Excellence by Saikat Sir: Daily Current Affairs September 15 2023

Daily Current Affairs September 15 2023 | Latest News

CURRENT AFFAIRS : BANKING & FINANCE

Cashfree Payments Collaborates with NPCI to Introduce ‘AutoPay on QR’ for Subscription-Based Businesses

Cashfree Payments, a prominent player in the payments and API banking solutions sector, has collaborated with the National Payments Corporation of India (NPCI) to introduce ‘AutoPay on QR.’

Aim :

To support subscription-based businesses in improving customer acquisition, retention, and overall growth.

Key Highlights :

Cashfree Payments’ ‘AutoPay on QR’ enables subscription businesses to enhance their return on investment (ROI) on advertising expenditures by simplifying the mandate creation process in two clicks.
Subscription-based companies can seamlessly integrate their subscription QR codes into various marketing channels, including online advertisements, newspapers, websites, TV, and product packaging.
Instead of the traditional, time-consuming process where customers need to download an app, set up an account, and select a plan, ‘AutoPay on QR’ streamlines the onboarding process into a two-step workflow involving QR code scanning and e-mandate approval via UPI apps within 30 seconds.
This eliminates the need for customers to download an app or register on a website, allowing for quick activation of a unique subscription for each customer.
Cashfree Payments collaborates with banks to build the fundamental payments and banking infrastructure that powers its products.
Cashfree Payments is integrated with major platforms, including Shopify, Wix, PayPal, Amazon Pay, Paytm, and Google Pay, making it accessible to a wide range of businesses and customers.

Mastercard, Invest India, and Ministry of Tourism Unveil Upgraded Priceless.com

Mastercard has partnered with Invest India and the Ministry of Tourism to launch the Priceless India program.
The Priceless India campaign is in alignment with India’s ‘Dekho Apna Desh’ initiative, promoting domestic and international travellers to explore India’s rich cultural heritage.
The initiative aims to revolutionise experiential travel within India by offering carefully curated cultural, culinary, and wellness experiences in various cities, including Delhi, Agra, Jodhpur, Dehradun, and Pune.
According to data from the Mastercard Economics Institute’s Travel Industry Trends for 2023, consumer spending on travel experiences has witnessed a significant 65% increase compared to March 2019.
The relaunch of ‘priceless.com’ in India is part of Mastercard’s global effort to provide unique and unforgettable experiences to its cardholders.

About Mastercard :

Established : 1966
Headquarters : New York, United States

About Invest India :

Established : 2009
Headquarters : New Delhi, Delhi
CEO : Nivruti Rai
Invest India is the National Investment Promotion and Facilitation Agency of India, set up as a non-profit venture under the aegis of the Department of Industrial Policy & Promotion, Ministry of Commerce and Industry, Government of India.
It facilitates and empowers all investors under the ‘Make in India’ initiative to establish, operate and expand their businesses in India.

About Ministry of Tourism :

Cabinet Minister : G. Kishan Reddy
Minister of State : Shripad Naik, Ajay Bhatt

CURRENT AFFAIRS: NATIONAL NEWS

PM to launch rail sector projects worth more than six thousand crore rupees in Chhattisgarh:

In Chhattisgarh, Prime Minister Narendra Modi will dedicate important rail sector projects to the nation.
The Prime Minister’s emphasis on improving connectivity across the country will get a boost with the dedication to the nation of important rail sector projects worth more than Rs. 6 thousand crores in the public programme in Raigarh.
These projects include Chhattisgarh East Rail Project Phase-I, 3rd rail line between Champa to Jamga, 3rd rail line between Pendra Road to Anuppur and the Merry-Go-Round system connecting Talaipalli Coal Mine to NTPC Lara Super Thermal Power Station.
The rail projects will provide impetus to socio-economic development by facilitating the movement of passengers as well as freight traffic in the region.
During the programme, the Prime Minister will also lay the foundation stone of ‘critical care blocks’ in nine districts of Chhattisgarh.
Besides, with an aim to address the health issues caused by sickle cell disease, especially among the tribal population, the Prime Minister will also distribute one lakh sickle cell counseling cards to the screened population.

Recent News

In May 2023, Chhattisgarh-based Coal India subsidiary, South Eastern Coalfields (SECL), will invest Rs. 169 crores on a plantation in its operating States of Chhattisgarh and Madhya Pradesh during the next five years.
In April 2023, Chhattisgarh Chief Minister (CM) Shri Bhupesh Baghel launched an ambitious rural housing scheme named Gramin Awas Nyay Yojana.

