Daily GK Update- 6th Aug, 2022

NATIONAL UPDATES:

 

1. Ramsar sites: India adds 10 new wetlands in the list: India adds 10 more wetlands designated as Ramsar sites to make a total of 64 sites in the country. The 10 new sites include Six (6) sites in Tamil Nadu and One (1) each in Goa, Karnataka, Madhya Pradesh and Odisha. Designation of these sites would help in the conservation and management of wetlands and the wise use of their resources.

India is one of the Contracting Parties to the Ramsar Convention, signed in Ramsar, Iran, in 1971. India signed it on 1st Feb 1982. So far 64 wetlands covering an area of 12,50,361 ha have been designated as Ramsar Sites of International Importance in India, till date.

10 wetlands designated as Ramsar sites:

 

S.No	Name of wetland	Area in Ha	State
1	Koonthankulam Bird Sanctuary	72.04	Tamil Nadu
2	Satkosia Gorge	98196.72	Odisha
3	Nanda Lake	42.01	Goa
4	Gulf of Mannar Marine Biosphere Reserve	52671.88	Tamil Nadu
5	Ranganathituu BS	517.7	Karnataka
6	Vembannur Wetland Complex	19.75	Tamil Nadu
7	Vellode Bird Sanctuary	77.19	Tamil Nadu
8	Sirpur wetland	161	Madhya Pradesh
9	Vedanthangal Bird Sanctuary	40.35	Tamil Nadu
10	Udhayamarthandapuram Bird Sanctuary	43.77	Tamil Nadu

 

2. Andhra Pradesh emerges as winner in Utilisation of Agri-Infra funds: When it comes to using cash for agricultural infrastructure, Andhra Pradesh comes out on top (Agri Infra Fund). By placing a strong emphasis on infrastructure development at the farm gate, it has become the best state. At a ceremony in New Delhi, Union Minister of Agriculture and Family Welfare Narendra Singh Tomar presented B. Srinivasa Rao, CEO of State Rythu Bazars, with the award for the best state in the nation in terms of utilising Agri Funds in the fiscal year 2021–22.

Key Points:

a)      Many states are falling behind in using agri-infra funding, according to Union Minister Narendra Singh Tomar, but Andhra Pradesh has surpassed all others by doing so and building extensive infrastructure at the rural level.

b)      The state government is building extensive infrastructure at the farm through multi-sponsored centres with the goal of tripling farmers’ revenue.

c)       PACS has installed 4,277 godowns, including 2,977 dryers, 101 yellow polishers, 60 buffer godowns for the AP Civil Supplies Corporation, 830 cleaners for primary processing, and 4,277 drying platforms at RBK level.

d)      In addition to RBKs for horticulture goods, the government has supplied infrastructure to 945 collection centres, 344 cool rooms, 10,678 assaying devices, and 10,678 procurement centres.

About the Funding: It has budgeted Rs. 2,706 crores to build 39,403 different types of infrastructure. The Agri Infra Fund has approved Rs. 1,584.6 crore for the first tranche, which would be used to build 10,677 infrastructural facilities under 1,305 PACS. These projects are currently active.

 

3. 3rd Anniversary of the Abrogation of Article 370: 5th Aug, it is the third anniversary of the abrogation of Article 370. It is on this day in August 2019, when provisions of Article 370, which gave special status to the erstwhile state of Jammu and Kashmir, was abrogated by the Union Government. The State was further divided into two Union Territories – Jammu and Kashmir and Ladakh. Earlier, Jammu and Kashmir was the only state in the country with a separate constitution as per the provisions mentioned in Article 370, a ‘temporary provision’ that grants special autonomous status to the State. After the revocation of Article 370, all Central laws and various welfare schemes are applicable there and the decision has also paved the way for attracting investment in the region which in turn has brought in development.

 

4. Suresh N Patel sworn in as Central Vigilance Commissioner: Vigilance Commissioner, Suresh N. Patel was appointed as the Central Vigilance Commissioner. He has been working as the acting Central Vigilance Commissioner (CVC) since June this year. He was sworn in as the chief of the Central Vigilance Commission by President Droupadi Murmu at Rashtrapati Bhavan. The ceremony was also attended by Prime Minister Narendra Modi and Vice President M. Venkaiah Naidu. Former Indian Administrative Service (IAS) officer Sanjay Kothari had completed his term as the CVC on June 24 last year.

Note: Central Vigilance Commission Formed: February 1964; Central Vigilance Commission Headquarters: New Delhi; Central Vigilance Commission First executive: Nittoor Srinivasa Rau; Central Vigilance Commission Appointer: President of India.

 

5. Senior-most judge of Supreme Court U U Lalit, in line to become next CJI: Senior-most judge of the Supreme Court of India, Justice U U Lalit, who is in line to become the next Chief Justice of India (CJI). Justice Lalit is in line to become the 49th CJI of India on August 27, a day after incumbent Justice N V Ramana demits the office. If appointed, Justice Lalit will become the second CJI who was directly elevated to the apex court Bench from the Bar. Justice S M Sikri, who became the 13th CJI in January 1971, was the first lawyer to be elevated directly to the top court bench in March 1964.

About Justice U U Lalit: Justice Lalit, who was a renowned senior advocate, was appointed a judge of the Supreme Court on August 13, 2014. He has since been involved in the delivery of several landmark judgements of the apex court. One of the path-breaking verdicts was the August 2017 judgement by a five-judge constitution bench which by a 3-2 majority ruled the practice of divorce through instant ‘triple talaq’ as “void”, “illegal” and “unconstitutional”.

