Current Affairs 18 January 2023

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NATIONAL AFFAIRS

ICAI Releases the First-Ever Audit Standard for Sustainability InformationThe Sustainability Reporting Standards Board (SRSB) of the Institute of Chartered Accountants of India (ICAI) released Standard on Sustainability Assurance Engagements (SSAE) 3000, “Assurance Engagements on Sustainability Information.”

• This audit standard for sustainability information is the first of its kind in the world, developed by ICAI to assist its members in providing “reasonable or limited” assurance on such information by reporting entities.

Note: Sanjeev Singhal is the Chairman of the Sustainability Reporting Standards Board (SRSB), ICAI.
Backdrop  
i.This move is noteworthy as it is undertaken as the market regulator, the Securities and Exchange Board of India (SEBI), considers conducting a “mandatory audit” of the Business Responsibility and Sustainability Reporting (BRSR) reports that the top 1,000 listed companies are already required to include as part of their annual reports for fiscal year 2022–23 (FY23).

• The SRSB of ICAI has been leading initiatives such as the sustainability reporting maturity model, social audit standards, the BRSR certificate course, and so on.

ii.The Business Responsibility Reporting (BRR) requirement had been extended by SEBI in December 2019 to include the top 1,000 listed companies by market capitalization for the fiscal year 2019–20 (FY20).
Social Audit Standards
i.The ICAI has now issued 16 Social Audit Standards (SAS) that will apply to social enterprises listed on the social stock exchange.

• These social audit standards address themes including hunger, poverty, malnutrition, inequality, healthcare, education, gender equality, and environmental sustainability, among others.
• The ICAI central council approved the framework of SAS and 16 such standards spanning 16 thematic areas in which social enterprises can operate in order to list on social stock exchanges in October 2022.

ii.The ICAI has also established the Institute of Social Auditors of India (ISAI) as a Section 8 company to regulate the profession of social audit.
iii.Social auditors registered with the Institute of Social Auditors of India (ISAI) are required to comply with the 16 SAS. These could be chartered accountants (CAs) or other individuals qualified to act as social auditors.
Institute of Chartered Accountants of India (ICAI)
The ICAI is a statutory body formed by an Act of Parliament under the Chartered Accountants Act, 1949. It acts as the authority responsible for establishing national standards and accounting rules in India.
President – Debasish Mitra
Vice President – Aniket Talati
Headquarters – New Delhi, Delhi

Asteria Aerospace’s A200-XT drone Receives DGCA Type Certification

Asteria Aerospace Limited, based in Bengaluru, Karnataka, has received the type certification for its indigenously designed and manufactured A200-XT drone from the Directorate General of Civil Aviation (DGCA).

• With this, Asteria becomes the 1st company to have 2 DGCA-certified drones that can be offered to its customers for various applications like law enforcement, industrial security and infrastructure inspections and agriculture and land survey.
• A200 XT drone is a versatile drone with payloads that can be swapped between a high resolution, and high zoom day camera and night time thermal camera.

Asteria’s A200 becomes India’s 1st Micro Category Drone with DGCA Type Certification and is empanelled with Survey of India for SVAMITVA Yojana.

• It is a cost-effective, micro-sized multirotor drone offering up to 40 minutes of flight time for agriculture and GIS survey applications

India to be covered by the Doppler Weather Radar Network by 2025: Union Minister Jitendra Singh

On the occasion of the 148th Foundation Day of the Indian Meteorological Department(IMD) (15th January 2023), Dr Jitendra Singh, Union Minister of State(MoS) for Earth Sciences stated that India will be covered by Doppler Weather Radar Network by 2025 to predict extreme weather events more accurately.

• This will enhance weather monitoring capabilities and benefit the farmers and other stakeholders to contribute significantly to the economy.
• IMD has initiated pro-active steps to increase the Radar Network from 15 in 2013 to 37 in 2023 and will add 25 more in the next 2-3 years.
• With the advent of the latest technologies in IMD, the weather prediction accuracy has increased by about 20 to 40 % for different severe weather events forecast during the last 5 years.

