Daily GK Update- 24th May, 2022

 

NATIONAL UPDATES:

 

1. India joins US Indo-Pacific economic plan: India joined a dozen other nations to launch the Indo-Pacific Economic Framework for Prosperity (IPEF), a US-led trade initiative meant to counter China’s aggressive expansion in the region. Among the 13 countries backing the initiative are Australia, Brunei, Indonesia, Japan, Malaysia, New Zealand, the Philippines, Singapore, South Korea, Thailand and Vietnam, and the members jointly account for 40% of the global GDP. About the Indo-Pacific region

a)      The Indo-Pacific region is the centre of manufacturing, economic activity, global trade and investment. History is witness to the fact that India has been a major centre in the trade flows of the Indo-Pacific region for centuries. It is worth mentioning that the world’s oldest commercial port was in Lothal in my home state of Gujarat, India.

b)      Therefore, it is essential that we find common and creative solutions for the economic challenges of the region. India is committed to a free, open, and inclusive Indo-Pacific region and believes that deepening economic engagement among partners is crucial for continued growth, peace, and prosperity.

c)       India is keen to collaborate with partner countries under the IPEF and work towards advancing regional economic connectivity, integration and boosting trade and investment within the region.

 

2. UP launches ‘Sambhav’ portal for disposal of public grievances related to energy: Minister for energy and urban development Arvind Sharma has launched the SAMBHAV (Systemic Administration Mechanism for Bringing Happiness and Value) portal for disposal of public grievances and monitoring programmes and schemes of the two departments in Uttar Pradesh. The portal, www.sambhav.up.gov.in, will work as a platform for flagging grievances received from the public to officers who have been provided login IDs. The officers will have to feed their response and action taken report (ATR). About the SAMBHAV portal:

a)      “SAMBHAV is a multi-modal platform which has been launched to dispose public grievances swiftly and effectively and provide good governance and make the public service delivery transparent and accountable.

b)      SAMBHAV will work as an Information and Communication Technology (ICT) platform for flagging grievances received from the public to the concerning officers who have been provided login IDs.

c)       The officers are required to feed their response and action taken report (ATRs) on the issues concerned. The portal will also have the facility of videoconferencing and teleconferencing for dialogue with the officials.

d)      The portal will take grievances and issues from various sources, including pending cases and grievances under the chief minister’s Jan Sunwai/ Integrated Grievance Redressal System (IGRS) system.

Note: Uttar Pradesh Capital: Lucknow; Uttar Pradesh Chief Minister: Yogi Adityanath; Uttar Pradesh Governor: Anandiben Patel.

 

3. Khadi commission Chief Vinai Kumar Saxena is Delhi’s new LG: Vinai Kumar Saxena will be the new lieutenant governor of Delhi, President Ram Nath Kovind’s office announced. The President of India has been pleased to appoint Shri Vinai Kumar Saxena to be the Lt. Governor of the National Capital Territory of Delhi with effect from the date he assumes charge of his duties. The President of India has accepted the resignation of Anil Baijal as Lt. Governor National Capital Territory of Delhi. Saxena is the current chairman of the Khadi and Village Industries Commission, an organisation under the Ministry of Micro, Small and Medium Enterprises.

Note: Delhi Chief Minister: Arvind Kejriwal.

 

4. Indian Commonwealth Day: 24th May: Commonwealth Day is traditionally commemorated on the second Monday of March in most of the 54 countries of the Commonwealth, with the British queen delivering a speech on the radio. However, India and a few other countries celebrate it on May 24. The theme for Commonwealth Day 2022 is ‘Delivering a Common Future’ – which highlights how the fifty-four member countries in the Commonwealth family are ‘innovating, connecting and transforming’ to help attain goals like fighting climate change, promoting good governance, and improving trade.

History of Commonwealth Day:

a)      Commonwealth Day was earlier known as Empire Day. Empire Day was first observed in 1901, following the death of Queen Victoria on January 22, 1901. The inaugural Empire Day was observed on May 24, 1902, the late Queen’s birth anniversary.

b)      However, it was celebrated in many schools across the British Empire even before it was formally recognised as an annual event. By the 1950s, the British Empire had begun to disintegrate as several colonies gained independence, and Empire Day had lost its significance.

c)       However, the majority of them kept ties with Britain and established the Commonwealth of Nations. Empire Day was renamed Commonwealth Day in 1958.

d)      In 1973, the Royal Commonwealth Society proposed the day be changed, and the second Monday in March was selected by the Commonwealth Secretariat as the observance day.

 

INTERNATIONAL UPDATES:

 

1. Quad Summit 2022: This year Quad leader summit is held on the 24th of May 2022, in Tokyo. PM Narendra Modi is attending the second-in-person Quad leader summit in Tokyo on 24th May 2022. He stated that Quad has gained significant popularity in the world in a short period. At the summit, he spoke about the contribution of India, to the development of the Indo-Pacific region. India has also joined the Indo-Pacific Economic Framework (IPEF), which is an Indo-Pacific Economic Bloc led by the US to counter China. PM Modi, stated while addressing the Summit “Despite the adverse situation of Covid-19, we’ve increased our coordination for vaccine delivery, climate action, supply chain resilience, disaster response, economic cooperation, and other areas. It has ensured peace, prosperity, and stability in Indo-Pacific.”

