Current Affairs 1 April 2023

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NATIONAL AFFAIRS

MoD signs Multiple Contracts to Procure Ships and Equipments for Indian Armed Forces

To boost ‘Aatmanirbharta’ in defence, the Ministry of Defence(MoD) signed multiple deals worth ~ Rs 32,000 crore for the Indian Armed forces- Indian Navy (IN) and Indian Army(IA).

• MoD has signed contracts for the acquisition of 11 Next Generation Offshore Patrol Vessels (NG-OPV) and 6 Next Generation Missile Vessels (NGMV), equipment and BrahMos supersonic missiles for coastal defence for the Indian Navy and improved Akash Surface to Air missile(SAM) system and 12 Swathi Weapon Locating Radars (WLR) (Plains) for the Indian Army.

About the Ministry of Defence (MoD):
Union Minister– Rajnath Singh (Constituency- Lucknow, Uttar Pradesh)
Minister of State– Ajay Bhatt (Constituency- Nainital-Udhamsingh Nagar, Uttarakhand)
>> Read Full News

Himachal Pradesh’s Kangra tea gets European GI Tag

On 29th March 2023, Himachal Pradesh’s Kangra Tea got a European Union(EU) Geographical Indication Tag (GI Tag). This will offer an opportunity for the Kangra tea to enter the European Market.
About Kangra Tea: 
i.Kangra tea is a type of tea that is grown in the Himachal Pradesh region of India. Since 1999, the cultivation and development of kangra tea have been improved in the Kangra region(‘Valley of Gods’) of Himachal Pradesh.
ii.Kangra tea is grown 900-1,400 meters above sea level with the annual rainfall being 270-350 centimeters (cm), on the slopes of the Dhauladhar mountain range in the Western Himalayas.
iii.The demand of Kangra tea has been increasing and it is being exported to Kabul and Central Asia via Peshawar.

• The Kangra tea received the Indian GI tag in 2005.

About GI Tag: 
i.Geographical indications (GIs) are Intellectual Property (IP) Rights(IPR) is primarily an agricultural, natural or manufactured product (handicraft and industrial goods) originating from a definite geographical territory.

• European GI tag protects agricultural products and foodstuffs; spirit drinks; wines; and aromatised wines.

ii.The GI Tag provides assurance of quality and distinctiveness, which is essentially attributable to the place of its origin.
iii.Once a product gets a GI tag, any person or company cannot sell a similar item under that name.
iv.This tag is valid for a period of 10 years following which it can be renewed.

Home Minister Amit Shah inaugurates Development Works in UK & Sardar Vallabhbhai Patel Memorial in Bidar, Karnatakai.On March 30, 2023, the Union Minister Amit Shah, Ministry of Home Affairs (MHA) was on a visit to Uttarakhand (UK) to inaugurate development works viz. Computerization of UK’s Multipurpose Primary Agricultural Credit Cooperative Societies (MPACS), Joint cooperative farming, Jan Suvidha Kendras and Janaushadhi Kendras in Haridwar, UK.
ii.On March 26, 2023, Home Minister Amit Shah unveiled the statues of Lord Basaveshwara ji and Nadaprabhu Kempegowda ji at the State Assembly premises in Bengaluru, Karnataka.
iii.He also inaugurated Gorata Martyr Memorial and Sardar Vallabhbhai Patel Memorial and also unfurled the 103 feet high tricolor at Gorata ground in Bidar, Karnataka
About Ministry of Home Affairs (MHA):
Union Minister – Amit Shah (Gandhi Nagar Constituency, Gujarat)
Minister of State (MoS) – Nityanand Rai (Ujiarpur, Bihar); Ajay Kumar Mishra (Kheri, Uttar Pradesh); Nisith Pramanik (Coochbehar, West Bengal)
>> Read Full News

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

On 29th March 2023, Lok Sabha, the lower house of Parliament, approved the amendments of the Competition Act, 2002, that seek to cover global deals by digital multinational companies (MNCs) under local laws.

• The  Competition (Amendment) Bill, 2022 was passed after Finance Minister Nirmala Sitharaman moved as many as 13 official amendments to the Bill.

Following the amendment, the Competition Commission of India (CCI) will now have the power to impose penalties on MNCs for violations based on their international revenue.

• The Competition (Amendment) Bill, 2022 aims to regulate transactions made by international digital companies, provided that the entities involved have a strong business presence in India.
• The amendments also provide for the settlement of minor violations.

Other Details of the Bill:
i. The amendments propose introducing a deal value threshold as a condition to regulate mergers and combinations.

