All Latest News
CURRENT AFFAIRS BOOSTER : 22nd JULY 2023
Current Affairs
22nd July 2023
NATIONAL AFFAIRS
1) Competition (amendment) Act 2023: Power to Appoint DG Shifted to CCI from MCA
The Central Government has implemented a key provision of the Competition
(amendment) Act 2023 that vests power of appointment of Director General-
DG (Investigation) in the Competition Commission of India (CCI). Concurrently,
it also has modified existing recruitment rules Competition CCI
(Director General) Recruitment Rules, 2009 to change the composition of the
Search-cum-Selection Committee for appointment of DG.
What are the changes?
i.Earlier, the Search-cum-Selection Committee was headed by Secretary,
Ministry of Corporate Affairs (MCA). Now, upon the vesting of power in CCI, the
Search-cum-Selection Committee will now be headed by Chairperson CCI and will
have two Members, one each to be nominated by MCA and Central Government
(expert-person of eminence)
ii.The DG would be appointed by CCI out of the Panel (upto three names)
recommended by the search-cum-selection committee after obtaining prior
approval of the Central Government.
·
So far, the power to appoint DG was vested in the MCA.
Reason behind these amendments:
These changes follow the recommendation of the Competition Law Review
Committee (CLRC) which aims to address the issue of the Director General’s
direct accountability to the Central Government instead of the CCI.
·
The change seeks to create a clear separation between the regulator’s
investigative and other functions in line with international competition
regulators’ practices.
When Competition (Amendment) Act, 2023 come into force?
The Amendment Act comes into force on such date as the Central Government may,
by notification, in the official gazette specify Different dates may be
appointed for different provisions of this Act
·
The Act of Parliament received the assent of the President on the 11th
April, 2023.
The Competition (Amendment) Act 2023 – Key Amendments
·
Broadening the scope of anti-competitive agreements
·
Reduction in time-limit for review of M&As from 210 days to 150 days
·
Introduction of Deal Value as another criterion for notifying M&As
·
Limitation Period of 3 years for filing Information(s)
·
Penalty indexed to Global Turnover
·
Introduction of Settlement & Commitment framework for faster market
correction
·
Hub-and-Spoke type arrangements brought under the presumptive rule of
Appreciable
·
Adverse Effect on Competition (AAEC)
·
Leniency Plus
·
Framing of Regulations after public consultations
·
Issuance of Guidelines
· Appointment of the Director General by the Commission, with prior approval of Central Government
2) DPIIT Joined Hands with Gujarat for the ODOP Program
On 20th July 2023, One District One Product (ODOP) program, an initiative
under the Department for Promotion of Industry and Internal Trade (DPIIT),
Ministry of Commerce & Industry partnered with the Government of Gujarat
in New Delhi, Delhi, with the aim to foster the promotion of the indigenous
crafts and artisans of the state.
·
By implementing product tagging and story cards, the aim of the
collaboration will be achieved.
·
ODOP-Gujarat presents an extensive array of 68 distinctive products,
encompassing a diverse range from traditional crafts (like Gamthi Block print
and Mata-ni-Pachedi) to agricultural commodities (like groundnuts and cumin).
Similar Programs in Gujarat:
i.The Government e-Marketplace (GeM) has conducted onboarding drives for
Sujani Handloom, Jamnagari Bandhini, and Patan Patola, facilitating
their presence on the platform.
ii.The Agate Stone industry in Khambat district(Gujarat) and the Sujani
craft from Bharuch district(Gujarat) received essential support through
workshops organized in collaboration with the National Institute of Design
(NID).
About One District One Product (ODOP) program:
One District One Product Scheme is an initiative that is seen as a
transformational step forward towards realizing the true potential of a
district, fuel economic growth, and generate employment and rural
entrepreneurship, taking us to the goal of AtmaNirbhar Bharat.
·
In India, Uttar Pradesh government was the first state of India to launch
the concept of One District One Product in 2018.
About Gujarat:
Chief Minister- Bhupendrabhai Patel
Governor – Acharya Devvrat
Capital – Gandhinagar
3) India-Japan Sign MoC for Semiconductor Supply-Chain Partnership
On 20th July 2023, India and Japan signed a memorandum of cooperation (MoC)
for a semiconductor supply-chain partnership for government-to-government and
industry-to-industry collaboration.
