MoD Signs to Acquire Five Indigenously Built FSS from HSL Worthing 19,000 CroreApproved by the Cabinet Committee on Security, The Ministry of Defence has signed a contract with Hindustan Shipyard Limited (HSL), Visakhapatnam (Andhra Pradesh) for the acquisition of five indigenously built Fleet Support Ships (FSS) for the Indian Navy worth 19,000 crore (approximately).
About The Fleet Support Ships (FSS):

• The FSS will be built with a length of 225 metres and a width of 32 metres and will have a displacement of 44,000 tonnes.
• It will be deployed for restocking ships at sea with fuel, water, ammunition and stores
• These ships can also be deployed for evacuation of people and human assistance and disaster relief (HADR) operations.
• The Fleet Support Ships (FSS) that are signed will carry a cargo of almost 25,000 tonnes
• These vessels is a flag bearer of  ‘Aatmanirbhar Bharat’ in harmoniousness with the ‘Make in India’ initiatives.
• Construction of these ships encourage small and medium-sized enterprises to participate in production process.
• The 44,000-tonnes FSS will be the first of its kind to be constructed in India by an Indian Shipyard and will be successfully delivered in eight years.

About Ministry of Defence:
Union Minister – Raj Nath Singh (Lucknow, Uttar Pradesh)
Minister of States(MoS) – Ajay Bhatt (Nainital-Udhamsingh Nagar, Uttarakhand)
About Hindustan Shipyard Limited (HSL):
Chairman & Managing Director (CMD) – Hemant Khatri
Headquarters – Visakhapatnam, Andhra Pradesh
Established – 1941

Ministry of Jal Shakti Releases Report on 6th Census on Minor Irrigation SchemesOn 26th August 2023, the Ministry of Jal Shakti, Department of Water Resources (WR), River Development, and Ganga Rejuvenation (DoWR, RD & GR) released the report on the 6th census on Minor Irrigation (MI) schemes.

• This report also provides State-wise detailed information on all key parameters of MI projects in India.
• This report will be useful for planners, researcher scholars, agricultural and groundwater scientists, and all concerned with the development of irrigation and the agricultural economy of India.

About Ministry of Jal Shakti:
Union Minister with Constituency– Gajendra Singh Shekhawat (Jodhpur, Rajasthan)
Ministers of State (MoS) with Constituency– Prahlad Singh Patel (Damoh, Madhya Pradesh) and Bishweswar Tudu (Mayurbhanj, Odisha)

 

Highlights of PM Narendra Modi visit to SA for 15th BRICS Summit; BRICS officially expands from 5 to 11 members 

i.The Prime Minister (PM) of India Narendra Modi visited Johannesburg, South Africa (SA) from August 22-24, 2023 to attend the 3 day annual 15th BRICS (Brazil, Russia, India, China, and South Africa) Summit 2023 at the invitation of  Matamela Cyril Ramaphosa, President of SA.
ii.It should be noted that, the SA President Cyril Ramaphosa is the Chair of 15th BRICS Summit.
iii.On August 23, 2023 PM Narendra Modi attends 15th BRICS Summit held under SA’s chairship, in Sandton in Johannesburg, Gauteng, South Africa on the theme ‘BRICS and Africa: Partnership for Mutually Accelerated Growth, Sustainable Development and Inclusive Multilateralism’. This was the first in-person BRICS Summit since 2019.
iv.The event reviewed the ongoing initiatives and the identification of future prospects.
v.During the summit, a loan agreement was inked between the BRICS’ New Development Bank (NDB), and the Trans-Caledon Tunnel Authority (TCTA) for the implementation of phase II of the Lesotho Highlands Water Project (LHWP).
About South Africa:
President– Cyril Ramaphosa
Currency– South African Rand
Capital– Pretoria (executive), Cape Town (legislative), and Bloemfontein (judicial)

 

Overview of PM Modi Visit to Greece: Modi Honoured with Grecee’s Grand Cross of the Order of HonourPrime Minister (PM) of India Narendra Modi embarked on a one-day visit to  Greece on 25th August 2023 at the invitation of Kyriakos Mitsotakis, Prime Minister (PM) of Greece.

• PM Modi’s visit to Greece marks the first visit of an Indian Prime Minister to Greece in 40 years.

