Daily GK Updates – 1st Feb, 2021

 

NATIONAL UPDATES:

 

1. Union Budget 2021-22 is being presented by FM Nirmala Sitharaman: Union Finance Minister, Nirmala Sitharaman is presenting the Union Budget 2021 for the 3rd time in a row. The Union Budget is the yearly financial report estimating the income and expenditure presented to outline future policies to be adopted by the government for sustainable growth and development. The Economic Survey 2020-21 was released on 29th January 2021 by the Chief Economic Advisor of India, Krishnamurthy Subramanian. According to the survey, India’s economy could contract 7.7 per cent in the financial year that ends on March 31. Finance minister Nirmala Sitharaman concluded her Budget speech at 12.50 pm.

Here are the key highlights from the Union Budget 2021-22:

(1) Total COVID-19 support measures amount to 13 per cent of GDP and total COVID-19 support measures by government and RBI amounts to Rs 27.1 lakh crore. The ‘Aatmanirbhar’ Packages accelerated India’s rate of reform.

(2) Rs 35,000 crore to be allocated for further funds for COVID-19 vaccines. We will provide more for COVID-19 vaccines if required. The private sector may be kept out of vaccination efforts it appears, a disappointment for them. At a blended cost of Rs255/dose (in the first phase), that will cover 2 doses of the vaccine for 68.6crore people in FY22.

(3) First of six pillars Aatmanirbhar Yojana in addition to the National Health Mission introduce the Aatmanirbhar Health Yojana with an outlay of Rs 64,180 crore over six years. This will strengthen the National Centre for Disease Control. Besides this, the government will also set up 15 Health Emergency Centres.

(4) Jal Jeevan Mission with an outlay of Rs 2.87 lakh crore to cover houses and to be implemented over five years. Budget 2021 will also launch Mission Poshan 2.0. Besides this, the launch of urban ‘Swacch Bharat Mission’ 2.0 with an outlay of Rs 1.42 lakh crore has been made.

(5) Allocation to rural infra development increased to Rs 40,000 cr in next fiscal from Rs 30,000 crore in FY21.

(6) NHAI has sponsored one InVit to attract investors. Thus 5 operational roads with Rs 5,000 crore value being transferred to NHAI InVit. NHAI operational roll roads are to be monetised. More than 13,000 km of roads awarded under Bharat Mala project. Around 3,800 km have been constructed in Bharatmala so far and 8,500 km to be awarded by March 2022. Will complete additional 11,000 km of NH corridor by March 2022. More economic corridors are being planned – 3,500 km of NH works are ongoing in Tamil Nadu.

(7) The government will allot Rs 1.03 lakh crore for National Highway Projects in Tamil Nadu; Rs 65,000 core for National Highway Projects in Kerala; Rs 25,000 crore for National Highway Projects in West Bengal.

(8) In Budget 2021, Union Finance Minister Nirmala Sitharaman has announced Rs 1.1 lakh crore for Indian Railways. A record Rs 1,10,055 crore has been provided for Indian Railways. Out of the total, Rs 1,07,100 crore will be provided for capital expenditure in 2021-22, says FM Nirmala Sitharaman.

(9) Power transmission assets of Rs 7,000 crore is to be transferred to Power Grid InvIT. The Centre will also provide Rs 2 lakh crore to states and autonomous bodies for Capex. We will nudge states for more capital expenditure. FY22 Capex has targetted at Rs 5.54 lakh crore v/s FY21’s Rs 4.39 lakh crore. The alternatives will be worked out so that consumers could choose from more than one power distribution companies. It’s a positive for Tata Power.

(10) Rs 1,000 crore to solar energy corporation and Rs 1,500 to renewable energy development agency.

(11) The government has allocated close to Rs 3.60 lakh crore in the Budget towards launching a “revamped”, reforms-based, result-linked power distribution sector scheme.

(12) Government has committed Rs 1.97 lakh crore for Production Linked Incentive Scheme (PLI) covering 13 sectors. Further, 7 textile parks will be launched for over three years.

(13) The FM has announced that a Bill will be introduced to set up a DFI or developmental financial institution to fund long-term infra projects with a capital of Rs 20,000 crore.  Rs 5 lakh crore will be lent by DFI in three years time.

(14) An asset monetisation dashboard will be created to provide clarity to investors.  For 2021-22; capital expenditure is seen at Rs 5.54 lakh crore which is up by 34.5 per cent year-on-year (YoY).

(15) Proposed to update the definition of small companies to be raised up to Rs 2 crore from Rs 50 lakh net worth.

(16) National Infrastructure Pipeline has been expanded to 7,400 projects. Further, projects worth Rs 1.1 lakh crore have been completed under the National Infra Pipeline. The government will also introduce a bill to set up DFI providing Rs 20,000 crore to launch the National Asset Monetisation Pipeline to fund new infra projects.

(17) Finance Minister Nirmala Sitharaman has announced voluntary vehicle scrapping policy. Vehicles to undergo fitness test – which is 20 years for passenger vehicles and 15 years for commercial vehicles. Further details of the scrappage policy to be announced shortly.

(18) Rs 2,217 crore for 42 urban centres with a million-plus population, to tackle the burgeoning problem of air pollution.

(19) The government plans to sell part of its holding in Life Insurance Corporation of India through an initial public offering in the coming year. An amendment to the existing Act to facilitate the public offer, says FM Nirmala Sitharaman.

(20) Strategic disinvestment of companies including BPCL, Air India, Pawan Hans, IDBI Bank, Container Corporation of India to be completed in 2021-22, Sitharaman has announced. The government will ask Niti Aayog to start working on identifying the next list of companies for strategic sale. FM announces further infusion of Rs 20,000 crore for public sector banks. FDI in insurance sector proposed to be hiked to 74% from 49% now.

(21) Finance Minister Nirmala Sitharaman earmarks Rs 1,500 crore for promoting a digital mode of payment.

(22) FM Sitharaman proposes an increase in agriculture credit target to Rs 16.5 lakh crore. “The MSP regime has undergone a change to assure price that is at least 1.5 times the cost of production across all commodities. The total amount paid to paddy farmers surged to Rs 1.72 lakh crore in 2020-21.”

