News360 - 6th April , 2023 | Daily Current Affairs

 1. India Development Update (Spring 2023 Edition) By WB : India’s GDP Growth Probably to Slow Down to 6.3% in FY24

According to the "India Development Update" (Spring 2023 Edition) released by the World Bank (WB), India's growth projection for fiscal year 2023-24 (FY24) has been reduced to 6.3% from the previous projection of 6.6% in December 2022 (FY23). The WB cited slower consumption growth and unfavorable external conditions as factors that are likely to impede India's GDP growth. 

The World Bank had initially projected a growth rate of 6.9% for FY23. The IDU serves as a report on recent economic developments in India and provides a global context for these developments. The report updates the outlook for India's economy based on policy changes and developments during the period.

Some noteworthy observations from the latest IDU 2023 are as follows :

(i) Private consumption growth is likely to be adversely affected by increased borrowing costs and weaker income growth, while government consumption is projected to rise more gradually due to the removal of pandemic-related fiscal assistance measures. Despite some initial indications of a slowdown in the second half of FY23, India's economy remained robust.

(ii) Although headline inflation remains high, the report predicts that it will fall to 5.2% in FY24 from the current fiscal year's (FY23) 6.6%.

(iii) The Reserve Bank of India (RBI) has increased the policy interest rate by 250 basis points since May 2022 in order to control inflation by ending accommodative measures.

(iv) According to the update, India's financial sector is strong, supported by improvements in asset quality and robust private-sector credit growth.

(v) The Government of India (GoI) is expected to achieve its fiscal deficit target of 5.9% of Gross Domestic Product (GDP) in FY24, and with the consolidation of state government deficits, the Union Government deficit is also projected to decrease, along with a reduction in the Current Account Deficit (CAD).

(vi) CAD is anticipated to decrease to 2.1% of GDP in FY24 from an estimated 3% in FY23, driven by strong service exports and a decreasing goods trade deficit.

The following points provide an overview of India's services exports :

(i) In the October-December 2022 quarter, India's services exports reached a record high of USD 83.4 billion, marking a YoY increase of 24.5% as per RBI data.

(ii) The services surplus, which excludes imports in the sector, also increased to a record high of USD 38.7 billion, marking a YoY growth of 39.21%.

(iii) The exports of services are expected to cross USD 375 billion by March 2024, which is higher than the anticipated range of USD 320-350 billion for the fiscal year ending March 2023.

(iv) By March 2025, it is projected that the exports of services will surpass the exports of goods.

(v) The most recent data from RBI shows that merchandise exports for the October-December 2022 period amounted to USD 105.6 billion.

(vi) At the end of February 2023, the fiscal deficit of the Union Government reached 82.8% of the full-year target.

(vii) The Government of India expects a deficit of Rs. 17.55 lakh crore, or 6.4% of GDP, for the full fiscal year 2022-23.

2. CCI approvals on April 3, 2023

On April 3, 2023, the Competition Commission of India (CCI) granted approval for the following proposals : 

(i) The merger between Koninklijke DSM N.V. (DSM) and Firmenich International SA (Firmenich)

(ii) The share-swap for the acquisition of C-Flex India Entities by SBP from C-Flex

(iii) The demerger of the FMCG business of Haldiram Snacks and Haldiram Foods into Haldiram Snacks Food Pvt Ltd.

In particular, the CCI approved the merger between Koninklijke DSM N.V. (DSM) and Firmenich International SA (Firmenich).

Important :

(a) CCI has approved the DSM-Firmenich merger under Section 31(1) of the Competition Act, 2002. The merger will create a Swiss company, listed on Euronext Amsterdam, as a wholly-owned subsidiary of DSM. The collaboration will strengthen the market positions of DSM and Firmenich. DSM is a publicly traded Dutch company in nutrition, health, and bioscience, while Firmenich is a privately held Swiss firm that produces and supplies fragrances, flavors, aroma chemicals, rosin resin, and turpentine.

(b) CCI approved SBP Packagings (SBP) to acquire Constantia Flexibles Sales B.V. (CFlex) India entities from C-Flex through a share swap. CFlex India entities include Parikh Packaging, Creative Polypack, Aparna Paper, Vibgyor, and Parikh Flexibles. SBP is a subsidiary of Premji Invest Group, and C-Flex is owned and managed by Wendel SE.

(c) CCI has approved the demerger of Haldiram Snacks Pvt Ltd (HSPL) and Haldiram Foods International Pvt Ltd (HFIPL) into Haldiram Snacks Food Pvt Ltd (HSFPL), which will take over the FMCG business currently handled by HFIPL and HSPL. Following the demerger, the existing shareholders of HSPL and HFIPL will hold 56% and 44% of the equity in HSFPL, respectively.

3. MoD signs Rs 470 crore Contract with UDPL for Modernisation of Naval Aircraft Yards at Goa & Kochi

Ultra Dimensions Private Limited (UDPL), based in Visakhapatnam, has been awarded a contract by the Ministry of Defence (MoD) for the modernisation of Naval Aircraft Yards (NAYs) in Goa and Kochi at a cost of around Rs 470 crore. The NAYs will provide service and repair facilities for Naval Aircraft, Aero Engines, Rotables, and Test Equipment.

Additionally, the MoD has selected Mecon Ltd, located in Ranchi, Jharkhand, as the Project Monitoring Consultant for the project at a cost of Rs 24 crore.

Important :

The Indian Navy's acquisition of state-of-the-art aircraft requires upgrading the maintenance and repair facilities at NAYs to address current and future aviation maintenance challenges and bridge the technological gap. 

The modernization will include state-of-the-art automated machinery, composite repair bays, and will create over 1.8 lakh man-days of employment over a period of three years. 

The project will improve the operational readiness of Naval Aviation Platforms and reduce the reliance on external agencies and foreign Original Equipment Manufacturers (OEMs) for repairs.

4. PM Narendra Modi confers President’s Police Medals on 2 CBI officers of Chandigarh

During the diamond jubilee celebration of the Central Bureau of Investigation (CBI) at Vigyan Bhawan in New Delhi on 3rd March 2023, the Prime Minister of India, Narendra Modi, awarded the President's Police Medal for Distinguished Service to two CBI officers from Chandigarh :- Vineet Vinayak, Joint Director (Chandigarh Zone), and Seema Pahuja, Additional Superintendent of Police (ASP) of CBI, Chandigarh.

CBI has transformed from an anti-corruption agency to a multi-faceted and multi-disciplinary police investigative agency, with the legal authority and credibility to investigate and prosecute various types of crimes. 

Initially founded in 1963 with a focus on bribery and corruption, CBI was later expanded in 1965. It operates under the purview of the Ministry of Personnel, Public Grievances and Pensions.

Note :  CBI was established by a resolution of the Ministry of Home Affairs, Government of India dated 1st April 1963.

5. 10th Annual Indian Navy & Sri Lanka Navy Bilateral Maritime Exercise SLINEX-2023 commences at Colombo

On April 3, 2023, Sri Lanka Navy (SLN) and India Navy (IN) commenced the 10th edition of their annual bilateral maritime exercise, known as 'SLINEX-2023', in Colombo, Sri Lanka. 

The exercise is divided into two phases : the Harbour Phase from April 3-5, 2023, and the Sea Phase from April 6-8, 2023. The opening ceremony was attended by Sri Lankan Navy Commander, Vice Admiral Priyantha Perera, and India's Deputy High Commissioner Vinod K. Jacob.

Objective :

To enhance interoperability, improving mutual understanding and exchanging best procedures in the multi-faceted maritime operations between the navies.

Representors :

IN : INS Kiltan (Advanced Anti Submarine Warfare Corvette) and INS Savitri (Offshore Patrol Vessel)

Participant : Chetak helicopter and Dornier Maritime Patrol Aircraft

SLN : SLNS Gajabahu (Advance Offshore Patrol Vessel) and SLNS Sagara (OPV)

Participant : Sri Lanka Air Force Dornier and BEL 412 helicopters

Important :

(i) During the Harbour Phase of the exercise, both navies will participate in various activities, such as sports, yoga, and cultural events, to promote mutual learning and shared values. In addition, Indian Naval ships will be open to visitors, including school children, to increase public awareness and interest in the armed forces.

