News360 - 29th April , 2023 | Daily Current Affairs

National and International News :

1. PM Narendra Modi Inaugurated 91 New 100W FM Transmitters of AIR

All India Radio (AIR) has installed 91 new 100W FM transmitters across 85 districts in India.

- The virtual inauguration of the transmitters was done by Prime Minister Narendra Modi.

- The new expansion aims to enhance FM connectivity in Aspirational Districts and border areas.

- The installation of transmitters is part of the government's commitment to enhance FM connectivity in the country.

- The expansion covers 18 States and 2 Union Territories in India.

- The states and UTs covered include Bihar, Jharkhand, Odisha, West Bengal, Assam, Meghalaya, Nagaland, Haryana, Rajasthan, Uttar Pradesh, Uttarakhand, Andhra Pradesh, Kerala, Telangana, Chhattisgarh, Gujarat, Madhya Pradesh, Maharashtra, Ladakh, and Andaman & Nicobar Islands.

- The expansion will enable an additional 2 crore people to have access to AIR's FM service who previously did not have access to the medium.

- The expansion will cover about 35,000 sq km area.

2. MSME Minister Narayan Rane launches Revamped CGTMSE Scheme

The Ministry of Micro, Small & Medium Enterprises (M/o MSME) launched the revamped Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) Scheme in Mumbai, Maharashtra on April 27, 2023. The revamp is based on the additional corpus support of Rs 9,000 crore in the Union Budget for FY 2023-24 to CGTMSE, which aims to provide a guarantee for an additional Rs. 2 lakh crore to MSEs.

The revamped Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) Scheme includes the following key measures :

(i) A 50% reduction in guarantee fees for loans up to Rs. 1 crore, bringing the minimum guarantee fee down to 0.37% per annum.

(ii) An increase in the ceiling for guarantee from Rs. 2 crore to Rs. 5 crore.

(iii) An enhancement of the threshold limit for claim settlement without initiation of legal action to Rs 10 lakh.

In addition to these measures, CGTMSE will also collaborate with the National Institute for Micro, Small and Medium Enterprises (NI-MSME) in Hyderabad, Telangana, to establish a Centre of Financial Inclusion for MSMEs. CGTMSE is also partnering with various State Governments to provide enhanced guarantee coverage for MSEs in respective states. CGTMSE has been taking various initiatives to boost credit flow to MSEs.

3. Green World Award 2023: India’s PGCIL, CMRL & Vedanta Each Bagged Awards under Different Categories 

The Green Organization based in London, United Kingdom (UK), presented the Green World Awards 2023 at Miami International Airport in the United States of America (USA) on April 24, 2023. Vedanta Limited, Power Grid Corporation of India Limited (POWERGRID), and Chennai Metro Rail Limited (CMRL) from India were among the recipients of the awards in various categories.

The Indian award winners at the Green World Awards 2023 are :

(i) Vedanta Limited was awarded the Global Gold Award in the Environmental Policy & Management category.

(ii) POWERGRID, a Maharatna Central Public Sector Undertaking (CPSU) of the Ministry of Power (MoP), received the Global Gold Award in the Corporate Social Responsibility (CSR) category for its CSR works that enhanced agricultural productivity and rural livelihood in 10 villages of Jaipatna Block of Kalahandi District in Odisha. 

Dr V. K. Singh, Director (Personnel) of POWERGRID, received the award on behalf of the organization.

(iii) The Chennai Metro Rail Limited (CMRL) won the Global Silver Award in the Environmental Policy category for its initiatives to reduce energy consumption, carbon emissions, and increase the use of solar energy. 

CMRL also focuses on various environmental initiatives such as improving air quality, environmental resource conservation, and developing plantations to improve the ecosystem. 

CMRL is a joint venture between the Government of India and the Government of Tamil Nadu that built and operates the Chennai Metro.

Other Winners of  Green World Awards 2023 :

Grupo Ambipar, a Brazilian company, has been awarded the Green World Champion of Champions 2023 title at the Green World Awards for their project named Sustainable Biocapsules-Transforming Waste into trees.

4. India remains on the Priority Watch List in 2023: USTR ‘s 2023 Special 301 Report

The Office of the United States Trade Representative (USTR) has released the 2023 Special 301 Report, which assesses the adequacy and effectiveness of United States trading partners in protecting and enforcing intellectual property (IP) rights. 

- India has been placed on the Priority Watch list of 2023 due to its inconsistent progress in IP protection and enforcement. 

- Along with India, Argentina, Chile, China, Indonesia, Russia, and Venezuela are also included in the list. These countries will receive intense bilateral engagement in the coming year to address the issues related to IP protection and enforcement.

5. WB’s World Development Report 2023: Globally 185 million People are Migrant

The World Bank has released its annual report titled 'World Development Report 2023 : Migrants, Refugees, and Societies,' which reveals that out of the world's population, 2.3%, or 184 million people, are migrants without citizenship in the countries where they reside. 

- Among them, 43% reside in low- and middle-income nations. The report provides a comprehensive analysis of international migration and its potential to promote growth and shared prosperity in all countries, as well as recommends policies to manage migration better in origin, transit, and destination nations. 

- The report also highlights that the faster aging of economies will lead to increased dependence on migration.

Important points :

(i) The number of refugees among the 184 million migrant people has tripled over the last decade, reaching 37 million.

(ii) The World Development Report 2023 highlights that demographic changes are increasing the necessity of migration for countries at all income levels.

(iii) Many countries will see a significant drop in their working-age adult population in the coming decades. For instance, Spain's population is projected to decrease by more than one-third by 2100, with those above age 65 increasing from 20% to 39% of the population. Countries like Mexico, Thailand, Tunisia, and Turkey, whose population is not growing, may require more foreign workers.

(iv) The report recommends stronger international development efforts in origin countries to reduce the need for migration prompted by economic distress.

(v) The origin countries are advised to make labour migration an explicit part of their development strategy and work to lower the cost of remittances to families back home.

(vi) The report recommends destination countries to encourage migration from populations where their skills are in high demand. It also calls for the development of new multilateral financing instruments to help countries care for non-citizens in a predictable manner.

6. Japanese startup iSpace failed to land its Hakuto-R lander on Moon

iSpace Inc, a private lunar robotic exploration company based in Tokyo, Japan, failed its moon landing mission on April 25, 2023.

- The company's Hakuto-R Mission 1 (M1) lander unexpectedly accelerated and probably crashed on the lunar surface.

- Hakuto-R aimed to become the first private spacecraft and the first Japanese-built vehicle ever to land softly on the moon.

- The lander was launched from Cape Canaveral, Florida, USA, on a SpaceX rocket in December 2022 and had completed several mission objectives leading up to its landing attempt.

- Hakuto-R was over two meters tall (6.5 feet) and weighed 340 kilograms (kg). Its name means " White Rabbit " in Japanese.

- To date, only the USA, Russia, and China have managed to put a spacecraft on the lunar surface.

7. Himachal Pradesh Government & Oil India signs MoU to Harness Renewable Energy Sources

Himachal Pradesh and Oil India Limited (OIL) signed a Memorandum of Understanding (MoU) on April 26th, 2023, to cooperate on developing new and renewable energy sources (NRES) in the state.

- The MoU was signed in the presence of Himachal Pradesh Chief Minister Sukhvinder Singh Sukhu.

- OIL will explore the possibility of setting up floating solar power plants in water reservoirs and ground-mounted solar power projects.

- OIL may also establish a pilot plant to produce green hydrogen and green ammonia.

- The collaboration will focus on creating a variety of new and sustainable energy sources, including wind, solar, compressed biogas, green hydrogen, and geothermal energy.

Note : Harikesh Meena, Director of Energy, represented the Himachal Pradesh Government and Pankaj Kumar Goswami, Director of Operations, represented OIL during the signing of the MoU.

Banking and Finance News :

1. RBI approves re-appointment of Kamakodi as MD & CEO of CUB for 3 years

On April 26, 2023, the Reserve Bank of India (RBI) granted approval for the re-appointment of N Kamakodi as the Managing Director (MD) and Chief Executive Officer (CEO) of City Union Bank (CUB), a private sector bank based in Kumbakonam, Tamil Nadu. Kamakodi's new term is set to last for three years, beginning May 1, 2023.

