Daily GK Update - 13th March, 2021

NATIONAL UPDATES:

 1. Cabinet Approves Amendments in Insurance Act 1938: The Union Cabinet has given its nod for amendments in the Insurance Act, paving way for 74 per cent foreign direct investment in the sector. Currently, the permissible FDI limit in life and general insurance stands at 49 per cent with ownership and management control with Indian. According to sources, the Cabinet in its meeting has approval for amendments in the Insurance Act, 1938. It was in 2015 when the government hiked the FDI cap in the insurance sector from 26 per cent to 49 per cent.

Under the new structure:

(1) The majority of directors on the board and key management persons would be resident Indians, with at least 50 per cent of directors being independent directors, and a specified percentage of profits being retained as a general reserve.

(2) An increase in FDI will help improve life insurance penetration in the country. Life insurance premium as a percentage of GDP is 3.6 per cent in the country, way below the global average of 7.13 per cent, and in the case of general insurance, it is even worse at 0.94 per cent of GDP, as against the world average of 2.88 per cent.

(3) The government has earlier allowed 100 per cent foreign direct investment in insurance intermediaries.

 2. GoI appoints Dr. GP Samanta as new Chief Statistician of India: The Central Government has appointed Dr G P Samanta as the new Chief Statistician of India (CSI) for a period of two years. He is India’s fourth CSI. He will replace Kshatrapati Shivaji who was holding an additional charge of the post since September 2020. Currently, Dr Samanta was serving as an adviser in the Reserve Bank of India’s (RBI) Department Of Statistics and Information Management. Dr Samanta will also serve as the Secretary of the Ministry of Statistics and Programme Implementation (MoSPI).

 3. Union Minister Anurag Thakur promoted as Captain in Territorial Army: Union Minister Anurag Thakur has become the first serving MP to be appointed as Captain in the Territorial Army. Thakur has been promoted to the rank of Captain at 124 Infantry Battalion Territorial Army (Sikh). The four-time BJP MP from Himachal Pradesh’s Hamirpur was commissioned into the Territorial Army as a Lieutenant by then Chief of Army Staff (COAS) General Dalbir S Suhag TA in July 2016.

 4. IBM signs MoU with U’khand Government to introduce STEM for Girls: IBM has announced a collaboration with Samagra Sikhsha Uttarakhand, the Government of Uttarakhand’s education mission, to introduce the ‘IBM STEM for Girls’ program in 130 secondary and higher secondary schools across five districts in the state. The collaboration is part of a three-year program between IBM and Uttarakhand State Government with the American India Foundation as the implementation partner to increase the participation of girls and women in STEM careers.

About the program:

(1) The program will advance the skills and careers of close to 25,600 students in the Science, Technology, Engineering, and Math (STEM) fields.

(2) The demand for a highly qualified workforce in India is quickly increasing with the acceleration of emerging technologies.

(3) The ‘IBM STEM for Girls’ program features a comprehensive approach that builds technical capabilities as well as life and self-actualization skills.

(4) ‘STEM for Girls’ is an IBM Corporate Social Responsibility initiative primarily aimed at improving education-to-work and career pathways for girls who are studying in Government schools.

(5) The program includes imparting training in digital literacy, coding and technology skills, 21st-century skills, and career development to enable girls’ empowerment and increase their interest in STEM education and careers.

Note: IBM CEO: Arvind Krishna; IBM Headquarters: Armonk, New York, United States.

Governor of Uttarakhand: Baby Rani Maurya; Uttarakhand CM: Tirath Singh Rawat.

 INTERNATIONAL UPDATES:

 1. World’s Most Powerful Supercomputer Fugaku is ready for use: The Japanese scientific research institute called RIKEN and Fujitsu started developing the “Fugaku” six years ago. It is the world’s most powerful supercomputers. Fugaku has been named after an alternative name for Mount Fuji. Now, this supercomputer is fully ready and developed in Japan and is now available for research use. This supercomputer has been developed with the aim of making the device core of the computing infrastructure of Japan.

Important points: Then the supercomputer was tested for the particular projects in order to combat the COVID-19 pandemic in April 2020. Now the Fugaku is fully open and available for shared use. The Research Organization for the Information Science and Technology (RIST) of Japan has selected some 74 projects which will use this supercomputer in the financial year 2021. RIST has also proposed for the development of the new projects in several categories and has invited the researchers who are interested to apply for the same.

About Fugaku:

(1) It is a key national technology that has been developed with the goal to achieve research results that ultimately will help in building a long-lived and healthy society, better energy use and disaster mitigation.

(2) It also aims to establish the government’s vision of making “ultra-smart Society 5.0”.

The supercomputer has topped the top500 list, which is a “Supercomputer benchmark index”, for the second year in line.

(3) The computer comprises 100 times the application performance of the K supercomputer.

(4) It has been developed to implement high-resolution, large-scale and long-duration simulation.

(5) It started development in the year 2014 as the successor to the K computer. It is built with the Fujitsu A64FX microprocessor.

Note: Japan Capital: Tokyo; Japan Currency: Japanese yen; Japan Prime minister: Yoshihide Suga.

 2. Girish Murmu re-appointed Chairman of UN Panel of External Auditors: Comptroller and Auditor General of India (CAG), Girish Chandra Murmu has been re-appointed as the Chairman of the Panel of External Auditors of the United Nations for the year 2021. Prior to this, Mr Murmu was elected as Chairman of the Panel for 2020 as well.

About the Panel: At present, the panel consists of 13 countries which are India, Germany, Chile, China, United Kingdom, France, Philippines, Switzerland, Italy, Ghana, Indonesia, Canada and Russia. The Panel of External Auditors was established by the UN General Assembly in 1959, as a distinctive forum to support the delivery of high quality, standards-based assurance, to ensure that reported financial information provides a transparent and accurate basis for the financial decisions made by the United Nations and its Specialized Agencies.

