Current Affairs 22 November 2023

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NATIONAL AFFAIRS

Finance Ministry Notified 7 Changes in Senior Citizens Savings Scheme Rules On 7th November 2023, Department of Economic Affairs(DEA), under the Ministry of Finance, notified 7 changes in Senior Citizens Savings Scheme(SCSS), a government-sponsored savings instrument for individuals aged 60 years or employees aged 55 years or more but less than 60 years.
Key Points:
i.The government has provided 3 months to invest in SCSS for individuals aged above 55 but below 60.
ii.According to the revised rules, the account holder can continue to extend the account for ‘n’ number of block – the block being of 3 years each.
About Ministry of Finance:
Union Minister – Nirmala Sitharaman (RajyaSabha – Karnataka)
Minister of State (MoS) – Pankaj Chaudhary; Dr. Bhagwat Kishanrao Karad
>> Read Full News

MoSJE Unveils Financial Incentive for Empowering Divyang Individuals
Rajesh Aggarwal, Secretary, Department of Empowerment of Persons with Disabilities(DEPwD), under the Ministry of Social Justice and Empowerment (MoSJE), has announced a 1% interest rate rebate for divyang (Persons with Disabilities- PwDs) who receive financial support through the National Divyangjan Finance and Development Corporation (NDFDC).

• This aims to promote financial inclusion and foster economic empowerment among the divyangjan.

Key Points:
i.This rebate under NDFDC loan is for timely repayment, and subject to specific terms and conditions.
ii.This initiative highlights the Central Government’s goal is to make financial assistance more accessible and affordable for PwDs, and uplift and empower every section of society.
iii.It will also reduce the financial burden on divyang individuals seeking financial assistance and encourage responsible repayment practices.
iv.NDFDC is the apex body channeling funds for economic development and self-employment for PwDs through State Channelizing Agencies (SCAs) and partner Banks appointed by State/UT Governments.
About National Divyangjan Finance and Development Corporation (NDFDC):
It is a Central Public Sector Undertaking (CPSU) under the aegis of DEPwDS, MoSJE.
Chairman-cum-Managing Director–  Naveen Shah
Headquarters– New Delhi, Delhi
Establishment– 1997

INTERNATIONAL AFFAIRS

Union Minister Piyush Goyal attended IPEF and APEC ministerial meeting in U.S.Piyush Goyal, Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles was on Four-day official visit to San Francisco,United States (U.S) from November 13-16, 2023. His visit includes various official engagements of Indo-Pacific Economic Framework (IPEF) and Asia-Pacific Economic Cooperation (APEC).
Key Highlights:
i.He participated in the 3^rd in-person IPEF Ministerial meeting from November13-14, 2023.

• The MoU (Memorandum of Understanding) was signed between India and The U.S. during the roundtable titled “Decoding the “Innovation Handshake :U.S.-India Entrepreneurship Partnership” in San Francisco ,U.S.

ii.Union Minister Piyush Goyal represented India at the Partnership for Global Infrastructure and Investment (PGII) – IPEF Investor Forum meeting on November16, 2023.
iii.Piyush Goyal, Union Minister also represented India at the APEC Economic Leadership Engagements from 15-16 November, 2023. India has been invited to the 30^th APEC Economic Leaders Meeting 2023 as a Guest Economy.
About: U.S.A (United States of America)
President: Joe Biden
Capital: Washington D.C.
Currency: U.S. Dollar
About: Ministry of Commerce and Industry
Union Minister – Piyush Goyal(Rajya Sabha member from Maharashtra)
MoS(Minister of State) – Anupriya Patel, Som Prakash
>> Read Full News

BANKING & FINANCE

Bima Lokpal Day 2023: Insurance Ombudsman Disposed 92.28% of Complaints in FY23On the occasion of Bima Lokpal Day 2023(11th November 2023), Insurance Ombudsman announced that it has disposed of over 92.28% of the complaints received from the insured during Financial year 2022-23(FY23).

• Insurance Ombudsman has settled 51,625 out of 55,946 received complaints across all 17 Insurance Ombudsman Offices.

Key Points:
i.Delhi office of the Insurance Ombudsman has cleared all 5,257 complaints it received during 2022-2023.
ii.Kolkata office in West Bengal, resolved 100% of complaints in the FY23. All 3,027 complaints were resolved.
iii.Between April and October of FY24, Complaints against insurance companies in Tamil Nadu and Union territory of Puducherry has increased by 21.6% compared with the same period in FY23.

