Daily GK Update- 23rd Mar, 2022

 

NATIONAL UPDATES:

 

1. N Biren Singh takes oath as Chief Minister of Manipur for 2nd term: Senior BJP leader N Biren Singh took the oath as Chief Minister of Manipur for a second consecutive five-year term on March 21, 2022. The ruling BJP party contested all 60 seats in the Manipur Assembly election in 2022 and won 32 seats. Nongthombam (N) Biren Singh started his career as a footballer, then turned to journalism, before joining politics.

In the recently held Assembly polls, the BJP won an absolute majority by winning 32 seats in the 60-member House. Moreover, the Janata Dal (United), the NPF, the newly formed Kuki People’s Alliance (KPA) and two Independent MLAs have extended their unconditional support to the saffron party. The JD(U) won six seats, NPF won five and the KPA won two seats.

Note: Manipur Capital: Imphal; Governor: La. Ganesan.

 

2. Govt. increased timeline to 10 years for startups for converting debt investment into equity: According to a news release from the DPIIT, the government has extended the deadline for companies to convert debt financing into equity shares by up to 10 years, a measure that is likely to provide comfort to emerging enterprises dealing with the impact of the Covid-19 pandemic. Previously, convertible notes may be converted into equity shares for up to five years after the initial convertible note was issued. That time frame has now been increased to ten years. Key Points:

a)      During the investment, the investor is given the option of asking the startup to issue equity shares in the firm in exchange for the money they had previously invested as a loan/debt if the startup does well or meets certain performance benchmarks in the future.

b)      Since its creation in 2017, convertible notes have become more viable financing vehicles for early-stage funding of businesses, according to experts.

c)       Convertible notes, unlike convertible debentures/debts, allow for optional conversion into equity without determining the conversion ratio ahead (and with fewer regulatory covenants), according to Sumit Singhania, Partner, Deloitte India.

d)      Extending this flexibility to ten years will make it easier for businesses to show their concept to early-stage investors (especially in highly inventive cases that require more gestation time to create scale) without having to make required pre-mature exits.

 

3. West Bengal celebrated ‘Dol Utsav’ or ‘Dol Jatra’: West Bengal celebrated the ‘Dol Utsav’ or ‘Dol Jatra’, the festival of colours, marking the onset of the spring season. The festival is dedicated to Lord Krishna and Radha and celebrated on full moon day. It also marks the last festival of the year as per the Bengali calendar. In the Eastern region of India, the festival of spring is celebrated as Dol Jatra, Dol Purnima, Dol Utsav, and Basanta Utsav. The majestic festival is celebrated by throwing ‘gulaal’ or ‘aabir’ on others and by singing and dancing in cultural programs.

Note: West Bengal Capital: Kolkata; West Bengal Governor: Jagdeep Dhankhar; West Bengal Chief minister: Mamata Banerjee.

 

4. ‘Road to 1000’ book released by Sportstar and The Hindu group: Sportstar and The Hindu group released a coffee-table book, ‘Road to 1000’, at the 2022 Sportstar Aces Awards at The Taj Mahal Palace hotel. The book is a 520-page, special collection with 1000 pictures to commemorate Indian cricket’s journey. ‘Road to 1000’ was released by former India cricketers Sunil Gavaskar, Syed Kirmani, Dilip Vengsarkar, Mohammad Azharuddin, Chandrakant Pandit and Nilesh Kulkarni here.

On February 6, India played its 1,000th ODI against the West Indies in Ahmedabad, becoming the first team to record the feat. India’s World Cup triumphs in 1983 and 2011, under Kapil Dev and M. S. Dhoni respectively, remain the major highlights in Indian ODI history. Sportstar reporters and photographers travelled the world to cover the Indian cricket team in the 1980s and 1990s. This is the best tribute to Indian cricket.

 

5. Autobiography of former cricketer G.R. Viswanath titled “Wrist Assured: An Autobiography”: Former Indian cricket captain Gundappa Ranganatha Vishwanath has penned his autobiography titled “Wrist Assured: An Autobiography”, co-authored by senior journalist R Kaushik. The book traces the cricketing journey of Gundappa Vishwanath who played Test Cricket for India between 1969 and 1986, making 91 appearances and scoring more than 6000 runs. Former Indian cricketers Kapil Dev and Sunil Gavaskar released the book at the ceremony held on the first day of the 2nd day/night Test between India and Sri Lanka in Bengaluru, Karnataka.

