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BDL and Indian Army sign Rs 471.41cr contract to supply IGLA-1M missiles
Bharat Dynamics Limited (BDL) and the Indian Army signed a contract worth Rs 471.41 crore in New Delhi for the refurbishment of IGLA-1M missiles. After the Refurbishment, the missile will get a fresh lease life of ten years.
About IGLA-1M missile:
Introduced by the Soviet Union in 1986, the IGLA-1M is an improved version of Igla man-portable missile system.
- The Igla is a fire-and-forget, man-portable, shoulder-launched, short range Surface-to-Air Missile (SAM) to engage low flying fixed- and rotary-wing aircraft and cruise missiles.
i.BDL has built-up its in-house R&D (Research & development) capabilities primarily focusing on design and engineering activities.
ii.It is utilizing emerging technologies like Artificial Intelligence (AI) to develop futuristic weapons for the Armed Forces,
iii.It also offers its exportable products to friendly foreign countries to be a part of the global supply chain.
About Bharat Dynamics Limited (BDL):
Chairman and Managing Director– Siddharth Mishra
Parent Ministry– Ministry of Defence
Headquarters– Hyderabad, Telangana
MoHUA extends Timeline for Implementation of Smart Cities Mission to June 2023On December 2, 2021, the Ministry of Housing and Urban Affairs (MoHUA) extended the timeline for the implementation of the Smart Cities Mission (SCM) for all 100 participating cities to June 2023 due to the COVID-19 induced slowdown and other factors. The Mission was launched in the year FY2015-16 & set a target of five years i.e.FY2019-20.
- This decision is also based upon the recommendations made by NITI (National Institution for Transforming India) Aayog in August 2021.
- The information for the same was provided by Minister of State (MoS) Kaushal Kishore, MoHUA in a written reply to a question in the Lok Sabha.
i.According to an earlier deadline, the cities were expected to complete their projects within five years of being selected under the SCM.
- The cities were selected from January 2016 to June 2018. MoHUA launched the SCM in June, 2015.
ii.The objective of SCM is to promote cities providing core infrastructure, give a decent quality of life to their citizens, and a clean and sustainable environment through the application of smart solutions.
iii.As of 12 November, 2021, the participating smart cities have tendered out 6,452 projects worth Rs 1,84,998 crores.
- The central government has released Rs 27,235 crores to states and union territories (UTs) for their smart cities.
India-EU adopted Clean Energy & Climate Partnership 2021-2023
i.On December 1, 2021, the 9th India-EU (European Union) Energy Panel held which was co-chaired by Reenat Sandhu, the Secretary of India’s Ministry of External Affairs (West), and Ms. Mechthild Worsdorfer, Deputy Director-General for Energy, European Commission (EC).
ii.During the meeting both sides agreed on a detailed work programme 2021-2023, to implement the 2016 India-EU Clean Energy and Climate Partnership.
iii.The Energy Panel agreed on increased technical cooperation in the area of energy efficiency, renewable energy, green hydrogen, grid integration; storage, power market design, interconnection, cold chain, and sustainable financing.
About European Union:
It has 27 member states.
It has 24 official languages.
The United Kingdom (UK) withdrew from the EU on January31, 2020.
>>Read Full News
Devusinh Chauhan MoS for Communications Released Commemorative Stamp to Mark 75 Years of Mahindra GroupDevusinh Chauhan, Minister of State(MoS) for Communications, has unveiled the commemorative postage stamp to mark the 75th anniversary of the Mahindra Group. He also urged the group to collaborate with the postal department to improve the delivery of social services in the rural areas
- During the event, the First Day Cover (FDC) and an Information Brochure were also released.
- The Commemorative Postage Stamp, FDC and Information Brochure would be available for sale at Philatelic Bureaux and they can also be ordered online on https://www.epostoffice.gov.in/.
Anand Mahindra, Chairman of Mahindra Group, Ashwini Vaishnaw, Union Minister of Communications were also present during the event.
