National and International News :
1. MoHUA launches the ‘City Beauty Competition’ and Portal
On April 27, 2023, the Ministry of Housing and Urban Affairs (MoHUA) launched the ‘City Beauty Competition’ portal to enable Urban Local Bodies (ULBs) throughout India to participate in the competition through an online process.
- The aim of the competition is to recognize and encourage the transformational efforts made by cities and wards across the country in creating beautiful, innovative, and inclusive public spaces. To support this initiative, the Administrative Staff College of India (ASCI) has been appointed as the knowledge partner to provide handholding support to ULBs and states.
- The wards and public spaces in cities participating in the competition will be evaluated against five broad pillars : Accessibility, Amenities, Activities, Aesthetics, and Ecology. The competition aims to honor the most beautiful wards and public spaces in the cities and the selected wards will be felicitated at the city and state levels.
- The top most beautiful public spaces in the cities will be selected under four categories - Waterfronts, Green spaces, tourist/ heritage spaces, and market/commercial places. The selected wards will first be felicitated at the state level, and the shortlisted entries will be considered for National level awards.
- Interested ULBs can participate in the ‘City Beauty Competition’ through the online portal, with the last date for participation being July 15, 2023.
2. 7th Edition of India, UK Bilateral Training Exercise ‘Ajeya Warrior 2023’ Begin at Salisbury Plains of UK
The seventh edition of the joint military exercise ‘Ajeya Warrior 2023’ between India and the UK was scheduled to take place at Salisbury Plains, UK, from April 27 to May 11, 2023.
Key points about Ajeya Warrior exercise :
(i) It is a biennial exercise that aims to enhance interoperability and cooperation between the Indian and UK armies. The previous edition was conducted in Chaubatia, Uttarakhand in October 2021.
(ii) The exercise involves soldiers from the Bihar Regiment of the Indian Army and the 2 Royal Gorkha Rifles of the British Army.
(iii) The Indian Army contingent reached RAF (Royal Air Force) Brize Norton, a major operating base in Oxfordshire, England on April 26, 2023 by an Indian Air Force C-17 aircraft with indigenous weapons and equipment.
Objective : To strengthen strategic ties, learn from each other's best practices and improve the ability to operate together in sub-conventional operations in urban and semi-urban environments under UN mandate.
The exercise is a part of the Defence and International Security Partnership between India and the UK that covers various spheres such as cybersecurity, counter-terrorism and maritime security.
The exercise comprises a Command Post Exercise (CPX) at the Battalion level and Company level Field Training Exercise (FTX) that test the operational skills of the troops in various simulated scenarios.
3. Shashi Shekhar Vempati, Former Prasar Bharati’s CEO, released Book Titled “Collective Spirit, Concrete Actions”
The book “ Collective Spirit, Concrete Actions ” by Shashi Shekhar Vempati, the former CEO of Prasar Bharati, was launched at the National Conclave on Mann Ki Baat @100 in New Delhi on 26th April 2023.
- The book is based on PM Narendra Modi's radio broadcast Mann Ki Baat, which covers various topics of national and global importance. The book reveals the behind-the-scenes stories and insights of Mann Ki Baat, which has become a platform for PM Modi to connect with the people of India and share his vision and values.
4. Pushkaralu festival returns to the Ganga after 12 years
The Pushkaram festival, which is celebrated in India once every 12 years, has commenced in Varanasi, Uttar Pradesh (UP) on April 22, 2023. This 12-day festival of Telugu-speaking people, also known as Ganga Pushkaram, is dedicated to worshipping the 12 sacred rivers and will conclude on May 3, 2023. The festival is based on the position of Jupiter (Bruhaspati), and it is the second event of its kind to be organized in Varanasi after the successful Kashi-Tamil Sangamam.
According to legends, after a long period of penance, the devotee Pushkara was blessed by Lord Shiva with the ability to live in water and purify holy rivers. On the request of Bruhaspati (Jupiter), Pushkara decided to enter one of the 12 sacred rivers.
During the Ganga Pushkaram festival, which is associated with a zodiac sign, pilgrims will worship their ancestors and the river Ganga. Each year's festival river is decided in accordance with Jupiter's travel from one zodiac sign to another. The devotees believe that by bathing in the sacred river, they can cleanse themselves of their sins.
5. ITC Overtakes Infosys as India’s 6th Largest Company; RIL tops the list
ITC Limited, a diversified conglomerate, has surpassed Infosys Limited, a leading IT company, in terms of market capitalization (m-cap) and become the sixth most valuable company in India. As of April 24, 2023, ITC's m-cap was Rs 5.11 lakh crore, while Infosys's m-cap was Rs 5.08 lakh crore.
