Current Affairs of 8th September

 

National Affairs

1. Cabinet Approvals on September 6, 2023

On September 6, 2023, the Union Cabinet, led by Prime Minister (PM) Narendra Modi, approved the following proposals:

 

Accepts 3,760 crore VGF for BESS development. accepts a further allocation of Rs. 1164.53 million for IDS in Uttarakhand and Himachal Pradesh in 2017.

 

A plan for Viability Gap Funding (VGF) to develop Battery Energy Storage Systems (BESS) has been approved by the Union Cabinet. The government’s efforts to reduce peak demand costs and improve the integration of renewable energy are reflected in the scheme. The Union Budget 2023 was the first budget to include it.

 

An additional sum of Rs. was approved by the Cabinet. 1164.53 million for the 2017 Industrial Development Scheme (IDS) for Uttarakhand and Himachal Pradesh. Under the Central Sector Scheme for Industrial Development Scheme 2017, the Department for Promotion of Industry and Internal Trade of the Ministry of Commerce and Industry proposed allocating additional funds to Himachal Pradesh and Uttarakhand.

 

A proposal from Puducherry to implement a 10% quota for students attending government schools in Puducherry’s medical admissions has been approved by the Union Ministry of Home Affairs (MHA). The final list of students who will be admitted to various courses at higher education institutions is compiled by the Centralised Admission Committee (CENTAC).

2. Bengaluru Established India’s First 500 kVA Underground Power Transformer Station at Malleshwaram

The first 500 kilovolt-amperes (kVA) underground power transformer station in India was dedicated on September 5, 2023, by K. J. George, Minister of Energy for the Government of Karnataka, on 15th Avenue in Malleswaram, Bengaluru (Karnataka).

 

At a cost of Rs 1.9 crore, this facility was built with the help of Bengaluru Electricity Supply Company Limited (BESCOM) and Bruhat Bengaluru Mahanagara Palike (BBMP).

BESCOM is in charge of electrical work, and BBMP is in charge of civil work.

 

Note:

 

Power distribution in eight districts of Karnataka (Bangalore Urban, Bangalore Rural, Chikkaballapura, Kolar, Davanagere, Tumkur, Chitradurga, and Ramanagara) is the responsibility of BESCOM Ltd.

 

The Greater Bangalore Metropolitan Area’s BBMP is an administrative body in charge of civic amenities and some infrastructure assets.

 

Objective:

 

The project’s primary goals are to maintain the Artistic Garden City, ensure a consistent power supply, prevent electrical accidents, improve pedestrian access, and ensure the safety of the public.

 

The Underground Power Transformer’s Characteristics:

 

Two metal doors lead to the transformer, which is located 10 feet (4 meters) below the surface and stands on a 30-millimeter (mm) concrete structure constructed at ground level.

 

The 500 kVA transformer has an earthing grid made of cast iron and eight solid-state Ring Main Units (RMU).

 

In the event that the underground station becomes flooded, there is a submersible water pump with a horsepower (HP) of one that is said to automatically turn on and drain water from the transformer unit.

 

It has lighting and ventilation systems, an UPS, automatic temperature and humidity monitoring systems, a Low Tension (LT) distribution panel, and other components.

 

Benefits:

 

The underground transformer framework will build the life expectancy of electrical hardware and diminish transmission misfortunes. Electrical outages and transformer explosions will decrease as a result of this.

 

It guarantees continuous pathway use during above link upkeep and secures

electrical gear protected from outrageous climatic changes like cold, intensity, and downpour.

 

Because the BBMP and BESCOM won’t have to dig the road or stop traffic while doing maintenance, this project will help them provide better service.

 

Key Points:

 

The underground power transformers that can typically be found on the side of a road or on a footpath are planned to be added to the city by the government of Karnataka.

 

In the city of Bengaluru, Bescom will eventually convert all of the High Tension (HT) overhead lines to underground cables.

 

Additionally, it will convert the entire system, including distribution transformers, RMUs, feeder pillar boxes, and other components. into a system under the ground.

3. India unveils ‘G20 India’ mobile app; 1st ever App made for G20

The Public authority of India has revealed “G20 India”, a portable application which will offer a thorough, intelligent manual for occasion related data. A G20 mobile application has been developed for the first time.

