Current Affairs 27 July 2022

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NATIONAL AFFAIRS

FAHD Minister Parshottam Rupala launches NDDB MRIDA Limited for Manure Management

On July 25, 2022, Union Minister Parshottam Rupala, Ministry of Fisheries, Animal Husbandry and Dairying(FAHD) launched NDDB MRIDA Limited, a wholly-owned subsidiary company of the National Dairy Development Board (NDDB) to enhance manure management initiatives across India.

• It was launched in presence of Minister of State (MoS) Dr Sanjeev Kumar Balyan, FAHD, and MoS Dr Loganathan Murugan, FAHD, and Meenesh Shah, Chairman, NDDB, among others.
• Sandeep Bharti is the newly appointed Managing Director (MD) of NDDB MRIDA Limited.

About NDDB MRIDA Limited:
i.It was established by NDDB as an Unlisted Public Limited Company under the Companies Act, 2013 on July 1, 2022 with the paid-up capital of Rs 9.50 crore which will open avenues of additional income to dairy farmers from sale of slurry/ dung.

• It will provide structured impetus to manure management efforts.
• It will promote the usage of dung-based manure by replacing chemical fertilizers with organic manure thereby reducing dependency on India’s dependency on imports.

ii.Notably, manure management initiatives can generate biogas equivalent to 50% of India’s present LPG (Liquefied petroleum Gas) consumption & also produce bio slurry equivalent to 44% of India’s NPK (nitrogen, phosphorus and potassium(K-Kalium)) requirement.
iii.It is a first-of-its-kind company focusing on efficient utilization of dung by creating a manure management value chain which will immensely contribute to enhancing the livelihoods of dairy farmers.

•  It will also contribute towards Swachh Bharat Mission and promotion of green energy.

Other Highlights of Event:
i.MoS Dr Sanjeev Kumar Balyan launched a brochure on NDDB MRIDA Limited.
ii.MoS Dr Loganathan Murugan handed over NDDB’s SUDHAN trademark to Sandeep Bharti.

• SUDHAN is a registered trademark of NDDB to provide common identity to dung based organic fertilizers.

Department of Posts Launches Philately Scholarship Scheme Deen Dayal SPARSH Yojana

The Department of Posts of the Ministry of Communications has launched a philately scholarship scheme – ‘Deen Dayal SPARSH (Scholarship for Promotion of Aptitude & Research in Stamps as a Hobby) Yojana ’, to foster interest in philately among students from Class VI to IX. The study and collection of postage stamps is known as Philately.
Deen Dayal SPARSH Yojana
Objective: To promote Philately among children at a young age in a sustainable manner that can reinforce and supplement the academic curriculum in addition to providing a hobby that can help them relax and de-stress.

• According to the scheme, scholarships will be awarded to students in classes VI to IX who have strong academic records and who pursue philately as a hobby on the basis of a Philately Quiz and Philately Project that will be held by the circle offices.

About Ministry of Communications:
Union Minister – Ashwini Vaishnaw (Rajya Sabha – Odisha)
Minister of State (MoS) – Devusinh Chauhan (Kheda Constituency, Gujarat)
>> Read Full News

India adopts US’ Joint Statement on Cooperation of Global Supply Chains

India has adopted the United States (US) Joint Statement on Cooperation on Global Supply Chains which was released by the Governments of the United States of America (USA) and the 17 partner economies during the virtual 2022 Supply Chain Ministerial Forum.

• The forum was co-hosted by Secretary of State Blinken and Secretary of Commerce Raimondo.

Joint Statement was adopted by 17 economies viz.:
Australia, Brazil, Canada, the Democratic Republic of the Congo, the European Union, France, Germany, India, Indonesia, Italy, Japan, Mexico, the Netherlands, the Republic of Korea, Singapore, Spain, the United Kingdom, and the United States
What is in the Joint statement?
i.It focuses on further strengthening global supply chains which were affected by pandemics, wars and conflicts, extreme climate impacts, and natural disasters.
ii.It intends to work cooperatively on crisis response to alleviate near-term transportation, logistics, and supply chain disruptions along with long-term resilience challenges that make supply chains vulnerable and cause spillover effects for consumers, large and small businesses, workers, and families.
iii.The participating economies will follow the global supply chain principles of Transparency, Diversification, Involvement of small and medium sized businesses in priority supply chains,predictability, Security, and Sustainability.

