Current Affairs

15 September, 2021

International

IIM Ahmedabad Adjudged as Best B-School in India: QS Global MBA Rankings: Global 2022

The QS Global MBA Rankings: Global 2022, released by Quacquarelli Symonds(QS), has adjudged the Indian Institute of Management (IIM) Ahmedabad, Gujarat as the best business school(B-school) in India. The IIM Ahmedabad has achieved the 46th rank on the list which features around 280 business schools from across the globe. The list is topped by Stanford Graduate School of Business, Stanford, California, United States of America(USA). IIM Bangalore (ranked 50) and IIM Ahmedabad are the only Indian Institutes among the top 50. Stanford Graduate School of Business topped the list followed by Harvard Business School and Penn (Wharton), which jointly secured the 2nd Rank.

QS Business Masters Rankings 2022:
QS World University Rankings: Business Masters Rankings 2022 ranks the Masters in Business Analytics, Masters in Finance, Masters in Management, Masters in Marketing and Masters in Supply Chain Management.
About Quacquarelli Symonds (QS):
QS is the world’s leading provider of services, analytics, and insight to the global higher education sector.
CEO– Nunzio Quacquarelli
Headquarters– London, England
Founded in 1990

Climate Change to Force 216 Million People to Migrate from their Countries by 2050: World Bank report

The World Bank released the updated Groundswell report “Groundswell Part 2: Acting on Internal Climate Migration” on 13th September 2021. According to the report, Climate Change could force more than 216 million people from across 6 regions(South Asia; Latin America; Sub-Saharan Africa; East Asia and the Pacific; North Africa; and Eastern Europe and Central Asia) to migrate from their own countries by 2050. The report acts as a reminder of the effects of human activity on climate change, especially on the world’s poorest. It also states the various paths for the nations to address the major factors that cause climate-driven migration. The updated report has included 3 new regions(Eastern Europe and Central Asia, North Africa and East Asia and the Pacific) to provide a “global estimate” of the potential migration.

Gist of the report:
i.The report states that the hotspots of internal climate in and out-migration can emerge as early as 2030 and grow and intensify by 2050.
ii.The report also finds that immediate actions to reduce the global greenhouse gas emissions and to ensure inclusive and resilient development is essential can reduce the effects of internal climate migration by around 60-80 %.
iii.According to the report, by 2050, sub-Saharan Africa will have 85.7 million internal climate migrants (4.2 % of the total population); East Asia and the Pacific, 48.4 million (2.5 % of the total population); South Asia, 40.5 million (1.8 % of the total population); North Africa, 19.3 million (9.0 % of the total population); Latin America, 17.1 million (2.6 % of the total population); and Eastern Europe and Central Asia, 5.1 million (2.3 % of the total population).
iv.Sub-Saharan Africa will have the largest number of internal climate refugees by 2050.
v.The latest report includes three new regions — Eastern Europe and Central Asia, North Africa and East Asia and the Pacific — to provide a “global estimate” of the scale of potential migration.
Click here for the Groundswell Part 2
About World Bank:
The World Bank was created at the 1944 Bretton Woods Conference, along with the International Monetary Fund (IMF).
President– David R. Malpass (13th President)
Headquarters– Washington DC, United States of America

India–Africa Defence Dialogue (IADD) to be held alongside every DefExpo; 2nd IADD to be held in 2022

The Central Government of India proposed to institutionalize the India Africa Defence Dialogue (IADD) during successive DefExpos to be held biennially. In this regard, Manohar Parrikar Institute for Defence Studies and Analyses (MP-IDSA), New Delhi will act as the knowledge partner of IADD and will provide necessary support for enhanced defence cooperation between the both nations.

How will this dialogue be helpful?
It will boost the existing partnerships between African countries & India and will explore new areas of convergence for mutual engagements which include capacity building, training, cyber security, maritime security and counter terrorism.
Background:
The above decision has been taken on the sidelines of ‘Lucknow Declaration’ that was adopted during the 1st India Africa Defence Ministers Conclave (IADMC) or IADD in Lucknow, Uttar Pradesh in conjunction with DefExpo on February 6, 2020. It was co-organised by MoD and Ministry of External Affairs (MEA).
About Ministry of Defence:
Rajnath Singh Constituency– Lucknow, Uttar Pradesh
Minister of State (MoS)– Ajay Bhatt (Constituency – Nainital–Udhamsingh Nagar, Uttarakhand)

National

India leases Dornier aircraft to Mauritius to enhance maritime security

India handed over Indian Navy’s Dornier aircraft to Mauritius on lease as part of Vision SAGAR (Security and Growth for All in the Region) for enhanced maritime security of the Indian Ocean region (IOR), on September 13. India and Mauritius exchanged the contract for the purchase of a new Dornier aircraft under Line of Credit (LOC)

