22 June, 2021
UNCTAD Report: India 5th Largest recipient of FDI inflows, US Tops
According to the ‘World Investment Report 2021’ released by the UN Conference on Trade and Development (UNCTAD) – India received Foreign Direct Investment (FDI) inflows worth USD 64 billion in 2020 making it the 5th largest recipient of inflows in the world. The US with 156 Billion was the top destination for FDI in 2020 followed by China (USD 149 billion) & Hong Kong, China (USD 119 billion). Global FDI inflows declined to USD 1 Trillion in 2020 (35% decline) compared to USD 1.5 trillion in 2019 due to pandemic. India’s FDI inflow has increased to USD 64 billion in 2020 from USD 51 billion in 2019 (37% increase) due to acquisition in the Information & Communication Technology (ICT) industry. India was ranked 8th in the UNCTAD’s 2020 Report based on its FDI Inflows.
Rank Country Value
5 India USD 64 billion
1 US USD 156 billion
2 China USD 149 billion
3 Hong Kong, China USD 119 billion
FDI Outflows in 2020
Rank Country Value
18 India USD 12 billion
1 China USD 133 billion
2 Luxembourg USD 127 billion
3 Japan USD 116 billion
PM Modi addresses 5th edition of Viva Technology 2021
Prime Minister Narendra Modi virtually delivered the keynote address at the 5th Edition of Viva Technology 2021, which was held from June 16-19, 2021 at Paris, France. He was invited as a Guest of Honour to the event, which is one of the largest digital and startup events in Europe. It is jointly organized by Publicis Groupe – a advertising and marketing company & Les Echos, a leading French media group. The event brings together stakeholders in technology innovation and the startup ecosystem. It has been held annually since 2016. Other prominent speakers in the event were Emmanuel Macron, President of France; Pedro Sanchez, Prime Minister of Spain; Tim Cook, CEO of Apple; Mark Zuckerberg, Chairman & CEO of Facebook and many others.
About Publicis Groupe
Chairman & CEO – Arthur Sadoun
Headquarters – Paris, France
About Les Echos
Director – Henri Gibier
Headquarters – Paris, France
IIT Bombay hosts Conference of BRICS Network Universities
In June 2021, Indian Institute of Technology (IIT) Bombay virtually hosted the 3-day long Conference of BRICS Network Universities, under the theme – “Electric Mobility”. This conference is a part of the 13th BRICS Summit which is set to be held in 2021, under the Chairship of India.
i.All the 5 BRICS countries will discuss on various aspects of Electric Mobility (e-Mobility) like – Traffic Management, Hydrogen technology, Hybrid vehicles, Lithium-ion batteries to boost Electric Vehicles (e-Vehicles) usage.
Note – Under FAME (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles) scheme, India targets to achieve 30% e-Vehicle penetration by 2030
ii.Nitin Gadkari, Union Minister for Road Transport & Highways, addressed the inaugural session of the conference, which saw the participation of over 100 students, researchers and faculty from the BRICS Network Universities of the 5-BRICS member countries
iii.The conference comes at the backdrop of the upcoming Meeting of BRICS Education Ministers on 6th July.
iv.BRICS Network University is a union of higher education institutions of the five BRICS member countries, formed with the objective of enhancing educational cooperation in general, and especially in the realm of research and innovation. IIT Bombay is the lead institution of India for the BRICS Network University.
Members – Brazil, Russia, India, China, and South Africa
2021 Chair – India
1st BRICS Summit took place in 2009 in Russia
New Development Bank also known as the BRICS Development Bank is headquartered at Shanghai, China.
India spent INR 2, 386 crores on Oral Cancer treatment in 2020: Tata’s 1st of its kind Study
According to the 1st of its kind study on the ‘cost of illness analysis of oral cancer’ conducted by Tata Memorial Centre, India has spent ~ INR 2, 386 crore in 2020 on Oral Cancer Treatment paid for by insurance schemes, government and private sector, spending out of pocket payments and charitable donations or a combination of all. The amount of INR 2, 386 crore is a significant portion of healthcare budget allocation that India made in 2019-20, towards a single disease. Without any inflation in costs, it will result in an INR 23, 724 crore economic burden on India over the next ten years. Tata’s cost analysis study is the 1st in India which aims to determine direct healthcare costs of oral cancer in India. It will help policymakers to make appropriate allocation of resources towards cancer. Dr Arjun Singh, Research Fellow at Tata Memorial Hospital is the lead author of the study.
