NATIONAL UPDATES:
1. India’s first National Electric Freight Platform
Launched by NITI Aayog, WRI: NITI Aayog and
World Resources Institute (WRI), launched India’s first National Electric
Freight Platform- E-FAST India (Electric Freight Accelerator for Sustainable
Transport-India). The National Electric Freight Platform brings different
stakeholders together with the support of the World Economic Forum, CALSTART,
and RMI India. Key points related to E-FAST India:
a) The platform aims to raise awareness of freight electrification
bolstered by an on-ground demonstration pilot and evidence-based research. It
will support scalable pilots and inform policies aimed at accelerating freight
electrification in India.
b) The launch of E-Fast India has witnessed participation from major
automobile industries, logistics companies, development banks, and fin-tech
companies. It will help strengthen the partnership and identify freight
solutions and support them.
c) The launch of E-Fast India was followed by the launch of WRI India’s
Total Cost of Ownership (TCO) Evaluator.
d) The TCO Evaluator is an intuitive excel-based application, which helps
in analyzing cost components and performance parameters.
e) The parameters included light, medium, and heavy-duty freight and
compared electric variants with their diesel, petrol, and CNG counterparts to
identify their impact on TCO per km.
2. PM
Modi Inaugurates World Dairy Summit 2022 in Greater Noida: Prime Minister
Narendra Modi inaugurated the International Dairy Federation’s World Dairy
Summit (IDF WDS) 2022 at the India Expo Center and Mart in Greater Noida, the
Prime Minister’s Office (PMO) said in a statement. At the rally, the prime
minister said the dairy sector’s potential would not only boost the rural
economy, but would also be an important source of livelihood for millions of
people around the world. Key Points:
a)
The
Indian dairy industry is unique in that it is based on a cooperative model that
empowers small and marginalized dairy farmers, especially women.
b)
The
government has taken some steps to improve the dairy industry and as a result
milk production has increased by more than 44% of his. in the last eight years.
c)
The
success story of India’s dairy industry, which accounts for approximately 23%
of the world’s milk, produces approximately 210 million tonnes annually and
empowers over 8 million dairy farmers, will be showcased at IDF WDS 2022.
d)
The
four-day IDF WDS 2022 held from September 12th to 16th. About 1,500
participants from 50 countries are expected to attend IDF WDS 2022, according
to the PMO.
3. PM
Modi inaugurates Centre-State Science Conclave: Prime Minister
Narendra Modi inaugurated the ‘Centre-State Science Conclave’, in Ahmedabad.
Prime Minister Narendra Modi addressed the event via video conferencing, and
highlighted the importance of ‘Sabka Prayas’ in the ‘Centre-State Science
Conclave’. Prime Minister Narendra Modi emphasized the basic solution,
evolution, and innovation of science. Key Points:
a)
The
‘Centre-State Science Conclave’ is a great achievement for India and the
government urges the Indian citizens to celebrate the achievements of Indian
scientists.
b)
The
‘Centre-State Science Conclave’ is being organized to strengthen the
coordination between Centre and state governments and collaboration mechanisms
in promoting innovation and entrepreneurship.
c)
Prime
Minister Narendra Modi emphasized on the increase of innovation laboratories in
India.
d)
India
has risen to 46th rank in the Global Innovation Index.
4. Odisha govt launched rainwater harvesting scheme
named ‘CHHATA’: Odisha government has launched a rainwater
harvesting scheme named ‘Community Harnessing and Harvesting Rainwater
Artificially from Terrace to Aquifer (CHHATA). The new scheme was approved by
the Cabinet last month. It will be implemented for a period of five years. About
the scheme:
a) The State sector scheme will work towards conserving rainwater and
improving water quality in urban local bodies (ULBs) and water scarce blocks.
b) As per the feasibility based on a groundwater resource assessment
conducted in 2020, rainwater harvesting structures will be constructed on the
roofs of 29,500 private buildings and 1,925 government buildings covering 52
water-stressed blocks and 27 urban local bodies.
c) An estimated 373.52 crore litre of water will be harvested during the
scheme period between 2022-23 and 2026-27. It will be implemented through the
existing manpower of the department of Water Resources (DoWR) with an outlay of
Rs 270 crore.
d) While the average cost of each water harvesting structure on the roofs
of government buildings has been estimated at Rs 4.32 lakh, the expenditure
would be around Rs 3.06 lakh per building in rural areas.
