Daily GK Update- 16th Oct, 2022

1. Nitin Gadkari introduces Toyota pilot project on Flex-Fuel Strong Hybrid EV: Union Minister for Road, Transport & Highways, Nitin Gadkari has unveiled the Toyota Corolla Altis Flex-fuel car, which has been touted as first of its kind pilot project on Flexi-Fuel Strong Hybrid Electric Vehicles (FFV-SHEV) in India. This project intends to examine whether ethanol-powered flex-fuel vehicles can be viable in Indian conditions. As a part of this project:

a)      Collected data will be shared with the prestigious Indian Institute of Science, for conducting a deeper study about the well-to-wheel carbon emissions of FFV / FFV-SHEV in the Indian context.

b)      In this regard, a Memorandum of Understanding was also signed between Toyota Kirloskar Motor (TKM) and the Indian Institute of Science, Bangalore.

c)      The flex-fuel production has already commenced in India with three grades namely E95, E90, E85 initially developed. The nomenclature of the aforementioned fuel grades is based on the percentage of petrol againt the percentage of ethanol mix.

d)      The flex-fuel sedan was imported from Toyota Brazil. Powered by a 1.8L ethanol petrol hybrid engine, it runs on fuel with ethanol content ranging between 20-100 per cent while generating a power output of nearly 101 bhp and torque performance of 142 Nm. The petrol engine is paired with a 1.3 kWh battery which churns out 72 bhp and 163 Nm. This powertrain combination is linked to a CVT gearbox.

 

2. Two Chief Justices for High Courts of Rajasthan, Karnataka, J-K, and Ladakh: The central government announced the appointment of two judges as chief justices of the high courts in Jammu & Kashmir, Ladakh, and Karnataka. It also announced the transfer of the chief justice of the J&K high court to the Rajasthan high court. Notifications were released by the law ministry’s Department of Justice, in this regard.

Chief Justice of Karnataka High Court: According to the Constitution’s provisions, Justice Prasanna B. Varale has been named the Karnataka High Court’s Chief Justice.

Chief Justice of Jammu and Kashmir High Court: Justice AM Magrey has been named the Chief Justice of Jammu and Kashmir and Ladakh.

Chief Justice of Rajasthan High Court: Justice Pankaj Mithal has been appointed Chief Justice of the Rajasthan High Court, according to Kiran Rijiju.

The collegium suggested in another statement that Justice Pankaj Mithal be transferred from the Jammu and Kashmir High Court to the Rajasthan High Court.

 

3. CJI UU Lalit Recommends Justice DY Chandrachud as The Next Chief Justice Of India: Chief Justice of India, Uday Umesh Lalit has named Justice DY Chandrachud as his successor. He handed over a letter to Justice DY Chandrachud, designating him as the next CJI. The letter was handed over in the presence of the other judges of the Supreme Court.

The law ministry – as per protocol – writes to the CJI around a month before the due date of retirement to seek the successor’s name. The reply is usually sent between 28 and 30 days before the retirement date. As a matter of convention, the next in line, in terms of seniority, after the CJI is chosen as his successor. The Supreme Court will get its 50th chief justice when Justice UU Lalit retires. He would have completed a 74-day tenure by then.

 

4. 4th Heli-India Summit 2022 inaugurated by Jyotiraditya Scindia: Minister of Civil Aviation Shri Jyotiraditya M. Scindia inaugurated the 4th Heli-India Summit 2022. The civil enclave will be built in Jammu for Rs 861 crore and Srinagar’s present terminal will be expanded three times from 20,000 square meters to 60,000 square meters for Rs 1500 crores. The 4th Heli-India Summit 2022 is inaugurated with the theme of ‘Helicopters for Last Mile Connectivity’ at Sher-i-Kashmir International Conference Centre, Srinagar in the presence of Lieutenant Governor of the Union Territory of Jammu and Kashmir Majon Sinha. Key Points:

a)      During the summit Scindia highlighted the decrease in VAT on Aviation Turbine Fuel (ATF) from 26.5 percent.

b)      The Jammu and Kashmir government has set a new project for air connectivity in the Union Territory with a 360 percent increase in refueling, increasing the air connectivity to Jammu and Kashmir.

c)      From 1947 to 2014, India had only 74 airports, but today there are 141 airports with 67 added in the last seven years according to the Civil Aviation Minister. The government aims to increase the number of airports to more than 200 in the next few years.

 

5. Union Minister Anurag Thakur inaugurated Water Sports Center in HP: Union Minister of Youth Affairs and Sports, Anurag Singh Thakur inaugurated a Water Sports Center in the Koldam Barmana, Bilaspur, Himachal Pradesh. The Water Sports Centre, the very first of its kind in Himachal Pradesh, has been jointly initiated by the Sports Authority of India (SAI) and National Thermal Power Corporation (NTPC). The Memorandum of Understanding (MoU) was also exchanged between SAI and NTPC during the event. The centre will be dedicated to training athletes in water sports like Rowing, Canoeing and Kayaking.

Note: Himachal Pradesh Capital: Shimla (Summer), Dharamshala (Winter); Himachal Pradesh Chief Minister:  Jai Ram Thakur; Himachal Pradesh Governor: Rajendra Vishwanath Arlekar.

 

6. Odisha CM Naveen Patnaik Launches ‘Football for All’: Odisha Chief Minister Naveen Patnaik has launched ‘Football for All’ in the state to take the culture of football to the grassroots. The Programme has been initiated by FIFA in Odisha in partnership with the Kalinga Institute of Industrial Technology (KIIT) & Kalinga Institute of Social Sciences (KISS).

