Current Affairs 26 November 2022

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NATIONAL AFFAIRS

UK companies rate Maharashtra as top State to do Business: UKIBC reporti.On November 24, 2022, the United Kingdom India Business Council (UKIBC) released its 8th Annual Report On Doing Business In India: The UK Perspective (November 2022). As per it, Maharashtra is rated highest amongst States in terms of the operating environment.
ii.It is followed by Gujarat, Chandigarh, Haryana, Himachal Pradesh (HP), Andhra Pradesh (AP), and Uttar Pradesh (UP).
iii.The UK businesses want the issues of tariffs, product standards/certification, intellectual property (IP) , and customs procedures to be covered under UK-India Free Trade Agreement (FTA).
About United Kingdom India Business Council (UKIBC):
Managing Director– Kevin McCole
Headquarters– London, United Kingdom
>> Read Full News

UR for Persons of 15 years and above in Urban Areas declined to 7.2% in July-September 2022: 16th PLFS by NSOThe 16th Periodic Labour Force Survey (PLFS) was released by the National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI). As per it, India’s unemployment rate (UR) for persons aged 15 years and above in urban areas declined to 7.2% during July-September 2022 from 9.8% July-September 2021.

• This decline is driven by improved labour force participation ratio.
• UR was high in 2021 due to the impact of Covid-19 related restrictions in India.

Key Figures representing Persons of 15 years and above in Urban Areas:
i.UR for persons in April-June 2022 was 7.6%.
ii.UR among females declined to 9.4% in July-September, 2022 from 11.6% in July-September, 2021.

• It was 9.5% in April-June, 2022.

iii.UR males dipped to 6.6% in July-September 2022 compared to 9.3% in July-September, 2021.

• It was 7.1% in April-June 2022.

iv.Labour force participation rate (LFPR) in CWS (Current Weekly Status) increased to 47.9% in the July-September 2022 from 46.9% in July-September, 2021.

• It was 47.5% in April-June 2022.

v.The Worker-to-Population Ratio (WPR) saw a marginal increase of 0.6 percentage points sequentially to 44.5% in Q2.
About Periodic Labour Force Survey (PLFS):
It was launched in 2017 by NSO. On the basis of PLFS, a quarterly bulletin is brought out giving estimates of labour force indicators namely UR, WPR, LFPR, distribution of workers by broad status in employment, and industry of work in CWS.
Key Definitions:
UR: It is defined as the percentage of unemployed persons among the labour force.
LFPR: It is defined as the percentage of persons in labour force (i.e. working or seeking or available for work) in the population.
WPR: It is defined as the percentage of employed persons in the population.
CWS: The activity status determined on the basis of a reference period of last 7 days preceding the date of survey is known as the current weekly status (CWS) of the person.

India Adds Over 1.2 GW of Rooftop Solar in 9 months of CY22:  Mercom India ReportAccording to Mercom India Research’s Mercom India Rooftop Solar Market Report Q3 2022, India has installed more than 1.2 GigaWatts(GW) of rooftop solar capacity in a duration of 9 months of the calendar year 2022(CY22), this accounts for a decline of 11% compared to the corresponding period in 2021.

• India has installed around 320 Mega Watts(MW) of Rooftop solar capacity in the 3rd Quarter of CY22, a year-over-year decline of approximately 29%. The installed capacity has fallen by over 18% on a quarter-over-quarter(QoQ) basis.
• By the end of Q3 CY22, the cumulative rooftop solar capacity has reached 8.3 GW.

Key Points:
i.According to the report, Maharashtra recorded the most rooftop solar installation in Q3CY22 followed by Kerala and Gujarat.
ii.Gujarat tops the list of Cumulative solar installations with 23% followed by Maharashtra at 13% and Rajasthan at 10%.
iii.The top 10 states have accounted for around 73% of total rooftop solar capacity added in Q3.
iv.Madhya Pradesh(10%) followed by Punjab(9%) and Rajasthan(8%) has registered the highest compounded quarterly installation growth compared to Q3CY21.
v.During Q3, 46% of rooftop solar capacity was installed in the industrial sector followed by residential(32%), commercial(21%) and government sector(1%).
vi.More than 311 MW of rooftop solar projects were tendered during Q3 2022. Around 33% of the tenders were announced by Uttar Pradesh New Energy Development Agency, 16% by Solar Energy Corporation of India and 51% by other state agencies.
vii.The report noted that, in the past 9 months of CY22, the cost of the rooftop systems has increased by 13%.  The system costs have increased with a 6% rise in Q1 and 2% during Q2 and 5% during Q3.
viii.The cost of the rooftop solar system was impacted by the escalation in commodity prices, imposition of basic customs duty and shortage of Approved List of Module and Manufacturers (ALMM) approved modules and others.
Note: 
The report also includes a comprehensive analysis of net metering policies across the states and Union Territories(UTs).

