Weekly Current Affairs (11th September to 17th September 2023) | Current Affairs: Daily, Weekly & Monthly - CLAT PDF Download

US Open 2023 Winners Complete list

Here is the complete list of winners for the US Open 2023:

Men's Singles: Novak Djokovic

Women's Singles: Coco Gauff

Men's Doubles: Pierre-Hugues Herbert and Nicolas Mahut

Women's Doubles: Barbora Krejcikova and Katerina Siniakova

Mixed Doubles: Desirae Krawczyk and Neal Skupski

Boys' Singles: Daniel Rincon

Girls' Singles: Ashlyn Krueger

Boys' Doubles: Bruno Kuzuhara and Andreja Lekaj

Girls' Doubles: Emily Appleton and Matilda Mutavdzic

Men's Wheelchair Singles: Alfie Hewett

Women's Wheelchair Singles: Diede de Groot

Men's Wheelchair Doubles: Alfie Hewett and Gordon Reid

Women's Wheelchair Doubles: Diede de Groot and Aniek van Koot

Quad Wheelchair Singles: Dylan Alcott

Quad Wheelchair Doubles: Dylan Alcott and Heath Davidson

Men's Legends Doubles: Todd Woodbridge and Mark Woodforde

Women's Legends Doubles: Arantxa Sanchez Vicario and Natasha Zvereva

Men's Champions: John McEnroe

Women's Champions: Martina Navratilova

These are the winners in their respective categories at the US Open 2023. Congratulations to all the champions!

The Achievements of India's G20 Presidency in 2023

India's G20 presidency in 2023 achieved several significant milestones and initiatives:

1. New Delhi Declaration:

• The G20 Summit's first day saw the issuance of the New Delhi Declaration, which set the stage for discussions on critical economic topics.
• It introduced a groundbreaking figure of $5.9 trillion for green financing requirements in developing nations, with a strong emphasis on climate financing.

2. Geopolitical Diplomacy:

• India played a crucial role in facilitating consensus on geopolitical issues, with a particular focus on addressing the Russia-Ukraine crisis.
• India collaborated closely with countries like Brazil, South Africa, and Indonesia, showcasing the influence of emerging markets in shaping diplomatic outcomes.

3. Inclusive Partnerships:

• The declaration recognized and appreciated the contributions of Turkey and the UN-brokered Istanbul Agreements.
• These contributions were instrumental in ensuring the uninterrupted delivery of grain, foodstuffs, and fertilizers between Russia and Ukraine, addressing the humanitarian aspect of the crisis.

4. Diplomatic Endeavor:

• India's diplomatic efforts during its G20 presidency were extensive and rigorous.
• These efforts included over 200 hours of non-stop negotiations, 300 bilateral meetings, and the drafting of 15 different versions to achieve consensus on various critical issues.

Overall, India's G20 presidency in 2023 was marked by its ability to bring together member countries to address pressing global challenges, with a particular focus on the Ukraine crisis and climate financing. It showcased India's role as a mediator and influencer among emerging markets and contributed significantly to shaping the direction of future negotiations on key economic matters.

Shanti Swarup Bhatnagar Prize 2022 Winners Name

The Shanti Swarup Bhatnagar Prize 2022 winners and their respective fields of study and affiliations are as follows:

1. Ashwani Kumar - CSIR-Institute of Microbial Technology (Field: Biological Sciences)
2. Maddika Subba Reddy - Centre for DNA Fingerprinting Diagnostics, Hyderabad (Field: Biological Sciences)
3. Akkattu Biju - Indian Institute of Science, Bengaluru (Field: Chemical Sciences)
4. Debabrata Maiti - Indian Institute of Technology, Bombay (Field: Chemical Sciences)
5. Vimal Mishra - Indian Institute of Technology, Gandhinagar (Field: Earth and Atmospheric Sciences)
6. Dipti Ranjan Sahoo - Indian Institute of Technology, Delhi (Field: Engineering Sciences)
7. Rajnish Kumar - Indian Institute of Technology, Madras (Field: Engineering Sciences)
8. Apoorva Khare - Indian Institute of Science and Mathematical Sciences (Field: Mathematical Sciences)
9. Neeraj Kayal - Microsoft Research Lab India (Field: Mathematical Sciences)
10. Dipyaman Ganguly - Indian Institute of Chemical Biology, Kolkata (Field: Medical Sciences)
11. Anindya Das - Indian Institute of Science, Bengaluru (Field: Physical Sciences)
12. Basudeb Dasgupta - Tata Institute of Fundamental Research (Field: Physical Sciences)

These scientists have been recognized for their outstanding contributions in their respective fields and have been awarded the prestigious Shanti Swarup Bhatnagar Prize for the year 2022.

