National & International News :
1. MoPSW Sarbananda Sonowal announces ‘Panch Karma Sankalp’ during Chintan Shibir in Kerala
On May 22, 2023, the Ministry of Ports, Shipping & Waterways (MoPSW), led by Union Minister Sarbananda Sonowal, announced a series of five major initiatives known collectively as 'Panch Karma Sankalp.' These initiatives were unveiled during the second Chintan Shibir of MoPSW held in Munnar, Kerala, and are aimed at promoting green shipping and digitization of ports, with the ultimate goal of establishing India as a global leader in the maritime sector.
The Panch Karma Sankalp initiatives are as follows :
(i) MoPSW will provide 30% financial support to encourage the adoption of green shipping practices.
(ii) The Green Tug Transition Programme will be implemented at Jawaharlal Nehru Port, VO Chidambaranar Port, Paradip Port, and Deendayal Port, Kandla. Under this program, each of these ports will procure two environmentally friendly tugboats, known as 'green tugs,' that operate on non-fossil fuels like methanol, hydrogen, or ammonia. Tugboats, which play a crucial role in assisting ships during mooring and berthing operations, will be transformed into eco-friendly vessels.
(iii) Deendayal Port and VO Chidambaranar Port, Tuticorin, will be developed as Green Hydrogen Hubs, focusing on the production and utilization of green hydrogen.
(iv) A Single Window Portal will be established to facilitate and monitor river and sea cruises, streamlining the administrative processes and enhancing efficiency.
(v) Jawaharlal Nehru Port and VO Chidambaranar Port, Tuticorin, have been designated as smart ports, with plans to achieve this status by 2024. The implementation of smart technologies will enhance the overall functioning and effectiveness of these ports.
Additional key notes :
(i) The MoPSW Union Minister will conduct a mid-year Chintan to review the progress of these initiatives. Strict action will be taken in case of any delays in project completion.
(ii) The cargo handled by coastal shipping has increased from 74 MMTPA (Million Metric Tonnes per Annum) in 2014-15 to 151 MMTPA in 2022-23.
(iii) Inland Water Transport (IWT) has witnessed consistent growth in cargo handling, rising from 30 MTPA in 2014 to 126 MTPA in 2022-23.
About Ministry of Ports, Shipping & Waterways (MoPSW) :
Union Minister : Sarbananda Sonowal (Constituency- Majuli, Assam)
Minister of State (MoS) : Shripad Yesso Naik (Constituency- North Goa, Goa), Shantanu Thakur Constituency- Bangaon, Uttar Pradesh)
2. GAINS 2023 : GRSE launches Challenge for Innovation in Shipbuilding
In Kolkata, West Bengal (WB), on May 22, 2023, Garden Reach Shipbuilders and Engineers (GRSE) Ltd introduced the GRSE Accelerated Innovation Nurturing Scheme 2023, also known as 'GAINS 2023.' This initiative aims to leverage an ecosystem that addresses current and future challenges in the ship design and construction industry.
GAINS 2023 is a key component of GRSE's efforts to identify and support the advancement of innovative solutions through startup engagement, specifically focusing on technological progress in shipbuilding. Notably, the scheme was launched by G Surya Prakash, Assistant Manager (Finance), who holds the distinction of being the youngest officer at GRSE. The event also witnessed the presence of Rajeev Chandrasekha, Minister of State at the Ministry of Electronics and Information Technology (MeitY).
About GAINS 2023 :
- The 'GAINS 2023' Challenge is a two-stage process initiated by GRSE.
- The challenge aims to gather a wide range of ideas, from which a few promising ones will be selected and supported.
- The first stage requires participants (entities, firms, and individuals who are Indian citizens) to submit concise written and illustrated entries.
- The focus areas of the challenge are Artificial Intelligence in Shipbuilding, Renewable/Green Energy and Energy Efficiency, and Operational Efficiency Enhancement.
- The deadline for Stage-I submissions is July 2023.
- Shortlisted participants from Stage-I will proceed to Stage-II, where they will submit a detailed project report with technical descriptions and undergo interviews/presentations.
- The Stage-II proposals should include estimated costs, justification of professional qualifications, and other relevant details.
- GRSE will provide funding of up to a maximum of Rs 5 Lakh to firms/entities for Stage-II submissions based on evaluation.
