Daily GK Update- 18th Mar, 2022

 

NATIONAL UPDATES:

 

1. India’s first ‘World Peace Center’ will be established in Gurugram: Ahimsa Vishwa Bharti organisation established by Ambassador of Peace, Eminent Jainacharya Dr Lokeshji will establish India’s first World Peace Center in Gurugram, Haryana. For this, the Haryana Government has allotted a plot to the organization in Sector 39 of Gurugram opposite Medanta Hospital and adjacent to Delhi-Jaipur Highway. ‘World Peace Center’ will work for the establishment of peace and harmony in the world.

The Ahimsa Vishwa Bharti had got the plot by depositing the entire amount in the Government treasury, on which the construction work of about 25000 square feet will be completed in two years. He expressed his gratitude to the Hon’ble Chief Minister of Haryana, Manohar Lal Khattarji.

About the peace centre:

a)      The voice of this centre of Gurugram will be heard all over the world by its work, including the United Nations and the World Religion Parliament.

b)      ‘World Peace Center’ will be a major world-class centre for personality building, where various dimensions such as Personality Development of Youth, Empowerment of Women and Sanskar Development in Children through Meditation, Yoga, Indian Culture and Jain lifestyle based scientific programs will also be conducted here.

 

2. ‘Gender Samwaad’ organised by the Ministry of Rural Development: Over 3000 State Mission employees and members of Self-Help Groups (SHGs) from 34 states logged in to attend the third edition of ‘Gender Samwaad,’ organised by the Deendayal Antyodaya Yojana-National Rural Livelihoods Mission (DAY-NRLM), Ministry of Rural Development. It’s a national virtual effort run by the DAY-NRLM to raise awareness about the mission’s activities around the country via the perspective of gender. Promotion of food and nutrition security through women’s collectives’ was the focus for this edition. The event was held as part of the Amrit Mahotsava‘s Iconic Week commemoration theme of ‘Naye Bharat ki Naari.‘

Key Points:

a)      National and State Rural Livelihoods Missions (SRLMs) were able to hear from SHG women and share and learn from best practices during the event. Shri Nagendra Nath Sinha, Secretary, Ministry of Rural Development, spoke at the online gathering and underlined the potential of women collectives to encourage behaviour change and access to services. “Across the country, SHG women played a critical role in promoting COVID-19 awareness among over 5.5 crore rural families,” he said.

b)      Nita Kejrewal, Joint Secretary, Ministry of Rural Development, shared the Ministry’s perspective and initiatives on food, nutrition, health, and WASH interventions (FNHW). “SHGs under the DAY-NRLM are focusing on a variety of interventions to combat malnutrition, including increasing rural household income, enhancing productivity, and diversifying nutrient-rich food crops, as well as social and economic development.”

c)       Shri Dhrijesh Tiwari, Statistical Advisor, Ministry of Women and Child Development, discussed the Ministry’s many measures for women’s and children’s nutrition.

d)      Smt. Meeta Rajivlochan, Member Secretary, National Commission for Women, spoke about the importance of women’s nutrition and their rights and entitlements in this area.

e)      Dr. Kalyani Raghunathan of the International Food Policy Research Institute (IFPRI) presented the findings of studies on the impact of relevant food and nutrition interventions through women collectives.

 

3. Fortune India The Next 500 list 2022: RailTel ranked 124th: RailTel Corporation of India Limited (RailTel), owned by the Indian Railways, Ministry of Railways, has ranked 124th in the 8th Edition Fortune India The Next 500 (2022 edition) of top midsize companies operating in India. It is the only Telecom Public Sector Undertakings (PSU) of the Government of India (GoI) on the list. It was ranked 197 in the 2021 list of top midsize companies operating in India.

Apart from RailTel, IRCTC is the only Railway PSU featuring in the list, at the rank of 309. This Fortune India The Next 500 is published annually by Fortune India English Monthly magazine. RailTel is one of the largest neutral telecom infrastructure services providers in the country.

Note: RailTel Founded: September 2000; RailTel Headquarters: Gurgaon, Haryana; RailTel CMD: Puneet Chawla.

