NATIONAL UPDATES:
1.
India Innovation Index 2021: Karnataka, Manipur and Chandigarh topped
the third edition of NITI Aayog’s India Innovation Index, which ranks the
states and the union territories on their innovation performance.
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Major states: |
NE and Hill States: |
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Rank |
States |
III 2021 |
Rank |
States |
III 2021 |
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|
1 |
Karnataka |
18.01 |
1 |
Manipur |
19.37 |
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|
2 |
Telangana |
17.66 |
2 |
Uttarakhand |
17.67 |
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3 |
Haryana |
16.35 |
3 |
Meghalaya |
16 |
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4 |
Maharashtra |
16.06 |
4 |
Arunachal Pradesh |
15.46 |
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|
5 |
Tamil Nadu |
15.69 |
5 |
Himachal Pradesh |
14.62 |
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6 |
Punjab |
15.35 |
6 |
Sikkim |
13.85 |
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7 |
Uttar Pradesh |
14.22 |
7 |
Mizoram |
13.41 |
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|
8 |
Kerala |
13.67 |
8 |
Tripura |
11.43 |
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|
9 |
Andhra Pradesh |
13.32 |
9 |
Assam |
11. 29 |
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|
10 |
Jharkhand |
13.1 |
10 |
Nagaland |
11 |
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UT and City States: |
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Rank |
UT and City States |
III 2021 |
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|
1 |
Chandigarh |
27.88 |
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2 |
Delhi |
27 |
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3 |
Andaman and Nicobar
Islands |
17.29 |
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4 |
Puducherry |
15.88 |
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5 |
Goa |
14.93 |
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6 |
Jammu and Kashmir |
12.83 |
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7 |
Dadra and Nagar Haveli
& Daman and Diu |
12.09 |
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8 |
Lakshadweep |
7.86 |
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9 |
Ladakh |
5.91 |
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India Innovation Index:
a)
Prepared
by NITI Aayog and the Institute for Competitiveness, the India Innovation Index
is a comprehensive tool for the evaluation and development of the country’s
innovation ecosystem. It ranks the states and the union territories on their
innovation performance to build healthy competition amongst them.
b)
The
India Innovation Index 2021 presents state-wise rankings based on the
innovation landscape and performance of the country’s states and union
territories. The latest framework of the index has been mapped from the Global
Innovation Index, published annually by WIPO (World Intellectual Property
Organization).
2.
Tamil Nadu tops in Smart City Fund utilization: Tamil Nadu tops the
list of states so far as utilisation of funds under the government’s flagship
Smart City Mission is concerned. While Tamil Nadu has spent over Rs 3932 crore
out of the Rs 4333 crore released by the Centre, Uttar Pradesh is in the second
position with the utilisation of Rs 2699 cr out of the Central share release of
Rs 3142 crore. As on 8 July 2022, the Centre has released Rs 30,751.41 crore
for 100 Smart Cities, out of which Rs 27,610.34 crore (90%) has been utilised. Key
points:
a)
Government
data showed that states including Karnataka, Andhra Pradesh, Gujarat, Madhya
Pradesh, Maharashtra and Rajasthan have also spent major amounts on projects
under the Smart City Mission.
b)
While
Karnataka recorded utilization of Rs 2420 crore from the Central release of Rs
2618 crore, Maharashtra showed over Rs 2453 crore utilization out of a total
release of Rs 2454 crore by the Centre.
c)
As
on 8 July 2022, these Smart Cities have tendered out 7,822 projects worth Rs
1,90,660 crore; work orders have been issued in 7,649 projects worth Rs
1,80,996 crore; 4,085 projects worth Rs 66,912 crore have been completed.
d)
The
period of implementation of SCM is upto June 2023 and all Smart Cities are
expected to complete their projects within the stipulated time.
3. In
272 of the neediest districts, Govt starts “Nasha Mukt Bharat Abhiyaan”: To address the
issue of drug abuse among Indian youth, the Ministry of Social Justice and
Empowerment began implementing Nasha Mukt Bharat Abhiyaan in the 272 most
susceptible districts in August 2020. The National Survey of Extent, Pattern
and Trends of Substance Use conducted in 2004 and the Comprehensive National
Survey on Extent and Pattern of Substance Use in India conducted in 2018 both
show a change in the pattern of substance abuse. According to Minister of State
for Social Justice and Empowerment A. Narayanaswamy, the participation of
stakeholders including women, children, educational institutions, and civil
society groups is given special consideration under the “Nasha Mukt Bharat
Abhiyaan” programme.
4.
Five years of Pradhan Mantri Vaya Vandana Yojana completed: The five years of
the Pradhan Mantri Vaya Vandana Yojana are now complete. 21 July, 2017 marked
the official launch of the programme. The programme is a social security
programme for the elderly that aims to provide them with a guaranteed minimum
pension based on a guaranteed return on the purchase price or subscription fee.
The minimum investment required to participate in this scheme has been
increased to one lakh 56 thousand 658 rupees for a pension of 12,000 per year
and to one lakh 62 thousand 162 rupees for a pension of at least 1,000 rupees
per month. The programme, which was in place through 2020, has now been
extended for an additional three years, through March 31, 2023.
