Daily GK Update- 17th Oct, 2022

NATIONAL UPDATES:

 

1. World Bank Extends Loan of $250 million for SALT Project in Andhra Pradesh: The World Bank has extended an unconditional loan of $250 million to the Supporting Andhra’s Learning Transformation (SALT) project in appreciation of the path-breaking reforms implemented by the state government. The reforms initiated under the SALT project have brought about a paradigm shift in the way education was imparted and the outcomes had been encouraging according to Special Chief Secretary B. Rajasekhar (School Education). Key Points:

a)      The SALT Project is the first project in the school education sector to be funded by the World Bank without any precondition.

b)      Approximately ₹53,000 crores has been spent on school education in the last three years.

c)       In the academic year 2022-2023, more than 40,31,239 children were studying in government schools.

d)      The lack of facilities or the adoption of English medium in government schools is not at all the reason for the number of children decreasing according to Mr. Rajasekhar.

e)      During the occasion, Joint Director of School Education M. Ramalingam and Director of Examinations D. Devendra Reddy were present.

 

2. Himachal Pradesh govt starts new scheme “HIMCAD” to help farmers: The state government of Himachal Pradesh has started a new scheme named ‘HIMCAD’, to provide irrigation facilities to farmers. According to the latest data, about 80% of the agricultural area of Himachal Pradesh is rain-fed. The scheme will provide end-to-end connectivity of farmers’ fields for better water conservation, crop diversification and integrated farming.

About the “HIMCAD” scheme:

a)      Under the scheme, it is planned to provide command area development activities to 23,344 hectares of cultivable command area by March 2024, and the State Technical Advisory Committee has approved 379 minor irrigation schemes worth Rs 305.70 crore. About 80 per cent of the agricultural area of the state is rain-fed.

b)      In order to provide irrigation facilities to the farmers in the state, the government has implemented schemes like Flow Irrigation Scheme, Efficient Irrigation Scheme through Micro Irrigation, Jal Se Krishi Ka Bal, construction of Lift Irrigation Scheme and Borewell etc.

c)       Under the scheme, to provide Command Area Development activities to 23,344 hectares of Cultivable Command Area (CCA) by March 2024, the State Technical Advisory Committee has approved 379 completed Minor Irrigation Schemes worth Rs. 305.70 crores. The development work of these schemes is in various stages.

Note: Himachal Pradesh Capital: Shimla (Summer), Dharamshala (Winter); Himachal Pradesh Chief Minister: Jai Ram Thakur; Himachal Pradesh Governor: Rajendra Vishwanath Arlekar.

 

3. PM Modi inaugurated 4th Vande Bharat Express in Himachal Pradesh: Prime Minister Narendra Modi inaugurated the fourth Vande Bharat Express Train of India. He also launched a slew of development projects in Himachal Pradesh. PM Modi flagged off the inaugural run of the new Vande Bharat Express Train from Amb Andaura to New Delhi.  He also laid the foundation stone of Bulk Drug Park.

Key Points related to PM Modi’s visit to Himachal Pradesh:

a)      In Chamba district, he laid the foundation stone of two hydropower projects and launched the Pradhan Mantri Gram Sadak Yojana-III in Himachal Pradesh.

b)      Chief Minister of Himachal Pradesh Jai Ram Thakur highlighted the ninth visit of Prime Minister Narendra Modi to Himachal Pradesh in five years.

c)       The Vande Bharat Express Train launched in Himachal Pradesh is much lighter and capable of reaching higher speeds in a shorter duration. The Vande Bharat Express Train will run six days a week except on Wednesday. The stops will include Ambala, Chandigarh, Anandpur Sahib, and Una.

d)      Prime Minister Narendra Modi also dedicated IIIT Una to the Nation where he will lay the foundation stone. IIIT Una will be built at a cost of over Rs 1900 crore.