 

4. Ranjit Rath named as Chairman & MD of Oil India Ltd: Ranjit Rath has been named as the next Chairman and Managing Director of Oil India Limited (OIL). He will replace current chairman and managing director Sushil Chandra Mishra, who will superannuate on June 30, 2022. Presently Rath is the chairman and managing director of Mineral Exploration Corporation Ltd (MECL). Oil India Limited is the Indian-government owned second-largest crude oil and natural gas producing company, under the Ministry of Petroleum and Natural Gas.

Rath is a recipient of the prestigious National Geosciences Award 2016 from the President of India. He has co-authored a book titled ‘Underground Storage Technologies’ and has published several technical papers and participated in conferences in India and overseas.

Note: Oil India Limited Headquarters: Noida; Oil India Limited Founded: 18 February 1959.

 

5. India’s Ordnance Factories’ Day: 18th March: The Ordnance Factories’ Day is observed on the 18th of March every year. The production of India’s oldest Ordnance Factory, which is at Cossipore of Kolkata, was started on the 18th of March, 1802. OFB is the 37th largest defence equipment manufacturer in the world, 2nd largest in Asia, and the largest in India. The day is celebrated by displaying the rifles, guns, artillery, ammunition etc in exhibitions all over India. The celebrations start with a parade and the exhibition will also display the photographs of various mountaineering expeditions.

History of Ordnance Factory Board: OFB was founded in 1775 and its Headquarters is in Ayudh Bhawan, Kolkata. OFB consists of 41 Ordnance Factories, 9 Training Institutes, 3 Regional Marketing Centres and 5 Regional Controllerates of Safety, which is spread all over India.

 

INTERNATIONAL UPDATES:

 

1. Global Recycling Day: 18th March: The Global Recycling Day is observed every year on the 18th of March to recognise the importance of recycling as a resource, not waste. The day strives to urge world leaders that recycling must be a global issue and encourage people to think resourcefully and not waste when it comes to the goods around us. This year, the event’s focus will be on the “recycling fraternity” – those who put themselves on the frontline to collect waste and recycling during the multiple lockdowns.

Global Recycling Day: Global Recycling Day was created in 2018 by the Global Recycling Foundation founded by Ranjit Baxi – who is also the founder of International Recycling Ltd, an international business that exports waste materials from Europe and the USA for recycling into new products in Asia. It is a day to raise awareness of the importance recycling plays in preserving our primary resources and securing the future of our planet.

 

2. World Sleep Day: 18th March: World Sleep Day is observed on the Friday before the March equinox every year to highlight the importance of quality sleep. This year, it falls on March 18. World Sleep Day is a celebration of sleep and a call to action on important issues related to sleep, including medicine, education, social aspects and driving. It is organized by the World Sleep Day Committee of the World Sleep Society with the objective to lessen the burden of sleep problems on society through better prevention and management of sleep disorders. ‘Quality Sleep, Sound Mind, Happy World’ is the theme for World Sleep Day this year to raise awareness about the impact of sleep on the mind and body.

History of the day: World Sleep Day is organised by the World Sleep Society and was first observed in 2008. It has come to be an annual awareness event ever since. The first World Sleep Day was aimed at bringing together sleep healthcare providers to disseminate information related to sleep around the world.

 

OTHER UPDATES:

 

BANKING AND FINANCE

 

1. Bajaj Allianz General Insurance’s MD & CEO, Tapan Singhel got 5-year extension: Bajaj Allianz General Insurance has announced a five-year extension for its MD and CEO, Tapan Singhel.  Bajaj Allianz General Insurance said in a statement that the new term will begin on April 1, 2022. Under Singhel’s leadership, the company has grown to become one of the country’s largest and most profitable private general insurers, ensuring growth, profitability, and customer-centricity.

During his decade as MD and CEO, the business has made a cumulative underwriting profit of more than Rs 350 crore, grown revenue at a CAGR of 16 per cent, grown net profit (PAT) at a CAGR of more than 30 per cent, and more than doubled its solvency ratio from 156 per cent to around 350 per cent.

Note: Bajaj Allianz General Insurance Founded: 2001; Bajaj Allianz General Insurance Headquarters: Pune, Maharashtra.

 

BUSINESS AND ECONOMY

 

1. IIFL Securities launched “OneUp” Primary Markets Investment Platform: IIFL Securities Limited (Formerly India Infoline Limited) launched ‘OneUp’, India’s first primary markets investment platform. Through this platform, investment can be made in initial public offerings (IPOs), non-convertible debentures (NCDs) and sovereign gold bonds (SGBs), among others. On the OneUp platform, the IPO applications are accepted 24×7 and up to three days before the IPO bidding opens.