Switzerland Ranked No. 1 In The World Best Countries Report 2023

Switzerland has once again been ranked as the world's best country, as per the 2023 U.S. News & World Report's annual Best Countries rankings. This marks Switzerland's second consecutive year at the top position and its sixth overall as the No. 1 nation on the list.

Switzerland's ranking is attributed to its excellence in various areas, including:

• Entrepreneurship (Ranked No. 6)
• Quality of life (Ranked No. 6)
• Social purpose (Ranked No. 8)
• Cultural influence (Ranked No. 8)
• Openness for business (Top-ranked)

The 2023 rankings have placed Switzerland at the forefront, followed closely by other countries:

• Canada at No. 2
• Sweden at No. 3
• Australia at No. 4
• The United States at No. 5 (slipping one spot compared to 2022)

In this year's rankings, European countries dominate the top tier, securing 16 of the top 25 spots. Some notable changes include Germany falling five spots compared to 2022, while Australia and New Zealand have climbed three places year over year. The Middle East is represented by the United Arab Emirates, and Asia features countries like Japan, Singapore, China, and South Korea within the top 25.
This ranking provides an insight into the global perception of countries based on various factors, highlighting Switzerland's consistent performance in these assessments.

RBI (Classification, Valuation and Operation of Investment Portfolio of Commercial Banks) Directions, 2023

The Reserve Bank of India (RBI) has issued the "Classification, Valuation, and Operation of Investment Portfolio of Commercial Banks Directions, 2023," which introduces significant revisions to the existing norms for commercial banks' investment portfolios. These revisions are aimed at improving the classification, valuation, and operation of investment portfolios, and they have been issued after considering feedback received on a Discussion Paper (DP) released on January 14, 2022. Here are the key highlights of the revised norms:

1. Principle-Based Classification:

• The revised Directions introduce a principle-based classification system for investment portfolios.

2. Tightening of Regulations:

• The regulations around transfers to and from the held to maturity (HTM) category and sales out of HTM have been tightened.

3. Inclusion of Non-SLR Securities in HTM:

• Non-SLR (Statutory Liquidity Ratio) securities can be included in the HTM category, subject to fulfilling certain conditions.

4. Symmetric Recognition of Gains and Losses:

• The revised Directions mandate symmetric recognition of gains and losses in investment portfolios.

5. Enhancing Financial Reporting and Disclosures:

• These Directions are expected to enhance the quality of banks' financial reporting.
• Improved disclosures, including disclosures of the fair value of investments in the HTM category and fair value hierarchy, will be required.

6. Boosting the Corporate Bond Market:

• The Directions aim to provide a boost to the corporate bond market.

7. Facilitating Derivatives for Hedging:

• The revised norms aim to facilitate the use of derivatives for hedging purposes.

8. Strengthening Risk Management Framework:

• The overall risk management framework of banks will be strengthened through these Directions.

9. Prudential Safeguards:

• While aligning with global financial reporting standards, important prudential safeguards such as the investment fluctuation reserve (IFR), due diligence/limits for non-SLR investments, internal control systems, reviews, and reporting have been retained.

10. Applicability:

• -The revised Directions shall apply to all commercial banks (excluding Regional Rural Banks) from the financial year commencing on April 1, 2024.

These directions represent a significant step in aligning India's banking sector with global accounting standards while maintaining prudential safeguards and enhancing transparency in financial reporting and risk management.

Infosys in TIME’s ‘The World’s Best Companies of 2023’ List

Infosys, the prominent Bengaluru-based IT services provider, has achieved a significant milestone by securing a coveted spot on TIME magazine's 'The World's Best Companies of 2023' list. This recognition places Infosys as the only Indian company to feature in the top 100 rankings, securing the 64th position with an impressive overall score of 88.38. Notably, Infosys has demonstrated a 'very high' growth rate, showcasing its commitment to excellence. Additionally, the company achieved rankings of 135 in sustainability and 103 in employee satisfaction.

About Infosys:

• Founded in 1981 by four engineers, including NR Narayana Murthy, Infosys has evolved into India's second-largest IT company in terms of revenue.
• The company's rich history is characterized by its unwavering dedication to technological excellence and innovation.
• Notably, Infosys has a significant connection to the political landscape of the United Kingdom, as Rishi Sunak, the son-in-law of NR Narayana Murthy, serves as the Prime Minister of the United Kingdom.

