Daily GK Update- 3rd July, 2022

NATIONAL UPDATES:

 

1. Bosch India’s “smart” campus is opened by PM Modi in Bengaluru: The new smart campus of Bosch India, a top provider of technology and services in Bengaluru, was essentially inaugurated by Prime Minister Narendra Modi. According to a business statement, Modi noted in his inauguration address that this year is a historic one for both India and Bosch India as both countries mark their 75th anniversaries of independence. Key Points:

a)      Bosch first arrived in India as a German corporation a century ago; now, it is equally as Indian as it is German. This is a fantastic illustration of Indian energy and German engineering.

b)      Leading the way in creating cutting-edge goods and solutions for both India and the rest of the world is this campus. Prime Minister implore Bosch to plan for the next 25 years and consider doing more in India.

c)       By converting its headquarters in Adugodi, India, into a new smart campus named Spark, Bosch India announced that it is increasing its AIoT (Artificial Intelligence of Things) efforts in that country.

d)      Bosch claimed to have spent Rs 800 crore over the previous five years building the campus, which has the capacity to house 10,000 associates.

 

2. UN projected India’s urban population to be 675 million in 2035: According to a UN report, India‘s urban population is expected to reach 675 million in 2035, ranking second only to China‘s urban population of one billion people. The report also noted that after the Covid-19 pandemic, the world’s urban population is once again on track to increase by another 2.2 billion people by the year 2050. Highlights of the UN Report:

a)      According to the World Cities Report 2022 by UN-Habitat, the pandemic only momentarily slowed down urbanization’s rapid pace.

b)      According to the report, India’s urban population is expected to reach 675,456,000 in 2035, up from 483,099,000 in 2020, 542,743,000 in 2025, and 607,342,000 in 2030. 43.2 percent of India’s population will be living in urban areas by the middle of the year in 2035.

c)       The report underlined the need to address urban inequality and climate change, citing “heatwaves in Delhi” and Mumbai’s “overcrowded slums.”

 

3. Sandeep Kumar Gupta named as next chairman of GAIL: Sandeep Kumar Gupta, Director for Finance at Indian Oil Corporation, has been picked to head India’s largest gas utility GAIL (India) Ltd. He will replace Manoj Jain, who is scheduled to retire on August 31. The PESB recommendation will be vetted by the Appointments Committee of the Cabinet (ACC) headed by Prime Minister Narendra Modi, after the go-ahead of anti-corruption bodies such as the CVC and CBI.

About the GAIL: GAIL is India’s largest gas transmission and gas marketing company, with a 14,502-kilometre gas pipeline network and a capacity of 206 million standard cubic meters a day. Its natural gas pipeline network covers 21 states. It holds around 70 per cent share of the gas-transmission network and more than 50 per cent share of natural gas sales in India.

Note: GAIL Headquarters: New Delhi; GAIL Founded: 1984.

 

4. PSLV-C53 rocket carrying three Singapore satellites launched by ISRO: Three Singaporean satellites were successfully launched by the Indian Space Research Organisation (ISRO) as part of a commercial mission for the New Space India Limited. This was the space agency’s second launch of the year; its first, had put an Indian Earth Observation Satellite in orbit. The space agency also carried six in-orbit experiments mounted on the fourth stage of the rocket on the current mission in addition to the commercial satellites. Key Points:

a)      The nation’s workhorse rocket, PSLV-C53, launched from Sriharikota and put the three satellites into precise orbits about 18 minutes later.

b)      The launch vehicle was deployed in the core-alone configuration, which only uses the four primary engine stages.

c)       The 365 kg Singaporean DS-EO satellite served as the mission’s primary payload. It is an electro-optic earth observation satellite that can deliver full-color images for land classification and disaster relief operations.

d)      Its second small commercial satellite, weighing 155 kg, is called NeuSAR. It can transmit images in all weather conditions, day or night.

e)      The third satellite was the 2.8 kg Scoob-1 from Nanyang Technical University, the first in a series of student satellites designed to provide practical training for the university’s satellite research centre.

 

INTERNATIONAL UPDATES:

 

1. Ketanji Brown Jackson sworn in, becomes 1st Black woman on US Supreme Court: The United States made history as Ketanji Brown Jackson was sworn in as the first Black woman to serve on the Supreme Court. The 51-year-old’s appointment by Democratic President Joe Biden means white men are not in the majority on the nation’s highest court for the first time in 233 years. Four of the justices on the nine-member court are now women, making it the most diverse bench in history — although they all attended the elite law schools of Harvard or Yale.

Jackson had picked up support from three Senate Republicans during a grueling and at times brutal confirmation process, delivering Biden a bipartisan 53-47 approval for his first Supreme Court nominee. Jackson’s swearing-in marks a major moment for Biden, who chaired the Senate Judiciary Committee in the 1980s and ’90s, meaning he has the unprecedented distinction of both naming and overseeing the appointment of a Supreme Court justice.

 

3. NATO Summit 2022 Concludes in Madrid: The 2022 NATO Madrid Summit was held in Madrid, Spain, from June 28 to 30, 2022. This was the 32nd edition of the summit, since the first summit meeting held in Paris in 1957. The Summit was chaired by NATO Secretary General Jens Stoltenberg. The heads of state and heads of government of NATO member and partner countries participated in the three-day Summit. NATO summit meetings is a platform for member countries to evaluate and provide strategic direction for Alliance activities.

Key Points of the Summit:

a)      During the Summit, 22 NATO members agreed to launch the NATO Innovation Fund. It is a multi-sovereign venture capital fund that will invest 1 billion euros ($1.05 billion) in startups and other venture capital funds that develops emerging technologies for both civilian and military use.

b)      NATO leaders on Wednesday agreed to strengthen the alliance’s forward defenses, enhance the bloc’s battlegroups on its eastern flank and increase the number of high readiness forces to more than 300,000.

c)       During the Summit, NATO’s closest partners Finland and Sweden were invited to join the Alliance.