During the event, He also dedicated 4 Doppler Weather Radar Systems for Jammu and Kashmir, Uttarakhand and Himachal Pradesh and also dedicated 200 Agro Automated Weather Stations to the Nation.

Union Minister Anurag Singh Thakur joins Bhoomi Pujan of SAI-Railways NCOE in Coochbehar, West Bengal

Anurag Singh Thakur, Union Minister of Youth Affairs and Sports and Information and Broadcasting, joined the Bhoomi Pujan of the first National Centre for Excellence(NCOE), in Coochbehar, West Bengal, being set up with the joint partnership of the Sports Authority of India (SAI) and the Indian Railways. The NCOE will be instrumental in bringing about a big change in the sports ecosystem in North Bengal. This is the first-ever NCOE set up by SAI in partnership with another organisation.

• The centre will be a platform of world-class training for athletes of the region as well as for athletes from across India.
• The Indian Railways has provided 9.5 acres of land to set up the NCOE with facilities like a 400 meters synthetic track of international standard, a football ground, a multi-purpose hall for indoor games (boxing, judo, wrestling, volleyball, badminton, basketball and others) and a 100 bedded hostel. An international standard hockey synthetic turf is also planned.

The 23 NCOEs across India impart specialised training and playing facilities to elite and development-level athletes in 14 priority and high-priority disciplines,

INTERNATIONAL AFFAIRS

21st Edition of India France Naval Exercise VARUNA – 2023: 16th to 20th January 2023
On January 16, 2023, the 21st Edition of India France Naval Exercise VARUNA – 2023, the bilateral naval exercise between the Indian Navy (IN) and French Navy commenced on the Western Seaboard.

• The 5-day exercise will be conducted from 16th to 20th January 2023.
• Varuna is considered a hallmark of the India – France strategic bilateral relationship.

Representors:
i.India is represented by indigenous guided missile stealth destroyer INS (Indian Naval Ship) Chennai, guided missile frigate INS Teg, Maritime Patrol Aircraft P-8I and Dornier, integral helicopters and MiG29K fighter aircraft.
ii.The French Navy is represented by the aircraft carrier Charles De Gaulle, frigates FS Forbin and Provence, support vessel FS Marne and maritime patrol aircraft Atlantique.
Key Points:
i.During the exercise there will be advanced air defence exercises, tactical manoeuvres, surface firings, underway replenishment and other maritime operations.
ii.Both sides will showcase their war-fighting skills, enhance their inter-operability to undertake multi-discipline operations in the maritime domain and demonstrate their ability to promote peace, security and stability in the region.
About VARUNA:
Initiated in 1993, it is a bilateral exercise between the navies of India and France. However it was christened as ‘VARUNA’ in 2001.

• This exercise provides an opportunity to learn from each other’s best practices, and foster mutual cooperation for good order at sea.

Note: The 20th edition of VARUNA was conducted in the Arabian Sea from 30th March 2022 to 3rd April 2022.

BANKING & FINANCE

RBI Released State Finances Study Report; Advises State against Risk over Reverting to OPSOn January 16, 2023, the Reserve Bank of India (RBI) released the annual report titled “State Finances: A Study of Budgets of 2022-23”, which provides data and analysis of the fiscal position of State governments in India for FY23.

• The theme of the Report: “Capital Formation in India – The Role of States”.

Key Fiscal Indicators:
i.The States’ capital outlay-GDP (Gross Domestic Product) ratio is budgeted to increase to 2.9 percent in FY23 from 2.3 percent in FY22.
ii.The ratio of revenue expenditure to capital outlay (RECO) for the States is budgeted to improve to 5.2 in FY23 from 6.1 in FY22.
iii.For FY23, the States’ consolidated GFD is about 3.4 percent of GDP, which is within the Centre’s indicative target of 4 percent.
iv.States’ debt to GDP ratio is projected to be higher at 29.5 percent by end-March 2023, as against 31.1 percent in 2020-21.
v.In the report, RBI stated risk over the subnational fiscal horizon due to restoring the Old Pension Scheme (OPS) by some States.
About the Reserve Bank of India (RBI):
Governor – Shaktikanta Das
Deputy Governors – Mahesh Kumar Jain, Michael Debabrata Patra, M. Rajeshwar Rao, T. Rabi Sankar
Headquarters – Mumbai, Maharashtra
Establishment – 1935
>> Read Full News

