1. India & Serbia agree to set bilateral trade of 1 Billion Euros
Tags: International Relations International News
President Droupadi Murmu and her Serbian counterpart Aleksandar Vucic on 8 June in Belgrade agreed to set a target for bilateral trade from the present 320 million euros to one billion euros by the end of the decade.
An overview of the news
President Draupadi Murmu is on a three-day state visit to Serbia from June 7 to 9.
During the visit, President Draupadi Murmu highlighted that the relations between the two sides have a shared understanding of each other's core interests.
In a joint press statement, President Murmu highlighted the positive outcomes of the delegation-level talks and the resolve of the two countries to work on diverse areas of potential cooperation.
Official talks
President Murmu's official engagements in Serbia included a guard of honor at the Serbia Palace, restricted-level talks, delegation-level talks, a joint media address, and a business event.
These engagements aimed to foster closer ties and explore opportunities for collaboration between the two nations.
During the bilateral interactions, both leaders emphasized their commitment to the rule of law, respect for sovereignty, and territorial integrity of nations.
Fraternal Relations
President Vucic described Serbia's relationship with India as a fraternity, emphasizing the strong bond between the two countries.
He expressed that India should consider Serbia as a second motherland, underscoring the warmth and depth of their bilateral ties.
Areas of Cooperation
President Vucic identified six major areas of cooperation between India and Serbia, including defense and military technology cooperation, pharmaceuticals, agriculture, industrial cooperation, information technology, and cultural cooperation, including film production.
These areas present potential avenues for collaboration and mutual benefits.
About Serbia
Serbia is a landlocked country in the west-central Balkans. For most of the 20th century, it was a part of Yugoslavia.
Prime Minister: Ana Brnabic
Capital: Belgrade
President: Aleksandar Vučić
Currency: Serbian dinar (RSD)
2. Centre sets up 733 One Stop Centres for women security across the country so far
Tags: National Government Schemes National News
According to Union Minister Smriti Irani the government has set up 733 One Stop Centres across the country so far and also sanctioned a budget for 300 more such centers for women security.
An overview of the news
These one stop centers are providing a range of integrated services including police facilitation, medical aid, legal aid, counseling and temporary shelter to women affected by violence or in distress.
In the last nine years, more than 34 women helplines are working in the country for the welfare of women in the country.
Anganwadi services
Anganwadi services have been strengthened in the country and all Anganwadi centers have been linked through smart phone mobiles.
So far 11 lakh smartphones have been distributed to Anganwadi workers.
Poshan Tracker
A system called Poshan Tracker has been set up and more than nine crore beneficiaries are taking advantage of it.
Maternity Benefit Scheme
Maternity Benefit Scheme- Under the Pradhan Mantri Matru Vandana Yojana, about 3 crore 32 lakh women in the country have received Rs 13,650 crore in their bank accounts through DBT.
Fast-track courts
The government has set up 1,023 fast-track courts in the country, of which 418 are exclusively POCSO courts.
More than 780 district-wise anti-human trafficking units are functioning in the country.
Nirbhaya Fund
In the last nine years, the NDA government has taken forward projects worth Rs 12,000 crore, including the Nirbhaya Fund.
One Stop Centres Scheme
One Stop Center is a Centrally Sponsored Scheme of the Ministry of Women and Child Development (MWCD) to address the problem of violence against women.
It is a sub-scheme of the National Mission for Empowerment of Women scheme.
One Stop Centers have been set up across the country to provide integrated support and assistance under one roof to women affected by violence in private and public spaces.
The scheme is funded through Nirbhaya Fund.
3. India emerges as the world's second largest producer of crude steel
Tags: National National News
According to the Union Minister of Steel and Civil Aviation, Shri Jyotiraditya M. Scindia, India has moved from the fourth largest producer of crude steel to the second largest producer.
An Overview of the News
From 2014-15 to 2022-23, India sees a 42% increase in crude steel production, from 88.98 MT to 126.26 MT.
China remains the largest exporter of crude steel globally and India has emerged as the second largest producer.
