Current Affairs - 16 Mar 2022

Daily Current Affairs of 16 Mar 2022. Follow Current Affairs on daily Basis in on post. Current Affairs PDF for Competitive Exams

A book titled ‘Modi@20: Dreams Meet Delivery’ released soon

The Bharatiya Janata Party (BJP) has announced to release a book on the life of Prime Minister Narendra Modi titled Modi@20: Dreams Meet Delivery. It is set to hit stands in April 2022. The book is a compilation of pieces written by intellectuals & experts and has been edited & compiled by BlueKraft Digital Foundation.

The essence of the book:

The book captures the political life of PM Modi’s past 20 years, ranging from his tenure as Gujarat CM to Prime Minister of India and has been compiled by eminent intellectuals and personalities from industry and politics.
Those who have contributed to the book include Sudha Murty, Sadhguru, Nandan Nilekani, Home Minister Amit Shah, External Affairs Minister S Jaishankar, late legendary singer Lata Mangeshkar, National Security Adviser Ajit Doval, industrialist Uday Kotak, actor Anupam Kher, badminton star PV Sindhu and former principal secretary to PM Nripendra Mishra.

Some facts about Narendra Modi:

Narendra Modi served as Gujarat’s chief minister for more than 12 years over four terms, making him the longest-serving CM of the state. In 2014, Narendra Modi became the 14th person to become the prime minister.
A recent survey released in January by Morning Consult Political Intelligence found that PM Modi is the most popular leader globally with a 71 per cent approval rating.

India’s first ‘World Peace Center’ will be established in Gurugram

Ahimsa Vishwa Bharti organisation established by Ambassador of Peace, Eminent Jainacharya Dr Lokeshji will establish India’s first World Peace Center in Gurugram, Haryana. For this, the Haryana Government has allotted a plot to the organization in Sector 39 of Gurugram opposite Medanta Hospital and adjacent to Delhi-Jaipur Highway. ‘World Peace Center’ will work for the establishment of peace and harmony in the world.

The Ahimsa Vishwa Bharti had got the plot by depositing the entire amount in the Government treasury, on which the construction work of about 25000 square feet will be completed in two years. He expressed his gratitude to the Hon’ble Chief Minister of Haryana, Manohar Lal Khattarji.

About the peace centre:

The voice of this centre of Gurugram will be heard all over the world by its work, including the United Nations and the World Religion Parliament.
‘World Peace Center’ will be a major world-class centre for personality building, where various dimensions such as Personality Development of Youth, Empowerment of Women and Sanskar Development in Children through Meditation, Yoga, Indian Culture and Jain lifestyle based scientific programs will also be conducted here.

A poem ‘Monsoon’ published by Sahitya Akademi

Sahitya Akademi, India’s National Academy of Letters has published a book-length poem ‘Monsoon’ by Indian poet-diplomat Abhay K. Monsoon is a poem of 150 stanzas of 4 lines each that commence its journey in Madagascar and follows the path of the monsoon invoking the rich flora and fauna, languages, cuisine, music, monuments, landscapes, traditions, myths and legends of the places through which monsoon travels and acts as a messenger to carry the poet’s message from Madagascar to his beloved in Srinagar in the Himalayas.

About the Sahitya Akademi:

Sahitya Akademi was established on 12th March in 1954. Its logo was designed by Satyajit Ray himself and Pt. Jawaharlal Nehru was its first President. The first book published by the Academy was Bhagwan Buddha by D.D. Koshambi in 1956. It was a translation from Marathi into Hindi.

Nation’s first AI & Robotics Technology Park (ARTPARK) launched in Bengaluru

The country’s first Artificial Intelligence & Robotics Technology Park (ARTPARK) was launched in Bengaluru, Karnataka. It is promoted by a not-for-profit foundation set up by the Indian Institute of Science (IISc) Bengaluru, with a seed capital of Rs. 230 crore from the State and Central governments.

ARTPARK (AI and Robotics Technology Park) along with AI Foundry is going to launch a $100 million venture fund to support AI and robotics innovations in India. The fund will be backed by the government, private companies, and VCs.

The lab has technical teams working in collaboration with multiple labs at IISc. It will also work with other technical institutes and bodies, including the Indian Institute of Technology (IIT) Kanpur, IIT Jodhpur, the University of Aalto in Finland, Indian Council of Medical Research and the All India Institute of Medical Sciences.

