National & International News :
1. 3rd ETWG meeting under India’s G20 Presidency held in Mumbai- India Commits to Just Energy Transition
Under India's G20 Presidency, the 3rd Energy Transitions Working Group Meeting (ETWG) took place in Mumbai, Maharashtra on May 15, 2023. Secretary Bhupinder Singh Bhalla of the Ministry of New and Renewable Energy (MNRE) emphasized India's commitment to an accelerated, responsible, and equitable energy transition through global cooperation and collaboration.
The official side event of the 3rd ETWG, titled "Low-cost Finance for New & Emerging Energy Technologies," was organized by the MNRE in conjunction with the Indian Renewable Energy Development Agency (IREDA) and the International Renewable Energy Agency (IRENA).
Chairing the 3rd ETWG Meeting is Shri Alok Kumar, who also serves as the Secretary of the Ministry of Power in the Government of India. The previous two meetings of the ETWG were held in Bengaluru, Karnataka, and Gandhinagar, Gujarat.
Highlights of the side event during the 3rd ETWG included the launch of several reports :
- "Low-Cost Finance for Energy Transition" report prepared by IRENA in collaboration with the MNRE. This report emphasizes a comprehensive toolkit to enhance the availability of affordable capital in G20 countries and beyond.
- Two other reports, namely "Financing Needs for New Age Critical Technologies: CO2 Capture Utilization and Storage (CCUS)" and "Financing Needs for New Age Critical Technologies: Battery Energy Storage (BES)," were released. These reports were developed by the Ministry of Power in collaboration with the Indian Institute of Management (IIM) in Ahmedabad, Gujarat, and NETRA (NTPC Energy Technology Research Alliance). NETRA is an R&D laboratory of NTPC Limited located in Greater Noida, Uttar Pradesh.
- During the side event, keynotes were delivered by policymakers, financial institutions, and technology developers, focusing on estimating cost-effective financing for an energy transition based on the future trajectory of emerging critical technologies such as Hydrogen, Offshore Wind, Energy Storage, and Carbon Capture Utilization & Storage (CCUS). Low-cost financing is one of the six key priority areas identified by the ETWG during India's presidency.
- Additionally, two-panel discussions took place during the event. The first panel, moderated by Gauri Singh, Deputy Director-General of IRENA, centered around the "outlook of new and emerging energy technologies." The second panel, moderated by Dan Dorner, Head of the Strategic Initiatives Office at the International Energy Agency (IEA), focused on the role of International Financial Institutions (IFIs) and Multilateral Development Banks (MDBs) in mobilizing investments.
2. MP Cabinet approved ‘CM Learn and Earn’ Scheme for Unemployed Youths
On May 17, 2023, the State Cabinet of Madhya Pradesh, chaired by Chief Minister Shivraj Singh Chouhan, announced a new scheme called the "Mukhyamantri Sikho Kamao Yojana" or the "Chief Minister Learn and Earn Scheme." This scheme aims to provide skill training opportunities to unemployed youths in the state.
Aim : The scheme aims to offer employment-oriented skill training to approximately one lakh youths in Madhya Pradesh.
The scheme will not only provide training and skill enhancement but also offer a stipend to the participants, thereby boosting employment prospects and facilitating a better means of earning.
About eligibility : To be eligible for the scheme, candidates must be residents of Madhya Pradesh and aged between 18 and 29. They should have a minimum educational qualification of 12th class or an ITI (industrial training) certificate.
Stipend Benefits (Monthly) :
(i) Candidates with a 12th class qualification : Rs. 8,000
(ii) Candidates with ITI/Diploma qualification : Rs. 8,500/9,000
(iii) Graduates or those with higher degrees : Rs. 10,000
- 75% of the stipend will be directly transferred to the trainees' bank accounts by the state government through Direct Benefit Transfer (DBT). The remaining 25% of the prescribed minimum stipend will be deposited by the respective establishment into the trainee's account.
Features of the scheme :
The scheme identifies 703 types of work areas, including engineering, tourism, hotel management, hospitals, railways, ITI, software development, banking, chartered accountancy, industries, and other financial services, for training.
- Establishments operating in the media, arts, law and legal services, education and training, and service sectors will also be included in the scheme.
- The scheme focuses on providing industry-oriented training, enhancing proficiency in the latest technologies and processes, and improving regular employability for the trainees.
- Candidates who pass the training will receive a State Council for Vocational Training (SCVT) certificate issued by the Madhya Pradesh State Skill Development and Employment Generation Board (MPSSDEGB).
About registration :
- Registration of establishments for training the youths will commence on June 7, 2023.
