Crisil Report: India’s GDP expected to grow 7.8% in FY23
Domestic rating agency CRISIL has estimated FY23 real GDP growth at 7.8 per cent as compared with the 8.5 per cent projected in the Economic Survey. Estimating the growth to slow to 7.8 per cent in FY23 from the 9.2 per cent in FY22. Finance Minister Nirmala Sitharaman’s Budget proposals focused on loosening the purse strings by boosting capital expenditure and going slow on fiscal consolidation are aimed in the right direction.
The agency said global growth is expected to slow this year as major economies see a withdrawal of monetary and fiscal stimulus. It will have a direct bearing on India’s growth prospects as exports have been a key demand driver of domestic growth during the pandemic.
Torgya Festival celebrated in Arunachal Pradesh 2022
The three days long Torgya Festival of the Monpa tribal community of Arunachal Pradesh is celebrated at Tawang Monastery, Arunachal Pradesh. The main attraction of the festival is the ‘Sha-na Cham’, the ritual dance performed by monks to showcase the Choe-Gyal Yap & Yum Tsa-Munde deity.
This year is the ‘Dungyur Torgya’ festival, which marks a special occasion as every 3rd year, the festival is organized on a broader level with the name Dungyur Festival during which Dalai Lama offers blessings (also known as Tse-Boom) to other lamas by sending Feb Jum which is a holy item to be used in rituals.
Important takeaways for all competitive exams:
- Arunachal Pradesh Capital: Itanagar;
- Arunachal Pradesh Chief minister: Pema Khandu;
- Arunachal Pradesh Governor: B.D. Mishra.
Global Center of Excellence in Affordable and Clean Energy launched in IIT Dharwad
The Global Center of Excellence in Affordable and Clean energy was recently launched at IIT Dharwad. The center will enhance the research in affordable and clean energy. The center will create, incubate technologies, physical infrastructure. Also, it will create clean energy solutions. The solutions will target on livelihoods of rural communities.
The center is to be supported by CSR funds. CSR is Corporate Social Responsibility. The CSR funds are to come from HHSIF. HHSIF is Honeywell Hometown Solutions India Foundation. HHSIF provides funds in five main areas such as family safety and security, science and math education, housing and shelter, sustainability and humanitarian relief.
What is the plan?
- IIT Dharwad and HHSIF will jointly develop a platform. The platform will build interactive databases related to energy challenges in the country.
- The center will analyze the challenges and choose the appropriate and valid ones. It will then take these challenged through robust stages of the innovation cycle. This includes research, prototyping, testing, piloting and building channels.
- The center will also focus on designing, incubating and creating energy-efficient engineering affordable products. These products will be powered by renewable energy. The product will mainly enhance the lives of rural communities. All the ideas created will be based on recent advanced technologies.
Dubai will launch World’s first Hydrogen-powered Flying Boat ‘The Jet’
Dubai firm, THE JET ZeroEmission announced the launch of the World’s first hydrogen-powered flying boat ‘THE JET’ in Dubai, United Arab Emirates. ‘THE JET’ features cutting-edge characteristics and technologies, making it capable of flying in silence over the waters at a cruising speed of 40 knots and also has a capacity of carrying 8-12 passengers.
This announcement comes as a result of the agreement signed between Swiss startup THE JET ZeroEmission, UAE-based Zenith Marine Services, and US-based DWYN to manufacture and operate ‘The Jet’ in Dubai. THE JET will have its inaugural flight during the COP28, which is scheduled to be held in Dubai, UAE in 2023.
Important takeaways for all competitive exams:
- UAE Capital: Abu Dhabi;
- UAE Currency: United Arab Emirates dirham;
- UAE President: Khalifa bin Zayed Al Nahyan.
NSO First Revised GDP estimates FY21: Indian economy contracts by 6.6%
The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI) released the First Revised Estimates of National Income, Consumption Expenditure, Saving and Capital Formation for the financial year 2020-21. The National Statistical Office recently released the first revised GDP estimates for the fiscal year 2021. According to the estimates, the GDP contracted by 6.6%. Earlier, the GDP had contracted by 7.3%. The contraction is mainly due to the COVID pandemic and the lockdown imposed.