Over 43,000 footballs will be distributed to children in about 2000 schools. This is the first such programme of FIFA in India that aims at promoting football among school children. Joining the programme on a virtual platform, Patnaik said that football is the most popular game and brings together people across the globe.  Appreciated FIFA for choosing Odisha for this programme and appreciated the role of Achyuta Samanta, founder of KIIT-KISS, in bringing this programme to Odisha.

Note: Odisha Capital: Bhubaneswar; Odisha Chief Minister: Naveen Patnaik; Odisha Governor: Ganeshi Lal.

 

INTERNATIONAL UPDATES:

 

1. Chinese Economy Is in Serious Trouble, A Sluggish Growth trend: The world’s second biggest economy is grappling with the impact of severe drought and its vast real estate sector is suffering the consequences of running up too much debt. Business and consumer activity in the world’s second-largest economy have been stymied by Beijing’s zero-COVID policy that sparked monthslong lockdowns on workers in dozens of cities, forcing many businesses to shut. Chinese leaders are loathe to reverse the draconian policy now, for fear of unleashing a bigger crisis.

As growth in major global economies slows as a result of high inflation, exacerbated by the Ukraine war, many economists are hoping that China will again come to the world’s rescue. But this is not 2008, when China’s then rapidly expanding economy and a huge stimulus unleashed by the Beijing government, helped Western countries to recover much faster from the financial crisis. This time, China’s economic woes run deep. The government has all but given up on this year’s target of 5.5% GDP growth and Premier Li Keqiang warned last month there was little appetite right now for more expansionary policymaking.

 

2. Global Handwashing Day: 15th October: October 15 is marked as Global Handwashing Day, with the aim of increasing awareness and understanding about the importance of handwashing with soap as an effective and affordable way to prevent diseases and save lives. Hand hygiene has become quite popular after the Covid-19 pandemic. This year’s theme, “Unite for Universal Hand Hygiene”, calls on all of society to work together to scale up hand hygiene.

Global Handwashing Day History: The day was founded by the Global Handwashing Partnership, a coalition of international stakeholders who work explicitly to promote handwashing with soap. The first Global Handwashing Day was held in 2008 when over 120 million children around the world washed their hands with soap in more than 70 countries. Since then, Global Handwashing Day has continued to grow.

 

3. World Food Day: 16th October: Every year on October 16 in observance of the date the Food and Agricultural Organization (FAO) of the United Nations was established in 1945, World Food Day is marked. The main objectives are to combat world hunger and work toward its eradication. The World Food Day 2022 will take place this year with more focus on moving forward together. Every UN member state, including India, observes the day. The theme for World Food Day 2022 is Leave NO ONE behind. “Safe food now for a healthy tomorrow” was the theme of World Food Day in 2021. The day is celebrated with an emphasis on the production and consumption of secure food that will, in the long run, benefit the population, the economy, and the environment.

 

OTHER UPDATES:

 

SPORTS

 

1. FIFA & AIFF launch Football for Schools as Govt of India pledges active support: International Federation of Association Football (FIFA), in partnership with the All India Football Federation (AIFF), and the support of the Union Government, launched the Football for Schools project in the country, which is aimed at broad-basing the beautiful game across India. FIFA Secretary General Fatima Samoura, Union Minister for Education and Skill Development and Entrepreneurship Dharmendra Pradhan, Minister of State for Youth Affairs and Sports Nisith Pramanik and AIFF President Kalyan Chaubey launched the initiative.

About the project: The FIFA project, which also aims to reach out to over 700 million children worldwide, would lay special emphasis on reaching out to all the tribal communities of the world. The project was born four years ago, in a discussion between FIFA and UNESCO, and the idea was to have USD 100 mobilised by FIFA to reach out to over 700 million children across the world. Our aim is to educate children on various topics, not just about football, and to make them better citizens of their country.

Note: All India Football Federation Founded: 23 June 1937; All India Football Federation Headquarters location: New Delhi; All India Football Federation President: Kalyan Chaubey;

FIFA President: Gianni Infantino; FIFA Founded: 21 May 1904; FIFA Headquarters: Zürich, Switzerland.

 

2. Former Indian Cricketer Mahendra Singh Dhoni inaugurates CSK Academy: Former India captain and Chennai Super Kings skipper, Mahendra Singh Dhoni inaugurated the Super Kings Academy at the MS Dhoni Global School in Hosur, Tamil Nadu. MS Dhoni Global School is the first franchise-owned Super Kings Academy in India. The academy has been launched at the MS Dhoni Global School in what is the third academy by the IPL franchise. The two other centres are in Chennai and Salem. The launch was inaugurated by MS Dhoni himself.

About the Super Kings Academy: The Super Kings Academy in Hosur, which has eight pitches and includes turf for practice and a turf-wicket ground for matches, is the third of its kind in the country. The Academy already has centres in Chennai and Salem. The facility itself has been set up at the MS Dhoni global school in Bengaluru. The Hosur facility will be functional from January 2023 and the former Indian captain himself was present to cut the ribbons alongside CEO Kasi Viswanathan.

 

BANKING AND FINANCE

 

1. SBI Chairman inaugurate Next-Gen Contact Center for Personalized Customer Experience: State Bank of India (SBI) chairman Dinesh Kumar Khara inaugurated their Next-Gen Contact Centre service in order to provide a better and more individualised client experience. With 30+ financial options available 24 hours a day, 7 days a week from the convenience of home, and offered in 12 languages, the redesigned Contact Center will establish a new industry norm.