(ii) The interaction between the Sri Lankan and Indian navies has grown significantly in line with India's "Neighbourhood First" policy. This exercise will further strengthen mutual cooperation in the maritime domain.The previous SLINEX was held in March 2022 in Visakhapatnam.

6. SBI WeCare Senior Citizen FD scheme Last Date Extended by 3 Months

The State Bank of India (SBI) has announced the extension of its "WECARE" special fixed deposit (FD) scheme for senior citizens. The scheme was initially launched in May 2020 with a maturity date of September 2020, and has since been extended twice. 

The latest extension of the scheme is for an additional three months, making it available for subscription until June 30, 2023. The scheme is aimed at protecting the income of senior citizens by offering additional interest on term deposits.

7. PhonePe Introduces E-commerce Consumer App “Pincode” on the ONDC Platform

PhonePe, a fintech company owned by Walmart, has announced the launch of a new e-commerce consumer app called "Pincode." The app will be integrated into India's Open Network for Digital Commerce (ONDC) framework and initially launched in Bengaluru (Karnataka) with six major categories including groceries, food, pharmaceuticals, electronics, home decor, and fashion. It will be made available in other cities once it achieves a transaction volume of about 10,000 per day. Walmart is a US-based retail company. 

Pincode is PhonePe's second consumer app in approximately seven years.

About ‘Pincode’ :

' Pincode ' is a hyperlocal commerce app available on Google Play and the App Store. The app is centered on the Open Network for Digital Commerce (ONDC) framework, which aims to digitize merchants across multiple seller platforms and foster new opportunities for growth and innovation at scale.

The app will connect consumers with neighborhood stores, providing the convenience of online ordering, discounts, and instant refunds and returns. It focuses on encouraging local merchants and sellers to offer both national and locally manufactured goods.

Note :

It is important to note that PhonePe has been exploring online commerce for some time. In fact, as of August 2022, the company had set aside up to USD 15 million for its entry into the ONDC network. The funds are expected to be deployed over an 18-month period. PhonePe is already competing in the e-commerce industry with its 'Switch' service, which offers similar services to its main rival, Paytm .

8. Pranav Haridasan to be new MD & CEO of Axis Securities

Axis Securities Limited, a subsidiary of Axis Bank, has announced the appointment of Pranav Haridasan as the new Managing Director (MD) and Chief Executive Officer (CEO) for a term of three years. He will take over from the current MD & CEO, B Gopkumar, who will move to Axis Asset Management Company as MD & CEO under the internal succession plan of the Axis Group. Pranav Haridasan was previously the MD and Co-Head of Equities at Axis Capital.

About Pranav Haridasan :

Pranav Haridasan has over 20 years of experience in financial markets across different asset classes. Prior to joining Axis Capital, he worked at Citigroup Global Markets as Director & Head of India/ASEAN Execution Services. He has a track record of upscaling an equity company while focusing on technology, compliance, and operations.

9. Artemis II lunar Mission: NASA Names 4 Member Crew with 1st Woman & 1st Person of Colour Astronauts

NASA and the Canadian Space Agency (CSA) have announced the four astronauts crew for the Artemis II mission, which includes three US nationals and one Canadian astronaut, making history with the first woman and person of color on the lunar mission crew. Christina Koch, Victor Glover, Reid Wiseman, and Jeremy Hanse were selected to fly as early as 2024, and the mission would be the first crewed voyage around the moon in more than 50 years.

Important :

(i) Artemis II is a 10-day journey around the moon and back, covering 1.4 million miles (2.3 million km), aimed at demonstrating the functioning of Orion's life-support and other systems with astronauts aboard in deep space.

(ii) At its farthest point, Artemis II will be more than 230,000 miles (370,000 km) away from Earth, which is significantly farther than the typical low-Earth orbit altitude of the International Space Station.

(iii) The Artemis II crew will be launched on NASA's Space Launch System (SLS) rocket and will practice manual maneuvers with the Orion spacecraft in Earth's orbit before handing back to ground control for further tests and the lunar flyby part of the mission.

The Artemis II crew includes Commander Reid Wiseman, a former U.S. Navy fighter pilot, Pilot Victor Glover, a US Navy aviator, Mission Specialist 1 Christina Hammock Koch, an American engineer and NASA astronaut of the class of 2013, and Mission Specialist 2 Jeremy Hansen, a Royal Canadian Air Force colonel.

Note : Artemis I mission was successfully completed in December 2022.

10. India’s IUCAA Partners With NASA to Develop AI-Based Model For Predicting Solar Storms

(i) The Inter-University Centre for Astronomy and Astrophysics (IUCAA) in India has collaborated with NASA to create a computer model that combines AI and satellite data to detect dangerous space weather.

(ii) The team of researchers at the Frontier Development Lab used the AI technique of "deep learning" to develop the model called DAGGER (formally, Deep Learning Geomagnetic Perturbation).

(iii) The model analyzes data from spacecraft measurements of the solar wind and predicts the location of upcoming solar storms with a 30-minute warning.

(iv) The predictions of DAGGER provide enough time to prepare for these storms and avoid severe impacts on power grids and other critical infrastructure.

11. International Day for Mine Awareness and Assistance in Mine Action 2023 – 4th April

4th April marks the annual observance of the United Nations' International Day for Mine Awareness and Assistance in Mine Action, which aims to raise awareness about landmines and promote their eradication. It also seeks to educate people about the negative effects of explosive mines around the world. This year, April 4, 2023, marks the 18th International Day for Mine Awareness and Assistance in Mine Action, with the theme "Mine Action Cannot Wait." The United Nations Mine Action Service (UNMAS) is responsible for observing this day annually.

Important :

(i) On 8th December 2005, the United Nations General Assembly (UNGA) adopted resolution A/RES/60/97, declaring April 4 of every year as the International Day for Mine Awareness and Assistance in Mine Action.

(ii) The first-ever International Day for Mine Awareness and Assistance in Mine Action was observed on April 4, 2006.

Events 2023 :

The UNMAS 2023 event focused on the theme "Mine Action Cannot Wait" to raise awareness about explosive ordnance contamination in Myanmar, Ukraine, Yemen, and other countries, as well as ongoing contamination in Cambodia, the Lao People's Democratic Republic, and Viet Nam. 

The event included a press briefing, a symposium, and a multi-media exhibition showcasing completed and ongoing work. 

The exhibition featured photos, graphics, and film clips illustrating global explosive ordnance contamination and its effects on people worldwide.

News360 -5th April , 2023 | Daily Current Affairs

 1. ISRO successfully conducts Reusable Launch Vehicle Autonomous Landing Mission in Karnataka

At the Aeronautical Test Range in Chitradurga, Karnataka, the Reusable Launch Vehicle Autonomous Landing Mission (RLV LEX) was successfully carried out by the Indian Space Research Organisation (ISRO).

During the test, a winged body was lifted to an altitude of 4.5 km by an Indian Air Force (IAF) Chinook helicopter, released mid-air, and autonomously landed on a runway at high speed (350 kmph) while meeting the landing parameters. This marks the first time that a winged body has been autonomously landed after being released mid-air by a helicopter.

The test was conducted collaboratively by the IAF, Centre for Military Airworthiness and Certification (CEMILAC), Aeronautical Development Establishment (ADE), and Aerial Delivery Research and Development Establishment (ADRDE).

Important :

(i) The RLV LEX can be described as a space plane with a low lift-to-drag ratio, requiring a high glide angle approach and a landing speed of 350 kmph.

(ii) ISRO developed various indigenous systems for the LEX, including instrumentation, sensor systems, and localized navigation systems based on pseudolite systems.

(iii) The Ka-band Radar Altimeter, which utilized a Digital Elevation Model (DEM) of the landing site, provided accurate altitude information during the landing.

2. 5th Poshan Pakhwada Celebrated from 20th March - 3rd April , 2023

From 20th March to 3rd April 2023, the Ministry of Women and Child Development will observe the 5th Poshan Pakhwada nationwide to create awareness about the significance of nutrition and promote healthy eating habits through Jan Andolan and Jan Bhagidari.

