Daily GK Update- 22nd July, 2022

 

NATIONAL UPDATES:

 

1. India Innovation Index 2021: Karnataka, Manipur and Chandigarh topped the third edition of NITI Aayog’s India Innovation Index, which ranks the states and the union territories on their innovation performance.

Major states:				NE and Hill States:
Rank	States	III 2021		Rank		States		III 2021
1	Karnataka	18.01		1		Manipur		19.37
2	Telangana	17.66		2		Uttarakhand		17.67
3	Haryana	16.35		3		Meghalaya		16
4	Maharashtra	16.06		4		Arunachal Pradesh		15.46
5	Tamil Nadu	15.69		5		Himachal Pradesh		14.62
6	Punjab	15.35		6		Sikkim		13.85
7	Uttar Pradesh	14.22		7		Mizoram		13.41
8	Kerala	13.67		8		Tripura		11.43
9	Andhra Pradesh	13.32		9		Assam		11. 29
10	Jharkhand	13.1		10		Nagaland		11
UT and City States:
Rank	UT and City States				III 2021
1	Chandigarh				27.88
2	Delhi				27
3	Andaman and Nicobar Islands				17.29
4	Puducherry				15.88
5	Goa				14.93
6	Jammu and Kashmir				12.83
7	Dadra and Nagar Haveli & Daman and Diu				12.09
8	Lakshadweep				7.86
9	Ladakh				5.91

 

India Innovation Index:

a)      Prepared by NITI Aayog and the Institute for Competitiveness, the India Innovation Index is a comprehensive tool for the evaluation and development of the country’s innovation ecosystem. It ranks the states and the union territories on their innovation performance to build healthy competition amongst them.

b)      The India Innovation Index 2021 presents state-wise rankings based on the innovation landscape and performance of the country’s states and union territories. The latest framework of the index has been mapped from the Global Innovation Index, published annually by WIPO (World Intellectual Property Organization).

 

2. Tamil Nadu tops in Smart City Fund utilization: Tamil Nadu tops the list of states so far as utilisation of funds under the government’s flagship Smart City Mission is concerned. While Tamil Nadu has spent over Rs 3932 crore out of the Rs 4333 crore released by the Centre, Uttar Pradesh is in the second position with the utilisation of Rs 2699 cr out of the Central share release of Rs 3142 crore. As on 8 July 2022, the Centre has released Rs 30,751.41 crore for 100 Smart Cities, out of which Rs 27,610.34 crore (90%) has been utilised. Key points:

a)      Government data showed that states including Karnataka, Andhra Pradesh, Gujarat, Madhya Pradesh, Maharashtra and Rajasthan have also spent major amounts on projects under the Smart City Mission.

b)      While Karnataka recorded utilization of Rs 2420 crore from the Central release of Rs 2618 crore, Maharashtra showed over Rs 2453 crore utilization out of a total release of Rs 2454 crore by the Centre.

c)       As on 8 July 2022, these Smart Cities have tendered out 7,822 projects worth Rs 1,90,660 crore; work orders have been issued in 7,649 projects worth Rs 1,80,996 crore; 4,085 projects worth Rs 66,912 crore have been completed.

d)      The period of implementation of SCM is upto June 2023 and all Smart Cities are expected to complete their projects within the stipulated time.

 

3. In 272 of the neediest districts, Govt starts “Nasha Mukt Bharat Abhiyaan”: To address the issue of drug abuse among Indian youth, the Ministry of Social Justice and Empowerment began implementing Nasha Mukt Bharat Abhiyaan in the 272 most susceptible districts in August 2020. The National Survey of Extent, Pattern and Trends of Substance Use conducted in 2004 and the Comprehensive National Survey on Extent and Pattern of Substance Use in India conducted in 2018 both show a change in the pattern of substance abuse. According to Minister of State for Social Justice and Empowerment A. Narayanaswamy, the participation of stakeholders including women, children, educational institutions, and civil society groups is given special consideration under the “Nasha Mukt Bharat Abhiyaan” programme.

