NATIONAL UPDATES:
1. Nitin Gadkari Approves Draft GSR
Notification To Introduce Bharat NCAP: Union minister for Road Transport and
Highways, Nitin Gadkari has approved the Draft GSR Notification to introduce
Bharat NCAP (New Car Assessment Program), wherein automobiles in India shall be
accorded Star Ratings based upon their performance in Crash Tests. Bharat-NCAP
will serve as a consumer-centric platform allowing customers to opt for safer
cars based upon their star-ratings, while promoting a healthy competition among
OEMs in India to manufacture safer vehicles.
About the Bharat NCAP: The testing
protocol of Bharat NCAP shall be aligned with Global Crash Test Protocols
factoring in the existing Indian regulations, allowing OEMs to get their
vehicles tested at India’s own in-house testing facilities. Bharat NCAP will
prove to be a critical instrument in making our automobile industry
Aatmanirbhar with the mission of making India the Number 1 automobile hub in
the world.
2. High carbon emitters to receive
incentives to reduce footprint: India is proposing a number of policies
to encourage the establishment of carbon capture facilities by high carbon
emission industries like steel, cement, and thermal plants. Production-linked
incentive programmes, viability gap funding, or carbon credits could all be
used to offer incentives. The government might issue carbon credits that can be
exchanged on carbon exchanges or a PLI programme that would tie incentives to
how much carbon is gathered and used. Key Points:
a)
According
to a government official, Niti Aayog, the nation’s policy think-tank, would
shortly release a policy prescription for carbon capture and utilisation of
carbon dioxide released by industry as part of the aim to reach Net Zero by
2070.
b)
These
industries account for 6–10% of all carbon dioxide emissions.
c)
Different
strategies are being examined to encourage polluting businesses to build carbon
capture facilities so that the carbon dioxide they emit can be captured,
utilised, and stored for a variety of industrial uses.
d)
While
the government will support these industries with research and development to
build carbon capture plants, alternatives for financial support are also being
looked at.
3. Delhi airport becomes India’s
first to run entirely on hydro and solar energy: Delhi Airport or
Indira Gandhi International Airport has become the first airport in the country
to run entirely on hydro and solar power from this month in a major step toward
achieving the ambitious goal of becoming a Net Zero Carbon Emission Airport by
2030. Delhi International Airport Limited (DIAL), a GMR Infrastructure
Limited-led consortium, which manages and operates the Delhi Airport, has
signed a long-term power purchase agreement (PPA) with a Himachal Pradesh-based
hydropower producing company for the supply of hydroelectricity for the airport
until 2036. Key Points:
a)
Approximately
6 percent of the airport’s electricity requirement is met from the onsite solar
power plants while as much as 94 percent of the total demand is now being met
through renewable energy use from the hydropower plant since June 1, thus
ending its dependency on non-renewable power.
b)
DIAL
has been working relentlessly towards environmental sustainability and has set
its target to make Delhi Airport a Net Zero Carbon Emission airport by 2030,
way ahead of the global target of 2050.
c)
To
achieve this, DIAL has adopted a Green Transportation program recently and now
we achieved another milestone of the Green Energy Program.
4. Parameswaran Iyer appointed as
CEO of NITI Aayog:
Former Drinking and water Sanitation Secretary, Parameswaren Iyer has been
appointed as the new Chief Executive Officer of NITI Aayog for 2 years. He will
succeed Amitabh Kant. Kant was appointed as the CEO of the National Institution
for Transforming India (Niti Aayog) on February 17, 2016, for a fixed two-year
term. Kant was later given an extension till June 30, 2019. His term was
further extended for two years, till this month-end, in June 2019.In June 2021,
Kant received another one-year extension.
Note: NITI Aayog Founded: 1 January 2015;
NITI Aayog Preceding: Planning Commission ( 15 March 1950); NITI Aayog
Headquarters: New Delhi; NITI Aayog Chairperson: Narendra Modi; NITI Aayog Vice
Chairperson: Suman K Bery; NITI Aayog comes under the Ministry of Commerce and
Industry.
