Current Affairs 27 December 2023

NATIONAL AFFAIRS

Union Health Minister Mansukh Mandaviya Launched ‘MedTech Mitra‘ to Empower

India’s MedTech Sector

Union Minister Dr. Mansukh Mandaviya, Ministry of Health and Family Welfare (MoHFW),
virtually launched MedTech Mitra, a strategic initiative to empower MedTech innovators and
advance healthcare solutions.

It is a collaborative initiative of the NITI Aayog(National Institution for Transforming India);

Indian Council of Medical Research (ICMR); and Central Drugs Standard Control
Organization (CDSCO).

Key People: MedTech Mitra was launched in the presence of Prof. S.P. Singh Bhagel, Minister
of State, Ministry of Health and Family Welfare who virtually joined, and Dr. V.K Paul, Member
Health, NITI Aayog.
About MedTech Mitra:
Objective: The collaborative efforts aim to boost indigenous development, fostering affordable
and quality MedTech devices and diagnostics, thereby reducing import dependece in MedTech
sector.
Note: India’s MedTech sector is currently heavily import-dependent (80%).
Significance:
i.It is envisioned as a platform, designed to empower young talents, providing a platform to
shape their research, knowledge, and logic while aiding in obtaining regulatory approval.
ii.MedTech Mitra plays a pivotal role in strengthening India’s commitment to Universal Health
Coverage (UHC), its objective is to extend healthcare services to even the remotest corners of
India to become an integral aspect of Viksit Bharat.

The initiative aligns with the vision of Viksit Bharat, aiming to transform India’s health
landscape by 2047.

iii.It brings together various stakeholders in the field of medical technology to enhance
cooperation among various stakeholders and partner with them to promote progress in the
health sector.
iv.MedTech Mitra empowers emerging start-ups in the healthcare sector and ensure ease of
innovation, research, and development and contributes to building an Atmanirbhar Bharat
(Self-reliant India).
CoinSwitch Released “India’s Crypto Portfolio 2023”: Delhi Tops in India’s Crypto
Adoption

According to “India’s Crypto Portfolio 2023”, the annual investor report of CoinSwitch,
India’s largest crypto trading platform, Delhi tops India’s crypto adoption (measured in terms of
value invested) in 2023.

Delhi accounted for 8.8% of total crypto investment followed by Bengaluru(Karnataka)

with 8.3% and Mumbai(Maharashtra) with 5.2%.
These three metros accounted for more than 20% of the total crypto investment in India.

Top Indian cities:

i.Hyderabad(Telangana) accounted for 3.8% of India’s Crypto adoption followed by
Pune(Maharashtra) with 2.7%; Gurgaon (Haryana) with 2.2%; Thane(Maharashtra) with
2%; Jaipur(Rajasthan) with 1.9% ; Ghaziabad(Uttar Pradesh(UP)) with 1.7% ; Lucknow(UP)
with 1.5% and others accounted for 62%.
Crypto coins:
i.Bitcoin, the most prominent crypto, is up by more than 150% year on year, compared to
December 2022.
ii.The report stated that Dogecoin (DOGE), is the most popular coin for retail investors.

DOGE accounted for 11.1% of total invested value, followed by Bitcoin (8.5%) and
Ethereum (6.4%).

iii.Solana (SOL) was the best-performing crypto asset with a 633% (As of 20 Dec 2022) rise in
12 months.
Points to note:
i.The total crypto market capitalization grew from less than USD 1 trillion in June 2022 to over
USD 1.5 trillion by December 2023.
ii.The top 10 cities with the highest crypto adoption (market cap) 2023 are: Delhi, Bengaluru,
Mumbai, Hyderabad, Pune, Jaipur, Gurgaon, Thane, Lucknow and Ghaziabad.

For the first time, Ghaziabad has secured the 10th position on the list of top cities (market
cap), replacing Patna from the spot.

ii.About 75% of the investors in India were below the age of 35.