• According to the bill, entities are expected to seek approval from the Competition Commission if the deal value exceeds Rs 2000 crore and if both companies (acquiring and the target) have substantial business operations in India.

ii. Control in the target company is an important consideration that affects CCI’s clearance.
iii. ‘Material influence’ has now been defined by the government as the basis for control in the most recent amendment to the Competition Act.
iv. A settlement mechanism is now being implemented under the Act to decrease litigation and allow easier dispute resolution.
v. According to the Competition Act, companies engaging in anti-competitive practices might face monetary penalties from the Competition Commission.
vii. The bill aims to reduce various procedural timelines for merger approval to facilitate quicker merger approval.
About the Competition Commission of India (CCI):
Acting Chairperson- Sangeeta Verma
Headquarters- New Delhi, Delhi
Establishment- 14th October 2003 (Operational from 2009)

INTERNATIONAL AFFAIRS

EU Removes Pakistan From List of High-Risk Third-Country JurisdictionsThe European Commission of the European Union(EU) has removed Pakistan from its list of High-Risk Third-Country Jurisdictions, this move is expected to improve the conditions of business activities in Pakistan.

• Following the deletion, Pakistan will no longer be subjected to enhanced EU scrutiny which includes credit and financial institutions, auditors, external accountants, tax advisers, notaries and independent legal professionals, among others.

Background: 
i.In December 2022, the European Commission updated its list of High-Risk Third-Country Jurisdictions presenting strategic deficiencies in their anti-money laundering/countering the financing of terrorism (AML/CFT) regimes.

• Following the update, the Democratic Republic of the Congo, Gibraltar, Mozambique, Tanzania and the United Arab Emirates, were added to the list while Pakistan along with Nicaragua and Zimbabwe were delisted.

ii.The updated list accounted the information from the Financial Action Task Force (FATF) and the changes over 2022 in the FATF list of “Jurisdictions under Increased Monitoring”.
Note: FATF removed pakistan along with Nicaragua in October 2022 following the implementation of their respective action plans agreed with the FATF.
Key Points:
i.The Ministry of Commerce, Government of Pakistan announced that Pakistan was added to the list of High-Risk Third-Country in 2018 which resulted in creating a regulatory burden affecting the Pakistan-based companies that are doing business with the members of EU(27 countries).
ii.The delisting of Pakistan will ease the cost and time of legal and financial transactions by Pakistan entities and individuals in EU.
High-Risk Third-Country: 
i.According to the EU, The high-risk third countries list includes countries that do not have a robust enough regulatory and legal system to prevent financial crimes and terrorism.
ii.Countries added on the list are subjected to enhanced scrutiny and additional measures that increase the cost of doing business.
About European Union:
The European Union is an international economic and political alliance of 27 member countries.
The EU was formed by the Treaty Of Maastricht, which took effect on November 1, 1993.

• 20 member countries use the euro as their official currency.

Headquarters – Brussels, Belgium

BANKING & FINANCE

SEBI Board Meeting (March 2023): Significant Takeaways from 16 Major DecisionsThe Securities and Exchange Board of India (SEBI) took a number of decisions at its board meeting on March 29, 2023, with the goal of protecting investors’ interests and bolstering the market infrastructure to handle disruptions.
The 16 Major Decisions and Their Implications include:
i. Balanced Framework for ESG Disclosures, Ratings and Investing
ii. Establishing a regulatory framework for Environmental, Social and Governance (ESG) Rating Providers in the Securities Market by introducing a new chapter in the SEBI (Credit Rating Agencies) Regulations, 1999.
iii. ASBA -like facility for trading in Secondary Market: Option to investors
iv. Upstreaming of clients’ funds by Stock Brokers (SBs) / Clearing Members (CMs) to Clearing Corporations (CCs) to mitigate credit risk on intermediaries
v. Amendments to Stock Brokers Regulations to institute a formal mechanism for prevention and detection of fraud or market abuse by stock brokers.
vi. Introduction of Regulatory Framework for Index Providers
About the Securities and Exchange Board of India (SEBI):
Chairperson– Madhabi Puri Buch
Headquarters– Mumbai, Maharashtra
Establishment– 1992
>> Read Full News

Aditya Birla Health Insurance enters into bancassurance partnership with UCO BankAditya Birla Health Insurance Co Ltd (ABHICL), a part of Aditya Birla Capital Ltd (ABCL), is a joint venture between Aditya Birla Group and MMI Holdings of South Africa, inked a bancassurance partnership with UCO Bank, for the distribution of its health insurance products.

