Daily GK Update- 14th Mar, 2022

 

NATIONAL UPDATES:

 

1. Tripura Govt announced “Mukhyamantri Chaa Srami Kalyan Prakalpa” scheme: Tripura Government has announced a special scheme ‘Mukhyamantri Chaa Srami Kalyan Prakalpa’ for tea workers. A special scheme, allotting Rs. 85 crores for its implementation, as a step towards bringing the 7000 tea garden workers of Tripura under the social security net. This special scheme would ensure housing, rations, and financial support to the tea garden workers by integrating the facilities that are entitled to them, by the state government and the central government. Key information:

a)      About 75% of the 7000 tea garden workers are women and they produce nearly 90 lakh kilograms of tea through 54 tea estates & 21 tea processing factories across the state. The tea production is mainly distributed in the North, Sepahijala, Unakoti, and West Tripura districts.

b)      The Union Home and Cooperation Minister, Amit Shah had recently inaugurated the year 2022 Women Empowerment Campaign and Chief Minister Shramik Kalyan Prakalp scheme for the women of Tripura on the occasion of International Women’s Day & has also laid the foundation stone for National Forensic Sciences University in Agartala, capital of Tripura.

Note: Tripura Capital: Agartala; Tripura Chief Minister: Biplab Kumar Deb; Tripura Governor: Satyadeo Narain Arya.

 

2. Jyotiraditya Scindia inaugurates first drone school at Gwalior in Madhya Pradesh: The Union Civil Aviation Minister Jyotiraditya Scindia and Madhya Pradesh Chief Minister Shivraj Singh Chouhan jointly inaugurated the first drone school in Gwalior, Madhya Pradesh. This drone school is one of the five Drone Schools planned to be opened in different cities of Madhya Pradesh. The other four cities are Bhopal, Indore, Jabalpur and Satna.

About the school: This drone school of Gwalior will not only pave the way for the youth of Madhya Pradesh to move forward by connecting them with technology, but it will also increase employment opportunities. This school will prove to be a milestone in the progress and progress of Madhya Pradesh along with Gwalior.

Note: Madhya Pradesh Capital: Bhopal; Madhya Pradesh Governor: Mangubhai C. Patel; Madhya Pradesh Chief Minister: Shivraj Singh Chouhan.

 

3. MSME IDEA HACKATHON 2022: Union Minister for MSME, Narayan Rane has announced the MSME Innovative Scheme (Incubation, Design, and IPR) as well as the MSME IDEA HACKATHON 2022. Shri Rane, speaking on the occasion, stated that MSMEs play an essential role in Atmanirbhar Bharat. He claims that these programmes will assist entrepreneurs in launching new businesses. Key Points:

a)      MSME Innovation” Scheme, according to the Minister of State for MSME Shri Bhanu Pratap Verma, will develop and foster latent innovation in the MSME sector.

b)      During the opening of the MSME Innovation Scheme, Shri B.B Swain, Secretary MSME, made the keynote address, stating that it will serve as a hub for innovation activities, facilitating and directing the development of ideas into viable business propositions that benefit society directly.

c)       MSME Innovative is a comprehensive approach that unifies, synergizes, and converges three sub-components and interventions to achieve a single goal.

d)      MSME Innovative is a novel idea for MSMEs that combines incubation, design intervention, and IPR protection in a single-mode approach to raise awareness about India’s innovation and drive MSMEs to become MSME Champions.

e)      This will serve as a focal point for innovation efforts, enabling and leading the transformation of ideas into viable business propositions that benefit society and can be successfully commercialised.

 

4. Justice AK Sikri named as Chairperson of Chardham project Committee: The Supreme Court of India has named Justice (retd) AK Sikri as Chairperson of the High Powered Committee (HPC), of the Chardham project. The previous Chairperson Professor Ravi Chopra had resigned from his post in February 2022, after being appointed as the chairperson of the HPC on August 8, 2019. A bench of Justices DY Chandrachud and Surya Kant accepted the resignation of Professor Ravi Chopra as chairperson of the committee after he wrote a letter in January wishing to relinquish his post.

 

5. A book titled “Soli Sorabjee: Life and Times” authored by Abhinav Chandrachud: A new biography, titled “Soli Sorabjee: Life and Times” was announced, during the occasion of the 92nd birth anniversary of Soli Sorabjee. It is authored by advocate and legal scholar Abhinav Chandrachud and will be released in April 2022. The book highlights the personal details of the life of Soli Sorabjee, his family background. He was the former Attorney General (AG) of India and served two times for the years 1989-90 and then from 1998- 2004.

 

INTERNATIONAL UPDATES:

 

1. Yoon Suk Yeol elected as new South Korean President: Yoon Suk-yeol has been declared as the winner of the 2022 South Korean presidential election to be elected as the new President of the country. He is scheduled to assume office as president on May 10, 2022, for a fixed term of five years. Yoon Suk-yeol will succeed incumbent President Moon Jae-in.

