Daily GK Update- 4th Feb, 2022

 

NATIONAL UPDATES:

 

1. GoI setting up National Land Monetisation Corporation: According to Economic Survey, the government is setting up the National Land Monetisation Corporation (NLMC) to carry out the monetization of the land and other non-core assets. The initial authorized share capital of NLMC will be Rs 5000 crores and subscribed share capital of ₹150 crores. So far, CPSEs have referred 3,400 acres of land and other non-core assets for monetization from CPSEs including MTNL, BSNL, BPCL, B&R, BEML, HMT Ltd, Instrumentation Ltd. National Land Monetisation Corporation (NLMC): The National Land Monetisation Corporation (NLMC) is being set up in accordance with the Budget announcement. It is being set up as a 100 per cent Government of India owned entity. The initial authorised share capital will be Rs 5,000 crore while subscribed share capital will be Rs 150 crore. It works as an asset manager for lands owned by central government and central public sector enterprises (CPSEs). It has the freedom to invest, lease or rent assets or monetise them based on suggestions by many sources. It is free to develop assets for commercial or residential purposes.

 

2. Sanctuaries in Gujarat, Uttar Pradesh listed as Ramsar sites: The Khijadiya Bird Sanctuary near Jamnagar in Gujarat and Bakhira Wildlife Sanctuary in Uttar Pradesh have been listed as Wetlands of International Importance by the Ramsar Convention. With this, the total number of Ramsar sites in India goes up to 49. Khijadiya has become the fourth wetland of Gujarat to get the Ramsar tag. Nalsarovar Bird Sanctuary, Thol Wildlife Sanctuary and Wadhwana wetland are the other Ramsar sites in the state. The last two were included in April last year.

About the Khijadiya Bird Sanctuary: Khijadia Wildlife Sanctuary (Ramsar site No. 2464), a freshwater wetland near the coast of the Gulf of Kutch, was formed following the creation of a bund (dike) in 1920 by the then ruler of the erstwhile princely state of Nawanagar to protect farmlands from saltwater ingress. The sanctuary is now part of Marine National Park, Jamnagar, the first marine national park in the country.

About the Bakhira Wildlife Sanctuary: On the other hand, Bakhira Wildlife Sanctuary (site no. 2465), a freshwater marsh in the Sant Kabir Nagar district, is the largest natural floodplain wetland of eastern Uttar Pradesh. The Sanctuary was established in 1980 and is protected under the Wildlife Protection Act (1972); an “eco-sensitive zone” extends up to a kilometre around its boundary.

 

3.  Dr. Madan Mohan Tripathi joins as Director General, NIELIT: Dr. Madan Mohan Tripathi has joined as Director-General of the National Institute of Electronics & Information Technology (NIELIT). Before joining NIELIT, Dr Madan Mohan Tripathi was working as Professor at Delhi Technological University (DTU), New Delhi. In DTU he also worked as Director Internal Quality Assurance Cell (IQAC) and Coordinator of Intellectual Property Rights Cell.

About the NIELIT: National Institute of Electronics & Information Technology (NIELIT) is an autonomous body under the Ministry of Electronics & Information Technology (MeitY), Government of India.

 

4. India’s 1st-ever season style book written by Akash Kansal: India’s first-ever season style book titled ‘The Class of 2006: Sneak Peek into the Misadventures of the Great Indian Engineering Life’, written by Akash Kansal a management professional. The book was virtually launched at one of the biggest book launch ceremonies at IIT Kanpur, & Delhi Technological University. “The Class of 2006” consists of 18 different episodes that recall the times spent in College. The book was released on Amazon Kindle by R. Madhavan, an Indian film actor, writer, director, and producer.

The essence of the book: ‘The Class of 2006: Sneak Peek into the Misadventures of the Great Indian Engineering Life’ consists of 18 different episodes, each with a Learning Box, and is definitely a good read to reminisce the times spent in college, especially for MBA, Engineering college students and aspirants.

 

INTERNATIONAL UPDATES:

 

1. Winter Olympics host China welcomes Year of Tiger: China is celebrating the Spring Festival, it’s the most important annual festival as it entered the Lunar new “Year of the Tiger”. Last year was celebrated as the Lunar Year of the Ox. According to the Chinese Zodiac calendar, the Year of the Ox has ended and the Year of the Tiger has begun from February 1, 2022, and will end on January 21, 2023. In Chinese culture, the tiger symbolizes bravery, vigor and strength and it is believed that it can lift people from adversity and usher in final auspiciousness and peace. Each year is named after one of 12 signs of the Chinese zodiac in a repeating cycle. This year, Spring Festival celebrations coincide with the Beijing Winter Olympics.

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

 

2. World Cancer Day: 4th February: World Cancer Day is observed every year globally on 4th February by the Union for International Cancer Control. By raising worldwide awareness, improving education and catalysing personal, collective and government action, we are all working together to reimagine a world where millions of preventable cancer deaths are saved and access to life-saving cancer treatment and care is equitable for all – no matter who you are or where you live. So this year’s World Cancer Day’s theme, “Close the Care Gap”, is all about raising awareness of this equity gap that affects almost everyone, in high as well as low- and middle-income countries, and is costing lives.

History of the day: The day came into existence on February 4, 2000, during the World Cancer Conference for the New Millennium in Paris, France.  Every year since then, people across the world observe World Cancer Day with a different theme to improve the quality of lives of cancer patients and to continue spread awareness on cancer, its prevention and treatment.

 

3. International Day of Human Fraternity: 4th February: The ‘International Day of Human Fraternity’ is celebrated across the world on 4th February. The day aims to raise awareness about different cultures and religions, or beliefs, and the promotion of tolerance; and to educate people that tolerance, pluralistic tradition, mutual respect, and the diversity of religions and beliefs promote human fraternity. It also aims to educate people that tolerance, pluralistic tradition, mutual respect, and the diversity of religions and beliefs promote human fraternity.

