Daily GK Updates – 17th Feb, 2021

 

NATIONAL UPDATES:

 

1. Govt launches new Central Sector Scheme titled ‘Formation and Promotion of 10,000 FPOs: The Ministry of Agriculture has said that the government has  launched a new Central Sector Scheme titled ‘Formation and Promotion of 10,000 Farmer Produce Organizations (FPOs)’ and it has committed resources in this regard with a budgetary provision of Rs 6,865 crore. The FPOs are to be developed to produce clusters, wherein agricultural and horticultural products are grown for leveraging economies of scale and improving market access for members. FPOs will be provided financial assistance uptoRs 18 lakh per FPO for a period of three  years. In addition to this, provision has been made for matching equity grant up to two thousand rupees per farmer member of FPO with a limit of 15 lakh rupees per FPO and a credit guarantee facility uptoRs two crore of project loan per FPO from eligible lending institutions to ensure institutional credit accessibility to FPOs.

 

2. Goa becomes 6th State in country to successfully undertake Urban Local Bodies reforms: Goa has become the 6th State in the country to successfully undertake Urban Local Bodies reforms stipulated by the Department of Expenditure. Finance Ministry said, the state has now become eligible to mobilise additional financial resources of 223 crore rupees through Open Market Borrowings. Goa has joined five other states – Andhra Pradesh, Madhya Pradesh, Manipur, Rajasthan and Telangana, who have completed Urban Local Bodies reforms.

 

3. CCEA approves proposal of Department of Fertilizers for Grant-in-aid of Rs 100 crore to BVFCL: The Cabinet Committee on Economic Affairs, CCEA has given its nod to a proposal of the Department of Fertilizers for Grant-in-aid of Rs 100 crore to Brahmaputra Valley Fertilizers Corporation Limited (BVFCL), Namrup in Assam to sustain operations of it’s urea manufacturing units. BVFCL is a Public Sector Undertaking which  is situated at North-Eastern part of India, which plays an important role in economic growth in the region. The grant in aid of Rs 100 crore to BVFCL will restore the urea production capacity of 3.90 Lakh metric tonnes  per annum and ensure timely availability of Urea to the Tea Industry and Farming Sector in the entire North Eastern region specially Assam.

 

4. Govt allocates ₹16000 crore for Pradhan MantriFasalBimaYojana for 2021-22: Union government has allocated ₹16,000 crores for Pradhan MantriFasalBimaYojana (PMFBY) for the fiscal year 2021-22 to boost the safety of farmers’ crops and to ensure that maximum benefit of crop insurance reaches farmers. This is a budgetary increase of around ₹305 crore as against the previous fiscal year 2020-21, which reiterates the government’s commitment towards the growth of agriculture sector in the country. The scheme extends coverage for the entire cropping cycle from pre-sowing to post-harvest including coverage for losses arising out of prevented sowing and mid-season adversities.

 

5. Odisha to implement REWARD project with assistance from World Bank: Odisha Cabinet headed by its Chief Minister Naveen Patnaik approved the proposal for implementation of the 'Rejuvenating Watersheds for Agricultural Resilience through Innovative Development (REWARD)' project. The estimated expenditure for the project is INR 500 Crores, of which the World Bank will provide assistance of INR 350 Crores. The project is being implemented to ensure efficient water management & enhanced cropping area. The implementation period of the project is 6 years beginning from April, 2021. Around 1.9 Lakh People including 10, 000 Landless People will be benefited because of the "REWARD' Projects. It will be implemented in 7 districts of Odisha - Sambalpur, Dhenkanal, Nayagarh, Deogarh, Koraput, Nabarangpur&Sundargarh. Odisha's Agriculture & Farmers Empowerment Department will implement the project with assistance from Soil Conservation and Watershed Management Directorate.

 

6. MeghnaPant’s new book “The Terrible, Horrible, Very Bad Good News”: Award-winning writer, journalist and speaker, Meghna Pant has penned a new book “The Terrible, Horrible, Very Bad Good News”. The book will be released in April 2021, and soon be seen as a major motion picture under the title BadnamLadoo. The book is about a small-town woman, Ladoo, who scandalizes her conservative family when she decides to use a sperm donor to have a baby while continuing to look for Mr Right. This book takes a humorous and light approach to address an important issue, relevant to every woman in the world, without being belligerent or pedantic.

 

INTERNATIONALUPDATES:

 

1. US-Russia Extends New START Arms Reduction Treaty: The United States has extended the “New START” nuclear disarmament treaty with Russia for a period of five years. The New START, which stands for Strategic Arms Reduction Treaty, is a nuclear arms reduction treaty between the United States and the Russian Federation. The new strategic arms reduction treaty was formally signed on April 8, 2010, and after ratification, entered into force on 5 February 2011. The New START treaty was set to expire on February 5, 2021, but both the parties have further extended it for five more years, till February 2026.

Note: President of United States: Joe Biden; Capital: Washington, D.C.

Russia President: Vladimir Putin; Russia Capital: Moscow; Russia Currency: Russian Ruble.

 

2. FAO endorses first-ever Declaration for Sustainable Fisheries & Aquaculture at COFI 34: During the 34th Session of UN's FAO (Food and Agriculture Organization) Committee on Fisheries (COFI 34) which took place virtually, members of the session supported the first-ever Declaration for Sustainable Fisheries & Aquaculture. The declaration calls for Strong action to combat Illegal, Unreported and Unregulated (IUU) fishing and emphasized on the importance of recovering from impacts of COVID- 19 pandemic. The report 'The impact of COVID-19 on fisheries and aquaculture food systems Possible Responses' released by FAO in November, 2020 was discussed during COFI 34 session. The next COFI session (COFI35) is set to be held from September 5-9 in 2022.

Note: COFI: The Committee on Fisheries (COFI) is a subsidiary body of the FAO Council established by FAO Conference in 1965. It is the only intergovernmental forum where members of FAO discuss and review issues related to fisheries and aquaculture.