 

4. CRII: India up six places for reducing inequality, ranks 123 globally: According to the latest Commitment to Reducing Inequality Index (CRII), India has moved up six places to rank 123 out of 161 countries for reducing inequality but continues to be among the lowest performers in health spending. Norway leads the CRII followed by Germany and Australia. The Index which is prepared by Oxfam International and Development Finance International (DFI) measures government policies and actions in three areas proven to have a major impact on reducing inequality. The three areas are public services (health, education, and social protection), taxation and workers’ rights. Performance of India:

a)      India’s overall rank has improved by six points from 129 in 2020 to 123 in 2022. It has moved up 12 places to rank 129 for reducing inequality through progressive spending. The country ranks 16 for progressive taxation, up by three.

b)      Under ranking for minimum wage, India has fallen 73 places due to the country being reclassified as not having a national minimum wage.

c)       Under the ‘Impact of public spending on reducing inequality indicator’, India has moved up 27 places and under ‘Impact of tax on reducing inequality indicator’, India has moved up 33 places.

d)      India is once again among the lowest performers in terms of health spending, having lost 2 places (­2) in the rankings to 157th (or 5th lowest in the world).

e)      India’s health spending is 3.64 per cent of total spending. This is the lowest out of all BRICS and neighbouring countries, the report said. While China and Russia are spending 10 per cent, Brazil is at 7.7 per cent and South Africa is highest at 12.9 per cent.

 

5. 53rd Capacity Building Programme in Field Administration Inaugurated: 53rd Capacity Building Programme in the Field Administration for the Civil Servants of Bangladesh was inaugurated at National Centre for Good Governance (NCGC) at Mussoorie. This institute is the only institute that has trained 1,727 field-level officers of Bangladesh Civil Service such as Assistant Commissioners, SDMs, and Additional Deputy Commissioners. Key Points:

a)      In 2014, the National Center for Good Governance was established by the Government of India.

b)      The center focuses on good governance, policy reforms, training, capacity building, and working as a think tank.

c)       The center has taken up capacity building of civil servants of several foreign countries in partnership with MEA.

d)      Till now, it has imparted training to 15 countries including Bangladesh, Kenya, Tanzania, Seychelles, Gambia, Maldives, Sri Lanka, Afghanistan, Laos, Vietnam, Bhutan, Myanmar, and Cambodia.

e)      The Capacity Building Programme for developing countries’ civil servants aims to equip them with cutting-edge knowledge, skills, and tools to deliver and design effective public policy.

 

INTERNATIONAL UPDATES:

 

1. Indian-American Tulsi Gabbard Exits Democratic Party: Former US Presidential candidate Tulsi Gabbard – who was the first Hindu-American to run for the White House in 2020 announced her exit from the Democratic Party ahead of next month’s midterm elections. Gabbard blamed the party for “racializing every issue in the nation” and denouncing it as the “elitist cabal of warmongers.” The former US Congresswoman was a member of the party for the last 20 years.

About Tulsi Gabbard: Tulsi Gabbard was the first-ever Hindu American to be elected to the US House of Representatives in 2013 from Hawaii and was subsequently elected for four consecutive terms. She was also the first Hindu lawmaker in the US Congress to run for the presidential post in 2020. Known for being a fierce critic of US President Joe Biden, she has slammed him for “pouring fuel on the flames” of the division in the country. Gabbard has also served in a field medical unit of the Hawaii Army National Guard in a combat zone in Iraq from 2004 to 2005. She was then deployed to Kuwait from 2008 to 2009.

 

2. Hollywood actor Tom Cruise became first actor to film in outer space: Hollywood Actor Tom Cruise, who is renowned for pulling off high-octane stunts in his projects, is taking things to the next level and may soon become the first actor to shoot in space. The Top Gun actor has reportedly partnered with director Doug Liman on a project that calls for him to perform a spacewalk. The Hollywood actor and director have reportedly approached the Universal Filmed Entertainment Group (UFEG) with a proposal for Tom to launch himself up to the International Space Station.

 

3. World Trauma Day: 17th October: Every year, October 17 is celebrated as World Trauma Day. The day is observed with a view to prevent the increasing rate of accidents and injuries causing death and disability across the world. The day was created in New Delhi, India, in 2011. This was a result of the high number of deaths caused by road accidents in the country, an estimate of over 400 people lost their lives each day to it. Road Traffic Accident (RTA) is the leading cause of trauma across the world.

 

4. International Day for the Eradication of Poverty: 17th October: International Day for the Eradication of Poverty is observed every year on October 17 globally. It is a day to raise awareness about the global issue of poverty and how it is a violation of human rights and of human dignity. The day also honours the courage of people living in poverty and their everyday struggles. This year’s theme for International Day for the Eradication of Poverty is “Dignity For All in Practice”. The dignity of the human being is not only a fundamental right in itself but constitutes the basis of all other fundamental rights. Therefore, “Dignity” is not an abstract concept: it belongs to each and every one.

