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Important Current Affairs for CLAT-9th May 2023

Russia stages the 78th Victory Day parade at Red Square, Moscow

Russia 78th Victory Day 2023

Russia held the 78th Victory Day parade anniversary on May 9th, at Red Square in Moscow to celebrate the historic victory of the Soviet Union in 1945, when they defeated Nazi Germany in World War II, also known as the Great Patriotic War. This year’s parade featured more than 10,000 individuals and 125 pieces of weaponry, which were all showcased by the Russian Defense Minister, Sergey Shoigu.

Russia 78th Victory Day 2023: Key Points

  • The anniversary is particularly poignant this year as the country mourns the thousands of soldiers who have lost their lives in the 15-month war in Ukraine, which shows no signs of ending anytime soon.

  • In the face of this tragedy, President Vladimir Putin delivered a speech on May 9th amidst tight security following a series of drone attacks, some of which targeted the Kremlin citadel itself, all of which Moscow has alleged to be the work of Kyiv.

Russia 78th Victory Day Parade 2023

Russia 78th Victory Day 2023: Importance

  • Victory Day is an important public holiday in Russia as it commemorates the tremendous sacrifices made by the Soviet Union during WWII, where approximately 27 million citizens perished.

  • President Putin has consistently framed the war as a battle against “Nazi”-inspired nationalists, comparing the challenge the Soviet Union faced when Hitler invaded in 1941 to the contemporary issues that Russia faces today.

  • All in all, the 78th Victory Day parade anniversary was a powerful symbol of Russian pride and patriotism.

Russia 78th Victory Day 2023

Russia 78th Victory Day 2023: Formation of Soviet Union

The Soviet Union, officially known as the Union of Soviet Socialist Republics (USSR), was a federal socialist state that existed from 1922 to 1991. The USSR was the largest country in the world by land area, spanning over 22 million square kilometers and comprising 15 republics. The Soviet Union was a global superpower and a rival to the United States during the Cold War, with both countries competing for global influence and dominance. However, the Soviet Union collapsed in 1991, and its republics became independent states, including the Russian Federation.

The Soviet Union was founded after the Russian Revolution of 1917, which saw the overthrow of the Russian monarchy and the establishment of the world’s first socialist state. The Bolshevik Party, led by Vladimir Lenin, seized power and established a government based on the principles of communism, with the means of production and distribution controlled by the state.

Under Soviet rule, the country underwent significant economic and social changes, including the rapid industrialization of the economy, collectivization of agriculture, and the establishment of a universal education and healthcare system. The Soviet Union was also known for its military might and played a crucial role in defeating Nazi Germany during World War II.

Russia 78th Victory Day 2023: Disintegration of Soviet Union

  • The Soviet Union also had its share of challenges, including economic stagnation, political repression, and a lack of personal freedoms.

  • The Soviet government faced criticism from both inside and outside the country for its policies, including its handling of dissent and human rights abuses.

  • In the late 1980s, the Soviet Union faced significant economic and political challenges, leading to the collapse of the communist government and the dissolution of the Soviet Union in 1991.

  • The Soviet republics, including Russia, declared their independence, and a new era began in Russian history.

  • Since the collapse of the Soviet Union, Russia has undergone significant changes and faced its own set of challenges.

  • The country transitioned from a centrally planned economy to a market-based economy, which led to economic upheaval and political turmoil.

  • Russia also faced separatist movements in some of its republics, including Chechnya, and experienced a decline in its international standing.

  • However, in recent years, Russia has experienced a resurgence in its economy and political influence on the world stage.

  • The country has invested heavily in its military and has played a significant role in conflicts in Syria and Ukraine.

  • At the same time, Russia has faced criticism for its actions in these conflicts, as well as allegations of election interference and human rights abuses.

In conclusion, the Soviet Union was a significant player on the world stage for much of the 20th century, but its collapse in 1991 led to a new era in Russian history. Since then, Russia has faced its own set of challenges, but it has also undergone significant changes and has re-emerged as a powerful player in global politics. The legacy of the Soviet Union continues to influence Russian society and politics to this day.

India operationalized Sittwe port in Myanmar

The Sittwe Port in Myanmar has been put into operation by India, with the first shipment departing from the Syama Prasad Mookerjee Port in Kolkata. The project is a part of the Kaladan Multimodal Transit Transport initiative. The inaugural shipment, carrying 20,000 bags of cement weighing 1,000 metric tonnes, is expected to arrive at the Sittwe Port.