History of the day: The first International Day of Human Fraternity was held in 2021. The UN General Assembly adopted a resolution to declare 4 February as International Day of Human Fraternity on 21 December 2020. The Day is a part of the ‘World Interfaith Harmony Week’, observed during the first week of February, as proclaimed by UN General Assembly in 2010.

 

OTHER UPDATES:

 

SPORTS

 

1. New Zealand’s Daryl Mitchell named the ICC Spirit of Cricket Award 2021: New Zealand cricketer, Daryl Mitchell has been named the winner of the International Cricket Council (ICC) Spirit of Cricket Award 2021. This award is given to him for his gesture of refusing to take a single in the high-pressure 2021 ICC Men’s T20 World Cup Semi-Finals against England as he felt he had “obstructed” the way of bowler Adil Rashid at the Sheikh Zayed Stadium in Abu Dhabi. He has become the 4th New Zealand player to win the award after Daniel Vettori, Brendon McCullum and Kane Williamson.

About the ICC Spirit of Cricket Award: The ICC Spirit of Cricket Award is annually awarded by the ICC to recognise the player most notable for “upholding the ‘Spirit of the Game’”.

Note: ICC Chairman: Greg Barclay; ICC CEO: Geoff Allardice; ICC Headquarters: Dubai, United Arab Emirates; ICC Founded: 15 June 1909.

 

BANKING AND FINANCE

 

1. RBI cancels the licence of Nashik’s Independence Co-operative Bank Limited: The Reserve Bank of India has cancelled the license of Independence Co-operative Bank Ltd., Nashik, Maharashtra w.e.f February 03, 2022. The major reason for the cancellation of the license by RBI is that bank does not have adequate capital and earning prospects. This means that it does not comply with the provisions of Section 11(1) and Section 22 (3) (d) read with Section 56 of the Banking Regulation Act, 1949. What will happen to depositors’ money?

(1) The bank has stopped operation from the close of business on February 3, putting depositors of the bank in trouble. They would however receive up to Rs five lakh from Deposit Insurance and Credit Guarantee Corporation (DICGC), after the bank’s liquidation.

(2) RBI has told the Commissioner for Cooperation and Registrar of Cooperative Societies in Maharashtra to issue an order for winding up the bank and appoint a liquidator. As per the data submitted by the bank, more than 99 per cent of the depositors are entitled to receive the full amount of their deposits from DICGC.

Note: DICGC Chairperson: Michael Patra; DICGC Founded: 15 July 1978; DICGC Headquarters: Mumbai.

 

BUSINESS AND ECONOMY

 

1. Crisil Report: India’s GDP expected to grow 7.8% in FY23: Domestic rating agency CRISIL has estimated FY23 real GDP growth at 7.8 per cent as compared with the 8.5 per cent projected in the Economic Survey. Estimating the growth to slow to 7.8 per cent in FY23 from the 9.2 per cent in FY22. Finance Minister Nirmala Sitharaman’s Budget proposals focused on loosening the purse strings by boosting capital expenditure and going slow on fiscal consolidation are aimed in the right direction. The agency said global growth is expected to slow this year as major economies see a withdrawal of monetary and fiscal stimulus. It will have a direct bearing on India’s growth prospects as exports have been a key demand driver of domestic growth during the pandemic.

 

2. Former RBI Governor Urjit Patel quits as Britannia’s Additional Director: Former Reserve Bank of India (RBI) governor, Urjit Patel has resigned from the post of non-executive and independent director of Britannia Industries Limited, citing a full-time work assignment starting next month. He was a part of the Board of the Company. The former governor also confirmed that there was no other reason other than his new project for the resignation. Patel was recently appointed vice president for investment operations in South Asia at the Beijing-based Asian Infrastructure Investment Bank (AIIB). His appointment is effective from 1 February. As the 24th governor of RBI, Patel had succeeded Raghuram Rajan and served as the governor of RBI from 2016-2018. Prior to that, he was RBI’s deputy governor in charge of monetary policy.

 

3. SBI tie-up with Tata Power for financing solar projects: State Bank of India (SBI) has launched a dedicated centralized processing cell named ‘Surya Shakti Cell’ with the objective of strengthening the existing financing arrangement for solar power projects. SBI has collaborated with Tata Power Solar Systems Ltd. (a Tata Power Company) for financing solar power projects.

The cell has been set up in the Ballard Estate in Mumbai. The Surya Shakti Cell will process all the loan applications for Solar Projects from across India by Tata Power Solar Systems Ltd., with a maximum capacity of up to 1 MW. Loan applicants will include both business entities as well as households. The bank aims to provide an end-to-end platform for digital and hassle-free journeys to loan applicants for financing solar projects. With this digital initiative, SBI will offer a complete solution at competitive rates for solar projects.

Note: Tata Power Solar Systems Ltd. Headquarters: Mumbai; Tata Power Solar Systems Ltd. Founded: 1989.

Daily GK Update- 3rd Feb, 2022

 

NATIONAL UPDATES:

 

1. Punjab Chief Electoral Officer unveiled its mascot named ‘Shera’: Chief Electoral Officer’s office of Punjab unveiled its election mascot, “Shera” (Lion). It aims to increase voter awareness, participation and promote ethical voting in the Punjab Assembly polls that is scheduled on 20 February 2022. The mascot “Shera”, depicting a lion. It represents the rich cultural heritage of Punjab. It is promoted under the Systematic Voters Education and Electoral Participation (SVEEP) project of the Election Commission of India (ECI). SVEEP project was started in 2009, as the flagship program of the ECI for voter education.

