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CURRENT AFFAIRS BOOSTER : 7th JUNE 2023
Current Affairs
7th June 2023
NATIONAL AFFAIRS
1) Overview of Nepal PM Pushpa Kamal Dahal visit to India; 7 MoUs Signed
i.The Prime Minister (PM) of Nepal, Pushpa
Kamal Dahal alias Prachanda, was on a 4-day official visit to
India from May 31 – June 3, 2023, at the invitation of the PM of India
Narendra Modi for regular high-level exchanges between both nations in
furtherance of India’s Neighbourhood First policy.
ii.The Nepal PM was accompanied by his daughter Ms Ganga Dahal;
and include a delegation comprising Ministers, Secretaries, and senior
officials of the Government of Nepal.
iii.During the meet, India and Nepal witnessed the exchange of the seven
documents in various fields including trade and commerce, cross-border petroleum
pipeline, development of Integrated Check Posts (ICPs) and hydroelectric
project.
iv.The two PMs remotely inaugurated and performed the groundbreaking of
six projects.
v.The Nepal PM also addressed the Nepal-India Business Summit in New
Delhi jointly organized by the Federation of Nepalese Chambers of Commerce
and Industry (FNCCI) and Confederation of Indian Industry (CII).
2) EPFO formed 3 committees to frame Draft Schemes for PF, Pension and Insurance
The Employees Provident Fund
Organisation (EPFO) has formed 3 committees to frame draft
schemes for pension, provident fund(PF) and insurance under EPFO, in line with
the provisions of the Code on Social Security 2020.
The three schemes are:
·
Employee’s Provident Fund
Scheme (EPFS) for provident fund
·
Employee’s Pension Scheme (EPS)
for pension
·
Employees Deposit Linked
Insurance Scheme (EDLIS) for insurance
About Employees’ Provident
Fund Organisation (EPFO):
The Employees’ Provident Fund Bill was introduced in the Parliament as Bill
Number 15.
Established in– 1952
Organisation Executive– Neelam S Rao (CPFC in EPFO)
Headquarters– New Delhi, Delhi
3) NHAI’s 1st Sustainability Report for FY 2021-22: highlights NHAI’s initiatives for Environment Sustainability
National Highways Authority of
India (NHAI), under the Ministry of Road Transport and Highways (MoRTH),
has published its inaugural ‘Sustainability
Report for FY 2021–22: Building A Sustainable Road Infrastructure’, which highlights the effectiveness of various
efforts undertaken by the NHAI toward the conservation of environment and
energy.
·
The report, prepared as per
the Global Reporting Initiative (GRI) reporting guidelines, was released by
Union Minister Nitin Gadkari, MoRTH.
About National Highways
Authority of India (NHAI):
NHAI was constituted by an Act of Parliament in 1988.
Chairman– Santosh Kumar Yadav
Headquarters– New Delhi, Delhi
BANKING & FINANCE
4) IFC & NaBFID Signed MoU to Develop PPP Projects and Strengthen Infrastructure
International Finance
Corporation (IFC), a part of the World
Bank Group, and National Bank for Financing Infrastructure and Development (NaBFID)
signed a memorandum of understanding (MoU) on June 2, 2023, to develop a
pipeline of investment-ready public-private partnership (PPP) projects in
infrastructure across India.
·
The MoU would support India’s
target of achieving a USD 5-trillion economy while fostering low-carbon and
climate-resilient growth.
·
The MoU was signed by
Rajkiran Rai G, Managing Director, NaBFID and Thomas Lubeck, Manager, Asia
Pacific Public-Private Partnership, Transaction Advisory Services, IFC.