Features of the Commemorative stamp:
i.The stamp features the founders of the Mahindra Group: Kailash Chandra Mahindra and Jagdish Chandra Mahindra.
ii.The design of the stamp is inspired by miniature art and it has used modern graphical illustrations of the various facets of the Mahindra group.
History of Mahindra Group:
i.Mahindra & Mohammed was founded by Kailash Chandra Mahindra and Jagdish Chandra Mahindra with Malik Ghulam Mohammed in 1945
ii.The company started the steel trading business in association with suppliers in the United Kingdom.
iii.After the partition of India and Pakistan, Mahindra & Mohammed subsequently changed its name to Mahindra & Mahindra.
India achieves target of 40% Power Generation Capacity from Non-Fossil Fuel SourcesIn accordance with the ministry of new and renewable energy (MNRE), India has achieved the target of 40% power generation capacity to 156.83 GW (Giga Watt) from non-fossil fuel sources in November 2021.
- Now, India’s installed renewable energy (RE) capacity stands at 150.05 GW, while its nuclear energy-based installed electricity capacity is 6.78 GW.
- This 156.83 GW non-fossil fuels based installed energy capacity is 40.1% of the total installed electricity capacity of 390.8 GW.
- According to the government, installed power capacity from non-fossil fuels will go up to 66% by 2030. Also, India has already reached an emission reduction of 28%.
- Note – India announced to cut net carbon emissions to zero by 2070 at COP26 in Glasgow.
i.At COP 21, as part of its Nationally Determined Contributions (NDCs), India had committed to achieving 40% of its installed electricity capacity from non-fossil energy sources by 2030.
ii.Now, the Indian government is committed to achieving 500 GW of installed electricity capacity from non-fossil fuel sources by 2030.
Indian Army Received Israel’s Heron Drones For Deployment in Ladakh Sector
The Indian Army has received the advanced Heron Drones from Israel to boost the army’s surveillance capabilities. The drones will be deployed in the eastern Ladakh sector.
The drones were received under the emergency procurement clause to monitor the Chinese activities in Ladakh sector.
- The acquisition of the drones under the emergency financial powers granted by Prime Minister Narendra Modi led the government to the Defence forces.
- Under this powers, the defence can buy equipment and systems worth Rs 500 crores to upgrade the war fighting capabilities.
Under this facility, The Indian army has also leased 2 Predator drones from the American Firm General Atomics.
South Korea to Get World’s Sustainable First Floating City by 2025
South Korea is set to get the World’s first floating city, a joint effort by OCEANIX and the United Nations Human Settlement Programme (UN-Habitat), which is likely to be completed by 2025. The floating city will be developed on the coast of Busan, South Korea, to tackle the problem of rising sea levels.
- In November 2021, Busan Metropolitan City of the Republic of Korea, UN-Habitat, and New York designers OCEANIX, signed an agreement to build the world’s first sustainable floating city.
The concept of the floating city, dubbed Oceanix City, was presented by Bjarke Ingels Group(BIG) and Massachusetts Institute of Technology(MIT) at a roundtable discussion on Sustainable Floating Cities at the United Nations’s New York Headquarters.
Features of the floating city:
i.The city will be spread across an area of more than 75 hectares, and will be able to accommodate 10000 residents.
ii.The floating city is designed to withstand natural disasters including floods, tsunamis and Category 5 hurricanes as its floating platforms will be anchored to the seafloor.
iii.The ‘flood-proof infrastructure’ will have several man-made islands, aiming to eliminate the risk of flooding by rising with the sea.
iv.It is designed in a way that it will grow, transform and adapt organically over the course of time evolving from neighborhoods, to villages, to cities.
About South Korea:
President– Moon Jae-in
Currency– South Korean won
BANKING & FINANCE
ADB Approves $500 Million Loan to Improve Quality of School Education in India
On 2nd December 2021, the Asian Development Bank (ADB) approved a $500 million (Rs 3,752 crore) loan to the Government of India to improve the quality of India’s school education and mitigate the impact of the COVID-19 pandemic on student’s learning.