Winners of the challenge may be awarded contracts, and if the product is sold to other customers, a revenue sharing model will be established.
About Garden Reach Shipbuilders and Engineers (GRSE) Ltd : It is a Category 1 Mini Ratna Company.
Chairman and Managing Director : Commodore (Retd) P R Hari
Headquarters : Kolkata, West Bengal
3. Garuda Aerospace & HAL's subsidiary Naini Aerospace partners to Manufacture Make in India drones
On May 22, 2023, Garuda Aerospace Private Limited, a Chennai-based Drone-as-a-Service (DaaS) startup, and Naini Aerospace Engineering Limited (NAeL), a subsidiary of Hindustan Aeronautics Limited (HAL) under the Ministry of Defence (MoD), signed a joint development partnership.
- The partnership aims to manufacture indigenous drones for various applications.
- The advanced precision drones developed by Garuda Aerospace have a payload capacity of approximately 25 kg and can cover a radius of 500 meters at a speed of 5 meters per second.
- These drones have a spray efficiency of 1500-2550 square meters per minute.
- As part of the partnership, the plan is to manufacture 5000 drones in the first year, with over 7,000 drones already pre-booked by Garuda Aerospace at Rs. 4.5 lakh each.
- NAeL, based in Naini (Prayagraj, UP), will begin manufacturing the heavy-duty drones by the end of June 2023.
- The partnership is expected to generate employment opportunities and stimulate economic activities in the Naini industrial area, which is also an educational hub.
- It will establish the first drone manufacturing facility in northern India, catering to industries such as security and surveillance, agriculture, and land mapping, among others.
- The partnership aims to promote the indigenization of imported components required for drone manufacturing, reducing reliance on imports from countries like China and the West.
- Additionally, the partnership will facilitate cost reduction through improved transportation logistics.
This collaboration aligns with Prime Minister Narendra Modi's vision of achieving the milestone of 1 lakh 'Made in India' drones by 2024.
About Garuda Aerospace :
Founded in : 2015
Founder & CEO : Agnishwar Jayaprakash
Headquarters : Chennai, Tamil Nadu
About Naini Aerospace engineering limited (NAeL) :
Founded in : 29th December 2016
CEO : R.R.Thakur
Headquarters : Naini, Prayagraj, Uttar Pradesh
4. Indian Navy’s warship INS Mormugao engages sea-skimming supersonic target
The Indian Navy successfully carried out the engagement of a sea-skimming supersonic target using its latest indigenous guided missile destroyer INS (Indian Naval Ship) Mormugao.
- This is the Indian Navy’s 1st endeavour to showcase the future-proof combat readiness and commitment towards Aatmanirbhar Bharat.
5. UGC Launches ‘ NEP SAARTHI ’ to Involve Students in Implementing NEP 2020
The University Grants Commission (UGC) has announced a new initiative titled ‘NEP SAARTHI (Student Ambassador for Academic Reforms in Transforming Higher Education in India)’ to involve students in the implementation of the National Education Policy (NEP) 2020.
Aim : To create an environment where students could engage and participate to make effective use of the provisions of NEP 2020.
About University Grants Commission (UGC) : It was established by an Act of Parliament in 1956 to coordinate, determine, and maintain standards of teaching, examination, and research in university education.
Chairman : Prof. Mamidala Jagadesh Kumar
Headquarters : New Delhi, Delhi
6. Madhya Pradesh Becomes India’s 1st State to Provide Free Air Travel to Pilgrims
On May 21, 2023, Shivraj Singh Chouhan, the Chief Minister of Madhya Pradesh (MP), inaugurated a group of 32 senior citizens (24 men and 8 women) for a pilgrimage to Prayagraj, Uttar Pradesh (UP). They departed from Raja Bhoj Airport in Bhopal, MP, via a flight organized under the state's Mukhya Mantri Teerth-Darshan Yojana scheme.
Madhya Pradesh has become the first state in India to conduct government-funded pilgrimages by air through the Mukhya Mantri Teerth-Darshan Yojana.
Key points :
(i) So far, 782,000 senior citizens have undertaken pilgrimages on 782 special trains as part of the Mukhya Mantri Teerth-Darshan Yojana.