 

INTERNATIONAL UPDATES:

 

1. Chabahar Day Celebrations: India focuses on Central Asia relations: 31 July was designated Chabahar Day in Mumbai by the Ministry of Port, Shipping, and Waterways (MoPSW) to commemorate the Chabahar – Link to International North-South Transport Corridor (INSTC) – Connecting Central Asian Markets. According to the MoPSW press release, Sonwal mentioned in his talk that India’s ambition is to turn Shahid Beheshti Port in Chabahar into a transit centre and connect it to INSTC to reach out to Central Asian countries. 

Importance of Chabahar Port for India:

a)      A crucial component of India’s India-Pacific strategy to link Eurasia with the Indian Ocean region is the Chabahar Port.

b)      Additionally, the port will be a component of India’s International North-South Transport Corridor. India’s goal and project, the INSTC (International North-South Transport Corridor), aim to shorten the time it takes for EXIM goods to penetrate the markets of central Asia, Europe, and Russia.

c)       The region, notably Central Asia, has its commercial transit hub at Iran’s Chabahar Port.

d)      Notably, the eastern portion of the North-South railway corridor was officially inaugurated when the first rail transit cargo from Russia to India entered Iran recently through the Sarakhs border crossing.

e)      Trade between Russia and India will grow thanks to the International North-South Transport Corridor. This 7200 km trade route uses a multi-mode network of roads, ships, and railways to carry freight. Through Iran and Azerbaijan, this route links Russia with India.

f)        The corridor aims to cut the travel time from 40 days to under 20 days and the transportation costs between India and Russia by roughly 30%.

g)      The INSTC’s original founding members are Iran, India, and Russia. In 2002, the deal was inked.

Member states of the INSTC project: India, Iran, Russia, Azerbaijan, Armenia, Kazakhstan, Belarus, Tajikistan, Kyrgyzstan, Oman, Turkey, Syria, and Ukraine are among the 13 nations that make up the INSTC initiative. As the Observer State, Bulgaria. Latvia and Estonia, two Baltic nations, have also expressed a desire to join the INSTC.

 

2. Hiroshima Day: 6th August: Hiroshima Day is observed on August 6 to commemorate the atomic bombing of Hiroshima, Japan, in 1945, at the end of World War II. 2022 marks the 77th anniversary of the world’s first atomic bombing. The day, which is observed at the Hiroshima Peace Memorial Park, Japan, highlights the effects of nuclear wars, pays respect to those who got killed, discourages nuclear proliferation and promotes world peace.

History of Hiroshima Day: During the 2nd World War which was active in 1939- 1945, the world’s first deployed atomic bomb with more than 9000 pounds of uranium-235 was loaded and US B-29 bomber aircraft, the Enola Gay attacked the Japanese city of Hiroshima on 6th August 1945. The explosion was so huge that it immediately killed 70,000 people wiping 90% of the city and later on around 10,000 people died due to the effect of radiation exposure.

The United States secretly developed the Atomic Bomb technology under the Manhattan Project, led by Nuclear Physicist Robert Oppenheimer. Eventually, the atom bombs nicknamed “Little Boy” and “Fat Man” were dropped on Japan’s Hiroshima and Nagasaki cities on August 6 and August 9, 1945, respectively. Japan surrendered, ending World War II.

 

OTHER UPDATES:

 

SPORTS

 

1. Commonwealth Games 2022: Sudhir won the gold medal in men’s heavyweight para powerlifting: Sudhir claimed the gold medal in the men’s heavyweight para powerlifting event at the Commonwealth Games 2022. Sudhir, an Asian Para Games bronze medallist, lifted 208kg in his first attempt before increasing it to 212kg in his second effort to gather 134.5 points and break the Games record. Ikechukwu Christian Obichukwu won the silver with 133.6 points, while Micky Yule bagged the bronze with 130.9 points. The 27-year-old Sudhir, who has an impairment due to the effects of polio, thus opened India’s para sports medal account in the ongoing CWG.

 

2. Commonwealth Games 2022: Murali Sreeshankar wins silver in long jump: Murali Sreeshankar has clinched a silver in the men’s long jump to give India its second medal in athletics at the Commonwealth Games 2022. Sreeshankar has soared to 8.08m in his fifth attempt to finish second behind Laquan Nairn of Bahamas in a nerve-wracking men’s long jump final. Nairn also had the best jump of 8.08m but his second best of 7.98m was better than the 7.84m of Sreeshankar. Jovan van Vuuren (8.06m) of South Africa took the bronze.

 

BANKING AND FINANCE

 

1. 4th RBI Monetary Policy review: Repo rate raised by 50 bps: The Reserve Bank of India has retained its retail inflation forecast for the current fiscal year at 6.7 per cent. It has increased the policy repo rate under the liquidity adjustment facility (LAF) by 50 basis points to 5.40 per cent with immediate effect. RBI hiked the policy repo rate for the third time in a row. The Reserve Bank of India’s Monetary Policy Committee is headed by the Reserve Bank of India (RBI) Governor Shaktikanta Das. The next meeting of the rate-setting panel is scheduled for September 28-30, 2022.

Notable Point: All members of the MPC – Dr Shashanka Bhide, Dr Ashima Goyal, Prof. Jayanth R. Varma, Dr Rajiv Ranjan, Dr Michael Debabrata Patra and Shri Shaktikanta Das – unanimously voted to increase the policy repo rate by 50 basis points to 5.40 per cent. All members voted to remain focused on the withdrawal of accommodation to ensure that inflation remains within the target going forward while supporting growth.

