Daily GK Update- 11th July, 2023

NATIONAL UPDATES:

 

1. L&T and Spain's Navantia sign agreement for submarine project: L&T has signed a teaming agreement with Spanish-based Navantia for the submission of a techno-commercial bid for the Indian Navy’s prestigious P75 (India) submarine program. P75 (India) Submarine Project is expected to be valued at €4.8 billion. Navantia would carry out the design of P75(I) submarines based on its S80 class of submarines. The first S80 class submarine was launched in 2021 and is undergoing sea trials prior to its delivery to Spanish Navy

 

2. MoHUA conducts SBM-U 2.0 Planning & Implementation Review-cum-Workshop: The Housing Ministry organized a review-cum-workshop to evaluate and accelerate the planning and implementation of the SBM-Urban 2.0. PM Modi launched the 2.0 versions of SBM-U and AMRUT on October 1, 2021. SBM-U 2.0: Achieving 100% waste segregation in all households and premises and 100% door-to-door collection of segregated waste from each AMRUT 2.0: To provide complete coverage of water supply to all households and sewerage and septage in 500 AMRUT cities

 

3. Gujarat CM launches pilot project of ‘Antyodaya Shramik Suraksha Yojana’: Gujarat CM Bhupendra Patel launched the Antyodaya Shram Suraksha Accident Insurance Scheme from Kheda. All those registered under the e-Shram portal from Nadiad will benefit from the scheme.

It is being implemented through the Indian Postal Department, the IPPB, and the Ministry of Labour and Employment. Under this scheme, insurance with a premium of Rs. 289 and Rs. 499 per year will be a big support to workers in the event of death or partial disability.

 

4. CarTrade Tech to acquire OLX India's auto business for Rs 537 cr: Mumbai-based used cars platform CarTrade Tech Ltd will acquire online marketplace OLX India's auto sales business for Rs 537 crore. CarTrade will acquire a 100% stake in Sobek Auto India Pvt Ltd, the entity that houses OLX India’s automotive business, in an all-cash deal. The acquisition will likely to be completed in 21-30 days. Sobek is a company incorporated under the Companies Act, of 2013.

It is engaged in the business of running an automotive digital platform.

 

5. NLU Delhi launches research affiliate program ‘Eklavya’: The National Law University (NLU), Delhi launched Eklavya, a ‘Research Affiliate’ program, for those who do not have a traditional law degree. Aim: To emphasize its commitment to actively seek partnerships outside the varsity and draw from their experiences and perspectives to develop quality legal scholarship It is open to those who have at least three years of demonstrable experience working on issues that have a significant interface with the law.

 

6. India’s first Vedic-themed park unveiled in Noida: India’s first Vedic-themed Park has been opened to the public in Noida’s Sector 78, inaugurated by Uttar Pradesh CM Yogi Adityanath. Known as the Ved Van Park, the place is home to over 50,000 plants, such as banyan, kalpavriksha, and coconut, which have been mentioned in Vedic literature. It will also highlight excerpts from the four Vedic literature pieces- Rig Veda, Atharva Veda, Yajur Veda, and Sama Veda- via laser shows, wall paintings, and sculptures. Reportedly built with a budget of Rs 27 crores. The park aims to accomplish a dual objective by both educating and entertaining its visitors.

 

7. The park is divided into seven zones, each named after renowned Vedic sages: Kashyap, Agastya, Vishvamitra, Vasishtha, Atri, Gautam, and Bharadwaj. Within the park, visitors can explore informative displays featuring holy scriptures that delve into the lives of these sages and the teachings of the Vedas. Furthermore, the walls of the park are adorned with vivid depictions portraying scenes from the Vedas. It is also home to a gym and an amphitheater, both powered by solar energy. The park also features a Vedic Knowledge Centre, serving as a central hub for delving into the depths of Vedic literature. Visitors can participate in workshops and attend lectures on various subjects, including Vedic astrology, Ayurveda, and traditional Indian music.

 

8. PM Modi launches development projects in Varanasi: Prime Minister Narendra Modi has inaugurated and laid the foundation stone of 29 development projects worth over 12,110 crore rupees in Varanasi. He inaugurated 19 projects worth 10,720 crore rupees and laid the foundation stone of 10 projects of 1389 crore rupees. Modi dedicated the Pandit Deendayal Upadhyaya Junction-Sone Nagar railway line of the Dedicated Freight Corridor built at a cost of over Rs 6,760 crore. He also inaugurated three railway lines and widening to four-lanes of Varanasi-Jaunpur section of NH-56. PM Modi laid the foundation stone for construction of 3 two-lane rail over bridges, construction and renovation of 15 PWD roads, redevelopment of Manikarnika and Harishchandra ghats and floating changing room ghats at six ghats and 192 rural drinking water schemes under Jal Jeevan Mission.

 

9. S Jaishankar files nomination for Rajya Sabha elections from Gujrat: External Affairs Minister S Jaishankar has filed his nomination papers for elections to the Rajya Sabha from Gujarat. Four years ago, Jaishankar had filed his nomination for the first time from Gujarat for the Rajya Sabha. Out of the 11 Rajya Sabha seats from Gujarat, eight are currently held by the BJP and the rest by the Congress. Of the eight seats held by the BJP, the terms of S Jaishankar, Jugalji Thakor and Dinesh Anavadiya will end on August 18. Polls will be held for these three seats. The last date for filing nominations is July 13 and the candidates can withdraw their nomination till July 17.

