Current Affairs 14th July

National Affairs

1. Highlights of the 50th meeting of the GST Council held in New Delhi

The 50th Goods and Services Tax (GST) Council meeting took place on July 11, 2023, in New Delhi, Delhi, and was presided over by Union Minister Nirmala Sitharaman, Ministry of Finance. Matters Covered during the 50th GST Committee Meeting

 

On goods and services, rate decisions were made, clarifications were given, and rate regularizations were done.

 

Suggestions for different Gatherings of Pastors (GoMs) were talked about.

 

Explanation on remuneration cess levy has been paid to the states that have

submitted AG-ensured claims, and the states yet to present their AG authentications will

additionally, be chosen accommodation of the equivalent.

 

GST Chamber Meeting: The 50th achievement

 

In the presence of the Council’s members, Union Minister Nirmala Sitharaman, the chairperson of the GST Council, released a short video titled “GST Council- 50 steps towards a journey” to commemorate the milestone of the GST Council’s 50th meeting.

The film features the development of the GST Committee and is accessible in Hindi,

English, and 11 provincial dialects.

 

To celebrate this achievement, the Central Post Expert General (CPMG), Delhi,

introduced the Executive and Individuals from the Gathering with an Extraordinary Cover and

tweaked ‘My Stamp’.

2. DPIIT Notified 2 new QCOs on Potable Water Bottles & Flame-Producing Lighters

On fifth July 2023, the Division for Advancement of Industry and Inward Exchange

(DPIIT) under the Service of Business and Industry, told 2 new Quality Control

Orders (QCOs) on Consumable Water Jugs and Fire Delivering Lighters to improve

general well-being and security of shoppers.

 

Fire – Creating Lighters (Quality Control) Request, 2023

Consumable Water Containers (Quality Control) Request, 2023.

 

Key points:

 

To help homegrown miniature and little businesses, the public authority has given

relaxations as far as the course of events for executing the QCO.

 

For Little Undertakings, the QCOs will come into force with impact from 9 months

from the date of distribution of this notice.

 

The QCOs will take effect for small and medium-sized businesses one year after this 

notification is published.

 

This is done with the intention of protecting their interests, facilitating a business-friendly environment, and ensuring a smooth transition.

3. ONGC India’s first CPSE to get certified for Anti-Bribery Management System by InterCert USA

Oil and Flammable Gas Partnership (ONGC), the biggest unrefined petroleum and gaseous petrol Maharatna Organization in India has turned into the main Focal Public Area Endeavor

(CPSE) in India to get confirmed for the Hostile to Pay off Administration Framework (ABMS) by M/s InterCert USA, a global authorised certificate body in the Unified

Provinces of America (USA).

 

Arun Kumar Singh, Administrator and CEO (Chief) of ONGC, got

the ABMS Endorsement in an honour service.

 

Note:

 

ONGC was the first association in Quite a while that took on the Respectability Settlement (IP) by Straightforwardness Global (Against Defilement) in 2005.

 

The ABMS Accreditation is one of the critical accomplishments for ONGC’s endeavours

towards fortifying its capacity as a believed colleague.

 

Key Individuals:

 

Ranjan Prakash Thakur, Boss Cautiousness Official (CVO) and key delegates from

ONGC alongside a delegate from the Certificate Body M/s InterCert were

present during the honour service.

 

Execution of ABMS:

 

After complete evaluation and approval by M/s InterCert USA, ABMS has been

executed according to Global Association for Normalization (ISO) 37001:2016

Global Norm under the direction of a worldwide consultancy firm M/s

Computerized Age, in the main stage across 10 divisions of ONGC’s Corporate Office in

Delhi.

 

Hostile to Pay off Administration Framework:

 

ISO 37001:2016, a global Norm on the space of ABMS, indicates

prerequisites and gives direction to laying out, carrying out, keeping up with,

auditing and further developing an enemy of the pay-off administration framework.

 

It permits associations to forestall, distinguish and address payoff by taking on an Antibribery strategy.

4. Manoj Ahuja Launched BHARAT Campaign for the Mobilization of Funds Through Banks 

On the twelfth of July 2023, Manoj Ahuja, Secretary, Service of Horticulture and Ranchers Welfare(MoA&FW), basically sent off another mission for banks under Farming

Foundation Asset (AIF) named BHARAT (Banks Proclaiming Sped up Provincial and

Agribusiness Change) to activate assets from banks.

