NATIONAL UPDATES:
1. Second
Infrastructure Working Group Meeting begins in Vishakhapatnam: The second G20 Infrastructure Working Group (IWG) meeting is
being organized in Visakhapatnam, Andhra Pradesh from March 28-29,
2023. It is being conducted under the theme of Financing Cities of
Tomorrow: Inclusive, Resilient, and Sustainable. The conference is attended by
63 representatives of G-20 countries and other invited organizations, ADB and
World Bank. The first G-20 IWG summit was held in Pune
(Maharashtra) under the presidency of India.
2. 1st
G20 Trade and Investment Working Group Meeting begins in Mumbai: The first G20 Trade and Investment Working Group (TIWG)
Meeting under India’s G20 Presidency is being organized in Mumbai
(Maharashtra) from March 28− 30, 2023. The event was attended by 100 delegates
from G20 member countries, invitee countries, regional groupings, and
international organizations. On the first day, an International Conference
will be held on 'Trade Finance’. On the second day, the focus will be on making
trade work for growth and prosperity.
3. Govt
constitutes a Committee to monitor the stock of Tur: The Government has constituted a Committee to monitor the stock of
Tur held by entities such as importers, millers, stockists, and traders in
close coordination with the state governments. The decision has come against
the backdrop of reports of market players not releasing stocks despite the
regular arrival of imports in good quantities. The Committee has
been constituted under the chairmanship of Additional Secretary Nidhi
Khare.
4. Anupriya Patel inaugurated 23rd INDIASOFT in New
Delhi: Union Minister of State for Commerce &
Industry, Anupriya Patel has inaugurated the 23rd edition of
INDIASOFT in New Delhi. The country’s Research and Development professionals
for developing and perfecting over 70 new products that will be launched at the
INDIASOFT. More than 1500 Indian exhibitors are showcasing their products and
solutions at the event and other collocated events. Over 650 delegates from 80
countries are participating in the three-day event. 2047 India would become a developed
country with a GDP of USD 32 trillion, which would be a defining moment for
India and the global community. This scale of growth would be greatly
influenced by the strides India is making in the ICT sector.
INTERNATIONAL UPDATES:
1. Egypt joins BRICS bank as new member: Egypt has joined the BRICS New Development Bank (NDB). The
African-Arab nation became an NDB member on February 20, though a formal
notification was issued on March 22. The New Development Bank was set up by
BRICS nations on the basis of the intergovernmental agreement signed at the
sixth BRICS summit in Fortaleza in July 2014. The upcoming BRICS Summit,
scheduled to be hosted by South Africa in August, is anticipated to promote
intra-BRICS trade using national currencies, allowing member nations to
safeguard their foreign exchange reserves.
2. Manmeet Colon sworn in as Connecticut’s first
assistant police chief: 37-year-old Indian-origin Sikh woman officer, Manmeet
Colon has assumed charge as the assistant police chief in the US state
of Connecticut. She became the department’s first-ever second-in-command of
Asian descent. Colon, a 15-year New Haven Police Department (NHPD) veteran, was
sworn in as the city’s third assistant police chief in a ceremony. The Board of
Police Commissioners in New Haven unanimously approved the appointment of Colon
who was previously a lieutenant in the internal affairs office.
3. 27 March – World Theatre Day: World Theatre Day is celebrated
on 27 March annually across the world. This day is marked by theatre
enthusiasts, professionals, and organizations. It provides a unique opportunity
to celebrate the rich history of theatre and its diverse contributions to
society. It was initiated in 1961 by the International Theatre Institute.
Theme
2023 – Theatre and a Culture of Peace
OTHER UPDATES:
SPORTS
1. Archana
Suseendran clinched double gold in AFI Indian Grand Prix 2: Tamil Nadu’s Archana Suseendran has clinched two gold medals
in 100m and 200m at the AFI Indian Grand Prix 2, held in Kerala on March
27, 2023. In the Women's 100m final, she defeated Assam sprinter Hima
Das and completed her 100m race in 11.52 seconds. While she completed the
200m race in 23.21 seconds. In the Men's 100m race category
Sanjeet from Haryana clinched the gold. The AFI Indian Grands Prix 3 and 4
will be held in Bengaluru on April 10 and 15.
BANKING AND FINANCE
1. S&P
keeps India’s economic growth forecast unchanged at 6% in FY24: S&P Global Ratings has kept its forecast for India's economic
growth unchanged at 6% for 2023-24 and 6.9% for 2024-25. In the quarterly
economic update for Asia-Pacific, S&P highlighted that the inflation
rate will be eased to 5% in 2023-24 from 6.8% in the current financial
year (2022-23). It has also been forecasted that the GDP of India will
grow by 7% in the current financial year ending March 31 (2022-23). S&P
Global HQ: New York, U.S.