 

10. K. Rajaraman appointed as new chairperson of IFSCA: The government has appointed senior bureaucrat and telecom secretary K Rajaraman as the next Chairperson of the International Financial Services Centres Authority (IFSCA). Rajaraman is an Indian Administrative Service officer of the 1989 batch. His appointment is for a period of three years. He succeeds the first IFSCA Chairperson Injeti Srinivas who led the authority since 2020. Rajaraman’s term will be for three years from the date of his assumption of charge of the post, or till attaining the age of 65 years, or until further orders, whichever is the earliest. IFSCA was set up in April 2020 under the International Financial Services Centres Authority Act, 2019, at GIFT City, Gandhinagar in Gujarat. IFSCA is a unified authority for the development and regulation of financial products, financial services and financial institutions in the International Financial Services Centre (IFSC). At present, the GIFT IFSC is the maiden international financial services centre in India. Prior to the establishment of IFSCA, RBI, SEBI, PFRDA and IRDAI regulated the business in IFSC.

 

11. 7th edition of SALVEX exercise conducted in Kochi: The Seventh edition of the Indian Navy – US Navy (IN – USN) Salvage and Explosive Ordnance Disposal (EOD) exercise, SALVEX was conducted at Kochi. IN and USN have been participating in joint Salvage and EOD exercises since 2005. Objective – To enhance the skill sets of the Diving teams in a number of diverse disciplines such as mine detection and neutralization, wreck location, and salvage. The exercise saw participation from both the navies which included the ships – INS Nireekshak and USNS Salvor in addition to Specialist Diving and EOD teams. The Diving teams of both countries shared experiences on Maritime Salvage and trained together in various facets of EOD Operations on land as well at sea. SALVEX also saw conduct of joint training exercises towards enhancing interoperability, cohesiveness and gaining from best practices mutually in Maritime Salvage and EOD operations.

 

12. Voyager Space signs MoU with NewSpace India Limited: Voyager Space has signed an MoU with New Space India Limited (NSIL) to foster collaboration in spacecraft launch and deployment opportunities on board NSIL’s Small Satellite Launch Vehicle (SSLV) and Polar Satellite Launch Vehicle (PSLV). NSIL is the commercial arm of the Indian Space Research Organisation (ISRO). Under this MoU, Voyager Space and NSIL will explore launch and deployment opportunities for small satellites orbited by SSLV and PSLV. The two organizations will also study the use of space-qualified components from NSIL in support of spacecraft manufacturing, deployment, operations, and other areas of interest. This partnership is a unique opportunity as we join forces to drive innovation and advancement in the small satellite launch industry. We look forward to growing Voyager’s presence in India and providing additional opportunities for our customers.

 

INTERNATIONAL UPDATES:

 

1. World Population Day 2023: 11 July: World Population Day is observed every year on July 11 in order to raise awareness about global population issues, including population control. 2023 theme: Unleashing the power of gender equality: Uplifting the voices of women and girls to unlock our world’s infinite possibilities It was established by the United Nations Development Programme (UNDP) in 1989, after the day the world approximately reached a population of five billion, which was observed on 11 July 1987.

 

2. OCA elects Sheikh Talal as the new President: Kuwait’s Sheikh Talal Fahad Al Ahmad Al Sabah has been elected as the new President of the Olympic Council of Asia (OCA). He replaced his older brother Sheikh Ahmad Al-Fahad Al-Sabah, who led the OCA for 30 years until 2021. The OCA was founded in 1982 by his father Fahad Al-Ahmed Al-Jaber Al-Sabah, who led it until 1990. The Olympic Council of Asia (OCA) is a governing body of sports in Asia, currently with 45 member National Olympic Committees.

 

3. India-US launched ‘Operation Broader Sword’: India and the USA, jointly conducted an ‘Operation Broader Sword’ to stop the illegal shipment of drugs through the International Mail System. It targeted shipments of illicit, potentially dangerous, unapproved prescription drugs, combination medical devices, and synthetic drug precursors shipped through International Mail Facilities. The operation resulted in the interception of over 500 shipments of illicit and unapproved prescription drugs bound for US consumers.

 

4. Foreigners in Maharashtra jails can make video calls to their families: The Maharashtra Prisons Department has launched a “video call” facility for foreign nationals lodged in different jails across the state. According to the order, foreign nationals including convicts and undertrials lodged in different jails of the state would be allowed to make video calls (to their family members and lawyers) for 15 minutes in two weeks, through the ‘E-prison’ system developed by the central government. The video call facility, however, will not be available to Pakistani and Bangladeshi nationals, along with those facing terorrism charges. Indian nationals lodged in these prisons have already been using the ‘E-prison’ system for making calls to their family members and lawyers. Now, the same facility has been made available to foreign nationals in prisons. As on May 31, 2023, there are as many as 637 foreign nationals — 523 men and 114 women — from 44 countries lodged in different jails across Maharashtra. Of them, 605 foreigners — 494 men and 111 women — are undertrials in different offences, while 32 — 29 men and three women — are convicts. The maximum number of foreigners lodged in these jails are from Bangladesh, followed by Nigeria and Nepal.

