Latest Current Affairs For Monday 16th May, 2022

Eminent Sanskrit and Hindi Scholar, Padma Shri Dr Rama Kant Shukla Passes Away

Padma Shri Dr Rama Kant Shukla, a profound Sanskrit and Hindi Scholar, has passed away in Aligarh, Uttar Pradesh(UP). He was born in Khurja city in Bulandshahr district, UP.

Dr Rama Kant Shukla is the founder and general secretary of Devavani Parishad in Delhi, and the founding chairman and editor of “Arvacinasamskrtam”, a quarterly journal in Sanskrit. He was conferred the titles of Sanskrit Rashtrakavi, Kaviratna, and Kavi Siromani by literary and Sanskrit organizations.

UAE President, HH Sheikh Khalifa bin Zayed, passes away

UAE President and Ruler of Abu Dhabi, Sheikh Khalifa bin Zayed Al Nahyan passed away. He served as the President of the UAE and Ruler of Abu Dhabi since November 3, 2004.

The Ministry of Presidential Affairs condoles the people of the UAE, the Arab and Islamic nation and the world over the demise of His Highness Sheikh Khalifa bin Zayed Al Nahyan, the president of the UAE.

Born in 1948, Sheikh Khalifa was the second President of the UAE and the 16th Ruler of the Emirate of Abu Dhabi. He was the eldest son of Sheikh Zayed.

World Migratory Bird Day 2022 observed on 14th May

World Migratory Bird Day is marked twice a year since its inauguration in 2006. International Migratory Bird Day will be celebrated on 14 May and 8 October 2022. The day is celebrated with an aim to safeguard migratory birds’ breeding, non-breeding as well as stopover habitats while preserving a healthy bird population. This is important because birds have an important role to play in the environment.

They are needed to maintain the ecological balance. Birds are nature’s ambassadors, which is why it is necessary to restore ecological connection and integrity in order to boost migratory bird migration.

The theme for World Migratory Bird Day 2022 is light pollution. As artificial lighting has been increasing globally by at least 2 per cent per annum, this has had an adverse impact on many birds.

International Migratory Bird Day was marked in 2006 when the United Nations decided that the world’s population needs to be made aware of the worldwide migratory linkages.

Italian Cup 2022: Inter Milan Beat Juventus

Inter Milan defeated Juventus 4-2 after extra time in the Italian Cup final. Ivan Perisic scored twice in extra time after Hakan Çalhanoglu had converted a controversial late penalty. Nicolò Barella scored the other goal for Inter. The Italian Cup final soccer match between Juventus and Inter Milan was held at the Stadio Olimpico in Rome, Italy.

Hakan Calhanoglu stepped up from the penalty spot with 80 minutes on the clock to force extra time before another spot-kick was converted by Ivan Perisic to put the Nerazzurri within touching distance of the trophy.

Morgan Stanley cuts India’s FY23 growth forecast to 7.6%

Morgan Stanley downgraded India’s growth forecast to 7.6% from 7.9% for FY2023 amid a slowdown in global growth, higher commodity prices and risk aversion in global capital markets.

This 7.6% forecast is a baseline forecast for India while its bearish and bullish growth projections are 6.7% and 8%, respectively.

For FY24, it lowered its growth forecast to 6.7% from the 7% estimated earlier.

However, the Indian economy will expand at above pre-pandemic growth rates in FY23 and FY24.

On the global front, it projected growth at 2.9% in the calendar year 2022 as compared to 6.2% growth in 2021.

Within Asia, India would be the economy which will be most exposed to upside risks to inflation.

CPI (Consumer Price Index) inflation is expected to be 6.5% for FY23.

The current account deficit to widen to a 10-year high of 3.3% of GDP (Gross Domestic Product) in FY23.

The Union Bank of India (UBI) has launched an online platform, ‘Trade nxt’, which enables corporate, and MSMEs (Micro, Small & Medium Enterprises) to transact all cross-border export-import transactions from the comfort of their place, i.e. eliminates the need for companies to visit a bank branch for the same.

