Latest Current Affairs For Wednesday 22nd March, 2023

Water stress to hit India’s food production by 2050

According to the report, published GCEW, revealed that India will face a reduction of over 16% in food supply due to water and heat stress in 2050.

However, the report placed China at the top, where food supply would be reduced by 22.4%, followed by South America by 19.4%.

The water supply availability in India is between 1100-1197 billion cubic meters (bcm).

In contrast, the demand is expected to grow from 550-710 bcm in 2010 to 900-1,400 bcm in 2050.

Cotton Corporation of India appoints Lalit Kumar Gupta as CMD

The government has approved the appointment of Lalit Kumar Gupta as CMD of the Cotton Corporation of India (CCI), with effect from the date of his assumption of charge of the post for a period of five years.

He was recommended for the post of CMD of CCI by the PESB panel.

Presently, he is serving as Director (Finance) in the same organization.

He joined CCI in August 1994 and has a very long association with Cotton Corporation of about 25 years.

NGEL, IOCL ink pact for setting up renewable energy projects

NGEL (a wholly-owned subsidiary of NTPC Limited) has signed a Joint Venture Agreement with IOCL for setting up renewable energy projects to meet Round the Clock power requirement of IOCL Refineries.

NGEL has set a target of building a renewable generation portfolio of 60 GW over the next decade to aggressively pursue its green energy business.

Chairman, IOCL: Shrikant Madhav Vaidya

CMD, NTPC: Gurdeep Singh

International Day of Forests 2023: 21st March

The International Day of Forests is celebrated each year on March 21 to raise awareness about the importance of forests and trees for the survival of humanity.

2023 theme: Forests and health

This day can be traced back to 1971 when the Food and Agriculture Organization (FAO) established World Forestry Day.

In 2011, the United Nations declared the years 2011 to 2020 as the International Decade of Forests.

In 2012, the International Day of Forests was established.

Dr Mansukh Mandaviya attended Global Conference on Digital Health attended

Union Health Minister Mansukh Mandaviya has virtually addressed the Global Conference on Digital Health  – Taking Universal Health Coverage to the Last Citizen.

This conference is a co-branded event under India’s G20 Presidency organized by WHO – South-East Asia Region in collaboration with the Ministry of Health & Family Welfare.

The Indian government aims to launch a global initiative on digital health as an institutional framework.

India state-run banks' gross NPA eases to 5.53%

The gross NPA ratio was declining from 14.6% in March 2018 to 5.53% in December 2022.

All PSBs are in profit with aggregate profit being Rs 66,543 crore in 2021-22 and that further increased to Rs 70,167 crore in the first nine months of the current financial year.

At the same time, resilience has increased with the provision coverage ratio of PSBs rising from 46% to 89.9% in December 2022.

The capital adequacy ratio improved from 11.5% to 14.5% in December 2022.

RBI fines RBL Bank for non-compliance with rules on loan recovery agents

The Reserve Bank of India (RBI) has imposed a monetary penalty of 22.7 million rupees ($274,915) on private lender RBL Bank Ltd.

Reason: For not complying with certain directives on loan recovery agents. 

The RBI has found deficiencies in regulatory compliance after it examined complaints received against RBL's recovery agents during the financial years 2018-19 to 2021-22.

RBL Headquarters: Mumbai; 

MD & CEO: R. Subramaniakumar

IMF approves nearly $3 billion bailout for Sri Lanka

The International Monetary Fund (IMF) executive board has approved a $3-billion four-year extended financing arrangement for Sri Lanka.

It paves the way for an immediate disbursement of about $333 million to the cash-strapped country.

The new Extended Fund Facility (EFF) arrangement program aims to restore Sri Lanka’s macroeconomic stability and debt sustainability, mitigate the economic impact on the poor and vulnerable, and safeguard financial sector stability.

Nepalese batsman Aasif Sheikh won 2022 CMJ Spirit of Cricket Award

Nepalese batsman Aasif Sheikh was declared the winner of the 2022 Christopher Martin-Jenkins Spirit of Cricket Award.

Reason: For his sporting conduct shown in a Men’s T20I between Nepal and Ireland in Feb 2022.

The Award is presented every year by the Marylebone Cricket Club (MCC), UK in conjunction with the BBC.

This award was created in 2013 by MCC and the BBC in memory of former MCC President and BBC Test Match Special commentator Christopher Martin-Jenkins (CMJ).

Women employees constitute over 25% in nationalized banks in the country

Women employees constitute over 25% of the total workforce on average in the nationalized banks in the country.

The largest Public Sector Bank-- the State Bank of India (SBI), has 26.7% women employees in their total staff strength.

While Indian Overseas Bank has a maximum of 36% women staff and the Punjab National Bank has the least 24% women staff strength.

This data was provided by the Ministry of Finance in the Lok Sabha.

India, Japan sign two agreements

India and Japan signed two documents on the sidelines of the bilateral talks between PM Modi and Japanese PM Fumio Kishida.

Agreements:

Renewal of Memorandum of Cooperation in the Japanese language

Exchange of notes on JICA loan for 300 billion Yen on Mumbai-Ahmedabad high-speed railway project.

PM Kishida formally invited PM Modi to G7 Hiroshima Summit.

PM Modi also urged the Japanese PM to declare 2024 as the year of Youth Exchanges between the two countries.

World Happiness Report 2023 released

According to the World Happiness Report 2023, published by the UN Sustainable Development Solutions Network, India ranked 125 based on the various parameters of happiness.

India’s neighboring countries such as Nepal, China, Bangladesh, and Sri Lanka have a higher ranking than India.

Finland tops the ranking for the sixth consecutive year with a score of 7.8 followed by Denmark and Iceland.

Out of the 137 countries, Afghanistan has ranked last.

Carlos Alcaraz wins Indian Wells 2023 to reclaim his World No.1 spot

Spanish tennis player, Carlos Alcaraz (19) has won his maiden 2023 Indian Wells title after defeating Russian Daniil Medvedev 6-3, 6-2 in the final.

With this feat, he has also dethroned Novak Djokovic to reclaim World No.1 spot.

He also become the youngest world number one ever after his triumph and claimed his third Masters 1000 title.

He joined Rafael Nadal as the only player to win at least three as a teenager.

Nadal won six before turning 20.

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.