(23) Finance Minister Nirmala Sitharaman announced an allocation of Rs 300 crore to the state of Goa for celebrating the 60th anniversary of the liberation from Portuguese rule.

(24) FM announces a special scheme for the welfare of women and children in Assam and West Bengal. Rs 1,000 crore for Bengal, Assam tea workers.

(25) Central University to be set up in Leh, Ladakh.

(26) Forthcoming Census could be India’s first digital Census, says Sitharaman allocating Rs 3,768 crore for FY-21.

(27) The government has given relief measures for senior citizens by removing the need to file income tax returns for those aged over 75 years. It has also announced a halving of the time frame for reopening of income-tax assessment cases from 6 years to 3 years. For reopening of serious tax evasion cases up to 10 years, the government has put in a monetary limit of cases involving over Rs 50 lakh in a year.

(28) The Finance minister surprised taxpayers by not announcing any change in income tax slab rates. No Covid tax, surcharges on income tax. NRIs to be spared from double taxation. New rules to be notified. Tax audit limit increased from Rs 5 crore to Rs 10 crore.

(29) Exemption duty on steel scrap up to March 2022; customs duty on naphtha cut to 2.5 pc

(30) Rationalising customs duties on gold and silver says FM in Budget for 2021-22; Customs duty on cotton increased to 10%, silk to 15%; Customs duty on solar lanterns cut to 5%.

 

2. India’s First ‘Gender Park’ in Kerala’s Kozhikode: The Kerala government is all set to launch Rs 300 crore three-tower ‘Gender Park’ in Kozhikode. The park will become functional on the occasion of the second edition of the International Conference on Gender Equality (ICGE-II). The park will be inaugurated by the Chief Minister of Kerala, Pinarayi Vijayan, in between February 11-13 that will also mark the inauguration of the second edition of ICGE-II. The gender park was established with the aim of creating relevant interventions so as to address a range of gender-based issues. It includes both off-campus and on-campus activities and other projects that work to empower the individuals and communities.

About the gender park: The gender park was established by the government of Kerala in 2013. It is an initiative that works towards gender equality and empowerment in Kerala. The headquartered for the initiative is in the capital of Kerala, Thiruvananthapuram. However, the main campus is at Silver Hills, Kozhikode. The campus has an area of 24-acre. The park has been set with its main focus on gender justice. The platform will provide an environment for policy analysis, research, capacity development, advocacy, economic and social initiative. The park will be operational under the Department of Social Justice. This space is first of its kind across the world.

Note: Kerala CM: Pinarayi Vijayan; Kerala Governor: Arif Mohammad Khan.

 

3. ISRO to launch City College’s academic satellite: ISRO chairman K Sivan is likely to inaugurate the ‘SriShakthiSat’ ground station at Sri Shakthi Institute of Engineering and Technology in Coimbatore. The station will help monitor the satellite developed by the institute, which is set to be launched by the ISRO. A satellite communication lab was established in the college in 2010. The satellite can detect fire and leaks on underground pipelines and collect info on bank thefts. ISRO is expected to launch this satellite, along with two other satellites built by JPR Institute, Chennai & GH Raisoni College of Engineering, Maharashtra.

Note: ISRO Chairman: K.Sivan; ISRO Headquarters: Bengaluru, Karnataka; ISRO established: 15 August 1969.

 

INTERNATIONAL UPDATES:

 

1. 5th Joint Meeting of the India-Japan Act East Forum: The 5th joint meeting of the India-Japan Act East Forum (AEF) was held in New Delhi. The meeting was co-chaired by Foreign Secretary Shri Harsh Vardhan Shringla, and Suzuki Satoshi, Ambassador of Japan to India. During the 5th meeting, the AEF reviewed the progress of ongoing projects in the North Eastern Region of India in various areas including connectivity, hydropower, sustainable development, harnessing of water resources, and skill development. They also exchanged views on cooperation in new areas such as healthcare, agro-industries and SMEs, bamboo value chain development, smart city, tourism and people-to-people exchanges.

History of India-Japan Act East Forum:  The AEF was established in 2017 to provide a platform for India-Japan collaboration in the North Eastern Region under India’s “Act East Policy” and Japan’s vision for a “Free and Open Indo-Pacific”.

 

OTHER UPDATES:

 

BANKING AND FINANCE

 

1. RBI cancels licence of Kolhapur-based Shivam Sahakari Bank: According to RBI, the licence of Maharashtra-based Shivam Sahakari Bank has been cancelled as it does not have adequate capital and earning prospects.  The Commissioner for Cooperation and Registrar of Cooperative Societies, Maharashtra has also been requested to issue an order for winding up the bank and appoint a liquidator for the bank. With the cancellation of licence the process of paying the depositors as per the DICGC Act, 1961 will be set in motion. As per the data submitted by the Kolhapur-based bank, more than 99 per cent of the depositors are fully insured by Deposit Insurance and Credit Guarantee Corporation (DICGC). The bank with its present financial position would be unable to pay its present depositors in full.

Note: DICGC Chairperson: Michael Patra; DICGC Founded: 1961; DICGC Headquarters: Mumbai.

 

BUSINESS AND ECONOMY

 

1. Microsoft launches its new Taj Mahal inspired Engineering Hub: Tech major Microsoft has launched its new India Development Center (IDC) facility in Noida, Uttar Pradesh. The new centre will serve as a leading hub for driving advanced engineering and innovation. The centre will build on Microsoft’s commitment to tap India’s world-class engineering talent and create solutions for a global impact. IDC NCR is the third development centre of Microsoft in India after Bengaluru and Hyderabad. The IDC NCR workspace architecture is inspired by the Taj Mahal, one of the Seven Wonders of the World.

