Current Affairs 21st June

National Affairs

1. ITI Ltd signs MoU with TCIL and C-DOT to Develop Communication Products for Smart Cities

ITI Ltd, Centre for Development of Telematics (C-DOT), and Telecommunications Consultants India Limited (TCIL) entered into a tripartite memorandum of understanding (MoU) on June 19, 2023, to develop and offer new communication products and services for smart cities.

 

A distinct project agreement will govern each project, with TCIL serving as the lead partner, C-DOT serving as the technology partner, and ITI serving as the manufacturing partner.

 

Aim:

 

To establish a framework for the TI, CDOT, and TCIL’s collaboration in the development and delivery of cutting-edge telecommunications products and services for Smart Cities. 

 

Signatories:

 

Rajesh Rai, Chairman and Managing Director of ITI Limited, Rajeev Kumar, Registrar of C-DOT, and Alka Asthana, Executive Director of TCIL, signed the Memorandum of Understanding.

 

What’s in the MoU?

 

Project agreements will outline the responsibilities, payment terms, and mutual goals of the parties by the MoU.

 

An ecosystem capable of providing indigenous telecom networks and solutions from beginning to end will result from this collaboration.

 

C-DOT and third-party-designed products will be conceptualized, installed, commissioned, and maintained by the businesses.

 

In addition to providing repair support, producing and delivering identified products, and ensuring technical compliance, the signatory companies will collaborate.

 

The Central Government’s efforts to bring together telecommunications research and development (R&D) are reflected in this memorandum of understanding.

2. MeitY joins hands with IITs to promote R&D of Nanoelectronics

The Indian Institute of Technology (IIT) and the Ministry of Electronics and Information Technology (MeitY) have collaborated to promote nanoelectronics research and development.

 

MeitY has taken a number of actions over the past five years to promote nanoelectronics research and development (R&D) in India. The creation of Nanoelectronics Centres at world-class universities is the most significant of these initiatives.

 

INUP-i2i:

 

MeitY’s flagship program, Indian Nanoelectronics Users Programme-Idea to Innovation (INUP-i2i), is being implemented at the Centre of Excellence in Nanoelectronics (CEN) at IISc, IIT Bombay, IIT Delhi, IIT Madras, IIT Kharagpur, and IIT Guwahati. It has provided a great opportunity for the R&D community across the country to access cutting-edge nanofabrication facilities for conducting

 

Recent Initiatives Underpinned by INUP-i2i I by IITs Under the auspices of INUPi2i, the Nanoscale Research Facility at IIT Delhi will host its “8th User Awareness Workshop on Fabrication & Characterization Facility for Nanotechnology” on June 22 and 23.

 

IIT Kharagpur is arranging INUP-i2i Nano Hackathon on Medical care, 2023.

 

Under the INUP-i2i program, IIT Delhi will host a Nano Hackathon for students and academic researchers working in the fields of healthcare, agriculture, safety, energy, and the environment.

 

The hackathons would benefit from technical mentoring as well as infrastructure and technical support from the INUP-i2i.

 

How does nanotechnology work?

 

Techniques for studying physical phenomena and creating new devices and material structures in the physical size range of one to one hundred nanometers (nm), where one nanometer is equal to one billionth of a meter, are developed and utilized in this field.

International Affairs

1. 19th Ex Khaan Quest 2023: India participates in Multinational Peacekeeping Exercise in Mongolia

Ex Khaan Quest 2023, the 19th Multinational Peacekeeping Joint Exercise, was launched on June 19, 2023, at the Five Hills Training Area in Mongolia, by President and Commander-In-Chief of the Mongolian Armed Forces (MAF), Ukhnaagiin Khurelsuk.

 

It is co-sponsored by the MAF and the United States Army Pacific Command (USARPAC), and 26 nations, including the Indian Army (IA), send military contingents and observers to participate.

 

For the first time, the Republic of Turkey and the Lao People’s Democratic Republic participated.

 

A group from the Garhwal Rifles is on the side of IA.

 

Aim:

 

Enhance the participating nations’ interoperability ii. Encourage sharing of experiences iii. Provide uniformed personnel for the United Nations Peacekeeping Operations (UNPKO) with training. Important Points:

 

Command Post Exercise (CPX), Field Training Exercise (FTX), combat discussions, lectures, and a demonstration are all part of the exercise.

 

It will improve the level of defence cooperation between the IA and participating nations, particularly with the MAF, which will improve bilateral relations.

 

About Ex Khaan Quest: The exercise demonstrates nations’ dedication and cooperation in global security cooperation.

 

Mongolia hosts an annual military exercise. It began as a joint exercise between the MAF and the US Indo-Pacific Command (USINDOPACOM) in 2003 and evolved into an international exercise in 2006.