Key Points:

a)      It enables buyers to analyze, transact and handle new investment alternatives, all on one single platform. Another unique feature of the platform is that it allows investors to place bids for others as well, be it, friends or family members.

b)      India Infrastructure Finance Company Ltd (IIFCL) has raised Rs 1,500 crore in debt to promote long-term infrastructure finance in India. It raised the funds through private placement of Non-Convertible Debt Securities for Rs 500 crore and it has a greenshoe option of Rs 1,000 crore. The issue was oversubscribed 6 times.

 

2. Fifth payments tech startup IZealiant Technologies acquired by Razorpay: Razorpay, a fintech unicorn, announced the purchase of IZealiant Technologies, a renowned Fintech business that provides banks with payments technology solutions, for an undisclosed sum. IZealiant is a Pune-based startup that offers banks and financial institutions mobile-first, API-enabled, and cloud-ready payment processing tools.

Key Points:

a)      Razorpay’s Banking Solutions Arm will be strengthened by the purchase of IZealiant, which will develop revolutionary payment banking solutions for partner banks, allowing businesses and their end-customers to enjoy a faster, more seamless, and secure payment experience.

b)      Razorpay’s Banking team has worked on a number of important projects in India, including Razorpay TokenHQ, India’s first multi-network RBI compliant card tokenization solution, and MandateHQ, an API-based, plug-and-play recurring payments interface for banks.

 

OBITUARIES

 

1. WWE legend Razor Ramon passes away: The two-time WWE Hall of Famer, Scott Hall has passed away, due to heart attack. He was 63. His tenure with World Wrestling Federation (WWF, now WWE) began in May 1992. With WWE, he was famously known by his ring name as ‘Razor Ramon’. He went on to become a four-time WWE Intercontinental champion.

In 2014, Scott Hall was inducted into the WWE Hall of Fame as an individual wrestler and then again in 2020 as part of NWO. Scott Hall is a two-time world champ with WWC Universal Heavyweight Championship and the USWA Unified World Heavyweight Championship.

 

2. Former Andhra Pradesh Governor ‘Ms Kumudben Joshi’ passes away: The former Governor of Andhra Pradesh, Kumudben Manishankar Joshi has passed away. She was 88. Ms Joshi served as the Governor of Andhra Pradesh from 26 November 1985 to 7 February 1990. She was the second female Governor of the state after Sharda Mukherjee. Joshi had been a member of the Rajya Sabha thrice.

Kumudben Manishankar Joshi also became Deputy Minister of Information and Broadcasting (October 1980 – January 1982) and Deputy Minister of Health and Family Welfare (January 1982 – December 1984).

Daily GK Update- 17th Mar, 2022

 

NATIONAL UPDATES:

 

1. Mission Indradhanush: Odisha topped in full immunization with 90.5% coverage: According to the National Family Health Survey (NFHS)-5, Odisha became the top state in the list of full immunizations in India with 90.5% coverage under Mission Indradhanush. Intensified Mission Indradhanush 4.0 (IMI) was rolled out on 7 March 2022, in Odisha to provide preventive health care for mothers and children and for boosting full immunization coverage.

20 districts of Odisha were found above 90% in full immunization and the remaining 10 districts were less than 90%. Districts such as Ganjam, Cuttack, Kendrapara, Jharsuguda, Koraput, Keonjhar, Malkangiri, Khurda, Sambalpur, Mayurbhanj, and Sundargarh districts were selected for inclusion under IMI.

Note: Odisha Capital: Bhubaneswar; Odisha Governor: Ganeshi Lal; Odisha Chief Minister: Naveen Patnaik.

 

2. Tamilnadu Petroproducts became world’s first LAB manufacturing company to get BIS certification: TPL (Tamilnadu Petroproducts Ltd.) is the world’s first linear alkylbenzene (LAB) manufacturing company to be certified by the Bureau of Indian Standards (BIS). TPL’s ‘Superlab’ brand is one of the most well-known laboratory brands in the country. TPL’s position as the market leader and the only authorised seller of the chemical in India will be bolstered by the certification. LAB can be used to make biodegradable detergent, making it a more sustainable option than conventional detergent formulations.

