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YUVA 2.0: MoE launched PM’s Scheme for Mentoring Young Authors
ii.It is a part of India@75 Project (Azadi Ka Amrit Mahotsav), and is themed on ‘Democracy (institutions, events, people, constitutional values – past, present, future)’.
iii.The scheme will be implemented by the National Book Trust (NBT), India under MoE.
About Ministry of Education (MoE):
Union Minister – Dharmendra Pradhan (Rajya Sabha – Madhya Pradesh)
Minister of State (MoS) – Annpurna Devi (Kodarma Constituency, Jharkhand); Dr. Subhas Sarkar (Bankura Constituency, West Bengal); Dr. Rajkumar Ranjan Singh (Inner Manipur Constituency, Manipur)
>> Read Full News
India’s Unemployment Rate Falls to 6.43% in September 2022: CMIE
According to latest data given by the Centre for Monitoring the Indian Economy (CMIE), India’s Unemployment Rate (UR) has decreased significantly to 6.43% in September 2022, owing to increasing labour participation in rural and urban areas.
- In August, India’s UR surged to a one-year high of 8.3% as employment sequentially fell by 2 million to 394.6 million.
- This is the lowest UR level recorded in the past 4 years since August 2018.
The Unemployment Rate (UR) is the percentage of the labour force that is unemployed, willing to work, and actively seeking employment.
Unemployment Rate (%)
i.In September 2022, the UR in Rural areas decreased to 5.84% from 7.68% in August 2022, while in Urban areas it fell to 7.7% from 9.57% in August 2022.
- The nearly 8 million rise in labour participation demonstrates the resilience of India’s economy.
ii.In August 2022, both the Urban UR and Rural UR spiked to 9.6% and 7.7%, respectively.
- As of August month in the year 2022, the lowest UR was observed in January 2022 at 6.6%.
Ranking The UR from Highest to Lowest for September 2022
- In September 2022, Rajasthan had the highest UR, at 23.8%, followed by Jammu and Kashmir at 23.2%, Haryana at 22.9%, Tripura at 17%, Jharkhand at 12.2%, and Bihar at 11.4%.
- In September 2022, Chhattisgarh had the lowest UR at 0.1%, followed by Assam at 0.4%, Uttarakhand at 0.5%, Madhya Pradesh at 0.9%, Gujarat at 1.6%, Meghalaya at 2.30%, and Odisha at 2.90%.
About Centre for Monitoring Indian Economy (CMIE)
CMIE is a leading business information company that primarily functions as an independent think tank.
MD – Mahesh Vyas
Established – 1976
Headquarters – Mumbai, Maharashtra
BANKING & FINANCE
SBI adopted 30 Remote Villages across 6 states under its Gram Seva Program
- This adoption was made under the 4th phase of the ‘SBI Gram Seva’ program.
- With this, the program’s outreach will expand to a total of 130 villages, of which 75 villages are from aspirational districts notified by the NITI (National Institution for Transforming India) Aayog.
About SBI Gram Seva Program:
SBI Gram Seva, a flagship scheme of SBI Foundation, was launched under the Corporate Social Responsibility (CSR) of the bank in 2017. It envisages comprehensive development of villages by active intervention in areas like education, healthcare, livelihoods, and infrastructure.
- As of now, the program has adopted 100 villages across 16 States in 3 phases, and already completed 5 years.
- 16 out of the total 17 SBI Circles of the country come under the ambit of the scheme.
About State Bank of India (SBI):
Chairman– Dinesh Kumar Khara
Headquarters– Mumbai, Maharashtra
Tagline– The banker to Every Indian
About SBI Foundation:
SBI Foundation is the CSR arm of SBI.
