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Daily Current Affairs – August 29, 2023

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Daily Current Affairs - Banking - August 29, 2023

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National News

Cabinet approved LPG subsidy of Rs 200/cylinder

  • The Cabinet Committee for Economic Affairs, chaired by Prime Minister Narendra Modi also upped the existing subsidy for Ujjwala scheme beneficiaries by Rs 200, taking the overall subsidy per cylinder to Rs 400.
  • New connections under the subsidy scheme will be completely free.
  • The government will bear the additional LPG subsidy burden in FY24, pegged at Rs 7,680 crore.
  • This development comes at a time when domestic LPG cylinders are retailing at Rs 1,103 a unit.
  • The subsidy is credited into the bank accounts of eligible beneficiaries after the purchase of cylinders.
  • This subsidy will benefit a third of total LPG consumers in the country.

International News

Bilateral meeting held between India and New Zealand

  • Shri Piyush Goyal, Minister of Commerce and Industry, Textile and Consumer Affairs, Food & Public Distribution of India and Hon Damien O’Connor, Minister for Trade and Export Growth of New Zealand, had a bilateral meeting at New Delhi.
  • This meeting is part of a sustained effort by both governments to develop a broad-based relationship, building on the excellent meeting between the Prime Ministers of both the countries in Port Moresby on 22 May, 2023.
  • New Zealand – Wellington (Capital) – New Zealand dollar (Currency) – Charles III (Monarch) – Chris Hipkins (Prime Minister) – English, Māori, NZ Sign Language (Language)

State News

PM-Gatishakti Rail Corridor Project in Chhatisgarh

  • In a major development in PM GatiShakti Rail Corridor Projects in Chhattisgarh, Rupee Term Loan documents were executed between the Central Bank of India under sole banking and the promoters, i.e., South Eastern Coalfields Ltd (SECL), Ircon International Limited (IRCON), CSIDC and CERL, towards development of Phase-II of Chhattisgarh East Railway Limited (CERL).
  • The total debt exposure in this financial contract will be of Rs. 1349.00 crore.
  • This concludes the documentation process of achieving financial closure of the project, which is a major milestone.
  • Chhattisgarh East Railway Limited (CERL) is a subsidiary company of South Eastern Coalfields Limited (SECL) (with 64% stake) formed as a joint venture with Ircon International Limited (IRCON) (with 26% stake) and Chhattisgarh State Industrial Development Corporation (CSIDC), representing GoCG, (with 10% stake).
  • CERL project is planned with the specific purpose of constructing rail infrastructure in the state of Chhattisgarh.
  • This Project is being implemented based on the Joint Venture (JV) model of PPP projects under Concession Agreement (CA) with MoR and is notified as ‘Special Railway Project’ to provide national infrastructure for a public purpose with high priority accorded by the Government of India.
  • CERL is planned in two phases.
  • The Phase I of CERL is majorly commissioned and is facilitating evacuation of Coal from Mand Raigarh Coalfields.
  • The CERL Phase-II project with a project length of 62.50 kms from Dharamjaygarh to Korba is planned to provide the critical rail link between CERL Phase-I which stretches from Kharsia to Dharamjaygarh with Spur line up to Pelma and three feeder lines (124.80 kms) and CEWRL which stretches from Gevra Road to Pendra Road (Main Line of 135 kms).
  • This will provide an alternate rail route for transportation of coal to the northern parts of the country.
  • This will provide a link from Kharsia to Pendra which will facilitate surplus Coal movement of Mand-Raigarh Coalfields and Basundra Coalfields to the Northern and Western Power House of the Country.
  • CERL Phase II project cost is estimated to be Rs. 1686.22 crore with a funding structure of Debt: Equity of 80:20 i.e., Rs 1349.00 crore of debt and Rs.337.22 crore of equity.
  • Demonstrating the commitment towards the project, the promoters have already invested Rs. 273.81 cores in the project.
  • Utilizing this money, the company has been able to acquire the required land and forest clearance.
  • The project is expected to be completed by March 2026.