Key Points:
i.Under the MoU, IFC and NaBFID would collaborate and identify and
develop PPP projects and provide comprehensive transaction advisory services.
ii.The PPP projects would be selected and implemented based on
sustainability as well as climate adaptation and mitigation.
iii.The initial projects are expected to mobilize around USD 2 billion
in private investment over the next few years in national priority sectors,
including renewable energy, energy storage, urban infrastructure, and others.
iv.National Infrastructure Pipeline (NIP) has an estimated investment of
around USD 1.4 trillion, including USD 290 billion through the private sector
for the development of the project under the partnership.
v.Under the MoU, IFC will act as an advisor to the government and
support it to conduct detailed project studies, assessing structuring options
and assisting in running open and competitive tenders to identify qualified
private partners.
·
IFC’s advisory support would
be completed once project agreements are signed between the public and private
partners.
Note – IFC has a 30-year track
record of advising on PPPs across sectors in more than 100 countries, resulting
in the mobilization of USD 40 billion in private investment over 164 projects
and benefitting over 153 million people through better access to electricity,
water, sanitation, and health care.
About International Finance Corporation (IFC):
Managing Director – Makhtar Diop
Headquarters – Washington, D.C., U.S.
Establishment – 1956
5) Kotak Private launches a Savings Programme ‘Réserve‘ for UHNIs and HNIs
Kotak Private Banking, a division of Kotak Mahindra
Bank Limited, has launched a savings programme named ‘Réserve’ exclusively for its UHNIs (Ultra High Net
Worth Individuals) and HNIs (High Net Worth Individuals) comprising
entrepreneurs, business families, and professionals.
·
Réserve is a by-invite
programme and it provides banking services, and a range of exclusive lifestyle
amenities in areas such as travel, health and wellness, and entertainment to
provide a luxury banking experience.
·
The savings programme includes
offering different top brands to provide luxury benefits.
Eligibility: The savings programme Réserve
is applicable for an individual who is having a Rs 7.5 Crore Relationship Value
and a minimum savings bank account balance (Average Yearly Balance) of Rs 50
lakhs.
Additional info:
i.Ultra-high-net-worth individuals (UHNWI) are people with investable
assets of at least USD 30 million.
·
Net worth is a measure of
someone’s current financial position and is calculated as the value of their
assets minus their liabilities.
ii.According to the recent report titled The Wealth
Report 2023” published by Knight Frank, India’s UHNWI is estimated to increase
58.4% in the next 5 years from 12,069 in 2022 to 19,119 individuals in 2027.
About Kotak Private:
CEO – Oisharya Das
Headquarters – Mumbai, Maharashtra
6) BoB Launches ICCW facility for cash withdrawals using UPI on its ATMs
On June 5, 2023, the Bank of
Baroda (BoB) launched the Interoperable Cardless Cash Withdrawal (ICCW)
facility which would enable a customer to withdraw cash using UPI
(Unified Payments Interface) from the bank’s ATMs (Automated Teller
Machine) without using the physical debit card.
·
BoB became the 1st
public sector bank(PSB) to launch the ICCW service.
·
The ICCW facility would give
customers a simple, convenient and secure way to withdraw cash without the use
of a physical card.
Note – BoB has over 11,000 ATMs across India.
Who could Withdraw?
Customers of BoB and other participating issuer banks that use BHIM (Bharat
Interface for Money) UPI, BoB World UPI or any other UPI application enabled
for ICCW on their mobile phone could withdraw cash from a BoB ATM.
Withdrawal Limit: Only two transactions were allowed per
account/day with a withdrawal limit of Rs 5,000 per transaction.
Process of Withdrawal:
i.To withdraw cash, the customers need to select the option ‘UPI Cash
Withdrawal’ at a BoB ATM and enter the withdrawal amount, after which a QR
code is displayed on the ATM screen.
ii.The customer needs to scan the QR code using a UPI app enabled for
ICCW and authorise the transaction with her/his UPI PIN on the mobile phone to
withdraw the cash from the ATM.
iii.In the case of multiple bank accounts linked to a single UPI ID,
ICCW functionality provides the option to select the account to be debited.
