Daily GK Update- 9th Sep, 2022

NATIONAL UPDATES:

 

1. GoI announces to rename the Rajpath as Kartavya Path: The government of India has announced to change the name of Rajpath and Central Vista lawns into Kartavya Path. The decision is said to shed remnants of the British colony in India. The decision came after a special meeting on September 7, convened with the aim of renaming the Rajpath and Central Vista lawns.  Earlier, the Modi government had changed the name of the road on which the Prime Minister’s residence is, from Race Course Road to Lok Kalyan Marg.

About the Kartavya Path: Kartavya Path includes the Entire Avenue and area from the Netaji Statue to the Rashtrapati Bhavan. The route runs from Rashtrapati Bhavan on Raisina Hill through Vijay Chowk and India Gate to National Stadium in Delhi. The decision comes after Prime Minister Narendra Modi’s address to the nation on Independence Day where he stressed the factors leading to the abolition of symbols and signs relating to the colonial mindset. Central Vista Avenue:

a)      Central Vista Avenue is part of the government’s ambitious Central Vista redevelopment project. Central Vista Avenue is ready for inauguration after the completion of construction work on both sides of the Rajpath.

b)      The Central Vista redevelopment project includes a new triangular Parliament building, a common Central Secretariat, rejuvenation of the three-kilometre Rajpath, new Prime Minister’s residence and offices and a new Vice President’s Enclave.

c)       Central Vista Avenue along Rajpath will have state-wise food stalls, red granite walkways with greenery all around, vending zones, parking lots and round-the-clock security, but people will miss just one thing Man Singh from India Gate.

 

2. Uttarakhand Govt launched ‘Samarth’ e-governance portal: The Uttarakhand education department launched an e-governance portal “Samarth”. This portal provides all administrative and educational updates including information about entrance exams, salary structures, and appointments from five state universities and 140 public schools. The initiative has been taken in a bid to make the education system more transparent in the state. About the portal:

a)      The portal also provides access to 40 academic study modules.

b)      200 assistant professors of science subjects will be sent to the Indian Institute of Science, Bengaluru for special training, while teachers of state universities will be given training at IIM Kashipur.

c)       The new education policy (NEP-2020) will be also implemented in the state from this session in September.

d)      In addition, to provide quality education to students, a teacher-sharing format that will connect multiple private and government schools across the country will also be introduced soon.

Note: Uttarakhand Chief Minister: Pushkar Singh Dhami; Uttarakhand Capitals: Dehradun (Winter), Gairsain (Summer); Uttarakhand Governor:  Lt Gen Gurmit Singh.

 

3. PM Narendra Modi announced PM-SHRI Scheme for upgrading 14500 school: Prime Minister Narendra Modi has announced a new initiative, the development and upgradation of 14 thousand 500 schools across the country under the Pradhan Mantri Schools For Rising India (PM-SHRI) Yojana. PM-SHRI schools will become model schools which will encapsulate the full spirit of the National Education Policy. The centrally sponsored scheme will be implemented by strengthening existing schools selected from amongst those managed by the Central government, states, Union Territories and local bodies. The aim of these schools will not only be qualitative teaching, learning and cognitive development but also to create holistic and well-rounded individuals equipped with key 21st-century skills. About the scheme:

a)      The PM-SHRI schools will have a modern, transformational and holistic method of imparting education. The PM-SHRI schools will further benefit lakhs of students across the country in the spirit of the National Education Policy.

b)      The PM-SHRI schools will have a modern, transformational and holistic method of imparting education. Emphasis will be on a discovery-oriented, learning-centric way of teaching. The focus will also be on modern infra including the latest technology, smart classrooms, sports and more. The National Education Policy has transformed the education sector in the recent years.

 

4. CCRAS ‘SPARK’ Program to Support Innovative Research in Ayurveda: The Central Council for Research in Ayurvedic Sciences (CCRAS) takes a unique initiative to support the research efforts of the upcoming bright mind of India. CCRAS has developed the Studentship Program for Ayurveda Research Ken (SPARK) for Ayurveda students (BAMS) in recognized Ayurveda colleges. Key Points:

a)      SPARK Program has been developed by the CCRAS to support the young minds of the students and to promote the culture of evidence-based scientific research in the field of Ayurveda.

b)      SPARK Program will help the students to develop an acumen for research and to support their research ideas.

c)       SPARK Program aims to support the research ideas of the young upcoming students across all the Ayurveda colleges in India.

d)      The application process for the SPARK Program will be done online mode.

e)      The selected students will be offered financial support of Rs. 50,000 under this fellowship.

 

5. IAD technology successfully used by ISRO to land payloads on Mars and Venus: The Inflatable Aerodynamic Decelerator (IAD), which ISRO says is a game-changer with numerous implications for future missions including to Mars and Venus, was successfully tested. Vikram Sarabhai Space Centre (VSSC), an ISRO division, successfully test-flew an IAD from Thumba Equatorial Rocket Launching Station on a “Rohini” sounding rocket (TERLS). Key Points:

a)      Scientists from India and beyond, as well as ISRO, frequently employ Rohini sounding rockets to fly demonstrations of new technologies.

b)      Along with the IAD, new components including a micro video imaging system that recorded the IAD’s bloom and flight, a small software defined radio telemetry transmitter, a MEMS (Micro-electromechanical systems)-based acoustic sensor, and a variety of new methodologies were all successfully flight tested. About IAD technology:

a)      The IAD was first folded and stowed in the rocket’s cargo bay, according to the Indian Space Research Organisation, which has its headquarters in Bengaluru (ISRO).

b)      The IAD was inflated at an altitude of around 84 km, and the sounding rocket’s cargo dropped through the atmosphere on it.

c)       The Liquid Propulsion Systems Centre (LPSC) of ISRO designed the pneumatic inflation mechanism.

d)      The IAD has consistently decreased the payload’s velocity through aerodynamic drag while maintaining the expected trajectory.

