Daily GK Update- 24th May, 2022

 

NATIONAL UPDATES:

 

1. India joins US Indo-Pacific economic plan: India joined a dozen other nations to launch the Indo-Pacific Economic Framework for Prosperity (IPEF), a US-led trade initiative meant to counter China’s aggressive expansion in the region. Among the 13 countries backing the initiative are Australia, Brunei, Indonesia, Japan, Malaysia, New Zealand, the Philippines, Singapore, South Korea, Thailand and Vietnam, and the members jointly account for 40% of the global GDP. About the Indo-Pacific region

a)      The Indo-Pacific region is the centre of manufacturing, economic activity, global trade and investment. History is witness to the fact that India has been a major centre in the trade flows of the Indo-Pacific region for centuries. It is worth mentioning that the world’s oldest commercial port was in Lothal in my home state of Gujarat, India.

b)      Therefore, it is essential that we find common and creative solutions for the economic challenges of the region. India is committed to a free, open, and inclusive Indo-Pacific region and believes that deepening economic engagement among partners is crucial for continued growth, peace, and prosperity.

c)       India is keen to collaborate with partner countries under the IPEF and work towards advancing regional economic connectivity, integration and boosting trade and investment within the region.

 

2. UP launches ‘Sambhav’ portal for disposal of public grievances related to energy: Minister for energy and urban development Arvind Sharma has launched the SAMBHAV (Systemic Administration Mechanism for Bringing Happiness and Value) portal for disposal of public grievances and monitoring programmes and schemes of the two departments in Uttar Pradesh. The portal, www.sambhav.up.gov.in, will work as a platform for flagging grievances received from the public to officers who have been provided login IDs. The officers will have to feed their response and action taken report (ATR). About the SAMBHAV portal:

a)      “SAMBHAV is a multi-modal platform which has been launched to dispose public grievances swiftly and effectively and provide good governance and make the public service delivery transparent and accountable.

b)      SAMBHAV will work as an Information and Communication Technology (ICT) platform for flagging grievances received from the public to the concerning officers who have been provided login IDs.

c)       The officers are required to feed their response and action taken report (ATRs) on the issues concerned. The portal will also have the facility of videoconferencing and teleconferencing for dialogue with the officials.

d)      The portal will take grievances and issues from various sources, including pending cases and grievances under the chief minister’s Jan Sunwai/ Integrated Grievance Redressal System (IGRS) system.

Note: Uttar Pradesh Capital: Lucknow; Uttar Pradesh Chief Minister: Yogi Adityanath; Uttar Pradesh Governor: Anandiben Patel.

 

3. Khadi commission Chief Vinai Kumar Saxena is Delhi’s new LG: Vinai Kumar Saxena will be the new lieutenant governor of Delhi, President Ram Nath Kovind’s office announced. The President of India has been pleased to appoint Shri Vinai Kumar Saxena to be the Lt. Governor of the National Capital Territory of Delhi with effect from the date he assumes charge of his duties. The President of India has accepted the resignation of Anil Baijal as Lt. Governor National Capital Territory of Delhi. Saxena is the current chairman of the Khadi and Village Industries Commission, an organisation under the Ministry of Micro, Small and Medium Enterprises.

Note: Delhi Chief Minister: Arvind Kejriwal.

 

4. Indian Commonwealth Day: 24th May: Commonwealth Day is traditionally commemorated on the second Monday of March in most of the 54 countries of the Commonwealth, with the British queen delivering a speech on the radio. However, India and a few other countries celebrate it on May 24. The theme for Commonwealth Day 2022 is ‘Delivering a Common Future’ – which highlights how the fifty-four member countries in the Commonwealth family are ‘innovating, connecting and transforming’ to help attain goals like fighting climate change, promoting good governance, and improving trade.

History of Commonwealth Day:

a)      Commonwealth Day was earlier known as Empire Day. Empire Day was first observed in 1901, following the death of Queen Victoria on January 22, 1901. The inaugural Empire Day was observed on May 24, 1902, the late Queen’s birth anniversary.

b)      However, it was celebrated in many schools across the British Empire even before it was formally recognised as an annual event. By the 1950s, the British Empire had begun to disintegrate as several colonies gained independence, and Empire Day had lost its significance.

c)       However, the majority of them kept ties with Britain and established the Commonwealth of Nations. Empire Day was renamed Commonwealth Day in 1958.

d)      In 1973, the Royal Commonwealth Society proposed the day be changed, and the second Monday in March was selected by the Commonwealth Secretariat as the observance day.