Note: Punjab Capital: Chandigarh; Punjab Chief minister: Charanjit Singh Channi; Punjab Governor: Banwarilal Purohit.

 

2. India’s first geological park will be built in Jabalpur, Madhya Pradesh: The first geological park of India will be built in Lamheta, Jabalpur in Madhya Pradesh. Approval for the park was given by the Geological Survey of India, under the ministry of mining. Park will be constructed with an investment of Rs 35 crores, over five-acre land. The geological park will be built in Lamheta, because this place is among significant places in the world, from the geological point of view. In 1928, William Henry Sleeman had discovered a Dinosaur fossil from this area. UNESCO has also recognised Lamheta as a geo heritage site. Lameta Formation is also called Infratrappean Beds. It is a sedimentary geological formation found in Madhya Pradesh, Maharashtra and Gujarat. It is associated with the Deccan Traps. It is of the Maastrichtian age and is known for dinosaur fossils.

Geopark: Geopark is a unified area, which advances the protection and use of geological heritage in a sustainable manner. It also promotes the economic well-being of the people living there.

Note: Madhya Pradesh Capital: Bhopal; Madhya Pradesh Governor: Mangubhai C. Patel; Madhya Pradesh Chief Minister: Shivraj Singh Chouhan.

 

3. Gandhi Mandiram, Smruthi Vanam built at Srikakulam, Andhra Pradesh: Social activists have built a temple for Mahatma Gandhi and freedom fighters’ Smrithi Vanam at the Municipal Park in Srikakulam, Andhra Pradesh to inculcate patriotism among the youth by remembering the sacrifices of freedom fighters. Statues of freedom fighters and social activists were erected in the park with the help of donors. Mahatma Gandhi statue was unveiled along with Smritivanam on the eve of Mahatma Gandhi’s death anniversary in Srikakulam City. Srikakulam, also called Chicacole, the North Eastern District in AP is known for temple tourism. After observing the park development, Srikakulam municipal corporation commissioner Obulesh sanctioned Rs 4.60 lakh for the park beautification from the corporation funds.

Note: Andhra Pradesh Capitals: Visakhapatnam (executive capital), Kurnool (judicial capital), Amaravati (legislative capital); Andhra Pradesh Governor: Biswabhusan Harichandan; Andhra Pradesh Chief Minister: Y. S. Jaganmohan Reddy.

 

4. Centre nominates Hoysala Temples in Karnataka for World Heritage List in 2022-2023: The Ministry of Culture has nominated the ‘Sacred Ensembles of Hoysala’ located in Karnataka for UNESCO’s World Heritage List for 2022-2023. The ‘Sacred Ensembles of the Hoysala’ are on UNESCO’s tentative list since April 15, 2014. The Hoysala Temples was formally submitted for the nomination by the Permanent Representative of India to UNESCO Vishal V Sharma on January 31, 2022. The Hoysalas temples nominated are represented by:

(1) Chennakesava Temple at Belur (dedicated to Lord Vishnu)

(2) Hoysaleswara Temple at Halebidu (dedicated to Lord Shiva)

(3) Kesava Temple at Somanathapura (dedicated to Lord Vishnu)

 

5. Global Center of Excellence in Affordable and Clean Energy (GCoE-ACE) inaugurated at IIT Dharwad: The Global Center of Excellence in Affordable and Clean Energy (GCoE-ACE) has been inaugurated at the Indian Institute of Technology, Dharwad (IITDh) in Karnataka. GCoE-ACE will help to boost research in affordable and clean energy; build capacity, and invent technology to implement renewable energy on field. The facility has been set up by Honeywell Hometown Solutions India Foundation (HHSIF). HHSIF is a not-for-profit organisation under the multinational conglomerate Honeywell.

 

INTERNATIONAL UPDATES:

 

1. Dubai will launch World’s first Hydrogen-powered Flying Boat ‘The Jet’: Dubai firm, THE JET ZeroEmission announced the launch of the World’s first hydrogen-powered flying boat ‘THE JET’ in Dubai, United Arab Emirates. ‘THE JET’ features cutting-edge characteristics and technologies, making it capable of flying in silence over the waters at a cruising speed of 40 knots and also has a capacity of carrying 8-12 passengers.

This announcement comes as a result of the agreement signed between Swiss startup THE JET ZeroEmission, UAE-based Zenith Marine Services, and US-based DWYN to manufacture and operate ‘The Jet’ in Dubai. THE JET will have its inaugural flight during the COP28, which is scheduled to be held in Dubai, UAE in 2023.

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

 

OTHER UPDATES:

 

BANKING AND FINANCE

 

1. Banks to transfer 15 NPA accounts worth Rs 50,000 crores to NARCL in FY22: As per SBI Chairman Dinesh Kumar Khara, National Asset Reconstruction Company Ltd (NARCL) or bad bank and IndiaDebt Resolution Company Ltd (IDRCL) are ready to commence operations. A total of 38 Non-Performing Asset (NPA) accounts worth Rs 82,845 crore have been identified to be transferred to NARCL initially. In Phase I, 15 stressed assets (i.e. Non-Performing Asset accounts) worth Rs 50,000 crore will be transferred to NARCL in the current financial year. Public Sector Banks have taken a majority stake in NARCL, IDRCL will be majorly owned by private sector banks.

 

BUSINESS AND ECONOMY

 

1. HPCL launches Non-Fuel Retail Store ‘HaPpyShop’: Hindustan Petroleum Corporation Ltd. (HPCL) has marked its foray into the non-fuel retailing sector by inaugurating its Retail Store under the brand name HaPpyShop, to make available the products of daily need to its customers at their convenience. The first retail store was launched by HPCL in September 2021 in Mumbai at Company’s Retail Outlet located at Nepean Sea Road. Giving it a further push, the company has announced the opening of two more Convenience Stores of ‘HaPpyShop’ on January 31, 2022.  The two new stores are located at: (a) Company’s Auto Care Centre, Bandra West in Mumbai and (b) Millennium Retail Outlet in Visakhapatnam

In addition to this, HPCL has launched the platform in a purely online format by opening the Online Store at Madurai. HPCL is also marketing branded packaged drinking water at its Retail Outlets across the country under the name ‘Paani@Club HP’.

