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NITI Aayog Launches first-of-its-kind Report on India’s Gig and Platform Economyi.On June 27, 2022, NITI (National Institution for Transforming India) Aayog’s report titled ‘India’s Booming Gig and Platform Economy- Perspectives and Recommendations on the Future of Work’ was launched by its Vice Chairman Suman Bery, Chief Executive Officer (CEO) Amitabh Kant and Special Secretary Dr. K Rajeswara Rao.
ii.It is a first-of-its-kind study that presents comprehensive perspectives and recommendations on the Indian gig–platform economy.
iii.Gig Economy/Sector is a labour market in which instead of a traditional, in-office, full-time job with a single company, gig workers work as short-term, temporary/freelance, or independent contractors for one or a variety of employers.
iv.In 2020–21, 77 lakh (7.7 million) workers were engaged in the gig economy.
About NITI Aayog (National Institution for Transforming India):
Headquarters– New Delhi, Delhi
>> Read Full News
MoE releases Report on PGI for Districts for 2018-19 and 2019-20; also Release PGI 2019-20 for States/UTs i.On June 27, 2022, Department of School Education and Literacy (DoSE&L), Ministry of Education released the ‘Performance Grading Index for Districts of India (PGI-D) Combined Report For 2018-19 & 2019-20’ which assessed the performance of school education system at the District level.
ii.Rajasthan’s Sikar (488 out of 1000 points) district is the highest performing district for 2019-20 in school education, followed by its Jhunjhunu (486), and Jaipur (482). All these have attained the grade of ‘Utkarsh’ category (scoring 81-90% on a scale of 100).
iii.DoSE&L also released the Performance Grading Index (PGI) 2019-20 For States and UTs in which, for the first time, 5 States and UTs have crossed the threshold of 90% PGI score and reached Grade I++ i.e. Level II (score 901-950).
About Ministry of Education (MoE):
Union Minister– Dharmendra Pradhan
Minister of State– Subhas Sarkar, Annapurna Devi Yadav, Rajkumar Ranjan Singh
>> Read Full News
IN-SPACe Authorises India’s First Set of Space Start-Ups to Launch Payloads
The Indian Space Promotion and Authorisation Centre (IN-SPACe) has authorised two Indian private firms, Dhruva Space Private Limited in Hyderabad (Telangana) and Digantara Research and Technologies Private Limited in Bengaluru (Karnataka), to launch their payloads into space.
- They are the first set of space start-ups to receive the authorization, signalling the commencement of private space sector launches in India.
The first two authorized payloads for launch are:
i.Dhruva Space Satellite Orbital Deployer (DSOD 1U), a technology demonstration payload from Dhruva Space.
ii.ROBust Integrating Proton Fluence Meter (ROBI), a proton dosimeter payload from Digantara.
iii. The Indian Space Research Organization (ISRO) will launch PSLV-C53, its 55th mission, from the Satish Dhawan Space Centre in Sriharikota, Andhra Pradesh, at 18:00 IST (Indian Standard Time) on June 30, 2022.
About Indian Space Promotion and Authorisation Centre (IN-SPACe):
IN-SPACe is an autonomous, single-window nodal agency under the Department of Space (DOS).
>> Read Full News
26th Commonwealth Heads of Government Meeting (CHOGM) held in Rwanda
The 26th Commonwealth Heads of Government Meeting (CHOGM) took place from 20th June 2022 to 25th June, 2022 in Kigali, Rwanda.Leaders of the Commonwealth countries will conduct the CHOGM every two years.
- It is a week-long programme of high-level side events, minister’s meetings and forums such as, the Commonwealth Youth Forum, the Commonwealth Women’s Forum, the Commonwealth Business Forum, and the Commonwealth People’s Forum.
- The theme of 26th CHOGM Summit – “Delivering a Common Future: Connecting, Innovating, Transforming.”
- The 2024 CHOGM will be hosted by Samoa.
The External Affairs Minister (EAM), S. Jaishankar paid a four day visit to Rwanda to attend the 26th Commonwealth Heads of Government Meeting (CHOGM), representing the Prime Minister of India and led the Indian delegation to the CHOGM.
Note – In 2018, India announced the creation of a Commonwealth Window, dedicating US$50 million for development projects and assistance to developing countries of the Commonwealth.