- The registration of youths for the scheme will start from June 15, 2023.
- The youth will begin working or receiving training from August 1, 2023, and the first monthly stipend will be disbursed on August 31.
About Madhya Pradesh :
Chief Minister : Shivraj Singh Chouhan
Governor : Mangubhai C. Patel
Zoological Park : Van Vihar National Park Zoo, Kamla Nehru Prani Sangrahalaya Zoo (Indore Zoo)
3. UBI Global ranks Kerala Startup Mission as World’s No.1 Public Business Incubator
In the 2nd edition of the UBI Global World Rankings of business incubators and accelerators (World Ranking Report 21/22), Kerala Startup Mission (KSUM) has secured the top position as the world's leading public/private business incubator. KSUM has been recognized for its significant role in establishing Kerala as a thriving startup hub.
- The Secretary (Electronics & IT) of Kerala, Rathan U Kelkar, and the Chief Executive Officer (CEO) of KSUM, Anoop Ambika, jointly received this prestigious honor during the UBI Global World Rankings 2021-2022 event, which took place as part of the World Incubation Summit in Ghent, Belgium.
- The World Ranking Report 21/22 is based on the findings and accolades derived from the World Benchmark Study 2021-2022 conducted by UBI Global, an innovation intelligence company and community based in Sweden. This study represents the sixth edition of its kind.
- Incubators and accelerators from over 90 countries participated in the study, engaging in self-assessment to evaluate their performance and impact. The analysis, study, benchmarking, and ranking of these institutions were carried out by UBI Global.
About KSUM :
KSUM, established in 2006, serves as the Kerala Government's agency dedicated to fostering entrepreneurship within the state. It actively implements the Kerala Technology Startup Policy and provides comprehensive support to the startup ecosystem through various schemes and programs. KSUM focuses on nurturing technology-based entrepreneurship and developing essential infrastructure to facilitate the growth of high-end startup ventures.
- The organization's pioneering initiatives, including the 'Fail Fast or Succeed' (FFS) virtual incubation program, physical incubation support for startups at different stages, and a well-structured funding mechanism, have played a crucial role in attaining the esteemed global recognition mentioned earlier. These innovative programs have contributed significantly to the success and impact of the startup ecosystem in Kerala.
Ranker holders :
(i) Public/Private Business Incubator - Kerala Startup Mission(KSUM), India
(ii) Public/Private Business Accelerator - EIT Health Accelerator, Europe
(iii) University Business Incubator - İTÜ Çekirdek, Türkiye
(iv) University Business Accelerator - Interuniversity Microelectronics Centre (IMEC), Belgium
About UBI Global :
CEO and Co-Founder : Ali Amin
Headquarters : Stockholm, Sweden
Founded in : 2013
4. MoUs signed for 2 Community Development Projects in Nepal under GOI Grant Assistance
On May 17, 2023, the Embassy of India in Kathmandu, Nepal, and the Ministry of Federal Affairs and General Administration of the Government of Nepal signed Memorandums of Understanding (MoUs) for the implementation of two High Impact Community Development Projects (HICDPs) in Nepal. These projects will be undertaken with grant assistance from the Indian Government.
(i) Malagiri Shanti Yogashram, Ramechhap District, Nepal :
The first project involves the construction of the Malagiri Shanti Yogashram in Ramechhap District, Nepal. The implementation of this project will be carried out in collaboration with Ramechhap Municipality. It aims to provide improved healthcare facilities for the local community, contributing to the overall betterment of health services in the area.
(ii) Kedar Jyotipunja Multiple Campus, Doti District, Nepal :
The second project focuses on the construction of the Kedar Jyotipunja Multiple Campus in Doti District, Nepal. The implementation of this project will be undertaken in partnership with Badikedar Rural Municipality. The objective is to enhance educational opportunities and infrastructure, thereby improving the quality of education in the region.
Both projects, one in the healthcare sector and the other in the education sector, are estimated to cost a total of Nepalese Rupees (NRs) 80.33 million.
Key Information about HICDPs :
Objective : The construction of these projects aims to enhance healthcare and education facilities for the local communities, ultimately improving the quality of life for people in Nepal.
Implementation : The Malagiri Shanti Yogashram project will be implemented through Ramechhap Municipality, while the Kedar Jyotipunja Multiple Campus project will be implemented through Badikedar Rural Municipality.
Indo-Nepal Projects :
- India has been actively involved in Indo-Nepal development projects since 2003.
- Over 535 High Impact Community Development Projects have been undertaken by India in Nepal, with 478 projects already completed.
