Daily GK Update- 29th July, 2022

 

NATIONAL UPDATES:

 

1. Tamil Nadu govt rolls out ‘Chief Minister’s Breakfast Scheme’: Tamil Nadu government has issued an order to implement the first phase of the Chief Minister’s Breakfast Scheme at 1,545 government primary schools for the benefit of over 1.14 lakh children in Classes I-V during 2022-23. The cost would be Rs. 33.56 crores. Breakfast consisting of a meal with sambar and vegetables will be provided to children in all working schools. About the scheme:

a)      Every student is to be provided a 150-500 gram breakfast with sambar with vegetables. On two days, the breakfast will be made of millets.

b)      More than 43,600 students studying in schools in Municipal Corporations, more than 17,400 studying in those in Municipalities, more than 42,800 in village panchayat limits and more than 10,100 students in remote and hilly areas would benefit under the scheme, which is said to be “first-of-its-kind in the country.”

c)       The noon meal scheme saw improvements and it evolved into the nutritious meal scheme. The food scheme for school children is set to move up to the next level now in his party-led government’s tenure.

Note: Tamil Nadu Capital: Chennai; Tamil Nadu Chief Minister: MK Stalin; Tamil Nadu Governor: RN Ravi.

 

2. India’s first all women-run cooperative bank coming up in Rajasthan: The first all-women-run financial institution in the cooperative sector is coming soon in Rajasthan following a memorandum of understanding (MoU) has signed with the Telangana government’s Stree Nidhi Credit Cooperative Federation. The new body will promote women’s empowerment by supporting their enterprises. The Rajasthan Mahila Nidhi will be set up on the lines of the Stree Nidhi of Telangana. The MoU was signed between Rajasthan Grameen Ajeevika Vikas Parishad’s (Rajeevika) Mission Director Manju Rajpal and Stree Nidhi Managing Director G. Vidya Sagar Reddy in the presence of Rural Development Minister Ramesh Chand Meena.

About the Mahila Nidhi: Mahila Nidhi will strengthen the women’s self-help groups in the State by extending timely loan facilities for their enterprises. The institution will be operated entirely by women and will act as a complementary body to the formal banking system. It is also expected to bring down the number of loan applications pending in the banks.

Note: Rajasthan Governor: Kalraj Mishra; Rajasthan Capital: Jaipur; Rajasthan Chief Minister: Ashok Gehlot.

 

3. In three years, India lost 329 tigers, 29 of which were killed by poachers: Govt: According to a government report, 329 tigers in India perished in the past three years as a result of poaching, natural disasters, and other factors. The poaching, electrocution, poisoning, and train accidents contributed to the deaths of up to 307 elephants over this time. 96 tigers perished in 2019, 106 in 2020, and 127 in 2021, according to data presented by Union Minister of State for Environment Ashwini Kumar Choubey. Key Points:

a)      68 tiger fatalities were due to natural causes, five were due to unnatural causes, 29 were due to poaching, and 30 were due to “seizure.”

b)      The deaths of 197 tigers in all are being investigated.

c)       The data showed that the number of poaching instances decreased with time, going from 17 in 2019 to 4 in 2021.

d)      125 people have died in “tiger attacks” over this time, including 61 in Maharashtra and 25 in Uttar Pradesh, according to the figures presented by the Minister.

About Government Report:

a)      222 elephants have died from electrocution in the last three years. Odisha, Tamil Nadu, and Assam, respectively, reported 41, 34, and 33 such deaths.

b)      Train accidents have claimed the lives of 45 elephants. There were 12 and 11 of these fatalities in Odisha and West Bengal, respectively.

c)       The data showed that during the period, 11 elephants died from poisoning, including nine in Assam, while 29 elephants perished as a result of poaching, including 12 in Meghalaya and seven in Odisha.

 

4. Anurag Thakur released books showcasing pictures of President Kovind his predecessors: Anurag Thakur released books showcasing pictures of President Kovind his predecessors_40.1

Union Information and Broadcasting Minister Anurag Thakur has released three books showcasing some of the rarest photographs of outgoing President Ram Nath Kovind and his predecessors. The books were released during a function at the Rashtrapati Bhavan and their first copies were presented to President Ramnath Kovind in the presence of president-elect Droupadi Murmu, Vice President M Venkaiah Naidu and Prime Minister Narendra Modi.

About the 3 books:

a)      First Book: ‘Moods, Moments and Memories…’ has a collection of rarely seen images of the former presidents of India from 1950-2017.

b)      Second Book: ‘The First Citizen’ has pictorial records of President Kovind’s term.

c)       Third Book: ‘Interpreting Geometries – Flooring of Rashtrapati Bhavan’ documents and analyses the intricate play of geometry applied to evolve the unique flooring patterns in the Rashtrapati Bhavan.

 

INTERNATIONAL UPDATES:

 

1. World Airport Traffic Dataset 2021: New Delhi among top 20 busiest airports: The Airports Council International (ACI) World has released the annual World Airport Traffic Dataset to reveal the global air traffic rankings of the top 20 aviation industries for the full year 2021. The World Airport Traffic Dataset is the industry’s most comprehensive airport statistics dataset featuring airport traffic for over 2,600 airports in more than 180 countries and territories. It provides a view of air transport demand across the world’s airports in three areas: passengers (international and domestic), air cargo (freight and mail) and aircraft movements (air transport movements and general aviation).