- Dr. N. Kamakodi has been serving as the MD and CEO of CUB since May 2011. Kamakodi joined CUB as Deputy General Manager (DGM) in 2003 and was subsequently promoted to General Manager (GM) in 2005, and then appointed as Executive Director in 2006.

About City Union Bank (CUB) :

Incorporated on : 31st October, 1904

MD & CEO : Dr N. Kamakodi

Headquarters : Kumbakonam, Tamil Nadu

2. WYLD, World’s 1st Social Currency Payment Card, launched in Mumbai

The San Francisco-based multinational financial services corporation VISA Inc. has powered the launch of WYLD, the world’s first social currency payment card in Mumbai, Maharashtra. The app allows users who have over 1000 Instagram followers and a “ WYLD Score ” of over 100 to apply for the WYLD payment card through the app.

- WYLD has secured USD 350,000 in pre-seed funding, with Better Capital, a British private equity firm leading the investment.

- WYLD allows users to monetize their social media following and earn up to 100% cashback on purchases made with partner brands.

- At present, the platform is only available via invitation to the first 5,000 users on their waitlist of 10,000 potential customers for the beta-testing phase, which began in April 2023.

- The company has partnered with over 200 brands, including Boat, Lenskart, Purplle, etc., across various sectors like fashion, beauty, electronics, restaurants, bars, and events/concerts.

3. NSE Indices revises norms for Exclusion from index in case of Demerger

The subsidiary of the National Stock Exchange (NSE), NSE Indices Limited, has issued fresh guidelines for retaining a demerged entity in its index. According to the new rules, a demerged company will continue to be a constituent of the index only if the exchange conducts a Special Pre-Open Session (SPOS) for the spun-off entity. These guidelines will apply to all scheme of arrangements involving demergers approved by the equity shareholders of the companies on or after April 30, 2023.

Important points :

(i) The objective behind this modification is to decrease the frequency of changes in the index constituents that occur due to corporate actions like demergers.

(ii) The newly listed entity resulting from the demerger will be included in the index at a fixed price, which will be the difference between the closing price of the demerged company one day prior to the ex-date of demerger and the price determined during SPOS.

(iii) The spun-off entity will be taken off from the index after three days. However, if the entity reaches the price band on both days during the first two days, the removal date will be extended by three more days.

(iv) If the exchange fails to conduct SPOS, a suitable replacement will be made to exclude the demerged company from the index one day before the ex-date.

Other News :

1. Boxing Champion, Padma Shri Awardee Kaur Singh passed away

Kaur Singh, a veteran heavyweight boxer who was a Padma Shri and Arjuna awardee, passed away on April 27, 2023, in Kurukshetra, Haryana, at the age of 74. He had won six gold medals in international competitions.

Here are some highlights from Kaur Singh's life :

Kaur Singh joined the Indian army as a havildar in 1971 and fought in the India-Pakistan war. He was awarded the Sena Medal and the Vishisht Sewa Medal in 1988 for his bravery.

- Kaur Singh began boxing in 1977 and won a gold medal at the senior national boxing championship in 1979. He held onto the gold medal for four consecutive years until 1983.

- In 1980, Kaur Singh won a gold medal at the Asian Boxing Championships held in Mumbai (Maharashtra).

- Kaur Singh fought against American boxing legend Muhammad Ali in an exhibition match held at the National Stadium in New Delhi, Delhi, on January 27, 1980.

- In 1982, Kaur Singh won a gold medal in the heavyweight category at the Asian Games held in New Delhi, Delhi.

- In 1983 , the Government of India awarded Kaur Singh with the Padma Shri .

2. World Day for Safety and Health at Work 2023 - 28th April

The World Day for Safety and Health at Work is a yearly observance that takes place on April 28th across the world. Its goal is to promote the prevention of occupational accidents and diseases globally, by raising awareness about the importance of the issue.

- In 2023, the World Day for Safety and Health at Work was observed on April 28th, under the theme " A safe and healthy working environment as a fundamental principle and right at work " .

- This event aims to focus international attention on the need for a safe and healthy working environment as a basic right for all workers.

 - Additionally, the International Trade Union Confederation (ITUC) observes another global event on April 28th called " World Memorial Day " or " International Commemoration Day for Dead and Injured Workers "  . This event aims to remember workers who have been killed, disabled, injured, or made unwell by their work.

3. International Girls in ICT Day 2023 – 27th April

Every year, the 4th Thursday in April is observed as International Girls in ICT (Information and Communication Technology) Day to encourage and empower girls and young women to explore and pursue careers in the field of ICT.

- The International Girls in ICT Day 2023 was observed on 27th April 2023 under the theme “ Digital Skills for Life ” .

- The previous year, the International Girls in ICT 2022 was observed on 28th April 2022.

- The upcoming International Girls in ICT 2024 will be observed on 25th April 2024.

- The primary aim of this day is to inspire a global movement to increase the representation of girls and women in technology.

4. 37th Bureau of Civil Aviation Raising Day - 27th April 2023

Bureau of Civil Aviation (BCAS) celebrated its 37th Raising Day in New Delhi, Delhi on 27th April 2023.

- Gen. Dr V.K. Singh (Retd.), Minister of State for Civil Aviation, presented awards to the best screeners and officers of BCAS.

- The BCAS was established in January 1978 on the recommendation of the Pande Committee after the hijacking of the Indian Airlines flight in 1976. 

News360 - 28th April , 2023 | Daily Current Affairs

 National and International News :

1. Cabinet approved 157 nursing colleges announced in FY24 Union Budget

A sum of Rs 1,570 crore has been sanctioned by the Cabinet Committee on Economic Affairs (CCEA) to establish 157 new nursing colleges in conjunction with medical colleges that were established after 2014. Uttar Pradesh (UP) will have the highest number of colleges (27), followed by Rajasthan with 23 and Madhya Pradesh with 14 .

Key points :

(i) By adding approximately 15,700 nursing graduates every year, this move aims to ensure equitable, quality, and affordable nursing education across India.

(ii) The decision seeks to address the geographical and rural-urban imbalance in the distribution of nursing colleges, as currently 40% of these colleges are located in southern India.

(iii) The establishment of these nursing colleges aligns with the national mandate for Universal Health Care (UHC) and contributes to the attainment of Sustainable Development Goals (SDG).

(iv) To support the skill development and placement of qualified nurses for overseas positions, the National Skill Development Corporation (NSDC) will collaborate with leading national and international agencies.

(v) The government aims to complete this project within the next two years, and an Empowered Committee headed by the Union Health Secretary in the Centre and Principal Secretary, Health/Medical Education in the States will monitor its progress.

2. Union Minister Nirmala Sitharaman approves Navratna status to Rail Vikas Nigam

On 26th April 2023, the Ministry of Finance (MoF) led by Union Minister Nirmala Sitharaman approved the upgrade of Rail Vikas Nigam Limited (RVNL) from a Category-I MiniRatna Central Public Sector Enterprise (CPSE) to a Navratna CPSE, becoming the 13th company to receive this status.

As per the Department of Public Enterprises (DPE), RVNL is a public sector undertaking under the Ministry of Railways (MoR) with an annual turnover of Rs 19,381 crore and a net profit of Rs 1,087 crore for the fiscal year 2021–22.

RVNL's promotion to Navratna status grants the company greater autonomy in terms of investment, setting up joint ventures, and making other financial decisions.

In 1977, the Indian government introduced the Navratna scheme to identify CPSEs with comparative advantages and encourage them in their drive to become global giants.

To be eligible for Navratna status, a CPSE must meet the following criteria :

- Be listed on Schedule A of CPSEs and have Miniratna Category I status.

- Obtain a rating of Excellent or Very Good for three years under the Memorandum of Understanding system within the last five years.

- Score at least 60 out of 100 in parameters such as net worth, net profit, total production cost, manpower cost, service cost, capital employed, and PBDIT (Profit Before Depreciation, Interest, and Taxes).

- Have at least 4 independent directors on its Board of Directors.

Note :  On 20th April 2023, RVNL incorporated a subsidiary company named Kinet Railway Solutions Limited.