- ADB’s loan supports the Samagra Shiksha, an Integrated Scheme for School Education and the new Exemplar School Initiative of the Ministry of Education (MoE).
i.The loan helps in improving foundational learning for primary students and enhancing secondary education through science, technology, engineering, the arts, and mathematics (STEAM) and integrated vocational education.
- The programme supports and expands digital technologies with local digital content in teaching-learning practices.
ii.The program will strengthen each state’s education management information system to monitor school performance and promote evidence-based planning.
iii.It also provides professional development for teachers and principals to enhance their pedagogic skills, subject knowledge, and digital skills.
About Exemplar schools:
i.Exemplar schools will provide quality learning environments that will become a model for replication in other government schools across India.
ii.About 1,800 government schools were planned to be transformed into exemplar schools in Assam, Gujarat, Jharkhand, Tamil Nadu, and Uttarakhand.
About Asian Development Bank
President – Masatsugu Asakawa
Established – 1966
Headquarters – Manila, Philippines
Members – Owned by 68 Members (49 from Asian & Pacific Regions)
Paytm Money tie-up with PMS Bazaar and Launches PMS Marketplace for HNI Investors
Paytm Money, the wholly-owned subsidiary of Paytm, has partnered with PMS Bazaar and launched a Portfolio Management Services (PMS) marketplace for its High Net-worth Individual (HNI) investors.
- PMS Bazaar is a Mumbai-based PMS advisory start-up that devises investment strategies.
i.The PMS will primarily focus on equities, with 95 percent of the funds invested in large, mid and small-cap companies. In addition to gold, exchange-traded funds and debt are other asset classes.
ii.Under the partnership, an expert from PMS Bazaar will connect with the investor who is requesting PMS on Paytm Money. They will initiate a discussion, after reaching a consensus on the strategy, a plan will be sent to the investor.
iii.As PMS Bazaar has already put in place more than 250 strategies, it will support the customers to select the right PMS strategy based on individual risk appetite and investment goals.
iv.Through the tie-up, the fee income that are arising out of the business proposition will be added to Paytm Money.
v.Earlier Paytm Money has introduced a feature for users to apply in an Initial Public Offering (IPO) as an HNI investor.
i.It is a service offered by the Portfolio Manager and it would lead to an investment in stocks, fixed income, debt, cash, structured products and other individual securities, managed by a portfolio manager to meet specific investment objectives.
ii.A portfolio manager is a body corporate who will make a contract or arrangement with a client for the management or administration of a portfolio of securities or the funds of the client on behalf of them.
iii.SEBI has directed the portfolio manager to accept minimum Rs 50 lakhs or securities having a minimum worth of Rs 50 Lakhs from the client.
About Paytm Money:
Operations Headquarters – Bengaluru, Karnataka
Whole-time Director & CEO – Varun Sridhar
KreditBee, Mswipe Join Hands to Offer ‘Cardless EMI’ at Retail Stores
On 2nd December 2021 KreditBee, a Fintech lending platform, partnered with Mswipe to offer fully digital ‘cardless EMI’ (Equated Monthly Installment) at leading retail stores.
- Under ‘cardless EMI’, KreditBee offers ‘pay later’ options for purchases of up to 1 Lakh, which can be converted into EMI in a range of 3 to 12 months
Aim – To expand offline presence and enable purchases of more than Rs 5 crores per month.
i.Under the partnership, the customers could shop from around 2 lakh merchant stores associated with Mswipe along with five lakh retail stores that will partner with KreditBee across India by the end of 2022.
ii.Book Now Pay Later (BNPL) option enables the customers to make instant purchases and helps small businesses to increase their overall sales.
Note – EMI transactions on Mswipe terminals have increased 3 times in 2021 (compared to 2020), with merchants enjoying services at affordable rates on POS machines and pay by link.
Co-founder & CEO – Madhusudan Ekambaram
Established – 2018
Headquarters – Bangalore, Karnataka
About Mswipe Technologies Pvt Ltd:
Founder & Managing Director – Manish Patel
Established – 2011
Headquarters – Mumbai, Maharashtra
ADB got Rs 15 Crore Grant from JFPR to Improve Urban Primary Health care in IndiaAsian Development Bank (ADB) has received a grant of around Rs 15 crore (USD 2 million) from the Japan Fund for Poverty Reduction (JFPR). The fund will be used to enhance urban primary healthcare usage across India.