Key Points:

a)      The bank has developed simple-to-remember 4-digit toll-free numbers (1800-1234 or 1800-2100) to further streamline the procedure.

b)      State Bank of India (SBI) stated that their contact centre, which is available in 12 different languages, receives 1.5 crore calls each month.

c)      It has 3500 agents working for it, giving bank clients great experiences once more. The contact centre also assists with first collections.

d)      To help all customer service personnel properly handle most banking inquiries on the phone, the bank has updated, streamlined scripts and soft skill training capabilities.

e)      The bank intends to investigate integrating cutting-edge AI/ML-based technology in the future, such as conversational IVR and speech bots.

f)       High scores for call quality and customer satisfaction indicate that the bank has gotten overwhelmingly positive feedback from its clients.

Note: SBI Chairman: Dinesh Kumar Khara; SBI CEO: Shri C.S. Setty and Shri Swaminathan J.

 

2. Ananth Narayan Gopalakrishnan take charges as whole-time member at SEBI: Former banker Ananth Narayan Gopalakrishnan took charge as the fourth whole time member (WTM) in the Securities and Exchange Board of India (SEBI). Narayan, who has been a member of various advisory committees of Sebi and RBI, has been appointed for an initial period of three years.

Before assuming charge, Narayan was an associate professor at SP Jain Institute of Management & Research. He has over two and half decades of experience in the banking and financial markets, during which he held the position of Regional Head of Financial Markets for ASEAN and South Asia at Standard Chartered Bank.

Note: SEBI Founded: 12 April 1992; SEBI Sector: Securities market; SEBI Headquarters: Mumbai; SEBI Chairperson: Madhabi Puri Buch.

 

BUSINESS AND ECONOMY

 

1. IMF Slashed India’s GDP growth at 6.8% from 7.4% in Current Financial Year: The International Monetary Fund (IMF), in its latest World Economic Outlook report, cut its forecast for India’s gross domestic product (GDP) growth in financial year 2022-23 (FY23) by 60 basis points (bps) to 6.8 per cent, warning of a long and tough economic winter.

“The outlook for India is for growth of 6.8 per cent in 2022, a 0.6 percentage point downgrade since the July forecast, reflecting a weaker-than-expected out-turn in the second quarter (April-June) and more subdued external demand,” the IMF said.

 

2. JSW Steel Joins United Nations Global Compact Initiative: JSW Steel has joined the United Nations Global Impact (UNGC) initiative. The UNGC encourages companies to conduct business responsibly by aligning their operations and strategies with the UN’s 10 principles. JSW Foundation, the social arm of the JSW Group, is a member of UNGC and part of the India local network of UNGC.

A majority of JSW’s strategic focus areas and organizational goals have been formulated to align with the UN SDGs. The formal membership with JSW and UNGC will continue executing operations and practices sustainably. The initiative also commits companies to take actions to advance broader Social benefits through the UN Sustainable Development Goals (SDGs). The UNGC holds members from over 160 countries of more than 20,000 companies and over 69 local networks.

 

DEFENCE

 

1. Indian Navy Conducts Offshore Security Exercise, ‘Prasthan’: ‘Prasthan’ an Offshore Security Exercise was conducted by the Eastern Naval Command in the Offshore Development Area (ODA) off Kakinada. ‘Prasthan’ is a half-yearly exercise that was conducted in the KG basin to validate SOPs, address various contingencies and strengthen the command and control organization toward Maritime security. Key Points:

a)      Prasthan was a two-day offshore security exercise.

b)      It aims to integrate the efforts of all maritime stakeholders involved in offshore defense.

c)      The exercise aims to refine the standard operating procedures (SOPs) and response actions to several contingencies in the Offshore Defence Area.

d)      The Prasthan exercise is conducted every six months and it is an important element of ensuring offshore security as per the Defence Ministry.

e)      The exercise was conducted onboard Drill rigs Platinum Explorer and DDKG of ONGC and RIL located about 40 nm south of Kakinada.

f)       Contingencies performed during the exercise include terrorist intrusion, bomb explosion, casualty evacuation, search and rescue, man overboard, major fire, oil spill, and mass evacuation.

Daily GK Update- 15th Oct, 2022

NATIONAL UPDATES:

 

1. HM Amit Shah Unveils 14 feet High Statue of Lok Nayak Jayprakash Narayan: Union Home Minister Amit Shah unveils 14 feet high statue of Lok Nayak Jayprakash Narayan at Sitabdiara in Saran district, Bihar. He paid floral tribute to socialist icon Jayaprakash Narayan on his birth anniversary at his ancestral village at Sitabdiara. Home Minister Amit Shah highlighted the welfare schemes of the Union government.

Home Minister Amit Shah highlighted the fulfillment of the dreams of Sampoorna Kranti launched by Jayaprakash Narayan. Jayaprakash devoted his entire life to the nation and society. The occasion was felicitated by Union Minister Nityanand Rai, Chief Minister of Uttar Pradesh Yogi Adityanath, and several other political leaders.

 

2. PM inaugurates Phase 1 of Education Complex, Modi Shaikshanik Sankul: Prime Minister Narendra Modi inaugurated Phase 1 of Modi Shaikshanik Sankul, which is an educational complex for needy students in Ahmedabad. The project aims to provide facilities to students for holistic development. Prime Minister emphasized young students taking up medicine, engineering, and other such subjects as their major streams for further studies. Key Points:

a)      Prime Minister Narendra Modi asked parents to prepare their kids for skill development to combat difficult situations. Skill development will empower the child to overcome these hardships.

b)      He highlighted that Labour has tremendous power and a large section of our ‘samaj’ belongs to the hard-working class.

c)      The event was felicitated by Chief Minister of Gujarat Bhupendra Patel, Members of Parliament C R Patil and Narhari Amin, Minister of Gujarat government, Jitubhai Vaghani, and President of Modh Vanik Modi Samaj Hitvardhak Trust.

