01st April, 2024
Copper plant at Mundra, Postal Life Insurance, and Rural Postal Life Insurance schemes, Digital Health Enterprise Planning Course, Innovation in Healthcare, approval for the name change, investment for renewable energy expansion, QIP of equity shares, India’s external balances improved transmission project in Rwanda, advancement in the space sector, MoU with Telecom Egypt, WHO launches CoViNet, METOC SEMINAR ‘MEGHAYAN 2024’, Youth Boxing World Cup 2024, Orlen Polish Open 2024.
- Adani Group initiated operations at its inaugural Copper plant located in Mundra, Gujarat.
- The Government of India (GOI) has approved a bonus for the Postal Life Insurance Scheme and Rural Postal Life Insurance Scheme for fiscal year 2024-25. There is no change in the rate.
- The United Nations International Children’s Emergency Fund (UNICEF India), International Institute of Health Management Research (IIHMR) Delhi, and Indian Institute of Technology (IIT) Bombay have jointly launched the ‘Digital Health Enterprise Planning Course,’ a 10-week comprehensive health course starting from April 2024.
- The Startup Incubation and Innovation Centre (SIIC) at IIT Kanpur, has entered a Corporate Social Responsibility (CSR) agreement with Gliders India Limited, a Public Sector Undertaking (PSU) under the Ministry of Defense, to drive innovation in the healthcare sector.
- L&T Finance Holdings Ltd (LTFH), a subsidiary of Larsen & Toubro (L&T) Limited, has been renamed as “L&T Finance Limited (LTF)” with effect from March 2024, following approval from the Registrar of Companies (ROC).
- AmpIn Energy Transition Private Limited secured a 25 million (220 crore) Euro investment from OeEB – Oesterreichische Entwicklungsbank AG (Development Bank of Austria) to support its energy expansion plans.
- Karnataka Bank has successfully raised Rs 600 crores through a Qualified Institutional Placement (QIP).
- In December 2023, the country’s external financial situation got better as the amount that non-residents claim from the country dropped significantly by $12.2 billion, reaching $370.4 billion compared to the previous quarter.
- A joint venture of state-owned RVNL and private steel player Salasar Techno Engineering has bagged a transmission project worth around Rs 60 crore in the central African nation Rwanda
- The SatCom Industry Association of India (SIA-India) and the Brazilian Association of Satellite Telecommunications Companies (ABRASAT) have signed a MoU to enhance advancements in the space sector.
- Tejas Networks Limited has signed a MoU with Telecom Egypt (TE), ITIDA (Information Technology Industry Development Agency), and NTI (National Telecom Institute) to replicate its successful implementation of the BharatNet and NKN projects in Egypt.
- The World Health Organization (WHO) has launched a new network for coronaviruses, the Coronavirus Network (CoViNet).
- The Meghayan-24 seminar was organized by the School of Naval Oceanology and Meteorology (SNOM) and the Indian Naval Meteorological Analysis Centre (INMAC) at the Southern Naval Command.
- The Indian boxing team secured 26 medals (5 gold, 9 silver, and 12 bronze) at the Youth World Boxing Cup 2024 held in Budva, Montenegro.
- The Orlen Polish Open International Challenge was organized in Warsaw, Poland.
Table of Content
National News
- Adani Enterprises commences Phase-1 operations of its Copper plant at Mundra, Kutch.
- What: Adani Group initiated operations at its inaugural Copper plant located in Mundra, Gujarat.
- Tell me more:
- The company will be setting up a plant of one million Tonnes per annum (MTPA) capacity in two phases (0.5 MTPA in phase 1 and 0.5 MTPA in phase 2), with close to $1.2 billion to be invested in the first phase.
- The business is named Kutch Copper and operates as a subsidiary of Adani Enterprises.
- Upon the completion of the second phase of capacity at Kutch Copper, totaling 1 million metric tons per annum (MTPA), Adani Group will emerge as the world’s largest single-location custom smelter.
- A custom smelter is a facility that specializes in the processing of raw materials, typically ores or concentrates, into refined metal products.
- At present, Hindalco Industries operates one of the largest custom copper smelters at a single location in Asia, which is also in Gujarat and at 0.5 MTPA capacity.