Around 60% of crypto investors from Gurgaon are below the age of 25.

iii.Delhi and Hyderabad witnessed the highest participation of women investors with 9% of
India’s crypto investors being women.
About CoinSwitch:
CoinSwitch was founded by Ashish Singhal; Vimal Sagar Tiwari and Govind Soni in 2017
CEO– Ashish Singhal
Headquarters– Bengaluru, Karnataka

India & Oman Adopts Vision Document to Expand Bilateral Cooperation

Narendra Modi, Prime Minister (PM) of India and Haitham Bin Tarik, the Sultan of Oman
adopted the joint Vision document titled ‘A Partnership for the Future’ for strengthening
bilateral cooperation in diverse areas and to scale up the partnership between India and
Oman.
i.The vision document was adopted on 16th December 2023 during the maiden visit of his
Majesty Sultan Haitham bin Tarik, the Sultanate of Oman, to India
ii.Several Memorandum of Understandings (MoUs) and agreements were also signed during
his visit.
iii.The 3rd tranche of the Oman-India Joint Investment Fund (OIJIF-III), has been
announced as a significant development in trade and capital cooperation in the India-Oman
economic partnership.
About Oman:
Prime Minister and Sultan- His Majesty Sultan Haitham bin Tarik
Capital– Muscat
Currency– Omani Rial (OMR)
>> Read Full News

PwC Global Risk Survey 2023: Cyber Risk Tops as Biggest Threat for Indian
Organizations

According to the report titled “PwC Global Risk Survey 2023 – India highlights”, Cyber risks
are tops as the biggest threat faced by the Indian organisations. Around 38% of respondents
are feeling highly or extremely exposed to cyber risk.

Climate change (37%) and inflation (36%) were the 2nd and 3rd biggest threats for Indian
organisations.
Cyber risk was ranked 3rd in the 2022 survey.
Globally, business leaders considered inflation (39%) as the biggest threat followed by
cyber (37%), macroeconomic volatility (33%), and digital and technology risks (32%).

Note:
i.PwC refers to PricewaterhouseCoopers Private Limited.
ii.PwC India Headquartered in Kolkata, West Bengal (WB) while PwC Global headquartered in
London, United Kingdom (UK).
About the Survey:
Aim: To capture views on the top risks faced by organizations across different industries in
2023.
Assessment: The final result of the survey is based on 3,910 responses from business and
risk management leaders across 67 territories.

163 Indian organizations were a part of this survey.

Highlights:
i.62% of Indian organizations proactively take risks, aiming to create opportunities. This is
which is 5% higher than the global average of 57%.
ii.71% of Indian organisations are gathering and analysing cybersecurity and IT data for risk
management and opportunity identification
iii.69% of Indian executives considers Generative Artificial Intelligence (GenAI) as an
opportunity and 60% identifies quantum computing and enterprise blockchain as an
opportunity.
iv.67% of Indian respondents views transition to new energy sources as an opportunity rather
than a threat and 51% of Indian executives considers changing customer demand/preferences
as an opportunity.
v.Around 67% of Indian executives stated that their CEO is eager to take risks to grow their
businesses and 56% stated that their board has a similar risk appetite. Globally, these
numbers are at 57% and 54% respectively.
vi.88% of Indian organizations actively invest in resilience, compared to a global figure of 77%.

India’s Total Rooftop Solar Capacity crosses 10 GW; Gujarat emerges as Leader

Union Minister Raj Kumar Singh(RK Singh), Ministry of New and Renewable Energy(MNRE),
informed that the cumulative Roof Top Solar (RTS) installed capacity increased to 10.406
Gigawatts (GW) (as of 30th November 2023) from 1.8 GW (as of 31st March 2019). The
Compound annual growth rate (CAGR) of RTS installations is around 46%.

With 3.2 GW of RTS installed capacity(30% of the total installed capacity), Gujarat has
emerged as the leader in RTS segment.
Gujarat is followed by Maharashtra with 1.85 GW and Rajasthan with 1.06 GW capacity.

Grid connected Solar Rooftop Programme:

i.In 2015, the government of India approved the Grid Connected Rooftop and Small Solar
Power Plants Programme to install 4,200 megawatt (MW) RTS plants in India by the year
2019-20.
ii.The Phase II of Grid Connected Rooftop and Small Solar Power Plants Programme was
approved and launched in 2019.