• Chennai office (TN) and Puducherry recorded 1,630 complaints during the period, which was at 1,340 in the corresponding period of FY23.

About 60% of these complaints were against health insurance companies and 40% of  these were in life and vehicle insurance segments.
Bima Lokpal Day: 
Bima Lokpal Day is observed annually on November 11, to commemorate the foundation day of the Insurance Ombudsman, an alternative dispute resolution forum set up to resolve disputes relating to insurance contracts.

• The insurance ombudsman was established through a government of India notification in November 1998.

About Insurance Ombudsman:
Insurance Ombudsman is a quasi-judicial grievance redressal machinery to redress complaints of insured persons against life and non- life insurance companies.
The offices of the Insurance Ombudsman are under the administrative control of the Council for Insurance Ombudsman (CIO).
Chairman of CIO– Siddhartha Mohanty

Karnataka Bank Partners with HDFC Life to Offer Insurance Products
Karnataka Bank has formed a strategic corporate partnership with HDFC Life Insurance Company Limited (HDFC Life) to offer life insurance products to its customers.

• This collaboration is set to deliver a host of benefits to customers seeking financial security and life protection.
• It also offers customers a range of innovative and customer-centric financial solutions.
• HDFC Life was established in 2000 as a joint venture between HDFC Bank and Abrdn (Mauritius Holdings) 2006 Limited.

ECONOMY & BUSINESS

Goldman Sachs projects India GDP Growth at 6.3% in 2024 According to India 2024 outlook from Goldman Sachs Group, Inc, India’s real Gross Domestic Product (GDP) growth is expected to decline marginally to 6.3% in 2024 from the 6.4% estimated for 2023.

• India’s GDP is projected to grow at 6.5% in FY25 compared to 6.2% in FY24.

Growth drivers:
The government spending will drive growth in the 1st half, while private investment will accelerate after the general election to become the key driver of growth.

• During 2nd Quarter (Q2) of 2024, subsidies and transfer payments will be growth drivers as India heads in to the General election in May 2024.

Key Points:
i.Headline consumer price inflation(CPI) is expected to decline to 5.1% year on year(yoy) average in 2024.

• The core inflation is expected to decline to 4.5% yoy (average) in 2024 from an estimated 5.1% in 2023.

ii.The current account deficit will widen to 1.9% of GDP in 2024 from the 1.3% expected in 2023
iii.The rupee is set to appreciate to 82 against the dollar at 2024-end against the 83 level at the end of 2023.
iv.Private consumer expenditure will rise to 6.5% and Gross Fixed Investment at 6.2%.
v.There will be an increased allocation towards rural employment programs, higher cooking gas subsidies, and an extension of the food subsidy program amid General election is 2024.
About Goldman Sachs Group, Inc:
Chairman and Chief Executive Officer (CEO)– David M. Solomon
Headquarters– New York, the United States of America(USA)

AWARDS & RECOGNITIONS

51st International Emmy® Awards: India’s Vir Das wins Emmy for Comedy & Ektaa Kapoor wins Directorate AwardOn 20th November 2023, The International Academy of Television Arts & Sciences announced the winners of the 51st International Emmy® Awards (2023) in New York City, United States of America(USA).
i.Indian Comedian and actor Vir Das won the Emmy under the Comedy category for his Netflix stand-up special show “Vir Das: Landing”.

• With this, he became the first Indian Comedian to win the Emmy Award.

ii.Ektaa R. Kapoor, Co-Founder of Balaji Telefilms was honoured with the International Emmy Directorate Award for her contribution to the world of arts and entertainment.

• She became the first Indian Woman Filmmaker to win the Directorate Award.

About International Academy of Television Arts & Sciences:
President & Chief Executive Officer(CEO)– Bruce Paisner
Established in –1969
Headquarters– New York City, United States
>> Read Full News

BrainAlive Co-Founder Sujit Roy Wins NASA Impact Planet Award 2023
Sujit Roy, Co-Founder of Noida(Uttar Pradesh) based BrainAlive Research Pvt. Ltd., was honoured with National Aeronautics and Space Administration(NASA) Implementation and Advanced Concepts Team (IMPACT) Planet Award 2023 for his outstanding contribution to the Geospatial artificial intelligence (AI) Foundation Model project.