Issues addressed in The Quad summit 2022: (a) China and the Soloman Islands; (b) China and Taiwan; (c) North Korea Missiles; and (d) Ukraine and Russia

Initiatives unveiled in Quad summit 2022:

a)      The Quad Fellowship- This program will allow 100 students from each of the four countries to study for graduate STEM degrees in the US. The application for the fellowship program has started and will close on 30th June 2022.

b)      The Indo-Pacific Partnership for Maritime Domain Awareness (IPMDA)- It will focus on providing the fastest and clearest Maritime information to the four countries and their regional partners.

c)       The vaccine Partnership- The Quad has provided 257 million Covid-19 vaccines collectively. The bloc will continue to provide vaccine doses and support a $100 million facility to boost the Indian health care sector.

d)      Space Cooperation- The four nations have committed to sharing space-based earth observation data. It will include US programs on oceanic and atmospheric Monitoring, flood mapping, and land imaging.

 

2. Anthony Albanese sworn in as Australia’s new prime minister: Australia’s Labor Party leader, Anthony Albanese was sworn in as the country’s new prime minister. Albanese claimed the victory in the election, ending his wait for power after nine years and with this Anthony Albanese became the country’s 31st Prime Minister. Outgoing Prime Minister Scott Morrison, who was heading the Liberal-National coalition has conceded defeat.

The 59-year-old new prime minister was sworn in at a brief ceremony lasting in Government House, Canberra. Other members of his team to take office included Foreign Minister Penny Wong, who will join Albanese at the Quad summit, Treasurer Jim Chalmers and Finance Minister Katy Gallagher.

Note: Australia Capital: Canberra; Australia Currency: Australian dollar.

 

OTHER UPDATES:

 

SPORTS

 

1. Haryana won the Hockey India Sub-Junior Women’s National Championship by 2-0: Hockey team of Haryana won the Hockey India sub-junior women’s national championship 2022 in Imphal, defeating Hockey team of Jharkhand 2-0 in the final. Uttar Pradesh Hockey team defeated Madhya Pradesh Hockey team 3-0 to finish on the third place in the Hockey India sub-junior women’s national championship 2022 in Imphal.

Riya in the 13th minute and Sejal in the 39th minute, each scored a goal to enable Hockey team of Haryana successfully defend their title in a tense 2-0 victory. Uttar Pradesh Hockey team defeated Madhya Pradesh Hockey 3-0 earlier in the day to finish third in the Hockey India sub-junior women’s national championship. Pushpanjali Sonkar in the 4th minute, Manisha Patel in the 5th minute, and Purnima Yadav in the 58th minute, each scored one goal to help Uttar Pradesh Hockey finish third for the second year in a row.

 

BANKING AND FINANCE

 

1. RBI authorises a surplus transfer to the Central Government of Rs 30,307 crore: The Reserve Bank of India has sanctioned a surplus transfer to the Central Government of 30,307 crore rupees for the fiscal year 2021-22. The Reserve Bank of India’s Central Board of Directors met for the 596th time in Mumbai, under the chairmanship of Governor Shaktikanta Das, to adopt the Reserve Bank’s Annual Report and Accounts for the year. The board agreed to keep the Contingency Risk Buffer at 5.50 percent after examining the present economic condition, global and domestic issues, and the effect of recent geopolitical developments.

Key Points:

a)      Inflation is at its greatest level in years. The April wholesale price index was 15.05 percent. 7.8% is the consumer price index.

b)      These are extremely high rates, and India is not alone in this regard. In America, where the goal inflation rate is 2%, the most recent inflation rate was 8.5 percent, which has now dropped to 8.3 percent. As a result, worldwide inflation exists.

c)       Commodity, service, and manufacturing prices have all risen dramatically in the recent year.

d)      Inflation started in 2021, and the war in Ukraine has intensified it. Right now, the globe is stuck in a massive inflationary trap.

 

BUSINESS AND ECONOMY

 

1. Paytm announced a Joint Venture named ‘Paytm General Insurance Ltd’: Paytm has announced a Joint Venture (JV) general insurance company named as Paytm General Insurance Ltd (PGIL). Paytm has announced plans to infuse Rs 950 crore in PGIL in tranches, over a period of 10 years and to hold an upfront equity stake of 74% in JV. Following the investment, Paytm General Insurance will become a subsidiary of Paytm. Incorporated in 2018, PGIL plans to register for and undertake general insurance business defined under Section 2(6B) of the Insurance Act, 1938 (“Insurance Act”). Notably, PGIL is yet to commence its general insurance business which is currently subject to receipt of the certificate of registration from IRDAI.

