1. Cabinet approves listing of IREDA on Stock Exchanges
Tags: Economy/Finance National News
The Union Government on 18 March approved the listing of the Indian Renewable Energy Development Agency (IREDA) on the stock exchanges.
An overview of the news
The Cabinet Committee on Economic Affairs (CCEA) decided to approve an Initial Public Offer (IPO) by way of partial sale of the government's stake in CPSEs to raise funds by issuing fresh equity shares.
The Department of Investment and Public Asset Management (DIPAM) will carry out the listing process.
Earlier in the year 2017 also IREDA was given approval to bring IPO.
According to the government, in March 2022, it was decided to invest Rs 1500 crore in IREDA.
This has changed the capital structure of the company, due to which it has become necessary to bring an IPO.
Significance of the move
The approval will help the IPO unlock the value of the government's investment and provide an opportunity to the public to own a stake in national assets and earn from it.
This will help IREDA to raise a part of its capital requirement for carrying out development plans without depending on the exchequer.
The move will improve governance through greater market discipline and transparency arising out of listing requirements and disclosures.
Indian Renewable Energy Development Agency (IREDA)
It was incorporated as a Public Limited Company in the year 1987 as a 'Non-Banking Financial Institution'.
It is a Miniratna (Category 1) type company functioning under the administrative control of 'Ministry of New and Renewable Energy, Government of India.
Its function is to encourage projects related to new and renewable energy sources and to provide them financial assistance for their development.
It has been notified as a 'Public Financial Institution' under section 4'A' of the 'Companies Act, 1956'.
Chairman and Managing Director - Pradip Kumar Das
2. K Krithivasan appointed CEO Designate of Tata Consultancy Services (TCS)
Tags: Person in news
Kriti Krithivasan has been appointed as the CEO of the country's largest IT services firm Tata Consultancy Services (TCS) after the current CEO and MD Rajesh Gopinathan stepped down on March 16.
An overview of the news
Prior to this, Krithivasan was the global head and president of TCS's banking, financial services and insurance businesses.
His responsibility is to create a growth strategy for the company, improve financial performance, customer mindshare and strengthen the company's position in the market.
He has helped the company's key clients drive digital transformation, change management cycles, drive cost optimization and establish IT program governance.
K Krithivasan joined TCS in 1989. He has held various positions in the company in delivery, sales and various top management positions in his career.
He holds a bachelor's degree in Mechanical Engineering from theUniversity of Madras and a master's degree in Industrial and Management Engineering from IIT Kanpur.
Tata Consultancy Services Ltd (TCS), a subsidiary of Tata Sons Pvt Ltd, is a provider of information technology (IT) services.
3. First meeting of Supreme Audit Institution (SAI20) begins
Tags: Summits National News
The 1st Supreme Audit Institution 20 (SAI20) Senior Officers' Meeting (SOM) began on 13 March 2023 in Guwahati, Assam.
Overview of the News
The themes of this meeting are 'Blue Economy' and 'Responsible Artificial Intelligence'.
SAI20 aims to bring together an ecosystem wherein SAIs are active participants in governance, promoting transparency and accountability.
The SAI-20 meeting will be chaired by the Comptroller and Auditor General of India, Girish Chandra Murmu and also attended by senior representatives of equivalent institutions from G-20 countries.
Around 44 delegates from G-20 member countries, guest countries and other international organisations participated in the SAI-20 event.
Countries like Australia, Brazil, Egypt, Indonesia, Oman, Republic of Korea, Russia, Saudi Arabia, Turkey and UAE participated individually.
The SAI-20 meeting will conclude on March 15.
4. Second Business-20 program organised in Aizawl between March 1-3
Tags: Summits
Aizawl is hosting the second of the four Business-20 (B20) India events scheduled in the Northeast from March 1-3, 2023.
An Overview of the news:
B20 is the official G20 dialogue forum for the global business community.
As one of the G20's most notable cooperation groups, the B20 represents the G20 business community and consolidates the views of global business leaders on global economic and trade governance.
The B20 provides concrete policy suggestions to each rotating presidency to promote economic growth and development.
During the B20 summit, the B20 sends its final recommendations to the G20 Presidency.