About the ARTPARK:

ARTPARK intends to use futuristic technologies to connect the unconnected will work with a focus on creating a globally leading AritificiaI Intelligence and Robotics Innovation ecosystem in India.
The ARTPARK has the objective of channelizing innovations to create a societal impact by executing ambitious mission-mode R&D projects in healthcare, education, mobility, infrastructure, agriculture, retail, and cyber-security aiming to solve problems unique to India.

Revoking Russia’s Most Favored Nation Trade Status: US

President Biden announced that the United States—along with the G7, the European Union, and NATO—will revoke Russia’s Most Favored Nation (MFN) trade status. Revoking Russia’s PNTR status will allow the United States to increase and impose new tariffs on all Russian imports. In the US, the “most favoured nation” status is also known as permanent normal trade relations (PNTR). Only North Korea and Cuba do not enjoy the “most favoured nation” status from the US.

The main aim of this step is to punish the Russian government for its invasion of Ukraine. The United States will also not export luxury goods to Russia. Earlier, the United States has banned the import of Oil and energy from Russia. This action will cause economic harm to Russia by damaging its ability to export to wealthier Western markets; it will also raise costs for Americans and our trading partners that may rely on affected Russian products.

What is the Most Favored Nation status?

A most favoured nation status designation means two countries have agreed to trade with each other under the best possible terms — low tariffs, few barriers to trade and the highest possible imports allowed.

Maternal Mortality in India: Kerala tops in maternal

Kerala has yet again emerged on top when it comes to maternal and child health, with the State recording the lowest Maternal Mortality Ratio (MMR) of 30 (per one lakh live births) in the country. According to the latest data, India’s maternal mortality ratio (MMR) has improved to 103 for the period 2017-19.

The Maternal Mortality Ratio (MMR) of Kerala has dropped from 42 to 30. Kerala has achieved the UN Sustainable Development Goals of MMR in the year 2020 itself. Maternal Mortality Ratio (MMR) is defined as the number of maternal deaths per 100000 live births.

Key points:

Kerala, Telangana, and Maharashtra are included in the top 3 states with the lowest MMR in India.
The Maternal Mortality Ratio (MMR) has worsened in West Bengal, Haryana, Uttarakhand, and Chhattisgarh.
The maternal mortality ratio (MMR) has drastically improved in UP, Rajasthan, and Bihar.
Italy, Norway, Poland, and Belarus have the lowest MMR in the world.

Mahanadi Coalfields Limited is now the biggest coal-producing firm of India

The Mahanadi Coalfields Limited (MCL), a subsidiary of Coal India, has announced that it has become the country’s largest coal producer. In the financial year 2021-22, the company reported it produced 157 million tonnes of coal.

KEY POINTS:

The business also generated 7.62 lakh tonnes of dry fuel on March 12. In a statement, the corporation stated that it was the largest production in a single day during the current fiscal year.
OP Singh, Chairman-cum-Managing Director of the firm, complimented all officials, workers, contracted company employees, and other stakeholders for their contributions in making MCL the country’s biggest coal producer.
In his congratulatory message to the employees, the CMD stated, “MCL has to play a bigger role in maintaining energy security for the nation.”

MCL has delivered over 166 MT dry fuel to consumers, a 22 percent increase over the previous financial year, and has removed 195 MCuM (million cubic metres) of overburden, a 19 percent increase over the previous financial year, according to a statement.

Fifth payments tech startup IZealiant Technologies acquired by Razorpay

Razorpay, a fintech unicorn, announced the purchase of IZealiant Technologies, a renowned Fintech business that provides banks with payments technology solutions, for an undisclosed sum. IZealiant is a Pune-based startup that offers banks and financial institutions mobile-first, API-enabled, and cloud-ready payment processing tools.

KEY POINTS:

Razorpay’s Banking Solutions Arm will be strengthened by the purchase of IZealiant, which will develop revolutionary payment banking solutions for partner banks, allowing businesses and their end-customers to enjoy a faster, more seamless, and secure payment experience.
Razorpay’s Banking team has worked on a number of important projects in India, including Razorpay TokenHQ, India’s first multi-network RBI compliant card tokenization solution, and MandateHQ, an API-based, plug-and-play recurring payments interface for banks.
“We are pleased to have the IZealiant team join the Razorpay family today,” said Harshil Mathur, CEO and Co-founder of Razorpay, in response to the purchase. I am certain that the combined strength of two technological firms will provide our partner banks with the required assistance in developing next-generation solutions and changing market dynamics in the new normal.”
“The team at IZealiant has considerable expertise creating and executing sophisticated, high-performance acquiring and issuing systems,” he continued, “and I am certain that together we will be able to offer industry-first solutions for Indian banks.””
“We are happy to join up with Razorpay and be part of their growth path together,” stated Prashant Mengawade, CEO of IZealiant. Financial institutions are rapidly eager to implement innovative, versatile, and secure solutions to satisfy ever-changing client expectations, and the time couldn’t be better.
IZealiant is incredibly proud of our customer-centricity and high-performing digital payments systems that we have designed for some of the world’s most prestigious financial institutions.

Bhagwant Mann sworn in as new chief minister of Punjab

Bhagwant Mann was sworn in as the 18th chief minister of Punjab at Khatkar Kalan, the ancestral village of Bhagat Singh in the presence of Governor Banwarilal Purohit. The Aam Aadmi Party romped home winning 92 seats in the 117-member Punjab Assembly, decimating the Congress and the SAD-BSP combine. Chanting ‘Jo Bole So Nihal’ and ‘Bharat Mata Ki Jai’, Bhagwant Mann thanked the people who attended the swearing-in ceremony. Mann ended his speech with ‘Inquilab Zindabad’ (long live the revolution).

Besides newly-elected AAP MLAs, Delhi Chief Minister Arvind Kejriwal and other senior party leaders were also present at the ceremony. Among other leaders present at the ceremony are Deputy CM of Delhi Manish Sisodia and Delhi environment minister Gopal Rai.

Paytm Payments Bank punished by RBI for data breaching to Chinese firms

The RBI has stopped Paytm Payments Bank from accepting new customers because it broke the laws by allowing data to transit to servers in other countries and failing to properly authenticate its consumers. According to a report, annual inspections by the Reserve Bank of India (RBI) discovered that the company’s servers were sharing information with China-based organisations that indirectly held an interest in Paytm Payments Bank.

KEY POINTS:

SoftBank-backed Paytm Payments Bank was prevented from adding new customers by the central bank on Friday, citing “serious supervisory problems found in the bank.”
The Reserve Bank of India said in a statement that the bank has also been asked to appoint an audit company to perform a complete assessment of its IT system.
Paytm Payments Bank, on the other hand, described the allegation as “totally incorrect, erroneous, and unconfirmed,” noting that it complies entirely with RBI’s data localisation directives.
“The Bank’s data is entirely contained within the country.” “We are firm supporters of the Digital India programme and are dedicated to advancing financial inclusion in the country,” according to the statement.
The bank (Paytm Payments) is acting quickly in response to the RBI’s ruling. PPBL stated that it will continue to cooperate with the regulator to address their concerns as soon as feasible.
Customers’ services will not be affected, according to the statement.
Existing PPBL customers will be able to continue to benefit from seamless banking and digital payments services without interruption, according to the statement.

Existing users’ PPBL savings, fixed deposits with linked banks, and balances in their Paytm Wallet, FASTag or Wallet Card, and UPI services are all safe and working, according to the company.

Oscars 22: India’s ‘Writing with Fire’ nominated in Best Documentary feature category

A documentary about the Dalit-led, all-woman newspaper Khabar Lahariya, “Writing With Fire” became the first Indian documentary to be nominated at the Oscars. ‘Writing With Fire’ had won Audience and Jury Awards at the Sundance Film Festival last year. It is produced by Ticket Films and directed by filmmakers Rintu Thomas and Sushmit Ghosh. ‘Khabar Lahariya’ is a newspaper founded in May 2002 in Chitrakoot, Uttar Pradesh.

Other nominees in the category are: “Ascension”, “Attica”, “Flee”, and “Summer of Soul (Or, When the Revolution Could Not Be Televised)”.

Shubman Gill & Ruturaj Gaikwad named as brand ambassadors for My11Circle

Games24x7 Private Limited, India’s leading digital skill games company, has appointed Indian cricketers Shubman Gill and Ruturaj Gaikwad as its new brand ambassadors for its My11Circle fantasy gaming platform. Both of them will feature in the multimedia campaigns of Games24x7 across TV, digital and social media platforms.

