Daily Current Affairs Analysis Today : 24 –March-2023
Daily current affairs analysis helps students to stay updated with the world around them and develop a better understanding of the recent developments. It helps them to prepare better for competitive exams as many questions are based on current events. Moreover, it also provides an insight into the world’s politics, economics, and international relations which can help in forming opinions and understanding the context of discussions.
India’s Sarabjot Singh clinches gold medal in men’s 10m Air Pistol event at ISSF Rifle & Pistol World Cup
India’s Sarabjot Singh clinched the gold medal while Varun Tomar finished with bronze in the men’s 10m Air Pistol event at the ISSF Rifle and Pistol World Cup in Bhopal, Madhya Pradesh.
China’s Li Xue won the gold while Germany’s Doreen Vennekamp settled for silver in the women’s 10m Air Pistol event.
China’s Qian Wei completed the podium with a bronze medal finish.
Meanwhile, ace Indian shooters Manu Bhaker and Yashaswini Singh Deswal failed to progress beyond the qualification round.
Manu Bhaker, a Youth Olympic Games champion finished a disappointing 16th with 568 points.
Among the other Indian shooters Esha Singh placed sixth, Yashaswini Singh Deswal ninth and Rhythm Sangwan finished 13th position.
Divya Thadigol, who was third in the qualification round with 579 points, got eliminated in the ranking round.
International Shooting Sport Federation
Headquarters: Munich, Germany
President: Luciano Rossi
Sport: Shooting sport
Membership: 150 regions
Secretary General: Willi Grill
Recently which Indian shooter clinched gold medal in men’s 10m Air Pistol event at ISSF Rifle & Pistol World Cup in Bhopal, M.P.? Sarabjot Singh
Income tax dept launches mobile app AIS for Taxpayers
Income Tax Department has launched a free of cost Mobile app namely AIS for taxpayers.
It will facilitate the taxpayers to view their information as available in the Annual Information Statement (AIS) and Taxpayer Information Summary (TIS).
In the app, they can view various information related to TDS, interest, share transactions, tax payments, Income Tax refunds and GST Data among others.
The taxpayers will also have the option and the facility to provide feedback on the information displayed in the app.
How it works?
To access this mobile app, the taxpayer needs to register on the app by providing PAN number, authenticate with the OTP sent on the mobile number and e-mail registered on the e-filing portal. Subsequent to the authentication, the taxpayer can simply set a 4-digit PIN to access the mobile app.
New Income Tax Regime
Income range Income tax rate
Up to Rs. 3,00,000 Nil
Rs. 300,000 to Rs. 6,00,000 5% on income which exceeds Rs 3,00,000
Rs. 6,00,000 to Rs. 900,000 Rs 15,000 + 10% on income more than Rs 6,00,000
Rs. 9,00,000 to Rs. 12,00,000 Rs 45,000 + 15% on income more than Rs 9,00,000
Rs. 12,00,000 to Rs. 1500,000 Rs 90,000 + 20% on income more than Rs 12,00,000
Above Rs. 15,00,000 Rs 150,000 + 30% on income more than Rs 15,00,000
What is the name of the Mobile App launched by Income Tax Department for taxpayers? Annual Information Statement (AIS)
US Federal Reserve hikes interest rate by 25 basis point to curb inflation despite banking turmoil
The US central bank has raised interest rates again, despite fears that the move could add to financial turmoil after a string of recent bank failures.
The Federal Reserve increased its key rate by 0.25 percentage points and said more action could be appropriate as consumer prices continue to climb.
The Fed has been raising borrowing costs to try to slow the economy and ease pressures pushing up prices.
But sharp rate rises have led to strains in the banking system.
Two US banks – Silicon Valley Bank and Signature Bank collapsed this month, buckling in part due to problems caused by higher interest rates.
But authorities around the world have said they do not think the failures threaten widespread financial stability and need not distract from efforts to bring inflation under control.
Federal Reserve System
Headquarters: Washington, D.C., U.S.
Established: December 23, 1913
Governing body: Board of Governors
Chairperson: Jerome Powell
The US Federal Reserve hikes interest rate by 25 basis point to curb inflation despite banking turmoil. In context to same who is the incumbent Chairperson of the US Federal Reserve? Jerome Powell
Bharat 6G Mission: PM Modi launches India’s 6G project, official testbed
Prime Minister Narendra Modi unveiled India’s 6G mission, which visualises a focused initiative for the next-generation tech in India, and the official 6G testbed project to allow research on new network technologies.
The government has launched the Bharat 6G project, and appointed an apex council to oversee it.
The government constituted a 22-member innovation group chaired by telecom secretary K Rajaraman to create a plan for the 6G mission.
The testbed is being co-developed by the many Indian Institute of Technology (IITs), including those in Guwahati and Madras.
India is the second-largest telecom market globally with 1.2 billion digital subscribers.
PM Modi also launched the ‘Call Before You Dig (CBuD)’ app to facilitate coordination between excavation agencies and underground utility owners to prevent damage to utilities due to digging.
The prime minister also inaugurated the first Area Office & Innovation Centre of the International Telecommunications Union (ITU) in India.
ITU is the United Nations’ specialised agency for information and communication technologies (ICT).
The ITU’s next World Telecommunication Standardisation Assembly will also be held in India next year.
International Telecommunication Union
Headquarters: Geneva, Switzerland
Founded: 17 May 1865
Parent organization: United Nations
Deputy Secretary General: Tomas Lamanauskas
Secretary-General: Doreen Bogdan-Martin
Prime Minister Narendra Modi unveiled India’s 6G mission & appointed an apex council to oversee it. This apex council is chaired by whom? K Rajaraman (Telecom Secretary)
IOC to invest Rs 61,077 cr in petchem complex at Paradip, Odisha
India’s top oil company IOC will invest Rs 61,077 crore in building a petrochemical complex at Paradip in Odisha – its largest ever investment at a single location – as it doubles down on its transition plan.
