1. Ministry of Steel signs MoU with selected companies under PLI scheme
Tags: Economy/Finance National News
The Ministry of Steel on 17 March signed MoUs with selected companies under the Production-linked Incentive (PLI) scheme for specialty steel in New Delhi.
An overview of the news
India has become a growth center for the future of the steel industry. India will play an important role in this sector in the next two decades.
A total of 57 MoUs were signed with 27 companies during the event.
The production linked incentive scheme aims to boost domestic manufacturing and cut down on import bills by encouraging local companies to set up or expand existing manufacturing units.
Production Linked Incentive (PLI) scheme
It is an initiative that provides incentives to domestic industries to promote production at the local level.
Through this scheme, the government aims to incentivize companies to increase the sales of manufactured products in domestic units.
The objective of the scheme is to make domestic manufacturing globally competitive and to become a global champion in manufacturing.
The government has launched this scheme with an outlay of around Rs 2 lakh crore for 14 sectors including Automobiles and Auto Components, White Goods, Pharma, Textiles, Advanced Chemistry Cell and Specialty Steel.
2. The developed drug gets DCGI approval
Tags: Science and Technology National News
Recently, DGCI developed an important drug, developed by DRDO technology that has been approved for radiological and nuclear emergencies.
An Overview of the News
The drug is called 'Prussian Blue' insoluble formulation and has been developed under the Technology Development Fund (TDF) scheme.
It has got approval from the Drugs Controller General of India (DCGI).
The drug has been developed by the industry based on technology from the Institute of Nuclear Medicine and Allied Sciences (INMAS), Delhi, a laboratory of the Defense Research and Development Organization (DRDO).
This drug will be available under the trade names Pru-DecorpTM and PruDecorp-MG.
The formulation is used for the purification of Cesium and Thallium and its Active Pharmaceutical Ingredient (API).
It is one of the important medicines listed by the World Health Organization (WHO) for radiological and nuclear emergencies.
About Drug Controller General of India (DCGI):
The Drug Controller General of India (DCGI) is the head of the Central Drugs Standard Control Organization (CDSCO) in India.
DCGI is also the Central Licensing Authority for Medical Devices under the Medical Devices Rules 2017.
CDSCO is the Central Drug Regulatory Authority in India, overseen by the Drugs Controller General of India.
CDSCO works under the Directorate General of Health Services, Ministry of Health and Family Welfare, which is part of the Government of India.
The headquarters of CDSCO is located in New Delhi, and it also has six regional offices across the country.
CDSCO's mandate is to ensure the safety, efficacy and quality of medical products manufactured, imported and distributed in India by promoting transparency, accountability and uniformity in its services.
About Defense Research and Development Organization (DRDO)
The Defense Research and Development Organization (DRDO) is an agency of the Government of India responsible for the research, development, and manufacture of advanced technology systems in the fields of defense, aerospace, and security.
It was established in 1958 with the aim of designing and developing indigenous defense technologies to strengthen India's defense capabilities.
It operates under the Ministry of Defense and consists of more than 50 laboratories, centers, and establishments spread across the country.
Its primary mission is to provide technological solutions for the country's defense and security requirements, which includes developing new technologies, systems, and platforms for the Indian Armed Forces.
3. RBI and Central Bank of UAE signed a Memorandum of Understanding (MoU) to promote innovation in financial products and services
Tags: Economy/Finance National News
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The MoU involves both the central banks working together to explore Central Bank Digital Currencies (CBDCs) and examine interoperability between the CBUAE and the CBDCs of the RBI.
An Overview of the News
The cooperation aims to increase efficiency and reduce costs in cross-border transactions, which further the economic ties between India and the UAE.
The MoU also includes technical cooperation and knowledge sharing on matters related to fintech and financial products and services.
The collaboration between RBI and CBUAE is an important step towards fostering innovation and collaboration in the area of FinTech.
The joint exploration of CBDCs and cross-border testing is expected to pave the way for increased efficiency and cost reduction in cross-border transactions, benefiting both India and the UAE.
About Reserve Bank of India (RBI)
The Reserve Bank of India (RBI) was established through the Reserve Bank of India Act 1934 and began operations on April 1, 1935.
The Government of India nationalised the RBI in 1949, and since then it is wholly owned by the government.
