Daily Current Affairs September 03 & 04 2023 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

SEBI Forms New Panel for Alternative Investment Policy Advisory Committee

• The Capital Market Regulator Securities and Exchange Board of India (SEBI) has reconstituted its Alternative Investment Policy Advisory Committee and advises it on a range of issues impacting the further development of the Alternative Investment Fund (AIF) space.

Key Highlights :

Committee Membership Expansion :

• According to SEBI, the committee, initially constituted in March 2015, underwent a recent change in its composition in February 2022.
• Now, the committee has been expanded to include 25 members, up from its previous count of 20.

Chairperson & Members of the Committee :

• The committee is Chaired by Infosys co-founder N R Narayana Murthy, & has submitted 3 reports on the AIF (Alternative Investment Fund) industry.
• Apart from Murthy, the committee includes members from SEBI, the Ministry of Finance, AIF players, and industry associations.
• Notably, Renuka Ramnath, the former chairperson of the Indian Private Equity and Venture Capital Association (IVCA), has been replaced on the committee by Karthik Reddy, the new chairman of IVCA.
• The panel on the committee is mandated to advise SEBI on any hurdles that might hinder the development of the alternative investment industry and any other item relevant to the segment as well as the development of the startup ecosystem in India.

About SEBI :

• Established : 12 April 1988 as an executive body and was given statutory powers on 30 January 1992 through the SEBI Act, 1992
• Headquarters : Mumbai, Maharashtra
• Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of the Ministry of Finance (MoF), GoI.

Fitch Maintains BBB- Rating with Stable Outlook for SBI and 5 Other Public Sector Banks 

• Fitch Ratings has reaffirmed the credit ratings of 6 major public sector banks in India including State Bank of India (SBI), Bank of Baroda (BoB), Punjab National Bank (PNB), Canara Bank, Bank of India (BoI), and Union Bank of India (UBI), have all received a BBB- rating with a stable outlook.
• In addition to the BBB- rating with a stable outlook, Fitch Ratings has also reaffirmed the following ratings for these banks:
• Viability rating at BB
• Government support rating at BBB-
• Among these banks, SBI has been identified as having the highest probability of receiving extraordinary state support.
• The stable outlook aligns with the sovereign rating of the country.
• Meanwhile, the rating agency also affirmed the long-term rating of the second largest state-owned lender Bank of Baroda and its New Zealand subsidiary BBB- with stable outlook.

PhonePe enters stock broking business with launch of Share.Market app

• Walmart-backed payments giant PhonePe has introduced its stock broking platform, named Share(dot)Market, as part of its efforts to diversify its financial services.
• The new mobile app will allow users to trade and invest in stocks, mutual funds, and ETFs (exchange-traded funds).

Key Highlights :

• The Share(dot)Market app elevates discount broking by providing market intelligence and quantitative research-based WealthBaskets, a scalable technology platform.
• It will be available as a mobile app and a dedicated web platform, enabling retail investors to buy stocks, engage in intra day trades, buy curated WealthBaskets and mutual funds.
• WealthBaskets are curated collections of stocks/investment products by SEBI-registered intermediaries that align with specific themes, sectors, or market trends enabling active equity portfolio building.
• The FinTech giant aims to tap into the growing interest in stock trading and investing among its user base with this new launch.
• Share(dot)Market charges a one-time onboarding price of Rs 199 that includes benefits such as zero brokerage up to Rs 400 on trades till March 31, 2024.
• Chief Executive Officer (CEO), Share(dot)Market : Ujjwal Jain

Recent News :

• In July, 2023 PhonePe, a digital payments platform, partnered with PayMate, a leading digital Business-to-business (B2B) payments and service provider, to allow users to pay their income tax on the PhonePe app called “Income Tax Payment”.

About Phonepe :

• Established : 2015
• Headquarters : Mumbai, Maharashtra
• Founder & CEO : Sameer Nigam

SEBI Directs Market Infrastructure Institutions (MIIs) to Create a Unified Online Dispute Resolution Portal

•  The Securities and Exchange Board of India (SEBI) has instructed Market Infrastructure Institutions (MIIs) to establish and operate a unified Online Dispute Resolution Portal (ODR Portal).
• This portal will leverage online conciliation and online arbitration to resolve disputes arising in the Indian securities markets.
• MIIs, including stock exchanges, depositories, and clearing corporations, are tasked with collaborating to develop and operationalize the ODR Platform.

Participation of Market Participants :

• All entities within the securities market, such as listed companies, specified intermediaries, and regulated entities collectively referred to as “market participants,” are required to enrol on the ODR Portal.