 

The multi-extended crusade, which will run from the fifteenth of July 2023 to the fifteenth of August 2023, was sent off with an objective of Rs 7200 crore.

 

Key Individuals:

 

The video gathering was gone to by banking chiefs of business Banks in

people in the general and confidential areas, Territorial Country Banks(RRBs), Little Money

Banks(SFB), Non-Banking Monetary Organizations (NBFC) and select helpful

Banks.

 

Central issues:

 

The banks backing this plan have made 31, 850 agribusiness framework

projects with Rs 24750 crores as credit under AIF with an expense of Rs 42,000 crores.

 

Some of the top-performing Banks in the plan incorporate the State Bank of India

(SBI), Canara Bank, Punjab Public Bank (PNB), HDFC, Kotak Mahindra Bank,

Madhya Pradesh Gramin Bank, Madhyanchal Gramin Bank and Punjab Gramin Bank

(PGB). MoA&FW requests that banks advance Rs 1 Lakh Crore AIF

 

On the thirteenth of July 2023, the Service of Farming called upon the banks to advance Rs 1

lakh crore AIF for making of vital foundation in the homestead area.

 

Under this plan, Rs 1 lakh crore is to be dispensed by monetary year 2025-26 what’s more, the interested grant and credit ensure help will be given till the the year 2032-33.

 

About Agribusiness Foundation Asset (AIF):

 

It is a supporting office sent off on the eighth of July 2020, for making of post-gather the executive’s foundation and local area ranch resources.

 

The plan dispenses Rs 1 lakh crore by the monetary year 2025-26 and the interest

aid and credit ensure help will be allowed till the year 2032-33.

5. India’s 1st AI News Anchor introduced by OTV in Odisha

On ninth July 2023, Odisha TV Restricted (OTV), an Odia-based broadcast and

computerized media organization in Odisha, presented India’s and Odisha’s first local

multi-lingual Man-made reasoning (man-made intelligence) reporter named “Lisa” in a function held in Bhubaneswar, Odisha. The presentation of man-made intelligence Lisa, is a drive driven by the visionary group of OTV.

 

Lisa is the main man-made intelligence anchor in the allowed-to-air territorial TV broadcasting stage and furthermore the primary Odia reporter with a capacity to talk about various dialects including Odia, English and others.

 

Its improvement included an enormous language model (LLM), learning calculations and

voice acknowledgement capacities to make an anchor that could reproduce human-like

associations.

International Affairs

1. External Affairs Minister S Jaishankar visited Tanzania officially for 4-days

Dr S Jaishankar, Outer Undertakings Priest (EAM) went on a four-day official visit to

Joined the Republic of Tanzania from 5-8 July 2023.

 

EAM’s visit to Tanzania will additionally coordinate the reciprocal relations between the two

countries.

 

Outline of EAM’s Visits:

 

On the multi-day visit, Jaishankar initially visited a water supply project subsidized by a line of

credit from the Public authority of India in Zanzibar, an island of Tanzania from fifth to

sixth July 2023.

 

He likewise went to a gathering of Indian Maritime Boat (INS) Trishul.

 

He co-led the tenth India-Tanzania Joint Commission Meeting with his

partner and shifted focus over to Tanzania’s top initiative, including a few Bureau rank

Pastors from 7-eighth July 2023 in Dar-es-Salaam, Tanzania.

 

He likewise met with the individuals from the Parliamentary Fellowship Gathering for India

what’s more, initiated an India-Tanzania conference.

 

Then, at that point, he tended to the Indian diaspora and introduced the sculpture of Master

Vivekananda in Dar es Salaam.

 

India-Tanzania tie-ups:

 

India and Tanzania have close and cordial relations. EAM’s visit to Tanzania will

further incorporate the reciprocal relations between the two countries.

2. UN Report: Global public debt hit record USD 92 trillion in 2022

On the twelfth of July 2023, Antonio Guterres, the Unified Countries secretary-general (UNSG) sent off “A universe of obligation. A developing weight to worldwide success”, a new

report from the UN worldwide emergency reaction Bunch and according to the report, almost 40% of the non-industrial nations On the planet are in serious obligation, as open obligation came to a record USD 92 trillion in 2022, which is a five-overlay beginning around 2000.