• This partnership will enable ABHICL to utilize UCO Bank’s widely distributed network of 3,164 branches and reach out to more than 40 million customers of the bank across India.

Key Points:
i.With this association, UCO Bank’s customers and employees will have access to ABHICL’s comprehensive suite of health-first insurance solutions like incentivized wellness benefits of up to 100% Health Returns and chronic management program, Day-1 cover for asthma, high blood pressure, high cholesterol, diabetes; wellness coaching on nutrition and fitness and counselling on mental health.
ii.With the UCO Bank partnership, ABHICL now has 17 bancassurance partners with over 80,000 direct selling agents, across India.
About UCO Bank:
MD & CEO– Soma Sankara Prasad
Headquarters– Kolkata, West Bengal
Tagline– Honours your Trust

Ambit Finvest, SKALEUP join hands for Digital Lending Platform for MSMEs Ambit Finvest Private Limited has partnered with SKALEUP, the digital technology services arm of Bajaj Finserv Direct, to develop a D2C (direct-to-customer) instant loan application to give business loans to MSME (Micro, Small & Medium Enterprises) business owners through a completely paperless and automated digital onboarding process.

• The platform will oversee a wide variety of processes and services offered by Ambit Finvest, along with multiple products. It will be capable of handling complex workflows that involve sales, underwriting, and operations.

Key Points:
i.SKALEUP’s Creditech solution is a low-code/no-code digital platform that enables data-driven decisions.
ii.Ambit Finvest is the NBFC (Non-Banking Financial Company) of the Ambit Group and has served over 50,000 MSME business owners and disbursed more than Rs 3,500 crore in loans.

• In January 2023, Ambit Finvest acquired the MSME business of SME Corner (a digital lender operating under the trade name Digikredit Finance and registered with the Reserve Bank of India (RBI) as an NBFC).

iii.Bajaj Finserv Direct is a subsidiary of Bajaj Finserv.
About Ambit Finvest:
CEO– Sanjay Agarwal
Headquarters– Mumbai, Maharashtra
Tagline– Pragati Ke Partner

AMNS Luxembourg Holding signs USD 5 billion loan agreement with consortium of Japanese banksAMNS Luxembourg Holding S.A., the parent company of ArcelorMittal Nippon Steel India Limited (“AM/NS India”), has entered into a USD 5 billion “JBIC co-financing loan” agreement with a consortium of Japanese banks.

• The banks that make up the Japanese banking consortium are: The Japan Bank for International Cooperation (“JBIC”), MUFG Bank, Ltd., Sumitomo Mitsui Banking Corporation, Sumitomo Mitsui Trust Bank Limited, Mizuho Bank Ltd., and Mizuho Bank Europe N.V.

‘AM/NS India’ is the 60/40 steelmaking joint venture in India operated by Nippon Steel Corporation (“Nippon Steel”) and ArcelorMittal (“AM”).
Key Points:
i.The proceeds from the JBIC co-financing loan will be utilized to finance a portion of the funds for AM/NS India’s new construction and expansion of upstream, hot rolling, and other facilities.

• It will help AM/NS India increase its annual steelmaking capacity at its Hazira plant from 9 million tonnes to 15 million tonnes.

ii.Upon receiving environmental clearances, the expansion project, which began in October 2022, will generate more than 60,000 employment.
iii.“AM/NS India” is currently the fifth-largest producer of crude steel in India.

• With these measures to increase its capacity, Nippon Steel intends to meet the rising demand in the Indian market and maintain its market position.

About Nippon Steel Corporation (“Nippon Steel”):
President – Eiji Hashimoto
Headquarters – Tokyo, Japan

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

Godrej Capital Limited, the financial services arm of the Godrej Group, and State Bank of India (SBI) have signed a Memorandum of Understanding (MoU) to strengthen their partnership, where the bank would provide various financial products and offerings.

• Godrej Capital and SBI will work together to increase the affordability and accessibility of financial products, unlocking opportunities for financial inclusion.

SBI aims to capitalise on synergies that will empower its customers and accelerate the growth of its economy.

• SBI will also focus on delivering financial solutions to the Godrej group.

The partnership leverages the advantages of both groups by facilitating a range of financial services provided by the bank such as banking products, credit cards, wealth management and insurance products as preferred partners.

Axis Bank partners with Shriram Housing Finance for Co-Lending

On 30th March 2023, Axis Bank, the third largest private sector bank in India, and Shriram Housing Finance Limited (SHFL) announced a partnership under the co-lending model through the Yubi Co.Lend platform.

