Current Affairs April 16th & 17th 2023| Current Affairs News

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CURRENT AFFAIRS : BANKING & FINANCE

SEBI Unveils its New Logo on the 35th Foundation Day

• Capital Market Regulator Securities and Exchange Board of India (SEBI) unveiled its new logo on its 35th Foundation Day at a ceremony conducted at the SEBI Head Office in Mumbai, Maharashtra.

About the New Logo :

• The new SEBI logo retains its traditional blue colour palette.
• The new logo reflects the combination of rich traditions of SEBI and new data and technology-based approach to all 3 areas of its mandate in the securities market.
• These areas are the development and regulation of the securities market and investor protection.
• The new logo reflects the continuing commitment of SEBI to being a facilitator in the growth of the economy through capital formation and retaining its rich tradition of a consultative approach in policy making while adopting the power of data and technology.

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.

YES Bank becomes first Indian company with over 50 lakh shareholders

• Private sector lender YES Bank has become the first Indian company to have over 50 lakh shareholders, according to the shareholding pattern of the bank on March 31, 2023.
• Tata Power is at number 2 in terms of maximum number of shareholders, with a total of 38.5 lakh people investing in its shares.
• On the other hand, Reliance Industries is at number 3 in this list with 33.6 lakh crore shareholders.
• This was an increase from 1 lakh shareholders as of December 2022, most likely owing to the end of the 3-year lock-in period for shareholders that held equity shares of the bank when it underwent the reconstruction scheme in March 2020.

About YES Bank :

• Founded : 2004
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Prashant Kumar
• Tagline : Experience Our Expertise

RBI simplifies the application process for registration of Core Investment Companies    

• The Reserve Bank of India (RBI) has simplified the application process for the registration of core investment companies (CICs).
• Also, the number of documents to be furnished along with the application form has been reduced to 18 from the existing set of 52 documents to make the registration process user-friendly.
• This has been done to make the registration process hassle free and smoother.
• The 18 documents to be provided along with the application are indicative and not exhaustive.
• If RBI calls for more documents, the applicant company is required to respond within a time period of one month.

What are CICs?

• Core Investment Companies (CICs) are Non-Banking Financial Companies (NBFCs) having acquisition of shares and securities as their business.
• CICs hold at least 90% of their net assets as investment in equity shares, preference shares, bonds, debentures, debt or loans in group companies.
• Investments in equity shares in group companies form at least 60% of net assets of a CIC.

About RBI :

• Established : 1 April 1935
• Headquarters : Mumbai, Maharashtra, India
• Governor : Shaktikanta Das
• Deputy governors : Mahesh Kumar Jain, M. Rajeshwar Rao, Michael Patra and T. Rabi Shankar

India’s non life insurers report double digit growth in FY23 

• According to provisional data released by the General Insurance Council (GIC), India’s non-life insurers reported growth in the high teens in fiscal 2023 due to robust performance across segments.
• The gross premium underwritten by non-life insurers in fiscal 2023 stood at Rs 2.6 crore, which is 16.4% higher than the FY22.

What Is Underwriting?

• Underwriting is the process through which an individual or institution takes on financial risk for a fee.
• This risk most typically involves loans, insurance, or investments.
• It helps to set fair borrowing rates for loans, establish appropriate premiums, and create a market for securities by accurately pricing investment risk.

Key Highlights :

• Standalone private health insurers reported the strongest year-on-year revenue growth.
• Gross underwritten premium rose 26% from a year earlier to Rs 26,242 crore.
• The revenue of general insurers offering insurance for home, travel, motor, health, fire, and other natural or manmade calamities rose 16% over the preceding year to Rs 2.1 lakh crore in FY23.
• The private general insurers reported 20% growth over FY22, while the year-on-year growth for public sector insurers lagged at 10%.
• Revenue for specialised state-run non-life insurers rose 5.3% over last year to Rs 15,841 crore.
• Among general insurers, the market share for private general insurers expanded to 51.35% from 49.71%, while the market share for public-sector general insurers fell to 32.27% from 34.03%.
• On an overall basis, there was a marginal decline of 12 basis points.

How India’s three listed non-life insurers fared in 2023:

ICICI Lombard General Insurance :

• Revenue rose 17% year-on-year to Rs 21,025 crore.
• Market share stood at 8.18% in March, compared with 8.14% a year earlier.

The New India Assurance :

• Gross premium was up 6% over the previous year at Rs 34,487 crore in March.
• Market share fell to 13.42% from 14.75% a year earlier.

Star Health & Allied Insurance :

• Gross premium for the standalone health insurer rose 13% over the previous year to Rs 12,951 crore.
• Market share fell marginally to 5.04% in March, as against 5.19% a year earlier.

PhonePe gets additional USD 100 million fund from General Atlantic                    

• Walmart Inc-owned Indian payments firm PhonePe had raised an additional $100 million (Rs 820 crore) from General Atlantic (GA) from United States (US) based private equity firm and other investors as part of its ongoing $1 billion fundraise to expand into the lucrative lending space.
• With this fresh funding, the Walmart group firm has raised USD 750 million till date.
• Tiger Global, Ribbit Capital, and TVS Capital have invested $100 million, while Walmart cut a cheque for $200 million in the current round, at a pre-money valuation of $12 billion.

