NATIONAL UPDATES:
1.
Ramsar sites: India adds 10 new wetlands in the list: India adds 10 more
wetlands designated as Ramsar sites to make a total of 64 sites in the country.
The 10 new sites include Six (6) sites in Tamil Nadu and One (1) each in Goa,
Karnataka, Madhya Pradesh and Odisha. Designation of these sites would help in
the conservation and management of wetlands and the wise use of their
resources.
India is one of the Contracting Parties to
the Ramsar Convention, signed in Ramsar, Iran, in 1971. India signed it on 1st
Feb 1982. So far 64 wetlands covering an area of 12,50,361 ha have been
designated as Ramsar Sites of International Importance in India, till date.
10 wetlands designated as Ramsar
sites:
|
S.No |
Name of wetland |
Area in Ha |
State |
|
1 |
Koonthankulam Bird
Sanctuary |
72.04 |
Tamil Nadu |
|
2 |
Satkosia Gorge |
98196.72 |
Odisha |
|
3 |
Nanda Lake |
42.01 |
Goa |
|
4 |
Gulf of Mannar Marine
Biosphere Reserve |
52671.88 |
Tamil Nadu |
|
5 |
Ranganathituu BS |
517.7 |
Karnataka |
|
6 |
Vembannur Wetland
Complex |
19.75 |
Tamil Nadu |
|
7 |
Vellode Bird Sanctuary |
77.19 |
Tamil Nadu |
|
8 |
Sirpur wetland |
161 |
Madhya Pradesh |
|
9 |
Vedanthangal Bird
Sanctuary |
40.35 |
Tamil Nadu |
|
10 |
Udhayamarthandapuram
Bird Sanctuary |
43.77 |
Tamil Nadu |
2.
Andhra Pradesh emerges as winner in Utilisation of Agri-Infra funds: When it comes to
using cash for agricultural infrastructure, Andhra Pradesh comes out on top
(Agri Infra Fund). By placing a strong emphasis on infrastructure development
at the farm gate, it has become the best state. At a ceremony in New Delhi,
Union Minister of Agriculture and Family Welfare Narendra Singh Tomar presented
B. Srinivasa Rao, CEO of State Rythu Bazars, with the award for the best state
in the nation in terms of utilising Agri Funds in the fiscal year 2021–22.
Key Points:
a)
Many
states are falling behind in using agri-infra funding, according to Union
Minister Narendra Singh Tomar, but Andhra Pradesh has surpassed all others by
doing so and building extensive infrastructure at the rural level.
b)
The
state government is building extensive infrastructure at the farm through
multi-sponsored centres with the goal of tripling farmers’ revenue.
c)
PACS
has installed 4,277 godowns, including 2,977 dryers, 101 yellow polishers, 60
buffer godowns for the AP Civil Supplies Corporation, 830 cleaners for primary
processing, and 4,277 drying platforms at RBK level.
d)
In
addition to RBKs for horticulture goods, the government has supplied
infrastructure to 945 collection centres, 344 cool rooms, 10,678 assaying
devices, and 10,678 procurement centres.
About the Funding: It has budgeted
Rs. 2,706 crores to build 39,403 different types of infrastructure. The Agri
Infra Fund has approved Rs. 1,584.6 crore for the first tranche, which would be
used to build 10,677 infrastructural facilities under 1,305 PACS. These
projects are currently active.
3.
3rd Anniversary of the Abrogation of Article 370: 5th Aug, it is
the third anniversary of the abrogation of Article 370. It is on this day in
August 2019, when provisions of Article 370, which gave special status to the
erstwhile state of Jammu and Kashmir, was abrogated by the Union Government.
The State was further divided into two Union Territories – Jammu and Kashmir
and Ladakh. Earlier, Jammu and Kashmir was the only state in the country with a
separate constitution as per the provisions mentioned in Article 370, a
‘temporary provision’ that grants special autonomous status to the State. After
the revocation of Article 370, all Central laws and various welfare schemes are
applicable there and the decision has also paved the way for attracting
investment in the region which in turn has brought in development.
4.