At present, One 97 holds a 49% stake in PGIL, while the remaining 51% is held by VSS Holdings Private Limited (“VHPL”), a company owned and controlled by Vijay Shekhar Sharma. Post the completion of the transaction, PGIL will become a wholly-owned subsidiary of Paytm where the latter will hold about 74% shareholding, and the remaining 26% stake will be held by VHPL.

 

2. Vijay Shekhar Sharma re-appointed as MD and CEO of Paytm: Vijay Shekhar Sharma has been re-appointed as the Managing Director (MD) and Chief Executive Officer (CEO) of Paytm for another 5 years term. His tenure will be from December 19, 2022, to December 18, 2027. One 97 Communications which is listed under the Paytm brand, also announced the appointment of Madhur Deora as Additional Director of the company for a tenure of 5 years from May 20, 2022, to May 19, 2027.

Further, the Board has also approved the appointment of Deora as the Whole-time director designated as “Whole-time Director and Chief Financial Officer” of the Company. Deora is the President and Group Chief Financial Officer of the Company.

Note: Paytm Founded: August 2010; Paytm Headquarters: Noida, Uttar Pradesh, India.

 

3. Salil Parekh re-appointed MD & CEO of Infosys: IT major Infosys announced that its Board of Directors has reappointed Salil S. Parekh as Chief Executive Officer and Managing Director (CEO & MD) of the Company effective from July 1, 2022, for a period of five years till March 31, 2027, subject to the approval of shareholders. This is based on the recommendations of the Nomination and Remuneration Committee (NRC) and is subject to the approval of shareholders.

Note: Infosys Founded: 2 July 1981, Pune; Infosys Headquarters: Bengaluru; Infosys Founders: N.r. Narayana Murthy and Nandan Nilekani.

 

DEFENCE

 

1. 4th edition of India-Bangladesh Navy Coordinated Patrol (CORPAT) commences: The fourth edition of the Indian Navy-Bangladesh Navy Coordinated Patrol (CORPAT) commenced. The patrolling drill commenced in the northern Bay of Bengal and would continue between May 22 and 23. Both units will undertake joint patrolling along International Maritime Boundary Line. The last IN-BN CORPAT was conducted in October 2020.

Indian Navy’s indigenous warships, INS Kora and INS Sumedha along with Bangladesh Navy’s warships BNS Ali Haider and BNS Abu Ubaidah would touch the waters during patrolling. Maritime Patrol Aircraft of both navies will also undertake joint patrol along the International Maritime Boundary Line (IMBL) during CORPAT. The regular conduct of CORPATs has strengthened mutual understanding and enhanced interoperability between both the navies in countering transnational maritime threats at sea.

Daily GK Update- 23rd May, 2022

 

NATIONAL UPDATES:

 

1. India’s State of Inequality Report has been Released: Prime Minister’s Economic Advisory Council Chairman Dr. Bibek debroy, launched the State of Inequality in India Report (EAC-PM). The Institute for Competitiveness authored the research, which provides a comprehensive examination of the level and type of inequality in India. The study combines data on inequality in the health, education, household characteristics, and labour market sectors. Inequities in these areas, according to the research, render the population more vulnerable and lead to multidimensional poverty. Key Points of State Inequality Report:

a)      There has been significant progress in strengthening health infrastructure capacity, with a particular focus on rural regions. In 2005, there were 1,72,608 total health centres in India; by 2020, there would be 1,85,505.

b)      Between 2005 and 2020, states and union territories like as Rajasthan, Gujarat, Maharashtra, Madhya Pradesh, Tamil Nadu, and Chandigarh expanded the number of health centres (which include Sub-Centres, Primary Health Centre’s, and Community Health Centres).

c)       According to the NFHS-4 (2015-16) and NFHS-5 (2019-21) findings, 58.6% of women got prenatal check-ups in the first trimester in 2015-16, increasing to 70% in 2019-21. Within two days following birth, 78.1 % of mothers received postnatal care from a doctor or auxiliary nurse, and 78.1 % of infants received postnatal care. However, dietary deficiency is associated with obesity, underweight, and anemia (particularly in children and teenage girls). However, as the report indicates, nutritional deficiency in terms of overweight, underweight, and anemia prevalence (particularly in children, teenage girls, and pregnant women) are major concerns that require immediate attention. Furthermore, insufficient health coverage, which leads to high out-of-pocket expenses, has a direct impact on poverty rates.

