Current Affairs 24th April

National Affairs

1. SAIL-BSL signs MoU with TCIL to utilize 5G/ IT / Telecom technologies in Steel manufacturing

The Steel Authority of India Limited (SAIL)-Bokaro Steel Plant (BSL) and Telecommunications Consultants India Limited (TCIL) signed a Memorandum of Understanding (MoU) on April 21, 2023, to investigate the possibility of implementing 5G, information technology (IT), telecom, and other wireless communication technologies in SAIL-BSL.

 

SAIL’s Mines & Collieries, Central Coal Supply Organization, and SAIL Refractory Unit are all included in SAIL BSL in Jharkhand.

 

Signatories:

 

The MoU was marked B.K.Tiwari, Chief (Works), SAIL-BSL; and Ms. Alka Selot Asthana, TCIL’s Executive Director for IT and Telecom at SAIL’s Bokaro Steel Plant.

 

Key Points:

 

With this agreement, SAIL BSL became the first public sector undertaking in India to initiate the establishment of a dedicated 5G network with the assistance of TCIL. The network will make use of 5G, IT, and telecom technologies in steel manufacturing.

 

This organization will likewise be valuable in giving creative arrangements in SAIL Mines

furthermore, Collieries in Jharkhand, Savvy Urban areas and so forth.

 

TCIL has the vital ability, experience, and assets to give arrangements

for organization, testing, dispatching, and upkeep of MoU significant

advancements for SAIL-BSL.

 

Concerning SAIL-BSL:

 

The plant is hailed as India’s first Swadeshi steel plant because it was built with the majority of its equipment, materials, and know-how indigenous to India.

 

Steel Works in Bokaro. 1965 saw the establishment of the fourth integrated plant in the Public Sector in partnership with the Soviet Union.

 

It was initially consolidated as a restricted organization in 1964 and later converged with

SAIL, first as an auxiliary and afterward as a unit, through the Public Area Iron and Steel

Organizations (Rebuilding and Random Arrangements) Act 1978.

2. MoCA launched 5th Phase of Regional Connectivity Scheme UDAN 5.0

After four successful rounds of bidding, the Ministry of Civil Aviation (MoCA) has launched the fifth phase of the Regional Connectivity Scheme (RCS) – Ude Desh Ka Aam Nagrik (UDAN) or UDAN 5.0 – to enhance the connectivity of the country’s regional territories.

 

By releasing a bid document on April 21, 2023, the MoCA kicked off the process of inviting airlines to submit bids for various routes as part of the fifth round of bidding for its RCS UDAN 5.0.

 

UDAN 5.0 will raise the force, and associate new courses, with the objective of

operationalising 1000 courses and 50 extra air terminals, heliports, and water

aerodromes.

 

Note: Under the RCS-UDAN 4.0 scheme, 78 new routes were approved in 2020. Key features:

 

In UDAN 5.0, which focuses on Category-2 (20-80 seats) and Category-3 (>80 seats), the earlier stage length restriction of 600 km has been removed, and there are no restrictions on the trip’s origin and destination distance.

 

The stage length of the viability gap funding (VGF) that will be provided will be limited to 600 km for both Priority and Non-Priority areas, up from 500 km in the past.

 

Note: The UDAN plot is financed through a Rs 50 toll on flight tickets on major

courses. The remaining 20% is provided by state governments, while the levy contributes 80% of the airlines’ funding for the viability gap. Under the plot, carriers are offered suitability hole subsidizing for 50% of the seats on a flight and passages for those seats are covered by the public authority.

 

No foreordained courses would be presented under UDAN 5.0, and just Organization

also, Individual Course Proposition proposed via carriers would be thought of.

 

The aircrafts will currently have to present an activity/strategy following 2 months from

the issuance of the Letter of Grant (LoA), wherein they present their airplane securing plan/accessibility of airplane, team, openings, and so forth., at the hour of the Specialized

Proposition.

 

A single airline will not receive the same route twice, either in a different network or the same network.

 

Selectiveness will be removed assuming the normal quarterly Traveler Burden Variable (PLF) is higher than 75% for four successive quarters to forestall double-dealing of the

restraining infrastructure on a course.

 

To further encourage prompt operationalization, 25% of the Performance Guarantee will be cashed for each month of delay for up to four months.

 

Aircrafts would be expected to start tasks in something like 4 months of the

grant of the course. Prior, this cutoff time was a half year.

 

In order to speed up the operationalization of routes under the Scheme, a list of airports that are or will soon be ready for operation has been included in the plan.

