National & International News :
1. MoRTH allows e-Bank Guarantee, Insurance Surety Bonds as bid
The Ministry of Road Transport and Highways (MoRTH) has approved the acceptance of e-Bank Guarantee (BG) and Insurance Surety Bonds as a bid security and performance security in standard documents of engineering, procurement, and construction (EPC), hybrid annuity model (HAM) and BOT (Toll) projects.
- This decision follows recent amendments by the Department of Expenditure, Ministry of Finance in General Financial Rules (GFRs) 2017 relating to inclusion of e-BG and Insurance Surety Bonds as means to accept bid security and performance security.
- As per the approval, existing contracts including road development, toll contracts, ropewaysand any other contract wherein Ministry has prescribed a BG can be replaced with insurance surety bonds.
2. G20 3rd Employment Working Group Meeting held in Geneva
From June 31st to June 2nd, 2023, the 3rd Employment Working Group (EWG) meeting under the G20 (Group of Twenty) Indian Presidency successfully held at the International Labour Organization (ILO) headquarters in Geneva, Switzerland.
- It was chaired by Ms. Arti Ahuja, G20 EWG Chair, and Secretary, Labour and Employment.
- Delegates representing 78 G20 Members, Invitee Countries, Guest Countries, and International Organizations.
3. Indian Army’s Sapta Shakti Command Conducted “Sudarshan Shakti 2023” Exercise Along Western Border
The South Western (Sapta Shakti) Command of the Indian Army (IA) recently conducted a four-day exercise called "Sudarshan Shakti 2023" from May 22nd to 25th, 2023, along the Western borders in Rajasthan and Punjab. The primary objective of this exercise was to assess the operational readiness of the Indian Army in a network-centric environment.
- "Sudarshan Shakti 2023" was a joint war exercise that involved the active participation of various units from the Indian Army and other defense forces. Its purpose was to evaluate their preparedness and capabilities in handling diverse scenarios effectively. Notably, the Shatrujeet Brigade (50th Independent Para Brigade), a notable formation of the Indian Army's Western Command, played a significant role in this exercise.
- During the war drills, General B.S. Raju, the General Officer Commanding-In-Chief of the South Western Command, and Air Marshal P.M. Sinha, the Air Officer Commanding-In-Chief of the Western Air Command, were present to oversee the proceedings.
- This exercise successfully achieved the objectives set forth in the five pillars of transformation announced by Chief of the Army Staff (COAS) General Manoj Pandey in January 2023. These pillars include enhancing operational preparedness, modernizing the armed forces, developing human resources, fostering strategic partnerships, and promoting jointness among the armed forces.
4. Indian Navy & IMU signed MoU for Technical Collaboration
On 2nd June 2023, Indian Navy and the Indian Maritime University(IMU), headquartered at Chennai(Tamil Nadu), signed a Memorandum of Understanding(MoU) for Technical Collaboration. The MoU enable collaboration in areas of training, joint research and development, collaborative training, and field-level problem solving by teams from the Centre of Excellence(CoE) (Marine Engineering), Indian Navy Ship(INS) Shivaji, Lonavala(Maharashtra), and IMU.
- The MoU was signed by Vice Admiral Sandeep Naithani, Chief of Equipment, and Dr. Malini V Shankar, IAS (Retired), Vice Chancellor of IMU in New Delhi, Delhi.
5. Union Minister Hardeep Singh Puri launched a PM "SVANidhi" Mobile app
On 1st June 2023, Union Minister Hardeep Singh Puri, Ministry of Housing and Urban Affairs (MoHUA) launched the mobile app “PMSVANidhi” for street vendors to ease their loan application process under the PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) scheme.
- The app was launched during the event organised to mark the 3 years completion of the Scheme, which was launched on 1st June 2020.
- This will provide an end-to-end solution to facilitate Lending Institutions – Banks/ non-bank financial companies (NBFCs)/ Microfinance institutions (MFIs), to process loan applications of beneficiaries through field agents.
- The scheme was launched to provide collateral-free working capital loans of up to Rs 10,000 of one-year tenure to approximately 50 lakh street vendors to help resume their businesses in the urban areas.