About Tata Memorial Centre
It is an Grant-in-Aid Institution under Department of Atomic Energy, Government of India
Director – Dr. R. A. Badwe
Location – Mumbai, Maharashtra
Inaugural edition of Indian Navy-European Union Naval Force Exercise held at Gulf of Aden
The inauguration edition of the Joint Naval Exercise between Indian Navy (IN) & European Union Naval Force Somalia (EU NAVFOR also known as Operation Atalanta) took place at Gulf of Aden from June 18-19, 2021. From the Indian side, Indian Naval Ship Trikand participated in the exercise. From the European side a total of 5 warships participated in the exercise. They are Italian Navy Ship ITS carabiniere, Spanish Navy Ship ESPS Navarra, and two French Navy Ship FS Tonnerre and FS Surcouf. The exercise aims to enhance and hone their war-fighting skills to promote peace, security and stability in the maritime domain. Simultaneously, a virtual ‘Information sharing Exercise’ was conducted between Indian Navy’s Information Fusion Centre for Indian Ocean Region and the Maritime Security Centre-Horn of Africa.
About Indian Navy
Chief of Naval Staff (CNS) – Admiral Karambir Singh
Integrated Headquarters of Ministry of Defence (Navy) – New Delhi
About European Union Naval Force (EU NAVFOR)
Vice Admiral – Jose M. Nunez Torrente
Operational Headquarters – Rota, Spain
India’s Retail Inflation Increased to 6.3% in May 2021
Retail inflation of India was increased to 6.3 percent in May 2021, breaching the upper limit of the Reserve Bank of India’s inflation target of 2 to 6 percent for the 1st time in 6 months due to a rise in food and fuel prices. Wholesale price inflation also increased to an 11-year-high of 12.94 percent in May 2021. As per the National Statistical Office data, food inflation increased to 5 percent in May 2021 from 2 percent in April 2021.
Union Bank of India Enters into MoU with NSIC to Support MSMEs
Union Bank of India (UBI) has entered into a Memorandum of Understanding (MOU) with the National Small Industries Corporation Ltd (NSIC) under ‘NSIC Bank Credit Facilitation Scheme’ to support Micro, Small & Medium Enterprises (MSMEs) with credit requirements. Under the MoU, the NSIC branch offices that are also operating as Finance Facilitation Centre (FFC) will support the MSMEs to obtain their loan requirements from the Union Bank of India. The agreement was signed by P K Das, FGM-Delhi on behalf of Union Bank of India and P R Kumar CGM, NSIC.
About Union Bank of India (UBI):
Establishment – November 11, 1919
Headquarters– Mumbai, Maharashtra
MD & CEO –Rajkiran Rai G.
World’s second youngest Grandmaster D.Gukesh of India won
The $15,000 Gelfand Challenge chess title after winning all four rounds and finishing at the top of the table. Along with it, he also won a ‘wild card’ for the elite Meltwaters Champions Chess Tour. Both Indians Gukesh and Praggnanandhaa aggregated 14 points from 19 rounds.But Gukesh took the title due to his 17th-round win over Praggnanandhaa.
F1: Red Bull’s Max Verstappen wins 2021 French GP
Red Bull Racing Honda’s Max Verstappen (Netherlands) won the 2021 French Grand Prix (GP) held at Paul Ricard Circuit, France. It was the 7th GP of 2021. Mercedes’ driver Lewis Hamilton (Britain) finished 2nd, while Red Bull Racing Honda’s Sergio Perez (Mexico) finished 3rd in the race. Max Verstappen leads the 2021 F1 Drivers Championship by 13 points. He is followed by Lewis Hamilton. The F1 Championships are organised by Federation Internationale de l’Automobile (FIA).
About Federation Internationale de l’Automobile (FIA)
President – Jean Todt
Headquarters – Paris, France
Chess:India’s D.Gukesh wins Gelfand Challenge
China launches Shenzhou-12 Human Space Mission with 3-Astronauts
In June 2021, China launched its newest Human Space Mission through the ‘Shenzhou 12’ spacecraft using the Long March 2F rocket. The 3-member space mission is set to assemble ‘Tianhe’, the core module of China’s newest Space Station – “Tiangong”. The mission headed by Nie Haisheng will study various aspects of the upcoming Chinese space station.
i.The three men to be inducted in the mission are Nie Haisheng, Liu Boming and Tang Hongbo.They will spend three months aboard the Tianhe module some 380km (236 miles) above the Earth.
ii.It should be noted that the International Space Station (ISS) launched in 1998 is set to be decommissioned in 2024.
