement in the digital sector viz. silver medal for Ksheerashree portal, platinum award for Digital Workforce Management System, and gold medal for District Administration of Kottayam.
It should be noted that Kerala is the only State in India that has declared ‘the right to Internet’ as a basic right of its citizens. Key Points: i.This achievement was driven by social interventions through local self-government institutions along with infrastructure development and technological advances in the banking sector. ii.The Kerala Fibre Optic Network (K-FON) project of the state government, which is almost 90% completed, will reduce the digital divide.
It is a joint venture between the Kerala State Information Technology Infrastructure Ltd (KSITIL), Kerala State Electricity Board (KSEB) and the state, in which the two companies hold 49% each and the state the remaining 2%.
A consortium led by Bharat Electronics Ltd (BEL) is executing the project and will be responsible for the operation and maintenance of the 35,000-km-long network for the next 7 years.
Funded by the Kerala Infrastructure Investment Fund Board (KIIFB), its outlay is Rs 1,028.20 crore.
iii.The K-FON will ensure internet facility to everyone in the state and a 17,155 km-long optic fibre cable network has been laid.
Once the project gets completed, the internet will be available to everyone in the state either for a cheaper price or for free-of-cost.
iv.The state government created an Economic Offences Wing in the state police to tackle such cyber crimes.
India’s 1st Coal Gasification-Based Talcher Fertilizer Plant to be Ready in Odisha by 2024
Dr Mansukh Mandaviya, Union Minister of Health and Family Welfare and Chemicals and Fertilisers, announced that India’s largest and 1st coal gasification-based Talcher Fertiliser Project in Odisha will be ready to be dedicated to India by October 2024. Dr Mansukh Mandaviya reviewed the progress of work at the plant site of Talcher Fertilizers Limited (TFL) at Angul, Odisha. Dharmendra Pradhan, Minister of Education of India was also present on the occasion.
To revive the former Talcher plant of Fertilizer Corporation of India Limited (FCIL) by setting up new coal gasification the government approved an installed capacity of 12.7 lakh Metric tonnes per year (LMTPA) to TFL.
The project will help achieve the stated goal of gasifying 100 MT (Metric Tonnes) of coal by 2030 since it encourages coal gasification.
Ramagundam, Gorakhpur, Sindri, and Barauni Fertilizer Plants are the 4 of the 5 plants that have already begun producing urea in India, and Talcher Plant is expected to start by September 2024.
The urea plant, which is being built at an estimated cost of Rs 17,000 crore, will help Indian farmers in addition to creating jobs and helping the local economy.
GoI Gets Extension to Frame CAA Rules for 7th Consecutive Time
The Parliamentary Committee on Subordinate Legislation in the Rajya Sabha has accepted the Ministry of Home Affairs’s (MHA) request for the extension of six more months till 30th June 2023, to frame rules under the Citizenship Amendment Act (CAA), 2019 for the 7th time. The decision of the Lok Sabha committee is yet to be made.
The CAA was passed by Parliament on 11th December 2019 and also received the President’s assent, following which it was notified by the MHA. Through the CAA, the GoI will grant Indian citizenship to the illegal migrants who entered India before or on 31st December 2014.
It was also passed for the migrants of non-Muslim communities, including Hindus, Sikhs, Buddhists, Jains, Parsis and Christians from Bangladesh, Pakistan and Afghanistan.
International Kite Festival 2023 Begins In Ahmedabad, Gujarat
On 8th January 2023, Gujarat Governor Acharya Devvrat inaugurated the International Kite Festival 2023 at Sabarmati Riverfront in Ahmedabad, Gujarat. The festival is organised by Gujarat Tourism on the G20 theme of ‘One Earth, One Family, One Future’. Apart from Ahmedabad, the International Kite festival will also be organised in Surat, Vadodara, Rajkot, Dwarka, Somnath, Dhordo, and Kevadia.
This festival will promote India’s G-20 presidency and more than 800 kite flyers from across India and the world will participate and display their unique creations during the festival.
In 2023, kite enthusiasts from different countries will fly Kites at the same time in an attempt to create a Guinness World Record for the maximum number of kite flyers.
Nikkei Asia Report: India Surpasses Japan to Become the World’s 3rd Largest Auto MarketAccording to the Nikkei Asia report, India surpassed Japan as the world’s third-largest auto market in 2022. According to preliminary results, India’s new vehicle sales were at 4.25 million units, surpassing Japan’s 4.2 million units.
China remained the global leader in automobile sales in 2021, with 26.27 million units, followed by the United States (US) in second place with 15.4 million vehicles and Japan in third place with 4.44 million units.
Key Points: i.The Society of Indian Automobile Manufacturers estimated that 4.13 million new cars were delivered in India between January and November 2022. ii.When the December 2022 sales volume reported by Maruti Suzuki, India’s largest carmaker, is added, the total rises to almost 4.25 million vehicles.
The figure is expected to rise further with the inclusion of pending fourth-quarter sales figures for commercial vehicles, along with year-end results yet to be released by Tata Motors and some automakers.
iii.In 2018, around 4.4 million vehicles were sold in India, but the volume dipped below 4 million in 2019, due primarily to the credit crunch that hit the nonbank sector.
The sales further plummeted below the 3 million-unit mark as the COVID-19 pandemic associated lockdown in 2020.
In 2021, sales rebounded to nearly 4 million units, but a lack of automotive chips inhibited growth.
iv.With 1.4 billion people, India is predicted to surpass China in population sometime in 2023 and keep rising until the early 2060s.
ODP Corporation Selects HCL Tech as Primary IT Partner
ODP Corporation has selected HCL Tech as its primary IT partner for end-to-end Information technology (IT) operations and enterprise-wide digital transformation to support ODP’s business strategy in its Office Depot, ODP Business Solutions and Veyer business units.
As part of this agreement, HCL Tech will leverage its automation and artificial intelligence (AI) capabilities to enable efficient IT operations with personalised and intuitive IT services.
ODP, is a provider of products, services and technology solutions through an integrated business-to-business (B2B) distribution platform and omnichannel presence.
Chetan Sharma retained as Chairman of the Senior Men’s Selection Committee of BCCIOn 7th January 2023, Cricket Advisory Committee (CAC) of the Board of Control for Cricket in India (BCCI) has retained Chetan Sharma as the Chairman of the 5 members Senior Men’s Selection Committee of Board of Control for Cricket in India (BCCI). Other Members of the committee: CAC has named Shiv Sundar Das(Central Zone), Subroto Banerjee(East Zone), Salil Ankola(West Zone) and Sridharan Sharath (South Zone) as the other members of the selection committee. Key Highlights: i. To select the members of the All-India Senior Selection Committee, the CAC, comprising Sulakshana Naik, Ashok Malhotra, and Jatin Paranjape, conducted an extensive process for selection.
On 18th November 2022, the Board advertised the 5 posts on its official website and received almost 600 applications in response.
Among 600, 11 individuals were shortlisted for personal interviews.
ii. The committee recommended Chetan Sharma for the role of Chairman of the senior men’s selection committee. About Chetan Sharma: i. Chetan Sharma is a former Indian medium pacer representing India in 23 Tests and 65 One-Day Internationals (ODIs). He started playing first-class cricket representing Haryana at the age of 16. ii. A year after making his ODI debut against the West Indies in December 1983, he made his Test debut at 18. iii. He ended his first-class career in 1996/1997 with 433 wickets from 121 games. Also, throughout 15 years, he hit 21 fifty-sixes, 3 centuries, and 3714 runs at an average of 35.03. iv. Chetan Sharma started performing television commentary after retiring and he ran for the Bahujan Samaj Party (BSP) in the 2009 Lok Sabha Elections from Faridabad, Haryana. Others: i. Shiv Sundar Das, the former India Men’s Test Opener, was previously the batting coach of the Indian women’s team. ii. Salil Ankola, the ex-India fast bowler, is the current Chief Selector of the Mumbai Men’s team in domestic cricket. iii. Subroto Banerjee, a former pace bowler for India, also coached a fast bowler Umesh Yadav. iv. Sridharan Sharath, a native of Tamil Nadu and the current Chairman of the Junior Men’s Selection Committee. Under his leadership, India won the Under 19 (U19) Men’s World Cup in West Indies in 2022.
Adar Poonawalla received 1st Dr Patangrao Kadam Memorial Award
On 8th January 2023, Adar Poonawalla, Chief Executive Officer (CEO) of the Serum Institute of India (SII), was conferred with the 1st Dr Patangrao Kadam Memorial Award for the contribution to the fight against COVID-19 at the inauguration of the Bharati Super Specialty Hospital at Bharati Vidyapeeth, Pune, Maharashtra.
Sharad Pawar, Chief of the Nationalist Congress Party, Sukhvinder Singh Sukhu, Chief Minister (CM) of Himachal Pradesh and Devendra Fadnavis, deputy CM graced the event.
Dr Patangrao Kadam Memorial Award was established in memory of Patangrao Kadam, a leader who created 190 institutes to provide quality education and create quality human resources.
DRDO Develops UAV for Operations in Himalayan Frontier
The Defence Research and Development Organisation (DRDO) has developed an untethered multi-copter payload, an Unmanned Aerial Vehicle (UAV), that aims to carry out logistic operations in the Himalayan frontier. The UAV is capable of flying with a 5 kg to 25 Kg payload and is also used to drop bombs in enemy territories and medicines for soldiers who are deployed at high altitudes or war zones.
This was displayed by the DRDO at the 108th Indian Science Congress, which was held between 3rd January – 7th January 2023 in Nagpur, Maharashtra and will be ready for induction in the Armed Forces after the trials.
5thKhelo India Youth Games 2022: Mascots, Smart Torch, Theme Song UnveiledThe Chief Minister of Madhya Pradesh (MP) Shivraj Singh Chouhan and Union Minister of State (MoS) Nisith Pramanik, Ministry for Youth Affairs and Sports (MoYAS) unveiled the Mascots, Smart Torch, Theme Song of the 5th edition of Khelo India Youth Games (KIYG) 2022 during an event in Bhopal, MP.
KIYG 2022 will be hosted by MP from January 30 to February 11, 2023, in MP’s Bhopal, Indore, Ujjain, Gwalior, Jabalpur, Mandla, Balaghat and Khargone (Maheshwar).
Mascots: Asha (Female Cheetah) and Mowgli Torch: Amarkantak
It is named after the place where the Narmada River, considered the state’s lifeline, originates
This is the first smart torch in any game in the country. The torch is adorned with carvings of the renowned Mahakaleshwar temple, running cheetah and a lotus on top.
Theme Song:MP Shor Macha Do, Hindustan Ka DilDhadka Do. Well-known artist Shaan has rendered it. Key Points: i.The CM also announced that the players from MP who will win medals in the Olympics and Asian Games would be appointed to the post of deputy superintendent of police (DSP) and deputy collector. ii.Teams or players who perform well and win the medals in Khelo India will be given Rs 5 lakh annually for coaching purposes. iii.For the first time water sports viz. kayaking and canoeing, canoe slalom and rowing, as well as fencing, will be part of KIYG. iv.A total of 27 games will be played across 23 game venues in 9 cities. v.Around 6000 players, 303 international and 1089 national officials will participate.
Novak Djokovic wins 2023 Adelaide International 1 title; ArynaSabalenka won Women’s SinglesSerbian Tennis Player Novak Djokovic won the Men’s Single in the 2023 Adelaide International 1 by defeating Sebastian Korda of America with 6-7 (8), 7-6 (3), 6-4.
This was the 92nd career singles title.
This was also his second Adelaide title after 16 years after his first; he won the tournament in 2007, aged 19.
In the women’s final at Adelaide International 1, Aryna Sabalenka(Belarus) won the women’s singles by defeating Linda Noskova of the Czech Republic.
This was her 11th WTA Tour singles title
About 2023 Adelaide International 1: It is the 3rd edition for women and the 2nd edition for men. It was held at the Memorial Drive Tennis Centre from January 1-8, 2023. The prize money for the ATP (Association of Tennis Professionals) is $672,735, and for WTP (Women’s Tennis Association) is $826,837.
It is a tennis tournament on the 2023 ATP Tour and the 2023 WTA Tour.
It is a combined ATP Tour 250 and WTA 500 tournament.
Coco Gauff wins ASB Classic 2023 18-old-year Gauff from America defeated Spanish qualifier Rebeka Masarova of Spain in Women’s Singles with 6-1, 6-1 in the final of the ASB Classic.
It was his third WTA Tour title.
Among women’s doubles a pair of Miyu Kato (Japan)/AldilaSutjiadi (Indonesia) defeated the pair of Leylah Fernandez (Canada)/Bethanie Mattek-Sands (US) with 1–6, 7–5.
About 2023 ASB Classic: 2023 ASB Classic or 2023 Auckland Open is a joint professional men’s and women’s tennis tournament played on outdoor hard courts at the ASB Tennis Centre in Auckland, New Zealand.
It was 36th the edition for the women’s event (WTA 250 tournament) and the 45th for the men’s event (an ATP 250 tournament).
Tennis: Dutch star Tallon Griekspoor wins Singles title at Tata Open Maharashtra 2023; marks his first ATP tour title
On 7th January 2023, Dutch (Netherlands) Tennis player Tallon Griekspoor (World No.95) won the men’s singles title at the Tata Open Maharashtra 2023 defeating Benjamin Bonzi (World No. 60) of France at the finals held in Balewadi Stadium in Pune, Maharashtra. This also marks his 1st Association of Tennis Professionals (ATP) Tour title.
Tata Open Maharashtra 2023 marks the 5th edition of Tata Open Maharashtra organised by the Maharashtra State Lawn Tennis Association (MSLTA) in collaboration with the Government of Maharashtra.
This is the only ATP 250 tournament held in South Asia. This also marks the 27th edition of the ATP 250 event.
The Tata Open Maharashtra 2023 was held from 31st December 2022 to 7th January 2023.
ATP 250 Tata Open Maharashtra:
The inaugural event took place in New Delhi, Delhi in 1996. For its 2nd edition, it was transferred to Chennai, Tamil Nadu, and in 2018, it was moved from Chennai to Pune, Maharashtra.
The tournament is owned by IMG and managed by RISE Worldwide and sponsored by Tata Motors.
It is currently India’s only tour-level tennis event and South Asia ATP Tour professional tennis event.
Tata Open Maharashtra 2023: N Sriram Balaji and Jeevan Nedunchezhiyan Finish Second in Men’s Doubles
India’s N Sriram Balaji and Jeevan Nedunchezhiyan from Tamil Nadu, settled for runner-up at the Tata Open Maharashtra 2023 in Men’s Double championship. They lost the finals against the Belgian pair of Sander Gille and Joran Vliegen at Balewadi Stadium in Pune, Maharashtra.
Belgians Joran Vliegen and Sander Gille won the Men’s doubles championship title at Tata Open Maharashtra 2023.
This marks their 6th ATP Tour Championship.
Note: N Sriram Balaji and Jeevan Nedunchezhiyan ended 2022 with 6 successive semi-final appearances at the Challenger events.
Key Points:
i. 2023 tournament concluded with an exciting competition in the presence of 17 top-100 players, including the former Grand Slam champion Marin Cilic and last year’s runner-up Emil Ruusuvuori in a highly-competitive singles field.
ii. The former World No. 1 tennis duo of Rajeev Ram and Joe Salisbury, and Indian tennis star Rohan Bopanna, were among those who competed in the doubles tournament.
South African cricketer Dwaine Pretorius retires from International cricket
South African cricketer and all-rounder, Dwaine Pretorius (33-year-old) has retired from International cricket with an immediate effect to focus on franchise cricket and shorter formats of the game.
Dwaine Pretorius has played for South Africa in 30 T20I, 27 One-Day Internationals (ODI), and 3 Tests (took 77 wickets across formats) since making his international debut in 2016. He also featured in two World Cups: International Cricket Council (ICC) Cricket World Cup 2019 and the 2021 ICC Men’s T20 World Cup.
He now holds the record for South Africa’s best bowling performance in men’s T20Is (5 for 17 against Pakistan in 2021).
He ends with a T20I batting strike rate of 164 and is one of 16 players to have a national CSA contract for 2022-23 that runs till March.
Former West Bengal Governor KeshariNathTripathi Passes AwayKeshariNathTripathi, former governor of West Bengal (July 2014 – July 2019) and 3-time Uttar Pradesh (UP) Assembly Speaker passes away at the age of 88 years in Prayagraj (Allahabad), Uttar Pradesh(UP).
He was born on 10th November 1934, in Prayagraj (Allahabad), Uttar Pradesh(UP).
About KeshariNathTripathi: i.Keshari Nath Tripathi was a poet and an author and had practised as a senior advocate at Allahabad High Court. ii.He was elected as a Member of the Legislative Assembly (MLA) for the first time in 1977 from the Jhansi assembly constituency in Prayagraj, Allahabad. iii.He briefly served as governor of Bihar, Meghalaya, and Mizoram at various times.
Governor of Bihar – November 2014- August 2015 & June 2017 to October 2017.
Governor of Meghalaya – January 2015 to May 2015.
Governor of Mizoram – April 2015 – May 2015.
iv.He has won six more assembly elections, with his last victory in 2002 from Allahabad south seat and was also the Cabinet minister of institutional finance and sales tax in UP during the Janata Party regime from 1977 to 1979.
