1. India Development Update (Spring 2023 Edition) By WB : India’s GDP Growth Probably to Slow Down to 6.3% in FY24
According to the "India Development Update" (Spring 2023 Edition) released by the World Bank (WB), India's growth projection for fiscal year 2023-24 (FY24) has been reduced to 6.3% from the previous projection of 6.6% in December 2022 (FY23). The WB cited slower consumption growth and unfavorable external conditions as factors that are likely to impede India's GDP growth.
The World Bank had initially projected a growth rate of 6.9% for FY23. The IDU serves as a report on recent economic developments in India and provides a global context for these developments. The report updates the outlook for India's economy based on policy changes and developments during the period.
Some noteworthy observations from the latest IDU 2023 are as follows :
(i) Private consumption growth is likely to be adversely affected by increased borrowing costs and weaker income growth, while government consumption is projected to rise more gradually due to the removal of pandemic-related fiscal assistance measures. Despite some initial indications of a slowdown in the second half of FY23, India's economy remained robust.
(ii) Although headline inflation remains high, the report predicts that it will fall to 5.2% in FY24 from the current fiscal year's (FY23) 6.6%.
(iii) The Reserve Bank of India (RBI) has increased the policy interest rate by 250 basis points since May 2022 in order to control inflation by ending accommodative measures.
(iv) According to the update, India's financial sector is strong, supported by improvements in asset quality and robust private-sector credit growth.
(v) The Government of India (GoI) is expected to achieve its fiscal deficit target of 5.9% of Gross Domestic Product (GDP) in FY24, and with the consolidation of state government deficits, the Union Government deficit is also projected to decrease, along with a reduction in the Current Account Deficit (CAD).
(vi) CAD is anticipated to decrease to 2.1% of GDP in FY24 from an estimated 3% in FY23, driven by strong service exports and a decreasing goods trade deficit.
The following points provide an overview of India's services exports :
(i) In the October-December 2022 quarter, India's services exports reached a record high of USD 83.4 billion, marking a YoY increase of 24.5% as per RBI data.
(ii) The services surplus, which excludes imports in the sector, also increased to a record high of USD 38.7 billion, marking a YoY growth of 39.21%.
(iii) The exports of services are expected to cross USD 375 billion by March 2024, which is higher than the anticipated range of USD 320-350 billion for the fiscal year ending March 2023.
(iv) By March 2025, it is projected that the exports of services will surpass the exports of goods.
(v) The most recent data from RBI shows that merchandise exports for the October-December 2022 period amounted to USD 105.6 billion.
(vi) At the end of February 2023, the fiscal deficit of the Union Government reached 82.8% of the full-year target.
(vii) The Government of India expects a deficit of Rs. 17.55 lakh crore, or 6.4% of GDP, for the full fiscal year 2022-23.
2. CCI approvals on April 3, 2023
On April 3, 2023, the Competition Commission of India (CCI) granted approval for the following proposals :
(i) The merger between Koninklijke DSM N.V. (DSM) and Firmenich International SA (Firmenich)
(ii) The share-swap for the acquisition of C-Flex India Entities by SBP from C-Flex
(iii) The demerger of the FMCG business of Haldiram Snacks and Haldiram Foods into Haldiram Snacks Food Pvt Ltd.
In particular, the CCI approved the merger between Koninklijke DSM N.V. (DSM) and Firmenich International SA (Firmenich).
Important :
(a) CCI has approved the DSM-Firmenich merger under Section 31(1) of the Competition Act, 2002. The merger will create a Swiss company, listed on Euronext Amsterdam, as a wholly-owned subsidiary of DSM. The collaboration will strengthen the market positions of DSM and Firmenich. DSM is a publicly traded Dutch company in nutrition, health, and bioscience, while Firmenich is a privately held Swiss firm that produces and supplies fragrances, flavors, aroma chemicals, rosin resin, and turpentine.
(b) CCI approved SBP Packagings (SBP) to acquire Constantia Flexibles Sales B.V. (CFlex) India entities from C-Flex through a share swap. CFlex India entities include Parikh Packaging, Creative Polypack, Aparna Paper, Vibgyor, and Parikh Flexibles. SBP is a subsidiary of Premji Invest Group, and C-Flex is owned and managed by Wendel SE.
(c) CCI has approved the demerger of Haldiram Snacks Pvt Ltd (HSPL) and Haldiram Foods International Pvt Ltd (HFIPL) into Haldiram Snacks Food Pvt Ltd (HSFPL), which will take over the FMCG business currently handled by HFIPL and HSPL. Following the demerger, the existing shareholders of HSPL and HFIPL will hold 56% and 44% of the equity in HSFPL, respectively.