About the India Development Center: The IDC NCR facility will collaborate with Microsoft teams globally to build products and services for driving digital innovation. The centre will provide opportunities for engineering talent in the areas of Business & Productivity tools, AI, Cloud & Enterprise, Core Services, and the new Gaming division. The IDC NCR workspace architecture is inspired by the Taj Mahal, one of the seven wonders of the world. The structure is a unique amalgamation of the latest Microsoft technologies and locally sourced materials. The intricate artwork by local artisans and graphics inspired by India’s rich cultural heritage elevate the aesthetics of the office. Its stunning marble inlays, vaulted doorways, arches, and marble domes created by stonemasons and carpenters, are a tribute to the country’s historical and rich craftsmanship.

Note: Microsoft CEO: Satya Nadella; Microsoft Headquarters: Redmond, Washington, United States.

 

OBITUARIES

 

1. 1995 Nobel Chemistry Prize Winner Paul Crutzen passes away: The Nobel Prize-winning chemist Paul J. Crutzen, has passed away. He was 87. Dr. Crutzen won the Nobel Prize in Chemistry in 1995, jointly with Mario J. Molina and F. Sherwood Rowland, for their work in atmospheric chemistry, particularly concerning the formation and decomposition of ozone. He was known for his work on the ozone layer and climate change and for popularizing the term ‘Anthropocene’ to describe a proposed new era when human actions have a drastic effect on the Earth.

Daily GK Updates – 31st Jan, 2021

 

NATIONAL UPDATES:

 

1. India’s “Vaccine Maitri” Initiative begins: Vaccine Maitri Initiative is an initiative launched by India to gift COVID-19 vaccines to neighbouring countries. Recently, Sri Lanka and Bahrain have received the COVID-19 vaccines from India under the initiative. The Vaccine Maitri initiative was launched by India on January 20 to gift COVID-19 vaccines to neighbouring countries.

About the initiative: Sri Lanka has received 5 lakh Covid-19 vaccines from India as a part of the “Vaccine Maitri” initiative. Consignment of vaccines has also been sent to Bahrain. The country will receive 10,800 vaccines under the initiative. India has already delivered over 5 million doses to seven countries in the neighbourhood under the initiative before Sri Lanka and Bahrain. The 7 countries are- the Maldives (100,000 vaccines), Bhutan (150,000 vaccines), Nepal (1 million vaccines), Bangladesh (2 million vaccines), Myanmar (1.5 million vaccines), Mauritius (100,000 vaccines), and Seychelles (50,000 vaccines). Commercial supplies of Covishield have also been sent to Morocco, Brazil, (2 million doses each), and Bangladesh (5 million doses).

COVID-19 Vaccination in India: The COVID-19 vaccination programme started in India on January 16, 2021, with the two approved vaccines (Emergency-use) – Covishield and Covaxin. In phase 1, health workers are being vaccinated followed by people above the age of 50 years.

 

2. PM Modi Chairs 35th PRAGATI Meet: Prime Minister Narendra Modi has chaired the 35th PRAGATI meeting to review multiple projects, grievances and programmes. In the meeting, ten agenda items were taken for review worth Rs. 54,675 crore, related to 15 states. These included nine projects and one programme. Prime Minister also reviewed the Pradhan Mantri Bhartiya Jan Aushadhi Pariyojana.

About the meeting: PRAGATI stands for Pro-Active Governance and Timely Implementation. Of the total 9 projects, 3 projects were from the Ministry of Railways, 3 from Ministry of Road Transport and Highways and 1 project each from Department of Promotion of Industry and Internal Trade, Power Ministry and Ministry of External Affairs. The States are Odisha, Karnataka, Andhra Pradesh, Maharashtra, Chhattisgarh, Punjab, Jharkhand, Bihar, Telangana, Rajasthan, Gujarat, West Bengal, Haryana, Uttarakhand, and Uttar Pradesh.

 

INTERNATIONAL UPDATES:

 

1. Italian Prime Minister Giuseppe Conte resigns: Italian Prime Minister, Giuseppe Conte resigned after losing his Senate majority, plunging the country into political uncertainty just as it’s battling the pandemic and a recession. He tendered his resignation to President Sergio Mattarella, the ultimate arbiter of Italian political crises, who invited him to stay on in a caretaker capacity pending discussions on what happens next. Italy was the first European country to face the full force of the Covid-19 pandemic and has since suffered badly, with the economy plunged into recession and deaths still rising by around 400 a day. Parts of the country remain under partial lockdown, the vaccination programme has slowed and a deadline is looming to agree on plans to spend billions of euros in European Union recovery funds.

Note: President of Italy: Sergio Mattarella; Capital of Italy: Rome; Currency of Italy: Euro.

 

2. India Ranks 86 among 98 Countries in Lowy Institute’s Covid-19 Response Index: India has been ranked at 86th position among 98 countries in the new Coronavirus Performance Index released by Australia-based Lowy Institute. Countries were ranked based on the publicly available and comparable data on Covid-19 response. The Lowy Institute is an independent international policy think tank, located in Sydney. New Zealand, Vietnam and Taiwan are the top three countries respectively in the index. Brazil was ranked at the bottom of the list for worst handling of the pandemic than any other country. China was excluded from the list due to lack of publicly available data.

 

3. India Secures 86th Rank in Corruption Perception Index 2020: India has been ranked 86th among 180 countries in the Corruption Perception Index (CPI) 2020, released by Transparency International. This year, India’s rank has slipped six places compared to 2019, when it was ranked at 80th spot. The CPI score for India in 2020 is 40. India is sharing its position jointly with Burkina Faso, Morocco, East Timor, Trinidad and Tobago and Turkey.

Top Country: New Zealand and Denmark have jointly secured the first position with scores of 88.

Lowest Country: Somalia and South Sudan rank lowest at 179th position with scores of 12.

CPI Index: The CPI index ranks 180 countries and territories by their perceived levels of public sector corruption according to experts and business people. The index uses a scale of 0 to 100, where 0 is highly corrupt and 100 is very clean.

Note: Transparency International Headquarters location: Berlin, Germany; Transparency International Chairperson: Delia Ferreira Rubio; Transparency International Founded: 4 May 1993.

