National & International News :
1. Union Minister Jitendra Singh graced the Valedictory Ceremony of National Technology Week 2023 at Delhi
Dr. Jitendra Singh, the Union Minister of State (Independent Charge) for Science and Technology, attended the closing ceremony of the four-day event called "National Technology Week 2023" held from 11th to 14th May 2023 at Pragati Maidan, New Delhi, Delhi.
During this significant event, the Technology Development Board (TDB) presented the prestigious National Technology Awards 2023 to deserving individuals and organizations from the industries, entrepreneurship, and scientific communities. These awardees were recognized for their remarkable contributions in bringing innovation to the market and supporting the vision of "Aatma Nirbhar Bharat" (Self-Reliant India).
The National Technology Awards 2023 were conferred upon 11 winners, following a rigorous two-tier evaluation process.
- National Technology Awards 2023 :
The National Technology Awards were bestowed in five distinct categories: Main, MSME (Micro, Small & Medium Enterprises), Startup, Translational Research, and Technology Business Incubator.
The recipients of these prestigious awards were selected from diverse industries for their outstanding achievements in successfully commercializing innovative indigenous technologies. Additionally, scientists who made significant contributions to research and professionals associated with Technology Business Incubators were also recognized and honored.
Winners of National Technology Awards 2023 :
2. MoD approves 4th Positive Indigenisation Projects
On May 14, 2023, the Ministry of Defence (MoD), under the leadership of Union Minister Rajnath Singh, approved the 4th Positive Indigenization List (PIL) comprising 928 strategically-important Line Replacement Units (LRUs)/Sub-systems/Spares & Components, including high-end materials and spares.
The total import substitution value of this list amounts to Rs 715 crore. Comprehensive information about these items can be found on the SRIJAN Portal. It is essential to note that these items will be exclusively procured from the Indian Industry within the specified timelines mentioned in the list.
- The introduction of PIL in Defence serves two significant purposes :
(i) To promote self-reliance (Aatmanirbharta) in the defense sector.
(ii) To minimize imports by Defence Public Sector Undertakings (DPSUs).
- Some key points to consider are :
(i) This fourth list follows the publication of three previous PILs, which were issued in December 2021, March 2022, and August 2022, respectively. The earlier lists encompassed a total of 2,500 items that have already been indigenized, along with 1,238 items (351+107+780) that are projected to be indigenized within the given timelines.
(ii) Out of the 1,238 items, 310 items (262 from the 1st PIL, 11 from the 2nd PIL, and 37 from the 3rd PIL) have been successfully indigenized thus far.
(iii) The DPSUs will carry out the indigenization process through various methods, including the 'Make' category and in-house development utilizing Micro, Small & Medium Enterprises (MSMEs) and the private Indian industry. This approach will not only bolster economic growth and defense investment but also reduce dependence on imports while enhancing the design capabilities of the domestic defense industry.
3. SCO ICT Ministers adopted India's proposal to adopt DPI
On May 13, 2023, the Shanghai Cooperation Organisation (SCO) members unanimously embraced India's proposition to support the development and adoption of India's Digital Public Infrastructure (DPI), including Aadhaar, United Payments Interface (UPI), and DigiLocker. The adoption took place during a meeting of the SCO ministers responsible for Information and Communication Technology (ICT) development, chaired by India. The meeting was attended by Union Minister Ashwini Vaishnaw from the Ministry of Communications.
- Key highlights of this development are as follows :
(i) The DPI initiative aims to facilitate the deployment of digital technologies among SCO member states, fostering digitally inclusive growth.
(ii) The SCO acknowledges the importance of interoperability and the establishment of common standards for digital systems.
(iii) India has plans to invest $3 billion to extend mobile connectivity to remote villages and $5 billion to ensure broadband connectivity reaches all 250,000 Gram Panchayats (local self-governance institutions).
(iv) Furthermore, India is set to chair the Annual Global Partnership on Artificial Intelligence (GPAI) summit in December.
The SCO comprises eight Member States (China, India, Kazakhstan, Kyrgyzstan, Russia, Pakistan, Tajikistan, and Uzbekistan), four Observer States (Afghanistan, Belarus, Iran, and Mongolia) with aspirations for full membership, and six Dialogue Partners (Armenia, Azerbaijan, Cambodia, Nepal, Sri Lanka, and Turkey).
