Daily GK Update- 23rd May, 2022

 

NATIONAL UPDATES:

 

1. India’s State of Inequality Report has been Released: Prime Minister’s Economic Advisory Council Chairman Dr. Bibek debroy, launched the State of Inequality in India Report (EAC-PM). The Institute for Competitiveness authored the research, which provides a comprehensive examination of the level and type of inequality in India. The study combines data on inequality in the health, education, household characteristics, and labour market sectors. Inequities in these areas, according to the research, render the population more vulnerable and lead to multidimensional poverty. Key Points of State Inequality Report:

a)      There has been significant progress in strengthening health infrastructure capacity, with a particular focus on rural regions. In 2005, there were 1,72,608 total health centres in India; by 2020, there would be 1,85,505.

b)      Between 2005 and 2020, states and union territories like as Rajasthan, Gujarat, Maharashtra, Madhya Pradesh, Tamil Nadu, and Chandigarh expanded the number of health centres (which include Sub-Centres, Primary Health Centre’s, and Community Health Centres).

c)       According to the NFHS-4 (2015-16) and NFHS-5 (2019-21) findings, 58.6% of women got prenatal check-ups in the first trimester in 2015-16, increasing to 70% in 2019-21. Within two days following birth, 78.1 % of mothers received postnatal care from a doctor or auxiliary nurse, and 78.1 % of infants received postnatal care. However, dietary deficiency is associated with obesity, underweight, and anemia (particularly in children and teenage girls). However, as the report indicates, nutritional deficiency in terms of overweight, underweight, and anemia prevalence (particularly in children, teenage girls, and pregnant women) are major concerns that require immediate attention. Furthermore, insufficient health coverage, which leads to high out-of-pocket expenses, has a direct impact on poverty rates.

 

2. North East Research Conclave 2022 inaugurated by Dharmendra Pradhan: Shri Dharmendra Pradhan, Union Minister for Education and Skill Development, launched the North East Research Conclave (NERC) 2022 at IIT Guwahati. In his remarks, Shri Pradhan stated that the conclave will enhance the ties between industry, academics, and policymakers, as well as re-energize the research, start-up, and entrepreneurial ecosystems in the resource-rich Northeastern Region states and the country. Key Points:

a)      When discussing the importance of research, the Education Minister stated that the goal of research should be to find solutions to the country’s chronic problems and to urge everyone to join together, work together, and produce for the welfare of the most vulnerable. He stated that NERC 2022 will be a global benchmark for meeting India’s and the world’s research and development aspirations.

b)      Shri Pradhan urged students and young people to “travel on the road of obligations and responsibilities” in order to help the country reach new heights.

c)       Dr. Himanta Biswa Sarma, the Chief Minister of Assam, stated in his deliberation that Research and Development is critical for a fast-developing country like India.

d)      He went on to say that in a progressive society, research and development has always been seen as a key building component since it is so important in the process of innovation and growing our knowledge and understanding.

e)      Entrepreneurs and research institutions can display their innovations at the North-East Research Conclave.

f)        This is a fantastic effort for the North East since it puts policymakers, industry leaders, and researchers together on one platform. This huge event will have a significant impact on the region’s educational sector.

 

3. India Celebrates 250th Birth Anniversary of Raja Ram Mohan Roy: The 250th birth anniversary of Raja Ram Mohan Roy was celebrated and commemorated by the Ministry of Culture under the Azadi ka Amrit Mahotsav. The ministry of Culture organized an inaugural ceremony on 22nd May 2022. The inaugural ceremony was organized at the Raja Ram Mohan Roy Library Foundation, Salt Lake, Kolkata, and at Science City Auditorium, Kolkata. According to the press release by the ministry, it was the 250th birth anniversary of Raja Ram Mohan Roy and the 50th foundation day of the Raja Ram Mohan Roy Library Foundation. Several ministers including the Governor of West Bengal, Jagdeep Dhankar were also present at the inaugural ceremony. The union minister of culture, tourism, and development of the North-eastern Region (DoNER), G Kishan Reddy, also joined the ceremony virtually.

 

INTERNATIONAL UPDATES:

 

1. Piyush Goyal to lead India at the WEF in Davos for 2022: The World Economic Forum’s Annual Meeting kicks off in Davos, Switzerland. The Indian delegation will be led by Commerce and Industry Minister Piyush Goyal throughout the five-day meeting. This event will assist to strengthen India’s status as a vital and relevant player in creating the global narrative, especially as it prepares to take over the G-20 presidency next year. Key Points:

a)      Several industry executives will also take part in the World Economic Forum’s discussions.

b)      The World Economic Forum will also serve as a platform for promoting India as a desirable investment destination, owing to its strong economic development and stable macroeconomic indicators.

c)       Mr. Goyal will also visit the United Kingdom on the 26th and 27th of this month to discuss the progress made in the Free Trade Agreement negotiations with UK government and businesses.

d)      The Prime Ministers of India and the United Kingdom agreed to hold a summit conference in Diwali 2022 to finalise the Free Trade Agreement between the two countries.