Members – It is the association of 56 countries
Established – 1949
Secretary-General – Rt Hon Patricia Scotland QC
India & Commonwealth:
i.India is one of the largest contributors to the Commonwealth in terms of technical assistance and capacity building.
ii.In 2018, India created Commonwealth Window with USD 50 million for development projects and assistance to developing countries of the Commonwealth.
>> Read Full News
BANKING & FINANCE
RBI Issues Semi-Closed PPI Licence to Mufin Finance Limited
The Reserve Bank of India (RBI) has granted Mufin Finance Limited, a leading Non-Banking Financial Company (NBFC), in-principal approval for the issuance of semi-closed Prepaid Payment Instruments (PPIs).
Mufin Finance Ltd is a subsidiary of Hindon Mercantile Limited, an NBFC.
- Mufin Finance aims to use this licence to launch MufinPay, a digital payment solution that will complement its lending operations. With this, the NBFC would offer semi-closed PPIs to customers in India.
- A semi-closed PPI licence enables digital banks, fintech (financial technology) companies, and major consumer-facing applications to introduce features like digital payment solutions for lending.
i.Mufin Finance is the fourth NBFC to get such a licence from the RBI, following Bajaj Finserv, Manapurram, and Paul Merchants.
ii.With this licence, the company can offer a wider range of complementary products to customers and enhance partnerships with consumer companies and corporates.
iii. Kapil Garg and Rajat Goyal established Mufin Finance Ltd. in 2016.
Note – Mufin Finance has acquired APM Finvest, a BSE-listed NBFC recently for over Rs 76 crore to create India’s first financing ecosystem for the fast-growing electric vehicles (EVs) market.Mufin Finance also acquired Rupee Circle, a P2P (peer-to-peer) non-banking financial company, in June 2021.
What are Prepaid payment instruments (PPIs)?
PPIs are instruments that facilitate purchase of goods and services, including financial services, remittances and fund transfers to family and friends against the value stored on such instruments.
- It can come in the form of digital wallets, smart cards, magnetic chips, Gift cards, payment wallets, smart cards and vouchers. Debit cards, however, need an open PPI licence and are issued only to banks.
Types of prepaid payment instruments:
i.Closed System PPIs: Cash cannot be withdrawn from this kind of PPIs.It facilitates the purchase of goods and services from that entity only. E.g., gift cards.
ii.Semi-closed system PPIs: Cash cannot be withdrawn from these instruments, whether issued by banks or non-banking institutions.E.g.,Banks – HDFC Bank’s PayZapp and State Bank of India’s (SBI) YONO App & Non- Banks – Paytm and GPay.
The semi-closed system prepaid cards can be issued by the bank and non-bank entities.
iii. Open system PPIs: Cash can be withdrawn from this type of instrument. The most commonly used PPIs are debit and credit cards.
iv.Semi -Open System PPIs :These are payment instruments that can be used to purchase goods and services at any card-accepting merchant locations (Point of sale terminals).
v.Mobile Prepaid Instruments : These are prepaid talk time instruments issued by mobile service providers. This talk time value can also be used to purchase ‘value added service’ from the mobile service provider or third-party service providers.
World Bank Approves USD 250 million for India’s Road Safety Program
The Board of Executive Directors of the World Bank has approved the financing of USD 250 million to support the “India State Support Program for Road Safety”, a project by the Indian government to improve road safety.
- The project will be implemented in seven States: Andhra Pradesh, Gujarat, Odisha, Tamil Nadu, Telangana, Uttar Pradesh and West Bengal.
The USD 250 million variable spread loan from the International Bank for Reconstruction and Development (IBRD) has an 18 years maturity period with a grace period of 5.5 years.
Features of the India State Support Program for Road Safety:
i.A nationwide harmonised crash database system will be created as part of the project, and its analysis will be utilised to build better and safer roads in an effort to decrease the frequency of traffic accidents.
ii. The project will contribute to the improvement of pre-hospital emergency care for victims of traffic accidents, to better manage post-crash events.
- It includes setting up of a single accident reporting number, increasing the network of basic and advanced life support ambulances and training first responder caregivers to road crash victims on the spot.
iv.Additionally, the project would give incentives to states to use public-private partnership (PPP) concessions and pilot initiatives to attract private funding.