About Bank of Baroda (BOB):
MD&CEO – Sanjiv Chadha
Headquarters – Vadodara, Gujarat (Head office), Mumbai, Maharashtra
(Corporate centre)
Establishment – 20 July 1908
Tag line – India’s International Bank
7) SBI launches project Kuber in Bengaluru
On 2nd June 2023, the State
Bank of India(SBI), launched ‘Project Kuber’, which includes the
establishment of four Transaction Banking Hubs and one Corporate
Salary Package Hub in Bengaluru, Karnataka.
·
Nand Kishore, chief general
manager, SBI, Bengaluru Circle, inaugurated these hubs at SBI Administrative
Building in KG Road, Bengaluru and Sampige Road in Malleswaram.
·
Transaction Banking Hubs will
act as a one-stop destination for all payment and collection-related
requirements and will offer services to corporate/non-corporate clients,
from account opening to onboarding them on SBI’s digital platforms.
· A professional team will facilitate business partners and customers in availing digital banking services such as Yono Business, e-Payments, Cash Management Products.
8) YES Securities & WatchYourHealth Partners to offer Investment Solutions to Healthcare Professionals
On June 05, 2023 YES
Securities (India) Limited (YSL), a leading financial services company, is
partnering with WatchYourHealth (WYH), a tech-driven healthcare platform, to
provide investment solutions to healthcare professionals through the
‘Wellth- Where Investments and Health Unite’ program.
·
YSL will provide free-of-cost
demat and trading accounts, financial planning products like Systematic
Investment Plan (SIP) and Alternative investment funds (AIFs) to retail and
High-Net-Worth Individuals (HNI) clients.
·
Doctors and healthcare
professionals affiliated with WYH will be offered investment products and
advisory services by YSL
· Advance brokerage plans with complimentary turnover limit of Rs. 50 Lacs without charging any brokerage, along with Call and Trade and Digital DIY options for all trading need
9) HSBC India unveils New Campaign “My Account Starts Today” Featuring Cricketer Virat Kohli
The Hongkong and Shanghai
Banking Corporation Limited, India (HSBC India) unveiled its latest advertising
campaign “My Account Starts Today” with Indian cricketer Virat Kohli,
their new brand influencer.
·
This is aimed at leveraging
Virat Kohli’s appeal to help illustrate the benefits of banking with HSBC.
·
The campaign highlights HSBC’s
purpose of “Opening up a world of opportunity” as it works to support
the goals of an aspirational India
· The multi-channel campaign will be rolled out across various media platforms, including print, television, outdoor displays, OTT(over-the-top) platforms, and digital channels.
ECONOMY & BUSINESS
10) CII Projected India’s GDP to Grow in the Range of 6.5-6.7% in FY24
Confederation of Indian
Industry (CII) has projected the Indian economy to grow in the range of 6.5-6.7%
in FY24 (Financial Year 2023-24) supported by strong domestic drivers
and robust Capital expenditures (CapEx) momentum of the government.
Key Projections:
i.CII has also projected India’s GDP to grow in Q4 FY23 by 6.1%, with an
annual growth rate of FY23 at 7.2%.
ii.As per the statement of R Dinesh, CII president, India’s GDP growth
is expected to increase to 7. 8% in the next decade (FY22-31) as compared to
6.6% in the previous decade.
iii.CII also expects the consumer price index (CPI) based retail
inflation to fall within RBI’s target range of 4% within a band of +/- 2
percent in FY24.
·
RBI to ensure CPI inflation
within a target In the 1st bi-monthly monetary policy for FY24, RBI maintained
a status quo and did not change the interest rate.
iv.Retail inflation declined to an 18-month low of
4.7% in April 2023 and it was about 5.66% in March 2023 and 7.79 % in March
2022.
v.R Dinesh prioritised 8 key areas for the Government to make reforms
and sustain growth.
