NATIONAL UPDATES:
1. Home Minister Amit Shah will unveil the “CAPF
eAwas” web portal in Delhi: CAPF eAwas: Home
Minister Amit Shah unveiled the CAPF eAwas web-portal for the Central Armed
Police Forces. The Central Armed Police Forces have always been a solid
backbone of the nation’s internal security, Mr. Shah stated in remarks made on
the occasion. More than 35,000 police officers have died since independence-day
while maintaining internal security, he mentioned, and as a result of their
sacrifices, people may sleep well at night and feel secure.
CAPF
eAwas:
a) The Indian government launched the “Ayushman CAPF” programme to give
families of fallen soldiers access to better medical care.
b) Ten lakh service members have received more than 35 lakh Ayushman Cards
as part of this CAPF eAwas programme.
c) Approximately 56 thousand bills totaling more than 31 crore rupees have
already been paid using this programme.
d) According to Mr. Amit Shah, staff from other CAPFs will have access to
unoccupied housing through the CAPF eAwas platform.
e) The housing satisfaction rate, which stood at 33% in 2014, would rise to
73% by 2024 under CAPF eAwas.
2. Odisha Govt Disburses Rs 869 crore for Farmers
Under KALIA Scheme: Odisha government distributed ₹869 crore to 41.85
state farmers under the Krushak Assistance for Livelihood and Income
Augmentation (KALIA) scheme and assured them of additional aid for crop losses
due to floods in the state. ₹2000 each was directly transferred to the bank
accounts of 41 lakh farmers and 85,000 landless farmers under the KALIA Scheme.
KALIA
Scheme: KALIA Scheme was launched by Odisha Government in
January 2019 for small and marginal farmers, cultivators, and landless
agricultural laborers. The scheme is called the Krushak Assistance for
Livelihood and Income Augmentation or KALIA. The objectives of the KALIA scheme
are to provide financial support to the farmers and accelerate agricultural
prosperity. The two major mission of the KALIA Scheme is to relieve debt-ridden
farmers and to provide financial assistance to agricultural households,
landless agricultural laborers, and marginal cultivators in Odisha.
The state
government launched the KALIA Scheme in 2019, under which the farmers of the
state are given 4000 in two instalments. The first instalment of 2000 per
farmer was distributed on Akshaya Tritiya and the occasion of Nuakhai, and the
second instalment was distributed among the farmers.
3. Adobe and AICTE collaborate to promote digital
literacy in India: Adobe and AICTE collaborate: The All-India Council
for Technical Education (AICTE) in order to advance digital creativity
capabilities throughout the nation, has struck a partnership deal with Adobe.
According to a release, under the terms of the agreement, Adobe will provide
training for educators, provide courses, and incorporate digital creativity
into the curriculum to give kids the fundamental creative and digital literacy
skills they need to succeed in today’s digital-first society. Key Points:
a) By 2024, the alliance hopes to equip more than 75,000 educators working
in 10,000 institutions of higher learning with critical digital creativity
abilities.
b) The secret is to encourage digital and creative abilities if India is to
become the world’s skill capital.
c) Through our partnership with AICTE, Adobe aims to strengthen the
nation’s skilling ecosystem while equipping teachers and students with the
modern skills they need to succeed in the post-pandemic, digital-first future.
4. World Bank Applauds India’s Effective Response
to the COVID-19 Crisis Strategies: World Bank
Applauds India’s Effective Response to the COVID-19: The World Bank
acknowledged the Indian government’s decision to have centralised procurement,
support for long-term market development and production of Emergency Medical
Equipment (EME). Early export restrictions worked in its favour during the
public health emergency in the country in a paper titled “India Covid-19 Procurement:
Challenges, Innovations, and Lessons.”
Key
Points:
a) The “Covid-19 Emergency Response and Health Systems Strengthening
Project” was jointly funded by the World Bank and the Asian Infrastructure
Investment Bank (AIIB) for $1.5 billion (Rs 11,983.5 crore).
b) According to the report, the development of strong inter-ministerial
bodies enabled the government to decide quickly on a centralised procurement to
aid the states.
c) The World Bank identified four important innovations brought about by
India that contributed to the country’s successful management of the pandemic
scenario.
d) These included the introduction of accelerated tendering processes and
quality assurance protocols, the adoption of a whole-of-government strategy to
stimulate local production that helped to significantly lower unit prices and
dependency on global supplies, efficient supply chain management informed by
computerised modelling to project cases and admissions for oxygen, intensive
care unit requirements based on epidemiological trends, and quick
quality-assured Covid commodities.
5. Yamuna Kumar Chaubey named as CMD of NHPC: Yamuna Kumar Chaubey takes over as Chairman and Managing Director of
NHPC for three months beginning September 1. He succeeded Abhay Kumar Singh.