- By 2033, India’s annual copper consumption is expected to double to 2 million Tonnes, as per industry estimates.
Source: Business Standard
- The company will be setting up a plant of one million Tonnes per annum (MTPA) capacity in two phases (0.5 MTPA in phase 1 and 0.5 MTPA in phase 2), with close to $1.2 billion to be invested in the first phase.
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Wildlife Sanctuary In Gujarat - Kutch Desert Wildlife Sanctuary - Balaram Ambaji Wildlife Sanctuary - Gir Forest (home to Asiatic lions) - Velavadar Blackbuck National Park |
- Govt notifies bonus for Postal Life Insurance, Rural Postal Life Insurance schemes for FY25
- What: The Government of India (GOI) has approved a bonus for the Postal Life Insurance Scheme and Rural Postal Life Insurance Scheme for fiscal year 2024-25. There is no change in the rate.
- The bonus rates for FY25 will be effective from April 1, 2024.
- Why: The bonuses have been announced for Postal Life Insurance (PLI) and Rural Postal Life Insurance (RPLI) schemes, to provide policyholders with additional returns on their investments.
- Tell me more:
- Bonus Rate for PLI Scheme: For the Postal Life Insurance (RPLI) Scheme, the bonus rates for various categories are as follows:
- For the Whole Life Assurance (WLA/Suraksha) category, the bonus rate is set at Rs. 76 per thousand of the sum assured.
- Endowment Assurance (EA/Santosh) policies will receive a bonus rate of Rs. 52 per thousand of the sum assured.
- Bonus Rate for PLI Scheme: For the Postal Life Insurance (RPLI) Scheme, the bonus rates for various categories are as follows:
- Bonus rate for RPLI scheme
- For the Rural Postal Life Insurance (RPLI) Scheme, the bonus rates for various categories are as follows:
- Whole Life Assurance (WLA) – Rs. 60 per thousand of the sum assured.
- Endowment Assurance (EA, including children policy) – Rs. 48 per thousand of the sum assured.
- For the Rural Postal Life Insurance (RPLI) Scheme, the bonus rates for various categories are as follows:
Note: As of the fiscal year 2021-22, the Comptroller and Auditor General (C&AG) reported that the number of policyholders under the Postal Life Insurance Scheme exceeded 47.5 lakh, while the number of subscribers under the Rural Postal Life Insurance Scheme surpassed 57.81 lakh.
Source: The Hindu Business Line
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About PLI and RPLI - Postal Life Insurance (PLI) is the oldest insurance scheme in India, it was introduced in 1884 as a welfare scheme for the benefit of postal employees and later extended to the employees of the Telegraph Department in 1888. - In 1894, PLI extended insurance coverage to female employees of the P&T Department when no other insurance company covered female life. - It now covers employees of Union Government and State governments, Central and State public sector undertakings, universities, government-aided educational institutions, nationalized banks, local bodies, autonomous bodies, joint ventures having a minimum of 10 percent government/PSU stake, credit cooperative societies, etc. PLI also extends insurance cover to the officers and staff of the defense services and paramilitary forces. - Rural Postal Life Insurance (RPLI) was introduced on March 24, 1995, for rural people on recommendations of the Official Committee for Reforms in the Insurance Sector headed by ex-RBI Governor RN Malhotra. - The prime objective of the scheme is to provide insurance coverage to the rural public in general and to benefit weaker sections and women workers of rural areas in particular and also to spread insurance awareness among the rural population. |
- Launch of Digital Health Enterprise Planning Course
- What: The United Nations International Children’s Emergency Fund (UNICEF India), International Institute of Health Management Research (IIHMR) Delhi, and Indian Institute of Technology (IIT) Bombay have jointly launched the ‘Digital Health Enterprise Planning Course,’ a 10-week comprehensive health course starting from April 2024.
- Why: The goal of this course is to encourage digital advancements in healthcare and improve how healthcare services are provided.
- Tell me more:
- Who it’s for: The course is designed for healthcare professionals, administrators, policymakers, and others interested in learning about digital health.
- What it covers: There are 9 modules in the curriculum that tackle different aspects of implementing digital health solutions.
