2nd meeting of G20 Finance Ministers and Central Bank Governors (FMCBG) under the Indian G20 Presidency
The second meeting of G20 Finance Ministers and Central Bank Governors (FMCBG) under the Indian G20 Presidency was held on 12-13 April 2023, on the margins of the 2023 Spring Meetings of the International Monetary Fund and the World Bank Group. Union Finance Minister Smt. Nirmala Sitharaman, the Governor of, the Reserve Bank of India (RBI), Shaktikanta Das jointly chaired the meeting. The meeting saw the participation of around 350 delegates from G20 members, 13 invitee countries, and various international and regional organizations. The meeting was organized in three sessions covering the Global Economy, International Financial Architecture, Sustainable Finance, Financial Sector, Financial Inclusion, and International Taxation. The goal of this FMCBG meeting was to deliberate on the progress made by the various workstreams of the G20 Finance Track on the deliverables that were tasked to them by the Ministers and Governors in the February G20 FMCBG Chair’s Summary and Outcome Document and to seek guidance on the way forward. During the session on Global Economy and International Financial Architecture, members discussed the key challenges to the global economic outlook, including the war in Ukraine, food and energy insecurity, climate change, and recent risks to financial stability. Members agreed that the G20 can contribute to building a common understanding on fostering a conducive environment for global economic recovery, and ensuring that the most vulnerable countries and sections of the population are adequately protected.
India Improved its Ranking by 6 Spots in Global Business Environment Rankings in 2023
India improved its ranking by six spots in the latest Business Environment Rankings (BER) globally, according to data released by the Economist Intelligence Unit (EIU). The upward shift is due to its improved score in parameters like technological readiness, political environment, and foreign investment among others. The BER measures the attractiveness of the business environment in 82 countries on a quarterly basis across 91 indicators.
Smt. Meenakshi Lekhi inaugurates Shanghai Cooperation Organisation (SCO) Young Authors’ Conference in New Delhi
Minister of State for Culture & External Affairs, Smt. Meenakashi Lekhi inaugurated the Shanghai Cooperation Organisation (SCO) Young Authors’ Conference today, in the presence of Prof. Govind Prasad Sharma Chairman, National Book Trust India, Smt. Saumya Gupta IAS, Joint Secretary, Ministry of Education, and Shri Yuvraj Malik Director, National Book Trust India. The Conference has been organized by the Ministry of Education, Govt. of India on 12-13 April 2023 at The Leela Palace, New Delhi, with National Book Trust India as the Implementing Agency. The theme of the Conference is Civilizational Dialogue amongst the SCO member nations – Perspectives from Young Scholars, with the sub-themes of History & Philosophy, Economy, Religion, Culture, Literature, and Science & Medicine. The two-day SCO Young Authors’ Conference will provide a dynamic platform to explore the avenues of modern education, training, and advanced training of youth, wider involvement in entrepreneurial activities and innovative projects.
Kumar Mangalam Birla Gets AIMA's 'Business Leader of the Decade' Honour
Kumar Mangalam Birla, Chairman of Aditya Birla Group, was honoured with the 'Business Leader of the Decade Award' at the All India Management Association's (AIMA) 13th Managing India Awards ceremony in New Delhi. Birla, who is credited for taking control of the diversified group and successfully consolidating its operations since his early days, won the award for his contributions to the Indian industry over the last decade. Tata Steel Chairman T.V. Narendran was awarded with 'AIMA-JRD Tata Corporate Leadership' award. Leading engineering services company ABB India bagged the 'MNC in India of the Year' award. Rahul Kanwal, News Director, of India Today, and Aajtak, and Executive Director of Business Today, won the award for his 'Outstanding Contribution to Media' in the latest edition of AIMA Managing India Awards. National Payments Corporation of India (NPCI), an umbrella organisation for operating retail payments and settlement systems in India, was recognised for the 'Outstanding PSU of the Year' award.
