Current Affairs 29 July 2022

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NATIONAL AFFAIRS

Dr Mansukh Mandaviya Chairs Seminar on Safe Use of Chemicals at Workplace; DCPC & ILO Signs MoU on ICSCs

On 27th July 2022, Dr. Mansukh Mandaviya, Union Minister for Chemicals and Fertilisers and Health & Family Welfare chaired a seminar on ‘Safe Use of Chemicals at Workplace’, which was graced by Bhagwanth Khuba, Minister of State for Chemicals & Fertilisers and New & Renewable Energy.

• The seminar was organised by the Department of Chemicals and Petrochemicals (DCPC) and the International Labour Organisation (ILO).
• A Memorandum of Understanding (MoU) was signed between DCPC and ILO for adopting the International Chemical Safety Cards (ICSCs) in presence of Union Minister Dr Mandaviya.

Highlights:
i.Under the MoU, employees working in the chemical industry will receive information and training on the safe use of chemicals.

• Objective – To promote the safe use of chemicals in the workplace.

ii.The MoU would further enforce the efforts in the implementation of safety regulations in India.
About International Chemical Safety Cards (ICSCs):
The ICSCs are data sheets developed by the World Health Organisation (WHO) and the ILO with the cooperation of the European Commission which provides essential safety and health information on chemicals concisely.

• Until now, around 1784 ICSCs were available for industry workers.

About International Labour Organisation (ILO):
Director-General – Guy Ryder(Gilbert F. Houngbo will take office in October 2022.)
Establishment – 1919
Member states – 187 member states

Union Cabinet Approval on July 27, 2022The Union Cabinet chaired by Prime Minister (PM) Narendra Modi has approved the following proposals
i. Signing of Guarantees for hosting the Federation Internationale de Football Association (FIFA) Under 17 Women’s World Cup 2022 in India.
ii.A project for saturation of 4G mobile services in uncovered villages at a total cost of Rs. 26,316 Crore
iii. Revival package of BSNL amounting to Rs 1.64 Lakh Crore
iv.Signing of MoU between National Institute of Rural Development and Panchayati Raj (NIRD&PR) and University of Reading (UoR), UK
v.Additional investment by Bharat PetroResources Ltd. (BPRL)for development of BM-SEAL-11 project in Brazil
vi.The Competition (Amendment) Bill
vii. Egypt and India signed a MoU to build a green hydrogen factory in the Suez Canal Economic Zone (SCZONE), Egypt.
The Union Cabinet, chaired by PM Narendra Modi, has approved the Signing of Guarantees for hosting the Federation Internationale de Football Association (FIFA) Under-17 (U-17) Women’s World Cup 2022, which will be held in India between October 11th and 30th, 2022.

• The FIFA U-17 Women’s World Cup India 2022 will be the 7th edition of the biennial youth tournament, which will include 16 teams, including India.
• It will be the first-ever FIFA women’s competition to be hosted by India.

About the Arab Republic of Egypt:
President – Abdel Fattah Saeed Hussein Khalil El-Sisi
Capital – Cairo
>> Read Full News

HAL Signs USD 100 Million Contract with Honeywell for HTT-40 Engines

Hindustan Aeronautics Ltd (HAL) has concluded a contract with Honeywell Aerospace worth over USD 100 million for the supply and manufacture of 88 TPE331-12B engines/kits (Honeywell), as well as maintenance and support services, to power HAL’s indigenous Hindustan Turbo Trainer – 40 (HTT-40), which will be used to train Army, Navy, and Indian Air Force (IAF) pilots.

• In the presence of R Madhavan, CMD of HAL, Eric Walters, Sr. Director OE Sales, Honeywell, and B Krishna Kumar, Executive Director (E & IMGT), signed the “Manufacturing & Repair licence agreement for Honeywell TPE331-12B Turboprop engine.”

Note:

• HAL is an aerospace and defence company, owned by the Government of India (GoI).
• Honeywell Aerospace is a United States (US) -based aviation and aerospace component manufacturing company.

Key Points:
i.HAL has manufactured a Basic Trainer Aircraft (HTT-40) to meet the IAF’s basic training needs.

• TPE331-12B engines power the HTT-40 prototypes, which have been operating successfully since 2014.
• The TPE331-12B engine is a single-shaft, turboprop engine featuring a power turbine, gearbox, a two-stage centrifugal compressor, and an electronic engine controller (EEC) for reliable power and operational characteristics.

ii.The HTT-40 is a propeller-driven aircraft used for “Stage I” pilot training. The Kiran Mark-II jet trainer, made by HAL, will be used for the “Stage-2” training.