Note: Indira Gandhi was the last Indian Prime Minister to visit Greece. She travelled to Greece in September 1983.
Highlights:
i.Katerina Sakellaropoulou, President of Greece honoured PM Narendra Modi with The Grand Cross of the Order of Honour. He became the first Indian PM to receive the honours.
ii.India and Greece have decided to strengthen their bilateral relations into a strategic partnership for the benefit of the people of India and Greece.
iii.During his visit to Greece, PM Modi highlighted India and Greece’s plan to double the bilateral trade between India and Greece by 2030 and announced an agreement in the field of agricultural production.
About Greece:
Prime Minister– Kyriakos Mitsotakis
President– Katerina N. Sakellaropoulou.
Capital– Athens
Currency– Euro

 

Ex BRIGHT STAR-23: Maiden Multilateral Exercise of IAF Held in Egypt from August 27 to September 16, 2023Indian Air Force (IAF) contingent will be participating in Exercise BRIGHT STAR-23, a biennial multilateral tri-service exercise scheduled to be held at Cairo (West) Air Base, Egypt, from August 27 to September 16, 2023, towards encouraging global defense cooperation with Egypt. This is the first time that IAF is participating in Ex Bright Star-23.

• The participation of IAF showcases India’s commitment to strengthening strategic partnerships and enhancing joint operational capabilities. IAF contingents engaging in flying exercises abroad make them true Diplomats in Flight Suits.

Aim of Ex Bright Star-23:
The objective of the exercise is to practice planning and execution of joint operations. Besides leading to the formation of bonding across borders, these exercises allow nations to plan and execute complex operations together.
Indian Participants:
i.The IAF contingent will consist of five MiG-29, two IL-78, two C-130 and two C-17 aircraft.
ii.Personnel from the IAF’s Garud Special Forces, as well as those from the Numbers 28, 77, 78, and 81 Squadrons, will be participating in the exercise.
iii.The IAF transport aircraft will also provide airlift to approximately 150 personnel from the Indian Army.
Other Participants:
Ex BRIGHT STAR-23 will also see the participation of contingents from the United States of America (USA), Saudi Arabia, Greece, and Qatar.
Key Points:
In the 1960s, India and Egypt fostered a remarkable relationship and deep cooperation that encompassed the development of aero engines and aircraft, along with extensive pilot training.
About Egypt:
Prime Minister– Mostafa Madbouly
Capital– Cairo
Currency– Egyptian Pound (EGP)

 

Govt of Canada Hosted 7th Assembly of the Global Environment Facility from August 22-26, 2023 in Vancouver, CanadaThe Government of Canada hosted the 7th Assembly of the Global Environment Facility (GEF) in Vancouver, British Columbia, Canada from 22-26 August 2023. The assembly gathered environmental leaders from 185 countries.
On 24th August 2023, the Global Environment Facility (GEF) launched the new Global Biodiversity Framework Fund (GBFF) designed to mobilize and accelerate investment for the conservation and sustainability of wild species and ecosystems globally.
On 23rd August 2023 GEF selected 23 civil society organizations as winners of its Inclusive GEF Assembly Challenge Program, and the winning projects were announced during the 7th GEF Assembly held at the Vancouver Convention Centre in Vancouver, Canada.
About Global Environment Facility (GEF):
Chief Executive Officer & Chairperson– Carlos Manuel Rodriguez
Headquarters– Washington, District of Columbia (DC), United States of America (USA)
Established in 1991 and started operations on the eve of the 1992 Rio Earth Summit

 

DBS Bank and Maptrasco Partnered to Complete First Live eBL Transaction Between India & Singapore DBS Bank Ltd (formerly known as Development Bank of Singapore Limited) in collaboration with Maptrasco, a Singapore-based commodities trader, has completed the first “live” transaction of electronic Bills of Lading (eBL) for shipments between Singapore and India.

• The transaction was implemented under the TradeTrust framework, an initiative by the Infocomm Media Development Authority (IMDA) and supported by Enterprise Singapore.
• With this first shipment, businesses in Singapore and India can now access the benefits of the TradeTrust network via their preferred TradeTrust-enabled platforms.
• The TradeTrust network can enable the digital trade finance of live shipments of goods between the 2 countries.

