Daily Current Affairs 1 March 2023 for Banking/Insurance/SSC and other related exams.
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Govt approves contract with Larsen and Toubro Limited for acquisition of 3 cadet training ships
The Government has approved the signing of a contract with Larsen and Toubro Limited for the acquisition of three Cadet Training Ships, at an overall cost of 3,108 crore rupees.
- The delivery of these indigenously designed, developed and constructed ships is scheduled to commence in the year 2026.
- These ships will cater to the training of officer cadets at sea, including women, and can be deployed for the evacuation of people.
Australia’s Wollongong and Deakin universities to set up campuses in Gujarat’s GIFT City
Two Australian government universities, Deakin University and University of Wollongong, will be the first foreign education institutions to set up campuses in GIFT City, Gujarat.
- Education Minister Dharmendra Pradhan made the announcement in the presence of Australia’s Minister for Education Jason Clare, and former Australian cricketer Adam Gill Hristo.
- The Australian Minister for Education is on a visit to India from February 28 to March 4 to foster India-Australia relations in the field of education. Mr. Gilchrist is the global brand ambassador of the University of Wollongong.
BANKING & FINANCE
Bharti AXA partners with Unity Small Finance Bank to distribute insurance products
Bharti AXA Life Insurance, a joint venture between Bharti Enterprises and global insurance firm AXA, has entered into a bancassurance tie up with Unity Small Finance Bank (Unity Bank) in order to sell its life insurance products through the lender’s network of 111 branches and 206 offices across India.
- Through this alliance, Bharti AXA Life’s entire suite of life insurance plans, including protection, savings, investment, and retirement products, will be offered to over 1.5 million customers of the bank, across 17 states.
BUSINESS & ECONOMY
BSNL empanels Telecommunications Consultants India Ltd as Captive Non- Public Network Provider
Telecommunications Consultants India Ltd (TCIL) has entered into an agreement with Bharat Sanchar Nigam Ltd (BSNL) for the provision of Captive Non-Public Network (CNPN) Services to enterprise customers.
- With its experience of field deployment of mobile technologies, TCIL as the master system integrator will deliver a robust end-to-end private 5G network solutions to enterprise customers.
Air India to end brand Vistara after merger
Air India, owned by the Tata group, will discontinue the Vistara brand on completion of its merger with Tata SIA Airlines Ltd, the operator of Vistara airline, chief executive and managing director Campbell Wilson said.
- Vistara clearly has a very strong recognition in the Indian market, but if you look outside the Indian market, clearly Air India is much more recognized and has a 90-year history. So, the future full-service carrier will be called Air India, but we would like to retain and celebrate some of the Vistara heritage in that new manifestation.
- While Tata-run Air India completed a year of privatization in January, Vistara started operations in January 2015 as a 51:49 joint venture between Tata Sons and Singapore Airlines.
Moody’s raises GDP growth forecast for India to 5.5% in 2023
Moody’s Investors Service raised India’s economic growth estimate for 2023 to 5.5 per cent from 4.8 per cent pegged earlier, on the back of a sharp increase in capital expenditure in the Budget and a resilient economic momentum.
- The central government continued with its capital expenditure push in the recently announced Union Budget. In 2023-24, capex is budgeted at Rs 10 lakh crore which will constitute 3.3 per cent of GDP. The RBI in its Bulletin said that if effectively implemented, it can take India’s real GDP growth close to 7 per cent in FY24.
Japan to invest ₹7,200 crores in Uttar Pradesh, HMI Group developing 30 hotels
Japan’s eminent hospitality group Hotel Management International Company Limited (HMI) will be opening 30 new properties across Uttar Pradesh. The company has signed an MoU with the UP government to invest Rs 7200 crore at the UP Global Investors Summit.
- The development took place during the second day of the ongoing three-day-long Global Investors’ Summit. The announcement regarding the MoU was made during a session titled “Implementation of Special Strategic and Global Partnership between Japan and India in U.P. Currently, the HMI Group operates more than 60 hotels in major cities of Japan.
India Wins GSMA Government Leadership Award 2023
Groupe Speciale Mobile Association (GSMA) has conferred Government Leadership Award 2023 to India for implementing best practices in telecom policy and regulation. GSMA, which represents more than 750 mobile operators and 400 companies in the telecom ecosystem, recognizes one country every year. India was declared winner in the ceremony held at Mobile World Congress Barcelona.
- GSMA said India’s biggest-ever spectrum auction for 5G was held in July 2022. In total, 72 GHz spectrum was sold across ten spectrum bands. The government lowered reserve prices by 39 per cent across the spectrum band. Seventy-one of all spectrum on auction was sold for $19 billion.
- All three mobile operators in India acquired spectrum in key 5G bands such as 700 MHz, 3.5 GHz and 26 GHz. To further support 5G rollouts, the government has also liberalised the spectrum cap limit for telecom operators, expanding their ability to hold more spectrum.
Elon Musk returns to the top, becomes richest person on the planet again
Elon Musk has regained his spot as the world’s richest person, after briefly losing the title to France’s Bernard Arnault.
- Musk’s wealth has been buoyed by a nearly 70 per cent surge in Tesla’s stock price this year. It’s up about 100 per cent from its intraday low on January 6 as investors pile back into bets on riskier growth stocks amid signs of economic strength and a slower pace of Federal Reserve interest-rate increases.
- The company has also benefited from more demand for its electric vehicles after cutting prices on models.