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India’s Unemployment rate stood at 9.3% in January-March 2021: 10th Quarterly Bulletin of PLFS
i.On November 30, 2021, the National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI) launched the 10th Quarterly Bulletin (January- March 2021) of Periodic Labour Force Survey (PLFS).
ii.Unemployment Rate-UR (in %) in CWS in urban areas for persons of age 15 years and above in urban areas rose to 9.3% in January-March 2021 from 9.1% in the same months of 2020.
iii.Labour Force Participation Rate (LFPR) in CWS in urban areas for those 15 years of age and above was 47.5% in January-March quarter of 2021, down from 48.1% in the same period a year ago.
About National Statistical Office (NSO):
i.It is the Statistics Wing of the Ministry of Statistics and Programme Implementation, and has the Central Statistical Office (CSO), the Computer centre, and the National Sample Survey Office (NSSO).
ii.It acts as a nodal agency for development of the statistical system in India. It creates and maintains the norms and standards in the field of statistics.
>>Read Full News
India joins G20’s Troika with Indonesia and Italy
On 1st December 2021, Indonesia assumed the Presidency of G20 (Group of 20) from the outgoing Italy, which held the presidency for the last 1-year. With this Presidency change, India which is set to hold the G20 Presidency from 1st December 2022 to 31st November 2023 has entered the G20 Troika.
i.G20 Troika is a group comprising the previous, current & the next G20 Presidencies of G20.
ii.G20 Troika – Italy (December 2020-2021); Indonesia (December 2021-2022); India (December 2022-2023)
- Theme for G20 Leaders Summit 2022 – “Recover Together, Recover Stronger”.
Note – Prime Minister Narendra Modi attended the G20 Summit 2021 held at Rome, Italy during 30-31 October 2021 where he raised the issue of Afghanistan’s future and take over by Taliban.
iii.India is a founding member of the G20 and has used the platform to raise issues of vital importance and those that impact on the most vulnerable around the world.
i.The G20 is the premier forum for international economic cooperation established in 1999.
ii.Members of G20 – Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States, and the European Union.
2021 Edition of WCM Report: IFFCO Ranks 1st Among top 300 Cooperatives in the World
- WCM is a project designed to collect robust economic, organizational, and social data about cooperatives worldwide.
- The 2021 WCM report is published by the International Cooperative Alliance (ICA) and European Research Institute on Cooperative and Social Enterprises (Euricse).
Agriculture and food industries:
i.IFFCO has ranked number one under the Agriculture and food industries section of WCM ranking, which includes all cooperatives that operate along the entire agricultural value chain, starting from the cultivation of agricultural products and livestock farming to the industrial processing of agricultural products and animals.
ii.The section was further classified into two categories of Top 300 based on turnover in USD and the Top 300 turnover over GDP per capita (IFFCO became top under this category).
TOP 5 Turnover/GDP Per Capita:
|2||Gujarat Cooperative Milk Marketing Federation Ltd||India|
|4||Nonghyup (National Agricultural
Cooperative Federation – NACF)
|Republic of Korea|
About Indian Farmers Fertiliser Cooperative Limited (IFFCO):
Establishment – 1967
MD & CEO – DR. U. S. Awasthi
Headquarters – New Delhi, Delhi
>>Read Full News
IOM Launched 11th edition of World Migration Report 2022
281 million in 2020, the proportion of the international migrants has increased from 2.3% to 3.6% of the global population.
- The 2022 report stated that climate change has displaced more people than conflicts.
- The report features the regular data collection by the Internal Displacement Monitoring Centre (IDMC).
i.IOM has been producing the World Migration Reports since 2000 to contribute to an increased understanding of migration throughout the world.
ii.The 10th edition of the report was published in 2019.
About International Organization for Migration(IOM):
Director General– António Vitorino
Headquarters– Geneva, Switzerland
>>Read Full News
BANKING & FINANCE
States Debt-to-GDP ratio to remain at 31% by March 2022; worryingly higher than FY23 target: RBI report
ii.The report states that combined debt-to-GDP (Gross Domestic Product) ratio of states is expected to remain at 31% by end-March 2022, which is worryingly higher than the target of 20% to be achieved by 2022-23 (FY23).
iii.The report has been prepared in the Division of State Finances (DSF) of the Department of Economic and Policy Research (DEPR). The Report was prepared under the overall guidance of Dr. Deba Prasad Rath, Officer-in-Charge (DEPR).
