Daily GK Update- 24th Mar, 2022

 

NATIONAL UPDATES:

 

1. Nagaland became first paperless assembly by implementing e-Vidhan application: Nagaland has created history by becoming the first State Assembly in the country to implement the National e-Vidhan Application (NeVA) programme to become completely paperless. The Nagaland Assembly Secretariat has attached a tablet or e-book on each table in the 60 members’ assembly amid the ongoing Budget session.

About the NeVA:

a)      NeVA is a work-flow system deployed on NIC Cloud, MeghRaj which helps the Chair of the House to conduct the proceedings of the House smoothly and to conduct Legislative Business of the House in a Paperless manner.

b)      NeVA is a device neutral and member-centric application created to equip them to handle diverse House Business smartly by putting entire information regarding member contact details, rules of procedure, list of business, notices, bulletins, bills, starred/unstarred questions and answers, papers laid, committee reports etc. in their handheld devices/ tablets and equip all Legislatures/Departments to handle it efficiently.

Note: Nagaland Capital: Kohima; Nagaland Chief Minister: Neiphiu Rio; Nagaland Governor: Jagdish Mukhi (additional charge).

 

2. Pushkar Singh Dhami takes oath as 11th CM of Uttarakhand: Pushkar Singh Dhami has taken oath as 11th Chief Minister of Uttarakhand. He will take over the reins of the state for the second time in a row. Governor Lieutenant General Gurmit Singh administered him the oath of office and secrecy at the Parade Ground in Dehradun.

The BJP contested the Assembly elections under Dhami’s leadership and secured a comfortable majority in the 70-member House, winning 47 seats. Dhami, who lost from the Khatima constituency in the Uttarakhand, led the party’s poll effort as Chief Minister during the assembly polls held last month.

 

3. Union Minister Pralhad Joshi inaugurates 36th International Geological Congress (IGC) in New Delhi: India is hosted the 36th International Geological Congress (IGC) on virtual platform from March 20 to 22, 2022. The Union Minister of Coal, Mines & Parliamentary Affairs Shri Pralhad Joshi inaugurated the 36th IGC in New Delhi on March 20, 2022. The theme of the event is “Geosciences: The Basic Science for a Sustainable Future”. The 36th IGC has been organised jointly by the Ministry of Mines, Ministry of Earth Sciences, Indian National Science Academy and the Science Academies of Bangladesh, Nepal and Sri Lanka.

 

4. Tamil Nadu’s Narasingapettai Nagaswaram got geographical identification tag: Geographical Indication tag has been awarded to the Narasingapettai Nagaswaram under the category of musical instruments of class 15. Narasinghapettai nagaswaram is a classical wind music instrument that is traditionally made in a village near Kumbakonam, Tamil Nadu.

On behalf of Thanjavur Musical Instruments Workers Co-operative Cottage Industrial Society Limited, the application for receiving the GI tag was filed by Tamil Nadu’s Nodal Officer for GI Registration of Products.

About the Narasingapettai Nagaswaram: The nagaswaram that is being used by artists nowadays is named pari nagaswaram and that is longer than the thimiri. This musical instrument has a body that is cylindrical in shape and takes the shape of a bell at the bottom. This form of the nagaswaram provides volume and tone. The instrument’s length is two and a half feet.

 

INTERNATIONAL UPDATES:

 

1. Serdar Berdymukhamedov elected as President of Turkmenistan: Serdar Berdimuhamedow has been sworn in as the President of Turkmenistan. Berdimuhamedow succeeds his father and former president Gurbanguly Berdimuhamedov, who became president in 2006 and served till 2022. It must be noted that the presidential elections in Turkmenistan are held every seven years. Serdar Berdymukhamedov, secured 72.97 per cent of the votes election to lead the gas-rich country.

Note: Turkmenistan Capital: Ashgabat; Turkmenistan Currency: Turkmenistani manat.

 

2. Indian Economist Jayati Ghosh named as member of UN’s Advisory Board: United Nations (UN) Secretary-General, Antonio Guterres has announced the appointment of Indian development economist Jayati Ghosh as a member of the UN’s newly established Advisory Board on Effective Multilateralism. The 12-member high-level advisory board on effective multilateralism will be co-chaired by former Liberian president and Nobel laureate Ellen Johnson Sirleaf and former Swedish Prime Minister Stefan Lofven.

The new advisory board will be asked to build on the ideas in Our Common Agenda including the centrality of women and girls, and the need to take into account the interests of young people and future generations to make concrete suggestions for more effective multilateral arrangements across a range of key global issues.

Jayati Ghosh is a Professor at the University of Massachusetts Amherst. She was previously a professor of economics and chairperson of the Centre for Economic Studies and Planning, School of Social Sciences, Jawaharlal Nehru University. She is also a member of the UN’s high-level Advisory Board on Economic and Social Affairs.