The B20 event, scheduled from March 1-3, 2023, will highlight the opportunities for multilateral business partnerships that state delegations can present in urban planning, infrastructure, bamboo, startups, skill development, nursing and paramedics.
Around 500 participants comprising ministers, senior government officials, diplomats and representatives of the business community will participate in the event.
On March 3, the last day of the summit, Chapchar Kut, a spring festival of Mizoram, will be performed before the delegations at AR Ground to conclude the B20 summit in Aizawl.
5. 'Khanan Prahari' Mobile app to Curb Illegal Mining launched
Tags: National National News
The government on 13 February launched a mobile app namely ‘Khanan Prahari’ and a web app Coal Mine Surveillance and Management System (CMSMS).
An overview of the news
It has been launched to report unauthorised coal mining activities so that monitoring and appropriate action can be taken by the concerned law and order enforcing authority.
CMSMS Application
CMSMS has been developed to take transparent action to curb illegal mining and use of space technology as an e-governance initiative of Government of India.
Objective of CMSMS Application
To ascertain the participation of citizens against illegal mining by receipt of complaints of citizens through Mobile App Khanan Prahari
Monitoring and taking action on any illegal coal mining activity being carried out within the leasehold limits.
''Khanan Prahari' Mobile App
It is a mobile app of the Ministry of Coal to report illegal coal mining.
It is a tool for geo-tagged photographs of any illegal coal mining incident as well as information to any citizen from the location of the incident.'
6. Union Minister Giriraj Singh inaugurates Mission Antyodaya Survey 2022-23
Tags: National National News
Rural Development and Panchayati Raj Minister Giriraj Singh inaugurated the Mission Antyodaya Survey (MAS) 2022-23 in New Delhi on 9 February.
An overview of the news
The Rural Development Department is conducting the Mission Antyodaya survey in all the Gram Panchayats of the country from 2017-18.
Survey will be done in all the 2,69,253 Gram Panchayats whose profiles have been created on e-Gram Swaraj.
Objectives of Mission Antyodaya Survey 2022-23
Through the convergence of various schemes, the outcomes for the lives and livelihood of the people are to be realised.
Support a participatory planning process for Gram Panchayat Development Planning that will improve service delivery, increase citizenship and improve governance at the local level.
To conduct an annual survey at the Gram Panchayat level to monitor the progress of the development process in rural areas.
Preparation of Panchayat wise ranking and gap report on the basis of data collected through survey at Gram Panchayat level.
About ‘Mission Antyodaya’
It was initiated in the Union Budget 2017-18.
It has been brought with the objective of optimum utilisation and management of the resources allocated by 27 Ministries/Departments of the Government of India under various programs for the development of rural areas.
Gram Panchayats have been kept at its focal point.
The Ministry of Panchayati Raj and the Ministry of Rural Development are its nodal agencies.
It aims to eradicate poverty in various dimensions of rural households.
7. First meeting of Youth-20 Engagement Group begins in Guwahati
Tags: Summits
The first meeting of the three-day Youth-20 Engagement Group under India's G20 chairmanship began in Guwahati, Assam on 6 February.
An overview of the news
The meeting will be held at the IIT-Guwahati campus.
The summit will provide an opportunity for students to present their views to a worldwide audience.
Union Minister of Youth Affairs and Sports, Anurag Singh Thakur will hold 'Yuva Samvad' with Y20 delegates, followed by the release of White Paper on various topics.
More than 150 youth delegates from G20 countries are participating in the meeting.
More than 12000 college and university students are also expected to participate in the meeting.
Each higher education institution in Assam will also organise an awareness campaign in 10 nearby schools to sensitise the schools about the G-20 grouping and functioning.
Y-20 works with the objective of providing a platform to the youth to raise their concerns on contemporary issues.
Theme of discussion
Future of Work: Industry 4.0
Innovation and 21st century
Climate Change and Disaster Risk Reduction: Making Sustainability as a Way of Life
Peace Building and Reconciliation: Ushering in an Era of No War
Shared Future
Youth in Democracy and Governance
Health, Wellbeing & Sports: Agenda for Youth
About Youth-20
Y-20 was launched in 2012.