 

4. World Neglected Tropical Diseases Day: 30th January: The second World Neglected Tropical Diseases Day (World NTD Day) is being observed on January 30, 2021 to celebrate the achievements made towards control of the world’s NTDs. 2021 theme is Face NTDs: “End the Neglect”. The first World NTD Day was held on 30 January 2020. Neglected tropical diseases (NTDs) include a range of conditions that can blind, disfigure, or even disable people. Currently, the World Health Organization (WHO) identifies 20 major conditions as NTDs

 

5. World Leprosy Day: 31st January: World Leprosy Day is observed around the world on the last Sunday of January every year. This year World Leprosy Day held on 31 January. The day is celebrated to raise global awareness of this deadly ancient disease and call attention to the fact that it can be prevented, treated and cured. This year theme of World Leprosy Day 2021 is “Beat Leprosy, End Stigma and advocate for Mental Wellbeing.” The day was initiated in 1954 by French philanthropist and writer, Raoul Follereau, as a tribute to the life of the Mahatma Gandhi who had compassion for people afflicted with leprosy.

Note: Leprosy is a chronic infectious disease caused by a bacillus, Mycobacterium leprae (M. laprae). The symptoms of the disease occur generally after a long period of getting an infection on average 5 years, as M. leprae multiplies very slowly. The disease mainly affects the skin, the peripheral nerves, mucosa of the upper respiratory tract, and the eyes.

 

OTHER UPDATES:

 

BANKING AND FINANCE

 

1. Bharti AXA General Insurance launches ‘Krishi Sakha’ App for farmers: Bharti AXA General Insurance has launched Krishi Sakha App, a one-stop-shop for Indian farmers that offers them relevant information to cater to their daily farming needs. It also provides guidance to farmers to adopt best farming practices and enhance their productivity. The farmers through this app will also have access to the Pradhan Mantri Fasal Bima Yojana (PMFBY) portal for crop insurance-related information.

About the Bharti AXA ‘Krishi Sakha’: Bharti AXA ‘Krishi Sakha’ aims at helping Indian farmers make informed decisions through customized information related to their farming requirements. It shares relevant information about the scientific way of farming, crop cultivation, sowing, or harvesting of major crops. It guides the farmers about weather forecasting, market and crop prices and government schemes related to insurance and agriculture.

Note: Bharti AXA General Insurance Established: 2008; Bharti AXA General Insurance Headquarters: Mumbai, Maharashtra; Bharti AXA General Insurance MD and CEO: Sanjeev Srinivasan; Bharti AXA General Insurance Tagline: Suraksha ka Naya Nazariya.

 

2. Swaminathan Janakiraman and Aswini Kumar Tewari appointed as MDs of SBI: The appointments committee (ACC) of the Cabinet has approved the appointment of Swaminathan Janakiraman and Ashwini Kumar Tewari as new Managing Directors (MDs) of State Bank of India (SBI) for a period of three years. Prior to this, Swaminathan Janakiraman was the deputy managing director (Finance) at SBI and Ashwini Kumar Tewari was serving as MD & CEO of SBI Card, a subsidiary of SBI. SBI is headed by a Chairman and four managing directors. Dinesh Kumar Khara is the current Chairman of the bank. The other two MDs of the bank are C.S. Setty and Ashwani Bhatia. The two posts were vacant since October 2020.

Note: State Bank of India Headquarters: Mumbai; Founded: 1 July 1955.

 

BUSINESS AND ECONOMY

 

1. Economic Survey 2021: Key highlights of Economic Survey: Finance Minister, Nirmala Sitharaman has presented Economic Survey 2020-21 in the Parliament on 29 January 2021. The major focus of this year’s economic survey is the losses and impact of the Covid-19 pandemic. The survey will provide an assessment of how the Indian economy has been impacted by the deadly COVID-19 virus and how it is improving. It will also project India’s gross domestic product growth for 2021-22. The Economic Survey document is prepared by the Economics Division of the Department of Economic Affairs (DEA) under the guidance of the Chief Economic Advisor Krishnamurthy Subramanian. The Economic Survey 2020-21 will be followed by the Union Budget 2020-21 which will be tabled on February 1. The theme of Economic Survey, 2020-21:

·         #SavingLives&Livelihoods

·         #VshapedRecovery

 

Here are the key highlights from the Economic Survey 2020-21: According to the survey, India’s economy could contract 7.7 per cent in the financial year that ends on March 31, pulled down mainly by the coronavirus pandemic and the weeks-long nationwide lockdown to contain the disease. Real GDP growth could be 11 per cent in the next financial year.

(1) India focused on saving lives and livelihoods by its willingness to take short-term pain for long-term gain, at the onset of the COVID-19 pandemic. Response stemmed from the humane principle that: Human lives lost cannot be brought back

(2) An early, intense lockdown provided a win-win strategy to save lives, and preserve livelihoods via economic recovery in the medium to long-term

(3) India was the only country to announce structural reforms to expand supply in the medium-long term and avoid long-term damage to productive capacities Calibrated demand-side policies to ensure that the accelerator is slowly pushed down only when the brakes on economic activities are being removed A public investment programme centred around the National Infrastructure Pipeline to accelerate the demand push and further the recovery

 

State of the Economy in 2020-21: A Macro View

(1) COVID-19 pandemic ensued global economic downturn, the most severe one since the Global Financial Crisis. The lockdowns and social distancing norms brought the already slowing global economy to a standstill.

(2) Global economic output estimated to fall by 3.5% in 2020 (IMF January 2021 estimates)

(3) India adopted a four-pillar strategy of containment, fiscal, financial, and long-term structural reforms.

(4) As per the advance estimates by NSO, India’s GDP is estimated to grow by (-) 7.7% in FY21 – a robust sequential growth of 23.9% in H2: FY21 over H1: FY2

(5) India’s real GDP to record an 11.0% growth in FY2021-22 and nominal GDP to grow by 15.4% – the highest since independence.

(6) The recovery in the second half of FY2020-21 is expected to be powered by government consumption, estimated to grow at 17% YoY.

(7) Exports expected to decline by 5.8% and imports by 11.3% in the second half of the FY21.

