Daily Current Affairs – March 25, 2023
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Daily Current Affairs - Banking - March 25, 2023
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National News
PM SVANidhi scheme: Number of street vendors availing loan drops 45% in FY23
- The minister of state Pankaj Chaudhary in the finance ministry, the number of beneficiaries as of March 16 in the current fiscal stood at 4.82 lakh, down 45 per cent from 8.86 lakh in FY22 and 76 per cent from 20.58 lakh in FY21 when the scheme was launched.
- The scheme enables collateral-free loans up to Rs 10,000 of one year tenure, with enhanced loans of Rs 20,000 and Rs 50,000 in the second and third tranches respectively on repayment of earlier loans.
- Moreover, it provides an interest subsidy at 7 per cent per annum as an incentive for regular repayment of loans and also provides cashback of up to Rs 1,200 per year as a reward to the borrower for transacting digitally.
- 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)
NITK in pact with National Jute Board to develop geo-cell products
- National Institute of Technology Karnataka (NITK) has signed a Memorandum of Understanding (MoU) with the National Jute Board (NJB) under the Union Ministry of Textiles to develop technology to make geo-cell products from jute and standardise them for various engineering applications.
- Jute is a natural material that is plentifully available in India.
- Almost 85 per cent of the world’s jute cultivation is concentrated in the Ganges Delta.
- Ministry of Textile – Piyush Goyal,Cabinet Minister (Rajya Sabha MP,Maharashtra) – Darshana Jardosh, Minister of State (Surat,Gujarat)
NIUA organises first Urban Climate Film Festival under U20 engagement events
- The first Urban Climate Film Festival under U20 engagement events is being organised by the National Institute of Urban Affairs.
- A curated selection of 11 films from nine countries will be showcased in the festival to create wider awareness of the impact of climate change on life in cities.
- The festival is being organised with support from the Ministry of Housing and Urban Affairs, the French Development Agency and the European Union.
- Ministry of Housing and Urban Affairs – Hardeep Singh Puri,Cabinet Minister (Rajya Sabha MP,UP) – Kaushal Kishore, Minister of State (Mohanlalganj,UP)
Nearly 59% of rural households have tap water supply in their homes
- The government has informed that around 59% of the rural households in the country have tap water supply in their homes.
- Minister of State for Jal Shakti Prahlad Singh Patel said that out of the 19.43 crore rural households, around 11.49 crore households have tap water supply.
- At the announcement of the Jal Jeevan Mission-Har Ghar Jal in August 2019, only 17% (3.23 crore) of the rural households were reported to have tap water supply.
- Additional 8.26 crore rural households have been provided with tap water connections in the last three and half years under Jal Jeevan Mission.
- The Centre and the State governments have incurred an expenditure of over 72,450 crore until 20th March in the current financial year under Jal Jeevan Mission.
- 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)
Govt says 5,642 warehouse projects completed under WIF scheme so far
- Under the Warehouse Infrastructure Fund (WIF) scheme, under the Ministry of Finance, about Rs 9,393.68 crore funds have been sanctioned till December 2022 for establishment of 7,953 warehouse projects spread across 21 states, Agriculture Minister Narendra Singh Tomar.
- Around 5,642 warehousing projects have been completed under the Warehouse Infrastructure Fund (WIF) scheme so far.
- The estimated storage capacity on completion of these projects will be 9.32 million tonnes.
For every Rs 100 of premium paid for crop insurance under PMFBY; farmers received Rs 514 as claims
- Agriculture minister Narendra Singh Tomar informed Parliament that for every Rs 100 of premium paid by farmers under the flagship scheme Pradhan Mantri Fasal Bima Yojana (PMFBY), they have received about Rs 514 as claims.
- Since implementation of PMFBY in 2016, around 38 crore farmer applicants have been enrolled and over 12.37 crore (provisional) have received claims.
- During this period, nearly Rs 25,252 crore were paid by farmers as their share of premium against which claims of over Rs 1,30,015 crore (provisional) have been paid to them.
- Ministry of Agriculture and Farmers Welfare – Narendra Singh Tomar,Cabinet Minister (Morena,UP) – Shobha Karandlaje,Minister of State (Udupi Chikmagalur,Karnataka), Kailash Choudhary, Minister of State (Barmer,Rajasthan)
Lok Sabha passes Rs 45 trillion Budget for current fiscal without debate
- Lok Sabha approved the Union Budget envisaging an expenditure of around Rs 45 lakh crore for the fiscal year starting April 1 without any discussion.