The NSO has also revised downward the real Gross Domestic Product (GDP) growth number for 2019-20 to 3.7 per cent as against the earlier estimate of 4 per cent. Under the 1st revision released in January 2021, real GDP or GDP at constant (2011-12) prices for 2019-20 stood at Rs 145.69 lakh crore with 4 per cent growth.
GoI setting up National Land Monetisation Corporation
According to Economic Survey, the government is setting up the National Land Monetisation Corporation (NLMC) to carry out the monetization of the land and other non-core assets. The initial authorized share capital of NLMC will be Rs 5000 crores and subscribed share capital of ₹150 crores. So far, CPSEs have referred 3,400 acres of land and other non-core assets for monetization from CPSEs including MTNL, BSNL, BPCL, B&R, BEML, HMT Ltd, Instrumentation Ltd.
National Land Monetisation Corporation (NLMC):
The National Land Monetisation Corporation (NLMC) is being set up in accordance with the Budget announcement. It is being set up as a 100 per cent Government of India owned entity. The initial authorised share capital will be Rs 5,000 crore while subscribed share capital will be Rs 150 crore. It works as an asset manager for lands owned by central government and central public sector enterprises (CPSEs). It has the freedom to invest, lease or rent assets or monetise them based on suggestions by many sources. It is free to develop assets for commercial or residential purposes.
Banks to transfer 15 NPA accounts worth Rs 50,000 crores to NARCL in FY22
As per SBI Chairman Dinesh Kumar Khara, National Asset Reconstruction Company Ltd (NARCL) or bad bank and IndiaDebt Resolution Company Ltd (IDRCL) are ready to commence operations. A total of 38 Non-Performing Asset (NPA) accounts worth Rs 82,845 crore have been identified to be transferred to NARCL initially.
In Phase I, 15 stressed assets (i.e. Non-Performing Asset accounts) worth Rs 50,000 crore will be transferred to NARCL in the current financial year. Public Sector Banks have taken a majority stake in NARCL, IDRCL will be majorly owned by private sector banks.
India’s 1st-ever season style book written by Akash Kansal
India’s first-ever season style book titled ‘The Class of 2006: Sneak Peek into the Misadventures of the Great Indian Engineering Life’, written by Akash Kansal a management professional. The book was virtually launched at one of the biggest book launch ceremonies at IIT Kanpur, & Delhi Technological University. “The Class of 2006” consists of 18 different episodes that recall the times spent in College. The book was released on Amazon Kindle by R. Madhavan, an Indian film actor, writer, director, and producer.
The essence of the book:
‘The Class of 2006: Sneak Peek into the Misadventures of the Great Indian Engineering Life’ consists of 18 different episodes, each with a Learning Box, and is definitely a good read to reminisce the times spent in college, especially for MBA, Engineering college students and aspirants.
Actor & filmmaker Amitabh Dayal passes away
Actor and filmmaker Amitabh Dayal has passed away after suffering a heart attack at the age of 51. Dayal has worked in films like Kagaar: Life on the Edge (2003) with Om Puri, Bhojpuri film Rangdari (2012) and Raj Babbar’s Dhuaan (2013), Amitabh Bachchan’s Virrudh (2005). He also worked on P. Akash’s Dillagi…Yeh Dillagi (2005), the film started Dharmendra, Rati Agnihotri and Kapil Dev, but never saw light of the day.
Sony buys ‘Destiny’ game developer Bungie for $3.6 billion
Sony Group Corp. is purchasing Bungie Inc., the U.S. video game developer behind the popular Destiny and Halo franchises, for $3.6 billion to bolster its stable of game-making studios. The deal announced by Sony Interactive Entertainment is the third significant video-game acquisition this month, following Microsoft Corp.’s purchase of Activision Blizzard Inc. for $69 billion two weeks ago and Take-Two Interactive Corp. snagging mobile game leader Zynga Inc. on Jan. 10.
