24 June, 2021
Wealth of India’s Super-rich decreased by 4.4% in 2020: Credit Suisse Report
According to the Interim Edition of ‘Global Wealth Report 2020’ released by Credit Suisse – the overall wealth of India’s super-rich decreased by 4.4% to USD 12.83 trillion in 2020 due to fall in Rupee value.
i.The fall in value of Rupee has caused Number of dollar millionaires in India to fall from 7,64,000 in 2019 to 6,98,000 in 2020. Decline in cumulative wealth of India’s super-rich to USD 12.833 trillion in 2020, down by USD 594 billion or 4.4% compared to 2019. Currently, India is home to 1% of the global rich list.
ii.At the global level, Global Wealth grew by 7.4% in 2020 to USD 418.3 trillion in 2020. The number of millionaires increased by 5.2 million to 56.1 million in 2020.
iii.The Global Wealth Report is released annually. The full edition of the 2020 report will be published in the second quarter of 2021.
About Credit Suisse
CEO – Thomas Gottstein
Headquarters – Zurich, Switzerland
India remains 2nd Largest source of FDI for UK in 2020: UK Report
According to the Inward Investment Statistics for 2020-21 released by the Department for International Trade (DIT), the Government of the United Kingdom (UK) – India retained its position as the 2nd largest source of Foreign Direct Investment (FDI) for the UK in 2020. The United States (US) took the top spot. Indian companies have invested in 99 projects and created 4, 830 jobs in the UK. Foreign investment has created 55, 319 new jobs across the UK in 2020. The US, which is the top source of FDI for the UK, has invested in 389 projects and created 19, 301 new jobs in 2020-21, which is low compared to 2019 (462 projects & 20, 131 jobs).
About United Kingdom
Prime Minister – Boris Johnson
Capital – London
Currency – British Pound Sterling (GBP)
Sanjay Dhotre represented India at G20 Education Ministers,and Labour & Employment Meet 2021
Minister of State for Education Sanjay Dhotre virtually represented India in two G20 meetings – G20 Education Ministers meet 2021 & G20 Ministers for Labour & Employment meet 2021. Minister of Public Education of Italy, Patrizio Bianchi chaired the G20 Education Ministers Meet 2021. Both meetings were held under the Chairmanship of Italy (G20 Presidency for 2021) at Catania, Italy, in a hybrid format. G20 Education Ministers meet 2021 is one of ministerial meetings arranged as part of the G20 Leaders Summit 2021, which will be hosted by Italy in October 2021.
i.During the Education Ministers meet 2021, the leaders reaffirmed the role of education for inclusive economic growth, equity, equality, human dignity, social inclusion, and wellbeing.
ii.During the Labour & Employment meet 2021, the leaders agreed to address the transition from education to work, a central issue for a sustainable and inclusive economic and social recovery.
Members – 20 (19 countries + European Union)
2021 Presidency – Italy
Established – 1999
Tata Power inaugurated India’s largest solar carport at Pune
Tata Motors and Tata Power jointly inaugurated India’s largest grid-synchronized, behind-the-meter solar carport at the Tata Motors car plant in Chikhali, Pune, Maharashtra. The 6.2 MWp solar carport deployed by Tata Power will generate 86.4 lakh kWh of electricity per year and is estimated to reduce 7,000 tons of carbon emissions annually and 1.6 lakh tons over its lifecycle.
India, Italy & Japan launch Trilateral partnership for stability in Indo-Pacific Region
India, Italy & Japan launched a Trilateral partnership to establish stability and a govern-based global order based on approval of all in the Indo-Pacific region. Experts from the 3 nations discussed various things like security issues, collaboration with third world countries, multilateralism and the socio-economic dimension. The Trilateral was inaugurated through a virtual meeting between the Ministry of External Affairs (MEA), the Embassies of Italy in Tokyo and New Delhi and the Japanese foreign ministry besides ambassadors of the three countries’ key stakeholders. The partnership was inaugurated by ambassadors of Italy in Japan and India, Mr. Giorgio Starace and Mr. Vincenzo de Luca respectively. It is India’s 2nd Trilateral partnership with an European power. The first one being the India, France & Australia Trilateral signed in 2020.
Background: The Indian & Pacific Ocean region are witnessing increased influence of China. So in order to counter this, India along with several countries like the US, Japan, Australia are developing partnerships to maintain global order in the region.
