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Important Current Affairs for CLAT-30th April 2023

Nasha Mukt Bharat Abhiyaan: An Overview

Empowering Drug Addicts: Department of Social Justice & Empowerment's Nasha Mukt Bharat Abhiyaan.

Why the scheme is in the news?

The Department of Social Justice & Empowerment signed an MoU with Art of Living to enhance the effectiveness and reach of the Nasha Mukt Bharat Abhiyaan.

Ministry: – Ministry of Social Justice & Empowerment

Launch Year: – 2020

Implementing Body: – Department of Social Justice & Empowerment

Objectives: – The objectives of Nasha Mukt Bharat Abhiyaan include creating awareness about substance abuse through activities such as awareness generation programs, targeting schools and universities, identifying dependent populations in communities, providing counseling and treatment facilities, and capacity building for service providers.

Beneficiaries: – Drug Addicted people in 272 vulnerable district in which program has been launched.

Budget Allocation: – Rs 10 Lakh per district.

ITC Overtakes Infosys to become India’s Sixth Most Valuable Company

ITC overtakes Infosys in market capitalisation as shares continue to rally.

ITC’s market capitalization surges, outpacing Infosys and HDFC Ltd

ITC, one of India’s largest FMCG conglomerates, has surpassed IT major Infosys to become the country’s sixth most valuable company on the stock exchanges. With a market capitalization of Rs 5.11 lakh crore, ITC overtook Infosys on Monday after overtaking HDFC Ltd on Friday. This achievement comes after ITC’s share price rose 59% over the past year and 24% so far in 2023, making it the best performer in the benchmark Nifty50. Meanwhile, Infosys shares have fallen by 20% in 2023, wiping off Rs 1.80 lakh crore of investors’ fortunes, following its March quarter earnings below street estimates.

ITC’s growth potential sets it on course to overtake Hindustan Unilever

To become the country’s fifth most valuable company, ITC will need to outperform rival FMCG firm Hindustan Unilever (HUL), which currently commands an m-cap of Rs 5.88 lakh crore. However, most analysts are optimistic that ITC shares will continue to rally, as its various businesses are expected to perform better than its peers. Additionally, 95% of analysts tracking ITC shares on Bloomberg have a “buy” recommendation on the stock. CLSA, a brokerage firm, maintained an Outperform rating on ITC with a target of Rs 430, citing the improvement in growth visibility in cigarettes aided by stability in the tax structure. “The stock remains strong, and long-term fundamentals are intact. Besides, the strong dividend yield offers support to the stock,” CLSA said.

Wrestling Federation of India (WFI), IOA forms a two-member Ad Hoc committee

WFI, IOA forms a two-member Ad Hoc committee: The Indian Olympic Association has announced that a two-member ad-hoc committee will oversee the Wrestling Federation of India's office.

WFI, IOA forms a two-member Ad Hoc committee

The Indian Olympic Association has announced that a two-member ad-hoc committee consisting of Bhupender Singh Bajwa, an IOA executive council member, and Suma Shirur, an accomplished IOA sportsperson, will oversee the Wrestling Federation of India‘s office. Ahead of the WFI’s election, a retired High Court Judge will also be appointed to the Ad-Hoc Committee to ensure impartial and transparent voting.

WFI, IOA forms a two-member Ad Hoc committee: Key Points

The committee will be responsible for managing federation affairs, including the selection and participation of athletes in international events. This decision was reached at an emergency meeting of the IOA Executive Council chaired by President P T Usha.

The election for WFI President, originally set for May 7, was deemed invalid by the Ministry of Youth Affairs, prompting the formation of the ad-hoc committee.

Meanwhile, Indian wrestlers are protesting against Brij Bhushan Sharan Singh, the former WFI president, and the Supreme Court of India is set to hear a plea from one wrestler calling for Singh’s prosecution for alleged sexual harassment of female wrestlers.

Why IOA formed a committee?

In January 2023, IOA formed a committee led by veteran boxer Mary Kom to address a complaint.

This committee held multiple hearings for both parties, but instead of utilizing this resource, the wrestlers chose to publicly protest which is unfortunate.

IOA’s primary objective is to support sports development in our country while ensuring the betterment and care of sportspersons.

Their top priority is to safeguard Indian wrestlers’ interests and facilitate their participation in upcoming international competitions, including the Asian Games.