3. Union Minister Amit Shah Launches World’s 1st ‘Nano DAP’ Developed by IFFCO

The world's first liquid Nano DAP (Diammonium phosphate) developed by Indian Farmers Fertiliser Cooperative Limited (IFFCO) called "IFFCO Nano DAP (liquid)" was launched by Union Minister Amit Shah, who is responsible for both the Ministry of Home Affairs and the Ministry of Cooperation, on April 26, 2023, in New Delhi.

The launch of IFFCO Nano DAP (Liquid) is a significant step towards achieving self-reliance in India's food production and fertilizers. This nano fertiliser product contains nitrogen and phosphorus, and it is expected to revolutionize the farming industry.

It is worth noting that on March 3, 2023, the Ministry of Agriculture & Farmers Welfare (MoA&FW) approved the launch of IFFCO's nano DAP fertilizer in the market, making it available to farmers across the country.

4. NITI Aayog Releases Report titled “ Promoting Millets in Diets: Best Practices across States/UTs of India ”

NITI Aayog, also known as National Institution for Transforming India, has released a report called “Promoting Millets in Diets: Best Practices Across States/UTs of India”. The report showcases innovative practices and good measures adopted by state governments and organizations to promote millets across the value chain.

- The report was unveiled by Suman K. Bery, Vice Chairman of NITI Aayog, in the presence of Member (Health) Dr. V.K. Paul, Member (Agriculture) Dr. Ramesh Chand, and B.V.R. Subrahmanyam, CEO of NITI Aayog.

- The report covers several themes, including state missions and initiatives to promote millets, the inclusion of millets in Integrated Child Development Scheme (ICDS), research and development, and the use of technology for innovative practices. It serves as a guiding repository to revive and mainstream millets in Indian diets.

- The report highlights that the area under cultivation of millets in India has been declining due to the promotion of rice and wheat and a lack of initiatives towards the production of millets. India produces nine traditional millets, including Sorghum, Pearl Millet, Finger Millet, Foxtail Millet, Proso Millet, Little Millet, Barnyard Millet, Brown top Millet, and Kodo Millet. Millets are secure crops for small farmers as they are resilient and adaptable to hot and drought environments.

5. DoSJE signed MoU with Art of Living to make NMBA more effective and widespread   

The Ministry of Social Justice & Empowerment's Department of Social Justice and Empowerment (DoSJE) signed a Memorandum of Understanding (MoU) on April 26, 2023 with Art of Living (AoL), a non-governmental organization (NGO) that is non-profit, volunteer-based, humanitarian and educational in nature. 

- The goal of the MoU is to spread the message of Nasha Mukt Bharat Abhiyaan (NMBA) among various groups such as youth, women, and students. The signing ceremony took place at Dr. B.R Ambedkar International Centre in New Delhi, Delhi, and was attended by Union Minister Dr. Virendra Kumar of MoSJE and Gurudev Sri Sri Ravi Shankar, the founder of Art of Living.

6. India signs new Work Plan 2023 on Quality Infrastructure with Germany during Indo-German Working Group meeting in Berlin

The Department of Consumer Affairs and the German Federal Ministry for Economic Affairs and Climate Action signed the Work Plan for 2023 on April 25, 2023, during the 9th Annual Meeting of the Indo-German Working Group on Quality Infrastructure (QI) in Berlin, Germany.

This year's Annual Meeting marked the 10th anniversary of the Working Group, and the agreement was signed by Nidhi Khare, Additional Secretary of the Department of Consumer Affairs, and Dr. Daniela Broenstrup, Director General of Digital and Innovation Policy at the Federal Ministry for Economic Affairs and Climate Action.

Key notes :

Both sides stressed the role of the Working Group in reducing technical barriers to trade and promoting innovation and consumer protection.

- The Working Group addressed key areas of economic cooperation and promoted systemic harmonization of QI at an international level.

- Stakeholders provided insights on current QI developments in Germany and India, including the Standards National Action Plan for India and German Standardisation Roadmaps for the Circular Economy and Industry 4.0.

- The Work Plan for 2023 covers key elements of QI and cross-cutting topics such as harmonized global solutions, digitalization, circular economy, smart farming, and machinery safety.

About Germany :

Capital : Berlin

Currency : Euro

President : Frank-Walter Steinmeiera

7. Swachh Bharat Mission of UP Receives HUDCO Awards 2022-23; J&K Bank Felicitated for PM Awas Yojana

A. HUDCO Awards 2022-2023

(i) On 25th April 2023, the HUDCO Awards of 2022-2023 were announced during a programme organised on the 53rd Foundation Day of Housing and Urban Development Corporation Limited (HUDCO) .

(ii) The Swachh Bharat Mission (Urban) Uttar Pradesh won the HUDCO Award for Best Practices to Improve the Living Environment 2022-23 category for Sanitation. The award was given for the campaign practice ‘ Swatchh Virasat ’ conducted from January 14 to 24. The award was presented to Neha Sharma, State Mission Director, Uttar Pradesh.

(iii) The campaign included 75 tourist and historical places of the state, where special cleanliness drives were conducted through activities like Nukkad Natak, puppet show, plog run, involving the general public in cleaning ghats, ponds, markets and other commercial areas.

(iv) As part of the award, an amount of Rs. 1 lakh was given to the UP government.

B. J&K Bank felicitated for ‘outstanding’ contribution

(i) Jammu and Kashmir (J&K) Bank was conferred with the HUDCO award for its outstanding contribution towards the housing sector of the country under the Pradhan Mantri Awas Yojana (Urban) – Credit Linked Subsidy Scheme (CLSS) through various innovative initiatives.

(ii) Narjay Gupta , the bank’s general manager, received the award from Manoj Joshi, secretary, Ministry of Housing and Urban Affairs, and Kuldip Narayan, HUDCO chairperson.

(iii) The award was presented on 25th April 2023 during the same function that marked the announcement of HUDCO Awards 2022-2023. The function was inaugurated by Hardeep Singh Puri, Union Minister of Housing & Urban Affairs and Petroleum & Natural Gas.

8. RINL wins Ministry of Steel's Ispat Rajbhasha Samman 2021-22

RINL (Rashtriya Ispat Nigam Limited) won the Ministry of Steel's "Ispat Rajbhasha Samman" First Prize for the year 2021-22 .

- The award was presented to the Chairman and Managing Director (CMD) Atul Bhatt, RINL by the Minister of State (MoS) Faggan Singh Kulaste, Ministry of Steel, during the meeting of Hindi Salahkar Samiti held in Srinagar, Jammu & Kashmir.

- Lalan Kumar, General Manager (Rajbhasha) and Admin Incharge, RINL-Visakhapatnam, Andhra Pradesh steel plant was also awarded First Prize for his special efforts in ensuring effective implementation of Hindi in the organisation.

- The MoS also released RINL's March issue of Hindi In-house Magazine "Rashtriya Ispat Sugandh".

9. India’s FIEO sign MoU with Business Russia to promote trade & FDI

FIEO and Business Russia signed an MoU to promote trade and FDI between India and Russia.

- The MoU was signed during the visit of a 50-member delegation from the agriculture and food processing sector in India, led by a Board Member of FIEO.

- The delegation visited Moscow and St. Petersburg in Russia.

- Exporters aim to increase agro and processed food exports from $750 million to over $3 billion in the next three years.

- FIEO aims to take exports to Russia to USD 5 billion in FY24.

- During April-February 2022-23, exports to Russia stood at USD 2.8 billion, while imports aggregated at USD 41.6 billion during the same period .

About Federation of Indian Export Organisations (FIEO) :

Director General & CEO : Ajay Sahai

Headquarter : New Delhi, Delhi

Establishment : 1965

10. Prince of Arcot Nawab Mohammad Abdul Ali receives IAA’s Meritorious Service Award 2023

The Indo-Australian Association (IAA) presented the Meritorious Service Award 2023 to his Excellency Nawab Mohammad Abdul Ali, the current titular Prince of Arcot, on April 24, 2023, at Amir Mahal in Chennai, Tamil Nadu . 

- The award was bestowed upon him by Sara Kirlew, the Australian Consul General to South India, and Dr. Susan Verghese, President of the Indo-Australian Association. Nawab Mohammad Abdul Ali was recognized for his long-standing efforts in promoting communal peace, harmony, and international relations between India and Australia.

11. Nasscom appoints Microsoft India President Anant Maheshwari as Chairperson

Anant Maheshwari, the President of Microsoft India, has been appointed as the Chairperson of The National Association of Software and Service Companies (NASSCOM) for the year 2023-24, effective from April 25, 2023. 

