1. Defence production crosses Rs 1 lakh crore mark for the first time ever
Tags: Economy/Finance Defence National News
The value of defense production in the financial year (FY) 2022-23 has crossed the Rs one lakh crore mark for the first time.
An overview of the news
The value is currently Rs 1,06,800 crore and may increase further once data is received from the remaining private defense industries.
The present value of defense production in FY 2022-23 is over 12 per cent higher than Rs 95,000 crore in FY 2021-22.
Government's efforts to boost defense production
Simplified defence industrial licensing, relaxation of export controls and grant of No Objection Certificate.
Specific incentives introduced under the foreign trade policy.
Defence Production & Export Promotion Policy 2020.
The government had issued two "positive indigenization lists" which included 209 items that could not be imported.
The government has also announced two dedicated corridors in Tamil Nadu and Uttar Pradesh to act as clusters of defense manufacturing.
The number of defense licenses issued by the government to industries has increased by almost 200 per cent in the last 7-8 years.
These measures have given a boost to the defense industrial manufacturing ecosystem in the country and have generated tremendous employment opportunities.
The vision of the government
To achieve a turnover of $25 billion, including exports of $5 billion in aerospace and defence goods and services by 2025.
2. CCI approves merger of Credit Suisse Group with UBS Group
Tags: Economy/Finance National News
The Competition Commission of India (CCI) on 18 May approved the proposed merger of Credit Suisse Group AG with UBS Group AG.
About UBS Group AG (UBS)
UBS Group AG (UBS) is a multinational investment bank and financial services company
It is a Switzerland based company and is active globally.
UBS's businesses include wealth management, asset management, investment banking services, and retail and corporate banking.
In India, UBS's business is primarily focused on brokerage services.
About Credit Suisse Group AG (Credit Suisse)
Credit Suisse Group AG (Credit Suisse) is a multinational investment bank and financial services company established in Switzerland.
Credit Suisse is active globally and its businesses include wealth management, asset management, investment banking services, and retail and corporate banking.
In India, Credit Suisse's businesses include wealth management and investment banking services.
Competition Commission of India (CCI)
The Competition Commission of India (CCI) is the chief national competition regulator in India.
It was set up under the Competition Act, 2002
It comes under the Ministry of Corporate Affairs.
It promotes healthy market competition and prevents activities that have an adverse effect on competition in India.
CCI also approves combinations under the act so that two merging entities do not overtake the market.
Headquarter - New Delhi
Current Chairman - Ashok Kumar Gupta
3. First Inter-Ministerial Committee Meeting held on World Food India 2023
Tags: Summits National News
Secretary, Food Processing Industries (FPI) Anita Praveen, chaired the First Inter- Ministerial Committee Meeting with senior representatives from Ministries/Departments/Boards on 16th May 2023 in New Delhi.
An overview of the news
The agenda of the committee meeting was to apprise the officials about the preparations made so far for World Food India 2023 and to discuss the participation of concerned Ministries/Departments/Organizations in the event.
This was in continuation of the series of interactions held to apprise them of the Ministry's action plan for the upcoming World Food India 2023 and discuss possible areas of collaboration.
The meeting was attended by senior officials from key Ministries and Departments of the Central Government.
In the meeting, the stakeholders were requested to share the specific action plan regarding the mega food event to be held in Delhi from 3rd to 5th November 2023.
The next meeting of the Inter-Ministerial Committee is expected to be held in June 2023 to strengthen the partnership/participation of various stakeholders.
About World Food India
World Food India (WFI) is a global event to facilitate partnerships between Indian and international businesses and investors.
It is a gateway to the Indian food economy and an opportunity to showcase, connect and collaborate.
It is organized by the Ministry of Food Processing Industries, Government of India.
WFI is the largest gathering of investors, manufacturers, producers, food processors, policy makers and organizations from the global food ecosystem.
It aims to provide investment and business opportunities in the food processing sector for leading Indian and international companies.
World Food India 2023 theme is “Processing for Prosperity”.
4. Next five years expected to be hottest on record: UN
Tags: International News
The United Nations' World Meteorological Organization (WMO) has warned that the next five years will be the warmest period on record due to the combined effects of El Niño and greenhouse gases.
An Overview of the News
The WMO predicts that global temperatures are likely to exceed a 1.5°C increase by 2027, with a 98 percent chance of setting new heat records in at least one of the next five years.
There is a two-thirds chance that the more ambitious target set by the Paris climate agreement will be exceeded within one of the next five years, indicating that global temperatures are set to rise further.
The years between 2015 and 2022 are among the warmest ever recorded, and temperatures are expected to rise as climate change accelerates.
The Paris Agreement aims to limit global warming to "well below" two degrees Celsius above pre-industrial levels, preferably 1.5 degrees Celsius. However, the global average temperature in 2022 was already 1.15°C higher than the average measured between 1850 and 1900.
