1. 56th Annual General Meeting of Board of Directors of ADB
Tags: Economy/Finance International News
Finance Minister Nirmala Sitharaman attended the 56th Annual General Meeting of the Board of Directors of the Asian Development Bank (ADB) in Incheon, South Korea on May 2.
An overview of the news
Union Minister for Finance and Corporate Affairs Nirmala Sitharaman led the delegation from the Indian side.
The meeting was attended by official delegations of ADB members, observers, non-governmental and civil society organizations, financial institutions and banks, and other private sector companies.
Sitharaman also participated in the annual meeting and focal events such as Governors Business.
She also participated as a panelist in the ADB Governors' Seminar on Policies to Support Asia's Rebound.
The functions of the Union Finance Minister included the following components:
Interaction with global economists, governors/finance ministers of ADB member countries, etc.
Bilateral engagement with countries and international organizations.
Interact with global business leaders and investors in roundtables.
Engagement with community diaspora.
Asian Development Bank (ADB)
It is a regional multilateral financial institution which focuses on the countries of Asia and Pacific region.
It was set up after a resolution was passed at the first Ministerial Conference on Asian Economic Cooperation held by the United Nations Economic Commission for Asia and the Far East in 1963.
It started functioning from 19 December 1966 with 31 member countries.
At present it has 68 members—of which 49 members are from within Asia and the Pacific and 19 outside.
Japan is the largest shareholder of the ADB and a Japanese has always been the head of the ADB.
President of ADB: Masatsugu Asakawa
Headquarters: Mandaluyong City, Manila, Philippines
2. UGC launches 'CU-Chayan', a unified faculty recruitment portal
Tags: National National News
The University Grants Commission (UGC) has launched a new portal named ‘CU-Chayan’ for faculty appointments in central varsities.
An overview of the news
The portal was launched on May 2, 2023 by Professor Mamidala Jagadesh Kumar,Chairman, UGC.
CU-Chosen is an integrated recruitment portal, specially designed and developed for faculty recruitment in Central Universities.
The portal is completely user friendly and caters to the needs of all the stakeholders in the recruitment process.
UGC has developed this portal to create an enabling environment for both universities and applicants.
The portal provides a common platform for listing of vacancies/advertisements/jobs across all Central Universities.
The portal makes the recruitment process completely online from application to screening.
About University Grants Commission (UGC)
It came into existence in 1953.
It became a statutory Organization of the Government of India by an Act of Parliament in 1956.
Its functions are coordination, determination and maintenance of standards of teaching, examination and research in university education.
3. 'Machines can See' - Summit on Artificial Intelligence held at Dubai
Tags: Summits International News
The UAE government launched the 'Machines Can See 2023' summit in Dubai, one of thefirst international conferences in Artificial Intelligence (AI) across the region.
An overview of the news
The conference is being held in partnership between Artificial Intelligence, Digital Economy, and Remote Work Applications Office and ‘Machines Can See’ company.
The conference aims to bring together experts from around the world to discuss the future of AI and its potential to contribute to the UAE's vision of creating the next Silicon Valley.
The event was organized in collaboration with the Dubai Department of Economic and Tourism and the Dubai Future Foundation.
The summit included presentations and panel discussions from various experts in the field of AI.
The UAE is the only country with a state-level AI programme, which is a testament to its commitment to supporting the progress of AI technology.
What is Artificial Intelligence?
It is a broad branch of computer science that deals with the creation of smart machines capable of performing tasks that typically require human intelligence.
4. India to build Harbour for Maldivian Coast Guard
Tags: International Relations International News
India and Maldives launched construction of ‘Ekatha Harbour' for the Coast Guard of the Maldives National Defence Force (MNDF).
An overview of the news
The foundation stone for the Coast Guard ‘Ekatha Harbour’ was laid by Defence Minister Rajnath Singh and his Maldivian counterpart, Mariya Didi, at Sifavaru in Uthuru Thila Falhu (UTF) atoll, where India is assisting in construction of a naval dockyard.
This is the biggest grant-in-aid project of India in Maldives.
UTF project
The UTF project, announced during External Affairs Minister S Jaishankar’s visit in February 2021, has been at the centre of a political controversy in the Maldives.
Allegations that the project was meant for Indian military presence in the Indian Ocean nation were part of an "India Out" campaign, which was supported by the country's opposition leader, Abdulla Yameen.
