Current Affairs 7th July

National Affairs

1. Cabinet approves draft Digital Personal Data Protection (DPDP) Bill, 2022

 

The Digital Personal Data Protection (DPDP) Bill, 2022, was approved on July 5, 2023, by the Union Cabinet headed by Prime Minister Narendra Modi. This bill will be presented to Parliament during the Monsoon session, which runs from July 20 to August 11, 2023.

 

Data collection methods based on consent are the goal of the bill.

 

The rights and responsibilities of the citizen (Digital Nagrik) as well as the data fiduciary’s obligation to use collected data lawfully are outlined in the Bill. It is based on the six data economy principles listed below.

 

The use of personal data is governed by the Information Technology (IT) Act 2000’s Information Technology (Reasonable Security Practices and Procedures and Sensitive Personal Data or Information) Rules, 2011. However, it has been acknowledged that this framework is insufficient to safeguard personal data adequately.

2. MHA launched a Scheme for the Expansion and Modernization of Fire Services in the States with an outlay of Rs 5000 crore

As part of the allocation of the Preparedness and Capacity Building Funding Window under the National Disaster Response Fund (NDRF), the Ministry of Home Affairs (MHA) launched a “Scheme for Expansion and Modernization of Fire Services in the States” to strengthen the fire services in India’s states.

 

The scheme requires a total investment of Rs. 5000 crore, of which Rs. 500 crore is set aside to encourage the states to implement legal and infrastructure-related reforms.

3. DGCA signed MoU with EASA for Unmanned Aircraft Systems & Innovative Air Mobility

A Memorandum of Understanding (MoU) has been signed by the Directorate General of Civil Aviation (DGCA), India’s aviation regulator, and the European Union Aviation Safety Agency (EASA), Europe’s aviation regulator, to strengthen cooperation in the areas of innovative air mobility and unmanned aircraft systems (UAS).

 

The MoU centres around participation in the space of improvement of certificate

norms, ecological principles and related prerequisites for the accreditation

furthermore, utilization of automated aeroplane frameworks and imaginative air versatility tasks.

 

This includes the establishment of standards and services for Unmanned Aircraft System Traffic Management (UTM), personnel licensing, training, air traffic management, and infrastructure.

 

Meaning of the MoU:

 

The MoU emphasizes the significance of regular information sharing on technological advancements and research in this field between DGCA and EAS.

 

Additionally, it encourages both authorities to collaborate on respective outreach strategies.

 

To advance information trade and limit building, it will work with joint

gatherings, studios, preparing programs by DGCA and EASA around here.

 

It is anticipated that the signing of this memorandum of understanding will have a significant impact on the standards and accelerate the sector’s growth in India.

 

Intent Letter:

 

The association between DGCA and EASA started with the marking of a letter of expectation

(LoI) by the DGCA on UAS and Inventive Air Versatility with the European Association

Avionics Security Office (EASA) during the European Association (EU)- India Aeronautics

The culmination was held in New Delhi, Delhi on twentieth April 2023.

4. Indian Navy Conducts 7th Japan-India Maritime Exercise 2023

From July 5 to July 10, 2023, the seventh edition of the bilateral Japan-India Maritime Exercise 2023 (JIMEX 23) will be held in Visakhapatnam, Andhra Pradesh, by the Indian Navy (IN) and Japan Maritime Self Defense Force (JMSDF). JIMEX has celebrated 11 years since its inception in 2012 with this edition.

 

JIMEX 23 gives the two navies a chance to learn from each other’s best practices and facilitate operational interactions in order to strengthen their cooperation and reaffirm their commitment to the region’s maritime security.

 

The exercise is part of India and Japan’s expanding maritime cooperation with the goal of fostering peace and stability in the Indo-Pacific region.

 

About the JIMEX 23 (Japan-India Maritime Exercise):

 

The JIMEX 23 has two phases and lasts six days.

 

The Harbour Stage: Visakhapatnam will be the location of the initial phase, which is referred to as the Harbour Phase. Participants will participate in social interactions, sporting events, and professional discussions during this phase.

 

Sea state: This stage will be led on the vast ocean, empowering the two

naval forces to team up and refine their warfighting capacities. Through complicated multidiscipline activities in the surface, sub-surface, and air spaces to improve their

interoperability.

 

Participants:

 

Navy of India (IN): Indian Naval Ship (INS) Delhi, India’s first indigenously built guided missile destroyer, and INS Kamorta, an indigenously built anti-submarine warfare corvette, participated in the exercise. The exercise also included the fleet tanker INS Shakti, a submarine, maritime patrol aircraft P8I and Dornier, ship-borne helicopters, and fighter aircraft.

 

Japan Sea Self Preservation Power (JMSDF): The guided-missile destroyer JS Samidare and its integral helicopters will represent the JMSDF.

5. SALVEX: 7th Edition of IN-USN Salvage and EOD Exercise held in Kerala

SALVEX, the seventh iteration of the Indian Navy (IN) – the United States of America (USN) Salvage and the Explosive Ordnance Disposal (EOD) exercise, was held in Kochi, Kerala, from June 26 to July 6, 2023, with the goal of improving the diving and salvage skills of Indian and US divers.

 

Since the first IN-USN SALVEX in 2005, the SALVEX series of exercises has alternately been held in Indian and US Pacific locations each year.