Constructed with grant aid from the Indian government, the port has been established based on a framework agreement between India and Myanmar for building and running a multimodal transit transport facility on the Kaladan river. Once the Kaladan Multimodal Transit Transport Project (KMTTP) is fully operational, it will provide an alternative route for connectivity from India’s eastern coast to the northeastern states through the Sittwe port. The port links to Paletwa in Myanmar via an inland waterway and from Paletwa to Zorinpui in Mizoram via a road segment.

In a ceremony held in Kolkata, the Minister of State for Ports, Shipping and Waterways, Shantanu Thakur, launched the MV-ITT LION (V-273). The port’s establishment is anticipated to enhance trade and commerce between India, Myanmar, and the surrounding regions.

Indian Space Research Organisation (ISRO) Launches Space Science and Technology Awareness Training Programme

Indian Space Research Organisation (ISRO) Launches Space Science and Technology Awareness Training(START) Programme:

The Indian Space Research Organisation (ISRO) has announced a new online training programme for post-graduate and final-year undergraduate students of physical sciences and technology. The programme is called Space Science and Technology Awareness Training (START) and is part of ISRO’s efforts to enable Indian students to become professionals in space science and technology.

About START:

The START program is aimed at post-graduate and final-year undergraduate students of physical sciences and technology. The programme will cover various domains of space science, including Astronomy & Astrophysics, Heliophysics & Sun-Earth interaction, Instrumentation, and Aeronomy. It will be delivered by scientists from Indian academia and ISRO centres.

The primary aim of the programme is to provide students with an introductory-level training in space science and technology, giving them an overview of different facets of the field, research opportunities, and career options. The training will also emphasize the cross-disciplinary nature of space science.

Benefits of START:

The programme is expected to help build a human capacity that will lead space science and research in the future. The student community will receive an overview of the different facets of space science and technology and exposure to the research ongoing in different Indian institutes. Students will also gain insight into how their individual aptitude would suit some of the facets of space science and technology. They will get a chance to appreciate the cross-disciplinary nature of the subject and choose their career path accordingly.

About ISRO:

  • ISRO is the space agency of India and is a major constituent of the Department of Space (DOS), Government of India.

  • Its primary objective is the development and application of space technology for various national needs.

  • ISRO was previously the Indian National Committee for Space Research (INCOSPAR), set up by the Government of India in 1962.

  • ISRO was formed on August 15, 1969, and superseded INCOSPAR with an expanded role to harness space technology.

  • ISRO has its headquarters in Bengaluru.

  • Its activities are spread across various centres and units.

  • Launch vehicles are built at VikramSarabhai Space Centre (VSSC), Thiruvananthapuram.

  • Satellites are designed and developed at U R Rao Satellite Centre (URSC), Bengaluru.

  • Integration and launching of satellites and launch vehicles are carried out from Satish Dhawan Space Centre (SDSC), Sriharikota.

  • The development of liquid stages, including cryogenic stage, is carried out at Liquid Propulsion Systems Centre (LPSC), Valiamala (Kerala) and LPSC Bengaluru.

  • Sensors for Communication and Remote Sensing satellites and application aspects of space technology are taken up at Space Applications Centre (SAC), Ahmedabad.

  • Remote sensing satellite data reception processing and dissemination is entrusted to National Remote Sensing Centre (NRSC), Hyderabad.

Everest Annual ITS rankings: Accenture Tops Everest Annual ITS Rankings for Seventh Consecutive Year

Accenture Tops Everest Annual ITS Rankings for Seventh Consecutive Year:

Global IT research firm Everest Group has released its annual PEAK Matrix Service Provider of the Year Awards for Information Technology (IT) services. The rankings recognise large IT service providers with over $2 billion in annual revenue who have demonstrated superior capabilities and service strategies.

For the seventh year in a row, Accenture has secured the number one spot in the rankings, followed by Tata Consultancy Services (TCS), Capgemini, Wipro, and HCLTech. TCS climbed to second place, while Capgemini and Wipro each rose three positions in the rankings over last year.

Changes in the Rankings:

The 2023 ITS rankings saw major ups and downs, with Capgemini moving up to third place from sixth, while Wipro moved up to fourth place from seventh. On the other hand, Infosys slipped to seventh from second, while HCL dropped to fifth from fourth and Cognizant to sixth from fifth.

Newcomers to the ITS leaderboard this year include LTIMindtree (No. 10), EY (No. 18), Orange Business Services (No. 19), and EPAM (No. 20). Meanwhile, UST Global and EXL exited the list in 2023.

Star Performers of the Year:

The ITS rankings also recognise Star Performers of the Year, who achieved the greatest positive relative year-on-year movement on the PEAK Matrix assessment. This year’s Star Performers include LTIMindtree, TCS, Capgemini, and HCLTech.

