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National & International News :
1. Three committees were formed by EPFO to create draft schemes for PF, Pension, and Insurance
The Employees Provident Fund Organisation (EPFO) has formed 3 committees to frame draft schemes for pension, provident fund and insurance under EPFO, in line with the provisions of the Code on Social Security 2020.
>> The three schemes are :
- Employee’s Provident Fund Scheme (EPFS) for provident fund
- Employee’s Pension Scheme (EPS) for pension
- Employees Deposit Linked Insurance Scheme (EDLIS) for insurance
>> The overall coordination for all three committees will be carried out by Chanramauli Chakraborty, Additional Central Provident Fund Commissioner (ACC) at the Headquarters (HQ) Legal.
- The committee responsible for framing EPFS 2023 comprises 11 members and will be co-chaired by Sanjay Kumar, ACC (Patna, Bihar), and Pankaj Raman, ACC (HQ).
- The committee assigned to frame EPS 2023 consists of 8 members and will be chaired by Rajiv Bhist, ACC (HQ).
- The committee entrusted with framing EDLIS 2023 consists of 5 members and will be chaired by Vaishali Dayal, ACC (Zonal Office, Hyderabad, Telangana).
- The respective committees are expected to submit the first draft of the three schemes to the Central Provident Fund Commissioner (CPFC), EPFO, by June 23, 2023.
About Employees’ Provident Fund Organisation (EPFO) : The Employees’ Provident Fund Bill was introduced in the Parliament as Bill Number 15.
Established in : 1952
Organisation Executive : Neelam S Rao (CPFC in EPFO)
Headquarters : New Delhi, Delhi
2. The inaugural Sustainability Report of NHAI for the fiscal year 2021-22 highlights the organization's efforts and initiatives towards environmental sustainability
National Highways Authority of India (NHAI), under the Ministry of Road Transport and Highways (MoRTH), has published its inaugural 'Sustainability Report for FY 2021–22: Building A Sustainable Road Infrastructure', which highlights the effectiveness of various efforts undertaken by the NHAI toward the conservation of environment and energy.
- The report, prepared as per the Global Reporting Initiative (GRI) reporting guidelines, was released by Union Minister Nitin Gadkari, MoRTH.
🔘 Report in short :
- Direct emissions have been reduced by 18.44% and 9.49% between FY 2019-20 and 2021-22, mainly due to lower fuel consumption.
- NHAI is transitioning towards clean and green energy sources to decrease indirect emissions.
- Greenhouse gas (GHG) emissions measured in metric tonnes of CO2 equivalent per kilometer constructed witnessed a decline of 9.7% in FY 2020-21 and 2% in FY 2021-22.
- GHG emission intensity decreased from 22.23 in FY 2019-20 to 12.47 in FY 2020-21 and further to 10.50 in FY 2021-22.
- NHAI reduced its fuel dependency for energy consumption, achieving a 37% decrease in energy intensity in FY 2020-21 and 27% decrease in FY 2021-22, while increasing the kilometers constructed.
- Electronic toll collection through FASTag with 97.5% penetration has contributed to reducing the carbon footprint.
- NHAI increased the use of recycled materials like Recycled Asphalt (RAP) and Recycled Aggregates (RA) for NH construction, along with incorporating fly ash and plastic waste in the construction process.
- Over 100 Wildlife Crossings were created across 20 states in the past three years to protect wildlife, conserve habitats, and minimize human-animal conflicts.
>> NHAI undertook the plantation drives to develop eco-friendly NHs.
- More than 2.74 crore saplings were planted till 2021-22 to offset direct emissions from the vehicles.
- NHAI has also partnered with various stakeholders like, State Rural Livelihood Mission (SRLM), Self Help Groups(SHG), Corporate social responsibility (CSR) partners and non-governmental organizations (NGOs) to organise plantation drives.
- In July 2022, NHAI planted around 1.1 lakh plants in a single day through simultaneous plantations at 114 identified locations across India.
>> Gender diversity :
- The report emphasizes NHAI's dedication to fostering inclusive and responsible work practices.
- Over the last three years, NHAI has made significant strides in promoting employment opportunities for women and marginalized communities, with a 7.4% increase in female hiring during this period.
About National Highways Authority of India (NHAI) : NHAI was constituted by an Act of Parliament in 1988.
