Current Affairs 7th June

National Affairs

1. Overview of Nepal PM Pushpa Kamal Dahal visit to India; 7 MoUs Signed

 

At the invitation of India’s Prime Minister Narendra Modi, Nepal’s Prime Minister Pushpa Kamal Dahal made a four-day official visit to India from May 31 to June 3, 2023, in order to facilitate regular high-level exchanges in support of India’s Neighborhood First policy.

 

Ms Ganga Dahal, the Nepal Prime Minister’s daughter, was with him. and include a delegation made up of Nepal’s Ministers, Secretaries, and senior government officials.

 

During the meet, India and Nepal saw the trading of the seven

archives in different fields including exchange and trade, cross-line oil

pipeline, improvement of Incorporated Actually look at Posts (ICPs) and hydroelectric undertaking.

 

The two PMs remotely initiated and played out the history of six ventures. v. The Nepal Prime Minister also gave a speech at the Nepal-India Business Summit, which was held in New Delhi and was co-hosted by the Confederation of Indian Industry (CII) and the Federation of Nepalese Chambers of Commerce and Industry (FNCCI).

2. EPFO formed 3 committees to frame Draft Schemes for PF, Pension and Insurance

In accordance with the Code on Social Security 2020, the Employees Provident Fund Organization (EPFO) has established three committees to draft pension, provident fund, and insurance plans for EPFO. 

 

These are the three plans:

 

• Employee Deposit Linked Insurance Scheme (EDLIS) for insurance 

 

• Employee’s Provident Fund Scheme (EPFS) for provident fund 

 

• Employee’s Pension Scheme (EPS) for pension

3. NHAI’s 1st Sustainability Report for FY 2021-22: highlights NHAI’s initiatives for Environment Sustainability

Under the Ministry of Road Transport and Highways (MoRTH), the National Highways Authority of India (NHAI) has released its inaugural “Sustainability Report for FY 2021–22: Building a Sustainable Road Infrastructure, which emphasizes the efficiency of the NHAI’s various energy and environmental conservation initiatives.

 

Union Minister Nitin Gadkari, MoRTH, released the report, which was prepared in accordance with GRI reporting guidelines.

Banking and Finance

1. IFC & NaBFID Signed MoU to Develop PPP Projects and Strengthen Infrastructure

Global Money Company (IFC), a region of the planet Bank Gathering, and Public Bank for Funding Framework and Improvement (NaBFID) marked an update of grasping (MoU) on June 2, 2023, to foster a pipeline of venture prepared public-private association (PPP) projects in framework across India.

 

The Memorandum of Understanding would assist India in achieving its goal of a 5-trillion-dollar economy while encouraging low-carbon and climate-resilient growth.

Rajkiran Rai G, Managing Director of NaBFID, and Thomas Lubeck, Manager, Asia Pacific Public-Private Partnership, Transaction Advisory Services, IFC, executed the Memorandum of Understanding.

 

Key Points:

 

Under the MoU, IFC and NaBFID would team up and recognize and foster PPP projects and give complete exchange warning administrations.

 

Sustainability as well as climate adaptation and mitigation would be taken into consideration when selecting and implementing the PPP projects.

 

Over the course of the following few years, the initial projects are anticipated to attract approximately USD 2 billion in private investment into national priority sectors like energy storage, urban infrastructure, and renewable energy.

 

The National Infrastructure Pipeline (NIP) is expected to receive approximately USD 1.4 trillion in investment, including USD 290 billion from the private sector for the project’s development as part of the partnership. v. IFC will advise the government in accordance with the MoU and assist it in conducting in-depth project studies, evaluating structuring options, and participating in open and competitive tenders to find qualified private partners.

Once the public and private partners have signed project agreements, the advisory support provided by the IFC will be complete.

 

Note that the IFC has a 30-year track record of advising on PPPs across sectors in more than 100 countries. This has led to the mobilization of USD 40 billion in private investment across 164 projects and improved access to electricity, water, sanitation, and health care for more than 153 million people.

2. Kotak Private launches a Savings Programme ‘Réserve‘ for UHNIs and HNIs

A savings program called “Reserve” has been launched exclusively by Kotak Private Banking, a division of Kotak Mahindra Bank Limited, for its UHNIs (Ultra High Net Worth Individuals) and HNIs (High Net Worth Individuals), which include professionals, business families, and entrepreneurs.