 

2. North East Research Conclave 2022 inaugurated by Dharmendra Pradhan: Shri Dharmendra Pradhan, Union Minister for Education and Skill Development, launched the North East Research Conclave (NERC) 2022 at IIT Guwahati. In his remarks, Shri Pradhan stated that the conclave will enhance the ties between industry, academics, and policymakers, as well as re-energize the research, start-up, and entrepreneurial ecosystems in the resource-rich Northeastern Region states and the country. Key Points:

a)      When discussing the importance of research, the Education Minister stated that the goal of research should be to find solutions to the country’s chronic problems and to urge everyone to join together, work together, and produce for the welfare of the most vulnerable. He stated that NERC 2022 will be a global benchmark for meeting India’s and the world’s research and development aspirations.

b)      Shri Pradhan urged students and young people to “travel on the road of obligations and responsibilities” in order to help the country reach new heights.

c)       Dr. Himanta Biswa Sarma, the Chief Minister of Assam, stated in his deliberation that Research and Development is critical for a fast-developing country like India.

d)      He went on to say that in a progressive society, research and development has always been seen as a key building component since it is so important in the process of innovation and growing our knowledge and understanding.

e)      Entrepreneurs and research institutions can display their innovations at the North-East Research Conclave.

f)        This is a fantastic effort for the North East since it puts policymakers, industry leaders, and researchers together on one platform. This huge event will have a significant impact on the region’s educational sector.

 

3. India Celebrates 250th Birth Anniversary of Raja Ram Mohan Roy: The 250th birth anniversary of Raja Ram Mohan Roy was celebrated and commemorated by the Ministry of Culture under the Azadi ka Amrit Mahotsav. The ministry of Culture organized an inaugural ceremony on 22nd May 2022. The inaugural ceremony was organized at the Raja Ram Mohan Roy Library Foundation, Salt Lake, Kolkata, and at Science City Auditorium, Kolkata. According to the press release by the ministry, it was the 250th birth anniversary of Raja Ram Mohan Roy and the 50th foundation day of the Raja Ram Mohan Roy Library Foundation. Several ministers including the Governor of West Bengal, Jagdeep Dhankar were also present at the inaugural ceremony. The union minister of culture, tourism, and development of the North-eastern Region (DoNER), G Kishan Reddy, also joined the ceremony virtually.

 

INTERNATIONAL UPDATES:

 

1. Piyush Goyal to lead India at the WEF in Davos for 2022: The World Economic Forum’s Annual Meeting kicks off in Davos, Switzerland. The Indian delegation will be led by Commerce and Industry Minister Piyush Goyal throughout the five-day meeting. This event will assist to strengthen India’s status as a vital and relevant player in creating the global narrative, especially as it prepares to take over the G-20 presidency next year. Key Points:

a)      Several industry executives will also take part in the World Economic Forum’s discussions.

b)      The World Economic Forum will also serve as a platform for promoting India as a desirable investment destination, owing to its strong economic development and stable macroeconomic indicators.

c)       Mr. Goyal will also visit the United Kingdom on the 26th and 27th of this month to discuss the progress made in the Free Trade Agreement negotiations with UK government and businesses.

d)      The Prime Ministers of India and the United Kingdom agreed to hold a summit conference in Diwali 2022 to finalise the Free Trade Agreement between the two countries.

 

2. International Day to End Obstetric Fistula: 23rd May: United Nations (UN) International Day to End Obstetric Fistula is marked on 23rd May since 2013 to promote action towards treating and preventing obstetric fistula, a condition that affects many girls and women during childbirth in developing countries. In 2003 the United Nations Population Fund (UNFPA) and its partners launched the global Campaign to End Fistula, a collaborative initiative to prevent fistula and restore the health of those affected by the condition. The day was officially recognised in 2012.

Obstetric fistula: Obstetric fistula is a devastating childbirth injury, and a neglected public health and human rights issue. Two million women in low-resource settings have an obstetric fistula, and 100,000 more develop one every year. Leaking urine and/or faeces and, as a result, living in desperate circumstances, only 1 in 50 ever receives treatment.

Note: United Nations Population Fund Headquarters: New York, United States; United Nations Population Fund Head: Natalia Kanem; United Nations Population Fund Founded: 1969.

 

3. World Turtle Day: 23rd May: World Turtle Day is observed on May 23 every year by American Tortoise Rescue, a nonprofit organization. The day is celebrated to raise awareness among people to protect turtles and tortoises and their disappearing habitats around the world. The aim is to raise awareness about this rapidly disappearing group of creatures. This year’s theme for World Turtle Day is “Shellebrate”. The theme asks “everyone to Love and Save Turtles”.

World Turtle Day History: There wouldn’t have been any World Turtle Day if the American Tortoise Rescue (ATR) didn’t start it. This nonprofit organisation was established in 1990 and it started marking World Turtle Day in 2001. This is the 22nd International World Turtle Day that they are celebrating. The organisation, founded by Susan Tellem and her husband Marshall Thompson, has rescued and re-sheltered more than 4,000 turtles and tortoises.

 

OTHER UPDATES:

 

SPORTS

 

1. Indian teenager R Praggnanandhaa stuns Magnus Carlsen for the 2nd time in 2022: Indian GM Praggnanandhaa posted his second win over world champion Magnus Carlsen in 3 months when he stunned the Norwegian at the Chessable Masters online rapid chess tournament. 16-year-old Praggnanandha beat Magnus Carlsen for the first time in February at Airthings Masters, an online rapid chess tournament.