INTERNATIONAL AFFAIRS

“Naseem Al Bahr” (13th Edition) 2022: Indian Navy Took Part in Bilateral Exercise with Oman NavyThe 13th edition of the bilateral exercise “Naseem Al Bahr” (Sea Breeze) between the Indian Navy (IN) and Royal Navy of Oman (RNO) took place off the coast of Oman from November 19 to 24, 2022.

• Exercise “Naseem Al Bahr” 2022 consisted of 3 phases: the harbour phase, the sea phase, and the debrief.

The Indian Navy’s guided missile stealth frigate, Indian Navy Ship (INS) Trikand, offshore patrol vessel, INS Sumitra, and Maritime Patrol Aircraft (MPA) Dornier, participated in the bilateral exercise ‘Naseem Al Bahr’.
Note: The first IN-RNO bilateral exercise, “Naseem Al Bahr” (Sea Breeze), took place in 1993, and the year 2022 commemorates the 30th anniversary of IN-RNO bilateral exercises.
Key Points:
i.During the Harbour Phase, activities included professional meetings between IN and RNO operations teams as well as friendly sporting events between the two navies.
ii.For the Sea Phase, the RNO Ships ‘Al Shinas’ and ‘Al Seeb’ sailed alongside the INS Trikand and INS Sumitra.

• INS Trikand, a frontline frigate, is outfitted with a wide variety of weapons and sensors. The ship is a component of the Indian Navy’s Western Fleet, based at Mumbai in Maharashtra.
• INS Sumitra, a multirole offshore patrol vessel, is part of the Indian Navy’s Eastern Fleet, based at Visakhapatnam in Andhra Pradesh.

iii.The drill at sea included participation from the IN-MPA Dornier, RNO MPA, and shore-based Royal Air Force of Oman (RAFO) fighter aircraft Hawks.
iv.The RNO Naval Base at Duqm in Oman hosted the last phase of the exercise ‘Debrief’.

BANKING & FINANCE

Interest subvention on KCC Crop Loan to continue in FY23, FY24: RBIOn November 23, 2022, Government of India approved the continuation of the Interest Subvention Scheme (ISS) with modification for FY 2022-23 and 2023-24.
What are the modifications for 2022-23 and 2023-24?
i.The applicable lending rate to farmers will be 7% and the rate of interest subvention to lending institutions will be 1.5%.
ii.The interest subvention will be calculated on the loan amount from the date of disbursement up to the date of actual repayment of the loan by the farmer or up to the due date of the loan fixed by the banks, whichever is earlier, subject to a maximum period of one year.
iii.An additional interest subvention of 3% per annum will be provided to the farmers repaying in time, subject to a maximum period of one year from the date of disbursement.
iv.Also, farmers repaying promptly will get short-term crop loans and/or short-term loans for allied activities at 4% per annum.
v.To ensure hassle-free benefits to farmers, Aadhar linkage will continue to be mandatory for availing the short-term loans.
Click Here for Official Notification
What is Interest Subvention?
i.It is grant of money by the government for subsidizing the interest on a loan. The government offers interest subvention mostly on home, crop and education loans.

• It is provided to lending institutions, viz. public sector banks and private sector banks, small finance banks, and computerised primary agriculture cooperative societies.

ii.In August 2022, the Union Government approved the interest subvention for 2022-23 to 2024-25 for lending short-term agri-loans is up to Rs 3 lakh to the farmers.
What is Kisan Credit Card Scheme?
Initiated in 1998, KCC scheme issues KCC to farmers on the basis of their holdings. It aims at providing adequate and timely credit support to farmers from the banking system for their cultivation and other needs through a single window.

In A First, Eversource Capital-Backed Ecofy Gets NBFC Licence from RBI  

In an industry first step, Eversource Capital – promoted Accretive Cleantech Finance Private Ltd., doing business as “Ecofy,” has obtained regulatory approval from the Reserve Bank of India (RBI) to operate as a non-deposit-taking Non-Banking Financial Company (NBFC).

