Current Affairs 14 & 15 January 2022

We are here for you to provide the important Recent and Latest Current Affairs 14 & 15 January 2022, which have unique updates of Latest Current Affairs 2021 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

Commerce Minister Piyush Goyal Addressed 16th India Digital Summit, 2022; Unveiled ‘LEAP’ as the way forward for Startups

Piyush Goyal, Union Minister of Commerce & Industry, addressed the 16th edition of India Digital Summit(IDS), 2022 through a video conference. The 16th IDS organised by the Internet and Mobile Association of India (IAMAI) was held from 11th to 12th January 2022 with the theme “Supercharging Startups”. 

• He also unveiled ‘LEAP’ (“Leverage, Encourage, Access & Promote”) as the way forward for Startups.

India Digital Summit(IDS):
i.The India Digital Summit(IDS), a flagship event of the IAMAI, is one of the biggest conferences for the digital industry.
ii.This is the oldest event of the digital industry in India.
Key points:
i.In the past 6 years, the government of India has produced 82 Unicorns, this is the world’s 3rd largest number of Unicorns.
ii.At present India has over 60 thousand Startups registered at the Department for Promotion of Industry and Internal Trade (DPIIT).
iii.More than 6 lakh Jobs were created by Indian Startups Between 2018 and 2021.
Launch of report “Creating 10 million Digitally Enabled Microentrepreneurs”
Rajeev Chandrasekhar, Minister of State for Electronics and Information Technology launched the report titled “Creating 10 million Digitally Enabled Microentrepreneurs” by IAMAI-KPMG at the 16th edition of India Digital Summit 2022.

• The report stated that Digital platforms help to unlock up to 30% more value for microentrepreneurs associated with digital platforms by helping them overcome challenges like market access and credit.

About Ministry of Commerce & Industry(MoCI):
Union Minister– Piyush Goyal (Rajya Sabha- Maharashtra)
Minister of State–  Som Parkash (Constituency- Hoshiarpur, Punjab); Anupriya Patel (Constituency- Mirzapur, Uttar Pradesh)

KVIC launches India’s 1st Mobile Honey Processing Van in Ghaziabad, UP

Vinai Kumar Saxena, Chairman of Khadi and Village Industries Commission (KVIC), has launched India’s first Mobile Honey Processing Van at Sirora village in Ghaziabad, Uttar Pradesh (UP). This mobile honey processing unit can process up to 300 KG of honey in 8 hours.

The mobile van is designed by KVIC at its Multi-disciplinary Training Centre, Panjokhra,UP at a cost of Rs 15 lakh.

• The van is equipped with a testing laboratory, which would instantly examine the honey’s quality.

• The van will benefit the beekeepers in rural areas of Uttar Pradesh, Uttarakhand, Haryana, Delhi, Punjab and Rajasthan.

BANKING & FINANCE

RBI Releases Annual Report of Ombudsman Schemes, 2020-21; Complaints rose by 22.27% in 2021On January 12, 2022, the Reserve Bank of India (RBI) released the Annual Report of the Ombudsman Schemes for 2020-21,  which has been prepared for the 9-month period, i.e., July 1, 2020, to March 31, 2021, in alignment with the change in the Financial Year of RBI from ‘July – June’ to ‘April – March’ with effect from July 1, 2020.

• The Annual Report covers the activities under the Banking Ombudsman Scheme, 2006 (BOS), the Ombudsman Scheme for Non-Banking Financial Companies, 2018 (OSNBFC) and the Ombudsman Scheme for Digital Transactions, 2019 (OSDT).
• The volume of complaints received under all the 3 Ombudsman Schemes increased by 22.27 percent on an annualized basis and stood at 3,03,107.

Key Points of the Report:
i.BOS: The complaints received at BOS from July 1, 2020, to March 31, 2021, stood at 2,73,204 as compared to 3,08,630 complaints from July 2019 to June 2020.

