8 September, 2021
Moody’s projects India’s GDP growth to 9.6% for CY2021; Morgan Stanley estimated at 10.5% for FY22
i.The rating agency Moody in its August update to ‘Global Macro Outlook 2021-22’ projected India’s growth for calendar year (CY) 2021 at 9.6% and 7% for 2022.
ii.As per the update, the easing of COVID-19 restrictions gradually increases the growth in Indian economic activities.
iii.Morgan Stanley maintained its estimate of India GDP growth at 10.5% for FY22. As per the agency, by the end of Q2FY22 (quarter ending September2021) economic activities will start getting back to normal.
About Morgan Stanley
Chairman and Chief Executive Officer (CEO)– James Gorman
Headquarters– New York, United States (US)
President & Chief Executive Officer (CEO)– Rob Fauber
Headquarters– New York, United States (US)
India & Australia conducts biennial Maritime Warfare exercise – ‘AUSINDEX 21’
Indian Navy and the Royal Australian Navy (RAN) conducts the 4th Edition of biennial Maritime Warfare exercise – “AUSINDEX 21” in the North Australian Exercise Area from 6th to 10th September, 2021. Indian Naval Ships (INS) Shivalik & Kadmatt, under the Command of Rear Admiral Tarun Sobti, participated in the Naval exercise.
i.HMAS Warramunga, an Anzac Class Frigate, represents the Australian side in the exercise.
ii.The Naval Exercise comes ahead of the 1st ever “2+2” Foreign and Defence Ministers meeting that is scheduled to be held between India & Australia in November 2021 at New Delhi.
Prime Minister – Scott Morrison
Capital – Canberra
About Indian Navy:
Chief of Naval Staff – Karambir Singh
Navy Day – 4th December
Bail Pola Festival 2021 – September 6
Bail Pola festival or the Festival of cattle, is a thanksgiving festival celebrated by the farmers to recognise and acknowledge the importance of oxen and bulls in agriculture and farming activities. The Bail Pola is also celebrated as Pola Amavasya in parts of Madhya Pradesh and Chhattisgarh. ‘Bail’ in Marathi means ‘Bull’
The Bail Pola is annually celebrated on Pithori Amavasya or Amavasya in Shravan month which falls between late August and early September. Bail Pola festival 2021 is celebrated on 6th September 2021. Bail Pola Festival 2020 was celebrated on 18th August 2020.
The Bail Pola festival is celebrated by the farmers across the states of Maharashtra, Chhattisgarh, Madhya Pradesh, Telangana, and Karnataka after the monsoon sowing and fieldwork.
PM Modi launched various initiatives in education sector at the inaugural conclave of Shikshak Parv
The inaugural conclave of Shikshak Parv 2021 was addressed by Prime Minister Shri Narendra Modi through video conferencing on 7 September, during which PM Modi has launched various schemes in the education sector under Azadi ka Amrit Mahotsav(75th Anniversary of Indian Independence) such as Indian Sign Language Dictionary, Vidyanjali 2.0, NISHTHA 3.0, Talking Books and School Quality Assessment and Assurance Framework (SQAAF).
Shikshak Parv 2021
It is being celebrated from September 5 to 17, 2021 by the Ministry of Education in order to recognise the contributions of teachers in the formulation of National Education Policy (NEP) 2020.
The theme of the ‘Shikshak Parv-2021’ is “Quality and Sustainable Schools: Learnings from Schools in India”.
About Ministry of Education(MoE):
Union Minister– Dharmendra Pradhan (Rajya Sabha- Madhya Pradesh)
Minister of State– Annpurna Devi (Kodarma- Jharkhand); Subhas Sarkar (Bankura- West Bengal); Rajkumar Ranjan Singh (Inner Manipur- Manipur)
Parshottam Rupala Chaired National Level Meeting with all State Animal Husbandry/Veterinary Ministers;Launched NLM Portal
Under the chairmanship of the Union Minister for Fisheries, Animal Husbandry and Dairying, Parshottam Rupala, a National Level Meeting with all State Animal Husbandry/Veterinary Ministers was conducted. Government of India granted Special Livestock Sector Package with an outlay of Rs. 9800 crore for next 5 years leveraging total investment of Rs. 54,618 crore.
During the launch,Union Minister Parshottam Rupala launched the portal for the National Livestock Mission (NLM).It is developed by Small Industries Development Bank of India (SIDBI) in collaboration with the Department of Animal Husbandry and Dairying.
According to the Cabinet decision, the National Livestock Mission(NLM) and Rashtriya Gokul Mission (RGM) plans will have new components of breeder farm entrepreneurs and fodder entrepreneurs.
50% capital subsidy will be provided to the farm producer for increasing the production and supply of high genetic merit heifers under RGM. The NLM will help in creating employment in rural areas and also building better lifestyle opportunities for youth and livestock farmers. By providing 50% subsidy via hub spoke model, it will enhance the work towards Atmanirbhar Bharat.
