Daily Current Affairs March 04 2023

 

CURRENT AFFAIRS : BANKING & FINANCE

NSE gets SEBI approval to launch WTI crude oil & natural gas futures contracts

• The National Stock Exchange (NSE) has received approval from the markets regulator Securities and Exchange Board of India (SEBI) to launch the rupee-denominated NYMEX WTI crude oil and natural gas (henry hub) futures contracts in its commodity derivatives segment.
• Commodity derivatives segment of an exchange provides trading in futures.

Key Highlights : 

• Futures contract is a standardised legal agreement between the two parties i.e. buyer and seller to buy or sell something at a predetermined price at a specified date in future.
• The underlying assets in a futures contract may be commodities, stocks, currencies, interest rates, indices and bonds.
• In Feb 2023, the NSE signed a data licensing agreement with CME Group, allowing the bourse to list, trade and settle rupee-denominated NYMEX WTI crude oil and natural gas derivatives contracts on its platform.
• This has expanded the product offering by NSE in the energy basket as well as its overall commodity segment.
• Nymex WTI crude oil and natural gas contracts are among the world’s most traded commodity derivatives contracts.
• Trading in derivatives was started by NSE in 2000 and later on, it set up index options trading in 2001.
• Index options give the investor the right to purchase or sell the underlying stock for a definite time period.

About SEBI :

• Established : 12 April 1988 as an executive body and was given statutory powers on 30 January 1992 through the SEBI Act, 1992
• Headquarters : Mumbai, Maharashtra
• Chairman : Madhabi Puri Buch
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of the Ministry of Finance , GoI.

About NSE : 

• Founded : 1992
• Headquarters : Mumbai, Maharashtra, India
• Chairperson : Girish Chandra Chaturvedi
• MD & CEO : Ashishkumar Chauhan
• According to Futures Industry Association (FIA), in terms of trading volume (contracts) for 2022, NSE is the world’s largest exchange.
• As per the World Federation of Exchanges, NSE is 3rd in the world in cash equities by the number of trades for 2022.

Asian Development Bank to fund tourism projects worth Rs 1,311.20 crore in Himachal Pradesh   

• The Asian Development Bank (ADB) has agreed in principle to provide Rs 1,311.20 crore under phase-1 of the proposed infrastructure development investment programme in Himachal Pradesh (HP) to strengthen tourism infrastructure in HP.
• The total cost of the project is Rs. 2357 crore.

Key Highlights : 

• The projects components to be covered under the 1st phase are beautification of Palampur, convention centre at Dharamshala, thematic cum green Park at Pragpur, wellness centre at Dharamshala, Shimla, Nadaun and Kullu-Manali, high end fountain tourist facility at Dharamshala.
• To develop the religious places, wayside amenities and facilities would come at Baba Balak Nath and development and beautification of Shiv Dham at Mandi.

About ADB : 

• Established : 19 December 1966
• Headquarters : Mandaluyong, Manila, Philippines
• President : Masatsugu Asakawa
• Membership : 68 countries

About HP : 

• Governor : Shiv Pratap Shukla
• Chief Minister : Sukhvinder Singh Sukhu

ESAF Bank & V-Guard partners to finance solar rooftop power systems

• ESAF Small Finance Bank and electric equipment manufacturer V-Guard Industries signed an agreement to provide financing options to customers looking to install solar rooftop power systems.
• Under the agreement, ESAF Bank will provide various financing options, including loans and attractive instalment payment plans.

