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
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