MD & CEO– Sanjay Prakash
Headquarter- Mumbai, Maharashtra
Tagline– Service Beyond Banking
EXIM Bank Extends USD 100 Million LoC to Maldives for Development Projects
- The LOC Agreement was signed by H.E. Ibrahim Ameer, Minister of Finance, Government of the Republic of Maldives, and Mr. Nirmit Ved, General Manager, EXIM Bank, during a ceremony hosted by the Ministry of Foreign Affairs, Government of the Republic of Maldives.
It was signed in the presence of Vinay Mohan Kwatra, Foreign Secretary of India and Ahmed Latheef, Foreign Secretary of the Republic of Maldives.
i.With the signing of this LOC Agreement, India Exim Bank has now authorized 6 Lines of Credit (LOCs) on behalf of the GoI to the Government of the Republic of the Maldives, bringing the total amount of LOCs to USD 1.43 billion.
ii.Projects covered by the LOCs extended to Maldives: Greater Male’ Connectivity Project; Water & Sewerage Projects; Addu Development Project; International Cricket StadiumProject; Defence projects; Gulhifalhu Port Project; Hanimaadhoo Airport Project; Gan Airport Project; Fisheries Project; Road Construction Project and Sports Infrastructure.
iii.With the signing of this LOC Agreement, EXIM Bank presently has 311 LOCs covering 67 countries in Africa, Asia, Latin America, Oceania, and the Commonwealth of Independent States (CIS), with credit commitments totaling approximately USD 32.31 billion.
iv.India handed over a vessel procured with the financial support of the Indian government under the Maldives Correctional Service in a ceremony held at the Ministry of Foreign Affairs. The total amount allocated for this project was 8 million Rufiyaa.
About Export-Import Bank of India (EXIM Bank):
MD – Harsha Bangari
Establishment – 1982
Headquarters – Mumbai, Maharashtra
SIDBI and Dun & Bradstreet India launches SIDBI – D&B SPeX dedicated to MSMEs
ii.SIDBI and D&B also signed a MoU for developing and implementing the Index.
iii.It is India’s 1st Sustainability Index Dedicated to MSMEs (Micro, Small & Medium Enterprises).
iv.It is a quarterly survey to provide valuable insights on adoption of an ESG (Environmental, Social, and Governance) framework by assessing the view points of businesses on different parameters.
About Small Industries Development Bank of India (SIDBI):
Chairman & Managing Director– Sivasubramanian Ramann
Headquarters– Lucknow, Uttar Pradesh
About Dun & Bradstreet India:
Managing Director & CEO– Avinash Gupta
Location– Mumbai, Maharashtra
>> Read Full News
NABARD Sanctions Rs. 222 Crore to Augment Infrastructure in Punjab’s Rural Schools
The National Bank for Agriculture and Rural Development (NABARD) has sanctioned Rs. 221.99 crore (~Rs. 222 crore) from the Rural Infrastructure Development Fund (RIDF) to upgrade school infrastructure in rural schools in Punjab.
i.About 404 integrated scientific laboratories, 62 physics labs, 44 chemistry labs, 54 biology labs, 103 computer labs, and 55 National Skills Qualification Framework labs were also approved.
ii.The projects will benefit a total of 3.80 lakh students, including 3.5 lakh new enrolment, in over 3,500 villages.
iii.Currently, 632 projects are being built with Rs. 686 crore awarded under the RIDF by the Department of School Education, Government of Punjab.
About National Bank for Agriculture and Rural Development (NABARD):
Chairman – Shri Suchindra Misra
Establishment – 12 July 1982
Headquarters – Mumbai, Maharashtra
ICICI Bank UK PLC Launches Special Account for Indian Students in UK
i.The new account can be created online through ICICI Bank UK iMobile app or through an online application form and for the creation of joint accounts, students can visit any of the ICICI Bank branches.
ii.This HVCA comes with a visa debit card which can be anywhere in the world and students can activate them digitally before leaving India for the UK.
- After activation of the card, students can also activate internet banking and mobile banking, similar to a savings account in India.
iii.The students can even opt for the physical debit card and can choose to deliver the card to an Indian address or UK address.
