National and International News :
1. The Bharat Gaurav Tourist train on Ambedkar Circuit flagged off from New Delhi
On April 14, 2023, a special tourist train named Bharat Gaurav was launched on the occasion of the 132nd birth anniversary of social reformer Bhimrao Ramji (BR) Ambedkar.
The train will take passengers to various cities associated with Ambedkar across the country.
The Bharat Gaurav tourist train is being operated under the ‘Dekho Apna Desh’ initiative which aims to promote domestic tourism and the spirit of "Ek Bharat Shrestha Bharat".
The Indian Railway Catering and Tourism Corporation (IRCTC) is operating its first tour on the Ambedkar circuiton an 8 days special tour from HazratNizamuddin Railway Station, New Delhi, Delhi.
This 07 nights and 08 days Bharat Gaurav Tourist train will include a visit to prominent places associated with the life of the social reformer DR.BR Ambedkar such as New Delhi in Delhi, Mhow in Madhya Pradesh, and Nagpur in Maharashtra.
The tour will also cover sacred Buddhist sites like Sanchi (Madhya Pradesh), Sarnath (Uttar Pradesh), Gaya, Rajgir, and Nalanda (Bihar).
2. Telangana CM KCR unveils 125-ft-tall Ambedkar statue in Hyderabad
To commemorate the 132nd birth anniversary of Babasaheb Bhimrao Ramji (BR) Ambedkar, the architect of the Indian Constitution, Telangana Chief Minister K Chandrasekhar Rao unveiled a 125-ft tall bronze statue of him on April 14, 2023, on the banks of Hyderabad's famous Hussain Sagarlake.
The towering statue, the tallest of Ambedkar in India, was built using 360 tonnes of stainless steel and 114 tonnes of bronze at a total cost of ₹146.50 crore. The statue was sculpted by the 98-year-old Padma Bhushan awardee Ram Vanji Sutar from Maharashtra's Mumbai.
It sits on top of a 50-feet high pedestal with a ground floor of 172 feet and a terrace of 74 feet. As part of the tribute, the Telangana state government established an annual award worth ₹3 crore in honor of Babasaheb Dr. BR Ambedkar, which is presented to individuals who contribute to Dalit welfare on his birth anniversary.
The unveiling ceremony was attended by over 35,000 people from all 119 constituencies, and Ambedkar's grandson, Prakash Ambedkar, was invited as the sole chief guest at the event. The state-run Road Transport Corporation operated as many as 750 buses for public transportation.
3. MoCA launched 5th round Regional Connectivity Scheme UDAN 5.0
Following four successful rounds of bidding, the Ministry of Civil Aviation (MoCA) is commencing the fifth phase of the Regional Connectivity Scheme (RCS) - Ude Desh Ka Aam Nagrik (UDAN) or UDAN 5.0.
The aim of this program is to enhance the connectivity of regional territories in the country. The MoCA has released a bid document on April 21, 2023, inviting airlines to bid for various routes under this program. UDAN 5.0 will continue to drive progress by establishing new routes, operationalizing 1000 routes, and adding 50 extra airports, heliports, and water aerodromes towards improving connectivity in the country.
Additional notes :
(i) UDAN 5.0 focuses on Category-2 (20-80 seats) and Category-3 (>80 seats) and removes the previous constraint of a 600 km stage length. This means there are no distance restrictions between the origin and destination of the trip.
Viability gap funding (VGF) provided in Priority and Non-Priority areas is now capped at a 600 km stage length, which is an increase from the previous cap of 500 km.
(ii) The UDAN scheme is financed by a Rs 50 levy on flight tickets for major routes. This levy accounts for 80 percent of the viability gap funding airlines receive, with the remaining 20 percent provided by State governments. Airlines may receive viability gap funding for 50 percent of the seats on a flight, and fares for those seats are set by the government.
(iii) Airlines must submit an action/business plan after 2 months from the issuance of the Letter of Award (LoA). This plan includes their aircraft acquisition plan, availability of aircraft, crew, slots, and other required details listed in the Technical Proposal.
