Daily GK Update- 8th Dec, 2021

 

NATIONAL UPDATES:

 

1. ADB approves $500-million loan to improve quality of school education: The Asian Development Bank (ADB) has approved a $500 million loan to the Government of India to help improve the quality of the country’s school education and mitigate the impact of the Covid-19) pandemic on students’ learning. The loan supports the Integrated Scheme for School Education (Samagra Shiksha) and the new Exemplar School Initiative of the Ministry of Education (MOE) to improve education quality by focussing on inclusive and equitable learning outcomes.

About 1,800 government schools will be transformed into exemplar schools in Assam, Gujarat, Jharkhand, Tamil Nadu, and Uttarakhand. Exemplar schools will demonstrate quality learning environments and effective learning, which will become a model for replication in other government schools across the country.

Note: Minister of Education: Dharmendra Pradhan.

 

2. India will have nine nuclear reactors by 2024: The nation will have nine nuclear reactors by 2024 and a new nuclear project, the first in northern India, will come up 150 kms away from Delhi in Gorakhpur of Haryana, the government informed the Rajya Sabha. By 2024, India will have nine nuclear reactors plus 12 new additional ones which were approved during the Covid times with a capacity of 9000 MW. The minister said that nuclear energy will soon emerge as one of the most important sources of alternative or clean energy for the increasing power demand of the country. India is counting on its nuclear program to help meet its Paris climate commitments to reduce the emissions intensity of its economy by a third from 2005 levels by 2030.

 

3. Pradip Shah appointed as Chairman of National Asset Reconstruction Company: Pradip Shah, the founder of IndAsia Fund Advisors, has been appointed chairman of the National Asset Reconstruction Company (NARCL). Shah, an MBA from Harvard and chartered accountant, is credited for establishing India’s first and largest housing finance company, HDFC, and rating firm Crisil. While Aditya Birla Asset Reconstruction Company managing director Sanjay Jain will be the chief executive of India Debt Resolution Company (IDRCL), the privately-owned asset management company (AMC) mandated to resolve bad loans acquired by NARCL.

 

4. Nation remembers BR Ambedkar on his 66th death anniversary: India observes December 6 as Mahaparinirvan Divas every year to mark the death anniversary of Dr Bhimrao Ramji Ambedkar, who fought for the economic and social empowerment of Dalits in the country. He was popularly known as Babasaheb Ambedkar passed away on December 6, 1956. The Union government has decided to celebrate Mahaparinirvan Divas as part of the major commemoration of ‘Azadi Ka Amrit Mahotsav.

Life of Dr Bhimrao Ambedkar:

(1) Bhimrao Ambedkar was born in Madhya Pradesh’s Mhow, Ambedkar was the 14th and the last child of his parents. He was primarily an Economist and educationist.

(2) Babasaheb was also the flag bearer of India’s Dalit Activism, is called the chief architect of the Indian Constitution.

(3) BR Ambedkar was the Chairman of the Constitution Drafting Committee for the constitution of independent India on August 29, 1947. He was also the law minister of India after independence.

(4) He had also started fortnightly and weekly papers named ‘Excluded India’, ‘Mook Nayak’, ‘Janta’ to raise voice against the atrocities on Dalits. His first wife was only 9 years old at the time of their marriage.

 

INTERNATIONAL UPDATES:

 

1. India and EU will set up Clean Energy and Climate Partnership: India and European Union (EU) have agreed to step up their Clean Energy and Climate Partnership. They jointly agreed on a detailed work program until 2023 to implement the 2016 India-EU Clean Energy and Climate Partnership. The Panel agreed on increased technical cooperation in energy efficiency, renewable energy, green hydrogen, grid integration, storage, power market design, interconnection, cold chain, and sustainable financing.

The Panel also agreed to explore further avenues to strengthen India-EU cooperation within the context of the International Solar Alliance. EU expressed its support for the close cooperation between India and the International Energy Agency. India and EU also agreed to exchange closely on clean energy in the frame of G20.

Note: European Union Founded: 1 November 1993; European Union Headquarters: Brussels; European Union Member states: 27; European Union Official languages: 24; European Union President of the European Council: Charles Michel.

 

2. World Cooperative Monitor report 2021: IFFCO ranks first: The Indian Farmers Fertiliser Cooperative Limited (IFFCO) has been ranked ‘number one Cooperative’ among the top 300 cooperatives in the world. The ranking is based on the ratio of turnover over the gross domestic product (GDP) per capita. It signifies that IFFCO is contributing significantly to the GDP and economic growth of the nation. The 2021 edition of the 10th Annual World Cooperative Monitor (WCM) report, withholding its position from the 2020 edition.

