Daily GK Update- 25th July, 2022

 

NATIONAL UPDATES:

 

1. PM Narendra Modi unveils India’s first Passenger Drone “Varuna”: Prime Minister Narendra Modi has unveiled Varuna, India’s first passenger drone. PM Modi is seen watching the demonstration of the drone. Prime Minister Narendra Modi asserted that the current government has ensured last-mile delivery of services with the help of technology, including drones. The Prime Minister was there to address the Naval Innovation and Indigenisation Organisation (NIIO) seminar ‘Swavlamban’ which took place at Dr Ambedkar International Centre in New Delhi.

‘Varuna’ drone: The makers of this indigenous pilot-less ‘Varuna’ drone startup Sagar Defence Engineering demonstrated this in his presence. This ‘Varuna’ drone has been designed and developed by a startup and has the capacity to carry one person inside. Varuna, India’s first drone that can carry a human payload, has a range of 25 km. The drone can carry a 130 kg payload and has 25-33 minutes of flight time.

 

2. HP becomes the 1st Indian state to connect all registered commercial vehicles: Himachal Pradesh has become the first state in the country to connect all registered commercial vehicles equipped with Vehicle Location Tracking Device (VLTD) with Emergency Response Support System (ERSS). Now, these vehicles can be tracked anywhere in the country through VLTD. More than 9,423 vehicles have been registered and linked with ERSS. Now it will be monitored by both the police and the transport department. Chief Minister Jai Ram Thakur formally inaugurated the system at a program organized at Peterhof, in Shimla. He also introduced the facility of panic buttons for the safety of women and children in public vehicles.

Vehicle Location Tracking Device: The Vehicle Location Tracking Device with Emergency Panic Button System and Command Control Center has been connected with Emergency Response Support System 112. When the panic button is pressed, a signal would be received through satellite to 112 and the person in distress would be connected and alert the police.

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

 

3. NITI Aayog: India’s R&D expenditures one of the lowest worldwide: According to a report by the government think tank NITI Aayog and the Institute for Competitiveness, India has among of the lowest R&D expenditures worldwide. In fact, R&D spending in India has decreased, falling from 0.8 percent of GDP in 2008-09 to 0.7 percent in 2017-18. According to data, India has a lower GERD than the other BRICS countries. Spending amounts for Brazil, Russia, China, and South Africa are respectively 1.2 percent, 1.1 percent, over 2 percent, and 0.8 percent. Around 1.8 percent is the global average. Key Points:

a)      According to the India Innovation Index 2021, India has generally spent a small amount of money on research and development. The overall share of gross expenditure on R&D (GERD) as a percentage of GDP, which was roughly 0.7 percent, reflected this.

b)      The United States, Sweden, and Switzerland are developed nations that spend roughly 2.9 percent, 3.2 percent, and 3.4 percent, respectively.

c)       The biggest R&D expenditure per GDP is made by Israel, which is 4.5 percent.

d)      The fact that expenditures in R&D take time to yield benefits is one of the explanations given for the low spending on R&D in emerging nations like India.

e)      Authorities focus resources on addressing these concerns since they are more prevalent in nations like India, where they include reducing hunger, combating sickness, and improving quality of life.

 

4. International Conference on Chemistry and Applications of Soft Materials: The CSIR-National Institute for Interdisciplinary Science and Technology (CSIR-NIIST), Thiruvananthapuram, will host an International Conference on Chemistry and Applications of Soft Materials (CASM 2022) as part of the Azadi Ka Amrit Mahotsav celebrations to mark 75th year of Independence. Discussions on a variety of subjects, including self-assembly and supramolecular materials, soft material chemistry, physics, rheology, and photophysics, responsive and smart materials, gels, liquid crystals, polymers, macromolecules and framework materials, and functional nanomaterials, as well as soft material applications in electronics and energy, will take place at the conference. Key Points:

a)      The conference is anticipated to draw at least 300 delegates from both within and outside of the nation, the official added.

b)      The conference, according to Ajayaghosh, Director of CSIR-NIIST and Conference Chair, will give researchers and students the ideal setting to share ideas and create new partnerships in the field of soft materials.

c)       The Department of Science and Technology (DST) will sponsor a session on soft materials for energy applications, and presentations showcasing the technology development initiatives at CSIR-NIIST will also be presented, according to Narayanan Unni, Scientist at CSIR-NIIST and Convener of the Conference.

 

INTERNATIONAL UPDATES:

 

1. Dinesh Gunawardena sworn in as the 15th Prime Minister of Sri Lanka: Senior politician, Dinesh Gunawardena has been appointed as the new and 15th Prime Minister of Sri Lanka, by President Ranil Wickremesinghe. He succeeds former Prime Minister Ranil Wickremesinghe, who has been sworn in as the country’s 9th president. Gunawardena, parliamentarian of the Sri Lanka Podujana Peramuna (SLPP) party, took his oath in the capital Colombo in the presence of other senior legislators. Gunawardena had been appointed Home Minister in April by then President Gotabaya Rajapaksa. With Gotabaya fleeing the country and resigning from his position, earlier Prime Minister Ranil Wickremesinghe was sworn in as the eighth President of Sri Lanka on July 21.

