18 March 2023 Current Affairs – The Day’s Top News | GKSERIES
Current Affairs is the most important area in all competitive exams. But the difficulty level is very high. That’s why; many aspirants get confused, how to select Current Affairs for Preparation of Competitive Examination? In this Post, Daily Current Affairs 18 March 2023, we have tried to cover each and every point and also included all important facts from National/ International news that are useful for upcoming competitive examinations such as UPSC, SSC, Railway, State Govt. etc.
So, here is the Top News of the Day for 18 March 2023 to help you prepare the Latest Current Affairs part. After reading this section, you can successfully attempt Current Affairs Quiz.
Current Affairs for Competitive Exam – 18 March 2023
Defense ministry approved to buy worth Rs 70,500-crore indigenous arms
Defense ministry approved to buy worth Rs 70,500-crore indigenous arms: Defense ministry approved to buy worth Rs 70,500-crore indigenous armsAn apex body of the defense ministry for clearing weapons procurement, the Defence Acquisition Council (DAC) met under the chairmanship of DM Rajnath Singh.
Of these proposals, which are being processed under the highest-priority category of “Buy {Indian –IDDM (Indigenously Designed, Developed and Manufactured)}”, Indian Navy acquisitions account for more than Rs 56,000 crore.
March 2023 Current Affairs Quiz
These largely include indigenous BrahMos missiles, Shakti Electronic Warfare (EW) systems, and Maritime Utility Helicopters. Including the latest proposals, AoNs granted for capital acquisitions in the current financial year 2022-23 amount to over Rs 2.71 trillion. Out of these, 99 per cent of the procurement will be sourced from Indian industries.
The DAC has accorded Acceptance of Necessity (AoN) for capital acquisitions worth Rs 70,500 crore under Buy Indian-IDDM (Indigenously Designed, Developed, and Manufactured) — a new procurement category. It includes 307 Advanced Towed Artillery Gun Systems and 60 indigenous marine utility helicopters.
Falcon LLM, a rival of ChatGPT launched in Abu Dhabi
Falcon LLM, a rival of ChatGPT launched in Abu Dhabi: The Technology Innovation Institute (TII), the applied research pillar of Abu Dhabi’s Advanced Technology Research Council (ATRC), has launched ‘Falcon LLM,’ a foundational large language model (LLM) with 40 billion parameters – which outperforms ChatGPT3.
March 2023 Current Affairs Quiz
AI and Digital Science Research Center’s (AIDRC) AI Cross-Center Unit, the team behind building Noor, the world’s largest Arabic language model, built Falcon LLM, which is trained on one trillion tokens.
The model uses only 75 per cent of GPT-3’s training compute, 40 per cent of Chinchilla’s, and 80 per cent of PaLM-62B’s.
It was trained on one trillion tokens and built by the AI and Digital Science Research Center’s AI Cross-Centre Unit. The model outperforms GPT-3 and requires only 75% of its training compute, as well as lower percentages of other large language models’ training compute. LLMs have a wide range of applications, including chatbots.
Ayush Ministry, MoRD sign MoU for skilling of rural youth and women
Ayush Ministry, MoRD sign MoU for skilling of rural youth and women: In order to empower women and rural poor youth, the Ministry of Ayush (MoA) and Rural Development signed MoU to collaborate in developing skilled personnel by imparting training for the Ayush healthcare system. The course will also include training of rural youth as panchakarma technicians, which will be started on a pilot basis. The MoU is valid for three years.
March 2023 Current Affairs Quiz
The proposed training will be imparted under Deen Dayal Upadhyaya-Grameen Kaushalya Yojana (DDU-GKY), which is the Ministry of Rural Development’s flagship program, charged with the dual goals of diversifying the incomes of rural poor families and catering to the career ambitions of rural youth.
National Rural Livelihoods Mission and DDU-GKY will communicate to States/UTs for enlisting willing SHG members and rural poor youth. DDU-GKY is the flagship program of the MoRD.