- According to the Budget papers, the total expenditure in 2023-24 is estimated at Rs 45,03,097 crore, of which total capital expenditure has been pegged at Rs 10,00,961 crore.
- During the current financial year ending March 31, 2023, the total expenditure has been estimated at Rs 41,87,232 crore, which is more than the outlay of of 2021-22 by Rs 3,93,431 crore.
- Besides other things, the Budget 2023-24 reflects continuing commitment of the Union government to boost economic growth by investing in infrastructure development and increasing capital expenditure by 37.4 per cent over revised estimate of 2022-23.
- Effective capital expenditure has been estimated at Rs 13,70,949 crore in 2023-24 showing an increase of 30.1 per cent over RE 2022-23.
- With regard to fiscal deficit, the Budget proposed to bring it down to 5.9 per cent of the GDP from 6.4 per cent likely in the current financial year.
- To finance the fiscal deficit in 2023-24, the government plans the net market borrowings at Rs 11.8 lakh crore from dated securities.
International News
APEDA participates in International Food & Drink Exhibition held in London
- Agricultural and Processed Food Products Export Development Authority, APEDA participated in the International Food & Drink Exhibition held in London.
- The three day Exhibition that concluded was aimed at promoting the export of agricultural products in the international market of London.
- APEDA facilitated the participation of Indian exporters, who showcased their varied range of food products in all categories at the event.
- Large number of visitors showed keen interest in around 50 millet based products displayed at APEDA pavilion.
- At the event, APEDA displayed and distributed the finest quality of GI- tagged Alphonso mango, wine from grape vineyards and millet-based value added products.
- Agricultural and Processed Food Products Export Development Authority (APEDA) – 1986 (Founded) – New Delhi (HQ) – Dr. M. Angamuthu (Chairman)
26 % of world's population does not have safe drinking water: UNESCO report
- 26 per cent of the world’s population does not have safe drinking water and 46 per cent lack access to safely managed sanitation, according to a report published by UNESCO at the UN 2023 Water Conference in New York.
- As per the report, between two and three billion people experience water shortages for at least one month per year, posing severe risks to livelihoods, notably through food security and access to electricity.
- The global urban population facing water scarcity is projected to double from 930 million in 2016 to 1.7 to 2.4 billion people in 2050.
- United Nations Educational, Scientific and Cultural Organization (UNESCO) – 19/11/1945 (Founded) – Paris,France (HQ) – Audrey Azoulay (Director-General)
State News
Shri Nitin Gadkari inaugurates and lays foundation stones of 21 National Highways projects worth Rs 9400 crore in Ranchi, Jharkhand
- Union Minister for Road Transport and Highways Shri Nitin Gadkari inaugurated and laid foundation stones for 21 projects of 532 km at a cost of more than Rs 9400 crore at Dhurva in Ranchi, Jharkhand.
- Shri Gadkari said with the construction of 260 km 4-lane inter-corridor from Ranchi to Varanasi at a cost of 7000 crores, Ranchi to Varanasi can be reached in 5 hours.
- He said the 635 km, 4-lane Raipur-Dhanbad Economic Corridor will facilitate transportation of coal, steel, cement and other minerals.
- Ministry of Road Transport and Highways – Nitin Gadkari,Union Minister (Nagpur,Maharashtra) – Mansukh L. Mandaviya,Minister of State (Rajya Sabha MP,Gujarat)
Banking and Finance
Finance Bill 2023
- Lok Sabha passed the Finance Bill 2023 with 64 official amendments, including the one that seeks withdrawal of long-term tax benefits on certain categories of debt mutual funds and another for setting up the GST Appelate Tribunal.
- On LTCG on debt MFs: Among the most anticipated amendments, the Bill proposed to scrap long-term capital gains tax on debt mutual funds.
- STT on sale of Options: Besides, the Securities transaction tax (STT) on the sale of options has been hiked to Rs 2,100 on the turnover of Rs 1 cr vs the earlier applicable levy of Rs 1,700.
- Angel Tax: Angel Tax to come into effect from Apr 1, 2023.