Solar Energy Corporation of India (SECI) Gets 'Miniratna Category-1' Status
Solar Energy Corporation of India Limited (SECI) has been accorded the status of Miniratna Category-I Central Public Sector Enterprise (CPSE). Incorporated in the year 2011, SECI is the primary implementing agency of the Ministry of New and Renewable Energy, Govt, of India for Renewable Energy schemes/projects towards fulfillment of India's international commitments. Till date, SECI has awarded Renewable Energy (RE) project capacities of over 56 GW. SECI is also active in setting up of projects through its own investments as well as for other public sector entities as Project Management Con¬sultant (PMC). SECI enjoys the highest credit rating of AAA by ICRA. SECI has played a central role in the rapid increase of RE generation capacity in the country and has contributed towards the nation's climate commitments, carbon emis¬sion reduction strategies, and sustainable energy transition.
UIDAI - IIT Bombay join hands to develop touchless biometric capture system
Unique Identification Authority of India (UIDAI) has joined hands with the Indian Institute of Technology, Bombay (IIT-Bombay) to develop a robust touchless biometric capture system for easier usage by people anytime, anywhere. As part of the memorandum of understanding, UIDAI and IIT Bombay will carry out joint research to build a mobile capture system for fingerprints along with a liveness model integrated with the capture system. The touchless biometric capture system, once developed and operational, will allow fingerprint authentication from home alike face authentication. The new system is expected to capture multiple fingerprints at one go and aid the authentication success rate further. The new system once in place will be an addition to the existing facilities available in the Aadhaar ecosystem. Such a system will use an intelligent combination of signal/image processing and machine learning/deep learning with a common mobile phone available to most citizens with a good user experience. This will be a step forward in making Universal Authenticator a reality. The collaboration between UIDAI and IIT Bombay through its National Centre of Excellence in Technology for Internal Security (NCETIS) will lead to joint engagement in research and development (R&D) for the development of a system for UIDAI. The NCETIS is a joint initiative by IIT Bombay and the Ministry of Electronics and Information Technology (MeitY), under its flagship Digital India Programme. The NCETIS is aimed at developing indigenous technology solutions for Internal Security forces in broad areas of Electronic System Design and Manufacturing.
Home Minister launches Vibrant villages programme in Kibithoo of Arunachal Pradesh
Union Home Minister and Minister of Cooperation, Shri Amit Shah launched the Vibrant Villages Programme at Kibithoo - a border village in Arunachal Pradesh. The goal of this project is to stop migration from all the villages of the entire northern border, promote tourism, and provide facilities akin to cities.
Telangana Generates Electricity from Vegetable Waste
The Bowenpally Vegetable Market has caught Prime Minister Narendra Modi’s attention for its innovative waste management system. PM praised the one-of-its-kind bioelectricity, biofuel, and bio-manure generation project during one of Mann Ki Baat episodes. Srinivas, Secretary, Bowenpally’s vegetable market, highlighted that every ounce of vegetable and fruit waste collected from this market is used to generate around 500 units of electricity and 30 kg of biofuel. The electricity generated provides electricity to streetlights, 170 stalls, an administration building, and the water supply network. Meanwhile, the biofuel produced is pumped to the market's commercial kitchen. The Biogas plant is now called the "path to a sustainable future”. The canteen in the market is being run by the electricity generated through the plant established. The market yard requires 650-700 units of power and about 7-8 tons of vegetable waste generated to produce 400 units of electricity on average. As a result, the marketplace is also kept clean and pollution free. Various international delegates have also visited the plant and appreciated our efforts. Bowenpally’s waste-to-energy plant generates employment for women by providing opportunities for them to work in various roles such as sorting and segregating waste, operating machinery, and managing administrative tasks. This plant offers women workers a steady income along with an opportunity for skill development.