About Phonepe :

• Founded : 2015
• Headquarters : Mumbai, Maharashtra, India
• Co-Founder & CEO : Sameer Nigam

IRB Infrastructure Trust becomes first private InvIT to get listed on National Stock Exchange

• IRB Infrastructure Trust, sponsored by IRB Infrastructure Developers Ltd was listed on the National Stock Exchange (NSE) becoming the first private InvIT to be listed.
• The move comes after the Securities and Exchange Board of India (SEBI) listed guidelines on the listing framework for non-listed infrastructure investment trusts (InVIT).

Key Highlights :

• The valuation of the trust units was determined based on third-party evaluation and further endorsed by the Trust’s investors as well.
• The value ascertained comes to around 16 times FY24 revenue, which will further keep appreciating with more projects coming in.
• On March 22,2023 MMK Toll Road Pvt. Ltd, an Investment Manager to the Trust, approved the listing of Units of the Trust on NSE.

What is InVIT?

• Infrastructure investment trusts, popularly known as InVITs, are a kind of hybrid securities.
• They are technically defined as a collective investment scheme similar to a mutual fund, which allows individuals and institutional investors to directly invest in infrastructure projects.
• They are designed as a tiered structure with the sponsor setting up the InvIT which in turn invests into the eligible infrastructure projects either directly or via special purpose vehicles (SPVs).

About IRB Infrastructure Trust :

• Chairman : Virendra D. Mhaiskar
• IRB Infrastructure Developers Ltd, sponsors of IRB Infrastructure Trust, holds 51% in the InvIT and the rest is held by GIC affiliates.

Go Digit General Insurance re-files IPO papers with SEBI

• Go Digit General Insurance Ltd has refiled its preliminary IPO (Initial Public Offering) papers with Securities and Exchange Board of India (SEBI) after making certain changes to its employee stock appreciation rights scheme.
• The revision comes after SEBI returned Go Digit’s draft IPO (initial public offering) papers on January 30 and requested that the company resubmit them with specific modifications.

Key Highlights :

• The size of the company’s IPO remains unchanged in the revised documents. The proposed IPO for Go Digit consists of a new issuance of equity shares valued at ₹1,250 crore and an offer for sale (OFS) of 94 crore equity shares made by the company’s promoter, Go Digit Infoworks Services, and current shareholders.
• The company had first filed the draft red herring prospectus (DRHP) with SEBI in August 2022 to raise funds through an initial share sale.
• The draft papers were “returned in terms of SEBI’s ICDR (Issuance of Capital and Disclosure Requirements) rules, which exempts rights granted under employee stock option plans to subsist at the time of filing the draft prospectus, but does not similarly exempt employee stock appreciation rights.
• Go Digit is backed by Canada-based Fairfax Group and offers motor insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance, and other insurance products to meet the needs of its customers.

SEBI releases guidelines on upfront contribution by issuers for LPCC’s Settlement Guarantee Fund  

• The Securities and Exchange Board of India (SEBI) notified a framework for the upfront collection of funds from eligible issuers of debt securities.
• The set guideline is to build the Settlement Guarantee Fund of the Limited Purpose Clearing Corporation (LPCC).
• The new framework will come into force from 1 May 2023,
• The eligible issuers would be notified by the LPCC as per its risk management policy.

Key Highlights :

• LPCC is an entity established to undertake the activity of clearing and settlement of repurchase agreement transactions.
• Under the framework, SEBI stated that an amount of 5 basis points of the issuance value of debt securities per annum based on the maturity of debt securities will be collected by the stock exchanges and placed in an escrow account before the allotment of the debt securities.
• This amount is applicable on a public issue or private placement of debt securities.
• In its board meeting in September 2020, SEBI had approved a proposal to facilitate the setting up of an LPCC.
• AMC Repo Clearing Limited (ARCL) has been granted recognition as LPCC by SEBI.
• The Reserve Bank of India (RBI) also gave necessary approvals to ARCL to function as a Clearing Corporation with a limited purpose and to offer central counterparty services for repo transactions in debt securities.