About TIME World’s 100 Best Companies List:

• TIME, in collaboration with Statista, conducted a comprehensive evaluation of 750 firms worldwide to compile this prestigious list.
• The rankings were determined through a rigorous assessment process that considered various key factors, including revenue growth, employee satisfaction surveys, and in-depth analysis of environmental, social, and corporate governance data.
• Infosys's outstanding performance across these dimensions has earned it a well-deserved spot on this esteemed list, highlighting the company's global prominence and commitment to excellence.

PM Modi Introduces Global Biofuels Alliance for Sustainable Bioenergy at G20 Summit

During the G20 Summit, Prime Minister Narendra Modi introduced the Global Biofuels Alliance (GBA), bringing together more than 30 nations and international organizations with the aim of advancing the adoption of biofuels and expanding access to bioenergy in emerging economies.

• Environmental Significance: This announcement is particularly significant in light of key environmental events this month, including the International Day of Clean Air for Blue Skies (September 7), International Day for the Preservation of the Ozone Layer (September 16), and World Environment Health Day (September 26). The G20 New Delhi Leaders’ Declaration has also underscored the establishment of the Global Biofuels Alliance.
• Action-Oriented Initiative: The launch of GBA underscores India's proactive approach as the G20 President, emphasizing its representation of the 'Voice of the Global South.' The Ministry of Petroleum and Natural Gas has highlighted the action-oriented nature of India’s positive agenda.
• Key Members of GBA: GBA comprises 19 countries and 12 international organizations. Key G20 member countries supporting the alliance include Argentina, Brazil, Canada, India, Italy, South Africa, and the US. Additionally, four G20 Invitee countries, including Bangladesh, Singapore, Mauritius, and the UAE, support GBA. Furthermore, eight non-G20 countries, such as Iceland, Kenya, Guyana, Paraguay, Seychelles, Sri Lanka, Uganda, and Finland, are part of this alliance. International organizations like the World Bank, Asian Development Bank, World Economic Forum, and others have also joined.
• Biofuel Production and Consumption: GBA member nations are major players in biofuel production and consumption, with the USA, Brazil, and India making significant contributions. Collectively, they account for approximately 85% of biofuel production and 81% of ethanol consumption. The global ethanol market is expected to experience a Compound Annual Growth Rate (CAGR) of 5.1% by 2032, surpassing $162.12 billion by that year.

Objectives of the Alliance

The GBA's primary objectives include:

• Promoting Sustainable Biofuels: Supporting the development and global deployment of sustainable biofuels.
• Capacity Building: Providing capacity-building exercises, technical support, and sharing policy lessons.
• Virtual Marketplace: Establishing a virtual marketplace to match demand and supply, connecting technology providers with end users.
• Standards and Regulations: Developing and implementing internationally recognized standards, sustainability principles, and regulations to incentivize biofuel adoption and trade.

Benefits for India

The GBA is anticipated to bring several advantages to India, including:

• Strengthening India's Global Standing: Enhancing India’s global position and fostering collaboration opportunities.
• Export Opportunities: Providing Indian industries with prospects to export technology and equipment.
• Expanding Bioenergy Access: Improving bioenergy access in emerging economies and creating new business opportunities.
• Advancing Low-Carbon Energy Goals: Contributing to low-carbon energy objectives and reducing import dependency.

President Droupadi Murmu Launches Ayushman Bhav Campaign for Universal Health Coverage Virtually

In a historic virtual ceremony, President Droupadi Murmu inaugurated India's Ayushman Bhav campaign, along with the Ayushman Bhava portal, from the Raj Bhavan in Gandhinagar. This initiative represents a significant step towards achieving Universal Health Coverage (UHC) in India, with a strong focus on improving healthcare accessibility and affordability, especially for marginalized communities.

• Multi-Ministerial Approach: The Ayushman Bhav campaign has garnered praise for its multi-ministerial approach, which has the potential to extend healthcare services to the farthest corners of the country. This approach plays a crucial role in realizing the ambitious objective of ensuring healthcare access for all.
• Antyodaya Philosophy: President Murmu underscored the principle of antyodaya (healthcare for all) and appreciated the involvement of local governance. She announced that gram panchayats successfully achieving their healthcare targets would be recognized as Ayushman Gram Panchayats.
• Seva Pakwada Initiative: The President commended the Seva Pakwada initiative, scheduled from September 17 to October 2, which aims to ensure that essential health services reach every individual. This initiative reflects the government's dedication to promptly achieving sustainable development goals.

