Current Affairs 31st May

National Affairs

1. PM Narendra Modi flags off Northeast’s first Vande Bharat Express

On May 29, 2023, Head of the state (PM) Narendra Modi for all intents and purposes hailed off the Upper east district’s most memorable Vande Bharat Express which will associate Guwahati (Assam) with New Jalpaiguri (West Bengal) in no less than 5 hours and 30 minutes.

 

The Vande Bharat Express is an indigenously developed semi-high-speed train that would travel from Guwahati to New Jalpaiguri, a distance of approximately 411 kilometers, in 5 hours and 30 minutes. Prior, the quickest train on a similar course required 6 hours and 30 minutes to cover the distance.

 

Key Individuals: Himanta Biswa Sarma, Boss Priest (CM) of Assam, Gulab Chand Kataria,

Legislative leader of Assam, Association Priest Ashwini Vaishnaw, Service of Railroads, and Association Serve Sarbananda Sonowal, Service of Ports, Delivery and Streams, likewise went to the hailing off service of Vande Bharat Express which held at Guwahati Railroad Station.

 

Vande Bharat Express’s Key Features:

 

The cutting-edge train is outfitted with a cutting-edge train collision avoidance system (TCAS), also referred to as Kavach, and features numerous amenities like bio-vacuum toilets and others.

 

The train is intended to provide passengers with an air travel-like experience.

 

It will give network to Maa Kamakhya Sanctuary, Kaziranga, Manas Public Park, and

Pobitora Natural life Asylum and furthermore will improve travel and the travel industry in Shillong, Cherrapunji in Meghalaya and Tawang and Pasighat in Arunachal Pradesh.

 

According to the PM’s statement, the average budget for the northeast’s railways was around Rs 2,500 crore prior to 2014, and it has since increased fourfold to more than Rs 10,000 crore in FY24.

 

Initiation of Railroad Track and DEMU:

 

In a stage towards creating rail framework and upgrading network in North East, PM

devoted to the country the recently zapped 199-kilometer stretch of rail route tracks associating the New Bongaigaon-Dudhnoi-Mendipathar area in Meghalaya at the expense of Rs 212.70 crores It will work with the consistent section of trains on electric foothold into Meghalaya.

 

The newly electrified 238-kilometre stretch of railway tracks between Guwahati and the Chaparmukh section in Assam, which cost Rs 310 crore, was dedicated by the PM to make rail travel more sustainable and effective.

 

In addition, the PM unveiled the brand-new sheds for the Mainline Electric Multiple Unit (MEMU) and Diesel Electric Multiple Unit (DEMU) at Lumding in Hojai (Assam). These sheds will be used to maintain DEMU rakes, resulting in improved operational viability.

 

Note that, in contrast to normal EMU trains that connect urban and suburban areas, DEMUs and MEMUs are diesel multiple units (DMUs) and electric multiple units (EMUs) that serve short and medium-distance routes in India.

2. Unemployment declines further to 6.8% in Q4FY23: 18th Quarterly PLFS by NSO

On May 29, 2023, the Public Factual Office (NSO), Service of Insights and Program

Execution (MoSPI) delivered its eighteenth quarterly Occasional Workforce Study (PLFS)

notice for January-Walk 2023 (Q4FY23).

 

According to it, India’s urban unemployment rate (UR) for people over the age of 15 decreased from 7.2% in Q3FY23 to 6.8% in Q4FY23 in terms of Current Weekly Status (CWS).

 

Between January and March of 2022, the unemployment rate was 8.2%.

 

Assessment:

 

During Q4FY23, a total of 5,726 FSUs-First Stage Unit (UFS-Urban Frame Survey blocks) were surveyed. The total number of people surveyed in urban areas was 1,72,089, and the number of households surveyed was 44,982.

 

In the fourth quarter of the 23rd year, the following key figures represented people aged 15 and older in urban areas: i. In comparison to 6.5% in Q3FY23, UR in CWS among urban males decreased to 6%.

