Current Affairs 17 August 2022

We are here for you to provide the important Recent and Latest  Current Affairs 17 August  2022, which have unique updates of Latest Current Affairs 2022 events from all newspapers such as The Hindu, The Economic Times, PIB, Times of India, PTI, Indian Express, Business Standard and all Government official websites.

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NATIONAL AFFAIRS

India adds 11 more Wetlands Designated as Ramsar sites; tally rises to 75

i.On August 13, 2022, India has designated 11 more wetlands under the Ramsar Convention or the Convention on Wetlands, taking the total number of Ramsar sites in India to 75 from 64 with area coverage of 13,26,677 hectare (ha).
ii.The 11 new sites include 4 sites in Tamil Nadu (TN), 3 in Odisha, Two in Jammu & Kashmir (J&K), and 1 each in Madhya Pradesh (MP) and Maharashtra.
iii.In 2022, a total of 28 sites have been declared as Ramsar sites. Based on the date of designation mentioned on the Ramsar Certificate, the number is 19 for this year (2022) and 14 for previous year (2021).
iv.TN has maximum no. of Ramsar sites (14). It is followed by Uttar Pradesh (UP) which has 10 Ramsar sites.
Static Information:
i.Wetlands in UP and Gujarat serve as important spaces for migratory birds.
ii.Sundarbans in WB is the largest Ramsar site in India.
iii.Chilika lake is Asia’s largest brackish water lagoon and first Indian wetland of international importance under the Ramsar Convention.
iv.The United Kingdom (175) and Mexico (142) have the maximum Ramsar sites whereas Bolivia spans the largest area with 14,842,405 hectares under the Convention protection.
>> Read Full News

India’s annual Green Finance is just One-Fourth of its needs: CPI Report

The Climate Policy Initiative (CPI) has released a report titled ‘Landscape of Green Finance in India’ which is an update on a systematic assessment of India’s green investment, and evaluates whether India is on track in achieving its targets under Nationally Determined Contributions (NDCs).

• As per it, India’s green investment flows are falling far short of the country’s current need for its ambitious climate targets.
• The tracked green finance in 2019-2020 was Rs 309,000 crore (nearly USD 44 billion) per annum, which is less than a fourth of India’s needs.

Aim of Report:
To capture annual financial flows supporting emissions reduction or mitigation activities based on empirical data drawn from a wide range of primary and secondary sources.
Assessment:
The study tracks both public and private sources of capital viz. domestic as well as international and builds a framework to track the flow of finance right from the source to the end beneficiaries through different instruments

• This year, the report also provides a first-of-its-kind evaluation of adaptation financing for select sectors.

Key Highlights from Report:
i.For India to achieve its NDCs under the Paris agreement, it requires approximately Rs 162.5 lakh crore (USD 2.5 trillion) from 2015 to 2030 or roughly Rs 11 lakh crore (USD 170 billion) per year.
ii.The report shows increased flows to renewable energy sectors. This indicates the positive role policy support has had on the renewable sector.
iii.In the two years since the initial report in 2020, green finance flows increased by 150% from FY17-FY18 to FY19-FY20.
iv.In the overall increase, public sector flows increased 179% and private sector flows by 130%.
v.The total fund flow towards mitigation was almost equally split between clean energy (42%) and Energy efficiency (38%), and was significantly higher than clean transport (17%).
vi.For the adaptation sectors the total amount of green finance was Rs 37 thousand crores (USD 5 billion) per annum over FY19-FY20.

• The major source of Adaptation funding was domestic (94%), and it was fully funded by Central and State government Budgets.

Domestic Sources of Finance:
i.Domestic sources continue to account for the majority of green finance, with 87% and 83% in FY2019 and FY2020, respectively.
ii.Of these domestic sources, the private sector contributed about 59% i.e. Rs 156.9 thousand crores (USD 22 billion) while Public sector flows were evenly distributed between Government Budgetary spends (Central and State) and PSUs (Public Sector Undertakings) at approximately 54% and 46% respectively.
International Sources of Finance:
i.The share of international sources increased from 13% in FY19 to 17% in FY20.
ii.Public sources viz. Official Development Assistance (ODA) and Other Official Flows (OOF) accounted for 60% of international finance over the two-year period.
iii.Foreign Direct Investment (FDI) flows increased substantially from FY16-2018, reaching nearly Rs 9 thousand crores (USD 1.2 billion) in FY2020.

