Daily Current Affairs- September 19, 2023

PM Modi Names Old Parliament Building As ‘Samvidhan Sadan’

• Prime Minister Narendra Modi gave his last speech from the old parliament building and announced that it will be called ‘Samvidhan Sadan’ (Constitution House).
• He then led all MPs to the new parliament building, which will be the official Indian parliament from now on. He said this was auspicious as it was Ganesh Chaturthi.
• The old parliament building, designed by British architects, was completed in 1927 and is now 96 years old. It was found to be inadequate for present-day requirements.
• PM Modi paid tributes to the old building and said the MPs will enter the new building with new hope and confidence.
• The old building will be conserved as an archaeological asset and may be partly converted into a museum.

Women’s Reservation Bill To Be Introduced In New Parliament Building

• The Women’s Reservation Bill, which aims to provide one-third reservation to women in Parliament and state assemblies, will be the first bill to be introduced in the new Parliament building.
• The bill is listed for introduction in the Lower House through a supplementary list of business. The government said the bill is aimed at enabling greater participation of women in policy-making at the state and national levels.
• The statement of purpose of the bill said the role of women is extremely important for achieving the goal of making India a developed country by 2047.
• The reservation will come into effect after a delimitation exercise is undertaken and will continue for 15 years. Seats reserved for women will be rotated after each delimitation exercise, according to the bill.
• Prime Minister Narendra Modi called September 19 a historic day and told the Parliament that the bill will be introduced during the special session. He also paid tributes to the old Parliament building and led all MPs to the new one.

Karnataka’s Hoysala Temples Declared As UNESCO World Heritage Sites

• The Hoysala temples at Belur, Halebidu and Somanathapur in Karnataka are known for their distinct style of architecture and sculpture using soft soapstone.
• The temples were built between the 12th and 13th centuries by the Hoysala kings and are dedicated to various Hindu deities such as Vishnu and Shiva.
• The temples were nominated by the Centre as India’s entry for 2022-23 and were officially inscribed as UNESCO World Heritage Sites on September 18, 2023.
• The inscription will bring global recognition and prospects of increased international tourism to these places, which are protected by the Archaeological Survey of India.
• The old parliament building in Delhi, which was also on the tentative list, was named as ‘Samvidhan Sadan’ (Constitution House) by Prime Minister Narendra Modi on the same day.

World Leaders Adopt Declaration To Boost SDG Progress Amid Crises

• The 78th session of the UN General Assembly began with the 2023 SDG Summit, which reviewed the implementation of the 2030 Agenda and its 17 Sustainable Development Goals (SDGs).
• The summit adopted a political declaration to reaffirm the commitment to the SDGs and to accelerate action on them, as progress on most of them is either too slow or has regressed below the 2015 baseline.
• The declaration expressed concern over the multiple crises facing the world, such as poverty, hunger, malnutrition, humanitarian needs, climate change and inequality, which have reversed years of sustainable development gains.
• The declaration called for bold, ambitious, accelerated, just and transformative actions, anchored in international solidarity and effective cooperation at all levels, to achieve a more inclusive, just, peaceful, resilient and sustainable world for people and planet.
• UN Secretary-General Antonio Guterres said the SDGs need a global rescue plan and urged the leaders to act with urgency. He also highlighted the importance of improving developing countries’ access to finance, which is the fuel for SDG progress.

Singapore Introduces Biometric Immigration Clearance At Changi Airport

• Singapore will use biometric data to clear passengers departing from Changi airport from the first half of 2024, without the need for passports.
• Biometrics will create a single token of authentication that will be used at various automated touchpoints, such as bag drop, immigration and boarding, for more seamless and convenient processing.
• The Singapore government passed amendments to their Immigration Act to allow the disclosure of passenger and crew information to the airport operator for specific purposes, such as bag drops and passenger tracing.
• This will enable end-to-end biometric clearance, meaning the passenger does not need to produce their travel documents multiple times during the boarding process5.
• The move is part of Singapore’s efforts to enhance its border security and travel experience amid the recovery of global air travel.