About Chhattisgarh :

Governor : Biswabhusan Harichandan
Chief Minister :Bhupesh Baghel
Capital : Raipur
National Park : Guru Ghasi Das (Sanjay) National Park, Kanger Valley National Park
Wildlife Sanctuary : Achanakmar Wildlife Sanctuary, Barnawapara Wildlife Sanctuary

3rd All India Official Language Conference to be held in Pune

The 3rd All India Official Language Conference will be held on the 14th and the 15th of September in Pune.
Secretary of the Department of Official Languages of the Ministry of Home Affairs Anshuli Arya informed this in a press conference in Pune.
Joint Secretary, Department of Official Languages Meenakshi Jolly, was present on the occasion.
Arya announced Pune is a popular city and has a historical tradition, hence, Pune has been chosen for the third All India Official Language Conference.
The Conference will be attended by learned speakers and scholars of the Hindi language.
Some of the topics to be discussed during the conference include Rajbhasha@2047: Linguistic Panorama of Developed India (including artificial intelligence), Role of Media in Development of Hindi, and Indian Cinema and Hindi among others.
Hindi Shabdasindhu, a dictionary of three lakh 51 thousand words, and an e-office app will be launched during the conference.
Arya informed me that currently, information is available in Hindi and other languages on the websites of various ministries.
In the future, the websites are being developed in such a way that the first option for information will be available in Hindi language, she informed.

About Maharashtra :

Governor: Bhagat Singh Koshyari
Chief minister: Eknath Shinde
Capital: Mumbai
National Park : Tadoba National Park, Navegaon National Park
Wildlife Sanctuaries : Bhimashankar Wildlife Sanctuary, Karnala Bird Sanctuary, Nagzira Wildlife Sanctuary
UNESCO Heritage Sites : Chhatrapati Shivaji Maharaj Terminus, The Victorian and Art Deco Ensemble of Mumbai, Ajanta Caves, Elephanta Caves, Ellora Caves

PM lays the foundation stone of Petrochemical Complex at BPCL Bina Refinery in MP

Prime Minister Shri Narendra Modi, laid the foundation stone of Downstream Petrochemical Complex and Refinery Expansion Project, at BPCL’s Bina Refinery in Bina, Madhya Pradesh.
This state-of-the-art refinery, which will be developed at a cost of about Rs. 49,000 crore, will produce about 1200 KTPA (Kilo-Tonnes Per Annum) of ethylene and propylene, which are a vital component for various sectors like textiles, packaging, pharma, among others.
This will reduce the country’s import dependence and will be a step towards fulfilling the Prime Minister’s vision of ‘Aatmanirbhar Bharat’.
The mega project will also create employment opportunities and spur the development of downstream industries in the petroleum sector.
Governor of Madhya Pradesh Shri Mangubhai Patel, Chief Minister of Madhya Pradesh, Shri Shivraj Singh Chauhan, and Union Minister for Petroleum and Natural Gas, Shri Hardeep Singh Puri among others were present on the occasion.
Addressing the gathering, Shri Hardeep Singh Puri, Minister of Petroleum & Natural Gas and Housing & Urban Affairs stated that “this petrochemical plant is a gift from the Hon’ble Prime Minister not only to Bina but to Bundelkhand and Madhya Pradesh”.

About MP:

Governor : Mangubhai C. Patel
Chief Minister : Shivraj Singh Chouhan
Capital : Bhopal
National Park : Satpura National Park, Kanha National Park,Bandhavgarh National Park
Wildlife Sanctuary : Nauradehi Wildlife Sanctuary, Bori Wildlife Sanctuary

Recent News

In May 2023, Madhya Pradesh (MP) capital Bhopal became the first city in India to accept the localization of the United Nations (UN)-mandated Sustainable Development Goals (SDG).
In June 2023, State-run Bharat Petroleum Corporation (BPCL) will set up an ethylene cracker (EC) project at Bina in Sagar district, Madhya Pradesh (MP), and expand its refinery capacity with a capital expenditure of around Rs 49,000 crore.

Cabinet approves foreign investment of up to Rs.9589 crore in M/s Suven Pharmaceuticals Limited

The Cabinet Committee on Economic Affairs chaired by the Prime Minister, Shri Narendra Modi approved the FDI proposal for foreign investment of up to 9589 crore in M/s Suven Pharmaceuticals Limited by M/s Berhyanda Limited, Cyprus.
The approval is for the acquisition of up to 76.1% equity shares of M/s Suven Pharmaceuticals Limited, a public limited Indian pharmaceutical company listed on the National Stock Exchange of India Limited and the Bombay Stock Exchange Limited, by M/s Berhyanda Limited, Cyprus, by way of transfer of shares of from existing promoter shareholders and public shareholders through mandatory Open Offer.
The aggregate foreign investment may increase up to 90.1% in M/s Suven Pharmaceuticals Limited.
The proposal has been evaluated by SEBI, RBI, CCI and other relevant agencies.
The approval has been granted after examination of the proposal by the Departments concerned, RBI and SEBI and is subject to the fulfillment of all rules and regulations as applicable in this regard.
The entire investments in foreign Investor Company, M/s Berhyanda Limited are held by Advent Funds, which pool investments from various Limited Partners (LPs).

