Current Affairs

3 December, 2021

International

IOM Launched 11th edition of World Migration Report 2022

International Organization for Migration (IOM) of the United Nations launched the 11th edition of its flagship publication, the World Migration Report 2022, which states that the global international migration has increased from 84 million globally in 1970 to
281 million in 2020, the proportion of the international migrants has increased from 2.3% to 3.6% of the global population. The 2022 report stated that climate change has displaced more people than conflicts. The report features the regular data collection by the Internal Displacement Monitoring Centre (IDMC).

Note:
i.IOM has been producing the World Migration Reports since 2000 to contribute to an increased understanding of migration throughout the world.
ii.The 10th edition of the report was published in 2019.
About International Organization for Migration(IOM):
Director General– António Vitorino
Headquarters– Geneva, Switzerland

IOM Launched 11th edition of World Migration Report 2022

International Organization for Migration (IOM) of the United Nations launched the 11th edition of its flagship publication, the World Migration Report 2022, which states that the global international migration has increased from 84 million globally in 1970 to
281 million in 2020, the proportion of the international migrants has increased from 2.3% to 3.6% of the global population.
The 2022 report stated that climate change has displaced more people than conflicts.
The report features the regular data collection by the Internal Displacement Monitoring Centre (IDMC).
Note:
i.IOM has been producing the World Migration Reports since 2000 to contribute to an increased understanding of migration throughout the world.
ii.The 10th edition of the report was published in 2019.
About International Organization for Migration(IOM):
Director General– António Vitorino
Headquarters– Geneva, Switzerland

2021 Edition of WCM Report: IFFCO Ranks 1st Among top 300 Cooperatives in the World

The Indian Farmers Fertiliser Cooperative Limited (IFFCO) has been ranked ‘number one Cooperative’ among the top 300 cooperatives in the world in the 2021 edition of the 10th Annual World Cooperative Monitor (WCM) report, withholding its position from 2020 edition.

WCM is a project designed to collect robust economic, organizational, and social data about cooperatives worldwide.
The 2021 WCM report is published by the International Cooperative Alliance (ICA) and European Research Institute on Cooperative and Social Enterprises (Euricse).
Agriculture and food industries:
i.IFFCO has ranked number one under the Agriculture and food industries section of WCM ranking, which includes all cooperatives that operate along the entire agricultural value chain, starting from the cultivation of agricultural products and livestock farming to the industrial processing of agricultural products and animals.
ii.The section was further classified into two categories of Top 300 based on turnover in USD and the Top 300 turnover over GDP per capita (IFFCO became top under this category).
TOP 5 Turnover/GDP Per Capita:
Rank (2019) Organisation Country
1 IFFCO India
2 Gujarat Cooperative Milk Marketing Federation Ltd India
3 Zen-Noh Japan
4 Nonghyup (National Agricultural
Cooperative Federation – NACF) Republic of Korea
5 Copersucar SA Brazil
About Indian Farmers Fertiliser Cooperative Limited (IFFCO):
Establishment – 1967
MD & CEO – DR. U. S. Awasthi
Headquarters – New Delhi, Delhi

India joins G20’s Troika with Indonesia and Italy

Indonesia assumed the Presidency of G20 (Group of 20) from the outgoing Italy, which held the presidency for the last 1-year. With this Presidency change, India which is set to hold the G20 Presidency from 1st December 2022 to 31st November 2023 has entered the G20 Troika.
i.G20 Troika is a group comprising the previous, current & the next G20 Presidencies of G20.
ii.G20 Troika – Italy (December 2020-2021); Indonesia (December 2021-2022); India (December 2022-2023)

Theme for G20 Leaders Summit 2022 – “Recover Together, Recover Stronger”.
Note – Prime Minister Narendra Modi attended the G20 Summit 2021 held at Rome, Italy during 30-31 October 2021 where he raised the issue of Afghanistan’s future and take over by Taliban.
iii.India is a founding member of the G20 and has used the platform to raise issues of vital importance and those that impact on the most vulnerable around the world.
About G20:
i.The G20 is the premier forum for international economic cooperation established in 1999.
ii.Members of G20 – Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States, and the European Union.

National

States Debt-to-GDP ratio to remain at 31% by March 2022; worryingly higher than FY23 target: RBI report

i.The Reserve Bank of India (RBI) released its annual report namely ‘State Finances: A Study of Budgets of 2021-22’ on the theme ‘Coping with the Pandemic: A Third-Tier Dimension’.
ii.The report states that combined debt-to-GDP (Gross Domestic Product) ratio of states is expected to remain at 31% by end-March 2022, which is worryingly higher than the target of 20% to be achieved by 2022-23 (FY23).
iii.The report has been prepared in the Division of State Finances (DSF) of the Department of Economic and Policy Research (DEPR). The Report was prepared under the overall guidance of Dr. Deba Prasad Rath, Officer-in-Charge (DEPR).
About Reserve Bank of India (RBI):
Establishment– 1st April 1935
Headquarters– Mumbai, Maharashtra
Governor– Shaktikanta Das
Deputy Governors– Mahesh Kumar Jain, Michael Debabrata Patra, M. Rajeshwar Rao, T. Rabi Sankar