Ayushman Bhav Goals:

• Access to Ayushman Cards: The campaign aims to simplify access to Ayushman cards for all citizens.
• ABHA IDs Generation: It seeks to generate ABHA IDs, streamlining healthcare services.
• Disease Awareness: Ayushman Bhav will also raise awareness about critical health schemes and conditions, including non-communicable diseases, tuberculosis, and sickle cell disease.

Three Components of Ayushman Bhav:

• Ayushman – Apke Dwar 3.0: Bringing healthcare services directly to the doorsteps of the people.
• Ayushman Melas at HWC and CHC: Organizing health and wellness events in Health and Wellness Centers (HWC) and Community Health Clinics (CHC).
• Ayushman Sabhas: Holding health meetings in every village and panchayat to engage communities in healthcare discussions.

Digital Inclusion
The President also lauded India's efforts in digital inclusion, ensuring that every village and district has access to healthcare facilities. This digital inclusion significantly contributes to the widespread reach of healthcare services across the nation.

India and UK Collaborate to Launch Infrastructure Financing Bridge

India and the United Kingdom have jointly announced the inauguration of the Infrastructure Financing Bridge during the 12th Economic and Financial Dialogue (EFD). This collaborative effort signifies the ongoing commitment of both nations to work closely together to unlock substantial infrastructure investment opportunities in India.

Key Objectives:

In a joint statement by Finance Minister Nirmala Sitharaman and UK's Chancellor of the Exchequer Jeremy Hunt, the primary goals of this partnership are outlined:

• Leveraging UK Expertise: The statement underscores the UK's substantial expertise in financial and project management, positioning it as a valuable partner for India in the realm of infrastructure development.
• India's Investment Potential: Recognizing India's standing as a powerhouse for investment in technology, fintech, and the green transition, the collaboration aims to harness India's pivotal role in driving global economic growth.
• The UK-India Infrastructure Financing Bridge (UKIIFB): The formal launch of the UKIIFB, jointly led by Niti Aayog (a policy think tank in India) and the City of London, takes center stage in this collaboration. The UKIIFB's primary objective is to unlock infrastructure investment opportunities and leverage the City of London's expertise in structuring and phasing major infrastructure projects.
• Long-Term Investment Focus: The partnership aims to secure long-term investments for critical infrastructure sectors in India. UKIIFB stakeholders are dedicated to building a diverse investment and financing system characterized by stability, sustainability, and manageable risks.
• Sustainability and Environmental Focus: This significant collaboration places a strong emphasis on sustainable infrastructure development, giving priority to environmentally friendly projects that align with the core principles of the Sustainable Development Goals.

India and Saudi Arabia Forge Energy Sector Cooperation Agreement

India and Saudi Arabia, prominent players in the global energy arena, have entered into a Memorandum of Understanding (MoU) to bolster their partnership in various facets of the energy sector. The historic agreement was signed by Union Minister for New & Renewable Energy and Power, R. K. Singh, on behalf of India and Abdulaziz bin Salman Al-Saud, representing Saudi Arabia.

Expanding Horizons: Areas of Cooperation
The MoU, outlined in an official press release from the Ministry of New and Renewable Energy, encompasses a broad spectrum of energy-related collaboration:

• Renewable Energy: Both nations are committed to expanding their renewable energy portfolios, focusing on harnessing solar and wind energy to meet energy demands while reducing carbon footprints.
• Energy Efficiency: Enhancing energy efficiency technologies and practices across various sectors is a shared goal.
• Hydrogen: The agreement encourages research, development, and deployment of hydrogen technologies for sustainable energy needs.
• Electricity and Grid Interconnection: Strengthening electrical grid infrastructure and interconnection for efficient energy distribution.
• Petroleum and Natural Gas: Exploring collaboration in the oil and gas industry for mutual benefits.
• Strategic Petroleum Reserves: Cooperation in strategic petroleum reserves to ensure energy security.
• Digital Transformation and Innovation: Fostering digital transformation and innovation in the energy sector.
• Cybersecurity and Artificial Intelligence: Collaboration on enhancing cybersecurity measures and optimizing energy operations through artificial intelligence.
• Bilateral Investment: Encouraging bilateral investment in various energy sectors.
• Circular Economy: Commitment to adopting circular economy principles and reducing climate change effects.

Climate Change Mitigation and Global Energy Transformation
This landmark MoU not only strengthens the energy partnership between India and Saudi Arabia but also aligns with global efforts to combat climate change. By promoting collaboration in renewable energy, energy efficiency, and carbon reduction technologies, the agreement supports India's transition to a sustainable energy future and contributes to the transformation of the global energy system.

