Daily Current Affairs for Competitive Examinations: February 27, 2023

The current affairs section needs to be given extra attention if you are preparing for competitive examinations. A candidate should constantly study fresh information about global events, country, state, and all other sectors. To maintain a level of general knowledge, all you need to know are the essentials. Reading about current events is not difficult; it is really interesting. To help all the candidates score well in this section, we have analysed the most recent news from The Hindu, Indian Express, the Economic Times, and so on.

Current Affairs: International and Defence

UAE’s EDGE signs MoU with India’s HAL to explore business ties

• At the International Defence Exhibition and Conference (IDEX), Hindustan Aeronautics (HAL), an aerospace company in India, and EDGE, the leading defence company in the UAE, signed a Memorandum of Understanding.
• The Memorandum of Understanding is signed to evaluate the potential cooperative areas, such as the joint development of missile systems and unmanned aerial vehicles (drones).

Key Points:

• Both companies will also look into the possibility of further knowledge exchange, using HAL’s tiny gas turbine engines on EDGE’s guided weapons and using EDGE’s GPS jamming and spoofing equipment on HAL’s platforms.
• The two companies will also consider working together on mission computers, training programmes, and the use of additive manufacturing for metallic parts at their world-class facilities in the UAE and India.

Question
The UAE’s EDGE signs MoU to explore business ties with which of the following Govt of India organisations?

A. DRDO

B. HAL

C. ISRO

D. None of the above

Answer: B

Check out the Highlights of the Economic Survey 2022-23 by clicking on the link given below:
Economic Survey 2022-23

Current Affairs: Economy

SBI permits real-time Bhim payments with Singapore

• The State Bank of India (SBI) announced cooperation with PayNow, for cross-border payments a day after a real-time payments system linkage was formed between India and Singapore utilising the UPI platform.

Key Points

• According to a statement from SBI, the capability is made available through the Bhim SBIPay mobile application.
  
• The linkage would provide fund transfers from India to Singapore using registered mobile numbers and from Singapore to India using the UPI ID.
• The G20‘s aims of promoting quicker, less expensive, and more transparent cross-border payments are closely aligned with the UPI-PayNow connectivity, representing an important milestone in building an infrastructure for cross-border payments between the two nations.

Question

With which nation does the SBI permit real-time Bhim payments?

A. Malaysia

B. Singapore

C. USA

D. UK

Answer: B

Current Affairs: Defence

India and Sri Lanka review bilateral ties during the 7th Annual Defence Dialogue 

• The 7th Annual Defence Dialogue between India and Sri Lanka was held in New Delhi on 23 February 2023. It was co-chaired by Defence Secretary Shri Giridhar Aramane and his Sri Lankan counterpart General Kamal Gunaratne. 
• During the meeting, the ongoing defence cooperation activities between the two countries were reviewed, with both sides agreeing to increase the complexity of bilateral exercises.
• In the context of training, both sides reaffirmed their commitment to avail maximum benefits from each other’s experience and capacities.
  

Key Points

• This Annual Defence Dialogue is the highest institutionalised interactive mechanism between both countries. 
• Its significance in chartering the future course of the relations between the Armed Forces of India and Sri Lanka was highlighted by the importance given to the talks by both sides. 
• The Armed Forces of both countries continue to seek bilateral cooperation in multiple fields, and increased engagements are a positive sign for the future of bilateral relations.

Question

In which city was the 7th Annual Defence Dialogue between India and Sri Lanka?

A. Chandigarh

B. Pune

C. Chennai

D. New Delhi

Answer: D

Current Affairs: International

UK surpasses India as the world’s sixth-biggest equity market

• The UK has surpassed India as the sixth-largest equity market in the world for the first time since May 2022 as a weaker pound increases the attraction of exporters, and concerns over the Adani-Hindenburg controversy are being felt throughout Indian markets.

How did the UK surpass India as the world’s sixth-biggest equity market?

• Since US-based short-seller Hindenburg Research published a report against the conglomerate, India’s equity market has been dealing with a double whammy of a lower currency. Adani Group enterprises are experiencing a significant fallout from the stock tumble.
• The company refuted the allegations made in the Hindenburg Research study from 24 January that it had inappropriately used offshore tax havens and had manipulated stock prices.
• Concerns about its excessive debt levels were also raised in the report. Due to Hindenburg’s devastating assessment, the listed Adani equities saw a combined market capitalisation loss of an astounding $140 billion.

Question

Which country has overtaken India as the world’s sixth-biggest equity market?

A. Pakistan

B. Bangladesh

C. UK

D. Indonesia

Answer: C

Check out the Highlights of Union Budget 2023 by clicking on the link given below:
Union Budget 2023-24

Current Affairs: Important Days

Central Excise Day 2023 observed on 24th February

• Central Excise Day is observed to recognise and honour the contributions made by the Central Board of Indirect Taxes and Customs (CBIC) every year on 24 February.
• Central Excise Day is observed to raise public awareness of the dedication and labour-intensiveness of CBIC. 
• The primary responsibility of CBIC is to prevent tampering with manufactured items.

About CBIC:

• The Central Board of Indirect Taxes and Customs (CBIC) is a branch of the Department of Revenue which reports to the Indian Government’s Ministry of Finance. 
• Its tasks include calculating policy-related levies and collections for Customs, Central Excise duties, CGST and IGST preventing smuggling, and managing issues relating to the above subjects as well as Narcotics to the extent that they fall under CBIC’s jurisdiction.

CBIC Chairman: Vivek Johri

CBIC Headquarters: New Delhi

CBIC Founded: 1 January 1964

Question

When is Central Excise Day 2023 observed?

A. 22 Feb

B. 23 Feb

C. 24 Feb

D. 26 Feb

Answer:  C

Factbook: 24-February-2023

1. Rajeev Raghuvanshi appointed new Drug Controller General of India

• Rajeev Singh Raghuvanshi has recently been appointed the new Drug Controller General of India (DCGI), Central Drugs Standard Control Organisation (CDSCO). 
• Rajeev Singh Raghuvanshi is a former Indian Pharmacopoeia Commission secretary-cum-scientific director.
• Rajeev Singh Raghuvanshi will supersede Dr PBN Prasad, who holds the position until 28 February 2023. 
• The order which was released stated that Raghuvanshi would continue to be the DGCI till 28 February 2025.

2. PM to inaugurate the ‘Barisu Kannada Dim Dimava’ cultural festival on 25th February

• PM Shri Narendra Modi will inaugurate the ‘Barisu Kannada Dim Dimava’ cultural festival at Talkatora Stadium, Delhi, on 25th February. The Prime Minister will also address the gathering on occasion.
• In line with the Prime Minister’s vision of ‘Ek Bharat Shreshtha Bharat’, the ‘Barisu Kannada Dim Dimava’ cultural festival is being organised to celebrate Karnataka’s culture, traditions and history. 
• The festival, being held under the aegis of Azadi Ka Amrit Mahotsav, will provide an opportunity for hundreds of artists to showcase Karnataka’s cultural heritage through dance, music, drama, and poetry.

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