Anup Bagchi to head ICICI Prudential Life from June 2023
Anup Bagchi to head ICICI Prudential Life from June 2023: ICICI Bank’s executive director Anup Bagchi is set to take over as the CEO of ICICI Prudential Life Insurance on June 19, subject to regulatory and statutory approvals.
ICICI Prudential Life made this announcement in an exchange filing, stating that the current CEO, NS Kannan, will retire on June 18.
March 2023 Current Affairs Quiz
Bagchi, who has been with the group since 1992, has been executive director of ICICI Bank since February 1, 2017, heading the wholesale banking business of the bank. After taking over the reins from Kannan, he is expected to focus on growth in annualised premium equivalent (APE), which has been a significant challenge for his predecessor. He worked as the Non-Executive Director of ICICI Prudential Life since October 2018.
TCS appoints K Krithivasan as CEO designate
TCS appoints K Krithivasan as CEO designate: India’s largest IT services provider Tata Consultancy Services (TCS) has named its new CEO-designate after managing director and CEO Rajesh Gopinathan resigned four years ahead of the completion of his tenure. The company has named its president and head of global financial services business Krithi Krithivasan as the CEO-designate, effective March 16. Krithivasan will take over as the CEO and managing director in the next financial year, subject to shareholders’ approval.
March 2023 Current Affairs Quiz
He has replaced Rajesh Gopinathan, who resigned recently. Gopinathan completed his six years as CEO and was reappointed as CEO till 2027. He will continue with the company till September 15, 2023, and provide transition and support to K Krithivasan. Before this role, K Krithivasan served as President and Global Head of BFSI Business Group, TCS.
Global Recycling Day 2023 observed on 18th March
Global Recycling Day 2023: Every year on March 18th, Global Recycling Day is observed to raise awareness of the harmful effects of plastic on the environment. This day also promotes recycling as a crucial concept and encourages people to organize events throughout the year to spread awareness about this cause.
March 2023 Current Affairs Quiz
Global Recycling Day 2023: Theme
The theme of Global Recycling Day 2023 is “Creative Innovation”. When it comes to recycling, we all have to be creative. In order to do it effectively, we need to think outside the box. Putting our recyclables in the bin is not sufficient – we need to be proactive and find new ways to reduce, reuse, and recycle.
Global Recycling Day 2023: Significance
Global Recycling Day is significant as it promotes the importance of recycling and sustainable practises in our daily lives. It raises awareness of the growing waste and pollution problem and encourages people to take action to reduce their environmental impact. This day provides an opportunity to raise awareness about the benefits of recycling and inspire individuals, businesses, and governments to adopt eco-friendly practices. By participating in events and activities organized on Global Recycling Day, people can learn about the impact of their actions on the environment and take steps to reduce waste and promote recycling. Overall, Global Recycling Day plays an essential role in promoting sustainable development and protecting the planet for future generations.
Global Recycling Day: History
Global Recycling Day is a relatively new event founded by the Global Recycling Foundation on March 18th, 2018. The goal of this day is to raise awareness about the importance of recycling and to encourage people to incorporate environmentally friendly practises into their daily lives. The foundation recognized that recycling is a critical solution to reduce the waste and pollution that harms the planet, and they wanted to create a global platform to promote this cause. Since then, Global Recycling Day has been celebrated every year, with different themes to focus on different aspects of the recycling issue. The day has become an essential event in the environmental movement, drawing attention to the benefits of recycling and inspiring people around the world to take action.
India’s Ordnance Factories Day 2023: 18th March
India’s Ordnance Factories’ Day 2023: In India, Ordnance Factory Day is observed annually on March 18th, commemorating the establishment of the first Ordnance Factory in Cossipore, Kolkata, by the British during colonial rule in 1801. The Ministry of Defence celebrates this day by raising the Indian flag, singing the national anthem, and showcasing various artillery and military equipment used by the Indian Armed Forces to the public. Ordnance Factories are a government branch responsible for researching, developing, testing, producing, and marketing weapons for the military.
