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CURRENT AFFAIRS : BANKING & FINANCE
HDFC Bank & Axis Bank to acquire a 9.94% stake each in Go Digit’s life insurance business
- Two of India’s largest private lenders, Axis Bank and HDFC Bank, have signed definitive agreements to acquire a 9.94% equity stake each in the Go Digit Life, the life insurance business of insurtech unicorn Go Digit, which is set to go public.
- In two installments, the formal agreements for HDFC Bank’s investment in Go Digit-Life total 69.90 crore Indian Rupees (INR).
- The banks will make an initial subscription of INR 10.93 Cr in the first tranche to acquire a stake in the company, with the option to invest the remaining INR 58.97 Cr later.
- The transaction will be completed within 3 to 6 months after the company receives its life insurance license.
- The first tranche investment is subject to IRDAI granting requisite approval to Go Digit Life for the application filed by Go Digit Life under Form IRDAI/R2
Key Highlights :
- The life insurance firm was established in December 2021, and in May 2022 it became a public limited corporation.
- The Insurance Regulatory and Development Authority of India (IRDAI) has not yet issued a certificate of registration to Go Digit-Life for it to undertake the life insurance business.
- By an IPO, which would involve a fresh issuance of INR 1,250 crore and an offer to sell 109.45 million shares, the business hopes to raise $440 million.
About Axis Bank :
- Established : 3 December 1993
- Headquarters : Mumbai, Maharashtra, India
- MD & CEO : Amitabh Chaudhry
- Tagline : Badhti Ka Naam Zindagi
About HDFC Bank :
- Established : August 1994
- Headquarters : Mumbai, Maharashtra, India
- MD & CEO : Sashidhar Jagdishan
- Tagline : We Understand Your World
SEBI issues a procedure for seeking prior approval for change in control of vault managers
- Capital markets regulator Securities and Exchange Board of India (SEBI) came out with a procedure for vault managers to seek prior approval from the watchdog in case of a change in control.
- The vault manager is regulated as a SEBI intermediary for providing vaulting services meant for gold deposited to create electronic gold receipts (EGRs).
- The obligations of the vault manager include accepting deposits, storage, and safekeeping of gold, creation as well as withdrawal of EGR, grievance redressal, and periodic reconciliation of physical gold with the records of the depository.
- Any person intending to carry on the business as a vault manager can make an application to SEBI for a grant of a certificate of registration.
- The applicant shall be a body corporate incorporated in India and shall have a minimum net worth of Rs 50 crore.
- Every certificate of registration granted will be valid unless it is suspended or canceled by SEBI.
Regulations:
- The vault managers are required to have systems for recording all transactions in electronic form pertaining to vaulting services.
- They need to maintain the documents to ensure that gold is traceable; details of storage, transfer and withdrawal of gold; purity, quantity and weight of deposited gold; and creation and extinguishment of EGRs.
- They need to preserve these records and documents for a minimum period of 5 years.
- They need to abide by the code of conduct specified by the regulator.
About SEBI :
- Established : 12 April 1988 as an executive body and was given statutory powers on 30 January 1992 through the SEBI Act, 1992
- Headquarters : Mumbai, Maharashtra
- Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
- SEBI is the regulatory body for securities and commodity markets in India under the ownership of the Ministry of Finance (MoF), GoI.
SEBI Approves Transfer Of Controlling Stake Of HDFC AMC To HDFC Bank
- HDFC Ltd revealed that the Securities and Exchange Board of India (SEBI) has granted its approval for the intended transfer of majority ownership in HDFC Asset Management Company Limited (HDFC AMC) to HDFC Bank, as a part of the amalgamation plan.
- SEBI has also advised HDFC AMC to ensure compliance with all other provisions of SEBI (Mutual Funds) Regulations, 1996, and circulars.
- The merger, anticipated to be completed by the third quarter of the upcoming financial year, is being hailed as the largest transaction in India’s corporate history.
- This deal, valued at approximately USD 40 billion, will result in the creation of a formidable financial services giant, as HDFC Bank takes over the largest domestic mortgage lender on April 4, 2022.
