Current Affairs 9th June

National Affairs

1. Cabinet Approval on June 7th, 2023

The Union Cabinet chaired by Prime Minister Narender Modi on June 7th, 2023 had approved the following proposals

 

Supported the third recovery bundle for Bharat Sanchar Nigam Ltd (BSNL) with a

the absolute expense of Rs 89,047.82 crore that incorporates a portion of the 4G/5G range

through value implantation.

 

Voted in favour of raising the Minimum Support Prices (MSP) for all obligatory Kharif crops for the marketing season 2023–2024.

 

The central sector plan known as the “Exploration of Coal and Lignite Scheme” was also approved by the cabinet under PM Narendra Modi’s leadership, with an estimated cost of Rs 2,980 crore and a new expiration date that coincides with the 15th Finance Commission cycle.

 

Association Bureau headed by PM Narendra Modi additionally supported Metro Availability

from HUDA Downtown area to Digital City with Spike to Dwarka Interstate, Gurugram

(Haryana) covering a distance of 28.50 km having 27 stations on the course.

2. Highlights of US Defence Secretary Lloyd Austin’s visit to India from June 4 to 5 2023

US (US) Protection Secretary Lloyd Austin was on a two-day visit to India

from June 4 to 5, 2023, to reinforce respective guard participation between both

countries, particularly in areas of the move of basic advances for the co-improvement of

military equipment.

 

This is Defense Secretary Austin’s second trip to India; the last time he was there was in March 2021.

 

Key Points:

 

Lloyd Austin, Union Minister Rajnath Singh, the Ministry of Defence, and the Government of India talked about General Electric’s proposal to share technology with India for fighter jet engines and New Delhi’s plan to buy 30 MQ-9B armed drones from General Atomics 

Aeronautical Systems Inc. for more than $3 billion. On June 05, 2023, India and the US finished up a guide for safeguarding modern participation to quickly track innovation tie-ups and co-creation of military stages for example, air battle and land frameworks.

 

The US safeguard secretary likewise had separate discussions with the Public Safety Counsel Ajit Doval and he traded sees about provincial and worldwide security issues of

concern, remembering sea security for the Indian Sea Area.

3. Meta & MWCD launched Amrit Generation Campaign to Empower Youths

The Amrit Generation campaign was launched by Meta, which was formerly Facebook, and the Ministry of Women and Child Development (MWCD). The goal of the campaign was to empower and encourage young people in India between the ages of 16 and 18 to express their hopes and dreams for the future. The mission begins on the eighth of June 2023.

On June 7, 2023, Union Minister Smriti Irani, MWCD, launched the campaign.

 

The campaign encourages young people to use the hashtag “#Amrit Generation” to create Reels and post them on social media platforms like Instagram and Facebook.

 

The 50 finalists will be invited to New Delhi (Delhi) to meet with senior policymakers and business leaders, as well as to the Meta office in Gurugram (Haryana).

International Affairs

1. IEA report: Global Renewable Capacity Additions to Increase by 107 GW in 2023

The International Energy Agency’s (IEA) Renewable Energy Market Update – June 2023 predicts that global renewable capacity additions will rise by 107 gigawatts (GW), the largest absolute increase ever, to more than 440 GW in 2023.

 

Policy support, growing concerns about energy security, and improved competitiveness in comparison to fossil fuel alternatives are all driving the expansion of renewable capacity.

 

Due to the faster deployment of onshore wind, hydropower, and distributed solar PV, India’s renewable capacity additions are anticipated to rise once more in 2023 and 2024.

2. BCI Signs MoU With Bar Council Of England & Wales For Mutual Exchange Program Of Lawyers & Law Students 

A Memorandum of Understanding (MoU) was signed on June 5, 2023, by the Bar Council of India (BCI) with the Bar Council of England and Wales and the Law Society of England and Wales for a program of lawyers and law students exchanging training and knowledge.

 

The MoU comes as a result of BCI’s commitment to implement the regulations that will allow English and Welsh lawyers and law firms to practice home jurisdiction law in India.

 

In the Meeting Hall of the Law Society of England and Wales in London, UK, Manan Kumar Mishra, chairman of BCI, Lubna Shuja, president of the Law Society of England and Wales, and Nick Vineall KC, chair of the Bar of England and Wales, signed the Memorandum of Understanding.

 

According to the MOU, the lawyers recommended by the Indian Bar Council cannot practice law in the UK.

Banking and Finance

1. Bond issuances by banks to fall below Rs 90,000cr in FY24: ICRA Report

Bond issuances by banks are anticipated to fall from a record high of Rs 1.1 lakh crore in FY23 to Rs 90,000 crore in FY24, according to the ICRA report on the Indian banking sector. This is because of increased inflows of foreign investors and improved liquidity conditions.

Bonds are a way for banks to raise money and increase their capital base.