International Day for the Eradication of Poverty History: The International Day for the Eradication of Poverty can be traced back to 17 October 1987, to commemorate the victims of extreme poverty, violence and hunger. More than a hundred thousand people gathered at the Trocadéro in Paris. This was where the Universal Declaration of Human Rights was signed in 1948. They declared poverty as a violation of human rights and stated the need to come together and remedy this situation. A commemorative stone was unveiled, with these convictions. Replicas of this commemorative stone have been found around the world, where people gather every year on October 17 to mark this day. On December 22, 1992, the United Nations General Assembly, through resolution 47/196 declared 17 October as the International Day for the Eradication of Poverty.

 

OTHER UPDATES:

 

SPORTS

 

1. 1983 World Cup hero Roger Binny set to replace Sourav Ganguly as BCCI president: India’s 1983 World Cup hero, Roger Binny is set to become the new BCCI president, replacing Sourav Ganguly. Binny will assume charge on October 18, when the BCCI annual general meeting will be held, in Mumbai. Jay Shah will continue as BCCI secretary, the most influential position in the board. Rajiv Shukla will also stay on as the board’s vice president.

Another key appointment:

a)      Along with Binny, there will be two first-timers in the new administration: Ashish Shelar, who served as Mumbai Cricket Association president between 2017 and 2019, will be the treasurer, and Devajit Saikia, currently secretary at Assam Cricket Association, will be the joint secretary.

b)      Arun Dhumal, who is set to take over as the new IPL chairman, a post held since 2019 by Brijesh Patel, the former India batter, who will be forced to vacate the seat as he turns 70 soon [on November 24]. That is the maximum permitted age limit for an office bearer or administrator in the BCCI’s constitution. Dhumal, who became a BCCI functionary during the Ganguly administration, is the brother of former board president Anurag Thakur.

Note: BCCI Headquarters: Mumbai; BCCI Founded:  December 1928.

 

BANKING AND FINANCE

 

1. RBI raises Minimum Capital Requirement for setting up Asset Reconstruction Company (ARC) to Rs 300 cr: The Reserve Bank raised the minimum capital requirement for setting up an asset reconstruction company (ARC) to Rs 300 crore from the existing Rs 100 crore with an aim to strengthen the securitisation sector which plays a vital role in the management of distressed financial assets.

The existing ARCs have been given a glide path to meet the minimum net owned fund (NOF) requirement till April 2026, the RBI said in a circular amending the existing regulatory framework for such entities. “Consequently, any ARC obtaining the certificate of registration on or after the date of this circular shall not commence the business of securitisation or asset reconstruction without having minimum NOF of Rs 300 crore,” the circular said, adding the guidelines are effective immediately.

What Are ARCs: An Asset Reconstruction Company is a specialized financial institution that buys the NPAs or bad assets from banks and financial institutions so that the latter can clean up their balance sheets. Or in other words, ARCs are in the business of buying bad loans from banks. ARCs clean up the balance sheets of banks when the latter sells these to the ARCs. This helps banks to concentrate in normal banking activities. Banks rather than going after the defaulters by wasting their time and effort, can sell the bad assets to the ARCs at a mutually agreed value.

 

2. IDBI Bank Partnered with Vayana Network to Boost Supply Chain Finance: IDBI Bank said that it has agreed to cooperate with Vayana Network as its first fintech partner to provide end-to-end digitization services. According to the bank, this alliance intends to help increase the penetration of supply chain finance in India, which now accounts for only 5% of total outstanding banking assets and less than 1% of the country’s GDP.

The adoption of end-to-end digitalization would allow IDBI Bank to offer comprehensive digital solutions to corporate banking and small business clients. The bank already has an established CMS and e-trade platform. This technology is meant to speed up customer experiences by cutting down on paperwork and transaction processing time.

Supply Chain Finance: Supply chain finance (SCF) is a term describing a set of technology-based solutions that aim to lower financing costs and improve business efficiency for buyers and sellers linked in a sales transaction. SCF methodologies work by automating transactions and tracking invoice approval and settlement processes, from initiation to completion.