- Once the deal is effective, HDFC Bank will be 100% owned by public shareholders, and existing shareholders of HDFC will own 41% of the bank.
- Every HDFC shareholder will get 42 shares of HDFC Bank for every 25 shares they hold.
Reserve Bank of Zimbabwe to launch gold-pegged digital currency
- The Reserve Bank of Zimbabwe, or RBZ, plans to introduce a gold-backed digital currency as legal tender in Zimbabwe.
- It is believed that the government took this step to stabilizing the local currency after its continuous devaluation in comparison to the United States (US) dollar.
- This initiative taken by Zimbabwe will allow the exchange of Zimbabwean dollars with digital gold tokens and secure Zimbabweans against currency volatility
CURRENT AFFAIRS: NATIONAL NEWS
40 Percent Villages Have Achieved ODF+ Status Till Now
- The Union Minister for Jal Shakti, Shri Gajendra Singh Shekhawat today lauded the achievement of a fivefold increase in ODF Plus villages in India under the Swachh Bharat Mission – Grameen, Phase – II, in just one year, with more than 40 percent of India’s inhabited villages having declared themselves ODF Plus.
- The Union Minister, addressing the media, asserted that ODF Plus villages increased from 46,121 villages (7.4%) in March 2022 to 2,38,973 villages (40.21%) in March 2023.
- On the performance of St ates, the 3 UTs’ of Andaman and Nicobar Islands, Lakshadweep, Dadra and Nagar Haveli and Daman and Diu were not only ODF Plus, but all their villages were of the ODF Plus Model category.
- Top performing States were Telangana with 100% ODF Plus villages followed by Tamil Nadu with 95.7% ODF plus villages and Karnataka with 93.7% ODF plus villages.
- As far as the North East States were concerned, Mizoram has moved from 6% ODF Plus villages in 2022 to 35% villages in 2023.
Union Cabinet Gives Approval To Cinematograph (Amendment) Bill 2023
- The Union Cabinet recently approved the Cinematograph (Amendment) Bill 2023, which has provisions to curb the transmission of pirated film content on the Internet.
- It seeks to amend the Cinematograph Act 1952.
- It has provisions for harsher punishment for film piracy and the introduction of new-age categories for classifying films.
- It has provisions to classify films on the basis of age group instead of the current practice of rating them “U” (unrestricted public exhibition), “A” (restricted to adult audiences), and “UA” (unrestricted public exhibition subject to parental guidance for children below the age of 12).
- The amendments seek to add new classifications – ‘UA-7+’, ‘UA-13+’, and ‘UA-16+’ in place for 12 years.
- It also seeks to bring about uniformity in categorisation of films and content across platforms.
- Stricter Laws Against Piracy:
- The Bill holds stricter punishment for those responsible for piracy.
- This includes three years of imprisonment and a Rs 10 lakh penalty for those engaged in piracy.
- Once the Bill is released, the act of piracy will be considered an offence legally and will include even transmitting pirated content punishable.
AIM, NITI Aayog, and UNCDF Team Up to Make India a Global Agri-tech Leader, Expand Innovations to Developing Economies
- Atal Innovation Mission (AIM), NITI Aayog, and the United Nations Capital Development Fund (UNCDF) recently launched a whitepaper aimed at making India a global leader in agritech innovation.
- The whitepaper, meticulously prepared by experts from AIM, NITI Aayog, and UNCDF, offers actionable steps to overcome challenges faced by Agri-Tech start-ups and facilitate their growth at national and international levels
- The whitepaper outlines the significant observations and recommendations required to tackle challenges in the agriculture sector and promote sustainable practices that support smallholder farmers across developing economies.
- Agri-Tech innovations will help address food security, supply chain inefficiencies, and climate change concerns.
- United Nations Capital Development Fund (UNCDF) is the United Nations’ flagship catalytic financing entity for the world’s 46 Least Developed Countries (LDCs).
- It is an autonomous, voluntarily funded UN organization, affiliated with the UN Development Programme (UNDP).
- It is the only UN agency mandated to focus primarily on the least developed countries (LDCs).