World Meteorological Organization (WMO)
It is a specialised agency of the United Nations and the organisation facilitates cooperation among member states.
It promotes international cooperation in atmospheric science, climatology, hydrology and geophysics.
It supports research and development in atmospheric science, which includes the study of Earth's atmosphere and its properties.
WMO focuses on understanding long-term weather patterns and climate variability.
Formation - 23 March 1950
Headquarters - Geneva, Switzerland
WMO Secretary General - Peteri Talas
5. Government sets up fast track Corporate Exit Processing Center
Tags: National Economy/Finance National News
The government established the Expedited Corporate Exit Processing Center (C-PACE) and C-PACE is under the Ministry of Corporate Affairs (MCA).
An Overview of the News
The C-PACE aims to streamline and speed up the process of winding up defunct companies.
It centralises the process of winding up companies, making it easier and more efficient.
This relieves the burden on the registry and ensures a clean and accurate database.
Its establishment is part of the MCA's commitment to promote Ease of Doing Business and facilitate smooth exit of companies.
It functions under the Registrar of Companies (ROC) as per sub-section (1) of section 396.
The C-PACE office was inaugurated on May 1, 2023.
The office is supervised by the Director General of Corporate Affairs (DGCoA) in New Delhi.
Director of Inspection and Investigation in MCA - RK Dalmiya
6. Government sets up fast track Corporate Exit Processing Center
Tags: National Economy/Finance National News
The government established the Expedited Corporate Exit Processing Center (C-PACE) and C-PACE is under the Ministry of Corporate Affairs (MCA).
An Overview of the News
The C-PACE aims to streamline and speed up the process of winding up defunct companies.
It centralises the process of winding up companies, making it easier and more efficient.
This relieves the burden on the registry and ensures a clean and accurate database.
Its establishment is part of the MCA's commitment to promote Ease of Doing Business and facilitate smooth exit of companies.
It functions under the Registrar of Companies (ROC) as per sub-section (1) of section 396.
The C-PACE office was inaugurated on May 1, 2023.
The office is supervised by the Director General of Corporate Affairs (DGCoA) in New Delhi.
Director of Inspection and Investigation in MCA - RK Dalmiya
7. US court approved extradition of 26/11 attack accused Tahawwur Rana to India
Tags: International News
A US court has approved the extradition of26/11 Mumbai terror attack accused Pakistani-origin Canadian Tahawwur Rana to India.
An overview of the news
California District Court Judge Jacqueline Chooljian has approved the Indian government's request for Rana's extradition.
Rana was arrested in the US on an extradition request by India for his role in the 2008 Mumbai terror attacks, which killed over 160 people, including six Americans.
India has charged Rana with offenses including conspiracy to commit terrorist acts, waging war, murder and forgery.
Rana was convicted in Chicago in 2011 of providing material support to the Pakistan-based terror group Lashkar-e-Taiba, which planned the Mumbai terror attacks.
India's National Investigation Agency (NIA) is probing his role in the 26/11 attacks carried out by Pakistan-based Lashkar-e-Taiba terrorists in 2008.
What is Extradition?
Extradition is the formal process of surrendering a person from one state to another.
The purpose of this process is the prosecution or punishment for offences committed by a person within the jurisdiction of the requesting country.
The extradition of a fugitive criminal to India is regulated under the Indian Extradition Act, 1962.
The Consular, Passport and Visa (CPV) Division, Ministry of External Affairs is the central/nodal authority to administer the Extradition Act.
Extradition process can be initiated in case of under-investigation, under-trial and convicted criminals.
8. Parshottam Rupala launches Sagar Parikrama Yatra Phase-V
Tags: National National News
The Union Minister of Fisheries, Animal Husbandry & Dairying, Parshottam Rupala launched the Sagar Parikrama Yatra Phase-V in Karanja, Raigad, Maharashtra on 17th May.
An overview of the news
The Sagar Parikrama Yatra Phase-V would be proceeding towards coastal regions are like Gateway of India, Karanja (Raigad District), Mirkarwada (Ratnagiri District), Devgad (Sindhudurg District), Malvan, Vasco, Mormugaon, Canacona (South Goa).
Sagar Parikrama Yatra Phase-V commencing from 7th May, 2023 and ending at Canacona, Goa on 19th May, 2023.
The Yatra will cover various fisheries schemes and programmes, including Pradhan Mantri Matsya Sampada Yojana (PMMSY) and Kisan Credit Card.
After successfully completing four phases covering 19 locations in Gujarat, Daman & Diu, Maharashtra and Karnataka, this groundbreaking initiative is garnering widespread support.
Sagar Parikrama Phase-I
It was started on March 5, 2022 from Mandvi, Gujarat to Okha-Dwarka, and concluded at Porbandar on 6 March covering 3 locations.