Key Statistics on Road Accidents in India
i.India accounts for over 10% of all crash-related deaths while having only 1% of the world’s vehicles. Poor households account for over 70% of crash victims.
ii.According to a World Bank study, road accidents cost the Indian economy between 5% and 7% of its GDP (Gross Domestic product) every year.
iii.More than half of the victims are motorcyclists, cyclists, or pedestrians, while road users between the ages of 18 and 60 years make up over 84 % of all fatalities.
About World Bank:
Together, The International Bank for Reconstruction and Development (IBRD) and The International Development Association (IDA) make up the World Bank.
President of World Bank Group – David Malpass
Establishment – 1944
Headquarters – Washington, DC, United States of America (USA)
Protean & PayNearby partners to offer Paperless PAN-related services
Protean eGov Technologies Limited(Protean), formerly NSDL e-Governance Infrastructure Ltd, has announced a strategic partnership with PayNearby(Nearby Technologies Private Limited) to offer Permanent Account Number (PAN) related services through Aadhaar and biometric or SMS-based One Time Password(OTP) authentication for their customer. This partnership aims to improve service delivery for the citizens as they enter the formal financial sector.
- This partnership will make the entire process seamless and accessible across more than 17600 PIN codes in India through PayNearby’s DaaS (Distribution as a Service) network of 50+ lakh micro-entrepreneurs.
- This will facilitate quick and easy access to online PAN services(paperless) and eliminate the submission of physical applications and supporting documents.
PayNearby, incepted in April 2016, is a Department for Promotion of Industry and Internal Trade (DPIIT)-certified company
ECONOMY & BUSINESS
CEA: India would become USD 5 trillion economy by 2026-27 & USD 10 trillion by 2033-34
Addressing an event organised by the United Nations Development Programme (UNDP) India, Dr V. Anantha Nageswaran, Chief Economic Adviser(CEA) of India, stated that India would become a USD 5 trillion economy by 2026-27 and a USD 10 trillion economy by 2033-2034.
- At present India is a USD 3.3 trillion economy, assuming a 10% nominal GDP growth in dollar terms will get USD 10 trillion by 2023-34 and another doubling with the same rate.
- India’s economy grew 8.7% in the fiscal year 2021-22 against a 6.6% contraction in the previous year.
In 2019, Narendra Modi, Prime Minister of India envisioned making India a USD 5 trillion economy and global powerhouse by 2024-2025.
SCIENCE & TECHNOLOGY
Bengaluru’s ADTL Delivers Gaganyaan Crew Module Fairing to ISRO
The Indian Space Research Organisation’s (ISRO), Vikram Sarabhai Space Centre (VSSC) has received the crew module fairing (CMF), a critical structure that will protect the Gaganyaan module carrying the astronauts during launch, from a Alpha Design Technology Limited’s (ADTL), Bengaluru, Karnataka.
About crew module fairing (CMF):
i.The CMF is a structure that protects the crew module of Gaganyaan against the impact of dynamic pressure and aerodynamic heating during launch through an atmosphere.
- The CMF was manufactured by Alpha Design Technology Limited’s (ADTL), a fully owned subsidiary of Alpha Tocol Engineering Services at Peenya,industrial area of the Bengaluru city.
- Whereas, the design and specifications of CMF are from ISRO.
i.ADTL is also working on ISRO’s other projects that includes big and small satellites, ground stations in Bhutan, Andaman and Nicobar, northeast India and on launchers such as Polar Satellite Launch Vehicle (PSLV) and GeoSynchronous Launch Vehicle (GSLV).Adani Group holds the majority stake in ADTL.
ii.Alpha has signed an agreement with ISRO’s satellite centre for Transfer of Technology (ToT) of the small satellite platform, Indian Mini Satellite-1 (IMS-1) Bus, a model on which satellites or spacecraft are based and also the infrastructure that provides locations for payload.
- The IMS-1 is developed by ISRO’s UR Rao Satellite Centre (URSC) which enables low-cost access to space through a platform for earth imaging, ocean and atmospheric studies, microwave remote sensing and space science missions with a quick turnaround time.
About Vikram Sarabhai Space Centre (VSSC)
It is the lead centre of ISRO responsible for the design and development of launch vehicle technology.
