Daily GK Update- 3rd Oct, 2022

 

NATIONAL UPDATES:

 

1. Supreme Court Judgement on safe and legal abortion: The Supreme Court has declared that all women have the right to safe and legal abortions up to 24 weeks of pregnancy, no matter their marital status. An abortion regulation that made a distinction between married and unmarried women was “artificial and constitutionally unsustainable,” according to a bench of Justices DY Chandrachud, JB Pardiwala, and AS Bopanna. Key Points:

a)      The bench determined that unmarried and single women with pregnancies between 20 and 24 weeks cannot be denied access to safe and legal abortion.

b)      The Medical Termination of Pregnancy Act of 1971 had made it illegal for unmarried women who were 20–24 weeks pregnant after having consenting intercourse to have a legal abortion.

c)       In reference to the MTP Act’s pertinent provision, the court’s ruling stated that “it seems to us that to give Rule 3B a restrictive and narrow interpretation would render it perilously close to holding it unconstitutional, because it would deprive unmarried women of the right to access safe and legal abortions between 20 and 24 weeks if they face a change in their material circumstances similar to married women.”

 

2. Maldives signed an MoU with India for Hanimaadhoo International Airport Development Projects: Government of Maldives has signed an MoU with the Indian JMC Projects for Maldives Hanimaadhoo International Airport Development Project. The worth of project is about USD $136.6 million. It was confirmed that the project will be financed by India’s Exim Bank. The Maldives govt is expected to build a 2.46-kilometer runway in addition to a terminal that can serve 1.3 million passengers annually. The construction work is expected to be fully operational by the year 2024. It is the first-ever major infrastructure project to be undertaken outside Greater Male’ region and is funded under the USD 800 million concessional Line of Credit (LoC) extended by the Government of India to the Maldives.

Note: Maldives Capital: Male; Currency: Rufiya; President: Ibrahim Mohamed Solih

Export-Import Bank of India (EXIM Bank) Founded: 1982; Headquarters: Mumbai; MD: Harsha Bhupendra Bangari

 

3. Government extends PM Garib Kalyan Anna Yojana scheme up to December 2022: Union Cabinet has decided to extend the Pradhan Mantri Garib Kalyan Anna Yojana scheme for a further period of 3 months from Oct to Dec 2022. This decision will benefit 80 crore people. 122 lakh metric tonnes foodgrains will be distributed in the next three months with a total expenditure of more than 44 thousand crore rupees under the 7th phase of the scheme. 3 lakh 45 thousand crore rupees have been spent on this scheme so far. Under the Pradhan Mantri Garib Kalyan Anna Yojana, five-kilogram foodgrain is being provided to eligible beneficiary per month free of cost. The scheme was started in March 2020 to provide food security to poor people during the Covid-19 pandemic.

 

4. NHPC signed an agreement with IIT Jammu to undertaking R&D activities: National Hydro Electric Power Corporation (NHPC) Ltd & IIT Jammu have signed a pact for availing services of the IIT Jammu for undertaking R&D activities in the field of science, engineering & technology. NHPC has an established R&D division undertaking various innovative initiatives in different fields of construction, operation, and maintenance of hydropower projects/stations. This MoU will further provide an impetus to the Research & Development (R&D) activities of the company.

 

5. English translation of ‘Lata: Sur-Gatha’ to release in January 2023” The English translation of the award-winning book “Lata: Sur-Gatha” will be released in January 2023. “Lata: A Life in Music”, originally written in Hindi by writer-poet Yatindra Mishra, is translated by noted writer and translator Ira Pande. And now celebrating the life and times of Lata Mangeshkar on her 93rd birth anniversary in 2023, the book is being published in the English language announced by publisher Penguin Random House India. The book has won the 64th National Film Award and the MAMI Award for Best Writing on Cinema (2016–17).

 

6. 68th National Wildlife Week: 2nd to 8th October: The celebration of 68th National Wildlife Week is observed all over India from 2nd to 8th October 2022. The main objective of this campaign is to promote the conservation and protection of animal life. It teaches people about animal life and encourages them to save a large number of animals by not killing them for their own food or for other purposes.

National Wildlife Week History: The Indian Board of Wildlife established Wildlife Week in 1952 to increase awareness about the long-term aims of wildlife protection throughout India. Wildlife Day was first observed in 1955, but later in 1957, it was renamed Wildlife Week. The week comprises workshops to make people of every age comprehend the complexities of wildlife.

 

INTERNATIONAL UPDATES:

 

1. US Economy Shrinks 0.6% in April-June: Battered by surging consumer prices and rising interest rates, the US economy shrank at a 0.6% annual rate from April through June, the government announced, unchanged from its previous second-quarter estimate. It marked the second consecutive quarter of economic contraction, one informal rule of thumb for a recession. Most economists, citing a strong and resilient American job market, believe the world’s biggest economy is not yet in a downturn. But they worry that it might be headed for one as the Federal Reserve ratchets up interest rates to combat inflation. Consumer spending grew at a 2% annual rate, but that gain was offset by a drop in business inventories and housing investment.

The US economy has been sending out mixed signals this year. Gross domestic product, or GDP, went backward in the first half of 2022. But the job market has stayed strong. Employers are adding an average 438,000 jobs a month this year, on pace to be the second-best year for hiring (behind 2021) in government records going back to 1940. Unemployment is at 3.7%, low by historic standards. There are currently about two jobs for every unemployed American.