India’s Unemployment rate stood at 9.3% in January-March 2021: 10th Quarterly Bulletin of PLFS

i.The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI) launched the 10th Quarterly Bulletin (January- March 2021) of Periodic Labour Force Survey (PLFS).

ii.Unemployment Rate-UR (in %) in CWS in urban areas for persons of age 15 years and above in urban areas rose to 9.3% in January-March 2021 from 9.1% in the same months of 2020.
iii.Labour Force Participation Rate (LFPR) in CWS in urban areas for those 15 years of age and above was 47.5% in January-March quarter of 2021, down from 48.1% in the same period a year ago.
About National Statistical Office (NSO):
i.It is the Statistics Wing of the Ministry of Statistics and Programme Implementation, and has the Central Statistical Office (CSO), the Computer centre, and the National Sample Survey Office (NSSO).
ii.It acts as a nodal agency for development of the statistical system in India. It creates and maintains the norms and standards in the field of statistics.

Economy

Paytm Signs MoU with Skill Development Ministry to Train Youths in Fintech Industry

Paytm signed a Memorandum of Understanding (MoU) with the Directorate of General Training (DGT), Ministry of Skill Development and Entrepreneurship, to train 6000 individuals for 3 years in Fintech Industry. The trainees will undertake a six-month programme that is designed by Paytm in consultation with the DGT. The collaboration is part of DGT’s Flexible-MoU (Flexi-MoU)

Aim – To create a highly qualified pool of human resources for the fintech industry.

About Flexi-MoU scheme:
The scheme provides an opportunity to the youth in acquiring skills related to industries with employment opportunities through a ‘learn and earn’ approach which is a combination of theoretical and on-the-job training.
About Paytm
Founder & CEO – Vijay Shekhar Sharma
Established – 2010
Headquarters – Noida, Uttar Pradesh

Kotak Mahindra Bank Collaborates with Worldline for Easy EMI Services

Kotak Mahindra Bank announced a partnership with Europe-based payment and transactional service firm, Worldline to enable Equated Monthly Installment (EMI) payments via Kotak debit cards in India The Kotak debit card EMI is available to all consumers, retailers, fashion and electronic products to pay instalments easily using Worldline Point of Sale (POS) terminals.

About Worldline
CEO – Gilles Grapinet
Headquarters – Bezons, France
About Kotak Mahindra Bank:
CEO & Managing Director (MD) – Uday Kotak
Headquarters – Mumbai, Maharashtra
Tagline – Let’s make money simple

SBI Listed USD 650-million Green Bonds on India INX and LuxSE

State Bank of India (SBI) listed its USD 650-million green bonds simultaneously on the India International Exchange (India INX) and the Luxembourg Stock Exchange (LuxSE). This dual listing is in line with 2021’s topic of the World Investor Week (WIW), ‘sustainable finance’, as indicated by the regulatory body International Financial Services Centres Authority (IFSCA).

The listing of green bonds with the LuxSE will open up new avenues for market development and fundraising opportunities in the green bond space. India INX will work towards establishing a green corridor with Luxembourg to enable Indian Issuers to automatically qualify for dual listing with LuxSE to get investors from Europe and the globe.

Initiatives Related to Green bond:
i.In November 2020, India INX, the international arm of Bombay Stock Exchange, had announced its memorandum of understanding with the LuxSE for cooperation in the financial services industry, maintenance of orderly markets in securities respective country, ESG (environmental, social and governance) and green finance in the local market. India INX has now emerged as the leading bond listing venue with over $33 billion.

ii.In 2019, India INX had unveiled global securities market (GSM) Green, a platform for fundraising and trading in the green, social and sustainable bonds exclusively. The GSM has established over USD 58 billion in MTN (medium-term note) programmes. More than USD 33 billion of bonds have been issued till date, of which USD 4.3 billion of issuances are listed on the GSM Green platform.

iii.SBI has been the 1st public sector bank in India to publish its sustainability report as per Global Reporting Initiative (GRI) framework. So far SBI has raised $800 million in the green bond market.
About WIW 2021:
i.WIW, a week-long global campaign, is annually observed across the globe under the aegis of the International Organization of Securities Commissions (IOSCO). It is celebrated every year, across the world, by the securities market regulators.
ii.WIW – 2021 in India was celebrated from November 22 – 28, 2021. Securities and Exchange Board of India (SEBI) is the national coordinator for celebrating WIW-2021 in India.
About India International Exchange (India INX)
It is the first international exchange at GIFT IFSC
Establishment – 2017
Headquarters – Gandhinagar, Gujarat
MD & CEO – V. Balasubramaniam

West Bengal Got $135 million World Bank Loan to Improve Efficiency, Reliability of Electricity Supply

International Bank for Reconstruction and Development (IBRD), the lending arm of World Bank Group, has approved a USD 135 million loan to West Bengal (WB) to improve the operational efficiency and reliability of electricity supply in selected areas in the state. The variable spread loan or floating interest loan will have a maturity of 17 years, including a grace period of 7 years.