Note: CAG Founded: 1858; CAG Headquarters location: New Delhi.

 OTHER UPDATES:

 BANKING AND FINANCE

 1. Axis Bank launches “Wear N Pay” contactless payment wearable devices: Axis Bank has launched a range of wearable contactless payment devices under the brand Wear ‘N’ Pay. These devices come in different forms of wearables like a band, key chain and watch loop and are available starting at Rs 750. The wearables are directly linked to the bank account of an Axis Bank customer and function like a regular debit card. It allows purchases at any merchant store which accepts contactless transactions. How do they work:

(1) Axis Bank’s new ‘Wear N Pay’ devices are available in a variety of accessories like the band, key chain, and watch loop. Users do not need to carry their smartphones and wallet for payments anymore. These wearable devices can be worn easily to carry out contactless transactions on the go.

(2) Customers can use these devices at any merchant that accepts contactless transactions. Users need to wave the device at a POS machine for transactions up to Rs 5,000. For transactions of more than Rs 5,000, a PIN is required.

(3) The program also provides a host of features for its customers, which include 10% cashback, offers across Dining partners as well as a fraud liability cover up to 100% of the purchase limit.

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. NSE becomes co-promoter in IGX, as it buys 26% stake in gas trading platform: The National Stock Exchange (NSE) has acquired a 26% equity stake in the Indian Gas Exchange (IGX), through its wholly owned subsidiary NSE Investments. With this, NSE has become a co-promoter and the second largest shareholder on the IGX gas-trading platform. The Indian Energy Exchange (IEX), which set up the IGX natural gas trading hub, has 54 percent share holding in IGX. Apart from these, ONGC, GAIL, Torrent Gas Private Limited, Adani Total Gas Limited holds 5% equity each in IGX. This makes NSE and IEX as the two promoters of IGX and the rest of them as equity shareholders in the platform.

 AWARDS AND HONOURS

 1. Amitabh Bachchan to be honoured with 2021 FIAF Award: Megastar Amitabh Bachchan will be honoured with an award by the International Federation of Film Archives (FIAF). The veteran actor will be the first Indian cinema personality to be bestowed with the FIAF Award for his dedication and contribution to the preservation of the world’s film heritage. Amitabh Bachchan was nominated for the award by the FIAF affiliate Film Heritage Foundation which is a not-for-profit organisation founded by Shivendra Singh Dungarpur a filmmaker & archivist. This foundation is dedicated to preserve, restore, document, exhibit and study the film heritage of India. The FIAF is a worldwide organisation, comprising film archives and museums from across the world. Hollywood filmmakers and previous recipients of the FIAF Award — Martin Scorcese and Christopher Nolan — will present the award to Bachchan during a virtual showcase scheduled to take place on March 19.

Note: FIAF Founded: 17 June 1938; Headquarters: Brussels, Belgium.

 OBITUARIES

 1. Ivory Coast Prime Minister Hamed Bakayoko passes away: The incumbent Prime Minister of Ivory Coast, Hamed Bakayoko, has passed away due to cancer. He was named prime minister in July 2020 following the sudden death of his predecessor, Amadou Gon Coulibaly. President of Ivory Coast, Alassane Ouattara, has named Patrick Achi as interim prime minister in place of Bakayoko. Patrick Achi was serving as the chief of defence staff of the country.

Note: Ivory Coast President: Alassane Ouattara; Ivory Coast Capital: Yamoussoukro; Ivory Coast Currency: West African CFA franc.

Daily GK Update - 12th March, 2021

 NATIONAL UPDATES:

 1. Union Cabinet approves Pradhan Mantri Swasthya Suraksha Nidhi: The Union Cabinet has approved the Pradhan Mantri Swasthya Suraksha Nidhi (PMSSN), as a single non-lapsable reserve fund. This has been approved for the share of Health from proceeds of Health and Education Cess which is levied under the Section 136-b of Finance Act, 2007.

Pradhan Mantri Swasthya Suraksha Nidhi: This is a non-lapsable reserve fund for the Health in the Public Account. This fund will comprise of the proceeds from the share of health in the Health and Education Cess. This revenue in the fund will be used for the flagship schemes of the Health Ministry including the National Health Mission, Ayushman Bharat – Health and Wellness Centres, Ayushman Bharat – Pradhan Mantri Jan Arogya Yojana and for the emergency & disaster preparedness and responses in cases of health emergencies.

 2. ISRO Develops Joint Earth Observation Satellite Mission Radar With NASA: ISRO has completed the development of a Synthetic Aperture Radar (SAR) capable of producing extremely high-resolution images for a joint earth observation satellite mission with the US space agency NASA. NASA-ISRO SAR (NISAR) is a joint collaboration for a dual-frequency L and S-band SAR for earth observation. About NISAR:

(1) NISAR will be the first satellite mission to use two different radar frequencies (L-band and S-band) to measure changes in our planet’s surface less than a centimetre across.

(2) The mission is targeted to launch in early 2022 from ISRO’s Sriharikota spaceport in Andhra Pradesh’s Nellore district, about 100 km north of Chennai.

(3) NASA is providing the mission’s L-band SAR, a high-rate communication subsystem for science data, GPS receivers, a solid-state recorder and payload data subsystem.

(4) ISRO is providing the spacecraft bus, the S-band radar, the launch vehicle and associated launch services for the mission, whose goal is to make global measurements of the causes and consequences of land surface changes using advanced radar imaging.