Under the Banking Regulation Act of 1949, RBI has the authority to regulate banks in India.
RBI is also empowered to regulate Non-Banking Financial Companies (NBFCs) under the RBI Act of 1934.
The Payment and Settlement Act of 2007 designates the RBI as the regulator for digital payment systems.
The headquarter of RBI is located in Mumbai, India.
4. Ministry of Education organises a multimedia exhibition during the 2nd EdWG meeting of G20
Tags: National National News
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On 15 March 2023 the Ministry of Education in partnership with IIT Ropar organised a multimedia exhibition at Khalsa College, Amritsar. The exhibition was held during the G20 2nd EdWG meeting.
An Overview of the News
Exhibition was inaugurated by Punjab Chief Minister Bhagwant Mann.
The exhibition has over 90 stalls from various organisations including NCERT, NBT, NSDC, IKS, IDEAS Technology Innovation Hub at ISI Kolkata, Punjab Tourism, IIM Amritsar, IIT Mandi, IIT Ropar and many start-ups.
The primary objective of the exhibition is to provide hands-on exposure and learning opportunities related to research and collaboration in academia.
The exhibition is a two day working group meeting to be held on 16-17 March 2023.
About the G20
The G20 (Group of Twenty) is an international forum consisting of 19 countries and the European Union, representing the world's leading 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.
The G20 was formed in 1999 with the aim of promoting international financial stability and sustainable economic growth.
The G20 countries together account for around 80% of the world's gross domestic product (GDP), 75% of global trade, and two-thirds of the world's population.
The G20 holds annual meetings where leaders discuss economic and financial issues facing the world, including trade, investment, innovation, and climate change.
5. Ministry of Education organises a multimedia exhibition during the 2nd EdWG meeting of G20
Tags: National National News
On 15 March 2023 the Ministry of Education in partnership with IIT Ropar organised a multimedia exhibition at Khalsa College, Amritsar. The exhibition was held during the G20 2nd EdWG meeting.
An Overview of the News
Exhibition was inaugurated by Punjab Chief Minister Bhagwant Mann.
The exhibition has over 90 stalls from various organisations including NCERT, NBT, NSDC, IKS, IDEAS Technology Innovation Hub at ISI Kolkata, Punjab Tourism, IIM Amritsar, IIT Mandi, IIT Ropar and many start-ups.
The primary objective of the exhibition is to provide hands-on exposure and learning opportunities related to research and collaboration in academia.
The exhibition is a two day working group meeting to be held on 16-17 March 2023.
About the G20
The G20 (Group of Twenty) is an international forum consisting of 19 countries and the European Union, representing the world's leading 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.
The G20 was formed in 1999 with the aim of promoting international financial stability and sustainable economic growth.
The G20 countries together account for around 80% of the world's gross domestic product (GDP), 75% of global trade, and two-thirds of the world's population.
The G20 holds annual meetings where leaders discuss economic and financial issues facing the world, including trade, investment, innovation, and climate change.
6. India and Luxembourg release joint Commemorative Postage Stamp
Tags: International News
India and Luxembourg celebrating 75 years of friendship on March 15, 2023. To mark the occasion, both the countries launched a joint Commemorative Postage Stamp.
An Overview of the News
The Postage Stamp symbolises the long standing and strong ties between India and Luxembourg.
Both the countries have been cooperating in the steel sector for the last 20 years.
The Paul Worth company of Luxembourg has been working in India for the last two decades under this collaboration.
In November 2015, Luxembourg hosted the 12th Asia-Europe Foreign Ministers' Meeting.
The partnership between India and Luxembourg in various fields reflects their commitment to strengthen their friendship and explore future opportunities for cooperation.
About Luxembourg
Luxembourg is a small nation located in Europe and shares borders with Belgium, France, and Germany.
In 1994, Luxembourg City was recognized as a UNESCO World Heritage Site.
From 2013 to 2014, Luxembourg served on the United Nations Security Council for the first time.
Prime Minister - Xavier Bettel
Currency - Euro
Official languages - Luxembourgish, French, German
7. 2.18 Crore pucca houses completed till 11th March under Pradhan Mantri Awaas Yojana-Gramin
Tags: Government Schemes National News
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According to the government, 2 crore 18 lakh pucca houses have been built till March 11, 2023, under the Pradhan Mantri Awas Yojana-Gramin (PMAY-G).
