01st-03rd April, 2023

1. Parliament passed the Competition (Amendment) Bill, 2023 to amend the Competition Act, 2022.
2. Scientists from India and the UK have collaborated to create a real-time early warning system for floods.
3. Union Minister for Ports, Shipping and Waterways Sarbananda Sonowal launched the App Version of National Logistics Portal (Marine) ‘Sagar-Setu’.
4. Credit Guarantee Scheme for Micro & Small Enterprises has been revamped with effect from 1 April 2023.
5. According to the Ernst & Young estimates, the space economy of India is projected to grow to $600 billion by 2025 from $447 billion in 2020.
6. Union Home and Cooperation Minister Amit Shah inaugurated several projects for development of the Uttarakhand including inauguration of 95 Joint Cooperative Agriculture, 95 Jan Aushadhi Kendras and 95 Jan Suvidha Kendras and computerisation of 670 multipurpose cooperative societies from Rishikul Ground at Haridwar.
7. Union Home Minister Amit Shah unveiled the statues of Lord Basaveshwara (12th-century social reformer and Lingayat sect founder) and Kempe Gowda (founder of Bengaluru city) at Vidhana Soudha, Karnataka state official building.
8. Va Tech Wabag, a leading player in the water technology space, has bagged a contract from Chennai Metropolitan Water Supply and Sewerage Board (CMWSSB) for building 400 million litres per day (MLD) sea water reverse osmosis (SWRO) desalination plant at a total cost of about ₹4,400 crore.
9. European Commission (EC) has granted protected geographical indication (PGI) for India’s unique Kangra tea, which is grown in Himachal Pradesh’s Kangra district.
10. Bharat Dynamics Ltd (BDL) has successfully conducted a field firing test of its latest 3rd generation man-portable Anti-Tank Guided Missile (ATGM), Amogha-III.
11. European Union has removed Pakistan from its list of “High-Risk Third Countries”.
12. High-Risk Third Countries is a list that includes countries without robust anti-money laundering and countering terrorist financing regimes.
13. Georgia has become the first American state to pass a resolution condemning Hinduphobia and anti-Hindu bigotry.
14. For the first time since the Apollo era, NASA named a crew of astronauts for a lunar expedition.
15. Directorate General of Foreign Trade (DGFT) has released the Foreign Trade Policy 2023 to guide the exports and imports of India.
16. Axis Bank and Shriram Housing Finance Limited (SHFL) have partnered for co-lending through the Yubi Co.Lend platform.
17. Godrej Capital has signed an MOU with the State Bank of India (SBI) to deepen their partnership, wherein the latter would provide various financial products and offerings.
18. AMNS Luxembourg Holding S.A., the parent company of ArcelorMittal Nippon Steel India, has entered a $5 billion loan deal with a consortium of Japanese lenders.
19. MSME-focused NBFC lender Ambit Finvest has partnered with Skaleup, the digital technology services arm of Bajaj Finserv’s subsidiary, to develop a D2C (direct-to-customer) mobile app for instant loans and a web-based digital lending platform.
20. Aditya Birla Health Insurance Co Ltd (ABHICL) has announced its bancassurance partnership with UCO Bank for the distribution of health insurance products through the bank’s branches across India.
21. BharatPe Group partnered with Women Entrepreneurship Platform (WEP) to equip women entrepreneurs with domain knowledge as well as the financial and technical know-how needed to fulfil their business goals.
22. India Post Payments Bank (IPPB), in collaboration with Airtel, launched the WhatsApp banking services to enable its customers across India to access banking services on their mobile phones in just a few clicks.
23. Insurance Regulatory and Development Authority of India (IRDAI) has granted a licence to Acko to operate the life insurance business.
24. IRDAI also gave a nod to microfinance company Credit Access to commence a life insurance business.
25. DBS Bank India has launched ‘digiportfolio’, an investment solution based on the risk appetite of the investor.
26. IRDAI has recognized Life Insurance Corporation, General Insurance Corporation, and New India Assurance Ltd as the Domestic-Systematically Important Insurers.
27. Central Board of Direct Taxes (CBDT) has entered into a record 95 Advance Pricing Agreements (APAs) in FY 2022-23 with Indian taxpayers.
28. PhonePe, Bengaluru-based startup, backed by retail giant Walmart, has launched a hyperlocal commerce app, called Pincode, that is powered by the Open Network for Digital Commerce (ONDC).
29. Ministry of Finance has revised the interest rates on the small saving schemes for the first quarter of 2023-24.
30. World Bank has lowered India’s FY24 economic growth forecast to 3% from its December estimate of 6.6%.
31. Rajib Kumar Mishra has been appointed as the CMD of PTC India.
32. Praveer Sinha has been re-appointed as the CEO and MD of Tata Power for a period of 4 years.
33. The president of the United Arab Emirates (UAE) and ruler of Abu Dhabi, Sheikh Mohamed bin Zayed Al Nahyan, has named his eldest son Sheikh Khaled bin Mohamed bin Zayed Al Nahyan as the crown prince of Abu Dhabi.
34. March 31 – International Transgender Day of Visibility
35. In 2024, the Earth Hour will be observed on March 30.
36. Alia Mir, a woman from Jammu and Kashmir, has been honoured with the Wildlife Conservation Award by the J&K administration for her conservation efforts in the region.
37. Sarah Thomas (Malayali littérateur) has passed away. She has won the Kerala Sahitya Akademi Award.

