NATIONAL UPDATES:
1.
Economic Survey 2022:
Finance Minister, Nirmala Sitharaman has presented Economic Survey 2021-22 in
the Parliament on 31st January 2022. The pre-budget Economic Survey, which is
tabled in Parliament ahead of the Union Budget to present the state of the
economy and suggest policy prescriptions. The pre-Budget Economic Survey is
authored by a team led by Chief Economic Advisor (CEA). Days before the
presentation, the Centre appointed economist V Anantha Nageswaran as the new
CEA.
What is the Economic Survey?
(1) Economic Survey is an annual document
of the Ministry of Finance. It reviews the economic progress of the country and
issues in the last 12 months.
(2) The survey provides information related
to the performance of key developmental schemes launched by the government. The
document also explains the performance of major government policies and their
impact.
(3) The Economic Survey discusses major
fiscal developments, macroeconomic factors, inflation, and other economic
factors. The document also highlights the impact of agriculture, climate
change, and employment on the economy of the country.
(4) The 1st Economic Survey was tabled in
1950-51. However, till the year 1964, it was presented along with the budget.
Here are the key highlights from the
Economic Survey 2021-22:
1)
Indian
economy is estimated to grow by 9.2 per cent in real terms in 2021-22 (as per
first advanced estimates) subsequent to a contraction of 7.3 per cent in
2020-21.
2)
GDP
is projected to grow by 8- 8.5 per cent in real terms in 2022-23.
3)
The
revenue receipts from the Central Government (April to November 2021) have gone
up by 67.2 per cent (YoY) as against the expected growth of 9.6 per cent in the
2021-22 Budget Estimates (over 2020-21 Provisional Actuals).
4)
Gross
Tax Revenue registers a growth of over 50 per cent during April to November
2021 in YoY terms. This performance is
strong compared to pre-pandemic levels of 2019-2020 also.
5)
Foreign
Exchange Reserves crossed US$ 600 billion in the first half of 2021-22 and
touched the US $ 633.6 billion as of December 31, 2021.
6)
As
of end-November 2021, India was the fourth-largest forex reserves holder in the
world after China, Japan and Switzerland.
7)
Repo
rate was maintained at 4 per cent in 2021-22.
8)
RBI
undertook various measures such as G-Sec Acquisition Programme and Special
Long-Term Repo Operations to provide further liquidity.
9)
Rs.
89,066 crores were raised via 75 Initial Public Offering (IPO) issues in
April-November 2021, which is much higher than in any year in the last decade.
10) The average
headline CPI-Combined inflation moderated to 5.2 per cent in 2021-22
(April-December) from 6.6 per cent in the corresponding period of 2020-21.
11) Food inflation
averaged at a low of 2.9 per cent in 2021-22 (April to December) as against 9.1
per cent in the corresponding period last year.
12) India’s overall
score on the NITI Aayog SDG India Index and Dashboard improved to 66 in 2020-21
from 60 in 2019-20 and 57 in 2018-19.
13) The number of Front
Runners (scoring 65-99) increased to 22 States and UTs in 2020-21 from 10 in
2019-20.
14) The Agriculture sector
experienced buoyant growth in past two years, accounting for a sizeable 18.8%
(2021-22) in Gross Value Added (GVA) of the country registering a growth of
3.6% in 2020-21 and 3.9% in 2021-22.
15) Capital expenditure
for the Indian railways has increased to Rs. 155,181 crores in 2020-21 from an
average annual of Rs. 45,980 crores during 2009-14 and it has been budgeted to
further increase to Rs. 215,058 crores in 2021-22 – a five times increase in
comparison to the 2014 level.
16) The extent of road
construction per day increased substantially in 2020-21 to 36.5 Kms per day
from 28 Kms per day in 2019-20 – a rise of 30.4 per cent.
17) India has become
3rd largest start-up ecosystem in the world after US and China. The number of
new recognized start-ups increased to over 14000 in 2021-22 from 733 in
2016-17.
18) 44 Indian start-ups
have achieved unicorn status in 2021 taking the overall tally of unicorns to
83, most of which are in the services sector.
2.
India tie-up with Israel to convert 150 villages into ‘Villages of Excellence’:
The
Government of India has joined hands with the Government of Israel to create
150 ‘Villages of Excellence’ in 12 States of the country, to help farmers to
adopt the latest technology in the farm sector. Israel would provide Technical
assistance and other expertise to make agriculture a more profitable business.