Note: HPCL Headquarters: Mumbai; HPCL CEO and Chairperson: Mukesh Kumar Surana.

 

2. GAIL commences India’s first-of-its-kind project of mixing hydrogen into the natural gas system: GAIL (India) Limited has started India’s first-of-its-kind project of mixing hydrogen into the natural gas system at Indore, Madhya Pradesh. GAIL will supply this hydrogen blended natural gas to Avantika Gas Ltd for retailing of CNG to automobiles and piped natural gas to households in Indore. Avantika Gas Ltd is a joint venture of GAIL and HPCL. India has committed to achieving net-zero carbon emissions by 2070. Mixing of hydrogen with renewable energy will help in achieving this goal.

 

3. Tata Sky Rebrands itself as Tata Play: Tata Sky has dropped the ‘sky’ brand name after 15 years and has rechristened itself as Tata Play. The DTH company has joined hands with Netflix to offer new OTT (over the top) content-centric channel packs as well. The new name of the company will be visible to the viewers. Tata Play Binge will hosts content from 13 leading OTT apps through a single User Interface while offering the flexibility of a single subscription and payment.

Through the new identity as Tata Play, companies simply aim to signify their expanded range of products and services and their desire to be future-ready while making tomorrow better than today for homes and families. Tata Play was founded in 2006. It is a joint venture between the Tata Sons (60%) and The Walt Disney Company (30%), with Temasek Holdings, Singapore (10%).

 

DEFENCE

 

1. Lt Gen GAV Reddy named as new Defence Intelligence Agency Head: Lieutenant General GAV Reddy has been appointed as the new head of the Defence Intelligence Agency. General Reddy would be succeeding Lt Gen KJS Dhillon. Lieutenant General KJS Dhillon retired after serving in various strategic positions during his 39-year career in the Indian Army.

The Director-General of the Defence Intelligence Agency is the head of the organisation and is among the principal advisors on intelligence to the Minister of Defence and the Chief of Defence Staff. The post of the director general is held on a rotation basis between the three Armed services. The first Director-General of the DIA was Lt Gen Kamal Davar, former director-general of the Indian Army’s Mechanised Forces.

 

2. Lt Gen Manoj Pande takes over as new Vice-Chief of Army Staff: Government has appointed Lieutenant General Manoj Pande as the new Vice Chief of Army Staff. He will take over from Lieutenant General Chandi Prasad Mohanty who superannuated on January 31, 2022. Prior to this appointment, Lt Gen Pande was the Eastern Army Commander since June 01, 2021.

 

OBITUARIES

 

1. Actor & filmmaker Amitabh Dayal passes away: Actor and filmmaker Amitabh Dayal has passed away after suffering a heart attack at the age of 51. Dayal has worked in films like Kagaar: Life on the Edge (2003) with Om Puri, Bhojpuri film Rangdari (2012) and Raj Babbar’s Dhuaan (2013), Amitabh Bachchan’s Virrudh (2005). He also worked on P. Akash’s Dillagi…Yeh Dillagi (2005), the film started Dharmendra, Rati Agnihotri and Kapil Dev, but never saw light of the day.

Daily GK Update- 2nd Feb, 2022

 

NATIONAL UPDATES:

 

1. Ministry of Defence begins Home Delivery of medicines under SeHAT scheme: Ministry of Defence had launched the Services e-Health Assistance and Teleconsultation (SeHAT) medical teleconsultation service for all entitled armed forces personnel and their families in May 2021. To add further to this initiative, the Home Delivery or Self Pickup of Medicines to patients seeking consultation on SeHAT will be started w.e.f February 01, 2022.

About the SeHAT scheme:

(1) SeHAT stay home OPD is a patient-to-doctor system where the patient can consult a doctor remotely through the internet using his Smartphone, laptop, Desktop or Tablet.

(2) The consultation occurs through video, audio and chat at the same time. It aims to provide quality healthcare services to patients from the comfort of their homes.

(3) Safe and structured video-based clinical consultations between a doctor in a hospital, and a patient within the confines of his or her home anywhere in the country, have been enabled. It is designed to be extremely simple and easy to use, which requires minimal effort from the users.

(4) The user does not need to pay anything to seek teleconsultation & can simply access the services by visiting https://sehatopd.gov.in, or by using the SeHAT apps available on the Play store & App Stores.

 

2. Government extends deadline for PLI Scheme for Textiles till 14.02.2022: Ministry of Textiles has extended the timeline for submission of applications under the PLI Scheme for Textiles till February 14, 2022. Earlier this deadline was 31st January 2022.

Some facts about PLI Scheme for Textiles: Total financial outlay- Rs 10,683 crore; This scheme envisages incentives for the production of man-made fibre (MMF) Apparel, MMF Fabrics and Technical Textiles Products manufactured in India; The scheme will be in operation from September 24, 2021 to March 31, 2030. The incentive under the scheme will be payable for five years; The Empowered Group of Secretaries (EGoS) chaired by the Cabinet Secretary will monitor the progress of this PLI scheme;

 

3. Govt mandates storage of ISD, satphone, conference calls, and messages details for 2 yrs: The government has made it mandatory for telecom companies for storage of: international calls, satellite phone calls, conference calls and messages made over normal networks as well as on the internet for a period of at least two years. This comes after the Department of Telecom (DoT) made an amendment in the unified licence (UL) in December 2021 which extended storage of call data records as well as internet logs to two years from earlier provision of one year. UL holders are telecom companies like Bharti Airtel, Reliance Jio, Vodafone Idea, BSNL for providing all kinds of telecom services, except satellite phone services.