 

3. Union Minister Smriti Irani releases operations manual of Beti Bachao Beti Padhao: The Ministry of Skill Development and Entrepreneurship (MSDE) and Ministry of Minority Affairs organized “Betiyan Banein Kushal”. It is an inter-ministerial conference on non-traditional livelihoods (NTLs) for adolescent girls on the occasion of the International Day of the Girl Child. Union Minister for Women and Child Development, Smt Smriti Zubin Irani was the chief guest on the occasion. Key Points:

a)      In 2015, the Beti Bachao Beti Padhao campaign was started by Prime Minister Narendra Modi. The government has put constant effort into encouraging and empowering girls to pursue the vocation of their choice irrespective of gender stereotypes.

b)      The key highlight of the program was the interaction between Smt Smriti Zubin Irani and adolescent girls who have overcome child marriage, gender-based discrimination, and financial hardships.

c)      The Ministry of Women and Child Development will work on counseling girls for choosing academic streams after school and making available skill sets to those in Child Care Institutions to facilitate their financial independence and empowerment.

 

4. MHA: Jharkhand and West Bengal topped in worst state list in terms of child marriage: According to the latest demographic sample survey by the Union Home Ministry, the survey was brought out by the office of the Registrar General and Census Commissioner, Ministry of Home Affairs. It was conducted in 2020 and the report was published late last month. The Sample Registration System (SRS) Statistical Report contains estimates of various demographic, fertility and mortality indicators based on the data collected through one of the largest demographic surveys in the world covering about 8.4 million sample population.

Some key points in the report:

a)      Despite being renowned for its mines reserves, the state of Jharkhand has earned the disrepute of having the highest percentage of underage girls getting married. The percentage of girls getting married before attaining majority is as high as 5.8 in Jharkhand.

b)      The percentage of females who got effectively married before reaching 18 years of age is 1.9 at the national level and varies from 0.0 in Kerala to 5.8 in Jharkhand.

c)      The survey said that child marriages accounted for 7.3 per cent of marriages in rural areas and three per cent in urban areas in Jharkhand.

d)      Not only Jharkhand, West Bengal to has enough in its tally as more than half of the women are married before attaining the age of 21 years in the state.

e)      Around 54.9 per cent of girls are married in West Bengal before attaining the age of 21 years, the figure for Jharkhand is 54.6 per cent as against the national average of 29.5 per cent.

 

5. Hero MotoCorp Launched EV Scooter Vida V1 in India: Hero MotoCorp launched Vida V1 Electric Scooter in India. The Vida V1 Electric Scooter is commenced to be booked for Rs 2,499 in India. The bookings are open for Delhi, Jaipur, and Bengaluru only. The Hero Motocorp, Vida V1 Electric Scooter will be available in phases for the customers and deliveries will start in the second week of December 2022. The Vida V1 is highly customizable and comes in two variants, VIDA V1 Plus and VIDA V1 Pro. Key Points:

a)      There are two variants of the Vida V1 Electric Scooter, VIDA V1 Plus and VIDA V1 Pro which are available for Rs 1,45,000 and Rs 1,59,000 respectively.

b)      The two variants of electric scooters are highly versatile with a top speed of 80 kmph and a charging time of 1.2 km/min.

c)      The Vida V1 Pro has a range of 165 km whereas Vida V1 Plus has a range of 143 km.

d)      The Hero MotoCrop has launched the Vida V1, VIDA Platform, and VIDA Services.

e)      The electric transport by Hero MotoCrop has been built on top of a technology stack that has been created from scratch, including the strength of AI-driven personalized and context-aware resolution.

f)       Vida V1 Electric Scooter is the industry’s first proposition of Green EMI, assured buyback, long-term test ride, and repair on-site to make customer ownership and users simple and worry-free.

 

INTERNATIONAL UPDATES:

 

1. EU parliament approved adoption of world’s first single charger rule: According to a new law passed by the European Union parliament, all new smartphones, tablets and cameras will have a single standard charger from late 2024. The law was adopted with a vote of 602 in favour, and 13 against. It mandates smartphone, laptop and camera manufacturing companies to adopt a standard charger, at least in Europe. Makers of laptops will have extra time, from early 2026, to also follow suit.

EU policymakers say the single charger rule will simplify the life of Europeans, reduce the mountain of obsolete chargers and reduce costs for consumers. It is expected to save at least 200 million euros ($195 million) per year and cut more than a thousand tonnes of EU electronic waste every year.

European Union Founded: 1 November 1993, Maastricht, Netherlands; European Union Founders: Germany, France, Italy, Netherlands, Belgium, Luxembourg.

 

2. International Day of Rural Women: 15th October: October 15 is celebrated as the International Day of Rural women across the world. The day focuses to promote gender quality and highlight the important role played by women in rural areas. The International Day of Rural Women is a time to celebrate the important role that rural women play in society. It is also an opportunity to raise awareness about the challenges faced by rural women and to call for action to address these issues. The theme for the International Day of Rural Women (15 October), “Rural Women Cultivating Good Food for All”, highlights the essential role that rural women and girls play in the food systems of the world.

International Day of Rural Women History: Initially, the United Nations General Assembly established the International Day of Rural Women on December 18, 2007. In recognition of these challenges, the UN General Assembly adopted a resolution in 2007 declaring 15 October as the International Day of Rural Women. The day provides an opportunity to bring attention to the issues faced by rural women, and to celebrate their achievements and contributions.

 

3. World Student’s Day: 15th October: October 15 is celebrated as World Students’ Day to commemorate the birth anniversary of Dr APJ Abdul Kalam, a celebrated Aerospace scientist and former President of India. The day is marked to acknowledge his efforts toward students and education. Dr Kalam was born on October 15, 1931. He served as an inspiration to many students to achieve and do something remarkable. After his tenure as the President came to an end, he became a visiting faculty at the Indian Institute of Management (IIM) in Shillong, IIM-Indore and IIM- Ahmedabad.

