Daily GK Update- 16th May, 2022

 

NATIONAL UPDATES:

 

1. India Contributes USD 800,000 To Promote the Hindi Language At UN: The government of India has contributed USD 800,000 to the United Nations (UN) as part of the initiative which aims to enhance public outreach of the organisation in Hindi. R Ravindra, India’s Deputy Permanent Representative to the United Nations, handed over a cheque for the ‘Hindi @ UN’ project to Mita Hosali, Deputy Director and Officer-In-Charge (News and Media Division), UN Department of Global Communications (DGC).

About the ‘Hindi @ UN’ project: The project was launched by India in 2018 in collaboration with the UN Department of Public Information to disseminate information about the UN to the Hindi-speaking population across the world. Since 2018, India has been partnering with the UN DGC by providing an extra-budgetary contribution to mainstream news and multimedia content of DGC in Hindi.

 

2. Madhya Pradesh Startup Policy launched by Prime Minister Modi: Prime Minister Narendra Modi announced the Madhya Pradesh Startup Policy and spoke to the startup community via video conferencing at the Madhya Pradesh Startup Conclave in Indore. The Prime Minister also unveiled the Madhya Pradesh Startup Portal, which would ease and promote the startup environment in the state. The event was attended by Chief Minister Shivraj Singh Chouhan, as well as key officials and entrepreneurs. According to the official, Madhya Pradesh has 1,937 start-ups recognised by the Union government, with women running 45 percent of them.

Various pillars of the startup ecosystem represented at the Madhya Pradesh Startup Conclave, including government and private sector policymakers, innovators, entrepreneurs, academicians, investors, mentors, and other stakeholders.

Note: Chief Minister of Madhya Pardesh: Shivraj Singh Chouhan

 

3. In Manipur, the Indian Army will open a coaching center for poor pupils: The Indian Army has started providing residential tutoring to children from economically disadvantaged and deprived areas of the northeast to prepare them for all-India competitive tests such as engineering and medical admission.

The Indian Army’s Red Shield Division has inked a tripartite Memorandum of understanding with enterprise partner State Bank of India Foundation and mentoring partner National Integrity and Educational Development Organization to develop the Red Shield Centre for Excellence and Wellness, according to Lt Col Mohit Vaishnava, a spokesman for the Indian Army’s Red Shield Division.

The centre will be in the Manipur’s Bishnupur district.According to Lt Col Vaishnava, the scheme should be completely operational for the first batch of 50 students by the first week of July. The MoU signing ceremony was attended by Manipur Governor La Ganesan, GOC Red Shield Division Maj Gen Navin Sachdeva, and others.

 

4. State of Chhattisgarh to reinstate an old pension scheme: In his Budget statement, Chhattisgarh Chief Minister Bhupesh Baghel announced the government’s plan to revert to the old pension scheme (OPS) for state employees and quadruple the monthly MLA local area development money. He carried the Budget papers in a cow dung powder briefcase.

Key Points:

a)      Over three lakh individuals who started work after January 1, 2004 will profit from the change. It will not, however, apply to members of the All India Services, such as the Indian Administrative Service and the Indian Police Service.

b)      The fundamental distinction between the two pension systems is that, while an employee must make a voluntary contribution to their pension by deducting 10% of their basic income and dearness allowance, there is no such deduction under OPS.

c)       The Chief Minister proposes in this Budget to restore the former pension programme for government employees.

d)      The Chhattisgarh Rojgaar Mission will be given a sum of 2 crore to work on the prospects of creating new jobs through coordinating skill development programmes.

 

5. Ravinder Singh Dhillon appointed CMD of REC Ltd: REC Limited, (formerly Rural Electrification Corporation Limited) a Navratna company under the administrative control of the Ministry of Power, announced it has named Ravinder Singh Dhillon as Chairman and Managing Director of the company, with effect from May 10, 2022. He is serving as the CMD of Power Finance Corporation Limited (PFC). With over 36 years of varied experience spread across the entire value chain of the power sector, he is very diversified in his work.