Key Points:

a)      In a notable step, Chennai-based petrochemicals manufacturer Tamilnadu Petroproducts Ltd (TPL) has been awarded IS12795:2020 certification by the Department of Chemicals & Petrochemicals, Ministry of Chemicals & Fertilisers, Government of India for its product linear alkylbenzene (LAB).

b)      TPL is part of AM International’s petrochemicals sector, a diversified, international conglomerate with a federated operating architecture based in Singapore.

c)       The company is India’s leading LAB manufacturer and the only one in the state of Tamil Nadu. LAB is a key component in the production of synthetic detergents and industrial cleansers. TPL‘s products account for over 40% of all fabric detergents used in Indian homes. Its ‘Superlab‘ brand is one of the most well-known laboratory brands in the country.

d)      TPL is the only authorised seller of LAB in the Indian market, thanks to the respected Bureau of Indian Standards (BIS) certification. The certificate complies with the Linear Alkyl Benzene (Quality Control) Order 2021’s standards.

e)      Only LAB manufacturers who have received IS 12795 certification are allowed to offer their products in Indian markets, according to the terms of this decree. TPL is now the chosen partner for industries with LAB applications as a result of this progress.

 

3. India’s 1st ever GI-tagged Kashmir carpets flagged off to Germany: The Government of Jammu and Kashmir has launched quick response (QR) code for its GI-tagged Kashmiri carpet, to preserve the authenticity and genuineness of the hand-knotted carpets. The main objective of this QR Code attached to the GI tag is to help in reviving the sheen and glory of the Kashmiri carpet industry.

Key points:

a)      The QR code will contain relevant information of the artisans, manufacturer, weaver, district, raw material used etc.

b)      Since the QR code label cannot be copied or misused, it will discourage the counterfeit production of carpets.

c)       Meanwhile, the first-ever consignment of GI-tagged hand-knotted carpets were exported to Germany from New Delhi on March 11, 2022.

d)      It must be noted that the Kashmiri carpets were granted GI-tag in June 2016 by the Geographical Indication Registry of the Department of Industry Promotion and Internal Trade, Ministry of Commerce and Industry, but the registered carpets were certified from 2022.

Note: J&K Lieutenant Governor: Manoj Sinha; J&K Formation (Union territory): 31 October 2019.

 

4. First Gati Shakti Cargo Terminal of Indian Railways commissioned: The Asansol Division of Indian Railways has successfully commissioned private siding of Maithan Power Limited at Thaparnagar, Jharkhand, in accordance with the Prime Minister’s vision Gati Shakti and the Ministry of Railways’ policy regarding the Gati Shakti Multi-Modal Cargo Terminal or also known as GCT, informed the Ministry of Railways.

Key Points:

a)      Chairman and CEO of the Railway Board, V K Tripathi, said at the GCT’s commissioning that the Maithan Power Project was commenced in the year 2009, and power generation began in the year 2011.

b)      The coal needed for the power plant was delivered via road, which is estimated to yield 120 inbound coal rakes every month.

c)       Somewhere between two to four outward rakes of Fly Ash are expected to be handled from the siding area.

d)      This will increase the railways’ monthly earnings by almost Rs. 11 crores.

 

INTERNATIONAL UPDATES:

 

1. SIPRI Report: India emerges as largest importer of arms: The Stockholm International Peace Research Institute (SIPRI) has released its latest report on Trends in International Arms Transfer, 2021. As per the report, India and Saudi Arabia emerged as the largest importers of arms between 2017-21. Both two countries accounted for 11% of all global arms sales. Egypt (5.7%), Australia (5.4%) and China (4.8%) were the next three largest importers respectively in the top 5. The report placed India at the top of the list. 85% of India’s overall imports were from three countries. Russia (46%), France (27%), and the USA (12%) were the top three largest exporters of arms to India during the period.

Largest Arms Exporters in 2017-21

a)      USA, with 39% share, retained its standing as the world’s largest arms exporters during 2017-21.

b)      Russia (19%), France (11%), China (4.6%) and Germany (4.5%) were among the top 5 largest exporters respectively.

c)       India was 23rd largest exporter during 2017-21, with a share of just 0.2% of the global exports.