Dr APJ Abdul Kalam became India’s most famous nuclear scientist and was known as the ‘Missile Man of India’. He played a crucial role in the Pokhran-II nuclear tests in 1998. During his five-year tenure as the country’s President, between 2002 to 2007, he was fondly called the ‘People’s President’. He was honoured with several recognitions including Padma Bhushan, Padma Vibhushan, Bharat Ratna, and Ramanujan Award.

 

OTHER UPDATES:

 

SPORTS

 

1. 37th National Games: Goa to host Games in October 2023: The Indian Olympic Association has confirmed that Goa will host the 37th edition of the National Games in October next year. The state government of Goa also conveyed its in-principle approval to IOA to host the National Games in 2023. The Goa delegation received the IOA flag at the Closing Ceremony of the 36th National Games on 12th October 2022 in Surat, Gujarat.

Notably: The 37th National Games will be decided to keep in view of the dates of the 19th Asian Games, which will be held from 23rd September to 8th October 2022 in Hangzhou, China.

Note: Goa Capital: Panaji; Goa Chief Minister: Pramod Sawant; Goa Governor: S. Sreedharan Pillai.

 

2. Cristiano Ronaldo reached record 700 club career goals: Cristiano Ronaldo reached another historic landmark in his extraordinary career by scoring his 700th club goal to seal Manchester United’s comeback win over Everton. The 37-year-old Portuguese forward becomes the first and only player in this present generation to score seven times a hundred goals in football history. His 700th club goal extends his tally over Lionel Messi with Argentina forward scoring 691 goals for Fc Barcelona and Paris Saint Germain. Career stats of Cristiano Ronaldo:

a)      Having started his career in 2002, 700 goals means Ronaldo has averaged 35 goals a season. Cristiano Ronaldo’s 700th club goal comes 20 years and two days after his first goal for Sporting Lisbon.

b)      The five-time Ballon d’Or winner scored his first professional goal on October 7, 2002, at the age of 17 years, 8 months, and 3 days. He scored a brace in Sporting Lisbon’s 3-0 win against Moreirense.

c)      This was his first goal in senior-level football. He scored his 144th goal for Manchester United in his two spells at the club, He scored a record 450 goals for Real Madrid, 101 for Juventus, and five(5) for Sporting Lisbon.

d)      The historic feat earned him a special award at the FIFA The Best Awards ceremony to commemorate the record-breaking feat and Ronaldo later added six goals to take his international tally with Portugal to 117 goals.

 

BANKING AND FINANCE

 

1. NSIC and Utkarsh Small Finance Bank signs MoU: The National Small Industries Corporation Ltd. (NSIC), a Government of India Enterprise under the Ministry of MSME, signed a Memorandum of Understanding (MoU) with the Utkarsh Small Finance Bank. This Memorandum of Understanding with the banks intends to assist MSMEs with their lending needs. The MoU was signed in the presence of Sh. Gaurang Dixit, CMD, NSIC, and Sh. P.R. Kumar, Chief General Manager, NSIC, and Sh. Manoj M.A., Business Head of the bank.

Himani Shali, the Chief Manager, was also present (Bank Tie Up).

Note: NSIC Chairman: P Udayakumar; CMD, NSIC: Sh. Gaurang Dixit

Utkarsh Small Finance Bank MD & CEO: Govind Singh

 

2. Pune based Seva Vikas Cooperative Bank licence revoked by RBI: Seva Vikas Cooperative Bank licence revoked by RBI: Seva Vikas Co-operative Bank, situated in Pune, had its licence revoked by the Reserve Bank of India (RBI) due to lack of sufficient capital and future earnings potential. With effect from the end of business on October 10, 2022, the bank stops conducting banking activity. Key Points:

a)      It has previously revoked the licence of the Rupee Cooperative Bank in Pune in August 2022.

b)      The Bombay High Court is hearing a judicial challenge to RBI action.

c)      Approximately 99% of depositors are eligible to retrieve the full value of their savings from the Deposit Insurance and Credit Guarantee Corporation, according to data provided by the bank (DICGC).

d)      From the entire insured deposits, DICGC had already paid out Rs. 152.36 crore as of September 14, 2022.

e)      Based on the consent provided by the relevant bank depositors, this payment is being made in accordance with the DICGC Act, 1961.

 

BUSINESS AND ECONOMY

 

1. Indians to be able to pay in Europe using UPI soon: NPCI International Payments Ltd (NIPL) and European payment services provider Worldline established a corporation due to which Indians will soon be able to make payments through UPI (United Payments Interface) across Europe. The National Payments Corporation of India (NPCI)’s international division is called NIPL. Key Points:

a)      The aim of the collaboration between NIPL and Worldline is to increase the adoption of Indian payment methods in Europe.

b)      Worldline will increase convenience for Indian clients in the European markets as part of the cooperation by enabling point-of-sale (POS) systems at businesses to accept payments from UPI (United Payments Interface).

c)      Later, customers from India will also be able to pay with their RuPay debit or credit cards in Europe.

d)      This will ultimately improve customer experience while providing new business opportunities for retailers.

e)      Due to an increase in foot traffic and expenditure from Indian tourists, this will result in a variety of customer-related merchant benefits, according to NPCI and Worldline’s announcement.

f)       According to NIPL, it will concentrate on markets like Switzerland and BENELUX (Belgium, the Netherlands, and Luxembourg).