• However, green finance still only accounts for ~3% of total FDI inflows to India.

Why does India require mobilization of green finance at a much faster pace?
In 2021, India put forth enhanced ambitions on climate action and announced the Panchamrit targets, which include adding 500 GW (Giga Watt) of non-fossil fuel-based energy capacity and meeting 50% of its energy requirements through non-renewable sources. Therefore, such enhanced ambition requires mobilization of green finance at a much faster pace.
Following are the Panchamrit targets:
i.India will reach its non-fossil energy capacity to 500 GW by 2030.
ii.India will meet 50 percent of its energy requirements from renewable energy by 2030.
iii.India will reduce the total projected carbon emissions by one billion tonnes from now onwards till 2030.
iv.By 2030, India will reduce the carbon intensity of its economy by less than 45 percent.
v.By the year 2070, India will achieve the target of Net Zero. These panchamrits will be an unprecedented contribution of India to climate action.

Asia’s Largest CBG plant Begins Operation in Punjab’s Sangrur District
Asia’s largest Compressed Biogas (CBG) plant in the Sangrur district of Punjab has started commercial production with a total capacity of 33.23 tonne CBG per day at village Bhuttal Kalan. The unit was commissioned in April 2022.

• The plant supplies CBG to the Indian Oil Corporation Ltd (IOCL) outlet.
• Two more plants with a total capacity of 14.25 tonnes CBG per day are likely to be completed in 2022-23 and the remaining projects are expected to be commissioned within the next three years.

Key Points:
i.The project is expected to attract private investment of around Rs 1,200 crore and generate employment opportunities for around 8,000 skilled and unskilled individuals.
ii.Punjab Energy Development Agency (PEDA) has also allocated 42 additional CBG projects with a total capacity of 492.58 tonnes per day (TPD) based on paddy straw and other agro-residue.
Other projects:
i.The fermented organic manure produced from the CBG plants as a by-product will be used for organic farming and also 300 more projects with a capacity of 10 TPD each can be set up.
ii.Hindustan Petroleum Corporation Ltd (HPCL) is setting up a project of capacity 100 KL 2G ethanol per day based on paddy straw and other agro-residue in Bathinda district, Punjab which will be completed by February 2023.
Note – The production of CBG reduces greenhouse gas emissions and boosts rural economy by providing additional income to farmers from the agro residue.

• All these projects will consume nearly 16.5 lakh tonnes of paddy straw per annum to produce 492.58-tonne CBG per day.

BRO to build first steel slag road in Arunachal Pradesh Border

The Border Road Organization (BRO) is planning to construct a first-of-its-kind pilot road stretch in Arunachal Pradesh border area using steel slag.
Note-
India is the world’s second largest steel producing country after China.
Key points
i.The project will resolve connectivity issues due to adverse terrain in Arunachal Pradesh.
ii.The project is being initiated after the success of using 100% steel slag on a port connectivity road in Gujarat.

• The 1.2 km Hazira port connectivity stretch was a research and development (R&D) project carried out by CSIR-CRRI (Council of Scientific and Industrial Research-Central Road Research Institute) in collaboration with a major steel manufacturer and the Ministry of Steel.
• It was developed with the aim to “convert waste to wealth” and around one lakh tonnes of processed steel slag aggregates utilized by substituting the natural aggregates.
• The project also made records in the India Book of Records and Asia Book of Records.

iii.Annually around 195 lakh tonnes of steel slag is generated in India and this quantity is slated to increase to 600 lakh tonne by 2030.
Other similar projects:
i.The National Highways Authority India (NHAI) will also use the steel slag for construction of a portion on Mumbai-Goa highway.
ii.Indian Railways also sanctioned a major R&D (Research & Development) project to CSIR-CRRI to explore possible utilization of steel slag aggregate as railway ballast for track construction and maintenance.
About  the benefits of using steel slag:

• It helps in enhancing the compressive strength of concrete due to the tendency of slow increase in compressive strength.
• It increases the ratio between flexibility and compressive strength of concrete.
• The construction cost of the processed steel slag road is 30% cheaper than roads built from natural aggregates.