 

3. International Day for the Right to the Truth: 24th March: United Nations has recognised March 24 to be observed as the International Day for the Right to the Truth concerning Gross Human Rights Violations and for the Dignity of Victims every year. The day aims to pay tribute to those who have devoted their lives or lost their lives in, the struggle to promote and protect human rights for all.

History of the day: This day is observed on 24th March every year to pay tribute to “Monsignor Óscar Arnulfo Romero” as he was murdered on 24 March 1980. He was actively engaged in criticizing violations of the human rights of the most vulnerable individuals in El Salvador. The day was proclaimed by the United Nations in December 2010, to say no to all forms of violence, injustice and oppression against humanity.

 

4. World Tuberculosis Day: 24th March: World Tuberculosis Day is observed every year on 24 March to create awareness among the public about the global epidemic of tuberculosis (TB) and efforts to eliminate the disease. The date marks the day in 1882 when Dr Robert Koch announced that he had discovered the bacterium that causes TB, which opened the way towards diagnosing and curing this disease. The theme of World TB Day 2022 – ‘Invest to End TB. Save Lives.’ –conveys the urgent need to invest resources to ramp up the fight against TB and achieve the commitments to end TB made by global leaders.

Note: Tedros Adhanom Ghebreyesus is the WHO’s Director-General; WHO Headquarters in Geneva, Switzerland.

 

OTHER UPDATES:

 

SPORTS

 

1. Indian Super League: Hyderabad FC wins maiden trophy: Hyderabad FC has clinched their maiden Indian Super League title after defeating Kerala Blasters in the penalty shoot-out in the summit clash. Goalkeeper Laxmikant Kattimani made three stunning saves. Hyderabad beat Kerala 3-1 in the shoot-out after the match ended 1-1 in the regulation and extra time.

For Hyderabad, Joao Victor, Khassa Camara and Halicharan Narzary scored while only Ayush Adhikari found the target in the shoot-out as Kerala suffered heartbreak for the third time in the finals.

 

2. BNP Paribas Open Tournament 2022: The 2022 BNP Paribas Open tennis tournament, also known as the 2022 Indian Wells Masters, was held from March 07 to 20, 2022 at Indian Wells, California, US. The BNP Paribas Open is the largest two-week combined event outside of the four Grand Slams and the most-attended WTA 1000 and ATP World Tour Masters 1000 tennis tournament in the world.

Here is the list of winners given below:

Category	Winner
Women’s singles	Iga Świątek (Poland)
Men’s Singles	Taylor Fritz (United States)
Women’s Doubles	Xu Yifan / Yang Zhaoxuan
Men’s Doubles	John Isner / Jack Sock

 

BANKING AND FINANCE

 

1.  Bank to launch “SmartHub Vyapar programme” & ‘AutoFirst’ app: HDFC Bank has announced to launch the “SmartHub Vyapar programme” & ‘AutoFirst’ app the following two initiatives/application to give a digital push to small business loans. The financial institution has onboarded over 2.7 million retailers and is buying 100 thousand retailers each month. HDFC Bank has plans to onboard 20 million retailers in three years. More than half of the newly onboarded retailers solely function by means of the app platform.

‘AutoFirst’ application: The financial institution now clocks not less than ₹1,000 crores in service provider loans each month and is wanting to triple the run fee. HDFC Bank can even launch a utility ‘AutoFirst’ that may provide totally automated auto loans.

SmartHub Vyapar programme: The SmartHub Vyapar programme for retailers will probably be launched quickly. It is an app that bundles all cost platforms – playing cards, UPI, QR code, faucet pay and SMS-based funds.

Note: HDFC Bank Headquarters: Mumbai; HDFC Bank Founded: August 1994; HDFC Bank CEO: Sashidhar Jagdishan; HDFC Bank Chairman: Atanu Chakraborty.

 

BUSINESS AND ECONOMY

 

1. Fitch Ratings reduce India’s FY23 growth forecast to 8.5%: Fitch Ratings has slashed India’s GDP growth forecast for the fiscal FY 2022-2023 to 8.5 per cent in its Global economic Outlook-March 2022. Earlier this rate was estimated at 10.3%. The downwards projection is due to sharply higher energy prices because of the ongoing Russia-Ukraine war. The Rating agency Fitch has revised upwards the GDP growth forecast for the current fiscal FY 2021-2022, by 0.6 percentage points to 8.7 percent.

With the Omicron wave subsiding quickly, containment measures have been scaled back, setting the stage for a pick-up in GDP growth momentum in the June quarter this year.

 

DEFENCE

 

1. 9th India-Seychelles Joint Military Exercise ‘LAMITIYE-2022’ begins: The 9th edition of the Joint Military Exercise ‘LAMITIYE-2022’ between the Indian Army and Seychelles Defence Forces (SDF) was held from March 22 to 31, 2022 at Seychelles Defence Academy (SDA), Seychelles. The Indian Army contingent will be represented by the 2/3 GORKHA RIFLES group (PIRKANTHI Battalion).