Games24x7, founded by Bhavin Pandya and Trivikraman Thampy in 2006, offers a range of skill games (RummyCircle, My11Circle, Carrom) and casual games (U-Games). My11Circle is also the official title sponsor of the new Indian Premier League(IPL) team Lucknow Super Giants. In January 2022, Games24x7 has appointed Bollywood actor Hrithik Roshan as its brand ambassador for the online skill gaming platform.

Delhi govt launched ‘My EV’ portal for registering and purchasing e-autos

The Delhi government has launched an online ‘My EV‘ (My Electric Vehicle) portal for the purchase and registration of electric autos in Delhi. It is accessible to all users on the website of the transport department of Delhi. Under the Delhi Electric Vehicle Policy, a 5% interest rate subvention will be provided on the purchase of e-autos on loans and become the first state to provide such a facility. The web portal was developed with the collaboration of the Delhi government and Convergence Energy Services Limited (CESL).

CESL has empanelled six Financial Institutions (FIs) – Mahindra Finance, Akasa Finance, Mannapuram Finance, RevFin, and Prest Loans to provide loans to EVs at attractive terms. The Interest subvention on the purchase of EVs is in addition to the applicable purchase incentive of INR 30,000 and scrapping incentives of up to INR 7,500 under the Delhi EV Policy. The consumer will be able to avail of up to INR 25,000 additional benefits.

Important takeaways for all competitive exams:

Delhi Chief Minister: Arvind Kejriwal;
Delhi Lieutenant Governor: Anil Baijal.

Retail inflation in February at 6.07%, still above RBI limit

In February, India’s retail inflation rate climbed to an eight-month high, maintaining above the central bank’s comfort level of 6% for the second month in a row, while wholesale price inflation continued to be in double digits for continuous eleventh month in a row. With mounting threats to growth in Asia’s third-largest economy, this might make inflationary management difficult. The consumer price index (CPI)-based inflation rate increased to 6.07 percent in February from 6.01 percent the previous month, according to data issued by the statistics department, with food and beverages, apparel and footwear, and fuel and light groups driving the increase.

KEY POINTS:

Food and beverage inflation reached a 15-month high of 5.85 per cent, owing to significant inflation in vegetables and edible oils.
The wholesale pricing index (WPI)-based inflation rate climbed to 13.11 per cent in February after falling for two months, according to data issued by the industry department.
While inflation for manufactured goods surged to 9.84 per cent in February as companies passed on higher input prices to consumers, food and fuel inflation rates remained stable.
While inflation for manufactured goods increased to 9.84 per cent in February as manufacturers passed on rising input costs to consumers, inflation for food and gasoline fell to 8.19 per cent and 31.5 per cent, respectively. After a downward trend since May 2021, edible oil inflation increased to 14.9 per cent in February.
When oil-market corporations raise fuel prices, which have remained steady since November, inflationary pressure on the economy is likely to rise, putting further pressure on the Reserve Bank of India to raise interest rates.

Despite February CPI inflation topping 6%, Aditi Nayar, chief economist at ICRA Ratings, believes that another status quo policy by the RBI is probable in April, given the ongoing uncertainty caused by the impact of the Russia-Ukraine crisis.

The Reserve Bank of India’s Monetary Policy Committee maintained key policy rates constant last month, despite predictions of a raise in the reverse repo rate, citing the need to restore and sustain growth on a long-term basis.

WWE legend Razor Ramon passes away

The two-time WWE Hall of Famer, Scott Hall has passed away, due to heart attack. He was 63. His tenure with World Wrestling Federation (WWF, now WWE) began in May 1992. With WWE, he was famously known by his ring name as ‘Razor Ramon’. He went on to become a four-time WWE Intercontinental champion.

In 2014, Scott Hall was inducted into the WWE Hall of Fame as an individual wrestler and then again in 2020 as part of NWO. Scott Hall is a two-time world champ with WWC Universal Heavyweight Championship and the USWA Unified World Heavyweight Championship.

India’s 1st Digital Water Bank ‘AQVERIUM’ launched in Bengaluru

India’s First Digital Water Bank, ‘AQVERIUM’ has been launched in Bengaluru, Karnataka which is an innovative initiative aimed at better water management. It is formed by AquaKraft Group Ventures. It is a very unique innovation combining sustainable & green technologies along with information technology, skill development & entrepreneurship. It is a curated list of water data from all institutions and sources, that will help tackle some common development challenges.

