Current Affairs 24 March 2023

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NATIONAL AFFAIRS

Department of Social Justice & Empowerment signs MoU with Sant Nirankari Mandal for NMBA Awareness

On March 22, 2023, the Department of Social Justice & Empowerment, Ministry of Social Justice & Empowerment (MoSJE) signed a Memorandum of Understanding (MoU) with the Sant Nirankari Mandal, Burari Road, Delhi for spreading the message of Nasha Mukt Bharat Abhiyaan (NMBA) among youth, women and students etc.

• This MoU will boost the implementation of NMBA to achieve drug sensitized India.
• It was signed in the presence of Union Minister Virendra Kumar, MoSJE, and Minister of State (MoS) SJE Partima Bhoumik at the Ambedkar International Centre, New Delhi (Delhi).

Key Points:
i.As per the report of first comprehensive National Survey on Extent and Pattern of Substance Use in India conducted by Department of Social Justice & Empowerment through National Drug Dependence Treatment Centre (NDDTC), AIIMS (All India Institute Of Medical Science), New Delhi (Delhi), Alcohol is the most common psychoactive substance used by Indians followed by Cannabis and Opioids.
ii.To curb the menace of drug demand, the MoSJE has been implementing National Action Plan for Drug Demand Reduction (NAPDDR) which is an umbrella scheme under which financial assistance is provided to State Governments/ Union Territory (UT) Administrations for Preventive Education and Awareness Generation, Capacity Building, Skill development, vocational training and livelihood support of ex-drug addicts, among other programs.
Nasha Mukt Bharat Abhiyaan(NMBA):
i.MoSJE initiated “Nasha Mukt Bharat Abhiyaan” (NMBA), currently operational in 372 districts in India, with an aim to create awareness about the ill effects of substance abuse among the youth.
ii.NMBA focuses on higher education institutes, university campuses, schools and reaching out into the community and garnering community involvement and ownership of the Abhiyaan.
iii.A special initiative under the NMBA is an association of religious/spiritual organizations for carrying out various activities under NMBA and to spread the message of NMBA under their banner.

About Ministry of Social Justice & Empowerment (MoSJE):
Union Minister– Virendra Kumar (Constituency- Tikamgarh, Madhya Pradesh)
Ministers of State– A. Narayanaswamy, and Pratima Bhoumik

MoPSW Launches ‘Green Tug Transition Programme’; India Aims to Become a Global Hub of Green Ship Building by 2030

Union Minister Sarbananda Sonowal, Ministry of Ports, Shipping & Waterways (MoPSW), has announced the “Green Tug Transition Programme” (GTTP), in order to make India a “Global Hub for Green Ship Building” by 2030.

• The GTTP would convert all tugboats operating in India into “Green Hybrid Tugs,” running on non-fossil fuel like Methanol, Ammonia, and Hydrogen.
• GTTP will first transform tugs into green hybrid tugs powered by hybrid propulsion systems, and thereafter adopt non-fossil fuel alternatives.

He also inaugurated India’s first National Centre of Excellence in Green Port & Shipping (NCoEGPS), a collaboration between the MoPSW, Government of India, and The Energy and Resources Institute (TERI), an independent, not-for-profit research institute focusing on energy, environment, and sustainable development.

• The NCoEGPS, headquartered within the TERI campus in Gurugram (Haryana), will seek to uphold its pledges under the Paris Agreement.

About International Maritime Organization (IMO):
Secretary-General – Kitack Lim (Republic of Korea)
Headquarters – London, United Kingdom
Establishment – 1958
>> Read Full News

Centre Signs MoU with TN Govt for setting up India’s 1st PM MITRA Park in Virudhunagar
On March 2023, the Central government signed a Memorandum of Understanding (MoU) with the Tamil Nadu (TN) government to establish India’s first PM Mega Integrated Textile Regions and Apparel (PM MITRA) Park in Virudhunagar District, TN.

• MoU was signed and exchanged between the Central and TN governments in the presence of Union Textiles Minister Piyush Goyal and TN Chief Minister M K Stalin.
• The PM MITRA park is set to be built on a 1,052 acre site in E Kumaralingapuram Virudhunagar District, close to the Chennai-Madurai-Kanyakumari national highway (NH-44).
• The infrastructure work cost of Viruduhunagar PM MITRA Park was estimated at Rs 2,000 crore, which includes a Central subsidy of Rs 500 crore.

