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Important Current Affairs for CLAT-6th April 2023

International Day of Sport for Development and Peace 2023 observed on 06 April

On April 6, the International Day of Sport for Development and Peace (IDSDP) is celebrated to acknowledge the significance of sports and physical activity in our personal lives.

International Day of Sport for Development and Peace 2023

On April 6, the International Day of Sport for Development and Peace (IDSDP) is celebrated to acknowledge the significance of sports and physical activity in our personal lives and communities worldwide. Sports play a crucial role in our society by keeping us physically active, promoting competition, and improving our overall fitness. Participating in sports can enhance self-assurance and offer valuable life lessons.

International Day of Sport for Development and Peace 2023: Theme

The 2023 global theme for the International Day of Sport for Development and Peace is “Scoring for People and the Planet.” This theme builds on previous years’ themes and provides a broad framework for IDSDP activities that highlight the positive effects of sports on sustainable development and peace. It emphasizes the role of sports in promoting environmental sustainability and social well-being, as well as the importance of using sports as a tool for achieving these goals.

International Day of Sport for Development and Peace 2023: Significance

Sports can have a significant impact on both the physical and mental development of individuals, promoting better health and disease resistance, as well as social integration, gender equality, economic development, international cooperation, brotherhood, and peace. The International Day of Sport for Development and Peace serves to showcase these possibilities every year and inspires countless people to participate in sports and work towards creating a more positive world. Through sports, individuals can develop important life skills, build relationships, and contribute to society in meaningful ways. The celebration of this day provides a platform for recognizing the transformative power of sports and how it can promote sustainable development and peace.

International Day of Sport for Development and Peace: History

The United Nations General Assembly adopted Resolution 67/296 on August 23, 2013, during its 67th session, which proclaimed April 6 as the International Day of Sport for Development and Peace. The resolution report was published on September 18 of the same year, with the support of the International Olympic Committee. The creation of this day was inspired by previous UN resolutions that aimed to promote events such as the International Year of Sport and the Olympic Ideal, the Olympic Truce, and the Olympic Ideal, which all sought to harness the power of sports to foster a more peaceful world. The International Day of Sport for Development and Peace serves as a platform to highlight the role of sports in promoting sustainable development, social cohesion, and international cooperation.

Bimonthly RBI monetary policy: MPC keeps repo rate unchanged at 6.50%

Bimonthly RBI monetary policy: The Reserve Bank of India has announced its bimonthly monetary policy and kept the repo rate unchanged at 6.50 per cent.

Bimonthly RBI monetary policy:

The Reserve Bank of India has announced its bimonthly monetary policy and kept the repo rate unchanged at 6.50 per cent. The RBI’s Monetary Policy Committee (MPC) unanimously decided to keep the repo rate unchanged at 6.50 per cent, governor Shaktikanta Das said, announcing the statement of monetary policy, the first in the current financial year. Economic activity remains resilient, and real GDP growth is expected to have been 7 per cent in FY 22-23. The RBI Governor also said that the withdrawal of accommodation and that the repo rate hike has been paused only for this meeting. The next meeting of the MPC is scheduled during June 6-8, 2023.

Bimonthly RBI monetary policy: RBI Rates 

Policy Repo Rate: 6.50%

Standing Deposit Facility (SDF): 6.25%

Marginal Standing Facility Rate: 6.75%

Bank Rate:  6.75%

Fixed Reverse Repo Rate: 3.35%

Cash Reserve Ratio (CRR): 4.50%

Statutory Liquidity Ratio (SLR): 18.00%

Bimonthly RBI monetary policy: Key points

All members of the MPC unanimously voted to keep the policy repo rate unchanged at 6.50 per cent.

 Real GDP growth for 2023-24 is projected at 6.5 per cent with Q1:2023-24 at 7.8 per cent; Q2 at 6.2 per cent; Q3 at 6.1 per cent; and Q4 at 5.9 per cent

Retail inflation is expected to moderate to 5.2 per cent in FY2023-24

The standing deposit facility (SDF) would remain unchanged at 6.25 per cent, and the marginal standing facility, i.e., the MSF rate, and the bank rate at 6.75 per cent.

The RBI’s MPC has raised the repo rate by 250 bps in the last 11 months, from May 2022.

The Monetary Policy Committee

All members of the MPC – Dr. Shashanka Bhide, Dr. Ashima Goyal, Prof. Jayanth R. Varma, Dr. Rajiv Ranjan, Dr. Michael Debabrata Patra and Shri Shaktikanta Das. Section 45ZB of the amended RBI Act, 1934 provides for an empowered six-member monetary policy committee (MPC) to be constituted by the Central Government by notification in the Official Gazette. The first such MPC was constituted on September 29, 2016. The present MPC members, as notified by the Central Government in the Official Gazette of October 5, 2020.

