Current Affairs 30 November 2022

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NATIONAL AFFAIRS

MoP launches Scheme for Procurement of Aggregate Power of 4500 to help States Facing Power ShortageOn November 28, 2022, the Ministry of Power (MoP) introduced a scheme for Procurement of Aggregate Power of 4500 MW on competitive basis for 5 years on Finance, Own and Operate (FOO) basis under B (v) of SHAKTI Policy.

• For this scheme, the PFC Consulting Limited, a wholly owned subsidiary of PFC (Power Finance Corporation) Ltd has been designated as the Nodal Agency which will be responsible for conducting the bid process for procurement of power.
• It should be noted that, alternatively, a group of states may also appoint a Nodal Agency of their choice.

SHAKTI is an acronym for Scheme for Harnessing and Allocating Koyala Transparently in India. It was launched in 2018 to provide coal to stressed power units which lack coal supply.
What is in the scheme?
The scheme envisages to help the states that are facing power shortage and also to help generation plants to increase their capacities. In this regard, PFC Consulting Ltd has invited bids till December 21, 2022 for the supply of 4,500 MW (Mega Watt). The supply of electricity will commence from April 2023.

• The Ministry of Coal has been requested to allocate around 27 MTPA (Million Tonnes per Annum) for this.
• It is for the first time that bidding is being carried out under B(v) of Shakti scheme. Also, a revised Power Purchase Agreement (PPA) for the medium term is being used in this bidding.

Key Points:
i.Interested entities for this scheme are Gujarat Urja Vikas Nigam Ltd (GUVNL), Maharashtra State Electricity Distribution Company Ltd (MSEDCL), Madhya Pradesh Power Management Company Ltd (MPPGCL), New Delhi Municipal Corporation (NDMC), and Tamil Nadu Generation and Distribution Corporation Ltd (TANGEDCO).
ii.MoP had notified the Guidelines for procurement of power on FOO basis under para B (v) of the SHAKTI Policy on  October 25, 2022.

1st edition of Austra Hind 2022: India-Australia Joint Military Exercise begins in MFFR, RajasthanOn November 28, 2022, the 1st edition of Austra Hind 2022, a joint military bilateral training exercise between the armies of India and Australia, was initiated at Mahajan Field Firing Ranges (MFFR) in Bikaner, Rajasthan.

• The exercise will culminate on December 11, 2022.
• MFFR, located in the desert near the Pakistan border, is the Indian Army’s oldest and largest training area.
• This annual exercise will be held alternately in India and Australia.

Participants:
i.Indian Army is represented by the Dogra Regiment.
ii.Australian army contingent comprised of soldiers from the 13th Brigade of the 2nd Division.
Aim:
i.Strengthen military ties
ii.Share best practices
iii.Promote understanding and interoperability for multi-domain operations in semi-desert conditions under the United Nations’ (UN) mandate of Peace Enforcement.
Key Points:
i.During the exercise, there will be training on new generation equipment and specialist weapons, such as snipers, surveillance and communication equipment for a high level of situational awareness, as well as casualty management, evacuation, and planning logistics.
ii.Both armies will share best practices in tactics, techniques, and procedures for conducting tactical operations at the company and platoon levels to neutralize hostile threats.

Samanvay 2022: Annual Joint HADR exercise of Indian Air ForceThe Annual Joint Humanitarian Assistance and Disaster Relief (HADR) Exercise “Samanvay 2022,” organized by the Indian Air Force (IAF), is being held at the Air Force Station in Agra, Uttar Pradesh, from November 28 to 30, 2022.

• On November 29, 2022, the capability demonstration activities scheduled during the exercise welcomed Union Defense Minister Rajnath Singh as the Chief Guest.

Samanvay 2022 seeks to offer a special platform for exchange of domain knowledge, experience, and best practices with the participating Association of Southeast Asian Nations (ASEAN) member countries.
Strengthening The Institutional Mechanism:
i.Samanvay 2022 aims to evaluate the effectiveness of institutional disaster management structures and contingency measures.