Torrent in talks with Apollo to borrow up to $1 billion for Cipla bid: Report

• Torrent Pharmaceutical is seeking a loan of up to $1 billion from Apollo Global Management to fund a bid for Cipla, a larger rival in the Indian pharma market.
• Torrent is also in talks with CVC Capital Partners and Bain Capital, who might join the consortium as equity partners and contribute up to $1.5 billion.
• Cipla’s founding family is willing to sell their 33.4% stake, which would trigger an open offer for another 26% as per Indian regulations4. The deal could be worth as much as $7 billion.
• Cipla is known for making anti-allergy and respiratory drugs and competes with global majors like Pfizer and Abbott5. Torrent sells medicines related to diabetes, pain management and oncology.
• The deal is not yet confirmed and is subject to due diligence and regulatory approvals.

Bima Sugam: A One-Stop Online Platform for Insurance Customers

• Bima Sugam is a proposed online platform by IRDAI to provide all insurance services in one place, such as purchase, service, and settlement of policies.
• Bima Sugam will help customers choose a suitable scheme from multiple options given by various companies, across life, health, and general insurance segments.
• Bima Sugam will use biometric data to authenticate customers and store their policies in an insurance account, eliminating the need for physical documents and paperwork.
• Bima Sugam will be connected with India Stack, a set of APIs that enable seamless delivery of services using digital infrastructure.
• Bima Sugam is expected to be launched by June 2024 with a budget of Rs 200 crore. It will be owned by insurance companies, brokers, and agent bodies.

DRDO Develops Indigenous P-7 Heavy Drop Parachute System

• The P-7 Heavy Drop Parachute System is a new innovation by DRDO to improve the paradropping capabilities of India’s Armed Forces.
• The system can para-drop military stores up to 7-ton weight class from IL 76 aircraft, using 100 percent indigenous materials and engineering textiles.
• The system is a force multiplier for the Armed Forces, as it enables the rapid delivery of combat stores in far-flung inaccessible areas.
• The system is fully made in India under the Make in India program and showcases the country’s self-reliance in defense technology.

Information and Broadcasting Secretary Launches Ebook on India’s G20 Presidency

• The ebook, titled “People’s G20”, provides a comprehensive perspective on India’s G20 Presidency, which began in December 2022 and will end in November 2023.
• The ebook is divided into three parts: the first part covers the G20 Summit held in New Delhi on September 9-10, 2023; the second part summarizes the meetings of the Working Groups and the Engagement Groups under the Sherpa and Finance Track; and the third part showcases the Jan-Bhagidari events that involved public participation and engagement in the G20 process.
• The ebook highlights India’s initiatives and achievements during its G20 Presidency, such as promoting inclusive growth, sustainable development, digital transformation, health security, and global cooperation.
• The ebook is a collaborative effort of the Ministry of Information and Broadcasting and the Press Information Bureau, and aims to enhance transparency, inclusivity, and awareness about India’s role in the G20.
• The ebook is available for download from the official website of the Ministry of Information and Broadcasting.

RBI Releases List of 15 NBFCs in ‘Upper Layer’ Under SBR Framework

• The Reserve Bank of India (RBI) introduced a new regulatory framework for Non-Banking Financial Companies (NBFCs) in October 2021, called Scale Based Regulation (SBR).
• The SBR framework categorizes NBFCs based on their asset size and activities into four layers: Base Layer, Middle Layer, Upper Layer, and Top Layer.
• The Upper Layer consists of NBFCs that require enhanced regulatory oversight due to their size, complexity, and potential systemic impact.
• The RBI released the names of 15 NBFCs that fall under the Upper Layer for the year 2023-24, including LIC Housing Finance, Bajaj Finance, Shriram Finance, Tata Sons, and Muthoot Finance.
• The SBR framework aims to provide tailored and risk-based regulation for NBFCs, ensuring financial stability and consumer protection.