About Food and Agriculture Organization (FAO): Headquarters: Rome, Italy; Parent organization: United Nations Economic and Social Council; Head: Director-General; Qu Dongyu

 

OTHER UPDATES:

 

BANKING AND FINANCE

 

1. ICICI Lombard launches Corporate India Risk Index: Private General Insurer ICICI Lombard has launched the ‘Corporate India Risk Index’. This is intended to be a unified, standardised corporate risk index that spans industries and companies. This will help companies understand the level of risk that their business is facing and also assist in developing a successful risk aversion plan. It has worked with consulting firm Frost and Sullivan to develop the risk measurement tool.

Note: ICICI Lombard CEO: BhargavDasgupta; ICICI Lombard Headquarters: Mumbai; ICICI Lombard Founded: 2001.

 

2. PNB inks deal with Indian Oil to provide up to Rs 2 cr loan to dealers: State-owned Punjab National Bank (PNB) said it has inked a pact with Indian Oil Corporation to provide up to ₹2 crore to the oil company’s dealers. The MoU would benefit dealers with credit facilities at lower interest rates, nil margin, and with minimum or zero collateral requirements through the PNB e-Dealer scheme. The loan can be availed maximum up to ₹2 crore with zero-margin. Also, PNB said it will not ask for any collateral security from those having dealership with Indian Oil of 5 years or more.

 

3. Star Health Insurance partners with PhonePe to offer Digital Health Insurance: Star Health and Allied Insurance, a leading standalone health Insurance company in India, announced the launch of its ArogyaSanjeevani policy on PhonePe – a popular Indian digital payments platform. All PhonePe users can now protect their families from financial burdens in the event of any medical emergency. The policy is available at an annual premium of only Rs. 2985/- (excluding GST) for sum insured of Rs. 1 lakh. This policy has been designed to cover the most essential aspects of any instance of hospitalization in the family. The policy covers anyone up to 65 years with sum insured options up to Rs. 10 lakh.

 

BUSINESS AND ECONOMY

 

1. SIDBI, COWE launch campaign to promote Stand-Up India scheme: Small Industries Development Bank of India (SIDBI), along with the Confederation of Women Entrepreneurs of India (COWE), has launched a campaign to give a fillip to the government”s Stand Up India (SUI) scheme. The mega campaign – SwavalambanSashakt  is a 20 webinar series aimed at creating awareness about the SUI scheme. The scheme is a flagship programme launched by Prime Minister Narendra Modi to facilitate bank loans between Rs 10 lakh and Rs 1 crore to at least one scheduled caste (SC) or scheduled tribe (ST) borrower. The scheme has now been extended up to FY2025.

 

2. State-owned GAIL acquires IEX’s 5% stake in Indian Gas Exchange: GAIL (India) Limited has acquired a 5% stake of Indian Energy Exchange Ltd (IEX) in Indian Gas Exchange Ltd (IGX). GAIL becomes the 3rd strategic investor in IGX after Adani Total Gas & Torrent Gas. With this disinvestment, IEX will hold 85% stake in IGX. Recently, Adani Total Gas and Torrent Gas acquired 5% stake each in IGX. This was the 1^st time stakes of IGX were sold, as it was wholly-owned by the Indian Energy Exchange (IEX). The total 10% stake has been sold for about Rs 7.38 crore.

Note: About IGX: Director: Rajesh Kumar Mediratta; Headquarters: Noida, Uttar Pradesh

About Indian Energy Exchange Ltd (IEX): Headquarters: Noida, Uttar Pradesh

About GAIL (India) Limited: Chairman & Managing Director: Manoj Jain; Headquarters: New Delhi

 

3. Govt to sell 20% stake in NFL: The government will sell 20% of its stake in National Fertilizers Ltd (NFL) through an offer for sale and has invited bids from merchant bankers for managing the share sale. The deadline for submitting the bids is March 2, 2021. At the current market price, selling 20% stake can fetch about Rs 400 crore to the exchequer. Shares of NFL closed at Rs 41.80, up 2.33% over the previous close on the BSE. The government holds 74.71% stake in the company.

 

4. Bank of India to acquire 49% stake each in BOI AXA Investment Managers, BOI AXA Trustee Services: Fair trade regulator CCI approved Bank of India’s acquisition of 49 per cent stake each in BOI AXA Investment Managers and BOI AXA Trustee Services. According to a combination notice filed with the regulator, total asset under management (AUM) of BOI AXA Mutual Fund was Rs 2,426 crore as of November 30, 2020.

 

DEFENCE

 

1. Prime Minister hands over indigenous Arjun Mk-1A tank to Army: Prime Minister Narendra Modi has handed over the indigenous main battle tank Arjun Mk-1A to the Army in a function at the Jawaharlal Nehru Indoor Stadium in Chennai. Chief of the Army Staff General ManojMukundNaravane received the model of the tank, designed and developed by Chennai-based Combat Vehicles Research & Development Establishment (CVRDE), a unit of the Defence Research & Development Organisation (DRDO). A tank made in Tamil Nadu will be used in our northern borders to keep the nation safe. This showcases India’s united spirit — Bharat’s EktaDarshan,”. The indent for 118 of these tanks would be placed shortly with the Heavy Vehicle Factory (HVF) at Avadi near Chennai.

Daily GK Updates – 16th Feb, 2021

 

NATIONAL UPDATES:

 

1. Rajnath Singh inaugurates ‘Jalabhishekam’ campaign in Madhya Pradesh: The state government of Madhya Pradesh has launched a water conservation campaign called ‘Jalabhishekam’, under which more than 57,000 water structures has been constructed. The campaign was inaugurated by the Union Defence Minister Rajnath Singh virtually.

About the Campaign: Water conservation work is being undertaken with public participation and will be helpful in achieving the goal of building self-reliant Madhya Pradesh. The Campaign will also fulfil the intention of ‘water for every farm and work for every hand’. The water structures were created during COVID era by linking the work with the MNREGA scheme. These water structures cost over Rs. 2,000 crore and will irrigate 2.50 lakh hectares of land without submerging an inch of land.

Note: Chief Minister of Madhya Pradesh: Shivraj Singh Chouhan; Governor: Anandiben Patel.

 

2. Odisha to Construct ‘COVID Warrior Memorial’ in Bhubaneswar: In order to recognize the sacrifice and services rendered by the Covid warriors who lost their lives fighting the pandemic, the government has decided to construct a Covid Warrior Memorial in Odisha. The BijuPatnaik Park in Bhubaneswar has been selected for this purpose. Odisha Health and Family Welfare Department to the Works Department it was also said that the Works Department has been declared as the Nodal Department for construction of the Covid Warrior Memorial. They will engage an architect to finalise the design and structure of the said memorial and take approval from the competent authority.

