Current Affairs 2 July 2022

We are here for you to provide the important Recent and Latest Current Affairs 2 July 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

Cabinet Approvals on June 29 2022On June 29, 2022, the Union Cabinet chaired by the Prime Minister (PM) of India Narendra Modi has approved the following proposals which were detailed by Union Minister Anurag Singh Thakur, Ministry of Information and Broadcasting (MIB).
i.The Union Cabinet has approved the Memorandum of Understanding (MoU) signed between the Department of Science and Technology (DST) under the Indian Ministry of Science & Technology; and the Ministry of Trade and Industry (MTI) of the Government of the Republic of Singapore on Cooperation in the fields of Science, Technology and Innovation.
ii.The Union Cabinet also approved the Strategic Partnership Agreement signed between the Ministry of New and Renewable Energy (MNRE), Government of India and the International Renewable Energy Agency (IRENA) to help India’s energy transition efforts, and the world in combating climate change.
iii.The Cabinet has approved the categorization of the Coalition for Disaster Resilient Infrastructure (CDRI) as an ‘International Organization’ and signing of the Headquarters Agreement (HQA) with CDRI for granting it the exemptions, immunities and privileges as per the United Nations (Privileges & Immunities) Act, 1947.
iv.CCEA has approved ‘Deregulation of Sale of Domestically Produced Crude Oil’, whereby Government has decided to cease allocation of crude oil and condensate w.e.f. October 1, 2022.
v.The CCEA also approved the computerization of about 63,000 functional Primary Agricultural Credit Societies (PACS) with a budgetary outlay of Rs 2,516 crore over a period of 5 years.
>> Read Full News

Take Home Ration: Good Practices Across the State/UTs: Report by NITI Aayog & World Food Program

The National Institution for Transforming India (NITI) Aayog and the United Nations World Food Programme (WFP) have released a report titled “Take Home Ration: Good Practices-Across the States/UTs”. The report was released by Suman K. Bery, Vice Chairman of NITI Aayog.

• It highlights a collection of good and innovative practices used by the States and Union Territories (UTs) to implement the Take Home Ration (THR) value chain.

The Government of India (GoI) launched the National Nutrition Mission (NNM), also known as the Prime Minister’s Overarching Scheme for Holistic Nourishment (POSHAN Abhiyaan), with the purpose of reducing undernutrition by 2% annually.
i. THR strives to bridge the nutrition gap among infants and young children through supplementary feeding.
ii.It offers fortified rations for use at home for pregnant and lactating women (PLW), and children between the ages of 6 and 36 months.
About National Institution for Transforming India (NITI) Aayog:
Chairperson – Narendra Modi, Prime Minister of India
Headquarters– New Delhi, Delhi
>> Read Full News

GoI Retains Same Interest Rates on Small Savings Schemes for Q2 FY23

In spite of high inflation and rising interest rates, the Government of India (GoI) decided to retain the same interest rates on small savings schemes like the Public Provident Fund (PPF) and National Savings Certificate (NSC) for the second quarter (Q2) [July 1, 2022–September 30, 2022] of the Financial Year 2022-23 (FY23).

• In Q2 of FY23, the annual interest rates for PPF and NSC will remain at 7.1% and 6.8%, respectively.
• This is the ninth quarter in a row that small savings interest rates have remained unchanged. Since the first quarter of 2020-21, the interest rate on small savings plans has not been changed.

Key Points:

New investments made into these schemes during the Q2 of FY 2022-23 will yield the same interest rates as indicated for the Q1 (April 01, 2022 – June 30, 2022) for FY23.