Note: CEO of Worldline: Gilles Grapinet; Deputy CEO of Worldline: Marc-Henri Desportes

CEO of NIPL: Ritesh Shukla

 

2. Nomura Prediction for India in FY24: 5.2% Slowdown in Growth Rate: Nomura predicts that India’s growth will drastically slow down to 5.2% in 2023–24 (FY24) from 7% in the current fiscal year due to the spillover effects of the global downturn. The Japanese brokerage urged policy vigilance in the face of global challenges and emphasised that macro stability, not development, should be the first focus. Key Points:

a)      In FY20, the economy grew at 4%, a multi-year low. It is anticipated that growth will decelerate in FY24, just before the following national elections.

b)      Nomura predicts that inflation would average 6.8% in FY23, slightly higher than the Reserve Bank of India’s prediction of 6.7%, and then decline to 5.3% in FY24.

c)      Spending reductions would be required in order to fulfil the 6.4% budget deficit objective for FY23, and it was noted that a target of under 6% for FY24 was “circumspect”.

d)      The company predicted that the RBI will boost the terminal repo rate by 25 basis points in February and 35 basis points in December, respectively, to reach 6.50%.

e)      Since May, the RBI has increased the repo rate by 190 basis points to control inflation.

 

2. Ashok Leyland, IIT Madras tie up to develop hybrid EVS Using Turbine Tech: Ashok Leyland has joined hands with researchers at the National Centre for Combustion Research and Development (NCCRD) for the development and commercialization of a ‘swirl mesh lean direct injection (LDI) system’ for developing hybrid electrical vehicles using turbine technology. Ashok Leyland is a flagship company of the Hinduja group and a leading commercial vehicle manufacturer. NCCRD is an arm of the Indian Institute of Technology, Madras.

Key Points:

a)      IIT Madras is developing an indigenously-designed micro gas turbine, whose core is a patented combustion technology called a ‘swirl mesh lean direct injection system’.

b)      The main power train will be the electric motor, but the onboard power will be generated by the micro gas turbine.

c)      These micro gas turbines will be developed jointly by NCCRD and Aerostrovilos Energy. The micro gas turbine will replace the large battery systems.

d)      Ashok Leyland has signed a letter of support to develop it for heavy vehicles with NCCRD, IIT Madras. Ashok Leyland has handed over to NCCRD a nine-meter passenger electric bus.

e)      Micro gas turbines have significant features as a technology that will extend fuel combustion beyond traditional IC engines and provide for more efficient performance and multi-fuel capability.

Daily GK Update- 14th Oct, 2022

NATIONAL UPDATES:

 

1. Space Economy To Touch 13 Billion $ By 2025: India’s space economy is likely to be worth nearly $13 billion by 2025, with the satellite launch services segment set to witness the fastest growth due to increasing private participation, according to a report released. Key Points:

a)      India’s space economy was pegged at $9.6 billion in 2020 and is expected to touch $12.8 billion by 2025, according to the report titled ‘Developing the Space Ecosystem in India: Focusing on Inclusive Growth’.

b)      In dollar terms, the satellite services and applications segment would be the largest with a turnover of $4.6 billion by 2025, followed by ground segment at $4 billion. The satellite manufacturing stands at $3.2 billion and launch services at $1 billion.

c)      The growing demand for smaller satellites is set to boost satellite manufacturing in the country. It will attract global start-ups in the sector to help incubate space tech companies here, said the report released by the Indian Space Association (ISpA) and Ernst and Young.

d)      The launch services segment was pegged at $600 million in 2020 and is projected to grow at a compound annual growth rate of 13 per cent to reach $1 billion by 2025, the report said.

e)      India has of over 100 space tech start-ups with investments in the segment touching $68 million in 2021.

 

2. PM Narendra Modi declared Gujarat’s Modhera as first 24×7 solar-powered village: Prime Minister Narendra Modi has declared Modhera village in poll-bound Gujarat as the country’s first 24×7 solar-powered village. Modhera, which is famous for a centuries-old Sun temple built during the Chalukya, will also be known as a “solar-powered village”. About the project:

a)      The Modhera village is located 25 km from the Mehsana district of Gurajat, and about 100 km from the state capital of Gandhinagar. The village has a ground-mounted solar power plant, and over 1,300 rooftop solar systems with 1kW capacity have been installed on houses to generate electricity.

b)      Both the central and state governments have invested over ₹80 crores in this solar-development project in two phases, with the state allotting 12 hectares of area for the project. The Gujarat government had said people in the village can save 60 per cent to 100 per cent on their electricity bills with this move.

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

 

3. Nitin Gadkari inaugurated Indian Roads Congress in Lucknow: Union Minister of Road Transport and Highways Nitin Gadkari inaugurated the 81st annual session of the Indian roads Congress in Lucknow. He was accompanied by the Chief Minister of Uttar Pradesh Yogi Adityanath. On the occasion, he highlighted the aims and dreams of Prime Minister Narendra Modi to make the Indian economy number one in the world, for which good infrastructure is necessary. The new ideas and initiatives by the IRC will help India to achieve it. Key Points:

a)      In the inaugural ceremony of the Indian Roads Congress, the Union Minister of Road Transport and Highways said that by 2024 projects worth rupees five lakh crore will start in Uttar Pradesh.

b)      The road projects worth rupees eight crores have been approved for Uttar Pradesh.

c)      The road projects include 13 Road Over Bridges with a fund of one thousand crore rupees.

d)      Nitin Gadkari emphasized the fact that India needs to convert the transport sector which will help the people of India and reduce pollution.

e)      Chief Minister Yogi Adityanath highlighted the importance of safe roads which will decrease road accidents and provide a safer environment.