 

4. Five years of Pradhan Mantri Vaya Vandana Yojana completed: The five years of the Pradhan Mantri Vaya Vandana Yojana are now complete. 21 July, 2017 marked the official launch of the programme. The programme is a social security programme for the elderly that aims to provide them with a guaranteed minimum pension based on a guaranteed return on the purchase price or subscription fee. The minimum investment required to participate in this scheme has been increased to one lakh 56 thousand 658 rupees for a pension of 12,000 per year and to one lakh 62 thousand 162 rupees for a pension of at least 1,000 rupees per month. The programme, which was in place through 2020, has now been extended for an additional three years, through March 31, 2023.

 

5. Jawaharlal Nehru Port becomes first 100% Landlord Major Port of India: Jawaharlal Nehru Port has become the first 100 per cent Landlord Major Port of India having all berths being operated on the PPP model. The PPP model of investment in Indian ports has made remarkable progress in the last 25 years, beginning from the Jawaharlal Nehru Port, resulting in capacity addition and productivity improvement. JNP is one of the leading container ports in the country and is ranked 26th among the top 100 global ports (as per Lloyds List Top 100 Ports 2021 Report).  About the Jawaharlal Nehru Port Container Terminal:

a)      The Jawaharlal Nehru Port Container Terminal (JNPCT) has 2 berths with a total length of 680m and a 15m draft which will be handed over under this PPP contract along with the backup area of 54.74 hectares for 30 years.

b)      JNPCT is presently handling 9000 TEUs capacity vessels and with the upgradation it can handle 12200 TEUs capacity vessels. It is also proposed to increase the RMQC rail span from 20 meters to 30.5 meters at the port.

c)       Investment for this project will be carried out by the concessioner at a total cost of Rs. 872 crores. The concessioner has to upgrade, operate, maintain and transfer this terminal on a PPP basis. This project will be implemented in 2 phases.

 

6. Brijesh Gupta appointed as MD of RattanIndia Power: RattanIndia Power announced hiring Brijesh Gupta as its new managing director. He has experience working across the renewable, steel, mining and commodities sector in India and abroad. He has over three decades of experience in the industrial sector. Brijesh Gupta held leadership positions in Adani Enterprises, Essar Group, Welspun and Atha Group. Other than this, he also has global experience by working across geographies in the USA, Middle East, Iran and the Indian Subcontinent.

About RattanIndia Power: RattanIndia Power is a private power generation company, with an installed capacity of 2,700 MW thermal power plants at Amravati and Nashik (1,350 MW at each location) in Maharashtra, with investments of Rs.18,615 crores (US$ 2.5 billion). The power plants are spread over an area of 2,400 acres.

 

INTERNATIONAL UPDATES:

 

1. 13th Petersburg Climate Dialogue begins in Germany: The 13th Petersberg Climate Dialogue began in Berlin, Germany. The two-day informal ministerial meet is being chaired by Germany and Egypt, hosts of this year’s annual climate meet (COP-27). The informal ministerial meeting proposes to build consensus and provide political direction to resolve divergences aimed at improving the implementation of climate action, the core goal of COP-27.

During the dialogue:

a)      Ministers and delegations from several countries recalled the urgency to move to the implementation of all the previous resolutions made during the last meeting in order to limit global warming to 1.5 degrees Celsius.

b)      As per the previous resolution, the fight against climate change requires the preservation of the Congo Basin forests, which alone absorb 1.2 billion tonnes of carbon globally per year.

About the Petersberg Climate Dialogue: The Petersberg Climate Dialogue will pave the way for a successful global climate conference in Egypt in November. Since its inception in 2010, the Petersberg Dialogue has served as a forum for ministers to build political consensus that helps resolve differences on issues holding up progress in negotiations.

 

2. World Brain Day: 22nd July: The World Federation of Neurology (WFN) celebrates World Brain Day on every July 22, focusing on a different theme each year. According to WHO, good brain health is a state in which every individual can realize their own abilities and optimize their cognitive, emotional, psychological and behavioural functioning to cope with life situations. World Brain Day (WBD) 2022 is dedicated to the theme “Brain Health for all” as our brains continue to be challenged by pandemics, wars, climate change and the myriad of disorders impacting human existence globally.

Note: World Federation of Neurology Headquarters location: London, United Kingdom; World Federation of Neurology Founded: 22 July 1957; World Federation of Neurology President: Prof. Wolfgang Grisold.

