Latest Current Affairs For Wednesday 31st August, 2022

Indian city, Bengaluru ranked second in Asia-Pacific in Tech Hubs

According to a report by Cushman and Wakefield, China’s Beijing has been topped tech hubs list, followed by Bengaluru.

Report title: ‘Tech Cities: The Global Intersection of Talent and Real Estate’. 

The list followed by Chennai, Delhi and Hyderabad.

Mumbai and Pune also made it to the top-10 list with eighth and ninth position in a list.

Bengaluru leads India with 2,30,813 tech job creation, followed by Chennai with 1,12,781, Hyderabad (1,03,032) and Delhi (89,996 jobs). 

Tata Steel, Punjab Govt ink pact to set up steel plant in Ludhiana

Tata Steel has signed an MoU with Punjab government for setting up a 0.75 MnTPA long products steel plant with a scrap-based electric arc furnace (EAF).

This initiative will help to set up the greenfield facility at Kadiana Khurd, Hitech Valley, Ludhiana in Punjab.

This step is aligned to the company’s goal of achieving Net Zero carbon emission by 2045.

This steel plant would produce construction grade steel rebar under the Company’s flagship retail brand ‘Tata Tiscon’.

ICICI Bank partners NPCI to launch RuPay credit cards

ICICI Bank has announced its partnership with National Payments Corporation of India (NPCI) to launch a range of credit cards on payments network RuPay.

The ICICI Bank RuPay Credit Card is presently available in the Coral variant of the Bank’s Gemstone series.

This will be soon followed by Rubyx and Sapphiro variants.

It is a contactless card that comes with a slew of perks and benefits.

NPCI was established in 2008 for operating retail payments and settlement systems.

PGIM India Mutual Fund launches Money And Me website

PGIM India Mutual Fund has launched a new investor education and awareness website: MoneyAndMe (https://moneyandme.pgimindiamf.com/).

This website contains exhaustive content on various aspects of personal finance including household budgeting, protection, savings and investing.

The company also launched of a consumer awareness campaign – 'Aapka HappinessPlanned' to promote the MoneyAndMe Initiative. 

Aim: To help investors dealing with various financial challenges. 

Irdai eases firm registration process from 8 to 2 months

IRDAI Chairman, Debasish Panda has announced that IRDAI has been eased the registration process of new companies by reducing the time taken to process new applications from 8 to 2 months.

The regulator has created a facilitation cell consisting of two officers for handholding the applicants so that the entity gets its approval to start its operations.

According to Irdai data, the insurance penetration in the country is at 4.2% as of 2021, which is higher than China.

J&K LG, Manoj Sinha inaugurates 8th India International MSME Start-up Expo

Lieutenant Governor of Jammu & Kashmir, Manoj Sinha has inaugurated the 8th India International MSME Start-up Expo & Summit at New Delhi.

This Expo provides a platform to SMEs, startups, trade, industry, service providers to explore new opportunities for buyers and sellers, and exchange information about federal, state, and local programmes.

J&K has one of the fastest growing horticulture markets in the country.

MSME Minister: Narayan Rane

Eminent economist, Abhijit Sen passes away

Renowned economist and former Planning Commission member, Abhijit Sen has been passed away at 72 due to heart attack.

In his career, he taught economics at Jawaharlal Nehru University, New Delhi and hold several important government positions including the chair of the Commission of Agricultural Cost and Prices.

He was a member of Planning Commission from 2004 to 2014,  during the tenure of PM Manmohan Singh.

He was awarded the Padma Bhushan for public service in 2010.

Reliance Industries to infuse ₹2 lakh cr in Jio 5G

Reliance Industries (RIL) chairman, Mukesh Ambani has announced to invest a whopping ₹2 lakh crore to build its Pan-India true 5G network.

The Reliance Jio Infocomm has prepared an ambitious and fastest ever 5G rollout plan for the country.

Jio plans to roll out Jio 5G by this Diwali 2022 in metropolises of Delhi, Mumbai, Kolkata, and Chennai.

He also announced that Reliance will launch the Nita Mukesh Ambani Junior School.

Jio Chairman: Akash Ambani; 

MD: Sandip Das

IIT Madras, IIS- Karnataka partner to develop boxing analytics software

IIT Madras researchers have joined hands with Inspire Institute of Sports, Karnataka to develop an advanced boxing analytics platform named Smartboxer.

Aim: To increase India’s boxing medal tally at the 2024 Olympics.

This multi version software is being developed by the Center of Excellence for Sports Science and Analytics at IIT Madras.

Feature: Provide feedback and performance assessments using Internet of Things (IoT)-enabled wearable sensors and video cameras.

Gautam Adani becomes third richest person in the world

According to the Bloomberg Billionaires Index, Chairman of Adani Group, Gautam Adani has now become the world’s third-richest person with a total net worth of USD 137.4 billion.

He has overtaken Louis Vuitton chairman, Bernard Arnault (France).

Reliance chief, Mukesh Ambani is now at 11 with a total USD 91.9 billion worth.

This is the first time, an Asian person has been listed in the top three of the Bloomberg Billionaires Index.

Top 2: (1) Elon Musk (2) Jeff Bezos

50th All Manipur Shumang Leela Festival 2021-2022 started in Imphal

The 50th edition of All Manipur Shumang Leela Festival 2021-2022 has been started at Iboyaima Shumang Leela Shanglen in Imphal, Manipur.

The inaugural function was attended by Manipur Governor, La Ganesan and CM N. Biren Singh.

Shumang Leela:

It is a traditional form of theatre in Manipur.

The roles of female artists are all played by male actors and male characters are played by female artists in case of female theatre groups.

President Droupadi Murmu meets with Queen Máxima of Netherlands

President of India, Droupadi Murmu has met with the Queen Máxima of the Netherlands at Rashtrapati Bhavan to discuss the various aspects to strengthen the bilateral relation between India and the Netherlands.

Queen Máxima of Netherland is on a three day visit to India (29-31 August 2022).

During their discussion, both leaders discussed the universal financial inclusion initiatives.

Netherland's Capital: Amsterdam;

Currency: Euro

Max Verstappen wins Belgian F1 Grand Prix 2022

Red Bull racing driver, Max Verstappen has clinched the F1 Belgian Grand Prix 2022.

Sergio Perez (Red Bull's driver) and Carlos Sainz (Ferrari's driver) have finished at second and third positions respectively.

Max Verstappen has won 9 races out of 14 races of this season.

George Russell (Mercedes driver) has finished at fourth in the  F1 Belgian Grand Prix 2022.

Previous winners:

Canadian GP'22; Azerbaijan GP'22;  

Miami GP'22: Max Verstappen (Netherlands)

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.