Daily GK Update- 20th Aug, 2022

NATIONAL UPDATES:

 

1. India’s Oil Demand Will Rise By 7.73% In 2022, Fastest In The World: India’s demand for petroleum products like petrol and diesel will grow by 7.73 per cent in 2022, the fastest pace in the world. India’s oil demand remained healthy at 0.7 millions barrels per day (million b/d), about 16 per cent y-o-y growth in June, after an annual growth of 0.8 million b/d in May. Oil demand in India is supported by the rising momentum in economic activities, as the economic reopening continued amid an easing of COVID-19 restrictions in India. Indian oil demand in June was supported by the reduction in excise duty on petrol and diesel by the Central Government, coupled with the delayed arrival of the monsoon season and has led to robust demand for fuels.

World’s Prospects: This will surpass neighbouring China’s 1.23 per cent rise in demand for these products, according to the grouping’s monthly Oil Market Report (OMR). Also the United States, which is second biggest consumer of the petrolium products have a much lesser prospects for growth.

India’s Sources: Russia (24 per cent), Iraq (21 per cent), and Saudi Arabia (15 per cent) were the top three sources of oil import for India.

 

2. ‘Yamuna Par Azadi Ka Amrit Mahotsav’ organised by NMCG: The Department of Water Resources, River Development and Ganga Rejuvenation, the Ministry of Jal Shakti, and the National Mission for Clean Ganga (NMCG) organised the event “Yamuna Par Azadi ka Amrit Mahotsav” at the water sports club in New Delhi. Gajendra Singh Shekhawat, the Union Minister for Jal Shakti, presided over the gathering of Yamuna Par Azadi Ka Amrit Mahotsav. Shekhawat was given a guard of honour by BSF members on the occasion. Key Points:

a)      NMCG Director-General G Asok Kumar provided information about the Yamuna Par Azadi Ka Amrit Mahotsav project, estimating that over 25 thousand crores have been approved. He added that 96 of these projects have been finished and that the others are in various stages of completion. Nearly 5000 million litres of untreated sewage are being discharged into the Ganga and its tributaries every day.

b)      On this Yamuna Par Azadi Ka Amrit Mahotsav occasion, the new River Champ course was introduced on the Continuous Learning and Activity Portal, and the winners of the Ganga Quest 2022 were congratulated. Also, Awe-inspiring musical performances by schoolchildren marked the culmination of the “Yamuna Par Azadi Ka Amrit Mahotsav” event.

 

3. Goa, first state in India to receive “Har Ghar Jal” certification: The people of all the villages in Goa and Dadra & Nagar Haveli and Daman & Diu (D&NH and D&D) declared their village to be a “Har Ghar Jal” through a resolution passed by the Gram Sabha, certifying that all households in the villages have access to safe drinking water through taps and ensuring that “No One is Left Out.” All 85,156 of the 85,635,000 rural households in Dadra & Nagar Haveli, Daman & Diu, and Goa have access to potable water via a tap connection with Har Ghar Jal.

Key Points:

a)      The Government of India’s flagship programme, Jal Jeevan Mission, was unveiled on August 15, 2019, from the Red Fort’s ramparts by its forward-thinking Prime Minister.

b)      By 2024, the goal hopes to provide every rural family in the nation with a reliable in Jal Jeevan Mission, long-term supply of potable tap water in an appropriate amount and of the required quality.

c)       The initiative is carried out by the Indian government in collaboration with the States and UTs.

d)      Despite numerous setbacks and difficulties encountered during the COVID-19 pandemic, this success is the result of the persistent efforts of Goa‘s Panchayat members, Pani Samitis,

e)      District and State/UT officials, and D&NH and D&D. The tap connection currently provides access to potable water for all schools, anganwadi centres, public institutions, including Gram Panchayat buildings, healthcare facilities, community centres, ashramshalas, and other government structures.

