Latest Current Affairs For Wednesday 12th July, 2023

India-US launched ‘Operation Broader Sword’

India and the USA, jointly conducted an ‘Operation Broader Sword’ to stop the illegal shipment of drugs through the International Mail System.

It targeted shipments of illicit, potentially dangerous, unapproved prescription drugs, combination medical devices, and synthetic drug precursors shipped through International Mail Facilities.

The operation resulted in the interception of over 500 shipments of illicit and unapproved prescription drugs bound for US consumers.

NLU Delhi launches research affiliate program ‘Eklavya’

The National Law University (NLU), Delhi launched Eklavya, a ‘Research Affiliate’ program, for those who do not have a traditional law degree.

Aim: To emphasize its commitment to actively seek partnerships outside the varsity and draw from their experiences and perspectives to develop quality legal scholarship. 

It is open to those who have at least three years of demonstrable experience working on issues that have a significant interface with the law.

CarTrade Tech to acquire OLX India's auto business for Rs 537 cr

Mumbai-based used cars platform CarTrade Tech Ltd will acquire online marketplace OLX India's auto sales business for Rs 537 crore.

CarTrade will acquire a 100% stake in Sobek Auto India Pvt Ltd, the entity that houses OLX India’s Automotive business, in an all-cash deal.

The acquisition will likely to be completed in 21-30 days.

Sobek is a company incorporated under the Companies Act, of 2013.

It is engaged in the business of running an automotive digital platform.

Bajaj Allianz Life Insurance wins Insurer Innovation Award 2023

Bajaj Allianz Life Insurance has won the Insurer Innovation Award 2023 for the APAC region at the 8th World Digital Insurance Awards, hosted by TDI - The Digital Insurer.

Recognition: Bajaj Allianz Life's ground-breaking WhatsApp Conversational Platform - empowering customers to digitally services their policies seamlessly. 

The award entries were shortlisted by industry experts and the winner was selected by the community through pre-voting and live event voting.

OCA elects Sheikh Talal as the new President

Kuwait’s Sheikh Talal Fahad Al Ahmad Al Sabah has been elected as the new President of the Olympic Council of Asia (OCA).

He replaced his older brother Sheikh Ahmad Al-Fahad Al-Sabah, who led the OCA for 30 years until 2021.

The OCA was founded in 1982 by his father Fahad Al-Ahmed Al-Jaber Al-Sabah, who led it until 1990.

The Olympic Council of Asia (OCA) is a governing body of sports in Asia, currently with 45 member National Olympic Committees.

Gujarat CM launches pilot project of ‘Antyodaya Shramik Suraksha Yojana’

Gujarat CM Bhupendra Patel launched the Antyodaya Shram Suraksha Accident Insurance Scheme from Kheda

All those registered under the e-Shram portal from Nadiad will benefit from the scheme.

It is being implemented through the Indian Postal Department, the IPPB, and the Ministry of Labour and Employment.

Under this scheme, insurance with a premium of Rs. 289 and Rs. 499 per year will be a big support to workers in the event of death or partial disability.

MoHUA conducts SBM-U 2.0 Planning & Implementation Review-cum-Workshop

The Housing Ministry organized a review-cum-workshop to evaluate and accelerate the planning and implementation of the SBM-Urban 2.0.

PM Modi launched the 2.0 versions of SBM-U and AMRUT on October 1, 2021.

SBM-U 2.0: Achieving 100% waste segregation in all households and premises and 100% door-to-door collection of segregated waste from each. 

AMRUT 2.0: To provide complete coverage of water supply to all households and sewerage and septage in 500 AMRUT cities. 

World Population Day 2023: 11 July

World Population Day is observed every year on July 11 in order to raise awareness about global population issues, including population control.

2023 theme: Unleashing the power of gender equality: Uplifting the voices of women and girls to unlock our world’s infinite possibilities. 

It was established by the United Nations Development Programme (UNDP) in 1989, after the day the world approximately reached a population of five billion, which was observed on 11 July 1987.

India overtakes China as most attractive emerging market for investing

According to a study by Invesco Global Sovereign Asset Management, India has overtaken China to become the most attractive emerging market for investing in sovereign wealth funds this year.

Reason: This is due to its solid demographics, political stability, and proactive regulation. 

Positives for the nation also include the rapidly expanding demography, strong regulatory actions, and a welcoming climate for sovereign investors.

L&T and Spain's Navantia sign agreement for submarine project

L&T has signed a teaming agreement with Spanish-based Navantia for the submission of a techno-commercial bid for the Indian Navy’s prestigious P75 (India) submarine program.

P75 (India) Submarine Project is expected to be valued at €4.8 billion.

Navantia would carry out the design of P75(I) submarines based on its S80 class of submarines.

The first S80 class submarine was launched in 2021 and is undergoing sea trials prior to its delivery to Spanish Navy. 

India poised to become world’s 2nd-largest economy by 2075: Goldman Sachs

According to the Investment Bank Goldman Sachs, India is poised to become the world’s second-largest economy by 2075.

As per the report, India would cross Japan, Germany, and the US With a population of 1.4 billion people.

India’s GDP is estimated to expand remarkably, reaching 52.5 trillion dollars surpassing the US GDP projection.

The labour force participation set to make India the second-largest economy in the world by 2075.

J&K Bank wins award for Best Performance in CASA

Jammu & Kashmir Bank has been felicitated for the Best Performance in CASA-India (1st Runner up in Small Bank Category) at ICC Emerging Asia Banking Conclave & Awards 2022.

The event was participated by banks from India, Nepal, Bhutan, Bangladesh, Sri Lanka & Myanmar.

