Daily Current Affairs September 20 2023 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

IREDA signs MoUs with Bank of Maharashtra for Financing Renewable Energy Projects 

• Indian Renewable Energy Development Agency (IREDA), a Mini Ratna (Category – I) Government of India enterprise under the administrative control of Ministry of New and Renewable Energy, has signed a significant Memorandum of Understanding (MoU) with Bank of Maharashtra (BoM).
• This collaboration aims to promote and facilitate co-lending and loan syndication for a diverse spectrum of Renewable Energy projects across the nation.
• The MoU comprises several services including co-len ding and co-origination support for all Renewable Energy projects, facilitating loan syndication and underwriting, management of Trust & Retention Account for IREDA borrowers, and a commitment to establishing stable fixed interest rates spanning a period of 3-4 years for IREDA borrowings.
• Under this agreement, the Bank of Maharashtra can invest in the Bonds issued by IREDA in accordance with the specified terms and conditions of the offering.
• The MoU was signed by the General Manager (Technical Services), IREDA, Shri Bharat Singh Rajput and the General Manager (Retail & MSME Credit), Bank of Maharashtra, Shri Rajesh Singh at IREDA’s Business Centre, New Delhi.
• The signing ceremony took place in the presence of the Chairman and Managing Director of IREDA, Shri Pradip Kumar Das and other senior officials from both organisations.

About IREDA :

• Headquarters : New Delhi, Delhi
• Chairman & Managing Director : Pradip Kumar Das
• The IREDA is a Public Limited Government Company and a Non-Banking Financial Institution formed for setting up projects relating to new and renewable sources of energy and energy efficiency/conservation with the motto: “ENERGY FOR EVER”.
• It is a Mini Ratna (Category – I) Government of India Enterprise with the objective of promoting, developing and extending financial assistance and under the administrative control of the Ministry of New and Renewable Energy (MNRE).

Recent News

• In May 2023, The government appointed IDBI Capital, BOB Capital and SBI Capital to manage the initial public offer (IPO) of the Indian Renewable Energy Development Agency (IREDA).
• In June 2023, Indian Renewable Energy Development Agency Ltd. (IREDA) held its 36th Annual General Meeting (AGM) at India Habitat Centre in New Delhi.

About BoM :

• Founded : 16 September 1935
• Headquarters : Pune, Maharashtra India
• MD & CEO : A. S. Rajeev
• Tagline : One Family One Bank

IRDAI Established Interdisciplinary Standing Committee on Cyber Security

• The Insurance Regulatory and Development Authority of India (IRDAI) has formed a standing committee on cyber security.

Purpose of the committee :

• To conduct regular reviews of the threats associated with existing or emerging technologies in the insurance industry.

Role of the Committee :

• The committee will also recommend appropriate changes to the framework to enhance the cyber security posture and resilience of the insurance industry.
• This initiative was taken following the issuance of the Information and Cyber Security Guidelines in April, 2023.

Composition of the committee :

• The standing committee comprises 10 members chaired by PS Jagannatham.
• The committee includes technology professionals from academia, industry experts, and representatives of the insurance broking community.
• External members may also be invited to join the committee as needed.

Mandate of Cyber Security Norms :

• The cyber security norms, as mandated by IRDAI, require insurers and intermediaries to adopt a risk-based approach.
• They are required to implement necessary measures to secure their systems and data against cyber threats.

About IRDAI : 

• Established : 1999
• Headquarters : Hyderabad, Telangana
• Chairperson : Debasish Panda
• The IRDAI is a statutory body under the jurisdiction of the Ministry of Finance (MoF), Government of India (GoI) and is tasked with regulating and licensing the insurance and reinsurance industries in India.

Ujjivan Small Finance Bank Launches Maxima Savings Account and Business Maxima Current Account for Premium Customers

• Ujjivan Small Finance Bank (Ujjivan SFB), a leading small finance bank, has introduced the Maxima Savings Account and Business Maxima Current Account for the premium customer segment.
• These new offerings aim to improve the banking experience for both new and existing customers by providing a variety of services and benefits.
• The products are designed to provide customers with various benefits, superior features, and a premium experience to meet their various financial and banking needs.

Key Highlights :

• The annual interest rate on the Maxima Savings Account is up to 7.5% and customers can open the account with Rs 1 lakh.
• Premium customers have the flexibility to maintain 15 lakh or more in fixed deposits to meet the balance eligibility criteria for this account, a unique feature not typically available with standard savings accounts.
• Additional services and benefits of the Maxima Savings Account include higher transaction limits, free issuance of cheques and demand drafts (DD), free transactions across all channels, and unlimited cash deposits and withdrawals at any branch.
• Applicable customers of the Maxima Savings Account also receive a complimentary Health Prime Benefit.

Business Maxima Current Account :

• Ujjivan Small Finance Bank has introduced the Business Maxima Current Account for premium business customers.
• This account features convenient online banking, instant fund transfers, and cash management options.

Key features of the Business Maxima Current Account include

• The ability for businesses to define their own cash deposit limit
• A higher daily ATM withdrawal limit of 5 lakhs per day
• Provision of beyond banking services such as account services for merchants, and free installation and rental fees for point-of-sale (POS) services.

About Ujjivan Small Finance Bank :

• Founded : 1 February 2017
• Headquarters : Bangalore, Karnataka, India
• MD & CEO : Mr. Ittira Davis

Gullak Partners with Juspay Becomes the First in India to Implement UPI Plugin SDK

• Gullak, a prominent fintech app, has become the first to implement Juspay’s UPI plugin SDK called “HyperUPI.”

Key Highlights :

• The implementation of HyperUPI eliminates the need for Gullak’s customers to switch to another UPI payment app when making payments during the checkout process.
• Payments can now be completed entirely within Gullak’s app.
• As a result of this integration, the time taken for a UPI payment has been significantly reduced, from 22 seconds to less than 3 seconds.
• The integration of HyperUPI leads to a smoother payment experience for users, with fewer taps required, near-zero payment failure rates, and a 100% elimination of redirection to external payment apps.

