Daily GK Update- 8th July, 2023

NATIONAL UPDATES:

 

1. Karnataka government announced Budget for 2023-24: Karnataka's CM Siddaramaiah has unveiled the budget for the fiscal year 2023-24 and has introduced a notable provision. The budget now includes a provision for life and accident insurance, offering coverage of 4 lahks to e-commerce delivery personnel. The government recognized the need to establish a social security net to support these workers. The government will provide additional financial aid of ₹4,000 to ₹5,000 a month to each household.

 

2. MoD & HAL sign a contract to upgrade Dornier Aircraft for ICG: The Ministry of Defence signed a contract with Hindustan Aeronautics Limited (HAL) for the procurement of two Dornier Aircraft for the Indian Coast Guard (ICG) along with an associated Engineering Support package at an overall cost of Rs 458.87 crore. The aircraft will be procured under the Buy (Indian) Category. The Dornier aircraft are being indigenously manufactured at HAL, Kanpur, and will significantly contribute to achieving Aatmanirbharta in defense.

 

3. Ministry of Education releases report on Performance Grading Index 2.0: Ministry of Education has released the Performance Grading Index (PGI) for States and UTs which assesses the performance of the school education system at the State/UT level by creating an index for comprehensive analysis. The PGI - States/UTs was first released for the year 2017-18 and so far, has been released up to the year 2020-21. The new PGI structure covers 73 indicators and focuses on qualitative assessment including digital initiatives and teacher education.

 

4. Urban 20 (U20) Mayoral Summit inaugurated in Gandhinagar: The Urban 20 (U20) Mayoral Summit was inaugurated by Bhupendrabhai Patel (Chief Minister of Gujarat) and Kaushal Kishore (Minister of State for Housing and Urban Affairs) in Gandhinagar. Gujarat CM highlighted forward-looking urban initiatives being implemented in the State. While Kaushal Kishore highlighted the policies and programs initiated by the Government to promote green development, including the LIFE mission, promotion of renewable energy, etc.

 

5. National Water Mission Inks Pact with Indian Plumbing Association: A Memorandum of Understanding (MoU) was signed between Bureau of Water Use Efficiency (BWUE), National Water Mission (NWM), Ministry of Jal Shakti and Indian Plumbing Association (IPA). Reason: For a Water Positive India by awareness creation & promotion of rain water harvesting structures, low flow fixtures & sanitary ware, treatment of grey & black water, water audit of built environment

 

6. Atal Innovation Mission launches ‘ATL Industry Visit’: The Atal Innovation Mission (AIM) in collaboration with Bayer launched a unique industry visit initiative under Atal Tinkering labs in Vapi, Gujarat. Aim: To introduce students to the latest manufacturing techniques and technologies used in industry Bayer has partnered with Niti Aayog since 2021 to support various initiatives of the AIM. Bayer has adopted a total of 125 ATL schools in seven states to nurture and strengthen science-based learning.

 

7. Bihar overtakes Tamil Nadu to become India’s largest MFI market: Bihar has overtaken Tamil Nadu to become the state with the highest microlending borrowings in India as of March 2023.

The report, published by credit information company Crif High Mark, highlighted Bihar’s impressive growth with a 13.5 percent increase in the gross lending portfolio during the March quarter compared to the previous quarter. As of March 2023, Bihar’s microfinance (MFI) borrowings amounted to Rs 48,900 crore, accounting for 14.5 percent of the overall portfolio. Meanwhile, Tamil Nadu’s MFI borrowings stood at Rs 46,300 crore, representing 13.7 percent of the total outstanding. Among the top ten states, which collectively account for 85 percent of the outstanding portfolio, Bihar’s rise to the top was accompanied by Uttar Pradesh, Karnataka, West Bengal, Maharashtra, Madhya Pradesh, Odisha, Rajasthan, and Kerala. These states have experienced significant growth in microfinance borrowings, contributing to the overall strength of the sector. Additionally, the eastern region of India dominated the MFI landscape, representing one-third of the outstanding portfolio.

 

8. Justice S K Singh appointed acting chairperson of NGT: Justice Sheo Kumar Singh has been appointed as the chairperson of the National Green Tribunal (NGT). The appointment was made by the Central Government after the superannuation of Justice Adarsh Kumar Goel. Justice Adarsh Kumar Goel, who was appointed as chairperson in July 2018. He also served as Judge, of the Industrial Tribunal UP, Chairman of the Oversight Committee, UP constituted by National Green Tribunal.

 

9. FPSB India appoints Krishna Mishra as CEO: The Financial Planning Standards Board (FPSB) of India has appointed Krishna Mishra as the Chief Executive Officer (CEO) with effect from 1 August 2023. FPSB India is the Indian subsidiary of FPSB, a global standard-setting organization for the financial planning profession. Krishna Mishra will lead the strategy and operations of FPSB India as CEO. His primary focus will be on advancing the financial planning profession in India.

 

INTERNATIONAL UPDATES:

 

1. India & Panama Sign MoU on Electoral Cooperation: The Election Commission of India and the Electoral Tribunal (ET) of Panama signed an MoU to establish the institutional framework for their ongoing cooperation in the field of election management and administration. ECI has already signed MoUs with Mexico, Brazil, and Chile to expand its links and cooperation with foreign Election Management Bodies (EMBs) through its ‘International Cooperation Programme’. This is the fourth MoU signed by ECI in the Latin Americas region

 

2. Union govt signs an MoU with Tanzania to set up IIT Madras campus: IIT Madras has signed an MoU with the Ministry of Education and Vocational Training (MoEVT) of Zanzibar Tanzania to establish a campus of IIT Madras in Zanzibar. The signing took place in the presence of S. Jaishankar, the External Affairs Minister of India and Hussein Ali Mwinyi, the President of Zanzibar. This milestone marks the first-ever establishment of an IIT campus outside of India. It emphasizes India’s commitment to fostering people-to-people connections across Africa and the Global South. The National Education Policy (NEP) 2020 emphasizes internationalization and recommends that high-performing Indian universities should be encouraged to establish campuses in other countries. The campus is scheduled to launch its programs in October 2023.