- He was previously the vice-chairperson of Nasscom and succeeds Krishnan Ramanujam, the President of Business and Technology Services at Tata Consultancy Services (TCS), who served as the Chairperson for 2022-23. 

- NASSCOM has also announced its new executive council for 2023-25, which includes a one-third representation of women leaders. The organization aims to double the technology industry in India to USD 500 billion by 2030 from the current valuation of USD 245 billion.

About The National Association of Software and Service Companies (NASSCOM) :

It is an Indian non-governmental trade association and advocacy group, focused mainly on the technology industry of India.

Chairperson : Anant Maheshwari

President : Debjani Ghosh

Founded : 1 March 1988

12. Sweden’s Research Rocket Accidentally Lands in Norway

On April 24th, 2023, TEXUS-58 , a microgravity research rocket launched by the Sweden Space Corp (SSC) from Esrange Space Center in northern Sweden , experienced a malfunction and landed in a mountain range approximately 15 kilometers inside Norway. 

- The rocket was a part of a research program initiated by the European Space Agency (ESA) for conducting experiments in zero gravity at an altitude of 250 kilometers (155.34 miles) above the Earth. The rocket landed at an altitude of 1,000 meters and was 10 kilometers away from the nearest settlement.

13. 2023 Hyundai Archery World Cup Stage 1 – Antalya: India finished 2nd with 4 medals

At the 2023 Hyundai Archery World Cup Stage 1, held in Antalya, Türkiye from 18th to 23rd April 2023, India secured 4 medals (2 gold, 1 silver, 1 bronze) and finished 2nd in the overall medal tally . 

- The United States of America (USA) topped the medal tally with 4 medals (2 gold and 2 silver). The tournament is a part of the 2023 Archery World Cup, officially known as the Hyundai Archery World Cup.

14. NASA Successfully Extracts Oxygen from Simulated Lunar Soil

The Johnson Space Center of NASA, located in Houston, Texas, USA, has achieved a breakthrough by extracting oxygen from simulated lunar soil, which refers to the powdery substance that covers the surface of the Moon.

15. SIPRI Report : Trends In World Military Expenditure, 2022

The Stockholm International Peace Research Institute (SIPRI) released its 'Trends In World Military Expenditure, 2022' Fact Sheet in April 2023, revealing that global military spending has increased for the eighth consecutive year, rising by 3.7% in real terms to reach a record high of US$2240 billion. 

- India was the fourth largest military spender in the world in 2022, with a military expenditure of US$81.4 billion. In 2022, total world military spending accounted for 2.2% of global gross domestic product (GDP). Over the decade spanning 2013-2022, global military spending grew by 19% and has increased every year since 2015.

Top 5 Countries with the Highest Military Expenditure in 2022 :

Banking and Finance News :

1. Hari Hara Mishra becomes CEO of the Association of ARC

Hari Hara Mishra has assumed the role of Chief Executive Officer (CEO) of the Association of Asset Reconstruction Companies (ARCs). The Association of ARCs is a non-profit organization and the representative body of all 28 ARCs registered with the Reserve Bank of India (RBI). The Indian ARC Association (IAA) serves as the voice of ARCs in India, and has been active for over eight years.

About Asset Reconstruction Companies (ARCs) : 

Asset Reconstruction Companies (ARCs) are specialized financial institutions that purchase Non-Performing Assets (NPAs) or bad loans from banks and other financial institutions to help them recover these NPAs. ARCs are registered with the Reserve Bank of India (RBI) and are regulated by the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 (SARFAESI Act, 2002).

2. RBI granted NBFC licence to Neobanking Jupiter; Cancels Adoor Co-operative Urban Bank’s banking licence, allows to operate as NBFC

Jupiter, a neobanking platform, has received a non-banking financial company (NBFC) license from the Reserve Bank of India (RBI), allowing the company to expand its lending business. Previously, Jupiter had been lending in partnership with an NBFC using the Loan Service Providers (LSP) model. 

- The private entity Amica Financial Technologies, which operates Jupiter, will now offer loans ranging from Rs 50,000 to Rs 1 lakh under the new licence. This will give Jupiter better control over its lending business, allow direct integrations for Know Your Customer (KYC) checks, and make it easier to offer better services to customers and scale up operations. 

- In addition to its lending services, Jupiter offers a user-friendly platform for depositing and withdrawing funds, and has partnered with traditional banks to offer debit and credit cards.

3. RBI cancels Adoor Co-operative Urban Bank’s banking licence, allows to operate as NBFC

The RBI cancelled the banking licence of Adoor Co-operative Urban Bank Ltd, Adoor, Kerala, effective from the close of business on April 24, 2023, under Section 22 read with Section 56 of the Banking Regulation Act, 1949. 

- However, the bank is allowed to function as a non-banking institution under Section 36 A(2) read with Section 56 of the Banking Regulation Act, 1949. The cancellation prohibits the bank from conducting the business of "banking" within the meaning of Section 5(b) of the Act, including accepting deposits from non-members, with immediate effect. Adoor Co-operative Urban Bank Ltd must repay unpaid and unclaimed deposits of non-members held by it, whenever demanded, even after being notified as a non-banking institution. The bank was initiated on January 3, 1987.

4. SBI General Insurance Launched Digital-only Health Insurance Plan – Health Edge Insurance

SBI General Insurance Company Limited launched a digital-only health insurance plan called ‘Health Edge Insurance’ in April 2023. 

Here are the key features of the plan :

- It is a single comprehensive plan with 9 basic indemnity covers and 18 optional covers to cater to medical exigencies.

- The policy offers multiple sum insured options ranging from 3 to 25 lakhs, and customers can choose long-term policy options for up to 3 years.

- The entry age for purchasing the Health Edge plan is 18 years to 65 years for adults and 91 days to 30 years for children.

- The policy is a fully digital product from SBI General, and the entire process from purchase to claims will be digital.

- The planned treatment under this cover shall be claimed on a reimbursement basis in Indian currency only.

- Customers can opt for a co-payment option, wherein 10% or 20% co-payment will be applied on every admissible claim wherever applicable under this Policy.

- No pre-policy medical checkup is required before issuance of Health Edge policy till 55 years of age.

- The plan includes covers such as the Global Treatment cover which takes care of the medical expenses incurred towards inpatient care outside India, and OPD (Out Patient Department) cover which guarantees the medical expenses incurred for allopathic OPD expenses including Diagnostics and Pharmacy.

5. Reliance General Becomes 1st Insurer to Accept eRupee in Partnership with Yes Bank

Reliance General Insurance, a subsidiary of Reliance Capital, became the first company to accept eRupee (e₹) or RBI's CBDC for premium payments .

Partnership :  Accepts eRupee through a partnership with Yes Bank 

Enables customers to make premium payments digitally using the bank's platform

Benefits :

- Provides customers with a safe, easy, instant, and green payment solution, enhancing the customer experience

- Eliminates the handling of physical cash

- Offers the same anonymity as a banknote

Current availability :

- Made the physical eRupee QR code available at select branches for walk-in customers to scan and pay instantly

- Customers with an active eRupee wallet with any bank can scan Reliance General Insurance's eRupee QR code to make an immediate payment

Future plans :

- Plans to make eRupee available at all branches nationwide, on its website, and on the Reliance Self-i app within a few months

CBDC or Digital Rupee :

- A digital version of currency notes issued by RBI

- Equal to the legal tender

News360 - 27th April , 2023 | Daily Current Affairs

National and International News :

1. PM Dedicated Various Projects Worth Rs 4850 cr in Dadra and Nagar Haveli

On April 25, 2023, PM Narendra Modi inaugurated and laid the foundation stone for various development projects worth more than Rs. 4850 crore in Silvassa in Dadra and Nagar Haveli .

- The development projects include projects related to health, housing, tourism, education, and urban development.

- PM inaugurated the new campus of NAMO Medical Education & Research Institute, the first and only medical college in the UT of Dadra and Nagar Haveli and Daman and Diu.

- The PM laid the foundation stone and dedicated 96 projects worth more than Rs. 4850 crores to the nation at Sayli ground, Silvassa.

