Current affairs-24 March
National news:
- Will SVB collapse impact the Indian talent market?
Startups that had built their reserves and deposits at SVB are likely to be affected by the bank's collapse, and efforts are underway to secure and recover their reserves.
For these startups, the main inconvenience will be a reduction in liquidity and delays in accessing funds.
However, they have a means of resolving the situation and are unlikely to resort to layoffs. They may need to exercise short-term austerity measures to navigate through this period.
International news:
- Egypt joins BRICS bank as new member weeks after President Sisi's India visit
After President Abdel-Fattah El-Sisi visited India as a chief guest for the Republic Day celebrations, Egypt has become a member of the BRICS New Development Bank (NDB).
According to sources familiar with the matter, Egypt officially joined the NDB on February 20, with a formal notification issued on March 22.
The African-Arab nation intends to enhance its infrastructure, and NDB funding can make a significant contribution toward achieving this goal.
- Jack Dorsey’s wealth tumbles $526 million after Hindenburg short
Hindenburg Research's recent report accusing Block Inc. of ignoring extensive fraud has had a significant impact on co-founder Jack Dorsey's net worth.
His fortune experienced its most substantial single-day decline since May, with a drop of 11%, resulting in a decrease of $526 million.
According to the Bloomberg Billionaires Index, Dorsey's net worth now stands at $4.4 billion.
DEFENCE NEWS:
BUSINESS NEWS
BANKING NEWS
According to Binaya Pradhan, the Indian High Commissioner to Tanzania, the recent development of allowing the use of the Indian Rupee and the Tanzanian Shilling (Tsh) for settling bilateral trade is a positive development for the business community
World Tuberculosis Day 2023 observed on 24 March
The theme for this year's World Tuberculosis Day is "Yes! We can end TB!" and it focuses on urging leaders from around the world to take action to stop the TB epidemic.
- Defence Ministry Inks Rs 3700 Cr Contracts with BEL for Radars and Receivers
- The Indian Defence Ministry has recently signed two contracts with Bharat Electronics Limited (BEL) worth more than Rs 3,700 crore, with the aim to enhance the operational capabilities of the Indian Air Force.
- Under the Buy Indian – IDMM (Indigenously Designed Developed and Manufactured) category, both projects are part of the ongoing vision of Aatmanirbhar Bharat.
- The first contract, worth over Rs 2,800 crore, involves the supply of Medium Power Radars (MPR) 'Arudhra', which have been designed and developed by the Defence Research and Development Organisation (DRDO) and will be manufactured by BEL.
- The second contract, with a cost of approximately Rs 950 crore, relates to Radar Warning Receivers (RWR).
- Annual Bilateral Maritime Exercise Konkan 2023
- The annual bilateral maritime exercise called Konkan 2023 was conducted between the Indian Navy and the Royal Navy from 20th to 22nd March 2023 off the Konkan coast in the Arabian Sea.
- The Royal Navy is the United Kingdom's naval warfare force.
- The exercise involved INS Trishul, a guided missile frigate, and HMS Lancaster, a Type 23 guided missile frigate, and aimed to improve cooperation and learn best practices through various maritime drills.
- These drills covered air, surface, and sub-surface operations, such as gunnery shoots on an inflatable surface target called 'Killer Tomato,' helicopter operations, anti-aircraft, and anti-submarine warfare exercises, Visit Board Search and Seizure (VBSS), ship manoeuvres, and personnel exchange.
- The maritime exercise proved to be highly beneficial for the personnel of both navies, as it displayed a remarkable level of professionalism and enthusiasm throughout its execution.
ECONOMY NEWS - Income tax dept launches mobile app AIS for Taxpayers
- On March 22, the Income Tax Department launched a mobile application called "AIS for Taxpayer" that enables taxpayers to view their tax-related information in the Annual Information Statement (AIS) or Taxpayer Information Summary (TIS).
- The app has become essential and beneficial since starting from the new financial year on April 1, Form 26AS will only show information related to tax deducted at source (TDS) and tax collection at source (TCS).