4. 4th India-Indonesia Bilateral Naval Exercise Samudra Shakti 23 held at Batam, Indonesia
The Indian Navy (IN) and Indonesian Navy (IDN) are conducting the 4th edition of the India-Indonesia Bilateral Naval Exercise Samudra Shakti-23 for six days, from May 14-19, 2023, at Batam, Indonesia.
- Representatives from India include INS Kavaratti, an indigenously designed and built Anti-Submarine Warfare (ASW) Corvette, a Dornier Maritime Patrol aircraft, and a Chetak helicopter. The Indonesian Navy is represented by KRI Sultan Iskandar Muda, CN 235 Maritime Patrol Aircraft and AS565 Panther Helicopter. KRI stands for Kapal Perang Republik Indonesia, which translates to Naval Vessel of the Republic of Indonesia.
- The objective of this exercise is to improve interoperability, jointness, and cooperation between both navies. The exercise consists of a harbour phase and a sea phase. During the harbour phase, cross-deck visits, professional interactions, subject matter expert exchanges, and sports fixtures will take place. The sea phase will include planned weapon firing, helicopter operations, anti-submarine warfare and air defence exercises, and boarding operations.
- This exercise will demonstrate the high level of interoperability between the two navies and their shared commitment to peace and stability in the region. Samudra Shakti began in 2018 between IN and IDN
5. Indian Navy Scuccessfully Test-fired BrahMos Missile from INS Mormugao
On May 14, 2023, the Indian Navy's frontline guided missile destroyer INS Mormugao successfully test-fired a BrahMos supersonic cruise missile.
This significant achievement showcases the embodiment of 'AatmaNirbharta' (self-reliance) in both the indigenous ship, INS Mormugao, and the weapon system, the BrahMos supersonic cruise missile, further enhancing the Indian Navy's formidable firepower at sea.
- Here are some key details about the BrahMos missile :
(i) It is a supersonic cruise missile capable of being launched from submarines, ships, aircraft, or land platforms.
(ii) The missile achieves a remarkable speed of 2.8 Mach, which is nearly three times the speed of sound.
(iii) The production of the BrahMos supersonic cruise missiles is carried out by BrahMos Aerospace Pvt Ltd, a joint venture between the Indian Defence Research and Development Organisation (DRDO) and Russia's NPO Mashinostroyeniya.
- It is noteworthy that India is also exporting BrahMos missiles, with the Philippines being the first country to procure the BrahMos supersonic cruise missile system. In January 2022, the Philippines signed a 'notice of award' for the missile system to be supplied to the Philippine Navy. A deal worth US$375 million was signed between India and the Philippines, with India supplying three missile batteries.
- INS Mormugao, the vessel from which the BrahMos missile was test-fired, is the second ship of the Visakhapatnam-class stealth guided-missile destroyers in the Indian Navy. It was constructed at Mazagon Dock Limited (MDL) and was launched on September 17, 2016. The ship was commissioned on December 18, 2022.
6. Bhupender Yadav launched Meri LiFE App, track the progress made on Mission LiFE
On May 15, 2023, Bhupender Yadav, the Union Cabinet Minister for Environment, Forest & Climate Change, inaugurated a mobile application called "Meri LiFE" (My life) in New Delhi, Delhi. The purpose of this app is to mobilize youth action for climate change.
Inspired by Prime Minister Narendra Modi's concept of LiFE, as envisioned at the COP26 (Conference of the Parties), the app encourages mindful and intentional utilization instead of mindless and wasteful consumption.
- The main objective of the Meri LiFE app is to demonstrate the power of citizens, particularly young people, in environmental conservation. It provides a structured approach to monitor the progress made on Mission LiFE.
- Here are some key details about the Meri LiFE app :
The app is available for download on the Google Play Store. Once users sign in, they will be guided to engage in a series of LiFE-related tasks under five themes :
(i) Save Energy
(ii) Save Water
(iii) Reduce Single-Use Plastic
(iv) Adopt Sustainable Food Systems
(v) Adopt a Healthy Lifestyle
By using the Meri LiFE app, individuals can realize that even simple actions in their daily lives can have a significant impact on climate change.
Both the portal and the app work in unison to drive a nationwide movement for LiFE, highlighting the importance of sustainable living and environmental consciousness.
