DAILY CURRENT AFFAIRS

By admin: March 21, 2023

IMF approves Sri Lanka’s much-awaited bailout package

Tags: International News

Sri Lanka's request for a $2.9 billion bailout has been approved by the International Monetary Fund (IMF) on March 20.

An overview of the news

• The package of special drawing rights of about $3 billion will be available over 4 years.

• The Executive Board's decision will enable immediate disbursement of $333 million.

• With the approval of the much awaited bailout, Sri Lanka will restore macroeconomic stability and debt sustainability while carrying forward structural reforms.

• Stabilizing Sri Lanka's economy and achieving sustainable debt levels has been a priority since Ranil Wickremesinghe took office last July.

• The IMF facility will enable Sri Lanka to access finance from the markets and other lending institutions such as the ADB and the World Bank.

• Sri Lanka was hit by an unprecedented financial crisis in 2022 due to a severe shortage of foreign exchange reserves, the worst since its independence from Britain in 1948.

Aim of bailout package

• To boost government revenue, 

• Encourage fiscal consolidation, 

• Introduce new pricing for fuel and electricity, 

• Hike social spending, 

• Bolster central bank autonomy, 

• Rebuild depleted foreign reserves

• To reach a primary surplus of 2.3% of GDP by 2024.

About International Monetary Fund (IMF) 

• It is an international organization that promotes global economic growth and financial stability, encourages international trade, and reduces poverty.

• It was established in 1944 in the aftermath of the Great Depression of the 1930s.

• It is an organization of 190 member countries.

• It is governed by and accountable to 190 countries.

• India became its member in December 1945.

• The IMF's resources come mainly from money that countries pay in as their capital subscriptions (quotas) when they become members.

• The International Monetary Fund’s executive board comprises 24 members.

• Managing Director - Kristalina Georgieva (Bulgaria)

• Headquarter (HQ) - Washington, D.C., US

Ratan Tata appointed to 'Order of Australia' for bolstering bilateral ties

Tags: Person in news

Indian industrialist and philanthropist Ratan Tata has been appointed as an Honorary Officer in the General Division of the Order of Australia (AO), for distinguished service to Australia-India bilateral relations, particularly trade, investment and philanthropy.

An overview of the news

• Australian High Commissioner to India Barry O'Farrell said that the Governor General of Australia announced his appointment.

• Ratan Tata is the Chairman Emeritus of Tata Sons, former Chairman of the Tata Group and one of the world's richest entrepreneurs.

• He tops the list of most humble entrepreneurs India has ever had.

• With a net worth of over $1 billion (accessed in 2022), Ratan Tata is a humanitarian.

• Ratan Tata has been a strong and influential supporter of deeper ties between Australia and India, including advocating for an India-Australia Economic Cooperation and Trade Agreement, set to be finalized in 2022.

• Their work includes supporting development and creating opportunities in many areas, including health, nutrition, education, water, agriculture, environment, and energy, social justice and inclusion, digital transformation, disaster relief, and women's economic empowerment.

• He has received numerous international awards and commendations including a Doctor of Business honoris causa from the University of New South Wales.

ISSF Shooting World Cup begins in Bhopal

Tags: Sports Sports News

ISSF Shooting World Cup was inaugurated on March 21 in Bhopal, the capital of Madhya Pradesh.

An overview of the news

• This is the first ever to be held in India outside the national capital of New Delhi. 

• Chief Minister of Madhya Pradesh, Shivraj Singh Chouhan was the chief guest.

• The Chief Minister also inaugurated the new final hall at the Madhya Pradesh State Shooting Academy.

• Luciano Rossi, President, the International Shooting Sport Federation (ISSF), and Raninder Singh, President, National Rifle Association of India (NRAI) were present in the opening ceremony. 

• India and China have fielded the biggest teams for the championship.

• The ISSF World Cup Rifle/Pistol Championship will have a total of 10 finals over five consecutive days.

• Around 200 shooters from 30 countries will participate in the ISSF Shooting World Cup.

ISSF World Championship

• The championship is administered by the International Shooting Sport Federation (ISSF).

• These championships, including all shooting events of the ISSF, have been held every four years since 1954.

