Daily Current Affairs and GK | 18 March 2023

Topic: Corporates/Companies

1. Union Cabinet has approved the listing of the Indian Renewable Energy Development Agency (IREDA) on the Stock Exchanges.

• Cabinet Committee on Economic Affairs (CCEA) approved an Initial Public Offer (IPO) by the sale of Government’s stake in IREDA to raise funds by the issue of fresh equity shares.
• The listing process will be driven by the Department of Investment and Public Asset Management (DIPAM).
• This decision supersedes an earlier decision taken by CCEA in June 2017.
• Earlier, government has made a capital investment of 1500 crore rupees in March 2022.
• Recently, RBI granted ‘Infrastructure Finance Company’ status to IREDA.
• IREDA:
  • Presently, IREDA is wholly owned by Government of India. It is a Mini-ratna (Category-I) Central Public Sector Enterprise (CPSE).
  • It is involved in financing of Renewable Energy and Energy Efficiency projects in India.
  • It is registered as a Non-banking Financial Company (NBFC) with RBI.

Topic: Indian Economy

2. India's FY24 growth forecast has been raised to 5.9% by Organisation for Economic Cooperation and Development (OECD).

• OECD has released its latest interim outlook, titled “Fragile Recovery”.
• It said India’s growth rate is likely to pick up to around 7% in FY 2024-25.
• As per OECD, India’s Gross Domestic Product (GDP) is expected to grow at 6.9% in FY23.
• OECD has raised its inflation forecast for India by 80 basis points to 5.8%.
• On 16 March 2023, Crisil projected India’s economy to grow at 6%.
• As per the OECD report, global growth rate in 2023 and 2024 is projected to be at 2.6% and 2.9%, respectively.
• OECD said low-income economies are at risk of debt distress.

Topic: Awards and Prizes

3. Hello Ujjivan app has won the 13^th Aegis Graham Bell Awards (AGBA).

• Hello Ujjivan app has won 13th AGBA in the "Innovation in Consumer Tech" category.
• 13th AGBA is an initiative of Aegis School of Data Science.
• It is backed by the Ministry of Electronics and Information Technology, NITI Aayog and Skill India to foster an innovative culture in India.
• Hello Ujjivan is the app of Ujjivan Small Finance Bank. It has been co-created with Navana.AI. It was launched in February 2023.
• It is the first mobile banking app in India that enables vernacular, visual and speech features to give bank’s customers access to banking financial services who have limited ability to read and write.
• Aegis Graham Bell Awards is a homage to Alexander Graham Bell. They were established by Aegis School of Business, Data Science and Cyber Security in 2010 to celebrate innovators and their innovations.

Topic: State News/ Rajasthan

4. Rajasthan government announced formation of 19 new districts and 3 divisional headquarters.

• On 17 March, Rajasthan Chief Minister Ashok Gehlot has announced the formation of 19 new districts and 3 divisional headquarters in the state.
• He has proposed a budget of Rs 2,000 crore for the first phase of infrastructure and human resource development for the new districts and divisions.
• Since 2008, this is the first time that new districts are being created after 15 years. Now the number of districts in the state has gone up to 50.
• Pratapgarh was made a district in 2008 by the then Chief Minister Vasundhara Raje.
• The new districts are created because Rajasthan is the largest state in the country and some places are more than 100 km away from their district headquarters, and people have to face problems.
• Banswara, Pali and Sikar will be the new divisional headquarters.
• The new districts are:
• Mr. Gehlot also announced that the increased Rs 25 lakh package of the Chiranjeevi Health Insurance Scheme would start from March 30.
• Previously, the limit of the package was Rs 10 lakh per family.
• He also announced a 10% increase in the pension of state pensioners above the age of 75 years.

