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BANKING & FINANCE:
ADB & NSFTPL sign Rs 1066 crore loan agreement to upgrade India’s Jawaharlal Nehru Port Container Terminal
- The Asian Development Bank (ADB) and Nhava Sheva Freeport Terminal Private Limited (NSFTPL) have signed a loan agreement of $131 million or Rs 1066 crore to upgrade the Jawaharlal Nehru Port Container Terminal located in Navi Mumbai, Maharashtra, India.
- The loan will be used to improve the terminal’s infrastructure and increase its container handling capacity.
KEY HIGHLIGHTS:
- The financing package includes $61.4 million from ADB’s ordinary capital resources and $69.6 million from Leading Asia’s Private Infrastructure Fund (LEAP) administered by ADB.
- The funds will be utilized to upgrade the existing berths and yards and to install additional energy-efficient equipment such as electric quay cranes.
- These upgrades will attract vessels operating on important international shipping lanes, and help to make international trade more efficient, transparent, and
ABOUT NSFTPL:
NSFTPL is a special-purpose vehicle jointly owned by J M Baxi Ports and Logistics Limited (JMBPL) and CMA Terminals.
ABOUT ADB:
- Established : 19 December 1966
- Headquarters : Mandaluyong, Metro Manila, Philippines
- President: Masatsugu Asakawa.
PNB & Aadhar Housing Finance enter into a co-lending partnership to offer home loans
- Punjab National Bank (PNB) and Aadhar Housing Finance Ltd (AHFL) have entered into a co-lending agreement to offer home loans at competitive interest rates.
AIM:
- To reach out to a large section of society viz. economically weaker, lower, and middle-Income groups for providing easy, convenient, and efficient home finance solutions to customers.
- The co-lending framework of the Reserve Bank of India (RBI) provides a tool for the Banks and NBFCs/HFCs to collaborate, and leverage their respective strengths to provide affordable solutions to the unserved and underserved sections of society.
About PNB :
- Founded: 19 May 1894
- Headquarters: Delhi, India
- MD & CEO : Atul Kumar Goel
- Tagline: Name You Can Bank Upon
About AHFL :
- Established: 1990
- MD & CEO : D S Tripathi
- AHFL is one of the largest affordable housing finance companies in India servicing the home financing needs for purchase.
INTERNATIONAL NEWS
India to moot energy efficiency pact at G20
- In line with New Delhi’s strong focus on energy transition and energy security, India planned to launch an initiative “ Energy Efficiency partnership for 2030” during its G20 presidency this year.
KEY HIGHLIGHTS:
- The G20 discussions will focus on accelerating energy efficiency across demand-driven sectors, including high energy-consuming industries such as cement and steel.
- The talks would cover issues such as technology transfer for energy efficiency, promotion of energy conservation, and adoption of highly efficient appliances.
- The G20 Energy Transition Working Group will also work on a declaration from the G20 nations for industrial transitions to achieve low emissions for high-energy-consuming sectors.
- The working group along with sector experts would also identify new technologies and cost-effective solutions to decarbonize sectors that are highly energy-consuming and where efficiency is low.
- The working group also expects to come up with a strategic plan for advancing energy efficiency across all demand-driven sectors by the year 2030.
STATE NEWS:
IndianOil to pump in Rs 2,200-cr investment for projects in Tamil Nadu
- The Indian Oil Corporation Limited (IOCL) has planned investments of around ₹2,200 crores in Tamil Nadu (TN) over the next two years, to take the major grassroots and expansion projects in TN.
- The projects include a ‘grass-roots terminal’ at Asanur and Vallur, a ‘captive petroleum’ project, oil and lubricant-LPG jetty at Kamarajar port among others.
- The IOCL has achieved 10% ethanol blending with petrol in TN and Puducherry and was working towards increasing it to 20% in line with the Centre’s mandate.
About Tamil Nadu :
- Governor: R. N. Ravi
- Chief Minister: M. K. Stalin
- Capital: Chennai
- Dance : Bharatnatyam, Karakattam
- National Park: Mudumalai National Park, Mukurthi National Park, Guindy National Park, Gulf of Mannar Marine National Park
- Wildlife Sanctuaries: Kalakad Wildlife sanctuary, Karikili Bird Sanctuary, Vedanthangal Bird Sanctuary
- Tiger Reserve: Anamalai Tiger Reserve
- Biosphere Reserve: Agasthyamalai Biosphere Reserve
ABOUT IOCL:
- Founded: 30 June 1959
- Headquarters: New Delhi, Delhi, India
- Chairman : Shrikant Madhav Vaidya
- Executive director and Tamil Nadu State Head of the Indian Oil Corporation: V C Asokan
- The IOCL is a central public sector undertaking under the ownership of the Ministry of Petroleum and Natural Gas, Government of India (GoI).