BANKING & FINANCE

CUB Forms Bancassurance Tie-Up with Aditya Birla Health, Bajaj Allianz Life Insurance & Royal Sundaram General Insurance

City Union Bank (CUB), an old private sector lender, has formed bancassurance partnerships with the following insurers:
i. Aditya Birla Health Insurance Co Ltd (ABHICL)
ii.Bajaj Allianz Life Insurance Company Limited (Bajaj Allianz Life)
iii. Royal Sundaram General Insurance Co Ltd (Royal Sundaram)

• CUB formed this partnership to provide its customers with health, life, and general insurance options.
• So far, CUB has tie-up with eight insurers – three each in life [LIC, Tata AIA and Bajaj Alliance] and health [Star Health, Aditya Birla and Care Insurance] and two in general insurance [Shriram General and Royal Sundaram].

Backdrop
The Open Architecture of the Insurance Regulatory and Development Authority of India (IRDAI) has permitted banks to have tie-ups with three companies each for general insurance, life insurance and health insurance.
About City Union Bank Ltd. (CUB):
MD & CEO – Dr. N. Kamakodi
Establishment – 1904
Headquarters – Kumbakonam, Tamil Nadu
>> Read Full News

JICA Extends ODA loan for Mumbai-Ahmedabad High Speed Rail Project 

On 25th July 2022, Japan International Cooperation Agency (JICA) signed a loan agreement with the Government of India to provide Japanese Official Development Assistance (ODA) loan of up to a total of 100,000 million yen(JPY) (~Rs 6000 crore) as Tranche 3 for the Project for the construction of Mumbai-Ahmedabad High-Speed Rail (MAHSR) (III).

• The loan agreement was signed between Rajat Kumar Mishra, Additional Secretary, Department of Economic Affairs, Ministry of Finance and Watanabe Jun, Senior Representative, JICA India.

Background – This loan agreement has been signed after the 250,000 million JPY (~Rs. 18,000 crores) package of JICA’s commitment towards the development of India’s first High-Speed Rail initiative in 2017.
About the Project:
i.The project aims to develop a high-frequency mass transportation system by constructing the High-Speed Rail along the 500 km system between Mumbai, Maharashtra and Ahmedabad, Gujarat.
ii.This enhances mobility in India contributing towards regional economic development and also development towards Sustainable Development Goals (SDGs), Goals 8 (Decent work and economic growth), Goal 9 (Industry, innovation and infrastructure), 11 (Sustainable cities and communities), and Goal 13 (Climate Action).
Key Points:
i.The MAHSR has been constructed using Japan’s Shinkansen technology, which is also known as the bullet train.
ii.The project is being executed by the National High-Speed Rail Corporation Limited (NHSRCL), an executing agency.
Note – NHSRCL has also given a tender for the design and construction of another underground terminal and tunnel at Bandra Kurla Complex worth Rs. 1.1 lakh-crore project.
About Japan International Cooperation Agency (JICA):
President – TANAKA Akihiko
Establishment – 1974
Headquarters – Tokyo, Japan
India Headquarters – New Delhi, Delhi

HDFC Securities Partners with Equitas SFB to Offer Demat, Trading Services

HDFC Securities Ltd., (HDFC Securities), one of the top stock broking companies of India has partnered with Equitas Small Finance Bank (Equitas SFB) to provide its clients a demat account and its broking or investment services.

• Equitas SFB provides products and services to individual customers, corporates, and Small and Medium Enterprises (SMEs).
• HDFC Securities provides investment and direct trading services through the purchase and sale of equities, as well as currency derivatives, mutual funds, Non-Convertible Debentures (NCDs), Fixed Deposits (FDs), bonds, and so on.

HDFC Securities is a subsidiary of the prominent private sector bank HDFC Bank.
Key Points:
i. As a result of this collaboration, Equitas SFB will be able to provide its clients with a 3-in-1 account that enables them to access the services of HDFC Securities.

