Justice Rao Sworn In As Himachal pradesh High Court CJ

• Justice M S Ramachandra Rao, born on August 7, 1966, in Hyderabad, has an impressive educational background. He completed his BSc (Hons.) in Mathematics from Bhavans New Science College, Osmania, and LL.B from University College of Law, Osmania University Hyderabad in 1989. His father is the former Supreme Court judge, Justice M Jagannadha Rao, who served as the Chairman of the Law Commission of India.
• Justice Rao began his legal career as an Advocate in September 1989 and later pursued an LL.M. degree from the University of Cambridge, UK, in 1991. During his time at Cambridge, he received prestigious scholarships such as the Cambridge Commonwealth Scholarship, the Bank of Credit and Commerce International Scholarship, and the Pegasus Scholarship awarded by the Scholarship Trust, London.
• In June 2012, Justice M S Ramachandra Rao was appointed as a Judge of the High Court of Andhra Pradesh. He later assumed the role of the Chief Justice for the State of Telangana from August 31, 2021. Additionally, he has served as a Judge of the Punjab and Haryana High Court. Notably, his grandfather was also a judge of the High Court of Andhra Pradesh from 1960 to 1961.

ISRO`s GSLV-F12 Successfully Places Navigation Satellite NVS-01

Max Verstappen wins Monaco Grand Prix 2023

PM Modi Announced India to Open New Consulate in Brisbane

• Narendra Modi informed that was it an absolute delight to connect with the Indian diaspora at the community program, where he also thanked his Australian Prime Minister for supporting him in the unveiling foundation stone of “Little India; a suburb of Sydney.”
• As Prime Minister Albanese welcomed Prime Minister Narendra Modi, he also announced Harris Park as “Little India”.
• Harris Park is a hub in Western Sydney where the Indian Community celebrates the Indian festival and events including Diwali and Australia Day.
• The Prime Minister of India stated that there was a time when 3Cs were used to define relations between India and Australia which were Commonwealth, Cricket, and Curry.
• The audience busted into loud applause after he stated that the strongest and biggest foundation of trust between the countries is mutual trust and mutual respect.
• India and Australia have also joined hands to facilitate the movement of students, academics, and professionals along with its current consulates in Perth, Melbourne, and Sydney.

RBI Projects Robust Economic Growth in India, Expects Q1 GDP Growth at 7.6%

India`s GDP Growth Accelerates to 6.1% in Q4 2022-23, Propelling Economy to $3.3 Trillion

With a GDP growth rate of 6.1% in the January–March 2022–2023 quarter, India`s economy saw notable expansion. This increase resulted in an annual growth rate of 7.2%, which was principally fueled by improved performance in the agriculture, manufacturing, mining, and construction sectors. The Indian economy reached $3.3 trillion thanks to strong growth, which also paves the way for it to accomplish the ambitious $5 trillion goal in the future years.

GDP Growth Highlights

The National Statistical Office (NSO) released official data confirming the noteworthy growth achieved by the Indian economy in the first quarter of 2022-23.

Key Points:

•  Q4 2022-23 GDP Growth: The GDP growth rate in the March 2023 quarter was recorded at 6.1%, reflecting a steady expansion from the previous quarters. The growth rates for October-December 2022 and July-September 2022 stood at 4.5% and 6.2%, respectively.
• Annual Growth Rate: The economy grew by 7.2% in 2022-23, taking into account the cumulative growth throughout the fiscal year. This was slightly lower than the previous fiscal year’s growth rate of 9.1% in 2021-22.
• Comparative Growth with China: In the first three months of 2023, China registered an economic growth rate of 4.5%, highlighting India’s relatively higher growth trajectory. 

RBI Launches ‘100 Days 100 Pays’ Campaign to Settle Unclaimed Deposits

The `100 Days 100 Pays` programme, recently launched by the Reserve Bank of India (RBI), aims to locate and pay the top 100 unclaimed deposits of every bank in every district within a 100-day time frame. The RBI is continuing its efforts to lower the amount of unclaimed deposits in the banking system and ensure their proper return to owners or claimants as part of this programme. The RBI intends to raise awareness of the problem of unclaimed deposits and aid in its resolution by launching this campaign.

Unclaimed deposits refer to funds that have remained untouched or inactive for a period of ten years or longer. When such deposits exhibit no activity, banks transfer the funds to the “Depositor Education and Awareness” (DEA) Fund, which is maintained by the RBI. However, depositors retain the right to claim their deposits, along with applicable interest, from the bank(s) where these deposits were held, even after they have been transferred to the DEA Fund.