 

INTERNATIONAL UPDATES:

 

1. Quad Summit 2022: This year Quad leader summit is held on the 24th of May 2022, in Tokyo. PM Narendra Modi is attending the second-in-person Quad leader summit in Tokyo on 24th May 2022. He stated that Quad has gained significant popularity in the world in a short period. At the summit, he spoke about the contribution of India, to the development of the Indo-Pacific region. India has also joined the Indo-Pacific Economic Framework (IPEF), which is an Indo-Pacific Economic Bloc led by the US to counter China. PM Modi, stated while addressing the Summit “Despite the adverse situation of Covid-19, we’ve increased our coordination for vaccine delivery, climate action, supply chain resilience, disaster response, economic cooperation, and other areas. It has ensured peace, prosperity, and stability in Indo-Pacific.”

Issues addressed in The Quad summit 2022: (a) China and the Soloman Islands; (b) China and Taiwan; (c) North Korea Missiles; and (d) Ukraine and Russia

Initiatives unveiled in Quad summit 2022:

a)      The Quad Fellowship- This program will allow 100 students from each of the four countries to study for graduate STEM degrees in the US. The application for the fellowship program has started and will close on 30th June 2022.

b)      The Indo-Pacific Partnership for Maritime Domain Awareness (IPMDA)- It will focus on providing the fastest and clearest Maritime information to the four countries and their regional partners.

c)       The vaccine Partnership- The Quad has provided 257 million Covid-19 vaccines collectively. The bloc will continue to provide vaccine doses and support a $100 million facility to boost the Indian health care sector.

d)      Space Cooperation- The four nations have committed to sharing space-based earth observation data. It will include US programs on oceanic and atmospheric Monitoring, flood mapping, and land imaging.

 

2. Anthony Albanese sworn in as Australia’s new prime minister: Australia’s Labor Party leader, Anthony Albanese was sworn in as the country’s new prime minister. Albanese claimed the victory in the election, ending his wait for power after nine years and with this Anthony Albanese became the country’s 31st Prime Minister. Outgoing Prime Minister Scott Morrison, who was heading the Liberal-National coalition has conceded defeat.

The 59-year-old new prime minister was sworn in at a brief ceremony lasting in Government House, Canberra. Other members of his team to take office included Foreign Minister Penny Wong, who will join Albanese at the Quad summit, Treasurer Jim Chalmers and Finance Minister Katy Gallagher.

Note: Australia Capital: Canberra; Australia Currency: Australian dollar.

 

OTHER UPDATES:

 

SPORTS

 

1. Haryana won the Hockey India Sub-Junior Women’s National Championship by 2-0: Hockey team of Haryana won the Hockey India sub-junior women’s national championship 2022 in Imphal, defeating Hockey team of Jharkhand 2-0 in the final. Uttar Pradesh Hockey team defeated Madhya Pradesh Hockey team 3-0 to finish on the third place in the Hockey India sub-junior women’s national championship 2022 in Imphal.

Riya in the 13th minute and Sejal in the 39th minute, each scored a goal to enable Hockey team of Haryana successfully defend their title in a tense 2-0 victory. Uttar Pradesh Hockey team defeated Madhya Pradesh Hockey 3-0 earlier in the day to finish third in the Hockey India sub-junior women’s national championship. Pushpanjali Sonkar in the 4th minute, Manisha Patel in the 5th minute, and Purnima Yadav in the 58th minute, each scored one goal to help Uttar Pradesh Hockey finish third for the second year in a row.

 

BANKING AND FINANCE

 

1. RBI authorises a surplus transfer to the Central Government of Rs 30,307 crore: The Reserve Bank of India has sanctioned a surplus transfer to the Central Government of 30,307 crore rupees for the fiscal year 2021-22. The Reserve Bank of India’s Central Board of Directors met for the 596th time in Mumbai, under the chairmanship of Governor Shaktikanta Das, to adopt the Reserve Bank’s Annual Report and Accounts for the year. The board agreed to keep the Contingency Risk Buffer at 5.50 percent after examining the present economic condition, global and domestic issues, and the effect of recent geopolitical developments.