With more than 98 per cent of the ballots counted, Yoon had 48.6 per cent of the votes against his rival Lee Jae-Myung’s 47.8 per cent. Yoon is to take office in May and serve a single five-year term as leader of the world’s 10th-largest economy.

Note: South Korea Capital: Seoul; South Korea Currency: South Korean won.

 

2. International Day of Action for Rivers: 14th March: The International Day of Action for Rivers is celebrated every year on the 14th of March. The year 2022 marks the 25th anniversary of the International Day of Action for Rivers. The day aims to raise awareness about the value and importance of rivers as well as bring together people from across the world to discuss and spread awareness about conserving rivers, river management, pollution, and equitable access to clean and flowing water. The theme in 2022 is “The Importance of Rivers for Biodiversity”.

History: The International Day of Action For Rivers was adopted by the participants of the First International Meeting of People Affected by Dams, March 1997 in Curitiba Brazil. The main aim is to raise voices in unison against destructive water development projects, reclaim the health of watersheds, and demand the equitable and sustainable management of rivers.

 

3. International Day of Mathematics: 14th March: International Day of Mathematics (IDM) is observed globally on the 14th of March every year. It is also known as the Pi Day because the mathematical constant π (pi) can be rounded down to 3.14. It aims to educate people about the essential role of mathematics in science and technology, improve quality of life, empower women and girls, and contribute to sustainable development. This is a relatively new event that was created just a couple of years back. The theme for 2022 IDM is “Mathematics Unites!“.

History of the day: The proclamation of March 14 as the International Day of Mathematics was adopted in the 205th session of the UNESCO’s Executive Council. The day was then adopted in the 40th session of the General Conference of UNESCO in November 2019. Later in 2020, the world celebrated its First International Day of Mathematics on March 14, 2020.

 

OTHER UPDATES:

 

SPORTS

 

1. Famous Golfer Tiger Woods inducted into World Golf Hall of Fame: Famous Golfer, Tiger Woods was formally inducted into the World Golf Hall of Fame. The 46-year-old Woods entered the storied hall as part of the Class of 2022 along with retired PGA Tour commissioner Tim Finchem, U.S. Women’s Open champion Susie Maxwell Berning and Marion Hollins, a U.S. Women’s Amateur champion and golf course architect who was recognised posthumously.

During his career, Woods has broken many golfing records, establishing himself as arguably the greatest golfer of all time. He has won 15 majors, surpassed only by Jack Nicklaus’ 18, as well as a joint-record 82 wins on the PGA Tour.

 

BANKING AND FINANCE

 

1. NaBFID to be regulated as AIFI under RBI Act: Reserve Bank of India has announced that National Bank for Financing Infrastructure and Development (NaBFID) will be regulated and supervised by it as an All India Financial Institution (AIFI) under the RBI Act, 1934. NaBFID will be regulated and supervised by RBI as an AIFI under Sections 45L and 45N of the Reserve Bank of India Act, 1934.

Presently RBI has four AIFIs under it namely EXIM Bank, NABARD, NHB and SIDBI. NaBFID will be the fifth AIFI under RBI. NaBFID has been set up as a Development Financial Institution (DFI) to support the development of long-term infrastructure financing in India.

Note: Chairman of NaBFID: KV Kamath.

 

2. Ashwani Bhatia (SBI MD) appointed as SEBI member: The cabinet has appointed Ashwani Bhatia, managing director (MD) of the State Bank of India (SBI), as a whole-time member (WTM) of the Securities and Exchange Board of India (SEBI). According to some sources, the Appointments Committee of the Cabinet (ACC) has also approved Ashwani Bhatia’s appointment as a whole-time member of SEBI for three years from the date of his assumption of the command.

 

BUSINESS AND ECONOMY

 

1. CRISIL Projected GDP growth forecast at 7.8% for 2022-23: Domestic rating agency CRISIL retained its real GDP growth forecast at 7.8% for the fiscal year 2023, as compared with the 8.5% projected in the Economic Survey. FM Nirmala Sitharaman’s Budget proposals focused on loosening the purse strings by boosting capital expenditure and going slow on fiscal consolidation are aimed in the right direction. The agency expects the nominal growth to come at 12-13%, higher than the 11.1% Budget Estimate, and the headline inflation to average 5.2%.

 

2. Star Health and Allied Insurance launched ‘Star Women Care Insurance Policy’: Star Health and Allied Insurance Company Limited, a health insurance company launched “Star Women Care Insurance Policy”. It is a woman-centric comprehensive health cover specially designed to protect the healthcare needs of women at every stage of their lives. The policy can be purchased through premiums that can be paid in quarterly or half-yearly instalments, and this policy can also be taken for 1 year, 2 year or 3-year terms.

