Latest Current Affairs For Tuesday 1st February, 2022

$150-million India-UAE VC Fund set up to boost start-up ecosystem

A $150-million India-UAE venture capital fund to fuel growth of start-ups in India and the UAE was launched from the India Pavilion at EXPO2020 Dubai.

The VC Fund is a first-of-its-kind to be set up in the UAE to source, invest and nurture promising start-ups through an accelerator to fuel the growth of India-UAE start-ups.

It will be funded by investors across UAE, India and wider GCC countries.

Tata Steel to buy Neelachal Ispat Nigam for ₹12,100 crore

The govt has approved the sale of Neelachal Ispat Nigam Limited (NINL) to Tata Steel Long Products.

The CCEA have approved the highest bid of Tata Steel Long Products for 93.71% of shares NINL.

The Bid Enterprise Value is  ₹12,100 crore.

NINL is a joint venture of 4 CPSEs – MMTC, NMDC, BHEL, MECON and 2 Odisha government PSUs – OMC and IPICOL.

The government does not hold any equity in the company.

Honduras gets its first woman President

Leftist Xiomara Castro was sworn in as the first woman President of Honduras.

She vowed to reform the crime-and poverty-stricken nation into a “socialist and democratic state”.

She replaces President Juan Orlando Hernández, who has held the position for 8 yrs and has been accused of corruption and drug trade ties.

Castro is wife of former president of Honduras, Manuel Zelaya, who ruled Honduras between 2006 and 2009.

Capital: Tegucigalpa city

RBI imposes restrictions on Indian Mercantile Cooperative Bank Ltd

The Reserve Bank of India has imposed several restrictions on Indian Mercantile Cooperative Bank Ltd, Lucknow.

The regulator put a cap of Rs 1 lakh on withdrawals.

The RBI has imposed above restriction in exercise of powers vested in it under sub-section (1) of Section 35 A read with Section 56 of the Banking Regulation Act, 1949 (AACS).

The restrictions would remain in force for six months and are subject to review.

Kiran Bedi’s new book "Fearless Governance’ released

24th Lt Governor of Puducherry, Kiran Bedi has penned down her journey of governance in the book ‘Fearless Governance’.

It was launched by Indra Nooyi (former chairperson & CEO of PepsiCo) and Prof Debashis Chatterjee (director, IIM Kozhikode).

The book captures Bedi’s ‘fearless’ moments, administrative acumen and innovative initiatives in Puducherry.

Published by Diamond Books, the book will be translated in all major Indian languages.

Unnati Hooda, Kiran George win Odisha Open titles

Teenager Unnati Hooda has won women's singles title at 2022 Odisha Open badminton tournament by defeating compatriot Smit Toshniwal.

She became the youngest Indian to win a Super 100 tournament.

While unseeded Kiran George emerged triumphant in men's singles final of tournament.

21-year-old Kiran George beat Priyanshu Rajawa.

The 2022 Odisha Open is a BWF Super 100 tournament, organised at the Jawaharlal Nehru Indoor Stadium, Cuttack, Odisha. 

Akal Academies’ founder Baba Iqbal Singh passes away

Founder of Akal Academies and Padma Shri awardee Baba Iqbal Singh.

He was an Indian socio-spiritual leader of the Sikh community and an educationalist.

Baba Iqbal Singh had worked relentlessly in only one direction  — imparting value-based education in rural India.

He established Eternal University in 2008 and Akal University, Guru ki Kashi in 2015.

PM Modi to address 30th Foundation Day of National Commission for Women

PM Narendra Modi will address the 30th Foundation Day programme of National Commission for Women (NCW).

“The theme of the programme is ‘She The Change Maker’, aimed at celebrating the achievements of women in different fields.

The State Commissions for Women and  Department of Women and Child Development in State Govt will participate.

Teaching faculty and students, voluntary organizations, women entrepreneurs and business associations will also participate.

Exports of marine products in India jumps by 35% during April-Dec 2021

The exports of marine products registered a growth of 35% to $ 6.1 bn during April to Dec 2021.

The exports of Marine Products touched over $ 720 mn, registering a growth of over 28 per cent.

The overall exports of Marine Products in the last Financial Year was $ 5.96 bn.

Top 5 export destinations: USA, China, Japan, Vietnam, Thailand.

PM Modi had launched the PM Matsya Sampada Yojana in 2020 with an array of 100 diverse activities with a budget of over Rs 20,000 cr.

Gandhi Mandiram, Smruthi Vanam at Srikakulam built in Andhra Pradesh

Social activists have built a temple for Mahatma Gandhi and freedom fighters’ Smrithi Vanam at the Municipal Park in Srikakulam, AP.

Aim: to inculcate patriotism among the youth by remembering the sacrifices of freedom fighters.

Statues of freedom fighters and social activists were erected in the park with the help of donors.

Arrangements have been made to unveil the Gandhi temple as well as Smrithi Vanam on the eve of Gandhiji’s death anniversary. 

Portugal’s ruling Socialist Party secures absolute majority in Parliament

Portugal’s ruling Socialist Party has secured an absolute majority in Parliament.

Country’s Interior Ministry released the data after 99% of the ballots had been counted.

Led by Prime Minister Antonio Costa, PS got 42 per cent of the votes and won 117 out of the 230 mandates thus Costa will retain the post.

The Social Democratic Party is second with around 28 per cent.

The elections in Portugal were called by President Marcelo Rebelo de Sousa.

