Daily GK Update- 10th June, 2022

 

NATIONAL UPDATES:

 

1. Dharmendra Pradhan urges Students to be Nurtured as Future Entrepreneurs: Union Education Minister Dharmendra Pradhan said that the era of incremental change is over and urged higher educational institutions to focus on exponential development in order to develop future-ready workers. India has demonstrated its technical capability in many programmes such as UPI, Direct Benefit Transfer, and Aadhar, and that we must build on this strength and create a future-ready workforce to accept the changes resulting from Industrial Revolution 4.0.

Key Points:

a)      The growing number of unicorns in the nation as evidence of a healthy entrepreneurial environment, and he advocated for students to be prepared to be job providers rather than job seekers.

b)      The government’s digital education plans, emphasizing the need of harnessing technology to further decolonize education.

c)       A stronger alumni network and more participation in attempts to internationalize Indian education, such as the Study in India programme.

d)      The conference was started by India’s President, Ram Nath Kovind.

 

2. Amit Shah inaugurates new building of National Tribal Research Institute in New Delhi: Union Home and Cooperation Minister, Amit Shah has inaugurated the newly built National Tribal Research Institute (NTRI) in New Delhi. This institute is to promote and preserve the tribal heritage and culture and the nerve centre of tribal research issues and matters in academic, executive and legislative fields. The institute will collaborate and network with reputed research institutes, universities, and organisations as well as academic bodies and resource centres. It is being established at a cost of 10 crore rupees.

About the Tribal Research Institute (TRI): Tribal Research Institute (TRI) is the research body of the Ministry of Tribal Affairs at the state level. There are 26 Tribal Research Institutes (TRIs) supported by the Ministry of Tribal Affairs. It will collaborate and network with reputed research institutes, universities, organizations as well as academic bodies and resource centres. It wil monitor projects of Tribal Research Institutes, Centres of Excellence and set up norms for improvement in the quality of research and training.

 

3. Transfer of 10 in-orbit communication satellites from the government to NSIL approved by Cabinet: The transfer of ten in-orbit communication satellites to public sector business NSIL, which is under the administrative jurisdiction of the Department of Space, has been authorized by the Union Cabinet. The cabinet also authorized expanding NewSpace India Limited’s (NSIL) permitted share capital from Rs 1,000 crore to Rs 7,500 crore. NSIL was required under the space sector reforms to conduct end-to-end commercial space operations and to operate as a full-fledged satellite operator. About the 10 in-orbit communication and NSIL:

a)      The transfer of these assets to NSIL will also give the firm with the needed financial autonomy to execute capital-intensive programs/projects, resulting in significant job creation and technology transfer to other sectors of the economy.

b)      This decision is likely to expand India’s participation of the global space market and stimulate local economic activity in the space sector.

c)       NSIL was required under the Space Sector Reforms to conduct end-to-end commercial space operations and to operate as a full-fledged satellite operator.

d)      NSIL’s role as a single-window operator will also make conducting business in the space industry easier.

e)      The NSIL Board will now be able to price transponders in accordance with market dynamics and worldwide trends in the satellite communication industry.

f)        NSIL is also permitted to provide and assign capacity in accordance with its own internal policies and procedures.

 

4. IISM Launches “The Winning Formula for Success” India’s 1st Sports Marketing Book: India’s leading sports and Management institute, the International Institute of Sports & Management (IISM) in Mumbai, Maharashtra, launched India’s first-ever book on Sports Marketing titled “Business of Sports: The Winning Formula for Success” authored by noted Sports author Vinit Karnik. This is the first book in a series to be launched as a part of a knowledge series. The book has been published by Popular Prakashan Pvt. Ltd. The book was released by Bhagat Singh Koshiyari, the Governor of Maharashtra in the presence of Nilesh Kulkarni Founder & Director of IISM.