 

2. World Habitat Day: 3rd October: The United Nations observes the first Monday of October as World Habitat Day. This year, World Habitat Day will be observed on October 3. The day calls to reflect on our towns, cities, and the basic right of all to have adequate shelter. It serves as a reminder that we can shape the future of the place we live in. This year’s theme is “Mind the Gap. Leave No One and Place Behind”. The focus is on the growing inequalities and challenges in cities and human settlements. These are the problems that have been aggravated due to what the UN calls triple Cs: Coronavirus (COVID-19), Climate, and Crisis. These triple Cs have hampered the progress made against poverty.

World Habitat Day History: In 1985 the United Nations designated the first Monday of October every year as World Habitat Day. The idea is to reflect on the state of our towns and cities and the basic right of all to adequate shelter. It is also intended to remind the world of its collective responsibility for the future of human habitat. First celebrated in 1986, Nairobi was the host city. The theme was “Shelter is My Right”.

 

OTHER UPDATES:

 

BANKING AND FINANCE

 

1. RBI Repo Rate Hike by 50 bps to 5.9%: RBI Monetary Policy: The decision of RBI Governor Shaktikanta Das headed the six-member Monetary Policy Committee (MPC) has been announced. The Reserve Bank of India (RBI) has hiked the repo rate by 50 basis points to 5.90%, the fourth straight increase in the current cycle, to tame the sustained above-target retail inflation rate. RBI had slashed the repo rate in March 2020 with an aim to cushion the impact of covid-induced lockdown and maintained the status quo in the benchmark interest rate for almost two years before increasing it on May 4, 2022. The Monetary Policy Committee (MPC) met on the 28th, 29th and 30th of September 2022. The next meeting of the MPC is scheduled during December 5-7, 2022.

RBI Repo Rate:

Policy Repo Rate: 5.90%

Standing Deposit Facility (SDF): 5.65%

Marginal Standing Facility Rate: 6.15%

Bank Rate: 6.15%

Fixed Reverse Repo Rate: 3.35%

CRR: 4.50%

SLR: 18.00%

 

Key Points of the Monetary Policy

a)      Reserve Bank of India leaves inflation projection for FY23 unchanged at 6.7% on upside risks to food prices.

b)      The RBI has lowered the real gross domestic product (GDP) growth forecast for FY23 to 7% from 7.2%. Q2FY23 growth is seen at 6.3%, Q3 at 4.6% and Q4 at 4.6% with risks broadly balanced. Growth for Q1FY24 has been revised to 7.2%.

c)       In the August policy, the RBI had left the inflation projection for this fiscal unchanged at 5.7%, despite acknowledging that inflation had peaked.

d)      Sensex declines 262.73 points to 56,147.23 ahead of the MPC meet

e)      Rupee rises 14 paise to 81.59 against the US dollar in early trade

f)        The trade deficit remained near all-time highs in July and August and the current account deficit is expected to track near a 10-year high of 5 per cent of gross domestic product (GDP).

g)      The average crude oil price (Indian basket) was revised to US$100 per barrel from US$105 earlier as global crude prices fell.

h)      Forex have shrunk nearly $100 billion to $545 billion from a peak of $642 billion a year ago and are expected to fall further.

 

2. Mastercard to launch ‘carbon calculator’ for Indian consumers: Mastercard, a global payment and technology company is set to launch Carbon Calculator features. Mastercard is in talks with Indian Banks to launch the Carbon Calculator feature which will offer the consumers an estimated carbon footprint for each of their purchases.

The Mastercard Carbon Calculator will help consumers to become cause-driven. Mastercard has started the Priceless Planet Coalition, which is a campaign to restore 100 million trees. The Cabron Calculator will let the consumers see the carbon effect of their purchase.

Carbon Calculator: Carbon Calculator is a service that will be provided to banks. It is a personalized carbon footprint tracker that can tell consumers the cumulative effect of carbon footprint across various spending categories in a month. It has already been launched in several countries, now it will be launched in India too. Mastercard Carbon Calculator is developed with the collaboration of Swedish Fin-tech Doconomy and it is currently used in 25 countries. The banking partners can also embed the tracking tool in their websites or mobile apps.

 

BUSINESS AND ECONOMY

 

1. Foreign Trade Policy 2015-20 Extended Further for 6 Months: The Commerce Ministry announced the extension of the existing foreign trade policy by six months. The Commerce Ministry said, “existing Foreign Trade Policy extended by six months due to currency volatility & global uncertainty. Geo-Political situation is not suitable for long-term Foreign Trade Policy.” Earlier, the government had extended the due date for the Foreign Trade Policy 2015-20 to September 30, 2022.

Need of Foreign Trade Policy: Foreign Trade Policy provides a framework for increasing exports of goods and services as well as generation of employment and increasing value addition in the country. It focuses to support both the manufacturing and services sectors, with a special emphasis on improving the ease of doing business

 

2. BSE Receives SEBI’s Final Approval to Launch EGR on its Platform: Stock exchange BSE has received final approval from the capital markets regulator Securities and Exchange Board of India (SEBI) for introducing the Electronic Gold Receipt (EGR) segment on its platform. The exchange had received in-principle approval from SEBI in February after which the exchange conducted several mock trading in the test environment for exchange members to facilitate trading in EGRs.

EGR: The instruments representing gold will be called EGRs and will be notified as securities, with trading, clearing and settlement features similar to other securities that are currently available in India. SEBI board had earlier cleared a proposal for gold exchange, wherein the yellow metal will be traded in the form of EGRs and will help in having a transparent domestic spot price discovery mechanism. India currently has trading only in gold derivatives and gold ETFs, unlike several other countries which have spot exchanges for physical trade in gold.