Airlines are prohibited from being awarded the same route more than once, whether it be in different networks or the same network.
(iv) If the average quarterly Passenger Load Factor (PLF) exceeds 75% for four consecutive quarters, exclusivity will be removed to prevent exploitation of the monopoly on a route.
Encashment of 25% of the Performance Guarantee will be done for each month of delay up to 4 months to provide more incentives for quick operationalization.
(v) Airlines must begin operations within 4 months of being awarded a route instead of the previous deadline of 6 months.
(vi) The inclusion of a list of operational airports or soon-to-be-operational airports in the scheme will aid in the quicker implementation of routes under the scheme.
The Novation process for transferring routes from one operator to another is made more straightforward and incentivized.
4. SAIL-BSL signs MoU with TCIL to utilize 5G/ IT / Telecom technologies in Steel manufacturing
Telecommunications Consultants India Limited (TCIL) and Steel Authority of India Limited (SAIL)-Bokaro Steel Plant (BSL) signed a Memorandum of Understanding (MoU) on April 21, 2023, to explore the potential application of 5G/ Information Technology (IT)/ Telecom and other wireless communication technologies in SAIL-BSL.
The partnership aims to set up a dedicated 5G network in SAIL-BSL and provide innovative solutions in SAIL Mines and Collieries in Jharkhand, as well as Smart Cities. By signing this MoU, SAIL BSL became the first PSU in India to take such an initiative. TCIL has the necessary expertise, experience, and resources to provide solutions for deployment, testing, commissioning, and maintenance of MoU relevant technologies for SAIL-BSL.
The executive Director (Works) of SAIL-BSL, B.K.Tiwari, and the Executive Director (IT & Telecom) of TCIL, Ms Alka Selot Asthana, signed the MoU at SAIL’s Bokaro Steel Plant. SAIL BSL encompasses SAIL’s Mines & Collieries, Central Coal Supply Organization, and the SAIL Refractory Unit in Jharkhand.
5. PM Modi to release Rs 100 coin to Commemorate 100 episodes of Mann Ki Baat
It was announced by the Ministry of Finance on 21st April 2023 that a new commemorative coin of Rs 100 denomination will be released by the Government on 30th April 2023, in celebration of the 100th episode of Prime Minister Narendra Modi’s radio show Mann Ki Baat.
Here are some details about the coin :
1. Shape: Circular
2. Diameter: 44 millimetres, along with 200 serrations
3. Weight: 35 grams
4. Metal and composition: Quaternary alloy composed of 50% silver, 40% copper, 5% nickel, and 5% zinc.
Design – Front Side :
The obverse side of the coin will feature the Lion Capital of Ashoka Pillar at the centre, with “Satyamev Jayate” inscribed below it. “Bharat” in Devanagari script and “INDIA” in English will be inscribed on the left and right peripherals, respectively. The coin will also display the Rupee symbol “₹” along with the “100” denomination.
Design – Backside :
The reverse side of the coin will display the logo for the 100th Episode of Mann Ki Baat. This will feature a microphone with sound waves and the year “2023” inscribed on it. “Mann Ki Baat 100” will be written above and below the image of the microphone, in both Devanagari and English scripts.
6. IGGL completes Asia’s largest underwater hydrocarbon pipeline
Mr. Ajit Kumar Thakur, CEO of Indradhanush Gas Grid Limited (IGGL), announced on 22nd April 2023 that the construction of Asia's largest underwater hydrocarbon pipeline has been completed.
The 24-inch diameter pipeline has been laid below the Brahmaputra river using the Horizontal Directional Drilling (HDD) method, connecting Jorhat and Majuli in Assam. The single HDD crossing spans the main water channel of the Brahmaputra river with a total length of 4,080 metres, making it the longest river crossing by any hydrocarbon pipeline of 24-inch diameter or more in Asia and the second longest in the world.
This achievement marks a major milestone in the construction of the North East Gas Grid (NEGG), which aims to connect North East India to the National Gas Grid. NEGG spans 1,656 kilometres and links major cities and demand centres in North East India to the National Gas Grid.