Rajasthan government increased minimum wages for labourers

  • Rajasthan Chief Minister Ashok Gehlot has approved an increase in minimum wages for labourers by Rs 26 per day, will be effective from January 01, 2023.
  • After the approval, an unskilled labourer will get Rs 285 per day (Rs 8,550 per month) instead of Rs 259, a semi-skilled labourer will get Rs 297 per day (Rs 8,910 per month) instead of Rs 271, a skilled labourer will get Rs 309 per day (Rs 9,270 per month) instead of Rs 283 and a highly skilled worker will get Rs 359 per day (Rs 10,770 per month) instead of Rs 333.
  • It is noteworthy that the last increase of Rs 7 in minimum wages was implemented on July 1, 2021.
  • In another move, registered insured employees and their dependent families under the Employees State Insurance (ESI) Scheme of Rajasthan will also get the benefit of Mukhyamantri Chiranjeevi Swasthya Bima Yojana under the ESI category.
  • Under this scheme, about 1.44 crore families are provided free health insurance coverage of up to Rs 25 lakh.
  • Rajasthan – Jaipur (Capital) – Ashok Gehlot (CM) – Kalraj Mishra (Governor) – Hindi (Language)

Nagaland Women Vocational Training Institute Emporium

  • Union Minister of State for Railways and Textiles Darshana Jardosh inaugurated the Nagaland Women Vocational Training Institute Emporium located at Lerie in Kohima.
  • The Emporium is supported by the Ministry of Textiles. 
  • Nagaland is home to several spectacular Handicrafts.
  • The Emporium has all the Naga Jewellery to Woodcarvings, and Bamboo Cane Products to Tribal crafts.
  • Nagaland – Kohima (Capital) – Neiphiu Rio (CM) – La. Ganesan (Governor) – English (Language)


Minor irrigation (MI) schemes

  • As per the 6th census report on minor irrigation schemes released by Ministry of Jal Shakti, Department of Water Resources, River Development and Ganga Rejuvenation.
  • Maharashtra is the second-highest State that possesses the largest number of minor irrigation (MI) schemes in the country after Uttar Pradesh.
  • The report stated that 23.14 million minor irrigation (MI) schemes have been reported in the country, out of which 21.93 million (94.8 per cent) are Ground Water (GW) and 1.21 million (5.2 percent) are Surface Water (SW) schemes.
  • There has been an increase of about 1.42 million in MI schemes during the 6th MI census as compared to the 5th Census.
  • GW schemes comprise dugwells, and shallow, medium, and deep tube wells.
  • The SW schemes include surface flow and surface lift schemes.
  • Maharashtra is the leading State in dug-wells, surface flow, and surface lift schemes, followed by Karnataka, Telangana, Odisha, and Jharkhand.
  • Leading States in GW schemes are Uttar Pradesh, Maharashtra, Madhya Pradesh, Tamil Nadu, and Telangana.
  • Of all MI schemes, 97.0 per cent are in use, 2.1 per cent are temporarily not in use, and 0.9 per cent are permanently not in use.
  • For the first time, information about the gender of the owner of the MI scheme was also collected in the case of individual ownership.
  • Out of all the individually owned schemes, 18.1 per cent are owned by women.
  • Ministry of Jal Shakti – Gajendra Singh Shekhawat,Union Minister (Jodhpur,Rajasthan) – Prahlad Singh Patel,Minister of State (Damoh,MP) & Bisweshwar Tudu,Minister of State (Mayurbhanj,Odisha)

Banking and Finance

DBS partnered Maptrasco to complete first interoperable electronic bills of lading transaction between Singapore and India

  • DBS, in partnership with commodities trader Maptrasco, announced the completion of the first “live” transaction of electronic Bills of Lading (eBL) for shipments between Singapore and India.
  • The transaction was implemented under the TradeTrust framework, an initiative by the Infocomm Media Development Authority (IMDA) and supported by Enterprise Singapore.
  • With this first shipment, businesses across Singapore and India can participate in the TradeTrust network via their respective choice of TradeTrust-enabled platforms to enable the digital trade finance of live shipments of goods between the two countries.
  • Companies keen on executing eBLs in digital Letter of Credit transactions can reach out to DBS.
  • The project leverages the United Nation’s Model Law for Electronic Transferable Records and aims to drive cross-border document and title exchanges.
  • The successful transaction ushers in a new chapter of more efficient, and interoperable digital bills of lading and is a key milestone in the digital transformation of trade financing.
  • Bills of lading are essential documents in shipping and logistics, representing legal proof ownership of goods in transit, as well as receipt of goods.
  • Globally, only about 1.2% of bills of lading are issued electronically due to limitations in platforms that are not interoperable, or use differing rulebooks and standards, which makes scalability challenging.