• It will include a Disaster Management seminar, a “Multi-Agency Exercise” that will feature static and flying displays of various HADR assets, and a “Tabletop Exercise.”

ii.The exercise would encourage a collaborative approach by bringing together various institutions. The instituitions include:

• The Armed Forces, the National Disaster Management Authority (NDMA), the National Disaster Response Force (NDRF), the Defense Research and Development Organization (DRDO), the Border Roads Organization (BRO), the India Meteorological Department (IMD), and the Civil Administration.

Disaster Management in India:
i.The National Disaster Management Authority (NDMA) is the apex statutory body for disaster management in India.

• It was formally established on September 27, 2006, in compliance with the Disaster Management Act of 2005.

ii.The Prime Minister (PM) is the ex-officio Chairperson of NDMA.
iii.Under the aegis of Headquarters Integrated Defense Staff (HQ IDS), Indian defence forces have been conducting HADR operations both within and outside the country.
Note: The State Disaster Management Authorities (SDMAs) are headed by respective Chief Ministers.

India to Receive Its First LNG Cargo from Indonesia’s Tangguh LNGAccording to a Refinitiv analyst and Refinitiv ship tracking data, India will receive its first cargo from Indonesia’s Tangguh Liquefied Natural Gas (LNG) plant at the Dahej terminal in Gujarat.

• The LNG tanker “BW Helios” is transporting 132,000 cubic metres of LNG cargo.

Key Points:
i.Tangguh LNG, operated by British oil firm BP, is located in Indonesia’s West Papua province and commenced production in 2009.

• It can produce 7.6 million tonnes of LNG per annum (mtpa).

ii.Petronet LNG Limited (PLL) has built the first LNG receiving and regasification terminal in India and South-East Asia in Dahej, Gujarat.

• Dahej Terminal, India’s largest single-location LNG storage and regasification terminal, has reached the milestone of handling its 3000th LNG cargo on July 7, 2022.

iii.LNG shipments from Indonesia are generally exported to North Asia, with Japan, China, and Korea being the three largest LNG consumers in the region.

• India usually imports LNG cargoes from Qatar, Oman, and the United Arab Emirates (UAE).

FSSAI Approves Himalayan Yak as a ‘Food Animal’

The scientific panel of the Food Safety and Standard Authority of India (FSSAI), has approved the Himalayan yak (Scientific Name- Bos grunniens are related to cattle), a multipurpose bovine found in high-altitude areas of the Himalayan region, as a food animal following the recommendation from the Department of Animal Husbandry and Dairying (DAHD), Ministry of Fisheries, Animal Husbandry & Dairying.

• The categorisation would help to check the decline in the population of Himalayan Yak by making it a part of the conventional milk and meat industry.
• National Research Centre on Yak (NRC-Y) at Dirang, Arunachal Pradesh, submitted a proposal to the FSSAI in 2021 to consider the yak as a food animal.
• According to the most recent livestock census in 2019, India has 58,000 yaks, a 25% decrease from the previous livestock census in 2012.

BANKING & FINANCE

Bank Credit Grows at 17.2% from 7% in Q2FY23; RBI imposes penalty on 7 co-op Banksi.On November 28, 2022, the Reserve Bank of India (RBI) released the ‘Quarterly Statistics on Deposits and Credit of SCBs: September 2022’, on its Database on Indian Economy (DBIE) portal,  stating an improvement of bank credit growth to 17.2% in the September quarter of FY23 (Q2FY23) from 7% in the Q2FY22. It was 14.2% in Q1FY23.
ii.Aggregate deposits growth year-on-year (y-o-y) stood at 9.8% in Q2FY23.
iii.Term deposits growth (y-o-y) rose to 10.2%  in Q2FY23 from 6.4% Q2FY22.
iv.The RBI imposed penalties on 7 Co-operative banks in exercise of its powers conferred under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) and Section 56 of the Banking Regulation (BR) Act, 1949.
About Reserve Bank of India (RBI):
Governor– Shaktikanta Das
Deputy Governors– Mahesh Kumar Jain, Michael Debabrata Patra, M. Rajeshwar Rao, T. Rabi Sankar
Headquarters– Mumbai, Maharashtra
Establishment– 1st April 1935
>> Read Full News

SEBI revises Framework for Approving Changes in Control of Stock BrokersThe Securities and Exchange Board of India (SEBI) revises framework for approving changes in control of stock brokers which will be effective from December 1, 2022.

