Ayesha Aziz becomes India’s Youngest Female Pilot at 25
A 25-year-old Kashmiri woman, Ayesha Aziz, has become the youngest female pilot in the country. She became the youngest student pilot to get a license at the age of 15 in 2011. The 25 -year-old from Kashmir who is the youngest female pilot in the country acts is a source of inspiration and a beacon of empowerment for numerous Kashmiri women.
About the Ayesha Aziz:
In the year 2011, Aziz became the youngest student pilot to get a license at the age of 15 and underwent training to fly a MIG-29 jet at Russia’s Sokol airbase the following year. She later graduated in aviation from the Bombay Flying Club (BFC) and obtained a commercial license in 2017.
Reliance sources world’s first ‘carbon-neutral’ oil from United States
Billionaire Mukesh Ambani-owned Reliance Industries Ltd has received the world’s first consignment of ‘carbon-neutral oil’ from Oxy Low Carbon Ventures (OLCV), a division of United State oil major Occidental. This feat will further help the oil major to accomplish its target of becoming a net zero-carbon company by 2035.
The Very Large Crude Carrier (VLCC) Sea Pearl containing the carbon-neutral oil from Permian basin, unloaded the cargo at Jamnagar on January 28, 2021. It must be noted that Reliance operates the world’s largest single-location oil refining complex at Jamnagar in Gujarat with a capacity of 68.2 million tonnes a year.
This transaction is the first major petroleum shipment of Reliance, for which greenhouse gas (GHG) emissions from the entire crude lifecycle, including oil extraction, transport, storage, shipping, refining, subsequent use, and combustion, have been offset.
India ranks 53rd in EIU’s Democracy Index
India’s position has slipped by two places to be placed at 53rd spot in the 2020 Democracy Index, from among 167 countries. The overall score of India is 6.61 in the Index, on a scale of 0-10. India has been classified as a ‘flawed democracy’. Democracy Index is the global ranking released by The Economist Intelligence Unit (EIU) that provides a snapshot of the current state of democracy worldwide.
About the Index:
- Norway has topped the Index.
- Iceland, Sweden, New Zealand and Canada are the top five countries on the list.
- From the 167 countries, the Democracy Index has classified 23 countries as full democracies, 52 as flawed democracies, 35 as hybrid regimes and 57 as authoritarian regimes.
Important takeaways for all competitive exams:
- The Economist Intelligence Unit Headquarters: London, United Kingdom.
- The Economist Intelligence Unit Parent organization: Economist Group.
- The Economist Intelligence Unit Founded: 1946.
PM Modi Inaugurates Chauri Chaura Centenary Celebrations
Prime Minister Narendra Modi has inaugurated the centenary celebrations of the Chauri Chaura incident on February 4 via videoconferencing. February 4, 2021 marks 100 years of the ‘Chauri Chaura’ incident, a landmark event in the country’s fight for independence.
PM Modi also released a postal stamp dedicated to the Chauri Chaura incident, to mark the beginning of the event. The state government of Uttar Pradesh has planned a year of celebrations in all 75 districts of the state in the memory of the martyrs.
What is Chauri Chaura incident?
- On February 4, 1922, a group of freedom fighters had set ablaze a police station at Chauri Chaura in Gorakhpur district of the then United Province (now Uttar Pradesh) in British India, to protest against the high-handedness of the British regime.
- The incident claimed the lives of 22 policemen and three freedom fighters.
- As many as 19 freedom fighters were given capital punishment for this one incident.
HAL inks deal with MIDHANI to develop, manufacture composite raw materials
The state-owned aerospace and defence company, Hindustan Aeronautics Limited (HAL) has signed a Memorandum of Understanding (MoU) with Hyderabad-based Mishra Dhatu Nigam Limited (MIDHANI) for development and production of composite raw materials for use in aerospace. This is the first time that such an MoU has been signed for composite raw materials. The MoU was signed during the Aero India 2021 on February 04, 2021, in Bengaluru.
About the Composites raw materials:
- Composites raw materials are currently imported since there is no equivalent proven Indian approved/qualified supplier for these raw materials for the aircraft applications.
- These composite raw material, mainly in the form of prepregs, are used in platforms like Light Combat Aircraft (LCA), Advanced Light Helicopter (ALH), Light Combat Helicopter (LCH) and Light Utility Helicopter (LUH).
S.N. Subrahmanyan appointed as Chairman of the National Safety Council
The Ministry of Labour & Employment has appointed S.N. Subrahmanyan as the new Chairman of the National Safety Council (NSC) of India for a period of three years. Subrahmanyan is the CEO and Managing Director of L&T Ltd., India’s largest construction company.