The top five companies in India by m-cap are :
- Reliance Industries Limited (RIL) with Rs 16.07 lakh crore
- Tata Consultancy Services (TCS) with Rs 11.62 lakh crore
- HDFC Bank with Rs 9.28 lakh crore
- ICICI Bank with Rs 6.38 lakh crore
- Hindustan Unilever Limited (HUL) with Rs 5.85 lakh crore
ITC achieved this feat after its share price soared by 59% in 2022 and by 24% in 2023 so far . It was the best performer in the Nifty50 index in both years. ITC also outperformed HDFC Limited and State Bank of India (SBI) in m-cap last week. Analysts expect ITC to report strong growth in sales, cigarette volumes, EBITDA, EBIT margins and adjusted profit for the March quarter of 2023. ITC is among the favorite stocks of brokerage firms in the FMCG sector .
About ITC Limited :
Chairman & Managing Director(CMD) : Sanjiv Puri
Headquarters : Kolkata, West Bengal
6. Neeli Bendapudi receives 2023 Immigrant Achievement Award
Neeli Bendapudi, the 59-year-old Indian-American President of Pennsylvania University, USA, was honored with the American Immigration Council's 2023 Immigrant Achievement Award on April 28, 2023.
- The award is given every year to an individual or organization that has shown dedication to America's heritage as a nation of immigrants and support for humane immigration policy.
- The award was presented at the DC Immigrant Achievement Awards reception held in Washington, DC, USA.
Neeli Bendapudi was born and raised in Visakhapatnam, Andhra Pradesh (AP) in India, and she moved to the US in 1986 to pursue her doctoral studies at the University of Kansas. She has had an illustrious career in academia and corporate America, which includes the following highlights :
(i) From 2016, she served as a senior academic administrator and executive vice chancellor of the University of Kansas, US, until her presidential election at Louisville in the US.
(ii) From 2018 to 2021, she served as the 18th president of the University of Louisville in the US, and was honoured at the national and university levels.
(iii) In 2022, she became the first woman and the first person of colour to serve as the President of the Pennsylvania State University.
Neeli Bendapudi also served as the executive vice president and chief customer officer for Huntington National Bank, US.
7. Vodafone appoints Margherita Della Valle as Permanent CEO
Margherita Della Valle became the first woman to lead Vodafone Group Plc (Vodafone), a British multinational telecommunications company, as its permanent Chief Executive Officer (CEO). She was appointed to this role on 27th April 2023, after serving as the interim CEO and the Chief Financial Officer (CFO) of Vodafone since 1st January 2023. She succeeded Nick Read, who resigned from the CEO position at the end of 2022.
8. A Madhavarao selected as CMD of Bharat Dynamics Limited
Madhavarao, who is the current Director (Technical) at Bharat Dynamics Limited (BDL), has been recommended by the Public Enterprises Selection Board (PESB) for the position of Chairman and Managing Director (CMD) at BDL.
- BDL is a PSU under the Indian Ministry of Defence responsible for the manufacturing of guided missile systems and related equipment for the Indian Armed Forces.
9. Urgent need to check tax evasion, illicit fund flows by Developing Nations : OECD report
The OECD has released a report titled ‘The Tax Transparency in Asia 2023: Asia Initiative Progress Report’ which highlights the urgent need to check tax evasion and Illicit Financial Flows (IFFs) in Asian nations.
- According to the report, Asian nations lost an estimated 25 billion Euro in revenue in 2016 due to 4% of Asia’s financial wealth, amounting to 1.2 trillion Euro, being held offshore.
- The report was launched during the opening sessions of the Fourth Asia Initiative of the Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum) held in New Delhi, India.
- The Asia Initiative, co-chaired by Sanjay Malhotra, Secretary, Department of Revenue, Ministry of Finance, Government of India, along with Suryo Utomo, Co-Chair of the Asia Initiative, Director General of Taxes, Ministry of Finance, Indonesia, is a regional program launched in 2021 focused on developing tailored solutions to ensure the implementation of the global tax transparency standards across Asia.
- The report highlights that the Covid-19 pandemic and resulting geopolitical crisis have made the fight against tax evasion and IFFs more urgent, given slower economic growth and reduced tax revenues, especially in developing economies.
- Developing economies are particularly affected as these flows deprive nations of crucial funds to pursue their development agendas.
Asia accounted for 38.8% of the estimated USD 7.8 trillion loss by developing countries due to IFFs between 2004-2013.
- However, Asian members have reported at least 20.1 billion Euro in additional revenues since 2009, with more Asian members expected to use the EOIR tool and implement AEOI in the coming years, leading to an increase in additional revenues.
Note : All 22 Asian members of Global Forum are implementing the transparency and exchange of information on request (EOIR) standard and 16 of them are committed to starting automatic exchange of financial account information (AEOI) exchanges by 2024.
About Organisation for Economic Co-operation and Development (OECD) :
Secretary-General : Mathias Cormann
Headquarters : Paris, France
10. India’s First Cable-Stayed Anji KhadRailway Bridge will be ready in May 2023
India's first cable-stayed railway bridge, the Anji Khad Bridge, is a remarkable engineering feat that connects Katra and Reasi in Jammu and Kashmir. The bridge spans 473 metres over the Anji River, a tributary of the Chenab, and stands 196 metres above the river bed.