About Indradhanush Gas Grid Limited (IGGL) :
CEO : Ajit Kumar Thakur
Headquarters : Guwahati, Assam
Incorporated in 2018
7. Log9 Materials sets up India’s first Lithium-ion cell facility
India's inaugural lithium-ion cell manufacturing facility has been established by Log9 Materials, a nanotechnology company supported by Amara Raja Group, in Bengaluru, Karnataka. The commercial Li-ion cell production facility, with a starting capacity of 50 Megawatt hours (MWh), will engage in LTO (Lithium titanate) and LFP (lithium ferrophosphate) cell manufacturing.
The facility's manufacturing line will produce large form factor cylindrical cells ranging from 22 Series to 66 Series. Log9's LTO TiB cells' production alone is expected to lead to 90T carbon emission reduction per vehicle, and a total CO2 reduction of 147 kT annually. Log9 will spend approximately Rs 200 crore to expand its current battery pack facility.
8. Morgan Stanley : India’s GDP to grow at 6.2% in FY24; Inflation to be 5.5% in FY24
As per Morgan Stanley's projections, India's gross domestic product (GDP) is set to grow at a rate of 6.2% in FY24. Driving this growth will be a cyclical rebound in consumption, increased private sector capex, and an acceleration in government spending.
Inflation in India is also expected to average around 5.5% during FY24, dropping below the 5% mark in Q2 of calendar year 2024. Currently, inflation for April 2023 is tracking at a YoY rate of 4.7%.
Experts predict that inflation will dip below 5% in Q1 of FY24 due to favourable base effects and moderating commodity prices. It is expected that the consumer price index (CPI) for March 2023 will meet projected expectations.
Regarding the Repo rate policy of the Reserve Bank of India (RBI), it is anticipated that there will be no changes in 2023, as inflation is expected to remain below the 6% threshold. Repo rate modifications may come in the Q1 of 2024.
9. ISRO launched 2 Singaporean Satellites under PSLV-C55/TeLEOS-2 Mission
PSLV-C55, launched by the Indian Space Research Organisation (ISRO) on April 22, 2023, carried two Singaporean satellites - TeLEOS-2 as the primary satellite and Lumelite-4 as the co-passenger satellite - as part of the PSLV-C55/TeLEOS-2 mission, from Satish Dhawan Space Center(SDSC)-Sriharikota Range(SHAR), Sriharikota, Andhra Pradesh.
Both satellites were aimed to be launched into a low-inclination orbit towards the east. This launch was the 57th flight of the Polar Satellite Launch Vehicle(PSLV) and used the PSLV Core Alone configuration (PSLV-CA) for the 16th mission.
Furthermore, the PSLV-C55 also carried the PSLV Orbital Experimental Module-2 (POEM-2). Under an agreement with the New Space India Limited (NSIL), ISRO's commercial arm, both satellites were launched.
10. Solar Industries bagged the contract to supply 400 Nagastra-1 drones to the Indian Army
Solar Industries India Limited, based in Nagpur (Maharashtra), has been awarded a contract on April 21, 2023, to provide 400 " Nagastra - I " Unmanned Aerial Vehicles (UAVs) to the Indian Army, surpassing competitors from Israel and Poland.
" Nagastra-1 " , the first indigenous man-portable loitering munition (LM), is a fixed-wing electric UAV developed by Economics Explosives Ltd (EEL), a subsidiary of Solar Industries, in collaboration with Zmotion Autonomous Systems Private Limited in Bengaluru, Karnataka.
11. Star Sports Signs Indian Cricketer Rishabh Pant as brand ambassador
Star Sports India, a subsidiary of Walt Disney Company, has recently appointed Indian cricketer Rishabh Pant as its brand ambassador.
Additionally, the company has enlisted the services of fellow Indian cricketers such as Hardik Pandya, Ravindra Jadeja, KL Rahul, and Shreyas Iyer as its Believe Ambassadors. From a mere 2 ambassadors in 2017, Star Sports has grown its roster to 6 ambassadors, including former Indian cricket team Captain Virat Kohli.
