Latest Current Affairs For Tuesday 15th February, 2022

APEDA celebrates its 36th Foundation Day

Agricultural Products Export Development Authority (APEDA) celebrated its 36th Foundation Day on 13th February.

APEDA actively supported the Government in taking the export of agricultural products to 20.67 billion dollar in 2020-21 from 0.6 billion dollar in 1986 when it was founded.

The target given to APEDA in the current financial year is 23.7 billion dollar, out of which more than 70 per cent has been achieved till January this year.

MOD inks pact with Bengaluru firm to develop ‘Pseudo Satellite’

Ministry of Defence has inked a deal to design and develop ‘High Altitude Pseudo Satellite’ (HAPS) with a Bengaluru-based firm.

Aim: Bolstering the ambit of surveillance operations and airborne communications.

With the estimated budget of ₹700 crore to develop the system, the initiative will be part of HALs Combat Air Teaming System (CATS) which seeks to integrate manned airborne platforms with swarm drones and a high altitude surveillance network.

Bank of Baroda to acquire Union Bank's stake in IndiaFirst Life Insurance

Bank of Baroda will acquire Union Bank of India's 21% stake in IndiaFirst Life Insurance Company.

It is a joint venture between Bank of Baroda, Union Bank of India and Carmel Point Investments.

At present, the shareholding in IFIC is BoB holds 44%, Carmel Point Investments India holds 26% and UBI holds 30%.

The acquisition is pursuant to a ‘Right of First Offer’ made by UBI to the existing shareholders of IndiaFirst Life, to divest 21% of its stake in IndiaFirst Life.

Indian ranked 4th in Global Entrepreneurship Monitor (GEM) 2021/2022 report

According to the Global Entrepreneurship Monitor 2021/2022 report, India is 4th easiest places to start a new business.

It was topped by Saudi Arabia and followed by Netherlands & Sweden.

The GEM report put India on the top amongst low-income economies on different Entrepreneurial Framework Conditions.

These are Entrepreneurial Finance, Ease of Access to Finance, Government Policy: Support and Relevance; and Government Support: Taxes and Bureaucracy.

Israel becomes 1st country to allow drone flights in civilian airspace

Israel becomes the first-ever country to allow drones in civilian airspace.

The certification was issued to the Hermes Starliner unmanned system by the Israeli Civil Aviation Authority.

And was manufactured and developed by Elbit Systems, an Israeli defense electronics company.

The UAVs will be used for the benefit of agriculture, environment, public welfare, economic activity and against crime.

Capital-Jerusalem

PM – Naftali Bennett

Currency- Israeli Shekel

German president Frank-Walter Steinmeier re-elected for another term

Frank-Walter Steinmeier was elected to a second term of five years as Germany's president.

He was elected with a big majority by a special assembly comprising of the members of lower house of parliament and representatives of 16 states of Germany.

He became president in 2017.

Before that, he served two stints as foreign minister of Chancellor Angela Merkel and as chief of staff to Chancellor Gerhard Schroeder.

Germany Chancellor: Olaf Scholz

Currency of Germany: Euro

IIT-M Research Park, Saint-Gobain India sign MoU on renewable energy

Saint-Gobain India and the IIT Madras, Research Park have signed an MoU to develop a 100 per cent renewable energy, research park.

Saint-Gobain would support IIT-M with a funding of Rs 1 crore over the next 3 years.

The aim through this collaboration was to boost the transformation towards a low carbon future and to aid India in achieving 100% renewable energy.

Objective: To focus on addressing the energy challenges and promote maximum use of alternate energy sources.

India ranked 46th in the Economic Intelligence Unit’s Democracy Index 2021

India ranked 46th in the Economic Intelligence Unit’s Democracy Index 2021.

The report described the state of democracy in 165 countries.

The report was prepared based on five parameters viz. functioning of the govt, electoral process and pluralism, political participation, civil liberties and political culture.

Norway topped the list with a score of 9.75 followed by New Zealand and Finland.

Afghanistan and Myanmar took the bottom two spots, just below North Korea.

Yes Bank launches Agri Infinity program

Yes Bank has announced the launch of an annual startup enabler program, Yes Bank Agri Infinity.

It seeks to co-develop digital financial solutions for the food and agriculture ecosystem.

Those meeting the eligibility criteria will receive the guidance and support necessary to develop their solutions and apply them across the agricultural value chain.

Through the initiative, a select cohort of startups will receive mentoring by veteran bankers.

RBL Bank partners with Creditas Solutions to automate collections

RBL Bank partnered with Creditas Solutions for its ‘Neo Collections’ platform.

The bank will utilise the SaaS-based platform to accelerate efficiency in collections across the loan cycle.

Powered by AI and ML technology, the platform is built to automate strategies for reaching out to customers individually in an empathetic manner and motivate them to repay loan.

The Neo Collections Platform will help our customers seamlessly monitor, manage and pay their dues.

Axis Bank set to buy Citigroup’s India retail banking business

Axis Bank Ltd. is nearing a deal to buy Citigroup Inc.’s India retail banking business in a transaction that could be valued at about $2.5 billion.

An agreement for the consumer unit may be announced as soon as the next few weeks and is contingent on approval from the Reserve Bank of India.

The deal would include a cash component of less than $2 billion, accounting for the consumer business’s liabilities.

Axis Bank CEO: Amitabh Chaudhary.

ISRO successfully launches earth observation satellite EOS-04

ISRO has successfully launched its Earth Observation Satellite EOS-4 and two other tech demonstrator and scientific satellites from Satish Dhawan Space Centre, Sriharikota.

EOS-04, INSPIREsat-1 and INST-2TD were injected successfully into a sun-synchronous polar orbit by PSLV-C52.

EOS-04 is designed to provide high-quality images under all weather conditions for applications such as agriculture, forestry and plantations, soil moisture and hydrology and flood mapping.

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.