Droupadi Murmu Becomes 3rd President of India to Fly Fighter Jet
The President of India, Smt. Droupadi Murmu, took a historic sortie in a Sukhoi 30 MKI fighter aircraft at the Tezpur Air Force Station in Assam. The President, who is the Supreme Commander of the Indian Armed Forces, flew for approximately 30 minutes covering Brahmaputra and Tezpur valley with a view of the Himalayas before returning to the Air Force Station. The aircraft was flown by Group CaptainNaveen Kumar, Commanding Officer of the 106 Squadron. The aircraft flew at a height of about two kilometers above sea level and at a speed of about 800 kilometers per hour. President Murmu is the third President and second woman President (after Pratibha Patil) to undertake such a sortie. On the other hand, former Presidents APJ Abdul Kalam and Ramnath Kovind had also made similar sorties in Sukhoi 30 fighter aircraft at the IAF station in Pune, Maharashtra. In 2009, former President Pratibha Patil had flown in the frontline fighter aircraft.
NMDC felicitates its Brand Ambassador and World Champion Nikhat Zareen
NMDC celebrated the recent victory of its Brand Ambassador Nikhat Zareen at the 2023 IBA World Boxing Championship at a felicitation ceremony organized by NMDC at Hyderabad on Wednesday. The function was chaired by Shri Amitava Mukherjee, CMD (Additional Charge), NMDC, and attended by Shri Dilip Kumar Mohanty, Director (Production), NMDC, and other dignitaries. At the age of 26, Nikhat is the second Indian boxer to have won back-to-back Golds at the World Boxing Championships. Lauding it's Brand Ambassador, NMDC said, the company is proud to be represented by someone who epitomizes strength and shares her commitment to bringing honour to the country. Nikhat Zareen represents the hopes and aspirations of New India and NMDC is supporting her journey to the Asian Games in Hangzhou and the 2024 Olympics in Paris.
RBI to launch centralised portal PRAVAAH for licencing, approval applications
RBI has decided unanimously to keep the policy repo rate unchanged 6.50 per cent with readiness to act, should the situation so warrant. consequently, the Standing Deposit Facility rate will remain unchanged at 6.25 per cent and the Marginal Standing Facility rate and the Bank Rate at 6.27 per cent. The RBI Governor Shaktikanta Das informed that a secured web based centralised portal named as 'PRAVAAH'(platform for Regulatory Application, Validation And AutHorisation) will be developed, to entities to apply for license/ authorisation or regulatory approvals from the Reserve Bank. It will search across multiple banks for possible unclaimed bank deposits.
Three New Resources Under AIM launched to Empower Young Minds
NITI Ayog has launched three new resources to promote innovation and creativity among young people in the country as part of the Atal Innovation Mission (AIM). The resources launched include the ATL Tinkering Curriculum is a structured program for hands-on learning in areas ranging from basic electronics and mechanics to cutting-edge technologies like 3D Printing and the Internet of Things. The Equipment Manual offers comprehensive guidance on the equipment provided in Atal Tinkering Labs. The Calendar of Activities for 2023-24 outlines a yearlong schedule of events, Workshops, and competitions aimed at promoting innovation and entrepreneurship among students. with these resources, teachers, mentors, and students across India will have access to the tools and skills necessary to innovate for a better future.
India Unveils Dynamic Foreing Trade Policy with Long-Term Focus
India has unveiled its much-awaited Foreign Trade Policy, breaking with tradition by adopting a "long-term" focus instead of the usual five-year Policy. The new Policy seeks to make the Indian Rupee a global Currency and allow international trade settlement in the domestic currency. The policy aims to boost exports, with Union Minister Piyush Goyal announcing plans for a massive outreach globally in the next four months. The focus will shift from incentives to a remission and entitlement-based regime, with benefits extended to e-commerce exports estimated to grow to US $200-3000 billion by 2030. The Value limit for exports through courier services will be increased from Rs 5 lakh to Rs 10 lakh per consignment. Faridabad, Moradabad, Mirzapur, and Varanasi Have been declared as towns of export obligation have been introducing. The policy will also automate some trade approvals and cut charges for medium-sized and small businesses to secure some government-backed benefits.