About Advent Funds

The Advent Funds are managed by Advent International Corporation, an entity incorporated in the USA.
Advent International Corporation, set up in 1984 has made investments of about USD 75 billion in 42 countries.
Advent India started investments in India in 2007 and so far it has invested about Rs 34000 crores in 20 Indian companies across healthcare, financial services, industrial manufacturing, consumer goods and IT services sectors.

Recent News

In May 2023, The Union Cabinet approved the signing of a memorandum of understanding between the Competition Commission of India (CCI) and Egyptian Competition Authority (ECA).

Education Ministry asks States to bring all data under one platform

Under the National Digital Education Architecture (NDEAR), the Ministry of Education is pushing States to open Vidya Samiksha Kendras (VSKs).
Vidya Samiksha Kendra (VSKs) is a data repository that will have data from all schemes run by the Ministry of Education (MoE).
The control rooms of these Kendras will collect data to track key performance indicators as well as analyze data collated from govt schemes ‘using AI & machine-learning.’
This repository will include regularly updated data from
The PM-POSHAN mid-day meal programmes;
Teacher training data from the National Initiative for School Heads’ and Teachers’ Holistic Advancement portal;
Textbook content from Digital Infrastructure for Knowledge Sharing;
School dropout and attendance-related data on Unified District Information System for Education (UDISE+);
Students learning outcomes from the National Achievement Survey;
Performance Grading Index, which evaluates the school education system at the State/U.T. level.
The Centre has allocated funds ranging from 2 to 5 crore rupees to each State for adopting and establishing VSKs.
The idea of developing VSKs is also to map the school location layer with the population layer to assess the Gross Access Ratio.
Currently, at the Central level, a VSK center is housed in the Central Institute of Educational Technology building in the National Council for Educational Research and Training (NCERT) campus with multinational IT company Ernst and Young, managing its operations. It is an open-source platform run on C-Qube software.
EkStep Foundation, which is a non-profit organization co-founded by former Chairman of Unique Identification Authority of India, Nandan Nilekani, is on board in an advisory role for implementing the VSK project.

About NDEAR

NDEAR is an education initiative that is federated, unbundled, interoperable, inclusive, accessible, and constantly evolving.
Its primary objective is to create and deliver innovative solutions that benefit students, teachers, parents, communities, and administrators, resulting in the timely implementation of policy goals.
NDEAR operates under the aegis of the Ministry of Education in collaboration with the Ministry of Electronics and IT (MeitY).
Its goal is to promote a common set of principles and approaches for building, using, and reusing technology for education, enabling a more streamlined and effective approach to education technology.

Recent News

In May 2023, The Union Education Ministry decided to discontinue the ‘Shiksha Puraskar’ and the ‘Hinditar Bhashi Hindi Lekhak Puraskar’.

CURRENT AFFAIRS : INTERNATIONAL NEWS

Italy Reportedly Considering Withdrawal from China’s Belt and Road Initiative

Italian Prime Minister Mr Giorgia Meloni reportedly discussed Italy’s intention to withdraw from the Belt and Road Initiative (BRI) with the Chinese Premier during a private meeting at the G20 Summit in 2023.
Meloni clarified that a final decision regarding Italy’s withdrawal from the BRI had not been made yet.

Key Highlights :

Italy is the sole G7 country that joined the BRI in 2019, setting it apart from other major Western economies.
G7 comprises advanced economies, including the US, the United Kingdom, Canada, France, Germany, Italy, and Japan, with the European Union as a “non-enumerated” member.
China’s Belt and Road Initiative (also known as One Belt, One Road (OBOR)) envisages the construction of a maze of road, rail and port projects through a number of countries.
It aims to strengthen Beijing’s economic leadership through a vast program of infrastructure building throughout China’s neighbouring regions.
The BRI is often referred to as the “21st Century Silk Road” due to its aim of enhancing connectivity and trade routes.
India has declined to participate in the BRI, primarily due to concerns that the China-Pakistan Economic Corridor (CPEC), a component of BRI, passes through territory disputed between India and Pakistan.
CPEC runs from China’s Xinjiang region to Gwadar port in Pakistan, passing through territories claimed by India, including Gilgit-Baltistan.
Italy joined the BRI at a time when it sought investment and infrastructure development, particularly after facing economic challenges.
The Partnership for Global Infrastructure Investment (PGII) has been introduced by Western countries as an alternative to the BRI, aiming to fund global infrastructure projects.