• This decision has been taken to streamline the process of providing approval to the proposed change in control of the entities.
• This information by SEBI is provided in exercise of its powers conferred under section 11(1) of the SEBI Act, 1992, to protect the interests of investors, and to promote the development of the securities market.

Applicability of Framework:
Stock broker/clearing member, depository participant, investment adviser, research analyst or research entity, registrar to an issue and share transfer agent and KYC (Know Your Client) Registration Agencies (KRAs).
What are the provisions?
i.An intermediary should apply online for SEBI’s prior approval and along with the application, the entity concerned has to submit various details.

• An  online  application  to  SEBI  is submitted  through  the  SEBI  Intermediary  Portal  (SI  Portal).

ii.The prior approval granted by SEBI will be valid for 6 months from the date of approval.
iii.The application should be accompanied by information/declaration/undertaking about itself, the acquirer/person as well as the director/partner of the acquirer/person who will have the control.
iv.Among other information, the entity has to provide declaration that there will not be any change in the board of directors till the time prior approval is granted.
v.The ‘fit and proper person’ criteria should also be followed.
vi.In case the entity is a registered stock broker, clearing member or a depository participant, then NOC (No Objection Certificate) is required from all relevant stock exchanges/clearing corporations/depositories.
vii.In case of scheme of arrangements that need NCLT (National Company Law Tribunal) approval, the application for the same should be filed with SEBI prior to filing the application with NCLT.

• An in-principle approval will be given for 3 months.
• Within 15 days from the date of the NCLT’s order, the intermediary should submit an online application for SEBI’s final approval.

Click Here for Official Notification

SEBI Reconstructs its Advisory Panels on FPIs, Social Stock Exchange & takeover code

Securities and Exchange Board of India (SEBI), capital markets regulator has restructured its advisory committees pertaining to foreign portfolio investors (FPIs) and social stock exchange.
FPI Advisory Committee panel:
i.Former finance secretary Hasmukh Adhia will now chair the 16-member FPI Advisory Committee panel, which was earlier headed by K V Subramanian, former chief economic adviser to the government of India (GoI).
ii.New appointments – Chew Hai Jong, Managing Director at GIC, and Michael Drumgoole, Managing Director – Direct Custody and Clearing at JPMorgan, are the new inductees to FPI advisory committee.
iii.Significance – The committee will advise the capital markets regulator on measures to facilitate ease of doing business by FPIs in India and also encourage their participation in the bond market.

• It also reviews investment avenues that are available for FPIs and advise on feasibility of new investment avenues.
• The panel is required to recommend measures for simplification of FPI regulations and to advise on custodian-related matters pertaining to such foreign investors.

Social stock exchange panel:
i.R Balasubramaniam, chairman of Grassroots Research and Advocacy Movement (GRAAM) will now head the 18-member committee, which was earlier chaired by Ishaat Hussain, Director at SBI Foundation and former Finance Director at Tata Sons.
ii.Other appointees – SEBI has inducted Anil Kumar SG, Founder & CEO, Samunnati Financial Intermediation & Services; Santosh Jayaraman Global Head – Sustainability, HCL Tech; Pushpa Aman Singh, Founder and CEO of GuideStar India; and Hemant Gupta, Managing Director at BIL Ryerson Technology Startup Incubator Foundation, among others.
iii.Significance – The panel is responsible for advising SEBI on the issues pertaining to regulatory framework for social enterprises and suggests on the matters to be taken up for changes in legal framework for simplification and transparency in systems governing such social enterprises.

• In July 2022, SEBI notified a framework for the social stock exchange to provide social enterprises with an additional avenue to raise funds.

About Securities and Exchange of India (SEBI):
Chairperson – Madhabi Puri Buch
Establishment –  1992
Headquarters – Mumbai, Maharashtra

TMBL Inks Bancassurance Pacts with Chola MS General & Max LifeTamilnad Mercantile Bank Limited (TMBL) has entered into bancassurance partnerships with Cholamandalam MS General Insurance Company Limited(Chola MS General) and Max Life Insurance Company (Max Life). 