The function was organized by the Indian Chamber of Commerce in Goa.

Indian Chamber of Commerce (ICC) is a non-governmental trade association and advocacy group headquartered in Calcutta.

PM Narendra Modi to be awarded prestigious Lokmanya Tilak Award 2023

The Tilak Smarak Mandir Trust (Hind Swaraj Sangh) would confer the prestigious Lokmanya Tilak National Award 2023 to Prime Minister Narendra Modi in Pune on August 1, 2023.

Reason: This award recognizes PM Modi's supreme leadership under which India has climbed the ladder of progress

It is presented annually on the occasion of Lokmanya Tilak's death anniversary.

Other awardees: Indira Gandhi, Atal Bihari Vajpayee, Sharad Pawar, Cyrus Poonawalla, and Manmohan Singh. 

Lakshya Sen clinches Men’s Singles Canada Open Badminton title 2023

Indian shuttler Lakshya Sen (world number 19) has clinched Men’s Singles title of the Canada Open 2023 badminton tournament in Calgary, Canada.

In the final, he defeated Li Shi Feng of China 21-18, 22-20.

In the second set he was down four game points but saved all and ended up winning the game in straight sets.

This is the first BWF World Tour title of Commonwealth Games champion Lakshya Sen after almost a year.

NHB operationalises ₹10,000-crore Urban Infrastructure Development Fund

National Housing Bank (NHB) has operationalized the Urban Infrastructure Development Fund (UIDF) with an initial corpus of Rs 10,000 crore.

Finance Minister Nirmala Sitharaman in her 2023-24 Budget speech announced the setting up of the UIDF through the use of priority sector lending shortfall for the creation of urban infrastructure in Tier 2 and Tier 3 cities.

The interest rate on UIDF loans has been kept at Bank Rate minus 1.5%, i.e., 5.25% (at present).

Parth Salunkhe wins Youth World Championship 2023 in recurve category

Parth Salunkhe became the first male archer to win a gold in the recurve category at the Youth World Championships 2023.

He defeated a Korean in the Under-21 men's recurve individual final, in Limerick, Ireland.

He hailed from Satara in Maharashtra.

With this medal, India finished with their highest-ever tally of 11 medals including six gold, one silver, and four bronze.

Of the 11 medals India won, six were bagged in the U21 category - four gold and two bronze.

National Fish Farmer’s Day 2023: 10th July

India observed the National Fish Farmer’s Day on July 10 annually to commemorate the contribution of eminent fisheries scientist professor Hiralal Chaudhary and his colleague Alikunhi.

On July 10, 1957, they successfully achieved the induced breeding of Indian Major Carps in the country, at Angul in Odisha.

This is celebrated to highlight and encourage the dedicated supremacy of fish farmers.

Aim: To excel in delivering employment chances in this sector. 

NSDL files DRHP with SEBI for IPO

India’s largest depository, National Securities Depository Limited (NSDL) has filed its Draft Red Herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) for an IPO.

The IPO will see IDBI Bank, NSE, SBI, HDFC Bank, and Union Bank of India paring stakes.

IDBI Bank and National Stock Exchange (NSE) hold 26% and 24% stakes in the company, respectively.

SBI (5%), Union Bank of India (2.8%), and Canara Bank (2.3%) are other key stakeholders.

Centre adding more services to Ayushman Bharat-Health and Wellness Centres

Ayushman Bharat-Health and Wellness Centres (AB-HWCs) programme of India has grown to more than 1.60 lakh centres and registered a footfall of over 178.87 crore (as of June end).

The government will add more services including screening, prevention, control, etc. by August-end.

The essential list of medicines and diagnostics has been expanded to make available 171 medicines at Primary HWCs and 105 at Secondary Health Care-HWC and 63 diagnostics at PHC-HWC.

India, Tanzania begin trade settlements in local currencies

External Affairs Minister S Jaishankar informed that India and Tanzania have started trade settlements in local currencies.

This new initiative will help in promoting commerce between the two countries.

India-Tanzania bilateral trade has seen very strong growth and stood at USD 6.4 billion in 2022-23.

Bank of India, Bank of Baroda, and Canara Bank have operations in Tanzania.

About 18 countries have already opened special vostro accounts with Indian banks.

Forex reserves rise by $1.85 billion to $595.05 billion

According to the RBI, India's foreign exchange reserves rose by $1.853 billion to $595.051 billion in the week ended on June 30, 2023.

The overall reserve had dropped by $2.901 billion to $593.198 billion in the previous reporting week.

In October 2021, the country's forex reserve had reached an all-time high of $645 billion.

The reserves have been declining as the central bank deploys the kitty to defend the rupee amid pressures caused majorly by global developments.

Inaugural session of third G20 CWG meeting of Culture organized in Hampi

The inaugural session of the third G20 Culture Working Group (CWG) meeting was organized in Hampi, Karnataka.

Union Minister of Parliamentary Affairs, Pralhad Joshi addressed the session.

Four priority areas:

Protection and restitution of cultural property. 

Harnessing living heritage for a sustainable future. 

Promotion of cultural and creative industries and creative economy. 

Leveraging digital technologies for the protection and promotion of culture. 

Performance Grading Index for Districts (PGI-D)

The Department of School Education and Literacy released the Performance Grading Index for Districts (PGI-D) combined report for 2020-21 and 2021-22.

This report assesses the performance of the school education system at the district level by creating an index for comprehensive analysis.

Highest grade: Daksh (scoring more than 90% of the total points in that category or overall)

Lowest grade: Akanshi-3 (Scores upto 10% of the total points)