• NASA and IBM Research collaborated to create NASA’s first open-source geospatial AI foundation model for Earth observation data. Sujit Roy was part of the NASA’s research team.
• The HLS Geospatial Foundation Model (HLS Geospatial FM) in the application of AI for Earth science has a wide range potential applications, including monitoring natural disasters and predicting agriculture harvests.
• Sujit Roy has Research and development (R&D) experience in Machine Learning and Computational Neuroscience in global research organizations like NASA Impact and University of Manchester(United Kingdom).
• BrainAlive AI is an AI Engine that converts raw interaction data into real-time user engagement insights using a data transformation approach.

APPOINTMENTS & RESIGNATIONS

ACC Approves Appointment of Vinay M Tonse as MD of SBIAppointments Committee of the Cabinet (ACC) headed by Prime Minister (PM) Narendra Modi, has approved the appointment of Vinay M Tonse as the Managing Director (MD) of State Bank of India (SBI) for two years till November 2025.

• Prior to this appointment, Vinay Tonse was serving as the Deputy MD (Corporate Account Group) of SBI

Key points:
i.Vinay M Tonse was recommended to the post by Financial Services Institutions Bureau (FSIB) in September 2023.
ii.The post (MD of SBI) fell vacant in June 2023 after the appointment of Swaminathan Janakiraman as Deputy Governor of the Reserve Bank of India(RBI).
About Vinay M Tonse:
i.Vinay M Tonse joined SBI as a probationary officer in 1988 and has worked in various capacities.
ii.He worked as the chief general manager of the Chennai circle at SBI and headed the SBI’s business and operations in Tamil Nadu and Puducherry.
iii.He has also headed the operations at SBI Osaka branch in Japan as Chief Executive Officer (CEO) from 2009 to 2013.
iv.He has also served as the MD& CEO of SBI Funds Management Limited from 2020 to 2022.
FSIB:
The Financial Services Institutions Bureau (FSIB) was established in July 2022 by the Government of India to recommend persons for appointment as whole-time directors and non-executive chairpersons on the Boards of financial services institutions.
Chairperson of FSIB- Bhanu Pratap Sharma, former Chairman of Bank Board Bureau (BBB).
About State Bank of India (SBI): 
Chairman– Dinesh Kumar Khara
Headquarters– Mumbai, Maharashtra
Establishment – 1955

Luc Frieden named as 23rd Prime Minister of LuxembourgOn November 17, 2023, Luc Frieden (60), a member of the Christian Social People’s Party (CSV), sworn in as the 23rd Prime Minister (PM) of Luxembourg.  He succeeds Xavier Bettel of Liberal Democratic Party (DP), who served as PM of Luxembourg from 2013 to 2023.

• The PM and the new ministers of the coalition government (CSV-Liberal DP) took oaths of office during a ceremony officiated by Henri, Grand Duke of Luxembourg(Head of State). 

Noted appointments:
i.Outgoing PM Xavier Bettel was appointed as deputy PM and foreign minister
ii.Gilles Roth of CSV was appointed as the new Finance Minister of Luxembourg.
iii.7 ministerial positions were given to DP and 8 were given to CSV.

• Key portfolios, including interior, justice, and finance, fall under the CSV’s purview.

Note:

• During the National elections held in October 2023 to elect all 60 seats of the Chamber of Deputies, CSV party won 21 seats and DP took 14 seats.
• The coalition holds a majority of 35 seats in the Parliament.

About Luc Frieden:
i.Luc Frieden has served in the government of Luxembourg as Minister of Justice and Minister of Budget and Treasury (1998 to 2009), as Minister of Defence (2004-2006), and Minister of Finance (2009-2013).
ii.He has also served as Governor of the World Bank (1998 to 2013) and acted as Chairman of the Board of Governors of the International Monetary Fund (IMF) and the World Bank Group in 2013.
iii.He has also served as Vice Chairman of Deutsche Bank Group since September 2014 and
iv.He has also served as the President of the Luxembourg Chamber of Commerce (2019-2023) and as President of Eurochambres, the business federation of European Chambers of Commerce and Industry, for the 2022-2023 term.
About Luxembourg:
Prime Minister– Luc Frieden (Head of Government)
Capital– Luxembourg city
Currency– Euro

RBI Approves Appointment of Five Hinduja Group Representatives as Directors on Reliance Capital board
The Reserve Bank of India (RBI) has given approval to the appointment of five Hinduja Group representatives including Amar Chintopanth, Shardchandra V Zaregaonkar, Moses Newling Harding John, Bhumika Batra, and Arun Tiwari as directors on the board of Reliance Capital.