Praggnandha took his tally to 12 points while Carlsen was 2nd on the leaderboard behind China’s Wei Yi on Day 2 of the tournament. Abhimanyu Mishra, the youngest Grand Master in the world, is also part of the 16-man tournament. Praggnanandhaa had won with black pieces to end Carlsen’s 3-match winning run at the Airthings Masters in just 19 moves in a Tarrasch variation game.

 

2. Red Bull’s Max Verstappen wins Spanish Grand Prix: Formula One world champion, Max Verstappen won the Spanish Grand Prix in a Red Bull to take over at the top from Ferrari’s Charles Leclerc, who retired with an engine failure while leading at Circuit de Barcelona-Catalunya. Mexican Sergio Perez finished second, 13 seconds behind but with the consolation of a bonus point for fastest lap, after being told to let his teammate pass for a third victory in a row after Imola and Miami.

Britain’s George Russell came third for a revived Mercedes and after going wheel-to-wheel with Verstappen early on in a thrilling display of defensive driving as they battled for second place behind Leclerc.

 

BANKING AND FINANCE

 

1. RBL Bank and Amazon Pay ties up to offer UPI payment: RBL Bank, Amazon Pay, and Amazon Web Services (AWS) have partnered together to deliver universal payments interface (UPI) payments, which will include peer-to-peer and peer-to-merchant transactions. Amazon Pay would grant RBL Bank a UPI ID with the handle @rapl from the National Payments Corporation of India (NPCI), resulting in a simplified payments experience using RBL Bank’s cloud-based processing infrastructure. With its AWS-hosted payment processing technology, RBL strengthens its footprint in the UPI arena, allowing the bank to interact with Amazon Pay’s growing client base and transaction volumes.

Key Points:

a)      PayNearby, an Indian banking and digital payments network, teamed up with Visa and RBL Bank in August to launch SoftPoS and mPOS for its 1.5 million+ shops.

b)      India’s lack of digital infrastructure has hampered merchant acceptance of digital payments, and the country’s population density of over 350 people per POS terminal is unusually high when compared to China and Brazil, which have POS of 20 and 10, respectively.

c)       In order to limit the danger of viral transmission, the COVID-19 pandemic has pushed the need for contactless payments.

Note: Amazon Founder: Jeff Bezos; Amazon CEO: Andy Jassy

 

2. In GIFT City, New Development Bank opened a regional office: The New Development Bank (NDB), the Brics countries’ multilateral bank based in Shanghai, will open its first regional office in India at the Gujarat International Finance Tec-City (GIFT City) to address the country’s infrastructural and sustainable development needs. The India office will concentrate on extending its presence in the country by developing, implementing, and monitoring new projects. Key Points:

a)      NDB’s existing regional offices will be supplemented by the new India office. Its Africa Regional Center (ARC) opened in Johannesburg in 2017, the Americas Regional Office (ARO) in So Paulo with a sub-office in Brasil in 2019, and the Eurasian Regional Centre (ERC) in Moscow in 2020.

b)      The NDB was founded in July 2015 by the Brics countries of Brazil, Russia, India, China, and South Africa. Since then, Bangladesh, the UAE, Egypt, and Uruguay have joined the bank.

c)       The NDB has authorised 21 Indian projects totaling $7.1 billion in investment.

d)      The bank is interested in projects in transportation, water and sanitation, sustainable energy, digital infrastructure, social infrastructure, and urban development.

e)      Sitharaman remarked during the meeting that India’s economic growth in the current fiscal year has been strong, with an estimate of 8.9%, the highest among the large economies.

Note: New Development Bank (NDB) President: Marcos Troyjo

 

BUSINESS AND ECONOMY

 

1. India receives highest-ever FDI inflow of $83.57 bn in FY22: The central government announced that India has recorded the highest ever annual FDI inflow of $83.57 billion during FY22. In 2020-21, the inflow stood at $81.97 billion. India is rapidly emerging as a preferred country for foreign investments in the manufacturing sector. FDI equity inflow in manufacturing sectors has increased by 76 per cent in 2021-22 ($21.34 billion) compared to 2020-21 ($12.09 billion). Key points:

a)      In terms of top investor countries, Singapore is at the top with 27 per cent, followed by the US (18 per cent) and Mauritius (16 per cent) during the last fiscal. Among sectors, computer software and hardware attracted maximum inflows. The services sector and automobile industry followed it.

b)      To further liberalise and simplify FDI policy to provide ease of doing business and attract investments, reforms have been undertaken recently across sectors like coal mining, contract manufacturing, digital media, single-brand retail trading, civil aviation, defence, insurance and telecom.