 

5. India & Tanzania begin trade settlements in local currencies: India and Tanzania have started trade settlements in local currencies and this new initiative will help in promoting commerce between the two countries. India-Tanzania bilateral trade has seen very strong growth and stood at USD 6.4 billion in 2022-23. This is not only a very substantial bilateral trade, but it’s also actually a bilateral trade, which is getting increasingly balanced. Many new products are being added to the trade baskets. India remains the biggest destination for Tanzanian exports.

Bank of India, Bank of Baroda, and Canara Bank have operations in Tanzania. About 18 countries have already opened special vostro accounts with Indian banks.

 

6. China launched its computer operating system: China has launched its first homegrown open-source operating system named Openkylin for computers. The country steps up efforts to cut reliance on US technology. The OpenKylin 1.0 was developed by a group of Chinese companies led by China Electronics Corp, the country’s largest State-owned comprehensive electronic information enterprise group. It is based on the existing open-source Linux operating system, China’s version was built by a community of about 4,000 developers and is used in its space programme and industries such as finance and energy. The system has been designed as a rival to the ubiquitous Windows and MacOS systems. Previous versions of the software had already been deployed on the computers of some government departments.

 

OTHER UPDATES:

 

SPORTS

 

1. Max Verstappen won British Grand Prix 2023: Red Bull’s driver, Max Verstappen has clinched F1 2023 British Grand Prix title, held at the Silverstone Circuit, England. Lando Norris for McLaren placed second and Mercedes’ Lewis Hamilton placed third on the podium. 2023 is the 74th season of the F1 world championship.

 

2. Lakshya Sen wins Canada Open: Indian Badminton player Lakshya Sen defeated China’s Li Shi Feng to clinch the men’s singles title at the Canada Open 2023. The 21-year-old Lakshya Sen triumphed over the reigning All England Champion Li Shi Feng by winning the first set by 21-18 and the second set by 22-20. A Commonwealth Games gold medalist, Lakshya Sen secured his second BWF World Tour after winning the Indian Open in 2022. Lakshya Sen went on to win his second Super 500 title of his career after the India Open, beating the reigning All-England champion.

 

BANKING AND FINANCE

 

1. India poised to become world’s 2nd-largest economy by 2075: Goldman Sachs: According to the Investment Bank Goldman Sachs, India is poised to become the world’s second-largest economy by 2075. As per the report, India would cross Japan, Germany, and the US With a population of 1.4 billion people. India’s GDP is estimated to expand remarkably, reaching 52.5 trillion dollars surpassing the US GDP projection. The labour force participation set to make India the second-largest economy in the world by 2075.

 

2. India overtakes China as most attractive emerging market for investing: According to a study by Invesco Global Sovereign Asset Management, India has overtaken China to become the most attractive emerging market for investing in sovereign wealth funds this year. Reason: This is due to its solid demographics, political stability, and proactive regulation Positives for the nation also include the rapidly expanding demography, strong regulatory actions, and a welcoming climate for sovereign investors.a

 

3. PNB launches its virtual branch in the Metaverse: State-owned Punjab National Bank (PNB) has launched the virtual branch, PNB Metaverse. It is a virtual branch of the bank, which will deliver a unique experience of banking to existing and new customers. With the help of this, customers can explore the bank’s products and services such as bank deposits, retail/MSME loans, digital products, women/senior citizens, ‘Do It Yourself’, and government flagship schemes. PNB has developed the Bank’s Metaverse Branch, where its esteemed customers will get exclusive access to its virtual environment from the comfort of their home or office through their mobile phones and laptops. In addition, the bank will offer an immersive 3D experience to the customers while performing traditional banking activities through their digital avatars.

 

4. IBA sets up a group to implement the RBI committee recommendations on ARCs: The Indian Banks’ Association (IBA) has constituted a five-member working group for implementing the recommendations of the Reserve Bank of India’s committee on the “working of the Asset Reconstruction Companies (ARCs)”. The Group comprises Ajit Kumar (MD and CEO of Secondary Loan Market Association), Hari (CEO of Association of ARCs in India), Mythili Balasubramanian (Executive Director of Edelweiss ARC), Dharmendra Pali (senior officials from SBI) and Anupama Ranade (senior officials from ICICI Bank). The Group has been constituted at the behest of the RBI. The central bank wants IBA and SLMA to take appropriate measures for early implementation of the committee’s recommendations in consultation with the lenders and ARCs. In light of the committee’s recommendations aimed at enabling ARCs to fulfill the increasing demand of the financial sector, the working group will undertake a thorough review of assignment agreements and trust deed templates. IBA is expected to provide a model process document to lenders for ensuring certainty and transparency in auctions conducted by them. RBI had set up a committee to undertake a comprehensive review of the working of ARCs under the chairmanship of Sudarshan Sen, former ED, RBI, on April 28, 2021. The report of the committee was released on November 2, 2021. Recent Committees Chairman of the research advisory committee of ICAR; Headed by – B Neeraj Prabhakar Government sets up panel to recommend reforms in arbitration law; Headed by – T K Vishwanathan (Former law secretary)