Note: Companies keen on executing eBLs in digital Letters of Credit transactions can reach out to DBS.
Key Points:
i.The project supports the United Nations (UN) Model Law for Electronic Transferable Records and aims to drive cross-border document and title exchanges.
ii.The successful transaction paves the way for more efficient, interoperable digital bills of lading, and is a key milestone in the digital transformation of trade financing.
About the Partnership:
i.The successful live transaction between Singapore and India is the first step towards establishing a fully digital trade corridor between the two countries.
ii.DBS collaborated with Maptrasco to create and execute this solution that relies on the innovative TradeTrust framework developed by IMDA and intends to commercialise this solution, making it available not only in the region but also beyond.
iii.The implementation of electronic bills of lading, in partnership with DBS, has helped to improve efficiency, reduce operating costs, and significantly speed up transaction times.
Bills of lading:
i.These are essential documents in shipping and logistics and serve as legal proof of ownership for goods during transit, as well as receipt of goods.
ii.However, only about 1.2% of bills of lading globally are issued electronically due to limitations in platforms that are not interoperable or use variations in rulebooks and standards, which makes scalability challenging.
About DBS Bank Ltd:
Chief Executive Officer– Piyush Gupta
Headquarters– Marina Bay Financial Centre, Singapore
Established in– 1968

 

Yes Bank Partnered with Zaggle to Launch Corporate Credit Card
Yes Bank Ltd launched a co-branded Corporate Credit Card named ‘YES BANK Zaggle Corporate Credit Card’ in partnership with Zaggle, a spend management platform, to empower businesses to redefine their corporate payments, expenditure management, and cash flow optimisation.

• The card provides a solution by granting businesses direct authority over company expenses. This includes setting individual spending limits, applying merchant category restrictions, and implementing diverse controls.
• The card will facilitate businesses to bring in greater cost efficiencies by facilitating integration with Zaggle’s ZatiX, a spend management and analytics platform, allowing corporates to optimise cash outflows.
• Yes Bank’s partnership with Zaggle allows businesses to enhance their operational efficiency by consolidating banking transactions, managing business expenses, and offering a centralized solution for tracking all business-related overheads.
• The Co-branded cards are a compelling proposition for businesses, offering a dual benefit of upfront savings on spending and the privilege of earning rewards on both spending and repayments across a large range of business expense categories.

Note: Zaggle collaborated with Yes Bank for prepaid cards in 2016, before the Reserve Bank of India (RBI)-initiated restructuring in 2019.

 

LIC tied up with Saraswat Cooperative Bank to sell LIC Products under Bancassurance 
Life Insurance Corporation of India (LIC) tied up with a Mumbai (Maharashtra) headquartered Saraswat Cooperative Bank Ltd., India’s largest urban cooperative bank, to increase the distribution of life insurance products through the Bancassurance channel.

• Citizens and Customers of Saraswat Bank can now purchase LIC insurance products directly through Saraswat Bank.
• LIC, being the premier insurer of India, has insurance products for all segments of society, from annuity, Unit-Linked Insurance Plans (ULIP), and term insurance to savings plans.
• Saraswat Bank Bank has a vast network of 294 Branches (as of March 31, 2023) spread over 6 states and is serving over 2 million customers.

Note: Bancassurance refers to the partnership or relationship between a Bank and an insurance company whereby the insurance company leverages the Bank’s sales channel in order to sell insurance products.

 

Emmerson Mnangagwa Re-Elected As President As The Second Term Emmerson Mnangagwa, President of  Zimbabwe,  re-elected to the post for the second term of 5 years(ie., 2023-28) and final term. He belongs to the Zimbabwe African National Union – Patriotic Front (ZANU–PF) political party.

• He secured  52.6 percent of the vote against his opponent Nelson Chamisa of political party Citizens’ Coalition for Change (CCC) who secured 44 percent votes.
• He is known as ‘The Crocodile’ for his ruthlessness.

About the election:
i.This election occurs after six years (last in 2017) after the overthrow of longtime ruler Robert Mugabe in a military coup.
ii.In the election ZANU-PF obtained 136 out of the available 210 seats through a first-past-the-post mechanism; CCC  secure 73 seats.
Additional info:

• The country is struggling with high unemployment and poverty.
• Nearly 3.8 million individuals are projected to experience food insecurity within the current year(2023-24).

About Zimbabwe:
Capital – Harare
Currency – Zimbabwe Dollar

 

GRSE Signs MoU with DEMPO Group For Building Commercial ShipsThe Garden Reach Shipbuilders and Engineers (GRSE) Ltd, Kolkata, West Bengal has signed a Memorandum of Understanding (MoU) with V.S.Dempo Holdings Private Limited (Dempo Group) for building commercial vessels.

• The vessels will be built at the 3 shipyards of the Dempo Group, including two in Goa and one in Bhavnagar, Gujarat.
• It marks the GRSE’s first attempt to build commercial vessels.

