1. IndusInd Bank signs co-financing loan agreement with Citibank and Japan International Cooperation Agency (JICA)
Tags: Economy/Finance National News
IndusInd Bank signed a co-financing loan agreement with Citibank and Japan International Cooperation Agency (JICA) for a funding line of $125 million.
An Overview of the News
The funding line will be used by IndusInd Bank to provide credit to the agriculture sector.
The co-financing includes JPY 13 billion (about $97.45 million) from JICA and a $30 million loan from Citibank to IndusInd Bank.
The collaboration between the three entities aims to support the development of the agriculture sector in India by providing financial support to farmers and other related businesses.
IndusInd Bank is a leading private sector bank in India with a strong presence in retail banking, corporate banking and treasury operations.
About IndusInd Bank
It is a leading financial services company in India, headquartered in Mumbai.
The Bank offers a variety of commercial, transactional and electronic banking services to meet the needs of a wide variety of customers. These include savings and current accounts, loans, credit cards, insurance and investment options.
IndusInd Bank was inaugurated in April 1994 by the then Union Finance Minister Manmohan Singh.
The present Chairman of the Board of IndusInd Bank is Arun Tiwari.
The tagline of the bank is "We Care Dil Se, We Make You Feel Richer".
About Japan International Cooperation Agency (JICA)
Formation - 1 October 2003
Type - Corporate Administrative Agency
Purpose - Official Development Assistance
Headquarters - Chiyoda, Tokyo, Japan
Service Area - Worldwide
Official language - Japanese, English (secondary)
President - Akihiko Tanaka
Affiliation - Development Assistance Committee
Organisation for Economic Cooperation and Development
About Citibank
Establishment - 16 June 1812
Founder - Samuel Osgood
Headquarters - New York, New York, United States
2. Central Bureau of Narcotics launches Unified Portal
Tags: National News
The Central Bureau of Narcotics launched the Unified Portal on 11th April and the portal was inaugurated by Shri Sanjay Malhotra, Revenue Secretary.
An Overviews of the News
- The portal has been launched towards strengthening the vision of Digital India during the period of 'Azadi Ka Amrit Mahotsav'.
- This portal is a one-stop solution for licensing and ExIM authorizations issued by the Bureau.
- The portal is designed to create efficiency, transparency and accountability among the users of the department to promote the growth of drugs and pharma sector, boost economy for "Atma Nirbhar Bharat", and meet the needs of pharma and chemical industries.
- The launch of the Unified Portal will ease the process of doing business with NDPS and Controlled Substances in the country with transparency and better compliance.
- The portal is integrated with other government services such as Bharat Kosh, GST, PAN-NSDL verification, e-Sanchit and UIDAI, facilitating a single point service for obtaining licence from CBN.
About Central Bureau of Narcotics (CBN)
- The Central Bureau of Narcotics is a Central Government organisation dealing with international trade in Narcotic Drugs, Psychotropic Substances and Precursor Chemicals under various United Nations Conventions and the provisions of the NDPS Act, 1985.
- It is the nodal agency of the Government of India responsible for controlling the production, trade and consumption of narcotic drugs and psychotropic substances in India.
- It was established under the Indian Opium Act, 1857.
- It issues licences for the cultivation, production and distribution of narcotics and intoxicants.
- The CBN monitors and regulates the production and distribution of these substances, and combats illegal drug trafficking.
- The CBN collaborates with other law enforcement agencies such as the Narcotics Control Bureau, Customs and Excise Department to coordinate efforts to combat drug trafficking and abuse.
- CBN collaborates with international agencies such as the United Nations Office on Drugs and Crime (UNODC) and the International Narcotics Control Board (INCB) to combat the global problem of drug trafficking and abuse.
Establishment - 1935
Headquarters - Gwalior, Madhya Pradesh
3. Food Conclave-2023 in Hyderabad
Tags: National News
The two-day 'Food Conclave-2023' will be organized on April 28 and 29 in Hyderabad, Telangana.