CURRENT AFFAIRS: NATIONAL NEWS

Law Minister Arjun Ram Meghwal introduces Women’s Reservation Bill in Lok Sabha

• The government has introduced the Women’s Reservation Bill in the Lok Sabha.
• The Bill has been named Nari Shakti Vandan Adhiniyam.
• Union Law Minister Arjun Ram Meghwal introduced the 128th Amendment Bill, 2023 in this regard.
• Introducing the bill, he informed that once the Nari Shakti Vandan Adhiniyam is passed, the number of seats for women in Lok Sabha will increase to 181.
• The Lok Sabha has been adjourned for the day after the introduction of the bill.
• The old Parliament House has been renamed as Samvidhan Sadan.

10th meeting of India-Malaysia Joint Sub-Committee on Defence Science, Technology and Industry Cooperation held in New Delhi

• The 10th meeting of the India-Malaysia Joint Sub-Committee on Defence Science, Technology and Industry Cooperation was held in New Delhi.
• The meeting was co-chaired by Joint Secretary (Naval Systems), Department of Defence Production, Ministry of Defence Shri Rajeev Prakash and Under Secretary, Defence Industry Division, Ministry of Defence, Malaysia Mr Eris Jemadi bin Tajudin.
• According to the Defence Ministry, the existing defence research and industry cooperation between the two countries was reviewed and discussions were held on issues pertaining to mutual interest during the meeting.
• During the meeting, the existing defence research and industry cooperation between the two countries was reviewed and discussions were held on issues pertaining to mutual interest.
• Both sides explored effective and practical initiatives to further expand the ongoing interactions related to the defence industry sector.

Prime Minister Shri Narendra Modi  launches ‘PM Vishwakarma’ Scheme for traditional artisans and craftspeople on occasion of Vishwakarma Jayanti

• Prime Minister Narendra Modi launched the PM Vishwakarma scheme in New Delhi on the occasion of Vishwakarma Jayanti.
• Vishwakarma, in Hindu mythology, is seen as the architect of the gods and was the divine carpenter and master craftsman.
• The scheme will provide government support to workers engaged in traditional crafts and skills.
• This scheme was first announced by PM Modi during his Independence Day speech.
• It is a new scheme with an outlay of Rs 13,000 crore and is fully funded by the Central government.
• The scheme also aims at improving the quality, as well as the reach of products and services of artisans and craftsmen.

About the PM Vishwakarma Scheme

• The Ministry of Micro, Small & Medium Enterprise (MSME) is the nodal ministry.
• The Ministry of Tribal Affairs, would provide active support for implementation of the scheme for the wellbeing of the Vishwakarmas.
• The Scheme will be jointly implemented by the Ministry of Micro, Small and Medium Enterprises (MSME),  the Ministry of Skill Development and Entrepreneurship  (MSDE) and the Department of Financial Services (DFS), Ministry of Finance (MoF), Government of India.
• This list included 18 traditional crafts such as Boat Maker; Armourer; Blacksmith; Hammer and Tool Kit Maker; etc.
• Five lakh families will be covered in the first year and 30 lakh families over five years.
• They will be given skill upgradation involving basic and advanced training, a toolkit incentive of ₹15,000, collateral-free credit support up to ₹1 lakh (first tranche tenure of repayment 18 months ) and ₹2 lakh (second tranche tenure of repayment 30 months) at a concessional interest rate of 5%.
• A toolkit booklet has also been released in 12 Indian languages, with accompanying video element.
• Participants will get a stipend of ₹500 per day while undergoing training.
• The minimum age of the beneficiary should be 18 years on the date of registration.
• The beneficiary should be engaged in the trades concerned on the date of registration and should not have availed loans under similar credit-based schemes of the Central Government or State Government for self-employment/ business development, e.g. PMEGP, PM SVANidhi, Mudra, in the past 5 years.
• The benefit of the entire interest subvention of upto 8% shall be passed on upfront to the beneficiaries by MoMSME through banks.
• Scheduled Commercial Banks, Regional Rural Banks, Small Finance Banks, Cooperative Banks, Non-Banking Finance Companies and Micro Finance Institutions, are eligible to lend under this Scheme.
• The Lending Institutions will be encouraged to use their network of field functionaries i.e., Business Correspondents/ Associates to ensure maximum coverage of the Scheme.
• The Scheme aims to digitally empower the beneficiaries by facilitating them to adopt digital transactions.
• An amount of Re. 1 per eligible digital transaction (up to a maximum of 100 eligible transactions) monthly will be credited to the beneficiary’s bank account in DBT mode through Aadhaar Payment Bridge System (APBS).

Shantiniketan included in UNESCO World Heritage list

• During the 45th session of the World Heritage Committee, the decision to include Santiniketan in the list was taken.
• The 45th session of the World Heritage Committee is currently underway in Saudi Arabia.

About Shantiniketan

• Shantiniketan was established in 1901 by Maharshi Debendranath Tagore, father of Nobel laureate Rabindranath Tagore.
• Shantiniketan is located in Birbhum district of West Bengal.

Key Highlights

• The centre first tried to get a World Heritage tag for Shantiniketan in 2010.
• Visva-Bharati in Shantiniketan is the only central university of Bengal. The Prime Minister is the chancellor of this university.
• ICOMOS had recommended the inclusion of Shantiniketan in the UNESCO World Heritage List a few months ago.
• Shantiniketan has become the 41st UNESCO World Heritage Site in India.
• It has become the third UNESCO World Heritage Site in West Bengal after the Sundarbans National Park and the Darjeeling Mountain Railways.
• Last year, West Bengal’s Durga Puja was placed in “Intangible Cultural Heritage of humanity” under UNESCO.
• A ‘world university’ – Visva Bharati – was set up at Shantiniketan in 1921.
• Other sites placed on the list on 17 September 2023 are:
• Ancient Jericho in Palestine,
• Zarafshan-Karakum Corridor of Silk Roads in Tajikistan,
• Turkmenistan,
• Uzbekistan, Gedeo Cultural Landscape in Ethiopia,
• Cultural Landscape of Old Tea Forests of the Jingmai Mountain in China’s Pu’er.

About ICOMOS

• International Council on Monuments and Sites (ICOMOS) is a France-based international non-governmental organization.