RBI issues Guidelines on Acquisition in Banks; Protean’s arm gets RBI nod for AA
Licencei.On January 16, 2023, the Reserve Bank of India (RBI) issued ‘Acquisition and Holding of Shares or Voting Rights in Banking Companies Directions, 2023’ which allowed promoters to hold 26% from the current 15% of the paid-up share capital or voting rights of a bank after the completion of 15 years from commencement of its business.
ii.This increase in the cap on promoters’ stake is based upon the Internal Working Group (IWG) recommendations in 2021.
iii.If the shareholder intends to get a strategic stake, the board has to inform the RBI even if the shareholding is less than 5%.
iv.The guidelines also bar investors from countries not compliant with Financial Action Task Force (FATF) rules.
v.Protean eGov Technologies Limited (formerly NSDL e-Governance Infrastructure Limited), has received approval from the RBI for its wholly owned subsidiary to operate as an Account Aggregator (AA) with an NBFC (Non-Banking Financial Company)-AA certificate.
About Protean eGov Technologies Limited:
MD & CEO– Suresh Sethi
Headquarters– Mumbai, Maharashtra
>> Read Full News

RBI Prior Approval Now a Must for Picking Up Over 5% Stake in BanksThe Reserve Bank of India (RBI) mandated in its “Reserve Bank of India (Acquisition and Holding of Shares or Voting Rights in Banking Companies) Directions, 2023” published on January 16, 2023, anyone who intends to make an acquisition that is likely to result in a major shareholding in a banking company should first obtain the RBI’s prior approval by submitting an application.

• “Major shareholding” refers to a person’s “aggregate holding” of 5% or more of the paid-up share capital or voting rights in a banking company.

These directions are issued in accordance with the powers granted by Sections 12, 12B, and 35A of the Banking Regulation Act, 1949.
The RBI has granted final approval to Paytm Payments Bank Ltd (PPBL) for it to operate as a Bharat Bill Payment Operating Unit (BBPOU) under the Payment and Settlement Systems Act, 2007.
About Paytm Payments Bank Ltd (PPBL):
Chairman- Vijay Shekhar Sharma
Headquarters- Noida, Uttar Pradesh
Establishment- 2017
>> Read Full News

WDRA Signed MoU with SBI to Support FarmersWarehousing Development and Regulatory Authority (WDRA) has signed a memorandum of understanding (MoU) with the State Bank of India (SBI) to help farmers in availing low interest-rate loans.

• Objective: The MoU was signed with the intent to promote awareness about the new loan product called ‘Produce Marketing Loan’ to fund against e-NWRs (electronic Negotiable Warehouse Receipt) with features such as nil processing fee, no additional collateral and attractive interest rates.
• Along with the inherent security and negotiability of the e-NWR system, the ‘Produce Marketing Loan’ will improve rural liquidity and increase farmers’ income.

As per the statement of the Ministry of Food and Consumer Affairs, a conference on “Digital financing against e-Negotiable Warehouse Receipts and way forward” was held at NABARD (National Bank for Agriculture and Rural Development), Mumbai, Maharashtra.

• Objective: To interact with bankers to increase post-harvest pledge finance against e-NWRs issued by warehouses registered by WDRA and create mechanisms that would improve the ease of doing business.
• Loaning against e-NWRs during FY 2022-23 has crossed Rs 1,500 crore.

About Warehousing Development and Regulatory Authority (WDRA):
Establishment – 2010
Chairman – T K Manoj Kumar
Headquarters – New Delhi

SIDBI partners with VFS to extend MSME loans up to Rs 5 lakh at 13% pa The Small Industries Development Bank of India (SIDBI) has tied up with Kolkata (West Bengal) based VFS Capital Limited to extend loans to the MSME (Micro, Small & Medium Enterprises) and SME sector.

