Daily GK Update- 18th Oct, 2022

NATIONAL UPDATES:

 

1. India May See 20Bn $ FDI In Climate-Tech: India may see up to $20 billion worth of investments in climatetech sector by 2030, said Enzia Ventures, a new-age, mid-market venture capital firm focused on healthcare, education and environment. Co-founder and partner Namita Dalmia said Indian entrepreneurs, over the next decade, would lead the way and build new products for the global market. Patrick Brothers, co-founder & co-CEO, HolonIQ in a statement said, “Climatetech is by far the fastest growing impact space in India. Despite economic and investment headwinds, we are seeing strong momentum and conviction from public and private investors.” “India has emerged with several global leaders in impact sectors, disrupting other markets from the Americas, Europe and throughout Southeast Asia,” he added.

India needs USD 20 billion (about RS 1.53 lakh crore) worth of investments each year to achieve its climate targets and fund its green transition, according to a report. The white paper by Ficci and Trilegal highlights that the country needs a large budget allocation, international finance from bilateral and multilateral sources and green private investments.

 

2. Cabinet approved PM-DevINE scheme for development of Northeast states: Prime Minister’s development initiative for North East region (PM-DevINE), was approved by the Union Cabinet chaired by Prime Minister Narendra Modi. The PM-DevINE is a Rs 6,600 crore scheme to support infrastructure, industries, and other Livelihood projects in northeastern states of India. Key Points:

a)      The PM-DevINE is a 100 percent Central Government funded plan and will be administered by the Ministry of Development of the North Eastern Region (DoNER).

b)      This scheme is going to be implemented during the remaining four years of the 15th Financial Commission from 2022-2023 to 2025-2026.

c)       The PM-DevINE is aimed to be completed by the year 2025-2026 so that there are no committed liabilities beyond this year.

d)      The PM-DevINE will lead to the creation of infrastructure, support industries, social development projects, and create livelihood activities for youth and women.

e)      The scheme will be implemented by the DoNER Ministry through the North Eastern Council (NEC).

 

3. PM inaugurates Indian Institute of Information Technology in Una: Prime Minister Narendra Modi inaugurated the Indian Institute of Information Technology (IIIT) in Una, Himachal Pradesh. During the occasion, Himachal Pradesh Governor Rajendra Vishwanath Arlekar, Chief Minister Jai Ram Thakur, Union Railway Minister Ashwini Vaishnav, and Union Information and Broadcasting Minister Anurag Singh Thakur were present. Key Points:

a)      Prime Minister Narendra Modi highlighted the need for skill and innovation institutions across the country.

b)      Himachal Pradesh has been valued less on its strength and more based on the number of its parliamentary seats, and long pending demands of educational institutions.

c)       The education-related initiative will immensely benefit the students of Himachal Pradesh.

d)      Students will get more relief from the permanent building of IIIT Una.

e)      Prime Minister has dedicated the building to further underline the changing work culture.

 

4. Maharashtra: Mumbai airport completely switches to renewable energy: The Adani group-AAI-operated Chhatrapati Shivaji Maharaj International Airport (CSMIA), Mumbai airport has switched to green energy sources, fulfilling 95 per cent of its requirement from hydro and wind, while the rest 5 per cent from solar power. The facility witnessed a rise in natural energy procurement with 57 per cent in green consumption in April to a whopping 98 per cent. In August, the Mumbai Airport finally attained 100 per cent utilisation of renewable sources of energy.

With this green transition to renewable energy, the Mumbai Airport has ensured a reduction of around 1.20 lakh tonnes of CO2 equivalent every year, thereby moving closer to the airport’s target of becoming net zero by 2029. Notably, the CSMIA was the first in India to launch hybrid technology that solely runs on green energy since April 2022. This sustainable initiative undertaken by the CSMIA is part of the airport’s efforts that reduces its carbon footprint and further propels its journey towards ‘Net Zero’ emissions.

Note: Maharashtra Chief minister: Eknath Shinde; Maharashtra Capital: Mumbai; Maharashtra Governor: Bhagat Singh Koshyari.

 

5. Nation’s first slender loris habitat in Karur, Dindigul districts of Tamil Nadu: Tamil Nadu government has notified the country’s first Kadavur slender loris sanctuary covering 11,806 hectares in Karur and Dindigul districts of the State.

