World Egg Day 2021: 08 October
World Egg Day is celebrated worldwide on the ‘Second Friday of October’ month each year since 1996. This year’s World Egg Day will take place on Friday 8 October and will mark the 25th anniversary of the event. The 2021 celebration will centre around the brilliant versatility of the egg and its multitude of benefits to people at every stage of life. The theme for 2021 World Egg Day is “Eggs for all: Nature’s perfect package”.
World Egg Day was established at Vienna 1996, when it was decided to celebrate the power of the egg on the second Friday in October each year. The day helps to raise awareness of the benefits of eggs and their importance in human nutrition.
World Investor Week 2021: October 04-10
The International Organization of Securities Commissions (IOSCO) is preparing to launch its fifth annual World Investor Week (WIW) from 4 to 10 October 2021. The World Investor Week (WIW) is an initiative promoted by the IOSCO to raise awareness about the importance of investor education and protection and highlight the various initiatives of securities regulators in these two critical areas.
The key messages of the IOSCO WIW campaign in 2021 will be based on two themes: 1) sustainable finance and 2) frauds and scams prevention. The IOSCO WIW campaign continues to gain support among a growing number of jurisdictions, stakeholders and major international organizations.
Important takeaways for all competitive exams:
- IOSCO Headquarters: Madrid, Spain;
- IOSCO Secretary General: Paul P. Andrews;
- IOSCO Founded: April 1983.
RBI Monetary Policy: Status Quo on rates
The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) kept the repo rate unchanged in the fourth bi-monthly policy meet for the financial year 2021-22 headed by RBI Governor Shaktikanta Das has maintained the status quo. The Monetary Policy Committee kept the repo rate unchanged at 4 per cent. The reverse repo rate will continue to be 3.35 per cent. The meeting was held between October (6 to 8). The remaining will take place in December (6 to 8) and February (7 to 9, 2022).
The Marginal Standing Facility (MSF) rate and bank rates remain unchanged:
- Policy Repo Rate: 4.00%
- Reverse Repo Rate: 3.35%
- Marginal Standing Facility Rate: 4.25%
- Bank Rate: 4.25%
- CRR: 4%
- SLR: 18.00%
RBI Monetary Policy Highlights & Key Decisions:
- FY22 GDP growth forecast maintained at 9.5%.
- CPI inflation is projected at 5.3% for the current fiscal year.
- Bond purchases under G-SAP stopped.
- Open market operations to continue as needed.
- Internal ombudsman plan for non-bank lenders.
- On-tap special LTRO of 3 years worth Rs 10,000 crore for small businesses extended till Dec 31.
- Framework planned for retail digital payments in offline mode.
- Immediate Payment Service (IMPS) limited upped from Rs 2 lakh to Rs 5 lakh
- No compulsion for banks to park money in variable reverse repo rate (VRRR).
The composition of the Monetary Policy Committee is as follows:
- Governor of the Reserve Bank of India – Chairperson, ex officio: Shri Shaktikanta Das.
- Deputy Governor of the Reserve Bank of India, in charge of Monetary Policy– Member, ex officio: Dr Michael Debabrata Patra.
- One officer of the Reserve Bank of India to be nominated by the Central Board – Member, ex officio: Dr Mridul K. Saggar.
- A professor at the Mumbai-based Indira Gandhi Institute of Developmental Research: Prof. Ashima Goyal.
- A professor of finance at the Indian Institute of Management in Ahmedabad: Prof. Jayanth R Varma.
- An agricultural economist and a senior adviser with the National Council of Applied Economic Research in New Delhi: Dr Shashanka Bhide.
Some important instruments of Monetary Policy:
The RBI’s Monetary Policy has several direct and indirect instruments which are used for implementing the monetary policy. Some important instruments of Monetary Policy are as follows:
Repo Rate: It is the (fixed) interest rate at which banks can borrow overnight liquidity from the Reserve Bank of India against the collateral of government and other approved securities under the liquidity adjustment facility (LAF).
Reverse Repo Rate: It is the (fixed) interest rate at which the Reserve Bank of India can absorb liquidity from banks on an overnight basis, against the collateral of eligible government securities under the LAF.
Liquidity Adjustment Facility (LAF): The LAF has overnight as well as term repo auctions under it. The term repo helps in the development of the inter-bank term money market. This market sets the benchmarks for the pricing of loans and deposits. This helps in improving the transmission of monetary policy. As per the evolving market conditions, the Reserve Bank of India also conducts variable interest rate reverse repo auctions.
Marginal Standing Facility (MSF): MSF is a provision that enables the scheduled commercial banks to borrow an additional amount of overnight money from the Reserve Bank of India. Bank can do this by dipping into their Statutory Liquidity Ratio (SLR) portfolio up to a limit at a penal rate of interest. This helps the banks to sustain the unanticipated liquidity shocks faced by them.
Important takeaways for all competitive exams:
- RBI 25th Governor: Shaktikant Das; Headquarters: Mumbai; Founded: 1 April 1935, Kolkata.
