Current Affairs 23rd June

National Affairs

1. Department of Justice partnered with NALSA, and CSC for mainstream legal aid via Tele–Law

In order to mainstream legal aid for marginalized communities through the system of Tele–Law, the Department of Justice (DoJ), which is part of the Ministry of Law & Justice of the Government of India (GoI), has collaborated with the National Legal Services Authority (NALSA) and Common Services Centres (CSC) electronic governance (e-Governance) Service India Limited.

 

The Tele-Law:

 

Tele-Law began as a pilot program in 2017 with 1800 CSCs located in 11 states.

 

The term “tele-law” refers to the delivery of legal information and advice through the use of communications and information technology.

 

Through a panel of lawyers stationed at the front office of Legal Services Authorities and CSC, primarily Village Level Entrepreneurs (VLEs), the goal of Tele-Law is to make it easier to provide legal advice.

 

The VLEs identified in 1,00,000-gram panchayats will serve as the initial interface for citizens and panel lawyers to communicate via video conferencing, the internet, and telephone services.

 

DoJ’s Tele-Law provided citizens with free pre-litigation advice and made justice delivery more accessible, cost-effective, and effective for all.

 

The JustIS App is the DoJ’s mobile court management app for Indian District and Subordinate Court judges.

2. MNRE Extends Timeline for Solar Parks and Ultra Mega Solar Power Projects Scheme by Two Years till 2026

The deadline for “Development of Solar Parks and Ultra-Mega Solar Power Projects” was extended by two years, or until 2026, by the Ministry of New and Renewable Energy (MNRE), which issued the decision on June 16, 2023.

 

The previous project deadline for this project was March 2024.

 

The goal of this project was to lower the project cost per MegaWatt (MW) and lower transmission losses.

 

Regarding the Project:

 

The goal of the project is to build solar power parks with a capacity of 500 MW or more. Smaller solar power parks are also allowed if there is a severe lack of non-agricultural land or if large areas of land are hard to get because of the terrain.

 

Together with the state government, Central Public Sector Undertakings (CPSU), and private business owners, solar power parks were built. The company that was put into action is called Solar Power Park Developer (SPPD).

 

First Stage:

 

With the intention of establishing at least 25 solar parks and ultra mega solar projects with a production capacity of 20,000 MW by 2020, the ultra mega solar power projects were implemented in December 2014.

 

Second Stage:

 

On March 21, 2017, the solar power projects scheme was extended to 2023 and 2024 with an increased capacity of 40,000 MW.

 

Central Financial Aid (CFA) The Ministry of New and Renewable Energy provides Central Financial Assistance (CFA) of Rs 25 lakh per solar park for the detailed project report (DPR) and up to Rs 20 lakh per MW or 30% of the project cost, including Grid-connectivity cost, whichever is less. Private entrepreneurs’ solar power projects are not eligible for CFA under this scheme.

 

As the SPPD, Solar Energy Corporation of India Ltd. (SECI) would receive Rs 20 lakh per MW, or 30 per cent of the project’s cost, only for external transmission infrastructure.

 

For the development of internal infrastructure, SECI/CPSU/State PSU/government organizations or their subsidiaries and joint ventures would receive Rs 12 per MW, or 30% of the project cost, while the CTU/STU would receive Rs 8 per MW, or 30% of the project cost, for the development of external transmission infrastructure.

3. Integrated Simulator Complex Dhruv inaugurated by Defence Minister, will enhance the training of navy personnel 

The Integrated Simulator Complex (ISC) “Dhruv” was opened by Defense Minister Rajnath Singh on June 21, 2023, at the Southern Naval Command in Kochi, Kerala.

 

The Indian Navy’s practical training will be significantly improved by the modern and advanced simulators housed in the ISC Dhruv.

 

These simulators, which are made to simulate real-time navigation, fleet operations, and naval tactics, will also be used to train people from friendly nations.

 

These simulators demonstrate the “Aatmanirbhar Bharat” initiative and the nation’s potential to export defence products.

 

Combat Management System and Maritime Domain Awareness Lab are two of the Complex’s other indigenously developed simulators.

 

Our native items:

 

ARI Pvt Ltd, New Delhi, Delhi, developed the Ship Handling Simulators, which have been exported to 18 nations.

 

Infovision Technologies Pvt Ltd. created the Astronavigation Dome, the first of its kind in the Indian Navy. 

 

The Institute for Systems Studies and Analysis, a DRDO laboratory, created the ADHCS, which will provide trainees with real-time operational environment scenarios.

 

Note: Rajnath Singh went to the Astronavigation Dome, the Multi-Station Handling Simulator (MSSHS), and the Air Direction and Helicopter Control Simulator (ADHCS).