7. Elon Musk appoints Linda Yaccarino as Twitter CEO
On May 11 2023, Elon Musk, Chief Executive Officer (CEO) of Tesla and SpaceX (Space Exploration Technologies Corporation), officially announced Linda Yaccarino, as the new CEO of Twitter, and she would succeed Elon Musk as the CEO of both Twitter and X Corp, a technology company.
- Linda Yaccarino is the current head of New York (United States of America) headquartered NBC(National Broadcasting Company)Universal’s advertising sales and is set to begin her role as a CEO of Twitter in six weeks.
- Yaccarino is the first female Twitter CEO and also the first to come from a non-tech background.
8. Alia Bhatt becomes 1st Indian Global Ambassador of Gucci
Alia Bhatt, a Bollywood actress, producer, and entrepreneur, has been announced as the 1st Indian global ambassador for Gucci, a high-end luxury fashion house based in Florence, Italy.
- She will make her 1st appearance as the brand ambassador at the Gucci Cruise 2024 show, to be staged in Seoul, South Korea, at Gyeongbokgung Palace, on 16th May 2023, which will mark the 25 years since the brand opened its first store.
- Recently, Alia Bhatt made her debut at the MET Gala 2023 on 1st May 2023.
- The other brand endorsed by Alia Bhatt are Cadbury, Make My Trip, Blenders Pride, Lay’s, Caprese, Manyavar, Cornetto, Titan Raga, Phonepe, Phillips and many more.
9. 2023 Swansea University Dylan Thomas Prize won by Arinze Ifeakandu
Arinze Ifeakandu, a 28-year-old Nigerian writer, received the 2023 Swansea University Dylan Thomas Prize for his first book, God’s Children Are Little Broken Things. The book is a collection of nine stories that explore queer love and identity in Nigeria. The prize, which honours the Welsh poet Dylan Thomas, is one of the most prestigious awards for young writers in the English language. Ifeakandu was presented with the £20,000 prize at a ceremony in London on 11 May 2023, the 70th anniversary of Thomas’s death.
- God’s Children Are Little Broken Things also won the 2022 Republic of Consciousness Prize for the US and Canada and the Story Prize Spotlight Award. The title story follows the romance of Lotanna and Kamsi, two college boys who face cultural and social challenges. Ifeakandu, who was born in Kano, Nigeria, and graduated from the Iowa Writers’ Workshop, said he wanted his book to be “really wonderful company for someone” and to make people “feel seen”.
- The other finalists for the Dylan Thomas Prize were Robbie Arnott for Limberlost, Sara Baume for Seven Steeples, Sheena Patel for I’m a Fan, Saba Sams for Send Nudes and Warsan Shire for Bless the Daughter Raised by a Voice in Her Head. The judges praised Ifeakandu’s debut as “exhilarating” and “kaleidoscopic”, and said they were eager to read his next work.
- Patricia Lockwood won the Dylan Thomas Prize in 2022 for her novel No One Is Talking About This.
10. Lithuanian Embassy releases Comic Book Titled “First Lithuanian Travelers in India”
On 10th May 2023, the embassy of Lithuania released a comic titled “First Lithuanian Travelers in India”, which was launched by Diana Mickevičienė, Lithuanian ambassador to India.
- The comic book, which has been translated into Hindi, has been released as a sign of friendship between the two nations. The comic book depicts real historical personalities men and women from Lithuania whose individual discovery of India was the first recorded connection between the two countries.
- The comic is based on the historical books, India & Lithuania : A Personal Bond and From Lithuania to Santiniketan Schlomith Flaum & Rabindranath Tagore.
11. NASA Launches 2nd Super Pressure Balloon from New Zealand
The Scientific Balloon Program of the National Aeronautics and Space Administration (NASA) has successfully launched its second football-stadium-sized Super Pressure Balloon (SPB) from Wānaka Airport, New Zealand. The SPB is designed for a technology mission with a target flight duration of 100 days or more in the Earth's upper atmosphere.
- The primary objective of this mission is to test and qualify the SPB technology for future flights. This balloon launch marks the final launch for NASA's 2023 New Zealand balloon launch campaign. The launch is conducted in collaboration with the Queenstown Airport Corporation, Queenstown Lake District Council, New Zealand Space Agency, and Airways New Zealand.