Note: Chief Minister of Odisha: Naveen Patnaik; Odisha Capital: Bhubaneswar; Odisha Governor: GaneshiLal.

 

3. ISRO opens satellite testing centre for private sector: Indian Space Research Organisation (ISRO) has opened its UR Rao Satellite Centre for testing satellites developed by the private sector for the first time in its history. Two satellites, developed by the Indian startups SpaceKidz India and Pixxel (incorporated as Sygyzy) were tested at the UR Rao Satellite Centre.

ISRO also helped these two companies in fixing problems with the solar panels on their respective satellites. So far in its history, the space agency has only taken help in manufacturing and fabrication of various parts of satellites and rockets from the Indian industry. Both these two companies will also test their engines at the Sriharikota spaceport and Thiruvananthapuram rocket centre in coming days.

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

 

4. Expert committee to review proposal to ban 27 pesticides: The government has appointed an expert panel to review industry’s objections to the proposed ban on 27 widely used pesticides which officials say are harmful to animals and humans. The committee, led by chairman TP Rajendran, former assistant director general of ICAR, is likely to submit its report in three months. His report will decide the fate of those 27 pesticides which the government wants to ban. These are part of the 66 contentious pesticides which are being reviewed for their toxicity. In 2018, the government had already banned 18 of them.

 

5. Actor Priyanka Chopra Jonas’ memoir named ‘Unfinished’: Actor-producer Priyanka Chopra Jonas officially turned author with the release of her first book, “Unfinished: A Memoir”, which she described as “honest, raw and vulnerable”. The end result is a book, published by the Michael Joseph imprint, which covers her dual-continent 20-year-long career as an actor and producer and her work as a Unicef Goodwill Ambassador.

About the memoir: The memoir promises to offer insights into Priyanka Chopra Jonas’ childhood in India, her formative teenage years in the US. Her return to India resulted in the newcomer to the pageant world, against all odds, winning the national and international beauty competitions – Miss India and Miss World – that launched her global acting career.

 

INTERNATIONALUPDATES:

 

1. Exim Bank to provide USD 400 mn funding for Maldives: The Export-Import Bank of India (Exim Bank) will provide USD 400 million to the Maldives through Line of Credit (LoC) to fund the Greater Male Connectivity Project. The agreement under the LoC will be effective from January 28, 2021. The 6.7 km Greater Male Connectivity Project (GMCP) will be the largest civilian infrastructure project in the Maldives, connecting Male with three neighbouring islands – Villingili, Gulhifahu and Thilafushi. The Government of India will be funding the implementation of a major connectivity project in the Maldives through a USD 400 million lines of credit and USD 100 million grant.

Note: Export-Import Bank of India CEO: David Rasquinha; Export-Import Bank of India  Founded: 1 January 1982; Export-Import Bank of India Headquarters: Mumbai, Maharashtra.

President of the Maldives: Ibrahim Mohamed Solih; Capital of Maldives: Male; Currency of the Maldives: Maldivian Rufiyaa.

 

2. India Energy Demand Set to Grow Fastest in the World; to Overtake EU: India’s energy demand will increase more than that of any other country over the next two decades, the International Energy Agency (IEA) said forecasting India overtaking the European Union as the world’s third-largest energy consumer by 2030. An expanding economy, population, urbanisation and industrialisation will result in India’s energy needs growing at three times the global average under today’s policies, according to IEA’s India Energy Outlook 2021. Energy use has doubled since 2000, with most of that demand met by coal and oil. This is set to grow about 35 per cent until 2030, down from 50 per cent before the coronavirus pandemic. India at present is the fourth-largest global energy consumer behind China, the United States and the European Union.

 

OTHER UPDATES:

 

SPORTS

 

1. Drass Red win 13th CEC Cup Ice Hockey Championship: In KargilLadakh, Drass Red has won the 13th CEC Cup Ice Hockey Championship beating Hockey Club Chiktan team in the Final match. The 1st Women CEC Ice Hockey Cup 2021 was lifted by ShakarChiktan Team defeating WakhaMulbekh Team. 32 Men teams and 5 Women Teams participated in the tournament which was organized by the District Youth Services & Sports.

 

2. ICC announces BYJU’S as global partner until 2023: The International Cricket Council (ICC) announced BYJU’S, India’s largest EdTechcompany as their global partner from 2021 to 2023. The three-year agreement will see BYJU’S partner all ICC events over the period, including the forthcoming ICC Men’s T20 World Cup in India, and the ICC Women’s Cricket World Cup in New Zealand. As a global partner, BYJU’S will have extensive in-venue, broadcast, and digital rights across all ICC events.

 

BANKING AND FINANCE

 

1. Bank of Maharashtra ties up with LoanTap Credit for co-lending to MSMEs: Bank of Maharashtra said it has entered into a co-lending agreement with Pune-based non-banking financial company LoanTap Credit Products for MSME loans. The co-lending model provides ease of loan sanctions at borrower’s convenience through digital lending platforms, which cover end-to-end loan processing cycles without manual intervention or visiting bank branches. Under the co-lending model, the bank will have an exposure of up to 80 per cent to an MSME customer. LoanTap will take the balance exposure.

 

2. India’s Forex reserves jump by 4.85 billion dollars to record high of 590.18 billion dollars: The country’s foreign exchange reserves rose by 4.85 billion US Dollars to touch a record high of 590.18 billion dollars in the week ended January 29. Forex reserves rose on account of an increase in foreign currency assets (FCA), a major component of the overall reserves. FCA increased by 5.03 billion dollars to 547.22 billion dollars. The gold reserves declined by 164 million dollars to 36.29 billion dollars in the week ended January 29. The special drawing rights with the International Monetary Fund (IMF) were down by 4 million dollars to 1.51 billion dollars in the reporting week. The country’s reserve position with the IMF also declined by 6 million dollars to 5.16 billion dollars in the week.