 

INTERNATIONAL UPDATES:

 

1. Sheikh Mohamed bin Zayed Al Nahyan appointed President of UAE: The Supreme Council of the Union elected Sheikh Mohamed bin Zayed Al Nahyan, Ruler of Abu Dhabi, as President of the UAE. The Council held a meeting at the Mushrif Palace in Abu Dhabi, headed by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. He has replaced Sheikh Khalifa Bin Zayed Al Nahyan, who died at the age of 73.

Sheikh Mohamed began wielding power in a period when his half-brother Sheikh Khalifa suffered bouts of illness, including a stroke in 2014. Under his low-key direction, the UAE has put a man in space, sent a probe to Mars, and opened its first nuclear reactor.

Note: UAE Capital: Abu Dhabi; UAE Currency: United Arab Emirates dirham; UAE Prime minister: Mohammed bin Rashid Al Maktoum.

 

2. International Day of Living Together in Peace: 16th May: The International Day of Living Together in Peace is held on 16th May every year. The day is celebrated on the 16th of May throughout the world and with its annual observance, it aims to urge people to live together in a united and peaceful way. Individuals can attain this by listening to each other and respecting one another despite their differences.

History of the International Day of Living Together in Peace: The day first came into being after the United Nations General Assembly adopted a resolution to declare 16 May as the International Day of Living Together in Peace on 8 December 2017. The first International Day of Living Together in Peace was observed in 2018. Ever since the end of World War II, the United Nations has been on a mission to work towards world peace. The year 2000 was recognised as ‘The International Year for a Culture of Peace and from 2001 to 2010, the UN declared it the “International Decade for a Culture of Peace and Non-Violence for Children of the World.”

 

3. International Day of Light: 16th May: The International Day of Light is celebrated on 16 May each year, the anniversary of the first successful operation of the laser in 1960 by physicist and engineer, Theodore Maiman. This day is a call to strengthen scientific cooperation and harness its potential to foster peace and sustainable development. The laser is a perfect example of how a scientific discovery can yield revolutionary benefits to society in communications, healthcare and many other fields.

 

OTHER UPDATES:

 

SPORTS

 

1. ISSF Junior World Cup: Esha Singh and Saurabh Chaudhary won gold in Mixed Team Pistol event: Indian pistol pairs Esha Singh and Saurabh Chaudhary clinched the mixed team pistol gold at the International Shooting Sport Federation (ISSF) Junior World Cup in Suhl, Germany. Esha and Saurabh came through after topping a 38-field qualification round of 60 shots with scores of 578 and 575 respectively. The team of Palak and Sarabjot Singh has settled for the silver medal in the same event. Ramita and Paarth Makhija also won silver in the 10m air rifle mixed team competition. In all, India has so far won 10 medals, including four gold.

Note: ISSF Founded: 1907; ISSF Headquarters: Munich, Germany; ISSF President: Vladimir Lisin.

 

BANKING AND FINANCE

 

1. Union Bank of India launches Online Platform ‘Trade nxt’: The Union Bank of India (UBI) has launched an online platform, ‘Trade nxt’, which enables corporate, and MSMEs (Micro, Small & Medium Enterprises) to transact all cross-border export-import transactions from the comfort of their place, i.e. eliminates the need for companies to visit a bank branch for the same. It offers seamless entry and processing of letters of credit (LC), bank guarantees, export/import bills, disbursement of export credit, outward & inward remittances, dealer financing etc.

About the ‘Trade nxt’ platform: ‘Trade nxt’ platform will also enable the regulatory online auto reporting through Import Data Processing & Monitoring System (IDPMS), Export Data processing & Monitoring System (EDPMS) and other statutory reporting to Overseas Direct Investment (ODI)/ Foreign Direct Investment (FDI)/ Liberalised Remittance Scheme LRS) which will make the process much more convenient.