About Tamil Nadu:
Governor – R.N. Ravi
Chief Minister -M K Stalin
Wild Life Sanctuary – Kanyakumari Wildlife Sanctuary, Sathyamangalam Wildlife Sanctuary
Tiger Reserve – Mudumalai Tiger Reserve, Sathyamangalam Tiger Reserve
>> Read Full News

President of India visits Kerala, Tamil Nadu, and Lakshadweep: 16th to 21st March 2023 Droupadi Murmu, President of India, visited Kerala, Tamil Nadu and Lakshadweep between the 16th and 21st March 2023.
Highlights of her visit: 
Kerala:
i.On 16th March 2023, the president visited the indigenously built modern aircraft carrier Indian Naval Ship (INS) Vikrant.

• During her visit to Kerala, She also presents the President’s Colour to INS Dronacharya in Kochi, Kerala.

President’s Colour: 

• The President’s Colour is bestowed upon a military unit in recognition of exceptional service rendered to the Nation, both in peace and in war.
•  Indian Navy was the first Indian Armed Force, to be awarded the President’s Colour by Dr Rajendra Prasad on 27 May 1951.

ii.On 17th March 2023, she visited the Mata Amritanandamayi Math in Kollam and later attended the civic reception hosted in her honour in Thiruvananthapuram, Kerala.

• During the event, she inaugurated the silver jubilee celebration of ‘Kudumbashree’, one of the largest women’s self-help networks in the world.
• She also launched ‘Unnathi’, an umbrella programme to create opportunities for employment and self-employment, among the youth belonging to Scheduled Caste (SC) and Scheduled Tribe (ST) communities.
• She also witnessed the release of technical, engineering and diploma books translated into Malayalam.

Tamil Nadu & Lakshadweep: 
i.On 18th March 2023, she paid tribute to Vivekananda Smarak and the statue of Thiruvalluvar and visited the Vivekananda Kendra in Kanniyakumari, Tamil Nadu.
ii.On 18th March 2023, the President also attended another civic reception hosted in her honour in Kavaratti, Union Territory(UT) of Lakshadweep.
About Kerala: 
Chief Minister– Pinarayi Vijayan
Governor– Arif Mohammed Khan
Wildlife Sanctuary– Karimpuzha Wildlife Sanctuary; Kurinjimala Sanctuary
 Zoological Park– Thiruvananthapuram Zoological Park; Thrissur Zoo & Museum

INTERNATIONAL AFFAIRS

UNDP & GCF signs AMA for 5 years to Deliver Climate Finance to Countries in critical Decade for Action

The representative for the United Nations Development Programme(UNDP) and Green Climate Fund(GCF) have signed a new Accreditation Master Agreement (AMA) launching a new 5 years of partnership (from 2023-2027) to provide vital climate finance to countries in the critical decade for action.

• The AMA was signed by Pradeep Kurukulasuriya, UNDP’s Director and Executive Coordinator of Environmental Finance, and Carolina Fuentes, Director of GCF’s Country Programming Division.

The AMA is the central instrument that specifies the terms and conditions for the use of GCF resources and formalizes the accountability of UNDP for executing projects that have been approved by the GCF.
Background:
i. UNDP signed its 1st AMA with the GCF in 2017 for a five-year period of partnership from 2017-2021.
ii. The accreditation of UNDP has now been extended by a second AMA for another five years, from 2023 to 2027.
Note: UNDP 1st received GCF accreditation in March 2015 and was the first UN Agency to receive GCF accreditation.
Key Highlights:
i. According to Haoliang Xu, Assistant Administrator and Director of the Bureau for Policy and Programme Support at UNDP, the new AMA enables UNDP to increase its support to some of the most vulnerable countries in the globe.
ii. UNDP will work with its partner countries to develop and carry out innovative and impactful projects for urgent climate action.