 

BUSINESS AND ECONOMY

 

1. Moody’s projects nominal growth of 17% for next fiscal: Global rating agency Moody’s projected India’s nominal growth at 17% for the coming fiscal, a mark up from the 14.3% earlier, based on the “pro-growth” budget, but highlighted the weak prospects of fiscal consolidation. The larger-than-expected deficit projections reflected both credible budgetary assumptions and greater transparency, but the government’s weak fiscal position is likely to remain a key credit challenge. The agency had pegged India’s fiscal deficit for the current fiscal at 7.5% of GDP and 5.5% for the next fiscal, while the budget put the figures at 9.5% and 6.8% for FY21 and FY22, respectively.

 

2. Maharashtra govt signs MoU with Flipkart to promote wooden toys, local artifacts, handicrafts: In order to promote wooden toys, local artifacts, handicrafts Maharashtra Small Industries Development Corporation and Maharashtra State Khadi& Village Industries Board have signed a Memorandum of Understanding(MoU) with Flipkart. This MoU will enable artisans, weavers, craftsmen & MSMEs from Maharashtra to showcase their products to millions of customers in India. Flipkart will provide free training for packaging and branding to all these manufacturers. Also, product photography will also be done by the company.

 

3. HAL, Wipro3D collaborate to manufacture metal 3D printed aircraft engine component: Wipro 3D and Engine Division of Hindustan Aeronautics Ltd (HAL) have collaborated for the development, manufacturing and air worthiness certification of a critical aero-engine component operating in the hot zone, using metal 3D printing. The Nozzle Guide Vane (also called the Inner Ring), 3D printed in a high temperature resilient steel A286, has been awarded Airworthiness certification by Centre for Military Airworthiness and Certification (CEMILAC), the regulatory body of Defence Research and Development Organization (DRDO). Wipro 3D is the metal Additive Manufacturing (AM) business of Wipro Infrastructure Engineering (WIN). “The Wipro3D manufactured components shall be installed in HAL manufactured helicopter engines.

 

OBITUARIES

 

1. Former West Indies pacer Ezra Moseley passes away: Former Windies pacer Ezra Moseley passed away after being hit by a car in his native Barbados. He was 63. Moseley played 76 matches and took 279 wickets at an average of 23.31 runs per wicket. He also took 102 wickets in 79 List A matches. He was the assistant coach when the West Indies Women’s team won the ICC Women’s T20 World Cup in India in 2016 and was the current coach of the Barbados Women’s team.

Daily GK Updates – 15th Feb, 2021

 

NATIONAL UPDATES:

 

1. Centre Launches Official Website of India Toy Fair 2021: The Government of India will organise the first-ever ‘The India Toy Fair, 2021′ from February 27, 2021, to March 02, 2021, on a virtual platform. The official website for India Toy Fair-2021 is www.theindiatoyfair.in. This initiative is in line with the Prime Minister’s vision of making India a global hub for the Toy Industry. The website and online registration were inaugurated on February 11, 2021, jointly by the Union Education Minister, Dr Ramesh Pokhriyal ‘Nishank’, Union Minister of Textiles, Smt. SmritiZubinIrani and Union Minister of Commerce and Industry, Shri PiyushGoyal.

 

2. Meghalaya police inks MoU with SBI for e-Challan: A memorandum of understanding (MoU) was signed between the Meghalaya police and the State Bank of India for implementation of the e-Challan within the jurisdiction of the Shillong Traffic Police (STP). The e-Challan system which will be launched in the days to come is a digital traffic enforcement solution whereby, imposing penalties on violators of traffic rules and generating of challan will be done digitally.

About the system: The system has been integrated with VAHAN & SARATHI applications and this will enable the Traffic Officials to fetch the details of the traffic violator such as vehicle and driver’s details through these applications, thereby, reducing the time taken to issue challan. The payment for traffic violations can be transacted on the spot through cash payment or through instant card payments by swiping at Point of Sale (POS) machine available with the Traffic Officials; options are also available for the traffic violator to make payments at the Traffic Branches by producing the issued e-Challan at the respective Traffic Units.

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

 

3. World Bank Signs $100 million Project with Chhattisgarh: Indian Govt and Chhattisgarh Govt has signed a $100 million for CHIRAAG (Chhattisgarh Inclusive Rural and Accelerated Agriculture Growth) project with the World bank. The main purpose is to develop sustainable production systems that allow tribal households in remote areas of Chhattisgarh to practice round-the-year production of diversified and nutritious food. The project will be implemented in the southern tribal-majority region of the state where a large population is undernourished and poor. Over 180,000 households from about 1,000 villages in eight districts of Chhattisgarh, will be benefited from this project.

Note: Chief Minister of Chhattisgarh: BhupeshBaghel; Governor: AnusuiyaUikey.

World Bank Headquarters: Washington DC, United States; World Bank President: David Malpass; World Bank Founded: July 1944.

 

4. Annual Convention of Association of Domestic Tour Operators of India Begins at Statue of Unity in Gujarat: The Union Minister of State (IC) for Tourism & Culture, Shri Prahlad Singh Patel inaugurated the 10th Annual Convention-cum-Exhibition of Association of Domestic Tour Operators of India (ADTOI) at the Statue of Unity (SOU) in Kevadia, Gujarat. The three-day event has been organised from February 12 to 14, 2021. The theme of the convention is ‘Domestic Tourism – Hope for the revival- DekhoApnaDesh’. The convention has been jointly organized by the Ministry of Tourism and ADTOI with support from Gujarat Tourism. The objective of this convention is building public confidence to travel for the revival of domestic tourism in the country. Around 400 delegates comprising of ADTOI members from across India will be ateending the event along with  hoteliers, airlines representatives, senior government officials, media-persons among other stakeholders of the tourism industry.

 

5. Famous Mandu Festival Begins in Madhya Pradesh: The three-day famous “Mandu Festival” began at the historic town of Mandu in Dhar district of Madhya Pradesh on February 13, 2021. The festival will culminate on February 15, 2021. The festival is organised by the state government of Madhya Pradesh to showcase each and every aspect of the ancient Mandu city, ranging from food, music, history & heritage, art & craft etc.During the festival, the state culture and tourism minister Usha Thakur inaugurated the newly constructed Dino Adventure Park and Fossils Museum in Mandu and construction of Astro Park building at a cost of Rs 59 lakh. The Dinosaur Park is the first modern fossil park in India which has 24 eggs and other fossils of dinosaurs on display.