Objective: To strengthen distribution networks, invest in smart-grid technologies, and ensure financial sustainability of the state discom (distribution companies).

Note – IBRD along with International Development Association (IDA) forms the World Bank.
About International Bank for Reconstruction and Development (IBRD):
Establishment – 1944
Headquarters – Washington DC, USA
Members – 189 countries

Sports

IPL 2022 Retention: Check Retained Player List of All Teams- CSK, RCB, MI, PBKS, KKR, SRH, RR, DC

IPL 2022 Retention: A total of 27 players were retained and remaining were released by their respective franchises in the IPL 2022 Retention event on November 30, 2021. All eight IPL franchises retained few of their star players and had to let go of others, including some key players under IPL 2022 Retention Policy.

Chennai Super Kings in a much-awaited decision retained four players including their skipper MS Dhoni and star allrounder Ravindra Jadeja but had to release key players including Faf du Plessis and Dwayne Bravo. The Sunrisers Hyderabad also retained their skipper Kane Williamson and two uncapped players but had to let go of key bowler Rashid Khan.

The Punjab Kings retained two players including Mayank Agarwal and uncapped Arshdeep Singh and had to let go of skipper KL Rahul and key players including Chris Gayle. Punjab Kings head coach Anil Kumble clarified while announcing the names of retained players that they had wanted to retain KL Rahul but he decided to go into the auction and they respect his decision.

RCB in no surprise retained their former skipper Virat Kohli and two others including overseas player Glenn Maxwell but let go of key players including top bowlers Yuzuvendra Chahal and Harshal Patel. The Mumbai Indians also retained four players including their skipper Rohit Sharma and the experienced Kieron Pollard and released key players including Hardik Pandya.

Miscellaneous

Sambit Patra Appointed as the new Chairman of India Tourism Development Corporation

The Bharatiya Janata Party (BJP) spokesperson and leader Sambit Patra was appointed as the Chairman and part time Non-Executive Director of India Tourism Development Corporation (ITDC) by the Appointment Committee of Cabinet (ACC) for the next 3 years. Prior to this, Sambit Patra was working as an independent director of Oil and Natural Gas Corporation (ONGC).

i.The ACC has approved the proposal of the Ministry of Tourism (MoT)of splitting the Chairman & MD of ITDC into two posts, one for the Chairman and the other for the Managing Director (MD).
ii.Ganji Kamala V Rao, IAS (Indian Administrative Services) Officer of 1990 batch, will be appointed as Managing Director of ITDC.
About India Tourism Development Corporation (ITDC):
Founded– 1966
Headquarters-New Delhi, Delhi
About Ministry of Tourism (MoT):
Union Minister– G. Kishan Reddy (Secunderabad, Telangana)
Minister of State- Shripad Yesso Naik (North Goa,Goa), Ajay Bhatt (Nainital-Udhamsingh Nagar, Uttarakhand)

Federal Bank launches Feature-Rich Savings Scheme for Women – ‘Mahila Mitra Plus’

Private sector lender Federal Bank, as part of its women empowerment agenda, launched an exclusively feature-rich savings bank product for women named “Mahila Mitra Plus”. They provide a set of features for easy financial planning and investments for women.

Features of Mahila Mitra Plus:
i.Exclusive preferential interest rates on housing loans
ii.Complementary and customized insurance cover
iii.No processing fee for home loans
Highlights:
i.Women are encouraged to have two zero balance savings accounts in the names of their minor children.
ii.Gender diversity is one of the themes under the Environment, Social and Governance (ESG) goals of Federal Bank
About Federal Bank:
CEO & Managing Director (MD) – Shyam Srinivasan
Established – 1931 (under the Travancore Companies Regulation Act, 1916)
Headquarters – Aluva, Kerala
Tagline – Your Perfect Banking Partner

SBI partners with Adani Capital Private Ltd for Co-Lending to Farmers

The State Bank of India (SBI) signs a master agreement with Adani Capital Private Ltd (Adani Capital), the NBFC (Non Banking Financial Company) Adani Group, to provide support for co-lending to farmers for purchase of tractor and farm implements.
Objective:
To contribute to the mechanisation of agriculture and play a role in improving productivity and help the government in doubling farm income by 2022.
Highlights:
i.The SBI will work with Adani Capital to provide co-lending assistance for financing farm mechanisation, warehouse receipt finance, Farmer Producer Organizations (FPOs) etc.
ii.It will boost the credit inflow in the agriculture sector and also connect with the underserved farming segment of the country.
iii.Through this agreement Adani Capital along with SBI will target the unbanked/underserved Indian farmers. The co-lending is part of priority sector lending (PSL), which aims to improve credit flow to unserved and underserved sectors of the economy.

About State Bank of India (SBI)
Chairman-Dinesh Kumar Khara
Founded- 1 July 1955
Headquarters- Mumbai, Maharashtra
About Adani Capital Private Ltd (Adani Capital)
MD & CEO-Gaurav Gupta
Chairman- Gautam Adani
Headquarters– Ahmedabad, Gujarat

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