About Confederation of Indian Industry (CII)
President– R Dinesh
Director General – Chandrajit Banerjee
Headquarters – New Delhi, Delhi
Establishment -1895
11) Fiscal Deficit target in FY23 Reduced to 6.36% of GDP: CGA Data
According to the data released
by the Controller General of Accounts (CGA), the fiscal deficit target in FY23
was reduced to 6.36% of Gross Domestic Product (GDP) against 6.4%
in the revised estimates (RE) due to lower-than-estimated revenue expenditure.
·
Fiscal deficit for FY23 was at
Rs 17.33 trillion, or 98.7% of the RE of Rs 17.55 trillion due to the reduction
in higher tax, non-tax revenue collections and non-debt capital receipts.
Key Points:
i.The net tax revenue in FY23 reached marginally higher (by 0.5%) at Rs
20.97 trillion than the RE of Rs 20.86 trillion.
ii.The non-tax revenues for FY23 were at Rs 2.86 trillion, or nearly
9.3% higher than the RE.
iii.In FY23, the Revenue expenditure got decreased to Rs 34.5 trillion,
slightly lower than the RE of Rs 34.59 trillion. The capex increased to Rs 7.36
trillion from RE of Rs 7.27 trillion.
iv.The revenue deficit for FY23 was also contained at 3.9% of GDP
against the RE of 4.1%.
v.The lower revenue-expenditure-to-capital-expenditure ratio at
decreased to 4.7 in FY23 compared with 5.4 in FY22.
CGA data over April 2023:
i.The fiscal deficit in April 2023 stood at Rs 1.33 trillion, or 7.5% of
the FY24 Budget Estimates (BE) compared to 4.5% in April FY23.
ii.In May 2023 Reserve Bank of India (RBI) approved transferring Rs
87,416 crore to the Union Government as a dividend for FY23.
12) MoU signed between Microsoft and Indian Govt to train youth in digital and cybersecurity skills
A memorandum of
Understanding (MoU) has been signed between Microsoft and the
Directorate General of Training (DGT), Ministry of Skills Development and Entrepreneurship
(MSDE), to train 6000 students and 200 educators at government-led
Industrial Training Institutes (ITIs) and National Skills Training Institutions
(NSTIs).
·
Microsoft will offer a wide
range of courses for the training including in Artificial Intelligence (AI),
cloud computing, web development and cybersecurity skills.
·
This training is being
conducted under the CyberShikshaa programme and will be expanded to
students and educators at 10 NSTIs for women.
What is CyberShikshaa
programme?
It is launched by Microsoft in partnership with Data Security Council of India
(DSCI) and in support with Information Security Education and Awareness (ISEA)
of Ministry of Electronics & IT (MeitY) to train women engineering
graduates from disadvantaged backgrounds to build careers in cybersecurity.
Features:
i. The training will empower young students with industry-relevant
skills, enhancing their employability, and connecting them to relevant job
opportunities.
ii. Students have the opportunity to learn from industry experts and
engage in deep-dive sessions, multifaceted capstone projects in addition to
future skills training for AI fluency and fundamentals, cloud computing and web
development.
iii. Train-the-Trainer workshops will be conducted to empower faculty
members on AI fluency and fundamentals, cloud computing, web development, Power
BI (Business Intelligence), and soft skills.
iv. The trained faculty members can then train ITI students attending
Computer Operator and Programming Assistant (COPA) training.
Benefits:
i. Microsoft will promote the placement of successful learners from this
training project with support from DGT.
ii. The successful learners will be facilitated with employment
opportunities through collaborations with recruitment and placement agencies
and state-wide job fairs.
About Microsoft:
Established in– 4 April 1975
Founders: Bill Gates, Paul Allen
CEO & Chairman– Satya Nadella
Headquarters– Washington, the United States of America (USA)
SCIENCE & TECHNOLOGY
13) Indian Navy successfully engaged an Underwater Target using indigenously developed HeavyWeight Torpedo
On 6th June 2023, The
Indian Navy and Defence Research and Development Organisation (DRDO) successfully
engaged an underwater target with an indigenously developed heavyweight
Torpedo, named Varunastra.