Bangladesh commissions its first submarine base

Tags: Defence International News

Prime Minister Sheikh Hasina inaugurated the first submarine base of Bangladesh ‘BNS Sheikh Hasina’ at Pekua in Cox’s Bazar on 20 March. 

An overview of the news

• This new submarine base will help the Navy to enhance its operational capability to secure the vast maritime resources.

• Ships passing through the Bay of Bengal can also take help from this base.

• The government of Bangladesh is working on 'Forces Goal 2030' to transform its military force into a modern organization appropriate for the times.

• The government established the Bangladesh Navy as a full-fledged three-dimensional force with the induction of two submarines ("BNS Navagatra" and "BNS Joyjatra") into the naval fleet on 12 March 2017.

• Bangladesh is building ships at local shipyards for its own use as well as for others.

• Bangladesh Navy has completed construction of five patrol vessels at Khulna Shipyard.

• In the last 14 years, a total of 31 warships including 4 frigates, 6 corvettes, 4 large patrol craft, 5 patrol craft and 2 training ships joined the Bangladesh fleet.

• The Government of Bangladesh signed an agreement with China in September 2019 for the construction of the submarine base.

People’s Republic of Bangladesh 

• Capital: Dhaka 

• Prime Minister: Sheikh Hasina Wazed 

• President: Abdul Hamid

• Currency: Taka 

INS Sujata visits Port Maputo, Mozambique

Tags: Defence

INS Sujatha, a ship based at Southern Naval Command, Kochi, visited Port Maputo, Mozambique from 19 to 20 March 2023 as a part of overseas deployment.

An overview of the news

• About 40 personnel from the Mozambican Navy visited the ship for cross deck training, which included a tour of the training facilities, briefing on diving ops, training on VBSS and light weapons, visual communication and maintenance of machinery and onboard sanitation.

• Several other activities such as joint morning yoga sessions, football matches were conducted between the personnel of both the navies.

• A reception was also organized onboard Sujata which was attended by several Indian/Mozambican dignitaries/diplomats.

• The visit of INS Sujata to Maputo, Mozambique further enhanced mutual cooperation and bilateral relations between the two navies.

About INS Sujata

• It is an indigenously built Offshore Patrol Vessel.

• The ship was commissioned into the Indian Navy on 3 November 1993.

• It is designed for coastal and offshore patrolling, surveillance missions, monitoring of sea lines of communication and escort duties.

• It has been modified for training cadets and is part of the 1st Training Squadron at SNC, Kochi.

World Poetry Day: 21 March

Tags: Important Days

World Poetry Day is observed across the world on 21 March each year to honour the expression of language through poetry, which unites people through shared humanity and values.

The theme for World Poetry Day 2023 is "Always be a poet, even in prose."

An Overview of the News

• The day promotes reading, writing, and teaching poetry, as well as other forms of expression like music, dance, and painting.

• Poetry is such a medium of expression that evokes feelings and emotions more than any other genre of literature.

• National and international poetry movements receive recognition and energy through World Poetry Day.

• It was traditionally celebrated in October, but now it is celebrated every year on March 21.

• The day aims to promote linguistic diversity through poetic expression and expand the possibility of endangered languages being heard.

• The day remembers writers past and present, and oral poetry recitation customs are reintroduced.

• In 2021, theUNESCO Offices in Paris celebrated the 100th birthday of Macedonian poet Blaye Konski and announced the Struga Poetry Evening's Golden Wreath Prize for 2021.

• UNESCO established World Poetry Day in 1999 to promote poetry appreciation globally, protect endangered languages, and encourage poetic expression.

Tripura's first butterfly park

Tags: State News

A butterfly park set up by the forest department in a village near the India-Bangladesh international border in South Tripura district has become a center of attraction for tourists from across the country and Bangladesh.

An overview of the news

• The Butterfly Ecopark at Chhotakhola, close to Trishna Wildlife Sanctuary, is the first butterfly park in the Northeast.

• It was opened in 2016 in an area of 5.5 hectares with 250 species of butterflies.

• The park is adjacent to the Trishna Wildlife Sanctuary commemorating the Liberation War of Bangladesh and the Endangered Bison Park in the Indo-Bangladesh Friendship Park.

