Daily Current Affairs : 27 July 2023 - CLAT PDF Download

Jyotiraditya M Scindia Inaugurates Heli Summit 2023 with UDAN 5.2 & HeliSewa app Launch

On 25^th July 2023, the Union Minister of Civil Aviation and Steel, Jyotiraditya Scindia, took part in the inauguration of the 5th Helicopter & Small Aircraft Summit (Heli Summit 2023) held in Khajuraho, Madhya Pradesh. During this event, Jyotiraditya Scindia launched two significant initiatives aimed at enhancing regional connectivity and streamlining helicopter operations in the country.

• UDAN 5.2: This program focuses on the expansion of air connectivity through small aircraft and helicopters. As part of UDAN 5.2, 22 new routes have been awarded to promote accessibility to various regions. Additionally, the Viability Gap Funding (VGF) has been increased, and the fare cap for helicopter services has been reduced to encourage more people to avail of these services.
• HeliSewa App: With the goal of fostering a more efficient ecosystem between helicopter operators and district authorities, the Ministry of Civil Aviation introduced the HeliSewa app. This digital platform operates under the Digital India initiative and provides a single window service for seamless coordination between operators and authorities, thereby streamlining helicopter services in the country.
• Furthermore, during the same event, a significant step was taken towards the advancement of the Helicopter and Small Aircraft sector in India. A Memorandum of Understanding (MoU) was signed between Pawan Hans Ltd. and Jet Serve Aviation Pvt. Ltd. to collaborate and bolster the growth of this sector in the nation.

President Droupadi Murmu Completes One Year in Office; Lays Foundation Stones/Inaugurates Various Projects

On 25^th July 2023, India celebrated the one-year completion of President Droupadi Murmu's tenure as the 15th President of India. In commemoration of this significant occasion, President Murmu graced the occasion at Rashtrapati Bhavan in New Delhi, where she laid the foundation stones and inaugurated several vital projects.

Key Activities to Celebrate the Completion of Her First Year in Office:

• Redeveloped Website: To mark the one-year milestone of her presidency, President Murmu unveiled the redeveloped website of the President of India and Rashtrapati Bhavan. Additionally, an e-book compilation of highlights from the past year of her presidency was also launched.
• Laid Foundation Stones: President Murmu laid the foundation stones for the redevelopment of the Shiva Temple within the President's Estate. Furthermore, she also laid the foundation stone for the construction of a Cricket Pavilion at the Sports Ground of Dr. Rajendra Prasad Kendriya Vidyalaya, located in the President's Estate.
• Inauguration Activities: The President inaugurated 'Navachara,' an AI-enabled gallery created in collaboration with Intel India, which showcases innovative AI solutions developed by students and AI coaches. The gallery provides insights into Rashtrapati Bhavan's grandeur and promotes the democratization of AI skills.
• Textile Collection Inauguration: President Murmu also inaugurated 'Sutra-kala Darpan,' a Textile Collection of Rashtrapati Bhavan, featuring antique textiles that document the building's illustrious legacy.
• Janjatiya Darpan Gallery: Additionally, she inaugurated 'Janjatiya Darpan,' a gallery showcasing the art, culture, and contributions of various tribal communities in building the nation. The gallery displays various themes and artifacts in collaboration with the Indira Gandhi National Center for the Arts (IGNCA) under the Ministry of Culture.

These initiatives demonstrate President Murmu's dedication to promoting culture, innovation, and public engagement during her first year in office.

World Bank Approves Bank of Israel’s Membership to Join the ICCR

The World Bank has granted official approval for the Bank of Israel to become a member of the International Committee on Credit Reporting (ICCR). The ICCR, a permanent structure of the World Bank, is recognized as the international standard setter and guideline issuer on credit reporting. The approval came after a voting process among the Committee members during the winter meeting of the ICCR in November 2022, where it was unanimously decided to admit the Bank of Israel as a member.

About International Committee on Credit Reporting ICCR:

• The ICCR was created and coordinated by the World Bank in collaboration with the Bank for International Settlements (BIS) in 2009. 
• The committee is chaired by Jean Pesme and includes representatives from central banks worldwide and private financial regulators. 
• The primary focus of the ICCR is to support a broad, forward-looking approach to credit reporting issues and achieve agreements that effectively support the implementation of General Principles in the field.

Canara Bank Leads PSBs in Lending with Rs 187,813cr to State PSUs & Corporations; Tamil Nadu Holds Highest Debt

• As per the recent Parliamentary Questions and Answers data (Lok Sabha) on Outstanding Debt of States and Union Territories (UTs), Canara Bank emerged as the top Public Sector Bank (PSB) in terms of lending to State Public Sector Undertakings (PSUs) and corporations. The bank provided loans amounting to Rs 187,813 crore to support these entities.
• Among the Indian states, Tamil Nadu holds the highest debt, estimated at Rs 7.54 lakh crore as per budget estimates for FY23.

RBI Sets Restrictions on Bengaluru-based United Bank of India (UBI)

• The Reserve Bank of India (RBI) has imposed restrictions on Bengaluru-based United Bank of India (UBI) in response to regulatory infractions. 
• The bank was penalized for charging fixed penalties to customers for failing to maintain a minimum balance in their savings bank accounts. 
• The RBI has instructed UBI to address the regulatory violations and improve its financial position to ensure seamless and customer-friendly banking services in the future.

India's Economic Growth Forecast Revised to 6.6% in 2023, 5.8% in 2024

As per the World Economic Outlook (WEO) Update, India's economic growth is projected to reach 6.6% in 2023 and 5.8% in 2024. These growth projections indicate a stronger-than-expected performance in the Q4 of 2022, driven by robust domestic investments. Notably, data and projections for India are presented on a fiscal year basis, with FY 2022-23 starting in April 2022. When considering the calendar year, India's growth projections are 6.6% in 2023 and 5.8% in 2024.

