Current Affairs 10th May

National Affairs

1. MoHUA and MoR jointly ink MoU with JICA for Project SMART

A Memorandum of Understanding (MoU) for “Station Area Development along Mumbai-Ahmedabad High-Speed Rail (Project-SMART)” was signed on May 8, 2023, between the Ministry of Housing & Urban Affairs (MoHUA) and the Ministry of Railways (MoR) and the Japan International Cooperation Agency (JICA).

It was signed for four HSR stations, namely Gujarat’s Sabarmati, Gujarat’s Surat, and Maharashtra’s Virar and Thane; out of 12 on-route stations.

Surat, Virar and Thane are Green fields while Sabarmati is an Earthy colored field improvement.

Project SMART: What is it?

Its will likely work on the region around the Mumbai-Ahmedabad Rapid Rail route

(MAHSR) stations to make it more straightforward for suburbanites, others and organizations to get to them all the more advantageously.

Additionally, it will foster economic expansion in these regions.

The venture will likewise help the public authority and different specialists to more readily design, create, furthermore, deal with the spots close to the stations.

Note:

For Project–SMART, MoHUA, the governments of Gujarat, Maharashtra, and JICA are putting together a series of seminars and field trips in Delhi, Ahmedabad (Gujarat), and Mumbai (Maharashtra). The main workshop was coordinated at Nirman Bhawan, New Delhi on May 8, 2023.

During the seminar, representatives from the Japan Embassy, JICA, Ministry of the Interior, National High-Speed Rail Corporation Limited, MoHUA, and Town and Country Planning Organization (TCPO) deliberated.

This will help with the creation of “Station Area Development Plans” for the HSR stations in Sabarmati, Surat, Virar, and Thane, as well as a model handbook with lessons learned and approaches used in Japan, India, and other countries for “Transit Oriented Development” (TOD) and “Station Area Development.”

2. PMJJBY, PMSBY & APY Completes 8 Years; Recorded 16.2 crore, 34.2 crore & 5.2 crore Enrolments

The three main social security (Jan Suraksha) schemes—Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), and Atal Pension Yojana (APY)—will all be 8 years old on May 9, 2023.

According to Nirmala Sitharaman, the Union Minister of Finance, 16.2 crore, 34.2 crore, and 5.2 crore enrollments under the PMJJBY, PMSBY, and APY programs have been completed as of April 26, 2023. 55.6 crore people are enrolled in all three programs

Backdrop: The two minimal expense protection plans of PMJJBY and PMSBY and the ensured benefits plan of APY were sent off by State leader Narendra Modi on May 9, 2015,

from Kolkata, West Bengal

About the Plans in a Word:

The Ministry of Finance has an insurance plan called PMJJBY that provides life insurance coverage in the event of death for any reason. It is a one-year cover that can be renewed each year. Anyone between the ages of 18 and 50 with an individual account at one of the participating banks or post offices is eligible to join. PMSBY is an accident insurance scheme that provides cover for accidental death and disability in the event of death or disability as a result of an accident. This coverage is renewable for one year and is worth Rs 2 lakh. The scheme allows anyone between the ages of 18 and 70 with a savings bank or post office account to sign up.

APY is an advanced age pay security plan to address the life span takes a chance among

labourers in the sloppy area and urges the specialists to deliberately put something aside for their retirement.

3. Dr Bharati Pravin Pawar launches phase – III of the Thalassemia Bal Sewa Yojana

To commemorate World Thalassemia Day on May 8, 2023, the Ministry of Health and Family Welfare (MoHFW) and Minister of State (MoS), Dr Bharati Pravin Pawar, launched the third phase of the Thalassemia Bal Sewa Yojana (TBSY).

TBSY is imitative of MoHFW and is being upheld by Coal India Restricted (CIL)

as a component of their Corporate Social Obligation (CSR).

During the event, the Minister also launched the Thalassemia Bal Sewa Yojana Portal and the Standard Treatment Workflow for Sickle Cell Disease, both of which were developed by the Indian Council of Medical Research.

About TBSY:

Under the National Health Mission (NHM), MoHFW has been implementing the TBSY to treat Thalassemia, an inherited blood disorder that results in a body with less haemoglobin than normal. March 2023 marked the completion of its second phase.

The goal of the CIL’s CSR-funded Hematopoietic Stem Cell Transplant (HSCT) program is to provide underprivileged Thalassemia patients with a one-time cure opportunity who have a matched sibling donor but cannot afford the procedure.

About TBSY’s third phase:

It will continue to offer financial assistance at a cost of 10 lakhs per HSCT, which will be transferred directly from CIL to the institutions that carry out the procedure.

Ten well-known Indian hospitals have been enrolled in the program, including AIIMS, New Delhi; CMC Vellore; Kokilaben Dhirubhai Ambani Clinic, Mumbai; Mumbai’s MCGM Hospital; PGIMER, Chandigarh; New Delhi’s Rajiv Gandhi Cancer Institute; Lucknow, SGPGI; Bangalore’s Narayana Hrudayalaya; Tata Medical Center in Kolkata and CMC in Ludhiana, among others.

4. India Post, CAIT and Tripta Technologies signed MoU for Logistics Services

India Post, which is part of the Department of Posts under the Ministry of Communications, Confederation of All India Traders (CAIT), an apex body of India’s trading community, and Tripta Technologies Private Limited all signed a Memorandum of Understanding (MoU) for logistics services on May 9, 2023.

Devusinh Chauhan, Minister of State (MoS) for Communications, witnessed the signing of the MoU at the National Media Centre in New Delhi, Delhi.