12. Justice Aparesh Kumar Singh sworn in as 8th CJ of Tripura HC
On 17th April 2023, Justice Aparesh Kumar Singh, Judge, High Court (HC) of Jharkhand has sworn in as the 8th Chief Justice(CJ) of the Tripura High Court.
Satyadeo Narain Arya, Governor of Tripura, administered the oath of office in a function at Raj Bhavan.
On 11th April 2023, the Department of Justice (Appointments Division), Ministry of Law and Justice issued the notification regarding the appointment of Justice Aparesh Kumar Singh as CJ of Tripura HC replacing Justice T. Amarnath Goud, senior most puisne Judge of the HC of Tripura, who was serving as the acting CJ of the HC of Tripura since 23rd February 2023.
The Supreme Court collegium, headed by Chief Justice D.Y. Chandrachud, recommended the name of Justice Singh for the post.
13. Oliver Dowden appointed as a new Deputy PM of UK after Dominic Raab’s resignation
On April 21, 2023, The British government named Oliver Dowden Deputy Prime Minister(PM), replacing Dominic Raab, who resigned following an inquiry into bullying allegations.
Prior to this appointment, Oliver Dowden had been serving in Rishi Sunak’s (PM of the United Kingdom) government as the Chancellor of the Duchy of Lancaster and Cabinet Office secretary.
Dominic Raab, who was serving as the Deputy Prime Minister, Justice Secretary and Lord Chancellor, resigned from the government of Rishi Sunak following the report from the inquiry conducted on bullying allegations.
About the United Kingdom :
Capital : London
Prime Minister : Rishi Sunak
Currency : Pound sterling (GBP – Great Britain Pound)
14. CCI approved the acquisition of Emerson Electric Co by BCP Emerald Aggregator LP
On 21st April 2023, The Competition Commission of India (CCI), has approved the acquisition of climate technologies’ business of Emerson Electric Co by BCP Emerald Aggregator LP under the green channel route. BCP Emerald Aggregator LP is an affiliate of Blackstone, an alternative asset manager based in the United States of America(USA).
15. " RAMBAAN " , Asia’s 1st Mobile Biosafety Level-3 Laboratory, Exhibited at G20 Summit, Goa
" Rapid Action Mobile BSL-3 Advanced Augmented Network (RAMBAAN) " , India’s and Asia’s first mobile biosafety level-3 (BSL-3) laboratory, designed to investigate emerging viral infections was showcased at the G-20(Group of 20) Health Working Group meeting held in Goa.
" RAMBAAN " will play a major role in dealing with the COVID-19 pandemic. RAMBAAN, equipped with a -20 degree and -80-degree refrigerator, bio-safety cabinets, an automatic Ribonucleic acid (RNA) extractor, and a real-time PCR( polymerase chain reaction) machine, can access the remotest part of India.
16. DRDO & IN conducted Successful Trial of BMD Interceptor from Naval Platform
On April 21, 2023, the Defence Research and Development Organisation (DRDO) and Indian Navy (IN) successfully conducted a maiden flight trial of sea-based endo-atmospheric Ballistic Missile Defence (BMD) interceptor off the coast of Odisha in the Bay of Bengal. This has enhanced India’s deterrence capabilities against aerial intrusion.
Objective :
To engage and neutralize a hostile ballistic missile threat.
Important :
The missile is capable of taking down incoming ballistic missiles from sea.
Prior to this, DRDO has successfully demonstrated land-based BMD systems with capability to neutralize ballistic missile threats, emerging from adversaries. With these developments, India has joined the elite club of Nations having Naval BMD capability.
Banking and Finance News :
1. HDFC Bank gets Relief from RBI on PSL norms ; SEBI Approves transfer of Controlling stake of HDFC AMC to HDFC Bank
In April 2023, the Reserve Bank of India (RBI) provided a relaxation of 3 years for HDFC Bank, India’s largest private sector lender, to meet Priority Sector Lending (PSL) requirements after its merger with Housing Development Finance Corporation (HDFC) Limited.
The RBI has refused to make any exceptions on Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR) requirements as sought by HDFC Bank.
