Daily GK Update- 30th Mar, 2023

NATIONAL UPDATES:

 

1. ICG conducts Regional Search And Rescue (SAR) Exercise in Andhra Pradesh: The Indian Coast Guard (ICG) has conducted Regional Search and Rescue (SAR) exercise from 28 -29 March 2023 at Kakinada, Andhra Pradesh. Aim: To simulate a real-time maritime distress scenario and highlight the functioning of the SAR organization for a mass rescue operation It involved all stakeholders with the effective use of available resources towards M-SAR (Maritime Search and Rescue) contingency efficiently. ICG founded: 1 February 1977

 

2. Prof. Renu Cheema Vig appointed as the Vice Chancellor of Panjab University: Vice-President, Jagdeep Dhankhar appointed Prof (Dr.) Renu Cheema Vig as the Vice Chancellor of Panjab University for a term of three years. She is also the first woman to hold the position in the varsity’s 141-year history. She was working as the Acting Vice Chancellor of Panjab University since January 16, 2023, after the resignation of Prof. Raj Kumar amid allegations of corruption. A three-member selection committee was formed for recommending names for the position

 

3. Textiles Ministry issued PAHCHAN cards to 30.53 lakhs handicrafts artisans: Ministry of Textiles has issued PAHCHAN cards to 30.53 lakhs handicrafts artisans and 30.90 lakhs handloom weavers across the country under the PAHCHAN initiative. The cardholder's details are available on the website of the Office of the Development Commissioner of Handicraft and Handloom. PAHCHAN card is an initiative to issue Aadhar link identity cards to handicrafts artisans under this initiative. The Union MoS for Textiles, Darshana Jardosh informed in Lok Sabha.

 

4. Defence Ministry signs three contracts worth about 5400 crore rupees: The Defence Ministry has signed three contracts at a total cost of nearly 5400 crore rupees to boost the defence capabilities. Two contracts were signed with Bharat Electronics Ltd for the procurement of Automated Air Defence Control and Reporting System Project Akashteer and the acquisition of Sarang Electronic Support Measure systems The third was with New Space India Limited for the procurement of an advanced Communication Satellite, GSAT 7B for the Indian Army.

 

5. First Disaster Risk Reduction Working Group Meeting held in Gandhinagar: The First G20 Disaster Risk Reduction WGM under India’s G20 Presidency is being held at Gandhinagar in Gujarat from 30th March to 1st April 2023. The meeting was inaugurated by Principal Secretary to the Prime Minister Dr. P K Mishra and MoS for Communications Devusinh Chauhan. Five priority areas have been identified for the meeting which include an early warning for all, resilient infrastructure, and improving the National system for financing Disaster Risk Reduction.

6. IIT Madras Researchers develop a device to detect milk adulteration: Indian Institute of Technology Madras (IIT Madras) Researchers have developed a three-dimensional (3D) paper-based portable device. This device can detect adulteration in milk within 30 seconds. The test could be even performed at home. It can detect multiple substances commonly used as adulterating agents including Urea, detergents, soap, starch, hydrogen peroxide, sodium-hydrogen-carbonate, and salt, among others.

 

7. Second G20 Sherpas meeting begins at Kumarakom in Kerala: The second Sherpa meeting of the G20 Summit under India’s Presidency began at the idyllic village of Kumarakom in Kerala from March 30 to April 2, 2023. Over 120 delegates from G20 member nations are participating in the event being chaired by India’s Sherpa Amitabh Kant. The meeting will bring together nine invitee countries and various international and regional organizations. During the four-day meeting, the delegates will hold multi-lateral discussions on G20’s economic and developmental priorities, besides addressing contemporary global challenges. The focus will be both on policy approaches and concrete implementation.

 

8. Education Ministry shortlisted around 9,000 schools for PM SHRI: The Ministry of Education has shortlisted around 9,000 schools across the country for its flagship Pradhan Mantri Schools for Rising India (PM SHRI). The institutions were selected based on six broad parameters including curriculum, access and infrastructure, human resources, and gender equity were assessed. They were assessed on the basis of six broad parameters: curriculum, pedagogy and assessment; access and infrastructure; human resources – leadership; inclusive practices and gender equity; management, monitoring and governance and beneficiary satisfaction.

 

INTERNATIONAL UPDATES:

 

1. United Arab Emirates launches National Genome Strategy: The UAE has launched its National Genome Strategy to provide a comprehensive legislative and governance framework to support the development and implementation of genomic programs. The strategy will last ten years and will focus on delivering public health priorities while improving the country's well-being. The Emirates Genome Council will oversee the National Genome Strategy. It will advance the nation's preventive and personalized healthcare agenda.