 

UR in CWS among females likewise saw a decay during Q4FY23 to 9.2% from 9.6% in

Q3FY23. Between January and March of 2022, the rate was 10.1%.

 

Himachal Pradesh (HP) had the highest UR across all age groups, at 15.2%.

Chhattisgarh comes in second with 12.5%, and Jammu and Kashmir-J&K comes in third with 12.4%.

 

The Workforce Cooperation Rate (LFPR) in CWS for guys was 73.5% from 73.3%

In Q3FY23.Female LFPR in CWS increased from 22.3% in Q3FY23 to 22.7% in Q4FY23.

From 48.2 in Q3FY23, the LFPR in CWS has increased to 48.5% at all India levels.

 

In CWS, the male worker population ratio (WPR) increased to 69.1% from 68.6% in Q3FY23.

 

Female WPR in CWS also slightly increased to 20.6% from 20.2% in Q3FY23.

From 44.7% in Q3FY23, the WPR in percent in CWS increased to 45.2% at all India levels.

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Static Data:

 

Concerning the Periodic Labor Force Survey, or PLFS:

NSO launched it in 2017 with the following two goals in mind:

 

To estimate the most important indicators of employment and unemployment (viz. Worker Population Ratio, Labor Force Participation Rate, and Unemployment Rate) only for urban areas in the “Current Weekly Status” (CWS) over a brief period of three months (quarterly).

annually estimate employment and unemployment indicators in both rural and urban areas using “Usual Status” (ps+ss) and CWS.

 

The Key Terms:

 

UR: The percentage of people without jobs in the labor force is used to define it.

 

LFPR: It is defined as the proportion of people in the population who are working, seeking work, or available for work.

 

WPR: It is defined as the proportion of people in the population who are employed.

 

CWS: The person’s current weekly status (CWS) is the activity status based on a reference period covering the seven days preceding the survey date.

Banking and Finance

1. Turbo UPI: Razorpay unveils India’s fastest One-Step Payments Solution 

Razorpay has sent off India’s quickest one-step UPI (Bound together Installments Point of interaction) installment arrangement specifically ‘Super UPI’ permitting clients of online vendors to make UPI installments straightforwardly without getting diverted to an outsider UPI application during checkout.

 

Axis Bank and the National Payments Corporation of India (NPCI) collaborated on the development of this solution.

 

The number of payment steps is reduced from five to one with this app.

 

Aim:

 

to make the payment process five times faster.

 

To help the organizations to accomplish an expansion in the achievement pace of UPI installments by 10%.

 

Key Points:

 

It makes the payment process easier and stops rerouting users to other apps.

 

It likewise offers granular bits of knowledge into the end-clients drop-off design and empowers dealers to control the whole installment experience of their clients, start to finish.

 

End users now use UPI as their preferred method of payment. By 2026 and 2027, it is expected to handle 1 billion transactions per day and account for 90% of digital payments made by retailers.

2. SEBI Reconstitutes Intermediary Advisory Committee under the Chairmanship of S Ravindran Jain

Protections and Trade Leading body of India (SEBI) has reconstituted its delegate warning

panel, which would recommend it on issues connected with changes in the legitimate system also, upgrading straightforwardness in frameworks and systems of market mediators including stock specialists, storehouse members, and clearing individuals.

 

S Ravindran Jain, a former executive director at SEBI, would continue to serve as the chairman of the 21-member intermediary advisory committee. Individuals from the Advisory group:

 

The new individuals from the panel incorporate Nithin Kamath, Organizer and President (CEO Official), Zerodha Broking Restricted, and Lalit Keshre, Prime supporter and Chief, Nextbillion Innovation Pvt. Restricted (Groww).

 

Ashish Chauhan, MD and CEO of the National Stock Exchange, Sundararaman Ramamurthy, MD and CEO of the Bombay Stock Exchange, Vijay Mehta, president of the brokers’ organization Association Of National Exchanges Members Of India (ANMI), Aditya Bagree, MD and Head of Markets at Citigroup, Narinder Wadhwa, President of the Commodity Participants Association of India (CPAI), and Lalit Mundra, chairman of the Bombay

 

Terms of reference of the Council:

 

The board of trustees will exhort SEBI on issues connecting with the guideline of stock representatives, safe members, clearing individuals, non-shared store Recorder and Move Specialists (RTAs), Speculations Consultants (IAs), Exploration Investigators (RAs), and KYC Enlistment Organization (KRAs).