Note: Union Bank of India Managing Director & CEO: Rajkiran Rai G; Union Bank of India Merged Banks: Andhra Bank, and Corporation Bank; Union Bank of India Headquarters: Mumbai, Maharashtra.

 

BUSINESS AND ECONOMY

 

1. Retail Inflation Surges To 7.79% In April, Highest In 8 Years: India’s retail inflation surged to 7.79 per cent in April, largely driven by rising fuel and food prices, government data showed. The consumer price-based inflation figure stayed well above the Reserve Bank of India’s (RBI’s) upper tolerance limit for the fourth consecutive month. In April, the CPI inflation expanded at its highest pace in eight years. The previous high was recorded at 8.33 per cent in May 2014. April’s print was higher than 6.95 per cent in March and 4.23 per cent a year ago.

Reasons:

a)      The rate of price rise in ‘fuel and light’ category in the retail inflation basket quickened to 10.80 per cent in April this year from 7.52 per cent in the preceding month.

b)      In the ‘oils and fats’ category, inflation remained at an elevated level of 17.28 per cent in April as Ukraine is one of the major sunflower oil producers in the world and India imports a major portion of the commodity from the war-ravaged country. Besides this, Ukraine is also a key supplier of fertiliser to India.

c)       Vegetables witnessed an inflation print of 15.41 per cent during the month as against 11.64 per cent in March.

 

2. Morgan Stanley cuts India’s FY23 growth forecast to 7.6%: Morgan Stanley downgraded India’s growth forecast to 7.6% from 7.9% for FY2023 amid a slowdown in global growth, higher commodity prices and risk aversion in global capital markets. This 7.6% forecast is a baseline forecast for India while its bearish and bullish growth projections are 6.7% and 8%, respectively.

Key points:

a)      For FY24, it lowered its growth forecast to 6.7% from the 7% estimated earlier.

b)      However, the Indian economy will expand at above pre-pandemic growth rates in FY23 and FY24.

c)       On the global front, it projected growth at 2.9% in the calendar year 2022 as compared to 6.2% growth in 2021.

d)      Within Asia, India would be the economy which will be most exposed to upside risks to inflation.

e)      CPI (Consumer Price Index) inflation is expected to be 6.5% for FY23.

f)        The current account deficit to widen to a 10-year high of 3.3% of GDP (Gross Domestic Product) in FY23.

 

OBITUARIES

 

1. UAE President, HH Sheikh Khalifa bin Zayed, passes away: UAE President and Ruler of Abu Dhabi, Sheikh Khalifa bin Zayed Al Nahyan passed away. He served as the President of the UAE and Ruler of Abu Dhabi since November 3, 2004.

About Sheikh Khalifa bin Zayed Al Nahyan: Born in 1948, Sheikh Khalifa was the second President of the UAE and the 16th Ruler of the Emirate of Abu Dhabi. He was the eldest son of Sheikh Zayed. He was elected to succeed his father, late Sheikh Zayed bin Sultan Al Nahyan, who served as the UAE’s first president since the union in 1971 until he passed away on November 2, 2004. Since becoming the president of the UAE, Sheikh Khalifa has presided over a major restructuring of both the Federal Government and the government of Abu Dhabi. Under his reign, the UAE witnessed an accelerated development that ensured decent living for the people calling the country home.

 

2. Eminent Sanskrit and Hindi Scholar, Padma Shri Dr Rama Kant Shukla Passes Away: Padma Shri Dr Rama Kant Shukla, a profound Sanskrit and Hindi Scholar, has passed away in Aligarh, Uttar Pradesh (UP). He was born in Khurja city in Bulandshahr district, UP. Dr Rama Kant Shukla is the founder and general secretary of Devavani Parishad in Delhi, and the founding chairman and editor of “Arvacinasamskrtam”, a quarterly journal in Sanskrit. He was conferred the titles of Sanskrit Rashtrakavi, Kaviratna, and Kavi Siromani by literary and Sanskrit organizations.