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Important Current Affairs for CLAT-9th October 2023

Indian Air Force Day 2023: Date, History, Significance and Celebration

The Indian Air Force (IAF) is gearing up to celebrate its 91st Air Force day on 8 October 2023. This special day will be celebrated and displayed over the holy Sangam area of Prayagraj by the Indian Air Force flying its aircraft in the luv Kush, Sugreev and a Bharat formation along with others. The celebration of Air Force day marks the participation of total number of 120 aircraft in the air display in Prayagraj.

Indian Airforce Day 2023

Indian Airforce Day 2023 Will be celebrated on 8 October 2023 which was officially established on 8 October, 1932. On the establishment of this day every year the Air Force Day is celebrated. This year the 91st anniversary of Indian Air Force Day will be celebrated with great enthusiasm and fervour at various air stations all over the country. On the Indian Air Force Day, the Indian Air Force would be flying its aircraft in the Sugreev, luv- Kush and Bharat formation along with others. In this article, we will delve into the date, history and significance of the Indian Airforce Day.

Indian Air Force Day 2023 Motto

The Indian Air Force day 2023’s motto is “Nabham Sparsham Deeptham” which means touch the sky with glory. According to some data, the Indian Air Force employs over 1400 aircraft and 1,70,000 personnel. The Indian Air Force has been engaged in four wars with Pakistan and one with the People’s Republic of China after the independence of India. So this day serves as a reminder of the Indian Air Force’s unwavering commitment to safeguarding the skies and enduring the nation’s security.

Indian Air Force Day 2023 Significance

The Indian Air Force was officially established on 8 October 1932 and this is why the day is celebrated every year as an anniversary of the Indian Air Force. Indian Air force Day includes parades and air shows to mark the day. The Indian Air Force is also known as Bharathiya Vayu Sena and is the air arm of the Indian defence. The day plays a vital role in safeguarding the nation’s airspace and national security.

History of Indian Air Force Day

The celebration of Indian Air Force Day marks the establishment of the Indian Air Force was officially established on 8 October 1932 and the first AC flight came into being on 1 April 1933. The day is officially started as the anniversary in order to increase the awareness of the Indian Air Force in any organisation. The Indian defence system is respected by all the citizens and the day is celebrated in the air force bases all across the nation with air shows and parades conducted by the Indian Air Force cadets.

MIG-21 Farewell

The legendary Russian origin MIG-21 jets will make their last appearance at the Indian Air Force Day parade. With the Indian Air Force rolling out the process to phase out the remaining three squadrons of the aircraft. On the location of Indian Air Force day the chief of air staff air chief Marshal V R Chaudhary stated that indigenously developed Tejas Mark 1A aircraft will be replaced with MiG 21st from 2025 onwards.

Indian Airforce Day 2023 Celebration

The Indian Air Force Day 2023 celebration will be with great enthusiasm and righteousness. Air Force day is celebrated with the same zeal and pride at various air stations all over the country. Even the military parade will be conducted as per same schedule and protocol that is followed every year according to the air force and the supreme Commander of the Indian Air Force will also contribute in many forms. Sarang helicopters will take part in the 91st Indian Air Force Day celebration in Prayagraaj. It is for the first time, five Sarang helicopters will be introduced at Prayagraaj, adding grandeur to the envent.

India’s Historic Re-election as AIBD GC President

In a historic feat, India has been re-elected as the President of the Asia-Pacific Institute for Broadcasting Development (AIBD) General Conference (GC) for an unprecedented third successive term. This remarkable accomplishment, announced by Apurva Chandra, Secretary of the Information & Broadcasting Ministry, signifies a monumental moment in AIBD’s history. The decision showcases the immense confidence bestowed upon India by broadcasting organizations across the Asia Pacific and the global arena.

Background: AIBD’s Significance and Membership Composition

Established in 1977 under the auspices of UNESCO, AIBD stands as a prestigious institution with 92 member organizations spanning 44 countries. Among its members are 26 government representatives from various countries, comprising 48 broadcasting authorities and broadcasters, along with 44 affiliates from 28 nations and regions across Asia, Pacific, Europe, Africa, Arab States, and North America.