RBI Repo Rate: Instruments of Monetary Policy

Repo Rate: The interest rate at which the Reserve Bank provides liquidity under the liquidity adjustment facility (LAF) to all LAF participants against the collateral of government and other approved securities.

Standing Deposit Facility (SDF) Rate: The rate at which the Reserve Bank accepts uncollateralised deposits, on an overnight basis, from all LAF participants. The SDF is also a financial stability tool in addition to its role in liquidity management. The SDF rate is placed at 25 basis points below the policy repo rate. With introduction of SDF in April 2022, the SDF rate replaced the fixed reverse repo rate as the floor of the LAF corridor.

Marginal Standing Facility (MSF) Rate: The penal rate at which banks can borrow, on an overnight basis, from the Reserve Bank by dipping into their Statutory Liquidity Ratio (SLR) portfolio up to a predefined limit (2 per cent). This provides a safety valve against unanticipated liquidity shocks to the banking system. The MSF rate is placed at 25 basis points above the policy repo rate.

Liquidity Adjustment Facility (LAF): The LAF refers to the Reserve Bank’s operations through which it injects/absorbs liquidity into/from the banking system. It consists of overnight as well as term repo/reverse repos (fixed as well as variable rates), SDF and MSF. Apart from LAF, instruments of liquidity management include outright open market operations (OMOs), forex swaps and market stabilisation scheme (MSS).

LAF Corridor: The LAF corridor has the marginal standing facility (MSF) rate as its upper bound (ceiling) and the standing deposit facility (SDF) rate as the lower bound (floor), with the policy repo rate in the middle of the corridor.

Main Liquidity Management Tool: A 14-day term repo/reverse repo auction operation at a variable rate conducted to coincide with the cash reserve ratio (CRR) maintenance cycle is the main liquidity management tool for managing frictional liquidity requirements.

Fine Tuning Operations: The main liquidity operation is supported by fine-tuning operations, overnight and/or longer tenor, to tide over any unanticipated liquidity changes during the reserve maintenance period. In addition, the Reserve Bank conducts, if needed, longer-term variable rate repo/reverse repo auctions of more than 14 days.

Reverse Repo Rate: The interest rate at which the Reserve Bank absorbs liquidity from banks against the collateral of eligible government securities under the LAF. Following the introduction of SDF, the fixed rate reverse repo operations will be at the discretion of the RBI for purposes specified from time to time.

Bank Rate: The rate at which the Reserve Bank is ready to buy or rediscount bills of exchange or other commercial papers. The Bank Rate acts as the penal rate charged on banks for shortfalls in meeting their reserve requirements (cash reserve ratio and statutory liquidity ratio). The Bank Rate is published under Section 49 of the RBI Act, 1934. This rate has been aligned with the MSF rate and, changes automatically as and when the MSF rate changes alongside policy repo rate changes.

Cash Reserve Ratio (CRR): The average daily balance that a bank is required to maintain with the Reserve Bank as a per cent of its net demand and time liabilities (NDTL) as on the last Friday of the second preceding fortnight that the Reserve Bank may notify from time to time in the Official Gazette.

Statutory Liquidity Ratio (SLR): Every bank shall maintain in India assets, the value of which shall not be less than such percentage of the total of its demand and time liabilities in India as on the last Friday of the second preceding fortnight, as the Reserve Bank may, by notification in the Official Gazette, specify from time to time and such assets shall be maintained as may be specified in such notification (typically in unencumbered government securities, cash and gold).

Open Market Operations (OMOs): These include outright purchase/sale of government securities by the Reserve Bank for injection/absorption of durable liquidity in the banking system.

India become world’s second-largest solar manufacturer by 2026

India has been making significant strides toward renewable energy in recent years, with a focus on solar energy and is expected to become the world's second-largest solar manufacturer by 2026.

India has been making significant strides toward renewable energy in recent years, with a focus on solar energy. The country has set ambitious targets to increase its solar energy capacity and has been taking various steps to achieve them. In line with this, India is expected to become the world’s second-largest solar manufacturer by 2026.

India: Second-largest solar manufacturing country in the world:

According to a report by the India Brand Equity Foundation (IBEF), India is poised to become the second-largest solar manufacturing country in the world by 2026, overtaking Japan and trailing only China. The report states that India’s solar manufacturing capacity is expected to increase from 10 GW in 2020 to 50 GW by 2030. This increase in capacity is expected to create around 3 lakh (300,000) direct jobs and 9 lakh (900,000) indirect jobs.

