Daily GK Update- 2nd July, 2022

NATIONAL UPDATES:

 

1. India will have 122 unicorns in 25 cities within next 2-4 years: According to a report by the Hurun Research Institute titled Hurun India Future Unicorn Index 2022, India is predicted to have 122 new unicorns in the following 2-4 years. The total worth of these potential unicorns is currently 49 billion US dollars. When a startup is valued at $1 billion USD, it is considered to be a Unicorn. Key Points:

a)      The city of Bengaluru, which currently has 33 unicorns, will receive 46 new additions, followed by Delhi NCR with 25, Mumbai with 16, Chennai with 5, and Pune with 3. Bengaluru currently has the most unicorns in the nation. It’s anticipated that the remaining unicorns will appear in 20 additional cities.

b)      Tiger Global has invested in 27 of these potential Unicorns, followed by the international venture capital firm Sequoia Capital, which has invested in 39 of them.

c)       The majority of these prospective unicorns were founded in 2015.

About the Survey:

a)      The survey states that 63% of these businesses focused on consumer-facing businesses, while the remaining 37% belonged to the business-to-business (B2B) industry that provided services to the financial services, logistics, healthcare, and education sectors.

b)      The report has divided would-be unicorns into three groups: Gazelles, which are startups with the greatest likelihood of becoming unicorns in the next two years, and Cheetahs, which are startups with the potential to become unicorns in the following four years.

c)       It claimed that the pandemic had sped up the rise of startups.

d)      Experts claim that a record 44 unicorns emerged in 2021, making India the third-largest startup ecosystem in the world.

e)      In addition, the experts noted that there are now 65 percent more unicorns, 51 percent more gazelles, and 71 percent more cheetahs in the nation.

 

2. Karnataka government launched ‘Kashi Yatra’ scheme: Karnataka government has launched the ‘Kashi Yatra’ scheme. The Kashi Yatra project, which offers a cash assistance of Rs 5,000 to each of the 30,000 pilgrims willing to conduct a pilgrimage to the Kashi Vishwanath Temple in Varanasi, Uttar Pradesh. For this scheme, the government will be using funds of up to Rs 7 crores from the accounts head of ‘Assistance to Manasa Sarovara Pilgrims’ which was announced in the chief minister’s budget speech for the financial year. Shashikala Jolle, the Minister for Religious Endowment, Hajj and Wakf, said, any pilgrim taking up the government-sponsored ‘Kashi Yatra’ would get the benefit only once in a life time.

Eligibility to apply for the scheme: (1) Beneficiary should be a native of Karnataka; (2) Applicant should be above 18 years old; (3) Beneficiaries who have already availed the subsidy once are not eligible

Documents required: (1) Proof of beneficiaries’ domicile of origin in Karnataka – voter ID, Aadhaar card or ration card; (2) Age proof – Aadhaar card, voter ID etc

 

3. India promises International community to protect 30% of land and water: India gave the international community the reassurance that it will keep to its goal of protecting at least 30% of “our” lands, waters, and oceans by 2030 under Prime Minister Narendra Modi. India’s Minister for Earth Sciences, Dr. Jitendra Singh, made the following remarks on behalf of the country at the UN Ocean Conference in Lisbon: Under the leadership of Prime Minister Narendra Modi, all efforts are being made to achieve the 30×30 target in a mission mode as per the COP resolutions. He stated that his purpose in attending the UN summit was to share Modi’s vision for protecting and sustaining the ocean and its resources with the rest of the globe. Key Points:

a)      India joined the High Ambition Coalition for Nature and People, which was founded at the “One Planet Summit” in Paris in January 2021 and seeks to advocate a global accord to safeguard at least 30% of the world’s land and ocean by 2030.

b)      Dr. Jitendra Singh gave the Ministers, Delegates, and Representatives from more than 130 nations attending the five-day conference the assurance that India would also offer science and innovation-based solutions through partnerships and environmentally friendly solutions for the implementation of SDG-Goal 14.

 

4. KK Venugopal Re-Appointed Attorney General for Three Months: Attorney General (A-G), K.K. Venugopal has been re-appointed as the country’s top law officer for a period of three months. Mr. Venugopal, whose current one-year term ends on June 30, agreed to a short tenure following a request from the government. The sources cited above said that he was initially not willing to continue in the Constitutional post due to “personal reasons”.