- AIM, an anchor partner of the south-south collaboration initiatives, collaborates with partner countries such as Indonesia, Malaysia, Kenya, Uganda, Malawi, and Zambia.
- The collaboration focuses on addressing three key challenges in the agriculture sector, namely low productivity, poor risk resilience, and inefficient supply chain management.
- The Agri-Tech start-ups in emerging economies have successfully provided digital solutions to several agricultural challenges that the sector has faced in the past. AIM, in partnership with UNCDF, is committed to supporting high-impact Agri-Tech innovations, creating an enabling environment that facilitates start-up growth and sharing of knowledge across borders.
- The Indian start-up sector has the potential to play the role of a knowledge hub and support market development in less-developed start-up economies across the globe.
CURRENT AFFAIRS : INTERNATIONAL NEWS
‘India-built Mongolia’s first oil refinery to be completed by 2025’
- Mongolia’s first oil refinery, built and funded with Indian assistance, will be completed by 2025.
- The first stage of Mongol Oil Refinery, built with a $1.2 billion Indian soft loan, will be completed at the end of 2023.
- It is being developed by the Megha Engineering and Infrastructures Limited, a Hyderabad- based company.
Key Highlights :
- The development comes with strategic implications as Mongolia is entirely dependent on Russia for its energy imports.
- It would help Mongolia meet 70% of its demand domestically.
- Mongolia also hopes to attract Indian investment in its mining and metals, with plans to start shipping coking coal to India by 2024.
- Mongolia also has key rare earth metals, which may be crucial to India’s ambitions to build cutting edge technological capabilities in semiconductors and green mobility
About Mongolia :
- President : Ukhnaagiin Khürelsükh
- Prime Minister : Luvsannamsrain Oyun-Erden
- Capital : Ulaanbaatar
- Currency : Mongolian Tugrik
France Macron signs pension reforms into law despite protests
- France’s Constitutional Council approved an unpopular plan to raise the retirement age from 62 to 64, in a victory for President Emmanuel Macron after three months of mass protests over the legislation that has damaged his leadership.
- The council rejected some other measures in the pension bill, but the higher age was central to Macron’s plan and the target of protesters’ anger.
- Macron can enact the bill within 15 days.
- The plan to increase the retirement age was meant to be Macron’s showcase measure in his second term.
About France :
- President : Emmanuel Macron
- Prime Minister : Élisabeth Borne
- Capital: Paris
- Currency: Euro.
CURRENT AFFAIRS : STATE NEWS
Rajasthan implements Rajasthan Platform-based Gig Workers (Registration and Welfare) Bill
- The Rajasthan government is working to implement the Rajasthan Platform-based Gig Workers (Registration and Welfare) Bill, 2023.
- The bill has stringent provisions against errant aggregators, including barring them from operating in Rajasthan.
- In February 2023, Chief Minister Shri Ashok Gehlot had announced his government’s intention to introduce the bill in his budget speech.
Key Highlights :
- The draft bill envisages a Rajasthan platform-based Gig Workers Welfare Board, which will act as a mothership for over 3,00,000 people employed with various online service providers in the state.
- It will design welfare policies and hear grievances of workers hired on a piece rate basis.
- As per the state’s bill, the board shall generate a unique ID for each platform-based gig worker registered with one or more aggregators in the state.
- The validity of this unique ID will be for a period of 5 years.
- A seed fund of Rs 200 crore has been announced by Shri Gehlot for the board to start its work.
- The Bill empowers the Board to decide how much cess each aggregator has to pay towards this social welfare fund.
- Any platform that violates the regulations stipulated in the Bill, such as not sharing transaction data or worker information, can be fined up to ₹10 lakh for the first contravention and up to ₹1 crore for subsequent ones.
About Rajasthan :
- Governor : Kalraj Mishra
- Chief Minister : Ashok Gehlot
- Capital : Jaipur
- National Park : Keoladeo National Park, Ranthambore National Park
- Wildlife Sanctuary : Bassi Wildlife Sanctuary, Kumbhalgarh Wildlife Sanctuary
Election Commission introduces Vote from Home option in Karnataka Assembly election
- The Election Commission has for the first time introduced the Vote from Home option in Karnataka Assembly.
