Daily GK Update - 9th March, 2021

 NATIONAL UPDATES:

 1. PM Modi addresses ‘Janaushadhi Diwas’ celebrations: Prime Minister Narendra Modi has addressed ‘Janaushadhi Diwas’ celebrations through video conference. He dedicated to the nation the 7500th Janaushadhi Kendra at NEIGRIHMS, Shillong during the event. He interacts with beneficiaries of Pradhan Mantri Bhartiya Janaushadhi Pariyojana and also gives awards to stakeholders by recognizing their excellent work. Union Minister for Chemicals & Fertilizers will also be present on the occasion. 1st March to 7th March is celebrated as ‘Janaushadhi Week’ across the nation with the theme of “Jan Aushadhi – Seva Bhi, Rozgar Bhi” for creating awareness about the use of generic medicines. Various functions across the country are organized like health checkup camps, Jan Aushadhi Paricharcha, Teach Them Young, panel discussions with doctors, etc. this week.

About the Janaushadhi Yojana: Janaushadhi Yojana is becoming a big friend of poor and middle-class families. It is becoming the medium of both service and employment. There were not even 100 centres in India six years ago and we hope to achieve the target of 10,000 centres. Poor and middle-class families are saving about ₹3,600 crores every year on expensive medicines.

 2. Ramesh Pokhriyal Inaugurates New Delhi World Book Fair 2021: The Union Education Minister Ramesh Pokhriyal has inaugurated the New Delhi World Book Fair 2021-Virtual Edition, through video-conferencing. The program has been organized by the National Book Trust (NBT). The New Delhi World Book Fair 2021 is the 29th edition of the annual event and for the first time, the fair will be held virtually due to the ongoing Covid-19 pandemic. The theme of the 2021 New Delhi World Book Fair is ‘National Education Policy-2020’. The NEP 2020 was passed by the Union Cabinet last year, which proposes several significant changes in the existing education policy.

Note: National Book Trust Founded: 1 August 1957; National Book Trust President: Govind Prasad Sharma; National Book Trust Headquarters: Vasant Kunj, Delhi.

 3. India’s first ‘Transgender Community Desk’ opens in Telangana: The Cyberabad Police has launched India’s first-ever Transgender Community Desk’ at the Gachibowli Police Station in Hyderabad, Telangana. This desk is the first-of-its-kind gender-inclusive community policing initiatives in the country. The desk was formally inaugurated on Saturday by Cyberabad Police chief VC Sajjanar in a ceremony that was attended by over 200 transgender people. Earlier in 2014, the Supreme Court recognised the transgender community as a third gender along with male and female and ruled that they have equal privilege over the fundamental rights enshrined in the Indian Constitution.

About the Transgender Community Desk: It is the world’s first-ever help desk for the transgender community and it will be managed by a Police Liaison Officer and a member of the transgender community who is designated as a community coordinator. It will also be the focal point for all grievance redressal among the transgender community in Cyberabad Commissionerate.

Benefits of the Desk: The transgender desk will provide support to file cases in offences related to violence or discrimination against any transgender person. Among other services, the desk will also provide counselling, legal aid, life-skills, soft skills training, job placements, and referral linkages to welfare schemes in partnership with the Department of Women & Child Welfare and District Legal Services Authority. The Society for Cyberabad Security Council will organise monthly employability training and life-skill training and facilitate access to job opportunities. Prajwala will assist the desk to facilitate safe space for any transgender person who needs an emergency transit stay.

Note: Chief Minister of Telangana: K Chandrasekhar Rao; Governor: Tamilisai Soundararajan.

 4. Indian Railways install Mobile Train Radio Communication system: Indian Railways’ Western Railway zone has introduced a mobile train radio communication (MTRC) system to facilitate direct and continuous communication between the train crew and the control centre and station master. Through effective communication, this technologically advanced system will help in averting train accidents. This new communication system has already been deployed in 105 rakes, operating between Churchgate to Virar over Mumbai’s suburban segment. About the MTRC system:

(1) This system uses the lowest time to connect calls i.e. 300 milliseconds and it is the first time that MTRC is commissioned in India.

(2) The MRTC acts in a similar way to that of air traffic control (ATC) for aircraft.

(3) The system will monitor, track and aid in communication between the trains and the control room thereby ensuring smooth movement of rakes, as well as help in preventing adverse events.

(4) The current conventional VHF-based communication system, named Mobile and CUG, lacks the capability of enabling interaction between the train crew and the controllers. The new system can also provide real-time information on train operation during the monsoon season.

(5) With a two-year warranty and five years of annual maintenance charges (AMC), the new digital MTRC system has been supplied at a cost of approximately $820,000.

Note: Union Minister of Railways: Piyush Goyal.

 INTERNATIONAL UPDATES:

 1. Ligia Noronha appointed UN Assistant Secretary-General: UN chief Antonio Guterres has appointed leading Indian economist Ligia Noronha as Assistant Secretary-General and Head of the New York Office of the United Nations Environment Programme (UNEP). Prior to joining the UNEP, Noronha worked at The Energy and Resources Institute (TERI) in New Delhi as Executive Director (Research Coordination) and as Director of the Division on Resources, Regulation and Global Security.

About Ligia Noronha: Noronha is an economist with over 30 years of international experience in the field of sustainable development. She has worked since 2014 as Director of UNEP’s Economy Division based in Nairobi, leading UNEP’s work on climate mitigation and energy transitions; on inclusive green economies, sustainable consumption and production, as well as on trade and sustainable finance, and the nexus of environment, pollution and health.

Note: United Nations Environment Programme Headquarters: Nairobi, Kenya; United Nations Environment Programme Head: Inger Andersen; United Nations Environment Programme Founder: Maurice Strong; United Nations Environment Programme Founded: 5 June 1972.

 2. India, Norway to jointly work in marine spatial planning for next 5 yrs: India and Norway have agreed to jointly work in the area of marine spatial planning in the oceanic space for the next five years. The two countries have decided to extend support for sustainable ocean resources utilisation to advance economic and social development in coastal areas. The initiative known as Marine Spatial Planning will be implemented by the Ministry of Earth Sciences through National Centre for Coastal Research for India.

 OTHER UPDATES:

 BANKING AND FINANCE

1. EPFO keeps interest rate unchanged at 8.5% for 2020-21: The board of Employees’ Provident Fund Organisation (EPFO) has kept the interest rates on Provident Fund deposits for the financial year 2020-21 at 8.5 per cent. The rate has been kept unchanged, as in 2019-20. The decision was taken by the Central Board of Trustees, at the 228th meeting, under the chairmanship of Labour Minister Santosh Kumar Gangwar. Last year, in March, EPFO had reduced the interest rate on provident fund deposits to a seven-year low of 8.5 per cent for 2019-20. For the financial year 2018-19, the interest rate was fixed at 8.65 per cent. The EPFO had provided an 8.55 per cent interest rate to its subscribers for 2017-18 and an interest rate was 8.65 per cent for the financial year 2016-17.

Note: CEO of EPFO: Sunil Barthwal; EPFO Founded: 4 March 1952; EPFO Headquarters: New Delhi.