CURRENT AFFAIRS: NATIONAL NEWS

Shri Parshottam Rupala launches Animal Pandemic Preparedness Initiatives and World Bank-funded Animal Health System Support for One Health

• The “Animal Pandemic Preparedness Initiative (APPI)” will be launched by the Union Minister of Fisheries, Animal Husbandry & Dairying, Shri Parshottam Rupala.
• Shri Rupala will also launch the World Bank-funded Animal Health System Support for One Health (AHSSOH) project.
• Both will be launched under the aegis of the National One Health Mission at India Habitat Center, New Delhi.
• The Department of Animal Husbandry and Dairying has signed a collaborative project on AHSSOH with the World Bank.
• It aims to create an ecosystem for a better animal health management system using the One Health approach.
• The project will be rolled out in five states with the aim of enhancing the capacity building of stakeholders engaged in animal health and disease management.
• The project aims to cover 151 districts in the five participating states, which it targets the upgradation of 75 district/regional laboratories, the upgradation/strengthening of 300 veterinary hospitals/dispensaries.
• In addition, it aims to train 9000 para-veterinarians/clinical professionals and 5500 veterinary professionals.
• Apart from this, an awareness campaign on prevention and epidemic preparedness of zoonotic diseases will also be conducted at the community level by reaching six lakh households.
• Over the next five years, the collaborative project will be implemented as a Central sector scheme, with a budget of Rs 1228.70 Cr.
• The main activities under APPI which are at various stages of execution are as follows:
• Defined joint investigation and outbreak response teams (National & state)
• Design an overall integrated disease surveillance system (built on National Digital Livestock Mission)
• Strengthening the Regulatory system (e.g., Nandi online portal and Field trial guidelines)
• Creating disease modelling algorithms and early warning systems
• Strategizing Disaster Mitigation with National Disaster Management Authority
• Initiate targeted R&D to develop vaccines/diagnostics/therapies for priority diseases
• Build genomic and environmental surveillance methods to improve the timeliness and sensitivity of disease detection.

Normal monsoon despite El Nino, 96% rainfall likely: IMD

• The India Meteorological Department (IMD) said that rainfall will be 96% of the long-period average of 87 cm.
• It means that 83.5 cm of rainfall will be received from June to September of this year.
• IMD has predicted that the monsoon will be “normal” despite the possibility of El Nino conditions.
• The long-period average has been calculated based on the data from 1971 to 2020.
• India has received normal to above-normal rainfall in the last four years (2019 to 2022).
• Northeast regions are expected to receive Normal to above-normal rainfall.
• Rajasthan, Haryana, Uttarakhand, Maharashtra and Gujarat are likely to receive Normal to below-normal rainfall.
• According to climatic models, El Nino conditions are likely to develop during the monsoon season of this year.
• The effect of El Nino will be felt in the second half of the season.
• El Nino conditions means that rainfall will be below than normal.
• IMD pointed out that two factors- Indian Ocean Dipole and the snow-covered area over the northern hemisphere and Eurasia can also influence the monsoon.
• During this year’s monsoon, Positive Indian Ocean Dipole conditions are likely to develop.
• The snow-covered area in the northern hemisphere will also be favourable for this year’s monsoon.

CURRENT AFFAIRS : STATE NEWS

Uttar Pradesh’s Suhelwa sanctuary records first photographic proof of tigers  

• Suhelwa Wildlife Sanctuary of Uttar Pradesh (UP) has for the first time recorded photographic proof of
• As per the latest Census released by Prime Minister (PM) Shri Narendra Modi, the Suhelwa sanctuary is the new area where photographic evidence of tigers has been recorded.
• Suhelwa and Sohagi Barwa wildlife sanctuaries have been added to tiger detected grids.
• The latest tiger census data showed 804 camera trapped tigers in the Shivalik hills and Gangetic plains landscape, while in the 2018 census, the data showed 646 tigers.
• As per tiger census 2018, 173 tigers were projected in UP.

About Suhelwa Wildlife Sanctuary

• The sanctuary, located in Shravasti, Balrampur and Gonda districts of UP, was declared a wildlife sanctuary in 1988.
• It is named after King Soheldev & it is spread over an area of 452 sq km.
• The tiger reserves situated in UP are linked through the forests of Nepal, and cross-border cooperation is important to conserve the natural heritage of both countries.
• Floral: Sal, Asana, Khair, Teak etc. are the main trees.
• The sanctuary area is rich in medicinal plants & some species of medicinal plants are Safed Musuli, Kali Musuli, Piperwala Longum and Adhtoda Vasika etc.
• Fauna: Various types of mammals are found here. Leopard, bear, wolf, hyena, jackal, wild boar, sambar, spotted deer etc.

Festivals of Vishu, Rongali Bihu, Naba Barsha, Vaisakhadi, Meshadi, & Puthandu Pirappu being celebrated in different parts of country 

• Festivals of Vaisakhi, Vishu, Rongali Bihu, Naba Barsha, Vaisakhadi, Meshadi, Naba Barsha and Puthandu Pirappu are being celebrated in different parts of the country.
• These are the names of the New Year festivals in different parts of the country.
• The President stated that these farmers’ festivals celebrated in different parts of our country provide a glimpse of India’s rich cultural heritage and diversity.

Vishu :

• Vishu is a cultural festival celebrating the Hindu New Year in Kerala, Tulu Nadu, and Mahe of India.
• Vishu falls on the first day of the month of Medam in the Malayalam Calendar

Rongali Bihu:

• It is observed as the first day of the Assamese New Year.
• It is also called Bihu and Bohag Bihu.
• Rongali Bihu or Bohag Bihu, Magh Bihu or Maghar Domahi and Kati Bihu are 3 types of Bihu festivals in Assam.

