Current Affairs

28 March, 2022

International

Sri Lanka’s Navy inks agreement with Goa Shipyard Ltd for Floating Dock

In a significant development of India-Sri Lanka bilateral ties, the Goa shipyard Limited inks an agreement with the Sri Lanka Navy to build a Floating Dock with the valuation of USD 20 Million.
i.The Floating dock will be established at the Trincomalee Naval Dockyard, Sri Lanka within a span of 30 months as a grant from India.
ii.It is paramount to have floating docks for underwater maintenance and repairs of warships in order to increase their efficiency for service.
iii.At present the Sri Lankan Navy’s dry docks can only facilitate the underwater repairs and services of vessels and boats that weigh less than 350 tonnes.
About Sri Lanka:
Capitals: Colombo (Executive & Judicial Capital), Sri Jayawardenepura Kotte (Legislative capital)
President: Gotabaya Rajapaksa
Currency: Sri Lankan rupee
About Goa Shipyard Limited:
Headquarters – Vasco da Gama, Goa
Chairman & Managing Director (CMD) – Cmde Bharat Bhushan Nagpal

National

IIE signs MoU with MoRD to support Start-up Village Entrepreneurship Programme (SVEP)

The Indian Institute of Entrepreneurship (IIE), Guwahati, Assam under the Ministry of Skill Development and Entrepreneurship (MSDE) signed a Memorandum of Understanding (MoU) with the Ministry of Rural Development (MoRD).

Objective- The MoU was signed to support the Start-up Village Entrepreneurship Programme (SVEP) by promoting entrepreneurship.

Signatories:

The MoU was signed between Dr. Lalit Sharma, Director of IIE, and Raghvendra Pratap Singh, Director of MoRD.
Highlights:
i.IIE will act as a National Resource Organisation (NRO) for the SVEP and will provide support to the State Rural Livelihoods Mission (SRLM) for the implementation.
ii.The NRO will perform the two task-

Implementation Role, which includes direct SVEP implementation in the blocks as implementing partners with the States.

Programme Scale-Up Role, where IIE will be responsible for scaling up the scheme based on the blocks’ experience with the SVEP and their prior experience with entrepreneurship development programmes.

What is Start-up Village Entrepreneurship Programme (SVEP)?
The Start-up Village Entrepreneurship Programme (SVEP), the sub scheme of the National Rural Livelihoods Mission (NRLM) will promote and provide employment opportunities in rural India.
About Indian Institute of Entrepreneurship (IIE):
It is an autonomous organization under the Ministry of Skill Development & Entrepreneurship.
Location -Guwahati, Assam
Established– 1993

AIM, NITI Aayog & GIZ Project Her&Now Collaborates to Aid Indian Women Entrepreneurs

The Atal Innovation Mission (AIM) of NITI Aayog has announced a collaboration with the Indo-German Development Cooperation Project “Economic Empowerment of Women Entrepreneurs and Start-ups by Women (Her & Now),” which is commissioned by the German Federal Ministry for Economic Cooperation and Development (BMZ.

It is jointly carried out by Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH of Germany & the Ministry of Skill Development and Entrepreneurship (MoSDE), Government of India.
The aim of this partnership is to help women become more active in the economy as entrepreneurs, eliminating the gender-based obstacles that women entrepreneurs face all over India.
About Atal Innovation Mission (AIM):

i.It is a flagship initiative set up by NITI (National Institution for Transforming India) Aayog, a premier policy think tank of GoI.
ii.It is established to promote a culture of innovation and entrepreneurship in Indian schools, colleges and across society.
Mission Director – Dr. Chintan Vaishnav
Establishment – 2016

NITI Aayog Releases 2nd Edition of Export Preparedness Index 2021; Gujarat Tops Overall Ranking

National Institution for Transforming India (NITI Aayog), in partnership with the Institute of Competitiveness, released the 2nd edition of the Export Preparedness Index (EPI) 2021. Gujarat has retained the top position in the overall ranking with its total share in exports accounting for 20.83% as of 2020-2021.
The index was released by Dr Rajiv Kumar, Vice-Chairman of NITI Aayog in the presence of Amitabh Kant, CEO of NITI Aayog and BVR Subrahmanyam, Secretary, Department of Commerce, Ministry of Commerce and Industry(MoCI).
Note: The Economic Survey 2022 stated that India has already attained more than 75 % of its ambitious export target of USD 400 billion set for 2021-22.
Overall ranking:
i.The top 10 performers are Gujarat, Maharashtra, Karnataka, Tamil Nadu, Haryana, Uttar Pradesh, Madhya Pradesh, Punjab, Andhra Pradesh and Telangana.
ii.Lakshadweep, Arunachal Pradesh, Mizoram, Ladakh and Meghalaya were placed at the bottom of the index.
About National Institution for Transforming India (NITI Aayog):
Chairman– Narendra Modi(Prime Minister of India)
CEO– Amitabh Kant
Headquarters– New Delhi, Delhi

Economy

Max Life Insurance Co. Ltd Partners with PhonePe To launch ‘Max Life Smart Secure Plus Plan’ for Consumers

Max Life Insurance Co. Ltd Partners with PhonePe to launch its ‘Max Life Smart Secure Plus Plan’ for its customers. It is a non-linked non-participating individual pure risk premium life insurance plan on the PhonePe app to enhance financial protection for digitally-savvy customers.

