News360 - 30th and 31st March , 2023 | Daily Current Affairs

 1. CCI approves acquisition of share capital of NSPIRA Management Services Pvt Ltd by Puneet Kothapa, Ponguru Sindhura & Ponguru Sharani

Puneet Kothapa, Ponguru Sindhura, and Ponguru Sharani have been given the green light by the Competition Commission of India (CCI) to acquire the share capital of NSPIRA Management Services Private Limited. This share capital was previously held by NHPEA Minerva Holding BV, which held 18.23%, and Banyantree Growth Capital II, LLC, which held 2.24%.

Puneet Kothapa is the Managing Director (MD) of NSPIRA Management Services Pvt. Ltd, while P. Sindhura serves as a Director and a Promoter of the company. P. Sharani holds 25.83% of the shareholding in the company on a fully diluted basis.

The Acquirers, namely Puneet Kothapa, Ponguru Sindhura, and Ponguru Sharani, are targeting the acquisition of NSPIRA Management Services Pvt. Ltd, while NHPEA Minerva Holding BV and Banyantree Growth Capital II, LLC are the Sellers of the share capital. As of now, the Acquirers have a combined shareholding of 79.48% in NSPIRA Management Services Pvt. Ltd.

2. CCI approves Acquisition of Shareholding of JM Baxi Ports & Logistics Limited by HL Terminal Holding B.V.

The acquisition of a specific shareholding of JM Baxi Ports and Logistics Limited by HL Terminal Holding B.V., a wholly-owned subsidiary of Hapag Lloyd Aktiengesellschaft, has been approved by the Competition Commission of India (CCI).

The Acquiring Entity is HL Terminal Holding B.V., and the Target of the acquisition is JM Baxi Ports and Logistics Private Limited. The proposed transaction falls under Section 5(a) of the Competition Act, 2002.

Acquiring Entity’s Purpose :

(i) The proposed transaction is part of HL Terminal Holding B.V.’s group’s ‘Prepare for Tomorrow’ strategy, whereby the Acquirer Group intends to invest in port terminals to stabilise cash flows and remain competitive in the global landscape.

(ii) India, which has the fastest-growing economy and provides an appealing environment for an investment of this kind, is a major strategic market for the Acquirer Group.

Target’s Purpose :

(i) Target is looking for a partner to support the growth of the internally synergetic business of terminals and inland logistics.

(ii) The Proposed Transaction will help Target raise capital for the expansion of its businesses.

3. DoCA constituted Committee to Monitor Stock Disclosure of Tur; Chaired by Nidhi Khare

A committee has been set up by the Department of Consumer Affairs (DoCA), which falls under the Ministry of Consumer Affairs, Food & Public Distribution, to oversee the stock of Tur (Arhar) held by millers, traders, importers, and other related entities. Nidhi Khare, Additional Secretary at the DoCA, will head the committee.

The committee will work alongside state governments to monitor the stock of Tur. The decision to form the committee was made following reports that market players were holding onto stocks despite consistent arrivals of substantial imports, causing a spike in Tur prices.

As of March 27, 2023, the average daily retail price of Tur across India was recorded at Rs 114.44 per kg, representing an 11.47% increase from March 2022. The average daily wholesale price of Tur across India was recorded at Rs 10,462.03 per quintal, representing a 12.48% increase from March 2022.

Important :

The formation of this committee is a demonstration of the government's efforts to combat hoarding and unethical speculation in the market and to regulate the prices of Tur over the upcoming months. It is worth noting that on August 12, 2022, the government issued an advisory to the States/Union Territories (UTs) to mandate stock disclosure concerning Tur under the Essential Commodities Act, 1955.

Additionally, to ensure smooth and seamless import of Tur, the government has eliminated the 10% duty imposed on Tur imports from non-LDC (Least Developed Countries) countries. This duty has been known to create procedural obstacles, even for zero-duty imports from the LDCs.

