1. MOIL Limited records 2nd highest Production since inception in FY’23
Tags: Economy/Finance National News
MOIL Limited has registered its second highest production since inception with production of 13.02 lakh tonnes of manganese (Mn) ore in the financial year 2022-23, registering a growth of 6% over the previous year.
An overview of the news
The company has also achieved a capital expenditure of Rs 245 crore in FY23, which is 14% higher than FY2021-22.
MOIL has achieved the best ever exploratory core drilling of 41,762 meters in FY23, which is 2.7 times the average exploration achieved in the last 5 years.
The sales turnover of electrolytic manganese dioxide (EMD) reached a new high, more than 2 times that of the previous year.
EMD is a 100% import substitution product, mostly used for manufacturing of pharmaceuticals and batteries.
About MOIL
MOIL is a Schedule “A” Miniratna Category-I Company under the Union Ministry of Steel.
It was originally incorporated as Manganese Ore (India) Limited in 1962 and its name was changed to MOIL Limited during 2010-11.
The company operates 11 manganese ore mines in India. It has 7 mines located in the Nagpur and Bhandara districts of Maharashtra and four in the Balaghat district of Madhya Pradesh.
At present the Government of India owns 53.35% shares in the company, Government of Maharashtra (5.96%), Government of Madhya Pradesh (5.38%) and Public (35.31%).
Headquarter: Nagpur, Maharashtra
CMD MOIL Limited : Ajit Kumar Saxena
2. PM Modi inaugurated CBI’s diamond jubilee celebrations
Tags: National National News
Prime Minister Narendra Modi inaugurated the Diamond Jubilee Celebrations of the Central Bureau of Investigation (CBI) on 3rd April at Vigyan Bhawan, New Delhi.
An overview of the news
A investiture ceremony was also held for the recipients of the President's Police Medal for Distinguished Service and the Gold Medal for Best Investigating Officers of the CBI.
During the ceremony, PM Modi presented medals to all the awardees.
The PM also inaugurated the newly constructed office complexes of the CBI in Shillong, Pune and Nagpur.
He released a postage stamp and a commemorative coin marking the diamond jubilee celebration year of the CBI.
He also launched the agency’s Twitter handle.
Central Bureau of Investigation (CBI)
The Central Bureau of Investigation (CBI) was set up in 1963 by a resolution of the Ministry of Home Affairs.
It is the premier investigating police agency in India.
It is not a statutory body but it is empowered to investigate under the Delhi Special Police Establishment Act, 1946.
The establishment of the CBI was recommended by the Santhanam Committee (1962–1964).
Headquarter - New Delhi
It works under the Ministry of Personnel, Pension & Public Grievances, Government of India.
The Ministry comes under the direct purview of the Prime Minister’s Office.
The Motto of CBI is - Industry, Impartiality, Integrity.
The CBI is headed by a Director, who is responsible for the overall management and functioning of the agency.
Director General - Subodh Kumar Jaiswal
3. US Senate confirms Indian-American Richard Verma to top State Department post
Tags: Person in news International News
The United States Senate on March 30 confirmed the appointment of Indian American Richard Verma as Deputy Secretary of State, Management and Resources.
An overview of the news
This position is normally seen as the CEO of the powerful State Department in the US Government.
Richard Verma served as the US Ambassador to India from January 2015 to January 2017 and is currently the Chief Legal Officer and Head of Global Public Policy at MasterCard.
He also served as Assistant Secretary of State for Legislative Affairs during the Obama administration.
Prior to this he was National Security Advisor to United States Senator Harry Reid.
Verma has also served as Vice Chairman of The Asia Group, Partner and Senior Counselor at Steptoe and Johnson LLP, and Senior Counselor at the Albright Stonebridge Group.
Verma holds a BS degree from Lehigh University, an LLM with distinction from Georgetown University Law Center, and a PhD from Georgetown University.
He was appointed to the President's Intelligence Advisory Board and he is a former member of the Weapons of Mass Destruction and Terrorism Commission.
4. ISRO successfully conducts landing experiment of the Reusable Launch Vehicle
Tags: Science and Technology National News
The Indian Space Research Organisation (ISRO) on 2 April successfully conducted the Reusable Launch Vehicle Autonomous Landing Mission (RLV LEX).
