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Union Cabinet approvals on September 28, 2022
On September 28, 2022, the Union Cabinet chaired by the Prime Minister (PM) of India Narendra Modi has approved the following proposals which were briefed by Union Minister Anurag Singh Thakur, Ministry of Information & Broadcasting:
i.The Union Cabinet has approved the release of additional instalment of Dearness Allowance (DA) and Dearness Relief (DR) under 7th Pay Commission @4% to Central Government employees and pensioners respectively w.e.f. July 1, 2022.
ii.The Union Cabinet has approved the extension for the Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY-Phase VII) for a further period of 3 months i.e. October to December 2022.
iii.The Union Cabinet has also given its ex-post facto approval for the Memorandum of Understanding (MoU) between India and Bangladesh on withdrawal of upto 153 cusecs of water each by India and Bangladesh from common border river Kushiyara during dry season (1st November to 31st May) for their consumptive water requirement.
iv.The Union Cabinet informed about the progress under National Health Mission, NHM during FY2020-21 including accelerated decline in Maternal Mortality Ratio (MMR) Infant Mortality Rate (IMR) Under Five Mortality Rate (U5MR) and Total Fertility Rate (TFR).
v.The Union Cabinet also approved Indian Railways’ proposal for redevelopment of 3 major railway stations with an approximate total investment of nearly Rs 10,000 Cr.
The stations are:
- New Delhi Railway Station (Delhi)
- Ahmedabad Railway Station (Gujarat)
- Chhatrapati Shivaji Maharaj Terminus (CSMT) Mumbai (Maharashtra)
Currency– Bangladeshi Taka
>> Read Full News
MoT Report: “India Tourism Statistics 2022” – MH & TN Emerge as Top States with Foreign Tourist VisitsThe Vice-President (VP) of India, Jagdeep Dhankhar, released a report titled “India Tourism Statistics 2022” on World Tourism Day (September 27, 2022) at Vigyan Bhawan in New Delhi, Delhi. According to the report that was prepared by the Ministry of Tourism (MoT),
- Maharashtra (MH) and Tamil Nadu (TN) had the highest numbers of foreign tourist visits, with 1.26 million and 1.23 million, respectively, in 2021.
- India received 677.63 million domestic tourist visits in 2021, an increase of 11.05% from 610.22 million in 2020.
According to the “India Tourism Statistics 2022” Report, the Taj Mahal, a World Heritage Site designated by the United Nations Educational, Scientific, and Cultural Organization (UNESCO), is ranked 1st among the top 10 most popular Centrally Protected Ticketed Monuments for Domestic Visitors in FY 2021–2022.
Union Minister G. Kishan Reddy, Minister of Tourism, presided over a 3-day “National Conference of State Tourism Ministers” that took place in Dharamshala, Himachal Pradesh, from September 18–20, 2022. (MoT).
About Ministry of Tourism (MoT):
Union Minister – G. Kishan Reddy (Secunderabad Constituency, Telangana)
Minister of State (MoS) – Ajay Bhatt); Shripad Yesso Naik
>> Read Full News
DPIIT, and Embassy of the Netherlands formalizes Fast-Track Mechanism; To be executed by Invest IndiaOn September 27, 2022, the Department for Promotion of Industry and Internal Trade (DPIIT), and the Embassy of the Netherlands officially signed the Joint Statement to formalize the bilateral Fast-Track Mechanism (FTM) between India and The Netherlands.
- This bilateral FTM will be executed by Invest India, the national investment promotion and facilitation agency.
Signatories of FTM:
Anurag Jain, Secretary, DPIIT; and Marten van den Berg, Ambassador of The Netherlands to India
Aim of FTM:
To serve as a platform for faster resolution of investment cases of Dutch companies operating in India
i.Under this FTM, the process will be undertaken in close collaboration between DPIIT, respective ministries and departments, Invest India and the Embassy of The Netherlands.
ii.This will strengthen the bilateral efforts to increase mutual investment activities, and develop business cooperation between companies in both nations.