Note: Chief Minister of Madhya Pradesh: Shivraj Singh Chouhan; Governor: Anandiben Patel.

 

6. JualOram launches book on economic awareness in India: Chairperson of the Standing Committee on Defence and MP JualOram has launched ‘Turn Around India: 2020- Surmounting Past Legacy’, a book on creating economic awareness among masses. The book is authored by RP Gupta.

The essence of the book: ‘Turn Around India: 2020’ is an intimate narrative of Gupta’s experiences and how he attained success through sheer hard work and determination. The book provides a practical and viable option for reviving Indian economy for creating new jobs and enlarging public income and also, the structural reforms such as fiscal and monetary stimuli for overcoming economic crisis arising due to pandemic. The book talks about the economic history of India enabling to identify the strengths and weakness and take corrective actions.

 

INTERNATIONALUPDATES:

 

1. Mario Draghi sworn in as Italy’s new prime minister: The former European Central Bank Chief Mario Draghi has been sworn in as the new Prime Minister of Italy on 12 February 2021. The 73-year-old had served as President of the European Central Bank from 2011 until 2019. He replaces Giuseppe Conte, who resigned recently after losing majority support from his coalition government over his handling of the coronavirus pandemic. Here Italy goes again, with its 67th government since World War Two.

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

 

OTHER UPDATES:

 

BANKING AND FINANCE

 

1. RBI releases Annual Report of Ombudsman Schemes for 2019-20: Reserve Bank of India (RBI) has released the Annual Report of the Ombudsman Schemes for the year 2019-20. There was an increase of around 65 per cent in the receipt of complaints out of which almost 92 per cent have been disposed of. RBI has three Ombudsman- Banking, Non-Banking Finance Company (i.e. NBFC) and digital transactions. A common man can approach this Ombudsman for their grievances. As per the RBI’s report, all three received in total 3,30,543 complaints in 19-20 as compared to 2,00,362 in 18-19. Banking Ombudsman received major complaints regarding ATM & Debit Cards, Mobile & Electronic Banking while NBFC’s Ombudsmen received most complaints about non-observance of regulatory guidelines, lack of transparency in contract/ loan agreement and levy of charges without notice. Important Points:

(1) The Banking Ombudsman received major complaints regarding ATM & Debit Cards, Mobile & Electronic Banking.

(2) NBFC’s Ombudsman received most complaints about non-observance of regulatory guidelines, lack of transparency in contract/ loan agreement and levy of charges without notice.

(3) Digital Transactions Ombudsmen received most complaints about fund transfer. RBI has taken various measures for creating awareness among various stakeholders to minimise the grievances.

(4) As announced in the Monetary Policy Statement last week, the three Ombudsman Schemes are being merged and integrated into a single scheme which will be rolled out starting from June this year.

 

2. SatishwarBalakrishnan appointed as Aegon Life’s MD & CEO: Aegon Life Insurance, India’s first digital-only life insurance company, elevated SatishwarBalakrishnan to be the Managing Director & Chief Executive Officer.  Prior to joining Aegon Life, he has worked with IndiaFirst Life, Reliance Life and ICICI Prudential Life. He is a Chartered Accountant by qualification. Satishwar, who joined the company in July 2019 as Chief Financial Officer, will spearhead Aegon Life’s transformation into a digital-only life insurance company.

Note: Aegon Life Insurance is headquartered in Mumbai; Aegon Life Insurance Founded in 2008.

 

BUSINESS AND ECONOMY

 

1. Tata Motors appoints Marc Llistosella as new CEO & MD: Tata Motors Limited has appointed Marc Llistosella as its new Chief Executive Officer (CEO) and Managing Director (MD). The appointment of Llistosella will be effective from July 1, 2021. He will replace current CEO & MD of Tata Motors, GuenterButschek, who had expressed his desire to relocate to Germany at the end of the contract for personal reasons. Llistosella is the former president and CEO of Fuso Truck and Bus Corp. and head of Daimler Trucks in Asia.

Note: Tata Motors Founder: J. R. D. Tata; Tata Motors Founded: 1945, Mumbai.

 

DEFENCE

 

1. Indian Navy undertaking exercise “TROPEX” in Indian Ocean Region: The Indian Navy is carrying out a mega war game involving almost all operational assets like warships, submarines and aircraft over a vast geographical expanse in the Indian Ocean Region to test the force’s combat readiness in a complex multi-dimensional scenario. The biennial ‘Theatre Level Operational Readiness Exercise (TROPEX)’ aims to validate the Navy’s offensive as well as defence capabilities and safeguard national interests in the maritime domain besides promoting peace and stability in the Indian Ocean. The exercise is being conducted over a vast geographical expanse in the Indian Ocean Region including its adjunct waters and is aimed at testing combat readiness of the Navy in a complex multi-dimensional scenario set in the context of the current geostrategic environment.

 

OBITUARIES

 

1. Indo-Pak War Veteran Retired Major General BK Mahapatra Passes Away:  War veteran Major General (retired) Basant Kumar Mahapatra, who had participated in major battles including the 1962 Indo-China war, and 1965 and 1971 India-Pakistan war, has passed away. He was 87.  Hailing from Bhubaneswar in Odisha, Mahapatra was commissioned into armoured corps (Tanks) of the Indian Army as a Combat Officer and was popularly known as ‘Tank Man’. Mohapatra was conferred with the prestigious AtiVishishtSeva Medal (AVSM).

Daily GK Updates – 14th Feb, 2021

 

NATIONAL UPDATES:

 

1. GMR Group inks MoU with Airbus for aircraft maintenance & other airport services: The Indian airport operator and aviation infrastructure developer, GMR Group [Headquarter: New Delhi], has signed a Memorandum of Understanding (MoU) with Airbus, a European multinational aerospace corporation based in Leiden, Netherlands, to explore collaboration opportunities across aviation services, technologies and innovation. The main objective of this partnership will be to explore potential synergies in several strategic areas of aviation services like maintenance, components, training, digital and airport services both for commercial and military aircraft to benefit the entire aerospace ecosystem in the country.