 

As indicated by the report the State-run administrations acquired to country emergencies on

advancement incorporates the Coronavirus pandemic, the average cost for many everyday items emergency, and the environmental change.

 

A few 3.3 billion individuals, close to half of mankind living in nations that spend

more on obligation interest instalments than on schooling or well-being.

 

The report was together ready by the UN Worldwide Emergency Reaction Gathering, the

Joined Countries Meeting on Exchange and Advancement (UNCTAD), and the five

Joined Countries Provincial Monetary Commissions.

 

Non-industrial Nations and Obligation Weight:

 

Homegrown and outside obligation overall has expanded in excess of multiple times in the

most recent twenty years, overwhelming the pace of monetary development, with gross homegrown items (Gross domestic product), which significantly increased simultaneously starting around 2002.

 

Agricultural nations owe practically 30% of the aggregate, of which generally 70% is

owing to China, India and Brazil.

 

59 emerging nations are battling an obligation to-Gross domestic product proportion above 60% – a limit demonstrating elevated degrees of debt. Developing nations’ complete public obligation expanded from 35% of Gross domestic product in 2010 to 60% in 2021. Additionally, outer public obligation, the piece of an administration’s obligation owed to unfamiliar lenders, expanded from 19% of Gross domestic product to 29% of Gross domestic product in 2021.

 

The report likewise added that obligation has been converted into a significant weight for

emerging nations because of restricted admittance to funding, rising acquiring costs,

cash depreciation and drowsy development.

 

The net interest obligation instalments surpass 10% of incomes for 50 arising

economies around the world.

 

Confidential leasers, like bondholders and banks, address 62% of creating

nations’ complete outside open obligation.

 

African nations, by and large, pay multiple times more for getting than the Unified

Territories of America (USA) and multiple times more than the most affluent European nations.

 

Controlling measures:

 

According to the UN, multilateral loan specialists ought to grow their support, with measures such as a transitory suspension of Worldwide Money related Asset (IMF) overcharges,

commissions charged to borrowers utilizing its credit lines broadly and expanded

funding access for the nation’s underwater trouble.

 

An obligation exercise component is likewise expected to address the sluggish advancement of the G20 Normal System.

 

The obligation treatment system was embraced by the Gathering of 20 significant economies

also, official lenders in October 2020, and plans to incorporate non-Paris club individuals

like China under water alleviation.

Banking and Finance

1. Razorpay India launches first International payment gateway through Curlec in Malaysia

On 12 July 2023, Razorpay, a conspicuous Indian Full-Stack Installments and Business

Banking Stage disclosed its most memorable worldwide Installment Door in Malaysia,

as a team with Curlec, under the brand ‘Curlec By Razorpay’ with the plans to

overcome any issues among nearby and global instalment passages.

 

Central issues:

 

Installment Passage means taking special care of more than 5,000 organizations, with an objective of accomplishing an annualized Gross Exchange Worth (GTV) of Malaysian Ringgit 10 billion (USD 2.1 billion) by 2025.

 

Razorpay purchased the Malaysian startup Curlec in a USD($)20 Million arrangement in

February 2022.

 

Extra Data:

 

The joint effort was driven by a common vision to foster items that take care of the

requirements of the South East Asian(SEA) locale.

 

Razorpay is anxious to profit from Malaysia’s developing computerized economy, as advanced exchange contributed 22.6% to the nation’s absolute GDP (Gross domestic product) in 2021, with a normal ascent to 25.5% by 2025.

 

In May 2023, Razorpay sent off ‘Super UPI’ – a one-step instalment answer for

the UPI organization.

 

Somewhat recently in April 2023, it joined India’s Open Organization for Advanced

Trade (ONDC) stage to smooth out instalment processes.

 

Razorpay has roped in previous RBI appointee lead representative NS Vishwanathan as the

director of the new warning board in April 2023.

2. Max Life Insurance partnered with DCB Bank to offer insurance products

Max Disaster Protection Organization Ltd joined forces with DCB Bank Ltd to offer unique

kinds of life coverage items to the DCB bank clients including Term, Reserve funds

also, Retirement Intends to get their monetary future and increment their venture

portfolio.