• This qualifies Ecofy as a one-of-a-kind green-only retail NBFC in India.

Ecofy
i.Ecofy, based in Mumbai (Maharashtra) works with people and businesses who wish to reduce their carbon footprint and restore the Earth’s equilibrium.

• It is promoted by Eversource Capital, an equal joint venture between LightsourceBP and Everstone Group.
• Rajashree Nambiar is the Co-Founder & Chief Executive Officer (CEO) of Ecofy.
• Govind Sankaranarayanan is the Co-Founder & Chief Operating Officer (COO) of Ecofy.

ii.Eversource manages India’s largest climate impact fund, the Green Growth Equity Fund (GGEF).
Key Points:
i.Ecofy will provide loans to individuals and small enterprises in order to speed up the transition to a zero-carbon world.

• Offerings from Ecofy include all aspects of green needs, including loans, leases, insurance, warranties, and buybacks.

ii.The company will provide financial support for green asset classes such as electric vehicles (EVs) (2 and 3-wheelers), rooftop solar and energy-efficiency Small and Medium Enterprises (SMEs).
Non-Banking Financial Company (NBFC)
i.Non-Banking Financial Companies (NBFCs), also known as Non-Banking Financial Institutions (NBFIs), are financial institutions that provide a range of banking services but lack a banking licence.

• These entities are not permitted to provide financial services and products Similar to banks.

ii.An NBFC is a company registered under the Companies Act of 1956 or 2013. The RBI issues NBFC licenses to these companies with.

• To register as an NBFC with the RBI, a company must have a minimum of Rs. 200 lakh in net owned funds (NOF).

iii.It operates a variety of non-banking businesses, including hire-purchase, leasing, microfinance, chit funds, gold loans, etc.

Absolute Launches DIY crop insurance ‘Digifasal’Absolute, a plant biosciences company, has launched ‘Digifasal’, a do-it-yourself (DIY) crop insurance product, in partnership with DigiSafe Insurance. The product will be introduced on Absolute’s Upaj, World’s First Universal AgCloud ecosystem.

• Upaj provides a one-stop solution to a million farmers at every stage of crop production with services including soil testing, advisory. With the launch of DigiFasal, Upaj will now offercrop insurance services.
• With this partnership, Absolute has leveraged DigiSafe’s InsureTech capabilities to boost insurance penetration across India.

About ‘Digifasal’:
i.The product has been developed by over 100 Artificial Intelligence (AI) and Machine Learning (ML) engineers with extensive research for almost 7 years.
ii.This will complement the existing insurance schemes such as the Pradhan Mantri Fasal Bhima Yojana (PMFBY) and provide solutions through affordable insurance options to farmers.
iii.The farmers can choose the insurance product according to their affordability from among several insurers available at their respective pincodes.
Fact – India has lost about 69 million hectares of crop area in the past six years due to adverse climatic conditions.
About Absolute:
Headquarters – Bengaluru, Karnataka
Establishment – 2015

Honda Cars India Signs MoU with IDBI Bank to Offer Finance Schemes

Honda Cars India Limited (HCIL) has signed a Memorandum of Understanding (MoU) with IDBI Bank to offer finance schemes, which aims to assist and provide customers with hassle-free affordable financing options and schemes for purchasing Honda Car models. 

• The benefits under the partnership include attractive interest rates, minimum processing charges, maximum loan amount and maximum repayment period.

Sany India Signs MoU with Union Bank of India for Equipment Financing

Sany Heavy Industry India Pvt. Ltd. (Sany India) signed a Memorandum of Understanding (MoU) with the Union Bank of India to make equipment financing an easy, efficient, and simple process.

• The MoU was signed by Dheeraj Panda, Chief Operating Officer of Sany India and C.M. Minocha, Chief General Manager, Micro, Small & Medium Enterprises (MSME), Union Bank of India in Mumbai, Maharashtra.
• According to the MoU, Union Bank’s nationwide network will offer Sany Bharat customers equipment financing, which should improve and expand the Bank’s equipment finance portfolio.

Note: Union Bank of India has opened funding for the retail and construction Equipment Sector from a Rs 10 lakhs loan to Rs. 50 Crores.

