Current Affairs 1st March

National Affairs

1. The PM officially kicks off and lays the groundwork for numerous development projects worth more than Rs. 3,600 million dollars in Shivamogga, Karnataka

On February 27, 2023, Prime Minister (PM) Narendra Modi unveiled a number of development projects with a combined value of more than Rs. 3,600 crores in Karnataka’s Shivamogga. He also opened the new Shivamogga Airport, which cost around Rs to build. 450 crore.

 

The PM laid the groundwork for two railway projects in Shivamogga: The Koteganguru Railway coaching depot and the brand-new Shivamogga-Shikaripura-Ranebennur railway line.

 

Prime Minister Narendra Modi unveiled a number of development projects totalling more than Rs. 2,700 crores in Belagavi, Karnataka, and distributed the thirteenth instalment of approximately Rs. 16,000 crores through direct benefit transfer (DBT) to more than 8 million beneficiaries under the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN).

2. Launch of India’s first container feeder service between the ports of Chennai and Puducherry; Hope 7 took off from Chennai.

A first-of-its-kind short-haul coastal container feeder service between Chennai and Puducherry ports was launched on February 27, 2023. Hope Seven, a container feeder ship with a capacity of 106 Twenty-foot Equivalent Units (TEUs), was flagged off by Sunil Paliwal, Chairman of Chennai Port Trust, at D P World Terminal at the Chennai Port. The service between the Chennai and Pondicherry ports was flagged off.

 

The government of India’s ambitious Sagarmala Project is moving forward with the coastal feeder service.

 

Background:

 

On March 15, 2017, the Chennai Port Authority (CPA) and the Puducherry port signed a Memorandum of Understanding (MoU) regarding this container feeder service.

Coastal Container Feeder Service’s Background:

 

The 12-hour ferry service, Hope Seven, was purchased by Chennai-based Global Logistic Solutions. It is anticipated that the business will be able to take delivery of boxes through Direct Port Delivery (DPD) and Direct Port Entry (DPE) rather than using storage facilities like Container Freight Stations (CFS) and Inland Container Depots (ICD). A vessel that is geared for a container crane is on board the ship.

 

Key Points:

 

As part of the Sagarmala program, the Indian government made the decision to develop Puducherry port as a satellite port to Chennai port for container cargo coming from and going to the UT and its hinterland, including Cuddalore and Nagapattinam in the south-east, Tiruchirappalli and Villupuram in the south, Salem and Namakal in the west, and Cuddalore and Nagapattinam in the

 

As a result of the Sagarmala program’s economic and environmental advantages, as well as the shift away from the road mode, this decision was made.

 

The commercial cargo handling operations were unable to begin immediately because of weather fluctuations that resulted in siltation at the mouth of the Pondicherry Port.

 

In an effort to lessen the problem of siltation and improve the port, the sea mouth entry at Puducherry Port was deepened.

 

Through Customs ICEGATE (Indian Customs Electronic Gateway), the Puducherry Port has quick import and export clearance capabilities. Additionally, the Puducherry Port has a productive in-port warehouse with a stuffing and de-stuffing facility.

 

It is anticipated that the service will increase the volume of cargo transported from Puducherry to Chennai Port without causing road congestion.

The Sagarmala project:

 

The Ministry of Shipping’s flagship program, the Sagarmala program, uses India’s 14,500 km of potentially navigable waterways, 7,500 km of coastline, and strategic location on key international maritime trade routes to encourage port-led development.

3. At ICAR-CIBA, Chennai, Union Minister Parshottam Rupala introduced three national flagship programs.

At the Indian Council of Agricultural Research (ICAR)-Central Institute of Brackishwater Aquaculture (CIBA) campus in Raja Annamalai Puram, Chennai, Tamil Nadu, Union Minister Parshotam Rupala inaugurated and launched three national flagship programs.

 

The three most important programs were the NSPAAD Phase II launch, the Genetic Improvement Programme of Penaeus Indicus (Indian White Shrimp) (GIPPI), and the laying of the groundwork for an Indian White Shrimp Breeding and Improvement Facility on the ICAR-CIBA campus. CIBA’s aquaculture insurance products were also introduced by him during the event.

 

Note: Both NSPAAD Phase II and GIPPI are crucial to the growth and sustainability of the aquaculture industry, which ultimately led to India’s Blue Revolution.