5. Tapan Kumar Deka appointed as new
Director of Intelligence Bureau: The Central government has appointed
senior IPS officer Tapan Kumar Deka as Director of Intelligence Bureau. Tapan
Kumar Deka, a 1988 batch Himachal Pradesh cadre IPS officer, was appointed for
a tenure of two years from the date of assumption of the charge of the post or
until further orders, whichever is earlier. Deka will succeed incumbent
Intelligence Bureau Director Arvind Kumar, whose tenure ends on June 30.
Note: Intelligence Bureau Headquarters: New
Delhi; Intelligence Bureau Formed: 1887.
6.
Micro-, Small and Medium-sized Enterprises Day: 27th June: Recognising the
potential of the MSME and their role in strengthening economies, June 27 is
celebrated as the Micro-Small and Medium-sized Enterprises Day. The day is
aimed at raising public awareness of the contribution of MSMEs to global
economic growth and sustainable development.
Micro-, Small and Medium-sized
Enterprises Day History: The Micro-Small and Medium-sized Enterprises Day was
marked by the United Nations General Assembly in its 74th Plenary on April 6
2017. The move came after the International Council for Small Business (ICSB)
2016 World Conference Declaration on the urgent need to recognise MSME’s role
in global development.
INTERNATIONAL UPDATES:
1. South Korea sent its first
satellite into orbit using a domestic Nuri rocket: South Korea
launched its first satellite successfully using a homegrown rocket, boosting
the nation’s expanding aerospace ambitions and proving it has the necessary
technologies to build larger missiles and launch spy satellites in the midst of
tensions with rival North Korea. The Science Ministry reported that the
three-stage Nuri rocket successfully launched a working “performance
verification” satellite to a target altitude of 435 miles from South Korea’s
space launch facility on a southern island. Key Points:
a)
An
unmanned South Korean station in Antarctica received signals from the satellite
informing it of its condition. It is carrying four smaller satellites that will
be launched for Earth observation and other missions in the following days.
b)
At
a live-streamed press conference at the launch facility, science minister Lee
Jong-Ho declared that “the science and technology of the Republic of Korea have
achieved a remarkable advance.” Together with the people, the government will
continue its bold march toward becoming a space power.
c)
President
Yoon Suk Yeol congratulated scientists and other launch participants in a video
conference and promised to uphold his campaign pledge to create a state
aerospace agency, according to his office.
d)
The
154-foot rocket was seen ascending in live TV footage among brilliant flames
and copious amounts of white smoke.
e)
With
the launch, South Korea became the tenth country in the world to successfully
launch a satellite using homegrown technology.
f)
It
was the second Nuri rocket launch by South Korea. When the first attempt was
made in October of last year, the third stage rocket’s engine prematurely
burned out, preventing the fake payload from entering orbit after reaching the
appropriate height.
Note: South Korea President: Yoon Suk Yeol
2. China launched Three New Yagon-35
remote Sensing Satellites: Three new remote sensing satellites were successfully
launched by China from the Xichang Satellite Launch Centre in the Sichuan
Province in southwest China. The satellites were launched by a Long March-2D
carrier rocket at 10:22 a.m. (local time) as part of the Yaogan-35 family and
successfully entered the intended orbit. Key Points:
a)
The
satellites will primarily be utilised for scientific research, land resource
assessments, agricultural production estimation, and disaster prevention and
mitigation. The Long March series carrier rockets’ 424th mission was this one.
b)
Three
Yaogan-35 satellites were launched by China on November 6.
c)
The
China Aerospace Science and Technology Corporation’s Long March carrier rocket
family, which accounts for around 96.4%.
3. Jammu and Kashmir to host G-20
meetings in 2023:
Jammu and Kashmir will host the 2023 meetings of the G20, an influential group
of the world’s major economies. J&K government has set up a five-member
high-level committee for overall coordination of G20 meetings to be held in the
Union Territory. Commerce and Industry Minister Piyush Goyal was appointed as
India’s Sherpa for the G20 in September 2021. According to the Ministry of
External Affairs, India will hold the G-20 presidency from December 1, 2022,
and convene the first G20 leaders’ summit in 2023. India’s representation at
G20 summits has been led by Prime Minister Modi since 2014. The G20 countries
include Argentina, Australia, Brazil, Canada, China, Germany, France, India,
Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South
Korea, Turkey, the United States and the United Kingdom.
