Latest Current Affairs For Sunday 20th March, 2022

Global Recycling Day 2022 celebrated on 18th March

The Global Recycling Day is observed every year on the 18th of March to recognise the importance of recycling as a resource, not waste. The day strives to urge world leaders that recycling must be a global issue and encourage people to think resourcefully and not waste when it comes to the goods around us.

What is this year’s theme?

This year, the event’s focus will be on the “recycling fraternity” – those who put themselves on the frontline to collect waste and recycling during the multiple lockdowns.

What is Global Recycling Day?

Global Recycling Day was created in 2018 by the Global Recycling Foundation founded by Ranjit Baxi – who is also the founder of International Recycling Ltd, an international business that exports waste materials from Europe and the USA for recycling into new products in Asia. It is a day to raise awareness of the importance recycling plays in preserving our primary resources and securing the future of our planet.

Miss World 2021: Poland’s Karolina Bielawska crowned

Karolina Bielawska from Poland has won the title of Miss World 2021. She was crowned by 2019 Miss World Toni-Ann Singh of Jamaica. She beat the USA, Indonesia, Mexico, Northern Ireland and Cote d’Ivoire to clinch the coveted title. Indian-American Shree Saini from the United States bagged the first runner-up title, followed by Olivia Yace from Cote d’Ivoire.

The 70th edition of the Miss World international beauty pageant was held in San Juan, Puerto Rico. Miss World 2019 Toni-Ann Singh performed ‘The Prayer’ during the 70th Miss World pageant to express solidarity with Ukraine amid the Russia-Ukraine crisis.

Indian Contender:

Femina Miss India World 2020 Manasa Varanasi represented India at the Miss World 2021. Manasa Varanasi reached the Top 13 contestants but could not make it to the Top 6 finalists.

Hurun Global Rich List 2022: Elon Musk Tops

SpaceX and Tesla founder Elon Musk has bagged the top position on the 2022 M3M Hurun Global Rich List, with a total net worth of $205 billion. The 2022 M3M Hurun Global Rich List is published by research and luxury publishing group Hurun India in association with realty firm M3M.

Other persons in the list:

Amazon.com Inc executive chairman Jeff Bezos ranked second with $188 billion in net worth.

With a net worth of $153 billion, Bernard Arnault, the chief executive of LVMH Moët Hennessy – Louis Vuitton SE, the world’s largest luxury-goods company, ranked third.

From India, Reliance Industries Ltd (RIL) Chairman Mukesh Ambani was the only Indian to feature in the top 10 list of  2022 Hurun Global Rich List’ to emerge as India’s as well as Asia’s richest man. Ambani occupied the ninth rank globally with a net worth of $103 billion.

A key finding of 2022 M3M Hurun Global Rich List:

Overall 3,381 billionaires from 2,557 companies and 69 countries were ranked in 2022 M3M Hurun Global Rich List.

215 billionaires were from India, which included 58 new additions.

India emerged as the third-largest billionaire producing nation in the world.

Moody’s lowers India’s GDP forecast for CY22 to 9.1%

Rating agency Moody’s has revised downwards the economic growth forecast of India by 40 basis points to 9.1 per cent in the Calendar Year 2022 (CY2022), due to adverse effects of the Russia-Ukraine conflict on the global economy. Earlier in February 2022, Moody’s estimated India’s GDP in CY2022 to 9.5 percent. Moody’s has projected India’s GDP growth forecast for the Calendar Year (CY) 2023 at 5.4 percent.

Moody’s, in a statement, said India is particularly vulnerable to high oil prices given that it is a large importer of crude oil. Because the country is a surplus producer of grain, agricultural exports will benefit in the short term from high prevailing prices.

India’s Ordnance Factories’ Day: 18 March

The Ordnance Factories’ Day is observed on the 18th of March every year. The production of India’s oldest Ordnance Factory, which is at Cossipore of Kolkata, was started on the 18th of March, 1802. OFB is the 37th largest defence equipment manufacturer in the world, 2nd largest in Asia, and the largest in India.

The day is celebrated by displaying the rifles, guns, artillery, ammunition etc in exhibitions all over India. The celebrations start with a parade and the exhibition will also display the photographs of various mountaineering expeditions.

Important facts of Ordnance Factory Board:

OFB is referred to as the “Fourth Arm of Defence” and the “Force Behind the Armed Forces” of India.

OFB is functioning under the Department of Defence Production of the Ministry of Defence.

The Indian Ordnance Factories supplies products to all three Indian Armed Forces. ie the Indian Army, Indian Navy, and Indian Air force.

The Arms and Ammunition, Weapon Spares, Chemicals & Explosives, Parachutes, Leather and Clothing items are being exported to more than 30 countries worldwide.