Some of the projects include government schools, engineering college, and fish market and shopping complex in various parts of Dadra and Nagar Haveli and Daman and Diu.

- The projects also include beautification, strengthening and widening of various roads and augmentation of water supply scheme in Nani Daman.

Key initiatives :

(i) PM mentioned that an allocation of Rs. 5500 crores has been made for the physical and social infrastructure of the UT in the last few years.

(ii) He highlighted the initiatives undertaken in the UT, such as LED-lit streets, door-to-door waste collection, 100% waste processing, and the new Industrial Policy, which has increased industry and employment in the UT.

(iii) PM informed that a new 300-bed hospital is under construction, and permission has been granted for a new Ayurvedic hospital in the UT.

(iv) He also referred to the International Year of Millets and highlighted the UT's local millets like Nagali and Nachni.

(v) The PM noted that more than 1200 families have received their own houses under PM Awas Yojana in Daman, Diu, and Dadra and Nagar Haveli, and women are given an equal share in the houses. He handed over the house keys to beneficiaries of PMAY Urban from Diu and Silvassa.

(vi) PM mentioned the educational institutions that are opening campuses in Dadra and Nagar Haveli, such as NIFT, Gujarat National Law University, and IIIT Vadodara (Gujarat) in Diu.

2. India’s FIEO sign MoU with Business Russia to promote trade & FDI

India's Federation of Indian Export Organizations (FIEO) signed an MoU with Russian business chambers to promote bilateral trade and FDI between the two countries.

- The MoU was signed during the visit of a 50-member Indian delegation from the agriculture and food processing sector to Moscow and St. Petersburg, Russia.

- The delegation explored trade opportunities in diverse business ventures of Russia, including ready-to-eat meals, fish meal, animal feed, and soybean, to establish business tie-ups with Russian companies, including large departmental stores in the agro and food processed sector.

- Exporters are looking to increase agro and processed food exports from $750 million to over $3 billion in the next three years.

- FIEO aims to take exports to Russia to USD 5 billion in FY24.

- Exports to Russia stood at USD 2.8 billion during April-February 2022-23, while imports aggregated at USD 41.6 billion during the same period.

About Federation of Indian Export Organisations (FIEO) :

Director General & CEO : Ajay Sahai

Headquarter : New Delhi, Delhi

Establishment : 1965

3. PM Narendra Modi launches a Book 'Saurashtra-Tamil Sangamprashastih' 

PM Narendra Modi launched the book " Saurashtra-Tamil Sangamprashastih " (सौराष्ट्र-तमिलसङ्गमप्रशस्ति) (Saurashtra Tamil Sangam Praise) on April 26, 2023.

- The book has 113 verses and was prepared by Shree Somnath Sanskrit University, Gujarat.

- The book was launched via video conferencing during the closing ceremony of a 10-day Saurashtra Tamil Sangamam.

- The event was held from April 17-26, 2023 in Somnath, Gujarat.

4. 28 States/UTs adopts National Generic Document Registration System for Land Records

The National Generic Document Registration System (NGDRS) for Land Records has been adopted by 28 States and Union Territories.

- These States/UTs are either implementing eRegistration or sharing data with the national portal of NGDRS via User Interface /Application Programming Interface (API).

- The Unique Land Parcel Identification Number (ULPIN) (14- digit alpha-numeric unique ID)  or Bhu-Aadhar has been adopted by 26 States/UTs.

- Pilot testing of ULPIN has been done in 7 more States/UTs.

- Some states in the SVAMITVA portal also use ULPIN.

5. SRO completes PMD operation of GSAT-12 satellite

The Indian Space Research Organisation (ISRO) completed the post-mission disposal (PMD) operation of the communication satellite GSAT-12 on March 23, 2023. GSAT-12 was the 23rd GEO (Geosynchronous Earth Orbital) satellite to undergo PMD before decommissioning. 

- It carried 12 extended C band transponders and was launched on July 15, 2011. The satellite served for more than a decade and after the launch of its replacement satellite CMS-01 in 2020, it was relocated to 47.96° E longitude from its previous position at 83° E longitude, where it was stationed until March 2021.

6. Tennis legend Jaidip Mukerjea launches his Autobiography “Crosscourt”

Retired professional tennis player Jaidip Mukerjea launched his autobiography "Crosscourt" on April 21, 2023, at an event attended by well-known Indian tennis players such as Ramesh Krishnan and Somdev Devvaraman. 

- The book, which is co-authored by journalist-writer and translator Papri Sen Sri Raman , was published by Vitasta Publishing Private Limited.

7. Ratan Tata honoured with Order of Australia(AO), highest civil honour of Australia

Ratan Tata, the Indian industrialist, philanthropist, and Chairman Emeritus of Tata Sons, was awarded the Officer of the Order of Australia (AO) on April 22, 2023. This is Australia's highest civilian honour, which recognizes his efforts to strengthen the bilateral ties between India and Australia in the areas of trade, investment, and philanthropy.

- The announcement of his award was made by Mr. Barry O’ Farrell, the Australian Ambassador to India. Previously, in March 2023, Ratan Tata was appointed as an Honorary Officer in the General Division of the Order of Australia.

8. Government appoints Arun Sinha as Chairman of NTRO

Arun Kumar Sinha , a 1984 batch Indian Police Service (IPS) officer of Kerala cadre, has been appointed as the Chairman of the National Technical Research Organisation (NTRO) by the government. 

- He was an advisor in NTRO for two years and was serving as an Acting Chairman of NTRO before this appointment. Arun Sinha has been working as the chief of the Special Protection Group (SPG) since March 2016.

9. Winners of Goldman Environmental Prize - 2023 

The winners of the Goldman Environmental Prize 2023 were announced on April 24, 2023, at the War Memorial Opera House in San Francisco, USA.

- The prize was awarded to six individuals representing different continents : Alessandra Korap Munduruku from Brazil, Chilekwa Mumba from Zambia, Delima Silalahi from Indonesia, Diane Wilson from the USA, Tero Mustonen from Finland, and Zafer Kızılkaya from Turkey.

- This year marks the 34th anniversary of the prize, which recognizes grassroots environmental activists.

- The Goldman Environmental Prize is also known as the " Green Nobel Prize " .

- The ceremony was hosted by Rue Mapp, founder of Outdoor Afro, an organization dedicated to celebrating Black connections and leadership in nature.

Awards :

(i) Pollution & Waste - Diane Wilson from United States (North America)

(ii) Oceans & Coasts - Zafer Kizilkaya of Türkiye (Asia)

(iii) Environmental Justice -  Chilekwa Mumba from Zambia (Africa)

(iv) Forests - Delima Silalahi from Indonesia (Islands & Island Nations)

(v) Climate & Energy - Tero Mustonen from Finland (Europe)

(vi) Drilling & Mining -  Alessandra Korap Munduruku of Brazil (South & Central America)

Banking and Finance News :

1. Canara Bank & RBIH Collaborates to Launch ‘Digitalised Submission of Form 15G/15H’

Canara Bank and the Reserve Bank Innovation Hub (RBIH) have collaborated to launch a new customer-friendly service called 'Digitalised Submission of Form 15G/15H' to simplify the process of submitting self-declaration forms. 

- The forms, Form 15G and Form 15H, are submitted by individuals to request that their bank does not deduct TDS on interest income as their income is below the basic exemption limit. 

- The submission of PAN (Permanent Account Number) is necessary for the form submission. This service aims to make the process easier for customers.

2. Bajaj Allianz General Insurance, actyv.ai Partners to offer Insurance Product

actyv.ai , a Singapore-based licensed corporate agency under IRDAI (Insurance Regulatory and Development Authority of India), has partnered with Bajaj Allianz General Insurance to provide insurance products to MSMEs (Micro, Small & Medium Enterprises) and their business partners through their technology platform. 

- The collaboration will use the actyv.ai SaaS (Software as a service) platform with embedded B2B (Business to Business) BNPL (Buy Now, Pay Later) and insurance to offer affordable insurance products. 

- Bajaj Allianz General Insurance will use the technology stack of actyv.ai platform to provide innovative insurance products to promote the sustainability of suppliers, distributors, and retailers. Commercial insurance products like Fire and Burglary, as well as health products like Personal Accident, Hospital Cash, Credit Linked Health Plan, and Group Health Plans, will be offered.