• This agreement will support climate finance and is vitally important for the partnership of UNDP with GCF.

iii. The support of UNDP for countries in accessing GCF finance focuses on adaptation and mitigation funding proposals, readiness and national adaptation planning, simplified approval process, and project preparation facility.
iv. It also builds the capacity of national entities to more effectively deliver climate actions and reach Nationally Determined Contributions outlined in the Paris Agreement, and ensure effective integration with interconnected planetary crises, including Biodiversity Loss.
About the United Nations Development Programme (UNDP):
Administrator- Achim Steiner
Headquarters- New York, USA
Establishment- 1966
About the Green Climate Fund (GCF):
Executive Director- Yannick Glemarec
Headquarters- Incheon City, the Republic of Korea (South Korea)
Establishment- 2010

SYR of the IPCC AR6 Report Climate Change 2023: Underscores Need of Immediate Climate Action Plans

The ‘Synthesis Report (SYR) of the IPCC Sixth Assessment Report (AR6) Climate Change 2023′ (Summary for Policymaker)’ released on March 21, 2023, by the United Nations’ (UN) Intergovernmental Panel on Climate Change (IPCC), underscores the immediate need to take more ambitious climate actions as the current global climate action plans in the last 5 years are not enough i.e. “insufficient” in limiting global warming to 1.5 degrees Celsius (°C) above pre-industrial levels.

• The report summarises the state of knowledge of climate change, its widespread impacts and risks, and climate change mitigation and adaptation.
• The average temperatures had already touched 1.1 °C above the pre-industrial times.
• The cumulative net CO2 emitted by the world from 1850 to 2019 was about 2400±240 GtCO2 (gigatonnes of carbon dioxide), in which 58% (more than half) occurred between 1850 and 1989, and about 42% occurred between 1990 and 2019
• Global surface temperature was 1.09°C higher in 2011–2020 than 1850–1900 with larger increases over land (1.59°C ) than over the ocean (0.88°C).

About Intergovernmental Panel on Climate Change (IPCC):
IPCC is the UN body for assessing the science related to climate change. It was established by the United Nations Environmental Programme (UNEP) and the World Meteorological Organization (WMO) in 1988 to provide political leaders with periodic scientific assessments about climate change.
Chair – Hoesung Lee
Location – Geneva, Switzerland
>> Read Full News

QS World University Rankings by Subject 2023: IIT Bombay & IIT Delhi Among Top 50 Engineering institutes

Indian Institute of Technology(IIT) Bombay, (Mumbai, Maharashtra)and IIT-Delhi(New Delhi, Delhi) are featured among the top 50 in the subject of Engineering and Technology in the QS(Quacquarelli Symonds) World University Rankings by Subject 2023. IIT Bombay is ranked 47th and IIT Delhi is ranked 48th.

• Massachusetts Institute of Technology (MIT)(Cambridge, Massachusetts, United States of America(USA)) topped the Engineering and Technology ranking followed by Stanford University in 2nd and the University of Cambridge(Cambridge, England) in 3rd rank.

About QS World University Rankings by Subject: 
iQS World University Rankings by Subject 2023 is the 13th edition of the QS World University Rankings by Subject.
ii.The QS World University Rankings by Subject 2023 cover a total of 54 disciplines, grouped into five broad subject areas: Arts & Humanities; Engineering and Technology; Life Sciences & Medicine; and Natural Sciences.
iii.The QS Rankings are based on various parameters such as research publications, academic reputation, employer reputation and H-Index.
Overview: 
i.QS World University Rankings by Subject 2023 have ranked 66 Indian universities, cumulatively achieving 355 entries. This is an 18.7% increase compared to 2022 (299).
ii.Around 44 programmes offered by Indian higher education institutions in different disciplines have featured in the top 100 globally.
iii.The Institutes of Eminence (IoE) represents 35 of the 49 top-100 Indian positions across the 54 academic disciplines and in the five broad faculty areas.
iv.Among the 54 disciplines, Indian higher education institutions have performed well in the fields of computer science, chemistry, biological sciences, business studies, and physics.
Highlights: 
i.The most represented Indian universities in the 2023 list are the University of Delhi with 27 entries followed by IIT-Bombay with 25 entries and IIT-Kharagpur(West Bengal) with 23 entries.
ii.The 11 declared IoE represent 44% of the overall Indian entries (158).
Indian Institutes among top 100: 
i.IIT Bombay ranked 92nd(up by 25 places) in Mathematics, and IIT Madras(Chennai, Tamil Nadu) is ranked 98th(up by 50 places) in Mathematics.
ii.IIT-Kanpur(Uttar Pradesh) is ranked 87th (up 21 places) in engineering-electrical electronic and ranked 96th (up 13 places) in computer science and information systems.
iii.IIT-Kharagpur ranked 94th (up by 15 places) in for computer science and information systems.
Note: Boosting the standing of the Indian higher education sector on the global stage, Saveetha Institute of Medical and Technical Sciences (Deemed to be University), a leading dental institution in India, has made a path-breaking achievement by getting the Top 13 rank in the QS World Ranking by Subject, released for 2023. This is the first and the only time a dental institution from India – public or private, is ranked within the Top 15 in the subject of dentistry, in the history of the QS global ranking.