4. DGR Signs MoU with Adecco Ltd. to Generate Employment for Ex-servicemen

The Ministry of Defence’s Ex-Servicemen Welfare Department’s Directorate-General for Resettlement (DGR) and M/s. Adecco India Private Ltd. signed a Memorandum of Understanding (MoU) on June 21, 2023, in New Delhi, Delhi, to provide former service members with employment opportunities.

 

In order to provide ex-military personnel with job opportunities in a variety of industries, including IT, E-Commerce, Logistics, Telecom, Aerospace and Defense, Facility 

Management, Security, Assessment Services Digital, Energy and Energy, Manufacturing, Chemistry, and Agri-Food Etc., the objective is to bring together corporate businesses and ex-military personnel on a single platform.

 

To provide employment for its former personnel in the future as a result of the constabulary’s contractual employment under the Agnipath scheme.

 

Between April 2022 and March 2023, 24,234 ex-service members found work in a variety of fields.

 

Note: The DGR and Kotak Mahindra Life Insurance Company Ltd signed a memorandum of understanding on June 12, 2023, to create employment opportunities for veterans.

International Affairs

1. India, the US launched INDUS-X for Technology and Defence Industry Cooperation

The India-U.S. Defense Acceleration Ecosystem (INDUS-X) was officially launched on June 21, 2023, at an event in Washington, DC, USA, by the Ministry of Defense (MoD), Government of India (GoI), and the Department of Defense (DoD), Government of the United States of America (USA) to expand the strategic technology partnership and defence industrial cooperation between governments, businesses, and academic institutions.

 

Objective: To improve the resilience, accessibility, and innovation of the defence industrial ecosystems of both nations by strengthening ties.

 

Backdrop:

 

The U.S. and Indian National Security Advisors agreed in January 2023 to establish an “Innovation Bridge” to connect U.S. and Indian defence start-ups as part of the U.S.-India initiative on Critical and Emerging Technology (CET). This commitment led to the formation of the INDUS-X.

 

In 2022, Prime Minister (PM) Narendra Modi and US President Joe Biden made the announcement that they would work together on important and upcoming technologies like artificial intelligence, semiconductors, and quantum computing.

 

For the MoD and DoD, India’s Innovations for Defense Excellence (iDEX) and the Office of the Secretary of Defense (OSD) are in charge of INDUS-X activities.

The two-day event at INDUS X:

 

The US-India Business Council was the host organization for the two-day INDUS X event, which took place on June 20 and 21, 2023.

 

It brought together representatives of both governments, leaders in the defence industry, think tanks, investors, and start-ups from both countries and was co-organized by iDEX under the MoD and the US DoD.

 

The Indian delegation was led by the Joint Secretary (Defence Industries Promotion-DIP) of the Ministry of Defence Anurag Bajpai, who emphasized the significance of INDUS X’s launch for enhancing bilateral defence relations.

 

A joint display of cutting-edge technologies in maritime, artificial intelligence, autonomous systems, and space by 10 US startups and 15 Indian startups at the event.

 

In addition, round tables and panel discussions were held at INDUS X with the goal of deepening collaborations between government, academia, industry, and startups in particular.

 

At the event, a factsheet on putting the “Defence Innovation Bridge” into action under iDEX was made public.

 

Cooperative Relationships:

 

The progress on the collaboration agenda will be evaluated by a Senior Advisor Group (SAG), which will then make suggestions for future work for the defence establishments and other INDUS-X stakeholders.

 

The Society of Indian Defense Manufacturers (SIDM), the United States Institute of Peace (USIP), Carnegie India, the United States Indian Business Council (USIBC), and the United States-India Strategic Partnership Forum (USISPF) will drive the implementation of the collaboration agenda.

2. India to lose 6,500 millionaires in 2023, Dubai and Singapore top choice: Henley’s Report

 

India may lose at least 6,500 high-net-worth individuals (HNWIs) in 2023, according to the annual report of Henley and Partners titled Henley Private Wealth Migration Report 2023, which was released on June 13, 2023. This would make India the country with the second-highest outflow of HNWIs worldwide, after China (which has a net loss of 13,500 HNWIs).

 

In third and fourth place, respectively, India will be followed by the United Kingdom-UK (3,200) and Russia (3,000).

 

According to the 2022 edition, 7,500 HNWIs would leave India that year.

 

Due to the Golden Visa program, favourable tax climate, robust business ecosystem, and peaceful environment, Dubai, United Arab Emirates (UAE), and Singapore continue to be preferred destinations for wealthy Indian families.

3. IREDA participated in the “Intersolar Europe 2023″ exhibition in Germany

The Indian Renewable Energy Development Agency Limited (IREDA), a Mini Ratna (Category – I) Government of India (GoI) enterprise managed by the Ministry of New and Renewable Energy (MNRE), participated in the three-day “Intersolar Europe 2023” exhibition in Munich, Germany, from June 14-16, 2023.