Consequently, the various rates are as under:

Policy Repo Rate: 5.40%

Standing Deposit Facility (SDF): 5.15%

Marginal Standing Facility Rate: 5.65%

Bank Rate: 5.65%

Fixed Reverse Repo Rate: 3.35%

CRR: 4.50%

SLR: 18.00%

Key Points of the Monetary Policy:

a)      GDP growth projection for 2022-23 retained at 7.2 per cent.

b)      GDP growth projection: Q1 at 16.2 pc; Q2 at 6.2 pc; Q3 at 4.1 pc; and Q4 at 4 pc.

c)       Q1:2023-24 real GDP growth is projected at 6.7 per cent.

d)      Retail inflation projection for 2022-23 retained at 6.7 per cent.

e)      Inflation projection: Q2 at 7.1 pc; Q3 at 6.4 pc; and Q4 at 5.8 pc; Q1:2023-24 at 5 pc.

f)        India saw large portfolio outflows of $13.3 billion in FY23 up to August 3.

g)      Rupee depreciated by 4.7 pc against US dollar this fiscal year till August 4.

 

BUSINESS AND ECONOMY

 

1. Fintech platform BharatPe named Nalin Negi as new CFO: Nalin Negi has been appointed as the new chief financial officer (CFO) of Fintech startup BharatPe. Earlier he was the CFO of credit card issuer SBI Card. In his new role, Negi will be working towards making the company’s EBITDA positive by March 2023 and leading the financial readiness for the company, which is getting ready for an initial public offering (IPO). Ebitda stands for earnings before interest, taxes, depreciation, and amortization. He will report to Suhail Sameer, CEO, BharatPe and work closely with the Board of BharatPe.

In April, the company announced the appointment of Smriti Handa as the Chief Human Resources Officer. The new appointment comes after BharatPe Co-founder Bhavik Koladiya moved on from the company to pursue other assignments. The company has seen several high-profile exits in recent months, including Ashneer Grover (who triggered a major controversy at the platform); Chief Revenue Officer Nishit Sharma; and Head of Institutional Debt Partnerships, Chandrima Dhar.

 

2. Ravinder Takkar named as Chairman of Vodafone Idea: Ravinder Takkar, the managing director (MD) and chief executive officer (CEO) of telecom operator Vodafone Idea Limited (Vi), will replace Himanshu Kapania as the telco’s new chairman. He will step down as non-executive chairman of the board with effect from 18 August this month. However, he will continue to be a part of the VIL board as a non-executive director.

Meanwhile, Vodafone Idea reported its net loss marginally narrowed to Rs 7,297 crores for the quarter ended June 30, 2022. It reported a net loss of Rs 7,319 crores in the preceding quarter. The telco’s revenue from operations rose 14% to Rs 10,410 crore as against Rs 9,152 crores in Q1FY22.

Note: Vodafone Idea Limited Founder: Kumar Mangalam Birla; Vodafone Idea Limited Founded: 31 August 2018; Vodafone Idea Limited Headquarters: Gandhinagar.

 

3. Oil India named Ranjith Rath as new Chairman & MD: Ranjit Rath has taken over as the Chairman and Managing Director (CMD) of state-run Oil India Ltd (OIL). He replaces Sushil Chandra Mishra who retired on 30 June. The appointment of the new CMD comes at a crucial time as the company is diversifying into renewable energy businesses along with other energy majors. For the financial year 2021-22, Oil India had reported its highest ever net profit of Rs 3,887.31 crores, rising by 123.20% from the profit of Rs 1,741.59 crores of the previous fiscal.

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

 

DEFENCE

 

1. India-US Armies to hold mega military exercise “Yudh Abhyas” in Uttarakhand’s Auli: The Indian Army and the US Army will conduct the 18th edition of the fortnight-long mega military exercise “Yudh Abhyas” from October 14 to 31, 2022, at Auli in Uttarakhand. The exercise is aimed at enhancing understanding, cooperation and interoperability between the two armies. The previous edition of the exercise took place in Alaska, the US, in October 2021.

Defence history of two countries:

a)      The two countries have also inked key defence and security pacts over the past few years, including the Logistics Exchange Memorandum of Agreement (LEMOA) in 2016 that allows their militaries to use each other’s bases for repair and replenishment of supplies as well as provides for deeper cooperation.

b)      The two sides also signed the COMCASA (Communications Compatibility and Security Agreement) in 2018 which provides for interoperability between the two militaries and provides for the sale of high-end technology from the US to India.

c)       In October 2020, India and the US sealed the BECA (Basic Exchange and Cooperation Agreement) to further boost bilateral defence ties.

Daily GK Update- 5th Aug, 2022

 

NATIONAL UPDATES:

 

1. 6 National Highway projects launched in MP by Union Minister: In Indore, Madhya Pradesh, 6 National Highway projects totaling 119 km and costing Rs. 2300 crore were formally opened and the foundation stone was laid by Union Minister for Road Transport and Highways Shri Nitin Gadkari. Speaking at the event, Shri Gadkari stated that the projects being launched will facilitate progress by improving connectivity in Indore and the state. Key Points:

a)      Shri Nitin Gadkari said that the Rau Circle traffic problem will be solved and that things would become less congested. Craftspeople, students, and businesspeople in the surrounding areas will have increased chances with simple access from Indore.

b)      The villages in the Indore-Harda segment will be better connected to Indore. He stated that the expansion of the Dhar-Pithampur Industrial Corridor would result in more job opportunities.

c)       According to the Minister, travel times between Tejaji Nagar (Indore) and Burhanpur and Indore and Harda will be shortened, saving fuel. He claimed that travellers heading to Omkareshwar and Khandwa will have easy access to the routes.

d)      The State Government and NHAI signed a memorandum of understanding during this initiative to build ropeways at 14 designated locations in Madhya Pradesh.