History of Ordnance Factory Board:

OFB was founded in 1775 and its Headquarters is in Ayudh Bhawan, Kolkata. OFB consists of 41 Ordnance Factories, 9 Training Institutes, 3 Regional Marketing Centres and 5 Regional Controllerates of Safety, which is spread all over India.

Co-branded credit cards with Emirates Skywards launched by ICICI Bank

In collaboration with Emirates Skywards, the loyalty programme of Emirates and flydubai, ICICI Bank created the ‘Emirates Skywards ICICI Bank Credit Card’. Customers can earn reward points – known as Skywards Miles – on travel, lifestyle, and everyday purchases with the collection of cards. These cards, according to the private sector lender, offer best-in-class rewards and advantages and are a perfect fit for affluent consumers who travel abroad frequently.

KEY POINTS:

ICICI Bank is the first Indian bank to join together with Emirates Skywards to offer the exclusive credit card programme in India.

The Emirates Skywards ICICI Bank Emerald Credit Card, Emirates Skywards ICICI Bank Sapphiro Credit Card, and Emirates Skywards ICICI Bank Rubyx Credit Card are all Visa-powered co-branded credit cards.

These cards offer up to 2.5 Skywards Miles per Rs 100 spent and a slew of other perks, including bonus Skywards Miles, complimentary Emirates Skywards Silver status, dining offers through the ICICI Bank Culinary Treats Program, and entertainment offers through BookMyShow, depending on the card variant.

Customers can use their Skywards Miles to purchase a variety of items, including partner airline tickets, flight upgrades, hospitality at athletic and cultural events, and much more.

Joining and renewing your membership can earn you up to 10,000 Skywards Miles.

For every Rs 100 spent, you can earn up to 2.5 Skywards Miles, plus you’ll get complimentary Emirates Skywards Silver status.

The ‘Emirates Skywards ICICI Bank Credit Card‘ has the following exclusive features:

Access to local and international airport lounges and spas is complimentary.

Petrol surcharges on fuel transactions are no longer charged.

ICICI Bank‘s Culinary Treats Program provides exclusive meal opportunities.

Prashant Jhaveri joining “Flipkart Health+ as CEO

Flipkart Health+ announced the appointment of Prashant Jhaveri as its new CEO. He will be in charge of Flipkart’s entry into India’s fast-growing healthcare sector. Jhaveri was the CEO of Apollo Health and Lifestyle Limited and MediBuddy before joining Flipkart Health+. Earlier in his career, he worked with Medi Assist Group as the chief business officer.

KEY POINTS:

With the right technology solutions and customer value propositions, there is a huge opportunity to provide healthcare to the most remote corners of India. “I’m looking forward to working with a fantastic team at Flipkart Health+ as we try to solve the accessibility and affordability of quality healthcare products and services for millions of Indian customers,” Jhaveri said.

In November 2021, Flipkart Health+ was created to create an end-to-end digital healthcare platform to address the concerns of inexpensive and high-quality healthcare.

We are thrilled to welcome Prashant Jhaveri to the Flipkart Health+ team as it embarks on its adventure. His extensive healthcare knowledge will be invaluable as we work to establish Flipkart Health+ as India’s foremost tech-enabled healthcare platform serving a billion or more Indians.” Ajay Veer Yadav, Senior Vice-President and Head of Flipkart Health+, said in a statement.

Flipkart, Myntra, Flipkart Wholesale, Flipkart Health+, and Cleartrip are part of the Flipkart Group, which is one of India’s largest digital commerce enterprises. In addition, the Group owns a majority stake in PhonePe, one of India’s most popular payment apps.

Deloitte’s Global Powers of Retailing 2022: Reliance Retail ranked 56th

According to the global consulting firm Deloitte’s report titled “Global Powers of Retailing 2022: Resilience Despite Challenges”, The Indian brand, Reliance Retail, ranked 56th on the Top 250 list based on the retail revenue growth for FY2020. Walmart Inc., an American multinational retail corporation, tops the list, followed by Amazon, Inc., Costco Wholesale Corporation, Schwarz Group, and The Home Depot, Inc.

Asia Pacific

China’s JD.com, Inc tops the list of companies from APAC, ranking 9th amongst the list with total revenue of around USD 94.4 billion. Japan leads the APAC region with 29 companies on the list followed by China/Hong Kong SAR (14), South Korea (5) and Australia (4)

Fastest 50 retailers(FY2015-2020)

The top 5 fastest-growing retailers in FY2019 were Coupang of South Kore a(1st), Reliance Retail Limited of India (2nd), Wayfair Inc of United States (3rd), Mobile World Investment Corporation of Vietnam (4th) and A101 Yeni Mağazacılık A.S from Turkey (5th)

About Deloitte’s Global Powers of Retailing 2022 report

Deloitte’s Global Powers of Retailing 2022 report reviews the global economic scenario and its impact on the retailing industry. This identifies the 250 largest retailers around the world based on publicly available data for FY2020 (1 July 2020 to 30 June 2021) and analyzes their performance across geographies and product sectors. The 2022 report also offers an assessment of retailers’ rising sustainability efforts. 