 

2. WHO Report: India was top remittance recipient in 2021 receiving $87 billion: India was the top recipient country for remittances inflows in 2021, in current US dollars, among the low and middle-income countries, according to a report released by World Health Organisation. India received remittances worth US$ 87 billion in 2021, as per the “first World report on the health of refugees and migrants”. Key points of the report:

a)      China ($53 billion), Mexico ($53 billion), the Philippines ($36 billion) and Egypt ($33 billion) were the top five nations in the list.

b)      The United States was the largest source country for remittances in 2020, followed by the United Arab Emirates, Saudi Arabia and Switzerland. Remittances increase or maintain consumer spending and soften the blow of economic hardship, such as during the COVID-19 pandemic.

Note: WHO Director-General: Dr. Tedros Adhanom Ghebreyesus; WHO Headquarters: Geneva, Switzerland; WHO Founded: 7 April 1948.

 

3. Ennarasu Karunesan chosen by IAPH to serve as its representative in India: Ennarasu Karunesan has been named as the International Association of Ports and Harbors’ (IAPH) official representative in India. IAPH is the world’s port industry’s forum for cooperation and excellence. Karunesan has over 33 years of leadership experience in the marine and port industries. He began his career in the port industry with the Mumbai port and later worked as the general manager of operations and CEO of the Westport Container Terminal in Port Klang, Malaysia, from 2001 to 2004. Key Points:

a)      According to an IAPH press release, Ennarasu Karunesan relocated to India to serve as Director and CEO of Chennai Container Terminal Ltd., Dubai Ports World, and CEO of the Adani Ports & Special Economic Zone, Gujarat, India.

b)      The IAPH can effectively represent their interests on a global scale, they feel, and Indian ports, terminal operators, and EXIM trading partners have a significant contribution to make to the global ports community in the areas of energy transition, data sharing, and resilience.

Note: Managing director of the IAPH: Patrick Verhoeven

 

4. World Drowning Prevention Day: 25th July: World Drowning Prevention Day is observed every year on July 25 and was established by the UN General Assembly Resolution “Global drowning prevention” from April 2021. This international advocacy event provides a platform to draw attention to the devastating and deep effects drowning has on families and communities while also outlining life-saving strategies to stop it.

 

OTHER UPDATES:

 

SPORTS

 

1. First Khelo India Fencing Women’s League to begin on July 25, 2022: The first Khelo India Fencing Women’s League, which will begin on 25 July, 2022, will be hosted by Talkatora Indoor Stadium in New Delhi. The first-of-its-kind national fencing competition for women will take place through the 29th of this month, according to the Ministry of Youth Affairs and Sports. It will take place in three stages.

The Sports Authority of India has sanctioned a total of Rs. 1 crore 54 lakh for the league’s operations. Over 17 lakh rupees have been set aside as prize money for each phase. Twenty-one States and more than 300 women have enrolled to take part in the tournament. Bhavani Devi, an athlete from the Tokyo Olympics and the Target Olympic Podium Scheme, will compete in the league’s Senior category Sabre event. She is playing on behalf of the Tamil Nadu State.

 

BANKING AND FINANCE

 

1. RBI approves Open, Cashfree Payments, PayNearby and Fairexpay for Cross-Border Payments: The Reserve Bank of India gave the go-ahead to Open, Cashfree Payments, PayNearby & Fairexpay, providers of payments and API banking solutions, for its cross-border payments offering. Cross-border payments are the focus of the Reserve Bank of India’s (RBI) announcement about the Second Cohort’s release from the Regulatory Sandbox. The reserve bank chose four of the eight entities that were a part of the Test Phase. These companies include the unicorn of neobanking, Open, as well as Cashfree Payments, PayNearby, and Fairexpay. These entities have all successfully passed the second cohort’s Test Phase.

Key Points:

a)      These organisations can now provide their cross-border payment solutions to regulated businesses including banks and NBFCs, according to the RBI.

b)      The RBI’s liberalised remittance policy will cover cross-border investments. According to RBI, regulated entities may consider using the product if it complies with all relevant regulatory criteria.

c)       In order to enable investors to effectively purchase foreign stocks, the company will convert the transferred amount into foreign currency, such as US dollars, and transmit it to the overseas broker.

d)      The product has been determined to be viable within the boundary parameters established during testing under the regulatory sandbox, according to the announcement of the exit of the second cohort.

e)      With its product payouts, Cashfree Payments currently dominates the industry for bulk disbursals in India with over 50% of the market share among payment processors. SBI made a recent investment in Cashfree Payments.

f)        Cashfree business has integrations with significant platforms including Shopify, Wix, Paypal, Amazon Pay, Paytm, and Google Pay. In addition to India, eight other nations, including the USA, Canada, and the UAE, use Cashfree Payments solutions.