Note: Odisha
Capital: Bhubaneswar; Odisha Chief Minister: Naveen Patnaik; Odisha Governor:
Ganeshi Lal.
5. A book title “Forging Mettle: Nrupender Rao and
the Pennar Story” by Pavan C. Lall: A senior
journalist Pavan C Lall has authored a new book ‘Forging Mettle: Nrupender Rao
and the Pennar Story’, which is set to be released in September 2022. The book
will be published by HarperCollins Publishers India. The book is focused on how
a business is built into a large organisation on the foundations of values and
sustainability.
The
essence of the book: Forging Mettle is a story of Nrupender Rao,
Chairman of the Board at Pennar Industries Limited and his entrepreneurial
journey. The story gives a unique philosophy for a company, recommended to
striving entrepreneurs to understand how to construct a principled and ethical
institution. It’s also the story of how a business built with ethics and social
and environmental concern at the core of its values can indeed be profitable
and sustainable.
6. Hindi Diwas: 14th September: Hindi Diwas or Hindi Day is observed every year on 14 September to
mark the popularity of Hindi as an official language of India. The language was
adopted under Article 343 of the Indian Constitution. The first Hindi day was
celebrated on 14th September 1953. Hindi is one of the major languages used in
India as a large portion of the country’s population knows and uses the
language.
Hindi Diwas is
celebrated to commemorate the adoption of Hindi in the Devanagari script as one
of the official languages of the nation. Hindi was adopted by the National
Constitution on September 14, 1949 and it became the official language of the
country.
Hindi Diwas also
marks celebrating the birthday of Beohar Rajendra Simha who played a crucial
role in getting Hindi in the Devanagari script approved as an official language
of India. He was born on 14 September 1916.
INTERNATIONAL UPDATES:
1. Volker Turk set to become next UN human rights
chief: The United Nations (UN) General Assembly approved
Volker Türk of Austria to be the global body’s Human Rights Chief by UN
Secretary-General Antonio Guterres. Volker Turk replaces Verónica Michelle
Bachelet Jeria, a Chilean politician who served at the office of the UN High
Commissioner for Human Rights (OHCHR) from 2018 to 2022. Turk, currently
serving as assistant secretary-general for policy.
Career of
Volker Türk: Previously, Volker Türk served as the Assistant
High Commissioner for Protection at UN refugees, the UN Refugee Agency (UNHCR),
Geneva. He had a long and successful career in the advancement of human rights
globally. He served with the UN refugee agency in Malaysia, Kosovo and Bosnia
Herzegovina, the Democratic Republic of Congo, and Kuwait. His immediate
challenge will be the controversial report of the accusation on China
committing crimes against humanity and possibly genocide (mass murder) against
the Uyghur people and abusing Muslim minorities.
Note: Office of
the High Commissioner for Human Rights (OHCHR) Headquartered: Geneva,
Switzerland; New York City, United States; Office of the High Commissioner for
Human Rights Establishment: December 1993.
2. UNDP’s human development index: India ranks 132
out of 191 countries: A report on the 2021 Human Development Index
(HDI) is part of the Human Development Report 2021-2022 released by the United
Nations Development Programme. The HDI measures the average achievement of a
country in three basic dimensions of human development - a long and healthy
life, education and a decent standard of living. It is calculated using four
indicators — life expectancy at birth, mean years of schooling, expected years
of schooling, and the Gross National Income (GNI) per capita. UNDP’s human
development index: Notably
a) For the first time on record, the global Human Development Index (HDI)
has dropped for two years in a row, taking the world back to just after the
adoption of the 2030 Agenda for Sustainable Development and the Paris
Agreement.
b) Every year a few countries face declines on the HDI, but over 90 per
cent of countries saw their HDI value drop in either 2020 or 2021.