About the report:

(1) The 2021 WCM report is published by the International Cooperative Alliance (ICA) and European Research Institute on Cooperative and Social Enterprises (Euricse). WCM is a project designed to collect robust economic, organizational, and social data about cooperatives worldwide.

(2) The report is the 10th annual one and explores the economic and social impact of the largest cooperatives and mutual worldwide, providing a ranking of the top 300, sector rankings, and an analysis of responses to the current global challenges: Covid and climate change.

Important takeaways for all competitive exams:

IFFCO Founded: 1967; IFFCO Headquarters: New Delhi, Delhi; IFFCO MD & CEO: DR. U. S. Awasthi.

 

3. SAARC Charter Day 2021: 8th December: The South Asian Association for Regional Cooperation (SAARC) Charter Day is observed annually on 8th December to commemorate the adoption of the SAARC Charter. This year marks the 37th anniversary of the regional group. The charter was signed by the Leaders of SAARC Countries Heads of State or Government of Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka at the First SAARC Summit held in Dhaka, Bangladesh.

History and significance of the SAARC Charter:

(1) On 8 December 1985, the SAARC Charter was adopted, in Dhaka, during the first summit of the group. The Charter was signed by the leaders of eight South Asian nations- Bangladesh, Bhutan, Afghanistan, Maldives, Nepal, India, Pakistan, and Sri Lanka.

(2) As mentioned in its charter, the prime focus of SAARC is to work collectively to promote the welfare of people in the region and to improve their standard of living through social progress and economic development.

Note: SAARC Chairmanship: Nepal; SAARC Secretary-General: Esala Ruwan Weerakoon (Sri Lanka); SAARC Secretariat: Kathmandu, Nepal.

 

OTHER UPDATES:

 

SPORTS

 

1. New Zealand’s Ajaz Patel 3rd Bowler to take 10 Wickets in an Innings: New Zealand’s Ajaz Patel became the third cricketer to scalp all 10 wickets in an innings. The left-arm spun a web around India’s batting order and bowled 47.5 overs, conceding 119 runs. New Zealand bundled out India for 325 on the second day of the second Test at the Wankhede Stadium, Mumbai.

History of 10 wickets haul in an innings: In 1956, England bowler Jim Laker had taken 10 wickets in an innings against Australia and decades later, India’s Anil Kumble, too, achieved the incredible feat against Pakistan in 1999. At the Feroz Shah Kotla in New Delhi, Kumble had made a perfect 10 to bundle out Pakistan and clinch the game.

About Ajaz Patel: Exactly 21 years later, Mumbai-born Patel, whose parents immigrated to New Zealand in 1996, had a dream run on his ‘homecoming’ as he clinched all the Indian wickets, to not only create an incredible personal milestone but also bring his side back into the game.

 

BANKING AND FINANCE

 

1. Federal Bank launches an exclusive feature-rich scheme for women: Private sector lender, Federal Bank has launched a feature-rich savings bank product for women. The savings scheme is called Mahila Mitra Plus and provides a curated set of features, designed to make financial planning and investments easy for women. The special features include exclusive preferential interest rates on housing loans, processing fee waiver for home loans, complimentary and customised insurance cover. The special features include exclusive preferential interest rates on housing loans, processing fee waiver for home loans, complimentary and customised insurance cover.

Note: Federal Bank Founded: 23 April 1931; Federal Bank Headquarters: Aluva, Kerala; Federal Bank MD & CEO: Shyam Srinivasan; Federal Bank Tagline: Your Perfect Banking Partner.

 

BUSINESS AND ECONOMY

 

1. OECD projected India growth forecast to 9.4% for FY22: Paris-based Organisation for Economic Co-operation and Development (OECD) decreased India’s growth forecast to 9.4% for FY22 from 9.7% estimated in September 2021. It has projected the Indian economy to grow at 8.1% in FY23, and moderate to 5% in FY24. OECD lowered the global growth forecast for 2021 to 5.6% from 5.7% earlier. According to OECD, low-skilled domestic migrants and urban workers, who faced the brunt of employment shocks in both waves of the pandemic in India, have yet to see their earnings return to pre-pandemic levels.

Note: OECD Secretary-General: Mathias Cormann; OECD Headquarters: Paris, France; OECD Founded: 30 September 1961.

 

OBITUARIES

 

1. Former Andhra Pradesh CM Konijeti Rosaiah passes away: Former Governor of Tamil Nadu and former Chief Minister of the unified State of Andhra Pradesh, Konijeti Rosaiah (89-years) passed away. He had served as MLA, MLC, Lok Sabha members. He held several key portfolios including finance, transport, energy in the cabinets headed by Kotla Vijayabhaskhara Reddy, Channa Reddy, and YS Rajasekhara Reddy.