 

4. Torgya Festival celebrated in Arunachal Pradesh 2022: The three days long Torgya Festival of the Monpa tribal community of Arunachal Pradesh is celebrated at Tawang Monastery, Arunachal Pradesh. The main attraction of the festival is the ‘Sha-na Cham’, the ritual dance performed by monks to showcase the Choe-Gyal Yap & Yum Tsa-Munde deity. This year is the ‘Dungyur Torgya’ festival, which marks a special occasion as every 3rd year, the festival is organized on a broader level with the name Dungyur Festival during which Dalai Lama offers blessings (also known as Tse-Boom) to other lamas by sending Feb Jum which is a holy item to be used in rituals.

Note: Arunachal Pradesh Capital: Itanagar; Arunachal Pradesh Chief Minister: Pema Khandu; Arunachal Pradesh Governor: B.D. Mishra.

 

5. A book titled ‘Operation Khatma’ authored by R C Ganjoo & Ashwini Bhatnagar: A book titled ‘Operation Khatma’ has been released which is authored by journalists RC Ganjoo and Ashwini Bhatnagar. The book is based upon the operation by the Special Operations Group of Jammu & Kashmir Police which led to the killing of 22 terrorists of the Jammu & Kashmir Liberation Front (JKLF). It is a graphic first-hand thriller on terrorism in Kashmir. The blood-splattered rivalry between JKLF and HM, and the short, sharp surgical strike -OPERATION KHATMA- that broke the back of terrorism in the Valley.

 

INTERNATIONAL UPDATES:

 

1. Antonio Costa re-elected as Prime Minister of Portugal: The Prime Minister of Portugal, Antonio Costo has been re-elected after his centre-left Socialist Party secured a landslide victory in the 2022 Portuguese legislative election. Socialist Party bagged 117 seats in the 230 seats Parliament. Despite predictions of a tight race, the main opposition centre-right PSD party landed 27.8 per cent for 71 seats. Antonio Costo is serving as the 119th Prime Minister of Portugal since 26 November 2015.

Note: Portugal President: Marcelo Rebelo de Sousa; Portugal Capital: Lisbon; Portugal Currency: Euro.

 

2. North Korea successfully tests fire most powerful Hwasong-12 ballistic missile: North Korea successfully tested its Hwasong-12 intermediate-range ballistic missile from the Jagang Province area. This was the first nuclear-capable missile testing undertaken by the country since 2017. The Hwasong-12 has an estimated range of 4,500 km (2,800 miles). North Korea’s series of missile test-fires, including intermediate-range ballistic missiles, pose a direct and serious threat to us and a grave challenge to international peace and stability. The string of launches in 2022 comes at a delicate time in the region, with Kim’s sole major ally China set to host the Winter Olympics next month and South Korea gearing up for a presidential election in March.

Note: North Korea Capital: Pyongyang; North Korea Supreme leader: Kim Jong-un; North Korea Currency: North Korean won.

 

3. World Wetlands Day: 2nd February: World Wetlands Day is observed every year on February 2 all over the world. 2022 marks 51 years of the Convention on Wetlands. The international theme for World Wetlands Day 2022 is ‘Wetlands Action for People and Nature’. The day aims to raise awareness about the crucial role played by wetlands for people and our planet.

History: The day is celebrated to mark the date of the adoption of the Convention on Wetlands on February 2, 1971, in the Iranian city of Ramsar on the shores of the Caspian Sea. World Wetlands Day was first celebrated in 1997.

 

OTHER UPDATES:

 

SPORTS

 

1. Khelo India 2022 Scheme Allocation Increases by 48% in Budget:  The Government has decided to continue the scheme of ‘Khelo India – National Programme for Development of Sports’ over the 15th Finance Commission Cycle — 2021-22 to 2025-26 — at an outlay of Rs 3165.50 crore. Khelo India Scheme Allocation increases by 48 per cent in Budget 2022 and includes it in the Prime Minister’s Award Scheme.”

About the Khelo India Scheme: The Khelo India scheme is the flagship Central Sector Scheme of the Sports ministry. It aims at infusing sports culture and achieving sporting excellence in the country thus allowing the populace to harness the power of sports through its cross-cutting influence.

Note: Minister of Youth Affairs and Sports: Anurag Singh Thakur.

 

BANKING AND FINANCE

 

1. PNB launches co-branded contactless credit cards with Patanjali: Punjab National Bank (PNB) and Patanjali Ayurved Limited (PAL) have launched co-branded contactless credit cards in partnership with the National Payments Corporation of India (NPCI). The co-branded credit cards are offered on NPCI’s RuPay Platform and are available in two variants – PNB RuPay Platinum and PNB RuPay Select. Both the co-branded cards offer a hassle-free credit service to purchase day-to-day Patanjali products, along with cash backs, loyalty points. PNB RuPay Platinum and PNB RuPay Select cardholders will receive a welcome bonus of 300 reward points on activation. Benefits of the cards:

(1) Platinum and Select cards come with attractive insurance cover of ₹2 lakh and ₹10 lakh, respectively for Accidental Death and Personal Total Disability.

(2) Platinum Card offers a credit limit of ₹25,000 to ₹5 lakh and Select Card ₹50,000 to ₹10 lakh. The Platinum version comes with a zero joining fee and an annual fee of ₹500, while the Select version offers a low joining fee of ₹500 and an annual fee of ₹750.

(3) The annual fees will be waived off in case of the card is used at least once in each quarter in the preceding year.

