Current Affairs 15th April

National Affairs

1. Solar Energy Corporation of India gets ‘Miniratna Category-I’ status

The Solar Energy Corporation of India Ltd. (SECI) was made a Miniratna Category-I Central Public Sector Enterprise (CPSE) on April 10, 2023. Correspondence with this impact has been given by the Service of New and Sustainable Energy (MNRE).

 

It is the only CPSU that focuses solely on the solar energy industry.

 

Key Points:

 

SECI, which was founded in 2011, is the primary agency for MNRE’s renewable energy schemes and projects to help India meet its international commitments.

 

SECI has awarded projects with capacities of more than 56 GW (Giga Watt) in renewable energy (RE). As a Project Management Consultant (PMC), SECI is also involved in project establishment through its own investments and for other public sector organizations.

 

It has the most noteworthy credit score of AAA by the homegrown rating organization ICRA.

 

Note: The CPSEs which have created gain over the most recent three years constantly, the pre-charge benefit is Rs. 30 crores or more in something like one of the three years and have a positive total assets are qualified to be considered for award of Miniratna-I status.

 

About Sun powered Energy Enterprise of India Restricted (SECI):

 

The organization holds a Class 1 Power Exchanging Permit and is dynamic in this space

through exchanging of Sun powered Energy from the activities set up under the plans being

carried out by it.

2. India’s 1st underwater Metro starts trial run under the bed of Hooghly 

Kolkata Metro Rail Corporation Limited (KMRCL) successfully ran India’s first underwater metro train through a 32-meter-deep tunnel beneath the Hoogly River’s bed.

 

Concerning the test run:

 

The metro will run trial runs from Howrah Maidan to Esplanade for seven months, after which regular service will begin on this stretch. On this stretch, commercial services are expected to begin in 2023.

 

The trial run included two Metro rakes travelling the 4.8-kilometre underground section between Howrah Maidan and Esplanade.

 

It is anticipated that this Metro will travel 520 meters below the Hooghly River in 45 seconds.

 

About the underground passage:

 

The passages under the stream bed, 32 meters beneath the water level, are important for East-West Metro Task means to associate Howrah Maidan with Rajarhat along the

16.6-km course. 2017 marked the completion of the tunnel’s construction phase.

 

The submerged passages will interface Kolkata and Howrah with a Metro station at

Howrah. This metro station will be the most profound Metro station (33 meters underneath

the surface) of India.

 

Note:

 

The East-West Metro line running from Salt Lake Sector V to Sealdah is operational for about 9.1 kilometres. The first phase of East West Metro Railway’s services began in February 2020 and concluded in July 2022.

3. India Retains Category 1 Status under US FAA’s IASA Programme

Under the International Aviation Safety Assessment (IASA) program run by the Federal Aviation Administration (FAA), India has maintained its Category 1 status.

 

This data was conveyed by the Government Aeronautics Organization (FAA)

of the US of America to the Directorate General of Common Avionics

(DGCA), Service of Common Avionics, on April 12, 2023.

 

Background:

 

Under its IASA program, FAA directed a review of the DGCA, India from 25th to

29th October 2021 in the areas covering aeroplane tasks, airworthiness, and

workforce permitting.

 

The IASA assessment was followed by final consultations on April 25 and 26, 2022, as well as additional FAA review in July and September of that year.

 

The FAA then informed the DGCA that India meets the international standards for aviation safety oversight of the Chicago Convention and its Annexes and maintains its FAA IASA Category 1 status, which was last evaluated in July 2018, based on the positive outcomes of the assessment and follow-ups.

 

Advantages of Being in Category 1:

 

The state that has airlines with Category 1 status is allowed to codeshare with airlines in the United States and expand its services to destinations in the United States.

 

The IASA program decides if a country’s oversight of its air transporters

agrees with security norms laid out by the Worldwide Common Aeronautics

Association (ICAO).

 

The program likewise centers around a country’s capacity to stick to worldwide flight

Wellbeing Principles and Suggested Practices contained in Addition 1 (Faculty

Permitting), Addition 6 (Activity of Airplane), and Extension 8 (Airworthiness of Airplane)

to the Global Show on Common Flying “Chicago Show”.