- It is a first of its kind initiative by the Election Commission for those who cannot visit polling booths either due to old age or disability.
- This initiative will encourage electoral participation in urban areas.
- In Bengaluru, this option has been chosen by around 8900 persons who are above 80 years old or people with disability.
Key Highlights :
Systematic Voters’ Education and Electoral Participation (SVEEP):
- It is a flagship program of ECI for voter education, spreading voter awareness and promoting voter literacy in India.
- It aims to increase voter turnout to 75% in Lok Sabha elections 2024.
cVIGIL App:
- It stands for Citizen Vigilance.
- It is a mobile app designed by ECI to report election code violations directly by citizens.
- MCC violation portal is the extended portal of cVIGIL.
Booth App:
- It facilitates faster identification of voters using quick search of the electors based on serial number/EPIC number/name.
Persons with disabilities (PwD) App:
- It was launched with focus to ensure wider participation of Persons with disabilities.
Madhya Pradesh’s Gandhi Sagar Sanctuary to be second new home of cheetahs
- Madhya Pradesh (MP) chief minister (CM) Shri Shivraj Singh Chouhan announced that Gandhi Sagar Sanctuary will be developed as a second home for cheetahs within 6 months to retain the tag of cheetah MP.
- For this ₹20 crore will be spent on the development.
About Gandhi Sagar Wildlife Sanctuary :
- It is situated in northwestern Madhya Pradesh, with one of its boundaries running along the border of Rajasthan.
- The sanctuary was notified in 1974 and is spread over an area of 368 sq.km.
- The move comes after experts suggested that Kuno National Park (KNP)does not have enough space for all cheetahs.
- A major part of the sanctuary consists of vast open landscapes with sparse vegetation and rocky terrain, with small patches of dense forests.
About MP :
- Governor : Mangubhai C. Patel
- Chief Minister : Shivraj Singh Chouhan
- Capital : Bhopal
- National Park : Satpura National Park, Kanha National Park,Bandhavgarh National Park
- Wildlife Sanctuary : Nauradehi Wildlife Sanctuary, Bori Wildlife Sanctuary
CURRENT AFFAIRS: BUSINESS NEWS
Govt raised ₹3,51,000 cr through dated securities in Oct-Dec
- According to the quarterly report on debt management for October-December released by the finance ministry government raised ₹3,51,000 crore through dated securities as against the notified amount of ₹3,18,000 crore in the borrowing calendar.
- Repayments stood at ₹85, 377.9 crore.
- During October- December 2022, the government did not raise any amount through the cash management bills.
- The net daily average liquidity absorption by RBI under Liquidity Adjustment Facility (LAF) including Marginal Standing Facility and Special Liquidity Facility was at ₹39,604 crore during the quarter.
WayCool launches FMCG subsidiary ‘BrandsNext’
- WayCool, a Chennai-based food and agri-tech platform announced the launch of a wholly-owned subsidiary ‘BrandsNext’ to exclusively focus on its fast-moving consumer goods (FMCG) business.
- Started by Karthik Jayaraman and Sanjay Dasari in 2015, WayCool began as a farm-to-fork agri supply chain platform.
- In 2018, the company entered the consumer packaged goods (CPG) business with the launch of Madhuram (premium variety rice and pulse brand).
- It then acquired dairy and ready-to-cook brand Freshey’s in 2019.
- Later, it launched another staples brand ‘Kitchenji’ to expand its product portfolio.
- Currently, these three brands together offer 108 SKUs ranging from premium rice varieties, dals and pulses, spices and masalas to idli and dosa batter.
- The three brands will now come under the BrandsNext umbrella.
CURRENT AFFAIRS: RANKING AND INDEX
India is third largest military spender after US and China
- As per Stockholm International Peace Research Institute (SIPRI) global report India is the third largest military spender after the United States and China, with the expenditure going up by 0.9 per cent from 2020 to $76.6 billion.
- India’s military spending of $76.6 billion ranked third highest in the world.