- Notable details about the Super Pressure Balloon (SPB) include :
(i) The SPB is helium-filled and approximately the size of a football stadium when fully inflated. It has a volume of 18.8 million cubic feet (532,000 cubic meters).
(ii) With an operational float height of around 110,000 feet (33.5 miles), the SPB flies at high altitudes in the Earth's upper atmosphere.
- Wānaka, New Zealand, serves as NASA's dedicated launch site for mid-latitude, long-duration balloon missions.
- It is worth mentioning that the first Super Pressure Balloon was launched on April 16, 2023, and has already completed three revolutions around the Earth's southern hemisphere, flying at an altitude of approximately 108,000 feet.
Banking & Finance News :
1. Quant Mutual Fund Launched an Open-ended Equity Scheme ‘Quant Business Cycle Fund’
Quant Business Cycle Fund is a new open-ended equity scheme that aims to capitalize on the fluctuations of the economy by investing in sectors and stocks that benefit from different stages of the business cycle. The scheme will be open for subscription until May 25 2023.
The scheme's objective is to generate long-term capital appreciation by following a business cycle-based investing theme. The scheme will benchmark its performance against the NSE 500 TRI, which reflects the returns of 500 companies listed on the National Stock Exchange.
- Some key features of the scheme are :
(i) Minimum Application Amount: Rs 5,000 for initial investment and Rs 1,000 for additional purchase or switch. For SIP, Rs 1,000 for weekly, fortnightly, and monthly frequency and Rs 3,000 for quarterly frequency.
(ii) Plan and Options: Regular Plan and Direct Plan with Growth and IDCW options.
(iii) Asset Allocation: At least 80% in equity and equity-related instruments (including equity ETFs) selected on the basis of business cycle. Up to 20% in debt & money market instruments (including debt ETFs), up to 20% in Gold & Silver ETFs, or up to 10% in REITs and InvITs. Investments in Foreign Securities shall not exceed 20%.
2. RBI : Banks to Commence ‘100 Days 100 Pays’ Campaign for Return of Unclaimed Deposits
As per the announcement of Reserve Bank of India (RBI) on May 12, 2023, banks are set to commence a ‘100 Days 100 Pays’ campaign, where they will trace and settle the top 100 unclaimed deposits of every bank in every district within 100 days.The banks will commence the campaign on June 01, 2023.
- Objective of ‘100 Days 100 Pays’ campaign is to complement the ongoing efforts and initiatives by the RBI to reduce the quantum of unclaimed deposits in the banking system and return such deposits to their rightful owners/ claimants.
- As per the RBI data, at the end of February 2023, the total amount of unclaimed deposits transferred to the RBI by Public Sector Banks in respect of deposits that have not been operated for 10 years or more was Rs 35,012 crore.
3. PayNearby launches ‘PayNearby Mall’ for Small Businesses & Consumers ahead of ONDC Platform
On 12th May 2023, PayNearby, India’s leading branchless banking and digital network, launched “PayNearby Mall”, a meta-commerce platform to enable the availability of goods and services, in an assisted mode at the last mile.
- This will soon be integrated with the Open Network for Digital Commerce (ONDC) platform.
- With this initiative, PayNearby aims to upgrade every retailer, in its million+ active network to ensure they can benefit from the ongoing e-commerce revolution, including the ONDC platform.
- Customers can walk into their nearest PayNearby store and with the help of the local retailer, discover any seller, product or service at the most optimal price point.
** Anand Kumar Bajaj is the Founder and current MD & CEO of PayNearby.
Other News :
1. Eminent Singer Kalyani Kazi Passed Away
On 12th May 2023, Kalyani Kazi, the eminent singer and the youngest daughter-in-law of poet Kazi Nazrul Islam, passed away in Kolkata, West Bengal, at the age of 87.
- Kalyani Kazi was a member of the advisory council of Poschimbongo Kazi Nazrul Islam Akademi. She was honoured with the Sangeet Mahasamman Award from West Bengal in 2015.
2. International Day of Families 2023 - 15th May
The United Nations (UN)’s International Day of Families is annually observed across the globe on May 15 to celebrate the importance of families and highlight their role in society.
- The day aims to raise awareness about the social, economic, and demographic changes that impact families worldwide. International Day of Families 2023 was observed on 15th May 2023 under the theme “Demographic Trends and Families”.
- The 1st ever International Day of Families was observed on 15th May 1994.
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