Note: Punjab National Bank Founded: 1894; Punjab National Bank Headquarters: New Delhi; Punjab National Bank MD & CEO: Atul Kumar Goel; Punjab National Bank Tagline: The Name You Can Bank Upon.

Patanjali Ayurved Limited Founded: January 2006; Patanjali Ayurved Limited Headquarters: Haridwar; Patanjali Ayurved Limited Founders: Ramdev, Balkrishna.

 

BUSINESS AND ECONOMY

 

1. Assets under management for ESG funds rose 2.5 times to USD 650 mn in FY21: IT industry body Nasscom has informed that the Assets under management for Environmental, Social and Governance (ESG) Funds in India increased 2.5 times to USD 650 million in the financial year 2021 on an annual basis. The assets under management for ESG funds in 2020 was USD 275 million.

ESG funds: Funds whose asset allocation includes shares and bonds of those companies that are evaluated based on the factors of environmental, social, and governance to assess their sustainability.

 

2. Samsung Surpasses Intel as World’s top semiconductor company in 2021: South Korean electronics manufacturing giant, Samsung Electronics surpassed U.S chipmaker Intel to become the world’s leading chipmaker by revenue in 2021, according to a report released by research firm Counterpoint Technology Market Research. While Intel posted relatively flattish results, Samsung took the lead with a strong DRAM and NAND flash market performance in 2021. Samsung also saw solid momentum in logic chips this year. Memory vendors continued to lead the industry with SK Hynix and Micron taking the third and fourth positions, followed by IC design vendors, including Qualcomm and NVIDIA. The year saw 19% YoY revenue growth.

Note: Samsung Electronics Headquarters: Suwon-si, South Korea; Samsung Electronics Founder: Lee Byung-chul; Samsung Electronics Founded: 13 January 1969; Samsung Electronics CEO: Kim Hyun Suk, Kim Ki Nam & Koh Dong-Jin.

 

OBITUARIES

 

1. Senior advocate & Additional Solicitor General Rupinder Singh Suri passes away: Senior advocate and Additional Solicitor General (ASG), Rupinder Singh Suri has passed away. He was appointed the ASG in June 2020. He was designated as a senior advocate in 2009 and also served as the President of the Supreme Court Bar Association and the Supreme Court Advocates on Record Association. He served as standing counsel in the Supreme Court for Punjab for about 15 years.

Daily GK Update- 1st Feb, 2022

 

NATIONAL UPDATES:

 

1. Union budget 2022 presented by FM Nirmala Sitharaman: Union Finance Minister, Nirmala Sitharaman presented the Union Budget 2022 for the 4th time in a row. She presented the financial statements and tax proposals for the fiscal year 2022-23 (April 2022 to March 2023). A Made in India tablet has replaced the traditional ‘Bahi Khata’.

The Economic Survey 2021-22 was released on 31st January 2022 by the Chief Economic Advisor of India, V Anantha Nageswaran. The government sees the Indian economy growing at 8-8.5 per cent in the financial year 2022-23 (FY23).

Here are the key highlights from the Union Budget 2022-23:

1)      Finance Minister Nirmala Sitharaman, while presenting the Budget, said that the country is expected to grow at 9.27 per cent.

2)      Two parallel tracks for the next 25 years: public investments in infrastructure and a budget that is inclusive and futuristic.

3)      7 focus areas: PM Gati Shakti, Inclusive Development, Productivity Enhancement, Sunrise Opportunities, Energy Transition, Climate Action and Financing of investments.

4)      This Union Budget seeks to lay the foundation & give a blueprint of the economy over ‘Amrit Kal’ of next 25 years – from India at 75 to India at 100.

5)      Production Linked Incentive schemes in 14 sectors with the potential to create 60 lakh new jobs, and the additional new production of Rs 30 lakh crore.

6)      Emergency Credit Line Guarantee Scheme to be extended up to March 2023, guaranteed cover extended by another Rs 50,000 crore. The total cover under the scheme is now Rs 5 lakh crore. An additional amount has been earmarked for the hospitality sector.

7)      Announcement of Ken Betwa river linking project worth Rs 44,605 crore to be beneficial for capital goods players.

8)      5G spectrum auctions to be carried out in calendar 2022 to enable the launch of services within FY22-23.

9)      Effective capital expenditure of the Central government is estimated at Rs 10.68 lakh crore in 2022-23, about 4.1% of GDP.

10)  To facilitate domestic manufacturing of 280 gigawatts of installed solar capacity by 2030, an additional allocation of Rs 19,500 crore for PLI for manufacturing of high-efficiency modules with priority to fully integrate manufacturing units to solar PV modules will be made.

11)  Digital rupee to be issued using blockchain and other technologies and will be issued by RBI starting 2022-23.

12)  For 2022-23, an allocation of Rs 1 lakh crore has been made to assist the states in catalysing overall investments in the economy. These 50-year interest-free loans are over and above normal borrowings allowed to states. It’ll be used for PM Gati Shakti-related and other productive capital investments of states.

13)  Tax Proposals:

a)      Nirmala Sitharaman announced a new tax rule for taxpayers where a taxpayer can file an updated return on payment of taxes within two years from the end of the relevant assessment year.

b)      Both Centre and States govt employees’ tax deduction limit to be increased from 10% to 14% to help the social security benefits of state government employees and bring them at par with the Central govt employees.

c)       Income from transfer of digital assets (Cryptocurrency) to be charged 30% tax, plus 1% tax on the transaction.

d)      Existing tax benefits for startups, which were offered redemption of taxes for 3 consecutive years, to be extended by 1 more year.

e)      Income from Long Term Capital Gains will be taxed at 15%.

f)        Customs on polished diamonds, gemstones cut to 5%. Simply sawn diamonds will be exempted. To facilitate the export of jewellery through e-commerce, simplified regulations will be in place by June this year.

g)      Deduction for employer contribution to NPS increased to 14% from 10% earlier for State govt employees on par with central govt employees.

h)      Alternate Minimum Tax for cooperative societies to be cut to 15%. The proposal will reduce the surcharge on cooperative societies to be reduced from 12% to 7%, for those whose income is between Rs 1 crore and Rs 10 crore.

i)        Unblended fuel to get an additional duty of 2 rupees per litre from October 2022.

j)        Finance Minister announced a reduction of surcharge on unlisted shares from 28.5 per cent to 23 per cent.

