RBI Foundation Day 2023 observed on 1st April
The Reserve Bank of India (RBI) was established on April 1, 1935, in accordance with the provisions of the Reserve Bank of India Act, 1934. The Central Office of the RBI, initially set up in Kolkata,
RBI Foundation Day 2023
The Reserve Bank of India (RBI) was established on April 1, 1935, in accordance with the provisions of the Reserve Bank of India Act, 1934. The Central Office of the RBI, initially set up in Kolkata, was permanently moved to Mumbai in 1937. Sir Osborne Smith the first Governor of the Bank. The Bank was constituted as a shareholders’ bank. The RBI is the central bank of India and is responsible for regulating the country’s monetary and credit system. It is also responsible for issuing currency and managing the country’s foreign exchange reserves. The RBI works closely with the government of India to formulate and implement monetary and fiscal policies that promote economic growth and stability. It was set up as a private shareholder’s bank with a capital of Rs. 5 crores.
The Reserve Bank of India (RBI) performs various functions, some of which are as follows:
Formulating and implementing monetary policy: The RBI is responsible for formulating and implementing monetary policy in India, with the aim of maintaining price stability while ensuring adequate credit flow to the productive sectors of the economy.
Regulating and supervising banks and financial institutions: The RBI regulates and supervises banks and financial institutions in India to ensure their stability and soundness.
Issuing and managing currency: The RBI is responsible for the issuance and management of currency in India.
Managing foreign exchange reserves: The RBI manages India’s foreign exchange reserves and intervenes in the foreign exchange market to maintain stability in the value of the rupee.
Acting as a banker to the government: The RBI acts as a banker and advisor to the central and state governments in India, managing their accounts and providing them with credit and other banking services.
Conducting research and analysis: The RBI conducts research and analysis on various aspects of the economy, including banking and financial systems, monetary policy, and economic development.
Developing and regulating payment and settlement systems: The RBI develops and regulates payment and settlement systems in India, including electronic fund transfer systems, cheque clearing systems, and other payment mechanisms.
Promoting financial inclusion: The RBI works to promote financial inclusion and ensure that banking and financial services are accessible to all sections of society.
Haryana becomes first state in India to have 100% electrified railway network
The railway network in the state of Haryana in India was completely electrified by Indian Railways, making it the first state in the country to achieve 100% electrification of its railway network.
In March 2023, the railway network in the state of Haryana in India was completely electrified by Indian Railways, making it the first state in the country to achieve 100% electrification of its railway network.
Haryana: 100% Electrified Railway Network:
The existing Broad Gauge network of Haryana is 1,701 Route kilometre, which is now 100% electrified, resulting in saving on account of reduced line haul cost (about 2.5 times lower), heavier haulage capacity, increased sectional capacity, reduced operating & maintenance cost of electric loco, energy efficient and eco-friendly mode of transportation with reduced dependence on imported crude oil, saving of foreign exchange.
Further, new Broad Gauge network shall be sanctioned along with electrification, in sync with Railways’ policy of 100% electrified network.
Indian Railways: 100% electrification of its broad-gauge routes by December 2023:
As per the latest updates, the Broad Gauge routes of seven zonal railways in India have achieved the 100% electrification target.
These railways are East Coast Railway (ECoR), North Central Railway (NCR), North Eastern Railway (NER), Eastern Railway (ER), South Eastern Railway (SER), West Central Railway (WCR), and Central Railway (CR).
This achievement is a significant step towards reducing greenhouse gas emissions and promoting sustainable transportation in the country.
The Indian Railways has set a target to achieve 100% electrification of its broad-gauge routes by December 2023, and this milestone achieved by these seven zonal railways is a significant step towards achieving this goal.
New India Literacy Programme launched to cover target of 5 crore non-literates in age group of 15 years and above
The govt has introduced a new program called the "New India Literacy Programme", the objective of the program is to provide literacy to 5 crore individuals in the age group of 15 years and above.
The government has introduced a new program called the “New India Literacy Programme” (NILP), which is a Centrally Sponsored Scheme that will be implemented for five years from FY 2022-23 to 2026-27. The scheme has a financial outlay of Rs. 1037.90 crore, with the Central government contributing Rs. 700.00 crore and the State governments contributing Rs. 337.90 crore. The primary objective of the program is to provide literacy to 5.00 crore individuals in the age group of 15 years and above who are currently unable to read or write.