ECONOMY & BUSINESS

BSE signs TAC Security as Cyber Security PartnerThe BSE Limited (formerly Bombay Stock Exchange) signed an agreement with TAC Security, a risk and vulnerability management company, to make it the official cyber security partner of the BSE.

• BSE joined hands with TAC security to ensure that the BSE is empowered with the highest possible level of cybersecurity.
• The partnership represents a significant development in the long-standing relationship between the 2 institutions.

Key points:
i. The partnership is set to be the 1st of several projects made by TAC Security to accelerate the process of cybersecurity under the direction of the BSE.
ii. Using TAC Security’s ESOF (Enterprise Security on One Framework), the BSE will obtain a comprehensive understanding of their risk-vulnerability management on a single platform.

• ESOF plays an essential role in allowing teams to discover, prioritize and address issues before the situation demands, rather than mass efforts like other tools
• For security teams to assess and comprehend their risk posture, it combines traditional Vulnerability Assessment data with real-time risk data from the broadest range of sources.

About TAC:
TAC Security protects Fortune 500 companies, leading enterprises and governments across the globe through its AI-based vulnerability management platform – ESOF.
Founder & Chief Executive Officer (CEO)- Trishneet Arora
Headquartered– San Francisco, California, United States of America
Founded- 2013
About BSE Limited (formerly known as Bombay Stock Exchange):
BSE is Asia’s 1st & the Fastest Stock Exchange in the world with a speed of 6 microseconds and one of India’s leading exchange groups.
Chairman – S.S. Mundra
Headquarters- Mumbai, Maharashtra
Establishment- 1875

AWARDS & RECOGNITIONS  

UK PM Rishi Sunak & his wife Akshata Murty are listed on the “Asian Rich List 2022”United Kingdom (UK)’s Prime Minister, Rishi Sunak and his wife Akshata Murty, daughter of  N R Narayana Murthy co-founder of  Indian IT (Information technology) major Infosys, were listed on the ‘Asian Rich List 2022’, which profiles the richest 101 Asians in the UK.
They were included in the Asian Rich List for the first time and are ranked 17th with an estimated wealth of 790 million pounds(Rs 69,336,397,400)

• The Asian Rich List 2022 is topped by the Hinduja family for the 8th consecutive time with an estimated wealth of 30.5 billion pounds, an increase of 3 billion pounds from the last year (2021).

Release: 
i. The Asian Rich List 2022 is released at the 24th annual Asian Business Awards held at the Westminster Park Plaza Hotel, United Kingdom, on 23rd November 2022.
ii. London mayor Sadiq Khan gave RituChhabria, daughter of Gopichand Hinduja, co-chairman of the Hinduja Group, a copy of the “Asian Rich List 2022.”
Asian Rich List:
i. The Asian Rich List, launched annually at the Asian Business Awards, profiles the wealthiest 101 Asians in the UK.
ii. It is the definitive list of the wealthiest and most successful Asians, Compiled by a group of outside experts and editors of the Asian Media Group (AMG).
iii. In 2022, south Asians will have a total worth of approximately 100 billion pounds. That is an increase of more than 20% above the 82 billion pounds from the previous year(2021).
Key Highlights:
i. There are 16 billionaires from the UK on the 2022 Asian Rich List.
ii. Prakash Lohia and his family have seen the biggest increase in wealth on this year’s list, a rise of 4 billion pounds to 8.8 billion pounds.
iii. Lakshmi Mittal and his son Aditya (12.8 billion pounds) and Nirmal Sethia (6.5 billion pounds) are the other richest on the list.
Note: Shailesh R Solanki, Executive Editor of Asian Marketing Group (AMG) and the host of the event.

Army Chief General Manoj Pande Receives Guard of Honour in Paris

Army Chief General Manoj Pande received a Guard of Honour at the Les Invalides in Paris, France, when he was on a four-day visit to France.

• During his visit, he interacted with the Chief of Staff of the French Army General Pierre Schill and had a discussion upon issues of mutual interest.

About General Manoj Pande:
i.General Manoj Pande, was born on 6th May 1962 and was commissioned into the Bombay Sappers, one of the regiments in the Corps of Engineers in December 1982. He is now an Indian Army General serving as the 29th and the current Chief of the Army Staff (COAS).
ii.He had previously served as the Vice Chief of the Army staff, General Officer-Commanding-in-Chief (GOC-in-C) of Eastern Command and was also the first officer from the Corps of Engineers to become the Army Chief.

