National and International News :
1. Competition Commission of India (CCI) Grants Approval to NBCUniversal for Acquisition of Shareholding in BTS Investment and BTS VCC
The Competition Commission of India (CCI) has granted approval under Section 31(1) of the Competition Act, 2002 for the acquisition of certain shareholdings of BTS Investment 1 Pte. Ltd. (BTS Investment) and Bodhi Tree Systems VCC (BTS VCC) by NBC Universal Media, LLC (NBC Universal), a wholly-owned subsidiary of Comcast Corporation.
NBC Universal will be acquiring BTS Investment and BTS VCC as part of the proposed combination, and BTS Investment will utilize a portion of the revenues from NBC Universal's investment to further invest in Viacom18 Media Private Limited (Viacom18).
Furthermore, the CCI has also given its approval for the acquisition and ownership of Viacom18 by BTS Investment in 2022.
2. CCI Approves JSPL's Acquisition of Stake in MSSSL from Mukand Limited
The acquisition of 5.51% of the equity share capital in Mukand Sumi Special Steel Limited (MSSSL) by Jamnalal Sons Private Limited (JSPL) from Mukand Limited (Mukand) and its nominees has been approved by the CCI.
JSPL has fully paid up and acquired 25,71,150 equity shares with a face value of Rs 10 each in MSSSL from Mukand.
JSPL is the acquirer, while MSSSL is the enterprise whose shares are being acquired.
Mukand holds 25,71,055 equity shares of MSSSL solely, and Mukand, along with its nominees, holds a total of 95% of the equity shares of MSSSL.
3. Solar Energy Corporation of India gets ' Miniratna Category-I ' status
On April 10, 2023, the Ministry of New and Renewable Energy (MNRE) issued a communication granting the Solar Energy Corporation of India Ltd (SECI) the status of Miniratna Category-I Central Public Sector Enterprise (CPSE).
SECI is the only Central Public Sector Enterprise (CPSE) exclusively dedicated to the Solar Energy Sector.
SECI was incorporated in 2011 and serves as the primary implementing agency for renewable energy schemes/projects of MNRE, working towards fulfilling India's international commitments.
To date, SECI has awarded Renewable Energy (RE) project capacities of over 56 GW (Giga Watt) and is actively involved in setting up projects through its own investments and as a Project Management Consultant (PMC) for other public sector entities.
SECI holds the highest credit rating of AAA as per domestic rating agency ICRA.
4. India maintains its Category 1 status in the International Aviation Safety Assessment (IASA) program of the United States Federal Aviation Administration (FAA)
India has maintained its Category 1 status in the International Aviation Safety Assessment (IASA) program of the United States Federal Aviation Administration (FAA). The FAA conveyed this information to the Directorate General of Civil Aviation (DGCA), Ministry of Civil Aviation, on April 12, 2023.
Important :
(i) As part of its IASA program, the FAA conducted an audit of the DGCA, India from October 25th to 29th, 2021, focusing on aircraft operations, airworthiness, and personnel licensing.
(ii) The IASA assessment was followed by final consultations on April 25th - 26th, 2022, and subsequent reviews by the FAA in July 2022 and September 2022.
(iii) Based on the positive outcomes of the assessment and follow-ups, the FAA informed DGCA that India continues to meet the international standards for aviation safety oversight of the Chicago Convention & its Annexes, and has retained its FAA IASA Category 1 status, which was last assessed in July 2018.
Benefits :
(i) A country with Category 1 status under the IASA program is allowed to operate and expand its services to destinations in the USA, as well as engage in codeshare agreements with US air carriers.
(ii) The IASA program assesses a country's compliance with safety standards established by the International Civil Aviation Organization (ICAO) in relation to its oversight of air carriers.
(iii) The program specifically focuses on a country's ability to adhere to international aviation Safety Standards and Recommended Practices as outlined in Annex 1 (Personnel Licensing), Annex 6 (Operation of Aircraft), and Annex 8 (Airworthiness of Aircraft) to the International Convention on Civil Aviation, commonly known as the "Chicago Convention".
5. India Ranks 5th in AI Investment According to AI Index Report 2023; US Leads the List
According to the 6th edition of the annual Artificial Intelligence (AI) Index Report published by Stanford University's Human-Centered Artificial Intelligence (HAI), India has secured the 5th position globally in terms of private investments received in 2022 by startups offering AI-based products and services, totaling to US$3.24 billion.
The United States (US) led the world in total AI private investment in 2022 with a staggering US$47.4 billion, followed by China with US$13.4 billion, the United Kingdom with US$4.4 billion, and Israel with US$3.24 billion.
India's 5th place ranking surpassed countries like South Korea, Germany, Canada, and Australia, among others.
