Current Affairs 20th April

National Affairs

1. MoTA Minister Arjun Munda launches CSS ‘Marketing and Logistics Development for Promotion of Tribal Products from NER‘ in Manipur

During a function held at the Auditorium of Manipur State Film Development Society (MSFDS) in Imphal, Manipur, Union Minister Arjun Munda, Ministry of Tribal Affairs (MoTA), launched MoTA’s new Central Sector Scheme (CSS) – “Marketing and Logistics Development for Promotion of Tribal Products from North -Eastern Region (PTP-NER)” – for the benefit of Scheduled Tribes (STs) of NER on April 18, 20

 

The scheme will cost Rs. 143 billion iii. It means to reinforce occupation amazing open doors for NER’s craftsman from Planned Clans (STs) through expanded proficiency in acquirement, planned operations and promoting of ancestral items from North Eastern states.

2. GoI’s Target to Achieve 20% Ethanol Blending in Petrol Advanced from 2030 to 2025-26

The Government of India (GoI) increased its goal of blending 20% ethanol into gasoline between 2030 and 2025-2026 on April 18, 2023.

 

While tending to the Worldwide CBG (Packed BioGas) Gathering of the Indian

League of Environmentally friendly power Energy (IFGE) – CBG Makers Gathering, Association Priest,Hardeep Singh Puri, Service of Oil and Flammable gas (MoP&NG) expressed concerning’s drive to build the utilization of biofuels in the energy and

transportation areas by means of Public Strategy on Biofuels, 2018.

 

In order to transform India into a gas-based economy, the Government of India has set a goal of increasing the proportion of gas in the energy mix to 15% by 2030.

BioGas that is compressed:

 

Creation of native biofuels will assume a urgent part in accomplishing the objectives of

net zero and import decrease.

 

From 1.53 percent in 2013-2014 to 10.17 percent in July 2022, gasoline now contains ethanol.

 

This results in a reduction of 27 lakh tons of CO2 emissions, a timely payment of over Rs 40,600 crore to farmers, and a savings of Rs 41,500 crore in foreign exchange.

 

The Program aims to lessen reliance on imports, save money on foreign exchange, boost the domestic agriculture sector, and reap the associated environmental benefits.

 

Note: At present we are bringing in around 50% of our necessity of normal

gas.

 

By 2024-25, India intends to establish 5000 commercial CBG plants and produce 15 MMT (Methylcyclopentadienyl manganese tricarbonyl), which would replace the country’s other gaseous fuels.

 

About blending ethanol:

 

In ethanol blending, petrol is mixed with a blended motor fuel that contains ethyl alcohol derived from agricultural products.

 

Due to its higher octane number than gasoline, ethanol-blended gasoline aids in complete combustion and reduces vehicle emissions.

 

Either naturally through yeast fermentation of sugars or through petrochemical processes like ethylene hydration, ethanol is a biofuel.

3. NTPC & Chempolis India signs MoU for Setting Up Bamboo-Based BioRefinery at Bongaigaon

Chempolis India Private Limited, a Fortum group associate company and a leading Finnish biorefining technology provider, and NTPC Limited, the largest power-generating utility in India, signed a Memorandum of Understanding (MoU) on April 10, 2023, to investigate the possibility of establishing a Bamboo-based Bio-Refinery in Bongaigaon, Assam.

 

Dilip Kumar Patel, Director of Human Resources at NTPC, Ashok Kumar Kalra, Director of Human Resources at Engineers India Limited (EIL), and Markus Alholm, President & CEO of Chempolis, witnessed the signing of the Memorandum of Understanding.

 

Chempolis and NTPC will collaborate on the feasibility study for the project, which would use bio-coal for thermal power plants, bamboo for the production of 2G ethanol, and other value-added goods.

 

It is planned to integrate the proposed Bio-Refinery with the NTPC Bongaigaon Power Plant.

The Bio-Refinery’s bio-coal will partially replace coal in the power plant, effectively converting 5% of the power plant’s generation to green energy.

International Affairs

1. World’s Wealthiest Cities Report 2023 released by Henley & Partners; New York tops

 

The annual “World’s Wealthiest Cities Report 2023” was released by the investment migration firm Henley & Partners. New York, United States of America (USA), topped the list once more with 340,000 millionaires, 724 centi-millionaires, and 58 billionaires in 2022.

 

New York City came in second, followed by Tokyo (Japan), the Bay Area in California (USA), London (UK), and Singapore.

 

The annual survey examined 97 cities in nine regions worldwide, namely Australasia, Africa, the CIS (Commonwealth of Independent States), East Asia, Europe, the Middle East, North America, South Asia, and Southeast Asia are the regions that make up this group.

 

Mumbai (Maharashtra) was also on the list, coming in at number 21 with 59,400 millionaires, 238 centimillionaires, and 29 billionaires.

2. Highlights of EAM S Jaishankar’s Visit to Uganda, Ethiopia, & Mozambique

Association serve Subrahmanyam Jaishankar, Service of Outside Issues (MEA)

visited African countries – Uganda, Ethiopia and Mozambique for 6 days from April

10 to 15, 2023 to reinforce India’s two-sided relationship with the nations.

 

Central issues:

 

The Tulsi Ghat Restoration Project Begins:

 

The External Affairs Minister (EAM), S. Jaishankar, launched the Varanasi (Uttar Pradesh) “Tulsi Ghat Restoration Project,” which was funded by the Ugandan Indian community, while he was in Kampala, Uganda.