Buying Bungie will give Sony one of the most popular first-person shooter games to compete with the massive Call of Duty series, which Sony’s main rival now owns through Activision.
Dr. Madan Mohan Tripathi joins as Director General, NIELIT
Dr. Madan Mohan Tripathi has joined as Director-General of the National Institute of Electronics & Information Technology (NIELIT). Before joining NIELIT, Dr Madan Mohan Tripathi was working as Professor at Delhi Technological University (DTU), New Delhi. In DTU he also worked as Director Internal Quality Assurance Cell (IQAC) and Coordinator of Intellectual Property Rights Cell.
About the NIELIT:
National Institute of Electronics & Information Technology (NIELIT) is an autonomous body under the Ministry of Electronics & Information Technology (MeitY), Government of India.
Sanctuaries in Gujarat, Uttar Pradesh listed as Ramsar sites
The Khijadiya Bird Sanctuary near Jamnagar in Gujarat and Bakhira Wildlife Sanctuary in Uttar Pradesh have been listed as Wetlands of International Importance by the Ramsar Convention. With this, the total number of Ramsar sites in India goes up to 49. Khijadiya has become the fourth wetland of Gujarat to get the Ramsar tag. Nalsarovar Bird Sanctuary, Thol Wildlife Sanctuary and Wadhwana wetland are the other Ramsar sites in the state. The last two were included in April last year.
About the Khijadiya Bird Sanctuary:
Khijadia Wildlife Sanctuary (Ramsar site No. 2464), a freshwater wetland near the coast of the Gulf of Kutch, was formed following the creation of a bund (dike) in 1920 by the then ruler of the erstwhile princely state of Nawanagar to protect farmlands from saltwater ingress. The sanctuary is now part of Marine National Park, Jamnagar, the first marine national park in the country.
About the Bakhira Wildlife Sanctuary:
On the other hand, Bakhira Wildlife Sanctuary (site no. 2465), a freshwater marsh in the Sant Kabir Nagar district, is the largest natural floodplain wetland of eastern Uttar Pradesh. The Sanctuary was established in 1980 and is protected under the Wildlife Protection Act (1972); an “eco-sensitive zone” extends up to a kilometre around its boundary.
Khelo India 2022 Scheme Allocation Increases by 48% in Budget
The Government has decided to continue the scheme of ‘Khelo India – National Programme for Development of Sports’ over the 15th Finance Commission Cycle — 2021-22 to 2025-26 — at an outlay of Rs 3165.50 crore. Khelo India Scheme Allocation increases by 48 per cent in Budget 2022 and includes it in the Prime Minister’s Award Scheme.”
About the Khelo India Scheme:
The Khelo India scheme is the flagship Central Sector Scheme of the Sports ministry. It aims at infusing sports culture and achieving sporting excellence in the country thus allowing the populace to harness the power of sports through its cross-cutting influence.
Important takeaways for all competitive exams:
- Minister of Youth Affairs and Sports: Anurag Singh Thakur.
Vedanta tied up with Union Bank of India to take over syndicated facility
Vedanta Ltd has tied up a facility of Rs 8,000 crores (replacement facility) with Union Bank of India at 7.75% to take over the majority of the syndicated facility after discussions with lenders. During 2020, amid the COVID-19 pandemic, Vedanta Ltd had tied up a syndicated facility of ₹10K crores with the State Bank of India as the lead bank at a running cost of 10.5 per cent.
This replacement facility was availed on December 28, 2021, to take over the existing Syndicated facility to reduce the overall interest cost of the company and to prepay high-cost debt raised at over 10% two years ago.
Important takeaways for all competitive exams:
- Union Bank of India Headquarters: Mumbai;
- Union Bank of India CEO: Rajkiran Rai G.;
- Union Bank of India Founded: 11 November 1919, Mumbai.
