Daily GK Update- 14th Dec, 2021

NATIONAL UPDATES:

 

1. UP cabinet approves Atma Nirbhar Krishak development scheme: Uttar Pradesh Cabinet has approved the Atma Nirbhar Krishak development scheme for boosting the agriculture sector. Atma Nirbhar Krishak development scheme will be implemented from the current financial year. Under this scheme, 1,475 Farmer Producer Organisations (FPOs) will be formed in the next three years in each development block. Under the scheme:

(1) The scheme will provide a long-term debt financing facility for investment in viable projects for postharvest management infrastructure and community.

(2) Rs 1 lakh crore will be provided by banks and financial institutions as loans to Primary Agricultural Credit Societies, Marketing Cooperative Societies, Self Help Groups, farmers, and joint liability groups.

(3) All loans will be provided with an interest subvention of 3 per cent per annum up to a limit of Rs 2 crore. The scheme will be funded through the Agriculture Infrastructure Fund (AIF).

Note: UP Capital: Lucknow; UP Governor: Anandiben Patel; UP Chief Minister: Yogi Adityanath.

 

2. Bhasha Sangam mobile app launched with 22 languages: Union Minister of State for Education, Dr Subhas Sarkar has informed that the government is all set to launch Bhasha Sangam mobile app. The mobile app is developed to give users familiarity with common expressions of daily conversation in scheduled Indian languages. The app has 100+ sentences, designed on different themes that allow people to learn basic conversation in 22 Indian languages, test themselves and generate online certificates. The app aims to foster the spirit of Ek Bharat Shreshtha Bharat by enabling people across India to learn the different languages of different states of India and come closer to their culture.

 

3. Ministry of Power kickstarts celebration of Energy Conservation Week: Ministry of Power is celebrated the Energy Conservation Week from 8th to 14th December 2021 under “Azadi ka Amrit Mahotsav”. Celebration by the Bureau of Energy Efficiency include three major activities i.e. National Painting Competition for school children, National Energy Conservation Awards (NECA) for Industries and establishments and National Energy Efficiency Innovation Awards (NEEIA) to recognize innovative energy efficiency technologies. The Bureau of Energy Efficiency has been organising National Level Painting Competitions on Energy Conservation for school children studying in 4th to 10th standard. This year, the themes for the competition are “Azadi ka Amrit Mahotsav: Energy Efficient India” and “Azadi ka Amrit Mahotsav: Cleaner Planet”.

 

4. National Energy Conservation Day 2021: 14th December: Every year on the 14th of December, National Energy Conservation day is celebrated in India. This occasion has been celebrated since 1991 when is led by the Ministry of power. This day is celebrated to raise awareness regarding the conservation of energy as it is the best way to have a greener and brighter future.

History of the day: Back in 2001, the Indian bureau of energy efficiency implemented the Indian energy conservation act which focused on formulating policies regarding energy conservation. since then on every 14th December various discussions, conferences, and workshops are organized to raise awareness regarding energy conservation. These events are organized across the country.

 

INTERNATIONAL UPDATES:

 

1. Canada, Australia and UK join US boycott of Beijing Olympic: Canada will join the United States, the United Kingdom and Australia diplomatic boycott of the Beijing Winter Olympics over human rights concerns. The announcement came after the White House, the Australian government and the UK government confirmed diplomatic boycotts of the Winter Games in February to protest Chinese human rights abuses. China has vowed to react with “firm countermeasures.” The diplomatic moves by Canada, the U.S., Britain and Australia do not affect their athletes’ ability to compete in the games.

Australia boycott Beijing Olympics: Australia took this decision amid a disagreement with China over several issues, ranging from Australia’s foreign interference laws to a move to acquire nuclear-powered submarines.

Canada boycott Beijing Olympics: Relations between Canada and China have been poor since China arrested two Canadians in China in Dec. 2018, shortly after Canada arrested Meng Wanzhou, Huawei Technologies’ chief financial officer and the daughter of the company’s founder, on a U.S. extradition request.