 

The objective of the exhibition was to inform visitors about IREDA’s efforts to finance renewable energy projects, promote energy efficiency, and encourage the expansion of renewable energy in India.

 

Pradip Kumar Das, Chief Managing Director (CMD) of IREDA, presided over the pavilion’s opening.

 

During the crucial period of the energy transition and IREDA’s Initial Public Offering (IPO) plan, the pavilion provided a platform for visitors to network and investigate potential business opportunities.

 

IREDA officials met with Germany’s Kreditanstalt für Wiederaufbau (KfW) Development Bank and Commerz Bank during the exhibition to discuss partnership opportunities and current progress.

 

In addition, representatives of IREDA went to RCT (RENA Clean Tech Solutions) GMbH (Gesellschaft mit beschränkter Haftung) in Konstanz, Germany, to talk about the technology, milestones, and costs of the Indosol Solar Manufacturing project.

Banking and Finance

1. World Bank approves additional $150mn Loan for Resilient Kerala programme

An additional $150 million loan has been approved by the World Bank (WB) and its lending arm, the International Bank for Reconstruction and Development (IBRD), to support the Resilient Kerala Program, which aims to improve Kerala’s preparedness for natural disasters, the effects of climate change, disease outbreaks, and the protection of lives.

 

Together with the previous investment of $125 million, this financing is expected to safeguard approximately 5 million (50 lakhs) people from flood damage by focusing on coastal erosion and water resource management.

 

The loan has a 14-year maturity date, with a 6-year grace period.

 

Reason for this funding:

 

Due to its susceptibility to climate change and natural disasters, funding for Kerala is essential.

 

Currently, the planning and execution of public sector investments are hampered by a lack of integration between satellite maps, risk maps, and sectoral data.

 

A shoreline management plan that addresses threats to environmental resources, human settlements, and coastal infrastructure can improve coastal resilience.

 

Restoring rivers and embankments, enhancing data systems to make them less vulnerable to hazards, and integrating comprehensive planning are all ways to reduce the damage caused by floods in the future.

 

Create a plan for the Pamba River basin’s integrated river basin management.

In general, the money will make Kerala more resilient to climate change and natural disasters, encourage efficient planning, and protect the state’s coastal and riverine areas.

 

Key Points:

 

Along 45% of Kerala’s 580-kilometre coastline, urbanization and deforestation have caused persistent erosion.

 

Heavy rainfall causes severe damage to the upland districts and rivers of the Pamba river basin, including its origin in the Idukki district.

 

Kerala’s forest cover decreased by over 44% between 1925 and 2012, while settlements increased by 400%.

2. SEBI introduces Stricter framework for Disposal of undertaking by a listed Entity

On June 14, 2023, the Protections and Trade Leading body of India (SEBI) required ‘recorded

substances’ to follow a stricter structure for the removal of ‘undertaking’ and recommended an endorsement necessity, through the presentation of guideline 37A by making corrections

to the SEBI (Posting Commitments and Divulgence Necessities (LODR)) Guidelines, 2015

called the SEBI (LODR)(Second Correction) Guidelines, 2023.

 

The SEBI Consultation Paper, released on February 21, 2023, serves as the basis for the amendments. Regulation 37A went into effect on June 14, 2023, with immediate effect.

 

Companies currently dispose of or lease their businesses through two methods: Scheme of Arrangement, which is mandated by the Companies Act and/or LODR Regulations, and slump sale/Business Transfer Agreement, which takes place outside the Scheme of Arrangement framework.

 

Existing System: Except in the case of a scheme of the arrangement, disposal requires shareholder approval through a special resolution and is currently governed by section 180(1)(a) of the Companies Act, 2013 (the “Act”). The protection of minority shareholders’ interests was not explicitly outlined.

 

Without the approval of the National Company Law Tribunal (NCLT), the sale of businesses or a substantial portion of them was permitted to take place outside the scheme of arrangement framework.

 

About the Promise: Regulation 37A applies to an undertaking if the company invests more than 20% of its net worth in the undertaking; or if the project accounts for at least 20% of the company’s revenue.

 

New System: SEBI has now issued an additional framework for the disposal of the business, stating that the disposal of a business through slump sales (outside the Scheme of Arrangement) should only be approved if the majority of public shareholders vote in favour rather than against it. This is done to protect the interests of minority shareholders.

 

SEBI has likewise now commanded exposure of the articles and business reasoning for such deal, removal or rent, to the investors.

 

Exemption: Although SEBI has granted an exemption for transactions involving a wholly owned subsidiary (WOS), the approval process will still apply in the event that a WOS disposes of an undertaking or reduces its shareholding in the undertaking following its transfer.