 

6. Shaheed Diwas or Martyrs’ Day: 23rd March: Every year, the Nation was observed on March 23rd as Martyrs Day (Shaheed Diwas or Sarvodaya Day). The day was observed to pay tribute to the death anniversary of the freedom fighters Bhagat Singh, Sukhdev Thapar, and Shivaram Rajguru, who laid their lives for the freedom of India. Also, 30 January is observed as Martyr’s Day or Shaheed Diwas in the memory of Mahatma Gandhi.

Why is Martyr’s Day celebrated on 23rd March?

On March 23, three heroes of our nation were hanged to death, namely Bhagat Singh, Shivaram Rajguru, and Sukhdev Thapar by the British. No doubt, they also sacrificed their lives for the welfare of our nation. These heroes fought for the welfare of people and sacrificed their lives for the same cause. For many young Indians, Bhagat Singh, Rajguru, Sukhdev have become a source of inspiration. Even during British rule, their sacrifice urged many people to come forth and fight for their freedom. Therefore, in order to homage to the three of these revolutionaries, India has commemorated March 23 as Shaheed Diwas.

 

INTERNATIONAL UPDATES:

 

1. NATO military exercise ‘Cold Response 2022’ begins in Norway: The North Atlantic Treaty Organization (NATO) has organised the massive military drill ‘Cold Response 2022’ in Norway from March 14, 2022, and will continue till April 01, 2022. The exercise is held in Norway every second year, for NATO Allies and partners. Cold Response is a long-planned and defensive exercise where Norway and its allies exercise in defending Norway against external threats. The exercise has been planned and informed about long before the war in Ukraine.

The Norwegian-led exercise provides an opportunity to train together in cold weather conditions over challenging terrain and demonstrates NATO’s ability to respond decisively to any threat, from any direction. Around 30,000 troops from 27 nations are taking part in the 2022 edition of the exercise, with about 220 aircraft and more than 50 vessels. This is the largest ‘Cold Response’ being exercise conducted in Norway since the 1980s.

Note: NATO chief: Jens Stoltenberg; NATO Founded: 4 April 1949, Washington, D.C., United States; NATO Headquarters: Brussels, Belgium.

 

2. UN World Happiness Report 2022: India Ranks 136th: India has improved its rank by three spots to acquire 136th position in the United Nations’ World Happiness Report for the year 2022, which ranked 146 countries. In 2021, India’s rank was 139. Finland has topped the 2022 World Happiness Report, for the fifth continuous year. Afghanistan has been ranked as the unhappiest country in the world, at 146th position.

Top 10 countries of the 2022 World Happiness Report:

(1) Finland; (2) Denmark; 3      Iceland; 4          Switzerland;5  The Netherlands; 6            Luxembourg; 7              Sweden; 8         Norway; 9         Israel; and (10) New Zealand

 

3. World Meteorological Day: 23rd March: World Meteorological Day is celebrated globally on March 23rd every year. The day is celebrated as the establishment of the World Meteorological Organization (WMO), and it concentrates on the behaviour of Earth’s atmosphere. The day also helps people be aware of their role in protecting Earth’s atmosphere. This year World Meteorological Day is celebrated keeping the theme of Early Warning and Early Action.

World Meteorological Day History: World Meteorological Day is celebrated as the establishment of the World Meteorological Organization (WMO), which was established on March 23, 1950. Today, it’s been 72 years of the organization, and it has made immense progress and helped the world to be a better place. WMO headquarters is situated in Geneva, Switzerland.

 

OTHER UPDATES:

 

SPORTS

 

1. Jay Shah’s term extended by one year as a President of Asian Cricket Council: The Asian Cricket Council (ACC) has unanimously extended the tenure of its incumbent President Jay Shah for a period of one year. The decision was taken during the annual general meeting of ACC on March 19, 2022. Jay Shah is the Secretary of the Board of Control for Cricket in India (BCCI) since 2019. Shah was first appointed as the President of ACC in January 2021, replacing Nazmul Hassan, the President of the Bangladesh Cricket Board (BCB).

Shah’s extension was proposed by Sri Lanka Cricket (SLC) president Shammi Silva and the nomination was backed unanimously by all the members of the ACC.

