Today's Current Affairs 1st September 2023

INTERNATIONAL

Gabon officers declare military coup, President Ali Bongo detained

• Gabon, an oil-producing country in Central Africa, has experienced a coup led by military officers. President Ali Bongo was placed under house arrest after being declared the winner of a disputed election. This marks the eighth coup in West and Central Africa since 2020, reflecting a trend of democratic setbacks in the region. Other countries like Mali, Guinea, Burkina Faso, and Chad have also witnessed military takeovers, raising concerns for regional stability and foreign interests.
• Military officers announced the seizure of power, canceling election results and dissolving state institutions.
• The officers declared President Bongo’s victory invalid and placed him under house arrest.
• General Brice Oligui Nguema was appointed as the new leader through a unanimous vote by generals.

Russia Launches Islamic Banking Pilot Program in Bid for Economic Diversification

• Russia is set to embark on a historic journey by launching its first Islamic banking pilot program on September 1. With a considerable Muslim population of approximately 25 million, the move aims to tap into the potential of Islamic finance, which has already had a presence through institutions but lacked official recognition. President Vladimir Putin’s recent endorsement of the initiative signifies a significant step towards embracing Islamic banking principles in the country.

Features of Islamic Banking-

1. Shariah Compliance and Ethical Framework: Islamic banking operates on the principles of Shariah, the Islamic legal system that prohibits usurious transactions and interest charges due to their perceived injustice. This fundamental difference sets it apart from conventional banking practices.
2. Asset-based Model and Partnership Structure: Conventional finance relies on debt-based transactions, where clients bear the entire risk and liability. In contrast, Islamic banking is grounded in an asset-based approach, emphasizing shared profits and risks between financial institutions and clients through partnership arrangements.
3. Socially Responsible Investments: One of the significant distinctions is Islamic banking’s avoidance of sectors deemed harmful to society, such as alcohol, tobacco, and gambling. This ethical stance aligns with the principles of Shariah, promoting responsible financial practices.
4. Prohibition of Speculation and Risky Transactions: Unlike conventional finance, Islamic banking disallows financing speculation, financial derivatives, and deals lacking tangible assets. This prohibition aims to mitigate risks and prevent financial crises akin to the global economic downturn.

 NATIONAL

Piyush Goyal unveils statue of First Finance Minister of Independent India RK Shanmugam Chetty in Coimbatore

• In an event organized by the South Indian Panchayat Association in Coimbatore, Piyush Goyal, the Union Minister of Textiles, inaugurated the statue of RK Shanmugam Chetty, who served as the first Finance Minister of independent India.
• Commencing the event, a statue paying homage to RK Shanmugam Chetty, a pivotal figure in India’s historical narrative and a significant administrator within the South Indian Panchayat Association, was unveiled.
• This statue now resides within the esteemed confines of the South Indian Panchayat Sangha complex, situated in the Racecourse area of Coimbatore. This act not only served as a tribute to Chetty’s remarkable contributions but also as a lasting homage to his enduring legacy, which remains a source of inspiration and guidance to this day.
• Ramasamy Chetty Kandasamy Shanmukham Chetty, known as R.K. Shanmukham Chetty, was a prominent Indian lawyer, economist, and politician who played a pivotal role in the early years of independent India. He held significant positions in both government and academia during his distinguished career.

Cabinet okays Rs 5k cr PRIP scheme to boost research and innovation

• The Union Health Ministry has announced an ambitious plan to boost research and innovation in the pharmaceutical and medtech sectors. To achieve this goal, they have introduced the Promotion of Research & Innovation in Pharma-MedTech sector (PRIP) scheme, which has been approved by the Union Cabinet. The scheme was rolled out earlier this month by the government with the belief that the Indian pharmaceutical industry has the potential to increase its current 3.4 per cent share of the global market to 5 per cent by the year 2030.
• The Union Health Ministry has announced a plan to invest ₹700 crore in creating seven Centres of Excellence at various National Institutes of Pharmaceutical, Education & Research (NIPER) to boost research and innovation in the pharma and medtech sector.
• The scheme, called Promotion of Research & Innovation in Pharma-MedTech sector (PRIP), will be launched in September and will have a duration of five years, from 2023-24 to 2027-28.
• The Centre will also provide ₹4,250 crore to support research in the private sector through milestone-based funding. The Centre may also acquire equity stakes of 5-10% in these private entities in exchange for the funding.
• The scheme aims to enhance the capacity of PSUs and encourage private sector participation in research.