Summit and Conference

Conference on “Review of PLI-Auto Scheme - Excellence through Aatmanirbharta”

  • Ministry of Heavy Industries (MHI) is organizing a conference on “Review of PLI-Auto Scheme – Excellence through Aatmanirbharta at India Habitat Centre, New Delhi.
  • The conference will be chaired by Dr. Mahendra Nath Pandey, Union Minister for Heavy Industries.
  • The event aims to bring together stakeholders viz. PLI-Auto applicants, PMA, Test Agencies etc. to review the performance of the scheme, to share their knowledge & experiences and address all concerns & challenges.
  • The event shall have special focus on understanding the opportunities available through this scheme.
  • MHI has taken various initiatives to promote Cleaner Mobility and develop an ecosystem of Innovation and Technology.
  • In automotive sector, Ministry has launched various flagship programs, one of which is PLI scheme for Automobile & Auto Components (outlay of ₹25,938 crore).
  • The cascading effect of these schemes will lead to the growth of automotive industry and it is poised that the Indian automotive industry will rank number three in the world by 2030.
  • MHI considers the PLI-Auto applicants of Automotive Industry as one of the crucial stake holders of scheme.
  • MHI is committed to support the industry to fulfil the vision “Excellence through Aatmanirbharta” as envisioned by the Prime Minister.
  • As per MHI, the goal of deep localization and development of Advanced Automotive Technology (AAT) Products within the country cannot be achieved without the support and growth of Automotive Industry.
  • Central government takes moral responsibility to reinforce this important industry by providing financial support as well as conducive environment to nurture Innovation and Technology.
  • Ministry of Heavy Industries – Mahendra Nath Pandey,Union Minister (Chandauli,UP) – Krishan Pal Gurjar,Minister of State (Faridabad,Harayana)

Science and Technology

ISRO will launch Aditya-L1, the first space-based observatory to study Sun

  • ISRO’s Aditya-L1, the first space-based Indian observatory to study the Sun will be launched from Sriharikota space station in Andhra Pradesh.
  • The PSLV-C57 will be used for the Aditya L1 Mission.
  • The satellite will be placed in a halo orbit around the Lagrange point L1 of the Sun-Earth system which is about 1.5 million kms from the Earth.
  • It will take around four months to reach the Lagrange point.
  • The advantage of a halo orbit around the L1 point is that the satellite can observe the solar activities without any obstruction by other celestial activities like eclipse.
  • The Aditya L1 mission is to study the solar winds and the Sun’s atmosphere
  • It will carry seven payloads to observe the photosphere, chromosphere, and the outermost layers of the Sun namely the corona.
  • This will help understand the problems of coronal heating, Coronal mass ejection, pre-flare and flare activities, dynamics of weather, and the study of the propagation of particles and fields in the interplanetary medium.
  • Indian Space Research Organisation (ISRO) – 15/08/1969 (Founded) – Bangalore, India (HQ) – Sreedhara Somanath (Chairman)


Nitin Gadkari launched world's first 100% Ethanol-fueled car in New Delhi

  • Union Road Transport and Highways Minister Nitin Gadkari launched the world’s first 100 percent Ethanol-fueled car variant of Toyota’s Innova HyCross car in New Delhi.
  • The world’s first BS-VI (Stage-II), electrified flex-fuel vehicle has been launched which can function fully on ethanol-based fuel.
  • The car, which runs on 100 per cent ethanol (E100).
  • It can cover 40 per cent of its distance on ethanol and the remaining 60 per cent on electric, with the petrol engine shut off.
  • The flex fuel is a technology that allows an engine to utilise ethanol-blended petrol or gasoline beyond 20 percent.
  • The aim is to reduce carbon footprint, improve sustainable mobility and decrease the country’s dependency on traditional fuel sources.
  • Ministry of Road Transport and Highways – Nitin Gadkari,Union Minister (Nagpur,Maharashtra) – General Vijay Kumar Singh

Reliance Industries aimed for 100GW green energy

  • Reliance Industries is accelerating its green energy initiatives to realise its ambitions to lead India as a world leader in energy transition.
  • The aim is to install at least 100GW of renewable energy generation by 2030.