The 150 villages that are located around CoEs will be converted into ‘Villages
of Excellence.’ Out of which, 75 villages are being taken up in the first year
to commemorate the 75th year of India’s independence. Already, the Israeli
government has established 29 Centres of Excellence (CoEs) in 12 states.
Note: Israel President: Isaac Herzog;
Israel Capital: Jerusalem; Israel Prime minister: Naftali Bennett; Israel
Currency: Israeli Shekel.
3.
Meta tie-up with FICCI to support 5 lakh women-owned SMBs across India: Social media giant
Meta has partnered with industry body the Federation of Indian Chambers of
Commerce & Industry (FICCI) to support five lakh women-led small businesses
across India. Meta will undertake this initiative under its #SheMeansBusiness
programme, in partnership with FICCI’s ‘Empowering the Greater 50%’ initiative.
The initiative will create a supportive ecosystem for women and inspire them to
become contributors to the overall development of the country.
Meta will be extending support through
three of its initiatives:
(1) Grow your Business Hub: To provide the
necessary information, tools and resources to MSMEs;
(2) Commerce Partners Programme: To help
businesses go digital and D2C using technology;
(3) Facebook Business Coach: To train women
through an educational chatbot tool on WhatsApp.
Note: Meta CEO: Mark Zuckerberg; Meta
Headquarters: California, United States;
FICCI President: Sanjiv Mehta; FICCI
Founded: 1927; FICCI Headquarters: New Delhi; FICCI Secretary-General: Dilip
Chenoy.
4.
Maharashtra has highest number of SC entrepreneurs: Maharashtra has
topped India’s list in the number of micro, small and medium enterprises (MSME)
owned by entrepreneurs from the Scheduled Castes with as many as 96,805
enterprises. Tamil Nadu with 42,997 enterprises and Rajasthan with 38,517 units
occupy the second and third slots, according to the data furnished by the
Office of the Development Commissioner in the Union Ministry of MSME.
The fourth, fifth and sixth slots belong to
Uttar Pradesh (36,913 units), Karnataka (28,803 enterprises) and Punjab (24,503
units) respectively. Generally, the proportion of enterprises owned by
Scheduled Caste entrepreneurs in the overall national tally of MSMEs is 6%.
5. A
book titled “Fearless Governance” authored by Kiran Bedi: The book titled
‘Fearless Governance’ authored by Dr Kiran Bedi has been released. She is the
former Lt Governor of Puducherry and IPS (retd). This book is based on the
ground realities of nearly five years of service of Dr Bedi as Lt. Governor of
Puducherry and her vast experience of 40 years in the Indian Police Service. The
author demonstrates the right practises of responsible governance. She brought
about team spirit, collaboration, financial prudence, effective policing,
bonding in services and decision making through fearless leadership. ‘Fearless
Governance’ is a book to read, see, hear and feel for good governance and
leadership.
INTERNATIONAL UPDATES:
1. Xiomara
Castro sworn in as first female President of Honduras: In Honduras, the
Freedom and Refoundation Party (Libre) member Xiomara Castro has been sworn in
as the first female President of the country. The 62-year-old Castro replaces
President Juan Orlando Hernández, as 56th President of Honduras. Hernández has
held the position for eight years from 27 January 2014 to 27 January 2022.
Castro announced part of her cabinet Thursday, with her son Hector Zelaya as
private secretary and Jose Manuel Zelaya — her husband’s nephew — as defence
minister. The oath was sworn before Judge Karla Romero, flanked by Castro’s
choice of Congress president, Luis Redondo, who draped the presidential sash
over his new boss before a crowd of some 29,000. The guests included US Vice
President Kamala Harris, King Felipe VI of Spain and Taiwan Vice President
William Lai.
Note: Honduras Capital: Tegucigalpa;
Currency: Honduran lempira; Continent: North America.
OTHER UPDATES:
SPORTS
1.
