Daily Current Affairs – April 11, 2023
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Daily Current Affairs - Banking - April 11, 2023
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National News
Biotech StartUps went up from around 50 to nearly 6,000
- Dr Jitendra Singh said that StartUps in India grew 300 times in the last 9 years.
- there were just around 350 StartUps before 2014, but after Prime Minister Narendra Modi launched the StartUp scheme in 2016, there has been a quantum jump in StartUps to more than 90,000 with more than 100 Unicorns.
- Prime Minister Modi opened up the Space sector for private participation leading to more than 100 StartUps in the Space sector within just about three years.
- Similarly, Biotech StartUps went up from around 50 to nearly 6,000.
Government organizes National Apprenticeship Mela at Udhampur under Skill India Mission
- As a part of Prime Minister Narendra Modi’s vision to boost career opportunities for India’s youth under Skill India Mission, the Ministry of Skill Development and Entrepreneurship (MSDE) organized the Pradhan Mantri National Apprenticeship Mela, PMNAM at ITI College in Udhampur.
- Several local business organizations joined the apprenticeship mela to provide jobs to local youth with relevant opportunities to shape their careers through apprenticeship training.
- Ministry of Skill Development and Entrepreneurship (MSDE) – Dharmendra Pradhan, Cabinet Minister (Rajya Sabha MP,MP) – Rajeev Chandrasekhar, Minister of State (Rajya Sabha MP,Karnataka)
International News
Adani Power commences supply to Bangladesh from Godda plant in Jharkhand
- Adani Power Limited (APL) announces the commissioning of its first 800 Mw ultra-super-critical thermal power generation unit at Godda in the Jharkhand state of India and begins supplying Bangladesh with 748 Mw of power.
- In November 2017, Bangladesh Power Development Board (BPDP) signed a long-term Power Purchase Agreement (PPA) with APL’s wholly-owned subsidiary Adani Power Jharkhand Ltd (APJL) to procure 1,496 Mw net capacity power from the 2×800 Mw ultra-supercritical power project at Godda.
- APL is expected to commission its second 800 Mw unit soon.
- Bangladesh – Dhaka (Capital) – Taka (Currency) – Mohammad Abdul Hamid (President) – Sheikh Hasina (Prime Minister) – Bengali (Language)
State News
T.N. CM Stalin virtually inaugurates housing tenements in Tiruchi district
- Chief Minister M.K. Stalin, inaugurated newly-built housing tenements of the Tamil Nadu Urban Habitat Development Board (TNUHDB) in Irungalur panchayat, Tiruchi district via video-conferencing from the Secretariat in Chennai.
- The TNUHDB, under phase – II of the ‘Housing for All’ project, constructed nearly 240 houses in 10 blocks at a cost of ₹21.16 crore, and they have been allocated to the urban poor.
- Each of these flats, with a plinth area of 400 sq. ft has been provided with proper drinking water and drainage facilities.
- Paverblock-topped pedestrian walking areas and rainwater harvesting systems are among the other facilities in the housing unit.
- Tamil Nadu – Chennai (Capital) – MK Stalin (CM) – RN Ravi (Governor) – Tamil (Language)
J&K government to organise 3-day ‘Baisakhi Mahotsav 2023’
- In Jammu and Kashmir, the Directorate of Tourism, Jammu is going to organise a three-day ‘Baisakhi Mahotsav 2023’ from April 13 to 15 2023 to celebrate Dogra culture and heritage.
- On First day, a grand Cultural Procession (Shobha Yatra) will be organised from historic Raghunath Mandir to Mubarak Mandi Complex in Jammu where cultural performances will mark the celebrations.
- On Second day, a Kite Flying Festival will be celebrated at Maharaja Hari Singh Park, Jammu and the traditional ‘Tonga Buggy’ ride of Kanak Mandi will be revived.
- A cultural programme will also be organised at Peer Kho Temple along with Dogri Dhaam.
- A replica of a Dogra Village will also be displayed at Mubarak Mandi Complex during the festival.
- Jammu & Kashmir – Srinagar (May–October) & Jammu (Nov-April) (Capital) – Manoj Sinha (Lieutenant Governor) – Urdu, Kashmiri, Dogri, Hindi, English (Language)
Schemes
Civil aviation ministry to commence flights to Vellore under UDAN scheme
- The Centre would soon commence a new route connecting Vellore under its flagship UDAN scheme, Civil Aviation Minister Jyotiraditya M Scindia.
- As many as 473 new routes have been operationalised under the UDAN scheme launched by the Centre to boost air connectivity in Tier-II and -III cities.
- Ministry of Civil Aviation – Jyotiraditya Scindia,Union Minister (Rajya Sabha MP,MP) – General Vijay Kumar Singh,Minister of State
Banking and Finance
Government to set up 16th Finance Comm in 2023 to suggest Centre-state tax devolution beginning FY27
- The government is likely to set up the 16th finance commission this year to suggest, among other things, the ratio in which tax is to be divided between the Centre and states for five years, beginning April 1, 2026.
- The members of the commission and its Terms of Reference (ToR) are being worked out.