Note – Nearly 1,18,000 Indian students received student visas at the end of June 2022, which is an 89 percent increase from 2021.
About ICICI Bank Limited:
MD & CEO – Sandeep Bakhshi
Establishment – 1994
Headquarters – Mumbai Maharashtra
Aditya Birla Launches Activ Fit health insurance policy for Young and Healthy Adults
i.The Activ Fit provides a 10 percent good health discount on the basis of an assessment done through a unique facial scan.
ii.Additionally, upto 50 percent offer on health returns on being active for 275 days in a year and 100% Binge Refill enables the policy holders to get insurance cover up to sum assured, for any illness or injury.
i.This feature enables the insurers to get insurance cover upto sum assured, for any illness or injury.
- It also includes modern treatments, mental care cover, daily care treatment, human immunodeficiency virus (HIV)/Acquired immunodeficiency syndrome (AIDS) and Sexually transmitted diseases (STD), pre-hospitalisation and road ambulance cover.
ii.Additionally, all maternity benefits including Rs.40,000 for normal delivery, Rs.60,000 for C-section delivery, newborn baby expenses, vaccination expenses and stem cell preservation are also covered over the sum and above expenses.
All customers below the age of 35 years can avail an early bird discount at renewal, of 5 percent from 4th to 7th policy year and a 10 percent from 8th policy year for the lifetime policy.
- The product can be bought as individual, multi-individual and as family floater plans for tenures of one, two or year years.
i.The product provides additional benefits of No claim bonus, a 10 percent of sum insured per annum, and maximum up to 100 percent and an optional cover of super no claim bonus of up to 50 percent of sum insured, maximum up to 100 percent.
ii.This also includes health check-ups, for the insurers aged above 18 years and above on the start date of the policy, once during the policy year.
About Aditya Birla Health Insurance Company Limited (ABHICL):
CEO & Whole-time director – Mayank Bathwal
Headquarters – Mumbai, Maharashtra
HDFC Life Launches Insure India Campaign
HDFC Life Insurance Company Limited (HDFC Life) has launched the ‘Insure India’ campaign that is aimed at educating Indians on the benefits of life insurance as a product category.
About the campaign:
i.The objective of this campaign is to educate Indians about life insurance and motivate them to secure their future with the Insure India financial product that offers the dual benefits of protection and long-term savings.
ii.As part of this campaign, HDFC life will host chat shows, hold on-ground activities, and webinars for engaging with consumers directly and indirectly.
iii.The previous initiatives of HDFC Life includes Start the Talk, Get Set Protect and Being Responsible which primarily focused on educating customers about life insurance.
Note – Currently, the insurance penetration in India is around 3 percent.
About HDFC Life Insurance Company Limited (HDFC Life):
HDFC Life Insurance Company Limited (HDFC Life) is a joint venture between HDFC Limited and abrdn (Mauritius Holdings) 2006 Limited, a global investment company.
MD & CEO – Vibha Padalkar
Establishment – 2000
Headquarters – Mumbai, Maharashtra
JSW Cement secures Rs 400 cr as sustainability-linked loan from MUFG Bank
JSW Cement Ltd. raised INR 400 crore (USD 50 million) from MUFG Bank India Ltd. as its first sustainability-linked loan.
- It is also MUFG Bank India’s first transaction undertaken out of its new IFSC unit branch launched in August 2022 in the Gujarat International Finance Tec-City (GIFT City),Gandhinagar, Gujarat.
- The cement company plans to deploy the funds for capital expenditure with increasing focus on sustainability.
- The capital amount will enable the cement company to achieve 25 million tonne per annum (MTPA) capacity by FY25. The loan will also forms part of its Environment, Social and Governance (ESG) objective
JSW Cement is one of the leading green cement companies of India
ECONOMY & BUSINESS
India’s GDP Growth to decline to 5.7% in 2022: UNCTAD
- India’s growth will further drop to 4.7% in 2023.
