National and International News :
1. PM lays Foundation Stone & Dedicates to the nation Various Projects in Chennai, TN
On April 8, 2023, the esteemed Prime Minister (PM) of India, Narendra Modi, graced the city of Chennai, Tamil Nadu (TN), with his presence as he embarked on a series of significant inaugurations and foundation stone layings for various projects.
(a) One of the highlights of PM Modi's visit was the grand inauguration of the New Integrated Terminal Building (NITB - Phase 1), fondly referred to as the 'Golden Terminal,' at Chennai International Airport. With a whopping investment of Rs 1,260 crore, this state-of-the-art terminal is set to revolutionize passenger handling at the airport, increasing its capacity from 23 Million Passengers Per Annum (MPPA) to an impressive 30 MPPA.
The New Integrated Terminal Building at Chennai International Airport is a part of the ambitious Chennai Airport Modernization Phase II project. Aptly named the 'Golden Terminal' due to its stunning golden finish, it resonates with local Tamil culture through elements such as Kolam, sarees, temples, and natural surroundings. The terminal's design is a visual treat, featuring columns resembling palm trees, motif lights reflecting South Indian Kolam patterns on the ceilings, and a roof design inspired by Bharatnatyam, a traditional dance form of the region.
One of the key features of the 'Golden Terminal' is the consolidation of all international operations, which will be moved to this new facility. The arrival and departure points of the terminal boast a whopping 54 immigration counters each, along with 11 automatic tray retrieval systems (ATRS) for carry-on baggage and 33 remote boarding gates, ensuring smooth and efficient passenger movement.
(b) PM inaugurates second Vande Bharat express train in Tamil Nadu
The Prime Minister of India inaugurated the second Vande Bharat Express train in Tamil Nadu, known as the 'Chennai–Coimbatore Vande Bharat Express', which will operate between Chennai and Coimbatore.
The train was flagged off by the PM from Puratchi Thalaivar Dr. M.G. Ramachandran Central Station in the presence of the Chief Minister and Governor of Tamil Nadu, as well as Union Minister Ashwini Vaishnaw from the Ministry of Railways.
The Vande Bharat Express will run at a speed of 130 kmph, reducing the travel time by 1 hour and 20 minutes compared to existing trains.
Unlike other Vande Bharat Express trains with 16 coaches, this train will have eight coaches.
(c) In addition, the Prime Minister also took part in the festivities to mark the 125th Anniversary of Sri Ramakrishna Math at Vivekananda House in Chennai. He also unveiled a book on the Holy Trio during the event.
(d) The Prime Minister presided over a public program at Alstrom cricket ground in Chennai, where he inaugurated and laid the foundation stone for road projects worth approximately Rs 3700 crores.
Key highlights :
(i) He inaugurated the 7.3 km long Elevated Corridor in Madurai City and the 24.4 km long four-lane road of National Highway 785.
(ii) He also laid the foundation stone for the construction of road projects of National Highway-744.
(iii) These projects will enhance inter-state connectivity between Tamil Nadu and Kerala, contributing to improved transportation infrastructure in the region.
2. (a) PM Inaugurated ‘Commemoration of 50 years of Project Tiger’; Launched IBCA
(i) On April 9, 2023, Prime Minister Narendra Modi inaugurated the program "Commemoration of 50 years of Project Tiger" at Mysuru University in Mysuru, Karnataka, the first of its kind in India, organized to mark 50 years of Project Tiger.
(ii) Project Tiger was launched by the Government of India in 1973 to conserve the national animal, the tiger (Panthera tigris), making 2023 the 50th year of Project Tiger.
(iii) The coverage of Project Tiger has increased from 9 tiger reserves in its formative years to 51 at present, spread out in 18 tiger range states, covering around 2.23% of the geographical area of India.
(iv) Project Tiger is an ongoing Centrally Sponsored Scheme of the Ministry of Environment, Forests and Climate Change providing central assistance to tiger states for tiger conservation in designated tiger reserves.
(v) As of the 2022 Tiger Census, India's tiger population stands at 3,167 in the wild, compared to 2,967 tigers in the 2018 Tiger Census.
The tiger population in India has increased by 200/6.7% in the past four years, with 1,411 tigers in 2006, 1,706 tigers in 2010, and 2,226 tigers in the 2014 cycle of evaluations.