Note: ISRO Chairman: S Somanath; Founder of ISRO: Vikram Sarabhai; ISRO founded year: August 15, 1969

 

6. A book titled ‘Divorce and Democracy: A History of Personal Law in Post-Independence India’ by Saumya Saxena: A new book on divorce laws and various religions in the post-colonial era was released at the India International Centre. The book ‘Divorce and Democracy: A History of Personal Law in Post-Independence India’ talks about family law, religion, and gender politics in India. The book has written by Saumya Saxena, a British Academy Fellow at the faculty of History, University of Cambridge, the book talks about the Indian state’s difficult dialogue with divorce, which reconciles largely through religion.

The essence of the book: This book captures the Indian state’s difficult dialogue with divorce, mediated largely through religion. By mapping the trajectories of marriage and divorce laws of Hindu, Muslim, and Christian communities in post-colonial India, it explores the dynamic interplay between law, religion, family, minority rights and gender in Indian politics. It demonstrates that the binary frameworks of the private-public divide, individuals versus group rights, and universal rights versus legal pluralism collapse before the peculiarities of religious personal law.

 

INTERNATIONAL UPDATES:

 

1. Europe Heading for Recession as Inflation Crisis Deepens: The euro zone is almost certainly entering a recession, with surveys showing a deepening cost of living crisis and a gloomy outlook that is keeping consumers wary of spending. While there was some easing of price pressures, according to the surveys, they remained high. The European Central Bank is under pressure as inflation is running at more than four times its 2% target, reaching a record 9.1% last month. Key Points:

The ECB faces the prospect of raising interest rates aggressively just as the economy enters a downturn. A rise in borrowing costs would add to the woes of indebted consumers. 

The euro dropped below 99 US cents for the first time in 20 years after Russia said gas supply down its main pipeline to Europe would stay shut indefinitely. Gas prices on the continent soared as much as 30%, stoking fears of shortages and reinforcing expectations for a recession and a bitter winter as businesses and households are battered by sky-high energy prices.

S&P Global’s final composite Purchasing Managers’ Index (PMI), seen as a guide to economic health, fell to an 18-month low of 48.9 in August from July’s 49.9, below a preliminary 49.2 estimate. Anything below 50 indicates contraction.

 

2. International Day to Protect Education from Attack: 9th September: The International Day to Protect Education from Attack is an international observance established by a unanimous decision of the United Nations General Assembly in 2020. It is observed on September 9 of each year. The purpose of the day is to raise awareness regarding the importance of safeguarding schools as places of protection and safety for students and educators and the need to keep education at the top of the public agenda.

International Day to Protect Education from Attack History: The day was established by a unanimous decision of the UN General Assembly, calling on UNESCO and UNICEF to raise awareness of the plight of millions of children living in countries affected by conflict. This day was established in 2020 and is supported by UNESCO and UNICEF, and co-sponsored by 62 countries. This day aims to raise awareness of the plight of millions of children living in war-affected countries.

Note: UNESCO headquarters: Paris, France; UNESCO Head: Audrey Azoulay; UNESCO Founded: 16 November 1945; UNICEF Executive Director: Henrietta H. Fore; UNICEF Founded: 11 December 1946; UNICEF Headquarters: New York, United States.

 

OTHER UPDATES:

 

SPORTS

 

1. IIT Madras joins Inspire Institute of Sports for innovative boxing analytics software: IIT Madras researchers and Inspire Institute of Sports in Karnataka have joined forces to create the analytics platform “Smartboxer.” To boost India’s boxing medal total at the 2024 Olympics, advanced boxing analytics software is being created. IIT Madras’ Center of Excellence for Sports Science and Analytics is responsible for creating the multi-version software. Key Points:

a)      It will use wearable sensors and cameras with Internet of Things (IoT) capabilities to deliver feedback and performance evaluations.

b)      Inspire Institute of Sport will use “Smartboxer” to evaluate the boxers’ performance (IIS).

c)       The “Smartboxer” analytics platform will be modified in response to IIS’s suggestions. This will make it possible for coaches and boxers to benefit from the programme in a useful way.

d)      IIT Madras, the research involves combining IoT-based sensors and video cameras to deliver analytics regarding player performance.

 

2. Indian GM Aravindh Chithambaram wins Dubai Open chess Tournament: Grandmaster Aravindh Chithambaram wins the 22nd Dubai Open Chess Tournament with 7.5 points. While seven Indians finished in the top 10, R. Praggnanandha was in the second spot with five others. Aravindh Chithambaram and R. Praggnanandha settled for a draw in the ninth and final match, which enabled Aravind Chithambaram to finish the match with seven and a half points ahead of the rest of the field.

He remained undefeated throughout the nine rounds, winning six and drawing three matches. He won against Rinat Jumabayev, and Arjun Erigaisi. The five players that finished on seven points and in the joint second spot include R Praggnanandha, Alexander Predke, Abhijeet Gupta, Jaykumar Sammed Shete, and S P Sethuraman.