• Through this partnership, the lenders will each provide secured home loans and MSME (Micro, Small and Medium Enterprise) loans to borrowers in the middle and low-income segments based in rural and semi-urban areas.
• The collaboration will make use of the technological platform, Yubi to efficiently process loans according to the co-lending guidelines.

ECONOMY & BUSINESS

MoC&I Released FTP 2023: India aims for increase exports to USD 2 trillion by 2030On 31st March 2023, The Ministry of Commerce and Industry(MoC&I), Government of India(GoI), released the Foreign Trade Policy (FTP) 2023  which aims to increase India’s exports to USD 2 trillion by 2030 by shifting from incentives to remission and entitlement based regime.

• Union Minister Piyush Goyal, (MoC&I) released the FTP 2023 during an event held in New Delhi, Delhi.
• The FTP 2023 is set to become effective from 1st April 2023. 

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.

About Ministry of Commerce and Industry(MoC&I):
Union Minister– Piyush Goyal(Rajya Sabha- Maharashtra)
Minister of State(MoS)- Som Parkash (Constituency- Hoshiarpur, Punjab) and Anupriya Patel(Constituency- Mirzapur, Uttar Pradesh)
>> Read Full News

AWARDS & RECOGNITIONS        

Aaliya Mir becomes First J&K Woman to Receive Wildlife Conservation AwardAaliya Mir, a wildlife conservationist working for India-based charity Wildlife SOS, has been honoured with the Wildlife Conservation Award for 2023 by the administration of the Union Territory (UT) Jammu and Kashmir (J&K), for her conservation efforts in the region.

• She becomes the first Woman from J&K to receive the Wildlife Conservation Award.
• The Award carries a cash prize of Rs 25000 and a Momento.

She received the award from Manoj Sinha, Lieutenant Governor of J&K, on the International Day of Forests (21st March 2023) event held by the Department of Forest, Ecology and Environment of the J&K government.

• She was recognised for her efforts spanning diverse aspects of wildlife conservation, which include the rescue and release of wild animals, treatment of injured animals, human-wildlife conflict mitigation and managing 2 bear rescue centres in Kashmir.

About Aaliya Mir:
i. Aaliya Mir has been associated with Wildlife SOS since 2002. She started as a volunteer and then began undertaking diverse projects in J&K.
ii. She is the Programme Head and Education Officer at Wildlife SOS and Kashmir’s 1st female wildlife rescuer.
iii. She is primarily recognised for her work with snakes despite having rescued Asiatic black bears, Himalayan brown bears, birds, leopards, and other species.
iv. In 2021, Wildlife SOS launched a wildlife rescue helpline under the leadership of Aaliya Mir.
About Wildlife SOS:
Wildlife SOS is a non-profit organisation based in India that focuses on rescuing and rehabilitating wildlife. It was founded in 1995.
Chief Executive Officer (CEO) & Co-founder- Kartick Satyanarayan
Headquarters- New Delhi, Delhi

APPOINTMENTS & RESIGNATIONS  

UAE President names Sheikh Khaled as Crown Prince of Abu Dhabi

On 29th March 2023, Sheikh Mohammed bin Zayed Al Nahyan (Known by his initials MBZ), President of the United Arab Emirates (UAE) and the ruler of Abu Dhabi, appointed his eldest son Sheikh Khaled bin Mohamed bin Zayed Al Nahyan as Crown Prince of Abu Dhabi (UAE),
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.
About Sheikh Khaled bin Mohamed bin Zayed Al Nahyan:
i. Sheikh Khaled bin Mohamed bin Zayed Al Nahyan was born on 8th January 1982.
ii. He is a member of the Abu Dhabi Executive Council and Chairman of both the Abu Dhabi Executive Committee and the Abu Dhabi Executive Office.
iii. In 2016, Sheikh Khaled was appointed Head of National Security and in 2017, he was named Deputy National Security Adviser.
iv. He is a member of Abu Dhabi’s Supreme Council for Financial and Economic Affairs, and a member of the board of directors of Abu Dhabi National Oil Company (ADNOC).
v. Additionally, he serves as the head of several boards, including the Advanced Technology Research Council (ATRC), the UAE Genomics Council, and the Executive Committee of the board of directors of ADNOC.
About the United Arab Emirates (UAE):
President- Sheikh Mohammed bin Zayed Al Nahyan
Prime Minister- Sheikh Mohammed bin Rashid Al Maktoum
Capital- Abu Dhabi
Currency- United Arab Emirates Dirham

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, re-appointed Praveer Sinha as its Chief Executive Officer (CEO) and Managing Director (MD) for 4 years with effect from 1st May 2023.