About Italy :

President : Sergio Mattarella
Prime Minister : Giorgia Meloni
Capital : Rome
Currency : Euro

G20 Leaders’ Summit in New Delhi Highlights Climate Change in the New Delhi Leaders’ Declaration

The G20 Leaders’ Summit took place in New Delhi on September 9 and 10, 2023.
The New Delhi Leaders’ Declaration adopted during the summit prominently highlighted climate change on the global geopolitical agenda.
The New Delhi Declaration also underscores inadequacies in addressing climate change, expressing concern that global ambition and implementation of the Paris Agreement commitments to address climate change, remain insufficient.
The G20 leaders reiterated their commitment to achieving global net-zero greenhouse gas emissions or carbon neutrality by or around mid-century.

Key Highlights :

The New Delhi Declaration marks a significant shift in financial discussions by focusing on higher financial figures and transitioning from finance for mitigation to resilience and adaptation.
The declaration states that developing countries require $5.8-5.9 trillion before 2030 to achieve their Nationally Determined Contributions (NDCs).
Additionally, it estimates an annual expenditure of $4 trillion for developing countries to reach net-zero emissions by 2050.
The declaration endorses reforms for Multilateral Development Banks (MDBs), including recommendations from the Sustainable Finance Working Group (SFWG) to expand blended finance and risk-sharing mechanisms.
SFWG recommendations emphasize the increased role of MDBs in mobilizing climate finance, particularly through concessional resources.
The declaration recognizes the need to reduce global greenhouse gas emissions by 43% by 2030 (compared to 2019 levels) and emphasizes that global peaking must occur before 2025.
The New Delhi Declaration did not address certain contentious issues such as more significant emission cuts, the phase-out of fossil fuels, and the massive mobilization of financial resources.
It largely adhered to previously stated positions.

PM Modi Unveils Global Biofuel Alliance at G20 Summit

Prime Minister Shri Narendra Modi announced the establishment of the Global Biofuels Alliance (GBA).
It’s an India-led initiative aimed at creating an alliance among governments, international organisations, and industry players to promote the adoption of biofuels.·

Membership and Founding Countries :

The GBA has garnered support from 19 countries, including G20 members and non-member nations.
A total of 19 countries and 12 international organisations have so far agreed to join the alliance, including both G20 members and non-member countries.
Founding members of the alliance include India, Brazil, and the United States.

Objectives :

The GBA aims to facilitate cooperation and promote the use of sustainable biofuels, particularly in the transportation sector.
It focuses on strengthening markets, facilitating global biofuels trade, sharing policy lessons, and providing technical support for national biofuels programs worldwide.

About Biofuels :

It is a fuel that is produced over a short time span from biomass rather than by the very slow natural processes involved in the formation of fossil fuels, such as oil.

Different Generations of Biofuel :

1st generation: It is produced from consumable food items containing starch (rice and wheat), sugar (beets and sugarcane) for bioalcohols, or vegetable oils for biodiesel.
2nd generation: It is mainly obtained from non-food feedstocks such as forest/industry/agricultural wastes and waste or used vegetable oils.
3rd generation:It is known as ‘algae fuel’ and is derived from algae in the form of both biodiesel and bioalcohols.
4th generation: Like the third generation, 4G biofuels are made using non-arable land. However, unlike the third, they do not need the destruction of biomass.

Significant Member Countries in GBA :

The GBA includes support from G20 countries such as Argentina, Brazil, Canada, India, Italy, South Africa, and the
G20 invited countries also supporting the GBA include Bangladesh, Singapore, Mauritius, and the UAE.
8 non-G20 countries, including Iceland, Kenya, Guyana, Paraguay, Seychelles, Sri Lanka, Uganda, and Finland, are also part of the GBA.

Participation of International Organizations :

12 international organisations have joined the Global Biofuels Alliance, which includes the World Bank, Asian Development Bank, World Economic Forum,· World LPG Organisation, UN Energy for All, UNIDO, Biofutures Platform, International Civil Aviation Organization, IEA, International Energy Forum, International Renewable Energy Agency and World Biogas Association.

Major Producers and Consumers of Ethanol :

GBA Members constitute major producers and consumers of biofuels.
USA (52%), Brazil (30%) and India (3%), contribute about 85% share in production and about 81% in consumption of ethanol.

Impact on India’s Biofuels Programs :

The GBA is expected to accelerate India’s existing biofuels programs, including PM-JIVAN Yojna, SATAT, and GOBARdhan scheme.
These initiatives aim to increase farmers’ income, create employment opportunities, and contribute to the overall development of India’s ecosystem.

Growth Potential in Biofuels :

According to the International Energy Agency (IEA), there is significant growth potential in the biofuels sector, estimated at 5-5 times its current size by 2050.
This growth is attributed to global efforts to achieve Net Zero emissions targets, offering substantial opportunities for India.