In July 2017, Mr. Venugopal, 90, was appointed by the President of India to succeed Mukul Rohatgi as the A-G. The government’s top law officer enjoys a tenure of three years. However, when Mr. Venugopal’s first term as A-G was to end in 2020, he requested the government to give him a one-year tenure keeping in mind his advanced age. Last year too, he was reappointed for one year.

 

INTERNATIONAL UPDATES:

 

1. Ferdinand Marcos Jr. takes oath as Philippine president: Ferdinand Marcos Jr, the son of late dictator Ferdinand Marcos Sr, won the elections with 31.6 million votes and was swore as the 17th President of the Philippines. He took the oath at the National Museum of Fine Arts in Manila before the Supreme Court Justice, Alexander Gesmundo. The former President’s daughter and his running mate, Sara Duterte Carpio, swore as vice president. The two will be serving the nation until 2028. Marcos Jr. is more popularly known as “Bongbong” in the country and won on the platform of national unity, promising more jobs, lowering prices, and increasing investment in agriculture and infrastructure.

Note: Philippines Capital: Manila; Philippines Currency: Philippine peso.

 

2. International Day of Cooperatives: 2nd July: International Day of Cooperatives is marked annually on the first Saturday of July. This year, the day will be observed on 2 July to highlight the contributions of the cooperative movement. The aim of this celebration is to increase awareness about cooperatives by highlighting how the United Nations shares similar goals and objectives as the international cooperative movement. On July 2, cooperatives all around the world will celebrate the 100th International Day of Cooperatives (#CoopsDay). This year’s #CoopsDay slogan - “Cooperatives Build a Better World”— echoes the theme of the International Year.

International Day of Cooperatives History: The United Nations General Assembly (UNGA) passed a resolution on 16 December 1992 to declare the first Saturday of July 1995 as the International Day of Cooperatives. The date was chosen as it marked the centenary of the International Cooperative Alliance’s establishment. It is also called Coops Day.

 

3. World Sports Journalist Day: 2nd July: World Sports Journalists Day is observed on July 2 every year to celebrate the services of sports journalists for the promotion of sports. Sports journalism is a form of reporting that focuses on matters pertaining to any subject or topic related to sports.

World Sports Journalist Day History: The International Sports Press Association (AIPS) established the World Sports Journalist Day in 1994. Furthermore, the day commemorates the formation of the AIPS organisation that took place back on July 2, 1924, during the Summer Olympics in Paris. Over the years, the accomplishments of numerous sports media professionals have been honoured on this day.

 

3. World UFO Day: 2nd July: The World UFO Day (WUD) is held on July 2 every year globally. It is a day dedicated to the undoubted existence of Unidentified Flying Objects (UFO) by World UFO Day Organization (WUFODO). WUD aims to raise awareness about the existence of UFOs and encouraging people to think about the possibility of us not being alone in the Universe. The World UFO Day provides an opportunity to these explorers and enthusiasts to discuss, decode, and deduce multiple theories related to UFOs.

World UFO Day History: The World UFO Day commemorates two important days which are the first widely reported UFO sightings in the world. The first sighting was reported on June 24, 1947, when an aviator named Kenneth Arnold claimed to have seen what looked like a flying saucer. This sighting shaped the narrative of the UFO with a disk being the widely accepted appearance.

 

OTHER UPDATES:

 

SPORTS

 

1. Adani Sportsline is principal sponsor of Indian Olympic Association: Adani Sportsline, the sports arm of the Adani Group, has inked a long-term principal sponsorship deal with the Indian Olympic Association (IOA). It will be the official partner of the Indian contingent during the upcoming Birmingham Commonwealth Games 2022, the Hangzhou Asian Games 2022, and the Paris Olympic Games 2024. The group had earlier been associated with the Indian contingent during the Tokyo Olympics in 2021.

Adani Sportsline has supported over 28 athletes through its athlete support initiative, #GarvHai, across a variety of sports. Six of these athletes represented India at the Tokyo Olympics in 2021, and among them was wrestler Ravi Kumar Dahiya, who brought home a silver medal. Adani Sportsline also owns teams on Indian and global platforms, including the Pro Kabaddi League, Ultimate Kho Kho League, Big Bout Boxing League, and International League T20 (cricket), among other initiatives.