- Taxpayers need to refer to the AIS for various details, including installments of advance tax paid, self-assessment tax, income-tax refund, Statement of Financial Transactions (SFT), and turnover as per Goods and Service Tax (GST) return, among other things.
BUSINESS NEWS
Ashneer Grover launched cricket fantasy sports app ‘CrickPe’
Ashneer Grover, co-founder of BharatPe, has launched a new cricket-focused fantasy sports app named CrickPe ahead of the Indian Premier League (IPL) tournament.
This app will compete against rivals such as Dream11, Mobile Premier League (MPL), and Games24x7's My11Circle.
Third Unicorn Pvt Ltd, founded by Ashneer Grover, has raised $4 million in seed funding from more than two dozen angel investors, including Anmol Singh Jaggi, Anirudh Kedia, and Vishal Kedia.
Previously, Grover was associated with BharatPe and Grofers, both of which are unicorns.
The app is targeting the upcoming IPL tournament for its launch and is allowing users to participate in contests for IPL matches starting from March 31, 2023.
BANKING NEWS
RBI allows India and Tanzania to use national currencies for trading
India and Tanzania have received approval from the Reserve Bank of India (RBI) to utilize their respective national currencies in bilateral trade settlements.
This move is anticipated to decrease transaction costs and improve the effectiveness of cross-border trade, resulting in higher trade volumes and increased economic collaboration between the two nations.
According to Binaya Pradhan, the Indian High Commissioner to Tanzania, the recent development of allowing the use of the Indian Rupee and the Tanzanian Shilling (Tsh) for settling bilateral trade is a positive development for the business community
IMPORTANT DAY
World Tuberculosis Day 2023 observed on 24 March
World Tuberculosis Day is observed on March 24th every year to raise awareness about the global epidemic of tuberculosis (TB) and efforts to eliminate the disease.
The World Health Organization (WHO) aims to end the TB epidemic by 2030. The organization works with governments, non-governmental organizations, and other partners to increase access to TB prevention, diagnosis, and treatment, and to develop new tools and strategies for TB control.
On World Tuberculosis Day, organizations and individuals around the world organize events and activities to raise awareness about TB, its causes, symptoms, and treatment, and to promote efforts to eliminate the disease.
The day provides an opportunity for people to come together and take action to help end the TB epidemic.
The theme for this year's World Tuberculosis Day is "Yes! We can end TB!" and it focuses on urging leaders from around the world to take action to stop the TB epidemic.
Science and Technology News
Surge in Covid-19 cases in India linked to highly contagious XBB1.16 variant
India has seen a surge in daily Covid-19 infections, with 349 cases of the newly detected XBB1.16 variant, which may be responsible for the recent increase in cases.
According to data from the Indian SARS-CoV-2 Genomics Consortium (INSACOG), Maharashtra has the highest number of XBB1.16 variant cases with 105 cases, followed by Telangana with 93 cases, Karnataka with 61 cases, and Gujarat with 54 cases.
The XBB1.16 variant, which is considered to be the most contagious variant so far, is a recombinant lineage of the virus and a descendant of the XBB lineage of Covid-19. It was first detected in India in January 2022, when two samples tested positive for the variant. In February, 140 XBB1.16 variant samples were reported, and in March, 207 XBB1.16 variant samples were found
NASA and ISRO have jointly manufactured an earth science satellite named, NISAR
Dr. Jitendra Singh, the Union Minister of State for Science & Technology, announced in the Rajya Sabha that NASA and ISRO have collaboratively built an earth science satellite called NISAR (NASA-ISRO Synthetic Aperture Radar).
The satellite's primary objectives are to design, develop, and launch a dual-frequency (L and S band) radar imaging satellite, and to explore new application areas using L & S Band microwave data, particularly in surface deformation studies, terrestrial biomass structure, natural resource mapping and monitoring, and research on the dynamics of ice-sheets, glaciers, forests, oil slicks, etc.
