Daily Current Affairs- 19 September 2023

Today's Current Affairs 19 September 2023

NATIONAL

New Delhi: Union Minister Jyotiraditya Scindia inaugurates 'Udaan Bhawan’ an integrated office complex at Safdarjung Airport

• Civil Aviation Minister Jyotiraditya M. Scindia inaugurated ‘Udaan Bhawan,’ a state-of-the-art integrated office complex nestled within the confines of Delhi’s Safdarjung Airport. Udaan Bhawan promises to play a pivotal role in facilitating enhanced coordination and efficiency among various regulatory authorities operating under the Ministry of Civil Aviation (MoCA).
• The newly inaugurated Udaan Bhawan is poised to become the nerve center of aviation oversight in India. This modern facility will house several key regulatory bodies, including the Directorate General of Civil Aviation (DGCA), Bureau of Civil Aviation Security (BCAS), Aircraft Accident Investigation Bureau (AAIB), Airports Economic Regulatory Authority (AERA), and the Airports Authority of India (AAI). By co-locating these vital entities, Udaan Bhawan aims to foster seamless collaboration and streamline administrative processes within the civil aviation sector.

INDIAN COAST GUARD SUCCESSFULLY CONDUCTS ‘OPERATION SAJAG’ A COASTAL SECURITY DRILL

• ‘Operation Sajag,’ a comprehensive drill was conducted by the Indian Coast Guard along the west coast on September 18, 2023. It is a significant event in the realm of coastal security. This operation involves all stakeholders in the coastal security construct and plays a pivotal role in revalidating the coastal security mechanism while enhancing awareness among fishermen operating at sea.
• During ‘Operation Sajag,’ an extensive checking and verification process was initiated, targeting the documents and crew passes of all fishing boats, barges, and crafts at sea. The sheer scale of this operation is evident from the participation of 118 ships, including vessels from Customs, Marine Police, Ports, and the Indian Navy. This unified effort demonstrates the commitment of various agencies to ensure the safety and security of India’s coastal regions.

APPOINTMENTS AND RESIGNATIONS

DIPA appoints Dhananjay Joshi as Chairman, Sandeep Girotra as Vice-Chairman

• Digital Infrastructure Providers Association (DIPA) has appointed Dhananjay Joshi, MD and CEO of Summit Digitel, as the chairman. Dhananjay Joshi takes over the baton from Akhil Gupta, Chairman of Bharti Enterprises, who served as Chairman of the industry body since 2011. DIPA named Sandeep Girotra, CEO of American Tower India, as the new vice chairman of the association.
• The changes in the leadership management will come into effect from October 1, 2023. The telecom industry body concluded its annual general body meeting for 2022-23, with the announcements of its leadership for the term 2023-24. Akhil Gupta has accepted the request of the executive committee members to hold the position of Patron Member, DIPA.
• The Digital Infrastructure Providers Association (DIPA) is a non-profit industry body that represents the digital infrastructure industry in India. It was founded in 2010 as the Tower and Infrastructure Providers Association (TIPA), but was renamed DIPA in 2020 to reflect the broader scope of its membership.

PIO named CEO of Penguin Random House

• Nihar Malaviya has been named as permanent CEO of Penguin Random House, nine months after he was appointed the interim chief executive. Malaviya succeeded Markus Dohle, who departed weeks after a federal judge struck down Penguin Random House’s attempted merger with Simon & Schuster, a deal Dohle had pushed for. Penguin Random House, the world’s largest trade publisher, has been undergoing a company-wide reorganization in 2023, with numerous senior editors either laid off or departing under a voluntary retirement plan.
• Bertelsmann, the German media conglomerate, has owned Random House since 1998. Random House and Penguin merged in 2013.
• Malaviya, 48, joined Bertelsmann in 2001, and had served in a variety of positions before becoming CEO. He was most recently COO and president of Penguin Random House in the U.S.

SUMMITS AND MOU’S

SHREYAS National Fellowship Scheme benefits more than 21,000 SC students for Higher Education

• The Scheme for Higher Education Youth in Apprenticeship and Skills (SHREYAS scheme), comprising four central sector sub-schemes, has been instrumental in empowering thousands of students from Scheduled Castes (SCs) and Other Backward Classes (OBCs) since its inception in 2014. This umbrella scheme encompasses “Top Class Education for SCs,” “Free Coaching Scheme for SCs and OBCs,” “National Overseas Scheme for SCs,” and “National Fellowship for SCs.” This article provides an overview of these sub-schemes, highlighting the allocated budgets, expenditure details, and the number of beneficiaries over the past nine years.
• The scheme aims to offer high-quality coaching to economically disadvantaged SC and OBC candidates, enabling them to participate in competitive exams and gain admission to prestigious technical and professional higher education institutions.
• Families with a total annual income of up to 8 lakhs are eligible for this scheme.
• 3500 slots are allocated annually, with a student ratio of 70% SC and 30% OBC. Additionally, 30% of slots are reserved for female candidates.
• From 2014-15 to 2022-23, a total of 109.77 crore rupees have been disbursed, benefiting 19,995 beneficiaries.