 

Save is a by-welcome program and it gives banking administrations, and a scope of

restrictive way of life conveniences in regions like travel, wellbeing and health, and

diversion to give an extravagance banking experience.

 

The savings program offers luxury benefits from a variety of high-end brands.

 

Eligibility: A person who has a 7.5-crore relationship value and a minimum savings bank account balance (Average Yearly Balance) of Rs 50 lakhs is eligible for the Reserve savings program. 

 

Additional details:

 

People who have investable assets of at least USD 30 million are considered ultra-high-net-worth individuals (UHNWI).

 

A person’s net worth is the difference between their assets and liabilities, which is a measure of their current financial situation.

 

India’s UHNWI population is projected to grow by 58.4% over the next five years, from 12,069 individuals in 2022 to 19,119 individuals in 2027, according to the most recent Knight Frank report, “The Wealth Report 2023.”

3. BoB Launches ICCW facility for cash withdrawals using UPI on its ATMs

On June 5, 2023, the Bank of Baroda (Weave) sent off the Interoperable Cardless Money Withdrawal (ICCW) office which would empower a client to pull out cash

utilizing UPI (Brought together Installments Connection point) from the bank’s ATMs (Robotized Teller Machine) without utilizing the actual charge card.

The ICCW service was first introduced by BoB, the first public sector bank.

 

Who might withhold? Cash could be withdrawn from a BoB ATM by customers of BoB and other participating issuer banks who used BHIM (Bharat Interface for Money) UPI, BoB World UPI, or any other UPI application enabled for ICCW on their mobile phones. Limit on withdrawals: With a withdrawal limit of Rs 5,000 per transaction, each account could only handle two transactions per day. The withdrawal process:

 

At a BoB ATM, customers must select the “UPI Cash Withdrawal” option and enter the amount to be withdrawn before a QR code is displayed on the screen.

 

To withdraw cash from an ATM, the customer must first use a mobile phone with a UPI app that is enabled for ICCW to scan the QR code on the screen. After that, the customer must use their mobile phone’s UPI PIN to authorize the transaction.

 

Customers can choose which account will be debited using the ICCW functionality if they have multiple bank accounts linked to a single UPI ID.

 

The office of ICCW would give clients a basic, helpful and secure method for pulling out cash without the utilization of an actual card. Take note that BoB has more than 11,000 ATMs all over India.

4. SBI launches project Kuber in Bengaluru

State Bank of India (SBI) launched “Project Kuber” on June 2, 2023, in Bengaluru, Karnataka, with the establishment of four Transaction Banking Hubs and one Corporate Salary Package Hub.

 

These hubs were inaugurated by Nand Kishore, chief general manager of SBI, Bengaluru Circle, at the SBI Administrative Building on KG Road in Bengaluru and Sampige Road in Malleswaram.

 

Transaction Banking Hubs will provide services to corporate and non-corporate clients, from account opening to onboarding on SBI’s digital platforms, and will serve as a one-stop shop for all payment and collection-related needs.

 

Customers and business partners can use digital banking services like Yono Business, e-Payments, and Cash Management Products with the help of a professional team.

5. YES Securities & WatchYourHealth Partners to offer Investment Solutions to Healthcare Professionals

Through the “Wellth- Where Investments and Health Unite” program, YES Securities (India) Limited (YSL), a leading financial services company, and WatchYourHealth (WYH), a tech-driven healthcare platform, will collaborate on June 5, 2023, to offer investment solutions to healthcare professionals.

 

Retail and High-Net-Worth Individuals (HNI) customers will have access to free demat and trading accounts, financial planning products like the Systematic Investment Plan (SIP), and Alternative investment funds (AIFs) from YSL.

 

YSL Advance brokerage plans will provide investment products and advisory services to WYH-affiliated physicians and healthcare professionals with a complimentary turnover limit of Rs. 50 lacs with no brokerage fees, as well as Call and Trade and Digital DIY options for all of your trading needs

6. HSBC India unveils New Campaign “My Account Starts Today” Featuring Cricketer Virat Kohli

The Hongkong and Shanghai Banking Organization Restricted, India (HSBC India) uncovered its most recent promoting effort “My Record Starts Today” with Indian

cricketer Virat Kohli, their new image powerhouse.

