Daily Current Affairs June 17 2023 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Microfinance loan portfolio increased by 22% to Rs 3.48 lakh crores in FY’23

As per the data released by the microfinance institutions network (MFIN), Microfinance loan portfolio increased by 22% to Rs 3.48 lakh crores during 2022-23.

Key Highlights :

Gross loan portfolio stood at Rs 2.85 lakh crores as on March 31, 2022.
Microfinance loan disbursals during FY 2022-23 improved by 23% to Rs 2,96,423 crores compared to Rs 2,39,433 crore in the previous financial year.
About 7.17 crore loans were disbursed during FY 22-23 as against 6.30 crore in the previous year indicating higher ticket size of new loans, microfinance institutions network (MFIN), the microfinance industry association and an RBI-recognized self-regulatory organization.
The microfinance active loan accounts increased by 14.6% during the past 12 months to 13 crore as on March 31, 2023.
In terms of regional distribution of gross loan portfolio, East & Northeast and South account for 63% of the total portfolio.
Bihar is the largest state in terms of portfolio outstanding followed by Tamil Nadu (TN) and Uttar Pradesh (UP).
Non Banking Finance Companies – Microfinance institutions (NBFC-MFIs) are the largest provider of micro-credit with a loan amount outstanding of Rs 1,38,310 crore, accounting for 39.7% to total industry portfolio.

What is a Microfinance Loan?

A microfinance loan is defined as a collateral-free loan given to a household having an annual household income of up to 3,00,000.
For this purpose, the household shall mean an individual family unit, i.e., husband, wife and their unmarried children.
It is a category that specifically caters to the needs of people from lower-income groups and those with marginalized earnings.

About microfinance institutions network :

Founded : 2009
Headquarters : Gurgaon, Haryana, India
Microfinance Institutions Network is an association for the microfinance sector in India.

CURRENT AFFAIRS: NATIONAL NEWS

Nehru Memorial Museum and Library Society renamed as Prime Ministers’ Museum and Library Society:

The Nehru Memorial Museum and Library, named after India’s first Prime Minister Jawaharlal Nehru, has been renamed as the Prime Minister’s Museum and Library Society.
The renaming comes more than a year after the ‘Pradhan Mantri Sanghralaya’ or the Prime Minister’s Museum was inaugurated at the historic Teen Murti Complex, where the NMML is housed.
The decision to rename was taken at a special meeting of the Nehru Memorial Museum and Library (NMML) Society presided over by Defence Minister Rajnath Singh, who is the Vice-President of the Society
the decision was taken as the NMML Executive Council felt that the name should reflect the present activities of the institution which now also “include a ‘Sangrahalaya’ (Museum) depicting the collective journey of democracy in Independent India and highlighting the contribution of each Prime Minister in nation-building
The idea for a museum dedicated to all Prime Ministers had been mooted by PM Narendra Modi in 2016.
Subsequently, the Executive Council of the NMML had in its 162nd meeting held in November 2016 approved the construction of the Museum of all Prime Ministers in the Teen Murti Estate.
The project was completed and the ‘Pradhan mantri Sangrahalaya’ was opened to the public on April 21, 2022.

Defence Minister chairs meeting of Consultative Committee for MoD on self-reliance in Bengaluru

Defence Minister Shri Rajnath Singh chaired a meeting of the Consultative Committee for the Ministry of Defence on ‘Self-reliance in Defence Manufacturing’ in Bengaluru, Karnataka
During the meeting, the members of the committee from both Houses of Parliament were apprised about the initiatives taken by the Ministry of Defence (MoD) to achieve ‘Aatmanirbharta’ in defence and the progress achieved, so far, due to the decisions.
The Raksha Mantri highlighted the Government’s constant endeavour to enhance the security of the country and make the Armed Forces technologically advanced to deal with challenges emanating out of the ever-evolving global scenario.
Terming demand assurance as one of the most important aspects to ensure self-reliance, he stated that a number of decisions have been taken to achieve the objective.
These include a constant increase in the defence budget, including capital outlay; earmarking of a record 75 per cent of the defence capital procurement budget for domestic industry in Financial Year 2023-24 and issuance of positive indigenisation lists.