Centre constitutes peace committee in Manipur; Chaired by the governor of Manipur Government sets up 3-member panel to probe Manipur Violence; Headed by Ajai Lamba (former CJ of the Gauhati HC) SEBI formed an Intermediary Advisory Committee to advise the market regulator on changes in the legal framework; chaired by -S Ravindran

 

AWARDS AND HONOURS

 

1. PM Narendra Modi to be awarded prestigious Lokmanya Tilak Award 2023: The Tilak Smarak Mandir Trust (Hind Swaraj Sangh) would confer the prestigious Lokmanya Tilak National Award 2023 to Prime Minister Narendra Modi in Pune on August 1, 2023. Reason: This award recognizes PM Modi's supreme leadership under which India has climbed the ladder of progress It is presented annually on the occasion of Lokmanya Tilak's death anniversary. Other awardees: Indira Gandhi, Atal Bihari Vajpayee, Sharad Pawar, Cyrus Poonawalla, and Manmohan Singh

 

2. J&K Bank wins award for Best Performance in CASA: Jammu & Kashmir Bank has been felicitated for the Best Performance in CASA-India (1st Runner up in Small Bank Category) at ICC Emerging Asia Banking Conclave & Awards 2022. The event was participated by banks from India, Nepal, Bhutan, Bangladesh, Sri Lanka & Myanmar. The function was organized by the Indian Chamber of Commerce in Goa. Indian Chamber of Commerce (ICC) is a non-governmental trade association and advocacy group headquartered in Calcutta.

 

3. Bajaj Allianz Life Insurance wins Insurer Innovation Award 2023: Bajaj Allianz Life Insurance has won the Insurer Innovation Award 2023 for the APAC region at the 8th World Digital Insurance Awards, hosted by TDI - The Digital Insurer. Recognition: Bajaj Allianz Life's ground-breaking WhatsApp Conversational Platform - empowering customers to digitally services their policies seamlessly The award entries were shortlisted by industry experts and the winner was selected by the community through pre-voting and live event voting.

Daily GK Update- 10th July, 2023

NATIONAL UPDATES:

 

1. National Fish Farmer’s Day 2023: 10th July: India observed the National Fish Farmer’s Day on July 10 annually to commemorate the contribution of eminent fisheries scientist professor Hiralal Chaudhary and his colleague Alikunhi. On July 10, 1957, they successfully achieved the induced breeding of Indian Major Carps in the country, at Angul in Odisha. This is celebrated to highlight and encourage the dedicated supremacy of fish farmers. Aim: To excel in delivering employment chances in this sector

 

2. Centre adding more services to Ayushman Bharat-Health and Wellness Centres: Ayushman Bharat-Health and Wellness Centres (AB-HWCs) programme of India has grown to more than 1.60 lakh centres and registered a footfall of over 178.87 crore (as of June end). The government will add more services including screening, prevention, control, etc. by August-end. The essential list of medicines and diagnostics has been expanded to make available 171 medicines at Primary HWCs and 105 at Secondary Health Care-HWC and 63 diagnostics at PHC-HWC.

 

3. Inaugural session of third G20 CWG meeting of Culture organized in Hampi: The inaugural session of the third G20 Culture Working Group (CWG) meeting was organized in Hampi, Karnataka. Union Minister of Parliamentary Affairs, Pralhad Joshi addressed the session.

Four priority areas:

·       Protection and restitution of cultural property

·       Harnessing living heritage for a sustainable future

·       Promotion of cultural and creative industries and creative economy

·       Leveraging digital technologies for the protection and promotion of culture

 

4. Performance Grading Index for Districts (PGI-D): The Department of School Education and Literacy released the Performance Grading Index for Districts (PGI-D) combined report for 2020-21 and 2021-22. This report assesses the performance of the school education system at the district level by creating an index for comprehensive analysis. Highest grade: Daksh (scoring more than 90% of the total points in that category or overall) Lowest grade: Akanshi-3 (Scores upto 10% of the total points)

 

5. Allahabad University to now offer PhD in three foreign languages: For the first time, Allahabad University (AU) will be offering PhD courses in three foreign languages on its campus. Following the University Grants Commission (UGC)’s permission for PhDs to be supervised by teachers even during probationary period of their appointment, now a framework has been prepared be the university for conducting PhD in three languages—French, Russian and German. Last year, the AU authorities had appointed three teachers to teach French, German and Russian on the campus. The teachers appointed as assistant professors included Kanchan Chakraborty for French, Prashant Kumar Pandey for German and Mona Agnihotri for Russian. Now, students will be able to do PhD in Hindi, English, Urdu, Arabic/Persian, Sanskrit besides in these three foreign languages at AU.