Table showing Interest Rates on Small Saving Schemes for Q2 FY23 (July 1, 2022–September 30, 2022)

• In order to tackle high inflation, the State Bank of India (SBI), the largest lender in India, increased the interest rate on one-year fixed deposits to 5.10%, following two consecutive increases in benchmark rate by 90 basis points.
• The Reserve Bank of India (RBI) hiked the repo rate by 40 basis points & 50 basis points in May 2022 and June 2022, respectively.
• Recently, the Employee’s Provident Fund (EPF) Deposit interest rate was reduced to a four-decade low of 8.1% for 2021-22 from 8.5%.
• For the fifth consecutive month, retail inflation exceeded the RBI’s tolerance level in May 2022, coming in at 7.04 %.
• PPF has a maturity period of 15 years after which you can choose to withdraw funds from your PPF account. Partial withdrawals are also allowed before the account matures (after the 6th financial year from account opening)

How often the Rate of Interest will be revised?
The Rate of Interest of Small Savings Scheme will be revised by the Ministry of Finance once in 3 Months (every Quarter of the FY) (i.e. (April-June), (July – September), (October – December),(January-March)).
Note: The Shyamala Gopinath committee in 2011 had recommended making small savings scheme savings schemes market linked.

ReNew Power, UNEP, SEWA launched “Project Surya” to train women salt pan workers as solar technicians
ReNew Power Limited, a subsidiary of ReNew Energy Global Plc, in partnership with the United Nations Environment Programme (UNEP) and Self-Employed Women’s Association of India (SEWA) launched a one-of-its-kind, transformative initiative“Project Surya” to train low-income women salt pan workers to work in the renewable industry.

• It aims  to train 1,000 low-income women salt-pan workers to work in the renewable industry.
• The project kicks off in Gujarat to address multiple Sustainable Development Goals (SDGs), including No Poverty, Gender Equality, Affordable and Clean Energy, Decent Work and Economic Growth and Climate Action.

Key points:
i.Under the project initiative, women salt-pan workers, who work in the extreme conditions at Rann of Kutch marshes (Gujarat), will be trained as solar panel and solar-pump technicians at Dhokavada village in the Patan district of Gujarat.
ii.ReNew Power Ltd. will provide financial support for renewable power facilities, while and the SEWA will work as the lead implementation partner, UNEP will be responsible for monitoring and evaluating the project.

• The project will also provide an increase in the income of the workers. It is estimated works can earn upto Rs 18,000 in a month.

About United Nations Environment Programme (UNEP):
Headquarters– Nairobi, Kenya
Founded- 1972
Executive Director- Inger Andersen

Telangana Chief Minister opens world’s biggest innovation campus T-Hub 2.0

Telangana Chief Minister(CM) K Chandrashekar Rao has inaugurated (Technology Hub) T-Hub 2.0, the world’s largest innovation campus in Hyderabad,the capital of Telangana.It was launched in the year 2015 to promote the entrepreneurship and innovation. In 2021, the startup ecosystem of Telangana was valued at USD 4.8 billion.
Key Points:-
i.It has attracted over 2000 entrepreneurs and raised USD 1.19 billion in funding by T-Hub startups.T-shaped structure has a built space of 5.82 lakh sq ft with the capacity of 1000 seats,the hub allocates 18,000 for the Confederation of Indian Industry (CII) and AIC T-Hub Foundation.
ii.The seventh floor is assigned to the Department of Science and Technology’s (DST) Centre of Excellence to promote artificial intelligence (AI) and machine learning (ML).
iii.The eighth and ninth floors are proposed for the Japan International Cooperation Agency (JICA) project, along with social impact start-ups and young entrepreneurs (Y-Hub).
iv.T-Hub will further empower the startup ecosystem and support the entrepreneurs in their growth by providing them with access to 6Ms – Mentors, Market, Motivation, Manpower, Money, Methodologies and 2Ps.

• Chief Executive Officer of T-Hub is Srinivas Rao Mahankali.

Steel Ministry joins PM Gati Shakti portal to bridge infrastructure connectivity gaps
The Ministry of Steel has joined the PM Gati Shakti Portal and uploaded the geo locations of projects with an aim of identifying and bridging missing infrastructure connectivity gaps.
i.The Ministry of Steel on-boarded itself on the PM GatiShakti Portal (National Master Plan portal) with the assistance of Bhaskaracharya National Institute for Space Applications and Geo-informatics (BiSAG-N).
ii.BiSAG-N has created an application through which the Ministry of Steel is planning to upload the Geo location of more than 2000 steel units functioning in the country.
iii.Gati Shakti – National Master Plan for Infrastructure development was launched by Prime Minister in October 2021 with the objective to bring different Ministries together and for integrated planning and coordinated implementation of infrastructure connectivity Projects.