Padma Awardee Dr Tehemton E Udwadia “Father of laparoscopic surgery” Passed AwayOn 7th January 2023, Padma Awardee Dr Tehemton Erach Udwadia, an Indian Surgeon and Gastroenterologist, who was known as the ‘father of laparoscopic surgery in India’ passed away in Mumbai, Maharashtra, at the age of 88. He was born on 15th July 1934 in the Bombay Presidency, British India (now Mumbai, Maharashtra, India). About Dr Tehemton E Udwadia: i. Tehemton E Udwadia pursued medicine and started his career as a research fellow at the King Edward Memorial Hospital and Seth Gordhandas Sunderdas Medical College in 1958 and stayed till 1962. ii. In 1993, he found the Indian Association of Gastrointestinal Endo-Surgeons and he served as its President from 1993 to 1998. iii. He was the 1st surgeon in India to introduce laparoscopy in surgery in 1972, and the 1st to perform laparoscopic surgery in the developing world in 1990. iv. He is the author of two books, Laparoscopic Cholecystectomy and Laparoscopic Surgery in Developing Countries, and more than 90 articles in peer-reviewed journals have been published.
He also authored and published the book(memoir) “More than Just Surgery: Life Lessons Beyond the OT” (published by Penguin Ebury Press) in 2021.
Awards: i. In 2000, Dr Tehemton E Udwadia received the SAGES Millennium Award from the Society of American Gastrointestinal Endoscopic Surgeons. ii. In the same year (2000), he was awarded the Dr B. C. Roy Award, the highest Indian award in the field of Medicine, from the Medical Council of India. iii. In 2004, he has conferred the Lifetime Achievement Award from the Indian Association of Gastrointestinal Endo-Surgeons. iv. He was honoured with the Padma Shri, India’s 4th highest civilian award, in 2006 and Padma Bhushan, India’s 3rd-highest civilian award, in 2017, for Medicine.
M S Dhoni Releases Autobiography of Prof. K.K. Abdul Gaffar
Former Indian cricket captain Mahendra Singh Dhoni releases the autobiography of the Techno-educationalist, Professor K.K. Abdul Gaffar, ‘Njaan Sakshi’ (me as the witness), at a grand function organised in Kasaragod, Kerala.
The first copy was received by Marwan Al Mulla, the CEO of Dubai Health Authority (DHA), from M S Dhoni. He also presented copies of the book to dignitaries including actor Tovino Thomas present at the occasion.
Senior Supreme Court Attorney and son of Kapil Sibal, Akhil Sibal, Former Union Minister Salim Iqbal Sherwani, Uduma MLA, C.H. Kunhambu, Kasaragod MLA, N.A. Nellikkunnu, Mangaluru City South MLA Vedavyas Kamath, participated in the event.
Pravasi Bharatiya Diwas – 9th January 2023
Pravasi Bharatiya Diwas (PBD), also known as the “Non-Resident Indian (NRI) Day” is annually celebrated across India on 9th January to highlight the importance of the contribution of the Overseas Indian community to the development of India. Background: i.The tradition of celebrating Pravasi Bharatiya Divas (PBD) on 9th January started in 2003.
The day, 9th January, commemorates the return of Mahatma Gandhi from South Africa to India in 1915.
ii.The first ever Pravasi Bharatiya Divas was observed on 9th January 2003. Pravasi Bharatiya Diwas Convention: i.PBD Convention is a flagship event of the government of India that offers a platform to engage and connect with overseas Indians and to enable the diaspora to interact with each other.
2023 marks the 17th PBD Convention.
17th PBD Convention from 8th to 10th January 2023 in Indore, Madhya Pradesh, is organised in partnership with the government of Madhya Pradesh.
The theme of the 17th PBD Convention is “Diaspora: Reliable partners for India’s progress in Amrit Kaal”. About Ministry of External Affairs: Union Minister– Dr. S. Jaishankar(Rajya Sabha- Gujarat) Minister of State– V. Muraleedharan; Meenakashi Lekhi and Dr. Rajkumar Ranjan Singh
UP govt launched UP Global City campaign to make urban bodies on par with global standardsOn 7th January 2023, The Uttar Pradesh (UP) Government launched a statewide 100-day ‘UP Global City’ campaign to transform the lifestyles of urban bodies of UP on par with global standards.
The campaign was launched by Arvind Kumar Sharma, Minister of Urban Development, the government of UP.
The 100-day ‘UP Global City’ campaign has been launched in all 762 urban bodies of UP.
UP Global City i. The campaign aims to improve cleanliness and air quality, ensuring proper garbage disposal, beautification and installation of adequate signages on roads, to bring Up’s urban system up to par with global standards. ii. In all of UP’s districts, campaign-related work will be done on a war footing to improve urban facilities and beautify the cities. Key Points: i. The UP Global City campaign was launched ahead of the Global Investor Summit which will begin on 10th February 2023 and conclude on 12th February 2023 in Lucknow, UP. ii. The Global Investors Summit will be organised in UP in February 2023 and thousands of individuals, including heads of state, diplomats, administrators, rulers, businesspeople, and other dignitaries, will attend G-20 (Group of Twenty) events.
Global Investors Summit, a 3-day long summit, will begin at Lucknow (UP) from 10 to 12 February 2023.
Other Campaigns: In addition to ‘UP Global City’, other similar campaigns being carried out by the Uttar Pradesh government include the Swachh Dhaba campaign, the Swachh Virasat Abhiyan, etc. i. “Swachh Dhaba” Campaign, a 3-month programme, is being run from January to March 2023 for the purpose of cleaning up dhabas, restaurants, hotels and other small ‘gumtis’ in UP. ii. A door-to-door garbage collection campaign in Up will be launched from February 1 to March 31, 2023. iii. On 21st January 2023, a marathon race will be organised in the context of the G-20 conference. About Uttar Pradesh(UP): Chief Minister (CM)- Yogi Adityanath Governor- Anandiben Mafatbhai Patel Wildlife sanctuaries- Suhelwa Wildlife Sanctuary.
Osmanabad District Court Becomes First Court in Maharashtra to Introduce E-system of Functioning
On 8th January 2023, the Osmanabad District Court became the first court in Maharashtra to introduce an e-system of functioning, under which, all the court-related work including filing, payment and other court services can be done through the mobile app or through online mode.
This E-system was inaugurated by the Bombay High Court, Aurangabad bench’s Judge and Osmanabad Guardian Judge, Arun Pednekar.
The library of the court has also been converted into digital mode. The courts of all talukas of Osmanabad district are working on the e-system and 500 lawyers in the district have already registered for the new e-system.
“Purple Fest: Celebrating Diversity”: India’s First Festival of Inclusion held in Goa On 6th January 2023, ‘Purple Fest: Celebrating Diversity’ (Purple Fest 2023), India’s 1st of its kind inclusive festival commenced at the Entertainment Society of Goa in Panaji, Goa.
Dr Virendra Kumar, Union Minister of Social Justice and Empowerment, Dr Pramod Sawant, Chief Minister(CM) of Goa and Subhash Phal Dessai, Minister for Social Welfare, Goa government participated in the inauguration ceremony.
‘Purple Fest: Celebrating Diversity’, held from 6th to 8th January 2023 includes engaging panel discussions, artistic live performances, grand exhibitions, and immersive experience zones.
Aim: Purple Fest aims to showcase how to come together to create a welcoming and inclusive world for everyone. Key Highlights: i. Goa has organised a unique purple celebration that will significantly advance the goals and establish a milestone in Divyangjan’s empowerment.
Divyangjan- The word Viklang was replaced with Divyaang (divine body) to refer to persons with disabilities in 2016.
ii. The idea was inspired by the 6-day event ‘Divya Kala Mela’, which was held in December 2022 in Delhi. iii. The various activities of Purple Fest like Purple Kaleidoscope – the Art Gallery, Purple Exhibition– stalls of products to help people with vision disabilities, and Purple Bioscope -a screening of the movie “86” with sign language interpreters, are organised to create a better understanding of the concepts. Note: In order to ensure that people with disabilities are empowered, the Rights of Persons with Disabilities Act was introduced in 2016. Workshop: Union Minister Dr Virendra Kumar inaugurated a 2-day sensitisation workshop in association with the Purple Fest in Goa on “Issues relating to Empowerment of persons with Disabilities”.
The workshop was organised by the Department of Empowerment of Persons with Disabilities, Ministry of Social Justice & Empowerment (MoSJE), in association with the Office of the Chief Commissioner for Persons with Disabilities (CCPD) on 6-7 January 2023 in Goa.
Aim: A 2-day workshop aims to sensitise the corporate, non-profit, and governmental sectors to their responsibility to build an inclusive society and to have a coordinated approach to Divyangjan’s empowerment. Dignitaries: Subhash Phal Dessai, Minister for Social Welfare, River Navigation, Archives and Archeology, Government of Goa, Rajesh Aggarwal, Secretary, Department of Empowerment of persons with Disabilities, Govt. of India were present on this occasion.
Participants in the workshop included government representatives from the States and Union Territories (UTs) and some eminent NGOs.
Y20 Summit India Curtain Raiser Event: Union Minister Anurag Singh Thakur launches the Themes of the Y20 SummitOn 6th January 2022, Anurag Singh Thakur, Union Minister of Youth Affairs and Sports, launched the themes of Youth 20 (Y20) Summit, logo, and website in the Curtain raiser event of Y20 Summit India at Akashwani Rang Bhawan New Delhi, Delhi.
The Youth20 Group’s inception meeting will take place in Guwahati, Assam, from 6th to 8th February 2023.
India is hosting the Y20 Summit for the 1st time.
The Y20 is the official youth engagement group for the G20 (Group of 20), the forum for the world’s largest and most advanced economies.
Dignitaries: Meeta R. Lochan, Secretary Department of Youth Affairs, Government of India, Dr Vijay Chauthaiwale, Mentor of Y20 Secretariat, India, Anmol Sovit, Chair for the Youth 20 Engagement Group, and senior officers of the Ministry also honoured the event. The 5 themes of Y20:
Future of Work: Industry 4.0, Innovation & 21st Century skills.
Climate Change and Disaster Risk Reduction: Making Sustainability a way of life.
Peacebuilding and Reconciliation: Ushering in an era of No War.
Shared Future: Youth in Democracy and Governance.
Health, Wellbeing &Sports: Agenda for Youth.
Key Points: i. On 6th January 2023, a Panel Discussion on “How India can harness its youth population to be a superpower” was held in the second session of the event. ii. According to Anurag Singh Thakur, the G20 (Group of Twenty) Summit in India will bring together 43 Heads of Delegation, the most ever in the G20, who will attend the last summit in New Delhi, Delhi in September 2023. iii. The G20 consists of 2 parallel tracks: the Finance Track and the Sherpa Track.
The Sherpa Track oversees inputs from 13 Working Groups, 2 Initiatives – Research Innovation Initiative Gathering (RIIG) and G20 Empower, and various Engagement Groups
iv. The focus of Y20’s initiatives during India’s presidency will be on global youth leadership and partnership. v. Pre-summits on the five Y20 themes, and various talks and seminars, will be held at various Universities across India for the next 8 months in preparation for the final Youth-20 Summit. Note: i. G20- It is an intergovernmental forum comprising 19 countries and the European Union (EU). ii. The start of “Amritkaal,” the 25-year era beginning on the 75th anniversary of India’s independence on August 15, 2022, coincides with the G20 Presidency for India.
MoS for Culture Arjun Ram Meghwal inaugurates Astro Tourism – A Sky Gazing Event
On 6th January 2023, Arjun Ram Meghwal, Minister of State (MoS) for Culture, inaugurated Astro Tourism – A Sky Gazing event which was jointly organised by the National Council of Science Museums (NCSM) and Nehru Memorial Museum & Library (NMML), under the banner of Amrit Mahotsav of Independence, at India Gate Lawns, Kartavya Path, New Delhi, Delhi.
It is a 3-day program held from 6-8 January 2023 with various activities like Astro Talks by expert Astronomers, an Exhibition on Astronomy, Storytelling related to celestial objects, Experience of using a telescope to see craters of the Moon, Astronomy Activities, Photographic Panel Exhibition, and Astro-Photography.
IMD: 2022 Fifth Warmest Year for India Since 1901
The India Meteorological Department (IMD)’s Statement on Climate of India during 2022 stated that the year 2022 was the fifth warmest for India since 1901. The annual mean land surface air temperature was 0.51 degrees Celsius above the long-term average, which is the mean temperature for the 1981-2010 period.
This was lower than the highest warming observed in India in 2016 (anomaly of +0.71 degrees Celsius) and higher than the previous year 2021 (anomaly of +0.44 degrees Celsius).
During the 2022 winter season, the all-India mean temperatures were normal with an anomaly of -0.04 degrees Celsius.
Vande Metro Trains: Indian Railways to introduce India’s First Hydrogen Power Trains on Heritage Lines
Indian Railways is set to introduce India’s 1st hydrogen-powered trains – “Vande Metro trains” on its narrow gauge heritage lines to transform Indian locomotive mobility by December 2023. A prototype hydrogen-fueled train is now being developed by the Northern railway workshop which will be tested on the Haryana section between Sonipat and Jind.
The “Hydrogen for Heritage” initiative will not only improve the train’s technology and operating system but also promote the use of green energy in public transport systems.
In 2022, Germany became the first nation in the world to operate hydrogen-powered trains. It was followed by China, which debuted the world’s second and Asia’s first hydrogen-powered train.
Darjeeling Himalayan Railway, Nilgiri Mountain Railway, Kalka Shimla Railway, Matheran Hill Railway, Kangra Valley, Bilmora Waghai, and Marwar-Devgarh Madriya are the 8 heritage lines operated by Indian Railways that are largely powered by diesel.
New members join United Nations Security Council
On 3rd January 2023, the United Nations (UN) Security Council officially welcomed Ecuador, Japan, Malta, Mozambique, and Switzerland, who now hold the two-year seats that they won without opposition in June, in charge of preserving international peace and security.
Ecuador, Japan, Malta, Mozambique and Switzerland are the 5 countries replacing India, Ireland, Kenya, Mexico and Norway, whose terms ended on 31st December 2022.
The ambassadors of the 5 countries installed their national flags alongside those of other members outside the council chambers, continuing a tradition that Kazakhstan inaugurated in 2018.
Mozambique and Switzerland marked their 1st-ever terms on the UN’s most powerful body.
Malta joined for a 2nd time, Ecuador a 4th and Japan a record 12th. China, France, Russia, the United Kingdom (UK) and the United States (US) are permanent UN members.
RBI to Issue Its Maiden Green Bonds for Rs. 16,000 Crore in Two Tranches of Rs. 8,000 Crore EachThe Reserve Bank of India (RBI) has announced that the maidenSovereign Green Bonds (SGrBs) for an aggregate sum of Rs. 16,000 crore will be issued in two tranches of Rs. 8,000 crore each in January and February 2023, with the intention of mobilizing resources for green infrastructure.
The proceeds would be used to fund public-sector projects that will help India reduce its carbon emissions.
i.The Union Budget for 2022-2023 included SGrBs, in accordance with the objective to significantly minimize the carbon intensity of the economy. ii.Green bonds are financial instruments used by the government to raise funds from potential investors for programmes/schemes that promote environmental sustainability and climate adaptation. iii.Issuance Method: SGrBs will be issued through Uniform Price Auction. About the Reserve Bank of India (RBI): Governor – Shaktikanta Das Headquarters – Mumbai, Maharashtra Establishment – 1935
NABARD Raises around Rs 5,000 crore via 3-year BondsUnder its first issue of ‘fund raising through bonds in 2023’, National Bank for Agriculture and Rural Development (NABARD) has raised around Rs 5,000 crore via 3-year bonds.
The coupon for the 3-year bond was63 per cent. (The yield on 3-year government bonds was above 7.16 per cent).
The issue by NABARD had a base size of Rs 2,000 crore plus a green-shoe option of Rs 3,000 crore.
Since NABARD is being a public finance institution, it is exempted from filing papers for bond offering with the Ministry of corporate affairs.
REC Limited: i.Similar to NABARD, REC Limited (formerly Rural Electrification Corporation Limited) also intends to raise up to Rs 3,000 crore through a 10-year paper (maturing in January 2033). The base size is Rs 500 crore with a green-shoe option of Rs 2,500 crore. ii.It also plans to issue medium-term paper (about 41-42 months) to raise up to Rs 3,000 crore from the market. What is a coupon bond?
A coupon bond is a bond with coupons that pays periodic interest payments at its lifetime and par value at maturity.
The coupon rate of the bond refers to the bond’s yield at the date of issuance.
Bonds with higher coupon rates will offer higher yields for the investor on their investment.
-‘Hockey Wali Sarpanch’ inks pact with NABARD to start FPO for Rajasthan’s Farmers To support the farmers of Rajasthan’s Lambi Ahir Village, Neeru Yadav, fondly known as ‘Hockey Wali Sarpanch’ has made an agreement with NABARD to start a Farmers Producers Organisation (FPO), ‘Sachhi Saheli Mahila Agro Producer Company Limited’.
The FPO was started with the assistance of SIIRD (Society of Indian Institute of Rural Development). Neeru Yadav became the Board of Directors of the company.
Sachhi Saheli Mahila Agro Producer Company Limited is the 15th FPO launched by NABARD in Rajasthan.
Neeru Yadav trained 10 girls in hockey sports under Pradhan Mantri Kaushal Vikas Yojana (PMKVY) Scheme and helped them to get placed in MNCs.
According to the NSO’s first FAE, the Indian economy will grow at a rate of 7% in FY23, up from 8.7% in FY22.
i.Real GDP, or GDP at constant (2011-12) prices, is estimated to be Rs 157.60 lakh crore in FY23, compared to a Provisional Estimate of GDP of Rs 147.36 lakh crore in FY22, announced on May 31, 2022. ii.Nominal GDP, or GDP at current prices, is estimated to be Rs. 273.08 lakh crore in FY23, compared to a Provisional Estimate of GDP of Rs. 236.65 lakh crore in FY22, announced on May 31, 2022. iii.The Net National Income (NNI) of India is projected to rise by 6.6 % in FY23 as compared to 8.5 % in FY22. iv.This is expected to keep the fiscal deficit as a percentage of GDP at or below the budget estimate of 6.4%. About the Ministry of Statistics and Programme Implementation (MoSPI): Ministers of State (Independent Charge) – Rao Inderjit Singh (Gurugram Constituency – Haryana)
President Droupadi Murmu Presents Digital India Awards – 2022 (7th edition)The President of India, Droupadi Murmu, presented theDigital India Awards 2022, the 7th edition of the Digital India Awards (DIA), in New Delhi, Delhi, on January 7, 2023.