About the exercise: Exercise LAMITIYE is a biennial training event, been conducted in Seychelles since 2001. The objective of this joint training exercise is to build and promote bilateral military relations, sharing experiences gained during various operations; exchanging skills and good practices between both armies.

Note: Seychelles Capital: Victoria; Seychelles President: Wavel Ramkalawan; Seychelles Continent: Africa.

 

2. EX-DUSTLIK between Indian and Uzbekistan armies begins: The 3rd edition of the joint training exercise named EX-DUSTLIK between the Indian army and Uzbekistan army begins at Yangiarik, Uzbekistan from 22 to 31 March 2022. The last edition of DUSTLIK was conducted in Ranikhet (Uttarakhand) in March 2021. The Indian contingent will be represented by the Grenadiers Regiment and will join the Uzbekistan Army contingent represented by troops of the North-Western Military District.

About the Exercise: The joint exercise would focus on Counter-Terrorism operations in semi-urban terrain under a United Nations Mandate. The training schedule will focus primarily on sharing of tactical level drills and learning of best practices from each other. The exercise aims at enhancing understanding, cooperation and interoperability between two armies.

Note: Uzbekistan Capital: Tashkent; Uzbekistan President: Shavkat Mirziyoyev; Uzbekistan Currency: Uzbekistani soʻm.

 

OBITUARIES

 

1. Bangladesh’s former president Shahabuddin Ahmed passes away: Shahabuddin Ahmed, the former President of Bangladesh has passed away at the age of 92 in Dhaka, Bangladesh. He was the interim head of state as the consensus nominee of all parties amid a mass upsurge in 1990 to topple ex-military dictator HM Ershad. Shahabuddin Ahmed also served as the President of Bangladesh from 1996 to 2001. He was responsible for holding a “free and credible” election in the country in February 1991.

 

2. Former Malian Prime Minister Soumeylou Boubeye Maiga passes away: The former Prime Minister of Mali, Soumeylou Boubèye Maïga has passed away due to illness. Maiga served as prime minister of Mali from 2017 until 2019. He had been detained since August 2021 after the country was taken over by a military junta. He was appointed Keita’s prime minister in 2017 but resigned in April 2019 over a massacre that left 160 people dead.

Mali has been struggling to contain a jihadist insurgency that first emerged in the north, before spreading to the centre, neighbouring Burkina Faso and Niger. Thousands of people have been killed and hundreds of thousands have been displaced in the conflict, crippling an already impoverished country.

Note: Mali Capital: Bamako; Mali Currency: West African CFA franc; Mali Continent: Africa.

Daily GK Update- 23rd Mar, 2022

 

NATIONAL UPDATES:

 

1. N Biren Singh takes oath as Chief Minister of Manipur for 2nd term: Senior BJP leader N Biren Singh took the oath as Chief Minister of Manipur for a second consecutive five-year term on March 21, 2022. The ruling BJP party contested all 60 seats in the Manipur Assembly election in 2022 and won 32 seats. Nongthombam (N) Biren Singh started his career as a footballer, then turned to journalism, before joining politics.

In the recently held Assembly polls, the BJP won an absolute majority by winning 32 seats in the 60-member House. Moreover, the Janata Dal (United), the NPF, the newly formed Kuki People’s Alliance (KPA) and two Independent MLAs have extended their unconditional support to the saffron party. The JD(U) won six seats, NPF won five and the KPA won two seats.

Note: Manipur Capital: Imphal; Governor: La. Ganesan.

 

2. Govt. increased timeline to 10 years for startups for converting debt investment into equity: According to a news release from the DPIIT, the government has extended the deadline for companies to convert debt financing into equity shares by up to 10 years, a measure that is likely to provide comfort to emerging enterprises dealing with the impact of the Covid-19 pandemic. Previously, convertible notes may be converted into equity shares for up to five years after the initial convertible note was issued. That time frame has now been increased to ten years. Key Points:

a)      During the investment, the investor is given the option of asking the startup to issue equity shares in the firm in exchange for the money they had previously invested as a loan/debt if the startup does well or meets certain performance benchmarks in the future.

b)      Since its creation in 2017, convertible notes have become more viable financing vehicles for early-stage funding of businesses, according to experts.

c)       Convertible notes, unlike convertible debentures/debts, allow for optional conversion into equity without determining the conversion ratio ahead (and with fewer regulatory covenants), according to Sumit Singhania, Partner, Deloitte India.

d)      Extending this flexibility to ten years will make it easier for businesses to show their concept to early-stage investors (especially in highly inventive cases that require more gestation time to create scale) without having to make required pre-mature exits.