 

BANKING AND FINANCE

 

1. RBI data: Credit card spending exceeded Rs. 1.13 billion in May: May saw credit card spending reach an all-time high of $1.14 trillion, indicating that the retail sector is doing well. According to Reserve Bank of India data, credit card spending increased 118 percent annually and 8 percent monthly as a result of strong e-commerce spending, high-value travel and tourism spending, and discretionary purchases. Key Points:

a)      Despite pressures from inflation and rising interest rates, credit card spending in May remained significantly higher than $1 trillion. The total amount spent on credit cards in May was $1.13 trillion, up from $1.05 trillion in April and $52,200 crore in May of the previous year.

b)      The biggest incremental rise in credit card spending was recorded by Indusind Bank and Kotak Mahindra Bank, at 17% and 15%, respectively. All other companies experienced growth in the 4–9% range. American Express, on the other hand, experienced a 2% month-over-month fall.

c)       The system’s overall number of active credit cards increased by 23.2 percent annually to 76.9 million in May 2022, the most in the previous 27 months.

d)      With 38,000 new cards added in the same month, HDFC bank had the highest monthly incremental card addition rate. Since April, the bank has noticed an increase in the marketshare of credit card expenditures. In May, the bank’s market share for credit card purchases was 27.7% compared to 27.6% in April and 26.6 % in March.

 

2. SEBI imposed Rs. 7 crore penalty on National Stock Exchange: The Securities and Exchange Board of India (SEBI) has slapped heavy penalties in a 2015 ‘dark fibre’ case that saw certain brokers exploiting the National Stock Exchange’s (NSE’s) internet infrastructure to get faster connectivity to its colocation (colo) facilities. The markets regulator has imposed a penalty of Rs 7 crore on NSE and Rs 5 crore on former Managing Director and Chief Executive Officer (CEO) Chitra Ramkrishna.

In this case, a total of 18 entities received penalties. It has also levied a fine of Rs 5 crore each on former Group Operating Officer Anand Subramanian and current Chief Business Development Officer Ravi Varanasi. Internet service provider Sampark Infotainment has been asked to pay Rs 3 crore. Online trading firms Way2Wealth and GKN Securities, too, have been asked to cough up Rs 6 crore and Rs 5 crore, respectively.

Note: SEBI Founded: 1988; SEBI Act: 1992; SEBI Headquarters: Mumbai, Maharashtra.

 

BUSINESS AND ECONOMY

 

1. For public issues of REIT and InvIT, SEBI now offers UPI payment option: Retail investors may use UPI, or the unified payments interface mechanism, to apply in the public offering of REITs and InvITs for application values up to Rs 5 lakh, according to capital markets regulator SEBI. The Securities and Exchange Board of India (SEBI) stated in two separate circulars that the new framework, which aims to further streamline the procedure, will be applicable to public issue of units of Infrastructure Investment Trust (InvIT) and real estate investment trust (REIT).

Key Points:

a)      The mechanism for paying for applications in the public offering of units of these new investment instruments under the facility of Applications Supported by Blocked Amount was established by the capital markets regulator in January 2019.

b)      Separately, the regulator has agreed to shorten the period of time needed for the allocation and listing of units of privately issued InvIT after the offering is closed from the current need of 30 working days to six working days.

c)       Although they are relatively new investment vehicles in the Indian context, REITs and InvITs are hugely popular on international stock markets.

d)      While an InvIT consists of a portfolio of infrastructure assets, such as highways and electricity transmission facilities, a REIT consists of a portfolio of commercial real estate, the majority of which is already leased out.

e)      The merchant banker must also make sure that all publications where the issue advertisement is published reveal the method of the additional payment mechanism using UPI.

f)        The investor’s PAN and client ID, which were entered on the stock exchange platform at the time of the bid, will be verified in real-time by the stock exchange(s) with the depositories.