 

2. A franchise in UAE based T20 League bought by Adani Group: Adani Sportsline, a division of the diverse Adani Group, has created history by gaining the rights to own and manage a franchise in the UAE’s top T20 competition. The UAE T20 League, which is licenced by the Emirates Cricket Board, is an annual event that will include six franchise teams participating in a 34-match tournament. The line-ups of various teams are likely to include top players from all cricket-playing countries. The league would provide future young cricketers a platform and exposure. Key Points:

a)      It will be Adani Sportsline’s first significant international step, connecting and engaging with cricket fans from around the world.

b)      The Adani Group, which includes port management, electric power production and transmission, renewable energy, mining, airport operations, natural gas, food processing, and infrastructure, promotes Adani Sportsline.

c)       With operations in 70 sites in 50 countries and a market capitalization of over $222 billion, the company generates yearly revenues of over $20 billion.

Note: Adani Group Founder: Gautam Adani

 

AWARDS AND HONOURS

 

1. Anjali Pandey bags the CII EXCON Committed Leader Award: Anjali Pandey, Engines and Components Business Unit Leader at Cummins India has been awarded the Committed Leader Award at CII EXCON 2022 in Bengaluru for her efforts to create a more diverse, equitable, and inclusive workplace. Cummins views Diversity, Equity, and Inclusion (DE&I) as a competitive advantage and hence it’s a business imperative.

What initiative was taken by Cummins India?

a)      Cummins India has taken active measures to increase its female representation over the past few years resulting in an increase in gender diversity ratio from 5 to 32 per cent over the last two decades, which is a significant achievement for a manufacturing organization.

b)      Cummins drives various initiatives to provide equal opportunities to women, including Women in Technology, gender balance during recruitment, ensuring pay parity, gender-neutral workstations, Cummins Women& Empowerment Network, flexible work arrangements, and award-winning breastfeeding-friendly facilities for new mothers, all of which are strongly supported by leadership.

c)       Diversity & Inclusion is one of Cummins & core values and the organization has an unwavering commitment to building a more dynamic workplace where all employees are inspired and encouraged to achieve their full potential.

Daily GK Update- 22nd May, 2022

 

NATIONAL UPDATES:

 

1. SC allows companies to export iron ore in Karnataka Mining case: The Supreme Court of India allowed mining companies to export iron ore extracted from mines in the Karnataka districts of Ballari, Chitradurga, and Tumakuru. A bench consisting of Chief Justice N V Ramana, Justices Krishna Murari and Hima Kohli took note of the Central government’s position and withdrew the export ban on iron ore, while instructing the companies to adhere to the authorities’ restrictions. Key Points:

a)      The highest court barred iron ore exports from Karnataka in 2012, with the goal of preventing environmental degradation and ensuring that the state’s mineral resources be maintained for future generations as part of the notion of inter-generational equality.

b)      The order was issued in response to mining companies’ requests to lift previous restrictions on the sale and export of iron ore, which had been imposed due to widespread violations.

c)       Taking into account all of the factors, the SC leaned toward favouring the applicants’ request and granting them permission to sell the already excavated iron ore stockpile at various mines and stockyards in the districts of Bellary, Tumkur, and Chitradurga in the state of Karnataka without resorting to the e-auction process.

 

2. Dr. Jitendra Singh, Launches ‘BioRRAP’ Portal for Biotech Researchers: In keeping with the ethos of One Nation, One Portal, Union Minister Dr. Jitendra Singh unveiled the Single National Portal for Biotech Researchers and Start-ups. All those seeking regulatory permission for biological research and development activity in the country will use BioRRAP. According to the Minister, biotechnology has quickly become a viable academic and career option for Indian youth. The country currently has over 2,700 biotech start-ups and over 2,500 biotech enterprises in operation.

Dr. Jitendra Singh, speaking after the portal’s debut, stated that India is on track to become a global bio-manufacturing hub and will rank among the top five countries in the world by 2025. He added that the Portal will allow stakeholders to view the approvals given to a specific application using a unique BioRRAP ID. He hailed DBT’s one-of-a-kind gateway as a step toward making science and scientific research more accessible to Indians, as well as making it easier to create businesses.

 

3. Skyroot Aerospace successfully test fires its rocket engine: Private sector rocket maker Skyroot Aerospace Private Ltd successfully tested its Kalam-100 rocket that will power the Vikram-1 rocket’s third stage/engine. The company announced the completion of the milestone of full duration test-firing of its Vikram-1 rocket stage. The third stage, named Kalam-100 after former President APJ Abdul Kalam, was fired for a duration of 108 seconds. About the test:

a)      During the test, the rocket produced a peak vacuum thrust of 100 kN (about10 tons) showing its structure built with a high-strength carbon-fibre structure, solid fuel, Ethylene-Propylene-Diene terpolymers (EPDM) thermal protection system, and carbon ablative nozzle.

b)      The rocket’s stage was tested at the facilities of Solar Industries India Ltd, one of the investors in Skyroot.

c)       This is the largest rocket stage ever designed, manufactured, and tested completely in the Indian private sector.

d)      This is best in class rocket stage of this size, with record propellant loading and firing duration, and using all-carbon composite structures for delivering the best performance

 

4. Prime Minister Narendra Modi’s new PS: IFS Vivek Kumar: Prime Minister Narendra Modi has got IFS Vivek Kumar as his new Private Secretary (PS). The Cabinet Appointments Committee accepted Vivek Kumar’s nomination as PM Modi’s press secretary. Vivek Kumar is the director of the Prime Minister’s Office and is a 2004 batch Indian Foreign Service (IFS) officer (PMO).