Important Points of the report:

a)      Hartsfield-Jackson Atlanta International Airport (ATL) has topped the 2021 Ranking with 7.6 crore passengers in terms of passenger footfall in the year 2021.

b)      From India, the Indira Gandhi International (IGI) Airport in New Delhi has been ranked among the top 20, as the 13th busiest airport. IGIA witnessed 3.7 crore passenger footfall in 2021, which is 30.3% more than 2.8 crore in 2020 when IGI was ranked 16th.

c)       The list of top 20 busiest airports represents 19% of global traffic (863 million passengers).

d)      The ranking provides a view of air transport demand across the world’s airports in three areas: passengers (international and domestic), air cargo (freight and mail) and aircraft movements (air transport movements and general aviation).

Note: Airports Council International Headquarters location: Montreal, Canada; Airports Council International Founded: 1991.

 

2. Monkeypox vaccine IMVANEX approved by European Commission: European Commission has given permission for the Imvanex vaccine to be marketed as protection against Monkeypox, as recommended last week by the European Medicines Agency (EMA). Globally, over 16,000 cases of monkeypox have been reported from 75 countries. This vaccine is developed by Danish biotechnology company Bavarian Nordic. Important points of Imvanex vaccine:

a)      Imvanex is a non-replicating smallpox vaccine developed in collaboration with the U.S. government to ensure the supply of a smallpox vaccine for the entire population, including immunocompromised individuals.

b)      The vaccine gained regulatory approvals in Canada (marketed as Imvamune) and the U.S. (marketed as Jynneos) where the approvals have been extended to include the monkeypox indication as the only vaccine obtained this to-date.

c)       The vaccine was approved by the European Commission in 2013 for immunization against smallpox in adults aged 18 years and older.

d)      Imvanex can be used as active immunisation against smallpox, monkeypox and disease caused by the vaccinia virus in adults.

 

3. International Tiger Day: 29th July: International Tiger Day is observed globally on 29th July every year. The day is celebrated to raise awareness among individuals, organisations, and governments about the importance of the conservation of tigers. This day aims to encourage all to take appropriate action to save the wild cats. As per World Wildlife Fund, approximately 95 per cent of the population of tigers has declined in the last 150 years. This year’s theme for International Tiger Day 2022 is “India launches Project Tiger to revive the tiger population”. They support initiatives that collaborate with regional people to safeguard tigers and also take strong action against poaching and illegal trade.

International Tiger Day History: International Tiger Day was introduced in 2010 after it was discovered that 97 per cent of tigers had disappeared in the past century, with only about 3,000 remaining. Since tigers were on the verge of extinction, a number of countries signed an agreement at the Saint Petersburg Tiger Summit in Russia to prevent the situation from worsening. Tigers are found in only 13 countries of the world, while 70 per cent of its tigers are in India only.

Note: World Wildlife Fund Headquarters: Gland, Switzerland; World Wildlife Fund Founded: 29 April 1961; World Wildlife Fund Director: Marco Lambertini (Director General); World Wildlife Fund Founders: Prince Philip, Duke of Edinburgh.

 

OTHER UPDATES:

 

SPORTS

 

1. Swiss Open 2022: Casper Ruud defeats Matteo Berrettini in the finals: Norway’s Casper Ruud has won the Swiss Open Tennis Tournament 2022 held in Gstaad, Switzerland. He defeated Italy’s Matteo Berrettini in the final by 4-6, 7-6(4), 6-2. It was Ruud’s 9th Association of Tennis Professionals (ATP) title. The Swiss Open is Ruud’s 3rd title in 2022, the other two titles are Buenos Aires and Geneva Open. Ruud had also won the 2021 Swiss Open title. Ruud snaps the 12-match unbeaten streak of Berrettini, who lifted trophies in Stuttgart and London earlier this year. It was Casper Ruud 9th ATP Title. Earlier this year, Ruud finished as the runner-up at the French Open, losing to Spanish ace Rafael Nadal.

 

2. Mastercard set to replace Paytm as BCCI title sponsor: Mastercard is all set to replace Paytm as the title sponsor for all international and domestic cricket matches organised by the Board of Control for Cricket in India (BCCI). Paytm held the rights till the end of 2023. Paytm requested BCCI to assign its India Home Cricket title rights to credit card major Mastercard. Paytm had reportedly missed the July deadline to request a reassignment. However, BCCI has been willing to consider its delayed request due to their ‘long standing’ relationship.

Mastercard will reportedly be assigned the rights till 2023, as per the original terms of the Paytm deal and will continue to pay INR 3.8 Cr per match. Paytm, on the other hand, will have to pay a re-assignment fee of around INR 16.3 Cr – 5% of the original deal value (INR 326.8 Cr).

Note: Mastercard Founded: 16 December 1966, United States; Mastercard Headquarters: New York, United States; Mastercard CEO: Michael Miebach; Mastercard Executive Chairman: Ajay Banga.