Note: NATO Formation: 4 April 1949; NATO Headquarters: Brussels, Belgium; NATO Secretary General: Jens Stoltenberg; NATO Total Member: 30; NATO Last member of NATO: North Macedonia.

 

3. International Plastic Bag Free Day: 3rd July: The International Plastic Bag Free Day is held on July 3 around the world to spread awareness that a plastic bag free world is possible and that sound environmental alternatives to single use plastic bags are available. 2022 is the 13th edition of the celebrations. The day is an initiative by Bag Free World for the purpose of getting rid of the single-use of plastic bags around the world and promoting environmental conservation by encouraging us all to stay away from the use of plastic bags and instead look for more eco-friendly alternatives.

International Plastic Bag Free Day History: The first International Plastic Bag Free Day was observed on July 3, 2008, when Rezero, a member of Zero Waste Europe (ZWE), initiated it. The holiday was only observed in Catalonia in its inaugural year. However, a year later, ZWE introduced the International Plastic Bag Free Day to the European Union.

 

OTHER UPDATES:

 

BANKING AND FINANCE

 

1. RBI: Banks’ gross non-performing assets reached six-year low of 5.9%: In March 2022, banks’ gross non-performing asset (GNPA) ratio decreased to a six-year low of 5.9 percent from a high of 7.4 percent in March 2021, according to the Reserve Bank of India’s (RBI) most recent Financial Stability Report (FSR). According to stress testing, the GNPA ratio of commercial banks may go from 5.9% in March 2022 to 5.3 percent by March 2023 due, among other things, to higher-than-anticipated bank loan growth and a downward trend in the stock of GNPAs, according to the research. Key Points:

a)      Since the provision for outstanding loans has not been taken into account when calculating net NPAs, GNPAs do not actually result in a loss for lenders.

b)      According to the FSR, the GNPA ratio might increase to 6.2 percent and 8.3 percent, respectively, if the macroeconomic situation deteriorates to a medium or severe stress scenario.

c)       However, under the severe stress scenario, public sector banks’ GNPA ratios could rise from 7.6 percent in March 2022 to 10.5 percent a year later, while private sector banks’ GNPA ratios would increase from 3.7 percent to 5.7 percent and foreign banks’ GNPA ratios would increase from 2.8 percent to 4.0 percent over the same time period.

 

BUSINESS AND ECONOMY

 

1. Crisil projects India’s FY23 GDP growth estimate to 7.3%: Domestic rating agency Crisil has cut the real GDP growth forecast for India to 7.3 percent in FY23 (FY 2022-2023). Earlier this was estimated at 7.8 percent. It attributed the downward revision to higher oil prices, slowing of export demand and high inflation.

Crisil said there are a slew of negatives like high commodity prices, elevated freight prices, drag on exports as global growth projections get lowered, and the largest demand side driver of private consumption remaining weak. Inflation, which has been pegged to average at 6.8 per cent in FY23 as against 5.5 per cent in FY22, reduces purchasing power and would weigh on revival of consumption the largest component of GDP which has been backsliding for a while, the agency said.

 

2. Google’s proposed equity acquisition of Bharti Airtel approved by CCI: In an investment agreement (IA) signed by Google and Airtel, the buyer offers to buy a 1.28 percent minority and non-controlling part in the company’s equity share capital. The roughly $1 billion for 1.28 percent investment in Bharti Airtel by Google was approved by the Indian Competition Commission. The proposed merger was accepted by the CCI based on the Acquirer’s amendments (Google International LLC). Key Points:

a)      In accordance with the terms of the Investment Agreement (IA) signed by Google and Airtel, the Acquirer is planning to buy a 1.28 percent minority and non-controlling holding in the equity share capital.

b)      Along with the IA, the acquirer and the target have also made several business arrangements through their affiliates.

c)       In January of this year, Google announced that it would invest up to $1 billion in Bharti Airtel, India’s No. 2 supplier of telecom services, with a 1.28 percent stock purchase for $700 million and a $300 million commercial agreement over the course of five years.

d)      As part of the Google for India Digitization Fund, the internet search engine already invested $4.5 billion in Reliance Jio in July 2020, making it an investor in two competing telecom service companies.

e)      As part of Google’s investment in Jio last year, JioNext, a low-cost smartphone, has already been launched in partnership with Reliance Jio. JioNext runs an optimised version of the Android operating system. The holding company of Reliance Jio, Jio Platforms, also acquired a $5.7 billion investment for a 9.99 percent ownership from Facebook, now Meta.

 

3. Max Life introduces Instant Insurance Confirmation (Insta-COI)+: Max Life Insurance have launched another digital solution Instant Insurance Confirmation (Insta-COI)+. Through recent digital interventions like chatbot and WhatsApp servicing, Max Life has provided novel service experiences. The Company also added a financial payout services function to its website, which made it quick and hassle-free for clients and improved the whole digital experience, supporting its aim to be ubiquitous for its customers. Key Points:

a)      The digitization of onboarding processes for paperwork makes this project viable.

b)      This solution, which is supported by AI-enabled smart underwriting, is currently available for some low-risk prospects who select an amount insured of up to INR 25 Lakh.

c)       A joint venture between Max Financial Services Limited and Axis Bank Limited is called Max Life Insurance Company Limited. A multi-business firm based in India, the Max Group includes Max Financial Services Ltd.

d)      Through its multi-channel distribution, which includes agency and third-party distribution partners, Max Life offers complete protection and long-term savings life insurance solutions.

 

AWARDS AND HONOURS

 

1. Ashok Soota conferred with CII Quality Ratna Award 2021: Ashok Soota, founder and Executive Chairman of Happiest Minds Technologies, has been conferred with CII Quality Ratna Award 2021. The Annual CII Quality Ratna Award constituted in the year 2019 is in recognition of outstanding leadership, contribution, and distinguished service to the Quality Movement in India. The CII Awards Committee unanimously concurred to bestow the 2021 Award to Mr. Soota considering his significant contribution to building the competitiveness of the Indian industry through quality Initiatives.

 

2. Nitin Gadkari presented National Highway excellent Award 2021: Lok Sabha Speaker Om Birla along with Minister for Road Transport and Highways, Nitin Gadkari gave away National Highways Excellence Awards-2021. Awards were given to the stakeholders and companies engaged in the highway construction and maintenance of road assets in New Delhi.

Excellence Awards were constituted in 2018 & awards were given away in 9 categories including Excellence in Project Management, Excellence in Highway Safety, Excellence in Toll Management, Excellence in Operation and Maintenance, Innovation, Green Highways, Outstanding Work in Challenging Condition, Bridge Construction and Tunnel Construction.

 

DEFENCE

 

1. Successful flight testing of high-speed expendable aerial target ABHYAS in Odisha: The Defence Research and Development Organization’s (DRDO) Abhyas high-speed expendable aerial target (HEAT), which was created as a target for the testing of missile systems, underwent a successful flight testing from the Integrated Test Range (ITR), off the coast of Odisha. The Aeronautical Development Establishment (ADE), a DRDO unit with a Bengaluru location, created Abhyas.

The DRDO recently conducted numerous tests on Abhyas in various configurations. Precision demonstrations of the aircraft’s performance at low altitude, including prolonged level flight and excellent manoeuvrability, were made. The target aircraft was being tracked by a number of tracking sensors deployed by ITR, including radar and an electro-optical targeting system, as it was being flown from a ground-based controller in a predetermined low altitude flight route.

About Abhyas:

a)      Abhyas—a word derived from Sanskrit meaning “practise” or “preparatory exercise”—offers a realistic threat situation for training with different armament systems and has been built with an onboard autopilot system for autonomous flight.

b)      According to the DRDO, the vehicle was launched utilising two underslung boosters, which give it a quick start.

c)       It has a modest gas turbine engine that enables it to fly for an extended period of time at a fast subsonic speed.

d)      The target aircraft has an inertial navigation system based on micro-electromechanical systems as well as a flight control computer for guiding and control.

e)      The system has a built-in radio altimeter for very low altitude flight and a data link for secure communication between the target aircraft and the ground control station.

Daily GK Update- 2nd July, 2022

NATIONAL UPDATES:

 

1. India will have 122 unicorns in 25 cities within next 2-4 years: According to a report by the Hurun Research Institute titled Hurun India Future Unicorn Index 2022, India is predicted to have 122 new unicorns in the following 2-4 years. The total worth of these potential unicorns is currently 49 billion US dollars. When a startup is valued at $1 billion USD, it is considered to be a Unicorn. Key Points:

a)      The city of Bengaluru, which currently has 33 unicorns, will receive 46 new additions, followed by Delhi NCR with 25, Mumbai with 16, Chennai with 5, and Pune with 3. Bengaluru currently has the most unicorns in the nation. It’s anticipated that the remaining unicorns will appear in 20 additional cities.

b)      Tiger Global has invested in 27 of these potential Unicorns, followed by the international venture capital firm Sequoia Capital, which has invested in 39 of them.

c)       The majority of these prospective unicorns were founded in 2015.

About the Survey:

a)      The survey states that 63% of these businesses focused on consumer-facing businesses, while the remaining 37% belonged to the business-to-business (B2B) industry that provided services to the financial services, logistics, healthcare, and education sectors.

b)      The report has divided would-be unicorns into three groups: Gazelles, which are startups with the greatest likelihood of becoming unicorns in the next two years, and Cheetahs, which are startups with the potential to become unicorns in the following four years.

c)       It claimed that the pandemic had sped up the rise of startups.

d)      Experts claim that a record 44 unicorns emerged in 2021, making India the third-largest startup ecosystem in the world.

e)      In addition, the experts noted that there are now 65 percent more unicorns, 51 percent more gazelles, and 71 percent more cheetahs in the nation.

 

2. Karnataka government launched ‘Kashi Yatra’ scheme: Karnataka government has launched the ‘Kashi Yatra’ scheme. The Kashi Yatra project, which offers a cash assistance of Rs 5,000 to each of the 30,000 pilgrims willing to conduct a pilgrimage to the Kashi Vishwanath Temple in Varanasi, Uttar Pradesh. For this scheme, the government will be using funds of up to Rs 7 crores from the accounts head of ‘Assistance to Manasa Sarovara Pilgrims’ which was announced in the chief minister’s budget speech for the financial year. Shashikala Jolle, the Minister for Religious Endowment, Hajj and Wakf, said, any pilgrim taking up the government-sponsored ‘Kashi Yatra’ would get the benefit only once in a life time.

Eligibility to apply for the scheme: (1) Beneficiary should be a native of Karnataka; (2) Applicant should be above 18 years old; (3) Beneficiaries who have already availed the subsidy once are not eligible

Documents required: (1) Proof of beneficiaries’ domicile of origin in Karnataka – voter ID, Aadhaar card or ration card; (2) Age proof – Aadhaar card, voter ID etc

 

3. India promises International community to protect 30% of land and water: India gave the international community the reassurance that it will keep to its goal of protecting at least 30% of “our” lands, waters, and oceans by 2030 under Prime Minister Narendra Modi. India’s Minister for Earth Sciences, Dr. Jitendra Singh, made the following remarks on behalf of the country at the UN Ocean Conference in Lisbon: Under the leadership of Prime Minister Narendra Modi, all efforts are being made to achieve the 30×30 target in a mission mode as per the COP resolutions. He stated that his purpose in attending the UN summit was to share Modi’s vision for protecting and sustaining the ocean and its resources with the rest of the globe. Key Points:

a)      India joined the High Ambition Coalition for Nature and People, which was founded at the “One Planet Summit” in Paris in January 2021 and seeks to advocate a global accord to safeguard at least 30% of the world’s land and ocean by 2030.

b)      Dr. Jitendra Singh gave the Ministers, Delegates, and Representatives from more than 130 nations attending the five-day conference the assurance that India would also offer science and innovation-based solutions through partnerships and environmentally friendly solutions for the implementation of SDG-Goal 14.

 

4. KK Venugopal Re-Appointed Attorney General for Three Months: Attorney General (A-G), K.K. Venugopal has been re-appointed as the country’s top law officer for a period of three months. Mr. Venugopal, whose current one-year term ends on June 30, agreed to a short tenure following a request from the government. The sources cited above said that he was initially not willing to continue in the Constitutional post due to “personal reasons”.

In July 2017, Mr. Venugopal, 90, was appointed by the President of India to succeed Mukul Rohatgi as the A-G. The government’s top law officer enjoys a tenure of three years. However, when Mr. Venugopal’s first term as A-G was to end in 2020, he requested the government to give him a one-year tenure keeping in mind his advanced age. Last year too, he was reappointed for one year.

 

INTERNATIONAL UPDATES:

 

1. Ferdinand Marcos Jr. takes oath as Philippine president: Ferdinand Marcos Jr, the son of late dictator Ferdinand Marcos Sr, won the elections with 31.6 million votes and was swore as the 17th President of the Philippines. He took the oath at the National Museum of Fine Arts in Manila before the Supreme Court Justice, Alexander Gesmundo. The former President’s daughter and his running mate, Sara Duterte Carpio, swore as vice president. The two will be serving the nation until 2028. Marcos Jr. is more popularly known as “Bongbong” in the country and won on the platform of national unity, promising more jobs, lowering prices, and increasing investment in agriculture and infrastructure.

Note: Philippines Capital: Manila; Philippines Currency: Philippine peso.

 

2. International Day of Cooperatives: 2nd July: International Day of Cooperatives is marked annually on the first Saturday of July. This year, the day will be observed on 2 July to highlight the contributions of the cooperative movement. The aim of this celebration is to increase awareness about cooperatives by highlighting how the United Nations shares similar goals and objectives as the international cooperative movement. On July 2, cooperatives all around the world will celebrate the 100th International Day of Cooperatives (#CoopsDay). This year’s #CoopsDay slogan - “Cooperatives Build a Better World”— echoes the theme of the International Year.

International Day of Cooperatives History: The United Nations General Assembly (UNGA) passed a resolution on 16 December 1992 to declare the first Saturday of July 1995 as the International Day of Cooperatives. The date was chosen as it marked the centenary of the International Cooperative Alliance’s establishment. It is also called Coops Day.

 

3. World Sports Journalist Day: 2nd July: World Sports Journalists Day is observed on July 2 every year to celebrate the services of sports journalists for the promotion of sports. Sports journalism is a form of reporting that focuses on matters pertaining to any subject or topic related to sports.

World Sports Journalist Day History: The International Sports Press Association (AIPS) established the World Sports Journalist Day in 1994. Furthermore, the day commemorates the formation of the AIPS organisation that took place back on July 2, 1924, during the Summer Olympics in Paris. Over the years, the accomplishments of numerous sports media professionals have been honoured on this day.

 

3. World UFO Day: 2nd July: The World UFO Day (WUD) is held on July 2 every year globally. It is a day dedicated to the undoubted existence of Unidentified Flying Objects (UFO) by World UFO Day Organization (WUFODO). WUD aims to raise awareness about the existence of UFOs and encouraging people to think about the possibility of us not being alone in the Universe. The World UFO Day provides an opportunity to these explorers and enthusiasts to discuss, decode, and deduce multiple theories related to UFOs.

World UFO Day History: The World UFO Day commemorates two important days which are the first widely reported UFO sightings in the world. The first sighting was reported on June 24, 1947, when an aviator named Kenneth Arnold claimed to have seen what looked like a flying saucer. This sighting shaped the narrative of the UFO with a disk being the widely accepted appearance.

 

OTHER UPDATES:

 

SPORTS

 

1. Adani Sportsline is principal sponsor of Indian Olympic Association: Adani Sportsline, the sports arm of the Adani Group, has inked a long-term principal sponsorship deal with the Indian Olympic Association (IOA). It will be the official partner of the Indian contingent during the upcoming Birmingham Commonwealth Games 2022, the Hangzhou Asian Games 2022, and the Paris Olympic Games 2024. The group had earlier been associated with the Indian contingent during the Tokyo Olympics in 2021.

Adani Sportsline has supported over 28 athletes through its athlete support initiative, #GarvHai, across a variety of sports. Six of these athletes represented India at the Tokyo Olympics in 2021, and among them was wrestler Ravi Kumar Dahiya, who brought home a silver medal. Adani Sportsline also owns teams on Indian and global platforms, including the Pro Kabaddi League, Ultimate Kho Kho League, Big Bout Boxing League, and International League T20 (cricket), among other initiatives.

 

BANKING AND FINANCE

 

1. RBI data: Credit card spending exceeded Rs. 1.13 billion in May: May saw credit card spending reach an all-time high of $1.14 trillion, indicating that the retail sector is doing well. According to Reserve Bank of India data, credit card spending increased 118 percent annually and 8 percent monthly as a result of strong e-commerce spending, high-value travel and tourism spending, and discretionary purchases. Key Points:

a)      Despite pressures from inflation and rising interest rates, credit card spending in May remained significantly higher than $1 trillion. The total amount spent on credit cards in May was $1.13 trillion, up from $1.05 trillion in April and $52,200 crore in May of the previous year.

b)      The biggest incremental rise in credit card spending was recorded by Indusind Bank and Kotak Mahindra Bank, at 17% and 15%, respectively. All other companies experienced growth in the 4–9% range. American Express, on the other hand, experienced a 2% month-over-month fall.

c)       The system’s overall number of active credit cards increased by 23.2 percent annually to 76.9 million in May 2022, the most in the previous 27 months.

d)      With 38,000 new cards added in the same month, HDFC bank had the highest monthly incremental card addition rate. Since April, the bank has noticed an increase in the marketshare of credit card expenditures. In May, the bank’s market share for credit card purchases was 27.7% compared to 27.6% in April and 26.6 % in March.

 

2. SEBI imposed Rs. 7 crore penalty on National Stock Exchange: The Securities and Exchange Board of India (SEBI) has slapped heavy penalties in a 2015 ‘dark fibre’ case that saw certain brokers exploiting the National Stock Exchange’s (NSE’s) internet infrastructure to get faster connectivity to its colocation (colo) facilities. The markets regulator has imposed a penalty of Rs 7 crore on NSE and Rs 5 crore on former Managing Director and Chief Executive Officer (CEO) Chitra Ramkrishna.

In this case, a total of 18 entities received penalties. It has also levied a fine of Rs 5 crore each on former Group Operating Officer Anand Subramanian and current Chief Business Development Officer Ravi Varanasi. Internet service provider Sampark Infotainment has been asked to pay Rs 3 crore. Online trading firms Way2Wealth and GKN Securities, too, have been asked to cough up Rs 6 crore and Rs 5 crore, respectively.

Note: SEBI Founded: 1988; SEBI Act: 1992; SEBI Headquarters: Mumbai, Maharashtra.

 

BUSINESS AND ECONOMY

 

1. For public issues of REIT and InvIT, SEBI now offers UPI payment option: Retail investors may use UPI, or the unified payments interface mechanism, to apply in the public offering of REITs and InvITs for application values up to Rs 5 lakh, according to capital markets regulator SEBI. The Securities and Exchange Board of India (SEBI) stated in two separate circulars that the new framework, which aims to further streamline the procedure, will be applicable to public issue of units of Infrastructure Investment Trust (InvIT) and real estate investment trust (REIT).

Key Points:

a)      The mechanism for paying for applications in the public offering of units of these new investment instruments under the facility of Applications Supported by Blocked Amount was established by the capital markets regulator in January 2019.

b)      Separately, the regulator has agreed to shorten the period of time needed for the allocation and listing of units of privately issued InvIT after the offering is closed from the current need of 30 working days to six working days.

c)       Although they are relatively new investment vehicles in the Indian context, REITs and InvITs are hugely popular on international stock markets.

d)      While an InvIT consists of a portfolio of infrastructure assets, such as highways and electricity transmission facilities, a REIT consists of a portfolio of commercial real estate, the majority of which is already leased out.

e)      The merchant banker must also make sure that all publications where the issue advertisement is published reveal the method of the additional payment mechanism using UPI.

f)        The investor’s PAN and client ID, which were entered on the stock exchange platform at the time of the bid, will be verified in real-time by the stock exchange(s) with the depositories.

 

2. 100% two-wheelers to be energised by FY27: NITI Aayog and the Technology Information, Forecasting and Assessment Council (TIFAC) made an upbeat prediction that by FY2026-27, electric two-wheelers would be completely incorporated into the Indian market. Forecasting Electric Two-Wheeler Penetration in India was the report’s title. It gave significant insights into the sector’s priorities for technology development as well as the necessary industrial capacity and infrastructure. Key Points:

a)      Even without extending demand-side incentives, the penetration of electric two-wheelers may reach about 72% in FY 2031-32 if an R&D programme is successful in increasing their range and power by 5% annually between FY 2023-24 and 2025-26 and by 10% in FY 2026-2027.

b)      By FY2028-29, the number of electric two-wheeler sales could surpass 220 lakh units.

c)       Sales could possibly top 250 lakh units if there is enough infrastructure established for charging electric two-wheelers.

d)      According to the Incentive Driven Scenario, which assumes that demand incentives will persist throughout but with only a 2% annual reduction in battery cost and no improvement in range or performance, the sale of electric two-wheelers will reach 54.91 lakh units in FY 2031, with a market penetration of 21.86%.

e)      Three key aspects that affect the market penetration of electric two-wheelers have been used to build the future scenarios. Demand incentives, battery cost, and vehicle performance in terms of range and power are these factors.

 

DEFENCE

 

1. New Delhi: 4th Synergy Conference between Indian Army and DAD: In New Delhi, there was the fourth Synergy Conference between the Indian Army and the Defense Accounts Department (DAD). Senior commanders of the Indian Army and DAD attended the one-day meeting, which was co-chaired by Vice Chief of Army Staff (VCOAS) Lt Gen BS Raju and Controller General of Defence Accounts (CGDA) Shri Rajnish Kumar. Key Points:

a)      Deliberations on the AGNIPATH plan and the timeline for the prompt implementation of a system for pay and allowances for Agniveers were on the conference’s main agenda.

b)      Enhancing the performance of Pay and Accounts Offices (PAOs) for better service delivery to Junior Commissioned Officers/Other Ranks of the Indian Army was another item on the agenda. Senior officers from both sides were consulted as concrete action plans for the future were developed.

c)       The CGDA agreed with the department’s goal of using technology to improve service delivery to the armed forces and to implement creative business process re-engineering to significantly alter the way that bills are processed and paid.

d)      In order to facilitate decision-making and improve the management of the defence budget, they discussed the necessity of identifying the costing and expenditure profile for the units and formations. They acknowledged the significant contribution made by personnel of the Indian Defence Accounts Service in assisting the Indian Army in making vital financial choices and ensuring financial discipline through the Accounting and Audit Function.

Note: Vice Chief of Army Staff (VCOAS): Lt Gen BS Raju; Controller General of Defence Accounts (CGDA): Shri Rajnish Kumar

 

2. 9th Army to Army Staff Talks between India and Australia held in Dehradun: The ninth Army to Army Staff Talks, which were held in Dehradun, between the Australian and Indian armies were centred on developing a roadmap for improved defence cooperation and joint military exercises. The Indian Military Academy (IMA) was the location of the discussions, where both parties went over the road map for initiatives promoting defence cooperation, according to the Army. Key Points:

a)      These initiatives include training sessions for both Armies, cadet exchange programmes between pre-commission training academies, bilateral exchanges of Austra hinds, subject matter expert exchanges in specialised fields, functional and high-level visits, interaction between think tanks, and virtual interactions in the fields of medical and doctrinal exchanges.

b)      The delegation also paid visits to the Centre for Land Warfare Studies, the Wargame Research and Development Center in Delhi, the Bengal Engineer Group Center in Roorkee, and the Infantry Division in Dehradun.

c)       The General Rawat Young Officer Exchange Program, which was announced on March 21, 2022, during the virtual summit meeting between the two Prime Ministers of the two nations, is scheduled to begin in the second half of 2022.

About India – Australia Army Connection: A number of high-level meetings have taken place between the two nations to advance their security cooperation. Richard Marles, the Deputy Prime Minister and Minister for Defense of Australia, visited India. A meeting of the India-Australia Joint Working Group (JWG) on Defence Research and Material Cooperation is scheduled for Australia. India will also take part in Australia’s Indo-Pacific Endeavour exercise and Exercise Pitch Black.

 

OBITUARIES

 

1. Malayalam actor Ambika Rao passes away: Malayalam actor and assistant director Ambika Rao passed away at the age of 58. She entered the movie industry as an assistant director with the 2002 release ‘Krishna Gopalakrishna’ helmed by Balachandra Menon. She forayed into the film industry as an assistant director in early 2000. She has assisted several directors, including Balachandra Menon, Anwar Rasheed, Shafi, and Vinayan. She also acted in many movies. Recently, she made a mark with her performances in hit films like Virus and Kumbalangi Nights.

Daily GK Update- 1st July, 2022

 

NATIONAL UPDATES:

 

1. Dak Karmayogi E-learning Platform launched by the Government: The Dak Karmayogi, which is an e-Learning portal of the department of posts was launched by Shri Ashwini Vaishnav minister of communication, railways, electronics, and IT, and Shri Devusinh Chauhan minister of state for communications. This portal has been developed under the vision of mission Karmayogi which was initiated by Prime Minister Shri Narendra Modi with a view of bringing efficiency in the actions of all the employees of the Government of India and transforming the efficiency of bureaucracy with minimum Government and maximum governance.

Dak Karmayogi: Objectives:

a)      Dak Karmayogi portal aims to enhance the competencies of about 4 lakh Gramin Dak Sevaks and department employees by enabling the trainees to access the uniform standardized training content online and in blending campus mode to enable them to effectively deliver several G2C services for enhanced customer satisfaction.

b)      When the trainee completes the final summative assessment successfully, a system-generated course completion certificate will be sent to the trainee’s registered email ID automatically.

c)       The portal allows the train to give their feedback, ratings, and suggestions for every video and other learning content for future enhancement.

d)      The launch of the dark Karmayogi portal enables the department in employees and Gramin Dak Sevak to be able to avail training anytime and anywhere and upgrade their attitude, skills, and knowledge (ASK).

e)      To acknowledge the good performance of employees and to motivate them to improve their good work the department of posts gave the Meghdoot awards in eight different categories by Sri Ashwini Yadav Minister of railways, communications, and electronics, and information technology, and Shri Devusinh Chauhan, minister of state for communications. 

 

2. Eknath Shinde to take oath as Chief Minister of Maharashtra: Eknath Shinde, a rebel Shiv Sena MLA, will be sworn in as the new chief minister of Maharashtra. The dissident Shiv Sena faction led by Eknath Shinde and the BJP will form Maharashtra’s new government after nearly ten days of intense power struggles. The Maha Vikas Aghadi government’s authority in the state came to an end the day after Uddhav Thackeray resigned as chief minister. The Shinde camp announced that talks with the BJP have begun and that they will form the government.

Key Points:

a)      When announcing Shinde’s candidacy, Fadnavis stated that the BJP, the Eknath Shinde group, and 16 independents/smaller parties had all written letters of support to the governor.

b)      Shinde will take his oath in Raj Bhawan. Furthermore, Fadnavis declared that he will not serve in the upcoming week’s expected new cabinet.

c)       Uddhav Thackeray resigned as chief minister of Maharashtra due to a mutiny within his own Shiv Sena party and the realisation that he would not be able to demonstrate his government’s majority in the House. His resignation came after the Supreme Court declined to impose a stay on a floor test that the Governor had ordered.

 

3. National Doctor’s Day: 1st July: India celebrates National Doctor’s Day on July 1, the birth anniversary of Dr Bidhan Chandra Roy, an eminent physician, academician, freedom fighter and politician. National Doctor’s Day marks the role of doctors who work tirelessly to ensure that patients remain in good health. The day celebrates the efforts taken by the healthcare staff for their hardwork and dedication. For 2022, the theme for National Doctor’s Day is “Family Doctors on the Front Line.”

National Doctor’s Day History: It was in 1991, when the day was first established. Dr Bidhan Chandra Roy is remembered on this day. He was a famous doctor and West Bengal’s second chief minister. Interestingly, his birthday and death anniversary are on the same day. The day honor’s Dr Roy and also recognises everyone’s effort to patients.

 

4. Chartered Accountants Day: 1st July: The Chartered Accountants’ Day or CA Day is held on 01 July every year in India. It is also known as ICAI Foundation Day. The Institute of Chartered Accountants of India (ICAI), which sets the requirements for chartered accountants, administers the exams, and issues certificates of practice, is a key player in the regulation of the accounting profession in India. Thus, the day is important for honoring the ICAI as well as appreciating the efforts and contributions of chartered accountants across the nation.

Chartered Accountants Day History: The Chartered Accountants’ Day honors the founding of the Institute of Chartered Accountants of India (ICAI), the second-largest accounting organization in the world and the country’s first national professional accounting body. It was created on July 1st, 1949, as a statutory body by the Indian Parliament under the Chartered Accountants Act. India celebrates this day each year to commemorate the founding of the Institute of Chartered Accountants of India (ICAI).

 

INTERNATIONAL UPDATES:

 

1. UK announces 75 scholarships for Indian students on 75th year of Independence: The United Kingdom government has announced a partnership with leading businesses in India to offer 75 fully funded scholarships for Indian students to study in the UK from September, in celebration of the 75th anniversary of India’s independence. Additionally, the British Council in India is offering around 18 scholarships for women in science, technology, engineering and mathematics (STEM) covering over 12,000 courses across more than 150 UK universities.

About the Chevening scholarships programme:

a)      The programmes on offer include Chevening scholarships for a one-year Master’s programme, with the opportunity to study any subject at a UK university.

b)      HSBC, Pearson India, Hindustan Unilever, Tata Sons and Duolingo are among the companies supporting this initiative to celebrate India’s 75th year of independence. HSBC India will sponsor 15 scholarships, Pearson India will sponsor two, Hindustan Unilever, Tata Sons and Duolingo will sponsor one each as part of the 75 scholarships.

c)       The Chevening scheme is the UK government’s international awards scheme offered in 150 countries, aimed at developing global leaders since 1983. India’s Chevening programme is the largest in the world with over 3,500 alumni.

d)      The fully funded scholarships include tuition, living expenses and travel cost for a one-year-postgraduate programme. A minimum of two years’ work experience is required for candidates to be eligible for the award and details will be made available through the Chevening website.

Note: United Kingdom Prime minister: Boris Johnson; United Kingdom Capital: London; United Kingdom Currency: Pound Sterling.

 

2. ‘Partners in the Blue Pacific’: New programme started by US and Allies: The US and its allies, Australia, New Zealand, Japan, and the United Kingdom, have launched a new initiative called Partners in the Blue Pacific for effective and efficient cooperation with the region’s small island nations in response to China’s aggressive push to expand its sphere of influence in the Pacific. After China pushed for a broad, common cooperation pact with 10 Pacific states, it became obvious the planned extent of its expanding influence and the geostrategic competition in the region increased. About Partners in the Blue Pacific (PBP):

a)      A five-nation informal framework, the PBP aims to support Pacific islands and strengthen regional political and economic ties.

b)      It calls for further cooperation to improve “prosperity, resilience, and security” in the Pacific. It simply means that these nations will contribute more resources through the PBP, both collectively and individually, to block China’s aggressive outreach.

c)       Members of the initiative have also promised to strengthen ties with the Pacific Islands Forum and promote regionalism in the Pacific.

d)      The five member countries said in a joint statement announcing the project that the forum “remains open to engaging with additional partners,” adding that “at every point, the Pacific Islands will be led and guided by us.”

e)      On the choice of the PBP’s lines of effort and its flagship projects, we shall look to the Pacific for advice.

f)        The climate issue, connectivity and transportation, marine security and protection, health, prosperity, and education are among the sectors where PBP seeks to improve cooperation.

 

3. NASA launches CAPSTONE mission to the moon: The NASA researchers successfully launched CAPSTONE spacecraft to the moon from New Zealand. The launch took place on Rocket Lab’s Electron rocket. Mission CAPSTONE stands for Cislunar Autonomous Positioning System Technology Operations and Navigation Experiment. With a price tag just shy of $30 million, NASA hopes the mission will verify that a specific type of moon orbit is suitable for the lunar Gateway space station that the agency aims to launch later this decade.

About the CAPSTONE: CAPSTONE is a microwave oven-sized spacecraft with the aim to study a specific type of moon orbit that will be suitable for the lunar Gateway space station that NASA aims to launch later this decade. The lunar Gateway space station will be a small space station for astronauts in orbits where they can stop before and after going to the moon’s surface.

Note: NASA administrator: Bill Nelson; Headquarters of NASA: Washington D.C., United States; NASA Founded: 1 October 1958.

 

OTHER UPDATES:

 

SPORTS

 

1. Novak Djokovic becomes 1st player to win 80 matches in all four Grand Slams: Novak Djokovic became the first player in history to win 80 matches in all four Grand Slams when he defeated Kwon Soon-woo 6-3, 3-6, 6-3, 6-4 on Centre Court his 80th win in Wimbledon. By virtue of his victory, the former world no.1 tennis players has created history winning his 80th match at the Wimbledon. The six-time champion has became the first male player in the Open Era to win 80 or more match at all four grand slams.

Number of matches won by Novak Djokovic at each Grand Slam:

a)      Roland Garros – 85

b)      Australian Open -82

c)       US Open – 81

d)      Wimbledon -80

 

2. U23 Asian Wrestling Championships 2022: Deepak Punia won bronze: Tokyo Olympian Deepak Punia won a bronze medal after defeating Maksat Satybaldy (Kyrgyzstan) in the 86kg freestyle weight category at the U23 Asian wrestling championships 2022 in Bishkek, Kyrgyzstan. Despite a win, it was an unimpressive result from him as the Indian contingent was expecting a better outing from the world championships silver medalist in the tournament. In the opening two rounds, the 23-year-old Punia lost to eventual gold medallist Azizbek Fayzullaev of Uzbekistan and Nurtilek Karypbaev of Kyrgyzstan. India won 25 medals in all in the U23 meet in the event, including 10 gold medals. The eight-day continental championship concluded.

 

BUSINESS AND ECONOMY

 

1. NITI Aayog releases a report on India’s Gig Economy: A report titled “India’s Booming Gig and Platform Economy” was released by NITI Aayog. Suman Bery, vice chairman of NITI Aayog, Amitabh Kant, and Dr K Rajeswara Rao, special secretary, released the report. The study, which is a first of its kind, offers in-depth viewpoints and suggestions on the gig-platform economy in India. CEO Amitabh Kant emphasised the industry’s potential to generate jobs in light of India’s growing urbanisation, and widespread access to the internet, digital technology, and cellphones. About the Report:

a)      According to the research, the gig economy employed 77 lakh (7.7 million) employees in 2020–21. They made up 1.5 percent of India’s total labour force or 2.6 percent of the non-agricultural workforce. By 2029–2030, there will be 2.35 crore (23.5 million) workers in the gig economy. By 2029–2030, it is anticipated that gig workers will account for 6.7 percent of India’s non-agricultural workforce and 4.1 percent of all income.

b)      Currently, medium-skilled occupations make up approximately 47% of gig labour, high skilled jobs make up about 22%, and low-skilled jobs make up about 31%.

c)       The trend indicates that the concentration of workers with medium skills is gradually decreasing while it is rising for those with low and high skills.

d)      The report suggests connecting self-employed people in the business of selling regional and rural cuisine, street food, etc., with platforms in order to enable them to sell their products to larger markets in towns and cities to accelerate access to finance through products specifically designed for platform workers.

e)      The report recommends platform-led transformational and outcome-based skilling, improving social inclusion through programmes that educate workers and their families about gender issues and accessibility, and extending social security measures in partnership as envisioned by the Code on Social Security 2020.

f)        Other suggestions include conducting a second census exercise to calculate the size of the gig and platform workforce and gathering data during official censuses (Periodic Labour Force Survey) to identify gig workers.

Note: Chairperson of NITI Aayog: PM Narendra Modi; Vice chairman of NITI Aayog: Suman Bery

 

2. To provide e-PAN Services, Protean and PayNearby collaborate: In order to provide PAN-related services for PayNearby‘s retail partners through Aadhaar and biometric or SMS-based OTP authentication for their clients, Protean eGov Technologies Ltd (previously NSDL e-Governance Infrastructure Ltd) and PayNearby have formed a cooperation. For millions of citizens, the cooperation seeks to improve service delivery. Key Points:

a)      It would make it simpler and faster for local businesses to offer affordable online PAN services, doing away with the need to submit paper applications and supporting documentation.

b)      A digital copy of the ePAN will be generated shortly after the online application form is submitted, and a physical copy will be given to the clients at their preferred address in 4-5 working days.

c)       For the Government of India’s Income Tax Department, Protean accepts and handles PAN applications. PayNearby will serve as Protean‘s PAN Service Agency (PSA) as part of the agreement.

d)      Retailers may now accept PAN applications in paperless mode because PayNearby serves over 75% of the Indian market, and Protean will be able to significantly expand PAN service coverage throughout the nation, particularly to distant places, through a PayNearby store.

e)      The cooperation will increase the country’s tax revenue and give microbusiness owners another source of income by bringing the underbanked and unbanked parts of the population into the tax system through dependable local touchpoints.

 

DEFENCE

 

1. Indian Coast Guard launched “PADMA” centralised payment system: Pay Roll Automation for Disbursement of Monthly Allowances (PADMA), an automated Pay & Allowances module for the Indian Coast Guard was inaugurated by Shri Rajnish Kumar, Controller General of Defence Accounts (CGDA), Ministry of Defence. The CGDA emphasized that the Government has campaigned for Digital India to ensure dedicated services and reduce manual intervention at every level & to promote E-Governance in a big way. Launch of PADMA will strengthen the Digital India concept. Also, it is an ‘Atmanirbhar Bharat’ initiative as the entire module has been designed and developed by Indian entrepreneurs assisted by domain experts.

About the PADMA:

a)      PADMA is an automated platform leveraging latest technology which will provide seamless and timely disbursal of Pay & Allowances to around 15,000 Indian Coast Guard personnel.

b)      This module has been developed under the aegis of Defense Accounts Department and will be operated by Pay Accounts Office Coast Guard, Noida.

c)       The launch marked the beginning of the Centralized Pay System (CPS), the foundation of which is being laid down by the Defence Accounts Department Headquarters to provide one stop pay accounting solutions for all organisations under the Ministry.

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.

 

OBITUARIES

 

1. Olympic Medallist and Hockey World Cup winner Varinder Singh passes away: Indian hockey stalwart and member of the gold medal winning 1975 World Cup team, Varinder Singh passed away. He was 75. Singh was part of the gold medal-winning Indian team at the 1975 men’s Hockey World Cup in Kuala Lumpur. Singh was also part of the bronze medal-winning team at the 1972 Munich Olympics and silver medal at 1973 World Cup in Amsterdam. In 2007, Varinder was conferred with the prestigious Dhyan Chand Lifetime Achievement Award.