India’s Enduring Role: Founding Member and Prasar Bharati’s Contribution

India’s involvement in AIBD is deeply rooted, being one of its founding members. Prasar Bharati, India’s public service broadcaster, represents the Ministry of Information & Broadcasting, Government of India, within AIBD. This enduring partnership underscores India’s commitment to the development and enhancement of the broadcasting landscape on both regional and global scales.

Key Event: The 21st General Conference & Associated Meetings 2023 (GC 2023)

The pivotal moment in India’s broadcasting history unfolded during the 21st General Conference & Associated Meetings 2023, chaired by Gaurav Dwivedi, the Chief Executive Officer of Prasar Bharati. Held in Port Louis, Mauritius, from October 2 to 4, this conference served as the platform for recognizing India’s outstanding leadership. The event focused on fostering a vibrant and cohesive electronic media environment across the Asia-Pacific region through strategic policy formulation and resource development.

Reliance’s JioMart Ropes In MS Dhoni As Brand Ambassador

Reliance Retail’s JioMart has signed up Mahendra Singh Dhoni, India’s most iconic cricketer, as its brand ambassador. Dhoni’s association comes alongside the rebranding of their festive campaign JioMart to “JioUtsav, Celebrations Of India,” which is scheduled to launch on October 8, 2023.

JioUtsav: Celebrating India’s Culture, Festivals, and Dhoni’s Triumphs

The JioUtsav campaign is designed to celebrate India’s vibrant culture, its people, and the various festivals that mark the country’s calendar. This campaign takes inspiration from Dhoni’s life, recognizing that he has given the nation numerous reasons to celebrate through his incredible cricketing achievements.

The campaign encourages everyone to celebrate all occasions of happiness, festivities, and special moments with loved ones. It positions shopping as an integral part of these celebrations, highlighting JioMart as the go-to platform for all shopping needs. The campaign also promises exciting shopping deals and discounts that will be available on the platform.

The Expanding Reach of JioMart

JioMart has been steadily expanding its presence in the Indian e-commerce market. Whether it’s electronics, groceries, fashion, or home essentials, JioMart aims to provide a wide array of choices to cater to every customer’s needs. Currently, the platform collaborates with over 1000 artisans and offers a diverse range of 150,000 unique products. What’s particularly noteworthy is that non-metro regions contribute to approximately 60% of JioMart’s overall sales. This statistic underscores the platform’s successful efforts to democratize digital retail by reaching consumers in smaller cities and towns.

A Leap Towards Retail Excellence

As JioMart continues to expand its reach and enhance its offerings, this collaboration is expected to strengthen its position in the competitive online retail landscape. Dhoni’s association with JioMart is a reflection of the brand’s commitment to excellence, trust, and reliability, and it signals exciting times ahead for both the brand and its customers.

Ojas Deotale is Nagpur’s First Asian Games Gold Medalist

In the final of 19th Asian Games 2023, on Saturday at the Fuyang Yinhu Sports Centre, Indian archer Ojas Deotale from Nagpur won gold medal in the men’s individual compound archery event. This victory marks Ojus Deotale third gold medal in the Asian Games 2023, solidifying his position as one of India’s most successful athlete in the tournament.

A Historic Hat-Trick

Ojus Deotale’s third gold medal in this edition of the Asian Games 2023, making him the joint most successful Indian sportsperson in this Asian Games. Prior to his victory, Deotale had earlier won gold medals in Compound Men’s Team and Compound Mixed Team competitions.

Precision and Consistency

Ojus Deotale’s success can be attributed to his exceptional precision and determination in the archery field. Deotale missed the 10-point circle only once in the centre of the target only once as he compiled a score of 140 out of a possible 150 in the final in which each archer shoots five rounds (called End in archery) with three arrows in each round.

Tense Moments in the Final

Deotale, the 21-year-old from Nagpur in Maharashtra who won the World Championship in Berlin earlier this year, shot his only score of nine in the final on in the second arrow of the fourth round. In contrast, Verma encountered a nine off the third arrow in the second round and then got an eight on the second arrow of the third, thus pushing him three points behind Deotale.