• Issues related to ATM (Automated Teller Machine)/ debit cards, mobile/ electronic banking, credit cards, failure to meet commitments, and non-observance of fair practices code were the top-five grounds of complaints received at the Office of Banking Ombudsman (OBO) during July 2020-March 2021.

ii.OSNBFC: The complaints received at OSNBFCs stood at 26,957 during July 1, 2020-March 31, 2021 (an increase of 38.72 percent), increasing from 19,432 complaints received during July 1, 2019, to June 30, 2020.
iii.OSDT: The number of complaints received at the OSDT rose from 2,481 during July 1, 2019-June 30, 2020, to 2,946 during July 1, 2020-March 31, 2021.
RB-IOS: In November 2021 Prime Minister Narendra Modi launched Reserve Bank – Integrated Ombudsman Scheme (RB-IOS) to integrate and replace the current 3 ombudsman schemes (BOS, OS-NBFC, and OSDT).
About Reserve Bank of India (RBI):
Establishment– April 1, 1935
Headquarters– Mumbai, Maharashtra
Governor– Shaktikanta Das
Deputy Governors– Mahesh Kumar Jain, Michael Debabrata Patra, M. Rajeshwar Rao, T. Rabi Sankar
>> Read Full News  

CDSL Venture Ltd Receives SEBI Approval to Set up Accreditation Agency

Central Depository Services Limited (CDSL) Ventures Limited, a wholly owned subsidiary of CDSL has received approval from Securities and Exchange Board of India’s (SEBI) for setting up  Accreditation Agency for a period of 3 years with effect from 1st February 2022 for accreditation of eligible Investors.

• ‘Accredited Investors’ (AIs) may avail flexibility in minimum investment amount (lower ticket size) or concessions from specific regulatory requirements applicable to investment products with certain conditions for specific products or services.

Background:
In August 2021, SEBI had introduced a concept of AIs in the Indian securities market which covers Alternative Investment Funds, Portfolio Managers and Investment Advisors
About Central Depository Services Limited (CDSL):
i.Central Depository Services Limited (CDSL) is India’s only listed depository, with an objective of providing depository services to all stock market participants.
Founded – 1999
CEO & MD – Nehal Vora
Headquarters – Mumbai, Maharashtra
About Securities and Exchange Board of India (SEBI):
Regional Offices – 4 (New Delhi, Chennai, Kolkata, Ahmedabad)
Establishment – 1992 (under the recommendation of Narasimham Committee)

Yes Mutual Fund Renamed as White Oak Capital Mutual Fund

Yes Asset Management has been renamed as the White Oak Capital Asset Management with effect from 12th January 2022. In line with this, Yes Mutual Fund has been renamed as White Oak Capital Mutual Fund.

• In November 2021, the White Oak Capital group announced the completion of the transaction to acquire the mutual fund business of Yes Bank.

• White Oak Group founded by Prashant Khemka, former CIO of Goldman Sachs Asset Management’s India Equity and Global Emerging Markets Equity businesses provides investment management and advisory services for equity assets of over Rs 42000 crore.

ECONOMY & BUSINESS

POWERGRID, Africa50 Signed Joint Development Agreement to Develop Africa’s 1st PPP Transmission Project in Kenya

Power Grid Corporation of India Limited (POWERGRID) has signed a Joint Development Agreement with Africa50, the pan-African infrastructure investment platform, to continue to develop Africa’s 1st public-private partnership (PPP) mode transmission project in Kenya, “Kenya Transmission Project”.

• The project involves the development, financing, construction, and operation of the 400kV Lessos – Loosuk and 220kV Kisumu – Musaga transmission lines under a PPP framework.

Key Points:
i.Under the partnership, technical and operational support to the project will be provided by POWERGRID, whereas Africa50 will act as a bridge between the Kenyan government and private investors, develop the project, and bring finance expertise.
ii.Once completed, the project will be the 1st Independent Power Transmission (IPT) in  Kenya.
iii.Benefits: This Project will improve both the supply and reliability of power transmission in Western Kenya and further increase private sector investments into the expansion of Africa’s power transmission networks.
iv.The partnership was signed by the Chairman and Managing Director of POWERGRID K. Sreekant and CEO of Africa50 Alain Ebobissé
About Africa50: Africa50 is an infrastructure investment platform that contributes to Africa’s economic growth. Currently, it has 31 shareholders, comprising 28 African countries, the African Development Bank, the Central Bank of West African States (BCEAO), and Bank Al-Maghrib.
About Power Grid Corporation of India Limited (POWERGRID):
Establishment – 1989 (under the Companies Act, 1956 as National Power Transmission Corporations). In 1992 the name was changed to POWERGRID.
Chairman and Managing Director – K. Sreekant
Headquarters – Gurgaon, Haryana