 

OTHER UPDATES:

 

SPORTS

 

1. German Open Badminton 2022: Lakshya Sen won Silver Medal: Indian Shuttler Lakshya Sen has settled for silver after losing to Kunlavut Vitidsarn of Thailand, 18-21, 15-21, in the men’s singles final at the German Open 2022. The Thai player dominated from start to end, winning the match and the championship in just 57 minutes. German Open is an annual badminton tournament classified as BWF World Tour Super 300 event.

Complete Result of German Open 2022

Men’s singles: Kunlavut Vitidsarn  (Thailand) beat Lakshya Sen (India)

Women’s singles: He Bingjiao (China) beat  Chen Yufei (China)

Men’s Double: Goh Sze Fei and Nur Izzuddin (Malaysia)

Women’s Double: Chen Qingchen and Jia Yifan (China)

Mixed Doubles:  Dechapol Puavaranukroh / Sapsiree Taerattanachai (Thailand)

 

BANKING AND FINANCE

 

1. Paytm Payments Bank punished by RBI for data breaching to Chinese firms: The RBI has stopped Paytm Payments Bank from accepting new customers because it broke the laws by allowing data to transit to servers in other countries and failing to properly authenticate its consumers. According to a report, annual inspections by the Reserve Bank of India (RBI) discovered that the company’s servers were sharing information with China-based organisations that indirectly held an interest in Paytm Payments Bank.

KEY POINTS:

a)      SoftBank-backed Paytm Payments Bank was prevented from adding new customers by the central bank on Friday, citing “serious supervisory problems found in the bank.”

b)      The Reserve Bank of India said in a statement that the bank has also been asked to appoint an audit company to perform a complete assessment of its IT system.

c)       Paytm Payments Bank, on the other hand, described the allegation as “totally incorrect, erroneous, and unconfirmed,” noting that it complies entirely with RBI’s data localisation directives.

d)      “The Bank’s data is entirely contained within the country.” “We are firm supporters of the Digital India programme and are dedicated to advancing financial inclusion in the country,” according to the statement.

e)      The bank (Paytm Payments) is acting quickly in response to the RBI’s ruling. PPBL stated that it will continue to cooperate with the regulator to address their concerns as soon as feasible.

f)        Customers’ services will not be affected, according to the statement.

g)      Existing PPBL customers will be able to continue to benefit from seamless banking and digital payments services without interruption, according to the statement.

 

BUSINESS AND ECONOMY

 

1.  LivQuik becomes the first fintech to achieve RBI’s PPI interoperability guidelines: LivQuik, a prepaid payment instrument (PPI) issuer, announced that it has achieved full interoperability for its Prepaid Payment Instruments, as mandated by the Reserve Bank of India. According to the firm, it is also the first PPI issuer to achieve full interoperability. PPI issuers must enable full-KYC wallet interoperability by March 31, 2022, according to RBI rules.

Key Points:

a)      Customers of LivQuik will be able to optimise their payments and spending across wallets by attaching a card on the Visa and RuPay networks, as well as enabling UPI, thanks to interoperability, according to the business.

b)      Karan Talwar, LivQuik’s Chief Operating Officer, spoke at the event and said, “At LivQuik, we take pride in offering customers the most comprehensive platform for leveraging our PPI capabilities and achieving their goals. We’re thrilled to be the first PPI to achieve full interoperability, and we’re excited to provide our services to a wide range of clients. We’ve teamed with M2P Fintech to deliver UPI on PPI with our existing capabilities in cards, wallets, gift certificates, and other products.”

c)       M2P Fintech’s Chief Business Officer, Rajesh Wadhwa, stated, “Our Card + Wallet + UPI stack, along with regulatory capabilities, is the most comprehensive solution for Prepaid Payment Instrument providers, and we’re proud to have helped LivQuik become the country’s first fully interoperable PPI. We believe LivQuik can provide its customers with a number of cutting-edge solutions built on top of the M2P fintech stack.”

d)      LivQuik is an RBI-authorized Prepaid Payment Instrument Issuer and Full-Fledged Money Changer that was founded in 2012. (FFMC). Enterprise, Issuance, and Acquiring are LivQuik’s three primary business verticals at the junction of Financial Services and Retail.

 

About LivQuik: LivQuik is a Mumbai-based Fintech startup that was recently onboarded to global payment network VISA‘s Fintech Fastrack Program as a Prepaid Payment Issuer and Full Fledged Money Changer (FFMC) by the Reserve Bank of India. With its enterprise-grade wallet platform and SAAS based Gifting platform, LivQuik provides the Fintech infrastructure to enable Prepaid Payments and manages highly scalable technology across the payments value chain for the Retail industry.

