Current Affairs

4 April, 2022

International

India Contributes $500,000 to UN Women’s Core Budget

India contributed USD 500,000 to the United Nation (UN) Women, an agency for gender equality and women empowerment,for their core budget.
It was handed over by India’s Permanent Representative to the United Nations, TS Tirumurti to Executive Director (ED) Dr Sima Bahous (UN Women Chief).
Highlights:
i.With this contribution, India reaffirmed its support for gender equality and women empowerment and development.
ii.Earlier in 2021, India also contributed USD 300,000 to the United Nations agency for gender equality and women empowerment.
Note- Gender Equality is the 5th Sustainable Development Goal(SDG) 5
The six main organs of the United Nation (UN)-
UN General Assembly (UNGA),
UN Security Council (UNSC),
UN Economic and Social Council (ECOSOC),
UN Trusteeship Council,
UN International Court of Justice (ICJ),
UN Secretariat.
About United Nation (UN) Women:
Headquarters-New York, United States (US)
Founded- 2010
Executive Director-Sima Sami Bahous

Finance Ministry kept Interest Rate of Small Savings Schemes Unchanged for Q1FY23

i.The Department of Economic Affairs (DEA), Ministry of Finance, has kept the rate of interest on various small savings schemes unchanged for the first quarter (April-June, 2022) of FY23.
ii.In this regard, interest rates on national savings certificate (6.8%), senior citizen savings schemes (7.4%), public provident fund scheme (7.1%), Kisan Vikas Patra (6.9%), Sukanya Samriddhi Account scheme (7.6%) for the Q1FY23 are same as Q4FY22.
About Ministry of Finance:
Union Minister– Nirmala Sitharaman (Constituency – RajyaSabha, Karnataka)
Ministers of State– Pankaj Chaudhary (Constituency – Maharajganj, Uttar Pradesh); Dr. Bhagwat Kishanrao Karad (Constituency – Rajya sabha Maharashtra)

National

India And Australia Signed Economic Cooperation And Trade Agreement To Boost The Economy

India’s Union Minister of Commerce and Industry Piyush Goyal and Australian Trade Minister Dan Tehan signed India-Australia Economic Cooperation and Trade Agreement (IndAus ECTA) in a virtual ceremony with the presence of Prime Minister (PM) Narendra Modi and Australian PM Scott Morrison. The above agreement is set to provide zero-duty access to 96 per cent of India’s exports to Australia including shipments from key sectors such as engineering goods, gems and jewellery, textiles, apparel and leather. It also set to provide 85 per cent of Australia’s exports zero-duty access to the Indian market, including coal, sheep meat and wool, and lower duty access on Australian wines, almonds, lentils, and certain fruits. The bilateral trade was emphasised to raise the existing 27 billion USD to 45-50 billion USD in the upcoming 5 years.
About India & Australia Free Trade Agreement (FTA) :
i.This is the first trade agreement that India has signed with a developed country after a decade.
ii.Also, India will be offering 70 percent of its tariff lines, which includes export interest of Australia such as raw materials and intermediaries such as coal, mineral ores and wines etc.
iii.Australian goods exports to India (valued at more than $12.6 billion a year), rising to almost 91 per cent (valued at $13.4 billion) over 10 years.
iv.Zero-duty access for Indian goods is set to be expanded to 100 per cent over five years under the agreement.
v.Under the agreement, Indian graduates from STEM (Science, Technology, Engineering and Mathematics) will be granted extended post-study work visas.
Exports And Imports:
i.Australia is the 17th largest trading partner of India, and New Delhi will be Canberra’s 9th largest partner.
ii.India’s goods exports worth United States Dollar (USD) 6.9 billion and imports aggregated to USD 15.1 billion in 2021.
iii.In 2021 the bilateral trade in goods and services stood at USD 27.5 billion.
About Australia:
Prime Minister – Scott Morrison
Capital – Canberra
Currency – Australian dollars

Leh to Sign Tripartite Agreement to Develop Hanle as Dark Sky Sanctuary

The Leh administration is set to sign a tripartite agreement to develop Hanle as Dark Sky Sanctuary. The Leh Hill Council, WildLife and Tourism departments will jointly develop the area for Astrotourism. The declaration of Hanle as a dark sky sanctuary was announced during the high-level meeting by Pawan Kotwal, Principal Secretary (Planning, Development and Monitoring Department), Ladakh.
Astro tourism:
i.Ladakh’s administration in association with the Indian Institute of Astrophysics aims to promote Astro-tourism in the village of Hanle in the Union Territory (UT) of Ladakh.
ii.The village of Hanle, located in the Hanle river valley, which has been declared as a dark sky sanctuary, will offer an unequivocal dark sky experience to tourists.