 

2. Passport Index Points 2023: India ranks at 144th; topped by UAE: India fell six places to the 144th position in the annual passport index for 2023, from 138th a year ago. The Passport Index 2023 has been published by financial advisory services firm Arton Capital that ranks passports of 199 countries. The rankings are determined by mobility score of the countries which is calculated on provisions like visa-free visit, visa on arrival, an eVisa (if used within three days) and electronic travel authorisation. India’s mobility score fell from 71 in 2019 to 47 in 2020 due to the coronavirus pandemic, according to the Passport Index 2023 report. The score rose to 73 in 2022 as travel restrictions were gradually lifted, but it fell back to 70 in 2023. According to the report, Indians can only travel to 59 countries without needing a visa. China too ranked relatively lower compared to other large economies at 118th in the Passport Index individual rankings. South Korea, which is 12th in the individual rankings and has a mobility score of 174, has the highest score in Asia. Japan hold the 26th spot with a mobility score of 172. The United Arab Emirates topped the individual passport ranking with a mobility score of 181. It is followed by Sweden, Germany, Finland, Luxembourg, Spain, France, Italy, the Netherlands and Austria with a joint mobility score of 174.

 

OTHER UPDATES:

 

SPORTS

 

1. Satwiksairaj Rankireddy & Chirag Shetty win Swiss Open doubles title: India’s top men’s doubles badminton pair of Satwiksairaj Rankireddy and Chirag Shetty win their first title of the 2023 season in Basel. They beat China’s Ren Xiang Yu and Tan Qiang 21-19, 24-22 in the Swiss Open 2023, a Super 300 event. This was Rankireddy and Shetty’s first BWF (Badminton World Federation) doubles title of the year, and the fifth World Tour title in their career. Both claimed the India Open and French Open in 2022, Thailand Open in 2019 and Hyderabad Open in 2018.

Satwik and Chirag also won the 2022 Commonwealth Games gold.

 

BANKING AND FINANCE

 

1. IRDAI's new rules for commission payouts: Under the IRDAI (Payment of Commission) Regulations, 2023, the IRDAI has replaced the earlier individual cap on commission payments on insurance products with an overall cap on expenses of management (EoM) of insurers. EoM: It is computed as a percentage of premiums collected, and includes commissions/other expenses. It is applicable for life and non-life insurers. The EoM of general insurers cannot exceed 30% of the gross premium written in India in a financial year.

 

2. Centre to borrow Rs 8.88 Lakh Cr in first half FY24: The Finance Ministry informed that the government has decided to make a gross market borrowing of ₹8.88 trillion in the first half of FY24. It is accounting for 57.55% of the overall market borrowings planned for the year. The borrowing is scheduled to be completed in 26 weekly tranches of Rs 31,000-39,000 crore. The Centre has budgeted a gross market borrowing of ₹15.43 trillion in FY 2024. The borrowing program is finalized in consultation with the RBI.

 

3. Public sector banks wrote off ₹91000 cr in 9 months of FY23: According to data presented in the Rajya Sabha, the public sector banks (PSBs) have written off around ₹91,000 crores in the first 9 months of the current fiscal year. PSBs have just managed to recover a little over ₹1 out of ₹5 in written-off accounts during FY22. However, the pace of recovery has picked up from around 8% in 2017-18 to a little over 21% in FY22. Bank-wise details: SBI (₹17,356 cr) followed by Union Bank of India (₹16,497 crore), and BoB (₹13,032 cr)

 

4. SEBI approves ASBA-like facility for investors to trade in secondary market: SEBI has approved a framework for an Application Supported by a Blocked Amount (ASBA) like facility for secondary market trading. It is based on the blocking of funds for trading in the secondary market through UPI. ASBA: It is an IPO application process under which the application money by an investor is blocked in that investor’s bank account. And once the IPO application is approved, the application money is debited from the investor’s account.

 

5. SEBI reimagines MF sponsor and trustee role: The Securities and Exchange Board of India (SEBI) has allowed private equity (PE) funds to sponsor Mutual Fund schemes. The decision comes in the backdrop of IDFC Mutual Fund getting acquired by a consortium comprising Bandhan Financial Holdings Ltd, Sovereign Wealth Fund GIC, and private equity fund ChrysCapital. It has also permitted the set-up of self-sponsored asset management companies (AMCs). SEBI chairperson: Madhabi Puri Buch

 

AWARDS AND HONOURS

 

1. Naveen Jindal gets lifetime achievement award from Texas University: An Indian industrialist Naveen Jindal was honored with a lifetime achievement award from the University of Texas at Dallas. He was conferred in recognition of his accomplishments in industry, politics, and education. He was an alumnus of the University of Texas at Dallas' 1992 batch. He is the second person to receive this award from the University of Texas, after Nobel Laureate Aziz Sancar. Currently, he is serving as the Chairman of Jindal Steel and Power Ltd.

 

2. J&K’s Aliya Mir wins Wildlife Conservation Award 2023: Wildlife conservationist Aliya Mir was awarded Wildlife Conservation Award by Jammu and Kashmir Lieutenant Governor Manoj Sinha. The award makes her the first woman from the Union Territory to receive it in recognition of her conservation efforts in the area. Alia Mir is also the first woman in Kashmir to work for Wildlife SOS, a part of the Wildlife Rescue Team. Alia Mir’s Wildlife Rescue Helpline, which she started in 2021, works closely with the Jammu and Kashmir Wildlife Protection Department to rescue snakes and other wild animals.