Diplomatic relations between India and The Netherlands:
i.The diplomatic relations between India and The Netherlands were formally established in 1947.
ii.According to official Indian statistics, The Netherlands is the 4th largest Foreign Direct Investor (FDI) in India.
iii.Between April 2000 and June 2022, the cumulative flow of FDI from The Netherlands to India is about USD 42.3 billion.
iv.In 2021-2022, bilateral trade between the two countries amounted to USD 17 billion.
v.India’s exports to The Netherlands consist of mineral fuels and mineral-based products, organic chemicals, electrical machinery and equipment, aluminium, iron and steel and pharmaceutical products.
GoI Extends the Implementation of EV Battery Safety Norms to December 2022
The Ministry of Road Transport and Highways (MoRTH), Government of India (GoI) has extended the deadline of 1st October 2022 to December 2022 for electric vehicle (EV) manufacturers to adopt and comply with the new regulations on battery safety requirements .
i.The new regulations are related to battery cells, battery management systems, onboard chargers, designs of the battery pack and thermal propagation.
ii.The amendment to EV battery testing standards AIS-156 and AIS-038 (Rev 2) that were to be implemented from 1st October 2022 will now come into effect in two phases.
- Phase 1 will begin on 1st December 2022 and phase 2 will begin on 31st March 2023.
MoRTH constituted an expert committee, chaired by Tata Narsingh Rao, Director of the International Advanced Research Centre for Powder Metallurgy & New Materials (ARCI), Hyderabad to recommend on the additional safety requirements in the existing battery safety standards notified under Central Motor Vehicles Rules, 1989.
- This committee was formed after the fire incident reported on EV manufactured by Ola Electric, Okinawa Autotech and PureEV.
i.According to the expert committee recommendations, the government issued Amendment 1 to AIS 156, specific requirements for motor vehicles of L category with electric power train and
- L category motor vehicles are those with less than four wheels.
Amendment 2 to AIS 038 (Rev. 2), specific requirements for Electric Power Train of motor vehicles of M category and N category.
- The N category vehicles – motor vehicle with at least four wheels used for carrying goods which may also carry persons in addition to the goods.
- M category vehicles -Motor vehicle with at least four wheels used for carrying passengers.
ii.It also recommended that the conformity of production (CoP) for traction batteries used in EVs is mandatory.
Union Defence Minister Raj Nath Singh’s Visit to Egypt – September 18 -20, 2022Union Minister Rajnath Singh, Ministry of Defence (MOD), made an official visit to Egypt from September 18-20, 2022, during which he met with Egyptian President Abdel Fattah El-Sisi in Cairo, Egypt’s capital.
- The purpose of the visit was to strengthen defence collaboration and the unique friendship between Egypt and India.
- Egypt is strategically significant to India since it is regarded as the gateway to Africa.
India & Egypt Sign MoU to Enhance Defence Cooperation
Union Defence Minister Rajanth Singh held a bilateral meeting and signed a Memorandum of Understanding (MoU) with his Egyptian counterpart, General Mohamed Zaki, while on an official visit to Cairo.
Purpose of the MoU: To provide further momentum to enhanced defence cooperation between India and Egypt.
i.During the bilateral meeting, the two sides agreed to improve the execution of joint exercises and the exchange of personnel for training, particularly in the field of counter-insurgency.
- They decided to expand military cooperation and focus on joint training, defence co-production, and equipment maintenance.
ii.Rajnath Singh paid respects at the Tombstone of the late Egyptian President Anwar El-Sadat and the Unknown Soldier Memorial in Cairo.
iii.He also extended an invitation to General Mohamed Zaki to attend the India-Africa Defence Dialogue and Indian Ocean Region (IOR) Defence Ministers’ conclave, scheduled to be held as part of 12th DefExpo in Gandhinagar, Gujarat in October 2022.
i.With an existing Indian investment of USD 3.15 billion in Egypt, it is one of the top investment destinations in the region for India.
ii.The Indian Air Force (IAF) and the Egyptian Air Force engaged in a bilateral “Tactical Leadership Programme” in June 2022 to strengthen defence cooperation between India and Egypt.
iii.The year 2022 commemorates the 75th anniversary of India-Egypt diplomatic relations.