4. In AP, the government approves the 2,880-MW Dibang MPP with a $3.9 billion investment.

The largest hydropower project ever, the 2,880-megawatt (MW) Dibang Multipurpose Project (MPP) in Arunachal Pradesh (AP), has received approval from the Indian government with an investment of Rs 319 billion ($3.9 billion) to meet power demand.

NHPC Limited will develop the project, which is bordered by China.

The construction of the project was expected to take nine years.

 

Key Points:

 

On the Dibang River, the Project is situated in the Lower Dibang Valley District of AP.

The project’s main goal was to keep a large area downstream of the Dibang River from flooding.

 

A concrete gravity dam with a height of 278 meters (above the deepest foundation level) and six no. six nodes, an underground Power House, and horseshoe-shaped head race tunnels ranging in length from 300 to 600 meters and 9 meters in diameter tailrace tunnels in the shape of a horseshoe (ranging in length from 320 to 470 meters and having a diameter of 9 meters). The 278-meter-tall dam will be India’s tallest when it is finished.

 

After the project is finished, the government of AP will receive 1346.76 MU, or 12 percent of the cost.

 

The government’s support for flood mitigation and enabling infrastructure, such as roads and bridges connecting the construction site, totals Rs 67.2 billion in the approved investment. Rs. The Community and Social Development Plan will cost 241 crores.

 

In addition, Rs. To safeguard the local people’s culture and identity, 327 lakhs were proposed. With the exception of clearance for the forest (Stage 2), the project has received all of the necessary statutory approvals, including TEC, clearance for the environment, clearance for the defence, and clearance for the forest (Stage 1).

 

One component of the Brahmaputra Board’s master plan for managing floods in all rivers that contribute to the Brahmaputra will be this project.

 

The project will provide AP with free electricity and contribute Rs 26785 crore to the Local Area Development Fund.

5. The GAC Portal for Social Media Complaints launches by the government.

The Grievance Appellate Committee (GAC), a dispute resolution mechanism, was launched on February 28, 2023, by Rajeev Chandrasekhar, Union Minister of State (MoS), Ministry of Electronics and Information Technology, to ensure that social media platforms are accountable to their users.

 

Complaints submitted to the Grievance Appellate Committees will be automatically divided into three subcommittees by the GAC platform, which will then forward those that require intervention.

 

Key Features:

 

The Grievance Appellate Committee represents a shift in India’s approach to managing content on social media.

 

In 2022, the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules were modified to mandate that social media company “respect all the rights accorded to the citizens under the Constitution, including in articles 14, 19 and 21.”

As a result, it’s possible that social media platforms will now be required to allow speech that is normally permitted in public but not on their platforms.

 

The Three GAC Committees were established on January 28, 2023, to receive complaints and implement the amendments. The GAC’s website is currently accepting public appeals.

 

Platforms already have to have a procedure in place for receiving complaints from users about content and appeals against takedowns under the IT Rules; However, the GACs’ orders will now ultimately govern how businesses decide to respond to these appeals.

 

The platform will begin operating on March 1, 2023.

Three Committees of the GAC:

 

The Ministry of Home Affairs will be in charge of the First Committee, which will investigate complaints about illegal or criminal activities.

 

Misinformation and fake content will be handled by the Ministry of Information and Broadcasting’s 2nd Committee.

 

The Ministry of Electronics and Information Technology (MeitY) will be in charge of the Third Committee, which will work on copyright issues and any other illegal activity not covered elsewhere.

 

Appellate Grievance Committee (GAC):

 

Under the Information Technology Act of 2000, the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021 (the “IT Rules”) established the Grievance Appellate Committee (GAC).

 

People who are dissatisfied with content takedown requests made to social media companies can now have their cases heard by one to three Government-established Committees.

 

An efficient instrument for ensuring that platforms are accountable to their users is the digital platform Grievance Appellate Committee (GAC).

 

The GAC is working on a “Digital India Bill” to provide a stronger legislative foundation for IT Rules and other digital lawmaking, but it has not published any details about this planned law.

Banking and Finance

1. SCB Statistics: RBI Q3FY23 Report: 16.8 percent growth in bank credit; 10.3% deposit growth

Quarterly Statistics on Deposits and Credit of Scheduled Commercial Banks (SCBs) from the Reserve Bank of India (RBI): According to the report released in December 2022, the year-over-year (y-o-y) growth of bank credit from October to December 2022 was approximately 16.8%, compared to 17.2% from Q2FY23 and 8.4% from Q2FY22.