 

3. World Fragile X Awareness Day: 22nd July: The World Fragile X Awareness Day is marked on 22 July every year to celebrate families impacted by Fragile X and highlight the progress of research to find a cure. On this day, communities around the world come together to shine a light on Fragile X, by illuminating monuments and landmarks globally. World Fragile X Day celebrates families impacted by Fragile X and highlights advancements of research to find effective treatments and ultimately a cure.

About the Fragile X syndrome: Fragile X syndrome causes mild to severe intellectual disability. It affects both males and females, but females usually have milder symptoms. Symptoms include delays in talking, anxiety and hyperactive behaviour. Some people have seizures. Physical features might include large ears, a long face, a prominent jaw and forehead and flat feet.

 

OTHER UPDATES:

 

BANKING AND FINANCE

 

1. IndusInd Bank board approves raising Rs 20,000 crore through debt: The board of private lender IndusInd Bank has authorised a plan to raise Rs 20,000 crore in debt to finance company expansion. In a meeting, the bank’s board of directors approved the proposal, according to a statement from IndusInd Bank. The board authorised the issuance of debt securities in any permitted manner through a private placement on the condition that the total amount raised does not exceed Rs 20,000 crore. As required, it may also be raised in foreign currencies with the consent of the bank’s members and after receiving any additional governmental or regulatory permissions.

 

2. Govt and RBI policies aid banks to recover bad loans of Rs. 8.6 lakh crore in 8 fiscal years: The administration informed Parliament that concrete actions taken by the RBI and government assisted banks in recovering bad loans of more than Rs 8.6 lakh crore over the course of the previous eight fiscal years. Non-performing assets (NPAs) are a natural, albeit unfavourable, corollary of the banking industry, according to Minister of State for Finance Bhagwat Karad in a written response to the Lok Sabha. Key Points:

a)      NPA build-up is linked to a number of variables, including the current macroeconomic climate, sectoral difficulties, the global business environment, delayed stress assessment by banks, aggressive lending during upturns, inaccurate risk pricing, and inadequate credit underwriting.

b)      The government of India and the Reserve Bank of India (RBI) regularly issue directives and have implemented a number of initiatives aimed at resolving long-standing stressed assets on banks’ books as well as timely identification and recognition of stress immediately upon default and take corrective action for mitigating the same.

c)       In addition to the Recovery of Debts and Bankruptcy Act of 1993, the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act of 2002, and the Insolvency and Bankruptcy Code of 2016, these methods are also accessible to lenders for recovery and settlement (IBC).

d)      Scheduled Commercial Banks (SCBs) recovered Rs 8,60,369 crore from NPAs during the last eight financial years (provisional data) as a consequence of comprehensive measures implemented by the government and RBI to check the cases of NPAs and bring them down.

Note: Chairman of RBI: Shri Shaktikanta Das

 

3. Jayanti Prasad named as Whole Time Member of IBBI: The Central Government has appointed, Jayanti Prasad as a Whole-time Member of the Insolvency and Bankruptcy Board of India (IBBI) for five years. This period of five years will be counted from the date of assumption of charge of the post i.e July 5, 2022, or up to the age of 65 years, whichever is the earliest, according to an executive order issued by the Ministry of Corporate Affairs (MCA).

Note: IBBI Founded: 1 October 2016; IBBI Headquarters: New Delhi; IBBI Parent department: Ministry of Corporate Affairs; IBBI Chairperson: Ravi Mittal.

 

BUSINESS AND ECONOMY

 

1. Morgan Stanley cuts India’s FY23 GDP forecast to 7.2%: American brokerage Morgan Stanley cut its FY23 real GDP expansion estimate for India by 0.40 per cent to 7.2 per cent on slower global growth and GDP growth will slow down to 6.4 per cent in FY24. Global growth, Morgan Stanley said, is likely to slow to 1.5 per cent YoY in the quarter ending December 2022 from 4.7 per cent in the quarter ended December 2021.

CPI inflation expected by Morgan Stanley: Morgan Stanley expects the CPI inflation to average 6.5 per cent in F23, as compared to its forecast of 7 per cent earlier. However, they do not expect much change in inflation beyond FY23, and expect it to average 5.3 per cent in FY24. The near-term risks to the inflation trajectory, it said, stem from changes in commodity prices and/or domestic food prices.