The Star Women Care Insurance Policy is available as both an individual policy and a floater policy. Individual Sum– Insured only for females aged between 18 years and 75 years. Floater Sum Insured – Adult 18 years to 75 years with at least one female in the family along with the spouse and dependent children.

Note: Star Health and Allied Insurance Company Limited Establishment: 2006; Star Health and Allied Insurance Company Limited Headquarters: Chennai, Tamil Nadu; Star Health and Allied Insurance Company Limited Wholetime Director & CEO:  Jagannathan.

 

AWARDS AND HONOURS

 

1. Six Indian Airports named the ACI World’s ASQ Awards 2021: From India, six airports have found a place among the ‘Best Airport by Size and Region’, by the Airports Council International (ACI), in its Airport Service Quality (ASQ) survey for the year 2021. The airports have been adjudged among the Asia Pacific region in different categories based on annual passenger traffic. The ACI Airport Service Quality (ASQ) Awards takes into account 33 parameters related to passenger amenities to recognize airport excellence in customer experience.

The six Indian airports include:

Category – Over 40 million passengers per year

a)      Chhatrapati Shivaji Maharaj International Airport (CSMIA), Mumbai  (5th consecutive year)

b)      Indira Gandhi International Airport, New Delhi  (4th consecutive year)

Category – 15 to 25 million passengers per year

a)      Rajiv Gandhi International airport, Hyderabad

Category – 5 to 15 million passengers per year

a)      Cochin International Airport, Cochin

b)      Sardar Vallabhbhai Patel International Airport, Ahmedabad

Category – 2 to 5 million passengers per year

a)      Chandigarh Airport, Chandigarh

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DEFENCE UNICORN INSTITUTE – GANDHINAGAR | AHMEDABAD   BEST COACHING FOR: NDA | CDS | AFCAT | ACC | CAPF | CPO | COAST GUARD | DEFENCE EXAMS | COMPETITIVE EXAMS   Helpline Number # 6351299206 |Website | Facebook | Instagram | Twitter

 

Daily GK Update- 13th Feb, 2022

 

NATIONAL UPDATES:

 

1. Karnataka government launched ‘Women@Work’ programme: The government of Karnataka has launched ‘Women@Work’ program to provide five lakh jobs within 2026 to women with necessary employable skills. The program aims to focus on the efforts of corporate programs on attracting women workforce. It has been developed by Karnataka Digital Economy Mission (KDEM) in association with KTECH, Karnataka Skill Development Corporation. It will act as an enabler for women to actively participate and join the workforce through industry upskilling. All efforts are being made to provide 5,000 jobs for women as part of the Karnataka Digital Economy Mission and added that the government is keen to actualise this mission in the coming days.

Note: Karnataka Capital: Bengaluru; Karnataka Chief Minister: Basavaraj S Bommai; Karnataka Governor: Thawar Chand Gehlot.

 

2. Union Minister of Power launches Virtual Smart Grid Knowledge Center: As part of the Azadi ka Amrit Mahotsav Program, Union Minister for Power R.K. Singh launched the Virtual Smart Grid Knowledge Center (SGKC) and Innovation Park. Krishan Pal Gurjar, Minister of State for Power, was also in attendance.

Key Points:

a)      POWERGRID established the Smart Grid Knowledge Center (SGKC) to demonstrate and advance cutting-edge smart grid technologies.

b)      SGKC aspires to be one of the world’s top centres of excellence for smart grid technology innovation, entrepreneurship, and research, as well as building capacity in the power distribution industry.

c)       The Virtual SGKC, which was introduced today, allows for a digital footprint of the real SGKC, which was needed during the COVID-19 epidemic.

 

3. Haryana’s CM announced ‘Sushma Swaraj Award’ for women: Haryana Chief Minister, Manohar Lal Khattar, while presenting the state budget, has announced a ‘Sushma Swaraj Award’ for women for their significant achievements or contribution in different walks of life in the international and national spheres. The Sushma Swaraj Award will carry an award money of Rs 5 lakh along with a commendation.

About the Sushma Swaraj: Sushma Swaraj was a lawyer of the Supreme Court as well as an Indian politician. She was a senior member of the Bharatiya Janata Party, served as India’s Minister of External Affairs during the first Narendra Modi government (2014–2019). After Indira Gandhi, she was the second woman to occupy this position.

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

 

4. Skoch State of Governance ranking 2021: Andhra Pradesh gets first rank: Andhra Pradesh has retained its number one spot in the SKOCH State of Governance rankings for the second consecutive year. According to a release, the State retained the first rank for the second consecutive year. In 2020 too, Andhra Pradesh bagged top rank in governance. Andhra Pradesh was ranked at second position in 2018 and later it slipped to 4th position in 2019, according to Skoch.