The species, listed as endangered as per the International Union for the Conservation of Nature (IUCN), acts as a biological predator to pests of agricultural crops and benefits farmers. The survival of the species depends on its habitat improvement, conservation efforts and mitigation of threats. The government of Tamil Nadu is committed to conserving the endangered slender loris species,” Supriya Sahu said in a release here.

About the Slender lorises: Slender lorises are small nocturnal mammals and are arboreal in nature, as they spend most of their life on trees.  The slender lorises are a genus of loris native to India and Sri Lanka. The genus comprises two species, the red slender loris found in Sri Lanka and the gray slender loris from Sri Lanka and India. Slender lorises spend most of their life in trees, travelling along the tops of branches with slow and precise movements.

Note: International Union for the Conservation of Nature Headquarters: Gland, Switzerland; International Union for the Conservation of Nature Founded: 5 October 1948, Fontainebleau, France; International Union for the Conservation of Nature Founder: Julian Huxley; International Union for the Conservation of Nature CEO: Bruno Oberle; International Union for the Conservation of Nature Motto: United for Life and Livelihoods.

 

INTERNATIONAL UPDATES:

 

1. Israel and Lebanon Agreed to ‘Historic Agreement’ on the Maritime Dispute: Lebanon and Israel have reached a “historic” deal to end a long-running maritime border dispute in the gas-rich Mediterranean Sea, according to negotiators from the two countries. Lebanon’s deputy speaker Elias Bou Saab said, after submitting the United States-brokered final draft of the deal to President Michel Aoun, that an agreement had been reached that satisfies both sides.

About Deal:

“Lebanon has obtained its full rights, and all of its remarks have been taken into account,” said Bou Saab. Lebanon’s presidency voiced hope that “the agreement on the demarcation will be announced as soon as possible”. Aoun had previously said that a deal would not signify a “partnership” with Israel. The two countries are technically at war.

Israeli National Security Adviser Eyal Hulata, who headed the Israeli negotiating team, mirrored Bou Saab’s remarks. “All our demands were met, the changes that we asked for were corrected. We protected Israel’s security interests and are on our way to an historic agreement,” he said in a statement. Meanwhile, Israeli Prime Minister Yair Lapid’s office hailed “an historic achievement that will strengthen Israel’s security”.

Significance Of the Deal: While limited in scope, an agreement may ease security and economic concerns between the two countries. The deal would resolve a territorial dispute in the eastern tip of the Mediterranean Sea in an area where Lebanon aims to explore for natural gas, and near waters where Israel has already found commercially viable quantities of hydrocarbons.

 

2. Odisha MP Aparajita Sarangi elected to IPU panel: Lok Sabha member from Bhubaneswar, Aparajita Sarangi has been elected as a member to the executive committee of the Inter-Parliamentary Union (IPU). The Parliamentarian from Odisha bagged 12 out of the total of 18 available votes in the election to the post held at Kigali, Rwanda. Sarangi will represent India at the 15-member executive committee of the union. Notably, this will be the first time in 20 years, that India will have her representative in the international committee.

The Indian Parliamentary Delegation is being led by Harivansh, Deputy Chairperson in Rajya Sabha. Aparajita Sarangi, Harivansh and Sasmit Patra attended a meeting called by the Governing Council of the Inter-Parliamentary Union following her nomination. The 145th Inter-Parliamentary Union Assembly is being held currently in Kigali, Rwanda.

About the Inter-Parliamentary Union: Set up in 1887, the global organization of national parliaments has a total of 178 members. IPU empowers parliaments and parliamentarians to promote peace, democracy, and sustainable development through diplomacy.

Note: Inter-Parliamentary Union Founded: 1889; Inter-Parliamentary Union Headquarters: Geneva, Switzerland; Inter-Parliamentary Union President: Saber Hossain Chowdhury; Inter-Parliamentary Union Secretary General: Martin Chungong.