 

2. L&T Tech: First Company to directly obtain and implement 5G spectrum: The first IT company to publicly indicate interest in the government’s direct distribution of spectrum for exclusive 5G networks is L&T Technology Services. According to CEO Amit Chadha, it will acquire spectrum to set up a 5G private network and develop use cases for the technology. In addition, the engineering and research and development Services Company will roll out 5G solutions for parent company Larsen & Toubro globally. Key Points:

a)      India recently published regulations allowing businesses that are not in the telecom industry to purchase spectrum directly from the telecom department for the construction of private 5G networks.

b)      To supply 5G automation services and quick integration of open radio access network technologies that they will launch jointly, the company has partnered with network software provider Mavenir.

c)       The business applauded the government’s decision to permit private businesses to use 5G, but it demanded that the laws be changed to permit the deployment of the same 5G network in more than one location.

d)      Additionally, it is demanded that the difficulty of connecting the 5G spectrum that businesses receive to the Internet be adjusted for the provision of application-as-a-service or lab offer-as-a-service options

 

3. Digit Insurance launched ‘pay as you drive’ for motor insurance: Go Digit General Insurance is the first insurer to offer a ‘pay as you drive’ (PAYD) add-on feature for motor insurance own damage (OD) policies. The Insurance has launched an add-on feature for motor insurance Own Damage policies, named ‘Pay as you Drive’. Vehicle-owners can purchase this benefit as part of comprehensive coverage, along with motor own damage (OD) policies.

Customers who drive less than 10,000 Km per year on average, will now pay less with this add-on. Digit will use odometer reading, telematics data and annual kilometre opted to give this discount (up to 25%). IRDAI has also permitted to the general insurance companies to introduce such tech-enabled concepts in motor OD policies.

 

 

 

 

 

 

 

 

 

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Daily GK Update- 21st July, 2022

 

NATIONAL UPDATES:

 

1. 15th President of India Draupadi Murmu: Daughter of a tribal family coming from a very ordinary house in Odisha, Draupadi Murmu has been elected as the 15th President of India. The 2022 Indian Presidential Election was the 16th presidential election that was held in India on the 18th of July 2022. Murmu becomes India’s first woman tribal president. She also becomes the second woman to hold the post after Pratibha Patil. The tenure of incumbent president Ram Nath Kovind will end on 24 July.

Key points of the presidential election 2022:

a)      The counting of votes has started to elect India’s new president. Out of a total of 771 MPs entitled to vote (05 vacant) and a total of 4,025 MLAs entitled to vote (06 vacant and 02 disqualified), over 99 percent cast their votes.

b)      However, 100% voting by MLAs was reported from Chhattisgarh, Goa, Gujarat, Himachal Pradesh, Kerala, Karnataka, and Madhya Pradesh, Manipur, Mizoram, Puducherry, Sikkim, and Tamil Nadu.”

c)       The counting of votes takes place in room number 63 of the Parliament of India which is also the strongroom for the boxes that arrived from all state capitals and Union Territories having a legislature.

Droupadi Murmu:

a)      The 64-year-old Droupadi Murmu was born in Odisha’s Mayurbhanj district to a family belonging to the Santhal tribe.

b)      Santhals, also spelled as Santals, are the third largest scheduled tribe community in India after the Gonds and Bhils. Their population is mostly distributed in Odisha, Jharkhand, and West Bengal.

c)       Murmu is the second person belonging to a scheduled tribe, to be nominated as a candidate for the post of President of India.

d)      She served as the ninth Governor of Jharkhand from 2015 to 2021.

e)      As a member of the BJP, she was elected to the state assembly twice – in 2000 and 2009 – from the Rairangpur seat.