About UNESCO

• Headquarters: Paris, France
• Founded: 16 November 1945, London, United Kingdom
• Head: Audrey Azoulay;

Recent News

• In may 2023, Niloofar Hamedi, Elaheh Mohammadi and Narges Mohammadi were named as the laureates of the 2023 UNESCO/Guillermo Cano World Press Freedom Prize, following the recommendation of an International Jury of media professionals.
• In April 2023, Union Culture Minister G Kishan Reddy said Santiniketan, the place where Nobel Laureate poet Rabindranath Tagore built Visva-Bharati over a century ago, has been recommended for inclusion in the UNESCO World Heritage List by an international advisory body.

CURRENT AFFAIRS : INTERNATIONAL NEWS

United Kingdom commits $2 billion to Green Climate Fund                                    

• The United Kingdom (UK) has pledged $2 billion to the Green Climate Fund (GCF) in the wake of G20 leaders’ commitment to addressing climate change and ensuring developed nations contribute to climate funds for developing countries.
• This commitment is regarded as one of the largest funding pledges made by the UK to combat climate change.
• The commitment follows the UK Prime Minister’s announcement at Conference of the Parties (COP27) that the UK would triple its funding for climate adaptation.

Key Highlights :

• The UK will contribute £1.62 billion, which is equivalent to $2 billion, to the GCF.
• The GCF was established by 194 countries following the Copenhagen Accord at COP15.
• The GCF is the world’s largest global fund dedicated to supporting developing nations in reducing global emissions and helping communities adapt to the impacts of climate change.
• The $2 billion commitment represents a 12.7% increase in the UK’s previous contribution to the GCF for the period from 2020 to 2023.
• This earlier contribution itself was a doubling of their initial funding to establish the fund in 2014.
• The United Kingdom also highlighted that it has reduced emissions at a faster rate than any other G7 country.
• Additionally, low-carbon energy sources now account for more than half of the UK’s electricity generation.
• Since 2011, UK climate aid spending has aided over 95 million people in coping with climate change effects and has reduced or avoided over 68 million tonnes of greenhouse gas emissions.

About UK :

• Prime Minister: Rishi Sunak
• Capital: London
• Currency: Pound sterling

Myanmar not allowed to chair 2026 Association of Southeast Asian Nations (ASEAN) meet

• Southeast Asian leaders decided that Myanmar would not chair the Association of Southeast Asian Nations (ASEAN) 2026 meeting due to military seizure of power in the country.

About ASEAN Summit :

• ASEAN Summit is the highest policy-making body in ASEAN comprising the Heads of State of ASEAN Member States.
• ASEAN Summit meetings are held twice annually, determined by the Chair of the ASEAN Summit in consultation with other member States.
• The hosting of the ASEAN Summit rotates among member states, with the ASEAN Member State holding the ASEAN Chairmanship hosting the event.
• The first ASEAN Summit was held in Bali, Indonesia, in 1976.

About ASEAN :

• Established : 8 August 1967 in Bangkok, Thailand, with the signing of the ASEAN Declaration (Bangkok Declaration).
• Headquarters : Jakarta, Indonesia
• Secretary General : Kao Kim Hourn
• ASEAN is a political and economic union of 10 member states in Southeast Asia.
• Founders: Indonesia, Malaysia, Philippines, Singapore and Thailand.
• The other members are Brunei, Vietnam, Lao PDR (People’s Democratic Republic), Myanmar, and Cambodia.

10th Session of Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services Plenary Takes Place in Bonn, Germany

• The 10th session of the Plenary of the Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (IPBES) is being held in Bonn, Germany, from August 28 to 2 September, 2023.

What is IPBES?

• The IPBES is an independent inter-governmental body established by States to strengthen the science-policy interface for biodiversity and ecosystem services for the conservation and sustainable use of biodiversity, long-term human well-being and sustainable development.
• IPBES was established on April 21, 2012, in Panama City, with the participation of 94 governments.
• India is one of the founding members of IPBES.
• It is not a United Nations body.
• However, the United Nations Environment Programme (UNEP) provides secretariat services to IPBES
• The IPBES has released its new publication – the “Assessment Report on Invasive Alien Species and their Control’’.
• Approved in Bonn, Germany, by representatives of the 143 member States of IPBES, the Assessment Report analyses the impact of alien species on biodiversity.
• The study, which has taken place over a period of 4 years, has been done by 86 leading experts from 49 countries, drawing on more than 13,000 references.
• There are 37,000 alien species, including plants and animals, that have been introduced by many human activities to regions and biomes around the world.
• More than 3,500 out of the 37,000 introduced alien species pose major global threats to nature, economy, food security and human health.
• Most countries (80%) have included targets related to managing invasive alien species in their national biodiversity plans.
• Only 17% specifically address the issue in national legislation. Nearly half of all countries (45%) do not invest in management of biological invasions.
• In December 2022, governments agreed to reduce the rate of introduction and establishment of invasive alien species by at least 50% by 2030 under target 6 of the Kunming-Montreal Global Biodiversity Framework.
• The 9th session of the Plenary of IPBES 9 was held in Bonn, Germany, from 3 to 9 July 2022.

About Germany :

• President : Frank-Walter Steinmeier
• Capital : Berlin
• Currency : Euro

UNESCO Releases Inaugural Guidance on the Application of Artificial Intelligence (GenAI) in Education  

• The United Nations Educational, Scientific and Cultural Organization (UNESCO) has published its 1st guidance on the use of Generative AI (GenAI) in education, emphasising the importance of regulating this technology.
• UNESCO calls on governmental agencies to regulate the use of GenAI in education.
• This includes measures to protect data privacy and the implementation of an age limit for users.

Key Highlights :

• The guidance highlights the emergence of GenAI chatbots like ChatGPT, launched by Microsoft-backed OpenAI in November.
• These chatbots have gained significant popularity and have prompted the development of rival systems, such as Google’s Bard.
• Students have also taken a liking for GenAI, which can generate anything from essays to mathematical calculations with just a few lines of prompts.
• Among a series of guidelines in a 64-page report, UNESCO stressed on the need for government-sanctioned AI curricula for school education, in technical and vocational education and training.
• It also sets an age limit of 13 for the use of AI tools in the classroom and calls for teacher training on this subject.
• While some countries like China have already formulated rules on GenAI, the European Union’s AI Act is expected to be approved later in 2023.
• However, many other countries are still in the process of drafting their own AI laws.