The RBI has allowed HDFC Bank to consider a third of the outstanding HDFC loans in the first year of the merger. The remaining two-thirds of the portfolio of HDFC will be considered over the next two years equally. HDFC Bank has to set aside 4.5% of HDFC’s assets as CRR and 18% as SLR after the merger.
CRR is the percentage of deposits which the HDFC Bank has to park with the central bank for which it does not earn any interest, while SLR is a percentage of deposits which are mandated to be invested in government securities.
HDFC bank carries around 24-25% investments in government securities as against the 18% requirement.
At present, HDFC has a 48% stake in HDFC Life Insurance and 50% in HDFC Ergo, and 52.6% stake in HDFC MF.
2. SEBI Approves transfer of Controlling stake of HDFC AMC to HDFC Bank
On 21st April , 2023, the Securities and Exchange Board of India (SEBI) approved the proposed change in ownership of HDFC Asset Management Company Limited (HDFC AMC), a subsidiary of HDFC Limited and the AMC of HDFC Mutual Fund (HDFC MF), to HDFC Bank as part of merging.
SEBI instructed the HDFC AMC to ensure compliance with all other provisions of SEBI(Mutual Funds) Regulations, 1996 and circulars.
Note : This approval will enable the merger of HDFC Ltd into HDFC Bank.
3. Mastercard collaborates with India’s M1xchange to roll out digital invoice discounting for farmers
On April 20 , 2023, Mastercard has collaborated with M1xchange to offer a digital invoice discounting solution to farmers, Farmer Producer Organizations (FPOs), and agri-MSMEs (Micro, Small & Medium Enterprises) through " Farm Pass ", its agri-tech platform.
This solution is the first of its kind for the agriculture sector and will help lenders in underwriting credit offerings through the Trade Receivables Discounting System (TReDS).
As part of the collaboration, M1xchange, an RBI (Reserve Bank of India)-approved facilitator for discounting and sale of receivables to banks and Non-Banking Financial Companies (NBFCs), will bring on board its agri-businesses and lenders. The platform will enable easy access to credit and working capital.
The solution will allow farmers and FPOs to directly connect with buyers, negotiate the best price for their produce with instant payment.
and this aims to benefit 10 million farmers through an auction based mechanism for selecting the best interest rates against the trade.
4. ICICI Bank introduces EMI facility for UPI payments by scanning QR code
On April 11, 2023, the ICICI Bank introduced an easy first-of-its-kind EMI (Equated Monthly Instalment) facility for UPI (Unified Payment Interface) payments made by scanning QR code.
Objective : To improve convenience of the customers and to provide unique solutions to address their evolving credit needs.
Key note :
Customers who are eligible for PayLater, the Bank’s ‘buy now, pay later’ service can avail of the EMI facility in an instant, easy and seamless manner. The facility can be availed across different categories such as electronics, groceries, fashion apparels, travel and hotel bookings.
Other News :
1. Former MP Trilochan Kanungo passes away at 83 in Bhubaneswar
Veteran politician and former Member of Parliament(MP) – Lok Sabha Trilochan Kanungo, a member of Biju Janata Dal (BJD), passed away at the age of 83 in Bhubaneswar, Odisha. He was born on 24th November 1940 at Badamulei village under Kantapada block in Cuttack district, Odisha.
About Trilochan Kanungo :
(i) He was elected to the Odisha Assembly as a Member of the Legislative Assembly(MLA) in 1971, 1974 and 1985.
(ii) In 1999, he was elected to the Lok Sabha (MP) from the Jagatsinghpur constituency on BJD ticket.
(iii) He has also served as the Chairman of Cuttack municipality from 1979-80 and 1992-1995.
(iv) He was also chairman of the second Odisha Finance Commission.
2. International Mother Earth Day 2023 – 22nd April
The United Nations(UN)’s International Mother Earth Day, also known as “Earth Day” is annually observed across the globe on 22nd April to create awareness about humanity’s relationship with the natural world. The day highlights the importance of the health of Mother Earth and its effects on Humanity’s health.
22nd April 2023 marks the 53rd anniversary of the Earth Day. The theme of Earth Day 2023 is “ Invest in our Planet " .
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