Government To Celebrate Sixth Rashtriya Poshan Maah 2023 throughout September

• The Ministry of Women and Child Development is celebrating the 6th Rashtriya Poshan Maah throughout September 2023. This year, the objective is to comprehensively tackle malnutrition through a life-cycle approach.
• The focal point of Poshan Maah 2023 is to cultivate widespread awareness concerning critical human life stages: pregnancy, infancy, childhood, and adolescence. The aim is to foster nutritional understanding across India through a theme centered on “Suposhit Bharat, Sakshar Bharat, Sashakt Bharat” (Nutrition-rich India, Educated India, Empowered India).
• The Government of India’s flagship initiative, POSHAN Abhiyaan, has been instrumental in advancing nutritional outcomes for pregnant women, lactating mothers, adolescent girls, and children under 6 years of age in a comprehensive manner.
• Launched by Hon’ble Prime Minister, POSHAN (Prime Minister’s Overarching Scheme for Holistic Nutrition) Abhiyaan operates in mission mode to combat the challenge of malnutrition.
• During the 15th Financial Commission period, Poshan Abhiyaan, the Anganwadi Services Scheme, and the Scheme for Adolescent Girls were aligned under Mission Saksham Anganwadi and Poshan 2.0 to launch an integrated nutrition support programme aimed at strengthening content, delivery, outreach, and outcomes.

Bhaderwah rajmash, Ramban Sulai honey get GI tag

• In a significant development for the region, Bhaderwah Rajmash and Sulai honey, both hailing from the picturesque districts of Doda and Ramban in Jammu and Kashmir, have been granted coveted Geographical Indication (GI) tags. These tags serve as a testament to the unique qualities and characteristics of these local specialties and open up doors for their promotion and recognition on an international scale.
• Bhaderwah Rajmash, often referred to as red beans holds a special place in the hearts and palates of those in the Chenab Valley. With its distinct flavor and texture, this legume is not only a staple food item but also a cultural symbol of the region.

India's largest home-built Kakrapar Nuclear Plant in Gujarat starts operations at full capacity, says PM Modi

• In a significant development for India’s energy sector, Prime Minister Narendra Modi announced that the 700 MW nuclear power plant located in Kakrapar, Gujarat, has commenced its operations at maximum capacity. This milestone marks a pivotal moment in India’s quest for energy self-sufficiency and underscores the nation’s commitment to harnessing indigenous nuclear technology.
• The Kakrapar Atomic Power Project (KAPP) had initiated its commercial operations on June 30, 2023, but initially operated at only 90 percent of its capacity. On August 31, 2023, the plant finally achieved its full operational potential.
• The Kakrapar Nuclear Power Plant is a testament to India’s capability in developing and operating nuclear power facilities entirely on its own. The Nuclear Power Corporation of India Limited (NPCIL) has been at the forefront of this endeavor.
• Nuclear Power Corporation of India Limited (NPCIL) is responsible for constructing two 700 MW pressurized heavy water reactors (PHWRs) at Kakrapar, Gujarat. Kakrapar is already home to two 220 MW power plants, and with the new 700 MW unit coming online, it strengthens India’s nuclear power generation capacity.

 APPOINTMENS & RESIGNATIONS

MS Dhoni becomes endorser of Rs 10.50 lakh worth tractor, Anand Mahindra welcomes

• Industrialist Anand Mahindra has welcomed Mahindra Singh Dhoni as the cricketer became a brand ambassador of his Swaraj Tractors. There have been times when Mahendra Singh Dhoni has expressed his passion for farming. And now, he has become a brand ambassador of Swaraj Tractors.
• Dhoni’s rise from Ranchi to being one of the most well known cricketers on the planet is a stuff of legends. He has one of the most inspiring journeys in sports history. He is the most successful Indian cricket team captain who has won the Cricket Word Cup twice, in the ODI and the T20I formats. Dhoni continues to inspire the young generation with his intact dedication and seriousness towards his goal. This is the reason the fans continue to show their love and respect towards the player despite he retiring from international cricket three years back.
• From working as a ticket collector at a railway station, Dhoni transformed into India’s biggest trophy collector, leading the team to ICC T20 World Cup 2007, ICC ODI World Cup 2011 and ICC Champions Trophy 2013 as skipper. MS Dhoni is undoubtedly one of the greatest captains cricket ever witnessed.

 BANKING AND ECONOMY

In 5-year deal, Viacom 18 bags BCCI TV and digital media rights for Rs 5,963 crore

• Viacom 18, a Reliance-owned media outlet, has emerged victorious in the auction for media rights, encompassing both digital and TV broadcasting, of India’s domestic matches and BCCI-hosted domestic tournaments for the next five years. The auction took place on August 31, 2023. This significant acquisition complements Viacom 18’s existing digital rights for the Indian Premier League (IPL) and the FIFA World Cup rights for India. Let’s delve deeper into the details.
• Viacom 18 faced fierce competition from Sony Sports Network and Star Sports in the bidding process. Star Sports already held TV rights for ICC events and the IPL, leaving Sony to vie for these coveted rights.
• For the 88 matches scheduled between 2023 and 2028, the BCCI set a base price of Rs 20 crore per match for TV rights and Rs 25 crore per match for digital rights, totaling Rs 3,960 crore.