Key Highlights : 

• Under the MoU, Consumers can opt to finance up to 80% of the total cost of the rooftop solar power system, including the cost of installation for residential or commercial applications.
• This partnership will enable customers to switch to clean energy with ease and affordability.
• V-Guard’s Rooftop Solar Systems come with up to 40% subsidy from the Ministry of New and Renewable Energy. 
• The solar panels have 25-30 years of onsite warranty.
• Customers can choose from an extensive range of models from 3- 15 KW depending on their requirements.
• 1 KW plant can generate 4-5 units of electricity on a sunny day

About ESAF Bank : 

• Founded : 10 March 2017
• Headquarters :  Thrissur, Kerala
• MD & CEO : K. Paul Thomas
• Tagline : Job of Banking

About V-Guard Industries Ltd : 

• Founded : 1977
• Headquarters : Kochi, Kerala, India
• Chairperson : Mr. Kochouseph Chittilappilly
• MD : Mithun Chittilappilly

Angel One received SEBI approval to sponsor a mutual fund               

• The stock broker Angel One Limited, formerly known as Angel Broking Limited has received an in-principle approval from Securities and Exchange Board of India (SEBI) for sponsoring a mutual fund.
• Accordingly, Angel One would be setting up an asset management company and the trustee company, in accordance with applicable SEBI Regulations and other applicable laws.

About Angel One Limited :

• Founded : 8 August 1996
• Headquarters : Mumbai, Maharashtra, India
• Chairman & MD : Dinesh D Thakkar
• Angel One is the largest listed retail stock broking house in India, in terms of active clients on National Stock Exchange (NSE).
• The company provides broking and advisory services, margin funding, loans against shares and distribution of third-party financial products to its clients.

CURRENT AFFAIRS: NATIONAL NEWS

Unemployment rate at 5-year low of 4.1% in 2021-22

• India’s unemployment rate dropped to a five-year low in July-June 2021-22 to 4.1 per cent, according to the latest annual Periodic Labour Force Survey (PLFS), released by the National Statistical Office (NSO).
• The unemployment rate under the so-called “usual status” during the one-year period declined for the fourth consecutive year since it was launched in April 2017.
• During 2021-22, the unemployment rate in both rural and urban areas declined to 3.2 per cent and 6.3 per cent, respectively, from 3.3 per cent and 6.7 per cent, respectively, in 2020-21.
• The unemployment rate for rural women (2.1 per cent) was lower than it was rural men (3.8 per cent) in 2021-22, whereas in urban areas, the rate was high for females (7.9 per cent) as compared to males (5.8 per cent).
• Separately, the NSO released the quarterly PLFS survey for urban India, which showed after declining for five consecutive quarters till July-September FY23, India’s urban unemployment rate in current weekly status terms stagnated at 7.2 per cent in the December quarter, the same as the September quarter.
• During the December quarter, while the unemployment rate for men declined marginally to 6.5 per cent, that of women increased narrowly to 9.6 per cent from 6.6 per cent and 9.4 per cent, respectively.

Minister of State of the Ministry of Statistics and Programme Implementation released the Revised Guidelines on MPLADS

• Ministry of Statistics and Programme Implementation (MoSPI) released the Revised Guidelines on Members of Parliament Local Area Development Scheme (MPLADS)-2023
• The new guidelines broaden the scope of the Scheme so as to enable the parliamentarian to recommend works as per the changing needs of the community
• Entire process of fund flow under the revised guidelines will operate th rough the web portal
• This will facilitate real-time monitoring, greater transparency and accountability in the system, and improved efficiency and effectiveness of the MPLAD Scheme.

About MPLAD Scheme:

• Under the scheme, each MP is entitled to a fund of Rs 5 crore annually, which is released in two instalments of Rs 2.5 crore each.
• Launch year: 1993 by prime minister P. V. Narasimha Rao.

UNDP and NITI Aayog Collaborate to Host LIFEathon for Mission LiFE

• United Nations Development Programme (UNDP) and the NITI Aayog hosted a hackathon with young people from across the world to contribute ideas and innovations to promote sustainable living and climate-positive behaviour as part of the Government of India’s Mission LiFE.
• The Lifestyle for Environment (LiFE) campaign aims to bring individual action to the forefront of climate action and these nudges are as small as encouraging individuals to consume less plastic, waste-less food, and prefer p ublic transport, United Nations Development Programme (UNDP).
• Mission LiFE was launched by the Prime Minister, Narendra Modi, and UN Secretary-General Antonio Guterres in Gujarat last year.
• Launching the LIFEathon,’ NITI Aayog Vice Chairperson Suman Bery, mission LiFE aims to create and nurture a global network of Pro-Planet People committed to adapting and promoting environmentally friendly lifestyles.