Global AI private investment was $91.9 billion in 2022, which represented a 26.7% decrease since 2021.
When analyzing private investments in AI by geographic area from 2013 to 2022, India emerged as the 6th leading country with a total funding of US$7.73 billion for AI startups. Notably, nearly 40% of this investment was made in the year 2022.
The list was topped by the United States (US), followed by China, the United Kingdom, Israel, and Canada in terms of private investments in AI during the same period.
Important :
(i) Chennai-based conversational AI startup Uniphore raised $400 million in a Series E funding round last year at a valuation of $2.5 billion, making it one of the notable Indian AI startups.
(ii) The share of Indian AI journal publications has shown a steady increase from 1.3% in 2010 to 5.6% in 2021, reflecting the growing research and contribution of Indian researchers in the field of AI.
(iii) As of 2022, a significant proportion (24.2%) of GitHub AI projects were contributed by software developers from India, indicating the country's active involvement in AI-related open source projects.
(iv) India, the United States, and Germany were the three countries or regions with the highest AI skill penetration rates as of 2022, with India leading at 3.2%, followed by the United States at 2.2%, and Germany at 1.7%.
(v) In 2022, researchers from Canada, Germany, and India made notable contributions to the development of large language models (LLMs) for the first time, showcasing the global collaboration in AI research. Additionally, 54% of researchers working on LLMs were from American institutions, highlighting the United States' prominent role in this area of AI research.
6. TCG Anadolu: Türkiye's Largest Warship and the Pioneer Drone Carrier in the World
The President of the Republic of Türkiye, Recep Tayyip Erdoğan, has officially unveiled 'TCG Anadolu', the country's largest warship and the world's first unmanned combat aerial vehicle (UCAV) carrier. This amphibious assault vessel of the Turkish Navy, which can function as a landing helicopter dock (LHD) as well as a drone carrier, was constructed in Istanbul by Sedef Shipbuilding, an Ottoman company.
It is part of the 'Multi-Purpose Amphibious Assault Ship Project' and commenced trials in March 2022. The design of TCG Anadolu is based on the Juan Carlos I aircraft carrier, an L-61 vessel also manufactured by Navantia of Spain.
Features :
The TCG Anadolu boasts impressive features, including a length of 231 meters (758 feet) and a width of 32 meters (105 feet), making it the largest ship in the Turkish Navy. It has the capability to carry troops, combat helicopters, military drones, land vehicles, and light Warcrafts.
With a maximum speed of 20.5 knots and a maximum displacement of 27,436 tons, the TCG Anadolu can travel up to 9,000 nautical miles. Its deck has the capacity to accommodate 11 UCAVs or 10 helicopters, while its hangar can hold 30 UCAVs or 19 helicopters.
Equipped with four mechanized vehicles, two personnel landing vehicles (LCVP), and two landing craft air cushions (LCAC), the TCG Anadolu is well-equipped for various military operations.
Key Points :
(a) TCG Anadolu, the world's first warship of its kind, is capable of landing and taking off Turkish UCAVs Bayraktar TB3 and Kizilelma, as well as light attack aircraft Hurjet.
(b) This multi-purpose ship will enable Turkey to conduct military and humanitarian operations worldwide, positioning it as a leader in game-changing technologies in the defense sector.
(c) The addition of TCG Anadolu will bolster Turkish naval power and make Turkey one of the few countries in the world with an indigenous aircraft carrier.
(d) The ship's weapons, combat management, electronic warfare, infrared search and track, electro-optical search, laser warning, torpedo defense systems, and radars are all domestically built.
(e) With its own logistics support and without the need for a home base, TCG Anadolu will have the capacity to transport at least a battalion-sized force to designated regions.
Banking and Finance News :
1. HDFC Bank has inked a deal with KEXIM for a credit line worth USD 300 million, while HDFC Mutual Fund has introduced new schemes catering to the large, mid, and small-cap segments
HDFC Bank and Export Import Bank of Korea (KEXIM) recently executed a 'Master Inter Bank Credit Agreement' on April 12, 2023, for a credit line of USD 300 million. The agreement was formally signed by representatives from both banks at GIFT (Gujarat International Finance Tec) City in Gandhinagar, Gujarat.
The purpose of this credit facility is to support the funding requirements of companies that have equity participation from Korean companies, companies with business relationships with Korean companies, and consumers seeking to purchase cars manufactured by Korea-related companies.
Important Points :
(i) The agreement will enable HDFC Bank to expand its business with Korean companies and products, potentially leading to increased growth in their operations.
(ii) This deal could facilitate trade and investment between India and Korea, which may result in the creation of more jobs in India.