• The surrounding environment attracts many tourists which helps in the economic development of Tripura.

• Tripura has recently declared the Common Birdwing as the state butterfly.

• In recent years, due to human pollution and climate change, the number of butterflies and their natural habitats are decreasing.

About Tripura

• Capital - Agartala

• Governor - Satyadev Narayan Arya

• Chief Minister - Manik Shah

• State Bird -Green Imperial Pigeon (Ducula aenia)

• State Tree - Agar (Aquilaria malaccensis)

• State Flower - Nageshwar (Mesua Feria)

• Borders - Bangladesh, Mizoram and Assam.

India and Sri Lanka inaugurated an exhibition titled Geoffrey Bawa in New Delhi

Tags: National News

On 20 March, External Affairs Minister of India,S Jaishankar inaugurated an exhibition titled "Geoffrey Bawa: It's Essential to Be There" at the National Gallery of Modern Art in New Delhi.

An Overview of the News

• The exhibition is a joint collaboration between National Gallery of Modern Art in New Delhi, High Commission of Sri Lanka in New Delhi and Geoffrey Bawa Trust.

• The exhibition showcases the architectural works of the renowned Sri Lankan architect Late Geoffrey Bawa.

• The exhibition is being organised to commemorate the 75th anniversary of diplomatic relations between India and Sri Lanka.

• This is the first retrospective international exhibition of Geoffrey Bawa's architectural works since 2004, following exhibitions in Sri Lanka, the United Kingdom, North America, Australia, Brazil, Singapore and Germany.

• The exhibition includes over 120 documents from Geoffrey Bawa's archives, including his photographs from various travels and surrealist works.

• The Sri Lanka-India Cultural Exchange Program has sponsored the exhibition, which will be open for visitors till May 7, 2023.

MoU signed for implementation of Green Hydrogen Projects in Army Establishments

Tags: National Defence National News

NTPC Renewable Energy Ltd has signed an MoU with the Indian Army for setting up Green Hydrogen Projects in its establishments on Build, Own and Operate (BOO) model.

An overview of the news

• It aims toreduce complex logistics, dependence on fossil fuels and accelerate decarbonisation.

• The MoU was signed by Mohit Bhargava, CEO (NTPC REL) and Lt Gen Rajinder Dewan.

• Within the scope of the MoU, potential sites will be identified for setting up green hydrogen projects for supply of electricity in a phased manner.

• NTPC REL will also design, develop and install renewable energy projects (solar, wind etc.) for the Indian Army.

• The MoU signals an advanced approach to modernization by the Indian Army.

• This is the first of its kind agreement and heralds a new era of border security backed by energy security for the country's defense line.

NTPC Renewable Energy Ltd

• It is a wholly owned subsidiary of NTPC Limited.

• It currently has a portfolio of 3.6 GW RE capacity under construction.

• NTPC Group has an ambitious plan of 60 GW RE capacity by 2032 and currently has an installed RE capacity of 3.2 GW.

About NTPC

• The NTPC which was earlier known as National Thermal Power Corporation of India is owned by the Government of India. It was set up in 1975.

• The Vindhyachal Thermal Power Station in the Singrauli district of Madhya Pradesh, with an installed capacity of 4,760MW, is currently the biggest thermal power plant in India.

• It is a coal-based power plant owned and operated by NTPC.

• Headquarters: New Delhi

• Chairman and Managing Director: Gurdeep Singh

International Day of Forests - 21 March

Tags: Important Days

March 21 is celebrated worldwide as the International Day of Forests or World Forestry Day to raise awareness about the importance of forests, woodlands and trees in our lives.

An Overview of the News

• The day highlights the value, importance and contribution of forests to balance the life cycle on earth and addresses issues such as deforestation.

• The theme for the International Day of Forests in 2023 is "Forests and Health", emphasising the interdependence between the existence of forests and our well-being. Forests play an important role in maintaining the existence of all living beings including humans.

• International Day of Forests encourages citizens, governments, non-governmental organisations and other local, national and international bodies to plant trees and make concerted efforts to save forests from destruction.

• The United Nations General Assembly (UNGA) declared 2011 as the International Year of Forests during its 61st session on 20 December 2006.

