Daily GK Update- 24the July, 2022

NATIONAL UPDATES:

 

1. Assam CM Himanta Biswa Sarma launched ‘Swanirbhar Naari’ scheme: Assam Chief Minister Himanta Biswa Sarma has launched ‘Swanirbhar Naari’, a scheme to empower indigenous weavers in Assam’s Guwahati. The scheme will help in preserving the heritage of handlooms and textiles in the state. Under the scheme:

a)      The State government has decided to procure handloom items directly from the indigenous weavers without involving any middlemen through a specially developed Swanirbhar Naari web portal.

b)      The scheme will be implemented with the help of ARTFED and AGMC under the administrative control of the Director, Handloom Textiles, Assam. Altogether 31 nos. hand woven items are covered in the scheme belonging to various communities residing in the state.

c)       After procurement, products will be sold through formal channels of ARTFED’s outlet Jagaran and AGMC’s outlet Pragjyotika in Assam and in other states of the country. The online registration is designed in a way to reach those areas also, where departmental yarn banks are not available. It is expected that the portal will bridge the gap in between the weavers and the buyers.

Note: Assam Capital: Dispur; Assam Chief Minister: Himanta Biswa Sarma; Assam Governor: Prof Jagdish Mukhi.

 

2. MoU signed between Flipkart and Bihar State Skill Development Mission: E-commerce market, Flipkart said that it had signed an agreement with the Bihar State Skill Development Mission to start the Supply Chain Operations Academy (SCOA) projects in the state. According to a release, the programme aims to develop a talent pool of skilled supply chain operations personnel and disseminate pertinent training and expertise of the business. Key Points:

a)      This will contribute to closing the skills gap and opening up employment chances in the nation’s booming supply chain sector.

b)      The Flipkart team devised and developed the training curriculum for SCOA, which was introduced in October of last year, to provide applicants with a comprehensive experience and training.

c)       The successful candidates would receive a stipend of Rs 17,500 for completing the programme, which includes 45 days of on-the-job training at Flipkart supply chain facilities after 15 days of digital classroom training.

d)      The programme consists of a 60-day skill-building effort that aims to provide young people with the skills they need to develop careers in various areas of supply chain management and certify them so that they can become more employable.

e)      Through Flipkart‘s Learning Management System, an online learning platform where students may pick up a variety of skills through courses created by industry professionals, the students would be given skills.

 

3. Rajarshi Gupta named as Managing Director of ONGC Videsh: Rajarshi Gupta has been appointed as Managing Director of ONGC Videsh. He was recommended for the position by the Public Enterprise Selection Board (PESB). He has more than 33 years of wide-ranging experience in supervisory, managerial and strategic planning capacities in domestic and international operations of ONGC and ONGC Videsh.

Gupta spent 13 years in ONGC Videsh during 2006-2019, working across the globe in diverse geographical and fiscal regimes, in Business Development, Merger & Acquisitions, and Project Management of Exploration and Development projects.

 

4. ISRO ‘Human Spaceflight Expo’ inaugurated at Jawaharlal Nehru Planetarium: Indian Space Research Organisation, ISRO Chairman S Somnath along with other senior scientists inaugurated the Human Space Flight Expo at Jawaharlal Nehru Planetarium in Bengaluru to commemorate the Azadi ki Amrit Mahotsav. ISRO is embarking on its maiden unmanned mission Gaganyaan soon and the exhibition showcased the crew module, GSLV Mark III human-rated launch vehicle and crew escape systems. About the expo:

a)      The expo, which will be open to the public from Friday to Sunday, is in collaboration with the planetarium and the Bangalore Association for Science Education (BASE).

b)      The expo features a number of exhibits, including scaled models of various Indian satellites and launch vehicles as well as a scaled model of the proposed India Space Station. The expo also includes an interactive model of the Gaganyaan, the first Indian crewed spacecraft, which is slated to launch soon.

c)       As part of the programme, two unmanned missions this year and one manned mission by next year is envisaged. The three days exhibition in the Jawaharlal Nehru Planetarium will also have talks by ISRO scientists and film shows.