BANKING & FINANCE

IFSCA formed committee to onshore Indian Start-Ups Domiciled Abroad; Headed by G PadmanabhanOn March 21, 2023, the International Financial Services Centres Authority (IFSCA) has formed a committee to be headed by former Reserve Bank of India (RBI) executive director G Padmanabhan to design a road-map to attract or onshore Indian start-ups domiciled abroad for setting up their base in GIFT (Gujarat International Finance Tec-City) City in Gujarat.

• The committee is expected to submit its recommendations in 3 months.
• Its members include representatives from leading venture capital funds, startups, fintechs, law firms, tax firms and other domain experts.

Responsibilities of Committee:
i.Identify measures to encourage the Indian fintech and startups domiciled abroad to relocate to GIFT IFSC (International Financial Services Centre).
ii.Identify issues that are critical to the development of GIFT IFSC as a global Fintech Hub.
iii.Identify challenges, understand the nuances from regulatory, tax, legal and other perspectives, and recommend measures for the development of International Innovation Hub at GIFT IFSC.
Key Points:
i.Many Indian startups are domiciled outside India despite having the majority of their market, personnel and founders in India.

• These ‘externalized’ or ‘flipped’ startups constitute a large number of India’s unicorns

ii.India has the world’s third-largest startup ecosystem with 115 unicorns (firms with billion-dollar valuations).
iii.GIFT IFSC is the maiden international financial services centre in India operationalized in April 2015 in Gandhinagar, Gujarat.
About International Financial Services Centres Authority (IFSCA):
IFSCA is a statutory authority established by the Government of India on April 27, 2020, under the International Financial Services Centres Authority Act, 2019
Chairperson– Injeti Srinivas
Headquarters– GIFT City, Gandhinagar, Gujarat

Amazon Pay ties up with NPCI’s Bharat BillPay for Loan RepaymentsAs part of its efforts to enhance user experience and safety, Amazon Pay has teamed up with Bharat BillPay, the biller platform of the National Payments Corporation of India (NPCI), to bolster its loan repayment service.
Key Points:
i.It facilitates loan repayment option for customers who avail of their loans through banks, microfinance institutions, and NBFCs (Non-Banking Financial Companies), and need a convenient payment option to pay their EMIs on time.
ii. To pay their EMIs (Equated Monthly Instalments), customers can choose their bank or NBFC from the list and provide their loan account number and other details. While payment confirmations are immediate for all bill payment transactions, some banks may require a predefined turnaround time (TAT) to process and accept payments.
iii.Over 200 lenders, including Bajaj Finance, Cholamandalam Investment & Finance, HDB Financial Services, Home Credit, and IIFL Finance, have enrolled in the facility.
What is Bharat Bill Pay?
The Reserve Bank of India (RBI) conceptualized the Bharat Bill Payment System (BBPS), which is operated by NPCI. It provides customers with interoperable and accessible bill payment services through digital (bank channels) as well as a network of agents and bank branches. It offers various payment modes through which consumer can make a bill payment viz. Cash, Cards (Credit, Debit & Prepaid), Immediate Payment Service (IMPS), Unified Payments Interface (UPI), Aadhaar Enabled Payment System (AEPS), Internet Banking & UPI, and Wallets.
About National Payments Corporation of India (NPCI):
It is an initiative of the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007
MD & CEO– Dilip Asbe
Headquarters– Mumbai, Maharashtra

ADB, SAEL Industries Sign Rs 754 crore Loan Agreement to Promote Biomass Energy GenerationOn March 23, 2023, The Asian Development Bank (ADB) and Renewable Energy Company, SAEL Industries Limited, signed a loan agreement of up to Rs 754 Crore (around US$91.14 million) to promote the generation of biomass energy using agricultural residue, helping diversify India’s energy mix and reduce carbon intensity.