(ii) CM Shivraj Singh Chouhan has developed an effective action plan from May to July to ensure easy access to the benefits of the Mukhya Mantri Tirth-Darshan Yojana by air for the elderly population of MP. The scheme was launched on May 21, commencing from Bhopal (MP) to Prayagraj (UP).
Upcoming pilgrimage plans :
(i) On May 23, 2023, pilgrims from Agar Malwa district (MP) will depart from Indore airport for Shirdi, Maharashtra.
(ii) On May 25, 2023, pilgrims from Betul district (MP) will depart from Bhopal airport, transiting through Agra airport, to visit Mathura & Vrindavan (UP).
(iii) On May 26, 2023, pilgrims from Dewas (MP) will depart from Indore airport for Shirdi, Maharashtra.
(iv) On June 3, 2023, pilgrims from Khandwa (MP) will depart from Indore airport, transiting through Kolkata, West Bengal, for Gangasagar (West Bengal).
Mukhyamantri Tirth Darshan Yojana :
- The Government of Madhya Pradesh launched the Mukhyamantri Tirth Darshan Yojana in June 2012.
- The scheme offers free spiritual tours across India for senior citizens.
- Eligible participants are senior citizens of MP aged 60 years and above, who can visit various holy places outside of MP under this scheme.
About Madhya Pradesh :
Chief Minister : Shivraj Singh Chouhan
Governor : Mangubhai Chhaganbhai Patel
National Park : Bandhavgarh National Park
Wildlife sanctuaries : Nauradehi Wildlife Sanctuary; Orchha Wildlife Sanctuary
7. Niramaya Health Insurance Scheme : Vizag launches AP’s first health insurance scheme for special children
On May 20, 2023, the Visakhapatnam district in Andhra Pradesh (AP) launched the "Niramaya Health Insurance Scheme," a pioneering initiative aimed at providing free medical services for special children, including those with autism, cerebral palsy, mental retardation, and multiple disabilities.
The scheme was inaugurated by the Visakhapatnam District Collector A. Mallikarjuna at the Bhavitha Centre in Akkayyapalem, Visakhapatnam.
Operated by the Central Government through the National Trust under the Ministry of Social Justice and Empowerment, the Niramaya Health Insurance Scheme seeks to offer free medical services for special children.
Key points about the scheme :
- The scheme has received an allocation of Rs 1,34,750 from the 'Sanjeevani Nidhi' fund, which is used to pay insurance premiums for individuals with disabilities. The Sanjeevani Nidhi fund is comprised of contributions made by employees from their personal income, amounting to Rs 15 lakh collected to date. These funds will be utilized to support the underprivileged and persons with special abilities.
- In Visakhapatnam, there are approximately 1,404 children with special needs, and the district is implementing the scheme with the assistance of 'The Ability People Organization.'
- Beneficiaries of the scheme can claim reimbursement of up to Rs 1 lakh per year for medical expenses incurred during the year. This provides financial support for necessary treatments and care for special children.
- The Niramaya Health Insurance Scheme is a significant step towards ensuring accessible and affordable healthcare for special children in Visakhapatnam district.
About Andhra Pradesh :
Chief Minister : Y. S. Jaganmohan Reddy
Governor : S. Abdul Nazeer
Airports : Visakhapatnam International airport, Vijayawada International Airport
8. Assam Governor Gulab Chand Kataria releases a Book Titled “ Partitioned Freedom ”
On 20th May 2023, Gulab Chand Kataria, Governor of Assam, released a book titled “Partitioned Freedom”, which was authored by Ram Madhav and published by Prabhat Prakashan Pvt. Ltd, in Guwahati, Assam.
- The book “Partitioned Freedom” offers profound insights into the events that unfolded during 1905 and the pre-independence era.
- It explores and answers the questions raised because India which defeated the British designs to partition one province failed when the whole country was being partitioned 4 decades later.
- Ram Madhav is an Indian Politician, Author, and thinker. His other books are “ Uneasy Neighbours : India and China After 50 Years of the War” and “Asahaj Padosi ” .
Banking and Finance News :
1. SEBI Introduced Risk disclosure Framework for Trading by Individual Traders in Equity F&O Segment
On May 19, 2023, the Securities and Exchange Board of India (SEBI) introduced a risk disclosure framework for individual traders in the equity Futures & Options (F&O) segment, effective from July 01, 2023.
The aim of the framework is to provide traders with detailed information about the risks associated with trading in derivatives and enable informed decision-making.