 

5. Aaykar Diwas or Income Tax Day: 24th July: The Central Board of Direct Taxes (CBDT) observed the 162nd Income Tax Day (also known as Aaykar Diwas) on 24 July 2022. The day was first celebrated in 2010. On 24 July 1860, Income Tax was introduced for the first time in India by Sir James Wilson. The purpose of this tax was to compensate for the losses incurred by the British regime during the first war of independence against British Rule in 1857.

About the Central Board of Direct Taxes: The Central Board of Direct Taxes is a statutory authority functioning under the Central Board of Revenue Act, 1963. The officials of the Board in their ex-officio capacity also function as a Division of the Ministry dealing with matters relating to levy and collection of direct taxes. Historical Background of C.B.D.T.

Note: Central Board of Direct Taxes chairman: Nitin Gupta; Central Board of Direct Taxes Established: 1924; Central Board of Direct Taxes Headquarters: New Delhi.

 

INTERNATIONAL UPDATES:

 

1. Sheikh Mohammed Sabah Al Salem named as new Kuwait’s Prime Minister: Kuwait’s Emir Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah has issued a decree to appoint Sheikh Mohammed Sabah Al Salem as a new Prime Minister. The appointment of a new PM comes three months after former Prime Minister Sheikh Sabah Al-Khaled Hamad Al-Sabah submitted his resignation, the fourth in the past two years and a half.

Sheikh Al-Salem held a number of positions; most notably, as a teaching assistant, and a member of a mission in the Economics Department at the College of Commerce, Economics and Political Science at Kuwait University, for 6 years, extending from 1979 until 1985. In 2003, he served as Minister of Foreign Affairs and Acting Minister of Social Affairs and Labor.

At the beginning of 2006, he was appointed Deputy Prime Minister and Minister of Foreign Affairs, and after only 4 months, he was reappointed to the same positions. He also held the same positions in the 2007, 2008, and 2009 ministerial reshuffles, in addition to occupying the acting Ministry of Oil.

Note: Kuwait Capital: Kuwait City; Kuwait Currency: Kuwaiti dinar.

 

2. Italian Prime Minister Mario Draghi resigned: Prime Minister of Italy, Mario Draghi has stepped down from his post after key coalition parties withdrew their support for his government on measures tackling the high cost of living. Draghi submitted his resignation to President Sergio Mattarella. However, Draghi’s government will continue to function under a caretaker capacity till a new leader is elected. He was elected as Prime Minister of Italy in February 2021. Draghi’s exit will also be a setback to the western alliance against Russia’s invasion of Ukraine. The Italian leader has taken an uncompromising stand towards Moscow and was a key architect of the tough sanctions against Russian President Vladimir Putin.

Note: Italy Capital: Rome; Italy Currency: Euro.

 

3. Ookla’s Speedtest Global Index June 2022: India ranks 118: India’s rankings fell by three spots in the median mobile speeds, according to Ookla’s Speedtest Global Index. India has at the number 115th spot in May this year, but it dropped down to 118th in June. In April and May, India’s mobile broadband speeds improved. But the month of June 2022, saw the median mobile download speeds in India decrease from 14.28 Mbps in May to 14.00 Mbps, according to the data. India’s median download speeds on fixed broadband marked an improvement at 48.11 Mbps in June 2022, from 47.86 Mbps in the previous month. This pushed the country’s global ranking three notches higher, to 72nd spot in June 2022 from 75th in May 2022.

According to the June Speedtest Global Index:

a)      Norway continues to be at the No.1 spot for overall global median mobile speeds, while Chile has reclaimed its No.1 position from Singapore, which landed at the No.2 spot for overall global fixed broadband speeds.

b)      For the month of June, Norway ranks first at 126.96 Mbps in the median mobile download speed index and Chile ranks first at 213.73 Mbps in the median broadband download speed index.

c)       Papua New Guinea and Gabon registered the highest growth for mobile download speeds and fixed broadband speeds respectively in June 2022.