 BUSINESS AND ECONOMY 

1. SEBI cancels Sahara India Financial Corp’s registration as sub-broker: Markets regulator SEBI has cancelled the certificate of registration of Sahara India Financial Corporation Ltd as a sub-broker citing its failure to fulfil the “fit and proper” criteria. The regulator had appointed a designated authority in 2018 to enquire whether Sahara India Financial violated provisions of Intermediaries Regulations. According to the designated authority’s report, considering the antecedents of Subrata Roy Sahara and the various judicial pronouncements against him and other group companies of Sahara, it is determined that Sahara India Financial (noticee) is not a “fit and proper person” to continue as a sub-broker in the securities market.

In the 12-page order passed, Sebi Whole Time Member G Mahalingam has mentioned actions taken against certain Sahara entities as well as about the case involving Sebi and two Sahara group firms: Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHICL), regarding funds raised from investors.

Note: Securities and Exchange Board of India Founded: 12 April 1992; Securities and Exchange Board of India Headquarters: Mumbai; Securities and Exchange Board of India Agency executive: Ajay Tyagi.

 2. Naureen Hassan appointed as 1st VP & COO of Federal Reserve Bank: Indian-origin Naureen Hassan has been appointed as the first Vice President and Chief Operating Officer (COO) of the New York-based Federal Reserve Bank, by the Board of Governors of the Federal Reserve System. Hassan, whose parents had immigrated from India, is a 25-year veteran of the financial services industry with expertise in strategy, digital transformation, cybersecurity and regulatory/risk management. With this new role, Hassan will become the second-highest-ranking officer of the New York Fed as well as an alternate voting member of the Federal Open Market Committee. Prior to this, she was the Chief Digital Officer for Morgan Stanley Wealth Management (MSWM). She will take over the new role with effect from March 15, 2021.

Note: CEO of the Federal Reserve Bank: John C. Williams; Federal Reserve BankChairperson: Jerome Powell; Federal Reserve BankFounded: 23 December 1913; Federal Reserve Bank HQ: New York, United States.

 DEFENCE

1. Rajnath Singh Attends 3-day Combined Commanders’ Conference: Defence minister Rajnath Singh has attended the three-day Combined Commanders’ Conference (CCC) along with top defence officials at Kevadia, Gujarat. Theaterisation of armed forces, self-reliance in the defence sector and evolving threats in the region will be the focus. It is a premier brainstorming event of the Military Commanders from the three Services. Defense Minister, Rajnath Singh held deliberations on Day 2. In a first, valedictory session on the third and final day chaired by PM Narendra Modi. The last CCC was held in 2018 at the Air Force Station, Jodhpur.

The combined apex level military leadership of the country is reviewing the security situation and defence preparedness of the Armed Forces, and deliberating pertinent organisational issues for evolving a joint military vision for the future. In a major deviation from the past, the scope of the conference this year has been expanded to make it a multi-layered, interactive, informal and informed event with the added participation of about 30 Officers and soldiers of various ranks from the three Services.

2. India inks pact with Philippines for sale of ‘defence equipment’ including BrahMos: India has signed a key pact with the Philippines called “implementing arrangement” for “procurement of defence material and equipment”, as per which the country will buy the BrahMos cruise missiles from India. The BrahMos missile is produced by an India-Russian joint venture “BrahMos Aerospace” and it can be launched from submarines, ships, aircraft or from land platforms. It is the fastest supersonic cruise missile in the world. Currently the missile is used only by India, however several countries including Philippines, Vietnam, South Africa, Egypt, Oman, Chile and Brunei have expressed interest in the procurement of the missile.

 OBITUARIES

1. Muthoot Group Chairman M G George Muthoot passes away: M G George Muthoot, the Chairman and Whole Time Director of The Muthoot Group, has passed away. He was the mentor and visionary leader who played a pivotal leadership role through his long career in building one of the most trusted financial powerhouses in the country. Mr George became the managing director of Muthoot Group in 1979 and its chairman in 1993. Muthoot Finance Ltd is one the largest gold loan NBFCs in India, headquartered in Kochi, Kerala.

Daily GK Update - 8th March, 2021

 NATIONAL UPDATES:

 1. India downgraded from ‘free’ to ‘partly free’ in democracy report: India’s status as a democracy and free society has been downgraded to “partly free” in the latest annual report on global political rights and liberties by Freedom House, a US government-funded NGO that studies political freedom around the world. The report titled “Freedom in the World 2021 – Democracy under Siege”. India’s fall “from the upper ranks of free nations could have a particularly damaging impact on global democratic standards”. India had been rated as “free” in Freedom House’s reports for 2018, 2019 and 2020, though its scores on a scale of 100 had declined during this period from 77 to 71. In the latest report, India had a score of 67 out of 100.

 2. Digital platform ‘Jagrut Tripura’ launched by CM to boost e- governance: The Tripura government has come up with a digital platform ‘Jagrut Tripura’ to help people get benefits from various schemes of the Centre and the state government. At least 102 schemes of various departments of both governments are available on the platform. The ‘Jagrut Tripura’ will empower citizens of the northeastern state. The digital platform is one of the many proactive initiatives undertaken by the state government to spur a technology-led innovation ecosystem to make ‘Atmanirbhar’ (self-reliant) Tripura. The project was developed by EasyGov, a Jio Group company, and it will be available to all the residents of Tripura. “With ‘Jagrut’, we want to empower people to get the benefits they deserve, and the focus is on building a family-centric, progressive model having ‘one data one source’ and privacy at the core.

Note: Chief Minister of Tripura: Biplab Kumar Deb; Governor: Ramesh Bais.

 3. GoI Sets up 259-Member panel to Commemorate 75 Years of India’s Independence: The Government of India has set up a 259-member high-level national committee, to be headed by Prime Minister Narendra Modi to commemorate 75 years of India’s independence. The committee will provide policy direction and guidelines for the formulation of programmes for the commemoration of the 75th anniversary of Indian Independence, at the national and international levels. The celebrations are proposed to be launched 75 weeks prior to August 15, 2022, on March 12, 2021, which is the 91st anniversary of the historic Salt Satyagraha led by Mahatma Gandhi. The celebrations will be held at the national and international level in the form of ‘Azadi Ka Amrit Mahotsav’. The high-level committee will hold its first meeting on March 8, 2021. Members include:

(1) The members of the panel include former president Pratibha Patil, Chief Justice of India SA Bobde, NSA Ajit Doval, 28 chief ministers, artistes like Lata Mangeshkar, Nobel laureate Amartya Sen, senior BJP leader LK Advani, almost all Union ministers and several governors.

(2) Opposition leaders like Congress chief Sonia Gandhi, CPI(M) general secretary Sitaram Yechury, NCP leader Sharad Pawar, TMC supremo Mamata Banerjee and former Uttar Pradesh chief ministers Mulayam Singh Yadav and Mayawati are also part of the committee.

 4. Delhi govt approves formation of separate board in city: Delhi government has approved the formation of a separate school board for nearly 2,700 schools in the city. There are around 1,000 Delhi government schools and about 1,700 private schools, most of them affiliated to the CBSE, in the city. The new Board will have a governing body headed by the Education Minister of the Delhi government and an executive body headed by a chief executive officer. The DBSE will be aimed at imparting such education that prepares “fiercely patriotic” and self-dependent students who serve the society and the country in a selfless manner. The Board will bring in best international practices and high-end techniques in school education. It will impart education as per the aptitude of the students.