 

BANKING AND FINANCE

 

1. RBI permitted bidders for IDBI Bank to own more than 40%: The Reserve Bank of India (RBI), as perceived by the Union Government and Life Insurance Companies (LIC), has reportedly accepted the center’s request to permit non-financial institutions and unregulated entities to own more than 40 percent stake in IDBI Bank and to sell between 51 and 74 percent of the lender through a strategic divestment process. Key Points:

a)      As the Union government and Life Insurance Corporation (LIC) look to sell 51–74% of the lender through the strategic divestment process, the Reserve Bank of India (RBI) has agreed to the Centre’s request to permit non-financial institutions and non-regulated entities to own more than 40% of IDBI Bank.

b)      Through a tactical divestiture, the government and LIC intend to sell 51–74 percent of the lender.

c)       According to the person, the banking regulator had notified that, at the center’s request, it would permit unregulated organisations to acquire more than 40% of IDBI Bank.

 

BUSINESS AND ECONOMY

 

1. Nifty Next 50 ETF and Nifty 100 ETF introduced by HDFC Mutual Fund: In an effort to broaden its selection of HDFC MF index solutions, HDFC Mutual Fund has announced the introduction of HDFC Nifty Next 50 ETF and HDFC NIFTY 100 ETF. These funds provide exposure to the large-cap market in India. The asset management firm claims that the HDFC Nifty Next 50 ETF’s benchmark, the Nifty Next 50 Total Returns Index (TRI), offers benefits for stock and sector diversification as well as the possibility for longer-term greater risk-adjusted returns compared to the Nifty 50. Additionally, this index has a greater chance of growth because it can include members of the NIFTY 50’s upcoming league. Key Points:

a)      By concentrating on the top 100 firms based on entire market capitalization, the benchmark of HDFC Nifty 100 ETF—Nifty 100 TRI—offers exposure to the Indian large-cap area and improves market representation.

b)      While tracking the behaviour of the combined portfolio of the Nifty 50 and Nifty Next 50 Indices, it offers more balanced diversification than the Nifty 50 Index.

c)       The funds’ primary goal is to offer investment returns that, subject to tracking errors, closely match the total returns of the stocks represented by the Nifty Next 50 Index and Nifty 100 Index, respectively, before expenses.

Note: Managing director and chief executive officer, HDFC Asset Management Co. Ltd.: Navneet Munot

 

DEFENCE

 

1. iDEX-DIO of Ministry of Defence signs its 100th contract for innovation: iDEX inked its 100th contract with Pacify Medical Technologies Pvt Ltd in New Delhi. The initiative iDEX (Innovations for Defence Excellence), described as the Ministry of Defence’s (MoD) centrepiece for technical innovation, was introduced by Prime Minister Narendra Modi in April 2018. The purpose of iDEX was to support start-ups by giving them a venue for co-creation and co-development in the fields of defence and aerospace technologies. Key Points:

a)      The “Defence Innovation Organization” (DIO), which is a “not for profit” organisation in accordance with Section 8 of the Companies Act 2013, finances and oversees iDEX.

b)      The two largest DPSUs in the defence sector, Hindustan Aeronautics Ltd. (HAL) and Bharat Electronics Ltd. (BEL), are its founding members.

c)       It is encouraged for defence start-ups and micro, small, and medium-sized businesses (MSMEs) to offer technology solutions to practical issues that the military occasionally presents as “challenges”.

d)      Technology-viable innovations are taken into account for funding and acceptance of necessity (AoN) status, which opens the door to the military’s potentially lucrative procurement pipeline.

e)      These high-tech development programmes typically receive single-digit or double-digit amounts under the “technology development” section of the defence budget.

Defence Minister Grant for Weapons: The defence ministry approves plans for purchasing weapons worth Rs 28,732 billion.

a)      Bullet-resistant Level BS VI protection jackets.

b)      400,000 CQB carbines for close-quarters combat.

c)       AoN granted for drone swarms and surveillance.

d)      14 Fast Patrol Vessels (FPVs) having 60% Indian material for the coast guard.

e)      Upgraded 1,250 KW marine gas turbine for destroyers of the Kolkata class.

 

OBITUARIES

 

1. Eminent Assamese writer Atulananda Goswami passes away: Veteran Assamese litterateur and winner of the Sahitya Akademi Award, Atulananda Goswami, has passed away. He was 87. Goswami was known as a short story writer, a litterateur and a novelist par excellence. He was awarded the Sahitya Academy award in 2006, for his novel ‘Seneh Jorir Ganthi’ in 2006. Some of his other notable works include ‘Namgharia’ ‘Hamdoi Pulor Jon’, ‘Rajpaat’, ‘Polatok’ and ‘Ashray’. He had translated many English, Bengali and Odia works into Assamese, and also Assamese texts into English.

 

2. Northern Irish Nobel Peace Prize Winner David Trimble passes away: Former Northern Irish first minister David Trimble, a pro-British leader who won the Nobel Peace Prize in 1998 for his role as a key architect in ending three decades of bloodshed in the region, has passed away at the age of 77. Trimble and John Hume, former leaders of the Catholic Social Democratic and Labour Party, jointly received the Nobel Peace Prize in 1998 for their roles in helping end the sectarian violence that claimed some 3,600 lives.

 

3. Oscar-nominated director Bob Rafelson passes away: Bob Rafelson, co-creator of ‘The Monkees’ and Director of the film ‘Five Easy Pieces’ has passed away. Five Easy Pieces earned Rafelson two Oscar nominations, for best picture and screenplay in 1971. He co-created the Monkees and the TV series of the same name, winning him an Emmy Award for Outstanding Comedy Series alongside Bert Schneider in 1967. Rafelson directed several episodes and served as a producer and EP. He also received writing credits on two shows.