 

This is done with the intention of demonstrating the advantages of banking with HSBC by making use of Virat Kohli’s popularity.

 

The mission features HSBC’s motivation of “Opening up a universe of chance” as it attempts to help the objectives of an optimistic India

 

The multi-channel mission will be carried out across different media stages,

counting print, TV, outside shows, OTT(over-the-top) stages, and computerized channels.

Economy and Business

1. CII Projected India’s GDP to Grow in the Range of 6.5-6.7% in FY24

The Indian economy is expected to expand by 6.5 to 6.7% in FY24 (Financial Year 2023-2014), according to the Confederation of Indian Industry (CII). This growth is supported by the government’s strong momentum for capital expenditures (CapEx) and strong domestic drivers.

 

Key Projections:

 

India’s GDP is also expected to grow by 6.1% in the fourth quarter of FY23, with a 7.2% annual growth rate for FY23.

 

The president of the CII, R Dinesh, stated that India’s GDP growth is anticipated to reach 7. 8 percent in the following decade (FY22-31), compared to 6.6% in the decade before that.

 

In FY24, CII anticipates that consumer price index (CPI)-based retail inflation will remain within RBI’s target range of 4% to 2%.

 

RBI to guarantee CPI expansion inside an objective In the first every other month money related strategy for FY24, RBI kept a the state of affairs and didn’t change the loan cost.

 

In April 2023, retail inflation fell to 4.7%, an 18-month low, from 5.66% in March 2022 and 7.79% in March 2023. v. In order for the government to implement reforms and maintain growth, R Dinesh prioritized eight key areas.

2. Fiscal Deficit target in FY23 Reduced to 6.36% of GDP: CGA Data

Due to lower-than-estimated revenue expenditure, the fiscal deficit target for FY23 was decreased from 6.4% of GDP in the revised estimates (RE) to 6.36 percent in the data released by the Controller General of Accounts (CGA).

 

Due to a decrease in higher tax, non-tax, and nondebt capital receipts, the fiscal deficit for FY23 was Rs 17.33 trillion, or 98.7% of the RE of Rs 17.55 trillion.

 

Key Points:

 

In FY23, net tax revenue was Rs 20.97 trillion, which was slightly higher than the RE’s Rs 20.86 trillion.

 

For FY23, non-tax revenues totaled Rs 2.86 trillion, which is nearly 9.3% more than the RE.

 

In FY23, the Income use got diminished to Rs 34.5 trillion, marginally lower

than the RE of Rs 34.59 trillion. From a RE of Rs 7.27 trillion, the capex increased to Rs 7.36 trillion.

 

In comparison to the RE’s 4.1%, the revenue deficit for FY23 was also contained at 3.9% of GDP. v. In FY23, the ratio of revenue expenditure to capital expenditure decreased to 4.7 from 5.4 in FY22. CGA information over April 2023:

 

In April 2023, the fiscal deficit was Rs 1.33 trillion, or 7.5 percent of the FY24 Budget Estimates (BE), compared to 4.5 percent in April of FY23.

 

In May 2023, the Reserve Bank of India (RBI) approved paying the Union Government a dividend of Rs 87,416 crore for FY23.

3. MoU signed between Microsoft and Indian Govt to train youth in digital and cybersecurity skills

Microsoft and the Directorate General of Training (DGT) of the Ministry of Skills Development and Entrepreneurship (MSDE) have signed a Memorandum of Understanding (MoU) to train 6,000 students and 200 educators at government-run Industrial Training Institutes (ITIs) and National Skills Training Institutions (NSTIs).

 

Microsoft will offer a great many courses for the preparation remembering for Fake

Insight (computer based intelligence), distributed computing, web advancement and online protection abilities.

 

As part of the CyberShikshaa program, students and educators at 10 NSTIs for women will receive this training.

 

What program is CyberShikshaa?

 

It is sent off by Microsoft in association with Information Security Committee of India (DSCI)

what’s more, in help with Data Security Schooling and Mindfulness (ISEA) of Service of Hardware and IT (MeitY) to prepare ladies designing alumni from impeded

foundations to fabricate vocations in online protection. 