Suresh N Patel sworn in as Central Vigilance Commissioner: Vigilance
Commissioner, Suresh N. Patel was appointed as the Central Vigilance
Commissioner. He has been working as the acting Central Vigilance Commissioner
(CVC) since June this year. He was sworn in as the chief of the Central Vigilance
Commission by President Droupadi Murmu at Rashtrapati Bhavan. The ceremony was
also attended by Prime Minister Narendra Modi and Vice President M. Venkaiah
Naidu. Former Indian Administrative Service (IAS) officer Sanjay Kothari had
completed his term as the CVC on June 24 last year.
Note: Central Vigilance Commission Formed:
February 1964; Central Vigilance Commission Headquarters: New Delhi; Central
Vigilance Commission First executive: Nittoor Srinivasa Rau; Central Vigilance
Commission Appointer: President of India.
5.
Senior-most judge of Supreme Court U U Lalit, in line to become next CJI: Senior-most judge
of the Supreme Court of India, Justice U U Lalit, who is in line to become the
next Chief Justice of India (CJI). Justice Lalit is in line to become the 49th
CJI of India on August 27, a day after incumbent Justice N V Ramana demits the
office. If appointed, Justice Lalit will become the second CJI who was directly
elevated to the apex court Bench from the Bar. Justice S M Sikri, who became the
13th CJI in January 1971, was the first lawyer to be elevated directly to the
top court bench in March 1964.
About Justice U U Lalit: Justice Lalit,
who was a renowned senior advocate, was appointed a judge of the Supreme Court
on August 13, 2014. He has since been involved in the delivery of several
landmark judgements of the apex court. One of the path-breaking verdicts was
the August 2017 judgement by a five-judge constitution bench which by a 3-2
majority ruled the practice of divorce through instant ‘triple talaq’ as
“void”, “illegal” and “unconstitutional”.
INTERNATIONAL UPDATES:
1.
Chabahar Day Celebrations: India focuses on Central Asia relations: 31 July was
designated Chabahar Day in Mumbai by the Ministry of Port, Shipping, and
Waterways (MoPSW) to commemorate the Chabahar – Link to International
North-South Transport Corridor (INSTC) – Connecting Central Asian Markets.
According to the MoPSW press release, Sonwal mentioned in his talk that India’s
ambition is to turn Shahid Beheshti Port in Chabahar into a transit centre and
connect it to INSTC to reach out to Central Asian countries.
Importance of Chabahar Port for
India:
a)
A
crucial component of India’s India-Pacific strategy to link Eurasia with the
Indian Ocean region is the Chabahar Port.
b)
Additionally,
the port will be a component of India’s International North-South Transport
Corridor. India’s goal and project, the INSTC (International North-South
Transport Corridor), aim to shorten the time it takes for EXIM goods to
penetrate the markets of central Asia, Europe, and Russia.
c)
The
region, notably Central Asia, has its commercial transit hub at Iran’s Chabahar
Port.
d)
Notably,
the eastern portion of the North-South railway corridor was officially
inaugurated when the first rail transit cargo from Russia to India entered Iran
recently through the Sarakhs border crossing.
e)
Trade
between Russia and India will grow thanks to the International North-South
Transport Corridor. This 7200 km trade route uses a multi-mode network of
roads, ships, and railways to carry freight. Through Iran and Azerbaijan, this
route links Russia with India.
f)
The
corridor aims to cut the travel time from 40 days to under 20 days and the
transportation costs between India and Russia by roughly 30%.
g)
The
INSTC’s original founding members are Iran, India, and Russia. In 2002, the
deal was inked.
Member states of the INSTC project: India, Iran,
Russia, Azerbaijan, Armenia, Kazakhstan, Belarus, Tajikistan, Kyrgyzstan, Oman,
Turkey, Syria, and Ukraine are among the 13 nations that make up the INSTC
initiative. As the Observer State, Bulgaria. Latvia and Estonia, two Baltic
nations, have also expressed a desire to join the INSTC.
2.
Hiroshima Day: 6th August: Hiroshima Day is observed on August 6 to commemorate
the atomic bombing of Hiroshima, Japan, in 1945, at the end of World War II.
