News360 - 9th and 10th April | Daily Current Affairs

National and International News :

1. Union Cabinet grants approval to LIGO-India to build gravitational-wave Detector in Maharashtra

The Union Cabinet of the Government of India, led by Prime Minister Narendra Modi, granted approval on April 6th, 2023, for the mega science proposal of LIGO-India (Laser Interferometer Gravitational-wave Observatory in India) to conduct research on gravitational waves.

The ambitious LIGO-India project aims to establish a cutting-edge gravitational wave observatory in Hingoli, Maharashtra, in collaboration with the renowned LIGO Laboratory in the United States of America (USA). Spearheaded by the Department of Atomic Energy (DAE) and the Department of Science and Technology (DST), the project is estimated to be worth Rs 2600 crore and is slated to be completed by 2030.

(i) The Union Cabinet of India granted in-principle approval for the LIGO-India project in February 2016. Approximately 300 acres of land have been acquired for the project.

(ii) Dr. Jitendra Singh, Minister of State (Independent Charge) for Science and Technology and Earth Sciences, announced that 174 acres of land in the Aundha area of Hingoli district in Maharashtra have been acquired for the LIGO-India project. The project has received environmental clearance and the geo-technical survey has been completed.

(iii) A monitoring board will be established to oversee the progress of the project.

LIGO India :

(i) LIGO is an L-shaped instrument with each arm measuring 4 kilometers (km) in length. Laser pulses are sent through each arm and bounce off a mirror, and a detector checks if they return at the same time, indicating the absence of gravitational waves. Gravitational waves passing through the detector cause slight time delays in the returning pulses, which researchers use to detect, record, and study gravitational waves.

(ii) LIGO-India will be the third advanced gravitational-wave observatory to join the worldwide network, with existing observatories in Louisiana and Washington, USA.

(iii) LIGO-India is a collaborative project between a consortium of Indian research institutions, the LIGO laboratory in the USA, and its partners, with the Department of Atomic Energy (DAE) and the Department of Science and Technology (DST) overseeing its construction under a Memorandum of Understanding (MoU) with the U.S. National Science Foundation and other research institutions.

(iv) The key components of LIGO-India, worth USD 80 million (Rs 560 crore), will be provided by the USA. LIGO-India is expected to contribute to significant advancements in astronomy and astrophysics through its participation in the global LIGO network.

2. MeitY Notifies "IT Amendment Rules 2023": Government-Appointed Fact-Checker to Identify Fake News

The Ministry of Electronics and Information Technology (MeitY) has proposed an amendment to the Information Technology Rules, 2021, which will now be known as the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Amendment Rules, 2023 [IT Amendment Rules, 2023].

As per the draft amendment, MeitY will have the authority to establish a "fact-checking unit" with wide-ranging powers to determine what is considered "fake, false, or misleading" in relation to "any business of the Union Government." 

The proposed amendment also empowers the Press Information Bureau (PIB) to judge the accuracy of news reports, and any content deemed "fake" must be removed by online intermediaries, including social media platforms.

The government fact-checking body will exclusively handle information related to Union Government schemes and will issue necessary notices to intermediaries regarding content identified as false or misleading.

Social media intermediaries (such as Facebook and Twitter) and telecom service providers will be required to warn users against hosting, displaying, uploading, modifying, publishing, transmitting, storing, updating, or sharing any information related to Union Government activities that have been flagged as fake, false, or misleading by the fact-checking unit, as part of enhanced due diligence requirements.

If an intermediary fails to remove content upon request by the fact-checking unit, the intermediary will lose safe harbor protection for that particular content.

Important :

(i) The regulatory mechanism for the fact-checking unit established by MeitY has not been indicated.

(ii) MeitY has not addressed the issues of judicial oversight, right of appeal, or adherence to guidelines established by the Supreme Court of India in the Shreya Singhal v. Union of India case, in relation to content removal or barring of social media handles.

(iii) The announcement of these amended rules amplifies the negative impact of these limitations on the fundamental right to freedom of speech and expression.

(iv) These amendments are expected to have severe repercussions, particularly for news publishers, journalists, activists, and press freedom in India.

Note : The Internet Freedom Foundation (IFF) is an organization in India dedicated to protecting digital liberties and advocating for the preservation of fundamental rights in the realm of technology.

3. Pradhan Mantri MUDRA Yojana - 8th Anniversary

On April 8, 2023, the Ministry of Finance commemorated the 8th anniversary of the launch of the Pradhan Mantri MUDRA (Micro Units Development and Refinance Agency) Yojana (PMMY). PMMY was initiated on April 8, 2015, by Prime Minister Narendra Modi in New Delhi, Delhi. 

The objective of PMMY is to provide hassle-free collateral-free micro-credit of up to Rs 10 lakh to small and micro-entrepreneurs who are non-corporate and non-farm, enabling them to engage in income-generating activities.

About Pradhan Mantri MUDRA Yojana (PMMY) :

(i) Pradhan Mantri MUDRA Yojana (PMMY) is a flagship scheme under the National Mission of Financial Inclusion in India.

(ii) PMMY focuses on "Funding the unfunded" and provides collateral-free loans to small and micro-entrepreneurs.

(iii) Loans under PMMY are categorized into Shishu, Kishore, and Tarun based on the amount needed and the maturity of the business.

(iv) Shishu loans are up to Rs 50,000, Kishore loans are above Rs 50,000 and up to Rs 5 lakh, and Tarun loans are above Rs 5 lakh and up to Rs 10 lakh.

(v) The rate of interest is determined by lending institutions based on guidelines from the Reserve Bank of India (RBI).

(vi) For working capital facility, interest is charged only on money held overnight by the borrower.

Achievements of Pradhan Mantri MUDRA Yojana (PMMY) :

(i) As of 24th March 2023, around Rs 23.2 lakh crore has been sanctioned in 40.82 crore loan accounts.

(ii) Approximately 68% of the accounts under the scheme belong to women entrepreneurs and 51% of accounts belong to entrepreneurs of Scheduled Caste (SC) / Scheduled Tribes (ST) and other backward classes (OBC) categories.

(iii) Loans under PMMY are provided by Member Lending Institutions (MLIs) such as Banks, Non-Banking Financial Companies (NBFCs), Micro-Finance Institutions (MFIs), and other financial intermediaries.

4. PM Inaugurates, Lays Foundation for Projects Worth Rs 11,300 cr in Telangana

Prime Minister Narendra Modi inaugurated and laid the foundation stone for development projects worth over Rs 11,300 crore during his visit to Telangana on 8th April 2023. He also addressed a public gathering at the Secunderabad Parade Grounds in Secunderabad, Telangana.

He also flagged off the prestigious Secunderabad - Tirupati Vande Bharat Express train, which connects Secunderabad and Tirupati.

This is the second Vande Bharat train for Telangana and Andhra Pradesh, the two Telugu states. This train will significantly reduce the travel time between Hyderabad and Tirupathi to about 8 hours and 30 minutes, which is approximately 3 hours less than the usual travel time, with limited stops at Nalgonda, Guntur, Ongole, and Nellore.

Others :

(i) PM Modi laid the foundation stone for the re-development of Secunderabad railway station, costing around Rs 720 crore.

The project involves the development of world-class amenities and an iconic station building.

The re-developed station will have a double-level spacious roof plaza with passenger amenities and multimodal connectivity.

(ii) He dedicated the completed parts of the Secunderabad-Mahabubnagar doubling project (stretching 85.24 km) to the nation, costing around Rs 1410 crore.

The project includes 9 bridges, 152 minor bridges, and elimination of 17 level crossing gates to enhance safety.