 

AWARDS AND HONOURS

 

1. 75th BAFTA Award 2022 announced: The 75th edition of the British Academy Film Awards, also known as the BAFTA Award, was held at the Royal Albert Hall in London. The awards, presented by the British Academy of Film and Television Arts (BAFTA), honours the best national and foreign films of 2021. The ceremony was hosted by actress and comedian Rebel Wilson. The film that received maximum nominations was Dune, with 11 nominations. The film that received the maximum number of awards was Dune as well with 5 awards.

Here is the list of winners at the 2022 BAFTA awards:

 

Category	Winners
Best Film	The Power of the Dog
Best Director	Jane Campion, The Power of the Dog
Best Actress in Leading Role	Joanna Scanlan, After Love
Best Actor in Leading Role	Will Smith, King Richard
Best Supporting Actress	Ariana DeBose, West Side Story
Best Supporting Actor	Troy Kotsur, CODA
EE Rising Star Award	Lashana Lynch
Outstanding British Film	Belfast
Outstanding Debut By A British Writer, Director, Or Producer	The Harder They Fall
Best Film Not In The English Language	Drive My Car
Best Documentary	Summer of Soul (Or, When The Revolution Could Not Be Televised)
Best Animated Film	Encanto
Best Short Animation	Do Not Feed the Pigeons, Vladimir Krasilnikov, Jordi Morera and Antonin Niclass
Best Short Film	The Black Cop, Cherish Oleka
Original Screenplay	Licorice Pizza, Paul Thomas Anderson
Adapted Screenplay	CODA, Sian Heder
Original Score	Dune, Hans Zimmer
Casting	West Side Story, Cindy Tolan

Daily GK Update- 16th Mar, 2022

 

NATIONAL UPDATES:

 

1. PM Narendra Modi dedicates Rashtriya Raksha University in Gandhinagar, Gujarat: Prime Minister Narendra Modi has dedicated to the nation a new campus building complex of the Rashtriya Raksha University (RRU) at Lavad village near Gandhinagar, Gujarat. PM also addressed the first convocation of RRU Gandhinagar as a Chief Guest. The University, which is an Institution of National Importance, commenced its operations from 1st October 2020.

Key points:

a)      PM Modi said, Rashtriya Raksha University, National Law University and National Forensic Science University in Gujarat should come together for periodic symposiums, which will help in creating a better security environment and criminal justice system. He said, Gujarat has National Forensic Science University and National Children University- two such universities first in the world.

b)      The Prime Minister highlighted the role of the first batch of any such institute in taking the vision of the institution forward. He noted the contribution of the old pharmacy college in Gujarat to turn the state into a leader in the pharmaceutical field. Similarly, IIM Ahmedabad led the creation of a robust MBA education system in the country.

About the University: Rashtriya Raksha University (RRU) was set up to meet the need for high quality trained manpower in various wings of policing, criminal justice and correctional administration. The government set up a national police university named Rashtriya Raksha University by upgrading the Raksha Shakti University which was established by the Government of Gujarat in 2010.

 

2. ‘India Water Pitch-Pilot-Scale Challenge’ launched by Minister Hardeep Singh: Under the Ministry’s Atal Mission for Rejuvenation and Urban Transformation (AMRUT) 2.0, Union Minister of Housing and Urban Affairs (MoHUA) and Petroleum and Natural Gas Shri Hardeep Singh Puri launched the ‘India WaterPitch-Pilot-Scale Start-up Challenge.’ This comes after the Hon’ble Prime Minister’s ceremonial launch of AMRUT 2.0 on October 1, 2021, stakeholder discussions in Lucknow (during MoHUA’s Azadi ka Amrit Mahotsav festivities), and Cabinet approval of the Mission on October 12, 2021.

Key Points:

a)      Technology Sub-mission to engage startups as ‘Technology Partners’ has been approved by Cabinet under AMRUT 2.0, in keeping with the vision of Hon’ble Prime Minister of India.

b)      The Mission’s goal is to help startups in the water/used-water sector thrive via innovation and design, resulting in long-term economic growth and job creation.

c)       The Ministry will select 100 start-ups to get Rs.20 lakhs in cash and mentorship as part of this project.