- The scheme facilitates working capital loans in three tranches to street vendors.
6. NGEL & UPRVUNL Signed MoU to Develop Renewable Energy Parks
On May 31, 2023, NTPC Green Energy Limited (NGEL), a subsidiary of NTPC Ltd, signed a Memorandum of Understanding (MoU) with Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited (UPRVUNL) in Lucknow, Uttar Pradesh (UP).
Objective : To develop Renewable Energy Parks and Projects in UP and to facilitate in Government of India’s efforts towards energy transition.
- The MoU was signed by Mohit Bhargava, Chief Executive Officer (CEO), NGEL and Nidhi Kumar Narang, Director (Finance), UPRVUNL, in the presence of P. Guruprasad, Managing Director (MD), UPRVUNL, Praveen Saxena, Regional Executive Director of NTPC. V V Sivakumar, General Manager, NGEL.
7. Formal job creation increased in FY23, Highest in Maharashtra : EPFO Payroll Data Analysis
Based on the analysis of payroll reporting data by the Employees' Provident Fund Organisation (EPFO), it has been found that 1.39 crore individuals secured new formal jobs in India during FY23. This indicates a 13% year-on-year increase in net payroll additions, with the number rising from 1,22,34,625 in FY22 to 1,38,51,689 in FY23.
- This rise in payroll additions is noteworthy considering the global layoffs and economic slowdown that have affected various sectors. In FY23, while tech start-ups in India laid off around 20,000 employees, other sectors managed to provide job opportunities.
- Among all the states in India, Maharashtra accounted for the highest number of formal job creations, contributing approximately 22% of the total new jobs in the country. This translates to 30,28,978 payroll additions across different age groups and sectors. It is worth mentioning that Maharashtra has consistently topped the list since September 2017 when the EPFO began releasing payroll addition data.
- Tamil Nadu secured the second position with 14.05 net new payroll additions in FY23, experiencing a 9.6% increase in formal job creation compared to FY22. This rise in ranking comes after a gap of five years for the state.
- Following Tamil Nadu, Karnataka, Haryana, and Gujarat secured the third, fourth, and fifth positions, respectively, in terms of formal job creations.
- Among the larger states, Assam witnessed the lowest number of formal job creations at 64,432. However, this figure still represents a significant 177% increase compared to FY22.
8. Men’s Hockey Junior Asia Cup 2023 in Oman : India won the title defeating Pakistan
On June 1st, 2023, India emerged victorious in the Dhofar Municipality Men's Junior Asia Cup 2023 by defeating Pakistan in the finals held at Sultan Qaboos Youth Complex Stadium in Salalah, Oman. This achievement marked India's fourth Men's Junior Asia Cup title.
- The tournament was organized by the Asian Hockey Federation and hosted by the Oman Hockey Association. It took place from May 23rd, 2023, to June 1st, 2023, in Salalah, Oman.
- Uttam Singh, the Captain of the Indian Team, was honored with the Player of the Match award in the finals.
- With this win, India solidified its position as the most successful team in the tournament's history, having secured the maximum number of titles (four). India had previously clinched the championship in 2004, 2008, and 2015. Pakistan is the second most successful team with three titles (1988, 1992, and 1996).
- The Men's Hockey Junior Asia Cup is an international under-21 event. It has been held since 1988 and serves as a qualification tournament for the Men's International Hockey Federation (FIH) Hockey Junior World Cup.
- Recognizing the team's achievement and qualification for the FIH Junior Hockey Men's World Cup 2023, which is scheduled to be held in December 2023 in Kuala Lumpur, Malaysia, the Hockey India Executive Board announced a cash award of Rs 2 lakh for each player.
9. Finland, Norway, and Sweden Hosts multinational Arctic Challenge Exercise 2023 from 29 May to 9 June 2023
Finland, Norway, and Sweden, NATO member countries, are collaborating to host the 6th multinational Arctic Challenge exercise 2023 (ACE 23), scheduled to take place from May 29th to June 9th, 2023. The primary objective of this exercise is to train the participating forces in conducting dissimilar aircraft combat within large composite air operations, ensuring safety and effectiveness.