 

4. Chief Minister Arvind Kejriwal launched ‘Make India No. 1’ mission: Delhi Chief Minister, Arvind Kejriwal has formally unveiled his Aam Aadmi Party’s national ambition with the launch of the ‘Make India No 1’ campaign. At an event organised at Talkatora stadium here, he proposed a five-point vision for good governance. The Aam Aadmi Party (AAP) national convenor termed the campaign a “national mission” and appealed to the masses to join.

The five-point vision of this initiative:

a)      The first thing that we have to do is provide free and quality education to every child of this country.

b)      The second measure that we will have to take is to provide free and best medical treatment along with free medicines and test facilities to every citizen of the country.

c)       Third, we will have to provide employment to every youth which is possible with the right intention and management.

d)      Fourth, every woman should get respect, equal rights and security.

e)      Fifth, we will have to ensure farmers get fair prices for their produce and get respect so that children can say with pride that they also want to become farmers.

 

5. Sadbhavna Diwas: 20th August: India celebrates Sadbhavna Diwas in memory of Rajiv Gandhi’s birth anniversary. Sadbhavna Diwas 2022 commemorates the 78th birth anniversary of Rajiv Gandhi on 20th August 2022. Sadbhavna Diwas was instituted after the death of Rajiv Gandhi in 1992, by Congress. Sadbhavna Diwas promotes peace, harmony, empathy, and unity among all citizens of India. Sadbhavna Diwas is also known for spreading awareness about greenery, protection of the environment, and the beauty of nature.

 

6. Akshay Urja Diwas: 20th August: Every year on the 20th of August India observers Akshay Urja Diwas or Renewable Energy Day. Akshay Urja Diwas aims to spread awareness about the development and adoption of renewable energy in India. Akshay Urja Diwas 2022, marks its importance by promoting and lining up the alarming rate of depletion of Natural resources. This day makes people aware of the use of natural resources like wind energy, solar energy, and hydropower.

Akshay Urja Diwas was first established in 2004 to support renewable energy development programs in India and promote the usage of natural resources. In 2004, the first event was facilitated by then Prime Minister Manmohan Singh, where he released a stamp with 12000 children forming a human chain to promote the use of green energy sources.

 

INTERNATIONAL UPDATES:

 

1. United Kingdom (U.K) Inflation Rises To 10.1%, A 20 Year High: Britain’s annual inflation rate has touched doubled digits, climbing to 10.1% in July from a year ago — the sharpest increase since 1982. Consumer prices are rising even faster in the U.K. than in the U.S. and Europe, propelled by higher food and energy costs. The increase was largely due to rising prices for food and staples, including toilet paper and toothbrushes. Core inflation, which strips out volatile, food and energy prices hitting 6.2% in July.

Expected Inflation: Most economists believe worse is to come. The Bank of England says soaring natural gas prices are likely to drive consumer price inflation to 13.3% in October. It says that will push Britain into a recession that is expected to last through 2023. Accounting for inflation, wages in the UK dropped at annual rate of 3% in the second quarter. Those pressures persuaded the bank to boost its key interest rate by half a percentage point this month, the biggest of six consecutive increases since December. The rate now stands at 1.75%, the highest since the depths of the global financial crisis in late 2008.

 

2. Scotland becomes first nation to make period products available to everyone: Local governments of Scotland are now required by law of Scotland to offer free sanitary products (Period Products) like tampons and pads to anyone who needs them. As the Period Products Act takes effect in Scotland, goods will be supplied through councils and educational institutions. The Period Products (Free Provision) (Scotland) Bill was unanimously approved by MSPs in November 2020. Labour MSP Monica Lennon, who has been working to eradicate period poverty since 2016, introduced the bill.

Period poverty occurs when people with low means are unable to get or buy appropriate period products in Scotland.Average periods last roughly five days, and tampons and pads can cost up to £8 per month in Scotland, which some women find difficult to pay.  According to Georgie Nicholson of the social initiative Hey Girls, period supplies ought to be available in public restrooms on a par with toilet paper.