4. EPFO Marginally Increases Deposit Interest Rate to 8.15% for FY23

In an attempt to benefit almost 6 crore subscribers, the Central Board of Trustees (CBT) of the Employees’ Provident Fund Organisation (EPFO) has proposed a new interest rate of 8.15% for Provident Fund deposits for the current fiscal year 2022-23 (FY23). 

This proposed rate is slightly higher by 0.05% than the previous year's rate of 8.10%, which was the lowest in four decades. Notably, this is the first interest rate hike in the Employees’ Provident Fund (EPF) since 2018-19, when it was raised to 8.65% from 8.5%. 

However, compared to previous years, the current rate hike of 0.05% is relatively small. The last time a similar hike of 0.05% was made was in 2015-16, when the rate was raised from 8.75% to 8.8% .

5. Bhupender Yadav launches e-passbook for EPFO members, inaugurates crèche facility in 63 regional offices of EPFO

An e-passbook has been launched by the Union Minister Bhupender Yadav, MoLW, to provide convenience and benefits to EPFO members. This feature allows members to access graphical representations of their account information .

Important :

(i) The Union Minister Bhupender Yadav, MoLW, inaugurated crèche facilities in 63 regional offices of EPFO that have 100 or more employees .

(ii) The foundation stone for the Regional Office building in Prayagraj, Uttar Pradesh was laid by him .

(iii) Additionally, he virtually inaugurated the Regional Office building in Keonjhar, Odisha .

6. ICAR & World Bank issue Delhi Declaration on modernisation of Agricultural Education System

During the closing session of the International Conference on Blended Learning Ecosystem for Higher Education in Agriculture 2023 (ICBLE 2023) in New Delhi, the Indian Council of Agricultural Research (ICAR) and the World Bank jointly released the Delhi Declaration to modernize the agricultural education system in accordance with the National Education Policy (NEP).

Important :

(i) The Delhi Declaration highlights the need to incorporate digital resources and tools for effective accessible teaching and learning in agriculture .

(ii) This also shifts the focus towards creating a renewed and resilient system for gender-inclusive and sustainable education that will facilitate India’s agriculture education sector .

(iii) This also highlights that Multidisciplinary technology-facilitated education should be promoted and the policies on Science, Technology, Engineering, Agriculture and Mathematics (STEAM) in agricultural higher education need to be transformed .

The National Agricultural Higher Education Project's (NAHEP) Resilient Agricultural Education System (RAES) development initiative included the first-ever International Conference on Blended Learning Ecosystem for Higher Education in Agriculture 2023 (ICBLE 2023), which was jointly organized by the Indian Council of Agricultural Research (ICAR) and the World Bank. The conference, aimed at promoting blended learning initiatives in agricultural higher education, was held for three days from March 21 to 23, 2023, at the Bharat Ratna C. Subramaniam Auditorium, located in the National Agricultural Science Complex (NASC) in New Delhi, Delhi .

Objectives :

(i) To deliberate on strategies to operationalize a blended learning ecosystem for Agricultural higher education

(ii) To deliberate upon the sustainability of the blended learning ecosystem through private-public partnerships in alignment with market need and demand

(iii) To deliberate among stakeholders to formulate mechanisms for continuous improvement of cross-sectorial integration of the blended learning ecosystem

Themes :

(i) Strategies for blended teaching-learning

(ii) Technologies for blended learning

(iii) Sustainability in the blended learning ecosystem

(iii) Building stakeholder capacities to navigate in a blended teaching-learning ecosystem

(iv) Contemporary curriculum for agricultural education

7. Government extends PAN-Aadhaar linking deadline to June 30, 2023

The Ministry of Finance (MoF) announced on March 28, 2023, that the Central Board of Direct Taxes (CBDT) has decided to extend the deadline for linking Permanent Account Number (PAN) with Aadhaar from March 31, 2023, to June 30, 2023 .