United Kingdom boycott Beijing Olympics: UK Prime Minister Boris Johnson said no ministers will attend due to alleged human rights abuses in China, which Beijing strongly denies.

The 2022 Winter Olympics: The 2022 Winter Olympics are an upcoming international winter multi-sport event. This event is scheduled to take place from February 4 to 20, 2022 in Beijing, China. It will be the first Winter Olympics in China as well as the last of three consecutive Olympics which is to be held in East Asia, after the 2018 Winter Olympics in South Korea, and the 2020 Summer Olympics in Japan.

 

2. World Inequality Report 2022 announced: France-based World Inequality Lab published its report titled “World Inequality Report 2022”. This report was authored by Lucas Chancel, who is the co-director of World Inequality Lab. It was coordinated by famed French economist Thomas Piketty. In 2021 the top 10 percent and top 1 percent of the Indian population hold 57 percent and 22 percent of total national income respectively, whereas the share of the bottom 50 percent has gone down to 13 percent.  Key Findings analysis on inequalities in India:

(1) The report notes that the top 1 % of India’s population owns more than one-fifth of the total national income in 2021.

(2) The bottom half of the population earns just 13.1 per cent.

(3) It highlights that economic reforms and liberalization that India has adopted, have mostly benefited the top 1 per cent.

(4) The report identifies India as a poor and unequal country, with an affluent elite.

(5) 1 per cent richest people in India hold 22% of the total national income in 2021, while the top 10 % owns 57 per cent of the income.

(6) The average national income of the Indian adult population is Rs 204,200 in 2021, on the basis of purchasing power parity.

(7) However, the report clarified that the average national income of a country masks inequalities.

The scenario in the world’s richest nation: The ratio in the richest nation that is the US, is 1 to 17. The richest ten of the global population owns 52 per cent of global income. On the other hand, the poorest half of the population earns 8.5 per cent of the global income.

Global Scenario: The Middle East and North Africa (MENA) are the most unequal regions in the world, whereas Europe has the lowest inequality levels. In Europe, the top 10 per cent income share is around 36 per cent, whereas in MENA it is 58 per cent.

 

3. FM Nirmala Sitharaman Ranked 37th on Forbes’ 2021 World’s 100 Most Powerful Women: Finance Minister(FM) of India, Nirmala Sitharaman has ranked 37th on the Forbes’ list of the World’s 100 Most Powerful Women 2021 or 18th Edition of Forbes’ list of the World’s 100 Most Powerful Women. She has been featured on the list for the 3rd year in a row. She was ranked 41st on the list in 2020 and 34th in 2019. India’s seventh woman billionaire and the wealthiest self-made billionaire, Falguni Nayar, founder and CEO, Nykaa was ranked 88th on the list. Only 4 Indian Women ranked in Forbes 2021 World’s 100 Most Powerful Women List.

Other Indian women on the list:

(1) Roshni Nadar Malhotra, Chairperson of the HCL Technology, the first woman to lead a listed IT company in India was ranked 52nd on the list.

(2) Kiran Mazumdar-Shaw, executive chairperson and founder of Biocon was ranked 72nd on the list. She founded India’s largest listed biopharmaceutical firm in India in 1978.

Highlights of the list:

(1) The 3rd richest woman in the world, MacKenzie Scott, philanthropist, author and ex-wife of Amazon founder Jeff Bezos was topped Forbes’ 2021 World’s 100 Most Powerful Women replacing the outgoing German chancellor Angela Merkel who topped the 15 out of 17 iterations of the list.

(2) Kamala Harris, the first woman and the first person of colour(Black) to become the Vice President of the United States of America was ranked 2nd on the list.

(3) Janet Yellen, the first woman to be named the U.S. Treasury Secretary has ranked 39th on the list.

(4) The list also features Oprah Winfrey (23), Jacinda Ardern (34), Rihanna (68), and others.

(5) Taylor Swift (31 years old) ranked 78th, is the youngest woman featured in the list and Queen Elizabeth II (95 years old) ranked 70th, is the oldest.