The Poshan Abhiyaan was launched on 8th March 2018 by Prime Minister (PM) Narendra Modi to ensure people's participation and bring the conversation on nutrition to the forefront. It aims to improve nutritional outcomes holistically, and behavioral change at both individual and community levels is a crucial component to achieve the desired goals of a Kuposhan-mukt Bharat.

Each year, Poshan Pakhwada is celebrated for 15 days in March, while the month of September is observed as Rashtriya Poshan Maah across the country.

Important :

(i) In recognition of 2023 as the International Year of Millets, the emphasis of Poshan Pakhwada was on promoting 'Shree Anna' (Millets) to combat malnutrition.

(ii) The Ministry of Women & Child Development will act as the nodal Ministry to oversee activities during the Poshan Pakhwada.

In the State/UT, Department of Women & Child Development /Social Welfare Department will be the nodal department for Poshan Pakhwada.

The theme of Poshan Pakhwada 2023 is "Nutrition for All: Together Towards a Healthy India".

Themes focused on Poshan Pakhwada :

(i) Promotion and popularization of Shree Anna / Millets for nutritional- well-being through organization of drives to link Millet-based foods with supplementary nutrition, Home visits, Diet consultation camps, etc.

(ii) Celebration of Swasth Balak Spardha : Celebrated and recognized the ‘Swasth Balak’ or Healthy Child as per defined criteria by generating a healthy spirit of competition for good nutrition good health and well being.

(iii) Popularize Saksham Anganwadis : Campaigns were organized to increase awareness and popularise Saksham Anganwadis with upgraded infrastructure and facilities as centers of improved nutrition delivery and early childhood care and education.

3. CMIE: Unemployment Rate Rises to 3-Month high of 7.8% in March 2023

In March 2023, India's unemployment rate reached 7.8%, the highest in three months, according to data from the Centre for Monitoring Indian Economy (CMIE). This was an increase from 7.45% in February 2023 and 7.14% in January 2023.

In March 2023, rural unemployment was 7.47%, while urban unemployment was 8.51%. Among the states, Haryana had the highest unemployment rate at 26.8%, followed by Rajasthan (26.4%) and Jammu & Kashmir (J&K) (23.1%).

The states and Union Territories (UT) with the lowest unemployment rates in March 2023 were Uttarakhand and Chhattisgarh at 0.8%, followed by Puducherry (1.5%) and Gujarat (1.8%).

4. India become 1st Country in the World to Develop Own Model to Estimated TB Cases

India has achieved a significant milestone by developing a mathematical model to estimate the prevalence of tuberculosis (TB) cases in the country, making it the first country in the world to do so. This initiative is a departure from the existing mechanism where the World Health Organization (WHO) Global TB Report provides an annual assessment of the TB epidemic and progress made in its prevention, diagnosis, and treatment at the global, regional, and country levels.

According to the Indian mathematical model's data, while the global TB reduction number was around 11%, the reduction in TB cases in India was 18%.

The mathematical model for TB :

The mathematical model for TB cases was developed by taking into account the natural history of diseases, the status of individuals' infection and disease, healthcare seeking behavior, correct and missed diagnosis, treatment coverage, and outcomes like cure and death.

Data from multiple sources, including the Nikshay portal of private sector drug sales and the sub-national certification system, which estimates and ranks the TB-free status of various states, were used to form the TB model.

India’s TB Estimates as per New model :

(i) The TB incidence rate in India was estimated to be 196 per 1,00,000 population, according to the Indian mathematical model, as opposed to the 210 estimated by the WHO.

(ii) In 2021, WHO projected the number of deaths from TB to be 4.94 lakh, whereas the new Indian model suggests it to be about 3.20 lakh.

(iii) The Indian mathematical model estimated the TB incidence rate (per 10,000) in India to be 196 in 2022, as opposed to the 210 estimated by the WHO in 2021.

(iv) The Indian model suggested the absolute number of TB cases to be 27.70 lakh in 2022, while the WHO estimated it to be 29.50 lakh in 2021.

(v) According to WHO, the TB mortality rate (per 10,000) in 2021 was estimated to be 35, which reduced to 23 in 2022 as per the Indian model.

(vi) As per the Indian model’s suggestion, the absolute number of TB deaths was 3.20 lakh in 2022, whereas the WHO estimated it to be 4.94 lakh in 2021.

5.Sudha Shivkumar took over as 40th President of FICCI Ladies Organisation

Chennai(Tamil Nadu)-based lawyer & investment banker Sudha Shivkumar took over as the 40th National 

President of the women’s wing of the Federation of Indian Chambers of Commerce & Industry (FICCI) – FICCI 

Ladies Organisation(FLO) for the term 2023-2024.

Sudha Shivkumar succeeds Jayanti Dalmia, 39th national president of FICCI FLO (2022-2023).

Prior to this appointment, Sudha Shivkumar was serving as the National Senior Vice President of 

FICCI FLO.

About Sudha Shivkumar :

With around 13 years of experience in a leading non-banking finance company, Sudha Shivkumar went on to head the operations of a South-India-based mutual fund with assets under management of Rs 25,000 crores.

Sudha Shivkumar also has experience in managing a Rs 350-crore portfolio of high-net-worth individuals belonging to an international group.

In 2016-17, Sudha Shivkumar served as the Chairperson of FLO Chennai Chapter, showcasing her leadership and management skills.

Important :

Sudha Shivkumar, the 40th President of FICCI-FLO, aims to empower women by creating a supportive environment that encourages women's entrepreneurship, promotes women's participation in the industry and fosters their economic development.

6. RBI appoints Neeraj Nigam as New Executive Director

Neeraj Nigam has been appointed as the new Executive Director (ED) of the Reserve Bank of India (RBI) effective from April 3, 2023. He will be responsible for four departments, including consumer education and protection.

Prior to his appointment as ED, Neeraj Nigam served as the director of the Bhopal (Madhya Pradesh) regional office of the RBI. With over 30 years of experience, he has worked in various areas including Regulation and Supervision, human resource management, premises, currency management, and bank accounts in both the central office and regional offices of the RBI.

Additionally, Neeraj Nigam holds the professional certification of Certified Associate of Indian Institute of Banking and Finance (CAIIB).

7. UBI becomes 1st Indian Bank to open SRVA Malaysia for Trade Settlement in rupee

Union Bank of India (UBI) achieved a milestone on April 1, 2023, by becoming the first Indian bank to initiate its 'Special Rupee Vostro Account (SRVA)' in Malaysia to ease transactions between the two countries in Indian rupee. The UBI's corresponding bank in Kuala Lumpur, India International Bank of Malaysia (IIBM), will facilitate the transactions, allowing traders from India and Malaysia to invoice the trade in Indian Rupee.

The Union Bank of India's move to open a 'Special Rupee Vostro Account (SRVA)' in Malaysia through its corresponding bank, India International Bank of Malaysia (IIBM), is a part of India's efforts to safeguard its trade from the impact of the Ukraine crisis. Moreover, it is a step towards reducing the reliance on the US dollar as the dominant reserve currency for international trade.

Objective :

The primary objective of the initiative is to promote global trade and cater to the interests of the global trading community by enabling them to transact in Indian Rupee. On April 1, 2023, the Ministry of External Affairs (MEA) announced that India and Malaysia have been permitted to use the Indian Rupee to settle trade transactions, alongside other currencies such as the Malaysian Ringgit. 

This decision comes after the Reserve Bank of India (RBI) allowed the settlement of international trade in Indian Rupee in July 2022. The RBI's move is intended to facilitate trade growth and support the global trading community's interests in Indian Rupee.

Important :

(i) According to UBI, the total trade volume between India and Malaysia in FY22 stood at US$19.4 billion.

(ii) As of March 15, 2023, Indian banks, such as HDFC Bank and UCO Bank, had opened 30 Special Rupee Vostro Accounts (SRVAs) in 18 countries. The first foreign lenders to receive approval were Sberbank and VTB, the largest and second-largest banks in Russia, respectively.