• This partnership gives Equitas SFB the chance to offer more investment options to its clients through a strong investment platform.

ii.All customers of Equitas SFB will be able to open demat and trading accounts to buy and sell shares as well as trade in futures, options, commodities, and even currencies.
iii. HDFC Securities will manage the complete experience of the customers of Equitas SFB, from account opening to regular share transactions.
iv.MD & CEO of HDFC Securities Ltd – DhirajRelli
About Equitas Small Finance Bank Ltd:
MD & CEO – Vasudevan Pathangi Narasimhan
Founded –2016
Headquarters – Chennai, Tamil Nadu
Tagline – It’s Fun Banking

AWARDS & RECOGNITIONS      

 Pallavi Singh wins the Mrs Universe Divine Crown in South Korea

India’s Pallavi Singh has won the Mrs Universe Divine Title at the finals held at Yeosu City, South Korea. She hails from Kanpur, Uttar Pradesh (UP). Contestants from 110 countries participated in the competition.

• She was the contestant from Asia in the Mrs Universe contest and has demonstrated the strong will and commitment of Indian women to excel in all walks of life.

About Pallavi Singh:
i.She is a graduate of Delhi University and was the  President of the Students Union of Aurobindo College, New Delhi, Delhi.
ii.She won the title of Mrs India held in Jaipur in 2020.
In 2021 she won the Mrs Indo-Asia Universe in the Asia-level competition held in Delhi.
iii.In 2021, she was also awarded the women in Insurance award at the Indian Business Women Summit 2021, among multiple industries.
Note:
In 2021, India’s Harnaaz Sandhu was crowned Miss Universe 2021.
Miss Universe 2021 was the 70th Miss Universe pageant which was held at the Universe Dome in Eilat, Israel.  

APPOINTMENTS & RESIGNATIONS    

World Bank appoints Indermit Gill as Chief Economist & Senior Vice President

The World Bank appointed Indian national Indermit Gill, as the Chief Economist of the World Bank Group (WBG) and Senior Vice-President for development economics. His appointment will be effective from 1st September 2022.

• Indermit Gill will be the 2nd Indian, after Kaushik Basu, to serve as the chief economist at the world bank.
• Kaushik Basu was the chief economist of the World Bank from 2012 to 2016.

About Indermit Gill:
i.A student of Nobel Laureates Gary Becker and Robert E Lucas Jr,  he holds a PhD in Economics from the University of Chicago.
ii.He is currently Vice President for Equitable Growth, Finance, and Institutions (EFI) at the World Bank Group(WBG).

• He has also taught at Georgetown University and the University of Chicago.
• He also served as a professor of public policy at Duke University and a non-resident senior fellow in the Global Economy and Development program at the Brookings Institution.

iii.He spearheaded the 2009 World Development Report on Economic Geography. His other pioneer works include introducing the concept of the “middle-income trap” to describe how developing countries stagnate after reaching a certain level of income.
About World Bank:
Headquarters-Washington, D.C., United States (US)
President- David Malpass
Founded-1944      

ACQUISITIONS & MERGERS     

LIC Reduces Stake by 2% in Sun Pharma to 5.024%

Highlights:
i.The shares were sold through open market transactions during the period from 17th May 2021 to 22nd July 2022 at an average price of Rs. 808.02 apiece, valuing a total of Rs. 3,881.85 crore.
ii.On BSE, the shares of LIC declined by 0.70 percent and closed shares at Rs.684.25 apiece, whereas Sun Pharmaceuticals showed a decline of 0.75 percent to close at 686.05 apiece.
About Sun Pharmaceuticals Industries:
Founder & Managing Director (MD) – Dilip Shanghvi
Establishment – 1983
Headquarters – Mumbai, Maharashtra

Bharti Airtel Allots 1.2% Equity Shares to Google for USD 1 Billion

Bharti Airtel, a telecom operator has allotted 71,176,839 equity shares of the face value of Rs. 5 each fully paid up, on preferential basis to Google International LLC (Google) at an issue price of Rs. 734 per equity share.
Google will hold ~1.2% of the total post-issue equity shares of Bharti Airtel, Which is about 1.17% on fully-diluted basis.
Highlights:
i.The equity shares arises as a part of Google’s commitment to invest USD 1 billion with Airtel including equity investment in the company worth USD 700 million (about Rs. 5,224 crore).