RBI Plans October Launch for Digital Rupee Pilot in Interbank Transactions

The Reserve Bank of India (RBI) is gearing up to initiate a pilot program for the Central Bank Digital Currency (CBDC), commonly known as the Digital Rupee, aimed at facilitating interbank transactions in the call money market. This pilot is expected to commence around October.

• Background: Last November, RBI began the pilot phase for the wholesale CBDC, Digital Rupee-Wholesale (e-W), focusing on settling secondary market transactions involving government securities. Following that, a pilot for the retail CBDC started on December 1. The recent announcement by RBI's Executive Director, Ajay Kumar Choudhary, sheds light on the expansion of the wholesale CBDC's use into the call money market.
• Extension Purpose: The decision to extend the wholesale CBDC to the call money market aims to experiment with various markets and technologies, aligning with the government's vision outlined in the Union Budget for 2022-23 to introduce CBDC. Necessary amendments were made to the RBI Act 1934 through the Finance Bill 2022 to facilitate this.
• CBDC Versions: The RBI introduced two versions of the Digital Rupee: CBDC-Wholesale (CBDC-W), with limited access for select financial institutions, and CBDC-Retail (CBDC-R), intended for broader usage, including private sector entities, non-financial consumers, and businesses.
• Participating Banks: Nine prominent banks were selected to participate in the pilot project for the wholesale CBDC, including State Bank of India (SBI), Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, YES Bank, IDFC First Bank, and HSBC. Users of the retail e-Rupee can engage in transactions using a digital wallet provided by these participating banks.
• Denominations: The retail e-Rupee is available in various denominations, while the wholesale e-Rupee does not specify denominations, as indicated in the RBI's annual report for 2022-23.
• Digital Initiatives Showcase: The RBI showcased various digital initiatives within the financial sector at the recent G20 Leaders' Summit. These initiatives include the Public Tech Platform (PTP) for Frictionless Credit, CBDC, UPI One World, RuPay On-The-Go, and the Bharat Bill Payment System.

Former SBI Chief Rajnish Kumar Appointed Chairman of Mastercard India

Mastercard, the global financial services corporation, has made a significant appointment in its Indian operations by naming Rajnish Kumar as the Chairman of Mastercard India. This move reflects Mastercard's commitment to strengthening its presence in India and navigating the dynamic landscape of domestic payments. Kumar, the former Chairman of the State Bank of India (SBI), brings a wealth of experience to the role.

• A Seasoned Banking Veteran: Rajnish Kumar's career spans nearly four decades in India's largest bank, the State Bank of India. During his tenure, he held various leadership positions and played a pivotal role in managing critical operations not only in India but also in the UK and Canada. His contributions to the banking sector are well-acknowledged, with one of his notable achievements being the spearheading of the YONO platform, a groundbreaking digital banking initiative.
• Transition from SBI Chairman to Mastercard India: Kumar concluded his three-year term as the Chairman of SBI in October 2020, leaving behind a legacy of banking excellence. Now, he steps into a new role at Mastercard India, where he will provide guidance and leadership to Mastercard's South Asia executive team. This team is headed by Gautam Aggarwal, Division President for South Asia & Country Corporate Officer, India.
• Mastercard's Strategic Focus on India: Mastercard has long recognized the potential of India as a key growth market for its services. The company has made significant investments in the country, channeling $2 billion since 2014 into initiatives aimed at building technology centers and fostering innovation in digital payments.
• Regulatory Hurdles Overcome: Mastercard's journey in India hasn't been without challenges. In 2021, the Reserve Bank of India (RBI) imposed regulatory restrictions on the company, preventing it from issuing debit and credit cards to new domestic customers. These measures were rooted in compliance concerns regarding the storage of payment system data. However, in June 2022, the RBI lifted this ban, signaling a positive turn of events for Mastercard in the Indian market.
• Mastercard's Global Footprint: Mastercard is a global leader in payment transaction processing and related services, including travel-related payments and bookings. With a presence in 210 countries, the company continues to play a pivotal role in shaping the future of digital payments worldwide.

In appointing Rajnish Kumar as Chairman, Mastercard India demonstrates its commitment to leveraging local expertise and leadership to drive innovation and growth in the dynamic Indian payments ecosystem. Rajnish Kumar's wealth of experience and leadership acumen is expected to contribute significantly to Mastercard's endeavors in India, further strengthening its position in the country's financial landscape.