About Reserve Bank of India (RBI):
Establishment– 1st April 1935
Headquarters– Mumbai, Maharashtra
Governor– Shaktikanta Das
Deputy Governors– Mahesh Kumar Jain, Michael Debabrata Patra, M. Rajeshwar Rao, T. Rabi Sankar
>>Read Full News
West Bengal Got $135 million World Bank Loan to Improve Efficiency, Reliability of Electricity Supply
- The variable spread loan or floating interest loan will have a maturity of 17 years, including a grace period of 7 years.
- Objective: To strengthen distribution networks, invest in smart-grid technologies, and ensure financial sustainability of the state discom (distribution companies).
i.The West Bengal Electricity Distribution and Grid Modernisation Project aims to reduce distribution system losses and increase the capacity of the distribution network.
ii.The project will support the implementation of the Government of India’s 24X7 Power for all programme in the state and support WBSEDCL (West Bengal State Electricity Distribution Company Limited) in transitioning toward a leading public sector utility in India.
- The number of consumers served by the WBSEDCL has been increased especially in rural areas as WB has reached close to universal electricity access. WB is already facilitating electricity trade with Bangladesh.
iii. Economic growth in West Bengal has resulted in a growing electricity demand at a rate of 4.5 percent.
iv. COVID-19 has affected the financial health of electricity discoms in India and the electricity generation companies.
Note – IBRD along with International Development Association (IDA) forms the World Bank.
About International Bank for Reconstruction and Development (IBRD):
Establishment – 1944
Headquarters – Washington DC, USA
Members – 189 countries
SBI Listed USD 650-million Green Bonds on India INX and LuxSE
- This dual listing is in line with 2021’s topic of the World Investor Week (WIW), ‘sustainable finance’, as indicated by the regulatory body International Financial Services Centres Authority (IFSCA).
- The listing of green bonds with the LuxSE will open up new avenues for market development and fundraising opportunities in the green bond space.
- India INX will work towards establishing a green corridor with Luxembourg to enable Indian Issuers to automatically qualify for dual listing with LuxSE to get investors from Europe and the globe.
Initiatives Related to Green bond:
i.In November 2020, India INX, the international arm of Bombay Stock Exchange, had announced its memorandum of understanding with the LuxSE for cooperation in the financial services industry, maintenance of orderly markets in securities respective country, ESG (environmental, social and governance) and green finance in the local market.
- India INX has now emerged as the leading bond listing venue with over $33 billion.
ii.In 2019, India INX had unveiled global securities market (GSM) Green, a platform for fundraising and trading in the green, social and sustainable bonds exclusively.
- The GSM has established over USD 58 billion in MTN (medium-term note) programmes. More than USD 33 billion of bonds have been issued till date, of which USD 4.3 billion of issuances are listed on the GSM Green platform.
iii.SBI has been the 1st public sector bank in India to publish its sustainability report as per Global Reporting Initiative (GRI) framework. So far SBI has raised $800 million in the green bond market.
About WIW 2021:
i.WIW, a week-long global campaign, is annually observed across the globe under the aegis of the International Organization of Securities Commissions (IOSCO). It is celebrated every year, across the world, by the securities market regulators.
ii.WIW – 2021 in India was celebrated from November 22 – 28, 2021. Securities and Exchange Board of India (SEBI) is the national coordinator for celebrating WIW-2021 in India.
About India International Exchange (India INX)
It is the first international exchange at GIFT IFSC
Establishment – 2017
Headquarters – Gandhinagar, Gujarat
MD & CEO – V. Balasubramaniam
Kotak Mahindra Bank Collaborates with Worldline for Easy EMI Services
- The Kotak debit card EMI is available to all consumers, retailers, fashion and electronic products to pay instalments easily using Worldline Point of Sale (POS) terminals.
i.Worldline is dominant among Tier 2 and Tier 3 cities of India. It manages over 15 lakh merchants and enables Kotak debit cardholders to access to their EMI facilities.
ii.The minimum purchase to be done to avail the EMI services with Kotak Debit Card is Rs. 5,000
iii.The customers have the flexibility to repay their loans over a period of 3 to 12 months.