It is the youth edition of the G-20 Summit and the only officially recognized forum for youth to engage with the G-20.
It is one of the most influential international diplomatic forums for young leaders.
It is one of the eight official engagement groups under the G-20 umbrella.
8. Cooperation Ministry signs MoU to enable Primary Agricultural Credit Societies
Tags: Economy/Finance
A Memorandum of Understanding (MoU) was signed on February 2 to enable Primary Agricultural Credit Societies (PACS) and provide services by Common Service Centers (CSC).
An overview of the news
The MoU was signed between the Ministry of Cooperation, Ministry of Electronics and Information Technology, NABARD and CSC e-Governance Services India Limited in New Delhi.
The MoU was signed in the presence of Union Minister for Home Affairs and Cooperation, Amit Shah and Union Minister for Electronics and Information Technology, Ashwini Vaishnav.
This will help in taking forward the concept of Common Service Centers easily to the smallest unit of the country.
This agreement will enhance the business activities of PACS and help them to become a self-sustaining economic entity.
Primary Agricultural Cooperative Societies (PACS)
These are grassroots level cooperative credit institutions that provide short-term and medium-term agricultural loans to farmers for various agricultural and agricultural activities.
It works at the gram Panchayat and village level.
The first Primary Agricultural Credit Society (PACS) was set up in 1904.
PACS are registered under the Co-operative Societies Act and regulated by RBI.
Objectives of PACS
Raise capital for the purpose of making loans
Supporting members' essential activities
Collect deposits from members with the goal of improving their savings habit
Arrange for the supply and development of improved breeds of livestock to the members
Supply agricultural inputs and services to members at reasonable prices
9. India to become $26 trillion economy by 2047: EY report
Tags: Reports Economy/Finance
An EY report states that the Indian economy is likely to reach $26 trillion by the year 2047, which will also be the 100th year of India's independence.
An overview of the news
The report also pointed out that the country's per capita income would cross $15,000, making it among the top developed economies.
The report also pointed out that despite maintaining a steady but modest growth rate of 6% per annum, India would still be able to become a $26 trillion economy by 2047–48, with per capita income six times higher than current levels.
According to the report certain factors have contributed to bring India to a position of high and sustainable growth.
These include accelerated pace of economic reforms in critical areas such as social inclusion, financial inclusion, fiscal, physical and digital infrastructure.
This has ultimately resulted in increased global competitiveness of Indian businesses and entrepreneurs.
An area with major potential is services exports which are set to grow by 14% over the past two decades to reach $254.5 billion in 2021-22.
Other enabling areas include 'digitalisation'.
Government’s efforts
Government's focus on increasing the country's digital infrastructure
Efforts towards e-governance
A strong digital payment ecosystem
Introduction of digital services in almost all domains
Large telecom subscriber base of 1.2 billion
837 million internet users, etc.
Focus Areas
macroeconomic stability,
more energy independence,
ease of doing business,
power sector reform
What is EY report?
Launched in 2011, EY Reporting is EY Global Assurance’s insights hub.
It provides thought leadership on the issues global companies face in communicating corporate performance.
10. Jammu and Kashmir becomes the first Indian Union Territory to completely shift to e-governance mode
Tags: National News
Jammu and Kashmir has become the first Union Territory of India to go completely digital.
Presently all government and administrative services in Jammu and Kashmir are being provided digitally only.
Jammu and Kashmir is also emerging as a model of digital government in the country with a transparent and accountable governance system.
Purpose of Line to Online
The main objective of making government services online is to make people online.
Through this, citizens can avail government services digitally without going to government office.
With the digitization of government offices, now government offices will be in the pocket of the citizens. With this, citizens can take advantage of any government service anywhere and anytime without going to any office.
Jammu and Kashmir
Jammu and Kashmir was a state of India till August 2019, which was bifurcated on 31 August 2019 to form two union territories named Jammu and Kashmir and Ladakh.
Capital- Srinagar (May–October), Jammu (November–April)
Lieutenant Governor - Manoj Sinha
Legislative Council - 36 seats
Legislative Assembly - 89 seats