(iii) He inaugurated 13 new Multi-Modal Transport System (MMTS) services in the Hyderabad–Secunderabad twin city region.

These services will provide fast, convenient, and comfortable travel options for commuters.

The new services will benefit daily commuters, students, and office goers.

(iv) He laid the foundation stone for the All India Institute of Medical Sciences (AIIMS) Bibinagar in Yadadri Bhuvanagiri, Telangana, costing around Rs 1350 crore.

The AIIMS will provide comprehensive, quality, and holistic tertiary care health services to the people of Telangana.

(v) He laid the foundation stone for a national highway project worth Rs 7850 crore, providing connectivity to Telangana and Andhra Pradesh.

The project will contribute to the socio-economic development of the region.

5. CEA: West Bengal Power Development Corporation (WBPDCL) Ranks best performing Power Generation Company in FY23

The Ministry of Power has ranked West Bengal Power Development Corporation (WBPDCL) as the best performing power generation company in India for the financial year 2022-23 (FY23), according to a list published by the Central Electricity Authority (CEA).

WBPDCL achieved a Plant Load Factor (PLF) of 85.23%, securing the top spot.

Odisha Power Corporation followed with a PLF of 76.93%.

NTPC (coal-based station) ranked third with a PLF of 75.9%.

Damodar Valley Corporation (DVC) secured the fourth position with a PLF of 73.42%.

Important :

(i) Three thermal power plants of WBPDCL have secured top ranks in terms of performance and efficiency (measured by PLF) among 205 power plants in India.

(ii) Top 5 power plants in India : 

(a) Birbhum's Bakreshwar Thermal Power Station (TPS) of WBPDCL secured the first position with a PLF of 92.38%.

(b) Purulia's Santaldih TPS ranked second with a PLF of 91.37%.

(c) NTPC Korba secured the third position with a PLF of 91.15%.

(d) NTPC Vindyachal ranked fourth with a PLF of 89.54%.

(e) Murshidabad's Sagardighi TPS secured the fifth position with a PLF of 89.39%.

(iii) WBPDCL has registered a record gross generation of 31.85 billion units with a growth of 35% over the past two years, showcasing superior performance in areas like availability, PLF, Specific Oil Consumption (SOC), and auxiliary power consumption (APC). Major turnaround has also been observed in the other two plants at Kolaghat and Bandel in West Bengal.

Banking and Finance :

1. South Indian Bank signs bancassurance pact with Chola MS

(i) South Indian Bank Limited (SIB) has signed a bancassurance pact with Cholamandalam MS General Insurance (Chola MS).

(ii) The agreement aims to offer health and general insurance products of Chola MS to SIB's customers.

This partnership will provide SIB customers with access to a wide range of insurance products offered by Chola MS.

(iii) It will also enable Chola MS to offer insurance products specifically designed for SME customers and innovative insurance covers for retail customers of SIB.

(iv) The key product offerings under this partnership include personal accident coverage, home and property insurance, farmer care, EMI insurance, home package, and retail health.

2. IIFL Finance secures $100mn funding from EDC, Deutsche Bank

IIFL Finance Limited has secured long-term funding of $100 million from Export Development Canada (EDC) and Deutsche Bank, with each contributing $50 million.

In this deal, Deutsche Bank played the role of mandated lead arranger, book runner, and co-financier.

IIFL Finance Limited is a non-banking financial company (NBFC) that is supported by Fairfax.

Important :

(i) IIFL Finance Limited has previously received $100 million in funding from EDC in 2019, making this the second loan from EDC.

(ii) In February 2020, IIFL Finance raised $400 million through its debut dollar bond issue, with the maximum approved amount by the Reserve Bank of India being bought back. The remaining amount is scheduled to mature in April 2023.

(iii) The fresh funding obtained at a competitive rate is expected to result in significant savings in borrowing costs compared to the previous fundraise.

(iv) These long-term funds will support IIFL in further strengthening its asset-liability management position and sustaining growth across its core businesses.

3. SEBI Issues Guidelines for Usage of Brand or Trade Name by Investment Advisers & Research Analysts

The Securities and Exchange Board of India (SEBI), the capital markets regulator, has issued a circular regarding the use of brand names or trade names by Investment Advisers (IAs) and Research Analysts (RAs), following its previous publication of guidelines for advertisements by these entities.

The provisions of the circular will be effective from May 1, 2023.

SEBI has issued this circular under the authority granted by Section 11(1) of the Securities and Exchange Board of India Act, 1992, with the aim to safeguard the interests of investors in the securities market and promote the growth and regulation of the securities market.

Important :

(i) SEBI has found that some IAs and RAs have been using their brand name/trade name/logo more prominently than their registered name with SEBI in their advertisements, websites, publications, and other documents, which may mislead investors.

(ii) SEBI has issued recommendations to maintain transparency, requiring the display of the registered name, logo, registration number, and complete address of the IA/RA on various platforms.

(iii) SEBI has also mandated the inclusion of a disclaimer stating that registration with SEBI, membership in BSE Administration & Supervision Ltd. (BASL) [in the case of IAs], and certification from NISM do not guarantee performance or provide assurance of returns to investors.

(iv) SEBI has prohibited the use of its logo by IAs and RAs.

(v) SEBI has released new rules on the advertisement code for IAs and RAs to enforce compliance with the advertisement code.

(vi) The provisions of this circular will be effective from May 1, 2023, and are outlined in the Securities and Exchange Board of India (Investment Advisers) Regulations, 2013, and Securities and Exchange Board of India (Research Analysts) Regulations, 2014.

(vii) SEBI issued this circular under the authority granted by Section 11(1) of the Securities and Exchange Board of India Act, 1992, with the aim to safeguard the interests of investors in the securities market and foster the growth and regulation of the securities market.

(viii) SEBI has directed all registered IAs and RAs to ensure compliance with its decision on the advertisement code, which encompasses forms of communication, disclosures in advertisements, prohibitions in advertisements, and other obligations.

(ix) The code applies to various forms of communication, such as pamphlets, circulars, brochures, research reports, written content for publications, and displays in newspapers, magazines, signboards, mail, text messages, messaging apps, and other mediums that can influence investment choices.

(x) Communication channels may also include social media platforms, radio, telephone, television, tape recording, or any other type of internet communication.

(xi) Furthermore, IAs and RAs are required to provide information in their advertisements about their registered office addresses, membership status, registration number, logo, brand name, and other relevant details as mandated by SEBI.

4. Razorpay partners with UIDAI to process payments for online Aadhaar services

Razorpay (Razorpay Software Private Limited) has joined forces with UIDAI (Unique Identification Authority of India) to facilitate payments for online Aadhaar services, offering citizens a seamless and secure payment experience.

UIDAI allows Aadhaar holders to update their Aadhaar data, such as names and addresses, online for a fee of Rs.50. With over 80,000 such transactions processed daily on the UIDAI website, a robust payment solution was required to ensure high success rates for such a large volume of transactions.

Razorpay will eventually support over 70% of the total daily transactions on the UIDAI portal, providing a reliable payment gateway for online Aadhaar services.

5. CCI Approves Acquisition of SREI Infrastructure Finance by NARCL & IDRCL

On April 6, 2023, the Competition Commission of India (CCI) approved the acquisition of shares and control over SREI Infrastructure Finance Limited by National Asset Reconstruction Company Limited (NARCL) and India Debt Resolution Company Limited (IDRCL) under Section 5(a) of the Competition Act, 2022. 