 

6. Gig workers to get insurance cover up to Rs four lakh in Karnataka: The Karnataka government has announced a free accidental and life insurance cover worth Rs 4 lakh, for which it will entirely bear the cost of the annual premium. Those employed as full-time or part-time delivery personnel for Swiggy, Zomato, Amazon etc are set to benefit from the insurance cover announced by Chief Minister Siddaramaiah in the budget presented. The cover comprises life insurance and accidental insurance of Rs 2 lakh each. An association of gig workers had submitted a request to the labour department to provide accidental cover for all the gig workers in the state, where there are over 2-4 lakh of them. The food aggregator also has a claim status tracking function to help the delivery partners avail of insurance claims fast and without hassles. The company provides visibility to network hospitals and gives the option to partners to directly edit details. It has also launched a 24×7 helpline for queries about moving from physical document submission to online submission. Zomato last year launched a pilot initiative to give its delivery partners and their dependents a health insurance cover of Rs 3 lakh.

 

7. Defense ministry signs with HAL to upgrade Dornier Aircraft for ICG: The Ministry of Defence has 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 aircraft will be fitted with several advanced equipment including a glass cockpit, maritime patrol radar, electro-optic infrared device, and mission management system. The addition will further bolster the aerial surveillance capability of maritime areas of responsibilities of the ICG. The Dornier aircraft are being indigenously manufactured at HAL (Transport Aircraft Division), Kanpur, and will significantly contribute in achieving Aatmanirbharta in defence, in consonance with the ‘Make in India’ initiative of the government.

 

8. India to launch Chandrayaan 3 moon lander and rover on July 14: India’s third lunar mission, Chandrayaan-3 will lift off from the spaceport in Sriharikota at 2.35 PM on July 14 from the Satish Dhawan Space Centre in Sriharikota. Chandrayaan-3 will be launched over LVM-3, which was previously known as Geosynchronous Satellite Launch Vehicle Mk-III (GSLV-3). ISRO chairman S Somanath said “If the launch takes place on that day [July 14], we’ll reach the Moon by the end of August. Landing will be on August 23 or 24 as we want the landing to happen when the Sun rises on the Moon so we get 14-15 [Earth] days to work. If landing cannot happen on these two dates, we’ll wait for another month and land in September. Chandrayaan-3 is a follow-on mission to Chandrayaan-2. Unlike its predecessor, which carried an orbiter along with Vikram and Pragyan (the rover), Chandrayaan-3 is a composite of three modules: propulsion, lander and rover. The spacecraft will weigh 3,900 kg — the propulsion module weighs 2,148 kg and the lander module, including the rover, weighs 1,752 kg. The life of the lander and rover will be for 14 Earth days but the same could get extended. Fourteen Earth days would be one lunar day, which is measured in terms of time between Sunrise and Sunset on Moon, or the time taken for Sun to return to the same position in the lunar sky.

 

9. 10 July – National Fish Farmer’s Day: India observed the National Fish Farmer’s Day on July 10 annually. National Fish Farmer’s Day 2023 is an opportunity for the entire nation to recognize the immense contributions of fish farmers and their commitment toward sustainable aquaculture. NFFD is celebrated to honour and commemorate the contribution of Professor Dr. Hiralal Chaudhury and his colleague Dr. K. H. Alikunhi, in Indian fisheries sector who had guided the induced breeding and reproduction in Indian Major Carps by Hypophysation technique,on this day 1957. On July 10, 1957, they successfully achieved the induced breeding of Indian Major Carps in the country, at Angul in Odisha.

 

INTERNATIONAL UPDATES:

 

1. India, Tanzania begin trade settlements in local currencies: External Affairs Minister S Jaishankar informed that India and Tanzania have started trade settlements in local currencies. This new initiative will help in promoting commerce between the two countries. India-Tanzania bilateral trade has seen very strong growth and stood at USD 6.4 billion in 2022-23. Bank of India, Bank of Baroda, and Canara Bank have operations in Tanzania. About 18 countries have already opened special vostro accounts with Indian banks.

 

2. India & Panama Sign MoU on Electoral Cooperation: The Election Commission of India has signed an MoU with the Electoral Tribunal (ET) of Panama to establish the institutional framework for their ongoing cooperation in the field of election management and administration. Under this agreement, both countries will set up an institutional framework for 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 with an election management body in the Latin America region. This MoU reflects the commitment of the Election Commission to engage with election bodies around the world and strengthen democratic processes.

 

3. Third World Hindu Conference organized in Bangkok: The three-day World Hindu Conference (WHC), being organized by the World Hindu Foundation, is scheduled to start on November 24 at a convention centre in Bangkok. From North America to South America, Europe to Africa, and Asia to Australia delegates from over 60 countries are expected to take part in the conference. These delegates would include businessmen, professionals, academicians, media persons, and eminent people from the Hindu society living in different parts of the world. The World Hindu Foundation had organized the first international conference in Delhi in 2014 and the second in Chicago in 2018. The theme of the WHC-2023 is “Jayasya Aayatnam Dharmah”, meaning “dharma, the abode of victory”. The event will provide an opportunity for participants to “network, exchange ideas, work confidently and model their future course of action”.

