Today's Current Affairs 15th September 2023

NATIONAL

India becomes the 13th nation to issue OIML certificates

• In a significant development, India has joined the ranks of countries authorized to issue International Organisation of Legal Metrology (OIML) certificates. The announcement was made by the Union Consumer Affairs Ministry on September 14 in New Delhi, marking a pivotal moment in India’s metrological capabilities.
• Consumer Affairs Secretary, Rohit Kumar Singh, revealed that this newfound authority would have far-reaching implications.
• Singh emphasized that this move would serve as an invitation to weighing and measuring instrument manufacturers to operate in India.
• Both domestic and global manufacturers can now have their weighing and measuring instruments tested within the country, opening doors for international market sales.
• Previously, testing had to be conducted in one of the 12 countries, including China and Japan.

IAF takes delivery of first C295 transport aircraft

• India reached a significant milestone with the arrival of the first C295 aircraft, marking a momentous achievement in the country’s aviation history. This development is the result of a collaboration between European aviation giant Airbus and the Indian conglomerate Tata Group, marking the first instance of an Indian private company manufacturing an aircraft.
• The Indian Air Force (IAF) Chief, Air Chief Marshal V.R. Chaudhari, received the first C295 aircraft at Airbus’s production facility in Seville, Spain. After this symbolic handover, the aircraft will be flown back to India, where a formal induction ceremony is scheduled to take place at the Hindon air base in Ghaziabad on the 25th of September.
• The C295 aircraft is set to replace the IAF’s ageing Avro fleet. With the capability to carry up to nine tonnes of payload or transport as many as 71 troops, it boasts a maximum cruise speed of approximately 480 kilometers per hour. One of its notable features is a rear ramp for loading and unloading, making it ideal for transporting larger equipment, a capability the Avro lacked.

Odisha Cm launches Mukhyamantri sampoorna pushti youjana

• Odisha Chief Minister Naveen Patnaik on Thursday launched the Mukhyamantri Sampoorna Pushti Yojana for proper nutrition of mothers, adolescent girls and children in the State.The Chief Minister also launched the Pada Pushti Yojana.
• Mukhyamantri Sampoorna Pushti Yojana aims to provide nutritional support to all adolescent girls between the ages of 15 and 19 across the state along with provision of extra dry food for pregnant women and post-natal mothers, whole food for severely malnourished children, vitamin-rich chatua and eggs for moderately malnourished children and severely underweight children.
• Under the ‘Pada Pushti’ scheme, children in remote and tribal areas will be provided with well-cooked food in their villages.

SCIENCE AND TECHNOLOGY

BAE Systems, L&T Join Hands To Bring All-Terrain Vehicle To India

• A groundbreaking collaboration between global defense and security company BAE Systems and India’s Larsen & Toubro (L&T) is set to revolutionize the Indian defense landscape. The partnership aims to introduce the world-leading Articulated All-Terrain Vehicle (AATV), known as the ‘BvS10,’ to the Indian armed forces. This venture, operating under the ‘Make in India’ program, holds the promise of enhanced capabilities and bolstered defense preparedness for the nation.
• Under this partnership, Larsen & Toubro will take the lead as the prime bidder for the Indian market, with the invaluable support of BAE Systems Hagglunds, the renowned Swedish manufacturer of the highly successful BvS10 family of vehicles. This synergy between a global defense giant and a formidable Indian industrial conglomerate promises to redefine defense manufacturing in the country.
• In a move to meet the specific requirements of the Indian armed forces, BAE Systems and L&T have undertaken the task of upgrading the BvS10. The result of this joint effort is a new variant named the ‘BvS10-Sindhu.’ This innovative vehicle is designed to excel in the demanding terrains and climatic conditions frequently encountered in India.

 APPOINTMENTS AND RESIGNATIONS

Mastercard India appoints former SBI chief Rajnish Kumar as chairman

• Mastercard, the global financial services corporation, has made a significant appointment in its Indian operations by naming Rajnish Kumar as the Chairman of Mastercard India. This move reflects Mastercard’s commitment to strengthening its presence in India and navigating the dynamic landscape of domestic payments. Kumar, the former Chairman of the State Bank of India (SBI), brings a wealth of experience to the role.
• Rajnish Kumar’s career spans nearly four decades in India’s largest bank, the State Bank of India. During his tenure, he held various leadership positions and played a pivotal role in managing critical operations not only in India but also in the UK and Canada. His contributions to the banking sector are well-acknowledged, with one of his notable achievements being the spearheading of the YONO platform, a groundbreaking digital banking initiative.
• Kumar concluded his three-year term as the Chairman of SBI in October 2020, leaving behind a legacy of banking excellence. Now, he steps into a new role at Mastercard India, where he will provide guidance and leadership to Mastercard’s South Asia executive team. This team is headed by Gautam Aggarwal, Division President for South Asia & Country Corporate Officer, India.