Headquarters – Thiruvananthapuram,Kerala
Director: Dr. S. Unnikrishnan Nair
Hockey: India Men’s Team & Uruguay Women’s Team won Inaugural Hero FIH Hockey5s Lausanne 2022
Indian Men’s Hockey Team won the Inaugural men’s Champion of Hero FIH Hockey5s Lausanne 2022 defeating Poland in the finals. Uruguay women’s Hockey Team defeated the Switzerland team and became the inaugural women’s champion.
Hero FIH Hockey5s Lausanne 2022, the 1st ever official senior World Hockey5s competition orgnised by Fédération Internationale de Hockey FIH – International Hockey Federation). The event was held in the centre of the Olympic Capital Lausanne, Switzerland on 4 and 5 June 2022.
- The men’s teams of India, Malaysia, Pakistan, Poland and Switzerland complete a round-robin style tournament.
- Women’s teams of Switzerland, India, Poland, South Africa and Uruguay also competed in the same format.
Chairman of Shapoorji Pallonji Group, Pallonji Mistry Passes Away in Mumbai
An Indian-born Irish billionaire Pallonji Shapoorji Mistry(nicknamed -“Phantom of Bombay House”), a 93-year-old industrialist and chairman of Shapoorji Pallonji group passed away in Mumbai, Maharashtra. He was born in Bombay(Mumbai), Maharashtra and was a member of Parsi community in Bombay.
- According to the Bloomberg Billionaires Index, he accumulated a net worth of almost USD 29 billion by being the largest minority shareholder with 18.4% stake in Tata Sons.
- He was awarded the Padma Bhushan in 2016 for his contributions in the field of trade and industry.
- A short biography of Mistry titled The Moguls of Real Estate was written by Manoj Namburu.
i.In 1970, Pallonji Mistry expanded his company into the Middle East to Abu Dhabi, Qatar and Dubai, after which, in 1971, the company won a contract to build the Sultan of Oman’s palace and many ministerial buildings in Middle East.
ii.His son, Cyrus Mistry, was chairman of Tata Sons from November 2011 to October 2016.
iii.In 2021, Shapoorji Pallonji sold its consumer durables business under the Eureka Forbes label to the American private equity fund Advent International that operates with brands like Aquaguard and Forbes .
About Shapoorji Pallonji group:
Shapoorji Pallonji Group’s landmark projects include the buildings of Reserve Bank of India and the Oberoi Hotel in Mumbai and the blue-and-gold Al Alam palace for the Sultan of Oman.
The company also built the Mumbai World Trade Centre in 1970, the Imperial, two 60-story residential towers, in 2010 and an 80-acre (32-hectare) information-technology (IT) park called Ozone, in the western Indian city of Pune.
Establishment – 1865
Headquarters – Mumbai, Maharashtra
National Insurance Awareness Day 2022 – June 28
National Insurance Awareness Day is annually observed on 28th June to create awareness about Insurance which offers security in several situations and to make people aware of the benefits of investing in insurance plans.
- The day also encourages people to review their insurance plans and to check if all their insurance payments or renewals are up to date.
What is Insurance?
Insurance is a legal contract (a financial tool) between a person and an insurance provider, under which the individual pays a premium and, in exchange, the insurance company agrees to pay for specific care-related financial losses during the term of the policy.
>> Read Full News
World Allergy Week 2022 – 5th to 11th June
World Allergy Week 2022 is observed across the globe from 5th to 11th June 2022 to create awareness about allergic diseases and related disorders.World Allergy Week is an annual observance initiated by the World Allergy Organisation (WAO).
The initiative of WAO also aims to advocate for the provision of training and resources in the diagnosis, management, and prevention of these allergic diseases and asthma.
- World Allergy Week 2021 was observed from 13th to 19th June 2021.
- World Allergy Week 2020 was observed from 28th June to 4th July 2020.
The theme of World Allergy Week 2022 is “Breathe Better: The Asthma & Allergy Connections”, which highlights that breathing better starts with understanding the connection between asthma and allergy.
- World Allergy Week 2022 focuses on the connection between asthma and allergy and WAO emphasises integrated care of asthma and airway allergies.