Note: Chief Minister of Delhi: Arvind Kejriwal; Governor of Delhi: Anil Baijal.

 INTERNATIONAL UPDATES:

 1. India-Sweden Virtual Summit 2021: Prime Minister Narendra Modi has participated in the virtual India-Sweden summit, with the Prime Minister of Sweden, Stefan Lofven. The virtual summit was organised to exchange views on regional and global issues and to discuss the bilateral relations between the two countries. This was the fifth interaction between the two leaders since 2015.

About the Summit: Both the leaders underlined that the longstanding close relations between India and Sweden were based on shared values of democracy, rule of law, pluralism, equality, freedom of speech, and respect for human rights. Prime Minister Modi welcomed Sweden’s decision to join the International Solar Alliance (ISA). The leaders also noted the growing member-ship of the India-Sweden joint initiative – the Leadership Group on Indus-try Transition (LeadIT) that was launched during the UN Climate Action Summit in September 2019 in New York. The two leaders also discussed the Covid-19 situation including the vaccination drive and stressed the need for vaccine equity by providing urgent and affordable access to vaccines across all nations.

Note: Sweden capital: Stockholm; Currency: krona; PM of Sweden: Stefan Lofven.

 2. International Women’s Day: 8th March: International Women’s Day is celebrated on the 8th of March every year. This day celebrating the social, economic, cultural and political achievements of women. The day also marks a call to action for accelerating women’s equality. International Women’s Day is a time to reflect on progress made, to call for change and to celebrate acts of courage and determination by ordinary women, who have played an extraordinary role in the history of their countries and communities. This year’s theme for International Women Day, “Women in leadership: Achieving an equal future in a COVID-19 world”, celebrates the tremendous efforts by women and girls around the world in shaping a more equal future and recovery from the COVID-19 pandemic. The United Nations began celebrating International Women’s Day in the International Women’s Year, 1975. In 1977, the United Nations General Assembly invited member states to proclaim March 8 as the UN Day for women’s rights and world peace.

Note: Secretary-General of United Nations: Antonio Guterres; United Nations founded: 24 October 1945; Headquarters of United Nations: New York, United States.

 OTHER UPDATES:

 SPORTS

 1. J&K tops medals tally at Khelo India Winter National Games: Union Territory of Jammu and Kashmir topped the medals tally in the second edition of the Khelo India Winter National Games.  J&K won 11 gold, 18 silver and 5 bronze medals. The five-day mega sports event which began on the 26th of February concluded in the famous ski resort of Gulmarg in north Kashmir’s Baramulla district. The event was e-inaugurated by Prime Minister Narendra Modi.

About the Khelo India Winter National Games: The second edition of the Khelo India winter games is a major step towards making Jammu and Kashmir a hub of the winter games. In the event, more than 1,000 athletes from 27 states and union territories took part. The event was organised by the Union Ministry of Youth Affairs and Sports in collaboration with the J&K Sports Council and the Winter Games Association of Jammu and Kashmir.

Note: Lieutenant Governor of Jammu and Kashmir: Manoj Sinha.

 2. Indian Women’s Trap Team wins silver at ISSF Shotgun World Cup, taking country’s final medal tally to 2: The Indian Women’s Trap team trio of Kirti Gupta, Manisha Keer and Rajeshwari Kumari won a silver medal in International Shooting Sport Federation (ISSF) World Cup Shotgun 2021, in Cairo, Egypt. The trio lost to Russia’s Ekaterina Subbotina, Dana Semianova, Luliia Saveleva, 4-6 in the finals. With this, the Indian team managed to collect two medals at the tournament. Earlier, Men’s Skeet team bagged a bronze medal.

 BANKING AND FINANCE

 1. Axis Securities’ new platform to make investment in bond: Axis Securities has announced the launch of ‘YIELD’ – an online platform to buy and sell bonds as well as debentures in the secondary market. By offering competitive rates and technical know-how, YIELD would empower the investors to make the right investment decision. The trades and settlement of transactions executed will be reported on the BSE NDS (new debt segment) platform.

About the YIELD: “YIELD is the first-of-its-kind initiative that allows retail investors direct access to the debt instruments,” the brokerage house said in a statement. This new tool will remove the hassle of filling up physical forms or the need for separate KYC with the bond institutions, it added. To facilitate transactions only insecure options, it aggregates only ‘AAA’ to ‘A’ rated quality debt instruments available for investment in the secondary market.

Note: Axis Bank Commenced operations: 1994; Axis Bank Headquarters: Mumbai, Maharashtra.

Axis Bank Tagline: Dil Se Open; Axis Bank MD and CEO: Amitabh Chaudhry.

 BUSINESS AND ECONOMY

 1. Kotak Mahindra Bank tie-up with Indian army to handle salary accounts: Private sector lender Kotak Mahindra Bank will handle the salary account of the Indian army personnel. The bank has signed a memorandum of understanding (MoU) with the Indian Army here for a salary account. The MoU enables Kotak to offer its salary account proposition, combined with exclusive benefits for the Indian Army, to all army personnel – both active and retired. Through the Kotak salary account, all personnel of the Indian army will get access to the full range of Kotak’s products and services including a zero-balance salary account that earns up to 4 per cent interest per annum with free unlimited ATM transactions on all VISA ATMs and anywhere banking across the bank’s network of 1,603 branches and 2,573 ATMs across India. Benefits of Kotak salary account:

(1) The salary account will cover other benefits such as a bespoke salary account for the army personnel, enhanced complimentary personal accident insurance cover – for both on-duty and off-duty incidents.

(2) It covers accidental death for total or partial permanent disability. It will also offer special education benefit for children and additional girl child benefit by covering dependent children of up to 22 years in the event of an accident claim by the salary account holder.

(3) Among others, the account will also offer exclusive benefits on loans and credit cards by way of attractive rates and zero processing fees on personal, home and car loans and waiver on joining fees on credit cards.

(4) Zero-balance; family banking accounts, free online payment transactions, unlimited cheque books, best-in-class rates for dematerialised accounts (Demat) and best-in-class brokerage rates on trading accounts are the other benefits.

Note: Kotak Mahindra Bank CEO: Uday Kotak; Kotak Mahindra Bank Establishment: 2003; Kotak Mahindra Bank Headquarters: Mumbai, Maharashtra; Kotak Mahindra Bank Tagline: Lets make money simple.

 AWARDS AND HONOURS

 1. Bihari Puraskar 2020 to be awarded to Mohankrishna Bohara: The 30th Bihari Puraskar for 2020 will be given to Mohankrishna Bohara for his Hindi book of Criticism, titled Taslima: Sangharsh aur Sahitya. The K.K. Birla Foundation announced this in New Delhi. The book was published in 2016.

About the Bihari Puraskar: Bihari Puraskar carries award money of two lakh 50 thousand rupees, a Citation and a Plaque. The award is one of the three literary awards instituted by the K.K. Birla Foundation in 1991. Named after famous Hindi poet Bihari, the award is given every year for an outstanding work in Hindi or Rajasthani published in the last 10 years by a Rajasthani writer.