CEO – Gilles Grapinet
Headquarters – Bezons, France
About Kotak Mahindra Bank:
CEO & Managing Director (MD) – Uday Kotak
Headquarters – Mumbai, Maharashtra
Tagline – Let’s make money simple
Paytm Signs MoU with Skill Development Ministry to Train Youths in Fintech Industry
- The trainees will undertake a six-month programme that is designed by Paytm in consultation with the DGT
- The collaboration is part of DGT’s Flexible-MoU (Flexi-MoU)
Aim – To create a highly qualified pool of human resources for the fintech industry.
i.The course equips the trainee’s with the fundamentals of the latest Fintech Internet of Things (IoT) products and financial services along with professional skills, communications, sales and pitch, and on-the-job training
ii.Paytm will offer employment to the eligible trainee’s after the completion of the course
iii.DGT plays a key role in the vocational and craft-based training of eligible youth in the country.
About Flexi-MoU scheme:
The scheme provides an opportunity to the youth in acquiring skills related to industries with employment opportunities through a ‘learn and earn’ approach which is a combination of theoretical and on-the-job training.
Founder & CEO – Vijay Shekhar Sharma
Established – 2010
Headquarters – Noida, Uttar Pradesh
SBI partners with Adani Capital Private Ltd for Co-Lending to Farmers
To contribute to the mechanisation of agriculture and play a role in improving productivity and help the government in doubling farm income by 2022.
i.The SBI will work with Adani Capital to provide co-lending assistance for financing farm mechanisation, warehouse receipt finance, Farmer Producer Organizations (FPOs) etc.
ii.It will boost the credit inflow in the agriculture sector and also connect with the underserved farming segment of the country.
iii.Through this agreement Adani Capital along with SBI will target the unbanked/underserved Indian farmers.
- The co-lending is part of priority sector lending (PSL), which aims to improve credit flow to unserved and underserved sectors of the economy.
About State Bank of India (SBI)
Chairman-Dinesh Kumar Khara
Founded- 1 July 1955
Headquarters- Mumbai, Maharashtra
About Adani Capital Private Ltd (Adani Capital)
MD & CEO-Gaurav Gupta
Chairman- Gautam Adani
Headquarters– Ahmedabad, Gujarat
Federal Bank launches Feature-Rich Savings Scheme for Women – ‘Mahila Mitra Plus’
On 2nd December 2021, Private sector lender Federal Bank, as part of its women empowerment agenda, launched an exclusively feature-rich savings bank product for women named “Mahila Mitra Plus”.
- They provide a set of features for easy financial planning and investments for women.
Features of Mahila Mitra Plus:
i.Exclusive preferential interest rates on housing loans
ii.Complementary and customized insurance cover
iii.No processing fee for home loans
i.Women are encouraged to have two zero balance savings accounts in the names of their minor children.
ii.Gender diversity is one of the themes under the Environment, Social and Governance (ESG) goals of Federal Bank
About Federal Bank:
CEO & Managing Director (MD) – Shyam Srinivasan
Established – 1931 (under the Travancore Companies Regulation Act, 1916)
Headquarters – Aluva, Kerala
Tagline – Your Perfect Banking Partner
ECONOMY & BUSINESS
OECD slashes India growth forecast to 9.4% for FY22
i.It has projected the Indian economy to grow at 8.1% in FY23, and moderate to 5.5% in FY24.
ii.Notably, the 38-member intergovernmental organisation, OECD, earlier projected India’s FY22 growth to 9.9%, then it was slashed to 9.7% stating COVID-19 Impact.
iii.Chief Economic Adviser to the Government of India (GoI), Krishnamurthy Venkata Subramanian, anticipated double-digit growth in FY22, 6.5-7% growth in the next year and over 7% growth thereafter.
S&P keeps India’s GDP growth forecast unchanged at 9.5% in FY22; SBI Research Projected more than 9.5% growth in FY22
- GDP growth projection of India was revised for FY 24 to 6 percent from 5.7 percent estimated earlier
- The Indian economy had shrunk by 3 percent in FY21 as pandemic induced restrictions affected the business activity.
According to the State Bank of India (SBI) research report, Ecowrap, India’s Gross Domestic Product (GDP) is likely to grow more than 9.5 Percent in FY22 (higher than the Reserve Bank of India’s (RBI) estimate of 9.5 percent).
About S&P Global Ratings:
President – John Berisford
Headquarters – New York, United States
Parent – S&P Global
>>Read Full News
AWARDS & RECOGNITIONS
Legendary Long Jump player Anju Bobby George wins Woman of Year Award from World Athletics
- She has been awarded for her efforts in advancing sports in the country and also efforts for gender equality as the Senior Vice President of the Indian Athletics Federation (IAF).