Union Government extended Foreign Trade Policy by another 6 months

The Ministry of Commerce and Industry has extended the Foreign Trade Policy 2015-20 which was valid upto March 31, 2022 by another six months upto September 30, 2022 for boosting external commerce in goods and services.The Extension was issued by Directorate General of Foreign Trade (DGFT). It will enable exporters to pursue the incentives under some existing schemes including the Remission of Duties and Taxes on Exported Products(RoDTEP) which replaced the flagship Merchandise Exports From India Scheme, or MEIS, from January 1, interest equalisation scheme and transport subsidy scheme (for farm exports).
Note – The government has budgeted Rs 13,000 crore for the RoDTEP scheme for FY22.
i.Following the outbreak of Covid-19, the policy was first extended by a year upto 31 March 2022.
ii.The policy will aim to complement the ongoing revamp of the special economic zones (SEZ) policy to make it compliant with World Trade Organisation rules.
iii.It will also cover ease of doing business, a ‘districts as exports hub’ scheme, promote geographical indication (GI) products and e-commerce.
iv.The policy provides guidelines for enhancing exports to push economic growth and create jobs and incentives under different schemes such as Duty Free Import Authorisation (DFIA) and Export Promotion Capital Goods (EPCG).

Economy

Ergos launches “GrainBank Loyalty Cards for Farmers”

Ergos Business Solutions Private Ltd developed a digital platform ‘GrainBank’. This is the first time in India, where farmers will have valuable information and income on their farm produce by getting direct access to digital platform.
About Ergos Business Solutions Private Ltd:
CEO and Director-Kishor Kumar Jha
Headquarters- Patna, Bihar

SEBI Launches Ideathon ‘Manthan’ To Promote Innovation in Securities Market

TMs. Madhabi Puri Buch, Chairperson of SEBI, formally launched the “Manthan,” an Ideathon,a new initiative of SEBI to foster new ideas and innovations in the securities market, in collaboration with other market infrastructure institutions and qualified registrar and transfer agents (QRTAs) at an event in Mumbai,Maharashtra.
Highlights:
i.Financial Technology (FinTech) adoption in the securities market will offer considerable opportunities for stakeholders.
It will help in democratizing financial services by making them more affordable and accessible to the general public, thereby establishing the foundation for financial inclusion.
ii.Similarly, Regulatory Technology (RegTech) and Supervisory Technology (SupTech) provide opportunities for effective market regulation while reducing the cost of compliance for market participants.
About Manthan:
i.It is a 6-week long Ideathon by SEBI in association with BSE, NSE, NSDL, CDSL, KFintech, CAMS, Link Intime, and MCX to promote innovation in the securities market.
ii.Manthan will help to create a pool of new ideas and solutions centred on the securities industry.
iii. The event is open for registration from March 30, 2022 to May 14, 2022 and anyone over 16 years of age, including students, startup founders, professionals, and academicians, can participate by submitting their ideas at https://manthan.devfolio.co/
iv.It invites innovative ideas in the themes such as Investor Education, Protection and ease of investing, Securities Market Development, Market Regulation, and Integration within the financial ecosystem. The top ten winners of the ideathon stand would get cash prizes worth Rs. 5,00,000.
About Securities and Exchange Board of India (SEBI):
Chairperson -Madhabi Puri Buch
Establishment – 12 April 1992
Headquarters – Mumbai, Maharashtra

IOB Signs MoU with STPI & STPINEXT Under Finblue Initiative

As part of the FinBlue initiative to promote innovation through financial technologies, the public sector Indian Overseas Bank (IOB) has signed a Memorandum of Understanding (MoU) with the Software Technology Parks of India (STPI) and AIC STPINEXT INITIATIVES (a Section 8 company of STPI).
FinBlue Initiative:
A FinTech (financial technology) Centre of Entrepreneurship (CoE) set by the STPI at Chennai, Tamil Nadu.
Objective: To help provide resources such as mentoring, technology support and funding for FinTech start-ups. It offers an integrated program for start-ups to scale up through its incubation facility.
Software Technology Parks of India (STPI):
A premier Science & Technology organization under the Ministry of Electronics and Information Technology (MeitY).

Director General – Aravind Kumar

AIC STPINEXT INITIATIVES is established by STPI as a section 8 company to serve as the nodal agency and common implementation vehicle for its startup and entrepreneurship initiatives. It is headquartered in New Delhi, Delhi.
About Indian Overseas Bank (IOB):
Managing Director & CEO – Partha Pratim Sengupta
Establishment – 10th February 1937
Headquarters – Chennai, Tamil Nadu
Tagline – Good People to Grow with

Sports

Logo, Jersey, mascot and anthem were unveiled for the 2nd edition of KIUG 2021

The Governor of Karnataka, Thaawar Chand Gehlot and Union Minister of Youth Affairs and Sports Anurag Singh Thakur launched the logo, jersey, mascot and anthem in the 2nd edition of Khelo India University Games 2021 (KIUG 2021) at the Sree Kanteerava Stadium in Bengaluru,Karnataka.
i.The below things were unveiled during the event:-