 OBITUARIES

 1. Renowned Kannada poet Lakshminarayana Bhatta passes away: Noted Kannada poet, critic and translator NS Lakshminarayana Bhatta has passed away. Popularly known as ‘NSL’ in the Kannada literary world, he was born in 1936 in the Shivamogga district. A was recipient of the Karnataka Sahitya Akademi award and Kannada Rajyotsava Award among others, his popular works include Thaye Ninna madilali. Bhatta had translated about 50 famous sonnets of William Shakespeare (Suneeta), the poetry of TS Elliot and works of the noted poet William Butler Yeats (Chinnada Hakki) into Kannada. He had also translated several other prominent English literary works into Kannada. He served as a Professor at Bengaluru University, working in the Kannada Literature department, and is revered for popularizing the works of saint-poet Shishunala Sharif.

Daily GK Update - 7th March, 2021

 NATIONAL UPDATES:

 1. UNGA adopts India-led resolution declaring 2023 as Int’l Year of Millets: The UN General Assembly adopted by consensus a resolution sponsored by India and supported by over 70 nations declaring 2023 as the International Year of Millets. The International Year of Millets is aimed at raising awareness about the health benefits of the grain and its suitability for cultivation under changing climatic conditions. India’s Permanent Mission to the UN also distributed savoury millet snack murukku to all UN Member States.

About the resolution: The 193-member General Assembly unanimously adopted the resolution, declaring 2023 as the International Year of Millets. The resolution titled International Year of Millets 2023′ was initiated by India with Bangladesh, Kenya, Nepal, Nigeria, Russia and Senegal and was co-sponsored by over 70 nations. The resolution considers the urgent need to raise awareness of the climate-resilient and nutritional benefits of millets and to advocate for diversified, balanced and healthy diets through the increased sustainable production and consumption of millets.

Note: UN General Assembly President: Volkan Bozkır; UN General Assembly Headquarters: New York, United States; UN General Assembly Founded: 1945, New York, United States.

 2. Tarun Bajaj to take additional charge of Revenue Secretary: Department of economic affairs secretary, Tarun Bajaj has been given the additional charge of revenue secretary. Present revenue secretary Ajay Bhushan Pandey retires on February 28. The Centre has decided to not grant an extension to finance secretary Ajay Bhushan Pandey who was also holding additional charge of the revenue department in the finance ministry.

About Tarun Bajaj: Tarun Bajaj, an old hand at the Finance Ministry, assumed charge as Economic Affairs secretary last May, at a time when India saw the worst growth contraction in history on account of the Covid-19 pandemic. Prior to taking over this post, he was Additional Secretary in the Prime Minister’s Office. Bajaj, a 1988-batch Haryana-cadre IAS officer, is not new to the functioning of the finance ministry as this is his third stint in the ministry.

3. Ease of Living Index 2020 released: Bengaluru emerged as the top city on the government’s Ease of Living Index 2020 that was released by Housing and Urban Affairs Minister Hardeep Singh Puri. Pune was second and Ahmedabad was ranked third among 111 cities. A total of 111 cities under the Smart Cities Program, participated in the assessment exercise that was conducted in 2020. The Ease of Living Index 2020 ranked cities in the following two categories: (1) Million+ populated cities – those with a population of more than a million; (2) Less than Million populated cites – those with a population of less than a million; (3) No city has been included from West Bengal because of the “data challenge”.

Million+ category: Bengaluru emerged as the top performer in this category. This was followed by Pune, Ahmedabad, Chennai, Surat, Navi Mumbai, Coimbatore, Vadodara, Indore, and Greater Mumbai respectively.

Less than Million category: In this group, Shimla was ranked the highest in ease of living. This was followed by Bhubaneshwar, Silvassa, Kakinada, Salem, Vellore, Gandhinagar, Gurugram, Davangere, and Tiruchirappalli.

4. Indore and NDMC tops Municipal Performance Index (MPI) 2020: The Ministry of Housing & Urban Affairs has released the final rankings of the Municipal Performance Index (MPI) 2020. The ranking has classified municipalities into two categories based on their population which are: million-plus category and the less than million categories. The Municipal Performance Index will help Municipalities in better planning and management, filling the gaps in city administration, and improving the liveability of cities for its citizens.

Million plus population category: Indore has topped this list, followed by Surat and Bhopal.

Less than a million category: New Delhi Municipal Council (NDMC) emerged as the leader, followed by Tirupati and Gandhinagar.

Note: Minister of State (IC) of the Ministry of Housing and Urban Affairs: Hardeep Singh Puri.

 INTERNATIONAL UPDATES:

 1. Australia building world’s first platypus sanctuary: Australian conservationists have unveiled plans to build the world’s first refuge for the platypus, to promote breeding and rehabilitation as the duck-billed mammal faces extinction due to climate change. The Taronga Conservation Society Australia and the New South Wales State government said they would build the specialist facility, mostly ponds and burrows for the semi-aquatic creatures, at a zoo 391 km from Sydney, by 2022.

Note: Australia Capital: Canberra; Australia Currency: Australian dollar; Australia PM: Scott Morrison.

 2. India inks pact with Philippines for sale of ‘defence equipment’: India has signed a key pact with the Philippines called “implementing arrangement” for “procurement of defence material and equipment”, as per which the country will buy the BrahMos cruise missiles from India. Philippine Defence Secretary Delfin Lorenzana, who was also present at the pact’s signing ceremony in Manila.

About the BrahMos missile: The BrahMos missile is produced by an India-Russian joint venture “BrahMos Aerospace” and it can be launched from submarines, ships, aircraft or from land platforms. It is the fastest supersonic cruise missile in the world. Currently, the missile is used only by India, however, several countries including the Philippines, Vietnam, South Africa, Egypt, Oman, Chile and Brunei have expressed interest in the procurement of the missile.

Note: Philippines President: Rodrigo Duterte; Philippines Capital: Manila; Philippines Currency: Philippine peso.

 3. 11th QS World University Rankings 2021 released: The 11th edition of the QS World University Rankings was released on March 04, 2021. The QS World University Rankings 2021 ranks the top 1,000 universities from around the world, covering 80 different locations. There are 47 new entrants on the list. The Massachusetts Institute of Technology (MIT), the United States has retained its top position as the best university for the ninth year in a row. Stanford University, the United States and the University of Cambridge, United Kingdom are the second and third best University globally in QS World University Rankings 2021.

From India:

(1) The Indian Institute of Technology, Bombay has emerged as the best institution. It is placed at 172 positions. No institute in India is in the top 100.

(2) Indian Institute of Science (185), Indian Institute of Technology, Delhi (193) are the only other universities from India to feature in the top 200.

(3) In terms of subject, twelve Indian universities and higher education institutions have made it to the top 100, with three Indian Institutes of Technology (IITs) making it to the top 50 for their respective subject.