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

Acting Administrator of NASA: Steve Jurczyk; Headquarters of NASA: Washington D.C., United States; NASA Founded: 1 October 1958.

 3. President Ram Nath Kovind presents Baton of Honor to Kiran Bedi: President Ram Nath Kovind has presented a baton of honour and a letter of appreciation to former Puducherry lieutenant governor Kiran Bedi at Rashtrapati Bhavan. The former Puducherry lieutenant governor received a Baton of Honor decorated with the emblem of the Indian Republic and the appreciation letter recognizing her service in the Union Territory of Puducherry. Kiran Bedi was removed as the Lieutenant Governor of Puducherry on February 16 by the President of India and Tamilisai Soundararajan took additional charge as the Lieutenant Governor on February 18.

 4. Deepika Padukone joins WEF list of Young Global Leader: Actor Deepika Padukone has joined the list of the Young Global Leaders (YGLs) compiled by the World Economic Forum. The list also includes several Indian citizens and India-origin persons. They join a group of Nobel Prize recipients, Pulitzer winners, heads of state and chief executive officers committed to improving the state of the world. The Forum of Young Global Leaders was founded in 2005 by Klaus Schwab, founder and executive chairman of the WEF, to create a world where leaders take responsibility for a sustainable future while meeting increasingly complex and interrelated challenges.

Note: World Economic Forum Headquarters: Cologny, Switzerland; World Economic Forum Founder: Klaus Schwab; World Economic Forum Founded: January 1971.

 5. 2021 Dandi March to mark 75 years of Independence: Prime Minister Narendra Modi has flagged off the 91st anniversary of Dandi March on March 12 in Ahmedabad to celebrate the 75th anniversary of India’s Independence. The Salt March, which took place from March to April 1930, was an act of civil disobedience led by Mahatma Gandhi to protest the British rule in the country. The event is kicked off from Mahatma Gandhi’s Sabarmati Ashram and this event is also the part of the State government’s programme to mark “Azadi Ka Amrut Mahotsav.”

What was the original Dandi March: The Dandi March or Salt March as part of Mahatma Gandhi’s non-violent protest against the British monopoly on the production of salt. Led by Gandhi, 78 people started the 24-day march on March 12 and reached Dandi on April 5, 1930. After making salt at Dandi, Gandhi headed to Dharasana Salt Works, 40 km south, but was arrested on May 5.

INTERNATIONAL UPDATES:

 1. Niger’s President Mahamadou Issoufou wins Africa’s top prize: Mahamadou Issoufou, the incumbent President of Niger has won the “2020 Ibrahim Prize for Achievement in African Leadership”, the world’s largest leadership prize, worth $5 million. He is the sixth winner of the Ibrahim Prize since it was introduced in 2006, by Sudanese billionaire Mo Ibrahim’s foundation to promote good governance in the world’s poorest continent. The 69-year-old Issoufou is stepping down as president of Niger in April 2021, after serving two terms in office. He first took office in 2011 and was then re-elected in 2016.

Note: Niger Capital: Niamey; Niger Currency: West African CFA franc.

 2. China and Russia Inks MoU to jointly build Lunar Space Station: The space agencies of China and Russia have signed a Memorandum of Understanding (MoU) on behalf of their national governments, to jointly construct a lunar space station that will be open to all countries. The MoU was officially signed between the Chinese space agency, China National Space Administration (CNSA) and the Russian space agency Roscosmos, on March 09, 2021. Dubbed as the “International Scientific Lunar Station (ISLS)”, the centre will be a “complex of experimental and research facilities” created on the moon’s surface and/or in orbit of the moon. The goal of setting up ISLS is strengthening research cooperation and promoting the exploration and use of outer space for peaceful purposes in the interests of all mankind.

Note: China Capital: Beijing; China Currency: Renminbi; China President: Xi Jinping.

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

 3. World Kidney Day: 11th March: World Kidney Day is observed globally on the second Thursday of March every year. This year World Kidney Day is observed on 11th March 2021. The theme of the 2021 World Kidney day is “Living Well with Kidney Disease”. World Kidney Day is a global campaign aimed at raising awareness of the importance of our kidneys. World Kidney Day aims to raise awareness of the importance of our kidneys to our overall health and to reduce the frequency and impact of kidney disease and its associated health problems worldwide.

OTHER UPDATES:

 BANKING AND FINANCE

 1. MeitY released the list of “Digital Payment Scorecard”: The Ministry of Electronics & Information Technology (MeitY) has released the list of “Digital Payment Scorecard”. In the list, the State Bank of India (SBI) has topped for the third consecutive months. The digital payment scorecard tracks the performance of the Commercial Banks on several digital parameters. SBI maintained the top remitter bank by recording the highest UPI transaction volume which accounted for nearly Rupees 640 million.

SBI has also emerged as the largest issuer of debit cards. It issued over 290 million debit cards with a 30% market share with respect to card spends and 29% share with respect to transaction volume. Bank has also made steady progress with respect to increasing payment acceptance infrastructure.

Note: SBI Chairperson: Dinesh Kumar Khara; SBI Headquarters: Mumbai; SBI Founded: 1 July 1955.

 2. RBI removes PCA restrictions on IDBI Bank: The Reserve Bank of India has removed IDBI Bank from its enhanced regulatory supervision or Prompt Corrective Action (PCA) framework. It was noted that as per published results for the quarter ending December 31, 2020, the bank is not in breach of the PCA parameters on regulatory capital, net NPA and leverage ratio. The bank has also provided a written commitment that it would comply with the norms of minimum regulatory capital, net NPA and leverage ratio on an ongoing basis and has apprised the RBI of the structural and systemic improvements that it has put in place which would help the bank in continuing to meet these commitments.