Odisha’s Ganjam district Tops Country In MGNREGA Work
- Ganjam district in Odisha has occupied the top position in the country in generating man-days and providing 100 days of work to rural households under Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA).
- As many as 63,449 households in the district have been provided 100 days of employment.
- Ganjam was followed by Barmera (2.18 crore) in Rajasthan and Tiruvannamalai (2.13 crore) in Tamil Nadu in generating man days during the period.
KEY HIGHLIGHTS:
- Kandhamal district (35,141), Barmera (34,994), and Bolangir (26,209) stood second, third, and fourth respectively in the country in providing jobs to 100 households during the period.
- Ganjam district has also achieved the top position (58%) among 30 districts of the state in the participation of women under the scheme.
- The district has an annual target of generating54 crore man-days in the 2022-23 fiscal.
- In 2021-22, Ganjam district provided 100 days of work to 1,29,290 households and topped the country.
ABOUT MGNREGA:
- National Rural Employment Guarantee Act 2005 (or, NREGA), later renamed as the “Mahatma Gandhi National Rural Employment Guarantee Act”, MGNREGA), is an Indian labor law and social security measure that aims to guarantee the ‘right to work’.
AWARDS AND HONOURS:
Gallantry Awards: Six awarded Kirti Chakra, all for Ops in Kashmir
- The President has approved 412 gallantry awards on the eve of Republic Day, with six personnel being conferred the Kirti Chakra, all for action against terrorists in Jammu and Kashmir.
- Besides the Kirti Chakras awardees – four of them have been conferred posthumously – 15 personnel have been named for the Shaurya Chakra for gallantry.
- Given the relative peace in the North East, most awardees are for operations in Kashmir, including Major Subhang who was instrumental in killing two terrorists in a close-quarter battle at Budgam.
- The officer faced small arms and under-barrel grenade fire – injuring him and his two soldiers – but carried on the fight to the finish.
- Naik Jitendra Singh, also named for the Kirti Chakra, took part in three operations in which seven terrorists were killed.
- The soldier was severely injured in an encounter at Pulwama but displayed exceptional courage in taking on a terrorist who was targeting his team members.
- The President has also approved one Bar to Sena Medal, 92 Sena Medals (four posthumous), one Nao Sena Medal (posthumous) and seven Vayu Sena Medals.
- Besides, 29 Param Vishisht Seva Medals, three Uttam Yudh Seva Medals, one Bar to Ati Vishisht Seva Medal, and 52 Ati Vishisht Seva Medals have been announced.
MSY, Zakir Hussain, Sudha Murty & KM Birla among 106 Padma awardees:
- The government announced the Padma awards for 106 persons for their contribution to different fields on the eve of Republic Day and picked oral rehydration solution (ORS) icon Dilip Mahalanabis, former Uttar Pradesh CM Mulayam Singh Yadav and former CM of Karnataka SM Krishna for the Padma Vibhushan.
- Mahalanabis pioneered the wide use of the ORS which is estimated to have saved over five crore lives globally.
- Mahalanabis demonstrated the effectiveness of the ORS while serving in refugee camps during the 1971 Bangladesh Liberation War, having returned from the United States of America to serve.
- He passed away at a Kolkata hospital on October 16 last year.
- He was 87 and had been suffering from lung infection and other age-related ailments.
- Apart from him, five others have also been included in the list of Padma Vibhushan awardees.
- Among them are Balkrishna Doshi (posthumous) in architecture, Zakir Hussain in art, SM Krishna in public affairs, Srinivas Varadhan in science and engineering, and Mulayam Singh Yadav (posthumous) in public affairs.
- Besides, the government also announced the names of nine persons for the Padma Bhushan award.
- They include Sudha Murthy, wife of Infosys founder Narayana Murthy, for her contribution to the field of social work, singers Suman Kalyanpur and Vani Jairam, noted industrialist Kumar Mangalam Birla, SL Bhyrappa (literature and education), Deepak Dhar (science and engineering), Kapil Kapoor (literature and education), Kamlesh D Patel and Swami Chinna Jeeyar (spiritualism).
- The 91 persons selected for the Padma Shri also include Rattan Singh Jaggi from Punjab for his contribution to the field of literature and education, Bakshi Ram of Haryana for his contribution to the field of science and engineering, and Ghulam Muhammad Zaz and Mohan Singh from Jammu and Kashmir for their contribution to the fields of art and literature, respectively.