• The ADB’s fund will be used by SAEL for the construction of five 14.9-megawatt biomass power plants in the districts of Bikaner, Churu, Hanumangarh, Jhunjhunu, and Sikar in the state of Rajasthan.
• Around Rs 150 crore will be provided for each power plant to subsidiaries of SAEL Industries: Chattargarh Renewable Energy Private Limited, KTA Power Private Limited, Sardarshahar Agri Energy Private Limited, TNA Renewable Energy Private Limited, and VCA Power Private Limited.

Air Pollution in Rajasthan:

• As more than half the land in Rajasthan is dedicated to agriculture, the local farms burn huge volumes of waste including stalks, husks, and straw, causing air pollution.
• Further, the burning of crop stubble also reduces the soil quality, which lead to requiring increased use of agricultural chemicals which causes other health issues.

Solution through Power Plant:
i.Thus the establishment of biomass power plants in the state will use the agricultural residue for energy generation and in turn protect the environment, expand renewable energy sources, and reduce carbon dioxide emissions.
ii.The power plants will convert about 650,000 tons of agricultural residues into electricity and are expected to generate 544 gigawatt-hours of energy per annum, helping avoid up to 487,200 tons of carbon dioxide annually.
iii.The power plant construction will also create local employment and generate extra income for farmers and local entrepreneurs.
About Asian Development Bank (ADB)
President – Masatsugu Asakawa
Headquarters – Mandaluyong City, Manila, Philippines
Establishment – 1966
Member Countries – 68 countries (49 from the region)

PFC Limited Signed Rs 165 crore Loan Agreement with JBICPower Finance Corporation (PFC) Limited, a state-owned and a leading Non-Banking Finance Company (NBFC) in the Indian power sector signed a loan agreement for Japanese Yen (JPY) 2.65 billion (~Rs 165 crore) with Japan Bank for International Cooperation (JBIC).

• The loan agreement was signed by R S Dhillon, Chairman and Managing Director, PFC and Uchida Makoto, Managing Executive Officer, JBIC, at JBIC headquarters, Tokyo, Japan.

Key Points:
i.Under the agreement, JBIC will be financing some of PFC’s projects which ensure the effective reduction of greenhouse gas (GHG) emissions and conservation of the global environment.
ii.The loan agreement was executed under a general agreement signed between PFC and JBIC for JPY 30 billion.

• Backdrop: In July 2022, PFC signed a loan agreement for JPY 30 Billion with JBIC.

iii.In February 2023, PFC posted a 7% rise in its consolidated net profit at Rs 5,241.10 crore in the Q3 FY23.
About Power Finance Corporation (PFC) Limited:
It is a Schedule-A Maharatna Central Public Sector Enterprise (CPSE) under the administrative control of the Ministry of Power.
Chairman & Managing Director (CMD) – Ravinder Singh Dhillon
Establishment – 1986
Headquarters – New Delhi, Delhi

Geojit Partners with ESAF Bank to Launch A 3-In-1 Bundled Account

Geojit Financial Services, a financial advisory firm, has entered into an agreement with ESAF Small Financing Bank (ESAF SFB) to provide the bank’s customers with a special 3-in-1 bundled account.

• This one-of-a-kind service agreement enables the holders of ESAF SFB savings accounts to open Geojit demat and trading accounts for free.
• A demat or dematerialization account allows investors to hold shares and securities in an electronic format.