• The Hawk advanced jet trainer (AJT) is used for “Stage-3” training for those selected to fly fighter aircraft.  After which, they will advance to piloting front-line jets in the combat squadrons of the IAF.

iii. The HTT-40’s advanced systems include a pressurized cockpit (which enables high-altitude flight), “zero-zero” ejection seats (which permit ejection even from a static aircraft), and a glass cockpit display with “in-flight simulation,” which enables flight instructors to electronically simulate various system failures so that a new pilot can handle the “emergency”
iv.In addition to 1MW (megawatt) Turbo Generators, HAL & Honeywell are exploring the manufacture, repair, and overhaul of TPE 331-10GP/12JR engines for Dornier variants.
v.A contract with the IAF for a prospective requirement of 70 aircraft is under advanced stage of approval.

Gujarat Becomes First State to Launch Semiconductor Policy with Subsidies

Gujarat Government became the first state in India to launch a dedicated semiconductor policy – “Gujarat semiconductor policy for 2022-2027” with an aim to support the semiconductor and display manufacturing sector and to generate more than 2 lakh new employment opportunities during a period of 5 years.

• The policy was announced by Gujarat Chief Minister(CM) Bhupendra Patel.
• Gujarat also proposes to develop a special ‘Semicon City’ as a part of the Dholera Special Investment Region(DSIR), Ahmedabad.
• Primary objective – To make Gujarat a pioneer in developing Electronic System Design & Manufacturing (ESDM).

Highlights:
i.The policy commits to provide inclusive growth in the domestic semiconductor industry and to create around 2 lakh jobs under the industry.
ii.The policy is in line with the India Semiconductor Mission (ISM), an initiative under the Ministry of Electronics and Information Technology, which has an outlay of Rs. 76,000 crore.

• According to the new policy, investments are attracted under ISM.
• The Gujarat State Electronic Mission (GSEM) will function as the nodal agency for policy implementation.

Subsidy:
i.The eligible projects are provided with a 75% subsidy on the purchase of the first 200-acre land for setting up manufacturing units.

• Additionally, a 50% subsidy is provided for extra land required for Fabrication (FAB) Projects or Upstream/downstream ecosystems or for other ISM-approved projects.

ii.The investors can avail 100% reimbursement of stamp duty, that will be paid initially on land lease or land transfer.
Other benefits:
i.The eligible projects will get quality water required for industries at Rs.12 per cubic metre for initial 5 years from the commencement of production.
ii.Power subsidy of Rs. 2 per unit will also be available for industries for an initial period of 10 years from the commencement of production and are exempted from paying electricity duty.

BF Infrastructure Partners with Talgo for Manufacturing High-Speed Trains

BF Infrastructure Limited, a wholly owned subsidiary of Bharat Forge (BF), has partnered with Talgo India Private Limited,a wholly-owned subsidiary of Spanish manufacturer Patentes Talgo S.Lto set up a joint venture (JV) for manufacturing high speed trains in India.

Key Points:

i.The partnership focuses on bringing state-of-art and high speed rail technology and solutions to Indian railways and other private operators.

• This partnership will also set up a manufacturing, maintenance and life support cycle hub for new generation, energy efficient, lightweight aluminium high-speed railway trains.

ii.Background – The partnership had arose in the backdrop of railway’s tender for manufacturing and maintenance of 100 new generation lightweight energy-efficient trains.
About Bharat Forge (BF):
MD & CEO – B N Kalyani
Headquarters – Pune, Maharashtra

Bonalu Festival Celebrated in Telangana 

The Bonalu Festival is a Hindu Festival worshipping the goddess Mahakali. This annual month-long festival is usually celebrated during the Ashada Masam which falls in July or August. The festival is predominantly celebrated in Telangana’s twin cities Hyderabad and Secunderabad and other parts of Telangana. The festival involves the worship of Kali in her various forms.
In 2022 the festival is celebrated in the month of July.

• As a part of the celebration, People offer Bonam, including Bangles and Saree to the Mother Goddess at Temples.
• Bonam literally means Meal in Telugu, which is an offering to the Mother Goddess.

7th Anniversary of Skill India Mission – 15th July 2022 

The 7th anniversary of the Skill Indian Mission was observed on 15th July 2022.
The National Skill Development Mission which is also known as the Skill India Mission was launched by the Ministry of Skill Development and Entrepreneurship on July 15, 2015, with an aim to create convergence across sectors and States in terms of skill training activities.
The mission’s objective is to enable youth to take up training in order to secure a better livelihood.