Prime Minister – Mario Draghi
Capital – Rome
Currency – Euro
Capital – Tokyo
Currency – Japanese yen
Prime Minister – Yoshihide Suga
India-Fiji inked MoU for cooperation in Agriculture and Allied sectors
i. India and Fiji signed a Memorandum of Understanding (MoU) for cooperation in the field of Agriculture and allied sectors during a virtual meeting. This MoU will be executed by the Ministry of Agriculture & Farmers Welfare (MoA&FW) from Indian side and the Ministry of Agriculture of Fiji.
ii.It was signed by Union Minister Narendra Singh Tomar, MoA&FW from Indian side and Dr. Mahendra Reddy, Minister of Agriculture, Waterways & Environment of Fiji.
iii.There will also be setting up of a Joint Working Group (JWG) to set down procedures and plan and recommend programs of cooperation towards achieving its aims.
Currency– Fijian dollar
Prime Minister– Josaia Voreqe Bainimarama
MoD, GSL sign contract for construction 2 Pollution Control Vessels
The Ministry of Defence (MoD) has signed a contract with Goa Shipyard Ltd (GSL) for the construction of 2 Pollution Control Vessels (PCVs) for Indian Coast Guard (ICG) at a cost of about INR 583 crore. The ships will be indigenously designed, developed and built by GSL. The PCVs will help ICG to respond to oil spill disasters at sea and enhance Pollution Response (PR) efficiency. They will be used for pollution response requirements in Eastern and the ecologically sensitive Andaman & Nicobar Regions. The acquisition is taking place under ‘Buy Indian – Indigenously Designed Developed & Manufactured (Buy Indian-IDDM)’ category of Defence Acquisition Procedure 2020 (DAP 2020) which is the highest priority category of defence capital procurements. The vessels will be delivered by November 2024 and May 2025 respectively.
About Ministry of Defence (MoD)
Union Minister – Rajnath Singh (Constituency – Lucknow, UP)
Minister of State (I/C) – Shripad Yesso Naik (Constituency – North Goa, Goa)
About Goa Shipyard Ltd (GSL)
CMD – Commodore B.B. Nagpal
Headquarters – Vasco Da Gama, Goa
Moody’s Projected India’s Growth Forecast for 2021 to 9.6%, 2022 at 7%
As per the report of Moody’s Investors Service, on June 24, 2021, titled “Macroeconomics India: Economic shocks from second COVID wave will not be as severe as last year’s”, India’s Gross Domestic Product (GDP) growth forecast for the calendar year 2021 was reduced to 9.6 percent from its earlier estimate of 13.9 percent. It also projected a 7 percent growth in 2022. It reported 10 states in India as hardest hit by the second wave of COVID-19 and stated them as accountable for about 60 percent of the pre-pandemic level of India’s GDP. The 4 states, viz, Maharashtra, Tamil Nadu, Uttar Pradesh and Karnataka are mentioned as the largest shares contributor of GDP among all other states in FY20.
About Moody’s Corporation:
Moody’s Investors Service is the operating division of Moody’s Corporation
Headquarters – New York, United States
President &CEO – Rob Fauber
PhonePe launches India’s first Wallet with Auto Top-Up
Digital payments company,PhonePe launched India’s first Wallet Auto Top-up feature using UPI (Unified Payments Interface) e-mandates for its customers. The amount for Auto top-up ranges from Rs 1,000 to Rs 5,000. Under this feature, when a customer will set up a UPI e-mandate the PhonePe will automatically top up the wallet balance when it drops below a minimum level. This feature will save a lot of time and effort as there is no need to manually top up wallet balance for every transaction.
India Ranked 2nd after Turkey in Central bank’s surplus transfers’ share: RBI Report
As per the State of Economy report by the Reserve Bank of India (RBI) in June 2021, India ranked 2nd after Turkey in terms of the share of ‘Surplus Transferred from Central Banks to Governments’. RBI has transferred 0.44 percent of GDP to the Government in FY21, in FY20 it took the 4th position with 0.29 percent.
List of Top 5 countries under Surplus Transfer:
Rank Country Surplus Transferred
(as per percent of GDP in 2021)
1. Turkey 0.50%
2. India 0.44%(FY21)
3. Malaysia 0.26%
4. Sweden 0.13%
5. Kenya 0.04%
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
SBM Bank, Paisabazaar Launched – Step Up Credit Card
Paisabazaar.com, India’s largest lending marketplace and Credit Score platform, and SBM Bank India, the youngest universal Bank, launched the ‘Step Up Credit Card’, a credit-builder product to meet the credit needs of underserved segments. Step Up Credit Card is a secured credit card, provided against the customers’ Fixed Deposit (FD). It was the 1st product that was launched under Paisabazaar’s neo-lending strategy.