Note: Egypt assumed the incoming Presidency of the 27th Conference of the Parties (COP 27) to the United Nations Framework Convention on Climate Change (UNFCCC). It will be hosted in Sharm El-Sheikh, Egypt, in November 2022.
BANKING & FINANCE
DBS Bank Collaborates with HDFC ERGO & Atradius to Provide Trade Credit Insurance Solution On 28th September 2022, DBS Bank India Limited (DBIL) collaborated with HDFC ERGO General Insurance Company Limited and Atradius, a worldwide provider of trade credit insurance, to offer Credit Insurance – Accounts Receivable solution to Tata Metaliks Ltd (TML), a subsidiary of Tata Steel Limited.
- This deal is amongst the first to offer leverage Trade Credit Insurance.
i.This collaboration between DBS, HDFC ERGO and Atradius will enable corporates to transfer the risk of their account receivables onto an insurer while getting financing against those insured receivables from a bank.
ii.In November 2021, the Insurance Regulatory & Development Authority of India (IRDAI) rolled out the revised framework of Trade Credit Insurance, allowing the banks to participate in this proposition.
- DBS Bank is one of the first banks in the Indian market to support financial transactions backed by Trade Credit Insurance.
- This protects the banks from a potential buyer default in case of funded receivables.
About DBS Bank India Limited (DBIL):
DBIL was among the 1st foreign banks in India to start operating as a wholly owned, locally incorporated subsidiary.
Managing Director & CEO – Surojit Shome
Headquarters – Mumbai, Maharashtra
BSE Receives SEBI’s Final Approval to Launch EGR on its Platform
BSE Limited(formerly Bombay Stock Exchange) has received final approval from the Securities and Exchange Board of India (SEBI) for introducing the Electronic Gold Receipt (EGR) segment on its platform.
- In February 2022, the BSE Limited had received in-principle approval from SEBI after which several mock trading sessions had been conducted to facilitate trading in EGR.
About Electronic Gold Receipt (EGR):
i.EGR is an electronic receipt issued on the basis of deposit of physical gold in accordance with the regulations made by SEBI.
- This EGR platform will ensure the quality of gold supplied, efficient price discovery, and transparency in transacting.
ii.This will cater to all market participants (both buyers and sellers) on the exchange platform including individual investors and commercial participants along the value chain like importers, banks, refiners, bullion traders, jewellery manufacturers, and retailers.
iii.EGRs can be held in the regular demat account and the settlement guarantee fund (SGF) protection is also available to EGR trading.
India & EGR :
i.India is the 2nd largest consumer of gold globally with annual gold demand of approximately 800-900 tonnes.
ii.India currently has trading only in gold derivatives and gold Exchange Traded Funds (ETFs), unlike several other countries which have spot exchanges for physical trade in gold.
i.Currently, the EGRs are the 3rd gold-linked product to trade on the exchanges while Gold derivatives (futures and options) and ETFs have already been traded on the exchanges.
ii.Gold EGRs have been classified as securities under the Securities Contracts (Regulation) Act (SCRA) and so the trading, clearing and settlement of EGRs can happen on the exchange platform.
ECONOMY & BUSINESS
ICRA Maintains India’s GDP Forecast for FY23 at 7.2% The rating agency ICRA Limited (previously Investment Information and Credit Rating Agency of India Limited) maintained its projection of 7.2% growth in India’s Gross Domestic Product (GDP) for the fiscal year 2022–23 (FY23) in its most recent report.
The growth will be boosted by a recovery in contact-intensive services due to pent-up demand and a back-ended pick-up in government and private capital spending, per ICRA (CapEx).
i.While year-over-year (YOY) growth is anticipated to decelerate from the first quarter (Q1) of FY2023 to Q2 FY2023, it is expected to go up compared to pre-COVID-19 levels of FY2020.
ii.The YoY performance of 12 of the 14 non-financial indicators (excluding ports cargo traffic & finished steel consumption) declined in July-August 2022 compared to Q1 FY2023, owing to the normalisation of the base following the relaxation of the COVID-19 2.0 wave.
- Only two indicators—non-oil exports and vehicle registrations—showed a YoY decline in July-August 2022.
iii.According to estimates, India’s real GDP increased by 13.5% in the Q1 FY23, from Rs. 32.46 lakh crore to Rs. 36.85 lakh crore. Gross value added (GVA) increased by 12.7% in Q1 FY23.