 

INTERNATIONAL UPDATES:

 

1. UN to grant humanitarian assistance of $48 million to Sri Lanka amid crisis: United Nations has planned to provide humanitarian assistance of around $48 million over a four-month period to Sri Lanka. New Delhi’s financial assistance worth over $3 billion since January to provide essential items, including food, fuel, cooking gas and medicines. Sri Lanka needs $6 billion to keep the country afloat for the next six months, adding that $5 billion is required to ensure day-to-day living and another $1 billion to strengthen the Sri Lankan rupee.

Why this assistance given to Sri lanka?

Sri Lanka is nearly bankrupt, having suspended repayment of its foreign loans. Its foreign reserves are almost spent, which has limited imports and caused serious shortages of essential items including food, medicine, fuel and cooking gas. It is due to repay $7 billion this year of the $25 billion in foreign loans it is scheduled to pay by 2026. Sri Lanka’s total foreign debt is $51 billion.

Note: Sri Lanka Capital: Jayawardenepura Kotte; Sri Lanka Currency: Sri Lankan Rupee; Sri Lanka Prime Minister: Ranil Wickremesinghe; Sri Lanka President: Gotabaya Rajapaksa.

 

2. Satish Pai named as the new chairman of International Aluminium Institute: The International Aluminium Institute (IAI), the only body representing the global primary aluminium industry, has announced the appointment of Satish Pai as its new Chair. He is the Managing Director of Hindalco Industries, one of the world’s largest integrated producers of aluminium. Earlier serving as Vice Chairman, he succeeds Ben Kahrs, Chief Innovation Officer, Alcoa Corporation.

About the International Aluminium Institute: The IAI’s purpose is to promote the sustainable development of the aluminium industry and to increase demand for aluminium products by raising awareness of their unique and valuable properties. IAI members are engaged in the production of bauxite, alumina, aluminium, the recycling of aluminium, or the fabrication of aluminium in all major producing regions.

 

OTHER UPDATES:

 

SPORTS

 

1. India Beat Poland 6-4 to Clinch Inaugural FIH Hockey 5s Title: India beat Poland 6-4 in final to clinch the inaugural FIH Hockey 5s championship in Lausanne in Switzerland. Earlier, India first outplayed Malaysia 7-3, pumping in four goals in the second half in a stunning show before beating Poland 6-2 in the second match of the day. India, who had topped the five-team league standings with three wins and one draw en route final, ended their campaign with an unbeaten record. India had topped the five-team standings after the round-robin league stage with 10 points from three wins and one draw. India had beaten hosts Switzerland 4-3 and drawn with arch-rivals Pakistan 2-2.

 

BANKING AND FINANCE

 

1. RBI Monetary Policy: RBI raises repo rate by 50 bps to 4.90%: The six-member Monetary Policy Committee (MPC) led by RBI Governor Shaktikanta Das voted unanimously to raise repo rate by 50 basis points to 4.90 percent. The Monetary Policy Committee has raised the repo rate in order to tackle elevated inflation. Standing Deposit Facility and Marginal Standing Facility rates also raised by 50 basis points. Standing Deposit Facility rate now 4.65 percent, and Marginal Standing Facility rate now 5.15 percent.

Consequently, the various rates are as under:

Policy Repo Rate: 4.90%

Standing Deposit Facility (SDF): 4.65%

Marginal Standing Facility Rate: 5.15%

Bank Rate: 5.15%

Fixed Reverse Repo Rate: 3.35%

CRR: 4.50%

SLR: 18.00%

Key points:

a)      E-mandate on cards for recurring payments, limit upped from Rs 5,000 to Rs 15,000.

b)      Limits on individual home loans given by urban and rural co-operative banks are being revised upwards more than 100 percent taking into account the rise in housing prices over the last decade.

c)       Rural co-operative banks can now extend finance to commercial real estate, or loans for residential housing projects, within the limit of 5% of their total assets.

d)      India’s exports have performed exceptionally well. As on June 3, 2022, India’s forex reserves stood at $601.1 bn.

 

2. Alok Kumar Choudhary takes charge as MD of SBI: Alok Kumar Choudhary has took charge as the new Managing Director (MD) of State Bank of India (SBI). His appointment comes in the wake of the superannuation of Ashwani Bhatia as Managing Director on May 31, 2022. Choudhary was previously Deputy Managing Director (Finance) at the bank. As the new MD, he will be handling retail business and operations.