His current tenure as the CEO and MD of Tata Power will conclude on 30th April 2023.

• On March 30, 2023, the Board of Tata Power approved the reappointment based on the proposal of the Nomination and Compensation Committee.
• He is the chairman of the CII Western Region Council and co-chairs the CII National Committee on Power.
• He is a visiting research associate at the Massachusetts Institute of Technology (MIT), Boston, USA.

Rajib K Mishra takes over as Chairman and Managing Director of PTC India

On 29th March 2023, Dr Rajib Kumar Mishra, a power market veteran with diverse experience in the sector, has taken over as Chairman and Managing Director (CMD) of PTC India Limited, the leading provider of power trading solutions in India, with an immediate effect.

• Dr Rajib K Mishra joined PTC Board on 24th February 2015 as Director (Marketing and Business Development).
• Prior to PTC India Limited, he was in charge of Operations, Business Development, Retail & Advisory Services while serving as Executive Director of PTC Inc. from October 2011.
• He has professional experience spanning 30 years with PowerGrid, NTPC, and PTC India.

ENVIRONMENT

Scientists of ICAR Discovers New Moray Eel Species- Gymnothorax TamilnaduensisThe Indian Council of Agriculture Research (ICAR) scientists have discovered a Moray Eel fish of the Genus Gymnothorax collected from the trawl bycatch landings at Mudasalodai fish landing centre, off Cuddalore coast, Tamil Nadu, southeast coast of India.
It has been named after Tamil Nadu “Gymnothorax Tamilnaduensis” with a common name of “Tamil Nadu brown moray eel”.
Discovery Publication:
i. The discovery has been published in the latest issue of the international peer-reviewed journal “Zoosystematics and Evolution” on 23rd March 2023.
ii. The new species was discovered by researcher P. Kodeswaran, scientist G. Kantharajan, Principal scientist T.T. Ajith Kumar, Indian Council of Agricultural Research-National Bureau of Fish Genetic Resources (NBFGR), Anil Mohapatra of Estuarine Biology Regional Centre, Zoological Survey of India and Uttam Kumar Sarkar of NBFGR.
iii. The name of the fish species is registered in the Zoobank, the online registration system for the international commission on Zoological Nomenclature (ICZN).
About the Species:
i. The holotype of this new species has also been deposited at the National Fish Museum and repository of ICAR-NBFGR, Lucknow.
ii. This is the first record of the Gymnothorax genus ever found on the south-eastern coast of India, the Bay of Bengal, and was discovered during an exploration survey conducted along the coastal waters of Cuddalore.
iii. So far, Indian waters have been home to 28 different species of Gymnothorax.

• The discovery brings the overall number of Gymnothorax species to 29.

iv. Four specimens were captured in nets about 80 to 100 feet underwater
v. Gymnothorax Tamilnaduensis is between 10 and 20 inches long and belongs to a class of enigmatic water creatures that are frequently discovered in crevices and holes.

• It is now the 4th known species of short brown unpatterned moray eels.

Moray eels:
i. Moray eels or Muraenidae are a family of eels found in all tropical and subtropical seas, they live in shallow water among reefs and rocks.
ii. It can be found in both freshwater habitats and saltwater habitats.
iii. They are known for 2 types of jaws: one is regular (oral) jaws with big teeth and the second jaw is called the pharyngeal jaw (which drags prey inside the eel’s stomach).

IMPORTANT DAYS

International Transgender Day of Visibility 2023 – March 31International Transgender Day of Visibility is annually observed across the globe on March 31 to celebrate the achievements and contributions of transgender and gender-diverse people (TGD) around the world.
International Transgender Day of Visibility 2023 was observed on 31st March 2023.
Aim:
The day aims 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.
Flag:
i. Transgender flag is a tricolour pride flag with five horizontal stripes in light pink, light blue, and white.

• The colour of the Transgender flag was proposed in 1999.

ii. It was designed by American trans woman Monica Helms to represent the transgender community, organizations, and individuals.
Background:
i. International Transgender Day of Visibility was founded by Rachel Crandall, the United States of America (USA)-based transgender activist in 2009.
Rachel Crandall is a psychotherapist and the executive director of Transgender Michigan, an organisation based in the US.
ii. The 1st ever International Transgender Day of Visibility was observed on 31st March 2009.
>> Read Full News

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