1. 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.
2. 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.
3. 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.
4. 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
5. 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.
6. Aditya Birla Health Insurance partners with UCO Bank
Tags: Economy/Finance National News
Aditya Birla Health Insurance Company Limited (ABHICL) has entered into a partnership with UCO Bank to distribute health insurance products through the bank's branches across India.
An Overview of the News
UCO Bank's network of 3164 branches and over 40 million customers will allow ABHICL to expand its national footprint.
Through the partnership, UCO Bank's customers and employees will have access to ABHICL's health-first insurance solutions, including incentive wellness benefits and chronic management programs.
ABHICL now has 17 Bancassurance Partners with over 80,000 Direct Selling Agents across India.
CEO of UCO Bank - Soma Shankar Prasad
CEO of Aditya Birla Health Insurance - Mayank Bathwal
About Aditya Birla Health Insurance Company Limited (ABHICL)
It is an Indian health insurance company that offers a range of health insurance products to individuals, families and corporations.
It is a subsidiary of Aditya Birla Capital Limited, one of the largest conglomerates in India.
ABHICL has tie-ups with over 5,500 network hospitals across India, providing customers easy access to cashless medical treatment.
Additionally, ABHICL offers wellness programs to help customers maintain a healthy lifestyle.
7. IMF approves 15.6 billion dollar support package for Ukraine
Tags: Economy/Finance International News
The International Monetary Fund (IMF) has approved a $15.6 billion support package to aid the economic recovery of conflict-torn country Ukraine.
An overview of the news
The Russian invasion has devastated Ukraine's economy, causing economic activity to shrink by about 30 percent last year, according to the IMF.
War has destroyed capital stock and promoted poverty.
The 48-month Extended Fund Facility program approved by the Fund's Board amounts to approximately $15.6 billion.
It is part of the IMF's $115 billion total support package, which includes debt relief, grants, and loans by multilateral and bilateral institutions.
If the current conflict were to continue into 2025, it would raise Ukraine's financial needs from $115 billion to around $140 billion, said the IMF.
About Ukraine
Ukraine, a country located in Eastern Europe, is the second largest country in the continent after Russia.
Its capital is Kiev, located on the Dnieper River in north-central Ukraine.
Prime Minister: Denys Shmyhal
President: Volodymyr Zelensky
Capital: Kyiv
Official Language : Ukrainian
Currency : Rryvnya (UAH)
About International Monetary Fund (IMF)
It is an international organization that promotes global economic growth and financial stability, encourages international trade, and reduces poverty.
It was established in 1944 in the aftermath of the Great Depression of the 1930s.
It is an organization of 190 member countries.
It is governed by and accountable to 190 countries.
India became its member in December 1945.
The IMF's resources come mainly from money that countries pay in as their capital subscriptions (quotas) when they become members.
The International Monetary Fund’s executive board comprises 24 members.
Managing Director - Kristalina Georgieva (Bulgaria)
Headquarter (HQ) - Washington, D.C., US
8. India's first quantum computing based telecom network link activated
Tags: Science and Technology National News
The first quantum computing-based telecom network link has been activated in India and is located between Sanchar Bhawan and National Informatics Center (NIC) office at CGO Complex in New Delhi.
An Overview of the News
Telecom Network Link provides quantum secure communications, making it highly resistant to hacking attempts and cyber threats.
Telecom Minister Ashwini Vaishnav inaugurated a small exhibition of quantum computing firms, inviting them to run pilot projects for communication networks and the Indian Railways.
Using quantum computing, the telecommunications sector will benefit from faster and more secure communications, which can lead to improved network reliability and better user experiences.
About Quantum Computing
It uses qubits instead of classical bits to perform calculations, enabling it to perform calculations much faster than classical computers.
Quantum computers use quantum-mechanical phenomena such as superposition and complexity to perform calculations.
Potential applications of quantum computing include such revolutionary fields as cryptography, chemistry and materials science.
Challenges facing quantum computing include the issue of qubit decoherence and the high cost of building and maintaining quantum computers.
9. Defense Ministry signs Rs 1700 crore contract with BrahMos Aerospace
Tags: Defence National News
On March 30, 2023 The Defense Ministry signed a Rs 1,700 crore contract with BrahMos Aerospace Pvt Ltd (BAPL) for the procurement of next generation marine mobile coastal batteries and BrahMos missiles.
An Overview of the News
The systems will be armed with supersonic BrahMos missiles, which are known for their speed and accuracy.
The deliveries of these batteries are scheduled to begin in 2027, indicating that the Ministry of Defense is making long-term plans to strengthen its military capabilities.
BAPL is a joint venture between India and Russia, highlighting the collaborative efforts of both countries in advancing defence technology.
About BrahMos Missile
BrahMos missiles are medium-range ramjet supersonic cruise missiles that can be launched from submarines, ships, aircrafts or land. These missiles are capable of travelling at a speed of Mach 2.8 and can carry conventional or nuclear warheads.
Its first successful launch took place on June 12, 2001. The missile has undergone several successful tests and is considered one of the most reliable missiles in the world.
It is named after two rivers, the Brahmaputra of India and the Moskva of Russia, symbolising the cooperation between the two countries in developing this technology.
In 2016, India became a member of the Missile Technology Control Regime (MTCR), which aims to prevent the proliferation of missiles capable of carrying weapons of mass destruction. India's entry into MTCR made it easier for India to export BrahMos missiles to other countries which are members of MTCR.
10. UK signs deal to join trade pact with 11 Asia and Pacific nations
Tags: International News
Britain has signed a deal to join a trade deal with 11 Asia and Pacific countries on 31 March 2023, three years after officially leaving the European Union.
An overview of the news
According to the government's own estimates, joining the bloc would increase the size of the UK economy by only 0.08 per cent.
The trade area covers a market of around 500 million people.
The UK said it is the country's biggest post-Brexit trade deal and is the first European country to join the CPTPP since it came into force in 2018.
The agreement is expected to be formally signed by the end of this year following approval by Parliament and 11 member states.
The deal would cut tariffs on exports of food, drink and cars, and provide access to a market of some 500 million people.
The UK will be worth 15% of global GDP once it joins the trade bloc.
About Comprehensive and Progressive Agreement for Trans-Pacific Partnership ( CPTPP)
It was established in 2018.
It includes 11 countries - Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
Membership of the CPTPP lowers restrictions on trade between members and also lowers customs duties on goods.
