Important Current Affairs for CLAT-20th September 2022

Kashmir is set to get its first multiplex, in Srinagar

Kashmir is set to get its first multiplex: The first multiplex in Kashmir will be opened today in Srinagar by Jammu and Kashmir lieutenant governor Manoj Sinha. After a three-decade hiatus, Kashmir will once again have movie theatres. The three movie theatres of the INOX-designed multiplex will have a combined seating capacity of 520 people.

Kashmir is set to get its first multiplex: Key Points

  • There will be a food court on the property to promote regional cuisine.

  • The lobbies also have a Kashmiri wood “Khatambandh,” giving them a Kashmiri cultural appearance and highlighting Kashmir’s art and design.

  • The public will be allowed access to the multiplex after a special showing of the Aamir Khan film “Lal Singh Chaddha.”

  • The latest films will be released and the multiplex will be permanently positioned so that Kashmiris can enjoy the same leisure opportunities as the rest of the nation.

  • All movie theatres in the Kashmir valley were closed on December 31, 1990, due to the rise of terrorism.

  • Manoj Sinha, the J&K L-G, inaugurated multipurpose movie theatres in Pulwama and Shopian.

  • Three years and thirty years after Article 370 was repealed, the union territory now possesses movie theatres.

  • On the first day of the movie screening, various kid-friendly movies, including Lal Singh Chadha, were screened in both theatres.

India’s 1st lithium-ion cell factory inaugurated in Andhra Pradesh

The Minister of State for Electronics and Information Technology, Rajeev Chandrasekhar has launched the pre-production run of India’s first lithium-ion cell manufacturing facility at Tirupati, Andhra Pradesh. This state-of-the-art facility has been set up by Chennai-based Munoth Industries Limited with an outlay of Rs 165 crores.

Key points:

  • The facility is located in one of the two Electronics Manufacturing Clusters set up in the temple town, by Prime Minister Narendra Modi in 2015.

  • The installed capacity of the plant at present is 270 MWH and can produce 20,000 cells of 10Ah capacity daily. These cells are used in power banks and this capacity is around 60 per cent of India’s present requirement.

  • Cells for other consumer electronics like mobile phones, hearable and wearable devices will also be produced.

  • Currently, India imports complete requirements of lithium-ion cells primarily from China, South Korea, Vietnam, and Hong Kong.

Notably:

The report mentioned that at present, battery cells and lithium-ion batteries attract 18 per cent GST, unlike EVs as a whole which attracts only 5 per cent GST. After a draft proposal was sent by NITI Aayog, the Union government is considering lowering the GST slab on EV batteries to 5 per cent and is likely to implement the move very soon. This means that even the vast majority of the existing EV makers will be able to sell their EVs at a considerably lower cost.

PM Narendra Modi launched world’s first Cheetah Rehabilitation Project

Prime Minister Narendra Modi has released wild Cheetahs in Kuno National Park and launched the world’s first Cheetah Rehabilitation Project. Cheetahs which have been brought from Namibia are being introduced in India under Project Cheetah, which is the world’s first inter-continental large wild carnivore translocation project. The release of wild Cheetahs by the Prime Minister is part of his efforts to revitalise and diversify India’s wildlife and its habitat.

Out of the eight Cheetahs, there are five females and three males. Mr Modi released Cheetahs at two release points in Kuno National Park. On the occasion, he also interacted with Cheetah Mitras, Cheetah Rehabilitation Management Group and students at the venue.

Cheetah Rehabilitation Project:

The cheetah was declared extinct from India in 1952. The Cheetahs will help restore open forest and grassland ecosystems in India. This effort, in line with the Prime Minister’s commitment to environmental protection and wildlife conservation, will also lead to enhanced livelihood opportunities for the local community through eco-development and ecotourism activities. The historic reintroduction of Cheetahs in India is part of a long series of measures for ensuring sustainability and environment protection in the last eight years which has resulted in significant achievements in the area of environment protection and sustainability.

Rajnath Singh On 2-Day Egypt Visit

Defence Minister Rajnath Singh will pay a 2-Day visit to Egypt beginning 18/09/22 to explore new initiatives to bolster bilateral defence ties. The defence ministry said an MoU to provide further impetus to enhance defence cooperation between India and Egypt will also be signed during Singh’s visit.

“Tomorrow, 18th September, I would be in Cairo, on a 3 day visit to Egypt,” Singh tweeted. “Looking forward to holding discussions with my counterpart, General Mohamed Ahmed Zaki to further strengthen defence cooperation between both the countries,” he said.

The ministry said the two sides will review the bilateral defence ties, explore new initiatives to intensify military-to-military engagements and focus on deepening cooperation between the defence industries of the two countries. “The Raksha Mantri will also call on President of Egypt Mr Abdel Fattah Al-Sisi. The visit by Singh aims to further consolidate defence cooperation and the special friendship between India and Egypt,” the ministry said in a statement.

Defence Co-Production Is On Azenda:

During the visit, Mr. Singh will hold bilateral talks with Minister of Defence and Defence Production, General Mohamed Zaki. The two Ministers will review the bilateral defence ties, explore new initiatives to intensify military-to-military engagements and focus on deepening cooperation between the defence industries of the two countries. An MoU to provide further impetus to enhanced defence cooperation between India and Egypt will also be signed. Mr. Singh will also call on President of Egypt Abdel Fattah Al-Sisi.

