Latest Current Affairs For Sunday 19th June, 2022

World’s biggest plant discovered off Australian coast

The world’s largest living plant has been identified in the shallow waters off the coast of Western Australia.

The sprawling seagrass, a marine flowering plant known as Posidonia australis, stretches for more than 112 miles (180 kilometers) in Shark Bay, a wilderness area protected as a World Heritage site.

Using genetic testing, scientists have determined a large underwater meadow in Western Australia is in fact one plant. It is believed to have spread from a single seed over at least 4,500 years. The seagrass covers about 200 sq km.

Important For All Exam 2022:

Australia Prime minister: Anthony Albanese;

Australia Capital: Canberra;

Australia Currency: Australian dollar.

Sustainable Gastronomy Day 2022 observed on 18 June

Every year, the world observes Sustainable Gastronomy Day on 18 June. The objective of this day is to recognise the practices associated with sustainable food consumption, especially with the art of collecting and preparing the food we eat.

To make this day a memorable one, the organisations work in collaboration with global and regional bodies to observe the day.

The day was recognised on 21 December 2016 after the United Nations General Assembly (UNGA) adopted the resolution A/RES/71/246, and declared 18 June as Sustainable Gastronomy Day.

Every year, UNGA, Food and Agriculture Organization (FAO), and United Nations Educational, Scientific and Cultural Organization (UNESCO) work together to ensure that the day is celebrated properly around the world.

International Picnic Day 2022: 18th June

International Picnic Day is celebrated annually on 18 June. On this day, people spend time with their loved ones and go for picnics to get a break from their monotonous everyday routine.

A picnic is a very good way to not only spend some quality time but also explore new feast spots. The word “picnic” probably gets its origins from the French language, specifically from the word “pique-nique”.

It is believed that this type of informal outdoor meal became a popular pastime in France after the French Revolution in the mid-1800s when it was possible again to get out into the country’s royal parks.

International Day for Countering Hate Speech: 18 June

International Day for Countering Hate Speech falls on June 18. According to the UN, hate speech is any kind of speech or writing that attacks or discriminates against a person or a group based on religion, ethnicity, nationality, race, color, descent, gender, or any other identity factor.

Speech should not be a weapon for creating more mayhem in this volatile world; thus, the International Day for Countering Hate Speech will help to stop hate-mongering.

Govt establishes 10% quota for Agniveers, alters upper age limit 

Following widespread opposition to the Agnipath plan, the Centre announced a 10% reservation for Agniveers in the Central Armed Police Forces (CAPF) and Assam Rifles recruitment. 

The Ministry of Home Affairs also decided to grant a three-year age relaxation to Agniveers in the CAPFs and Assam Rifles who are between the ages of 17.5 and 21. Notably, the initial class of recruits will be given a five-year extension on the maximum age limit.

The Agnipath short-term recruitment strategy for the armed forces was previously announced by the Centre. The plan, which is intended to be a reformative step, attempts to infuse more fresh blood into the three services.

RBI raises limit of e-mandates for transactions up to Rs 15,000

The Reserve Bank of India (RBI) has raised the Additional Factor of Authentication (AFA) limit from Rs 5,000 to Rs 15,000 per transaction for e-mandates on cards, Prepaid Payment Instruments (PPIs) and Unified Payments Interface (UPI) for recurring transactions.

It implies, additional authentication will not be need for payment of Rs 15,000 per transaction.

The Reserve Bank of India (RBI) has, over the past decade, put in place various safety and security measures for card payments, including the requirement of AFA, especially for ‘card-not-present’ transactions.

Piyush Goyal: After several years, India able to win favourable WTO outcome

Despite a strong global campaign against Indian farmers and fishermen, India was able to secure a favourable outcome at the WTO after many years, commerce and industry minister Piyush Goyal told the media after the conclusion of the 12th ministerial conference — the WTO (World Trade Organisation)‘s highest decision-making body.