Objective: To achieve a cumulative installed capacity of 40,000 MW from Grid Connected

RTS projects.
iii.The Phase II of the RTS programme was launched with a financial outlay of Rs 11814
Crore. This includes Rs.6,600 Crore of Central Financial Assistance (CFA) and Rs.4,985 Crore
of incentives to the Distribution Companies.
iv.The RTS programe was extended till March 2026 without change in financial outlay.

BANKING & FINANCE

IRDAI is set to Launch ‘Bima Vistaar’, the First of its Kind Insurance Product

The Insurance Regulatory and Development Authority of India (IRDAI) is all set to launch the
first of its kind affordable insurance product covering risks against life, health, and property
namely ‘Bima Vistaar’ in the first quarter of 2024-2025 i.e. Q1FY25.

Bima Vistaar is a part of Insurance Trinity which also includes Bima Sugam, a one-stop
digital platform; and Bima Vahak, a women-led field distribution force.
These efforts are integral to IRDAI’s vision for universal insurance by 2047 by addressing
gaps in product design, pricing, distribution, and more.

Key Points:
i.Bima Vistaar’s design is almost done, and the Life and General Insurance Councils are
hunting for the technology platform for its launch.
ii.Its launch will introduce Bima Vahak, and their implementation will take effect simultaneously.

Women ‘Vahaks’ will promote affordable social security and encourage/convince rural
women to opt for Bima Vistaar coverage.
Bima Vahaks shall be deployed in each gram panchayat before 31st December 2024.
Click to read about Bima Vahak

iii.Bima Sugam, drawing interest globally, is initiating smaller platforms for the effective launch
of Bima Vistaar and Vahak, with eventual integration into the larger Bima Sugam platform.

It was originally planned to launch the platform in January 2023, but it was delayed to
August 1, 2023, and then to June 2024.
Advanced technologies like Artificial Intelligence (AI)/ Machine Learning (ML) are being
employed for last-mile insurance connectivity.
Click Here to Read about Bima Sugam

Note:
It should be noted that in October 2022, IRDAI constituted a committee to study and
recommend on Bima Vahak and Bima Vistaar. Its chairperson was Thomas M. Devasia,
Member (Non-Life).

RBI Grants 1 year Extension to Co-branded Credit Card of Bajaj Finance & RBL Bank
Reserve Bank of India (RBI) has granted a 1-year extension, until 21st December 2024, for
Bajaj Finance Limited(BFL)’s co-branded credit card partnership with Mumbai(Maharashtra)
based RBL Bank Limited.
Note: RBI granted 1 year extension againts the 2 years sought by Bajaj Finance.
RBI sited serious deficiencies in the Bajaj Finance’s adherence to RBI’s guidelines and stated
that further extension from the current 1-year period would be subject to review
Co-branded credit card of RBL & Bajaj Finance:
i.In 2018, RBL Bank entered into a partnership with Bajaj Finance to launch a series of co-
branded credit cards.
ii.In 2021, RBL Bank extended the partnership for 5 years till 2026 while RBI gave its approval
for only 2 years(till 2023).
RBI Guidelines:
At present, RBI allows the NBFCs registered with RBI to issue co-branded credit cards with
scheduled commercial banks, with prior approval of RBI for an initial period of two years and a
review thereafter.
Bank of Baroda fined Rs 5 crore by RBI over Soiled Note Remittances
RBI has imposed a penalty of Rs.5 crore on the Bank of Baroda (BoB) after detecting a
shortage in the soiled note remittances as per RBI’s Clean Note Policy.

The RBI also imposed an additional penalty of Rs 2,750 on the BoB after it detected “fake
and mutilated” notes in the soiled note remittances.

Clean Note Policy:

i.The clean note policy was adopted by the RBI in 2002 to ensure the availability of good
quality banknotes to the public.
ii.Under the policy damaged, counterfeit, or soiled notes are removed from circulation by
banks and financial institutions.
iii.The RBI regularly monitors the quality of currency notes in circulation and sets standards for
their acceptability.
Soiled Note:
i.A ‘soiled note’ means a paper currency note which has become dirty due to normal wear and
tear

ECONOMY & BUSINESS

Adani Green Energy inks pact with SECI for supply of 1,799 MW Solar Power

On December 25, 2023, Adani Green Energy (AGEL) signed a Power Purchase Agreement
(PPA) with the Solar Energy Corporation of India (SECI) to supply 1,799 MW (Mega Watt) of
solar power. The final PPA to supply 1,799 MW solar power was inked for a period of 25
years.
 With this PPA, AGEL completes the power off-take tie-up for the 8,000 MW manufacturing-
linked solar tender awarded to it by SECI in June 2020.
This set a record for being the world’s largest solar tender.