Ethanol-Petrol Blending Success :

India has achieved its target of blending 10% ethanol in petrol well ahead of the originally planned timeline of November 2022.
This success has prompted the Indian government to advance the rollout of pan-India E20-petrol with 20% ethanol to 2025-26 from the previous target of 2030.
India has urged G-20 nations to consider globally adopting ethanol blending with petrol up to 20%, emphasizing its commitment to sustainable energy practices.
India is also exploring the blending of diesel with suitable biofuels and the use of natural gas with biogas as part of its efforts to promote sustainable and eco-friendly energy sources.

Prime Minister of India Shri Narendra Modi Unveils India-Middle East-Europe Mega Economic Corridor

The Prime Minister of India Shri Narendra Modi has announced the commencement of the India-Middle East-Europe Mega Economic Corridor (IMEC).

Participating Countries :

The IMEC project involves several countries, including India, the UAE, Saudi Arabia, the European Union, France, Italy, Germany, and the United States.

Objective :

The primary goal of the project is to facilitate increased trade among the participating countries, with a specific focus on trading energy products.

Components of IMEC :

IMEC consists of 2 main corridors: an Eastern Corridor connecting India to the Gulf region and a Northern Corridor connecting the Gulf region to Europe.
It encompasses various modes of transportation, including railways, ship-rail transit networks, and road transport routes.

Key Highlights :

The corridor will include essential infrastructure elements such as a railway link, an electricity cable, a hydrogen pipeline, and a high-speed data cable.
IMEC is expected to play a significant role in fostering economic integration between India, West Asia, and Europe.
The rail and shipping corridor is part of the Partnership for Global Infrastructure Investment (PGII), which is a collaborative effort by G7 nations to fund infrastructure projects in developing countries.
PGII aims to bridge the infrastructure gap in developing nations and accelerate progress towards achieving Sustainable Development Goals (SDGs) on a global scale.
The infrastructure plan was initially announced during the G7 Summit in the UK in June 2021.
Collectively, PGII aims to mobilize nearly $600 billion from G7 nations by 2027 to invest in critical infrastructure projects that improve the quality of life and benefit people worldwide.

India and the UK Conduct the 12th Economic and Financial Dialogue (EFD) Meeting in New Delhi

The 12th Round of Ministerial India-United Kingdom (UK) Economic and Financial Dialogue took place in New Delhi.
The Indian delegation was led by Nirmala Sitharaman, Union Minister for Finance and Corporate Affairs, and the UK delegation was led by Rt. Hon. Mr. Jeremy Hunt, MP, Chancellor of the Exchequer, U.K.
India and the UK reiterated their commitment to deepen collaboration on Financial Services, with a focus on financial inclusion and sustainable development.
The focus of the dialogue was also towards enhancement of the knowledge exchange, cooperation and support between India and UK to further the infrastructure development priorities, robust FinTech partnership and Sustainable Finance towards long-term growth objectives.
Both sides discussed enhancing mutual cooperation on macroeconomic and multilateral issues.

Key Highlights :

India and the UK announced the launch of the UK India Infrastructure Financing Bridge, a collaborative venture co-led by Niti Aayog and City of London Corporation, aimed at planning and implementing major infrastructure projects.
The discussion highlighted the opportunities for collaboration in emerging technologies like Artificial Intelligence (AI), Machine Learning, and India’s Digital Personal Data Protection Act to promote secure and inclusive financial intermediation.
The UK Chancellor of Exchequer appreciated efforts to facilitate the direct listing of Indian companies on the London Stock Exchange (LSE).

Note :

The 11th India-United Kingdom Economic and Financial Dialogue (EFD) was held on September 02, 2021 virtually chaired by Indian Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman and the United Kingdom Treasury Chancellor Mr. Rishi Sunak.

About United Kingdom :

Cabinet Minister : Nirmala Sitharaman
Minister of State : Bhagwat Karad, Pankaj Choudhary

About UK :

Prime Minister : Rishi Sunak
Capital : London
Currency : Pound sterling

African Union Granted Permanent Membership in G20

The African Union has officially become a member of the G20 group, and this inclusion was made at the invitation of Indian Prime Minister Shri Narendra Modi, who was hosting the G20 Summit.
A Leaders Declaration is expected to be adopted at the conclusion of the 18th G20 Summit, which is being held at the state-of-the-art Bharat Mandapam Convention Centre in Pragati Maidan, New Delhi.
The theme of India’s G20 presidency is “Vasudhaiva Kutumbakam – One Earth, One Family, One Future.”

Key Highlights :

The African Union comprises 55 countries from the African continent.
The idea of granting full membership to the African Union within the G20 was proposed by PM Modi during discussions with G20 leaders.
This idea gained momentum after the ‘Voice of the Global South’ Summit in January 2023, where many African Union member countries participated.
Prior to this inclusion, only one country from the African Union, South Africa, was a part of the G20.
The African Union was announced in the Sirte Declaration in Libya on September 9, 1999, with the aim of replacing the Organisation of African Unity.
It was officially founded in 2001 in Ethiopia and launched on July 9, 2002, in South Africa.
The African Union holds the status of a permanent observer at the United Nations General Assembly.