India Japan Agree to Further Enhance Defence Cooperation
India and Japan have reaffirmed their commitment to strengthen their defence partnership, agreeing to explore more ways to boost their bilateral cooperation. The 7th India-Japan Defence Policy Dialogue was held in New Delhi on 5th April 2023 where various issues were discussed, including service-level exercises and collaboration, security concerns in the region, and collaboration on defence technology and equipment. The meeting was led by Shri Giridhar Aramane India's Defence Secretary, and Mr Oka Masami, Japan's Vice Minister of Defence for International Affairs. Both countries expressed their satisfaction with the growing cooperation between their services, evident through talks and exercises.
India, Bhutan Agree to Set Up Integrated Check post, Rail Link to Boost Cooperation
The King of Bhutan Jigme Khesar Namgyal Wangchuk paid a three-day visit to India from 3rd to 5th April 2023. During his stay in New Delhi. The King of Bhutan and the India Prime Minister held a meeting during which they discussed ways to boost bilateral cooperation. India has pledged to increase its support for Bhutan's upcoming five-year plan and work on long-term arrangements for the export of agricultural commodities, petroleum, and coal. The Two countries are also considering setting up the first Integrated Check Post and the Kokrajhar-Gelephu rail link project .
Status of Implementation of Third Bodo Accord, 2020
A Memorandum of Settlement (MoS) was signed between the Government of India, the Government of Assam, and representatives of Bodo Groups on 27.01.2020 to end the decades-old Bodo crisis. Most of the clauses of MoS have been implemented which include the surrender of 1615 cadres along with arms and ammunition, the setting up of the Bodo Kachari Welfare Council; the establishment of a separate Directorate of Bodo Medium Schools; the creation of a separate Welfare of Bodoland Department to deal with matters relating to councils under the Sixth Schedule of the Constitution including Bodo Territorial Council (BTC), etc. Clause 10.1 of the MoS provides for a Special Development Package of Rs. 1500 crore (Rs. 750 crore by GoI and Rs. 750 crore by Govt. of Assam) for undertaking specific projects. Illustrative lists have been appended at Annexure-II, III & IV of MoS, including Central University, North-East Regional Institute of Medical Science, National Institute of Technology, etc. A Joint Monitoring Committee with representatives of the Ministry of Home Affairs, Government of Assam, BTC, and Bodo organizations monitors the implementation of MoS regularly.
India - Srilanka Annual Bilateral Maritime Exercise (SLINEX-23)
The 10th edition of IN-SLN bilateral maritime exercise SLINEX-23 is scheduled at Colombo from 03 - 08 April 2023. The exercise is being conducted in two phases: the Harbour Phase from 03-05 April 2023, followed by a Sea Phase from 06-08 April 2023. Indian Navy is being represented by INS Kiltan, an indigenous Kamorta class ASW corvette, and INS Savitri, an Offshore Patrol Vessel. The Sri Lanka Navy is represented by SLNS Gajabahu and SLNS Sagara. Maritime Patrol Aircraft, helicopters, and Special Forces from both sides would also participate in the exercise. The previous edition of SLINEX was conducted off Visakhapatnam from 07-12 March 2022.
Finland Joins NATO as 31st Nation
Finland became NATO's newest member upon depositing its instrument of accession to the North Atlantic Treaty with the United States at NATO Headquarters in Brussels. NATO Allies signed Finland's Accession Protocol on 5 July 2022, after which all 30 national parliaments voted to ratify the country's membership. Joining NATO places Finland under the alliance's Article 5, the collective defense pledge that an attack on one member "shall be considered an attack against them all". This was the guarantee Finnish leaders decided they needed as they watched Russian President Vladimir Putin's devastating assault on Ukraine.