(4) The 12 universities are IIT Bombay, IIT Delhi, IIT Madras, IIT Kharagpur, IISC Bangalore, IIT Guwahati, IIM Bangalore, IIM Ahmedabad, JNU, Anna University, University of Delhi, and O.P Jindal University

(5) IIT Madras ranks 30th for Petroleum Engineering, IIT Bombay ranks 41st and IIT Kharagpur ranks 44th for Minerals and Mining Engineering, and the University of Delhi ranks 50th for Development Studies.

 4. SpaceX successfully tests Starship SN10 prototype rocket: Elon Musk owned private rocket company, SpaceX successfully tested its Starship prototype rocket “SN10 “ after two recent failed attempts. SpaceX launched the rocket prototype, to an altitude of 10,000 kilometres and then landed back on the ground. However, the rocket exploded about six minutes after landing. But this test launch is deemed successful because the goal of this launch was to gather information on how the flaps work to control the rocket when it is horizontal as it is falling back to earth.

About the “SN10“: The SN10 is an early prototype of the Starship Mars rocket of SpaceX which aims to get people and payloads to the moon, Mars and other distant destinations. This rocket is also a part of the company’s strategy to phase out its other flight hardware including, the Falcon 9 and Falcon Heavy rockets and Dragon cargo and crew capsules, and let Starship shoulder the entire load.

Note: SpaceX founder & CEO: Elon Musk; SpaceX president & COO: Gwynne Shotwell; SpaceX Founded: 2002; SpaceX Headquarters: California, United States of America.

 OTHER UPDATES:

 

SPORTS

 1. Kieron Pollard becomes 3rd Man to Hit 6 Sixes in an over: Kieron Pollard hit six sixes in an over to guide West Indies to a comprehensive four-wicket win against Sri Lanka in the first game of their three-match T20 series. Pollard joins former India batsman Yuvraj Singh as the only other player to hit six sixes in an over in T20 cricket, and just the third man to hit six sixes in an international match, emulating Herschelle Gibbs (South Africa) and Yuvraj Singh (India). Pollard achieved the feat when he hit Sri Lanka’s Akila Dananjaya out of the park 6 times in the 6th over of West Indies’ successful chase in the first T20I at the Coolidge Cricket Ground in Antigua. Sri Lanka leg-spinner Akila Dananjaya (3-62) was the unfortunate bowler, pummelled in all directions by Pollard, and this coming after he had taken a hat-trick in his previous over.

 BANKING AND FINANCE

 1. NPCI Partners SBI Payments to launch “RuPay SoftPoS” for Merchants: National Payments Corporation of India (NPCI) and SBI Payments have partnered to launch “RuPay SoftPoS” for Indian merchants. The RuPay SoftPoS solution will provide a cost-effective acceptance infrastructure to retailers at a nominal cost. This innovative solution has the capability to transform NFC enabled smartphones into merchant Point of Sale (PoS) terminals for the retailers.

About the RuPay SoftPoS:

(1) RuPay SoftPoS is expected to provide seamless, cost-effective acceptance infrastructure to retailers at a nominal cost, and help deepen the digital payment acceptance among millions of underserved Indian MSMEs.

(2) RuPay SoftPoS will enable merchants to use their near-field communication (NFC)-enabled smartphones as the point of sale (PoS) terminals and accept payment up to Rs 5,000 through a simple tap and pay mechanism.

(3) Merchants can convert their existing android smartphone devices into a payment terminal by simply downloading a supported app.

(4) This solution will revolutionise the way micro and small merchants receive payments and create a demarcated shift in their tendency to deal in cash to accepting secure, contactless digital payments instead.

Note: National Payments Corporation of India MD & CEO: Dilip Asbe; National Payments Corporation of India Headquarters: Mumbai; National Payments Corporation of India Founded: 2008.

 BUSINESS AND ECONOMY

 1. HDFC ERGO launches Business Kisht Suraksha cover: HDFC ERGO General Insurance has launched the “Business Kisht Suraksha” cover. It is a unique cover that was launched with the aim of protecting the balance sheet of Microfinance Institutions (MFIs), financial institutions and banks if any catastrophe or a natural disaster occurs.

About Business Kisht Suraksha: This was launched with the aim of limiting the impacts on the balance sheet of financial institutions which occurs because of non-payment of EMIs by borrowers or because of several calamities like earthquakes, floods, cyclones. The Business Kisht can be customised as per the needs of the individual MFI or financial institution (FI). It can also be tailor-made based on the geographical presence of the borrower, MFI or any FIs. The MFIs or FIs would also be given the option to select the number of EMIs which might need insurance coverage.

Note: HDFC ERGO CEO: Ritesh Kumar; HDFC ERGO Headquarters: Mumbai; HDFC ERGO Founded: 2002.

 2. Agritech firm Arya partners Canara Bank to extend warehouse finance to farmers: Post-harvest agritech firm Arya has entered into a strategic partnership with Canara Bank for collateral management and warehousing services. The objective is to support and extend finance to farmers, farmer producer organisations (FPOs), processors and various depositors stocking their produce in warehouses managed by Arya. Through this partnership, Arya will be able to give zero paperwork, instant credits, robust solutions and much more to our farmers, FPOs, processors and depositors.

 DEFENCE

 1. DRDO successfully flight test SFDR technology: The Defence Research and Development Organisation (DRDO) conducted a successful flight test of Solid Fuel Ducted Ramjet (SFDR) technology from the integrated test range (ITR), Chandipur, off Odisha coast. The SFDR technology will help DRDO with the technological advantage to develop long-range air-to-air missiles (AAMs). DRDO began developing SFDR first in 2017 and had conducted successful tests in 2018 and 2019 as well.

About SFDR: The SFDR is a missile propulsion system being developed primarily by the Defence Research and Development Laboratory (DRDL) and Research Centre Imarat (RCI) in Hyderabad. The High Energy Material Research Laboratory (HEMRL) has developed the nozzle-less booster while the ramjet engine is being developed with Russian assistance. The performance of the missile was monitored using the data captured by Electro-Optical, Radar and Telemetry instruments deployed by ITR and confirmed successful demonstration of the mission objectives.

Note: Secretary Department of Defence Research and Development  & Chairman DRDO: Dr G Satheesh Reddy; DRDO Headquarters: New Delhi; DRDO Established: 1958.

Daily GK Update - 6th March, 2021

 NATIONAL UPDATES:

 1. World Bank plans $100-mn guarantee scheme for solar rooftop projects: The World Bank plans to introduce a $100-million credit guarantee scheme to boost India’s rooftop solar programme, which has not gained enough traction. The scheme will allow micro, small, and medium enterprises (MSMEs) to avail concessional debt financing for setting up rooftop solar units. The World Bank scheme, along with the State Bank of India (SBI) and the MSME ministry to accelerate the adoption of rooftop solar units, will help MSMEs access credit of around $1 billion. The arrangement will be beneficial for the firms that often do not meet the lending criteria of banks and other financial institutions, with their financial woes been exacerbated by the covid-19 pandemic.

Note: World Bank Headquarters: Washington, D.C., United States; World Bank Formation: July 1944; World Bank President: David Malpass.