PL Haranadh takes charge as Chairman of Paradip Port Trust
P L Haranadh, an Indian Railway Traffic Service (IRTS) officer of the 1994 batch, has been appointed as the new Chairman of Paradip Port Trust (PPT). Haranadh has worked in various capacities, during his 27 years of service, which includes 22 years in the Indian Railways and 5 years in the Ministry of Shipping. Paradip Port Trust (PPT) is the lone major port in Odisha.
Important takeaways for all competitive exams:
- Paradip Port Trust Headquarters: Paradip, Odisha;
- Paradip Port Trust Opened: 12 March 1966.
A book title “Economist Gandhi” by Jaithirth Rao
Indian Entrepreneur and writer Jaithirth Rao, popularly known as Jerry Rao, has come out with a book on Mahatma Gandhi titled “Economist Gandhi: The Roots and the Relevance of the Political Economy of the Mahatma”. Jaithirth Rao is the founder and former CEO of the software company Mphasis.
The book examines Mahatma Gandhi’s economic philosophy and his hidden facet personality- thoughts on economics and capitalism. The book has been published by the Penguin Random House India.
World Bank Projects Indian GDP to grow at 8.3% in FY22
The World Bank has estimated India’s real Gross Domestic Product (GDP) in the current fiscal year 2021-22 to grow by 8.3% in its latest economic update for South Asia. India’s economy, South Asia’s largest, is expected to grow by 8.3 per cent in the fiscal year 2021-22, aided by an increase in public investment and incentives to boost manufacturing,”. The World Bank said in its update on South Asia, titled ‘Shifting Gears: Digitization and Services-led Development.
The GDP growth projection for India in three fiscal years as per World Bank is as follows:
- 2021-22 (FY22): 8.3%
- 2022-23 (FY23): 7.5%
- 2023-24 (FY24): 6.5%
The Nobel Peace Prize 2021 announced
The Norwegian Nobel Committee has decided to award the 2021 Nobel Peace Prize to Maria Ressa and Dmitry Muratov “for their efforts to safeguard freedom of expression, which is a precondition for democracy and lasting peace”. Maria Ressa uses freedom of expression to expose abuse of power, use of violence and growing authoritarianism in her native country, the Philippines. Dmitry Muratov has for decades defended freedom of speech in Russia under increasingly challenging conditions.
The Norwegian Nobel Committee is convinced that freedom of expression and freedom of information are crucial prerequisites for democracy and protection against war and conflict. The 2021 peace prize laureates are representative of all journalists who stand up for this ideal in a world in which democracy and freedom of the press face increasingly adverse conditions.
PM Narendra Modi dedicates to nation 35 PSA Oxygen Plants
Prime Minister Narendra Modi dedicated 35 Pressure Swing Adsorption (PSA) Oxygen Plants to the nation through video-conferencing, during an event at AIIMS Rishikesh, Uttarakhand. These 35 PSA Oxygen Plants have been established under PM CARES, across 35 States and Union Territories. Now all districts of the country will now have commissioned PSA Oxygen Plants.
As per the data, a total of 1,224 PSA oxygen plants have been funded under the PM-CARES (Prime Minister’s Citizen Assistance and Relief in Emergency Situation) fund across the country till date and of these, more than 1,100 plants have already been commissioned providing an output of over 1,750 MT oxygen per day.
Mukesh Ambani tops Forbes India Rich List 2021
The Reliance Industries Limited (RIL) Chairman Mukesh Ambani has topped the Forbes India Rich list for 2021, released. The list ranks India’s 100 richest Indians. He has retained his position as the wealthiest Indian for the 14th consecutive year on the Forbes India list, since 2008.
The tycoon added $4 billion to his net worth in 2021, to bring his total fortune to $92.7 billion. The total fortune of Forbes India 100 Richest Indian in 2021 is recorded at US$775 billion. India’s 100 richest are now worth $775 billion. The second spot has been retained by Adani Group Chairman Gautam Adani, with a net worth of $74.8 billion. Tech tycoon Shiv Nadar acquired the third spot with net worth of $31 billion.
India slips 6 ranks on Henley Passport Index 2021
India’s rank has slipped by six places from last year to 90 on the Henley Passport Index 2021, which lists the world’s most travel-friendly passports Japan and Singapore hold the first rank on the passport index. The index covers 227 destinations and 199 passports. The index comes at a time when countries are easing travel restrictions for international visitors after almost two years since the outbreak of the COVID-19 pandemic. The rankings are based on the survey of the International Air Transport Association (IATA) data.
Top 5 countries in the Index:
- Rank 1: Japan, Singapore
- Rank 2: Germany, South Korea
- Rank 3: Finland, Italy, Luxembourg, Spain
- Rank 4: Austria, Denmark
- Rank 5: France, Ireland, Netherlands, Portugal, Sweden
World’s 5 least powerful passports:
- Afghanistan
- Iraq
- Syria
- Pakistan
- Yemen
Fitch cuts India’s FY22 GDP growth forecast to 8.7%
Fitch Ratings has cut India’s economic growth forecast to 8.7% for the current fiscal but raised GDP growth projection for FY23 to 10%, saying the second COVID-19 wave delayed rather than derail the economic recovery.