 

The anticipated decrease in bond issuance is due to:

 

It is anticipated that stronger inflows of foreign portfolio investments (FPI) and foreign institutional investors (FII) as well as the de-recognition of the Rs 2,000 note and a potential dividend from the Reserve Bank of India (RBI) will temporarily ease liquidity conditions.

 

Key Points:

 

Due to fewer scheduled call options, issuances of Tier-I or Additional Tier-I (ATI) bonds are expected to be lower than they were between FY2022 and FY2023, ranging from Rs 30,000 to Rs 33,400 crore.

 

Throughout the current fiscal year, public sector banks (PSBs) will continue to be the largest tier-I bond issuers.

 

ATI bonds are unstable bonds with no pre-decided development date and are

given to raise long-haul capital.

 

Tier-I bond issuance is expected to rise slightly, reaching Rs 1.3 lakh crore in March 2024 from Rs 1.2 lakh crore in March 2023.

 

After the peak of Rs 49,600 crore in FY23 for Tier-II bonds, moderation is anticipated. However, raising infrastructure bonds may still be chosen by some banks.

 

The liquidity surplus has increased from approximately Rs 56,000 crore to Rs 2.11 lakh crore, as indicated by the most recent data from the RBI’s money market operation.

Science and Technology

1. Tata Elxsi partners with ISRO to build Crew Module Recovery Models for Gaganyaan Mission 

The Indian Space Research Organization (ISRO) and leading global design and technology company Tata Elxsi have collaborated to create Crew Module Recovery Models (CMRM) for the Gaganyaan Mission’s recovery team training.

 

The venture checked Goodbye Elxsi’s entrance into a mechanical plan for space.

For a critical system, this is the first time ISRO has outsourced mechanical design and development to an outside partner.

 

In order to instruct recovery teams, two Recovery-Models, the CMRM and the Ground Support Fixture (GSF), have been delivered to Naval training teams in Kochi (Kerala) and Visakhapatnam (Andhra Pradesh).

 

Objective:

 

The Gaganyaan Mission of the Indian Space Research Organization (ISRO) aims to demonstrate human spaceflight capability by safely returning a crew of three to Earth after a three-day mission in Indian sea waters.

 

Key Points:

 

One of this project’s main requirements is that the crew be safely recovered within a short amount of time, so CMRMs are designed and made.

 

Mock-up models that replicate the actual Crew Module’s mass, the centre of gravity, outer dimensions, interfaces, and externals are the CMRMs used for recovery team training.

 

Goodbye Elxsi executed exercises from fostering the plan arrangement in

agreement with ISRO prerequisites, to do underlying investigation for different

load cases, material obtainment and testing, manufacture, doing stack tests,

furthermore, transportation of the CMRM and the GSF.

 

Goodbye Elxsi has likewise done the plan and conveyed equipment meeting a profoundly

testing conveyance timetable of a half year, exhibiting a superb program the executive’s abilities, which empowered convenient authorizing recuperation preparing works out to meet Gaganyaan mission prerequisites.

 

Extra data:

 

On February 7, 2023, ISRO, alongside the Indian Naval force completed beginning recuperation preliminaries of Team Modules in the Water Endurance Test Office (WSTF) of the Indian Naval force, at Kochi, Kerala.

2. DRDO successfully fight-tested “Agni Prime” Ballistic Missile off the Odisha coast

The Defence Research and Development Organization (DRDO) successfully conducted flight tests on the Agni Prime or Agni-P, a new generation of a ballistic missile, on June 7, 2023, from Dr APJ Abdul Kalam Island, which is located off the coast of Odisha.

 

This was the first pre-acceptance night send-off directed by clients after three

fruitful formative preliminaries of the rocket, approving the exactness and

dependability of the framework.

 

Pilot’s Test:

 

Various Reach Instrumentation like Radar, Telemetry and Electro-Optical

Global positioning frameworks were sent to various areas, including two down-range

ships, at the terminal highlight catch flight information covering the whole direction of the

vehicle.

 

During the flight test, which was witnessed by senior DRDO and Strategic Forces Command officials on June 7, 2023, all of the objectives were successfully demonstrated.

 

Prime Agni:

 

It is a solid propellant ballistic missile with a two-stage canister and a dual redundant navigation and guidance system.

 

It was tested and fired for the first time in June 2021, and its range is between 1000 and 2000 kilometres.

 

It is lighter than all of the previous missiles in the Agni series.

The Prithvi short-range ballistic missiles and fighter aircraft in the Agni series are the backbone of India’s nuclear weapons delivery system.

 

Additional Details:

 

India’s first ballistic missile nuclear submarine (SSMN), the Indian Navy Ship (INS) Arihant, successfully launched a Submarine Launched Ballistic Missile (SLBM) in 2022, confirming its second-strike nuclear capability.