The method used to convert raw steel slag into road making is custom steel slag valorization method.

About Border Road Organization (BRO):
Director General- Lt. Gen. Rajeev Chaudhary
Headquarters- New Delhi, Delhi

INTERNATIONAL AFFAIRS

Forbes Asia’s 200 Best Under A Billion 2022 Ranking: India Ranks 4th With 24 FirmsAccording to Forbes Asia’s 200 “Best Under A Billion” 2022 Ranking, 24 Indian companies made the list, a decrease from 26 in 2021. This placed India in fourth place among Asian countries, one spot ahead of China, which had 22 firms on the list.

• Forbes Asia’s 2022 edition of the best 200 mid-sized companies in the Asia-Pacific region includes publicly listed companies with yearly revenue of less than one billion dollars.
• The majority of publicly traded firms are located in Taiwan, with 30, followed by Japan with 29 and South Korea with 27.

Major Highlights of Best Under A Billion List: 2022 Rankings
i. The Best Under A Billion list in 2022 emphasizes the transition to discretionary spending.

• The 2021 list, which was prepared while the region was still mostly under the shadow of the COVID-19 pandemic, was dominated by healthcare and pharmaceutical-related enterprises.

ii.About 75 businesses from the 2021 list made a comeback in 2022, demonstrating their resiliency in a fast-changing environment.
>> Read Full News

BANKING & FINANCE

Yes Bank Partners with SellerApp to Facilitate Adoption of ONDC
Yes Bank partnered with SellerApp, a seller-centric intelligence platform to encourage the seller segment of its client base to adopt Open Network Digital Commerce (ONDC) and help in expanding their digital commerce footprint.

• ONDC is an Indian government initiative aiming at democratising the entire e-commerce environment and it is also a competitor to Walmart-owned, United States (US) based, Flipkart and Amazon.

Key Points:
i.This partnership will complement Technology-First A.R.T (Alliances, Relationship & Technology) approach that benefits the customers with better data insights and wider access to the market by moving from a platform-centric model to an open-network model.
ii.This aims at promoting open networks for the exchange of all kinds of goods and services over digital or electronic networks.
About SellerApp:
i.SellerApp is an AI-powered eCommerce Intelligence platform that helps sellers and retailers maximise their potential on Amazon, the biggest global marketplace.
ii.SellerApp uses next-gen optimization and Machine Learning (ML) models to help businesses in reaching targeted profit in a simple Software as a Service (SaaS) interface by combining data intelligence, automation, and an expert team to help in the growth of businesses.
Founders – Dilip Vamanan, Brij Purohit
Establishment – 2017
Headquarters – Singapore

Karnataka Bank Launches New Deposit Scheme as Part of ‘Azadi Ka Amrit Mahotsav’

Karnataka Bank has introduced KBL Amrit Samriddhi, a New Term Deposit Scheme under Abhyudaya Cash Certificate (ACC) and Fixed Deposit (FD) for a tenure of 75 weeks (525 days), in accordance with the 75th anniversary of India’s independence as part of Azadi Ka Amrit Mahotsav. This deposit scheme has an annual interest rate of 6.10%.
Key Points:
i. Currently, the bank offers a 5.50% interest rate on fixed deposits (FDs) of less than Rs. 2 crore to the general public, a 5.65% rate for tenures of 2 to 5 years, and a 5.70% rate for maturity periods of more than 5 years and up to 10 years.