The service was launched as a part of the anniversary celebrations of ESAF SFB, which began operations on March 10, 2017.
Key Points:
i.Benefits of the 3-in-1 bundled account include free demat account opening, flexible brokerage plans, a waiver of annual maintenance charges (AMC) until March 2024, no subscription fees for trading accounts, and end-to-end digital account opening facility.
ii.The trading account provides a simple interface for investing online in many investment alternatives offered by Geojit and can be opened online in 15 minutes.
iii.The specially designed 3-in-1 bundled account will make trading in equity and commodities more convenient.
iv.The end-to-end digital account opening service enables ESAF SFB customers to start their investment journey in a short time, diversify their investments, and manage it from a single account.
v.It will introduce the customers of ESAF SFB to new financial tools and wealth-creation opportunities.
Note: Geojit Financial Services is one of India’s leading investment services firms, with a significant presence in the Gulf Cooperation Council (GCC) countries through joint ventures.
About ESAF Small Finance Bank (ESAF SFB):
As on March 31, 2022, ESAF SFB has 575 banking outlets spread across 21 States & 2 Union Territories (UTs).
MD & CEO – Kadambelil Paul Thomas
Established – 2017
Headquarters – Thrissur, Kerala
Tagline – Joy of Banking

RBI to set up New Data Centre & Cybersecurity Training Institute in Odisha

On 22nd March 2023, Shaktikanta Das, Governor of the Reserve Bank of India (RBI), laid the foundation stone for the establishment of a Greenfield Data Centre and Enterprise Computing & Cybersecurity Training Institute in Bhubaneswar, Odisha.

• After being commissioned, the new Data Centre and Cybersecurity Training Institute spread over an area of 18.55 acres and will meet the emerging requirements of the RBI and the financial sector.

Shaktikanta Das highlighted the vital role of technology in assisting the financial sector’s and the RBI’s actions over the years, and more recently in facilitating a strong recovery from the pandemic.

World Bank’s IFC to invest USD 73 Million in Mahindra’s Last Mile Electric Mobility Unit

International Finance Corporation (IFC), the World Bank’s private investment arm, is set to invest USD 73 million (Rs 6020 crore) in an Indian automaker, Mahindra and Mahindra (M&M) Limited’s last-mile electric mobility unit. This investment is the IFC’s 1st investment in an electric vehicle maker in India.

• The investment, which will be in the form of compulsory convertible instruments, will value the unit at Rs 6020 crore.
• IFC will own about a 9.97%-13.64% stake in the newly formed company.
• Indian manufacturers and startups, including Tata Motors, ElectricPe, and Yulu, are entering the market and attracting multiple investors.
• With IFC’s financial support, Mahindra will be able to scale up electric mobility for last-mile connections as well as for the development and production of new goods.

AWARDS & RECOGNITIONS        

M3M Hurun Global Rich List for 2023: Gautam Adani slips 11 ranks & became 23rd among global billionaires; Bernard Arnault of LVMH tops 
According to the 2023 M3M Hurun Global Rich list released by Hurun India and M3M India, Gautam Adani has dropped 11 places to the 23rd rank among global billionaires. According to the report, Gautam Adani saw a 35% decline in wealth year-on-year. He lost Rs 3,000 crore every week over the last year.

• Bernard Arnault, Chief Executive Officer (CEO) of LVMH Moët Hennessy Louis Vuitton(known as LVMH), which owns fashion brands including Sephora and Louis Vitton, tops the list as the Richest Person in the World with a worth of USD 202 billion.
• Elon Musk, the owner of Tesla and Twitter, with a total wealth of USD 157 billion, is number two on the list.

Mukesh Ambani, the Chairman and Managing Director of Reliance Industries Limited (RIL), ranked 9th(globally) is the only Indian to feature in the World’s top 10 billionaires list.

• He has dethroned Adani Group chairman Gautam Adani to become Asia’s as well as India’s richest man with a wealth of USD 82 billion.

Gautam Adani is now ranked 3rd among Asia’s richest. China’s Zhong Shanshan (YST) is now Asia’s 2nd richest businessman.
Note: In association with M3M India, the world’s largest rich list provider, Hurun, launches the 12th-anniversary edition of the 2023 M3M Hurun Global Rich List.
About Hurun India:
Hurun India has 5 core pillars, they are, Philanthropy List, Wealth, Art, Impact & Sustainability, Lifestyle, and Value.
Managing Director (MD)- Anas Rahman Junaid
Establishment- 1998 (launched in 2012)
>> Read Full News          