India is a net exporter of steel, exporting 6.72 MT of finished steel in 2022-23, while importing 6.02 MT.
In the financial year 2022-23, India is expected to produce 122.28 MT of finished steel, showing a growth of 49% as compared to 81.86 MT in 2014-15.
Steel CPSEs (SAIL, NMDC, MOIL, KIOCL, MSTC, and MECON) mobilised ₹90,273.88 crore of their own resources for CAPEX from 2014-15 to 2022-23.
Steel CPSEs paid a dividend of ₹21,204.18 crore to the Government of India during the same period.
Top 10 steel producing countries in the world by March 2023
People's Republic of China: 95.7 million metric tons (MT)
India: 11.4 MT
Japan: 7.5 MT
United States: 6.7 MT
Russia: 6.6 MT
South Korea: 5.8 MT
Türkiye: 3.3 MT
Germany: 2.7 MT
brazil: 2.7 MT
Iran: 2.2 MT
4. Center approves new metro line between HUDA City Center and Cyber City in Gurugram, Haryana
Tags: National National News
The Union Cabinet approved the construction of a new metro line between HUDA City Center and Cyber City in Gurugram, Haryana.
An Overview of the News
The expansion project includes Metro connectivity extension from HUDA City Center to Cyber City, which also includes the Dwarka Expressway.
The entire project will be elevated and the estimated cost of this project is around Rs 5,452 crore.
The metro line will cover a distance of over 28 kilometres and the line will have a total of 27 stations along the route.
The network will also be connected to Gurgaon Railway Station and the main feature of this metro line is to connect New Gurugram to Old Gurugram.
In the next phase, plans were made to provide connectivity to the Indira Gandhi International Airport (IGI Airport).
About Haryana
It is a state located in North India, which is bordered by New Delhi on three sides.
The eastern boundary of Haryana is formed by the Yamuna River, which separates it from the state of Uttar Pradesh.
It shares its western border with the state of Punjab.
Haryana has Zakir Hussain Rose Garden, which is located in Chandigarh.
Rock Garden is located in Chandigarh, which displays sculptures made using recycled materials.
Capital - Chandigarh
Governor - Bandaru Dattatreya
Chief Minister - Manohar Lal Khattar
5. The Union Cabinet approved the third revival package for BSNL
Tags: Economy/Finance National News
On June 8, the government approved a revival package of over Rs 89,000 crore for BSNL.
An Overview of the News
Revival Package:
The total outlay of the revival package is Rs 89,047 crore.
The package includes allocation of 4G and 5G spectrum for BSNL through equity infusion.
The authorised capital of BSNL will be increased from Rs 1,50,000 crore to Rs 2,10,000 crore.
Revival Package Objectives
BSNL will emerge as a stable telecom service provider focused on providing connectivity to remote parts of India.
The spectrum allocation will enable BSNL to provide pan India 4G and 5G services.
BSNL will provide 4G coverage in rural and unserved villages under various connectivity projects.
Fixed Wireless Access (FWA) services for high-speed internet will be offered by BSNL.
BSNL will provide services and spectrum for the Captive Non-Public Network (CNPN).
Previous Revival Package
The first revival package for BSNL and MTNL was approved in 2019, amounting to Rs 69,000 crore.
The second revival package for BSNL and MTNL was approved in 2022 amounting to Rs 1.64 lakh crore.
About BSNL
BSNL was incorporated on 15 September 2000.
It is a 100% Government of India owned public sector undertaking
It is a technology oriented integrated telecom service provider company.
It provides wire line services, 2G, 3G, 4G and GSM mobile services including Value Added Services (VAS), Internet and Broadband services, Wi-Fi services, Data Center services etc.
Headquarters -New Delhi, India
6. RBI Monetary Policy Announcement
Tags: Economy/Finance National News
RBI Governor Shaktikanta Das announced the second monetary policy of this financial year on 8 June. There has been no change in the repo rate for the second time in a row.