• RBI also announced its no objection to the transfer of control of Reliance Capital Ltd to IIHL banking, financial services, and insurance (BFSI) (India) Ltd (wholly owned subsidiary of IndusInd International Holdings Ltd).
• while granting approval to Rs 10,000 crore resolution plan and the appointment of the directors, RBI laid down the condition that Hinduja group-run IndusInd Bank Ltd should maintain an arm’s length distance from the Reliance Capital.

Hinduja Group firm IndusInd International Holdings Ltd (IIHL) has won the bid for acquisition of the debt-laden Reliance Capital in an insolvency proceeding to recover unpaid loans in June 2023.
Note:
The arm’s length principle is that the subsidiaries of a group should function as separate, independent units and not as interconnected parts of a single enterprise.

SCIENCE & TECHNOLOGY

Indian Navy Launched 4th MCA Barge, LSAM 10 (YARD 78) at M/s SEPPL in AP
On 20th November 2023, Indian Navy (IN) launched the Missile Cum Ammunition (MCA) Barge, LSAM 10 (Yard 78), the 4th vessel in the 08 x MCA Barge project, at Guttenadeevi, East Godavari, Andhra Pradesh(AP).

• The launching Ceremony was presided over by Cmde Shanmugam Sabesan, CRO (East).
• The barge was built by the Micro, Small & Medium Enterprise (MSME) Shipyard, M/s SECON Engineering Projects Pvt Ltd (SEPPL), Visakhapatnam(AP).

Background:
i.The contract for building 8 MCA Barge was signed between Ministry of Defence (MoD) and SEPPL on February 19, 2021.
ii.Previously, Indian Navy has launched 3 MCA Barges:

• 1st MCA Barge Yard 75 (LSAM 7) was launched on 24 February 2023 at  Visakhapatnam, AP.
• 2nd MCA Barge, Yard 76 (LSAM 8) was launched on 18 August 2023 in East Godavari, AP.
• 3rd MCA Barge, Yard 77 (LSAM 9) was launched on 22 September 2023 in East Godavari, AP.

Key Points:
i.The availability of these Barges would provide impetus to the operational commitments of IN by facilitating Transportation, Embarkation, and Disembarkation of articles/ ammunition to IN Ships both alongside jetties and at outer harbours.
ii.These Barges are indigenously designed and built under relevant Naval Rules and Regulations of the Indian Register of Shipping (IRS).
iii.The model testing of the Barge during the design stage was undertaken at the Naval Science and Technological Laboratory (NSTL), Visakhapatnam.
About Ministry of Defence (MoD):
Union Minister– Raj Nath Singh (Constituency- Lucknow, Uttar Pradesh)
Minister of State– Ajay Bhatt

IMPORTANT DAYS

World Fisheries Day 2023 – November 21World Fisheries Day is annually observed across the globe on 21st November to demonstrate solidarity with the members of the fisher community, fish farmers and concerned stakeholders across the world.

• 21st November 2023 marks the 26th World Fisheries Day.

The theme for World Fisheries Day 2023 is “Celebrating the Wealth of Fisheries and Aquaculture.” 
Background:
i.On 21st November 1997, the working fishermen and women representing World Forum of Fish Harvesters & Fish Workers met at New Delhi, Delhi and established the World Fisheries Forum (WFF).
ii.To commemorate this day, the 21st November of every year is observed as World Fisheries Day.

• The first ever World Fisheries Day was observed on 21st November 1998.

About Ministry of Fisheries, Animal Husbandry and Dairying:
Union Minister – Parshottam Rupala (Rajya Sabha-  Gujarat )
Minister of State (MoS) – Sanjeev Kumar Balyan; L. Murugan
>> Read Full News

World Television Day 2023 – November 21United Nations (UN)’s World Television Day is annually observed across the globe on November 21 to recognise the importance and influence of television in our lives.
The day recognises television as a symbol for communication and globalisation in the contemporary world.

• 21st November 2023 marks the observance of 27th World Television Day.

The theme for World Television Day 2023 is “Accessibility”
Background:

i.On 17th December 1996, UN General Assembly (UNGA) adopted the resolution A/RES/51/205 and proclaimed November 21 of every year as World Television Day.

ii.The first ever world television day was observed on 21st November 1997.
About the United Nations (UN):  
Secretary-General – Antonio Guterres
Headquarters – New York, United States of America (USA) 
Establishment – 1945
>> Read Full News

World Heritage Week 2023- November 19 to 25 World Heritage Week (WHW) is annually observed across India from November 19 to 25 to promote the heritage and the culture of monuments and important sites for their conservation.

