1. Exercise Ajeya Warrior-23
Tags: Defence International News
The 7th editionof the joint military exercise “AJEYA WARRIOR-23” between India and the United Kingdom was conducted at Salisbury Plains, United Kingdom from 27 April to 11 May 2023.
An overview of the news
Indian Army soldiers chanted 'Bajrang Bali Ki Jai' along with 'Bharat Mata Ki Jai' during the 7th edition of Ajeya Warrior-23.
Army soldiers were seen shouting these slogans loudly with guns in their hands.
The exercise is part of an initiative to develop interoperability and share expertise with friendly foreign nations.
Military forces of both countries participate in thisjoint military exercise.
About Exercise Ajay Warrior 2023
It is a bilateral training exercise between the armies of India and UK.
The exercise saw the participation of an infantry company from India and a unit of similar strength from the British Army.
The armies of both countries practiced each other's weapons, battle tactics, equipment and procedures to conduct joint military operations under difficult conditions.
In addition, expert academic discussions were also held on several topics of common interest such as joint weapon concepts, operation logistics, experience sharing of joint forces, etc.
Aim of the exercise
It aims to improve interoperability between the two forces while working in accordance with the mandate of the United Nations.
Its objective is to provide training to soldiers of both countries in counter-terrorist operations.
2. Indian Council of Medical Research and Ministry of AYUSH signed MoU
Tags: Science and Technology National News
Indian Council of Medical Research and AYUSH Ministry on 11 May signed an MOU for collaborative and cooperative momentum on health research in the field of Integrated Medicine.
An overview of the news
The MoU was signed by Rajesh Kotecha, Secretary, Ministry of AYUSH and Dr. Rajiv Bahl, Secretary DHR & DG, ICMR in the presence of Dr. Mansukh Mandaviya Union Minister of Health & Family Welfare.
The MoU envisages collaboration in areas of convergence and synergy between the two organizations to strengthen integrated health research and research capacity.
The MoU also envisages exploring the possibility with the Ministry of AYUSH and ICMR to work on public health research initiatives to address diseases of national importance.
A Joint Working Group will be formed between the Ministry of AYUSH and ICMR which will meet quarterly to explore other areas of collaboration and work on deliverables.
Both the institutes will formulate and implement joint research projects and programmes.
Indian Council of Medical Research (ICMR)
It is one of the oldest medical research bodies in the world headquartered in New Delhi for the coordination and promotion of biomedical research.
It works under the Department of Health Services (DHS), Ministry of Health and Family Welfare.
It was established in 1911 as Indian Research Fund Association (IRFA).
Later in 1949 its name was changed to ICMR.
3. 'Buddham Saranam Gacchami' exhibition
Tags: National National News
Union Minister of State for External Affairs and Culture Meenakshi Lekhi inaugurated the exhibition "Buddham Sharanam Gachhami" at the National Gallery of Modern Arts, New Delhi on 11 May.
An overview of the news
Held in the week following Buddha Purnima, the exhibition was based on the life of Lord Buddha and showcased the journey of Buddhist art and culture around the world.
The artistic works on display offer a glimpse into the history and philosophy of Buddhism.
Missions of several countries were represented at the event through their Heads of Missions and representatives during the event.
The exhibition also displayed paintings from countries like Sri Lanka and Myanmar and showed how Buddhism spread in different countries.
Renowned Indian artistNandlal Bosedepicted the life and teachings of the Buddha and his path of spirituality through line drawings.
Participating countries
Most of the countries participated in the inauguration, including Nepal, Myanmar, Mongolia, South Korea, Thailand, Bhutan etc.
Ambassadors of countries like Denmark, Greece, Luxembourg, Jamaica, Portugal, Georgia, Iceland, Ecuador, Syria, Peru and senior diplomats from many other countries also participated in the exhibition.
Purpose of the Exhibition
The aim of the exhibition is to convey the spirituality of the art and its elements related to Buddhism and the universal values of wisdom, compassion and peace.