An Overview of the News:
- The objective of the Food Conclave is to identify the main challenges and opportunities for the development of the Indian agri-food sector in the current decade.
- The event will consist of five thematic tracks covering various aspects of the agri-food sector.
- The main focus areas will be agriculture (green), edible oils (yellow), dairy (white), meat and poultry (pink), and aquaculture (blue).
Partner organizations of the event:
- The Government of Telangana is collaborating with several organizations to organize this session.
- The World Economic Forum-India, Indian Vegetable Oil Producers Association, Indian Dairy Association, Heifer International and Society of Aquaculture Professionals along with the Government of Telangana are involved in the event.
Telangana:
- Capital: Hyderabad
- Governor: Tamilisai Soundararajan
- Chief Minister: K Chandrasekhar Rao
4. Ministry of Electronics & IT organized 35th CISO Deep Dive Training Program
Tags: National News
The event is being organized by the National e-Governance Division under its Capacity Building Scheme of the Ministry of Electronics & IT, with 22 participants from Central Ministries and States/UTs.
An Overview of the News:
- It is being organized at the 35th Chief Information Security Officers (CSIO) Intensive Training Program at the School of Planning and Architecture in Vijayawada, Andhra Pradesh from April 10-14, 2023.
Objective:
- To spread awareness about cyber-crime and ensure adequate security measures to tackle the growing menace.
- For this, the Cyber Secure India programme, an initiative of the Ministry of Electronics and IT with the mission of building the capacity of CISOs and frontline IT officers in all government departments, was envisaged.
5-Day Intensive Training for CISOs:
- A 5-day intensive training program has been designed for CISOs of Public Sector Banks and Insurance Companies, technical wings of police and security forces, CTOs and members of technical/PMU teams, subordinate agencies/PSUs.
- The objective of this training is to educate and enable CISOs in particular to understand cyber attacks comprehensively and thoroughly, gain necessary hands-on experience about the latest technologies in security and create an empowered e-commerce ecosystem for individual organizations and citizens at large. To deliver the benefits of infrastructure.
- Launched in the year 2018, CISO Training is a first of its kind partnership between the government and an industry association under the Public Private Partnership (PPP) model.
5. Aam Aadmi Party got the status of national party
Tags: National News
The Election Commission of India has granted national party status to the Aam Aadmi Party (AAP) on 10 April 2023.
An Overview of the News:
- Along with this, the Election Commission of India has withdrawn the status of being a national party from many political parties. While many political parties were given the status of state level party.
National party status back:
- The Election Commission has withdrawn the national party status of Sharad Pawar's party NCP, CPI and Trinamool Congress (TMC).
- In Uttar Pradesh, the Rashtriya Lok Dal (RLD) has also been withdrawn as a state party.
Recognition received as a state level party:
- Revolutionary Socialist Party (West Bengal).
- Voice of the People's Party (Meghalaya).
- Lok Janshakti Party (Ram Vilas) (Nagaland).
- Tipra Motha Party (Tripura).
- BRS (Andhra Pradesh).
Right now there are only six national parties in the country:
- Indian National Congress (INC)
- Communist Party of India (Marxist) (CPI-M)
- Bharatiya Janata Party (BJP)
- Bahujan Samaj Party (BSP)
- National People's Party (NPP)
- Aam Aadmi Party (AAP)
Conditions to be recognized as a National Party:
- According to the Handbook of Political Parties and Election Symbols, 2019 of the Election Commission of India, a political party is considered a national party if:
- It is 'recognised' as a state party in four or more states; Or
- Get 6% of the total valid votes from 4 different states in the Lok Sabha or State Legislative Assemblies elections and additionally win 4 Lok Sabha seats. Or
- If it has won at least 2% of the total seats in the Lok Sabha from at least 3 states.
Conditions for recognition as a State Party:
- A party is recognized as a state party in a state if:
- It polls 6% of the valid votes polled in the state in the general election to the respective state legislative assembly and also it wins 2 seats in the same state legislative assembly.