Other state rankings: The second rank was bagged by West Bengal and Odisha was ranked 3, Gujarat was ranked 4 and Maharashtra was ranked 5. Neighbouring Telangana was ranked 6.

 

5. Sharad Pawar unveiled Ratnakar Shetty’s autobiography “On Board: My Years in BCCI”: A book titled “On Board: My Years in BCCI”, an autobiographical account of Ratnakar Shetty’s experiences as an administrator. The book was released by Sharad Pawar, the former president of the MCA, BCCI and International Cricket Council. Shetty, a Chemistry professor by profession, went on to be the BCCI’s first Chief Administrative Officer after serving the Mumbai Cricket Association in various capacities.

 

INTERNATIONAL UPDATES:

 

1. Hungary elects first-ever female president: The Hungarian parliament has elected Katalin Novak, a close ally of Prime Minister Viktor Orban, as the EU member’s first-ever female president. Novak, who most recently served as a minister for family policy, portrayed her election as a victory for women. She was elected to the mostly ceremonial role by 137 votes to 51 in the parliament dominated by Orban’s right-wing Fidesz party ahead of opposition challenger Peter Rona, an economist.

Novak will succeed Janos Ader, a co-founder of Orban’s governing right-wing Fidesz party who has held the job since 2012. She will take office after Ader’s term expires May 10.

Note: HungaryCapital: Budapest; Hungary Currency: Hungarian forint.

 

2. IMF board approves $1.4 billion emergency support for Ukraine: The International Monetary Fund (IMF) has approved $1.4 billion in emergency support for Ukraine to finance expenditures and shore up the balance of payments. Ukraine has turned to financing from allies and international institutions to support its economy after the Russian invasion began on February 24. The disbursement under the IMF’s Rapid Financing Instrument (RFI), equivalent to 50% of Ukraine’s quota in the IMF, will help fund urgent spending needs in the short term, while helping to catalyze financing from other partners.

Note: Ukraine Capital: Kyiv; Ukraine Currency: Ukrainian hryvnia; Ukraine President: Volodymyr Zelenskyy; Ukraine Prime minister: Denys Shmyhal.

 

3. World Rotaract Day: 13th March: World Rotaract Day is celebrated on the 13th of March every year to acknowledge the services provided by the rotaractors across the world. The theme of World Rotaract Day 2022 is “Rotary Making a Difference”. World Rotaract Week will be held from 11 March 2022 to 18 March 2022.

Rotaract: Rotaract means rotary in action. Rotary is an organization of business and professional people who unite worldwide to provide humanitarian service, encourage high ethical standards in all vocations and help build goodwill and peace in the world. World Rotaract Day is commemorated to honour the beginning of the first such club, Rotary International, in 1968 at North Carolina, USA. Now it has transformed into a major Rotary-sponsored organization with more than 9,539 clubs spread around the world.

 

OTHER UPDATES:

 

SPORTS

 

1. India finishes at the top in 2022 ISSF World Cup: India has taken first place in the medal standings at the ISSF World Cup 2022 in Cairo, organised by the International Shooting Sport Federation. By winning a total of seven medals, the Indian team took first place in the medals tally, with four gold, two silver, and one bronze. Norway took second place in the medals tally with six medals (three gold, one silver, and two bronze). France came in third place with three gold medals out of a total of twenty.

Key Points:

a)      On the final day of the ISSF World Cup 2022 in Cairo, Egypt, Indian shooters took home two medals.

b)      Rhythm Sangwan and Anish Bhanwala won the 25m rapid fire pistol mixed team gold medal match against Thailand 17-7 in the tournament’s final event.

c)       Earlier in the day, India’s Gurpreet Singh, Anish Bhanwala, and Bhavesh Shekhawat were defeated 7-17 by Germany in the gold medal match of the men’s 25m rapid fire pistol team competition.

d)      India won their third World Cup gold on Sunday, defeating Singapore 17-13 in the women’s 25m pistol team event final. In the gold medal match, Rahi Sarnobat, Esha Singh, and Rhythm Sangwan defeated the Singaporean trio of Xiu Hong, Shun Xie, and Ling Chiao Nicole Tan.

e)      Esha Singh had won the women’s 10m air pistol team event in addition to the silver she had earned in the women’s 10m air pistol individual event, making this her second gold and third medal of the World Cup.

f)        Saurabh Chaudhary won India’s first gold medal in Cairo last week. In the gold medal match of the Men’s 10m Air Pistol event, the 19-year-old Indian defeated Michael Schwald of Germany 16-6.