- The participants in ACE 23 include the host countries (Finland, Norway, and Sweden) as well as the Netherlands, Belgium, the United Kingdom (UK), Italy, Canada, France, Germany, Switzerland, Denmark, the Czech Republic, and the United States of America (USA). These countries will come together to enhance their operational capabilities and strengthen collaboration in the Arctic region.
- Notably, Finland recently became the 31st member of NATO in April 2023. With Finland sharing a 1,300-kilometer (800-mile) border with Russia, its inclusion in NATO has effectively doubled the length of the border that NATO shares with Russia. It highlights the strategic significance of Finland's membership for the alliance.
- The ACE 23 exercise will be hosted by Finland at Rovajarvi, one of Europe's largest artillery training grounds located in Northern Finland. This location provides an ideal setting for the exercise and facilitates comprehensive training in a realistic environment.
About North Atlantic Treaty Organization (NATO) :
Formed in : 1949
Secretary General : Jens Stoltenberg
Headquarters : Brussels, Belgium
Members : 31 independent member countries
10. Dennis Francis of Trinidad and Tobago’s Elected as UNGA President for the 78th session
On 1st June 2023, Dennis Francis, Trinidad and Tobago’s Ambassador to the United Nations (UN), was elected as the President of the 78th session of the United Nations General Assembly (UNGA) in the General Assembly Hall at UN Headquarters in New York, United States of America (USA).
- Dennis Francis will take charge as President of UNGA at the beginning of the 78th session in September 2023.
- He will succeed Csaba Kőrösi of Hungary, President of the 77th session of the UNGA.
11. (a) Argentina’s Celeste Saulo appointed as 1st female SG of World Meteorological Organization (WMO)
On June 1st, 2023, Professor Celeste Saulo, a renowned meteorologist from Argentina, was appointed as the first female Secretary-General (SG) of the World Meteorological Organization (WMO), the specialized agency for meteorology under the United Nations (UN). Currently serving as the 1st Vice-President of WMO, Prof. Celeste Saulo will assume the role of SG on January 1st, 2024.
- Prof. Celeste Saulo's appointment marks a significant milestone, as she becomes the first woman to hold this esteemed position within the WMO. She brings a wealth of experience and expertise to the role, having made notable contributions to the field of meteorology throughout her career.
- She will succeed Professor Petteri Taalas from Finland, who has served as the SG of WMO for two terms since 2016. Prof. Taalas has made valuable contributions to the organization during his tenure, and his leadership will be succeeded by Prof. Celeste Saulo, who will continue to uphold and advance the goals of the WMO in the field of meteorology on a global scale.
(b) IMD DG Mrutyunjay Mohapatra elected as 3rd VP of World Meteorological Organization (WMO)
Mrutyunjay Mohapatra, Director General (DG) of India Meteorological Department (IMD), under the Ministry of Earth Science, has been elected as the Third Vice-President of WMO.
About World Meteorological Organization (WMO) :
Established in : 23 March 1950
Secretary-General : Professor Petteri Taalas
Headquarters : Geneva, Switzerland
Economy :
1. India’s GDP Grows at 6.1% in Q4FY23 and 7.2% in FY23 : Union Govt data
According to the official data released by the Union Government on May 30, 2023, the Indian Economy’s Gross Domestic Product (GDP) growth in Q4 FY23 (Fourth Quarter of Financial Year 2022-23) i.e. from January to March 2023 is projected at 6.1% year-on-year (YoY) when compared to the 4.5% growth in Q3 FY23 and 4.1% in FY22.
- India’s growth rate for FY23 was projected at 7.2% compared to 9.1% GDP growth in FY22. Due to this growth, the Indian economy is now USD 3.3 trillion in size.
- India’s growth rate for FY23 was projected at 7.2% compared to 9.1% GDP growth in FY22. Due to this growth, the Indian economy is now USD 3.3 trillion in size.
- Sector-wise Growth in Q4FY23 :
(i) The growth in the Q4 FY23 period was mainly contributed by 6.9% of growth in service sector, a 5.5% in agriculture, 4.5% in manufacturing and 10.4% in Construction sector.
(ii) The electricity, gas, water supply and other utility services segment grew 6.9% in Q4FY23 from 6.7% in Q4FY22.
