Daily GK Update- 20th May, 2022

 

NATIONAL UPDATES:

 

1. Punjab CM Bhagwant Mann launched ‘Lok Milni’ scheme for redressal of public complaints: Chief Minister of Punjab, Bhagwant Mann heard the grievances of the people of the state and issued redressal directions in ‘Lok Milni’, a first-of-its-kind public interaction programme. This interactive programme was launched with the aim of providing a single-window platform to the people of the state for the redressal of the complaints that they have. The people of the state who had submitted various grievances and complaints with the state government in the previous two months were called to attend this programme.

As many as 61 complainants listed their grievances before the chief minister during this ‘Lok Milni’. He directed the top officers of the various departments present on the occasion to ensure the resolution of these complaints in a time-bound manner.

Note: Punjab Capital: Chandigarh; Punjab Governor: Banwarilal Purohit; Punjab Chief Minister: Bhagwant Mann.

 

2. WCR develops battery-operated dual-mode locomotive ‘Navdoot’: West Central Railway has developed a battery-operated dual-mode locomotive named Navdoot. This engine runs on both modes i.e. battery and electricity. Currently, it is being used during the shunting of trains at Jabalpur, Mudwara, and other stations on a trial basis. This Dual Mode Locomotive has also received the Best Innovation Award from the Railway Board. Railways will save 1000 litres of diesel every day with this new locomotive. After clearing all the trials, it will be used more widely. About ‘Navdoot’

a)      This engine runs on both modes i.e. battery and electricity.

b)      This e-engine can pull 18 coaches at a speed of 30 kmph.

c)       It has 84 batteries and has a capacity to pull 400 tonnes at present.

d)      This has been developed by the Electric Department of New Katni Junction.

e)      After clearing all the trials, it will be used more widely in other stations for purposes like carrying goods, coal, oil tankers etc.

 

3. Sunil Arora, India’s former Chief EC, has been named Chairman of Gram Unnati: Sunil Arora, the former chief election commissioner, has been named as the new non-executive chairman of Gram Unnati’s board. Arora is a retired civil servant (IAS) with over 36 years of experience. He has worked as the secretary of two important ministries, the Ministry of Information and Broadcasting and the Ministry of Skill Development and Entrepreneurship.

About Gram Unnati: Gram Unnati is a social venture that helps farmers increase their net income by increasing price realisation, enhancing agricultural productivity, and lowering cultivation costs. Gram Unnati provides agro-processors, banks, agro-input manufacturers, research institutes, and others with the physical and technological infrastructure they need to reach and service farmers. Gram Unnati offers marginal farmers consulting services, low-cost high-quality inputs, and market connections, as well as tailored production, logistics, and end-to-end quality control of agricultural products to institutional purchasers.

 

4. HarperCollins India to publish Preeti Shenoy new novel, ‘A Place Called Home’: Bestselling author Preeti Shenoy is set to publish a new novel titled “A Place Called Home”, a story set in a coffee estate in Sakleshpur, Karnataka with a strong female protagonist at its core. The new novel is about secrets, family, and finding yourself. The book published by HarperCollins Publishers India is set to be released in June 2022.

 

5. National Endangered Species Day: 20th May: Every year on the third Friday of May, people across the globe observe National Endangered Species Day. This year the day is celebrated on May 20. This year, it marks the 16th National Endangered Species Day. National Endangered Species Day is celebrated with the main emphasis on conserving our planet Earth’s flora and fauna. The day reminds human beings that they can do a lot to protect these species. The National Endangered Species Day theme 2022 is “Recovering key species for ecosystem restoration”. Every year the awareness campaign takes place around a theme.

History of the National Endangered Species Day: On 28 December to lift up the importance of wildlife conservation and restoration efforts for all endangered species The Endangered Species Act of 1973 was signed into law. National Endangered Species Day was founded and started by David Robinson and the Endangered Species Coalition in 2006. Since 2006 third Friday of May is observed as National Endangered Species Day.

 

INTERNATIONAL UPDATES:

 

1. After Pakistan shot SAARC in 2016, India will go bilateral: The future of SAARC seems bleak, with Sri Lanka, Pakistan, and Nepal in economic limbo, and Afghanistan under Islamist Taliban control. This leaves India with little choice but to engage in bilateral engagement with its neighbours in order to protect its national security. Ironically, the Taliban in Afghanistan are currently embroiled in a simmering war with their tutor, the Pakistan Army, which refuses to recognise the Durand Line, which splits the Pashtun tribe between the two countries.