• On short-term tenures of 7 to 364 days, the rate ranges from 3.40% to 5%. The rates are the same for FDs from Rs. 2 crore to Rs. 50 crore.

ii.Meanwhile, the bank gives a 5.90% interest rate to Senior Citizens on deposits of less than Rs. 2 crore for a term ranging from 1 to 2 years, while the rate is 6.05% and 6.20% for terms above 2 to 5 years and above 5 years to 10 years, respectively.
iii.The bank offers an additional 0.40% over the general rate up to and including Rs. 5 crore, for resident Senior Citizens mainly under domestic FD and ACC schemes (Not for deposits under Non-Resident External (NRE)/Non- Resident Ordinary (NRO) /Foreign Currency Non-Resident (Bank) [FCNR(B)] accounts) for a period of 1 to 5 years.

• It also provides an additional 0.50% over the general rate for tenures of 5 to 10 years w.e.f. November 9, 2020. The Senior Citizen interest rate benefit for Term Deposits of less than one year is withdrawn w.e.f. June 6, 2019.

The rates are similar on FDs between Rs. 2 crore to Rs. 5 crore for senior citizens.
About Karnataka Bank Ltd:
MD & CEO – Mahabaleshwara MS
Establishment – 1924
Headquarters – Mangaluru, Karnataka
Tagline – Your Family Bank Across India

SBI Launches Utsav Fixed Deposit Scheme on 76th Independence Day

State Bank of India (SBI) has launched a unique term deposit programme called ‘Utsav Deposit’ scheme on the occasion of India’s 75th year of Independence, which is celebrated as Azadi Ka Amrit Mahotsav.

• This is a fixed deposit (FD) scheme with higher interest rates that is effective from 15th August 2022 and the scheme is valid for a period of 75 days.

Highlights:
i.Through this scheme, SBI will offer an interest rate of 6.10 percent per annum on fixed deposits with a tenure of 1000 days.
ii.In addition, SBI has mentioned a ‘A special SBI WecareDeposit’ for Senior Citizens in its website, under which, eligible senior citizens will get an additional interest rate of 0.50 percent over and above the regular interest rates.
Interest rates for different FD:

About State Bank of India (SBI):
Chairman – Dinesh Kumar Khara
Headquarters – Mumbai, Maharashtra

BYD India Signs MoU with HDFC Bank for Stock Financing SolutionBuild Your Dreams (BYD) India Private Limited, a subsidiary of the Warren Buffett-backed New Energy Vehicle manufacturer BYD, has signed a Memorandum of Understanding (MoU) with HDFC Bank towards a stock financing solution to its pan India dealer network.

• The partnership will provide access to the dealers of BYD to inventory funding and cash credit for the electric cars.

Highlights:
i.Through this partnership, HDFC Bank’s commitment in becoming carbon neutral by FY 2031-32 will move a step ahead and also brings the OEM, dealers and financiers together for creating an ecosystem that enables customers to purchase their Electric Vehicle.
ii.Fact – In January 2022, the 1 percent EV penetration was detected amongst the passenger vehicles in India.
About Build Your Dreams (BYD) India Private Limited:
i.BYD is a multinational high-tech company that leverages technological innovations for a better life with industries including Auto, Electronics, New Energy, and Rail Transit.
ii.BYD India, the Indian subsidiary has two factories, covering more than 140,000 square metre, with a cumulative investment of over USD 150 million.
Establishment – March 2007
Headquarters – Chennai, India

AWARDS & RECOGNITIONS        

Tamil Nadu police have been awarded President’s Colour by Vice President Venkaiah Naidu

On 31st July 2022, Vice-President of India Muppavarapu Venkaiah Naidu presented the distinguished award “President’s Colour” for the Tamil Nadu (TN) Police to M.K. Stalin, Chief Minister(CM) of Tamil Nadu at Rajarathinam Stadium, Chennai, Tamil Nadu. The honours for the TN Police were approved on 19th August 2009. 

• TN Police has become the first state in South India and among the 10 other states in India to showcase the honours. 
• The Indian Navy was the first Indian Armed Force to be awarded the President’s Colour by Dr. Rajendra Prasad in 1951.

“President’s Colour” is the highest honour given to the Military, Paramilitary and Police forces of States and Union Territories.