Salient Features of The “New India Literacy Programme”:
The “New India Literacy Programme” has been launched for the period of FY 2022-2027 to address all aspects of adult education, aligning with the National Education Policy 2020.
It will cover non-literates in the age group of 15 years and above across all States/UTs, aiming to provide literacy to 1 crore learners per year and a total of 5 crore learners.
The program will use the “Online Teaching, Learning and Assessment System (OTLAS)” in collaboration with National Informatics Centre, NCERT, and NIOS.
Key Focuses of the Scheme:
Foundational Literacy and Numeracy
Critical Life Skills
Vocational Skills Development
Objectives of the New India Literacy Programme:
The program aims to address all aspects of adult education, including Foundational Literacy and Numeracy, Critical Life Skills, Vocational Skills Development, Basic Education, and Continuing Education.
The use of the “Online Teaching, Learning and Assessment System (OTLAS)” will ensure that learners have access to quality education.
The scheme also seeks to align with the National Education Policy 2020 and to provide an inclusive and equitable education to all learners, including those in disadvantaged communities.
Finland Becomes 31st NATO Member After Turkey’s Approval
Jens Stoltenberg, the Secretary General of the North Atlantic Treaty Organization (NATO), has announced that Finland has become the 31st member of the alliance, thanks to Turkey's unanimous vote.
Jens Stoltenberg, the Secretary General of the North Atlantic Treaty Organization (NATO), has announced that Finland has become the 31st member of the alliance, thanks to Turkey’s unanimous vote. Despite Russia’s opposition to Finland’s membership, Turkey’s approval has allowed the extension of NATO. Finland shares a long border of over 1,300 kilometers with Russia, and its decision to join NATO was prompted by security concerns following Russia’s invasion of Ukraine in 2022. However, Sweden’s application to join NATO has been declined by Turkey and Hungary.
Finland’s membership in NATO has been a topic of discussion for many years, with some arguing that it would help to strengthen Finland’s defense capabilities, while others have expressed concerns about potential tensions with neighboring Russia. With Finland’s membership, NATO now includes most of the countries in Europe and North America.
What is NATO and its History?
NATO, or the North Atlantic Treaty Organization, is an intergovernmental military alliance established in 1949. It was formed as a collective defense pact between North American and European nations to deter Soviet expansion and protect member states from potential Soviet aggression during the Cold War.
The founding members of NATO were the United States, Canada, and ten European nations including Belgium, Denmark, France, Iceland, Italy, Luxembourg, the Netherlands, Norway, Portugal, and the United Kingdom. Since then, the alliance has expanded to include 31 member countries.
The organization operates on the principle of collective defense, with members agreeing to mutual defense in response to an attack by an external party. NATO also engages in crisis management, conflict prevention, and peacekeeping operations around the world.
To become a member of NATO, a country must meet the following criteria:
Political and economic stability: The country must have a stable democratic government, a functioning market economy, and a proven record of respecting human rights and the rule of law.
Military readiness: The country must have a capable and well-trained military that can contribute to the collective defense of the alliance. This includes a commitment to investing in defense and maintaining modern equipment.
Commitment to collective defense: The country must be willing and able to contribute to the collective defense of the alliance, including by supporting other member countries in times of need.
Compatibility with NATO values: The country must share the values of the alliance, including a commitment to democracy, individual liberty, and the rule of law.
Geographic proximity: While not an official requirement, NATO tends to give preference to countries that are in close geographic proximity to existing members, as this makes it easier to coordinate and deploy forces in times of crisis.
India unveils Foreign Trade Policy 2023 eyes USD 2 trillion exports by 2030
The government introduced the Foreign Trade Policy (FTP) 2023, which aims to increase the country's exports to USD 2 trillion by 2030.
The government introduced the Foreign Trade Policy (FTP) 2023, which aims to increase the country’s exports to USD 2 trillion by 2030. The new policy is different from the previous 5-year FTP announcements as it has no specific end date and will be revised as needed, according to the Director General of Foreign Trade (DGFT), Santosh Sarangi. Commerce and Industry Minister Piyush Goyal presented FTP 2023, which will be implemented starting from April 1, 2023, and emphasizes a shift from incentive-based approaches to remission and entitlement-based measures.
Key Highlights of New Foreign Trade Policy 2023:
The new Foreign Trade Policy (FTP) 2023, announced by Commerce and Industry Minister Piyush Goyal, will take effect from April 1, 2023.
The FTP aims to increase India’s exports to USD 2 trillion by 2030 and has no specific end date, but will be updated as needed. India is expected to end the current fiscal year with total exports of USD 760-770 billion, up from USD 676 billion in 2021-22.
The policy identifies four new Towns of Export Excellence (TEE) – Faridabad, Moradabad, Mirzapur, and Varanasi – in addition to the existing 39 TEEs. The policy extends FTP benefits to e-commerce exports and increases the value limit for exports through courier services.
The new FTP also seeks to make the Indian rupee a global currency, introduces an amnesty scheme for export obligation defaulters, and exempts the dairy sector from maintaining an average export obligation.
Foreign Trade Policy(FTP) 2023: Govt to introduce amnesty scheme for one time settlement of export obligation defaults:
As part of the Foreign Trade Policy (FTP) 2023, the Indian government has introduced an amnesty scheme for the one-time settlement of export obligation defaults.
The scheme will allow holders of Advance Authorization and Export Promotion Capital Goods (EPCG) authorizations to settle their export obligation defaults and renew their authorizations without attracting any penalties or legal action.
This move is expected to provide relief to exporters who may have defaulted on their export obligations due to the COVID-19 pandemic or other reasons.
Foreign Trade Policy(FTP) 2023: 4 New Towns of Export Excellence(TEE):
The four new towns – Faridabad, Mirzapur, Moradabad, and Varanasi – have been identified as Towns of Export Excellence (TEE) under the Foreign Trade Policy (FTP) 2023.
These TEEs will receive priority access to export promotion funds under the Market Access Initiative (MAI) scheme and will be able to avail Common Service Provider (CSP) benefits for export fulfillment under the Export Promotion Capital Goods (EPCG) Scheme.
This move is expected to boost the exports of handlooms, handicrafts, and carpets, which are the mainstay of these towns’ economies.
The existing 39 TEEs have been identified based on their export performance and potential, and the new additions are expected to contribute significantly to India’s export growth.
Foreign Trade Policy(FTP) 2023: Facilitating E-Commerce Exports:
The Foreign Trade Policy (FTP) 2023 recognizes the potential of e-commerce exports and has introduced policy interventions to facilitate the growth of this sector.
The FTP outlines a roadmap for establishing e-commerce hubs and related elements such as payment reconciliation, book-keeping, returns policy, and export entitlements. The consignment-wise cap on e-commerce exports through courier has been raised from ₹5 lakhs to ₹10 lakhs in the FTP 2023, which is expected to boost the exports of small and medium-sized e-commerce enterprises.
Various estimates suggest that e-commerce exports have the potential to reach $200 to $300 billion by 2030, and the policy measures introduced under FTP 2023 are expected to help achieve this goal.
Odisha Day or Utkal Divas is celebrated on 1st April 2023
Odisha Day or Utkal Divas is a significant day for the people of Odisha, India as it marks the formation of the state on April 1, 1936.
Odisha Day or Utkal Divas 2023
Odisha Day or Utkal Divas is a significant day for the people of Odisha, India as it marks the formation of the state on April 1, 1936. Every year on this day, the state celebrates with cultural programs, parades, and flag hoisting ceremonies. Community leaders and politicians give speeches highlighting the state’s achievements and history. This event provides the opportunity for the people of Odisha to come together and celebrate their cultural heritage and progress made by the state. Odisha, also known as the Land of Lord Jagannath, is famous for its scenic seas and ancient temples, such as the Jagannath Puri Temple and the Sun Temple of Konark, which attract tourists. This year, on April 1, Odisha will celebrate its 88th foundation day.
History of Odisha
Odisha, also known as Orissa, is a state in eastern India with a rich history dating back to ancient times. The earliest evidence of human habitation in the region dates back to the Stone Age, with archaeological sites such as Golbai Sasan providing evidence of early settlements.
In the 3rd century BCE, the region was ruled by the powerful emperor Ashoka, who is known for his conversion to Buddhism and his role in spreading the religion across the Indian subcontinent. Following the decline of the Mauryan Empire, the region came under the control of various dynasties, including the Satavahanas, the Ikshvakus, and the Kharavela of the Mahameghavahana dynasty.