Note: State Bank of India Founded: 1 July 1955; State Bank of India Headquarters: Mumbai; State Bank of India Chairman: Dinesh Kumar Khara.

 

BUSINESS AND ECONOMY

 

1. World Bank cuts India GDP forecast to 7.5%: The World Bank has slashed its growth forecast for India for the current financial year to 7.5 percent, a hefty 1.2 percentage points down from its previous forecast of 8.7 percent. Writing in its latest Global Economic Prospects report released, the World Bank said it cut India’s GDP growth forecast due to headwinds from rising inflation, supply chain disruptions, and geopolitical tensions.

Key points of the report:

a)      The bank sees India’s growth slowing further to 7.1 percent in FY24. This is 30 basis points higher than the previous forecast of 6.8 percent. For FY25, GDP growth has been pegged at 6.5 percent.

b)      The Reserve Bank of India (RBI), for instance, has pegged GDP growth for FY23 at 7.2 percent. There is a chance this figure may be lowered on June 8 when the Monetary Policy Committee (MPC) announces its latest interest rate decision.

Note: World Bank Headquarters: Washington, D.C., United States; World Bank Formation: July 1944; World Bank President: David Malpass.

 

2. Suryoday SFB and Mobisafar Services partnered to provide banking services across India: Suryoday Small Finance Bank, one of India’s premier small finance banks, has established a cooperation with Mobisafar to provide banking services across India through all of Mobisafar’s franchises and Business Correspondent network. The cooperation aims to increase financial inclusion by providing vital banking services to underbanked customers digitally, even in the most distant corners of the country. About the Partnership:

a)      Mobisafar‘s 1.38 lac Banking Mitras will assist Suryoday Small Finance Bank in onboarding new clients digitally using eKYC and enabling banking services like savings account establishment, deposit / withdrawal of money, balance inquiry, and so on.

b)      Suryoday Small Finance has been educating and promoting the advantages of social security systems like PMSBY, PMJJBY, and APY.

c)       Through the cooperation, Mobisafar will be able to provide additional underbanked customers with access to these programmes.

Mobisafar Aim: Mobisafar intends to deliver Biometric enabled Digital Banking services at our Mobisafar MITRA’s in collaboration with the Bank in order to provide unrivalled reach in the country’s most remote areas, as well as access to a previously untapped customer base and assist them in accessing Banking services as well as other multiple services.

 

DEFENCE

 

1. Defence Minister increased funding for the DRDO’s TDF scheme to Rs 50 crore: Defence Minister Rajnath Singh authorized an increase in financing for MSMEs and startups under the Ministry of Defence’s Technology Development Fund (TDF) plan. The initiative, which encourages the development of indigenous components, products, systems, and technologies, will now have a maximum project value of Rs 50 crore, up from Rs 10 crore previously. The increased funding is in accordance with the budget announcement and will help the government achieve its goal of self-reliance in the defence sector, according to the defence ministry. Key Points:

a)      Finance Minister Nirmala Sitharaman said in her budget address that 25% of the defence R&D budget will be allocated to private business, startups, and universities.

b)      The initiative aims to increase public and private sector engagement, particularly among MSMEs, in order to establish an ecosystem that will develop technical competence for defence applications.

c)       According to the scheme’s provisions, the financial assistance is delivered in the form of grants-in-aid to the industry. Projects with a cost of up to Rs 50 crore will now be evaluated for funding, but only up to 90% of the total project cost would be funded.

d)      The project is also confined to the creation of technologies or prototypes of products that may be used by the military, with a typical development duration of two years, according to the strategy.

 

OBITUARIES

 

1. Sony ex-CEO Nobuyuki Idei passes away: Nobuyuki Idei, who led Japan’s Sony from 1998 through 2005, steering its growth in the digital and entertainment businesses, has died. He was 84. During his seven years as CEO from 1998, Mr Idei made an immense contribution to Sony’s evolution as a global company. Tokyo-based Sony is among Japan’s stellar brands, having brought the world the Walkman portable music player.