- The previous Finance Commission submitted its report on November 9, 2020, for the 5 fiscals 2021-22 to 2025-26.
- The 15th Commission under NK Singh had kept the tax devolution ratio at 42 per cent at the same level suggested by the 14th Commission.
- The central government accepted the report of the commission, and accordingly, the states are being given 42 per cent of the divisible tax pool of the Centre during the period 2021-22 to 2025-26.
- The 15th finance commission’s recommendations include the fiscal deficit, debt path for the Union and states, and additional borrowing room to states based on performance in power sector reforms.
- As per the glide path for fiscal consolidation, the government aims to bring down the fiscal deficit to 4.5 per cent of gross domestic product (GDP) by the 2025-26 fiscal.
- For the current fiscal, the deficit is projected at 5.9 per cent of GDP, lower than 6.4 per cent in the last fiscal ended March 31, 2023.
FPIs dump Indian equities worth Rs 37,631 cr in FY23
- After withdrawing record funds in 2021-22, foreign portfolio investors (FPIs) continued their sell-off in the last fiscal too and pulled out Rs 37,631 crore from Indian equities amid aggressive rate hikes by central banks globally.
- The outflow trend is likely to reverse in the current financial year since India has the best growth potential in the financial year 2023-24 (FY24), VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
- Since FPIs started investing in 1993, this is the first time they sold consecutively for two financial years.
- They sold equities worth Rs 1.4 lakh crore in FY22.
- However, the pace of selling slowed down to Rs 37,632 crore in FY23.
- FPIs invested a record Rs 2.7 lakh crore in equities in 2020-21 and Rs 6,152 crore in 2019-20.
FY'23 loan growth at 11 year high despite steep hike in lending rates
- Credit growth continued to outpace deposit growth in FY’23 at an eleven year high even as banks have transmitted fully 250 bps their lending rates linked to external benchmarks which now comprise almost half of floating rate loans. Credit demand may not be linked to interest rates but more to economic activity, notings in the RBI’s monetary policy report.
- In FY23, bank loans increased 14.6% while deposits increased just 9.6%.
- The rate of credit growth in FY23 was the greatest since FY 2011–12, when credit increased 17%.
- Reserve Bank of India (RBI) – 01/04/1935 (Founded) – Mumbai (HQ) – Shaktikanta Das (Governor)
ADB commits Rs 150 crores to Tata Power Delhi Distribution Ltd
- Asian Development Bank said it proposes to subscribe non-convertible debentures worth Rs 150 crore of Tata Power Delhi Distribution Ltd (TPDDL), to enhance Delhi’s power distribution through grid enhancements.
- Besides, Asian Development Bank (ADB) agreed to provide USD 2 million grant to partially finance the purchase and integration of a pilot battery energy storage system (BESS).
- The 10-megawatt-hour (MWh) BESS is South Asia’s first grid-scaled energy storage project at the distribution transformer level.
- A debenture is an instrument used by a lender, such as a bank, when providing capital to companies and individuals.
- It enables the lender to secure loan repayments against the borrower’s assets – even if they default on the payment.
- Asian Development Bank (ADB) – 19/12/1966 (Founded) – Mandaluyong, Philippines (HQ) – Masatsugu Asakawa (President) – 68 countries
NARCL plans to ramp up acquisition of distressed assets in fiscal year 2024
- National Asset Reconstruction Co Ltd (NARCL), which is supported by the government, is expected to accelerate the acquisition of distressed assets in the current fiscal year, despite failing to meet its goal of acquiring loans worth ₹50,000 crores in the previous fiscal year.
- Last fiscal year, NARCL, which is backed by state-owned banks, acquired outstanding loans worth ₹10,378 crores from Jaypee Infratech, SSA International, and Helios Photo Voltaic Ltd.
- This figure amounted to only one-fifth of the target set by the company.
- Notably, all three loans were acquired for a total consideration of ₹3,636 crores.
- National Asset Reconstruction Company Limited (NARCL) – 2021 (Founded) – Mumbai (HQ) – Natarajan Sundar (MD & CEO)
Finance Ministry sets up panel to review pension system for government employees
- The Indian Finance Ministry has created a committee led by Finance Secretary T V Somanathan to review the pension system for government staff. The committee will undertake an analysis of existing framework and structure of the National Pension System (NPS) and suggest if there are any necessary changes.
- The team will take fiscal implications, impact on budget and protect citizens to maintain fiscal prudence.
- Members of the committee will include the secretary for the Department of Personnel and Training, the special secretary for the Department of Expenditure and the chairman of the Pension Fund Regulatory and Development Authority.
- Ministry of Finance – Nirmala Sitharaman,Cabinet Minister (Rajya Sabha MP,Karnataka) – Bhagwat Karad, Minister of State (Rajya Sabha MP,Maharashtra) & Pankaj Choudhary, Minister of State (Maharajganj,UP)
Business and Economy
GPF rate stays 7.1% for April-June 2023 quarter
- The government has retained the interest rate payable on savings in the General Provident Fund (GPF) at 7.1% for the April to June 2023 quarter, making this the 13th quarter in a row that the rates have been static for government employees’ PF corpus.
- The GPF or General Provident Fund is a savings scheme available to government employees who joined service before 2004.