About SBM Bank (India) Ltd:
Establishment – 1994
Headquarters – Mumbai, Maharashtra
MD & CEO – Sidharth Rath
Govt Eased Listing Norms for Companies having M-cap over Rs 1 lakh crore
After the Securities and Exchange Board of India’s (SEBI) approval over the amendment of the Securities Contracts (Regulation) Rules, Companies that have a market capitalization (M-cap) of more than Rs 1 lakh crore at the time of listing are now enabled to sell just 5 percent of their shares. The issuer companies should reach a public shareholding of 10 percent within 2 years of listing and 25 percent within 5 years of listing. The amendments became beneficial to the Government of India for the proposed IPO (Initial public offering) of Life Insurance Corporation (LIC), as the minimum divest is reduced to 5 percent than the earlier norms of 10 percent.
i.In March 2021, SEBI along with the Department of Economic Affairs under the finance ministry, amended the Securities Contracts (Regulation) Rules and eased the listing norms for large companies and enabled them to divest a minimum of 5 percent in the IPO, instead of 10 percent.
ii.It has also increased the term for raising the public float to 25 percent, to 5 years instead of 3 years.
About Securities and Exchange Board of India (SEBI):
Headquarters– Mumbai, Maharashtra
Chairman– Ajay Tyagi
Ireland Cricketer Kevin O’Brien Retired from ODIs
Ireland Cricketer Kevin O’Brien has announced his retirement from One-day International Cricket after a 15-year long career. He played 152 ODIs and scored 3619 runs at an average of 29.42 and a strike rate of 88.79. He scored two centuries in the format with the highest score of 142 runs. He scored the fastest century ever in 50-over World Cup, from 50 balls against England on 2 March 2011 in M. Chinnaswamy Stadium,Bengaluru,Karnataka.
Indian Cricketer Shafali Verma Became the 1st Women Cricketer to Hit 3 Sixes in Test Match
Indian women cricketer Shafali Verma(17 years old), became the first women’s cricketer to hit 3 sixes in a test match. She achieved the feat during the one-off test match between India and England held in Bristol, England.
About Sahafali Verma:
i.Shafali Verma became the youngest woman, and the fourth overall, to score twin half-centuries in her debut Test match. Previously the record was held by Jessica Louise Jonassen of Australia. She also became the first Indian woman to hit a six on her Test debut.
ii.She was the youngest cricketer to represent India in T20 International.
iii.She had also equalled the record for most sixes by a woman in Test innings.
iv.She scored two sixes in Bristol, equalling Alyssa Healy and Lauren Winfield-Hill’s joint record.
v.She broke the Indian record for the highest score on women’s Test debut and overtook Chanderkanta Kaul’s tally of 75 against New Zealand in 1995.
Israel successfully tested Laser Weapon that can shoot down Drones mid-air
The military of Israel successfully tested an airborne high-power laser weapon that can shoot down drones. It was developed by Elbit Systems. The test was conducted over the Mediterranean Sea by mounting the weapon on a civilian plane and resulted in successful shot down of several drones within a range of about 1 kilometer (0.6 mile).
Technology used in Laser Weapon: The weapon used a technology similar to C-Music, developed by Elbit Systems. C-Music is a defence system fitted to aircraft which uses a laser to blind the incoming missiles. This weapon uses the tracking feature of C-Music but will destroy targets by heating them up.
Currency– Israeli Shekel
Prime Minister– Naftali Bennett
HDFC Bank to buy stake in ‘ERGO General Insurance ‘ & ‘Borderless Softtech’
i.HDFC bank is all set for the purchase of 3,55,67,724 equity shares of Rs 10 each in group firm HDFC ERGO General Insurance Company from the parent company Housing Development Finance Corporation (HDFC). These shares are worth Rs 1,906.43 crore means their aggregate consideration is Rs 536 per share.
ii.Apart from above, HDFC Bank along with its subsidiary HDFC Securities will purchase 8,108 compulsory convertible cumulative preference shares (CCCPS) worth Rs 6.9 crore of face value of Rs 10 each of Borderless Softtech at a premium of Rs 606.60 for consideration of Rs 616.60 per piece.
About HDFC Bank:
Managing Director & Chief Executive Officer– Sashidhar Jagdishan
Tagline– We understand your world