4. 'Buddham Saranam Gacchami' exhibition
Tags: National National News
Union Minister of State for External Affairs and Culture Meenakshi Lekhi inaugurated the exhibition "Buddham Sharanam Gachhami" at the National Gallery of Modern Arts, New Delhi on 11 May.
An overview of the news
Held in the week following Buddha Purnima, the exhibition was based on the life of Lord Buddha and showcased the journey of Buddhist art and culture around the world.
The artistic works on display offer a glimpse into the history and philosophy of Buddhism.
Missions of several countries were represented at the event through their Heads of Missions and representatives during the event.
The exhibition also displayed paintings from countries like Sri Lanka and Myanmar and showed how Buddhism spread in different countries.
Renowned Indian artistNandlal Bosedepicted the life and teachings of the Buddha and his path of spirituality through line drawings.
Participating countries
Most of the countries participated in the inauguration, including Nepal, Myanmar, Mongolia, South Korea, Thailand, Bhutan etc.
Ambassadors of countries like Denmark, Greece, Luxembourg, Jamaica, Portugal, Georgia, Iceland, Ecuador, Syria, Peru and senior diplomats from many other countries also participated in the exhibition.
Purpose of the Exhibition
The aim of the exhibition is to convey the spirituality of the art and its elements related to Buddhism and the universal values of wisdom, compassion and peace.
5. Anti-Dumping Duty on Imported Optical Fiber from China, Korea, Indonesia
Tags: Economy/Finance National News
DGTR, an arm of the Ministry of Commerce, has recommended imposition of anti-dumping duty on imports of a certain type of optical fiber from China, Korea and Indonesia to protect the domestic industry from cheap inbound shipments.
An overview of the news
The Directorate General of Trade Remedies (DGTR) has recommended the duty after examination on dumped imports of 'Dispersion Unshifted Single-Mode Optical Fiber' from these countries.
The product is mainly applied to high-data rate, long distance and access network transportation.
Birla Furukawa Fiber Optics Pvt Ltd had asked on behalf of the domestic industry to initiate an anti-dumping investigation on this product.
Why was it recommended to impose an anti-dumping duty?
The DGTR in its findings found that the domestic industry has suffered material injury due to the dumped imports.
DGTR said in a notification that the presence of dumped imports in the Indian market has forced the applicant to sell the product at prices below the cost of sales, causing losses and adversely affecting the profitability standards of the domestic industry.
Therefore, the authority has recommended imposition of anti-dumping duty to protect the domestic industry from injury.
What is Dumping?
According to the World Trade Organisation (WTO), if a company exports a product at a price lower than the price it normally charges on its own home market, it is said to be “dumping” the product.
This is done by companies to grab market share in other countries from the local companies.
What is Anti- Dumping?
Anti-dumping duties are taxes imposed on imported goods to compensate for the difference between their export price and their normal value.
It is imposed to protect producers of competing products in the importing country from harm.
6. IIT Madras researchers partner for development of materials and micro-device processing techniques
Tags: Science and Technology National News
IIT Madras researchers have partnered withDefence Research and Development Organisation (DRDO) scientists to develop sensor technology for underwater communications, which will be advantageous to defence applications, especially in the Navy.
An overview of the news
'Piezoelectric MEMS technology' is needed to develop high-performance thin films and to convert 'piezo-thin films' into future naval sensors and devices for underwater applications.
Piezo thin film is an important component of piezo MEMS devices and is considered for acoustics and vibration-sensing applications.
The installation of state-of-the-art Piezo MEMS technology enables India to advance defense efficiency and allows the nation to execute strategic operations of critical applications.
The large area piezo thin film and MEMS process technology will support the ongoing/future technologies for DRDO's next generation sonar program for the Indian Navy.
Defence Research and Development Organisation (DRDO)
It is a premier defence research and development agency under the Ministry of Defence, Government of India.