An overview of the news
The test was conducted at the Aeronautical Test Range (ATR), Chitradurga, Karnataka.
A Chinook Helicopter of the Indian Air Force carried the launch vehicle to a height of 4.5 kms and released it in mid-air.
The RLV took off at 7.10 am and landed at the ATR airstrip at 7.40 am.
It is noteworthy that the rocket can be launched again with the help of a reusable launch vehicle.
This has successfully achieved the autonomous precise landing of the Space vehicle.
ISRO had developed the navigation system, instrumentation and sensors on its own.
With this successful test, the dream of developing a reusable spacecraft in India can become a reality.
Indian Space Research Organization (ISRO)
It was established on 15 August 1969.
It is the national space agency of India. It launches its space rocket from Satish Dhawan Space Center in Sriharikota, Andhra Pradesh.
Headquarters: Bengaluru
Chairman: S Somnath
5. Georgia became first American state to pass resolution condemning Hinduphobia
Tags: International News
The Assembly of the US state of Georgia has passed a resolution condemning Hinduphobia (Prejudice towards Hinduism). Georgia has become the first US state to implement such a legal measure.
An overview of the news
The resolution condemns Hinduphobia and anti-Hindu bigotry and states that 'Hinduism is the world's largest and oldest religion' and 1.2 billion people in more than 100 countries of the world follow this religion.
The resolution said that this religion incorporates diverse traditions and faith with values of acceptance, mutual respect and peace.
The resolution states that the American-Hindu community has been a major contributor to fields as diverse as medicine, science and engineering, information technology, hospitality, finance, education, manufacturing, energy and retail.
The proposal was introduced by Representatives Lauren McDonald and Todd Jones from Atlanta's Forsyth County.
A large number of Hindu and Indian-American communities live in Atlanta.
The resolution also states that the contribution of the Hindu community in the fields of yoga, Ayurveda, meditation, food, music and art has enriched the cultural fabric.
What is Hinduphobia?
Hinduphobia is a set of hostile, destructive and derogatory attitudes towards Hinduism and Hindus that may manifest as prejudice, fear or hatred.
It is true that Hindu Americans have faced discrimination across America.
About Georgia
Prime Minister - Irakli Garibashvili
President - Salome Zurabishvili
Capital -Tbilisi
Currency - Georgian lari (GEL)
6. PM Modi addresses joint commanders' conference in Bhopal
Tags: Defence Summits National News
Prime Minister Narendra Modi attended the Joint Commanders' conference of the three services which is being held at Kushabhau Thackeray International Convention Center in Bhopal.
An overview of the news
The theme of the conference is 'Ready, Resurgent, Relevant'.
Commanders of the three services and senior officials of the Ministry of Defense are participating in the conference.
The focus of the conference is to advance the theater command structure for national security, enhance coordination among the three services and work together in the future.
Apart from this, the strategy of security forces in the event of war, self-reliance in defense matters and defense ecosystem are also being discussed in the conference.
The conference was attended by top commanders of the three services including CDS General Anil Chauhan, Army Chief General Manoj Pandey, Air Chief Marshal VR Chaudhary and Navy Chief Admiral R Hari Kumar.
7. India’s Defence exports touch all-time high of 15 thousand 920 crore rupees
Tags: Economy/Finance Defence National News
Defence Minister Rajnath Singh on April 1 said that India’s defence exports have reached an all-time high of 15 thousand 920 crore rupees in Financial Year 2022-2023.
An overview of the news
India exported military hardware worth Rs 8,434 crore in 2020-21, Rs 9,115 crore in 2019-20 and Rs 10,745 crore in 2018-19.
The amount was Rs 4,682 crore in 2017-18 and Rs 1,521 crore in 2016-17.
The government has set a target of manufacturing defense hardware worth Rs 1,75,000 crore and taking defense exports to Rs 35,000 crore by 2024-25.
In recent years, the government has implemented various measures to promote domestic defense production.
Steps taken by the Government to boost defence 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 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.