- This was up by 0.9 per cent from 2020 and by 33 per cent from 2012.
- The new data shared by SIPRI on global military spending acknowledges the Indian government’s push to strengthen the indigenous arms industry and said that 64 per cent of capital outlays in the military budget of 2021 were earmarked for acquisitions of domestically produced arms.
- Overall, the total global military expenditure increased by 0.7 per cent in real terms in 2021, to reach $2113 billion.
- The five largest spenders in 2021 –United States, China, India, the United Kingdom and Russia — together account for 62 per cent of the expenditure, pointed out the report.
- The US and China alone spent 52 per cent.
- The SIPRI data showed that military expenditure grew in three of the world’s five regions in 2021.
- Spending increased in Asia and Oceania (3.5 per cent), Europe (3.0 per cent) and Africa (1.2 per cent) but it decreased in the Middle East (–3.3 per cent) and the Americas (–1.2 per cent).
- According to the report, China allocated an estimated $293 billion for its defence budget in 2021, an increase of 4.7 per cent compared with 2020.
- The 2021 Chinese budget was the first under the 14th Five-Year Plan, which runs until 2025.
Global food policy report 2023: Rethinking food crisis responses
- The International Food Policy Research Institute (IFPRI) published Global Food Policy Report, 2023 which said that investing in early warning systems is essential to save lives, livelihoods and money.
- The report called for a more proactive response to food system shocks with a focus on three key areas:
- Crisis prediction and preparation
- Building resilience before and during crises
- Making crisis response supportive and inclusive of women, forced migrants and other vulnerable groups.
- With climate change, as many as 72 million more people will be undernourished by 2050, as compared to a scenario without climate change.
- Climate crisis also affects conflict and displacement.
- Half of the world’s population or around 3.83 billion people worldwide live in households reliant on agrifood systems-based livelihoods, at least in part, said FAO earlier this month.
- In 2022, as many as 205 million people in 45 countries experienced crisis-level acute food insecurity or worse, nearly double the number in 2016, the IFPRI report highlighted.
- An annual investment in the range of $300-400 billion is required to make food systems more resilient and sustainable, according to the finance lever of the UN Food Systems Summit
About IFPRI
- International Food Policy Research Institute was established in 1975 and provides research-based policy solutions to sustainably reduce poverty and end hunger and malnutrition in developing countries.
- Headquarters: Washington, D.C.
CURRENT AFFAIRS: MOUS AND AGREEMENT
India, Thailand to explore mutual recognition pacts for nursing, accountancy, medical tourism
- India and Thailand have agreed to explore mutual recognition/ cooperation arrangements (MRAs) in nursing, accounting, audio-visual and medical tourism, in a meeting of the India Thailand Joint Trade Committee (JTC) in New Delhi.
- The two sides discussed the scope for collaboration in the services sector and agreed to work on possible MRAs in key sectors.
- MRAs aim to facilitate mobility of professionals with countries that sign such a pact, agreeing to recognise qualifications earned by professionals in the partner countries.
- Thailand is India’s important trading partner in the 10-member ASEAN with total trade of $16.89 billion in 2022-23.
- It accounts for 13.6 per cent of India’s total trade with the ASEAN.
- Thailand is an important destination for India’s gems and jewellery, mechanical machinery, auto and auto components and agricultural products, especially marine products.
CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS
Mohammad Shahabuddin takes oath as the 22nd President of Bangladesh
- Veteran freedom fighter, jurist and politician Mohammed (Md) Shahabuddin was sworn in as the 22nd President of Bangladesh in Dhaka, Bangladesh for a five-year term.
- Jatiya Sangsad Speaker Shirin Sharmin Chaudhury administered the oath of office to Shahabuddin.
- He succeeded Md Abdul Hamid, longest serving president in the history of Bangladesh for two consecutive terms.
Note :
- According to the Constitution of Bangladesh, No person shall hold office as President for more than two terms, whether or not the terms are consecutive.
About Mohammed (Md) Shahabuddin :
- Shahabuddin was a leader of the Awami League’s student and youth wings and took part in the 1971 Liberation War.