Returns to profit in Dec quarter: The central bank had placed IDBI Bank under the PCA framework in May 2017 after it had breached the thresholds for capital adequacy, asset quality, return on assets and the leverage ratio. The bank had reported a standalone net profit of Rs 378 crore for the December quarter of 2020-21 compared to a standalone net loss of Rs 5,763 crore in the year-ago quarter.

Note: IDBI Bank CEO: Rakesh Sharma; IDBI Bank Headquarters: Mumbai, Maharashtra.

 AWARDS AND HONOURS

 1. 40 Scholars from Six Countries Awarded India Science Research Fellowship (ISRF) 2021: Forty scholars from six countries have been awarded with Indian Science Research Fellowship (ISRF) 2021. The winning scholars will now have the opportunity to carry out their research in Indian institutes and universities using the state of the art facilities in these places. These scholars have been selected on the basis of their research proposal, experience, academic merit and publication record.

Indian Science Research Fellowship: The Indian Science Research Fellowship is a platform to establish research cooperation and S&T partnerships with neighbouring countries of India. The initiative was launched by the Department of Science and Technology (DST) in 2015 for Afghanistan, Bangladesh, Bhutan, Maldives, Myanmar, Nepal, Sri Lanka, Thailand. Since its launch, 5 calls have been made between 2015-2019 and 128 fellows from these countries have been awarded fellowship under this programme. Due to the COVID-19 pandemic, no award was made in 2020.

 DEFENCE

 1. India-Uzbekistan joint military exercise DUSTLIK II commences in Ranikhet: The India – Uzbekistan joint military exercise DUSTLIK II has commenced in Foreign Training Node Chaubatia, Ranikhet in Uttarakhand. This is the Second Edition of the annual bilateral joint exercise of both armies. It will continue till the 19th of this month. The first edition of the exercise was held in Uzbekistan in November 2019. 45 Soldiers each from Uzbekistan and the Indian Army are participating in the exercise.

Both contingents will be sharing their expertise and skills in the field of counter-terrorist operations in mountainous or rural or urban scenarios under UN mandate. The validation exercise will be a testbed for the soldiers of both armies as they would be undergoing the challenges of actual operations in such scenarios. The joint exercise will definitely provide impetus to the ever-growing military and diplomatic ties between the two nations and also reflects the strong resolve of both nations to counter-terrorism.

Note: Capital of Uzbekistan: Tashkent; Currency: Uzbekistani Som; President of Uzbekistan: Shavkat Mirziyoyev.

 OBITUARIES

1. Veteran Marathi Actor Shrikant Moghe Passes Away: The Marathi stage and film actor, Shrikant Moghe has passed away. He was popular for his work in both Marathi and Hindi languages. He was born at Kirloskarwadi in the Sangli district of Maharashtra. He is known for his performances in Marathi films like Madhuchandra, Sinhaasan, Gammat Jammat and Umbaratha, and plays such as Varyavarchu Varaat and Tuze Aahe Tujapashi.

Daily GK Update - 11th March, 2021

 NATIONAL UPDATES:

 1. PM Narendra Modi inaugurates ‘Maitri Setu’ between India and Bangladesh: Prime Minister Shri Narendra Modi has inaugurated the ‘Maitri Setu’ bridge between India and Bangladesh through a video conference, to strengthen the connectivity between both countries and especially with the north-eastern region of India. Maitri bridge will also make Tripura the ‘Gateway of North East’ with access to Chittagong Port of Bangladesh, which is just 80 km from the Sabroom.

About the Maitri Setu bridge: The Maitri Setu bridge has been built on the Feni river, which lies between the Indian boundary in Tripura and Bangladesh. The 1.9 Kilometres long bridge will connect Sabroom in India with Ramgarh in Bangladesh. The bridge has been constructed by the National Highways and Infrastructure Development Corporation Limited at a project cost of around Rs. 133 Crore.

 2. Tirath Singh Rawat becomes new Chief Minister of U’khand: The Bharatiya Janata Party’s member of Parliament from Pauri Garhwal, Tirath Singh Rawat, will be the next chief minister of Uttarakhand. This was announced by outgoing chief minister Trivendra Singh Rawat, who resigned. Tirath Singh Rawat will be sworn in as the new chief minister of Uttrakhand. Tirath Singh Rawat was the chief of the party in Uttarakhand in 2013-15 and also an MLA from the state in the past. His name was picked over prominent candidates including Union Minister Ramesh Pokhriyal Nishank and Uttarakhand Minister Dhan Singh Rawat.

Note: Governor of Uttarakhand: Baby Rani Maurya.

 3. Jammu and Kashmir launches Super-75 Scholarship Scheme: The Jammu and Kashmir Lieutenant Governor Manoj Sinha has launched “Super-75” scholarship schemes for meritorious girls, on the occasion of International Women’s Day 2021. The basic aim of this scholarship scheme is to facilitate the education and entrepreneurship of women.

About the Super-75 scholarship scheme: The super-75 scholarship scheme will support the education of meritorious girls from poor families, so that they can excel in streams like medicine, engineering, ITI (Industrial training institutes) and humanity and contribute to nation-building. Apart from this, Lt Governor Sinha also announced a new scheme named ‘Tejaswini’. This scheme has been launched under ‘Mission Youth-J&K’. Under Tejaswini, financial assistance of Rs 5 lakhs will be provided to the girls between the age group of 18 to 35 years to start their business.

 4. Delhi govt presents Rs 69000 Cr ‘Deshbhakti’ Budget: The Delhi government presented a Rs 69,000-crore budget themed on ‘patriotism’ or ‘Deshbhakti’ for the financial year 2021-22. The budget was presented by the Deputy Chief Minister of Delhi, Manish Sisodia. While presenting the budget, he announced that the government has decided to celebrate the 75th Independence Day of India. The Delhi government will hold programmes from March 12, 2021, which will last for 75 weeks.

