Current Affairs

25 June, 2021

International

Goa Institute of Management Ranked as Pioneering B-school in Positive Impact Rating 2021

The Goa Institute of Management (GIM) has been ranked as a Pioneering Business School (B-school) in the second edition of the Positive Impact Rating (PIR) 2021. 4 business schools were ranked globally in the list of PIR 2021 as the ‘Pioneering B-schools (Level 5)’, in which 3 were of the Indian business schools. The results of the 2nd edition of the PIR 2021 were announced at the World Economic Forum in Lucerne-Burgenstock, Switzerland.
List of pioneering B-school:
Pioneer B-Schools (Level 5) Country
The Goa Institute of Management (GIM) India
SP Jain Institute of Management and Research (JPJIMR), India
University of Business and Technology Kosovo
XLRI – Xavier School of Management, Jamshedpur, Rajasthan India
About Positive Impact Rating (PIR):
i.The PIR is a rating conducted by students, it will measure the positive impact of business schools and how business schools contribute to solving societal challenges by energizing the school and its culture.
ii.Level- 5 represents the Pioneer B-school with unique, sustaining global leadership progress in all impact dimensions.
Note – 47 business schools from 21 countries participated in the 2nd edition of the PIR.
About Positive Impact Rating (PIR):
It is a Swiss Association
Headquarters – Lucerne, Switzerland
President – Katrin Muff

ISRO, NOAA-led Multinational Project Endorsed by UNESCO: CEOS COAST

A multinational project, Committee on Earth Observation Satellites—Coastal Observations, Applications, Services, and Tools (CEOS COAST) which is co-led by the Indian Space Research Organisation (ISRO) and National Oceanic and Atmospheric Administration (NOAA), United States, was endorsed by United Nations Educational, Scientific and Cultural Organization’s (UNESCO) Intergovernmental Oceanographic Commission (IOC) for its use of innovative technology, and for fostering trust and collaboration among scientists.
About Indian Space Research Organization (ISRO):
Chairman – Kailasavadivoo Sivan
Headquarters – Bengaluru, Karnataka

BRICS Nations Agreed on Innovation Cooperation: 11th BRICS S&T Steering Committee Meeting

The BRICS nations (Brazil, Russia, India, China and South Africa) agreed on the innovation cooperation at the 11th BRICS S&T Steering Committee Meeting.
The meeting was hosted by the Department of Science and Technology (DST), Government of India, and led from the Indian side by Sanjeev Kumar Varshney, Advisor and Head International Cooperation. The meeting was hosted as a part of a series of sectoral events including the Minister level meeting and BRICS Summit.

Tax Inspectors Without Borders (TIWB) Launched in Bhutan in partnership with India

i. Tax Inspectors Without Borders (TIWB) virtually launched its programme in Bhutan in partnership with India where the latter acts as its Partner Jurisdiction. As a result, India will provide its Tax Experts to the programme.
ii.Duration of programme: 24 months
iii.Focus of programme: International Taxation and Transfer Pricing
About United Nations Development Programme (UNDP):
Establishment– 1965
Administrator– Achim Steiner
Headquarter– New York, United States of America (USA)
About Organisation for Economic Cooperation and Development (OECD):
Establishment– 1961
Secretary-General– Mathias Hubert Paul Cormann
Headquarter– Paris, France
Members– 38

National

CSE’s Ease of Living Index 2020 ranks Bengaluru as Most Liveable City in India

According to the ‘Ease of Living Index 2020’ released by Centre for Science & Environment (CSE) – Bengaluru (Karnataka) with a score of 66.7 has been ranked as India’s most liveable capital city followed by Chennai, Tamil Nadu at No. 2, Shimla, Himachal Pradesh at No. 3. The Index is part of the report titled State of India’s Environment 2021. Only 3 state capitals feature in the Top 10 most liveable cities list. This is the 2nd edition of Ease of Living Index 2020, the 1st edition was published in 2018.
Capital City Ease of Living Index Score
Bengaluru, Karnataka 66.7
Chennai, Tamil Nadu 62.61
Shimla, Himachal Pradesh 60.9
About Centre for Science & Environment (CSE)
Headquarters – New Delhi
Founder – Director – Anil Kumar Agarwal
Director General – Sunita Narain