(iii) Malaysia is India's third-largest trading partner in the ASEAN region after Singapore and Indonesia, with bilateral trade worth US$30.1 billion and US$26.1 billion, respectively.

About SRVA :

According to RBI’s decision to permit the settlement of India’s international trade in Indian rupees, the 

authorized banks in India must establish and maintain Special Rupee Vostro accounts for the foreign banks with which they trade.These accounts hold the foreign bank’s funds in rupees. When an Indian trader needs to make a payment to a foreign trader in rupees, the amount is transferred to the corresponding Vostro account, and vice versa.

The RBI granted permission for banks from 18 countries, including Malaysia, to open Special Rupee Vostro Accounts (SRVAs) for this purpose.

8. LIC bought Bata India shares for Rs 108 crore; increased its stake to 5.008%

Life Insurance Corporation of India, based in Mumbai, has acquired 6.88 lakh shares of Bata India Limited, a retail company specializing in footwear, for approximately Rs 108 crore. 

This has increased LIC's stake in the company from 4.472% to 5.008%, equivalent to 57,48,071 to 64,36,692 equity shares. The purchase was made through open market purchase between January 3, 2022, and March 29, 2023, at an average price of Rs 1569.33 per share.

9. International Children's Book Day 2023 - 2nd April

Every year, International Children’s Book Day (ICBD) is celebrated worldwide on or around April 2, which marks the birth anniversary of the Danish author Hans Christian Andersen, famous for his fairy tales and stories. 

The purpose of this day is to encourage children to read and to promote the significance of books. The theme for International Children’s Book Day 2023, which was observed on 2nd April 2023, was "I am a book, read me". The message for ICBD 2023 was penned by children's writer Vagelis Iliopoulos, while the poster was illustrated by illustrator Photini Stephanidi. IBBY Greece sponsored ICBD 2023.

Important :

(i) The different national sections of the International Board on Books for Young People (IBBY) annually celebrate the day.

(ii) Each year, IBBY selects a theme and invites a renowned author from the host nation to write a message to the children of the world, and a notable illustrator to design a poster.

(iii) Hans Christian Andersen Award :

The Hans Christian Andersen Award is the highest international recognition bestowed upon an author and an illustrator of children's books. It is granted during the biennial IBBY Congress and includes a gold medal and diploma. The awards honor lifetime achievements and are given to an author and an illustrator whose entire body of work has significantly and permanently contributed to children's literature. 

The Author's Award has been conferred since 1956, while the Illustrator's Award has been awarded since 1966. The awards are sponsored by Nami Island Inc., and the nominations are submitted by the National Sections of IBBY.

(iv) Every year, the theme of the ICBD poster is chosen as the theme of ICBD.

News360 - 3rd and 4th April , 2023 | Daily Current Affairs

 1. Himachal Pradesh’s Kangra tea gets European GI Tag

Kangra Tea, hailing from Himachal Pradesh, was granted a Geographical Indication (GI) Tag by the European Union (EU) on March 29th, 2023. This opens up new possibilities for Kangra tea to be introduced to the European market.

About Kangra Tea :

Kangra tea, a variety of tea grown in the Himachal Pradesh region of India, has undergone significant improvements in cultivation and development in the Kangra region (also known as the 'Valley of Gods') since 1999. 

The tea is grown at elevations ranging from 900-1,400 meters above sea level, with an annual rainfall of 270-350 centimeters, on the slopes of the Dhauladhar mountain range in the Western Himalayas.

There has been a growing demand for Kangra tea, which has been exported to Kabul and Central Asia via Peshawar. In 2005, Kangra tea was granted the Indian Geographical Indication (GI) tag.

About GI Tag :

Geographical indications (GIs) are a type of Intellectual Property (IP) Right that applies to agricultural, natural, or manufactured products (including handicrafts and industrial goods) that originate from a specific geographic location.

In the European Union, the GI tag is used to protect agricultural products, foodstuffs, spirit drinks, wines, and aromatized wines.

The GI tag serves as an assurance of quality and distinctiveness that is inherently linked to the product's place of origin. Once a product is granted a GI tag, no individual or company can sell a similar item under the same name. The tag remains valid for a period of 10 years, after which it may be renewed.

2. IRDAI Releases Liberalised Commission Regulations Benefitting Insurers & Distributors

The Insurance Regulatory and Development Authority of India (IRDAI) recently introduced three new regulations that are expected to significantly impact market participants, including insurers and intermediaries. 

The new rules are as follows :

(i) IRDAI (Expenses of Management of Insurers transacting General or Health Insurance business) Regulations, 2023

(ii) Insurance Regulatory and Development Authority of India (Payment of Commission) Regulations, 2023

(iii) IRDAI (Expenses of Management of Insurers transacting life insurance business) Regulations, 2023

The previous practice of "product-wise capping" of commission payable to intermediaries has been replaced by IRDAI's overall 'expenses of management' (EOM) limits, which must be adhered to by insurers. These changes are expected to have significant economic implications for all parties involved.

* The Regulations for Expenses of Management of Insurers transacting General or Health Insurance Business, 2023, as issued by IRDAI

Aim :    The purpose of these regulations is to grant insurers flexibility in managing their expenses within the overall limits set based on their gross written premium and to efficiently use their resources to enhance policyholder benefits. These regulations will come into effect on April 1, 2023, and will remain in effect for three years. They will apply to insurers operating in either the general insurance or health insurance sectors.

Important :

Under this regulation -

(i) Standalone health insurers can incur expenses of management (EOM) up to 35% of the gross written premium during a financial year in India, while general insurers can incur EOM up to 30% of the gross written premium in India during a financial year.

(ii) The new regime has eliminated the previous method of calculating allowed limits based on segmented products and replaced it with a single limit based on the total gross written premium of general and health insurers.

(iii) These regulations impose more restrictions on management expenses, encouraging insurers to concentrate on increasing insurance penetration.

** Insurance Regulatory and Development Authority of India (Payment of Commission) Regulations, 2023

Aim :    The aim of these regulations is to grant insurers the flexibility to manage their expenses according to their growth objectives and changing insurance requirements, with the aim of increasing insurance penetration. These regulations will come into effect on April 1, 2023. They must be reviewed every three years from the date of notification, unless an earlier review, repeal, or amendment is deemed necessary.

Important :

The IRDAI has introduced new regulations to provide insurers with greater flexibility in managing their expenses, which include an overall cap on commission payments to agents, brokers, and other intermediaries for both life and non-life insurance companies. 

The previous product-specific cap has been replaced by a board-approved cap that falls within the permissible expenses. Under the earlier regime, insurers were allowed to pay up to 22.5% of the total premium on two-wheelers and 19.5% of the total premium on other vehicles, such as cars and SUVs.

*** IRDAI (Expenses of Management of Insurers transacting life insurance business) Regulations, 2023 

The purpose of these regulations is to allow insurers operating life insurance business in India to manage their expenses effectively within the overall limits based on their gross written premium, while also optimizing their resources to benefit policyholders.

These regulations will become effective on April 1, 2023, and will remain in force for three years.

3. IRDAI Identified LIC, GIC & New India Assurance as D-SIIs for FY23

The Insurance Regulatory and Development Authority of India (IRDAI) has once again identified Life Insurance Corporation of India (LIC), General Insurance Corporation of India Limited (GIC Re), and New India Assurance as Domestic Systemically Important Insurers (D-SIIs) for the Financial year 2022-23. This annual identification and public disclosure of D-SIIs by IRDAI align with the Reserve Bank of India's benchmarking to consider these insurers 'too big (or too important) to fail.'

LIC, GIC, and New India Assurance have been identified as D-SIIs for the second consecutive year, as they were also identified as D-SIIs in the Financial year 2020-21.

D-SIIs :

(i) D-SIIs are insurers that are of significant size, importance in the market, and have domestic and global connections. The failure or distress of these insurers could have a major impact on the domestic financial system.

(ii) As a result, the continuous operation of D-SIIs is crucial to ensure uninterrupted access to insurance services for the national economy.