- The course is tailored to the Indian context and derived from the global program initiated by the Digital Health Centre of Excellence (DICE), co-led by UNICEF and the World Health Organization (WHO).
- How it’s taught: The course will be delivered through a mix of online modules, virtual lectures, and discussions led by experts in digital health.
Source: Economic Times
- IIT Kanpur signed MoU for Innovation in Healthcare
- What: The Startup Incubation and Innovation Centre (SIIC) at IIT Kanpur, has entered a Corporate Social Responsibility (CSR) agreement with Gliders India Limited, a Public Sector Undertaking (PSU) under the Ministry of Defense
- Why: The MoU has been signed to drive innovation in the healthcare sector.
Source: IIT Kanpur
Banking and Finance
- L&T Finance Holdings receives approval for the name change.
- What: L&T Finance Holdings Ltd (LTFH), a subsidiary of Larsen & Toubro (L&T) Limited, has been renamed as “L&T Finance Limited (LTF)” with effect from March 2024, following approval from the Registrar of Companies (ROC).
- Why: The decision to rename reflects LTF’s dedication to creating a streamlined ‘Single Lending Entity.’ This involves consolidating all lending activities into a single operational Non-Banking Financial Company (NBFC).
Source: Business Standard
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- L&T Finance Limited, headquartered in Mumbai, Maharashtra, is a prominent non-banking financial company (NBFC). - NBFCs are companies registered under the Companies Act, of 1956. |
- AMPIN Energy secures EUR 25 million investment for renewable energy expansion.
- What: AmpIn Energy Transition Private Limited secured a 25 million (220 crore) Euro investment from OeEB – Oesterreichische Entwicklungsbank AG (Development Bank of Austria) to support its energy expansion plans.
- Why: The long-term financing will aid AmpIn Energy in establishing a local 1-gigawatt (GW) solar cell and module production facility in Odisha, India.
- Tell me more:
- The company has a total renewable energy portfolio of 3 GWp across 21 states in India and aims to build a portfolio of 10 GWp by 2030.
Source: The Hindu Business Line
- The company has a total renewable energy portfolio of 3 GWp across 21 states in India and aims to build a portfolio of 10 GWp by 2030.
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- The Oesterreichische Entwicklungsbank AG (OeEB) was founded in 2008 as the development bank of the Republic of Austria and acts on behalf of the Federal Government. - It finances private investment projects in developing countries and emerging economies that are economically viable and make sense in terms of development policy. |
- Karnataka Bank concludes Rs 600 Crore QIP of equity shares
- What: Karnataka Bank has successfully raised Rs 600 crores through a Qualified Institutional Placement (QIP).
- Qualified Institutional Placement (QIP) is a method for listed companies in to raise capital by issuing new equity shares to qualified institutional buyers (QIBs) which can be institutions like mutual funds, insurance companies, or foreign institutional investors.
- Why: The proceeds from these issuances will be utilized to meet the growing business requirements of Karnataka Bank.
- Tell me more:
- The QIP marks the completion of the planned capital raise program of Rs 1,500 crores announced in September 2023.
- The capital raise program includes a QIP of Rs 600 crores, along with preferential issues totaling Rs 900 crores – Rs 800 crore in October 2023 and Rs 100 crores in February 2024.
Source: Business Standard
- The capital raise program includes a QIP of Rs 600 crores, along with preferential issues totaling Rs 900 crores – Rs 800 crore in October 2023 and Rs 100 crores in February 2024.
- The QIP marks the completion of the planned capital raise program of Rs 1,500 crores announced in September 2023.
- What: Karnataka Bank has successfully raised Rs 600 crores through a Qualified Institutional Placement (QIP).
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About Karnataka Bank - Karnataka Bank Limited is an Indian private sector bank based in Mangalore, Karnataka |
- India’s external balances improved in December 2023 quarter, shows RBI data
- What: In December 2023, the country’s external financial situation got better as the amount that non-residents claim from the country dropped significantly by $12.2 billion, reaching $370.4 billion compared to the previous quarter.
- However, compared to the same time last year, the decrease was smaller, only $2.8 billion. This information comes from the most recent data released by the Reserve Bank.
- Tell me more”
- This decrease happened mainly because India’s reserve assets increased a lot, going up by $34.8 billion in the third quarter of FY24.