 

The app was released in advance of the G20 New Delhi summit in 2023, which is the 18th meeting of the G20 and will take place on September 9 and 10 in the Bharat Mandapam International Exhibition-Convention Centre, Pragati Maidan, in New Delhi, Delhi.

 

The G20 India Application:

 

The Ministry of External Affairs (MEA) developed the G20 India App, a user-friendly digital platform for participants and global viewers alike.

 

It is accessible for download, both on Android and iOS.

 

Support for multiple languages is its main feature. It provides content in the five official languages of the United Nations (UN): Hindi, German, English, Japanese, and Portuguese

 

The application will continue to function during India’s G20 presidency. India’s G20 Administration begun from first December 2022 and will end on 30th November 2023.

 

Highlights of the stage incorporate a schedule for the G20 India 2023 occasion, assets,

media, and quick insights regarding the G20.

 

9th meeting of the G20 Coordination Committee, presided over by Dr. PK Mishra On August 30, 2023, Dr. Pramod Kumar (PK) Mishra, the Principal Secretary to the Prime Minister (PM), presided over the 9th meeting of the G20 Coordination Committee. The purpose of this meeting was to oversee the preparations for the G20 (Group of Twenty) New Delhi Leaders’ Summit 2023, which included media arrangements, protocol, security, and logistics.

 

Regarding the Summit:

 

A Nataraj statue installation and a specially curated program for visiting leaders’ spouses are among the cultural and democratic exhibitions at the summit.

 

Representatives will encounter computerized India through the ‘Advancement Center point’ and ‘Computerized India Experiential Center point’ at Bharat Mandapam.

 

For smooth coordination between different organizations, a Multi-Office Control Room is set up at Bharat Mandapam.

 

The preservation of essential services and the minimization of public inconvenience were prioritized.

4. 2nd Naval Commanders Conference: Maritime Infrastructure Perspective Plan 2023-37 Released

The second edition of the biannual Naval Commanders Conference took place in New Delhi, Delhi, on September 4, 2023. There, Minister of State (MoS) Ajay Bhatt, Ministry of Defence, and Senior Naval Leadership met.

 

The first edition was held in March 2023 aboard the Indian Naval Ship INS Vikrant. It revealed several important MoS initiatives.

 

Sea Foundation Viewpoint Plan 2023-37 (MIPP): The Navy’s infrastructure requirements for the next 15 years are outlined in this plan, which is in line with the government’s sustainability objectives and broader policy directives.

 

Handbook of IRS Rules and Regulations: This handbook covers the construction and classification of naval combatants and incorporates technological advancements and self-reliance in naval shipbuilding.

 

The self-reliance of the naval shipbuilding industry is represented by this updated version of the 2015 edition.

 

Family Logbook for Civilian Members of the Defense Force: a financial record book for the families of naval civilian personnel that contains essential financial information for unforeseen and emergency situations.

 

Project for Electronic Service Documents: In accordance with the Digital India Vision, the objective of this project is to digitize and centralize naval personnel’s HR (Human Resource) record management.

 

New uniform items are unveiled by the Indian Navy:

 

At the naval commanders’ conference, the Indian Navy showed off ongoing indigenous projects and introduced new uniform items during the Meet.

The recently planned uniform things was presented in assistance for improved solace,

cleanliness and usefulness.

 

The Indian Navy also displayed its ongoing and planned indigenous projects based on niche technologies in areas such as combat platform integration, underwater domain awareness, cyber security, tactical communications, and combat management system. The new uniform set also includes jackets, high absorption T-shirts, high ankle shoes, camouflage caps, and a national civil dress for messes and functions.

 

Delivery of the Second ACTCM Barge, LSAM 16, on September 6, 2023. In accordance with Indian Register of Shipping (IRS) classification rules, the Second Barge of the Series LSAM 16 (Yard 126) was delivered to the Indian Navy (IN). It has a 30-year service life. The canal boat, furnished with native gear, lines up with the “Make in India” drive.

 

By facilitating the transportation, embarkation, and disembarkation of articles and ammunition for IN ships at jetties and outer harbors, this addition will improve the Navy’s operational capabilities.

