DAILY CURRENT AFFAIRS

By admin: March 12, 2023

Maritime Partnership Exercise (MPX) with French Navy

Tags: Defence National News

Indian Navy's indigenously built Guided Missile Frigate, INS Sahyadriparticipated in the Maritime Partnership Exercise (MPX) with French Navy (FN) ships in the Arabian Sea from 10 - 11 March 2023.

An overview of the news

• French Navy (FN) ships FS Dixmude, a Mistral class amphibious assault ship, and FS La Fayette, a La Fayette class frigate participated in the exercise.

• The exercise featured a wide spectrum of development at sea which included cross deck landings, boarding exercises and seamanship development.

• The smooth conduct of the exercise reaffirmed the high level of interoperability and cooperation between the two navies.

• INS Sahyadri is equipped with state-of-the-art weapons and sensors capable of detecting and neutralizing air, surface and sub-surface threats.

• The ship is a part of the Indian Navy's Eastern Fleet based at Visakhapatnam, under the operational control of FOCinC (East).

US shuts down Silicon Valley banks in biggest collapse since 2008

Tags: Economy/Finance International News

California-based Silicon Valley Bank (SVB), the 16th largest bank in the United States, was closed on 9 March by the California Department of Financial Protection and Innovation.

An overview of the news

• It is the biggest banking failure since the 2008 financial crisis.

• It is considered the biggest financial crisis since the collapse of Washington Mutual and Lehman Brothers during the 2008 recession.

• The regulator appointed the Federal Deposit Insurance Corp. as the receiver.

• As of December 31, 2022, the Silicon Valley Bank had approximately $209.0 billion in total assets and about $175.4 billion in total deposits. 

• The FDIC created a new bank, the National Bank of Santa Clara, to hold the failed bank's deposits and other assets. The new entity began operating.

Why did SVB have to be shut down?

• SVB announced the sale of securities worth $21 billion from its portfolio.

• The company said that to strengthen its financial position, shares worth $ 2.25 billion are being sold.

• The widespread slowdown in the startup industry led to high deposit withdrawals in the bank, resulting in the move.

• The increase in interest rates by the Federal Deposit Insurance Corp also messed up SVB Bank's math.

• Experts believe that the biggest reason for the closure of SVB was the simultaneous withdrawal of money from the bank by its investors.

About Silicon Valley banks

• It was established in 1983, it was the 16th largest bank in America.

• It primarily invested in Silicon Valley based startups and provided banking related services.

• It provided a range of services toventure capital and private equity firms, as well as private banking services to high net-worth individuals.

• The firm had a deal with half of all venture-backed startups in the US in 2022.

• As of December 31, 2022, the bank had close to $212 billion in assets with clients such as Shopify, Pinterest, VC firm Andreessen Horowitz, Crowdstrike and Teladoc Health.

PM Modi dedicates to nation Bengaluru-Mysuru Expressway in Karnataka

Tags: State News

Prime Minister Narendra Modi dedicated to the nation the Bengaluru-Mysuru Expressway in Karnataka on 12 March.

An overview of the news

• Built at a cost of over Rs 8400 crore, the 10-lane Bengaluru Mysuru Expressway will boost connectivity and socio-economic development in Karnataka.

• The 118 km long Bengaluru-Mysore Expressway will reduce the travel time between Bengaluru and Mysuru from three hours to about 75 minutes.

Other Projects

• Mysuru-Kushalnagar Highway - The Prime Minister also laid the foundation stone of the Mysuru-Kushalnagar Highway.

• New campus of IIT Dharwad - The Prime Minister also dedicated to the nation the new campus of IIT Dharwad, developed at a cost of Rs 850 crore.

• World's longest railway platform- He also inaugurated the world's longest railway platform at Hubli station.

• Electrification of Hosapete-Hubli-Tinaghat section - Electrification of Hosapete-Hubli-Tinaghat section and upgraded Hosapete station projects were also dedicated to the nation by the Prime Minister.

• Jaidev Hospital and Research Center- He laid the foundation stone of Jaidev Hospital and Research Center in Hubli.

• Smart City program of Hubli-Dharwad - Various projects worth Rs 520 crore were inaugurated and commissioned under the Smart City program in the twin cities of Hubli-Dharwad.

• Dharwad Multi Village Water Supply Scheme: To augment water supply in the region, the Prime Minister laid the foundation stone of the Dharwad Multi Village Water Supply Scheme, which will be developed at a cost of over Rs 1,040 crore.

• Tupparihalla Flood Damage Control Project: He also laid the foundation stone of Tupparihalla Flood Damage Control Project, which will be developed at a cost of around 150 crores.

Army unfurls 100-ft-high national flag in J-K’s Doda

Tags: State News

The Indian Army installed a 100-foot-high national flag in the mountainous Doda district of Jammu and Kashmir on 9 March. 

An overview of the news

• The effort is aimed at paying a befitting tribute to the innumerable soldiers who laid down their lives for the country.