Vaisakhi:

• It is a festival for the harvest season.
• It is celebrated as the beginning of the Hindu solar New Year.
• It is mainly celebrated in the state of Punjab.

Naba Barsha:

• It is the first day of the Bengali Calendar.
• It is celebrated as the Bengali New Year.
• It is celebrated in West Bengal and Bangladesh.

Puthandu :

• Puthandu is also known as Tamil New Year.
• It is the first day of the Tamil month Chittirai.

Union Minister Shri Amit Shah urges people to visit India’s ‘first village’ Kibithoo in Arunachal Pradesh

• Union Home Minister Shri Amit Shah urged people to visit Kibithoo -“India’s first village” in Arunachal Pradesh to enjoy its natural beauty and take inspiration from its history.
• It lies on the right bank of the Lohit River.
• Shah launched the Vibrant Villages Programme (VVP) in Kibithoo on April 10,2023.

What is the Vibrant Villages Programme?

• The VVP is a Centrally sponsored scheme under which 2,967 villages in 46 blocks of 19 districts abutting the northern border in the States of Arunachal Pradesh, Sikkim, Uttarakhand and Himachal Pradesh and UT of Ladakh have been identified for comprehensive development.
• In the first phase, 662 villages have been identified for priority on coverage, which includes 455 villages in Arunachal Pradesh.
• The VVP will help in improving the quality of life of people living in identified border villages & encourage people to stay in their native locations.

About Arunachal Pradesh :

• Governor : Kaiwalya Trivikram Parnaik
• Chief Minister : Pema Khandu
• Capital : Itanagar
• National Park : Namdapha National Park, Mouling National Park, Nameri National Park
• Wildlife Sanctuary : Dibang Wildlife Sanctuary, Mehao Wildlife Sanctuary

Union Minister Shri Nitin Gadkari inspects Asia’s longest ‘Zojila tunnel’ to establish all weather connectivity for Ladakh  

• Union Minister for Road Transport and Highways Shri Nitin Gadkari inspected Zojila Tunnel ,Asia’s longest tunnel which will establish all-weather connectivity between the Union Territories (UT) of Ladakh and Jammu and Kashmir (J&K).

Key Highlights :

• Currently the average travel time to cross the Zojila Pass sometimes takes 3 hours, after the completion of this tunnel the travel time will come down to 20 minutes.
• The reduction in travel time will ultimately result in fuel savings.
• The Zojila tunnel will be India’s longest road tunnel and is expected to be Asia’s longest bi-directional tunnel, boasting a length of 15 km.
• A connecting tunnel from Z-Morh on NH1 to the Zojila tunnel will be built in the Zojila Ghats between Sonmarg and Kargil.
• The tunnel is being built at a cost of more than 4,600 crores.
• It is expected to be completed by December 2023.
• The Zojila Pass is a high mountain pass through which one has to travel in order to make the journey.
• Zojila Pass connects Srinagar and

About Ministry of Road Transport & Highways :

• Cabinet Minister : Nitin Gadkari
• Minister of State : General V. K. Singh

Telangana Chief Minister K Chandrasekhar Rao unveils 125-ft tall statue of BR Ambedkar in Hyderabad  z

• Telangana Chief Minister (CM) Shri K Chandrasekhar Rao unveiled the 125-ft tall bronze statue of BR Ambedkar in Hyderabad, to mark the 132nd birth anniversary of the architect of the Indian Constitution.
• The statue in Hyderabad is India’s tallest statue of Ambedkar.
• The statue stands next to the State Secretariat on the banks of Hyderabad’s famous Hussain Sagar lake.

Key Highlights :

• It was designed by renowned sculptors Ram Vanji Sutar and his son Anil Ram Sutar of Ram Sutar Art Creations in Noida, Uttar Pradesh, who also designed several monumental sculptures, including the world’s tallest statue the Statue of Unity (597 feet) of Sardar Vallabhbhai Patel in Gujarat.
• It has an overall height of 175 feet, including a 50 feet high circular base resembling the edifice of the Parliament of India.
• The statue weighs 474 tonnes. 360 tonnes of stainless steel was used for building the armature structure of the statue.
• 114 tonnes of bronze was used for the casting of the statue.

About Bhimrao Ramji Ambedkar :

• Bhimrao Ramji Ambedkar is popularly known as Babasaheb, meaning “respected father” in Marathi and Hindi.
• In 1990, the Bharat Ratna, India’s highest civilian award, was posthumously conferred on Ambedkar.
• In honour of Ambedkar, Indian Constitution Day (National Law Day) is celebrated on 26 November.