Daily GK Update- 28th July, 2022

NATIONAL UPDATES:

 

1. Union Cabinet adopts a $1.6 billion BSNL revitalization plan: Shri Ashwini Vaishnaw, the Union Minister of Railways, Communications, Electronics and Information Technology, said that the Union Cabinet approved the Rs. 1.64 lakh crore revival package for Bharat Sanchar Nigam Limited (BSNL). Package announced by the government in 2019 has contributed to stabilising BSNL’s financial situation.  Key Points:

a)      Revenue that was declining has stabilised at Rs 19,000 crore thanks to a resuscitation package that the union cabinet authorised.

b)      The proposed package includes three components: (1) Better services; (2) A de-stressed balance sheet and (3) Fibre network development.

c)       The cabinet has accepted a proposal to convert Rs 33,000 crore in statutory dues into equity as part of the de-stressing of the balance sheet, and an equal amount of bank loans will be repaid through the issuance of low-interest bonds.

d)      A plan to combine BSNL and Bharat Broadband Network Limited (BBNL) was also approved by the federal cabinet.

e)      Through this merger, BSNL would have access to 5.67 lakh kilometres of extra optical fibre that have been installed throughout 1.85 lakh village panchayats nationwide with the help of the country’s Universal Service Obligation Fund (USOF).

f)        BSNL now operates an optical fibre cable network that spans more than 6.83 lakh kilometres.

 

2. Haryana CM Manohar Lal Khattar launched ‘Smart E-Beat’ system for Gurugram police: Haryana Chief Minister, Manohar Lal Khattar has launched an app-based ‘Smart E-Beat’ system for police attendance and real-time monitoring of patrolling by personnel in Gurugram. CM Khattar launched the system at an event at the office of the Commissioner of Police and flagged off 119 motorcycle police riders connected with it. The app-based system has been introduced in Gurugram under the Smart Policing Initiative (SPI) and it will help these policemen to mark their attendance and in the monitoring of their rides.

About the Smart E-Beat system: The Smart E-Beat system would cover the area of all the 33 police stations located in the urban area of Gurugram. As many as 119 motorcycle riders will be deployed, and 714 policemen will give duty on the rider in three shifts a day, Gurugram Police has identified 2,056 sensitive locations in the city, which mainly include ATMs, petrol pumps, residences of senior citizens, schools, colleges, religious places, and crime-affected areas for monitoring.

Note: Haryana Governor: Bandaru Dattatreya; Haryana Capital: Chandigarh; Haryana Chief Minister: Manohar Lal Khattar.

 

3. To Establish Center of Excellence for MSME, NSIC and LG Electronics sign an agreement: In the presence of Shri Narayan Rane, Honorable Cabinet Minister, Shri Bhanu Pratap Singh Verma, Honorable Minister of State, Shri B. B. Swain, Secretary MSME, Shri P. Udayakumar, CMD, NSIC, and Shailesh Kumar Singh, AS&DC, National Small Industries Corporation (NSIC) signed an agreement with LG Electronics India Pvt Ltd. and the Electronics Sector Skills Council of India (ESSCI).

Key Points: The goal of this project is to train underprivileged youth in the fields of consumer electronics and appliances. LG Electronics and the Electronics Sector Skills Council of India (ESSCI) will establish a “Centre of Excellence” at NSIC – Technical Services Center. This will give young people new opportunities in the field of electronics and produce skilled labour for jobs in this industry. 600 youths would be served each year in the first year.

About NSIC Role: Along with the sector skills council, the NSIC will assist graduates in finding employment at job fairs, and LG Electronics will give them preference for positions over graduates of the NSIC’s Technical Services Center (Okhla) programme. The NSIC Technical Services Center, Okhla, has taken the lead in educating young people through entrepreneurship-based training programmes and numerous skill-based training courses. The training programmes offered are market- and industry-focused.

 

4. In Bhopal, Delhi Airport, Kandla Port, and Bengaluru Metro, TRAI testing 5G: 5G spectrum auctions are currently taking place in India. The Telecom Regulatory Authority of India (TRAI) has stated that it has begun pilot testing the 5G network at selected areas around the nation in advance of the spectrum auction. TRAI has been testing the 5G network at four different sites around the nation. These places are Namma Metro in Bengaluru, Namma Port Kandla near Kutch in Gujarat, Bhopal Smart City, GMR International Airport in New Delhi, and Bhopal Smart City. Key Points:

a)      These 5G readiness tests were carried out by BSNL, Vodafone Idea, Reliance Jio, and Bharti Airtel.

b)      Bhopal, pilot testing was done at eleven different places. As a result, Bhopal is the first smart city in India to test the functionality of street furniture such as traffic signal poles, street light poles, smart poles, billboards, direction boards, road signage, foot over bridges, and city bus shelters on 5G networks.

c)       The Deendayal Port in Kandla near Kutch and GMR International Airport in New Delhi have now been designated as the nation’s first port and airport, respectively, to test 5G readiness.

d)      Bengaluru’s Namma Metro has become the nation’s first metro rail system to test 5G readiness. The MG Road Metro station in Nama Metro Bengaluru was chosen as the primary station to focus on 5G coverage at street level, in its concourse area, platform, and tracks on both sides.