 2. Indigenously developed “Spectrograph” commissioned in Nainital: Indian Scientists at Aryabhatta Research Institute of observational sciences (ARIES), Nainital, have indigenously designed and developed a low-cost optical Spectrograph named as Aries-Devasthal Faint Object Spectrograph & Camera (ADFOSC). It has been commissioned on the 3.6-m Devasthal Optical Telescope (DOT), in the Nainital district of Uttarakhand. About the ADFOSC spectroscope:

(1) The ADFOSC spectroscope is the largest of its kind among the existing astronomical spectrographs in India.

(2) The ADFOSC spectrograph can locate sources of faint light from distant quasars and galaxies in a very young universe, regions around supermassive black-holes around the galaxies, and cosmic explosions.

(3) So far, spectroscopes were imported from abroad at high costs. The ‘Made in India’ optical spectrograph is about 2.5 times less costly compared to the imported ones and can locate sources of light with a photon-rate as low as about 1 photon per second.

(4) The ARIES is an autonomous institute of the Department of Science and Technology (DST), Government of India. It is the largest reflecting telescope in India, as well as in Asia.

Note: ARIES Founded: 20 April 1954.

 3. Centre to develop Goa into country’s first fisheries hub, invest Rs 400 crore: Union fisheries minister Giriraj Singh announced that Goa will be developed into the first fisheries hub of the country, and that the Centre is investing Rs 400 crore in the project. Singh also said that of this investment, Rs 41 crore has already been approved for Goa under the Pradhan Mantri Matsya Sampada Yojana. Besides, there are also plans to set up a seaweed and ornamental fish complex in the state, as seaweed is a 15 million dollar business across the world. The industry is currently dominated by Indonesia and China, and the Union minister said that Goa is capable of competing for a share of this market.

 4. Entire rail network in the country will be fully electrified by 2023: Piyush Goyal: The entire rail network in the country will be fully electrified by 2023 while all rail networks will run on renewable energy by 2030. This was stated by Railway Minister Piyush Goyal while addressing the Maritime India Summit-2021. He said, the government is working on multi-modal logistical solutions to bring down the cost of transportation and increase the supply chain efficiency. The Minister said, integration of Road, Rail and Waterways can truly make India ‘One Nation, One Market, One Supply’.

 5. Unacademy ropes in Sachin Tendulkar as Investor, Brand Ambassador: Bengaluru-based edtech platform Unacademy has entered into a strategic partnership with former Indian cricketer and Bharat Ratna recipient Sachin Tendulkar. According to the terms of the partnership, Tendulkar will serve as the brand ambassador for Unacademy and will also conduct a series of live interactive classes on the platform. The former cricketer has also invested in the company.

 INTERNATIONAL UPDATES:

 1. India to fund NRs 530 million for reconstruction of total 25 health posts in Nepal: Embassy of India in Nepal signed four Memorandums of Understandings (MoUs) for the reconstruction of 25 health posts in the Himalayan country. Twelve health posts are located in Dhading district and 13 are located in Sindhupalchowk district and these health posts, damaged during the 2015 earthquake will be reconstructed at a cost of NR 530 million. The Central Building Research Institute (CBRI)-Roorkee, a premier institute of India in the field of earthquake-resilient reconstruction, will be providing technical assistance for the reconstruction.

 2. Indian economist Ligia Noronha appointed as Assistant Secretary-General of UN: United Nations Secretary-General António Guterres has announced the appointment of Ligia Noronha of India as Assistant Secretary-General and Head of the New York Office of the United Nations Environment Programme. Ms. Noronha is an economist with over 30 years of international experience in the field of sustainable development. She has worked since 2014 as Director of UNEP’s Economy Division based in Nairobi, leading UNEP’s work on climate mitigation and energy transitions on inclusive green economies, sustainable consumption and production as well as on trade and sustainable finance.

 3. ADB appoints Woochong Um as Managing Director General: The Asian Development Bank (ADB) has appointed Woochong Um as its Managing Director General. He will assume office immediately and report to ADB President Masatsugu Asakawa. Um will support Asakawa to institute bank-wide coherence on key initiatives and issues. He will play a key role in enhancing ADB’s internal and external communications across all activities that involve operations, knowledge, fund-raising and institutional reforms.

 OTHER UPDATES:

 

SPORTS

 1. Mary Kom appointed chairperson of AIBA’s champions and veterans committee: Six-time world champion boxer Mary Kom has been appointed as the Chairperson of the International Boxing Association’s (AIBA) Champions and Veterans Committee. The 37-year-old was voted to the post by AIBA’s board of directors on March 03, 2021. The Committee was formed in December 2020. It consists of the most respected worldwide boxing veterans and champions who have achieved significant results and who are ready to share their experience.

Note: AIBA Headquarters: Lausanne, Switzerland; AIBA President: Umar Kremlyov; AIBA Founded: 1946.

 2. Sports Ministry Restores Recognition of Gymnastics Federation of India: The Sports Ministry has restored the recognition of the faction-ridden Gymnastics Federation of India (GFI) after 10 years, taking into records Sudhir Mittal’s election as president in the polls held in November 2019. The recognition has been granted for the period till 31st December 2021. The GFI was de-recognised by the ministry in 2011 because of infighting in the body, and since then it remained so till the ministry’s order to recognise it.

 BANKING AND FINANCE

 1. NBFCs in India need to plan for effective IBOR transition: EY India: Non-Banking Finance Companies (NBFCs) in India need to plan for an effective Inter Bank Offered Rate (IBOR) transition, as majority of LIBOR rates are likely to be phased out by the end of 2021. London Inter Bank Offered Rate (LIBOR) is one of the most common series of benchmark rates referenced by contracts measured in trillions of dollars across global currencies. About $350 trillion worth of contracts across the globe are pegged to LIBOR, which is the key interest rate benchmark for several major currencies.

 2. IRDAI forms panel to review security guidelines to deal with cyber-attacks: Insurance sector regulator IRDAI said it has formed a committee to review its information and security guidelines due to exponential increase in cyber-attacks across the globe in the wake of Covid-19. The economic situation owing to the pandemic has seen an exponential increase in cyber-attacks across the globe and in particular, the financial sector. This situation has necessitated regulators to re-look into their Cyber Security Guidelines applicable to all regulated entities in an effort to protect the financial systems.

 3. Rupee Co-operative Bank gets extension from RBI: The Rupee Co-operative Bank Ltd, Pune has been granted extension for its banking licence by the RBI for further three months. It is recognition by RBI of satisfactory performance of the Bank and that too against total restrictions on banks’ activities. Till January 2021, the bank has made total recovery of Rs 258.11 crore and aggregate operating profit of Rs 53.19 crore during the last four years. The bank is earning profit consecutively for the last four years.

 4. Aditya Birla Insurance launches new health policy: Aditya Birla Insurance has launched a health policy offering up to 100 per cent return of the premium if the customer did not make a claim in earlier years. The offering is a new version of its existing Activ Health policy that provides a comprehensive health protection with extensive wellness benefits. The offer of giving up to 100 per cent return of the premium or up to 100 per cent reload of the sum insured is based conditions that the customer has been leading a healthy lifestyle and continuously renewing the policy, and the bonus will be accumulated in the form of health returns.