Among these projects, 81 are located in Mahdesh Pradesh, Nepal, including 6 projects specifically in Mahottari District, Nepal.
As part of these initiatives, the Government of India has also donated 23 ambulances to various hospitals and health posts in Mahottari, Nepal.
About Nepal :
President : Ram Chandra Poudel
Prime Minister : Pushpa Kamal Dahal
Capital : Kathmandu
Currency : Nepalese Rupee (NR)
5. Trichy Airport’s New Terminal Project Bags International Safety Award: British Safety Council
ITD Cementation India Limited has been honored with the International Safety Award in the first-class merit category by the British Safety Council for the Tiruchirappalli International Airport project, also known as the Trichy Airport Project.
The construction of the new terminal building in Trichy, Tamil Nadu, undertaken by ITD Cementation India Limited, led to their receipt of the award on May 10, 2023.
The prestigious recognition was bestowed upon ITD Cementation India Limited for their unwavering commitment to maintaining excellent health and safety standards throughout 2022.
Key Details :
- Selection Criteria: The Trichy Airport Project was selected for the award based on the evaluation parameters set by the British Safety Council, scoring an impressive 73.21% marks.
- Previous Recognition: ITD Cementation India Limited had previously received an accolade from the National Safety Council of India (NSCI) in 2019, acknowledging their outstanding performance in occupational safety and health.
Note : The Trichy Airport Project undertaken by ITD Cementation India Limited has been acknowledged for their exceptional dedication to ensuring the highest standards of safety and promoting a healthy work environment.
About the British Safety Council :
Chief Executive Officer (CEO) : Michael Robinson
Headquarters : London, the United Kingdom (UK)
Establishment : 1957
6. DSCI appoints Pramod Bhasin as its New Chairman
Effective from April 1, 2023, Pramod Bhasin has been appointed as the new Chairman of the Data Security Council of India (DSCI). He succeeds Rajendra S Pawar, the chairman and co-founder of NIIT Group, who held the position for three years.
Here are some key details about Pramod Bhasin and his role as the Chairman of DSCI :
- Pramod Bhasin currently serves as the Chairman of the Indian Council for Research on International Economic Relations (ICRIER).
- He founded Genpact in 1996 and served as its leader until 2011, playing a significant role in shaping the business process industry in India.
- Along with Vinayak Godse, the Chief Executive Officer (CEO) of DSCI, the newly appointed leadership aims to establish cybersecurity as a crucial element of the evolving era of digitization.
Note : DSCI, established by NASSCOM (National Association of Software and Service Companies), is a not-for-profit industry body dedicated to data protection in India. Its mission is to foster a safe, secure, and trusted cyberspace by establishing best practices, standards, and initiatives in cybersecurity and privacy.
7. Indra Installs Naval Version of Lanza 3D Radar on Indian Navy’s Destroyer
Indra Sistemas, S.A. (Indra), a Madrid-based Information Technology and Defense System Company, in collaboration with TATA Advanced Systems Limited (TASL), has successfully installed the naval version of Lanza-N 3D radar on an Indian Navy Destroyer Ship.
This installation marks the first of 23 radars that will be equipped on Indian Naval Ships. Over the next decade, Indra will deliver these radar systems to the Indian Navy.
The introduction of Lanza-N radars aims to enhance the maritime security efforts of the Indian Navy. These state-of-the-art radar systems provide advanced surveillance capabilities, enabling naval vessels to detect and track surface and air threats in real-time effectively.
Important points :
Radar Deployment : The Lanza-N 3D radar systems will replace the ELM-2248 MF-STAR and RAWL-02/LW-08 radars on India's Kolkata-class and Visakhapatnam-class destroyers during their scheduled refit or mid-life modernization program.
Aim : By deploying Lanza-N radars, the Indian Navy seeks to bolster its surveillance and air defense capabilities.
- Features of Lanza-N Radar : The Lanza-N 3D radar integrates a primary surveillance radar with medium and long-range coverage of up to 254 nautical miles (approximately 450 kilometers). It also includes a Secondary Surveillance Radar (SSR)/IFF (Identification Friend or Foe).
- Technological Advancements : The Lanza-N radar system incorporates the latest technological and operational updates from Indra's Lanza radar family. It features increased power for extended long-range capabilities and allows for remote monitoring of the pressurization system.
- Situational Awareness : With the comprehensive situational picture provided by the Lanza-N radar, naval commanders can make informed decisions swiftly, improving the Navy's overall situational awareness during operations. These radars offer enhanced detection range, accuracy, and reliability, enhancing tracking and target acquisition capabilities.