An overview of the news
After the meeting of the Monetary Policy Committee, the RBI announced the monetary policy, saying that the repo rate would remain unchanged at 6.5%.
Consumer Price Inflation eased but remains above the target.
Continued efforts to manage liquidity and currency circulation.
The current account deficit is expected to narrow further in the fourth quarter.
Net inflows into non-resident deposits increased to US$ 8 billion in FY23 from US$ 3.2 billion in the previous year.
The Indian Rupee has remained stable since January this year. Conditions are favorable to accelerate capital expenditure.
Monetary Policy Committee's Decision
Policy repo rate remains unchanged at 6.5%.
Standing Deposit Facility (SDF rate) remains at 6.25%.
Marginal Standing Facilityand bank rates stand at 6.75%.
Inflation Trends in India
Consumer Price Inflation eased during March-April 2023.
Inflation moved into the tolerance band, declining from 6.7% in 2022-23.
Headline inflation remains above the target and is expected to continue in 2023-24.
Projected CPI headline inflation for 2023-24 is 5.1%, assuming a normal monsoon.
Withdrawal of Rs 2000 Note
Decline in currency circulation and increased government spending.
System liquidity expansion due to RBI's market operations.
Deposit of Rs 2000 banknotes in banks further augmented liquidity.
So far ₹1.8 lakh crore worth ₹2,000 banknotes have come back after the central bank announced to take these out of circulation.
This is 50% of the total ₹3.62 lakh crore-worth notes in circulation as of March 31.
What is the repo rate?
Repo rate is the rate at which the central bank of a country (RBI in India's case) lends money to commercial banks when they are short of funds. Here the central bank buys securities.
What is the Monetary Policy Committee?
Under Section 45ZB of the amended RBI Act 1934, the Central government is empowered to constitute a six-member Monetary Policy Committee (MPC) to determine the policy interest rate required to achieve the inflation target.
The first such MPC was constituted on September 29, 2016.
As per the RBI Act, the MPC must meet a minimum of four times in a year.
The meeting of the Monetary Policy Committee was held from 6 to 8 June 2023.
7. Indian Navy undertakes first combat firing of Varunastra torpedo
Tags: Defence Science and Technology National News
The Indian Navy and the country's Defence Research and Development Organisation (DRDO) undertook the first ‘combat' test-firing of the Varunastra heavyweight torpedo on 5 June.
An overview of the news
It will enhance the anti-submarine warfare capabilities of the indigenous Navy and give it a formidable force.
The torpedo was fired from a submarine and successfully hit the target at a distance of 40 km.
The test was conducted in the Arabian Sea in the presence of senior officials from the Indian Navy and the Defense Research and Development Organization (DRDO).
About Varunastra torpedo
It has been designed and developed by the Naval Science and Technological Laboratory at Visakhapatnam under the Defense Research and Development Organisation.
Bharat Dynamics Limited (BDL) is responsible for the production of the Varunastra missile system.
This would become the mainstay of anti-submarine torpedoes for all Navy warships.
It will replace the old torpedoes on all naval ships that can fire heavy-weight torpedoes.
Features of the Varunastra
It is seven to eight meters long, weighs 1,500 kg and has a diameter of 533 mm.
When fired it can travel at 40 knots, or 74 kmph.
The operational range is 40 km and it can carry a warhead weighing 250 kg.
Varunastra was inducted by Indian Navy in 2016
It can be fired from all Anti-submarine warfare (ASW) ships capable of firing heavy-weight torpedoes in an intense countermeasures environment.
Benefits of the Varunastra Torpedo
It is a powerful and sophisticated weapon that will significantly enhance the Navy’s ability to detect, track, and engage enemy submarines.
It is the first indigenously developed heavyweight torpedo that is capable of meeting the Navy’s operational requirements.
This will reduce the Navy’s dependence on foreign weapons systems.
It is a cost-effective weapon that will save the Navy money in the long run.
8. NHPC inks MoU with Maharashtra Government
Tags: National Economy/Finance National News
State-owned NHPC Limited has announced its collaboration with the Department of Energy, Maharashtra government through a Memorandum of Understanding (MoU) on 7 June.