The DIA awards are administered by theNational Portal of India, which provides a single-window access to information and services offered by government institutions at all levels (centre, state, and local bodies).
Digital India Awards (DIA) i.The DIA awards aim to inspire and encourage not only government entities, but also start-ups and grassroots digital initiatives in pursuing their Digital India vision.
The purpose of the Digital India Program, as envisioned by the Government of India (GoI), is to transform India into a knowledge-based society and economy.
ii.The selection process for DIA includes the nomination of digital initiatives by government entities through theRashtriyaPuraskar Portal, supervised by the Director General, Awards at the Ministry of Home Affairs (MHA).
This unified portal for managing all National Awards was developed and implemented under the direction of the Prime Minister.
iii.This is followed by the ranking of entries by the Nomination Processing Partner, Indian Institute of Technology (IIT) Delhi, and the selection of winners by a jury composed of representatives from government, industry, and academia, chaired by the Secretary, Ministry of Electronics and Information Technology (MeitY). iv.The awards are eligible to all Central Government Ministries/ Departments/ Offices/ Organizations; State Government Departments/ Offices/ Organizations; District Administrations, and Indian Missions Abroad. Digital India Awards 2022 (7th edition) The Digital India Awards 2022 (DIA 2022) were given to thewinners in seven various categories, such as:
Digital Initiatives at Grassroots Level
Digital Empowerment of Citizens
Digital Initiatives for Ease of Doing Business
Public Digital Platforms – Central Ministries, Departments and States
Data Sharing and Use for Socio Economic Development
Digital Initiatives in Collaboration with Startups
Best Web & Mobile Initiatives Complying with GIGW & Accessibility Guidelines
Indian Actress-Director Aparna Sen Receives Lifetime Achievement Award at 15th JIFF
On 6th January 2023, Veteran Indian actress-director Aparna Sen was honoured with the Lifetime Achievement Award at the opening ceremony of the 15th edition of the Jaipur International Film Festival (JIFF 2023) in Jaipur, Rajasthan, being held between 6th and 10th January 2023. Grammy award-winner Ricky Kej, scriptwriter Kamlesh Pandey, and screenplay writer-film producer Haider Hale were present at the opening ceremony.
She made her acting debut in Satyajit Ray’s Teen Kanya (1961) and has starred in several films. She made her directorial debut in 1981 with the English film “36 Chowringhee Lane” (1981).
She has won 9 National Film Awards which includes: Best Director – 36 Chowringhee Lane (1981); Best Feature Film in Bengali – Paromitar Ek Din (2000) & Best Feature film in English – 15 Park Avenue (2005). Her film Mr. and Mrs. Iyer (2002) won 3 national awards Best Direction, Best Screenplay and Nargees Dutt Award.
She was honoured with Padma Shri for Arts in 1987.
RBI approves Appointment of Surinder Chawla as New CEO of Paytm Payments Bank
The Reserve Bank of India (RBI) has approved the appointment of Surinder Chawla as the new Chief Executive Officer (CEO) of Paytm Payments Bank Limited (PPBL).
Surinder Chawla is currently serving as Head of Branch Banking at RBL Bank (formerly known as Ratnakar Bank).
About Surinder Chawla: i. Surinder Chawla, a merit-listed Chartered Accountant, has over 20 years of experience in Retail Banking. He has worked and managed teams in the areas of relationship management, retail asset sales, direct sales product management, and branch banking. ii. He started his career in 1994 with Standard Chartered Bank, where he initiated the direct sales setup that eventually became a whole vertical within the organisation. iii. Prior to joining RBL Bank in 2013, He spent around 11 years in several important and senior management roles at HDFC Bank Limited. He served as HDFC Bank’s Head-Retail Liability Product Management.
He has also worked as Head-sales, Credit Cards for ABN Amro Bank before joining HDFC Bank.
About Paytm Payments Bank: Chairman- Vijay Shekhar Sharma Headquarters- Noida, Uttar Pradesh Establishment- 2017 About the Reserve Bank of India (RBI): Governor- Shaktikanta Das Deputy governors- Mahesh Kumar Jain, Michael Debabrata Patra, M. Rajeshwar Rao, T. Rabi Sankar Headquarters- Mumbai, Maharashtra Establishment- 1935
BIS Launches Portal for Mapping of Industrial Units & Laboratories; SNAP; NBC and Electric CodeOn the occasion of the 76th Foundation Day of the Bureau of Indian Standards (BIS) – 6th January 2023, Piyush Goyal, Union Minister for Commerce and Industry, Consumer Affairs, Food & Public Distribution launched a “Portal for mapping of Industrial Units and Laboratories” during an event organised in New Delhi, Delhi.
He also launched Standards National Action Plan (SNAP) 2022- 27; Revision Exercise of National Building Code of India (NBC 2016); Revised National Electrical Code of India 2023 and Training Courses on National Building Code of India 2016 and National Electrical Code of India.
Key highlights: Portal for mapping of Industrial Units and Laboratories: is a centralised platform for information on industrial units and laboratories across India and also enables analysis of test facilities and helps entrepreneurs in accessing information about testing facilities. i. standards clubs in schools: through this, BIS aims to expose science students of class 9th and above to the concepts of quality and standardisation through student centric activities.
Until date, BIS has established over 4000 Standards Clubs across India and the standards authority has also set a target to create 10,000 clubs by the end of 2022-23.
ii.Standards National Action Plan (SNAP) 2022- 27 will serve as a strong foundation for standardisation to meet the emerging technologies and concerns of sustainability and climate change.
Through SNAP (2022-2027), BIS aims to expose science students of class 9th and above to the concepts of quality and standardisation through student centric activities.
iii.Revision Exercise of National Building Code of India (NBC 2016) – The National Building Code of India, which was initiated by BIS through the National Building Code Sectional Committee has been revised.
They include sustainable city planning norms, new and sustainable building materials, design concepts, construction technologies and building and plumbing services.
iv.With the launch of National Electrical Code of India 2023, BIS aims to regulate the electrical Installations practices across India.
In 1985, India’s first National Electrical Code was formulated and was subsequently revised in the year 2011.
Few new Chapters that were added in the revised NEC include requirements related to Electrical installations at special locations like Hospitals, Community facilities, Hotels, Swimming Pools, Amusement Parks, Supplies for Electric vehicles and multi-storied buildings.
About Bureau of Indian Standards (BIS): President – Piyush Goyal (Union Minister for Consumer affairs, Food & Public Distribution) Director-General – Pramod Kumar Tiwari Headquarters – New Delhi, Delhi
China launches Asia’s 1st Semi-High-Speed Hydrogen Train with a Range of 600 Km
China’s CRRC Corporation Limited has unveiled Asia’s 1st hydrogen-powered trains for the Urban Railways, which have a top speed of 160 kmph (kilometre per hour) and a range of 600 km on a single tank. It was developed in collaboration with Chengdu Rail Transit and CRRC Changchun Railway Co.
This is the second such train in the world. Germany introduced green trains in 2022.
By 2025, China plans to roll out 50,000 hydrogen fuel cell vehicles, with a target of producing 100,000–200,000 tonnes of hydrogen annually from renewable sources.
The market for hydrogen-powered trains is predicted to be valued at USD 34.7 billion by 2030.
Indian tennis player Sania Mirza Announced Retirement from Professional Tennis
Indian Tennis Player Sania Mirza (36-year-old), the former doubles World No. 1 , has confirmed her retirement from professional Tennis. She announced that the Dubai Tennis Championships, a Women’s Tennis Association (WTA) 1000 event in Dubai in February 2023 will be her last match. Prior to her last appearance, she is going to play in women’s doubles at the Australian Open in 16 to 29 January 2023 alongside Kazakhstan’s Anna Danilina.
She has won six Grand Slam doubles titles
She won her first grand slam in 2009 by winning Austraian Open Mixed doubles title with Mahesh Bhupathi. The pair also won the French Open 2012. She won her 3rd mixed doubles title at the US Open in 2014 with Brazil’s Bruno Soares.
Sania Mirza and Martina Hingis of Switzerland won 3 women’s doubles – Wimbledon 2015, the US Open 2015 and the Australian Open 2016
Mirza became the first Indian to win a WTA singles title in 2005. In 2007, She was ranked among the 30 and also reached her career-high ranking of world number 27(Singles).she was ranked India’s No 1 in Singles from 2003 till her retirement from Singles in 2013.
Ex-CJI Ranjan Gogoi Releases Assam CM’s Book “Mukhyamantrir Diary 1”
Rajya Sabha Member of Parliament (MP) and former Chief Justice of India (CJI) Ranjan Gogoi launched the book “Mukhyamantrir Diary 1” authored by Himanta Biswa Sarma, Chief Minister (CM) of Assam. The book chronicles the daily activities of the Himanta Biswa Sarma, during the 1st year of his tenure as CM.
It is an attempt to bring forth the ideas and thoughts behind a CM’s way of functioning.
BSE signs MoU with Goa Government to Promote Development of SMEsBSE (formerly Bombay Stock Exchange Ltd.) has signed a Memorandum of Understanding (MoU) with the Government of Goa for the development of Small Medium Enterprises (SME) in Goa. Key Highlights: i. Under this partnership, BSE will create awareness among SMEs in Goa on the advantages of listing on the exchange and guide them on efficient methods of raising capital through equity infusion. ii. BSE will offer training and capacity-building support to District Industries Center officials and facilitate SMEs with respect to registration or listing on the platform. iii. The partnership between the Goa Government and BSE would be essential in creating many opportunities for small to medium-sized businesses. About BSE: More than 400 companies are listed on the BSE platform, which makes it the largest SME exchange in India. Managing Director(MD) & Chief Executive officer(CEO)- Sundararaman Ramamurthy Headquarters- Mumbai, Maharashtra Establishment- 1875 About Goa: Chief Minister- Pramod Sawant Governor- P. S. Sreedharan Pillai Zoological park- Bondla Zoological Park Airport- Goa International Airport
Chhattisgarh CM Celebrates Traditional ‘Cherchera’ Festival in Raipur
On 6th January 2023, Bhupesh Baghel, Chief Minister (CM) of Chhattisgarh, celebrated the traditional Cherchera festival, an important harvestfestival of Chhattisgarh which is popularly known as the “Rice bowl of India”, at Dudhadhari Math in Raipur, Chhattisgarh.
The festival is celebrated on the full moon night of ‘Paush’ Hindu calendar month in the happiness of taking the crops to their homes after cultivation. The festival usually falls in the month of January.
According to mythological belief, on this day Lord Shankar begged from Mata Annapurna, so people used to donate green vegetables along with paddy on this day.
5th PoshanPakhwada Celebrated from March 20-April 3, 2023
The Ministry of Women and Child Development will celebrate the 5th Poshan Pakhwada nationwide from 20th March to 3rd April 2023 to raise awareness about the importance of nutrition and promote healthy eating habits through Jan Andolan and Jan Bhagidari.
The theme of Poshan Pakhwada 2023 is “Nutrition for All: Together Towards a Healthy India”.
Background: Poshan Abhiyaan was launched by Prime Minister (PM) Narendra Modi on 8th March 2018 for ensuring people’s participation and bringing the discourse on nutrition to the forefront. It intends to improve nutritional outcomes in a holistic manner. Behavioral change at individual and community level is an important component to achieve the desired goals of a Kuposhan-mukt Bharat. Every year, Poshan Pakhwada is celebrated in the month of March for 15 days. Similarly, the month of September is celebrated as Rashtriya Poshan Maah, across the country. Key Points: i.As 2023 is being the International Year of Millets, the focus of Poshan Pakhwada was to popularise ‘Shree Anna’ (Millets) to address malnutrition. ii.The Ministry of Women & Child Development will be the nodal Ministry for coordinating activities during the Poshan Pakhwada.
In the State/UT, Department of Women & Child Development /Social Welfare Department will be the nodal department for Poshan Pakhwada.
iii.Key themes focused on PoshanPakhwada
Promotion and popularization of Shree Anna / Millets for nutritional- well-being through organization of drives to link Millet-based foods with supplementary nutrition, Home visits, Diet consultation camps, etc.
Celebration of SwasthBalakSpardha: Celebrated and recognized the ‘Swasth Balak’ or Healthy Child as per defined criteria by generating a healthy spirit of competition for good nutrition good health and well being.
Popularize Saksham Anganwadis: Campaigns were organized to increase awareness and popularise Saksham Anganwadis with upgraded infrastructure and facilities as centers of improved nutrition delivery and early childhood care and education.
CMIE: Unemployment Rate Rises to 3-Month high of 7.8% in March
According to the data from the Centre for Monitoring Indian Economy (CMIE), India’s unemployment rate increased to 7.8% in March 2023, the highest in 3 months, from 7.45% in February 2023. The unemployment rate was 7.14% in January 2023
Rural unemployment was 7.47% in March 2023, Urban unemployment was 8.51%.
Haryana had the highest unemployment rate among the states with 26.8%, followed by Rajasthan (26.4%) and Jammu & Kashmir (J&K) (23.1%).
Uttarakhand and Chhattisgarh have the lowest unemployment rate among the states and Union Territories (UT) with 0.8%, followed by Puducherry (1.5%) and Gujarat (1.8%).
WB Report: ‘Striving for Clean Air: Air Pollution and Public Health in South Asia’According to the World Bank (WB) report “Striving for Clean Air: Air Pollution and Public Health in South Asia,” concentrations of fine particulate matter (PM) like soot and small dust (PM 2.5) in some of South Asia’s most densely populated and underdeveloped areas are up to 20 times higher than the World Health Organization (WHO) threshold of 5 micrograms per cubic metre (µg/mᶾ).
According to the report, South Asia is home to 9 of the top 10 polluted cities in the world, including Dhaka (Bangladesh).
i.The report claims that around 20% of all premature deaths in Bangladesh are caused by air pollution.
It is estimated that it causes 2 million premature deaths in South Asia each year and imposes huge economic damages.
ii.The consequences of being exposed to such significant air pollution range from stunting and reduced cognitive development in children to respiratory infections and chronic and debilitating diseases. About the World Bank (WB): President (WB Group) – David Robert Malpass Establishment – 1944 Headquarters – Washington D.C, United States (US)
UBI becomes 1st Indian Bank to open SRVA Malaysia for Trade Settlement in rupee i.On April 1, 2023, the Union Bank of India (UBI) opened its ‘Special Rupee Vostro Account (SRVA)’ in Malaysia to facilitate transactions between India and Malaysia in the Indian rupee. This will be done through the UBI’s corresponding bank in Kuala Lumpur, Malaysia i.e. India International Bank of Malaysia (IIBM). ii.With this, UBI has become the first Indian bank to operationalize a Vostro account in the Asian nation. iii.The will allow the Indian and Malaysian traders to invoice the trade in Indian Rupee. About Union Bank of India (UBI): Managing Director– A. Manimekhalai Headquarters– Mumbai, Maharashtra Tagline– Good People to Bank With
IDBI Bank Revises FD Rates and Launches New AmritMahotsav FD SchemeIDBI Bank, a private sector lender, has revised its interest rates for fixed deposits (FDs) under Rs. 2 crore, effective April 1st, 2023.
In response, IDBI bank has introduced the “Amrit Mahotsav FD” scheme for its retail investors, which provides returns of 7.65% for senior citizens and 7.15% for the general public.
IDBI Bank FD Rates i.For deposits expiring in 7 days to 10 years, the bank currently guarantees interest rates ranging from 3.00% to 6.25% for the general public and 3.50% to 6.75% for senior citizens. ii.For fixed deposits that mature in 7 to 30 days, the bank currently offers an interest rate of 3%, whereas it offers an interest rate of 3.35% for deposits that mature in 31 to 45 days. iii.IDBI Bank currently offers 4.25% interest on deposits held for 46 to 90 days and 4.75% interest on deposits held for 91 to 6 months. iv.Deposits maturing in 6 months, 1 day to 1 year, will earn 5.50% interest, while those maturing in 1 year to 2 years (excluding 444 days) would earn 6.75% interest. v.The bank currently offers FDs with a maturity of 2 to 3 years at a rate of 6.5% and deposits with a maturity of 3 to 10 years at a rate of 6.25%. vi.For 5-year tax-saving fixed deposits, IDBI Bank guarantees an interest rate of 6.25% for the general public and 6.75% for senior citizens. vii.Only fresh deposits and renewals will be subject to the new interest rates; while existing accounts will continue to earn interest at the contracted rate. viii.For prematurely closed deposits, the bank will levy a 1% penalty on the applicable rate. Such closures include both sweep-in withdrawals and partial withdrawals. Related Information i.On April 1, 2023, the Bank of India (BOI) also announced a rise in interest rates for FDs under Rs 2 crore.
The bank hiked the interest rate on “Shubh Arambh Deposits,” which are special 501-day term deposits for deposits of less than Rs. 2 crore.
ii.IDBI Bank is offering an interest rate of 7.15% for regular customers, 7.65% for senior citizens, and 7.8% for super senior citizens on Shubh Arambh Deposits for a limited time. About IDBI Bank Limited: MD & CEO– Rakesh Sharma Established – 1964 Headquarters– Mumbai, Maharashtra
India’s Tech SMEs projected to reach $30-$40 bn by FY30: Nasscom-ProHance reportAccording to the report launched by Nasscom in collaboration with ProHance, ‘India’s Tech SMEs: Rising in the Global Digital Arena’, the Digital technology SME’s revenue share in FY30 (financial Year 2029-2030) was expected to reach $30-$40 billion.
The tech SMEs which comprise 7-9% of the overall technology industry was also expected to contribute an estimated $15-20 Billion in FY23 revenues.