UBS Decreases GDP Forecast for FY22 to 9.1%; Increased Projection for FY23 to 8.2% Switzerland based brokerage UBS Securities has revised India’s growth forecast for the current financial year (FY22) downwards to 9.1 percent from 9.5 percent due to increased cases in Omicron infections, closely equal to the recent NSO forecast to 9.2 percent.
Projections:
i.UBS Securities also analyzed that the 3rd wave impact does not extend to FY23 as it has revised the real GDP forecast upwards to 8.2 percent from 7.7 percent.
Other GDP Forecasts for FY22:

• World Bank – 8.3 percent
• Reserve Bank of India – 9.5 percent

About UBS Securities:
UBS Asia Pacific Head – Uday Odedra
UBS Global Chairperson – Colm Kelleher
Headquarters – Zurich, Switzerland

Adani Group & South Korea’s POSCO Partners to Explore Business in Steel & Renewable Energy

Adani Group has signed a non-binding Memorandum of Understanding(MoU) with POSCO, a South Korean steel-making company, to explore business cooperation opportunities in sectors like Steel, Renewable energy and others.
The investment under the MoU is estimated to be up to USD 5 billion(~Rs 37000 crore).
Additional info:
The collaboration also includes the establishment of an environment-friendly integrated steel mill in Mundra, Gujarat based on POSCO’s technology and R&D capability.

• POSCO and Adani have also signed MoU with the government of Gujarat for support and cooperation from the Government.

Features of the partnership:
i.The business cooperation between POSCO and Adani is aimed to bring dominant partnership synergy in the Indian Steel industry.
ii.The partnership also aims to utilize renewable energy resources and green hydrogen, in line with their Environmental, Social, and Governance (ESG) commitments to sustainability and energy efficiency.
iii.The MoU also aims to further collaborate at the group business level in various industries like renewable energy, hydrogen, and logistics in line with the carbon reduction requirements.
iv.Both POSCO and Adani Group are examining various options to cooperate and leverage the technical, financial, and operational strengths of each company.
About POSCO:
POSCO (formerly Pohang Iron and Steel Co., Ltd) was launched on 1st April 1968.
CEO– Jeong-Woo Choi
Headquarters– Pohang, Gyeongsangbuk, Republic of Korea(South Korea)

India’s Retail Inflation in December 2021 Climbs to 5-month high of 5.59%: MoSPI As per the data released by the Ministry of Statistics and Programme Implementation (MoSPI), India’s benchmark inflation rate, measured by the Consumer Price Index (CPI) firmed up to 5.59 percent year-on-year in December 2021 (highest in 5 months) from 4.91 percent in November 2021. In December 2020, retail inflation stood at 4.59 percent.

• Thus the CPI has remained within the RBI’s tolerance level for the 6th consecutive month.
• CPI Tolerance Level: In its 5th bi-monthly monetary policy statement for FY22, the government retained the inflation target at 4 percent with the lower and upper tolerance levels of 2 percent and 6 percent, i.e. within a band of +/- 2 percent.
• The retail inflation has been above the RBI’s medium-term target (4 percent) for more than two years.

Key Points:
i.India’s factory output, measured in terms of the Index of Industrial Production (IIP), witnessed a growth of 1.4 percent in November 2021.
ii.As per the data released by the National Statistical Office (NSO), Food inflation was increased to 4.05 percent in December 2021 from 1.87 percent in November 2021.
iii.Fuel and light inflation moderated to 10.95 percent year-on-year and it had become 13.35 percent in November 2021 from 14.35 percent in October 2021.
iv.November 2021: Industrial production for November 2021 grew by 1.4 percent as compared to (-) 1.6 percent in November 2020. The mining sector grew by 5 percent in November 2021 compared to a contraction of 5.4 percent (-5.4) in November 2020. Manufacturing sector growth was about 0.9 percent in November 2021.
v.ICRA’s Assessment: The headline CPI inflation was expected to be in the range between 5.7-6.0 percent in Q4 FY22.
vi.Reuters’ Forecast: India’s annual retail inflation was forecasted to be 5.80 percent by Reuters.
Note – RBI expects the headline inflation to increase in Q4 FY22 and reduce thereafter.
About Ministry of Statistics and Programme Implementation (MoSPI)
Ministers of state (independent Charges) – Rao Inderjit Singh (Gurugram, Haryana)