(iii) In the event of a future crisis, D-SIIs may receive some form of government support.

(iv) D-SIIs are also subject to additional regulatory measures to address systemic risks and moral hazard issues.

(v) Accordingly, they are subject to enhanced regulatory supervision.

4. BharatPe Group Partners with WEP to foster Women Entrepreneurship in India

Bharatpe Group, a prominent fintech company in India, has collaborated with the Women Entrepreneurship Platform (WEP) to assist women entrepreneurs throughout India in their efforts to achieve self-sufficiency and business expansion.

The partnership, which is part of the "BharatPe Cares" Corporate Social Responsibility (CSR) program by the BharatPe Group, is aligned with the company's brand mission of "empowering lives through inclusive fintech solutions."

This initiative is a part of BharatPe's CSR program called PAYBACK.

(i) According to the 6th economic census by the Ministry of Statistics and Programme Implementation(MoSPI), women account for only 13.76% of the total entrepreneurs (8.05 million out of the total 58.5 million entrepreneurs) in India.

(ii) This highlights the need to empower women entrepreneurs in India.

Aim :     The objective is to create a supportive environment that brings together women entrepreneurs from all over India and provides them with the necessary expertise and financial and technical skills needed to attain their business objectives.

Focus areas : To facilitate the development of an aggregator platform that gives access to peer support, mentorship, networking channels and a range of learning resources.

Important :

(i) The partnership between WEP and BharatPe aims to empower women entrepreneurs and create a level playing field by addressing the challenges they face and providing equal growth opportunities.

(ii) The partnership will also develop a plug-and-play digital infrastructure to bridge existing gaps and support the growth of women entrepreneurs.

Industry reports show that women entrepreneurs in India have the potential to create 150-170 million jobs by 2030, which is more than 25% of the new jobs required for the working-age population.

Promoting women’s entrepreneurship is critical for building a USD 5 trillion economy and will boost the economy through job creation.

5. Sarbananda Sonowal launches Sagar Setu Mobile App of National Logistics Portal Marine

On March 31, 2023, the Union Minister Sarbananda Sonowal, Ministry of Ports, Shipping, and Waterways (MoPSW), unveiled the mobile application version of the National Logistics Portal (Marine) called "SAGAR SETU" in New Delhi, Delhi. Minister of State (MoS) Shripad Yesso Naik, MoPSW Sudhansh Pant, Secretary, and other senior officials were present during the launch.

Important :

(i) The SAGAR SETU app is equipped with various features such as Login Module, Service Catalogue, Common Application Format, Letter of Credit, Bank Guarantee, Certification, Track and Trace, etc. to provide real-time information to importers, exporters, and customs brokers.

These features give access to vessel-related details, gate information, container freight stations, and transactions, which can be easily accessed through the app.

(ii) The app enables digital transactions for payments required for import and export clearance processes.

(iii) The SAGAR SETU app aims to reduce the turnaround time for approval and compliances, enabling custodians to easily access functionalities on their handheld devices. The app will benefit service providers by allowing them to track records and transactions, receive notifications of service requests, and help in the tracking of records and transactions.

6. Union Budget 2023-24: Union Minister Nirmala Sitharaman announces Revamping of Credit Guarantee Scheme for MSE from 1st April

The Union Minister of Finance, Nirmala Sitharaman, announced in the 2023-2024 union budget that the Credit Guarantee Scheme for Micro & Small Enterprises (MSE) would be revamped starting from April 1, 2023. 

The scheme will be infused with Rs 9,000 crore to the corpus to enable an additional Rs 2 lakh crore in collateral-free guaranteed credit, and the credit cost will be reduced by about 1%. On March 30, 2023, the Credit Guarantee Fund Trust for Micro & Small Enterprises (CGTMSE) received an infusion of Rs 8,000 crore into its corpus. 

During the financial year 2022-23, CGTMSE approved guarantees totaling Rs 1 lakh crore, creating a new landmark. The ceiling limit for guarantees has been enhanced from Rs 2 crore to Rs 5 crore. Legal proceedings will no longer be required for the settlement of claims in respect of guarantees for loans outstanding up to Rs 10 lakh, according to guidelines issued by CGTMSE in this regard.

7. CBDT signs 95 Advance Pricing Agreements in FY 2022-23

In FY 2022-2023, Indian taxpayers signed a record 95 Advance Pricing Agreements (APAs) with the Central Board of Direct Taxes (CBDT) of the Department of Revenue, Ministry of Finance. This is the highest number of APA signings in any FY since the launch of the programme. 

Out of the total, 63 were Unilateral APAs (UAPAs), and 32 were Bilateral APAs (BAPAs). On 24th March 2023, a record was created with the largest number of single-day signings in the programme's history, totaling 21 APAs. The total number of APAs since the beginning of the programme has now reached 516, including 420 UAPAs and 96 BAPAs. 

The APA Scheme's objective is to provide clarity to taxpayers on transfer pricing by defining pricing methodologies and determining the arm's length price of international transactions for up to 5 years in the future.

8. Chennai’s WABAG bags Rs 4,400 crore Seawater Desalination Project in Tamil Nadu

VA Tech Wabag Ltd (WABAG), a Chennai-based company, has secured a Rs 4,400 crore project to build a Sea Water Reverse Osmosis (SWRO) plant in Tamil Nadu (TN), which upon completion will be the biggest sea-water desalination project in the South East Asia region. The project will be executed on a design, build, operate (DBO) model in partnership with Metito Overseas Limited, a company based in the United Arab Emirates (UAE).

Important :

(i) VA Tech Wabag Ltd (WABAG) and Metito Overseas Limited have been awarded a Sea Water Reverse Osmosis (SWRO) project by Chennai Metropolitan Water Supply and Sewerage Board (CMWSSB).

(ii) The project, worth Rs 4,400 crore and with a 400 MLD capacity, will be the largest seawater desalination plant in South East Asia, funded by the Japan International Cooperation Agency (JICA).

(iii) The project will be implemented on a design, build, operate (DBO) model, with a 42-month DBO period and WABAG will operate and maintain it for 20 years.

(iv) The desalination process involves Lamella Clarifiers, Dissolved Air Flotation System, Gravity Dual Media Filters followed by Reverse Osmosis, and Re-mineralization to produce clean drinking water. The water will be distributed by CMWSSB to the residents of south Chennai.

(v) This project will be a significant milestone for Chennai and India as it will be the largest desalination plant in Southeast Asia.

(vi) Chennai will become the "Desalination Capital of India" with a production capacity of about 750 MLD of desalinated water along the coast of Chennai, TN.

(vii) WABAG will produce around 70% of the water used by desalination units in Chennai, TN with the 400 MLD SWRO desalination plant.

9. MoF Increases Interest Rates on Most Small Savings Schemes, Except PPF, for Q1 FY24

The Ministry of Finance (MoF), Department of Economic Affairs (DEA), has announced an increase in interest rates on several Small Savings Schemes for the first quarter of the financial year 2023-24 (Q1 FY24), which runs from April 1, 2023, to June 30, 2023. This is the third consecutive quarter of rate hikes.

These Small Savings Schemes have approximately 40 crore subscribers and include 12 instruments such as the National Savings Certificate (NSC), Public Provident Fund (PPF), Kisan Vikas Patra (KVP), Sukanya Samridihi Account (SSA), Monthly Income Savings Scheme, and all post office time deposits.

The interest rates for these savings instruments have been increased by 10-70 basis points (bps). (One percentage point is equal to 100 bps). However, the interest rate for the PPF scheme remains unchanged at 7.1% for Q1 FY24, and its returns have remained constant for the past three years.

Important :

(i) The National Savings Certificates (NCS) have seen the highest increase in interest rates, rising from 7% to 7.7% from January to June.

(ii) The interest rates on various small savings schemes have been hiked by 10-70 basis points and now range from 4% to 8.2%.

(iii) Following the revision, the interest rate on a one-year term deposit at the post office will increase from 6.6% to 6.8%, while for a 2-year term deposit, it will increase from 6.8% to 6.9%. Additionally, for a 3-year term deposit, the interest rate will increase from 6.9% to 7%, and for a 5-year term deposit, it will increase from 7% to 7.5%. The interest rate on 5-year recurring deposits has also been increased from 5.8% to 6.2%.