About UNESCO:

• Established : 16 November 1945
• Headquarters : Paris, France
• Director General : Audrey Azoulay
• Parent Organisation : United Nations Economic and Social Council
• UNESCO is a specialised agency of the United Nations (UN) aimed at promoting world peace and security through international cooperation in education, arts, sciences and culture.

World Bank & UNICEF Assessment Reveals 52 Million Children in Extreme Poverty in India

• The World Bank and the United Nations International Children’s Emergency Fund (UNICEF) conducted an assessment called “Global Trends in Child Monetary Poverty According to International Poverty Lines.”
• According to the assessment, India has approximately 52 million children living in extreme poverty.
• The report highlights that every second person living in extreme poverty globally is a child.

Key Highlights :

• A new global poverty line was adopted in mid-September 2022, with the World Bank updating data on its Poverty and Inequality Platform.
• The extreme poor population worldwide is living below the international poverty line of $2.15 (approximately Rs 178.38).
• In 2022, children accounted for 5% of the total global extreme poor population.
• The assessment indicates that the majority of poor children are concentrated in two regions: sub-Saharan Africa and South Asia.
• Sub-Saharan Africa has the highest rate of children living in poverty, with 40% of children in the region facing extreme poverty.
• South Asia follows with 9.7% of children living in poverty.
• These two regions, sub-Saharan Africa and South Asia, together account for 90% of the world’s extremely poor children.
• The assessment reveals that in 2020, the onset year of the pandemic, child poverty increased, breaking the trend of consistent decline.
• Among children, the highest poverty rate is observed in the 0-5 year age group.
• In this age group, approximately 18.3%, equivalent to 99 million children, lived in extremely poor households.
• According to the assessment, 5% of children in India live in extremely poor households.

About World Bank :

• Established : July 7, 1944
• Headquarters : Washington, D.C., United States
• President : Ajay Banga

About UNICEF :

• Established : 1946
• Headquarters : New York, United States of America
• Executive Director : Catherine M. Russell

CURRENT AFFAIRS : STATE NEWS

Goa CM Pramod Sawant Unveils Initiatives to Empower Homemakers and Entrepreneurs             

• The Griha Adhar scheme has been launched to empower the homemakers of Goa.
• Goa Chief Minister Shri Pramod Sawant distributed Griha Adhar sanction orders to numerous beneficiaries.
• The initiative is organised by the Directorate of Women and Child Development with the aim of providing financial support to homemakers to enhance their quality of life and promote their independence.

Key Highlights :

• He also launched the Chavath e Bazaar, an initiative to empower entrepreneurs and self-help groups in Goa.
• Chavath e Bazaar is an online portal integrated with the Swiggy app, providing a seamless ordering experience.
• Griha Adhar has had a substantial impact in the state of Goa, with 11,500 newly sanctioned orders disbursed to beneficiaries.
• Under the Swayampurna Goa 2.0 initiative, free-of-cost training will be provided to women at their respective panchayats.

About Goa :

• Governor : P. S. Sreedharan Pillai
• Chief Minister : Pramod Sawant
• Capital : Panaji
• Airports : Dabolim Airport, Manohar International Airport

Haryana Chief Minister Manohar Lal Khattar launches ‘e-Bhoomi’ Portal for land purchase

• Haryana Chief Minister Shri Manohar Lal Khattar launched the e-Bhoomi portal with an aim to simplify the land purchase process for government projects with the consent of landowners.
• The government aims at purchasing land in a transparent manner with the consent of the landowners.

About e-Bhoomi portal :

• The offer of land on the new portal would be valid for 6 months.
• Farmers can offer their land independently or through listed aggregators.
• A minimum offer of 10 acres has been made mandatory for voluntary offers made by aggregators.

Other Launches :

No-Litigation Policy-2023 Portal :

• Khattar also inaugurated the ‘No-Litigation Policy-2023 portal’ to resolve land acquisition issues from 2011 for the expansion of the Industrial Model Township (IMT) Manesar.
• The policy addresses land-related issues in villages of Kasan, Kukrola, and Sahrawan in Manesar Tehsil, Gurugram
• It aims to extend benefits to landowners whose names are recorded in the revenue estate of these villages as of the date of awards declared in award no. 1, 2, and 3 on August 16, 2022.

HMJIS Portal :

• He launched the HMJIS portal to combat illegal mining in Haryana, replacing the previously launched e-Ravana portal.

OBC Certificate Service via Parivar Pehchan Patra (PPP) :

• The Haryana government introduced the issuance of Other Backward Classes (OBC) certificates through the Parivar Pehchan Patra (PPP) system.
• Citizens can now download their OBC certificates online via the Citizen Saral Portal.
• Eligibility for OBC certificates is confirmed based on data available in the OBC category within the PPP.
• A total of 397 schemes and services are linked to the PPP.

‘Mukhyamantri Shehri Awas Yojana Portal’ :

• He also unveiled the portal for the Mukhyamantri Shehri Awas Yojana, an initiative aimed at providing housing to economically weaker sections.
• The scheme includes the construction of flats in Panchkula, Gurugram, Sonipat, and Faridabad, while other cities would offer both plot and flat options.
• The scheme would be implemented by the Haryana Shehri Vikas Pradhikaran, ensuring the provision of essential amenities in the housing colonies.

Compensation for Farmers :

• The Haryana government announced compensation of ₹7,000 per acre for farmers who had to replant paddy due to heavy rains and floods in July 2023.
• An e-Kshatipoorti portal was launched to handle issues related to property, livestock, or human loss due to natural disasters like rains, floods, and riots.

About Haryana :

• Governor : Bandaru Dattatreya
• Chief Minister : Manohar Lal Khattar
• Capital : Chandigarh
• Wildlife Sanctuaries : Kalesar Wildlife Sanctuary, Bir Shikargah Wildlife Sanctuary

CURRENT AFFAIRS: BUSINESS NEWS

Direct Tax collections register over 23.5 % growth in current financial year so far

• India’s direct tax collection recorded over eight lakh 65 thousand crore rupees (till mid-September of this financial year) which is 23.51 per cent higher than the corresponding period of last year.
• The Direct Tax collection for the last financial year stood at seven lakh 416 crore rupees.
• The Gross Direct Tax collections have also witnessed robust growth of 18.29 per cent so far this financial year with over nine lakh 87 thousand crore rupees.
• In the last financial year, over eight lakh 34 thousand crore rupees gross direct tax collections were recorded.
• Meanwhile, the Advance Tax collections for this financial year stood at three lakh 55 thousand crore rupees with a growth of 20.73 per cent.
• The Advance Tax collections for the corresponding period were recorded at two lakh 94 thousand 433 crore rupees.
• According to the Ministry of Finance, refunds amounting to one lakh 21 thousand crore rupees have also been issued so far.