It is working on several cutting-edge military technology areas, including aeronautics, armaments, combat vehicles, electronics, instrumentation, engineering systems, missiles, materials, naval systems, advanced computing, simulation, cyber, hypersonic technology, quantum computing and communications
DRDO's first project for the Indian military was in surface-to-air missiles (SAM) known as Project Indigo.
Since inception, DRDO has made several breakthroughs in developing key systems and critical technologies such as aircraft avionics, UAVs, small arms, artillery systems, EW systems, tanks and armoured vehicles, sonar systems, command and control systems and missile systems
It aims to make India self-reliant in critical defence technology and systems.
It was set up in 1958.
Headquarters - New Delhi
Chairman - Samir V Kamat
7. Pakistan and China agree to extend CPEC to Afghanistan
Tags: International News
Pakistan, China and Afghanistan have agreed to forge closer economic ties by extending the Beijing-backed China-Pakistan Economic Corridor (CPEC) to Afghanistan to fully exploit the country's potential as a hub of regional connectivity.
An overview of the news
Pakistan's Foreign Minister Bilawal Bhutto Zardari, his Chinese counterpart Qin Gang and Taliban-appointed Acting Foreign Minister of Afghanistan Maulvi Amir Khan Muttaki held the 5th China-Afghanistan-Pakistan Foreign Ministers' Talks.
The ministers held in-depth talks on various issues and agreed on good neighbourhood, mutual trust, security cooperation, counter terrorism, connectivity and trade and investment.
The three countries reiterated their resolve to fully utilize the potential of Afghanistan as a hub of regional connectivity
The three countries reaffirmed their commitment to further trilateral cooperation under the "Belt and Road Initiative (BRI)" and to jointly extend the China-Pakistan Economic Corridor to Afghanistan.
About China-Pakistan Economic Corridor (CPEC)
Launched in 2015, CPEC is the flagship project of the multi-billion dollar Belt and Road Initiative (BRI), launched by Chinese President Xi Jinping.
It aims to increase Beijing's influence around the world through China-funded infrastructure projects.
The3,000 km long China-Pakistan Economic Corridor (CPEC) comprises highways, railways and pipelines.
The CPEC aims to eventually link the city of Gwadar in southwest Pakistan with Xinjiang, the northwestern region of China, through a vast network of highways and railways.
The proposed project will be financed by heavily subsidized loans.
India has objected to the CPEC as it passes through Pakistan-occupied Kashmir (PoK).
8. PM Modi lay foundation stone of scientific projects worth over Rs 5,800 cr
Tags: National Science and Technology National News
Prime Minister Narendra Modi laid the foundation stone and dedicated to the nation several scientific projects worth over Rs 5,800 crore on the occasion of National Technology Day in New Delhi on May 11.
An overview of the news
The Prime Minister inaugurated an event to mark the day.
This year, the Atal Innovation Mission (AIM) has received special attention in the celebration of National Technology Day.
The AIM Pavilion will showcase a range of innovative projects and provide an opportunity to the visitors to witness live tinkering sessions, engage in tinkering activities and witness outstanding innovations and products by startups.
During the event, the Prime Minister also inaugurated an exposhowcasing the scientific and technological advancements made in India in the recent past.
Prime Minister Modi also released a commemorative stamp and coin on the occasion.
The projects whose foundation stone was laid by the PM
Laser Interferometer Gravitational-Wave Observatory - India (LIGO-India), Hingoli.
Homi Bhabha Cancer Hospital and Research Centre, Jatni in Odisha.
Platinum Jubilee Block of Tata Memorial Hospital, Mumbai.
About LIGO-India Project
It will be an advanced gravitational-wave observatory located in Maharashtra, India, as part of a worldwide network.
It is envisaged as a collaborative project between a consortium of Indian research institutions and the LIGO Laboratory in the United States of America as well as its international partners.
It will be built by the Department of Atomic Energy and the Department of Science and Technology with a Memorandum of Understanding (MoU) with the National Science Foundation, US, along with several national and international research and educational institutions.