 

BANKING AND FINANCE

 

1. Tamilnad Mercantile Bank named Krishnan Sankarasubramaniam as new MD & CEO: The Tuticorin-based Tamilnad Mercantile Bank (TMB) Ltd has announced the appointment of Krishnan Sankarasubramaniam as the Managing Director and CEO with effect for three years. His appointment was approved by the Reserve Bank of India (RBI), pursuant to its letter of approval dated August 18, 2022.

Note: Tamilnad Mercantile Bank Founded: 11 May 1921; Tamilnad Mercantile Bank Headquarters: Thoothukudi, Tamil Nadu.

 

BUSINESS AND ECONOMY

 

1. CCI approves the acquisition of BillDesk by PayU Payment: The Competition Commission of India (CCI) approved the acquisition of 100 percent equity of Indiaideas.com (Billdesk) by PayU Payments. The proposed combination relates to the acquisition of 100 percent of the equity share capital of India Ideas Ltd (IIL) by PayU India. Prosus NV-backed PayU announced in August 2021, that it will buy digital payments provider Billdesk for USD 4.7 billion. About the deal:

a)      It will make it one of the biggest deals in the Indian consumer internet space. The proposed combination pertains to the acquisition of an additional 10 percent stake in Apraava by CDPQ from CPL CPEC Holding Limited.

b)      The CDPQ and CPL announced in July that they have reached an agreement for the sale of a 10 percent stake in Apraava Energy to CDPQ, making their respective stakes 50 percent in the company.

 

2. 28th Edition of Status Report on India’s External Debt 2021-22 released: Status Report on India’s External Debt 2021-22 has been announced by the External Debt Management Unit (EDMU) of the Department of Economic Affairs, Ministry of Finance. The released report is the 28th edition of the Status Report on India’s External Debt 2021-22. India’s external debt at the end of March 2021 was US$ 573.7 billion which has grown by 8.2 percent and at the end of March 2022, it has risen to US$ 620.7 billion. 53.2 percent of India’s external debt was denominated in the US dollar, and Indian rupee-denominated debt, estimated at 31.2 percent, was the second largest. The sustainability of India was better than the Low-and-Middle Income Countries (LMICs) as a group and vis-à-vis many of them individually while considering various debt vulnerability indicators.

 

3. BEL tie-up with Smiths Detection to manufacture scanning systems: Bharat Electronics Limited (BEL) has signed a Memorandum of Understanding (MoU) with Smiths Detection, a global leader in threat detection and security inspection technologies, for offering advanced, high-energy scanning systems to the Indian market. The MoU, signed for a period of five years and can be extended further by mutual consent, will leverage the high-end, technological capabilities of both firms to meet India’s domestic security needs. As per the agreement:

a)      BEL would handle front-end requirements in the market, supporting localisation of the projects while Smiths Detection would provide advanced screening technology and technological expertise for the project.

b)      Also, to facilitate ease of doing business and enhance safety, the union government has been investing in port and land border security.

c)       Moreover, the requirement for industry-leading high-energy scanning technology is being driven by Defence installations, which need to screen large volumes of vehicles and impose restricted entry at sensitive areas, as per the company.

Note: Bharat Electronics Limited (BEL) Founded: 1954; Bharat Electronics Limited (BEL) Headquarters: Bengaluru.

 

DEFENCE

 

1. Indian Army Chief Manoj Pande conferred honorary rank of Nepal Army General: Indian Army Chief General Manoj Pande was conferred the title of Honorary General of the Nepali Army by Nepal President Bidya Devi Bhandari in Kathmandu. General Pande was honoured at a special ceremony at the President’s official residence ‘Shital Niwas’ in the capital city of Nepal. He has also presented a sword and scroll during the function. On behalf of the Indian government, General Manoj Pande presented training equipment to Nepali Army, along with Light Vehicles which would augment the capabilities of Nepali Army personnel.

The history behind this process: The practice follows a seven-decade-old tradition of decorating army chiefs of each other’s countries with the honorary title. Commander-in-Chief General KM Cariappa was the first Indian Army chief to be decorated with the title in 1950. In November last year, the Chief of the Nepali Army, General Prabhu Ram Sharma was also made the Honorary General of the Indian Army by President Ram Nath Kovind at a ceremony in New Delhi.

Daily GK Update- 8th Sep, 2022

 

NATIONAL UPDATES:

 

1. Central govt female staff to get 60-day maternity leave in early child death: Special 60-day maternity leave: Central govt female staff to get a special maternity leave of 60 days. The leave will be granted in the event that a baby is lost before or during delivery, or if the infant passes away shortly after birth. A directive in this regard was issued by the Department of Personnel and Training. In accordance to the Ministry of Personnel, Public Grievances and Pensions, the decision was taken. Key Points:

a)      The decision was made, according to the Ministry of Personnel, Public Grievances and Pensions, with consideration for any potential emotional damage that could result from a stillbirth or the death of a child soon after birth, which could have a profound effect on the mother’s life.

b)      A baby born at or after week 28 of gestation may be said to have died still. Up to 28 days after delivery may be used to identify the situation for a child dying soon after birth. The time between conception and delivery is known as the gestational period.