Deotale’s Decisive Victory

While Verma managed to narrow the gap by winning the fourth round 30-29, it was not enough to overtake Deotale. In the fifth and final round, Deotale shot a perfect of 30, sealing his voctory and solidifying his status as the most successul Indian athlete at the Asian Games 2023.

SBI Introduces ‘Mobile Handheld Device’ To Drive Financial Inclusion

In a groundbreaking move aimed at enhancing accessibility and convenience in availing banking services, the State Bank of India (SBI) has introduced the ‘Mobile Handheld Device‘ for its Financial Inclusion (FI) customers. This pioneering initiative, unveiled by the Chairman of SBI, Shri Dinesh Khara, seeks to empower financial inclusion and extend essential banking services to the masses.

What is a handheld device?

A handheld device refers to a compact computing tool featuring a display screen and an input/output interface, such as an external keyboard or a touchscreen. Based on this description of handheld devices and gadgets, various appliances fit this category, including mobile phones, PDAs, mobile PCs, handheld game consoles, and more.

What is Financial inclusion?

Financial inclusion, often referred to as inclusive finance, is the endeavor to ensure that financial products and services are within reach and reasonably priced for everyone, whether they are individuals or businesses, regardless of their personal wealth or the size of their company. The goal of financial inclusion is to eliminate obstacles that prevent people from engaging in the financial sector and utilizing these services to enhance their well-being.

Revolutionizing Accessibility

The Mobile Handheld Device is set to revolutionize banking accessibility by bringing kiosk banking directly to customers’ doorsteps. It offers greater flexibility to Customer Service Point (CSP) agents, enabling them to reach out to customers wherever they are. This initiative will be particularly beneficial for customers who face challenges in accessing CSP outlets due to health issues, senior citizens, and Divyangjans (persons with disabilities).

Core Banking Services at Your Doorstep

The Mobile Handheld Device will initially provide five core banking services:

  1. Cash withdrawal

  2. Cash deposit

  3. Fund transfer

  4. Balance inquiry

  5. Mini statement

These services account for more than 75% of the total transactions conducted at SBI’s CSP outlets. In addition to these services, the bank has plans to expand its offerings to include services such as enrolments under social security schemes, account opening, remittances, and card-based services shortly.

Chairman’s Vision for Financial Inclusion

Shri Dinesh Khara, the Chairman of SBI, expressed his vision for this initiative, stating, “Our goal is to make banking facilities accessible to all sections of society, particularly the unbanked, to fulfill the aspirations of financial inclusion. With the introduction of the Mobile Handheld Device, customers will have a seamless and vivid experience conducting transactions at their location. This technology-driven initiative underscores SBI’s commitment to deepening financial inclusion and social welfare through digitization by providing convenient and doorstep banking to our customers.

Outlook on Indian Bank Credit Growth: Insights from Crisil

In a recent analysis, Crisil, a leading research and ratings agency, has provided a comprehensive overview of the projected trends in India’s bank credit growth for the fiscal year 2023-24 (FY24). Several factors have been identified that contribute to the anticipated decline in credit expansion. Here’s a breakdown of their insights and predictions:

Factors Contributing to Decline in Credit Expansion:

1. Slower Economic Growth:

  • Previous Year’s GDP Growth: 7.2%

  • Predicted Current Year’s GDP Growth: 6%

  • The slower economic growth rate is a key factor affecting credit expansion.

2. Easing Inflation and Softening Commodity Prices:

  • Impact on Working Capital Demand: Reduced demand, particularly in corporations and MSMEs.

  • Lower inflation and commodity prices are expected to alleviate the need for extensive working capital.

3. Robust Bond Issuances:

  • First Half of FY24: Witnessed strong bond issuances.

  • Impact: Substitution of bank credit with debt capital markets, impacting credit growth.

4. Base Effect in Later Half of the Year:

  • Comparison with Previous Year: Anticipated base effect due to substantial growth observed in the same period of the preceding year.

Segment-Wise Credit Growth Predictions:

1. Wholesale Credit:

  • Previous Year’s Growth: 15%

  • Predicted Current Year’s Growth: 11-11.5%

  • Wholesale credit, constituting 60% of total credit, is expected to decelerate significantly.