2. India, Philippines Sign MoU on FinTech Cooperation

A Memorandum of Understanding (MOU) on financial technology (fintech) cooperation was signed on June 19, 2023, by the Department of Economic Affairs, Ministry of Finance (MoF), Government of India, and the Department of Finance (DOF), Government of the Philippines. The MoU also aims to close the digital divide by encouraging financial inclusion.

 

Signatories: Shambhu S. Kumaran, India’s Ambassador to the Philippines, and Benjamin E. Diokno, Secretary, DOF, Government of the Philippines in Manila, Philippines, signed the MOU.

 

Key Points:

 

A Joint Working Group (JWG) with senior representatives from Central Banks, financial sector regulatory institutions, and other related agencies would be established in accordance with the MoU.

 

The Ministries of Finance would serve as co-chairs of the JWG as undersecretaries.

 

Financial inclusion, promoting the use of digital signatures across borders, mainstreaming digital fund transfer platforms, the development of innovative technologies, digital governance, payment linkages, and the creation of interoperable APIs (Application Programme Interface) would all be supported by the JWG.

 

It was anticipated that the Memorandum of Understanding would serve as an institutional foundation for cooperation in three key areas: digital payment processing, direct benefit transfer using national ID, and financial inclusion.

3. Members of the United Nations have adopted the first-ever treaty to protect marine life on high seas

The first international treaty to protect marine life in high seas was approved by the United Nations on June 19, 2023.

 

The High Seas Treaty, also known as the Biodiversity Beyond National Jurisdiction (BBNJ) Treaty, was approved by 193 U.N. member states. It establishes the first framework for governing practices like oil extraction, mining, and fishing in international waters.

 

After nearly two decades of negotiations to regulate the high seas, the treaty is approved.

 

It will be open for signatures on September 20, during the General Assembly’s annual meeting of world leaders, and it will go into effect when 60 countries ratify it.

 

The treaty will establish marine protected areas on the high seas and a new body to oversee the conservation of ocean life. Additionally, it establishes guidelines for conducting environmental impact assessments of ocean-based commercial activities.

 

Important points from the Treaty:

 

The framework for “Marine Protected Areas” is established by the treaty.

 

It establishes standards and guidelines for assessing the high seas’ effects on the environment.

 

To enforce the terms of the treaty, a Conference of Parties (COP) is established, which includes a scientific advisory board.

 

It makes an instrument for moving marine innovation to non-industrial nations.

Banking and Finance

1. NSE International Exchange Unveils a New Identity for Gift Nifty

As part of the full-scale transition of Singapore Exchange (SGX) Nifty to Gift Nifty under the NSE IFSC-SGX Connect Project, the NSE International Exchange (NSE IX) unveiled a new brand identity and logo for GIFT Nifty on June 19, 2023, at the International Financial Services Centre (IFSC) in Gujarat International Finance Tec-City (GIFT City) in Gandhinagar, Gujarat.

 

NSE IFSC-SGX Interface Task will supplant the current SGX Clever Prospects and Choices

contracts, which were exchanged on SGX, with GIFT Clever from July 3, 2023.

 

The principal guest at the event was Injeti Srinivas, Chairman of the International Financial Services Centre Authority (IFSCA). Ashish Kumar Chaunah, MD and CEO of the NSE, and V Balasubramaniam, MD and CEO of the NSE IX, attended the event as well.

 

Note:

 

The flagship index, NIFTY 50, is represented by the new Gift Nifty brand logo. The full type of Clever is the Public stock trade FIFTY.

 

The National Stock Exchange of India Limited (NSE India) is the parent company of NSE IFSC, a wholly-owned subsidiary.

 

Key Points:

 

All US (United States) dollar-denominated Nifty derivatives contracts will only be traded on NSE IFSC after the replacement.

 

The transfer of all open positions from SGX NIFTY to GIFT NIFTY Consequently, there is no more open interest in SGX NIFTY.

 

After the end of the T session on June 30, 2023, the SGX NIFTY will no longer be available for trading. SGX expects to delist the SGX Clever.

 

The NSE IFSC-SGX Connect project, which will increase activity at the GIFT City, was approved in 2019 for the trading of the SGX’s Nifty futures contract on IFSC based on the NSE’s Nifty 50 index.

 

From July 3, 2023, Market participants will be able to access Gift Nifty 50, Gift Nifty Bank, Gift Nifty Financial Services, and Gift Nifty IT derivative contracts on NSE IX with the new identity. These contracts will be available for nearly 21 hours, which will fall between the trading hours in Asia, Europe, and the United States.

 

Note that in addition to NSE, NSE IX also unveiled its new corporate brand identity, which evolved into a distinct IX design.

2. Union Bank of India Launched four Bank Account Schemes to Benefit Women, Pensioners & CHS

The Union Bank of India launched four bank account programs aimed at women, women entrepreneurs and professionals, pensioners, and cooperative housing societies (CHS) on June 19, 2023. These programs were called Union Unnati, Union Samriddhi, Union Samman, and Union SBCHS (SB Account For Co-Operative Housing Society).