·
The agreement was signed between Ashwini Vaishnaw, Union Minister for
Electronics and Information Technology and Yasutoshi Nishimura, Japan’s
Minister of Economy, Trade and Industry in New Delhi, Delhi.
The MoC helps India to become a global hub for the semiconductor industry
and provides access to Japanese technology, which helps India to develop its
own semiconductor industry.
The outcome of the MoC:
i.The MoC signed between India and Japan will cover the
semiconductor industry, including design, manufacturing, equipment research,
talent development, and enhancing supply chain resilience.
ii.An implementation organization will be created to facilitate
government and industry collaborations.
Additional information:
i.Rapidus Corporation, a semiconductor manufacturer established in
August 2022 in Tokyo, Japan will be one of the contributors to this
cooperation.
ii.It brings along Japanese companies, including Denso, Kioxia, MUFG
Bank, Nippon Electric Company, Ltd (NEC), Nippon Telegraph and Telephone
Public Corporation(NTT), SoftBank, Sony, and Toyota.
iii. Japan is one of the five leading countries with a well-developed
semiconductor ecosystem.
Points to be noted :-
·
The Indian cabinet has given approval for American based Micron
Technology’s plan to launch a USD 2.7bn semiconductor testing and packaging
unit.
·
The Production Linked Incentive(PLI scheme) of India – ‘Modified Programme
for Semiconductors and Display Fab Ecosystem’ – was announced in December 2021
with a total outlay of Rs.76,000 crore.
About Japan:
Prime Minister- Fumio Kishida
Capital- Tokyo
Currency-Japanese yen
4) DAHD implemented Credit Guarantee Scheme under AHIDF for Livestock Sector
On July 20, 203, the Department of Animal Husbandry & Dairying (DAHD),
Ministry of Fishries, Animal Husbandry and Dairying(MoFAH&D), has launched
the first ever Credit Guarantee Scheme for Livestock sector.
·
The scheme under the Animal Husbandry Infrastructure Development Fund
(AHIDF) aims to strengthen the credit delivery system and ensure smooth access
to collateral-free credit for Micro, Small & Medium Enterprises (MSMEs) in
the Livestock sector.
·
To make the scheme operational, DAHD has set up a Credit Guarantee Fund
Trust worth Rs. 750 crores which will offer credit guarantee coverage of
up to 25% for the credit facilities extended to MSMEs by eligible lending
institutions.
Key Objective of Scheme:
The lender should give importance to project viability and secure the credit
facility purely on the basis primary security of the assets financed.
Key Features:
i.Interest Subvention of 3%
ii.Loan up to 90% of the total project cost from any Scheduled Bank,
National Cooperative Development Corporation (NCDC).
iii.This scheme aims to facilitates finance access for underserved
livestock sectors, benefiting first-generation entrepreneurs and
underprivileged individuals without collateral security. It is expected to
boost MSME participation in the livestock sector, increasing credit flow and
strengthening rural economies,
About Credit Guarantee fund Trust:
In March 2021, DAHD has formed this trust with NABSanrakshan Trustee Company
Private Limited, a wholly owned subsidiary of NABARD (National Bank For
Agriculture And Rural Development) for extending the credit guarantee to MSMEs
under Rs 15000 crores AHIDF scheme.
·
It is India’s first ever fund trust under Credit guarantee
scheme of AHIDF in the agriculture and Animal Husbandry sector
It incentivizes investments by individual entrepreneurs, private companies,
MSMEs, Farmers Producers Organizations (FPOs) and Section 8 companies to
establish the following:
·
Dairy processing and value addition infrastructure
·
Meat processing and value addition infrastructure
·
Animal Feed Plant
·
Breed Improvement technology and Breed Multiplication Farm
·
Animal Waste to Wealth Management (Agri Waste Management)
· Setting up of Veterinary Vaccine and Drugs Manufacturing facilities.
5) FSSAI & AOAC INTERNATIONAL signed MoU to Enhance Food Safety Analytical Ecosystem in India
The Food Safety & Standards Authority of India (FSSAI), a
statutory body under the Ministry of Health & Family Welfare, and AOAC
INTERNATIONAL, a global organization that advances food safety, food
integrity, and public health, signed a Memorandum of Understanding (MoU)
to collaborate and increase the food safety analytical ecosystem in India.