 5. SBI General Insurance signs Corporate Agency Agreement with Indian Overseas Bank: Public sector Indian Overseas Bank has signed a corporate agency agreement with SBI General Insurance to retail its insurance products to bank customers. The agreement signed for distribution of non-life offerings with SBI General Insurance to offer a range of general insurance solutions and innovative products to the customers of the bank.

 BUSINESS AND ECONOMY

 1. HDFC Bank, Kotak Mahindra Bank to pick up 9.99% stake each in Ferbine: HDFC Bank said it executed an agreement for subscribing to 4,995 equity shares of the face value of ₹10 each fully paid up issued by Ferbine Private Limited for a consideration of ₹10 per equity share. Post investment, bank will hold 9.99 per cent of the equity shareholding of Ferbine. The acquisition for cash consideration of ₹49,950 will be completed by February end.

 2. Social Alpha, SIDBI join hands to launch a fund for startups in assistive technology space: Social Alpha and Small Industries Development Bank of India (SIDBI) have partnered up to set up the Swavalamban Divyangjan Assistive Tech Market Access (ATMA) fund, an inclusion fund offering financial grants to Social Alpha-incubated startups working in the Assistive Technology sector. Each startup working in this space will have access to implementation support of up to ₹20 lakh. The fund will finance up to 50 per cent of the product price for the initial users.

 3. IRCTC Partners With E-Ticketing Platform Abhibus to Offer Bus Ticket Booking Facility: Online e-ticketing platform AbhiBus announced its partnership with Indian Railway Catering and Tourism Corporation (IRCTC) to provide bus ticket facility to the latter’s customers. The move will enable IRCTC get the bus inventory across 1,00,000 bus routes and its customers the option to book AC/ non-AC tickets/ buses as per their requirement. With this collaboration, IRCTC plans to ease travel booking for its customers wherein if they find train tickets in waiting list, they can quickly refer to bus availability without hopping from one platform to another, giving the travellers a hassle-free booking experience.

 AWARDS AND HONOURS

 1. WAN-IFRA names The Hindu Group ‘Champion Publisher of the Year 2020’: The Hindu Group won two golds and two silvers at South Asian Digital Media Awards given by WAN IFRA (World Association of News Publishers), culminating in being named ‘Champion Publisher of the Year’, owing to the highest tally on the points table. The awards are presented in recognition of outstanding work done by news publishers, in digital media. The winners were honoured virtually at the Digital Media India 2021 Conference held on March 3, 2021.

 

 

Daily GK Update - 5th March, 2021

NATIONAL UPDATES:

1. Government amends Insurance Ombudsman Rules 2017: The Government of India has notified comprehensive amendments to the Insurance Ombudsman Rules, 2017, for better resolution of policyholders’ complaints regarding insurance service deficiencies, in a timely, cost-effective and impartial manner. This will help in facilitating the resolution of the complaints with respect to the deficiencies in insurance services in a cost-effective and impartial manner on time. Those amendments are:

(1) The Ombudsman mechanism was administered by the Executive Council of Insurers. This has now been renamed as the Council for Insurance Ombudsmen.

(2) Earlier, the scope of complaints to Ombudsmen was limited to only disputes, but now it has been enlarged to include deficiencies in service on the part of insurers, agents, brokers and other intermediaries.

(3) The insurance brokers have also been brought within the ambit of the Ombudsman mechanism. The Ombudsmen has been empowered to pass awards against insurance brokers as well.

(4) To strengthen the timeliness and cost-effectiveness of the mechanism, policyholders will now be enabled for making complaints electronically to the Ombudsman.

(5) A complaints management system will be created to enable policyholders to track the status of their complaints online.

(6) The rules also provide that, the ombudsman can use video-conferencing to hear the cases.

2. India to commemorate ‘Chabahar Day’ on 4 March: The Ministry of External Affairs India will commemorate ‘Chabahar Day’ on March 4 on the sidelines of the Maritime India Summit 2021 being held in New Delhi. The virtual event will see the participation of ministers from Afghanistan, Armenia, Iran, Kazakhstan, Russia and Uzbekistan. The Summit is being held from March 2-4, 2021. The ministerial-level opening session would be followed by two webinar sessions namely the ‘Boosting Business through Trade Promotion and Regional Connectivity’ and ‘Development of Port Infrastructure: Unleashing Opportunities’.

About the Chabahar Port: It is a seaport in Chabahar which is located in south-eastern Iran in the Gulf of Oman. The port serves as the only oceanic port of Iran. The port comprises two separate ports namely the Shahid Beheshti and Shahid Kalantari. The port was first proposed by the last shah of Iran in the year 1973. The first phase was opened in 1983.

Note: Minister of External Affairs: Subrahmanyam Jaishankar.

3. Thaawarchand Gehlot launches “Sugamya Bharat App”: Union Minister for Social Justice and Empowerment, Thaawarchand Gehlot has launched the “Sugamya Bharat App”, through a video conference in New Delhi. The minister also launched a handbook entitled “Access – The Photo Digest”. The App and the handbook have been developed by the Department of Empowerment of Persons with Disabilities (DEPwD) under the Ministry of Social Justice and Empowerment.

About the Sugamya Bharat APP: It is a Crowdsourcing Mobile Application to enable people with disabilities and even the elderly to register accessibility-related problems. The aim of the app is to sensitising and enhancing accessibility in the 3 pillars of the Accessible India Campaign which includes the built environment, transportation sector and ICT ecosystem in India.

About the “Access – The Photo Digest”: This handbook is a collection of photographs from across different States and UTs, to act as a tool and guide for stakeholders, to sensitise them about 10 basic features of accessibility and related good-bad practices in easy to understand pictorial form.

4. Udaipur Science Centre inaugurated at Udaipur in Tripura: The Governor of Tripura, Ramesh Bais has inaugurated the Udaipur Science Centre, at Udaipur, Tripura. The Udaipur Science Centre has been developed at a cost of Rs 6 crore funded jointly by the Ministry of Culture, Government of India and Department of Science, Technology and Environment, Tripura Government and with this; the National Council of Science Museums (NCSM) has now set-up science centres in all the northeastern states.

About the centre: Science Centres play a vital role in developing a scientific temper in society and inculcating a culture of Innovation among the masses, particularly among students. The role of NCSM and the Ministry of Culture for the spread of scientific awareness. Udaipur Science Centre is the 22nd Science Centre which has been developed by NCSM and handed over to the State Governments under the Ministry of Culture’s Scheme for Promotion of Culture of Science. NCSM will open 4 more new science centres in different parts of India during 2021.

Note: Chief Minister of Tripura: Biplab Kumar Deb; Governor: Ramesh Bais.

 5. Virat Kohli becomes first cricketer to have 100 million followers on Instagram: India captain Virat Kohli became the first cricketer in the world to have 100 million followers on the social media platform Instagram. The 32-year-old Kohli is also the fourth most followed sportsperson on Instagram. Portugal football star Cristiano Ronaldo tops the chart with 265 million followers, ahead of Argentina football captain and FC Barcelona legend Lionel Messi and Brazil’s Neymar, who are second and third in the list with 186 million and 147 million followers respectively. The others in 100 million club are Hollywood actor and former pro-wrestler Dwayne (The Rock) Johnson, American singer-songwriter Beyonce, and Ariana Grande.