 

INTERNATIONAL UPDATES:

 

1. Russia decides to leave the International Space Station after 2024: President Vladimir Putin was informed by the newly appointed head of Moscow’s space agency that Russia has made the decision to leave the International Space Station after 2024. The declaration comes amid heightened hostilities between Moscow and the West over Moscow’s military action in Ukraine and several rounds of previously unheard-of sanctions against Russia.

The International Space Station (ISS), which has been in orbit since 1998, has been jointly developed by Russia and the United States. One of the few areas where cooperation between Russia, the United States, and its allies had not been ruined by tensions over Ukraine and other issues up until now was space exploration. One of the Soviet space program’s major achievements and a significant source of national pride in Russia is the launch of the first satellite in 1957 and the sending of the first man into space in 1961.

Note: Roscosmos Chief: Yury Borisov

 

2. World Nature Conservation Day: 28th July: World Nature Conservation Day is observed on July 28 every year. The objective is to spread awareness regarding the preservation of nature and biodiversity for a healthy environment which is required for stable and prospering humankind. It is also marked as the day to create positive opinions about climate change. World Nature Conservation Day acknowledges that a healthy environment is a foundation for a stable and healthy society. This year World Nature Conservation Day will be celebrated under the theme “Cut Down on Plastic.”

 

3. World Hepatitis Day: 28th July: World Hepatitis Day is observed each year on 28 July to raise awareness of viral hepatitis, which causes inflammation of the liver that leads to severe disease and liver cancer. This day is an opportunity to step up national and international efforts on hepatitis, encourage actions and engagement by individuals, partners and the public and highlight the need for a greater global response as outlined in the WHO’s Global hepatitis report of 2017. The theme for world hepatitis day 2022 is ‘Bringing hepatitis care closer to you.’ The main theme is to focus on raising awareness of the need to make hepatitis care more accessible.

World Hepatitis Day History: The World Health Organisation launched a campaign to make the world free of hepatitis. The World Hepatitis Alliance was founded in the year 2007 and the first community-organized World Hepatitis Day was observed in 2008. The date of 28 July was chosen because it is the birthday of Nobel-prize-winning scientist Dr Baruch Blumberg. It was in the year 1967 that Baruch Samuel Blumberg discovered the Hepatitis B virus.

 

OTHER UPDATES:

 

SPORTS

 

1. AR Rahman unveils anthem ‘Vanakkam Chennai’ for 44th International Chess Olympiad: Grammy and Oscar-winning music composer, AR Rahman has come up with the ‘Vanakkam Chennai’ (Welcome Anthem) for the upcoming International Chess Olympiad, 2022. Directed by Vignesh Shivan, the music video features chief minister MK Stalin, grandmaster Vishwanathan Anand, and music maestro AR Rahman, who has composed and sung the theme song. The music video also features director Shankar’s daughter as a Bharatanatyam artiste. The terrific music video has been praised by netizens for showing the culture of Tamil Nadu impressively.

About the 44th International Chess Olympiad:

a)      This year, the Fédération Internationale des Échecs will organise the 44th International Chess Olympiad in Chennai, the capital of Tamil Nadu.

b)      The 44th International Chess Olympiad, the world’s biggest chess event, will be held at Poonjeri Village in Mamallapuram from July 28 to August 10. The venue is a UNESCO heritage site, located about 50 kilometres from Chennai, Tamil Nadu.

c)       The prestigious chess tournament has generated tremendous buzz on social media. The hype around the event is growing with each update on social media.

 

2. India will host ICC Women’s ODI World Cup 2025: International Cricket Council (ICC) has confirmed that India will host the ICC Women’s ODI World Cup 2025. BCCI will leave no stone unturned to make it a memorable event for everyone concerned. The infrastructure is in place and will have a very successful edition of the World Cup. The hosts were selected via a competitive bidding process overseen by a Board sub-committee chaired by Martin Snedden along with Clare Connor, Sourav Ganguly and Ricky Skerritt. The ICC Board accepted the recommendations of the committee who conducted a thorough review of each bid along with ICC management. India, Bangladesh, England and Sri Lanka were named as the four hosts for ICC women’s white-ball events from 2024-27.

Other ICC Women’s tournaments hosts:

a)      Bangladesh will host the 2024 Women’s T20 World Cup, while the 2026 edition will be held in England.

b)      Sri Lanka has secured hosting rights for the Women’s T20 Champions Trophy, slated for 2027, provided it qualifies for the event.

 

BANKING AND FINANCE

 

1. HDFC Bank to be among global top 10 banks after merger: According to Times of India report, HDFC Bank will be among the world’s top 10 most valuable banks after its merger with the parent, mortgage lender Housing Development Finance Corporation (HDFC), at the current valuations and will also be the first Indian bank to make it to the Top 10 club. The combined market cap of HDFC Bank and HDFC would be around USD 160 billion. Key Points:

a)      HDFC Bank is worth more than DBS Group and UBS (both valued at around $58 billion). The country’s largest lender State Bank of India ($57 billion) is at number 32 ahead of BNP Paribas ($55 billion) in terms of valuation.

b)      HDFC Bank is a systemically important bank in India along with SBI and ICICI Bank.

c)       Recently in April, RBI approved HDFC Bank’s proposed merger with parent and mortgage lender Housing Development Finance Corp Ltd (HDFC).

Note: HDFC Bank Ltd MD & CEO: Sashidhar Jagdishan; HDFC Bank Ltd Establishment: 1994; HDFC Bank Ltd Headquarters: Mumbai, Maharashtra; HDFC Bank Ltd Tagline: We Understand Your World.