 

The advantages of the four account schemes:

 

Union National: CD (certificate of deposit) Account for Women This current account (CA) has an AMB of Rs 50,000 and is intended for Women Individuals and Sole Proprietorship (Women proprietors).

 

Personal accident coverage, a reduction in loan interest rates, a reduction in retail loan processing fees, and minimal service fees are all included in the account’s benefits.

 

Samriddhi Union: SB Account for Women is a savings bank (SB) account designed to empower women over the age of 18 by providing them with a safe and convenient savings and financial management option.

 

Similar to Union Unnati, this account also offers personal accident coverage, a reduction in loan interest rates, and free cancer care insurance.

 

Samson Union: Door-to-door banking, personal accident coverage, a reduction in loan interest rates and processing fees, and free health checks are all features of the SB Account for Pensioners, which is a savings account for pensioners. Those who receive regular pensions from Union Bank are eligible for this account.

 

SBCHS of Union:

 

Eligibility: Anyone who is eligible to open a Savings Account, including Registered CHS, Resident Welfare Associations, and Apartment Owners Associations.

 

Union SBCHS is a savings account that honors cooperative housing societies, Resident Welfare Associations, and Apartment Owners Associations by granting them concessions on home, vehicle, and education loans, as well as reductions in loan processing fees for solar lights, elevators, and other machinery.

Economy and Business

1. Airbnb and the Ministry of Tourism signed an agreement to promote cultural tourism and heritage stays

 

To showcase India’s heritage stays and promote cultural tourism, the online lodging hosting service Airbnb has signed a memorandum of understanding with the Ministry of Tourism.

Shri G. Kishan Reddy, Union Tourism Minister of India, Ms. V. Vidyavathi, Shri Rakesh Kumar Verma, Additional Secretary of the Ministry of Tourism, and Amanpreet Bajaj, General Manager of Airbnb India, Southeast Asia, Hong Kong, and Taiwan, witnessed the signing of the MoU.

 

Important aspects of the MoU:

 

As part of its “Visit India 2023” initiative, Airbnb will work with the Ministry of Tourism to promote inbound tourism.

 

As part of the agreement, Airbnb will launch a “Soul of India” microsite to showcase India’s rich culture and built heritage to a global audience. Airbnb will likewise offer help to has in undiscovered vacationer regions, help them in advancing their homestays, fabricate limits and cultivate a culture of dependable facilitating.

 

Note: In order to promote inclusive tourism, Airbnb entered into a memorandum of understanding with the Goa tourism department in December 2022.

Science and Technology

1. Mahindra Defence delivered India’s 1st Armando ALSV to Indian Army

The first Armado units have begun to be delivered to the Indian armed forces by Mahindra Defence Systems (MDS), a wholly owned subsidiary of Mahindra & Mahindra (M&M). Mahindra designed and developed the Armado, India’s first armored light specialist vehicle (ALSV).

 

The Armado ALSV can be used in Special Forces and counterterrorist operations, as well as by quick response teams as a surveillance vehicle and for border patrols.

 

It is intended to be a measured kind, that can be moved up to suit a wide assortment of

functional jobs, presents ballistic assurance to B7, Stanag (Normalization Arrangement)

Level II.

 

Note:

 

The highest level of ballistic protection, B7, is used to stop armour-piercing bullets from high-velocity weapons like sniper rifles.

 

At 80 meters, Stanag Level II protection protects against grenade and mine blast threats as well as high-powered artillery of up to 115 millimeters.

 

Armado ALSV’s features include:

 

It is powered by a direct-injection, turbocharged diesel engine of 3.2 liters that can also run on diesel of NATO (North Atlantic Treaty Organization) grade.

 

The motor produces 215 Strength (hp) and 500 newton-metre(Nm) of force and

power is conveyed to every one of the four wheels by means of a 4-speed programmed gearbox.

 

The Armado is said to have a top speed of over 120 kilometers per hour (kph), a time of 12 seconds from zero to sixty kilometers per hour, and a payload capacity of 1,000 kilograms (kg).

 

The Armado also has a centralized tyre inflation system, 318/80 R17 tires that can also run without air or a puncture for up to 50 kilometers, and independent suspension from Bilstein at all four corners.

 

It has power steering and can be set to drive in either the left (LHD) or right (RHD) direction.

 

It has six seats, including the driver, and can be set up to seat up to eight people.

 

In addition, it comes equipped with a public address system (PA), a GPS (Global Positioning System), an automatic grenade launcher, an electric winch, a High Frequency (HF) and Very High Frequency/Ultra High Frequency (VHF/UHF) radio, as well as a self-cleaning exhaust scavenging and air filtration system for use in environments with a lot of dust.