 

BUSINESS AND ECONOMY

 

1. India’s bioeconomy likely to reach $300 billion by 2030: By 2025 and 2030, India’s bioeconomy is predicted to reach $150 billion and $300 billion, respectively. The Biotechnology Industry Research Assistance Council (BIRAC) released the India BioEconomy Report 2022 based on information about the economic contribution of the biotech sector. According to the analysis, the nation’s bioeconomy reached over USD 80 billion in 2021, representing an increase of 14.1% over USD 70.2 billion in 2020. It claimed that India would add USD 80.12 billion in bioeconomy in 2021, producing USD 219 million daily. Key Points of the Report:

a)      In 2021, the industry spent more over USD 1 billion on R&D, with at least three biotech businesses being established on average each day (for a total of 1,128 biotech startups). The statement said, “A tripling within a year from USD 320 million to USD 1.02 billion.”

b)      According to the report, India provided 1.45 billion doses of Covid-19 vaccine in 2021, or about 4 million doses every day. The country also performed 1.3 million Covid-19 tests daily (total of 506.7 million tests).

c)       In 2021, the 3.3 billion litres of ethanol that could previously be produced will be doubled to 6.5 billion litres. The paper stated that with continued growth, India would reduce its import expenses, thus affecting the currency reserves and the import-export imbalance in the direction of achieving the USD 10 trillion overall economy target by 2030.

 

2. Tata Projects appoints Vinayak Pai as managing director: Vinayak Pai has been named as the managing director of TATA Projects, the company announced. Vinayak Deshpande, who had been in charge of operations for more than 11 years, had been replaced by Pai. Pai has worked with top engineering and EPC firms for more than three decades, holding significant positions on teams that worked on engineering design, technology licencing, project management, business development, and operations.

 

AWARDS AND HONOURS

 

1. Filmmaker KP Kumaran honoured with JC Daniel Award 2022: Malayalam filmmaker, KP Kumaran has been honoured with Kerala’s highest film award, the JC Daniel Award. Kumaran won the award for his contribution to the Malayalam film industry. The award comprises of a cash prize of Rs 5 lakh, a citation, and a plaque. The 2021 jury included singer P Jayachandran, director Sibi Malayil, film academy chairman Ranjith, and Rani George, the principal secretary of the Department of Cultural Affairs. 

About the JC Daniel Award: JC Daniel Award is Kerala’s highest award in Malayalam cinema. It is presented annually by the Kerala State Chalachitra Academy, a nonprofit institution under the Department of Cultural Affairs. Instituted in 1992, the award is given to honour the recipients for their outstanding contribution to Malayalam cinema. The award was created to commemorate the contribution of Indian filmmaker JC Daniel, who is often regarded as the father of Malayalam cinema. Since its inception, the award has been bestowed on 27 individuals. Film distributor and producer TE Vasudevan was its first recipient. Singer P Jayachandran was the latest recipient – 2020.

Daily GK Update- 24the July, 2022

NATIONAL UPDATES:

 

1. Assam CM Himanta Biswa Sarma launched ‘Swanirbhar Naari’ scheme: Assam Chief Minister Himanta Biswa Sarma has launched ‘Swanirbhar Naari’, a scheme to empower indigenous weavers in Assam’s Guwahati. The scheme will help in preserving the heritage of handlooms and textiles in the state. Under the scheme:

a)      The State government has decided to procure handloom items directly from the indigenous weavers without involving any middlemen through a specially developed Swanirbhar Naari web portal.

b)      The scheme will be implemented with the help of ARTFED and AGMC under the administrative control of the Director, Handloom Textiles, Assam. Altogether 31 nos. hand woven items are covered in the scheme belonging to various communities residing in the state.

c)       After procurement, products will be sold through formal channels of ARTFED’s outlet Jagaran and AGMC’s outlet Pragjyotika in Assam and in other states of the country. The online registration is designed in a way to reach those areas also, where departmental yarn banks are not available. It is expected that the portal will bridge the gap in between the weavers and the buyers.

Note: Assam Capital: Dispur; Assam Chief Minister: Himanta Biswa Sarma; Assam Governor: Prof Jagdish Mukhi.

 

2. MoU signed between Flipkart and Bihar State Skill Development Mission: E-commerce market, Flipkart said that it had signed an agreement with the Bihar State Skill Development Mission to start the Supply Chain Operations Academy (SCOA) projects in the state. According to a release, the programme aims to develop a talent pool of skilled supply chain operations personnel and disseminate pertinent training and expertise of the business. Key Points:

a)      This will contribute to closing the skills gap and opening up employment chances in the nation’s booming supply chain sector.

b)      The Flipkart team devised and developed the training curriculum for SCOA, which was introduced in October of last year, to provide applicants with a comprehensive experience and training.

c)       The successful candidates would receive a stipend of Rs 17,500 for completing the programme, which includes 45 days of on-the-job training at Flipkart supply chain facilities after 15 days of digital classroom training.

d)      The programme consists of a 60-day skill-building effort that aims to provide young people with the skills they need to develop careers in various areas of supply chain management and certify them so that they can become more employable.

e)      Through Flipkart‘s Learning Management System, an online learning platform where students may pick up a variety of skills through courses created by industry professionals, the students would be given skills.

 

3. Rajarshi Gupta named as Managing Director of ONGC Videsh: Rajarshi Gupta has been appointed as Managing Director of ONGC Videsh. He was recommended for the position by the Public Enterprise Selection Board (PESB). He has more than 33 years of wide-ranging experience in supervisory, managerial and strategic planning capacities in domestic and international operations of ONGC and ONGC Videsh.