 

This delivery was part of the contract for the construction and delivery of eleven ammunition barges with M/s. Suryadipta Projects Pvt. Ltd., a micro, small, and medium-sized business based in Thane, Maharashtra.

International Affairs

1. Indian & Sri Lankan Navy conducts Maritime Partnership Exercise

A joint Passage Exercise (PASSEX) is carried out by the Indian Navy (IN) and the Sri Lanka Navy (SLN) off the coast of Colombo, Sri Lanka. Indian Maritime Ship(INS) Delhi and SLN Boat Vijayabahu took part in the Activity.

 

From September 1st to September 3rd, 2023, the exercise took place over the course of INS Delhi’s two-day visit to Sri Lanka.

 

INS Delhi is the Indian Naval force’s most memorable natively planned and assembled directed rocket destroyer worked by Mazagon Dock Restricted in Mumbai, Maharashtra.

 

Outline of INS Delhi’s multi day visit:

 

TheCommander of INS Delhi, Chief Abhishek Kumar, and the group of INS Delhi paid

regards at the Indian Harmony Keeping Force(IPKF) dedication of Indian warriors who laid their lives in Sri Lanka during IPKF activities from 1987-91.

 

The High Commissioner of India to Sri Lanka, Gopal Baglay, presented the “Arogya Maitri Cube” to Mahinda Yapa Abeywardana, Speaker of Sri Lanka Parliament, at a reception held onboard the INS Delhi as part of India’s Aarogya Maitri initiative.

 

The first disaster hospital ever constructed under Project BHISHM (Bharat Health Initiative for Sahyog Hita and Maitri) is the indigenously constructed Arogya Maitri Cube.

 

Each of the 72 cubes contained a variety of essential supplies and equipment. Crow Island Beach in Colombo was cleaned up by members of the INS Delhi and SLN.

Banking and Finance

1. ADB’s Survey: Global Trade Finance Gap Expands to USD 2.5 Trillion in 2022

The global trade finance gap increased from USD 1.7 trillion in 2020 and USD 1.5 trillion in 2018 to USD 2.5 trillion in 2022, representing 10% of global merchandise trade, according to the Asian Development Bank (ADB)’s 8th edition of the Trade Finance Gaps, Growth, and Jobs Survey.

 

This suggests that the COVID -19 pandemic’s effects are still being felt in the global economy.

 

The gap between requests for and approvals for financing to support imports and exports is known as the trade finance gap.

 

What caused the gap in income?

 

Global goods exports increased by 11.5 percent in 2022 and 26.6% in 2021 following the COVID-19 pandemic.

 

Along these lines, there was a more noteworthy requirement for monetary help for exchange. However, the increased economic uncertainty made it more difficult to obtain this financial assistance from the ADB.

 

The ADB’s capacity to lend decreased as a result of issues like rising interest rates, waning economic prospects, inflation, and geopolitical volatility.

 

Due to growing geopolitical uncertainty and rising commodity prices, conflicts between Russia and Ukraine had an effect on their trade finance portfolios as well.

 

As of April 2023, global trade exports in value had slowed year-to-date, showing a decline of approximately 3%, following a zero-growth rate in the final quarter of 2022.

 

Solution:

 

The gap can be narrowed, transparency can be increased, and environmental and social standards can be better monitored with digitalization of global trade.

 

However, there are neither appropriate guidelines nor legislation for electronic trade documents.

 

Upgrade exchange supporting limit with SME-explicit credit methods, profound level inventory chain finance, and drawing in new capital sources. Incorporate exchange supporting into emergency reaction drives.

 

Standard harmonization, commercial adoption, legislation, and policy development should be prioritized to advance global digital trade.

 

Improve the methods of data collection and reporting as well as standardize sustainability criteria.

 

ESG The first-ever environmental, social, and governance (ESG) issues are the focus of the 2023 trade gaps survey, along with digitalization, in order to assess the impact on relevant supply chains and the trade finance gap. ESG arrangement could lessen the exchange funding hole.

 

When the private sector finds it difficult to function, the TSCFP Trade and Supply Chain Finance Program (TSCFP) provides loans and guarantees to more than 200 partner banks to support trade and boost imports and exports that foster growth.