(iv) The interest rate on the Monthly Income Account Scheme has been increased from 7.1% to 7.4%.

(v) Senior Citizen Savings Schemes' interest rate has been increased from 8% to 8.2%.

(vi) The Kisan Vikas Patras' interest rate has been hiked from 7.2% to 7.5%. The scheme will now mature in 115 months instead of the previous 120 months.

From April to June 2023, the interest rate for the Sukanya Samriddhi Account scheme, designed for girl children, will increase from 7.6% to 8%.

News360 - 1st and 2nd April , 2023 | Daily Current Affairs

1. Home Minister Amit Shah inaugurates Development Works in UK & Sardar Vallabhbhai Patel Memorial in Bidar, Karnataka

Amit Shah, the Union Minister of Home Affairs, visited Uttarakhand on March 30, 2023, to inaugurate various development works such as the computerization of Multipurpose Primary Agricultural Credit Cooperative Societies (MPACS) and the launch of joint cooperative farming, Jan Suvidha Kendras, and Jan Aushadhi Kendras in Haridwar. He also introduced the model of integrated collective cooperative farming in 95 development blocks of Uttarakhand.

During the visit, he attended the 113th convocation ceremony of Gurukul Kangri University and inaugurated Patanjali University/Patanjali Vishwavidyalaya and Sanyas Diksha Mahotsav at Patanjali Yogpeeth in Haridwar, where he was the chief guest. The Chief Minister of Uttarakhand, Pushkar Singh Dhami, and other officials were present during the inaugurations.

It is noteworthy that Uttarakhand initiated the computerization of Primary Agricultural Credit Society (PACS) on October 30, 2021, which was the first such effort in India. All 670 PACS in the state have now been computerized. Additionally, under the Cooperative Societies, Uttarakhand has become the first state to establish 95 Jan Aushadhi Kendras and Jan Suvidha Kendras. These Kendras provide access to more than 300 schemes of both Central and State Governments, directly to the villages. The cooperative Jan Aushadhi Kendras also offer medicines at a discount of about 50-90% to the people.

Furthermore, the Uttarakhand government has secured the first position in the cooperative sector in India by completing the computerization of 307 cooperative bank branches and 670 MPACS.

During the visit, Amit Shah honored farmer Rajesh Sazwan with Sehkari Kisan Gaurav Samman 2023 for his excellent work in the field of horticulture and agriculture. He also recognized Women Self-help Group and farmer Bhura Singh under the Deen Dayal Yojana.

2. Home Minister unveils the statues of Lord Basaveshwara and Nadaprabhu Kempegowda in Bengaluru

Amit Shah, the Home Minister, inaugurated the statues of Lord Basaveshwara and Nadaprabhu Kempegowda at the State Assembly premises in Bengaluru, Karnataka, on March 26, 2023. These two figures are highly significant in the history of Karnataka. The Chief Minister of Karnataka, Basavaraj Bommai, and other dignitaries were also in attendance during the unveiling ceremony.

Important :

Karnataka holds several top positions in various sectors in India. It ranks first in terms of Foreign Direct Investment (FDI) with an investment of Rs. 2.72 lakh crore. 

Bengaluru, the capital of Karnataka, is home to 39 startups with an asset valuation exceeding $1 billion. 

Additionally, Karnataka contributes significantly to India's space sector, accounting for 25% of the country's overall contribution. It also leads in innovation and defense aircraft manufacturing, with 75% of India's aircraft produced in the state.

3. Lok Sabha amends Competition Act 2002; CCI to penalise Tech MNCs for Global Revenue

The Competition Act, 2002 has undergone amendments approved by the Lok Sabha, the lower house of Parliament, on March 29, 2023. The amendments are intended to extend the coverage of local laws to global deals made by digital multinational companies (MNCs). The Competition (Amendment) Bill, 2022 was passed after Finance Minister Nirmala Sitharaman presented 13 official amendments to the Bill. 

The amendment empowers the Competition Commission of India (CCI) to impose penalties on MNCs for any violations based on their international revenue. The Bill's goal is to regulate international digital companies' transactions, provided they have a strong business presence in India. Additionally, the amendments provide for the settlement of minor violations.

The proposed amendments to the Competition Act, 2002 include several changes :

(i) Mergers and combinations will be regulated based on a deal value threshold. Entities must obtain approval from the Competition Commission if the deal value exceeds Rs 2000 crore and if both companies involved have significant business operations in India.

(ii) Control of the target company is a crucial factor that affects the Competition Commission's clearance.

(iii) The government has defined 'material influence' as the basis for control in the most recent amendment to the Competition Act.

(iv) The Act now includes a settlement mechanism to reduce litigation and facilitate easier dispute resolution.

(v) Companies that engage in anti-competitive practices may face monetary penalties under the Competition Act.

(vi) The bill seeks to reduce procedural timelines for merger approval, allowing for quicker approval.

4. SEBI Board Meeting (March 2023): Significant Takeaways from 16 Major Decisions

At its board meeting on March 29, 2023, the Securities and Exchange Board of India (SEBI) made several decisions to safeguard investors' interests and strengthen the market infrastructure to manage disruptions. 

This meeting saw the highest number of announcements made in recent times, with 16 significant decisions and the approval of SEBI's budget estimates for the fiscal year 2023-2024 (FY24) among the 17 items announced.

The 16 Major Decisions and Their Implications :

ESG Related

1.Balanced Framework for ESG Disclosures, Ratings and Investing

SEBI has approved a legal framework for ESG (Environmental, Social, and Governance) Disclosures, Ratings, and Investing, along with amendments to the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and SEBI (Mutual Funds) Regulations, 1996 to promote a balanced approach to ESG. 

The Board has made several notable decisions in this regard, including the implementation of the BRSR (Business Responsibility and Sustainability Report) Core to improve the reliability of ESG disclosures. 

The BRSR Core comprises a limited number of Key Performance Indicators (KPIs) for which listed entities must gain reasonable assurance, and a glide path is specified for its application, starting with the top 150 listed entities (by market capitalization) from FY 2023-24 and subsequently expanding to the top 1000 listed entities by FY 2026-27.

SEBI has approved a legal framework for ESG (Environmental, Social, and Governance) disclosures, ratings, and investing to promote a balanced approach to ESG. The framework includes amendments to the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and SEBI (Mutual Funds) Regulations, 1996. The following decisions were made by the Board in this regard:

ESG Disclosures for Value Chain of Listed Entities

i. Specific ESG disclosures and assurance (BRSR Core only) for the value chain of listed entities will be established to promote transparency, with specific thresholds and compliance requirements.

ii. The requirements will be applicable to the top 250 listed entities (by market capitalization) on a comply-or-explain basis starting from fiscal years 2024-25 and 2025-26, respectively.

ESG Ratings

i. ESG Rating Providers (ERPs) must include India/emerging market factors in their ESG Ratings given the unique environmental and social concerns of emerging markets.

ii. ERPs shall offer a specific category of ESG Ratings called “Core ESG Rating” based on the assured parameters under BRSR Core to increase the credibility of ESG Ratings.

ESG Investing

i. SEBI has directed the implementation of special measures to minimise the risk of mis-selling and greenwashing, improve stewardship reporting requirements, and promote ESG investing.

ii. ESG schemes are required to invest at least 65% of their AUM in listed firms that provide assurance on the BRSR Core.

2. Establishing a regulatory framework for Environmental, Social and Governance (ESG) Rating Providers in Securities Market by introducing a new chapter in the SEBI (Credit Rating Agencies) Regulations, 1999

The Board gave its approval to proposals for setting up a regulatory framework for ESG rating providers (ERPs) in the Indian securities market, along with associated proposals. 

The proposals aim to achieve the following :

i. Improve transparency in ESG rating rationales.

ii. Mitigate conflict of interest by ERPs.

iii. Facilitate the augmentation of transition finance in India.

iv. Facilitate ESG ratings based on assured data.