 

BANKING AND FINANCE

 

1. RBI extends Interest subsidy scheme for exporters: With the aim of expanding export shipments, the Reserve Bank of India extended the interest equalisation scheme for pre and post-shipment rupee loans for MSME exporters through March 2024. The ‘Interest Equalisation Scheme for pre and post-shipment Rupee Export Credit’ provides a subsidy to exporters. The scheme was first extended until the end of June last year, and then again until September 2021.

Important points:

a)      The interest equalisation rates under the plan have been revised to 2% and 3% for certain categories of MSME manufacturer exporters, according to the RBI.

b)      Scheme to equalise interest rates “The government has authorised the extension of the Interest Equalisation Scheme for Pre- and Post-Shipment Rupee Export Credit through March 31, 2024, or until further review, whichever comes first,” said the statement.

c)       The extension will take effect on October 1, 2021, and will end on March 31, 2024, according to a notification from the RBI. The scheme will not apply to telecom instruments or businesses that receive benefits under the government’s Production Linked Incentive (PLI) programme.

d)      The bank will be required to provide the prevailing interest rate, the interest subvention being provided, and the net rate being charged to each exporter when issuing approval to the exporter, according to the RBI, in order to ensure transparency and greater accountability in the scheme’s operation.

e)      It further stated that beginning April 1, 2022, banks will cut the interest rate charged to eligible exporters upfront in accordance with the standards, and that claims must be submitted in writing within 15 days after the end of the fiscal year.

 

2. Axis Bank launches hiring initiative named ‘Gig-a-Opportunities’: Axis Bank has launched a new initiative named ‘Gig-a-Opportunities’. The initiative aims to attract skilled talent that can work with the bank remotely, from anywhere in the country. This hiring model comprises two working patterns. One is the full-time permanent job and the second is based on the duration of a project and is temporary in nature. Axis Bank aims to employ 800-1000 people over the next under this initiative.

Note: MD and CEO of Axis Bank: Amitabh Chaudhry; Axis Bank Headquarters: Mumbai, Maharashtra; Axis Bank Founded: 1993, Ahmedabad.

 

BUSINESS AND ECONOMY

 

1. ToneTag launches VoiceSe UPI digital payments for feature phone users: ToneTag has partnered with NSDL Payments Bank and NPCI to launch its “VoiceSe UPI payments service” for feature phone users. This comes after the Reserve Bank of India has launched the UPI 123Pay facility that enables UPI payments for feature phone users. ToneTag is a sound-based proximity communication and payments service provider based in Bengaluru, Karnataka.

To access the “VoiceSe UPI payments service” feature phone users need to call on the IVRS number 6366 200 200.  Every user can only proceed with the financial transaction through UPI PIN. They do not require internet connectivity or a smartphone for making payments. This is an all-inclusive technology that fills the gap in the existing financial ecosystem and brings many benefits to the customers.

 

2. HDFC Mutual Fund Launches #LaxmiForLaxmi: HDFC Mutual Fund has launched a women-led financial empowerment initiative ‘LaxmiForLaxmi’ which will connect women investors to a woman financial expert near them through a unique missed call service. The female financial expert will guide and address the queries of the woman investor. Through this initiative, HDFC Mutual Fund aims to support women investors in their journey to become financially independent while making mutual fund investments accessible to them.

About the initiative: The initiative is based on the fact that it is easier for a person to understand a concept when it is taught by someone who comprehends them and is like-minded. This is a financial empowerment campaign for women through which the fund house aims to support women investors in becoming financially independent while making mutual fund investments more accessible to them.

Note: HDFC Bank Headquarters: Mumbai; HDFC Bank Founded: August 1994; HDFC Bank CEO: Sashidhar Jagdishan; HDFC Bank Chairman: Atanu Chakraborty; HDFC Bank Tagline: We understand your world.

 

DEFENCE

 

1. Australia’s AARC tie up with India’s CLAWS: From March 8 to March 10, 2022, Lt Gen Richard Burr, the Chief of the Australian Army, was in India for three days. The Australian Army Chief paid a visit to the Centre for Land Warfare Studies (CLAWS), an Indian Army think tank in New Delhi. Lt. Gen Richard Burr met with Vice Chief of Army Staff Lt Gen Manoj Pande, Chairman, Board of Governors, CLAWS, and Director CLAWS, Lt Gen Dr Ranbir Singh (Retd). CLAWS research efforts and outreach strategies were briefed to the visiting General. On the sidelines of the tour, a Memorandum of Understanding (MoU) was signed between the Australian Army Research Centre (AARC) and the Centre for Land Warfare Studies (CLAWS) to create academic cooperation and engagement.

Daily GK Update- 12th Mar, 2022

 

NATIONAL UPDATES:

 

1. Tamil Nadu govt inaugurated India’s largest floating solar power project: Tamil Nadu Chief Minister, M K Stalin has inaugurated India’s largest floating solar power plant constructed at a cost of Rs 150.4 crores. The floating plant is established in Southern Petrochemicals Industries Corporation Limited (SPIC) factory at Thoothukudi in Tamil Nadu to provide clean energy. It aims to provide environmentally sustainable power generation and to reduce carbon footprint.