About African Union :

Headquarters : Addis Ababa, Ethiopia.
Current Chairperson: Azali Assoumani.
Official language : Kiswahili

CURRENT AFFAIRS: BUSINESS NEWS

EU lists Alphabet, Amazon, Meta and three other tech giants as ‘gatekeepers’ under strict competition rules

The European Commission has designated six technology giants – Alphabet, Amazon, Apple, ByteDance, Meta, and Microsoft – as gatekeepers under the Digital Markets Act (DMA ).
In total, 22 core platform services provided by gatekeepers have been designated.
The Digital Markets Act is a groundbreaking European law aiming to prevent large online platforms that connect consumers with content, goods, and services from abusing their market power.
The European Commission believes that keeping the big internet companies in check can lead to more competition and choice, greater innovation, better quality, and lower prices.
According to the rules, any service offered by the company that meets two criteria is gatekeeper designated.
These are: They have a market value of at least EUR 75 billion (approximately $82 billion), and
Either own a social platform or app that is used by at least 45 million people every month or have at least 10,000 active business users.
The bulk of the DMA will become enforceable during 2023.

The Nifty 50 of NSE has breached the 20,000 milestone.

The NSE Nifty 50 recently managed to cross the 20,000 mark for the first time.
NIFTY is a market index introduced by the National Stock Exchange (NSE).
It is a blended word – National Stock Exchange and Fifty coined by NSE.

About Nifty

Nifty was established in 1996 under the name CNX Nifty. Further, in 2015, it was renamed Nifty 50.
NIFTY 50 is a benchmark-based index and the flagship of NSE.
It represents the performance of the 50 largest and most actively traded stocks listed on the NSE.
These 50 largest companies are from different industrial sectors and collectively represent the Stock Market and Economic Trends of India.
It is one of the two main stock market indices in India, the other being SENSEX, a product of the Bombay Stock Exchange (BSE).
A stock index is a measurement of the changes that take place in the stock market.
It measures price movement and market performance.
To create an index, one has to group some stocks from a list of stocks with similar characteristics.
This grouping of stocks can be based on the type of industry, total market capitalization, or size of the company.

CURRENT AFFAIRS: MOUS AND AGREEMENT

DMRC and BEL sign MoU to develop indigenous Communication Based Train Control system

Delhi Metro Rail Corporation and Bharat Electronics Limited signed a Memorandum of Understanding to develop an indigenous Communication Based Train Control system.
This partnership will transform rail transportation in India, driving innovation, reducing costs, and fostering self-reliance in the field of train control signaling
It is in line with the Make in India initiative.
The Communication-Based Train Control System will optimize train operations, increase frequency, and enhance passenger services while efficiently utilizing rail infrastructure.
The prototype i-CBTC Product will be deployed soon on a test track.

Recent News

In may 2023, The Naval Anti-Drone System (NADS) which has been developed by Defence Research and Development Organisation with the support of the Indian Navy is being manufactured by Bharat Electronics Limited (BEL).

About BEL:

Headquarters: Bengaluru
Founded: 1954, Bengaluru
Key people: Bhanu Prakash Srivastava; (Officiating Chairman and managing Director)

CURRENT AFFAIRS : DEFENCE NEWS

Border Roads Organisation to Build World’s Highest Fighter Airfield in Ladakh

The Border Roads Organisation (BRO) is set to construct the world’s highest fighter airfield in the Nyoma region of Ladakh.
The airfield will be situated at an elevation of 13,700 feet, making it one of the highest airfields globally for fighter jets.
The foundation stone for this project was scheduled to be laid by Defence Minister Rajnath Singh on September 12, 2023, at the Devak Bridge.
India is actively working on infrastructure development along the 3,488 km stretch of the Line of Actual Control (LAC) with China.
The Border Roads Organisation Chief, Lt Gen Rajeev Chaudhry, expressed confidence that India would surpass China in the next 2 to 3 years in this regard.

Key Highlights :

The construction of the high-altitude fighter airfield is budgeted at ₹219 crore.
On the occasion, Defence Minister Rajnath Singh inaugurated 90 infrastructure projects undertaken by BRO across 11 states and Union Territories.
These projects, located along the Line of Actual Control with China, have a cumulative value of ₹2,941 crore.
During the event, the Defence Minister inaugurated a strategically significant bridge over the Devak river, situated nearly 3.5 km from the Indo-Pak international border in the Ramgarh sector of Samba.
The bridge, with a length of 423 metres, was constructed at a cost of ₹20 crore.