National News

1. Parliament passed the Competition (Amendment) Bill, 2023 to amend the Competition Act, 2022.
   • The bill gives the power to the Competition Commission of India (CCI) to penalise entities found engaging in anti-competitive behaviour based on their global turnover. So far, the penalties were decided as a percentage of erring entities’ “relevant” turnover, which typically means their annual domestic turnover.
   • Companies will have to seek CCI’s approval for mergers and acquisitions, in case a deal’s value is worth more than Rs 2,000 crore, and both the parties have a substantial business operation in India.
   • The bill has also reduced the time limit for approval of mergers and acquisitions from the existing 210 days to 150 days.
2. Scientists from India and the UK have collaborated to create a real-time early warning system for floods.
3. Union Minister for Ports, Shipping and Waterways Sarbananda Sonowal launched the App Version of National Logistics Portal (Marine) ‘Sagar-Setu’.
   • It will provide real-time information on activities like vessel-related information, gate, container freight stations and transactions at fingertips.
   • It also enables digital payments required for the clearance process of import and export like container freight station charges, shipping line charges, transportation charges, etc.
4. Credit Guarantee Scheme for Micro & Small Enterprises has been revamped with effect from 1 April 2023.
   • Corpus of Credit Guarantee Fund Trust for Micro & Small Enterprises (CGTMSE): It has been infused with a sum of Rs. 8,000 crores.
   • Reduction of annual guaranteed fee for loans: It has been reduced for loans up to Rs.1 crore from a peak rate of 2% per annum to as low as 0.37% per annum.
     • This will reduce the overall cost of credit to the MSEs to a great extent.
   • Limit on ceiling for guarantees: It has been enhanced from Rs.2 crore to Rs.5 crore.
   • Legal Proceedings: It will no longer be required for settlement of claims in respect of guarantees for loan outstanding up to Rs.10 lakh.
5. According to the Ernst & Young estimates, the space economy of India is projected to grow to $600 billion by 2025 from $447 billion in 2020.
   • By 2025, the value of India’s satellite launch services could almost double to $1 billion.

State News

1. Union Home and Cooperation Minister Amit Shah inaugurated several projects for development of the Uttarakhand including inauguration of 95 Joint Cooperative Agriculture, 95 Jan Aushadhi Kendras and 95 Jan Suvidha Kendras and computerisation of 670 multipurpose cooperative societies from Rishikul Ground at Haridwar.
   • The Minister also felicitated Rajesh Sazwan with Sehkari Kisan Gaurav Samman 2023 for doing excellent work in the field of horticulture and agriculture.
   • He also honoured women self-help group and farmer Bhura Singh under Deen Dayal Yojana.
   • He informed that the work to computerise 63000 Primary Agricultural Credit Societies (PACS) of the country is in progress.
2. Union Home Minister Amit Shah unveiled the statues of Lord Basaveshwara (12th-century social reformer and Lingayat sect founder) and Kempe Gowda (founder of Bengaluru city) at Vidhana Soudha, Karnataka state official building.
   • Martyrs’ memorial was also inaugurated at Gorata village in Bidar. In 1948, more than 200 people are said to have been massacred by the Razakars of Nizam as the Hyderabad rulers opposed the state’s unification with India.
   • Sardar Vallabhbhai Patel’s Memorial was also inaugurated in Bidar.