 

It will likewise recommend measures for further developing business sector security, effectiveness, straightforwardness and honesty.

 

Would dissect the new market advancement which might have occurred between two

sequential gatherings of the board of trustees and recommend measures over that.

 

Would give SEBI advice on what needs to be done to change the legal framework to make systems and procedures for market intermediaries simpler and more transparent.

 

They additionally would instruct on more noteworthy reception with respect to innovation and network safety by mediators, remembering for regard of compliances.

3. Equitas SFB collaborates with IBM Consulting to Modernize its Banking Platform

Equitas Small Finance Bank Limited (SFB) and IBM Consulting, the professional services and consulting arm of IBM (International Business Machines Corporation), worked together on May 26, 2023, to design and build a digital banking platform that gives customers and partners of the bank a modern and highly secure experience.

 

Objective: IBM Consulting became Equitas SFB’s consulting partner and technology collaborator in order to simplify and transform the banking experience of customers. The collaboration was made to enhance Equitas’ digital products and service offerings.

 

Key Points:

 

In order to run its digital channels and applications securely in any technology environment, Equitas is collaborating with IBM Consulting to implement a cloud-native platform architecture.

 

Equitas SFB intends to enforce higher levels of security while simultaneously improving the bank’s operational efficiency and adherence to industry regulatory compliance requirements.

 

Retail Banking multi-device banking apps and modern web and admin portals for Corporate Banking and Retail Banking will be developed and implemented by IBM Consulting as part of the partnership.

 

Equitas SFB’s Chief Information Officer, Narayanan Easwaran, described the partnership with IBM as the initial step toward customer engagement.

4. Yes Bank unveils new logo; launched ‘Life Ko Banao Rich’ campaign tagline

Indeed Bank, settled in Mumbai(Maharashtra) has revealed another logo and brand

personality. The new brand’s purpose is to help people live life to the fullest by catering to customers’ ever-evolving requirements and aspirations.

 

The tick has been changed into a taking off bird, addressing the Bank’s ongoing position

of ‘taking off’.

 

The bank’s high energy and innovative spirit are reflected in the electric tone of the red and blue. In addition, the bank launched a comprehensive marketing campaign with the slogan “Life Ko Banao Rich,” which exemplifies its primary focus on providing comprehensive solutions.

 

Over-the-top (OTT) networks, television, and social and digital media will all be used to promote the campaign.

 

The slogan mirrors its level headed to urge clients to invest energy and make

recollections with their friends and family

Economy and Business

1. India & 13 IPEF Partner Nations Concluded the IPEF Supply Chain Agreement

 

On May 27, 2023, India and the 13 other accomplice nations of the Indo-Pacific Financial

Structure for Flourishing (IPEF), the Monetary drive drove by the US,

 declared the significant finish of the discussions of a first-of-its-sort global

‘IPEF Production network Understanding’ at the IPEF Ecclesiastical Gathering which was held in Detroit, Michigan.

 

The Ministry of Commerce and Industry, led by Union Minister Piyush Goyal, participated virtually in the IPEF discussions.

 

Objective: The Supply Chain (Pillar II) agreement aims to improve the 14 partner nations’ supply chains in terms of resilience, efficiency, productivity, sustainability, transparency, diversification, security, fairness, and inclusion through collaborative and individual efforts.

India, the United States of America, Australia, Brunei Darussalam, Fiji, Indonesia, Japan, the Republic of Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, and Vietnam are among the 14 countries that are partners in the IPEF.

 

Under the IPEF Inventory network Arrangement, the IPEF accomplices look to further develop emergency coordination and reaction to inventory network disturbances.