Ambassadors of Estonia, Ukraine, Burkina Faso and Norway

  • Mrs Marje Luup, Ambassador of the Republic of Estonia
  • Dr Oleksandr Polishchuk, Ambassador of Ukraine
  • Dr Desire Boniface Some, Ambassador of Burkina Faso
  • Mrs May-Elin Stener, Ambassador of the Kingdom of Norway

Shell India appointed Mansi Madan Tripathy as its chairman

  • Shell India announced the appointment of Mansi Madan Tripathy as the new chairman of the company, effective 1 October.
  • She will succeed Nitin Prasad who has been the country chair since 2016.

Sports News

Shri Anurag Singh Thakur inaugurated infrastructure projects worth Rs 13 crores in NS NIS Patiala

  • Union Minister of Youth Affairs and Sports, Shri Anurag Singh Thakur inaugurated the projects worth Rs. 13 Crores, which included state-of-the-art Weightlifting Hall, Fitness centre, modern hostels and Guest House.
  • The newly renovated weightlifting hall has facilities of 26 training stations, modern equipments and all other ancillary facilities for a world class training centre.
  • The fitness center is equipped with world-class Strength and Conditioning and Physiotherapy equipments along with facilities of steam, sauna bath, hydropool and massage therapy.
  • Silver Jubilee Hostel is aimed to provide best residential facilities to our elite athletes and participants of multinational camps.
  • Golden Jubilee flats or foreign coaches Hostel has been renovated and furnished for elite foreign coaches and NIS guest house is upgraded with modern facilities.
  • Ministry of Youth Affairs and Sports – Anurag Singh Thakur,Union Minister (Hamirpur, Himachal Pradesh) – Nisith Pramanik,Minister of State (Cooch Behar, West Bengal)

Important Days

International Day against Nuclear Tests 2023

  • International Day against Nuclear Tests is annually observed on August 29.
  • On 2 December 2009, the 64th session of the United Nations General Assembly declared 29 August the International Day against Nuclear Tests by unanimously adopting resolution 64/35.
  • 2010 marked the inaugural commemoration of the International Day against Nuclear Tests.
  • The International Day for the Total Elimination of Nuclear Weapons was observed for the first time in 26 September 2014.


Kalyani Rafael Advanced Systems bagged missile contract for ₹287.51 crore

  • Kalyani Rafael Advanced Systems Pvt Ltd (KRAS), a joint venture company between Kalyani Strategic Systems Ltd and Israel’s Rafael Advanced Systems Ltd, has got a contract worth ₹287.51 crore from the Ministry of Defence for supply of missile systems and expected to be executed over the next 12 months.
  • Kalyani Strategic Systems Ltd, which is a 100 per cent owned subsidiary of Bharat Forge, holds 51% stake while the 49% is held by Rafael.
  • Rafael Advanced Defense Systems Ltd. – 1948 (Founded) – Haifa, Israel (HQ) – Yoav Har-Even (CEO and President)

Daily Current Affairs - August 29, 2023 - Consolidated

  • Cabinet approved LPG subsidy of Rs 200/cylinder
  • Bilateral meeting held between India and New Zealand
  • PM-Gatishakti Rail Corridor Project in Chhatisgarh
  • Rajasthan government increased minimum wages for labourers
  • Nagaland Women Vocational Training Institute Emporium
  • Minor irrigation (MI) schemes
  • DBS partnered Maptrasco to complete first interoperable electronic bills of lading transaction between Singapore and India
  • Conference on “Review of PLI-Auto Scheme – Excellence through Aatmanirbharta”
  • ISRO will launch Aditya-L1, the first space-based observatory to study Sun
  • Nitin Gadkari launched world’s first 100% Ethanol-fueled car in New Delhi
  • Reliance Industries aimed for 100GW green energy
  • Ambassadors of Estonia, Ukraine, Burkina Faso and Norway
  • Shell India appointed Mansi Madan Tripathy as its chairman
  • Shri Anurag Singh Thakur inaugurated infrastructure projects worth Rs 13 crores in NS NIS Patiala
  • International Day against Nuclear Tests 2023
  • Kalyani Rafael Advanced Systems bagged missile contract for ₹287.51 crore

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