ACQUISITIONS & MERGERS         

CCI approves LIC AMC’s Acquisition of Management Rights of IDBI MF SchemesOn 22nd March 2023, the Competition Commission of India (CCI) approved the LIC Mutual Fund Asset Management Limited(LIC AMC)’s acquisition of the rights to manage and administer the schemes of IDBI Mutual Fund (IDBI MF) from IDBI Asset Management Limited (IDBI AMC).
Acquirers: LIC Mutual Fund Asset Management Limited(LIC AMC); LIC Mutual Fund Trustee Private Limited(LIC TC); and IDBI Asset Management Limited(IDBI AMC).
Highlights: 
The Proposed Transaction is an acquisition of a business division (i.e., assets) under Section 5(a)(i)(A) of the Competition Act, 2002.
Proposed Combination:

• The proposed deal entails LIC AMC’s right to manage and administer the schemes of IDBI MF from IDBI AMC.
• It also covers LIC TC’s acquisition of the trusteeship rights of the schemes of IDBI MF from IDBI TC.
• As a result, the IDBI MF schemes will form a part of LIC MF, with LIC TC as the trustee company for the IDBI MF schemes and LIC AMC as the asset management company for the IDBI MF schemes.
• Apart from lump sum consideration, IDBI AMC will acquire a certain non-controlling shareholding in LIC AMC.

About LIC AMC/ LIC TC: 
i. Life Insurance Corporation of India (LIC), the parent company of LIC AMC and LIC TC, is the sponsor of LIC MF.
ii. LIC AMC acts as the asset management company of LIC MF, while LIC TC acts as the trustee company of LIC MF in India.
iii. LIC AMC acts as an investment management advisor to LIC MF, which manages the investment portfolio and provides various administrative services to LIC MF.
About IDBI MF/ IDBI AMC/ IDBI TC:
i. IDBI Bank Limited is the sponsor of IDBI MF.
ii. The primary activity of IDBI AMC is to act as an asset management company for IDBI MF, and IDBI TC acts as IDBI MF’s trustee company in India.
About the Competition Commission of India (CCI):
Acting Chairperson- Sangeeta Verma
Headquarters- New Delhi, Delhi
Establishment- 2003 (Operational from 2009)

ENVIRONMENT

Exostoma Dhritiae: ZSI Scientists discovered a New Catfish Species in Arunachal Pradesh

Zoological Survey of India (ZSI) Scientists have discovered a  new species of sisorid catfish named “Exostoma Dhritiae” in Siking stream, a tributary of the Siang river in the Upper Siang district of Arunachal Pradesh. The new species is named after Dhriti Banerjee, the 1st woman director of the ZSI, as a tribute to her contribution to research on the fauna of India.

• It is a small fish found in streams in hills and locally called “Ngorang” by local tribals.
• The new species can be distinguished by the condition of the posterior extremity of the adipose-fin base, the degree of tuberculation on the dorsal surface of the head, and the shape of striae on the anterolateral surface of lips.
• “Exostoma Dhritiae” is the twentieth reported species of exostoma.

SPORTS

Australia Tour of India 2022-2023: India hosted 3 ODIs & 4 Tests The cricket team of Australia toured India for 4 match Border-Gavaskar Trophy Test Series and 3 One Day Internationals(ODIs) from 9th February 2023 to 22nd March 2023.

• India won 4 match Border-Gavaskar Trophy Test Series 2022-2023 by 2-1 and Australia won the ODI series 2022-2023 by 2-1.
• This tour was part of ICC (International Cricket Council) – Future Tour Programs (FTP).

Test Captains: 
Indian team was captained by Rohit Sharma and the Australian Team was captained by Pat Cummins & Steven Smith
ODI Captains: 
The Indian Team was captained by Hardik Pandya and Rohit Sharma and the Australian Team was captained by Steven Smith.
Overview of Border-Gavaskar Trophy Test Series:
i.India won the Border-Gavaskar Trophy Test Series 2022-2023 by 2-1.
This is the 4th consecutive series win for India against Australia.  With this, ii.Indian Team captained by Rohit Sharma won their 16th consecutive Test series in India.
iii.With this, India is now qualified for the World Test Championship (WTC) Final at the Oval from 7th to 11th June 2023.
Player of the Series: 
Player of the Series was shared between Ravichandran Ashwin and Ravindra Jadeja of India.
Border–Gavaskar Trophy: 
i.The Border–Gavaskar Trophy is an International Test cricket series played between India and Australia via the ICC Future Tours.
ii.The series is named after distinguished former captains, Australia’s Allan Border and India’s Sunil Gavaskar.
Note: 

• The last Border Gavaskar Trophy was played in Australia in 2020-2021 in which India won the series by 2-1.
• Since 2016, Australia has never won the Border Gavaskar Trophy.