(b) Launch of International Big Cats Alliance (IBCA)
(i) The PM launched the International Big Cats Alliance (IBCA) for the conservation of seven major big cats - tiger, lion, leopard, snow leopard, puma, jaguar, and cheetah in collaboration with countries that have the natural habitat of these species.
(ii) India proposed to launch the IBCA global alliance in March 2023 under its leadership with guaranteed funding of USD 100 million (over Rs 800 crore) to protect big cats and assured support over 5 years.
(iii) The IBCA is formed as an extension of PM Narendra Modi's call for an Alliance of Global Leaders in July 2019 to curb poaching and illegal wildlife trade in Asia.
(iv) India is the only country in the world to have 5 out of 7 big cats, including tigers, lions, leopards, snow leopards, and cheetahs, except for pumas and jaguars.
(v) The key functions of the alliance include advocacy, partnership, knowledge e-portal, capacity building, eco-tourism, partnerships between expert groups, and finance tapping.
(vi) The governance structure of IBCA will consist of a General Assembly including all member countries, a council of at least seven but not more than 15 member countries elected by the General Assembly for a term of 5 years, and a Secretariat.
The IBCA Secretary General will be appointed for a specific term based on the recommendation of the Council by the General Assembly.
3. Two-day 1st International Quantum Communication Conclave held on 27-28 March 2023
(i) On March 27, 2023, Ashwini Vaishnaw, Minister of Communications, Electronics & Information Technology and Railways, and Devusinh Chauhan, Minister of State for Communications, inaugurated the First International Quantum Communication Conclave.
(ii) The conclave was held on March 27-28, 2023 at Vigyan Bhawan, New Delhi.
The event was organized by the Department of Telecommunications (DoT), Ministry of Communications, and Telecommunication Engineering Center (TEC).
(iii) The conclave was held in collaboration with C-DOT, TSDSI, and IEEE Communications Society - Delhi chapter.
Important :
(i) The conclave witnessed the release of standards for the 'Test Guide of Quantum Key Distribution (QKD) System' and 'Quantum-Safe and Classical Cryptography System'.
(ii) C-DOT has developed QKD and Post Quantum Cryptography (PQC) security solutions for communication.
(iii) Ashwini Vaishnaw announced the Quantum Hackathon 2023 to identify vulnerabilities in QKD, PQC solutions and strengthen the Quantum Ecosystem in India.
(iv) Successful Hackathon participants will receive a prize of Rs 10 Lakh for each successful break into the QKD or PQC systems, along with an opportunity to collaborate further with C-DOT in the area of Quantum Security.
(v) Funding for the development of solutions to break QKD or PQC security was also announced through C-DOT's Collaborative Research Policy (CCRP 2022).
4. UIDAI & IIT Bombay signs MoU to Develop Touchless Biometric Capture System
(i) On April 10, 2023, UIDAI and IIT-Bombay signed an MoU to develop a touchless biometric capture system for convenient usage by people anywhere, anytime.
(ii) The collaboration aims to conduct joint research to create a mobile fingerprint capture system and a liveness model connected with the capture system.
Key highlights :
UIDAI and IIT-Bombay signed an MoU to develop a touchless biometric capture system for fingerprint authentication from home.
The system aims to capture multiple fingerprints at once and improve authentication success rate.
It will be an addition to Aadhaar services, using signal/image processing, machine learning, and deep learning technologies on a common mobile phone.
R&D will be conducted jointly through the partnership between UIDAI and IIT-Bombay's NCETIS.
Note :
NCETIS : NCETIS is a joint initiative by IIT-Bombay and MeitY, under the Digital India Programme.
It focuses on developing indigenous technology solutions for Internal Security forces.
Areas of focus include Electronic System Design and Manufacturing.
5. Andaman & Nicobar Command conducted a Joint Military Exercise “Ex KAVACH”
(i) Andaman & Nicobar Command (ANC) conducted a Joint Military Exercise "Ex KAVACH".
(ii) ANC is the first and only Tri-Service theatre command in India.
(iii) The exercise involved assets of Indian Army, Navy, Air Force, and Indian Coast Guard (ICG).
(iv) " Ex KAVACH " took place from 23rd February to 7th April 2023.
Objective :
The objective of "Ex KAVACH" was to enhance joint warfare capabilities and Standard Operating Procedures (SOPs). The exercise aimed to improve inter-operability and operational synergy between the participating forces.
