Daily Current Affairs 16 March 2023 for Banking/Insurance/SSC and other related exams.
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AAHAR 2023: Asia’s biggest International Food and Hospitality Fair begins in Delhi
The objective of Aahar 2023, which was put together with the help of the Union Ministry of Food Processing Industries, the Agriculture and Processed Food Products Export Development Authority (APEDA), and other organizations, is to showcase the hospitality industry’s potential and showcase technologies, goods, and services to both domestic and foreign consumers.
- The greatest four-day culinary event in India is called Aahar 2023, where wholesalers, caterers, hoteliers, and restaurant owners gather to source the best food, hospitality, and equipment as well as to assess industry trends.
- At the fair’s major event Aahar 2023, Culinary Art India, WACS-certified jury members from India and overseas will also assess the skill of more than 500 cooks.
India remains biggest arms importer between 2018-22: SIPRI
India is still the world’s largest importer of military equipment, despite an 11% decline in arms purchases between 2013–17 and 2018–22, according to a study by the Stockholm International Peace Research Institute (Sipri).
- The report is released at a time when India has intensified its efforts to become self-reliant in the defence manufacturing sector.
- This year’s defence budget included about Rs 1 lakh crore for domestic purchases, compared to Rs 84,598 crore, Rs 70,221 crore, and Rs 51,000 crore in the three years prior.
- According to data published by the think tank that tracks weapons imports over a five-year period, India had the biggest percentage of the world’s arms imports in the past five years at 11%, followed by Saudi Arabia (9.6%), Qatar (6.4%), Australia (4.7%), and China (4.7%).
BANKING & FINANCE
Banks from 18 countries get RBI’s nod to trade in rupee
The Reserve Bank of India (RBI) has permitted banks from 18 countries to open Special Vostro Rupee Accounts (SVRAs) to settle payments in rupees, the government said. Speaking in Rajya Sabha, Union Minister of State for Finance Bhagwat Kishanrao Karad said that 60 such approvals have been given by the RBI.
- These 18 nations include Botswana, Fiji, Germany, Guyana, Israel, Kenya, Malaysia, Mauritius, Myanmar, New Zealand, Oman, Russia, Seychelles, Singapore, Sri Lanka, Tanzania, Uganda and the United Kingdom.
- The process of SVRAs began in July 2022 when the RBI announced that, “it has been decided to put in place an additional arrangement for invoicing, payment, and settlement of exports/imports in INR [Indian rupees]”.
BUSINESS & ECONOMY
Microsoft inks licensing deal with cloud gaming provider Boosteroid
Microsoft strikes a deal to make Xbox PC video games available on the Boosteroid cloud gaming platform, its latest move to appease antitrust regulators scrutinising its purchase of game maker Activision Blizzard.
- The US tech giant said the 10-year agreement would also include Activision Blizzard titles like the popular Call of Duty franchise if or when the acquisition gets approved.
- Microsoft aims to boost its firepower in the booming videogaming market against leaders Tencent and Sony, and lay the base for its investment in metaverse.
Royal Challengers Bangalore ropes in Equitas SFB as banking partner for IPL 2023
Equitas Small Finance Bank said it has partnered T20 cricket team Royal Challengers Bangalore (RCB) for the 2023 season of the T20 league.
- The RCB team will don the Equitas Small Finance Bank logo on the lead trousers as part of the team’s jersey.
- This partnership campaign will be aimed to communicate that Equitas has been playing a progressive role in transforming the lives of individuals through their lending and social responsibilities of ‘beyond banking’, it said in a regulatory filing.
Climate Entrepreneur Shreya Ghodawat appointed as the India Ambassador of She Changes Climate
She Changes Climate campaign: Climate entrepreneur Shreya Ghodawat has been appointed as India’s ambassador for She Changes Climate– a global campaign driving awareness of the crucial role of women in accelerating just climate action.
- On International Women’s Day, the global non-profit organization “She Changes Climate” unveiled a new campaign called “Embrace Equity” with the goal of amplifying women’s voices regarding the effects of climate change.”
- The global non-profit organisation launched a special initiative for International Women’s Day titled ‘Embrace Equity’ that aims to amplify the voices of women around the impacts of climate change.The global non-profit organisation launched a special initiative for International Women’s Day titled ‘Embrace Equity’ that aims to amplify the voices of women around the impacts of climate change.
Eric Garcetti named as US ambassador to India
The US Senate Committee has announced the appointment of Eric Garcetti as the new US Ambassador to India. Despite being nominated by President Joe Biden almost two years ago, Garcetti’s appointment had been pending until now.
- Eric Garcetti served as the President of the City Council of Los Angeles for four consecutive terms and is known to be a close acquaintance of President Biden. He has also emerged as a leader within the Democratic Party.
Gardner and Brook win ICC Player of the Month awards for February
England’s swashbuckling batter Harry Brook and Australia Women all-rounder Ashleigh Gardner have won the ICC Player of the Month award for February.
- Brook won the accolade by beating Indian all-rounder Ravindra Jadeja and West Indies spinner Gudakesh Motie, who were also nominated.
- Whereas Gardner prevailed over England’s Natalie Sciver-Brunt and South Africa’s Laura Wolvaardt as they were the nominees for the women’s category.
SCIENCE & TECHNOLOGY
OpenAI announces new generation of AI language model GPT-4
GPT4, the most recent release of OpenAI’s large language model, which powers popular apps like ChatGPT and the new Bing, has been announced.
- According to San Francisco-based research company OpenAI, GPT-4 is more advanced than the previous version and has been trained on more data, costing more to operate.
- As per the company GPT4 “can tackle challenging issues with better accuracy” and is “more creative and collaborative than ever before.”
First abort mission of Gaganyaan in May: Govt
The Gaganyaan program aims to demonstrate India’s capability to launch humans into Low Earth Orbit using an Indian launch vehicle and bring them back safely. The program includes four abort missions, with the first scheduled for May 2023.
- The program also includes several test vehicle missions and an uncrewed mission planned for 2024. The total expenditure as of October 30, 2022, was ₹3,040 crore.
- The Human-rated Launch Vehicle Systems have been tested and qualified, and propulsion system tests have been completed. The crew escape system has been designed, and the stage for the first flight has been completed. The Crew Module structure for the TV-D1 mission has been delivered, and all Crew Escape System motors have been static-tested. Batch testing is currently underway.