NTPC Vidyut Vyapar Nigam Limited commissions 1 MW Rooftop Solar Power Project at IIT Jodhpur:

NTPC Vidyut Vyapar Nigam Limited (NVVN), a wholly owned subsidiary of NTPC, has commissioned its first Rooftop Solar Photovoltaic Project at IIT Jodhpur, Rajasthan.
The one MW Grid-connected Solar Project has been implemented by NVVN under the RESCO model, with Power Purchase Agreement duration of 25 years.
Under the RESCO model for implementing rooftop solar installation, a renewable energy service company (“RESCO”), (i.e., an energy service company that provides energy to consumers from renewable energy sources), designs, builds, funds and operates the entire solar power plant (roof or ground-mounted), the consumer pays the developer against assured monthly unit generation per kW and DISCOM adjusts generated units in consumer’s electricity bill.
The project is set up on the roofs of 14 buildings inside the campus of the IIT.
The rooftop project will generate around 14.9 Lakhs units per annum and will meet 15% of the electricity requirement of IIT Jodhpur.
The project will result in a reduction of carbon dioxide emissions of 1,060 tonnes per year.
NTPC Vidyut Vyapar Nigam Limited was formed by NTPC in the year 2002 to tap the potential of power trading in the country. NVVN holds the highest Category ‘I’ power trading license as per the latest regulation of the Central Electricity Regulatory Commission.
NVVN is trading in gypsum and is now diversifying into renewables, e-mobility, conversion of Waste to Green Fuel, and offers complete business solutions across the power value chain.

Rajasthan, Gujarat and Tamil Nadu Emerge as Top Achievers in Wind Energy Adoption:

The Ministry of New and Renewable Energy, Government of India joined the worldwide celebrations of 15th June as Global Wind Day, through the organization of a day-long event in New Delhi.
Held with an intent to celebrate the success so far and discuss the potential ways forward for accelerating wind energy adoption in India, the event had the central theme of “Pawan – Urja: Powering the Future of India”.
The celebration featured in-depth discussions on Wind Energy Progress in India, Offshore Wind development, Strengthening of the wind energy manufacturing ecosystem and Green Finance for Wind Energy.
Delivering the keynote address, Secretary, the Ministry of New & Renewable Energy, Bhupinder Singh Bhalla emphasized that the Government of India is fully committed to achieving the target of 500 GW of renewable energy capacity by the year 2030.
India has made great strides in the generation of wind energy over the years, and it now ranks fourth in wind power capacity in the world. Wind energy is crucial to India’s efforts to achieve its goal of having 50% of its electric power installed capacity from non-fossil fuel-based energy resources by 2030 and to achieve Net Zero by 2070.
India has significant potential for both onshore and offshore wind energy production. With continuous efforts from the government, the country has developed around 15 GW of domestic wind manufacturing capacity, making it Aatma Nirbhar.

India to participate at AIAF for the first time in France

India is participating in the Annecy International Animation Festival (AIAF) for the first time in France.
An Indian delegation led by the Secretary, Information and Broadcasting Apurva Chandra with eminent personalities of the animation industry has been showcasing India’s prowess in creating animation and VFX content for global audiences at the AIAF.
India has lately emerged as a preferred destination of VFX and animation content for global production houses.
He also inaugurated the India Pavilion, which has been designed on the theme of the Saraswati Yantra, and also interacted with the Indian creative community who have won entries in the prestigious Annecy festival competition in 2023.
The animation and VFX market in India was pegged to be valued at 109 billion rupees in 2021, with the VFX business alone amounting to 50 billion rupees.
This figure is expected to grow to 180 billion rupees by 2024.
India’s participation at Annecy, therefore, assumes greater importance as the country showcases its abilities in the sector to international buyers.

About France:

Prime minister: Élisabeth Borne
Capital: Paris

CURRENT AFFAIRS : INTERNATIONAL NEWS

UN General Assembly adopts resolution introduced by India to honour fallen peacekeepers

The United Nations General Assembly (UNGA) has adopted a draft resolution introduced by India to establish a memorial wall in the UN Headquarters to honour fallen peacekeepers.
India’s Permanent Representative to the UN Ambassador Ruchira Kamboj introduced the draft resolution titled ‘Memorial wall for fallen United Nations peacekeepers’ in the UN General Assembly hall.
The resolution was co-sponsored by nearly 190 UN Member States and was adopted by consensus.
18 countries including Bangladesh, Canada, China, Denmark, Egypt, France, India, Indonesia, Jordan, Nepal, Rwanda and the United States (US) had submitted the resolution.
The resolution stipulates that the wall be completed within 3 years of the text’s adoption.