TN Ranks second in the list of more women in the police force. In 2003, TN became the first state in India to create Women Police Commando Force.

SCIENCE & TECHNOLOGY

Union Minister Jitendra Singh Introduces “Roshni,” India’s First Saline Water LED Lamp

Dr. Jitendra Singh, Minister of State (Independent Charge), Ministry of Earth Science (MoES), has introduced “Roshni”, India’s first saline water lantern that uses seawater as an electrolyte between specially designed electrodes to power LED (Light Emitting Diode) lamps.

• The first-of-its-kind lantern was unveiled during his visit to the SAGAR ANVESHIKA, a Coastal Research Vessel operated and used for coastal research by the National Institute of Ocean Technology (NIOT), Chennai, Tamil Nadu.

Highlights of The ‘Roshni‘ Saline Water Lantern
i. Roshni saline lantern would provide “ease of living” to the poor and needy, notably the fishing community living along India’s 7,500-kilometre (km) long coastal line, which is home to 9 coastal states and 1,382 islands.

• The saline lantern could be powered by any saline water or normal water mixed with common salt, making the technology feasible and affordable to use even in hinterlands where sea water is not available.

About Ministry of Earth Science (MoES):
Minister of State (Independent Charge) – Dr. Jitendra Singh (Udhampur Constituency, Jammu and Kashmir)
Subordinate Offices – Indian Meteorological Department (IMD), Delhi
>> Read Full News

India’s first 3-D printed cornea developed by scientists from HyderabadA team of clinicians and scientists from the LV Prasad Eye Institute (LVPEI), Hyderabad, Indian Institute of Technology (IIT) Hyderabad, and Centre for Cellular and Molecular Biology (CCMB), has developed India’s first 3D-printed artificial cornea and transplanted it into a rabbit’s eye.

• This development in animal models provided hope to those who lost vision due to corneal damage.
• It is also optically and physically suitable for transplantation.

Key people:
Dr Sayan Basu and Dr Vivek Singh, lead researchers from L V Prasad Eye Institute.

• Other members of the team are Dr Bokara Kiran Kumar, senior scientist, CCMB, Dr Falguni Pati, associate professor, Department of Biomedical Engineering, IIT Hyderabad. Research students- Shibu Chameettachal, Deeksha Prasad, Yash Parekh and others from LVPEI, CCMB and IIT-H.

About 3D Printed Artificial Cornea:
i.The printed corneas need to undergo further clinical testing and development before they can be used in patients, which could take several years.
ii.The researchers used decellularized corneal tissue matrix and stem cells derived from the human eye to develop a unique biomimetic hydrogel (patent pending) that was used as the background material for the 3D-printed cornea.

• Since the 3D-printed cornea is composed of materials deriving from human corneal tissue, it is biocompatible, natural, and free of animal residues.

iii.It is developed indigenously through government and philanthropic funding.
Uses:
i.The development will be an alternative solution to corneal blindness.

• Corneal damage is the leading cause of blindness worldwide with more than 1.5 million new cases of corneal blindness reported every year.

ii.The bio-ink (raw material) for 3D printing was derived from human donor corneal tissue, it can be sight-saving for army personnel at the site of injury to seal the corneal perforation and prevent infection during war-related injuries with no tertiary eye care facility.
iii.The cornea can be printed in various diameters from 3 mm to 13 mm., and can be customized based on the specifications of the patient.

• The development can treat diseases like corneal scarring (where the cornea becomes opaque) or Keratoconus (where the cornea gradually becomes thin with time).

iv.The bio-ink (raw material) for 3D printing was derived from human donor corneal tissue.

• It can be sight-saving for army personnel at the site of injury to seal the corneal perforation and prevent infection during war-related injuries with no tertiary eye care facility.

SPORTS

India banned by FIFA, took back U17 Women’s World Cup 2022 Hosting Rights

On August 16, 2022, the world governing body FIFA (International Federation of Association Football) suspended All India Football Federation (AIFF) for undue influence from third parties, which constitutes a serious violation of the FIFA Statutes.