Egypt’s Interest:

The defence and security ties between India and Egypt have been on an upswing in the last few years. The Indian Air Force participated in a month-long tactical leadership programme in Egypt from June 24 with three Su-30 MKI jets and two C-17 transport aircraft. Last month, the government said in Parliament that Egypt is among six countries which showed interest in India’s Tejas aircraft. Tejas, manufactured by Hindustan Aeronautics Ltd, is a single-engine multi-role fighter aircraft capable of operating in high-threat air environments. In February last year, the defence ministry sealed a Rs 48,000 crore deal with HAL for the procurement of 83 Tejas light combat aircraft for the Indian Air Force (IAF).


Singapore Central Bank, India’s IFSCA To Pursue Fintech Innovations

The Monetary Authority of Singapore (MAS) and the International Financial Services Centres Authority (IFSCA) signed a FinTech Co-operation Agreement to facilitate regulatory collaboration and partnership in FinTech technology. The agreement is expected to leverage existing regulatory sandboxes in their respective jurisdictions to support experimentation of technology innovations.

How This Proceeds:

It will include referral of companies to each other’s regulatory sandboxes and enable innovative cross-border experiments in both jurisdictions. The agreement will also allow both the organisations to evaluate the suitability of use cases which could benefit from collaboration across multiple jurisdictions, and invite relevant jurisdictions to participate in a Global Regulatory Sandbox.

Key Aspect:

Sharing of information will be a key aspect of the agreement. The two will share non-supervisory related information and developments on innovation in financial products and services, facilitate discussions on emerging FinTech issues and participate in joint innovation projects.

What They Said:

The agreement was signed by the Chief FinTech Officer of MAS, Sopnendu Mohanty, and Chief Technology Officer of IFSCA, Joseph Joshy, and witnessed by Deputy Prime Minister and Minister for Finance, and Deputy Chairman of MAS, Lawrence Wong, and Finance Minister of Gujarat, Kanubhai Desai, Chairperson of IFSCA, Injeti Srinivas, Chairman of GIFT Company Ltd., Sudhir Mankad, and Managing Director and Chief Executive Officer of GIFT Company Ltd., Tapan Ray.

“This co-operation agreement builds on the Memorandum of Understanding on Supervisory Co-operation signed between MAS and IFSCA in July 2022 . The cross-border testing of use cases between Singapore and India will pave the way for operationalising a broader collaboration framework for FinTech use cases involving multiple jurisdictions,” Chief FinTech Officer of MAS Mohanty said.

Welcoming the partnership with MAS, Chief Technology Officer of IFSCA Joshy, said: “This agreement is a watershed moment that ushers in a FinTech Bridge to serve as a launch pad for Indian FinTechs to Singapore and landing pad for Singapore FinTechs to India, leveraging the Regulatory Sandboxes. The possibility of global collaboration on suitable use cases through a Global Regulatory Sandbox is an exciting opportunity for the FinTech Ecosystem.”

What Is IFSCA:

The International Financial Services Centres Authority (IFSCA) is a unified authority for the development and regulation of financial products, financial services and financial institutions in the International Financial Services Centres in India. Housed in Gujarat International Finance Tec-City (GIFT City) in Gandhinagar (Gujarat), GIFT-IFSC is the maiden International Financial Services Centre in India (IFSC).

Varanasi nominated as first-ever SCO Tourism and Cultural Capital for 2022-2023

Varanasi city has been nominated as the first cultural and tourism capital during 2022-2023 at the 22nd meeting of the SCO council in Samarkand. The 22nd meeting of the SCO council in Samarkand was also attended by Prime Minister Narendra Modi. The Shanghai Cooperation Organization 2022 was the first in-person meeting of the regional group after the Covid-19 pandemic which was attended by Prime Minister Narendra Modi.

Key Points related to Varanasi

  • Varanasi will get a boost in tourism and cultural and humanitarian exchanges between India and SCO member countries after it is nominated as the first SCO Tourism and Cultural Capital.

  • It will emphasize India’s ancient civilizational links with member states of SCO.

  • Various events will also be organized under the framework of a major cultural outreach program in Varanasi during 2032-2023.

  • During the culture several guests will be invited to participate from the SCO Member State.

About Varanasi

Varanasi is also known as Banaras or Kashi. It is one of the oldest cities in the world. The city is known for Hindu mythology and history. The city is linked with spiritualism, yoga, Hindu mythology, culture, and the Sanskrit language.

Swati Piramal conferred with top French civilian honour

Swati Piramal, Vice Chairperson, Piramal Group has been conferred the Chevalier de la Légion d’Honneur (Knight of the Legion of Honour). The highest French civilian award comes in recognition of Piramal’s outstanding achievements and contribution in the fields of business and industry, science, medicine, art and culture, both nationally and internationally. The award was presented to her by H.E. Catherine Colonna, Minister for Europe and Foreign Affairs of France on behalf of President Emmanuel Macron.

In 2006, she was also awarded the Chevalier de l’Ordre National du Mérite (Knight of the Order of Merit), France’s second highest civilian honour. Swati Piramal is also a recipient of the Padma Shri, one of the highest civilian honours of India, as a champion of developing frameworks and policies to support women in leadership roles.

About Dr Swati Piramal:

  • She is an Indian scientist and industrialist and is involved in healthcare, focusing on public health and innovation.

  • She is the vice chairperson of Piramal Group, a business conglomerate with interests in pharmaceuticals, financial services, real estate and glass packaging.

  • She also served as a Member of the Prime Minister of India’s Trade Advisory Council and the Scientific Advisory Council. Currently, she is working on the Harvard Global Advisory Council.

The Legion of Honour award:

It was created by Napoleon Bonaparte in 1802. It is conferred by the French Republic for outstanding service to France, regardless of the nationality of the recipients, and the President of France is the Grand Master of the Order of the Legion of Honour.

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