About the National Safety Council:
National Safety Council plays a major role to ensure safety in workplaces under new Occupational Safety, Health and Working Conditions code, 2020 (OSH Code, 2020).
Andaman and Nicobar Islands becomes first Union Territory to be corona free
Andaman and Nicobar Islands has become the first state or Union territory in the country to become Covid-19 free with active cases falling to zero in the islands. Health ministry’s website reported that the last four infected persons in Andaman and Nicobar Islands have been declared cured. The UT had reported a total of 4,932 cases and 62 deaths from the virus.
The share of Kerala in India’s daily cases crossed 50 per cent for the first time. There were 11,024 fresh cases in the country out of which Kerala alone reported 5,716, 51.8 per cent of the total. The state also has the highest count of active cases at 69,157, out of around 1 lakh 61 thousand in the country.
Important takeaways for all competitive exams:
- Andaman and Nicobar Capital: Port Blair.
- Andaman and Nicobar Lieutenant Governor: Admiral D K Joshi.
India hosts Indian Ocean Region Defence Ministers’ Conclave
India hosted Indian Ocean Region (IOR) Defence Ministers’ Conclave on the sidelines of Aero India 2021. The conclave is an initiative to promote dialogue in an institutional, economic and cooperative environment that can foster the development of peace, stability and prosperity in the Indian Ocean region.
The broad theme of the conclave is ‘Enhanced Peace, Security and Cooperation in the Indian Ocean’. The conclave is also taking place at a time Indian and Chinese troops are locked in a bitter standoff in eastern Ladakh for the last eight months.
Kerala to Open its First Human Milk Bank
Kerala will open its first Human Milk Bank (HMB) on February 5, 2021. This is a state-of-the-art facility, and Kerala Health Minister KK Shailaja will open at Ernakulam General Hospital. A milk bank was established with the support of the Rotary Club of Cochin Global.
After the State Health Department signed a Memorandum of Understanding (MoU) with the Rotary Club of Cochin Global in 2020, its cost was 3.5 million rupees. The Association of Pediatricians (IAP) will provide trained nursing staff to operate the milk bank.
About the Human Milk Bank:
- The breast milk bank will ensure that newborn babies who are not ill or deceased or who are not breastfed due to insufficient breast milk production can obtain breast milk.
- Approximately 3,600 babies are born in general hospitals every year. Among them, 600 to 1,000 sick babies enter the neonatal intensive care unit (NICU).
- However, due to the low weight of premature babies or babies separated from their mothers, mothers cannot adequately feed them.
- Therefore, pasteurized breast milk from the milk bank will reduce the risk of infection and help strengthen its immunity.
- The concept of this milk bank appeared in India 32 years ago, but Kerala has no milk bank until now.
- Milk will be collected in accordance with all safety regulations and procedures, stored and provided to children in need in accordance with government guidelines.
- The collected milk will be safely stored in the bank for 6 months. Initially, the milk will be provided free of charge to babies admitted to the neonatal intensive care unit.
- At a later stage, plans will be made to establish a hospital network for multiple collections and safe distribution points.
- The milk will be donated by the delivery mother in the hospital. These mothers will get all health statistics in the hospital.
- The human milk bank includes a pasteurization unit, deep freezer, refrigerator, disinfection equipment, reverse osmosis equipment and computer.
Important takeaways for all competitive exams:
- Kerala CM: Pinarayi Vijayan.
- Kerala Governor: Arif Mohammad Khan.
RBI Monetary Policy: Policy Rate unchanged
The six-member Monetary Policy Committee of the Reserve Bank of India (RBI), headed by Governor Shaktikanta Das, has decided to maintain the status quo on policy rate amid sticky rate of inflation. At this point, the repo rate or the rate at which RBI lends to banks stands unchanged at 4 per cent. The reverse repo rate also stayed unchanged at 3.35 per cent. The MPC committee members voted unanimously in favour of the decision.
The key decisions taken in the Monetary Policy Committee meeting are:
- Policy Repo Rate: 4.00%
- Reverse Repo Rate: 3.35%
- Marginal Standing Facility Rate: 4.25%
- Bank Rate: 4.25%
- CRR: 3%
- SLR: 18.00%
RBI Monetary Policy Highlights & Key Decisions:
- The MPC continued to maintain the accommodative stance.
- The MPC has predicted the economic growth rate i.e. GDP growth rate of India at 10.5 per cent in 2021-22 (FY22).
- This is the first MPC meeting after the presentation of the Union Budget 2021-22.
- The six-member MPC headed by RBI Governor Shaktikanta Das meets every two months to analyze the state of the Indian economy and inflation and address the monetary issues in the country.
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 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 which 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.
