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Important Current Affairs for CLAT-7th September 2023

Global Fintech Fest 2023: Unveiling the World’s Premier Fintech Conference

In a remarkable comeback, the Global Fintech Fest (GFF) is set to reclaim its title as the world’s largest fintech conference in 2023. This year’s event promises to be a spectacular showcase of innovation and collaboration in the fintech industry. Let’s delve into the highlights of GFF 2023.

Global Fintech Fest 2023: Event Overview

  • Duration: 3 Days

  • Diverse Tracks: 13

  • Eminent Speakers: 800+

  • Cutting-Edge Reports: 15+

  • Academic Insights: 81 Papers

  • Interactive Workshops: 50+

  • Global Reach: 125+ Countries

  • Engaging Sessions: 250+

  • Investor Presence: 250+

  • Exhibitors: 500+

  • Expansive Venue: 150K Sq. Ft

  • Innovation Hub: 3 Hackathons

  • Distinguished Delegates: 50,000+

Global Fintech Fest 2023: Key Supporters and Organizers

GFF 2023 enjoys unwavering support from esteemed governmental and regulatory bodies, affirming its significance in the fintech landscape.

  • Ministry of Electronics and Information Technology (MietY)

  • Department of Economic Affairs (DEA), Ministry of Finance

  • Reserve Bank of India (RBI)

  • International Financial Services Centres Authority (IFSCA)

This monumental event is organized by:

  • Payments Council of India (PCI)

  • Fintech Convergence Council (FCC)

  • National Payments Corporation of India (NPCI)

Global Fintech Fest 2023: Inauguration by Smt. Nirmala Sitharaman

The conference commenced with a prestigious inauguration ceremony graced by Smt. Nirmala Sitharaman, the Minister of Finance, Government of India. Her remarks emphasized the transformative role of fintech in India’s financial landscape.

  • Fintech’s Inclusive Role: Smt. Sitharaman highlighted how fintech is fostering greater financial inclusion in India.

  • Building a Global Responsible Financial Ecosystem: She stressed the importance of fintech in shaping a responsible global financial ecosystem.

  • Dynamic Financial Inclusion Tool: Fintech, in her words, has evolved into a robust and dynamic tool for financial inclusion.

Global Fintech Fest 2023: Conference Theme

GFF 2023 revolves around a central theme that embodies the fintech industry’s aspirations and responsibilities.

  • Theme: ‘Global Collaboration for a Responsible Financial Ecosystem: Inclusive | Resilient | Sustainable’

Global Fintech Fest 2023: Global Partnerships

GFF 2023 has garnered support and participation from renowned international agencies and countries.

  • International Collaborators: Notable partners include the World Bank, the Global Knowledge Partnership on Migration and Development (KNOMAD), the Consultative Group to Assist the Poor (CGAP), and Women’s World Banking.

  • Country Partners: Leading nations such as Australia, Brazil, Great Britain, Germany, and Israel have joined as Country Partners for GFF 2023.

Indian Air Force And Drone Federation Of India To Co-host Bharat Drone Shakti 2023

The Indian Air Force (IAF) is collaborating with the Drone Federation of India to co-host ‘Bharat Drone Shakti 2023.’ This upcoming event, scheduled for the 25th and 26th of September 2023, will take place at the IAF’s airbase in Hindan (Ghaziabad). It is anticipated to be a pioneering exhibition highlighting the prowess of the Indian drone industry, with more than 50 live aerial demonstrations.

Diverse Array of Demonstrations

‘Bharat Drone Shakti 2023’ is set to impress attendees with a diverse array of live aerial demonstrations. The event will encompass a wide range of drone applications, including survey drones, agriculture drones, fire suppression drones, tactical surveillance drones, heavy-lift logistics drones, loitering munition systems, drone swarms, and counter-drone solutions. This comprehensive exhibition will underscore the versatility and innovation present within the Indian drone sector.

A Gathering of Innovators and Enthusiasts

Anticipated to attract approximately 5,000 attendees, ‘Bharat Drone Shakti 2023’ will bring together a diverse audience. This includes representatives from central government bodies, state departments, public and private industries, armed forces, paramilitary forces, as well as delegates from friendly nations. The event will also be a platform for academicians, students, and drone enthusiasts to engage with cutting-edge developments in the field.

India’s Aspiration to Become a Global Drone Hub

Above all, ‘Bharat Drone Shakti 2023’ serves as a testament to India’s commitment to becoming a global drone hub by 2030. Through collaborations, competitions, and events like this, India aims to position itself at the forefront of drone technology, fostering innovation and strengthening its capabilities in both civil and defense applications. The event will not only showcase the present potential of the Indian drone industry but also pave the way for a future where drones play a pivotal role in India’s technological landscape.