·
It is a significant milestone
in the Indian Navy’s & DRDO’s quest for accurate delivery of ordnance on
target in the underwater domain.
·
This is the second sea-level
test in two weeks.
·
It showcases the country’s
commitment to future-proof combat readiness through Aatma Nirbharta
(self-reliance).
Key Points:
i. ‘Varunastra’, the advanced Heavy-Weight anti-submarine Torpedo, was
inducted by the Indian Navy in 2016 and is developed by the Indian Navy and the
Naval Science and Technology Laboratory (NSTL) of DRDO and is manufactured by
Bharat Dynamics Ltd (BDL).
ii. ‘Varunastra’ is a ship launched, heavy weight,
electrically-propelled anti-submarine torpedo capable of targeting quiet
submarines, both in deep and shallow waters in an intense countermeasures
environment.
iii. ‘Varunastra’ can be fired from all Anti-submarine warfare (ASW)
ships capable of firing heavyweight torpedoes.
vi.The weight of the torpedo is 1.25 tonnes and it can carry around 250
kg of explosives while travelling at about 40 nautical miles an hour.
What is Torpedo?
It is an underwater ranged weapon launched above or below the water surface,
self-propelled towards a target, and with an explosive warhead designed to
explode either on contact with or in proximity to the target.
Recent successful achievements
of Indian Navy:
i. On 31st May 2023, the Indian Navy’s MH-60 Romeo helicopter (MH60R),
from naval Air station INS Garuda, Kochi made a successful maiden landing on
the indigenous aircraft carrier INS Vikrant in the Arabian Sea.
ii. In May 2023, the Indian Navy successfully fired a Brahmos Supersonic
cruise missile, ‘Sea Skimming’, which is capable of hitting its target up to a
distance of 300 km using its frontline guided missile destroyer INS Mormugao.
14) Iran Unveils 1st Indigenously-made Hypersonic Missile “Fattah”
On 6th June 2023, the Islamic
Revolutionary Guard Corps (IRGC) of Iran unveiled the first Indigenously-made
Hypersonic ballistic missile, “Fattah” with a range of 1,400 kilometres
(km).
·
This missile was named by the
Iranian Supreme Leader Ayatollah Ali Khamenei.
·
‘Fattah’ in Farsi (Persian)
language means ‘Conqueror/opener’.
Features of ‘Fattah’:
i.This missile is capable of moving at a speed of up to Mach 15 and it
is capable of penetrating all defence shields.
ii.It uses solid propellants, allowing it to reach high speeds and
perform various manoeuvres inside and outside the earth’s atmosphere.
iii.It travels in a complex trajectory path which makes it difficult to
intercept by others. It can also bypass the most advanced anti-ballistic
missile systems of the United States of America (USA) and Israel.
Recent missiles of Iran:
Khaiber, a new surface-to-surface missile 4th generation of Khorramshahr
ballistic missile launched by Iran on 5th May 2023. It can travel up to a range
of 2,000 kilometres (1,243 miles) and can carry a 1,500 kilogram payload.
About Iran:
Capital- Tehran
President- Ebrahim Raisi
Currency- Iranian Rial (IRR)
BOOKS & AUTHORS
15) BJP President JP Nadda released a book “Amrutkaal ki Ore” by Shivanand Dwivedi & K K Upadhyay
Bharatiya Janata Party (BJP)
National President Jagat Prakash Nadda (JP Nadda) released a new book titled “Amrutkaal
ki Ore”(Towards Amrit Kaal), compiled by Shivanand Dwivedi and K
K Upadhyay, in New Delhi, Delhi. The book details the achievements of the
Modi government during the past 9 years and its contribution towards the
transformation of India.
·
This is the 3rd volume
in a series on #ModiGovt was brought out by Dr Syama Prasad Mookerjee
Research (SPMR) Foundation. The book is published by Prabhat
Prakashan.