 

2. International Day to End Obstetric Fistula: 23rd May: United Nations (UN) International Day to End Obstetric Fistula is marked on 23rd May since 2013 to promote action towards treating and preventing obstetric fistula, a condition that affects many girls and women during childbirth in developing countries. In 2003 the United Nations Population Fund (UNFPA) and its partners launched the global Campaign to End Fistula, a collaborative initiative to prevent fistula and restore the health of those affected by the condition. The day was officially recognised in 2012.

Obstetric fistula: Obstetric fistula is a devastating childbirth injury, and a neglected public health and human rights issue. Two million women in low-resource settings have an obstetric fistula, and 100,000 more develop one every year. Leaking urine and/or faeces and, as a result, living in desperate circumstances, only 1 in 50 ever receives treatment.

Note: United Nations Population Fund Headquarters: New York, United States; United Nations Population Fund Head: Natalia Kanem; United Nations Population Fund Founded: 1969.

 

3. World Turtle Day: 23rd May: World Turtle Day is observed on May 23 every year by American Tortoise Rescue, a nonprofit organization. The day is celebrated to raise awareness among people to protect turtles and tortoises and their disappearing habitats around the world. The aim is to raise awareness about this rapidly disappearing group of creatures. This year’s theme for World Turtle Day is “Shellebrate”. The theme asks “everyone to Love and Save Turtles”.

World Turtle Day History: There wouldn’t have been any World Turtle Day if the American Tortoise Rescue (ATR) didn’t start it. This nonprofit organisation was established in 1990 and it started marking World Turtle Day in 2001. This is the 22nd International World Turtle Day that they are celebrating. The organisation, founded by Susan Tellem and her husband Marshall Thompson, has rescued and re-sheltered more than 4,000 turtles and tortoises.

 

OTHER UPDATES:

 

SPORTS

 

1. Indian teenager R Praggnanandhaa stuns Magnus Carlsen for the 2nd time in 2022: Indian GM Praggnanandhaa posted his second win over world champion Magnus Carlsen in 3 months when he stunned the Norwegian at the Chessable Masters online rapid chess tournament. 16-year-old Praggnanandha beat Magnus Carlsen for the first time in February at Airthings Masters, an online rapid chess tournament.

Praggnandha took his tally to 12 points while Carlsen was 2nd on the leaderboard behind China’s Wei Yi on Day 2 of the tournament. Abhimanyu Mishra, the youngest Grand Master in the world, is also part of the 16-man tournament. Praggnanandhaa had won with black pieces to end Carlsen’s 3-match winning run at the Airthings Masters in just 19 moves in a Tarrasch variation game.

 

2. Red Bull’s Max Verstappen wins Spanish Grand Prix: Formula One world champion, Max Verstappen won the Spanish Grand Prix in a Red Bull to take over at the top from Ferrari’s Charles Leclerc, who retired with an engine failure while leading at Circuit de Barcelona-Catalunya. Mexican Sergio Perez finished second, 13 seconds behind but with the consolation of a bonus point for fastest lap, after being told to let his teammate pass for a third victory in a row after Imola and Miami.

Britain’s George Russell came third for a revived Mercedes and after going wheel-to-wheel with Verstappen early on in a thrilling display of defensive driving as they battled for second place behind Leclerc.

 

BANKING AND FINANCE

 

1. RBL Bank and Amazon Pay ties up to offer UPI payment: RBL Bank, Amazon Pay, and Amazon Web Services (AWS) have partnered together to deliver universal payments interface (UPI) payments, which will include peer-to-peer and peer-to-merchant transactions. Amazon Pay would grant RBL Bank a UPI ID with the handle @rapl from the National Payments Corporation of India (NPCI), resulting in a simplified payments experience using RBL Bank’s cloud-based processing infrastructure. With its AWS-hosted payment processing technology, RBL strengthens its footprint in the UPI arena, allowing the bank to interact with Amazon Pay’s growing client base and transaction volumes.

Key Points:

a)      PayNearby, an Indian banking and digital payments network, teamed up with Visa and RBL Bank in August to launch SoftPoS and mPOS for its 1.5 million+ shops.

b)      India’s lack of digital infrastructure has hampered merchant acceptance of digital payments, and the country’s population density of over 350 people per POS terminal is unusually high when compared to China and Brazil, which have POS of 20 and 10, respectively.

c)       In order to limit the danger of viral transmission, the COVID-19 pandemic has pushed the need for contactless payments.