Goods exports decline 6.8% in August to $34.48 billion, but ‘green shoots visible’

• India’s goods exports decreased 6.8% in August to $34.48 billion.
• India’s goods exports declined for the seventh consecutive month in August 2023 (year-on-year).
• Sectors such as petroleum products, gems and jewelry, readymade garments, and chemicals contributed to decline in goods exports.
• However, half of the top thirty export items, including engineering, electronics, pharmaceuticals, and some agriculture goods have shown growth during August 2023.
• India’s imports in August 2023 have declined 5.23% to $58.64 billion.
• Imports of petroleum, coal and coke, pearls, precious and semi-precious stones, and fertilizers have fallen as per the quick estimates released by the Commerce and Industry Ministry on 15 September 2023.
• Trade deficit in August 2023 was at a ten-month high level of $24.16 billion.

CURRENT AFFAIRS: MOUS AND AGREEMENT

Khadi and Village Industries Commission signs three MoUs to promote Khadi Products

• Khadi and Village Industries Commission (KVIC), Ministry of Micro, Small and Medium Enterprises inked 3 separate MoUs, and laid the foundation stone of ‘Modern Khadi of New India’ in the Amritkal of Independent India.
• In presence of Shri Manoj Kumar, Chairman, Khadi & Village Industries Commission these agreements were signed with Prasar Bharati, NBCC (India) Limited, and Digital India Corporation.
• The objective of these MoUs is to prepare a roadmap to modernize the Khadi and Village Industries Commission and popularize its products among the youth as per the vision of the Prime Minister Shri Narendra Modi.

Key Highlights

• On this occasion, Shri Kumar distributed a margin money subsidy of Rs 150 crore to the beneficiaries under the Prime Minister’s Employment Generation Programme.
• According to the MoU signed with Prasar Bharati, very soon the anchors of DD News and DD International channels will be seen in Khadi apparels.
• Shri Kumar reiterated that under the leadership of Prime Minister Shri Narendra Modi, Khadi has now become identity self-reliant India.
• In such a scenario, this agreement with Prasar Bharati will prove to be a milestone in making Khadi popular among the youth.
• Along with this, NBCC (India) Limited will build new modern infrastructure for Khadi and Village Industries Commission across the country and to focus on keeping KVIC up-to-date with the latest technology, KVIC has joined hands with Digital India Corporation.

Attendees:

• The MoUs were signed by Shri Sanjay Prasad, Deputy Director General of Prasar Bharati and Shri Sanjeev Poswal, Director Publicity of KVIC. Shri Pradeep Sharma, Chief General Manager of NBCC (India) Ltd. and by Shri Rajan Babu, Deputy Chief Executive Officer, Estate & Services of KVIC and Shri Debarat Nayak, Chief Technical Officer of Digital India Corporation and Shri Rajan Babu, Deputy Chief Executive Officer, Information Technology of KVIC.

Recent News

• In April 2023 Under Chairman of the Khadi and Village Industries Commission (KVIC) Shri Manoj Kumar, Gram Vikas Yojana Distribution program was organized in Nanpur village of GarhMukteshwar tehsil, Hapur, Uttar Pradesh.
• In May 2023, The Khadi and Village Industries Commission (KVIC) played an important role in conserving and reviving the Handmade Paper-making art of Tawang, Arunachal Pradesh

About KVIC :

• Founded : 1957
• Headquarters : Mumbai, Maharashtra
• Chairman : Manoj Kumar
• KVIC is a statutory body formed in April 1957 by the Government of India (GoI), under the Act of Parliament, ‘Khadi and Village Industries Commission Act of 1956’.
• It is an apex organization under the Ministry of Micro, Small and Medium Enterprises

Odisha Govt of Odisha signs MoU with Gopalpur Port for expansion

• The Odisha government signed an MoU with Gopalpur Port for further development and expansion of the facility in Ganjam district.
• The Odisha government handed over more than 119 acres of land to Gopalpur Port after the signing of the Mou.
• The MoU was signed by the Director Ports and Inland Waterway Transport, Commerce and Transport department, Padmalochan Rou and CEO, of Gopalpur Port Private Limited in the presence of Commerce and Transport minister Tukuni Sahu.
• The Gopalpur Port was operated by the Odisha government as a seasonal lighterage Port from 1986-87.
• The Port was awarded to Gopalpur Ports Private Limited for transforming it into an all-weather direct berthing port in PPP mode.

About Odisha : 

• Governor : Ganeshi Lal
• Chief Minister : Naveen Patnaik
• Capital : Bhubaneswar
• National Park : Simlipal National Park, Bhitarkanika National Park
• Wildlife Sanctuary : Ushakothi Wildlife Sanctuary, Tikarpada Wildlife Sanctuary

Recent News

• In June 2023, The Government of Odisha & the Quality Council of India (QCI), in collaboration with industry associations – Associated Chambers of Commerce and Industry of India (ASSOCHAM), Federation of Indian Chambers of Commerce & Industry (FICCI), Engineering Exports Promotion Council (EEPC),Odisha Assembly of Small and Medium Enterprises (OASME), PHD Chamber of Commerce and Industry (PHDCCI), Central Institute of Petrochemicals Engineering & Technology (CIPET), Federation of Hotel and Restaurant Association of India (FHRAI) – launched the Odisha Gunvatta Sankalp (Odisha Quality Mission) at Bhubaneswar, Odisha.

CURRENT AFFAIRS: RANKING AND INDEX

Infosys only Indian firm in TIME’s top 100 World’s Best Companies of 2023

• IT major Infosys is the only Indian company to feature in the top 100 list of the World’s Best Companies of 2023 released by TIME Magazine and online data platform Statista.
• Microsoft, Apple, and Alphabet (Google owner) are top 3 in the list while India’s Infosys was ranked 64th with an overall score of 88.38 out of 100.
• Sustainability-wise, Infosys was ranked 135th while in terms of employee satisfaction the company’s rank was 103rd.