 

BUSINESS AND ECONOMY

 

1. IMF cuts Indian economic growth forecast by 80 bps to 7.4%: The International Monetary Fund (IMF) has slashed India’s growth forecast for 2022-23 (FY23) by 80 basis points to 7.4 per cent from 8.2%, citing less favourable external conditions and rapid policy tightening by the central bank. However, despite the growth downgrade, India will remain one of the fastest growing major economies in the world in 2022-23 and 2023-24. Only Saudi Arabia, estimated to grow 7.6% in 2022, is expected to outpace India. However, growth in the Kingdom is expected to slow to 3.7% in the following year. The Global prospect:

a)      In comparison, China’s growth is estimated to slow to 3.3% in 2022 from 4.4% estimated earlier by IMF.

b)      Other emerging markets and developing economies, including Russia, South Africa, and Brazil, saw an upward revision in their economic forecasts on improved outlook. The IMF also cut the global growth outlook and warned that the world may soon be on the brink of a recession.

c)       Global economic expansion will likely slow to 3.2% this year, slower than the 3.6% forecast by the fund in April.

Note: IMF Formation: 27 December 1945; IMF Headquarters: Washington, D.C., United States; IMF Member Countries: 190; IMF MD: Kristalina Georgieva.

 

2. Nokia awards Wipro a five-year contract for digital transformation: Wipro Ltd., a company with its headquarters in Bengaluru, announced the signing of a new, five-year contract for digital transformation with Nokia of Finland. The new contract expands on a connection that was first formed more than 20 years ago. Wipro will provide business services in support of Nokia‘s updated operating model, putting a special emphasis on process optimization, touchless processing, and improved user and customer experience across order management, supply chain, finance, and accounting operations.

Note: Wipro Founder: H. Hasham Premji; Wipro CEO: Thierry Delaporte; Wipro Chairman: Azim Premji

Nokia Founder: Fredrik Idestam, Eduard Polón and Leo Mechelin; Nokia Chairman: Sari Baldauf; Nokia Headquarter: Espoo, Finland

 

AWARDS AND HONOURS

 

1. Professor Kaushik Rajashekara won Global Energy Prize 2022: Indian-origin professor of engineering at the University of Houston, Kaushik Rajashekara has won the prestigious Global Energy Prize. Rajashekara was given the award in the New Ways of Energy Applications category for his contributions to transportation electrification and energy efficiency technologies while reducing power generation emissions. The awarding ceremony will be held during Russian Energy Week in Moscow on October 12-14.

Only three people in the world were selected this year for the honour, bestowed by the Global Energy Association, out of a record 119 nominations from 43 countries. Rajashekara is joined as a 2022 laureate by Viktor Orlov, chief specialist of the Centre for Innovative Technologies (Rosatom in Russia) and pioneer in thermonuclear physics; and Mercouri Kanatzidis, professor of chemistry and materials science at Northwestern University and senior researcher at the Argonne National Laboratory.

 

DEFENCE

 

1. Indian Army received locally developed QRFV from Tata Advanced Systems: Tata Advanced Systems successfully delivered the locally developed Quick Reaction Fighting Vehicle to the Indian Army. The contract to provide QRFV-Med vehicles to the Indian Army was successfully completed. These armoured vehicles will increase the nation’s protector’s ability to fight in all weather and terrain situations and will offer protection while moving. Key Points:

a)      These vehicles will improve the Indian Army’s operational capability during future battles.

b)      In the last four years, from 2018–19 to 2021–22, the expenditure on defence procurement from foreign sources decreased from 46% of the total expenditure to 36% as a result of the steps implemented by the Centre to promote the manufacture of indigenous defence equipment.

c)       The initial group of QRFV was inducted by former Chief of Army Staff General MM Naravane.

d)      The QRFV, Infantry Protected Mobility Vehicle (IPMV), Ultra Long Range Observation System, Monocoque Hull Multi-Role Mine-Protected Armoured Vehicle, and Ultra Long Range Observation System were all introduced by the Army Chief.

Note: Chief of Army Staff: General Manoj Pande; Defence Minister of India: Rajnath Singh

Daily GK Update- 27th July, 2022

 

NATIONAL UPDATES:

 

1. GoI Designates 5 New Ramsar Sites, taking total number to 54: Five new wetlands of International importance have been designated in India. With this, the total number of Ramsar sites in the country have been increased from 49 to 54 Ramsar sites.

The five newly designated wetlands are:

a)      Karikili Bird Sanctuary, Tamil Nadu

b)      Pallikaranai Marsh Reserve Forest, Tamil Nadu

c)       Pichavaram Mangrove, Tamil Nadu

d)      Pala wetland, Mizoram

e)      Sakhya Sagar, Madhya Pradesh.

Ramsar Site: A Ramsar Site is a wetland site designated to be of international importance under the Ramsar Convention. The name Ramsar comes from the Ramsar City of Iran, where this treaty was signed. The Convention on Wetlands is also known as the Ramsar Convention. It is an intergovernmental environmental treaty established in 1971 by UNESCO and came into force in 1975. Wetlands declared as Ramsar sites are protected under strict guidelines of the convention.