- The drop in what non-Indian residents claim happened because Indians abroad have a lot more money in financial assets, totaling $40.7 billion, compared to foreigners investing in India, which increased by $28.5 billion.
- Most of the increase in what Indians abroad own comes from reserve assets, which make up more than 85% of the rise.
- Reserve assets are important for India’s global financial status, making up 63.9% of all the money India owns internationally.
- The part of India’s international debt remains the same, at about half of India’s total external debt.
- The ratio of what India owns internationally compared to what it owes increased from 70.9% to 72.4% from the last quarter to December 2023.
Source: The New Indian Express
- What: In December 2023, the country’s external financial situation got better as the amount that non-residents claim from the country dropped significantly by $12.2 billion, reaching $370.4 billion compared to the previous quarter.
Memorandum of Understanding
- RVNL-Salasar JV gets Rs 60 Crore transmission project in Rwanda.
- What: A joint venture of state-owned RVNL and private steel player Salasar Techno Engineering has bagged a transmission project worth around Rs 60 crore in the central African nation Rwanda.
- RVNL-Salasar JV, comprising Rail Vikas Nigam Limited (RVNL) and Salasar Techno Engineering Limited (STEL).
- A transmission project typically refers to a project focused on the construction, expansion, or improvement of electrical transmission infrastructure.
- Tell me more:
- The project, valued at approximately Rs 60 crore (USD 7.152 million), was awarded by the Energy Development Corporation Limited (EDCL).
- The project has to be executed within 18 months.
- The Rwanda TSRLMC initiative involves the design, supply, and installation of 45.8 km of 110 KV double-circuit Rukarara-Huye-Gisagara transmission lines.
- RVNL holds a 51% stake in the joint venture, with STEL owning the remaining 49%.
Source: Business Standard
- The project, valued at approximately Rs 60 crore (USD 7.152 million), was awarded by the Energy Development Corporation Limited (EDCL).
- What: A joint venture of state-owned RVNL and private steel player Salasar Techno Engineering has bagged a transmission project worth around Rs 60 crore in the central African nation Rwanda.
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- RVNL, under the Ministry of Railways, is involved in the development, financing, and implementation of rail infrastructure-related projects. - STEL is a steel structural manufacturer that provides services across the telecom, energy, and railways sectors. |
- MoU signed to boost advancement in the space sector.
- What: The SatCom Industry Association of India (SIA-India) and the Brazilian Association of Satellite Telecommunications Companies (ABRASAT) have signed a MoU to enhance advancements in the space sector.
- Why: It will help the two nations’ satellite industry to facilitate seamless regional and global connectivity, enabling reliable communication, and data transmission.
Source: Eastern Mirror
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| Dr Subba Rao Pavuluri is the President SIA-India. |
- Tejas Networks signs MoU with Telecom Egypt
- What: Tejas Networks Limited has signed a MoU with Telecom Egypt (TE), ITIDA (Information Technology Industry Development Agency), and NTI (National Telecom Institute) to replicate its successful implementation of the BharatNet and NKN projects in Egypt.
- BharatNet is the world’s largest rural broadband connectivity program using Optical fiber.
- Why: This comprehensive agreement aims to promote the localization of world-class communication products, attract new investments, create job opportunities, and support research expertise in communication fields.
- The MoU encompasses various areas of cooperation, including.
- Capacity building for Egyptian engineers and technicians in telecom and networking technologies,
- Establishment of local manufacturing and R&D facilities for Fibre-to-the-Home (FTTH) products,
- Setting up technical support services in Egypt to assist customers across Africa and the Middle East.
- Tejas Networks Limited, a part of the Tata Group, is an optical, broadband, and data networking company.
Source: Business Standard
- What: Tejas Networks Limited has signed a MoU with Telecom Egypt (TE), ITIDA (Information Technology Industry Development Agency), and NTI (National Telecom Institute) to replicate its successful implementation of the BharatNet and NKN projects in Egypt.
