6 October, 2021
WTO raised 2021 Global Trade Volume Forecast to 10.8% from 8%
i.The World Trade Organization (WTO) upgraded its global merchandise trade volume growth to 10.8% in 2021 which is an upward revision from 8% forecasted in March 2021.
ii.For 2022, this growth will slow to 4.7% which still an increase from previous forecast of 4%.
iii.Global GDP (Gross Domestic Product) will grow 5.3%, up from 5.1% forecasted in March 2021.
iv.For 2022, Global GDP growth is estimated to 4.1% in 2022, up from 3.8% previously.
About World Trade Organization (WTO):
Director-General– Ngozi Okonjo-Iweala
Members– 164 (including India)
Headquarters– Geneva, Switzerland
India’s 1st, World’s 3rd Ropeway Public Transport Proposed to be Constructed in Varanasi
India’s 1st and world’s 3rd ropeway for public transport was proposed to be constructed in the city of Varanasi, Uttar Pradesh to ease the traffic congestion. The ropeway service will cover an aerial distance of ~5 km from Cantt Railway Station (Varanasi Junction, Uttar Pradesh) to Church Square (Godauliya) in about 15 minutes. On completion, Varanasi will become the 1st Indian city and India will become the third country in the world (after Bolivia and Mexico City) to use ropeway services in public transportation. WAPCOS Limited, an accredited public sector enterprise under the Union ministry of Jal Shakti has proposed the cost of the ropeway service at ~Rs 400 crore.
About Uttar Pradesh:
Governor – Anandiben Patel
Wildlife Sanctuary – Sohagibarwa Wildlife Sanctuary
Airport – Allahabad Airport, Hindon Airport, Muirpur (Sonbhadra) Airport
MoEF&CC launched guidelines for Ecotourism & for Monitoring Dolphins
The Union Minister Bhupender Yadav, Ministry of Environment, Forest and Climate Change (MoEF&CC) released the ‘Guidelines for sustainable Ecotourism in forest and wildlife areas’ to promote a better understanding of nature and wildlife conservation during the occasion of Gandhi Jayanti (October 2, 2021) and heralding the Iconic Week of Azadi ka Amrit Mahotsav of MoEFCC (4-10th October 2021).These will be applicable for sites in forests, wildlife areas and eco-sensitive zones.
Other Releases by Bhupender Yadav:
i.He released a field guide for monitoring Ganges and Indus river dolphins, associated aquatic fauna and habitat. This is for the first time that a standardized monitoring protocol has been made for synchronised dolphin enumeration exercise. This exercise will be undertaken in the 8 states of Assam, West Bengal, Bihar, Jharkhand, Uttar Pradesh, Madhya Pradesh, Rajasthan and Punjab. This will be an important constituent of “Project Dolphin” which was announced by Prime Minister Narendra Modi on August 15, 2020 to save both river and marine dolphins.
ii.He also launched a web portal on the ‘Wetlands of India Portal’, which will act as single-point access to all information relating to wetlands.
iii.He flagged off a rally on wheels ‘India for Tigers’.He flagged off the Tiger rallies from three tiger reserves Navegaon Nagzira tiger reserve- Maharashtra, Biligiri ranganatha temple tiger reserve, Karnataka and Sanjay Dubri Tiger Reserve, Madhya Pradesh.
iv.The rallies will culminate at Ranthambore, Kanha, Melghat,Bandipur, Similipal, Sunderbans, Manas, Palamau and Corbett tiger reserves, representing our country’s initial nine tiger reserves designated under The Project Tigerin1973.
India’s first vertical lift railway bridge to be completed by March 2022
The Ministry of Railways announced that the construction work of the new 2.05 km Pamban railway bridge in Mandapam will be completed by March 2022. The bridge will connect Rameswaram to the mainland in Tamil Nadu. It will be India’s first vertical lift railway bridge over the sea. Railway Vikas Nigam Limited (RVNL) is developing the sea bridge with the cost of Rs 250 crore. The new bridge has 100 spans of 18.3 meters and one navigational span of 63 meters. Prime Minister Narendra Modi laid the foundation stone for the project in March 2019 at Kanyakumari.
Objective of the new bridge
i.It will allow the Indian Railways to operate trains at a higher speed with more weight.
ii.It will also increase traffic between the mainland of Pamban and Rameswaram.
Note: The proposed new facility will have electro-mechanical controlled systems which will be interlocked with train control systems.