Gupta spent 13 years in ONGC Videsh during 2006-2019, working across the globe in diverse geographical and fiscal regimes, in Business Development, Merger & Acquisitions, and Project Management of Exploration and Development projects.

 

4. ISRO ‘Human Spaceflight Expo’ inaugurated at Jawaharlal Nehru Planetarium: Indian Space Research Organisation, ISRO Chairman S Somnath along with other senior scientists inaugurated the Human Space Flight Expo at Jawaharlal Nehru Planetarium in Bengaluru to commemorate the Azadi ki Amrit Mahotsav. ISRO is embarking on its maiden unmanned mission Gaganyaan soon and the exhibition showcased the crew module, GSLV Mark III human-rated launch vehicle and crew escape systems. About the expo:

a)      The expo, which will be open to the public from Friday to Sunday, is in collaboration with the planetarium and the Bangalore Association for Science Education (BASE).

b)      The expo features a number of exhibits, including scaled models of various Indian satellites and launch vehicles as well as a scaled model of the proposed India Space Station. The expo also includes an interactive model of the Gaganyaan, the first Indian crewed spacecraft, which is slated to launch soon.

c)       As part of the programme, two unmanned missions this year and one manned mission by next year is envisaged. The three days exhibition in the Jawaharlal Nehru Planetarium will also have talks by ISRO scientists and film shows.

 

5. Aaykar Diwas or Income Tax Day: 24th July: The Central Board of Direct Taxes (CBDT) observed the 162nd Income Tax Day (also known as Aaykar Diwas) on 24 July 2022. The day was first celebrated in 2010. On 24 July 1860, Income Tax was introduced for the first time in India by Sir James Wilson. The purpose of this tax was to compensate for the losses incurred by the British regime during the first war of independence against British Rule in 1857.

About the Central Board of Direct Taxes: The Central Board of Direct Taxes is a statutory authority functioning under the Central Board of Revenue Act, 1963. The officials of the Board in their ex-officio capacity also function as a Division of the Ministry dealing with matters relating to levy and collection of direct taxes. Historical Background of C.B.D.T.

Note: Central Board of Direct Taxes chairman: Nitin Gupta; Central Board of Direct Taxes Established: 1924; Central Board of Direct Taxes Headquarters: New Delhi.

 

INTERNATIONAL UPDATES:

 

1. Sheikh Mohammed Sabah Al Salem named as new Kuwait’s Prime Minister: Kuwait’s Emir Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah has issued a decree to appoint Sheikh Mohammed Sabah Al Salem as a new Prime Minister. The appointment of a new PM comes three months after former Prime Minister Sheikh Sabah Al-Khaled Hamad Al-Sabah submitted his resignation, the fourth in the past two years and a half.

Sheikh Al-Salem held a number of positions; most notably, as a teaching assistant, and a member of a mission in the Economics Department at the College of Commerce, Economics and Political Science at Kuwait University, for 6 years, extending from 1979 until 1985. In 2003, he served as Minister of Foreign Affairs and Acting Minister of Social Affairs and Labor.

At the beginning of 2006, he was appointed Deputy Prime Minister and Minister of Foreign Affairs, and after only 4 months, he was reappointed to the same positions. He also held the same positions in the 2007, 2008, and 2009 ministerial reshuffles, in addition to occupying the acting Ministry of Oil.

Note: Kuwait Capital: Kuwait City; Kuwait Currency: Kuwaiti dinar.

 

2. Italian Prime Minister Mario Draghi resigned: Prime Minister of Italy, Mario Draghi has stepped down from his post after key coalition parties withdrew their support for his government on measures tackling the high cost of living. Draghi submitted his resignation to President Sergio Mattarella. However, Draghi’s government will continue to function under a caretaker capacity till a new leader is elected. He was elected as Prime Minister of Italy in February 2021. Draghi’s exit will also be a setback to the western alliance against Russia’s invasion of Ukraine. The Italian leader has taken an uncompromising stand towards Moscow and was a key architect of the tough sanctions against Russian President Vladimir Putin.

Note: Italy Capital: Rome; Italy Currency: Euro.

 

3. Ookla’s Speedtest Global Index June 2022: India ranks 118: India’s rankings fell by three spots in the median mobile speeds, according to Ookla’s Speedtest Global Index. India has at the number 115th spot in May this year, but it dropped down to 118th in June. In April and May, India’s mobile broadband speeds improved. But the month of June 2022, saw the median mobile download speeds in India decrease from 14.28 Mbps in May to 14.00 Mbps, according to the data. India’s median download speeds on fixed broadband marked an improvement at 48.11 Mbps in June 2022, from 47.86 Mbps in the previous month. This pushed the country’s global ranking three notches higher, to 72nd spot in June 2022 from 75th in May 2022.