· A total of 21 authors have shared their views on different topics in this book.
IMPORTANT DAYS
16) UN Russian Language Day 2023 – June 6
The United Nations(UN)’s
Russian Language Day is annually observed across the globe on June
6th to create awareness about the history, culture and development of the
Russian language. The day also aims to celebrate cultural diversity and
multilingualism.
·
The day also marks the birth
anniversary of the great Russian poet, playwright, and novelist, Alexander
Sergeyevich Pushkin (A.S. Pushkin) (1799 – 1837), the founder of modern
Russian literature.
·
Every year, Russia celebrates
June 6th as “Pushkin Day”.
Background:
i.In 2010, on the eve of International Mother Language Day
celebrated annually on 21st February at the initiative of the United Nations
Educational, Scientific and Cultural Organization (UNESCO), the
Department of Public Information (now Department of Global Communications)
announced the launch of “Language Days at the United Nations”.
· UN Russian Language day is a part of UN Languages Days.
17) World Pest Day 2023- June 6
World Pest Day, also known as World Pest
Awareness Day, is observed annually on 6th June across the globe to
raise public awareness of the importance of pest management for the protection
of public health.
·
The day also emphasises the
big threats caused by small pests.
Background:
i. World Pest Day was initiated by the Chinese Pest Control
Association (CPCA), and co-sponsored by the Federation of Asian and Oceania
Pest Managers’ Association (FAOPMA), the National Pest Management
Association (NPMA), and the Confederation of European Pest Management
Associations (CEPA).
ii. The first-ever World Pest Day was observed at the Beijing
Hotel, China on June 6th 2017.
STATE NEWS
18) Maharashtra CM Eknath Shinde launches Asia’s largest cluster development scheme in Thane
On 5th June
2023, Maharashtra Chief Minister (CM) Eknath Shinde
launched Asia’s largest cluster development scheme in Thane, Maharashtra
for the collective redevelopment of unauthorised and official dangerous
buildings in the urban areas.
·
Each beneficiary of the scheme
will get a house of 323 square feet.
Thane Cluster Development
Scheme:
i.Thane cluster development will be implemented on 45 urban renewal
plans (URPs) spread across a gross area of 1,500 hectares.
ii.In the 1st phase, 10,000 tenements will be built using pre fab
construction technology on an area of 1,500 hectares, which will be the biggest
in Asia.
Implementing Agency: The cluster development scheme will be implemented
by the City and Industrial Development Corporation (CIDCO).
1st Phase:
i.In the first phase of development, the project will be implemented in
six areas, including Kopri in Thane East, Rabodi, and Hazuri, Lokmanya Nagar,
Tekdi Bungalow area in Panchpakhadi, and Kisan Nagar.
ii.The 1st phase also includes the redevelopment of old and dilapidated
buildings, and legal and illegal residential buildings.
iii.The project is expected to benefit 30,000 families in the region.
Additional info:
i.CM Shinde inaugurated the office dedicated to cluster development at
Kashish Park housing complex
ii.He also launched the construction of the first two Urban Renewal
Clusters (URCs) 5 and 6 in Kisan Nagar which is part of URP 12.
·
The first two clusters will
involve construction on 7,753 square metres and 19,275 square metres.
iii.To boost this scheme, the Maharashtra government
approved a 50% concession in premium for the developers to pay for
cluster development.This premium concession is applicable for one year to all
schemes, allowing the developers to submit plans for approval quickly.
Note:
The government of Maharashtra has also roped in Mahatma Phule Renewable Energy
and Infrastructure Technology Ltd, a government of Maharashtra undertaking,
which undertakes affordable housing projects, to execute a third cluster.
About Maharashtra:
Chief Minister- Eknath Shinde
Governor-Ramesh Bais
Tiger Reserves-Tadoba Andhari Tiger Reserve, Sahyadri Tiger Reserve,
Melghat Tiger Reserve
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