- Objective: To strengthen the Comprehensive Primary Health Care (CPHC) system in urban areas across India.
i.The grant is aligned with the a $300 million (Rs 2,249 crore) loan support from ADB to Government of India to strengthen CPHC under the Pradhan Mantri Atmanirbhar Swasth Bharat Yojana (PM-ASBY), which is recently renamed to Pradhan Mantri Ayushman Bharat Health Infrastructure Mission (PM-ABHIM).
ii.Key support areas under the fund include capacity building of the national programme management unit under the Ministry of Health and Family Welfare (MoHFW), selected states and urban local bodies.
iii.The JFPR grant will support activities to strengthen the capacity of project stakeholders to deliver accessible and quality urban CPHC services for non-communicable diseases and COVID-19.
iv.The fund will support the MoHFW to hold annual national conferences and regional workshops on selected public health themes.
v.The fund will also promote the increased utilization of urban health and wellness centres (HWCs) and improve access to comprehensive primary health care in urban areas of 13 states.
Note – Japan established the JFPR fund in May 2000 to provide grants for projects supporting poverty reduction and related social development activities that can add value to projects financed by ADB.
About Asian Development Bank (ADB):
Establishment – 1966
Headquarters – Manila, Philippines
President – Masatsugu Asakawa
Members – 68 Members (49 from Asian & Pacific Regions)
ECONOMY & BUSINESS
DBS Research Revised India’s GDP Growth Forecast in FY23 to 7%
As per the report released by DBS Group Research named, ‘India 2022 Outlook: Shifting to a higher gear’, India’s GDP (Gross Domestic Product) growth forecast in FY23 was increased to 7 percent year-on-year (y-o-y) (6.5 percent at the Calendar year 2022 ) from its earlier projection of 6 percent.
- The bank has maintained India’s FY22 (full-year) forecast at 5 percent y-o-y. The 7 percent y-o-y growth rate in FY23 will be amongst the fastest in its Asia-10 universe.
- It expects India’s current account deficit (CAD) to increase to 1.5 percent (-1.5%) of GDP in FY22 from a 0.9 percent surplus in FY21.
Key Analysis of DBS:
i.The average inflation is likely to be above the 4 percent (the midpoint target) for a third consecutive year in FY22, with DBS’ forecast at 5.4 percent y-o-y. It expects FY23 inflation to average a firm 4.5 percent y-o-y.
ii.In FY23, the domestic demand recovery will keep the current account deficit wide at -1.6 percent of GDP.
iii.Currency: US Dollar to Indian Rupee (USD/INR) has been stable between 72 and 77 in 2020-2021, it is likely to remain so in FY23.
iv.The report mentioned RBI’s (Reserve Bank of India) longer-duration 28-day variable rate reverse repo (VRRR) auctions.
- Recently, RBI outlined measures for a calibrated draining out of surplus liquidity from the banking system via enhanced longer-duration 28-day VRRR auctions.
iv.The report forecasts a change in the policy stance is within the first half of 2022.
About DBS Group:
CEO – Piyush Gupta
Headquarters – Singapore
ONGC signs MoU with SECI to Develop Renewables, ESG Projects
On 2nd December 2021, Oil and Natural Gas Corporation Ltd (ONGC) signed a Memorandum of Understanding (MoU) with Solar Energy Corporation of India (SECI) to enhance Environment, Social & Governance (ESG) Projects and to strengthen footprint in renewables, especially solar.
- The MoU was signed by ONGC Chairman & Managing Director (MD), Subhash Kumar, and SECI MD, Suman Sharma in New Delhi.
- The MoU deals with the cooperation for undertaking renewable energy projects including solar, wind, solar parks, Electric Vehicles value chain, green hydrogen and storage.