3. Va Tech Wabag, a leading player in the water technology space, has bagged a contract from Chennai Metropolitan Water Supply and Sewerage Board (CMWSSB) for building 400 million litres per day (MLD) sea water reverse osmosis (SWRO) desalination plant at a total cost of about ₹4,400 crore.
   • The new plant will cater to the drinking water needs of the entire Chennai City.
   • The project has been funded by Japan International Cooperation Agency (JICA) and seeks to improve Chennai’s water security through a stable source of drinking water in the form of desalination.

Agriculture And Rural Development

1. European Commission (EC) has granted protected geographical indication (PGI) for India’s unique Kangra tea, which is grown in Himachal Pradesh’s Kangra district.
   • This will come into effect from April 11, 2023.
   • EU grants Protected designation of origin (PDO), Protected geographical indication (PGI), and Geographical indication of spirit drinks (GI) to protect the names of specific products to promote their unique characteristics, linked to their geographical origin as well as traditional know-how.

Defence News

1. Bharat Dynamics Ltd (BDL) has successfully conducted a field firing test of its latest 3rd generation man-portable Anti-Tank Guided Missile (ATGM), Amogha-III.
   • This indigenous missile has been developed under Integrated Guided Missile Development Programme (IGMDP).

International News

1. European Union has removed Pakistan from its list of “High-Risk Third Countries”.
   • High-Risk Third Countries is a list that includes countries without robust anti-money laundering and countering terrorist financing regimes.
   • In October 2022, the Financial Action Task Force (FATF) removed Pakistan from the list of countries under “increased monitoring.
   • Pakistan Prime Minister – Shehbaz Sharif
2. Georgia has become the first American state to pass a resolution condemning Hinduphobia and anti-Hindu bigotry.
3. For the first time since the Apollo era, NASA named a crew of astronauts for a lunar expedition.
   • Astronauts Christina Koch, Victor Glover and Reid Wiseman will be joined by Canadian astronaut Jeremy Hansen on the Artemis II mission, which is scheduled to launch late next year.

