Current Affairs 16th March

National Affairs

1. BoldKurukshetra 2023, the 13th Edition of the Indo-Singapore Bilateral Armour Exercise, was held in Jodhpur.

The 13th edition of a bilateral armour training exercise between India and the Singapore army, “Exercise Bold Kurukshetra 2023,” took place at Jodhpur Military Station in Rajasthan, India, from March 6 to March 13.

 

The activity was facilitated by the Indian Armed forces and it included fighters from the 42nd Unit, Singapore Defensively covered Regiment, and a Protected Detachment of the Indian Armed forces.

 

Both armies took part for the first time in a command post exercise that involved computer wargaming and planning at the Battalion and Brigade levels.

 

Key Points:

 

The exercise is carried out within the parameters of the bilateral arrangement for joint Army exercises and training.

 

Both armies will be able to comprehend common mechanized warfare in light of upcoming threats and advancing technologies through the joint training exercise.

 

A computer simulation-based wargame with joint operational and tactical procedures controlled by a joint command post was also used to develop interoperability.

 

In addition to learning each other’s operating procedures and drills, the two groups discussed concepts and tactics that would be used in a modern combat zone. About Kurukshetra’s Exercise Bold:

 

The exercise was first carried out in 2005 with the goals of strengthening military ties between India and Singapore and fostering greater military cooperation.

 

In April 2019, Babina Military Station in Uttar Pradesh hosted the 12th edition of the joint military exercise Bold Kurukshetra 2019.

2. Multiple Indicator Survey – NSS 78th Round Report [2020-21] is now available from the NSSO.

In order to meet the requirements of various national indicators of the Sustainable Development Goals (SDGs), the National Sample Survey Office (NSSO) of the Ministry of Statistics and Programme Implementation (MoSPI) of the Government of India (GoI) conducted the “Multiple Indicator Survey (MIS)” for the very first time during its 78th round of surveys.

 

The critical discoveries of the study have been integrated into a report named ‘Report

on Different Pointer Review, 2020-21″ (NSS Report No. 589).

 

As per the ‘Numerous Marker Overview (MIS) – NSS 78th Round Report

[2020-21]’, under a fourth of country families and under 66% of metropolitan families in India have channelled water for savouring their homes or yards.

 

Approximately 70% of rural households reported having exclusive access to a latrine, while 21.3% said they had no access at all.

 

The survey found that nearly half of the rural households still cook with firewood as their primary fuel source. The 78th cycle of the NSSO’s Multiple Indicator Survey (MIS) covered the entire nation.

 

The survey was originally scheduled to take place between January and December 2020; however, the COVID-19 pandemic caused the fieldwork to be postponed until August 15, 2021.

3. Launch of ATL Sarthi by Atal Innovation Mission to Strengthen Atal Tinkering Labs’ Ecosystem

Atal Development Mission (Point) of the Public Foundation for Changing India (NITI) Aayog, Legislature of India (GoI), sent off ATL Sarthi, an extensive self-observing structure, to reinforce the consistently developing environment of Atal Fiddling

Labs (ATL). 

 

Key Features:

 

AIM is establishing ATLs in schools across India to instil skills like design thinking, computational thinking, adaptive learning, physical computing, and other related concepts in young minds. AIM has helped 10,000 schools start ATLs so far.

 

By developing frameworks and tools to enhance the performance of ATLs and accomplish the desired goals, AIM is constantly improving this ecosystem. ATL Sarthi:

 

A charioteer, Sarthi will help the ATLs become more effective and efficient, as the name suggests.

 

It has four pillars: MyATL Dashboard, the Performance Enablement (PE) Matrix Framework, and the Cluster-based Approach. 

 

ATL Compliance Guidelines Cluster-based Approach: To facilitate better monitoring of the on-the-ground and sustainable method of evaluating ATLs.

 

Performance Enablement (PE) Matrix Framework: To make it possible for the ATL to evaluate itself. MyATL Dashboard lets ATLs report their tinkering activities online on a regular basis.

 

ATL Compliance Guidelines: AIM has developed a comprehensive standard operating procedure (SOP) for schools to follow in order to ensure that they adhere to both financial and non-financial regulations.

 

Through events, collaborations, training, and best practices, these ATLs can learn from one another.

 

ATL Sarthi was piloted by AIM with numerous partners in Gujarat, Andhra Pradesh, and Karnataka. About AIM: The Government of India’s flagship initiative, Atal Innovation Mission (AIM), aims to establish and promote a culture of innovation and entrepreneurship throughout India.