- If it gets 6% of the total valid votes in the state in the general election to the Lok Sabha and also it wins 1 seat in the Lok Sabha from the same state.
- If it wins 3% of the seats in the Legislative Assembly or 3 seats in the Legislative Assembly (whichever is higher) in the general election to the Legislative Assembly of the concerned State.
- If it wins 1 seat in the Lok Sabha for every 25 seats allotted to the State or any part thereof in the general election to the Lok Sabha from the State concerned.
- If it secures 8% of the total valid votes polled in the State in a general election to the Lok Sabha for the State or State Legislative Assembly.
Aam Aadmi Party:
- Currently Aam Aadmi Party has government in two states:
- Union Territory and National Capital Delhi in February 2020 as well.
- The party formed the government with absolute majority in the 2022 assembly elections in Punjab.
- In the same year, the Aam Aadmi Party made its mayor for the first time in the Delhi MCD.
6. PM Modi launches Big Cat Alliance for conservation of seven cats
Tags: National News
On April 9, 2023, Prime Minister Narendra Modi launched the International Big Cats Alliance (IBCA) in Karnataka.
An Overview of the News
- IBCA focuses on the conservation of seven species of big cats, including tigers, lions, leopards, cheetahs, jaguars, snow leopards, and clouded leopards.
- The alliance seeks to bring together countries, conservationists and experts from around the world to collaborate on conservation efforts for these seven big cat species.
- The purpose of the alliance is to facilitate collaboration between governments, NGOs and the private sector to create sustainable solutions for conservation.
- The introduction of the IBCA is an important step towards the conservation of these magnificent animals, as their populations face unprecedented threats from habitat loss, poaching and human-animal conflicts.
About Karnataka
- It is a state in southwest India and is bordered by Maharashtra to the north, Goa to the northwest, Andhra Pradesh to the east, Tamil Nadu to the southeast, and Kerala to the southwest.
- The state has a varied landscape, with the Arabian Sea to its west and the Western Ghats to its east.
- Bengaluru, the capital of Karnataka, is known as the "Silicon Valley of India" and is a major centre of technology and innovation.
- Hampi, located in northern Karnataka, was once the capital of the Vijayanagara Empire and is now a UNESCO World Heritage Site.
- Destinations in Karnataka include the hill station of Coorg, the beach town of Gokarna and the historic city of Bijapur.
- Kannada is the official language of Karnataka, although English and Hindi are also widely spoken.
Chief Minister - Basavaraj Bommai
Governor - Thawar Chand Gehlot
Official Animal - Indian Elephant
Official Bird - Indian Roller
Official Dance - Yakshagana
Official Song - Jaya Bharat Jananiya Tanujate
7. Joint Military Exercise ‘Ex KAVACH’ concludes at Andaman and Nicobar Command
Tags: Defence National News
The Andaman and Nicobar Command (ANC) conducted a large-scale joint military exercise 'X Kavach' involving assets of the Army, Navy, Air Force and Coast Guard.
An overview of the news
Commencing on 23 February 2023, the exercise concluded on 7 April 2023.
The exercise was aimed at fine-tuning joint combat capabilities and Standard Operating Procedures (SOPs) and enhancing interoperability and operational synergy between the armies.
Army's 'Shatrujit Brigade', Armed Forces Special Operations Division (AFSOD), Navy's Special Forces and ANC's amphibious troops carried out an exercise at a remote island in the Andaman and Nicobar Islands.
The exercise featured multi-domain exercises involving amphibious landings, airborne operations, heliborne operations and rapid entry of special forces off the coast.
'X Kavach' showcased the capabilities and preparedness of the Armed Forces to safeguard India's maritime interests and ensure the security of the Andaman and Nicobar Islands.
8. President of India takes a historic sortie in a Sukhoi 30 MKI fighter aircraft
Tags: Defence National News
The President of India, Droupadi Murmu took a historic sortie in a Sukhoi 30 MKI fighter aircraft at the Tezpur Air Force Station in Assam on April 8, 2023.