2. Retail Credit:

  • Previous Year’s Growth: 19-20%

  • Predicted Current Year’s Growth: Maintaining momentum.

  • Retail credit, constituting 28% of total credit, is expected to sustain its growth at a steady pace.

3. Agriculture Credit:

  • Predicted Growth Range: 9-10%

  • Agriculture credit growth is expected to remain stable, contingent upon favorable monsoon performance.

Future Projections and Optimism for FY25:

  • Expected GDP Growth in FY25: 6.9%

  • Credit Growth Trends: Anticipated positive shift in credit growth trends in FY25.

  • Wholesale Credit Growth (FY25): Expected modest increase to 11.5-12%.

  • Retail Credit Growth (FY25): Likely to remain the primary growth driver at 19-20%.

Funding Perspective and Deposit Growth:

  • Focus: Crucial for deposit growth not to lag significantly behind credit growth.

  • Expected Narrowing of Differential: Anticipated reduction to 200 basis points from the 500 bps observed in FY23. This is due to rising deposit rates.

Sectoral Insights:

  • Corporate Credit Growth: Expected to rebound, representing approximately 45% of bank credit.

  • MSME Sector: Predicted stable growth.

  • Retail Credit: Expected to remain robust at 19-20%, consistent with the previous years.

Aditya Puri Joins Deloitte As Senior Advisor

Former managing director and CEO of HDFC Bank Aditya Puri joined Deloitte Touche Tohmatsu India LLP as senior adviser. Puri would leverage his expertise and experience to help drive a tech-enabled transformation in the financial services sector and champion initiatives aimed at boosting financial inclusion across India, Deloitte said in a statement. Puri was appointed CEO of HDFC Bank in 1994 and retired after 26 years of service. In June, Deloitte announced the appointment of Manoj Kohli, former CEO of Bharati Airtel and Softbank India, as senior adviser.

Who is Aditya Puri?

  1. In September 1994, Puri took over as CEO of HDFC Bank, a position he moved on from in October 2020. His 26 years as HDFC Bank CEO make him the longest-serving head of a private bank in India.

  2. Before setting up HDFC, he spent more than 20 years with Citibank across India, Greece, Saudi Arabia, Hong Kong, Taiwan and China. His last role with Citibank was as CEO of its operations in Malaysia.

  3. Between his departure from HDFC and appointment at Deloitte, Aditya Puri was a senior advisor with the Carlyle Group, which he joined in November 2020. There, he advised its Asia private equity team.

  4. A renowned and well respected name in the banking industry, he was, at one point, the country’s highest-paid banker. The former HDFC MD and CEO is a commerce graduate from Panjab University and a qualified chartered accountant.

  5. Puri, who was born in Punjab’s Gurdaspur, has two children – daughter Amrita and son Amit. Amrita Puri is a Bollywood actor.

RBI Appoints Muneesh Kapur as Executive Director

The Reserve Bank of India (RBI) has announced the appointment of Muneesh Kapur as an Executive Director (ED) starting from October 3, 2023. This significant appointment brings Mr. Kapur into a key leadership position within the central bank.

Previous Role and Experience

Before his promotion to the role of Executive Director, Muneesh Kapur held the position of Adviser-in-Charge within the Monetary Policy Department. Additionally, he served as the Secretary to the Monetary Policy Committee (MPC), where he played a crucial role in shaping the nation’s monetary policy.

New Responsibilities

In his new capacity as Executive Director, Muneesh Kapur will assume responsibility for overseeing the operations of the Department of Economic and Policy Research. This department plays a pivotal role in formulating economic policies and conducting research crucial to the RBI’s decision-making processes.

Extensive Experience in RBI

Muneesh Kapur’s career in the Reserve Bank spans nearly three decades, during which he has actively contributed to various facets of macroeconomic policy and research. His expertise has been particularly notable in the Department of Economic Policy and Research and the Monetary Policy Department.

International Experience

In addition to his domestic roles, Mr. Kapur served as an Adviser to the Executive Director at the International Monetary Fund (IMF) from 2012 to 2015. This international exposure further enriches his qualifications and perspectives in the realm of economic and monetary policy.


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