(8) India expected to have a Current Account Surplus of 2% of GDP in FY21, a historic high after 17 years.

 

2. Reliance Jio ranked 5th strongest brand globally: Billionaire Mukesh Ambani’s four-year-old telecom venture Reliance Jio has been ranked the fifth strongest brand globally behind the likes of Ferrari and Coca-Cola. As per the ranking, Reliance Jio has emerged as the 5th strongest brand in the world. Reliance Jio has made its entry to the world’s strongest brands. Reliance has been ranked as the 5th strongest brand in the world. It has a Brand Strength Index (BSI) score of 91.7 out of 100.

About the Brand Finance Global 2021: The Brand Finance’s Global 500 ranking of the strongest brands globally, which determined the relative strength of brands, is topped by WeChat, according to its annual report on most valuable and strongest global brands.

According to the Report: As per the Brand Finance Global 500 2021 ranking, Apple has been named as the most valuable brand in the world. The brand value of the company is US$263.4 billion. Amazon is the second most valuable brand followed by Google. TATA has retained its spot as the most valuable brand of India. It has been placed at the 77th position globally and has a brand value of US$21.3 billion. WeChat is the strongest brand in the world with a BSI score of 95.4. WeChat has surpassed Ferrari to rank as the strongest brand. Ferrari is the 2nd strongest brand in the world. Russian bank Sber and Coca-Cola are the 3rd and 4th strongest brands respectively.

 

AWARDS AND HONOURS

 

1. Ram Temple tableau of Uttar Pradesh on Republic Day wins 1st prize: The Ram Temple tableau of Uttar Pradesh that was on display during the Republic Day 2021 has bagged the first prize among all tableaux. The theme of Uttar Pradesh’s tableau was ‘Ayodhya: Cultural Heritage of Uttar Pradesh’. The cultural heritage of ancient holy town Ayodhya, a replica of a Ram temple, a glimpse of ‘Deepotsav’ and various stories from Ramayana epic were depicted in the tableau.

The Tripura tableau won the second prize for the Republic Day parade. Uttarakhand’s tableau on the theme ‘Dev Bhoomi — The Land of the Gods’ was adjudged third among the states and union territories. The tableau of Central Public Works Department (CPWD), with the theme ‘Amar Jawan’, bagged a special prize for paying tribute to the fallen heroes of the armed forces.

 

DEFENCE

 

1. Lt Gen Chandi Prasad Mohanty appointed as new Army Vice-Chief: Lieutenant General Chandi Prasad Mohanty has been appointed as the new Vice-chief of Army staff. He would assume the office on February 1, 2021, from Lt General SK Saini, who is superannuating on 31 January 2021. Lt General CP Mohanty is an alumnus of Rashtriya Indian Military College, Dehradun, and National Defence Academy. He is a June 1982 batch Infantry Officer from the Rajput Regiment.

About the Vice-Chief of Army Staff: Vice-Chief of Army Staff is the deputy head and the second-highest-ranking officer of the Indian Army. The position is held by the senior officer in the rank of Lt-General, of the Commander in Chief grade.

Note: 28th Chief of Army Staff: General Manoj Mukund Naravane; The motto of Indian Army: “Service Before Self”; Headquarters of Indian Army: New Delhi.

 

OBITUARIES

 

1. Oscar and Emmy Award winning actress Cloris Leachman passes away: Academy Award winning American actor Cloris Leachman, one of the most decorated actors in American television history, has passed away. She was 94. Leachman died in her sleep of natural causes. She won eight Emmy Awards in her storied television career. She also won an Academy Award, a British Academy Film Award, a Golden Globe Award for her film career.

Daily GK Updates – 30th Jan, 2021

NATIONAL UPDATES:

 

1. India pledges $150,000 for UN Peacebuilding Fund for 2021: India has announced a pledge of USD 150,000 to the United Nations Peacebuilding Fund (PBF) for the year 2021 to support the activities and programs this year. The Peacebuilding Fund has put forth its five-year strategy, which requires 1.5 billion dollars for 2020-2024. This was announced by TS Tirumurti, India’s permanent representative to the United Nations on January 25, 2021. UN Secretary-General António Guterres expressed that he was grateful to the countries that committed to providing over $439 million in support of the UN’s work toward peacebuilding & conflict prevention through the UN Peacebuilding Fund.

About the UN Peacekeeping: UN Peacekeeping aims to mainly help countries navigate through the difficult path from conflict to peace. The UN peacekeeping has unique strengths including legitimacy, burden sharing and an ability to deploy troops and police from around the world and integrate them with civilian peacekeepers to address a range of mandates set by the UN Security Council and General Assembly. The UN Peacebuilding fund aims to mobilize support for the UN’s key instrument to prevent conflict and build peace around the world, as well as strengthen an integrated and coherent response across the UN peace and security pillars.

 

2. Maharashtra launches ‘jail tourism’ initiative from Pune’s Yerawada jail: The Prison Department of Maharashtra has launched its jail tourism initiative starting with more than 150-year-old Yerawada Central Prison in Pune. The initiative was launched in a move to help students learn about historical experiences.

About the Yerawada jail: Yerawada jail is 150 years old where several freedom fighters, including Mahatma Gandhi, Lokmanya Tilak were imprisoned, Pune-pact was signed within the premises etc. The visitors will also get to see the faasi yard, the area where the death sentence is executed. This is the place where Chapekar brothers were executed in 1899 for the assassination of British Plague Commissioner of Pune WC Rand. The last execution that the faasi yard witnessed was in November 2012 of Ajmal Kasab, a convict of 26/11 attacks, who was buried inside the prison premises.

Note: Chief Minister of Maharashtra: Uddhav Thackeray; Governor: Bhagat Singh Koshyari.

 

3. Union Minister Nirmala Sitharaman opens NCLAT Chennai Bench: Union Minister for Finance and Corporate Affairs Nirmala Sitharaman has virtually inaugurated the Chennai Bench of the National Company Law Appellate Tribunal (NCLAT). This will be the second NCLAT Bench in the country, after the Principal Bench in New Delhi.

