Latest Current Affairs For Thursday 12th May, 2022

India elected as Chair of the Association of Asian Election Authorities

India has been unanimously elected as the new Chair of the Association of Asian Election Authorities (AAEA) for 2022-2024 at the meeting of the Executive Board and General Assembly in Manila, Philippines.

Commission on Elections, Manila was the current chair of AAEA.

The new member of the Executive Board now includes Russia, Uzbekistan, Sri Lanka, Maldives, Taiwan and the Philippines.

Chief Election Commission of India: Sushil Chandra

Rajesh Unni takes over as Vice Chair at Maritime Anti-Corruption Network

Captain Rajesh Unni (Founder and CEO of Synergy Group) has been appointed as a Vice-Chair of the Maritime Anti-Corruption Network (MACN).

In 2006 he launched his own vessel ownership and management company named Synergy Marine Group.

Captain Unni is joint CEO of Alpha Ori Technologies (AOT) which he founded in 2017 and is a Governor at the Indian Institute of Management, Tiruchirappalli.

MACN founded: 2011; 

Chair of MACN: Ann Shazell; 

HQ: Denmark

Crossing in Ayodhya will be named after Lata Mangeshkar

A distinguished crossing in Ayodhya will be developed and named after legendary singer late Lata Mangeshkar who passed away on February 6.

The Ayodhya administration has received directions from CM Yogi Adityanath to identify a prominent crossing in Ayodhya and send a proposal to the state government in the next 15 days for renaming it.

Construction of the Ram temple is likely to be completed by December 2023.

Former Union Minister Pandit Sukh Ram dies

Veteran Himachal Pradesh Congress leader and former Union minister Pandit Sukh Ram has passed away at 94.

He was the Union Minister of State, Communications (Independent Charge) from 1993 to 1996 and a member of Lok Sabha from the Mandi constituency (Himachal Pradesh).

He won the Lok Sabha elections three times and the Vidhan Sabha elections five times.

He also served as a junior minister in the Rajiv Gandhi government.

World oldest chess Grandmaster Yuri Averbakh dies

Yuri Averbakh (Russian chess grandmaster) who was among the world’s best players for a decade and trained world champions has died in Moscow at 100.

He won the Moscow Championship in 1949 and earned the Grandmaster title in 1952. In 1954, he became the champion of the USSR.

He also chaired the Chess Federation of the USSR from 1972 to 1977.

He was born on Feb 8, 1922, in Kaluga, Moscow, and learned to play chess at the age of seven.

National Technology Day: 11th May

India observed National Technology Day on May 11 to celebrate the achievements made by the scientists, engineers, teachers and researchers across the nation.

Theme 2022: Integrated Approach in science and technology for a sustainable future

Atal Bihari Vajpayee (Former Prime Minister) declared 11 May as the National Technology Day as India has successfully carried out a series of nuclear tests in Pokhran on May 11, 1998.

HDFC Bank launches digital 30-minute ‘Xpress Car Loans

HDFC Bank has launched an end-to-end digital car loan scheme named ‘Xpress Car Loans’ for its existing customers as well as new customers.

Buyers can apply for a maximum of Rs 20 lakh and the loan amount will be credited to the dealers’ accounts within 30 minutes.

The facility is currently available for four-wheelers and will be soon rolled out to two-wheelers as well.

Aim: To simplify the car purchase process and increase car sales.

President Kovind presents Gallantry Awards to Armed Forces personnel

President Ram Nath Kovind has conferred Gallantry Awards at Defence Investiture Ceremony- 2022 at Rashtrapati Bhavan in New Delhi.

He presented Shaurya Chakras (13) including six posthumous, to the personnel of the Armed Forces for displaying courage, gallantry, and devotion to duty.

He also conferred Param Vishisht Seva Medals (14 ), Uttam Yudh Seva Medals(4), and Ati Vishisht Seva Medals (24) for distinguished service of an exceptional order.

Prasar Bharati, ORTM sign MoU on cooperation and collaboration in Broadcast

An MoU on cooperation and collaboration in Broadcasting was signed between Prasar Bharati and ORTM (Office de la Radio et de la Television) in Madagascar.

It was signed by Abhay Kumar (India’s Ambassador to Madagascar) and ORTM DG Belalahy Jean Yves.

This MoU will give international exposure to the Prasar Bharati as Madagascar National Television (TVM) will broadcast programmes from internal productions of Prasar Bharati.

Madagascar capital: Antananarivo

Govt will set up 33 new domestic cargo terminals by 2024-2025

Civil Aviation Minister, Jyotiraditya Scindia has made an announcement to set up 33 new domestic cargo terminals by 2024-2025 while addressing the annual event of the Air Cargo Forum India.

Aim: It will allow India's cargo sector to flourish and grow.

Industry players need to focus on the transportation of smaller cargo loads from Tier II and III cities to metros to achieve the target of 10 million metric tons in cargo. 

Rodrigo Chaves elected as president of Costa Rica

Rodrigo Chaves (Economist and former finance minister) from Social Democratic Progressive Party was sworn in as Costa Rica's president for a four-years.

He will focus on reinvigorating one of Latin America's most stable economies, as foreign debt rises to 70% of GDP, the poverty rate of 23%, unemployment of 14% and public sector corruption.

He was a senior official at the World Bank, where he worked for 30 years.

Costa Rica Capital: San Jose;

Currency: Colon

Yoon Suk Yeol sworn in as South Korea's new President

Yoon Suk-yeol (a conservative former prosecutor) has been sworn in as the president of South Korea in a ceremony held at Seoul's National Assembly.

He served as South Korea's prosecutor general from 2019 to 2021 under Moon Jae-in (former president) rule.

He played an important role in the conviction of Park Geun-hye (former President) as a chief prosecutor of South Korea.

South Korea Capital: Seoul; Currency: South Korean won

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.