Dispute resolution process :

• Regarding the initiation of the dispute resolution process, SEBI has outlined the following steps:
• Investors must initially address their grievances with the relevant market participant by lodging a complaint directly.
• If the grievance is not satisfactorily resolved, investors can escalate it through the SCORES (SEBI Complaints Redress System) portal.
• If the grievance remains unresolved after exhausting available options, investors can initiate dispute resolution through the ODR Portal.
• Alternatively, investors can begin dispute resolution through the ODR Portal if the grievance initially lodged with the market participant was not satisfactorily resolved, or at any subsequent stage of escalation.
• Additionally, market participants may also initiate dispute resolution through the ODR Portal after providing at least 15 calendar days’ notice to the investor for resolving the dispute, which has not been satisfactorily addressed between them.

Implementation Phases :

• The new framework will be rolled out in two phases:
• Phase I: Involves the development of the ODR Portal, empanelment of ODR Institutions by MIIs, empanelment of conciliators and arbitrators by these ODR Institutions by August 1, 2023.
• Registration of trading members and depository participants on the ODR Portal will occur by August 15, 2023, with the commencement of registering complaints against brokers and depository participants and their resolution starting on August 16, 2023.
• Phase II: Encompasses the registration of all other market participants on the ODR Portal by September 15, 2023.
• The initiation of registering complaints against all other market participants and their resolution will begin from September 16, 2023.

CURRENT AFFAIRS: NATIONAL NEWS

Shri Amit Shah launched the Amrit Kalash Yatra under the ‘Meri Maati-Mera Desh’ campaign in New Delhi

• The Union Home Minister and Minister of Cooperation, Shri Amit Shah, launched the Amrit Kalash Yatra under the ‘Meri Mati-Mera Desh’ campaign in New Delhi.

Key Highlights:

• Many dignitaries including the Union Minister of Information and Broadcasting, Shri Anurag Singh Thakur, Union Minister of Law and Justice Shri Arjun Ram Meghwal, Minister of State for External Affairs, Smt. Meenakshi Lekhi and the Secretary of, Ministry of Culture were present on the occasion.
• This campaign was announced on August 9,2023 to honor the country’s brave martyred men and women.
• Amrit Kalash Yatra will be organized across the country and under this, soil of seven and a half thousand kalash will be brought from all the regions of the country to Amrit Vatika in Delhi.
• Amrit Vatika will be built near the National War Memorial, symbolizing a commitment to Ek Bharat Shrestha Bharat.
• Last month, PM Modi had said in his Mann Ki Baat program that this campaign would be started in September, and soil would be taken from every house in every village of the country.

Recent News

• In May 2023, Union Home Minister and Minister of Cooperation, Shri Amit Shah laid the foundation stone of the Guwahati campus of National Forensic Science University (NFSU) in
• In July 2023, Union Home Minister and Minister of Cooperation Shri Amit Shah will inaugurate a day-long mega conclave “Strengthening PACS through FPOs” in New Delhi.
• In July 2023, Union Home Minister and Minister of Cooperation Shri Amit Shah will chair the Regional Conference on ‘Drugs Smuggling and National Security’ in New Delhi.

Shri Parshottam Rupala will chair a one-day “National Conference on KCC for Fisheries” in Mumbai

• Union Minister of Fisheries, Animal Husbandry and Dairying, Shri Parshottam Rupala will chair a one-day “National Conference on KCC for Fisheries” at Yashwantrao Chavan Centre in Mumbai, Maharashtra.
• The Conference is being jointly organized by the Department of Fisheries (DoF) and the Department of Animal Husbandry Dairying (DAHD) to resolve pressing on-ground issues.

Key Highlights:

• Representatives from Fisheries Department of States/UTs, NFDB and other relevant Departments/Ministries, KCC beneficiaries, fishermen, fish farmers, entrepreneurs and other stakeholders from across the nation are expected to participate.
• The program is being organised in hybrid mode and is expected to have around 500 participants.
• The Kisan Credit Card is a powerful tool for financial inclusion and collaboration where activities like agriculture, fisheries, animal husbandry and dairying are treated as vital components for livelihood and income generation for large numbers of poor and marginal farmers and fishers.
• It represents the determination of the centre and the state entities to support its farmers and promote equitable growth.

Recent News

• In July 2023, Under the aegis of Azadi Ka Amrit Mahotsav and the Agriculture Working Group (AWG) of G20, Shri Parshottam Rupala, Union Minister of Fisheries, Animal Husbandry & Dairying inaugurated an International Symposium on Sustainable Livestock Transformation at NDDB, Anand, Gujarat.
• In June 2023, Union Minister of Fisheries, Animal Husbandry and Dairying Shri Parshottam Rupala and Minister of Ports Shipping and Waterways Shri Sarbananda Sonowal has laid the foundation stone for the project on Modernization and Up-gradation of Cochin Fishing Harbour at Thoppumpady, Samudrika Hall, Willingdon Island, Cochin Port Authority,

About Maharashtra

• Governor: Ramesh Bais
• Chief Minister: Eknath Shinde
• Capital: Mumbai
• National Park: Tadoba National Park, Navegaon National Park
• Wildlife Sanctuaries: Bhimashankar Wildlife Sanctuary, Karnala Bird Sanctuary, Nagzira Wildlife Sanctuary
• UNESCO Heritage Sites: Chhatrapati Shivaji Maharaj Terminus, The Victorian and Art Deco Ensemble of Mumbai, Ajanta Caves, Elephanta Caves, Ellora Caves

Shri Parshottam Rupala lays the Foundation Stone for the establishment of Multi-Purpose Seaweed Park in Tamil Nadu

• On the third day of the Sagar Parikrama Phase VIII, Minister of Fisheries, Animal Husbandry & Dairying, Shri Parshottam Rupala laid the Foundation Stone for the establishment of Multi-Purpose Seaweed Park in Tamil Nadu.
• Minister of State, Fisheries, Animal Husbandry & Dairying, Dr. L. Murugan, former Minister in the Government of India, Shri Pon. Radhakrishnan, Joint Secretary (Fisheries), GoI, Smt. Neetu Kumari Prasad, Chief Executive, National Fisheries, Development Board (NFDB), Dr. L. N. Murthy, Commissioner of Fisheries, Government of Tamil Nadu, Dr. K. S. Palanisamy, Collector of Ramanathapuram District, Shri Thiru B. Vishnu Chandran and other key dignitaries were also present on the occasion.
• This begins a new chapter and is seen as a key strategic initiative to boost the seaweed sector in India.

Key Highlights:

• The program was started with Bhumi Pujanam and foundation-stone laying at the Multipurpose Seaweed Park site, at Valamavur, Thondi, Ramanathapuram by Shri Parshottam Rupala, Dr. L. Murugan and other dignitaries.
• The seaweed park includes the promotion of seaweed cultivation in 136 coastal fishing villages in 6 coastal districts of Tamil Nadu namely Nagapattinam, Thanjavur, Tiruvarur, Pudukottai, Ramanathapuram and Thoothukudi.

Recent News

• In June 2023, Union Minister for Fisheries, Animal Husbandry and Dairying, Shri Parshottam Rupala will launch the Report Fish Disease(RFD) App at Krishi Bhawan in the presence of Dr L. Murugan, Minister of State, Ministry of Fisheries, Animal Husbandry and Dairying and senior Officers from DARE, ICAR and NSPADD.
• In June 2023, Shri Parshottam Rupala, Minister of Fisheries, Animal Husbandry and Dairying, Government of India launched an android-based mobile app as “Report Fish Disease”

Shri Jyotiraditya M Scindia inaugurates International Aerospace Conference jointly organized by MoCA and CII

• Shri Jyotiraditya M Scindia, Union Minister for Civil Aviation & Steel, inaugurated the ‘International Aerospace Conference: Moving Towards Inclusive Global Value Chains’.
• It was jointly organized by the Ministry of Civil Aviation and Confederation of Indian Industry (CII) on 1st and 2nd September 2023 in Gwalior, Madhya Pradesh.
• The International Aerospace Conference is a G20 initiative in the aerospace sector under G20 and B20 priority, focusing on developing inclusive global value chains for Global trade and Investment and aims to promote and strengthen trade and investment among the G20 countries.

Key Highlights:

1. A) Development of Infrastructure: The Indian civil aviation sector had only 74 airports nine years ago; now it has moved to 148 airports including heliports and water aerodromes. The government is committed to taking this number upwards of two hundred in the coming three to five years;
2. B) Availability of aircraft: Earlier there were 400 planes in 2014 now this number has reached almost 700 and nearly 1000 more on order;
3. C) Ecosystem Development: The disinvestment of Air India has brought about a transformation in the civil aviation industry in the country, not only for passengers, not only airports, but also for MROs, for the manufacturing sector, and for cargo. The huge orders of aircraft placed by Air India and Indigo and the emergence of new players like Akasha is another example of the changes that are taking place in the Indian civil aviation industry;
4. D) Thrust on Regional Connectivity: UDAN has given birth to 4 new regional airlines in the country. The hub and connectivity network we have been talking about for decades is a reality in India.

Recent news

• In April 2023, The National Council of Confederation of Indian Industry (CII) elected R Dinesh, executive vice-chairman of TVS Supply Chain Solutions, as the president of CII for 2023-24.
• In May 2023, Shri Jyotiraditya M Scindia, Minister of Civil Aviation and Steel inaugurated Heli Summit 2023 in Khajuraho, Madhya Pradesh.

About CII :

• Founded: 1895
• Headquarters: New Delhi, Delhi, India
• Director General : Chandrajit Banerjee
• The CII is a non-governmental trade association and advocacy group.

CURRENT AFFAIRS ; STATE NEWS

Tamil Nadu Chief Minister M. K. Stalin to Introduce Multilingual ‘Speaking for India’ Podcasts

• Dravida Munnetra Kazhagam (DMK) President and Chief Minister of Tamil Nadu, K. Stalin, has initiated a series of podcasts titled “Speaking for India” as part of his campaign against the BJP-led Union government.
• These podcasts will be made available in multiple languages, including English and various Indian languages, through translations.
• The audio series aims to shed light on how the BJP-led government, which is expected to conclude in 2024, has impacted India.
• It will also emphasize the vision of Opposition parties in creating a more socialistic and inclusive India.

Recent News :

• In Aug, 2023 Tamilnadu Government began the breakfast Scheme in 31,000 schools.

About Tamil Nadu :

• Governor: R. N. Ravi
• Chief minister: M. K. Stalin
• Capital: Chennai
• Dance : Bharatnatyam, Karakattam
• National Park: Mudumalai National Park, Mukurthi National Park, Guindy National Park, Gulf of Mannar Marine National Park
• Wildlife Sanctuaries: Kalakad Wildlife Sanctuary, Karikili Bird Sanctuary, Vedanthangal Bird Sanctuary
• Tiger Reserve: Anamalai Tiger Reserve
• Biosphere Reserve : Agasthyamalai Biosphere Reserve

CURRENT AFFAIRS: BUSINESS NEWS

India’s Coal Production grew by 12.85 % to 67.65 Million Tonnes in August

• Coal Production in the country grew by 12.85 percent to 67.65 Million Tonnes in the month of August this year as compared to 59.95 Million Tonnes in the same month of last year.
• The Ministry of Coal in a statement said that it has achieved a substantial surge in overall coal production during the month of August 2023.
• It also said that the production of Coal India Limited (CIL) has risen to 52.27 million Tonnes in August 2023 as compared to 46.17 Million Tonnes in August 2022 with a growth of 13.21 percent.
• The cumulative coal production till August 2023 has also seen a quantum jump to around 349 million Tonnes during the current fiscal as compared to over 316 Million Tonnes during the same period of the previous year.

About CIL :

• Coal India Limited (CIL) is a Maharatna Central public sector undertaking under the ownership of the Ministry of Coal.

Centre’s fiscal deficit soars to 34% of Budget Estimate in April-July 2023

• Up-front tax devolutions and higher expenditure pushed the Centre’s fiscal deficit to Rs 6.1 lakh crore or 34 percent of the budget estimate during the April-July period of the current fiscal (2023-24).
• This is nearly 78 percent higher than last
• The deficit during the corresponding period of the last fiscal was ₹3.4 lakh crore or 20.5 percent of the budget estimate.
• According to data put up on its website by the Controller General of Accounts (CGA), over ₹3 lakh crore has been transferred to State Governments as Devolution of Share of Taxes by the Centre during the April-July period, which is over ₹1.08 lakh crore higher than the corresponding period of the previous year. Based on the 15th Finance Commission’s recommendation, 41% of the Centre’s tax revenue is given to 28 States.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Smt. Jaya Varma Sinha appointed as 1st Woman Chairperson & CEO of Railway Board

•  The Appointments Committee of the Cabinet (ACC) has approved the appointment of Jaya Varma Sinha as Chairperson & Chief Executive Officer (CEO) of Railway Board.
• She is the 1st woman to hold this prestigious position in the Indian Railways since the establishment of the Railway Board in 1905.
• She succeeds Anil Kumar Lahoti, whose tenure concluded on August 31, 2023.
• Her appointment is effective until August 31, 2024.

About Jaya Varma Sinha :

• Jaya Varma Sinha started her career in the Indian Railway Traffic Service (IRTS) in 1988.
• Over her 35-year career in the Indian Railways, she has held various significant positions, including Member (Operations & Business Development) Railway Board and Additional Member, Traffic Transportation, Railway Board.
• Notably, she was the 1st woman to serve as the Principal Chief Operations Manager of the South Eastern Railway.
• She had worked as the Railway Advisor in the High Commission of India in Dhaka, Bangladesh during which the famous Maitri Express from Kolkata to Dhaka was inaugurated.
• At the time of her appointment, she was serving as a Member (Operations and Business Development) in the Railway Board.

About Ministry of Railways :

• Cabinet Minister : Ashwini Vaishnaw
• Minister of State : Raosaheb Danve, Darshana Jardosh

Brice Oligui Nguema to Take Oath as Transitional President of Gabon

• Brigadier General Brice Clotaire Oligui Nguema, Commander-in-Chief of the Gabonese Republican Guard, is set to be sworn in as the “transitional president” of Gabon.
• He will also assume the position of Chairman of the Committee for the Transition and Restoration of Institutions.
• The swearing-in ceremony for the President of the Transition, Brice Clotaire Oligui Nguema, is scheduled September 4, 2023.
• The ceremony will take place before the Constitutional Court, at the Presidency of the Republic.
• This development follows the confirmation by the Gabonese Election Center that the incumbent President Bongo has officially secured a third term as president, winning with 64.27% of the vote.
• Gabon becomes the latest African country to experience a military coup, following similar events in Niger in and in Mali in 2022.

About Gabon :

• Capital : Capital: Libreville
• Currency : Central African CFA franc

CCI Director-General Atul Verma Receives 3-Month Extension in Tenure

• The Competition Commission of India (CCI) has granted a 3-month extension to Atul Verma, its Director-General (DG), effective from September 1, 2023.
• He will now hold office till November 30, 2023.
• This marks the 2nd time that Atul Verma’s deputation tenure has been extended.
• In May,2023 the CCI had extended his deputation by 3 months, initially until the end of August.

About Atul Verma :

• Atul Verma, a 1991 batch IPS officer from the Himachal Pradesh cadre, assumed the position of DG in June 2020 for a 3-year term.
• The DG serves as the independent investigative authority within the CCI.
• Notably, the power to appoint the DG was formerly held by the Ministry of Corporate Affairs (MCA).
• However, recent amendments to the Competition Act transferred this authority to the CCI.
• In July, 2023 the government made modifications to the recruitment rules, specifically the “Competition Commission of India (Director-General) Recruitment Rules, 2009.”
• These changes also altered the composition of the selection committee responsible for appointing the DG.
• Previously, the committee was chaired by the Secretary of the Ministry of Corporate Affairs (MCA).

About CCI :

• Established : 14 October 2003
• Headquarters : New Delhi, Delhi
• Chairperson : Ravneet Kaur
• The CCI is the chief national competition regulator in India.
• It is a statutory body within the Ministry of Corporate Affairs and is responsible for enforcing the Competition Act, 2002 to promote competition and prevent activities that have an appreciable adverse effect on competition in India.

CURRENT AFFAIRS : DEFENCE NEWS

Indian Navy’s Mahendragiri Warship Successfully Launched in Mumbai

• The Vice-President of India, Jagdeep Dhankhar along with his wife Dr. Sudesh Dhankhar, launched the warship ‘Mahendragiri’ built at M/s Mazagon Dock Shipbuilders Limited (MDL) in Mumbai, Maharashtra.

About ‘Mahendragiri’ :

• ‘Mahendragiri’ is the 7th stealth frigate under Project 17A of the Indian Navy, and the 4th constructed by MDL.
• It is named after a mountain peak in Eastern Ghats located in the state of Orissa.
• The ship was named by Dr Sudesh Dhankhar, wife of Vice President Shri Jagdeep Dhankhar who was the chief guest on the occasion.
• Mahendragiri has been built using Integrated Construction methodology which involves hull blocks with parallel outfitting.
• The construction has been carried out at different geographical locations and integration/erection on Slipway at MDL.
• The keel of Mahendragiri was laid on 28 June 2022.
• The vessel has an approximate launch weight of 3450 tons.

Project 17A :

• Project initiated by the Indian defence forces to build stealth guided-missile frigates.
• Under the Project 17A programme, 4 ships by Mumbai-based Mazagon Dock Shipbuilders Limited (MDL) and 3 by Garden Reach Shipbuilders and Engineers Limited (GRSE) are being built.

Key Features of Project 17A Warships :

• These warships follow the Project 17 Class Frigates (Shivalik Class) and boast enhanced stealth features, advanced weapons, sensors, and platform management systems.
• A total of 7 ships were built under Project 17-A.
• These are

1. Indian Naval Ship (INS) Nilgiri
2. INS Himgiri
3. INS Udaygiri
4. INS Dunagiri
5. INS Taragiri
6. INS Vindhyagiri
7. INS Mahendragiri.

• The warships have been designed in-house by Indian Navy’s Warship Design Bureau
• As much as 75% of the orders for equipment and systems of Project 17A ships are from indigenous firms, including the Ministry of Micro, Small and Medium Enterprises (MSMEs).

Recent News :

• In Aug 2023, President Droupadi Murmu inaugurated the advanced stealth frigate Indian Naval Ship (INS) Vindhyagiri of the Indian Navy, the 6th Project 17A warship at the Garden Reach Shipbuilders and Engineers Ltd (GRSE) facility located on the banks of the Hooghly River in Kolkata.

About Ministry of Defence :

• Defence Minister : Rajnath Singh
• Minister of State : Ministry of Defence
• Defence Secretary : Giridhar Aramane

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

India’s 1st Solar Mission, Aditya L1, Successfully Launched from Sriharikota for Sun Study

• The Indian Space Research Organisation (ISRO) successfully launched the Aditya-L1 (Lagrange Point 1) orbiter, India’s first solar mission, using the Polar Satellite Launch Vehicle (PSLV-C57) rocket from the Second Launch Pad (SLP) of the Satish Dhawan Space Centre (SDSC) in Sriharikota, Andhra Pradesh (AP).

Aim :

• To study solar winds, which can cause disruptions on Earth, including phenomena like auroras.
• Aditya-L1 is the 25th mission using the PSLV-XL configuration.

Mission Timeline :

• Aditya L-1 has begun its 125-day journey into space.
• The project director for Aditya-L1 is Nigar Shaji from Tamil Nadu (TN).

Mission Budget :

• ISRO Aditya L1 Mission Budget is Rs 400 Crore and ISRO Started working on Aditya L1 from December 2019.

About Aditya-L1 :

• Aditya-L1, named after the Hindi word for the Sun, is designed for a specific solar mission.
• It aims to travel approximately 1.5 million km over a span of 4 months to reach a specific location in space known as a Lagrange Point.

About Lagrange Points :

• Lagrange Points are positions in space where gravitational forces from two celestial bodies, in this case, the Earth and the Sun, balance out.
• Lagrange Points, named after Italian-French mathematician Joseph-Louis Lagrange.
• The Lagrange point L1 is one of the 5 Lagrange points in the Earth-Sun system.
• This balances the centrifugal force felt by a smaller object and allows them to “hover” in a stable force.
• The Lagrange point L1 will give the spacecraft the advantage of getting a continuous view of the Sun without any eclipses or occultation.
• There are 4 other points- L2, L3, L4 and L5.

Key Highlights :

• Aditya-L1 spends 16 days in Earth-bound orbits, during which it undergoes 5 crucial manoeuvres to acquire the necessary velocity for its extended journey.
• Following its initial Earth-bound orbits, Aditya-L1 executes a trans-Lagrangian1 insertion maneuver.
• This marks the beginning of its 110-day trajectory to reach the designated destination at the L1 Lagrange point.
• The suit of Aditya L1 payloads are expected to provide the most crucial information to understand the problems of coronal heating, Coronal Mass Ejection, pre-flare and flare activities, and their characteristics, dynamics of space weather, study of the propagation of particles, and fields in the interplanetary medium, etc.

Payloads :

• According to ISRO, there are 7 payloads of Aditya L-1 Mission which are divided into 2 categories: Remote Sensing Payloads and In-situ Payloads.

Remote Sensing Payloads (4):

1. Visible Emission Line Coronagraph (VELC):

• Developed at: Indian Institute of Astrophysics, Bangalore
• Function: Observes the Sun’s outermost layers (corona) using visible emission lines.

2. Solar Ultraviolet Imaging Telescope (SUIT) :

• Developed at: Inter University Centre for Astronomy and Astrophysics, Pune, Maharashtra
• Function: Captures images of the Sun in the ultraviolet spectrum.

3. Solar Low Energy X-ray Spectrometer (SoLEXS):

• Developed at: Physical Research Laboratory, Ahmedabad, Gujarat
• Function: Measures low-energy X-rays from the Sun, aiding in solar studies.

4. High Energy L1 Orbiting X-ray Spectrometer (HEL1OS) :

• Developed at: U R Rao Satellite Centre, Bangalore, Karnataka
• Function: Analyzes high-energy X-rays from the Sun, contributing to solar observations.

In-situ Payloads (3) :

5. Aditya Solar Wind Particle Experiment (ASPEX):

• Developed at: Space Physics Laboratory (SPL), Vikram Sarabhai Space Centre, Thiruvananthapuram, Kerala
• Function: Studies solar wind particles originating from the Sun.

6. Plasma Analyser Package For Aditya (PAPA):

• Developed at: SPL, Vikram Sarabhai Space Centre, Thiruvananthapuram, Kerala
• Function: Analyses plasma in space, contributing to space weather understanding.

7. Advanced Tri-axial High-Resolution Digital Magnetometers:

• Developed at: Laboratory for Electro Optics Systems, Bangalore
• Function: Measures the magnetic fields in the interplanetary medium.
• These payloads cover a wide range of solar observations, from studying the Sun’s outermost layers to analyzing solar wind particles and magnetic fields. They are developed in collaboration with various ISRO centers across the country, making it a comprehensive and indigenous mission.

Recent News :

• In Aug, 2023 The Indian Space Research Organisation (ISRO) ‘s PSLV-C56 rocket successfully launched Singapore’s DS-SAR satellite and 6 co-passenger payloads from the first launch-pad (FLP) of Satish Dhawan Space Centre in Sriharikota, Andhra Pradesh (AP).

About ISRO :

• Established: 15 August 1969
• Headquarters: Bangalore, Karnataka, India
• Chairman: S. Somanath

CURRENT AFFAIRS: MOUS AND AGREEMENT

NTPC and OIL come together to collaborate in Renewable Energy and Decarbonization

• NTPC Limited and Oil India Limited have signed a Memorandum of Understanding to explore collaboration in the areas of renewable energy, green hydrogen and its derivatives, and decarbonization initiatives including through use of geothermal energy.
• The MoU shall also facilitate sharing of knowledge and experience on upcoming decarbonization technologies such as carbon sequestration.
• Through the MoU, the two Maharatna giants intend to enhance their footprint in the domain of renewable energy and foray into sustainable solutions towards achieving the nation’s target of achieving Net Zero by the year 2070.