3. Hindujas Gets In-Principal Approval from RBI to Raise Stake in IndusInd Bank

The promoters of IndusInd Bank, Hinduja Group, have received in-principle approval from the Reserve Bank of India (RBI) to increase their stake in the bank. 

- Currently, they hold a 16.5% stake, and the RBI raised the cap on the stake promoters can hold in a bank to 26% in 2021. 

- The due diligence process takes about 90-180 days as per RBI norms. IndusInd International Holdings Ltd, an entity belonging to Hinduja Group, has a 12.57% stake, while IndusInd Ltd has a 3.93% stake.

4. Monetary Authority of Singapore clears merger of HDFC Investments with HDFC

The central bank and financial regulatory authority of Singapore, the Monetary Authority of Singapore (MAS), has given its approval for the merger of HDFC Investments Limited and HDFC Holdings Limited with their parent company, Housing Development Finance Corporation (HDFC) Limited. 

- In addition, as part of the composite scheme of amalgamation, MAS has approved HDFC Bank's acquisition of a 20% or more stake in Griha Pte. Limited.

Other News :

1. Five-time Punjab CM Parkash Singh Badal passed away 

Parkash Singh Badal, the veteran Shiromani Akali Dal (SAD) leader and five-time Punjab Chief Minister (CM), passed away on April 25, 2023, at the age of 95 in Mohali, Punjab. He was born on December 8, 1927, in Abul Khurana, near Malout in Punjab.

Parkash Singh Badal : Brief Political Career Overview

(i) Parkash Singh Badal, a veteran Shiromani Akali Dal (SAD) leader, started his political career in 1947 and was elected to Punjab Vidhan Sabha in 1957.

(ii) He served as the Chief Minister of Punjab for five terms and holds the record for being the youngest CM at the age of 43 and the oldest CM at the age of 90.

(iii) He briefly served as the 11th Union Minister of Agriculture and Farmers' Welfare under the Morarji Desai-headed government in 1977.

(iv) He was the patron and president of the SAD political party from 1995 to 2008.

(v) Parkash Singh Badal contested 13 state assembly elections, won 11, and won ten polls back-to-back between 1969 and 2017.

(vi) He was awarded the Padma Vibhushan , India's second-highest civilian award, in 2015 (public affairs) and returned it in 2020 to support the Indian farmers' protest against the farm laws.

2. Pakistani-Canadian journalist Tarek Fatah Passes Away

Renowned Pakistani-born Canadian journalist Tarek Fatah passed away in Toronto, Ontario, Canada on April 24, 2023, at the age of 73. He was known for his criticisms of Islamic extremism and the Pakistani establishment and was a celebrated advocate of LGBT (Lesbian, gay, bisexual and transgender) rights. 

- Fatah started his career as a reporter in Karachi Sun media in 1970 and later became an investigative reporter for Pakistan Television. He fled to Saudi Arabia in 1977 after being charged with sedition by the Zia-ul-Haq administration and settled in Canada in 1987. Fatah authored two books, " Chasing a Mirage " and " The Jew is not my enemy " .

3. World Intellectual Property Day 2023 - 26th April

World Intellectual Property Day is celebrated on April 26 every year to acknowledge the significance of intellectual property rights including patents, trademarks, industrial designs, and copyright in fostering innovation and creativity worldwide. It also commemorates the formation of the World Intellectual Property Organization (WIPO).

- The theme for World Intellectual Property Day 2023 is “ Women and IP : Accelerating Innovation and Creativity ” , highlighting the critical role of women in driving innovation and creativity in various fields.

4. International Chernobyl Disaster Remembrance Day 2023 - 26th April

International Chernobyl Disaster Remembrance Day is observed on April 26 every year to commemorate the anniversary of the 1986 Chernobyl nuclear power plant disaster. The 2023 observance will mark the 37th anniversary of the incident. 

- The United Nations (UN) recognizes this day to promote awareness of the long-term consequences of the disaster.

 

News360 - 26th April , 2023 | Daily Current Affairs

 National and International News :

1. Union Minister Bhupender Yadav Launches New Features in Eshram Portal for Unorganised Workers

New features have been launched in the eShram Portal by Bhupender Yadav, the Union Minister for Labour & Employment and Environment, Forest and Climate Change, on April 24, 2023. These features aim to enhance the portal's usefulness and simplify registration for unorganized workers. Additionally, the new version includes a Data Sharing Portal (DSP) and a Data Analytics Portal.

The new features include :

(i) A feature to collect family details of migrant workers has been added to the portal. This feature will aid in providing child education and women-centric schemes to migrant workers who have migrated with their families.

(ii) A feature has been added to allow for the sharing of data of construction workers registering on eShram with the concerned Building and Other Construction Workers’ (BOCW) Welfare Board. This feature aims to ensure the registration of eShram construction workers with the appropriate BOCW board and provide access to relevant schemes.

The primary goal of these new features is to help eShram registered workers connect with employment opportunities, skilling, apprenticeship, pension schemes, digital skilling, and state-level schemes through the eShram portal.

Data Sharing Portal (DSP) :

The Union Minister Bhupender Yadav launched a Data Sharing Portal (DSP) that facilitates the sharing of eShram data with State and Union Territory (UT) Governments. This portal's purpose is to enable the sharing of eShram beneficiary data with the relevant states and UTs to implement targeted social security and welfare schemes for unorganized workers registered on eShram.

eShram Portal :

The eShram portal was launched by the Ministry of Labour & Employment on August 26, 2021, with the aim of creating a comprehensive National Database of Unorganized Workers seeded with Aadhaar. As of April 21, 2023, the eShram portal has recorded over 28.87 crore registrations by unorganized workers.

2. AAI & DGCA Signs Pact with European Agencies to Deepen Aviation Ties Between India & EU

(i) At the European Union (EU)-India Aviation Summit 2023 in New Delhi, Delhi from April 20 to April 21, 2023, the Airport Authority of India (AAI) and Directorate General of Civil Aviation (DGCA) signed agreements with European agencies to strengthen ties between India and the EU in the aviation sector.

AAI and Eurocontrol signed a declaration of intent to improve Air Traffic Management (ATM), while DGCA and the European Union Aviation Safety Agency (EASA) signed a letter of intent (LoI) for closer cooperation.

(ii) AAI and Eurocontrol signed a declaration of intent to establish a framework of cooperation to improve Air Traffic Management (ATM) for the benefit of aviation in Europe and India at the EU-India Aviation Summit 2023. The partnership aims to enhance the performance and long-range predictability of flights between their respective airspaces.

Through this partnership, AAI and Eurocontrol will work towards achieving optimal capacity, flexible flights, and interoperable systems and data, contributing to the overall improvement of aviation in both regions.

(iii) AAI and Eurocontrol signed a declaration of intent at the EU-India Aviation Summit 2023, which includes exchanging updated flight data for Air Traffic Flow Management (ATFM) and cooperation in ATM simulators and simulations for the advancement of technology and best practices.

(iv) DGCA and the European Union Aviation Safety Agency (EASA) signed a letter of intent (LoI) at the EU-India Aviation Summit 2023, focusing on technical cooperation and developing a common understanding of Unmanned Aircraft Systems and Innovative Air Mobility.

Key notes :

(i) The Indian government plans to have airports using 100% green energy by 2024 and achieve net zero emissions by 2030.

(ii) 25 AAI airports already use 100% green energy and the government aims to make another 121 airports carbon neutral by 2025, while promoting the use of Sustainable Aviation Fuel.

(iii) EU is a significant trading partner for India, with goods and services trade amounting to €88 billion and €36.5 billion, respectively, and about 2.3 million passengers traveling directly between the two regions annually.

(iv) Currently, India has open skies arrangements with only six of the 27 EU member states, making the EU-India aviation market strategically important.

3. Textile Minister Piyush Goyal dedicated Handloom & Handicraft Portal for Making Artisans & Weavers Self-Reliant

A new e-commerce portal, Indiahandmade, for the handicrafts and handloom industry was launched by Piyush Goyal, the Union Minister of Textiles, on April 24, 2023, in Gujarat. This platform will facilitate a direct connection between consumers and over 35 lakh handloom weavers and 27 lakh skilled handicraft artisans, cutting out intermediaries. Handloom is the manual weaving of fabric, while handicrafts are products crafted by skilled artisans using traditional methods. 