INTERNATIONAL AFFAIRS

QS Best Student Cities Ranking 2023 released; London ranks Best City for Student, Mumbai tops in India

According to the QS Best Student Cities Ranking 2023, released by global higher education consultancy Quacquarelli Symonds(QS), Mumbai ranked at 103 has emerged as India’s highest-ranked student city. The other Indian cities in the rankings include Bengaluru (114), Chennai (125) and New Delhi (129).

• London(United Kingdom) has topped the list ranked 1 followed by Seoul(South Korea) and Munich(Germany) ranked 2nd and Zurich(Switzerland) ranked 4th.
• The ranking provides students with independent data regarding a range of factors relevant to their study decisions: affordability, quality of life, the standard of university, and the views of previous students that have studied in that destination.

Top 5 cities based on  QS Best Student Cities Ranking 2023:

Highlights:
i.It is based on several factors such as affordability, quality of life, the standard of university, and the views of previous students that have studied in that destination.
ii.QS ranks 140 cities around the world. Dubai (51)  is the best student city in the Arab Region while Buenos Aires (23)  is the best city in Latin America.

BANKING & FINANCE

Bank Deposit Growth Moderates to 10% on Year in March 2022: RBI

As per the latest data on Deposits with ‘Scheduled Commercial Banks – March 2022’ released by Reserve Bank of India (RBI), the share of current and savings accounts (CASA) deposits of commercial banks has increased to 44.8% as of March 2022 end, from 41.7% three years ago.

• They accounted for 60.9% and 55.6% of incremental deposits during 2020-21 and 2021-22, respectively.
• The seven states of Maharashtra, National Capital Territory (NCT) of Delhi, Uttar Pradesh, Karnataka, Tamil Nadu, West Bengal, and Gujarat together accounted for 63.3% of bank deposits in fiscal 2021-22.

Key Points:
i.Bank deposit growth (y-o-y) moderated to 10% in March 2022 as compared with 11.9% a year ago.
ii.Current, savings and term deposits increased by 10.9%, 13.3% and 7.9%, respectively, during 2021-22.
iii.Metropolitan branches of banks, which account for over half of total deposits, accounted for 51.5% in incremental deposits in FY 2021-22. The same stood at 59.6% in the year-ago period.
iv.Female depositors accounted for 19.8% of total deposits in March 2022.

• Their share in incremental bank deposits during 2021-22 increased to 34.3% from 15.2% in the previous year.

v.General government and financial corporations together accounted for over one-fourth of the incremental deposits as compared to 5.8% share in 2020-21.
vi.Large size deposits (i.e., Rs 1 crore and above) nearly accounted for 40% share in total term deposits.

Axis Bank partners EazyDiner to launch premium dining experience programme

Axis Bank has partnered with EazyDiner, India’s leading table reservation, food discovery and restaurant payment platform, to launch Dining Delights, a unique dining experience for the bank customers.
i.The program will offer benefits such as the option to choose from over 10,000 premium restaurants across India and Dubai, instant confirmation on table reservations, and exclusive offers on dining reservations made through the EazyDiner app.
ii.This new initiative is aligned to serve an increasing number of customers who want choice, variety and convenience while dining out, all at one go.

APPOINTMENTS & RESIGNATIONS 

Eknath Shinde sworn in as CM of Maharashtra, Devendra Fadnavis as Deputy CM

On July 1,2022 Shiv Sena leader Eknath Shinde was sworn in as the 20th Chief Minister(CM) of Maharashtra, while Bharatiya Janata Party (BJP) Devendra Fadnavis took oath as the deputy chief minister.

• Governor Bhagat Singh Koshyari administered the oath of office to Shinde and his deputy Fadnavis at the Raj Bhavan in Mumbai, Maharashtra.

Background :- On June 30^th 2022, Uddhav Thackeray resigned from the Chief minister post of Maharashtra after the Supreme Court refused to stay Maharashtra Governor’s direction to the Uddhav Thackeray led Maha Vikas Aghadi (MVA) government to take a floor test in the Assembly.

About Eknath Shinde:
Eknath Shinde, hailing from Jawali taluka in Satara, Maharashtra, served as the Cabinet Minister of Urban Development and Public Works (Public Undertakings) in the Maharashtra State Government between 2014-2019.