Under the “Deshbhakti Budget”: The government has proposed to allocate Rupees 45 crores in order to install high masts so as to hoist the national flag at 500 places in Delhi. An outlay of Rs 50 crores made under ‘Aam Aadmi Nishulk COVID Vaccine Yojana. It announced free Covid-19 vaccination to all in its hospitals in the coming phases of the ongoing inoculation drive.

The budget highlights that the government seeks to increase the per capita income of Delhi in order to reach the level of Singapore by the year 2047. The government will also allocate rupees 10 crores for the programmes on Bhagat Singh’s life during the Deshbhakti celebrations. This year’s budget accounts for the budget outlay of more than 6.1 per cent than the budget presented for financial 2020-21.

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

 5. Frontier Gandhi’s autobiography released in English: The autobiography of Khan Abdul Ghaffar Khan, popularly known as the “Frontier Gandhi”, titled “The Frontier Gandhi: My Life and Struggle” is set to be published in English by the publishing house Roli Books. This will be his first autobiography in English. The book was translated into English by Imitiaz Ahmad Sahibzada, the former Pakistani civil servant and author. The earlier account of Khan Abdul Ghaffar Khan’s life in English was a collection of his interviews and was not his autobiography. The foreword of the book is written by historian Rajmohan Gandhi, Grandson of Gandhi and the book was originally written in Pashto and published in 1983. The book by Ghaffar Khan brings out the life events and personalities of the independence movement. The book accounts the sacrifices and efforts that resulted in the Independence of India.

 6. A book on Smriti Irani’s victory in Amethi released soon: The English translation of journalist-author Anant Vijay’s book “Amethi Sangram: Aitihasik Jeet Ankahi Dastan” will be released on March 15. The book, titled “Dynasty to Democracy: The Untold Story of Smriti Irani’s Triumph”, traces Union Minister Irani’s journey from her defeat in 2014 to her victory in the Congress stronghold of Amethi, Uttar Pradesh during the 2019 Lok Sabha election. The Hindi book was published in December 2020. The book can also be seen as a study of the RSS’s working style, its strategies and exemplary execution that backed Smriti Irani’s efforts from 2014 to 2019. The 44-year-old BJP leader had defeated the then Congress chief and MP Rahul Gandhi in his family bastion by a margin of 55,120 votes. It was the second time that Irani had contested against Rahul in Amethi. In 2014, Rahul got 4,08,651 votes against Irani’s 30,0748 votes.

 INTERNATIONAL UPDATES:

 1. Switzerland votes to ban full face coverings in public places: Switzerland has voted in favour of a proposal banning full facial coverings including the burqa and niqab in almost all public places. In the public referendum, around 51.21 per cent of voters voted in support of the controversial proposal. The vote means that full facial covering will be banned in all publicly accessible places in Switzerland including on the streets, public transport, in public offices such as restaurants, shops and in the countryside.

Full-face covering will be allowed: The full-face covering will be allowed in places of worship and other sacred sites. It will also be allowed for health and safety reasons and in situations where it is a local custom such as carnivals.

Some other points: According to the proposal by the Swiss Federal Government, there will be no additional exceptions such as for tourists. France was the first European nation to ban burqas and niqabs in public places in 2011. The European Court of Human Rights had upheld the ban in 2014.

Note: Switzerland Currency: Swiss franc; Switzerland Capital: Bern.

 2. Economic Freedom Index 2021 announced: The Heritage Foundation, a US Conservative think-tank, recently launched the “Economic Freedom Index”. The index was prepared by covering 184 countries this time for the period of July 2019 to June 2020. This is the first time the index has been published since the COVID-19 pandemic overturned lives as well as global economies and the scoring reflects a small extent how governments have responded to the health crisis.

Ranking: In the index, Singapore has topped the global ranking for the second consecutive year. In the 2021 Index, India came in around the middle of the pack among Asia-Pacific countries ranking 26th out of 40 countries, scoring 56.5 points. Globally, the Foundation rates India’s economy as the 121st freest. Although its overall score is unchanged, improvements were made in business freedom. This was offset by declines in judicial effectiveness and other scores.

Index: Rank 1: Singapore; Rank 2: New Zealand; Rank 3: Australia; Rank 4: Switzerland and Rank 5: Ireland

Important Fact of the Index: The biggest news generated from the “2021 Index of Economic Freedom” was however not the rankings or how COVID-19 impacted the scores but that The Heritage Foundation decided to exclude Hong Kong from its rankings for the first time ever. The Heritage Foundation said that the reason for leaving Hong Kong out is that the Special Administrative Region and its economic policies have now come under the direct control of Beijing.

Note: Heritage Foundation Headquarters: Washington, D.C., US; Heritage Foundation Founded: 16 February 1973; Heritage Foundation Chairperson: Thomas A. Saunders III.

 OTHER UPDATES:

 SPORTS

 1. India-New Zealand World Test Championship final in Southampton: India will play their inaugural World Test Championship final against New Zealand at Southampton’s Ageas Bowl Stadium, England from June 18-22. Initially, the final was supposed to be held at the Lord’s but Southampton, with a five-star facility inside the stadium, will make it easier for both the ICC and the England and Wales Cricket Board to create a bio-bubble for the two teams.

