Today's Current Affairs 6th July 2023

INTERNATIONAL

India to set up first IIT campus abroad in Zanzibar, Tanzania

• An MoU has been signed to set up the IIT Madras campus in Tanzania. External Affairs Minister Dr. S. Jaishankar is on a visit to Tanzania and witnessed the signing of this MoU.
• The External Affairs Minister tweeted that he witnessed the signing of the agreement on the establishment of the IIT Madras Zanzibar campus. He also appreciated the President Hussain Ali and his ministers for gracing the occasion. This historic step shows India’s commitment to the Global South (developing countries).
• In addition, the External Affairs Minister and the President of Zanzibar attended the Deck Reception held onboard INS Trishul. He welcomed the presence of the Speaker of Parliament, ministers, parliamentarians, senior officers of the Tanzania Defence Forces, and the Indian diaspora to grace the occasion.
• Earlier, in the month of February, 2023, a delegation of the Indian Institute of Technology- Madras, had visited Tanzania to set up the first IIT offshore campus in the African continent. This kind of campus can be instrumental in the growth and the nation building of not only Tanzania but of the whole continent.

Indian Navy hosts 7th edition of bilateral Japan-India Maritime Exercise 2023 - (JIMEX 23)

• The seventh edition of the bilateral Japan-India Maritime Exercise 2023 (JIMEX 23) hosted by the Indian Navy, is being conducted at/ off Visakhapatnam from 05 -10 July 2023. This edition marks the 11th anniversary of JIMEX, since its inception in 2012.
• Japan Maritime Self Defence Force (JMSDF) units under the command of RAdm Nishiyama Takahiro, Commander Escort Flotilla One, and Indian Naval ships under the command of RAdm Gurcharan Singh, Flag Officer Commanding Eastern Fleet are participating in the exercise.
• JIMEX 23 will witness the participation of INS Delhi, India's first indigenously built Guided Missile Destroyer, INS Kamorta, an indigenously designed and built Anti-Submarine Warfare Corvette, fleet tanker INS Shakti, a submarine, maritime patrol aircraft P8I and Dornier, ship-borne helicopters and fighter aircraft. JMSDF will be represented by the guided missile destroyer JS Samidare and its integral helicopters.
• The exercise will be conducted over six days in two phases - a Harbour Phase at Visakhapatnam comprising professional, sports and social interactions, after which, the two navies will jointly hone their warfighting skills at sea and enhance their interoperability through complex multi-discipline operations in the surface, sub-surface and air domains.

NATIONAL

Gujarat govt doubles insurance cover under Pradhan Mantri Jan Arogya scheme

• In Gujarat, the state government has doubled the insurance cover under Pradhan Mantri Jan Aarogya Yojana from the 11th of July. Now, the beneficiaries of PMAY will get an insurance cover of Rs 10 lakhs instead of the earlier 5 lakhs.
• Talking to the media, the State Health Minister Rushikesh Patel said the decision will benefit nearly 1.78 crore Ayushman Bharat card holders in the state. He added that the beneficiaries will get a free of cost medical treatment over two thousand government hospitals and 795 private hospitals in the state under PMAY
• AIR correspondent reports more than 39 lakh claims have been received in Gujarat under PMAY. The state ranks fifth in the country in terms of number of claims and has secured second position in terms of amount of claims cleared under PMAY so far. The claims worth over 2800 crore have been cleared in the state so far.

Indore Municipal Corporation to be the first urban body to get EPR credit

• Indore Municipal Corporation (IMC) in Madhya Pradesh, India, has made history by becoming the first urban body in the country to receive Extended Producers Responsibility (EPR) credit for recycling banned single-use plastic items. I
• ndore has implemented a complete ban on single-use plastic items within the city. In recent times, the IMC seized approximately eight tonnes of such plastic, preventing its circulation. Moreover, Indore has also been recognized as India’s cleanest city for the sixth consecutive year in the central government’s annual cleanliness survey.
• EPR is an environmental policy approach in which a producer’s responsibility for a product is extended to the post-consumer stage of a product’s life cycle.
• Indore faces the daily challenge of managing a substantial amount of solid waste, with an average of 1,162 tonnes generated each day. This includes approximately 164 tonnes of plastic waste. However, the IMC has implemented an efficient waste collection system, where waste is categorized and collected from every doorstep in the city using civic vehicles. The collected waste is then promptly disposed of at the recycling plant, ensuring the city remains clean and environmentally sustainable.

APPOINTMENS & RESIGNATIONS

NATO extends Jens Stoltenberg's tenure as chief of alliance by a year

• NATO's members, after struggling to find a replacement for the alliance head, extended Jens Stoltenberg's tenure for one more year.
• he announcement was made a week ahead of a summit of NATO leaders in Vilnius, Lithuania that will be mostly focusing on the Western military alliance's response to the conflict and Kyiv's push for membership.
• The 31 NATO countries decided to extend Stoltenberg's term after failing to agree on a replacement.
• The former prime minister of Norway, Stoltenberg has been the alliance's boss since 2014 and his tenure has already been extended thrice previously.
• He is widely seen as a steady leader and a patient consensus-builder across the alliance. He also won widespread appreciation for guiding the alliance throughout former US President Donald Trump's presidency who openly conjectured about taking the US out of NATO.