Coromandel International, Chambal Fertilizers & Indian Potash sign MoU with Canada’s Canpotex to import potashCoromandel International, Chambal Fertilizers and Indian Potash Limited signed a Memorandum of Understanding (MoU) with Canpotex, a Canada based company for long term fertilizer availability for the farmers.
- Canpotex is one of the largest potash suppliers of the world, exporting around 130 LMT (lakh metric tonne) of product annually.
i.Under the agreement Canpotex will supply up to 15 LMT of potash annually for three years.
ii.As India is highly dependent on imports of raw material and fertilizer minerals, the partnership will provide secured availability of fertilizers and raw materials.
- India meets 100 per cent of its potash requirement through imports. The country imports approximately 40 LMT MOP annually
iii.The agreement will reduce both supply and price volatility and ensure a stable long-term supply of potash fertilizer to India.
iv.It will also improve the availability of MOP (Muriate of potash) in India.
- Potash, which is a source of potassium, is used both for direct application as MOP as well as in combination with ‘Nitrogen (N) and ‘Phosphorus’(P) nutrients in the NPK fertilizers, where K stands for Potassium.
World Bank downgrades growth for East Asia and Pacific to 3.2% in 2022
According to the World Bank East Asia And The Pacific Economic Update October 2022: Reforms for Recovery, Growth in developing East Asia and the Pacific (as whole) is projected to slow to 3.2% in 2022 from 7.2% in 2021, before accelerating to 4.6% in 2023.
- The growth in developing East Asia and the Pacific outside of China is forecast to accelerate to 5.3% in 2022 from 2.6% in 2021.
- The weaker forecast was due mainly to a sharp slowdown in China, caused by its strict zero-COVID rules that have disrupted industrial production, domestic sales and exports.
- The other reasons for economic slowdown include capital outflows, higher inflation, higher interest rates and currency depreciations in some East Asia and Pacific countries.
Gautam Adani became 3rd Richest Man in billionaires ranking: Bloomberg Billionaires Index
According to the Bloomberg Billionaires Index( daily ranking index as of 27th September 2022), Gautam Adani has slipped to the 3rd spot from 2nd with a total net worth of USD 135 Billion(Rs10.98 lakh crore). Jeff Bezos, Founder of Amazon, overtook Adani with a net worth of USD 138 billion(Rs11.23 lakh crore).
- Elon Musk, Chief Executive Officer (CEO) of Tesla Motors, tops the list with a net worth of USD 245 billion (Rs19.93 lakh crore).
- Gautam Adani has lost USD 6.9 billion dollars losing the 3rd spot, while Jeff Bezos gained USD 1.36 billion and secured the 2nd spot.
- Reliance Industries Limited (RIL) Chairman Mukesh Ambani is now placed at 11th place with a net worth of USD 82.4 billion (Rs6.70 lakh crore).
AWARDS & RECOGNITIONS
Nikhil Kamath tops ‘IIFL Wealth Hurun India 40 & Under Self-Made Rich List 2022’, Ola CEO in 2nd spotOn 28 September 2022, Zerodha’s co-founder Nikhil Kamath topped the ‘IIFL Wealth Hurun India 40 & Under Self-Made Rich List 2022’ with a net worth of Rs 17,500 crore.
- Bhavish Agarwal, Co-founder & CEO of Ola Cabs and Olc Electric, came second (Rs 11,700 crore) and Divyank Turakhia of Media.net came third place (11,200 crore).
i.The Hurun India rich list has 53 entrepreneurs under 40 years of age.
The cumulative wealth of the entrants in 40 & Under Self-made 2022 List increased by 11% in comparison to 2021.
ii.The Co-founder of Confluent, Neha Narkhede (37 year old) became the youngest self-made woman entrepreneur in India.
iii.The founder of Zepto, Kaivalya Vohra (19 year old) became the youngest self-made entrepreneur on the list.
iv.According to the survey, Bengaluru (14 people) became the most popular place for young wealth creators to establish a base, followed by New Delhi (8 people) and Mumbai (8 people).