AWARDS & RECOGNITIONS      

InnAccel and NIRAMAI Receives World Bank Group, IFC & CTA’s Global Women’s Health Tech Awards 2022

NIRAMAI Health AnalytixPvt. Ltd.(NIRAMAI) and InnAccel Technologies Pvt. Ltd.(InnAccel), startups supported by the Biotechnology Industry Research Assistance Council(BIRAC), under the Department of Biotechnology (DBT), have received the World Bank Group(WBG), International Finance Corporation(IFC) and the Consumer Technology Association(CTA)’s Global Women’s Health Tech Awards 2022. 

• The winners were announced at the Consumer Electronics Show(CES) 2022, held in Las Vegas, United States(US). It is the most influential tech event in the world, owned and produced by the CTA.

Winners of 2022 Global Women’s Health Tech Awards: 

• Antiva Biosciences, Inc.
• UE LifeSciences
• NIRAMAI Health AnalytixPvt. Ltd.
• InnAccel Technologies Pvt Ltd.

About Biotechnology Industry Research Assistance Council(BIRAC):
BIRAC is a Public Sector Enterprise, set up by the Department of Biotechnology (DBT).
Headquarters- New Delhi, Delhi
About Department of Biotechnology (DBT):
The Department of Biotechnology (DBT) under the Ministry of Science and Technology was established in 1986.
Secretary- Dr Rajesh S Gokhale
>> Read Full News  

Former West Indies Cricketer Clive Lloyd Receives KnighthoodThe Former West Indies Captain Clive Lloyd received Knighthood from Prince William, the Duke of Cambridge at Windsor Castle, for his services towards the game of cricket.
Achievements of Lloyd
i.Clive Lloyd led the West Indies to victory over Australia at Lords in the final of the inaugural Cricket World Cup tournament in 1975.
 ii.In 1979, he again led West Indies to the world title for the second time where they beat England at Lords.
iii.During his captaincy, Cricket West Indies (CWI) holds the record of 27 Test matches without defeat – which included 11 wins in a row.
iv.In 2009 he was inducted into the ICC Cricket Hall of Fame. Lloyd was also a former West Indies team manager and selector, and ICC (International Cricket Council) Match Referee.
Eoin Morgan awarded with CBE:  On the same day, England’s world cup-winning captain Eoin Morgan was awarded with CBE (Commander of the Order of the British Empire) by Prince William for his services towards the game of cricket.
Note – The CBE is the highest-ranking Order of the British Empire award, followed by OBE (Officer of the Order of the British Empire) and then MBE (Member of the Order of the British Empire).
About Knighthood
Knighthood: A knighthood is a title that is given to a man by a British king or queen for his achievements or his service to his country. A man who has been given a knighthood can put ‘Sir’ in front of his name instead of ‘ Mr’.
Lewis Carl Davidson Hamilton, Formula One Racing Driver won Knighthood in 2021 for service to Motorsports.

Minister of State for Education Subhas Sarkar launched SVP 2021 – 2022

The Minister of State for Education Subhas Sarkar launched the Swachh Vidyalaya Puraskar (SVP) 2021 – 2022, underlining the importance of water, sanitation and hygiene. The schools will be assessed through an online portal & mobile app in 6 sub-categories: Water, Sanitation, Hand Washing with soap, Operation and Maintenance, Behaviour Change and Capacity Building. The 6 sub-categories will be awarded with a prize money of Rs. 20,000/- per school.

• SVP was 1st introduced in 2016-17, under the Department of School Education and Literacy.
• The Ministry has increased the award money from Rs. 50,000/- to Rs. 60,000/- per school, under the Samagra Shiksha scheme.