The accumulation of unclaimed deposits primarily occurs due to several reasons. One common reason is the non-closure of savings or current accounts that depositors no longer intend to operate. Additionally, depositors may fail to submit redemption claims for matured fixed deposits, leading to the transfer of funds to the DEA Fund. There are also instances where deposits belong to deceased individuals, and their nominees or legal heirs do not come forward to make a claim on the respective bank(s).

As of February 2023, the total amount of unclaimed deposits transferred to the RBI by public sector banks (PSBs) reached Rs 35,012 crore. Among the PSBs, the State Bank of India (SBI) holds the highest value of unclaimed deposits, amounting to Rs 8,086 crore, followed by Punjab National Bank with Rs 5,340 crore, Canara Bank with Rs 4,558 crore, and Bank of Baroda with Rs 3,904 crore.

To facilitate the claiming process, every bank is required to display details of unclaimed accounts on their websites, including identifiable information. Upon reviewing these details on the bank’s website, customers can visit the respective bank branch with a completed claim form, deposit receipts, and relevant Know Your Customer (KYC) documents to initiate the process of reclaiming their money.

Financial Times Global Ranking Puts IIM Kozhikode Among the Top Four Schools in India

• This accomplishment further solidifies IIM Kozhikode’s status as a leading provider of executive education worldwide.
• The institute’s impressive performance follows its remarkable leap of 100 spots in the Quacquarelli Symonds (QS) World University Rankings by Subject 2023 in the Business & Management Studies category, where it secured a position among the top 251-300 institutes globally.

• IIM Kozhikode is one of only three Indian Institutes of Management (IIMs) and four Indian B-Schools to be featured in the top 75 FT Open-enrolment Executive Education Rankings 2023.
• The rankings are based on surveys conducted with executive participants and respective institutes worldwide.
• The institute’s expert faculty members design tailor-made courses to meet the specific requirements of open-enrolment participants.
• IIM Kozhikode’s unique e-MDP (Management Development Programs), including the IIMK Kochi Campus, adopts participant-centered teaching methods and develops rigorous and relevant content for executive participants.
• These factors contribute to higher satisfaction levels among executive participants.

Union Cabinet Approves Rs 17,000 Crore PLI 2.0 Scheme for IT Hardware

• Over the past 8 years, the electronics manufacturing industry in India has experienced consistent growth, achieving a commendable Compound Annual Growth Rate (CAGR) of 17%. This year, it has surpassed a significant production milestone, reaching 105 billion USD (equivalent to about Rs 9 lakh crore).
• India has successfully emerged as the world’s second-largest manufacturer of mobile phones, highlighting its prowess in the electronics manufacturing sector. Notably, the exports of mobile phones have also reached a remarkable milestone of 11 billion USD (about Rs 90 thousand crores) this year.
• India is attracting the attention of the global electronics manufacturing ecosystem, positioning itself as a prominent player in the field. The country is rapidly emerging as a major hub for electronics manufacturing, capitalizing on the opportunities presented by the industry.
• Building upon the achievements of the Production Linked Incentive (PLI) scheme implemented for mobile phones, the Union Cabinet has given its approval to PLI Scheme 2.0 for IT hardware. This decision further strengthens the government’s commitment to promoting and supporting the growth of the IT hardware manufacturing sector in India.

• The PLI Scheme 2.0 for IT hardware encompasses a wide range of products including laptops, tablets, all-in-one PCs, servers, and ultra-small form factor devices.
• The scheme has a budgetary allocation of Rs. 17,000 crores, signifying a significant financial commitment toward promoting the IT hardware sector.
• The duration of this scheme is set for 6 years, providing a long-term framework to drive growth and development in the IT hardware industry.
• It is anticipated that the implementation of this scheme will result in an incremental production value of Rs. 3.35 Lakh crore, showcasing the potential for substantial growth and expansion within the sector.
• The scheme aims to attract incremental investments amounting to Rs. 2,430 crores, facilitating the infusion of capital into the IT hardware manufacturing ecosystem.
• As a consequence of the scheme’s implementation, it is projected that there will be an incremental direct employment generation of 75,000 jobs, contributing to the enhancement of employment opportunities within the IT hardware sector.

Chief Minister Pushkar Singh Dhami Inaugurates National Homoeopathic Convention ‘Homeocon 2023’ in Uttarakhand

UP`s 5G Technology Training Programme

By introducing a 5G technology training initiative under its Skill Development Mission, the Uttar Pradesh government is making a substantial contribution to improving chances for skill development. Recognising the significance of 5G technology in influencing the telecom industry and the future of the economy, this programme intends to provide young people with the essential skills in emerging and employable technologies.