Last April, Maldivian President Ibrahim Solih banned anti-India protests as a threat to national security.
Anti-India campaigners allege that Indian troops were stationed in a fast patrol vessel India recently gifted to Maldives Coast Guard.
Recent gifts of India to Maldives
India gifted a Dornier aircraft to Maldives in 2020 and a patrol ship in 2019.
In 2022, India had also given Coastal Radar System to Male.
Last year, Modi had announced that India would provide 24 vehicles and a naval boat and build police facilities on the country's 61 islands.
5. Coal Ministry Action Plan 2023 -24 : Targets 1012 Million Tonne Coal Production
Tags: Economy/Finance National News
The Ministry of Coal has prepared an action plan for the financial year 2023-24 with the aim of making Atmanirbhar Bharat by increasing production, efficiency, sustainability, new technologies etc. in the coal sector.
Action Plan for the FY 2023-24
Coal Analytics
Coal Production - The total coal production target of 1012 MT for FY 2023-24.
Outsourcing of Mines- Various steps to increase coal production and efficiency like Mining Developers cum Operators (MDO).
Coking Coal Strategy – Ministry of Coal has formulated a coking coal strategy to enhance coking coal availability in the country to reduce imports.
Quality of Coal - Various measures to achieve the objective of supply of quality coal to all consumers.
Private Investment
CAPEX and Asset Monetization -The overall projected target of Assets Monetization plan for FY 2023-24 is Rs 50,118.61 Crores.
Commercial Mining - During FY 2022-23, the Ministry signed agreements for a total of 23 coal mines having cumulative PRC of 33.224 MTPA.
Infrastructure Projects
PM Gatishakti National Master Plan– Ministry of Coal is closely monitoring the new railway line projects that are critical for coal evacuation.
Coal Evacuation- FMC & Railway Lines – Ministry of Coal has adopted a Coal Logistics Policy/Plan for effective and environmentally friendly transport of coal.
Safety in Mines
The Ministry of Coal reaffirms its commitment to the best safety standards and utmost priority to the safety in Coal Mines.
Scientific closure of Mines – To restore the ecological balance in the mined-out areas, mine closure activities will begin this year.
Technology Push to Coal
Technology roadmap in the Coal sector - Ministry is going to circulate the Monitoring framework for coal companies towards Implementation of Technology Roadmap.
Coal to Chemical– Various initiatives like Coal to Hydrogen, Coal & Lignite gasification, CBM/CMM etc.
Diversification of Coal India Limited (CIL)– Coal India Limited is being diversified for sustainable future business operations like New Business Areas (Aluminium, Power, Solar wafer, Solar Power & Renewable) etc.
Sustainability in the coal sector
The Ministry of Coal envisages promoting a sustainable development model in which coal production goes hand in hand with measures for environment protection, resource conservation, care for society and protection of forests and biodiversity.
6. National Conference on Agriculture for Kharif Campaign- 2023
Tags: National Economy/Finance Summits National News
Union Agriculture Minister Narendra Singh Tomar inaugurated the National Conference on Agriculture for Kharif Campaign 2023-24 on 3rd May at NASC Complex New Delhi.
An overview of the news
Agriculture remains the major pulse of the Indian economy and lies at the core of the country's socio-economic development.
It accounts for about 19 percent of the GDP and about two-thirds of the population is dependent on the agriculture sector.
India's agriculture sector has been witnessing strong growth with an average annual growth rate of 4.6 percent over the past six years.
As per the Second Advance Estimates (2022-23), the production of food grains in the country is estimated at 3235 lakh tonnes which is 79 lakh tonnes more than the production of food grains during 2021-22.
The objective of the conference
To review and assess the crop performance during the preceding crop seasons.
fix crop-wise targets for the Kharif season in consultation with State Governments.
ensure supply of critical inputs.
facilitate adoption of innovative technologies with a view to enhance production and productivity of the crops.
Record production is estimated of rice, maize, gram, pulses, rapeseed and mustard, oilseeds and sugarcane.
National target for 2023-24
In the conference, a national target of 3320 lakh tonnes has been fixed for the total food grain production for the year 2023-24.
The target of pulses production has been set at 292.5 lakh tonnes as against 278.1 lakh tonnes this year.
Oilseeds production will be increased from 400 to 440 lakh tonnes in 2023-24.