The license for direct broking was granted to PhonePe by Insurance Regulatory and Development Authority of India (IRDAI). It allows the selling of insurance on the respective apps.
Highlights:
i.The customers of PhonePe can avail comprehensive financial coverage for their families with premiums starting from ₹4,426 annually. The term plan can be purchased on the PhonePe app in a seamless manner.

Customers can also choose a sum assured up to ₹10 crore and facility to policies renewal on the PhonePe app.
ii.Under the life insurance category, Max Life will provide PhonePe customers several helpful options such as inbuilt terminal illness benefit, special exit etc.
About Max Life Insurance Co. Ltd:
Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Axis Bank Limited.
CEO & MD– Prashant Tripathy
Founded-2001
Headquarters- Gurugram, Haryana

SIDBI Inks MoU with Meghalaya to Develop MSME Ecosystem; Also Acquires Stake in ONDC

The Small Industries Development Bank of India (SIDBI) has signed a Memorandum of Understanding (MoU) with Meghalaya Infrastructure Development and Finance Corporation Limited (MiDFC), Government of Meghalaya.
Under the MoU, SIDBI and the Government of Meghalaya will work in tandem to facilitate the development of the Micro Small and Medium Enterprises (MSME) ecosystem in Meghalaya.
Objectives under the MoU:
i.SIDBI will assist Meghalaya in advancing its entrepreneurial development.
ii.It will contribute to the expansion of MSME clusters.
iii. It will assist Non-Government Organizations (NGOs), development organizations, and MSMEs in developing their capabilities.

MSMEs’ capacity will be built through online platforms such as PSB 59, Mitra portals, GeMS, and TReDS, as well as the establishment of business information and counselling centres for micro enterprises.
iv.The MoU also calls for boosting digital solutions for MSMEs in the state, as well as mapping state-specific livelihood potential through professional consultants and extending SIDBI’s promotion and development programmes in the state.
v.SIDBI also encourages the Government of Meghalaya to make use of the low-cost financing available for the development of the MSME infrastructure in the state under the SIDBI Cluster Development Fund (SCDF).
SIDBI acquires stake in ONDC
SIDBI has acquired 7.84% stake in Open Network for Digital Commerce (ONDC), an open public digital infrastructure framework entity, through an investment of Rs.10 crore.

The investment in ONDC will help in developing digital infrastructure that works with the aim of democratizing digital commerce in India.
About Open Network for Digital Commerce (ONDC):
i.The ONDC is a first-of-its-kind initiative of the Department for Promotion of Industry and Internal Trade (DPIIT) under the Ministry of Commerce and Industry in 2021.
ii.It is launched with the objective of creating an open public digital infrastructure to develop and transform the Indian digital commerce ecosystem for both goods and services.
About Small Industries Development Bank of India (SIDBI):
It is the principal financial institution for the promotion, financing, and development of MSMEs in India.
Chairman & Managing Director – Sivasubramanian Ramann
Establishment – 2nd April 1990
Headquarters – Lucknow, Uttar Pradesh

Sports

Byju’s Named a Sponsor of FIFA World Cup Qatar 2022

Byju’s India’s leading education technology provider headquartered in Bengaluru, Karnataka, has become the official sponsor of (Fédération Internationale de Football Association) FIFA World Cup Qatar 2022. Through this partnership, BYJU will leverage its rights to the FIFA World Cup 2022 marks, emblem and assets, and run unique promotions to connect with football fans across the world. FIFA also has a sponsorship agreement with Singapore based Crypto.com for the FIFA World Cup Qatar 2022 The FIFA World Cup Qatar 2022 will take place from 21 November to 18 December 2022 in Qatar. Qatar will be hosting the first ever FIFA World Cup in the Middle East. This is only the second time the competition to be held on Asian soil, after the 2002 edition co-hosted by South Korea and Japan. With this, BYJU’S became the first EdTech brand to sponsor the prestigious FIFA event globally & became the 1st Indian firm to sponsor FIFA.

Miscellaneous

HAL introduces a 19-seater civil aircraft to be deployed under UDAN Scheme

Hindustan Aeronautics Limited (HAL) Indian state-owned aerospace and defence company, introduced a 19-seater aircraft ‘Hindustan 228’ in a first of its kind attempt to develop small civil transport aircraft under the UDAN (Ude Desh Ka Aam Naagrik) Scheme.
i.The Hindustan 228 aircraft can be operated even in semi-prepared and unpaved airstrips.
ii.Also the multi-utility aircraft can be used as an ambulance, cargo, and parajam or paradrop etc.
iii.The design of Hindustan 228 is based on the Germany based Dornier GmbH Aircraft. In 1983, Hindustan Aeronautics Limited (HAL) acquired a production licence for the Dornier 228 and manufactured the aircraft for the Asian market. Dornier 228 is a twin-engine general-purpose aircraft, capable of transporting up to 19 passengers or various cargoes.