2. World
Bank: Global economy 'speed limit' on track to hit 30-year low by 203: According to the World Bank's report titled 'Falling Long-Term
Growth Prospects: Trends, Expectations, and Policies', the global
economy’s 'speed limit' is on track to crash to a three-decade low by
2030.
The 'speed
limit' refers to the maximum long-term growth rate without sparking
inflation concerns. At 2.2%, the global average potential GDP growth rate would
be sharply lower than the 3.5% recorded in the first decade of the century.
3. Samara
Capital to buy Aditya Birla Insurance brokers:
Aditya Birla Group has agreed to sell its insurance broking
business, Aditya Birla Insurance Brokers Ltd (ABIBL) to private equity
firm Samara Capital for ₹455 crore. ABIBL is specialized in providing integrated
insurance broking and advisory services to companies and individuals. It also
offers reinsurance solutions to insurance companies. It is subject to
receipt of the approval of IRDAI and other regulatory and statutory approvals.
4. Troubled
Silicon Valley Bank acquired by First Citizens:
The First Citizens Bank will acquire Silicon Valley Bank and assume
control of all its deposits and loans. As part of the deal, North
Carolina-based First Citizens Bank has agreed to purchase $72 billion
worth of SVB’s assets at a $16.5 billion discount from the FDIC. First Citizens
Bank will take control of $56 billion in deposits. The Federal
Deposit Insurance Corporation (FDIC) will continue to retain receivership
of around $90 billion worth of SVB’s assets.
5. EPFO
fixes 8.15% interest rate on employees' provident fund for 2022-23: Employees' Provident Fund Organisation (EPFO) has fixed
an 8.15% interest rate on employees' provident fund (EPF)
deposits for 2022-23. In March 2022, EPFO lowered the interest on EPF for
2021-22 to 8.1% for its about five crore subscribers, from 8.5% in 2020-21. After
the CBT's decision, the interest rate on EPF deposits for 2022-23 will be sent
to the Ministry of Finance for concurrence. EPFO provides the interest rate
only after finance ministry ratification.
6. Govt
caps maximum GST cess rate on tobacco products: The
government has set a maximum rate of GST compensating cess on pan
masala, cigarettes, and other kinds of tobacco, with the highest rate tied
to the retail sale price. The cess rate was capped as part of amendments to the
Finance Bill 2023. According to the amendment, the maximum GST compensation
cess rate for pan masala will be 51% of the retail sale price per unit,
from the current cess charge at 135% ad valorem.
7. CRIF
gets RBI license to operate as NBFC account aggregator: CRIF Connect Private, a subsidiary of CRIF S.p.A, has
received approval from RBI to commence operations as an NBFC Account
Aggregator (AA). CRIF Connect is uniquely positioned to benefit both consumers
and financial institutions. It is an end-to-end encrypted platform that
securely fetches and transfers a consumer’s financial data based on their
explicit consent between financial institutions, making data sharing extremely
safe based on RBI-approved guidelines.
8. Sebi
eases FPIs onboarding process: The SEBI has
simplified the procedural requirements for Foreign Portfolio Investors'
(FPIs) onboarding. SEBI has allowed designated depository participants
(DDPs) to grant FPI registration based on scanned copies of
application forms and supporting documents. Trading can only be
activated following the verification of the physical documents. It has
allowed DDPs to accept the use of digital signatures by FPIs for the
execution of registration-related documents.
AWARDS AND HONOURS
1. Sacred
Hopi site in Arizona awarded ICOMOS Water and Heritage Shield 2023: A site located in Arizona (United States) and sacred to the Hopi
Native American Nation has been awarded a ‘Water and Heritage Shield’
by the International Committee On Monuments and Sites International Science
Committee. The Shield was awarded to the Black Mesa Trust (BMT), a Hopi
grassroots organization. Purpose of Shield: To aware public of the
significance of water and indigenous sacred sites all over the world and the
right to cultural and historical memory
OBITUARIES
1. Co-founder of Intel, Gordon Moore passed away: Intel co-founder and creator of Moore’s Law, Gordon Moore
passed away at the age of 94 in Hawaii. Moore was an important figure in
the semiconductor industry and played a key role in putting Intel’s processors
in most personal computers. He was the driving force behind the development of
modern computing devices. He started working on semiconductors in the 1950s and
co-founded the Intel Corporation in 1968.
He was best known for coining Moore’s law which predicted the speed of advances in computer chips that came to explain the exponential improvement in technology of all kinds.
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