• TMBL has partnered with Chola MS for the purpose of marketing, distribution & selling general insurance products.
• TMBL has partnered with Max Life to offer life insurance offerings to TMB’s customers.

Note: 
i.With this partnership with Chola MS and Max Life, the total number of TMB’s bancassurance partnerships has become 4.
ii.The other 2 bancassurance partners of TMBL are Life Insurance Corporation of India and United India Insurance Company Limited.
Key highlights:
i.Under the partnership, TMB’s 500-plus branches will start retailing the insurance products of both Chola MS General and Max Life.
ii.TMB will also work with the insurance partners to offer tailor-made products for its customers in future.
About Tamilnad Mercantile Bank Limited (TMBL):
TMBL, initially known as “The Nadar Bank limited”, became the Scheduled Bank under the Reserve Bank of India Act in May 1935 and the name was changed to Tamilnad Mercantile Bank in 1962.
Managing Director (MD) & Chief Executive Officer (CEO) – S Krishnan
Headquarters – Tuticorin, Tamil Nadu
Tagline – Be a step ahead of Life

Star Health Launches Policy for Outpatient Expenses with 1-Year Term

Star Health and Allied Insurance Co Ltd, a stand-alone health insurance firm, has announced the launch of its “Star Outpatient Care Insurance Policy,” which intends to provide clients with comprehensive health and wellness benefits at an affordable cost.
Aim: To bridge the gap between inpatient hospitalization expenses, which are covered by health insurance, and outpatient charges.
Key Features of Star Out Patient Care Insurance Policy   
i.Star Out Patient Care Insurance Policy is a stand-alone policy that gives access to doctors, clinics, and diagnostic centres throughout India.

• The policy is offered on an individual or floater basis, and all claims processing will be done digitally.

ii.On a cashless basis, the policyholder is entitled to unlimited virtual teleconsultations, unlimited in-clinic consultations, pharmacy expenses, and diagnostic tests up to the sum insured in any networked facility.
iii.Eligibility

• Adults between 18 years and 50 years
• Dependent children: 31 days to 25 years (who are economically dependent on their parents)
• Dependent children will be covered if any one of the parent is insured with the company
• Family Size up to 6 members

Policy Term: 1 year
Sum Insured (SI) Basis: Individual and Floater Basis
Plans Offered: Silver, Gold and Platinum
Sum Insured Options: Rs. 25,000; Rs. 50,000; Rs. 75,000; Rs.1,00,000
iv.The policy will also cover pre-existing diseases after a waiting period of one, two and four years in the platinum, gold and silver plans, respectively.
About Star Health and Allied Insurance Co Ltd:
Chairman & CEO – Mr.V.Jagannathan
Headquarters – Chennai, Tamil Nadu
Commencing Operations – 2006 (as India’s first Standalone Health Insurance provider)

SBI board approves Infrastructure Bonds worth Rs 10,000 crore

State Bank of India (SBI), India’s largest lender, approved raising Rs 10,000 crore through infrastructure bonds during the financial year 2023 (FY23) including a greenshoe option of Rs 5,000 crore.

• According to Dinesh Kumar Khara, chairman of SBI, despite higher loan growth, the lender is expected to maintain its asset quality.
• Gross non-performing assets (NPA) for SBI decreased to 3.52% in the July-September quarter from 3.91% in Q1FY23 and 4.92% in Q2FY22.
• Similarly, net NPA has dropped to 0.8% in September 2022 quarter from 1% in June 2022 quarter and 1.52% in September 2021 quarter.
• Additionally, from July to September 2022, the bank saw a 19.93% year-over-year increase in credit.

Kotak Mahindra Bank & Actyv.ai Partners to Provide Dealer Finance

On 28^th November 2022 Kotak Mahindra Bank Limited (KMBL) partnered with actyv.ai, an Artificial Intelligence (AI)-powered enterprise Software as a Service (SaaS) platform. KMBL will provide short-term finance under the ‘Buy Now, Pay Later’ category for working capital needs of dealers. It would benefit business owners across the B2B (Business-to-Business) value chain with safe funding options on attractive interest rates, and supports cash flow requirements for their businesses.