·
The MoU marks the joint commitment of both FSSAI and AOAC to work towards
achieving common objectives for the advancement of food safety standards and
analytical practices in India.
Key People:
The MoU was signed at the FSSAI headquarters in New Delhi, Delhi, in the
presence of G. Kamala Vardhana Rao, Chief Executive Officer (CEO) of
FSSAI; Satyen Kumar Panda, Advisor (Quality Assurance) of FSSAI; Shrinvas
Joshi, President, AOAC-India Section; Dr. Ganesh Ramamurthi – President-Elect,
AOAC-India Section and Dr. Saurabh Arora – Director, AOAC-India Section.
Objectives:
i.The collaboration aims to promote Uniform Testing Methods across
India, and ensures setting up of strong analytical systems to meet the needs of
food testing laboratories.
ii.FSSAI will be granted free access to AOAC Official Methods and
sharing the Indian food safety ecosystem access to globally recognized testing
methods.
iii.Both organizations will actively collaborate in the development and
validation of analytical methodologies, ensuring accuracy and reliability in
food testing practices.
Significance:
i.The partnership between FSSAI and AOAC INTERNATIONAL is of the utmost
importance for India’s food safety landscape.
ii.FSSAI aims to increase its analytical capabilities and align with
international best practices, ultimately strengthening the food safety
ecosystem in India by supporting AOAC’s globally recognized expertise and
standards.
Key Points:
i.Critical aspects such as food testing analysis, method sharing, method
development, and method validation are covered under this collaboration.
ii.Both FSSAI and AOAC will jointly work together to advance the
adoption of AOAC Official Methods in FSSAI-notified laboratories, promoting
better food safety practices and ensuring the availability of safe and
wholesome food for human consumption.
About AOAC INTERNATIONAL: AOAC INTERNATIONAL was
established in 1884 as the Association of Official Agricultural Chemists.
Later, it was renamed as Association of Official Analytical Chemists. at
present the legal name of the organisation is AOAC INTERNATIONAL Long-form
name: Association Of Official Analytical Collaboration (AOAC)
INTERNATIONAL
6) Ministry of Culture & Indian Navy signed an MoU to revive the ancient stitched shipbuilding method
On 18th July 2023, The Ministry of Culture and the Indian Navy signed
a Memorandum of Understanding (MoU) to revive and maintain the
2000-year-old ancient stitched shipbuilding method known as the Tankai
method. The project aims to leverage the expertise of the remaining
traditional shipwrights in India and showcase their exceptional craftsmanship.
·
It also aims to revive the rich maritime heritage among Indian
citizens and also aims to promote cultural memories among the Indian Ocean
coastal countries.
·
Thorough documentation and cataloging of the project will ensure that
valuable information is preserved for future reference.
In the Tankai method, instead of using nails, the Ships are built by stitching wooden planks together. This offers flexibility and durability, making them less vulnerable to damage from shoals and sandbars rather than nails.
INTERNATIONAL AFFAIRS
7) CEC Rajiv Kumar participated in the 11th A-WEB Executive Board Meeting held in Colombia
Rajiv Kumar, Chief
Election Commissioner (CEC) led the 3-member delegation from the Election
Commission of India (ECI) to participate in the 11th meeting of the Executive Board
of the Association of World Election Bodies (A-WEB) in Cartagena, Colombia from
10th to 14th July 2023.
·
The ECI delegation included Manoj Sahoo, Deputy Election Commissioner and
Anuj Chandak, Joint Director.
·
On 13th July 2023, the National Civil Registry, Colombia organised an
international conference on the theme “A global view on the challenges of
regional elections 2023” will bring together representatives from the 19
Executive Board Members and the 2 Oversight and Audit Committee Members.
·
As a global association, A-WEB plays a critical role for Election
Management Bodies (EMBs) to work on challenges like fake narratives derailing
election integrity worlwide.
Agendas proposed in the meeting:
i. The participants at the Executive Board meeting discussed various
agenda items including the programmes and activities to be undertaken by A-WEB
during 2023-24, the annual progress report of A-WEB & its regional offices
including A-WEB India Centre, budget and membership related matters amongst
others.
ii. ECI proposals:
·
Setting up an A-WEB portal to serve a as repository of electoral best
practices and initiatives taken by member EMBs in various aspects of electoral
management.