 

3. World Mosquito Day: 20th August: World Mosquito Day is observed every year on 20th August: This day reminds us of the Millions of people worldwide are in danger of dying from it, despite the fact that it is treatable and preventable. The illness has wreaked havoc on people every year. According to the World Health Organization, there was a 69,000% increase in malaria-related deaths between the years of 2019 and 2020.

World Mosquito Day is recognised in honour of Sir Ronald Ross, who in 1897 identified the connection between mosquitoes and the spread of malaria. His research revealed that female mosquitoes spread malaria among people. The goal of this World Mosquito Day is to increase public knowledge of the reasons why people get malaria and how to prevent it.

 

OTHER UPDATES:

 

SPORTS

 

1. Bengaluru to host FIBA U-18 women’s Asian Basketball Championship: Bengaluru will host the FIBA U-18 women’s Asian Basketball Championship beginning on September 5. According to Dr. Narayanagowda, the minister of sports and youth empowerment for Karnataka, Bengaluru will host the FIBA U-18 women’s Asian Basketball Championship from September 5 to 11. Dr. Narayanagowda, the minister, presented sports equipment to the Indian men’s team travelling to Iran to compete in the FIBA U-18 Men’s Basketball Championship during the press conference.  Key Points:

a)      Both the Koramangala and Sree Kanteerava indoor stadiums are preparing for the big international event of FIBA U-18 women’s Asian Basketball Championship.

b)      To qualify for the FIBA U-18 women’s Asian Basketball Championship, which will be held in Spain in July of next year, teams from Divisions A and B will compete in the championship.

c)       Division A will consist of teams from India, China, Indonesia, Japan, Korea, Chinese Taipei, Australia, and New Zealand. Division B will consist of teams from Hong Kong, Jordan, Malaysia, Maldives, Mongolia, Philippines, and Thailand in the FIBA U-18 women’s Asian Basketball Championship.

d)      The event in Bengaluru would feature 192 basketball players from 16 different countries, 96 officials, and 100 volunteers.

Note: 13th and Current FIBA President: Hamane Niang; FIBA Asia President: Saud Ali. Al-Thani

 

BANKING AND FINANCE

 

1. TCS partnership with five star bank to offer hyper-personalised customer experience: Tata Consultancy Services (TCS) has partnered with a subsidiary of Financial Institutions, Inc. ‘Five Star Bank’ on its digital transformation journey. This partnership enables it to determine lending risk and deliver hyper-personalized customer experiences using the TCS Customer Intelligence & Insights (CI&I) analytics platform. TCS will leverage the AI-powered CI&I platform’s real-time contextual engagement capabilities to help the bank gain insights to avoid attrition blind spots and drive omnichannel customer personalization. About the partnership:

a)      Accordingly, across Central and Western New York, Five Star Bank is a premier provider of consumer and commercial lending services.

b)      The bank was seeking for a solution that provides contextual customer insights to help them better meet customer expectations.

c)       The bank will receive critical out-of-the-box AI/ML driven insights and self-serve customer and marketing analytics use cases enabling its relationship managers to gain deep insights on individual customers through 360 analytic profiles like churn score, sentiment score, product white space, customer persona, segments, transaction profiles, and calls to action.

Note: Tata Consultancy Services CEO: Rajesh Gopinathan; Tata Consultancy Services Headquarters: Mumbai; Tata Consultancy Services Founded: 1 April 1968.

 

2. Yes Bank Announces Partnership with SellerApp to Promote ONDC: Yes Bank has announced its partnership with SellerApp which is a seller-centric intelligence platform. This partnership between Yes Bank and SellerApp will encourage the seller segment of its client base to adopt Open Network Digital Commerce (ONDC) and also help them to expand their digital commerce footprint. Open Network Digital Commerce or ONDC is a strategic initiative by the Government of India, which aims to democratize the digital commerce space. The ONDC is also an alternative to Flipkart and Amazon in the Indian eCommerce market. Key Points:

a)      The partnership aims to democratize the digital commerce space.

b)      This will enable a positive impact on the business momentum of SMEs, MSMEs, and other enterprise customers all over India.

c)       It will enhance market access for their corporate clients in small and medium enterprises.

d)      ONDC led by Koshy, is an onboarding partner on both buyers’ and sellers’ sides as it announced plans to be in 75 cities and expand its categories.