 

OTHER UPDATES:

 

BANKING AND FINANCE

 

1. RBI imposed restrictions on Nagar Urban Co-operative Bank: The Reserve Bank of India has imposed several restrictions on Nagar Urban Co-operative Bank Ltd, Ahmednagar, Maharashtra, including restrictions on withdrawals up to Rs. 10,000 for customers. RBI has issued the directions in the exercise of powers vested in it under subsection (1) of Section 35 A of the Banking Regulation Act, 1949 read with Section 56 of the Banking Regulation Act, 1949 for six months. The bank shall not, without prior approval of RBI, grant or renew any loans and advances, make any investment, incur any liability, disburse any payment, transfer or otherwise dispose of any of its properties or assets. The bank will continue to undertake banking business with restrictions till its financial position improves.

Note: Nagar Urban Co-operative Bank Headquarters: Ahmednagar, Maharashtra; Nagar Urban Co-operative Bank Acting CEO:  V. Rokde; Nagar Urban Co-operative Bank Slogan: ‘One Family….. One Bank’.

 

2. Shivalik SFB with indiagold launches loan against digital gold: Shivalik Small Finance Bank (SSFB) signed a partnership agreement with fintech firm, Indiagold to launch India’s first Loan against Digital Gold. This agreement will enable customers to use their digital gold balance to avail of instant and digital loans up to Rs. 60,000 and also seamlessly access gold loans starting at a monthly interest of just 1%. To provide access to secure and affordable credit to the customers looking for quick liquidity against their gold assets.

Note: Shivalik Small Finance Bank Headquarters: Noida, Uttar Pradesh; Shivalik Small Finance Bank MD & CEO: Suveer Kumar Gupta.

 

BUSINESS AND ECONOMY

 

1. Fitch Ratings cuts India’s FY22 GDP Growth Forecast to 8.4%: Fitch Ratings has slashed India’s economic growth forecast in the financial year 2021-22 (FY22) to 8.4 per cent and raised the growth projection to 10.3 per cent for FY23, compared to October 2021 rating projections of 8.7 per cent (FY22) and 10 per cent (FY23). In the December report:

(1) India’s GDP grew 11.4 per cent in the Q2 FY22 over the April-June quarter of FY22 on a seasonally adjusted basis. The economy has contracted 4 per cent in the April-June quarter in FY22 over the fourth quarter of FY23.

(2) Indian economy had contracted by 7.3 per cent in FY21 due to COVID-19.

(3) The rating agency has expected the headline inflation to average 4.9 per cent in 2022 and 4.2 per cent in 2023, from 5 per cent in 2021.

(4) In India, less than one-third of the population is fully vaccinated and the new Omicron variant poses a new risk to the recovery.

Note: Fitch Ratings President: Ian Linnell; Fitch Ratings Headquarters: New York, United States.

 

AWARDS AND HONOURS

 

1. IIT-Kanpur Scientist Ropesh Goyal bags “Young Geospatial Scientist” Award: Ropesh Goyal from IIT-Kanpur won the ‘Young Geospatial Scientist’ award in recognition of his unique contribution to developing the Indian Geoid Model and computation software. Member of Space Commission, Government of India, and former ISRO Chairman AS Kiran Kumar presented the award to Goyal during the inaugural event of the DigiSmart India 2021 conference hosted by the Geospatial World.

About the award: The ‘Young Geospatial Scientist’ award and a gold medal have been presented every year since 2011 to promising scientists below 35 years of age in memory of Rachapudi Kamakshi, a strategic analyst with a strong inclination towards geography and geospatial studies. The Rachapudi Kamakshi Memorial Trust is an organisation founded to help and encourage students and young and talented individuals with great ideas and research work in the field of geospatial sciences.

 

OBITUARIES

 

1. Serum Institute of India ED Suresh Jadhav passes away: Serum Institute of India’s Executive Director Dr Suresh Jadhav has passed away. He played an important role in the development of the Covishield vaccine. He was part of several national and international bodies and organisations. Serum Institute of India is the world’s largest vaccine maker. It is the second company to apply for the approval of a vaccine candidate from the Drugs Controller General of India.