National & International Appointments
1. SN Subrahmanyan appointed as Chairman and MD of L&T
- Larsen & Toubro board has appointed S N Subrahmanyan as Chairman and MD, with effect from October 1, 2023.
- He will succeed A M Naik, who steps down as Non-Executive Chairman of the L&T Group at the end of his tenure on 30 September 2023.
- Currently, S N Subrahmanyan is serving as the CEO and MD of L&T.
- He has also worked as Deputy MD & President leading L&T’s infrastructure business to its position as the country’s largest construction organization.
Science & Technology
2. IBM partners NASA to convert satellite data into high resolution maps
- International Business Machines (IBM) has collaborated with the National Aeronautics and Space Administration (NASA) to launch a new geospatial foundation model.
- It is designed to convert satellite data into high-resolution maps of floods, fires, and other landscape changes to reveal the planet’s past and hint at its future.
- It is expected to be available for preview in the second half of 2023.
- This model would be part of IBM’s watsonx.ai, a next-gen enterprise studio.
3. ‘Harit Sagar’ the Green Port Guidelines 2023 launched
- Minister of Ports, Sarbananda Sonowal has launched ‘Harit Sagar’ the Green Port Guidelines 2023.
- Aim: To promote environment-friendly practices across all our Ports
- It provides a comprehensive action plan for achieving targeted outcomes in terms of quantified reduction in carbon emission over defined timelines and achieving SDG.
- It also aims to minimize waste through reducing, reusing, repurposing, and recycling to attain zero waste discharge from port operations.
4. Indian Navy and Royal Thai Navy conduct 35th Indo-Thai coordinated patrol
- The 35th edition of India-Thailand Coordinated Patrol (Indo-Thai CORPAT) between the Indian Navy and the Royal Thai Navy was concluded in the Andaman Sea on May 10, 2023.
- Aim: To reinforce maritime linkages between the two countries and ensure the safety and security of the international trade route in the Indian Ocean
- INS Kesari, an indigenously built LST (L), and HTMS Saiburi, a Chao Phraya Class Frigate participated in the exercise.
Banking & Finance
5. Sebi allows DMA facility to registered FPIs for participating in ETCDs
- The Securities and Exchange Board of India (SEBI) has allowed stock exchanges to extend direct market access (DMA) to registered Foreign Portfolio Investors (FPIs) with immediate effect.
- Reason: To promote institutional participation in Exchange Traded Commodity Derivatives (ETCDs)
- DMA facilitates the clients of a broker to directly access the exchange trading system through the broker's infrastructure to place orders without manual intervention by the broker.
6. Smriti Irani launches “Poshan Bhi Padhai Bhi” campaign
- Union Ministry of WCD has launched a campaign named “Poshan Bhi Padhai Bhi” for strengthening Early Childhood Care and Education (ECCE).
- This unique initiative is aimed at ensuring that India has a high-quality preschool network.
- ECCE is a significant component of Mission Saksham Anganwadi and Poshan 2.0 and is envisaged under the NEP.
- The work will be taken by Anganwadis across the country for providing nutrition as well as better education to children.
7. National Technology Day 2023: May 11
- National Technology Day is observed every year on May 11 across the nation to commemorate India's nuclear test success that was conducted on May 11th, 1998, at Pokhran, Rajasthan.
- 2023 theme: School to Startups-Igniting Young Minds to Innovate
- This term was coined by former PM Atal Bihari Vajpayee to recognize the contributions of Indian scientists.
- On May 11, 1998, India successfully fired the Shakti-I nuclear missile at an Army test range in Rajasthan's Pokhran.
8. Punjab becomes first state to enforce 'right to walk'
- Punjab has become the first state in India to implement the 'right to walk' by making it mandatory for all road-owning agencies to provide footpaths and cycle tracks in all future expansions of roads and construction.
- Reason: Every month more than 10 pedestrians/ bicycle riders are killed in road accidents due to encroachment on pedestrian footpaths
- Road-owning agencies include NHAI, the public works department, local bodies, and urban development departments.
Banking & Finance
9. YES BANK launches solar financing program to aid MSMEs
- Yes Bank has launched YES KIRAN for offering financial assistance to MSMEs manufacturers, who wish to install solar panels at their premises
- Aim: To support the adoption of sustainable energy practices by small and midsized enterprises
- MSMEs will get various benefits such as reduced operational cost, a flexible loan tenure at competitive interest rates, and a broad range of tie-ups with leading solar panel manufacturers and installers to help MSMEs
10. India Post launches Bharat eMart portal
- India Post, Confederation of All India Traders (CAIT), and Tripta Technologies signed an MoU for the Bharat eMart portal.
- This portal will provide the facility of pick-up of consignments from the premises of traders and ensure delivery at the doorsteps of the consignees across the country.
- In the recent past, India Post has entered into similar agreements with GeM, Regional Centers of Tribal Cooperative Marketing Development Federation of India Limited (TRIFED).
11. GST: Government lowers threshold for e-invoicing to Rs 5 crore
- The Union government has lowered the threshold limit of e-invoicing from Rs 10 crore to Rs 5 crore.
- It will be mandatory for smaller businesses to carry out business transactions via e-invoices from August 1, 2023.
- In the exercise of the powers of the Central Goods and Services Tax Rules, 2017, the government has made the amendment in the notification on the recommendations of the Council.
- The threshold was lowered to Rs 10 crore on October 1, 2022.
Banking & Finance
12. Settle fee, charges on forex prepaid cards in rupee: RBI
- RBI has stated that fees and charges payable in India on forex prepaid cards, store value cards, and travel cards must be denominated and settled in local currency.
- The use of such cards is limited to permissible current account transactions.
- It is subject to the prescribed limits under the Foreign Exchange Management Rules.
- The RBI had previously stated that no prior permission from the bank is needed for such cards.
13. India among top 5 countries where babies are born pre-term: UN Report
- According to a report, released by the UN, an estimated 13.4 million babies were born pre-term in 2020, with 45% of them being born in just five countries, including India, Pakistan, Nigeria, China, and Ethiopia.
- Report title: Born Too Soon: Decade of Action on Pre-term Birth
- It is jointly produced by the WHO, UNICEF, and Partnership for Maternal, Newborn & Child Health (PMNCH).
- The global pre-term birth rate increased to 9.9% in 2020, compared to 9.8% in 2010.
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