 

Additional details:

 

India’s Effective Implementation (EI) score has increased significantly from the previous 69.95%, according to the most recent ICAO audit conducted in November 2022.

 

In this manner, the evaluation by ICAO and FAA is being an observer of India’s responsibility to have successful wellbeing oversight for its thoughtful aeronautics framework.

 

The Directorate General of Civil Aviation (DGCA)’s mission is to

 

The DGCA is the administrative body in the field of Common Avionics liable for

guidelines of air transport administrations to/from/inside India and for implementation of common air guidelines, air well-being and airworthiness norms. Along with ICAO, it also coordinates all regulatory functions.

4. Drone Start-Up Garuda Aerospace becomes first to Receive Agri Drone Subsidy

Garuda Aerospace, a Made in India drone startup based in Chennai (Tamil Nadu), has become the first company in India to receive the Agri Drone Subsidy for agricultural drones.

The government’s efforts to encourage the use of agricultural drones include this subsidy.

 

At an event that took place in Pune, Maharashtra, eight farmers received Garuda Kisan drones that had received approval from the Directorate General of Civil Aviation (DGCA).

 

The Garuda Kisan Drones would aid farmers in crop management and health monitoring, as well as in locating and pinpointing areas that require fertilizer or water.

 

Not only will this assist in increasing agricultural productivity and reducing food waste, but it will also make farmers’ jobs easier and more effective.

International Affairs

1. AI Index Report 2023: India Ranked 5th with most AI Investment; US Topped the List

India is ranked fifth in terms of private investments received in 2022 by startups offering AI-based products and services, with a total investment of US$3.24 billion, according to “Artificial Intelligence Index Report 2023,” the sixth edition of the annual Artificial Intelligence (AI) index report published by Stanford University’s HumanCentered Artificial Intelligence (HAI).

 

With US$47.4 billion in private AI investments in 2022, the United States topped the world, followed by China (US$13.4 billion), the United Kingdom (US$4.4 billion), and Israel (US$3.24 billion).

 

India, which finished fifth, came out on top of South Korea, Germany, Canada, Australia, and other countries.

 

Private investment in AI was $91.9 billion worldwide in 2022, a 26.7% decline from 2021.

Confidential Interest in Computer-based Intelligence by Geographic Region, 2013-22:

 

According to an analysis of Private Investment in Artificial Intelligence by Geographic Area from 2013 to 22, AI startups in India received a total of $7.73 billion, ranking it sixth among the nations with the most AI investments. In 2022, nearly 40% of this investment was made.

 

In this classification likewise, the US bested the rundown followed by China, Joined Realm, Israel,

Canada.

 

Things to keep in mind:

 

Uniphore, a conversational AI startup based in Chennai, was one of the Indian AI startups that raised $400 million in a Series E funding round the previous year for a valuation of $2.5 billion.

 

From 1.3% in 2010 to 5.6% in 2021, Indian AI journal publications have steadily increased.

 

Starting around 2022, an enormous extent of GitHub man-made intelligence projects were contributed by programming designers in India (24.2%)

 

India (3.2), the United States (2.2), and Germany (1.7) are the three countries or regions with the highest AI skill penetration rates as of 2022.

 

In 2022, analysts from Canada, Germany, and India added to the

advancement of enormous language models (LLMs) interestingly. 54% of scientists

chipping away at LLMs were from American organizations.

 

Public Openion: A 2022 IPSOS survey found that Chinese respondents (78%) were among the most enthusiastic about AI-related products and services. Seventy-one percent of Indians and 76 percent of Chinese respondents expressed the highest level of satisfaction with AI products.

 

The AI Index Report’s Content:

 

Data pertaining to AI is tracked, compiled, distilled, and visualized by the AI Index Report.

 

The AI Index is a separate project at the Stanford Institute for HAI that is led by the AI Index Steering Committee, which is made up of experts from industry and academia.