About Ministry of Railways
Union Railway Minister – Shri Ashwini Vaishnaw, Badshahpur (Orissa) constituency
Union Minister of State – Shri Raosaheb Patil Danve and Smt. Darshana Jardosh
About Railway Vikas Nigam Limited (RVNL)
Chairman and Managing Director– Pradeep Gaur
Headquarters- New Delhi
i-Drone: South Asia’s 1st Indian drone to deliver COVID-19 Vaccines launched by Mansukh Mandaviya
Union Minister Mansukh Laxmanbhai Mandaviya, Ministry of Health and Family Welfare (MoH&FW) launched a delivery model namely ‘ICMR’s Drone Response and Outreach in North East (i-Drone)’. This will ensure the reach of life-saving vaccines to everyone. ICMR stands for New Delhi based Indian Council of Medical Research. ICMR tested the vaccine delivery capacity of drones in collaboration with Indian Institute of Technology (IIT), Kanpur (Uttar Pradesh) on the basis of which the Ministry of Civil Aviation (MoCA), Directorate General of Civil Aviation (DGCA) and other regulatory authorities have granted permission to fly drones Beyond Visual Line of Sight (BVLoS).
Indian Drone used for the 1st time in South Asia for Vaccine Delivery
This is for the first time that a ‘Make in India’ drone has been used in South Asia to transport COVID-19 vaccine. It covered an aerial distance of 15 kms in 12-15 mins from the Bishnupur district hospital to Loktak lake, Karang island in Manipur for administration at the PHC (Primary Health Care). The actual road distance between these locations is 26km.
Rajesh Bhushan, Secretary, Ministry of Health and Family Welfare, Dr. Balram Bhargava, Director General, ICMR and other senior officers.
ESAF SFB Launched Current account ‘Supreme’ for NRIs
ESAF Small Finance Bank (SFB) has launched ‘Supreme’, a Current account for Non-Resident Indians (NRIs). The service for NRI’s will be available at 277 branches across Kerala out of the total 550 branches pan India. The bank provides an enhanced ATM cash withdrawal limit of Rs 50,000/day, a Point of Sale (POS) transaction limit of Rs 80,000/day and an e-commerce transaction limit of Rs 20,000/day in India. It has over 17,940 Non-Resident Savings Bank accounts from 121 countries globally and began offering NRIs savings bank in June 2018 and current accounts in May 2021. As of March 31, 2021, the bank’s deposits from NRIs was about Rs 2019.15 crore representing 22.44 percent of the bank’s total deposits.
About Small Finance Bank:
i.They are established as public limited companies in the private sector under the Companies Act, 2013 and governed by the provisions of RBI Act, 1934 and Banking Regulation Act, 1949
ii.There are totally 11 SFBs in India. Shivalik SFB Limited is the recently added SFB, it became the 1st urban cooperative bank (UCB) to be converted into SFB in 2020.
About ESAF Small Finance Bank:
Commenced Operation -2017
Headquarters – Thrissur, Kerala
MD & CEO – Kadambelil Paul Thomas
RBI Superseded Boards of Srei Firms to Start Bankruptcy Proceedings
The Reserve Bank of India (RBI) superseded the Board of Directors of two Non-Banking Finance Companies (NBFCs) viz, Srei Infrastructure Finance Limited (SIFL) and Srei Equipment Finance Limited (SEFL), due to governance issues and defaults in meeting their various payment obligations. RBI has appointed the former chief general manager of Bank of Baroda (BoB), Rajneesh Sharma as an administrator of SIFL and SEFL. The superseding of the board of directors was done by RBI through the exercise of powers conferred under Section 45-IE (1) of the RBI Act, 1934. To assist Sharma, RBI has appointed a 3-member advisory committee of R. Subramaniakumar, T.T. Srinivasaraghavan, and Farokh N. Subedar. RBI also intends to shortly start the process of resolution of the two NBFCs under the Insolvency and Bankruptcy Rules, 2019.
About Reserve Bank of India (RBI):
i.RBI was established in 1935 on the recommendation of the Hilton Young Commission
ii.It was nationalised in 1949
iii.The 1st headquarters of RBI was located in Kolkata in 1937 the headquarter moved on to Mumbai, Maharashtra.
IREDA inks pact with NEEPCO to assist to develop renewable projects
Indian Renewable Energy Development Agency (IREDA) entered into a memorandum of understanding (MoU) with North Eastern Electric Power Corporation (NEEPCO) to assist in developing renewable projects and raising funds. The MoU was signed by IREDA CMD Pradip Kumar Das and NEEPCO CMD Vinod Kumar Singh.
Objective of the collaboration
i.IREDA will take up techno-financial due diligence of renewable energy and energy efficiency and conservation projects for NEEPCO.
ii.It will also assist NEEPCO in developing an action plan to create and acquire renewable energy projects for the next five years
iii.The deal helps in achieving the government’s target of reducing carbon emission to 33 per cent by 2030.
iv.IREDA and NEEPCO will work together to promote further progress on renewable energy development and to address climate change.