4. World Gold Council Report: India
ranked 4th in global gold recycling: According to World Gold Council Report,
India has emerged as the 4th largest recycler in the world and country has
recycled 75 tonnes in 2021. According to the WGC report titled ‘Gold refining
and recycling’, China topped the global gold recycling chart as it recycled 168
tonnes of the yellow metal, followed by Italy in the second position with 80
tonnes and the US in the third rank with 78 tonnes in 2021. Key points of
the report:
a)
According
to the WGC report titled ‘Gold refining and recycling’ from 300 tonnes in 2013,
India’s gold refining capacity increased by 1,500 tonnes (500 per cent) in
2021.
b)
The
report further noted that the gold refining landscape in the country has
changed over the last decade, with the number of formal operations increasing
from less than five in 2013 to 33 in 2021.
c)
On
the other hand, tax advantages have underpinned the growth of India’s gold
refining industry like the import duty differential on dore over refined
bullion has spurred the growth of organised refining in India. As a result,
gold dore’s share of overall imports has risen from just 7 per cent in 2013 to
around 22 per cent in 2021, it noted.
Note: World Gold Council Report
Headquarters: London, United Kingdom; World Gold Council Report Founded: 1987;
World Gold Council Report CEO: David Tait; World Gold Council Report President:
Kelvin Dushnisky.
OTHER UPDATES:
SPORTS
1.
Cyclist Ronaldo, first Indian cyclist to win silver at Asian Championship: At Asian Track
Championship, by placing second in the sprint race on the final day of the
Asian Track Championship in this city, Ronaldo Singh made cycling history by
becoming the first Indian cyclist to win a silver medal in a continental
competition in the senior division. Andrey Chugay of Kazakhstan took home the
bronze in the competition. Ronaldo broke the 10-second barrier in the 200-meter
flying time trial while advancing to the semifinals of the men’s Elite sprint
race, becoming the world junior champion and Asian record holder in the
process.
About Tournament:
a)
On
the last day, the home team took home one silver and two bronze medals.
b)
In
the 15km Points Race, Indian junior cyclist Birjit Yumnam finished third with
23 points. With 24 points, Sungyeon Lee of Korea took home the silver medal,
and Farrukh Bobosherov of Uzbekistan earned the gold.
c)
The
biggest shock of the day came from Chayanika Gogoi, a 19-year-old Indian who
beat Rinata Sultanova of Kazakhstan for bronze in the 10km Women Scratch Race
finals.
d)
Japanese
athlete Kie Furuyama earned the silver medal, while Youri Kim took home the
gold.
e)
At
the Indira Gandhi Indoor Stadium Velodrome, the Asian Junior and Para
championships were also going on at the same time.
f)
With
18 gold, 7 silver, and 2 bronze medals, Japan has the most overall medals.
g)
The
Indian cycling team earned 23 medals and placed sixth in the elite field (2
Gold, 6 Silver, 15 Bronze).
h)
With
12 gold, 14 silver, and three bronze medals, Korea came in second, and
Kazakhstan took third with four gold, four silver, and three bronze.
BANKING AND FINANCE
1. Campus Power a new digital
platform for students from ICICI Bank: ICICI Bank unveiled a digital platform
named “Campus Power” to assist students who want to pursue higher education in
India and abroad. The platform meets the diverse demands of the whole student
ecosystem, which includes parents, institutes, and students. The new Campus
Power platform helps users find financial products that are right for them by
guiding them through the process of researching bank accounts, including
international accounts, education loans and their tax benefits, foreign
exchange solutions, payment solutions, cards, other loans, and investments.
Key Points:
a)
The
Campus Power portal also provides information about a variety of value-added
services relating to higher education in India and internationally, including
Canada, the United Kingdom, Germany, the United States, and Australia.
b)
The
enlisted partners offer value-added services on programs/universities,
locations, admissions advice, test planning, international lodging, and travel
support.
c)
The
platform was introduced by ICICI Bank at the start of the new academic year in
India and just before the start of the autumn season overseas. The project,
which is open to everyone, including clients of other banks, is advertised as
the first of its type.