 

2. Meghalaya CM Conrad K Sangma launched ‘Rural Backyard Piggery Scheme’: Meghalaya Chief Minister Conrad K Sangma has launched the ‘Rural Backyard Piggery Scheme’ to ensure the farmers earn a sustainable livelihood through different livestock farming activities. The Chief Minister said that the government through different welfare schemes is successfully providing income generation opportunities and economic prosperity to the farmers.

Under Rural Backyard Piggery Scheme – phase 1:

a)      The government has earmarked Rs 15.18 crore under which four high-yielding improved varieties will be distributed to 6000 families.

b)      The Meghalaya Chief Minister informed that additional Rs 25 crore will be earmarked to roll out the second phase of the programme.

c)       To make the state self-sufficient in pork, the government is implementing one of the largest piggery development programmes the ‘Meghalaya Piggery Mission’.

d)      Under this mission, zero interest loan is provided for setting up fattening and pig breeding. So far 250 piggery cooperative societies have availed loans amounting to Rs 43.67 crore.

Note: Meghalaya Capital: Shillong; Meghalaya Chief Minister: Conrad Kongkal Sangma; Meghalaya Governor: Satya Pal Malik.

 

3. UP: Bhartaul becomes First Village in State to have RO Water in Every Household: Bhartaul has become the first village in Uttar Pradesh to achieve the distinction of supplying RO water to every household. Bhartaul is located in Bithiri Chainpur block of Bareilly. It has around 7,000 people and every household is provided with clean and safe RO water. The installation of RO has been under the Adarsh Gram Panchayat initiative enabling the Village to get access to clean drinking water. Till now, four RO plants have been installed in the village and more ROs are underway. These RO plants have been connected to the main supply tanks which helps to provide clean water to every household.

 

4. Government of India approve celebrating “Hyderabad Liberation Day” all year long: Hyderabad Liberation Day: The Government of India approved annual commemoration of “Hyderabad Liberation Day” for the years 2022 to 2023. On September 17, 2022, the Ministry of Culture will organise the inaugural event for the year-long celebration of Hyderabad Liberation Day. The goal is to raise awareness of the tale of sacrifice, heroism, and resistance among the current generation in India as a whole as well as in the region under study.

Key Points:

a)      The purpose is to create awareness of the story of resistance, heroism, and sacrifice among the current generation, both in the region under examination and across India.

b)      The goal of this year-long memorial is to pay tribute to all those who gave their lives in order to liberate Samsthan and bring it under the control of the Indian Union.

c)       The Center plans to observe this day in all three states, even though Maharashtra and Karnataka already recognise it as Marathwada Liberation Day and Hyderabad-Karnataka Liberation Day, respectively.

 

5. Nation first-ever “Night Sky Sanctuary” to be set up in Ladakh: India’s first-ever ‘night sky sanctuary’ will be set up within the next three months in Hanle, Ladakh, This is a unique and first-of-its-kind initiative by the Indian government. The proposed dark sky reserve will be located at Hanle, Ladakh, and will boost astro-tourism in India, according to a statement released by the Union Ministry of Science and Technology.

About the Night Sky Sanctuary: The night sky sanctuary will be set up as part of the Changthang Wildlife Sanctuary, the world’s second-largest nature reserve. The new project will be one of the world’s highest-located sites for optical, infrared, and gamma-ray telescopes. It will boost Astro tourism in India and will be one of the world’s highest-located sites for optical, infrared, and gamma-ray telescopes.

 

6. Secretry General Lok Sabha Utpal Kumar Singh gets charge of Sansad TV: Rajya Sabha Chairman and Lok Sabha Speaker jointly decided that Utpal Kumar Singh, currently holding the post of Secretary General Lok Sabha, will additionally charge the functions of CEO Sansad TV. Ravi Capoor has been relieved of his duties as the Chief executive officer (CEO) of Sansad TV. Sansad TV was launched in September 2021 after merging the Lok Sabha TV and Rajya Sabha TV channels. The 24-hour channel, through its content, showcases the democratic ethos and the functioning of democratic institutions of the country with an aim to target national and international audiences.

 

7. Captain B K Tyagi as the new CMD of Shipping Corporation of India: The Appointments Committee of the Cabinet (ACC) has signed off on the proposal to appoint Captain Binesh Kumar Tyagi as the new chairman and managing director of Shipping Corporation of India Ltd (SCI). The appointment is for five years from the date of assumption of charge of the post, or till the date of his superannuation, or until further orders, whichever is the earliest, according to an office order issued by the Department of Personnel and Training. Captain Tyagi is currently the director looking after the liner and passenger services division at SCI which is in the process of being privatised by the government.

Note: Shipping Corporation of India Ltd Headquarters: Mumbai; Shipping Corporation of India Ltd Founded: 2 October 1961, Mumbai.

 

INTERNATIONAL UPDATES:

 

1. Rishi Sunak lost to Liz Truss, who takes over as UK’s new Prime Minister: UK’s new Prime Minister (PM): Liz Truss was elected as the leader of the ruling Conservative Party and the country’s next prime minister. Liz Truss is now the third woman to be elected prime minister of the United Kingdom. By more than 20,000 votes, Liz Truss defeated Rishi Sunak, who is of Indian descent. She has held the positions of Minister for Women and Equalities since 2019 and Secretary of State for Foreign, Commonwealth, and Development Affairs since 2021.