Key Points:
i.AGEL targets 45 GW of renewable energy by 2030, aligned with India’s 500 GW non-fossil
fuel goal.
ii.AGEL has already commissioned a 2GW (Giga Watt) solar manufacturing plant through its
associate company Mundra Solar Energy Ltd (MSEL) in Mundra, Gujarat.

AGEL holds 26% shares of MSEL through its wholly-owned subsidiary Adani Renewable
Energy Holding Four Ltd.

iv.With this, Adani Green now has tied up PPAs of 19.8 GW and the balance is merchant
capacity in its 20.6 GW locked-in portfolio.
v.The portfolio, covering 2 lakh acres in resource-rich areas, ensures full de-risking for the 45
GW goal by 2030.
About Solar Energy Corporation of India (SECI):
It is a Central Public Sector Undertaking (CPSU) under the Ministry of New and Renewable
Energy (MNRE) to implement India’s National Solar Mission (NSM) and its targets.
Chairman & Managing Director– Rameshwar Prasad Gupta (RP Gupta)
Headquarters– New Delhi, Delhi
Establishment– 2011

Reliance & Walt Disney Signed a Non-binding Agreement to Merge Media Operations
Reliance Industries Ltd (RIL) and Walt Disney Co. have signed a non-binding term sheet to
merge their Indian media operations. Under the merger Reliance would own 51% through a
combination of shares and cash, and Disney will hold the remaining 49%. The merger is
expected to be finalised by February 2024,

Reliance operates TV channels and its streaming app JioCinema through its media and
entertainment unit Viacom18.
As a part of this partnership, a unit under Reliance’s Viacom18 to take control of Star India
through a stock swap.

Both Reliance and Disney Star are committed to invest over USD 1.5 billion in the merger. This
agreement may have a special period of 45 to 60 days which may be mutually extended.

AWARDS & RECOGNITIONS

DSCI Excellence Awards Presented at Nasscom-DSCI Annual Information Security

Summit 2023
The 18th edition of the NASSCOM- Data Security Council of India (DSCI) Annual
Information Security Summit (AISS), a 3-day event, was held from 19th to 21st December
2023 at the Leela Ambience Hotel, Gurugram, Haryana.

During the summit, the 13th edition of the DSCI Excellence Awards (2023) was
presented to recognise organizations and individuals for their work in the fields of
cybersecurity and privacy. Click here for the complete list of winners
The summit was organised by DSCI is a not-for-profit industry body that focuses on data
protection in India established by the National Association of Software and Service
Companies (NASSCOM).

About NASSCOM:
It is a non-governmental non-profit organization that advocates for and serves the Information
technology (IT) industry. It is a key entity in the Indian technology sector.
Chairperson– Rajesh Nambiar
Headquarters– Noida, Uttar Pradesh
Founded in– 1988
>> Read Full News

APPOINTMENTS & RESIGNATIONS

Satish Kumar Kalra Named Interim MD & CEO of Slice-backed NESFB

The Reserve Bank of India (RBI) has approved the appointment of Satish Kumar Kalra, as
interim Managing Director (MD) and Chief Executive Officer (CEO) of the Fintech startup
Slice-backed North East Small Finance Bank (NESFB).

Kalra served as the MD & CEO, and Executive Director of Andhra Bank from 2012 to
2017. Later he served as the independent director at Lakshmi Vilas Bank from 2019 to
2021. At present, he is serving as an independent director at Can Fin Homes Limited.
He has also served as a member of the Experience Advisory Board for Banking and
Financial Frauds from 2020 to 2021.

In October 2023, RBI approved the merger of Guwahati(Assam) based NESFBL with Slice.
Slice shareholders will own a 95-97% stake in the merged entity; the remaining is owned by
NESFB shareholders.