• This investment was made as part of Google’s USD 10-billion India Digitization Fund.

ii.Google’s investment with Airtel – Out of the total investment by Google, USD 300 million was provided for implementing commercial agreements.

• The investments include scaling up Airtel’s offerings that covers a range of devices to consumers through innovative affordability programmes and other offerings that accelerates digital inclusion across India.

Note – Google has also invested Rs. 33,737 crore (about USD 4.5 billion) to buy 7.73 percent stake in Jio Platform.
About Bharti Airtel:
MD & CEO – Gopal Vittal
Headquarters – New Delhi, Delhi   

SPORTS

18th World Athletics Championships Oregon 2022; India Ranks 33rd, US Tops

i.The 18th edition of the World Athletics Championships (WCH) 2022 was held at the Hayward Field, University of Oregon campus in Eugene, Oregon, United States (US). It is for the first time that the Championship was held in the US and for only the second time in North America.
ii.It was organized by USA Track & Field (USATF) and World Athletics.
iii.The mascot of WCH Oregon22: Legend the Bigfoot.
iv.US won the most gold medals, with 13, and the most overall, with 33 (a record for a single edition).
v.India ranked at 33rd place, and 4th best in Asia only behind China, Japan and Kazakhstan.
vi.India’s Neeraj Chopra won silver medal in the men’s javelin throw which reached at 88.13m. This was the only medal won by India at this Championship.

• He became the first Indian to win Silver Medal in World Athletics Championship (WCH) and also India’s second medal after Anju Bobby George won bronze in the women’s long jump at 2003 World Championships in Athletics in Paris, France.

About World Athletics:
President– Sebastian Coe
Headquarters– Monaco, Europe
>> Read Full News

2022 FIH Women’s Hockey World Cup: Netherland Wins World Championship

The 2022 Women’s FIH Hockey World Cup,the quadrennial world championship organised by the International Hockey Federation (FIH) was held from 1st July 2022 to 17th July 2022 at Estadi Olímpic de Terrassa, Spain and at Wagener Stadium, Netherlands.

• This marks the 15th edition of Women’s FIH Hockey World Cup
• The Netherlands won the world championship for the 9th time by defeating Argentina. Australia has placed third.

Highlights:
Player of the match was won by Felice Albers (Netherlands) in the final match between Netherlands and Argentina.
Winners of 2022 FIH Women’s Hockey World Cup

OBITUARY

Nobel Peace Prize Winner, Architect of Good Friday Agreement David Trimble Passes Away

Nobel Peace Prize winner and former Northern Irish first minister William David Trimble passed away at the age of 77 years.

• He was the key architect of the Good Friday Agreement (GFA) in 1998 which ended the 30 years of disputes in Northern Ireland.

About William David  Trimble:
i.William David Trimble was born on 15 October 1944 in Belfast, Northern Ireland.
ii.Political career-

•  He entered politics in 1975, representing (on behalf of the Vanguard Unionist Party) South Belfast in the Northern Ireland Convention, 1975-76.
• He was Vice-Chairman of Lagan Valley Unionist Association in 1983-85, later became its Chairman in 1985.
• In 1990-1996, he became Secretary of the Ulster Unionist Council and, in 1989-95, Chairman of the UUP (Ulster Unionist Party)Legal Committee.
• In 1990, he was elected MP at Westminster for Upper Bann Constituency.He was elected Leader of the Ulster Unionist Party on 8 September 1995.

ii.He was the  first person to serve in the role of first minister in the new Northern Ireland Executive established as part of the Good Friday Agreement (1998 to 2002).
iii.He was also the Member of Parliament (MP) for Upper Bann (1990 to 2005) and the Member of the Legislative Assembly (MLA) for Upper Bann constituency in Northern Ireland (1998 to 2007).
Noble Peace Prize:
In October 1998, David Trimble and John Hume were awarded the Nobel Peace Prize for their efforts to find a peaceful solution to the conflict in Northern Ireland.

• The ‘Good Friday Agreement’ (GFA) or Belfast Agreement was signed on 10 April 1998 to end the sectarian violence in Northern Ireland.