Padma Bhushan:
- KM Birla IndustrialistSudha Murthy Author
- SL Bhyrappa Novelist
- Swami Chinna Jeeyar
- Deepak Dhar Educationist
- Vani Jairam Playback singer
- Suman Kalyanpur Singer
- Kapil Kapoor Educationist
Padma Shri
- Kamlesh D Patel Spiritual leader
- Rakesh Jhunjhunwala
- Raveena Tandon, Manipur BJP chief TC Singh & RRR music director Keeravaani among 91 awarded Padma Shri
- Rattan Singh Jaggi
- Nineteen awardees are women
- Padma Shri list includes two from the NRI/PIO/OCI category Padma Shri is awarded for distinguished service in any field.
BUSINESS NEWS
UN predicts India growth to moderate to 5.8% in 2023
- India’s gross domestic product (GDP) growth rate is projected to moderate to 5.8% in the calendar year 2023 from an estimated 6.4% in 2022 as higher interest rates and a global economic slowdown weigh on investment and export performance, the United Nation.
- In its World Economic Situation and Prospects 2023 report, the UN said that in South Asia, the economic outlook has “significantly deteriorated due to high food and energy prices, monetary tightening and fiscal vulnerabilities” with average GDP growth projected to moderate to 4.8% in 2023 from 5.6% in 2022.
- Economic growth in India is projected to moderate in 2023, with higher interest rates weighing on investment and slower global growth weakening exports
- The government has estimated India’s real GDP growth in FY23 at 7% against 8.7% in 2021-22.
- As per the UN, India’s annual inflation is estimated at 7.1% in 2022, exceeding the 2-6% target band set by the central bank but is expected to decelerate to 5.5% in 2023 as global commodity prices moderate and slower currency depreciation eases imported inflation.
- As per the report, among the large economies, the unemployment rate dropped to a four-year low of 6.4% in India as the economy added jobs both in urban and rural areas in 2022.
- The UN said that in about a dozen countries, including several large economies, notably, Brazil, India, Nigeria, and Pakistan, estimates suggest that governments spent more than 20% of revenues on interest payments in 2022.
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RANKING AND REPORTS :
Israel is India’s top petro-product buyer
- Israel has emerged as the top buyer of Indian petroleum products, with more than $1 billion worth of purchases in December, followed by the UAE, the US, and Togo.
- This comes as Russia continues to be the top source of crude oil for New Delhi.
- From less than 3% in 2021, the share of Russian crude in the Indian crude basket has seen an exponential rise.
- As per S&P, Russia became India’s top crude supplier in November 2022, with the country receiving around 1 million barrels per day (b/d).
- Israel and Togo have not been significant buyers of Indian petroleum products so far, but in December, Israel was the top buyer and the African nation was the fourth largest.
- Exports of India’s petroleum products between April and December in the current financial year jumped 35% to $67.64 bn compared to $44.28 bn during 2021.
- The top importers so far in the fiscal have been the Netherlands, the UAE, the US, and Togo.
- The country imported petroleum products worth $1.21 billion from India in December, against $297.68 million in November.
- India has seen aggressive procurement of its petroleum products including aviation turbine fuel (ATF) by countries that have traditionally not been significant buyers of Indian refined products.
- Experts said that both high imports of crude oil from Russia and the export of petroleum products by India were set to continue despite the price cap on Russian oil imposed by G7 and European Union.
APPOINTMENTS AND RESIGNATIONS:
Mr. Shamal Patel & Mr. Valamji Humbal were re-elected as chairman & vice-chairman of Amul
- The board of directors of Gujarat Cooperative milk marketing federation Limited (GCMMF), the umbrella body of milk cooperatives in Gujarat that owns the brand Amul Re-elected Mr. Shamalbhai Patel and Mr. Valamji Humbal as Chairman and Vice-Chairman,
- The elections were being held after a gap of 2.5 years, in the presence of 17 of the 18 members who represent their district milk unions in Gujarat.
ABOUT SHAMBALBHAI PATEL:
- He was first elected as the chairman of GCMMF in July 2020.
- Patel is also the chairman of Sabar Dairy Union with annual sales exceeding Rs 6,800 crore and farmer membership of 3.85 lakh milk producers.
NOTE:
- According to the Food & Agricultural Organization (FAO) of the United Nations (UN), India is the world’s largest milk producer with 22% of global production.
ABOUT GCMMF:
- Headquarters: Anand, Gujarat
- Managing Director: Dr. Rupinder Singh Sodhi
- Tagline: The Taste of India
- It is the apex organization of the Dairy Cooperatives of Gujarat, known as AMUL.
SCIENCE &TECHNOLOGY:
Serum Institute of India launches India’s first HPV vaccine against cervical cancer
- To commemorate National Girl Child Day and Cervical Cancer Awareness Month, Chief Executive Officer (CEO) of Serum Institute of India (SII), Mr. Adar Poonawalla has launched CERVAVAC, India’s first indigenously developed quadrivalent human papillomavirus (qHPV) vaccine for the prevention of cervical cancer.