The acquirers are NARCL and IDRCL, while the target is SREI Infrastructure Finance Limited. The proposed transaction involves the acquisition of a majority of the equity share capital of the target as per the resolution plan submitted by NARCL in relation to the corporate insolvency resolution process of the target and its wholly-owned subsidiary, SREI Equipment Finance Limited (SIFL), initiated under the Insolvency and Bankruptcy Code, 2016. 

It's important to note that NARCL's resolution plan was approved by the Committee of Creditors of SREI Infrastructure Finance on February 14, 2023.

Green Channel notification :

The Proposed Transaction, which involves horizontal overlaps or vertical or complimentary linkages between the activities of the target and acquirers, is being notified under the Green Channel route as per Regulation 5A(1) read with Schedule III of the Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Regulations, 2011 (as amended).

NARCL :

NARCL, incorporated under the Companies Act 2013, is a "bad bank" established with the mandate to take over stressed assets of banks and assist them in cleaning up their balance sheets. NARCL focuses on legacy stressed assets with an exposure of Rs 500 crore and above in the Indian banking system.

IDRCL :

IDRCL's main objective is to offer debt management services, including the resolution of stressed assets, to NARCL.

Note : IDRCL advises NARCL on the acquisition of stressed financial assets or companies and assists NARCL for the optimal resolution of the acquired assets or companies.

 

News360 - 8th April , 2023 | Daily Current Affairs

National and Inter-national News  :

1. Cabinet approvals on 6th April , 2023

The Union Cabinet chaired by the Prime Minister (PM) Narendra Modi has approved the following proposals :

(a) Indian Space Policy 2023 to enable  the private sector to participate in various space activities -

Indian Space Policy 2023 approved by Cabinet Committee on Security (CCS) chaired by PM Narendra Modi.

Policy aims to enable private sector participation in space activities.

Private sector allowed to construct satellites, rockets, launch vehicles, and collect/share data.

Policy opens doors for private sector to contribute to India's space program.

Objective :

To enhance the role of India's space department.

To Increase participation of research, academia, startups, and industry in the space sector and foster collaboration between different stakeholders to boost India's space program.

Important :

(i) Policy outlines roles of ISRO, NSIL, and IN-SPACe -

NSIL to handle operational aspects of ISRO's missions.

IN-SPACe to facilitate interaction between ISRO and non-governmental entities.

ISRO to focus on technology development, research, and not engage in operational and production work.

(ii) Policy enables private sector use of ISRO facilities for a fee and encourages private investment in new infrastructure.

(iii) Policy expected to increase India's share in global space economy from below 2% to 10% in the future.

(iv) Policy establishes foundation for private sector companies and startups to offer space-based services, including satellite launches and citizen-centric services for enhanced quality of life.

(b) Revised Domestic Gas Pricing Guidelines -

(i) CCEA, chaired by PM Narendra Modi, approves mechanism for domestic natural gas pricing in India.

(ii) Revised guidelines for gas produced from ONGC/OIL nomination fields, NELP blocks, and pre-NELP blocks with PSC approval.

(iii) New mechanism adopts recommendations by Kirit Parikh Panel on gas price deregulation in India.

Objective :

Establish stable pricing system for domestic gas consumers.

Provide protection to producers against market fluctuations.

Incentivize increased production of domestic gas.

Mechanism :

Domestic gas pricing linked to imported crude pricing.

Pricing to be decided at 10% of Indian crude basket.

Monthly revision of domestic gas prices.

Current :

Currently, domestic gas prices are determined based on the 2014 Domestic Gas Pricing Guidelines approved by the Government. Prices are calculated every 6 months, using volume-weighted prices from four gas trading hubs - Henry Hub, Albena, National Balancing Point (UK), and Russia. These prices are based on a period of 12 months with a time lag of one quarter.

Key Points :

(i) The decision to link domestic gas prices to imported crude prices is part of the Central Government's reforms to lower prices of Piped Natural Gas (PNG) for households and Compressed Natural Gas (CNG) for transport. It is also expected to reduce the fertilizer subsidy burden and benefit the domestic power sector.

(ii) The Government aims to increase the share of natural gas in India's primary energy mix from the current 6.5% to 15% by 2030.

(c) Army proposal to induct woman officers in Artillery -

In March 2023, the Central Government approved the induction of women officers in the artillery regiments of the Indian Army. 

The first batch of women officers will be commissioned in the Army's artillery regiments by the end of April 2023, upon completion of their training at the Officers' Training Academy (OTA) in Chennai, Tamil Nadu. 

This marks a historic milestone as it will be the first time that women in the Indian Army will be trained to operate howitzers and rocket systems.

Key Points :

(i) Women officers are already serving in the Indian Air Force (IAF) as fighter pilots and in the Indian Navy on ships.

(ii) Artillery is a branch of land-based forces responsible for operating large guns to engage enemies from a distance. It is the second largest branch after infantry and includes various regiments that use different types of weapons such as guns, missiles, mortars, and unmanned aerial vehicles.

(iii) As of March 17, the government data shows that there are 6,993 women officers currently serving in the Indian Army, including those in the Army Medical Corps, Army Dental Corps, and Military Nursing Service.

2. Tripura Declared as Best Performing State in Northeastern Region for e-Procurement

Tripura has been awarded the title of the Best Performing State in the Northeastern Region for the successful implementation of e-procurement. This recognition was jointly conferred by the Ministry of Finance (MoF) and the Ministry of Electronic and Information Technology (MeitY) during a workshop held on March 27, 2023, at India Habitat Centre in New Delhi, Delhi. 

Tripura was applauded for its significant efforts in various sectors such as Saubhagya Yojana and empowerment of panchayats over the past five years.

About e-Procurement :

e-Procurement is a transparent system used in government sales that prevents vendor alliances, promotes fairness, and reduces tax evasion. It benefits small and medium industrialists and allows vendors from any part of India to participate, while also lowering costs for the government.

Important :

(i) Tripura was recognized for its timely completion of work under the Saubhagya Yojana of the Power Department.

(ii) The state has also been awarded for its outstanding performance in agriculture and panchayat self-empowerment.

(iii) The Tripura government has prioritized transparency by making e-procurement mandatory for services and goods costing over Rs. 25,000.

3. 2nd Tourism Working Group Meeting held in Siliguri, West Bengal

The 2nd Tourism Working Group Meeting took place in Siliguri, Darjeeling District, West Bengal. It was attended by 56 delegates from 17 Member Countries, 8 Invitee Countries, and 4 International Organizations (IOs) including UNEP, ILO, and UNWTO.

Ambassadors from seven G20 countries also participated, including Australia, Bangladesh, Japan, Singapore, Mexico, Indonesia, and South Korea.

The event focused on Green Tourism and was unanimously adopted by all countries.

Union Minister G. Kishan Reddy from the Ministry of Culture, Ministry of Tourism, and Ministry of Development of North Eastern Region (MDoNER) and Union Minister of State (MoS) John Barla from the Ministry of Minority Affairs attended the inaugural session.

Important :

(i) Presentations on "Travel for LiFE" by UNEP and "1st Draft Outcome Document— GOA Roadmap" by UNWTO were made at the first session of the Tourism Working Group meeting.

(ii) The "First Draft of GOA Roadmap" has been agreed upon by G20 Member Countries, Invitee Countries, and IOs to be adopted during the Tourism Ministerial Meeting in Goa in June 2023.

(iii) The working group meeting included presentations from Türkiye, Saudi Arabia, Australia, Indonesia, and Italy on the five goals of green tourism, digitalization, skills, tourism MSMEs, and destination management, respectively.

(iv) Green Tourism was unanimously adopted as the top priority by all participating countries.