 

2. IIT Kanpur launched NIRMAN Accelerator Program: Startup Incubation and Innovation Centre (SIIC) at IIT Kanpur has launched “NIRMAN” Accelerator Programme, supported by the department of science and technology, the government of India. The programme will focus on the manufacturing startups engaged in healthcare and agriculture domains to help them overcome the challenges from their prototype-to-market journey.

A total of 15 startups will be selected under the programme. They will be given the opportunity to accelerate their product’s journey from lab to market. The best performing startups among the cohort of 15 startups will receive a cash award of up to ₹10 Lakh.

About the programme: The 6-month-long programme will be devised into four segments: principles of product growth, engineering acceleration, navigating the compliance puzzle and leading to next-stage growth. The programme will offer knowledge workshops, one-on-one mentoring support, diving deep into customised support for clinical validation, and business and investor connections. The programme has started accepting applications and it will be on till August 5.

 

3. Prime Minister to lay the cornerstone for the IFSCA’s Gujarat headquarters: Gujarat’s IFSCA (International Financial Services Centres Authority) Headquarters Building will officially break ground thanks to Prime Minister Narendra Modi. IFSCA is the centralised regulatory body in India’s international financial services centres for the creation and supervision of financial products, financial services, and financial institutions.

As a symbol of the expanding importance and stature of Gujarat International Finance Tec, GIFT as a preeminent international financial centre, the IFSCA headquarters building was designed as an iconic landmark. The Prime Minister will open India’s first international bullion exchange in GIFT-IFSC, the India International Bullion Exchange.

Importance of IFSCA:

a)      To accelerate the financialization of gold in India, this will enable effective price discovery with the certainty of ethical sourcing and quality.

b)      This will enable India to reclaim its proper position in the world bullion market and provide trustworthy and high-quality services to the global value chain.

c)       This will also reaffirm the federal government’s commitment to allowing India, as a major consumer, to have a say in the direction of world bullion prices.

 

4. Kerala will start taking steps to ensure every citizen fully digitally literate: Kerala government has made the decision to start initiatives to promote full digital literacy in the State. Chief Minister Pinarayi Vijayan while addressing a school programme in Thiruvananthapuram explained that the campaign aims to educate people, particularly youngsters, about the dangers and traps online. The post-Covid era, smartphones had become an integral part of everyone’s everyday lives and an important instrument for online learning. Children cannot be kept out of the digital world forever, but the Chief Minister advised raising awareness to protect their safety and security.

Note: Kerala Chief Minister: Pinarayi Vijayan; Kerala Capital: Thiruvananthapuram

 

5. Jammu Film Festival to begin from September 3: The second edition of the Jammu film festival will be held here from the 3rd of September with films from 54 countries slated to be screened over two days of the event. The first-ever international film festival here was held in September 2019 in Jammu, the winter capital of the Union Territory. The event was in the cold shelf for the last two years due to the COVID pandemic. Key Points:

a)      54 projects from 15 countries including feature films, documentaries, and shorts will be screened during the event.

b)      The panel of judges includes prominent actor Lalit Parimoo, Geetiyan fame director Raahul Sharma, Iranian filmmaker Alimohammad Eghbaldar, producer Kapil Mattoo, and storyboard writer and critic Amit Singh. The panel is headed by Sangeet Natak-awardee and well-known actor-director Mushtaq Kak.

 

INTERNATIONAL UPDATES:

 

1. India provides UNRWA with donation of USD 2.5 million for Palestinian refugees: India gave the United Nations Relief and Works Agency for Palestine Refugees in the Near East USD 2.5 million. In a signing ceremony at UNRWA headquarters in East Jerusalem, Sunil Kumar, director of the West Asia and North Africa Division of the Indian Ministry of External Affairs, handed Karim Amer, director of partnerships for the Department of External Relations, a check for USD 2.5 million. Key Points:

a)      Karim Amer expressed his appreciation for India’s ongoing efforts on behalf of the Palestinian refugees.

b)      Harish Kumar, the Ministry of External Affairs’ Under-Secretary for West Asia and North Africa, was also present at the ceremony.

c)       India has been a committed supporter of UNRWA since 2018, contributing USD 20 million to help fund the organization’s essential programmes for Palestinian refugees throughout the Middle East.

d)      The UNRWA, which was founded in 1949 as a humanitarian organisation, is entirely supported by donations and grants from donor nations.

e)      About 5.6 million Palestinian refugees who were registered in the West Bank, Gaza Strip, and refugee camps in Lebanon, Syria, and Jordan were to receive support and safety from the agency.

f)        Education, health care, assistance, infrastructure, camp rehabilitation, protection, and microfinance are among the services provided by UNRWA to Palestinian refugees.

g)      The UNRWA stated in January that it will require 1.6 billion US dollars from the international community in 2022 to cover costs, deliver services, and carry out projects for the humanitarian development of Palestinian refugees.

 

2. Wasifa Nazreen: First Bangladeshi to climb K2, second-highest peak in the world: Mountaineer Wasifa Nazreen became the first person from Bangladesh to ascend Pakistan’s administered K2, the second-highest mountain peak. She scaled the K2 mountain peak, which is 8611 metres (28,251 ft) high, and then descended to the base camp. Key Points:

a)      The 39-year-old mountaineer Wasifa paid respect to all the known and unidentified martyrs of Bangladesh, from the language campaign to the liberation war, after completing this historic job.

b)      Wasifa greeted Bangladesh on its 50th anniversary and thanked everyone who had assisted her from the top of the world’s most treacherous mountain, stating, “Happy 50th Bangladesh, here’s to the next great 50.”

c)       Wasifa earlier wrote on her Facebook page as she was climbing to the top of K2 that when the time comes for her to exit the world, please rejoice in knowing she lived or aspired to live, her life is free from society and other people’s judgement.

d)      In 2012, Wasifa Nazreen scaled Mount Everest. She was the second Bangladeshi woman to accomplish so.