About Telangana :

• Governor : Tamilisai Soundararajan
• Chief Minister : K. Chandrashekar Rao
• Capital : Hyderabad
• National Park : Mrugavani National Park, KBR National Park
• Wildlife Sanctuary : Pakhal Lake And Wildlife Sanctuary, Eturnagaram Sanctuary

CURRENT AFFAIRS: BUSINESS NEWS

Retail inflation declines to 5.66% in March

• Consumer Price Index (CPI)-based retail inflation declined to 5.66 % in March 2023.
• In February 2023, Consumer Price Index (CPI)-based retail inflation stood at 6.44%.
• Retail inflation has come below the upper tolerance level of RBI’s inflation range of 2-6% because of strong base effect and decline in vegetable and oil prices.
• As per Statistics Ministry data, the prices of vegetables and oils continue to be in the negative zone.
• Core inflation has also declined to 5.8% for March 2023 from 6.1% in February 2023.

Cost inflation index number for FY 2023-24 (AY 2024-25) used for LTCG calculation notified by CBDT

• Cost Inflation Index (CII) for Financial Year 2023-24 has been kept at 348.
• This is an increase of 5.14%.
• CII was kept at 331 for Financial Year 2022-23.
• The index has been notified by the Central Board of Direct Taxes (CBDT).
• CBDT said the notification shall be effective from 1st April, 2024.
• It shall apply in relation to the assessment year 2024-25 and subsequent assessment years.

About CII

• CII number helps in finding out the long term capital gains an assesse shall pay taxes when he/she files ITR (Income Tax Return) next year.
• Cost Inflation Index (CII) is also a way to calculate inflation (estimated increase in prices of a good/service over the years).
• Central government notifies the CII each year.
• It is defined under Section 48 of the Income Tax Act, 1961.
• The base year for CII is 2001.
• With the help of indexation, the purchase price of an investment is adjusted to reflect the effect of inflation on it.
• The inflation rate to be used for indexation can be obtained from CII.

Solar Energy Corporation of India gets ‘Miniratna Category-I’ status

• Miniratna Category-I Central Public Sector Enterprise (CPSE) status has been accorded to Solar Energy Corporation of India.
• SECI is committed to achieving the target of 500 GW of non-fossil fuel-based capacity by 2030.
• Till date, more than 56 GW project capacities have been awarded to SECI.
• ICRA has given the highest credit rating of AAA to Solar Energy Corporation of India.
• As of December 2022, 66 companies are Miniratna I CPSE.
• Solar Energy Corporation of India Ltd (SECI) was founded on 9 September 2011 to promote solar energy in India.
• It was set up to facilitate the implementation of the National Solar Mission (NSM).
• It is the only Central Public Sector Undertaking (CPSU) dedicated to the renewable energy sector.

CURRENT AFFAIRS: AWARDS AND HONOURS

Amit Shah to confer Maharashtra Bhushan Award to social activist Appasaheb Dharmadhikari

• Renowned social worker and reformer Dattatreya Narayan Dharmadhikari alias Appasaheb Dharmadhikari will be honored with the Maharashtra Bhushan Award by Union Home Minister Amit Shah.
• Appasaheb Dharmadhikari was nominated for the prestigious 2022 Maharashtra Bhushan Award.
• Appasaheb Dharmadhikari was also awarded the Padma Shri in 2017.
• Appasaheb’s father and noted preacher-reformer Late Dr. Narayan Vishnu Dharmadhikari was also honored with the Maharashtra Bhushan 2008 award.
• Appasaheb Dharmadhikari is involved in social and community building activities like tree plantation, blood donation and medical camps, abolition of dowry system, empowering women and tribals, conducting training for children and adult literacy centers.
• It is the highest civilian award conferred by the government of Maharashtra.
• It includes a medal, a citation and Rs 25 lakh.

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

CCI approves acquisition of certain shareholding of BTS Investment & Bodhi Tree Systems VCC by NBC Universal Media  

• The Competition Commission of India (CCI) approves the acquisition of certain shareholding of BTS Investment 1 Pte. Ltd. (BTS Investment) & Bodhi Tree Systems VCC (BTS VCC) (Targets) by NBC Universal Media, LLC (NBC Universal) (Acquirer) a wholly-owned subsidiary of Comcast Corporation under Section 31(1) of the Competition Act, 2002.

About NBC Universal :

• NBC Universal is a multinational media and entertainment company incorporated in the United States of America (USA).
• It is a wholly-owned subsidiary of Comcast Corporation, which is also incorporated in the United States of America and is listed on the NASDAQ.
• It is engaged in the development, production and marketing of entertainment, news and information to global audiences.
• NBC Universal owns and operates (i) news and entertainment television networks, (ii) a motion picture company, (iii) television production operations, (iv) television stations group, (v) theme parks, and (vi) ad-supported streaming services, across the globe.

About BTS Investment :

• BTS Investment is a private company incorporated under the laws of Singapore.
• Currently, it is in the process of raising capital from various investors, including sovereign funds, multinational companies, and global institutional investors, in order to generate funding for its investments.
• Asia Initiatives Pte. Ltd. (Asia Initiatives) holds 100% of the ordinary equity shares of BTS Investment.
• Asia Initiatives is jointly held by Lupa Systems LLC (Lupa Systems) and Uday Shankar.

About BTS VCC :

• BTS VCC has been incorporated as a non-umbrella Singapore Variable Capital Company under the laws of Singapore.