Key points :
- Stock brokers are required to display risk disclosures on their websites and inform clients in a specified manner.
- Clients must acknowledge the risk disclosures by reading them, prompted through a pop-up window upon logging into their trading accounts.
- Risk disclosures should be prominently displayed, covering at least 50 percent of the screen area.
- Qualified Stock Brokers (QSBs) must maintain their clients' Profit and Loss (P&L) data continuously and retain it for at least five years.
- Stock Exchanges and Depositories are directed to display risk disclosures on their websites, along with a link to a study conducted by SEBI on January 25.
Key points on risk disclosures related to derivatives :
- In the financial year 2021-22, 9 out of 10 individual traders in the equity F&O segment incurred net losses, averaging Rs 1.1 lakh.
- Only 11% of individual traders in the equity F&O segment made a profit, averaging Rs 1.5 lakh in FY22.
- Loss-making traders had net trading losses close to Rs 50,000 on average, and they also incurred an additional 28% of net trading losses as transaction costs.
- Traders making net trading profits spent between 15% to 50% of such profits on transaction costs.
- The risk disclosure framework introduced by SEBI aims to enhance transparency and provide traders with comprehensive information about the risks involved in trading derivatives, helping them make more informed investment decisions.
About Securities Exchange Board of India(SEBI) :
Chairperson : Madhabi Puri Buch
Headquarters : Mumbai, Maharashtra
Establishment : 12 April 1992
2. Paytm Money Launches Bond Investing on its Platform for Retail Investors
Paytm Money Limited, a subsidiary of Paytm, has introduced an advanced bonds platform in India to simplify bond investments for retail investors. The platform enables investors to invest in government, corporate, and tax-free bonds.
Key notes :
- The Paytm Money app will provide a single dashboard with comprehensive information about coupon vs yield, clean price vs dirty price, coupon frequency, and coupon record dates.
- Paytm Money, being a registered broker with SEBI, leverages a strong regulatory framework to offer a secure and transparent bond product in India.
- Safety features have been incorporated into the platform, including limit orders as the default order type, price comparisons across both NSE and BSE, pre-selected best exchange rates, and credit ratings from multiple rating agencies (with the lowest rating as the default).
- The Bonds platform by Paytm Money is currently being launched through an early access waitlist program.
- The launch of India's most advanced bonds platform by Paytm Money aims to simplify bond investments for retail investors by providing a user-friendly interface, comprehensive information, and safety features to enhance their investment experience.
3. Bajaj Allianz Life Launched India’s First ULIP Small-Cap Fund
Bajaj Allianz Life Insurance Company Ltd launched India’s first small-cap fund in the ULIP (Unit Linked Insurance Plan) segment namely ‘Bajaj Allianz Life Small Cap Fund’ that offers customers the opportunity to achieve capital appreciation by investing in a diversified portfolio of small-cap stocks.The NFO (New Fund Offer) period for Bajaj Allianz Life’s small-cap fund ends on May 23, 2023.
- The benchmark index is the Nifty Small Cap 100 index.The benchmark index is a standard or reference point used to measure the performance of a particular market or segment.
- Focus is on the - Long-term wealth creation for our customers .
About Bajaj Allianz Life Insurance Company Ltd :
Managing Director and Chief Executive Officer : Tarun Chugh
Headquarters : Pune, Maharashtra
4. Aditya Birla Capital launches ‘ Udyog Plus ’ : An Innovative One-Stop Business Platform for MSMEs
Aditya Birla Capital, the financial services business of the Aditya Birla Group, has launched " Udyog Plus " , an innovative one-stop business platform designed for Micro, Small & Medium Enterprise (MSME) customers through its lending arm, Aditya Birla Finance.
Key notes :
- " Udyog Plus " is a digital Business-to-Business (B2B) platform that offers a range of solutions to MSMEs, including financing, protection, investments, advisory services, and value-added services for business management and growth.
- Existing and new customers of Aditya Birla Finance can access Udyog Plus through the financing section of the Aditya Birla Capital website.
- The platform provides a completely paperless digital journey for business loans up to Rs 10 lakh.
- " Udyog Plus " is integrated with government e-commerce websites through the Open Credit Enablement Network (OCEN), as well as with private e-commerce websites. This integration allows credit facilities to be provided to sellers on these platforms.