The primary goal of the 5G technology training programme is to make the youth skilled in the latest technologies that will be in high demand in the future job market. The programme acknowledges the vital role that 5G technology will play in transforming the telecom ecosystem, including hardware, software, and services. It is seen as the technology of the future, with applications ranging from Internet of Things (IoT) to machine-to-machine communication and edge computing.

Under this programme, the Uttar Pradesh government aims to train and provide jobs to 1,000 candidates. The initiative will be initially launched in five districts, namely Lucknow, Kanpur, Gautam Buddha Nagar, Moradabad, Agra, Gorakhpur, Varanasi, and Prayagraj. These districts have been chosen strategically to ensure maximum reach and impact of the training programme.

The 5G technology training programme offers three courses to equip candidates with the necessary knowledge and skills. These courses include Telecom Rigger – 5G and Legacy Networks, Technician 5G – Active Network Installation, and Project Engineer – 5G Networks. Each course focuses on different aspects of 5G technology, providing specialized training to cater to diverse job roles and requirements.

The Uttar Pradesh government estimates that over Rs 80 lakh will be spent on the Telecom Rigger-5G and Legacy Networks course. This substantial investment demonstrates the government’s commitment to providing quality training to candidates. The Technician 5G course, running for 570 hours, will receive a total expenditure of more than one crore, benefiting 360 candidates. The Project Engineer course, involving 660 hours of training, will receive over 90 lakhs in investment, enabling 280 candidates to enhance their skills in 5G technology.

6th Indian Ocean Conference- IOC 2023

• External Affairs Minister Dr S. Jaishankar emphasised that the vision of the Indo Pacific has become a reality in the 21st century.
• He made this statement during the 6th Indian Ocean Conference-2023 in the Bangladeshi capital, where he also acknowledged Bangladesh’s recent announcement of the “Indo Pacific Outlook” and warned against countries that try to impede the region’s progress.
• Jaishankar noted that the Indo-Pacific represents contemporary globalisation, and a departure from the framework established in 1945, which some countries still have a vested interest in perpetuating.
• The Indian minister was in Dhaka for a two-day visit, during which he met with Prime Minister Sheikh Hasina and his counterpart, Dr. AK Abdul Momen.

• The first IOC took place in Singapore in 2016 and was attended by more than 300 delegates from 22 countries, including ministers, political leaders, diplomats, strategic thinkers, academics, and media.
• The second conference was hosted in Colombo, Sri Lanka in 2017 and was attended by representatives from over 40 countries. In 2018, the third IOC was held in Hanoi, Vietnam, and was attended by delegates from 44 countries.
• In 2019, the fourth edition was hosted in Maldives and was attended by delegates from 40 countries. The fifth IOC was held in 2021 in Abu Dhabi, UAE and was addressed by 37 speakers from 21 countries.

Libyan Parliament has expelled PM Fathi Bashagha

The eastern-based parliament of Libya voted to depose Prime Minister Fathi Bashagha, refer him for inquiry, and install Finance Minister Osama Hamad in his place, causing political chaos in the country. Uncertainty surrounds the causes of Bashagha`s dismissal.

As a former interior minister, he was chosen over a year ago to rival Tripoli-based premier Abdul Hamid Dbeibah under a United Nations-brokered deal to create a power-sharing government and establish democracy in Libya.

Key Points

• The country, home to Africa’s largest oil reserves, has been plagued by instability since the 2011 civil war and the fall of Moammar Al Qaddafi.
• Despite an unstable political situation, crude oil production has stabilised this year at over 1.1 million barrels per day.
• Following the unsuccessful endeavors of Fathi Bashagha to lead a march into the capital city, Tripoli, and establish his authority as the national prime minister, he established an alternative government in the city of Sirte along the central coastline.

Himachal Cabinet approves monthly incentive of Rs 1,500 for women of Spiti

New GST regulations for businesses with turnover of over ?100 crore

• This new rule replaces the current system in which businesses upload the invoices on the IRP on the day on which they are issued, regardless of their actual issue date.
• The GST Network (GSTN) has issued an advisory to taxpayers regarding this development, stating that the government has decided to impose a time limit for reporting old invoices on the e-invoice IRP portals for those companies with an aggregate annual turnover equal to or greater than Rs 100 crore.
• Therefore, companies subject to this rule must ensure that they upload invoices promptly to comply with the new requirements.
• According to GSTN, this restriction will only be applicable to invoices and there will be no time restrictions imposed on the reporting of debit/credit notes.
• For instance, if an invoice has a date of April 1, 2023, it must be reported by April 8, 2023, as the system will not allow reporting after the 7-day window.