Chaubey is currently Director (Technical) in NHPC & has been given
additional charge of the post of CMD for a period of 3 months till a regular
incumbent joins the post. Abhay Kumar Singh ceased to be the Chairman and
Managing Director (CMD) of the company with effect from August 31, 2022, upon
attaining the age of superannuation.
INTERNATIONAL UPDATES:
1. India Surpasses UK to Become World’s 5th Largest
Economy: India has surpassed Britain to become world’s fifth
largest economy, Bloomberg reported. The change in ranking has pushed the
United Kingdom to the sixth spot as the country continues to grapple under the
brutal cost-of-living shack. The Indian economy is forecast to grow more than 7
per cent this year. On an adjusted basis and using the dollar exchange rate on
the last day of the relevant quarter, the size of Indian economy in “normal”
cash terms in the quarter through March was USD 845.7 billion. On the same
basis, UK was USD 816 billion, according to the report.
IMF
Forecast:
a) IMF’s own forecasts show India overtaking the UK in dollar terms on an
annual basis this year, putting the Asian powerhouse behind the US, China,
Japan and Germany.
b) A decade ago, India ranked 11th among the largest economies, while the
UK was fifth.
c) The government is expecting the economy to grow at 7-7.5 per cent in
2022-23, in line with its projections made at the beginning of this financial
year.
d) India registered a growth of 8.7 per cent in 2021-22.
According to the
International Monetary Fund, these are the highest ranking countries in the
world in nominal GDP:
1) 1.United States (GDP: 22.49 trillion)
2) 2.China (GDP: 16.4 trillion)
3) 3.Japan: (GDP: 5.27 trillion)
4) 4.Germany: (GDP: 4.30 trillion)
5) 5.India: (GDP: 3.21 trillion)
6) 6.United Kingdom: (GDP: 3.2 trillion)
7) 7.France: (GDP: 2.78 trillion)
8) 8.Italy: (GDP: 2.07 trillion)
9) 9.Brazil: (GDP: 1.87 trillion)
10) 10.Canada: (GDP: 1.71 trillion)
2. International Day of Clean Air for blue skies:
7th September: The International Day of Clean Air for blue skies
is observed globally on September 07 to promote and facilitate actions to
improve air quality. It focuses on the transboundary nature of air pollution
highlighting the need for collective accountability and collective action. This
year’s theme of “The Air We Share” focuses on the transboundary nature of air
pollution, stressing the need for collective accountability and action. It also
highlights the need for immediate and strategic international and regional
cooperation for more efficient implementation of mitigation policies and
actions to tackle air pollution.
International
Day of Clean Air for blue skies History: During its
74th session, the United Nations General Assembly adopted a resolution to hold
an International Day of Clean Air for Blue Skies on December 19, 2019. The
resolution also encouraged the United Nations Environment Programme (UNEP) to
facilitate the day’s observance in collaboration with other relevant
stakeholders.
Note: UNEP
Headquarters: Nairobi, Kenya; UNEP Head: Inger Andersen; UNEP Founder: Maurice
Strong; UNEP Founded: 5 June 1972.
OTHER UPDATES:
SPORTS
1.
Leh in Ladakh all set to Host First-Ever Mountain Bicycle World Cup: Leh is all set to
host the first-ever Mountain Bicycle, MTB, World Cup- the ‘UCI MTB Eliminator
World Cup in India. The ‘UCI MTB Eliminator World Cup’ will be organized in
collaboration with the Administration of Union Territory of Ladakh and the
Cycling Association of India. The Ladakh leg of the Eliminator World Cup is
part of ten professional race series held in various cities across the world.
UCI MTB Eliminator World Cup is going to be
s short track race with Cross Country Eliminator, XCE, the format of five
hundred meters with natural and artificial obstacles. In this upcoming event, a
total of 20 international, 55 national, and local cyclists are going to
participate. Since the UCI MTB Eliminator World Cup is going to be held for the
first time in India, all cyclists are excited about the event.
BANKING AND FINANCE
1.
IndusInd Bank and ADB collaborate to improve financing for supplier chains: IndusInd Bank and
ADB collaborate: IndusInd Bank, a private lender, announced a partnership with
the Asian Development Bank (ADB) to support and promote supply chain finance (SCF)
solutions in India. With an initial investment of Rs 560 crore, the IndusInd
Bank claimed it had signed a partial guarantee programme with Asian Development
Bank (ADB) with the sole purpose of pushing SCF solutions in India. Key
Points:
a)
The
cooperation of Asian Development Bank (ADB) will support a number of IndusInd
Bank activities in this area as it tries to increase its presence in MSME
lending.
b)
The
IndusInd Bank has started a number of strategic initiatives with SCF as a focal
area, including the introduction of new product structures for SCF.
c)
The
IndusInd Bank recently debuted earlyCredit, a cutting-edge digital site for
SCF, enabling 24-7 seamless processing of SCF transactions for businesses,
suppliers, and dealers.