Denmark signs Framework Agreement on ISA with India: MEA

The Ministry of External Affairs (MEA) stated that the Kingdom of Denmark has signed the framework agreement of the International Solar Alliance Framework Agreement (ISA FA) and Instrument of Ratification with India. With this, Denmark became the 1st country to ratify ISA FA after the amendments to it entered into force on January 8, 2021. The signed copies of the agreement were received by an additional secretary (ER) as representative of MEA. MEA is the depositary of the ISA Framework Agreement.
About International Solar Alliance (ISA)
Director General – Ajay Mathur
Headquarters – Gurugram, Haryana, India
About Denmark
Prime Minister – Mette Frederiksen
Capital – Copenhagen
Currency – Danish Krone

India virtually hosts BRICS Green Hydrogen Summit 2021

India hosted the BRICS (Brazil, Russia, India, China & South Africa) Green Hydrogen Summit 2021 which took place virtually from June 22-23, 2021. The event was anchored by NTPC Ltd, a Maharatna CPSU (Central Public Sector Undertaking) under the Ministry of Power. The summit aims to address the challenges facing Green Hydrogen in terms of technology, efficiency, financial viability and scaling up of the technology. Representatives from each country shared the initiatives taken by their countries on use of hydrogen and their future plans. They also discussed the relevance of different technologies developed on hydrogen. During the meeting, India called for common international standards for green hydrogen to ensure safe transportation and storage of the new age emission-free fuel.
About NTPC Ltd
It was formerly known as National Thermal Power Corporation Ltd
CMD – Gurdeep Singh
Headquarters – New Delhi
About BRICS
2021 Chair – India
2021 India’s Theme – ‘BRICS @ 15: Intra-BRICS Cooperation for Continuity, Consolidation and Consensus’

Cabinet Approvals on June 23, 2021

The Union Cabinet chaired by Prime Minister Narendra Modi has granted approval to several initiatives. They are
i.Allocation of additional food grains under PM-GKAY 2021 (Phase-IV) for another 5 months i.e July to November, 2021. The total estimated expenditure of the additional allocation – INR 67, 266.44 crore will be borne completely by the Central Government.
ii.The Cabinet has given approval to merge and transfer all assets, liabilities, rights and obligations of ‘Central Railside Warehouse Company Limited (CRWC)’, a Mini-Ratna Category-II Central Public Sector Enterprises (CPSE) with its holding enterprise ‘Central Warehousing Corporation (CWC)’.
iii.Agreement signed between India and Saint Vincent and the Grenadines for the Exchange of Information and Assistance in Collection with respect to Taxes. It is the 1st agreement on Taxes between the two countries. The agreement proposes to facilitate exchange of information between the two countries and to provide assistance to each other in collection of tax claims.
About Central Warehousing Corporation (CWC)
MD – Arun Kumar Shrivastava
Head Office – New Delhi
About Saint Vincent and the Grenadines
Prime Minister – Ralph Gonsalves
Capital – Kingstown
Currency – Eastern Caribbean Dollar (XCD)

Economy

S&P cut India’s FY22 GDP Growth Forecast to 9.5%

In June 2021, S&P Global Ratings revised India’s economic growth projection in FY22 to 9.5 percent from its earlier forecast of 11 percent. It projected the growth for FY23 at 7.8 percent. It lowered the growth outlook of India and stated the country’s recovery to be ‘less steep’ by comparing with the bounce in late 2020 and early 2021. It reported permanent damage over the private and public sector balance sheet and it also mentioned the severe effect in the services sector compared with the manufacturing and exports that are less severely affected than that of 2020. It stated that the Reserve Bank of India (RBI) would not make changes in the interest rate, due to a rise in inflation above 6 percent (the upper end of RBI’s threshold).
About S&P Global Ratings:
It is a division of S&P Global
Headquarters– New York, United States
President – John Berisford