2. FDI Equity Inflows Declined by 22% to USD 46.03 billion in FY23: DPIIT Data

Data from the Department for Promotion of Industry and Internal Trade (DPIIT) show that FDI into India decreased by 22% in FY23 to USD (United States Dollar) 46.03 billion, down from USD 58.77 billion in FY22.

 

Leading investor for FY23:

Singapore arose as the top financial backer with USD 17.2 billion in FDI. In FY23, it was followed by Mauritius (USD 6.13 billion), the United States (USD 6 billion), the United Arab Emirates (USD 3.35 billion), the Netherlands (USD 2.5 billion), Japan (USD 1.8 billion), the United Kingdom (USD 1.73 billion), Cyprus (USD 1.27 billion), Cayman Island (USD 772 million), and Germany (USD 547 million).

 

Top Money management State:

 

Investors continued to favor Maharashtra as their preferred location.

It got USD 14.8 billion worth of speculations, despite the fact that inflows declined from USD

15.44 billion in FY22.

 

Karnataka comes in second with approximately USD 10.43 billion in FY23, up from USD 22.01 billion in FY22.

 

Delhi is ranked third. From USD 8.18 billion in FY22, it saw a decline in FDI inflows to USD 7.53 billion.

 

In comparison to USD 2.7 billion in FY22, FDI in Gujarat increased to USD 4.71 billion in FY23.

 

Key Points:

 

The abroad inflows during the Walk 2023 quarter (Q4 FY23) expanded by 40.55% to

USD 9.28 billion.

 

In FY23, total foreign direct investment (FDI) inflows, which also include equity inflows, reinvested earnings, and other capital, decreased by 16% year-over-year (y-o-y) to USD 70.97 billion.

 

The FDI value inflows declined in January, February, and Walk in FY23 to USD 4.05

billion, USD 2.85 billion, and USD 2.38 billion, separately as against USD 6.4 billion in

January 2022, USD 4.61 billion in February 2022, and USD 4.6 billion in Spring of FY22.

 

With USD 9.4 billion in FY23, the computer software and hardware sector received the most inflows, but these inflows are down from USD 14.5 billion in FY22.

 

FDI in the vehicle business plunged 72% to USD 1.9 billion in FY23 when contrasted with

about USD 7 billion in FY22.vi. Despite receiving USD 8.71 billion in FDI, the services sector—which includes financial, banking, insurance, research and development, and courier services—slowed by 41% year-over-year.

Science and Technology

1. China launches Shenzhou-16: First civilian astronaut joins space station mission for 5 months

On May 30, 2023, China effectively sent off the Shenzhou-16 monitored spaceship, sending

three space travelers, including the main regular citizen to its Tiangong space station for 5-month mission. It was launched from the Jiuquan Satellite Launch Centre in the Gobi Desert in the northwest of China on a Long March-2F carrier rocket.

 

China has included a civilian in its space station crew rotation for the first time.

The launch also marks the Long March carrier rocket series’ 475th flight mission.

 

The People’s Republic of China’s China Manned Space Agency (CMSA) is in charge of running the China Manned Space Program.

 

Men Installed:

 

The first Chinese civilian spaceflight: Gui Haichao, a Beijing-based professor at Beihang University.

 

Commander of the mission: Jing Haipeng, who is additionally impacting the world forever by turning into the first Chinese space explorer to go into space for a record fourth time.

 

Zhu Yangzhu, an astronaut and flight engineer, is the third individual making his first spaceflight.

 

Key Points:

 

These space explorers will direct enormous scope in-circle tests and analyses in different fields, what’s more, make undeniable level logical accomplishments in the investigation of novel quantum peculiarities, high-accuracy space-time-recurrence frameworks, the check of general relativity, and the beginning of life.

 

The Shenzhou-16 will be the principal group mission after China’s space station program

entered the phase of utilization and improvement

 

China will be the only nation to own a space station when it is completed, as Russia’s International Space Station (ISS) is a joint venture between several nations.

By 2030, the ISS station will also be decommissioned.

 

The two robotic arms of China’s space station stand out, especially the long one, which can grab satellites and other objects from space.