·
Establishing A-WEB Global Awards for EMBs who make significant contribution
and take important initiatives in the democratic processes. Both proposals were
approved by the Executive Board.
Additional Info:
Meantime, on the sideline, a bilateral meeting on ECIs Electronic Postal Ballot
System was also held with the National Election Commission (NEC) of the
Republic of Korea (South Korea).
·
In 2012, India and South Korea had signed a Memorandum of Understanding
(MoU) for establishing a mutually cooperative relationship in the field of
election administration.
·
As per the MoU, both countries are supposed to establish a mutually
cooperative relationship in the field of election administration.
Note: In March 2023, NEC participated in the 3rd International Conference on
‘Inclusive Elections and Elections Integrity’ organised by ECI under the supervision
of ‘Democracy Cohort on Elections Integrity’.
India A-WEB Centre:
i. In September 2019, at a meeting of the A-WEB Executive Board held in
Bengaluru, an India A-WEB centre was also established in New Delhi, Delhi.
ii. It was established for documentation and research for sharing the
best practices and training and capacity building of officials of A-WEB
members, including a journal titled ‘A-WEB India Journal of Elections.’
iii. The ECI is responsible for providing all the necessary resources
for the India A-WEB Centre.
Note: ECI assumed control over as Vice-Chairperson of A-WEB for 2017-19
term; as Chair for 2019-22 term and is currently a member of its Executive
Board for 2022-24 in its capacity as immediate former Chair of A-WEB
About Association of World Election Bodies (A-WEB):
A-WEB launched in the Republic of Korea in October 2013 is the largest
international organization of Election Management Bodies (EMBs).
It currently comprises 121 EMBs from 111 countries.
Chairperson– Mosotho Moepya (Electoral Commission of South Africa)
Secretary General– Dr. In-sik Jang
Headquarters– Songdo, Incheon, Republic of Korea
8) UAE Becomes 1st Arab Country to Get Observer Status at Asia/Pacific Group on Money Laundering
The United Arab Emirates (UAE) has become the first Arab country
to be granted observer status of the Asia-Pacific Group on Money Laundering (APG),
the largest Financial Action Task Force-style regional body (FSRB) in the
world. The decision was made at the APG’s 2023 Annual Meeting and Technical
Assistance and Training Forum held in Vancouver, British Columbia, Canada from
9-14 July 2023.
·
The meeting was attended by a UAE delegation led by Hamid Al Zaabi,
Director-General of the Executive Office of Anti-Money Laundering and
Counter-Terrorism Financing (EO AML/CTF).
About APG plenary Meeting:
The meeting was co-chaired by Associate Assistant Deputy Minister of Finance
Julien Brazeau of Canada’s Department of Finance and Deputy Commissioner Ian
McCartney of the Australian Federal Police.
Key Outcomes of the meeting:
1. During the meeting,
Tuvalu was admitted as the newest APG member. With this, APG now has 41 active
members.
2. During the meeting,
along with UAE, Kazakhstan was also admitted as the APG observers. With the UAE
and Kazakhstan, APG now has 9 observer jurisdictions.
Key points:
i. The UAE was named to the Financial Action Task Force list in 2022.
The list denotes countries that are working to address “strategic deficiencies”
with regard to money laundering and illicit financing, which the UAE has displayed
via its participation in Middle East and North Africa Financial Action Task
Force (MENAFATF).
ii. The APG’s 2023 Annual Meeting and Technical Assistance and Training
Forum was also attended by some major organisations like International Monetary
Fund, World Bank, The Asian Development Bank etc.,
About Asia-Pacific Group on Money Laundering(APG):
Founded in– 1997
Executive Secretary– Dr Gordon Hook
Members– 41 active members
Headquarters– Sydney, Australia
BANKING & FINANCE
9) SEBI Expands Scope of ESG Investing, Allows Six New Strategies for Mutual Funds
On 20 July 2023, the Securities and Exchange Board of India(SEBI), the
regulator of the securities market, through a circular allowed Asset Management
Companies(AMC) to introduce six new strategies under the Environmental,
Social and Governance (ESG) category.
·
Currently, mutual funds are restricted to offer only one scheme with ESG
investing under the thematic category for equity schemes.
·
The six sub-categories to the ESG theme, namely exclusion, integration,
best-in-class and positive screening, impact investing, sustainable objectives,
and transition-related investments.