Key Points:

a)      Pakistan Prime Minister Shahbaz Sharif is confronting a full-blown economic crisis and does not have a magic wand to miraculously address the country’s various problems, despite the fact that Imran Khan Niazi has been booted out of office, putting a stop to the political upheaval.

b)      Afghanistan is ruled by a hardline Islamist Taliban administration eight years after the last summit, with a total budget of $2.6 billion for the current fiscal year.

c)       The country is on the verge of famine and disease as the ISI-backed Haqqani Network, led by global terrorist Sirajuddin Haqqani, battles the Kandahar Taliban, led by Mullah Omar’s son Yaqub, for control of Kabul.

d)      The country is on life support, with its primary international exports being terrorism and narcotics.

Background: On September 18, 2016, the Pakistan-based terror group Jaish-e-Mohammed assaulted the Uri Brigade headquarters, killing 19 Indian Army troopers and injuring another two scores. All SAARC countries except Nepal, the chair, walked out of the summit with India.

 

2. Sky Bridge 721: World’s longest suspension bridge, been opened in Czech Republic: The world’s largest suspension bridge has opened to travellers in the Czech Republic. The bridge, which had been under construction for nearly two years, was officially opened. Sky Bridge 721 is the name given to it. The promenade promises both beautiful views of the cloud-shrouded Jesenky mountains and an exhilarating, but slightly dangerous experience.

Key Points:

a)      The cable car can take you to the bridge, which crosses two mountain ranges and hovers 95 metres (312 feet) above a valley. It measures 721 metres (2,365 feet) in length. Tourists will enter at a height of 1,125 metres and depart at a height of 10 metres.

b)      Visitors visiting the bridge will have to walk one way only. They will step onto a paved pathway in a woodland after exiting the other side, where they will learn about Czech history.

c)       The 1.2-metre-wide bridge, according to the holiday resort where this bridge is located, is open to children of all ages and heights, but is not ideal for individuals using pushchairs or wheelchairs.

d)      The suspension bridge cost 200 million crowns, or $8.4 million, according to local media sources.

e)      The Czech Republic Sky Bridge is 154 metres longer than Nepal’s Baglung Parbat Footbridge, which is the world’s longest suspension footbridge.

 

3. World Bee Day: 20th May: World Bee Day is observed worldwide on May 20. World Bee Day is to acknowledge the role of bees and other pollinators in the ecosystem. Raising awareness of the importance of pollinators in our environment, the threats they face and their important role in sustainability in the ecosystem is the key purpose behind the observance of this day. This year Food and Agriculture Organization (FAO) will celebrate World Bee Day through a virtual event, under the theme ‘Bee Engaged: Celebrating the diversity of bees and beekeeping systems’.

History of World Bee Day: World Bee Day was first inaugurated on 20th May 2018 and is celebrated every year ever since. This day commemorates the birth of Anton Jansa in 1734. She is considered the pioneer of beekeeping. In December 2017, the United Nations Member States approved the proposal of Slovenia to proclaim 20 May as World Bee Day.

Note: Food and Agriculture Organization Director-General: QU Dongyu; Food and Agriculture Organization Headquarters: Rome, Italy; Food and Agriculture Organization Founded: 16 October 1945.

 

4. World Metrology Day: 20th May: World Metrology Day (WMD) is annually observed across the globe on 20th May to create awareness about the Metrology, the science of measurement and its application. The day highlights the use of Metrology in scientific fields, innovation, industries, trading and other fields. The theme for World Metrology Day 2022 is Metrology in the Digital Era. This theme was chosen because digital technology is revolutionizing our community, and is one of the most exciting trends in society today.

History of the day: World Metrology Day is an annual celebration of the signature of the Metre Convention on 20 May 1875 by representatives of seventeen nations. The Convention set the framework for global collaboration in the science of measurement and in its industrial, commercial and societal applications. The original aim of the Metre Convention – the worldwide uniformity of measurement – remains as important today as it was in 1875.

Note: International Organization of Legal Metrology Headquarters: Paris, France; International Organization of Legal Metrology Founded: 1955.