 

3. South Indian Bank bagged World Book of Records for ‘101 Oonjals’: South Indian Bank bagged a world record for staging and swinging the highest 101. The South Indian Bank has organized an event ‘Onnichirikkam Oonjaladam’ and was accoladed with the World Book of Records award for ‘staging and swinging 101 Oonjals’. The event ‘Onnichirikkam Oonjaladam’ saw people gathered in large numbers to celebrate unity and prosperity during the ongoing festival season. Swings were made using wood and rope in the traditional way.

The World Book of Records team presented the Award to South Indian Bank officials. All 101 swings were staged and swung together by the people. There was happiness and togetherness during the event. An Oonjal is a sturdy rectangular plank suspended by iron link chains hooked to the ceiling of a hall or balcony. Oonjals are a part of a ritual at the weddings of a section in Tamil Nadu. In Kerala, the swinging tradition forms an integral part of Onam festivities.

Note: South Indian Bank Founded: 1928; South Indian Bank Headquarters: Thrissur; South Indian Bank CEO: Murali Ramakrishnan.

 

BUSINESS AND ECONOMY

 

1. Retail Inflation Highest Since April Stands At 7.41%: India’s retail inflation accelerated to 7.41 per cent in September from a year ago on higher food and energy costs, the highest since April and above the upper end of the RBI’s 2-6 per cent tolerance band in each month this year. Data released by the National Statistics Office showed consumer price index-based inflation (CPI) in September rising to 7.41 per cent from a year ago, compared to August’s 7 per cent.

The latest reading will pressure the RBI to accelerate policy tightening further, even at the cost of the economy, after raising its key repo rate to a three-year high of 5.9 per cent in four increments this year to tame surging prices. That suggests the central bank would need to act more aggressively and mirror the policy path of major central banks in the West — fight inflation at any cost, including a recession — despite RBI Governor Shaktikanta Das’ statement that the policy was aimed to control inflation while minimising any impact on economic growth.

 

2. Edutech Adda247 raised $35 million led by WestBridge Capital, Google: Metis Eduventures Pvt. Ltd, which runs the vernacular test preparation platform, Adda247 has raised $35 Million in a round led by WestBridge Capital. The funding round also saw Google joining as a new investor and participating from existing investors Info Edge and Asha Impact. The company plans to use the fresh capital to enhance its tech and product profile, expand its student counselling team, and hire for some key leadership roles. The aim is to go deeper into the vernacular test preparation category.

About the edutech platform Adda247:

a)      The edutech platform offers content in over 12 vernacular languages, including English, Hindi, Tamil, Telugu, Marathi, Assamese, Bengali, Malayalam and Bhojpuri, for more than 500 government exams.

b)      Adda247 offers live-video classes, on-demand video courses, mock tests and books focused on government exams. It claims to have around 22 million monthly active users and two million paid users.

c)       The company is technology based providing education online to students and providing study material on government jobs. Recently, the company is also providing Bank exams, Staff Selection Commission Exams (SSC), Railways, Teaching exams & Defence exams to users.

d)      The company also focused on high-quality content and customer satisfaction so Adda 247 updated new features in the app. The company delivers the study material at multiple platforms such as Adda 247 android app, Adda247 youtube channels, Currentaffairs adda.com, bankersadda.com, SSCadda.com, teachersadda.co.in, and career power.

Note: Adda247 CEO: Anil Nagar; Adda247 COO: Saurabh Bansal; Adda247 Headquarters: Gurugram, Haryana; Adda247 Established: 2016.

 

3. Google launches Play Points Rewards Programme in India: Google is set to launch Play Points, a global rewards Programme for users in India. Users will earn points when they purchase with Google Play, including in-app items, apps, games, and subscriptions. The reward program has four levels known as platinum, gold, silver, and bronze. The levels will provide members with perks and prizes. The levels and tiers are based on the number of points they have collected. Key Points:

a)      The users can redeem the points awarded in the Play Store.

b)      Google has partnered with developers of popular apps and games across the world to help users to redeem their points on special in-app items.

c)       Google Play in partnership with more than 30 titles that include games from global studios like Miniclip, in India.

d)      It has also partnered with local studios like Gammation, Gameberry labs, Truecaller, etc.

e)      The Play Points by Google is available in 28 countries and Google claims that more than 100 million people find value in the program.

f)        Google Play Points will also provide local developers a new avenue to build a local and global user base. This will help them to engage their user, drive discovery, and acquire users across markets that have Google Play Points.