On 22 May 1998, the Agreement was approved by 71 percent in Northern Ireland (in a separate referendum in the Republic of Ireland, 94 percent voted to remove the territorial claim from the Irish constitution).

IMPORTANT DAYS

International Day for the Conservation of the Mangrove Ecosystems  2022- July 26

The United Nations Educational, Scientific and Cultural Organization (UNESCO)’s International Day for the Conservation of the Mangrove Ecosystem is annually celebrated on 26 July to raise awareness of the importance of mangrove ecosystems as “a unique, special and vulnerable ecosystem” and to promote solutions for their sustainable management, conservation and uses.

• The day is also known as World Mangrove Day.

About United Nations Educational, Scientific and Cultural Organization (UNESCO):
Headquarters- Paris, France
Founded-1945
Director-General-Audrey Azoulay
>> Read Full News

Kargil Vijay Diwas 2022- July 26

India annually celebrates Kargil Vijay Diwas (Kargil Victory Day) on 26 July to commemorate the Indian soldiers who sacrificed their lives for the Nation.

• The Kargil War (3 May-26 July 1999) ended in 1999 when the Indian troops took back control over the mountain posts that were occupied by the Pakistani forces.
• 26th July 2022 marks the 23rd anniversary of Kargil Vijay Diwas.

Background:
i.On July 26, 1999, the Indian Army announced the successful culmination of “Operation Vijay” and declared victory after a nearly three-month-long battle of Kargil in Ladakh.
ii.The day is observed as ‘Kargil Vijay Diwas’ to remember the valour and sacrifice of Kargil war heroes and  India’s victory over Pakistan in the war.
As per official estimates, 527 Indian soldiers were martyred in the war and a number also sustained grievous injuries.
Highlights:
i.The Prime Minister of India paid homage to the soldiers at the National War Memorial in New Delhi, Delhi.
ii.The Indian army also commemorated the 23rd Kargil Diwas at the Kargil War Memorial in Drass, Ladakh.
About Operation Vijay:
i.The Operation was fought by India against Pakistan in the Kargil sector of Jammu and Kashmir, now Ladakh.
ii.Operation Vijay was undertaken in the month of May – July 1999,  to evict the Pakistani intruders from Indian territories.

STATE NEWS

Rajasthan & Telangana Signs MoU to Set up First Women Run Bank in Rajasthan

On 26th July 2022 Rajasthan Grameen Aajeevika Vikas Parishad (RGAVP) – Rajeevika of the Rajasthan government and Telangana government’s Stree Nidhi Credit Cooperative Federation(Stree Nidhi) signed a Memorandum of Understanding (MoU) to establish ‘Rajasthan Mahila Nidhi (RMN)’, Rajasthan’s first and India’s third women’s financial institution (bank).

• The MoU was signed by Rajeevika mission director Manju Rajgopal and Stree Nidhi Managing Director (MD), G Vidyasagar Reddy in the presence of rural development and panchayat raj minister Ramesh Chand Meena at Indira Gandhi Panchayati Raj Institute.
• This was announced by Chief Minister Ashok Gehlot in the 2022-2023 budget.

Highlights:

i.Establishment – RMN will be established as a state-run financial institution through Rajeevika with a total grant of Rs. 50 crore from the Rajasthan government in 2 years (Rs. 25 Crore in the 1st year).

• The Rajasthan government has sent a proposal worth Rs.110 crore to the central government in support of the project.
• Rajeevika will contribute around Rs. 10 lakh per cluster-level union as share capital from 561 promoted cluster-level federations in a phased manner for the operations.

ii.RMN will be started in 15 districts including Karauli, Alwar, Kota, Dungarpur, Rajsamand and Jodhpur during the 1st year of the project implementation and its members will be from the cluster level federation of Rajeevika.
iii.Through RMN, loans up to Rs. 40,000 will be disbursed in 48 hours and above Rs. 40,000 will be disbursed in 15 days.
About Rajasthan:
Governor – Kalraj Mishra
Stadium – Sawai Mansingh Indoor Stadium, Barkatullah Khan Stadium
Dance – Ghoomar, Gair

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