SBI to set up Innovation, Incubation, and Acceleration Centre at Hyderabad

The State Bank of India (SBI) will set up an Innovation, Incubation, and Acceleration Centre (IIAC) at Hyderabad, Telangana which will be operational in six to nine months of on-boarding a consultant. This Centre will be the bank’s in-house capability to enhance its current performance and drive higher top-line growth through innovation. It will help the bank to develop a set of technologies, knowledge, and skills for the introduction of new products and services. It will act as a central body to govern and drive fin-tech partnerships and implement change across the bank.

Important For All Exam 2022:

State Bank of India Founded: 1 July 1955;

State Bank of India Headquarters: Mumbai;

State Bank of India Chairman: Dinesh Kumar Khara.

Mahila Money, Visa, and Transcorp launched Prepaid Card for Women Entrepreneurs

The digital payments network Mahila Money, Visa, and Transcorp Prepaid Payment Instruments (PPI) have launched Mahila Money Prepaid Card to help women entrepreneurs easily collect payments, loans and get incentives for transactions. The prepaid card has been designed keeping in mind the needs of digital entrepreneurs, small business owners and women.

The card is for community members who want the convenience of a bank account with added flexibility, safety and convenience. This collaboration will pave the way to economic freedom and financial inclusion for millions of women entrepreneurs.

Salient features and benefits of the Mahila Money Prepaid Card:

The card makes it easy for women entrepreneurs to collect payments digitally for their businesses and helps boost their working capital, as loans can be transferred directly into the card.

Users are offered incentives, rewards, and cashback from the Mahila Money ecosystem of partners.

The card is useful for women who may not operate their bank accounts actively but want to transact digitally for their businesses and expenses.

Important For All Exam 2022:

Transcorp International Ltd Established: 1994;

Transcorp International Ltd Headquarters: New Delhi, Delhi;

Transcorp International Ltd Managing Director: Gopal Sharma.

36th edition of the International Geological Congress to be held in New Delhi

On a virtual platform, the 36th International Geological Congress (IGC) will be placed here on March 20-22, 2022, with the topic Geosciences: The Basic Science for a Sustainable Future. The 36th International Geophysical Congress is a collaboration between the Ministries of Mines and Earth Sciences, the Indian National Science Academy, and the Science Academies of Bangladesh, Nepal, and Sri Lanka.

Union Minister of Coal, Mines and Parliamentary Affairs Shri Pralhad Joshi and Minister of State Science & Technology; Minister of State Earth Sciences; MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space Dr Jitendra Singh are expected to inaugurate the Congress.

KEY POINTS:

The event would provide a one-of-a-kind forum for Geoscience knowledge and experience sharing, as well as professional networking.

It would provide firsthand knowledge of cutting-edge mining, mineral exploration, and water, mineral resource, and environmental management technologies. It would also help boost academic output and provide chances for capacity building across geoscientific disciplines.

India, along with its regional allies, submitted a candidacy to host the 36th International Geological Congress in India in 2020 at the 34th International Geological Congress in Brisbane in 2012. The bid was won by India.

On the occasion of the 36th IGC, three commemorative Postage Stamps will be issued, as well as a First Day Cover. India held the 22nd session of the IGC, which was the first IGC on Asian land, 58 years ago.

American Astrophysicist Eugene Parker passes away

American Astrophysicist Eugene Newman Parker, who contributed to solar physics, has passed away at the age of 94. Eugene Parker witnessed the launch of National Aeronautics and Space Administration (NASA)’s Parker Solar Probe in 2018, the first NASA mission named after a living person, and became the first person to witness the launch of a spacecraft named after them.

Parker is a visionary in the field of heliophysics, which focuses on the study of the sun and other stars & he is well known for his theory on the existence of solar wind, a supersonic flow of particles of the sun’s surface. He virtually created the field of heliophysics in the 1950s.

International Day of Happiness 2022

International Day of happiness is observed every year around the world on March 20. The United Nations started celebrating this day in 2013, but the resolution for the same was passed on July 12, 2012. The resolution was initiated by Bhutan which shed the light on the importance of National Happiness.

International Happiness Day 2022: Theme

The theme for Happiness Day 2022 is Keep Calm, Stay Wise and Be Kind. Keeping cool and calm in every possible situation is the key to happiness and satisfaction. Staying wise in tough situations lead to wiser steps and success. Being Kind to others in their needs, mistakes and errors will help them grow and also make them feel better.

International Happiness Day: History and Significance. 