2022 marks the 77th anniversary of the world’s first atomic bombing. The day,
which is observed at the Hiroshima Peace Memorial Park, Japan, highlights the
effects of nuclear wars, pays respect to those who got killed, discourages
nuclear proliferation and promotes world peace.
History of Hiroshima Day: During the 2nd
World War which was active in 1939- 1945, the world’s first deployed atomic
bomb with more than 9000 pounds of uranium-235 was loaded and US B-29 bomber
aircraft, the Enola Gay attacked the Japanese city of Hiroshima on 6th August
1945. The explosion was so huge that it immediately killed 70,000 people wiping
90% of the city and later on around 10,000 people died due to the effect of radiation
exposure.
The United States secretly developed the
Atomic Bomb technology under the Manhattan Project, led by Nuclear Physicist
Robert Oppenheimer. Eventually, the atom bombs nicknamed “Little Boy” and “Fat
Man” were dropped on Japan’s Hiroshima and Nagasaki cities on August 6 and
August 9, 1945, respectively. Japan surrendered, ending World War II.
OTHER UPDATES:
SPORTS
1.
Commonwealth Games 2022: Sudhir won the gold medal in men’s heavyweight para
powerlifting:
Sudhir claimed the gold medal in the men’s heavyweight para powerlifting event
at the Commonwealth Games 2022. Sudhir, an Asian Para Games bronze medallist,
lifted 208kg in his first attempt before increasing it to 212kg in his second
effort to gather 134.5 points and break the Games record. Ikechukwu Christian
Obichukwu won the silver with 133.6 points, while Micky Yule bagged the bronze
with 130.9 points. The 27-year-old Sudhir, who has an impairment due to the
effects of polio, thus opened India’s para sports medal account in the ongoing
CWG.
2.
Commonwealth Games 2022: Murali Sreeshankar wins silver in long jump: Murali Sreeshankar
has clinched a silver in the men’s long jump to give India its second medal in
athletics at the Commonwealth Games 2022. Sreeshankar has soared to 8.08m in
his fifth attempt to finish second behind Laquan Nairn of Bahamas in a
nerve-wracking men’s long jump final. Nairn also had the best jump of 8.08m but
his second best of 7.98m was better than the 7.84m of Sreeshankar. Jovan van Vuuren
(8.06m) of South Africa took the bronze.
BANKING AND FINANCE
1.
4th RBI Monetary Policy review: Repo rate raised by 50 bps: The Reserve Bank
of India has retained its retail inflation forecast for the current fiscal year
at 6.7 per cent. It has increased the policy repo rate under the liquidity
adjustment facility (LAF) by 50 basis points to 5.40 per cent with immediate
effect. RBI hiked the policy repo rate for the third time in a row. The Reserve
Bank of India’s Monetary Policy Committee is headed by the Reserve Bank of
India (RBI) Governor Shaktikanta Das. The next meeting of the rate-setting
panel is scheduled for September 28-30, 2022.
Notable Point: All members
of the MPC – Dr Shashanka Bhide, Dr Ashima Goyal, Prof. Jayanth R. Varma, Dr
Rajiv Ranjan, Dr Michael Debabrata Patra and Shri Shaktikanta Das – unanimously
voted to increase the policy repo rate by 50 basis points to 5.40 per cent. All
members voted to remain focused on the withdrawal of accommodation to ensure
that inflation remains within the target going forward while supporting growth.
Consequently, the various rates are
as under:
Policy Repo Rate: 5.40%
Standing Deposit Facility (SDF): 5.15%
Marginal Standing Facility Rate: 5.65%
Bank Rate: 5.65%
Fixed Reverse Repo Rate: 3.35%
CRR: 4.50%
SLR: 18.00%
Key Points of the Monetary Policy:
a)
GDP
growth projection for 2022-23 retained at 7.2 per cent.
b)
GDP
growth projection: Q1 at 16.2 pc; Q2 at 6.2 pc; Q3 at 4.1 pc; and Q4 at 4 pc.
c)
Q1:2023-24
real GDP growth is projected at 6.7 per cent.
d)
Retail
inflation projection for 2022-23 retained at 6.7 per cent.
e)
Inflation
projection: Q2 at 7.1 pc; Q3 at 6.4 pc; and Q4 at 5.8 pc; Q1:2023-24 at 5 pc.
f)
India
saw large portfolio outflows of $13.3 billion in FY23 up to August 3.
g)
Rupee
depreciated by 4.7 pc against US dollar this fiscal year till August 4.