March 2023 Current Affairs Quiz
India’s Ordnance Factory Day: Significance
The day is significant as it recognizes the contribution of Ordnance factories to India’s defense capabilities and the tireless efforts of the personnel who work in these factories to ensure the safety and security of the country. It is an occasion to recognise the accomplishments of the Ordnance factories and to pay tribute to the brave soldiers who use the equipment manufactured by them to protect the nation.
The celebration of Indian Ordnance Factory Day also provides an opportunity for the Ministry of Defence to showcase the latest military equipment and technology developed by the Ordnance factories to the public. This helps to raise awareness about the importance of the Ordnance factories and their contribution to India’s defense infrastructure. Overall, Indian Ordnance Factory Day is a significant day that highlights the vital role played by the Ordnance factories in securing the nation’s sovereignty and territorial integrity.
India’s Ordnance Factory Day: History
Previously, the Ordnance Factory Board was in charge of the Indian Ordnance Factories (OFB). However, in 2021, the Government of India decided to hand over control of these 41 production units to seven government-owned companies under the Ministry of Defence’s Department of Defence Production (DDP). This transfer took place on October 1, 2021, leading to the dissolution of the old Ordnance Factory Board.
Although the Gun and Shell Factory, formerly known as the Cossipore Gun Carriage Agency, was established in 1801, the history of Ordnance factories dates back to 1712 when the Dutch Ostend Company established a Gunpowder Factory in Ichhapur, North 24 Parganas, present-day West Bengal. Other gunpowder and rifle factories also emerged in the same region before 1801.
Important takeaways for all competitive exams:
Indian Ordnance Factories Founded: 1712;
Indian Ordnance Factories Headquarters: Ayudh Bhawan, Kolkata;
Indian Ordnance Factories Director General: Sanjeev Kishore.
National Company Law Tribunal (NCLT) approves HDFC and HDFC Bank merger
National Company Law Tribunal (NCLT) approves HDFC and HDFC Bank merger: On March 17th, the National Company Law Tribunal (NCLT) approved the merger of HDFC Ltd and HDFC Bank, which is considered to be the largest merger in the history of corporate India. The merger will create a massive banking entity by combining India’s largest housing finance company with the country’s largest private lender. Prior to this, HDFC Ltd had already received merger approval from a number of regulatory bodies and stock exchanges. During late trading hours, both companies’ shares were trading higher on the BSE.
March 2023 Current Affairs Quiz
Important points of the news:
- The merger of HDFC Bank and HDFC Ltd, valued at approximately $40 billion, has been approved by the competition commission and stock exchanges.
- This merger, the largest in Indian corporate history, will create a financial services behemoth with combined assets worth around Rs 18 lakh crore.
- The merger is expected to be completed by the second or third quarter of FY24, subject to regulatory approvals. Following the merger, HDFC Bank will be fully owned by public shareholders, and HDFC’s existing shareholders will own 41% of the bank.
- The merged entity’s combined balance sheet will be Rs 17.87 lakh crore, with a net worth of Rs 3.3 lakh crore as of the December 2021 balance sheet. Following the merger, HDFC Bank will be twice the size of ICICI Bank, the current third-largest lender.
About the HDFC Ltd:
HDFC Ltd, or Housing Development Finance Corporation Limited, is one of the leading financial institutions in India. The company was established in 1977 with the objective of providing finance for the purchase or construction of homes. Here is a brief history of HDFC Ltd:
- 1977: HDFC Ltd was incorporated as the first specialized mortgage company in India.
- 1980: HDFC Ltd became the first private sector company to be approved by the Reserve Bank of India (RBI) to set up a housing finance company.
- 1990: HDFC Ltd became the first Indian company to issue American Depository Receipts (ADRs) in the US.
- 1996: HDFC Ltd was listed on the New York Stock Exchange (NYSE).
- 1999: HDFC Ltd was listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
- 2000: HDFC Ltd set up HDFC Bank as a subsidiary.
- 2008: HDFC Ltd launched its real estate investment trust (REIT), HDFC Property Fund, which was one of the first private equity funds to invest in the Indian real estate market.
- 2014: HDFC Ltd was ranked as India’s most valuable brand by BrandZ.