About ‘Digital Water Data Bank’:

Digital Water Data Bank can be understood as a curated list of ‘Water Data’ from all institutions and sources that will further aid in tackling some common development challenges.
The digital water data bank also provides insights and evidence from research and analytics thereby providing fundamental reliable information for tackling water pollution.
Data, in any field, facilitates building a broader picture that further enables us to harness the best evidence and make informed decisions. When it comes to making a water-secure world, data-driven decisions can greatly improve service delivery, sustain water resources and build resilience.

Accurate Data can help India:

Water Crises is not as much of a problem as ‘Water Management Crisis’. The key to managing water efficiently is having accurate, real-time data. Measuring can aid in managing.
From looking at how much water the country has, to where it has, when it has and how this water is being used, is the only way various sectors could pursue the demand and harness water from every possible source. Accordingly, this way, a roadmap will be made for judicious use.
With the inauguration of the first digital data bank in India, AI will aid in putting voluminous data for better understanding.

Important takeaways for all competitive exams:

Karnataka Capital: Bengaluru;
Karnataka Chief Minister: Basavaraj S Bommai;
Karnataka Governor: Thawar Chand Gehlot.

Former Andhra Pradesh Governor ‘Ms Kumudben Joshi’ passes away

The former Governor of Andhra Pradesh, Kumudben Manishankar Joshi has passed away. She was 88. Ms Joshi served as the Governor of Andhra Pradesh from 26 November 1985 to 7 February 1990. She was the second female Governor of the state after Sharda Mukherjee. Joshi had been a member of the Rajya Sabha thrice.

Kumudben Manishankar Joshi also became Deputy Minister of Information and Broadcasting (October 1980 – January 1982) and Deputy Minister of Health and Family Welfare (January 1982 – December 1984).

Mutual Fund of HSBC launches fund of CRISIL IBX 50:50 Gilt Plus SDL April 2028 Index

The HSBC CRISIL IBX 50:50 Gilt Plus SDL Apr 2028 Index Fund (HGSF), an open-ended Target Maturity Index Fund that tracks the CRISIL IBX 50:50 Gilt Plus SDL Index – April 2028, has been introduced by HSBC Mutual Fund. According to the fund house, the programme has a high interest rate risk and a low credit risk.

KEY POINTS:

According to the press release, HGSF intends to provide improved risk-adjusted performance and liquidity by combining quality debt papers.
The fund will be managed by Kapil Punjabi, SVP – Fund Manager Fixed Income, and will be benchmarked against the CRISIL IBX 50:50 Gilt Plus SDL Index – April 2028. The fund intends to concentrate on the six-year target maturity sector in order to profit from the current volatile long-term securities outlook.
The fund will invest in government securities, which will be included in the GSec portion of the CRISIL IBX 50:50 Gilt Plus SDL Index – April 2028, as well as State Development Loans securities, which will be included in the SDL portion of the CRISIL IBX 50:50 Gilt Plus SDL Index – April 2028.

A portion of the scheme’s assets will be allocated to money market products, such as cash and cash equivalents (Treasury Bills, Government Securities with residual maturity of up to one year and three Party Repos and any other like instrument as specified by the RBI from time to time).

CGSSD extended upto March, 31st, 2023

Credit Guarantee Scheme for Subordinate Debt (CGSSD) is extended upto 31.03.2023. On the 13th of May, 2020, the government announced the launch of the ‘Distressed Assets Fund—Subordinate Debt for Stressed MSMEs‘ as part of the Aatma Nirbhar Bharat Package. As a result, the Government approved the ‘Credit Guarantee Scheme for Subordinate Debt’ on June 1, 2020, and the scheme was launched on June 24, 2020, to provide credit to the promoters of stressed MSMEs viz. SMA-2 and NPA accounts who are eligible for restructuring as per RBI guidelines on the books of the lending institutions through lending institutions. Initially, the plan was only valid until March 31, 2021.

KEY POINTS:

The government had already extended this scheme till 31.03.2022, in order to maintain avenues of support accessible for strained MSME Units.
The government has now agreed to prolong the plan until 31.03.2023, based on proposals from the scheme’s stakeholders.
The Emergency Credit Line Guarantee Scheme (ECLGS) was also extended until March 31, 2023, according to Finance Minister Nirmala Sitharaman.

According to the India Brand Equity Foundation (IBEF), there are around 6.3 crore MSMEs in India. This industry, second only to agriculture in terms of job creation, is one of the most important in the country. According to specialists, this industry has been the hardest hit by the coronavirus pandemic.