 

Inauguration of the Uganda Campus of NFSU:

 

The first campus of India’s National Forensic Sciences University (NFSU) outside of India was opened by EAM in Jinja, Uganda.

 

Notably, the opening of NFSU’s campus in Uganda marks the first time a government university in India has opened a campus outside of India.

 

Takes the Mozambique “Made in India” train: EAM traveled from Maputo to Machava in Mozambique on a train that was “Made in India” and was purchased through an Indian Line of Credit (LoC).

 

The Buzi Bridge was opened in Mozambique: The Buzi Bridge, which was built as part of the 132-kilometer Tica-Buzi-Nova-Sofala Road project, was also virtually inaugurated by him.

The extension is being built by India through Indian LoC.

3. UNFPA’s SOWP 2023: India’s population pegged at 142.8 crore, becomes World’s most populous nation

“8 Billion Lives, Infinite Possibilities:” is the title of the State of World Population (SOWP) 2023 report. the case for Freedoms and Decisions” distributed by the Joined Countries Populace Asset (UNFPA), India surpasses China to turn into the most crowded country on the planet, the number of inhabitants in India has become by 1.56% before year and being 142.86 crore is assessed.

 

The number of inhabitants in China is assessed to be 142.57 crore.

 

Population of the world:

 

The global population will reach 8 billion in November 2022. According to experts, population growth is at its slowest rate since 1950 and is not as rapid as it once was.

Banking and Finance

1. RBL Bank launches Unique Digital FD Scheme for New-to-Bank Customers

On April 18, 2023, RBL Bank sent off an imaginative Advanced Fixed Store (FD)

Conspire accessible to new-to-bank clients. The Digital FD can be booked by customers in minutes without having to go to a bank branch or open a savings account.

 

It has a term of 15 to 725 days and an interest rate of up to 7.8%.

 

Central issues:

 

It will provide a number of additional advantages, including the ability to track and manage FD digitally, seamless savings account opening, and embedded insurance coverage, among other things.

 

Under a Hospital Daily Cash Benefit policy, FD holders can select insurance coverage that provides a daily cash benefit for hospital expenses.

 

Customers can open an FD in a matter of minutes thanks to the Digital FD’s quick online KYC (Know Your Customer) process.

2. IBA Constituted 4-Member Working Group on ARCs

A four-member working group on Asset Reconstruction Companies (ARCs) has been established by the Indian Banks’ Association (IBA). This group will investigate a variety of issues and provide recommendations to the IBA, the Reserve Bank of India, and the Union government.

The Secretary of the Association of ARCs in India, Hari Hara Mishra, is one of the four members of the working group.

 

Chief investment officer of National Asset Reconstruction Company Limited (NARCL), Purshotam Agarwal

 

The Edelweiss executive director is Mythili Balasubramanian.

 

Director of Encore Asset Reconstruction Company, Tarun Kumar.

 

Note that the Association of ARCs in India is a group representing 28 Asset Reconstruction Companies that have been registered with the Reserve Bank of India.

Companies that rehabilitate assets (ARCs):

 

It is a financial institution (FI) that helps banks and FI recover from NPAs (Non-Performing Assets), also known as bad loans.

 

They are governed by the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest (SARFAESI) Act, 2002, and are registered with the RBI.

3. SBI Board Approves to Raise USD 2 Billion Via Long-Term Debt

The State Bank of India (SBI), a public sector lender, received approval on April 18, 2023, from its Executive Committee of the Central Board, to examine the status and make a decision regarding long-term fund-raising in single or multiple trenches up to USD 2 billion (approximately Rs 16,000 crore) under Reg-S/144A, through a Public Offer and/or Private Placement of Senior Unsecured Notes in USD or other Convertible Currency during FY2023-2024.

 

SBI will raise USD 2 billion through unfamiliar cash bonds in 2023-2024 in single or

different tranches.

 

According to the guidelines set forth by the Reserve Bank of India (RBI), SBI will make use of the fund to improve capital adequacy and increase additional Tier 1 capital as well as the overall capital base.

 

SBI sold additional tier 1 bonds in March 2023 to raise an additional Rs 3,717 crore.

SBI says that this is the third sale of additional tier 1 (AT1) bonds that are compliant with Basel III. The most recent issue was closed at a coupon rate of 8.25%.

 

Economy and Business

1. IIT Roorkee signs MoU with Taiwan’s NCDR to Develop Tech Solutions for Earthquakes & Floods

In order to develop technological solutions for natural hazards such as earthquakes, landslides, floods, debris flow, and compound disasters, the Indian Institute of Technology Roorkee (IIT Roorkee) in Uttarakhand and the National Science and Technology Centre for Disaster Reduction (NCDR) in Taiwan have signed a Memorandum of Understanding (MoU). During a visit, Dr Hongey Chen, director of the NCDR, and NCDR scientists and faculty members signed the agreement.

 

The Memorandum of Understanding (MoU) aims to promote relations and mutual understanding between NCDR and the Centre of Excellence in Disaster Mitigation and 

Management (CoEDMM) of IIT Roorkee through scientific research and academic cooperation.

 

An early warning sensor network with P-Alert sensors will be co-established in Uttarakhand by researchers from NCDR and IIT Roorkee.