About UNGA :

Established : 1945
Headquarters : New York, United States
President : Csaba Kőrösi
The UNGA is one of the six principal organs of the United Nations (UN), serving as the main deliberative, policymaking, and representative organ of the UN.

CURRENT AFFAIRS : STATE NEWS

Haryana Padma Awardees to Get Monthly Pension Of Rs 10,000 – Chief Minister Manohar Lal Khattar

Haryana Chief Minister (CM) Shri Manohar Lal Khattar announced a monthly pension of Rs 10,000 for the Padma awardees from Haryana.
Besides the monthly pension, a free travel facility in the ‘Volvo bus’ service of the state government for Padma Shri, Padma Bhushan and Padma Vibhushan awardees from Haryana.

Other Initiatives :

He highlighted that the state government is providing health insurance benefits of up to ₹5 lakhs to families with an annual income of up to ₹80 lakhs.
Also, the government is considering including the families in this scheme whose annual income is also between Rs 1.80 lakh and Rs 3 lakh by taking some premium amount to give them a benefit of up to Rs 5 lakh.
He also mentioned the successful implementation of the Parivar Pehchan Patra (Family ID Card) scheme, which has resulted in the creation of 12.5 lahks new Below Poverty Line (BPL) ration cards in the state.
The chief minister emphasized that the People have appreciated the merit-based job system started by the present government and it has brought transparency against the ‘parchi-kharchi’ (favouritism-bribe) system which prevailed earlier.

About Haryana :

Governor : Bandaru Dattatreya
Chief Minister : Manohar Lal Khattar
Capital : Chandigarh
National Park : Sultanpur National Park, Kalesar National Park, Rajaji National Park.
Wildlife Sanctuary : Purna Wildlife Sanctuary, Bhindawas Wildlife Sanctuary

Himachal Pradesh CM Sukhvinder Singh Sukhu Launches Revolutionary Online Portal for Nurses Council

The Chief Minister (CM) of Himachal Pradesh (HP), Shri Sukhvinder Singh Sukhu, inaugurated the online portal of the Himachal Pradesh Nurses Registration Council (HPNRC).

Aim :

To provide nurses with convenient access to various services, including primary registration, renewal of registration, issuance of No Objection Certificates (NOC), additional qualification updates, foreign verification and more, all from their comfort zone.
Additionally, the portal will facilitate online migration and transfer of registration.
As part of this initiative, the website will eventually be integrated with the website of Employment department enabling recruitment agencies to access relevant data, besides to boost employment generation and streamline tracking processes

About HP :

Governor : Shiv Pratap Shukla
Chief Minister : Sukhvinder Singh Sukhu
Capital : Shimla (Summer), Dharamshala (Winter)
Wildlife Sanctuary : Daranghati Sanctuary, Kanwar Sanctuary,Rupi Bhawa Sanctuary

CURRENT AFFAIRS: BUSINESS NEWS

India’s overall exports in May 2023 stands at US$ 60.29 Billion

India’s overall exports (Merchandise and Services combined) in May 2023* is estimated to be USD 60.29 Billion, exhibiting a negative growth of (-) 5.99 per cent over May 2022.
Overall imports in May 2023 is estimated to be USD 70.64 Billion, exhibiting a negative growth of (-) 7.45 per cent over May 2022.
India’s overall exports (Merchandise and Services combined) in April-May 2023 is estimated to exhibit a negative growth of (-) 5.48 per cent over April-May 2022.
Overall imports in April-May 2023 is estimated to exhibit a negative growth of (-) 9.63 per cent over April-May 2022.
The decline in import value of petroleum, vegetable oil, coal, coke & briquette, etc has been largely on account of decline in commodity prices. Decline in gold import has been largely on account of import duty.
Silver imports slumped by 93.92 percent from USD 0.45 Billion in May 2022 to USD 0.03 Billion in May 2023.
Services exports remain strong and projected to grow at 4.01 percent during April-May 2023 over April-May 2022.
India’s trade deficit has shown considerable decline in April-May 2023. Overall trade deficit for April-May 2023* is estimated at USD 13.28 Billion as compared to the deficit of USD 20.56 Billion during April-May 2022, registering a decline of (-) 35.41 percent.
The merchandise trade deficit during April-May 2023 was USD 37.26 Billion compared to USD 40.48 Billion during April-May 2022, registering a decline of (-) 7.95 percent.