 

The Novation interaction for courses starting with one administrator then onto the next is improved and

boosted.

3. PM Modi to release ₹100 coin to mark 100 episodes of Mann Ki Baat

The official announcement that the Government will issue a new 100 coin on April 30, 2023, to commemorate the 100th episode of Prime Minister Narendra Modi’s radio show Mann Ki Baat, was made by the Ministry of Finance on April 21, 2023.

 

Background:

 

On October 3, 2014, PM Modi made his radio introduction with “Maan Ki Baat”

(Words from the Heart) which is a month to month radio program broadcasted on All India Radio, at 11 am on the last Sunday of every month.

 

The program has discussed a wide range of topics, such as cultural events, government policies, and social issues.

 

The initiative provides the Prime Minister with a unique opportunity to connect with Indians and discuss his thoughts and ideas with them.

 

A coin with a face value of 100 was planned to be issued to commemorate the program’s 100th episode. Even though commemorative coins are considered legal tender, they are rarely put into regular circulation.

4. IGGL completes Asia’s largest underwater hydrocarbon pipeline

CEO of Indradhanush Gas Grid Limited (IGGL), Mr. Ajit Kumar Thakur, made the announcement on April 22, 2023, that the construction of Asia’s largest underwater hydrocarbon pipeline had been completed.

 

Key Points:

 

This 24-inch-diameter pipeline was laid using the Horizontal Directional Drilling (HDD) technique below the Brahmaputra river to connect Jorhat and Majuli in Assam.

 

The all out length of this single HDD crossing is 4,080 meters across the primary

water channel of the Brahmaputra stream, making it the longest waterway crossing by any

hydrocarbon pipeline of size 24-inch width or more in Asia and the second

longest on the planet.

 

The North East Gas Grid (NEGG), which aims to connect North East India to the National Gas Grid, has reached a significant milestone with this.

 

The 1,656-kilometer NEGG connects North East India’s major cities and demand centers to the National Gas Grid.

5. Telangana CM KCR unveils 125-ft-tall Ambedkar statue in Hyderabad 

To commemorate Babasaheb Bhimrao Ramji (BR) Ambedkar’s 132nd birthday, Telangana Chief Minister (CM) K Chandrasekhar Rao unveiled the 125-foot-tall bronze statue in Hyderabad, Telangana, on April 14, 2023.

 

Background:

 

At a cost of Rs. 146.50 crore, the statue was constructed with 360 tonnes of stainless steel and 114 tonnes of bronze.

 

On the banks of Hyderabad’s well-known Hussain Sagarlake, the State Secretariat is flanked by the tallest statue of Ambedkar in India.

 

Ram Vanji Sutar, 98, a Padma Bhushan recipient from Mumbai, Maharashtra, sculpted the statue.

 

The statue stands on a 50-foot-tall pedestal with a 172-foot-tall ground floor and 74-foot-tall terrace.

 

The ceremony was attended by more than 35,000 people from all 119 constituencies, and as many as 750 state-run buses operated for the general public.

 

Ambedkar’s grandson Prakash Ambedkar was welcomed as the sole boss visitor at

the occasion.

 

Telangana state government has established an Honor for the sake of

Babasaheb Dr. BR Ambedkar

 

On Babasaheb’s birthday each year, a prize of three crore rupees will be given to anyone who contributes to Dalit welfare.

6. Log9 Materials sets up India’s first Lithium-ion cell facility

Amara Raja Group-backed Bengaluru-based nanotechnology company Log9 Materials opened India’s first manufacturing facility for lithium-ion cells on its campus in Jakkur, Bengaluru, Karnataka. The commercial production facility for Li-ion cells owned by Log9 will initially have a capacity of 50 Megawatt hours (MWh).

 

This facility will produce LFP (lithium ferrophosphate) and lithium titanate (LTO) cells. A manufacturing line will support the production of large cylindrical cells with a form factor ranging from 22 Series to 66 Series.

 

The production of Log9’s LTO TiB cells will result in a yearly CO2 reduction of 147 kT and a carbon emission reduction of 90 T per vehicle.

 

To expand its battery pack facility, Log9 will spend approximately Rs 200 crore.

 

Note: Additionally, Ola Electric had announced that by 2023, it would construct battery cells at its new facility.

International Affairs

1. World Bank’s LPI 2023 Report: India Ranked 38; Singapore Topped the Index

As per the World Bank’s (WB) report named Interfacing with Contend 2023:

Trade Logistics in an Uncertain Global Economy – the Logistics Performance Index (LPI) and its Indicators,” which was published on April 21, 2023, placed India at number 38, up from number 44 in 2018.