About UDE DESH KA AAM NAAGRIK (UDAN) scheme:
i.The Ude Desh Ka Aam Naagrik (UDAN) scheme was launched as a Regional Connectivity Scheme(RCS) under the Ministry of Civil Aviation in 2016.
ii.It is a regional airport development programme of upgrading underserved air routes.
Objectives:
i.Facilitate regional air connectivity by making it affordable through Concessions by Central Government, State Governments and airport operators Financial (Viability Gap Funding or VGF) support

ii.To provide connectivity to un-served and under-served regions through revival of existing
air strips and airports.
Salient Features:
i.The Airports Authority of India (AAI) is designated as the implementing agency.
ii.It is a key component of National Civil Aviation Policy, 2016.

Yogi Adityanath Takes Oath as Uttar Pradesh CM

Yogi Adityanath took oath as the Chief Minister (CM)of Uttar Pradesh (UP) for the second term in office. Governor of UP, Anandiben Patel administered the oath of office and secrecy to Yogi Adityanath along with 52 ministers in the ceremony organized at Atal Bihari Vajpayee Ekana Stadium in Lucknow, Uttar Pradesh. Keshav Prasad Maurya and Brajesh Pathak also took oath as the Deputy Chief Ministers in the new government. The gallery will depict the contributions of the revolutionaries in the freedom struggle of India and provide a holistic view of the events that led up to 1947.

Highlights:
i.Many prominent leaders including Prime Minister Narendra Modi, CM of Bihar Nitish Kumar, Union Ministers Amit Shah, Rajnath Singh and others were present in the oath ceremony.
ii.The Yogi Adityanath-led BJP (Bharatiya Janata Party) government created history with its second tenure as no other CM has been able to repeat a government in the state in 37 years. He has become the first such BJP leader to become the CM for the second consecutive term.

iii.The party secured more than 250 seats out of 403 in the state assembly elections 2022, and become the first party in over three decades to form a government for a second consecutive time in the state.
iv.Only five CMs, including Adityanath, have won a second consecutive term in UP ever. The four CMs before him to do so were Sampurnananda in 1957, Chandrabhanu Gupta in 1962, Hemwati Nandan Bahuguna in 1974 and Narayan Dutt Tiwari in 1985.
About Yogi Adityanath:
i.Yogi Adityanath or Ajay Singh Bisht was born on 5th June 1972 in Pauri Garhwal. He has been serving as 21st CM of UP(Excluding Repetition)
ii.He is a Hindu monk and politician. For the first time he was appointed as the CM of UP in 2017 and served for 5 years(2017-2022).
iii.He has also been the Member of Parliament (MP) from the Gorakhpur constituency, Uttar Pradesh.
iv.Of the 21 CMs Only 3 CMs (Yogi Adityanath, Akhilesh Yadav and Mayawati) have completed a full five-year term.

INS Valsura Presented with President’s Colour

The President of India, Ram Nath Kovind, bestowed the Indian Naval Ship (INS) Valsura with the prestigious President’s Colour at the ceremony held at Jamnagar in Gujarat.
The President’s Colour is awarded to a military unit in honour of outstanding service to the country in both peace and war.

“Nishan Adhikari” Lt. Arun Singh Sambyal received the President’s Colour on behalf of the unit, and a special postal cover was also released to commemorate the occasion. The President’s Colour is received by an officer who is designated as “Nishan Adhikari.” INS Valsura is entrusted with the responsibility of imparting training to officers and sailors of the Indian Navy, Coast Guard and friendly foreign countries in electrical, electronics, weapon systems and information technology.

Note: The Indian Navy was the first of the three Indian armed forces to be awarded the President’s Colour by Dr Rajendra Prasad on May 27, 1951. The name “Valsura” was derived from the combination of two Tamil words, ‘Vaal’ (meaning sword) and ‘Sorrah’ (shark).

About INS Valsura:
i.It was started as a torpedo school under the British and was commissioned by Maharani Gulab Kunverba Sahiba of Nawanagar (erstwhile Jamnagar) on December 15, 1942.
ii.During the peak of the Second World War, His Majesty’s Indian Ship (HMIS) Valsura was created for the Royal Indian Navy.
iii. The establishment was built on Rozi Island in Jamnagar (Gujarat) which was donated by ruler of Nawanagar State Colonel Digvijay Singhji Jadeja Sahed Bahadur Jamsaheb for a token rent of Rs.1 per annum.
iv.In 2018, a medium voltage laboratory was set up by Siemens, Germany, at INS Valsura in accordance with the Indian Navy’s proposal of having an Indigenous Aircraft Carrier-II with electric propulsion.
v.During the 2001 Gujarat earthquake, Valsura accomplished a remarkable ‘Outreach’ operation by reconstructing the devastated Moda village in Gujarat in record time.
vi. Some of the earlier recipients of the President’s Colour in the Navy include Southern Naval Command, Eastern Naval Command, Western Naval Command, Eastern Fleet, Western Fleet, Submarine Arm, INS Shivaji and the Indian Naval Academy (INA).

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