 

2. Finance Minister releases monthly PDRD Grant of over Rs 6195 cr to States: Ministry of Finance has released the monthly Post Devolution Revenue Deficit, PDRD Grant of over 6 thousand 1 hundred 95 crore rupees to the States. This was the 11th instalment of the PDRD grant released to the States. So far, over 68 thousand 1 hundred 45 crore rupees have been released to eligible States as Post Devolution Revenue Deficit Grant in the current financial year. The Post Devolution Revenue Deficit Grants are provided to the States under Article 275 of the Constitution. The grants are released in monthly instalments as per the recommendations of the Fifteenth Finance Commission to meet the gap in Revenue Accounts of the States post devolution.  The Commission has recommended PDRD grants to 14 States

 

3. Uttarakhand: Union Environment Ministry approves Lakhwar electricity project: Union Environment Ministry approved the Lakhwar electricity project on Yamuna river, informed a press release by Chief Minister Office (CMO). Apart from electricity generation, six states will also get irrigation and pure drinking water from this project. Its construction will provide 330 metric cusec meters of additional water. Due to this project, Uttarakhand will get 572.54 million units of electricity every year. With this, the availability of water in the Yamuna will also increase. The total cost of the Lakhwar power project is Rs 5747.17 crore, the central government will bear a total of 90 per cent on the irrigation and drinking water arrangements associated with this project. The remaining 10 per cent will be shared equally among the six states.

 

4. Education Ministry to name residential schools, hostels after NetajiSubhas Chandra Bose: The Ministry of Education has decided to name residential schools and hostels funded under SamagraShiksha of the Ministry as NetajiSubhas Chandra Bose residential schools or hostels. The association of these schools with NetajiSubhash Chandra Bose will act as an inspiration to the children and also motivate the teachers, staff and administration to enable them to achieve high standards of excellence. This will also help create awareness about the facility of these Residential Schools and Hostels in difficult areas and inspire these schools to achieve high standards of quality education.

 

5. Centre grants permission to raise additional five thousand 34 crore rupees through Open Market Borrowings to four states: Government said that four more states Assam, Haryana, Himachal Pradesh and Punjab have been granted permission to raise additional five thousand 34 crore rupees through Open Market Borrowings. The total number of States which have undertaken the stipulated reforms to facilitate ease of doing business has gone up to 12. Earlier, Andhra Pradesh, Karnataka, Kerala, Madhya Pradesh, Odisha, Rajasthan, Tamil Nadu and Telangana had reported completion of this reform, which was confirmed by the Department for Promotion of Industry and Internal Trade. On completion of reforms facilitating ease of doing business, these twelve States have been granted additional borrowing permission of 28 thousand 183 crore rupees.

 

INTERNATIONALUPDATES:

 

1. Pakistan Army successfully test-fires Babur cruise missile: The Pakistan Army conducted a successful test-firing of a short-range surface-to-surface ballistic missile ‘Babar’ on February 11, 2021. This test was the third missile test carried out over the past three weeks.

About the missile: The Babur cruise missile IA was launched from Multi Tube Missile Launch Vehicle. This missile is capable of hitting land and sea targets with “high precision” up to 450 kilometres away. Earlier, Pakistan army conducted a successful test of the surface-to-surface ballistic missile Shaheen-III in January 2021, followed by the ‘training launch’ of nuclear-capable ballistic mis­sile Ghaznavi in February 2021.

Note: President of Pakistan: ArifAlvi; Prime Minister of Pakistan: Imran Khan.

 

2. GRSE signs contract to deliver fast patrol vessel to Seychelles: Defence PSU Garden Reach Shipbuilders and Engineers Ltd (GRSE) has signed a contract to deliver a fast patrol vessel (FPV) to Seychelles. The signing of the contract with Seychelles comes within a month of the shipyard concluding an agreement for one ocean-going passenger and cargo ferry vessel with Guyana. The Seychelles Coast Guard ship ”Zoroaster” will be a powerful, fuel-efficient platform designed to perform multipurpose operations, such as patrolling, anti-smuggling, anti-poaching, and search and rescue.

 

OTHER UPDATES:

 

SPORTS

 

1. ViratKohli Slips to 5th Position in Latest ICC Test Rankings for Batsmen: The updated MRF Tyres ICC Men’s Test Player Rankings was released.

The top 5 Batsmen in the list are:

(1) Kane Williamson – New Zealand

(2) Steve Smith – Australia

(3) Joe Root – England

(4) MarnusLabuschagne – Australia

(5) ViratKohli – India

Top 5 Bowlers in the list are:

(1) Pat Cummins – Australia

(2) Stuart Broad – England

(3) James Anderson – England

(4) Neil Wagner – New Zealand

(5) Josh Hazlewood – Australia

 

BANKING AND FINANCE

 

1. Bharti AXA General Insurance has launched ‘Salute to Caregivers – EkNayaNazariya Campaign‘: Bharti AXA General Insurance, a joint venture between Bharti Enterprises, one of India’s leading business groups, and AXA, one of the world’s largest insurance companies, launched its unique campaign ‘Salute to Caregivers – EkNayaNazariya Campaign’ to support cancer survivors in the battle against the killer disease. Through this awareness drive, the company aims to engage with close to a million Indians on Facebook, Instagram, and LinkedIn and focuses on highlighting everyone’s role in achieving a cancer-free world.

 

2. ICICI Bank signs MoU with MUFG Bank to cater banking requirements of Japanese corporates in India: ICICI Bank announced it has signed a Memorandum of Understanding(MoU) with Japan’s MUFG Bank for collaboration towards catering to the banking requirements of Japanese corporates present in India. The MoU establishes a framework of partnership between the banks across various domains including trade, investment, treasury, corporate and retail banking. It also paves way for the two banks to cater to the banking requirements of Japanese corporates operating in India.

 

BUSINESS AND ECONOMY

 

1. New Development Bank Commits $100 million in NIIF Fund of Funds: The New Development Bank (NDB) has committed to invest USD 100 million (Rs 727.6 crore), into the National Investment and Infrastructure Fund Limited (NIIF) Fund of Funds (FoF). With NDB’s investment, the total commitments secured by the FoF has reached $800 million (about Rs 5,820 crore). This investment marks NDB’s first equity investment into India and its first-ever investment into a Fund of Funds. Currently, the Government of India (GoI), Asian Infrastructure Investment Bank (AIIB) and Asian Development Bank (ADB) are the investor in the FoF. Now NDB has joined the group. The FoF was established in 2018 with the objective of providing homegrown Indian private equity fund managers access to an India-focused institutional investor that operates at scale.