 

3. World Bank Cuts 2022 East Asia Growth Aim: Economic growth in East Asia and the Pacific will weaken sharply in 2022 due to China’s slowdown, but the pace of expansion will pick up next year, the World Bank said. The Washington-based lender said in a report it expected 2022 growth in the East Asia and Pacific region, which includes China, to slow to 3.2%, down from its 5.0% forecast in April, and the previous year’s growth of 7.2%.

 

4. Vijay Jasuja named as Independent Director of Stashfin: Leading Fintech platform Stashfin has appointed BFSI (Banking, Financial Services and Insurance) expert and former MD and CEO of SBI Cards, Vijay Jasuja as Non-Executive Independent Director. He also served as a Director at PNB Cards. Jasuja, an industry veteran, has more than 40 years of BFSI experience in leadership positions across Indian and overseas markets, has been the MD and CEO of SBI Cards, and director, of PNB Cards. He has held multiple leadership positions at SBI including General Manager, Hyderabad; General Manager (IBG), Mumbai; Country Head and CEO, Maldives and Regional Head, Sub-Saharan Africa.

Note: CEO and Founder of Stashfin: Tushar Aggarwal.

 

DEFENCE

 

1. Swedish Defence Maker Saab To Produce Carl-Gustaf M4 Rocket Launchers In India: Swedish defence firm Saab announced its plan to set up a manufacturing facility in India for the Carl-Gustaf M4 shoulder-fired weapon system under the NDA government’s ‘Make in India’ initiative to bolster indigenous defence manufacturing, a company official said. Production at the new facility is expected to begin in 2024, even though the firm is yet to reveal the location.

Key Points:

a)      A new company, Saab FFV India, will make the latest rocket launchers in India for the Indian armed forces, along with components for users of the weapon system around the world, the company said.

b)      The facility will be the firm’s first manufacturing facility for the Carl-Gustaf M4 weapon system outside Sweden.

c)       The Carl-Gustaf weapon system has been in service with the Indian Army since 1976, and its earlier M2 and M3 variants have been licence-produced in India.

d)      The company is looking at the 100% foreign direct investment (FDI) route to set up the new venture, but will pursue the 74% FDI option with an Indian partner if the former doesn’t work out.

e)      The Swedish firm said it will continue its partnership with Munitions India Limited and Advanced Weapons and Equipment India Limited, two of the seven firms carved out of the erstwhile Ordnance Factory Board, to manufacture the earlier M3 variant of the Carl-Gustaf weapon and ammunition.

 

2. INS Sunayna participated in Operation Southern Readiness: INS Sunayna entered Port Victoria Seychelles to participate in the annual training exercise Operation Southern Readiness of Combined Maritime Forces (CMF). The joint training exercise is being attended by representative delegations from USA, Italy, Australia, Canada, New Zealand and ship participation from UK, Spain & India. This marks the first participation of an Indian Navy ship in the Combined Maritime Forces exercise. It will participate in the annual training exercise Operation Southern Readiness of the CMF.

Daily GK Update- 2nd Oct, 2022

 

NATIONAL UPDATES:

 

1. PM Modi inaugurated Rs 29,000-cr projects during PM’s Gujarat tour: During his two-day visit to Gujarat, Prime Minister Narendra Modi dedicated a number of infrastructure and development projects totaling more than Rs 29,000 crore. The first CNG (compressed natural gas) terminal in the world, together with phase 1 of the Ahmedabad Metro and phase 1 of the Diamond Research and Mercantile (DREAM) City in Surat are inaugurated, according to a statement released by the Gujarati government. 

PM Modi Scheduled Inaugurations on Gujarat Tour

a)      The PM opend the 36th National Games, which are being staged for the first time in Gujarat, and flag off the Gandhinagar-Mumbai Central Vande Bharat Express train while on the journey.

b)      Following the unveiling of projects totaling Rs 3,400 crore, including the first phase of DREAM City, Modi addressed a crowd in Surat’s Limbayat neighbourhood on September 29.

c)       After Surat, the PM traveld to Bhavnagar to officially kick off projects totaling about Rs 6,000 crore, which includes laying the cornerstone for the first CNG terminal in the world and a brownfield port.

d)      In addition, at a grand event in the Narendra Modi stadium in Ahmedabad’s Motera neighbourhood, PM Modi formally declared the 36th National Games open.

Note: Gujarat Chief Minister: Bhupendrabhai Patel; Gujarat Capital: Gandhinagar; Gujarat Governor: Acharya Devvrat

 

2. Uttar Pradesh govt gives nod to Bundelkhand’s first tiger reserve: The Uttar Pradesh cabinet has gave a green signal for the development of the first tiger reserve in the Bundelkhand region. The tiger reserve will span across 52,989.863 hectares of land including 29,958.863 hectares of buffer area and 23,031.00 hectares of the core area which was already notified as Ranipur wildlife sanctuary in the Chitrakoot district of the state.

The Ranipur Tiger Reserve area covered by northern tropical dry deciduous forests is home to tiger, leopard, bear, spotted deer, sambhar, chinkara, reptiles and other mammals. The establishment of Ranipur Tiger Reserve will prove to be a turning point for the conservation of wildlife in Bundelkhand along with the opening of the eco-tourism potential of the area creating immense employment opportunities benefiting the local population.

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

 

3. MoHUA launched Swachh Toycathon: The Ministry of Housing and Urban Affairs (MoHUA) launched Swachh Toycathon under the Swachh Amrit Mahotsav. The competition aims to explore solutions for use of waste in the creation or manufacturing of toys. Secretary, MoHUA, Manoj Joshi, launched the event on MyGov portal and released the toolkit.