Denmark becomes the first country to import CO2 and store under 'Greensand' Project
Denmark inaugurates a project to store carbon dioxide 1,800 meters beneath the North Sea, the first country in the world to bury CO2 imported from abroad. The CO2 graveyard, where the carbon is injected to prevent further warming of the atmosphere, is on the site of an old oilfield. Led by British chemical giant Ineos and German Oil Company Wintershall Dea, the 'Greensand' project is expected to store up to eight million tonnes of CO2 per year by 2030. Still in their infancy and costly, carbon capture and storage (CCS) projects aim to capture and then trap CO2 in order to mitigate global warming. Around 30 projects are currently operational or under development in Europe but unlike other projects that store CO2 emissions from nearby industrial sites, Greensand distinguishes itself by bringing in the carbon from far away.
Per Capita Income in Rural and Urban Areas
Government compiles estimates of rural and urban income, in terms of Per Capita Net Value Added (NVA), only in the base year of the Gross Domestic Product (GDP) series, which is currently 2011-12. The per capita NVA for rural and urban areas was Rs.40,925 and Rs.98,435 respectively in the year 2011-12. Government does not compile estimates of the average per capita income among the men and women, SCs and STs in the country. The primary policy objective of the Government is the development of all segments of the population. Its focus on inclusive growth is reflected in its commitment to Sabka Saath, Sabka Vikas to reduce poverty and inequality, provide social security, income generation, and livelihood options, and improve the quality of life of the vulnerable sections of the population in the country. In this regard, the Government is implementing a number of targeted programmes such as Pradhan Mantri Awas Yojana (PMAY), Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA), Deendayal Antyodaya Yojana - National Rural Livelihoods Mission (DAY-NRLM), National Social Assistance Programme (NSAP), Pradhan Mantri Jan-Dhan Yojana (PMJDY), Deen Dayal Upadhyaya Grameen Kaushalya Yojana (DDU-GKY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), Pradhan Mantri Jeevan Jyoti Bima Yojana, Atal Pension Yojana, Pradhan Mantri Mudra Yojana, Stand Up India Scheme, Umbrella Programmes for Development of Minorities and Other Vulnerable Groups, Rashtriya Krishi Vikas Yojna, fund transfer under PM-KISAN, PM Fasal Bima Yojana claim payments, fertiliser subsidies, interest subvention for dairy cooperatives and Agri-Infrastructure Fund for farm gate infrastructure etc.
First PM MITRA Park Inaugurated at Virudhunagar, Tamil Nadu
The first PM - MITRA Park ( prime Minister's Mege Integrated Textile Region and Apparel) has been inaugurated at Virudhunagar, Tamil Nadu. This will not only boost the local economy and will prove beneficial for the youth of the State but will also enable Tamil Nadu to have a greater share in the man-made fiber and technical textiles market globally thus boosting India's efforts to be a global hub for textiles. A first of its kind, the textile park spreads across 1056 acres and will provide at least 1 lakh direct employment and 2 lakh indirect employment opportunities.
IMF Approves Sri Lanka's Much-Awaited Bailout Package
The Executive Board of the International Monetary Fund (IMF) has approved Sri Lanka's bailout program under an Extended Fund Facility. Following the decision the IMF announced that Sri Lanka will immediately receive an initial disbursement of US$ 333 million. The extended fund facility of US$ 3 billion will be available through tranches over a 4 year period.
ISRO Successfully Conducts Reusable Launch Vehicle Test
The Indian Space Research Organisation(ISRO) successfully completed the Reusable Launch Vehicle RLV LEX Autonomous Landing Mission in Chitradurga on 2nd April 2023. A Chinook Helicopter Belonging to the Indian Air Force transported The launch vehicle to an altitude of 4.5 kilometers before releasing it mid-air The reusable Launch Vehicle then utilized its velocity, altitude, and approach, and achieved autonomous landing on the airstrip at 7.40 am at speed of 350 kilometers per hour.ISRo developed the navigation systems, instrumentation, and sensors in-hour. With this successful test, ISRO has come one step closer to realizing its dream of developing a Reusable Space Vehicle in India.