Topic: International Appointments

5. Ram Sahay Prasad Yadav has been elected as new Vice President of Nepal.

• On 17 March, Ram Sahay Prasad Yadav, the leader of the Janata Samajbadi Party, was elected as Nepal's third Vice President.
• Yadav will succeed the incumbent Nand Bahadur Pun on completion of his term. The term of the Vice President is five years.
• Yadav defeated Astalaxmi Shakya of CPN (UML) and Mamata Jha of the Janamat Party to become the third Vice President of the Himalayan nation and the first Vice President of the Madhes region bordering India.
• According to the Election Commission, 52-year-old Yadav got 30,328 votes against the nearest rival Shakya's 16,328. Mamta Jha got 2537 votes.
• There are 311 federal lawmakers and 518 provincial assembly members who were eligible voters during the vice-presidential election.
• The weighting of a federal MP's vote is 79 and that of a provincial assembly member is 48.
• The 17 March vice-presidential election was the third since the Nepal adopted the federal democratic republic system in 2008.
• Like the President, an electoral college consisting of members of the Federal Parliament (House of Representatives and the National Assembly) and the Provincial Assemblies elects the Vice President.
• On March 9, Ram Chandra Poudel of the Nepali Congress was elected as the new President of Nepal.

(Source: News on AIR)

Topic: Awards and Prizes

6. "Pyre", a book by Tamil author Perumal Murugan, has been longlisted for the 2023 International Booker Prize.

• The novel 'Pookkuzhi' by Tamil writer Perumal Murugan, translated as 'Pyre' in English by Anirudh Vasudevan, has made a place in the International Booker Prize 2023 longlist.
• It became the first Tamil novel to be nominated for the Booker Prize.
• It was originally published in Tamil in 2013 and later translated into English in 2016 by Anirudhan Vasudevan.
• A total of 13 novels have made it to the long list this year.
• Apart from Tamil, Bulgarian and Catalan languages have made their debut this year.
• On March 14, the list was announced. On 18 April, the shortlist of six books will be announced and the winner will be announced on 23 May.
• In 2022, Geetanjali Shree's novel “Tomb of Sand” (Ret Samadhi) had won the International Booker Prize for the year 2022 and the book was translated from Hindi to English by Daisy Rockwell.
• International Booker Prize:
  • It was formerly known as the Man Booker International Prize.
  • The prize is awarded for a book translated into English and published in the UK or Ireland.
  • Prize money of 50,000 pounds is shared equally between author and translator.

Topic: Important Days

7. Global Recycling Day 2023: 18 March

• Ever year on 18 March, Global Recycling Day is celebrated to spread awareness about the importance of recycling for our precious planet.
• This year, 6th Global Recycling Day has been celebrated.
• The theme of Global Recycling Day 2023 is "Creative Innovation."
• In 2018, the first Global Recycling Day was celebrated.
• It plays an important role in securing our primary resources and securing the future of our planet.
• Six resources are important for living our life on the earth, which are water, air, oil, natural gas, coal and minerals.
• These resources are running out rapidly and the simple solution for this is “Recycling” as the Seventh resource.
• Recycling helps to:
  • Combat climate change
  • Boosts local employment around the world
  • Conserve the Earth’s six precious primary resources

Topic: Summits/Conferences/Meetings

8. In Uttarakhand, International Ayurvet conclave on 'Veterinary and Ayurveda' inaugurated.

• On 17 March, the International Ayurvet conclave on the theme 'Veterinary and Ayurveda' has started at the Rishikul campus of an Ayurvedic University in Haridwar, Uttarakhand.
• On March 19, the event will conclude.
• Addressing the seminar organized on the occasion, Union Minister of State for Animal Husbandry, Dairying and Fisheries Sanjeev Balyan said that Ayurveda is being used since ancient times for the treatment of animals.
• He said that the government has taken steps in this direction for proper use of Ayurveda.
• Efforts will be made to include this subject as a course in various universities as well.

(Source: News on AIR)

Topic: International News

9. India-Bangladesh Friendship Pipeline was inaugurated by PM Modi and Bangladesh PM Sheikh Hasina on 18 March, 2023 via video conference.

• This is the first cross-border energy pipeline between India and Bangladesh.
• It has been built at an estimated cost of Rupees 377 crore.
• The approximate cost of Bangladesh’s portion of the pipeline is Rupees 285 crore.
• It has been borne by the Government of India under grant assistance.
• The pipeline can transport 1 Million Metric Ton Per Annum (MMTPA) of High-Speed Diesel (HSD).
• Initially, High-Speed Diesel will be supplied to seven districts in northern Bangladesh.