- 2017: HDFC Ltd’s subsidiary, HDFC Standard Life Insurance, was listed on the BSE and NSE.
Today, HDFC Ltd is a diversified financial services company that provides a range of products and services including home loans, insurance, mutual funds, and banking services. The company has a strong presence in India and has also expanded internationally, with offices in Dubai, London, and Singapore.
World Sleep Day 2023 Observed on March 17th
World Sleep Day 2023: World Sleep Day 2023 is an annual event held on the Friday preceding the Spring Vernal Equinox to raise awareness of the importance of sleep. It falls on March 17, 2023 this year. The day’s goal is to reduce the societal burden of sleep disorders by promoting better prevention and management. The World Sleep Committee of the World Sleep Society, founded by World Association of Sleep Medicine (WASM) and World Sleep Federation (WSF), organizes this day. Just as exercising and consuming healthy food is essential for the body, sleep is also crucial for maintaining good health. While we sleep, our brains recharge and our bodies heal. Recognizing the importance of sleep can help address the issue of sleep disorders.
March 2023 Current Affairs Quiz
World Sleep Day 2023- Theme of World Sleep Society
The World Sleep Society has announced the theme for this year’s Sleep Day as ‘Sleep is Essential for Health’. The goal of this theme is to emphasise the importance of good sleep for overall physical, mental, and social well-being, just as a healthy diet and exercise are essential for good health.
Significance of World Sleep Society 2023
In today’s fast-paced world, people’s lifestyles have become increasingly busy and stressful due to factors such as longer working hours and increased commuting time. However, in recent years, the importance of getting good sleep has been emphasized to ensure consistent performance, leading to the rise in initiatives like World Sleep Day.
The World Sleep Society views World Sleep Day as an opportunity to promote sleep health alongside thousands of other sleep health professionals and advocates. They believe that by promoting sleep health and raising awareness about it, we can work together to achieve a greater impact than the sum of our individual efforts. The society encourages everyone to spread the word about sleep health on World Sleep Day and help elevate the conversation around it.
History of World Sleep Society
World Sleep Day was first observed on March 14, 2008, as a World Sleep Society initiative. The annual event is aimed at raising awareness about the importance of sleep and the impact that sleep disorders can have on an individual’s physical, mental, and emotional well-being. The day was created to bring sleep experts, researchers, and healthcare professionals from around the world together to discuss sleep-related issues and promote healthy sleeping habits. Since then, World Sleep Day has been observed on the Friday before the Spring Vernal Equinox each year, with a new theme chosen to focus on a specific aspect of sleep health.
India-Bangladesh Friendship Pipeline to be jointly inaugurated by PM Modi and Sheikh Hasina
India-Bangladesh Friendship Pipeline to be jointly inaugurated by PM Modi and Sheikh Hasina: The India-Bangladesh Friendship Pipeline will be inaugurated via video conference by Prime Minister Narendra Modi and his Bangladesh counterpart Sheikh Hasina. It is first such pipeline through which refined diesel will be supplied to Bangladesh from India. The project is built under grant assistance from the government of India.
What is India-Bangladesh Friendship Pipeline Project:
- The project entails the construction of a 130-kilometer pipeline that will connect Siliguri in West Bengal and Parbatipur in Bangladesh’s Dinajpur district.
- Of the total stretch, six-kilometre will be in Indian side and remaining 124 kilometres will in Bangladesh. Indian leg of the pipeline project will be implemented by Assam-based Numaligarh Refinery Limited and Bangladeshi leg will be implemented by Bangladesh Petroleum Corporation.
- The pipeline has a yearly capacity of one million metric tonnes. It will supply refined diesel to the Parbatipur depot from Numaligarh in Assam, India.
- Initially, it will supply Bangladesh 2.5 lakh tonnes of diesel every year and gradually it will be increased to 4 lakh tonnes.
Significance of The India-Bangladesh Friendship Pipeline Project:
The project will replace existing practice of sending diesel by rail covering distance of 510 kilometers. The estimated this pipeline project is Rs. 346 crore and it will be completed in 30 months’ timeframe.