 

4. “Mahakal Lok” 900 m long in MP’s Ujjain to be opened by PM:  “Mahakal Lok” corridor first phase of Mahakaleshwar Temple in the city of Ujjain in Madhya Pradesh, is scheduled to open by Prime Minister Narendra Modi. It is said that the initiative will improve pilgrims’ experiences and increase tourism in the area. Shivraj Singh Chouhan, the chief minister of Madhya Pradesh, examined the Mahakal Lok’s opening preparations. Mahakal Lok:

a)      The “Mahakal Lok” over 900-meter-long corridor’s first phase was officially opened as part of the $856 million Mahakaleshwar Temple corridor development project.

b)      The cost to create the corridor was 316 crore.

c)      The old Rudrasagar Lake, which has also been revitalised as part of the development project around the historic Mahakaleshwar Temple, will be skirted by the Mahakal Lok.

d)      Two imposing gateways – Nandi Dwar and Pinaki Dwar – have been erected near the beginning of the corridor, which winds its way to the temple’s entrance and provides an aesthetic view along the way.

e)      A 108-pillar colonnade with artistically carved sandstones has been constructed. On the decorative pillars, artisans and artists primarily from Rajasthan, Gujarat, and Orissa have laboured.

 

INTERNATIONAL UPDATES:

 

1. PM Narendra Modi addresses UN World Geospatial International Congress: Addressing the Second United Nations World Geospatial International Congress via video message, Prime Minister Narendra Modi said that steps taken by India over the past few years has been of empowering the “last person at the last mile’’, reflecting the theme of this year’s conference — ‘Geo-Enabling the Global Village: No one should be left behind’. Key points of speech

a)      Prime Minister said, “We have been working on a vision of Antyodaya which means empowering the last person at the last mile, in a mission mode.

b)      450-million unbanked people, a population greater than that of USA, were brought under banking net and 135-million people, about twice the population of France, were given insurance.

c)      Sanitation facilities were taken to 110-million families and tap water connections to over 60-million households. India is ensuring no one is left behind.

d)      The PM further pointed out that technology and talent are the two pillars that are key to India’s development journey.

The theme of UNWGIC 2022 is ‘Geo-Enabling the Global Village: No one should be left behind’, which focuses on building a community for human data and geography against the three pillars of sustainable development for a shared future and a better world, leaving no one behind within an inclusive and equitable global society. 3. The United Nations Global Geospatial Information Management (UN-GGIM) convened the conference on UNWGIC 2022 and was organised by the United Nations Department of Economic and Social Affairs. It was hosted by the ministry of science and technology of the government of India.

 

2. International E-Waste Day: 14th October: Each year, International E-Waste Day is held on 14 October, an opportunity to reflect on the impacts of e-waste and the necessary actions to enhance circularity for e-products. ​​​​​International E-Waste Day was developed in 2018 by the Waste Electrical and Electronic Equipment recycling (WEEE) Forum to raise the public profile of waste electrical and electronic equipment recycling and encourage consumers to recycle. 2022 is the fifth edition of International E-Waste Day.

This year, the main focus of International E-Waste Day will be those small electrical devices that we no longer use but keep in drawers and cupboards or often toss in the general waste bin. This is why International E-Waste Day (#ewasteday) 2022 will be focusing on small items of e-waste, under the slogan “Recycle it all, no matter how small!”. #ewasteday will take place on 14 October 2022.

Note: International Telecommunication Union Headquarters: Geneva, Switzerland; International Telecommunication Union Founded: 17 May 1865; International Telecommunication Union Secretary-General: Houlin Zhao.

 

3. World Standards Day: 14th October: World Standards Day is marked every year on October 14 to raise awareness about the importance of using standardised measurements, technologies, and industries. This day, also known as International Standards Day, strives to educate consumers, policymakers, and businesses about the value of standardisation. The day is also used to commemorate the achievements of scientists for developing voluntary universal standards that can be used for various measurements. The theme for World Standards Day 2022 is ‘Shared Vision for a Better World.’ The theme is part of the IEC, ISO and ITU multi-year campaign to increase understanding about how standardisation is important to achieve the United Nations’ sustainable development goals.

World Standards Day History: The International Organization for Standardisation (ISO) was founded in 1947 with 67 technical committees. The first World Standards Day, however, was formally inaugurated in 1970 by Faruk Sunter, then-President of the ISO. The date of 14 October was chosen to commemorate the first meeting of delegates from 25 countries on 14 October 1946 in London, who decided to design a global organisation to facilitate standardisation. They created the ISO a year later.

Note: International Organization for Standardization Headquarters: Geneva, Switzerland; International Organization for StandardizationFounded: 23 February 1947, London, United Kingdom; International Organization for Standardization President: Ulrika Francke.

 

OTHER UPDATES:

 

SPORTS

 

1. Harmanpreet Kaur and Mohammed Rizwan seal ICC Player of the Month crowns for September: The International Cricket Council (ICC) has announced the winners of the ICC Player of the Month awards for September 2022. India’s inspirational captain Harmanpreet Kaur is named the recipient of the ICC Women’s Player of the Month award, While Pakistan ace Mohammad Rizwan claims the ICC Men’s Player of the Month award.

Harmanpreet Kaur: Harmanpreet Kaur becomes India’s first winner of the ICC Women’s Player of the Month. The India skipper was at her brilliant best during the ODI series, scoring 221 runs across the three matches, maintaining a strike rate of 103.47 and only being dismissed once. She displayed control and poise in the first match of the series at Hove, and her 74 not out helped her side chase down England’s total of 228 at a canter to win by seven wickets.

Mohammad Rizwan: Mohammad Rizwan secures his first-ever ICC Men’s Player of the Month crown after a remarkable spell of scoring throughout September and sees him overcome fellow nominees Cameron Green (Australia) and Axar Patel (India) to the prize. The Pakistan star amassed a mammoth 553 runs from ten T20Is, covering performances in the Men’s Asia Cup and the subsequent home T20I series against a touring England side. With an eye-catching batting average of 69.12 during the month, the talismanic opener also registered seven half-centuries to illustrate why he sits atop the MRF Tyres ICC Men’s T20I batter rankings.

