1. Union govt approves Indian Space Policy 2023 to enhance role of Department of Space
Tags: National Science and Technology National News
The Union government has approved the Indian Space Policy 2023 on 6th April.
An overview of the news
The Union Cabinet also approved the revised domestic gas pricing guidelines.
Information and Broadcasting Minister Anurag Singh Thakur said, the price of natural gas should be 10 percent of the monthly average of the Indian crude basket.
This step has been taken to ensure stable pricing in the regime and to provide adequate protection to the producers from adverse market movements.
This would provide an incentive to increase production.
Indian Space Policy 2023
Its aim is to boost the country's space department's role and give a larger participation to research, academia, startups, and industry.
The policy sets out the roles and responsibilities of the Indian Space Research Organization (ISRO) and private sector entities.
The policy will enhance the role of India's Department of Space, promote research, education, start-ups and industry.
The policy is expected to provide a framework for the country's space sector for the next decade.
Within 3 years, the number of startups has reached 150 in ISRO.
India's progress in the field of space exploration
India has been making significant progress in the field of space exploration in recent years, with the successful launch of the Chandrayaan-2 mission and the development of the Gaganyaan mission, which aims to send astronauts into space.
The country is also working on developing its own satellite navigation system, the Indian Regional Navigation Satellite System (IRNSS).
2. Union govt approves Indian Space Policy 2023 to enhance role of Department of Space
Tags: National Science and Technology National News
The Union government has approved the Indian Space Policy 2023 on 6th April.
An overview of the news
The Union Cabinet also approved the revised domestic gas pricing guidelines.
Information and Broadcasting Minister Anurag Singh Thakur said, the price of natural gas should be 10 percent of the monthly average of the Indian crude basket.
This step has been taken to ensure stable pricing in the regime and to provide adequate protection to the producers from adverse market movements.
This would provide an incentive to increase production.
Indian Space Policy 2023
Its aim is to boost the country's space department's role and give a larger participation to research, academia, startups, and industry.
The policy sets out the roles and responsibilities of the Indian Space Research Organization (ISRO) and private sector entities.
The policy will enhance the role of India's Department of Space, promote research, education, start-ups and industry.
The policy is expected to provide a framework for the country's space sector for the next decade.
Within 3 years, the number of startups has reached 150 in ISRO.
India's progress in the field of space exploration
India has been making significant progress in the field of space exploration in recent years, with the successful launch of the Chandrayaan-2 mission and the development of the Gaganyaan mission, which aims to send astronauts into space.
The country is also working on developing its own satellite navigation system, the Indian Regional Navigation Satellite System (IRNSS).
3. Global trade expected to grow 1.7% in 2023: WTO
Tags: Economy/Finance International News
The world trade organization (WTO) on 5th April revised its global trade growth outlook for 2023 upwards to 1.7% from last October’s estimate of 1%.
An overview of the news
The World Trade Organization said in its forecast that trade growth for 2024 is expected to be 3.2 percent.
However, the WTO said the forecast is highly uncertain and at a downside risk given the impact of ongoing global tensions, food supply problems and monetary policy tightening.
Global trade growth in 2023 is still projected to be low, despite a slight increase in gross domestic product (GDP) estimates since last fall.
Global commodity trade volumes are expected to grow by 1.7 percent this year, following a 2.7 percent increase in 2022, given the effects of the war in Ukraine, continuing high inflation, tight monetary policy and uncertainty in financial markets.
World Trade Organisation (WTO)
It was set up on 1st January 1995 replacing the General Agreement on Tariff and Trade (GATT).
Its main purpose is to promote rule based trading systems in the world and it also settles trade related disputes between the member countries.
The headquarters of WTO is in Geneva, Switzerland.
There are 164 member countries.
Director General of WTO : Dr Ngozi -Okonjo-Iweala of Nigeria
Report released by WTO : World Trade Report
4. Indian-American physician honoured with young urologist of the year award
Tags: Awards International News
Dr. Nitya Abraham, an Indian-American physician and professor, has been honored with the Young Urologist of the Year Award by the American Urological Association (AUA).
An overview of the news
She is an Associate Professor at Albert Einstein College of Medicine and Program Director for the Montefiore Urology residency programme.
Abraham has been chosen from the New York region for her accomplishments and contributions.
Abraham has done remarkable work for countless students, residents, fellows and junior faculty in the New York area and at his institution.