Benefits to Indian Economy: The Investments will hugely benefit the Indian economy which is facing difficulties due to pandemic. It will also support India’s efforts to boost investment in infrastructure. NDB’s support will further address issues like investment gaps, availability of institutional funding for domestic private equity funds.

Note: NIIFL Managing Director & Chief Executive Officer (CEO): Sujoy Bose; NIIFL Headquarters: Mumbai, Maharashtra.

New Development Bank Chairperson of the Board of Governors: Anton Siluanov (Russia); New Development Bank Headquarters: Shanghai, China.

 

AWARDS AND HONOURS

 

1. “Koozhangal” Wins Tiger Award at Rotterdam International Film Festival 2021: The Tamil film “Koozhangal” has won “Tiger” award, at the 50th edition of the International Film Festival Rotterdam 2021. The Tiger award is the top honour of the festival, given for best film. Koozhangal (meaning Pebbles) has been Produced by Nayanthara and directed by Vinod Raj PS. This is the second Indian film to win this international award and the first Tamil Film. The first Indian film was “Durga” directed by the Malayalam director Shashidharan. The Tiger Award worth Euro 40,000 cash prize, is shared between the director and producer of the winning film.

 

DEFENCE

 

1. Indian Navy receives 3 Mk III Advanced Light Helicopters from HAL: The Indian Navy received three “made in India” Advanced Light Helicopters (ALH) from the state-run Hindustan Aeronautics Ltd (HAL). The helicopters are customised for coastal security. These helicopters have latest generation avionics, indigenous low frequency dunking sonar, full glass cockpit with integrated architecture display system and the powerful Shakti engines. It also has a nose mounted surveillance radar with 270 degree coverage that can detect and track multiple marine targets. Its synthetic aperture radar and inverse synthetic aperture radar can detect targets on sea.

Daily GK Updates – 13th Feb, 2021

 

NATIONAL UPDATES:

 

1. PM Modi inaugurates World Sustainable Development Summit 2021: Prime Minister NarendraModi has inaugurated the World Sustainable Development Summit 2021 through video conferencing. The theme of the Summit is ‘Redefining our common future: Safe and secure environment for all’. 2021 WSD Summit is the 20th edition of the flagship event organised by ‘The Energy and Resources Institute (TERI)’. The Summit will bring together a wide number of governments, business leaders, academicians, climate scientists, youth, and the civil society in the fight against climate change. The Ministry of Environment, Forests and Climate Change, Ministry of New and Renewable Energy and Ministry of Earth Sciences are key partners of the Summit.

 

2. India’s 1st Thunderstorm Research Testbed to be established in Odisha: The India Meteorological Department (IMD) has announced to set up the first ‘Thunderstorm Research Testbed’ of the country at Odisha’s Balasore district. The main objective of the “Thunderstorm Research Testbed” is to minimalise human fatalities and loss of property due to lightning strikes. The facility will be established in a collaboration between the Ministry of Earth Sciences, IMD, Defence Research and Development Organisation (DRDO) and Indian Space Research Organisation (ISRO). Besides this, the IMD has also planned to set up a first-of-its-kind monsoon testbed near Bhopal. Currently, both the projects are in the planning stage and detailed project reports are being made.

Note: India Meteorological Department (IMD) Director-General: MrutyunjayMohapatra; India Meteorological Department Founded: 1875; India Meteorological Department Headquarters: MausamBhavan, Lodhi Road, New Delhi.

 

3. Vijayanagara officially declared as 31st District of Karnataka: The Karnataka government issued an official gazette notification to declare Vijayanagara as the 31st district of the state. The new district has been carved out of Ballari and named after the Vijayanagaraempire that ruled from this region. The Vijayanagara district will have six taluks and its headquarter will be at Hosapete. The other taluks in the new district are Kudligi, HagaribommanaHalli, Kotturu, HoovinaHadagali, and Harapanahalli. The iconic cluster of monuments at Hampi or Hampe, a UNESCO world heritage site, will be part of the Vijaynagara.

Note: Chief Minister of Karnataka: B.S. Yediyurappa; Governor: VajubhaiVala.

 

4. Indian Army lays foundation of 100-foot-high national flag in Gulmarg: The Indian Army has laid the foundation stone of the tallest ‘Iconic National Flag’ at the famous ski-resort of Gulmarg in Jammu and Kashmir. The flag will be on a 100 feet-high pole, the highest Tricolour in the Valley. The Indian Army in collaboration with the Solar Industry India will install the ‘Iconic National Flag’ at Gulmarg. The foundation stone for the iconic national flag was laid by Dagger Division General Officer Commanding (GoC) Major General Virendra Vats along with Bollywood actor-producer Arbaaz Khan and actress VidyaBalan. This iconic Indian national flag will be a first in many ways. The site is expected to become another tourist attraction, among the snow-clad mountains of Kashmir.

 

5. ‘By Many a Happy Accident: Recollections of a Life’ authored by M Hamid Ansari: A book titled ‘By Many a Happy Accident: Recollections of a Life’ has been authored by M Hamid Ansari. Mohammad Hamid Ansari was the vice president of India and chairman of the RajyaSabha for two consecutive terms from 2007 to 2017. A former diplomat, he served as ambassador to the United Arab Emirates, Afghanistan, Iran, and Saudi Arabia, as high commissioner to Australia and as permanent representative to the United Nations in New York.

About the book: The book is an account of a life of unplanned happenings that took M. Hamid Ansari away from his preferred fancy for academia to professional diplomacy and then be co-opted in public life and catapulted to the second-highest office in the land for two consecutive terms. None of his predecessors, except DrSarvepalliRadhakrishnan, had experienced this honour. Besides chairing the RajyaSabha and shedding interesting light on some of its functional aspects, Ansari used the vice presidency as a formidable pulpit to express himself candidly on a range of issues at different times in India’s changing political landscape.