·
The move aims to accommodate the growing demand for green financing.
Six new strategies:
i.‘Exclude’ securities based on specific ESG-related activities,
business practices, or segments, with characteristics like adverse impact,
controversy, or faith-based criteria.
ii.‘Integration‘ themed funds consider ESG-related factors
alongside traditional financial factors when making investment decisions.
iii.‘Best-in-class & Positive Screening’ strategy aims to
invest in companies outperforming peers on ESG-related performance metrics.
iv.‘Impact‘ investing seeks a positive, measurable social or
environmental impact alongside a financial return, with fund managers detailing
the methodology used and monitoring non-financial impacts.
v.‘Sustainable‘ objective funds invest in sectors, industries, or
companies expected to benefit from long-term macro or structural ESG-related
trends.
vi.‘Transition or Transition Related’ schemes focus on companies
supporting environmental transition and just transition.
Mutual funds will be required to clearly disclose the name of the ESG strategy
in the name of the respective ESG fund or scheme.
Criteria:
SEBI introduced a more comprehensive framework for ESG rating called ‘BRSR
Core’ (Business Responsibility and Sustainability Reporting Core) to establish
the basic criteria and metrics that companies need to disclose and comply with
to receive an ESG rating.
·
SEBI has issued a mandate for ESG schemes, requiring them to invest a
minimum of 65% of their Assets Under Management (AUM) in listed
entities(against present 80%) that provide assurance on the BRSR (Business
Responsibility and Sustainability Reporting) Core. The remaining AUM of the
scheme can be invested in companies with BRSR disclosures. This requirement
will come into effect from October 1, 2024.
·
If there is a change in Environmental, Social, and Governance Rating
Provider(ERP), the reason for such a change must be disclosed in the next
monthly portfolio statements of ESG schemes.
Note: BRSR or Business Responsibility and Sustainability Report requires listed companies in India to disclose information under the nine principles of the National Guidelines on Responsible Business Conduct.
10) India voluntarily contributes USD 1 million to UN for promoting use of Hindi language in the UN
India contributed USD 1 million as part of a voluntary contribution
to the United Nations (UN) towards expansion of usage of the Hindi
language in the UN and to encourage inclusive dialogue and understanding.
·
Ruchira Kamboj, Permanent Representative of India to the UN handed over a
cheque of USD 1 million to Ms. Melissa Fleming, Under Secretary General of the
UN Department of Global Communications.
·
[email protected]
project, in collaboration with the UN Department of Public Information of the
UN, was launched in 2018, with the goal of increasing the public outreach of
the UN in the Hindi language, and spreading greater awareness about global
issues among millions of Hindi-speaking people around the world.
· The Hindi UN News website remains in the top ten in internet search engines with 1.3 million annual impressions.
ECONOMY & BUSINESS
11) REC inks MoU with Avaada Group to invest Rs 20,000 crore over 5 Years
On July 20, 2023, Avaada Group signed a Memorandum of Understanding (MoU)
with REC Limited (formerly Rural Electrification Corporation Limited) under
which the latter will invest Rs 20,000 crore in Avaada Group over the next five
years.
·
This MoU was inked on the sidelines of the 4th meeting of the
G20(Group of 20) Energy Transition Working Group (ETWG) in Goa.
About MoU:
i.Avaada will utilize this investment in leading innovative renewable
energy projects across India which include green hydrogen and its derivatives,
solar photovoltaic (PV) manufacturing, and an assortment of solar, wind, and
hybrid projects.
ii.The MoU also aligns with the vision of ‘Atmanirbhar Bharat’ and the
Green Hydrogen Mission, to drive India’s energy transition growth.
Key points:
i.REC has provided support to Avaada, either directly or via the KfW
Development Bank and World Bank line to transform India’s renewable energy
landscape, and establishing Avaada as a significant player in the global effort
to combat climate change.
ii.Recently, Avaada completed a funding round of $1.3 billion, inclusive
of a $1 billion investment from the Canadian asset management fund, Brookfield.
·
This funding is aimed at boosting its green hydrogen and derivative
business, with an additional contribution of $300 million from Thailand’s GPSC,
part of the PTT Group.
About REC Limited (formerly Rural Electrification Corporation Limited):
REC limited is a Navratna company under the administrative control of the
Ministry of Power.