(iii) Korea Eximbank, as a Korean government export credit agency, provides loans and credit to support Korean companies engaged in international business activities.
2. Canara Bank and Bharat BillPay have joined forces to enable cross-border bill payments for the Indian diaspora residing in Oman
Canara Bank, in collaboration with NPCI Bharat BillPay Ltd (NBBL) and Musandam Exchange, Oman, has introduced cross-border inward bill payment services for Indians residing in Oman.
NPCI stands for National Payments Corporation of India, and NBBL is a wholly owned subsidiary of NPCI, responsible for facilitating bill payments in India.
Important points :
(i) This initiative will enable Non-Resident Indians (NRIs) to utilize the platform provided by the Bharat Bill Payment System (BBPS) to make bill payments on behalf of their families through Musandam Exchange in Oman.
(ii) Canara Bank becomes the first public sector bank (PSB) in India to offer inbound cross-border bill payment services through BBPS, with the introduction of this feature.
(iii) Musandam Exchange, managed by Canara Bank, becomes the first exchange house in Oman to go live with cross-border inbound bill payments.
(iv) The cross-border bill payment service is already operational in Kuwait, facilitating inbound remittances for various bill categories such as electricity, water, mobile phone, gas, credit card bills, and more.
3. HDFC Mutual Fund launches schemes for Large, Mid & Small-Cap Segments
HDFC Asset Management Co. Ltd., the investment manager of HDFC Mutual Fund (HDFC MF), has introduced three new schemes, namely HDFC S&P BSE 500 Index Fund, HDFC NIFTY Midcap 150 Index Fund, and HDFC NIFTY Smallcap 250 Index Fund. These schemes offer investors the opportunity to diversify their portfolio across large, mid, and small-cap segments.
The subscription for these schemes opened to the public on April 6, 2023, and will close on April 18, 2023. These schemes are open-ended and replicate/track the performance of S&P BSE 500, NIFTY Midcap 150 Index, and NIFTY Smallcap 250 Index, respectively.
Important Points :
(i) These investment schemes are suitable for investors with a low risk tolerance who wish to broaden their portfolio.
(ii) The schemes do not involve any 'entry load' or 'exit load', meaning that investors do not need to pay any additional charges to invest in or exit from the schemes.
4. On its 35th Foundation Day, SEBI reveals a new logo featuring a modern design
(i) On April 12, 2023, the Securities and Exchange Board of India (SEBI) unveiled a new logo as part of its 35th Foundation Day celebrations. The logo was formally unveiled by Madhabi Puri Buch, Chairperson of SEBI, at the SEBI Head Office in Mumbai, Maharashtra. The event was attended by former Chairpersons and former & present Whole Time Members of SEBI.
(ii) The new logo features a modern design while retaining the traditional blue palette. It represents a unique combination of SEBI's rich traditions and its new data and technology-based approach in its three areas of mandate in the securities market: development, regulation of the securities market, and investor protection.
(iii) The new logo reflects SEBI's commitment to being a facilitator in the growth of the economy through capital formation, while also retaining its consultative approach in policy making and embracing the power of data and technology.
5. India's exports in FY23 surged by 6% to reach USD 447 billion, while imports witnessed a substantial increase of 16.5% to reach USD 714 billion
Union Minister Piyush Goyal, from the Ministry of Commerce and Industry (MoCI), has announced that India's exports have achieved a remarkable 6% increase to reach a record high of USD 447 billion in the financial year 2022-23 (FY23). This is a significant rise from USD 442 billion in FY22. Meanwhile, imports have also surged, increasing by 16.5% to USD 714 billion from USD 613 billion in FY22.
The growth in exports can be credited to the robust performance of sectors such as petroleum, pharmaceuticals, chemicals, and marine, which have witnessed strong growth in outgoing shipments.
Union Minister Piyush Goyal shared this data while on a 3-day visit to France and Italy from April 11-13, 2023, where he held meetings with leaders and top executives from these countries to further strengthen trade and investment ties.
Important updates on India's export performance :
(i) India's overall exports, including goods and services, have recorded an impressive 14% increase, reaching a historic high of USD 770 billion in FY23, compared to USD 676 billion in FY22 and USD 500 billion in FY21.
(ii) Service exports from India have also shown remarkable growth, surging from USD 254 billion in 2021-2022 to USD 323 billion in 2022-2023, marking a significant 27.16% increase. This growth can be attributed to the thriving business processing, accounting, and Information Technology (IT) sectors.
(iii) Several goods sectors have witnessed notable growth, including oil meals, electronic goods, tobacco, oil seeds, rice, coffee, fruits and vegetables, leather goods, ceramics, pharmaceuticals, marine products, chemicals, and ready-made textiles.