 

Features:

 

The training will give young students skills that are relevant to the industry, which will make them more employable and connect them with relevant job opportunities.

 

In addition to future skill training for AI fluency and fundamentals, cloud computing, and web development, students have the opportunity to learn from industry experts, participate in deep dive sessions, and complete multifaceted capstone projects.

 

Faculty members will be given the tools they need to teach AI fluency and fundamentals, cloud computing, web development, Power BI (Business Intelligence), and soft skills through train-the-trainer workshops.

 

ITI students attending Computer Operator and Programming Assistant (COPA) training can then be trained by the trained faculty members. 

 

Benefits:

 

Microsoft will advance the arrangement of effective students from this preparation

project with help from DGT.

 

Through collaborations with recruitment and placement agencies and state-wide job fairs, the successful students will be provided with employment opportunities.

Science and Technology

1. Indian Navy successfully engaged an Underwater Target using indigenously developed HeavyWeight Torpedo

On sixth June 2023, The Indian Naval force and Guard Innovative work Association (DRDO) effectively drew in a submerged objective with an natively created heavyweight Torpedo, named Varunastra.

 

It marks a significant turning point in the Indian Navy’s and DRDO’s pursuit of precise, on-target underwater ordnance delivery.

 

This is the subsequent ocean level test in about fourteen days.

 

Through Aatma Nirbharta (self-reliance), it demonstrates the nation’s dedication to ensuring combat readiness for the foreseeable future.

 

Key Points:

 

‘Varunastra’, the high level Significant burden against submarine Torpedo, was accepted by

the Indian Naval force in 2016 and is created by the Indian Naval force and the Maritime Science also, Innovation Research facility (NSTL) of DRDO.

 

‘ Varunastra is a heavy, ship-launched, electrically propelled antisubmarine torpedo that can target quiet submarines in both deep and shallow waters in a hostile countermeasures environment.

 

‘ Varunastra can be launched from any Anti-Submarine Warfare (ASW) vessel equipped to launch heavy torpedoes. vi. The torpedo weighs 1.25 tonnes and can carry approximately 250 kilograms of explosives at 40 nautical miles per hour.

 

What is Torpedo?

 

It is a submerged gone weapon sent off above or beneath the water surface, self-impelled towards an objective, and with an unstable warhead intended to detonate either on contact with or in vicinity to the objective. Late fruitful accomplishments of Indian Naval force:

 

The Indian Navy’s MH-60 Romeo helicopter (MH60R) successfully landed on the indigenous aircraft carrier INS Vikrant in the Arabian Sea on May 31, 2023, from Kochi’s naval air station INS Garuda.

 

The Indian Navy successfully used its frontline guided missile destroyer INS Mormugao to launch “Sea Skimming,” a Brahmos Supersonic cruise missile that can hit its target up to 300 kilometers away.

2. Iran Unveils 1st Indigenously-made Hypersonic Missile “Fattah”

On sixth June 2023, the Islamic Progressive Gatekeeper Corps (IRGC) of Iran divulged the

first Natively made Hypersonic long range rocket, “Fattah” with a scope of 1,400

kilometers (km).

 

Ayatollah Ali Khamenei, the leader of Iran’s supreme leadership, gave this missile its name.

‘Fattah’ in Farsi language signifies ‘Winner’.

 

Highlights of ‘Fattah’:

 

This rocket is fit for moving at a speed of up to Mach 15 (1 Mach equivalent to 1234 km/hr) and it is equipped for infiltrating all safeguard safeguards.

 

It utilizes strong forces, permitting it to arrive at high velocities and perform different moves inside and outside the world’s environment.

 

Because of its intricate trajectory, it is difficult for other people to intercept. It can likewise sidestep the most developed ballistic missile-destroying rocket frameworks of the US of America (USA) and Israel. Iran’s most recent missiles: Kheiber, another surface-to-surface rocket fourth era of Khorramshahr long-range rocket sent off by Iran on the fifth of May 2023. It can go up to a scope of 2,000 kilometres (1,243 miles) and can convey a 1,500-kilogram payload.