Note: Amazon Founder: Jeff Bezos; Amazon CEO: Andy Jassy

 

2. In GIFT City, New Development Bank opened a regional office: The New Development Bank (NDB), the Brics countries’ multilateral bank based in Shanghai, will open its first regional office in India at the Gujarat International Finance Tec-City (GIFT City) to address the country’s infrastructural and sustainable development needs. The India office will concentrate on extending its presence in the country by developing, implementing, and monitoring new projects. Key Points:

a)      NDB’s existing regional offices will be supplemented by the new India office. Its Africa Regional Center (ARC) opened in Johannesburg in 2017, the Americas Regional Office (ARO) in So Paulo with a sub-office in Brasil in 2019, and the Eurasian Regional Centre (ERC) in Moscow in 2020.

b)      The NDB was founded in July 2015 by the Brics countries of Brazil, Russia, India, China, and South Africa. Since then, Bangladesh, the UAE, Egypt, and Uruguay have joined the bank.

c)       The NDB has authorised 21 Indian projects totaling $7.1 billion in investment.

d)      The bank is interested in projects in transportation, water and sanitation, sustainable energy, digital infrastructure, social infrastructure, and urban development.

e)      Sitharaman remarked during the meeting that India’s economic growth in the current fiscal year has been strong, with an estimate of 8.9%, the highest among the large economies.

Note: New Development Bank (NDB) President: Marcos Troyjo

 

BUSINESS AND ECONOMY

 

1. India receives highest-ever FDI inflow of $83.57 bn in FY22: The central government announced that India has recorded the highest ever annual FDI inflow of $83.57 billion during FY22. In 2020-21, the inflow stood at $81.97 billion. India is rapidly emerging as a preferred country for foreign investments in the manufacturing sector. FDI equity inflow in manufacturing sectors has increased by 76 per cent in 2021-22 ($21.34 billion) compared to 2020-21 ($12.09 billion). Key points:

a)      In terms of top investor countries, Singapore is at the top with 27 per cent, followed by the US (18 per cent) and Mauritius (16 per cent) during the last fiscal. Among sectors, computer software and hardware attracted maximum inflows. The services sector and automobile industry followed it.

b)      To further liberalise and simplify FDI policy to provide ease of doing business and attract investments, reforms have been undertaken recently across sectors like coal mining, contract manufacturing, digital media, single-brand retail trading, civil aviation, defence, insurance and telecom.

 

2. A franchise in UAE based T20 League bought by Adani Group: Adani Sportsline, a division of the diverse Adani Group, has created history by gaining the rights to own and manage a franchise in the UAE’s top T20 competition. The UAE T20 League, which is licenced by the Emirates Cricket Board, is an annual event that will include six franchise teams participating in a 34-match tournament. The line-ups of various teams are likely to include top players from all cricket-playing countries. The league would provide future young cricketers a platform and exposure. Key Points:

a)      It will be Adani Sportsline’s first significant international step, connecting and engaging with cricket fans from around the world.

b)      The Adani Group, which includes port management, electric power production and transmission, renewable energy, mining, airport operations, natural gas, food processing, and infrastructure, promotes Adani Sportsline.

c)       With operations in 70 sites in 50 countries and a market capitalization of over $222 billion, the company generates yearly revenues of over $20 billion.

Note: Adani Group Founder: Gautam Adani

 

AWARDS AND HONOURS

 

1. Anjali Pandey bags the CII EXCON Committed Leader Award: Anjali Pandey, Engines and Components Business Unit Leader at Cummins India has been awarded the Committed Leader Award at CII EXCON 2022 in Bengaluru for her efforts to create a more diverse, equitable, and inclusive workplace. Cummins views Diversity, Equity, and Inclusion (DE&I) as a competitive advantage and hence it’s a business imperative.

What initiative was taken by Cummins India?

a)      Cummins India has taken active measures to increase its female representation over the past few years resulting in an increase in gender diversity ratio from 5 to 32 per cent over the last two decades, which is a significant achievement for a manufacturing organization.

b)      Cummins drives various initiatives to provide equal opportunities to women, including Women in Technology, gender balance during recruitment, ensuring pay parity, gender-neutral workstations, Cummins Women& Empowerment Network, flexible work arrangements, and award-winning breastfeeding-friendly facilities for new mothers, all of which are strongly supported by leadership.

c)       Diversity & Inclusion is one of Cummins & core values and the organization has an unwavering commitment to building a more dynamic workplace where all employees are inspired and encouraged to achieve their full potential.