(v) Two side events on "Adventure Tourism" were organized in conjunction with the Working Group Meetings to highlight the potential of adventure tourism in India and the North East Region.

(vi) The second event was "Tourism in Mission Mode: Advantage Adventure Tourism," which included regional stakeholders, domestic industry partners, and States of the Government of India.

 4. NASA’s Ingenuity Mars Helicopter Breaks World Records Once Again

On April 2, 2023, the Ingenuity Mars Helicopter, developed by the National Aeronautics and Space Administration (NASA), set two new records for the highest altitude and highest speed achieved by any self-propelled aircraft outside of Earth.

During its 49th flight, the small rotorcraft, Ingenuity, reached a height of 16 meters and achieved a remarkable speed of 23.4 kilometers per hour.

Covering a distance of 282 meters, the 49th flight of Ingenuity lasted for 142.7 seconds, showcasing its impressive capabilities on the Martian surface.

Previous records of NASA's Ingenuity Mars Helicopter :

(i) Over the course of two years, Ingenuity has been flying on the surface of Mars, covering a distance of more than 11 kilometers.

(ii) On December 3, 2022, Ingenuity set a new flight height record by flying approximately 14 meters above the Martian surface.

(iii) Ingenuity achieved its previous flight speed record of 19.8 kilometers per hour on three occasions: December 10, June 11, and April 8 (in 2022).

(iv) On April 8, 2022, Ingenuity completed its record-breaking 25th flight, covering an impressive distance of 704 meters, which remained its longest flight until its 49th flight. This flight was also its fastest until flight 49.

About NASA's Ingenuity Mars Helicopter :

(i) On February 18, 2021, the Perseverance Rover and Ingenuity, a small solar-powered helicopter, successfully landed on the surface of Mars.

(ii) Ingenuity made history on April 19, 2021, by completing the first powered flight in human history on an extraterrestrial body.

(iii) During this historic flight, Ingenuity hovered and landed in the same spot for 39.1 seconds, showcasing its pioneering capabilities.

5. HAL’s First LCA Trainer Successfully Completes Maiden Test-flight

On April 5, 2023, the first series production Light Combat Aircraft (LCA) Tejas trainer (LT 5201) aircraft, manufactured by Hindustan Aeronautics Limited (HAL), successfully completed its maiden flight, marking a significant milestone in the LCA Tejas program.

The maiden flight of the first-ever LCA Tejas trainer (LT 5201) built to series production standards took place at the airfield, and it completed a 35-minute test flight before safely landing.

The trainer aircraft was piloted by Group Captain Venu and Wing Commander Awasthi.

As part of the LCA Tejas program, the Indian Air Force has ordered approximately 10 twin-seater LCA trainers for the commissioning of 83 Tejas Mk-1As, an improved variant of Tejas Mark 1, starting from the next year (2024).

 Banking News :

1. RBI Data: Bank credit growth Increased by 15% in FY23, Highest since FY12

As per the data from the Reserve Bank of India (RBI), India's bank credit recorded a year-on-year (YoY) growth of 15% in the financial year 2022-23 (FY23), compared to 9.6% YoY growth in 2021-22 (FY22).

The credit growth in FY23 is the highest since FY12, when it was recorded at 19.3%.

Important :

(i) Bank deposits witnessed a YoY growth of 9.58% in FY23, compared to 8.9% YoY growth in FY22.

(ii) In FY23, the mobilization of bank deposits lagged behind credit disbursements, with Rs 15.78 trillion raised through deposits, as opposed to Rs 13.51 trillion raised in FY22. Meanwhile, credit in absolute terms rose to Rs 17.83 trillion in FY23, up from Rs 10.43 trillion in FY22.

(iii) According to data from the RBI's Scheduled Bank's Statement of Position in India, outstanding credit stood at Rs 136.75 trillion at the end of the last fortnight of FY23 (on March 24, 2023), compared to Rs 118.91 trillion in FY22 (on March 25, 2022). Outstanding deposits stood at Rs 180.43 trillion in FY23, as against Rs 164.6 trillion in FY22.

(iv) The interest rate on one-year term deposits ranged from 5-5.6% around the end of March 2022 and increased to 6-7.25% by the end of March 2023.

(v) The savings deposit rate remained in the range of 2.7-3% in March 2022 and March 2023, according to the data.

2. First Bi-Monthly Monetary Policy of FY24 (Highlights) 

The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI), comprising six members, convened for its meeting on April 3rd, 5th, and 6th, 2023, and issued its initial bi-monthly monetary policy statement for FY24 (Financial Year 2023-2024).

Policy Rates :

(i) The MPC has decided to keep the policy rates unchanged with the stance remain focused on the withdrawal of accommodation.

(ii) The Unchanged Policy rates are as follows :

(A) Policy Rates :

1. Policy Repo Rates – 6.50 %

2. Standing Deposit Facility – 6.25 %

3. Marginal Deposit Facility – 6.75 %

4. Bank Rate – 6.75 %

5. Reverse Repo Rate – 3.35 %

(B) Reverse Ratios :

1. Cash Reverse Ratio – 4.50 %

2. Statutory Liquidity Ratio – 18 %

Members :

The meeting of the Monetary Policy Committee (MPC) was presided over by RBI Governor Shaktikanta Das, and the committee comprised of five other members, namely Shashanka Bhide, Ashima Goyal, Prof. Jayanth R. Varma, Michael Debabrata Patra, and Dr. Rajiv Ranjan.

(A) MPC’s Assessments on growth and inflation :     

Growth :

India's real gross domestic product (GDP) growth for FY24 is projected to be 6.5 percent, with 7.8 percent in Q1, 6.2 percent in Q2, 6.1 percent in Q3, and 5.9 percent in Q4.

As per the second advance estimate (SAE) released by the National Statistical Office (NSO) on February 28, 2023, India's real GDP growth for FY23 was placed at 7.0 percent.

Inflation :

(i) Consudline inflation increased from 5.7 percent in December 2022 to 6.4 percent in February 2023, primarily due to higher inflation in cereals, milk, and fruits, as well as slower deflation in vegetable prices.

(iii) Core inflation (i.e., CPI excluding food and fuel) remained above 6 percent in January-February 2023.

Note : The Union Government has maintained unchanged policy rates to achieve the medium-term target for CPI inflation of 4 percent within a band of +/- 2 percent, while supporting growth.

(B) Developmental and Regulatory Policies :

Improving Efficiency with the PRAVAAH Portal -

The Reserve Bank of India (RBI) has made the decision to develop a secure web-based centralized portal called 'PRAVAAH' (Platform for Regulatory Application, Validation And AutHorisation) with the aim of enhancing efficiency.

(i) Current Situation :

Various entities are mandated to obtain licenses/authorizations from the RBI to conduct regulated activities, and regulated entities are also required to seek periodic approvals under different statutes/regulations.

Presently, the application and approval processes for these requirements occur through a mix of online and offline modes, resulting in a lack of uniformity.

(ii) Advantages of the PRAVAAH Portal :

To address the challenges of the current process, RBI has developed the PRAVAAH portal. The portal is designed to streamline regulatory processes and enhance the ease of doing business for entities regulated by RBI.

Through the PRAVAAH portal, time limits for decision-making on applications/approvals will be displayed, ensuring transparency and efficiency in the regulatory process.

(iii) The FY24 Union Budget has also highlighted the need to simplify, streamline, and reduce the cost of compliance for financial sector regulators. Time limits will be established to ensure timely decision-making on applications under various regulations, with the goal of enhancing efficiency and reducing regulatory burden.