During the medieval period, Odisha was ruled by various Hindu dynasties, including the Eastern Ganga dynasty, which oversaw a period of cultural and artistic development. The state was also an important center for the spread of the Bhakti movement, with saints such as Jayadeva and Ramanuja contributing to the development of the tradition.
In the 16th century, Odisha came under the control of the Mughal Empire, and later the British East India Company. The state played an important role in the Indian independence movement, with leaders such as Utkal Gourav Madhusudan Das, Gopabandhu Das, and Biju Patnaik contributing to the struggle for freedom.
After India gained independence in 1947, Odisha became a state on April 1, 1936, and has since emerged as a center for industry, agriculture, and tourism. The state has a rich cultural heritage, with a vibrant arts and crafts tradition, ancient temples, and festivals such as the Rath Yatra in Puri attracting visitors from across the country and around the world.
Here are some important dates in the history of Odisha:
261 BCE: Ashoka the Great, the Mauryan Emperor, conquered the region and established a government in Tosali.
3rd century CE: The Kalinga War between the Mauryan Empire and the Kalinga kingdom, which is modern-day Odisha.
6th century CE: The Eastern Ganga dynasty established its rule over Odisha, which lasted until the 15th century.
13th century CE: The construction of the Sun Temple in Konark.
16th century CE: Odisha came under the rule of the Mughal Empire.
1803 CE: The British East India Company took control of Odisha after defeating the Marathas.
1827 CE: Establishment of the Orissa Medical School, which is now known as the SCB Medical College and Hospital.
1876 CE: Formation of the Utkal Sabha, a political organization that fought for the rights of Odia people.
1936 CE: Odisha became a separate state on April 1, with the passing of the Government of India Act, 1935.
1950 CE: The Jagannath Temple Act was passed, which gave control of the temple to the state government.
2019 CE: The Indian government declared Odisha as the first “open defecation free” state in the country.
UAE President appoints Sheikh Mansour as Vice-President
The UAE President, Sheikh Mohamed bin Zayed Al Nahyan, has appointed his brother, Sheikh Mansour bin Zayed Al Nahyan, as the Vice President of the country.
UAE President appoints Sheikh Mansour as Vice-President
The UAE President, Sheikh Mohamed bin Zayed Al Nahyan, has appointed his brother, Sheikh Mansour bin Zayed Al Nahyan, as the Vice President of the country. The appointment was endorsed by the UAE Federal Supreme Council. Sheikh Mohammed bin Rashid Al Maktoum, the current Vice President, will continue to hold the same position. Additionally, Sheikh Mohamed, who is also the Ruler of Abu Dhabi, has designated Sheikh Tahnoun bin Zayed and Sheikh Hazza bin Zayed as the Deputy Rulers of Abu Dhabi.
The UAE Federal Supreme Council has given its approval for the appointment of Sheikh Mansour bin Zayed Al Nahyan, who is currently the Deputy Prime Minister of the UAE and the Minister of Presidential Court, as the Vice President of the UAE. This appointment will be in addition to the current Vice President, Sheikh Mohammed bin Rashid Al Maktoum, who also holds the positions of Prime Minister and Ruler of Dubai.
After the death of Sheikh Khalifa in May last year, Sheikh Mohamed was elected by the Rulers of the UAE. Sheikh Mansour, who has previously held important positions in Abu Dhabi’s wealth funds and business, is currently serving as the Deputy Prime Minister and Minister of the Presidential Court.
About the Sheikh Mansour:
Sheikh Mansour has been an integral part of the UAE’s political scene for almost two decades, starting with his appointment as Minister of Presidential Affairs in 2004. He has played a significant role in overseeing the Presidential Court and the Ministry of Presidential Affairs, as well as holding the position of Chairman in various government institutions such as the Ministerial Development Council and the Emirates Investment Authority. Additionally, he serves as the Chairman of the Abu Dhabi Fund for Development and as a member of the Abu Dhabi Supreme Petroleum Council. He has also been on the boards of several investment institutions, including the National Archives, Abu Dhabi Development Fund, Board of Abu Dhabi Food Control Authority, and the Abu Dhabi Judicial Department