It offers seamless entry and processing of letters of credit (LC), bank guarantees, export/import bills, disbursement of export credit, outward & inward remittances, dealer financing etc.

‘Trade nxt’ platform will also enable the regulatory online auto reporting through Import Data Processing & Monitoring System (IDPMS), Export Data processing & Monitoring System (EDPMS) and other statutory reporting to Overseas Direct Investment (ODI)/ Foreign Direct Investment (FDI)/ Liberalised Remittance Scheme LRS) which will make the process much more convenient.

Important For All Exam 2022:

Union Bank of India Managing Director & CEO: Rajkiran Rai G;

Union Bank of India Merged Banks: Andhra Bank, and Corporation Bank;

Union Bank of India Headquarters: Mumbai, Maharashtra.

Ravinder Singh Dhillon appointed CMD of REC Ltd

REC Limited, (formerly Rural Electrification Corporation Limited) a Navratna company under the administrative control of the Ministry of Power, announced it has named Ravinder Singh Dhillon as Chairman and Managing Director of the company, with effect from May 10, 2022.

He is serving as the CMD of Power Finance Corporation Limited (PFC). With over 36 years of varied experience spread across the entire value chain of the power sector, he is very diversified in his work.

The experience covers 3 years in Bharat Heavy Electricals Ltd, 6 years in Central Electricity Authority, and 27 years in PFC, playing a key role in project appraisal, financial modeling, project monitoring, and stressed asset resolution.

State of Chhattisgarh to reinstate an old pension scheme

In his Budget statement, Chhattisgarh Chief Minister Bhupesh Baghel announced the government’s plan to revert to the old pension scheme (OPS) for state employees and quadruple the monthly MLA local area development money. He carried the Budget papers in a cow dung powder briefcase.

The fundamental distinction between the two pension systems is that, while an employee must make a voluntary contribution to their pension by deducting 10% of their basic income and dearness allowance, there is no such deduction under OPS.

The Chief Minister proposes in this Budget to restore the former pension programme for government employees.

The Chhattisgarh Rojgaar Mission will be given a sum of 2 crore to work on the prospects of creating new jobs through coordinating skill development programmes.

Important For All Exam 2022:

Chhattisgarh Chief Minister: Bhupesh Baghel

In Manipur, the Indian Army will open a coaching centre for poor pupils

The Indian Army has started providing residential tutoring to children from economically disadvantaged and deprived areas of the northeast to prepare them for all-India competitive tests such as engineering and medical admission.

The Indian Army’s Red Shield Division has inked a tripartite Memorandum of understanding with enterprise partner State Bank of India Foundation and mentoring partner National Integrity and Educational Development Organization to develop the Red Shield Centre for Excellence and Wellness, according to Lt Col Mohit Vaishnava, a spokesman for the Indian Army’s Red Shield Division.

According to the GOC Red Shield Division, the Indian Army has stayed at the forefront of nation-building and has consistently contributed across a wide range of disciplines, particularly in the area of young empowerment.

Important For All Exam 2022:

Manipur Governor: La Ganesan

GOC Red Shield Division Maj Gen Navin Sachdeva 

India Contributes USD 800,000 To Promote Hindi Language At UN

The government of India has contributed USD 800,000 to the United Nations(UN) as part of the initiative which aims to enhance public outreach of the organisation in Hindi.

R Ravindra, India’s Deputy Permanent Representative to the United Nations, handed over a cheque for the ‘Hindi @ UN’ project to Mita Hosali, Deputy Director and Officer-In-Charge (News and Media Division), UN Department of Global Communications (DGC).

The project was launched by India in 2018 in collaboration with the UN Department of Public Information to disseminate information about the UN to the Hindi-speaking population across the world.

Since 2018, India has been partnering with the UN DGC by providing an extra-budgetary contribution to mainstream news and multimedia content of DGC in Hindi.

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.