About BRO :

Established : 7 May 1960
Headquarters : New Delhi, Delhi
Director General : Lt. Gen. Rajeev Chaudhry
Motto : Shramena Sarvam Sadhyam (everything is achievable through hard work)

Indian Coast Guard Attends the 19th Heads of Asian Coast Guard Agencies Meeting (HACGAM) in Istanbul, Turkey

The Indian Coast Guard (ICG) participated in the 19th Heads of Asian Coast Guard Agencies Meeting (HACGAM), which took place from September 5 to September 8, 2023, in Istanbul, Turkey.
A 4-member ICG delegation was led by DG Rakesh Pal, Director General of the ICG.
HACGAM includes 23 member Coast Guard agencies and 2 associate members: the Regional Cooperation Agreement on Combating Piracy and Armed Robbery against Ships in Asia (ReCAAP) and the United Nations Office on Drugs and Crime (UNODC).

Key Highlights :

During the 3-day High-Level Meeting, in which heads of Coast Guards of all member nations participated, a series of vital issues including maritime law enforcement, safety and security of life at sea, marine environment protection, illicit trafficking of drugs, weapons, and humans at sea etc were discussed, and avenues for further cooperation were explored through the framing of agenda.
The forum resolved to further bolster maritime cooperation among the Asian Coast Guards.

About HACGAM :

HACGAM is a result of a Japanese initiative aimed at promoting cooperation among regional Coast Guards.
It was initiated following the capture of the pirated vessel MV Alondra Rainbow by the Indian Coast Guard in November 1999.
The HACGAM primarily focuses on fostering cooperation between the Coast Guards of the member Asian states to ensure and promote safe, secure, and clean seas in the region.
HACGAM comprises 4 Working Groups, each focused on specific maritime issues.
These groups include Search and Rescue (SAR), Environmental Protection, Controlling Unlawful Acts at Sea, and Information Sharing.
The Indian Coast Guard serves as the chair of the Search and Rescue (SAR) Working Group and actively participates in the other Working Groups.
The previous edition of HACGAM was held in New Delhi in 2022.

About ICG :

Headquarters : New Delhi, Delhi
Director General : Rakesh Pal
Motto : Vayam Rakshama (We Protect)

About Ministry of Defence :

Defence Minister : Rajnath Singh
Minister of State : Ministry of Defence
Defence Secretary : Giridhar Aramane

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

NASA’s Lucy Spacecraft Records Its Inaugural Images of Asteroid Dinkinesh

National Aeronautics and Space Administration’s (NASA) Lucy spacecraft has captured its first images of the main belt asteroid Dinkinesh, marking the beginning of a 12-year voyage.

Discovery and Characteristics of Dinkinesh Asteroid :

The Dinkinesh asteroid was first discovered in 1999 as part of the LINEAR survey.
It is classified as a slow rotator with a moderately large light-curve amplitude.
Dinkinesh is categorised as an S-type asteroid, indicating a composition primarily composed of silicates and some metal.
Lucy’s mission includes a fly-by of Dinkinesh on November 1, 2023, as part of its journey to the Trojan Clouds.
The images of Dinkinesh were captured using Lucy’s high-resolution camera, known as the Lucy Long Range Reconnaissance Imager (L’LORRI instrument).

History of Lucy Mission :

The Lucy Mission was launched by NASA in 2021 from the Cape Canaveral Space Force Station in Florida.
It is a 12-year mission designed to closely observe nine of Jupiter’s Trojans and two main belt asteroids.
Lucy is the first spacecraft specifically sent to study Trojan asteroids, which share Jupiter’s orbital path around the Sun.
Apart from Dinkinesh, Lucy has recently captured images of other asteroids including Eurybates, Polymele, Leucus, and Leucus.

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Hindi Diwas 2023: September 14

Every year 14th September is celebrated as a Hindi Diwas or hindi day.
Many languages have been spoken in India.
22 languages were recognized by the constitution among them, Hindi is the most spoken language in India.
After India got its independence, in the year of 1949 there were a lot of discussions to make Hindi the official language of India.
Then it was decided that 14th September would be observed as Hindi Diwas or Hindi day.
In the year 1953, the first Hindi Diwas was celebrated.
This decision is also stated in Article 343 of Chapter 17 of the Constitution of India.
It is written as “The national language of the Union will be Hindi and the script will be Devanagari” in the Constitution of India.
The reason for celebrating Hindi Day on September 14 is that A Noble and Famous Hindi Literature Vyahar Rajendra Singha was born on 14th September.