About Ministry of Animal Husbandry, Dairying and Fisheries-
Minister- Parshottam Rupala (Rajya Sabha,Gujarat)
Minister of State- Sanjeev Kumar Balyan ( Muzaffarnagar, Uttar Pradesh), L Murugan (Tamil Nadu)
Project Dunbar: Central Banks of Australia, Malaysia, Singapore & South Africa to test CBDCs for international settlements
The Central Banks of Australia, Singapore, Malaysia and South Africa have launched ‘Project Dunbar’ under which these quad banks will test the use of central bank digital currencies (CBDCs) for international settlements. This project will be led by the Singapore Centre of Bank of International Settlements Innovation Hub. The project aims to develop prototype shared platforms for multi-CBDC settlement that fulfils the needs and requirements of central banks and financial institutions.
Participating Central Banks:
Reserve Bank of Australia (RBA), Bank Negara Malaysia (BNM), Monetary Authority of Singapore (MAS) and South African Reserve Bank (SARB)
HDFC Bank signs MoU with NSIC to offer credit support to MSMEs
ndia’s largest Private sector bank, HDFC Bank has signed a Memorandum of Understanding (MoU) with National Small Industries Corporation (NSIC) to offer credit support to Micro, Small and Medium Enterprises (MSMEs) across the country. The MoU was signed by Gaurang Dixit, Director of Finance, NSIC and Akhilesh Kumar Roy, National Head – Sales Excellence and Transformation, HDFC bank at NSIC office, Okhla, New Delhi.
About HDFC Bank:
Establishment – 1994
Headquarters– Mumbai, Maharashtra
MD & CEO – Sashidhar Jagdishan
Tagline – We understand your world
About National Small Industries Corporation(NSIC):
Chairman-Cum-Managing Director (CMD) –Vijayendra
Headquarters – New Delhi
UCO Bank partners with ‘Fisdom’ to offer Wealth Management Products
UCO Bank (United Commercial Bank) partnered with ‘Fisdom’, a financial sector company that specializes in fund management, to offer wealth management services & products to its customers. Under this collaboration, UCO bank customers can now make seamless investments in Mutual Funds through its ‘mBanking Plus App’.
i.This partnership has enabled high-quality wealth management services on all mutual fund schemes, in a fully digital mode to the customers of UCO Bank.
ii.The collaboration between Fisdom and UCO Bank will focus on enabling large-scale facilitation and distribution of all mutual fund schemes
iii.The fully digital, paperless investment feature, will allow the customers to redeem investments or track fund performance through UCO Bank’s mBanking Plus App.
Note – In August 2021, the Central Government extended the tenure of Atul Kumar Goel, the Managing Director (MD) & Chief Executive Officer (CEO) of UCO Bank for 2-years.
CEO – Subramanya S V
Head Office – Bangalore, Karnataka
About UCO Bank:
MD & CEO – Atul Kumar Goel
Tagline – “Honours Your Trust”
Established – 1943
Headquarter – Kolkata, West Bengal
Visa in partnership with Innoviti Develop Stored Value Debit Card for Offline Payments
Visa has partnered with payment solutions firm Innoviti to enable the service of storing money in the cards upto Rs 2,000. It will enable transactions without connectivity. It is mainly for making offline payments.Visa solution will be first of its kind in India that will deliver such services. The new Visa cards will be equipped with a chip, which holds a stored value of a daily spend limit of Rs 2,000 and has a per transaction limit of Rs 200. It is mandated by the Reserve Bank of India (RBI).
i.The Proof of Concept (PoC) has been implemented in association with Yes Bank and Axis Bank.
ii.These stored value cards will be different from prepaid cards as the authorization is based on the network cloud.
iii.It will also work in rural areas where internet connectivity is abysmal.
Offline Visa cards are expected to increase the transition of payment from cash to digital.
iv.RBI is also promoting this initiative and urging other banks to come up with offline transaction facilities.
Innoviti Payment Solutions
MD & CEO-Rajeev Agrawal
Headquarters- Bengaluru, Karnataka
BOI & MAS Financial Services Enters Co-Lending Arrangement for MSME Loans
The Bank of India (BOI) has entered into a co-lending arrangement with the MAS Financial Services Limited for MSME to offer Micro, Small & Medium Enterprises(MSME) loans. Under this partnership, the Bank of India will utilize the reach of MAS Financial Services to build the MSME portfolio. The strategic co-lending arrangement was announced on the occasion of the 116th Foundation Day of the Bank of India.
Co-lending was introduced by the Reserve Bank of India(RBI) to increase the credit flow to the unserved and underserved sector by utilising a Non-Banking Financial Company (NBFC) coverage to the informal sector.
116th Foundation Day:
BOI marked the celebration of its 116th Foundation day by celebrating the “Azadi Ka Amrit Mahotsav”. BOI was established on 7th September 1906 and the bank was nationalised in July 1969.
About Bank of India(BOI):
Managing Director & CEO– Atanu Kumar Das
Headquarters– Mumbai, Maharashtra
Tagline– Relationship beyond banking
About MAS Financial Services Limited:
CMD– Kamlesh Gandhi
Director & CEO– Darshana Pandya
Incepted in 1995
Headquarter – Ahmedabad, Gujarat
Noida DM Suhas LY becomes 1st IAS officer to win Paralympic medal
Noida District Magistrate Suhas LY became the 1st IAS officer to win a medal in Badminton at the Tokyo 2020 Paralympics Games. The 38-year-old Suhas LY made history by winning a silver medal in the men’s singles SL4 category on September 5, 2021. Yahtiraj came second to the top seed and world champion Lucas Mazur of France. Suhas has an impairment in one of his ankles.