About the plant: The floating power plant has the capacity to produce 42 million units of electricity per annum. The solar power plant is owned by Greenam Energy, a wholly-owned subsidiary of AM International. SPIC worked with France-based floating solar power specialists and global leader Ceil & Terre for the constructions and designs.

Note: Tamil Nadu Capital: Chennai; Tamil Nadu Chief Minister: K. Stalin; Tamil Nadu Governor: N. Ravi.

 

2. India’s largest reclining statue of Lord Buddha being built at Bodh Gaya: India`s largest reclining statue of Lord Buddha is being built in Bodh Gaya. Built by Buddha International Welfare Mission, the statue will be 100 feet long and 30 feet high. Lord Buddha is in the sleeping posture in the statue. The construction of the giant statue started in the year 2019. It is being made with fibreglass and built by sculptors from Kolkata. Bodh Gaya is an important pilgrimage centre for Buddhism and is visited by devotees from all over the world. The idol of this posture of Lord Buddha is in Uttar Pradesh`s Kushinagar where he attained his Mahaparinirvana. The giant statue of Lord Buddha will be open for devotees from February 2023.

 

3. Cabinet approves setting up of National Land Monetization Corporation as a Special Purpose Vehicle (SPV) for monetization of surplus land: The Union Cabinet has approved to set up a new company called National Land Monetization Corporation (NLMC), as a special purpose vehicle (SPV). NLMC will hold and monetise surplus land and building assets, of Central Public Sector Enterprises (CPSEs) and other Government agencies, that are being privatised or being shut down. NLMC shall be a wholly-owned Government of India company. It will be set up under the administrative jurisdiction of the Ministry of Finance. The initial authorized share capital of NLMC will be Rs. 5000 crore and paid-up share capital will be Rs. 150 crore.

 

4. 3rd National Youth Parliament Festival (NYPF) begins in New Delhi: The 3rd edition of the National Youth Parliament Festival (NYPF) has been organised jointly by the Lok Sabha Secretariat and the Ministry of Youth Affairs and Sports on March 10 and 11, 2022, in the Central Hall of Parliament, New Delhi. Union Sports Minister Anurag Thakur will address the inaugural session of NYPF on March 10, while the Lok Sabha Speaker Om Birla will address the valedictory function on March 11.

Objective of NYPF: The objective of the NYPF is to hear the voice of the youth, between 18 and less than 25 years of age, who will join various careers in the coming years, including public services. The top three National level youth winners will get an opportunity to speak before the Lok Sabha Speaker during the valedictory function.

Key information

a)      The 3rd NYPF was launched at the district level on 14th February 2022 through virtual mode in which more than 2.44 lakh youth participated. This was followed by State Youth Parliaments through the virtual mode from February 23 to 27, 2022.

b)      Overall 87 winners (62 Female and 25 Male) from the district and state-level YPF will now participate in NYPF 2022.

c)       National Youth Parliament provides a platform for the youth to voice their thoughts opinions and dreams for the country and enable the youth to voice their concerns and local problems.

 

5. Lupin named Mary Kom as brand ambassador for his Shakti initiative: Global pharma major Lupin Limited (Lupin) has announced that it has signed on six-time world boxing champion, Mary Kom as the brand ambassador for its Shakti campaign. The campaign is aimed at increasing awareness of heart diseases among women. With Mary Korn anchoring the campaign, to drive the much-needed awareness on the issue and encourage women to sign up for early screening checks and take corrective measures to avoid the future risk of heart diseases.

 

INTERNATIONAL UPDATES:

 

1. Germany to host G7 agriculture ministers virtual meeting: The German government has stated that it will hold a virtual meeting of G7 agriculture ministers to explore the implications of the conflict between Russia and Ukraine on global food security. The meeting, according to Cem zdemir, Germany’s Minister of Agriculture and Food, will also focus on ways to stabilise food markets. Key Points:

a)      According to the government, Germany will hold a virtual meeting of G7 agricultural ministers to address the impact of Russia’s invasion of Ukraine on global food security and how to best stabilise food markets.

b)      Food security in Germany and the European Union is assured, but bigger shortages are likely in some countries outside the EU, particularly where scarcity already exists due to concerns such as drought.

c)       Price increases for agricultural items cannot be ruled out in developed countries.”

d)      This year, Germany is the rotating president of the Group of Seven advanced economies.

e)      Russia refers to its efforts in Ukraine as a “special operation,” claiming that they are not intended to take territory but rather to damage Ukraine’s military capabilities and catch those it considers to be dangerous nationalists.