 

TSCFP is working to make supply chains and trade around the world environmentally friendly, durable, inclusive, and socially responsible.

2. SEBI Approved Groww Mutual Fund To Launch Its First Index Fund

Online stock broker Groww Mutual Fund received approval from the Securities and Exchange Board of India (SEBI) to launch its first index fund, the Groww Nifty Total Markets Index Fund. New Fund Offering (NFO) will be used to raise money for the project.

 

By the end of September 2023, the launched index fund—a passive mutual fund that replicates a market index like the Nifty or Sensex—will be available for purchase.

 

What is NFO?

 

A resource the executives organization sending off another shared asset can raise capital through a NFO which is like a First sale of stock (Initial public offering). NFOs give subtleties of the portfolio, counting organization shares, protections, reserve chief, and so forth.

 

Investors can purchase mutual fund units with such offers at the subscription price (typically Rs. 10 per unit).

 

New fund offers serve as the launchpad for both open-ended and closed-end funds, which are then traded in the market according to their respective net asset value (NAV).

 

Additional Details: Zerodha Nifty Large Midcap 250 Index Fund (ZN250) and Zerodha Tax Saver (ELSS) Nifty Large Midcap 250 Index Fund (ZN250) are two new products from Zerodha Asset Management Limited.

 

SEBI Orders Installment To IPEF Just Through Internet based Mode Protections and Trade Leading body of India (SEBI) gave a round expressing that crediting reserves to the SEBI Financial backer Assurance and Schooling Asset (IPEF) ought to be made exclusively through online mode.

 

In accordance with section 11(1) of the Securities and Exchange Board of India Act of 1992, this circular is issued.

Alterations made:

 

In 2020, the previously published SEBI guidelines that mandated either online or Demand Draft (DD) crediting of funds to the IPEF were superseded by the new ones.

 

Payment techniques:

 

Internet banking, National Electronic Fund Transfer (NEFT), Real Time Gross Settlement (RTGS), Unified Payments Interface (UPI), and debit cards are all options for making the payment.

 

IEPF: what is it?

 

An Investor Education and Protection Fund (IEPF) has been established by the government in accordance with Section 205 C of the Companies Act of 1956.

 

Unclaimed dividends, matured deposits, matured debentures, share application money, and other similar funds are stored in this fund.

 

The goal of the IPEF is to increase investor education, awareness, and protection.

 

IEPF is managed by the Investor Education and Protection Fund Authority (IEPFA).

Science and Technology

1. JAXA & MHI launches X-ray Astronomical Satellite XRISM and Lunar lander SLIM

Japan Aviation Investigation Organization (JAXA) alongside Mitsubishi Weighty Ventures Restricted (MHI) sent off the H-IIA Send off Vehicle No. 47 (H-IIA F47), which carried the Lunar Lander Smart Lander for Investigating the Moon (SLIM) and the X-ray astronomical satellite X-Ray Imaging and Spectroscopy Mission (XRISM). From Japan’s Tanegashima Space Center, the rocket was launched.

 

Japan remains the fifth nation to successfully soft land on the moon with this achievement; India was the fourth nation when the Chandrayaan 3 mission was launched in August 2023.

 

Note: The United States of America (USA), Russia, and China were the other three nations to successfully soft land on the moon.

 

The XRISM X-Ray Imaging and Spectroscopy Mission (XRISM) satellite is a joint venture between JAXA, NASA, and the European Space Agency (ESA).

 

The satellite plans to notice plasma twists moving through the universe which helps in

grasping the advancement of stars and universes.

 

XRISM is said resolve secrets in regards to the development of the universe.

 

SLIM

 

The lunar lander known as SLIM has been dubbed the “moon sniper.”

 

It is a 2.4-meter-tall spacecraft designed to demonstrate high-precision landing technology (through the use of the pin-point landing technique and the obstacle detection technique).

development of a compact system for exploring the moon and other planets in order to facilitate more frequent missions of exploration.

 

The USD 100-million mission is supposed to begin the arrival by February 2024 (close lunar ocean Horse Nectaris) after a long, eco-friendly methodology direction.

 

The craft will examine the composition of olivine rocks near the sites after landing in search of clues regarding the moon’s origin.