Purpose :

• To raise capital from various investors for investing in media and entertainment, education, consumer health and other consumer-related sectors in the Indian Ocean region, with a particular emphasis on India.
• Asia Initiatives holds 100% of the management shares of BTS VCC.

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 : SCIENCE & TECHNOLOGY

European Space Agency set to launch Jupiter Icy Moons Explorer  

• The European Space Agency (ESA) is all set to launch the Jupiter Icy Moons Explorer, or Juice, mission from its spaceport in French Guiana on an Ariane 5 launcher.
• Planned to reach Jupiter in 2031, the mission aims to carry out a detailed exploration of the Solar System’s largest planet and its icy moons, which potentially have habitable environments.
• NASA, the Japanese Aerospace Exploration Agency (JAXA) and the Israel Space Agency have also contributed to the JUICE mission.

Key Highlights :

• ESA’s Juice mission will make detailed observations of gas giant Jupiter and its 3 large ocean-bearing moons – Ganymede, Callisto and Europa.
• JUICE will use a powerful suite of remote sensing, geophysical and in situ instruments.
• Ganymede is larger than Pluto and Mercury.
• It is the only one to generate its own magnetic field.
• So far, two other spacecraft have examined Jupiter:

1. Galileo probe, which orbited the gas giant between 1995 and 2003
2. Juno, which has been circling the planet since 2016.

• Its focus has been the planet itself rather than its moons.
• Another new NASA mission, Europa Clipper, is being launched in October 2024.
• Europa Clipper will arrive at Jupiter in 2030 and aims to study its Europa moon.

Elena Geo Systems launches NavIC chip to reduce dependence on GPS                

• Elena Geo Systems, a Bengaluru-based space technology company, launched Indigenous Navigation with Indian Constellation (NavIC) chip at the Defence Space Symposium, to reduce dependence on the American Global Positioning System (GPS).
• Chip has been formally handed over by Col. V.S. Velan (retd.), founder and Chief Technology Officer of Elena Geo Systems, to Chief of Defence Staff (CDS) General Anil Chauhan.

Key Highlights :

• The chip, by virtue of its tiny size, ultra-low power requirement and software-based control, is suitable for use in mobiles, handheld devices and wearables.
• It forms the core of navigation, positioning and timing applications in India.
• The chip works using NavIC or the Indian Regional Navigation Satellite System (IRNSS) satellites and can make India self-reliant in this domain.
• The chips will enable high precision and accuracy for all 3 types of applications such as navigation, positioning and timing.
• It can be used for intelligent tracking of public works, ambulance services, mining, transport corporations, warehousing, public health, civil supplies and fishing management, among others.
• Around 10,000 chips will be manufactured in the first batch.
• Elena Geo Systems was incubated at IIT-Kharagpur in 2012, and is now a member of the Delhi-based Indian Space Association (InSA).

CURRENT AFFAIRS: RANKING AND INDEX

India improves its ranking by 6 spots in global biz environment rankings

• India’s rank improved by six spots in the global Business Environment Rankings.
• The Economist Intelligence Unit (EIU) has released the latest Business Environment Rankings (BER).
• Vietnam, Thailand, Belgium, Sweden, India and Costa Rica have shown the biggest improvements over the past year.
• Vietnam is the overall biggest mover which climbed 12 spots in the rankings.
• In the latest Business Environment Rankings (BER), India’s rank has improved from 52nd to 46th position.
• India’s rank has improved due to improved scores in parameters like technological readiness, political environment, and foreign investment.
• Out of the 17 economies in the Asian region, India has been ranked 10th for the 2023-27 forecast period.
• India was in 14th position in 2018-22.
• China, Bahrain, Chile and Slovakia showed the biggest fall in the rankings over the past year.
• China has fallen by 11 spots in the latest rankings.
• According to the EIU’s latest business environment Rankings, Singapore, Canada and Denmark will be the three countries with the best business environment over the next five years.
• The United States and Switzerland are in the fourth and fifth spot
• Business Environment Rankings measure the attractiveness of the business environment in 82 countries based on 91 indicators.
• As per the forecast, India’s working-age population will react to 100 million by 2030.
• India’s regional BER ranking for infrastructure has improved to 10th for the 2023-27 period.
• India is in the top 10 in technological readiness due to a more conducive environment for e-commerce and the enhancement of information technology-ready government services.

India ranks 5th in countries with most AI investments

• India is ranked 5th in the list of countries with the most AI investment as per Stanford University’s annual AI Index report.
• The total amount of investments in AI startups in India was $3.24 billion in 2022.
• US, China, UK and Israel are placed ahead of India.
• India is placed ahead of South Korea, Germany, Canada and Australia.
• As per the report, AI startups in India received a total funding of $7.73 billion during 2013-2022.
• India is ranked 6th in the list of countries with the most AI investments during 2013-2022.
• As per the Stanford report, 54% of researchers working on large language models were from American institutions.
• Researchers from Canada, Germany and India made contributions to the development of large language models for the first time last year.
• According to Tracxn, investments in AI startups in India increased from $1.7 billion in 2020 to $5.2 billion in 2022.