 

2. 100% two-wheelers to be energised by FY27: NITI Aayog and the Technology Information, Forecasting and Assessment Council (TIFAC) made an upbeat prediction that by FY2026-27, electric two-wheelers would be completely incorporated into the Indian market. Forecasting Electric Two-Wheeler Penetration in India was the report’s title. It gave significant insights into the sector’s priorities for technology development as well as the necessary industrial capacity and infrastructure. Key Points:

a)      Even without extending demand-side incentives, the penetration of electric two-wheelers may reach about 72% in FY 2031-32 if an R&D programme is successful in increasing their range and power by 5% annually between FY 2023-24 and 2025-26 and by 10% in FY 2026-2027.

b)      By FY2028-29, the number of electric two-wheeler sales could surpass 220 lakh units.

c)       Sales could possibly top 250 lakh units if there is enough infrastructure established for charging electric two-wheelers.

d)      According to the Incentive Driven Scenario, which assumes that demand incentives will persist throughout but with only a 2% annual reduction in battery cost and no improvement in range or performance, the sale of electric two-wheelers will reach 54.91 lakh units in FY 2031, with a market penetration of 21.86%.

e)      Three key aspects that affect the market penetration of electric two-wheelers have been used to build the future scenarios. Demand incentives, battery cost, and vehicle performance in terms of range and power are these factors.

 

DEFENCE

 

1. New Delhi: 4th Synergy Conference between Indian Army and DAD: In New Delhi, there was the fourth Synergy Conference between the Indian Army and the Defense Accounts Department (DAD). Senior commanders of the Indian Army and DAD attended the one-day meeting, which was co-chaired by Vice Chief of Army Staff (VCOAS) Lt Gen BS Raju and Controller General of Defence Accounts (CGDA) Shri Rajnish Kumar. Key Points:

a)      Deliberations on the AGNIPATH plan and the timeline for the prompt implementation of a system for pay and allowances for Agniveers were on the conference’s main agenda.

b)      Enhancing the performance of Pay and Accounts Offices (PAOs) for better service delivery to Junior Commissioned Officers/Other Ranks of the Indian Army was another item on the agenda. Senior officers from both sides were consulted as concrete action plans for the future were developed.

c)       The CGDA agreed with the department’s goal of using technology to improve service delivery to the armed forces and to implement creative business process re-engineering to significantly alter the way that bills are processed and paid.

d)      In order to facilitate decision-making and improve the management of the defence budget, they discussed the necessity of identifying the costing and expenditure profile for the units and formations. They acknowledged the significant contribution made by personnel of the Indian Defence Accounts Service in assisting the Indian Army in making vital financial choices and ensuring financial discipline through the Accounting and Audit Function.

Note: Vice Chief of Army Staff (VCOAS): Lt Gen BS Raju; Controller General of Defence Accounts (CGDA): Shri Rajnish Kumar

 

2. 9th Army to Army Staff Talks between India and Australia held in Dehradun: The ninth Army to Army Staff Talks, which were held in Dehradun, between the Australian and Indian armies were centred on developing a roadmap for improved defence cooperation and joint military exercises. The Indian Military Academy (IMA) was the location of the discussions, where both parties went over the road map for initiatives promoting defence cooperation, according to the Army. Key Points:

a)      These initiatives include training sessions for both Armies, cadet exchange programmes between pre-commission training academies, bilateral exchanges of Austra hinds, subject matter expert exchanges in specialised fields, functional and high-level visits, interaction between think tanks, and virtual interactions in the fields of medical and doctrinal exchanges.

b)      The delegation also paid visits to the Centre for Land Warfare Studies, the Wargame Research and Development Center in Delhi, the Bengal Engineer Group Center in Roorkee, and the Infantry Division in Dehradun.

c)       The General Rawat Young Officer Exchange Program, which was announced on March 21, 2022, during the virtual summit meeting between the two Prime Ministers of the two nations, is scheduled to begin in the second half of 2022.

About India – Australia Army Connection: A number of high-level meetings have taken place between the two nations to advance their security cooperation. Richard Marles, the Deputy Prime Minister and Minister for Defense of Australia, visited India. A meeting of the India-Australia Joint Working Group (JWG) on Defence Research and Material Cooperation is scheduled for Australia. India will also take part in Australia’s Indo-Pacific Endeavour exercise and Exercise Pitch Black.

 

OBITUARIES

 

1. Malayalam actor Ambika Rao passes away: Malayalam actor and assistant director Ambika Rao passed away at the age of 58. She entered the movie industry as an assistant director with the 2002 release ‘Krishna Gopalakrishna’ helmed by Balachandra Menon. She forayed into the film industry as an assistant director in early 2000. She has assisted several directors, including Balachandra Menon, Anwar Rasheed, Shafi, and Vinayan. She also acted in many movies. Recently, she made a mark with her performances in hit films like Virus and Kumbalangi Nights.