Note: ICC Founded: 15 June 1909; ICC Chairman: Greg Barclay; ICC CEO: Geoff Allardice; ICC Headquarters: Dubai, United Arab Emirates.

 

2. 36th National Games: Pooja Patel becomes first athlete to win Gold in Yogasana: At the 36th National Games, Pooja Patel of Gujarat has become the first athlete to win gold in Yogasana. Yogasana is one of the five sports to be played at the National Games this year for the first time. This Indian indigenous sport made its debut at the Khelo India University Games earlier this year.

As far as the medal table of the 36th National Games is concerned, Services Sports Control Board is leading the chart with a total of 113 medals, including 51 gold, 33 silver, and 29 bronze. Haryana is second on the table with 95 medals (31 gold, 29 silver, 35 bronze), followed by Maharashtra (119), Karnataka (84), and Tamil Nadu (67). Maharashtra has fewer gold medals than Haryana, which is why it has been placed third on the table.

 

BANKING AND FINANCE

 

1. RBI Launches Concept Note To Create Awareness About Central Bank Digital Currency (CBDC): The Reserve Bank of India (RBI) has released a concept note on the Central Bank Digital Currency (CBDC). The CBDC is a digital form of currency notes issued by a central bank. While most central banks across the globe are exploring the issuance of CBDC, the key motivations for its issuance are specific to each country’s unique requirements.

This Concept Note explains the objectives, choices, benefits and risks of issuing a CBDC in India, referred to as e-₹ (digital Rupee). The e-₹ will provide an additional option to the currently available forms of money. It is substantially not different from banknotes, but being digital it is likely to be easier, faster and cheaper. It also has all the transactional benefits of other forms of digital money.

Purpose of Concept Note: The purpose behind the issue of this Concept Note is to create awareness about CBDCs in general and the planned features of the digital Rupee, in particular. The Note also seeks to explain Reserve Bank’s approach towards introduction of the digital Rupee.

 

2. Association of Mutual Funds in India: A Balasubramanian re-elected as Chairman: A Balasubramanian has been re-elected as the chairman of the Association of Mutual Funds in India (AMFI), and Radhika Gupta as the vice-chairperson of the industry body. As the chairman of AMFI, A Balasubramanian will also continue as the ex-officio chairman of the AMFI Financial Literacy Committee. The chairman and the vice-chairperson will hold office until the conclusion of the 28th AGM.

At the recently conducted board meeting of AMFI, post the 27th annual general meeting (AGM) held in September, Vishal Kapoor (chief executive officer, IDFC Asset Management Co. Ltd.) has been re-elected as the chairman of the AMFI Committee of Certified Distributors, while Sundeep Sikka (ED & CEO, Nippon Life India Asset Management Ltd.) has been elected as chairman of AMFI ETF Committee.

Note: AMFI Founded: 22 August 1995; AMFI CEO: N.S.Venkatesh (23 Oct 2017–); AMFI Headquarters: Mumbai.

 

BUSINESS AND ECONOMY

 

1. Gross direct tax collection increases by over 23 % to Rs 8,98,000 crore in current financial year: The gross direct tax collections has increased by over 23 per cent to eight lakh ninety eight thousand crore rupees in the current financial year as compared to last year. Finance Ministry said, the provisional figures of direct tax collections still  continue to register steady growth. Direct Tax collection, net of refunds, stands at seven lakh forty five thousand crore rupees which is 16.3 per cent higher than the net collections for the corresponding period of last year. The Ministry said, this collection is over 52 per cent of the total budget estimates of direct taxes for the current fiscal. The refunds amounting to one lakh 53 thousand crore rupees have been issued during 1st April to 8th October this year, which are 81 per cent higher than refunds issued during the same period in the preceding year.

 

DEFENCE

 

1. Indian Naval Ship Tarkash Reaches South Africa for IBSAMAR VII: INS Tarkash reached Port Grequhrea which is also known as Port Elizabeth in South Africa. INS Tarkash will participate in the seventh edition of IBSAMAR, a joint multinational maritime exercise among Indian, Brazilian, and South African Navies. The harbor phase of IBSAMAR VII includes professional exchanges such as damage control and fire-fighting drill and interaction among special forces.

Key Points: The previous edition of IBSAMAR (VI) was conducted in Simons Town, South Africa. The Indian Navy is represented by the Teg Class guided missile frigate, INS Tarkash, a Chetak Helicopter, and the personnel from the Marine Commando Force (MARCOS). The joint maritime exercise will strengthen maritime security, joint operational training, sharing of best practices, and building interoperability to address common maritime threats.

About IBSAMAR: IBSAMAR is the abbreviation of India-Brazil-South Africa Maritime. It is a series of naval exercises between the navies of India, Brazil, and South Africa. The previous edition which is IBSAMAR VI was held in Simons Town, South Africa in which INS Tarkash, INS Kolkata, BNS Barroso, SAS Amatola, SAS Protea, and SAS Manthatisi participated.

 

OBITUARIES

 

1. Padma Shri Dr Temsula Ao passes away: Former chairperson of Nagaland State Commission for Women, academician, renowned writer and Padma Shri Dr Temsula Ao passed away at a private hospital in Dimapur. She was 80. Dr Temsula Ao, who was known as a leading literary voice in the northeast, was awarded Padma Shri in 2007. She was a recipient of the Nagaland Governor’s Award for Distinction in Literature, the Meghalaya governor’s Gold Medal and the Sahitya Akademi Award, among other recognitions.