 

The foundation models, their geopolitics and training costs, the environmental impact of AI systems, K-12 AI education, and public opinion trends in AI were all the subject of a new analysis in iii.2023’s report.

 

Additionally, from 25 countries in 2022 to 127 countries in 2023, the AI Index increased its tracking of global AI legislation.

Banking and Finance

1. SEBI unveils new logo with modern design on 35th Foundation Day

On April 12, 2023, the Protections and Trade Leading body of India (SEBI) revealed a new

logo on the event of its 35th Establishment Day. The event was held at the SEBI headquarters in Mumbai (Maharashtra). The logo was officially unveiled by Madhabi Puri Buch, SEBI Chair, in the presence of previous Chairpersons and current and former Whole Time Members.

 

The New Logo:

 

The traditional blue palette is still used in the new logo, which reflects a more contemporary design. In all three areas of its mandate in the securities market—development, regulation of the securities market, and investor protection—it is a one-of-a-kind combination of its new data- and technology-based approach and its rich traditions.

 

The new logo of Sebi reflects SEBI’s ongoing commitment to being a catalyst for the expansion of the economy through capital formation, preserving its long-standing consultative policymaking approach, and harnessing the power of data and technology.

 

About SEBI’s History and Purpose:

 

It was laid out on April 12, 1988 under the Service of Money. However, in 1992, statutory powers were granted to the body. It has a quasi-judicial function.

 

Key jobs and works:

 

Securities market regulation: By monitoring the activities of stock exchanges, brokers, and other intermediaries, SEBI regulates the Indian securities market.

 

Securing the interests of investors: SEBI attempts to safeguard the interests of financial backers in the protection market by guaranteeing straightforwardness, reasonableness, and responsibility in the market.

 

Encouraging the growth of the securities market: By introducing new financial products, encouraging innovation, and enhancing market infrastructure, SEBI encourages the growth of the securities market.

 

Governing Rating Agencies for Credit: In India, SEBI oversees credit rating agencies (CRAs) to guarantee that their ratings of financial instruments are accurate and dependable.

 

Mutual fund regulations: In India, mutual funds are regulated by SEBI, which also oversees their registration, operations, and performance.

2. HDFC Bank signs pact with KEXIM for $300mn Credit Line; HDFC MF launches schemes for Large, Mid & Small-Cap Segments 

 

A “Master Inter Bank Credit Agreement” for a $300 million line of credit was signed by HDFC Bank and Export-Import Bank of Korea (KEXIM) on April 12, 2023. The

the arrangement was endorsed by the agents of HDFC Bank and KEXIM at GIFT

(Gujarat Global Money Detective) City in Gandhinagar, Gujarat.

 

The bank will use this money to meet the needs of companies with equity participation from Korean companies for funding; companies that are in business with Korean companies; and customers who buy cars made by companies related to Korea.

 

The investment manager for the HDFC Mutual Fund (HDFC MF), HDFC Asset Management Co. Ltd., introduced three programs: Investors can diversify their portfolios by investing in the HDFC S&P BSE 500 Index Fund, the HDFC NIFTY Midcap 150 Index Fund, and the HDFC NIFTY Smallcap 250 Index Fund.

3. CUB launches India’s 1st Voice Biometric Authentication for Logging into its Banking App 

At an event in Chennai, Tamil Nadu (TN), the Citi Union Bank (CUB) in Kumbakonam (Tamil Nadu) launched Inida’s first Voice Biometric Authentication for logging into its mobile banking app on April 12, 2023.

 

Kaizen Secure Voiz Pvt. developed the voice biometric. Ltd situated in Chennai

(TN), under the direction of the 5G use case lab of the Establishment for Advancement and

Research in Financial Innovation (IDRBT).

 

The recently presented voice biometric will be another choice for clients to log

in alongside client id, PIN, face id and unique finger impression confirmation.

 

Note: The Reserve Bank of India (RBI) established the IDRBT, which focuses on banking technology research.