Secondary Market Related

3.ASBA -like facility for trading in Secondary Market: Option to investors

The Board has approved a proposal for a facility similar to Application Supported by Blocked Amount (ASBA) for secondary market trading. 

The facility involves blocking funds for secondary market trade through UPI, and will be optional for both investors and stock brokers.

4.Upstreaming of clients’ funds by Stock Brokers (SBs) / Clearing Members (CMs) to Clearing Corporations (CCs) to mitigate credit risk on intermediaries

The SEBI Board has approved the establishment of a regulatory framework on the upstreaming of client funds by SBs/non-bank CMs to CCs, which aims to reduce the credit risk on intermediaries and potential misuse of client funds. 

The framework mandates that clients’ funds shall be upstreamed by SB/non-bank CMs to CCs on an End of Day basis, ensuring that clients’ funds are not retained by SBs/non-bank CMs. Funds shall be upstreamed only in the form of cash, lien on Fixed Deposit Receipts (subject to certain conditions), or pledge of units of Mutual Fund Overnight Schemes (MFOS). 

However, the framework is not applicable to Bank-CMs (including Custodians that are banks) and for proprietary funds of SBs/CMs in any segment.

The framework is expected to be implemented in two phases, with the first phase of the glide path scheduled to begin on July 1, 2023. 

Additionally, the SEBI Board has agreed to establish a proposal for the Application Supported by Blocked Amount (ASBA)-like facility that will be made available to investors for secondary market trading. 

This optional service is based on the blocking of funds for secondary market trade via UPI, and will be available to both investors and stock brokers.

5.Amendments to Stock Brokers Regulations to institute a formal mechanism for prevention and detection of fraud or market abuse by stock brokers

The Board has given approval to a framework to establish an institutional mechanism for preventing and detecting fraudulent activities and market abuse by stock brokers. 

In this regard, amendments will be made to the SEBI (Stock Brokers) Regulations, 1992 to include the following :

i. Implementation of trading activity surveillance systems and internal controls;

ii. Stock broker and employee obligations;

iii. Reporting and escalation mechanisms;

iv. Whistleblower policy .

The amendments to the SEBI (Stock Brokers) Regulations, 1992 will come into effect on October 1, 2023.

6.Introduction of Regulatory Framework for Index Providers

The Board has granted its preliminary approval to a proposal to regulate Index Providers aimed at fostering accountability and transparency in the governance and management of financial benchmarks in the securities market. This would entail that all index providers, including MSCI, would be governed by SEBI regulations.

Mutual Funds Related

7.Framework for “Corporate Debt Market Development Fund”: Backstop Facility for specified Debt Funds during market dislocations

i. The SEBI (Alternative Investment Funds) Regulations, 2012 will be amended to establish the Corporate Debt Market Development Fund (CDMDF) as an Alternative Investment Fund (AIF) following the Board's approval.

ii. The CDMDF will act as a safety net for the purchase of investment-grade corporate debt instruments during times of market turbulence, instilling confidence among corporate bond market participants and enhancing secondary market liquidity.

iii. To purchase corporate debt securities during a market disruption, the CDMDF may raise funds based on a guarantee provided by the National Credit Guarantee Trust Corporation (NCGTC).

8.Bringing clarity on the roles and responsibilities of Trustees and Board of Asset Management Companies of Mutual Funds with a focus on Unit holder protection

The Board has approved amendments to the SEBI (Mutual Funds) Regulations, 1996 to clarify the responsibilities of Trustees and the Board of Asset Management Companies (AMCs) of mutual funds (MFs). 

The amendments will explicitly make the Board of AMC responsible for protecting the interests of unitholders, in addition to other stakeholders, and will provide for the formation of a Unitholder Protection Committee by the Board of the AMC with a specific focus on protecting unitholders' interests.

9.Review of Regulatory Framework for Sponsors of Mutual Funds to give greater flexibility to the industry

The Board has approved amendments to the SEBI (Mutual Funds) Regulations, 1996, aimed at providing an alternative route for a broader set of entities to become sponsors of mutual funds. This will be done while also maintaining the current eligibility criteria for sponsors.

Shareholder Empowerment Related

10. Amendments to SEBI (Listing Obligations and Disclosure Requirements) Regulations to facilitate more comprehensive and timely disclosure

The Board has approved amendments to the Listing Obligations and Disclosure Requirements (LODR) Regulations after considering feedback from stakeholders. The amendments include :

• Requiring listed entities to disclose material events or information

• Strengthening corporate governance by empowering shareholders at listed companies

• Simplifying the timeline for newly listed entities to submit their first financial results

• Requiring listed entities to fill vacancies for directors, compliance officers, chief executive officers, and chief financial officers within three months of the vacancy to ensure critical positions are not left vacant.

11. Amendments to SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, with the objective of increasing transparency and streamlining certain issue processes

The Board has approved amendments to the Issue of Capital and Disclosure Requirements (ICDR) Rules, which include the following issues :

(i) Disclosure requirements for underwriting

(ii) Requirements to announce bonus issues and to exclusively issue bonuses through dematerialized form held in demat accounts.

12.Introduction of concept of General Information Document (GID) and Key Information Document (KID) for issuance of Bonds/ Commercial Paper and streamlining of disclosures

i. In order to enhance the ease of doing business for issuers and eliminate the need for multiple filings of placement memoranda for non-convertible securities and commercial paper intended for listing, the Board has approved the establishment of a Green Initiative and Disclosure (GID) framework.

ii. Under this framework, issuers are required to file a GID with the stock exchanges at the time of the first issuance, containing the information and disclosures as per the common schedule. The validity of the GID shall be for 1 year.

iii. Initially, the GID framework will be implemented on a 'comply or explain' basis until March 31, 2024, after which it will become mandatory.

13.Extension of “Comply or Explain” period for Large Corporates (LCs) to meet their financing needs from debt market through issuance of debt securities to the extent of 25% of their incremental borrowings in a financial year

The Board determined that a contiguous block of 3 years will replace the previous contiguous block of 2 financial years as the period of compliance for large corporations to meet their financing needs from debt markets through the issuing of debt securities to the extent of 25% of their incremental borrowings.

14.Extension Of ‘Comply or Explain’ period for the High Value Debt Listed Entities (HVDLEs) in respect of corporate governance norms and simplification of disclosure requirements pertaining to the payment of interest/ coupon and redemption amount

The Board has decided to extend the period for HVDLEs to comply or explain regarding corporate governance standards (i.e., regulations 16 to 27 of the LODR Regulations) until March 31, 2024. 

In order to improve the ease of doing business for issuers of non-convertible securities, the disclosure requirements related to the payment of interest/coupon and redemption amount are being simplified and multiple filings are being eliminated. 

The Board has also approved the proposal to consolidate the disclosure requirements under Regulation 57 of the LODR Regulations.

Alternative Investment Fund (AIF) Related

15. Amendment to Alternative Investment Funds Regulations to prescribe provisions for valuation of investments, dematerialisation of units, certification requirement for key employees of Investment Manager, transactions with associates, and option to sell unliquidated investments to a new scheme of Alternative Investment Funds

i. SEBI has mandated Alternative Investment Funds (AIFs) to adopt a consistent and standardized approach to evaluate their investment portfolios.

ii. SEBI has instructed all AIFs with a corpus of over Rs. 500 crore to dematerialize all units of new and existing schemes by October 31, 2023, in order to safeguard investors from operational risks and fraud.

iii. AIF schemes with corpuses less than Rs. 500 crore are required to dematerialize their units by April 30, 2024, to comply with the new regulation.

Investor Grievances Redressal Related

16. Strengthening the Investor Grievance Redressal Mechanism in the Securities Market through amendments to Regulations to operationalize Online Dispute Resolution (ODR) Mechanism for investors across registered intermediaries / regulated entities SEBI Budget

17. The SEBI Board has given its approval to the SEBI budget estimates for the fiscal year 2023–2024 (FY24)

5. Aditya Birla Health Insurance enters into bancassurance partnership with UCO Bank

Aditya Birla Health Insurance Co Ltd (ABHICL), a company under Aditya Birla Capital Ltd (ABCL), has formed a bancassurance alliance with UCO Bank for distributing its health insurance products.