• Other positions – As the COAS, he took over as the Honorary Colonel of the Sikh Light Infantry Regiment and the colonel of Regiment of the 61st Cavalry in May 2022.

iii.Awards – He has received the Param Vishisht Seva Medal, Ati Vishisht Seva Medal and the Vishisht Seva Medal.

• He has also been awarded the COAS Commendation Card and two GOC-in-C commendation cards.

Steven Spielberg to be honoured at the 73rd Berlin International Film Festival 2023

Steven Spielberg, the 75-year-old American director, producer and screenwriter, will be honoured at the 73rd Berlin International Film Festival with a Homage and Golden Bear for lifetime achievement in February 2023 in Berlin, Germany.

• Steven Spielberg’s latest film ‘The Fablemans’ will be screened at the festival.
• He is an eminent director who has received 19 Oscar nominations and won Oscar thrice, including best director for “Saving Private Ryan” and 2 best picture awards for “The Color Purple” and “Schindler’s List.”      

APPOINTMENTS & RESIGNATIONS 

Opposition Leader Anwar Ibrahim sworn in as Prime Minister of Malaysia On 24th November 2022, long-time opposition leader Anwar bin Ibrahim (75-year-old) leader of Malaysia’s Pakatan Harapan coalition was sworn in as the 10th Prime Minister (PM) of Malaysia.

• Malaysia’s king, Sultan Abdullah Sultan Ahmad Shah, named Anwar Ibrahim as Malaysia’s PM.
• Anwar’s coalition gained the most seats in the general election (held on 19th November 2022), but no alliance was able to secure a majority.
• In less than 5 years (since 2018), he is the 4th PM of Malaysia.
• Anwar Ibrahim succeeds the 9th Prime Minister of Malaysia, Ismail Sabri Yaakob.

Key Points:
i. Anwar Ibrahim’s Alliance of Hope (Pakatan Harapan) won the highest number of parliamentary seats at 82 seats but still fell short of 112, the number required to form the government.
ii. Muhyiddin Yassin’s National Alliance (Perikatan Nasional) was in 2nd place with 73 seats.
iii. Ismail Sabri Yaakob’s (former PM) Barisan Nasional alliance suffered its worst electoral defeat ever in the inconclusive election, taking home just 30 of the 178 seats it competed for.
About Anwar Ibrahim:
i. Anwar Ibrahim held many government posts in the late 20th century before being jailed for corruption in 1999. He played a key role in redistributing power within Malaysia’s legislature after his release from prison.
ii. He served as Deputy Prime Minister (1993-1998) and in many other Cabinet positions in the Barisan Nasional (BN) administration under former PM Mahathir Mohamad, and served 2 politically charged prison terms,
iii. He was serving as a longtime opposition leader from 2008-2015 and from 2019- 2022.
About Malaysian Parliament:
The bicameral (two-Chamber) parliament consists of the Dewan Rakyat (222 elected members) (House of Representatives or literally People’s Hall) and the Dewan Negara (70 Senators) (Nation’s Hall in Malay; however, it is commonly referred to as the Senate).

• Members of the Dewan Rakyat are known as Members of Parliament (MPs) while members of the Dewan Negara are called Senators.

About Malaysia:
King- Al Sultan Abdullah Sultan Ahmad Shah
Capital- Kuala Lumpur
Currency- Malaysian ringgit

India Wins IEC Vice Presidency & SMB Chair for 2023-25; Vimal Mahendru elected as Vice PresidentOn 25th November 2022, India won the International Electrotechnical Commission (IEC) vice presidency and Strategic Management Board (SMB) chair for the 2023-25 term.

• India’s representative, Vimal Mahendru was elected as the IEC vice president.
• He secured 90% of the votes cast by full members of the IEC during its general meeting held recently in San Francisco, United States (US).

Strategic Management Board (SMB):
i.Standardization Management Board (SMB) is an apex governance body of IEC responsible for technical policy matters.
ii.The Chair of the SMB is an ex officio Vice-President of IEC for the duration of his/her term.  The person elected as the Vice President of IEC is responsible for the standardization work of the IEC.
Key highlights:
i.Representation of BIS (India) in policy and governance bodies of International Organisation for Standardisation (ISO) and IEC ensures to put forth India’s viewpoints on the important strategic and policy matters and it also provides opportunities to align the national standardisation priorities with International best practices.
ii.Currently, BIS (India) is represented in various policy and governance bodies of ISO and IEC including ISO Council, ISO Technical Management Board (TMB), IEC SMB, IEC Market Strategy Board (MSB) and IEC Business Advisory Committee (BAC).
About International Electrotechnical Commission (IEC):
IEC is an international standard setting body that publishes international Standards for all electrical, electronic and related technologies.