About Devendra Fadnavis:
Devendra Fadnavis served as the 18th Chief Minister of Maharashtra from 31 October 2014 to 12 November 2019.

About Maharashtra:-
Governor – Bhagat Singh Koshyari
Capital – Mumbai
Dance forms – Koli Dance, Dindi, and Kala

Pinterest CEO Ben Silbermann steps down, Google executive Bill Ready to Takeover

Pinterest Inc. announced that Chief Executive Officer (CEO) Ben Silbermann will step down from his position and will be replaced by Bill Ready, Google Executive.

• Silbermann served as CEO for 12 years, which began when he co-founded the company in 2010.

Silbermann will transition to a newly created role of Executive Chairman, and Ready will become CEO and a member of the Board of Directors with effective from June 29, 2022.

FanCode onboards Ravi Shastri as brand ambassador

Former Indian Team coach and cricketer Ravi Shastri has been appointed as the new brand ambassador for FanCode, a live content, sports statistics and e-commerce marketplace.

• Shastri will lead the upcoming campaigns for India’s tour of the West Indies, and ECB’s The Hundred, a 100-ball cricket tournament involving eight men’s and eight women’s teams located in major cities across England and Wales.
• The announcement of the appointment was made ahead of India’s upcoming tour to the West Indies which is scheduled to begin at end of July 2022.

PokerBaazi appoints Shahid Kapoor as brand ambassador

PokerBaazi.com, India’s poker platform has appointed Bollywood Actor Shahid Kapoor as its Brand Ambassador.
i.PokerBaazi aims to create a robust ecosystem for Poker in India, and Shahid Kapoor’s association with the brand comes in line with its commitment to popularize and create awareness amongst the masses about Poker.
ii.According to research firm Statista, the online gaming industry across India was valued at around ₹79 billion in 2021, marking a leap from about ₹65 billion in 2020.         

ACQUISITIONS & MERGERS     

CCI Approves Agreement Between Google International LLC & Bharti Airtel Ltd

Key points:
i.Google International LLC (Limited Liability Company)is a wholly-owned subsidiary of Google LLC, which is a Delaware limited liability company and wholly owned subsidiary of Alphabet Inc.
ii.It is a holding company and does not own any of Google’s products. Google, however, offers various products and services, including its flagship search service, its Android operating system, and its Play app store.
iii.BAL is an international communications solutions provider with over 480 million customers in 17 countries across South Asia and Africa.

• The retail portfolio includes, amongst others, high speed mobile broadband, Airtel Xstream Fiber, streaming services (music and video), digital payments and financial services.

About  Competition Commission of India (CCI):
Founded- 2003
Headquarters- New Delhi
Chairperson- Ashok Kumar Gupta   

SCIENCE & TECHNOLOGY

ISRO Successfully Launches PSLV C-53 Rocket Carrying 3 Singaporean Satellites

On June 30, 2022, the Indian Space Research Organisation (ISRO), India’s national space agency, successfully launched Polar Satellite Launch Vehicle (PSLV)-C53 (PSLV-C53), carrying 3 Singaporean satellites: DS-EO, NeuSAR, and SCOOB-1, into an intended orbit at an altitude of 570 kilometres (km) measured from the equator, with a low inclination of 10 degrees.
PSLV-C53/DS-EO is the second dedicated commercial mission of NewSpace India Limited (NSIL), the commercial branch of the Department of Space (DOS), ISRO, and is launched from the Satish Dhawan Space Centre’s second launch pad spaceport in Sriharikota, Andhra Pradesh.
PSLV-C53/DS-EO Mission
i. PSLV-C53/DS-EO Mission is designed to orbit DS-EO satellite along with two other co-passenger satellites from ST Electronics,
ii.The mission intends to demonstrate the use of the spent upper stage of the launch vehicle as a stabilised platform for scientific payloads following satellite separation.
iii. PSLV-C53 is a four-stage launch vehicle which is 44.4 m tall and has a lift-off mass of 228.433 tonnes.
About Indian Space Research Organisation (ISRO):
Chairman – S. Somanath
Establishment – 1969
>> Read Full News