Section 139AA(2) of the Income Tax Act, 1961 mandates every individual who has been assigned a PAN as of July 1, 2017, to link their Aadhaar Number with PAN. The MoF informed that as of March 28, 2023, more than 51 crore PANs have already been linked with Aadhaar .

8. IAF Participated in " Exercise Cobra Warrior " for The First Time

India made its maiden participation in "Exercise Cobra Warrior", which was conducted at the Waddington Air Force Base of the Royal Air Force (RAF) in the United Kingdom (UK) from March 6–24, 2023.

Finland and Saudi Arabia have also made their maiden appearances in the exercise.

An Indian Air Force (IAF) contingent of 145 Air Warriors participated in Exercise Cobra Warrior, which is the biggest multilateral air exercise held bi-annually by the Royal Air Force (RAF) of the United Kingdom. The IAF contingent included five Mirage 2000 fighters, two C-17 Globemaster III aircraft, and an IL-78 mid-air refueller aircraft.

Participants : 

RAF and the IAF, as well as air forces from Finland, Sweden, South Africa, Saudi Arabia, Belgium, the United States of America (USA), and Singapore.

Aim :

The aim of the exercise is to participate in a range of fighter aircraft encounters and learn from the top strategies employed by other air forces.

This exercise included high-intensity, large-force, and tactical air warfighting operations.

The RAF provided Surveillance, Multi-Engine Tactics, Qualified Weapons Instructor Courses, Qualified Space Instructor Courses, and other training during the exercise.

9.  MoD & BEL signs Rs 1700 crore Contract for 13 Lynx-U2 Fire Control Systems for Indian Navy

A contract worth Rs 1,700 crore was signed by MoD on 30th March 2023 with BEL for the procurement of 13 Lynx-U2 Fire Control Systems for the Indian Navy. The contract falls under the Buy Indian – IDMM category.

The Lynx-U2 System is an indigenous Naval Gun Fire Control System, which is a 4th generation complete indigenous system capable of accurately tracking and engaging targets amidst sea clutter and air/surface targets. It will be installed on New Generation Offshore Patrol Vessels, built indigenously at Garden Reach Shipbuilders & Engineers and Goa Shipyard Limited, and is expected to create employment for around 2 lakh man-days over a period of 4 years. 

This initiative will also promote the participation of Indian industries, including Micro, Small & Medium Enterprises (MSMEs), and contribute to the Indian government's efforts to achieve self-reliance in defence.

10.  MeitY approves setting up of Electronics Manufacturing Cluster at Dharwad in Karnataka

On 24th March 2023, Rajeev Chandrasekhar, Union Minister of State, Ministry of Electronics & Information technology(MeitY), announced  that MeitY has approved to set up Rs 180 crore worth Electronics Manufacturing Cluster (EMC) at at Kotur-Balur Industrial Area in Dharwad, Karnataka, which is expected to create over 18,000 jobs.

The Modified Electronics Manufacturing Cluster (EMC 2.0) scheme is facilitating the setup of a project that is expected to attract investments worth over Rs 1,500 crore soon. Already, 9 businesses, including start-ups, have committed to investing Rs 340 crore, and the project has the potential to create employment for 2,500 people. The EMC 2.0 scheme, which was introduced on 1st April 2020, aims to develop world-class infrastructure and shared testing facilities. The scheme has already approved 3 EMC projects covering an area of 1,337 acres, with a total project cost of Rs 1,903 crore, including Central financial assistance of Rs 889 crore. These projects are expected to attract an investment of Rs 20,910 crore.

11. PM Narendra Modi Inaugurates 13.7km Whitefield-KR Pura Metro Line in Bengaluru

On 25th March 2023, Narendra Modi, Prime Minister(PM) of India, inaugurated the 13.7 kilometres (Km) commercial operations of the Bengaluru Metro Rail Corporation (BMRCL) from Whitefield (Kadugodi) to Krishnarajapuram Metro stretch in Bengaluru, Karnataka. The operations started on 26th March 2023.

This is the 2nd largest Metro network in India after Delhi Metro and Whitefield is the first tech corridor connected by Metro in Bengaluru.