 

4. IMO sets 2050 as net zero target: The International Maritime Organisation (IMO) agreed on a “flexible” net zero target of 2050 for the global shipping industry. The target is “by or around” 2050 and includes a clause that it only applies if national circumstances allow. The IMO also agreed to reduce emissions by at least 20% by 2030, and by at least 70% by 2040. The London-based IMO is a specialized agency of the United Nations which is responsible for measures to improve the safety and security of international shipping and to prevent pollution from ships. The Maritime Environment Protection Committee (MEPC) of IMO has also agreed on a goal to uptake zero GHG emission technologies, fuels and energy sources, “at least 5 percent, striving for 10 percent by 2030”. Most of the developing nations had been lobbying for the mid-century target — could be 2051, 2052 or 2053, insisting on not strictly fixing 2050 as the year for achieving net zero.

 

5. 11 July – World Population Day: World Population Day is celebrated every year on 11 July. Objective – To create awareness and inform people of the issues pertaining to the global population and the rise of it. Theme 2023 – Unleashing the power of gender Equality: Uplifting the voices of women and girls to unlock our world’s infinite possibilities. This special day was established by the United Nations in 1989. On July 11, 1987, the world population reached five billion – this influenced the start of celebrating World Population Day, as proposed by Dr KC Zachariah. The first World Population Day was observed on 11 July 1990, in more than 90 countries. Since then, numerous organizations, institutions, and United Nations Population Fund (UNFPA) country offices, in partnership with governments and civil society, have been marking this day to bring attention to population-related concerns.

 

OTHER UPDATES:

 

SPORTS

 

1. Lakshya Sen clinches Men’s Singles Canada Open Badminton title 2023: Indian shuttler Lakshya Sen (world number 19) has clinched Men’s Singles title of the Canada Open 2023 badminton tournament in Calgary, Canada. In the final, he defeated Li Shi Feng of China 21-18, 22-20. In the second set he was down four game points but saved all and ended up winning the game in straight sets. This is the first BWF World Tour title of Commonwealth Games champion Lakshya Sen after almost a year.

 

2. Parth Salunkhe wins Youth World Championship 2023 in recurve category: Parth Salunkhe became the first male archer to win a gold in the recurve category at the Youth World Championships 2023. He defeated a Korean in the Under-21 men's recurve individual final, in Limerick, Ireland. He hailed from Satara in Maharashtra. With this medal, India finished with their highest-ever tally of 11 medals including six gold, one silver, and four bronze. Of the 11 medals India won, six were bagged in the U21 category - four gold and two bronze.

 

3. IPL version of Impact Player rule in Syed Mushtaq Ali T20 Trophy: The IPL version of the much-talked about Impact Player Rule will be used in the Syed Mushtaq Ali T20 Trophy (SMAT) beginning October 16, the BCCI Apex Council approved. The Impact Player was introduced in SMAT last season but it had to be brought before the end of the 14th over and had to be named before the toss. Like IPL, the teams will be allowed to name four substitutes besides the playing eleven before the toss. Out of the four substitutes, only one can be used as an Impact Player. Both teams are allowed to use one Impact Player per match. It is, however, not compulsory. Impact Player was used widely by the 10 IPL teams but the introduction of it divided opinions.

 

BANKING AND FINANCE

 

1. NHB operationalises ₹10,000-crore Urban Infrastructure Development Fund: National Housing Bank (NHB) has operationalized the Urban Infrastructure Development Fund (UIDF) with an initial corpus of Rs 10,000 crore. Finance Minister Nirmala Sitharaman in her 2023-24 Budget speech announced the setting up of the UIDF through the use of priority sector lending shortfall for the creation of urban infrastructure in Tier 2 and Tier 3 cities. The interest rate on UIDF loans has been kept at Bank Rate minus 1.5%, i.e., 5.25% (at present).

 

2. Forex reserves rise by $1.85 billion to $595.05 billion: According to the RBI, India's foreign exchange reserves rose by $1.853 billion to $595.051 billion in the week ended on June 30, 2023. The overall reserve had dropped by $2.901 billion to $593.198 billion in the previous reporting week. In October 2021, the country's forex reserve had reached an all-time high of $645 billion. The reserves have been declining as the central bank deploys the kitty to defend the rupee amid pressures caused majorly by global developments.

 

3. NSDL files DRHP with SEBI for IPO: India’s largest depository, National Securities Depository Limited (NSDL) has filed its Draft Red Herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) for an IPO. The IPO will see IDBI Bank, NSE, SBI, HDFC Bank, and Union Bank of India paring stakes. IDBI Bank and National Stock Exchange (NSE) hold 26% and 24% stakes in the company, respectively. SBI (5%), Union Bank of India (2.8%), and Canara Bank (2.3%) are other key stakeholders.

 

AWARDS AND HONOURS

 

1. Belgian tennis player Justine Henin receives the Philippe Chatrier Award: The International Tennis Federation (ITF) has awarded the highest honor ‘Philippe Chatrier Award 2023’ to Belgian tennis player Justine Henin. Henin won seven Grand Slam singles titles, an Olympic gold medal, and was part of Belgium’s team that won the Fed Cup now called the Billie Jean King Cup in 2001. The award, named after the former ITF president, was introduced in 1996 and recognizes people who have made significant contributions to the sport on and off the court. Henin won the French Open four times, the U.S. Open twice and the Australian Open once. She was a two-time runner-up at Wimbledon. She won Olympic gold at the 2004 Athens Games. The award will be presented Saturday at the ITF World Champions Awards at London’s Victoria and Albert Museum. The 41-year-old Henin has established a successful academy in Belgium and a charitable foundation that helps provide sporting opportunities for children with disabilities.