About Swachh Toycathon: The Swachh Toycathon is a national competition for individuals and groups. It is based on three broad themes: (i) fun and learn that seeks ideas for design and early prototype of toys from waste at home, workplace and surroundings, (ii) use and enjoy that seeks ideas for design and models of games and play in the park/open spaces made from waste and (iii) new and old that seeks ideas/solutions/working models for circularity in toy industry.

 

4. Uttar Pradesh wins Ayushmann Utkrishta award 2022: Ayushmann Utkrishta Award 2022 has been given to Uttar Pradesh for adding several healthcare facilities to the health facility register. With 28728 new healthcare facilities added to the National Health Facility Register, Uttar Pradesh is the best performing state in the nation. With over 2 crore ABHA Accounts, the state is also the second best State for creating Ayushmann Bharat health accounts (ABHA). These are the state’s initial few landmarks. Other States Ranking:

a)      Karnataka was ranked second with 23,838 healthcare facilities.

b)      Andhra Pradesh has 13,335 healthcare facilities, Maharashtra has 12,902 healthcare facilities, Bihar (12,453 healthcare facilities), Madhya Pradesh (12,268 healthcare facilities), West Bengal (11,607 healthcare facilities), Chhattisgarh (9,349 healthcare facilities), Telangana (7,988 healthcare facilities), and Gujarat (7,791 healthcare facilities).

Note: Chief Minister of Uttar Pradesh: Yogi Adityanath; Capital of Uttar Pradesh: Lucknow

 

5. Senior Advocate R Venkataramani named as new Attorney General of India: Senior advocate R Venkataramani has been appointed as the new Attorney General of India. The President has appointed Mr Venkataramani as the new Attorney General for a period of three years from the 1st of October. The notification regarding Mr Venkataramani’s appointment as the Attorney General was issued today by the Department of Legal Affairs, Union Ministry of Law and Justice. Mr Venkataramani will replace current Attorney General KK Venugopal whose term ends on September 30, 2022. Mr Venugopal is currently on his third extension.

 

6. India celebrates 118th birth anniversary of Lal Bahadur Shastri: India celebrates the 118th birth anniversary of Lal Bahadur Shastri, the nation’s second Prime Minister. Shastri, who succeeded Jawaharlal Nehru, was respected for his forthrightness and honesty, and after his passing, he was awarded the Bharat Ratna, making him the first posthumous laureate of this prestigious award. Shastri has the same birthday (2 October) as Mahatma Gandhi even though he was born in 1904, 35 years later. He is also remembered for composing the slogan of “Jai Jawan, Jai Kisan”.

 

INTERNATIONAL UPDATES:

 

1. Saudi Arabia Crown Prince Mohammed bin Salman appointed as prime minister: Saudi Arabia’s powerful Crown Prince Mohammed bin Salman has been appointed as the prime minister by a royal decree. The crown prince, who is heir to the throne held by King Salman, already wields wide powers and is seen as the kingdom’s day-to-day leader. The royal decree appointing him as prime minister was carried by the Saudi Press Agency.

The reshuffle kept another son, Prince Abdulaziz bin Salman, as energy minister, the king said in the royal decree. The crown prince, known as MbS, is promoted from defence minister and has been the de facto ruler of Saudi Arabia, the world’s biggest oil exporter and a major U.S. ally in the Middle East. Key Points:

a)      The kingdom has increased its self-sufficiency in military industries to 15% from 2% and plans to reach 50% under the newly appointed defence minister, SPA reported.

b)      The 37-year-old crown prince, widely known by the acronym MBS, has taken the lead on Vision 2030, the kingdom’s wide-ranging plan to transform its economy and end its dependency on oil.

c)       Crown Prince Mohammed has changed Saudi Arabia radically since rising to power in 2017, leading efforts to diversify the economy from its dependence on oil.

d)      He is associated with the October 2018 killing of Saudi journalist and critic Jamal Khashoggi, who disappeared after entering the Saudi Consulate in Istanbul. U.S. intelligence found that the crown prince likely approved the killing.

Note: Saudi Arabia Capital: Riyadh; Saudi Arabia Currency: Saudi Riyal.

 

2. Vladimir Putin grants Russian citizenship to Edward Snowden: President Vladimir Putin has granted Russian citizenship to former U.S. intelligence contractor Edward Snowden, nine years after he exposed the scale of secret surveillance operations by the National Security Agency (NSA). U.S. authorities have for years wanted him returned to the United States to face a criminal trial on espionage charges. Key Points:

a)      Snowden, a former employee of the U.S. National Security Agency, has been living in Russia since 2013 to escape prosecution in the US after leaking classified documents detailing government surveillance programs.

b)      He was granted permanent Russian residency in 2020 and said at the time that he planned to apply for Russian citizenship without renouncing his U.S. citizenship.

c)       Snowden’s lawyer, Anatoly Kucherena, told Russia’s state news agency RIA Novosti that the former contractor’s wife Lindsay Mills, an American who has been living with him in Russia, will also be applying for a Russian passport. The couple had a child in December 2020.

Note: Russia Capital: Moscow; Russia Currency: Rubel; Russia President: Vladimir Putin.

 

3. International Day of Non-Violence: 2nd October: The International Day of Non-Violence is observed on 2nd October, the birthday of Mahatma Gandhi, leader of the Indian independence movement and pioneer of the philosophy and strategy of non-violence. The day is observed to spread the message of non-violence through public awareness and education. It is commemorated with the hope of building a culture of peace, tolerance, understanding and non-violence. “Say No to Violence” is the essence of this day. This year, Gandhi Jayanti will mark the 153rd birth anniversary of Mahatma Gandhi.