IAF’s Utilization of Remotely Piloted Aircraft

The Indian Air Force (IAF) has been at the forefront of integrating drone technology into its operations. Remotely Piloted Aircraft (RPA) have become indispensable tools for Intelligence Surveillance & Reconnaissance (ISR) operations. The IAF’s confidence in the emerging drone design and development capabilities within India is exemplified by initiatives such as the Meher Baba Swarm Drone competition, which aimed to tap into indigenous drone potential. Ongoing iterations of this competition are currently in progress, nurturing innovation in the Indian drone ecosystem.

SBI Card unveils additional features on its super-premium card ‘AURUM’

SBI Card, India’s largest credit card issuer, launched new features of its super-premium card ‘AURUM’, targeted at the premium section of society, such as high-net-worth individuals. With the enhancements, AURUM cardholders will be able to avail benefits worth up to Rs 2 lakh annually, based on their spending. The card offers unlimited international lounge access to cardholders, as well as four international lounge visits for accompanying guests. In addition, the card also offers a one-year Club Marriott membership as a welcome gift.

About the AURUM

  • AURUM has been tailored to meet the discerning taste and lifestyle of the globetrotting and high-flying executives who pursue excellence in every aspect of their life. It has become one of the most coveted cards in the super-premium segment. Looking at the admiration it has garnered so far, we decided to take the cardholders’ experience a notch higher.

  • All in all, AURUM cardholders can expect a more rewarding, richer, and more luxurious experience. The joining and annual membership fee for this by-invitation-only card is Rs 9,999, an amount that will be reversed once the cardholder achieves a milestone of Rs 12 lakh spending in the card membership year.

One Week One Lab programme of CSIR to be organised from 11th to 16th September 2023

The Council of Scientific and Industrial Research (CSIR) is all set to host its annual “One Week One Lab” programme, an exciting event where each of its 37 cutting-edge laboratories situated across the nation will unveil their remarkable research outcomes and accomplishments.

Opening Doors to the Public:

The Science and Technology Ministry is extending a warm invitation to the public, providing them with a unique opportunity to explore the inner workings of CSIR’s various departments and experience firsthand its exceptional academic and research initiatives.

Programme Highlights:

During this engaging week-long event, attendees can look forward to a diverse array of activities and attractions, including:

  1. Lectures: Engaging talks by eminent scientists and researchers will delve into the latest advancements and breakthroughs in the field of science.

  2. Workshops: Hands-on workshops will provide visitors with practical insights into the methodologies and techniques employed in CSIR’s laboratories.

  3. Puppet Shows: Fun and informative puppet shows will make science accessible and entertaining for all age groups.

  4. Vigyan Kavi Sammelan: A poetic celebration of science, where talented poets will blend art and science in a captivating manner.

  5. Quizzes: Test your knowledge and learn new facts with science-themed quizzes that promise to be both entertaining and educational.

  6. Exhibitions: Explore exhibitions that showcase various facets of science, from cutting-edge research projects to innovative technologies.

Opening of the 78th Session of the UN General Assembly

The 78th session of the United Nations General Assembly commenced with Dennis Francis taking on the role of General Assembly President. In his opening remarks, he emphasized the importance of addressing the numerous global challenges currently confronting the world.

Key Themes and Initiatives for UNGA 78

The 78th session of the General Assembly, themed ‘Rebuilding trust and reigniting global solidarity: Accelerating action on the 2030 Agenda and its Sustainable Development Goals towards peace, prosperity, progress, and sustainability for all,’ focuses on several critical areas.

  1. Challenges to Peace: The session acknowledges the challenges posed by climate change, conflict, and poverty to achieving global peace.

  2. Geopolitical Divides: Geopolitical divisions have made it challenging for many countries to pursue positive societal changes. The session welcomes initiatives aimed at greater transparency and accountability, including the UNGA’s Security Council veto initiative.

  3. Prosperity and Development: Ensuring prosperity, particularly in regions with development deficits, is a priority. This involves enhanced financing, technology, debt sustainability, and capacity building.

  4. Key Workstreams: The session identifies critical workstreams, including the implementation of the Addis Ababa Action Agenda (AAAA) and the Doha Programme of Action for Least Developed Countries (LDCs). It also highlights forthcoming events like the SIDS4 conference in 2024 and the Third UN Conference on Landlocked Developing Countries (LLDCs) in Rwanda in 2024.

Secretary-General’s Call to Action

UN Secretary-General Antonio Guterres, represented by his deputy, Amina Mohammed, delivered a message emphasizing the critical juncture the world finds itself in. He acknowledged the existence of profound global challenges but urged a proactive approach rather than succumbing to pessimism.

Key points from Guterres’s message:

  1. Action for Peace and Human Rights: Guterres stressed the necessity of taking action to promote peace and protect human rights worldwide.