 

OTHER UPDATES:

 

SPORTS

 

1. 36th National Games 2022 Concludes: The 36th National Games is coming to an end after a glorious display of sporting performance and sportsmanship spirit. In its 36th edition, Gujarat hosted the National Games for the first time in 2022. The National Games 2022 was held across six cities, Ahmedabad, Gandhinagar, Surat, Vadodara, Rajkot and Bhavnagar, in Gujarat. Almost 7,000 athletes from 28 Indian States, eight Union Territories and Services, the sports team of the Indian Armed Forces, competed for medals in 36 different sports. Key Points:

a)      Raja Bhalindra Singh Trophy to the hybrid contingent of Services for the fourth time in succession.

b)      Maharashtra bagged the Indian Olympic Association’s Best State trophy for finishing second in the medals tally with the most medals amongst States and UTs.

c)       Honourable Gujarat Chief Minister Shri Bhupendrabhai Patel presented the Best Male Athlete to Sajan Prakash (5 gold, 2 silver, 1 bronze)

d)      Karnataka’s Hashika Ramchandra, barely 14 years old, appropriated the Best Female Athlete crown with 6 gold and 1 bronze.

e)      Gujarat’s 10-year-old Shauryajit Khaire (Mallakhamb), who was a reluctant starter after losing his father just a few days back, emerged as the ‘viral star’ of the Games, becoming its youngest medal winner.

Top Ten States in National Games 2022 medals table:

 

Rank	State/Union Territory/Team	Gold	Silver	Bronze	Total
1	Services	61	35	32	128
2	Maharashtra	39	38	63	140
3	Haryana	38	38	40	116
4	Karnataka	27	23	38	88
5	Tamil Nadu	25	22	27	74
6	Kerala	23	18	13	54
7	Madhya Pradesh	20	25	21	66
8	Uttar Pradesh	20	18	18	56
9	Manipur	20	10	20	50
10	Punjab	19	32	25	76

 

Indian Olympic Association Founded: 1927; Indian Olympic Association Headquarters: New Delhi; Indian Olympic Association President: Adille Sumariwalla; Indian Olympic Association Secretary General: Rajeev Mehta.

 

2. Indian discus thrower Kamalpreet Kaur banned for 3 years: Indian discus thrower, Kamalpreet Kaur has been banned from competition for three years, starting March 29, 2022, due to a doping violation. AIU, which is the independent body created by World Athletics that manages all integrity issues – including doping and age fraud, had provisionally suspended Kamalpreet in May this year for testing positive for the banned substance stanozolol, an anabolic steroid that is on the list of banned substances as per the World Athletics.

The ban will rule the discus thrower out of next year’s Asian Games as well as the 2024 Paris Olympics. Kamalpreet – the national record holder in the discus throw – had made her Olympic debut in Tokyo 2020, where she finished sixth in the final. She joins fellow discus thrower Navjeet Kaur Dhillon, sprinter Dhanalakshmi Sekar and quarter-miler MR Poovamma in the list of Indians who faced doping bans lately. Javelin thrower Shivpal Singh has also been suspended for doping.

Note: WADA Headquarters: Montreal, Canada; WADA President: Craig Reedie; WADA Founded: 10 November 1999.

 

BANKING AND FINANCE

 

1. Paytm tie-up with Jana Small Finance Bank for deployment of card devices: Paytm brand has partnered with Jana Small Finance Bank to deploy card machines to further drive digitisation among merchants across the country. This partnership will enable Jana Small Finance Bank to extend Paytm’s All-in-one EDC machines to its existing and potential customers, providing a one-stop solution for all their digital payment needs. With over 4.5 million devices deployed, Paytm remains the market leader in offline payments. Paytm’s EDC devices and All-in-One POS devices have revolutionised digital payments in India with their flexibility of accepting multiple payment methods. Features of card machines:

a)      Paytm’s card machines provide a feature-rich payments solution that has enabled a robust growth of businesses for our merchant partners. This partnership will help expand our reach and deploy card machines across India’s small cities and towns.

b)      This partnership is in line with our vision to become the leading digitised bank of aspirational India to further financial inclusion in the country.

c)       MSME is a key priority for our Bank and we serve their needs in 150 cities. Our offerings are digital and this relationship with Paytm will further enhance our services to our customers.

d)      Paytm’s card machines provide multilingual support to its merchant partners to accept payments through UPI, credit/debit cards, net banking, international cards, Paytm Postpaid, PaytmWallet and EMI. The devices also offer instant voice alerts and instant settlement, which makes merchant partners convenient.

Note: MD and CEO of Paytm: Vijay Shekhar Sharma; Paytm Founded: August 2010; Paytm Headquarters: Noida, Uttar Pradesh, India.