International Day of Non-Violence History: In January 2004, Iranian Noble Laureate Shirin Ebadi proposed the idea for the special day. Her idea was amenable to many Indian National Congress leaders, who later called upon the United Nations to adopt the plan in 2007. Congress leader and then Minister of State for External Affairs, Anand Sharma, went ahead and introduced the resolution in the General Assembly on behalf of 140 co-sponsors. The leader of the Indian Independence Movement, Mohandas Karamchand Gandhi, served as an inspiration for social change and civil rights across the world. On June 15th, 2007, the United Nations General Assembly passed a resolution to designate October 2 as International Day of Non-Violence.

 

4. World Day for Farmed Animals: 2nd October: Since 1983, the annual observance of World Day for Farmed Animals (WDFA) on October 2nd (Gandhi’s birthday) has been offering people of conscience an opportunity to memorialize and mourn these innocent lives. The day is organised by the International animal welfare organization, World Animal Protection along with Asia for Animals coalition to show the importance and urgency of farm animal welfare. The day is dedicated to exposing the needless suffering and death of farmed animals who are raised and slaughtered for food.

 

OTHER UPDATES:

 

BANKING AND FINANCE

 

1. UCO & Yes Bank tie up with Russian banks for payments: UCO Bank and Yes Bank have put in place arrangements with two Russian banks as India seeks to step up trade with the sanctioned nation. Nearly a month after it was reported that more than 15 Russian banks were in advanced talks with Indian lenders to facilitate bilateral business in their respective local currencies, two of India’s banks have taken a step towards the same.

UCO & Yes Bank Tie Up With Russian Banks To Boost Trade:

a)      UCO Bank has partnered with Gazprom Bank, while Yes Bank has also formed an arrangement with Russia’s Petersburg Social Commercial Bank (PSCB).

b)      Its sources have told more things, in which information has been given about the country’s largest state-owned bank State Bank of India, i.e SBI, also finding payment options with Russian banks.

c)       The deal between UCO Bank and Gazprom Bank comes as the Reserve Bank of India implements a system to facilitate international payments through special Vostro accounts. In the absence of such standard procedures, overseas payments were made in Euros or other foreign currencies. These primarily occur through Gulf nations, whose exports from India have been harmed.

Note: Yes Bank CEO: Prashant Kumar (6 Mar 2020–); Yes Bank Headquarters: Mumbai; Yes Bank Founded: 2004.

Headquarters of UCO Bank: Kolkata, West Bengal; MD & CEO of UCO Bank: Atul Kumar Goel.

 

BUSINESS AND ECONOMY

 

1. ADB to devote $14 billion to Help Ease Food Crisis in Asia-Pacific: The Asian Development Bank said, it will devote at least $14 billion through 2025 to help ease a worsening food crisis in Asia-Pacific. The development lender said it plans a comprehensive program of support to help the 1.1 billion people in the region who lack healthy diets due to poverty and soaring food prices. The Manila, Philippines-based ADB made the announcement during its annual meeting. The ADB said the funds will go to both existing and new projects spanning farming, food production and distribution, water resources management and social supports. In short-term, support will be targeted at and designed to help the most vulnerable, particularly women.

In opening the ADB meeting, Asakawa noted that the economic outlook has worsened with the Russian invasion of Ukraine, soaring prices for many commodities and a harsher economic environment thanks to rising interest rates and weakening currencies for many developing economies. In a recent update, the bank downgraded its forecast for growth in the region to 4.3% from an earlier estimate of 5.2%. Next year’s outlook is for 4.9% annual growth.

 

2. World Bank and SIDBI to launch fund against loan default to lenders financing purchase of electric 2 & 3 Wheelers: A $1 billion fund may soon be launched by the government in collaboration with the World Bank, and the Small Industries Development Bank of India (SIDBI). The fund will be used to provide guarantees against defaults on loans taken to buy electric two or three-wheelers. The NITI Aayog will be the facilitating agency of the project. It will aim to facilitate faster and easier financing of EVs.

Initially a $300 million fund will be put in place as a “first loss risk sharing instrument.” The funds will be available to all financial institutions. “The instrument would act as a hedging mechanism, for banks to access in case of defaults of loans on purchase of electric vehicles. This is expected to bring down the cost of financing EVs by 10-12 per cent”.

Banks have continued to stay cautious on financing EVs after losing money on e-rickshaws and other EVs powered by lead-acid batteries. Even as banks have maintained their distance from financing such vehicles, several NBFCs have come forward to take the role. In the fiscal year of FY23, EV sales in India are expected to cross a million units, an 84 per cent rise year-on-year.

 

3. Hitachi Astemo planted its first solar power plant in India: Hitachi Astemo installed its India’s first ground-mounted solar power plant of 3 megawatts (MW) at its Jalgaon manufacturing plant. The 3 megawatts (MW) solar power plant will be built in an area of 43301 sqm. The ground-mounted solar power plant will consist of 7128 ground-mounted solar panels and 10 inverters. This solar power plant will embark on its new journey in the field of sustainable energy in India. Key Points:

a)      Hitachi is working to reduce its carbon emissions and become carbon neutral by 2050. With this plant, the company would be able to eliminate close to 4000 tons of carbon dioxide emissions each year. This will be equal to planting around 1,50,000 trees.

b)      The installation of the 3-megawatt solar power plant is just the beginning of the company’s plan in which it will commission an additional 1.5-megawatt solar power plant by March 2023.

c)       At its Jalgaon plant, the company produces brake systems for 3-wheeler and 4-wheelers. They include manufacturing disc brakes and drum brakes. Along with this, the plant is also indulged in foundry operations.

d)      One of the subsidiaries of the Japanese firm Hitachi, Hitachi Astemo was established in 2021. The company is constantly working to provide efficient modifications in the automobile industry.

e)      Recently, Hitachi Astemo along with Hitachi had developed thin-type inverter technology for EVs. The technology makes the machine more compact as well as energy efficient.