 

2. Freedom of the World 2022 report: India ranked ‘partly free’: For the second consecutive year, India has been termed as ‘partly free’ country in terms of democracy and free society, according to the annual report. The report titled “Freedom in the World 2022 – The Global Expansion of Authoritarian Rule” by Freedom House, a US-based NGO that ‘assesses political rights and civil liberties. India scored 66 out of 100 in 2022. The country had scored 67 in 2021. India was a free country till 2020 when its score was 71.

In Internet freedom:

a)      India scored a mere 49, the same score as that of Uganda. Here too, the score has come down. The reasons are – the increasing internet shutdowns by governments, low internet penetration and poor infrastructure.

b)      India’s freedom scores are similar to that of Bolivia, Hungary and Albania. The countries that have scored the worst include South Sudan, Syria, Tibet, Turkmenistan, Eritrea and North Korea.

c)       Sixty-nine countries are currently not free worldwide. This makes the situation worse than in 1973 when only 63 countries were not free.

d)      Apart from the worst scorers, the list also includes Saudi Arabia, United Arab Emirates, Turkey, Thailand and Qatar. This is an increase from the last year when only 54 countries were not free.

e)      At the same time, there is an increase in free countries from 82 to 85, compared to 2021. In this category, Finland, Sweden and Norway have achieved a perfect 100, besides New Zealand, Canada, Uruguay, Netherlands, Luxembourg, Ireland and Denmark.

About the report:  The report used 25 indicators, grouped into the categories of political rights and civil liberties to determine whether the country or territory has an overall status of Free, Partly Free, or Not Free. The report is published every year since 1973 to assess the political rights and civil liberties of a country through a series of surveys and analyses. In 2022, 85 countries were termed as free, 56 as partly free and 69 as not free. The Freedom in the World 2022 evaluated the state of freedom in 195 countries and 15 territories during the calendar year 2021.

 

3. Aarushi Verma named to represent India at Climate Force Antarctica Expedition: A national-level shooter and an environmentalist hailing from Delhi, Aarushi Verma has been selected to represent India at the 2041 Climate Force Antarctica Expedition which is set to be held in March 2022. She is a national-level shooter in Pistol and trap shooting and a State & Northern India Champion & National medalist, and an active environmentalist. She will be fully supported and sponsored by The Hans Foundation.

About the 2041 Climate Force Antarctica Expedition:

a)      2041 Climate Force Antarctica Expedition is a global initiative to train and develop the next generation of sustainability champions and to help corporations with their sustainability solutions. This carbon negative’ expedition also aims to inspire, develop and train the next generation of leaders to promote a more sustainable future. This also includes the ‘Leadership on the edge’ program.

b)      2041 Climate Force is derived from the year which marks the Madrid Protocol protecting Antarctica from exploitation would come up for debate, revision, and/ or possible cancellation. The participants of the expedition will graduate as ‘Ambassadors for the Antarctic’.

 

OTHER UPDATES:

 

SPORTS

 

1. IPC banned Russian, Belarusian athletes from Beijing Winter Paralympics: International Paralympic Committee (IPC) has banned the athlete’s entries from the Russian Paralympic Committee (RPC) and National Paralympic Committee (NPC) Belarus for the Beijing 2022 Winter Paralympics due to the war in Ukraine. Beijing 2022 Winter Paralympics is scheduled to take place from 4th to 13th March 2022 & it marks the 13th Winter Paralympic Games.

Previously IPC has stated that the athletes from both countries would be allowed to compete as neutrals in the games. The IPC joins the range of sporting bodies like Fédération Internationale de Football Association (FIFA), Union of European Football Associations (UEFA) etc, that have banned the participation of Russians and Belarusians, which includes football, track, basketball, hockey, and others.

Note: International Paralympic Committee Founded: 22 September 1989; International Paralympic Committee Headquarters: Bonn, Germany; International Paralympic Committee CEO: Xavier Gonzalez; International Paralympic Committee President: Andrew Parsons (Brazil).

 

2. India’s S L Narayanan wins Grandiscacchi Cattolica International Open Chess Tournament: In Chess, Indian Grandmaster, S L Narayanan was declared the winner in the Grandiscacchi Cattolica International Open, held in Italy. Meanwhile, his compatriot R Praggnanandhaa came second. Though Narayanan and six others, including Praggnanandhaa, finished equal first with 6.5 points after nine rounds. But, Narayanan took the top spot on the basis of a better tie-break score. The 24-year old S L Narayanan from Thiruvananthapuram earned the title of Grandmaster in 2015 and is the 41st Grandmaster from India.

 

BANKING AND FINANCE

 

1. RBI releases booklet on modus operandi of financial frauds: Reserve Bank of India has launched a booklet named “BE(A)WARE” which features common modus operandi used by fraudsters and precautions to be taken while carrying out various financial transactions. The booklet aims to enhance public awareness about various types of financial frauds perpetrated on gullible customers while carrying out digital payments and other financial transactions.