Banking & Finance :
1. mooPay Launches India’s first Heat Index linked insurance for dairy farmers of mooMark
In collaboration with IBISA Network, HDFC ERGO General Insurance Company Ltd., and Insurtech startup Gramcover, mooPay Private Limited, the fintech arm of Stellapps Technologies Private Limited, has introduced India's first heat Index-based insurance plan. This initiative aims to provide financial compensation to mooMark dairy farmers in the event of income loss caused by a decline in milk productivity during summer heat waves.
- mooMark operates as the private dairy supply chain division of Stellapps.
- Initially, this insurance plan will be incorporated into mooMark's loyalty program, covering approximately 7,000 farmers across five districts in four states. The total sum assured for this coverage exceeds Rs 1.3 crore.
- This innovative financial product has the potential to benefit more than 80 million dairy farming families who rely on income generated from around 300 million cattle.
- Through the mooPay platform, direct payments to farmers have already surpassed Rs 1,000 million, and over Rs 42 million has been disbursed in the form of more than 3,200 loans.
About Stellapps Technologies Private Limited :
CEO : Rahul Mallick
Headquarters : Bengaluru, Karnataka
2. Manappuram Finance Launched Digital Lending App ‘Ma-Money’
Manappuram Finance Limited, a non-banking financial company (NBFC) based in Thrissur, Kerala, has introduced a new digital lending platform called 'Ma-Money.' The primary objective of this platform is to offer customers access to all the financial products provided by Manappuram Finance through a single, convenient platform.
- The Ma-Money app is primarily aimed at customers residing in tier 2 and tier 3 cities, which typically have populations ranging from 20,000 to 1 lakh. It provides various types of loans, including personal loans, business loans, consumer durables loans, loans for the healthcare and food industries, loans for small-scale industries, car loans, home repair loans, and more.
- The launch of Ma-Money aligns with Manappuram Finance's broader strategy of expanding its digital presence and offering innovative and convenient financial products to its customers. V P Nandakumar, the Managing Director and CEO of Manappuram Finance, stated that the new app is expected to bolster the company's digital business and help it reach a wider audience.
- Manappuram Finance aims to achieve a growth rate of 11 to 12 percent annually, which would enable it to reach a value of USD 350 billion by the end of 2023. The introduction of the Ma-Money app plays a significant role in supporting this growth and facilitating enhanced digital services for its customers.
3. Myntra, Kotak Mahindra Bank launches first-of-its-kind Digital Fashion Co-Branded Credit Card
On June 1, 2023, the Kotak Mahindra Bank Limited (KMBL) in partnership with Myntra, Bengaluru-based Indian fashion e-commerce company, launched its first-of-its-kind co-branded digital fashion and lifestyle credit card namely ‘Kotak Myntra credit card’ which will be available on MasterCard and RuPay networks.
- The credit card could be availed completely in a digital way across Myntra and Kotak mobile applications.
- The co-branded credit card was created to be used in the fast-growing fashion e-commerce market in India.
Other News :
1. World Bicycle Day 2023 - 3rd June
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| Source : ETV Bharat (Downloaded from Google) |
The United Nations (UN)'s World Bicycle Day is annually observed on 3rd June across the world to promote the benefits of cycling and raise awareness about the social, economic importance of bicycles, which contributes to a cleaner Environment.
- The day also celebrates the bicycle as a simple, affordable, reliable, clean, healthy, environmentally friendly and sustainable means of transport.
Objective: World Bicycle Day is aimed at making people more active through simple activities, including cycling. The World Health Organization (WHO) also emphasises that cycling proves to be an effective way to achieve recommended activity levels.
- The idea for World Bicycle Day was first proposed by Professor Leszek Sibilski, a Polish-American social scientist working in the United States of America (USA).
- The World Cycling Alliance (WCA) and the European Cyclists Federation (ECF) welcomed this resolution adopted by the UNGA, and have campaigned for an UN designated World Bicycle Day since 2016.
Theme : The theme for this year’s World Bicycle Day is "Riding Together for a Sustainable Future" .
News Highlights :
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| News Highlights : Daily Current Affairs by Eduguide360 |
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