India's First Priveately Developed Advanced Fully 3D Printed Cryogenic Engine Successfully Test Fired
Telengana-based private rocket manufacturer Skyroot Aerospace has successfully test-fired its 3D-printed cryogenic engine, Dhawan-II.The test which lasted for 200 seconds was conducted at Solar Industries propulsion test facility in Nagpur, Maharashtra, using the company's mobile cryogenic engine test pad. The vehicle is meant for enhancing the payload capacity of the Vikram series of space launch vehicles. The engine uses a 3D printed torch igniter and a bellow actuated cryo-injection valve with quick response time, and the technology will help to push the limits of the private space sector in India.
2nd G-20 Tourism Working Group Meeting held at Siliguri in West Bengal
The Inaugural session of the 2nd Tourism Working Group Meeting under G20 hosted by the Ministry of Tourism was held at Siliguri, West Bengal. The inaugural session was addressed by Union Minister for Tourism, Culture, and DoNER Shri G. Kishan Reddy, and Minister of State for Minority Affairs, Shri John Barla. Shri Raju Bista, Member of Parliament, Darjeeling was also present in the session.
India Clinches Men's and Women's Titles of Asian Kho Kho Championship
Host India clinched both the men's and women's titles of the Asian Kho Kho Championship held at Tamulpur in Assam. In the Women's category, India Eves defeated Nepal By an inning and 33 points. The men's team too continued their brilliant form ad defeated Nepal by an inning and six points. India remained unbeaten in both categories throughout the tournament. A total of nine countries participated in the event.
India Launches New Foreign trade policy with Focus on Exports, Ease of Doing Business
The Ministry of Commerce and Industry Launched the Foreign Tade Policy 2023 on 31st March. The Policy aims to facilitate ease-of-doing business for exporters and boost exports. The policy has been formulated after multiple stakeholder consultations, and the key approach is based on four pillars, including export promotion through collaboration and emerging areas like e-commerce export. The policy document is based on the continuity of time-tested schemes facilitating exports and is nimble and responsive to the requirements of the trade. The new FTP 2023 encourages recognition of new towns through the "Towns of Export Excellence Scheme" and exporters through the "Status Holder Scheme".
India's Defence Exports Reaches All Time High of Rs 1600 Crore
India has accomplished an unprecedented record of defence exports to more than 85 countries amounting to approximately Rs 16,000 core during Fy 2022-23. To propel defence exports, the government has taken several policy initiatives and implemented reforms over the last 5-6 years. The export procedures have been simplified, made industry-friendly, and brought under the end-to-end online export authorisation, curtailing delays and boosting the ease of doing business. India, which was previously one of the biggest importers, now exports a plethora of defence products, including Brahmos Missiles, Akash Missile System, Radars, PINAKA Rockets & Launchers, LCA-Tejas, Light Combat Helicopters and Aircraft Carriers.
India's Overall Exports Touched All Time High of USD 750 Billion
Union Minister of Commerce and Shri Piyush Goyal has announced that India's overall exports, including services and merchandise exports, have surpassed US$ 750 billion, a new all-time high. The announcement comes as India celebrates the Azadi ka Amrit Mahotsav on its 75th year of independence Noting that India's exports were $500 billion in 2020-2021, the minister praised the Free Trade Agreements (FTA) signed by India with Australia and UAE, which have been welcomed by industry across by the three countries, and stated that a series of FTAs are under different stages of discussion to further expand India's moment in the sun, and the G20 presidency Gives a unique opportunity to position India globally, which must be leveraged by the industry and businesspersons to showcase India's business across the world.
Budgetary allocations for Vibrant Villages Programme
The Government approved the ‘Vibrant Villages Programme (VVP)’, on 15.02.2023 covering 2967 villages in 46 border blocks of 19 districts in 4 States and 01 UT viz. Arunachal Pradesh, Himachal Pradesh, Sikkim, Uttarakhand, and UT of Ladakh abutting the northern border. Out of these 2967 villages, 662 villages in the aforesaid mentioned States/UT have been identified for coverage on priority.
The state/UT-wise list of 662 villages is as follows:
Arunachal Pradesh: 455
Himachal Pradesh: 75
UT of Ladakh: 35
Sikkim: 46
Uttarakhand: 51
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