 

BUSINESS AND ECONOMY

 

1. Cabinet Extends Rs 22,000 Cr as one time grant to Oil PSUs to Cover Losses in Domestic LPG: The government will extend a one-time grant of Rs 22,000 crore to three state-owned fuel retailers to cover for the losses they incurred on selling domestic cooking gas LPG below cost in the last two years, I&B Minister Anurag Thakur said. The Union Cabinet headed by Prime Minister Narendra Modi at a meeting, approved the one-time grant to three oil marketing companies – Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL). The grant will be for covering the losses they incurred on selling LPG below cost to consumers from June 2020 to June 2022. The three firms sell domestic LPG at government-regulated prices to consumers.

 

2. Tata Power partnered with 75F Smart Innovations for energy-efficiency solutions: Tata Power Trading Company (TPTCL) has signed an agreement with 75F Smart Innovation India to jointly promote automation and energy efficiency solutions in the commercial building space. This will include industry verticals like IT/ITeS, BFSI hospitality, healthcare, education, government, and retail. The collaboration of TPTCL and 75F will offer solutions in the space of HVAC optimization and smart building automation powered by the finest technology like cloud, IoT, and AI. Key Points:

a)      The solutions by a collaboration of TPTCL and 75F will help commercial buildings with centrally air-conditioned spaces attain assured savings in their HVAC energy consumption.

b)      The HVAC energy consumption constitutes 50% or more of total building energy consumption.

c)       TPTCL holds a category-I trading license and is engaged in the business of energy sourcing, trading, and energy efficiency services.

d)      TPTCL is also a Grade-I ESCO certified by the Bureau of Energy Efficiency (BEE).

e)      75F Smart Innovations provide a full-stack, IoT-based Building Management System that includes sensors, zone controllers, master controllers, and an Integrated Building Intelligence Solution (BIS).

 

DEFENCE

 

1. Rajnath Singh is set to launch ‘Maa Bharati Ke Sapoot’ website: Defence Minister of India, Rajnath Singh will be launching the ‘Maa Bharati Ke Sapoot’ (MBKS) website for the Armed Forces Battle Casualties Welfare Fund (AFBCWF) during a function at the National War Memorial Complex in New Delhi. The AFBCWF is a Tri-service fund utilised to grant immediate financial assistance of ex-gratia to the next of kin and dependents of Battle Casualties. Bollywood actor Amitabh Bachchan to be the ‘Goodwill Ambassador’.

The Chief of Defence Staff, all three Service Chiefs, Param Vir Chakra (PVC) awardees and other prominent officials of the MoD, corporate heads, chairman & managing directors of banks, personnel from the sports field and celebrities are expected to attend the function. On occasion, the ten of kins of fallen heroes and soldiers disabled in active military operations will also be felicitated. Parents and relatives of many war-decorated soldiers have also been invited.

 

OBITUARIES

 

1. Harry Potter Actor Robbie Coltrane Dead at the age of 72: Robbie Coltrane, the veteran comic and actor known for his star turns in the British crime series Cracker and the Harry Potter movie franchise, passed away at the age of 72. Coltrane was born Anthony Robert McMillan on March 30, 1950, in Glasgow, Scotland, as the son of a doctor and a teacher.

The career of Robbie Coltrane:

a)      Coltrane’s early TV credits include Flash Gordon, Blackadder and Keep It in the Family. His other comedy credits included series like A Kick Up the Eighties, The Comic Strip and Alfresco as he became a mainstay on British TV screens.

b)      Coltrane’s breakout role was playing Dr. Edward “Fitz” Fitzgerald, an anti-social criminal psychologist with a gift for solving crimes, in Jimmy McGovern’s Cracker series, which ran over 25 episodes between 1993 and 2006. Coltrane won three consecutive BAFTA best television actor awards for that role, sharing a record for most wins in a row.

c)       That performance led Coltrane to roles in two James Bond films, playing Valentin Zukovsky in GoldenEye and The World Is Not Enough. But most know Coltrane from his other big supporting role: Rubeus Hagrid, the giant groundskeeper at Hogwarts School of Witchcraft and Wizardry, in the Harry Potter films, starting with Harry Potter and the Sorcerer’s Stone in 2001.