Key Highlights

• As per TIME Magazine, the growth rate of the company has been high.
• Infosys was among the top 3 professional services companies in the world.
• Microsoft, Apple, Alphabet (the company that owns Google) and Meta Platforms (formerly Facebook) were the top four companies in a new statistical ranking of 750 of the world’s best companies by Statista and TIME, which are based on a formula of revenue growth, employee satisfaction surveys, and rigorous environmental, social, and corporate governance (ESG, or sustainability) data.
• In the list of 750 companies, 7 companies were also listed apart from Infosys. Big Tech major Wipro was on 174th rank in the list while Anand Mahindra-led Mahindra Group was on 210th rank.
• Reliance Industries was at 248th rank, HCL Technologies at 262nd rank, HDFC Bank at 418th rank, WNS Global Services at 596th rank, and finally ITC at 672nd rank.
• Microsoft, the top company in the global rankings, made $72 billion in its most recent fiscal year, a 63% increase from 2020, while also reducing overall emissions by 0.5%.
• Time is an American news magazine based in New York City.

About Infosys :

• Founded : 2 July 1981
• Headquarters : Bangalore, Karnataka, India
• MD & CEO : Salil Parekh
• Infosys Limited is an Indian multinational information technology company that provides business consulting, information technology and outsourcing services.

Recent News

• In May 2023, IT major Infosys Ltd launched a platform called ‘Infosys Topaz’ for generative artificial intelligence (AI).

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

UAE’s Etihad Airways Appoints Actress Katrina Kaif as Brand Ambassador                  

• Etihad Airways, the national airline of the United Arab Emirates (UAE), has appointed Bollywood actress Katrina Kaif as its brand ambassador.
• This marks the 2nd collaboration between Etihad Airways and Katrina Kaif in more than a decade.
• Katrina Kaif, as the brand ambassador for Etihad, will be featured in a series of creative and engaging campaign videos to promote the airline.
• Etihad Airways currently operates flights from 8 major Indian cities, which highlights its significant presence in the Indian market.
• The new partnership with Katrina Kaif builds on a previous collaboration in 2010 when she was featured as a discerning traveller, showcasing Etihad’s travel experience.

About Etihad Airways :

• Founded : July 2003 (Commenced operations : November 2003)
• Headquarters : Abu Dhabi, United Arab Emirates
• Chairman : Mohammed Ali Al Shorafa
• CEO : Antonoaldo Neves

Senior Diplomat Santosh Jha Appointed as India’s High Commissioner To Sri Lanka

• Santosh Jha, a senior diplomat, has been appointed as the next High Commissioner of India to Sri Lanka.
• He succeeds Gopal Baglay, who has been named as the High Commissioner of India to Australia.
• Ambassador Santosh Jha assumed his current role as Ambassador of India to Belgium, Luxembourg, and the European Union on July 17, 2020.

Recent News :

• In July, 2023 India and Sri Lanka formalised a ‘vision document’ aimed at deepening their economic partnership.

Sanjiv Kapoor Appointed as CEO of Saudi Low-Cost Carrier flyadeal

• The renowned aviation and travel veteran Sanjiv Kapoor has been appointed as the new Chief Executive Officer (CEO) of Flyadeal Airlines, a low-cost carrier (LCC) based in Saudi Arabia.
• Sanjiv Kapoor,who is a United States (US) citizen, replaces Con Korfiatis, who served as the CEO of Flyadeal since its launch in 2017.
• Before joining Flyadeal, Sanjiv Kapoor served as the CEO of Jet Airways and also worked as an advisor to the Director General of SAUDI, the national airline of Saudi Arabia.
• Kapoor’s appointment adds to the list of West Asian airlines with leaders of Indian origin.
• For instance, Jazeera Airways of Kuwait is led by CEO Rohit Ramachandran.

About Flyadeal :

• Founded : 2016 (Commenced Operations : 23 September 2017)
• Headquarters : Jeddah, Saudi Arabia
• Flyadeal is a Saudi low-cost airline based at King Abdulaziz International Airport in Jeddah.
• It is the 3rd -largest airline in Saudi Arabia with an 11% share of seat capacity.

Vivek Bhasin Takes Charge as 14th Director of BARC

• Senior nuclear scientist Vivek Bhasin has assumed the role of the 14th Director of Bhabha Atomic Research Centre (BARC).
• He succeeds Ajit Kumar Mohanty, who was appointed as the Secretary of the Department of Atomic Energy and Chairman of the Atomic Energy Commission earlier in 2023.

About Vivek Bhasin :

• Vivek Bhasin has a career spanning over three decades and has made significant contributions to various programs and activities related to the longevity and maintenance of nuclear power reactors.
• Notable projects he has been involved in include the rehabilitation and structural integrity assessment of nuclear power stations such as Rajasthan Atomic Power Station-1, Tarapur Atomic Power Station units 1&2 and 3 & 4, Madras Atomic Power Station, and others.
• He played a key role in establishing facilities for the fabrication of fuel for the Apsara-U reactor and a plant for the production of fission-moly, a radioactive isotope with extensive applications in healthcare.
• He has received several honours and awards, including the Indian Nuclear Society Medal, DAE Science and Technology Award, and Homi Bhabha Science and Technology Award.
• He is a fellow of the Indian National Academy of Engineering and has authored more than 300 publications in the field of nuclear science and engineering.

About Bhabha Atomic Research Centre (BARC) :

• Established : 3 January 1954
• Headquarters : Mumbai, Maharashtra, India
• The BARC is India’s premier nuclear research facility.
• It operates under the Department of Atomic Energy (DAE), which is directly overseen by the Prime Minister of India.
• Homi Jehangir Bhabha conceived the nuclear program in India.
• Bhabha established the Tata Institute of Fundamental Research (TIFR) to carry out nuclear science research in 1945.
• To intensify the effort to exploit nuclear energy for the benefit of the nation, Dr Bhabha established the Atomic Energy Establishment, Trombay (AEET), in January 1954 for a multidisciplinary research program essential for the ambitious nuclear program of India.
• After the demise of Bhabha in 1966, AEET was renamed Bhabha Atomic Research Centre (BARC).