Vivek Kumar will take over as PM Modi’s private secretary from Sanjeev Kumar Singla. India’s Ambassador to Israel, Sanjeev Kumar Singla, is ready to take over. Singla, an IFS officer from the 1997 batch, was named PS to the Prime Minister in 2014. Singla returned to India to work in the PMO after a brief stint in the Indian Embassy in Tel Aviv. He will now resume his duties as ambassador.

 

INTERNATIONAL UPDATES:

 

1. NatGeo installed World’s Highest Weather Station on Mt. Everest: National Geographic Society has installed the “world’s highest weather station” on Mount Everest at an altitude of 8,830 metres to automatically measure various meteorological phenomena. The weather monitoring system, powered by solar energy, is supposed to measure various meteorological phenomena like air temperature, wind speed and direction, air pressure, change in surface height of snow, and incoming and outgoing short and longwave radiation.

Key points:

a)      The NatGeo team, led by climate scientist Baker Perry from the Appalachian State University in the US, consisted of climbers and scientists, many of whom scaled the world’s highest peak while installing the weather station.

b)      The team spent a month near Everest and also carried out the maintenance of other stations, including a station at South Col, The Himalayan Times reported.

c)       The DHM and National Geographic signed a memorandum of understanding to operate all five automatic weather stations installed by NatGeo to provide near real-time information regarding mountain conditions.

d)      Under the MoU, the National Geographic team will fully operate the stations till 2025 before transferring the technology to the Nepal government in 2026, the report said.

 

2. China Plans World’s First Habitable Planet Search With Space Telescope: Chinese scientists have proposed a space project to survey the sky through a space-borne telescope to hunt for habitable Earth-like planets outside the solar system, about 32 light-years from Earth. The project, named Closeby Habitable Exoplanet Survey (CHES) would be the first space mission specially designed to search for habitable terrestrial planets around nearby Sun-like stars.

The exploration of habitable planets outside the solar system is one of the key frontiers of fundamental research in astronomy. The discovery of the nearby habitable worlds will be a great breakthrough for humankind, and will also help humans visit those Earth twins and expand our living space in the future. Key points:

a)      The CHES will observe about 100 Sun-like stars 32 light-years away on a long-term survey, and will hopefully discover roughly 50 Earth-like planets or super-Earths, planets that are up to about 10 times the mass of Earth.

b)      CHES will offer crucial clues to the issues such as other extra-terrestrial lives and the planets becoming the cradle of life.

c)       5,000 exoplanets have been discovered and confirmed so far, including about 50 Earth-like planets in the habitable zone, but most of them are hundreds of light-years away from Earth.

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

 

3. International Day for Biological Diversity: 22nd May: International Day for Biological Diversity or World Biodiversity Day is observed on 22nd May every year to increase awareness and understanding of the issues of biodiversity. The theme in 2022 is “Building a shared future for all life”.

History of International Day for Biological Diversity: When first created by the Second Committee of the UN General Assembly in late 1993, 29 December (the date of entry into force of the Convention of Biological Diversity), was designated the International Day for Biological Diversity. In December 2000, the UN General Assembly adopted 22 May as IDB, to commemorate the adoption of the text of the Convention on 22 May 1992 by the Nairobi Final Act of the Conference for the Adoption of the Agreed Text of the Convention on Biological Diversity.

 

OTHER UPDATES:

 

SPORTS

 

1. Odisha won the 12th Hockey India Senior Women’s National Championship title: Odisha women’s team has won its first-ever gold in Senior Nationals as they defeat Karnataka 2-0 in the final of the 12th Hockey India Senior Women’s National Championship. Earlier, Hockey Jharkhand defeated Hockey Haryana 3-2 in the third-fourth place match. The 12th Hockey India Senior Women’s National Championship was held in Bhopal, Madhya Pradesh.

However solid defensive performances from both sides ensured that the match went into the Halftime with the scoreline reading 0-0. Punam Barla (34′) opened the scoring in the match in the third quarter as Odisha picked up the lead. Ashim Kanchan Barla (59′) sealed the game with a late goal as Odisha beat Karnataka 2-0 to claim the championship.

 

2. UEFA Europa Football League title won by Germany’s Eintracht Frankfurt: German club Eintracht Frankfurt has won their first European trophy in 42 years after defeating the Rangers by 5-4 on penalties in Seville, Spain. Goalkeeper, Kevin Trapp has saved at the end of extra time and another in the shootout to help give Frankfurt the 5-4 win on penalties. Scottish club Rangers was also trying to win its first European title since the Cup Winners’ Cup in 1972. Kevin Trapp (Eintracht Frankfurt) was Man of the Match.