- Foreign tour payments on credit cards: Payments for foreign tours through credit cards are not being captured under the Liberalised Remittance Scheme (LRS) & they escape tax collection at source.
- The RBI is being requested to bring credit card payments for foreign tours within the ambit of LRS and tax collection at the source thereon.
- Committee on pensions: Proposes to set up a committee under the Finance Secretary to look into the issue of pensions and evolve an approach to address the needs of employees.
Unified Payments Interface (UPI) makes India a global leader in next-generation real-time payments infrastructure - FIS' 2023 Global Payments Report
- With Cash use declining from 71 percent of POS transaction value in 2019 to just 27 percent in 2022, India has emerged as a global leader in payments with the development of its next-generation real-time payments (RTP) infrastructure, the Unified Payments Interface (UPI), helping E-commerce account-to-account (A2A) payments grow to US$12 billion, up 53 percent from 2021 to 2022 and digital wallets growth from 5 percent to 35 percent of POS value, according to a new report released today from global financial technology leader FIS.
Agreements and MoUs signed
UIDAI signs agreement with SETS for joint R&D in deep tech domains
- The Unique Identification Authority of India and state-owned Society for Electronic Transactions and Security signed a pact to conduct joint research for the development of tools and products in deep tech domains.
- As part of the memorandum of understanding (MoU), both organisations will carry out joint research in deep tech and emerging tech areas like cyber security, IoT security, mobile device security, financial network slice security and hardware security, etc.
Acquisitions and Mergers
Canara Bank sells stake in Russian joint venture to SBI for Rs 121 crore
- Canara Bank has sold its stake in Russian joint venture Commercial Indo Bank LLC (CIBL) to the other venture partner State Bank of India (SBI) for about Rs 121.29 crore.
- CIBL, incorporated in 2003, is a joint venture in Russia between SBI (60 per cent) and Canara Bank (40 per cent).
- Canara Bank – 01/07/1906 (Founded) – Bangalore (HQ) – K Satyanarayana Raju (MD & CEO) – “Together We Can” (Tagline)
Appointments
Infosys Announces Kiran Mazumdar-Shaw's Retirement
- Infosys announced the retirement of Kiran Mazumdar-Shaw as Independent Director from its Board, effective March 22, 2023, upon completion of her tenure.
- Infosys Limited – 02/07/1981 (Founded) – Bangalore (HQ) – Nandan Nilekani (chairman) – Salil Parekh (MD & CEO)
Ranks and Indices
IIT-Kharagpur tops in Civil Engineering, Agriculture & Forestry in QS Rankings
- Clocking another milestone, the Indian Institute of Management, Kozhikode (IIM-K) has jumped 100 spots to be ranked among the top 251-300 institutes in business and management studies globally.
- The achievement was announced on as part of the Quacquarelli Symonds (QS) World University Rankings by Subject 2023.
- The QS World University Rankings by Subject evaluates the world’s top universities in individual subject areas covering 54 disciplines from 161 locations and 1,594 institutions for 2023.
- In 2022, IIMK was ranked 351-400 in subject-wise ranking.
- The IIM-K ranks alongside other prestigious institutes and universities of international repute such as ESIC (Madrid, Spain), Kobe University (Kobe City, Japan), Shanghai University (Shanghai, China), Universitat de Barcelona (Barcelona, Spain), University of Bristol (Bristol, United Kingdom), University of Cologne (Cologne, Germany), University of Illinois (Chicago, United States), Uppsala University (Uppsala, Sweden), and Washington State University (Pullman, United States).
- IIT-Kharagpur has ranked first in Agriculture and Forestry, and Civil and Structural Engineering in the country, according to the QS World University Rankings 2023.
- The Engineering and Technology discipline at IIT-Kharagpur ranked fourth in the country, and ranked 82nd globally.
- It ranked second in Architecture and Built Environment, Material Science, Environmental Sciences, Accounting and Finance, Economics and Ergonomics.
Sports News
Cristiano Ronaldo becomes most capped player in international football
- Portugal legend Cristiano Ronaldo shattered yet another record and topped the list of players with the most international appearances with 197 caps.
- The 38-year-old—playing his first match in national colours after the heartbreaking quarterfinal exit at Qatar World Cup— achieved this feat in the Euro 2024 qualifying match against Liechtenstein Estadio Jose Alvalade stadium.
