NATIONAL NEWS
India’s first medical city ‘Indrayani Medicity’ to set up in Maharashtra
The state government of Maharashtra has announced to set up the country’s first medical city named as ‘Indrayani Medicity’ in Pune, to provide all kinds of specialised treatment under one roof. It will come up in 300-acre of land area in Khed taluka of Pune. The project is estimated to attract investment worth over Rs. 10,000 crores. Indrayani Medicity will have hospitals, centres for medical research, pharmaceutical manufacturing, wellness and physiotherapy, and will be the first-of-its-kind city in the country to have all the treatments available at one place. The Medicity will have about 24 separate hospital buildings, each housing one department. The Medicity will not only benefit Pune but will also be useful for people from neighbouring districts who come to the city for better treatment.
PM Narendra Modi dedicates Rashtriya Raksha University in Gandhinagar, Gujarat
Prime Minister Narendra Modi has dedicated to the nation a new campus building complex of the Rashtriya Raksha University (RRU) at Lavad village near Gandhinagar, Gujarat. PM also addressed the first convocation of RRU Gandhinagar as a Chief Guest. The University, which is an Institution of National Importance, commenced its operations from 1st October 2020. Rashtriya Raksha University (RRU) was set up to meet the need for high quality trained manpower in various wings of policing, criminal justice and correctional administration. The government set up a national police university named Rashtriya Raksha University by upgrading the Raksha Shakti University which was established by the Government of Gujarat in 2010. The University, which is an Institution of National Importance, commenced its operations from 1st October 2020. The University will develop synergies with the private sector by leveraging knowledge and resources from the industry and would also set up Centres of Excellence in various fields relating to police and security.
First Gati Shakti Cargo Terminal of Indian Railways commissioned
The Asansol Division of Indian Railways has successfully commissioned private siding of Maithan Power Limited at Thaparnagar, Jharkhand, in accordance with the Prime Minister’s vision Gati Shakti and the Ministry of Railways’ policy regarding the Gati Shakti Multi-Modal Cargo Terminal or also known as GCT, informed the Ministry of Railways. The coal needed for the power plant was delivered via road, which is estimated to yield 120 inbound coal rakes every month. Somewhere between two to four outward rakes of Fly Ash are expected to be handled from the siding area. This will increase the railways’ monthly earnings by almost Rs. 11 crores.
Tamilnadu Petroproducts became world’s first LAB manufacturing company to get BIS certification
TPL (Tamilnadu Petroproducts Ltd.) is the world’s first linear alkylbenzene (LAB) manufacturing company to be certified by the Bureau of Indian Standards (BIS). TPL’s ‘Superlab’ brand is one of the most well-known laboratory brands in the country. TPL’s position as the market leader and the only authorised seller of the chemical in India will be bolstered by the certification. LAB can be used to make biodegradable detergent, making it a more sustainable option than conventional detergent formulations.
Ajay Bhushan Pandey appointed as chairman of the NFRA
Ajay Bhushan Pandey has been appointed as the chairman of the National Financial Reporting Authority (NFRA) for a period of 3 years. Pandey, a 1984-batch Maharashtra cadre IAS officer, retired as revenue secretary in February last year. The Appointments Committee of the Cabinet (ACC) has approved the appointment of former revenue secretary ABP Pandey as the chairperson of NFRA for a period of three years from the date of assumption of charge or till the incumbent attains the age of 65 years. The NFRA acts as an independent regulator for the auditing profession. The body has powers to review the financial statement of companies, can seek explanations and probe irregularities with respect to accounting and auditing issues. The setting up of the NFRA, envisaged under the Companies Act, 2013, was approved by the Cabinet in May 2018.
Morgan Stanely projects India’s GDP for FY23 at 7.9%
Rating Agency Morgan Stanely has projected India’s GDP growth forecast for 2022-23 (FY23) at 7.9%. This is 50 bps less than its earlier projection due to the impact of the Russia-Ukraine conflict on oil prices. Furthermore, Stanley raised the country’s retail inflation estimate to 6%, meanwhile, current account deficits are seen to widen by 3% of GDP. India is affected through three key channels – higher prices for oil and other commodities; trade, and tighter financial conditions, influencing business/investment sentiment. Analysts at the brokerage also raised their inflation forecast to 6 per cent – the upper end of the tolerance band for the RBI – and flagged stagflation risks because of the ongoing events.
EPFO lowers interest rate on PF deposits to 8.1% for 2021-22
The retirement fund body, Employees Provident Fund Organisation (EPFO) has slashed the interest rate on provident fund deposits to 8.10% for 2021-22. This rate is 0.4% lower than the previous year. The interest rate on PF deposits was 8.5% in 2020-21 and 2019-20. This is the lowest in more than four decades. EPFO had credited 8.0% as interest rate in 1977-78. Since then, it has been either 8.25% or more. The interest rate of 8.1% has been declared based on EPFO’s estimated income for the year at Rs 76,768 crore and this will leave the retirement fund body with a surplus of Rs 450 crore. The move is expected to hit the earnings of over sixty million EPFO subscribers.
INTERNATIONAL NEWS
Ex-student protest leader, Gabriel Boric font becomes youngest President of Chile
Gabriel Boric Font has been appointed as the new and 36th President of Chile. The 36-year-old leftist is the youngest leader to hold the office in Chile’s history. He succeeds Sebastián Piñera. Boric will hold the office for the period between 2022-2026. As a student representative, Boric became one of the leading figures of the 2011–2013 Chilean student protests. Boric was twice elected to the Chamber of Deputies representing the Magallanes and Antarctic district, first as an independent candidate in 2013 and then in 2017 as part of the Broad Front, a left-wing coalition he created with several other parties.
World Rotaract Day celebrates on 13th of March
World Rotaract Day is celebrated on the 13th of March every year to acknowledge the services provided by the rotaractors across the world. The theme of World Rotaract Day 2022 is “Rotary Making a Difference”. World Rotaract Week will be held from 11 March 2022 to 18 March 2022. Rotary Club is the community service organization for young men and women. They take part in international service projects, in a global effort to bring peace and international understanding to the world.