CURRENT AFFAIRS : DEFENCE NEWS

Defence Acquisition Council (DAC) Approves Proposals Worth Rs 45,000 Crore, Including Purchase of 12 Su-30MKIs for Indian Air Force (IAF)        

• The Defence Acquisition Council (DAC) chaired by Defence Minister Shri Rajnath Singh, approved a total of 9 acquisition proposals totalling Rs 45,000 crore for the Indian Armed forces , including procurement of 12 Su-30MKIs for the Indian Air Force (IAF).
• These acquisitions are intended to strengthen the capabilities of the Indian Armed Forces.

Key Highlights :

• 12 Su-30MKIs for the Indian Air Force (IAF) would be manufactured in India by Hindustan Aeronautics Limited (HAL).
• Su-30MKIs will be equipped with more than 60% indigenous content.
• These will be the most modern Su-30 MKI aircraft of the IAF.
• The IAF will also get an upgraded version of the Dornier aircraft to improve the accuracy and reliability of operations.
• Dhruvastra Short Range Air-to-Surface Missile will be used in indigenously built ALH Mk-IV choppers.
• DAC approved proposals for the procurement of Light Armoured Multipurpose Vehicles (LAMV) and Integrated Surveillance and Targeting Systems (ISAT-S).
• The DAC also approved the procurement of Next Generation Survey Vessels for the Indian Navy.

Recent News :

• In Aug 2023, A Defence Acquisition Council (DAC) meeting, held under the chairmanship of Raksha Mantri Shri Rajnath Singh, accorded Acceptance of Necessity (AoN) for capital acquisition proposals worth approximately Rs 7,800 crores.
• In March 16, 2023, a meeting of Defence Acquisition Council (DAC), held under the chairmanship of Raksha Mantri Shri Rajnath Singh, has accorded Acceptance of Necessity (AoN) for capital acquisition amounting to over Rs 70,500 crore under Buy {Indian-IDDM (Indigenously Designed, Developed and Manufactured)}.

About DAC :

• DAC was set up on the recommendation of the Group of Ministers on Reforming the National Security System in February 2001.
• The DAC is the highest decision-making body in the Defence Ministry for deciding on new policies and capital acquisitions for the Army, Navy ,Air Force and the Indian Coast Guard.
• The Union Defence Minister is the Chairman of the Council.

INS Sumedha Joins Exercise BRIGHT STAR 2023 with Navies of Egypt, Italy, and Greece

• The Indian Navy Ship (INS) Sumedha participated in Exercise Bright Star-23 with multiple other navies in the Mediterranean Sea.
• INS Sumedha exercised with navies of Egypt, Italy, Greece, Cyprus and

About INS Sumedha :

• INS Sumedha is the 3rd ship of the indigenously built Saryu-class Naval Offshore Patrol Vessels (NOPV).
• It was designed and constructed by Goa Shipyard Limited.
• The vessel was commissioned into the Indian Navy on March 7, 2014.
• It is part of the Indian Navy’s Eastern Fleet and is based in Visakhapatnam, Andhra Pradesh (AP).

About Exercise Bright Star-23 :

• Exercise Bright Star-23 is a biennial multinational tri-service exercise.
• It takes place in northern Egypt and is jointly led by the US and Egyptian armed forces.
• This exercise is recognized as the largest-ever joint military exercise in the Middle East and North Africa region.
• Since its inception in 1980, Exercise Bright Star has occurred 18 times, with this edition being the most recent.
• It involved the participation of 34 countries, including India.

Exercise Phases :

• Exercise Bright Star-23 consists of two main phases: the Harbour Phase and the Sea Phase.
• The Harbour Phase involves various activities like cross-deck visits, professional exchanges, sports fixtures, and planning for the Sea Phase.
• The Sea Phase comprises complex and high-intensity exercises, including cross-deck flying, anti-surface and anti-air exercises, and live weapon firing drills.

Objectives of Participation :

• The participation of INS Sumedha in Exercise Bright Star-23 allows the Indian Navy to enhance and demonstrate interoperability with partner nations.
• It also provides an opportunity for the Indian Navy to learn and implement best practices in maritime security operations from its partner nations.

Shri Rajnath Singh Inaugurates 90 Border Infrastructure Projects Worth Over Rs 2,900 Crore ($350 Million)

• Defence Minister Shri Rajnath Singh has dedicated to the nation 90 infrastructure projects of Border Roads Organisation (BRO), worth over Rs 2,900 crore ($350 Million), spread across 11 States/Union Territories.
• The projects were inaugurated by the Raksha Mantri at an event in Jammu & Kashmir (J&K).
• The event was organised at the Devak Bridge on Bishnah-Kaulpur-Phulpur Road, which was inaugurated by the Raksha Mantri.

Key Highlights :

• The 9-meter long Class 70 RCC Devak bridge is strategically significant, enhancing the operational preparedness of the Armed Forces and fostering socio-economic development in the region.
• Another significant infrastructure project inaugurated was the 500-metre long Nechiphu Tunnel on Balipara-Charduar-Tawang Road in Arunachal Pradesh.
• He also dedicated the revamped Bagdogra and Barrackpore Airfields in West Bengal (WB).
• He virtually laid the foundation stone of Nyoma Airfield in Eastern Ladakh.
• This airfield, with an approximate cost of Rs 200 crore, will enhance air infrastructure in Ladakh and bolster the Indian Air Force’s capabilities along the Northern border.
• It will be one of the world’s highest airfields.
• BRO is set to construct the Shinkun La Tunnel, the world’s highest tunnel, situated at an altitude of 15,855 feet.
• This tunnel will connect Lahaul-Spiti in Himachal Pradesh to the Zaskar Valley in Ladakh, providing all-weather connectivity.

About BRO :

• Founded : 7 May 1960
• Headquarters : New Delhi, Delhi, India
• Director General : Lt. Gen. Rajeev Chaudhary
• The BRO is a statutory body under the ownership of the Ministry of Defence, Government of India.
• Its primary role is to develop and maintain road networks in India’s border areas and in friendly neighbouring countries.

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Razorpay acquires digital invoicing & customer engagement startup BillMe

• Razorpay, a fintech platform based in Bengaluru, has acquired BillMe, a Mumbai-based digital invoicing and customer engagement startup.