 

3. West Bengal celebrated ‘Dol Utsav’ or ‘Dol Jatra’: West Bengal celebrated the ‘Dol Utsav’ or ‘Dol Jatra’, the festival of colours, marking the onset of the spring season. The festival is dedicated to Lord Krishna and Radha and celebrated on full moon day. It also marks the last festival of the year as per the Bengali calendar. In the Eastern region of India, the festival of spring is celebrated as Dol Jatra, Dol Purnima, Dol Utsav, and Basanta Utsav. The majestic festival is celebrated by throwing ‘gulaal’ or ‘aabir’ on others and by singing and dancing in cultural programs.

Note: West Bengal Capital: Kolkata; West Bengal Governor: Jagdeep Dhankhar; West Bengal Chief minister: Mamata Banerjee.

 

4. ‘Road to 1000’ book released by Sportstar and The Hindu group: Sportstar and The Hindu group released a coffee-table book, ‘Road to 1000’, at the 2022 Sportstar Aces Awards at The Taj Mahal Palace hotel. The book is a 520-page, special collection with 1000 pictures to commemorate Indian cricket’s journey. ‘Road to 1000’ was released by former India cricketers Sunil Gavaskar, Syed Kirmani, Dilip Vengsarkar, Mohammad Azharuddin, Chandrakant Pandit and Nilesh Kulkarni here.

On February 6, India played its 1,000th ODI against the West Indies in Ahmedabad, becoming the first team to record the feat. India’s World Cup triumphs in 1983 and 2011, under Kapil Dev and M. S. Dhoni respectively, remain the major highlights in Indian ODI history. Sportstar reporters and photographers travelled the world to cover the Indian cricket team in the 1980s and 1990s. This is the best tribute to Indian cricket.

 

5. Autobiography of former cricketer G.R. Viswanath titled “Wrist Assured: An Autobiography”: Former Indian cricket captain Gundappa Ranganatha Vishwanath has penned his autobiography titled “Wrist Assured: An Autobiography”, co-authored by senior journalist R Kaushik. The book traces the cricketing journey of Gundappa Vishwanath who played Test Cricket for India between 1969 and 1986, making 91 appearances and scoring more than 6000 runs. Former Indian cricketers Kapil Dev and Sunil Gavaskar released the book at the ceremony held on the first day of the 2nd day/night Test between India and Sri Lanka in Bengaluru, Karnataka.

 

6. Shaheed Diwas or Martyrs’ Day: 23rd March: Every year, the Nation was observed on March 23rd as Martyrs Day (Shaheed Diwas or Sarvodaya Day). The day was observed to pay tribute to the death anniversary of the freedom fighters Bhagat Singh, Sukhdev Thapar, and Shivaram Rajguru, who laid their lives for the freedom of India. Also, 30 January is observed as Martyr’s Day or Shaheed Diwas in the memory of Mahatma Gandhi.

Why is Martyr’s Day celebrated on 23rd March?

On March 23, three heroes of our nation were hanged to death, namely Bhagat Singh, Shivaram Rajguru, and Sukhdev Thapar by the British. No doubt, they also sacrificed their lives for the welfare of our nation. These heroes fought for the welfare of people and sacrificed their lives for the same cause. For many young Indians, Bhagat Singh, Rajguru, Sukhdev have become a source of inspiration. Even during British rule, their sacrifice urged many people to come forth and fight for their freedom. Therefore, in order to homage to the three of these revolutionaries, India has commemorated March 23 as Shaheed Diwas.

 

INTERNATIONAL UPDATES:

 

1. NATO military exercise ‘Cold Response 2022’ begins in Norway: The North Atlantic Treaty Organization (NATO) has organised the massive military drill ‘Cold Response 2022’ in Norway from March 14, 2022, and will continue till April 01, 2022. The exercise is held in Norway every second year, for NATO Allies and partners. Cold Response is a long-planned and defensive exercise where Norway and its allies exercise in defending Norway against external threats. The exercise has been planned and informed about long before the war in Ukraine.

The Norwegian-led exercise provides an opportunity to train together in cold weather conditions over challenging terrain and demonstrates NATO’s ability to respond decisively to any threat, from any direction. Around 30,000 troops from 27 nations are taking part in the 2022 edition of the exercise, with about 220 aircraft and more than 50 vessels. This is the largest ‘Cold Response’ being exercise conducted in Norway since the 1980s.

Note: NATO chief: Jens Stoltenberg; NATO Founded: 4 April 1949, Washington, D.C., United States; NATO Headquarters: Brussels, Belgium.

 

2. UN World Happiness Report 2022: India Ranks 136th: India has improved its rank by three spots to acquire 136th position in the United Nations’ World Happiness Report for the year 2022, which ranked 146 countries. In 2021, India’s rank was 139. Finland has topped the 2022 World Happiness Report, for the fifth continuous year. Afghanistan has been ranked as the unhappiest country in the world, at 146th position.