 

3. ISRO organized Young Scientist Programme “YUVIKA” for students: The Indian Space Research Organisation (ISRO) is organizing a special programme for school children called “YUva VIgyani KAryakram” (YUVIKA) or “Young Scientist Programme”. Aimed at creating awareness about emerging trends in science and technology, this programme is expected to encourage more students to pursue research and a career in Science, Technology, Engineering and Mathematics (STEM).

Programme details:

a)      The ISRO Young Scientist Programme is a residential programme and will span over two weeks during the summer vacations from May 16, 2022, to May 28, 2022.

b)      This program includes invited talks, experience sharing by eminent scientists, experimental demonstrations, facility and lab visits, exclusive sessions for discussions with experts, practical and feedback sessions.

c)       A total of 150 class 9 students across the country will be selected for the programme.

d)      The programme is planned at five centres of ISRO i.e. Vikram Sarabhai Space Centre, U.R. Rao Satellite Centre, Space Application Centre, National Remote Sensing Centre, Hyderabad and North-East Space Application Centre.

e)      Students will be taken to visit Satish Dhawan Space Centre, Sriharikota, towards the end of the project.

Note: Chairman and Space Secretary of ISRO: Dr S Somanath; ISRO Headquarters: Bengaluru, Karnataka; ISRO established: 15 August 1969.

 

4. Geetanjali Shree’s translation ‘Tomb of Sand’ nominated for International Booker Prize: Author Geetanjali Shree’s translated Hindi novel “Tomb of Sand” is among 13 books long-listed for the International Booker Prize. It is the first Hindi language work of fiction to make it to the long list of the prestigious literary prize. The book was originally published as ‘Ret Samadhi’ and translated into English by Daisy Rockwell. It will compete for the GBP 50,000 prize, which is split evenly between the author and translator.

 

5. National Vaccination Day: 16th March: In India, the National Vaccination Day (also known as National Immunisation Day (IMD)) is observed on 16 March every year, to convey the importance of vaccination to the entire nation. The day was first observed in the year 1995. In 2022, the National Immunization Day is important since the Government of India has started the COVID-19 vaccination for children between 15 to 18 years of age and booster dose for senior citizens. The theme for National Vaccination Day or National Immunisation Day 2022 is “Vaccines Work for all”.

History of the day: It was in 1995 that India started the Pulse Polio Programme and the first dose of Oral Polio Vaccine was given. According to the World Health Organization, immunization is a process through which an individual’s immune system becomes fortified against foreign harm causing agents.

 

INTERNATIONAL UPDATES:

 

1. Ex-student protest leader, Gabriel Boric font becomes youngest President of Chile: Gabriel Boric Font has been appointed as the new and 36th President of Chile. The 36-year-old leftist is the youngest leader to hold the office in Chile’s history. He succeeds Sebastián Piñera. Boric will hold the office for the period between 2022-2026.

As a student representative, Boric became one of the leading figures of the 2011–2013 Chilean student protests. Boric was twice elected to the Chamber of Deputies representing the Magallanes and Antarctic district, first as an independent candidate in 2013 and then in 2017 as part of the Broad Front, a left-wing coalition he created with several other parties.

Note: Chile Capital: Santiago; Chile Currency: Chilean peso.

 

2. Global Investment in Digital Shopping 2021: India ranked 2nd: According to the London & Partners analysis of Dealroom. co-investment data, India is the second-largest global venture capital investment hub for digital shopping companies, growing by a whopping 175% from $8 billion in 2020 to $22 billion in 2021. On a global scale, India came in second to the US last year, which attracted $51 billion in investment, followed by China at third with $14 billion and the UK at fourth with $7 billion.

Within India, Bengaluru comes out on top globally with $14 billion worth of Venture Capital (VC) investments in digital shopping in 2021, followed by Gurugram at No. 7 with $4 billion and Mumbai at No. 10 with $3 billion.

Ranking:

Rank	Country	Investment
1	United States (US)	USD 51 billion
2	India	USD 22 billion
3	China	USD 14 billion
4	United Kingdom	USD 7 billion

 

OTHER UPDATES:

 

SPORTS

 

1. Shreyas Iyer and Amelia Kerr named ICC Players of the Month for February 2022: The International Cricket Council (ICC) has announced India’s star all-format batter Shreyas Iyer and White Ferns all-rounder Amelia Kerr were voted ICC Players of the Month for February 2022. Fans can continue to vote every month for their favourite male and female cricketers across all formats of international cricket as part of the ICC Player of the Month initiative.