The objective of this portal is to promote self-reliance among artisans and weavers.

The new Indiahandmade e-commerce portal has several features, including :

(i) Fair remuneration for artisans and higher profits for sellers with 0% commission by eliminating intermediaries.

(ii) A diverse range of handmade products, including clothing, home decor, jewellery, and accessories made using eco-friendly and sustainable materials.

(iii) Easy registration and order fulfillment for authentic sellers such as artisans, weavers, producer companies, SHGs, and cooperative societies.

(iv) Free shipping with return options and multiple secure payment gateways for a hassle-free transaction experience.

4. PM Dedicated Various Projects Worth Rs 3200 cr; Inaugurates India's 1st Water Metro in Kochi & Kerala’s 1st Vande Bharat Express

Prime Minister Narendra Modi, inaugurated several development projects worth more than Rs 3200 crores on April 25, 2023, at Central Stadium in Thiruvananthapuram, Kerala. These projects include the country's first Water Metro in Kochi, Kerala, and the state's first Vande Bharat Express, which runs between Thiruvananthapuram and Kasargod.

Water Metro - Kochi :

The Kochi Water Metro is a unique project that connects 10 islands around Kochi with the city through battery-operated electric hybrid boats. Here are some key points about the project :

(i) The project is made in India and the ports were developed by the Kochi Shipyard.

(ii) Initially, the Water Metro will start sailing with 8 electric-hybrid boats in two routes: Highcourt-Vypin and Vyttila-Kakkanad stretches.

(iii) The purpose of the project is to provide modern and affordable means of transport to people living in the nearby islets of Kochi and to provide intermodal connectivity between the bus terminal and the metro network.

(iv) The project will ease traffic congestion in the city and benefit backwater tourism in the state.

(v) People can use the Kochi One Card for travelling on the Kochi Water Metro and can book mobile QR tickets through the Kochi One app.

Kerala's first Vande Bharat Express :

Kerala's first Vande Bharat Express, running between Thiruvananthapuram and Kasargod, will connect North Kerala with South Kerala and make travel to pilgrimage places like Kollam, Kottayam, Ernakulam, Thrissur, and Kannur easier. 

Here are some additional points to note :

(i) The Indian Prime Minister, Narendra Modi, announced that work has begun to prepare the Thiruvananthapuram-Shoranur section for semi-high speed trains. When completed, it will enable semi-high speed trains to run from Thiruvananthapuram to Mangaluru.

(ii) The Prime Minister also mentioned the gauge conversion, doubling, and electrification of railway tracks in Kerala over the last 9 years while discussing the developments in railways in the state.

(iii) The Prime Minister dedicated the Rail electrification of the Dindigul-Palani-Palakkad section during the event.

Digital Science Park :

(i) PM Narendra Modi laid the foundation stone of the Digital Science Park in Thiruvananthapuram, which will boost the Digital India initiative.

(ii) The project's total outlay is estimated at around Rs 1515 crore, with an initial investment of Rs 200 crore for Phase-1.

(iii) The project will offer state-of-the-art basic infrastructure to support high-end applied research by industries and co-development of products with universities.

(iv) The Digital Science Park is a third-generation science park that will include common facilities to support the development of products in Industry 4.0 technologies like Artificial Intelligence, Data Analytics, Cybersecurity, and Smart Materials.

Note : 

PM greeted the people of Kerala for Vishu :

Vishu is a cultural festival celebrating one of the two harvest seasons in Kerala of India. Vishu falls on the first day of the month of Medam in the Malayalam Calendar (April 14 or 15 in the Gregorian calendar).

5. Indian, Nepali Private Companies Sign Agreement for Direct Energy Sale

On April 19th, 2023, private companies from Nepal and India signed an agreement to buy and sell energy directly, marking a significant development in energy cooperation between the two countries. Previously, only government-owned entities were permitted to utilize this power.

The Nepal Power Exchange (NEPEX), established by the private sector to trade electricity abroad, signed the agreement with India's Steel Mint. Krishna Prasad Acharya, President of the Independent Power Producers' Association (IPPA) in Nepal, and Kshitij Pandey of SteelMint (BigMint Technologies Private Limited) were the signatories to the agreement.

Under this deal, private hydropower project developers from India can purchase up to 200 MW of electricity from Nepal. The agreement was signed during the 8th Power Summit 2023 in Kathmandu, Nepal, with the slogan "Broadening Green Energy Markets."

6. Md Sahabuddin sworn in as 22nd president of Bangladesh

Mohammed (Md) Sahabuddin, a former judge and freedom fighter, was inaugurated as the 22nd president of Bangladesh on April 24th, 2023, at Durbar Hall in Bangabhaban, Dhaka, Bangladesh.

The 73-year-old politician, an Awami League candidate, had been elected uncontested on February 13th, 2023. The previous president, Md Abdul Hamid, the longest-serving president of Bangladesh, retired after serving two consecutive terms of 10 years and 41 days. As per the Constitution of Bangladesh, he is not eligible to hold a third term.

7. SpaceX Starship, World’s Biggest Rocket, Explodes During 1st Flight Test

The most powerful and largest rocket ever constructed, SpaceX's Starship spacecraft, exploded during its inaugural flight on April 20th, 2023. The uncrewed Starship was launched from the SpaceX spaceport in Boca Chica, Texas, known as Starbase.

During the test, the separation of the first-stage rocket booster failed to occur, and the rocket experienced multiple engine failures, causing it to lose altitude. As a result, the flight termination system was commanded on both the booster and the ship. Destroying a wayward rocket is standard procedure to prevent harm to people or property below.

Despite the setback, NASA has selected Starship to transport astronauts to the moon for the first time since the conclusion of the Apollo program in 1972. This mission is expected to take place in late 2025.

Banking and Finance News :

1. HDFC Bank, Axis Bank Signs the Definitive Agreements with Go Digit Life Insurance

Two of India's biggest private sector banks, HDFC Bank and Axis Bank, have signed definitive agreements with Go Digit Life Insurance, an insurance technology startup, to acquire a 9.94% equity stake each in the company. The payment for each stake is Rs 69.90 crore, which will be made in two tranches. The agreement was signed on April 21, 2023.

The stake acquisition process involves two tranches of payment :

(i) HDFC Bank :   HDFC Bank has already made the first tranche of payment amounting to Rs. 10.93 crore for the acquisition of a 9.94% equity stake. According to the bank's definitive agreement, the remaining amount of Rs. 58.97 crore will be invested at its discretion in the second tranche, following the completion of the Initial Subscription.

(ii) Axis Bank :   Axis Bank has also made the first tranche payment of Rs. 10.93 crore towards the acquisition.

The transaction is expected to be completed within 3 to 6 months from the date of execution.

Go Digit Life Insurance : Founded by Kamesh Goyal and backed by the Fairfax Group, Digit is a general insurance company that offers a range of services such as car insurance, travel insurance, home insurance, commercial vehicle insurance, and shop insurance.

Go Digit General Insurance Limited was incorporated in the year of 2016 and the company is based in Bengaluru, India.

2. Capacity Utilisation robust but New Orders dip in Q3FY23: RBI’s 60th OBICUS

During Q3:2022-23, the Reserve Bank of India (RBI) conducted the 60th round of the quarterly Order Books, Inventories, and Capacity Utilization Survey (OBICUS), which covered 762 manufacturing companies. The survey aimed to provide a snapshot of the demand conditions in India's manufacturing sector during October-December 2022.

Important key notes :

(A) New Order Book :

(i) In Q3FY23, new order book of manufacturing companies declined to 8.4%, indicating a slowdown in demand.

(ii) Average new order amount decreased from Rs 307.9 crore in Q2FY23 to Rs 212.2 crore in Q3FY23.

(iii) Decline is due to difficult external environment with recession threat in many advanced economies and RBI's aggressive rate hikes.

(iv) Growth of new order books was negative between Q2FY20 and Q1FY21, but grew consecutively in the next three quarters until Q1FY22, registering a staggering 105% growth.

(B) Capacity Utilization :

(i) CU of manufacturing facilities was 74.3% in Q3FY23, up from 74% in Q2, indicating rapid manufacturing activity.