 

2. Wild Life (Protection) Amendment Bill, 2021 approved by Lok Sabha: The Wild Life (Protection) Amendment Bill, 2021 is approved by the Lok Sabha. The Wild Life (Protection) Act of 1972 already protects a number of species, but the proposed legislation would also implement CITES, the Convention on International Trade in Endangered Species of Wild Fauna and Flora. The Rajya Sabha still needs to pass the Bill, though.

Wild Life (Protection) Amendment Bill, 2021: Key points:

a)      Development and the environment are accorded equal weight by the government. The number of protected areas in the nation has risen from 693 to 987 over the past eight years, including 52 tiger reserves.

b)      According to Bhupender Yadav, the Union Environment Minister, the government operates under the Vasudhaiva Kutumbakam principle and strives to improve both humankind and all other animal species. The Union Environment Minister has also urged people to avoid purchasing upscale goods derived from animals from threatened or endangered species.

Wild Life (Protection) Amendment Bill, 2021: Changes that are being proposed:

a)      To comply with the international treaty Convention on International Trade in Endangered Species of Wild Fauna and Flora, a specific chapter has reportedly been inserted.

b)      The proposed bill includes revisions for improved management of protected areas as well as justifications for certain approved activities like livestock movement or grazing as well as legitimate local community usage of drinking water until they receive a better relocation strategy.

c)       The Act now includes six schedules for specifically protected animals (four), plants (one), and vermin species (one). Small creatures that spread disease and contaminate food are referred to as vermin.

d)      In the proposed Bill, there are just four schedules overall because: (1) limiting the number of schedules for animals with special protections to two (one for greater protection level); (2) deletes the vermin species schedule, and (3) adds a new schedule for specimens classified in the CITES Appendices (scheduled specimens).

 

3. Ministry for Commerce & Industry: India recognising over 75000 startups so far: Union Minister for Commerce & Industry, Piyush Goyal has announced that India has achieved a landmark milestone, wherein 75000 startups have been recognized in the country. The Department for Promotion of Industry and Internal Trade (DPIIT) has recognized more than 75,000 startups- a milestone which coincides with the 75th year of independence.

About the Startup India program:

a)      Startup India program which was primarily set up to provide an enabling environment for the startups has today evolved into the launchpad for them.

b)      From providing funding to tax incentives, from support on intellectual property rights to eased public procurement, from enabling regulatory reforms to access to international fests and events, the Startup India program has become synonymous with sustainable economic growth.

c)       Out of the total recognized startups, around 12% cater to IT services, 9% to Healthcare and Life Sciences, 7% to education, 5% to professional and commercial services and 5% to agriculture.

d)      An impressive, 7.46 lakh jobs have been created by the Indian startup ecosystem, so far, which has been a 110% yearly increase over the last 6 years.

e)      The fact that about 49% of our startups are from Tier II & Tier III today is a validation of the tremendous potential of our country’s youth.

 

4. Kerala CM launched eggs and milk scheme for Anganwadi children: Kerala Chief Minister, Pinarayi Vijayan has inaugurated a project of the Women and Child Development department. This project help to provide milk and eggs to children at all Anganwadis in the state in a bid to improve their nutrition levels. The state government has set aside over Rs 61.5 crore to include milk and eggs in the Anganwadi menu this financial year. About the eggs and milk scheme:

a)      Under this scheme, which is considered as a first in the country, each child will be given 125 ml of milk two days a week for 44 weeks (10 months) and an egg twice a week.

b)      Under this project, four lakh children in the age group of 3-6 from the 33,115 anganwadis of the state will receive eggs and milk twice a week.

c)       The introduction of milk and eggs for Anganwadi children is intended to improve their nutritional parameters and assumes significance as ending hunger is one of the Sustainable Development Goals (SDGs) established by the United Nations.

Note: Kerala Capital: Thiruvananthapuram; Kerala Chief Minister: Pinarayi Vijayan; Kerala Governor: Arif Mohammad Khan.

 

5. IFS officer Shweta Singh appointed as Director of PMO: According to a Personnel Ministry, 2008 batch Indian Foreign Service (IFS) officer, Shweta Singh was appointed as a director in the Prime Minister’s Office (PMO). The Appointments Committee of the Cabinet (ACC) approved Singh’s appointment for a period of three years from the date of her joining. The ACC has cancelled the appointment of Aniket Govind Mandavgane, a 2009-batch IFS officer, as the Deputy Secretary in the PMO. Mandavgane was on July 18 appointed as the Deputy Secretary.

PMO: The Prime Minister’s Office consists of the immediate staff of the Prime Minister of India, as well as multiple levels of support staff reporting to the Prime Minister. The PMO is headed by the Principal Secretary, currently Pramod Kumar Misra.

 

INTERNATIONAL UPDATES:

 

1. India to host special meeting of UN SC Counterterrorism Committee: In October, India will host diplomats from the UN Security Council‘s 15 member countries for a special counterterrorism meeting. India’s two-year term as an elected non-permanent member of the UN Security Council is halfway over. In December of this year, India’s term on the Council will come to a close, and for that month, it will also serve as President of the influential UN body.