• WHW events are annually organised by the Archaeological Survey of India (ASI) under the Ministry of Culture, various Museums, and other heritage-conscious organisations across India.
• WHW recognise and celebrate heritage sites recognised by the United Nations Educational, Scientific, and Cultural Organization (UNESCO).

Background:
In India, WHW is a part of the promotion activities by the Government of India (GoI) to promote India’s unique heritage for the benefit of present and future generations.
Note: UNESCO’s World Heritage Day or International Day for Monuments and Sites is annually observed across the globe on April 18. The theme of World Heritage Day 2023 is “Heritage Changes”.
About Archaeological Survey of India (ASI)
Director- General– Prof. Kishore K. Basa
Headquarters– New Delhi, Delhi
Established in– 1861
>> Read Full News

STATE NEWS

UP Govt Signed CSIR & DRDO as Knowledge Partners for Bulk Drugs Park in LalitpurThe Uttar Pradesh (UP) government has collaborated with institutions like the Council of Scientific and Industrial Research (CSIR) and Defense Research and Development Organization (DRDO) as knowledge partners to incorporate the proposed Bulk Drugs Park in Lalitpur district, UP.

• Bulk Drugs Park in Lalitpur aims to integrate technology along with research and innovation to provide high-quality and affordable medicines and medical devices.
• The UP govt has signed a Memoranda of Understanding (MoU) with 43 labs of CSIR and 46 labs of DRDO, where research work will be done to manufacture affordable medicines.

Objective:
The collaboration aims to enhance research and innovation in the medical sector and will further enable the development of innovative devices through new technology, allowing for quick diagnosis of serious illnesses and ensuring proper treatment.
Other Partners:
i.Adani Gas has been chosen as the Piped Natural Gas (PNG) supply partner to create a nature-friendly zone for Bulk Drugs Park.
ii.THDC India Limited (THDCIL) (formerly Tehri Hydro Development Corporation Limited) has been selected as the solar power partner.
iii.Container Corporation of India Ltd. (CONCOR) has been made the logistics partner, in distributing medicines and medical services nationally and internationally.
iv.Software Technology Parks of India (STPI) will support Industry 4.0 to establish global recognition for the medical units in the park.
v.Invest UP has been given the responsibility for policy support so that everyone can get the benefits of the new pharma policy of the UP govt.
Key Points:
i.Under the vision of the UP govt, Bulk Drugs Park is composed to meet international standards, ensuring affordable healthcare solutions not just for India but for 196 countries globally.
ii.The UP govt has organised an Investors Connect webinar and signed MoUs with around 1,500 stakeholders to make UP a hub for the medical sector with the latest technology.
Stakeholder Meeting:
i.The UP govt also organised stakeholder meetings to provide world-class facilities to entrepreneurs in Bulk Drugs Park.
ii.The stakeholder meetings organised with about 150 stakeholders from India and abroad took place in Hyderabad, Mumbai, Japan, and the United States of America (USA).

• In these meetings, approximately 1505 stakeholders have signed MoUs to share their technology.

iii.Additionally, the UP government has decided to establish a Software Technology Park to strengthen the Information Technology (IT) infrastructure, the backbone of the medical sector.
About Uttar Pradesh:
Chief Minister– Yogi Adityanath
Governor– Anandiben Patel
Stadiums– Amitabh Bachchan Sports Stadium (Indoor) and Maharani Ahilyabai Holkar Sports Stadium (Outdoor)

Meghalaya Launches ‘Food Security’ Campaign to Achieve Zero Hunger
Department of Food, Civil Supplies and Consumer Affairs, Government of Meghalaya, launched the “Food Security Campaign” to sensitise the public about the National Food Security Act (NFSA) 2013 and strive to achieve United Nations(UN)’s Sustainable Development Goal (SDG) 2 – ‘Zero Hunger’ by 2030.

• The campaign aims to ensure that the poorest of the poor have access to food grains by reaching out to key stakeholders.
• As part of the campaign, the people will be inform about the One Nation One Ration Card (ONORC), the Redressal System, the toll-free helpline number 1967, the use of the electronic point of sale (ePoS) and the linking of Aadhaar card and registered mobile number with their ration card.
• The campaign will reach out the general public about the Antyodaya Anna Yojna (AAY) and Priority Households under National Food Security Act of 2013.

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