Indian
Scenario: India ranked 132nd among 191 countries and
territories on the 2021 Human Development Index (HDI). In the 2020 report,
India had ranked 131st among 189 countries and territories. The decline in the
country’s performance from its previous level was on account of a fall in life
expectancy.
a) India’s latest HDI value of 0.633 places the country in the medium human
development category, lower than its value of 0.645 in the 2020 report. The
report attributes the drop in HDI from 0.645 in 2019 to 0.633 in 2021 to
India’s falling life expectancy — from 69.7 years to 67.2 years during the
survey period.
b) Although India retained its 132nd position in the Gender Development
Index, the female life expectancy dropped from 71 years in the 2020 report to
68.8 years in the 2021 report.
c) India scored 0.123 in the Multi-Dimensional Poverty Index (MPI) with a
headcount ratio of 27.9 per cent, with 8.8 per cent population reeling under
severe multidimensional poverty.
Asian
Countries: Among India’s neighbours, Sri Lanka (73rd), China
(79th), Bangladesh (129th), and Bhutan (127th) are ranked above India, while
Pakistan (161st), Nepal (143rd), and Myanmar (149th) are worse off.
2021
Human Development Index: Top and Important countries:
|
HDI
rank |
Country |
HDI Value 2021 |
|
1 |
Switzerland |
0.962 |
|
2 |
Norway |
0.961 |
|
3 |
Iceland |
0.959 |
|
4 |
Hong Kong, China (SAR) |
0.952 |
|
5 |
Australia |
0.951 |
|
6 |
Denmark |
0.948 |
|
7 |
Sweden |
0.947 |
|
8 |
Ireland |
0.945 |
|
9 |
Germany |
0.942 |
|
10 |
Netherlands |
0.941 |
|
18 |
United Kingdom |
0.929 |
|
19 |
Japan |
0.925 |
|
21 |
United States |
0.921 |
|
79 |
China |
0.768 |
|
132 |
India |
0.633 |
OTHER UPDATES:
SPORTS
1. US
Open 2022 Concludes: In
the men’s category, Spanish player C. Alcaraz Garcia has lifted his first Grand
Slam trophy after defeating C. Ruud, to become the youngest player to reach
world No. 1 at just 19 years old. The event was held at the Arthur Ashe Stadium
in New York. In the women’s category, Poland tennis player I. Świątek defeated
O. Jabeur to win the 2022 US Open women’s singles final title.
In 2022, the U.S. Open set a new record for
total prize purse, at more than $60 million, up from $57.5 million in 2021. For
women’s and men’s singles, the total prize money is $42,628,000, with the
winners taking $2.6 million respectively. The men’s and women’s singles
runner-ups will each receive $1.3 million. Complete List of Winners in
Different Categories:
|
S.
No. |
Category |
Winner |
Runner Up |
|
1 |
Men’s Singles |
C.
Alcaraz Garfia |
C.
Ruud |
|
2 |
Women’s Singles |
I. Świątek |
O. Jabeur |
|
3 |
Men’s Doubles |
R. Ram & J.
Salisbury |
W. Koolhof & N.
Skupski |
|
4 |
Women’s Doubles |
K. Siniaková & B.
Krejčíková |
C.
McNally & T. Townsend |
|
5 |
Mixed Doubles |
S. Sanders & J.
Peers |
K. Flipkens & É. Roger-Vasselin |
2.
Asia Cup 2022 Finals: Sri Lanka won by 23 Runs: Sri Lanka won by
23 runs against Pakistan. Pakistan was left all out by Sri Lanka. Pakistan won
the toss and chose to bowl first. Sri Lanka made 170 runs in 20 overs with a
loss of 6 wickets. W Hasaranga made 36 runs in 21 balls and Dhananjaya de Silva
made 28 runs in 21 balls. Pathum Nissanka and Kusal Mendis were opening batsmen
from Sri Lanka, they made 8 runs and 0 runs respectively.
Haris Rauf took 3 wickets against Sri
Lanka. Naseem Shah, Shadab Khan, and Iftikhar Ahmed took one wicket each.
Rizwan made 55 runs in 49 balls, and Iftikhar Ahmed made 32 runs in 31 balls.
Pramod Madushan took 4 wickets against
Pakistan. Wanindu Hasaranga took 3 wickets, Maheesh Theekshana took 1 and
Chamika Karunaratne took 2 wickets.
BANKING AND FINANCE
1. RBI imposes fine on three entities for failing
to comply: Three organisations, including Industrial Bank of
Korea, have received fines from the Reserve Bank for breaking regulations.