An overview of the news
The primary objective of this partnership is to establish Energy Storage Systems, specifically Pumped Storage Systems, alongside other Renewable Energy Sources like Solar, Wind, and Hybrid, with a total combined capacity of 7,350 MW.
The introduction of energy storage systems, such as Pumped Storage Systems, is crucial for storing excess energy during periods of low demand and utilizing it during peak hours.
These systems play a vital role in ensuring a reliable and uninterrupted power supply.
They contribute to grid stability, enable efficient energy management, and facilitate the integration of intermittent renewable energy sources into the power grid.
By combining pumped storage systems with solar, wind, and hybrid power generation, this collaboration aims to optimize the utilization of renewable energy resources.
NHPC Limited
NHPC Limited, formerly known as the National Hydroelectric Power Corporation, is a state-owned company in India.
It was incorporated in 1975.
Its objective is developing, operating, and maintaining hydroelectric power projects in India.
It is a government-owned company, with the majority of shares held by the Government of India.
It operates under the administrative control of the Ministry of Power.
Some of its major projects include the Indira Sagar Project in Madhya Pradesh, the Teesta Low Dam Project in West Bengal, and the Parbati Hydroelectric Project in Himachal Pradesh.
9. Union Cabinet approves continuation of ‘Exploration of Coal and Lignite Scheme’
Tags: Government Schemes National News
The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi on 7 June, has approved the continuation of the Central Sector Scheme called "Exploration of Coal and Lignite scheme."
An overview of the news
The scheme will be implemented from 2021-22 to 2025-26, aligned with the 15th Finance Commission cycle, and will require an estimated expenditure of Rs 2980 crore.
The scheme focuses on the exploration of coal and lignite through two main stages: Promotional (Regional) Exploration and Detailed Exploration in Non-Coal India Limited (CIL) blocks.
The approved funding includes Rs 1650 crore for Promotional (Regional) Exploration and Rs 1330 crore for Detailed Drilling in Non-CIL areas.
The scheme aims to cover approximately 1300 sq. km under Regional exploration and approximately 650 sq. km under Detailed exploration.
Significance of the scheme
Exploration for Coal and Lignite is essential to ascertain and estimate the available coal resources in the country.
It plays a crucial role in preparing detailed project reports required to initiate coal mining operations.
The geological reports generated through these exploration activities are utilized in the auctioning of new coal blocks.
The cost of exploration is subsequently recovered from successful allocatees.
The continuation of the Exploration of Coal and Lignite scheme will contribute to the assessment and identification of coal and lignite reserves, facilitating future coal mining operations.
It ensures the availability of reliable geological data for the auctioning process, promoting transparency and efficiency in the allocation of coal blocks.
10. AIIMS Nagpur first AIIMS in country to get NABH accreditation
Tags: National National News
AIIMS Nagpur, the branch of the All India Institute of Medical Sciences in Nagpur, has emerged as the first AIIMS in India to be accredited by the National Accreditation Board for Hospitals (NABH).
An overview of the news
This accreditation places AIIMS Nagpur at par with the world's leading hospital standards in terms of quality and patient care.
AIIMS officials proudly announce this achievement and emphasize their commitment to provide the highest quality of patient care, ensure safety and maintain organizational efficiency.
The NABH accreditation serves as validation of their efforts in these fields.
Minister of Health and Family Welfare, Dr. Mansukh Mandaviya praised the institute for its state-of-the-art facilities, advanced infrastructure and remarkable contribution in patient care, academic activities and research.
What is NABH accreditation?
The NABH accreditation is a voluntary and internationally recognized certification that signifies a healthcare organization's commitment to delivering high-quality healthcare services and ensuring patient safety.
NABH has developed a set of rigorous standards that cover various aspects of healthcare delivery, including patient care, infrastructure, infection control, patient rights, medication management, safety protocols, and more.
These standards are designed to ensure that healthcare providers adhere to the best practices and deliver superior quality care.