 

It expects to foster new projects and strategies for encouraging development in

various areas of the Indian economy.

Banking and Finance

1. Canara Bank introduces the UPI-based Rupay Credit Card.

The Rupay Credit Card was launched by Canara Bank and the National Payments Corporation of India (NPCI) using the BHIM (Bharat Interface for Money) app through UPI (Unified Payments Interface).

 

Similar to account-based UPI transactions, this will enable customers to link their active Rupay Credit Card to UPI and make merchant payments without physically using a card.

 

Customers with Rupay Credit Cards linked to UPI can use the mode of scan and paying through QR to make payments to merchants who do not have POS (Point of Sale) machines.

 

Key Points:

 

Customers should select Canara Credit Card during account listing for linking, as the procedure for linking the credit card is similar to the existing account linking procedure.

 

UPI payments made with a Rupay Credit Card will continue to have their respective transaction limits applied.

2. The “Bandhan US Treasury Bond 0-1 Year Fund of Fund,” India’s first international ETF debt fund, has changed its name.

Following the rebranding of IDFC Mutual Fund into Bandhan Mutual Fund, the name of India’s first US debt (ETF) fund has been changed to Bandhan US Treasury Bond 0-1 Year Fund of Fund. Bandhan Mutual Fund has already made the change for all of its schemes. The Bandhan US Treasury Bond 0-1 Year Fund of Fund’s Summary:

 

The New Fund Offer (NFO) period runs from March 10-23, 2023, and it is an open-ended fund of fund scheme that invests in shares or units of overseas index funds or Exchange Traded Funds (ETFs).

 

Investments can be made directly at https://www.bandhanmutual.com or through licensed mutual fund distributors and online platforms.

 

Through the JPMorgan BetaBuilders US (United States) Treasury Bond 0-1 year UCITS (Undertakings for the collective investment in Transferable Securities) ETF, it intends to invest in an overseas fund with exposure to 0-1 year US treasuries. The ICE 0-1 Year US Treasury Securities Index will serve as the benchmark for the fund.

 

The asset gives financial backers a course to make a dollar resource that advantages from the somewhat top-notch, sensible well-being, and current high return of US Depositories. 

 

PNB MetLife India Insurance Company Limited introduces Sustainable Equity Fund As part of the PNB MetLife Goal Ensuring Multiplier plan, the Sustainable Equity Fund enables customers to maximize returns while also directly contributing to a sustainable future.

 

PNB MetLife will put their premiums into organizations that are setting the standard for environmental, social, and governance (ESG) practices like reducing carbon emissions, promoting diversity, equity, and inclusion, and upholding good corporate governance under this agreement.

3. The first-of-its-kind co-branded credit card is launched by HDFC Bank and Flipkart Wholesale.

On Walk 15, 2023, HDFC Bank and Flipkart Discount, the B2B (Business To Business) foundation of Flipkart Gathering, sent off an industry-first co-marked credit

card solely for Flipkart Discount individuals. 

 

Key Points:

 

The Diners Club International network, which is a part of the Discover Global Network, will be used by the credit card. Where Diners Club cards are accepted, the card can be used in more than 200 nations.

 

Small and medium-sized businesses (SMEs) in India can take advantage of the co-branded credit card’s numerous benefits and simple credit options to increase credit access and adoption of digital payments. The co-branded credit card’s advantages include:

 

The registered members of Flipkart Wholesale will benefit from this partnership by receiving the highest and most competitive cashback of 5% on all online purchases made through Flipkart Wholesale.

 

There is also no joining fee, Rs 1,500 in cashback for activation, and additional cashback on utility bills and other costs.

4. J&K Bank and LIC sign a Corporate Agency Agreement.

The Life Insurance Corporation of India (LIC), India’s largest insurer, and Jammu and Kashmir Bank (J&K Bank) entered into a Corporate Agency Agreement on March 14, 2023, for the purpose of servicing and soliciting life insurance products through J&K Bank’s Branch Network. The agreement will come into effect on April 1, 2023, and become operational.

 

Signatories: 

 

General Manager (Cross Selling Vertical) Narjay Gupta signed the agreement on behalf of J&K Bank, and Regional Manager (MBAC) P K Saxena signed it on behalf of LIC India at the corporate headquarters of J&K Bank in Srinagar, Jammu and Kashmir (J&K). 

 

Key People: 

 

J&K Bank Executive Director Sudhir Gupta, General Manager Syed Rais Maqbool, Senior Divisional Manager Dinesh Tanania of LIC of India, and other senior J&K Bank and LIC of India personnel witnessed the signing of the agreement. 