(ii) CU hit a low of 47.3% in Q1FY21, with most units cutting production. Pre-pandemic levels (Q1FY20) were 73.6%.

(C) Inventory Levels :

The average inventory level of manufacturing companies slightly increased by 2.3% to Rs 519.9 crore in Q3FY23 from Rs 508.2 crore in Q2FY23. The inventory levels were the highest during the pandemic in Q4FY20 at Rs 609.9 crore.

3. Reserve Bank of Zimbabwe to Launch Gold-Pegged Digital Currency

The government of Zimbabwe plans to launch a gold-backed digital currency through the Reserve Bank of Zimbabwe (RBZ) to stabilize the local currency and prevent further depreciation against the US dollar. 

The digital gold token will allow more Zimbabweans to hedge against currency volatility by exchanging small amounts of Zimbabwean dollars. 

Zimbabwe adopted the US dollar as its currency in 2009 due to hyperinflation and reintroduced the Zimbabwean dollar in 2019 to revive the struggling economy.

4. Shreekant M Bhandiwad takes charge as Chairman of Karnataka Vikas Grameena Bank (KVGB)

Shreekant M Bhandiwad has become the new Chairman of the Karnataka Vikas Grameena Bank (KVGB), a regional rural bank in India sponsored by Canara Bank, with its headquarters in Dharwad, Karnataka.

Prior to his appointment, Bhandiwad was the head of the Patna circle of Canara Bank in Bihar.

He has succeeded Puttaganti Gopikrishna, who served as the Chairman of KVGB from 2019 to 2023. Gopikrishna has been repatriated to Canara Bank as the Circle Head in Bengaluru, Karnataka.

About Shreekant M Bhandiwad :

- Postgraduate in agriculture

- Worked as an Agricultural Extension Officer in rural branches of Canara Bank

- Worked as a consultant in Agricultural Consultancy Services of Canara Bank at Head Office in Bengaluru

- Has 29 years of experience in Canara Bank, worked in states such as Haryana, Rajasthan, Bihar and Karnataka in various capacities

- Was Deputy Managing Director of Canfin Homes Ltd, Bengaluru for 3 years.

Other News :

1. UN English Language Day 2023 – 23rd April

UN English Language Day is observed on 23rd April every year to promote and celebrate the English language and its history, culture, and achievements.

This day coincides with the birth and death anniversary of William Shakespeare, the famous English playwright, poet, and actor.

In 2010, the UN Department of Global Communications initiated the observance of UN Language Days to promote and celebrate all six official languages of the UN, including English, Arabic, Chinese, French, Russian, and Spanish.

The UN Language Days are celebrated annually to recognize and appreciate the diversity of languages and cultures worldwide.

Language Days of UN :

(i) French – 20 March

(ii) Chinese – 20 April

(iii) English – 23 April

(iv) Spanish – 23 April

(v) Russian – 6 June

(vi) Arabic – 18 December

2. World Book and Copyright Day 2023 - 23rd April

World Book and Copyright Day is observed annually on April 23rd to celebrate books and reading and encourage a reading culture, especially among young people.

This day is led by UNESCO, the United Nations Educational, Scientific and Cultural Organization.

The theme for the 2023 observance is "Indigenous Languages," which focuses on the native languages of a particular country.

3. 14th National Panchayati Raj Day – 24th April 2023

National Panchayati Raj Day is celebrated every year on April 24 in India to recognize the decentralization of power to the grassroots through the institutionalization of Panchayati Raj. In 1993, the first Panchayati Raj system with constitutional status was established in India. This year, on April 24, 2023, the 14th National Panchayati Raj Day will be celebrated, commemorating 30 years of Panchayati Raj in India.

- The Ministry of Panchayati Raj and the Government of Madhya Pradesh have collaborated to organise a major event on the occasion of NPRD 2023. The event is part of the Azadi Ka Amrit Mahotsav (AKAM) and is called Samaaveshi Vikaas (Inclusive Development). 

The event was held at the Special Armed Forces Ground in Rewa, Madhya Pradesh. Prime Minister Narendra Modi attended the event as the Chief Guest. During the event, the PM launched the AKAM campaign for the theme "Inclusive Development" or "Samaaveshi Vikas."

- During the NPRD 2023 event, Prime Minister Narendra Modi inaugurated the integrated e-GramSwaraj (eGS) and Government eMarketplace (GeM) portal for public procurement at the Panchayat level. 

The eGramSwaraj–GeM Integration aims to enable Panchayats to procure goods and services through GeM, leveraging the eGramSwaraj platform. The integration is expected to encourage Panchayats to embrace the digital revolution and access an easy-to-use procurement and payment platform, thereby promoting rural economy and entrepreneurship while strengthening the Digital India Program.

Here are some key points about eGramSwaraj (eGS) :

(i) eGramSwaraj (eGS) was launched on April 24, 2020, to coincide with National Panchayati Raj Day.

(ii) Its purpose is to provide a single-window solution for all Panchayat functions, from planning to online payments.

(iii) As of now, eGramSwaraj has been adopted by almost 100% of Gram Panchayats and traditional local bodies in India, with more than 2.3 lakh using it for online payments.

(iv) To date, more than 1.35 lakh crore payments have been processed online through eGramSwaraj.

(v) GeM aims to increase its user base from 60,000 to over 3 lakhs in phases. Panchayats have demanded transparency in procurement, which the digital process aims to provide. The integration of eGramSwaraj and GeM also aims to encourage registration of local vendors like proprietors, self-help groups, and cooperatives on the platform.

SVAMITVA Scheme : 

(i) PM Modi distributed SVAMITVA Property Cards to select beneficiaries, marking the milestone of distributing 1.25 crore property cards under the SVAMITVA Scheme.

(ii) The SVAMITVA - Meri Sampatti, Mera Haq campaign aims to generate 1.50 crore Property Cards under the scheme by August 2023 as part of the AKAM - Samaaveshi Vikas theme.

(iii) The Property Card provides right of the property to rural household owners in the abadi areas.

(iv) The scheme covers various sections of society including SCs, STs, differently-abled, minorities, women and other vulnerable groups.

SVAMITVA scheme is a Central Sector Scheme launched by PM Modi on 24th April 2020, aimed at providing Records of Rights/ Property Cards to rural household owners of the inhabited area of the village.

(v) The scheme is under the Ministry of Panchayati Raj (MoPR).

4. International Day of Multilateralism and Diplomacy for Peace 2023 – 24th April

The UN observes the International Day of Multilateralism and Diplomacy for Peace on April 24th annually.

The day raises awareness about preserving multilateralism and global cooperation to maintain peace and achieve SDGs by 2030.

The day aims to tackle global issues like climate change, geopolitical tensions, and humanitarian crises.

It promotes the three pillars of the UN: peace and security, development, and human rights.

The UNGA adopted resolution A/RES/73/127 on December 12, 2018, proclaiming April 24th as the International Day of Multilateralism and Diplomacy for Peace.

The first observance of the day was on April 24th, 2019.

Multilateralism :

Multilateralism is the concept of multiple countries uniting towards a common goal, giving small powers a voice in global matters.

The UN is the most visible symbol of multilateralism and has given rise to other multilateralism efforts, such as WHO, the World Bank, WTO, and NATO.

5. World Malaria Day 2023 - 25th April

World Malaria Day is observed every year on April 25th to raise awareness about the importance of investing in and committing to the prevention and control of Malaria.

The day also aims to educate and increase understanding of Malaria as a preventable and curable disease.

World Malaria Day is led by the World Health Organization (WHO).

The theme for World Malaria Day 2023 is "Time to deliver zero malaria: invest, innovate, implement".

6. International Delegate’s Day 2023 - 25th April

The UN's International Delegate's Day is observed annually on April 25th worldwide to raise awareness about the crucial role of the representatives and delegates of Member States at the United Nations.

This day commemorates the opening day of the United Nations Conference on International Organisations in San Francisco on April 25th, 1945.

April 25th, 2023, marks the fourth observation of International Delegate's Day, which recognizes delegates' contribution to the UN's goals of promoting international peace and respect for human rights and fundamental freedoms.

The United Nations General Assembly (UNGA) proclaimed April 25th of every year as International Delegate's Day through resolution A/RES/73/286, adopted on April 2nd, 2019.

The first-ever International Delegate's Day was observed on April 25th, 2020.