- The key reason behind this decline is higher financing cost and weaker public expenditures.
- Government deficits in 2020 (2021) ranged 12.8% (11.3%) of GDP in India.
i.As per the report, the India’s Central Government’s Production-Linked Incentive (PLI) Scheme incentivized the corporate investment, but an increase in import bills for fossil energy is affecting the trade deficit.
ii.On the regional front, South Asia will grow at 4.9% in 2022 amid inflation hike due to high energy prices, exacerbating Balance of Payment (BoP), among others.
- In 2023, the region’s growth will further decelerate to 4.1%.
i.UNCTAD projected world economic growth to slow to 2.5% in 2022 and drop to 2.2% in 2023.
ii.The global slowdown will result in real GDP below its pre-pandemic level, costing the world more than $17 trillion.
- Currently, the world economy is facing ‘cascading and multiplying‘ crises, with incomes still below 2019 levels in many major economies.
iii.The average growth rate for developing economies is projected to drop below 3% which is is insufficient for sustainable development
iv.The report warns that monetary and fiscal policy moves in advanced economies risk pushing the world towards global recession and prolonged stagnation which will be worse than the financial crisis in 2008 and the COVID-19 shock in 2020.
- For example: The interest rate hikes in the United States (US) in 2022 are set to cut an estimated $360 billion of future income for developing countries (excluding China).
About United Nations Conference on Trade and Development (UNCTAD):
Secretary-General– Rebeca Grynspan (first woman and Central American to serve as UNCTAD’s secretary-general)
Member States– 195
Headquarters– Geneva, Switzerland
APPOINTMENTS & RESIGNATIONS
Anish Dayal Singh appointed as 32nd ITBP DG
- He succeeded S L Thaosen who has been holding the additional charge of the force.
- The approval was given by the Appointments Committee of the Cabinet (ACC) headed by the Prime Minister (PM).
i.Anish Dayal Singh was also provided the additional charge by the Ministry of Home Affairs (MHA) of the Sashastra Seema Bal (SSB) till the appointment and joining of the regular incumbent or until further orders whichever is earlier.
ii.He served as a special director in the Intelligence Bureau (IB) where he handled several sensitive assignments.
iii.S L Thaosen,IPS officer Madhya Pradesh cadre was appointed as the new DG of Central Reserve Police Force(CRPF).
About Indo-Tibetan Border Police (ITBP):
i.The ITBP is primarily tasked to guard the 3,488-km stretch of the Line of Actual Control (LAC) with China.
ii.It is one of the seven Central Armed Police Forces of India, established in the aftermath of the Sino-Indian War of 1962.
Headquarters- New Delhi, Delhi
ACQUISITIONS & MERGERS
LIC increases its stake in Dr Reddy’s Laboratories to 7.7 pc
On 3rd October 2022, Life Insurance Corporation of India (LIC) elevated its stake to 7.7% from 5.65% in an Indian multinational pharmaceutical company Dr Reddy’s Laboratories Ltd (DRL).
i.Between June 15, 2022 and September 30, 2022 LIC purchased 33,86,486 shares of DRL, aggregating 2.034% stake from the open market.
ii.It offers products and services including Active Pharmaceutical Ingredients (API), generics, branded generics, biosimilars and over-the-counter pharmaceutical products across the world.
About Dr Reddy’s Laboratories Ltd (DRL):
CEO- Erez Israeli
About Life Insurance Corporation of India (LIC):
Chairperson-Mangalam Ramasubramanian Kumar
Headquarters- Mumbai, Maharashtra
Britannia acquires 51% equity share in Kenya’s KBL & 100% equity stake in CBBL
On 3rd October 2022, Britannia and Associates (Dubai) Pvt Co Ltd (BADCO), wholly owned subsidiary of Britannia Industries, acquired Nairobi (Kenya) based liability firm Kenafric Biscuits Ltd (KBL) by subscribing to 51% of the equity share capital of the company.