Indian Navy to showcase promising technologies during "Swavlamban-2023'

• The Indian Navy is all set to host the second edition of the Naval Innovation and Indigenisation (NIIO) Seminar, known as ‘Swavlamban 2023,’ scheduled to take place on 4th and 5th October 2023. This event follows the maiden edition of the seminar, which was held in July 2022 and marked a significant milestone in the Navy’s quest for innovation and self-reliance.
• In the inaugural edition of ‘Swavlamban’ in 2022, the Hon’ble Prime Minister of India unveiled the ‘SPRINT’ initiative, which has since become a driving force behind the Indian Navy’s pursuit of indigenous technology adoption. ‘SPRINT’ stands for Supporting Pole-Vaulting in R&D through Innovations for Defence Excellence (iDEX), NIIO, and Technology Development Acceleration Cell (TDAC). This collaborative effort aims to foster innovation and indigenisation in the defense sector.
• A key highlight of the ‘SPRINT’ initiative is the issuance of 75 challenges to start-ups and Micro, Small, and Medium Enterprises (MSMEs). These challenges serve as a clarion call to harness indigenous innovation for the benefit of the Indian Navy. The overarching goal is to develop at least 75 cutting-edge technologies and products as part of the ‘Azadi ka Amrit Mahotsav,’ a celebration of India’s 75 years of independence.

BANKING AND ECONOMY

S&P Global revises India’s FY24 growth forecast upwards to 6.6%; turns pessimistic on inflation

• S&P Global Market Intelligence has reevaluated India’s economic growth prospects for the fiscal year 2024 (FY24). This upward revision is attributed to robust economic performance in the April-June quarter. Notably, the revised projection stands at 6.6%, a significant improvement from the 5.9% estimate put forth by the analytics firm in August.
• While the revised growth forecast is promising, S&P Global Market Intelligence also presents a concerning prediction regarding inflation. The analytics firm anticipates a sharp increase in inflation, with the rate surging to 6% in 2023. This projection marks a noteworthy climb from the 5.1% inflation rate estimated in August. Of particular note, this level of inflation is approaching the upper boundary of the Reserve Bank of India’s target range.

SBI introduces digital opening of NRE/NRO account setup through YONO

• In a groundbreaking move, the State Bank of India (SBI), the country’s largest lender, has launched a cutting-edge digital platform for Non-Resident Indians (NRIs) to seamlessly open NRE (Non-Residential External) and NRO (Non-Resident Ordinary) savings and current accounts. This innovative service is specifically tailored to “new to bank” (NTB) customers, aiming to simplify and expedite the account opening procedure.
• NRE Account: A Non-Residential External (NRE) account is established in India under the NRI’s name to house their foreign earnings securely.
• NRO Account: Conversely, a Non-Resident Ordinary (NRO) account is opened in India in the NRI’s name to manage income earned within the country, such as rent, dividends, pensions, interest, and more.

SBI To Send Chocolates To Borrowers Likely To Default On Monthly Repayments

• The State Bank of India (SBI), the largest public sector lender, has devised a unique strategy to tackle potential loan defaults. Recognizing that borrowers planning to default often ignore reminder calls, SBI is taking a proactive approach by personally visiting their homes unannounced and surprising them with a pack of chocolates. This innovative method is aimed at improving loan collections, particularly as SBI’s retail lending has experienced substantial growth.
• SBI’s retail loan book has witnessed remarkable growth, surging by over 16.46 percent to reach Rs 12,04,279 crore in the June 2023 quarter from Rs 10,34,111 crore in the previous year.
• To enhance its loan recovery efforts, SBI has partnered with fintech companies that utilize artificial intelligence (AI) technology. These fintech platforms play a dual role: one focuses on negotiating with borrowers, while the other assesses a borrower’s likelihood of default.

Govt approves welfare measures for LIC agents, employees

• In a significant development, the Finance Ministry has granted approval for a range of welfare measures aimed at benefiting both Life Insurance Corporation of India (LIC) agents and its employees. These measures, which have been approved today, are expected to bring substantial advantages to the vast LIC workforce comprising over 13 lakh agents and more than one lakh regular employees.
• One of the key highlights of these welfare measures is the enhancement of the gratuity limit for LIC agents. Previously set at three lakh rupees, this limit has now been raised to an improved five lakh rupees. This change is expected to provide a more substantial financial cushion for LIC agents.
• Another notable provision is the eligibility of reappointed agents to receive renewal commissions. This decision is expected to motivate agents to continue their association with LIC and further strengthen their commitment to the organization.