Daily GK Update- 9th July, 2023

NATIONAL UPDATES:

 

1. Government launches Rs. 5000 crore scheme to enhance fire services in states: The Ministry of Home Affairs launched the “Scheme for Expansion and Modernization of Fire Services in the States” with a total budget of Rs. 5,000 crore. The scheme, part of the preparedness and capacity building funding window under the National Disaster Response Fund (NDRF), aims to strengthen fire services across the country. Out of the allocated amount, Rs. 500 crore has been reserved for incentivizing states based on their legal and infrastructure-related reforms. The primary objective of the scheme is to expand and modernize fire services at the state level through the preparedness and capacity-building components of the NDRF. The concerned State Governments shall have to contribute 25% of the total cost of such projects/proposals from their budgetary resources.

 

2. Indore Municipal Corporation 1st urban body in India to get EPR credit: Indore Municipal Corporation (IMC) has become the first urban body in the country to get the Extended Producers Responsibility (EPR) credit by recycling the banned single-use plastic items after seizing them. Notably, Indore was adjudged India’s cleanest city for the sixth time in a row last year in the central government’s annual cleanliness survey. Single-use plastic is completely banned in the city. About eight tonnes of such plastic in the recent past and stopped from getting circulated. On average, 1,162 tonnes of solid waste is generated every day in Indore, which includes about 164 tonnes of plastic waste. This waste is collected under different categories from every doorstep in the city by civic vehicles and disposed of the same day in the plant being run under the PPP model.

 

3. K. Rajaraman appointed as new chairperson of IFSCA: The government has appointed an IAS officer of the 1989 batch and telecom secretary, K Rajaraman as the next Chairperson of the International Financial Services Centres Authority (IFSCA) for three years, or till attaining the age of 65 years. He succeeded the first IFSCA Chairperson Injeti Srinivas, who led the authority since 2020. IFSCA was set up in April 2020 under the International Financial Services Centres Authority Act, 2019, at GIFT City, Gandhinagar.

 

4. Cabinet gives nod to Data Protection Bill: The Union Cabinet has approved the draft Data Protection Bill 2022 which is expected to be tabled in the Monsoon session of Parliament for consideration and passage. Aim: To safeguard the personal data If it is passed, the law will become India’s core data governance framework. Key provisions include requiring companies collecting data to cease retaining personal information or remove any means by which personal data can be linked to specific data principles.

 

5. CM Naveen launches ‘Ama Pokhari’ to rejuvenate water bodies: Odisha CM, Naveen Patnaik launched ‘Ama Pokhari’ Yojana to rejuvenate around 2,000 large water bodies in all 115 urban local bodies of the state. The state government would invest 120 crore rupees in the implementation of the initiative. The project will be implemented using natural and organic methodology to improve the climate of surrounding areas. The water bodies will also be developed for recreation of citizens and their surroundings will get an aesthetic facelift.

 

6. Gujarat govt inks six MoUs with private industries for mangrove plantation: The Gujarat government has signed six MoUs with private industries for the mangrove plantation under the MISHTI scheme. In Gujarat, the mangroves will be planted over 3000 hectares area of land to conserve coastal ecosystems. The MoUs were signed in the presence of the Union Minister for Environment, Forest & Climate Change Bhupender Yadav. The initiative will aid the restoration and conservation of mangroves and achieve India’s carbon sink targets.

 

7. Voyager Space signs MoU with NewSpace India Limited: Voyager Space has signed an MoU with NewSpace India Limited (NSIL) to foster collaboration in spacecraft launch and deployment opportunities on board NSIL’s Small Satellite Launch Vehicle (SSLV) and Polar Satellite Launch Vehicle (PSLV). NSIL is the commercial arm of the Indian Space Research Organization (ISRO). The two organizations will also study the use of space-qualified components from NSIL in support of spacecraft manufacturing, deployment, etc.

 

8. Government brings Goods & Services Tax Network under PMLA: The Central Government issued a notification to bring the Goods & Services Tax Network (GSTN) under the purview of the Prevention of Money Laundering Act (PMLA). Information stored on GSTN can be now shared under PMLA Act. Due to this, it will be possible to take strict action against those involved in tax evasion and manipulation of documents. Due to this, crimes under GST like fake input tax credits, fake invoices, etc. will be included in the PMLA Act.

 

9. GSTN launches geocoding in all states and UTs: The GST Network (GSTN) has made the geocoding functionality live for all states and UTs, which converts an address or description of a location into geographic coordinates. Aim: To ensure the accuracy of address details in GSTN records and streamline the address location and verification process The functionality is available for normal, composition, SEZ units, SEZ developers, input service distributors, and casual taxpayers who are active, canceled, and suspended.