- The qHPV CERVAVAC is the outcome of the partnership between SII & Department of Biotechnology (DBT) and the Biotechnology Industry Research Assistance Council (BIRAC) along with the Bill and Melinda Gates Foundation.
- In India, cervical cancer is the second-most frequent cancer among women aged 15 to 44 years.
- In September 2022, SII announced the scientific completion of the cervical cancer vaccine.
- According to the US National Institute of Health’s (NIH’s) National Cancer Institute, 3 vaccines, Gardasil, Gardasil 9, and Cervarix, that prevent infection with disease-causing HPV are currently being marketed in many countries throughout the world.
ABOUT CERVICAL CANCER:
- Studies have pointed out that most cervical cancers are caused by the human papillomavirus and are sexually transmitted.
- It occurs in the cells of the cervix (the lower part of the uterus) that connects to the vagina.
ABOUT SII:
- Founded: 1966
- Headquarters: Pune, Maharashtra, India
- Chairman & MD: Cyrus S. Poonawalla
OBITUARIES:
Renowned Indian architect Dr. Balkrishna Vithaldas Doshi passed away
- Renowned Indian architect Dr. Balkrishna Vithaldas Doshi passed away at the age of 95.
About Dr. Balkrishna Vithaldas Doshi :
- Doshi was born on August 26, 1927, in Pune, Maharashtra.
- He is a significant figure in Indian architecture & he had an immense impact on the development of architectural discourse in India.
- He was the first Founder-Director of the School of Architecture and School of Planning, Ahmedabad.
- He had been an urban planner and educator for the past 70 years.
Some iconic architectural designs of BV Doshi :
- FLAME University, IIM Bangalore, IIM Udaipur, NIFT Delhi, Amdavad ni Gufa, CEPT University, and the Aranya Low-Cost Housing development in Indore for which was awarded the Aga Khan Award for Architecture
Awards & Honors :
- Doshi is the recipient of France’s highest honor for arts, the Officer of the Order of Arts and Letters, 2011.
- He became the first Indian architect to receive the Pritzker Architecture Prize, often referred to as the “Nobel Prize for architecture”, in 2018.
- He was conferred with Padma Shri in 1976 and the Padma Bhushan in 2020.
- Doshi was honored with the Royal Gold Medal 2022, one of the world’s highest honors for architecture by the Royal Institute of British Architects (RIBA).
Daily CA on January 27:
- The President has approved 412 gallantry awards on the eve of Republic Day, with six personnel being conferred the Kirti Chakra, all for action against terrorists in Jammu and Kashmir
- The government announced the Padma awards for 106 persons for their contribution to different fields on the eve of Republic Day and picked oral rehydration solution (ORS) icon Dilip Mahalanabis, former Uttar Pradesh CM Mulayam Singh Yadav and former CM of Karnataka SM Krishna for the Padma Vibhushan
- India’s gross domestic product (GDP) growth rate is projected to moderate to 5.8% in the calendar year 2023 from an estimated 6.4% in 2022 as higher interest rates and a global economic slowdown weigh on investment and export performance, the United Nation.
- Israel has emerged as the top buyer of Indian petroleum products, with more than $1 billion worth of purchases in December, followed by the UAE, the US, and Togo.
- The Asian Development Bank (ADB) and Nhava Sheva Freeport Terminal Private Limited (NSFTPL) have signed a loan agreement of $131 million or Rs 1066 crore to upgrade the Jawaharlal Nehru Port Container Terminal located in Navi Mumbai, Maharashtra, India.
- Punjab National Bank (PNB) and Aadhar Housing Finance Ltd (AHFL) have entered into a co-lending agreement to offer home loans at competitive interest rates.
- In line with New Delhi’s strong focus on energy transition and energy security, India planned to launch an initiative “ Energy Efficiency partnership for 2030” during its G20 presidency this year.
- The Indian Oil Corporation Limited (IOCL) has planned investments of around ₹2,200 crores in Tamil Nadu (TN) over the next two years, to take the major grassroots and expansion projects in TN.
- Ganjam district in Odisha has occupied the top position in the country in generating man-days and providing 100 days of work to rural households under Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA).
- The board of directors of Gujarat Cooperative milk marketing federation Limited (GCMMF), the umbrella body of milk cooperatives in Gujarat that owns the brand Amul Re-elected Mr. Shamalbhai Patel and Mr. Valamji Humbal as Chairman and Vice-Chairman,
- To commemorate National Girl Child Day and Cervical Cancer Awareness Month, Chief Executive Officer (CEO) of Serum Institute of India (SII), Mr. Adar Poonawalla has launched CERVAVAC, India’s first indigenously developed quadrivalent human papillomavirus (qHPV) vaccine for the prevention of cervical cancer.
- Renowned Indian architect Dr. Balkrishna Vithaldas Doshi passed away at the age of 95.