Top 10 countries of the 2022 World Happiness Report:

(1) Finland; (2) Denmark; 3      Iceland; 4          Switzerland;5  The Netherlands; 6            Luxembourg; 7              Sweden; 8         Norway; 9         Israel; and (10) New Zealand

 

3. World Meteorological Day: 23rd March: World Meteorological Day is celebrated globally on March 23rd every year. The day is celebrated as the establishment of the World Meteorological Organization (WMO), and it concentrates on the behaviour of Earth’s atmosphere. The day also helps people be aware of their role in protecting Earth’s atmosphere. This year World Meteorological Day is celebrated keeping the theme of Early Warning and Early Action.

World Meteorological Day History: World Meteorological Day is celebrated as the establishment of the World Meteorological Organization (WMO), which was established on March 23, 1950. Today, it’s been 72 years of the organization, and it has made immense progress and helped the world to be a better place. WMO headquarters is situated in Geneva, Switzerland.

 

OTHER UPDATES:

 

SPORTS

 

1. Jay Shah’s term extended by one year as a President of Asian Cricket Council: The Asian Cricket Council (ACC) has unanimously extended the tenure of its incumbent President Jay Shah for a period of one year. The decision was taken during the annual general meeting of ACC on March 19, 2022. Jay Shah is the Secretary of the Board of Control for Cricket in India (BCCI) since 2019. Shah was first appointed as the President of ACC in January 2021, replacing Nazmul Hassan, the President of the Bangladesh Cricket Board (BCB).

Shah’s extension was proposed by Sri Lanka Cricket (SLC) president Shammi Silva and the nomination was backed unanimously by all the members of the ACC.

Note: Asian Cricket Council Chairman: Amitabh Choudhary; Asian Cricket Council Headquarters: Colombo, Sri Lanka; Asian Cricket Council Founded: 19 September 1983; Asian Cricket Council Membership: 25 associations; Asian Cricket Council Parent organization: ICC.

 

BANKING AND FINANCE

 

1. NPCI designed “UPI Lite – On-Device wallet” functionality for UPI user: National Payments Corporation of India (NPCI) designed the “UPI Lite – On-Device wallet” (“UPI Lite”) functionality for UPI users for small value transactions. About 75% of the total volume of retail transactions (including cash) in India are below Rs 100 transaction value. Further, 50% of the total UPI transactions are having a transaction value of up to Rs 200/-. To easily process such small value transactions, NPCI has launched this facility of “UPI Lite”.

In phase 1

a)      UPI Lite will process transactions in near offline mode i.e. debit offline and credit online, and at a later point, UPI Lite will process transactions in complete offline mode i.e. debit and credit both offline.

b)      The upper limit of a UPI Lite payment transaction shall be Rs. 200. The total limit of UPI Lite balance for an “On-device wallet” shall be Rs. 2,000 at any point of time.

c)       Replenishment of funds in UPI Lite shall only be allowed in online mode with additional factor authentication (AFA) or using UPI AutoPay which has been registered by the User in online mode with AFA.

Note: NPCI Founded: 2008; NPCI Headquarters: Mumbai, Maharashtra; NPCI MD & CEO: Dilip Asbe.

 

BUSINESS AND ECONOMY

 

1. Rajesh Gopinathan re-appoints as MD and CEO of TCS for five years: The board of IT major, Tata Consultancy Services (TCS) has announced the re-appointment of Rajesh Gopinathan as the Managing Director (MD) and Chief Executive Officer (CEO) of the company for five years. His second term will begin from February 21, 2022, to February 20, 2027. Rajesh Gopinathan was first appointed as the CEO and MD of TCS in 2017.

Under his leadership, the company has strengthened its position with the revenues increasing from $17.6 billion in the financial year ended March 31, 2017, to $22.2 billion in the financial year ended March 31, 2021.

Note: Tata Consultancy Services Founded: 1 April 1968; Tata Consultancy Services Headquarters: Mumbai.

 

AWARDS AND HONOURS

 

1. Suresh Raina felicitated with ‘Sports Icon’ award by Maldives government: Former India cricketer Suresh Raina has been awarded the prestigious ‘Sports Icon’ award at the Maldives Sports Awards 2022. The Maldives government felicitated Raina for his various achievements throughout his career. Raina was nominated alongside 16 international sportspersons, including former Real Madrid player Roberto Carlos, Jamaican Sprinter Asafa Powell, former Sri Lankan captain and cricketer Sanath Jayasuriya and Dutch football legend Edgar Davids among others.