Objective of the Partnership :

• To enable businesses to enhance their engagement with end consumers through a hybrid model.
• This acquisition marks the 8th acquisition by Razorpay.
• It is notably the first acquisition since Razorpay entered the omnichannel payments sector with the acquisition of Ezetap, an end-to-end digital payments company, in August 2022.

Recent News :

• In April, 2023 Razorpay, a fintech payments and banking platform for businesses, joined with the Open Network for Digital Commerce (ONDC), a non-profit company set up by the Department for Promotion of Industry and Internal Trade (DPIIT) as an alternative for internet shopping.

About BillMe :

• Founded : 2018
• Founders : Kuber Pritmani, Jai Hemrajani and Rupam Jain
• BillMe has provided its services to more than 4,000 businesses and 15,000 retail Points Of Sale (POS) since its inception.

About Razorpay :

• Established : 2014
• Headquarters : Bangalore, Karnataka
• Managing Director (MD) : Shashank Kumar
• Chief Executive Officer (CEO): Harshil Mathur

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Sahasra Electronic to Introduce India’s First Locally Manufactured Desktop Motherboard

• Sahasra Electronic Solutions, based in Noida,Uttar Pradesh (UP) is part of the Sahasra Group and is gearing up to introduce the first Made-in-India computer motherboard to the market in November, 2023.
• The motherboard, which will be designed around the latest Intel 13th generation chipset, is currently undergoing trials.

Key Highlights :

• Sahasra Semiconductor, a part of Sahasra Group, is part of the Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors (SPECS).
• This makes them eligible for a 25% financial incentive on their capital expenditure.
• Sahasra’s Made-in-India motherboards are expected to be priced 10-15% lower than comparable Chinese brands that are currently imported by Indian companies.
• This move aligns with the Indian government’s efforts to promote domestic manufacturing of electronic hardware and increase local value addition in the electronics supply chain.
• Chairman and Managing Director of Sahasra Group : Amrit Manwani.

Daily CA One- Liner: September 20

• The government has introduced the Women’s Reservation Bill in the Lok Sabha.
• The 10th meeting of the India-Malaysia Joint Sub-Committee on Defence Science, Technology and Industry Cooperation was held in New Delhi.
• Prime Minister Narendra Modi launched the PM Vishwakarma scheme in New Delhi on the occasion of Vishwakarma Jayanti.
• During the 45th session of the World Heritage Committee, the decision to include Santiniketan in the list was taken.
• India’s direct tax collection recorded over eight lakh 65 thousand crore rupees (till mid-September of this financial year) which is 23.51 per cent higher than the corresponding period of last year.
• India’s goods exports decreased 6.8% in August to $34.48 billion.
• Khadi and Village Industries Commission (KVIC), Ministry of Micro, Small and Medium Enterprises inked three separate MoUs, and laid the foundation stone of ‘Modern Khadi of New India’ in the Amritkal of Independent India.
• The Odisha government signed an MoU with Gopalpur Port for further development and expansion of the facility in Ganjam district.
• IT major Infosys is the only Indian company to feature in the top 100 list of the World’s Best Companies of 2023 released by TIME Magazine and online data platform Statista.
• Indian Renewable Energy Development Agency (IREDA), a Mini Ratna (Category – I) Government of India enterprise under the administrative control of Ministry of New and Renewable Energy, has signed a significant Memorandum of Understanding (MoU) with Bank of Maharashtra (BoM).
• The Insurance Regulatory and Development Authority of India (IRDAI) has formed a standing committee on cyber security.
• Ujjivan Small Finance Bank (Ujjivan SFB), a leading small finance bank, has introduced the Maxima Savings Account and Business Maxima Current Account for the premium customer segment.
• Gullak, a prominent fintech app, has become the first to implement Juspay’s UPI plugin SDK called “HyperUPI.”
• The United Kingdom (UK) has pledged $2 billion to the Green Climate Fund (GCF) in the wake of G20 leaders’ commitment to addressing climate change and ensuring developed nations contribute to climate funds for developing countries.
• Southeast Asian leaders decided that Myanmar would not chair the Association of Southeast Asian Nations (ASEAN) 2026 meeting due to military seizure of power in the country.
• The 10th session of the Plenary of the Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (IPBES) is being held in Bonn, Germany, from August 28 to 2 September, 2023.
• The United Nations Educational, Scientific and Cultural Organization (UNESCO) has published its 1st guidance on the use of Generative AI (GenAI) in education, emphasising the importance of regulating this technology.
• The World Bank and the United Nations International Children’s Emergency Fund (UNICEF) conducted an assessment called “Global Trends in Child Monetary Poverty According to International Poverty Lines.”
• The Griha Adhar scheme has been launched to empower the homemakers of Goa.
• Haryana Chief Minister Shri Manohar Lal Khattar launched the e-Bhoomi portal with an aim to simplify the land purchase process for government projects with the consent of landowners.
• Etihad Airways, the national airline of the United Arab Emirates (UAE), has appointed Bollywood actress Katrina Kaif as its brand ambassador.
• Santosh Jha, a senior diplomat, has been appointed as the next High Commissioner of India to Sri Lanka.
• The renowned aviation and travel veteran Sanjiv Kapoor has been appointed as the new Chief Executive Officer (CEO) of Flyadeal Airlines, a low-cost carrier (LCC) based in Saudi Arabia.
• Senior nuclear scientist Vivek Bhasin has assumed the role of the 14th Director of Bhabha Atomic Research Centre (BARC).
• The Defence Acquisition Council (DAC) chaired by Defence Minister Shri Rajnath Singh, approved a total of 9 acquisition proposals totalling Rs 45,000 crore for the Indian Armed forces , including procurement of 12 Su-30MKIs for the Indian Air Force (IAF).
• The Indian Navy Ship (INS) Sumedha participated in Exercise Bright Star-23 with multiple other navies in the Mediterranean Sea.
• Defence Minister Shri Rajnath Singh has dedicated to the nation 90 infrastructure projects of Border Roads Organisation (BRO), worth over Rs 2,900 crore ($350 Million), spread across 11 States/Union Territories.
• Razorpay, a fintech platform based in Bengaluru, has acquired BillMe, a Mumbai-based digital invoicing and customer engagement startup.
• Sahasra Electronic Solutions, based in Noida,Uttar Pradesh (UP) is part of the Sahasra Group and is gearing up to introduce the first Made-in-India computer motherboard to the market in November, 2023.