Note:
Dempo Shipbuilding & Engineering Pvt. Ltd wholly-owned subsidiary of V.S.Dempo Holdings Private Limited, is responsible for ship building and ship repair.
Dempo Group has two shipyards in Goa, one at Mandovi in Bainguinim, Old Goa, and the other at Undir, Bandora, on the banks of the Zuari River in Goa.
About the Partnership:
i.The partnership will create a very helpful ecosystem that will draw advantages from one another’s knowledge and use resources to secure more domestic and international shipbuilding orders.
ii.This is GRSE’s first attempt to significantly broaden its commercial shipbuilding operations in order to capture a significant market share in the building of both domestic and foreign commercial vessels.
Indian Shipbuilding Market:
i.According to a recent study, the Indian shipbuilding market is worth USD 7.1 billion in 2023 and is predicted to grow to USD 8.76 billion by 2028.
ii.Globally, the shipbuilding market is expected to develop at a compound annual growth rate (CAGR) of 5.45% from USD 170 billion to USD 230 billion by 2028.

• It also indicates India currently contributes less than 1% to the global commercial shipbuilding sector.

About Garden Reach Shipbuilders and Engineers (GRSE) Ltd:
GRSE is a Category 1 Mini Ratna Public Sector Undertaking (PSU) Company under the Ministry of Defence(MoD).
Chairman and Managing Director (CMD) – Commodore (Retd) P R Hari
Headquarters– Kolkata, West Bengal
Incorporated in 1934

 

Kunlavut Vitidsarn Wins Men’s Singles Title at the BWF World Championships 2023Kunlavut Vitidsarn of Thailand and An Se-young of South Korea won the men’s singles and Women’s singles titles respectively in the Badminton World Federation(BWF) World Championships 2023.

• The TotalEnergies Badminton World Federation(BWF) World Championships 2023 held in Royal Arena, Copenhagen, Denmark from 21st to 27th August 2023.
• India’s HS Prannoy won the bronze medal in the men’s singles at the BWF World Championships 2023.

About the Badminton World Federation (BWF):
President – Poul-Erik Høyer Larsen
Headquarters – Kuala Lumpur, Malaysia
Established – 1934

 

Neeraj Chopra Wins Gold Medal in the World Athletics Championships 2023The 2020 Tokyo Olympics gold medallist Neeraj Chopra won the gold medal in the World Athletics Championships 2023 in the javelin with an 88.17m throw.

• The 19th edition of the World Athletics Championships 2023 was held in (Venue – The National Athletics Centre) Budapest, Hungary from 19th to 27th August 2023.
• Indian men’s 4x400m relay team comprising Muhammed Anas Yahiya, Amob Jacob, Muhammed Ajmal and Rajesh Ramesh finished fifth in the finals.
• Parul Chaudhary finished 11th in the final of the women’s 3000m steeplechase.
• Jeswin Aldrin finished 11th in the Men’s long jump finals with a 7.77 m Jump.

About World Athletics(Formerly The International Amateur Athletic Federation):
President– Sebastian Coe
Headquarters– Monaco, Europe
Established -1912

 

Eminent Indian English Poet Jayanta Mahapatra Passed AwayJayanta Mahapatra, an Eminent Indian English poet and Litterateur, who was the first recipient of Sahitya Akademi award for English poetry(1981), passed away in Cuttack, Odisha. He was born on 22nd October 1928 in Cuttack, Odisha.
About Jayanta Mahapatra:
i.Jayanta Mahapatra has served as the professor of Physics at various government colleges in Odisha from 1949 to 1986(retired).
ii.He published his 1st book of poems “Svayamvara and Other Poems” in 1971.
iii.He has authored around 27 books which also includes 7 written in Odia and the remainder in English.
iv.He is will known for his poems like “Indian Summer” and “Hunger,” which are considered classic in modern Indian English literature.
Other Noted works: 
Poetry: Bare Face, Shadow Space
Prose: Green Gardener(an Anthology of short stories); Door of paper: Essays and Memoirs.
Awards:
i.He received the Sahitya Akademi Awards in 1981 for Relatioship(poetry), the first Akademi Awad for English poetry.
ii.Government of India honoured him with Padma Shri in 2009 for Literature and Education.
iii.He won the prestigious SAARC(South Asian Association Regional Cooperation) literary Award for the year 2009.
iv.He has also won the Allen Tate Poetry prise for 2009 from the Sewanee Review.

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