The KR Puram-Byappasahalli section (2 km) remains to be connected by BMRCL. Currently, the Whitefield Metro section operates as a separate line. Once completed, the 13.7 km stretch will reduce travel time by 40%, benefiting around 5-6 lakh people who commute to IT parks, export promotion industrial areas, malls, and hospitals. The maximum fare between Whitefield and KR Puram is set at Rs. 35, and the journey time is expected to be 22 minutes. With the commissioning of this new stretch, Bengaluru's Metro network will expand to 69.6 km and 63 stations.

12. Humza Yousaf sworn in as Scotland’s First Minister; Scotland’s 1st Muslim Leader

On 29th March 2023, Pakistani-origin Humza Yousaf (37), the new leader of the Scotland National Party (SNP), was legally sworn in as the new First Minister of Scotland at the Court of Session, Edinburgh. Humza Yousaf is the 1st Muslim to lead a democratic western European nation(Scotland).

He is the 6th politician to occupy the position and will now be the Keeper of the Scottish Seal after taking the oath of office and pledging his allegiance to King Charles III.

Humza Yousaf succeeded Nicola Sturgeon, former First Minister of Scotland, who resigned from her post in February 2023.

About Humza Yousaf  :

Born on 7th April 1985 in Glasgow, Scotland, Humza Haroon Yousaf's father, Muzaffar Yousaf, hails from Pakistan, while his mother, Shaista Bhatta, was born in Kenya. At the age of 25, he started his political career as the youngest Member of the Scottish Parliament (MSP) for Glasgow in 2011.

Since 2012, he has held various ministerial positions in the Scottish Government and joined the cabinet as the Cabinet Secretary for Justice in June 2018. In 2021, he was appointed as the Cabinet Secretary for Health and Social Care.

During his decade-long tenure with the Scottish National Party (SNP), he served as the Minister for Foreign Affairs and International Development, Minister for Transport and the Islands, and most recently, as the Cabinet Secretary for Health and Social Care.

Throughout his political journey, Humza Yousaf has been a strong advocate for social justice, equality, and human rights. In 2012, he played a pivotal role in passing the Marriage and Civil Partnership (Scotland) Act, which legalized same-sex marriage in Scotland.

In 2016, Humza Yousaf was awarded the Sitara-i-Quaid-i-Azam award, one of Pakistan's highest civilian honours, by then President Mamnoon Hussain, in recognition of his efforts to improve the relationship between Scotland and Pakistan.

13. Union Home Minister Amit Shah attends 84th Raising Day of CRPF in Chhattisgarh

As the Chief Guest, Amit Shah, Union Minister of Home Affairs, attended the 84th Raising Day ceremony of the Central Reserve Police Force (CRPF) on March 25, 2023, in Jagdalpur, Bastar, Chhattisgarh. 

During the event, he presided over the parade and inaugurated the Prasar Bharati’s news bulletin in the local Halbi language for the Bastar Division. 

The CRPF originated as Crown Representative's Police on July 27, 1939, and later became the Central Reserve Police Force on December 28, 1949, upon the enactment of the CRPF Act. As India’s largest Central Armed Police Force (CAPF), with around 3.25 lakh personnel, the CRPF is responsible for national internal security operations in three primary areas : Left Wing Extremism (LWE), counter-insurgency activities in the Northeast, and anti-terrorism activities in Jammu and Kashmir.

14. UN’s First International Day of Zero Waste - 30th March 2023

The United Nations(UN)’s first ever International Day of Zero Waste was observed on 30th March 2023 to create awareness about the importance of zero waste and encourage everyone to prevent and minimize waste and promotes a societal shift towards a circular economy.

The day also recognises the contribution of responsible consumption and production practices and urban waste management in achieving sustainable development goals(SDGs).

The day is jointly facilitated by the UN Environment Programme (UNEP) and the UN Human Settlements Programme (UN-Habitat).