The Top 5 in IIFL Wealth Hurun India 40 & Under Self-Made Rich List:
|Rank||Name||Net worth in crore||Company||Age|
|2||Bhavish Aggarwal||11,700||Ola Electric||37|
Indian Activist Srishti Bakshi wins ‘Changemaker’ award at UN SDG Action AwardsA women’s rights activist from India, Srishti Bakshi has won the ‘Changemaker‘ award at the UN SDG (United Nations Sustainable Development Goals) Action Awards held at a ceremony in Bonn, Germany.
The award is given to recognise the efforts of Srishti Bakshi to raise awareness of gender-based violence and inequality.
About Srishti Bakshi:
i. Srishti Bakshi, a marketer-turned-women’s-rights-activist and founder of the CrossBow Miles movement, started on an on-foot pilgrimage of 3,800 Km through 12 Indian states from Kanyakumari to Kashmir.
ii. She has covered a distance of 30-35 km and met anywhere between 150-200 people a day.
iii. She has already walked through the states of Tamil Nadu, Andhra Pradesh, Telangana, Karnataka, Maharashtra, Madhya Pradesh, Rajasthan, Uttar Pradesh, Delhi, Haryana, Punjab and Jammu & Kashmir.
iv. She conducted over 100 workshops focused on women’s safety to put a spotlight on the causes of violence against women and also empower women and reveal stories of resilience, along with digital and financial literacy.
v. WOMB: Women Of My Billion, a documentary that captured her journey exposes the raw emotions and realities of women in India.
About UN SDG Action Awards Ceremony:
i. The UN SDG Action Awards Ceremony celebrates people and initiatives that mobilize, inspire, and connect people every day, proving that each one of us has the power to drive transformative action
ii. The finalists for the UN SDG Action Awards were selected from over 3,000 applications from 150 countries and the winners were announced during a live event on 27 September 2022.
Other UN SDG Action Awards Winners 2022:
- ‘SUPvivors say NO MORE’- Mobilise category
- ‘The Masungi Story’- Inspire category
- CyprusInno- Connect category
1 Honourable Mention for ‘Let’s Do It Ukraine’.
Akash Ambani is the only Indian to be on Time100 Next Emerging Leaders’ list
Akash Ambani, the Chairman of Reliance Jio is the only Indian to be featured on the TIME100 NEXT emerging leaders’ list, TIME magazine’s list of the world’s rising stars (United States-based global magazine).
Note: Another Indian-born American business leader, Amrapali Gan is also on the list.
About Akash Ambani:
i. Akash Ambani was born to India’s richest family ‘Ambani Family’ in Mumbai, Maharashtra.
ii. He graduated from Brown University, Rhode Island, the United States with a major in Economics and interned with his father at their family business.
iii. On 27 June 2022, at an Annual General Meeting (AGM) he was promoted to the Chairman of Jio, India’s largest telecom company, with over 426 million subscribers, after being controversially handed a board seat at the age of 22.
iv. Since he was handed a board seat, he played a key role in landing multi-billion-dollar investments from Google and Facebook. He may be given a crack at larger chunks of the family’s conglomerate if he handles Jio well.
v. According to Time, Akash Ambani was always expected to rise in the business, but he has been putting in hard work.
About TIME100 NEXT:
i. TIME magazine annually publishes the TIME100 Next, a list inspired by its flagship TIME100 which recognizes 100 rising stars worldwide.
ii. The TIME100 NEXT list constitutes medical professionals, government officials, movement leaders, high-profile whistle-blowers and top CEOs.
APPOINTMENTS & RESIGNATIONS
Lt Gen Anil Chauhan (Retired) Appointed as India’s 2nd Chief of Defence StaffOn 28th September 2022, the Government of India(GoI) appointed Lieutenant (Lt.) General (Gen.) Anil Chauhan, the military adviser to the National Security Council Secretariat (NSCS) and a former Eastern Army Commander, as the Chief of Defence Staff (CDS) of India.
- He is the 2nd person to hold the post of CDS after General Bipin Rawat, who died in a chopper crash in December 2021 in Tamil Nadu.