 

14)  Financial inclusion: 100% of 1.5 lakh post offices will come on the core banking system, enabling financial inclusion and access to accounts through net banking, mobile banking, ATMs, and also providing online transfer of funds between post office accounts and bank accounts.

15)  Education sector: States will be encouraged to revise syllabi of agricultural universities to meet needs of natural, zero-budget & organic farming, modern-day agriculture. One class, one TV channel’ program of PM eVIDYA will be expanded from 12 to 200 TV channels. This will enable all states to provide supplementary education in regional languages for classes 1 to 12.

16)  Indian Railways: PM Gati Shakti plans one of the four pillars of growth. 25,000 km of national highways to be built in 2022-23. 400 new-generation Vande Bharat trains with higher efficiency and better facilities for passengers will be developed in the next three years. Over 2,000 km of the rail network to be brought under the indigenous world-class technology KAWACH, for safety and capacity augmentation.

17)  India’s farmers: Procurement of wheat in Rabi season 2021-22 and the estimated procurement of paddy in Kharif season 2021-22 will cover 1,208 lakh metric tonnes of wheat and paddy from 163 lakh farmers & Rs 2.37 lakh crores will be the direct payment of MSP value to their accounts.

18)  Infrastructure: PM Awas Yojana: In 2022-23, 80 lakh houses will be completed for identified beneficiaries of PM Awas Yojana; 60,000 houses will be identified as beneficiaries for PM Awas Yojana in rural & urban areas. 60,000 crore allocated for providing access to tap water to 3.8 crore households. In 2022-23, 80 lakh households will be identified for the affordable housing scheme.

19)  Defence: 68% of the capital procurement budget for Defence to be earmarked for domestic industry to promote Aatmanirbharta and reduce dependence on imports.

 

2. Prime Minister Modi launches Pandit Jasraj Cultural Foundation: Prime Minister Narendra Modi has launched the Pandit Jasraj Cultural Foundation on the occasion of the 92nd birth anniversary of the Indian classical vocalist. Prime Minister Modi said that the World is entitled to benefit from Indian music like they have from Yoga. Durga Jasraj and Pandit Shaarang Dev keep alive the glorious legacy of the maestro. Yoga, Indian music has the capacity to stir the depth of the human mind and the world is entitled to be benefited from it.

About the Pandit Jasraj Cultural Foundation: The Pandit Jasraj Cultural Foundation has been founded by Pandit Jasraj’s son Shaarang Dev Pandit, and his daughter, Durga Jasraj. The main objective of the fluctuation is to protect, preserve, develop and promote the National Heritage, Art & Culture of India. Pandit Jasraj’s career spanned over 75 years resulting in national and international fame, respect, and numerous major awards and accolades. He passed away on August 17, 2020, after he suffered from cardiac arrest at his home in New Jersey.

 

3. PM Modi addresses 30th National Commission for Women Foundation Day: Prime Minister Shri Narendra Modi has addressed 30th National Commission for Women Foundation Day programme on January 31, 2022, via video conference. The event was organised to celebrate the achievements of women in different fields. The theme of the programme was ‘She The Change Maker’. The Prime Minister remarked that today, in changing India, the role of women is continuously expanding. Therefore, he said, the expansion of the role of the National Commission for Women is also the need of the hour. All the women’s commissions of the country will also have to increase their scope and give a new direction to the women of their states.

National Commission for Women (NCW): The National Commission for Women (NCW) is the statutory body of the Government of India. NCW was set up on 31 January 1992 under the National Commission for Women Act, 1990. Its basic objective is to advise the government on all policy matters affecting women. The incumbent Chairperson of NCW is Rekha Sharma since 30 November 2018. Its first head was Jayanti Patnaik.

 

4. Indian Coast Guard celebrates its 46th Raising Day 2022: Indian Coast Guard is celebrating its 46th Raising Day on 01 Feb 2022. As the fourth largest Coast Guard in the world, the Indian Coast Guard has played a significant role in securing the Indian Coasts and enforcing regulations in the Maritime Zones of India. The ICG was formally established on February 1, 1977, by the Coast Guard Act, 1978 of the Parliament of India. It operates under the Ministry of Defence.

From a modest beginning with just 07 surface platforms in 1978, ICG has grown into a formidable force with 158 ships and 70 aircraft in its inventory and is likely to achieve targeted force levels of 200 surface platforms and 80 aircraft by 2025. One of the primary duties of the Indian Coast Guard is prevention of smuggling through maritime routes in its area of responsibility. In the last one year, it has seized drugs and contraband worth nearly four thousand crore rupees.

Note: Indian Coast Guard Director-General: Virender Singh Pathania; Indian Coast Guard Founded: 1 February 1977; Indian Coast Guard Headquarters: Ministry of Defence, New Delhi.

 

INTERNATIONAL UPDATES:

 

1. World Interfaith Harmony Week: 1st to 7th February: World Interfaith Harmony Week is an annual event observed during the first week of February (1-7 February), after General Assembly designation in 2010. World Interfaith Harmony Week (WIHW), was conceived to promote cultural peace and nonviolence. The World Interfaith Harmony Week is based on the pioneering work of The Common Word initiative.