 

INTERNATIONAL UPDATES:

 

1. Govt of India and Kenya to co-host ‘International Millet Festival: India and Kenya will co-host a two-day ‘India-Africa International Millet Conference‘ on 30 – 31 August 2023. The event will witness participation from government leaders, researchers, farmers, entrepreneurs and industry associations from around the globe. Through the international conference, the government of India and Kenya aim to raise public awareness about millet as the world’s emerging smart food. The government of India spearheaded the United Nations General Assembly (UNGA) resolution for declaring the year 2023 as the International Year of Millets. Additionally, they are also drought-resistant, pest-resilient, climate-friendly crops that can boost income opportunities and livelihoods of smallholder farmers, especially in sub-Saharan Africa and Asia. India produces all the nine commonly known traditional millets viz. Sorghum, Pearl Millet, Finger Millet, Foxtail Millet, Proso Millet, Little Millet, Barnyard Millet, Browntop Millet and Kodo Millet. Millet is a common term for categorizing small-seeded grasses that are often called Nutri-cereals. Most of the states in India grow one or more millet crop species. Rajasthan, Uttar Pradesh, Haryana, Gujarat, Madhya Pradesh, Maharashtra, Karnataka, Tamil Nadu, Andhra Pradesh, and Telangana are the major millets producing states. In March, India held its first mega-global event Global Millets (Shree Anna) Conference in Delhi to celebrate 2023 as the International Year of Millets (IYM).

 

2. China has launched its computer operating system: China has launched its first homegrown open-source operating system named OpenKylin for computers. Aim: To reduce its foreign dependence at a time of increased rivalry with the United States The system has been designed as a rival to the ubiquitous Windows and MacOS systems. Previous versions of the software had already been deployed on the computers of some government departments. It is based on the popular open-source Linux operating system.

 

OTHER UPDATES:

SPORTS

 

1. Max Verstappen Claims Victory at British Grand Prix 2023: Red Bull's driver, Max Verstappen has clinched F1 2023 British Grand Prix title, held at the Silverstone Circuit, England.

Lando Norris for McLaren placed second and Mercedes’ Lewis Hamilton placed third on the podium.

·       Previous F1 GP winners (2023):

·       Canadian Grand Prix: Max Verstappen

·       Spanish Grand Prix: Max Verstappen

·       Monaco Grand Prix: Max Verstappen

·       Bahrain Grand Prix: Max Verstappen

·       Saudi Arabia Grand Prix: Sergio Pérez

 

BANKING AND FINANCE

 

1. Piramal Finance launches five all-women branches: Piramal Capital & Housing Finance Limited has launched five all-women branches as part of its commitment to diversity and equal opportunities. These branches, named ‘Maitreyi,’ are part of the company’s efforts to foster gender equality and provide women with equal workforce opportunities. The five branches are d in Ajmer Road (Rajasthan), Chattarpur (New Delhi), Mohali (Punjab), Mumbai (Maharashtra), and Tripunithura (Kerala). These full-service branches will have a dedicated team of 7 to 15 women employees. The ‘Maitreyi’ branches will provide loans to MSMEs and home loans. Piramal Finance aims to provide simplified, efficient, and impactful lending solutions that cater to consumer financing needs. Managing Director of Piramal Finance – Jairam Sridharan

 

2. RBI appoints P Vasudevan as new executive director: P Vasudevan has been appointed as Executive Director by the Reserve Bank of India (RBI). Vasudevan will look after the Department of Currency Management, Corporate Strategy and Budget Department (Areas other than that of Budget & Funds), and Enforcement Department. Prior to being promoted as executive director, Vasudevan was the Chief General Manager-in-charge of the Department of Payment and Settlement Systems. Over a span of nearly 30 years in the Reserve Bank, served in the supervision of banks and non-banking financial companies, payment and settlement systems and other areas in the Reserve Bank, including a stint as Member of Faculty in Bankers’ Training College. He has worked in the Central Office as well as Bengaluru, Mumbai and New Delhi Regional Offices of the Reserve Bank.

 

3. Sirisha Voruganti appointed as MD & CEO of Lloyds Banking Group: Lloyds Banking Group, one of the leading UK-based financial services groups has appointed Sirisha Voruganti the chief executive officer and managing director of its new Lloyds Technology Centre, based in Hyderabad, India. Sirisha Voruganti has extensive experience in IT architecture, data engineering, and fintech innovation and has held several senior technology positions in multiple global firms. She was the first woman managing director for JP Morgan Chase in Technology in India and has served as an executive vice president of architecture, data and shared services for Mastercard. The Lloyds Technology Centre is part of Lloyds Banking Group’s Rs 3 billion strategic investments to transform its digital offering. Lloyds Banking Group is a British financial institution formed through the acquisition of HBOS by Lloyds TSB in 2009.

 

4. IBA sets up a group to implement the RBI committee recommendations on ARCs: The Indian Banks’ Association has constituted a five-member working group for implementing the recommendations of the RBI committee on the “working of the Asset Reconstruction Companies”. Primary focus: To review assignment agreements and trust deed templates related to the acquisition of distressed assets by ARCs from lenders Aim: To update these templates to align with the evolving changes and expectations within the ARC sector

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.