It was given "in-principle" approval by the Union Cabinet in February 2016 with the objective of providing wider opportunities to Indian youth to pursue research careers in cutting-edge areas of science and technology.
9. PM Modi lay foundation stone of scientific projects worth over Rs 5,800 cr
Tags: National Science and Technology National News
Prime Minister Narendra Modi laid the foundation stone and dedicated to the nation several scientific projects worth over Rs 5,800 crore on the occasion of National Technology Day in New Delhi on May 11.
An overview of the news
The Prime Minister inaugurated an event to mark the day.
This year, the Atal Innovation Mission (AIM) has received special attention in the celebration of National Technology Day.
The AIM Pavilion will showcase a range of innovative projects and provide an opportunity to the visitors to witness live tinkering sessions, engage in tinkering activities and witness outstanding innovations and products by startups.
During the event, the Prime Minister also inaugurated an exposhowcasing the scientific and technological advancements made in India in the recent past.
Prime Minister Modi also released a commemorative stamp and coin on the occasion.
The projects whose foundation stone was laid by the PM
Laser Interferometer Gravitational-Wave Observatory - India (LIGO-India), Hingoli.
Homi Bhabha Cancer Hospital and Research Centre, Jatni in Odisha.
Platinum Jubilee Block of Tata Memorial Hospital, Mumbai.
About LIGO-India Project
It will be an advanced gravitational-wave observatory located in Maharashtra, India, as part of a worldwide network.
It is envisaged as a collaborative project between a consortium of Indian research institutions and the LIGO Laboratory in the United States of America as well as its international partners.
It will be built by the Department of Atomic Energy and the Department of Science and Technology with a Memorandum of Understanding (MoU) with the National Science Foundation, US, along with several national and international research and educational institutions.
It was given "in-principle" approval by the Union Cabinet in February 2016 with the objective of providing wider opportunities to Indian youth to pursue research careers in cutting-edge areas of science and technology.
10. RBI imposed fine of Rs 1.73 crore on HSBC bank
Tags: Economy/Finance National News
HSBC Bank has been fined Rs 1.73 crore by the Reserve Bank of India (RBI) for violating the Credit Information Companies Rules 2006 (CIC Rules).
An overview of the news
The central bank has accused the bank of providing false information about its credit cards to credit information companies.
An investigation by the RBI has revealed that the bank had given wrong information about its expired credit cards as well.
The RBI has imposed a hefty fine of Rs 1.73 crore on the bank for violating its rules.
The RBI had inspected the financial position of HSBC Bank as on March 31, 2021, as part of its surveillance checks.
It was found in the inspection that the bank is not following many rules of RBI related to credit cards.
RBI has issued a show cause notice to HSBC Bank asking why it did not provide correct information as per CIC norms.
Penalties on two cooperative banks
Apart from HSBC Bank, RBI has also imposed penalties on two co-operative banks for violation of norms.
Thrissur Urban Cooperative Bank Ltd has been fined Rs 2 lakh for flouting gold loan norms.
Bhilai Nagrik Sahakari Bank has been fined Rs 1.25 lakh for not depositing unclaimed deposits in time under the Depositor Education and Awareness Fund Scheme (DEAF Scheme).
About Reserve Bank of India
RBI was established on April 1, 1935 as per the provisions of the Reserve Bank of India Act, 1934.
It started functioning from 1 April 1935.
The central office of the Reserve Bank was established in Kolkata which was permanently shifted to Mumbai in the year 1937.
It was nationalized in 1949 and now the government of India is the owner of RBI.
It has the power to regulate Banks under the Banking Regulation Act 1949.
It has the power to regulate the Non-Banking Financial Company (NBFC) under the RBI act 1934.
RBI is also the regulator of the digital payment system under the Payment and settlement act 2007.
Before independence till 1942 RBI used to issue currency not only for India but also for Myanmar which was then known as Burma. However, it was discontinued after 1947.
Headquarters of RBI: Mumbai
Governor of RBI : Shaktikanta Das