Topic: Summits/ Conferences/ Meetings

10. Global Millets (Shree Anna) Conference will be inaugurated by PM Modi in New Delhi on 19 March 2023.

• A customised postal stamp and currency coin on the International Year of Millets – 2023 will also be unveiled by PM Modi.
• Agriculture Ministers from six countries will attend the conference.
• International scientists, nutritionists, health experts, start-up leaders and other stakeholders will also attend the conference.
• The conference will be virtually attended by participants from over 100 countries and several stakeholders from across the globe.
• The two-day Conference will have sessions on a large number of issues related to millet.
• An Exhibition-cum- Buyer-Seller Meet with a focus on Millets will also be organized for the promotion of millets.
• ICAR-IIMR will be announced as the Global Centre of Excellence.
• Indian Institute of Millets Research (ICAR-IIMR) is located at Rajendranagar (Hyderabad, Telangana).
• United Nations General Assembly declared the year 2023 the International Year of Millets based on India’s proposals.

Topic: Awards and Prizes

11. Saraswati Samman 2022 awarded to Tamil writer Sivasankari for her book Survya Vamsam.

• It is a book of memoirs in the Tamil language and was published in 2019.
• Shivshankari's literary career spans more than five decades.
• She is the author of 36 novels, 48 novellas, 150 short stories, 15 travelogues, seven collections of essays and three biographies, including one on former Prime Minister Indira Gandhi.
• The Chayan Parishad chooses the recipient under the chairmanship of former Supreme Court judge Arjan Kumar Sikri that comprises outstanding scholars and writers of the country.
• Saraswati Samman:
  • It is one of the three literary awards instituted by the KK Birla Foundation in 1991.
  • It is given annually for prose or poetry in any one of 22 languages in Schedule VIII of the Indian Constitution.
  • It includes a plaque, a citation, and a cash prize of ₹15 lakh. It is given for work published within last 10 years.
  • Apart from Saraswati Samman, Bihari Puraskar and Vyas Samman are other literary awards instituted by the KK Birla Foundation.

Topic: National Appointments

12. K Krithivasan has been appointed as the CEO-designate of TCS.

• IT major TCS CEO Rajesh Gopinathan has given his resignation, and the company has appointed K Krithivasan, its global head of the BFSI division, as CEO-designate with immediate effect.
• The board has named K Krithivasan as CEO effective March 16, 2023.
• Gopinathan will remain with the company until September 15, 2023, to provide support to his successor.
• Krithivasan will be appointed as the Managing Director & CEO in the next financial year.
• Gopinathan had completed six years as the CEO of the Indian IT giant before leaving. He was reappointed to the post in January last year till 2027.
• Tata Consultancy Services (TCS):
  • It is an Indian multinational information technology services company.
  • It is headquartered in Mumbai. Its largest campus located in Chennai. It is a subsidiary of the Tata Group.

Topic: Indian Economy

13. Wholesale inflation declined to 3.85% in February 2023.

• Wholesale price based inflation declined for the ninth consecutive month.
• WPI inflation declined to 25-month low of 3.85% in February 2023.
• WPI-based inflation rate was 4.73% in January 2023. It was 13.43% in February 2022.
• Inflation in food articles increased to 3.81% in February 2023. This was 2.38% in January 2023.
• In pulses, inflation was 2.59% in February 2023. In vegetables, inflation was (-) 21.53% in February 2023.
• In February 2023, inflation in oilseeds was (-) 7.38%.
• Fuel and power basket inflation declined to 14.82% in February 2023 from 15.15% in January 2023.
• Inflation in manufactured products was 1.94% in February 2023.

Topic: National News

14. Centre has approved buying of various weapon systems for Defence forces.

• Defence Acquisition Council has approved proposals worth Rs. 70,500 crore rupees for purchasing different weapon systems for the Indian defence forces.
• The Defence Acquisition Council was chaired by Raksha Mantri Rajnath Singh.
• Indian Navy proposals constitute around Rs 56,000 crore which mainly includes indigenous BrahMos missiles, Shakti Electronic Warfare systems and Utility Helicopters-Maritime.
• The additional procurement of the BrahMos missile system will enhance the maritime strike capabilities and Anti-Surface Warfare Operation.
• Shakti Electronic Warfare systems will equip and modernize the frontline naval ships to counter naval operations by the adversaries.
• As per the Defence Ministry, the total Acceptance of Necessity granted for Capital Acquisition in the current financial year is over 2.71 lakh crore rupees, out of which 99% of the procurement will be sourced from Indian industries.