• SMB is an apex governance body of IEC, that is responsible for technical policy matters.

President – Yinbiao, Shu
Headquarters – Geneva, Switzerland
Establishment – 1906

Indian-American Punit Renjen announces retirement as Deloitte CEO

Indian-American Punit Renjen is set to retire from the post of Chief Executive Officer (CEO) of Deloitte Global, one of the ‘Big Four’ consultancies, on 31st December 2022.  Joe Ucuzoglu, CEO of Deloitte US is set to succeed Punit Renjen as the New CEO of Deloitte Global

• Punit Renjen has been CEO of Deloitte Global since 2015. He was the 1st Indian-origin CEO to lead one of the Big Four firms globally.
• He played a major role in increasing Deloitte’s revenue from USD 35 billion to more than USD 59 billion in 7 years.          

ACQUISITIONS & MERGERS    

Punjab National Bank gets Govt Approval to Dilute Stake in UTI Mutual FundPunjab National Bank (PNB), India’s 2nd largest public sector bank, has received approval from the Department of Investment and Public Asset Management (DIPAM), Ministry of Finance (MoF), Government of India (GoI), to sell all or a portion of its stake in UTI Asset Management Company Limited (UTI AMC), India’s oldest mutual fund company.

• PNB is set to divest its entire stake, 15.22%, in UTI AMC, in single or multiple tranches to gain on investment. Its current valuation is around Rs 1329 crore.

Key Highlights:
i. In addition to PNB, State Bank of India, Life Insurance Corporation, Bank of Baroda and US-based T Rowe Price are the other sponsors of UTI AMC.

• Together, the four sponsors own 45.16% of the asset management company.

ii. For the quarter from July to September, the private lender recorded a 62.8% decline in net profit to Rs 411.3 crore, which compares to a net profit of Rs 1,105.2 crore during the same period in 2021.
iii. PNB’s net interest income (NII) grew by 30.2% to Rs 8,271 crore in the quarter under review from Rs 6,352.8 crore a year ago.
iv. On 24th November 2022, shares of PNB settled at Rs 50.80 apiece, up 0.89% on the NSE (National Stock Exchange).
About the Punjab National Bank (PNB):
Managing Director (MD) & Chief Executive Officer (CEO)- Atul Kumar Goel
Headquarters- New Delhi, Delhi
Establishment- 1894
About the UTI Asset Management Company Limited (UTI AMC):
Director- Narasimhan Seshadri
Headquarters- Mumbai, Maharashtra
Incorporated in- 2002

PhonePe to Acquire ZestMoney, Pegged at USD 200 mn- USD 300 mn

PhonePe, a digital payments and financial services provider is in talks to acquire bangalore-based buy-now-pay-later (BNPL) fintech startup ZestMoney, for an amount pegged at USD 200 million-USD 300 million. After the acquisition, ZestMoney will continue to operate as a separate entity with the Zest brand.

SCIENCE & TECHNOLOGY

Y 12705 (Mormugao): Second Project 15B Destroyer Delivered to Indian Navyi.On November 24, 2022, the second ship of the Project 15B stealth guided-missile destroyer, namely Y 12705 (Mormugao), was delivered to the Indian Navy (IN) by Mazagon Dock Shipbuilders Limited (MDL).
ii.The acceptance document for the acquisition was signed by Vice Admiral (Retd) Narayan Prasad, Chairman and Managing Director of MDL, in the presence of Commanding Officer (Designate) Captain Kapit Bhatia and personnel from the Navy and MDL.
iii.Built at MDL Mumbai (Maharashtra), it was designed by the Warship Design Bureau, the IN’s in-house organization.
About Indian Navy:
Chief of Naval Staff (CNS)– Admiral Radhakrishnan Hari Kumar
Founded– January 26, 1950
Headquarters– New Delhi, Delhi
>> Read Full News