•  Its objective was to promote awareness on the conservation and sustainable development of all types of forests in the context of poverty alleviation and global warming mitigation.

• The decision was taken to underline the importance of forests in achieving development goals.

About the United Nations General Assembly (UNGA)

• It is the main policy-making and representative part of the United Nations and was created in 1945.

• It is one of the six principal parts of the United Nations (UN).

• It serves as the main deliberative, policy making and representative part of the United Nations.

• Its powers, structure, functions and procedures are set out in Chapter IV of the United Nations Charter.

• Its main functions are to prepare the budget of the United Nations, appoint non-permanent members to the Security Council, appoint the Secretary-General of the United Nations, receive reports from other parts of the United Nations system, and make recommendations through resolutions.

World Down Syndrome Day - 21 March

Tags: Important Days

World Down Syndrome Day is observed annually on 21 March to raise awareness and show support for individuals with Down syndrome.

An Overview of the News

• This date was chosen because Down syndrome is caused by a triplication of the 21st chromosome, which makes March 21 unique.

• The main goal of World Down Syndrome Day is to promote equal treatment and opportunities for persons with disabilities, including Down syndrome.

• This year's theme is "With Us, Not For Us," emphasising the importance of treating individuals with Down syndrome fairly and inclusively.

• World Down Syndrome Day was first observed in 2006 through a global campaign led by the Brazilian Federation of Associations of Down Syndrome.

• In 2011, the United Nations General Assembly officially recognized 21 March as World Down Syndrome Day, calling for increased awareness and understanding of the condition worldwide.

About down syndrome

• Down syndrome is a genetic condition caused by an extra copy of chromosome 21.

• This can lead to physical characteristics such as a small head, flattened facial features, and upward-slanting eyes.

• Medical issues such as heart defects and increased susceptibility to infection are also associated with Down syndrome.

Nepali wicketkeeper-batsman Asif Sheikh wins 2022 Christopher Martin-Jenkins Spirit of Cricket Award

Tags: Sports Awards Sports News

Nepalese wicketkeeper-batsman Asif Sheikh will be officially presented with the 2022 Christopher Martin-Jenkins Spirit of Cricket Award by the MCC and the BBC later this year.

An Overview of the News

• The award is presented annually by the Marylebone Cricket Club (MCC), UK in association with the BBC.

• The award was created in 2013 by the MCC and the BBC in memory of former MCC President and BBC Test Match Special Commentator Christopher Martin-Jenkins (CMJ), who was passionate about promoting the spirit of the game.

• Sheikh was awarded for his sportsmanship shown in the men's T20 International between Nepal and Ireland in February 2022.

• It is the first time in the award's history that the MCC and the BBC have invited public nominations for the award.

• Sheikh's conduct was declared the winning entry.

• Sheikh was also honoured with the ICC Spirit of Cricket Award in January 2022 for his works.

About Marylebone Cricket Club (MCC)

Establishment - 1787

Founder - Thomas Lord

About International Cricket Council (ICC)

Establishment - 15 June 1909

Chairman - Greg Barclay

CEO - Geoff Allardyce

Headquarters - Dubai, United Arab Emirates

India invited to attend G7 Hiroshima summit in Japan

Tags: International Relations International News

After a meeting between Indian Prime Minister Narendra Modi and Japanese Prime Minister Fumio Kishida, Japan was invited to attend the G7 Hiroshima summit.

An Overview of the News 

• Indian Prime Minister Narendra Modi and Japanese Prime Minister Fumio Kishida signed two agreements during their bilateral talks: the renewal of the Memorandum of Cooperation in Japanese and the exchange of notes on the JICA loan for 300 billion yen for the Mumbai-Ahmedabad high-speed railway project.

• The objective of the meeting is to strengthen India-Japan relations and provide a voice for the Global South.

• Foreign Secretary Vinay Mohan Kwatra

About the G7

• The G7 is a group of seven major industrialised countries, including Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States.

• The G7 holds annual meetings to discuss various global issues, but these meetings are usually held in different locations each year.

• The 48th G7 summit was hosted by Germany in 2022.