BUSINESS AND ECONOMY
1.
Fintech platform BharatPe named Nalin Negi as new CFO: Nalin Negi has
been appointed as the new chief financial officer (CFO) of Fintech startup
BharatPe. Earlier he was the CFO of credit card issuer SBI Card. In his new
role, Negi will be working towards making the company’s EBITDA positive by
March 2023 and leading the financial readiness for the company, which is
getting ready for an initial public offering (IPO). Ebitda stands for earnings
before interest, taxes, depreciation, and amortization. He will report to
Suhail Sameer, CEO, BharatPe and work closely with the Board of BharatPe.
In April, the company announced the
appointment of Smriti Handa as the Chief Human Resources Officer. The new
appointment comes after BharatPe Co-founder Bhavik Koladiya moved on from the
company to pursue other assignments. The company has seen several high-profile
exits in recent months, including Ashneer Grover (who triggered a major
controversy at the platform); Chief Revenue Officer Nishit Sharma; and Head of
Institutional Debt Partnerships, Chandrima Dhar.
2.
Ravinder Takkar named as Chairman of Vodafone Idea: Ravinder Takkar,
the managing director (MD) and chief executive officer (CEO) of telecom
operator Vodafone Idea Limited (Vi), will replace Himanshu Kapania as the
telco’s new chairman. He will step down as non-executive chairman of the board
with effect from 18 August this month. However, he will continue to be a part
of the VIL board as a non-executive director.
Meanwhile, Vodafone Idea reported its net
loss marginally narrowed to Rs 7,297 crores for the quarter ended June 30,
2022. It reported a net loss of Rs 7,319 crores in the preceding quarter. The
telco’s revenue from operations rose 14% to Rs 10,410 crore as against Rs 9,152
crores in Q1FY22.
Note: Vodafone Idea Limited Founder: Kumar
Mangalam Birla; Vodafone Idea Limited Founded: 31 August 2018; Vodafone Idea
Limited Headquarters: Gandhinagar.
3.
Oil India named Ranjith Rath as new Chairman & MD: Ranjit Rath has
taken over as the Chairman and Managing Director (CMD) of state-run Oil India
Ltd (OIL). He replaces Sushil Chandra Mishra who retired on 30 June. The
appointment of the new CMD comes at a crucial time as the company is
diversifying into renewable energy businesses along with other energy majors.
For the financial year 2021-22, Oil India had reported its highest ever net
profit of Rs 3,887.31 crores, rising by 123.20% from the profit of Rs 1,741.59
crores of the previous fiscal.
Note: Oil India Ltd Headquarters: Noida;
Oil India Ltd Founded: 18 February 1959.
DEFENCE
1.
India-US Armies to hold mega military exercise “Yudh Abhyas” in Uttarakhand’s
Auli:
The Indian Army and the US Army will conduct the 18th edition of the
fortnight-long mega military exercise “Yudh Abhyas” from October 14 to 31,
2022, at Auli in Uttarakhand. The exercise is aimed at enhancing understanding,
cooperation and interoperability between the two armies. The previous edition
of the exercise took place in Alaska, the US, in October 2021.
Defence history of two countries:
a)
The
two countries have also inked key defence and security pacts over the past few
years, including the Logistics Exchange Memorandum of Agreement (LEMOA) in 2016
that allows their militaries to use each other’s bases for repair and
replenishment of supplies as well as provides for deeper cooperation.
b)
The
two sides also signed the COMCASA (Communications Compatibility and Security
Agreement) in 2018 which provides for interoperability between the two
militaries and provides for the sale of high-end technology from the US to
India.
c) In October 2020, India and the US sealed the BECA (Basic Exchange and Cooperation Agreement) to further boost bilateral defence ties.
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