Note: IndusInd Bank Chairman: Arun Tiwari;
IndusInd Bank CEO: Sumant Kathpalia
BUSINESS AND ECONOMY
1. India’s 2022 GDP growth prediction reduced by
Goldman Sachs from 7.6% to 7%: Following the
quarterly gross domestic product figures for April through June falling short
of market expectations, Goldman Sachs has revised lower its growth projections
for India. A lower-than-expected growth during April to June increased the
negative risk to current fiscal year growth predictions by 40 basis points. Key
Points:
a) In the reporting quarter, India’s real GDP growth increased 13.5% year
over year, falling short of the 15.2% projection made by experts surveyed by
Reuters.
b) GDP growth momentum decreased to -3.3% quarter-on-quarter after
increasing by 0.5% from January to March.
c) The current fiscal year predictions decreased by 20 basis points from
7.2% and downgraded the full-year 2022 GDP growth forecast from 7.6% to 7%.
d) Goldman Sachs 7.2% growth forecast for the fiscal year 2022–2023 is
subject to a 40 basis point downside risk.
2. India’s GDP projection lowered by Moody’s to 7.7
percent: Moody’s Investors Service drastically reduced
India’s GDP growth by 1.1 percentage points, citing a slowdown in global
growth, rising interest rates, and an irregular monsoon as reasons for the
economy’s potential to lose steam in the coming quarters. Highlights:
a) India’s GDP is now expected to grow at a 7.7% annual rate, down sharply
from the earlier estimate of 8.8% in May.
b) This information was released a day after government data revealed that
the Indian economy expanded 13.5% year over year during the April–June quarter.
c) Moody’s said India’s central bank is likely to remain hawkish this year
and maintain a reasonably tight policy stance in 2023 to stop domestic
inflationary pressures from intensifying according to the Moody’s Global Macro
Outlook 2022–2023 report.
d) The RBI must balance growth and inflation while also controlling the
effects of imported inflation brought on by the about 7% year-to-date
depreciation of the Indian rupee against the US dollar.
3. Starbucks named Indian-origin executive Laxman
Narasimhan as CEO: The coffee giant Starbucks has appointed its new
Indian-origin Chief Executive Officer, Laxman Narasimhan. He will join
Starbucks on October 1, after replacing Howard Schultz who will continue as
interim chief until April 2023. The 55-years-old Indian, Narasimhan, has served
as chief executive of Lysol and Enfamil baby formula, UK-based Reckitt
Benckiser Group PLC.
About the
Starbucks Corporation: Starbucks Corporation is an American multinational chain
of coffeehouses and roastery reserves headquartered in Seattle, Washington. It
is the world’s largest coffeehouse chain. As of November 2021, the company had
33,833 stores in 80 countries, 15,444 of which were located in the United
States.
OBITUARIES
1.
Former Tata Sons chairman Cyrus Mistry passes away: Former chairman of
Tata Sons, Cyrus Mistry has died in a road accident while en route from
Ahmedabad to Mumbai. Mistry was aged 54 years. He was travelling with Jahangir
Dinshaw Pandol, Anahita Pandol, and Darius Pandol. Mistry is survived by his
wife Rohiqa and their two sons.
Cyrus Pallonji Mistry was an Indian-born
Irish businessman. Mistry, who was the sixth chairman of Tata Sons, was ousted
from the position in October 2016. He had taken over as the chairman in
December 2012 after Ratan Tata announced his retirement. N Chandrasekaran later
took over as Executive Chairman of Tata Sons.
2.
Noted historian B. Sheik Ali passes away recently: Noted historian
and first Vice Chancellor of Mangalore and Goa Universities Professor B. Sheik
Ali passed away. He was the general president of the Indian History Congress at
its 47th Session in 1986 and the founder president of the South India History
Congress in 1985. He is a recipient of the Rajyothsava award and has authored a
total of 23 books in English.
About Sheikh Ali: Sheikh Ali was an authority on Mysuru rulers Hyder Ali and Tipu Sultan and had carried out extensive research on the Mysuru kingdom in the British era. He authored 32 books and edited others, including Tipu Sultan: A Study in Diplomacy and Confrontation; Tipu Sultan, a Great Martyr; British Relations with Hyder Ali; Dr Zakir Hussain — Life & Times, A Comprehensive Biography, besides other Urdu publications.
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