 

2. Border dispute agreement struck between Arunachal Pradesh and Assam: According to the chief ministers of both states, Assam and Arunachal Pradesh have taken a step toward settling their seven-decade-old boundary dispute by signing the Namsai Declaration. Following their third round of discussions on the matter, the Arunachal Pradesh chief minister Pema Khandu and his Assam colleague Himanta Biswa Sarma signed the declaration in Namsai. Key Points:

a)      The 804-km long shared border between the two states. Although there was initially no conflict, over time, claims that citizens of one state were encroaching on the territory of the other have resulted in arguments and even violence. Since 1989, a lawsuit about the matter has been pending before the Supreme Court.

b)      There were 123 border settlements that were in contention earlier. They have now decided to limit that to 86 villages. Additionally, they have decided to remedy the problem by September 15 of this year.

c)       The signing has furthered the closeness and brotherhood between the two neighbouring northeastern states, according to both CMs, who called it a milestone and landmark.

d)      28 of the 123 contested villages that are located within Arunachal Pradesh‘s constitutional border will remain with the state, according to the announcement. In contrast, three villages will continue to belong to Assam as a result of Arunachal Pradesh‘s abandonment of its claims. Six more villages would remain in Arunachal Pradesh because they could not be discovered on the Assam side.

Note: Chief Minister of Assam: Dr. Himanta Biswa Sarma

Chief Minister of Arunachal Pradesh: Pema Khandu

 

3. West Bengal Governor La Ganesan assigned additional charge: Following the resignation of Jagdeep Dhankhar, who has been selected by the National Democratic Alliance (NDA) as its vice presidential candidate, La. Ganesan took the oath of office as the new governor of West Bengal. In the presence of the speaker, Mamata Banerjee, various state ministers, and Chief Justice of the Calcutta High Court, Prakash Shrivastava, he was sworn into office.

According to a statement from Rashtrapati Bhavan, President Ram Nath Kovind has accepted West Bengal Governor Jagdeep Dhankhar’s resignation after the NDA nominated him to run for vice president.

Note: Chief Minister of West Bengal: Mamata Banerjee

 

4. Lt Gen (Retd) Raj Shukla appointed as member of UPSC: Retired Army officer Raj Shukla has been appointed as a member of the Union Public Service Commission (UPSC). The UPSC recommends candidates to the government for appointment to the Indian Administrative Service (IAS), Indian Foreign Service (IFS), Indian Police Service (IPS) and the Central Services — Group A and Group B.

Note: UPSC Chairperson: Manoj Soni; UPSC Founded: 1 October 1926.

 

5. Uttarakhand CM Dhami released the book “BEYOND THE MISTY VEIL”: Chief Minister Pushkar Singh Dhami released the book “BEYOND THE MISTY VEIL”, Temple Tales of Uttarakhand written by Ms Aradhana Johri (Senior IAS) on the temples of Uttarakhand. This book will be known as an authentic introduction to the divine temples of Uttarakhand in the country and abroad. Former IAS officer Aradhana Johri who had served earlier as the District Magistrate of Nainital.

The essence of the book: The book based on the mythological temples of Devbhoomi Uttarakhand informs us about our culture and mythology. Apart from Chardham, religious tourism should also be promoted. The book talks about the temples of Uttarakhand, their significance and the tales associated with them. This will connect the main temples coming in different areas of the state and will promote religious tourism by developing them in the form of circuits.

 

INTERNATIONAL UPDATES:

 

1. Sri Lanka: Ranil Wickremesinghe elected as 9th President: Veteran Sri Lankan politician and six-time Prime Minister, Ranil Wickremesinghe has been elected as the 9th President of the Island nation by the Parliament. He secured 134 votes in the presidential election by the 225-member parliament. The 73-year-old Wickremesinghe will serve the remaining term of former President Gotabaya Rajapaksa, which ends in 2024.

a)      Wickremesinghe will replace Gotabaya Rajapaksa who fled the country and resigned after public anger over the country’s worst economic crisis exploded on the streets 10 days ago.

b)      Indeed, the bulk of Wickremesinghe’s support came from the Rajapaksas’ Sri Lanka Podujana Peramuna (SLPP) party which witnessed a split within its ranks, but not enough to dent Wickremesinghe’s candidature.

c)       He defeated Dullas Alahapperuma, a rebel leader of the SLPP who was backed by the Opposition. Wickremesinghe, who has previously lost two Presidential elections and even his MP seat, will be the 8th Executive President of Sri Lanka.

Note: Sri Lanka Capitals: Colombo, Sri Jayawardenepura Kotte; Sri Lanka Currency: Sri Lankan rupee.