This initiative, which started in 2007, called for Muslim and Christian leaders to engage in a dialogue based on two common fundamental religious Commandments; Love of God, and Love of the Neighbour, without nevertheless compromising any of their own religious tenets. The Two commandments are at the heart of the three Monotheistic religions and therefore provide the most solid theological ground possible.

History of the week: World Interfaith Harmony Week (WIHW), conceived to promote culture, peace and nonviolence, was first proposed by King Abdullah II of Jordan at the United Nations in 2010.

 

OTHER UPDATES:

 

SPORTS

 

1. Chennai Super Kings becomes India’s First Unicorn Sports Enterprise: Chennai Super Kings (CSK), has become the country’s first sports Unicorn with its market cap having touched a high of Rs 7,600 crores and its share in the grey market trading in the Rs 210-225 price band. The Mahendra Singh Dhoni-led CSK, which won its fourth IPL title in Dubai last year, now has a market cap more than its parent entity, India Cements. India Cements’ market cap stood at Rs 6,869 crores. Two key reasons which have led CSK’s market cap to go past its parent entity are the team winning its fourth IPL title in Dubai, and two new franchises being added to the upcoming season at record prices.

 

2. Unnati Hooda and Kiran George wins 2022 Odisha Open: Indian teenager Unnati Hooda beat compatriot Smit Toshniwal, 21-18, 21-11, to claim the women’s singles title at the 2022 Odisha Open badminton tournament. The 14-year old Unnati is the youngest Indian to win the tournament. In men’s singles, India’s 21-year-old Kiran George beat Priyanshu Rajawat 21-15, 14-21, 21-18 to emerge as the winner. The 2022 Odisha Open is a BWF Super 100 tournament, organized at the Jawaharlal Nehru Indoor Stadium, Cuttack, Odisha.

 

BANKING AND FINANCE

 

1. RBI imposed restrictions on Indian Mercantile Cooperative Bank Ltd: Reserve Bank of India has imposed several restrictions on Indian Mercantile Cooperative Bank Ltd, Lucknow, including a cap of Rs 1 lakh on withdrawals. The restrictions came into force from the closure of business hours on January 28, 2022. RBI said the Lucknow-based co-operative bank will not, without its prior approval, grant or renew any loans and advances, or make any investment. The restrictions would remain in force for six months and are subject to review.

The RBI has imposed the above restriction in the exercise of powers vested in it under sub-section (1) of Section 35 A read with Section 56 of the Banking Regulation Act, 1949 (AACS). In particular, a sum not exceeding Rs 1 lakh of the total balance across all savings bank or current accounts or any other account of a depositor, may be allowed to be withdrawn, subject to certain conditions.

 

BUSINESS AND ECONOMY

 

1. Tata group acquires Neelachal Ispat Nigam Ltd for Rs 12,100 crore: Tata Group company, Tata Steel Long Products Ltd’s (TSLP) has acquired Odisha-based Neelachal Ispat Nigam Ltd (NINL) for Rs 12,100 crore. Neelachal Ispat Nigam Ltd (NINL) is a steel plant located in Kalinganagar in Odisha and was shut in March 2020 due to continued losses. It has a capacity of 1.1 million tonnes a year. This is the 1st instance of privatisation of a public sector steel manufacturing enterprise in India.

NINL is a joint venture of four central public sector companies — Minerals and Metals Trading Corporation (MMTC), National Mineral Development Corporation (NMDC), Bharat Heavy Electricals Limited (BHEL) and MECON — and Odisha government entities OMC and IPICOL. NINL’s plant has been shut since March 2020. The Odisha government has 32.47 per cent stake in NINL through IPICOL and OMC, whereas the MMTC holds the 49.78 per cent share.

Note: Tata Steel Founded: 25 August 1907, Jamshedpur; Tata Steel CEO: T. V. Narendran (31 Oct 2017–); Tata Steel Founder: Jamsetji Tata; Tata Steel Headquarters: Mumbai.

 

2. NPCI announces UPI safety and awareness week: National Payments Corporation of India (NPCI) and the UPI ecosystem (comprising of leading banks and fintechs) have announced the UPI Safety and Awareness initiative, to create awareness amongst consumers. Under this initiative, NPCI and the UPI ecosystem will observe February 1-7 as ‘UPI Safety and Awareness Week’ and the whole of February as ‘UPI Safety and Awareness Month’.

NPCI has urged users to follow the concept of UPI Safety Shield which mentions 5 tips for safe UPI transactions. With an aim to create awareness amongst consumers, National Payments Corporation of India (NPCI) and the UPI ecosystem have announced the UPI Safety and Awareness initiative.

Under this programme, NPCI urges all the customers to follow the concept of UPI Safety Shield, which the company has derived to educate customers all about UPI payments. The UPI Safety and Awareness initiative will help vulnerable and first-time customers in overcoming their fears of adopting digital payments and guide them to pursue safe payments on the UPI platform.

Note: NPCI Founded: 2008; NPCI Headquarters: Mumbai, Maharashtra; NPCI MD & CEO: Dilip Asbe.

 

AWARDS AND HONOURS

 

1. PR Sreejesh wins World Games Athlete of the Year award 2021: Indian men’s hockey player PR Sreejesh has won the World Games Athlete of the Year award for 2021. He is the second Indian after Rani Rampal to win this award. In 2020, Indian women’s hockey captain Rani Rampal became the first Indian to win the honour for her performances in 2019.

A total of 24 athletes from 17 countries were nominated for the annual awards based on individual or team performance. Alberto Ginés López of Spain and wushu player Michele Giordano of Italy are the runner-ups. In the FIH Stars Awards in October, Sreejesh was named the goalkeeper of the year for 2021.