 2. PV Sindhu wins silver in BWF Swiss Open Super 300: India’s ace shuttler PV Sindhu has won a silver medal in the BWF Swiss Open Super 300 in the final of the women’s singles event held at Basel, Switzerland. The World No. 7 Sindhu lost to World No. 3 and reigning Olympic champion Carolina Marin. Winners List of Swiss Open 2021:

Men’s Singles : Viktor Axelsen (Denmark) beat Kunlavut Vitidsarn (Thailand).

Women’s Singles: Carolina Marin (Spain) beat PV Sindhu (India).

Men’s Doubles: Kim Astrup and Anders Skaarup Rasmussen (Denmark) beat Mark Lamsfuss-Marvin Seidel (Germany).

Mixed Doubles: Thom Gicquel-Delphine Delrue (France) beat Denmark pair, Mathias Christiansen-Alexandra Boje. 

BANKING AND FINANCE

 1. HDFC Bank launches SmartUp Unnati programme: HDFC Bank on the occasion of International Women’ Day has announced the launch of a dedicated programme named “SmartUp Unnati” for mentoring women entrepreneurs by women leaders at the bank. Under the SmartUp Unnati programme, over the next one year, senior women leaders from HDFC Bank will mentor women entrepreneurs in helping them achieve their goals. This programme is available only to exist customers and will initially target more than 3,000 women entrepreneurs associated with the bank’s SmartUp programme.

Note: Headquarters of HDFC Bank: Mumbai, Maharashtra; MD and CEO of HDFC Bank: Sashidhar Jagdishan(Succeeds Aditya Puri); The tagline of HDFC Bank: We understand your world.

 BUSINESS AND ECONOMY

 1. OECD interim economic outlook pegs India’s GDP growth at 12.6% in FY22: Organization for Economic Co-operation and Development (OECD) interim economic outlook has pegged India’s gross domestic product (GDP) growth to rebound to 12.6% in FY22, which will be the fastest in the world, followed by China at 7.8% growth. India’s GDP is expected to grow at 5.4% in the following financial year, owing to the faster rebound of several large emerging-market economies.

Note: OECD Headquarters: Paris, France; OECD Founded: 30 September 1961; OECD Secretary-General: Jose Angel Gurria.

 AWARDS AND HONOURS

 1. Ashwin, Beaumont Win ICC Player of Month Awards for February: India spinner Ravichandran Ashwin was awarded the ICC Player of the Month award for February, the International Cricket Council (ICC). Ashwin beat England captain Joe Root and West Indies’ Kyle Mayers to the award. Ashwin played a crucial role with bat and ball as India raced to a 2-1 lead over England in their four-match Test series in February before eventually winning the series 3-1 in March. He was the highest wicket-taker in the series with 32 scalps and scored a century in the second Test in Chennai.

Meanwhile, England opener Tammy Beaumont won the ICC Women’s Player of the Month for February. Beaumont was the overwhelming winner after she played three ODIs in February against New Zealand where she passed fifty in each of these, totalling 231 runs. She beat her teammate Natalie Sciver and New Zealand’s Brooke Halliday to the award.

Note: Chairman of ICC: Greg Barclay; CEO of ICC: Manu Sawhney; Headquarters of ICC: Dubai, United Arab Emirates.

 2. Koneru Humpy is BBC’s Indian sportswoman of the year: World rapid chess champion Koneru Humpy has won the BBC Indian Sportswoman-of-the-Year award. BBC director-general Tim Davie, hosting the virtual awards ceremony. The Lifetime Achievement award went to veteran athlete Anju Bobby George. English cricket star Ben Stokes announced the 19-year-old Indian Shooter, Manu Bhaker as the winner of the Emerging Player-of-the-Year award category. Bhaker, won two golds at the ISSF World Cup in 2018, followed by gold at the Youth Olympics and a Commonwealth Games gold with a record to boot.

Note: BBC director-general: Tim Davie; BBC Headquarters: London, United Kingdom; BBC Established: 1922.

 OBITUARIES

 1. Former Rajasthan Governor Anshuman Singh Passes Away: Justice Shri Anshuman Singh, the former Governor of Rajasthan & Gujarat, has passed away. Anshuman Singh was a retired Justice who served as the Governor of Rajasthan from January 1999 till 2003. Prior to that, he was appointed as the Governor of Gujarat state in 1998.

Daily GK Update - 10th March, 2021

 NATIONAL UPDATES:

 1. President of India Inaugurates conservation works at Singorgarh Fort in MP: The President of India, Ram Nath Kovind has laid the foundation stone for the conservation works of Singorgarh Fort in Singrampur village of Damoh district, Madhya Pradesh. He also inaugurated the newly carved Jabalpur Circle of Archaeological Survey of India. Apart from this, President Kovind addressed the State Level Tribal Conference ‘Janjatiya Sammelan’ at Singrampur village in Damoh. The program was organized jointly by the Ministry of Culture, Government of India and the Tribal Affairs Department of Madhya Pradesh.

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

 2. Uttarakhand CM Trivendra Singh Rawat resigns: Trivendra Singh Rawat has resigned as the chief minister of Uttarakhand, a year before the hill state is scheduled to go to polls. Rawat, who became the CM after the BJP swept the assembly elections here in early 2017, tendered his resignation after meeting Governor Baby Rani Maurya. According to reports, the party is mulling bringing in a deputy chief minister, the frontrunners for the post include State Education MinisterDhan Singh Rawat, MP Ajay Bhatt and Satpal Maharaj. The central BJP leadership had recently sent two observers, party vice president Raman Singh and general secretary Dushayant Kumar Gautam, to Uttarakhand to get feedback from the party’s core group in the state amid reports of discontent against the chief minister.