		May 2023 (USD Billion)	May 2022 (USD Billion)
Merchandise	Exports	34.98	39.00
Merchandise	Imports	57.10	61.13
Services*	Exports	25.30	25.13
Services*	Imports	13.53	15.20
Overall Trade (Merchandise +Services) *	Exports	60.29	64.13
	Imports	70.64	76.32
	Trade Balance	-10.35	-12.20

India’s Electronic Goods export witnesses significant increase of around 74 % in May 2023

Electronic goods, Iron Ore, Ceramic products, and several agricultural commodities have registered growth in export in the last month in comparison to the corresponding period of last year.
According to the Commerce and Industry Ministry, electronic goods registered 73.96 per cent growth while other cereals witnessed a significant increase by 67.96 per cent, spices 49.84 per cent, Iron Ore 48.26 percent, and Ceramic products 17.36 per cent.
The country’s overall exports including merchandise and services are estimated to be over 60 billion US dollars in May this year.
Merchandise exports were 34.98 billion US dollars in the last month while the estimated value of services export for May 2023 is 25.30 billion US dollars.
The country’s trade deficit has shown a considerable decline in April-May 2023.
The overall trade deficit for this period is estimated at 13.28 billion US dollars as compared to the deficit of 20.56 billion US dollars during April-May 2022, registering a decline of 35.41 percent.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Sanjay Kumar assumes charge as new director for marketing in GAIL India

Sanjay Kumar took over as the new director for marketing in state gas utility GAIL (India) Ltd.

About Sanjay Kumar :

He joined GAIL in 1988 & over the next three decades worked in various roles across domains including Gas Marketing, LNG Sourcing/Trading/Shipping, Business Development, Gas Transmission, Projects Management & Gas Pipeline operation & maintenance.
In 2011, Kumar was tasked with setting up GAIL’s overseas LNG trading subsidiary GAIL Global (Singapore) Pte Ltd in Singapore.
This was the first such subsidiary created by any Indian oil and gas Public Sector Undertaking (PSU), and over the next 5 years, he played an important role in developing this subsidiary into a well-established player in the global LNG market.
He was also GAIL’s nominee Director on the Boards of Maharashtra Natural Gas Ltd (MNGL) and GAIL Global (Singapore) Pte. Limited.
Prior to his new role, he was the Managing Director (MD) of Indraprastha Gas Limited (IGL), the largest CNG distribution company in India, since April 2022.

About GAIL (India) Limited :

Founded : 1984
Headquarters : New Delhi, Delhi, India
GAIL (India) Limited (formerly known as Gas Authority of India Ltd.) is a central public sector undertaking under the ownership of the Ministry of Petroleum and Natural Gas, Government of India.
GAIL is amongst top 10 global LNG portfolio marketers with an LNG portfolio of around 14 MMTPA from Qatar, USA, Australia and Russia.

UK Appoints Jane Marriott as its First Woman Envoy To Pakistan

Senior diplomat Jane Marriott, has been officially appointed as the new High Commissioner of the United Kingdom (UK) for Pakistan, making her the first female envoy to hold this position.
Jane, is due to take up her role in mid-July,2023
She would be replacing Dr Christian Turner, who left Pakistan in January, 2023 after serving as the envoy since December 2019.
Jane Marriott will bring her expertise and passion for addressing climate change, among other areas, to her new post.

About Jane Marriott :

Jane Marriott is a British diplomat.
From 2013 to 2015 she was British Ambassador to Yemen.
She served as an adviser to Richard Holbrooke during his time as a Special Envoy for Afghanistan and
She joined the UK’s Foreign, Commonwealth and Development Office (FCDO) in
She held various significant positions, including Director of the UK’s Joint International Counter-Terrorism Unit, Joint FCDO Director for the Middle East and North Africa, Ambassador to Sanaa, Yemen (2013-15), Deputy and Acting Ambassador to Tehran, and adviser to the US Special Representative to Afghanistan and Pakistan, Richard Holbrooke.
Prior to this new appointment, Jane Marriott, 47, was the high commissioner to Kenya from September 2019 to June 2023.
She was the first female UK High Commissioner to Kenya.