Career of Suresh Raina: Raina is known for aiding the Indian cricket team to its World Cup glory back in 2011 and has also won the Indian Premier League (IPL) trophy four times with the Chennai Super Kings(CSK) franchise. He is the first Indian player to score 6000 as well as 8000 runs in a Twenty20 career and the first-ever cricketer to reach 5,000 runs in IPL. He also holds the record for scoring the most fifties in Champions League T20 history.

 

2. Neeraj Chopra wins Sportsman of the Year award: Sportstar Aces 2022: Tokyo Olympic gold medallist, Neeraj Chopra claimed the coveted ‘Sportstar of the Year (Male)’ award at the 2022 Sportstar Aces Awards. Weightlifter Mirabai Chanu, who claimed the silver medal at the Tokyo Olympics, received the ‘Sportstar of the Year (Female)’ award. The Aces Awards celebrate the spirit of excellence in sport and hope to inspire our athletes and sportspersons to continue to strive to break new records and reach new pinnacles of glory.

Other awardee’s in the list:

a)      Lovlina Borgohain (Sportswoman of the Year, Individual Sports),

b)      Avani Lekhara (Parathlete of the Year, Female),

c)       Pramod Bhagat (Special Recognition award),

d)      Savita (Sportswoman of the Year, Team Sports), and Rupinder Pal Singh (Sportsman of the Year, Team Sports).

e)      Arif Khan wins Special Recognition Award at Sportstar Aces 2022.

f)      Former Indian hockey team captain Ajit Pal Singh was conferred the ‘Lifetime Achievement award. Ajit was part of two Olympic bronze-winning teams, including one at the 1972 Munich Games.

Daily GK Update- 22nd Mar, 2022

 

NATIONAL UPDATES:

 

1. Power Minister RK Singh inaugurates India’s first Virtual Smart Grid Knowledge Centre in Manesar: The Union Minister for Power, Shri Raj Kumar Singh virtually launched the first of its kind Virtual Smart Grid Knowledge Center (Virtual SGKC) and Innovation Park, as part of Azadi ka Amrit Mahotsav Programme. The Virtual SGKC will give a digital footprint of the physical setup of SGKC, established by POWERGRID in 2018 at its centre in Manesar, Haryana. Virtual SGKC is housed within the POWERGRID centre in Manesar and the solutions which are physically present at SGKC premises will also be hosted on this platform. The Virtual SGKC is conceptualized and developed by POWERGRID with support from Ministry of Power and technical supoort from USAID. The new initiative will prove to be one of the leading Centers of Excellence globally to foster innovation, entrepreneurship and research in smart grid technologies.

 

2. Madras’ IIT and RBI Innovation Hub make ties with Boost fintech startups: IIT Madras Incubation Cell (IITMIC) and RBI Innovation Hub (RBIH), a wholly-owned subsidiary of the Reserve Bank of India, inked a Memorandum of Understanding (MoU) to collaborate in establishing the ecosystem needed to support and expand fintech businesses in India. The two organisations will collaborate to give early-stage entrepreneurs with unique and disruptive ideas with incubation support and speed their scale-up journey. RBIH will consider select startups incubated at IITM Incubation Cell for co-incubation from time to time, and they will receive strategic and operational guidance, as well as training and mentoring sessions from RBIH leadership and domain experts, market access, and connections to a larger ecosystem of startups, vendors, investors, and other resources.

 

3. For drone-based mineral exploration NMDC Sign MoU with IIT Kharagpur: The country’s largest iron ore producer, NMDC Ltd, has signed a memorandum of understanding (MoU) for drone-based mineral research with IIT Kharagpur. The National Mining and Development Corporation (NMDC)is increasingly dependent on technical innovation and the digitisation of its exploration and mining database. The government has taken the first step in regulating and monitoring drone usage and operations in India, which are now employed in agriculture, urban planning, forestry, mining, disaster management, surveillance, and transportation, among other industries. Key Points:

a)      NMDC and IIT Kharagpur will collaborate to create spectrum products, methodologies, and algorithms for drone (UAV) mining exploration.

b)      The collaboration will also lead to the development of software spectral tools for mineral excavation and mining technology capacity-building programmes.

c)       Drone-based Geophysical Surveys and Hyperspectral Studies for Mineral Exploration would be conducted by NMDC for the first time in India.

d)      NMDC is exploring for various minerals in Madhya Pradesh as well as diamonds in the Beloda-Belmundi block in Chhattisgarh. It is also the first CPSE in the central Indian diamond province to use space geophysics, as well as the first to use online monitoring of data exploration on the BHUVAN platform.

 

4. Defence Minister Rajnath Singh inaugurates FCS Integration complex in Bengaluru, constructed by DRDO using in-house hybrid technology, in record 45 days: Raksha Mantri Shri Rajnath Singh inaugurated a seven-storeyed Flight Control System (FCS) Integration facility in Bengaluru, Karnataka. The facility is housed at Aeronautical Development Establishment (ADE), a laboratory of Defence Research and Development Organisation (DRDO). FCS facility is a state-of-the-art complex constructed by DRDO in record 45 days, using in-house hybrid technology. This hybrid technology has been developed by DRDO with support of Larsen & Toubro (L&T).  The FCS facility will support Research & Development (R&D) activities for developing Avionics for Fighter Aircraft and FCS for Advanced Medium Combat Aircraft.