 

6. National Women’s Day of India: 13th February: In India, the National Women’s Day is observed every year on 13 February to commemorate the birth anniversary of Sarojini Naidu. This year Nation celebrates its 142nd Birth Anniversary. She was born on February 13, 1879. She was famous for her nickname ‘Nightingale of India’ or ‘Bharat Kokila’ because of her poems. Sarojini Naidu was not only a freedom fighter, but she also became the first woman governor of the United Provinces, the present Uttar Pradesh. She was one of the forefront leaders who led the Civil Disobedience Movement and the Quit India Movement. She was an important figure in India’s struggle for independence from colonial rule.

 

INTERNATIONALUPDATES:

 

1. UAE Hope Probe successfully enters Mars’ orbit: The United Arab Emirates (UAE) has put a probe called Hope in the orbit around the MARS. UAE has become the fifth country to launch the spacecraft into the orbit of MARS after United States, Soviet Union, Europe and India. With the successful launch of spacecraft in orbit, UAE scientists can now study the planet’s atmosphere. The space mission will carry the study on daily and seasonal weather cycles and weather events such as dust storm in the lower atmosphere. It will study how the weather varies in different regions on the MARS.

About the mission: The spacecraft had left the Earth seven months ago. The spacecraft carries three instruments with it to observe how neutral atoms of Oxygen and Hydrogen leak into space. The hydrogen and oxygen came into the MARS’ atmosphere are the remnants from Mars’ once abundant water. The Hope spacecraft will bring the spectacular, high-resolution, full-disk images of MARS. The spacecraft also seeks to study why the planet is losing the hydrogen and oxygen into space.

Note: President of UAE: Sheikh Khalifa bin Zayed Al Nahyan; Capital of UAE: Abu Dhabi; Currency: United Arab Emirates dirham.

 

2. World Radio Day: 13th February: World Radio Day is celebrated on 13 February each year to recognize radio as a powerful medium, which brings people together from every corner of the globe, to promote diversity and help build a more peaceful and inclusive world. The theme of World Radio Day 2021 is  “New World, New Radio”. On the occasion of World Radio Day 2021 (WRD 2021), UNESCO calls on radio stations to celebrate this event’s 10th anniversary and the more than 110 years of radio through three sub-themes.

Evolution: The world changes, radio evolves – radio is resilient and sustainable;

Innovation: The world changes, radio adapts and innovates- radio adapts to new technologies and remains the go-to medium of mobility, accessible everywhere and to everyone;

Connection: The world changes, radio connects – radio services our society during natural disasters, socio-economic crises, epidemics, etc.

History of the day: The day was Proclaimed in 2011 by the Member States of UNESCO and adopted by the United Nations General Assembly in 2012 as an International Day, February 13 became World Radio Day (WRD).

Note: UNESCO headquarters: Paris, France; UNESCO Head: Audrey Azoulay; UNESCO Founded: 16 November 1945.

United Nations Headquarters in New York, USA.

Mr Antonio Guterres is the Secretary-General of the United Nations.

 

OTHER UPDATES:

 

BANKING AND FINANCE

 

1. RBI Organises Financial Literacy Week from February 8-12: The Reserve Bank of India (RBI) has launched the Financial Literacy Week (FLW) from February 8-12, 2021, to propagate financial education.  RBI conducts Financial Literacy Week (FLW) every year since 2016 to propagate financial education messages on a particular theme every year across the country, through a focused campaign. The theme for 2021 FLW is ”Credit Discipline and Credit from Formal Institutions”.

Banks have been advised to disseminate the information and create awareness among its customers and the general public. Further, RBI will undertake a centralized mass media campaign during the month of February 2021 to broadcast essential financial awareness messages to the general public.

Note: RBI 25th Governor: Shaktikant Das; Headquarters: Mumbai; Founded: 1 April 1935, Kolkata.

 

BUSINESS AND ECONOMY

 

1. SBI revises India’s GDP estimates to -7.0 percent for FY21: The State Bank of India’s (SBI) Economic Research Department has revised GDP estimates of India for FY21 to contract 7.0%. Earlier this was estimated GDP at -7.4%. The SBI Research Report has retained its GDP forecast for FY22 at 11 per cent.

 

2. India Ratings: India will grow 10.4% in FY22: India’s growth would bounce back to 10.4% in the upcoming fiscal according to India Ratings and Research (Ind-Ra). FY22 would broadly be covering the lost ground of FY21. Regarding this reduced allocation to the rural employment guarantee scheme. The rating agency expects GDP growth to turn positive at 0.3 per cent in the January-March quarter of FY21 after shrinking in the first nine months of the year. When the crisis is largely under control, not completely taken care of, but the Covid-19 situation is under control, with the economy opening up, the requirement for fiscal stimulus will reduce, and that is what is being reflected in the budget.

Note: MD & CEO of India Ratings and Research: Rohit Karan Sawhney; India Ratings and Research Headquarters: Mumbai, Maharashtra.

 

AWARDS AND HONOURS

 

1. Bengaluru Airport Bags ACI World’s ‘Voice Of The Customer’ Award: The Bangalore International Airport Limited’s (BIAL) or Kempegowda International Airport Bengaluru has bagged global recognition from the Airports Council International World’s ‘Voice of the Customer’ award. The ‘Voice of the Customer’ recognises airports that continued to prioritise their customers and remained committed to ensuring that their voice was heard during the Covid-19 pandemic in 2020. BLR Airport has made significant efforts in gathering passenger feedback through ACI’s Airport Service Quality (ASQ) programme and this helped better understand the customers and demonstrate BIAL’s commitment towards delivering a superior customer experience under trying circumstances. Under the #WeAreHereForYou umbrella of BIAL, various campaigns were launched to spread the message and rebuild passenger confidence in air travel following the outbreak of Covid-19 in 2020.

 

2. Manasa Varanasi crowned VLCC Femina Miss India World 2020:Telangana-based Manasa Varanasi has been crowned as the winner of VLCC Femina Miss India World 2020. Manasa Varanasi was crowned by the winner of Miss India 2019, SumanRatan Singh Rao from Rajasthan. The 23-year-old will now represent India at the 70th Miss World pageant in December 2021. Born in Hyderabad, Manasa Varanasi is an engineer by profession and works as a financial information exchange analyst.

Other winners:

ManikaSheokand of Haryana: Miss Grand India 2020

Manya Singh of Uttar Pradesh: Miss India 2020 runner-up