About UK :

Prime Minister : Rishi Sunak
Capital : London
Currency : Pound Sterling

Kuwait PM Sheikh Ahmad Nawaf Al-Ahmad Al-Sabah reappointed by royal decree

A royal decree has been issued to reappoint Sheikh Ahmad Nawaf Al-Ahmad Al-Sabah as Kuwait’s Prime Minister (PM).
The Emiri decree, signed by Kuwait’s Crown Prince Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah stated that Sheikh Ahmad is responsible for nominating new cabinet members and submitting their names
Kuwaiti voters cast their ballots to elect the 17th National Assembly.
A total of 50 lawmakers were elected out of 207 candidates in the new legislative body for a term of 4 years.

About Ahmad Nawaf Al-Ahmad Al-Sabah :

Sheikh Ahmad was born in 1956, Kuwait City, Kuwait.
He is the eldest son of Nawaf Al-Ahmad Al-Jaber Al-Sabah, the incumbent Emir of Kuwait.
He also served as the president of the International Police Federation, and he also headed the Kuwait Police Federation.
He served as the Kuwait National Guard’s deputy commander between November 2020 and March 2022.
He was first appointed as the Prime Minister (PM) of Kuwait on July 24, 2022.

About Kuwait :

Prime Minister : Ahmad Nawaf Al-Ahmad Al-Sabah
Capital : Kuwait City
Currency : Kuwaiti dinar

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

CCI approves acquisition of certain shareholding in Ambit Private Limited by Daiwa International Holdings Inc.

The Competition Commission of India (CCI) approves the acquisition of certain shareholding in Ambit Private Limited (Target) by Daiwa International Holdings Inc (Acquirer).
The proposed combination relates to acquisition of certain shareholding in Ambit Private Limited by Daiwa International Holdings Inc. through a combination of primary subscription of shares and secondary share purchases from existing shareholders.

About Daiwa International Holdings Inc :

Daiwa International Holdings Inc. is an intermediary management holding company, incorporated in Japan.
It was established for the purpose of holding stock or shares in a domestic or foreign company and controlling and managing its commercial activities.

About Ambit Private Limited :

Ambit Private Limited is a private company incorporated in India and provides a range of financial services.
It is registered with Securities and Exchange Board of India as a merchant banker.

About CCI :

Established : 14 October 2003
Headquarters : New Delhi, Delhi, India
Chairman : Ravneet Kaur
The CCI is the chief national competition regulator in India.
It is a statutory body within the Ministry of Corporate Affairs.
CCI consists of a chairperson and 6 members appointed by the Central Government.

BSE sold 4.54% stake in CDSL for ₹468 crores

Leading stock exchange BSE divested a 4.54% stake in Central Depository Services Limited (CDSL) for Rs 468 crores through an open market transaction.
Under Securities and Exchange Board of India (SEBI) regulations, a stock exchange cannot have more than a 2.24% stake in a depository.
In February,2023 BSE sold 2.5% stake in CDSL through an offer for sale (OFS) route.

About CDSL :

Founded : February 1999
Headquarters : Mumbai, Maharashtra, India
MD & CEO : Nehal Vora
Central Depository Services (India) Ltd. (CDSL), the first listed Indian central securities depository.
The main function of CDSL facilitates holding and transacting in securities in the electronic form and facilitates settlement of trades on stock exchanges.
CDSL got listed on the exchange in 2017.

CURRENT AFFAIRS : DEFENCE NEWS

Ministry of Defence approves acquisitizon of 31 MQ-9 Reaper armed drones from US

The Ministry of Defence (MoD) cleared the acquisition of 31 MQ-9 Reaper (Predator B) armed drones from the United States of America (USA) during a Defence Acquisition Council meeting led by Defence Minister Shri Rajnath Singh.
The final decision would be taken by the Cabinet Committee on Security (CCS).
India will procure 31 armable MQ-9B SeaGuardian drones made by General Atomics, an American energy and defence company.