- General Anil Chauhan will also function as Secretary of the Department of Military Affairs, GoI with effect from the date of his assumption of charge and until further orders.
- Gen. Anil Chauhan retired in May 2022 and is currently the military advisor to national security advisor Ajit Doval.
i.This post was vacant since the death of India’s first CDS General Bipin Rawat in December 2021.
ii.The appointment of Lt. Gen. Anil Chauhan is the first instance that a retired gen. has been taken to office as the most senior officer.
- Following the appointment as CDS, Lt. Gen. Anil Chauhan will automatically become a 4-star officer.
iii.This appointment comes 3 months after the Government amended rules for appointment to the post of CDS.
In June 2022, the amended service rules of the armed forces made all serving and recently retired 3-star officers, Lt General, Air Marshal and Vice Admiral who are under the age of 62 eligible for the post.
- According to the new rules, all 3-star and 4-star officers from the tri services, including the retired officers from June 2020, are eligible for consideration for the post.
About Anil Chauhan:
i.Lt. Gen. Anil Chauhan was born on 18th May 1961, in Uttarakhand and was commissioned into 11 Gorkha Rifles in 1981.
ii.He has held several command, staff and instrumental appointments with extensive experience in counter-insurgency operations in Jammu & Kashmir (J&K) and the Northeast. He had also served on a United Nations (UNs) mission to Angola.
- He retired from the service on 31st May 2021 and has been serving as the advisor to the National Security Council.
- He has authored a book “Aftermath of a Nuclear Attack”, published in 2010.
- He was honoured with several awards including Param Vishisht Seva Medal, Uttam Yudh Seva Medal, Ati Vishisht Seva Medal, Sena Medal and Vishisht Seva Medal for his distinguished service.
Senior Advocate R. Venkataramani Becomes the New Attorney General for IndiaDroupadi Murmu, President of India, has appointed senior advocate R. Venkataramani (72-years old) as the Attorney General (AG) for India for a period of 3 years succeeding K. K. Venugopal, whose term as AG ends on 30th September 2022. He is the 16th AG of India.
i.Venkataramani enrolled as a lawyer in July 1977 with the Bar Council of Tamil Nadu and shifted his practice to the Supreme Court in 1979.
- In 1997, he was designated Senior Advocate by the apex court.
- He specialised in constitutional laws, law of indirect laws, human rights law, civil and criminal law.
ii.He was appointed as a Member of the Law Commission in 2010 and again for a further term in 2013.
iii.He was also involved in the Constitution Review Commission Work under the chairmanship of Venkatachelliah.
About Attorney General for India (AG):
i.Attorney General for India is the first law officer of the Government of India and he is also a part of the Union Executive.
ii.Under Article 76(1) of the Constitution, the President of India appoints a person who is qualified to be appointed a Judge of the Supreme Court to be the AG for India.
iii.According to the article 76(4), There is no fixed tenure for the AG, he/she shall hold the office during the pleasure of the President and shall receive such remuneration as the President may determine.
i.According to article 76(2) of the Indian Constitution, the duty of the AG is to give advice to the GoI upon such legal matters and also to perform such other legal duties that are assigned by the President of India.
ii.Under article 88, the AG shall have the right to speak and take part in all the proceedings of Lok sabha and Rajya sabha including joint sitting of the Houses, and any committee of Parliament for which he is added as a member. He is not subjected to vote.
Senior IAS officer Rajendra Kumar appointed as Director General of ESIC
On 25th September 2022, Ministry of Personnel, Public Grievances and Pensions has appointed a senior IAS officer Rajendra Kumar as the Director General of the Employees’ State Insurance Corporation (ESIC), as part of a senior-level bureaucratic reshuffle effected by the Centre.
- Rajendra Kumar replaces Mukhmeet S. Bhatia, an IAS Officer of the 1990 batch of Jharkhand cadre, who took over the charge of Director General of ESIC on 1st April 2021.