Other Awards :
i.World Athletes of the Year at the World Athletics Awards 2021 – Olympic champions Elaine Thompson-Herah of Jamaica and Karsten Warholm of Norway.
ii.Jean-Pierre Durand World Athletics Photograph of the Year – Ryan Pierse’s photograph of the women’s high jump qualifying at the Tokyo Olympic Games.
- This year’s award is dedicated to the memory of Jean-Pierre Durand, one of the sport’s most prolific photographers who died in October 2021.
|Female Rising Star||Athing Mu||Athletics||United States|
|Male Rising Star||Erriyon Knighton||Athletics||United States|
|Member Federations Award||Federacion Costarricense de Atletismo (Costa Rica)||Federation||Brazil|
|Inspiration Award||Mutaz Barshim and Gianmarco Tamberi||–||Qatar and Italy|
|President’s Award||Peter Diamond, Executive Vice President of NBC (National Broadcasting Company) Olympic programming||Broadcasting||United States|
|Coaching Achievement Award||Bobby Kersee||Coach||United States|
About Anju Bobby George:
i.Anju Bobby George was born on 19 April 1977 in Kottayam, Kerala.
ii.She won a bronze medal in long jump at the World Championship 2003 in Athletics held in Paris and became the first Indian athlete to win a medal in a World Championship in Athletics jumping 6.70m.
iii.In 2005 she also won a gold medal at the IAAF (International Association for Athletics Federation) World Athletics Final.
Award: Arjuna Award (2002), Major Dhyan Chand Khel Ratna award (2003), Padma Shri (2004), Lifetime Achievement Award from the BBC (2020).
About World Athletics:
President- Sebastian Coe
APPOINTMENTS & RESIGNATIONS
Japanese Film Director Naomi Kawase Named as UNESCO Goodwill Ambassador for Cultural and Creative Industries
- She has been recognised for her commitment to culture and creativity at the service of the development of more just societies, especially for girls and women, and of her support for the objectives of UNESCO.
Role of UNESCO Goodwill Ambassador:
- To utilise their talent and visibility to promote UNESCO’s values and objectives.
- To spread UNESCO’s values and ideals across the globe through their creativity, initiative and influence.
Naomi Kawase & UNESCO:
i.Naomi Kawase, committed to the representation of women in the film industry in Africa, participated in UNESCO’s conference on Diversity and Gender Equality in African Cinema.
ii.She launched the UNESCO-Nara Residency for Young African Female Filmmakers in 2020 to offer creative and production opportunities for ten young African women filmmakers.
About Naomi Kawase:
i.Naomi Kawase is a renowned Japanese film director and writer, who hails from Nara, Japan.
ii.She is well known for her films like Sweet Bean (2015), Still the Water (2014), ‘the Mourning Forest (Mogari no Mori)’ (2007) and True Mothers (2020).
iii.She has novelized her films ‘Moe no Suzaku and ‘Hotaru’ under the same name.
iv.In 2010, She founded the NARA International Film Festival(NIFF), a biennial film festival held in Nara, Japan.
v.She was the official film director of the 2020 Tokyo Olympic Games. She was the 5th Woman to direct an official film.
- Camera D’Or (Golden Camera) at Cannes International Film Festival (1997) for Moe no Suzaku.
- She won the Grand Prix at the Cannes Film Festival 2007 for her film ‘the Mourning Forest’.
Sambit Patra Appointed as the new Chairman of India Tourism Development Corporation
- Prior to this, Sambit Patra was working as an independent director of Oil and Natural Gas Corporation (ONGC).
i.The ACC has approved the proposal of the Ministry of Tourism (MoT)of splitting the Chairman & MD of ITDC into two posts, one for the Chairman and the other for the Managing Director (MD).
ii.Ganji Kamala V Rao, IAS (Indian Administrative Services) Officer of 1990 batch, will be appointed as Managing Director of ITDC.
About India Tourism Development Corporation (ITDC):
Headquarters-New Delhi, Delhi
About Ministry of Tourism (MoT):
Union Minister– G. Kishan Reddy (Secunderabad, Telangana)
Minister of State- Shripad Yesso Naik (North Goa,Goa), Ajay Bhatt (Nainital-Udhamsingh Nagar, Uttarakhand)
International Day for the Abolition of Slavery 2021 – December 2
The International Day for the Abolition of Slavery, 2 December, marks the date on which The United Nations General Assembly(UNGA) adopted the resolution A/RES/317(IV) on 2nd December 1949 and approved the United Nations Convention for the Suppression of the Traffic in Persons and of the Exploitation of the Prostitution of Others.