 

5. DCI and Cochin Shipyard joins hand to build country’s first indigenous dredger: The Dredging Corporation of India (DCI) and Cochin Shipyard Limited (CSL) have inked an agreement to build the first indigenous dredger of the country. The project is estimated to be completed within 34 months, at a cost of around Rs 920 crore. The technical know-how, basic designs, dredging system components of the Project shall be provided by Holland-based Royal IHC, the market leader for designing, building and servicing high added-value dredging vessels and dredging equipment.

 

6. A book titled “More than Just Surgery: Life Lessons Beyond the OT” by Dr Tehemton Erach Udwadia: Padma Awardee Dr Tehemton Erach Udwadia has authored a new book titled “More than Just Surgery: Life Lessons Beyond the OT”, a personal account of people, incidents, mentors, failures, and absurdities against the backdrop of surgery. The book maps the journey of Dr Tehemton Erach Udwadia from his student years through residency, research, surgical practice and surgical teaching as a means of sharing the lessons he learned.

 

INTERNATIONAL UPDATES:

 

1. Hurun Global Rich List 2022: Elon Musk Tops: paceX and Tesla founder Elon Musk has bagged the top position on the 2022 M3M Hurun Global Rich List, with a total net worth of $205 billion. The 2022 M3M Hurun Global Rich List is published by research and luxury publishing group Hurun India in association with realty firm M3M.

Other persons in the list:

a)      Amazon.com Inc executive chairman Jeff Bezos ranked second with $188 billion in net worth.

b)      With a net worth of $153 billion, Bernard Arnault, the chief executive of LVMH Moët Hennessy – Louis Vuitton SE, the world’s largest luxury-goods company, ranked third.

c)       From India, Reliance Industries Ltd (RIL) Chairman Mukesh Ambani was the only Indian to feature in the top 10 list of  2022 Hurun Global Rich List’ to emerge as India’s as well as Asia’s richest man. Ambani occupied the ninth rank globally with a net worth of $103 billion.

A key finding of 2022 M3M Hurun Global Rich List

a)      Overall 3,381 billionaires from 2,557 companies and 69 countries were ranked in 2022 M3M Hurun Global Rich List.

b)      215 billionaires were from India, which included 58 new additions.

c)       India emerged as the third-largest billionaire producing nation in the world.

Top 10 Billionaires:

Rank	Name	Company	Wealth Value
1	Elon Musk	Tesla	USD 205 bn
2	Jeff Bezos	Amazon	USD 188 bn
3	Bernard Arnault	LVMH Moët Hennessy Louis Vuitton	USD 153 bn
4	Bill Gates	Microsoft	USD 124 bn
5	Warren Buffett	Berkshire Hathaway	USD 119 bn
6	Sergey Brin	Alphabet	USD 116 bn
6	Larry Page	Alphabet	USD 116 bn
8	Steve Ballmer	Microsoft	USD 107 bn
9	Mukesh Ambani	Reliance Industries Limited	USD 103 bn
10	Bertrand Puech & Family	Hermes	USD 102 bn

 

2. International Day of Forests: 21st March: The International Day of Forests (also known as World Forestry Day) is celebrated every year on March 21. The theme for International Day of Forests 2022 is “Forests and sustainable production and consumption”. The day aims to celebrate and raise awareness of the importance of all types of forests, and trees outside forests, for the benefit of current and future generations as well as to increase the public awareness among communities about the values, significance and contributions of the forests to balance the life cycle on the earth.

 

3. World Puppetry Day: 21st March: The World Puppetry Day is observed every year on March 21, to promote the puppet arts. The first celebration was held in 2003. The idea of World Puppetry Day was proposed the Iranian puppet theater artist Javad Zolfaghari in 2000 at the XVIII Congress of the Union Internationale de la Marionnette, (UNIMA) in Magdeburg. Two years later in June 2002, the date of the celebration was identified by UNIMA.

 

4. World Water Day: 22nd March: World Water Day is celebrated globally on 22nd March every year. The day aims to highlight the importance of freshwater. It is used to advocate for the sustainable management of freshwater resources. This 2022, the focus is groundwater, an invisible resource with an impact visible everywhere. The World Water Day theme 2022 is “Groundwater, Making the Invisible Visible”. Groundwater is a crucial resource that provides almost half of all drinkable water across the world.