Overview of Australia Tour of India ODI Series 2022-23:
Australia defeated India by 21 runs in the final ODI held on 22nd March 2023 in the MA Chidambaram Stadium, Chennai, Tamil Nadu and won the Australia Tour of India ODI Series 2022-23 by 2-1.

• Australia replaced India at the top of the world ODI rankings after winning the 2nd and 3rd ODI of the series.

Player of the Series: 
Mitchelle Marsh of Australia was honoured with the Player of the Series.

Germany’s World Cup-winning Footballer Mesut Özil retires from Football

On 22nd March 2023, Former German football player and 2014 World Cup winner Mesut Özil, who is currently playing for İstanbul Başakşehir Futbol Kulübü, Turkish football club,  announced his retirement from Football at the age of 34.

• Previously, In 2018, at the age of 29, he announced his retirement from international football.
• On 11 February 2009, Mesut Ozil made his international debut representing Germany in a friendly match against Norway.
• He was also part of the German squad at 2010, 2014 and 2018 World Cups and scored 23 goals in 92 appearances for Germany.

Club career: He started with Schalke and Werder Bremen in Germany. He also played for Real Madrid (3 years) and Arsenal (8 years ). He also represented Turkish football clubs Fenerbahçe and Istanbul Başakşehir.

• Mesut Ozil won 9 trophies during his club career including the Spanish La Liga title with Real Madrid in 2012 and 4 Football Association Challenge Cups (FA Cups) with Arsenal between 2014 and 2020.

OBITUARY

Veteran journalist & Padma Shri Awardee Abhay Chhajlani Passes Away
On 23rd March 2023, Abhay Chhajlani, Veteran Journalist and Padma Shri Awardee(2009) passed away in Indore, Madhya Pradesh (MP) at the age of 88. He was born on 4th August 1934 in Indore, MP.
About Abhay Chhajlani:
i. Abhay Chhajlaniwas an Indian journalist and the former Chief Editor of the Indore-based Hindi daily, Nai Dunia.
ii. He entered the field of journalism in 1955. He took over as executive editor in 1963 and later served as editor-in-chief of Naidunia for a long time.
iii. He served as the president of the Indian Languages Newspapers Association (ILNA), the apex organization of Indian language newspapers, in 1988, 1989, and 1994.
iv. He was the Vice President of the Indian Newspaper Society (INS) in 2000 and President between 2002-2003.
v. He served as the President of the Madhya Pradesh Table Tennis Association and remained in the post for life.
Awards:
Abhay Chhajlani was awarded the Padma Shri, India’s 4th highest civilian honour, in 2009 for Literature and Education (Madhya Pradesh).

IMPORTANT DAYS

World Meteorological Day – March 23 2023The United Nations(UN)’s World Meteorological Day (WMD) is annually observed across the globe on 23rd March to spread awareness about the behaviour of the Earth’s atmosphere and to emphasise the role of individuals and their actions in protecting the atmosphere of the Earth.

• Every 23 March commemorates the coming into force of the Convention establishing the World Meteorological Organization(WMO) on 23 March 1950.

World Meteorological Day 2023 on 23rd March 2023 is observed under the theme “The Future of Weather, Climate, and Water across Generations”.

• The 2023 theme reflects topical weather, climate or water-related issues.

Background:
i.During the 12th session of the Executive committee in 1960, WMO adopted the resolution WMO/EC-XII/Res.6 and proclaimed the 23rd March of every year as the World Meteorological Day.
ii.The first-ever World Meteorological Day was observed on 23rd March 1961.

• Since then, the WMD is annually observed with a theme/slogan in all the member countries.

About World Meteorological Organization(WMO):
WMO is a UN Agency dedicated to international cooperation and coordination on the state and behaviour of the Earth’s atmosphere.
Secretary-General– Prof. Petteri Taalas
Headquarters– Geneva, Switzerland
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