According to the June Speedtest Global Index:

a)      Norway continues to be at the No.1 spot for overall global median mobile speeds, while Chile has reclaimed its No.1 position from Singapore, which landed at the No.2 spot for overall global fixed broadband speeds.

b)      For the month of June, Norway ranks first at 126.96 Mbps in the median mobile download speed index and Chile ranks first at 213.73 Mbps in the median broadband download speed index.

c)       Papua New Guinea and Gabon registered the highest growth for mobile download speeds and fixed broadband speeds respectively in June 2022.

 

OTHER UPDATES:

 

BANKING AND FINANCE

 

1. Three cooperative banks restricted from undertaking banking business by RBI: Three cooperative banks have received harsh limitations from the Reserve Bank of India in the last two days. Along with the Sri Mallikarjuna Pattana Sahakari Bank situated in Karnataka, these banks also include two from Maharashtra: the Nashik Zilla Girna Sahakari Bank Limited and the Raigad Sahakari Bank. The Reserve Bank of India has restricted these three banks from engaging in any banking activity due to their weak liquidity situation. Key Points:

a)      The Reserve Bank of India (RBI) announced that depositors of Sri Mallikarjuna Pattana Sahakari Bank and Nashik Zilla Girna Sahakari Bank will not be permitted to withdraw any funds from their savings, current, or other accounts. However, they will be able to offset loans against deposits.

b)      Nearly 99.5 percent of the depositors of Sri Mallikarjuna Pattana Sahakari Bank are fully insured by the DICGC insurance system, compared to 99.87 percent of the depositors of Nashik Zilla Girna Sahakari Bank.

c)       However, the top bank has permitted Raigad Sahakari Bank depositors to withdraw a maximum of 15,000 rupees from the balance of all savings, current, and other accounts combined.

d)      All of these banks are prohibited from making loans and advances, investing money, borrowing money, accepting new deposits, disbursing money, entering into compromises or other agreements, or selling, transferring, or otherwise disposing of any of their properties or assets without first receiving notification from the RBI.

 

BUSINESS AND ECONOMY

 

1. FICCI downgrades India’s GDP growth forecast for 2022-23 to 7%: Industry body Federation of Indian Chambers of Commerce & Industry (FICCI) has downgraded India’s economic output estimate for this financial year by 40 basis points to 7% for 2022-23. In April, FICCI had estimated India’s growth at 7.4% for 2022-23. Owing to geopolitical uncertainties and their impact on Asia’s third largest economy. Reason for downgrade:

a)      The industry body listed rising commodity prices, supply-side disruptions, and bleak global growth prospects with the conflict prolonging in Europe as major risk factors to India’s economic recovery.

b)      FICCI estimated India’s retail inflation rate at 6.7% for 2022-23, with a minimum and maximum range of 5.4% and 7.0% respectively, which is in line with RBI’s projections. It further expected the inflation levels to slow down starting September 2022 and fall back into the 4% range only by June 2023.

Note: FICCI Founded: 1927; FICCI Headquarters: New Delhi; FICCI Secretary General: Dilip Chenoy; FICCI Presidents: Sanjiv Mehta, Uday Shankar.

 

2. Microsoft announces ‘Viva Engage’ app in Teams to help build community: Tech giant Microsoft has announced that it is introducing Viva Engage, a new app in Teams that helps build community and connection, along with providing tools for personal expression. Built on the foundation of Yammer, Viva Engage brings people together across the organisation to connect with leaders and coworkers, find answers to questions, share their unique stories, and find belonging at work. About the Microsoft Viva:

a)      Microsoft Viva is designed to give employees across multiple roles and functions what they need to feel connected — no matter when or where they work.

b)      But employee experience is more than that. It is about helping employees excel at their job, whether it’s sales, marketing, finance, or IT, the company said.

c)       The social app for digital communities, conversations, and self-expression tools builds on the existing capabilities of the Communities app for Teams and Microsoft 365.

d)      Last month, Microsoft introduced the first of a new dimension of Viva, tailored to meet these vertical, role-specific needs — Microsoft Viva Sales.

Note: Microsoft Founders: Bill Gates, Paul Allen; Microsoft CEO: Satya Nadella; Microsoft Founded: 4 April 1975, Albuquerque, New Mexico, United States; Microsoft Headquarters: Redmond, Washington, United States.

 

OBITUARIES

 

1. Noted scientist and director ILS, Ajay Parida passes away: Noted scientist and director of the Institute of Life Sciences (ILS), Dr Ajay Kumar Parida has passed away at the age of 58. He was awarded the Padma Shri Award by the President of India in 2014 for his outstanding contribution in the field of Science and Engineering. He had also served as an Executive Director in M. S. Swaminathan Research Foundation. His research are mainly focused on developing climate resilient crop varieties with abiotic stress tolerance.