IMPORTANT DAYS

International Day for the Elimination of Violence against Women 2022 – November 25 The United Nations(UN)’s International Day for the Elimination of Violence against Women is annually observed across the globe on 25th November to create awareness about the violence and abuse against women and girls around the world. The day also aims to prevent violence against women and promote basic human rights and gender equality.
The theme of International Day for the Elimination of Violence against Women 2022 is “UNITE! Activism to End Violence against Women & Girls”.
Background:
i.The United Nations General Assembly (UNGA) adopted the resolution A/RES/54/134 in 2000 and proclaimed the 25th November of every year as the International Day for the Elimination of Violence against Women.
ii.The first-ever International Day for the Elimination of Violence against Women was observed on 25th November 2000.
UNODC & UN Women Report: Women & Girls are More at Risk to be Killed at Home:
According to a new study by United Nations Office on Drugs and Crime(UNODC) and UN Women, in 2021, for every hour, more than 5 women or girls were killed by someone in their own family.
About UN Women:
UN Women, created by UNGA in 2010,  is the UN entity dedicated to gender equality and the empowerment of women.
Executive Director– Sima Bahous
Headquarters– New York, United States of America(USA)
>> Read Full News

STATE NEWS

Rajasthan Govt Launches New Scheme to Boost to Businesses of DalitsRajasthan Government’s Department of Industry and Commerce has launched Dr Bhimrao Ambedkar Rajasthan Dalit, Adivasi Udyam Protsahan Yojana – 2022 to ensure participation by the Scheduled Castes (SCs) and Scheduled Tribes (STs) in the industrial development in Rajasthan.
Highlights:
i.The new scheme has a provision for subsidies and other facilities for eligible people including first-generation entrepreneurs.

• Under the scheme, an interest subsidy of 9 percent on loans of up to Rs 25 lakh and an interest subsidy of 7 percent on loans of up to Rs 5 crore will be provided.
• Additionally, up to 25 percent margin money on the project cost of up to Rs 25 lakh is also provided.

ii.The scheme provides programmes on entrepreneurship, including skill development and training through incubation centres, apart from providing land at concessional rates and other incentives.
Note – Rajasthan’s Gross Domestic Product (GDP) has increased by 3 lakh crore in the last 3 years and stands 7th in India’s GDP.

Maharashtra Govt Signs MoU with Women’s World Banking to Strengthen BC Sakhi Program

Government of Maharashtra signed a Memorandum of Understanding (MoU) with the United States (US)-based Women’s World Banking, to operationalise and strengthen 5,000 women of self help groups (SHGs) to become business correspondents (BC Sakhis) supporting banking services in rural areas.

• Women’s World Banking is a global non-profit organisation with funding support from MetLife Foundation. It works for inclusive finance for low income women across the world.

ABout BC Sakhis:
In August 2021, Jharkhand State Livelihood Promotion Society (JSLPS) and Small Industries Development Bank of India (SIDBI) partnered to launch the BC Sakhi Initiative to promote digital banking through a banking correspondent.
Key highlights:
i.Under the arrangement, Women’s World Banking will provide technical and policy advisory support to UMED- Maharashtra State Rural Livelihood Mission to operationalise the BC sakhis.
ii.This will include identification, recruitment, training, mentoring, and supervision framework to make them bank-ready as well as serve as a liaison between financial institutions and corporate BCs.
iii.In the first phase, UMED will scale this program to 15,000 BC Sakhis and by 2025-2026, a total of 25,000 will be scaled.
About Women’s World Banking:
President  & Chief Executive Officer (CEO) – Mary Ellen Iskenderian
Headquarters – New York, United States (US)

Uttarakhand to launch Integrated development scheme to be launched for Border Villages 

Uttarakhand CM Pushkar Singh Dhami is set to launch a new scheme named ‘Mukhya Mantri Pratham Gram Samekit Vikas Yojana’ (CM’s first village-integrated development scheme) to accelerate economic activities in the villages near the border region.

• CM Pushkar Singh Dhami gave a detailed strategy to implement economic and development initiatives in bordering villages during a review of the Panchayati raj division.
• Uttarakhand is set to launch  ‘Mukhya Mantri Paryavaran Mitra Yojana’ for the cleanliness of villages and ‘Mukhya Mantri Chaupal’ for the planned development of village panchayats.
• Uttarakhand has an international border of 625km: 350km with China and 275km with Nepal.

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List of Current Governors in India – AUGUST 2022

List of Current Chief Ministers in India – AUGUST 2022

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