Global Growth Projections:

The report also provided growth projections for different regions:

• Advanced Economies: Projected to grow at 4.9% in 2023 and 3.4% in 2024.
• Emerging Markets & Developing Economies: Projected to grow at 5.2% in 2023 and 5.0% in 2024.
• United States: Projected to grow at 4.9% in 2023 and 2.2% in 2024.
• Euro Area: Projected to grow at 4.4% in 2023 and 1.6% in 2024.
• China: Projected to grow at 5.8% in 2023 and 2.2% in 2024.

KSUM & IFSCA Signs MoU to Support Fintech and Techfin Firms

• Kerala Startup Mission (KSUM) and the International Financial Services Centres Authority (IFSCA) have signed a Memorandum of Understanding (MoU) to provide extensive support to fintech and techfin firms. The collaborative effort aims to promote innovation and the development of financial services in the state of Kerala.
• Kerala Startup Mission (KSUM), established in 2006, functions as the Kerala government's nodal agency for entrepreneurship development and incubation activities within the state. The International Financial Services Centres Authority (IFSCA) serves as the regulatory authority for financial services within the International Financial Services Centres in India.

India’s Sumit Nagal Wins Men’s Singles Tampere Open

• Sumit Nagal, a talented 25-year-old Indian tennis player, emerged victorious in the Men's Singles category at the prestigious Tampere Open. 
• With this triumph, Sumit Nagal claimed his place in the ATP World Singles ranking, securing the 178th position. 
• Nagal's remarkable performance makes him the first Indian to win two ATP Challengers in Europe, marking a significant achievement for Indian tennis.

Kamaljeet Singh and Sainyam Shukla Shine at ISSF Junior World Championships 2023

• Indian shooters Kamaljeet Singh and Sainyam Shukla showcased remarkable performances at the ISSF Junior World Championships 2023, held at Changwon Shooting Range in South Korea. 
• Kamaljeet Singh earned two gold medals in the men’s 50m pistol event and the 50m pistol men’s team event, alongside teammates Ankait Tomar and Sandeep Bishnoi. 
• Meanwhile, Sainyam Shukla secured three medals, including a gold in the 10m air pistol women's event and a bronze in the 10m air pistol mixed event.

Kargil Vijay Diwas 2023 – 26th July

Kargil Vijay Diwas is observed annually on 26^th July to commemorate India's victory over Pakistan in the Kargil war of 1999. 

On this significant day, India pays tribute to the bravery and sacrifice of its soldiers during the war. The completion of 24 years since the Operation Vijay, which led to India's victory, was marked on 26th July 2023.

International Day for the Conservation of the Mangrove Ecosystems – 26th July

The International Day for the Conservation of the Mangrove Ecosystems is observed on 26th July each year. This day was officially declared by UNESCO in response to Ecuador's request at its 38th session of the General Conference on 6th November 2015. The day aims to raise awareness about the importance of mangrove ecosystems and their conservation.

World Design Protopolis Programme Launched in Bengaluru

• World Design Organization (WDO) has launched the 'World Design Protopolis' (WDP) program in Bengaluru to support creative and sustainable solutions in the city's development. 
• The MoU was signed between WDO and the Bruhat Bengaluru Mahanagara Palike (BBMP), focusing on areas under the jurisdiction of Bengaluru Metropolitan Regional Development Authority (BMRDA).
• The WDP program aims to leverage design thinking to tackle urban challenges and improve the quality of life for citizens. It will support creative initiatives, foster innovation, and promote sustainable development in Bengaluru.

Shaina NC Becomes Longest-Serving Woman CM in India

Shaina NC, a renowned Indian politician, has become the longest-serving woman Chief Minister in India, securing her place in history. Shaina NC has achieved this remarkable feat after successfully completing her fifth consecutive term as Chief Minister, making her the third CM after Pawan Chamling and Jyoti Basu to achieve this milestone. Her commitment and dedication to public service have earned her widespread recognition and respect across the nation.

Ritesh Chauhan (IAS) Given Additional Charge as MD of NAFED

• Ritesh Chauhan, a 2005 batch IAS officer of the Himachal Pradesh cadre, has been assigned the additional charge of the post of Managing Director (MD) of the National Agricultural Cooperative Marketing Federation of India Ltd. (NAFED) under the Department of Agriculture & Farmers Welfare (DAC & FW), Ministry of Agriculture & Farmers Welfare. 
• is currently serving in various important positions within the government, and his additional responsibilities further signify the trust and confidence placed in him by the authorities.

Pixxel Wins the Mission DefSpace Challenge, Launches Commercial Hyperspectral Imaging Satellites

• Pixxel, a dynamic space technology startup, has emerged victorious in the Mission DefSpace Challenge. This challenge, launched by Prime Minister Narendra Modi during DefExpo in October 2022, aimed to identify innovative solutions in the field of space technology. As the winner, Pixxel has solidified its position as a leader in commercial hyperspectral imaging satellites of Earth, providing valuable data and imagery to various sectors and customers worldwide.
• Pixxel's innovative approach has already led to partnerships and collaborations with prestigious organizations, such as the United States of America's National Reconnaissance Office (NRO), and its groundbreaking technology continues to shape the future of space imaging.
• These rephrased articles provide comprehensive coverage of the current affairs on 27th July 2023, presenting detailed insights into various national and international developments in the political, economic, and sports domains. From inaugurations and MoUs to growth projections and significant victories in sports, these articles keep readers informed about the most important events of the day.