Key Points:

a)      According to a YouGov poll, Liz had a 62% early advantage over Rishi in the first round between July 20 and July 21, which grew to 69% from July 29 to August 2, and then stabilised at 66% until August 17.

b)      Rishi’s popularity oddly declined from a peak of 41% in Q3 2020 to 26% in Q1 2022. While Liz’s popularity increased from 13% to 21% within the same period, Rishi’s popularity graph stayed lower overall.

c)       In the UK prime minister election, Rishi Sunak was running against Liz Truss and came short of 20,927 votes to take second place.

d)      With 81,326 votes, Liz Truss won the presidency, whereas Rishi received 60,399 votes.

 

2. International Literacy Day: 8th September: International Literacy Day (ILD) is celebrated on 8 September every year all across the globe to make people aware of the meaning and importance of literacy for individuals and societies. The day spread awareness about the importance of literacy for individuals, communities, and societies and the need for intensified efforts towards more literate societies. This year’s International Literacy Day will be celebrated worldwide under the theme, “Transforming Literacy Learning Spaces” and will be an opportunity to rethink the fundamental importance of literacy learning spaces to build resilience and ensure quality, equitable, and inclusive education for all.

International Literacy Day History: The 14th session of UNESCO’s General Conference on October 26, 1966, declared September 8 as International Literacy Day. And since 1967, celebrations have taken place annually around the world on this day to spread awareness about the importance of literacy to individuals, society, and communities.

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

 

OTHER UPDATES:

 

SPORTS

 

1. F1 GP-2022: Max Verstappen won Dutch F1 Grand Prix 2022: Red Bull’s driver Max Verstappen has won the Dutch Formula 1 Grand Prix 2022. Mercedes’ George Russell & Ferrari’s Charles Leclerc came at the 2nd and 3rd positions respectively. Verstappen has now won 10 of this season’s 15 races. It was his 72nd podium finish & he collected 26 points from this race. Verstappen won the Dutch GP in 2021 as well. He has now won a total of 30 races.

 

2. Mushfiqur Rahim Announces Retirement from T20 International cricket: Mushfiqur Rahim Bangladesh wicketkeeper announced his retirement from T20 international cricket. The decision came after Bangladesh faced defeat in Asia Cup 2022 match against Sri Lanka. He announced retirement from the short-format game, and he would continue to play one-day international and test cricket.

In the previous Asia Cup 2022 match against Sri Lanka, Rahim dropped a catch of Kusal Mendis which became a game-changer for both teams. Sri Lanka qualified for the Super Four stage and Bangladesh was out of the Asia Cup 2022. He is one of the most senior players in Bangladesh and has played 102 innings and scored more than 1,500 runs in T20 matches. He has played 82 test innings and scored 5,235 runs and in 236 ODI’s he scored 6,774 runs. He is also the second player from Bangladesh to retire this year after Tamim Iqbal.

 

BANKING AND FINANCE

 

1. PSU banks is set to open about 300 branches in unbanked areas by December 2022: As part of the financial inclusion drive, public sector banks will open about 300 brick-and-mortar branches in the unbanked areas of various states by December 2022. These new branches will cover all remaining unbanked villages with a population of more than 3,000. A Maximum number of 95 branches will be opened in Rajasthan followed by 54 in Madhya Pradesh. The public sector banks will open 38 branches in Gujarat, 33 in Maharashtra, 32 in Jharkhand and 31 in Uttar Pradesh. Bank of Baroda will open 76 branches, while State Bank of India will establish 60 branches.

Government commitment: The government is committed to providing financial inclusiveness and support to the marginalised and socio-economically neglected classes through its various schemes, including Pradhan Mantri Jan Dhan Yojana (PMJDY). Since August 28, 2014, banks opened over 46 crore bank accounts under PMJDY, with a deposit balance of Rs 1.74 lakh crore with its expanded coverage to 67 per cent rural or semi-urban areas as well as 56 per cent of women Jan Dhan account holders.

 

BUSINESS AND ECONOMY

 

1. India To Emerge As 3rd Largest Economy Of World By 2029: India is set to become the third largest economy in the world by 2029. A State Bank of India report said India will surpass Germany in 2027 and most likely Japan by 2029 at the current rate of growth. The report said that the country has undergone a large structural shift since 2014 and is now the 5th largest economy overtaking the United Kingdom. The path taken by India since 2014 reveals the country is likely to get the tag of 3rd largest economy in 2029, a movement of 7 places upwards since 2014 when India was ranked 10th, it said.

About The Report: The research report from SBI’s Economic Research Department highlighted that Gross Domestic Product (GDP) growth rate for FY23 is estimated between 6.7-7.7 per cent, but it is normal to have a 6-6.5 per cent growth due to global uncertainties.

 

2. Unemployment Rate Falls From 7.6 % in April to June this Year: PLFS: The unemployment rate in India for people aged 15 years and above in urban areas declined to 7.6 per cent during April-June 2022 from 12.6 per cent a year ago, the National Statistical Office (NSO). In April-June 2021, the joblessness was high in the country mainly due to the staggering impact of Covid-related restrictions. The latest data underlined a decline in unemployment rate amid improved labour force participation ratio, point towards a sustained economic recovery from the shadow of the pandemic. What Periodic Labour Force Survey (PLFS) Showed:

a)      In January-March 2022, the unemployment rate in India for persons aged 15 years and above was 8.2 per cent in urban areas, the 15th Periodic Labour Force Survey (PLFS) showed.

b)      Apart from this, the unemployment rate among females (aged 15 years and above) in urban areas declined to 9.5 per cent in April-June, 2022 from 14.3 per cent a year ago, the data showed. It was 10.1 per cent in January-March, 2022.

c)       According to the data, the unemployment rate among males (aged 15 years and above) in urban areas dipped to 7.1 per cent in April-June 2022 compared to 12.2 per cent a year ago. It was 7.7 per cent in January-March 2022.