• Under this agreement, VFS Capital will extend MSME loans upto Rs 5 lakh at 13% interest rate per annum.
• Under this scheme, VFS Capital plans to disburse Rs 30 to 40 crore in this financial year.
• The loan volume of Microfinance institutions (MFIs) is expected to grow to around Rs 1,100-1,200 crore by 2022-23 from Rs 805 crore in the previous financial year.

Key Points:
i.VFS Capital also plans to expand its footprint in the north-western part by launching operations in Rajasthan. At present, it operates in 13 states.
ii.It gives loans to promising and existing entrepreneurs who require funds for seed money or working capital. This helps firms access resources and increase their capacity and efficiency.
iii.Its MD (Managing Director) and CEO (Chief Executive Officer) is Kuldip Maity.
About Small Industries Development Bank of India (SIDBI):
It is the principal financial institution for the development of MSMEs in India
Chairman & Managing Director– Sivasubramanian Ramann
Headquarter– Lucknow, Uttar Pradesh
Establishment– 1990

ECONOMY & BUSINESS

Siemens Mobility received Rs 26,000-crore locomotive order from Indian RailwaysSiemens Mobility, managed by Siemens AG of Germany, has received a locomotive order worth 3 billion Euro (~Rs 26,000 crore) from Indian Railways, under the Ministry of Railways, Government of India, for 1,200 electric locomotives of 9,000 horsepower (HP).

• Under this contract, the delivery of locomotives is planned over an 11-year period and the contract also includes 35 years of full-service maintenance.
• This is the single largest locomotive order in the history of Siemens Mobility and the single largest order in the history of Siemens India.

Features of the contract: 
i.Under this contract, Siemens Mobility will design, manufacture, commission and test the locomotives.
ii.The Siemens-designed trains with a top speed of 120 km (75 miles)/ hour will be assembled in India over the next 11 years, with deliveries starting in 24 months.
iii.The assembly will be done at the Indian Railways factory in Dahod, Gujarat.
iv.The maintenance of the locomotives will be done in 4 Indian Railways depots located in Vishakhapatnam (Andhra Pradesh), Raipur (Chhattisgarh), Kharagpur (West Bengal) and Pune (Maharashtra).
Key Points:
i.The state-of-the-art locomotives will be used for freight transport throughout the Indian Railways network and are specified to haul loads of 4,500 tons at a maximum speed of 120 km per hour.
ii.The locomotives are equipped with advanced propulsion systems, produced locally in Siemens Mobility factories in India.
iii.Siemens Mobility will use the power of its Railigent platform to deliver the highest availability and performance.
Additional info:
i.This contract with Siemens will support India in achieving its goal of creating the world’s largest green rail network.
ii.This also secures Indian Railway’s commitment to achieving 100% electrification of rail traffic in India.
iii.These locomotives will replace 500,000 to 800,000 trucks over their lifecycle and save around 800 million tons of Carbon dioxide (CO2) emission.
About Indian Railways: 
Indian Railways is a statutory body under the ownership of Ministry of Railways.
Chairman of Railway Board & Chief Executive Officer(CEO)– Anil Kumar Lahoti
Head office– New Delhi, Delhi

Russia Is Fourth Biggest Source of Imports for India

i.Russia has now become India’s fourth-largest trading partner, with imports from Russia increasing five-fold to USD 32.9 billion between April – December 2022.

• India’s higher imports from Russia are mostly due to two commodities: fertilizers and crude oil.
• Russia has improved from being India’s 20th largest source of imports in the previous fiscal year (FY22).

ii.If the current rate of growth continues, Russia’s imports might reach USD 50 billion, just short of the value of items exported from the United States (US), India’s third largest source of imports.
iii.The US and the United Arab Emirates (UAE) might end FY23 with exports to India totaling USD 56 billion and USD 54 billion, respectively, if their rates of growth continue through the last quarter of FY23.

• The exports to India from the two countries increased by almost 25% each during April -December 2022.

SPORTS

Sri Lanka Tour of India T20I and ODI series 2022-2023: 3rd to 15th January 2023The cricket team of Sri Lanka toured India for 3 One Day Internationals(ODIs) and 3 Twenty 20 Internationals(T20Is) from 3rd to 15th January 2023. India defeated Sri Lanka in a comprehensive manner in both ODI and T20I.