About Rajendra Kumar:
i. Rajendra Kumar is a 1992-batch Indian Administrative Service (IAS) officer of the Tamil Nadu cadre.
ii. He is currently an additional secretary in the Ministry of Electronics and Information Technology (MeitY), Government of India.
iii. Prior to his current position, he held senior positions in district administration and state government in Tamil Nadu, India.
iv. He received the UN Public Service Award in 2014 for the Mobile Seva project he conceptualised and implemented. Rajendra Kumar received the UN Public Service Award in 2014 for the Mobile Seva project he conceptualised and implemented.
About the Employees’ State Insurance Corporation (ESIC):
ESIC is one of the two main statutory social security bodies under the Ministry of Labour and Employment, Government of India. The other one is the Employees’ Provident Fund Organisation(EPFO).
Headquarters- New Delhi, Delhi
Establishment– 25 February 1952
IL&FS board reshuffles: Government appointed Nand Kishore as MD; CS Rajan as Non-executive Chairman
On 27th September 2022, the Ministry of Corporate Affairs reshuffled the board of Infrastructure Leasing & Financial Services (IL&FS) Limited which undergoes a debt resolution process and appointed Nand Kishore, Executive Director as the New Managing Director, with immediate effect till March 2023.
- Existing Board member CS Rajan is being redesignated as the Non-Executive Chairman.
- The board has five members includes Rajan and Kishore, the other directors are G C Chaturvedi, Malini Shankar and N Srinivasan. G C chaturvedi will step down on September 30 2022.
About Nand Kishore:
i. Nand Kishore was a 1981 batch IAS officer, who was appointed to the board of IL&FS in 2018.
ii. In December 2020, he was appointed as Executive Director of IL&FS.
About CS Rajan:
i. CS Rajan is an IAS officer of the 1978 batch who retired as Rajasthan Chief Secretary in 2016.
ii. He was appointed as Chairman and Managing Director for 6 months since Uday Kotak, who steered the resolution process for nearly 4 years, as the IL&FS Ltd board’s Non-Executive Chairman ended on April 2, 2022.
i. In 2018, the corporate affairs ministry replaced the board of IL&FS when financial misdoings came to light.
ii. The financial services group has 347 entities under IL&FS and a resolution has taken place for 246 entities after the ministry-appointed board started the resolution process.
- IL&FS group had addressed a debt of about Rs 55,000 crore (90%) of its original estimate of Rs 61,000 crore.
- In 2018, the group represented a resolution of 62% of the overall fund-based and non-fund-based debt of over Rs 99,000 crore.
About Infrastructure Leasing & Financial Services Limited (IL&FS):
Managing Director – Nand Kishore
Headquarters- Mumbai, Maharashtra
World Heart Day 2022- September 29World Heart Day 2022 is annually observed across the globe on 29 September to raise awareness about the rising concerns of heart health and cardiovascular diseases (CVD).
- The day also highlights the importance of the prevention of CVDs and their global impacts.
- CVD, including heart disease and stroke, is the world’s leading cause of death claiming 18.6 million lives each year.
- The theme for World Heart Day 2022 is “Use Heart For Every Heart’’. It is based on the three key beneficiaries i.e Use heart for humanity, Use Heart for Nature, and Use heart for you.
The day aims to drive action to educate people that by controlling risk factors such as tobacco use, unhealthy diet and physical inactivity, at least 80% of premature deaths from heart disease and stroke could be avoided.
i.The idea of World Heart Day was proposed by Antoni Bayés de Luna, former President of the World Heart Federation (WHF) (1997-1999).
ii.In 1999, the WHF and the World Health Organization (WHO) collaborated to the establishment of World Heart Day and proclaimed the last Sunday of September as World Heart Day.
iii.Since 2011, World Heart Day has been observed annually on 29th September.
- The first-ever World Heart Day was observed on 24th September 2000.
International Day of Awareness of Food Loss and Waste 2022 – September 29 The United Nations (UN)’s International Day of Awareness of Food Loss and Waste (IDAFLW) is annually observed across the globe on 29 September to raise awareness about reducing food loss and waste.
- The Food and Nutrition Organization of the UN (FAO) and the UN Environment Programme (UNEP) collaborate to facilitate the observance of the International Day of Awareness of Food Loss and Waste and jointly organize a global event.