 

The association plans to enable DCB Bank’s clients by furnishing them with

imaginative and adaptable life coverage items that take special care of their requirements.

Under this association, DCB Bank clients will gain admittance to Max Life’s

security and long haul investment funds items, giving monetary soundness to

themselves and their loved ones.

 

Note: DCB Bank is a new-age private area saving money with 427 branches (as on

31st Walk 2023) across India.

Science and Technology

1. Sarbananda Sonowal Inaugurates ‘Sagar Sampark’ to Boost the Digitalisation in the Maritime Sector

On the twelfth of July 2023, the Association Priest of Ports, Delivery and Streams and Ayush,

Sarbananda Sonowal initiated the Differential Worldwide Route Satellite Framework

(DGNSS) “Sagar Sampark” in New Delhi, Delhi, to support digitalisation in the

sea area.

 

The natively created DGNSS is an earthly-based upgrade framework

that remedies the mistakes and errors in the Worldwide Route Satellite Framework

(GNSS) and gives more exact situating data in Indian waters and

past.

 

Key individuals:

 

The send-off service occurred within the sight of Shripad Y. Naik(Minister of State),

Service of Ports, Delivery and Streams (MoPSW), TK Ramachandran, Indian

Authoritative Service(IAS) Secretary, MoPSW and authorities from the service and

the Directorate General of Beacons and Lightships(DGLL).

Utilization of DGNSS:

 

The send-off of ‘Sagar Sampark’- DGNSS, at 6 areas under DGLL, will upgrade the

the capacity of the DGLL in the field of radio guides to marine routes.

 

DGNSS helps sailors in safe routes and diminishes the gamble of impacts,

groundings, and mishaps in the port and harbour regions and this will prompt the safe

furthermore, productive development of vessels.

 

It satisfies the global commitments of the Worldwide Oceanic Association (IMO),

Security of Life Adrift (SOLAS) and Global Relationship of Marine Guides to

Route and Beacon Specialists (IALA).

 

The DGNSS framework will communicate adjustments of the Worldwide Situating Framework (GPS) furthermore, Worldwide Route Satellite Framework (GLONASS) and diminishes mistakes brought about by environmental surmisings, and satellite clock float.

 

The mistake revision exactness has been improved from 5 to 10 meters to not exactly

5 meters for 100 Nautical Miles (NM) from the Indian shoreline.

2. China Successfully Launches World’s First Methane-Powered Rocket to Space

On July 12 2023, LandSpace, a Chinese confidential aviation organization turned into the first

aviation organization to send off a two-stage rocket ‘ZhuQue-2 Y-2’ utilizing fluid

methane as fuel and fluid oxygen (LOx) as oxidizer. The rocket was sent off from

Jiuquan Satellite Send-off Center in the Gobi Desert, China. A test payload was saved into the Sun-Simultaneous Circle (SSO)

 

The send-off was the second endeavour for the Zhuque-2 Y-2 rocket, following a fizzled

beginning send off of Zhuque-2 Y-1 in December, 2022.

 

Methane motors:

 

The remarkable presentation and cost-adequacy of methane motors have

potential to create methane by joining water and carbon dioxide in space.

 

The innovation holds incredible commitment for reusable rockets, situating it at the

front of the new time of rocketry

 

Note: In April 2023, Beijing Tianbing Innovation Co (Tianlong-2) from China became

the world’s most memorable privately owned business to arrive at the circle on its debut endeavour.

 

Across the globe, specialists and designers are effectively associated with the exploration and improvement of different kinds of reusable rockets fueled by fluid oxygen and fluid

methane.

 

In the US of America: Terran 1 from Relativity Space in Walk 2023 also, SpaceX’s Starship in April 2023 fizzled with the utilization of methane-fueled motors.

 

In India: Indian Space Exploration Association (ISRO) is as of now participating in the

advancement of two motors alluded to as “LOx methane” motors at ISRO’s

Fluid Drive Frameworks Center in Trivandrum, Kerala.

 

The primary venture is devoted to the transformation of the current cryogenic motor,

which as of now depends on fluid hydrogen as fuel, into a LOx methane motor.

 

The subsequent task intends to make a more modest motor, furnished with an electric engine, fit for delivering a push limit of three tons.