She is serving as the Chair of the Executive Curriculum Committee for the Albert Einstein College of Medicine.
She is a member of the Society for Urodynamics, Female Pelvic Medicine, and Urogenital Reconstruction (SUFU) Young Urologists Committee and Social Media Committee.
The award committee described her as a prolific researcher with clinical research on the impact of social determinants of pelvic floor health.
Young Urologist of the Year Award
The American Urological Association recognizes the hard work of young urologists across the country.
The award was established by Dr. Michael C. Ost, 2012-2013 AUA Young Urologist Committee (YUC) Chair.
The Young Urologist of the Year Award is presented annually to early-career members of the AUA for their progress in their field and commitment to furthering their efforts.
5. Monetary Policy Committee maintains Repo rate at 6.5 percent
Tags: Economy/Finance National News
The six-member Monetary Policy Committee, headed by RBI Governor Shaktikanta Das, announced the status quo on policy rates on 6 April.
An overview of the news
The Reserve Bank of India announced its bi-monthly monetary policy and kept the repo rate unchanged at 6.50 per cent.
In the MPC meeting held in February, the repo rate was increased by 0.25 percent to 6.50 percent.
At that time, RBI had said that the key policy rate had been increased by 0.25 per cent to keep retail inflation under control and maintain a high growth rate.
The Standing Deposit Facility (SDF) rate will remain unchanged at 6.25 per cent and the Marginal Standing Facility (MSF) rate and the Bank Rate at 6.75 per cent.
In the financial year 2023, there has been an increase of 6 percent in the production of food grains in the country.
According to RBI, there is an estimate of reduction in inflation in the financial year 2024.
GDP growth in FY2024 could be 6.5%. The current account deficit stood at 2.7% of GDP in the October-December quarter of FY23.
What is the repo rate?
Repo rate is the rate at which the central bank of a country (RBI in India's case) lends money to commercial banks when they are short of funds. Here the central bank buys securities.
What is the Monetary Policy Committee?
Under Section 45ZB of the amended RBI Act 1934, the Central government is empowered to constitute a six-member Monetary Policy Committee (MPC) to determine the policy interest rate required to achieve the inflation target.
The first such MPC was constituted on September 29, 2016.
As per the RBI Act, the MPC must meet a minimum of four times in a year.
The next meeting of the Monetary Policy Committee will be held from 6 to 8 June 2023.
6. DigiPortfolio launched by DBS Bank India
Tags: Economy/Finance National News
DBS Bank India has launched a new investment solution called ‘digiPortfolio’, which uses technology and human expertise to provide customised investment options for investors.
An Overview of the News
The platform is available on the bank’s digibank platform and offers a one-stop solution for investors to put money into ready-made baskets of mutual funds, with diverse portfolios to cater to different investor risk profiles.
The investment options on the platform are chosen and made up of mutual funds that have been carefully selected by Morningstar, which has over 37 years of industry research experience, ensuring that portfolios are regularly adjusted to offer the best possible returns.
The digiPortfolio platform is run by Quantifeed, making it automated and easy to use, with two plans starting at a minimum investment of ₹10,000 and ₹50,000, offering portfolio construction, monitoring, and rebalancing services powered by Morningstar.
DBS Bank India aims to simplify the investment process, bridge the knowledge gap and help balance growth and safety while making investment decisions, hoping that through digiPortfolio, many of its customers will be more confident about participating in the Indian capital markets.
About DBS Bank
Its full document The Bank of Singapore Limited and The Bank Limited is a Singapore multinational banking and financial services corporation based in Marina Bay, Singapore.
The organisation was formerly known as the Development Bank of Singapore Limited before its current name was introduced on 21 July 2003 to represent its credit status as a leading bank.
The banks were established on 16 July 1968 by the Government of Singapore from the Economic Development Board to carry out business activities.
7. Ministry of I&B inks partnership with Amazon India in field of media, entertainment, public awareness
Tags: National National News
Union Minister of Information and Broadcasting Anurag Thakur on 5th April announced a partnership between the Ministry of Information and Broadcasting and Amazon India in the field of media, entertainment and public awareness.
An overview of the news
This partnership will help strengthen industry-academia ties through scholarships, internships, masterclasses for students at the Film and Television Institute of India and Satyajit Ray Film and Television Institute of India.
This partnership will help in reducing the struggle period for talented artistes coming out of prestigious film institutes of India.
The partnership between the Ministry and Amazon will create opportunities for Indian talent at the national and international levels.