- The cost of acquisition was Kenyan Shillings (KES) 13.87 crore ( INR 9.2 crore).
- BADCO also acquired 100% of the equity share capital of Catalyst Britannia Brands Ltd (CBBL) at the cost of Kenyan Shillings (KES) 2.14 crore ( INR 1.42 crore).
- CBBL is an investment company which owns the ‘Britannia’ trademark in Kenya.
SCIENCE & TECHNOLOGY
Prachanda: IAF inducts 1st Made-In-India LCH at its Jodhpur Air Force Station
ii.These LCHs are Limited Series Production(LSP) of 10 choppers for IAF. As of now, 4 have been delivered and inducted, and the rest will be delivered by the end of 2022.
iii.The induction ceremony was presided over by Union Minister Rajnath Singh, Ministry of Defence (MoD) in the presence of Chief of Defence Staff (CDS) General Anil Chauhan; and Chief of Air Staff (CAS) Air Chief Marshal Vivek Ram Chaudhari at the Jodhpur base.
iv.Prachanda is developed by Hindustan Aeronautics Ltd (HAL) in collaboration with French engine-maker Safran.
About Hindustan Aeronautics Limited (HAL)
Chairman and Managing Director – C B Ananthakrishnan (Addl. Charge)
Headquarter– Bengaluru, Karnataka
>> Read Full News
ISRO Confirms the End of MOM; Mars Orbiter Craft Non-Recoverable
On 3rd October 2022 the Indian Space Research Organisation (ISRO) confirmed that the Mars Orbiter Mission (MOM), commonly referred as Mangalyaan mission has come to an end as it has lost communication with the ground station due to a long eclipse happened in April 2022 and it is non-recoverable.
About Mars Orbiter Mission (MOM):
i.Mars Orbiter Mission has been designed to work for a life-span of six months as a technology demonstrator, despite in 2022, MOM has completed 8 years of its work, since its inception.
ii.The India’s first indigenously built interplanetary mission was launched by ISRO to study the Martian surface and atmosphere in 5th November 2013, after successfully completing 300 days of its interplanetary journey the space probe was inserted into the Martian orbit on 24th September 2014.
- The secondary objective is to explore Martian surface features, mineralogy, morphology and atmosphere using indigenous scientific instruments.
iii.MOM was launched from PSLV C-25 and carried around 850 kg of fuel and 5 science payloads including a Mars Color Camera (MCC) that is used for studying the Martian surface and atmosphere.
iv.The MOM was tracked by the Indian Deep Space Network (IDSN) in Bengaluru, Karnataka and is complemented by National Aeronautics and Space Administration (NASA) – Jet Propulsion Laboratory (JPL)’s Deep Space Network.
Note – India is the 1st Asian nation to reach Mars orbit and the 1st in the world to achieve it on its 1st attempt.
Wildlife Week 2022- October 2 to 8
- The 2022 Wildlife Week marks the 68th edition of its observance.
The campaign was organized to spread awareness about flora and fauna and encourage people to save the wildlife.
The main objectives of Wildlife Week:
- Awareness of the protection and conservation of wildlife.
- To make the people aware of the importance of wildlife conservation.
- Set up additional services to protect wildlife.
- Discuss all issues related to the protection and conservation of wildlife.
World Animal Day 2022 – October 4
- World Animal Day is a global initiative for animal rights that aims at ensuring better standards for animal welfare.
- The mission of WAD is to raise the status of animals to improve welfare standards around the globe.
The theme of World Animal Day 2022 is ‘Shared Planet’.
i. World Animal Day was 1st organised by the German writer and publicist, cynologist Heinrich Zimmermann on 24th March 1925 at the Sport Palace in Berlin, Germany.
ii. In 1931, International Animal Protection Congress (IARC) approved World Animal Day in Florence, Italy.
iii. The day moved from 24th March to 4th October including as a memorial day of the Catholic Saint Francis of Assisi, who is considered the patron saint of animals.