Note – World Allergy Congress (WAC) 2022 will be held in Istanbul, Turkey, October 13-15, 2022.
i.In July 2005, in association with the biennial World Allergy Congress, the first event of World Allergy Day was hosted by WAO.
ii.WAO Board of Directors approved the establishment of World Allergy Week in 2011 following the recommendations from WAO Member Societies and other associates of WAO to expand the scope and timeline of World Allergy Day.
iii.World Allergy Week 2011 was observed from 4th to 10th April 2011.
Significance of World Allergy Week 2022:
i.Every year, the World Allergy Organisation (WAO) selects a disease topic which needs greater attention and provides physicians and the general public with a webinar, infographic, and additional information to educate and spread awareness on the disease topic.
ii.The World Allergy Week 2022 focuses on the connection between asthma and allergic airway diseases.
iii.According to WAO, allergic airway diseases of the respiratory system are the most common chronic diseases in humans.
iv.Chronic diseases such as Asthma, allergic rhinitis, chronic rhinosinusitis, chronic cough, eosinophilic bronchitis, allergic bronchopulmonary mycosis (ABPM) and others often occur together.
Allergies and asthma:
i.Asthma affects over 350 million people across the globe, and allergic rhinitis affects between 10% and 50% of the population depending on geographic location.
ii.According to research data, the percentage of asthma cases reported in patients with allergic rhinitis can be up to 38%.
About The World Allergy Organization (WAO):-
It is an international umbrella organization whose members consist of 108 regional and national allergology and clinical immunology societies from around the world.
President – Motohiro Ebisawa
Headquarters – Wisconsin, United States
Karnataka Launches ‘Kashi Yatra’ Scheme for Pilgrims
On 27th June 2022 Karnataka government launched ‘Kashi Yatra’ with a project outlay of Rs. 7 crore. The project provides Rs 5,000 cash assistance to each of the 30,000 pilgrims, who are willing to take up a pilgrimage to Kashi Vishwanath Temple in Varanasi, Uttar Pradesh (UP).
- The pilgrims who are willing to take up the government sponsored ‘Kashi Yatra’ benefit can avail only once in their lifetime.
- According to Shashikala Jolle, Minister for Religious Endowment, Hajj and Wakf, the fund was sanctioned for the scheme under the accounts head of ‘Assistance to Manasa Sarovara Pilgrims’.
Criteria to avail benefit:
i.Pilgrims who are willing to avail the benefit must be the native of Karnataka and have to furnish the proof of domicile of origin of Karnataka with either of the documents including voter ID, Aadhaar Card or ration card.
ii.The applicants should be above 18 years and must provide a valid age proof.
Keynote – The pilgrims those who have taken pilgrimage from 1st April 2022 to 30th June 2022 can avail benefit of Kashi Yatra by providing proof of the visit to Kashi Vishwanath Temple such as, darshan ticket or waiting list, Pooja Receipt to the commissioner of religious endowment department.
Governor – Thawar Chand Gehlot
Festivals – Ugadi, Sankranti, Vairamudi Festival
Stadium – Karnataka State Hockey Association (KSHA) Hockey Stadium, Hosamani Siddappa District Stadium
Punjab Budget 2022: Punjab FM presents Rs 1,55,859.78-crore budget; AAP govt’s first budget
On 27th June 2022, Punjab Finance Minister (FM) Harpal Singh Cheema presented Rs 1,55,859.78-crore budget in the Punjab Vidhan Sabha, a growth of 14.2% from the previous fiscal. The Fiscal deficit of Punjab stands at 3.78% of the Gross State Domestic Product (GSDP) for the fiscal year.
- This is the first budget of the Aam Aadmi Party(AAP) government led by the Chief Minister(CM) Bhagwant Mann.
About Punjab’s Budget 2022:
i.Punjab’s Budget 2022, the Janata Budget (People’s Budget), was prepared after receiving 20384 suggestions on the government portal and through e-mails.
ii.The budget also lays provisions for introducing Fiscal Risk Management.
i.The FM stated that from 1st July 2022, every household (domestic consumers) in Punjab will have 300 units of free electricity every month
ii.In the last 3 months, the government of Punjab has borrowed Rs 8000 crore to pay the interest for old loans. The outstanding debt of Punjab is projected to increase from Rs 283,756.82 crore to Rs 305,361.44 crore in 2022-2023.