(iv) RBI has announced its plans to further expand the PRAVAAH portal to encompass all types of applications submitted to the bank across various functions. This extension aims to streamline and centralize the application and approval processes, bringing greater efficiency and ease of use to regulated entities.

(C) Onshore Non-deliverable Derivatives Market :

(i) RBI had earlier granted permission to Banks operating IFSC Banking Units (IBUs) in India to engage in transactions involving INR Non-deliverable derivative contracts (NDCCs) with non-residents and with each other, starting from June 1, 2020.

(ii) In a move to further develop the onshore INR-NDDC market and offer residents greater flexibility in designing their hedging programs, RBI has now allowed banks with IBUs to extend INR NDCCs to resident users in the onshore market.

(D) Centralised Web portal to Search Unclaimed Deposits :

(i) Current Practice :

Currently, deposits that remain unclaimed for 10 years in a bank are transferred to the 'Depositor Education and Awareness' (DEA) Fund, which is maintained by RBI. RBI aims to prevent newer deposits from becoming unclaimed and ensure that existing unclaimed deposits are returned to their rightful owners or beneficiaries. Banks display the list of unclaimed deposits on their websites to facilitate the return of such deposits.

(ii) Development of Web Portal :

To enhance access for depositors/beneficiaries, RBI has decided to develop a centralized web portal for the public. This portal will allow users to search across multiple banks for possible unclaimed deposits based on their inputs. The search results will be improved by utilizing certain AI (Artificial Intelligence) tools. The objective is to streamline the process of returning unclaimed deposits to the rightful owners or beneficiaries and make it more user-friendly through the use of technology.

(E) Pre-Sanctioned Credit Lines at Banks through UPI :

(i) Current Scenario :

Currently, Unified Payments Interface (UPI) transactions are enabled between deposit accounts at banks, sometimes intermediated by pre-paid instruments including wallets.

(ii) Proposed Enhancement :

RBI has proposed enabling transfers to/from pre-sanctioned credit lines at banks through UPI. This means that the UPI network will facilitate payments financed by credit from banks. This enhancement will reduce the time and effort required to obtain loans, as users will be able to access pre-sanctioned credit lines through UPI, making the process more seamless and convenient.

Note : UPI handles 75% of the retail digital payments volume in India, highlighting its widespread usage and significance in the digital payments ecosystem.

(F) RBI to Issue New 5-Year Govt Bonds to Raise Rs 8000 Cr :

(i) RBI to auction new 5-year government bonds, maturing in 2028, raising approx. Rs 8,000 crore in the first FY24 bond auction on April 06, 2023.

(ii) GoI plans to raise up to Rs 33,000 crore through auction of 3 securities maturing in 2028, 2033, and 2052, with an option to retain additional subscriptions up to Rs 2,000 crore for each security.

(G) Additional Domestic Economy Information :

(i) Rabi foodgrain production expected to increase by 6.2% in FY3.

(ii) In FY23, money supply (M3) expanded by 9.0% and non-food bank credit increased by 15.4%.

(iii) India's foreign exchange reserves as of March 31, 2023, were US$ 578.4 billion.

(iv) CAD : Current account deficit (CAD) for Q1-Q3 of FY23 was 2.7% of GDP. In Q3 FY23, CAD narrowed significantly to 2.2% from 3.7% in Q2 FY23. RBI Governor expects CAD to remain moderate in Q4 FY23 and FY24 at a viable and manageable level.

(v) Inward gross remittances reached an all-time high of US$ 107.5 billion in calendar year 2022.

Other News :

1. Jharkhand Education Minister Jagarnath Mahto Passed Away

On April 6, 2023, Jagarnath Mahto, the Minister of Education in Jharkhand, passed away at the age of 56 at a hospital in Chennai, Tamil Nadu. He was born on January 1, 1967, in Alargo, Bokaro, Jharkhand.

Jagarnath Mahto was a prominent politician and cabinet minister representing the Dumri Vidhan Sabha constituency from the Jharkhand Mukti Morch (JMM) party. He was actively involved in the movement for a separate statehood, which was led by Shibhu Soren.

2. MCC Honoured 5 Indian Cricketers with Honorary Life Membership

On April 5, 2023, the Marylebone Cricket Club (MCC), based at the iconic Lord's Cricket Ground in London, United Kingdom (UK), awarded honorary life membership to 17 esteemed cricketers from around the world. Among them were 5 Indian cricketers, including Mahendra Singh Dhoni (MS Dhoni), Suresh Raina, Yuvraj Singh, Mithali Raj, and Jhulan Goswami.

In addition, MCC also bestowed 2 Honorary Life Memberships for non-playing contributions to the game.

The 2023 cohort of new Honorary Life Memberships includes representation from 8 of the 12 Test Playing countries, highlighting the global recognition and appreciation of these accomplished cricketers.

Important :

(i) MS Dhoni , the former captain of the Indian Men's cricket team (2004-2019), holds the distinction of being the only cricket captain in the world to have won all three major ICC tournaments - the 2007 ICC World T20, the 2011 ICC Cricket World Cup, and the 2013 ICC Champions Trophy. Under his leadership, India also clinched the 2010 and 2016 Asia Cups.

Awards : Rajiv Gandhi Khel Ratna 2007 (now Major Dhyan Chand Khel Ratna Award); Padma Shri (2009); Padma Bhushan (2018).

(ii) Yuvraj Singh , the former International Indian Cricketer (2000-2017), was honored as the Player of the Tournament in the 2011 World Cup. During the tournament, he created history by becoming the first player to achieve a 5-wicket haul and score a 50 in the same World Cup match.

Awards : Arjuna Award (2012); Padma Shri (2014).

(iii) Suresh Raina , the former Indian international cricketer (2005-2018), was an integral part of the team that won the 2011 Cricket World Cup and the 2013 ICC Champions Trophy. He also holds the distinction of being the first Indian to score a century in the ICC Men's T20 World Cup. Throughout his 13-year career, Raina amassed over 5,500 ODI runs.

(iv) Jhulan Goswami , the former Indian international cricketer (2002-2022), made history by becoming the highest wicket-taker in Women's World Cup, surpassing the previous record of Lyn Fullston in 2022. She retired from international cricket in September 2022, with her final match being against England at Lord's. She continues to be associated with the sport, playing for the Bengal squad and serving as a bowling coach and mentor for the Women's Premier League franchise Mumbai Indians.

Awards : Arjuna Award (2010); Padma Shri (2012).

(v) Mithali Raj , the former captain of the India women's national cricket team (1999-2022), holds the distinction of being the all-time leading run-scorer with 7,805 runs at an impressive average of 50.68 in 211 innings.

Awards : Arjuna Award (2003); Padma Shri (2015); Major Dhyan Chand Khel Ratna (2021).

3. World Health Day 2023 - 7th April 

World Health Day, observed annually on 7th April by the United Nations (UN), serves as a global platform to highlight a specific health topic of concern to people worldwide. This significant day also commemorates the founding of the World Health Organization (WHO), with 7th April 2023 marking the 75th anniversary of WHO's establishment in 1948. 

The theme for World Health Day 2023 is " Health for All " , envisioning a world where everyone has the opportunity to enjoy good health, leading to a fulfilling life in a peaceful, prosperous, and sustainable environment. This theme emphasizes the importance of equitable access to healthcare services and promoting health and well-being for all individuals, regardless of their background, geography, or socio-economic status.

Note :

(i) During the 1st World Health Assembly (WHA), it was decided that World Health Day would be observed on 22nd July annually across all member states. However, due to the closure of schools and educational institutes during that time, which serve as important focal points of the observance, 7th April was chosen as a more suitable alternative. This date marks the day on which the Constitution of WHO officially entered into force in 1948.