During the meeting, the executive council discussed the Supreme Court’s order on Appeal of SLP (C) No. 14533/2022 and the IOA Constitution, drafted by Mr. Justice Nageswara Rao. The council members reviewed necessary changes that should be made.

Furthermore, IOA President expressed her approval of Goa’s progress in hosting 43 sports for the National Games. An IOA delegation visited Goa to review the preparation of the 37th National Games.

The Executive Council also expressed concern about governing lapses in Handball and Taekwondo associations and pledged to take decisive action to prevent malpractice and promote the advancement of sports and sportspersons.

IIT Bombay’s SHUNYA Takes Second Place in Solar Decathlon Build Challenge in the US

IIT Bombay's SHUNYA Takes Second Place in Solar Decathlon Build Challenge: The SHUNYA team from IIT Bombay earned the second position in the Solar Decathlon Build Challenge held in the US.

IIT Bombay’s SHUNYA Takes Second Place in Solar Decathlon Build Challenge

The SHUNYA team from the Indian Institute of Technology (IIT) Bombay earned the second position in the Solar Decathlon Build Challenge held in the US. They designed a zero-energy house to tackle air pollution issues in Mumbai’s hot and humid climate. SHUNYA is a group of students from IIT Bombay who are committed to creating a sustainable future.

IIT Bombay’s SHUNYA Takes Second Place in Solar Decathlon Build Challenge: Key Points

Out of 32 teams from around the world, SHUNYA was the sole representative from India in the contest.

The team constructed a house with a 14-kW solar PV Plant and an innovative in-house automation system.

The automation system manages a dehumidifier system created specifically for the weather patterns of coastal areas.

This house utilizes water in an incredibly efficient manner due to its water-saving fixtures, recycling system, and rainwater harvesting setup, using 80% less water than a typical home.

Over 50 students from IIT Bombay‘s engineering, architectural, and management departments, hailing from more than 16 departments, comprise the team.

Emirates introduces first robotic check-in assistant in the world

About Solar Decathlon Build Challenge

The Solar Decathlon Build Challenge involves teams working for two years to create and operate houses in their own region, with the ultimate goal of showcasing innovative solutions for real-world problems in the building industry.

The competition culminates in the Solar Decathlon Competition Event at the National Renewable Energy Laboratory in April 2023, where teams were judged on the successful operation of their houses and the excellence of their solutions by industry experts.

Additionally, teams are given the opportunity to showcase their work to the public through local exhibitions, and winners receive national exposure through media outreach efforts, benefiting both participants and their academic institutions.

Siddhartha Mohanty appointed as Chairman of LIC Until June 2024

Siddhartha Mohanty appointed as Chairman of LIC: The government announced the appointment of Siddhartha Mohanty as the Chairperson of the Life Insurance Corporation of India (LIC) until June 29, 2024.

Siddhartha Mohanty appointed as Chairman of LIC

The government announced the appointment of Siddhartha Mohanty as the Chairperson of the Life Insurance Corporation of India (LIC) until June 29, 2024. Following this, he will serve as the Managing Director and Chief Executive Officer until June 7, 2025, as stated by LIC in a release. Mohanty, who is currently the Managing Director, had been serving as the interim Chairperson of the state-run life insurance company since March 14, replacing M R Kumar, whose term ended on March 13, 2023.

Siddhartha Mohanty appointed as Chairman of LIC: Key Points

In 1985, Mohanty started working for LIC as a trainee officer and has gained significant experience in the insurance industry.

He has held various positions in the past, including COO and CEO of LIC Housing Finance Ltd, senior divisional manager in Raipur and Cuttack, and chief in legal and investment monitoring and accounting.

LIC has three managing directors, M Jagannath, Tablesh Pandey, and Mini Ipe.

It is the biggest financial institution in the country, managing assets worth more than Rs 44.35 crore as of December 2022.

The Appointment Committee of Cabinet has given its approval for the selection of Bishnu Charan Patnaik, who was previously the Managing Director of LIC, to become the Whole-time Member (Life) of the Insurance Regulatory and Development Authority of India (IRDAI).

Patnaik will assume the post from the date of his appointment until he reaches the age of 62.

Hari Hara Mishra takes charge as CEO of Association of Asset Reconstruction Companies

LIC: Important Takeaways

Here some of the Important Takeaways about LIC, Life Insurance Corporation of India:

History: LIC was established in 1956 by the government of India. It was created to spread life insurance and ensure the economic development of the country.

Services: LIC provides a range of insurance products, including life insurance, health insurance, pension plans, and unit-linked plans. It also offers group insurance and micro insurance schemes.