- 29 September 2022 marks the observance of the 3rd IDAFLW.
i. The global event of International Day of Awareness of Food Loss and Waste 2022 focuses on “Stop Food Loss and Waste! For People and Planet“.
ii. The UN General Assembly (UNGA) adopted the resolution A/RES/74/209 on 19 December 2019 and declared 29 September as the International Day of Awareness of Food Loss and Waste.
iii. The 1st International Day of Awareness of Food Loss and Waste was observed on 29 September 2020.
>> Read Full News
Regiment of Artillery celebrated 196th Gunners Day
The Regiment of Artillery, an operational arm of the Indian Army, annually celebrates the 28th of September as “Gunners Day” to commemorate the raising of the 5th(Bombay) Mountain Battery, the first Indian Artillery unit on September 28, 1827.
28th September 2022 marks the observance of 196th Gunners Day.
- 5th is the oldest Indian Mountain Battery and the only one that served in the Second Sikh War at the Seige of Mooltan in 1849.
- On the occasion of the 196th Gunners day, various ceremonies and events were organised to pay homage to the Bravehearts who laid down their lives in service to the Nation and to inculcate a sense of pride and achievement amongst all ranks of Indian Artillery.
UP CM inaugurates intersection named after Lata Mangeshkar in Ayodhya
On the occasion of the 93rd birth anniversary of singer Lata Mangeshkar (28th September 2022), Yogi Adityanath, Chief Minister (CM) of Uttar Pradesh (UP), inaugurated an intersection named after her, ‘Lata Mangeshkar Chauraha(Chowk)’, in Ayodhya, UP.
- The Union Minister of Tourism (MoT) G Kishan Reddy was also present during the event.
- The intersection at the banks of the Saryu river has been developed at an estimated cost of Rs 7.9 crore.
- A 40-ft-long and 12-metre-high veena weighing 14 tonnes was installed at the intersection. The giant veena was made by Padma Shri awardee Ram Sutar. The veena has an engraved picture of Saraswati, the goddess of music.
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Current Affairs Today (AffairsCloud Today)
|S.no||Current Affairs 30 September 2022|
|1||Union Cabinet approvals on September 28, 2022|
|2||MoT Report: “India Tourism Statistics 2022” – MH & TN Emerge as Top States with Foreign Tourist Visits|
|3||DPIIT, and Embassy of the Netherlands formalizes Fast-Track Mechanism; To be executed by Invest India|
|4||GoI Extends the Implementation of EV Battery Safety Norms to December 2022|
|5||Union Defence Minister Raj Nath Singh’s Visit to Egypt – September 18 -20, 2022|
|6||DBS Bank Collaborates with HDFC ERGO & Atradius to Provide Trade Credit Insurance Solution|
|7||BSE Receives SEBI’s Final Approval to Launch EGR on its Platform|
|8||ICRA Maintains India’s GDP Forecast for FY23 at 7.2%|
|9||Coromandel International, Chambal Fertilizers & Indian Potash sign MoU with Canada’s Canpotex to import potash|
|10||World Bank downgrades growth for East Asia and Pacific to 3.2% in 2022|
|11||Gautam Adani became 3rd Richest Man in billionaires ranking: Bloomberg Billionaires Index|
|12||Nikhil Kamath tops ‘IIFL Wealth Hurun India 40 & Under Self-Made Rich List 2022’, Ola CEO in 2nd spot|
|13||Indian Activist Srishti Bakshi wins ‘Changemaker’ award at UN SDG Action Awards|
|14||Akash Ambani is the only Indian to be on Time100 Next Emerging Leaders’ list|
|15||Lt Gen Anil Chauhan (Retired) Appointed as India’s 2nd Chief Defence Staff|
|16||Senior Advocate R. Venkataramani Becomes the New Attorney General for India|
|17||Senior IAS officer Rajendra Kumar appointed as Director General of ESIC|
|18||IL&FS board reshuffles: Government appointed Nand Kishore as MD; CS Rajan as Non-executive Chairman|
|19||World Heart Day 2022- September 29|
|20||International Day of Awareness of Food Loss and Waste 2022 – September 29|
|21||Regiment of Artillery celebrated 196th Gunners Day|
|22||UP CM inaugurates intersection named after Lata Mangeshkar in Ayodhya|