Key
Points:
a) The Reserve bank of India announced that Industrial Bank of Korea has
been fined Rs 36 lakh for failing to follow several Know Your Customer (KYC)
guidelines.
b) Woori Bank was fined Rs 59.10 lakh for failing to follow RBI guidelines
regarding the “Creation of a Central Repository of Large Common Exposures –
Across Banks.”
c) Indiabulls Commercial Credit Limited, New Delhi, has been fined Rs. 12.35
lakh for failing to follow some KYC directives.
d) The Reserve Bank did emphasise that the purpose of penalties is not to
judge the legality of any transaction or arrangement entered into by the firms
with their clients but rather to reflect weaknesses in regulatory compliance.
Note: Woori Bank
Chairman: Yo Hwan Shin
Indiabulls
Commercial Credit Limited Chairman: Mr. Ajit Kumar Mittal
BUSINESS AND ECONOMY
1. Vehicle Dispatches Rise 21% As Chip Supply
Improves: Passenger vehicle wholesales in India witnessed a
21 per cent annual growth in August, riding on improved supplies of
semiconductors and festive demand, according to the Society of Indian
Automobile Manufacturers. As per the latest data released by industry body
Society of Indian Automobile Manufacturers (SIAM), passenger vehicle (PV)
dispatches to dealers stood at 2,81,210 units last month, against 2,32,224
units in August 2021. Passenger car wholesales were up 23 per cent at 1,33,477
units last month, as against 1,08,508 units in the year-ago period, SIAM said.
Growth So
For:
a) Utility vehicle dispatches were higher by 20 per cent at 1,35,497 units
in August, as compared to 1,12,863 units in the same month a year ago.
b) Similarly, total two-wheeler wholesales increased to 15,57,429 units
last month, compared to 13,38,740 units in the year-ago period, a growth of 16
per cent.
c) Motorcycle wholesales grew by 23 per cent at 10,16,794 units in August
2022, as compared to 8,25,849 units in the year-ago month.
d) Scooter sales were higher by 10 per cent at 5,04,146 units last month,
as against 4,60,284 units in August 2021, SIAM said.
e) Total three-wheeler sales rose to 38,369 units last month, against
23,606 units in August 2021, up 63 per cent.
2. Lord’s Mark Insurance receives direct insurance
broker’s licence by IRDAI: The Insurance Regulatory and
Development Authority of India (IRDAI) has given Lord’s Mark Insurance
Brokerage Private Limited, the insurance division of Lord’s Mark Industries, a
direct insurance broking licence to market life and general insurance products.
With this direct broking licence, Lord’s Mark Insurance Industries lays the
groundwork for its entry into the insurance sector.
Key
Points:
a) Insurance from Lord’s Mark Insurance in order to formalise relationships
for the launch of life and general insurance products on its Policy King
platform, broking is already in talks with a few top insurance providers.
b) Customers may compare all insurance offerings through Policy King’s
smartphone app, which can be downloaded and installed. Customers can also get
support and professional advice in choosing the best life insurance, term life
insurance, health insurance, vehicle insurance, and other insurance options.
The new
operating model that Policy King will use to conduct business is based on both
a conventional insurance distribution system and a digital client acquisition
and engagement system.
DEFENCE
1. DRDO & Indian Army Successfully Conduct Six
Flight-Tests of QRSAM Off Odisha Coast: Defense
Research and Development Organization (DRDO) and the Indian Army completed six
flight tests of the Quick Reaction Surface to Air Missile (QRSAM) system from
Integrated Test Range (ITR), Chandipur, on the Odisha Coast, as part of
evaluation trials. Key Points:
a) QRSAM is a short-range Surface Air Missile (SAM) system, which is
designed and developed by the DRDO.
b) The QRSAM aims to provide a protective shield to the moving armored
columns of the Army from aerial attacks.
c) The six flight tests were carried out against high-speed aerial targets
mimicking various types of threats to evaluate the capability of the QRSAM as a
short-range Surface Air Missile (SAM) system.
d) The different threat scenarios include long-range medium-altitude,
short-range, high-altitude-maneuvering target, low-radar signature with
receding and crossing target, and salvo launch with two missiles fired in quick
succession.
e) These tests were conducted in the final deployment configuration consisting of all indigenously-developed sub-systems, including the missile with indigenous radio frequency seeker, mobile launcher, fully automatic command and control system, surveillance, and multi-function radars.
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