- He was imprisoned following the 1975 assassination of Sheikh Mujibur Rahman, the father of Prime Minister Hasina.
- In 1982, he was inducted into the country’s judicial service.
- During his career, he served as District and Sessions Judge and Anti Corruption Commissioner (ACC) Commissioner.
About Bangladesh :
- Prime Minister : Sheikh Hasina
- Capital : Dhaka
- Currency : Taka
Center appoints Arun Sinha as National Technical Research Organisation chairman
- The Government has appointed Arun Sinha as Chairman of the National Technical Research Organisation (NTRO).
- The post had been lying vacant for over three to four months.
- Arun Sinha is a 1984 batch Kerala cadre IPS officer.
- He has served as an advisor of NTRO for two years.
About NTRO :
- Formed : 2004
- Headquarters : New Delhi, Delhi, India
- Motto : Aano Bhadra Kritvo Yantu Vishwatah (Meaning – May good thoughts come to me from all four directions)
- It is a technical intelligence Agency under the National Security Advisor in the Prime Minister’s Office, India.
- It was formed to strengthen the country’s national security apparatus.
- It is under the direct control of the Prime Minister’s Office and operates as an autonomous organization.
- The agency follows the same “norms of conduct” as other intelligence agencies in India such as the Intelligence Bureau and the Research and Analysis Wing.
CURRENT AFFAIRS : ACQUISITIONS & MERGERS
CCI Approves Acquisition of Blackstone-Emerson Electric Co by BCP Emerald Aggregator LP
- The Competition Commission of India (CCI) has granted its approval for the stake acquisition in climate technologies’ business of Emerson Electric Co by BCP Emerald Aggregator LP.
- The deal has been cleared under the green channel route.
- BCP Emerald Aggregator LP is an affiliate of United States (US)-based alternative asset manager Blackstone.
- The CCI has also approved the proposed investment by Stamford Bridge Investment Pte Ltd, an Special Purpose Vehicle (SPV) of GIC (Ventures) and Platinum Falcon B 2018 RSC Ltd (Platinum), in BCP Emerald Aggregator LP.
- GIC (Ventures) is a subsidiary of Singapore’s sovereign wealth fund GIC, while Platinum is an affiliate of the Abu Dhabi Investment Authority (ADIA).
- In October,2022 Emerson announced that it will sell a majority stake in its climate technologies business to Blackstone.
About CCI :
- Established : 14 October 2003
- Headquarters : New Delhi, Delhi, India
- Chairman : Sangeeta Verma
- Secretary : P K Singh
- The CCI is the chief national competition regulator in India.
- It is a statutory body within the Ministry of Corporate Affairs.
CURRENT AFFAIRS : DEFENCE NEWS
DRDO & Indian Navy Conducted Successful Trial of BMD Interceptor from Naval Platform
- The Defence Research and Development Organisation (DRDO) and Indian Navy (IN) successfully conducted a maiden flight trial of sea-based endo-atmospheric Ballistic Missile Defence (BMD) interceptor missiles off the coast of Odisha in the Bay of Bengal.
- With this test,India has entered an elite club of nations having Naval BMD capability.
Purpose of the trial :
- To engage and neutralize a hostile ballistic missile threat.
- Only a few countries like the United States (US), Russia, Israel and China have fully-operational BMD systems.
- Prior to this, DRDO has successfully demonstrated land-based BMD systems with capability to neutralize ballistic missile threats, emerging from adversaries.
What is meant by Endo-atmospheric interception :
- Endo-atmospheric interception means the missile destroyed the incoming enemy ballistic missile within the Earth’s atmosphere.
- Also it means destroying incoming enemy ballistic missiles outside of the Earth’s atmosphere at a higher altitude
About Ministry of Defence :
- Defence Minister : Rajnath Singh
- Minister of State : Ajay Bhatt
- Defence Secretary : Giridhar Aramane
About Indian Navy :
- Headquarters : New Delhi, Delhi
- Chief of the Naval Staff : Admiral R Hari Kumar
About DRDO :
- Established : 1958
- Headquarters : New Delhi, Delhi, India
- Chairman : Dr Sameer V Kamath
CURRENT AFFAIRS : SCIENCE & TECHNOLOGY
Solar Industries to supply UAV ‘Nagastra’ to Indian Army
- Solar Industries India Limited, Nagpur, Maharashtra had bagged an order to supply the 400 unmanned aerial vehicle (UAV) ‘Nagastra’-I to the Indian Army, beating competitors from Israel and Poland.