The programme was a huge success, with more than 5,000 people physically attending the event.
Sagar Parikrama Phase-II
It was held on September 23-25 2022 and covered seven locations.
Sagar Parikrama Phase-III
Phase-III was held on February 18-21 2023 and covered coastal districts of Gujarat and Maharashtra.
Sagar Parikrama Phase-IV
The fourth phase of the Sagar Parikrama program took place from March 18-19 covering three coastal districts of Karnataka.
It covered three districts Uttara Kannada, Udupi and Dakshina Kannada districts of Karnataka.
About Sagar Parikrama
It is a maritime evolutionary journey tour to be organized in all coastal states/UTs through sea route to show solidarity with all fishermen, fish farmers and concerned stakeholders.
It aims to address the issues of fishermen and other stakeholders and facilitate their economic upliftment through various fisheries schemes and programs like PMMSY.
9. Parshottam Rupala launches Sagar Parikrama Yatra Phase-V
Tags: National National News
The Union Minister of Fisheries, Animal Husbandry & Dairying, Parshottam Rupala launched the Sagar Parikrama Yatra Phase-V in Karanja, Raigad, Maharashtra on 17th May.
An overview of the news
The Sagar Parikrama Yatra Phase-V would be proceeding towards coastal regions are like Gateway of India, Karanja (Raigad District), Mirkarwada (Ratnagiri District), Devgad (Sindhudurg District), Malvan, Vasco, Mormugaon, Canacona (South Goa).
Sagar Parikrama Yatra Phase-V commencing from 7th May, 2023 and ending at Canacona, Goa on 19th May, 2023.
The Yatra will cover various fisheries schemes and programmes, including Pradhan Mantri Matsya Sampada Yojana (PMMSY) and Kisan Credit Card.
After successfully completing four phases covering 19 locations in Gujarat, Daman & Diu, Maharashtra and Karnataka, this groundbreaking initiative is garnering widespread support.
Sagar Parikrama Phase-I
It was started on March 5, 2022 from Mandvi, Gujarat to Okha-Dwarka, and concluded at Porbandar on 6 March covering 3 locations.
The programme was a huge success, with more than 5,000 people physically attending the event.
Sagar Parikrama Phase-II
It was held on September 23-25 2022 and covered seven locations.
Sagar Parikrama Phase-III
Phase-III was held on February 18-21 2023 and covered coastal districts of Gujarat and Maharashtra.
Sagar Parikrama Phase-IV
The fourth phase of the Sagar Parikrama program took place from March 18-19 covering three coastal districts of Karnataka.
It covered three districts Uttara Kannada, Udupi and Dakshina Kannada districts of Karnataka.
About Sagar Parikrama
It is a maritime evolutionary journey tour to be organized in all coastal states/UTs through sea route to show solidarity with all fishermen, fish farmers and concerned stakeholders.
It aims to address the issues of fishermen and other stakeholders and facilitate their economic upliftment through various fisheries schemes and programs like PMMSY.
10. Union Government approves signing of Project Cooperation Agreement between DHR and WHO on Assistive Technology
Tags: National Science and Technology National News
The Union Government approved the signing of a Project Collaboration Agreement between the Department of Health Research (DHR) and the World Health Organization (WHO) on Assistive Technology.
An Overview of the News
The agreement aims to draw global attention to access to assistive technology, promote research and innovation, and develop training programs.
The signing of a Memorandum of Understanding (MoU) between the Competition Commission of India (CCI) and the Egyptian Competition Authority (ECA) was approved during the meeting.
The MoU focuses on promoting and strengthening cooperation in competition law and policy through information exchange, sharing of best practices and capacity building initiatives.
The objective of the MoU is to develop and strengthen the relationship between the CCI and the ECA and to facilitate learning and cooperation in the enforcement of competition law.
The Union Cabinet approved the signing of an MoU between the Institute of Chartered Accountants of India (ICAI) and the Chartered Accountants of Maldives.
The objective of the MoU is to establish mutual cooperation for the advancement of accounting knowledge, professional and intellectual development, and development of the accounting profession in Maldives and India.
World Health Organization (WHO):
It is a specialised agency of the United Nations that focuses on global public health.
The headquarters of WHO is in Geneva, Switzerland.
It operates through six regional offices and 150 field offices around the world.
It was established on April 7, 1948 with the aim of addressing international health issues.
Department of Health Research (DHR):
It was created in September 2007 under the Ministry of Health and Family Welfare.
Its creation was notified through an amendment to the Government of India (Allocation of Business) Rules, 1961.
It was formally launched on 5 October 2007.
DHR functions as a separate department within the Ministry of Health and Family Welfare.
Its primary objective is to take modern health technologies to the masses through research and innovation.