5.
Jawaharlal Nehru Port becomes first 100% Landlord Major Port of India: Jawaharlal Nehru
Port has become the first 100 per cent Landlord Major Port of India having all
berths being operated on the PPP model. The PPP model of investment in Indian
ports has made remarkable progress in the last 25 years, beginning from the
Jawaharlal Nehru Port, resulting in capacity addition and productivity
improvement. JNP is one of the leading container ports in the country and is
ranked 26th among the top 100 global ports (as per Lloyds List Top 100 Ports
2021 Report). About the Jawaharlal Nehru
Port Container Terminal:
a)
The
Jawaharlal Nehru Port Container Terminal (JNPCT) has 2 berths with a total
length of 680m and a 15m draft which will be handed over under this PPP
contract along with the backup area of 54.74 hectares for 30 years.
b)
JNPCT
is presently handling 9000 TEUs capacity vessels and with the upgradation it
can handle 12200 TEUs capacity vessels. It is also proposed to increase the
RMQC rail span from 20 meters to 30.5 meters at the port.
c)
Investment
for this project will be carried out by the concessioner at a total cost of Rs.
872 crores. The concessioner has to upgrade, operate, maintain and transfer
this terminal on a PPP basis. This project will be implemented in 2 phases.
6.
Brijesh Gupta appointed as MD of RattanIndia Power: RattanIndia Power
announced hiring Brijesh Gupta as its new managing director. He has experience
working across the renewable, steel, mining and commodities sector in India and
abroad. He has over three decades of experience in the industrial sector.
Brijesh Gupta held leadership positions in Adani Enterprises, Essar Group,
Welspun and Atha Group. Other than this, he also has global experience by
working across geographies in the USA, Middle East, Iran and the Indian
Subcontinent.
About RattanIndia Power: RattanIndia Power
is a private power generation company, with an installed capacity of 2,700 MW
thermal power plants at Amravati and Nashik (1,350 MW at each location) in
Maharashtra, with investments of Rs.18,615 crores (US$ 2.5 billion). The power
plants are spread over an area of 2,400 acres.
INTERNATIONAL UPDATES:
1.
13th Petersburg Climate Dialogue begins in Germany: The 13th
Petersberg Climate Dialogue began in Berlin, Germany. The two-day informal
ministerial meet is being chaired by Germany and Egypt, hosts of this year’s
annual climate meet (COP-27). The informal ministerial meeting proposes to
build consensus and provide political direction to resolve divergences aimed at
improving the implementation of climate action, the core goal of COP-27.
During the dialogue:
a)
Ministers
and delegations from several countries recalled the urgency to move to the
implementation of all the previous resolutions made during the last meeting in
order to limit global warming to 1.5 degrees Celsius.
b)
As
per the previous resolution, the fight against climate change requires the
preservation of the Congo Basin forests, which alone absorb 1.2 billion tonnes
of carbon globally per year.
About the Petersberg Climate
Dialogue:
The Petersberg Climate Dialogue will pave the way for a successful global
climate conference in Egypt in November. Since its inception in 2010, the
Petersberg Dialogue has served as a forum for ministers to build political
consensus that helps resolve differences on issues holding up progress in
negotiations.
2.
World Brain Day: 22nd July: The World Federation of Neurology (WFN) celebrates
World Brain Day on every July 22, focusing on a different theme each year.
According to WHO, good brain health is a state in which every individual can
realize their own abilities and optimize their cognitive, emotional,
psychological and behavioural functioning to cope with life situations. World
Brain Day (WBD) 2022 is dedicated to the theme “Brain Health for all” as our
brains continue to be challenged by pandemics, wars, climate change and the
myriad of disorders impacting human existence globally.
Note: World Federation of Neurology
Headquarters location: London, United Kingdom; World Federation of Neurology
Founded: 22 July 1957; World Federation of Neurology President: Prof. Wolfgang
Grisold.
3.
World Fragile X Awareness Day: 22nd July: The World Fragile X Awareness Day
is marked on 22 July every year to celebrate families impacted by Fragile X and
highlight the progress of research to find a cure. On this day, communities
around the world come together to shine a light on Fragile X, by illuminating
monuments and landmarks globally. World Fragile X Day celebrates families
impacted by Fragile X and highlights advancements of research to find effective
treatments and ultimately a cure.
About the Fragile X syndrome: Fragile X
syndrome causes mild to severe intellectual disability. It affects both males
and females, but females usually have milder symptoms. Symptoms include delays
in talking, anxiety and hyperactive behaviour. Some people have seizures.
Physical features might include large ears, a long face, a prominent jaw and
forehead and flat feet.
OTHER UPDATES:
BANKING AND FINANCE
1.
IndusInd Bank board approves raising Rs 20,000 crore through debt: The board of
private lender IndusInd Bank has authorised a plan to raise Rs 20,000 crore in
debt to finance company expansion. In a meeting, the bank’s board of directors
approved the proposal, according to a statement from IndusInd Bank. The board
authorised the issuance of debt securities in any permitted manner through a
private placement on the condition that the total amount raised does not exceed
Rs 20,000 crore. As required, it may also be raised in foreign currencies with
the consent of the bank’s members and after receiving any additional
governmental or regulatory permissions.