 

BUSINESS AND ECONOMY

 

1. Vistara emerges second largest domestic airline by market share: Full-service Vistara emerged as the second biggest airline by domestic market share last month with a 10.4% pie of the sky, distantly second to the market leader IndiGo at 58.8%. The airline is Tata Sons’ joint venture with Singapore Airlines. The number three, four and five positions saw airlines separated by just decimal points — Air India (8.4%), GoFirst (8.2%) and SpiceJet (8%). India’s airlines carried 9.7 million passengers on domestic routes in July, almost double from a year earlier but lower than the 10.5 million passengers ferried in June 2022.

According to data from the aviation regulator:

a)      Vistara, which had a 7.5% market in January and around 9% in the subsequent months, climbed to 10.4% in July. Go First carried 8.2% of the domestic passengers last month, while SpiceJet flew 8%. SpiceJet and Go First have been forced to cut capacity, which helped Vistara overtake them in market share.

b)      After several technical snags in SpiceJet’s flights, the regulator ordered it to cut 50% of its approved capacity for the summer. GoAir grounded more than a fifth of its fleet, or over a dozen planes, due to engine supply problems.

c)       The combined market share for the three Tata Group airlines: Air India, Vistara and AirAsia India for July was 23.4%. IndiGo’s share was 2.5 times higher at 58.8%.

 

2. Goodfellows, senior-focused startup launched by Ratan Tata: Ratan Tata, a pioneer in the field, unveiled Goodfellows, a firm that offers senior folks companionship services. Ratan Tata, the Chairman Emeritus of Tata Sons, provided seed money for the platform in an unknown amount. Goodfellows completed a successful beta test over the past six months, and the service is now available in Mumbai. Pune, Chennai, and Bangalore are the next target cities.

Goodfellows: Key Points:

a)      The Goodfellows company’s mission is to create lasting friendships between seniors and recent grads. Goodfellows offers every service a grandchild might offer.

b)      According to the statement, 15 million old people in India are living alone, either because they have lost a partner or because their families had to move away owing to unavoidable employment obligations. The problem of loneliness or a lack of companionship, which has been the main factor contributing to the decline in the mental and physical health of senior adults, will be addressed by Goodfellows.

c)       The relationships that Goodfellows has forged between the two generations are deeply significant and are assisting India in addressing a significant social issue. Ratan Tata expressed his optimism that the investment will assist the young Goodfellows team develop.

 

DEFENCE

 

1. IRCTC & BSF signs MoU to ensure safety and security of booking data, other facilities: The Border Security Force (BSF) has signed a Memorandum of Understanding (MoU) with the Indian Railway Catering and Tourism Corporation (IRCTC) to ensure the safety and security of booking data under its air e-ticket service for the troops of India’s border guarding force. The pact will ensure the facility of extra baggage, lounge, cargo and less cancellation or reschedule charges for authorised BSF personnel. The facility of the new service:

a)      This service will provide a dedicated online portal with a credit facility of 60 days.

b)      This in-house Air booking system will ensure the safety and security of booking data with extra baggage, lounge, and cargo facility and less cancellation or reschedule charges for authorised BSF personnel.

c)       The MoU is significant in terms of providing better facilities to the personnel of the BSF, which guards 3,323km of India-Pakistan and 4,096km India-Bangladesh borders.

Note: Border Security Force Director General: Pankaj Kumar Singh; Border Security Force Founded: 1 December 1965; Border Security Force Headquarters: New Delhi, India.