- In this system, government officials contribute some amount of their salaries to the account.
- The accrued balance is paid to the employee at the time of the retirement or superannuation.
Nature
World's first conservation, breeding centre for Asian king vultures ready in UP's Maharajganj
- Jatayu Conservation and Breeding Centre (JCBC) world’s first conservation and breeding center for the critically endangered Asian king vulture is set to open in Uttar Pradesh’s Maharajganj district.
- It spread over an area of 1.5 hectares with an outlay of ₹15 crores.
- Asian king vulture is known as red-headed vulture (Sarcogyps calvus) is localized primarily to northern India.
- In 2004, the species was uplisted to ‘near threatened’ from ‘least concern’ by the IUCN.
- In 2007, it was uplisted to ‘critically endangered’ in the IUCN Red List.
- Uttar Pradesh – Lucknow (Capital) – Yogi Adityanath (CM) – Anandiben Patel (Governor) – Hindi (Language)
Power
India set to become third largest N-power producer by 2030
- India will achieve a 20-gigawatt capacity of nuclear power generation by 2030, a major milestone that will place the nation as the third largest producer of atomic energy in the world after the USA and France, said Union Minister of State (independent charge) for science & technology Jitendra Singh.
- India is set to achieve 20 GW capacity of nuclear power generation by 2030.
Awards and Recognitions
Indian-American mathematician C R Rao awarded International Prize in Statistics at 102
- Calyampudi Radhakrishna Rao, a prominent Indian-American mathematician and statistician, will receive the 2023 International Prize in Statistics, the equivalent to the Nobel Prize in the field, for his monumental work 75 years ago that revolutionised statistical thinking.
- Rao, who is now 102, will receive the prize, which comes with a USD 80,000 award, this July at the biennial International Statistical Institute World Statistics Congress in Ottawa, Ontario, Canada.
President Murmu presents National Grassroots Innovation Awards
- President Droupadi Murmu presented NIF’s 11th Biennial National Grassroots Innovation Innovation and Outstanding Traditional Knowledge Awards at the Rashtrapati Bhavan Cultural Center (RBCC).
- She also inaugurated the Festival of Innovation and Entrepreneurship (FINE)-2023 at Sports Ground near RBCC.
- The National Innovation Foundation (NIF) plays a vital role in encouraging and supporting such innovators.
- She said that NIF has created a database of more than 32,500 technical ideas, innovations and traditional knowledge practices from more than 625 districts of the country.
- She was also happy to note that NIF has recognized 1093 grassroots innovators and school students at the national level in its various award ceremonies.
Sports News
Indian GM Gukesh wins title at World Chess Armageddon Asia & Oceania event
- Teenaged Indian Grandmaster D Gukesh stunned former world rapid champion Nodirbek Abdusattorov of Uzbekistan in the final to win the World Chess Armageddon Asia & Oceania in Berlin.
- Germany – Berlin (Capital) – German (Language) – Frank-Walter Steinmeier (President) – Olaf Scholz (Chancellor) – Euro (Currency)
Important Days
National Pet Day
- National Pet Day is celebrated globally on April 11 to recognise and celebrate the bond between humans and their pets and the unconditional love that they bring to our lives.
- National Pet Day was founded in 2006 by animal welfare advocate Colleen Paige.
National Safe Motherhood Day
- Every year National Safe Motherhood Day is celebrated on April 11 with an aim to raise awareness of good healthcare and safety of all mothers or expecting mothers.
- The day was initiated by the White Ribbon Alliance India (WRAI).
- 1st observed in 2003.
- Theme – not announced.
- White Ribbon Alliance India (WRAI) – 1999 (Founded) – New Delhi (HQ) – Kristy Kade (CEO)
Daily Current Affairs - April 11, 2023 - Consolidated
- Biotech StartUps went up from around 50 to nearly 6,000
- Government organizes National Apprenticeship Mela at Udhampur under Skill India Mission
- Adani Power commences supply to Bangladesh from Godda plant in Jharkhand
- N. CM Stalin virtually inaugurates housing tenements in Tiruchi district
- J&K government to organise 3-day ‘Baisakhi Mahotsav 2023’
- Civil aviation ministry to commence flights to Vellore under UDAN scheme
- Government to set up 16th Finance Comm in 2023 to suggest Centre-state tax devolution beginning FY27
- FPIs dump Indian equities worth Rs 37,631 cr in FY23
- FY’23 loan growth at 11 year high despite steep hike in lending rates
- ADB commits Rs 150 crores to Tata Power Delhi Distribution Ltd
- NARCL plans to ramp up acquisition of distressed assets in fiscal year 2024
- Finance Ministry sets up panel to review pension system for government employees
- GPF rate stays 7.1% for April-June 2023 quarter
- World’s first conservation, breeding centre for Asian king vultures ready in UP’s Maharajganj
- India set to become third largest N-power producer by 2030
- Indian-American mathematician C R Rao awarded International Prize in Statistics at 102
- President Murmu presents National Grassroots Innovation Awards
- Indian GM Gukesh wins title at World Chess Armageddon Asia & Oceania event
- National Pet Day
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