 

2. Due to an intense heat wave, England under its first-ever red weather warning: As temperatures have continued to soar, the UK Meteorological (Met) Office issued the first-ever red extreme heat warning for areas of England, including London. Temperatures could reach 40 degrees Celsius, and a red warning, the maximum level used by the Met Office under its alert system, indicates a risk to life is possible. The unusual warning, which is categorised as a national emergency, signifies that life is in danger for people of all ages.

Key Points:

a)      An area from London up to Manchester and then up to the Vale of York is covered by the alert.

b)      A very famous threshold, 40 degrees Celsius, indicates that climate change is already here. Climate change has greatly increased the likelihood of this.

c)       The Met Office issues a warning that not just individuals who are most susceptible to severe heat may face “adverse health impacts.”

d)      The UK’s national weather service also issued a warning that there is a high danger of equipment and systems that are sensitive to heat failing, which could result in a localised loss of power and other important services like water or even mobile phone service.

e)      The general public has also been forewarned to anticipate vehicle delays as well as disruptions in rail and air travel.

 

OTHER UPDATES:

 

SPORTS

 

1. Bangladeshi Cricketer Tamim Iqbal Announces Retirement From T20Is: Bangladesh ODI captain, Tamim Iqbal has announced his retirement from T20Is and his decision came shortly after his side defeated West Indies 3-0 in the three-match ODI series. He played his last T20 International in March 2020. The 33-year-old has played 78 T20 Internationals, scoring 1758 runs at 24.08. Tamim is one of the best openers to have come out of Bangladesh, having scored 5082 runs in Tests and 7943 runs in ODIs.

Tamim is the only Bangladesh batter to score a century in T20Is. He achieved the remarkable feat against Oman in the T20 World Cup 2016 in India. He ended his T20I career as the third-highest run-scorer for his country in the format after current skipper Mahmudullah Riyad and Test captain Shakib Al Hasan.

 

2. Los Angeles to host 2028 Summer Olympic Games: The 2028 Summer Olympic and Paralympic Games will be hosted in Los Angeles, United States. The opening ceremony for the 2028 Los Angeles Olympics will take place on July 14, 2028, and continue till July 30. However, Los Angeles has previously hosted the Olympics in 1984 and 1932. The LA28 Games will feature more than 3,000 hours of live sport across 800 events in more than 40 sports. 15,000 athletes are expected to compete in the Olympic and Paralympic Games in Los Angeles.

Meanwhile, the Paralympic Games will begin in Los Angeles on August 15, 2028, and end on August 27. This will be the first time that Los Angeles will be hosting the Paralympic Games. It must be noted that the 2024 Summer Olympic Games will be held in Paris, France.

 

3. Former SC judge Vineet Saran appointed as new BCCI ethics officer: Former Supreme Court judge, Vineet Saran has taken over as the Board of Control for Cricket in India (BCCI) ethics officer and ombudsman. He has succeeded Justice (Retd) D. K. Jain, whose term ended in June last year. Saran, 65, is a former Chief Justice of Odisha High Court, and also served as a judge in Karnataka and Allahabad High Court.

Note: BCCI President: Sourav Ganguly; BCCI secretary: Jay Shah; BCCI Headquarters: Mumbai; BCCI Founded: December 1928.

 

BANKING AND FINANCE

 

1. Launch of WhatsApp banking service by SBI: State Bank of India (SBI) will soon provide its customers with WhatsApp-based banking. Dinesh Khara, the chairman of SBI, announced this while announcing a few retail initiatives. In addition, Khara stated that they would soon introduce API (application programming interface) banking to corporate clients and aggregators. This system ensures seamless and secure integration between the customer’s and bank’s systems by facilitating data transfer between these two systems. With regard to WhatsApp Banking, as the name suggests, users will be able to do specific banking transactions through the well-known messaging service.

About WhatsApp Payments: A peer-to-peer money transfer tool called WhatsApp Payments (marketed as WhatsApp Pay) is presently only accessible in India. In order to enable users to make in-app payments and money transfers utilising the Unified Payments Interface, WhatsApp got authorization from the National Payments Corporation of India (NPCI) in July 2017. (UPI). Account-to-account transfers are possible with UPI through a mobile app without knowing the bank information of the recipient. WhatsApp said on November 6, 2020, that it has been given permission to offer a payment service, initially limited to a maximum of 20 million users. The service was then made available.