World Water Day History: The idea for this international day goes back to 1992, the year in which the United Nations Conference on Environment and Development in Rio de Janeiro took place. That same year, the United Nations General Assembly adopted a resolution by which 22 March of each year was declared World Day for Water, to be observed starting in 1993.

 

OTHER UPDATES:

 

SPORTS

 

1. F1 Bahrain Grand Prix 2022 won by Ferrari’s Charles Leclerc: Charles Leclerc (Ferrari- Monaco) has won the Formula One Bahrain Grand Prix 2022 at the Bahrain International Circuit, a motor racing circuit in the west of Bahrain. Carlos Sainz Jr. (Ferrari – Spain) came second while Lewis Hamilton (Mercedes-Great Britain) came third. This was the first Formula One race of 2022.

 

2. Pankaj Advani Won Asian Billiards title for 8th time: Indian cueist Pankaj Advani has defeated Dhruv Sitwala to win his eighth title at the 19th Asian 100 UP Billiards Championship 2022. It was held in Doha, Qatar. Overall this is Advani’s 24th international title and 8th Asian crown. Earlier, Advani had held off the stiff challenge of Pauk Sa of Myanmar to secure a spot in the final. He managed a 5-4 win after his opponent fought back strongly to level the match at four frames each.

 

BANKING AND FINANCE

 

1. RBI issues Regulatory Framework for Microfinance Loans: The Reserve Bank of India has released the framework for Microfinance Loans. A microfinance loan is defined as a collateral-free loan given to a household having an annual household income up to Rs. 3,00,000. RBI has removed the cap on the number of NBFC-MFIs who can provide loans to microfinance borrowers. Instead, it has focused on borrowers’ repayment capacity and accordingly capped the fixed obligation to income ratio (FOIR) at 50 per cent. The minimum requirement of microfinance loans for NBFC-MFIs has been revised to 75 per cent of the total assets. The maximum limit on microfinance loans for NBFCs other than NBFC-MFIs has been revised to 25 per cent of the total assets.

 

2. RBI Innovation Hub partners with IIT Madras to boost fintech startups: RBI Innovation Hub (RBIH) and IIT Madras Incubation Cell (IITMIC) have signed an MoU to work together in developing the ecosystem necessary to support and scale fintech startups in India. RBIH is a wholly-owned subsidiary of Reserve Bank of India. Rajesh Bansal is the CEO of RBI Innovation Hub (RBIH). Select startups incubated at IITM Incubation Cell will be considered from time to time by RBIH for co-incubation and thereby receive strategic and operational guidance, training and mentoring sessions by RBIH leadership.

 

BUSINESS AND ECONOMY

 

1. Deloitte’s Global Powers of Retailing 2022: Reliance Retail ranked 56th: According to the global consulting firm Deloitte’s report titled “Global Powers of Retailing 2022: Resilience Despite Challenges”, The Indian brand, Reliance Retail, ranked 56th on the Top 250 list based on the retail revenue growth for FY2020. Walmart Inc., an American multinational retail corporation, tops the list, followed by Amazon, Inc., Costco Wholesale Corporation, Schwarz Group, and The Home Depot, Inc.

Asia Pacific: China’s JD.com, Inc tops the list of companies from APAC, ranking 9th amongst the list with total revenue of around USD 94.4 billion. Japan leads the APAC region with 29 companies on the list followed by China/Hong Kong SAR (14), South Korea (5) and Australia (4).

Fastest 50 retailers (FY2015-2020): The top 5 fastest-growing retailers in FY2019 were Coupang of South Kore a(1st), Reliance Retail Limited of India (2nd), Wayfair Inc of United States (3rd), Mobile World Investment Corporation of Vietnam (4th) and A101 Yeni Mağazacılık A.S from Turkey (5th).

 

2. BPCL becomes the first to offer digital payment to non-internet users: Bharat Petroleum Corporation Limited (BPCL), a ‘Maharatna’ and Fortune Global 500 company, has teamed up with UltraCash Technologies Pvt. Ltd. to provide BharatGas customers with a voice-based digital payment option for booking LPG cylinders. Customers who do not have access to a smartphone or the internet can use this feature to book cylinders and pay via the ‘UPI 123PAY’ system. Customers can call the common number 080 4516 3554 from a non-internet phone to reserve a BharatGas cylinder for themselves or for friends in simple steps and in a secure manner thanks to the collaboration with Ultra Cash.

Key Points:

a)      Around 4 crore BharatGas customers in rural India will benefit from the implementation of this option.

b)      After the RBI Governor announced the launch of UPI 123PAY last week, BPCL is the first company in India to offer their service to consumers. UltraCash is a mobile payment app created by UltraCash Technologies Pvt Ltd and approved by India’s National Payment Corporation (NPCI).

c)       More than 13,000 BharatGas customers transacted for more than Rs. One Crore in the month leading up to the launch, implying that Rs. 100 Crore in transactions could be expected in the next twelve months.