• Every year, Around 1 crore youths are trained under Skill Indian Mission.
• So far, Around 1.36 crore young people were trained under the Pradhanmantri Kaushal Vikas Yojna and 11.38 lakh candidates were trained under Deen Dayal Upadhyaya Grameen Kaushalaya Yojana.

INTERNATIONAL AFFAIRS

Mosi-oa-Tunya: Zimbabwe launched gold coin as Legal Tender to tackle Inflation

The Reserve Bank of Zimbabwe has launched gold coins namely ‘Mosi-oa-Tunya‘ to be sold to the public in order to tackle inflation, and to boost confidence in the local currency.

• In this regard, the central bank of Zimbabwe disbursed 2,000 coins to commercial banks.
• The coins, each weighing one troy ounce have a purity of 22 carats.

Meaning of Mosi-oa-Tunya:
In the local Tonga language, it refers to Victoria Falls. The coins will have liquid asset status, means, they can be easily converted to cash, and will be tradable locally and internationally.
Reason behind this move:
The people’s trust in Zimbabwe’s currency diminished after their savings were wiped out by hyperinflation in 2008 which reached 5 billion. After that the people of Zimbabwe started preferring to scramble on the illegal market for scarce US (United States) dollars to keep at home as savings or for daily transactions.

• Now, the Government of Zimbabwe is trying to moderate the very high demand for the US dollar because this high demand is not being matched by supply.

Key Points:
i.The first batch of the coins was minted outside the country but eventually they will be produced locally.
ii.Mosi-oa-Tunya can be used for transactional purposes, security for loans, purchases in shops and credit facilities, among others.
iii.People holding the coins can only trade them for cash after 180 days from the date of buying
iv.Any individual or company can buy the coins from authorized outlets such as banks using the local currency or foreign currencies and purchasers can choose to keep the coins at a bank or take them home
v.Foreigners can only buy the coins in foreign currency.
vi.The price of the coins will be determined by the international market rate for an ounce of gold, plus 5% for the cost of producing the coin.

BANKING & FINANCE

RBI’s Digital Payments Index rises to 349.30 in March 2022

The Reserve Bank of India’s (RBI) composite Digital Payments Index (RBI-DPI) has risen to 349.30 in March 2022 against 270.59 in March 2021, which states rapid utilization and deepening of digital payments across India.
Key Points:
i.The index was at 304.06 in September 2021.

• The index was up at 153.47 in March 2019 and 207.84 in March 2020.

ii.The index states the extent of digitization of payments across India.
iii.It has been constructed with March 2018 as the base period–DPI score for March 2018 is set at 100.
Basis of Assessment:
The RBI-DPI comprises 5 broad parameters that enable measurement of deepening and penetration of digital payments in the country over different time periods. These parameters are:
i.Payment Enablers (weight 25 per cent),
ii.Payment Infrastructure – Demand-side factors (10 per cent),
iii.Payment Infrastructure–Supply-side factors (15 per cent),
iv.Payment Performance  (45 per cent)
v.Consumer Centricity (5 per cent).
Each of these parameters have sub-parameters which, in turn, consist of various measurable indicators.
Statistics of digital modes of payments

• The number of transactions using Real Time Gross Settlement (RTGS) increased by 30.5 per cent during 2021-22.In terms of value, RTGS transactions registered an increase of 21.8 per cent.
• Transactions through the National Electronic Funds Transfer (NEFT) system also witnessed an increase of 30.6 per cent and 14.3 per cent in volume and value, respectively.
• Payment transactions carried out through credit cards increased by 27 per cent and 54.3 per cent in terms of volume and value.
• Transactions through debit cards decreased by 1.9 per cent in terms of volume, though in terms of value, it increased by 10.4 per cent.

SEBI issues new Guidelines for Settlement of Running Account

On July 27, 2022, the Securities and Exchange Board of India (SEBI) has issued new guidelines for settlement of running accounts of clients’ funds or securities lying with stock brokers.  It also asked stock exchanges to issue operational guidelines to their members in this regard.

• The new guidelines will be effective from October 1, 2022.

What is Running Account Settlement?
It is the process of transferring back the unused funds of the clients to their accounts by stock brokers is called running account settlement.
Reason behind New Guidelines:
i.To ensure uniformity in the settlement of running accounts.
ii.To protect the interests of investors in securities.
iii.To promote the development of, and to regulate the securities markets.
What are the directions?
i.The settlement of running account of client funds should be done by the trading members (TM) after considering the End of the day (EOD) obligation of funds as on the date of settlement across all the Exchanges on the first Friday of the Quarter (i.e., Apr-Jun, Jul-Sep, Oct-Dec, Jan–Mar) for all the clients.
ii.The running account of funds shall be settled on the first Friday of October 2022, January 2023, April 2023, July 2023, and so on for all the clients.