ECONOMY & BUSINESS

SBI Ecowrap Report: GDP May Print at 5.8% In Q2 Due to Weak ManufacturingThe State Bank of India (SBI) Research Report, Ecowrap, has downgraded India’s Gross Domestic Product (GDP) growth rate for the second quarter (Q2: July-September) of financial year 2022-23 (FY23) to 5.8% from 6.1%.

• The estimate is 30 basis points (bps) below average estimates due to a weak manufacturing sector and significant margin compression.

Key Points:
i.The operating profit of companies, excluding the banking and financial sectors, decreased by 14% in Q2 FY23 compared to 35% growth in Q2 FY22, although the top line grew at a rapid rate.
ii.When compared to Q2 FY22, net sales climbed by 28% but the bottom line declined by around 23%.
iii.Corporate margin is under pressure, as a result of rising input costs and declining operating margins, which fell from 17.7 % in Q1 FY22 to 10.9 % in Q2 FY23.
iv.It also forecasts full year growth (FY23) at 6.8%, 20 bps lower than the Reserve Bank of India (RBI) forecast of 7%.
FY23 Real GDP Projections

• With an upsurge in economic activity in October 2022, it forecasts turning points and uplifts the Q3 FY 23 GDP growth estimate.

Click here for official report.

AWARDS & RECOGNITIONS       

Forbes’ India’s 100 Richest 2022: Gautam Adani tops with USD 150 BillionAccording to the Forbes’ India’s 100 Richest 2022 list, Gautam Adani, Chairperson of Adani Group, has topped the list with a net worth of USD 150 Billion, nearly tripling his wealth in 2021. Adani has also become the richest person in India and World’s 2nd richest person.
i.Mukesh Ambani Chairman and Managing Director(CMD) of Reliance Industries Limited(RIL) is at No 2 with a net worth of USD 88 billion(5% less compared to 2021).
ii.Radhakishan Damani of DMart chain of supermarkets has ranked 3rd on the list with a net worth of USD 27.6 billion(His net worth has declined by 6% compared to 2021). iii.Cyrus Poonawalla, CMD of Serum Institute of India is ranked 4th with a net worth of USD 21.5 billion followed by Shiv Nadar Founder of HCL Technologies at 5th with a net worth of USD 21.4 billion.
>> Read Full News

TURF2022 & India Sports Awards of FICC: MREI honoured with Best School Promoting Sports award

Manav Rachna Educational Institutions (MREI), Sector-14 Faridabad, Haryana has been honoured with the Best School Promoting Sports at the 11th edition of Federation of Indian Chambers of Commerce and Industries (FICCI)’s Global Sports Summit, TURF 2022 & India Sports Awards 20222, held in New Delhi, Delhi.

• FICCI announced the 11th edition of #TURF themed in ‘Vision 2047: Indian Sports after 100 years of Independence’
• MREI was recognised for its efforts towards offering international-level sports facilities to students and producing competent sportspersons.
• Dronacharya Awardee and Former Ranji Cricketer, Sarkar Talwar, Director for Sports at MREI was honoured with Lifetime Achievement Award 2022. 

Other Awardees: 
i.Avani Lekhara, Indian Paralympian and rifle shooter who won 2 medals at the Tokyo 2020 Paralympics, was honoured with the Para Sports Person of the Year award.
ii.Shrey Kadyan, the softball gold medalist from the Special Olympics World Summer Games in Los Angeles, was honoured with the Special Sportsperson of the Year award.
About Federation of Indian Chambers of Commerce & Industry (FICCI):
Director General – Arun Chawla
Establishment – 1927
Headquarters – New Delhi, Delhi
>> Read Full News

“Gaslighting” is Merriam-Webster’s word of the year for 2022On 28th November 2022, the United States (US) dictionary publisher Merriam-Webster announced that the Word of the Year for 2022 is “Gaslighting”.