- It has a single pylon with 96 cables that support the deck and a service road. The bridge is part of the ambitious Jammu–Baramulla line that will link Kashmir with the rest of India. The bridge is expected to be completed by May 2023 at a cost of over Rs.400 crore.
11. Dalai Lama receives Ramon Magsaysay Award
Dalai Lama was awarded the Ramon Magsaysay Award in 1959 for his leadership of the Tibetan people and their struggle for freedom and dignity. The award is considered as the " Nobel Prize of Asia " and honors individuals and organizations who have shown excellence and integrity in serving the people of Asia .
- Dalai Lama could not receive the award in person as he had fled to India after the Chinese invasion of Tibet. His elder brother, Gyalo Thonden, accepted the award on his behalf in Manila, Philippines. Dalai Lama has been living in exile in India since then, advocating for the peaceful resolution of the Tibetan issue and the promotion of human values and inter-religious harmony.
Banking and Finance News :
1. NPCI International Partners with PPRO to Facilitate Global e-commerce Payments through UPI
NIPL, a subsidiary of NPCI, has partnered with PPRO, a provider of digital payments infrastructure, to enable cross-border e-commerce transactions through UPI, India's most popular real-time payment system.
- This partnership will allow PPRO's global clients to accept RuPay card and UPI payments from Indian consumers in rupees. It will also simplify the integration of UPI into PPRO's platform through a single connection.
- This will help PPRO's partners tap into the booming Indian e-commerce market, which is expected to reach $111 billion in 2024 and $200 billion by 2026 .
2. RBI Removes Restrictions on Individuals from Opening Interest-earning FCAs in IFSCs
The Reserve Bank of India (RBI) has lifted restrictions that prevented resident individuals from opening interest-earning Foreign Currency Accounts (FCA) in International Financial Services Centres (IFSCs) for investments under the Liberalised Remittance Scheme (LRS). This change was announced on April 26, 2023.
- The RBI also eliminated the requirement to repatriate any funds that remain unused in the FCA account for up to 15 days.
- This decision is expected to help IFSC banks generate more liabilities and access cheaper funds, which could enable them to offer loans at more competitive rates.
- Under prevailing restrictions, resident individuals were only allowed to open a non-interest-bearing Foreign Currency Account (FCA) in International Financial Services Centres (IFSCs) for investing under the Liberalised Remittance Scheme (LRS). Additionally, any funds lying idle in the account for up to 15 days were required to be repatriated to the investor's domestic Indian Rupee account. Furthermore, using FCAs held in IFSCs, resident individuals were prohibited from settling any domestic transactions with other residents.
- To bring alignment with the LRS for IFSCs established under the IFSC Authority Act, 2019, and other foreign jurisdictions, the Reserve Bank of India (RBI) has removed these restrictions and enabled interest-earning accounts. This change is expected to boost activity at Gift City, India's first and only IFSC, as resident individuals will now be able to earn some interest on the money parked in IFSCs under the LRS.
Note :
(i) Resident individuals can remit up to USD 250,000 per fiscal year for any transactions allowed by law, facilitated by authorized dealers through the Liberalised Remittance Scheme (LRS).
(ii) The directions above are issued in accordance with sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999).
3. Razorpay joins with ONDC to offer Payment Reconciliation Service
Razorpay, a fintech payments and banking platform for businesses, partnered with the e-commerce network Open Network for Digital Commerce (ONDC) on April 27, 2023.
- ONDC is a non-profit company set up by the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry (MoCI).
- Razorpay is the first payment gateway to launch a Payment Reconciliation Service for Network Participants (NPs) like buyers, sellers, and logistic partners on ONDC.
- The Payment Reconciliation Service will provide an integrated single view of all transactions for NPs.
- Razorpay's solution aims to provide a seamless and efficient way for NPs to settle funds and process transactions securely on ONDC.
- The Payment Reconciliation Service will help NPs by timely routing settlement information for a given transaction.
- ONDC allows buyers and sellers to transact with each other regardless of the platform they are on.
- The partnership between Razorpay and ONDC will enable Small and Medium Enterprises (SMEs) to access large buyers.
4. Redington & SBI Partners to Offer Solar Loans of up to Rs. 5 crore
Redington Limited (previously Redington (India) Limited) has joined hands with State Bank of India (SBI) to provide Solar Loans up to Rs 5 crore at interest rates that are linked to the rates offered to the bank's prime customers.
- The interest rates for these solar loans vary from 9.5% to 10% as of 27th April 2023, said Pradeep Srikanthan, Vice President of Solar Equipment Group, Redington Limited.
- The government has made it compulsory for all solar modules, whether domestic or imported, to be certified and included in ALMM (Approved List of Models and Manufacturers), a step that is seen as more aimed at protecting the nascent domestic solar manufacturing industry.
Other News :
1. Scientist and orator Dr N Gopalakrishnan passes away
The eminent scientist and speaker Dr N Gopalakrishnan breathed his last at 68 years old in Thrippunithura, Kerala.
He started his career as a Scientist-B at the Council of Scientific & Industrial Research(CSIR) – Structural Engineering Research Centre (SERC) in 1987.
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