• In ODI, the Indian team captained by Rohit Sharma defeated Sri Lanka by 3-0 and in T20I, the Indian Team captained by Hardik Pandya defeated Sri Lanka by 2-1.
• The Sri Lanka team was captained by Dasun Shanaka(for both ODI and T20I).

i.India defeated Sri Lanka by 91 runs in the 3rd and final T20I match held in Saurashtra Cricket Association Stadium, Rajkot, Gujarat. India won the 3-match T20I series by 2-1.

• All-Rounder Axar Rajeshbhai Patel of India won the Player(Man) of the Series award for scoring 117 runs and picking 3 wickets in the series

ii.India defeated Sri Lanka in the largest ever one-day victory margin of 317 runs in the 3rd and final ODI held in Greenfield International Stadium, Thiruvananthapuram, Kerala.

• By winning the 3rd and final ODI against Sri Lanka, India clinched the 3-match ODI series by 3-0.

>> Read Full News

Badminton: Denmark’s Viktor Axelsen wins Men’s Singles at Malaysia Open 2023; Japan’s Akane Yamaguchi wins Women’s SinglesOlympic champion and World’s No. 1 Viktor Axelsen of Denmark won the Men’s Singles title defeating World’s No 6 Kodai Naraoka of Japan at the PETRONAS Malaysia Open 2023 held from 10th to 15th January 2023 in Axiata Arena, Kuala Lumpur, Malaysia.

• Japan’s Yamaguchi Akane(World’s No 1) defeated South Korea’s An Se-Young(World’s No 4) to win the Women’s Singles title at the Malaysia Open 2023.
• China’s Women’s doubles pair Chen Qingchen and Jia Yifan (World’s No 1 Women’s doubles pair) defeated South Korea’s Baek Ha Na and Lee Yu Lim (World No 15) to win the Women’s Doubles title.
• World’s No 1 Mixed Doubles pair Zheng Si Wei and Huang Ya Qiong of China won the Mixed doubles title defeating world’s No 3 Yuta Watanabe and Arisa Higashino of Japan.
• World’s No 1 Men’s Doubles Pair Fajar Alfian and Muhammad Rian Ardianto of Indonesia won the Men’s doubles title defeating China’s Liang Wei Keng and Wang Chang(world’s No 11) in the finals.

About Badminton World Federation(BWF):
President– Poul-Erik Høyer(Denmark)
Headquarters–  Kuala Lumpur, Malaysia
>> Read Full News

OBITUARY

Mukarram Jah Bahadur: The Last Nizam of Hyderabad Passes Away

The titular Nizam VIII of Hyderabad, Mukarram Jah (89 years old), also known as Nawab Mir Barket Ali Khan Walashan Mukarram Jah Bahadur, passed away at his residence in Istanbul, Türkiye. He was born on October 6, 1933, in Nice, France.

• The informal Nizamate of Hyderabad comes to an end with the demise of Mukarram Jah.

He will be buried at the family vault in Mecca Masjid near Charminar in Hyderabad (Telangana), where other members of the Nizam’s family, who ruled Hyderabad from 1724, are also buried.
About Mukarram Jah Bahadur:
i.Mukarram Jah Bahadur was connected to two prominent Islamic dynasties—the Nizam of Hyderabad and the deposed Caliph—through the marriage of his parents.
ii.He was the son of Prince Azam Jah and Princess Durru Shehvar, the only daughter of Sultan Abdul Mejid II, the last caliphof the Ottoman Empire.

• Sultan Abdul Mejid II was exiled by Mustafa Kemal Ataturk, who abolished the Caliphate.
• Azam Jah was the eldest son of Mir Osman Ali Khan, the Nizam of Hyderabad, whose kingdom was integrated with India on September 18, 1948.

iii.On February 24, 1967, Mukarram Jah was formally crowned as the Nizam VIII of Hyderabad following the demise of Mir Osman Ali Khan, the Nizam VII.