Suhas came second in the finals against Lucas Mazur 21-15, 17-21, 15-21. Suhas who is currently ranked World No. 3 in the SL4 category won the first set before losing to Mazur in the next two sets in a 62-minutes summit clash. In total, the Indian Paralympic Badminton player Suhas played three matches including the semifinals on September 4, 2021, before the final match at the Tokyo 2020 Paralympics Games.
Part-II: Overview of 2020 Tokyo Paralympics
The Indian contingent has won a total of 19 medals with 5 Golds, 8 Silvers and 6 Bronze medals in the 16th edition of Summer Paralympic games that was held between 24th August and 5th September 2021 in Tokyo, Japan. The 19 medal count is higher than the total number of paralympics medals won by India in all the events since its 1st appearance in the 1968 Paralympic games.
i.India has won a total of 12 medals from 1972 to 2016 in Paralympic games, where it had a highest total medal count of 4, both in 2016 and 1984.
ii.A total of 17 athletes have won 19 medals, with 2 athletes – Avani Lekhara & Singhraj Adhana have won 2 medals each
iii.India was ranked 24th in the overall medal tally with 19 medals, while the top 3 positions in the medal tally were occupied by China, Great Britain & USA.
i.Shooter Avani Lekhara becomes first Indian woman to win gold at Paralympics.
ii.Pramod Bhagat won the Gold medal in the men’s singles SL3 class.This is India’s first medal in badminton at the Paralympics Games.
iii.Suhas Yathiraj – 1st ever IAS Officer to win Paralympic Medal.
iv.Bhavinaben Patel creates history, Becomes 1st Indian para-paddler to win silver medal.
v.India’s 1st Medal in Archery – won by Harvinder Singh.
About Paralympics: The 1st ever Paralympic games were held in 1960 at Rome, Italy Paralympic Symbol consists of 3 ‘Agitos’ (meaning – ‘I Move’). Motto of 2020 Tokyo Paralympics – “United by Emotion”
China successfully Launches Hyperspectral Observation Satellite ‘Geofan-502’ by Long March Rocket
According to a report, the China National Space Administration has launched its hyper spectral observation satellite, called Geofan-502 at the Taiyuan Satellite Launch Center using the Long March 4 Bingyao 40 carrier rocket.The satellite and launch vehicle are developed and produced by the Shanghai Aerospace Technology Research Institute of China Aerospace Science and Technology Corporation.
It was the 387th flight mission by a Long March carrier rocket. The satellite will improve the hyperspectral observation capacity of China’s atmosphere,water, air and land. China will be able to efficiently monitor the environmental activities and provide domestic hyperspectral data support for environmental support. It will help in monitoring water, ecology, atmosphere etc.
What is Hyperspectral Imaging?
i.It is the process of scanning and displaying an image within a section of the electromagnetic spectrum.
ii.To create an image that the human eye can see, the energy levels of a target are color-coded and then mapped in layers.
iii.This set of images provide specific information about the way an object transmits, reflects, or absorbs energy in various wavelengths.
President- Xi Jinping
Amicus Insurance Broking to Merge with First Policy Insurance Broke
First Policy Insurance Brokers will merge with Amicus Insurance Brokers to consolidate its position in the market. After the merging, they will become one of the leading insurance brokers in the country. Insurance regulator, Insurance Regulatory and Development Association of India (IRDAI) granted the in-principle approval for this transaction on 5th August 2021. The merger process also needs to get few more closure formalities, specified in the Companies Act.
About the merger:
i.The merger of Amicus Insurance Broking with First Policy will contribute to a 40% growth in the revenues of the First Policy.
ii.Following this merger, Jitendranath Nayer, Chairman of Amicus Insurance will join the board of First Policy.
About First Policy Insurance Broker Private Limited:
Director- Ashok Jain
Headquarters– Pune, Maharashtra
Founded in 2002
About Amicus Insurance Broking Services Private Limited:
CEO– K.V. Satheesh Kumar
Headquarters– Mumbai, Maharashtra
Delhi Airport Won CII ‘National Energy Leader’ and ‘Excellent Energy Efficient Unit’ 2021
Delhi International Airport Limited (DIAL) led by GMR Group won 2 Confederation of Indian Industry (CII) National Energy Leader 2021 and Excellent Energy Efficient Unit 2021 at the 22nd National Award Ceremony for ‘Excellence in Energy Management” organised by CII Green Business Centre (GBC). DIAL has won the National Energy Leader award for the 2nd year and the Excellent Energy Efficient Unit award for the 4th year in a row. The awards recognise the energy efficiency initiatives adopted by the company in its daily operations. Rajiv Gandhi International Airport has clinched the prestigious awards of CII “National Energy Leader” and “Excellent Energy Efficient Unit” for the 3rd and 5th years in a row.