 3. Dr Harsh Vardhan addresses the inaugural session of Techbharat 2021: Union Minister for Health & Family Welfare, Dr Harsh Vardhan has addressed the inaugural session of TechBharat 2021. Laghu Udyog Bharati and IMS Foundation have organized the 2nd edition of the conclave bringing together stakeholders from the HealthTech & Edutech sector on a virtual platform.

About the TechBharat 2021: Techbharat is facilitating interactions & deliberations between thousands of domestic & global participants, including policymakers, government representatives, industry members, investors & start-ups to nurture resourceful partnerships and boost growth in the sectors. The Pradhan Mantri Aatmanirbhar Swasth Bharat Yojana, with a massive outlay of over 64 thousand crore rupees over the next six years, will develop capacities of primary, secondary and tertiary care, health care systems.

 4. India’s first forest healing centre inaugurated in Uttrakand’s Ranikhet: The First Forest Healing centre of the country was inaugurated at Ranikhet in Kalika Uttarakhand. The forest healing centre has been developed by the Research Wing of Uttarakhand Forest Department after research on the healing properties of the forests and its revitalizing impact on overall health and wellbeing. It is spread over an area of around 13 acres.

About the healing centre: This healing centre has been established in a pine-dominated forest as it has been found in various studies that coniferous like Pine trees emit certain oil compounds to safeguard themselves from various microbes and pathogens, which are called phytoncides. It has been found in various researches that these compounds help to multiply natural killer (NK) cells in our blood, which help in fighting infections and cancerous growth and enhance overall immunity. It has been found that because of typical molecular vibration patterns of trees, tree-hugging has a beneficial impact on the increase in the level of feel-good hormones like oxytocin, serotonin and dopamine, creating the pleasant effect and in countries like Iceland forest department has been making efforts to facilitate this activity for benefit of health purpose of local citizens.

Note: Governor of Uttarakhand: Baby Rani Maurya.

 5. NABARD’s Chintala takes charge as chairman of APRACA: NABARD chairman, G R Chintala has assumed charge as the chairman of APRACA (Asia Pacific Rural and Agricultural Credit Association). He has taken over from DPK Gunasekera, who is also the Chief Executive Officer of Bank of Ceylon. Chintala, in his address as APRACA Chairman, appreciated the role of the members of APRACA in promoting the development of rural finance in Asia Pacific.

About the APRACA: APRACA, established in 1977, is an association of institutions involved in agricultural, rural and microfinance policy and development, representing 21 countries in the Asia-Pacific region.

 6. Central Industrial Security Forces Celebrates its 52nd Raising Day: 10th March: The Central Industrial Security Forces (CISF) – Raising Day (CRD) is observed on March 10 in India every year. In 2021, the nation is celebrating the 52nd Raising Day of CISF. The basic objective of the CISF is Better “protection and security” of industrial undertakings in both government and private sectors in the country.

About the CISF: CISF was set up under an Act of the Parliament of India on 10 March 1969, for the better protection and security of industrial undertakings in the country. Eventually, it was made an armed force of the Republic of India by another Act of Parliament passed on 15 June 1983. CISF is one of six paramilitary forces in India and functions under the Ministry of Home Affairs with its headquarters in New Delhi. The CISF has 12 reserve battalions and 8 training institutes.

Note: Director-General of Central Industrial Security Force: Subodh Kumar Jaiswal.

 INTERNATIONAL UPDATES:

 1. Google Launched “Women Will” Web Platform: Google has launched a new web platform ‘Women Will’ on March 8, 2021, on the occasion of “International Women’s Day”. This platform will provide its support to 1 million rural women in India in order for them to become entrepreneurs with the help of accelerator programmes, business tutorials and mentorship.

About the Portal: This web portal can be accessed in English and Hindi languages. It will offer guidance to the aspiring women in villages to turn their interest or a hobby like beauty services, tailoring, home tuition, food processing, etc. into the business. It will also be providing guidance to manage and promote the business. The Women Will platform is designed for women aspiring to explore entrepreneurship. To begin with, Google will work with 2,000 ‘Internet Saathis’ to help other women with this resource to start their entrepreneurial journey.

Google also announced a $500,000 Google.org grant to Nasscom Foundation to train 100,000 women Agri workers in Bihar, Himachal Pradesh, Haryana, Rajasthan, Uttarakhand and Uttar Pradesh on digital and financial literacy. The Foundation will set up a helpline where the women can get counselling on their entrepreneurship-related queries.

Note: Google CEO: Sundar Pichai; Google Founded: 4 September 1998, California, United States; Google Founders: Larry Page, Sergey Brin.

 2. Bangladesh to commemorate 50th anniversary of 1971 Liberation war: In the 50th year of Indian victory over Pakistan in the 1971 Liberation war, Indian Naval Ships arrived in the port town of Mongla for a three-day visit to Bangladesh. The Indian Naval Ships is on a three-day visit between March 8 to 10. This is the first time ever that any Indian Naval Ship is visiting the port of Mongla in Bangladesh. The basic aim of this visit is to pay homage to the Bangladeshi and Indian combatants and citizens who laid down their lives during the Liberation War of 1971 against Pakistan. The ships will take part in the ongoing Swarnim Vijay Varsh celebrations to commemorate 50 years of the Liberation War of 1971 and reiterating the historic Indo-Bangladeshi friendship.

Note: Prime Minister of Bangladesh: Sheikh Hasina; Capital: Dhaka; Currency: Taka; President of Bangladesh: Abdul Hamid.

3. UNEP Food Waste Index Report 2021: The United Nations Environment Programme (UNEP) and WRAP released the Food Waste Index Report 2021 and highlights that food wastes by different countries in 2019. As per the report, Over 931 million tonnes of food were wasted globally in 2019. Highlights:

(1) In India, the household food waste estimate is 50 kg per capita per year, or 68,760,163 tonnes a year.