Key Points:

a)      India will welcome diplomats from the 15-nation Security Council, including the US, China, and Russia, for the special meeting of the Security Council Counter-Terrorism Committee in October. India will serve as the committee’s chair until 2022.

b)      Along with the five permanent members China, France, Russia, the UK, and the US, the Security Council currently includes Albania, Brazil, Gabon, Ghana, India, Ireland, Kenya, Mexico, Nigeria, and the United Arab Emirates.

c)       According to information on the Committee’s website, the UN Security Council Counter-Terrorism Committee (CTC) has decided to hold a special meeting on this topic in India on October 29, 2022, with the assistance of its Executive Directorate.

d)      This decision was made in light of the growing threat posed by the misuse of new and emerging technologies.

e)      The Counter-Terrorism Committee does not convene frequently outside of New York, but the meeting in India will be the seventh occasion for this. The CTC had its most recent special meeting outside of the UN headquarters in July 2015 in Madrid, Spain, with a focus on foreign terrorist fighters (FTFs).

 

2. IOCL and Bangladesh ink MoU to supply emergency petroleum products: A Memorandum of Understanding (MoU) for the emergency delivery of petroleum products via Bangladeshi territory to India was signed by the Indian Oil Corporation Limited (IOCL) and the Bangladesh Roads and Highways department in Dhaka. The Indian High Commission stated in a tweet that this is an interim setup to help with the urgent supply of petroleum products due to damage caused by the flood in Assam this year.

Oil tankers will enter from Meghalaya and travel into Bangladeshi territory on their way to Tripura. For use of Bangladeshi land, the IOCL shall be responsible for paying all administrative costs, fees, and local taxes, including the road usage fee. The MoU was signed to permit Indian cars to transfer petroleum from Assam to Tripura by road, which has been badly affected as a result of the recent floods in Assam and Tripura, according to a statement from Bangladesh’s Ministry of Foreign Affairs (MoFA).

Note: IOCL Chairman: Shrikant Madhav Vaidya

Bangladesh’s Prime Minister: Sheikh Hasina Wazed; Bangladesh’s Capital: Dhaka

 

OTHER UPDATES:

 

SPORTS

 

1. Commonwealth Games 2022: Tejaswin Shankar wins India’s first High Jump Medal: India’s Tejaswin Shankar won India’s first medal in athletics at the Commonwealth games 2022, by clinching a historic bronze in the men’s high jump final. Tejaswin, competing for India for the first time in four years nailed a landing of 2.22m to secure a podium finish. He did not have trouble clearing 2.5m and 2.10m in the opening two jumps. Then 2.19m and 2.22m quite easily on the first try. He though failed to clear 2.25 but clinched the bronze medal after being quicker to jump 2.22m against the fourth-placed athlete. He attempted 2.28m on his last jump but failed.

 

2. Commonwealth Games 2022: Tulika Maan wins silver in women’s 78kg judo event: Indian judoka, Tulika Maan settle for a silver medal in the women’s 78kg category in the Commonwealth Games 2022. Tulika Maan gets India’s second silver medal in Judo and third overall in the Judo, as she conceded a defeat by Ippon to Scotland’s Sarah Adlington in the Women’s +78kg final.

 

3. Commonwealth Games 2022: Saurav Ghosal wins India’s first-ever singles medal in squash: India’s Saurav Ghosal has clinched the bronze medal in squash men’s singles by beating James Willstrop of England 11-6, 11-1, 11-4 to take India’s Commonwealth Games 2022. This was also India’s first-ever medal in squash singles at the Games. He had lost the men’s singles semi-final 3-0 (11-9 11-4 11-1) to New Zealand’s Paul Coll.

 

4. Commonwealth Games 2022: Indian weightlifter Gurdeep Singh wins bronze in men’s: India’s Gurdeep Singh won a bronze medal in the men’s 109+kg weightlifting event. Gurdeep lifted a total weight of 390kg (167kg+223kg) in the final, as he won India’s 10th weightlifting medal at the ongoing edition of the Games. Gurdeep joined Gururaja Poojary and Lovepreet Singh to add a third bronze medal in weightlifting for India.

The gold went to Pakistan’s Muhammad Nooh Butt for his Games record-breaking lift of 405kg (173kg+232kg). New Zealand’s David Andrew Liti clinched the silver for his effort of 394kg (170kg+224kg).

 

5. 44th Chess Olympiad: Tania Sachdev Shines in Indian Women Team: Tania Sachdev has registered a 2.5-1.5 win for India against Hungary in the fourth-round match of women section at the 44th Chess Olympiad in Mamallapuram, Chennai. She thrashed Zsoka Gaal to earn a decisive point as well as a match for the team. Koneru Humpy, Dronavalli Harika and R Vaishali ended with a draw in their respective encounters.

 

BANKING AND FINANCE

 

1. RBI permitted use of INR for foreign commerce invoices and payments: Bhagwat Kisanrao Karad, the Union Minister of State for Finance, informed the Rajya Sabha that the Reserve Bank of India (RBI) has permitted foreign trade invoices and payments to be made in the Indian Rupee. By means of a circular titled International Trade Settlement in Indian Rupees (INR) that was published on July 11, 2022, the central bank has permitted payments for international trade in the Indian currency. Key Points:

a)      According to Paragraph 10 of the Circular, the approval process is that banks from partner countries may approach Authorised Dealer (AD) banks in India who may seek approval from RBI with information about the arrangement for the opening of Special INR Vostro accounts.

b)      In order to maintain the Special INR Vostro Account, the AD bank must make sure that the correspondent bank is not from one of the nations or regions listed in the most recent FATF Public Statement on High Risk & Non-Cooperative Jurisdictions, for which FATF has called for countermeasures.

 

BUSINESS AND ECONOMY

 

1. Fortune Global 500 list: LIC breaks into Fortune 500 list: Indian statutory insurance and investment corporation, Life Insurance Corporation (LIC) has broken into the latest Fortune Global 500 list. The nation’s biggest life insurer with revenue of USD 97.26 billion and a profit of USD 553.8 million, was ranked 98th on the just released Fortune 500 list. This is the first outing of LIC on the list, which ranks listed companies by sales.