• If the first Friday is a trading holiday, then such settlement shall happen on the previous trading day.

iii.Clients who chose monthly settlement, running accounts will be settled on the first Friday of every month.
iv.Stock exchanges will continue online monitoring of timely settlement of running accounts for funds of clients and to verify that excess clients’ funds are not retained by the TM as on the date of settlement of running account.
v.Stock exchanges will make amendments to the relevant Bye-laws, Rules, and Regulations, as necessary.

SEBI extends Deadline for Commencing KYC Record Validation by KRAs till Nov 1, 2022

The Securities and Exchange Board of India (SEBI) has extended the deadline for commencing the validation of all KYC (Know Your Customer) records by KYC Registration Agencies (KRAs) by three months to November 1, 2022.

• This is for the 2nd time that SEBI has extended the deadline. Earlier, it was extended till August 1, 2022 from July 1, 2022.

Key Points:
i.KYC records of all existing clients, who have used Aadhaar as an Officially Valid Document (OVD), will be validated within a period of 180 days from November 1.
ii.SEBI in January 2022, notified new norms to make KRAs responsible for carrying out independent validation of the KYC records uploaded onto their system by Registered Intermediaries (RIs).

• Under the notified rules, such agencies will have to maintain an audit trail of the upload/modification/download with respect to KYC records of clients.

Kotak General Insurance launches AI-based Vehicle Pre-Inspection

Kotak Mahindra General Insurance Company Limited (Kotak General Insurance) has partnered with Inspektlabs to automate the vehicle inspection process for vehicle insurance renewals using Artificial Intelligence (AI) based technology.

• Under this, during the policy renewals, the customer can upload photos or videos of their vehicle on the cloud-based application.
• After the photos or videos are updated, an automated inspection report covering damages(if any) will be generated.
• This will replace humans in repetitive work and save costs and increase customer satisfaction by reducing time in the policy renewal process.
• The technology will detect fraud based on the uploaded pictures & videos aiding the underwriting process.

AWARDS & RECOGNITIONS       

Kotak Private Banking Hurun: Roshni Nadar India’s richest woman 2nd year in a row

According to the third edition of ‘Kotak Private Banking Hurun – Leading Wealthy Women List 2021, Roshni Nadar Malhotra, the chairperson of HCL Technologies has retained her title as the Richest woman in India for the 2nd year in a row. She is the only Indian woman to lead a listed IT company.

The list was published Hurun Report in collaboration with Kotak Private Banking.

• As on 31 December 2021, the total net worth of Roshni Nadar Malhotra is Rs 84,330 crore.
• Roshni Nadar is followed by Falguni Nayar of Nykaa, overtaking Kiran Mazumdar-Shaw of Biocon with a total wealth of Rs.57,520 crore.
• According to the list, Falguni Nayar is the richest self made women in India.

Note:
This is the third annual list of India’s wealthiest women, entrepreneurs, and professional managers.
Top 5 Richest women in India:

Highlights of the List:
i.The 2021 edition list focused exclusively on women who have established themselves in the higher echelons of the corporate world.

• 25 new faces have made it to the list, which took Rs. 300 crore as cut-off for 2021, as against Rs.100 crore in 2020.
• The average wealth of women in 2021 went up to Rs. 4,170 crore as against Rs.2,725 crore in 2020 list.
• Self-made women make up 31% of the list.

ii.Kanika Tekriwal, a 33-year-old  owner of Jetsetgo became the youngest self-made woman on the list. Nine out of twenty women under the age of 40 years or younger category are self-made.
iii.The pharmaceuticals sector has maximum women entrants (12 entrants), which is followed by healthcare (11 entrants) and consumer goods (9 entrants).

• Kiran Mazumdar-Shaw and Suchitra Ella are the only self-made women on the List from the Pharmaceuticals industry.

iv.With 25 women entrepreneur-residents, Delhi National Capital Region (NCR) has surpassed Mumbai as the preferred city of residence.

• Delhi NCR is followed by Mumbai (21), and Hyderabad (12) as the preferred city of residence.

v.Almost one-fourth of the list constitutes new entrants. The cumulative wealth of the women wealth creators contributes to 2% of India’s nominal GDP.
About Kotak Mahindra Bank:
CEO- Uday Kotak
Headquarters- Mumbai, Maharashtra
Founded– 2003    

SCIENCE & TECHNOLOGY

China Launches Six Satellites with New Solid Propellant Rocket

On 27th July 2022 China successfully launched six new satellites into space with its new first and largest solid-propellant rocket, ZK 1A from the Jiuquan Satellite Launch Centre in north-western China.

