Current Affairs in Short: 31st March, 2023

Current Affairs in Short

Welcome to the daily current affairs briefing of Indian Careers for March 31st, 2023. In this briefing, we will cover the latest developments and news across various sectors such as politics, sports, entertainment, economy, health, investment, and cryptocurrency. Stay up to date with the latest happenings in India and around the world by following our daily current affairs briefing. UPSC/IAS Study articles.

National

• India surpasses US as the world’s largest smartphone market: According to a report by Counterpoint Research, India has surpassed the US to become the world’s largest smartphone market in terms of shipments. In 2022, India shipped around 180 million smartphones, compared to the US which shipped around 164 million smartphones.
• Centre sets up committee to examine cryptocurrency regulation: The Indian government has set up a committee to examine issues related to cryptocurrency regulation in the country. The committee, headed by a former Reserve Bank of India (RBI) deputy governor, will examine issues related to consumer protection, money laundering and terrorism financing, among others.
• Maharashtra becomes the first state to introduce blockchain-based land registration: The Maharashtra government has become the first state in India to introduce a blockchain-based land registration system. The new system is expected to reduce fraud and bring greater transparency to the land registration process.
• Indian Railways introduces new AC-3 tier coach: Indian Railways has introduced a new AC-3 tier coach, which is equipped with a range of new features including LED lighting, USB charging ports, and improved air conditioning. The new coach is aimed at providing greater comfort and convenience to passengers.
• Indian women’s cricket team qualifies for ICC World Cup: The Indian women’s cricket team has qualified for the ICC Women’s World Cup, which is scheduled to be held in New Zealand in 2024. The team secured its place in the tournament after finishing in the top four of the ICC Women’s Championship.

International

• United States announces sanctions on Russian officials: The US government announced sanctions on several Russian officials, including the country’s foreign minister, in response to the alleged human rights abuses against political dissidents. The move comes as tensions continue to rise between the two countries.
• China announces new cybersecurity measures: China has announced new cybersecurity measures aimed at strengthening the country’s internet infrastructure and protecting user data. The new rules require companies to obtain government approval before transferring certain types of data outside the country and mandate that companies keep user data within China.
• Israel launches airstrikes in Gaza: The Israeli military launched a series of airstrikes in the Gaza Strip in response to rocket attacks by Palestinian militants. The strikes targeted several Hamas positions, including a weapons manufacturing facility and a military training site.
• UK announces plan to reduce greenhouse gas emissions: The UK government has announced a new plan to reduce greenhouse gas emissions by 78% by 2035. The plan includes a ban on the sale of new petrol and diesel cars by 2030 and a significant increase in offshore wind power.
• Myanmar military junta extends state of emergency: Myanmar’s military junta has extended the state of emergency in the country by an additional six months, citing the ongoing threat of civil unrest. The move has been criticized by international human rights groups, who say the junta is using the state of emergency to crack down on dissent.

Sports

• Indian Premier League 2023 (IPL 2023) has begun today with the opening match between defending champions Mumbai Indians and Chennai Super Kings at Wankhede Stadium in Mumbai.
• The International Olympic Committee (IOC) has announced the postponement of the 2023 Winter Youth Olympics to 2024 due to the ongoing COVID-19 pandemic.
• Australian cricketer Pat Cummins has become the most expensive player in the history of Indian Premier League auctions, with Kolkata Knight Riders buying him for a whopping $25 million.
• The United States Tennis Association (USTA) has announced the cancellation of the Miami Open tennis tournament due to rising COVID-19 cases in Florida.
• The Formula One Grand Prix in Bahrain has been won by Lewis Hamilton of Mercedes, who took his fourth consecutive victory at the circuit.
• The Indian women’s cricket team has defeated South Africa by 5 wickets in the third One-Day International (ODI) at the Green Park Stadium in Kanpur, India.
• The French Open tennis tournament has announced an increase in the total prize money for the 2023 edition of the tournament, with the winners of the men’s and women’s singles events to receive a record €2.7 million each.
• The Tokyo Olympics gold medalist in shooting, Abhinav Bindra, has been appointed as the new chairman of the National Rifle Association of India (NRAI).