This is a part of its transition plan including boosting petrochemical intensity to help protect against volatility.
What is Petrochemical intensity?
It refers to the percentage of crude oil that is converted directly into chemicals that are used to make plastic and other material.
Crude oil, pumped out of the ground and from below the seabed, is processed in refineries to make petrol, diesel and other fuel.
It can be processed to make petrochemicals, bypassing the fuels.
IOC’s petrochemical intensity – the percentage of crude oil converted into chemicals- is low at 5-6 per cent currently.
The company intends to take it up to 10-12 per cent.
What is Energy transition?
It refers to the shift from fossil-based systems of energy production and consumption – including oil, natural gas and coal – to renewable energy sources like wind and solar, as well as lithium-ion batteries.
This shift is likely to gradually cut demand for petrol and diesel and so in preparation of that IOC is doing petrochemical projects.
Indian Oil Corporation
Chairperson: Shrikant Madhav Vaidya
Subsidiaries: Indane (LPG); Chennai Petroleum Corporation Limited
Headquarters: New Delhi
Founded: 30 June 1959
Name India’s top oil company that is going to invest Rs 61,077 crore in building a petrochemical complex at Paradip in Odisha? Indian Oil Corporation
Indian-origin Rahul Roy Chowdhury named as Grammarly’s next CEO
Grammarly announced that Indian-origin Global Head of Product Rahul Roy Chowdhury will become the new CEO from May 1, 2023.
Chowdhury will succeed current CEO Brad Hoover.
The company further announced the appointment of Noam Lovinsky as Grammarly’s new Chief Product Officer, who will report to Chowdhury, while Joe Xavier has been announced as Grammarly’s new Chief Technology Officer.
Before joining Grammarly, Rahul Roy Chowdhury worked with Google for 14 years.
Grammarly is an American cloud-based typing assistant. It reviews spelling, grammar, punctuation, clarity, engagement, and delivery mistakes in English texts, detects plagiarism, and suggests replacements for the identified errors
Founders: Max Lytvyn, Dmytro Lider, Alex Shevchenko
Headquarters: San Francisco, California, United States
Name the Indian-origin person, who will become the next CEO of “Grammarly”, an American cloud-based typing assistant? Rahul Roy Chowdhury
LIC Mutual Fund’s acquisition of IDBI Mutual Fund approved by CCI
The competition regulator Competition Commission of India (CCI) approved the proposed combination involving LIC Mutual Fund’s acquisition of the management rights over the schemes of IDBI MF from IDBI Asset Management Limited.
The proposed combination includes LIC AMC’s acquisition of the rights to manage and administer the schemes of IDBI Mutual Fund from IDBI Asset Management Limited (IDBI AMC).
It also entails LIC Mutual Fund Trustee Private Limited’s (LIC TC) acquisition of the rights of trusteeship of the schemes of IDBI MF from IDBI MF Trustee Company Limited (IDBI TC).
Under this process, the schemes of IDBI MF will form part of LIC Mutual Fund (LIC MF) with LIC AMC acting as the asset management company for the schemes of IDBI MF and LIC TC acting as the trustee company of the schemes of IDBI MF.
Apart from lump sum consideration, IDBI AMC will also acquire certain non-controlling shareholding in LIC AMC.
Competition Commission of India:
Founded: 14 October 2003
Headquarters: New Delhi
Chairperson: Sangeeta Verma (acting)
Secretary: P K Singh
The LIC Mutual Fund’s acquisition of IDBI Mutual Fund approved by CCI. In context to same who is the regulatory body of Mututal Funds in India? Association of Mutual Funds in India (AMFI)
US President Biden presents National Humanities Medals to Indian-American actress Mindy Kaling
US President Joe Biden has presented the prestigious 2021 National Humanities Medals to Indian-American actress and producer Mindy Kaling, with several others, in recognition of her giving voice to a new generation of storytellers.
The National Medal of Arts is the highest award, given to artists, arts patrons, and groups by the US government.
It honours exemplary individuals and organisations that have advanced the arts in America and inspired others through their distinguished achievement, support, or patronage.
The National Medal of Arts was first awarded in 1985.
Capital: Washington, D.C.
President: Joe Biden
Vice President: Kamala Harris
House Speaker: Kevin McCarthy
Chief Justice: John Roberts
Name the Indian-American actress who has received the prestigious 2021 National Humanities Medal from US President, Joe Biden? Mindy Kaling
Bisleri deal dissolved; Tatas to make investments in their own brands
Tata Consumer Products is planning to make substantial investments in its own mineral water brands, such as Tata Copper+ and Himalayan.
The development comes at a time when its plans to acquire leading bottled water brand Bisleri could not come to fruition.
Currently the company plans to support its own brands, including Tata Copper+, Tata Gluco+, and Himalayan mineral water.
The Tata Group company announced on March 17 that negotiations regarding the potential acquisition of Ramesh Chauhan’s Bisleri International had ceased.
Notably, the parties discussed the particulars of the deal for almost two years, and it was expected to be closed soon.
However, some disagreements could not be resolved, and the deal was called off.
Subsidiaries: Tata Motors, Tata Consultancy Services, etc.
Parent organization: Tata Sons
Founded: 1868, Mumbai
Chairman: Natarajan Chandrasekaran
Recently which conglomerate has announced to call off the deal regarding acquision of Ramesh Chauhan’s Bisleri International? Tata Group