(2) The household food waste estimate in the US is 59 kg per capita per year, or 19,359,951 tonnes a year.

(3) China these estimates are 64 kg per capita per year or 91,646,213 tonnes a year.

Note: UNEP Headquarters: Nairobi, Kenya; UNEP Head: Inger Andersen; UNEP Founder: Maurice Strong; UNEP Founded: 5 June 1972, Nairobi, Kenya.

 OTHER UPDATES:

 SPORTS

1. Bajrang Punia bags gold in Matteo Pellicon World ranking series: In wrestling, the World Championship bronze medallist Bajrang Punia won a gold medal at the Matteo Pallicone ranking series held in Rome, Italy. He defeated Mongolia’s Tulga Tumur Ochir 2-2 by criteria in the 65kg freestyle event final. It is the second successive gold medal for 27 years Haryana wrestler, who had won the previous gold at this competition in 2020 by beating Jordan Oliver of the USA in the final. Apart from this, the ace India woman wrestler Vinesh Phogat won the gold medal in the 53kg title. The 26-year-old Vinesh beat Canada’s Diana Weicker 4-0.

 2. India qualify for ICC World Test Championship Final: Indian Cricket Team have qualified for the inaugural ICC World Test Championship final after beating England in an innings and 25 runs in the fourth and final Test in Ahmedabad on 6th March. New Zealand had already qualified for the WTC final with 420 points from 11 Tests with 7 wins and 4 losses. The World Test Championship final will be played at the Lord’s Cricket Ground in London from June 18.

 3. Indian Boxers finishes with 10 Medals including one G old at Boxam International Tournament 2021: The 35th edition of the Boxam International Tournament was held from March 01 to 07, 2021, at Castellon, in Spain. A 14-member (8 men and 6 women) Indian contingent had participated in the event and concluded the game with 10 medals including 1 Gold, 8 Silver and 1 Bronze.

 BANKING AND FINANCE

 1. Alliance Insurance launches insurance portal ‘SMEInsure’: Alliance Insurance has launched the insurance portal ‘SMEInsure’ in order to provide financial security to Micro, Small and Medium Enterprises (MSMEs), small shop and business owners Alliance. It is a portal to insure 5 crores Small and Medium Enterprises (SMEs) under the insurance category. Notably, the portal will provide insurance services in a phygital formate. physical, through individual personal assistance and digital insurance through the portal. The target of Alliance Insurance is to reach more than 5 crore SMEs in the first year and expect revenue of Rs 10 crore. Approximately 97% of the SMEs in India are not insured. Important Points:

(1) Its objective is to help SMEs in managing multiple risks through a single platform ranging from buying insurance, renewing cover to filing claims.

(2) This portal will provide options to choose and compare products from various well-known insurance services including HDFC Ergo, Bajaj Allianz, Iffco Tokio, Tata Aig, Liberty General Insurance, Raheja QBE, Reliance General Insurance, and SBI General.

(3) SMEs can get their businesses insured for professional indemnity, director and officers, marine, fire and burglary etc

(4) In the first phase, the company will focus on the hospitality industry, shop owners, salon, offices and educational institutes.

Note: Alliance Insurance CEO & Principal Officer: S. V. Thakkar; Alliance Insurance Headquarter: Mumbai, Maharashtra.

 BUSINESS AND ECONOMY

 1. Crisil: Indian economy to grow at 11% in FY’22: India’s GDP growth is expected to rebound to 11% in FY’22 as people learn to live with the new normal, flattening of the Covid-19 affliction curve, the rollout of vaccinations, and investment-focused government spending converge, according to rating firm Crisil. But recovery won’t be easy, with scars of the pandemic deep for small businesses and the urban poor.

Note: CEO of Crisil: Ashu Suyash; Crisil Chief Economist: Dharmakirti Joshi; Headquarters of Crisil: Mumbai.

 DEFENCE

 1. Indian Navy’s ‘silent killer’ INS Karanj commissioned: The Indian Navy got its third Scorpene submarine, commissioned as INS Karanj, of Project P-75 in Mumbai. With the delivery of Karanj, India further cemented its position as a submarine-building nation. Mazagon Dock Ltd (MDL), one of India’s leading shipyards with the capacity and the capability to meet the requirements and aspirations of the Indian Navy.  Before Karanj, INS Kalvari and INS Khanderi have been commissioned in the Indian Navy in 2017 and 2019, respectively. Salient features of Karanj:

(1) Karanj is seen as a small submarine having a length of 60 metres.

(2) It’s equipped with the best sensors in the world.

(3) Weapon package includes sufficient wire-guided torpedoes and sub-surface to surface missiles to neutralise a large enemy fleet. For self-defence, it has a state-of-the-art torpedo-decoy system.

(4) It is fitted with an integrated platform management system to provide centralised propulsion and machinery control. The powerful diesel engines can quickly charge batteries for a stealthy mission profile.

(5) It is fitted with a permanent magnet synchronous motor, making it one of the quietest submarines in the world.

(6) Its modular construction enables up-gradation to air-independent propulsion in future.

Note: Chief of Naval Staff: Admiral Karambir Singh; Indian Navy Founded: 26 January 1950.

OBITUARIES

1. Dhyan Chand Awardee Veteran Indian Athlete Ishar Singh Deol passes away: Dhyan Chand National Sports Award-winning veteran Indian athlete Ishar Singh Deol, has passed away. Punjab-based Deol won the Dhyan Chand National Award in 2009 for his lifelong contribution towards sports. He was specialised in the field sports of discus and shot put. He had competed in the first three Asian Games and won a bronze medal in the second Asian Games held in Manila, the Philippines in 1954.

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.