CURRENT AFFAIRS: MOUS AND AGREEMENT

RRI signs MoU with Indian Navy for developing secure maritime communications using quantum technologies

• Department of Science and Technology signed MoU with Indian Navy for developing secure maritime communications.
• Under this MoU, the Department of Science and Technology will develop secure maritime communications using Quantum Technology.
• The MoU has been signed between Professor Tarun Souradeep, Director of Raman Research Institute and Vice Admiral Sandeep Naithani, Chief of Materiel, Indian Navy.
• Raman Research Institute’s Quantum Information and Computing (QuIC) lab will lead the project of developing quantum key distribution techniques.
• QuIC lab is leading India’s research in the field of secure quantum communication.
• Its main achievements include development of an end-to-end simulation toolkit named “qkdSim”, ensuring safety in communication platforms, establishing secure communication between two buildings, etc.
• QuIC lab is India’s first lab which has proposed and implement a wide range of applications using single and entangled photons for establishing secure communications in strategic areas.

Namami Gange Signs Agreement With 49 Universities To Inspire Youth Towards Water Conservation & River Rejuvenation

• National Mission for Clean Ganga has signed an agreement with 49 universities.
• The agreement has been signed to inspire youth toward water conservation and river rejuvenation.
• The aim of the MoU is to bring students at forefront of the mass movement for creating a sustainable ecosystem of rivers.
• On the occasion, Jal Shakti Minister Gajendra Singh Shekhawat said that ensuring the cleanliness of River Ganga with the rejuvenation of rivers are the prime objectives of the Namami Gange Mission.
• Shri Gajendra Singh Shekhawat presided over the Namami Gange: Universities Connect event where the agreement was signed with 49 universities.
• The theme of the event was ‘Igniting Young Minds, Rejuvenating Rivers’.
• The event was organised by the National Mission for Clean Ganga (NMCG) and APAC News Network in New Delhi.
• NMCG was formed in 2011 under the Ministry of Jal Shakti.
• It is the implementing wing of the National Ganga Council.

CURRENT AFFAIRS: SPORTS NEWS

Indian Women wrestlers bag seven medals to finish third at Asian Wrestling Championship

• A total of seven medals have been won by Indian women wrestlers at the Asian Wrestling Championships held in Astana, Kazakhstan.
• These include two silver and five bronze medals.
• With this, India has secured the third position in the women’s team rankings.
• Antim Panghal has won silver in 53 kg weight category and Nisha Dahiya in 68 kg weight category.
• In the previous edition of this championship, India had won 5 medals and finished fourth.
• Japan ranked first and China ranked second position in the women’s team rankings.
• The 36th edition of the Asian Wrestling Championships was held in Astana, Kazakhstan from April 9 to 14, 2023.

CURRENT AFFAIRS : OBITUARIES

Renowned National Award-Winning actress Uttara Baokar passed away

• Noted actress and theatre artist Uttara Baokar passed away at the age of 79 in Pune city of Maharashtra.

About Uttara Baokar :

• She acted in several notable plays, such as Padmavati in Mukyhamantri, Mena in Mena Gurjari, Desdemona in Shakespeare’s Othello.
• She has appeared in popular TV shows like Udaan, Antaral, X Zone, Rishtey Kora Kaagaz, Nazarana, Jassi Jaissi Koi Nahin, Kashmakash Zindagi Ki and Jabb Love Hua.

Awards & Honors :

• In 1984, she won the Sangeet Natak Akademi Award for Acting (Hindi theatre).
• In 1988 she won the National Film Award for Best Supporting Actress for Ek Din Achanak

Bangladesh Freedom fighter & public health pioneer Dr Zafrullah Chowdhury passed away

• Veteran Liberation War fighter and legendary public health activist Zafrullah Chowdhury passed away at the age of 81 in Dhaka, Bangladesh.

About Dr. Zafrullah Chowdhury :

• Zafarullah Chowdhury, who was known for his expertise as a vascular surgeon and pioneering contributions to public health.
• In 1972, he established Gonostha Kendra (meaning the People’s Health Center in Bengali), a rural healthcare organisation to provide affordable and quality treatment to the underprivileged.
• He was known more for his work in formulating the Bangladesh National Drug Policy in
• He was called the ‘doctor of the poor’ for his excellent work in providing health services to the poor.

Awards & Honors :         

• In 1977, he was honoured with the Independence Award, which is the highest civilian award in Bangladesh.
• In 1985, he won the Ramon Magsaysay Award in the Community Leadership category.
• In 1992, he won the Right Livelihood Award for his outstanding work in the public health sector

CURRENT AFFAIRS: IMPORTANT DAYS

World Hemophilia Day 2023: April 17

• World Hemophilia Day is celebrated on April 17th every year.
• This day is recognized worldwide to increase awareness of haemophilia and other inherited bleeding disorders.
• The theme of World Hemophilia Day is “Access for All: Prevention of bleeds as the global standard of care”.
• World Hemophilia Day was first started in 1989 by the World Federation of Hemophilia which chose 17th April as the day to bring the community together in honour of World Federation of Hemophilia founder Frank Schnabel’s birthday.
• The importance of educating hemophilia patients and the general public about bleeding disorders.
• The day will also emphasize the importance of proper hemophilia care and treatment.