About NITI Aayog:

• The NITI Aayog serves as the government of India’s apex public policy think tank.
• Formed: 1 January 2015, Chairperson: Narendra Modi.

About UNDP:

• The United Nations Development Programme is a United Nations agency tasked with helping countries eliminate poverty and achieve sustainable economic growth and human development.
• The UNDP emphasizes developing local capacity towards long-term self-sufficiency and prosperity.
• Headquarters: New York, United States
• Founded: 22 November 1965, United States

NCERT selects ETS for establishing national assessment regulator PARAKH

• NCERT selects Educational Testing Service (ETS) for establishing national assessment regulator PARAKH.
• Setting up PARAKH was outlined in National Education Policy (NEP 2020) to help remove disparities in scores of students enrolled with different State boards.
• The Performance Assessment, Review and Analysis of Knowledge for Holistic Development (PARAKH) will work on setting norms, standards and guidelines for student assessment and evaluation for all recognised school boards in the country.
• Educational Testing Service (ETS) has been chosen by the National Council for Education Research (NCERT) for setting up the regulatory platform.

About PARAKH

• PARAKH will be an independent organisation affiliated to the Education Ministry.
• It will be looking into 3 major areas
• Large-scale assessment like the National Achievement Survey.
• School-based assessments.
• Capacity building.
• PARAKH would bring in the “uniformity in assessment” across the 62 boards in 36 States and Union Territories.

UIDAI Launches New Feature:

• UIDAI added a new safety feature for Aadhaar Card.
• A new security mechanism has been launched by the Unique Identification Authority of India (UIDAI) for Aadhaar-based fingerprint authentication and faster detection of spoofing attempts.
• Spoofing is a type of scam where a criminal disguises an email address, name, phone number or website URL to convince the victim that they are interacting with a trusted source.
• The artificial intelligence and machine learning-based security system is now using a combination of both finger minutiae and finger images to check the liveness of the captured fingerprint.
• As a result, Aadhaar authentication transactions will become more robust and secure.
• This new feature will be used by banking and financial, telecom and government departments.
• It will also benefit people at the lowest rung of society as it will further strengthen the Aadhaar-enabled payment system and curb malicious attempts by unscrupulous elements.

About UIDAI:

• The new security mechanism for Aadhaar-based fingerprint authentication has now become fully functional.
• Aadhaar is a 12-digit unique identity number that can be obtained voluntarily by the citizens of India.
• Saurabh Garg is the Chief Executive Officer of the Unique Identification Authority of India.

CURRENT AFFAIRS: BUSINESS NEWS

Essar Group bets $3.6 billion on decarbonisation in India and UK

• Essar Group announced a fresh investment of $3.6 billion in setting up an Essar Energy Transition (EET) to spearhead green energy transition projects in the UK and India.
• The green energy projects will include an investment of $1.2 billion in green ammonia manufacturing in India.
• The projects are expected to be commissioned by 2026-27.
• The group will develop a range of low-carbon energy transition projects over the next five years, for which $2.4 billion will be invested across its site at Stanlow, between Liverpool and Manchester.
• In India, Essar Group is already investing in liquefied natural gas (LNG) truck manufacturing and LNG fuel stations and setting up a pellet plant in Odisha.
• It also plans a 4 mt per annum green steel complex at Ras Al-Khair in Saudi Arabia.