ONGC’s efforts on green energy:
i.ONGC has set a target of producing a minimum of 10 GW of renewable power by 2040 and focuses on the exploration and production (E&P) business.
ii.It has also cut down its carbon emission intensity by 13.67 percent over the last five years moving towards a sustainable environment.
iii.A joint feasibility study has been conducted with National Thermal Power Corporation Limited (NTPC) for considering India’s first 200-300 MW demonstration wind offshore power project.
iv.ONGC’s refining subsidiary Mangalore Refinery and Petrochemicals Limited (MRPL) and petrochemical units ONGC Petro Additions Limited (OPAL) and ONGC Mangalore Petrochemicals Limited (OMPL) can be replaced by green energy and hydrogen due to huge power consumption.
v.ONGC is the first non-American company to be a part of the Global Methane Initiative (GMI).
Note – Maharatna ONGC is the largest crude oil and natural gas Company in India
About Solar Energy Corporation of India (SECI)
It is the only Central Public-Sector Undertaking (CPSU) dedicated to the solar energy sector and it is under the administrative control of the Ministry of New and Renewable Energy (MNRE).
Managing director (MD) – Suman Sharma
Established – 2011
Headquarters – New Delhi, Delhi
RailTel & CSC signed an MoU to Increase Broadband Penetration
On 2 December 2021, RailTel signed a Memorandum of Understanding (MoU) with CSC (Common Service Center) e-Governance Services India Limited to provide services to increase broadband penetration in rural/ semi urban areas for minimising the digital divide.
- The MoU was signed during the one day workshop on ‘CSC Empowering Citizens under Digital India’ as part of Iconic Week Celebration under ‘AzadikaAmritMahotsav’ at Siri Fort Auditorium, New Delhi. Ajay Sawhney, Secretary, Ministry of Electronics and Information Technology (Meity) inaugurated the workshop.
i.RailTel is one of the largest neutral Telecom Service and ICT (Information Communication Technology) solutions providers in India.
ii.CSC helps in linking the rural population with a host of e-governance services for digital inclusion.
iii.The CSC works as a special purpose vehicle (SPV) under the Ministry of Electronics and Information Technology (MeitY).
iv.RailTel has already set up about 200 ‘RailWire Saathi Kiosks’ at rural/semi urban Railway stations which will be operated by Village level Entrepreneurs (VLEs).
i.During the event, CSC Pay -UPI based application developed by CSC e-Governance Services India Limited was launched.The application provides a safe, secure and convenient solution for cashless transactions to everyone across the country. CSCPay will on-board approximately 4 lakh VLEs as merchants within the UPI framework.
ii.CSC SPV & Indian Farmers Fertiliser Cooperative Limited (IFFCO) has signed MoU for bringing environmental economic change in Rural India through Nano Urea and Speciality fertilizers.
iii.CSC SPV launched a dedicated helpline on WhatsApp called ‘CSC Health Services Helpdesk’ on WhatsApp to provide a digitally inclusive teleconsultation solution for people including in rural and remotest parts of India.
Chairman and MD-Puneet Chawla
Under– Ministry of Railways
IREDA Signed MoU with THDCIL to Support Renewable Energy ProjectsThe Indian Renewable Energy Development Agency Limited (IREDA), under the Ministry of New & Renewable Energy has signed a Memorandum of Understanding(MoU) with the THDC India Limited(THDCIL), to provide financial and technological support to develop renewable energy(RE) projects.
IREDA and BCFCL signed MoU for Green Energy
The IREDA has also signed a MoU with Brahmaputra Valley Fertilizer Corporation Limited (BVFCL), under the Ministry of Chemicals & Fertilizers to provide techno-financial expertise to develop RE energy projects and fundraising.
Previously, IREDA had signed MoUs with Satluj Jal Vidyut Nigam (SJVN) Limited; NHPC Ltd; Tamil Nadu Generation & Distribution Corporation. Limited (TANGEDCO); and North Eastern Electric Power Corporation (NEEPCO) to offer consultancy services for developers of RE and Energy transition.