Government’s efforts: India’s solar manufacturing industry:

India’s solar manufacturing industry has received a boost due to the government’s focus on renewable energy and initiatives like the National Solar Mission. The government has also introduced various policies and schemes to promote domestic solar manufacturing, such as the Production-Linked Incentive (PLI) scheme. Under this scheme, the government has earmarked a budget of Rs 4,500 crore ($600 million) for the solar PV segment, which is expected to create manufacturing capacity of 10 GW.

Several Indian companies have also been investing in solar manufacturing. Adani Solar, for example, has set up a 1.2 GW solar cell and module manufacturing facility in Gujarat. Tata Power Solar has a manufacturing unit with a capacity of 1.1 GW in Bangalore, while Waaree Energies has a capacity of 2 GW spread across three facilities in Maharashtra and Gujarat. These companies, along with others, are expected to increase their capacity in the coming years.

Global demand for renewable energy:

India’s solar manufacturing industry has also received a boost due to the global demand for renewable energy. As countries around the world are looking to shift towards clean energy, the demand for solar panels and other solar equipment is expected to increase. This presents an opportunity for Indian manufacturers to tap into the global market.

In conclusion, India’s solar manufacturing industry is expected to grow significantly in the coming years, with the country poised to become the world’s second-largest solar manufacturer by 2026. The government’s focus on renewable energy, initiatives like the PLI scheme, and the global demand for solar equipment are expected to drive this growth. The growth of the industry is also expected to create jobs and contribute to the country’s economic development.

Ukrainian president decorated with Poland’s top award

The highest decoration of Poland, the Order of the White Eagle, was presented to Ukraine's President Volodymyr Zelensky by the President of Poland, Andrzej Duda, during a meeting between the two leade

The highest decoration of Poland, the Order of the White Eagle, was presented to Ukraine’s President Volodymyr Zelensky by the President of Poland, Andrzej Duda, during a meeting between the two leaders at the Presidential Palace in Warsaw.

During his visit, the President of Ukraine, Volodymyr Zelensky, intends to hold meetings with the President of the Republic of Poland, Andrzej Duda, the Prime Minister of Poland, Mateusz Morawiecki, and representatives from the business community, as well as with Ukrainian and Polish citizens at the Royal Castle. The Office of the President of the Republic of Poland stated that Zelensky was awarded the Order of the White Eagle as recognition for his contributions towards strengthening the relationship between Poland and Ukraine, promoting security, and advocating for human rights.

About the Order of the White Eagle:

The Order of the White Eagle is the Republic of Poland’s oldest and most prestigious award. The Chancellery of the President of the Republic of Poland stated that Zelensky was given the award in acknowledgment of his contributions to enhancing ties between Poland and Ukraine, promoting security, and his unwavering commitment to protecting human rights.

Public sector banks transfer Rs 35,012 crore unclaimed deposits to RBI

Several public sector banks in India have transferred a total of Rs 35,012 crore ($4.7 billion) in unclaimed deposits to the Reserve Bank of India (RBI).

Several public sector banks in India have transferred a total of Rs 35,012 crore ($4.7 billion) in unclaimed deposits to the Reserve Bank of India (RBI). The move comes as part of an effort to reduce the amount of unclaimed funds held by banks and ensure that the money is put to productive use.

What are Unclaimed deposits:

Unclaimed deposits are those that have been lying dormant in bank accounts for a period of 10 years or more. Banks are required to make efforts to locate the account holders or their legal heirs and transfer the funds to them. However, in cases where the account holders or their heirs cannot be traced, the funds are transferred to the RBI’s Depositor Education and Awareness Fund (DEAF).

Objective of this transfer:

The transfer of unclaimed deposits to the DEAF is aimed at promoting financial literacy and awareness among depositors. The fund is used to finance various activities related to educating depositors on the benefits and risks associated with banking and financial products.

Which bank transfers the most:

The banks that have transferred the unclaimed deposits to the RBI include State Bank of India, Punjab National Bank, Bank of Baroda, Union Bank of India, and Canara Bank, among others. The largest transfer was made by State Bank of India, which transferred Rs 13,274 crore ($1.8 billion) to the DEAF.

Need of this approach:

The RBI has welcomed the move by the banks and has urged other banks to follow suit. The central bank has stated that the transfer of unclaimed deposits to the DEAF is an important step in ensuring that the funds are put to productive use and that depositors are made aware of the benefits of banking and financial products.