 

AWARDS AND HONOURS

 

1. Kumar Sanu, Shailendra Singh, Anand-Milind gets Lata Mangeshkar Award (2019-2021): Noted playback singers Kumar Sanu and Shailendra Singh and music-composer duo Anand-Milind were conferred with the National Lata Mangeshkar Award for different years. They are presented with the prestigious award (on September 28), the birth anniversary of the late legendary singer, at her birthplace Indore. State Culture Minister Usha Thakur conferred Shailendra Singh, Anand-Milind, and Kumar Sanu with the award for the years 2019, 2020 and 2021 respectively.

Singh, who carved a special place in the hearts of music lovers with his distinctive voice in the 1970-1980 decades, will be awarded the Lata Mangeshkar Award for 2019, while Anand-Milind, who composed music for over 200 films, will be honoured with the award Honors for 2020. The award for 2021 will be given to Sanu, who gave his velvety voice to several popular songs in the 1990s.

About the National Lata Mangeshkar Award: The award is given for promoting excellence in the area of light music annually by the Madhya Pradesh government’s culture department. It carries a cash prize of Rs two lakh and a citation. Earlier recipients included Naushad, Kishore Kumar and Asha Bhosle.

Daily GK Update- 1st Oct, 2022

 

NATIONAL UPDATES:

 

1. Ministry of Home Affairs bans PFI and its associates for five years: The Popular Front of India (PFI) and its affiliates were banned by the Centre for a period of five years, days after law enforcement agents tried in a campaign to suppress the activities of the group. The Ministry of Home Affairs used the Unlawful Activities (Prevention) Act to enact the ban, claiming that the Popular Front of India (PFI) and its affiliates pose a “major threat to internal security of the country” and are connected to terrorist organisations like the ISIS. Before banning, Agencies raided the PFI offices and found unaccounted cash and other objectionable documents.

Key Points:

a)      Centre also mentioned, they also promote “anti-national sentiments… radicalise a particular section of society with the intention of creating disaffection.”

b)      The MHA designated the Popular Front of India (PFI) as a “unlawful association” along with “its associates or affiliates or fronts including Rehab India Foundation (RIF), Campus Front of India (CFI), All India Imams Council (AIIC), National Confederation of Human Rights Organization (NCHRO), National Women’s Front, Junior Front, Empower India Foundation, and Rehab Foundation, Kerala,” claiming that it was “necessary to curb the nefarious activities” of the organisation.

c)       The SDPI, the PFI’s political wing, was excluded from the ban.

d)      The PFI and its affiliates’ designation as “unlawful associations” gives law enforcement organisations the right to detain PFI members, freeze their accounts, and seize their assets.

 

2. Ministry of Rural Development Launches the JALDOOT App: In front of Union Minister Sadhvi Niranjan Jyoti and MoS Panchayati Raj Kapil Moreshwar Patil, the JALDOOT App and JALDOOT App e-brochure was introduced by MoS for Rural Development and Steel Faggan Singh Kulaste. Panchayati Raj and the Ministry of Rural Development collaborated to develop the JALDOOT app. Gram Rojgar Sahyak will be able to use the app to measure the water level of the well twice a year, before and after the monsoon. Implementation of JALDOOT App:

a)      This JALDOOT App will be used all throughout the nation to record the water level of a village’s chosen one to three wells.

b)      The pre-monsoon water level in open wells will be manually measured from May 1 to May 31 and the post-monsoon level for the same well will be manually monitored from October 1 to October 31.

c)       On each occurrence of measurement, Jaldoots, or the officials tasked with measuring the water levels, should also upload the geo-tagged photos via the JALDOOT App.

d)      Both online and offline usage of this mobile application are supported. Therefore, even without internet access, water levels can be recorded.

e)      Recorded data is then stored on a mobile device, and when that device enters an area with connectivity, it is synchronised with a central server.

 

3. Uttarakhand awarded for adventure tourism & all round development of tourism: On the occasion of World Tourism Day, Uttarakhand received the first prize in two categories, for the best adventure tourism destination and all-around development of tourism from the Ministry of Tourism. The State’s Tourism and Culture minister Satpal Maharaj received the awards from Vice President Jagdeep Dhankar during the presentation of the National Tourism Awards 2018-19 in New Delhi.

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

 

4. Royal Society of Chemistry and CSIR collaborate for chemistry in Indian schools: An initiative to promote chemical sciences in schools and universities is being supported by a partnership between the Royal Society of Chemistry and the Council for Industry and Scientific Research (CSIR) collaborated. Throughout 30 CSIR laboratories hosted the RSC’s Global Coin experiment, which involved about 2000 students from all over the nation. Key Points:

a)      A Memorandum of Understanding (MoU) between the two organisations states that they will collaborate on the CSIR’s Jigyasa programme, an outreach initiative for researchers and schoolchildren that spans all of India.

b)      The Memorandum of Understanding will not involve money and will have a minimum three-year term with the possibility of extension.

c)       From mining and oceanography to chemicals and nanotechnology, the CSIR is committed to research and development across the range of science and technology.

d)      The organisation has a network of outreach centres and labs spread all across India. The Jigyasa programme will enhance India’s current educational initiatives.

e)      For instance, the RSC-Jigyasa relationship will support the development of many online education projects as well as the expansion of the RSC’s current teacher training programme and Chemistry Camps.