 

The growth in credit was led by bank branches in metropolitan areas, which increased lending by 17.2% year-over-year and account for nearly 60% of SCBs’ total credit.

 

In December 2022, term deposits accounted for 13.2% of the overall increase in deposits, which increased by 10.3% year-over-year.

 

Key Points:

 

Banks’ Credit Expansion:

 

The Credit of public sector banks increased by 15.7% in 2022, compared to 4.7 percent in 2021. In 2022, private sector banks’ credit rose by 19.1%, compared to 13.1% in 2021.

 

Foreign banks’ credit growth slowed down in December 2022, rising by 9.6%, much lower than the 13.8% reported in September 2022 and the 15.8% reported in December 2021.

 

The current deposits and savings deposits both experienced moderate growth of 7.3 per cent and 4.6 per cent, respectively.

 

In 2022, term deposits were around 13.2 per cent, while low-cost current and savings (CASA) deposits were up 4.6 per cent and 7.3 per cent, respectively.

 

From 6.9% in December 2021, deposit mobilization by public sector banks increased to 8.8% in December 2022.

 

In December 2022, the credit-deposit (C-D) ratio for the entire country of India increased to 75.9 per cent, and it remained above 100 per cent for Andhra Pradesh, Maharashtra, Tamil Nadu, and Telangana.

2. India EXIM Bank and RBL Bank collaborate on cross-border payments.

RBL Bank Limited, formerly known as Ratnakar Bank, and Export-Import Bank of India (India Exim Bank) signed a Confirming Bank agreement on February 27, 2023. As a result, RBL bank is now enrolled in India Exim Bank’s Trade Assistance Programme (TAP) to assist with cross-border trade transactions.

 

Key People: In the presence of R Subramaniakumar, MD & CEO of RBL Bank, and Harsha Bangari, Managing Director of India Exim Bank, the agreement was signed at the headquarters of India Exim Bank in Mumbai, Maharashtra.

 

Key Points:

 

India Exim Bank would support the mobilization of trade finance in support of India’s exports worldwide under the TAP by providing credit enhancement to trade instruments.

 

Trade lines will be extended by India Exim Bank into the participating foreign financial 

institutions in emerging markets.

 

RBL Bank would be able to reduce the risks associated with global trade by making cross-border trade transactions in areas where trade lines are constrained thanks to the financing structure of TAP.

 

Agriculture, automotive and automotive parts, capital and engineering goods, food, iron and steel, and textiles with exports to Africa, Asia, and Latin America are just a few of the industries that TAP has supported in the past.

3. Aditya Birla Sun Life Insurance has introduced the “ABSLI Nishchit Aayush Plan” life insurance policy.

The non-linked, non-participating individual savings life insurance plan known as the “ABSLI Nishchit Aayush Plan” was launched on February 27, 2023, by Aditya Birla Sun Life Insurance (ABSLI) Limited, the life insurance subsidiary of Aditya Birla Capital Limited (ABCL). The ABSLI Nishchit Aayush Plan combines financial security and wealth building to meet policyholders’ immediate liquidity needs without risk.

 

The ABSLI Nishchit Aayush Plan’s Features:

 

Policyholders could customize their plans under the plan by choosing from a variety of income benefits, multiple income variants, payment terms for premiums, policy terms, and deferment periods.

 

It also provides a lump-sum benefit at maturity and regular, guaranteed income beginning with the first policy month.

 

Key Features:

 

The minimum age for the long-term income option is 30 years, and the maximum age for the whole-life income option is 55 years.

 

The annualized minimum premium is Rs 30,000. There are options for payment terms of 6, 8, 10, and 12 years. This plan guarantees a minimum of Rs. 300,000.

 

This plan’s benefits can be used for a long time (25, 30, 35, or 40 years) or for the rest of one’s life (100 – Age at Entry).

 

Level Income with Lump-sum Benefit, Level Income with Enhanced Lump-sum Benefit, and Increasing Income (at a 5% simple interest rate every 5 years) with Lump-sum Benefit are additional income options available under the plan.

4. Bancassurance Partnership Between Unity Bank and Bharti AXA Life Insurance

In order to distribute life insurance products through Unity Bank’s Pan-India network of 111 branches and 206 offices, Bharti AXA Life Insurance Limited has entered into a bancassurance partnership with Unity Small Finance Bank Limited (Unity Bank). Unity Bank is a cutting-edge, digital-first bank.