An overview of the news
In a written reply to a question in the Rajya Sabha, Minister of State for Rural Development Sadhvi Niranjan Jyoti said that under the scheme, states and union territories have already sanctioned 2.85 crore pucca houses to the beneficiaries.
Out of these, a total of two crore 94 lakh houses have been allotted to the beneficiaries.
The government has set a target of constructing two crore 95 lakh pucca houses with basic facilities by March 2024.
About Pradhan Mantri Awas Yojana
The Ministry of Housing and Urban Poverty Alleviation launched the Pradhan Mantri Awas Yojana rural in 2016.
The scheme was initiated with the objective of ‘Housing for All by 2022’.
The scheme has 2 Components - Pradhan Mantri Awas Yojana (Urban) and Pradhan Mantri Awas Yojana (Rural).
Pradhan Mantri Awas Yojana Gramin was earlier called Indira Awas Yojana which was renamed in March 2016.
8. PM Modi greets Sikh community on commencement of Nanakshahi Sammat 555
Tags: National News
Prime Minister Narendra Modi has congratulated the Sikh community across the world on the launch of Nanakshahi Sammat 555.
About Nanakshahi Sammat 555
It is a calendar system that was introduced by the Shiromani Gurdwara Parbandhak Committee (SGPC) in 2003.
It is named after the founder of Sikhism, Guru Nanak Dev Ji, on his 500th birth anniversary.
It is a tropical solar calendar used in Sikhism.
This calendar is used by Sikhs around the world to mark important dates and festivals in the Sikh calendar, including the birth anniversaries of the ten Sikh Gurus, the martyrdom of Guru Arjan Dev, and the anniversary of the establishment of the Khalsa Panth.
The year begins with the month of Chet, which falls on 14 March.
9. US recognizes McMahon Line as international border
Tags: International News
The United States has recognized the McMahon Line as the international boundary between Arunachal Pradesh and China in a recently passed bipartisan resolution, calling it an "integral part of India".
An overview of the news
The resolution rejected Beijing’s claim that the northeastern state Arunachal Pradesh falls under Chinese territory.
In addition to recognizing the McMahon Line, the resolution also condemned Chinese provocations in the region, including the use of military force by China to change the status quo at the Line of Actual Control.
The resolution also condemned the construction of villages in disputed areas, the publication of maps of cities in Arunachal Pradesh, and the expansion of Beijing's territorial claims on Bhutan.
The resolution, titled 'Reaffirmation of Arunachal Pradesh as Indian territory and condemnation of China's provocative activities in South Asia', came after a major clash between the Indian and Chinese forces in Arunachal's Tawang in December last year.
What is the McMahon Line?
India and China share a 3,500 km long border which is disputed.
The line that delineates the boundary between the two countries is called the McMahon Line.
The border of India and China can be divided into three parts. Western Zone, Central Zone and Eastern Zone.
The line separating India and China is the McMahon Line although China considers the McMahon Line illegal.
The McMahon Line was drawn during the Simla Convention of 1914, officially described as a convention between Great Britain, China and Tibet.
10. Govt introduces bill in Lok Sabha to strengthen tri-services commanders' powers
Tags: National News
The Defense Ministry introduced a bill in Parliament on March 15, giving the three service chiefs disciplinary powers over all personnel of the three forces serving under them.
An overview of the news
The name of the bill is "Inter-Services Organisations (Command, Control and Discipline) Bill, 2023".
Minister of State for Defense Ajay Bhatt introduced the bill.
The Bill seeks to empower the Commander-in-Chief or the Officer-in-Command of Inter-Services Organizations for the maintenance of discipline and proper discharge of their duties in relation to service personnel.
According to the bill, the central government can constitute an Inter-Services Organization through a notification.
Presently the Indian Air Force, Army and Navy are governed by the Air Force Act, 1950, the Army Act, 1950 and the Navy Act, 1957 respectively.
Therefore, only the officers of these three armed forces are given disciplinary powers.
This has implications for the inter-service organizations of the services, such as the Andaman and Nicobar Command, the Defense Space Agency and joint training establishments such as the National Defense Academy (NDA).
Therefore, the Command-in-Chief or Officer-in-Command of such military organizations does not get disciplinary and administrative powers when attached to other services.