Daily GK Update- 17th Oct, 2022

NATIONAL UPDATES:

 

1. World Bank Extends Loan of $250 million for SALT Project in Andhra Pradesh: The World Bank has extended an unconditional loan of $250 million to the Supporting Andhra’s Learning Transformation (SALT) project in appreciation of the path-breaking reforms implemented by the state government. The reforms initiated under the SALT project have brought about a paradigm shift in the way education was imparted and the outcomes had been encouraging according to Special Chief Secretary B. Rajasekhar (School Education). Key Points:

a)      The SALT Project is the first project in the school education sector to be funded by the World Bank without any precondition.

b)      Approximately ₹53,000 crores has been spent on school education in the last three years.

c)       In the academic year 2022-2023, more than 40,31,239 children were studying in government schools.

d)      The lack of facilities or the adoption of English medium in government schools is not at all the reason for the number of children decreasing according to Mr. Rajasekhar.

e)      During the occasion, Joint Director of School Education M. Ramalingam and Director of Examinations D. Devendra Reddy were present.

 

2. Himachal Pradesh govt starts new scheme “HIMCAD” to help farmers: The state government of Himachal Pradesh has started a new scheme named ‘HIMCAD’, to provide irrigation facilities to farmers. According to the latest data, about 80% of the agricultural area of Himachal Pradesh is rain-fed. The scheme will provide end-to-end connectivity of farmers’ fields for better water conservation, crop diversification and integrated farming.

About the “HIMCAD” scheme:

a)      Under the scheme, it is planned to provide command area development activities to 23,344 hectares of cultivable command area by March 2024, and the State Technical Advisory Committee has approved 379 minor irrigation schemes worth Rs 305.70 crore. About 80 per cent of the agricultural area of the state is rain-fed.

b)      In order to provide irrigation facilities to the farmers in the state, the government has implemented schemes like Flow Irrigation Scheme, Efficient Irrigation Scheme through Micro Irrigation, Jal Se Krishi Ka Bal, construction of Lift Irrigation Scheme and Borewell etc.

c)       Under the scheme, to provide Command Area Development activities to 23,344 hectares of Cultivable Command Area (CCA) by March 2024, the State Technical Advisory Committee has approved 379 completed Minor Irrigation Schemes worth Rs. 305.70 crores. The development work of these schemes is in various stages.

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

 

3. PM Modi inaugurated 4th Vande Bharat Express in Himachal Pradesh: Prime Minister Narendra Modi inaugurated the fourth Vande Bharat Express Train of India. He also launched a slew of development projects in Himachal Pradesh. PM Modi flagged off the inaugural run of the new Vande Bharat Express Train from Amb Andaura to New Delhi.  He also laid the foundation stone of Bulk Drug Park.

Key Points related to PM Modi’s visit to Himachal Pradesh:

a)      In Chamba district, he laid the foundation stone of two hydropower projects and launched the Pradhan Mantri Gram Sadak Yojana-III in Himachal Pradesh.

b)      Chief Minister of Himachal Pradesh Jai Ram Thakur highlighted the ninth visit of Prime Minister Narendra Modi to Himachal Pradesh in five years.

c)       The Vande Bharat Express Train launched in Himachal Pradesh is much lighter and capable of reaching higher speeds in a shorter duration. The Vande Bharat Express Train will run six days a week except on Wednesday. The stops will include Ambala, Chandigarh, Anandpur Sahib, and Una.

d)      Prime Minister Narendra Modi also dedicated IIIT Una to the Nation where he will lay the foundation stone. IIIT Una will be built at a cost of over Rs 1900 crore.

 

4. CRII: India up six places for reducing inequality, ranks 123 globally: According to the latest Commitment to Reducing Inequality Index (CRII), India has moved up six places to rank 123 out of 161 countries for reducing inequality but continues to be among the lowest performers in health spending. Norway leads the CRII followed by Germany and Australia. The Index which is prepared by Oxfam International and Development Finance International (DFI) measures government policies and actions in three areas proven to have a major impact on reducing inequality. The three areas are public services (health, education, and social protection), taxation and workers’ rights. Performance of India:

a)      India’s overall rank has improved by six points from 129 in 2020 to 123 in 2022. It has moved up 12 places to rank 129 for reducing inequality through progressive spending. The country ranks 16 for progressive taxation, up by three.

b)      Under ranking for minimum wage, India has fallen 73 places due to the country being reclassified as not having a national minimum wage.

c)       Under the ‘Impact of public spending on reducing inequality indicator’, India has moved up 27 places and under ‘Impact of tax on reducing inequality indicator’, India has moved up 33 places.

d)      India is once again among the lowest performers in terms of health spending, having lost 2 places (­2) in the rankings to 157th (or 5th lowest in the world).

e)      India’s health spending is 3.64 per cent of total spending. This is the lowest out of all BRICS and neighbouring countries, the report said. While China and Russia are spending 10 per cent, Brazil is at 7.7 per cent and South Africa is highest at 12.9 per cent.

 

5. 53rd Capacity Building Programme in Field Administration Inaugurated: 53rd Capacity Building Programme in the Field Administration for the Civil Servants of Bangladesh was inaugurated at National Centre for Good Governance (NCGC) at Mussoorie. This institute is the only institute that has trained 1,727 field-level officers of Bangladesh Civil Service such as Assistant Commissioners, SDMs, and Additional Deputy Commissioners. Key Points:

a)      In 2014, the National Center for Good Governance was established by the Government of India.

b)      The center focuses on good governance, policy reforms, training, capacity building, and working as a think tank.

c)       The center has taken up capacity building of civil servants of several foreign countries in partnership with MEA.

d)      Till now, it has imparted training to 15 countries including Bangladesh, Kenya, Tanzania, Seychelles, Gambia, Maldives, Sri Lanka, Afghanistan, Laos, Vietnam, Bhutan, Myanmar, and Cambodia.

e)      The Capacity Building Programme for developing countries’ civil servants aims to equip them with cutting-edge knowledge, skills, and tools to deliver and design effective public policy.

 

INTERNATIONAL UPDATES:

 

1. Indian-American Tulsi Gabbard Exits Democratic Party: Former US Presidential candidate Tulsi Gabbard – who was the first Hindu-American to run for the White House in 2020 announced her exit from the Democratic Party ahead of next month’s midterm elections. Gabbard blamed the party for “racializing every issue in the nation” and denouncing it as the “elitist cabal of warmongers.” The former US Congresswoman was a member of the party for the last 20 years.

About Tulsi Gabbard: Tulsi Gabbard was the first-ever Hindu American to be elected to the US House of Representatives in 2013 from Hawaii and was subsequently elected for four consecutive terms. She was also the first Hindu lawmaker in the US Congress to run for the presidential post in 2020. Known for being a fierce critic of US President Joe Biden, she has slammed him for “pouring fuel on the flames” of the division in the country. Gabbard has also served in a field medical unit of the Hawaii Army National Guard in a combat zone in Iraq from 2004 to 2005. She was then deployed to Kuwait from 2008 to 2009.

 

2. Hollywood actor Tom Cruise became first actor to film in outer space: Hollywood Actor Tom Cruise, who is renowned for pulling off high-octane stunts in his projects, is taking things to the next level and may soon become the first actor to shoot in space. The Top Gun actor has reportedly partnered with director Doug Liman on a project that calls for him to perform a spacewalk. The Hollywood actor and director have reportedly approached the Universal Filmed Entertainment Group (UFEG) with a proposal for Tom to launch himself up to the International Space Station.

 

3. World Trauma Day: 17th October: Every year, October 17 is celebrated as World Trauma Day. The day is observed with a view to prevent the increasing rate of accidents and injuries causing death and disability across the world. The day was created in New Delhi, India, in 2011. This was a result of the high number of deaths caused by road accidents in the country, an estimate of over 400 people lost their lives each day to it. Road Traffic Accident (RTA) is the leading cause of trauma across the world.

 

4. International Day for the Eradication of Poverty: 17th October: International Day for the Eradication of Poverty is observed every year on October 17 globally. It is a day to raise awareness about the global issue of poverty and how it is a violation of human rights and of human dignity. The day also honours the courage of people living in poverty and their everyday struggles. This year’s theme for International Day for the Eradication of Poverty is “Dignity For All in Practice”. The dignity of the human being is not only a fundamental right in itself but constitutes the basis of all other fundamental rights. Therefore, “Dignity” is not an abstract concept: it belongs to each and every one.

International Day for the Eradication of Poverty History: The International Day for the Eradication of Poverty can be traced back to 17 October 1987, to commemorate the victims of extreme poverty, violence and hunger. More than a hundred thousand people gathered at the Trocadéro in Paris. This was where the Universal Declaration of Human Rights was signed in 1948. They declared poverty as a violation of human rights and stated the need to come together and remedy this situation. A commemorative stone was unveiled, with these convictions. Replicas of this commemorative stone have been found around the world, where people gather every year on October 17 to mark this day. On December 22, 1992, the United Nations General Assembly, through resolution 47/196 declared 17 October as the International Day for the Eradication of Poverty.

 

OTHER UPDATES:

 

SPORTS

 

1. 1983 World Cup hero Roger Binny set to replace Sourav Ganguly as BCCI president: India’s 1983 World Cup hero, Roger Binny is set to become the new BCCI president, replacing Sourav Ganguly. Binny will assume charge on October 18, when the BCCI annual general meeting will be held, in Mumbai. Jay Shah will continue as BCCI secretary, the most influential position in the board. Rajiv Shukla will also stay on as the board’s vice president.

Another key appointment:

a)      Along with Binny, there will be two first-timers in the new administration: Ashish Shelar, who served as Mumbai Cricket Association president between 2017 and 2019, will be the treasurer, and Devajit Saikia, currently secretary at Assam Cricket Association, will be the joint secretary.

b)      Arun Dhumal, who is set to take over as the new IPL chairman, a post held since 2019 by Brijesh Patel, the former India batter, who will be forced to vacate the seat as he turns 70 soon [on November 24]. That is the maximum permitted age limit for an office bearer or administrator in the BCCI’s constitution. Dhumal, who became a BCCI functionary during the Ganguly administration, is the brother of former board president Anurag Thakur.

Note: BCCI Headquarters: Mumbai; BCCI Founded:  December 1928.

 

BANKING AND FINANCE

 

1. RBI raises Minimum Capital Requirement for setting up Asset Reconstruction Company (ARC) to Rs 300 cr: The Reserve Bank raised the minimum capital requirement for setting up an asset reconstruction company (ARC) to Rs 300 crore from the existing Rs 100 crore with an aim to strengthen the securitisation sector which plays a vital role in the management of distressed financial assets.

The existing ARCs have been given a glide path to meet the minimum net owned fund (NOF) requirement till April 2026, the RBI said in a circular amending the existing regulatory framework for such entities. “Consequently, any ARC obtaining the certificate of registration on or after the date of this circular shall not commence the business of securitisation or asset reconstruction without having minimum NOF of Rs 300 crore,” the circular said, adding the guidelines are effective immediately.

What Are ARCs: An Asset Reconstruction Company is a specialized financial institution that buys the NPAs or bad assets from banks and financial institutions so that the latter can clean up their balance sheets. Or in other words, ARCs are in the business of buying bad loans from banks. ARCs clean up the balance sheets of banks when the latter sells these to the ARCs. This helps banks to concentrate in normal banking activities. Banks rather than going after the defaulters by wasting their time and effort, can sell the bad assets to the ARCs at a mutually agreed value.

 

2. IDBI Bank Partnered with Vayana Network to Boost Supply Chain Finance: IDBI Bank said that it has agreed to cooperate with Vayana Network as its first fintech partner to provide end-to-end digitization services. According to the bank, this alliance intends to help increase the penetration of supply chain finance in India, which now accounts for only 5% of total outstanding banking assets and less than 1% of the country’s GDP.

The adoption of end-to-end digitalization would allow IDBI Bank to offer comprehensive digital solutions to corporate banking and small business clients. The bank already has an established CMS and e-trade platform. This technology is meant to speed up customer experiences by cutting down on paperwork and transaction processing time.

Supply Chain Finance: Supply chain finance (SCF) is a term describing a set of technology-based solutions that aim to lower financing costs and improve business efficiency for buyers and sellers linked in a sales transaction. SCF methodologies work by automating transactions and tracking invoice approval and settlement processes, from initiation to completion.

 

3. South Indian Bank bagged World Book of Records for ‘101 Oonjals’: South Indian Bank bagged a world record for staging and swinging the highest 101. The South Indian Bank has organized an event ‘Onnichirikkam Oonjaladam’ and was accoladed with the World Book of Records award for ‘staging and swinging 101 Oonjals’. The event ‘Onnichirikkam Oonjaladam’ saw people gathered in large numbers to celebrate unity and prosperity during the ongoing festival season. Swings were made using wood and rope in the traditional way.

The World Book of Records team presented the Award to South Indian Bank officials. All 101 swings were staged and swung together by the people. There was happiness and togetherness during the event. An Oonjal is a sturdy rectangular plank suspended by iron link chains hooked to the ceiling of a hall or balcony. Oonjals are a part of a ritual at the weddings of a section in Tamil Nadu. In Kerala, the swinging tradition forms an integral part of Onam festivities.

Note: South Indian Bank Founded: 1928; South Indian Bank Headquarters: Thrissur; South Indian Bank CEO: Murali Ramakrishnan.

 

BUSINESS AND ECONOMY

 

1. Retail Inflation Highest Since April Stands At 7.41%: India’s retail inflation accelerated to 7.41 per cent in September from a year ago on higher food and energy costs, the highest since April and above the upper end of the RBI’s 2-6 per cent tolerance band in each month this year. Data released by the National Statistics Office showed consumer price index-based inflation (CPI) in September rising to 7.41 per cent from a year ago, compared to August’s 7 per cent.

The latest reading will pressure the RBI to accelerate policy tightening further, even at the cost of the economy, after raising its key repo rate to a three-year high of 5.9 per cent in four increments this year to tame surging prices. That suggests the central bank would need to act more aggressively and mirror the policy path of major central banks in the West — fight inflation at any cost, including a recession — despite RBI Governor Shaktikanta Das’ statement that the policy was aimed to control inflation while minimising any impact on economic growth.

 

2. Edutech Adda247 raised $35 million led by WestBridge Capital, Google: Metis Eduventures Pvt. Ltd, which runs the vernacular test preparation platform, Adda247 has raised $35 Million in a round led by WestBridge Capital. The funding round also saw Google joining as a new investor and participating from existing investors Info Edge and Asha Impact. The company plans to use the fresh capital to enhance its tech and product profile, expand its student counselling team, and hire for some key leadership roles. The aim is to go deeper into the vernacular test preparation category.

About the edutech platform Adda247:

a)      The edutech platform offers content in over 12 vernacular languages, including English, Hindi, Tamil, Telugu, Marathi, Assamese, Bengali, Malayalam and Bhojpuri, for more than 500 government exams.

b)      Adda247 offers live-video classes, on-demand video courses, mock tests and books focused on government exams. It claims to have around 22 million monthly active users and two million paid users.

c)       The company is technology based providing education online to students and providing study material on government jobs. Recently, the company is also providing Bank exams, Staff Selection Commission Exams (SSC), Railways, Teaching exams & Defence exams to users.

d)      The company also focused on high-quality content and customer satisfaction so Adda 247 updated new features in the app. The company delivers the study material at multiple platforms such as Adda 247 android app, Adda247 youtube channels, Currentaffairs adda.com, bankersadda.com, SSCadda.com, teachersadda.co.in, and career power.

Note: Adda247 CEO: Anil Nagar; Adda247 COO: Saurabh Bansal; Adda247 Headquarters: Gurugram, Haryana; Adda247 Established: 2016.

 

3. Google launches Play Points Rewards Programme in India: Google is set to launch Play Points, a global rewards Programme for users in India. Users will earn points when they purchase with Google Play, including in-app items, apps, games, and subscriptions. The reward program has four levels known as platinum, gold, silver, and bronze. The levels will provide members with perks and prizes. The levels and tiers are based on the number of points they have collected. Key Points:

a)      The users can redeem the points awarded in the Play Store.

b)      Google has partnered with developers of popular apps and games across the world to help users to redeem their points on special in-app items.

c)       Google Play in partnership with more than 30 titles that include games from global studios like Miniclip, in India.

d)      It has also partnered with local studios like Gammation, Gameberry labs, Truecaller, etc.

e)      The Play Points by Google is available in 28 countries and Google claims that more than 100 million people find value in the program.

f)        Google Play Points will also provide local developers a new avenue to build a local and global user base. This will help them to engage their user, drive discovery, and acquire users across markets that have Google Play Points.

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.