Bombay Jayashri chosen for Sangita Kalanidhi Award 2023 by Music Academy

Tags: Awards State News

Renowned Carnatic vocalist and Padma Shri awardee Bombay Jayashri has been selected for the Sangita Kalanidhi award for 2023 by the Music Academy. 

An overview of the news

• Jayashree is one of the foremost Carnatic musicians of today, trained initially by his parents and later by TR Balamani and violinist Lalgudi G. Jayaraman.

• Apart from Carnatic music, Jayashree is also trained in Veena, classical dance and Hindustani music.

• She is known for her melodious and meditative style of singing.

• The Nritya Kalanidhi Award for dance has been given to Vasanthalaxmi Narasimhachari. She has specialized in Bharatnatyam and Kuchipudi.

Sangeeta Kalanidhi Award

• It is considered the highest honor in the field of Carnatic music.

• It came into existence in 1942.

• In 1942, it was decided that the composer would be honored with the title of Sangeet Kalanidhi, the award consisting of a gold medal and a Birudu Patra (citation).

G Krishnakumar appointed as the chairman of Bharat Petroleum Corporation

Tags: Person in news

G Krishnakumar has been appointed as the Chairman and Managing Director of Bharat Petroleum Corporation Limited (BPCL), a 'Maharatna' and Fortune Global 500 company.

An Overview of the News

• Krishnakumar is an Electrical and Electronics Engineer from National Institute of Technology, Tiruchirappalli, and a Post Graduate in Finance Management from Jamnalal Bajaj Institute of Management Studies, Mumbai.

• He was earlier an executive director in the company and succeeds Arun Kumar Singh, who retires as chairman in October 2022.

• BPCL was earlier known as Bharat Refineries Limited and was formed after the Government of India acquired Burmah Shell on January 24, 1976.

• BPCL was the first refinery to process Bombay High, a recently discovered indigenous crude.

About Bharat Petroleum Corporation Limited (BPCL)

• Bharat Petroleum Corporation Limited (BPCL) is a state-owned oil and gas company in India that was founded in 1952 and is headquartered in Mumbai, Maharashtra.

• BPCL has a diverse range of products and services that cater to the energy needs of customers in India and abroad. 

• The company operates two large refineries in India, one in Mumbai and the other in Kochi, with a combined refining capacity of over 15 million metric tonnes per annum.

• BPCL has a significant presence in the upstream sector and has exploration and production operations in several countries, including Brazil, Mozambique, and Australia.

2nd G20 Sustainable Finance Working Group meeting begins in Udaipur

Tags: Summits National News

The 2nd Sustainable Finance Working Group (SFWG) meeting under India's G20 chairmanship began in Udaipur, Rajasthan and will last for three days.

An Overview of the News

• The focus of the meeting is to identify relevant policies and best practices for mobilising sustainable finance to help ensure global growth and stability.

• Two workshops were organised during the meeting, namely Non-pricing policy levers to support sustainable investment and efficient finance for the Sustainable Development Goals.

• More than 90 delegates from G20 member states, guest countries and various international organisations participated in the event.

• The first meeting of the Sustainable Finance Working Group (SFWG) was held in Guwahati on February 2 and 3 this year, and the third and fourth meetings will be held in Mahabalipuram and Varanasi, respectively.

About the Sustainable Finance Working Group (SFWG)

• Sustainable Finance Working Groups are collaborative initiatives that bring together stakeholders to advance sustainable finance practices.

• They aim to promote best practices, share knowledge and resources, and develop standards and guidelines for sustainable finance.

• Members may include financial institutions, companies, regulators, civil society organisations and academia.

• Examples of sustainable finance working groups include the United Nations Principles for Responsible Investment (PRI), the Sustainable Accounting Standards Board (SASB) and the Network for Greening the Financial System (NGFS).

About the G20

• The G20 (Group of Twenty) is an international forum consisting of 19 countries and the European Union, representing the world's major economies.

• Its members include Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, and the United States.

• It is an international forum of the world's leading economies, established in 1999, and its primary objective is to promote international financial stability and sustainable economic growth.

• The G20 serves as a forum to discuss and coordinate policies related to a wide range of economic and financial issues such as trade, investment, employment, energy and climate change.