 

AWARDS AND HONOURS

 

1. President Droupadi Murmu confers National Awards to distinguished teachers: On the occasion of Teachers Day, President Droupadi Murmu has honoured 45 selected teachers from across the country with National Awards at Vigyan Bhawan New Delhi. The Union Ministry of Education, Department of School Education & Literacy constituted an Independent Jury at National Level to bestow the National Award to Teachers (NAT) for the year 2022. Sh. Sidharth made it to the list of 45 outstanding teachers from all over India selected after 3-stage rigorous online transparent process.

Among the awarded teachers:

a)      Yudhveer, Virender Kumar and Amit Kumar (Himachal Pradesh); Harpreet Singh, Arun Kumar Garg and Vandana Shahi (Punjab); Shashikant Sambhajirao Kulthe, Somnath Waman Walke and Kavita Sanghvi (Maharashtra); Kandala Ramaiah, T N Sridhar and Sunitha Rao (Telangana)

b)      Pradeep Negi and Kaustubh Chandra Joshi (Uttarakhand), Sunita and Durga Ram Muwal (Rajasthan), Neeraj Saxena and Om Prakash Patidar (Madhya Pradesh), Saurabh Suman and Nishi Kumari (Bihar), G Ponsankari and Umesh TP (Karnataka), Mala Jigdal Dorjee and Sidharth Yonzone (Sikkim) are among the selected teachers.

c)       The other awardees include Anju Dahiya (Haryana), Rajni Sharma (Delhi), Seema Rani (Chandigarh), Maria Murena Miranda (Goa), Umesh Bharatbhai Vala (Gujarat), Mamta Ahar (Chhattisgarh), Iswar Chandra Nayak (Odhisha), Buddhadev Dutta (West Bengal), Mimi Yhoshii (Nagaland), Nongmaithem Gautam Singh (Manipur), Ranjan Kumar Biswas (Andaman and Nicobar), among others.

Daily GK Update- 7th Sep, 2022

 

NATIONAL UPDATES:

 

1. Home Minister Amit Shah will unveil the “CAPF eAwas” web portal in Delhi: CAPF eAwas: Home Minister Amit Shah unveiled the CAPF eAwas web-portal for the Central Armed Police Forces. The Central Armed Police Forces have always been a solid backbone of the nation’s internal security, Mr. Shah stated in remarks made on the occasion. More than 35,000 police officers have died since independence-day while maintaining internal security, he mentioned, and as a result of their sacrifices, people may sleep well at night and feel secure.

CAPF eAwas:

a)      The Indian government launched the “Ayushman CAPF” programme to give families of fallen soldiers access to better medical care.

b)      Ten lakh service members have received more than 35 lakh Ayushman Cards as part of this CAPF eAwas programme.

c)       Approximately 56 thousand bills totaling more than 31 crore rupees have already been paid using this programme.

d)      According to Mr. Amit Shah, staff from other CAPFs will have access to unoccupied housing through the CAPF eAwas platform.

e)      The housing satisfaction rate, which stood at 33% in 2014, would rise to 73% by 2024 under CAPF eAwas.

 

2. Odisha Govt Disburses Rs 869 crore for Farmers Under KALIA Scheme: Odisha government distributed ₹869 crore to 41.85 state farmers under the Krushak Assistance for Livelihood and Income Augmentation (KALIA) scheme and assured them of additional aid for crop losses due to floods in the state. ₹2000 each was directly transferred to the bank accounts of 41 lakh farmers and 85,000 landless farmers under the KALIA Scheme.

KALIA Scheme: KALIA Scheme was launched by Odisha Government in January 2019 for small and marginal farmers, cultivators, and landless agricultural laborers. The scheme is called the Krushak Assistance for Livelihood and Income Augmentation or KALIA. The objectives of the KALIA scheme are to provide financial support to the farmers and accelerate agricultural prosperity. The two major mission of the KALIA Scheme is to relieve debt-ridden farmers and to provide financial assistance to agricultural households, landless agricultural laborers, and marginal cultivators in Odisha.

The state government launched the KALIA Scheme in 2019, under which the farmers of the state are given 4000 in two instalments. The first instalment of 2000 per farmer was distributed on Akshaya Tritiya and the occasion of Nuakhai, and the second instalment was distributed among the farmers.

 

3. Adobe and AICTE collaborate to promote digital literacy in India: Adobe and AICTE collaborate: The All-India Council for Technical Education (AICTE) in order to advance digital creativity capabilities throughout the nation, has struck a partnership deal with Adobe. According to a release, under the terms of the agreement, Adobe will provide training for educators, provide courses, and incorporate digital creativity into the curriculum to give kids the fundamental creative and digital literacy skills they need to succeed in today’s digital-first society. Key Points:

a)      By 2024, the alliance hopes to equip more than 75,000 educators working in 10,000 institutions of higher learning with critical digital creativity abilities.

b)      The secret is to encourage digital and creative abilities if India is to become the world’s skill capital.

c)       Through our partnership with AICTE, Adobe aims to strengthen the nation’s skilling ecosystem while equipping teachers and students with the modern skills they need to succeed in the post-pandemic, digital-first future.