Colombia striker Rafael Borré, who scored a second-half equalizer for Frankfurt, converted the decisive penalty to clinch the club’s first European trophy since the 1980 UEFA Cup, a predecessor to the Europa League. The win also secures a first appearance in the Champions League next season for Frankfurt.

 

BANKING AND FINANCE

 

1. IDBI Bank to sell quarter of its stock in Ageas Federal Life Insurance: IDBI Bank has barged into a share purchase agreement to sell its remaining 25% stake in private sector life insurer Ageas Federal Life Insurance for Rs 580 crore, making Ageas one of the few foreign insurers to increase its stake in its Indian insurance joint venture to 74 percent after the government raised the FDI cap in the insurance sector.  The deal is scheduled to close in Q2FY23, pending regulatory approvals and the fulfilment of the share purchase agreement’s terms and conditions. Ageas, a European insurer, has already expanded its stake in the Indian insurer from 26% to 49% in December 2020. Federal Bank’s shareholding in the company remained at 26%. The insurer’s name was changed from IDBI Federal Life Insurance to Ageas Federal Life Insurance as a result of this. Key Points:

a)      Ageas Insurance International now owns 49 percent of the private sector life insurer Ageas Federal Life Insurance, while Federal Bank owns 26 percent.

b)      Ageas Insurance International will increase its investment in the insurance company to 74 percent after purchasing IDBI Bank’s 25% interest.

c)       Generali finalised the acquisition of a 25% investment in Future Generali India Insurance, bringing its total ownership in the company to 74 percent.

d)      After the Indian government agreed to boost the FDI quota in the industry to 74 percent in the 2021 Budget, Ageas Insurance International and Generali are among the few insurers looking to increase their interest in their Indian insurance joint venture to 74%.

 

 

BUSINESS AND ECONOMY

 

1. WPI inflation at a record high of 15.08% in April 2022: India’s wholesale inflation soared to a three-decade high in April as high commodity prices and supply-chain disruptions pushed up input costs for producers. The annual rate of inflation was 15.08% (Provisional) for the month of April 2022 (Y-o-Y) as compared to 10.74% in April 2021. The rate of inflation based on the WPI Food Index increased marginally from 8.71% in March 2022 to 8.88% in April 2022.

 

2. IndiGo appoints Pieter Elbers as CEO: The Board of Directors of InterGlobe Aviation Limited (Indigo) appointed Pieter Elbers as Chief Executive Officer. He will join IndiGo on or before 1 Oct 2022. He succeeds Ronojoy Dutta who has decided to retire on 30 September 2022. Elbers has served as the President and CEO of KLM Royal Dutch since 2014 and is also a member of the Executive Committee of the Air France-KLM Group.

Note: Managing Director of IndiGo: Rahul Bhatia; IndiGo Founded: 2006; IndiGo Headquarters: Gurugram.

 

3. UN projects India to grow 6.4% in 2022: The United Nations Department of Economic and Social Affairs (UN-DESA) in its ‘World Economic Situation and Prospects (WESP) Mid-year Update 2022’ report has declined India’s GDP (Gross Domestic Product) growth projections from 6.7% to 6.4% for 2022-23. For 2023-24, 6% GDP growth is forecasted for India as against 6.1%. In 2021, India’s economy grew at 8.8%. The growth outlook for South Asia is also downgraded by 0.4 percentage points to 5.5% in 2022.

About the report:

a)      The report said that the outlook in South Asia has deteriorated in recent months, against the backdrop of the ongoing conflict in Ukraine, and higher commodity prices and potential negative spillover effects from monetary tightening in the United States.

b)      In its World Economic Situation and Prospects report as of mid-2022, the UN’s department of economic and social affairs said global inflation is projected to increase to 6.7% in 2022, twice the average of 2.9% during 2010–2020, with sharp rises in food and energy prices.

 

AWARDS AND HONOURS

 

1. Genius Energy wins Amazon Smbhav Entrepreneurship Challenge 2022: An innovator from Rajasthan who has developed the technology of saving energy in boilers by recycling steam, Subhash Ola has won the 1st prize for the Amazon Smbhav Entrepreneurship Challenge 2022 and his enterprise “Geniusenergy Critical Innovation Private Limited” has won the Start-up of the Year award. The technology was first developed to make khoya and other milk products, and the portfolio of applications was later extended to textile, milk and food, pharma, plywood, paper mills, leather industry, chemical industry, hot water boiler generator, plastic recycle, laundry, hospitals and so on.

Geniusenergy Critical Innovation, a start-up recognized by Govt. of India, was incubated by the National Innovation Foundation (NIF), an autonomous body of the Department of Science and Technology (DST), Govt. of India. It serves clientele in a variety of industries for their energy needs, helps them reduce cost, and at the same time protects the environment.