About the National Company Law Appellate Tribunal: The NCLAT has jurisdiction over matters under the Companies Act, the Insolvency and Bankruptcy Code and the Competition Commission of India. Fresh appeals against the orders of the Benches of the tribunal having jurisdiction in Karnataka, Tamil Nadu, Kerala, Andhra Pradesh and Telangana and the Union Territories of Lakshadweep and Puducherry will have to be filed before the Chennai Bench. Justice Bansi Lal Bhat, acting Chairperson, NCLAT; Rajesh Verma, Secretary, Ministry of Corporate Affairs; and Justice Venugopal M, judicial member, and Balvinder Singh, technical member of the NCLAT Chennai Bench, were present.

 

4. Election Commission rolls out digital voter ID cards “e-EPIC”: The Election Commission has rolled out the electronic version of the voters’ photo identity card e-EPIC, which can be stored on mobile phones and downloaded on personal computers. The physical card takes time to print and reach the voter, and the idea is to provide faster delivery and easy accessibility to the document.

About the e-EPIC: The e-EPIC is a secure portable document format (PDF) version of the EPIC which can be downloaded on mobile or in a self-printable form on the computer. The voter can store the card on his/her mobile, upload it as a PDF on Digi locker or print it & self-laminate. The e-elector photo identity card is a non-editable digital version of the elector photo identity card and can be saved in facilities such as digital locker as well as can be printed in the PDF format.

Note: Chief Election Commissioner of India: Sunil Arora; Chief Election Commissioner Formed: 25 January 1950; Chief Election Commissioner Headquarters: New Delhi.

 

5. 73rd Martyrs’ Day observed on 30 January: Martyr’s Day or Shaheed Diwas is observed every year on January 30 in the memory of Mahatma Gandhi, who was assassinated at Gandhi Smriti in the Birla House by Nathuram Godse in 1948. The day is observed to remember the sacrifices made by freedom fighters in the struggle for India’s independence and to pay our respects to them. Notably, Martyrs’ Day is also observed in India on March 23 to pay respect to Bhagat Singh, Shivaram Rajguru and Sukhdev Thapar, who was hanged death on this day in 1931.

About Mahatma Gandhi: Mohandas Karamchand Gandhi, popularly known as Mahatma Gandhi or Bapu. Mahatma Gandhi, regarded as Father of the Nation, was the torch-bearer of India’s struggle for freedom and was revered by everyone for his non-violent approach against the British Raj. Despite his peaceful methods, Bapu was shot at Birla House compound in New Delhi at the age of 78. He was assassinated by Nathuram Godse, who opposed Gandhi’s views on the partition of India.

 

INTERNATIONAL UPDATES:

 

1. Kaja Kallas to become Estonia’s first female prime minister: Kaja Kallas, the leader of the Reform Party will become Estonia’s first female prime minister. The Reform Party, led by Kallas, won the 2019 parliamentary election in Estonia with 34 MPs in the country’s 101-seat parliament, Riigikogu. Estonia would thus currently become the only country in the world where both the president Kersti Kaljulaid and the prime minister are women.

Note: Estonia Capital: Tallinn; Estonia Currency: Euro.

 

2. India Inks Strategic Partnership Agreement with IEA: India has inked a strategic partnership agreement with the International Energy Agency (IEA), the world’s premier energy monitor, on 27 January 2021. The objective of the MoU is to strengthen cooperation in global energy security, stability and sustainability as well as strengthen mutual trust and cooperation between IEA members and the Government of India. The Memorandum of Understanding (MoU) was signed between Power Secretary Sanjiv Nandan Sahai and IEA Executive Director Fatih Birol. This deal will help India to gain full membership of IEA.

Note: International Energy Agency headquarters: Paris, France; International Energy Agency Member Countries: 30; International Energy Agency Establishment: November 1974.

 

OTHER UPDATES:

 

BANKING AND FINANCE

 

1. HSBC inaugurates international banking unit in Gujarat: Global financial services major HSBC has inaugurated it’s International Banking Unit (IBU) branch at GIFT City near Gandhinagar city in Gujarat. HSBC is one of the earliest global financial institutions setting up a branch at India’s GIFT City and was the first bank to get a licence from the newly set up International Financial Services Centres Authority (IFSCA). HSBC’s IBU branch at Gujarat International Finance Tec-City (GIFT City) will be operational for customer transactions with effect from January 27.

About the HSBC: HSBC has been present in the country for more than 160 years and its fourth branch globally was opened in India. HSBC operates in all of the leading international financial service hubs in the world and looks forward to the development of GIFT City as a globally competitive international financial centre.

Note: HSBC Bank India CEO: Surendra Rosha; HSBC Bank India HQ: Mumbai, Maharashtra.

 

2. Dhanlaxmi Bank Board approves appointment of J K Shivan as MD and CEO: Board of Directors of Kerala-based Dhanlaxmi Bank have given the approval to appoint J K Shivan as managing director and CEO of the Bank. It may be recalled that the shareholders of the Kerala-based had voted against MD & CEO Sunil Gurbaxani On September 30, 2020. Then, in December that year, the lender appointed Shivan as the new MD & CEO. However, the banking regulator, Reserve Bank of India (RBI), had asked the Dhanlaxmi Bank Board to get shareholders’ approval before appointing J K Shivan as the next chief of the bank.

Note: Dhanlaxmi Bank Headquarters: Thrissur, Kerala; Dhanlaxmi Bank Founded: 1927.

 

BUSINESS AND ECONOMY

 

1. TCS ranks third most valued IT services brand globally: Tata Consultancy Services (TCS) has been ranked third most-valued IT services brand globally, after Accenture and IBM, according to a report by Brand Finance. Third-ranked TCS is rapidly closing the gap with IBM following a healthy 11% brand value increase to USD 15 billion.  Accenture retained the title of world’s most valuable and strongest IT services brand with record brand value of USD 26 billion, while IBM continued at the second place with a brand value of USD 16.1 billion.

Four Indian IT services companies have secured spots in the top-10 globally, namely, TCS (3), Infosys (4), HCL (7) and Wipro (9). Accenture has retained the title of world’s most valuable and strongest IT services brand with a brand value of $26 billion.