International Day of Democracy 2023: September 15

The International Day of Democracy is observed every year on the 15th of September.
In November 2007, the United Nations General Assembly adopted the decision with the title, “Support by the United Nations system of efforts of governments to promote and consolidate a new or restored democracy” and encouraged the government to strengthen the democracy.
The first International Day of Democracy was observed in the year of 2008.
The concept of democracy came from ancient Greece.
In 1789, the US Constitution was established with US principles of democracy. In the period of 1787 and 1789, France also began to practice democracy.
The first International Conference on Democracy was held by the UN. This event tells about justice and helps people to recognize that they can follow their culture even in a democratic country.
The UN decided September 15 as the International Day of Democracy, the date coincides with the Conference of New or Restored Democracies which was held in 1998.

Engineers Day in India 2023: September 15

Every year 15th September is celebrated as National Engineers Day in India.
National Engineers Day is celebrated on 15th September in India, in order to pay tribute to our Indian engineer and Bharat Ratna Sir Mokshagundam Viswesvaraya on his birthday.
In the year of 1968, the Government of India announced that Sir M. Visvesvaraya’s birth anniversary was celebrated as Engineers Day in India.
From 1968 to now 15th September is observed as Engineers Day in India.
In 1903, He designed the automatic water floodgates which were first installed at the Khadakwasla reservoir in Pune.
He received the Bharat Ratna in the year of 1955 and he was appointed as a Diwan of Mysore from 1912 to 1918.
In 1915, He was glorified by the British Indian Empire as a “Knight Commander” for his contributions to the field of engineering to the public.
In 1917, he established the Government Engineering College in Bengaluru.
It was the first government college of engineering in Karnataka. Now it is known as the University Visvesvaraya College of Engineering.
Sir M. Visvesvaraya passed away in the year of 1962.

Daily CA One- Liner: Sep 15

In Chhattisgarh, Prime Minister Narendra Modi will dedicate important rail sector projects to the nation.
The 3rd All India Official Language Conference will be held on the 14th and the 15th of September in Pune.
Prime Minister Shri Narendra Modi, laid the foundation stone of Downstream Petrochemical Complex and Refinery Expansion Project, at BPCL’s Bina Refinery in Bina, Madhya Pradesh.
The Cabinet Committee on Economic Affairs chaired by the Prime Minister, Shri Narendra Modi approved the FDI proposal for foreign investment of up to 9589 crore in M/s Suven Pharmaceuticals Limited by M/s Berhyanda Limited, Cyprus.
Under the National Digital Education Architecture (NDEAR), the Ministry of Education is pushing States to open Vidya Samiksha Kendras.
The European Commission has designated six technology giants – Alphabet, Amazon, Apple, ByteDance, Meta, and Microsoft – as gatekeepers under the Digital Markets Act.
The NSE Nifty 50 recently managed to cross the 20,000 mark for the first time.
Delhi Metro Rail Corporation and Bharat Electronics Limited signed a Memorandum of Understanding to develop an indigenous Communication Based Train Control system.
Cashfree Payments, a prominent player in the payments and API banking solutions sector, has collaborated with the National Payments Corporation of India (NPCI) to introduce ‘AutoPay on QR.’
Mastercard has partnered with Invest India and the Ministry of Tourism to launch the Priceless India program.
Italian Prime Minister Mr Giorgia Meloni reportedly discussed Italy’s intention to withdraw from the Belt and Road Initiative (BRI) with the Chinese Premier during a private meeting at the G20 Summit in 2023.
The G20 Leaders’ Summit took place in New Delhi on September 9 and 10, 2023.
Prime Minister Shri Narendra Modi announced the establishment of the Global Biofuels Alliance (GBA).
The Prime Minister of India Shri Narendra Modi has announced the commencement of the India-Middle East-Europe Mega Economic Corridor (IMEC).
The 12th Round of Ministerial India-United Kingdom (UK) Economic and Financial Dialogue took place in New Delhi.
The African Union has officially become a member of the G20 group, and this inclusion was made at the invitation of Indian Prime Minister Shri Narendra Modi, who was hosting the G20 Summit.
The Border Roads Organisation (BRO) is set to construct the world’s highest fighter airfield in the Nyoma region of Ladakh.
The Indian Coast Guard (ICG) participated in the 19th Heads of Asian Coast Guard Agencies Meeting (HACGAM), which took place from September 5 to September 8, 2023, in Istanbul, Turkey.
National Aeronautics and Space Administration’s (NASA) Lucy spacecraft has captured its first images of the main belt asteroid Dinkinesh, marking the beginning of a 12-year voyage.
Scientists at the Indian Council of Agricultural Research (ICAR)-Central Marine Fisheries Research Institute (CMFRI) have achieved a significant breakthrough by decoding the entire genome of the Indian oil sardine (Sardinella longiceps), a popular food fish in India.
Every year 14th September is celebrated as a Hindi Diwas or hindi day.
The International Day of Democracy is observed every year on the 15th of September.
Every year 15th September is celebrated as National Engineers Day in India.

Excellence by Saikat Sir

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