Indian Companies ranking in the list:

a)      Reliance Industries jumped 51 places to 104 on the 2022 list. Reliance, with revenue of USD 93.98 billion and a net profit of USD 8.15 billion in the latest year, has been on the list for 19 years.

b)      Indian Oil Corporation (IOC) rose 28 places to 142nd rank while Oil and Natural Gas Corporation (ONGC) climbed 16 places to 190.

c)       The list had two Tata group firms — Tata Motors at 370 and Tata Steel at 435th spot. Rajesh Exports at 437th rank was the other private Indian company on the list.

d)      State Bank of India (SBI) climbed 17 places to rank 236th and Bharat Petroleum Corporation Ltd 19 places to 295.

Global companies:

a)      The list, topped by US retailer Walmart, has nine Indian companies — five of them state-owned, and four from the private sector.

b)      Walmart landed at No. 1 for the ninth straight year, trailed by Amazon, which reached its highest ranking ever. Chinese energy giants State Grid, China National Petroleum, and Sinopec rounded out the top five.

c)       For the first time, revenues from Global 500 companies in Greater China (including Taiwan) exceeded revenues from US companies on the list, accounting for 31 per cent of the total.

 

AWARDS AND HONOURS

 

1. Bihar’s Langat Singh College astronomy lab included in the Unesco heritage list: The astronomical observatory at the Langat Singh College, commonly known as L.S. College, Muzaffarpur, Bihar is now included in the UNESCO list of Important Endangered Heritage observatories of the world. The college authorities have requested the state government to conserve the old Astro lab as a specimen of the glorious past of the state and also to preserve and promote it as a heritage structure. The UNESCO team member informed him that the astronomical observatory at Muzaffarpur is now on the UNESCO list and it has been uploaded on the UNESCO site.

History of the astronomical observatory:

a)      According to the college records, it was developed in 1916 after a college professor felt the need of an Astro laboratory. Prof Romesh Chandra Sen was eager to have an astronomical observatory at the LS College, and in February 1914 he consulted J Mitchell, an amateur astronomer and principal of Wesleyan College, Bankura in West Bengal, seeking his guidance.  In 1915, the college acquired a telescope, astronomical clock, chronograph and other equipment from England after which the astronomical observatory started functioning in 1916.

Note: UNESCO Founded: 16 November 1945; UNESCO Headquarters: Paris, France; UNESCO Members: 193 countries; UNESCO Head: Audrey Azoulay.

 

OBITUARIES

 

1. Former Australian boxing world champion Johnny Famechon passes away: Former Australian featherweight boxing world champion Johnny Famechon has passed away. He was 77. He was associated with professional boxing for more than 20 years and had a record of 56 wins, which includes 20 by knockout, six draws and five losses. The Australian boxer’s most memorable world title victory was his WBC points decision win against Cuban Jose Legra at London’s Albert Hall in 1969. Famechon boxed professionally for more than 20 years and had a record of 56 wins, 20 by knockout, six draws and five losses.

Daily GK Update- 4th Aug, 2022

NATIONAL UPDATES:

 

1. GoI released commemorative postage stamp to honour Tricolour designer P Venkayya: The government of India released a special commemorative postage stamp to mark the 146th birth anniversary of Pingali Venkayya, the designer of India’s national flag. The stamp was released by Prime Minister Narendra Modi during an event “Tiranga Utsav” organised by the Ministry of Culture at Indira Gandhi Stadium, in New Delhi.

The event will also display the original design of the national flag made by Pingali Venkayya. The current flag is the modified version of the first design of the flag. The Tiranga Utsav will also witness the grand launch of the “Har Ghar Tiranga” anthem and video. Venkayya, born on August 02, 1876, near Machilipatnam town in Andhra Pradesh, was a freedom fighter and a follower of Gandhian principles.

 

2. Tiranga bike rally organised by Union Culture Minister G Kishan Reddy: A Har Ghar Tiranga Bike Rally by Members of Parliament was launched in Delhi from the famed Red Fort by Vice President M. Venkaiah Naidu. The Tiranga Bike rally is organised by Union Culture Minister G Kishan Reddy. In honour of Prime Minister Narendra Modi’s Har Ghar Tiranga campaign, a bike rally was held from Red Fort to Vijay Chowk. Additionally present were Union Ministers Pralhad Joshi and Piyush Goyal. About Har Ghar Tiranga Campaign:

a)      Our country is prepared for Har Ghar Tiranga, a nationwide movement to honour our Tricolor, at the same time that we are commemorating Azadi Ka Amrit Mahotsav.

b)      On the anniversary of his birth, the prime minister paid tribute to Pingali Venkayya, who had designed the flag.

c)       A wide range of events are planned by the government in advance of Independence Day.

d)      Between August 11 and August 13, the BJP members will also perform “prabhat pheri” at the booth level while playing Raghupati Raghav Raja Ram, a favourite devotional hymn of Mahatma Gandhi, or Vande Mataram, the national anthem of India.

e)      On August 14, the gathering will also commemorate Partition Horrors Remembrance Day.

 

3. Sujoy Lal Thaosen gets the additional charge of DG of ITBP: Sashastra Seema Bal’s director general in New Delhi, Dr. Sujoy Lal Thaosen assumed the additional responsibility of Director General of the Indo-Tibetan Border Police. Dr. Thaosen is a Madhya Pradesh Cadre IPS Officer from the 1988 batch. Dr. Thaosen received the charge and traditional baton from IPS Sanjay Arora. The ITBP, established in 1962, patrols the Indo-Chinese border. Additionally, it is used for a number of internal security tasks, such as anti-Naxal operations in Chhattisgarh.