Montek Ahluwalia Became Member of World Bank-IMF HLAG on Sustainable and Inclusive Recovery and Growth
Montek Singh Ahluwalia, former Deputy Chairman of the Planning Commission of India and the distinguished person at the Centre for Social and Economic Progress (CSEP), was named as a member of a ‘High-Level Advisory Group (HLAG) on Sustainable and Inclusive Recovery and Growth’ formed by the World Bank and the International Monetary Fund (IMF).
i.To overcome COVID-19 and climate change, the World Bank Group and IMF launched HLAG on Sustainable and Inclusive Recovery and Growth on June 15, 2021, to help secure a strong recovery and set a path for green, resilient, and inclusive development over the coming decade
ii.HLAG will be jointly led by Mari Pangestu, Managing Director for Development Policy and Partnerships, World Bank; Ceyla Pazarbasioglu, Director, Strategy, Policy and Review Department, International Monetary Fund; and Lord Nicholas Stern of the London School of Economics.
About World Bank:
Headquarters – Washington DC, USA
Member countries – 189
President – David R. Malpass (13th President)
Iranian Chief Justice Ebrahim Raisi Won Iran Presidential Election
Iranian Chief justice Ebrahim Raisi became the President-elect of Iran,after winning the 2021 Iranian presidential election.He will succeed Hassan Rouhani. This election appeared to see the lowest turnout in the Islamic Republic’s history. Ebrahim Raisi won 17.9 million votes overall, nearly 62% of the total 28.9 million casted.
About Ebrahim Raisi:
i.Ebrahim Raisi is currently serving as the Chief Justice of Iran.
ii.He has also served in several positions in Iran’s judicial system, such as Deputy Chief Justice, Attorney General and Prosecutor general of Iran.
iii.He was one of the four people in the prosecution committee popularly known as the Death Committee, which was responsible for the execution of thousands of political prisoners in Iran in 1988.
iv.He will be the first serving Iranian president sanctioned by the U.S. government even before entering office.
Supreme leader: Ali Khamenei
Currency: Iranian rial
SEBI Reconstituted its Takeover Panel: Appointed N Venkatram as New Member
Securities and Exchange Board of India(SEBI) has reconstituted its Takeover Panel and appointed N Venkatram MD and CEO, Deloitte India as the new member of the Takeover Panel. Takeover Panel looks into the applications that are seeking exemption from the mandatory open offer that an acquirer needs to make to minority shareholders.
Current Takeover Panel:
1. Justice N. K. Sodhi Former Chief Justice of High Courts of Karnataka & Kerala and Former Presiding Officer of the Securities Appellate Tribunal Chairman
Khambata Former Advocate General, Maharashtra Member
3. Thomas Mathew T. Former Chairman of Life Insurance Corporation of India Member
4. N. Venkatram MD & CEO, Deloitte India Member
About Securities and Exchange Board of India(SEBI):
Establishment – On April 12, 1992, in accordance with the SEBI Act, 1992.
Headquarters – Mumbai, Maharashtra
Prof. Shailesh Ganpule from IIT Roorkee receives “NSG Counter-IED & Counter-Terrorism Innovator Award 2021”
Prof. Shailesh Ganpule from the Mechanical and Industrial Engineering Department (MIED) of IIT Roorkee was conferred with the National Security Guard (NSG) Counter – Improvised Explosive Device (IED) & Counter Terrorism Innovator Award 2021 at NSG Campus Manesar, Haryana. He was awarded for designing a Blast-Resistant helmet for military personnel.
i.This helmet is designed specially to protect military personnels from head injuries caused by IED-induced blast waves.
KK Shailaja Awarded CEU Open Society Prize 2021
K K Shailaja, Teacher and Former Kerala Health Minister was awarded with the Central European University’s (CEU) highest award – ‘Open Society Prize 2021’ for her commitment to public health services. She has recognized especially for her determined leadership and community-based public health work, saving lives during COVID-19.
About CEU’s Open Society Prize:
i.It is the highest civilian recognition by CEU, it is awarded annually to an outstanding individual/organization’s achievements that have contributed to the creation of an open society.
ii.It was instituted and 1st awarded in 1994, to philosopher Karl Popper, whose book The Open Society and Its Enemies (1945) presented a philosophy of tolerance, openness and democratic values.
About Central European University’s (CEU):
Establishment – 1991
President – Michael Ignatieff