 

4. World Bank Applauds India’s Effective Response to the COVID-19 Crisis Strategies: World Bank Applauds India’s Effective Response to the COVID-19: The World Bank acknowledged the Indian government’s decision to have centralised procurement, support for long-term market development and production of Emergency Medical Equipment (EME). Early export restrictions worked in its favour during the public health emergency in the country in a paper titled “India Covid-19 Procurement: Challenges, Innovations, and Lessons.”

Key Points:

a)      The “Covid-19 Emergency Response and Health Systems Strengthening Project” was jointly funded by the World Bank and the Asian Infrastructure Investment Bank (AIIB) for $1.5 billion (Rs 11,983.5 crore).

b)      According to the report, the development of strong inter-ministerial bodies enabled the government to decide quickly on a centralised procurement to aid the states.

c)       The World Bank identified four important innovations brought about by India that contributed to the country’s successful management of the pandemic scenario.

d)      These included the introduction of accelerated tendering processes and quality assurance protocols, the adoption of a whole-of-government strategy to stimulate local production that helped to significantly lower unit prices and dependency on global supplies, efficient supply chain management informed by computerised modelling to project cases and admissions for oxygen, intensive care unit requirements based on epidemiological trends, and quick quality-assured Covid commodities.

 

5. Yamuna Kumar Chaubey named as CMD of NHPC: Yamuna Kumar Chaubey takes over as Chairman and Managing Director of NHPC for three months beginning September 1. He succeeded Abhay Kumar Singh. Chaubey is currently Director (Technical) in NHPC & has been given additional charge of the post of CMD for a period of 3 months till a regular incumbent joins the post. Abhay Kumar Singh ceased to be the Chairman and Managing Director (CMD) of the company with effect from August 31, 2022, upon attaining the age of superannuation.

 

INTERNATIONAL UPDATES:

 

1. India Surpasses UK to Become World’s 5th Largest Economy: India has surpassed Britain to become world’s fifth largest economy, Bloomberg reported. The change in ranking has pushed the United Kingdom to the sixth spot as the country continues to grapple under the brutal cost-of-living shack. The Indian economy is forecast to grow more than 7 per cent this year. On an adjusted basis and using the dollar exchange rate on the last day of the relevant quarter, the size of Indian economy in “normal” cash terms in the quarter through March was USD 845.7 billion. On the same basis, UK was USD 816 billion, according to the report.

IMF Forecast:

a)      IMF’s own forecasts show India overtaking the UK in dollar terms on an annual basis this year, putting the Asian powerhouse behind the US, China, Japan and Germany.

b)      A decade ago, India ranked 11th among the largest economies, while the UK was fifth.

c)       The government is expecting the economy to grow at 7-7.5 per cent in 2022-23, in line with its projections made at the beginning of this financial year.

d)      India registered a growth of 8.7 per cent in 2021-22.

According to the International Monetary Fund, these are the highest ranking countries in the world in nominal GDP:

1)      1.United States (GDP: 22.49 trillion)

2)      2.China (GDP: 16.4 trillion)

3)      3.Japan: (GDP: 5.27 trillion)

4)      4.Germany: (GDP: 4.30 trillion)

5)      5.India: (GDP: 3.21 trillion)

6)      6.United Kingdom: (GDP: 3.2 trillion)

7)      7.France: (GDP: 2.78 trillion)

8)      8.Italy: (GDP: 2.07 trillion)

9)      9.Brazil: (GDP: 1.87 trillion)

10)  10.Canada: (GDP: 1.71 trillion)

 

2. International Day of Clean Air for blue skies: 7th September: The International Day of Clean Air for blue skies is observed globally on September 07 to promote and facilitate actions to improve air quality. It focuses on the transboundary nature of air pollution highlighting the need for collective accountability and collective action. This year’s theme of “The Air We Share” focuses on the transboundary nature of air pollution, stressing the need for collective accountability and action. It also highlights the need for immediate and strategic international and regional cooperation for more efficient implementation of mitigation policies and actions to tackle air pollution.

International Day of Clean Air for blue skies History: During its 74th session, the United Nations General Assembly adopted a resolution to hold an International Day of Clean Air for Blue Skies on December 19, 2019. The resolution also encouraged the United Nations Environment Programme (UNEP) to facilitate the day’s observance in collaboration with other relevant stakeholders.

Note: UNEP Headquarters: Nairobi, Kenya; UNEP Head: Inger Andersen; UNEP Founder: Maurice Strong; UNEP Founded: 5 June 1972.

 

OTHER UPDATES:

 

SPORTS

 

1. Leh in Ladakh all set to Host First-Ever Mountain Bicycle World Cup: Leh is all set to host the first-ever Mountain Bicycle, MTB, World Cup- the ‘UCI MTB Eliminator World Cup in India. The ‘UCI MTB Eliminator World Cup’ will be organized in collaboration with the Administration of Union Territory of Ladakh and the Cycling Association of India. The Ladakh leg of the Eliminator World Cup is part of ten professional race series held in various cities across the world.