JPMorgan proposes new Asia credit index with lower China weighting

• JPMorgan is proposing a new Asian credit index with a lower weighting for China alongside its existing $85 billion Asian credit index amid rising geopolitical tensions and declining interest in Chinese real estate bonds.
• For the new index, JPMorgan has proposed reducing the weighting of China to nearly 30% from a level of about 43% in its existing JPMorgan Asia credit index (JACI) in which China is the largest component.
• JPMorgan describes the new JACI Asia Pacific index as an “enhanced” version of JACI with additional exposure to more Asia-Pacific markets such as Japan, Australia, New Zealand and Papua New Guinea.

About JPMorgan Chase & Co

• JPMorgan Chase & Co. is an American multinational financial services company headquartered in New York City and incorporated in Delaware.
• It is the largest bank in the United States and the world’s largest bank by market capitalization.

CURRENT AFFAIRS: AWARDS AND HONOURS

BAFTA Awards for 2023 announced; Austin Butler bags Best Actor and Cate Blanchett Best Actress awards

• Austin Butler wins BAFTA Awards 2023 for Best Actor and Cate Blanchett for Best Actress.
• The winners of the 76th British Academy Film Awards- BAFTA Awards have been announced in London’s Royal Festival Hall.
• ‘All Quiet on the Western Front’ has won a maximum of seven awards, that includes Best Film and Director.
• It is a German anti-war drama which is based on the 1928 novel by Erich Maria Remarque.

List of Winners

• Films- ‘The Banshees of Inisherin’ and ‘Elvis’- have won four BAFTA awards.
• Best Film – All Quiet on the Western Front
• Best Film not in the English Language – All Quiet on the Western Front
• Best Director – Edward Berger for All Quiet on the Western Front
• Leading Actress – Cate Blanchett for Tar
• Leading Actor – Austin Butler for Elvis

CURRENT AFFAIRS: MOUS AND AGREEMENT

APEDA inks pact with Lulu Group to promote millets in GCC countries

• Agricultural and Processed Food Products Export Development Authority (APEDA) will collaborate with Lulu Group – the international retail hypermarket chain – to promote Indian nutritional millets and value-added products in West Asia.
• An MoU in this regard was signed by Tarun Bajaj, Director, APEDA, and VI Saleem, COO, Lulu Hypermarket LLC, at Gulfood 2023 in Dubai for the promotion of millets in GCC countries.
• The MoU was signed to popularise millet products and value-added products worldwide during the International Year of Millet 2023.
• This will facilitate promotional activities for millet products and allow India to display millets and their value-added products, ready-to-eat products in international retail chains sourced from FPOs/FPCs/SC/ST/Women entrepreneurs/Start-ups/new entrepreneurs, and so on, providing these products with a platform for publicity in importing countries.

About APEDA

• The Agricultural and Processed Food Products Export Development Authority is an Indian Apex-Export Trade Promotion Active government body.
• Founded: 13 February 1986
• Headquarters: New Delhi

CURRENT AFFAIRS : INTERNATIONAL NEWS

India hosts first meeting of Governing Board of BIMSTEC Energy Centre (BEC)

• India hosted the first meeting of the Governing Board of BIMSTEC Energy Centre (BEC) in Bengaluru, Karnataka.
• India made a presentation on establishing the BIMSTEC Energy Centre (BEC) in India in the premises of the Central Power Research Institute (CPRI), Bengaluru.
• Shri. Ghanshyam Prasad, Chairperson, CEA was nominated as the first Executive Director of the BIMSTEC Energy Centre.

About BEC : 

• BEC is one of the 2 centres of BIMSTEC & the other being – BIMSTEC Centre on Weather and Climate.
• The establishment of BEC was envisaged during the First BIMSTEC Energy Ministerial Meeting held in New Delhi in 2005.
• There was active participation from all 7 BIMSTEC countries viz. Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka and Thailand.