Logo and official mascot of the games – Veera,
Khelo India App for live updates,
The official anthem was sung by Chandan Shetty and Nikhil Joshi, and
The jersey for the 2nd edition of Khelo India University Games 2021
ii.The Khelo India University Games is a platform aimed at identifying talent for the Asian Games, CommonWealth Games and for the Olympics.
iii.The event saw the participation of 4500 athletes, representing 20 sports from across India and the event was hosted by Jain University, Karnataka.
iv.The KIUG 2021 is indeed the first sporting event to introduce Yogasana and Mallakhamb in the competition category, among 20 sporting disciplines.
v.The Karnataka government has declared the KIUG 2021 as Green Games – zero-waste, zero-plastic Games.
vi.The first edition of Kehlo India university Games 2020 was hosted by Odisha.

Miscellaneous

UBI sells 21% stake in IFLIC to BoB for Rs. 766 Crore

Union Bank of India (UBI) has sold 21% stake in IndiaFirst Life Insurance Company Limited (IFLIC), to Bank of Baroda (BoB) for Rs. 766.29 crore. IFLIC is a joint venture (JV) between BoB, UBI and Carmel Point Investments India Private Limited.UBI owned a 30% stake in IFLIC as a result of its acquisition of Andhra Bank. The divestment is made in line with the insurance regulator Insurance Regulatory and Development Authority of India’s (IRDAI) directive to bring down UBI’s stake in IFLIC to below 10%.

UBI’s investment in IFLIC has dropped to 9% as a result of the divestment. BoB now has a 65% stake in IFLIC, whereas Carmel Point Investments India has 25% stake in IFLIC.About Union Bank of India (UBI):

Managing Director & CEO – Rajkiran Rai G.
Establishment – 11 November 1919
Headquarters – Mumbai, Maharashtra
Tagline – Good People to Bank with

Hurun Richest Self-Made Women in the World 2022: Falguni Nayar of Nykaa among Top 10

According to the list of Hurun Richest Self-Made Women In The World 2022 released by the Hurun Research Institute. Falguni Nayar, Founder and Chief Executive Officer(CEO) of Nykaa, is ranked 10th with a wealth of USD 7.6 billion. She is the only Indian among the top 10. Radha Vembu, co-founder & product manager of Zoho is the second-richest self-made woman billionaire in India with US$3.9bn & ranked 25th in the global list.Radha Vembu is top in India, and second across the world, in the list of Biggest Risers. Kiran Mazumdar-Shaw, executive chairperson and founder of Biocon Limited and Biocon Biologics, is 26th on the list, down two places from last year. She has a wealth of US$3.8 bn. Top 3 on the list:Wu Yajun co-founder of Longfor(China has topped the list followed by Fan Hongwei, Chairman/President, Hengli Petrochemical Co Ltd(China) and Wang Laichun of Luxshare Precision Industry(China). According to the list, there are 124 Self-Made Women Billionaires In World and china contributes to two-thirds of the world’s self-made women billionaires with 78 followed by the United States with 25 and the United Kingdom with 5.

HDFC Bank Adjudged as Best Performing Bank in SHG Linkage by NRLM

HDFC Bank Limited (HDFC Bank) has been adjudged Best Performing Bank in Self Help Group (SHG) Linkage by Deendayal Antyodaya Yojana – National Rural Livelihood Mission(DAY-NRLM), Ministry of Rural Development(MoRD), Government of India at the event organised at the Vigyan Bhavan, New Delhi, Delhi. HDFC bank is the only private bank to be honoured with the award for their contribution in SHGs by NRLM.

Giriraj Singh, Union Minister of Rural Development presented the award to K Venkatesh, Head of Sustainable Livelihood Initiative of HDFC Bank.
Additional info:
i.The HDFC Bank has signed Memoranda of Undertading (MoUs) with the State Rural Livelihood Mission of 6 states: Assam, Chhattisgarh, Maharashtra, Punjab, Rajasthan, and Uttar Pradesh.
ii.As of February 2022, the HDFC bank has offered advances of more than RS 1000 crore under the NRLM.
iii.As a part of the NRLM, HDFC bank provides access to financial services to more than 4.5 lakh individuals in unbanked and underbanked sections of the society.
About National Rural Livelihood Mission (NRLM):
National Rural Livelihoods Mission (NRLM) was launched by the Ministry of Rural Development (MoRD) in June 2011 is a poverty alleviation project.This rural income generation scheme is also known as Aajeevika Mission.
This was aided in part through investment support by the World Bank.
Aim:
To encourage self-employment and create sustainable livelihood opportunities for the rural poor.
About HDFC Bank:
MD & CEO– Sashidhar Jagdishan
Incorporated – 1994
Headquarters– Mumbai, Maharashtra
Chatbot– EVA

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