(ii) Subsequently, the 2nd World Health Assembly decided that starting from 1950, World Health Day would be observed annually on 7th April.

Universal Health Coverage (UHC) :

(i) Universal health coverage (UHC) refers to the provision of quality health services to all people, without facing financial barriers, ensuring that they can access the care they need, when and where they need it.

(ii) UHC not only offers financial protection and access to essential services, but also helps to alleviate poverty, promote the well-being of families and communities, protect against public health crises, and move towards achieving #HealthForAll.

Observance in India :

On the occasion of World Health Day 2023, the Union Ministry of Health and Family Welfare organized a walkathon event in New Delhi, Delhi, under the theme of "Health for All". The walkathon started from Vijay Chowk, passed through Kartavya Path and India Gate, and culminated at Nirman Bhawan.

The walkathon was led by Union Health Minister Dr. Mansukh Mandaviya and Minister of State (MoS) for Health & Family Welfare, Dr. Bharti Pravin Pawar.

Objective of the Walkathon :

To create awareness about healthy habits not only to keep away Non-Communicable Diseases (NCDs) but also for positive effects on mental well-being.

4. International Day of Sport for Development and Peace 2023 – April 

The International Day of Sport for Development and Peace (IDSDP), established by the United Nations (UN), is celebrated annually on April 6 worldwide, to honor the role of sports and physical activity in our lives and communities.

April 6, 2023, marks the 10th edition of the International Day of Sport for Development and Peace, with the global theme of "Scoring for People and the Planet". This theme highlights the impact and influence of sports on sustainable development and peace.

The United Nations General Assembly (UNGA) adopted resolution A/RES/67/296 on August 23, 2013, proclaiming April 6 of every year as the International Day of Sport for Development and Peace.

The first-ever IDSDP was observed on April 6, 2014, marking the beginning of this important global observance.

Note : The International Olympic Committee (IOC), as the Permanent Observer of the United Nations (UN), put forward and endorsed this initiative to acknowledge the role of sports organizations in driving social change and human development.

Significance of International Day of Sport for Development and Peace (IDSDP) :

(i) Sports can have a significant impact on individuals, both physically and mentally, promoting better health, improved illness resistance, social integration, gender equality, economic development, and fostering international brotherhood, peace, and cooperation.

(ii) The annual observance of IDSDP serves to highlight these opportunities and inspire individuals to actively engage in sports as a means to contribute towards creating a positive world.

Event for International Day of Sport for Development and Peace (IDSDP) 2023 :

(i) The UN Department of Global Communications (DGC) and the Department of Economic and Social Affairs (DESA) organized the event in collaboration with the Permanent Mission of the State of Qatar and the Principality of Monaco to the UN in New York, United States of America (USA).

(ii) The event for 2023 aims to recognize and highlight the role of sports in addressing climate change, promoting gender equality, and tackling racism.

#WhiteCard Campaign (2023) :

The global sports communities celebrate IDSDP through the #WhiteCard Campaign.

The #WhiteCard serves as an invitation to promote peace, particularly on IDSDP.

This campaign was created by Peace and Sport, an independent organization that promotes the positive and constructive values of sports. It was introduced as a symbol in 2014 to represent the positive power of sports for peace and social inclusion.

5. Prevention of Blindness Week 2023 - April 1 to 7

The Prevention of Blindness Week is observed annually across India from April 1 to 7 (the first week of April) with the aim to promote the prevention of blindness and raise awareness about the causes of blindness.

This week also serves to support individuals with visual impairments and promote access to eye care services.

The National Society for the Prevention of Blindness-India (NSPB-I) coordinates the Prevention of Blindness Week in India, in collaboration with state and local branches, to carry out various activities and initiatives focused on preventing blindness and promoting eye health.

Significance :

(i) The Prevention of Blindness Week plays a crucial role in raising awareness about various factors that can lead to blindness, helping to prevent its occurrence.

(ii) The week serves as a platform to educate the general public about eye injuries, visual impairments, and ways to prevent, treat, and cure them, promoting eye health and well-being.

Government of India's Efforts to Reduce the Prevalence of Blindness :

(i) The Government of India (GoI) launched the National Programme for Control of Blindness and Visual Impairment (NPCB&VI) in 1976 as a centrally sponsored scheme, with the aim of reducing the prevalence of blindness to 0.3% by 2020. The scheme is now implemented with a sharing pattern of 60:40 in all states and 90:10 in Northeastern states.

(ii) The National Health Policy (NHP) sets a target to further reduce the prevalence of blindness to 0.25% by 2025, reflecting the GoI's commitment to addressing and reducing the burden of blindness in the country through strategic initiatives and interventions.

News360 - 7th April , 2023 | Daily Current Affairs

 1. GoI Announces Plans to Add 250 GW of RE Capacity Over the Next 5 Years

(i) The Government of India (GoI) aims to generate 500 GW of clean energy by 2030 and install 250 GW of renewable energy (RE) capacity in the next 5 years.

(ii) Annual bidding for 50 GW of RE capacity from FY24 to FY28 is planned to accelerate renewable energy deployment, with a minimum of 10 GW of wind power capacity included in the bids each year.

(iii) India's total renewable energy (RE) capacity as of February 28, 2023, is 168.96 GW, with 82 GW in various stages of deployment and 41 GW available for auction.

(iv) The Ministry of New and Renewable Energy (MNRE) has released a quarterly bid plan for FY23-24, including bids for a minimum of 15 GW of RE capacity in each quarter.

(v) Four companies, Solar Energy Corporation of India Ltd (SECI), NTPC Ltd, NHPC Ltd, and SJVN Ltd, have been designated as Renewable Energy Implementing Agencies (REIAs) for issuing bids for renewable energy projects.

(vi) REIAs have flexibility in issuing bids for various types of renewable energy projects, including solar, wind, solar-wind hybrid, RTC RE power, and others, based on market evaluation or government mandates.

2. MoHUA forms 14-member panel to examine stalled Real Estate Projects; Headed by Amitabh Kant

(i) The Ministry of Housing and Urban Affairs (MoHUA) has formed a 14-member committee, chaired by Amitabh Kant, India's G20 Sherpa for 2023 and former CEO of NITI Aayog, to address stalled real estate projects.

(ii) The committee's mandate is to recommend solutions for completing these projects and delivering them to homebuyers in a time-bound manner.

(iii) The committee includes top central and state government officials, representatives from financial institutions, and regulatory authorities.

(iv) The Central Advisory Council (CAC) under the Real Estate (Regulation and Development) Act, 2016 (RERA) decided to form the committee to address the issue of legacy stalled real estate projects.

(v) Around 500,000 homes worth Rs 4.48 lakh crore are estimated to be stuck in seven micro markets in India, with the National Capital Region (NCR) and Mumbai Metropolitan Region (MMR) accounting for 77% of such projects among metro cities.

(vi) The committee is expected to submit its report within six months from the date of its first meeting.

3. Skyroot Aerospace Test-Fired Dhawan-II Fully 3D-printed Cryogenic Rocket Engine

(i) Hyderabad-based private space technology startup Skyroot Aerospace successfully test-fired their advanced fully 3D-printed "Dhawan-II" cryogenic engine for 200 seconds at Solar Industries propulsion test facility in Nagpur, Maharashtra on April 4, 2023.

(ii) The Dhawan-II engine is slated to be used in the upper stage of Skyroot Aerospace's Vikram II rocket, scheduled for launch in 2024.