 

4. A book titled “Lion of the Skies: Hardit Singh Malik” by Stephen Barker: A book titled “Lion of the Skies: Hardit Singh Malik, the Royal Air Force and the First World War” is all about an “India’s first fighter pilot” who participated in the World War, long before the Indian Air Force was born. The book has been written by author Stephen Barker.

During the First World War, Hardit Singh Malik served as a fighter pilot for both Royal Flying Corps (RFC) and the Royal Air Force (RAF) for fighting the Germans. He is also the first Indian Ambassador to France.

The essence of the book: Author Stephen Barker describes in great detail, how challenging it was for an Indian to serve in the British armed forces, fighting racial discrimination – both institutional and interpersonal. It is entirely to the credit of Hardit that he surpassed every obstacle with hope, enthusiasm, and the highest level of emotional maturity. As a young boy in school, he had to fight hard, just to keep his turban and faith intact.

 

INTERNATIONAL UPDATES:

 

1. UN General Assembly deemed healthy environment a Human Right: The United Nations General Assembly (UNGA) adopted a resolution that recognised everyone’s right to a healthy environment. It was stated that the action is a crucial one in halting the alarming decline of the natural environment. India supported the resolution but abstained from one of the resolution’s key clauses. It expressed dissatisfaction with the resolution’s methodology and content.

The UNGA recognises the right to a clean, healthy, and sustainable environment as a human right, according to the resolution’s operative paragraph 1. Ashish Sharma, a counsellor at India’s Permanent Mission to the UN, asked that this comment be recorded in the meeting’s official records. Resolution Adopted by UNGA:

a)      The UN General Assembly passed a resolution designating access to a clean, healthy, and sustainable environment as a fundamental human right with 161 votes in favour and eight against.

b)      The resolution, which is based on a text identical to one the Human Rights Council endorsed last year, urges governments, non-governmental organisations, and private companies to step up efforts to maintain a healthy environment for all people.

c)       The resolution that was adopted took fifty years to craft. The right was established in the Stockholm Declaration of 1972 and has since been incorporated into regional accords, national laws, and constitutions.

 

2. A book titled “Dangerous Earth” by Marine biologist Ellen Prager: Marine biologist Ellen Prager has come up with a book titled “Dangerous Earth: What we wish we knew about volcanoes, hurricanes, climate change, earthquakes and more”. In the book, the author seeks to respond to the most compelling question: Why can’t we better predict natural disasters?

About the book: In Dangerous Earth, marine scientist Ellen Prager explores the science of investigating volcanoes, earthquakes, tsunamis, hurricanes, landslides, rip currents, and–maybe the most perilous hazard of all–climate change. Each chapter considers a specific hazard, begins with a game-changing historical event, and highlights what remains unknown about these dynamic phenomena. Along the way, we hear from scientists trying to read Earth’s warning signs, pass its messages along to the rest of us, and prevent catastrophic loss.

 

OTHER UPDATES:

 

SPORTS

 

1. Commonwealth Games 2022: Indian Team bags gold in Lawn Bowl: India’s lawn bowls women’s fours team made history by winning the gold medal at the Commonwealth Games 2022. This was the country’s first medal in the lawn bowls event and the team, made of skipper Rupa Rani Tirkey, Lovely Choubey, Pinki and Nayanmoni Saikia, ended up winning the title itself after beating 2018 silver medallists South Africa. The Indian team won against South Africa with a 17-10 victory. This was also the Indian team’s maiden appearance in the women’s fours format of the finals of the tournament. India beat New Zealand in the semi-finals 16-13.

 

2. Commonwealth Games 2022: India’s Paddler’s wins gold in Table Tennis: India’s paddlers retained their men’s team championship title with a convincing 3-1 win over Singapore in the Table-Tennis Final of the Commonwealth Games 2022. For India, Harmeet Desai and G Sathiyan gave India a great start by registering a win in the doubles match. However, Chew Zhe Yu Clarence won the next game to level Singapore at 1-1. But G Sathiyan and Harmeet Desai ensured India’s gold by winning their respective matches.

 

3. Commonwealth Games 2022: Indian badminton team claimed the silver medal: Indian badminton team claimed the silver medal in the mixed group match of the Commonwealth Games 2022. Indian badminton mixed team suffered a 1-3 defeat against Malaysia and had to settle for silver. Only PV Sindhu managed to earn a win in the summit clash against Malaysia in the women’s singles match. All four matches between:

a)      In the first match of the tie, India’s Chirag Shetty and Satwiksairaj Rankireddy were locked in a tough first game against Malaysia’s Teng Fong Aaron Chia and Wooi Yik.

b)      In the second match of the tie, PV Sindhu took on Jin Wei Goh. The opening game of the match saw the double Olympic medallist playing aggressively to take one game lead over Malayasia’s Jin Wei Goh by 22-20.

c)       In the third match of the tie, Kidambi Srikanth went down 19-21 against Malaysia’s Ng Tze Yong in the opening game.

d)      After the match, Malaysia took a 2-1 lead. In the fourth match of the fixture, Treesa Jolly and Gayatri Gopichand went against Muralitharan Thinaah and Koong Le Pearly Tan. Indian pair lost the first game 18-21. The Malaysian pair won the second game 21-17 to clinch the gold medal in Games 2022.