In men’s category: Shreyas Iyer, the fast-rising India batter, has won the ICC ‘Men’s Player of the Month’ for February 2022. Shreyas Iyer earned the ICC Player of the Month award on the back of his brilliant white-ball exploits during the home series against West Indies and Sri Lanka respectively last month.

Among the women category: New Zealand all-rounder Amelia Kerr bagged the ICC ‘Women’s Player of the Month award for February 2022. Amelia Kerr, the 21-year-old New Zealand all-rounder, was named the Women’s POTM, following her supreme consistency with both bat and ball during the home white-ball series against India. Kerr was chosen ahead of fellow nominees, India captain Mithali Raj and all-rounder Deepti Sharma for the award.

 

BANKING AND FINANCE

 

1. EPFO lowers the interest rate on PF deposits to 8.1% for 2021-22: The retirement fund body, Employees Provident Fund Organisation (EPFO) has slashed the interest rate on provident fund deposits to 8.10% for 2021-22. This rate is 0.4% lower than the previous year. The interest rate on PF deposits was 8.5% in 2020-21 and 2019-20.

Key points:

a)      This is the lowest in more than four decades. EPFO had credited 8.0% as interest rate in 1977-78. Since then, it has been either 8.25% or more.

b)      The interest rate of 8.1% has been declared based on EPFO’s estimated income for the year at Rs 76,768 crore and this will leave the retirement fund body with a surplus of Rs 450 crore.

c)       The move is expected to hit the earnings of over sixty million EPFO subscribers.

Previous rates:

a)      EPFO had provided 8.65 % interest rate to its subscribers in 2016-17 and 8.55 % in 2017-18.

b)      The rate of interest was slightly higher at 8.8 % in 2015-16.

c)       It had given 8.75 % rate of interest in 2013-14 as well as 2014-15, higher than 8.5 % for 2012-13.

d)      The rate of interest was 8.25 % in 2011-12.

 

BUSINESS AND ECONOMY

 

1. Morgan Stanely projects India’s GDP for FY23 at 7.9%: Rating Agency Morgan Stanely has projected India’s GDP growth forecast for 2022-23 (FY23) at 7.9%. This is 50 bps less than its earlier projection due to the impact of the Russia-Ukraine conflict on oil prices. Furthermore, Stanley raised the country’s retail inflation estimate to 6%, meanwhile, current account deficits are seen to widen by 3% of GDP.

India is affected through three key channels — higher prices for oil and other commodities; trade, and tighter financial conditions, influencing business/investment sentiment. Analysts at the brokerage also raised their inflation forecast to 6 per cent – the upper end of the tolerance band for the RBI – and flagged stagflation risks because of the ongoing events.

 

2. Ajay Bhushan Pandey appointed as chairman of the NFRA: Ajay Bhushan Pandey has been appointed as the chairman of the National Financial Reporting Authority (NFRA) for a period of 3 years. Pandey, a 1984-batch Maharashtra cadre IAS officer, retired as revenue secretary in February last year. The Appointments Committee of the Cabinet (ACC) has approved the appointment of former revenue secretary ABP Pandey as the chairperson of NFRA for a period of three years from the date of assumption of charge or till the incumbent attains the age of 65 years.

About the NFRA: The NFRA acts as an independent regulator for the auditing profession. The body has powers to review the financial statement of companies, can seek explanations and probe irregularities with respect to accounting and auditing issues. The setting up of the NFRA, envisaged under the Companies Act, 2013, was approved by the Cabinet in May 2018.

 

OBITUARIES

 

1. Former Zambian President Rupiah Banda passes away: The former President of Zambia, Rupiah Banda has passed away after a two-year battle with cancer. He was 85. Banda had served as the fourth president of Zambia from 2008 and 2011. Banda had held senior diplomatic posts under first President Kenneth Kaunda before being eventually named as vice president in 2006 by then-President Levy Mwanawasa. Banda served as acting president in mid-2008 when Mwanawasa suffered a stroke. Banda narrowly won the October elections the same year on a ruling party ticket.

Note: Zambia Capital: Lusaka; Currency: Zambian kwacha.