(iii) The Dhawan-II engine builds upon Skyroot Aerospace's first privately developed fully-cryogenic rocket engine, the Dhawan-I, which had a thrust of 1.0 kN and was successfully test-fired in November 2021.

(iv) The endurance test of Dhawan-II demonstrated impressive performance results.

(v) The cryogenic engine series is named in honor of Satish Dhawan, a renowned Indian rocket scientist.

(vi) The 3D printed Dhawan-II engine features a 3D printed torch igniter and a bellow-actuated cryo-injection valve with quick response time.

(vii) Skyroot's cryogenic rocket engines use Liquid Natural Gas (LNG) and Liquid Oxygen (LoX) as propellants, which require temperatures below minus 150 degrees Celsius for storage and operation.

(viii) Skyroot Aerospace plans to develop the next generation of cryogenic engine technology using LNG as fuel.

(ix) The cryogenic propulsion program aims to enhance the payload capacity of the Vikram series of space launch vehicles.

4. MIB partners with Amazon India in the field of Media, Entertainment and Public Awareness

(i) The Ministry of Information and Broadcasting (MIB) has formed a partnership with Amazon India to collaborate in the domains of media, entertainment, and public awareness, as revealed by Union Minister for Information and Broadcasting, Anurag Singh Thakur.

(ii) The partnership will involve various organizations under the MIB, including the National Film Development Corporation of India (NFDC), Prasar Bharati, Publications Division, and the media training institutions of Film & Television Institute of India (FTII) and Satyajit Ray Film and Television Institute (SRFTI). It will also include collaboration with Amazon Prime Video (APV), Alexa, Amazon Music, Amazon e-marketplace, and IMDb.

(iii) Initiatives under the partnership will include promoting Indian heritage, such as a dedicated catalogue of books on India's culture from the Publications Division on the Amazon e-commerce website, and promoting Indian music on Amazon Music and Alexa.

(iv) Public speeches by the President of India and Prime Minister of India, contents related to events of national importance, public interest campaigns, and daily news bulletins will be disseminated through Alexa and Amazon Music as part of the partnership.

(v) Award-winning films from the International Film Festival of India (IFFI) and films produced through India's international co-production treaties will be onboarded by Amazon Prime Video (APV), and APV and MiniTV will onboard archival content owned by Prasar Bharati and the NFDC.

(vi) APV will sponsor scholarships, create internship programs, and offer job opportunities for students of FTII and SRFTI as part of the talent development component of the partnership.

(vii) APV will also organize skill-building activities in partnership with NFDC, conduct masterclasses by Indian and international film personalities in academic institutions for the media and entertainment industry, and launch initiatives to refine the talent of the winners of the '75 Creative Minds of Tomorrow' program.

(viii) Amazon will work with NFDC to enhance the availability of information about Indian artists on IMDb, a global database for the creative industry.

5. ‘Top 10 Busiest Airports Worldwide for 2022’ by ACI: Delhi Airport Emerges as The World's 9th Busiest Airport in 2022

(i) The Airports Council International (ACI) World released the 'Top 10 Busiest Airports Worldwide for 2022' rankings, with Delhi Airport (Indira Gandhi International Airport - IGIA) emerging as the 9th busiest airport in the world, surpassing Paris Charles de Gaulle (CDG) airport in France.

(ii) IGIA showed significant improvement from its previous positions of 13th in 2021 and 17th in 2019, with a total of 59,490,700 (5.94 crore) passengers in 2022.

(iii) Delhi Airport witnessed a notable 17% increase in passenger traffic from October-December 2022 compared to the same period in fiscal year 2021-22 (FY22).

Delhi Airport is currently undergoing a significant expansion project led by Larsen & Toubro (L&T) with an estimated value of USD 850 million, including the development of a fully integrated terminal that will accommodate both departures and arrivals under one roof, and a fourth runway.

(iv) Among the top 10 airports, five are located in the United States (US), and they all have significant shares of domestic passenger traffic ranging from 75% to 95% of total domestic traffic.

(v) Atlanta's Hartsfield-Jackson International Airport (ATL) in the US claimed the first spot on the list of the world's busiest airports for 2022, followed by Dallas/Fort Worth International Airport (DFW), Denver International Airport (DEN), and Chicago O'Hare Airport (ORD) in the top four spots.

(vi) Dubai Airport (DXB) ranked fifth, showing a significant increase of 127%, and Istanbul Airport (IST) ranked seventh, showing a growth of 73.8%.

(vii) London Heathrow Airport, Delhi Airport, and Paris CDG Airport secured the eighth, ninth, and tenth spots respectively on the list.

(viii) Los Angeles (LAX) was the only exception among the Top 10 airports, ranking 6th with 65.9 million passengers and a growth of 37.3%.

The top 10 airports experienced a 51.7% increase in total passenger traffic from 2021, marking an 85.9% improvement from their 2019 figures.

6. India Elected to the UN Statistical Commission & Programme Coordinating Board of UNAIDS

India Elected to UN Statistical Commission and Commission on Narcotic Drugs :

(i) India has been elected as a member of the United Nations (UN) Statistical Commission and the Commission on Narcotic Drugs by the UN Economic and Social Council (ECOSOC).

(ii) India secured an impressive 46 out of 53 votes in a secret ballot. This marks India's return to the UN Statistical Commission after a gap of two decades, having last been a member in 2004.

(iii) India's term of office for both commissions will begin on January 1, 2024, and will last for four years.

(iv) India competed with South Korea, UAE, and China for two seats from the Asia Pacific States category.

(v) South Korea won the second seat over China in the election after two inconclusive rounds of secret-ballot voting, in which they each received 25 votes. South Korea was elected by drawing lots as per the Council's rules of procedure.

(v) Austria, Armenia, Finland, Hungary, Italy, Malta, the Netherlands, Poland, Portugal, Spain, UK, and US were elected by secret ballot for a four-year term beginning January 1, 2024.

(vi) Argentina, Sierra Leone, Slovenia, Ukraine, United Republic of Tanzania, and US were elected by acclamation to the Statistical Commission for a four-year term beginning January 1, 2024.

(vii) India was elected by acclamation to the Commission on Narcotic Drugs along with Argentina, Burundi, Chile, China, Dominican Republic, Guatemala, Indonesia, Japan, Kenya, Mexico, Morocco, Nigeria, Peru, Qatar, Singapore, South Africa, Thailand, Uruguay, and Zimbabwe for a four-year term beginning January 1, 2024.

(viii) External Affairs Minister S Jaishankar stated that India’s expertise in statistics, diversity & demography has earned it a seat on the UN Statistical Commission.

ECOSOC  Elected India for the Board of UNAIDS :

ECOSOC Election Results for UNAIDS Programme Coordinating Board -

(i) India was elected by ECOSOC for a term of office starting April 5, 2023, and expiring on December 31, 2025, to fill the outstanding vacancies from the Asia-Pacific States in the Programme Coordinating Board of UNAIDS.

(ii) UNAIDS is a significant subsidiary body of the UN that addresses economic, social, and environmental issues related to HIV/AIDS (Human Immunodeficiency Virus/Acquired immunodeficiency syndrome).

(iii) Along with India, Cambodia was also elected to fill the vacancies from the Asia-Pacific States on the UNAIDS Programme Coordinating Board.

7. Assam CM Dr Himanta Biswa Sarma launches scheme to aid Higher Secondary and Degree Students in Buying Books

(i) Assam Chief Minister Dr Himanta Biswa Sarma inaugurated a scheme on March 31, 2023, on the occasion of Bodofa Upendra Nath Brahma's 67th birth anniversary, celebrated as "Students' Day".