 IMPORTANT DAYS

International Day of Democracy 2023: 15th September

• The International Day of Democracy, celebrated on September 15th each year, is a global observance that underscores the importance of democracy as a fundamental human right and a cornerstone of good governance and peace. Established in 2007 by a resolution passed by the United Nations General Assembly (UNGA), this day serves as a reminder of the essential role that democracy plays in shaping societies worldwide.
• Democracy, derived from the Greek words ‘demos’ (meaning a citizen of a city-state) and ‘kratos’ (meaning ‘power’ or ‘rule’ form of government), is a core value of the United Nations. It encompasses principles such as respect for human rights, fundamental freedoms, and the practice of holding periodic and genuine elections through universal suffrage. At its core, democracy empowers citizens to elect their leaders and actively participate in decision-making processes that impact their lives.
• The theme for the International Day of Democracy in 2023 is “Empowering the next generation.” This theme highlights the pivotal role that young people play in advancing democracy and emphasizes the importance of including their voices in decisions that profoundly affect their world. Recognizing and nurturing the engagement of youth in democratic processes is crucial for the future of democracy.

SUMMITS AND MOU’S

Swiggy partners with Goa govt to launch chauta-bazar 2023

• Goa Chief Minister, Pramod Sawant, on Thursday unveiled the Goa Chavath e-Bazaar, listing products by local women entrepreneurs and self-help groups on ‘Swiggy Minis’ as part of a Memorandum of Understanding (MoU) with online delivery platform, Swiggy.
• The delivery platform has entered into an agreement with the Goa government on Thursday to launch Chavath e-Bazaar on ‘Swiggy Minis’.
• This collaborative effort aims to grant online access to local entrepreneurs, thereby expanding their customer base during the festive season. The MoU was exchanged between the Chief Minister of Goa Pramod Sawant and Dolly Surekha from Swiggy.

BANKING AND ECONOMY

LIC presents dividend cheque of Rs 1,831 crore to Finance Minister Nirmala Sitharaman

• LIC Chairman Siddhartha Mohanty presented a significant dividend cheque of ₹1,831.09 crore to Union Finance and Corporate Affairs Minister Nirmala Sitharaman. This dividend represents the Centre’s share for the fiscal year 2022-23. It was officially approved by LIC’s shareholders during the Annual General Meeting held on August 22 of the same year.
• As of the end of June in the current year, the Indian government held an impressive equity stake of 96.5 percent in LIC, making it the majority shareholder.
• The final dividend declared for the fiscal year 2022-23 amounted to ₹3 per share, and it was agreed upon by LIC’s shareholders.
• In May of the previous year, LIC, as the country’s largest insurer, made headlines by launching its colossal ₹21,000 crore initial public offering (IPO). This IPO marked the most substantial public issue in the country’s history up to that point.

Retail sales up 0.1% month-over-month in August

• On September 14, the Indian government unveiled the Wholesale Price Index (WPI) data for the month of August, revealing a persistent trend of declining wholesale inflation. In August, the wholesale inflation rate plummeted to -0.52 percent, marking the fifth consecutive month in which it has remained in the negative territory. Notably, in July, the wholesale inflation rate had been -1.36 percent, and in June, it had reached as low as -4.12 percent.
• The Wholesale Price Index, or WPI, serves as a crucial indicator that measures the fluctuations in prices of goods traded and sold in bulk by wholesale businesses to other companies. Unlike the Consumer Price Index (CPI), which tracks prices of goods and services directly purchased by consumers, the WPI focuses on factory gate prices before they reach the retail level.
• The government attributed the persistently negative inflation rate to a range of factors, including the decline in prices of mineral oils, basic metals, chemical and chemical products, textiles, and food products when compared to the corresponding month of the previous year.

Fitch retains India's growth forecast for FY'24 at 6.3 pc

• In a recent update, Fitch Ratings decided to maintain its growth forecast for India for the fiscal year 2023-24 (FY24) at 6.3%. Despite facing challenges such as tighter monetary policy and weakened exports, India’s economy displayed remarkable resilience. Notably, the Indian economy posted a strong growth rate of 7.8% in the April-June quarter, primarily driven by robust demand and a thriving services sector.
• Fitch’s projections include a growth rate of 6.5% for the following fiscal year (2024-25). However, the report raises concerns about inflation risks. Fitch has revised its year-end inflation projection upwards, citing the looming threat of El Nino. It suggests that temporary increases in inflation, especially in food prices, could impact consumers’ discretionary spending power. Although the inflation’s impact on consumers might be short-lived, other fundamental factors are weighing on the Indian economy.