Note: Earlier, IREDA has signed MoUs with SJVN, NHPC and TANGEDCO.
i.IREDA and NEEPCO are under the Ministry of New & Renewable Energy and Ministry of Power, respectively.
It stands for Indian Renewable Energy Development Agency Limited
Chairman and Managing Director-Pradip Kumar Das
It stands for North Eastern Electric Power Corporation Limited
Chairman and Managing Director-Vinod Kumar Singh
Magnus Carlsen wins Meltwater Champions Chess Tour title
World Chess Champion Magnus Carlsen has won the inaugural Meltwater Champions Chess Tour, to claim the non-fungible token (NFT) trophy and $1,00,000 in the finals. The 10-month long online chess tournaments were held on chess24.com from November 22, 2020, till October 4, 2021. The tournaments are not rated by FIDE.
Hockey India withdraws from 2022 Commonwealth Games in England, Know details
India on October 5, 2021, pulled out of the 2022 Birmingham Commonwealth Games’ hockey competition stating the risk of contracting COVID-19 and the discriminatory quarantine rules by the United Kingdom (UK) for travellers coming from India. The UK has refused to consider India’s COVID-19 vaccination certificates and imposed a 10-day quarantine on travellers coming from India even if fully vaccinated. India has also imposed reciprocal rules on all UK nationals arriving in the country following UK’s discriminatory quarantine rules.
Govt Launched Web Portal to Find Solutions to India’s Waste Problems
Taking forward Swachh Bharat and Unnat Bharat mission, the government has launched a web portal named ‘Waste to Wealth’ to bring together technology providers, government stakeholders, urban local bodies and users on the platform to seek solutions for the waste problems of the country. It will enable collaborations for sustainable development through a circular economy & community participation.
About Office of the Principal Scientific Adviser (PSA):
It is the chief advisor to the Government on matters related to scientific policy.
Establishment – November 1999
Headquarters – New Delhi
Principal Scientific Adviser to GoI – Professor K VijayRaghavan
World Bank’s arm IFC appoints Wendy Werner as India Country Head
The International Finance Corporation (IFC) has appointed Wendy Werner as the new Country Head for India. She will succeed Jun Zhang, who retired recently.Her main focus will be on growth and diversification of IFC’s portfolio in India.
About Wendy Werner:
Before this appointment, she was IFC trade & competitiveness manager for East Asia and the Pacific.
About International Finance Corporation (IFC)-
It is an international financial institution that offers investment, advisory, and asset management services to encourage private sector development in developing countries.It is a member of the World Bank Group
Founded– 20 July 1956
Headquarters- Washington DC, United States
Managing Director- Makhtar Diop
ESAF Small Finance Bank (SFB) has launched ‘Supreme’, a Current account for Non-Resident Indians (NRIs). The service for NRI’s will be available at 277 branches across Kerala out of the total 550 branches pan India. The bank provides an enhanced ATM cash withdrawal limit of Rs 50,000/day, a Point of Sale (POS) transaction limit of Rs 80,000/day and an e-commerce transaction limit of Rs 20,000/day in India. It has over 17,940 Non-Resident Savings Bank accounts from 121 countries globally and began offering NRIs savings bank in June 2018 and current accounts in May 2021. As of March 31, 2021, the bank’s deposits from NRIs was about Rs 2019.15 crore representing 22.44 percent of the bank’s total deposits. About Small Finance Bank: i.They are established as public limited companies in the private sector under the Companies Act, 2013 and governed by the provisions of RBI Act, 1934 and Banking Regulation Act, 1949 ii.There are totally 11 SFBs in India. Shivalik SFB Limited is the recently added SFB, it became the 1st urban cooperative bank (UCB) to be converted into SFB in 2020. About ESAF Small Finance Bank: Commenced Operation -2017 Headquarters – Thrissur, Kerala MD & CEO – Kadambelil Paul Thomas
Royal Swedish Academy of Sciences at Stockholm, Sweden honoured the Japanese-American Syukuro Manabe, Klaus Hasselmann of Germany, and Giorgio Parisi of Italy for 2021 Nobel Prize in Physics. The three scientists were awarded for ground breaking contributions to our understanding of complex physical systems.
Syukuro Manabe ,90, a Japanese-American meteorologist and climatologist and Klaus Hasselmann, 89, a German oceanographer have been for the physical modelling of Earth’s climate, quantifying variability and reliably predicting global warming.
Giorgio Parisi has been recognized for the discovery of the interplay of disorder and fluctuations in physical systems from atomic to planetary scales.