50 for Freedom campaign:
The 50 for Freedom campaign is promoting ratification and implementation of the International Labour Organization (ILO)’s Forced Labour Protocol. So far 50 Member States have ratified the Forced Labour Protocol.
>>Read Full News
National Pollution Prevention Day 2021 – December 2
The day also aims to create awareness about the importance of pollution control acts.
- 2nd December 2021 marks the 37th anniversary of the Bhopal Gas Tragedy.
Bhopal Gas Calamity:
i.Bhopal Gas Tragedy was India’s first major industrial disaster, a gas leak from the Union Carbide Plant that took place on the night of 2-3 December 1984.
ii.Around 45 tons of Methyl Isocyanate (also called MIC), a dangerous gas, leaked from the insecticide plant owned by the Union Carbide India Ltd (UCIL), the Indian subsidiary of the American firm Union Carbide Corporation.
About Central Pollution Control Board (CPCB):
Chairman– Tanmay Kumar
Headquarters– New Delhi, Delhi
>>Read Full News
World Computer Literacy Day 2021 – December 2
- The day also aims to create awareness and drive digital literacy in underserved communities across the globe.
i.The World Computer Literacy Day was launched by the National Institute of Information Technology (NIIT), a renowned Indian computer company, in 2001 to mark the occasion of its 20th anniversary.
ii.The first ever World Computer Literacy Day was observed on 2nd December 2001.
>>Read Full News
Arunachal Pradesh observe Indigenous Faith Day on December 1 2021
- The Governor of Arunachal Pradesh Brigadier Dr B D Mishra (Retd) and Chief Minister (CM) Pema Khandu attended the celebration in Itanagar (Capital of Arunachal Pradesh).
- Indigenous Faith Day is celebrated on 1st December since 2013.December 1st is to be the birth anniversary of Golgi Bote Talom Rukbo, who is called as the father of the indigenous faith.
i.Currently the state comprises 30% Christian population, 29% Hindu, while others follow an indigenous belief system which has been systematised under the name “Donyi-Polo” (Sun-Moon).
ii.The Indigenous Faith and Cultural Society of Arunachal Pradesh (IFCSAP) is working to preserve and maintain the traditional customs and faiths of the indigenous tribes of the state.
About Arunachal Pradesh:
Festival-Solung Festival ,Mopin Festival, Losar Festival
Stadium- Arunachal Pradesh Rajiv Gandhi Stadium,Lopon Stadium
Current Affairs Today (AffairsCloud Today)
|S.no||Current Affairs 3 December 2021|
|1||India’s Unemployment rate stood at 9.3% in January-March 2021: 10th Quarterly Bulletin of PLFS|
|2||India joins G20’s Troika with Indonesia and Italy|
|3||2021 Edition of WCM Report: IFFCO Ranks 1st Among top 300 Cooperatives in the World|
|4||IOM Launched 11th edition of World Migration Report 2022|
|5||States Debt-to-GDP ratio to remain at 31% by March 2022; worryingly higher than FY23 target: RBI report|
|6||West Bengal Got $135 million World Bank Loan to Improve Efficiency, Reliability of Electricity Supply|
|7||SBI Listed USD 650-million Green Bonds on India INX and LuxSE|
|8||Kotak Mahindra Bank Collaborates with Worldline for Easy EMI Services|
|9||Paytm Signs MoU with Skill Development Ministry to Train Youths in Fintech Industry|
|10||SBI partners with Adani Capital Private Ltd for Co-Lending to Farmers|
|11||Federal Bank launches Feature-Rich Savings Scheme for Women – ‘Mahila Mitra Plus’|
|12||OECD slashes India growth forecast to 9.4% for FY22|
|13||S&P keeps India’s GDP growth forecast unchanged at 9.5% in FY22; SBI Research Projected more than 9.5% growth in FY22|
|14||Legendary Long Jump player Anju Bobby George wins Woman of Year Award from World Athletics|
|15||Japanese Film Director Naomi Kawase Named as UNESCO Goodwill Ambassador for Cultural and Creative Industries|
|16||Sambit Patra Appointed as the new Chairman of India Tourism Development Corporation|
|17||International Day for the Abolition of Slavery 2021 – December 2|
|18||National Pollution Prevention Day 2021 – December 2|
|19||World Computer Literacy Day 2021 – December 2|
|20||Arunachal Pradesh observe Indigenous Faith Day on December 1 2021|