Daily GK Updates – 16th Jan, 2021

 

NATIONAL UPDATES:

 

1. Kerala becomes 8th State to complete ease of doing business reforms: Kerala has become the 8th State in the country to successfully undertake “Ease of Doing Business” reform stipulated by the Department of Expenditure, Ministry of Finance. Kerala has become eligible to mobilise additional financial resources of Rs.2,373 crore through Open Market Borrowings. Permission for the same was issued by the Department of Expenditure on 12th January 2021. Kerala has now joined the seven other States namely, Andhra Pradesh, Karnataka, Madhya Pradesh, Odisha, Rajasthan, Tamil Nadu and Telangana, who have completed this reform. On completion of reforms facilitating ease of doing business, these eight States have been granted additional borrowing permission of Rs.23,149 crore.

Note: Kerala CM: Pinarayi Vijayan; Kerala Governor: Arif Mohammad Khan.

 

2. Naveen Patnaik inaugurates India’s first ‘Fire Park’ in Bhubaneswar: The Chief Minister of Odisha, Naveen Patnaik virtually inaugurated a first of its kind ‘Fire Park’, to educate and bring awareness on basic fire safety measures among the people, particularly the students. The ‘Fire Park’ is located inside the premises of the Odisha Fire and Disaster Academy in Bhubaneswar. The minister also launched an online portal, ‘AgnishamaSeva’ of Odisha Fire Service. The fire park will facilitate demonstrations on use of first aid fire-fighting equipment, rescue and disaster operations, visit the exhibition hall, screening of films and distribution of leaflets on fire safety.

What’s on the show: (1) Demonstrations on use of first aid fire-fighting equipment; (2) Demo on rescue and disaster operations; (3) Visit the exhibition hall; (4) Screening of films and distribution of leaflets on fire safety.

The Fire Park will be opened to the public on every Saturday from 3.30 pm to 5.30 pm

Note: Chief Minister of Odisha: Naveen Patnaik; Odisha Capital: Bhubaneswar; Odisha Governor: Ganeshi Lal.

 

3. NITI Aayog and Flipkart collaborate to enhance WEP: NITI Aayog and Flipkart, have come together to launch the revamped Women Entrepreneurship Platform. The Women Entrepreneurship Platform (WEP) is a unified access portal which brings together women from different parts of India to realise their entrepreneurial aspirations. The idea of the platform was first mooted by Amitabh Kant, CEO, NITI Aayog who announced the setting-up of a Women Entrepreneurship Platform in NITI Aayog at the conclusion of the 8th Global Entrepreneurship Summit (GES) held in Hyderabad in 2017, with an overarching theme of ‘Women first, prosperity for all’.

About the Women Entrepreneurship Platform: The revamped version shall also include an additional feature to offer mentorship to the women mentees with specific knowledge concerning a problem area through a dedicated online mechanism facilitated under FICCI-FLO’s Empowering the Greater 50% mission. Women entrepreneurs today face unique obstacles, from a lack of networking opportunities and mentors to the challenge of balancing work and family. When women come together or form communities, they are better equipped to tackle challenges that come their way. Shared experiences from mentors and professionals further help.

‘Community’ on the WEP platform aims to connect knowledge-seeking women entrepreneurs who have questions or seek clarifications on multiple aspects of setting up new businesses (like registering businesses, GST, funding, effects of the pandemic, etc.), or progressing already established businesses; to knowledge providing women entrepreneurs who have experience in setting up businesses and hence can contribute by solving queries.

Note: NITI Aayog Formed: 1 January 2015; NITI Aayog Headquarters: New Delhi; NITI Aayog Chairperson: Narendra Modi.

Flipkart headquarters: Bengaluru, Karnataka; Flipkart CEO: Kalyan Krishnamurthy.

 

INTERNATIONAL UPDATES:

 

1. Sadyr Japarov wins the presidential election in Kyrgyzstan: The frontrunner in Kyrgyzstan’s presidential election, Sadyr Japarov, has won by a landslide. According to the Central Election Commission, Mr Japarov had won 79% of votes cast. Mr Japarov, who served time in jail for taking a rival hostage, will also have sweeping new presidential powers after voters by a similar margin opted to amend the constitution in a referendum. Kyrgyzstan has been in crisis since parliamentary elections last October. The results of those elections were disputed, leading to protests and the resignation of then-President Sooronbay Jeenbekov.

Note: Kyrgyzstan Capital: Bishkek; Kyrgyzstan Currency: Kyrgyzstani som.

 

2. India ranks 4th in ‘Break Out Economies’: Rapidly digitalising India was ranked 4th in “Break Out Economies” in the third edition of the Digital Evolution Scorecard developed by Tufts University’s Fletcher School in partnership with Mastercard. China which leads the countries in the “Break Out Economies” group is more evolved digitally due mainly to its combination of rapidly growing demand and innovation. Third rank Indonesia, and India, which ranks number four in momentum, have displayed increasing digital momentum suggesting the potential to rapidly digitalise for both post-COVID economic recovery and longer-term transformation.

About “Break Out Economies”: “Break Out Economies” are those that are digitalising very quickly and yet have a lot of room to grow before matching those in the developed economies, such as those in Europe and in more developed Asian countries like Singapore, South Korea, and Hong Kong.

The objective of the Study: The objective of the study was to help governments, businesses and investors understand what they need to emerge ahead of the competition. To do this, the researchers analysed 90 economies based on a combination of 160 indicators across four supply key drivers: Supply Conditions, Demand Conditions, Institutional Environment, and Innovation and Change. A combination of proprietary and public data from more than 45 different databases, as well as analyses conducted by the Fletcher School’s Digital Planet team, was used to explore key questions across the core subject areas.