Through Vision SAGAR: India seeks to increase its relation with maritime neighbours to deepen economic, security cooperation and build their maritime security capabilities. India promises to cooperate on information exchange, coastal surveillance and building infrastructure

Additional information: India unveiled Vision SAGAR in 2015

About Mauritius: Mauritius is an island nation located in Indian Ocean. Capital: Port Louis,Currency: Mauritian rupee, Prime Minister: Pravind Jugnauth

Highlights of US climate envoy John Kerry’s visit to India from Sep 12-14

i.The United States (US) Special Presidential Envoy for Climate John Kerry was on a two day visit to India on September 12-14, 2021. The focus of the visit was to meet with Government of India counterparts and private sector leaders to discuss efforts to raise global climate ambition and speed India’s clean energy transition.
ii.In this regard, bilateral meet was held where both sides discussed wide range of climate issues relating to Conference of the Parties (COP26), Climate Ambition, Climate Finance, Global Climate Initiatives including International Solar Alliance (ISA), Agriculture Innovation Mission for Climate (AIM4C).
iii.During his visit, India-US the Climate Action and Finance Mobilization Dialogue (CAFMD) was also launched.
About United States (US):
Capital– Washington, D.C.
Currency– US Dollar

Union minister Nitin Gadkari launched ‘iRASTE’ Road Safety Project to Reduce Road Accidents

The Union Minister for Road Transport, Nitin Gadkari launched ‘ iRaste- a two year pilot project in Nagpur, Maharashtra. It is a collaborative project, developed by Intel India, International Institute of Information Technology, Hyderabad (IIIT-H), Council of Scientific & Industrial Research (CSIR) – Central Road Research Institute (CRRI), Mahindra and Mahindra and Nagpur Municipal Corporation (NMC).It stands for Intelligent Solutions for Road Safety through Technology and Engineering.
Objective– To enhance road safety and reduce road accidents in Nagpur.
iRASTE
It utilizes Artificial Intelligence (AI) technology to provide better results.
The initiative will bring down 50 percent of road accidents. Later it will be extended to other cities as well.
Additional information–
Satish Paresh is appointed as the President of International Road Federation (IRF). Previously, he was working as the Managing Director of Ashoka Buildcon. He succeeded Subhmay Gangopadhyay, the former Director of CRRI.
About International Road Federation (IRF)
Headquarters- Geneva, Switzerland

Economy

Govt appointed 10 Merchant Bankers For Managing IPO of LIC

The Government of India has appointed 10 merchant bankers for managing Initial Public Offering (IPO) of Life Insurance Corporation (LIC). The IPOs of LIC will be launched in the month of January to March 2022. The name of the 10 merchant bankers are: Goldman Sachs (India) Securities; Citigroup Global Markets India; Nomura Financial Advisory and Securities India; SBI Capital Market; JM Financial; Axis Capital; BofA Securities; JP Morgan India; ICICI Securities; Kotak Mahindra Capital Co Ltd.
About Life Insurance Corporation of India (LIC)
Established– 1956
Chairman- M R Kumar
Managing Director- Pankaj Jain, M K Gupta, Raj Kumar, Siddhartha Mohanty, Ipe Mini

IRDAI Issues Composite Broking Licence to HIBIPL; Selling & Renewal Of Short-term COVID-19 Insurance Policies Permitted Till March 2022

A Composite Broking Licence from the Insurance Regulatory and Development Authority of India (IRDAI) is being provided to Hero Insurance Broking India. It will allow the firm to offer reinsurance broking and risk management consultancy services to corporate clients.

About Reinsurance broking-
A reinsurance broker is an intermediary individual or firm who is paid a fee or commission to find and place new business on behalf of both the insured client and insurer.
IRDAI Permits Insurers To Sell & Renew short term COVID-19 policies
The specific health insurance policies are permitted to sell till March 2022.
The exemptions granted general insurers for issuance of electronic policies as well as dispensing with physical documents and wet signatures have been extended up to end-March 2022.
About Hero Insurance Broking India limited
Principal Officer– Sanjay Radhakrishnan
Headquarters- New Delhi
About Insurance Regulatory and Development Authority of India (IRDAI)
Founded- 1999
Headquarters– Hyderabad, Telangana

RBI announces opening of 3rd cohort under RS; 6 entities completed test phase in 1st Cohort & 8 selected for 2nd

i.The Reserve Bank of India (RBI) announced the opening of the 3rd cohort under the Regulatory Sandbox (RS) on the theme ‘MSME Lending‘. The eligible entities can submit their application from October 01, 2021 to November 14, 2021.
ii.The theme for 1st cohort (November 2020) was ‘Retail Payments‘ while for 2nd cohort (December 2020) it was ‘Cross Border Payments‘.
iii.The apex also announced that six entities have completed the test phase of the 1st cohort on retail payments including Nucleus Software Exports, Tap Smart Data Information Services Natural Support Consultancy Services, Naffa Innovations, Ubona Technologies, and Eroute Technologies
About Reserve Bank of India (RBI):
Establishment– April 1, 1935
Headquarters– Mumbai, Maharashtra
Governor– Shaktikanta Das
Deputy Governors– Mahesh Kumar Jain, Michael Debabrata Patra, M. Rajeshwar Rao, T. Rabi Sankar