OBITUARY

Leonardo Del Vecchio, billionaire Ray-Ban owner passed away

Leonardo Del Vecchio, the Ray-Ban owner, died at age of 87 in San Raffaele hospital in Milan, Italy. He was born in 1935 in Milan, Italy.
i.Leonardo Del Vecchio, the Italian industrialist, was the architect of the mega-merger between sunglasses juggernaut Luxottica and French lens maker Essilor.
ii.He founded his own company, Luxottica, in 1961, supplying the optical industry with components, after he spotted the advantage of partnering with fashion design brands, including Giorgio Armani, which branched out into retail and buy up major brands eyewear like Ray-Ban, Persol and Oakley.
iii.According to Forbes’ 2022 World’s Billionaires List, his fortune was worth an estimated USD 27. 3 billion.

IMPORTANT DAYS

National Doctors Day 2022 – July 1 The National Doctors Day is annually observed across India on 1st July to recognise the noble profession “doctors” and to highlight their contribution to the society.

• The day also marks both the birth and death anniversary of Bharat Ratna Dr Bidhan Chandra Roy(BC Roy), a physician who also served as the 2nd Chief Minister (CM) of West Bengal(WB).

The national observance of Doctors Day across India is led by the Indian Medical Association(IMA). 
Background:
The Indian Medical Association(IMA) initiated the celebration of National Doctors Day, for the first time, on 1st July 1991.

• The day commemorates the spirit of doctors across the globe who work day and night consistently to ensure the well-being of patients.

About Indian Medical Association(IMA):
National President- Dr Sahajanand Prasad Singh 
Headquarters– New Delhi, Delhi
>> Read Full News

National Chartered Accountant Day 2022 – July 1The National Chartered Accountants (CA) Day is annually observed across India on 1st July to commemorate the formation of the Institute of Chartered Accountants of India (ICAI) on 1st July 1949. It is also known as ‘ICAI Foundation Day’.

• 1st July 2022 marks the observance of the 74th National Chartered Accountants (CA) Day.
• ICAI is the second largest professional accounting and finance body in the world in terms of members.

President- Dr. Debashis Mitra
Headquarters- New Delhi, Delhi
>> Read Full News

Goods and Services Tax Day 2022 – July 1Goods and Services Tax (GST) Day is annually observed across the globe on 1st July to commemorate the implementation of the Goods and Services Tax (GST) system, the unprecedented reform of the Indian taxation.

• GST Day 2022 marks the celebration of the 5th anniversary of the implementation of GST system (5th GST Day).

The observance of the Day across India is led by the Central Board of Indirect Tax and Customs(CBIC) across India.
Background:
i.On 1st July 2017, the GST was launched in a majestic ceremony held in the Central Hall of Parliament, New Delhi, Delhi.
ii.In 2018, the Government of India decided that 1st of July shall be commemorated as GST day.
iii.The GST day was first observed on 1st July 2018, which marked the one year anniversary of the implementation of the GST system.
>> Read Full News

STATE NEWS

Himachal CM Launches ‘Naari Ko Naman’ Scheme; Women to get 50% Concession on Bus FareOn 30 June 2022 the Chief Minister (CM) of Himachal Pradesh (HP), Jai Ram Thakur launched ‘Naari Ko Naman’ scheme to provide 50 % concession on fares in Himachal Road Transport Corporation (HRTC) buses to women commuters within the state boundaries.

• The scheme was launched at the Government College Auditorium in Dharamshala, Himachal Pradesh.
• Chief Minister announced the 50% concession on bus fares to women on the event of Himachal Day (15 April 2022)

Key points:
i.CM, as a part of another scheme,  announced the minimum bus fare will also be reduced from Rs.7 to Rs.5 for all passengers.
ii.The government of HP will also sanction 25 new posts for female drivers in ‘Ride With Pride Government Taxi service’.  The service is for female passengers and senior citizens of HP.
About Himachal Pradesh:
Governor- Rajendra Vishwanath Arlekar
Wildlife Sanctuary – Kanwar Wildlife Sanctuary, Khokhan Wildlife Sanctuary
Airports- Kullu Manali Airport, Shimla Airport, Kangra Airport

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