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

 

OTHER UPDATES:

 

SPORTS

 

1. BCCI introduced a new A+ category for umpires: The Board of Control for Cricket in India (BCCI) has introduced a new A+ category for its umpires and Nitin Menon, along with ten other officials, have been grouped in the category. Umpires in A+ and A categories are paid Rs 40,000 a day for a first-class game while Rs 30,000 a day are paid in the B and C category.

Key Points:

a)      The others in the A+ category include four international umpires: Anil Chaudhary, Madangopal Jayaraman, Virender Kumar Sharma and K N Ananthapadmabhanan.

b)      Rohan Pandit, Nikhil Patwardhan, Sadashiv Iyer, Ulhas Gandhe and Navdeep Singh Sidhu are also part of the A+ category.

c)       Twenty umpires including C Shamshuddin form the A group, 60 are in Group B, 46 in Group C and 11 in Group D which falls in the 60-65 age bracket.

Note: BCCI President: Sourav Ganguly; BCCI secretary: Jay Shah; BCCI Headquarters: Mumbai; BCCI Founded: December 1928.

 

2. SAI starts “Create for India” campaign to cheer for Team India in Birmingham: The Sports Authority of India (SAI) has started a new initiative to cheer for Team India, under which SAI has launched the campaign “Create for India” to cheer Indian contingents participating in the Birmingham 2022 Commonwealth Games. A 215-member Indian athlete contingent is set to participate across 16 disciplines in this sports event, which is scheduled to take place from July 28, 2022, to August 08, 2022. The motto of the CWG 2022 is “Games for Everyone.”

About the Sports Authority of India: The Sports Authority of India is the apex national sports body of India, established in 1982 by the Ministry of Youth Affairs and Sports of the Government of India for the development of sports in India.

 

BANKING AND FINANCE

 

1. RBI approves Piramal Enterprises’ establishment of NBFC: The Reserve Bank of India (RBI) has given the organisation permission to begin conducting business as an NBFC to Piramal Enterprises. The licence is required to start an NBFC that does not accept public deposits. RBI has granted the company a certificate of registration allowing it to start operating as a non-banking financial institution without taking deposits from the general public.

The company gained agreement from the shareholders to demerge its pharmaceuticals division and streamline its corporate structure, the RBI granted its approval. The company paid Rs 34,250 crore to buy Dewan Housing Finance (DHFL). The company had previously stated that the acquisition will increase the retail loan book by up to five times, hence diversifying Piramal Enterprises’ loan book towards retail financing.

Note: RBI Governor: Shaktikanta Das; Piramal Enterprises Founder: Ajay Piramal; Piramal Enterprises CEO: Peter DeYoung

 

BUSINESS AND ECONOMY

 

1. India’s Indermit Gill named as World Bank’s Chief Economist: The international financial institution, World Bank has appointed Indermit Gill, as its chief economist and senior vice-president for development economics at the multilateral development bank. His appointment will be effective September 1, 2022. Gill will be only the second Indian to serve as chief economist at the World Bank. Kaushik Basu was the first, having served in the job from 2012-2016.

 

2. Nakul Jain Joins As CEO Of Paytm Payments Services: Paytm’s parent One97 Communications has appointed Nakul Jain as the CEO of Paytm Payments Services Ltd (PPSL). Praveen Sharma, who is now serving as the acting CEO of PPSL, has been promoted to oversee the organisation’s commerce vertical in addition to his other duties.

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

 

DEFENCE

 

1. India-Japan conducted a Maritime Partnership exercise (MPX) in the Andaman Sea: A Maritime Partnership Exercise (MPX) was conducted between Japan Maritime Self Defense Force and Indian Navy in the Andaman Sea. INS Sukanya, an offshore patrol vessel and JS Samidare, a Murasame class destroyer, undertook various exercises including seamanship activities, aircraft operations and tactical manoeuvres as part of the operational interaction.

Aim of the exercises: The two countries have been carrying out regular exercises in the Indian Ocean Region (IOR) aimed towards reinforcing maritime association. The exercises conducted were aimed at enhancing interoperability and streamlining seamanship and communication procedures. This exercise is part of the ongoing efforts between the two navies toward ensuring safe and secure international shipping and trade in the IOR.

 

2. Rajnath Singh announces the formation of combined tri-service theatre commands: Rajnath Singh, Minister of defence, to improve coordination between the armed forces, announced the creation of unified theatre commands of three services. India is fast transitioning from being the world’s top importer of defence equipment to an exporter. The defence minister was addressing at a ceremony held by the Jammu & Kashmir People’s Forum in this city to honour the Indian Armed Forces martyrs. The defence minister paid tribute to the Kargil martyrs and stated that the nation could never forget the ultimate sacrifice they made in order to preserve the nation’s sovereignty and territorial integrity.

Note: Defence Minister of India: Rajnath Singh; Chief of Army Staff: General Manoj Pande.