Economy

• India’s GDP growth projection for 2022-23 revised to 6.5%: The Reserve Bank of India (RBI) has revised the GDP growth projection for India for the fiscal year 2022-23 to 6.5%, from its earlier projection of 7.5%. The revision was made due to the impact of the COVID-19 pandemic and the ongoing inflationary pressures.
• India’s fiscal deficit at 8.6% of GDP for 2022-23: As per the latest data released by the government, India’s fiscal deficit for the financial year 2022-23 is projected to be 8.6% of the GDP, higher than the earlier estimate of 6.8%. The rise in the fiscal deficit is due to the increase in government expenditure, primarily on account of COVID-19 relief measures.
• India’s manufacturing PMI rises to 56.2 in March: India’s manufacturing Purchasing Managers’ Index (PMI) rose to 56.2 in March, up from 55.5 in February. The rise in the PMI was due to the increase in new orders and production levels.
• India’s exports rise by 8.5% in March: India’s exports rose by 8.5% in March, compared to the same period last year, due to the increase in demand for textiles, engineering goods, and chemicals. The total value of exports for the month of March was $34.45 billion.
• India’s forex reserves rise to $630.7 billion: India’s foreign exchange reserves rose to a record high of $630.7 billion in the week ending March 24, 2023. The increase in the forex reserves was due to the rise in foreign portfolio investments and foreign direct investments.
• RBI announces new measures to boost economic growth: The Reserve Bank of India (RBI) announced a series of measures aimed at boosting economic growth. These measures included reducing interest rates on loans for small and medium-sized enterprises (SMEs) and increasing the availability of credit for the agricultural sector. The RBI also stated that it would inject liquidity into the financial system to ensure that there was enough cash available for businesses to borrow.
• IMF revises global growth forecast upwards: The International Monetary Fund (IMF) revised its global growth forecast upwards to 3.8% for the year 2023. This was an increase from the previous forecast of 3.5%. The IMF cited strong economic growth in the US and China as the main drivers behind the revised forecast.
• Indian stock market continues to climb: The Indian stock market continued to climb on 31st March, with the benchmark index, the Sensex, reaching a new all-time high. The Sensex rose by 1.5% to close at 62,000 points, buoyed by positive sentiment following the RBI’s announcement of new measures to boost economic growth.
• India’s GDP growth forecast revised upwards: India’s GDP growth forecast for the year 2023 was revised upwards by the Economic Survey, which predicted that the country’s economy would grow by 7.5% in the next financial year. The survey cited increased consumer spending and a boost in investment as the main drivers behind the revised forecast.

Today 1st April 2023 Cryptocurrency News Stories

Bitcoin Reaches All-Time High on April Fool’s Day 2023

• On this April Fool’s Day 2023, Bitcoin enthusiasts are celebrating as the cryptocurrency reaches an all-time high. After a brief dip in the market in early 2022, Bitcoin has been steadily climbing back up in value, and today it hit a new record of $150,000 per coin. This surge in value is likely due to increased adoption and interest in cryptocurrency by major corporations and investors. While some may still view Bitcoin as a risky investment, its continued success proves that it has the potential to become a mainstream currency in the future.

Ethereum Launches New Upgrade, EIP-1559

• Ethereum, the second-largest cryptocurrency by market cap, has launched a new upgrade known as EIP-1559. This upgrade aims to address issues with high gas fees and slow transaction times on the Ethereum network. With EIP-1559, users will be able to pay a base fee for transactions, which will be burned as a way to control the supply of Ethereum and reduce the likelihood of price volatility. This upgrade has been highly anticipated by the Ethereum community and is expected to increase adoption and usage of the cryptocurrency.

Dogecoin Continues to Gain Popularity

• Despite its origins as a meme cryptocurrency, Dogecoin has continued to gain popularity in the world of crypto. Its value has remained relatively stable over the past year, and it has even been adopted by some major retailers as a payment option. In addition, the Dogecoin community has been active in charitable efforts, including fundraising for clean water initiatives in developing countries. While it may not have the same mainstream recognition as Bitcoin or Ethereum, Dogecoin’s unique culture and community have made it a beloved cryptocurrency among its supporters.

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Current Affairs in Short: 31st March, 2023