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What is BharatNet Project? - National Optical Fibre Network (NOFN) was launched in October 2011 and was renamed as Bharat Net Project in 2015. - It is the world’s largest rural broadband connectivity programme using Optical Fiber. And also a flagship mission implemented by Bharat Broadband Network Ltd. (BBNL). - BBNL is a Special Purpose Vehicle (SPV) set up by the Government of India under the Companies Act, 1956. - It is being implemented by the Department of Telecommunication under the Ministry of Communications. |
International News
- WHO launches CoViNet: a global network for coronaviruses
- What: The World Health Organization (WHO) has launched a new network for coronaviruses, the Coronavirus Network (CoViNet).
- Why: To facilitate and coordinate global expertise and capacities for early and accurate detection, monitoring, and assessment of SARS-CoV-2, MERS-CoV, and novel coronaviruses of public health importance.
- Tell me more:
- It expands on the WHO SARS-CoV-2 Reference Laboratory Network, established in January 2020.
- CoViNet comprises 36 laboratories from 21 countries across all 6 WHO regions, including 3 Indian laboratories: CSIR-NEERI (Chennai), ICMR-NIV (Pune), and THSTI (Faridabad).
- The network now also looks at how viruses affect animals and the environment. This helps WHO make decisions to keep people safe.
- Lab representatives met in Geneva, Switzerland, in March 2024, to plan what they’ll do in 2024-2025. They want to make sure countries can find and respond to virus problems early.
- CoViNet data will guide WHO’s Technical Advisory Groups on Viral Evolution (TAG-VE) and Vaccine Composition (TAG-CO-VAC) to ensure global health policies and tools are based on the latest scientific information.
Source: WHO
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About WHO - Established in: 1948. - Director General: Dr. Tedros Adhanom Ghebreyesus |
Defence News
- METOC SEMINAR ‘MEGHAYAN 2024’
- What: The Meghayan-24 seminar was organized by the School of Naval Oceanology and Meteorology (SNOM) and the Indian Naval Meteorological Analysis Centre (INMAC) at the Southern Naval Command.
- Tell me more:
- The seminar was held as part of World Meteorological Day (WMD) 2024, focusing on the theme “At the Frontline of Climate Action.”
- Southern Naval Command hosted the event.
- ‘Meghayan-24’ provided a platform for sharing knowledge and insights on weather, climate services, and strategies to address climate change challenges.
- The seminar also marked the launch of INDRA (Indian Naval Dynamic Resource for Weather Analysis), an indigenous mobile application developed by BISAG (Bhaskaracharya National Institute for Space Applications and Geo-informatics).
- INDRA aims to disseminate weather-related information and forecasts, facilitating optimal and quick decision-making in naval operations.
Source: PIB
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About Indian Navy - Officially established in 1950 - Current Admiral: Admiral R. Hari Kumar |
Sports
- Youth Boxing World Cup 2024
- What: The Indian boxing team secured 26 medals (5 gold, 9 silver, and 12 bronze) at the Youth World Boxing Cup 2024 held in Budva, Montenegro.
- Tell me more:
- Russia led the medal count with eight golds, followed by India with five golds, and Poland with three gold medals.
- India won 15 medals in Youth Women’s category, and 11 medals in Youth Men’s category.
- India won 4 gold medals in Youth Women’s category, and one gold medal in Youth Men’s category.
- Brajesh Tamta won the lone gold medal in the Youth Men’s category.
- Youth Women’s 50kg gold medalist Nikita Chand was also adjudged as the ‘Best Boxer’ of the Youth Boxing World Cup 2024.
Source: SportsKeeda
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About Montenegro - Capital: Podgorica - Currency: Euro |
- Orlen Polish Open 2024
- What: The Orlen Polish Open International Challenge was organized in Warsaw, Poland.
- Tell me more:
- Anupama Upadhyaya of India clinched the women’s singles title at the Orlen Polish Open 2024 by defeating Tanya Hemanth (India)
- In the men’s doubles category, the Indian duo M.R. Arjun and Dhruv Kapila secured victory by defeating Denmark’s William Kryger Boe and Christian Faust Kjær.
Source: Times of India
About Anuj Jindal
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Anuj Jindal, the founder, is an ex-manager from SBI, with an M.Com from Delhi School of Economics. He also has a JRF in Commerce & Management and NET in HRM, along with more than 5 years of experience in the field of Education.
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