An overview of the news
The President, who is the Supreme Commander of the Indian Armed Forces, flew for about 30 minutes.
The aircraft was flown by Group Captain Naveen Kumar, Commanding Officer of 106 Squadron.
The aircraft flew at an altitude of about two kilometers above sea level and at a speed of about 800 kilometers per hour.
The President's flight in the Sukhoi 30 MKI fighter aircraft is a part of his efforts to engage with the armed forces as the Supreme Commander of the Indian Armed Forces.
Country's second President to fly in fighter jet
President Draupadi Murmu is the second President of the country to fly in Sukhoi MKI 30 fighter jet and the fourth President of the country to fly in a fighter aircraft.
Earlier, former President Dr. APJ Abdul Kalam, Pratibha Patil and Ramnath Kovind have flown in Indian Air Force fighter aircraft.
Before President Draupadi Murmu, country's first woman President Pratibha Patil flew in Sukhoi in 2009.
Sukhoi 30 MKI fighter aircraft
It is a two-seat multirole fighter aircraft.
It is developed by Russian company Sukhoi and manufactured under license by India's Hindustan Aeronautics Limited (HAL).
Range – 3000 Km
9. Finance Minister Nirmala Sitharaman to attend the Spring Annual Meetings of IMF- World Bank
Tags: Economy/Finance International News
Finance Minister Nirmala Sitharaman is on a visit to the USA to attend the Spring Annual Meetings of the International Monetary Fund (IMF) - World Bank.
An overview of the news
Finance ministers and central bankers from around the world will participate in the meeting.
The meeting is scheduled to take place from April 9 at the IMF headquarters in Washington DC.
On the sidelines of the Spring Annual Meetings, Sitharaman will hold bilateral talks with her respective counterparts from G20 countries and heads of other delegations.
Sitharaman and Reserve Bank of India Governor Shaktikanta Das will jointly chair the 2nd G20 Finance Ministers and Central Bank Governors, FMCBG meeting on April 12.
About 350 delegates from G20 members, 13 invited countries and various international and regional organizations will participate in the meeting.
They will engage in multilateral discussions centered around a broad spectrum of global issues.
Agenda of the meeting
The focus will be on addressing food and energy insecurity, managing global debt vulnerabilities, strengthening multilateral development banks, mobilizing finance for climate action, and accelerating progress on international tax and financial sector issues.
About the Meeting
Spring Meetings will be held on April 14 - 16, 2023 at Washington, D.C.
The World Bank Group (WBG) plays a key role in the global effort to end extreme poverty and promote shared prosperity.
Towards achieving these goals the organization is organizing this meeting.
This meeting is the primary opportunity to raise awareness and participation on these topics and to advance the agenda on key issues.
10. Govt approves Kirit Parikh panel recommendations on natural gas pricing
Tags: Economy/Finance National News
The government on April 7 fixed natural gas price at $7.92 per MMBTU (million British thermal units) for the rest of April under the new pricing formula suggested by the Kirit Parekh Committee.
An overview of the news
However, the final rates for consumers have been capped at $6.5 per MMBTU.
The Petroleum Planning and Analysis Cell (PPAC) of the oil ministry said in the order that the price of natural gas for April 8 to April 30 would be $7.92 per million British thermal units.
This price has been fixed on the basis of 10 per cent of the average cost of imported crude oil.
The Union Cabinet, while changing the pricing formula, capped the rates for consumers at $6.5 per MMBTU. This limit will be applicable for two years till March 31, 2025.
“The price for gas produced by ONGC/OIL from their old fields shall be subject to a ceiling of $6.5 per MMBTU,” the order said.
The government has approved a floor price of $4 per MMBTU for the next two years to cover the cost of gas production for state-owned firms ONGC Ltd and OIL Ltd.
The new rates will bring down the prices of CNG and compressed natural gas (CNG) transported through pipelines and used in various industries including auto fuel and petrochemicals and fertilizer sector, by up to 10 per cent.