Daily GK Update- 23rd July, 2022

NATIONAL UPDATES:

 

1. $1 billion loan from the World Bank approved for the PM ABHIM: Union Health Minister Mansukh Mandaviya informed the Rajya Sabha that the World Bank had granted a loan of USD $1 billion to fund India’s flagship PM Ayushman Bharat Health Infrastructure Mission (PM-ABHIM). The loan that has been cleared consists of two complementary loans totaling USD 500 million each for the India’s Enhanced Health Service Delivery Program and Transforming India’s Public Health Systems for Pandemic Preparedness Program (PHSPP). Key Points:

a)      The PHSPP supports initiatives like bolstering current health units at points of entry and building new health units at PoEs in an effort to boost the resilience and preparedness of India’s health system for a pandemic.

b)      In addition, it sought to build BSL-3 laboratories, regional research platforms, and zonal institutes for the National Institutes of Virology, as well as a health emergency operation centre, metropolitan health monitoring units, and a strengthened surveillance system.

c)       Ayushman Bharat Health and Wellness Centers (AB-HWCs), a revised comprehensive primary health care model, will be used to boost service delivery in order to improve household access to primary healthcare facilities.

d)      Supporting the certification of quality assurance standards throughout Health and Wellness Centers (HWCs), bolstering the health workforce, and establishing Block level public health units would also help to improve overall quality of care (BPHUs).

 

2. Sanjay Agarwal to chair the committee Center established to strengthen MSP system: A committee on the Minimum Support Price (MSP) was established by the government eight months after it made a similar commitment in exchange for repealing three divisive agriculture policies. Sanjay Agrawal, a former agricultural secretary, will preside over the committee. The government has made a provision for Sanyukta Kisan Morcha (SKM) to have three representatives on the committee, but the farm organisation has not yet provided any candidates for the group. Key Points:

a)      Numerous farmers held a one-year-long agitation at the Delhi borders under the auspices of SKM, which resulted in the government rescinding the farm legislation. The Prime Minister of India, Narendra Modi, had pledged to form a committee to address the farmers’ demand for a legal guarantee on MSP when he announced the repeal of three farm regulations in November of last year. The formation of a committee in this respect was announced in a gazette announcement by the Agriculture Ministry.

b)      The panel will include senior member Naveen P Singh of the Commission for Agricultural Costs and Prices (CACP), agri-economists CSC Shekhar from the Indian Institute of Economic Development and Sukhpal Singh from IIM-Ahmedabad, and Niti Aayog member Ramesh Chand. Bharat Bhushan Tyagi, a farmer who has won national awards, three members of SKM, and five members from other farmer organisations make up the committee’s farmer representatives. These members are Gunwant Patil, Krishnaveer Choudhary, Pramod Kumar Choudhary, Guni Prakash, and Sayyed Pasha Patel.

 

3. India sign an agreement with Namibia to reintroduce cheetah: A Memorandum of Understanding (MoU) between India and Namibia aims to bring back cheetahs to the country after nearly seven decades. The first eight cheetahs are expected to arrive in Madhya Pradesh’s Kuno National Park by August 15. Separately, India is anticipated to receive 12 cheetahs from South Africa; a draught deal has already been signed, and a final one is forthcoming, according to authorities with knowledge of the situation. Key Points:

a)      69 years after the last known cheetah was hunted down in Chhattisgarh in 1952, the animal will re-enter a wild enclosure in India.

b)      The Cheetah Translocation Project (CTP), an initiative of the Union Environment Ministry, is being maintained by the National Tiger Conservation Authority (NTCA).

c)       Before releasing the creatures into the wild, the ministry intends to breed them in a cage in Kuno as part of CTP.

d)      Bhupender Yadav, the minister of environment, forests, and climate change, and Netumbo Nandi Ndaitwah, Namibia’s deputy prime minister and foreign minister, both signed the memorandum of understanding.

 

4. ISRO used PSLV to launch 345 foreign spacecraft from 34 different nations since 1999: Dr. Jitendra Singh, the Union Minister of State (Independent Charge) for Science and Technology, Earth Sciences, Personnel, Public Grievances, Pensions, Atomic Energy, and Space, announced that ISRO has signed six agreements with four nations for the launch of foreign satellites between 2021 and 2023. According to the Minister, the Indian Polar Satellite Launch Vehicle (PSLV) has successfully launched 342 foreign satellites from 34 countries since 1999 on a commercial basis. Key Points:

a)      Through its commercial subsidiary, New Space India Limited (NSIL), a government-owned business operating under the Department of Space (DOS), Indian Space Research Organization (ISRO) has launched satellites for other nations on board the Polar Satellite Launch Vehicle (PSLV) for a fee.

b)      Six Launch Service Agreements have already been signed by NSIL with clients from four different nations for the launch of foreign satellites on board PSLV between 2021 and 2023.

c)       A total of 124 domestic satellites, including 12 student satellites, have been launched into Earth’s orbit.

d)      Dr. Jitendra Singh stated in a second written response to a similar issue in the Rajya Sabha that a total of 342 foreign satellites from 34 different countries had been commercially launched on board the Indian Polar Satellite Launch Vehicle (PSLV) since 1999.

e)      The Minister claimed that during the past three years, India has generated approximately $35 million USD and 10 million EUR in foreign exchange earnings from the launch of foreign satellites aboard Indian launch vehicles (i.e., 2019- 2021).

 

5. National Broadcasting Day: 23rd July: National Broadcasting Day is observed on July 23 in India. The day aims to remind Indian citizens about the impact of radio on our lives. Akashvani or All India Radio (AIR) is India’s homegrown national radio broadcasting service which reaches millions of homes across the nation.