 

5. Education Minister Dharmendra Pradhan inaugurates 13th FICCI Global Skills Summit 2022: Union Education and Skill Development and Entrepreneurship Minister, Shri Dharmendra Pradhan inaugurated and addressed the 13th FICCI Global Skills Summit 2022 on the theme of “Education to Employability – Making It Happen.” in New Delhi. The Summit would look through the NEP lens and focus on how India can become the “Skill Capital of the World,” using the UN Sustainable Development Goal 4 (SDG4) as an underlying theme.

 

6. Vinayak Godse to be new CEO of Data Security Council of India: Data Security Council of India New CEO: Data Security Council of India (DSCI), a leading industry organisation founded by NASSCOM, promoted senior vice president Vinayak Godse and named him the organization’s new CEO. Vinayak Godse will succeed Rama Vedashree, who oversaw Data Security Council of India (DSCI) for nearly six years. Vedashree also served on the Justice BN Srikrishna committee, which was charged with developing a model for the nation’s Personal Data Protection Bill.

 

INTERNATIONAL UPDATES:

 

1. Bandaru Wilsonbabu appointed as Indian Ambassador to Madagascar: The Ministry of External Affairs (MEA) announced that IFS officer Bandaru Wilsonbabu, who is now joint secretary in the ministry of external affairs, has been named as India’s new ambassador to the Republic of Madagascar. He is anticipated to start the assignment soon. Abhay Kumar will be replaced by Wilsonbabu, who most recently worked as the joint secretary for the Eurasia section.

Note: Capital of Madagascar: Antananarivo; Currency of Madagascar: Malagasy Ariary; President of Madagascar: Andry Rajoelina

 

2. International Day of Older Persons: 1st October: October 1 is observed as the International Day of Older Persons across the globe. The day was introduced by the United Nations General Assembly with an aim of honouring the contribution of older persons and looking into the problems that they face. The overall umbrella theme for the United Nations International Day of Older Persons in 2022 is “Resilience of Older Persons in a Changing World.”

International Day of Older Persons History: On 14 December 1990, the United Nations General Assembly designated October 1 as the International Day of Older Persons (resolution 45/106). This was preceded by initiatives such as the Vienna International Plan of Action on Ageing, which was adopted by the 1982 World Assembly on Ageing and endorsed later that year by the UN General Assembly.

 

3. World Vegetarian Day: 1st October: World Vegetarian Day is celebrated on the first day of October. It also kickstarts Vegetarian Awareness Month. This global day of advocacy and awareness celebrates the benefits of vegetarianism and encourages people to reduce their consumption of animal products. The day is commemorated to create awareness about the benefits of vegetarianism like reducing the risks of heart diseases and other health complications.

World Vegetarian Day History: World Vegetarian Day was established in the year 1977 by the North American Vegetarian Society (NAVS) to highlight the surfeit of benefits of vegetarianism, including saving the lives of animals. Following this, in the year 1978, it was endorsed by the International Vegetarian Union. Since then, every year on October 1, people celebrate the day all across the world.

Note: International Vegetarian Union Founded: 1908, Dresden, Germany; Chair of International Vegetarian Union: Marly Winckler.

 

4. International Coffee Day: 1st October: Every year, International Coffee Day is observed on October 1, to celebrate and promote the use of coffee. The day is marked to celebrate “the coffee sector’s diversity, quality and passion.” It is an opportunity for coffee lovers to share their love of the beverage and support farmers whose livelihood depends on the aromatic crop.

International Coffee Day History: For the first time, International Coffee Day was celebrated back in 2015. The International Coffee Organisation (ICO) decided to dedicate the day to all coffee lovers in 2014, but the first official Coffee Day was launched in 2015 in Milan. However, different countries celebrate their own national coffee days on different dates. Back in 1997, the ICO first celebrated International Coffee Day in China and later in 2009, it celebrated the day in Taiwan. Nepal observed the first International Coffee Day on November 17, 2005.

 

OTHER UPDATES:

 

SPORTS

 

1. Team World won Laver Cup indoor tennis tournament 2022: Team World defeated Team Europe to win the Laver Cup 2022 for the first time. Team World defeats Team Europe 13-8 to win the Laver Cup indoor tennis tournament. Frances Tiafoe and Felix Auger of Team World defeated Stefanos Tsitsipas & Novak Djokovic of Team Europe to win the competition. Laver Cup is an international indoor hard court tournament between Team Europe & Team World. Players from all continents, besides Europe, represent Team World.

About the Laver Cup 2022: The 2022 Laver Cup was the fifth edition of the Laver Cup, a men’s tennis tournament between teams from Europe and the rest of the world. It was held on an indoor hard court at The O2 Arena in London, England. This tournament marked the retirement of 20-time singles major champion and former singles world No. 1, Roger Federer. The former champion alongside longtime rival Rafael Nadal was narrowly defeated in the third-set super tiebreak against Jack Sock and Frances Tiafoe. The total prize money for 2022 Laver Cup is set at $2,250,000 for all 12 participating players. Each winning team member will pocket $250,000, which marks no increase in prize money compared to 2021.

 

BANKING AND FINANCE

 

1. Union Bank of India inaugurated ethical hacking lab: The Union Bank of India inaugurated the Ethical Hacking Lab at the Cyber Security Centre of Excellence (CCoE) in Hyderabad. The lab with a cyber defence mechanism will protect the bank’s information system, digital assets, and channels, against potential cyber threats. The lab was inaugurated by the bank’s managing director and CEO, A. Manimekhalai.