 

Key Points:

 

Unity Bank’s more than 15 lakh customers spread out across 17 states will be eligible for all of Bharti AXA Life’s life insurance plans, including protection, savings, investment, and retirement plans, as a result of this partnership.

 

The bank’s customers will be able to fund their children’s college education, build wealth, plan for retirement, and other important financial goals, as well as financially safeguard their loved ones’ futures.

 

I belong to the Bharti AXA Life Insurance Company Limited. Bharti AXA Life Insurance is a joint venture (JV) between Bharti Enterprises, one of India’s leading business groups with holdings in telecommunications, agriculture, and financial services, and the AXA Group, based in Paris (France).

 

Bharti Group owns 51% of the joint venture, while AXA owns 49%. Sunil Bharti Mittal, the CEO and founder of Bharti Enterprises, founded it in 1976.

 

Investment management, global insurance, and other financial services are offered by AXA, a French international insurance company.

 

In 2006, the private insurance company Bharti AXA Life Insurance was established.

Bharti AXA Life Insurance Limited’s chief executive officer is Parag Raja.

5. BoM and Experian India Work Together to Provide Digital Security and Cutting-Edge Solutions

Experian India and Bank of Maharashtra (BoM), a public sector bank, have entered into a strategic partnership to enhance digital security and offer a wide range of services, including credit risk, advanced analytics, and fraud prevention.

 

BoM intends to improve portfolio management, client service, and acquisition by utilizing Experian’s cutting-edge solutions.

 

Both businesses hope to make use of the power of data and become a one-stop shop for the entire customer lifecycle through this partnership.

 

Experian is a global leader in information services, providing customers all over the world with data and analytical tools.

 

Key Points:

 

BoM will be able to efficiently serve its existing customers and onboard New to Credit (NTC) and New to Bank (NTB) customers thanks to Experian’s partnership with the bank to provide innovative solutions throughout the customer lifecycle.

 

Through these innovative, high-tech solutions, BoM will be able to analyze consumers’ risk behaviour, gain a deeper comprehension of customer demands, and manage the credit portfolio.

 

Customers from both the retail and non-retail sectors, including corporations and Micro, Small, and Medium Enterprises (MSMEs), BoM will be able to provide the services.

 

Note: Experian Credit Information Corporation of India (Experian India) is led by Srinivasan as MD.

Science and Technology

1. The Flight Acceptance Hot Test of the CE-20 Cryogenic Engine for Chandrayaan-3 by ISRO Goes Well

At the ISRO Propulsion Complex in Mahendragiri, Tirunelveli district, in Tamil Nadu (TN), the Indian Space Research Organization (ISRO) successfully completed the light acceptance hot test of the CE-20 cryogenic engine on February 24, 2023. This engine will power the Cryogenic Upper Stage of the LVM3 (Launch Vehicle Mark-3) for the Chandrayaan-3 Mission.

 

At the High Altitude Test Facility, the planned hot test lasted for 25 seconds.

 

All of the propulsion parameters performed well in the test and closely matched the predictions.

 

The fully integrated flight cryogenic stage will be realized by further integrating the cryogenic engine with the stage structures, propellant tanks, and fluid lines.

 

Additional details:

 

From January 31 to February 2, 2023, the Chandrayaan-3 lander passed the EMI-EMC (Electro-Magnetic Interference/Electro-Magnetic Compatibility) test at the U R Rao Satellite Centre in Bengaluru, Karnataka.

 

For satellite missions, EMI-EMC tests are done to make sure that the satellite subsystems work in space and are compatible with the expected levels of electromagnetic radiation.

 

Regarding Chandrayaan 3:

 

The purpose of Chandrayaan-3, which is a continuation of Chandrayaan-2, is to demonstrate complete capability for a secure landing and roving on the lunar surface.

 

In June 2023, LVM3 is scheduled to launch the mission from the Satish Dhawan Space Centre in Sriharikota (Andhra Pradesh).

 

The interplanetary mission Chandrayaan-3 has three main modules: the Rover, Lander, and Propulsion modules.

 

The lander and rover will be carried by the propulsion module into a 100-kilometre lunar orbit. Additionally, it carries the payload Spectro-polarimetry of Habitable Planet Earth (SHAPE) for research into Earth’s spectral and polarimetric measurements from the lunar orbit.