National Broadcasting Day History: Bombay Presidency Radio Club that along with other clubs began radio broadcasting from June 1923 in India. All India Radio began its journey as a private company called Indian Broadcasting Company ltd (IBC), on July 23, 1927. The Indian Broadcasting Company ltd (IBC) was eventually taken over by the British Raj and transformed into All India Radio (AIR) on June 8, 1936. The name Akashvani, which means voice or announcement from the skies, was formally adopted for the national broadcaster in 1956 and was based on a poem of the same name written by Rabindranath Tagore in 1938.

Note: National Broadcasting Day Founded: 1936, Delhi; National Broadcasting Day Headquarters: Sansad Marg, New Delhi; National Broadcasting Day Owner: Prasar Bharati.

 

INTERNATIONAL UPDATES:

 

1. Henley Passport Index 2022: India ranks 87th: The Henley Passport Index has recently released the list of the World’s Most Powerful Passports for the year 2022. Three Asian nations Japan, Singapore and South Korea bagged the top three positions on the list, reversing pre-pandemic rankings that were dominated by European nations. India is ranked 87th on the list of the world’s most powerful passports in 2022, according to the latest Henley Passport Index from Henley & Partners, an immigration consultancy. Key points of the Index:

a)      The Japanese passport provides hassle-free entry to 193 countries, while Singapore and South Korea both provide entry to 192 countries.

b)      Among other countries from Asia, India, along with Mauritius and Tajikistan, has been ranked 87th, with its passport providing access to 67 countries.

c)       China ties with Bolivia for the 69th spot, with each of their passports allowing access to 80 destinations.

d)      As for Bangladesh, it occupies the 104th position – five spots higher than Pakistan.

e)      Pakistan has the fourth worst passport in the world after Afghanistan, Iraq and Syria.

World’s most powerful passports 2022: (1) Japan; (2) Singapore; (3) South Korea; (4) Germany; (5) Spain; (6) Finland; (7) Italy; (8) Luxemburg; (9) Austria; (10) Denmark

 

2. Forbes Real-Time Billionaires List: Gautam Adani surpasses Bill Gates: As per the Forbes Real-Time Billionaires List, India’s richest person, Gautam Adani has now also become the fourth richest person in the world, leaving behind Microsoft founder Bill Gates. This increment came as Gates announced that he would be donating $20 billion of his wealth to his non-profit organisation — Bill & Melinda Gates Foundation. Key points:

a)      Elon Musk is the richest person with a $230 billion net worth, followed by Bernard Arnault of Louis Vuitton at the second spot and Amazon’s Jeff Bezos at third on the list.

b)      Mukesh Ambani was placed 10th on the Forbes list (net worth: $88 billion).

c)       In February this year, Adani overtook fellow countryman Ambani to take Asia’s richest spot on the back of the jump of his personal fortune, which made him the world’s biggest wealth-gainer this year.

The top three richest business tycoons in the world are:

Tesla CEO Elon Musk: $234.4 billion

Bernard Arnault: $154.9 billion,

Amazon chief Jeff Bezos: $143.9 billion

 

OTHER UPDATES:

 

SPORTS

 

1. Egypt’s Seif Ahmed named as FIH acting president: The International Hockey Federation (FIH) has appointed Egypt’s Seif Ahmed as its acting president following Indian administrator Narinder Batra’s resignation from the post. Batra resigned as FIH president and also quit as Indian Olympic Association (IOA) chief. He also gave up his International Olympic Committee (IOC) membership which was directly linked with his IOA position.

Executive Board has officially accepted Batra’s resignation and unanimously appointed Ahmed as its interim chief till fresh elections are held on November 5 during its two-day virtual Congress. Ahmed played for Egypt’s national team in 1968 and has a long association with the sport as an umpire and technical official. He is a member on the FIH Executive Board since 2001.

Note: International Hockey Federation Headquarters: Lausanne, Switzerland; International Hockey Federation CEO: Thierry Weil; International Hockey Federation Founded: 7 January 1924, Paris, France.

 

BANKING AND FINANCE

 

1. Federal Bank and CBDT collaborate to offer online tax payment services: Federal Bank and the Central Board of Direct Taxes have teamed to let taxpayers use the e-filing portal’s e-pay tax function. Taxes can now be paid promptly by anyone using methods including cash, NEFT/RTGS, a debit/credit card, UPI, net banking, etc. Through the bank’s branches, NRIs, domestic clients, and any tax-paying citizen can create tax challans and submit payments.

Key Points:

a)      The Bank had been given the go-ahead by the Center to begin collecting direct taxes on July 1 of the previous fiscal year.

b)      For starters, there is no necessity for PAN/TAN registration or verification for taxpayers, eliminating any potential for late tax payments.

c)       As a result of this agreement, Federal Bank is one of the first businesses to be registered on the Income Tax Department’s Tin 2.0 platform.

d)      Federal Bank’s President and Country Head for Wholesale Banking, Harsh Dugar, claims that this will make it easier for clients to pay their taxes by using any of their payment options, and it will also allow non-customers to pay at their branches’ counters. With a host of digital initiatives, the bank helps customers transact easily, fostering corporate agility.