Shri Annaaims to increase the total production from 159.1 lakh tonnes in 2022-23 to 170.0 lakh tonnes in 2023-24.
7. India's first underwater sea tunnel
Tags: National National News
India’s First Undersea Tunnel in Mumbai Set to Open by November 2023.
An overview of the news
The tunnels begin close to Girgaon (before Marine Drive), travel under the Arabian Sea, Girgaon Chowpatty, and Malabar Hill, and finally terminate at Breach Candy’s Priyadarshini Park.
The high-speed coastal route aims to reduce the 45-minute peak-time trip from Girgaon to Worli to only 10 minutes.
The diameter of the tunnels is 12.19 meters which is 17-20 meters below sea level. About 1 kilometer part is under the sea.
The tunnels reach a depth of 72 meters in Malabar Hill. The front part at the entry and exit points of the tunnel will be made of fiberglass.
Construction of tunnels is a part of the Mumbai Coastal Road Project (MCRP) being built by the Brihanmumbai Municipal Corporation (BMC).
8. Government launches Vivad se Vishwas scheme
Tags: Economy/Finance Government Schemes National News
The Department of Expenditure, Ministry of Finance, has launched the scheme, “Vivad se Vishwas I – Relief to MSMEs” for providing relief to Micro, Small and Medium Enterprises (MSMEs) for COVID-19 period.
An overview of the news
The scheme was announced in the Union Budget 2023-24 by Union Finance Minister Nirmala Sitharaman.
The relief provided under this scheme is in continuation to the efforts of the government in promoting and sustaining the MSME sector.
Under the scheme, ministries have been asked to refund performance security, bid security and liquidated damages forfeited/ deducted during the Covid pandemic.
Additional benefits to eligible MSMEs, affected during the COVID-19 period
95% of the performance security forfeited shall be refunded.
95% of the Bid security shall be refunded.
95% of the Liquidated Damages (LD) deducted shall be refunded.
95% of the Risk Purchase amount realized shall be refunded.
Eligibility Criterion
Registered as a Medium, Small or Micro Enterprise as per relevant scheme of Ministry of MSME on the date of claim by supplier/ contractor.
MSME could be registered for any category of Goods and Services.
9. Paraguay's Colorado Party's Santiago Peña wins presidential election
Tags: Person in news International News
Santiago Peña, an economist from Paraguay's ruling conservative Colorado party, won the country's presidential election.
An Overview of the News
The election was decided in a single round of voting, and with nearly all ballots counted, Santiago Peña received over 42% of the vote.
His main challenger, Efrain Alegre, who represented the Concertación Nacional coalition, received about 28% of the vote.
The Colorado Party has been the dominant political force in Paraguay for more than 70 years, and Santiago Peña's victory solidified its hold on power.
Despite an expected economic growth of more than 4% this year, Paraguay still struggles with high levels of poverty and corruption.
About Paraguay
It is a country located in the middle of South America. It is a landlocked country, bordered by Argentina, Brazil and Bolivia.
Asuncion is the capital of Paraguay and is situated on the banks of the Paraguay River.
Official languages - Paraguayan Guarani, Spanish
10. 60th Foundation Day of Indian Institute of Foreign Trade
Tags: National National News
Indian Institute of Foreign Trade (IIFT), New Delhi celebrated Diamond Jubilee on 2nd May on 60th Foundation Day.
An overview of the news
On the occasion, Vice-Chancellor of IIFT Prof. Satinder Bhatia released the commemorative issue of Foreign Trade Review (FTR) Journal.
On this significant occasion, Prof. Satinder Bhatia, remembered Late HD Shourie, the founding Director General of IIFT.
She mentioned that he was the father figure to IIFTians, who laid the foundation of IIFT with the motto, ‘Excellence is a way of life’.
In the journey of 60 years, IIFT has consistently achieved better rankings among top business schools by earning AACSB accreditation for offering an impressive range of innovative MDP/EDP offered by the institute.
Indian Institute of Foreign Trade (IIFT)
The Indian Institute of Foreign Trade (IIFT) was established in 1963 as an autonomous body under the Union Ministry of Commerce & Industry to contribute in the skill building for the external trade sector of India.
It is one of the top business schools of India with a special focus on Trade and Finance.
The Institute was granted “Deemed to be University” status in 2002.
It has campuses at Delhi, Kolkata and Kakinada.
Vice Chancellor : Prof. Satinder Bhatia
