World Cooperative Monitor report 2021: IFFCO ranks first
The Indian Farmers Fertiliser Cooperative Limited (IFFCO) has been ranked ‘number one Cooperative’ among the top 300 cooperatives in the world. The ranking is based on the ratio of turnover over the gross domestic product (GDP) per capita. It signifies that IFFCO is contributing significantly to the GDP and economic growth of the nation. The 2021 edition of the 10th Annual World Cooperative Monitor (WCM) report, withholding its position from the 2020 edition.
About the report:
- The 2021 WCM report is published by the International Cooperative Alliance (ICA) and European Research Institute on Cooperative and Social Enterprises (Euricse). WCM is a project designed to collect robust economic, organizational, and social data about cooperatives worldwide.
- The report is the 10th annual one and explores the economic and social impact of the largest cooperatives and mutual worldwide, providing a ranking of the top 300, sector rankings, and an analysis of responses to the current global challenges: Covid and climate change.
Important takeaways for all competitive exams:
- IFFCO Founded: 1967;
- IFFCO Headquarters: New Delhi, Delhi;
- IFFCO MD & CEO: DR. U. S. Awasthi.
OECD projected India growth forecast to 9.4% for FY22
Paris-based Organisation for Economic Co-operation and Development (OECD) decreased India’s growth forecast to 9.4% for FY22 from 9.7% estimated in September 2021. It has projected the Indian economy to grow at 8.1% in FY23, and moderate to 5% in FY24. OECD lowered the global growth forecast for 2021 to 5.6% from 5.7% earlier.
According to OECD, low-skilled domestic migrants and urban workers, who faced the brunt of employment shocks in both waves of the pandemic in India, have yet to see their earnings return to pre-pandemic levels.
Important takeaways for all competitive exams:
- OECD Secretary-General: Mathias Cormann;
- OECD Headquarters: Paris, France;
- OECD Founded: 30 September 1961.
SBI listed USD 650-million Green Bonds on India INX and LuxSE
State Bank of India (SBI) listed its USD 650-million green bonds simultaneously on the India International Exchange (India INX) and the Luxembourg Stock Exchange (LuxSE). This dual listing is in line with 2021’s topic of the World Investor Week (WIW), ‘sustainable finance’, as indicated by the regulatory body International Financial Services Centres Authority (IFSCA). India INX has now emerged as the leading bond listing venue with over $33 billion.
Important takeaways for all competitive exams:
- India INX Founded: 2017;
- India INX Headquarters: Gandhinagar, Gujarat;
- India INX MD & CEO: V. Balasubramaniam.
Pradip Shah appointed as Chairman of National Asset Reconstruction Company
Pradip Shah, the founder of IndAsia Fund Advisors, has been appointed chairman of the National Asset Reconstruction Company (NARCL). Shah, an MBA from Harvard and chartered accountant, is credited for establishing India’s first and largest housing finance company, HDFC, and rating firm Crisil.
While Aditya Birla Asset Reconstruction Company managing director Sanjay Jain will be the chief executive of India Debt Resolution Company (IDRCL), the privately-owned asset management company (AMC) mandated to resolve bad loans acquired by NARCL.
Ratan Tata to get Assam’s highest civilian award
On the occasion of Assam Divas, the state government of Assam has decided to accolade renowned industrialist Ratan Tata with the ‘Asom Bhaibav’ award, the highest civilian state award for his contribution to cancer care in the state. The awards that precede it are Asom Saurav, followed by Asom Gaurav. With healthcare as one of its top priorities, the Assam government is showing its appreciation towards Tata’s push to cancer care in the region.
The Tata Trust, in collaboration with the Assam government, had decided to set up 19 cancer care units during the ‘Advantage Assam – Global Investment Summit’ in 2018 and an MoU had been signed between the Assam government and Tata Trusts. The hospitals were to be set up on a three-tier system and constructed under the divisions L1, L2 and L3, which signified the standard of care that would be provided by them. Ratan Tata had laid the foundation stone for the cancer care units in the state.