3. MoD signs Rs 470 crore Contract with UDPL for Modernisation of Naval Aircraft Yards at Goa & Kochi
Ultra Dimensions Private Limited (UDPL), based in Visakhapatnam, has been awarded a contract by the Ministry of Defence (MoD) for the modernisation of Naval Aircraft Yards (NAYs) in Goa and Kochi at a cost of around Rs 470 crore. The NAYs will provide service and repair facilities for Naval Aircraft, Aero Engines, Rotables, and Test Equipment.
Additionally, the MoD has selected Mecon Ltd, located in Ranchi, Jharkhand, as the Project Monitoring Consultant for the project at a cost of Rs 24 crore.
Important :
The Indian Navy's acquisition of state-of-the-art aircraft requires upgrading the maintenance and repair facilities at NAYs to address current and future aviation maintenance challenges and bridge the technological gap.
The modernization will include state-of-the-art automated machinery, composite repair bays, and will create over 1.8 lakh man-days of employment over a period of three years.
The project will improve the operational readiness of Naval Aviation Platforms and reduce the reliance on external agencies and foreign Original Equipment Manufacturers (OEMs) for repairs.
4. PM Narendra Modi confers President’s Police Medals on 2 CBI officers of Chandigarh
During the diamond jubilee celebration of the Central Bureau of Investigation (CBI) at Vigyan Bhawan in New Delhi on 3rd March 2023, the Prime Minister of India, Narendra Modi, awarded the President's Police Medal for Distinguished Service to two CBI officers from Chandigarh :- Vineet Vinayak, Joint Director (Chandigarh Zone), and Seema Pahuja, Additional Superintendent of Police (ASP) of CBI, Chandigarh.
CBI has transformed from an anti-corruption agency to a multi-faceted and multi-disciplinary police investigative agency, with the legal authority and credibility to investigate and prosecute various types of crimes.
Initially founded in 1963 with a focus on bribery and corruption, CBI was later expanded in 1965. It operates under the purview of the Ministry of Personnel, Public Grievances and Pensions.
Note : CBI was established by a resolution of the Ministry of Home Affairs, Government of India dated 1st April 1963.
5. 10th Annual Indian Navy & Sri Lanka Navy Bilateral Maritime Exercise SLINEX-2023 commences at Colombo
On April 3, 2023, Sri Lanka Navy (SLN) and India Navy (IN) commenced the 10th edition of their annual bilateral maritime exercise, known as 'SLINEX-2023', in Colombo, Sri Lanka.
The exercise is divided into two phases : the Harbour Phase from April 3-5, 2023, and the Sea Phase from April 6-8, 2023. The opening ceremony was attended by Sri Lankan Navy Commander, Vice Admiral Priyantha Perera, and India's Deputy High Commissioner Vinod K. Jacob.
Objective :
To enhance interoperability, improving mutual understanding and exchanging best procedures in the multi-faceted maritime operations between the navies.
Representors :
IN : INS Kiltan (Advanced Anti Submarine Warfare Corvette) and INS Savitri (Offshore Patrol Vessel)
Participant : Chetak helicopter and Dornier Maritime Patrol Aircraft
SLN : SLNS Gajabahu (Advance Offshore Patrol Vessel) and SLNS Sagara (OPV)
Participant : Sri Lanka Air Force Dornier and BEL 412 helicopters
Important :
(i) During the Harbour Phase of the exercise, both navies will participate in various activities, such as sports, yoga, and cultural events, to promote mutual learning and shared values. In addition, Indian Naval ships will be open to visitors, including school children, to increase public awareness and interest in the armed forces.
(ii) The interaction between the Sri Lankan and Indian navies has grown significantly in line with India's "Neighbourhood First" policy. This exercise will further strengthen mutual cooperation in the maritime domain.The previous SLINEX was held in March 2022 in Visakhapatnam.
6. SBI WeCare Senior Citizen FD scheme Last Date Extended by 3 Months
The State Bank of India (SBI) has announced the extension of its "WECARE" special fixed deposit (FD) scheme for senior citizens. The scheme was initially launched in May 2020 with a maturity date of September 2020, and has since been extended twice.
The latest extension of the scheme is for an additional three months, making it available for subscription until June 30, 2023. The scheme is aimed at protecting the income of senior citizens by offering additional interest on term deposits.
7. PhonePe Introduces E-commerce Consumer App “Pincode” on the ONDC Platform
PhonePe, a fintech company owned by Walmart, has announced the launch of a new e-commerce consumer app called "Pincode." The app will be integrated into India's Open Network for Digital Commerce (ONDC) framework and initially launched in Bengaluru (Karnataka) with six major categories including groceries, food, pharmaceuticals, electronics, home decor, and fashion. It will be made available in other cities once it achieves a transaction volume of about 10,000 per day. Walmart is a US-based retail company.
Pincode is PhonePe's second consumer app in approximately seven years.
About ‘Pincode’ :
' Pincode ' is a hyperlocal commerce app available on Google Play and the App Store. The app is centered on the Open Network for Digital Commerce (ONDC) framework, which aims to digitize merchants across multiple seller platforms and foster new opportunities for growth and innovation at scale.