Note: Asian Cricket Council Chairman: Amitabh Choudhary; Asian Cricket Council Headquarters: Colombo, Sri Lanka; Asian Cricket Council Founded: 19 September 1983; Asian Cricket Council Membership: 25 associations; Asian Cricket Council Parent organization: ICC.

 

BANKING AND FINANCE

 

1. NPCI designed “UPI Lite – On-Device wallet” functionality for UPI user: National Payments Corporation of India (NPCI) designed the “UPI Lite – On-Device wallet” (“UPI Lite”) functionality for UPI users for small value transactions. About 75% of the total volume of retail transactions (including cash) in India are below Rs 100 transaction value. Further, 50% of the total UPI transactions are having a transaction value of up to Rs 200/-. To easily process such small value transactions, NPCI has launched this facility of “UPI Lite”.

In phase 1

a)      UPI Lite will process transactions in near offline mode i.e. debit offline and credit online, and at a later point, UPI Lite will process transactions in complete offline mode i.e. debit and credit both offline.

b)      The upper limit of a UPI Lite payment transaction shall be Rs. 200. The total limit of UPI Lite balance for an “On-device wallet” shall be Rs. 2,000 at any point of time.

c)       Replenishment of funds in UPI Lite shall only be allowed in online mode with additional factor authentication (AFA) or using UPI AutoPay which has been registered by the User in online mode with AFA.

Note: NPCI Founded: 2008; NPCI Headquarters: Mumbai, Maharashtra; NPCI MD & CEO: Dilip Asbe.

 

BUSINESS AND ECONOMY

 

1. Rajesh Gopinathan re-appoints as MD and CEO of TCS for five years: The board of IT major, Tata Consultancy Services (TCS) has announced the re-appointment of Rajesh Gopinathan as the Managing Director (MD) and Chief Executive Officer (CEO) of the company for five years. His second term will begin from February 21, 2022, to February 20, 2027. Rajesh Gopinathan was first appointed as the CEO and MD of TCS in 2017.

Under his leadership, the company has strengthened its position with the revenues increasing from $17.6 billion in the financial year ended March 31, 2017, to $22.2 billion in the financial year ended March 31, 2021.

Note: Tata Consultancy Services Founded: 1 April 1968; Tata Consultancy Services Headquarters: Mumbai.

 

AWARDS AND HONOURS

 

1. Suresh Raina felicitated with ‘Sports Icon’ award by Maldives government: Former India cricketer Suresh Raina has been awarded the prestigious ‘Sports Icon’ award at the Maldives Sports Awards 2022. The Maldives government felicitated Raina for his various achievements throughout his career. Raina was nominated alongside 16 international sportspersons, including former Real Madrid player Roberto Carlos, Jamaican Sprinter Asafa Powell, former Sri Lankan captain and cricketer Sanath Jayasuriya and Dutch football legend Edgar Davids among others.

Career of Suresh Raina: Raina is known for aiding the Indian cricket team to its World Cup glory back in 2011 and has also won the Indian Premier League (IPL) trophy four times with the Chennai Super Kings(CSK) franchise. He is the first Indian player to score 6000 as well as 8000 runs in a Twenty20 career and the first-ever cricketer to reach 5,000 runs in IPL. He also holds the record for scoring the most fifties in Champions League T20 history.

 

2. Neeraj Chopra wins Sportsman of the Year award: Sportstar Aces 2022: Tokyo Olympic gold medallist, Neeraj Chopra claimed the coveted ‘Sportstar of the Year (Male)’ award at the 2022 Sportstar Aces Awards. Weightlifter Mirabai Chanu, who claimed the silver medal at the Tokyo Olympics, received the ‘Sportstar of the Year (Female)’ award. The Aces Awards celebrate the spirit of excellence in sport and hope to inspire our athletes and sportspersons to continue to strive to break new records and reach new pinnacles of glory.

Other awardee’s in the list:

a)      Lovlina Borgohain (Sportswoman of the Year, Individual Sports),

b)      Avani Lekhara (Parathlete of the Year, Female),

c)       Pramod Bhagat (Special Recognition award),

d)      Savita (Sportswoman of the Year, Team Sports), and Rupinder Pal Singh (Sportsman of the Year, Team Sports).

e)      Arif Khan wins Special Recognition Award at Sportstar Aces 2022.

f)      Former Indian hockey team captain Ajit Pal Singh was conferred the ‘Lifetime Achievement award. Ajit was part of two Olympic bronze-winning teams, including one at the 1972 Munich Games.