Size: LIC is the largest insurance company in India and one of the largest life insurers in the world. It has a network of over 3,000 branches and more than one million agents.

Financials: LIC has a strong financial position, with a net worth of over Rs 31 lakh crore (as of 2021). It has consistently been profitable and has a high credit rating.

Union Budget 2023-24 introduces MISHTI Scheme for Mangrove Conservation

Protecting mangroves and empowering communities: India's MISHTI Scheme.

Where launched?

Finance Minister Nirmala Sitharaman introduced a new MISHTI (Mangrove Initiative for Shoreline Habitats & Tangible Incomes) scheme in the Union Budget 2023-24, presented on Wednesday (February 1).

Ministry: – Ministry of Environment, Forest and Climate Change (MoEFCC)

Launch Year: – 2023

Objectives: – The aim of the MISTHI (Mangrove Initiative for Shoreline Habitats & Tangible Incomes) Scheme is to protect and revive mangrove ecosystems on the Indian coast while enhancing the socio-economic status of nearby communities.

Beneficiaries: – Mangrove

Funding: – The Government of India covers 80% of the project cost, while the State Governments contribute the remaining 20%.

Pakistan becomes largest recipient of ADB funded programmes in 2022

The Asian Development Bank (ADB) Annual Report 2022 revealed that Pakistan received loans of $5.58 billion, making it the largest recipient of ADB-funded programs/projects in the year 2022.

Pakistan Becomes the Largest Recipient of ADB-Funded Programs Amidst Economic Crisis:

The Asian Development Bank (ADB) Annual Report 2022 revealed that Pakistan received loans of $5.58 billion, making it the largest recipient of ADB-funded programs/projects in the year 2022. Out of the total lending, Pakistan received concessional funding of $2.67 billion from the bank, highlighting the dire economic situation in the country. This significant lending reflects the severity of the economic crisis in Pakistan, which has been compounded by political and geopolitical uncertainties.

Natural Disasters and Food Insecurity Worsen Economic Woes in Pakistan and Afghanistan:

The ADB report cited extreme floods in Pakistan that damaged over one-third of the Kharif (summer) seasonal cropping area, curtailing food supply and driving up prices. Meanwhile, in Afghanistan, drought and flash floods worsened food insecurity and contributed to soaring prices of staple items, impacting the entire population. To address this crisis, the ADB committed $3.7 billion from the programme in 2022, including essential food assistance for those in need, especially women and girls, in Afghanistan (using UN systems), Pakistan, and Sri Lanka.

Countercyclical Support Facility to Aid Countries Affected by Food and Energy Crisis:

The ADB also provided a combined $2.2 billion, directed through the bank’s countercyclical support facility, for the Kyrgyz Republic, Mongolia, Pakistan, Tajikistan, and Uzbekistan. All these countries were severely impacted by the food and energy crisis sparked by the Russian invasion of Ukraine. In the case of Pakistan, devastating floods exacerbated the economic woes, leading to domestic inflation and curtailing consumption.

ADB’s Role in Providing Timely Response to Crises in the Asia Pacific Region:

The ADB has played a critical role in providing timely responses to emerging and ongoing crises in the Asia Pacific region. The bank’s support to the countries affected by natural disasters and economic challenges has been significant. The ADB’s funding has helped address food insecurity, enhance energy security, and support the affected population. The bank’s focus on concessional funding has provided crucial support to the countries struggling with severe economic challenges.

About Asian Development Bank (ADB):

The Asian Development Bank (ADB) is a regional development bank established in 1966 to promote economic and social progress in Asia and the Pacific.

ADB is headquartered in Manila, Philippines, and has 68 member countries, including 49 from the Asia-Pacific region.

ADB provides loans, grants, and technical assistance to its member countries for various development projects, including infrastructure development, poverty reduction, and regional integration.

ADB’s priorities include addressing climate change, promoting gender equality, and supporting private sector development.

ADB has committed over $330 billion in loans and grants since its inception and aims to achieve a prosperous, inclusive, resilient, and sustainable Asia and the Pacific.

The top five shareholders in ADB, in terms of voting power, are Japan (15.6%), the United States (15.6%), China (6.4%), India (6.3%), and Australia (5.8%).

India is the fourth-largest shareholder in ADB and has been a member since its inception. In recent years, India has been one of the largest recipients of ADB funding for various development projects, including infrastructure, education, health, and poverty reduction.

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