Chairman : Santosh Kumar Yadav
Headquarters : New Delhi, Delhi
3. Indian Navy successfully engaged an Underwater Target using indigenously developed HeavyWeight Torpedo
On June 6, 2023, the Indian Navy and DRDO achieved a successful engagement of an underwater target using an indigenous heavyweight Torpedo made in India.
- This accomplishment marks a significant milestone in the Indian Navy's and DRDO's efforts to ensure precise delivery of ordnance in the underwater domain.
- This test is the second sea-level test conducted within a span of two weeks.
- 'Varunastra' is an advanced heavy-weight anti-submarine torpedo that was introduced into the Indian Navy in 2016. It is developed jointly by the Indian Navy and the Naval Science and Technology Laboratory (NSTL) of DRDO. 'Varunastra' is designed as a ship-launched, electrically-propelled torpedo with the capability to target quiet submarines in deep and shallow waters, even in challenging countermeasures scenarios. It can be launched from any Anti-submarine Warfare (ASW) ship equipped to fire heavyweight torpedoes.
4. MNIT & NDSA signed MoU to set up India’s first-of-its-kind National Centre for Earthquake Safety of Dams
MNIT Jaipur and NDSA, MoJS, have signed an MoU to establish the National Centre for Earthquake Safety of Dams, the first of its kind in India. The center will focus on studying seismic hazards, developing new dams, and enhancing the protection of existing ones.
- The NCDMM of MNIT has been recognized by MoJS as the National Center for Earthquake Safety of Dams. A financial grant of Rs 30 crore has been approved for establishing and running the center for the next 5 years.
Objective : The objective of the center is to develop indigenous expertise in addressing technology challenges related to the structural and earthquake safety of dams, with the aim of making India self-reliant in this field.
>> The Dam Safety Act of 2021 acknowledges the safety of major dams beyond state boundaries as a matter of national importance and priority. It ensures the maintenance and operation of specified dams to prevent disasters.
- With more than 5,500 dams in India, including 70 of national importance, the act addresses the risks associated with them.
- It should be noted that the failure of such dams can lead to the uncontrolled release of impounded water, resulting in adverse consequences for life, property, and the environment.
- The provisions of the act are applicable to dams with a height exceeding 15 meters and dams with a height between 10 meters and 15 meters subject to certain additional design and structural conditions.
5. Union Minister Jitendra Singh Inaugurated ‘Lavender Festival’ in J&K ; Bhaderwah Emerged as Lavender Capital of India
On June 4 - 2023, Jitendra Singh, Union Minister of state (Independent Charge) for Science & Technology inaugurated the two-day “Lavender Festival” in Bhaderwah Valley of Jammu and Kashmir (J&K).
- While inaugurating the festival, Jitendra Singh stated that Bhaderwah has emerged as the Lavender capital of India and a prominent Agri-Start-up destination.
- Council of Scientific & Industrial Research (CSIR)-Indian Institute of Integrative Medicine (IIIM), Jammu, has organised the event as part of its One Week One Lab Campaign.
Important points :
(i) The Lavender variety (RRL-12) developed by CSIR-IIIM in Jammu and Kashmir serves as a valuable source of high-value, low-volume essential oil highly sought after by the perfumery industry.
- This variety is particularly well-suited for cultivation in rain-fed temperate regions across India.
- CSIR-IIIM has established fifty distillation units (45 fixed and five mobile) at various locations in Jammu and Kashmir to assist farmers in the lavender processing stage.
(ii) CSIR-IIIM has conducted numerous skill development programs and provided training to over 2500 farmers and young entrepreneurs from Jammu and Kashmir in the areas of lavender cultivation, processing, value addition, and marketing.
>> Benefits of Lavender Cultivation :
- Successful adoption of Lavender cultivation in the temperate regions of Jammu has resulted in the emergence of a new industry in the area, benefiting many small and marginal maize farmers.
- Several young entrepreneurs in Jammu and Kashmir have established small-scale businesses by adding value to Lavender oil, hydrosol, and flowers.
- Farmers who have transitioned from maize to Lavender cultivation have experienced a significant increase in their net annual income. Previously earning around Rs. 40,000 to Rs. 60,000 per hectare, they now make Rs. 3,50,000 to Rs. 6,00,000 per hectare.