About Indian Renewable Energy Development Agency(IREDA) Limited:
CMD– Pradip Kumar Das
Headquarters– New Delhi, Delhi
>>Read Full News
Kotak Mahindra MF Launches India’s First Nifty Alpha 50 ETFKotak Mahindra Asset Management Company (Kotak Mahindra Mutual Fund) launched India’s first-ever Nifty Alpha 50 Exchange Traded Fund (ETF) named Kotak Nifty Alpha 50 ETF.
- The New Fund Offer (NFO) will be open for subscription till 15th December 2021.
Note – Alpha is also referred to as ‘excess return’, which measures the return earned by a stock above or below demanded by the market for its risk class.
i.Kotak’s Nifty Alpha 50 ETF is an open-ended scheme that will track the performance of 50 stocks listed with the National Stock Exchange (NSE) with high Alpha’s in the last one year.
ii.The companies are selected from the top 300 companies by average free-float market capitalisation and average daily turnover for the last six months.
iii.The diversified stocks in the ETF will be based on Kotak’s well-defined strategy which benefits investors for the long term and becomes a tool to balance investor’s active portfolios.
1.Since it is a passive fund, it is easy to understand
2.Low cost as compared to actively managed funds
3.Can generate significant Alpha over Nifty 50 and Nifty 100
4.No biases as it tracks an index
5.Suitable for investors seeking long-term capital growth
About Kotak Mahindra Asset Management Company (KMAMC)
KMAMC is a wholly owned subsidiary of Kotak Mahindra bank Limited (KMBL), and is the Asset Manager for Kotak Mahindra Mutual Fund (KMMF).
Operations started – 1998
Group President & Managing Director – Nilesh Shah
Headquarters – Mumbai, Maharashtra
About Kotak Mahindra bank Limited (KMBL)
MD & CEO – Uday Kotak
Established – 1985
Headquarters – Mumbai, Maharashtra
Tagline – Lets make money simple
AWARDS & RECOGNITIONS
Delhi’s Nizamuddin Revival Project won 2 UNESCO Asia-Pacific Awards for Cultural Heritage Conservation 2021 Nizamuddin Revival Project, India’s project on the holistic urban revitalisation of the historic Nizamuddin Basti community, in New Delhi, Delhi has won the UNESCO Asia-Pacific Awards for Cultural Heritage Conservation 2021 under 2 categories: Award of Excellence and Special Recognition for Sustainable Development.
About Nizamuddin Basti project:
i.The Nizamuddin Basti project has overcome the major socio-economic challenges and improved health, education and well-being, particularly for women and youth through an innovative People-Public-Private Partnership model.
ii.The project involves the meticulous restoration of over 20 historic monuments clustered around the 14th-century mausoleum of the revered Sufi saint, Hazrat Nizamuddin Auliya.
Winners of UNESCO Asia-Pacific Awards for Cultural Heritage Conservation 2021:
The jury of Heritage experts honoured 9 projects from 6 countries (Bangladesh, China, India, Japan, Malaysia, and Thailand) with the UNESCO Asia-Pacific Awards for Cultural Heritage Conservation 2021.
Click here to know more about the 2021 winners
>>Read Full News
Assam govt.conferred ‘Asom Baibhav Award’ to industrialist Ratan TataOn the occasion of Asom Divas or Assam Day, the Chief Minister (CM) of Assam Himanta Biswa Sarma conferred the prestigious ‘Asom Baibhav’ 2021 award to Ratan Tata, Chairman of TATA Trusts for contributing towards cancer care services in Assam.
- It is the highest civilian award of Assam.
- Assam day is celebrated on 2 December to commemorate the rule of Chalong Sukapha.
- The Assam Ratna award from now onwards will be known as Asom Baibhav, Assam Vibhushan as Asom Saurav and Assam Bhusan and Assam Shree award as Asom Gaurav.
i.In 2017, Tata Trust established a 3-level cancer care grid at state, capital and district levels.
ii.The Trust invested in the project worth INR 1400 Crore. Under the project a ‘South Asian Cancer Research centre’ is proposed to be set up in Assam. It will enable research and development (R&D) on identifying reasons for cancer and develop treatment protocols with a focus on South Asia.