The tech SMEs offer cloud services, advanced analytics, and AI solutions and they were expected to account for 35-40% of overall tech revenue by FY30.
The report is a first-of-its-kind publication on tech SME segment of the overall tech industry.
Note – Indian Tech SMEs are MSMEs that offer technology software, hardware, and services to Indian and global entities, and are headquartered in India. Key Findings of the Report: i.Tech SMEs in India contribute 7-9% to the technology industry, having grown at a 10%+ CAGR through FY19, with roughly 90% in the micro and small categories. ii.Tech SME share in INR 19.6 lakh crore ($245 Bn) Indian technology industry in FY23. iii.Digital SMEs have grown 4X since FY19, with focus on cloud migration, SaaS, digital engineering, and advanced analytics and AI-based solutions iv.Doubling of Indian tech industry to $500 Bn by FY30 is expected to entail similar trend for the tech SMEs, with digital revenues growing 2-2.5X, to 35-40% v.North America accounts for 50-55% of the Indian tech SMEs revenue with specific focus around niche cloud, AI, IoT and SaaS products. This is followed by Europe at 19-20%, and the domestic market at 17-18%, in FY23. Note – The report was released by Nasscom on the sidelines of the nasscom SME Confluence 2023.
FOSWAL’s Special Literary Prize for Bangabandhu Handed to Bangladesh PM Sheikh Hasina
In its 63rd Literature Festival, the Foundation of SAARC Writers and Literature (FOSWAL) bestowed the SAARC Literature Award 2023 (Special Literary Award) to Bangladesh’s Father of the Nation, Bangabandhu Sheikh Mujibur Rahman. [SAARC stands for South Asian Association for Regional Cooperation].
The SAARC Literary Award for 2023 was bestowed to him for his great literary excellence through his trilogy: The Unfinished Memoirs, The Prison Diaries, and The New China as I Saw It (1952).
The award was handed over to his daughter, Bangladesh Prime Minister (PM) Sheikh Hasina.
FOSWAL’s three-day regional literary conference was held in New Delhi, Delhi. Key Points: i.The SAARC Literary Award has been given annually since 2001 by the FOSWAL. ii.Sheikh Mujib’s trilogy has been defined as a political document as well as a human testament.
It is proclaimed to have been written with love and compassion by a man who altered the course of history and guided his people to freedom.
iii.The 2023 award was presented at the festival to Bangladeshi writers and researchers Ramendu Majumder and Mofidul Haque by eminent Punjabi novelist and FOSWAL Founder President Ajeet Cour.
Sudha Shivkumar took over as 40th President of FICCI Ladies OrganisationChennai(Tamil Nadu)-based lawyer & investment banker Sudha Shivkumar took over as the 40th National President of the women’s wing of the Federation of Indian Chambers of Commerce & Industry (FICCI) – FICCI Ladies Organisation(FLO) for the term 2023-2024.
Sudha Shivkumar succeeds Jayanti Dalmia, 39th national president of FICCI FLO (2022-2023).
Prior to this appointment, Sudha Shivkumar was serving as the National Senior Vice President of FICCI FLO.
Key Points: As the 40th President of FICCI-FLO, Sudha Shivkumar will focus on empowering women by facilitating an enabling environment that promotes entrepreneurship, industry participation and economic development of women. About Sudha Shivkumar: i.Sudha Shivkumar headed a leading non-banking reputed finance company for around 13 years following which she led the operations of a South-India-based mutual fund with assets under management of Rs 25,000 crores. ii.She also handled a Rs 350-crore portfolio of an international group of high-net-worth individuals. iii.She has previously served as the Chairperson of FLO Chennai Chapter in 2016-17. About FICCI Ladies Organisation(FLO): FLO is a division of FICCI, the apex body of industry and commerce in India. FLO is the oldest women-led and women-centric business chamber of Southeast Asia.
FLO at present has 19 chapters across India with about 3,000 businesswomen as its members.
Established in 1983 Headquarters– New Delhi, Delhi
Vice-Admiral Sanjay Jasjit Singh Assumed Charge as VCNS of the Indian NavyOn April 1, 2023, Vice Admiral Sanjay Jasjit Singh, AVSM, NM, took over as Vice-Chief of Naval Staff (VCNS) of the Indian Navy, following incumbent Vice Admiral S.N. Ghormade, who stepped down as VCNS on March 31, 2023, due to retirement. On April 01, 2023, Vice Admiral Suraj Berry, AVSM, NM, and VSM, assumed charge as Chief of Personnel (COP) of the Indian Navy. The post of COP fell vacant on February 28, 2023, when Vice Admiral Dinesh K. Tripathi, who was holding the post, assumed command of the Mumbai-based Western Naval Command as Flag Officer Commanding-in-Chief (FOC-in-C). On April 01, 2023, Vice Admiral Atul Anand, AVSM, VSM, assumed command as Director General of Naval Operations (DGNO). About the Indian Navy: Chief of Naval Staff (CNS)– Admiral R Hari Kumar Headquarters– New Delhi, Delhi Motto– Sham No Varunah
RBI appoints Neeraj Nigam as New Executive Director
On 3rd April 2023, the Reserve Bank of India (RBI) appointed Neeraj Nigam as the new Executive Director (ED) with immediate effect. He will be in charge of 4 departments, including that consumer education and protection.
Before being promoted as ED, Neeraj Nigam was heading the Bhopal (Madhya Pradesh) regional office of the RBI as director.
For more than 3 decades, he has worked at the RBI’s central office and regional offices in the fields of Regulation and Supervision, human resource management, premises, currency management, bank accounts and other areas.
He has also earned the professional certification of Certified Associate of Indian Institute of Banking and Finance (CAIIB).
LIC bought Bata India shares for Rs 108 crore; increased its stake to 5.008%
Mumbai(Maharashtra)-based Life Insurance Corporation of India has purchased 6.88 lakh shares of Bata India Limited, a footwear retail company, for about Rs 108 crore, raising its stake in the company from 4.472% to 5.008% (from 57,48,071 to 64,36,692 Equity Shares).
The purchase took place between 3rd January 2022 and 29th March 2023.
The shares were bought in an open market purchase at an average price of Rs 1569.33.
ISRO successfully conducts Reusable Launch Vehicle Autonomous Landing Mission in KarnatakaThe Indian Space Research Organisation (ISRO) has successfully conducted the Reusable Launch Vehicle Autonomous Landing Mission (RLV LEX) at the Aeronautical Test Range in Chitradurga, Karnataka.
The test involved a winged body lifted to an altitude of 4.5 km by an Indian Air Force (IAF) Chinook helicopter, subsequently freed to execute an independent high-speed (350 kmph) landing on a runway, and achieved the landing parameters.
This is the first time that a winged body has been released mid-air by a helicopter and carried out an autonomous landing.
Note: The test has been conducted by the IAF, Centre for Military Airworthiness and Certification (CEMILAC), Aeronautical Development Establishment (ADE), and Aerial Delivery Research and Development Establishment (ADRDE) Key Points: i.RLV LEX is essentially a space plane with a low lift-to-drag ratio requiring an approach at high glide angles that necessitated a landing at high velocities of 350 kmph. ii.LEX utilized several indigenous systems. Localized Navigation systems based on pseudolite systems, instrumentation, and sensor systems, etc. were developed by ISRO. iii.The Ka-band Radar Altimeter provided precise altitude information with the aid of a Digital Elevation Model (DEM) of the landing site.
India become 1st Country in the World to Develop Own Model to Estimated TB CasesIndia become the first country in the world to estimate the tuberculosis (TB) burden in-country and launch its country level mathematical model to estimate the prevalence of TB cases in India.
Existing Mechanism: Each year, the World Health Organization (WHO) Global TB Report provides a comprehensive and up-to-date assessment of the TB epidemic, and of progress in prevention, diagnosis and treatment of the disease, at global, regional and country levels.
As per the Indian mathematical model’s data, the global TB reduction number was about 11% while the reduction in TB cases in India is 18%.
India’s TB Estimates as per New model: i.India’s TB incidence rate stands at 196 per 1,00,000 population, instead of the 210 estimated by the WHO. ii.In 2021, WHO projected estimated deaths from the communicable disease at 4.94 lakh, whereas it was now about 3.20 lakh under the new India’s model. iii.The Indian mathematical model estimated the TB incidence rate (per 10,000) in India to be 196 in 2022 instead of the 210 estimated by the WHO (in 2021).
Capulopsyche keralensis: New genus & species of Bagworm Moth Discovered in KeralaResearchers from the Zoology Department at St. Thomas College (Autonomous), Thrissur, Kerala, have discovered a new genus and species of bagworm moth “Capulopsyche keralensis” have been discovered in the coffee plantations of Kerala in Nariyampara, Idukki district, and Nelliampathy, Palakkad district.
On 29th March 2023, the discovery of Capulopsyche keralensis has been published in Zootaxa, an international scientific journal of animal taxonomy and natural history.
Research Team:
The discovery is the result of the research of Usha A.U., a PhD scholar, which is supervised by Joyce Jose, both from the Zoology Department of the college.
Researchers were assisted by Thomas Sobczyk from Hoyerswerda, Germany, an international expert on psychidae, and Roby T.J., Assistant Professor of Botany, Carmel College, Mala, Thrissur, Kerala.
Species Name Definition: i. Capulopsyche keralensis- Capulo means “coffee” and psyche means “moth” or “butterfly”. ii. The name, therefore, translates as ‘Coffee moth of Kerala’ as it was found in the coffee plantations of Nariyampara and Nelliampathy in Kerala. Capulopsyche keralensis: i. Capulopsyche keralensis belongs to the moth family “psychidae”, which consists of very small moths.
Females of many psychid species never develop into a moth and retain larval form.
ii. It is characterised by the case-building behaviour of larvae and a high degree of sexual dimorphism. iii. This is the 1st genus and species of the Taleporiinae subfamily, which is characterised by extreme sexual dimorphism, reported from India. iv. Description:
The females are pale yellowish, wingless, with short legs and antennae.
The male moth is a small-sized brownish-black moth with a wingspan of 8–8.4 mm and a body length of 2.9 mm.
F1 Rolex Australian Grand Prix 2023: Red Bull’s Max Verstappen won his maiden Australian GP titleOn 2nd April 2023, Red Bull’s Max Verstappen(Belgian-Dutch racing driver) won his first ever Australian Grand Prix (GP) Title at the Formula 1(F1) Rolex Australian Grand Prix 2023 held in the Albert Park Circuit, Melbourne, Australia. This is Red Bull’s first victory in Melbourne since 2011 with Sebastian Vettel.
This also marks Max Verstappen’s 80th career Podium finish, with this he ties with Ayrton Senna’s total podium finishes.
7-time world champion, Mercedes’ Lewis Hamilton(British racing driver) secured 2nd position on the podium, his first podium position of the season and Aston Martin’s Fernando Alonso(Spanish racing driver) secured 3rd position.
About Australian GP 2023: i.Australian GP 2023 is the round 3 of the 2023 Fédération Internationale de l’Automobile (FIA) F1 World Championship. ii.This marks the 37th FIA F1 World Championship Australian GP. Race Result: (top 3)
Only 12 of the 20 starters finished the 58-lap race.
It’s the first time Red Bull has won the first three races of an F1 season.
In 2023 Australian GP, Fernando Alonso took his 3rd consecutive podium finish for the first time since 2013.
Facts about Max Verstappen: i.Max Verstappen made his motorsport debut in 2005 and competed at the national level in Belgium and the Netherlands until 2009. ii.At the age of 17, he became the youngest driver to compete in a Formula 1. iii.He has already competed in around 159 races in the premier class, claiming 32 victories and a total of 74 podium finishes. He won the title of Driver’s World Champion in 2021 and 2022. About Australian Grand Prix:
Circuit: Albert Park Circuit
Number of Laps: 58
Circuit Length: 5.278 km
Race Distance: 306.124 km
i.The Australian Grand Prix was held on the Adelaide Street Circuit between 1985 and 1995, and since 1996 race is held in the Albert Park Circuit. ii.Mclaren is the most successful team in Australia with 11 victories. iii.He has competed in 166 Grand Prix races claiming 37 victories and a total of 80 podium finishes. He won the title of Driver’s World Champion in 2021 and 2022. About Federation Internationale de l’Automobile (FIA): President– Mohammed Ben Sulayem Founded in 1904 Headquarters– Paris, France
Madrid Spain Masters 2023: Indonesia’s Gregoria M Tunjung defeats India’s PV Sindhu to win Women’s singles titleIndonesian badminton player Gregoria Mariska Tunjung won the Women’s singles title at the Madrid Spain Masters 2023 finals defeating India’s Pusarla Venkata Sindhu (PV Sindhu).
This also marks Gregoria M Tunjung’s first Badminton World Federation (BWF) World Tour title and her first victory over PV Sindhu in 8 matches.
Madrid Spain Masters 2023, a part of the Spain Masters championship, was held in Centro Deportivo Municipal Gallur, Madrid, Spain from 28th March to 2nd April 2023.
The 2023 Spain Masters was the 8th tournament of the 2023 BWF World Tour.
About Madrid Spain Masters 2023: Madrid Spain Masters 2023 is an international badminton tournament categorized as a Super 300 event.
The tournament offered a prize pool of USD 210,000.
The tournament was organised by the Spanish Badminton Federation with sanctions from the BWF.
Key highlights: i.Japan’s Kenta Nishimoto won the men’s singles title defeating compatriot Kanta Tsuneyama in the finals. This was the first all-Japanese men’s singles finals since the German open 2019. ii.Liu Sheng Shu & Tan Ning of China won the women’s doubles title defeating their compatriots Chen Fang Hui & Du Yue in the finals. iii.China’s He Ji Ting and Zhou Hao Dong-won their first men’s doubles title as a pair defeating Chinese Taipei’s Lee Fang-Chih and Lee Fang-Jen in the finals. iv.Mathias Christiansen & Alexandra Bøje of Denmark won the Mixed double title defeating Praveen Jordan & Melati Daeva Oktavianti of Indonesia. Winners & Runners Of Madrid Spain Masters 2023
Oscar-winning Japanese Composer & Pop Pioneer Ryuichi Sakamoto Passed AwayRyuichi Sakamoto, Oscar-winning Japanese pop pioneer, who was best known for his soundtrack work passed away in Tokyo, Japan, at the age of 71. He was born on 17th January 1953 in Tokyo, Japan. About Ryuichi Sakamoto: i. Ryuichi Sakamoto made his career debut in the 1983 film “Merry Christmas, Mr Lawrence” as both an actor and a film-score composer. ii. He 1st came to prominence as a member of the Yellow Magic Orchestra (YMO), a Japanese electronic music band, in 1978.
YMO was established by Haruomi Hosono, Yukihiro Takahashi, and Ryuichi Sakamoto.
iii. He has worked on various collaborative, solo, and film albums over three decades, earning him many honours for his contributions to the world music industry. iv. Some of his contributions as a member of YMO are Yellow Magic (Tong Poo) (1978), Computer Game/Firecracker (1978), Technopolis (1979), and Rydeen (1979) v. Some of the solo music contributions by Ryuichi Sakamoto Rain (1987), the Last Emperor (1989), Theme from The Sheltering Sky (1990), Heartbeat (1991), Sweet Revenge (1994), and Moving On (1994). vi. He has also starred in movies such as Merry Christmas, Mr Lawrence (1983); The Last Emperor (1987); and The Revenant (2015). Awards: i. Ryuichi Sakamoto won the Oscar Award in 1988 for “The Last Emperor” with David Byrne and Cong Su becoming the first Japanese composer to receive the award. He also won the Golden Globe Award- Best Score – Motion Pictures for the same in 1988. ii. In 1991, He won his 2nd Golden Globe Award for “The Sheltering Sky” under Best Score – Motion Pictures 1991.
Former Indian Cricketer Salim Aziz Durrani Passes Away
On 2nd April 2023, Salim Aziz Durrani, a former Afghan-born Indian Cricketer, passed away in Jamnagar, Gujarat, at the age of 88. He was born on 11th December 1934 in Kabul, Afghanistan. He is the only Indian Test cricketer to have been born in Afghanistan.
He has represented India in 29 Tests, scoring 1202 runs and taking 75 wickets.
He represented Gujarat, Rajasthan, and Saurashtra in the Ranji Trophy of domestic cricket.
He was well known for India’s first Test series victory over England in 1961-62.
In 1961, he was honoured with Arjuna Award. He became the first cricketer to receive the Arjuna Award.
The Board of Control for Cricket in India(BCCI) honoured him with Col. C.K. Nayudu Lifetime Achievement Award.
World Autism Awareness Day 2023 – April 2United Nations (UN)’s World Autism Awareness Day (WAAD) is annually observed across the globe on April 2 to raise awareness about Autism Spectrum Disorder (ASD) and promote the livelihood of people having autism.
World Autism Awareness Day 2023 was observed on 2nd April 2023 under the theme “Transforming the narrative: Contributions at home, at work, in the arts and in policymaking”.
WAAD 2023 observance is organised by the United Nations Department of Global Communication(DGC) and the Department of Economic and Social Affairs(DESA) in collaboration with the Switzerland-based Institute of Neurodiversity (ION), an organisation established and run by neurodivergent people and allies. Background: i. The United Nations General Assembly (UNGA) adopted the resolution A/RES/62/139 on 18th December 2007 and proclaimed April 2 of every year World Autism Awareness Day. ii. The 1st ever World Autism Awareness Day was observed on 2nd April 2008. About the United Nations (UN): Secretary-General- António Guterres Headquarters- New York, USA Establishment- 1945
International Children’s Book Day 2023 – April 2International Children’s Book Day (ICBD) is annually observed across the globe on or around April 2, the birth anniversary of the Danish author Hans Christian Andersen, known for his fairy tales and stories.
The day is observed to inspire Children toward reading and to call attention to books.
International Children’s Book Day 2023 was observed on 2nd April 2023 under the theme “I am a book, read me”.
The message for ICBD 2023 was written by Children’s writer Vagelis Iliopoulos.
The poster for ICBD 2023 was illustrated by Illustrator Photini Stephanidi.
ICBD 2023 was sponsored by the International Board on Books for Young People (IBBY) Greece. Note: Every year, the theme of the ICBD poster is chosen as the theme of ICBD. Key Points: i. The day is annually celebrated by the different national sections of the IBBY. ii. IBBY selects a theme and invites a well-known author from the host nation to write a message to the children of the world, and a famous illustrator to design a poster. Hans Christian Andersen Award: i. The Hans Christian Andersen Award is the highest international recognition given to an author and an illustrator of children’s books.
The award is granted during the biennial IBBY Congress and consists of a gold medal and diploma.
ii. The Hans Christian Andersen Awards recognise lifetime accomplishments and are given to an author and an illustrator whose total body of work has significantly and permanently improved children’s literature. iii. The Author’s Award has been given since 1956 and the Illustrator’s Award since 1966. iv. The awards are sponsored by Nami Island Inc. and nominations for the Hans Christian Andersen Award are made by the National Sections of IBBY. About the International Board on Books for Young People (IBBY): IBBY is a non-profit organisation representing an international network of people from all over the world who are committed to bringing books and children together. President- Sylvia Vardell (2022-2024) Headquarters- Basel, Switzerland
Mobile phones are a modern convenience and became important in our daily lives. From helping us stay in touch with friends and family to managing our finances, the possibilities for productivity and convenience are endless.
Mobile phones have transformed the way that we work, allowing us to stay connected and be productive while on the go. This has resulted in a wealth of knowledge being accessible at any time and from any location, leading to increased efficiency and productivity. While this is widely recognized as a benefit of mobile phones, there are also drawbacks associated with their use. These range from increased exposure to radiation to the potential for distraction and decreased productivity due to overuse. It is important that all users are aware of the potential risks associated with mobile phone usage in order to protect their health and make the most of their knowledge.
Using a mobile phone, you can access all your emails, documents and files without having to be tied to a desktop computer or laptop. You can also use various mobile applications to stay organized and manage your time better. The availability of numerous applications and the knowledge they provide, make mobile phones a great source of information. Furthermore, they also allow people to stay connected and communicate easily with each other. On the other hand, there are some drawbacks as well. Mobile phones can be distracting and interfere with concentration in certain tasks. Additionally, increased usage of mobile phones has been linked to mental health issues such as stress and anxiety. Therefore, it is important to use mobile phones in moderation and to ensure that communication does not become too intrusive in your daily life.
Mobile phones can also increase the amount of multitasking people do, which in turn can decrease their concentration and quality of work produced. Additionally, the fast communication enabled by mobile phones can lead to more stress, resulting in poorer outcomes in other areas. For example, fast communication can lead to people feeling a sense of urgency to respond immediately which can impede their ability to think through a problem or situation in a thoughtful manner. Despite these drawbacks, mobile phones have many advantages. They allow for fast and easy connections with others, enabling people to stay connected no matter where they are. This can be especially beneficial for people who travel frequently or have families that live far away. Mobile phones also provide access to essential information such as news, weather, and directions. The convenience of these features makes them valuable tools for many people.
In conclusion, mobile phones enable us to be productive and convenient wherever we are. With the right apps and tools, your phone can become a powerful tool for managing your finances, staying in touch with family and friends, and even increasing your productivity. By understanding the features of your device and the different ways you can use it to increase your efficiency, you can make the most out of your mobile phone.
MoF Increases Interest Rates on Most Small Savings Schemes, Except PPF, for Q1 FY24The Department of Economic Affairs (DEA), Ministry of Finance (MoF) has announced an interest rate hike on various Small Savings Schemes for the first quarter (Q1) of the fiscal year 2023-24 (FY24), beginning April 1, 2023, and ending June 30, 2023, marking the third consecutive quarter of rate hikes.
Small Savings Schemes have about 40 crore subscribers, and the basket includes 12 instruments such as the National Savings Certificate (NSC), Public Provident Fund (PPF), Kisan Vikas Patra (KVP), Sukanya Samridihi Account (SSA), Monthly Income Savings Scheme, all post office time deposits, etc.,
The interest rate on these savings instruments has been raised by 10-70 basis points (bps) [one percentage point is equivalent to 100 bps].
However, the interest rate for PPF scheme has been kept unchanged at 7.1% over this period, and its returns have remained constant at 7.1% for the last three years. Key Information i.The GoI reviews the interest rates for small savings plans on a quarterly basis. ii.Although the Reserve Bank of India (RBI) sets small savings interest rates, they are linked to market yields on government securities (G-secs) with a lag and are reviewed and fixed quarterly at a spread of 0-100 basis points (bps) over (100 bps = 1%) and above G-sec yields of comparable maturities. About Ministry of Finance (MoF): Union Minister – Nirmala Sitharaman (RajyaSabha- Karnataka) Ministers of State (MoS) – Pankaj Chaudhary; Dr. Bhagwat Kishanrao Karad
Women aged between 15-29 years spend 5.5 hours more than men doing Unpaid Labour: MoSPIi.The Ministry of Statistics and Programme Implementation (MoSPI) released its report titled ‘Women and Men in India 2022’ which is 24th in series. As per it, an average Indian woman, aged between 15 and 29 spends 5.5 hours doing unpaid labour. A man in that age group spends about 50 minutes a day doing work that yields no money. ii.A senior woman (aged above 60) too spends four hours a day doing unpaid labour, while a senior man spends an hour and a half on the same. iii.This report is on the lines of Oxfam report from December 2021, which noted that the unpaid work done by women looking after their homes and children is worth 3.1% of India’s GDP. iv.The only area of unpaid work where men spend more time than women is in volunteering and training, where they spend an extra six minutes per day. About Ministry of Statistics and Programme Implementation (MoSPI): Minister of State (Independent Charge)– Rao Inderjit Singh (Constituency- Gurugram, Haryana) Secretary– DR. G P Samanta
Union Budget 2023-24: Union Minister Nirmala Sitharaman announces Revamping of Credit Guarantee Scheme for MSE from April 1
Nirmala Sitharaman, the union minister of finance, announced in the union budget for 2023–2024 the revamping of the Credit Guarantee Scheme for Micro & Small Enterprises (MSE) with effect from 1st April 2023.
It is revamped with an infusion of Rs 9,000 crore to the corpus to enable an additional Rs 2 lakh crore in collateral-free guaranteed credit and the reduction in the cost of the credit by about 1%.
On 30th March 2023, Rs 8,000 crore was infused into the Credit Guarantee Fund Trust for Micro & Small Enterprises (CGTMSE) corpus. CGTMSE created a new landmark by approving guarantees totalling Rs 1 lakh crore during the financial year (FY) 2022–23.
The limit on the ceiling for guarantees has been enhanced from Rs 2 crore to Rs 5 crore. For settlement of claims in respect of guarantees for loans outstanding up to Rs 10 lakh, initiation of legal proceedings will no longer be required.
CGTMSE has issued guidelines in this regard.
CBDT signs 95 Advance Pricing Agreements in FY 2022-23
The Central Board of Direct Taxes (CBDT), the Department of Revenue, the Ministry of Finance, have entered into a record 95 Advance Pricing Agreements (APAs) in the financial year (FY) 2022-2023 with Indian taxpayers. This year, CBDT recorded the highest-ever APA signings in any FY since the launch of the APA programme.
The agreement includes 63 Unilateral APAs (UAPAs) and 32 Bilateral APAs (BAPAs).
A record of the largest number of single-day signings in the history of the programme was also created with a total of 21 APAs signed on 24th March 2023.
The total number of APAs since the inception of the APA programme has gone up to 516, comprising 420 UAPAs and 96 BAPAs.
The APA Scheme aims to provide taxpayers clarity in the domain of transfer pricing by defining the pricing methodologies and determining the arm’s length price of International transactions for up to 5 years in the future.
Georgia becomes first American state to condemn Hinduphobia, passes resolution
Georgia, United States of America(USA) passed a resolution condemning “Hinduphobia” and “anti-Hindu bigotry”- becoming the first state in the country to do so.
The resolution was introduced by Representatives Lauren McDonald and Todd Jones from Forsyth County in the suburbs of Atlanta, home to one of the largest Hindu and Indian-American diaspora communities in Georgia.
The resolution observed that the American-Hindu community has been a major contributor to diverse sectors such as medicine, science and engineering, information technology, hospitality, finance, academia, manufacturing, energy, retail trade, among others
IRDAI Releases Liberalised Commission Regulations Benefitting Insurers & DistributorsThe Insurance Regulatory and Development Authority of India (IRDAI) has announced three new regulations that are anticipated to have major economic implications on market participants, including insurers and intermediaries. The three new rules are as follows:
In the process, IRDAI replaced the previous regime of ‘product-wise capping’ of commission payable to intermediaries.
This is subject to insurers adhering to the IRDAI’s overall ‘expenses of management’ (EOM) limits.
About Insurance Regulatory and Development Authority of India (IRDAI): Chairperson – Debasish Panda Headquarters – Hyderabad, Telangana Establishment – 1999 (Incorporated on 1st April 2000)
IRDAI Identified LIC, GIC & New India Assurance as D-SIIs for FY23On March 31, 2023, the Life Insurance Corporation of India (LIC), General Insurance Corporation of India (GIC), and New India Assurance continued to be identified by the Insurance Regulator and Development Authority of India (IRDAI) as Domestic Systemically Important Insurers (D-SIIs) for the Financial year 2022-23.
IRDAI annually identifies D-SIIs and publishes the name of the insurers for public information.
In line with the Reserve Bank of India’s benchmarking, D-SIIs are perceived to be ‘too big or (too important) to fail’.
LIC, GIC, and New India Assurance were the D-SIIs from 2020-21.
D-SIIs refers to insurers of large size, market importance and domestic and global inter-connectedness whose distress or failure would cause a significant impact on the domestic financial system.
About General Insurance Corporation of India Limited (GIC Re): Chairman and Managing Director – Devesh Srivastava Headquarters – Mumbai, Maharashtra Establishment – 22 November 1972
DBS Bank Launches investment solution ‘digiPortfolio‘ Offers Morningstar curated InvestmentsDBS Bank India launched an investment solution ‘digiPortfolio’ on its digibank platform, to create a set of investment options curated by Morningstar that match the risk preferences of different investors
The platform which uses both technology and human expertise is an easy, one-stop solution for users to invest money with ready-made baskets of mutual funds.
Key Points: i.The ‘digiPortfolio’ provides instant access to investors with two plans starting at a minimum investment of Rs 10,000 up to Rs 50,000. ii.The plans include features such as portfolio construction, monitoring, and rebalancing services, powered by Morningstar. There are no extra charges, like sales or transaction fees. iii.Investors could invest as long as they want and they could choose based on their goals, risk preferences, and investment duration. iv.Under the platform, the portfolios are designed to be an investment aligned to the investor’s risk appetite and investment horizon. v.The investment options are of mutual funds selected by Morningstar. The portfolios are adjusted even when the market is volatile, to ensure the best possible returns. vi.Various investment options, such as domestic equity, debt and money market instruments, are included in the offering. The digiPortfolio platform is easy to use as it is automated and run by Quantifeed.
Acko, Credit Access Receives IRDAI nod to Commence Life Insurance BusinessOn March 25 2023, in its 121st meeting, the Insurance Regulatory and Development Authority of India (IRDAI), granted a certificate of registration to two new entities namely Acko Life Insurance Limited and Credit Access Life Insurance Limited to commence the life insurance business.
With the entry of the two firms into the insurance business, the number of life insurers operating in India increased to 25 which was remaining unchanged since 2011 (after Edelweiss Tokio’s registration).
Key Points: i.In the case of Acko, it is already operating a general insurance company named Acko General Insurance.
Acko provides insurance covers in auto, health and travel segments.
It is also collaborating with cab-aggregator Ola and Amazon for bite-sized insurance covers available on their respective apps.
Acko, which became a unicorn in October 2021, is backed by Accel, Elevation Capital, Ascent Capital, Munich Re Ventures and Flipkart cofounder Binny Bansal, among others.
ii.CreditAccess Grameen Limited, headquartered in Bengaluru, Karnataka, is the largest microfinance institution in India, which focuses on providing loans to women borrowers in rural. It has the largest microfinance market share in the world. iii.As per the statement of IRDAI, further 20 more applications are in process at various stages of registration in life, general and reinsurance segments. About Insurance Regulatory and Development Authority of India (IRDAI) Chairperson – Debasish Panda Headquarters – Hyderabad, Telangana Establishment – 2000
IPPB partners with Bharti Airtel to launch Banking Services on WhatsApp
On 31st March 2023, India Post Payments Bank (IPPB), under the ownership of the Department of Post, the Ministry of Communications, partnered with New Delhi (Delhi)-based Bharti Airtel Limited to launch banking services through WhatsApp for its customers.
With this new IPPB WhatsApp Banking channel, users of the bank will be able to easily connect with the bank on WhatsApp and access a variety of banking services, including doorstep service requests and locating the nearest Post Office.
Customers will receive the WhatsApp messaging service from Airtel IQ, a cloud-based communications platform as a service (CPaaS) company that offers customer engagement across voice, SMS, and WhatsApp channels.
IPPB and Airtel IQ will ensure multi-language support and real-time customer support agents on WhatsApp to provide quick solutions for customer queries.
BharatPe Group Partners with WEP to foster Women Entrepreneurship in IndiaBharatpe Group, one of the leading fintech company in India, has partnered with the Women Entrepreneurship Platform (WEP) to support women entrepreneurs across India in their journeys of self-reliance and business growth.
The partnership, launched under the ‘BharatPe Cares’, a Corporate Social Responsibility (CSR) initiative by BharatPe Group, is in line with the brand purpose of BharatPe “To empower lives through inclusive fintech solutions”.
This specific initiatives is under the BharatPe’s CSR program of PAYBACK.
Background: i.According to the 6th economic census by the Ministry of Statistics and Programme Implementation(MoSPI), women accounts for only 13.76% of the total entrepreneurs (8.05 million out of the total 58.5 million entrepreneurs) in India. ii.This highlights the need to empower women entrepreneurs in India. About BharatPe – WEP partnership: Aim: To build an ecosystem that unites women entrepreneur from across India and equip them with required domain knowledge and the financial and technical know-how that are required to achieve their business goals. Focus areas: To facilitate development of an aggregator platform that gives access to peer support, mentorship, networking channels and a range of learning resources. Points to note: i.The partnership between WEP and BharatPe aims to address the difficulties faced by the women entrepresenrs and to level the playing field where women can enjou equal growth opportunities. ii.This also aims to facilitate the the development of a plug-and-play digital infrastructure to address the existing gaps and aid the growth of women entrepreneurs. Key Points: i.According to the industry report, women entrepreneurs in India can generate 150-170 million jobs by 2030, more than 25% of new jobs required by working age population. ii.Promoting women entrepreneurship will boost the economy through job creation and is critical to building India as a USD 5 trillion economy. About Women Entrepreneurship Platform (WEP): i.WEP, a first of its kind, is a unified access portal that unites women across India to build a nurturing ecosystem that enables women to realize their entrepreneurial aspirations. ii.WEP is a public-private initiative that aims at providing a continuum of support to women entrepreneurs by leveraging the network of various stakeholders who are part of the ecosystem. About BharatPe: BharatPe was co-founded by Ashneer Grover and Shashvat Nakrani in 2018 Chief Financial Officer & Interim CEO– Nalin Negi Headquarters– Gurgaon, Haryana
SarbanandaSonowal launches Sagar Setu Mobile App of National Logistics Portal MarineThe Union Minister Sarbananda Sonowal, Ministry of Ports, Shipping and Waterways (MoPSW) launched the app Version of National Logistics Portal (Marine) ‘Sagar-Setu’. It was launched in the presence of Minister of State (MoS) Shripad Yesso Naik, MoPSW Sudhansh Pant, Secretary and other senior officials. Key Points: i.The app offers features such as Login Module, Service Catalogue, Common Application Format, Letter of Credit, Bank Guarantee, Certification, Track and Trace, etc. that provide real-time information on activities which are out of reach for importers, exporters, and customs brokers.
This includes vessel-related details, gate information, container freight stations, and transactions, all easily accessible through the app.
ii.It also enables digital transactions for payments required for the clearance process of import and export. iii.The SAGAR-SETU app helps custodians in easier access to functionalities on a handheld device by reducing turnaround time for approval and compliances.
App will benefit service providers and help in tracking of records and transactions offered and also receive notification of service requests.
BDL Successfully Tested the Indigenous Anti Tank Guided Missile, Amogha-IIIBharat Dynamics (BDL) successfully conducted a field firing test of its indigenous third generation man-portable Anti Tank Guided Missile (ATGM), Amogha-III.
Amogha-III has been developed under Integrated Guided Missile Development Programme (IGMDP) by the Research and Development (R&D) Division of BDL.
About Amogha-III ATGM: i.The model of the new 3rd Generation ATGM, Amogha III was unveiled during the DefExpo 2020, a flagship biennial event of the Ministry of Defence(MoD) held in Lucknow, Uttar Pradesh in February 2020 in a hybrid format. ii.The whole missile system comes with a command launch unit (CLU), remote operation capability and a tripod. iii.Amogha-III ATGM which requires no external intervention following the lauch boasts the fire and forget capability. iv.The missile also features a dual-mode Imaging Infrared (IIR) Seeker with a range of 200 to 2500 meters. Features: i.The Amogha-III, assisted by the Defence Research and Development Organisation (DRDO), showcased a tandem warhead, consisting of two separate explosive charges that are detonated in sequence.
The first charge, known as the precursor charge, penetrates the target’s armour, creating a hole for the second charge known as the main charge to detonate inside, maximizing damage inflicted on the target.
ii.The missile can be fired in lock-on-before launch (LOBL) mode. iii.The anti-armour tandem warhead of the missile can penetrate in excess of 650 mm beyond Explosive Reactive Armour (ERA). iv.This missile of versatile nature is capable of top and direct attack modes.
India & UK Scientists collaborate on SMART Early Warning Flood Alert System
Scientists from India and the United Kingdom (UK) have developed a real-time Early Warning System to help reduce the destructive effects of flooding on people and property, particularly in mountainous areas where extreme water events are a major problem. The team worked on integrating science, policy and local community-led approaches to create a so-called SMART approach that better fits the local context.
Team: Researchers from the Indian Institute of Technology (IIT) Roorkee (Uttarakhand), Imperial College London (UK), University of Birmingham (UK), and People’s Science Institute, Dehradun (Uttarakhand).
The SMART approach covers: Shared understanding of risks ensuring every group of people in a community is represented and a wide range of data collection methods are used; Monitoring risks and establishing warning systems that build trust and exchange critical risk information helping to maintain the forecasting system.
Three New Species of Bush Cricket Discovered: Hexacentrus khasiensis, Hexacentrus ashoka, & Hexacentrus tiddaeResearchers from the zoology departments of Ashoka University, Haryana; Punjab University(PU), Chandigarh; and the National Institute of Science Education and Research, Odisha have discovered 3 new predatory Bush Cricket (Hexacentrus) species namely Hexacentrus khasiensis in Meghalaya and Hexacentrus ashoka and Hexacentrus tiddae in Sonipat, Haryana.
The 3 new species were found in 2 study locations: a forested area around and inside the North Eastern Hill University (NEHU) campus of Shillong, Meghalaya, and in the forested area around Ashoka University Campus, Sonipat, Haryana.
Key Points: i. Hexacentrus is a genus of predatory katydids. Hexacentrus is a genus of 7 species, 6 of which are morphologically defined in India and one of which is only acoustically characterised.
Based on detailed morphological, stridulatory, and acoustic characteristics, the 3 new species fall under the genus from India.
ii. Researchers- Aarini Ghosh, Ranjana Jaiswara, Monaal, Shagun Sabharwal, Vivek Dasoju, Anubhab Bhattacharjee, and Bittu Kaveri Rajaraman.
A Joint team of researchers from the zoology departments of Panjab University (PU), Ashoka University, Sonipat, and the National Institute of Science Education and Research, Orrisa, discovered three new species of predatory bush cricket in India.
iii.Zootaxa, a scientific mega journal for animal taxonomists, is likely to now include all 3 of the newly discovered species. Hexacentrus khasiensis: Type material- Holotype Type locality- East Khasi Hill, Shillong, Meghalaya. The species is named after the Khasi hill of Meghalaya. Hexacentrus ashoka: Type material- Holotype Type locality- Ashoka University, Rai, Sonipat, Haryana. The species is named after Ashoka University located in Sonipat, Haryana. Hexacentrus tiddae: Type Material- Holotype Type locality- Ashoka University, Aswarpur, Sonipat, Haryana, India The term ‘tiddae’ in Hindi and Haryanvi refers to Orthoptera, it is used for locusts and crickets.
Renowned Author & 2-time Kerala Sahitya Akademi Award Winner Sarah Thomas Passed AwayOn 31st March 2023, renowned Malayalam writer, Sarah Thomas, a 2-time Kerala Sahitya Akademi Awardee, passed away in Trivandrum, Kerala, at the age of 88. She was born on 15th September 1934 in Trivandrum, Travancore Kingdom, British India (now in Kerala). About Sarah Thomas: i. Sarah Thomas has written 17 novels and over 100 short stories. She published her first novel “Jeevitham Enna Nadhi” at the age of 34. ii. She was known for her work “Narmani Putava” (1978) and, “Daivamakkal” (1982) and “Grahanam” are her favourite works. iii. Her other notable works are Agnishuddhi (1988), Chinnammu (1988), Valakkar (1994), Neelakurinjikal Chuvakum Neram (1995), Thanneerpanthal, Yatra and Kaveri. iv. Her novels Murippadukal, Asthamayam, Pavizhamuthu, and Archana have been adapted into movies. Awards: i. Sarah Thomas’s novel “Narmadi Pudava” won the Kerala Sahitya Akademi Award in 1979. ii. In 2010, she also received the Kerala Sahitya Akademi award for Overall Contribution to Malayalam literature.
Earth Hour 2023 – March 25Earth Hour is annually observed across the globe on the last Saturday of March by turning out the lights from 8:00 p.m. to 9:00 p.m. (local time) as a symbolic act of support for the action taken on environmental issues and protecting the planet. Earth Hour is one of the world’s largest grassroots movements for the environment. Earth Hour 2023 was observed on 25th March 2023.
Earth Hour 2022 was observed on 26th March 2022.
Earth Hour 2024 will be observed on 30th March 2024.
The theme of Earth Hour 2023 is “The Biggest Hour for Earth”. Background: i. Earth Hour was initiated by the World Wide Fund of Nature (WWF), formerly the World Wildlife Fund and partners as a symbolic lights-out event in Sydney, Australia, in 2007. ii. The 1st ever Earth Hour event was observed on 31st March 2007 in Sydney, Australia.
In the 1st Earth Hour event, more than 2.2 million people and 2,000 businesses switched off their lights for one hour.
Chennai’s WABAG bags Rs 4,400 crore Seawater Desalination Project in Tamil Nadu
Chennai (Tamil Nadu)-based VA Tech Wabag Ltd (WABAG) has bagged Rs 4,400 crore Sea Water(salt water) Reverse Osmosis (SWRO) project in Tamil Nadu (TN) which after completion would be the largest sea-water desalination project in the South East Asia region. The project has been bagged in a joint venture (JV) with Metito Overseas Limited and will be implemented on a design, build, operate (DBO) model. Key Highlights: i. WABAG with Metito Overseas wins an SWRO project from Chennai Metropolitan Water Supply and Sewerage Board (CMWSSB). ii. The largest seawater desalination plant in South East Asia, worth Rs 4,400 crore, with a 400 Minimal Liquid Discharge (MLD) capacity, was funded by the Japan International Cooperation Agency (JICA). iii. The DBO will take place over 42 months and will be operated and maintained for 20 years by WABAG. iv.Desalination Process: Lamella Clarifiers, Dissolved Air Flotation System, Gravity Dual Media Filters followed by Reverse Osmosis, and Re-mineralization to produce clean drinking water.
It will be further distributed by CMWSSB to the residents of south Chennai.
Cabinet approves continuation of Schemes of MDoNER worth Rs 12882.2cr from 2022-23 to 2025-26i.The Union Cabinet chaired by the Prime Minister (PM) Narendra Modi has approved the continuation of the Schemes of the Ministry of Development of North Eastern Region (MDoNER) for the balance period of the 15th Finance Commission i.e. from 2022-23 to 2025-26. ii.Its outlay is Rs 12882.2 crore. Based on the Expenditure Finance Committee (EFC) recommendations, the funding for different northeastern states is as follows:
North East Special Infrastructure Scheme (NESIDS)– Rs.8139.5 crore including committed liabilities of ongoing projects
Schemes of NEC– Rs.3202.7 crore including committed liabilities of ongoing projects
Special Packages for BTC, DHATC and KAATC in Assam– Rs.1540 crore (BTC- Rs 500 crore, KAATC – Rs 750 crore and old packages of BTC, DHATC & KAATC – Rs 290 crore)
About Ministry of Development of North Eastern Region (MDoNER): Union Minister– Gangapuram Kishan Reddy (Constituency- Secunderabad, Telangana) Minister of State (MoS)– B. L. Verma (Constituency- Uttar Pradesh)
Union Minister Dr Jitendra Singh inaugurates National Genome Editing & Training Centre at Mohali, PunjabOn 5th January 2023, Dr Jitendra Singh, Minister of State (Independent Charge) of the Ministry of Science and Technology, inaugurated the “National Genome Editing & Training Centre” (NGETC) at the National Agri-Food Biotechnology Institute (NABI), under the Department of Biotechnology, Ministry of Science and Technology, in Mohali, Punjab.
Dr Jitendra Singh also launched a 4-day International Conference on Food and Nutritional Security 2023 (iFANS-2023), which takes place from 6th to 9th January 2023.
Key Points: i. Over 80,000 firms have been founded in India as a result of the startup movement, which had just roughly 350 startups before 2014. ii. Dr Jitendra Singh insisted that the increase in the number of StartUps must also equally and proportionately reflect in the Agri and Bio-tech because this area is yet to be fully explored and taken advantage of by Indian entrepreneurs and youth. National Genome Editing & Training Centre (NGETC): i. The NGETC is one roof state-of-the-art facility that will serve as a national platform to meet regional demands for adapting various genome editing methods, including Clustered Regularly Interspaced Short Palindromic Repeats (CRISPR)-Cas mediated genome modification.
Genome editing is a tool to cause site-specific gene changes or mutations to enable the development of critical crop features.
Indian research might use the promising technology of genome editing to provide the necessary custom features in crops.
ii. NGETC will help empower young researchers by educating them about its expertise and application in crops. iii. Bananas, rice, wheat, tomato, maize, and millet are just a few of the many crops that NABI has demonstrated its capacity to expand the use of its genome editing technologies. International Conference in Food and Nutritional Security 2023 (iFANS-2023): The iFANS-2023, a 4-day conference, will be jointly organized by the National Agri-Food Biotechnology Institute (NABI), Centre for Innovative and Applied Bioprocessing (CIAB), Indian Council of Agricultural Research – National Institute of Plant Biotechnology (ICAR – NIPB), and International Centre for Genetic Engineering and Biotechnology (ICGEB) at NABI, Mohali, Punjab.
The theme of the conference is pertinent to inspire young students and researchers considering the fact that food and nutrition security is a global demand.
The conference will discuss how genome editing might improve India’s food and nutritional security under changing climate.
The conference will have multiple sessions with speakers from 15 different countries.
80 speakers (40 international and 40 national) will be sharing their scientific knowledge during the conference.
India’s Biggest Hockey Stadium was inaugurated in Odisha Naveen Patnaik, Chief Minister(CM) of Odisha, inaugurated the Birsa Munda International Hockey Stadium, India’s largest hockey stadium, in terms of seated (chair) capacity of 20,000, in Rourkela, Odisha.
CM Naveen Patnaik also inaugurated the World Cup Village at Birsa Munda Hockey Stadium Complex in Rourkela and announced a reward of Rs 1 crore for each player of the Indian hockey team if they win the World Cup Hockey.
CM also inaugurated the “Mo Bus” (my bus) services in Rourkela with 30 vehicles to ensure hassle-free movement during the hockey world cup.
The stadium is inaugurated ahead of the 15th Fédération Internationale de Hockey(FIH) Hockey World Cup – FIH Odisha Hockey Men’s World Cup 2023 which is scheduled to be held from 13th to 29th January 2023 in Bhubaneswar and Rourkela, Odisha.
Rourkela is the 2nd venue for the international event after the Kalinga Stadium in Bhubaneswar, Odisha.
Key People:
Bhola Nath Singh, Secretary General of Hockey India along with officials of Hockey India and the Odisha government were present during the event. About Birsa Munda International Hockey Stadium: i.The Birsa Munda International Hockey Stadium, named after freedom fighter Birsa Munda, is built over 15 acres of land at the campus of the Biju Patnaik University of Technology (BPUT) in Rourkela. ii.The stadium, with a total capacity of 21,000, is built at a cost of Rs 146 crore. 20 of the 44 Hockey World Cup matches will be held at Birsa Munda stadium and the remaining will be held in Kalinga Stadium. iii.The stadium was built by the Odisha Industrial Infrastructure Development Corporation (IDCO). World Cup Village: i.The World Cup Village with 225 rooms with all amenities for the Hockey World Cup has been developed within a period of 9 months. ii.The World Cup Village will house the teams and officials of the FIH Odisha Hockey Men’s World Cup 2023. Additional info: During the inauguration event, CM Naveen Patnaik unveiled a book titled “Odisha Re Hockey” (Hockey In Odisha) published by School and Mass Education Department. The book deals with the history of Hockey in Sundargarh and the role of Odisha in promoting the national sport of India. Points to note: Odisha will be hosting the men’s hockey world cup for the 2nd time in a row. Previously, the 2018 Hockey world cup was hosted at Kalinga Stadium in Bhubaneswar, Odisha. This will be the fourth time India will host the hockey world cup.
India gets its 1st IVF Mobile Unit for Animals
On 1st January 2023, India received its 1st In vitro fertilization (IVF) mobile unit for animals in Amreli, Gujarat. Parshottam Rupala, Union Minister of Fisheries, Animal Husbandry and Dairying, inaugurated the mobile IVF lab.
The Government of India and Amar Dairy jointly dedicated the IVF mobile van.
Notably, IVF is a complex series of procedures used to support fertility and child conception.
It is an advanced reproductive technology used in animals to multiply superior female germplasm at a higher rate.
ILO Report: Half of The World’s Workforce Works Too Much or Too Little
As per the report, prior to the COVID-19 pandemic, the average number of hours per week in paid work globally was around 43.9 hours (2019 or the latest available year).
Key Observations from the Report i.The report examines the two main aspects of working time: working hours and working time arrangements (also called work schedules), as well as their effects on business performance and workers’ work-life balance.
The report examines implications on work-life balance, such as shift work, on-call work, compressed hours, and hours-averaging schemes.
ii.The report, which is the first to focus on work-life balance, discovered that a significant fraction of the global workforce works either long or short hours when compared to a standard eight-hour day/40-hour work week.
More than one-third of all workers work more than 48 hours per week on a regular basis, whereas one-fifth of the global workforce works short (part-time) hours of less than 35 per week.
iii.The report also looked at the disparities between workers’ actual and preferred work hours, and found a significant misalignment.
Workers in the informal economy are more likely to work long or short hours.
iv.The report provides a significant amount of evidence showing work-life balance policies have a positive impact on businesses, proving that such policies benefit both employers and employees. About the International Labour Organization (ILO): ILO is the only tripartite United Nations (UN) agency that brings together governments, employers, and workers from 187 member countries. India is a founder member of the ILO. Director-General – Gilbert Fossoun Houngbo Headquarters – Geneva, Switzerland Establishment – 1919
RBI selected 6 firms under 4th cohort of RS to Test Anti-Fraud Solutionsi.On January 5, 2023, the Reserve Bank of India (RBI) selected six entities out of nine applications for the Test Phase under the 4th cohort of Regulatory Sandbox (RS) on the theme ‘Prevention and Mitigation of Financial Frauds’. ii.The selected entities will commence testing their products on Anti-Fraud Solutions from February 2023. iii.Selected entities & their Products:
Bahwan Cybertek
Crediwatch Information Analytics
enStage Software Private Limited (Wibmo)
HSBC in collaboration with Wibmo
napID Cybersec
Trusting Social
SEBI nod to Reclassify Govt Holding in IDBI Bank as ‘Public’ after SaleThe Securities and Exchange Board of India (SEBI) agreed to the Central Government request to reclassify its shareholding in IDBI Bank after its disinvestment as public holding.
However, this is subject to the condition that government’s voting rights in the bank will not exceed 15% of the total voting rights after the sale.
Key Points: i.Thisreclassification by government must be specified in the letter of offer dispatched to the shareholders of the bank in connection with the open offer made by the acquirer. ii.After disinvestment, the bank must make an application to the stock exchanges for reclassification of the government holding under the public category. iii.The new acquirer must ensure compliance with the minimum public shareholding (MPS) requirements within one year of the sale. iv.At present, the government holds 45.48% stake, LIC holds around 49.24%, and the remaining 5.28% is public shareholding. v.The government is selling 30.48% stake in the bank, while LIC will sell 30.24%.
After the sale, the government will be left with 15 per cent and LIC will have a little over 19 per cent stake in the bank.
About Securities and Exchange Board of India (SEBI): Chairperson– Madhabi Puri Buch Headquarters– Mumbai, Maharashtra Establishment– 1992
SEBI Issues Debt Broker License to Zerodha-Backed GoldenPi TechnologiesThe Securities and Exchange Board of India (SEBI) has granted a debt broker license to GoldenPi Technologies, a Bengaluru (Karnataka)-based fintech company backed by Indian financial services provider Zerodha.
With this, GoldenPi Technologies became the first online bond platform (OBP) provider to obtain a debt brokerage licence from SEBI.
On January 5, 2022, SEBI relaxed certain provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations) relating to the dispatch of a hard copy of the annual report (financial statements) due in the year 2023 to debenture holders till September 30, 2023, which shall take effect immediately. The earlier extension lasted until December 31, 2022.
About the Securities and Exchange Board of India (SEBI): Chairperson– Madhabi Puri Buch Headquarters– Mumbai, Maharashtra Establishment– 1992
RBI Launches Medium-Term Strategy Framework “Utkarsh 2.0” For 2023-2025The Governor of the Reserve Bank of India (RBI), Shaktikanta Das, has launched the“Utkarsh 2.0”Medium-Term Strategy Framework for the period 2023-2025.
Utkarsh 2.0 would enable the RBI to respond to socioeconomic challenges in both a proactive and reactive manner.
Utkarsh 2.0 relies on the strengths of Utkarsh 2022 by retaining the six vision statements, as well as the core purpose, values, and mission statement.
Utkarsh 2022 i.The first strategy framework, “Utkarsh 2022”, covering the period 2019-2022, was launched in July 2019.
It evolved into a medium-term strategy document that guided the RBI’s work toward the achievement of the defined milestones.
ii.Utkarsh’s core purpose is to promote monetary and financial stability while retaining growth as a priority, in order to support the establishment of an effective and inclusive financial system. Six Vision statements of Utkarsh 2.0
Excellence in performance of its functions
Strengthened trust of citizens and Institutions in the RBI
Enhanced relevance and significance in national and global roles
Transparent, accountable and ethics-driven internal governance
Best-in-class and environment-friendly digital and physical infrastructure
Innovative, dynamic and skilled human resources
Key Points: i.Utkarsh 2.0 will include the adoption of tools driven by artificial intelligence (AI) and machine learning (ML) for data analysis and information generation. ii.The RBI oversees the program’s implementation and development, through a Sub-committee of its Central Board. About the Reserve Bank of India (RBI): Governor – Shaktikanta Das Deputy Governors – Mahesh Kumar Jain, Michael Debabrata Patra, M. Rajeshwar Rao, T. Rabi Sankar Headquarters – Mumbai, Maharashtra Establishment –1935
Axis Bank & OPEN Collaborate to Launch a Fully Digital Current AccountAxis Bank Limited (Axis Bank), India’s third-largest private sector bank, has partnered with Open Financial Technologies Pvt Ltd (OPEN), a digital banking firm, to give its customers a fully native digital current account journey.
This is Axis Bank’s first collaboration with a fintech company to develop a fully digital current account.
Small and Medium Enterprises (SMEs), freelancers, homepreneurs (home-based entrepreneurs), influencers, and other clients would benefit from the Fully Digital Current Account. Key Points: i.The existing Current account holders of Axis Bank will have access to over 250 banking services from Axis Bank as well as OPEN’s financial automation tools for business management.
Payments, accounting, payroll, compliance, expense management, and other services are among the business management tools offered by OPEN.
ii.The digital current account authentication process will be entirely online, using the PAN (permanent account number) and Aadhaar, followed by a video KYC (know your customer) process. iii.OPEN will continue to work on integrating value-added services for users such as term loans, revenue-based finance, and more. Open Financial Technologies Pvt Ltd (OPEN) i.OPEN, a neo-banking platform headquartered in Bangalore, Karnataka, was founded in 2017.
A “neo-bank” is a kind of digital bank that does not have any physical locations. They use artificial intelligence (AI) and technology to give clients personalized services while reducing operating costs.
ii.OPEN operates the SME neo-banking platform ‘Open Money’, the embedded finance platform ‘Zwitch’, and ‘BankingStack’, the enterprise digital banking platform for banks. iii.Open, India’s 100th Unicorn, is backed by top global investors such as IIFL Finance, Temasek, Google, Visa, and Tiger Global, among others.
OPEN’s digital banking platform is currently used by over 30 lakh businesses.
Anish Achuthan is the Co-founder and Chief Executive Officer (CEO) of OPEN.
About Axis Bank Limited: MD & CEO – Amitabh Chaudhry Establishment –1993 Headquarters – Mumbai, Maharashtra Tagline – Badhti Ka Naam Zindagi
CIRIUM: Delhi & Bengaluru Among the Top 10 Performing Global Airports Of 2022According to the On-Time Performance Review 2022 released by CIRIUM, the aviation analytics company, Kempegowda International Airport, Bengaluru, Karnataka, and Indira Gandhi International (IGI) Airport, Delhi, were listed among the top 10 in the Top Performing Global Airports of 2022.
Kempegowda International Airport is ranked 2nd and Indira Gandhi International (IGI) Airport is ranked 7th on the list.
The list is topped by Haneda Airport in Japan.
Chhatrapati Shivaji Maharaj International Airport, Mumbai (Maharashtra) stood at the 11th spot.
The Top Performing Global Airports of 2022:
Varanasi Cantt Railway Station Bags ‘Eat Right Station’ Certification from FSSAI
The Varanasi Cantt railway station has been awarded a 5- star ‘Eat Right Station’ certification by the Food Safety and Standards Authority of India (FSSAI) for providing high quality and nutritious food to passengers. The 5-star rating indicates full compliance by the station to ensure safe and hygienic food is available to passengers.
The certification is part of the ‘Eat Right India’ movement- a large-scale effort by FSSAI to transform India’s food system to ensure safe, healthy and sustainable food for all Indians.
The other railway stations with Star certification include Anand Vihar Terminal Railway Station (Delhi); Chhatrapati Shivaji Terminus (Mumbai); Mumbai Central Railway Station, (Mumbai); Vadodara Railway Station, Chandigarh Railway Station and Bhopal Railway Station.
Kerala CM Pinarayi Vijayan presents 1st Gouriamma award to Aleida Guevara
On 5th January 2023, Pinarayi Vijayan, Chief Minister (CM) of Kerala, presented the 1st Gouriamma award to Aleida Guevara, Cuban child rights advocate and daughter of revolutionary leader Che Guevara, at Olympia Hall at Chandrasekharan Nair Stadium in Thiruvananthapuram, Kerala.
The award recognises her efforts to rehabilitate differently abled children and provide debt relief to developing countries.
The award was instituted by The K.R. Gouriamma Foundation in memory of the Communist leader K.R. Gouriamma.
The award comprises USD 3,000, a statuette and a citation.
Jury: former Education Minister M.A. Baby(chair) Binoy Viswam, Member of Parliament (MP), and P.C. Beenakumari, managing trustee of the foundation.
Tropidophis cacuangoae: Scientists Discovers New Dwarf Boa in Ecuadoran Amazon
Scientists have discovered a new species of dwarf boa(snake): Tropidophis cacuangoae in the Ecuadorian Amazon, Ecuador. The new species is named after 20th century Indigenous rights activist Dolores Cacuango. Two specimens of the species were found in the Colonso Chalupas national reserve and in the private Sumak Kawsay park.
The new species is 20 centimetres (7.8 inches) long, with skin colouring similar to those of the boa constrictor.
The species is unusual for having a “vestigial pelvis” characteristic of primitive snakes and taken as evidence by some that snakes descended from lizards that lost their limbs over millions of years.
The researchers’ findings were published in the European Journal of Taxonomy.
Pranesh from TN Becomes India’s 79th Chess Grandmaster; Wins Rilton Cup 2022/2023M Pranesh (16-year-old) from Tamil Nadu (TN) became India’s 79th Grandmaster (GM) after crossing the 2500 ELO rating and winning the Rilton Cup 2022/2023 held in Stockholm, Sweden.
The Rilton Cup is the first tournament of the FIDE circuit.
Pranesh is the 28th Grandmaster from Tamil Nadu(TN).
Key highlights: i.He crossed the 2500-rating threshold and became a GM, having completed his three norms before the Rilton Cup.
He won his first norm at the 18th Delhi GM Open in January 2020 and claimed his second norm at the Sunway Sitges International Chess Festival in Spain in December 2021.
He won his third norm at the Asian Continental Chess Championship 2022.
Key Points: i.Pranesh has been seeded 22nd, finishing ahead of IM Kaan Kucuksari (Sweden) and GM Nikita Meshkovs (Latvia).
He topped the Rilton Cup charts which witnessed the participation of 136 players representing 29 national federations
ii.With 6.8 circuit points Pranesh is now the early leader of the FIDE Circuit.
The player with most points by the end of the year qualifies for the 2024 FIDE Candidates.
iii.Grandmaster R Raja Rithvik of India finished 8th with 6 points. Note – On 1st January 2023 Koustav Chatterjee (19-year) had become India’s 78th GM at the MPL 59th National Senior Chess in New Delhi, Delhi. About GrandMaster (GM): i.Grandmaster (GM) is the highest title a chess player attain and it is awarded by the world chess organisation FIDE (Fédération Internationale des Échecs – International Chess Federation).
To become a GM, a player has to secure three GM norms and cross the live rating of 2,500 Elo points.
ii.The other titles by FIDE include International Master (IM), FIDE Master (FM) and Candidate Master (CD), which are open to all chess players regardless of gender.
KKCL & BCCI partners as Official Sponsor of Indian Cricket Team
Kewal Kiran Clothing Limited (KKCL), the retail giant, has announced plans to enter its flagship brand ‘Killer’ into a strategic partnership with the Board of Control for Cricket in India (BCCI) as the Indian Cricket Team’s “Official Sponsor”.
The brand will now be displayed on the Team India jersey’s right upper chest. KKCL will put on the brand Killer logo on Team India’s Kit until 31st May 2023.
Since 1992, KKCL, one of India’s major branded garment manufacturers, has been creating, producing, and distributing branded jeans and a variety of western clothing.
It also produces “Killer” jeans, a brand that has been prominently marketed on the fields of cricket. KKCL owns brands like Integriti, Lawmanpg3, Easies and Desi Belle
FIH Partners with JSW Group for 15th Edition Hockey Men’s World Cup
The International Hockey Federation (FIH) has signed a partnership with the JSW Group for the upcoming 15th edition of FIH Odisha Hockey Men’s World Cup 2023 Bhubaneswar-Rourkela, which will be conducted between 13th January 2023 – 29th January 2023 in Odisha. The JSW Group supports and promotes Olympics in India and has created an Olympic Training Institute in the Inspire Institute of Sport. It also has Olympic training centres across India.
Veteran Sinologist Janaki Ballabh passed away in Beijing
Veteran Sinologist Janaki Ballabh, an Indian translator and writer, who translated a range of Chinese works into Hindi, passed away in Beijing, China, at the age of 94. He lived and worked in China as a Hindi Language expert from 1956 to the years immediately following the Cultural Revolution.
Janaki Ballabh was born in Dalakot village in Almora in Uttarakhand and was closely associated with India’s Independence movement.
Noted works: ‘Selected Works’ by Mao Zedong, founder of the Communist Party of China (CPC); the Chinese classic novel ‘Journey to the West’; and works of prominent Chinese writer, essayist, poet and literary critic Lu Xun
He was honoured with Peace and Friendship Award 1961 by former Chinese Premier Zhou Enlai for his contributions to cultural exchange between China and India.
Sinologist – a person who studies or is an expert in the academic study of China primarily through Chinese language, literature, and history.
World Day of War Orphans 2023 – January 6World Day of War Orphans is annually observed across the globe on January 6 to create initiatives to ensure a better future for children who have been left orphaned by war and to raise awareness of the need to preserve their human rights globally.
The day provides a platform for discussing the problem of war orphans and emphasising the difficulties children experience as they develop emotionally, socially, and physically.
i. The French organisation SOS Enfants En Detresse (SOSEED), which aimed to better the lives of children impacted by conflict, established the World Day of War Orphans. ii.War Orphans- A child who has lost both parents or, less commonly, one parent through civilian deaths in the war. About the United Nations Children’s Fund (UNICEF); Executive Director- Catherine M. Russell Headquarters- New York, USA Establishment- 1946
Army Inks Pact with Assam Govt for Treatment of Ex-servicemen at Medical Colleges
On 5th January 2023 the Indian Army signed Memorandums of Agreement (MoUs)with eight government medical colleges and hospitals under the Governemnt of Assam to offer the Ex-Servicemen Contributory Health Scheme (ECHS) in Assam. The benefits of ECHS will be offered in hospitals and colleges in Guwahati, Dibrugarh, Silchar, Jorhat, Barpeta, Tezpur, Diphu and North Lakhimpur.
The MoUs were signed between the Indian Army and 8 government medical colleges and hospitals in Assam in presence of Chief Minister (CM) Himanta Biswa Sarma and General Officer Commanding-in-Chief of the Eastern Command Lt Gen RP Kalita.
The Assam Cancer Care Foundation (ACCF), Government of Assam and TATA Trust initiative, has also been empanelled with ECHS.
This scheme covers all types of diseases and will facilitate the cashless and capless treatment of almost 1.12 lakh beneficiaries.
HP CM Sukhvinder Singh Sukhu Launched Rs 101 crore CM’s Sukhashray Sahayata Kosh for the Needy
On 1st January 2023, Sukhvinder Singh Sukhu, Chief Minister (CM) of Himachal Pradesh (HP), launched CM’s Sukhashray Sahayata Kosh with an outlay of Rs 101 crore for higher education for needy children especially orphans, destitute women and senior citizens with immediate effect.
All 40 Congress Members of the Legislative Assembly (MLA) have agreed to deposit their first month’s salary into the fund.
The Government of Himachal Pradesh will cover the costs of their skill-development education, higher education (engineering, medicine, and management), and vocational training, for destitute children.
Current Affairs Daily Digest – 7 January 2023
Last updated: Sun Jan 08 2023
Cabinet approves continuation of Schemes of MDoNER worth Rs 12882.2cr from 2022-23 to 2025-26i.The Union Cabinet chaired by the Prime Minister (PM) Narendra Modi has approved the continuation of the Schemes of the Ministry of Development of North Eastern Region (MDoNER) for the balance period of the 15th Finance Commission i.e. from 2022-23 to 2025-26. ii.Its outlay is Rs 12882.2 crore. Based on the Expenditure Finance Committee (EFC) recommendations, the funding for different northeastern states is as follows:
North East Special Infrastructure Scheme (NESIDS)– Rs.8139.5 crore including committed liabilities of ongoing projects
Schemes of NEC– Rs.3202.7 crore including committed liabilities of ongoing projects
Special Packages for BTC, DHATC and KAATC in Assam– Rs.1540 crore (BTC- Rs 500 crore, KAATC – Rs 750 crore and old packages of BTC, DHATC & KAATC – Rs 290 crore)
About Ministry of Development of North Eastern Region (MDoNER): Union Minister– Gangapuram Kishan Reddy (Constituency- Secunderabad, Telangana) Minister of State (MoS)– B. L. Verma (Constituency- Uttar Pradesh)
Union Minister Dr Jitendra Singh inaugurates National Genome Editing & Training Centre at Mohali, PunjabOn 5th January 2023, Dr Jitendra Singh, Minister of State (Independent Charge) of the Ministry of Science and Technology, inaugurated the “National Genome Editing & Training Centre” (NGETC) at the National Agri-Food Biotechnology Institute (NABI), under the Department of Biotechnology, Ministry of Science and Technology, in Mohali, Punjab.
Dr Jitendra Singh also launched a 4-day International Conference on Food and Nutritional Security 2023 (iFANS-2023), which takes place from 6th to 9th January 2023.
Key Points: i. Over 80,000 firms have been founded in India as a result of the startup movement, which had just roughly 350 startups before 2014. ii. Dr Jitendra Singh insisted that the increase in the number of StartUps must also equally and proportionately reflect in the Agri and Bio-tech because this area is yet to be fully explored and taken advantage of by Indian entrepreneurs and youth. National Genome Editing & Training Centre (NGETC): i. The NGETC is one roof state-of-the-art facility that will serve as a national platform to meet regional demands for adapting various genome editing methods, including Clustered Regularly Interspaced Short Palindromic Repeats (CRISPR)-Cas mediated genome modification.
Genome editing is a tool to cause site-specific gene changes or mutations to enable the development of critical crop features.
Indian research might use the promising technology of genome editing to provide the necessary custom features in crops.
ii. NGETC will help empower young researchers by educating them about its expertise and application in crops. iii. Bananas, rice, wheat, tomato, maize, and millet are just a few of the many crops that NABI has demonstrated its capacity to expand the use of its genome editing technologies. International Conference in Food and Nutritional Security 2023 (iFANS-2023): The iFANS-2023, a 4-day conference, will be jointly organized by the National Agri-Food Biotechnology Institute (NABI), Centre for Innovative and Applied Bioprocessing (CIAB), Indian Council of Agricultural Research – National Institute of Plant Biotechnology (ICAR – NIPB), and International Centre for Genetic Engineering and Biotechnology (ICGEB) at NABI, Mohali, Punjab.
The theme of the conference is pertinent to inspire young students and researchers considering the fact that food and nutrition security is a global demand.
The conference will discuss how genome editing might improve India’s food and nutritional security under changing climate.
The conference will have multiple sessions with speakers from 15 different countries.
80 speakers (40 international and 40 national) will be sharing their scientific knowledge during the conference.
India’s Biggest Hockey Stadium was inaugurated in Odisha Naveen Patnaik, Chief Minister(CM) of Odisha, inaugurated the Birsa Munda International Hockey Stadium, India’s largest hockey stadium, in terms of seated (chair) capacity of 20,000, in Rourkela, Odisha.
CM Naveen Patnaik also inaugurated the World Cup Village at Birsa Munda Hockey Stadium Complex in Rourkela and announced a reward of Rs 1 crore for each player of the Indian hockey team if they win the World Cup Hockey.
CM also inaugurated the “Mo Bus” (my bus) services in Rourkela with 30 vehicles to ensure hassle-free movement during the hockey world cup.
The stadium is inaugurated ahead of the 15th Fédération Internationale de Hockey(FIH) Hockey World Cup – FIH Odisha Hockey Men’s World Cup 2023 which is scheduled to be held from 13th to 29th January 2023 in Bhubaneswar and Rourkela, Odisha.
Rourkela is the 2nd venue for the international event after the Kalinga Stadium in Bhubaneswar, Odisha.
Key People:
Bhola Nath Singh, Secretary General of Hockey India along with officials of Hockey India and the Odisha government were present during the event. About Birsa Munda International Hockey Stadium: i.The Birsa Munda International Hockey Stadium, named after freedom fighter Birsa Munda, is built over 15 acres of land at the campus of the Biju Patnaik University of Technology (BPUT) in Rourkela. ii.The stadium, with a total capacity of 21,000, is built at a cost of Rs 146 crore. 20 of the 44 Hockey World Cup matches will be held at Birsa Munda stadium and the remaining will be held in Kalinga Stadium. iii.The stadium was built by the Odisha Industrial Infrastructure Development Corporation (IDCO). World Cup Village: i.The World Cup Village with 225 rooms with all amenities for the Hockey World Cup has been developed within a period of 9 months. ii.The World Cup Village will house the teams and officials of the FIH Odisha Hockey Men’s World Cup 2023. Additional info: During the inauguration event, CM Naveen Patnaik unveiled a book titled “Odisha Re Hockey” (Hockey In Odisha) published by School and Mass Education Department. The book deals with the history of Hockey in Sundargarh and the role of Odisha in promoting the national sport of India. Points to note: Odisha will be hosting the men’s hockey world cup for the 2nd time in a row. Previously, the 2018 Hockey world cup was hosted at Kalinga Stadium in Bhubaneswar, Odisha. This will be the fourth time India will host the hockey world cup.