Sports

India leads in Test Series against England

India lead in the 5-match Test Series against England by winning 2 of the 4-matches played and drawing the 1st match, that was held between 4th August and 6th September 2021, in England.The Fifth match of the series was cancelled due to COVID-19 outbreak among 4 of the Indian crew members.
Virat Kohli – Fastest Cricketer to reach 23,000 International runs
During the Test series, Virat Kohli broke the long-standing record of Sachin Tendulkar to become the fastest to score 23,000 international runs in Cricket.
Jasprit Bumrah becomes Fastest Indian to take 100 Test wickets
During the 4th Test, Indian fast bowler, Jasprit Bumrah became the fastest Indian bowler to take 100 test wickets. He achieved this in just 24 games, surpassing Kapil Dev, who reached the mark in 25 Test matches.
About International Cricket Council (ICC):
Chairman – Greg Barclay (New Zealand)
Headquarters – Dubai, UAE

Eight esports included in medal events at 19th Asian Games 2022

For the first time in Asian games, eight electronic sports (esports) are included in the medal events at the 19th Asian Games 2022 which are going to be held in Hangzhou, China.The games will start from September 10, 2022 and continue till September 25. The Olympic Council of Asia (OCA) announced the titles for the debut of esports. It includes eight medal events and two demonstration games.

List of esports : Arena of Valor Asian Games Version, Dota 2, Dream Three Kingdoms 2, EA SPORTS FIFA branded soccer games, HearthStone, League of Legends, PUBG Mobile Asian Games Version, Street Fighter V

Miscellaneous

Remotely Piloted Aircraft System (RPAS) Inaugurated at MCL of 1st of Its Kind in CIL

In a first, in Coal India Ltd. (CIL) under the Ministry of Coal, an innovative Remotely Piloted Aircraft System (RPAS) was inaugurated at Mahanadi Coalfields Ltd (MCL) to remotely monitor automated systems. Designed by the MCL’s Innovation Cell and the Department of E&T, the portal named “Vihangam’ was created by a Mumbai-based start-up of drone manufacturing, robotics and automation. RPAS will enable real-time monitoring of coal mines with the use of drones. Pramod Agrawal, Chairman of CIL also laid the foundation stone for Rs 285.05 crore first mile connectivity (FMC) project — Lajkura SILO.

India launched its 1st Satellite & Nuclear Missile Tracking Ship INS Dhruv

i.India has launched its first satellite and nuclear-missile tracking ship INS (Indian Naval Ship) Dhruv. It is the first of its kind ocean surveillance ship (OSS) that is capable of tracking ballistic missiles at a long-range.
ii.It was launched by National Security Advisor Ajit Doval in the presence of Chief of Naval Staff Admiral Karambir Singh from Visakhapatnam (Andhra Pradesh), its commission site.
iii.It is built by the Hindustan Shipyard Limited (HSL) in collaboration with the DRDO (Defence Research and Development Organisation) and NTRO (National Technical Research Organisation).
About Hindustan Shipyard Limited (HSL)
Establishment– 1952
Chairman & Managing Director (CMD)– Hemant Khatri
Parent Ministry– Ministry of Defence
Headquarter– Visakhapatnam, Andhra Pradesh

Justice M Venugopal Appointed as Acting Chairperson of NCLAT

Justice M Venugopal, Judicial Member of the NCLAT (Chennai bench of NCLAT), has been appointed as the acting chairperson of the National Company Law Appellate Tribunal (NCLAT), with effect from 11th September 2021. He is the 3rd Acting chairperson to head the NCLAT since the retirement of Chairperson Justice S J Mukhopadhaya on 14th March 2020. Previously Justice Bansi Lal Bhat and Justice AIS Cheema served as the acting chairpersons of NCLAT between March 2020 and September 2021.

Note:
The government of India has appointed 31 members to the NCLT (National Company Law Tribunal) and the ITAT (Income Tax Appellate Tribunal).
About Justice M Venugopal:
i.Justice M Venugopal is a former judge of the High court of Madras.
ii.He started as a Sub Judge in Tamil Nadu State Judicial served in 1997 and was later elevated to the High court of Madras in 2007.
iii.He has served as the Judicial Member of NCLAT, Principal Bench, New Delhi from October 2019 and later moved to the Chennai Bench of NCLAT in January 2021.
About National Company Law Appellate Tribunal (NCLAT):
The NCLAT was constituted under Section 410 of the Companies Act, 2013 for hearing appeals against the orders of the NCLT.
Acting Chairperson– Justice M Venugopal
Headquarters– New Delhi
Established on 1st June 2016

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