SCIENCE & TECHNOLOGY

China Launched 3 Satellites into Orbit from the South China Sea

On 26th December 2023, China’s Taiyuan Satellite Launch Center successfully launched a
Long March 11, carrying three experimental satellites of the Shiyan 24C series, from the
waters of the coast of Yangjiang in Guangdong province, China. The rocket has successfully
placed the satellites into the preset orbit.
Note:

This was the 8th sea-based launch of Chinese rockets and the 2nd launch from the South
China Sea.
It was the 503rd mission of the Long March carrier rocket series.

Shiyan-24C satellites:
i.Shiyan-24C satellites were developed by the Shanghai Academy of Spaceflight
Technology(SAST), a Chinese space agency and subordinate of China Aerospace Science
and Technology Corporation (CASC).
ii.These satellites will be used for space science and technology experiments.
Long March 11:
i.Long March 11 rocket is built by the China Academy of Launch Vehicle Technology in Beijing,
China.
ii.The 20.8-metre long rocket with a 2-metre diameter has a liftoff weight of 58 metric tons.
China Launched 2 MEO satellites to BeiDou constellation
On 26th December 2023, China also launched the Long March-3B rocket carrying the 57th
and 58th satellites of the BeiDou Satellite Navigation System (BDS) from the Xichang
Satellite Launch Center in the southwestern Sichuan province, China.

This marks the 1st mission of sending two MEO (Medium Earth orbit) satellites in one go
to the BDS-3 since the system was completed in 2020.
BDS is China’s mega constellation of satellites in space, operational since 2020.
The BDS now has 15 BeiDou-2 satellites and 33 BDS-3 satellites.

BOOKS & AUTHORS

PM Modi Released 1st Series of 11 Volumes of ‘Collected Works of Pandit Madan Mohan
Malaviya’
On 25th December 2023, Prime Minister (PM) Narendra Modi, launched the 1st series of 11
volumes of “Collected Works of Pandit Madan Mohan Malaviya“, at the event held in Vigyan
Bhawan, New Delhi, Delhi.

The event was organised on the occasion of the 162nd birth anniversary of Mahamana
Pandit Madan Mohan Malaviya, the founder of Banaras Hindu University(BHU).
The bilingual (English and Hindi) work in 11 volumes spanning over 4,000 pages is a
collection of writings and speeches of Malaviya from various corners of India.
These volumes comprise his unpublished letters, articles, and speeches, including
memorandums; articles, pamphlets, and booklets written by him from time to time.
The books were published by the Publications Division under the Ministry of Information
and Broadcasting (MIB).
Breaking the Mould, a new book by Raghuram Rajan& Rohit Lamba
Former Reserve Bank of India (RBI) Governor Raghuram Rajan in collaboration with
Economist Rohit Lamba authored a new book, titled “Breaking the Mould: Reimagining
India’s Economic Future,” that explores strategies for accelerating India’s economic
development.

The book was published by Penguin Random House India.

Raghuram Rajan is currently the Katherine Dusak Miller Distinguished Service Professor of
Finance at the University of Chicago Booth School of Business in the United States of America
(USA).

He served as the 23rd Governor of the RBI from 2013 to 2016, and the Vice Chairman of
the Board of the Bank for International Settlements, from 2015 to 2016.
He was the Chief Economist and Director of Research at the International Monetary Fund
(IMF) from 2003 to 2006.

Rohit Lamba is an assistant professor of Economics at Pennsylvania State University, USA,

and a visiting assistant professor of economics at New York University Abu Dhabi.

He has also worked as an economist at the office of the chief economic adviser to the
Government of India.

STATE NEWS

Himachal Pradesh CM Inaugurated 1st ever Week-long Shimla Winter Carnival from 25
Dec 2023 to 5 Jan 2024
Himachal Pradesh (HP) Chief Minister (CM) Sukhvinder Singh Sukhu inaugurated the first-
ever week-long winter carnival at its historic Ridge in Shimla on 25 December 2023. The
winter carnival will last up to 5 January 2024 and aims to boost the tourism activities in HP.

The event started with a cultural parade featuring 450 women presenting Mahanati,
showcasing the talent of self-help groups and Anganwadi workers.
CM also inaugurated the exhibition on the ridge, featuring stalls set up by the District
Administration Shimla and various departments.
Cultural programs, including Kullavi Nati and Singtu of Sirmaur district, were also
presented on the occasion.