2. S.S. Mundra appointed as chairman
of BSE: S.S.
Mundra, a public interest director to lead the world’s largest stock exchange,
according to the BSE. Justice Vikramajit Sen will be replaced by Mr. Mundra.
After serving for three years, Mr. Mundra left his position as Reserve Bank of
India’s Deputy Governor in July 2017. Before that, he held the positions of
Chairman and Managing Director at Bank of Baroda, until he retired in July
2014.
BUSINESS AND ECONOMY
1. GST Council to talk about
modifying law, online gambling and casinos: The Goods and Service Taxes (GST)
Council is going to talk about changing the law to make it easier to create GST
tribunals. A report by a Group of Ministers (GoM) on online gambling, casinos,
and racetracks will also be discussed by the Council. The GoM has proposed that
rates and valuation standards for the 28 percent GST that will be imposed on
casinos, racetracks, internet gambling, and lotteries be uniform. It said that
no distinction should be made between games of skill and games of chance for
the purposes of the levy. Key Points:
a)
It
is advised that in the case of online gaming, the full value of consideration
will take into account any contest entry fees, player participation fees, etc.,
whereas in the case of racetracks, the full value of bets placed with
bookmakers and pooled in the totalisator should be taken into account.
b)
In
the case of casinos, the entire face value of any chips or coins that customers
purchase from a casino will be taken into account.
c)
The
value of bets put in each round of betting, including those played using
winnings from earlier rounds, shall not be subject to additional tax after GST
is charged on the purchase of chips or coins (on face value).
d)
Additionally,
it is advised that the entry charge to casinos include the cost of one or more
additional supplies, such as the cost of food and beverages.
2. Piyush Goyal: Indian GDP might
reach $30 trillion in coming 30 years: India’s economy, according to Commerce and
Industry Minister Piyush Goyal, is among the fastest-growing in the world and
is predicted to reach $30 trillion in the next 30 years. Goyal remarked that if
India grows at a compound annual growth rate of 8% annually, the economy will
double in nine years while speaking to exporters in Tiruppur, Tamil Nadu.
According to the minister, the country’s economy is currently worth
approximately $3.2 trillion and will be worth roughly $6.5 trillion in nine
years. Key Points:
a)
Describing
the growth Piyush Goyal said that, India would have a $13 trillion GDP in nine
more years, or 18 years from now.
b)
India’s
economy will be worth $26 trillion in nine more years, or 27 years from now.
c)
After
that, it follows that the Indian economy will presumably be worth $30 trillion
in 30 years.
d)
According
to the Union Commerce and Industry Minister, despite the current difficult circumstances
brought on by the ongoing conflict between Russia and Ukraine and the CoVD-19
pandemic, India’s economy is expanding at a healthy rate.
e)
India
has been successful in keeping its inflation at a manageable level.
f)
Piyush
Goyal also stated that the country’s textile industry is currently worth 10
lakh crore and has the potential to develop to 20 lakh crore in the following
five years, with exports of 10 lakh crore.
AWARDS AND HONOURS
1. Odisha, ‘Mo Bus’ Service received
the prestigious UN Public Service Award: Mo Bus, Odisha-based public
transport service has been honored with a prestigious United Nations award, for
their role and efforts in helping the world recover better from Covid19. The
public transport service has been recognised for its role in “promoting
gender-responsive public services to achieve the SDGs (Sustainable Development
Goals)”, the UN said.
Recognition for Odisha: The UN recognition
said the “problem” was that “bus services in the city of Bhubaneswar needed
improvement”, as a result of which “the majority of people used private
vehicles, two-wheelers and auto-rickshaw to commute instead of taking public
transportation”. As the “solution”, the Odisha government in 2018 “reorganized
the public transit services in the city to provide an integrated, reliable and
inclusive public bus service system”. Mo Bus, the UN noted, has incorporated
“real-time technologies like live tracking, travel planner and e-ticketing”,
and an e-rickshaw system called ‘Mo E-Ride’ has been introduced as a last-mile
feeder service.
Note: Odisha Capital: Bhubaneswar; Odisha
Chief Minister: Naveen Patnaik; Odisha Governor: Ganeshi Lal.
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