8. PM flag off Bhopal-New Delhi Vande Bharat Express at Rani Kamlapati Railway Station
Tags: National News
On April 1, Prime Minister Narendra Modi flagged off the Vande Bharat Express train between Bhopal and New Delhi from Rani Kamalapati Railway Station in Bhopal.
An overview of the news
The new train being introduced between Rani Kamalapati Railway Station, Madhya Pradesh and Hazrat Nizamuddin Railway Station in Delhi will be the 11th Vande Bharat train of the country.
This indigenously designed train is equipped with state-of-the-art passenger amenities.
The Vande Bharat train between Madhya Pradesh and New Delhi will cover the distance of 701 km in seven hours and 30 minutes and will run on all days except Saturdays.
It will stop at Veerangana Laxmibai Jhansi, Gwalior and Agra.
The train is equipped with advanced state-of-the-art safety features including Collision Avoidance System - Kavach.
Each coach is fitted with CCTV cameras and passengers can talk to the drivers in case of emergency.
The executive coaches of the train have been equipped with 180-degree swivel seats.
About Vande Bharat Express Train
The first Vande Bharat Express was launched by Prime Minister Narendra Modi on 15 February 2019.
These trains have a self-propelled engine which can save diesel and reduce electricity usage by up to 30%.
The first Vande Bharat Express was manufactured by Integral Coach Factory (ICF), Chennai.
It was manufactured under the ‘Make in India’ programme, at a cost of about Rs 100 crore.
These trains can achieve a maximum speed of 160 kmph.
In the Union Budget for 2022-2023 the government has proposed the development and manufacture of 400 new Vande Bharat trains in the next three years.
9. Finland became the 31st member of NATO
Tags: International News
Finland has become the 31st member of the North Atlantic Treaty Organization (NATO) and Turkey's unanimous vote played a key role in Finland's acceptance as a NATO member.
An Overview of the News
Finland shares a border of more than 1,300 kilometres with Russia, and their decision to join NATO was based on security concerns following Russia's invasion of Ukraine in 2022.
Sweden's application to join NATO has been rejected by Turkey and Hungary.
With the accession of Finland, NATO now includes countries in most of Europe and North America.
About NATO
North Atlantic Treaty Organization(NATO), is a military alliance between North American and European countries formed in 1949 and headquartered in Brussels, Belgium.
It was created during the Cold War as a defence pact to prevent Soviet expansion and protect member states from possible aggression.
The founding members of NATO were the United States, Canada, and ten European countries, including Belgium, Denmark, France, Iceland, Italy, Luxembourg, the Netherlands, Norway, Portugal, and the United Kingdom.
NATO Secretary General- Jens Stoltenberg
About Finland
Prime Minister- Sana Marin
Capital- Helsinki
Currency- Euro
10. Axis Bank and Shriram Housing Finance partner for co-lending
Tags: Economy/Finance National News
Axis Bank and Shriram Housing Finance Limited (SHFL) entered into a strategic partnership through the Yubi Co.Lend platform under the co-lending model.
An Overview of the News
The partnership aims to address the needs of unorganized sector customers, including self-employed or salaried borrowers, who have limited access to credit due to lack of sufficient income proof.
The partnership will provide secured MSME loans and home loans to middle and low-income group borrowers in rural and semi-urban areas.
The collaboration between Axis Bank and SHFL will address the credit gap faced by MSME and home loan borrowers by using their wide customer reach and rigorous credit underwriting and appraisal tools.
This partnership is in line with Axis Bank's India Banking mission of financial inclusion in rural and semi-urban areas in a seamless digital manner.
About Shriram Housing Finance Limited (SHFL)
It is a subsidiary of Shriram City Union Finance Limited (SCUF) and was established in 2011. It is registered with National Housing Bank (NHB) and provides housing finance solutions to individuals, groups and corporate entities.
The company primarily focuses on catering to the needs of the Economically Weaker Sections (EWS) and Low Income Groups (LIG) of the society. It also caters to the needs of the middle-income group (MIG) and self-employed individuals.
As on December 31, 2022, the company had 2,901 branches across 19 states and 1 union territory.
It has been ranked 8th in the Great Place to Work® Institute's Best Workplaces for BFSI 2020 list.