About BIMSTEC : 

• Founded: 1997.
• The BIMSTEC Secretariat is situated in Dhaka
• The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) is an international organisation of 7 South Asian and Southeast Asian nations.
• Initially, 6 sectors – trade, technology, energy, transport, tourism and fisheries were included for sectoral cooperation. It was later expanded to 14 areas of cooperation.

CURRENT AFFAIRS : STATE NEWS

Uttarakhand to set up India’s 1st government ‘mother milk bank’

• Uttarakhand will set up India’s 1st government  ‘Mother Milk Bank’ in the state.
• This facility will bring the nutrients of the mother’s milk to be delivered to the newborn to a greater extent.
• This was announced by the Uttarakhand Health Minister Dr. Dhan Singh Rawat during the Amar Ujala’s Emerging Leaders of Garhwal program.
• The Uttarakhand health department is planning to set up a ‘Maternal Milk Bank’.

About mother milk bank : 

• It will be a hope for children whose mother dies during childbirth.
• Under this scheme lactating women will be able to donate milk to the bank.
• According to the Sample Registration System (SRS) report of the National Health Mission in 2021, Uttarakhand had the third highest infant mortality rate of 27 deaths per 1,000 live births among the 10 Himalayan states in the country.
• Arunachal Pradesh and Meghalaya are the first and second, which have the highest infant mortality rate.

Key Highlights : 

• The government is focusing on institutional delivery of pregnant women to reduce the infant mortality rate in the state.
• The government has made arrangements to take pregnant women to the hospital free of cost.
• Aija Boi Yojana scheme is also being run, under which Rs 2,000 is given to pregnant women.
• Rs 1500 is being given to the mothers for food and Rs 500 for the naming ceremony of the child.
• Another plan is being prepared by the government to reduce the infant mortality rate.
• Under this, pregnant women will be kept in home stay 15 days in advance.

About Uttarakhand : 

• Governor : Gurmit Singh
• Chief Minister : Pushkar Singh Dhami
• National Park : Corbet National Park, Nanda Devi National Park
• Wildlife Sanctuaries : Kedarnath Wildlife Sanctuary, Sonanadi Wildlife Sanctuary, Nandhaur Wildlife Sanctuary

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Shri Rajesh Malhotra appointed as Principal Director General of Press Information Bureau

• Senior Indian Information Service (IIS) officer Rajesh Malhotra has been appointed as the principal director general of the Press Information Bureau (PIB).
• He will replace Satyendra Prakash, who took charge as principal DG of PIB in August 2022.

About Rajesh Malhotra : 

• He has over 32 years of experience in planning and implementing media and communication arrangements for various Ministries and Departments of the Central Government.
• He was associated with the Election Commission as in-charge of media and communication for 21 years (1996-2017).
• During the Covid-19 pandemic, he effectively steered the media and communication policy in the ministry of Finance in sync with the various AatmaNirbhar Bharat Packages.
• He is an Indian Information Service (IIS) Officer of the 1989 batch, and has been working in the Ministry of Finance since January 2018.

About Ministry of Information & Broadcasting : 

• Cabinet Minister : Shri Anurag Singh Thakur
• Minister of State : L. Murugan

About PIB : 

• Established : June 1919
• Headquarters : New Delhi, Delhi, India
• The PIB is a nodal agency of the Government of India under the Ministry of Information and Broadcasting. 

CURRENT AFFAIRS : OBITUARIES

France’s record World Cup goalscorer, Just Fontaine Passed away                                  

• The French football great who scored a record 13 goals in a single edition of the 1958 World Cup, Just Fontaine, has passed away at the age of 89.

About Just Fontaine : 

• He was Born in Marrakech, French Morocco.
• He scored 30 goals in 21 internationals for France between 1953 and 1960,
• In 1958, he was instrumental in Les Bleus reaching the semi-finals in Sweden.
• His exploits at the 1958 World Cup earned him 3rd place in the Ballon d’Or that year.
• In March 2004, Pelé named him one of the 125 Greatest Living Footballers at a FIFA Awards Ceremony.