>> Read Full News
BSE Partners with MACCIA to Create Awareness on SME Listing
On 27th June 2022 BSE Limited also called Bombay Stock Exchange, a leading stock exchange collaborated with the Maharashtra Chamber of Commerce, Industry and Agriculture (MACCIA) to promote and create awareness in Maharashtra on the benefits of Small and Medium Enterprises (SME) listing.
From the partnership:
BSE will provide technical and manpower support to SME enterprises that are registered with MACCIA to get listed on the BSE SME platform.
- The BSE SME will provide training and capacity-building programmes to MACCIA officials, with a nodal person to be appointed as a single point contact in Maharashtra.
- This helps in providing an end-to-end solution for registering or listing on BSE SME platform.
Note – BSE Limited had already signed a Memorandum of understanding (MoU) with Federal Bank to promote the listing of SMEs and startups through which, 375 companies have been listed and have raised around Rs 3,997 crore from the market.
About Maharashtra Chamber of Commerce, Industry and Agriculture (MACCIA):
MACCIA is the Apex Chamber of Maharashtra which supports the government in economic development and advancement of people in Maharashtra.
President – Lalit Gandhi
Headquarters – Mumbai, Maharashtra
Assam Cabinet Approves JV with Railway Ministry to Boost Connectivity
The cabinet of the Assam, chaired by Chief Minister(CM) Himanta Biswa Sarma, has approved the formation of a Joint Venture(JV), Assam Rail Infrastructure Development Corporation Limited (ARIDCL) between the Assam government and the railway ministry to increase the railway connectivity in Assam.
- In ARIDCL, the Assam government will host 51% share and the Railway Ministry will hold the remaining 49%.
- The ARIDCL will ensure the speedy implementation of the ongoing projects and work out possible financing avenues.
Other Cabinet approvals:
i.The Assam cabinet has also decided to launch “Arohan”, a programme for students of classes 9 to 12 2022-23 with an allocated budget of Rs 5.96 crore. The programme will guide the talented students in the age group: 13-18.
ii.The cabinet also approved to a one-time scheme for reducing the late payment of fitness fees for vehicles as a Covid relief measure for the transport sector. The owners can apply online within 3 months to avail the benefits.
Governor– Prof. Jagadish Mukhi
National Park– Dibru-Saikhowa National Park; Manas National Park
Wildlife Sanctuary– Bornadi Wildlife Sanctuary; Chakrashila Wildlife Sanctuary
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Current Affairs Today (AffairsCloud Today)
|S.no||Current Affairs 29 June 2022|
|1||NITI Aayog Launches first-of-its-kind Report on India’s Gig and Platform Economy|
|2||MoE releases Report on PGI for Districts for 2018-19 and 2019-20; also Release PGI 2019-20 for States/UTs|
|3||IN-SPACe Authorises India’s First Set of Space Start-Ups to Launch Payloads|
|4||26th Commonwealth Heads of Government Meeting (CHOGM) 2022: Highlights|
|5||RBI Issues Semi-Closed PPI Licence to Mufin Finance Limited|
|6||World Bank Approves USD 250 million for India’s Road Safety Program|
|7||Protean & PayNearby partners to offer Paperless PAN-related services|
|8||CEA: India would become USD 5 trillion economy by 2026-27 & USD 10 trillion by 2033-34|
|9||Bengaluru’s ADTL Delivers Gaganyaan Crew Module Fairing to ISRO|
|10||Hockey: India Men’s Team & Uruguay Women’s Team won Inaugural Hero FIH Hockey5s Lausanne 2022|
|11||Chairman of Shapoorji Pallonji Group, Pallonji Mistry Passes Away in Mumbai|
|12||National Insurance Awareness Day 2022 – June 28|
|13||World Allergy Week 2022 – 5th to 11th June|
|14||Karnataka Launches ‘Kashi Yatra’ Scheme for Pilgrims|
|15||Punjab Budget 2022: Punjab FM presents Rs 1,55,859.78-crore budget; AAP govt’s first budget|
|16||BSE Partners with MACCIA to Create Awareness on SME Listing|
|17||Assam Cabinet Approves JV with Railway Ministry to Boost Connectivity|