- With government’s initiative to bring Atmanirbharta in ammunition and defence systems, the first indigenous Loiter Munition (LM), Nagastra–1, has been designed and developed by Economics Explosives Ltd (EEL), a 100% subsidiary of Solar Industries Nagpur, in association with Z-Motion, Bangalore.
- A model of ‘Nagastra -1’ loitering munition was recently displayed in the Army Commanders conference held in New Delhi.
About Nagastra -1 :
- Nagastra -1 having an indigenous content of more than 75% has many world class features.
- In a ‘Kamikaze mode’ it can neutralise any hostile threat with Global Positioning System (GPS) enabled precision strike with an accuracy of 2 m.
- The fixed wing electric UAV has an endurance of 60 min with a man-in-loop range of 15 km and autonomous mode range of 30 km.
- In addition to day-night surveillance cameras the loiter munition is equipped with a fragmentation warhead to defeat soft-skin targets.
- In case a target is not detected or if the mission is aborted, the loiter munition can be called back and made a soft landing with a parachute recovery mechanism enabling it to be reused multiple times.
China launches Fengyun-3G, first satellite dedicated to monitoring heavy rainfalls
- China successfully launched Fengyun-3G into space, its first satellite dedicated to measuring precipitation, especially heavy rainfalls during catastrophic weather in global regions of low- and mid-latitude, which could provide a powerful tool for monitoring and forecasting of global meteorological disasters.
- It was launched by China’s Long March 4B rocket from the Jiuquan Satellite Launch Center in Northwest China’s Gansu Province.
- It is one of only three such satellites in the world.
About Fengyun-3G :
- With a lifespan of 6 years i.e. 2023-2029 , the FY-3G is developed by an institute of China Aerospace Science and Technology Corporation (CASC), and its ground system will be built and operated by the China Meteorological Administration (CMA).
- It can provide information on the 3D structure of precipitation in the Earth’s low- and mid-latitude regions.
- The satellite can accurately sense minute changes in precipitation intensity in the atmosphere, such as the intensity of drizzle at 0.2 millimeters per hour.
- The satellite adopts a low-inclination orbit, with an inclination of 50 degrees.
- It will provide precipitation data mainly within the range of 50 degrees north latitude to 50 degrees south latitude.
- After the launch, the satellite observation data in China’s global weather prediction model can have an update every 4 hours with a 3-percent increase in accuracy.
- While the efficiency of monitoring meteorological disasters can be doubled.
- China currently has eight Fengyun meteorological satellites in orbit, providing data and services to 126 countries and regions.
About China :
- President : Xi Jinping
- Capital : Beijing
- Currency : Renminbi
CURRENT AFFAIRS: IMPORTANT DAYS
World Intellectual Property Day 2023: April 26
- Every year April 26 is celebrated as World Intellectual Property Day to learn about the role that intellectual property rights play in encouraging innovation and creativity.
- The theme of World Intellectual Property Day is “Women and IP: Accelerating Innovation and Creativity”.
- World Intellectual Property Day was launched in the year 2000 by the World Intellectual Property organization to promote and protect creative ideas, including music, art, trademarks, writings, and inventions.
- The official date of World Intellectual Property Day is April 26 but events are held all over the world throughout the springtime.
- World Intellectual Property Day is celebrated all over the globe in the form of panels, receptions, expos, and educational outreach for students of all ages.