The app will connect consumers with neighborhood stores, providing the convenience of online ordering, discounts, and instant refunds and returns. It focuses on encouraging local merchants and sellers to offer both national and locally manufactured goods.
Note :
It is important to note that PhonePe has been exploring online commerce for some time. In fact, as of August 2022, the company had set aside up to USD 15 million for its entry into the ONDC network. The funds are expected to be deployed over an 18-month period. PhonePe is already competing in the e-commerce industry with its 'Switch' service, which offers similar services to its main rival, Paytm .
8. Pranav Haridasan to be new MD & CEO of Axis Securities
Axis Securities Limited, a subsidiary of Axis Bank, has announced the appointment of Pranav Haridasan as the new Managing Director (MD) and Chief Executive Officer (CEO) for a term of three years. He will take over from the current MD & CEO, B Gopkumar, who will move to Axis Asset Management Company as MD & CEO under the internal succession plan of the Axis Group. Pranav Haridasan was previously the MD and Co-Head of Equities at Axis Capital.
About Pranav Haridasan :
Pranav Haridasan has over 20 years of experience in financial markets across different asset classes. Prior to joining Axis Capital, he worked at Citigroup Global Markets as Director & Head of India/ASEAN Execution Services. He has a track record of upscaling an equity company while focusing on technology, compliance, and operations.
9. Artemis II lunar Mission: NASA Names 4 Member Crew with 1st Woman & 1st Person of Colour Astronauts
NASA and the Canadian Space Agency (CSA) have announced the four astronauts crew for the Artemis II mission, which includes three US nationals and one Canadian astronaut, making history with the first woman and person of color on the lunar mission crew. Christina Koch, Victor Glover, Reid Wiseman, and Jeremy Hanse were selected to fly as early as 2024, and the mission would be the first crewed voyage around the moon in more than 50 years.
Important :
(i) Artemis II is a 10-day journey around the moon and back, covering 1.4 million miles (2.3 million km), aimed at demonstrating the functioning of Orion's life-support and other systems with astronauts aboard in deep space.
(ii) At its farthest point, Artemis II will be more than 230,000 miles (370,000 km) away from Earth, which is significantly farther than the typical low-Earth orbit altitude of the International Space Station.
(iii) The Artemis II crew will be launched on NASA's Space Launch System (SLS) rocket and will practice manual maneuvers with the Orion spacecraft in Earth's orbit before handing back to ground control for further tests and the lunar flyby part of the mission.
The Artemis II crew includes Commander Reid Wiseman, a former U.S. Navy fighter pilot, Pilot Victor Glover, a US Navy aviator, Mission Specialist 1 Christina Hammock Koch, an American engineer and NASA astronaut of the class of 2013, and Mission Specialist 2 Jeremy Hansen, a Royal Canadian Air Force colonel.
Note : Artemis I mission was successfully completed in December 2022.
10. India’s IUCAA Partners With NASA to Develop AI-Based Model For Predicting Solar Storms
(i) The Inter-University Centre for Astronomy and Astrophysics (IUCAA) in India has collaborated with NASA to create a computer model that combines AI and satellite data to detect dangerous space weather.
(ii) The team of researchers at the Frontier Development Lab used the AI technique of "deep learning" to develop the model called DAGGER (formally, Deep Learning Geomagnetic Perturbation).
(iii) The model analyzes data from spacecraft measurements of the solar wind and predicts the location of upcoming solar storms with a 30-minute warning.
(iv) The predictions of DAGGER provide enough time to prepare for these storms and avoid severe impacts on power grids and other critical infrastructure.
11. International Day for Mine Awareness and Assistance in Mine Action 2023 – 4th April
4th April marks the annual observance of the United Nations' International Day for Mine Awareness and Assistance in Mine Action, which aims to raise awareness about landmines and promote their eradication. It also seeks to educate people about the negative effects of explosive mines around the world. This year, April 4, 2023, marks the 18th International Day for Mine Awareness and Assistance in Mine Action, with the theme "Mine Action Cannot Wait." The United Nations Mine Action Service (UNMAS) is responsible for observing this day annually.
Important :
(i) On 8th December 2005, the United Nations General Assembly (UNGA) adopted resolution A/RES/60/97, declaring April 4 of every year as the International Day for Mine Awareness and Assistance in Mine Action.
(ii) The first-ever International Day for Mine Awareness and Assistance in Mine Action was observed on April 4, 2006.
Events 2023 :
The UNMAS 2023 event focused on the theme "Mine Action Cannot Wait" to raise awareness about explosive ordnance contamination in Myanmar, Ukraine, Yemen, and other countries, as well as ongoing contamination in Cambodia, the Lao People's Democratic Republic, and Viet Nam.
The event included a press briefing, a symposium, and a multi-media exhibition showcasing completed and ongoing work.
The exhibition featured photos, graphics, and film clips illustrating global explosive ordnance contamination and its effects on people worldwide.
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