6. RRI & Indian Navy partners to develop secure maritime communications using Quantum Technology
(i) Raman Research Institute (RRI) based in Bengaluru, Karnataka, has partnered with the Indian Navy to develop secure maritime communications using quantum technologies.
(ii) RRI has signed a 5-year Memorandum of Understanding (MoU) with the Weapons and Electronics Systems Engineering Establishment (WESEE), the R&D wing of the Indian Navy for this purpose.
(iii) The partnership was formalized after RRI achieved a breakthrough demonstration in establishing secure communication between a stationary source and a moving receiver using quantum key distribution.
(iv) This partnership aims to enhance research in quantum technologies for maritime use cases and aligns with India's efforts towards self-reliance.
(v) RRI is an aided autonomous research institute engaged in basic science research and receives funding from the Department of Science and Technology (DST).
7. Revenue Secretary Sanjay Malhotra launches Unified Portal of CBN
On April 11, 2023, Sanjay Malhotra, Revenue Secretary of the Ministry of Finance (MoF), launched the Unified Portal of the Central Bureau of Narcotics (CBN) to enhance efficiency, transparency, and reduce processing time for trade licenses in the pharmaceutical industry.
The launch of the Unified Portal of CBN is expected to simplify business dealings with NDPS and controlled substances in India, ensuring better compliance with transparent processes.
The CBN is a central government organization that oversees the international trade of narcotic drugs, psychotropic substances, and precursor chemicals, in accordance with various United Nations Conventions and the Narcotic Drugs and Psychotropic Substances (NDPS) Act of 1985.
The portal is designed to integrate with other government services, including Bharat Kosh, GST, PAN-NSDL validation, e-Sanchit, and UIDAI, providing a single point for obtaining licenses from CBN through database integration and ingestion.
8. Norway, Singapore gain as India’s FPI destinations in FY23, Mauritius declines
Data from the National Securities Depository Limited (NSDL) in Mumbai, Maharashtra, revealed that Norway and Singapore have emerged as the top Foreign Portfolio Investment (FPI) destinations for India in FY23, while Mauritius has experienced a significant decline.
Singapore has become the second largest jurisdiction for FPI flows in India, following the United States of America (USA), with Luxembourg ranking third. However, Mauritius has dropped to the fourth place in FY23 from its previous position as the second largest FPI destination in FY22. Norway is currently ranked eighth.
Mauritius has witnessed a decline of nearly 42% in Total Assets Under Custody (AUC), falling from Rs 5.55 lakh crore in March 2022 to Rs 3.25 lakh crore at the end of March 2023. In contrast, Norway and Singapore have experienced a 13% and 5% increase in AUC, respectively, during FY23.
The decreased attractiveness of Mauritius as a preferred location for FPI into India can be attributed to the renegotiation of the India-Mauritius tax treaty and increased scrutiny of flows.
Overall, FPI AUC has declined by 4.44% in FY23, mainly due to asset price depreciation and capital outflows of over Rs 35,000 crore.
In 2023 Year-to-Date (YTD), FPIs have sold Indian equities worth Rs 23,844 crore. January 2023 recorded the highest outflows in seven months, worth Rs 28,852 crore, but the trend moderated in February 2023 before turning positive in March 2023.
9. Odisha CM Naveen Patnaik chairs 1st digital cabinet meet from Kyoto
On April 9, 2023, Chief Minister of Odisha, Naveen Patnaik, chaired the first-ever digital cabinet meeting of Odisha from the city of Kyoto, Japan. Cabinet members joined the meeting from Lok Seva Bhawan and other districts of Odisha through the Odisha State Wide Area Network (OSWAN), a digital platform that facilitates data, video, and voice traffic, as well as inter/intra-departmental communication.
During the digital cabinet meeting, files were processed and documents were signed through OSWAN, and cabinet ministers discussed proposals before granting approval. One of the key decisions made during the meeting was the establishment of a "Directorate of Odisha Paribar" to cater to the interests of the Odia diaspora.
The Directorate of Odisha Paribar will serve as a single point of interface with government departments for the resolution of specific issues related to labor, students, cultural promotion, and clearances. It will also enlist Jagannath temples located in different parts of India and the world, promote the cultural heritage of Odisha, and organize celebrations such as Odisha Diwas and the World Odia conference at regular intervals.