2.
Govt and RBI policies aid banks to recover bad loans of Rs. 8.6 lakh crore in 8
fiscal years:
The administration informed Parliament that concrete actions taken by the RBI
and government assisted banks in recovering bad loans of more than Rs 8.6 lakh
crore over the course of the previous eight fiscal years. Non-performing assets
(NPAs) are a natural, albeit unfavourable, corollary of the banking industry,
according to Minister of State for Finance Bhagwat Karad in a written response
to the Lok Sabha. Key Points:
a)
NPA
build-up is linked to a number of variables, including the current
macroeconomic climate, sectoral difficulties, the global business environment,
delayed stress assessment by banks, aggressive lending during upturns,
inaccurate risk pricing, and inadequate credit underwriting.
b)
The
government of India and the Reserve Bank of India (RBI) regularly issue
directives and have implemented a number of initiatives aimed at resolving
long-standing stressed assets on banks’ books as well as timely identification
and recognition of stress immediately upon default and take corrective action
for mitigating the same.
c)
In
addition to the Recovery of Debts and Bankruptcy Act of 1993, the
Securitization and Reconstruction of Financial Assets and Enforcement of
Security Interest Act of 2002, and the Insolvency and Bankruptcy Code of 2016,
these methods are also accessible to lenders for recovery and settlement (IBC).
d)
Scheduled
Commercial Banks (SCBs) recovered Rs 8,60,369 crore from NPAs during the last
eight financial years (provisional data) as a consequence of comprehensive
measures implemented by the government and RBI to check the cases of NPAs and
bring them down.
Note: Chairman of RBI: Shri Shaktikanta Das
3.
Jayanti Prasad named as Whole Time Member of IBBI: The Central
Government has appointed, Jayanti Prasad as a Whole-time Member of the
Insolvency and Bankruptcy Board of India (IBBI) for five years. This period of
five years will be counted from the date of assumption of charge of the post
i.e July 5, 2022, or up to the age of 65 years, whichever is the earliest,
according to an executive order issued by the Ministry of Corporate Affairs
(MCA).
Note: IBBI Founded: 1 October 2016; IBBI
Headquarters: New Delhi; IBBI Parent department: Ministry of Corporate Affairs;
IBBI Chairperson: Ravi Mittal.
BUSINESS AND ECONOMY
1.
Morgan Stanley cuts India’s FY23 GDP forecast to 7.2%: American brokerage
Morgan Stanley cut its FY23 real GDP expansion estimate for India by 0.40 per
cent to 7.2 per cent on slower global growth and GDP growth will slow down to
6.4 per cent in FY24. Global growth, Morgan Stanley said, is likely to slow to
1.5 per cent YoY in the quarter ending December 2022 from 4.7 per cent in the
quarter ended December 2021.
CPI inflation expected by Morgan
Stanley:
Morgan Stanley expects the CPI inflation to average 6.5 per cent in F23, as
compared to its forecast of 7 per cent earlier. However, they do not expect
much change in inflation beyond FY23, and expect it to average 5.3 per cent in
FY24. The near-term risks to the inflation trajectory, it said, stem from
changes in commodity prices and/or domestic food prices.
2.
L&T Tech: First Company to directly obtain and implement 5G spectrum: The first IT
company to publicly indicate interest in the government’s direct distribution
of spectrum for exclusive 5G networks is L&T Technology Services. According
to CEO Amit Chadha, it will acquire spectrum to set up a 5G private network and
develop use cases for the technology. In addition, the engineering and research
and development Services Company will roll out 5G solutions for parent company
Larsen & Toubro globally. Key Points:
a)
India
recently published regulations allowing businesses that are not in the telecom
industry to purchase spectrum directly from the telecom department for the
construction of private 5G networks.
b)
To
supply 5G automation services and quick integration of open radio access
network technologies that they will launch jointly, the company has partnered
with network software provider Mavenir.
c)
The
business applauded the government’s decision to permit private businesses to
use 5G, but it demanded that the laws be changed to permit the deployment of
the same 5G network in more than one location.
d)
Additionally,
it is demanded that the difficulty of connecting the 5G spectrum that
businesses receive to the Internet be adjusted for the provision of
application-as-a-service or lab offer-as-a-service options
3.
Digit Insurance launched ‘pay as you drive’ for motor insurance: Go Digit General
Insurance is the first insurer to offer a ‘pay as you drive’ (PAYD) add-on
feature for motor insurance own damage (OD) policies. The Insurance has
launched an add-on feature for motor insurance Own Damage policies, named ‘Pay
as you Drive’. Vehicle-owners can purchase this benefit as part of
comprehensive coverage, along with motor own damage (OD) policies.
Customers who drive less than 10,000 Km per
year on average, will now pay less with this add-on. Digit will use odometer
reading, telematics data and annual kilometre opted to give this discount (up
to 25%). IRDAI has also permitted to the general insurance companies to introduce
such tech-enabled concepts in motor OD policies.
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