About the Union Bank’s Cyber Security Centre of Excellence: Union Bank’s Cyber Security Centre of Excellence (CCoE) in Hyderabad is in the process of establishing multiple cyber security centres to strengthen the Bank’s security posture and collaborate with cyber defence industries, Government bodies, etc., for implementing new technologies. In this backdrop, our Bank has established the Ethical Hacking Lab to strengthen the cyber ecosystem. This is an important milestone as we take our cyber security journey ahead to secure digital banking experience.”

Note: Union Bank of India (UBI) Founded: 11 November 1919; Union Bank of India (UBI) Headquarters: Mumbai; Union Bank of India (UBI) CEO: A. Manimekhalai.

 

BUSINESS AND ECONOMY

 

1. Bakery foods company Britannia Industries appoints Rajneet Kohli as CEO: India’s largest bakery foods company, Britannia Industries has appointed Rajneet Kohli as executive director and chief executive officer. He has served in numerous senior leadership roles during his 25-year-long career in Asian Paints and Coca-Cola and joins Britannia from food services company Jubilant FoodWorks. Under his leadership, Jubilant FoodWorks has delivered sustained profitable growth and emerged as the largest QSR chain in the country with over 1600 stores.

Other appointments: The board has also elevated Varun Berry to executive vice-chairman and managing director with immediate effect. He has 27 years of work experience with premier companies like Hindustan Unilever, PepsiCo, etc.

Note: Britannia Industries Headquarters: Bengaluru; Britannia Industries Founded: 1892; Britannia Industries Parent organization: Wadia Group.

 

AWARDS AND HONOURS

 

1. Cochin International Airport awarded ASQ award for ‘Mission Safeguarding’: The Cochin International Airport Limited (CIAL) has been awarded the Airport Service Quality (ASQ) award 2022 by the Airport Council International (ACI). The award is considered to be the highest honour in the global aviation sector. CIAL received the award in the 5-15 million passenger category of airports operating in the Asia-Pacific region. The award is for its implementation of the ‘Mission Safeguarding’ programme, which ensured seamless traffic and reinforced passenger satisfaction in the aftermath of the pandemic.

CIAL has won the recognition in 5-15 million passenger category of airports operating in the Asia-Pacific region. ACI award is recognised as the highest honour in the global aviation sector, owing to its extensive survey methodology practices. With the guidelines formulated by the chairman and the board of directors, the airport implemented ‘Mission Safeguarding’ during the time of the pandemic which ensured smooth traffic management that is safe, secure and passenger-friendly.

 

2. Indian-origin Suella Braverman won first Queen Elizabeth II award: Britain’s Indian-origin Home Secretary, Suella Braverman has been named winner of the first-ever Queen Elizabeth II Woman of the Year award at a ceremony in London. Sue-Ellen Cassiana “Suella” Braverman KC is a British politician and barrister serving as Home Secretary since 6 September 2022. She was the Attorney General for England and Wales from 2020 to 2022. She has been a member of parliament for Fareham in Hampshire since 2015.

The awards, now in their 20th year, recognise the achievements of individuals from across Britain’s South Asian community via public nominations. These awards were established in 2000 to honour South Asians for their great achievements in the UK.

Other Indian-origin winners across the different categories include:

a)      Broadcaster Naga Munchetty in the media category, chairman and CEO of celebrated visual effects firm DNEG Namit Malhotra in the Arts and Culture category

b)      Captain Harpreet Chandi in the Uniformed and Civil Service category for her solo expedition across the Antarctic to the South Pole earlier this year.

c)       Professor Sir Shankar Balasubramanian was named Professional of Year for his pioneering DNA sequencing discovery.

d)      Karenjeet Kaur Bains won Sports Personality of the Year as the first female Sikh powerlifter to represent Britain on the global stage.

e)      Sherry Vaswani, CEO of IT services firm Xalient, won Entrepreneur of the Year.

f)        Restaurateur brothers Shamil and Kavi Thakrar were named Business Persons of the Year as the founders of the successful Dishoom chain of restaurants.

g)      The Lifetime Achievement Award went to Kartar Lalvani, the founder of the UK’s well-known health supplements brand Vitabiotics.

 

DEFENCE

 

1. GoI appoints Lt Gen Anil Chauhan as the new Chief of Defence Staff: The government of India has announced the appointment of Lt General Anil Chauhan (Retired) as the next Chief of Defence Staff (CDS), who will also function as Secretary to the Government of India, Department of Military Affairs. The NDA alumnus became the General Officer Commanding-in-Chief of the Eastern Command in September 2019 and held the charge until his retirement from the service on May 31, 2021.

 

2. HAL Cryogenic Engines Manufacturing Facility inaugurated by President Murmu: Hindustan Aeronautics Limited (HAL) integrated cryogenic engine manufacturing facility was inaugurated in Bengaluru by Indian President Smt. Droupadi Murmu. On this occasion, President Droupadi Murmu virtually lay the cornerstone for the South Zone Zonal Institute of Virology. Speaking to the crowd, the President declared that the opening of the Integrated Cryogenic Engine Manufacturing Facility is a historic occasion for not only HAL and ISRO but also for the entire nation, as it provides access to a cutting-edge facility for the production of cryogenic and semi-cryogenic engines. India has now surpassed China to become the sixth nation in the world to have the ability to manufacture cryogenic engines thanks to the sincere efforts and dedication of ISRO.