Banking News :
1. RBI simplifies the application process for registration of CICs
On April 10, 2023, the Reserve Bank of India (RBI) conducted a comprehensive review of the system for processing applications for registration of Core Investment Companies (CICs) with the aim of making the process smoother and more user-friendly.
The application form has been redesigned to be structured and aligned with the existing CIC regulations. As part of the efforts to streamline the registration process, the number of documents required to be submitted along with the application form has been reduced from 52 to 18.
2. SEBI Approves Setting Up Rs. 3,000-Crore Rescue Facility for Debt Mutual Funds
(i) The Securities and Exchange Board of India (SEBI) has decided to establish the Corporate Debt Market Development Fund (CDMDF) as an Alternative Investment Fund (AIF) with an initial corpus of Rs 3,000 crore to act as a backdrop facility for the purchase of investment-grade corporate debt securities during times of stress.
This decision was made at the SEBI board meeting in March 2023, with the aim of increasing secondary market liquidity and encouraging optimism in the corporate bond market.
(ii) The Government of India (GoI) has permitted a 10 times utilization of this corpus, bringing the total available capital to Rs. 30,000 crore, and this new corpus is further guaranteed by the Central Credit Guarantee Corporation.
The CDMDF is an initiative aimed at assisting mutual funds (MFs) in navigating liquidity issues in the debt market during large credit emergencies or market disruptions.
(iii) The fund, structured as an AIF, will be backed by the National Credit Guarantee Trustee Company (NCGTC) and will be able to generate funds for the purchase of corporate debt securities during market downturns. The initial funding of Rs 3,000 crore will be contributed by asset management companies (AMCs), with Rs 2,700 crore coming from MF debt schemes and the remainder borrowed from the market as needed.
SBI Mutual Fund (SBI MF), India's largest manager of assets, will be the primary stakeholder of the proposed AIF, and the contributions of AMCs to the corpus will be proportional to their total debt assets.
(iv) Access to the fund for selling securities during market disruptions will be restricted to specific mutual fund schemes in proportion to their contribution. SEBI has also approved the framework for asset purchases made by CDMDF during market downturns and has clarified the roles and responsibilities of Trustees and Boards of AMCs of MFs, with an emphasis on unitholder protection under SEBI regulations.
The regulations have mandated that the Board of the AMC be responsible for safeguarding the interests of unitholders in addition to those of AMC stakeholders. It has also permitted "self-sponsored AMCs" to continue in the mutual fund sector, subject to certain conditions.
Other News :
1. Former TN Chief Electoral Officer Naresh Gupta Passed Away
On April 10, 2023, Naresh Gupta, former Chief Electoral Officer (CEO) of Tamil Nadu (TN), and an IAS officer of the 1973 batch from Lucknow, Uttar Pradesh, passed away at the age of 72 in Chennai, Tamil Nadu.
During his illustrious career, Naresh Gupta held various significant positions in TN, including being the 1st Collector of Sivaganga from 1985 to 1986. He also served as the Secretary to Governor Bhishma Narayan Singh from 1991 to 1993, Home Secretary from 2001 to 2002, and Member Secretary of the State Planning Commission from 2002 to 2005. He served as the CEO of TN from 1998 to 2000 and again from 2005 to 2010.
In addition to his administrative roles, Naresh Gupta was also an author, having written a book titled "Human Development in India" based on his experiences at the Planning Commission.
After his retirement in 2010, Naresh Gupta was posted as a member of the Central Administrative Tribunal. His contributions to the public service will be remembered and cherished.
2. World Homeopathy Day 2023 – 10th April
World Homeopathy Day is celebrated annually on April 10th worldwide to honor and recognize the contributions of homeopathy in treating people around the globe. It also marks the 268th birth anniversary of Dr. Christian Friedrich Samuel Hahnemann, the founder of Homeopathy.
The week from April 10th to April 16th, 2023 is observed as World Homeopathy Awareness Week. The aim of this day is to raise awareness about the effectiveness of homeopathy in treating various health conditions.
3. National Safe Motherhood Day 2023 – 11th April
National Safe Motherhood Day is observed annually worldwide on April 11th to raise awareness about the significance of access to proper healthcare during pregnancy and motherhood.
This day also commemorates the birth anniversary of Kasturba Gandhi (1869-1944), wife of Mohandas Karamchand Gandhi, who was a prominent freedom fighter and social reformer.
1st National Safe Motherhood Day was observed on 11th April 2003.
India was the 1st country to observe National Safe Motherhood Day.
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