Australian Open 2022: Rafael Nadal beats Daniil Medvedev: Rafael Nadal
(Spain) has defeated Daniill Medvedev (Russia) 2-6,6-7,6-4,6-4,7-5 to win the
Men’s Singles title at the Australian Open 2022. This is his 21st Major title,
becoming the first male player to do so. In women’s tennis, Margaret Court
(Australian) has 24 singles majors, an all-time record. In women’s, World
Number 1 Ashleigh Barty of Australia defeated Danielle Collins of the US, 6-3
7-6, to win women’s singles final title at the Australian Open 2022.
The winners list of Australian Open Tennis
Title 2022:
Events Winners:
|
Men’s Singles |
Rafael Nadal |
|
Women’s Singles |
Ashleigh Barty |
|
Men’s Doubles |
Thanasi Kokkinakis and
Nick Kyrgios |
|
Women’s Doubles |
Barbora Krejčíková and
Kateřina Siniaková |
|
Mixed Doubles |
Kristina Mladenovic
and Ivan Dodig |
2.
Tata Steel Chess 2022: Magnus Carlsen beats Fabiano Caruana: World Champion
Grand Master Magnus Carlsen has secured his victory in Wijk Aan Zee
(Netherlands) with a round to spare. The world champion defeated GM Fabiano
Caruana and now leads the 2022 Tata Steel Chess Tournament by a full point. It
was his 8th win, a unique achievement. Erigaisi Arjun (India) has won the Tata
Steel Challengers. By doing so he has earned a spot in the Tata Steel Masters
next year. The 85th edition of the Tata Steel Chess Tournament will take place
from 13 – 29 January 2023.
BANKING AND FINANCE
1.
SPMCIL opens new bank note printing lines at Nashik and Dewas: Security Printing
and Minting Corporation of India Limited (SPMCIL) has set up ‘new banknote
printing lines’ at its Currency Note Press, Nashik and Bank Note Press, Dewas.
In India, four printing presses for printing and supply of Banknotes. These are
at Dewas in Madhya Pradesh, Nasik in Maharashtra (owned by SPMCIL), Mysore in
Karnataka, and Salboni in West Bengal (owned by Bharatiya Reserve Bank Note
Mudran Private Limited (BRBNMPL)).
About the SPMCIL: SPMCIL, a
Government of India owned Miniratna company, is engaged in the
manufacture/production of Currency and Bank Notes, Security Paper, Non-Judicial
Stamp Papers, Postal Stamps, Passport, Visa, Cheques, Bond, Warrant, Special
Certificates with security features, Security Inks, Circulation & Commemorative
Coins, Medallions, Refining of Gold & Silver, and Assay of Precious Metals
among others.
Note: SPMCIL Chairman and Managing
Director: Tripti Patra Ghosh; SPMCIL
Founded: 10 February 2006.
BUSINESS AND ECONOMY
1.
Paytm Money launches “India’s first” intelligent messenger called ‘Pops’: Paytm Money has
introduced “India’s first” intelligent messenger called ‘Pops’. The company has
launched ‘Pops’, with which users can receive specific information related to
their stocks, analysis about their portfolio, market news, and important market
movements in an easy to consume format, all in one place. The platform will
also serve as a marketplace to offer sophisticated stock recommendations, news
insights, and other services.
Paytm Money is partnering with InvestorAi
to offer stock recommendations based on signals generated using artificial
intelligence. Now, with Pops on the Paytm Money app, these investors can
monitor their portfolios regularly and learn from the market movements with
alerts curated for them.
Note: Paytm Money CEO: Varun Sridhar; Paytm
Money Headquarters location: Bengaluru; Paytm Money Founded: 20 September 2017.
2.
Tata Group choose SBI, BoB and HDFC Bank to finance Air India’s old debt: Tata Group has
chosen State Bank of India, Bank of Baroda and HDFC Bank as preferred bankers
for Air India. Recently Tata Group has taken over Air India from the
government. Air India is the largest international carrier out of India with an
18.6% market share. Tata Sons have availed of a Rs 10,000-crore loan from SBI
and a Rs 5,000-crore loan from BoB. The loan from HDFC Bank is not known yet.
The loans are unrated, unsecured, and pegged at 4.25% [interest rate] annually.
Tata Sons-promoted Talace has acquired Air India, offering Rs 18,000 crore that include Rs 15,300 crore for the carrier’s existing debt and Rs 2,700 crore cash to be paid to the government. The new debt availed by the Tata Group will be used to refinance Air India’s debt availed at over 10%.
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