• The satellites that are launched include a new space technology test satellite and a test satellite for probing atmospheric density.
• This is a major project of the China Academy of Sciences under China’s 14th five-year plan.

About ZK 1A rocket:
i.The ZK 1A is a 30-metre rocket with a diameter of 2.65 metres and a lift-off weight of 135 metric tons that carried 6 satellites into a pre-set orbit.
ii.It is capable of sending satellites with a combined weight of 1.5 tons to a typical sun-synchronous orbit about 500 kms above the Earth.
iii.The ZK 1A replaces the Long March 11 rocket which is 20.8 metres tall, 2 metres in diameter and lifts 58 tons of weight.
Note – In september 2021, the Tianzhou-3 cargo craft was launched which delivered about 6 tonnes of supplies to China’s space station, which is under construction.
About China:
President – Xi Jinping
Capital – Beijing
Currency – Renminbi

SPORTS

RIL & IOA will host first-ever India House at Paris Olympics 2024

Reliance Industries Limited (RIL) announced a long-term partnership with  Indian Olympic Association (IOA) to set up the first ever India House at Paris Olympics 2024.

• The partnership aims to boost the performances of Indian athletes and support the national sports federations.
• It will also build the credentials of India as a global sporting nation, with an aspiration to host the Olympic Games in the future.

About Partnership:
i.This partnership with IOA promotes the commitment of Reliance Foundation towards supporting and empowering the young athletes across India with World Class infrastructure and opportunities.
ii.Under this partnership with IOA, RIL will provide assistance to Indian athletes in major multi-sport events including the Commonwealth Games, Asian Games and the Olympics Games.
iii.The Olympic hospitality houses are a games tradition, and It will be a historic milestone for India to set up its first Olympic House at Paris 2024, France.
About the Olympic Hospitality House:
Olympic Hospitality House provides millions of fans and travellers a vision and to understand the country more better. They also serve as an avenue to engage officials, sportspeople and their families and the public.
Related information:
i.In the run-up to the Paris 2024 Olympics, India will also be hosting the 140th International Olympic Committee(IOC) Session in June 2023 at the state-of-the-art Jio World Centre in Mumbai, Maharashtra.
ii.In May 2022, India’s first ‘Olympic Values Education Programme’ (OVEP) was launched in Odisha.

• The OVEP is a  set of resources designed by the IOC to introduce young people to the Olympic values of excellence, respect, and friendship.

About Reliance Industries Limited (RIL):
Headquarters– Mumbai, Maharashtra
Founded- 1973
CMD-Mukesh Ambani

OBITUARY

Eminent Assam Litterateur Atulananda Goswami Passes Away

On 27th July 2022 Sahitya Akademi Award-winning and litterateur Atulananda Goswami who is known for his novels and short stories passed away at 87 years in Guwahati, Assam.
About Atulananda Goswami:
i.He was born in Jorhat district of Assam and had retired as a state government officer to settle in Guwahati, Assam.
ii.His works – He is widely known for his novel ‘Namghoria’ which was written in the early 1990s and has also translated many English, Bengali and Odia texts into Assamese.
iii.Awards – He has received the Sahitya Akademi Award in 2006 for his short story collection ‘Seneh Jarir Ganthi’.

• He was also presented with the Ambikagiri Roy Choudhury Sahitya Award, the Kumar Kishor Memorial Award, the Katha Award and the Sneha Bharati Sahitya Samman.

IMPORTANT DAYS

World Hepatitis Day 2022 – July 28 World Health Organisation (WHO)’s World Hepatitis Day (WHD) is annually celebrated on 28 July to raise awareness of viral hepatitis, which causes inflammation of the liver that leads to severe disease and liver cancer.

• WHO on World Hepatitis Day 2022 highlighted the need for bringing hepatitis care closer to the primary health facilities and communities so that people have better access to treatment and care.
• Theme for World Hepatitis Day 2022- ‘Bringing Hepatitis Care Closer to You.’

About World Health Organisation (WHO):
Headquarters-Geneva, Switzerland
Founded- 1948
Director General- Dr Tedros Adhanom Ghebreyesus
>> Read Full News

World Nature Conservation Day 2022  – July 28

World Nature Conservation Day is annually observed on July 28 to raise awareness about the significance of natural resources around the world.

• The day serves as a reminder that a well-functioning and healthy society depends on a healthy environment.
• Preservation and conservation of these resources are required to guarantee their sustainability for future generations.

>> Read Full News

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