 

Note that SEBI amended section 11A sub-section (2) and section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992) in conjunction with section 31 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956) in the exercise of its powers.

3. Axis Bank’s ‘One-View’: 1st Pvt Bank to launch to manage Multiple Accounts on its Mobile App

Axis Bank was the first private sector bank to introduce this cutting-edge banking feature when it launched its latest feature, “One-View,” on June 21, 2023.

 

The Account Aggregator (AA) ecosystem will be utilized by this feature to provide customers with a streamlined banking experience.

 

This component empowers clients to get to numerous financial balances on one single

stage, and track their equilibriums, exchange explanations, and invests in a genuine energy premise.

 

Key Points:

 

Multiple mobile banking applications will no longer be required thanks to this feature.

 

Customers can also download and email transaction details from their linked accounts through this feature.

 

Any or all non-Axis Bank accounts can be delinked at any time by customers iv. With an average rating of 4.8 stars, Axis Bank’s mobile app is the most highly rated mobile banking app* on the Google Play Store.

 

What is AA?

 

It is a company that is regulated by the Reserve Bank of India (RBI) and has an NBFC (Non-Banking Financial Company)-AA license. This license makes it possible for people to securely and digitally transfer their financial information from one institution to another within the AA network. The individual’s consent is required before the data is shared, ensuring privacy.

 

It takes the place of the traditional acceptance of lengthy terms and conditions on blank cheques.

Economy and Business

1. Fitch Ratings Projected India’s GDP growth in FY24 at 6.3%

In June 2023, the Fitch Appraisals expanded its conjecture for India’s GDP(Gross Homegrown Item) development by 0.3% focusing on 6.3% for the ongoing monetary year 2023-2024 (FY24) from its earlier forecast of 6% because of close term force and a more grounded outturn in the first quarter of FY24.

 

The Indian economy experienced GDP growth of approximately 7.2% in FY23 and 9.1% in FY22.

 

Key Points:

 

Due to lower inflation and a stronger domestic economy, growth estimates for FY25 and FY26 are 6.5 per cent each.

 

Fitch stated that there has been a recovery in manufacturing following two consecutive quarters of contraction and that GDP growth for the months of January to March 2023 was higher than anticipated.

 

Additionally, construction and an increase in farm output were mentioned by Fitch.

 

In terms of expenditures, domestic demand and net trade contributed to GDP growth.

2. BEL & HFCL signed MoU to leverage business opportunities across multiple sectors

A Memorandum of Understanding (MoU) was signed by Bharat Electronics Limited (BEL), a Navratna Defence Public Sector Unit (PSU), and HFCL Limited (formerly Himachal Futuristic Communications Ltd), a leading technology company, to indigenously develop and deploy emerging technologies and technical solutions to meet the needs of the Defense, Telecom, and Railway sectors.

 

The two-year non-exclusive MoU aims to promote the Make in India initiative and the “Atmanirbhar Bharat” initiative (self-reliance in India).

 

In accordance with this Memorandum of Understanding, BEL’s expertise in defence and HFCL’s expertise in cutting-edge solutions will aid in realizing India’s vision of a digital India and in establishing India as a significant global manufacturing hub.

 

Highlights:

 

As part of this MoU, BEL and HFCL will look for business opportunities to improve the nation’s defence capabilities by utilizing their market presence, technological advantages, and domain expertise.

 

Additionally, it will aid in the expansion of other vitally important emerging industries and the infrastructure supporting them.

 

During this process, BEL and HFCL will investigate options like the transfer of technology and the production of jointly identified products and solutions.

 

To achieve GOI’s goal of developing cutting-edge technology architecture, this partnership will be critical.

 

Note: The Government of India has placed a high priority on projects like expediting the rollout of the 5G network, expanding fibre coverage across the country, and encouraging participation in the Production Linked Incentive (PLI) program.

 

BEL and HFCL’s combined leadership will make it easier to create cutting-edge products, solutions, and technological capabilities to take advantage of opportunities in the rail, telecom, and defence industries.

3. HAL signs MoU with Argentina firm for exploration of aircraft

During the current Paris Air Show 2023 in Paris, France, Hindustan Aeronautics Limited (HAL), which has its headquarters in Bengaluru and is based in Karnataka, and Fabrica Argentina de Aviones (FAdeA), which is based in Argentina, have signed a Memorandum of Understanding (MoU) to investigate the possibility of collaborating in the maintenance, repair, and overhaul (MRO) of aircraft components, systems, and structures.

 

The partnership contributes to the expansion and development of the aerospace industry in the Latin American (LATAM) region and aims to strengthen ties between HAL and Argentina’s aviation industry.

 

Note that FAdeA is an aircraft manufacturer that is owned by the Argentine government and is run by the Ministry of Defense of the South American nation.