Key Points:

a)      Inflation is at its greatest level in years. The April wholesale price index was 15.05 percent. 7.8% is the consumer price index.

b)      These are extremely high rates, and India is not alone in this regard. In America, where the goal inflation rate is 2%, the most recent inflation rate was 8.5 percent, which has now dropped to 8.3 percent. As a result, worldwide inflation exists.

c)       Commodity, service, and manufacturing prices have all risen dramatically in the recent year.

d)      Inflation started in 2021, and the war in Ukraine has intensified it. Right now, the globe is stuck in a massive inflationary trap.

 

BUSINESS AND ECONOMY

 

1. Paytm announced a Joint Venture named ‘Paytm General Insurance Ltd’: Paytm has announced a Joint Venture (JV) general insurance company named as Paytm General Insurance Ltd (PGIL). Paytm has announced plans to infuse Rs 950 crore in PGIL in tranches, over a period of 10 years and to hold an upfront equity stake of 74% in JV. Following the investment, Paytm General Insurance will become a subsidiary of Paytm. Incorporated in 2018, PGIL plans to register for and undertake general insurance business defined under Section 2(6B) of the Insurance Act, 1938 (“Insurance Act”). Notably, PGIL is yet to commence its general insurance business which is currently subject to receipt of the certificate of registration from IRDAI.

At present, One 97 holds a 49% stake in PGIL, while the remaining 51% is held by VSS Holdings Private Limited (“VHPL”), a company owned and controlled by Vijay Shekhar Sharma. Post the completion of the transaction, PGIL will become a wholly-owned subsidiary of Paytm where the latter will hold about 74% shareholding, and the remaining 26% stake will be held by VHPL.

 

2. Vijay Shekhar Sharma re-appointed as MD and CEO of Paytm: Vijay Shekhar Sharma has been re-appointed as the Managing Director (MD) and Chief Executive Officer (CEO) of Paytm for another 5 years term. His tenure will be from December 19, 2022, to December 18, 2027. One 97 Communications which is listed under the Paytm brand, also announced the appointment of Madhur Deora as Additional Director of the company for a tenure of 5 years from May 20, 2022, to May 19, 2027.

Further, the Board has also approved the appointment of Deora as the Whole-time director designated as “Whole-time Director and Chief Financial Officer” of the Company. Deora is the President and Group Chief Financial Officer of the Company.

Note: Paytm Founded: August 2010; Paytm Headquarters: Noida, Uttar Pradesh, India.

 

3. Salil Parekh re-appointed MD & CEO of Infosys: IT major Infosys announced that its Board of Directors has reappointed Salil S. Parekh as Chief Executive Officer and Managing Director (CEO & MD) of the Company effective from July 1, 2022, for a period of five years till March 31, 2027, subject to the approval of shareholders. This is based on the recommendations of the Nomination and Remuneration Committee (NRC) and is subject to the approval of shareholders.

Note: Infosys Founded: 2 July 1981, Pune; Infosys Headquarters: Bengaluru; Infosys Founders: N.r. Narayana Murthy and Nandan Nilekani.

 

DEFENCE

 

1. 4th edition of India-Bangladesh Navy Coordinated Patrol (CORPAT) commences: The fourth edition of the Indian Navy-Bangladesh Navy Coordinated Patrol (CORPAT) commenced. The patrolling drill commenced in the northern Bay of Bengal and would continue between May 22 and 23. Both units will undertake joint patrolling along International Maritime Boundary Line. The last IN-BN CORPAT was conducted in October 2020.

Indian Navy’s indigenous warships, INS Kora and INS Sumedha along with Bangladesh Navy’s warships BNS Ali Haider and BNS Abu Ubaidah would touch the waters during patrolling. Maritime Patrol Aircraft of both navies will also undertake joint patrol along the International Maritime Boundary Line (IMBL) during CORPAT. The regular conduct of CORPATs has strengthened mutual understanding and enhanced interoperability between both the navies in countering transnational maritime threats at sea.