Chairman and Managing Director– Vivek Kumar Dewangan
Establishment– 1969
Headquarters– Gurugram, Haryana
AWARDS & RECOGNITIONS
12) Ministry of Coal won “Best Engagement” Award for Procurement through GeM Portal
Ministry of Commerce and Industry awarded the Ministry of coal under the
“Best Engagement” category for its achievements on e- procurement through
Government e Marketplace (GeM).
The Ministry has consistently performed well on the GeM portal for 2
consecutive financial years.
Key Points:
i. During the financial year 2023-24, the Coal Public Sector
Undertakings (PSUs) have showed a steady confidence in GeM by publishing bids
worth Rs. 21,500 crore.
ii. This participation shows the Ministry of Coal’s commitment to
promoting a digital-first approach and its proactive role in leading the
adoption of advanced technologies for the benefit of all stakeholders.
iii. During the period 10th to 16th July 2023, high value tenders
worth Rs.5,372.60 crore have been published on GeM portal.
iv. As on 17th July 2023, this financial year stands at Rs 3,909 crore
by the actual procurement facilitated through GeM.
v. Within a span of 100 days in current financial year (2023-24), the
Ministry of Coal has surpassed 2022’s target of Rs. 4000 crore. Currently it is
Rs. 3909 crore.
Other Awards:
1. Coal India Limited (CIL)
has been awarded “Rising Star” by GeM.
2. NLC India Limited (Formerly Neyveli Lignite Corporation Limited) has been awarded in the “TimelyPayments (Central Public Sector Enterprises CPSEs)” category through GeM.
APPOINTMENTS & RESIGNATIONS
13) Nivruti Rai Appointed as MD & CEO of Invest India
On 12th July 2023, Former Intel India country head Nivruti Rai has been
appointed as the Managing Director(MD) & Chief Executive
Officer (CEO) of Invest India, succeeding Manmeet K Nanda, Joint
Secretary, Department for Promotion of Industry and Internal Trade (DPIIT),
who had been serving as additional charge of MD & CEO ad-interim in March
2023.
About Nivruti Rai:
i.Born in Uttar Pradesh in November 1969, Nivruti Rai is the recipient
of the prestigious Nari Shakti Puraskar in 2022 for her remarkable
contributions to the field of technology by President Ramnath Kovind.
ii.Previously she served at Intel for 29 years as a global business and
technology leader and led Intel India as Country Head for the past seven years.
About Invest India:
i.Invest India is an investment promotion agency, whose aim is to
facilitate investors looking to invest in India. It is headquartered in New
Delhi, Delhi.
ii.It was set up in 2009 as a non-profit venture under DPIIT,
Ministry of Commerce and Industries.
iii.It also plays a role in executing the government’s flagship
initiatives including Make in India, Startup India, and National Single Window
System.
14) Rajay Kumar Sinha appointed as MD & CEO of SBI Capital Markets Limited
Rajay Kumar Sinha, has been appointed as the Managing
Director (MD) & Chief Executive Officer (CEO) of SBI
Capital Markets Limited (SBICAPS), one of the oldest investment banks in
India, effective from July 14, 2023.
·
Rajay Kumar Sinha succeeded Amitava Chatterjee, who moved to SBI
Corporate Centre as Deputy Managing Director, in charge of Commercial Clients
Group.
About Rajay Kumar Sinha:
i. Rajay Kumar Sinha joined SBI as Probationary Officer (PO) in 1991.
ii. He is Deputy Managing Director at SBI, Corporate Centre, Mumbai,
Maharashtra.
iii. Prior to this appointment, Rajay Kumar Sinha held the position of
overseeing Treasury operations of SBI, managing the bank’s
investment portfolio, money market, equity, private equity, and forex
operations.
About SBI Capital Markets Limited (SBICAPS):
SBICAPS, a wholly owned subsidiary and investment banking arm of State Bank of
India (SBI).
It is registered with Securities and Exchange Board of India (SEBI) as a
category I Merchant Banker and a Research Analyst.