• According to Merriam-Webster, Gaslighting is defined as “the act or practice of grossly misleading someone, especially for one’s own advantage.”
• Searches for the word ‘Gaslighting’ on Merriam-webster.com increased by 1740% in 2022.

Gaslighting: 
i. The term Gaslighting was derived from the title of a 1938 play “Gas Light” by Patrick Hamilton and the American movie ‘Gaslight’ (1944) is based on that play, the plot of which involves a man attempting to make his wife believe that she is going insane.
ii. “Gaslighting” refers to mind-controlling, grossly misleading, and downright deceitful behaviour.

• The word “gaslight,” according to its origin, meant it was colourful.

Other Top Searched Words of Merriam-Webster 2022:
i. ‘Oligarch’, driven by Russia’s invasion of Ukraine. In its Greek roots oligarchy means “rule by the few.”
ii. ‘Omicron’, the persistent COVID-19 variant and the 15th letter of the Greek alphabet.
iii. ‘Codify’, Codify refers to a process by which Congress can make laws.
iv. LGBTQIA stands for Lesbian, Gay, Bisexual, Transgender, Queer or Questioning, Intersex, and Asexual or Aromantic or Agender.
v. ‘Sentient’, able to perceive or feel things. The look-up for sentient increased when a Google engineer claimed that Google’s AI(Artificial Intelligence) chatbot developed human-like consciousness.
vi. Loamy, consisting of loam, a soil consisting of a friable mixture of varying proportions of clay, silt, and sand
vii. Raid- a sudden invasion by officers of the law.
viii. ‘Queen Consort’, the proper title of King Charles’s wife, Camilla.

APPOINTMENTS & RESIGNATIONS    

SEBI Approves Appointment of Sundararaman R as MD & CEO of BSE On 28th November 2022, the Securities and Exchange Board of India (SEBI) approved the appointment of Sundararaman Ramamurthy as the Managing Director (MD) and Chief Executive Officer (CEO) of BSE Limited (formerly Bombay Stock Exchange).

• The appointment is subject to shareholder approval.
• He succeeds Ashishkumar Chauhan who resigned as BSE chief in July 2022 to join National Stock Exchange (NSE) as MD & CEO.
• This is the 2nd stint of Sundararaman R at BSE.

About Sundararaman Ramamurthy:
i. Sundararaman R is one of the few key people behind the success story of Bank Nifty. His area of expertise has been product development.

• Bank Nifty is the most widely traded index on the NSE after the benchmark Nifty index.

ii. He started his career with the State Bank of India (SBI) as a probationary officer in 1987 and worked his way up to become the Senior Vice President at the National Stock Exchange (NSE).
iii. Ramamurthy has previously served as the senior vice president of the National Stock Market (NSE).
iv. He has been serving as the Chief Operating Officer-India India arm of Bank of America Corp. since 2014.
About BSE Limited:
Chairman – S.S. Mundra
Headquarters- Mumbai, Maharashtra
Establishment- 1875
About the Securities and Exchange Board of India (SEBI):
Chairperson- Madhabi Puri Buch
Headquarters- Mumbai, Maharashtra
Establishment- 12th April 1992

ACQUISITIONS & MERGERS      

LIC Decreases Stake in Bharat Bijlee to 4.54% of the Paid-up Capital

The shareholding of Life Insurance Corporation of India (LIC) in ‘Bharat Bijlee Limited’ got diluted from around 3 lakh to 2 lakh Equity Shares, decreasing its shareholding from 6.695% to 4.54% of the paid-up capital. Around 1.218 lakh shares were sold at an average price of Rs.1,693.96 between 19th November 2022 to  25th November 25, 2022.

Yes Bank Signs SPA to Acquire Additional 9.9% Stake in JC Flowers ARCYes Bank has acquired a 9.9% stake representing 12,370,050 equity shares in JC Flowers Asset Reconstruction Company (ARC) at Rs 11.43 per share.