Daily CA One- Liner: April 16 & 17

• The “Animal Pandemic Preparedness Initiative (APPI)” will be launched by the Union Minister of Fisheries, Animal Husbandry & Dairying, Shri Parshottam Rupala
• The India Meteorological Department (IMD) said that rainfall will be 96% of the long-period average of 87 cm
• Consumer Price Index (CPI)-based retail inflation declined to 5.66 % in March 2023
• Cost Inflation Index (CII) for Financial Year 2023-24 has been kept at 348
• Miniratna Category-I Central Public Sector Enterprise (CPSE) status has been accorded to Solar Energy Corporation of India
• Renowned social worker and reformer Dattatreya Narayan Dharmadhikari alias Appasaheb Dharmadhikari will be honored with the Maharashtra Bhushan Award by Union Home Minister Amit Shah
• India’s rank improved by six spots in the global Business Environment Rankings
• India is ranked 5th in the list of countries with the most AI investment as per Stanford University’s annual AI Index report
• Department of Science and Technology signed MoU with Indian Navy for developing secure maritime communications
• National Mission for Clean Ganga has signed an agreement with 49 universities.
• A total of seven medals have been won by Indian women wrestlers at the Asian Wrestling Championships held in Astana, Kazakhstan
• Capital Market Regulator Securities and Exchange Board of India (SEBI) unveiled its new logo on its 35th Foundation Day at a ceremony conducted at the SEBI Head Office in Mumbai, Maharashtra.
• Private sector lender YES Bank has become the first Indian company to have over 50 lakh shareholders, according to the shareholding pattern of the bank on March 31, 2023.
• The Reserve Bank of India (RBI) has simplified the application process for the registration of core investment companies (CICs).
• According to provisional data released by the General Insurance Council (GIC), India’s non-life insurers reported growth in the high teens in fiscal 2023 due to robust performance across segments.
• Walmart Inc-owned Indian payments firm PhonePe had raised an additional $100 million (Rs 820 crore) from General Atlantic (GA) from United States (US) based private equity firm and other investors as part of its ongoing $1 billion fundraise to expand into the lucrative lending space.
• IRB Infrastructure Trust, sponsored by IRB Infrastructure Developers Ltd was listed on the National Stock Exchange (NSE) becoming the first private InvIT to be listed.
• Go Digit General Insurance Ltd has refiled its preliminary IPO (Initial Public Offering) papers with Securities and Exchange Board of India (SEBI) after making certain changes to its employee stock appreciation rights scheme.
• The Securities and Exchange Board of India (SEBI) notified a framework for the upfront collection of funds from eligible issuers of debt securities.
• Suhelwa Wildlife Sanctuary of Uttar Pradesh (UP) has for the first time recorded photographic proof of
• Festivals of Vaisakhi, Vishu, Rongali Bihu, Naba Barsha, Vaisakhadi, Meshadi, Naba Barsha and Puthandu Pirappu are being celebrated in different parts of the country.
• Union Home Minister Shri Amit Shah urged people to visit Kibithoo -“India’s first village” in Arunachal Pradesh to enjoy its natural beauty and take inspiration from its history.
• Union Minister for Road Transport and Highways Shri Nitin Gadkari inspected Zojila Tunnel ,Asia’s longest tunnel which will establish all-weather connectivity between the Union Territories (UT) of Ladakh and Jammu and Kashmir (J&K).
• Telangana Chief Minister (CM) Shri K Chandrasekhar Rao unveiled the 125-ft tall bronze statue of BR Ambedkar in Hyderabad, to mark the 132nd birth anniversary of the architect of the Indian Constitution.
• The Competition Commission of India (CCI) approves the acquisition of certain shareholding of BTS Investment 1 Pte. Ltd. (BTS Investment) & Bodhi Tree Systems VCC (BTS VCC) (Targets) by NBC Universal Media, LLC (NBC Universal) (Acquirer) a wholly-owned subsidiary of Comcast Corporation under Section 31(1) of the Competition Act, 2002.
• The European Space Agency (ESA) is all set to launch the Jupiter Icy Moons Explorer, or Juice, mission from its spaceport in French Guiana on an Ariane 5 launcher.
• Elena Geo Systems, a Bengaluru-based space technology company, launched Indigenous Navigation with Indian Constellation (NavIC) chip at the Defence Space Symposium, to reduce dependence on the American Global Positioning System (GPS).
• Noted actress and theatre artist Uttara Baokar passed away at the age of 79 in Pune city of Maharashtra.
• Veteran Liberation War fighter and legendary public health activist Zafrullah Chowdhury passed away at the age of 81 in Dhaka, Bangladesh.
• World Hemophilia Day is celebrated on April 17th every yearz