About Ratan Tata:
i.Ratan Naval Tata was born on 28 December 1937 in Mumbai, Maharashtra.
ii.He is an Indian industrialist, philanthropist, and a former chairman of Tata Sons.
iii.He was also chairman of Tata Group, from 1990 – 2012, and again, as interim chairman, from October 2016 through February 2017, and currently chairman of the TATA Trusts.
River – Kopili river, Iril river
Lake-Chandubi Lake,Haflong Lake
APPOINTMENTS & RESIGNATIONS
Gita Gopinath appointed as the IMF’s First Deputy Managing DirectorIndian-American and the first female Chief Economist of the International Monetary Fund (IMF), Gita Gopinath is promoted as the IMF’s First Deputy Managing Director (FDMD) serving under IMF Chief Kristalina Georgieva. She will succeed FDMD Geoffrey Okamoto who is set to be relived from IMF.
About Gita Gopinath:
i.She was born on 8 December 1971 in Kannur, Kerala.
ii.She has been serving as the Chief Economist of the IMF since 2019. In that role she is the Director of IMF Research Department and the Economic Counsellor of the Fund.
iii.Gita Gopinath was also appointed to various positions including as an advisory member to the US Federal Reserve Bank and also as an economic advisor to the Kerala Chief Minister (CM).
About International Monetary Fund (IMF):
MD- Kristalina Georgieva
Member countries- 190
Headquarters- Washington, DC United States
Pradip Shah appointed NARCL Chairman & Sanjay Jain joins as the CEO of IDRCL
The founder of IndAsia Fund Advisors,Pradip Shah appointed as the Chairman of National Asset Reconstruction Company Ltd (NARCL) and Managing Director of Aditya Birla Asset Reconstruction Company (ABARC), Sanjay Jain appointed as the Chief Executive Officer (CEO) of India Debt Resolution Company Ltd (IDRCL).
- Diwakar Gupta, former managing director of State Bank of India (SBI), also appointed as Chairman of IDRCL.
i.In May 2021, the chief general manager of SBI, Padmakumar Nair was appointed as the MD of NARCL.
i.He is a Chartered Accountant (CA) and an MBA (Masters in Business Administration) graduate from Harvard University.
ii.He is credited for establishing India’s first and largest housing finance company, HDFC and Crisil (rating firm).
i.He has experience of 29 years in corporate lending, investment banking and stressed fund management.
ii.Prior to this appointment he has worked with Asset Reconstruction Company of India, SBI Capital Markets, etc.
About India Debt Resolution Company Ltd (IDRCL):
The IDRCL is a service company/operational entity which will manage the asset and engage market professionals and turnaround experts.
- Public Sector Banks (PSBs) and Public Financial Institutions will hold a maximum of 49% stake while the remaining stake will be with private sector lenders.
Maharashtra government appointed Salman Khan as Covid vaccination ambassador
The Maharashtra Government has appointed Veteran Bollywood Actor Salman Khan as the Covid vaccination ambassador of the state with an intent to tackle vaccine hesitancy among the Muslim dominated areas of Maharashtra and to encourage people to get both dose of COVID vaccine.
Saurav Ghosal won Malaysian Open Squash Championships 2021; Became 1st Indian To Win The Championship
On 27th November 2021, Indian Squash player Saurav Ghosal won the Malaysian Open Squash Championships 2021, defeating Colombia’s Miguel Rodriguez in the men’s singles final held in Kuala Lumpur, Malaysia.
- Saurav Ghosal, seeded two and ranked 15th in the world, became the 1st Indian to win the Malaysian Open Squash Championships.
- The Malaysian Open Squash Championships 2021 was held from 23rd to 27th November 2021.
Malaysia’s Aifa Azman won the women’s singles title of the 2021 Malaysian Open squash championships 2021.
International Day of Persons with Disabilities 2021 – December 3The United Nations(UN)’s International Day of Persons with Disabilities is annually observed across the globe on 3rd December to create awareness about the situation of persons with disabilities in every aspect of political, social, economic and cultural life.
- The day also aims to promote the rights and well-being of persons with disabilities in all spheres of society and development,
The theme of International Day of Persons with Disabilities 2021 is “Leadership and participation of persons with disabilities toward an inclusive, accessible and sustainable post-COVID-19 world.”.