• In 1969, the GoI recognized him as Nizam VIII of Hyderabad and Berar.

iv.He retained the position until November 1971, when the privy purse was abolished by the Government of India (GoI).
v.The golden jubilee of Mukarram Jah’s coronation was celebrated in 2017.

STATE NEWS

NTPC REL signs MoU with Government of Tripura for collaboration in Renewable Energy DevelopmentOn January 16, 2023, the NTPC Renewable Energy Ltd (NTPC REL), wholly owned subsidiary of the NTPC Limited(formerly known as National Thermal Power Corporation Limited) signed a Memorandum of Understanding (MoU) with the Government of Tripura for the development of Floating and Ground Mounted based Renewable Energy Projects in Tripura.
Signatories:
It was signed by Rajiv Gupta, Chief General Manager, NTPC REL and Mahananda Debbarma, Director General (DG) and CEO, Tripura Renewable Energy Development Agency (TREDA) in New Delhi, Delhi.
Key Point:
This MoU will initiate the development of large sized Renewable Energy Projects in the State of Tripura and also help the Government of Tripura in meeting its Clean Energy Commitments and obligations.
About NTPC Renewable Energy Ltd (NTPC REL):
Establishment– 2020
CEO– Mohit Bhargava

RailTel Gets Rs. 170.11 Crore Work Order for Puducherry Smart City Project

RailTel Corporation of India Ltd. (RailTel), a Mini Ratna (Category I) Public Sector Unit (PSU) under the Ministry of Railways, has obtained a work order from the Department of Revenue and Disaster Management of the Government of Puducherry for design, develop, supply, instal, test, commission, and operations and maintenance for a period of 5 years.

• The project involves setting up an Integrated Command Control Center (ICCC) and other related activities for the Puducherry Smart City Area.
• The total estimated value of the work order is Rs. 170.11 crore [including Goods and Services Tax (GST)], and the project would be finished in 10 months.

RailTel was selected through competitive bidding, and it is the first smart city project of the Puducherry government.
Key Points
i.In addition to ICCC, the project comprises Data Center Disaster Recovery (DC-DR), On-Street Parking Management, Intelligent Traffic Management System, Creation of an online/mobile-based platform to help tourists and visitors, City-level application and Smart Dashboard, Smart Kiosks, Smart Poles with CCTV, Wi-Fi, Air Quality Monitoring, Digital Billboards, and other components.

• On-street parking systems allow users to reserve a parking space in advance, pay, and extend their stay without having to return to their vehicle.
• DC-DR is the organizational plan for resuming operations after an unanticipated event that damages or destroys data, software, and hardware systems.
• The Intelligent Traffic Management System uses intelligent cameras on the roads to recognize vehicle numbers and send this information to the central system to track the cars in the city.

ii.Smart City centres also provide technical assistance in guaranteeing improved street safety for women, environmental sensitivity, faster response times, and better preparedness for emergencies and disasters.
iii.Several cities where the ICCC was implemented became cleaner as a result of CCTV surveillance of cleaning activity.
About RailTel Corporation of India Ltd (RailTel):
RailTel was founded with the objective of creating a nationwide broadband, telecom, and multimedia network, and also modernising the train control operation and safety system of Indian Railways. It offers virtual private network (VPN) and broadband services.
Chairman and Managing Director (CMD) – Sanjai Kumar
Incorporated –  September 26, 2000
Headquarters – New Delhi, Delhi

J&K declared as ‘Free Area’ for purposes of Prevention and Control of Infectious and Contagious Diseases in Animals Act, 2009

Government of Jammu and Kashmir(J&K) has declared the Whole Union Territory (UT) as “Free Area” for purposes of the Prevention and Control of Infectious and Contagious Diseases in Animals Act, 2009.
The declaration has been made in the exercise of powers conferred by sub-section (5) of section 6 of the Prevention and Control of Infectious and Contagious Diseases in Animals (PCICDA) Act, 2009, and in supersession of notification dated 5th September 2022, after the government of J&K on being satisfied that no cases of lumpy skin disease (LSD) have been reported from any district of Union Territory of J&K.

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