Incorporated in– 1986
MD&CEO– Rajay Kumar Sinha
Non-Executive Chairman– Dinesh Kumar Khara
Headquarters– Mumbai, Maharashtra
15) Sat Pal Bhanoo appointed as MD of LIC; succeeds Siddhartha Mohanty
Sat Pal Bhanoo has been appointed as the Managing Director (MD) of Life
Insurance Corporation of India (LIC) with effect from the date of assumption of
charge of office and up to the date of his superannuation on 31st December 2025
or until further orders, whichever is earlier.
·
He succeeds Siddhartha Mohanty, who was appointed as the Chairman of
LIC in April 2023.
·
Sat Pal Bhanoo is currently serving as the Additional Zonal Manager
(In-Charge), LIC’s zonal office in Bhopal, Madhya Pradesh(MP).
·
Now, LIC has 4 MDs: Sat Pal Bhanoo, Mini Ipe; M Jagannath and Tablesh
Pandey.
·
In June 2023, MP Tangirala,Additional Secretary in the Department of
Financial Services, Ministry of Finance, was appointed as Government Director
of LIC replacing Suchindra Misra.
Note:
·
LIC has decided to phase out the chairman post to align with other publicly
traded corporations.
·
Siddhartha Mohanty will serve as the chairman of LIC till June 2024 and
after that he will take charge as the first CEO of LIC for the term from June
2024 to June 2025.
· The 4 MD’s of LIC will be reporting to the CEO.
SPORTS
16) Indian GM Praggnanandhaa Becomes Champion at Super GM chess tournament in Hungary
On 19th July 2023, Young Indian Grandmaster (GM) R Praggnanandhaa
(17) became champion at the V Geza Hetenyi Memorial Super Grandmaster Chess
Tournament 2023 in Budapest, Hungary.
·
In the final round, he secured a draw against Polish GM Radoslaw Wojtaszek
with the white pieces.
Note: The inaugural edition of V Géza Hetényi Tournament was organized by GM FT
Attila Czebe in Budapest, Hungary from 11th to 18th July 2023.
The opponents:
Praggnanandhaa posted 5 wins, drew 3 games and had 1 defeat in the fifth round
at the hands of Amin Tabatabaei.
i.Praggnanandhaa scored wins over Sanan Sjugirov(Russia), Parham
Maghsoodloo (Iran), Adam Kozak (Hungary) and Peter Prohaszka (Hungary).
ii.He drew his last three games, against Pavel Eljanov (Ukraine), Maxim
Matlakov (Russia) and Radosław Wojtaszek (Polish).
Note: Praggnanandhaa’s live rating is now 2707.3, making him currently
the world no.31.
Prize:
The inaugural edition of this Super GM Round-Robin tournament has a total prize
fund of €10700. The top three prizes are €5000, €2500 and €1500 each
respectively.
STATE NEWS
17) UP Govt Launched Portal to Process E-Vehicle Subsidy
On 19th July 2023, the Government of Uttar Pradesh(UP) launched an Electric
Vehicle (E-vehicle or EV) subsidy portal (https://upevsubsidy.in/)
to enable citizens to apply online for subsidy available on the purchase of EVs
in UP. As per the UP government policy, buyers can apply online for EV
subsidies for vehicles bought after October 14, 2022.
·
The development and maintenance of the portal have been assigned to UPDESCO
(Uttar Pradesh Development Systems Corporation Ltd)
·
Under the Uttar Pradesh Electric Vehicle Manufacturing and Mobility Policy,
2022, permission has been granted for the implementation of the Purchase
Subsidy Promotion Scheme with conditions. The scheme is effective from October
14, 2022 to October 13, 2023.
·
On purchase of any single vehicle across vehicle segments, subsidy on EVs
will be payable to individual beneficiaries (buyers) and purchase subsidy will
also be payable to aggregators or fleet operators (buyers), so that a unit can
avail subsidy for a maximum of 10 vehicles across vehicle segments.
·
The subsidy amount will be 50% of the total subsidy for buyers purchasing
EVs without batteries.
· For 2-wheeler EVs, the subsidy will be Rs 5,000/ vehicle for the first two lakh purchases, not exceeding 15% of the ex-factory cost. For 4-wheeler EVS, the subsidy will be Rs 1 lakh/ vehicle for the first 25,000 purchases, not exceeding 15% of the ex-factory cost.
TO
READ CURRENT AFFAIRS OF 21st July 2023
: CLICKHERE | TO
READ CURRENT AFFAIRS OF 23rd & 24th July 2023
: CLICKHERE |