Fitch Ratings said India’s ‘BBB-/Negative’ sovereign rating “balances a still-strong medium-term growth outlook and external resilience from solid foreign- reserve buffers, against high public debt, a weak financial sector and some lagging structural factors”.
Tata Group wins bid for Air India
Tata Group, the progenitor of the Air India airline, reclaimed it, nearly 60 years after it was nationalised. Tata Sons bid ₹180 billion for the government’s 100% stake in Air India. The government is seeking to sell 100 per cent of its stake in the state-owned national airline, including Air India’s 100 per cent shareholding in AI Express Ltd and 50 per cent in Air India SATS Airport Services Private Ltd.
The stake sale process, which begun on January 2020, faced delays due to the Covid-19 pandemic. In April 2021, the government asked potential bidders to put in financial bids.
History of Air India:
JRD Tata founded the airline in October 1932 and it was at that time called Tata Airlines. This marks the return of Air India to Tata fold after 68 years. The government nationalised the airline in 1953. With this, the airline will go back to the Tatas who have a long history with the national carrier.
Why does the government of India sell Air India?
Air India has been in losses ever since its merger with domestic operator Indian Airlines in 2007. The airline, which was formed by the Tatas as a mail carrier in 1932, will give the successful bidder control of 4,400 domestic and 1,800 international landing and parking slots at domestic airports, as well as 900 slots at airports overseas. Besides, the bidder would get 100 per cent of the low-cost arm Air India Express and 50 per cent of AISATS, which provides cargo and ground handling services at major Indian airports.
Karnataka Vikas Grameena Bank bags two national awards
Karnataka Vikas Grameena Bank (KVGB), sponsored by Canara Bank, has bagged two national awards (‘APY Big Believers’ and ‘Leadership capital’) for significant enrolment under the Atal Pension Yojana (APY) from the Pension Fund Regulatory and Development Authority (PFRDA). KVGB Chairman P. Gopi Krishna received awards from PFRDA Chairman Supratim Bandopadhyay.
KVGB is playing a pivotal role in implementing all three social security schemes (PMJJBY, PMSBY and APY) launched by the Central government. KVGB has a business turnover of ₹28,410 crores with a clientele base of nearly 90 lakh in nine districts – Dharwad, Gadag, Haveri, Belagavi, Vijayapura, Bagalkot, Uttara Kannada, Udupi and Dakshina Kannada – of Karnataka.
Important takeaways for all competitive exams:
- Karnataka Vikas Grameena Bank founded: September 12, 2005.
- Karnataka Vikas Grameena Bank Headquarters: Dharwad, Karnataka.
- Karnataka Vikas Grameena Bank Chairman: Puttaganti Gopi Krishna.
Indian hockey players sweep FIH Stars Awards
Indian hockey players swept the 2020-21 edition of the FIH Stars Awards, the international hockey federation (FIH) announced. The winners were decided based on an online poll conducted from August 23 to September 15 which saw national associations, represented by their respective national captains and coaches, players, media and hockey fans cast their votes.
Votes from national associations counted for 50 per cent of the overall result, while fans and players (25 per cent) as well as media (25 per cent), accounted for the other half.
FIH Stars Awards 2020-21: Winners list
- Player of the Year: Harmanpreet Singh (men) and Gurjit Kaur (women)
- Goalkeeper of the Year: PR Sreejesh (men) and Savita Punia (women)
- Rising Star of the Year: Vivek Sagar Prasad (men) and Sharmila Devi (women)
- Coach of the Year: Graham Reid (men) and Sjoerd Marijne (women)
Centre organises ‘Buddhist Circuit Train FAM Tour and Conference’
Union Minister of State for Tourism, Ajay Bhatt has flagged off the “Buddhist Circuit Train FAM Tour” from Safdarjung railway station (part of Delhi Suburban Railways). Ministry of Tourism in association with the Indian Railway Catering & Tourism Corporation (IRCTC) has organized the Buddhist Circuit Train FAM Tour as part of the Union government’s “Dekho Apna Desh” initiative.
The tour will cover the visit of prominent Buddhist sites and conferences at Bodhgaya and Varanasi. The event is likely to be attended by around 125 delegates including tour operators, hoteliers, media and officials of the Ministry of Tourism and state governments.
E. R. Sheikh becomes first Director General of the Ordnance Directorate
E.R. Sheikh has assumed charge as first Director-General of the Ordnance Directorate (Co-ordination and Services). It is the successor organization of the Ordnance Factory Board (OFB). He has contributed to the establishment of the modern production line system for the manufacture of small arms ammunition at the Ordnance Factory Varangaon. He led the successful development of the Bi-Modular Charge System for artillery ammunition.