UCO Bank's extensive network of 3,164 branches and a customer base of over 40 million throughout India will allow ABHICL to reach a broader market. The Aditya Birla Group and MMI Holdings of South Africa own ABHICL through a joint venture.

Important :

(i) ABHICL's range of health insurance products, which includes incentivized wellness benefits of up to 100% Health Returns and chronic management programs, Day-1 coverage for common conditions such as asthma, high blood pressure, high cholesterol, diabetes, wellness coaching on nutrition and fitness, and counselling on mental health, will now be available to UCO Bank's customers and employees through this partnership.

(ii) ABHICL's bancassurance network has expanded with the inclusion of UCO Bank as its 17th partner, providing access to over 80,000 direct selling agents spread across India.

6. Godrej Capital & SBI signs MoU to offer Banking Products & Services

Godrej Capital Limited, the financial services division of the Godrej Group, and State Bank of India (SBI) have inked a Memorandum of Understanding (MoU) to enhance their collaboration. As per the MoU, the bank will offer various financial products and services to Godrej Capital. 

The alliance aims to increase the accessibility and affordability of financial products, thereby promoting financial inclusion. The partnership will also enable SBI to capitalize on synergies to empower its customers and accelerate the growth of its economy. 

Through the collaboration, SBI will offer banking products, credit cards, wealth management, and insurance products as preferred partners, while also delivering financial solutions to the Godrej group.

7. Axis Bank partners with Shriram Housing Finance for Co-Lending

Axis Bank and Shriram Housing Finance Limited (SHFL) announced a collaboration on March 30, 2023, under the co-lending model using the Yubi Co.Lend platform. 

The partnership will allow both lenders to offer secured home loans and MSME loans to borrowers in the middle and low-income groups located in rural and semi-urban areas. 

The co-lending will be facilitated by Yubi's technological platform, which will streamline the loan processing as per the co-lending guidelines.

8. MoC&I Released FTP 2023: India aims for increase exports to USD 2 trillion by 2030

The Government of India's Ministry of Commerce and Industry (MoC&I) released the Foreign Trade Policy (FTP) 2023 on March 31, 2023, with the goal of increasing India's exports to USD 2 trillion by 2030 by transitioning from an incentive-based to a remission and entitlement-based system. 

The Union Minister for MoC&I, Piyush Goyal, unveiled the FTP 2023 during a ceremony in New Delhi. The FTP 2023 is slated to come into effect on April 1, 2023. India is expected to close the FY 2023 with total exports of USD 760-770 billion, up from USD 676 billion in 2021-2022.

Abut FTP 2023 :

Unlike the usual 5 year-FTP, the FTP 2023 does not have an end date and it will be updated as and when needed.

The previous FTP came into force on 1st April 2015 and was later extended in the wake of COVID-19 pandemic and the subsequent disruption in economic activities.

The last extension was given in September 2022 till 31st March 2023.

Important :

The Ministry of Commerce and Industry of the Government of India released the Foreign Trade Policy (FTP) 2023 on March 31, 2023. The FTP aims to increase India's exports to USD 2 trillion by 2030 by shifting from incentives to remission and entitlement based regime. Some of the key highlights of the FTP 2023 are :

(i) The addition of 4 new Towns of Export Excellence (TEE) to the existing 39 TEEs, namely Faridabad, Moradabad, Mirzapur, and Varanasi.

(ii) The inclusion of e-commerce exports in the FTP benefits, which are forecasted to reach USD 200-300 billion by 2030.

(iii) The doubling of the value limit for exports through courier service from Rs 5 lakh to Rs 10 lakh per consignment.

(iv) The reduction of fees for Micro, Small & Medium Enterprises (MSMEs) to facilitate their exports.

(v) The aspiration to make the Indian Rupee a global currency and encourage international trade settlement in the domestic currency.

(vi) The commitment to ensure policy continuity and responsiveness to promote India's Exports of Goods and Services.

(vii) The introduction of an amnesty scheme for one-time settlement of default in export obligation to help businesses comply with their export targets.

Key People :

Anupriya Patel, Ministers of State(MoS), MOC&I, Commerce Secretary Sunil Barthwal and Santosh Sarangi, Director General of Foreign Trade (DGFT) were present during the release of FTP 2023.

9. UAE President names Sheikh Khaled as Crown Prince of Abu Dhabi

Sheikh Khaled bin Mohamed bin Zayed Al Nahyan was appointed as Crown Prince of Abu Dhabi (UAE) by President Sheikh Mohammed bin Zayed Al Nahyan on March 29, 2023.

About Sheikh Khaled bin Mohamed bin Zayed Al Nahyan :

(i) He was born on January 8, 1982.

(ii) He serves as a member of the Abu Dhabi Executive Council and chairs both the Abu Dhabi Executive Committee and the Abu Dhabi Executive Office.

(iii) He was appointed Head of National Security in 2016 and Deputy National Security Adviser in 2017.

(iv) He is a member of Abu Dhabi's Supreme Council for Financial and Economic Affairs and sits on the board of directors of Abu Dhabi National Oil Company (ADNOC).

(v) He is also the head of several boards, such as the Advanced Technology Research Council (ATRC), the UAE Genomics Council, and the Executive Committee of the board of directors of ADNOC.

Other Appointments :

(i) President Sheikh Mohammed also appointed his brother Sheikh Mansour bin Zayed Al Nahyan as Vice President of the UAE.

(ii) MBZ named his other brothers Sheikh Tahnoun bin Zayed Al Nahyan and Hazza bin Zayed Al Nahyan as deputy rulers of Abu Dhabi.

10. Tata Power re-appoints Praveer Sinha as CEO & MD for Four Years

Tata Power Company Limited (TATA Power), one of India's oldest and largest integrated power utilities, has extended the tenure of Praveer Sinha as its Chief Executive Officer (CEO) and Managing Director (MD) for another four years starting from May 1, 2023. 

Sinha's current tenure as CEO and MD is set to end on April 30, 2023. The reappointment was approved by the Tata Power Board on March 30, 2023, based on the recommendation of the Nomination and Compensation Committee. 

Sinha serves as the chairman of the CII Western Region Council and co-chairs the CII National Committee on Power. Additionally, he holds the position of visiting research associate at the Massachusetts Institute of Technology (MIT) in Boston, USA.

11. Aaliya Mir becomes First J&K Woman to Receive Wildlife Conservation Award

Aaliya Mir, a wildlife conservationist working for the India-based charity Wildlife SOS, has received the Wildlife Conservation Award for 2023 from the administration of the Union Territory (UT) Jammu and Kashmir (J&K) for her exceptional conservation efforts in the region. 

She is the first woman from J&K to receive this award. The award includes a cash prize of Rs 25,000 and a momento. Aaliya Mir received the award from Manoj Sinha, Lieutenant Governor of J&K, during the International Day of Forests event held by the Department of Forest, Ecology and Environment of the J&K government on 21st March 2023. 

She was recognized for her work in various aspects of wildlife conservation, including rescuing and releasing wild animals, treating injured animals, mitigating human-wildlife conflict, and managing two bear rescue centers in Kashmir.

12. International Transgender Day of Visibility 2023 – 31st March

On March 31st, 2023, the world celebrated International Transgender Day of Visibility, an annual event dedicated to recognizing the achievements and contributions of transgender and gender-diverse people globally. 

The day's primary goal is to raise awareness of the work that still needs to be done to eliminate discrimination and other barriers to inclusion within all aspects of society. 

The Transgender flag, proposed in 1999, is a tricolour pride flag with five horizontal stripes in light pink, light blue, and white. It was designed by Monica Helms, an American trans woman, to represent the transgender community, organizations, and individuals.

In memory of Rita Hester, a black transgender woman who was brutally killed on November 8, 1998, International Transgender Day was established. The day was later renamed as International Transgender Day of Visibility and founded by Rachel Crandall, a transgender activist and executive director of Transgender Michigan, in 2009. 

The first International Transgender Day of Visibility was observed on March 31, 2009.