- The launch of " Udyog Plus " by Aditya Birla Finance aims to provide MSME customers with a comprehensive and convenient digital platform to meet their financial needs. By offering a wide range of services and integrating with e-commerce platforms, Aditya Birla Capital aims to support the growth and development of MSMEs in India.
Other News :
1. International Tea Day 2023 – 21st May
The United Nations (UN) International Tea Day is annually observed on 21st May globally to promote the ways to sustain the production and consumption of tea across the globe and also to learn the significance of tea in combating hunger and poverty.
- International Tea Day also provides an opportunity for tea-producing countries, international organisations, governments and tea enthusiasts to collaborate and exchange knowledge and experiences related to tea production, trade and consumption.
- The day is observed by the Food and Agriculture Organisations (FAO) of the UN in collaboration with other relevant Organisations.
2. World Day for Cultural Diversity for Dialogue and Development 2023 – 21st May
- The annual observance of the day is led by United Nations Educational, Scientific and Cultural Organization (UNESCO).
3. National Anti-Terrorism Day 2023 – 21st May
Anti-Terrorism Day is annually observed across India on 21st May to mark the death anniversary of former Indian Prime Minister (PM) Rajiv Gandhi, who was assassinated in 1991 at Sriperumbudur, Tamil Nadu.
21st May 2023 marks the 32nd death anniversary of 6th Prime Minister of India PM Rajiv Gandhi
(1984 to 1989).
- Anti-Terrorism Day is observed to promote peace, humanity, unity, and harmony among the people, and to raise awareness about terrorism’s antisocial acts.
- All government offices and other public institutions take an anti-terrorism pledge on this day, and is celebrated to honour the victims of various terror attacks throughout India.
Note : According to the Global Terrorism Index (GTI) 2023, India has been ranked 13th among 163 countries analyzed in the comprehensive study, which assesses the impact of terrorism worldwide. The GTI report is compiled annually by the Institute for Economics & Peace (IEP) based in Sydney, Australia. It utilizes data from Terrorism Tracker and various other sources to provide a comprehensive analysis of terrorism trends and patterns globally. The index covers 99.7% of the world's population, making it a significant tool for understanding the global terrorism landscape.
4. International Day for Biological Diversity 2023 – 22nd May
United Nations (UN)’s International Day for Biological Diversity is annually observed across the globe on May 22 to raise awareness and promote the conservation of biological diversity.
- The day highlights the importance of biodiversity and its crucial role in sustaining life on Earth.
Theme : The theme of the International Day for Biological Diversity 2023 observed on 22nd May 2023 is “ From Agreement to Action: Build Back Biodiversity ” .
5. World Turtle Day 2023 - 23rd May
Every year on May 23, World Turtle Day is celebrated globally to raise awareness and promote the conservation of turtles and tortoises, as well as their endangered habitats.
- The 23rd World Turtle Day is being observed on May 23, 2023.
Theme : The theme for World Turtle Day 2023 is " I Love Turtles " .
Turtles in India :
- India is home to a diverse range of turtle species, with at least 29 species of freshwater turtles (24) and tortoises (5), in addition to 5 species of marine turtles.
- Among these species is the Asian giant softshell, one of the largest freshwater turtles, capable of growing up to 51 inches in length and weighing 250 kg.
- As per the recent amendment to the Wildlife Protection Act (WPA) in 2022, which came into effect in April 2023, it is prohibited to keep Indian turtle species as pets.
- Under the Wild Life (Protection) Amendment Act, 2022, 28 out of the 29 Indian turtle species are now protected under the WPA of 1972.
6. International Day to End Obstetric Fistula 2023 - 23rd May
United Nations (UN)’s International Day to End Obstetric Fistula is annually observed across the globe on May 23 to raise awareness about obstetric fistula and to promote actions towards its prevention, treatment, and eventual elimination.
Theme : The theme of the International Day to End Obstetric Fistula 2023 observed on 23rd May 2023 is “ 20 years on – progress but not enough! Act now to end fistula by 2030 ” .
About the United Nations Population Fund (UNFPA) :
UNFPA began operating in 1969 as the United Nations Fund for Population Activities. UNFPA is the UN’s sexual and reproductive health agency.
Executive Director : Dr Natalia Kanem
Headquarters : New York, United States of America (USA)
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