• YES bank also plans to acquire an additional 10% shareholding in JC Flowers ARC, subject to requisite regulator approvals

Note:  Prior Reserve Bank of India (RBI) approval is required for the acquisition of 10% or more shareholding in ARC by a banking company. Prior approval should be obtained by ARC for including any entity as a sponsor of the ARC.
Key highlights:
i.Background – On 28th September 2022, Yes Bank signed a share subscription and purchase agreement with JCF ARC LLC and J.C. Flowers Asset Reconstruction along with a shareholders agreement with CF ARC LLC, JC Flowers ARC, and Emso Asset Management, to acquire a total of 19.9% of the equity share capital in JC Flowers ARC.
ii.Yes Bank intends to participate as a minority shareholder in JC Flowers ARC, in partnership with JC Flowers to participate in the business of asset reconstruction.

• As of 31 March, 2022, JC Flowers ARC had Rs 595 crore in assets under management with annual turnover of Rs 19.9 crore.

About YES Bank:
Managing Director (MD) & Chief Executive Officer (CEO) – Prashant Kumar
Establishment – 2004
Headquarters – Mumbai, Maharashtra
Tagline – Experience Our Expertise

NDTV Promoter Firm Transfers 99.5% stake to Adani-owned VCPL

On 28th November 2022, News broadcaster New Delhi Television Ltd’s (NDTV’s) promoter firm RRPR Holding, transferred shares constituting 99.5% of its equity capital to Adani group-owned Vishvapradhan Commercial (VCPL).

• The transaction was done on 28th November 2022, in consonance with a conversion notice, dated August 23, 2022, issued by VCPL. It follows the expiry of the 2-year restraint imposed by the Securities & Exchange Board of India (SEBI) on November 26.
• The transfer of shares will give the Adani group control over a 29.18% stake in NDTV.
• The offer of Rs 294 per share will close on December 5. NDTV shares were locked in at a cap of 5% and closed at Rs 406.10 per share on the BSE.   

SCIENCE & TECHNOLOGY

Rolls-Royce Successfully Tests World’s first Hydrogen-Powered Aircraft EngineRolls-Royce PLC, the British manufacturer of aircraft engines, and it’s testing programme partner easyJet, has successfully tested the hydrogen-fueled aircraft engine, the world’s first modern aircraft engine for the aviation industry.

• The ground test of the converted Rolls-Royce AE 2100-A regional aircraft engine, which used green hydrogen created by wind and tidal power from the Orkney Islands in Scotland, took place at the government test facility at Boscombe Down, England.

Note: Rolls-Royce and easyJet aim to prove that hydrogen can safely and efficiently deliver power for civil aero engines.
Key Points:
i.With a longer-term ambition to carry out flight tests, Rolls-Royce and EasyJet are planning for the second set of tests.
ii.Hydrogen is one of the leading technologies that would support the aviation sector to achieve the net zero target by 2050.
iii.The transition to hydrogen power engines would require a complete redesign of airframes and infrastructure at the airport.
Other technologies: 
Companies like Rolls-Royce supports several other technologies like electric engines, which would be suitable for short flights and sustainable aviation fuel(SAF).
The Engines which are currently in service use a mixture of SAF and conventional fuel.
Additional info:

• Airbus, a European multinational aerospace corporation, is working with CFM International, a French-U.S. engine maker to test hydrogen propulsion technology.
• It plans to fit a specially adapted version of a current generation engine near the back of an A380 superjumbo test plane.

About Rolls-Royce: 
Chair– Anita Frew
Chief Executive– Warren East CBE
Headquarters– London, England

ICRISAT Scientists Collaborate with ADB to Develop High-Resolution Spatial Maps to Assess Climate-Related Shocks

Scientists from the International Crops Research Institute for the Semi-Arid Tropics (ICRISAT) have developed high-resolution spatial maps for South Asia to evaluate croplands, crop types, and crop intensity data in collaboration with the Asian Development Bank (ADB).

• These spatial maps make cropland mapping feasible for insurance claims and agricultural policy decisions aimed at Regenerative Agriculture (RA).

Note: ICRISAT is a non-profit international organisation that performs scientific research for development.
Key Points
i.The spatial maps span South Asia, which has 1.9 billion people and 230 million hectares of net cropped area.