 

INTERNATIONAL UPDATES:

 1. Manpreet Vohra Appointed India’s High Commissioner to Australia: Senior diplomat, Manpreet Vohra has been appointed as India’s next High Commissioner to Australia. Vohra, a 1988-batch Indian Foreign Service (IFS) officer, is presently Ambassador of India to Mexico. He is expected to take up the assignment shortly. Mr Vohra’s appointment comes at a time India-Australia ties are at an upswing and the two countries are stepping up cooperation particularly in the Indo-Pacific region.

Note: Prime Minister of Australia: Scott Morrison; Currency of Australia: Australian dollar; Capital of Australia: Canberra.

 2. India to Send Humanitarian Assistance To Drought-Hit Madagascar on-board Indian Naval Ship Jalashwa: The Government of India is sending food and medical assistance to Madagascar, following the request from the east African country for assistance to deal with a humanitarian crisis caused by a severe drought. The humanitarian assistance is being delivered on-board Indian Naval Ship Jalashwa. The Naval ship leave with the food and medical assistance on March 3, 2021 and is expected to reach the Port of Ehoala in Madagascar between March 21 and 24, 2021. The consignment will comprise of 1,000 metric tonnes of rice and 100,000 hydroxychloroquine (HCQ) tablets. Indian naval training team will also be deployed in Madagascar for capacity building and training of the Malagasy Special Forces for two weeks. Besides Madagascar, INS Jalashwa will also visit at Port Anjoun in the Republic of Comoros to deliver a consignment of 1,000 metric tonnes of Indian rice, following commitment made by Vice President M Venkaiah Naidu during his visit to Comoros in October 2019. The supplies of food assistance and support for capacity building to the friendly countries of Madagascar and Comoros is in line with Prime Minister Narendra Modi’s vision of SAGAR and India’s time-tested role as a net security provider in the Indian Ocean Region.

                                                                   OTHER UPDATES:

 SPORTS 

1. Indian Boxer Deepak Kumar wins silver at Strandja Memorial Tournament in Bulgaria: In Boxing, the Asian Championship silver medallist, Deepak Kumar won the silver medal at the 72nd Strandja Memorial Tournament in Sofia, Bulgaria. Deepak lost in the final against Daniel Asenov of Bulgaria in the men’s 52 kg flyweight. The 23-year-old youngster belongs to Haryana’s Hisar, which is known as the ‘City of Steel’, for being India’s largest manufacturer of galvanised iron.

2. Indian men’s skeet team wins bronze in ISSF World Cup Shotgun in Cairo: In shooting, the Indian trio of Mairaj Ahmed Khan, Angad Vir Singh Bajwa and Gurjoat Khangura won the bronze medal in men’s skeet team event at the International Shooting Sport Federation tournament (ISSF) Shotgun World Cup in Cairo, Egypt. The Indians defeated the Kazakhstan team of David Pochivalov, Eduard Yechshenko and Alexandr Mukhamediyev 6-2 in the bronze medal match.

3. Second ODI National Zone Cricket Championship League for Deaf begins in New Delhi: The Indian Deaf Cricket Association (IDCA) has organised the second ODI National Zone Cricket Championship League for the deaf from March 1 to 5, 2021, at MCG 2 & 3, Ghevra Cricket Ground, Kanjhwala, in New Delhi. The 50-over tournament is significant for the players as it will act as the basis for selection of players for the Deaf ICC World Cup 2022. The ‘Champion Winner’ team will get a cash reward of Rs 1,00,001 while the ‘Runner-up’ team will be given a cash prize of Rs. 50,001.

Note: The Indian Deaf Cricket Association (IDCA) is affiliated & recognized by the Deaf International Cricket Council (DICC). President IDCA: Sumit Jain

BANKING AND FINANCE

1. SBI Mutual Funds Launches First Overseas Fund: The State Bank of India (SBI) Mutual Funds has launched its first overseas offering on 1 March 2021. The fund titled SBI International Access- US Equity FOF is an open-ended fund of funds scheme investing in a mutual fund scheme/ETFs that invest in US markets, which are domiciled overseas. The scheme will invest 95-100 per cent of its net assets generally in Amundi Funds – US Pioneer Fund (including ETFs), which invest predominantly in the US markets. The main features of the scheme include:

(1) International diversification: Provides international diversification to the portfolio and provides investors with the opportunity to invest in themes not available in the Indian market.

(2) Lower correlation: Aids in mitigating overall risk by investing in a market that has a lower correlation to Indian markets.

(3) Currency depreciation: Provide investors with the opportunity to benefit from any depreciation in the Indian currency against the currency of the underlying fund.

(4) Minimum Investment Amount: The customers interested in the scheme are required to invest at least Rs 5,000 for the first time. However, for additional purchase, the minimum application amount is Rs 1,000.

Note: SBI Chairperson: Dinesh Kumar Khara; SBI Headquarters: Mumbai; SBI Founded: 1 July 1955; SBI Mutual Fund MD & CEO: Vinay Tonse.

BUSINESS AND ECONOMY

1. Elon Musk Tops Hurun Global Rich List 2021: The 10th Edition of Hurun Global Rich List 2021 was released, which ranked 3228 billionaires from 2,402 companies and 68 countries. The report showed that despite the COVID-19 pandemic, the world added 8 billionaires every week in 2020 and 421 in a year, taking their total number to a record 3,288. The total wealth of all billionaires across the globe surged 32 per cent, an addition of $3.5 trillion, to take their total wealth to $14.7 trillion, during the period under review. The wealth calculations taken into account is as of January 15, 2021.

Top three billionaires:

(1) Tesla chief Elon Musk bagged the top spot on the Hurun Global Rich List for the first time after adding a massive $151 billion during the year 2020 to take his net worth to $197 billion.

(2) Amazon.com Inc CEO Jeff Bezos ranked second with $189 billion in net worth.

(3) Bernard Arnault, the chief executive of LVMH Moët Hennessy – Louis Vuitton SE, the world’s largest luxury-goods company ranked third with a net worth of $114 billion.

India in the list:

(1) Asia’s richest person and Reliance Industries chairman Mukesh Ambani is ranked eighth on the Hurun Global Rich List 2021. The total wealth of Ambani surged by 24% to $83 billion (approximately Rs 6.09 lakh crore).

(2) Apoorva Mehta of Instacard & Nikhil Kamath of Zerodha (both 34 years) became the youngest Indian Billionaires with a net worth of USD 1.7 Billion.

(3) Gautam Adani of Adani Group (Global Rank – 48)

(4) Shiv Nadar of HCL (Global Rank – 58)

ASIA: Zhong Shanshan (Founder of Chinese Bottle Water Maker – Nongfu Spring) with USD 85 Billion became Asia’s Richest person, followed by Mukesh Ambani. He also broke into the Hurun Global Rich List 2021 for the 1st time with a rank of 7.

Note: Hurun Report Chairman and Chief Researcher: Rupert Hoogewerf (Hu Run); Hurun Report Headquarters: Shanghai, China.

Hurun India MD and Chief Researcher: Anas Rahman; Hurun India Headquarters: Mumbai, Maharashtra.