  2. Sustainable Development Goals (SDGs) and Climate Change: He highlighted the imperative of rescuing the SDGs and addressing the existential threat posed by climate change.

  3. Economic Opportunity: Guterres emphasized the need to create jobs and economic opportunities, particularly for women and young people.

  4. Technology and Artificial Intelligence: He called for responsible use of evolving technologies, such as artificial intelligence, to benefit humanity rather than harm it.

  5. Inclusivity: Guterres stressed the importance of leaving no one behind and creating a world of hope and promise for all.

General Assembly’s Role in Global Cooperation

Dennis Francis, as the President of the General Assembly, acknowledged the daunting global agenda that the new session faces. He outlined key priorities for member states.

Key points from Francis’s remarks:

  1. Empowering Vulnerable Populations: He called for member states to empower vulnerable populations as a means to promote peace.

  2. Shared Prosperity: Francis emphasized the importance of shared prosperity and unlocking the necessary resources for transformative results.

  3. Youth, Innovation, and Technology: He highlighted the role of youth, innovation, and technology in accelerating progress.

  4. Sustainability: Francis urged member states to prioritize sustainability and engage in true multilateralism for effective problem-solving.

Cabinet Approves Rs 3,760 Crore Viability Gap Funding Scheme for 4 GW Battery Storage by 2030-31

The Union Cabinet has given its nod to a groundbreaking scheme aimed at bolstering India’s renewable energy sector by supporting the development of a 4 gigawatt (GW) battery energy storage system (BESS) by 2030-31. This scheme will provide viability gap funding (VGF) to make battery storage more economically viable, with a focus on enhancing the integration of solar and wind energy into the grid.

Scheme Overview:

Cabinet Approves Rs 3,760 Crore Viability Gap Funding Scheme for 4 GW Battery Storage by 2030-31

Funding Allocation:

  • The VGF scheme for BESS projects boasts an initial outlay of Rs 9,400 crore.

  • It includes a budgetary grant of Rs 3,700 crore, showcasing a substantial government commitment to advancing energy storage technology.

Disbursement Strategy:

  • The VGF will be disbursed in five tranches, strategically linked to the various stages of BESS project implementation.

Renewable Energy Focus:

  • The primary objective of this scheme is to address the energy storage needs of the renewable energy sector, particularly solar and wind power.

Cost Reduction and Viability:

  • The scheme aims to reduce the cost of battery storage systems and enhance their economic viability.

  • The Levelized Cost of Storage (LCoS) target is set at a range of Rs 5.50-6.60 per kilowatt-hour (kWh), which will make stored renewable energy a cost-effective solution for managing peak power demand nationwide.

Beneficiaries:

  • 85% of the BESS projects under this scheme will be allocated to power distribution companies (discoms).

  • This allocation will facilitate the seamless integration of renewable energy into the electricity grid while minimizing wastage and optimizing transmission network utilization.

Competitive Selection:

  • Developers for BESS projects will be chosen through a competitive bidding process, open to both public and private sector entities.

  • This approach encourages healthy competition, fosters the growth of a robust BESS ecosystem, attracts significant investments, and creates opportunities for associated industries.

Centre approves 10% reservation for govt school students in medical education

The Union Home Ministry has granted approval to Puducherry’s proposal to implement a 10% horizontal reservation for students who graduate from government higher secondary schools pursuing undergraduate medical education. This reservation policy, effective immediately, will benefit students who have cleared the NEET examination and completed their education from government schools starting from standard one.

Positive Response from Chief Minister and Lieutenant Governor

Chief Minister N Rangasamy and Lieutenant Governor Tamilisai Soundararajan welcomed the decision, expressing their gratitude to the Central government for approving the territorial government’s proposal.

Collaboration Between Department of Biotechnology and Armed Forces Medical Services (AFMS)

  • In Pune, on September 5, a Memorandum of Understanding (MoU) was signed between the Department of Biotechnology, Ministry of Science and Technology, and the Armed Forces Medical Services (AFMS).

  • The aim of this agreement is to facilitate research collaborations and promote scientific cooperation, including faculty exchange programs.

Focus on Genomics Research

  • The collaboration seeks to drive new research in areas like genomics, which have implications for lifestyle diseases and emerging illnesses such as malignant cancer.

  • The signing ceremony occurred at the Armed Forces Medical College (AFMC) in the presence of Minister of State (Independent Charge) for Science & Technology, Jitendra Singh.

India’s Vaccine Development Achievements

  • Under PM Modi’s leadership, India achieved significant progress with the development of two DNA vaccines and one nasal vaccine in just two years.

  • Minister Singh also inaugurated the API chapter at AFMC, Pune, and the first annual conference of API-AFMS CME on “emerging trends in the practice of medicine” as part of AFMC’s platinum jubilee celebrations.

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