Key Highlights:

• The MoU was signed in New Delhi, in the presence of CMD, NTPC Shri Gurdeep Singh; CMD, OIL, Dr. Ranjit Rath; and their functional directors.
• NTPC is present across the power sector value chain, with a total installed capacity of 73,024 MW.
• Oil India Limited is a state-owned oil company engaged in the business of exploration, development, and production of crude oil and natural gas.
• NTPC is committed to achieving 60 GW of Renewable Energy capacity by the year 2032.
• It aims to be a major player in the Green Hydrogen Technology and Energy Storage domain.
• The company is taking up several initiatives towards decarbonization such as Hydrogen blending, Carbon Capture, and Fuel cell buses among others.

Recent news

• In July 2023, India’s leading integrated power producer NTPC Limited nearly doubled coal production from its captive mines during the first quarter of the financial year 2023 – 2024, compared to the production during Q1 of the previous year.
• In June 2023, NTPC received the prestigious Economic Times (ET) HR World Future Skills Awards 2023 for “Best use of AI/AR/VR in Learning and Upskilling” and “Best Advance in Creating an Extended Enterprise Learning Programme”.

About NTPC

• Founded: 7 November 1975
• Headquarters: New Delhi, India
• Gurdeep Singh is the Chairman & Managing Director of NTPC

NCDEX, Maharashtra to sign an MoU to help subsidise turmeric growers to take part in options trade

• NCDEX, one of India’s leading future exchanges, will sign a memorandum of understanding (MoU) with the Maharashtra government to subsidize turmeric growers to take part in options trading.
• Farmers will particularly take part in “put” options trading through farmer producer organizations (FPOs).
• NCDEX carried out a pilot project by getting market regulator SEBI to help FPOs take part in putting options on the exchange.

About NCDEX

• National Commodity & Derivatives Exchange Limited is an Indian online commodity and derivative exchange based in India.
• It is under the ownership of the Ministry of Finance, Government of India.
• MD & CEO : Arun Raste

About Maharashtra

• Governor: Ramesh Bais
• Chief Minister: Eknath Shinde
• Capital: Mumbai
• National Park: Tadoba National Park, Navegaon National Park
• Wildlife Sanctuaries: Bhimashankar Wildlife Sanctuary, Karnala Bird Sanctuary, Nagzira Wildlife Sanctuary
• UNESCO Heritage Sites: Chhatrapati Shivaji Maharaj Terminus, The Victorian and Art Deco Ensemble of Mumbai, Ajanta Caves, Elephanta Caves, Ellora Caves

Recent News

• In June 2023, A Memorandum of Understanding was signed between NHPC Limited and the Department of Energy, Government of Maharashtra for the development of Pumped Storage schemes and other Renewable Energy Source projects in the state of Maharashtra.

CURRENT AFFAIRS: SPORTS NEWS

Grandmaster D Gukesh overtakes Viswanathan Anand as India’s top chess player in the International ranking

• Teenager Grandmaster D. Gukesh has replaced the legendary Viswanathan Anand as India’s top chess player after more than three decades.
• Anand has been India’s No.1 since July 1986.
• The 17-year-old Chennai Grandmaster, who recently lost in the quarterfinals of the FIDE World Cup in Baku to Magnus Carlsen, moved ahead of Anand to be ranked No.8 in the world.
• Gukesh’s entry into the top 10 of the FIDE rating list marks a significant milestone.
• He has climbed three places in the rating list since August 1.
• According to the latest FIDE ratings, Gukesh boasts a rating of 2758, while Anand”s stands at 2754.
• Gukesh won and has overcome Viswanathan Anand in live rating.

About FIDE

• Headquarters: Lausanne, Switzerland
• Founded: 20 July 1924
• President: Arkady Dvorkovich
• Membership: 200 national associations

Recent News

• In May 2023, Grandmaster Ding Liren of China was the new world champion after beating Russian grandmaster Ian Nepomniachtchi in the final rapid tiebreak game of FIDE World Championship 2023.

India emerged victorious over Pakistan in a penalty shootout, securing the Men’s Hockey 5s Asia Cup:

• India was crowned Asian Hockey 5s champions after beating Pakistan 6-4 after penalty shootouts in the final.
• This is the first time in three meetings that India has beaten Pakistan in the Hockey 5s format.
• From 2-4 down in the second half, India took the game to the shootout after two goals from Mohammed Raheel.
• In the shootout, Pakistan missed all their chances while Maninder Singh hit the hammer in the coffin to score India’s second goal in the shootout.
• Earlier, India thrashed Malaysia 10-4 in the semifinals.
• Pakistan reached the final after defeating Oman 7-3.

Recent News

• In June 2023, India defeated four-time champions South Korea 2-1 to win their first Women’s Junior Hockey Asia Cup in Kakamigahara, Japan.