(ii) The scheme aims to benefit students of Higher Secondary and Degree courses in Assam. 

3.4 lakh students will receive Rs. 1,459 each for buying books, and 16,763 pupils will be given Rs. 7,157 each to cover meal expenses.

(iii) Post Graduate (PG) girl students will be entitled to Rs. 10,000 annually under the scheme.

Special benefits including minority scholarships of Rs. 2000 and Rs. 4000 will be provided to girl students pursuing Higher Secondary and Degree courses respectively.

(iv) In March 2023, the Assam government declared Bodofa Upendra Nath Brahma's birthday as Students' Day across Assam.

8. IDBI Bank & YES Bank Offers E-Bank Guarantee Service in Collaboration with NeSL

IDBI Bank, in partnership with National e-Governance Services Ltd. (NeSL), has developed an innovative e-Bank Guarantee (e-BG) service that replaces the traditional paper-based Bank Guarantee (BG) issuance process with e-stamping and e-signature.

In a significant milestone, YES Bank has successfully issued its first electronic Bank Guarantee (e-BG) in collaboration with NeSL, an Information Utility (IU) designated by the Insolvency and Bankruptcy Board of India (IBBI). This marks a significant step towards digitization and streamlining of the bank guarantee issuance process, making it more efficient and convenient for businesses and stakeholders involved.

Key notes :

(i) The existing paper-based process for issuing and managing Bank Guarantees (BGs) has been fully digitized through API integration with NeSL's DDE platform, streamlining the BG issuance and maintenance process.

(ii) YES Bank's integration with NeSL is in line with its collaborations with various government-run digital services, such as Central Bank Digital Currencies (CBDC), Open Network for Digital Commerce (ONDC), Account Aggregator (AA), and Government e-Marketplaces (GEM), showcasing its commitment to leveraging digital technologies for enhanced efficiency and convenience in banking services.

What is " e-Bank Guarantee (e-BG) " ? 

(i) An e-Bank Guarantee (e-BG) eliminates the need for physical documentation in BG issuance.

(ii) The digital steps in an e-BG include application, preview, confirmation, e-stamping, e-signing, hosting on NeSL's portal, and beneficiary notification.

(iii) NeSL's Digital Document Execution (DDE) platform provides e-Stamp and e-Sign functions, reducing BG issuance time from days to minutes.

(iv) Registration for e-BG users is simple and one-time on NeSL's portal, with API integration available for bulk e-BG users' ERP systems.

(v) NeSL's 24x7 platform offers instantly available e-BGs, accessible to beneficiaries after a quick one-time registration process.

9. India & Romania signed their first Defence Cooperation Agreement 

On March 28, 2023, India and Romania signed a defense cooperation agreement during a bilateral meeting on defense cooperation held in New Delhi, Delhi. The agreement was signed by Giridhar Aramane, Secretary, Ministry of Defense, and Simona Cojocaru, State Secretary and Chief of the Department for Defense Policy, Planning, and International Relations of Romania. This marks the first defense cooperation agreement between India and Romania.

About the Agreement :

(i) The agreement will establish the groundwork for practical cooperation between the armed forces of India and Romania.

(ii) It will provide a renewed impetus to the bilateral defense agenda, encompassing areas such as military education, training, cyber defense, military medicine, military history, and other domains that can benefit both nations.

(iii) As part of the agreement, the Romanian Institute for Political Studies of Defense and Military History will collaborate with the Indian Manohar Parrikar Institute for Defense Studies and Analyses within the framework of this agreement.

About the Meeting :

The bilateral meeting covered a diverse range of topics including military-to-military cooperation, military training and courses, defense co-development and co-production, and capacity building. Both India and Romania exchanged their perspectives on regional security challenges and reaffirmed their commitment to collaborate and enhance cooperation in all defense sectors.

10. Canara Bank introduces Premium Payroll Account for Salary Account Holders

Canara Bank introduces "Premium Payroll Package" for Salary Account holders -

(i) Canara Bank has launched a "Premium Payroll Package" specifically designed for salaried account holders, offering competitive features.

(ii) The product includes multiple features such as free term life insurance, instant overdraft, and free personal air accident insurance coverage.

(iii) The Premium Payroll Package aims to meet the banking requirements of the salaried class, providing comprehensive benefits.

Unique features of the product include Premium Cards, in addition to other various features offered, making it a comprehensive banking solution for salaried individuals.

11. NBCC inks MoU to help in Construction of 1 lakh Housing Units in Zambia

NBCC (India) Limited, a Navratna Central Public Sector Enterprise (CPSE) under the Ministry of Housing & Urban Affairs, Government of India, has signed a Memorandum of Understanding (MoU) with Scirocco Enterprises Ltd. of Zambia for the construction of 1 lakh low and medium-cost houses to address the acute shortage of housing in Zambia. 

The MoU was virtually signed by K P M Swamy, Director (Commercial) of NBCC (India) Ltd, and Maustafa Saadi, Chief Executive Officer (CEO) of Scirocco Enterprises Ltd, in the presence of P K Gupta, Chairman and Managing Director (CMD) of NBCC. The housing units are to be constructed by 2030, and NBCC will provide its engineering services as the Engineering, Procurement, and Construction (EPC) Agency.

12.  National Maritime Day 2023 - 5th April

(i) National Maritime Day (NMD) or Merchant Navy Flag Day is observed annually across India on April 5.

(ii) It aims to raise awareness about the economy and global trade, and commemorate the sailing of the 1st Indian Steamship "S.S. Loyalty" of the Scindia Steam Navigation Co. Ltd. in 1919, from Mumbai to London.

(iii) April 5, 2023 marks the 60th edition (diamond jubilee) of National Maritime Day.

(iv) The theme of National Maritime Day 2023 is "Amrit Kaal in Shipping" (Golden Era in Shipping).

13. International Day of Sport for Development and Peace 2023 - 6th April

(i) United Nations (UN)'s International Day of Sport for Development and Peace (IDSDP) is observed annually worldwide on April 6.

(ii) It aims to celebrate the role of sports and physical activity in our individual lives and communities across the globe.

(iii) April 6, 2023 marks the observance of the 10th edition of the International Day of Sport for Development and Peace.

(iv) The global theme for IDSDP 2023 is "Scoring for People and the Planet".

(v) This theme broadly focuses on the impact and influence of sports on sustainable development and peace.

14. International Day of Conscience 2023 – 5th April

(i) The United Nations (UN)'s International Day of Conscience is observed annually worldwide on April 5.

(ii) It commemorates the importance of the human conscience and promotes the culture of peace with love and conscience in accordance with the culture and other appropriate circumstances or customs of local, national, and regional communities.

(iii) April 5, 2023 marks the observance of the 4th International Day of Conscience.

Important :

(i) The UNGA adopted resolution A/RES/73/329 on July 25, 2019, proclaiming April 5 as the International Day of Conscience. The resolution was submitted by the Kingdom of Bahrain with a proposal to promote the culture of peace with love and conscience.

(ii) The first International Day of Conscience was observed on April 5, 2020.

Significance :

The day mobilises the efforts of the international community in favor of peace, tolerance, inclusion, understanding and solidarity, with a view to building a lasting world of peace, solidarity and harmony.

Origin of Culture of Peace :

The concept of a culture of peace originated from the International Congress on Peace in the Minds of Men, organized by UNESCO in Côte d'Ivoire in July 1989. It is rooted in the UNESCO Constitution, which aims to build peace through international cooperation in education, sciences, and culture within the UN system.