UCI MTB Eliminator World Cup is going to be s short track race with Cross Country Eliminator, XCE, the format of five hundred meters with natural and artificial obstacles. In this upcoming event, a total of 20 international, 55 national, and local cyclists are going to participate. Since the UCI MTB Eliminator World Cup is going to be held for the first time in India, all cyclists are excited about the event.

 

BANKING AND FINANCE

 

1. IndusInd Bank and ADB collaborate to improve financing for supplier chains: IndusInd Bank and ADB collaborate: IndusInd Bank, a private lender, announced a partnership with the Asian Development Bank (ADB) to support and promote supply chain finance (SCF) solutions in India. With an initial investment of Rs 560 crore, the IndusInd Bank claimed it had signed a partial guarantee programme with Asian Development Bank (ADB) with the sole purpose of pushing SCF solutions in India. Key Points:

a)      The cooperation of Asian Development Bank (ADB) will support a number of IndusInd Bank activities in this area as it tries to increase its presence in MSME lending.

b)      The IndusInd Bank has started a number of strategic initiatives with SCF as a focal area, including the introduction of new product structures for SCF.

c)       The IndusInd Bank recently debuted earlyCredit, a cutting-edge digital site for SCF, enabling 24-7 seamless processing of SCF transactions for businesses, suppliers, and dealers.

Note: IndusInd Bank Chairman: Arun Tiwari; IndusInd Bank CEO: Sumant Kathpalia

 

BUSINESS AND ECONOMY

 

1. India’s 2022 GDP growth prediction reduced by Goldman Sachs from 7.6% to 7%: Following the quarterly gross domestic product figures for April through June falling short of market expectations, Goldman Sachs has revised lower its growth projections for India. A lower-than-expected growth during April to June increased the negative risk to current fiscal year growth predictions by 40 basis points. Key Points:

a)      In the reporting quarter, India’s real GDP growth increased 13.5% year over year, falling short of the 15.2% projection made by experts surveyed by Reuters.

b)      GDP growth momentum decreased to -3.3% quarter-on-quarter after increasing by 0.5% from January to March.

c)       The current fiscal year predictions decreased by 20 basis points from 7.2% and downgraded the full-year 2022 GDP growth forecast from 7.6% to 7%.

d)      Goldman Sachs 7.2% growth forecast for the fiscal year 2022–2023 is subject to a 40 basis point downside risk.

 

2. India’s GDP projection lowered by Moody’s to 7.7 percent: Moody’s Investors Service drastically reduced India’s GDP growth by 1.1 percentage points, citing a slowdown in global growth, rising interest rates, and an irregular monsoon as reasons for the economy’s potential to lose steam in the coming quarters. Highlights:

a)      India’s GDP is now expected to grow at a 7.7% annual rate, down sharply from the earlier estimate of 8.8% in May.

b)      This information was released a day after government data revealed that the Indian economy expanded 13.5% year over year during the April–June quarter.

c)       Moody’s said India’s central bank is likely to remain hawkish this year and maintain a reasonably tight policy stance in 2023 to stop domestic inflationary pressures from intensifying according to the Moody’s Global Macro Outlook 2022–2023 report.

d)      The RBI must balance growth and inflation while also controlling the effects of imported inflation brought on by the about 7% year-to-date depreciation of the Indian rupee against the US dollar.

 

3. Starbucks named Indian-origin executive Laxman Narasimhan as CEO: The coffee giant Starbucks has appointed its new Indian-origin Chief Executive Officer, Laxman Narasimhan. He will join Starbucks on October 1, after replacing Howard Schultz who will continue as interim chief until April 2023. The 55-years-old Indian, Narasimhan, has served as chief executive of Lysol and Enfamil baby formula, UK-based Reckitt Benckiser Group PLC.

About the Starbucks Corporation: Starbucks Corporation is an American multinational chain of coffeehouses and roastery reserves headquartered in Seattle, Washington. It is the world’s largest coffeehouse chain. As of November 2021, the company had 33,833 stores in 80 countries, 15,444 of which were located in the United States.

 

OBITUARIES

 

1. Former Tata Sons chairman Cyrus Mistry passes away: Former chairman of Tata Sons, Cyrus Mistry has died in a road accident while en route from Ahmedabad to Mumbai. Mistry was aged 54 years. He was travelling with Jahangir Dinshaw Pandol, Anahita Pandol, and Darius Pandol. Mistry is survived by his wife Rohiqa and their two sons.

Cyrus Pallonji Mistry was an Indian-born Irish businessman. Mistry, who was the sixth chairman of Tata Sons, was ousted from the position in October 2016. He had taken over as the chairman in December 2012 after Ratan Tata announced his retirement. N Chandrasekaran later took over as Executive Chairman of Tata Sons.

 

2. Noted historian B. Sheik Ali passes away recently: Noted historian and first Vice Chancellor of Mangalore and Goa Universities Professor B. Sheik Ali passed away. He was the general president of the Indian History Congress at its 47th Session in 1986 and the founder president of the South India History Congress in 1985. He is a recipient of the Rajyothsava award and has authored a total of 23 books in English.

About Sheikh Ali: Sheikh Ali was an authority on Mysuru rulers Hyder Ali and Tipu Sultan and had carried out extensive research on the Mysuru kingdom in the British era. He authored 32 books and edited others, including Tipu Sultan: A Study in Diplomacy and Confrontation; Tipu Sultan, a Great Martyr; British Relations with Hyder Ali; Dr Zakir Hussain — Life & Times, A Comprehensive Biography, besides other Urdu publications.