 

4. Commonwealth Games 2022: Lovepreet Singh clinches bronze medal in men’s weightlifting: Lovepreet Singh has won bronze in the men’s 109kg weightlifting final with a total lift of 355kg, taking India’s medal tally in the Commonwealth Games 2022. Cameroon’s Junior has taken the lead with a total lift of 361kg. Samoa’s Jack Opeloge is second with a total lift of 358kg. Lovepreet Singh is third with a total lift of 355kg. Australia’s Jackson is the last man standing, trying to win a bronze. The Indian weightlifting contingent has now won a total of 9 medals.

 

BANKING AND FINANCE

 

1. SIDBI and SVC bank collaborate to increase loans to MSMEs: To increase the flow of loans to MSMEs, the SVC Co-operative Bank (SVC Bank) and the Small Industries Development Bank of India (SIDBI) have reached an agreement. Ashish Singhal, MD of SVC Bank, and Sanjeev Gupta, GM of SIDBI, inked the deal. For more than 115 years, SVC Bank has acted as a reliable partner for MSMEs. About the Agreement:

a)      According to the agreement, SIDBI would grant a refinancing facility to SVC Bank in order to promote loan flow, empower MSMEs, and strengthen economic ties.

b)      The MSME sector is the backbone of the Indian economy in terms of exports, employment creation, and revenue to the exchequer.

c)       SIDBI has now chosen to collaborate with several Urban Co-operative Banks (UCBs) and Regional Rural Banks in order to create a robust environment for the development of Indian MSMEs (RRBs).

d)      This is the first such contract that has been signed with a UCB. SIDBI plans to sign more of these agreements with UCBs and RRBs in different States.

 

BUSINESS AND ECONOMY

 

1. Jio getting ready to launch World’s Most Advanced 5G Network across India: Reliance Jio, owned by billionaire Mukesh Ambani, became the highest bidder for 5G spectrum, paying Rs 88,078 crore to buy over half of the airwaves offered in the most recent auction. The Adani group paid Rs 212 crore for 400 MHz, or less than 1% of all spectrum sold, according to Telecom Minister Ashwini Vaishnaw. Jio has also acquired the 700 MHz band.

Jio purchased spectrum across several bands, including the coveted 700 MHz band, which can provide 6-10 km of signal range and serves as a good foundation for   fifth generation (5G) in all 22 circles in the country. Adani Group purchased spectrum in the 26 GHz band, which is not for public networks. If 700 Mhz is used, a single towner can cover a larger area.

More about Spectrum auction for 5G:

a)      Bharti Airtel, owned by telecom mogul Sunil Bharti Mittal, paid Rs 43,084 crore for a 19,867 MHz airwave spread across multiple bands.

b)      Spectrum was purchased by Vodafone Idea Ltd for Rs 18,784 crore. Vaishnaw said that a total of 150,173 crore rupees in bids were received.

c)       51,236 MHz, or 71%, of the 72,098 MHz of spectrum offered over 10 bands, were purchased.

d)      A payment of Rs 13,365 crore will be made to the government for the spectrum in the first year.

 

DEFENCE

 

1. India Navy and France Navy conducted exercise in the Atlantic Ocean: The Indian Navy guided-missile frigate INS Tarkash, while on her long-range overseas deployment, conducted a Maritime Partnership Exercise (MPX) with French naval ships in the North Atlantic Ocean on July 29 and 30. INS Tarkash and French Fleet Tanker FNS Somme carried out a replenishment at sea, followed by cooperative air operations with the maritime surveillance aircraft Falcon 50, taking part in several mock missile engagements and air defence drills.

The successful conduct of these surface and aerial exercises symbolise the high degree of professionalism and interoperability that exists between the two navies. India and France are maritime nations with dynamic maritime economy sectors like marine technology and scientific research, fisheries, port and shipping, to name a few. Possessing vast exclusive economic zones, their fate is closely linked to the sea and the ocean.

 

2. Indian Air Force will retire all squadrons of MiG-21 by 2025: The Indian Air Force will retire one of its four remaining squadrons, MiG-21 (Russian combat aircraft) fighter jets by 2022 September and the other three are scheduled to be phased out by 2025. The old MiG-21s will be replaced with newer fighter jets. Six MiG-21s have been lost in crashes in the last 20 months, killing five pilots. The IAF also plans to start the phasing out of the three squadrons of MiG-29 fighter jets in the next five years.

History of MiG-21s: The MiG-21s were supposed to be retired a long time ago but delays in induction of the LCA Tejas aircraft have forced the IAF to continue flying these planes. The air force received its first single-engine MiG-21 in 1963. The fighter jet has participated in many operations like Safed Sagar (Kargil, 1999), the operation of India in Pakistan in February 2019. Currently, the IAF has around 70 Mig-21 aircraft and 50 Mig-29 variants.

 

3. India to participate combat exercise drill “Pitch Black 2022” in Australia: India will be part of the mega air combat exercise “Pitch Black 2022” among 17 nations, to be held in the Northern Territory of Australia. India’s participation in the exercise, “Pitch Black”, has been confirmed by the Australian government. Over 100 aircraft and 2,500 military personnel from 17 nations will be part of the drill. The exercise is scheduled to take place from August 19 to September 6. This year’s participants include Australia, Canada, India, France, Germany, Indonesia, Japan, Malaysia, the Netherlands, New Zealand, the Philippines, the Republic of Korea, Singapore, Thailand, the UAE, the UK and the US.

About the Ex Pitch Black: Ex Pitch Black is a biennial multi-national large force employment warfare exercise, hosted by Royal Australian Air Force (RAAF). The objectives of the exercise is to foster a closer relationship between the participating forces and promote interoperability through the exchange of knowledge and experience. The Royal Australian Air Force (RAAF) considers “Pitch Black” as its “capstone” international engagement activity with the air forces of strategic partners and allies.