LIC Chairman MR Kumar’s term extended by one more year

The govt has extended the tenure of chairman of IPO-bound Life Insurance Corporation (LIC) by one more year with a view to facilitate smooth listing of the insurance behemoth.

Besides, the government has also extended the tenure of one of the managing directors, Raj Kumar, for one year.

With the extension, M R Kumar will continue as chairman of LIC till March 2023.

This is the second extension for the LIC chairman.

The government owns a 100 per cent stake in LIC.

PM Narendra Modi to be awarded prestigious Lokmanya Tilak Award 2023

The Tilak Smarak Mandir Trust (Hind Swaraj Sangh) would confer the prestigious Lokmanya Tilak National Award 2023 to Prime Minister Narendra Modi in Pune on August 1, 2023.

Reason: This award recognizes PM Modi's supreme leadership under which India has climbed the ladder of progress

It is presented annually on the occasion of Lokmanya Tilak's death anniversary.

Other awardees: Indira Gandhi, Atal Bihari Vajpayee, Sharad Pawar, Cyrus Poonawalla, and Manmohan Singh. 

J&K Bank wins award for Best Performance in CASA

Jammu & Kashmir Bank has been felicitated for the Best Performance in CASA-India (1st Runner up in Small Bank Category) at ICC Emerging Asia Banking Conclave & Awards 2022.

The event was participated by banks from India, Nepal, Bhutan, Bangladesh, Sri Lanka & Myanmar.

The function was organized by the Indian Chamber of Commerce in Goa.

Indian Chamber of Commerce (ICC) is a non-governmental trade association and advocacy group headquartered in Calcutta.

India poised to become world’s 2nd-largest economy by 2075: Goldman Sachs

According to the Investment Bank Goldman Sachs, India is poised to become the world’s second-largest economy by 2075.

As per the report, India would cross Japan, Germany, and the US With a population of 1.4 billion people.

India’s GDP is estimated to expand remarkably, reaching 52.5 trillion dollars surpassing the US GDP projection.

The labour force participation set to make India the second-largest economy in the world by 2075.

L&T and Spain's Navantia sign agreement for submarine project

L&T has signed a teaming agreement with Spanish-based Navantia for the submission of a techno-commercial bid for the Indian Navy’s prestigious P75 (India) submarine program.

P75 (India) Submarine Project is expected to be valued at €4.8 billion.

Navantia would carry out the design of P75(I) submarines based on its S80 class of submarines.

The first S80 class submarine was launched in 2021 and is undergoing sea trials prior to its delivery to Spanish Navy. 

India overtakes China as most attractive emerging market for investing

According to a study by Invesco Global Sovereign Asset Management, India has overtaken China to become the most attractive emerging market for investing in sovereign wealth funds this year.

Reason: This is due to its solid demographics, political stability, and proactive regulation. 

Positives for the nation also include the rapidly expanding demography, strong regulatory actions, and a welcoming climate for sovereign investors.

World Population Day 2023: 11 July

World Population Day is observed every year on July 11 in order to raise awareness about global population issues, including population control.

2023 theme: Unleashing the power of gender equality: Uplifting the voices of women and girls to unlock our world’s infinite possibilities. 

It was established by the United Nations Development Programme (UNDP) in 1989, after the day the world approximately reached a population of five billion, which was observed on 11 July 1987.

MoHUA conducts SBM-U 2.0 Planning & Implementation Review-cum-Workshop

The Housing Ministry organized a review-cum-workshop to evaluate and accelerate the planning and implementation of the SBM-Urban 2.0.

PM Modi launched the 2.0 versions of SBM-U and AMRUT on October 1, 2021.

SBM-U 2.0: Achieving 100% waste segregation in all households and premises and 100% door-to-door collection of segregated waste from each. 

AMRUT 2.0: To provide complete coverage of water supply to all households and sewerage and septage in 500 AMRUT cities. 

Gujarat CM launches pilot project of ‘Antyodaya Shramik Suraksha Yojana’

Gujarat CM Bhupendra Patel launched the Antyodaya Shram Suraksha Accident Insurance Scheme from Kheda

All those registered under the e-Shram portal from Nadiad will benefit from the scheme.

It is being implemented through the Indian Postal Department, the IPPB, and the Ministry of Labour and Employment.

Under this scheme, insurance with a premium of Rs. 289 and Rs. 499 per year will be a big support to workers in the event of death or partial disability.

OCA elects Sheikh Talal as the new President

Kuwait’s Sheikh Talal Fahad Al Ahmad Al Sabah has been elected as the new President of the Olympic Council of Asia (OCA).

He replaced his older brother Sheikh Ahmad Al-Fahad Al-Sabah, who led the OCA for 30 years until 2021.

The OCA was founded in 1982 by his father Fahad Al-Ahmed Al-Jaber Al-Sabah, who led it until 1990.

The Olympic Council of Asia (OCA) is a governing body of sports in Asia, currently with 45 member National Olympic Committees.

Bajaj Allianz Life Insurance wins Insurer Innovation Award 2023

Bajaj Allianz Life Insurance has won the Insurer Innovation Award 2023 for the APAC region at the 8th World Digital Insurance Awards, hosted by TDI - The Digital Insurer.

Recognition: Bajaj Allianz Life's ground-breaking WhatsApp Conversational Platform - empowering customers to digitally services their policies seamlessly. 

The award entries were shortlisted by industry experts and the winner was selected by the community through pre-voting and live event voting.