• This is the first time AIFF has been banned by FIFA in its 85 year history.

It also took back the rights from India to host 7th Under-17 Women’s World Cup 2022 which was scheduled to be held on October 11-30, 2022 at three venues viz. Kalinga Stadium in Bhubaneswar (Odisha), Jawaharlal Nehru Stadium in Margao (Goa), and DY Patil Stadium in Navi Mumbai (Maharashtra).

• It was for the first time that India is hosting the FIFA women’s football tournament.

What does this suspension mean?
i.It means that the Indian National Football Team will not be able to play any international games (junior or senior) across the two genders until the ban is removed, including the friendly tournament in Vietnam.
ii.India will not participate in the AFC Asian Cup 2023, Philippines.
iii.The Indian clubs will not be allowed to participate in AFC Women Club Championship, AFC Cup and AFC Champions League competitions.
iv.Gokulam Kerala women’s team, which left for Uzbekistan on August 15, 2022, will be ineligible to compete in the AFC Women’s Club Championship.
v.India cannot sign players from foreign countries.
Key Points:
i.FIFA is assessing the next steps with regard to the tournament and will refer the matter to the Bureau of the Council if and when necessary.
ii.The suspension will be lifted once an order to set up a Committee of Administrators (CoA) to assume the powers of the AIFF Executive Committee has been repealed and the AIFF administration regains full control of the AIFF’s daily affairs.
Background:
On May 18, the Supreme Court (SC) had ousted Praful Patel as AIFF president for not holding elections due in December 2020 and appointed a three member CoA headed by former top court judge Anil Ramesh Dave, to manage the affairs of the AIFF, amend the AIFF’s constitution and conduct elections that have been pending for 18 months.

• The executive committee of the AIFF will expeditiously hold elections as per the schedule proposed by the CoA i.e. on August 28, 2022.

After the SC orders, in June 2022, FIFA and the Asian Football Confederation (AFC) sent a team led by AFC general secretary Windsor John to meet Indian football stakeholders and laid down a roadmap for the AIFF to amend its statutes by the end of July and subsequently conclude elections at the latest by September 15, 2022.

Tennis: Pablo Carreno Busta wins Men’s Single Title in 2022 National Bank Open Montreal, 1st Masters 1000 title

Two time Grand Slam semi-finalist and former World No. 10 Pablo Carreno Busta of Spain won the Men’s Singles title at the 2022 National Bank Open Tennis Tournament held in Montreal, Canada.

• This is the hard court tennis tournament played from August 8 to August 14, 2022, as part of the 2022 US Open Series.
• Pablo Carreno Busta defeated Hubert Hurkacz of Poland by 3-6, 6-3, 6-3 in the Association of Tennis Professionals (ATP) finals with a Montreal Masters triumph.
• Carreno Busta takes home the winner’s trophy and a cheque for US$915,295

i.It is his seventh ATP Tour title and first Montreal Masters 1000 victory.

ii.He became the first unseeded winner in Canada in two decades.

iii.Pablo Carreño Busta is the second oldest player to win an ATP Masters in the Open Era.

About 2022 National Bank Open Tennis Tournament:

i.It was the 132nd edition of the men’s tournament, a Masters 1000 event on the 2022 ATP Tour, and the 120th edition of the women’s tournament, a WTA 1000 event on the 2022 WTA Tour.

ii.The men’s tournament took place at the IGA Stadium in Montreal, Canada and the women’s event took place at the Sobeys Stadium in Toronto.

Toronto, Canada Event:

No. 3 seeds Coco Gauff and Jessica Pegula of America won their second title of the season. The team defeated  Nicole Melichar-Martinez and Ellen Perez in the 2022 National Bank Open presented by Rogers organized in Toronto, Canada.

• With this victory, the all-American team, who won the Women’s Tennis Association (WTA) 1000 event in Toronto.

Women’s Singles: Two-time Grand Slam champion Simona Halep won her third title at the National Bank Open presented by Rogers by defeating Brazil’s Beatriz Haddad Maia.

Winners of the tournament: