quizway current affairs

Current Affairs- 26 September 2023

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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 villages Among 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 Mahdi Rangrona, 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 Rajan Kapoor.

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:
Jatinder Handoo, Chief Executive Officer (CEO), DLAI; and Sivasubramanian Ramann, 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.

Biswanath Ghat 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 Biswanath Ghat(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 Bhargav Dasgupta as Vice-President for Market Solutions On September 22, 2023, the Asian Development Bank (ADB) has appointed Bhargav Dasgupta as 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 Bhargav Dasgupta:

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 Banmali Agrawala 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 Banmali Agrawala:
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 Years A 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 ‘Pterygotrigla intermedica‘ 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 Triglidae and 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 only president in Italy to be reelected to the office.
  • In 2005, he was appointed Senator for Life in 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 on 25 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

Antyodaya Diwas Day 2023- September 25

Antyodaya Diwas Day is annually observed across India on 25 September to commemorate the birth anniversary of Pandit Deendayal Upadhyaya, 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.

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Current Affairs – 2 & 3 April 2023

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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

Sarbananda Sonowal 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.

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