Daily CA One- Liner: April 26
- The Union Minister for Jal Shakti, Shri Gajendra Singh Shekhawat today lauded the achievement of a fivefold increase in ODF Plus villages in India under the Swachh Bharat Mission – Grameen, Phase – II, in just one year, with more than 40 percent of India’s inhabited villages having declared themselves ODF Plus
- The Union Cabinet recently approved the Cinematograph (Amendment) Bill 2023, which has provisions to curb the transmission of pirated film content on the Internet
- Atal Innovation Mission (AIM), NITI Aayog, and the United Nations Capital Development Fund (UNCDF) recently launched a whitepaper aimed at making India a global leader in agritech innovation
- According to the quarterly report on debt management for October-December released by the finance ministry government raised ₹3,51,000 crore through dated securities as against the notified amount of ₹3,18,000 crore in the borrowing calendar
- WayCool, a Chennai-based food and agri-tech platform announced the launch of a wholly-owned subsidiary ‘BrandsNext’ to exclusively focus on its fast-moving consumer goods (FMCG) business
- As per Stockholm International Peace Research Institute (SIPRI) global report India is the third largest military spender after the United States and China, with the expenditure going up by 0.9 per cent from 2020 to $76.6 billion
- The International Food Policy Research Institute (IFPRI) published Global Food Policy Report, 2023 which said that investing in early warning systems is essential to save lives, livelihoods and money
- India and Thailand have agreed to explore mutual recognition/ cooperation arrangements (MRAs) in nursing, accounting, audio-visual and medical tourism, in a meeting of the India Thailand Joint Trade Committee (JTC) in New Delhi
- Two of India’s largest private lenders, Axis Bank and HDFC Bank, have signed definitive agreements to acquire a94% equity stake each in the Go Digit Life, the life insurance business of insurtech unicorn Go Digit, which is set to go public.
- Capital markets regulator Securities and Exchange Board of India (SEBI) came out with a procedure for vault managers to seek prior approval from the watchdog in case of a change in control.
- HDFC Ltd revealed that the Securities and Exchange Board of India (SEBI) has granted its approval for the intended transfer of majority ownership in HDFC Asset Management Company Limited (HDFC AMC) to HDFC Bank, as a part of the amalgamation plan.
- The Reserve Bank of Zimbabwe, or RBZ, plans to introduce a gold-backed digital currency as legal tender in Zimbabwe.
- Mongolia’s first oil refinery, built and funded with Indian assistance, will be completed by 2025.
- France’s Constitutional Council approved an unpopular plan to raise the retirement age from 62 to 64, in a victory for President Emmanuel Macron after three months of mass protests over the legislation that has damaged his leadership.
- The Rajasthan government is working to implement the Rajasthan Platform-based Gig Workers (Registration and Welfare) Bill, 2023.
- The Election Commission has for the first time introduced the Vote from Home option in Karnataka Assembly.
- Madhya Pradesh (MP) chief minister (CM) Shri Shivraj Singh Chouhan announced that Gandhi Sagar Sanctuary will be developed as a second home for cheetahs within 6 months to retain the tag of cheetah MP.
- Veteran freedom fighter, jurist and politician Mohammed (Md) Shahabuddin was sworn in as the 22nd President of Bangladesh in Dhaka, Bangladesh for a five-year term.
- The Government has appointed Arun Sinha as Chairman of the National Technical Research Organisation (NTRO).
- The Competition Commission of India (CCI) has granted its approval for the stake acquisition in climate technologies’ business of Emerson Electric Co by BCP Emerald Aggregator LP.
- The Defence Research and Development Organisation (DRDO) and Indian Navy (IN) successfully conducted a maiden flight trial of sea-based endo-atmospheric Ballistic Missile Defence (BMD) interceptor missiles off the coast of Odisha in the Bay of Bengal.
- Solar Industries India Limited, Nagpur, Maharashtra had bagged an order to supply the 400 unmanned aerial vehicle (UAV) ‘Nagastra’-I to the Indian Army, beating competitors from Israel and Poland.
- China successfully launched Fengyun-3G into space, its first satellite dedicated to measuring precipitation, especially heavy rainfalls during catastrophic weather in global regions of low- and mid-latitude, which could provide a powerful tool for monitoring and forecasting of global meteorological disasters.
- Every year April 26 is celebrated as World Intellectual Property Day to learn about the role that intellectual property rights play in encouraging innovation and creativity.
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