Mondo Duplantis Breaks Pole Vault World Record In Eugene

• Mondo Duplantis, the Swedish pole vaulter and Olympic champion, cleared 6.23 meters in his first attempt at the Diamond League Final in Eugene on September 17th, 2023.
• He broke his own world record of 6.22 meters, which he had set in February 2023. This was his seventh time breaking the world record in pole vault, and his second time doing it outdoors in Eugene.
• He only needed three attempts to win the competition, as none of his rivals could match his performance. He received a warm reception from the crowd and his fellow competitors, who celebrated his historic feat.
• He expressed his passion for pole vaulting and hinted at the possibility of achieving even higher heights in the future. He said he wanted to take the sport to new levels and attract more attention from the global audience.

Indian Navy to Host ‘Swavlamban 2023’ Seminar on Innovation and Indigenisation

• ‘Swavlamban 2023’ is the second edition of the Naval Innovation and Indigenisation (NIIO) Seminar, to be held on October 4th and 5th, 2023 in New Delhi.
• The seminar will showcase the 75 prototypes developed by start-ups and MSMEs under the ‘SPRINT’ initiative, which was launched by the Prime Minister in 2022.
• The ‘SPRINT’ initiative aims to foster innovation and self-reliance in the defense sector by issuing 75 challenges to the innovation ecosystem, aligned with the ‘Azadi ka Amrit Mahotsav’.
• The Indian Navy, in collaboration with iDEX and industry partners, has supported the development of these innovative solutions, which cover areas such as underwater applications, autonomous swarms, firefighting aids, and artificial intelligence.
• The seminar will also feature live demonstrations of some of the promising technologies, highlighting the potential of indigenous innovation for the Indian Navy and the defense sector.

SHREYAS Scheme Empowers Thousands of SC and OBC Students

• SHREYAS scheme is an umbrella scheme that comprises four sub-schemes to provide quality education and skill development to students from SCs and OBCs.
• The sub-schemes are: Free Coaching Scheme, Top Class Education, National Overseas Scheme, and National Fellowship for SC Students.
• The scheme has allocated over 2300 crore rupees since 2014 and benefited over 43,000 students in various fields of higher education and competitive exams.
• The scheme is aligned with the ‘Azadi ka Amrit Mahotsav’ and the goal of making India a developed country by 2047.

DRDO Develops Indigenous P-7 Heavy Drop Parachute System

• The P-7 Heavy Drop Parachute System is a new innovation by DRDO to improve the paradropping capabilities of India’s Armed Forces.
• The system can para-drop military stores up to 7-ton weight class from IL 76 aircraft, using 100 percent indigenous materials and engineering textiles.
• The system is a force multiplier for the Armed Forces, as it enables the rapid delivery of combat stores in far-flung inaccessible areas.
• The system is fully made in India under the Make in India program and showcases the country’s self-reliance in defense technology.

Assam Government Launches Amrit Brikshya Andolan to Plant One Crore Seedlings

• Amrit Brikshya Andolan is a green initiative by the Assam Government under the leadership of Chief Minister Hemanta Biswa Sarma.
• The initiative aims to plant one crore seedlings across the state, using biometric data to authenticate participants and provide financial incentives.
• The initiative also seeks to promote a tree-based economy and enhance the state’s green cover and environmental well-being.
• The initiative is aligned with the ‘Azadi ka Amrit Mahotsav’ and the goal of making India a developed country by 2047.
• The initiative invites participation from various groups, such as Self Help Groups, ASHA workers, educational institutions, and individuals.

Finance Ministry Approves Welfare Measures for LIC Agents and Employees

• The Finance Ministry has approved a range of welfare measures for over 13 lakh LIC agents and 1 lakh employees.
• The measures include raising the gratuity limit for agents to five lakh rupees, allowing renewal commissions for reappointed agents, and expanding the term insurance cover for agents to up to one lakh fifty thousand rupees.
• The measures also include introducing a family pension at a uniform rate of 30 percent for the families of LIC employees.
• The measures are expected to provide more financial cushion, security, and motivation for the LIC workforce.