 

Singapore bested the positioning followed by Finland at second, and Denmark at

third.

 

Connecting to Compet, a report that summarizes the results of the new dataset for LPI and its component indicators, is now in its seventh edition.

 

Key Points:

 

India imparts the 38th position to Lithuania, Portugal, Saudi Arabia, Türkiye.

 

In October 2021, the Government of India (GoI) announced PM Gati Shakti, a National Master Plan for multimodal connectivity, with the goals of lowering logistics costs and boosting the economy by 2024 and 2025.

Banking and Finance

1. HDFC Bank gets Relief from RBI on PSL norms; SEBI Approves transfer of Controlling stake of HDFC AMC to HDFC Bank

In April 2023, the Save Bank of India (RBI) gave an unwinding of 3 years for

HDFC Bank, India’s biggest confidential area loan specialist, to meet Need Area Loaning

(PSL) prerequisites after its consolidation with Lodging Advancement Money Organization

(HDFC) Restricted.

 

As HDFC Bank requested, the RBI has refused to waive the Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR) requirements.

 

After the merger, HDFC Bank must reserve 18% as SLR and 4.5 percent as CRR.

HDFC Asset Management Company Limited (HDFC AMC), a subsidiary of HDFC Limited and the AMC of HDFC Mutual Fund (HDFC MF), has been granted permission to change ownership.

2. Mastercard collaborates with India’s M1xchange to roll out digital invoice discounting for farmers

Through its agritech platform, Farm Pass, Mastercard and M1xchange will launch a digital invoice discounting solution for farmers, FPOs, and agri-MSMEs (Micro, Small, and Medium Enterprises) on April 20, 2023.

 

The Trade Receivables Discounting System (TReDS) will assist lenders in underwriting credit offerings with this first-of-its-kind solution for the agricultural sector.

 

Note: Mastercard’s Community Pass platform includes Farm Pass. Till date,

through Homestead Pass, Mastercard has accomplished the achievement of helping more than 1 million smallholder ranchers

 

Central issues:

 

As a component of the coordinated effort, M1xchange, a RBI (Save Bank of India)- supported facilitator for limiting and offer of receivables to banks and Non-Banking Monetary

Organizations (NBFCs), will welcome on board its agri-organizations and moneylenders.

 

Working capital and credit will be easily accessible thanks to the platform.

 

Farmers and FPOs will be able to connect directly with buyers and negotiate the best price for their produce with instant payment thanks to the solution.

 

The arrangement expects to help 10 million ranchers through a sale based

system for choosing the wellbeing rates against the exchange.

3. ICICI Bank introduces EMI facility for UPI payments by scanning QR code

The first-of-its-kind EMI (Equated Monthly Instalment) facility for UPI (Unified Payment Interface) payments made by scanning a QR code was made available on April 11, 2023, by the ICICI Bank.

 

to make it easier for customers to use and to offer unique solutions to meet their changing credit needs.

 

Key Points:

 

Eligibility: Clients who are qualified for PayLater, the Bank’s ‘purchase currently, pay later’

administration can benefit of the EMI office in a moment, simple and consistent way.

 

The service is available for a variety of transactions, including hotel and travel reservations, groceries, fashion apparel, electronics, and groceries.

 

Clients could pay exchange sums above Rs 10,000 by filtering a QR

code for simple portions in three, six or nine months.

 

Features:

 

Soon, PayLater’s EMI option will also be available for online shopping.

 

Customers of the Bank can now buy goods or services right away by scanning the required merchant QR code at a store and making payments in EMIs using this facility, which makes them more affordable.

Economy and Business

1. Morgan Stanley: India’s GDP to grow at 6.2% in FY24; Inflation to be 5.5% in FY24

Due to the contribution of a cyclical recovery in consumption, increased private sector capex (Capital Expenditure), and acceleration on government spending, India’s GDP was projected to grow at 6.2% in FY24 (Financial Year 2023-2014).

 

Inflation:

 

The Expansion in India was projected to average around 5.5% in FY24 and it was

prone to be underneath 5% in the Q2 of the schedule year 2024. The annual rate of inflation for April 2023 is currently 4.7%.

 

Favorable base effects and moderate commodity prices are expected to support a decrease in inflation to below 5% in the first quarter of FY24.

 

The title customer cost file (CPI) for Walk 2023 was supposed to be in line

with assumptions.

 

Regarding the Reserve Bank of India (RBI), it anticipates that the repo rate will remain unchanged in 2023 due to inflation remaining below 6%, with a change occurring in the first quarter of 2024.