ITS Challengers:

The Top 3 ITS Challengers in the 2023 awards are Mphasis, Virtusa, and Zensar. Zensar is also recognised as the Top ITS Challenger Star Performer for achieving the greatest cumulative upward mobility within the Top ITS Challengers list.

ITS Top 10 for 2023:

  1. Accenture has retained the top spot for the seventh consecutive year.

  2. TCS climbed up to the second position, improving from its third position last year.

  3. Capgemini moved up three spots to take the third position.

  4. Wipro rose to the fourth position from its seventh position last year.

  5. HCL Tech slipped to the fifth position, from its fourth position in the previous year.

  6. Cognizant dropped a position to take the sixth spot.

  7. Infosys experienced the biggest decline, slipping from the second position last year to the seventh position this year.

  8. NTT Corporation and IBM swapped positions, with NTT taking the eighth spot and IBM coming in ninth.

  9. LTIMindtree secured the tenth spot in the ITS Top 10 for 2023, as a new entrant.

Fitch Retains India’s ‘BBB-‘ Rating with Stable Outlook as Growth Potential Fights High Deficit Concerns

Fitch Ratings has affirmed India’s long-term foreign-currency issuer default rating (IDR) at ‘BBB-‘ with a stable outlook. The rating agency cited India’s robust growth outlook and resilient external finances as key factors in supporting its decision, despite concerns over weak public finances and lagging structural indicators.

Robust Growth Amid Headwinds:

Fitch forecast India to be one of the fastest-growing Fitch-rated sovereigns globally at 6% in the fiscal year ending March 2024 (FY24), supported by resilient investment prospects. However, headwinds from elevated inflation, high interest rates, and subdued global demand, along with fading pandemic-induced pent-up demand, will slow growth from our FY23 estimate of 7.0% before rebounding to 6.7% by FY25.

Robust Medium-Term Outlook:

Strong growth potential is a key supporting factor for India’s sovereign rating. The private sector appears poised for stronger investment growth following the improvement of corporate and bank balance sheets in the past few years, supported by the government’s infrastructure drive. However, risks remain given low labour force participation rates and an uneven reform implementation record.

Improving Financial Sector:

Sustained improvements in asset quality and profitability have led to a strengthening of bank balance sheets on the back of the economic recovery. This has created headroom to absorb risks as pandemic-related forbearance measures continue to unwind in FY24. Banks appear well-positioned to support sustained credit growth if capitalisation is well-managed.

Modest Deficit Reduction:

Fitch expects the general government deficit (excluding divestments) to narrow to a still-high 8.8% of GDP in FY24 (2023 BBB median: 3.6%) from 9.2% in FY23. The central government (CG) is expected to meet its budget’s planned reduction in the CG deficit to 5.9% of GDP in FY24 from 6.4% in FY23. Aggregate state deficits are forecast to rise slightly to 2.8% of GDP in FY24 from our 2.7% estimate in FY23, as they also raise capex.

Moderating Inflation:

Fitch forecasted headline inflation to decline but remain near the upper end of the Reserve Bank of India’s 2%-6% target band, averaging 5.8% in FY24 from 6.7% last year. Core inflation pressure appears to be abating, falling to 5.7% in March, its lowest since July 2021.

India’s Large Domestic Market:

India’s large domestic market makes it an attractive destination for foreign firms. However, it is unclear whether India will be able to realise sufficient reforms to allow the economy to benefit substantially from opportunities offered by the deeper integration in global manufacturing supply chains, including China+1 corporate strategies that encourage diversification in investment destinations. Service sector exports, however, are likely to remain a bright spot.

India Faces Fiscal Challenges as it Targets Consolidation:

The Indian government’s recent medium-term fiscal guidance retains its deficit target of 4.5% of GDP by FY26. However, the lack of details on how this target would be reached, combined with the need for accelerated consolidation, makes it challenging to achieve. To meet this target, the government would need to trim expenditure significantly in the coming years.

India’s High Public Debt Burden:

India’s general government debt is estimated to be 82.8% of GDP in FY23, much higher than the ‘BBB’ median of 55.4%. While there has been some consolidation, we forecast that debt will remain stable at around 83% of GDP in FY28. This lack of sustained debt reduction increases the risk to the rating, especially if India faces an economic or fiscal shock in the future.

High Government Interest Payment/Revenue Ratio::

India’s high government interest payment/revenue ratio of around 27% in FY23 is a growing structural fiscal weakness. The ‘BBB’ median for this ratio is only 7%. This means that a large portion of government revenue is being used to pay off interest on its debt, leaving less room for essential expenditures.