• This is the second such high-mast flag hoisted by the Army in the Chenab Valley region, which was a militancy hotbed a decade ago.

• In July 2022 a 100-foot-high national flag was installed in the nearby Kishtwar town.

• Major General Ajay Kumar, General Officer Commanding of the Army's Delta Force, unfurled the tallest flag at the Doda Sports Stadium in Sector 9.

• The national flag, which can be seen from a distance, will make every citizen feel proud for the country.

• On June 24, 2007, Naib Subedar Lal, who was posthumously awarded Ashok Chakra, Vir Chakra and Sena Medal, laid down his life fighting a group of terrorists trying to infiltrate through the Line of Control (LoC) in Kupwara.

Uttarakhand's Rudraprayag, Tehri top landslide index: ISRO report

Tags: INDEX

According to the recently released 'Landslide Atlas' report of ISRO's Hyderabad-based National Remote Sensing Center (NRSC), the two hilly districts of Uttarakhand, Rudraprayag and Tehri, are most prone to landslides.

An overview of the news

• The National Remote Sensing Center has released a list of 147 districts prone to landslides across the country, in which Rudraprayag is at number one and Tehri at number two.

• Kerala's Thrissur and Palakkad districts are at 3rd and 5th spots respectively.

• Rajouri and Pulwama (J&K), Kozhikode and Malappuram (Kerala), and South Sikkim and East Sikkim (Sikkim) are the other high risk districts.

• Rudraprayag, which tops the list, is also home to the famous Kedarnath shrine, which witnessed a devastating disaster in 2013 that killed thousands.

• Sirobgarh and Narkota areas of Rudraprayag are most affected by landslides. Landslides are reported here throughout the year.

Landslide Prone Districts

• According to the District Emergency Operation Centre, Rudraprayag has 32 old landslide zones, the maximum of which are located on NH-107.

• Tehri district has over two dozen landslide zones, including Totaghatiwhich has been identified as a "very chronic landslide site".

• Chamoli district, which recently came into limelight due to landslides in Joshimath, is at number 19 among the districts at risk of landslides.

• As per the State Emergency Operation Center data, between 2018 and 2021, 253 landslides occurred in Uttarakhand, resulting in 127 deaths.

• Over 11,000 landslides were recorded in Uttarakhand in the last two decades.

• Among these, maximum landslide areas fall on Rishikesh-Rudraprayag-Chamoli-Badrinath, Rudraprayag-Ukhimath-Kedarnath, Chamoli-Ukhimath, Rishikesh-Uttarkashi-Gangotri route.

Centre launches MSME Competitive (LEAN) scheme

Tags: Economy/Finance Government Schemes National News

Union Minister for MSME Narayan Rane launched theMSME Competitive (LEAN) Scheme on 10 March.

About the Scheme

• It aims to provide a roadmap to global competitiveness for the MSMEs of India.

• The scheme will not only strive to improve quality, productivity and performance, but also change the mindset of manufacturers and provide them the ability to become world class manufacturers.

• Under this scheme, MSMEs will implement LEAN manufacturing tools like 5S, Kaizen, Kanban, Visual Workplace, Poka Yoka etc. under the able guidance of trained and competent LEAN consultants to acquire LEAN levels like Basic, Intermediate and Advanced.

• Through this scheme, MSMEs can significantly reduce wastage, increase productivity, improve quality, expand their markets, operate in a safer manner and ultimately become competitive and profitable.

• To assist MSMEs, the government will contribute 90 per cent of the implementation cost and consultancy fee for providing initial support.

• There will be an additional contribution of 5 per cent for MSMEs which are owned by women/SC/ST and are part of SFURTI clusters located in North Eastern States.

• Nodal Agency of the scheme will be the National Productivity Council (NPC).

Initiatives related to MSME Sector

• The Micro, Small and Medium Enterprises Development Act was notified in the year 2006 to address policy issues affecting MSMEs as well as the coverage and investment limits of the sector.

• Prime Minister's Employment Generation Program (PMEGP):- It is a credit linked subsidy scheme for setting up new micro enterprises and generating employment opportunities in rural and urban areas of the country. Commencement - 15 August 2008

• Scheme of Fund for the Upliftment of Traditional Industries (SFURTI):- Its objective is to organise artisans and traditional industries into clusters and thus provide financial assistance to make them competitive in the current market scenario.

• Credit Guarantee Scheme for Micro and Small Enterprises :- Under this scheme launched to facilitate easy flow of credit, guarantee cover is provided for collateral free loans given to MSMEs.

• Credit Linked Capital Subsidy and Technology Upgradation Scheme (CLCS-TUS) :- It aims at facilitating technology up-gradation to Micro and Small Enterprises (MSMEs) by providing 15% capital subsidy for purchase of plant and machinery.

• CHAMPIONS Portal:- It aims to help Indian MSMEs to establish themselves as national and global champions by resolving their grievances and providing them encouragement, support.