- Farmers in the Bhaderwah region of Doda district have achieved notable production figures. They produced 300, 500, 800, and 1500 liters of Lavender oil in the years 2019, 2020, 2021, and 2022, respectively. Furthermore, they earned approximately Rs. 5.0 Crore between 2018 and 2022 through the sale of dry flowers, Lavender plants, and Lavender oil.
[ About CSIR- Aroma Mission :
The CSIR- Aroma Mission, a flagship project of CSIR has been instrumental in promoting lavender cultivation in the temperate regions of J&K. In the Bhaderwah, Doda district of J&K, CSIR-IIIM is supporting farmers in the cultivation of Lavender under CSIR-Aroma Mission.The media has recognized this initiative of CSIR-IIIM as the “Purple Revolution.” The primary goal of CSIR-Aroma Mission is to increase the income of small and marginal farmers and foster the development of agriculture based start-ups. Under CSIR-Aroma Mission, CSIR-IIIM introduced Lavender and provided more than 30 Lakh free Lavender plants to the farmers of different districts of J&K ]
6. India’s Aravindh Chithambaram wins Dubai Open chess 2023
Indian chess grandmaster (GM) Aravindh Chithambaram (aged 24) of India wins the 23rd Dubai Open 2023 (Dubai Open Chess Tournament 2023) for the second consecutive year which was held at Dubai Chess & Culture Club in Dubai, United Arab Emirate(UAE) from 27th May – 4th June, 2023.
- He was followed by GM Javokhir Sindarov of Uzbekistan at 2nd, and GM Arjun Erigaisi (India) at 3rd.
- With this performance, Aravindh Chithambaram grabbed 2633 Elo points, closer to the 2650 Elo rating.
>> About Khelo India University Games (KIUG) 2022 :
1st Edition held in : Bhubaneshwar, Odisha
2nd Edition held in : Bengaluru, Karnataka
Edition 2022 : 3rd
Organised at : Uttar Pradesh ( Gautam Buddha Nagar (Noida), Lucknow,
Varanasi and Gorakhpur) & New Delhi (for Shooting Event)
Organiser : Ministry of Youth Affairs and Sports (MoYAS) and the Government of Uttar Pradesh (UP)
Participants : Over 4750 athletes from more than 200 Universities, who
competed for 822 medals (262 gold, 263 silver and 297 bronze)
Total Sports : 21
Mascot : Jeetu, which represents the Barasingha (Rucervus duvaucelii),
also called swamp deer, the state animal of UP
Games Anthem : “Khelo India – Har Dil Mein Desh”, composed and sung by
renowned singer Palash Sen
The Torch : ‘Shakti
7. Bajaj Finserv has entered into an MoU with the Government of Maharashtra for an investment of Rs. 5000 crore in Pune
On June 3, 2023, Bajaj Finserv Limited, a non-banking financial company (NBFC), entered into a Memorandum of Understanding (MoU) with the Government of Maharashtra to invest Rs 5000 crore in development projects in Pune, Maharashtra. This investment marks the largest financial services investment in India.
- The MoU was signed by Harshdeep Kamble, Industry Secretary of the Government of Maharashtra, and S Sreenivasan, Chief Financial Officer (CFO) of Bajaj Finserv. The signing ceremony was attended by Devendra Fadnavis, Deputy Chief Minister (Dy CM) of Maharashtra, and Sanjiv Bajaj, Chairman and Managing Director (CMD) of Bajaj Finserv.
- The investment is expected to generate 40,000 job opportunities in Pune and contribute to the development of Pune as a financial center.
The project's implementation is scheduled to commence in 2023 and aims to establish cutting-edge connectivity and business facilities.
8. Times Higher Education (THE) Impact Ranking 2023
Amrita Vishwa Vidyapeetham (Amrita University), located in Coimbatore, Tamil Nadu, has achieved the distinction of being the highest-ranked Indian university in the Times Higher Education (THE) Impact Rankings 2023.
- The 2023 Impact Rankings marks the 5th edition of THE Impact ranking.
- On a global scale, Amrita University is positioned at the 52nd spot out of 1,591 universities representing 112 countries.