In conclusion, the transfer of unclaimed deposits by public sector banks to the RBI’s DEAF is a positive step towards promoting financial literacy and ensuring that unclaimed funds are put to productive use. The move will also help to reduce the burden on banks of holding large amounts of unclaimed deposits and will encourage depositors to be more proactive in managing their finances.

Dhoni, Yuvraj inducted with the MCC honorary life membership

MS Dhoni, the former captain of the Indian cricket team who led the team to victories in the T20 and ODI World Cups and the 2013 Champions Trophy.

MS Dhoni, the former captain of the Indian cricket team who led the team to victories in the T20 and ODI World Cups and the 2013 Champions Trophy, along with Yuvraj Singh, the Player of the Tournament in the 2011 ODI World Cup, have been named among the five Indians to be awarded honorary life membership of the Marylebone Cricket Club (MCC). Dhoni, who was also a wicketkeeper-batsman, played 538 international matches across formats and scored over 17,000 runs. The MCC, which is based in London and founded in 1787, is one of the most prestigious cricket clubs in the world and is responsible for the Laws of Cricket. The club has a long history of awarding honorary life memberships to players who have made significant contributions to the sport.

In addition to MS Dhoni, Yuvraj Singh, the former Indian cricketer, was also awarded an honorary life membership of the Marylebone Cricket Club (MCC). Yuvraj was a key member of the Indian team that won the first T20 World Cup in 2007 and the 2011 home World Cup, where he contributed with both the bat and ball. He famously hit six sixes in an over against England in the 2007 T20 World Cup and scored a quickfire 70 against Australia in the semi-final. Suresh Raina, another member of the 2011 winning World Cup squad, was also recognized for his contributions in knocking out the defending champions in the quarter-finals and in the semi-final against Pakistan.

Former India women’s cricket team captain Mithali Raj and veteran pacer Jhulan Goswami were also granted honorary life memberships by the MCC. The duo retired from international cricket after India’s early exit from the 2022 ODI World Cup. Mithali Raj remains the top run-scorer in women’s ODIs with 7805 runs in 232 games, while Jhulan Goswami is the leading wicket-taker in the format with 255 scalps. The MCC is known for recognizing the contributions of exceptional cricketers to the sport, and this recognition is a testament to the achievements of these Indian cricketers.

Bandipur completes 50 years as a Project Tiger Reserve

Bandipur National Park, located in the southern Indian state of Karnataka, recently completed 50 years as a Project Tiger Reserve.

Bandipur National Park, located in the southern Indian state of Karnataka, recently completed 50 years as a Project Tiger Reserve. The park, which spans an area of over 874 square kilometers, is home to a diverse range of flora and fauna, including tigers, elephants, Indian bison, and several species of birds and reptiles.

Bandipur Tiger Reserve:

The park was initially established as a wildlife sanctuary in 1973, but it was later designated as a Project Tiger Reserve in 1974. Since then, it has played a vital role in the conservation of tigers and other endangered species in the region. Over the years, the park has become a popular destination for wildlife enthusiasts and nature lovers from around the world.

Key Things To Know About Bandipur Tiger Reserve:

One of the key factors contributing to the success of the Bandipur Tiger Reserve is its rich biodiversity. The park is home to several species of plants and animals that are found nowhere else in the world. Its dense forests, grasslands, and water bodies provide a perfect habitat for tigers, elephants, and other wildlife.

Another important factor is the concerted efforts of the park authorities and local communities towards conservation. The park has implemented several measures to protect its wildlife, including anti-poaching patrols, habitat management, and community-based conservation programs. The park authorities also work closely with local communities to reduce human-wildlife conflicts and promote sustainable tourism.

The Bandipur Tiger Reserve has also contributed significantly to scientific research and education in the field of wildlife conservation. The park has been the site of several important studies on tiger behavior, ecology, and conservation. It has also hosted several educational programs and workshops for students and researchers from around the world.

Challenges to Bandipur Tiger Reserve:

However, the park also faces several challenges that threaten its sustainability. One of the biggest challenges is the encroachment of its buffer zones by local communities. This has led to increased human-wildlife conflicts, especially with elephants, which frequently raid nearby farmlands and villages. The park authorities are working with the government and local communities to address these issues and promote sustainable land use practices.

In conclusion, the Bandipur Tiger Reserve has come a long way since its establishment 50 years ago. Its success in conserving tigers and other wildlife is a testament to the dedication and hard work of the park authorities, local communities, and conservationists. However, there is still a long way to go in ensuring the long-term sustainability of the park and its wildlife. As we celebrate this important milestone, it is important to reiterate our commitment towards the conservation of our natural heritage and the protection of endangered species.

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