 

2. Urban Cooperative Banks 4-tier regulatory structure adopted by RBI: In order to improve the financial soundness of Urban Co-operative Banks (UCBs), the RBI has decided to create a straightforward four-tiered regulatory framework. A panel of experts led by former RBI deputy governor N S Vishwanathan had presented a number of suggestions for improving UCBs. In addition to other recommendations, the committee had suggested a four-tiered regulatory structure depending on the size of the banks’ deposits and the regions in which they operated.

For important factors such net worth, the Capital to Risk-weighted Assets Ratio (CRAR), branch expansion, and exposure limitations, a differentiated regulatory approach was primarily advised. A crucial component of the recommendations was belonging to an umbrella organisation. The RBI has agreed to a number of committee recommendations. Key Points:

a)      For Tier 1 UCBs functioning in a single district, a minimum net value of Rs 2 crore has been mandated, and Rs 5 crore for all other UCBs (of all tiers).

b)      According to the RBI, this will help the banks become more financially resilient and improve their capacity to finance business expansion.

c)       According to information provided by UCBs as of March 31, 2021, the majority of banks have already complied with the requirement.

d)      To enable a smooth transition to the revised norms, the UCBs that do not meet the requirement will be given a glide path of five years with interim milestones.

e)      The minimum CRAR requirement for Tier 1 banks is maintained at the current prescription of 9% under the current capital adequacy framework based on Basel I, according to the RBI.

f)        While maintaining the current capital adequacy framework, it has been agreed to increase the minimum CRAR for Tier 2, Tier 3, and Tier 4 UCBs to 12 percent in order to enhance their capital structure, according to the central bank.

 

BUSINESS AND ECONOMY

 

1. ADB cuts India GDP growth forecast for FY23 to 7.2%: The Asian Development Bank (ADB), has slashed India’s GDP growth forecast to 7.2 per cent for FY23. Earlier this was estimated at 7.5 per cent. Meanwhile, the Manila-based multilateral development bank has revised down FY24 growth forecast to 7.8 per cent, from 8 per cent estimated earlier. It, however, raised the inflation forecast for India to 6.7% for FY23 from the 5.8 % estimated earlier. Reason:

a)      ADB added that private investment would soften due to the higher cost of borrowing for firms as the RBI continues to raise policy rates to contain inflation. The RBI’s monetary policy committee hiked the repo rate by 90 basis points in two consecutive months, May (an off-cycle policy review) and June, raising the repo rate to 4.9%.

b)      ADB, in the supplementary outlook, also said that net exports would shrink due to subdued global demand and a rising real effective exchange rate eroding export competitiveness despite a depreciating rupee.

c)       The rupee touched an all-time low of 80.06 against the dollar. The domestic currency has depreciated about 7.5% against the greenback in 2022 so far.

Note: Asian Development Bank Headquarters: Mandaluyong, Philippines; Asian Development Bank President: Masatsugu Asakawa; Asian Development Bank Founded: 19 December 1966.

 

2. Zero coupon, zero principal bond declared by Govt as securities: The government has designated “zero coupon zero principal instruments” as securities in preparation for the creation of a social stock exchange. A Not for Profit Organization (NPO) that will be registered with the social stock exchange segment of a recognised stock exchange will issue a zero coupon, zero principal instrument. According to a formal announcement released on Friday, the Securities and Exchange Board of India (Sebi) will establish the laws that would apply to these instruments.

According to the notification, “zero coupon zero principal instruments” have been designated as securities for the purposes of the Securities Contracts (Regulation) Act, 1956. Sebi’s board approved a framework for SSE for social businesses to raise money in September 2021. The recommendations of a working group and technical group assembled by the regulator served as the foundation for the development of the SSE framework.

 

DEFENCE

 

1. To commemorate victory in the Kargil War, motorcycle expedition launched by Indian Army: The Army Motor Bike trip from New Delhi to the Kargil War Memorial at Dras in Ladakh was launched off from Pathankot in Punjab to commemorate 23 years of triumph over Pakistan in the Kargil War of 1999 and to celebrate the spirit of Azadi Ka Amrit Mahotsav. The Zojila Pass Axis Rally team travelled through Kathua, Samba, Jammu, and Nagrota before arriving in the late afternoon in Udhampur. On the 18th of this month, Vice Chief of Army Staff Lieutenant General B. S. Raju signalled the start of the demonstration from the National War Memorial in New Delhi. By showcasing the courage and dedication displayed by our brave warriors serving the country, the rally aims to disseminate the message of patriotism and raise the morale of the entire country.

About Kargil War, 1999: The Kargil War, commonly referred to as the Kargil conflict, was an armed battle that took place between India and Pakistan in the Kargil district of Jammu and Kashmir as well as other locations along the Line of Control (LOC) from May to July 1999. Operation Vijay, the name of the Indian military operation to pacify the Kargil region, is another term for the conflict used in India. During the conflict, the Indian Air Force worked with Indian Army ground forces to clear Pakistani regular and irregular forces from abandoned Indian positions along the LoC. Operation Safed Sagar was the name given to this specific operation.