CURRENT AFFAIRS: IMPORTANT DAYS

National Safety Day: 4th March

• National Safety Day 2023 is celebrated on March 4th, 2023.
• The 4th of March 2023 marks the 51^st National Safety Day.
• National Safety day is a national event observed all over India for making people understand the importance of safety, and we all want ourselves and our family members to remain safe.
• National Safety Day 2023 Theme is “Nurture young minds – Develop safety culture”.
• In 1965, a decision was taken to set up national and state-level Safety Councils by the Ministry of Labour and Employment and the Standing Labour Committee’s session approved this in February 1966.
• On March 4, 1966, the National Safety Council of India (NSC) was registered by the Ministry of Labour and Employment.
• Then the council was registered under the Society Registration Act of 1860 and the idea behind this council was to create the SHE campaign.
• The SHE campaign stands for the safety, health, and environmental movement.
• The foundation day of the National Safety Council was decided to observe as National Safety Day in 1972.
• It was also decided to celebrate it as National Safety Week (NSW) Campaign that will last for one week.

Daily CA One- Liner: Mar 4

• India’s unemployment rate dropped to a five-year low in July-June 2021-22 to 4.1 per cent, according to the latest annual Periodic Labour Force Survey (PLFS), released by the National Statistical Office
• Ministry of Statistics and Programme Implementation (MoSPI) released the Revised Guidelines on Members of Parliament Local Area Development Scheme (MPLADS)-2023
• United Nations Development Programme (UNDP) and the NITI Aayog hosted a hackathon with young people from across the world to contribute ideas and innovations to promote sustainable living and climate-positive behaviour as part of the Government of India’s Mission LiFE
• NCERT selects Educational Testing Service (ETS) for establishing national assessment regulator PARAKH
• UIDAI added a new safety feature for Aadhaar Card
• Essar Group announced a fresh investment of $3.6 billion in setting up an Essar Energy Transition (EET) to spearhead green energy transition projects in the UK and India
• JPMorgan is proposing a new Asian credit index with a lower weighting for China alongside its existing $85 billion Asian credit index amid rising geopolitical tensions and declining interest in Chinese real estate bonds
• Austin Butler wins BAFTA Awards 2023 for Best Actor and Cate Blanchett for Best Actress
• Agricultural and Processed Food Products Export Development Authority (APEDA) will collaborate with Lulu Group – the international retail hypermarket chain – to promote Indian nutritional millets and value-added products in West Asia.
• National Safety Day 2023 is celebrated on March 4th, 2023.

• The National Stock Exchange (NSE) has received approval from markets regulator Securities and Exchange Board of India (SEBI) to launch the rupee-denominated NYMEX WTI crude oil and natural gas (henry hub) futures contracts in its commodity derivatives segment.
• The Asian Development Bank (ADB) has agreed in principle to provide Rs 1,311.20 crore under phase-1 of the proposed infrastructure development investment programme in Himachal Pradesh (HP) to strengthen tourism infrastructure in HP.
• ESAF Small Finance Bank and electric equipment manufacturer V-Guard Industries signed an agreement to provide financing options to customers looking to install solar rooftop power systems.
• The stock broker Angel One Limited, formerly known as Angel Broking Limited has received an in-principle approval from Securities and Exchange Board of India (SEBI) for sponsoring a mutual fund.
• India hosted the first meeting of the Governing Board of BIMSTEC Energy Centre (BEC) in Bengaluru, Karnataka.
• Uttarakhand will set up India’s 1st government  ‘Mother Milk Bank’ in the state.
• Senior Indian Information Service (IIS) officer Rajesh Malhotra has been appointed as the principal director general of the Press Information Bureau (PIB).
• The French football great who scored a record 13 goals in a single edition of the 1958 World Cup, Just Fontaine, has passed away at the age of 89.