India's Rudrankksh Patilwins bronze medal in Men’s 10M Air Rifle event on third day of ISSF World Cup Shooting Championship in Bhopal
- India’s Rudrankksh Patil won the bronze medal in the Men’s 10M Air Rifle event on the third day of the ISSF World Cup Shooting Championship in Bhopal.
- Rudrankksh Patil also qualified for the Paris 2024 Olympics.
- Tokyo 2020 silver medalist Sheng Lihao of China won the gold while compatriot Du Linshu won the silver medal in this event.
Important Days
World Tuberculosis Day
- World Tuberculosis Day, observed on 24 March each year, is designed to build public awareness about the global epidemic of tuberculosis (TB) and efforts to eliminate the disease.
- 1st observed on 1982.
- Theme – “Yes! We can end TB!”
Defence
IAF signs Rs 3,700 crore indigenous defence equipment contract with BEL
- With the intent to induct indigenous defence equipment to enhance the operational capabilities of the Indian Air Force (IAF) Ministry of Defence (MoD), signed two separate contracts with Bharat Electronics Limited (BEL).
- The first contract, worth over Rs 2,800 crore, pertains to the supply of Medium Power Radars (MPR) ‘Arudhra’ for the Indian Air Force.
- The second contract, at an overall cost of approx. Rs 950 crore, relates to 129 DR-118 Radar Warning Receivers (RWR).
- Both projects are under Buy {Indian – IDMM (Indigenously Designed Developed and Manufactured)} category.
- Indian Air Force (IAF) – 26/01/1950 (Founded) – New Delhi (HQ) – Airforce Day (October 08) – Air Chief Marshal Vivek Ram Chaudhari (Chief of Air Staff) – ‘Touch the sky with Glory’ (Motto)
India, UK hold joint maritime exercise 'Konkan' in Arabian Sea
- Konkan 2023, a joint maritime exercise, was conducted between the Royal Navy of Britain and the Indian Navy off the Konkan coast in the Arabian Sea.
- INS Trishul, a guided missile frigate, and HMS Lancaster, a Type 23 guided missile frigate, participated in this edition and undertook multiple maritime drills to enhance interoperability and imbibe best practices.
- The UK will be deploying a Carrier Strike Group in the Indian Ocean region this year in line with its strategic tilt to Indo-Pacific.
- United Kingdom – London (HQ) – Pound sterling (Currency) – Charles III (Monarch) – Rishi Sunak (PM) – English (Language)
Daily Current Affairs - March 25, 2023 - Consolidated
- PM SVANidhi scheme: Number of street vendors availing loan drops 45% in FY23
- NITK in pact with National Jute Board to develop geo-cell products
- NIUA organises first Urban Climate Film Festival under U20 engagement events
- Nearly 59% of rural households have tap water supply in their homes
- Govt says 5,642 warehouse projects completed under WIF scheme so far
- For every Rs 100 of premium paid for crop insurance under PMFBY; farmers received Rs 514 as claims
- Lok Sabha passes Rs 45 trillion Budget for current fiscal without debate
- APEDA participates in International Food & Drink Exhibition held in London
- 26 % of world’s population does not have safe drinking water: UNESCO report
- Shri Nitin Gadkari inaugurates and lays foundation stones of 21 National Highways projects worth Rs 9400 crore in Ranchi, Jharkhand
- Finance Bill 2023
- Unified Payments Interface (UPI) makes India a global leader in next-generation real-time payments infrastructure – FIS’ 2023 Global Payments Report
- UIDAI signs agreement with SETS for joint R&D in deep tech domains
- Canara Bank sells stake in Russian joint venture to SBI for Rs 121 crore
- Infosys Announces Kiran Mazumdar-Shaw’s Retirement
- IIT-Kharagpur tops in Civil Engineering, Agriculture & Forestry in QS Rankings
- Cristiano Ronaldo becomes most capped player in international football
- India’s Rudrankksh Patilwins bronze medal in Men’s 10M Air Rifle event on third day of ISSF World Cup Shooting Championship in Bhopal
- World Tuberculosis Day
- IAF signs Rs 3,700 crore indigenous defence equipment contract with BEL
- India, UK hold joint maritime exercise ‘Konkan’ in Arabian Sea
Daily Current Affairs - February, 2023
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