 

Participants:

 

Both navies participated in the exercise, which also saw the vessels/ships: Specialist Diving and EOD teams, as well as the Indian Naval Ship (INS) Nireekshak and the US Naval Ship (USNS) Salvor

 

SALVEX Workout:

 

Over the course of ten days, the diving teams from both nations worked together to learn about maritime salvage and share their experiences with maritime rescue. They also trained together on land and at sea on various aspects of EOD operations.

 

Joint training sessions were also held at SALVEX to improve interoperability, teamwork, and mutual learning in Maritime Salvage and EOD operations.

 

The diving teams’ operationally constructive engagements have enhanced their skill sets in a variety of areas, including mine detection and neutralization, wreck location, and salvage.

Banking and Finance

1. RBI cancels licenses of Malkapur Urban Co-operative Bank Ltd & Shushruti Souharda Sahakara Bank Niyamita

The Reserve Bank of India (RBI) revoked the banking licenses of two cooperative banks on July 5, 2023. Shushruti Souharda Sahakara Bank Niyamita (SSS Bank), based in Bengaluru, Karnataka, and Malkapur Urban Co-operative Bank Ltd. (Malkapur UCB), based in Buldhana, Maharashtra.

 

With effect from July 5, 2023, these two cooperative banks ceased to conduct banking business as defined in Section 5(b) and Section 56 of the Banking Regulation (BR) Act, 1949.

 

In any case, on liquidation, each contributor is qualified to get a store protection

guarantee measure of his/her stores up to Rs 5 lakh from the Store Protection and

Credit Assurance Enterprise (DICGC), dependent upon the arrangements of the DICGC Act,

1961.

 

Note:

 

According to the information provided by the Malkapur UCB, 97.60 percent of depositors are entitled to receive their entire deposits from DICGC.

 

Under Section 18A of the DICGC Act of 1961, DICGC has already paid out Rs 496.98 crore of the total insured deposits.

 

According to the information provided by the SSS Bank, 91.92 per cent of depositors are entitled to receive their entire deposits from DICGC. DICGC has already paid Rs 54.16 crore out of the total insured deposits as of May 31, 2023.

 

The following are the reasons that both banks lost their licenses:

 

The banks do not meet the requirements of Section 11(1), Section 22(3)(d), and Section 56 of the BR Act of 1949 because they do not have sufficient earning prospects.

 

They have neglected to consent to the necessities of Segments 22(3) (a), 22 (3) (b),

22(3)(c), 22(3) (d) and 22(3)(e) read with Area 56 of the BR Act, 1949.

 

Because they are unable to pay their current depositors in full, the banks’ continued existence is detrimental to their interests.

2. Flipkart with Axis Bank Launches Personal Loans to Attract New Customers 

The leading e-commerce company in India, Flipkart, has launched a personal loan service in partnership with Axis Bank that can be accessed through the app. With this loan facility, people can get up to Rs 5 lakh without having to submit any documents and with an amazing approval time of just 30 seconds.

 

Flipkart wants to attract new customers who might not be able to afford large purchases outright by providing personal loans.

 

Customers’ immediate financial burdens are lessened when they have access to more financing options, which encourages more transactions and builds customer loyalty and trust. 

 

Other services:

 

Flipkart provides a co-branded credit card, EMI payments, a “buy now, pay later” option, and personal loans.

 

In the long run, this move gives Flipkart a competitive advantage as more Indians turn to online financial services and shopping.

Economy and Business

1. UNCTAD’s World Investment Report 2023: India and ASEAN top recipients of FDI 

The World Investment Report 2023 (WIR 2023) from the United Nations Conference on Trade and Development (UNCTAD) 

states the following: 

 

Investing in Sustainable Energy for All,” Foreign Direct Investment (FDI) in Asia’s developing nations remained unchanged at USD 662 billion, with an increase of 10% and 5%, respectively, in India and the Association of Southeast Asian Nations (ASEAN). Asia received more than fifty per cent of the world’s FDI.

 

The increase in FDI in developing nations was unevenly distributed, with the majority of the growth concentrated in a small number of large emerging economies.

Science and Technology

1. Ariane-5 rocket launched 2 satellites successfully on its final and 117th mission

In the 117th and final Ariane 5 launch, which took place on July 5, 2023, a 53-meter-tall, three-stage launcher successfully blasted off from Europe’s Spaceport in Kourou, French Guiana toward geostationary orbit to deliver two military communications satellites for the French and German governments: Syracuse 4B.

 

With this final launch, the European heavy-lift space launch vehicle Ariane 5 has 27 years of experience. Its first mission was in 1996.

 

The launch vehicle has delivered 239 payloads to orbit and carried out 117 missions with a success rate of 96%.

 

Note: Ariane 5, neglected to arrive at a circle on its most memorable send-off, starting an auto-destruct cut short following 40 seconds.

 

Satellite Heinrich-Hertz:

 

Heinrich-Hertz is a test communications satellite that will test new hardware and serve as a test platform for scientific and technical experiments conducted by universities and the public sector.

 

Key Points:

 

The European cryogenic rocket engine HM7B, which powers the upper stage and was first launched on Ariane 1, also participated in the most recent Ariane 5 launch and is currently in its final space mission.

 

This upper stage is a symbol of Ariane dispatches as it helped power 228 missions in

the past as a matter of course.

 

Ariane 5 partook in a few send-off achievements including the James Webb

Telescope in 2021, in organization with Public Flying and Space Organization

(NASA) and the Canadian Space Organization, as well as Europe’s comet-pursuing Rosetta mission, which conveyed an arrival test in 2014.