The partnership aims to bring the renowned educational expertise of IIT Madras to a prominent destination in Africa, addressing the region’s current needs.

 

3. India & Singapore sign MoU to co-operate on public administration: India signed a protocol document with Singapore to extend the current MoU on cooperation in personnel management and public administration until 2028. The MoU aims to strengthen the partnership between India and Singapore through various forms of cooperation between both countries’ public services. The cooperation in areas such as administrative reforms & public sector transformation, public service delivery, leadership, and talent development, e governance, capacity building, and training form part of the areas to be covered under the activities of MoU.

 

4. Netherlands to ban mobile phones from classrooms: The Netherlands government will ban mobile phones, tablets, and smartwatches from classrooms starting 1 January 2024. School authorities are asked to develop internal rules with teachers, parents, and pupils by October.

Devices will only be allowed if they are specifically needed, for instance during lessons on digital skills, for medical reasons or for people with disabilities. Students need to be able to concentrate and need to be given the opportunity to study well. Mobile phones are a disturbance, scientific research shows. We need to protect students against this. Schools can find their own way to organize the ban, but legal rules will follow if this does not yield enough results by the summer of 2024 The ban is aimed at improving students’ concentration and academic performance. The ban applies to all students, regardless of their age or grade level.

 

5. Japan, India Maritime Exercise JIMEX23 commences in Visakhapatnam: The bilateral Japan-India Maritime Exercise 2023 (JIMEX 23) has commenced in The seventh edition of the bilateral Japan-India Maritime Exercise 2023 (JIMEX 23) hosted by the Indian Navy, is being conducted at Visakhapatnam. This edition marks the 11th anniversary of JIMEX, since its inception in 2012. JIMEX 23 will witness the participation of INS Delhi, India’s first indigenously built guided missile destroyer, INS Kamorta, an indigenously designed and built Anti-Submarine Warfare Corvette, fleet tanker INS Shakti, a submarine, maritime patrol aircraft P8I and Dornier, ship-borne helicopters and fighter aircraft. The exercise will be conducted over six days in two phases – a Harbour Phase at Visakhapatnam comprising professional, sports and social interactions, after which, the two navies will jointly hone their warfighting skills at sea and enhance their interoperability through complex multi-discipline operations in the surface, sub-surface and air domains.

OTHER UPDATES:

 

BANKING AND FINANCE

 

1. SEBI updates rules to ease the debt securities issuers disclosure structure: The Securities and Exchange Board of India (SEBI) released regulations for the introduction of general information and important information document concepts. Aim: To prevent debt securities issuers from filing numerous copies of the same document At the time of the initial offering, a General Information Document (GID) including the details and disclosures listed in the common schedule will be lodged with the stock exchanges.

 

2. RBI panel recommends measures for internationalization of rupee: RBI’s working group has recommended the inclusion of the rupee in the Special Drawing Rights (SDR) basket and recalibration of the foreign portfolio investor (FPI) regime to accelerate the pace of internationalization of the rupee. The recommendations by an Inter-Departmental Group (IDG), headed by RBI Executive Director Radha Shyam Ratho. The group was constituted by RBI Deputy Governor T Rabi Sankar to review the position of the rupee as an international currency and to frame a road map for the internationalization of the domestic currency. Internationalization of the rupee is a process that involves increasing the use of the local currency in cross-border transactions. The rupee has the potential to become an internationalized currency as India is one of the fastest-growing countries and has shown remarkable resilience even in the face of major headwinds. Last year in July, the RBI put in place a mechanism to settle international trade in rupees in order to promote growth of global trade with emphasis on exports from India and to support the increasing interest of the global trading community in the rupee. As part of the long-term measures to achieve internationalization of the rupee, the group suggested inclusion of the rupee in SDR (Special Drawing Rights) basket. The SDR is an international reserve asset created by the IMF (International Monetary Fund) to supplement the official reserves of its member countries. The value of the SDR is based on a basket of five currencies—the U.S. dollar, the euro, the Chinese renminbi, the Japanese yen, and the British pound sterling. The RBI should also look at expanding the footprint of the rupee-denominated payment mechanism. For the medium term, the group recommended review of withholding tax for masala bonds issuances, expansion of RTGS (Real Time Gross Settlement) system for settling international transactions and inclusion of the rupee in the Continuous Linked Settlement (CLS) system.

 

AWARDS AND HONOURS

 

1. Belgian tennis player Justine Henin receives the Philippe Chatrier Award: The International Tennis Federation (ITF) awarded the highest honor, ' Philippe Chatrier Award 2023', to Belgian tennis player Justine Henin. She has won seven Grand Slam singles titles and an Olympic gold medal and won the Fed Cup (Billie Jean King Cup) in 2001. The award was named after the former ITF president and was introduced in 1996. This award recognizes people who have made significant contributions to the sport on and off the court.

 

2. NLC India Ltd bags GeM Award in "Timely Payments (CPSEs)" Category: NLC India Limited, a Navratna company under the Ministry of Coal,  bagged the GeM award in the category "Timely Payments (CPSEs)" for the year 2023. Reason: For its outstanding contribution to improving the reliability of e-market practices in line with the vision of GeM NLCIL registered and on-boarded in GeM portal in the year 2017. GeM is a dedicated e-Market service platform for marketing different goods and services.