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

 

AWARDS AND HONOURS

 

1. Meghalaya wins National Award for Best Electoral Practices 2020: The Office of the Chief Electoral Officer, Meghalaya was selected for a Special Award for Information Technology applications in Elections by the Election Commission of India (ECI), in the National Best Electoral Practices Awards-2020. President Ram Nath Kovind virtually conferred the award to Meghalaya CEO F.R. Kharkongor at the National Voters’ Day Award function held in New Delhi.

About the award: The award recognises the sustained and consistent IT application efforts in electoral activities being made by the Office of the CEO in the entire Enrolment to Elections (E2E) process and for leveraging technology for the benefit of all categories of voters, both general and persons with disabilities (PWDs). The ECI has consistently been championing the use of technology covering the non-election period, such as voter portal, voter helpline app, SMS, 1950 helpline, political party registration and online tracking.

Note: Meghalaya Capital: Shillong; Meghalaya Governor: Satya Pal Malik; Meghalaya Chief minister: Conrad Sangma.

Daily GK Updates – 29th Jan, 2021

 

NATIONAL UPDATES:

 

1. PM Modi Releases Rs 2,691 Crore for 6.1 Lakh PMAY-G Beneficiaries in Uttar Pradesh: Prime Minister Narendra Modi released financial assistance of Rs 2,691 crore to 6.1 lakh beneficiaries in Uttar Pradesh under the Pradhan Mantri Awas Yojana via video conference. The assistance includes release of first installment to 5.30 lakh beneficiaries and second installment to 80,000 beneficiaries who have already availed of the first installment of assistance under the Pradhan Mantri Awas Yojana Gramin (PMAY-G). So far 1.26 crore houses have already been built across the country under the scheme.

 

2. Finance Ministry Allocates Rs 660 Crore Additional Funds to MP for Citizen-centric Reforms: Madhya Pradesh has become the first state to get additional funds for capital projects for successfully carrying out reforms in various citizen-centric areas.The finance ministry said it has allocated an additional Rs 660 crore to Madhya Pradesh for capital expenditure to undertake citizen-centric reforms. The ministry has allocated this additional funds to the state for capital expenditure for undertaking the ‘One Nation, One Ration Card’ reforms, Ease of Doing Business reforms, and urban local bodies reforms. The state has also completed part of the fourth reform the power sector reforms.

 

3. MP signs MoUs with Kerala to replicate responsible tourism: Madhya Pradesh signed a memorandum of understanding (MoU) with Kerala for replicating the latter’s pioneering Responsible Tourism (RT) initiative. The States signed a joint declaration under which Kerala will extend a series of services under a 16-point programme. With the help of RT Mission of Kerala, the rustic beauty, life and heritage of Madhya Pradesh could be highlighted on the world tourism map.

 

4. Justice Gita Mittal appointed new chairperson of BCCC: Broadcasters industry body Indian Broadcasting Foundation has appointed former Chief Justice of Jammu & Kashmir High Court Justice Gita Mittal as the new Chairperson of Broadcasting Content Complaints Council (BCCC). Mittal succeeds former Supreme Court Judge, Justice Vikramajit Sen, whose tenure as BCCC Chairperson has ended. She served as the first woman Chief Justice of Jammu & Kashmir High Court and is also the first woman Chairperson of BCCC.

 

5. Kolkata Gets First of its Kind Boat Library, to Host Sessions on Book Launches, Music and More: The West Bengal Transport Corporation in collaboration with a heritage book store here has launched a children’s library on a boat, the first of its kind initiative. The idea behind the boat library is that one can read books while appreciating the beauty of Kolkata, cruising on the Hooghly River. Children will be able to choose from a selection of 500 titles in English and Bengali on the Young Readers’ Boat Library. The trip will start at Millenium Park, and the boat will travel to Belur Math jetty and return, he said. There will be three trips on all weekdays. The boat has a free wifi facility as well. A ride on the boat would cost Rs 100 for adults and Rs 50 for children.

 

INTERNATIONAL UPDATES:

 

1. Ageing dams in India, US, other nations pose growing threat: UN report: Over a thousand large dams in India will be roughly 50-years-old in 2025 and such aging structures across the world pose a growing threat, according to a United Nations (UN) report which notes that by 2050, most people on Earth will live downstream of tens of thousands of dams built in the 20th century. The report, titled ‘Ageing water infrastructure: An emerging global risk’ and compiled by United Nations University’s Canadian-based Institute for Water, Environment and Health, says most of the 58,700 large dams worldwide were constructed between 1930 and 1970 with a design life of 50 to 100 years. The analysis includes dam decommissioning or ageing case studies from the U.S., France, Canada, India, Japan, and Zambia and Zimbabwe. The report said that 32,716 large dams (55% of the world’s total) are found in just four Asian countries: China, India, Japan, and South Korea – a majority of which will reach the 50-year threshold relatively soon.

 

2. Jayant Khobragade appointed India’s next Ambassador to ASEAN Secretariat: Jayant N Khobragade has been appointed as the next Ambassador of India to the Association of Southeast Asian Nations (ASEAN) Secretariat in Jakarta, according to the Ministry of External Affairs (MEA).  Khobragade, an IFS 1995 batch officers, is currently serving as a joint secretary in the external affairs ministry. He is expected to take up his assignment shortly.

 

OTHER UPDATES:

 

BANKING AND FINANCE

 

1. Overseas investment by Indian companies dips 42% to $1.45 bn in Dec: RBI: Overseas investment by domestic companies fell by over 42 per cent to $1.45 billion in December 2020, according to data from the Reserve Bank of India (RBI). In the year-ago period, companies in India had invested $2.51 billion in their foreign firms (joint ventures or wholly-owned units). In November 2020, the total outward foreign direct investment (OFDI) was of $1.06 billion — which was down by 27 per cent from a month-ago period. Of the total FDI investment by the Indian companies during the month under review, $775.41 million was in the form of equity infusion and $382.91 million was in the form of loan.