Small and medium-sized businesses will benefit from the MoU because they will be able to use India Post as a nationwide provider of logistics services.

This MoU is a huge achievement for taking web-based business to humble communities and provincial regions and also, can help a large number of merchants.

Note: Tripta Advances is Worked with by the Confederation of All India Merchants (CAIT)

Advantages of the Update of Figuring out (MoU):

The trilateral agreement between India Post, CAIT, and Tripta Technologies will offer shipping and last-mile delivery services to CAIT’s substantial trader base as well as small and medium-sized businesses operating in the unorganized sector.

India Post’s parcel operations will be streamlined as a result of this initiative.

Utilizing India Post’s extensive network will make it possible for small businesses to have their goods delivered.

Additional details:

The India Post has been transformed by the government of India by expanding service areas through the introduction of technology.

Banking and protection administrations have been started in India post alongside monetary

incorporation administrations.

 

5. Union Minister Sarbananda Sonowal receives 1st Indian Cargo Ship at the Sittwe Port, Myanmar

At Sittwe Port in Myanmar (formerly Burma), Union Minister Sarbananda Sonowal, Ministry of Ports, Shipping, and Waterways (MoPSW), and Admiral Tin Aung San, Myanmar Deputy Prime Minister (Dy PM) and Minister of Transport and Communications, received the first Indian cargo ship on May 9, 2023.

While he and Admiral Tin Aung San were launching the Sittwe Port in Myanmar’s Rakhine State, he was presented with the inaugural Indian cargo ship.

The introduction of Sittwe Port started the normal travel of freight ships between Syama

Prasad Mookerjee Port in Kolkata (West Bengal), India to Sittwe Port in Rakhine, Myanmar.

Sittwe Port’s initial will upgrade reciprocal and territorial exchange as well as add to the

neighbourhood economy in Rakhine, Myanmar. The Kaladan Multimodal Transit Transport Project (KMTTP) includes the development of the Sittwe port.

Banking and Finance

1. AU Small Finance Bank Partners with RuPay to Offer Cashback RuPay Credit Card 

The Business Cashback RuPay credit card was launched on May 9, 2023, by the AU Small Finance Bank (SFB) and RuPay as a solution designed to meet the financial needs of self-employed customers (also known as Small and Medium-Sized Enterprises, or MSMEs) and promote financial inclusion.

Through this credit card, the bank intends to offer a wide range of benefits to small businesses.

Benefits:

Benefits of the card include instant loans, 48 days of interest-free credit, and up to 2% cashback.

It also provides coverage for housebreaking, fire, and burglary, among other things. and makes it easier for businesses to manage their finances.

Additionally, credit card offers travel and lifestyle benefits.

2. Kotak Mahindra 1st Bank to Relocate Mauritius Domiciled Fund to GIFT IFSC

Kotak Mahindra Bank Limited, with headquarters in Mumbai (Maharashtra), made the announcement on May 6, 2023, that it had successfully re-domiciled Alchemy India Long Term Fund from Mauritius to GIFT City, India’s first International Financial Services Centre (IFSC), in Gandhinagar, Gujarat.

Alchemy’s Fund, which is registered with FISCA and is incorporated in GIFT, has been granted the first-ever foreign portfolio investor (FPI) license by the bank for moving from its previous jurisdiction to the new one.

This is the first time a custodian bank or designated depository participant (DDP) in India has granted a Foreign Portfolio Investment (FPI) license to a fund incorporated in GIFT City to relocate an existing fund.

Economy and Business

1. Fitch Ratings has lowered India’s 2023-24 GDP forecast to 6% from 6.2%

India’s GDP (Gross Domestic Product) growth forecast for 2023-24 (i.e., Financial Year 2023-24 (FY24)) has been lowered by Fitch Ratings from 6.2% to 6% due to higher inflation and interest rates and lower global demand.

The projection for FY25 likewise diminished to 6.7% from the 6.9% projected before.

India’s FY24 development will be slower than the 7% expected in FY23, as feeble homegrown and worldwide interest is actuated.

Highlights:

India’s drawn-out unfamiliar money Backer Default Rating (IDR) is projected at ‘BBB-‘ with a stable viewpoint.

This rating indicates that payment capacity to meet financial commitments is considered adequate and that expectations of default risk are currently low; however, adverse business or economic conditions are more likely to impair this capacity.

India’s title expansion will decline, yet stay close to the upper finish of the Save Bank of

India’s (RBI) 2%-6% objective band, averaging 5.8% in FY24 from 6.7% in FY23.

In March 2023, core inflation fell to 5.7%, the lowest level since July 2021.

The 2022-23 current record deficiency projection for India cut to 2.3% of Gross domestic product from 3.3% in December 2022. It will limit further to a 1.9% shortage in 2023.

From 6.4% in 2022, the central government will achieve its fiscal deficit goal of 5.9% of GDP in 2023-2024.

State budget deficits are expected to rise from 2.7% of GDP in FY23 to 2.8% of GDP in FY24.

The general government deficit—excluding divestments—will fall from 9.2% of GDP in FY23 to 8.8% of GDP in FY24.

In FY23, India’s general government debt was 82.8% of GDP, and it is expected to remain around 83% of GDP even in FY28.

As bank and corporate balance sheets improve, investment growth will be stronger in the private sector. However, India’s low labour force participation rates and inconsistent reform implementation record continue to pose risks.

Note: India will be perhaps the quickest developing country reinforced by strong venture

possibilities.