 

Key Points

 

LIC’s life insurance products will be serviced and solicited by J&K Bank through its branch network. 

 

India’s J&K Bank had 989 branches by the end of December 2023. Union Territory (UT) Jammu and Kashmir were home to 83% of these branches. 

 

Between December and March, LIC sells a 2% stake in NMDC; Gets More Than Rs 700 Crore On March 15, 2023, Life Insurance Company (LIC) announced that it had sold 2 percentage of its equity stake in the state-owned NMDC Limited (formerly National Mineral Development Corporation), bringing its total stake in the public sector unit to 11.69 per cent as of March 14. 

 

LIC received over Rs 700 crore from the open market sale of a 2% stake (more than 5.88 million shares). Between the 29th of December 2022 and the 14th of March 2023, LIC’s stake in NMDC was diluted at an average price of Rs 119.37 per share.

 

From 40,14,72,157 equity shares to 34,25,97,574 equity shares, LIC’s stake in NMDC Ltd. has decreased, dropping from 13.69% to 11.69% of the company’s paid-up capital.

Economy and Business

1. In February 2023, WPI inflation falls to a 25-month low of 3.85%: NSO

According to data from the Ministry of Statistics and Program Implementation (MoSPI) and the National Statistical Office (NSO), Producers’ inflation based on the Wholesale Price Index (WPI) fell to a 25-month low of 3.85% in February 2023 due to lower manufactured product prices. In January 2023 and February 2022, this inflation was 4.73 per cent.

 

According to the Consumer Price Index (CPI), retail inflation will also decrease to 6.44 per cent in February 2023, down from 6.52 per cent in January 2023. However, it remained above the upper band of the Reserve Bank of India (RBI)’s 4+/- 2% medium-term target. Therefore, there is a strong likelihood that the policy interest rate will be raised once more in April 2023. 

 

Key Points:

 

The prices of crude petroleum and natural gas, non-food items, food products, minerals, computer, electronic, and optical products, chemicals, electrical equipment, and motor vehicles, trailers, and semi-trailers all fell in February 2023, contributing to the decline in inflation.

 

Manufacturing inflation was 1.9%, down from 2.99% in January; It increased from 2.38 per cent in January 2023 to 3.81 per cent in February 2023 for food articles.

Vegetable inflation was (-) 21.53 per cent, while that of pulses was 2.59 per cent.

 

In February 2023, oil seed inflation was (-) 7.38 per cent. From 15.15% in January 2023, fuel and power basket inflation fell to 14.82 per cent.

 

Urban inflation was 6.7%, while rural inflation was 6.7%. 1%. v. At 16, cereal inflation remained in the double digits. 9 per cent, while milk and milk products were at 7%. 7%. At twenty, Spice’s inflation was also in the double digits. 2%. Food and fuel prices were not included in core inflation, which remained at 6%.

2. IIITDM Kurnool and UNA Mission Group sign an agreement for AP and Telangana.

The Indian Institute of Information Technology Design and Manufacturing, Kurnool (IIITDM Kurnool) and the United Nations Association (UNA) mission group for Andhra Pradesh (AP) and Telangana signed a generic Memorandum of Understanding (MoU) on March 15, 2023. 

 

The memorandum of understanding was signed at IIITDM in Kurnool, Andhra Pradesh, by Lingutla Jaya Ramulu, a diplomatic cardholder and Chief Expert of UN Vision of 2045 from the ICSTI Moscow Ministry of Russia.

 

For the next five years, as part of this program, the IIITDM students will adopt two to three villages in the Mahanandi (AP) to Achampet (Telangana) region and educate the locals, including the students, about the significance of conserving forests, land, and air quality.

This agreement will allow some IIITDM Kurnool students to conduct research on the UNA mission’s promoted topics.

Science and Technology

1. DRDO led Fruitful Flight Trial of VSHORADS and PTO Shaft

 

At the Integrated Test Range (ITR) in Chandipur, Odisha, on March 14, 2023, the Defence Research and Development Organization (DRDO) successfully completed two flight tests of the Very Short Range Air Defence System (VSHORADS) missile.

 

During the flight tests, the missiles were fired at high-speed unmanned aerial targets from a man-portable ground-based launcher.

 

In Bengaluru (Karnataka), DRDO also successfully carried out a first flight test of the Power Takeoff (PTO) Shaft on LCA Tejas Limited Series Production (LSP) -3 aircraft.

 

The Combat Vehicles Research & Development Establishment (CVRDE) of DRDO, based in Chennai (Tamil Nadu), created the PTO shaft on its own.