 

3. Google Doodle honours Basketball inventor Dr James Naismith: On January 15, 2021, Google Doodle honoured the illustrious legacy of Dr James Naismith, the inventor of the game of Basketball. The Canadian-American Dr James Naismith was indulged in many professions at the same time. He was a professor, sports coach, a doctor, a physical educator and a Christian Chaplain as well. 130 years ago, in 1891, Dr Naismith invented the game of Basketball and wrote its original 13 rules in the pages of a Springfield College newspaper, ‘The Triangle’. The game was introduced on December 21, 1891. In 1959, the Naismith Memorial Basketball Hall of Fame was introduced in Springfield, Massachusetts, in his honor, and he was an inaugural inductee.

 

OTHER UPDATES:

 

BANKING AND FINANCE

 

1. RBI forms six-member working group to regulate digital lending frauds: The Reserve Bank of India (RBI) has set up a working group to study digital lending activities of the regulated and unregulated players, due to the growing instances of frauds in digital lending space. The group will suggest steps to regulate digital lending including online lending platform and mobile lending. The group will evaluate digital lending activities and assess the penetration and standards of outsourced digital lending activities in RBI regulated entities.

The six-member panel comprises of following four RBI internal and two external members:

(1) Jayant Kumar Dash, Executive Director, RBI (Chairman)

(2) Ajay Kumar Choudhary, Chief General Manager-in-Charge, Department of Supervision (Member)

(3) P Vasudevan, Chief General Manager, Department of Payment and Settlement Systems, RBI (Member)

(4) Manoranjan Mishra, Chief General Manager, Department of Regulation (Member Secretary)

(5) Vikram Mehta, Co-founder, Monexo Fintech (External Member)

(6) Rahul Sasi, Cyber Security Expert & Founder of CloudSEK (External Member)

 

2. IRDAI sets up panel to examine availability of health insurance products: Insurance regulator Insurance Regulatory and Development Authority (IRDAI) has set up a panel of experts called ‘Health Insurance Advisory Committee’ to examine the availability of health insurance products in the country, considering the need of the Indian society and recommend suitable products and processes. The expert committee will be headed by IRDAI Chairperson, Subhash Chandra Khuntia and will have a Member (Non-Life) as the vice-chairperson. The committee, which has a term of one year. Members of the committee include:

(1) Nachiket Mor (Visiting Scientist, Banyan Academy of Leadership in Mental Health),

(2) A K Chand (Professor and Neurosurgeon, Bangalore),

(3) B K Mohanti (Former Professor and Oncologist, AIIMS),

(4) K Hari Prasad (Anaesthetist, Hyderabad), and Pankaj Sharma (IRDAI).

Note: IRDAI Founded: 1999; IRDAI Headquarters: Hyderabad, Telangana.

 

BUSINESS AND ECONOMY

 

1. BofA Securities Projects GDP of India to Contract 6.7% in FY21: The BofA Securities expects the GDP growth of India for the current financial year 2020-21 to contract by 6.7 per cent. Apart from this, BofA Securities has projected the Indian economy to grow at 9 per cent in 2021-22 if the vaccine distribution is done in the first half of the new fiscal year, but it expects GDP growth prospects at just at 6 per cent if the distribution is delayed to the second half of 2021-22 (October-March).

Note: BofA Securities Headquarters: New York, New York, United States; BofA Securities Parent organization: Bank of America; BofA Securities Founded: 1 January 2009; BofA Securities  CEO: Brian T Moynihan.

 

2. UBS Projects GDP of India at -7.5% in 2020-21: Swiss brokerage major UBS Investment Bank has projected the Indian economy to contract 7.5 per cent in the current fiscal FY21, ending March 2021. UBS further expects the economy to rebound at 11.5 per cent in FY22. For the FY23, GDP growth is expected to stabilise at 6 per cent.

 

3. Nomura Estimates India’s GDP to contract 6.7% in FY21: The Japanese brokerage Nomura has revised upward, the GDP forecast for India in 2020-21 and now expects it to contract to 6.7 per cent. Nomura has further projected the GDP of India to rise to 13.5 per cent in FY22 (2021-22).

Note: Nomura President and Group CEO: Kentaro Okuda.

 

AWARDS AND HONOURS

 

1. AIIMS Bhubaneswar receives Kayakalp Award for 3rd time: The All India Institutes of Medical Sciences (AIIMS) in Bhubaneswar has proved its mettle once again for promoting cleanliness, hygiene and creating sustainable practices in public health facilities by winning the Kayakalp Award Scheme. AIIMS Bhubaneswar will get an award of Rs 2 crore for the performance.The institute has been adjudged as the best central government hospital under B category for cleanliness for a third consecutive year. It had earlier received the award in 2018 as well as in 2019 for becoming second cleanest hospital in the country among category B hospitals (less than 1000 beds) and received Rs one crore as prize money.

 

OBITUARIES

 

1. Social Activist and Padma Shri Awardee D Prakash Rao passes away: Noted social activist and Padma Shri winner, D Prakash Rao has passed away. He was basically a tea seller based in Cuttack, who spent his entire earning to educate slum children, through the school ‘Asha O Ashwasana’, which he started in 2000. He was conferred with the prestigious Padma Shri award in 2019 for his contribution towards boosting the value of education among slum kids in Cuttack. Apart from this, Rao was also a well-known blood donor.