APPOINTMENTS & RESIGNATIONS      

Eminent rocket scientist S Somanath appointed as new ISRO Chairman

The Appointments Committee of Cabinet (ACC) approved the appointment of rocket scientist S Somanath as the Chairman of the Indian Space Research Organisation (ISRO) and The Space Secretary, Department of Space (DoS). He will succeed K Sivan, who is set to retire on 14th January 2022.
i.Mr Somanath, will be the 10th Chairman of ISRO.
ii.Mr Somanath, the senior space scientist is also taking part in the Gaganyaan – India’s 1st Human spaceflight mission.
Appointments of S Somanath
i.Mr Somanath, is currently the Director of Vikram Sarabhai Space Centre (VSSC) and Indian Institute of Space Science and Technology (IIST) since 2018
ii.Before becoming the director of VSSC, he served as the director of Liquid Propulsion Systems Centre (LPSC)
iii. Previously, he has also served as the Associate Director (Projects) of VSSC and also as the Project Director of GSLV Mk-III (Geosynchronous Satellite Launch Vehicle Mark III) launch vehicle.

• Under his leadership the first experimental flight of the LVM3-X/CARE mission was successfully accomplished.

Achievements of S Somanath:
i.Somanath is the recipient of the ‘Space Gold Medal’ from the Astronautical Society of India.
ii.He received ‘Merit Award’ and ‘Performance Excellence Award’ from ISRO.
iii. ‘Team Excellence Award’ from ISRO, for development of GSLV Mk-III.
About ISRO:
Established – 1969
Founder & 1st Chairman – Dr. Vikram Sarabhai (also known as the ‘Father of Indian Space Program’) 

SCIENCE & TECHNOLOGY

ISRO Successfully Conducts Qualification Tests of Cryogenic Engine for ‘Gaganyaan’

On 12^th January 2022, The Indian Space Research Organisation (ISRO) successfully conducted the qualification test of Cryogenic Engine for Gaganyaan programme for a duration of 720 seconds at ISRO Propulsion Complex (IPRC), Mahendragiri, Tamil Nadu.
About the Test:
i.The Qualification test ensures the reliability and robustness of the cryogenic engine for induction into the human-rated launch vehicle for Gaganyaan.
ii.This engine will undergo 4 more tests for a cumulative duration of 1,810 seconds.

• One more engine will undergo 2 short-duration tests and 1 long-duration test to complete the cryogenic engine qualification for Gaganyaan Programme.

About Gaganyaan:
i.India’s 1st human space mission ‘Gaganyaan’ will be launched in 2023.
ii.With this launch, India will become the 4^th nation in the world to launch a Human Spaceflight Mission after the USA, Russia and China.
iii.Objective – To demonstrate the capability to send humans to low earth orbit (LEO).
Note – 4 Indian Astronauts were trained by Russia for the Gaganyaan mission.
Flight Tests:
i.ISRO is planning to conduct the 1st Unmanned mission under Gaganyaan program by 75th anniversary of India’s independence (August 15, 2022)

• The 2nd uncrewed mission will carry ‘Vyommitra’, a spacefaring human-robot developed by ISRO.

About Indian Space Research Organisation (ISRO):
Chairman –  S Somanath
Headquarters – Bangalore, Karnataka

SPORTS

Tasnim Mir becomes the World No 1 in Badminton U-19 Girls SinglesTasnim Mir became the first Indian to grab World no 1 in Under-19 (U-19) Girls Singles category with 10,810 points in the latest Badminton World Federation (BWF) Junior rankings. She is followed by Mariia Golubeva from Russia and Lucia Rodriguez from Spain.
In 2021, she won 3 Junior International Tournaments held in Bulgaria, France and Belgium, which helped her climb up for No.1 position.
Tasnim Mir was trained under Edwin Iriawan, an Indonesian coach, at the Assam Badminton Academy in Guwahati, Assam.
Achievements of Tasnim have never been accomplished by any Indian girl, including Olympic Gold medalist P.V Sindhu, who ranked No.2 during her U-19.
She is currently ranked 602 in Women’s Singles in BWF.
Note – The World No.1 position in Boy’s Singles is shared by Lakshya Sen, Siril Verma and Aditya Joshi.
About Badminton World Federation (BWF):
President – Poul-Erik Høyer Larsen
Established – 1934
Headquarters – Kuala Lumpur, Malaysia

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