 

BUSINESS AND ECONOMY

 

1. Instagram’s new payments feature lets users buy products via direct messages: Meta CEO Mark Zuckerberg announced that the company is launching a new “payments in chat” feature on Instagram. With this new feature, users can purchase products from small businesses and track orders via direct messages on Instagram. According to Meta, every week, one billion people message businesses across Instagram, Facebook and WhatsApp. To use the new feature, users can start by sending a direct message to a qualified small business they’re interested in buying from. In that same chat thread, they’ll then be able to pay, track their order and ask the business any follow-up questions. Key Points:

a)      According to reports, the payments in messages feature will be available to qualified business accounts on Instagram.

b)      The platform also supports real-time interaction between buyer and seller. Users will be asked to add and review payment information and shipping address.

c)       Users would be able to complete purchases using Meta Pay, the company said in a statement. Meta initially launched the feature as Facebook Pay in 2019.

Note: Instagram launched: 6 October 2010; Instagram Owner: Meta; Instagram Founder Kevin Systrom. Find More Business News Here

 

2. JSW Steel and BCG collaborate to quicken the decarbonization process: Boston Consulting Group (BCG) and JSW Steel have worked together on a decarbonization and sustainability strategy. In order to help JSW Steel on its path to being a net-zero carbon emitter, BCG will make use of its unique CO2 AI platform as well as its top-tier digital and analytics skills. During this time, BCG will also put an emphasis on employee training and improving the sustainable culture throughout our manufacturing operations. Their sustainability measures will need to be scaled up as a result of this revolutionary initiative. Key Points:

a)      BCG will use JSW’s patented and exclusive CO2 AI solution to manage change effectively and make an impact. The successful Digital Transformation partnership led to their second strategic engagement with JSW Steel.

b)      They are thrilled to contribute in strongest skills and cutting-edge solutions to JSW Steel’s sustainability mission.

c)       The approach entails a thorough target-setting exercise at the level of overall manufacturing, devolving them into shop level targets, and turning emissions targets into doable tasks on operating metrics.

d)      The rollout across the manufacturing activities will be coordinated by a group of sustainability advocates. A roadmap will be created for all medium- to long-term activities with the goal of introducing new technologies and initiatives, such as the usage of hydrogen and carbon capture and storage, among others.

e)      A complete evaluation of various technology alternatives pertinent to existing and newly developed capacities and investments necessary to advance sustainability goals will also be included.

 

AWARDS AND HONOURS

 

1. DBS bank named ‘World’s Best SME Bank’ by Euromoney for second time: Development Bank of Singapore Limited (DBS Bank) has been recognized as the ‘World’s Best SME Bank’ by Euromoney for the second time (the first time in 2018). The bank has established its position as a global industry leader in association with Small to Medium Enterprises (SMEs) to enhance growth and development. DBS’ latest global best SME bank accolade comes from leading UK-based financial publication Euromoney, which has honoured DBS with the ‘World’s Best SME Bank’ title for the second time since 2018.

The DBS bank also clinched three first-time awards at Euromoney’s Awards for Excellence 2022:

a)      World’s Best Financial Innovation of the year 2022

b)      Asia’s Best Bank for Wealth Management 2022

c)       Asia’s Best Bank for SME award 2022

Note: DBS Bank Headquarters: Singapore; DBS Bank CEO: Piyush Gupta.

 

2. NAARM received Sardar Patel Award of ICAR: The National Academy of Agricultural Research Management (NAARM) has bagged the Sardar Patel Outstanding ICAR Institute Award 2021 (in the Large Institute Category) for its overall performance. Ch Srinivasa Rao, Director of NAARM, received the award from the Union Minister of Agriculture and Farmers’ Welfare Narendra Singh Tomar in New Delhi. The awards were given away at a function to mark the 94th Foundation Day of the ICAR.

About the NAARM: The National Academy of Agricultural Research Management is a national-level Natural Resource Service training institute for ARS cadre located in Hyderabad, Telangana, India. It was established by the Indian Council of Agricultural Research in 1976, to address issues related to agricultural research and education management, in India.