6. RBI approves re-appointment of Sanjay Agarwal as MD & CEO of AU SFB for 3 years
The Reserve Bank of India (RBI) has granted approval for the re-appointment of Sanjay Agarwal as the Managing Director (MD) and Chief Executive Officer (CEO) of AU Small Finance Bank (AU SFB), based in Jaipur, Rajasthan, for a term of 3 years commencing from 19th April 2023. Additionally, Uttam Tibrewal has been re-appointed as the Whole Time Director of AU SFB for a period of 3 years, also effective from 19th April 2023.
(i) Sanjay Agarwal, a Chartered Accountant and the promoter of AU Small Finance Bank (AU SFB), currently holds the position of MD & CEO. With over 26 years of strategic executive experience, he brings in-depth expertise in Retail Finance, Accountancy, Agriculture & Rural Economy, Banking, Human Resource Management, Credit Risk, and Business Management.
(ii) Uttam Tibrewal, who joined the Board of AU SFB in 2005, has a vast experience of over 23 years in the Financial Service sector. He has a rich background in Agriculture & Rural Economy, Financing small-scale industry, Accountancy, Banking, Risk and Business Management. Currently, he oversees the branch and personal banking, as well as leads various departments including Retail Assets such as Wheels & Secured Business Loans, Home Loans, and Agricultural Small- and Medium-Sized Enterprises (Agri-SME) Loans.
Other News :
1. National Award Winning Actress Uttara Baokar Passed Away
Renowned theatre artist and National Award-winning actress Uttara Baokar breathed her last in Pune, Maharashtra, at the age of 79. Born on 5th August 1944, her demise marks the end of a distinguished career in the performing arts.
About Uttara Baokar :
Uttara Baokar was a seasoned actress with a career spanning over 5 decades. She received her training at the prestigious National School of Drama (NSD) in New Delhi, Delhi.
She was widely recognized for her outstanding performances in roles such as Padmavati in Mukyhamantri, Mena in Mena Gurjari, and Desdemona in Shakespeare's Othello. Her notable contributions to cinema include acclaimed films such as Tamas (1988), Ek Din Achanak (1989), Rukmavati Ki Haveli (1991), Two Women (Doghi) (1996), Sardari Begum (1996), Thakshak (1999), and Uttarayan (2004).
She also made her mark on television with popular serials like Rishtey, Jabb Love Hua, Kashmakash Zindagi Ki, and Jassi Jaissi Koi Nahin. Apart from her acting prowess, Uttara Baokar was known for her teaching abilities as well.
She studied acting teaching techniques at GDR Drama School in Berlin. She served as a professor for voice, speech, and acting at NSD in New Delhi. Her legacy as a versatile actress and dedicated educator will always be remembered in the world of performing arts.
Awards :
(i) Uttara Baokar won the Sangeet Natak Akademi Award for Acting (Hindi theatre) in 1984.
(ii) In 1988, she won the National Film Award for Best Supporting Actress for “Ek Din Achanak”.
2. 39th Siachen Day – 13th April 2023
Siachen Day is annually observed by the Indian Army on April 13 to commemorate the heroic "Operation Meghdoot" carried out by the Indian Army. It is a day to honor the Bravehearts of the Indian Army who made the supreme sacrifice while serving their duty during Operation Meghdoot.
The day also recognizes the unwavering dedication and courage of the Indian army personnel, known as Siachen Warriors, who continue to guard the Siachen Glacier, the northern frontier which is a part of the Union Territory (UT) of Ladakh.
Located in the eastern Karakoram range of the Himalayas, the Siachen Glacier holds strategic importance. The observance of the 39th Siachen Day on April 13, 2023, is a tribute to the valor and commitment of the Indian Army in safeguarding the nation's borders.
About Operation Meghdoot :
(i) Operation Meghdoot was led by Major (later Col) RS Sandhu.
(ii) It was the codename for the Indian Armed Forces' operation in 1984 to seize control of the Siachen Glacier in Jammu and Kashmir (now in the UT Ladakh), leading to the Siachen conflict.
(iii) It was the first military offensive of its kind.
(iv) The operation successfully prevented Pakistan's upcoming Operation Ababeel, which aimed to achieve the same objective.
(v) Indian forces were able to take full control of the 70-kilometer-long Siachen Glacier.
(vi) Currently, the Indian Army remains the only army in the world to have taken tanks and other heavy weapons to such high altitudes (well over 5,000 meters or 16,000 feet). Up to 10 army battalions from the Indian and Pakistani armies are actively deployed in the region of the glacier at heights of up to 6,400 meters (21,000 feet).
Colonel Narendra "Bull" Kumar, a mountaineering legend, created a map of Siachen that played a major role in the success of Operation Meghdoot in 1984.
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