• The region also accounts for almost 25% of the world’s population, 87% of whom are smallholder farmers.

ii.ICRISAT scientists have created 3 distinct spatial maps for South Asia with a spatial resolution of 30 m, which is useful for assessing food and water security.

• These factors are currently assessed using coarse-resolution (250-1000 m) remote sensing data.

iii.The 3 distinct spatial maps could evaluate irrigated versus rainfed croplands, crop types or crop dominance and cropping intensity (the number of times a crop is grown on the same plot of land in a year).
About the Asian Development Bank (ADB):
President – Masatsugu Asakawa
Established – 1966
Headquarters – Manila, Philippines
Member Countries – 68 members (49 from Asia and Pacific regions)

IMPORTANT DAYS

International Day of Solidarity with the Palestinian People 2022 – November 29United Nations (UN)’s International Day of Solidarity with the Palestinian People is annually observed across the globe on November 29 to raise awareness of the ongoing Israeli-Palestinian conflict and the horrors still occurring.

• International Day of Solidarity with the Palestinian People is observed to mark the adoption of the UN’s resolution to partition Palestine into an Arab State and a Jewish State.
• The UN celebrates the day by undertaking its annual debate on the question of Palestine.

Background:
i. The UN General Assembly (UNGA) adopted the resolution A/RES/32/40 on 2nd December 1977 and proclaimed November 29 of every year as the International Day of Solidarity with the Palestinian People with the Palestine people.
ii. International Day of Solidarity with the Palestinian People has been observed since 1978.
United Nations Relief and World Agency for Palestine Refugees in the Near East (UNRWA): 
UNRWA is a subsidiary agency established by the UNGA (A/RES/302 (IV))on 8th December 1949 to provide relief, health, and education services for Palestinians, victims affected by the Arab-Israeli wars & the establishment of the State of Israel in 1948.

• The Agency began operations on 1 May 1950.

Commissioner-General- Philippe Lazzarini
Headquarters- Amman (Jordan) & Gaza (Palestinian territory)
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Aviation Safety Awareness Week 2022 – November 28 to December 2The Airports Authority of India(AAI), a Statutory Body under the ownership of the Ministry of Civil Aviation(MoCA), annually celebrates the last week of November as “Aviation Safety Awareness Week” to enhance safety awareness and promulgate a just safety culture in AAI.

• Aviation Safety Awareness Week 2022 is observed from 28th November 2022 to 2nd December 2022.
• Aviation Safety Awareness Week 2021 was observed from 29th November to 3rd December 2021.

Observance:
The week-long celebration of Aviation Safety Awareness Week 2022 is being observed at all airports and Air Navigation Services (ANS) locations managed by AAI across India.

• Sanjeev Kumar, an IAS officer of the 1993 batch, Chairman of AAI stressed the importance of safety in all domains of AAI.
• He also emphasised AAI’s commitment to Aviation Safety during Safety Awareness Week by the International Civil Aviation Organization (ICAO) Global Aviation Safety Plan.

Campaign: 
To raise awareness of Aviation Safety Awareness Week among internal and external stakeholders, banners and posters are put up throughout AAI offices and operational centres.
Programs of Aviation Safety Awareness Week 2022: 
i. AK Pathak, a planning group member, briefed about the importance of safety awareness in all spheres of life, focusing on aviation.
ii. He declared the Aviation Safety Awareness Week 2022 opening and stressed the need for AAI employees to be aware of safety in their domain of operations.
iii. Safety Awareness Week began with a presentation by Captain Dhruv Rebbapragada, Regional Safety Director, South Asia, Airbus Group India.
iv. Maneesh Kumar, Joint Director General of the Directorate General of Civil Aviation (DGCA), stressed service providers’ greater role in the accomplishment of the goals of the State Safety Programme.
v. AAI will implement a variety of staff engagement initiatives at the airports and ANS stations like reviewing documents and procedures, Mock exercises, preventive maintenance of facilities etc to raise awareness of aviation safety,
About the Airports Authority of India (AAI):
Chairman- Sanjeev Kumar
Headquarters- New Delhi
Establishment- 1995

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