 

BUSINESS AND ECONOMY

 

1. States Fiscal Deficit Seen Spiking to Historic High of 4.7%, Says Crisil Report: The combined fiscal deficit of the states will hit a peak of Rs 8.7 lakh crore or 4.7 per cent of their GDP this fiscal on the back of steep fall in tax collections due to disruptions inflicted by the pandemic, according to a report. Revenue of the states have so badly fallen that as much as 70 per cent of the fiscal deficit is contributed by revenue deficit, which normally used to be only around 15 per cent. Tax collections may slowly recover with improving economic outlook. However, higher interest burden because of high debt funding of this year’s GFD, coupled with sticky revenue expenditures, may keep revenue deficits high for States and GFD composition skewed over the next 2-3 years.

 

2. Flipkart-Aditya Birla Fashion deal gets approval from CCI: The Competition Commission of India (CCI) has approved the ₹1,500-crore Flipkart-Aditya Birla Fashion deal, which was announced in October last year. Aditya Birla Fashion’s board had approved plans to raise Rs 1,500 crore by issuing a 7.8 per cent stake on a preferential basis to Walmart-owned Flipkart Group. After the dilution of the 7.8 per cent stake, the promoter and promoter group companies of ABFRL will hold around 55.13 per cent stake.

 

3. NSE remains world’s largest derivatives exchange for 2nd consecutive year: The National Stock Exchange of India Ltd (NSE) remained the world’s largest derivatives exchange for the second consecutive year in 2020 in terms of number of contracts traded, according to the Futures Industry Association (FIA). In addition, the bourse has been ranked fourth in the world in cash equities by number of trades by the World Federation of Exchanges (WFE) for calendar year 2020. The number of new investor registrations witnessed substantial growth in 2020, with 70 lakh new registrations, the highest in a calendar year and 2.3 times the number of registrations in 2019.

 

AWARDS AND HONOURS

 

1. Maha Vir Chakra awarded to Galwan valley hero Col Santosh Babu posthumously: President has approved awards of 455 Gallantry and other Defence decorations to Armed Forces personnel and others. These include one Mahavir Chakra, 5 Kirti Chakras, 5 Vir Chakras, 7 Shaurya Chakras, 4 Bar to Sena Medal (Gallantry), 130 Sena Medal (Gallantry), one Nao Sena Medal (Gallantry), 4 Vayu Sena Medal (Gallantry), 30 Param Vishisht Seva Medal, 4 Uttam Yudh Seva Medal, 51 Ati Vishisht Seva Medal, 11 Yudh Seva Medal, 3 Bar to Sena Medal (Devotion to Duty), 43 Sena Medal (Devotion to Duty) including 2 COVID Warriors, 8 Nao Sena Medal (Devotion to Duty), 14 Vayu Sena Medal (Devotion to Duty), 3 Bar to Vishisht Seva Medal (VSM) including one COVID Warrior and 131 Vishisht Seva Medal including 12 COVID Warriors.

(1) Colonel B Santosh Babu, the Commanding Officer of 16 Bihar Regiment, who lost his life during the Galwan Valley clash last year, will be posthumously awarded with Maha Vir Chakra.

(2) Subedar Sanjiv Kumar of 4th Battalion Parachute Regiment, CRPF Inspector Pintu Kumar Singh, CRPF Head Constable Shyam Narayan Singh Yadav, CRPF Constable Vinod Kumar will be posthumously awarded with Kirti Chakra. Deputy Commandant CRPF Rahul Mathur will be awarded Kirti Chakra.

(3) Naib Subedar Nuduram Soren of 16 Bihar Regiment, Havildar K Palani of 81 Field Regiment, Naik Deepak Singh of Army Medical Corps 16 Bihar Regiment and Sepoy Gurtej Singh of 3rd Battalion Punjab Regiment will be awarded Vir Chakra posthumously. Havildar Tejinder Singh of 3 Medium Regiment will be awarded Vir Chakra.

(4) Major Anuj Sood of 21st Battalion Rashtriya Rifles, Jammu and Kashmir police inspector Arshad Khan, J&K police Selection Grade Constable GH Mustafa Barah, J&K police Constable Naseer Ahmed Kolie and J&K Special Police Officer Bilal Ahmed Magray will be posthumously awarded with Shaurya Chakra.Rifleman Pranab Jyoti Das of 6th Battalion Assam Rifles and Paratrooper Sonam Tshering Tamang will be awarded Shaurya Chakra.

 

2. Philanthropist Ravi Gaikwad conferred Humanitarian Activist Influencer Award: Influencers Awards 2021 presented Ravi Gaikwad with the Humanitarian Activist Influencer Award for his philanthropic work and humanitarian service which he consistently keeps on undertaking for the betterment of society. For his dedication to the service of humanity, Ravi Gaikwad is grabbing the limelight for winning numerous coveted awards like the Nelson Mandela World Humanitarian Award and the Dadasaheb Phalke Award (2020) for his social service and philanthropic work conferred to him by the Legend Dada Saheb Phalke Award Forum.

 

3. Bilkis dadi and Harsh Mander conferred with Quaide Milleth Award: Bilkis Bano, Bilkis Dadi, the octogenarian woman who emerged as the face of Shaheen Bagh protest movement, and prominent civil rights activist Harsh Mander have been conferred with Quaide Millleth award for year 2020. Bano and Mander were presented the award at an event held at India Islamic Cultural Centre in New Delhi. The duo was given a cheque of Rs 2.5 lakh each as award money, a shawl and a memento presented by Navaid Hamid, president of All India Majlis Mushawrat.

 

OBITUARIES

 

1. Former India and Mohun Bagan goalkeeper Prasanta Dora passes away: Former Indian National Football team goalkeeper, Prasanta Dora has passed away. He was represented Tollygunge Agragami, Calcutta Port Trust, Mohammedan Sporting, Mohun Bagan and East Bengal in domestic football. He has also adjudged the Best Goalkeeper when Bengal lifted back-to-back Santosh Trophy titles in 1997-98 and 99. At the national level, Dora made five appearances in competitions such as SAFF Cup and SAF Games.