India gets its 1st IVF Mobile Unit for Animals
On 1st January 2023, India received its 1st In vitro fertilization (IVF) mobile unit for animals in Amreli, Gujarat. Parshottam Rupala, Union Minister of Fisheries, Animal Husbandry and Dairying, inaugurated the mobile IVF lab.
The Government of India and Amar Dairy jointly dedicated the IVF mobile van.
Notably, IVF is a complex series of procedures used to support fertility and child conception.
It is an advanced reproductive technology used in animals to multiply superior female germplasm at a higher rate.
ILO Report: Half of The World’s Workforce Works Too Much or Too Little
As per the report, prior to the COVID-19 pandemic, the average number of hours per week in paid work globally was around 43.9 hours (2019 or the latest available year).
Key Observations from the Report i.The report examines the two main aspects of working time: working hours and working time arrangements (also called work schedules), as well as their effects on business performance and workers’ work-life balance.
The report examines implications on work-life balance, such as shift work, on-call work, compressed hours, and hours-averaging schemes.
ii.The report, which is the first to focus on work-life balance, discovered that a significant fraction of the global workforce works either long or short hours when compared to a standard eight-hour day/40-hour work week.
More than one-third of all workers work more than 48 hours per week on a regular basis, whereas one-fifth of the global workforce works short (part-time) hours of less than 35 per week.
iii.The report also looked at the disparities between workers’ actual and preferred work hours, and found a significant misalignment.
Workers in the informal economy are more likely to work long or short hours.
iv.The report provides a significant amount of evidence showing work-life balance policies have a positive impact on businesses, proving that such policies benefit both employers and employees. About the International Labour Organization (ILO): ILO is the only tripartite United Nations (UN) agency that brings together governments, employers, and workers from 187 member countries. India is a founder member of the ILO. Director-General – Gilbert Fossoun Houngbo Headquarters – Geneva, Switzerland Establishment – 1919
RBI selected 6 firms under 4th cohort of RS to Test Anti-Fraud Solutionsi.On January 5, 2023, the Reserve Bank of India (RBI) selected six entities out of nine applications for the Test Phase under the 4th cohort of Regulatory Sandbox (RS) on the theme ‘Prevention and Mitigation of Financial Frauds’. ii.The selected entities will commence testing their products on Anti-Fraud Solutions from February 2023. iii.Selected entities & their Products:
Bahwan Cybertek
Crediwatch Information Analytics
enStage Software Private Limited (Wibmo)
HSBC in collaboration with Wibmo
napID Cybersec
Trusting Social
SEBI nod to Reclassify Govt Holding in IDBI Bank as ‘Public’ after SaleThe Securities and Exchange Board of India (SEBI) agreed to the Central Government request to reclassify its shareholding in IDBI Bank after its disinvestment as public holding.
However, this is subject to the condition that government’s voting rights in the bank will not exceed 15% of the total voting rights after the sale.
Key Points: i.Thisreclassification by government must be specified in the letter of offer dispatched to the shareholders of the bank in connection with the open offer made by the acquirer. ii.After disinvestment, the bank must make an application to the stock exchanges for reclassification of the government holding under the public category. iii.The new acquirer must ensure compliance with the minimum public shareholding (MPS) requirements within one year of the sale. iv.At present, the government holds 45.48% stake, LIC holds around 49.24%, and the remaining 5.28% is public shareholding. v.The government is selling 30.48% stake in the bank, while LIC will sell 30.24%.
After the sale, the government will be left with 15 per cent and LIC will have a little over 19 per cent stake in the bank.
About Securities and Exchange Board of India (SEBI): Chairperson– Madhabi Puri Buch Headquarters– Mumbai, Maharashtra Establishment– 1992
SEBI Issues Debt Broker License to Zerodha-Backed GoldenPi TechnologiesThe Securities and Exchange Board of India (SEBI) has granted a debt broker license to GoldenPi Technologies, a Bengaluru (Karnataka)-based fintech company backed by Indian financial services provider Zerodha.
With this, GoldenPi Technologies became the first online bond platform (OBP) provider to obtain a debt brokerage licence from SEBI.
On January 5, 2022, SEBI relaxed certain provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations) relating to the dispatch of a hard copy of the annual report (financial statements) due in the year 2023 to debenture holders till September 30, 2023, which shall take effect immediately. The earlier extension lasted until December 31, 2022.
About the Securities and Exchange Board of India (SEBI): Chairperson– Madhabi Puri Buch Headquarters– Mumbai, Maharashtra Establishment– 1992
RBI Launches Medium-Term Strategy Framework “Utkarsh 2.0” For 2023-2025The Governor of the Reserve Bank of India (RBI), Shaktikanta Das, has launched the“Utkarsh 2.0”Medium-Term Strategy Framework for the period 2023-2025.
Utkarsh 2.0 would enable the RBI to respond to socioeconomic challenges in both a proactive and reactive manner.
Utkarsh 2.0 relies on the strengths of Utkarsh 2022 by retaining the six vision statements, as well as the core purpose, values, and mission statement.
Utkarsh 2022 i.The first strategy framework, “Utkarsh 2022”, covering the period 2019-2022, was launched in July 2019.
It evolved into a medium-term strategy document that guided the RBI’s work toward the achievement of the defined milestones.
ii.Utkarsh’s core purpose is to promote monetary and financial stability while retaining growth as a priority, in order to support the establishment of an effective and inclusive financial system. Six Vision statements of Utkarsh 2.0
Excellence in performance of its functions
Strengthened trust of citizens and Institutions in the RBI
Enhanced relevance and significance in national and global roles
Transparent, accountable and ethics-driven internal governance
Best-in-class and environment-friendly digital and physical infrastructure
Innovative, dynamic and skilled human resources
Key Points: i.Utkarsh 2.0 will include the adoption of tools driven by artificial intelligence (AI) and machine learning (ML) for data analysis and information generation. ii.The RBI oversees the program’s implementation and development, through a Sub-committee of its Central Board. About the Reserve Bank of India (RBI): Governor – Shaktikanta Das Deputy Governors – Mahesh Kumar Jain, Michael Debabrata Patra, M. Rajeshwar Rao, T. Rabi Sankar Headquarters – Mumbai, Maharashtra Establishment –1935
Axis Bank & OPEN Collaborate to Launch a Fully Digital Current AccountAxis Bank Limited (Axis Bank), India’s third-largest private sector bank, has partnered with Open Financial Technologies Pvt Ltd (OPEN), a digital banking firm, to give its customers a fully native digital current account journey.
This is Axis Bank’s first collaboration with a fintech company to develop a fully digital current account.
Small and Medium Enterprises (SMEs), freelancers, homepreneurs (home-based entrepreneurs), influencers, and other clients would benefit from the Fully Digital Current Account. Key Points: i.The existing Current account holders of Axis Bank will have access to over 250 banking services from Axis Bank as well as OPEN’s financial automation tools for business management.
Payments, accounting, payroll, compliance, expense management, and other services are among the business management tools offered by OPEN.
ii.The digital current account authentication process will be entirely online, using the PAN (permanent account number) and Aadhaar, followed by a video KYC (know your customer) process. iii.OPEN will continue to work on integrating value-added services for users such as term loans, revenue-based finance, and more. Open Financial Technologies Pvt Ltd (OPEN) i.OPEN, a neo-banking platform headquartered in Bangalore, Karnataka, was founded in 2017.
A “neo-bank” is a kind of digital bank that does not have any physical locations. They use artificial intelligence (AI) and technology to give clients personalized services while reducing operating costs.
ii.OPEN operates the SME neo-banking platform ‘Open Money’, the embedded finance platform ‘Zwitch’, and ‘BankingStack’, the enterprise digital banking platform for banks. iii.Open, India’s 100th Unicorn, is backed by top global investors such as IIFL Finance, Temasek, Google, Visa, and Tiger Global, among others.
OPEN’s digital banking platform is currently used by over 30 lakh businesses.
Anish Achuthan is the Co-founder and Chief Executive Officer (CEO) of OPEN.
About Axis Bank Limited: MD & CEO – Amitabh Chaudhry Establishment –1993 Headquarters – Mumbai, Maharashtra Tagline – Badhti Ka Naam Zindagi
CIRIUM: Delhi & Bengaluru Among the Top 10 Performing Global Airports Of 2022According to the On-Time Performance Review 2022 released by CIRIUM, the aviation analytics company, Kempegowda International Airport, Bengaluru, Karnataka, and Indira Gandhi International (IGI) Airport, Delhi, were listed among the top 10 in the Top Performing Global Airports of 2022.
Kempegowda International Airport is ranked 2nd and Indira Gandhi International (IGI) Airport is ranked 7th on the list.
The list is topped by Haneda Airport in Japan.
Chhatrapati Shivaji Maharaj International Airport, Mumbai (Maharashtra) stood at the 11th spot.
The Top Performing Global Airports of 2022:
Varanasi Cantt Railway Station Bags ‘Eat Right Station’ Certification from FSSAI
The Varanasi Cantt railway station has been awarded a 5- star ‘Eat Right Station’ certification by the Food Safety and Standards Authority of India (FSSAI) for providing high quality and nutritious food to passengers. The 5-star rating indicates full compliance by the station to ensure safe and hygienic food is available to passengers.
The certification is part of the ‘Eat Right India’ movement- a large-scale effort by FSSAI to transform India’s food system to ensure safe, healthy and sustainable food for all Indians.
The other railway stations with Star certification include Anand Vihar Terminal Railway Station (Delhi); Chhatrapati Shivaji Terminus (Mumbai); Mumbai Central Railway Station, (Mumbai); Vadodara Railway Station, Chandigarh Railway Station and Bhopal Railway Station.
Kerala CM Pinarayi Vijayan presents 1st Gouriamma award to Aleida Guevara
On 5th January 2023, Pinarayi Vijayan, Chief Minister (CM) of Kerala, presented the 1st Gouriamma award to Aleida Guevara, Cuban child rights advocate and daughter of revolutionary leader Che Guevara, at Olympia Hall at Chandrasekharan Nair Stadium in Thiruvananthapuram, Kerala.
The award recognises her efforts to rehabilitate differently abled children and provide debt relief to developing countries.
The award was instituted by The K.R. Gouriamma Foundation in memory of the Communist leader K.R. Gouriamma.
The award comprises USD 3,000, a statuette and a citation.
Jury: former Education Minister M.A. Baby(chair) Binoy Viswam, Member of Parliament (MP), and P.C. Beenakumari, managing trustee of the foundation.
Tropidophis cacuangoae: Scientists Discovers New Dwarf Boa in Ecuadoran Amazon
Scientists have discovered a new species of dwarf boa(snake): Tropidophis cacuangoae in the Ecuadorian Amazon, Ecuador. The new species is named after 20th century Indigenous rights activist Dolores Cacuango. Two specimens of the species were found in the Colonso Chalupas national reserve and in the private Sumak Kawsay park.
The new species is 20 centimetres (7.8 inches) long, with skin colouring similar to those of the boa constrictor.
The species is unusual for having a “vestigial pelvis” characteristic of primitive snakes and taken as evidence by some that snakes descended from lizards that lost their limbs over millions of years.
The researchers’ findings were published in the European Journal of Taxonomy.
Pranesh from TN Becomes India’s 79th Chess Grandmaster; Wins Rilton Cup 2022/2023M Pranesh (16-year-old) from Tamil Nadu (TN) became India’s 79th Grandmaster (GM) after crossing the 2500 ELO rating and winning the Rilton Cup 2022/2023 held in Stockholm, Sweden.
The Rilton Cup is the first tournament of the FIDE circuit.
Pranesh is the 28th Grandmaster from Tamil Nadu(TN).
Key highlights: i.He crossed the 2500-rating threshold and became a GM, having completed his three norms before the Rilton Cup.
He won his first norm at the 18th Delhi GM Open in January 2020 and claimed his second norm at the Sunway Sitges International Chess Festival in Spain in December 2021.
He won his third norm at the Asian Continental Chess Championship 2022.
Key Points: i.Pranesh has been seeded 22nd, finishing ahead of IM Kaan Kucuksari (Sweden) and GM Nikita Meshkovs (Latvia).
He topped the Rilton Cup charts which witnessed the participation of 136 players representing 29 national federations
ii.With 6.8 circuit points Pranesh is now the early leader of the FIDE Circuit.
The player with most points by the end of the year qualifies for the 2024 FIDE Candidates.
iii.Grandmaster R Raja Rithvik of India finished 8th with 6 points. Note – On 1st January 2023 Koustav Chatterjee (19-year) had become India’s 78th GM at the MPL 59th National Senior Chess in New Delhi, Delhi. About GrandMaster (GM): i.Grandmaster (GM) is the highest title a chess player attain and it is awarded by the world chess organisation FIDE (Fédération Internationale des Échecs – International Chess Federation).
To become a GM, a player has to secure three GM norms and cross the live rating of 2,500 Elo points.
ii.The other titles by FIDE include International Master (IM), FIDE Master (FM) and Candidate Master (CD), which are open to all chess players regardless of gender.
KKCL & BCCI partners as Official Sponsor of Indian Cricket Team
Kewal Kiran Clothing Limited (KKCL), the retail giant, has announced plans to enter its flagship brand ‘Killer’ into a strategic partnership with the Board of Control for Cricket in India (BCCI) as the Indian Cricket Team’s “Official Sponsor”.
The brand will now be displayed on the Team India jersey’s right upper chest. KKCL will put on the brand Killer logo on Team India’s Kit until 31st May 2023.
Since 1992, KKCL, one of India’s major branded garment manufacturers, has been creating, producing, and distributing branded jeans and a variety of western clothing.
It also produces “Killer” jeans, a brand that has been prominently marketed on the fields of cricket. KKCL owns brands like Integriti, Lawmanpg3, Easies and Desi Belle
FIH Partners with JSW Group for 15th Edition Hockey Men’s World Cup
The International Hockey Federation (FIH) has signed a partnership with the JSW Group for the upcoming 15th edition of FIH Odisha Hockey Men’s World Cup 2023 Bhubaneswar-Rourkela, which will be conducted between 13th January 2023 – 29th January 2023 in Odisha. The JSW Group supports and promotes Olympics in India and has created an Olympic Training Institute in the Inspire Institute of Sport. It also has Olympic training centres across India.
Veteran Sinologist Janaki Ballabh passed away in Beijing
Veteran Sinologist Janaki Ballabh, an Indian translator and writer, who translated a range of Chinese works into Hindi, passed away in Beijing, China, at the age of 94. He lived and worked in China as a Hindi Language expert from 1956 to the years immediately following the Cultural Revolution.
Janaki Ballabh was born in Dalakot village in Almora in Uttarakhand and was closely associated with India’s Independence movement.
Noted works: ‘Selected Works’ by Mao Zedong, founder of the Communist Party of China (CPC); the Chinese classic novel ‘Journey to the West’; and works of prominent Chinese writer, essayist, poet and literary critic Lu Xun
He was honoured with Peace and Friendship Award 1961 by former Chinese Premier Zhou Enlai for his contributions to cultural exchange between China and India.
Sinologist – a person who studies or is an expert in the academic study of China primarily through Chinese language, literature, and history.
World Day of War Orphans 2023 – January 6World Day of War Orphans is annually observed across the globe on January 6 to create initiatives to ensure a better future for children who have been left orphaned by war and to raise awareness of the need to preserve their human rights globally.
The day provides a platform for discussing the problem of war orphans and emphasising the difficulties children experience as they develop emotionally, socially, and physically.
i. The French organisation SOS Enfants En Detresse (SOSEED), which aimed to better the lives of children impacted by conflict, established the World Day of War Orphans. ii.War Orphans- A child who has lost both parents or, less commonly, one parent through civilian deaths in the war. About the United Nations Children’s Fund (UNICEF); Executive Director- Catherine M. Russell Headquarters- New York, USA Establishment- 1946
Army Inks Pact with Assam Govt for Treatment of Ex-servicemen at Medical Colleges
On 5th January 2023 the Indian Army signed Memorandums of Agreement (MoUs)with eight government medical colleges and hospitals under the Governemnt of Assam to offer the Ex-Servicemen Contributory Health Scheme (ECHS) in Assam. The benefits of ECHS will be offered in hospitals and colleges in Guwahati, Dibrugarh, Silchar, Jorhat, Barpeta, Tezpur, Diphu and North Lakhimpur.
The MoUs were signed between the Indian Army and 8 government medical colleges and hospitals in Assam in presence of Chief Minister (CM) Himanta Biswa Sarma and General Officer Commanding-in-Chief of the Eastern Command Lt Gen RP Kalita.
The Assam Cancer Care Foundation (ACCF), Government of Assam and TATA Trust initiative, has also been empanelled with ECHS.
This scheme covers all types of diseases and will facilitate the cashless and capless treatment of almost 1.12 lakh beneficiaries.
HP CM Sukhvinder Singh Sukhu Launched Rs 101 crore CM’s Sukhashray Sahayata Kosh for the Needy
On 1st January 2023, Sukhvinder Singh Sukhu, Chief Minister (CM) of Himachal Pradesh (HP), launched CM’s Sukhashray Sahayata Kosh with an outlay of Rs 101 crore for higher education for needy children especially orphans, destitute women and senior citizens with immediate effect.
All 40 Congress Members of the Legislative Assembly (MLA) have agreed to deposit their first month’s salary into the fund.
The Government of Himachal Pradesh will cover the costs of their skill-development education, higher education (engineering, medicine, and management), and vocational training, for destitute children.