By equipping Indian Naval Ships with Lanza-N 3D radars, the Indian Navy aims to strengthen its defense capabilities and safeguard maritime interests effectively.
8. SpaceX launches 22 Second-Generation Starlink Satellites to Orbit
On 19th May 2023, SpaceX launched a Falcon 9 rocket topped with 22 second-generation “V2 Mini” Starlink satellites into Orbit, which was lifted off from Cape Canaveral Space Force Station in Florida, United States of America (USA), and landed the returning rocket at sea.
- “ V2 Mini ” Starlink satellites are larger and more capable than the 1st-generation Starlink craft that make up the vast majority of the mega constellation.
- This launch was the 30th Falcon 9 flight of the year and the 32nd orbital mission overall for SpaceX in 2023.
- It was the 5th launch and landing for this particular booster, SpaceX. It has previously launched CRS-26, OneWeb Launch 16, Intelsat IS-40e, and one Starlink mission.
9. Patch Reporting App: Uttarakhand CM launches mobile app to Report Potholes
On May 15, 2023, the Chief Minister (CM) of Uttarakhand, Pushkar Singh Dhami launched ‘Patch Reporting App’ to report potholes. It will help in making the roads of Uttarakhand pothole-free.
- This app will enable the mobile phone users to record pictures of potholes and register their complaints with Public Works Department (PWD) authorities seeking their repair by giving the relevant details.
- The complainants will be given updates about action taken for the redressal of their complaints.
10. Himachal Pradesh’s unique Kangra tea registered for GI tag with European Union
On May 18, 2023, Kangra tea from Himachal Pradesh was granted protected Geographical Indication (GI) status by the European Union (EU). This certification allows the tea to be sold in Europe, as it acknowledges the product's quality, authenticity, and reputation in the European market.
- Kangra Tea is renowned for its exceptional quality, distinctive aroma, and a subtle hint of fruity flavor.
- This recognition will particularly benefit the tea growers in Palampur, Baijnath, Kangra, and Dharamshala in the Kangra district, Jogindernagar in the Mandi district, and the Bhattiyat area of Chamba district.
- Kangra tea was initially awarded the GI status in 2005 by the Registrar of Geographical Indications in Chennai, Tamil Nadu.
- The GI status has been granted to more than 400 traditional products from Himachal Pradesh, including Kullu shawl, Chamba Rumal, Kinnaur shawl, Kangra painting, Lahaul woolen socks, gloves, and more.
11. Odisha CM Naveen Patnaik launches State Dashboard & CM Dashboard
On May 18, 2023, Naveen Patnaik, Chief Minister (CM) of Odisha, launched “State Dashboard”, a data and analytics-powered platform which will streamline performance monitoring of government schemes by aiding data-driven decision-making.
- The State Dashboard consists of 3 critical components : CM Dashboard, Department Dashboard, and Administrative Action Monitoring Portal.
- The launch of the integrated Dashboard will carry forward the 5T governance model (transparency, teamwork, technology, timeliness, and transformation).
- The Dashboard will enable citizens to access public information with ease on policies, budget allocations and public expenditures.
12. Indian Navy & Royal Saudi Naval Force Collaborate for Maiden Afloat Training of Saudi Cadets
Indian Navy and the Royal Saudi Naval Force of the Saudi Arabian Armed Forces collaborate for first-ever training of Saudi Cadets with the Indian Navy. 55 cadets from the King Fahd Naval Academy, Saudi Arabia, arrived at Kochi(Kerala) headquarters of India’s Southern Naval Command on 16th May 2023 for 24 days of afloat training.
- This would contribute towards mutual cooperation between the Navies of India and Saudi Arabia.
- The 55 cadets along with 5 Directing Staff from King Fahd Naval Academy, Saudi Arabia arrived onboard First Training Squadron (1TS) - ships, Indian Navy ships(INS) Tir and INS Sujata at Kochi as part of afloat training with the Indian Navy.
- During their training, the cadets will receive instruction in seamanship, navigation, fire fighting, and emergency drills while on board.
To offer them practical exposure to life on a sailing vessel, the cadets will also be assigned to serve on the Sail Training Ship, INS Sudarshini, during this duration.
13. Telangana Home Minister Mohammed Mahmood Ali launches “ SAHAS ” - An Initiative to Make Workplaces Safer for Women
On May 19, 2023, Mohammed Mahmood Ali, the Minister of Home, Prisons, and Fire Services in Telangana, inaugurated the "SAHAS" initiative, which signifies 'Courage'. Its main objective is to strengthen support systems for women who experience workplace sexual harassment.