4. PhonePe raises Another USD 100 million from General Atlantic

PhonePe, a digital payments and financial services decacorn owned by Walmart Inc., raised USD 100 million (approximately Rs 820 crore) from General Atlantic (GA), a private equity firm based in the United States, and other investors as part of its ongoing USD 1 billion fundraise to expand into lending.

 

PhonePe was valued at USD 12 billion before going public when it received new funding from General Atlantic and its co-investors.

 

As part of the ongoing round, it has raised USD 750 million so far.

 

As part of the massive fundraising effort, PhonePe received USD 200 million from Walmart, its parent company, and USD 100 million from Tiger Global, Ribbit Capital, and TVS Capital.

Economy and Business

1. UNCTAD Report: India’s Economic Growth Projected to Slow to 6% In 2023, Down from 6.6% In 2022 

The Trade and Development Report Update states: According to the United Nations Conference on Trade and Development (UNCTAD) report titled “Global Trends and Prospects,” which was released in April 2023, India’s economic growth is anticipated to decrease to 6% in 2023 from 6.6% in 2022.

 

Important observations regarding India:

 

As per the report, India developed at a 6.6% yearly rate in 2022, surrendering the top

spot among G20 (Gathering of Twenty) nations to oil-rich Saudi Arabia, which developed at

an 8.6% yearly rate.

 

Due to high export orders and decreasing government spending, India’s GDP growth is expected to slow to 6.0% in 2023.

 

The Reserve Bank of India (RBI) began tightening its policy stance in the spring of 2022 to mitigate the effects of foreign capital outflows, a depreciating currency, and inflation risks.

 

South Asia developed at a 5.7% yearly rate in 2022, while UNCTAD predicts it to develop

at a 5.1% yearly rate in 2023, “driven by the development of its biggest economy, India.”

Science and Technology

1. TCG Anadolu: Türkiye’s Largest Warship and World’s First Drone Carrier

Recep Tayyip Erdoğan, Leader of the Republic of Türkiye, formally disclosed ‘TCG

Anadolu’, the country’s biggest warship and the world’s initially automated

battle flying vehicle (UCAV) transporter. It is an amphibious assault vessel of the Turkish Navy that has the ability to function as both a drone carrier and a landing helicopter dock (LHD).

 

TCG Anadolu was built as part of the “Multi-Purpose Amphibious Assault Ship Project.” In March 2022, trials began on the vessel.

 

It was implicit in Istanbul (Türkiye) by the Ottoman organization Sedef Shipbuilding and

depends on the L-61 plane carrying the warship Juan Carlos I.

 

The two vessels were planned by a similar producer, Spain’s Navantia.

 

Key Highlights of TCG Anadolu

 

TCG Anadolu, which has a length of 231 meters (758 feet) and a width of 32 meters

(105 feet), is presently the biggest boat in the Turkish Naval force and is fit for conveying

troops, battle helicopters, military robots, land vehicles, and light Warcrafts.

 

With a maximum displacement of 27,436 tons and a maximum speed of 20.5 knots, the ship has a range of 9,000 nautical miles.

 

Its deck can oblige 11 UCAVs or 10 helicopters, while it’s overhang can hold

30 UCAVs or 19 helicopters.

 

Four mechanized vehicles, two personnel landing vehicles (LCVP), and two landing craft air cushions (LCAC) will be included on the TCG Anadolu.

 

Importance

 

TCG Anadolu, the world’s first warship in quite a while class, can land and take off from Turkish UCAVs Bayraktar TB3 and Kizilelma, as well as the light assault aeroplane Hurjet.

 

Turkey will be positioned as the “leader” of game-changing defence technology thanks to the multi-purpose ship, which will enable it to carry out humanitarian and military missions worldwide.

 

The move will make the Turkish navy stronger and make the country one of only a few in the world with an aircraft carrier built in-house.

 

Weapons, battle the board, electronic fighting, infrared pursuit and track,

electro-optical inquiry, laser cautioning, torpedo safeguard frameworks, and radars for the

transport was constructed locally.

 

The TCG Anadolu ship will be able to transport at least a battalion-sized force to the designated region with its own logistics support and without a home base.