Banking and Economy

1. Directorate General of Foreign Trade (DGFT) has released the Foreign Trade Policy 2023 to guide the exports and imports of India.
   • Objective – to boost the country’s exports to $2 trillion by 2030 by shifting from incentives to remission and entitlement-based regime.
   • India’s overall exports, including services and merchandise exports, has already crossed US$ 750 Billion and is expected to cross US$ 760 Billion in FY24.
   • 4 pillars of the policy –
     • i) Incentive to Remission
     • ii) Export promotion through collaboration – Exporters, States, Districts, Indian Missions,
     • iii) Ease of doing business, reduction in transaction cost and e-initiatives and,
     • iv) Emerging Areas – E-Commerce Developing Districts as Export Hubs and streamlining SCOMET policy.
   • The FTP 2023 encourages recognition of new towns through “Towns of Export Excellence Scheme” and exporters through “Status Holder Scheme”.
   • Four new towns, namely Faridabad, Mirzapur, Moradabad, and Varanasi, have been designated as Towns of Export Excellence (TEE) in addition to the existing 39 towns.
   • India’s e-commerce has an export potential in the range of $200 to $300 billion by 2030. E-Commerce exports through courier has been raised from ₹5Lakh to ₹10 Lakh in the FTP 2023.
   • The FTP 2023 focuses on streamlining the SCOMET (Special Chemicals, Organisms, Materials, Equipment and Technologies) policy, pertaining to their export and import.
2. Axis Bank and Shriram Housing Finance Limited (SHFL) have partnered for co-lending through the Yubi Co.Lend platform.
   • Through this partnership, both the lenders will offer secured MSME loans and home loans to the middle and low-income segment borrowers based in rural and semi-urban regions.
3. Godrej Capital has signed an MOU with the State Bank of India (SBI) to deepen their partnership, wherein the latter would provide various financial products and offerings.
4. AMNS Luxembourg Holding S.A., the parent company of ArcelorMittal Nippon Steel India, has entered a $5 billion loan deal with a consortium of Japanese lenders.
   • ArcelorMittal Nippon Steel India is a 60/40 joint venture between ArcelorMittal and Nippon Steel Corp, owned by AMNS Luxembourg Holding S.A.
5. MSME-focused NBFC lender Ambit Finvest has partnered with Skaleup, the digital technology services arm of Bajaj Finserv’s subsidiary, to develop a D2C (direct-to-customer) mobile app for instant loans and a web-based digital lending platform.
   • The platform would enable MSME business owners for loans through a completely paperless and automated digital onboarding process.
6. Aditya Birla Health Insurance Co Ltd (ABHICL) has announced its bancassurance partnership with UCO Bank for the distribution of health insurance products through the bank’s branches across India.
7. BharatPe Group partnered with Women Entrepreneurship Platform (WEP) to equip women entrepreneurs with domain knowledge as well as the financial and technical know-how needed to fulfil their business goals.
   • Launched under ‘BharatPe Cares’, a corporate social responsibility initiative by BharatPe Group, this partnership is in line with the Group’s brand purpose to empower lives through inclusive, innovative and reliable fintech solutions.
8. India Post Payments Bank (IPPB), in collaboration with Airtel, launched the WhatsApp banking services to enable its customers across India to access banking services on their mobile phones in just a few clicks.
   • The Airtel–IPPB Whatsapp banking solution will build multi-language support for enabling added convenience to customers, especially to those in the rural parts of the country to access banking services in their preferred language.
9. Insurance Regulatory and Development Authority of India (IRDAI) has granted a licence to Acko to operate the life insurance business.
   • The last company to have received a licence for life insurance was Edelweiss in 2011.
10. IRDAI also gave a nod to microfinance company Credit Access to commence a life insurance business.
11. DBS Bank India has launched ‘digiportfolio’, an investment solution based on the risk appetite of the investor.
    • The platform will create a set of investment options that match the risk preferences of investors. The platform is an easy, one-stop solution for users to invest money with ready-made baskets of mutual funds.
    • The ‘digiPortfolio’ provides instant access to investors with two plans starting at a minimum investment of Rs 10,000 and going up to Rs 50,000.
12. IRDAI has recognized Life Insurance Corporation, General Insurance Corporation, and New India Assurance Ltd as the Domestic-Systematically Important Insurers.
13. Central Board of Direct Taxes (CBDT) has entered into a record 95 Advance Pricing Agreements (APAs) in FY 2022-23 with Indian taxpayers.
    • Of these, 63 are unilateral and 32 are bilateral.
    • It is the highest ever APA signings in any financial year since the launch of the APA program.
    • An advance pricing agreement (APA) is an ahead-of-time agreement between a taxpayer and a tax authority on an appropriate transfer pricing methodology (TPM) for a set of transactions at issue over a fixed period.
14. PhonePe, Bengaluru-based startup, backed by retail giant Walmart, has launched a hyperlocal commerce app, called Pincode, that is powered by the Open Network for Digital Commerce (ONDC).
    • Pincode will work with local shops and is going live initially in
15. Ministry of Finance has revised the interest rates on the small saving schemes for the first quarter of 2023-24.

GDP Forecasts

1. World Bank has lowered India’s FY24 economic growth forecast to 3% from its December estimate of 6.6%.
   • The update has been made in the India Development Update (IDU) report.

Appointments

1. Rajib Kumar Mishra has been appointed as the CMD of PTC India.
2. Praveer Sinha has been re-appointed as the CEO and MD of Tata Power for a period of 4 years.
3. The president of the United Arab Emirates (UAE) and ruler of Abu Dhabi, Sheikh Mohamed bin Zayed Al Nahyan, has named his eldest son Sheikh Khaled bin Mohamed bin Zayed Al Nahyan as the crown prince of Abu Dhabi.

Important Days

1. March 31 – International Transgender Day of Visibility
2. In 2024, the Earth Hour will be observed on March 30.
   • Renowned sand artist Sudarsan Pattnaik, celebrity chef Ranveer Brar and musician Nakash Aziz has become the Goodwill Ambassadors for Earth Hour India 2023.

Awards

1. Alia Mir, a woman from Jammu and Kashmir, has been honoured with the Wildlife Conservation Award by the J&K administration for her conservation efforts in the region.
   • Alia is the first woman from Kashmir who works for the charity Wildlife SOS organisation which is part of the Wildlife Rescue Team.

Miscellaneous

1. Sarah Thomas (Malayali littérateur) has passed away. She has won the Kerala Sahitya Akademi Award.

Start Quiz of 01st-03rd april 2023 on Mobile

Start Quiz of 01st-03rd april 2023 on Desktop