About the collaboration
The Letter of Engagement (LoE) leads to a multifaceted partnership between various organizations under the ministry and various verticals of Amazon.
This includes the National Film Development Corporation (NFDC), Prasar Bharati, the Department of Publications and media training institutes of the Film and Television Institute of India (FTII) and the Satyajit Ray Film and Television Institute (SRFTI) on behalf of the government.
Amazon
Established -1994
Headquarter - Seattle, United States
Areas Of Involvement - e-commerce, cloud computing, Kindle, retailing. Kindle Fire, Simple Storage Service
Founder - Jeff Bezos
8. Ministry of I&B inks partnership with Amazon India in field of media, entertainment, public awareness
Tags: National National News
Union Minister of Information and Broadcasting Anurag Thakur on 5th April announced a partnership between the Ministry of Information and Broadcasting and Amazon India in the field of media, entertainment and public awareness.
An overview of the news
This partnership will help strengthen industry-academia ties through scholarships, internships, masterclasses for students at the Film and Television Institute of India and Satyajit Ray Film and Television Institute of India.
This partnership will help in reducing the struggle period for talented artistes coming out of prestigious film institutes of India.
The partnership between the Ministry and Amazon will create opportunities for Indian talent at the national and international levels.
About the collaboration
The Letter of Engagement (LoE) leads to a multifaceted partnership between various organizations under the ministry and various verticals of Amazon.
This includes the National Film Development Corporation (NFDC), Prasar Bharati, the Department of Publications and media training institutes of the Film and Television Institute of India (FTII) and the Satyajit Ray Film and Television Institute (SRFTI) on behalf of the government.
Amazon
Established -1994
Headquarter - Seattle, United States
Areas Of Involvement - e-commerce, cloud computing, Kindle, retailing. Kindle Fire, Simple Storage Service
Founder - Jeff Bezos
9. India slams OIC for its ‘anti-India’ agenda
Tags: National National News
India on 4 April slammed the Organisation of Islamic Cooperation (OIC) for its “communal mindset” and “anti-India” agenda.
An overview of the news
India's strong reaction came after the OIC secretariat issued a statement alleging the targeting of the Muslim community during Ram Navami processions in several Indian states.
Earlier, India criticized the OIC for having a "communal mindset" amid the Karnataka hijab controversy.
About Organisation of Islamic Cooperation (OIC)
It is the second largest multilateral body in the world after the United Nations.
It was established by the First Islamic Summit held in Morocco in September 1969.
Its objective is to protect and safeguard the interests of the Muslim world in the spirit of promoting international peace and harmony.
Currently it has 57 member countries, all of them are Islamic countries or Muslim majority members.
Headquarter: Jeddah, Saudi Arabia
India, which has the third largest muslim population in the world after Indonesia and Pakistan, is not a member of OIC.
The 49th session of the Council of Foreign Ministers was held on 16 - 17 March 2023 in Nouakchott, Islamic Republic of Mauritania.
The 48th Council of Foreign Ministers meeting of the Organisation of Islamic Cooperation (OIC) was held in Islamabad, Pakistan on 22 -23 March 2022.
10. India slams OIC for its ‘anti-India’ agenda
Tags: National National News
India on 4 April slammed the Organisation of Islamic Cooperation (OIC) for its “communal mindset” and “anti-India” agenda.
An overview of the news
India's strong reaction came after the OIC secretariat issued a statement alleging the targeting of the Muslim community during Ram Navami processions in several Indian states.
Earlier, India criticized the OIC for having a "communal mindset" amid the Karnataka hijab controversy.
About Organisation of Islamic Cooperation (OIC)
It is the second largest multilateral body in the world after the United Nations.
It was established by the First Islamic Summit held in Morocco in September 1969.
Its objective is to protect and safeguard the interests of the Muslim world in the spirit of promoting international peace and harmony.
Currently it has 57 member countries, all of them are Islamic countries or Muslim majority members.
Headquarter: Jeddah, Saudi Arabia
India, which has the third largest muslim population in the world after Indonesia and Pakistan, is not a member of OIC.
The 49th session of the Council of Foreign Ministers was held on 16 - 17 March 2023 in Nouakchott, Islamic Republic of Mauritania.
The 48th Council of Foreign Ministers meeting of the Organisation of Islamic Cooperation (OIC) was held in Islamabad, Pakistan on 22 -23 March 2022.