 SUMMIT'S & MOU's

MoU signed between India And Japan for the development of the Integrated Mast

• A Memorandum of Cooperation (MoC) for the development of the Integrated Mast United Combined Radio Antenna (NORA-50) was recently signed by Japan and India. Multiple antennas are included into the distinctive horn-shaped NORA-50 for tactical data link, TACAN (Tactical Air Navigation), and communications. By combining different antennas into a single structure, this integrated mast reduces the radar cross-section (RCS) and improves operational capabilities.
• The Memorandum of Understanding (MoU) between India and Japan represents the two nations' close strategic alliance and cooperative efforts in defence technology. Their common dedication to enhancing defence capabilities via collaborative research, development, and innovation is reflected in this. India and Japan are working together to create cutting-edge technologies that tackle shared defence issues and support regional stability.
• Modern warfare places a high value on the NORA-50, the Integrated Mast United Combined Radio Antenna. There are many benefits to combining antennas into a single structure. First, it lowers the RCS, which makes the platform harder for enemy radar systems to identify. In order to reduce the vulnerability of military assets and increase mission success rates overall, this improved stealth capabilities are essential.

Fourth edition of Space Economy Leaders Meeting under India’s G20 presidency begins in Bengaluru

• As part of India’s G20 Presidency, the fourth edition of the Space Economy Leaders Meeting began in Bengaluru today, July 6. Addressing the delegates during the inaugural event, Union Minister Dr. Jitendra Singh said that under Prime Minister Narendra Modi, the Indian Space programme’s benefits were extended to neighbouring friendly countries and as part of space sector reforms, the private partnership was encouraged in this sector. He said that due to this decision, 140 start-ups have come up by successfully contributing to the Indian space programme.
• Jitendra Singh said that the space programmes in the country have experienced a quantum jump in the last eight to nine years. India is today a frontline nation through its Candrayaan and Gaganyaan programmes.
• The two-day meeting on the theme ‘Towards a New Space Era has participation from the Heads of National Space Agencies, leaders of space industries of G20 Countries and various guest nations. It will discuss the responsibilities of the space faring nations for an enhanced share of space economy in the global economy. The Chairman of ISRO Somnath S, IN-SPACe Chairman Dr. Pawan Goenka and G20 Sherpa Amitabh Kant also spoke on the occasion.

DGCA, EASA ink MoU on drone standards, will work on training programmers

• The Directorate General of Civil Aviation (DGCA), has signed a memorandum of understanding (MoU) with the European Union Aviation Safety Agency (EASA) to jointly develop standards for drones.
• These standards will be related to licensing of personnel, training, air traffic management and infrastructure, and Unmanned Aircraft System Traffic Management (UTM) services
• Additionally, the DGCA and EASA will collaborate on conducting conferences, workshops, and training programmers in the area.
• In April this year, the DGCA signed a letter of intent (LoI) on ‘Unmanned Aircraft Systems’ and ‘Innovative Air Mobility’ with the (EASA) during the EU-India Aviation Summit held in New Delhi.
• The MoU will also ensure regular information sharing between the two authorities on the technological developments and research in this area and also their respective strategies for outreach to relevant stakeholders,
• DGCA said the signing of the MoU will enable harmonised standards and growth of the drone sector in the country.

BANKING AND ECONOMY

Bank of India rolls out Mahila Samman Savings Certificate:

• State-run Bank of India launched the Mahila Samman Savings Certificate scheme at all its branches. The Mahila Samman Savings Certificate is a government-guaranteed limited-period small savings scheme aimed at empowering women and fostering their financial inclusion,
• The scheme was announced by Union Finance Minister Nirmala Sitharaman during her Budget speech this year. The scheme offers an interest rate of 7.5 per cent per annum, compounded quarterly.
• Under the scheme, individual girls or women can open a Mahila Samman Savings Certificate, or a guardian can open an account on behalf of a minor girl.
• The account will mature after two years from the date of opening. Accounts under this scheme can be opened until March 31, 2025.

IDFC First Bank to Merge with IDFC Ltd in 155:100 Share Exchange Ratio

• IDFC First Bank and IDFC Ltd have announced their merger plans, with a share exchange ratio of 155 equity shares of IDFC First Bank for every 100 equity shares of IDFC. The merger aims to simplify the corporate structure, increase the book value per share, and streamline regulatory compliances. The merger is expected to be completed in the current financial year, subject to unforeseen circumstances.
• In March 2023, IDFC Ltd and IDFC Financial Holding Company Ltd appointed Axis Capital Ltd to determine the fairness of the share exchange ratio for the merger. The companies have completed all stages of corporate simplifications, with the amalgamation with IDFC First Bank being the next step. To facilitate the merger, registered valuers and legal experts were appointed to provide recommendations and conduct due diligence.
• The merger is expected to increase the book value per share of IDFC First Bank by 4.9 percent, based on audited financials as of March 31, 2023. It will consolidate IDFC FHCL, IDFC Limited, and IDFC First Bank into a single entity, simplifying the corporate structure. Additionally, the merger will result in a diversified shareholder base, similar to other large private sector banks, with no promoter holding.