Key points of the booklet:

a)      Booklet: provides safeguards against commonly used fraudulent techniques like SIM swaps, vishing/phishing links, lottery, fake loan websites and digital apps etc.

b)      The booklet emphasises the need for keeping one’s personal information confidential at all times, being mindful of unknown calls/emails/messages, etc., and also outlines the due diligence measures to be followed while undertaking financial transactions.

c)       According to the Ombudsman Offices & Consumer Education and Protection Cells (CEPCs) of RBI, sharing of confidential information by the customers knowingly or unknowingly is one of the major causes leading to financial frauds in India.

Note: RBI Headquarters: Mumbai, Maharashtra; RBI Founded: 1 April 1935; RBI Governor: Shaktikanta Das.

 

2. Zeta partnered with Mastercard to power bank’s s credit processing: Mastercard and Zeta, a financial tech startup that provides next-generation credit card processing to banks and fintechs, established a 5-year worldwide agreement today. As part of the deal, the companies will work together to create credit cards with issuers all around the world using Zeta’s modern, cloud-native, and API-ready credit processing stack.

KEY POINTS:

a)      According to a statement released by Zeta, Mastercard has bolstered the alliance by making a financial investment in the company.

b)      Zeta hopes to move the credit card processing industry from fragmented, multi-vendor systems to nimble, composable, single-vendor systems that are truly responsive to changing cardholder needs and preferences with Mastercard’s support and integration of its capabilities in digital issuance, fraud and risk, loyalty solutions, and more.

c)       Issuers will be able to launch cards significantly faster now that both partners have pre-configured essential features behind the scenes, making it easier than ever to quickly create and deploy flexible, highly customised card programmes, according to the banking tech unicorn.

ZETA TACHYON:

a)      Zeta Tachyon Credit is the only current credit processing stack in the business that can handle both credit and loan processing.

b)      The stack includes features for issuance, core, payments, BNPL loans, fraud and risk, rewards, and more, spanning the whole credit card programme lifetime.

c)       By providing a complete credit Banking-as-a-Service (BaaS) and embeddable banking platform to co-brands, fintechs, and affinity partners via Zeta’s comprehensive APIs, issuers may quickly develop new revenue lines as BIN/balance sheet sponsors.

d)      Customers can also take advantage of Zeta’s comprehensive managed services, which include servicing and collections, among other things.

 

BUSINESS AND ECONOMY

 

1. Google Cloud and Flipkart enters a strategic partnership 2022: Flipkart and Google Cloud have formed a multi-year strategic agreement to assist Flipkart  accelerate its innovation and cloud strategy. Flipkart’s next phase of expansion will be aided by this alliance, which will help it achieve its goal of enrolling India’s next 200 million buyers and lakhs of vendors. The deal value was kept opaque by the companies.

Key Points:

a)      Flipkart will be able to provide robust app access and performance even during peak purchasing seasons with increased traffic by leveraging Google Cloud’s secure and scalable global infrastructure and powerful networking technologies.

b)      Flipkart will also use Google Cloud to accelerate the creation of new products, boosting its expansion into India’s Tier 2 and Tier 3 markets.

c)       Flipkart will use Google Cloud‘s superior data analytics and machine learning capabilities to improve the efficiency of its data platform.

d)      This will allow the organisation to better evaluate traffic and transactional data, as well as gain valuable real-time insights into client purchasing and shopping patterns.

e)      This would also aid in the identification of trends and patterns associated with growing demand, as well as the creation of more personalised recommendations to improve the customer experience.

 

AWARDS AND HONOURS

 

1. Bangladeshi Rizwana Hasan to get US International Women of Courage Award 2022: Bangladeshi environmental lawyer, Rizwana Hasan has been selected for the International Women of Courage (IWOC) Award for 2022. She is among the 12 women from around the world who will be honoured by the US Department of State with the award for showing exceptional courage and leadership to make a difference in their communities. The awards ceremony on March 14 in a virtual ceremony to honour the 12 women selected for the award.

Career of Rizwana Hasan: Rizwana Hasan is a lawyer who has demonstrated exceptional courage and leadership in her mission to protect the environment and defend the dignity and rights of the marginalised Bangladeshis. Over the last 20 years, she has taken up landmark legal cases to change the dynamic of development in Bangladesh to include a people-centred focus on environmental justice. Rizwana Hasan is the Chief Executive of the Bangladesh Environmental Lawyers Association.

About the award: The International Women of Courage (IWOC) award was established in 2007 by the US Department of State to honour women of exceptional courage, strength and leadership who work to bring change to their communities. Till now 170 women from 80 countries have been honoured under the IWOC programme.