Current Account Deficit Narrowing:

They have brought down the estimate of India’s FY23 current account deficit to 2.3% of GDP, down from 3.3% in our December review. We expect a further improvement in FY24, with a deficit of 1.9% of GDP. This improvement is driven by robust services exports and buoyant remittances, combined with a moderating goods deficit due to declining oil prices.

Resilient External Liquidity Buffers:

India’s foreign exchange reserves provide a cushion to manage external financial volatility. FX reserves rebounded to USD584.2 billion as of 21 April 2023, up from their September 2022 low by about USD52 billion. We expect them to continue to rise modestly in the coming years.

India’s ESG Governance Score:

India has an ESG Relevance Score of ‘5’ for Political Stability and Rights and ‘5[+]’ for the Rule of Law, Institutional and Regulatory Quality, and Control of Corruption. These scores reflect the high weight that the World Bank Governance Indicators have in our proprietary Sovereign Rating Model. India has a medium World Bank Governance Indicator ranking of 47.8, reflecting a record of peaceful political transitions, rights for participation in the political process, moderate institutional capacity, established rule of law, and a moderate level of corruption.

Kiren Rijiju launched the trailer of the first Tagine language film

Union minister Kiren Rijiju said after launching the trailer of the “first ever” movie in Tagin language of his home state Arunachal Pradesh. The film looks at displaying the culture of the Tagin community before the whole country and the world.

About the movie:

  • The film depicts the vibrant and colorful world of the 90s, based on the Tagin community in Upper Subansiri district of Arunachal Pradesh and the first film made entirely in Tagin language. Directed by Tapen Natam, the film brings to the national platform the rich culture, tradition and local filmmaking initiatives of Arunachal Pradesh.

  • The film highlights the love story of two youths amidst the challenges faced by this community in Arunachal Pradesh during the 1990s. The film not only celebrates local talent and filmmaking initiatives, but also offers a unique perspective on the struggles and triumphs of the Tagin community. Through this film, viewers can witness the beauty and rich heritage of Tagine culture and traditions.

About the Tagin or Ghasi Miri tribe

  • The Tagin or Ghasi Miri tribe is an indigenous community residing in the Tawang and West Kameng districts of Arunachal Pradesh, India. They are a sub-tribe of the Monpa community and are primarily involved in agriculture, animal husbandry, and horticulture.

  • The Tagin people have a rich cultural heritage, and their traditional customs and practices are an integral part of their daily lives. They celebrate various festivals and rituals throughout the year, including the Losar festival, which marks the Tibetan New Year.

  • The Tagin language belongs to the Tibeto-Burman language family and is also known as Tagin-Hilmiri. It is spoken by around 20,000 people in the Tawang and West Kameng districts of Arunachal Pradesh.

  • In recent years, the Tagin community has faced various challenges, including threats to their land and natural resources, as well as issues related to healthcare and education. However, efforts are being made by the government and various organizations to address these challenges and promote the welfare of the Tagin people.

Telangana CM lays foundation for Hare Krishna Heritage Tower in Hyderabad

Telangana Chief Minister K. Chandrasekhar Rao laid the foundation for the Hare Krishna Heritage Tower in Hyderabad. The 400 feet tall structure will be constructed on six acres of land in Narsingi at a cost of Rs 200 crore. The tower will house the temples of Sri Sri Radha Krishna and Sri Venkateswara Swamy.

State government supports organizations promoting peace and spirituality:

The chief minister announced Rs 25 crore on behalf of the state government for the construction of the temple. He emphasized that the state government supports organizations that promote peace and spirituality. The tower will be another cultural landmark for Hyderabad and highlight the Telangana heritage in the form of Kakatiya architectural elements.

Accommodation facility for 1,500 devotees:

Accommodation facility will be available for 1,500 devotees at the tower. The construction will be undertaken using cutting-edge technology with the skill of the Kakatiyas to preserve the historical and cultural heritage of Telangana. Additionally, the tower will have an Annadanam hall, where 500 visiting devotees will be served food at one time.

Library, auditorium, and guest rooms will be part of temple structures:

The temple structures will include a library, Kalyanai Auditorium, IMAX open air theatres, lecture halls, Q complex, and guest rooms. Technologically advanced laser shows will be arranged to help youth understand the history of Lord Krishna along with his teachings.

Chief Minister KCR describes temples as community centers:

Chief Minister KCR described temples as community centers that connect people of all religions. He emphasized that religious ignorance and fanaticism is a threat to society and there is no place for violence in any religion. KCR termed Hare Krishna’s support to the Telangana government as commendable, citing the Akshaya Patra program’s efforts to supply meals through Annapoorna to school children and provide food for the poor in Hyderabad.


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