About FIH

• Headquarters: Lausanne, Switzerland
• Founder: Paul Léautey
• Founded: 7 January 1924, Paris, France
• CEO: Thierry Weil

Danielle McGahey set to become the first transgender woman to feature in international cricket

• Danielle McGahey, 29, is set to become the first transgender woman player to play in international cricket.
• For the first time in international cricket, a transgender woman player will feature in ICC-related tournaments.
• The right-hand batter from Australia, who moved to Canada in 2020, had fulfilled the eligibility criteria for male-to-female (MTF) transition, per ICC.
• McGahey is named in Canada’s squad for the Women’s T20 Americas Qualifier, the pathway tournament to the T20 World Cup 2024.
• McGahey has been picked for the four-team Americas qualifier in September at which Canada will face Brazil, Argentina and USA, with the winners advancing to the global qualifier for the 2024 T20 World Cup in

About Canada

• Capital: Ottawa
• Prime Minister: Justin Trudeau
• The Canadian dollar is the currency of Canada.

Daily CA One- Liner: September 3 & 4

• Capital Market Regulator Securities and Exchange Board of India (SEBI) has reconstituted its Alternative Investment Policy Advisory Committee that advises it on a range of issues impacting further development of the Alternative Investment Fund (AIF) space.
• Fitch Ratings has reaffirmed the credit ratings of 6 major public sector banks in India including State Bank of India (SBI), Bank of Baroda (BoB), Punjab National Bank (PNB), Canara Bank, Bank of India (BoI), and Union Bank of India (UBI), have all received a BBB- rating with a stable outlook.
• Walmart-backed payments giant PhonePe has introduced its stock broking platform, named Share(dot)Market, as part of its efforts to diversify its financial services.
• The Securities and Exchange Board of India (SEBI) has instructed Market Infrastructure Institutions (MIIs) to establish and operate a unified Online Dispute Resolution Portal (ODR Portal).
• Union Home Minister and Minister of Cooperation, Shri Amit Shah, launched the Amrit Kalash Yatra under the ‘Meri Mati-Mera Desh’ campaign in New Delhi.
• Union Minister of Fisheries, Animal Husbandry and Dairying, Shri Parshottam Rupala will chair a one-day “National Conference on KCC for Fisheries” at Yashwantrao Chavan Centre in Mumbai, Maharashtra.
• On the third day of the Sagar Parikrama Phase VIII, Minister of Fisheries, Animal Husbandry & Dairying, Shri Parshottam Rupala laid the Foundation Stone for the establishment of Multi-Purpose Seaweed Park in Tamil Nadu.
• Shri Jyotiraditya M Scindia, Union Minister for Civil Aviation & Steel, inaugurated the ‘International Aerospace Conference: Moving Towards Inclusive Global Value Chains’.
• The Coal Production in the country grew by 12.85 percent to 67.65 Million Tonnes in the month of August this year as compared to 59.95 Million Tonnes in the same month of last year.
• Up-front tax devolutions and higher expenditure pushed the Centre’s fiscal deficit to Rs 6.1 lakh crore or 34 percent of the budget estimate during the April-July period of the current fiscal (2023-24).
• NTPC Limited and Oil India Limited have signed a Memorandum of Understanding to explore collaboration in the areas of renewable energy, green hydrogen and its derivatives, and decarbonization initiatives including through use of geothermal energy.
• NCDEX, one of India’s leading future exchanges, will sign a memorandum of understanding (MoU) with the Maharashtra government to subsidize turmeric growers to take part in options trading.
• Teenager Grandmaster D. Gukesh has replaced the legendary Viswanathan Anand as India’s top chess player after more than three decades.
• India was crowned Asian Hockey 5s champions after beating Pakistan 6-4 after penalty shootouts in the final.
• Dravida Munnetra Kazhagam (DMK) President and Chief Minister of Tamil Nadu, K. Stalin, has initiated a series of podcasts titled “Speaking for India” as part of his campaign against the BJP-led Union government.
• The Appointments Committee of the Cabinet (ACC) has approved the appointment of Jaya Varma Sinha as Chairperson & Chief Executive Officer (CEO) of Railway Board.
• Brigadier General Brice Clotaire Oligui Nguema, Commander-in-Chief of the Gabonese Republican Guard, is set to be sworn in as the “transitional president” of Gabon.
• The Competition Commission of India (CCI) has granted a 3-month extension to Atul Verma, its Director-General (DG), effective from September 1, 2023.
• The Vice-President of India, Jagdeep Dhankhar along with his wife Dr. Sudesh Dhankhar, launched the warship ‘Mahendragiri’ built at M/s Mazagon Dock Shipbuilders Limited (MDL) in Mumbai, Maharashtra.
• The Indian Space Research Organisation (ISRO) successfully launched the Aditya-L1 (Lagrange Point 1) orbiter, India’s first solar mission, using the Polar Satellite Launch Vehicle (PSLV-C57) rocket from the Second Launch Pad (SLP) of the Satish Dhawan Space Centre (SDSC) in Sriharikota, Andhra Pradesh (AP).
• Danielle McGahey, 29, is set to become the first transgender woman player to play in international cricket.