- " SAHAS " is a pioneering collaborative effort between the State Police and Industry Bodies to create a conducive environment and provide comprehensive support for female employees in workplaces throughout Telangana.
- The brainchild of Shikha Goel, the Director General of Police (DGP) Women Safety Wing, the SAHAS project encompasses various components, including the launch of the Sahas Microsite, Sahas Sathi Chatbot, Sahas Whatsapp Number, Forum, and online support facilities in Hyderabad, Telangana.
- The Sahas initiative receives sponsorship and support from Ixoreal Biomed, the manufacturer of "KSM-66 Ashwagandha".
Banking & Finance News :
1. RBI gives nod to SBIFML to acquire 9.99% stake in HDFC Bank
On May 17, 2023, the Reserve Bank of India (RBI) granted approval to SBI Funds Management Ltd (SBIFML) for acquiring a stake of up to 9.99% in the paid-up share capital or voting rights of HDFC Bank Ltd.
- SBIFML is required to acquire the majority shareholding in the bank within a six-month period, specifically by November 15, 2023.
- This investment will be made as part of the mutual fund schemes managed by SBI Funds Management.
Here are some key points to note :
(i) Currently, SBIFML holds a 5.07% equity stake in HDFC Bank and a 3.79% stake in Housing Development Finance Corporation (HDFC) Limited.
(ii) SBIFML must ensure that its aggregate holding in HDFC Bank remains below 10% of the paid-up share capital or voting rights of the bank at all times.
(iv) SBIFML is the largest mutual fund manager in India, with assets under management of Rs 7.17-lakh crore as of the end of March 2023.
About SBI Funds Management Ltd. (SBIFML) : It is a Joint Venture between the State Bank of India (SBI) and AMUNDI (France).
Managing Director & Chief Executive Officer : Shamsher Singh
Headquarters : Mumbai, Maharashtra
Other News :
1. SP Hinduja, UK-based Billionaire Businessman & Chairman of Hinduja Group, Passed away
On May 17, 2023, Srichand Parmanand Hinduja (SP Hinduja), the India-born British industrialist and Chairman of the Hinduja Group, passed away at the age of 87 in London, United Kingdom (UK). He was born on November 28, 1935, in Karachi, Sindh province, British India (now Pakistan).
- SP Hinduja also held the position of Chairman of the Hinduja Bank of Switzerland and Hinduja Foundations.
- He was the eldest among the four Hinduja brothers: Gopichand P Hinduja, Prakash P Hinduja, and Ashok P. Hinduja.
- Following SP Hinduja's passing, his brother Gopichand Hinduja will succeed him as Chairman of the Hinduja Group.
Here are some highlights of SP Hinduja's career :
(i) In 1952, SP Hinduja entered the family business of textile and trading in Mumbai, Maharashtra, and Tehran, Iran.
The Hinduja Group was initially headquartered in Iran and later moved to London, UK, in 1979.
(ii) In 1993, SP Hinduja ventured into banking with IndusInd Bank, one of the first new-generation private banks in India.
In 1994, he founded S P Hinduja Banque Privee, the only Indian-owned Swiss bank, headquartered in Geneva, Switzerland.
(iii) He established himself as a leading business tycoon in India, alongside prominent names such as the Tatas, the Birlas, the Bajajs, and the Ambanis.
(iv) Under SP Hinduja's leadership, the Hinduja Group made significant acquisitions, including Gulf Oil from the US-based oil company Chevron in 1984 and Ashok Leyland Ltd (formerly Land Rover Leyland International Holdings) from the UK's Rover Group in 1987.
In 2012, the Group acquired Houghton International, the world's largest metal fluids manufacturer, based in the United States.
SP Hinduja leaves behind a legacy of entrepreneurial success and contributions to various industries.
2. Rattan Lal Kataria, BJP MP from Ambala, Passed Away
On 18th May 2023, Bharatiya Janata Party (BJP) leader Rattan Lal Kataria, a Member of Parliament (MP), Lok Sabha, from Ambala (Haryana), passed away in Chandigarh at the age of 72. He was born on 19 December 1951 in Yamunanagar, Haryana.
- He was also associated with the Rashtriya Swayamsevak Sangh (RSS) for over five decades. From 2000 to 2003, he served as the President of the BJP (Haryana Unit).
- Rattan Lal Kataria, the 3-time MP, was elected to the Lok Sabha from Ambala in 1999, 2014, and 2019.
- Rattan Lal Kataria served as the Minister of State (MoS) for Jal Shakti and Social Justice and Empowerment from 2019 to 2021.
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