Piyush Goyal described the conference as a ‘outcome-oriented success’, saying the Indian team, led by Prime Minister Narendra Modi, was “100% successful” in expressing the top concerns for India and the developing nations to the world.

Bhagwat Karad: Govt to take additional efforts to reduce inflation if required

Bhagwat Kishanrao Karad, India’s state minister for finance, stated that the Finance Ministry will take additional efforts to reduce inflation if necessary. Inflation is a worldwide phenomena, and India is better off than other countries.

The government is keeping a close eye on inflation and doing everything it can to keep it under control. According to the minister of state, the Russia-Ukraine conflict has had a significant impact on India’s inflation.

Since 1980s, world’s central banks launch their most hawkish campaign

Central bankers around the world are enacting what could be the most dramatic tightening of monetary policy since the 1980s, risking recessions and upsetting financial markets as they try to deal with an unexpected spike in inflation.

The week began with a surprise move on Wall Street to price in a Federal Reserve rate hike of 75 basis points. Chairman Jerome Powell declared himself fully committed to bringing inflation back down, the greatest step by the US central bank since 1994.

Switzerland surprisingly boosted rates, while the Bank of England raised rates for the fifth time, this time by 25 basis points, and indicated that it will soon double the rate.

The bond market’s reaction to the coordinated removal of stimulus was so ferocious that the European Central Bank called an emergency meeting on Wednesday to address rising yields in some euro-zone countries.

47th meeting of GST Council to be held in Srinagar 

The 47th meeting of the GST Council will be held on June 28 and 29, 2022 in Srinagar. The GST Council is chaired by Finance Minister Nirmala Sitharaman. This is the second time that the GST Council meeting is being held in Srinagar.

Before the launch of the Goods and Services Tax (GST) on July 1, 2017, the 14th meeting of the Coun cil was held on May 18 and 19 in the city.

The Council had last year set up a seven-member panel of state ministers, headed by Karnataka Chief Minister Basavaraj Bommai, to suggest ways to augment revenue by rationalising tax rates. The GoM had last met in November 2021.

Ministerial meeting on GST rationalisation fails to reach agreement

According to insiders, a group of state ministers working on GST rate rationalisation was unable to achieve an agreement because some members were opposed to modifications to tax slabs and rates.

They stated that the Group of Ministers will provide a status report to the GST Council on the consensus reached at the Group of Minister’s previous meeting on November 20, 2021.

Important For All Exam 2022:

Finance Minister of India: Smt. Nirmala Sitharaman

Chief Minister of Karnataka: Shri Basavaraj Bommai

Hamza Abdi Barre appointed as PM of Somalia

Somalia’s President Hassan Sheikh Mohamud has appointed a former chairman of the Jubbaland state election commission, Hamza Abdi Barre as the Prime Minister.

The 48-year-old Hamza Abdi Barre from the semi-autonomous state of Jubaland replaced Mohamed Hussein Roble.

Barre served in a number of public and political roles and from 2011 to 2017 was secretary-general of the Peace and Development Party (PDP), the precursor to the Union for Peace and Development (UDP) now led by Mohamud.

Important For All Exam 2022:

Somalia Capital: Mogadishu;

Somalia Currency: Somali Shilling;

Somalia President: Hassan Sheikh Mohamud.

Japan to participate in NATO summit for the first time Japan to participate in NATO summit for the first time 

Japanese Prime Minister, Fumio Kishida will attend this month’s NATO summit in Madrid, becoming the country’s first leader to join a top meeting of the transatlantic alliance.

The June 28-30 gathering is seen as a crunch moment for the 30 North Atlantic Treaty Organization allies, four months into Russia’s war in Ukraine.

Japan, a key U.S. ally and not a NATO member, has delivered defensive supplies to Ukraine and imposed tough sanctions on Russia in tandem with the other Group of Seven countries.

Important For All Exam 2022:

NATO Formation: 4 April 1949;

NATO Headquarters: Brussels, Belgium;

NATO Secretary General: Jens Stoltenberg;

NATO Total Member: 30;

NATO Last member of NATO: North Macedonia.

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.