About World Wide Fund for Nature (WWF):
World Wide Fund for Nature was formerly named the World Wildlife Fund (WWF)
President and Chief Executive Officer (CEO)- Carter Roberts
Headquarters- Gland, Switzerland
>> Read Full News
World Space Week 2022 – October 4-10
The theme of World Space Week 2022 is “Space and Sustainability”.
- The theme for WSW is annually selected by the World Space Week Association (WSWA) to provide a focus on the activities and events that take a place in over 80 nations during 4-10 October.
i. The United Nations General Assembly (UNGA) adopted the resolution A/RES/54/68 on 11th February 2000 and proclaimed the week of 4th to 10th October as World Space Week in 1999.
ii. The 1st ever World Space Week was observed from 4th to 10th October 2000.
About the UN Office for Outer Space Affairs (UNOOSA):
Director- Niklas Hedman
Headquarters- Vienna, Austria
>> Read Full News
Himachal Pradesh CM Jai Ram Thakur Launches ‘Satya Nishtha’ App to Aid Police
On 2nd October 2022, Jai Ram Thakur, Chief Minister of Himachal Pradesh has launched ‘Satya Nishtha’, a mobile application in Dharamshala, Himachal Pradesh.
- The App was developed by kangra district police under the guidance of Kushal Sharma, Kangra Superintendent of Police to help investigate and control criminal activities.
i. The ‘Satya Nishtha’ app is the 1st of its kind in Himachal Pradesh and is exclusively created for crime control.
ii. With the help of this app, the police can prepare a database of criminals involved in various crimes and could study the various offences that take place under different police stations in the district.
iii. The database of information on migrant labourers, foreigners and suspicious persons can be prepared to help speed up investigation in criminal cases. Whereas, the data of information in the app can be accessed from anywhere, anytime.
About Himachal Pradesh:
Governor- Rajendra Vishwanath Arlekar
Dance- Rakshasa, Kayang, Bakayang.
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Current Affairs Today (AffairsCloud Today)
|S.no||Current Affairs 5 October 2022|
|1||YUVA 2.0: MoE launched PM’s Scheme for Mentoring Young Authors|
|2||India’s Unemployment Rate Falls to 6.43% in September 2022: CMIE|
|3||SBI adopted 30 Remote Villages across 6 states under its Gram Seva Program|
|4||EXIM Bank Extends USD 100 Million LoC to Maldives for Development Projects|
|5||SIDBI and Dun & Bradstreet India launches SIDBI – D&B SPeX dedicated to MSMEs|
|6||NABARD Sanctions Rs. 222 Crore to Augment Infrastructure in Punjab’s Rural Schools|
|7||ICICI Bank UK PLC Launches Special Account for Indian Students in UK|
|8||Aditya Birla Launches Activ Fit health insurance policy for Young and Healthy Adults|
|9||HDFC Life Launches Insure India Campaign|
|10||JSW Cement secures Rs 400 cr as sustainability-linked loan from MUFG Bank|
|11||India’s GDP Growth to decline to 5.7% in 2022: UNCTAD|
|12||Anish Dayal Singh appointed as 32nd ITBP DG|
|13||LIC increases its stake in Dr Reddy’s Laboratories to 7.7 pc|
|14||Britannia acquires 51% equity share in Kenya’s KBL & 100% equity stake in CBBL|
|15||Prachand: IAF inducts 1st Made-In-India LCH at its Jodhpur Air Force Station|
|16||ISRO Confirms the End of MOM; Mars Orbiter Craft Non-Recoverable|
|17||Wildlife Week 2022- October 2 to 8|
|18||World Animal Day 2022 – October 4|
|19||World Space Week 2022 – October 4-10|
|20||Himachal Pradesh CM Jai Ram Thakur Launches ‘Satya Nishtha’ App to Aid Police|