Observance in India: National Awards:
As a part of the International Day of Persons with Disabilities observance, Ram Nath Kovind, President of India, conferred the National Awards 2020 in the field of Empowerment of Persons with Disabilities.
Tamil Nadu won National Award 2020 under Best State category:
The state of Tamil Nadu(TN) has won the National Awards 2020 for Empowerment of Persons with Disabilities under the Best State in Promoting Empowerment of Persons with Disabilities category.
>>Read Full News
Jharkhand CM Hemant Soren Launches Web Portal & Mobile App for Budget SuggestionOn 2nd December 2021, Jharkhand Chief Minister Hemant Soren launched a web portal named ‘Hamar Apan Budget’ and a mobile application (app) prepared by the state finance Department from the Chief Minister’s residential office in Ranchi.
- Through this portal, the general public of the state can share their suggestions for the 2022-23 budget.
Procedure to give suggestions:
i.The public could use the hyperlink https://finance.jharkhand.gov.in/budgetvichar to register oneself on ‘Hamar Apan Price range Portal’.
ii.The portal requires a Mobile number and e-mail (non-compulsory) to generate OTP.
iii.After profitable authentication of the OTP, the public can file the suggestion for the desired area in budget.
The public can give suggestions through Twitter, Facebook, WhatsApp and e-mail and also through the app by downloading the ‘Hamar Budget’ from Google Playstore for Android phones.
Governor – Ramesh Bais
Wildlife sanctuaries – Dalma Wildlife Sanctuary, Lawalong Wildlife Sanctuary, Mahuadanr Wildlife Sanctuary
Current Affairs Today (AffairsCloud Today)
|S.no||Current Affairs 4 December 2021|
|1||BDL and Indian Army sign Rs 471.41cr contract to supply IGLA-1M missiles|
|2||MoHUA extends timeline for implementation of Smart Cities Mission to June 2023|
|3||India-EU adopted Clean Energy & Climate Partnership 2021-2023|
|4||Devusinh Chauhan MoS for Communications Released Commemorative Stamp to Mark 75 Years of Mahindra Group|
|5||India achieves target of 40% Power Generation Capacity from Non-Fossil Fuel Sources|
|6||Indian Army Received Heron Drones from Israel for Deployment in Ladakh Sector|
|7||South Korea to Get World’s Sustainable First Floating City by 2025|
|8||ADB Approves $500 Million Loan to Improve Quality of School Education in India|
|9||Paytm Money tie-up with PMS Bazaar and Launches PMS Marketplace for HNI Investors|
|10||KreditBee, Mswipe Join Hands to Offer ‘Cardless EMI’ at Retail Stores|
|11||ADB got Rs 15 Crore Grant from JFPR to Improve Urban Primary Health care in India|
|12||DBS Research Revised India’s GDP Growth Forecast in FY23 to 7%|
|13||ONGC signs MoU with SECI to Develop Renewables, ESG Projects|
|14||RailTel & CSC signed an MoU to Increase Broadband Penetration|
|15||IREDA Signed MoU with THDCIL to Support Renewable Energy Projects|
|16||Kotak Mahindra MF Launches India’s First Nifty Alpha 50 ETF|
|17||Delhi’s Nizamuddin Revival Project won 2 UNESCO Asia-Pacific Awards for Cultural Heritage Conservation 2021|
|18||Assam govt.conferred ‘Asom Baibhav Award’ to industrialist Ratan Tata|
|19||Gita Gopinath appointed as the IMF’s First Deputy Managing Director|
|20||Pradip Shah appointed NARCL Chairman & Sanjay Jain joins as the CEO of IDRCL|
|21||Maharashtra government appointed Salman Khan as Covid vaccination ambassador|
|22||Saurav Ghosal won Malaysian Open Squash Championships 2021; Became 1st Indian|
|23||International Day of Persons with Disabilities 2021 – December 3|
|24||Jharkhand CM Hemant Soren Launches Web Portal & Mobile App for Budget Suggestion|