Important takeaways for all competitive exams:
- Assam Governor: Jagdish Mukhi;
- Assam Chief Minister: Himanta Biswa Sarma.
International Day of Banks: 04 December
International Day of Banks is celebrated on December 4 to recognise the importance of multilateral and international development banks in financing sustainable developments. United Nations also observes the day in recognition of the vital role of banking systems in Member State in contributing to the improvement of the standard of living.
History of the day:
In 2019, the United Nations General Assembly designated December 4 as the International Day of Banks. It is celebrated for the first time in 2020. The day is celebrated to the recognition of the significant potential of multilateral development banks and other international development banks in financing sustainable development and providing know-how, and also in recognition of the vital role of the banking systems in the Member States in contributing to the improvement of the standard of living.
India will have nine nuclear reactors by 2024
The nation will have nine nuclear reactors by 2024 and a new nuclear project, the first in northern India, will come up 150 kms away from Delhi in Gorakhpur of Haryana, the government informed the Rajya Sabha. By 2024, India will have nine nuclear reactors plus 12 new additional ones which were approved during the Covid times with a capacity of 9000 MW.
The minister said that nuclear energy will soon emerge as one of the most important sources of alternative or clean energy for the increasing power demand of the country. India is counting on its nuclear program to help meet its Paris climate commitments to reduce the emissions intensity of its economy by a third from 2005 levels by 2030.
Earth Station of Doordarshan Kendra inaugurated in Gorakhpur
Union Minister of Information and Broadcasting Anurag Singh Thakur and Uttar Pradesh Chief Minister Yogi Adityanath inaugurated Earth Station of Doordarshan Kendra at Gorakhpur. Three FM stations of All India Radio were also inaugurated virtually on the occasion. This will be the second earth station of Doordarshan in Uttar Pradesh and it is being built at a cost of Rs.7 crore.
About the Earth Station:
- This Earth Station will enable the programmes generated at the local level to be telecast live through DTH across the world. The Earth Station at Doordarshan Kendra Gorakhpur will be a boon to local Bhojpuri artists as they have been demanding it for a long.
- Three FM stations of All India Radio were inaugurated today are at Etawah, Lakhimpur Kheri and Bahraich districts. The addition of these FM stations will further enhance the reach of All India Radio, especially, in the Indo-Nepal border areas.
Federal Bank launches an exclusive feature-rich scheme for women
Private sector lender, Federal Bank has launched a feature-rich savings bank product for women. The savings scheme is called Mahila Mitra Plus and provides a curated set of features, designed to make financial planning and investments easy for women. The special features include exclusive preferential interest rates on housing loans, processing fee waiver for home loans, complimentary and customised insurance cover. The special features include exclusive preferential interest rates on housing loans, processing fee waiver for home loans, complimentary and customised insurance cover.
Important takeaways for all competitive exams:
- Federal Bank Founded: 23 April 1931;
- Federal Bank Headquarters: Aluva, Kerala;
- Federal Bank MD & CEO: Shyam Srinivasan;
- Federal Bank Tagline: Your Perfect Banking Partner.
ADB approves $500-million loan to improve quality of school education
The Asian Development Bank (ADB) has approved a $500 million loan to the Government of India to help improve the quality of the country’s school education and mitigate the impact of the Covid-19) pandemic on students’ learning. The loan supports the Integrated Scheme for School Education (Samagra Shiksha) and the new Exemplar School Initiative of the Ministry of Education (MOE) to improve education quality by focussing on inclusive and equitable learning outcomes.
About 1,800 government schools will be transformed into exemplar schools in Assam, Gujarat, Jharkhand, Tamil Nadu, and Uttarakhand. Exemplar schools will demonstrate quality learning environments and effective learning, which will become a model for replication in other government schools across the country.
Important takeaways for all competitive exams:
- Minister of Education: Dharmendra Pradhan.