Bhutan initially prioritized the value of National Happiness over Nationaal Income in the 1970s. Bhutan is known for adopting the goal of Gross National Happiness over Gross National Product at the 66th General Assembly. The country also hosted a High-level meeting on Happiness and Well-Being: Defining a New Economic Paradigm” during the session. When the UN launched 17 Sustainable Development Goals in 2015, which included goals like putting an end to poverty, reducing inequality and protecting our planet.

NCRTC present the first coach of rapid rail of India for the Delhi-Meerut corridor

The coaches for the Delhi-Meerut Rapid Rail Corridor were launched by the National Capital Regional Transport Corporation (NCRTC). In the following months, deliveries of these semi-high-speed aerodynamic trainsets with dispersed power will begin. A total of 210 cars will be delivered from the Savli manufacturing factory for the first Regional Rapid Transit System corridor.

KEY POINTS:

It consists of trainsets providing regional transit services on the Delhi-Ghaziabad-Meerut line as well as local transit services in Meerut. In the present year, the NCRTC will start the trial runs on the Delhi-Ghaziabad-Meerut RRTS corridor’s Priority Section.

The RRTS is a first-of-its-kind system in which trains running at 180 kmph will run every 5–10 minutes and cover the distance between Delhi and Meerut in 55 minutes with 14 stops.

The Delhi-Ghaziabad-Meerut RRTS corridor is expected to minimise carbon dioxide emissions by 2,50,000 tonnes per year. RRTS will be the most energy-efficient futuristic transit system, ushering in a new era of flawlessly connected megaregions and setting a new standard for future projects.

The entire 82-kilometre Delhi-Ghaziabad-Meerut RRTS route, which will have 25 stations in total, is now under construction, with two depots at Duhai and Modipuram and one stabling yard at Jungpura.

Flight Control System Integration complex inaugurated by Defence Minister in Bengaluru

Shri Rajnath Singh, Defence Minister, inaugurated a seven-story Flight Control System (FCS) Integration facility at the Aeronautical Development Establishment (ADE), a DRDO laboratory in Bengaluru, Karnataka. Pilots of combat aircraft will also receive simulator training at the complex. It is one of the most essential components of the complex, according to Shri Rajnath Singh.

KEY POINTS:

The state-of-the-art complex was built in a record-breaking 45 days using in-house hybrid technology that included traditional, pre-engineered, and precast methods. The technique was developed by DRDO in collaboration with M/s Larsen & Toubro (L&T).

IIT Madras and IIT Roorkee teams examined the design and provided technical help.

This FCS facility would help ADE, Bengaluru, with its research and development operations for developing avionics for fighter aircraft and FCS for Advanced Medium Combat Aircraft.

According to the Raksha Mantri, it is a one-of-a-kind initiative not just in India but also in the world, and it embodies the New India’s new vigour.

“This energy is of technology, commitment, institutional collaboration among public sector, private sector, and university, and above all of ‘Aatmanirbhar Bharat’ as envisioned by Prime Minister Shri Narendra Modi,” he stated, exuding confidence in the facility’s ability to strengthen national security.

CAMS launched by Central Record keeping Agency under NPS

The go-live and opening of the Central Record Keeping Agency (CRA) under the National Pension System has been announced by Computer Age Management Services Limited (CAMS), India’s largest registrant and transfer agent of mutual funds (a SEBI regulated business). CAMS was chosen as a CRA by the sector regulator, the Pension Fund Regulatory and Development Authority (PFRDA), to broaden the services available to NPS subscribers and the ecosystem.

The National Pension Scheme (NPS), a voluntary retirement scheme created and administered by the Pension Fund Regulatory and Development Authority (PFRDA), was launched by the Central Government on January 1, 2004 to assist in the building of a retirement corpus.

KEY POINTS:

CAMS NPS platform, as one of the three CRAs, will provide subscriber services based on powerful technology and extensive expertise serving clients for pension account opening, record keeping, and maintenance.

This will comprise subscriber onboarding with different KYC alternatives, maintenance and account-keeping functions, and record-keeping infrastructures, such as customer engagement systems and interfaces such as web, mobile app, call centre, and so on.

In the last four years, the growth rate has nearly tripled, and if this trend continues, we can expect 1 million new clients this year.”

CAMS has over 35 years of experience as India’s leading registrar and mutual fund transfer agency, with a market share of over two-thirds, demonstrating their skills.

CAMS will increase awareness, they will ensure that the customer’s journey is a smooth one from onboarding to leave.

CAMS CRA:

CAMS CRA will provide services to NPS users from all sectors, including the general public, the government, and the unorganised sector. The platform will also provide services to the authority, the NPS Trust, and all NPS ecosystem intermediaries, such as point-of-presences, nodal offices, trustee banks, pension fund managers, and annuity service providers. 

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.