 

OTHER UPDATES:

 

BANKING AND FINANCE

 

1. RBI: Public sector banks’ frauds down 51% to Rs 40,295 crore in FY22: The Reserve Bank of India has said that public sector banks reported over a 51 per cent fall in the amount involved in frauds to Rs 40,295.25 crore during the financial year 2021-22 (FY22). As many as 12 PSBs (Public Sector Banks) had reported frauds worth Rs 81,921.54 crore in the preceding fiscal 2020-21, the central bank said in response to an application under the Right to Information (RTI) Act. However, the number of fraud cases didn’t fall at the same pace as a total of 7,940 frauds reported by the PSBs in 2021-22, against 9,933 incidents reported in FY21, said the RBI’s reply to Madhya Pradesh-based RTI activist Chandrashekhar Gaur.

Key points of the reports:

a)      According to the RBI data on frauds reported by PSBs in all categories during FY22, the highest amount of Rs 9,528.95 crore was reported by the city-based Punjab National Bank (PNB), involving 431 such incidents.

b)      The country’s largest lender State Bank of India reported frauds worth Rs 6,932.37 crore in as many as 4,192 cases — reflecting incidents of a large number of small value frauds.

c)       Bank of India reported frauds worth Rs 5,923.99 crore (209 incidents), followed by Bank of Baroda at Rs 3,989.36 crore (280); Union Bank of India Rs 3,939 crore (627), while Canara Bank reported frauds worth Rs 3,230.18 crore in just 90 cases — showing that the transactions were of high-value frauds.

Note: RBI Founded: April 1, 1935; RBI Headquarters: Mumbai, Maharashtra; RBI Governor: Shaktikanta Das

 

BUSINESS AND ECONOMY

 

1. Patanjali Food Business will be acquired by Ruchi Soya for Rs. 690 crore: Ruchi Soya, an edible oil company, has announced that it will buy Patanjali Ayurved’s food division for Rs 690 crore. Ruchi Soya’s transition to the fast-moving consumer goods (FMCG) category is likely to be accelerated as a result of this. After regulatory permissions, the name of Ruchi Soya Industries Ltd would be changed to Patanjali Foods Ltd. Ghee, honey, spices, juices, and wheat are among the 21 products in the acquired food industry.

Key Points:

a)      According to a company source, Ruchi Soya will pay Patanjali Ayurved an annual royalty estimated at 1% of the gross turnover of the items under the transfer agreement.

b)      It’s a debt-free transaction, with Ruchi Soya paying for it with internal accruals.

c)       With effect from, the board of Patanjali Ayurved has approved the transfer of food business to Ruchi Soya Industries.

d)      In trading, Ruchi Soya’s shares closed 10% higher at Rs 1,192.15 per share.

e)      Ruchi Soya will receive the production units in Padartha (Haridwar, Uttarakhand) and Newasa as part of the agreement (Maharashtra).

f)        Employees, assets, contracts, licences and permits, distribution network, and consumers associated to Patanjali Ayurved’s food retail business will all be transferred.

 

2. S&P Cuts India’s Economic Growth Forecast To 7.3% For 2022-23: S&P Global Ratings cut India’s growth projection for the current fiscal to 7.3 per cent from 7.8 per cent earlier on rising inflation and the longer-than-expected Russia-Ukraine conflict. S&P had in December last year pegged India’s GDP growth in 2022-23 fiscal, which began on April 1, 2022, at 7.8 per cent. For the next fiscal the growth has been pegged at 6.5 per cent.

Other Important points:

a)      In the aftermath of the Russia-Ukraine war and rising commodity prices, various global agencies have cut India’s growth forecast recently.

b)      The World Bank in April slashed India’s GDP forecast for fiscal 2022-23 to 8 per cent from 8.7 per cent predicted earlier, while IMF has cut the projections to 8.2 per cent from 9 per cent.

c)       Asian Development Bank (ADB) has projected India’s growth at 7.5 per cent, while the RBI, last month, cut its forecast to 7.2 per cent from 7.8 per cent amid volatile crude oil prices and supply chain disruptions due to the ongoing Russia-Ukraine war.

 

AWARDS AND HONOURS

 

1. Ajay Piramal receives Order of the British Empire award: Chairman of the Piramal Group, Ajay Piramal has received an honorary Commander of the Order of the British Empire (CBE) by Her Majesty The Queen. He received the award for services to the UK-India trade relationship as India Co-Chair of the UK-India CEO Forum. As co-chair of the India-UK CEO forum since 2016, the endeavour has been to help strengthen the strong bilateral relations between the two countries through greater economic cooperation.