 

OTHER UPDATES:

 

BANKING AND FINANCE

 

1. Three cooperative banks restricted from undertaking banking business by RBI: Three cooperative banks have received harsh limitations from the Reserve Bank of India in the last two days. Along with the Sri Mallikarjuna Pattana Sahakari Bank situated in Karnataka, these banks also include two from Maharashtra: the Nashik Zilla Girna Sahakari Bank Limited and the Raigad Sahakari Bank. The Reserve Bank of India has restricted these three banks from engaging in any banking activity due to their weak liquidity situation. Key Points:

a)      The Reserve Bank of India (RBI) announced that depositors of Sri Mallikarjuna Pattana Sahakari Bank and Nashik Zilla Girna Sahakari Bank will not be permitted to withdraw any funds from their savings, current, or other accounts. However, they will be able to offset loans against deposits.

b)      Nearly 99.5 percent of the depositors of Sri Mallikarjuna Pattana Sahakari Bank are fully insured by the DICGC insurance system, compared to 99.87 percent of the depositors of Nashik Zilla Girna Sahakari Bank.

c)       However, the top bank has permitted Raigad Sahakari Bank depositors to withdraw a maximum of 15,000 rupees from the balance of all savings, current, and other accounts combined.

d)      All of these banks are prohibited from making loans and advances, investing money, borrowing money, accepting new deposits, disbursing money, entering into compromises or other agreements, or selling, transferring, or otherwise disposing of any of their properties or assets without first receiving notification from the RBI.

 

BUSINESS AND ECONOMY

 

1. FICCI downgrades India’s GDP growth forecast for 2022-23 to 7%: Industry body Federation of Indian Chambers of Commerce & Industry (FICCI) has downgraded India’s economic output estimate for this financial year by 40 basis points to 7% for 2022-23. In April, FICCI had estimated India’s growth at 7.4% for 2022-23. Owing to geopolitical uncertainties and their impact on Asia’s third largest economy. Reason for downgrade:

a)      The industry body listed rising commodity prices, supply-side disruptions, and bleak global growth prospects with the conflict prolonging in Europe as major risk factors to India’s economic recovery.

b)      FICCI estimated India’s retail inflation rate at 6.7% for 2022-23, with a minimum and maximum range of 5.4% and 7.0% respectively, which is in line with RBI’s projections. It further expected the inflation levels to slow down starting September 2022 and fall back into the 4% range only by June 2023.

Note: FICCI Founded: 1927; FICCI Headquarters: New Delhi; FICCI Secretary General: Dilip Chenoy; FICCI Presidents: Sanjiv Mehta, Uday Shankar.

 

2. Microsoft announces ‘Viva Engage’ app in Teams to help build community: Tech giant Microsoft has announced that it is introducing Viva Engage, a new app in Teams that helps build community and connection, along with providing tools for personal expression. Built on the foundation of Yammer, Viva Engage brings people together across the organisation to connect with leaders and coworkers, find answers to questions, share their unique stories, and find belonging at work. About the Microsoft Viva:

a)      Microsoft Viva is designed to give employees across multiple roles and functions what they need to feel connected — no matter when or where they work.

b)      But employee experience is more than that. It is about helping employees excel at their job, whether it’s sales, marketing, finance, or IT, the company said.

c)       The social app for digital communities, conversations, and self-expression tools builds on the existing capabilities of the Communities app for Teams and Microsoft 365.

d)      Last month, Microsoft introduced the first of a new dimension of Viva, tailored to meet these vertical, role-specific needs — Microsoft Viva Sales.

Note: Microsoft Founders: Bill Gates, Paul Allen; Microsoft CEO: Satya Nadella; Microsoft Founded: 4 April 1975, Albuquerque, New Mexico, United States; Microsoft Headquarters: Redmond, Washington, United States.

 

OBITUARIES

 

1. Noted scientist and director ILS, Ajay Parida passes away: Noted scientist and director of the Institute of Life Sciences (ILS), Dr Ajay Kumar Parida has passed away at the age of 58. He was awarded the Padma Shri Award by the President of India in 2014 for his outstanding contribution in the field of Science and Engineering. He had also served as an Executive Director in M. S. Swaminathan Research Foundation. His research are mainly focused on developing climate resilient crop varieties with abiotic stress tolerance.