>> Top 5 on the overall ranking :
1. Western Sydney University : Australia
2. University of Manchester : United Kingdom
3. Queen’s University : Canada
4. Universiti Sains Malaysia : Malaysia
5. University of Tasmania : Australia
>> Top 3 Indian Universities on the overall ranking :
52. Amrita Vishwa Vidyapeetham : Coimbatore, Tamil Nadu
101-200. Lovely Professional University(LPU) : Phagwara, Punjab
101-200. Shoolini University of Biotechnology and Management Sciences : Bajhol, Himachal Pradesh
Banking & Finance News :
1. The Annual Report of the Reserve Bank of India (RBI) for the year 2023
The Reserve Bank of India (RBI) has released its Annual Report for the fiscal year 2022-23, which provides a comprehensive overview of the functioning of the RBI as reported by the Central Board of Directors. This report is submitted to the Central Government in accordance with Section 53(2) of the RBI Act, 1934.
- According to the second advance estimates (SAE) of national income published by the National Statistical Office (NSO), the Indian economy is projected to have grown by 7.0% in real GDP (Gross Domestic Product) in FY23, a decline from the 9.1% growth in FY22.
- Overall, headline inflation in India increased to 6.7% during the fiscal year 2022-23, compared to 5.5% in the previous fiscal year 2021-22.
- In April 2022, inflation reached its peak at 7.8%.
- The general government deficit and debt showed signs of improvement, with the deficit moderating to 9.4% and the debt to 86.5% of GDP in FY23, compared to the peak levels of 13.1% and 89.4% respectively, in FY21.
- The gross fiscal deficit (GFD) of the Indian government decreased from 6.75% of GDP in FY22 to 6.45% of GDP in the fiscal year 2022-23.
- During the period of April-December 2022, India's current account deficit (CAD) stood at 2.7% of GDP.
- According to the International Monetary Fund (IMF), global economic growth has slowed down from 6.2% in 2021 to 3.4% in 2022.
- Global inflation has risen to 8.7% from 4.7% in 2021, while global trade growth has decelerated from 10.4% in 2021 to 5.1% in 2022.
- The RBI annual report highlights that Foreign Direct Investment (FDI) flows into India have reached a three-year low of USD 46 billion in FY23.
>> Top 3 FDI Flows in India in FY23 :
Gross NPA ( Non-Performing Assets) as share of total advances has reduced from 15.5% in 2018-19 to 5.8% in the quarter ending December 2022.
- India’s merchandise exports at USD 450.4 billion recorded a growth of 6.7%in FY23 as compared with 44.6% in FY22.
- India’s merchandise imports at USD 714.0 billion recorded a growth of 16.5% in FY23.
- Gold imports at US$ 35.0 billion declined by 24.2 per cent in 2022-23.
- In FY23, as per the assessment of bank group-wise fraud cases over the last three years private sector banks reported the maximum number of frauds, whereas the public sector banks continued to contribute maximum to the fraud amount.
- Frauds on advances, which includes wilful loan defaults have decreased in the last two years from Rs 1.3 lakh crore to Rs 28,792 crore in 2022-23.
- Close to 70% of the amount involved in total bank frauds were in public sector banks.
>> Rise in RBI’s total income in 2022-23 by 47.06% :
Other News :
1. Manoj Misra, an environmental activist and former IFS officer, succumbed to COVID-19 complications
On 4th June 2023, Manoj Misra, a renowned environmental activist and former Indian Forest Service (IFS) officer passed away at the age of 68 in Bhopal, Madhya Pradesh (MP) due to COVID-19 related complications.
- He was born on October 7, 1954, in Mathura, Uttar Pradesh (UP).
- The movement Yamuna Jiye Abhiyan headed by Manoj Misra, led to the National Green Tribunal (NGT) suggesting the phased rejuvenation of the river Yamuna in 2015.
- Manoj Misra actively fought against deforestation, illegal mining and pollution using legal avenues to protect forests and rivers.
2. UN Russian Language Day 2023 - 5th June
The United Nations(UN)’s Russian Language Day is annually observed across the globe on June 6th to create awareness about the history, culture and development of the Russian language. The day also aims to celebrate cultural diversity and multilingualism.
- The day also marks the birth anniversary of the great Russian poet, playwright, and novelist, Alexander Sergeyevich Pushkin (A.S. Pushkin) (1799 - 1837), the founder of modern Russian literature. Every year, Russia celebrates June 6th as “Pushkin Day”.
>> Other Important UN Language Days :
- French Language Day : 20 March
- Chinese Language Day : 20 April
- English Language Day : 23 April
- Spanish Language Day : 23 April
- Arabic Language Day : 18 December
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