Afthonia Lab & YES Bank Collaborates to Support Fintech Companies

The Afthonia Lab private Limited has announced a strategic partnership with the YES Bank to support the fintech companies in India.
The partnership will also support the efforts to innovate and inject new ideas to transform the financial sector of India.
Features of the partnership:
i.Under this partnership, the Afthonia Lab’s portfolio startups will develop APIs in a sandbox environment, enabling the startups to experiment with innovative ideas and test their solutions in real time.
ii.This will also provide a safe and secure environment for the Afthonia Lab entrepreneurs to test their ideas and provide an opportunity for Yes Bank to transform the Indian Banking industry.
iii.This collaboration will ensure that business has access to mentors from both the global network of Afthonia and Yes Bank.
About YES Bank:
MD & CEO– Prashant Kumar
Tagline– Experience our expertise
Headquarters– Mumbai, Maharashtra
Incepted in 2004

SBI Card, Fabindia Launched Co-Branded Contactless Credit Card for Premium Customers

SBI Cards & Payment Services, in partnership with Fabindia, launched co-branded contactless credit cards named ‘Fabindia SBI Card’ and ‘Fabindia SBI Card SELECT’ to offer a rewarding shopping experience to its premium customers. The contactless credit card provides reward points for the premium cardholders on their retail spending with the value back on varied spending categories. The cards offer 10 percent value back to customers for buying in-stores at Fabindia along with complimentary domestic airport lounge access. Customers with these cards are provided direct entry to FabFamily loyalty programmes and avail its benefits.
About Fabindia:
It is India’s largest private platform for Handicraft and Traditional Skills.
Establishment – 1960
Headquarters – New Delhi
MD and CEO – Viney Singh

Sports

Kiren Rijiju launched India’s Olympic theme song titled “Lakshya Tera Samne Hai”

Minister of State (Independent Charge) Kiren Rijiju, Ministry of Youth Affairs And Sports (MoYAS) launched the official Olympic theme song titled “Lakshya Tera Samne Hai” of the Indian contingent for the Tokyo Olympics or Summer Games (July 23 to August 8, 2021). The song has been composed and sung by singer Mohit Chauhan. It was launched during an event of International Olympic Day at the JLN (Jawaharlal Nehru) Stadium in New Delhi organised by Indian Olympic Association (IOA). IOA president Narinder Batra and secretary-general Rajeev Mehta also participated in the event.

Cricket: New Zealand win Inaugural Edition of ICC World Test Championship 2021

New Zealand defeated India in the finals of the 2019-2021 ICC World Test Championship to win the Inaugural Edition of ICC World Test Championship 2021 (for men). The finals was held at Rose Bowl, Southampton, England from June 18-23, 2021. New Zealand’s Kyle Jamieson was named as the Player of the Match Award. New Zealand received a cash prize of USD 1.6 million along with the ICC Test Championship Mace. It is New Zealand’s 1st major ICC Trophy.
ICC World Test Championship
i.It is a league competition for Test Cricket organized by the International Cricket Council (ICC). 9 Teams competed in 71 Test matches in 27 series across two years from 2019-21.
Jadeja Ranked as World’s Number 1 All Rounder
According to ICC’s latest rankings released on June 22, 2021 – India’s Ravindra Jadeja was ranked as the World’s No. 1 All-rounder in Test Cricket (replacing West Indian Jason Holder).
About International Cricket Council (ICC)
Chairman – Greg Barclay
Headquarters – Dubai, UAE

Miscellaneous

Adani Power to acquire 1,200 MW Essar Power’s Mahan project

Adani Power Limited (APL) has received a Letter of Intent (LoI) from a Resolution Professional of the National Company Law Tribunal (NCLT) for the acquisition of 1,200 megawatt (MW) Essar Power’s Mahan Project located at Singrauli district of Madhya Pradesh. This acquisition is estimated at Rs 3,000 crore.
About Adani Power Limited (APL):
Managing Director– Anil Sardana
Headquarter– Ahmedabad, Gujarat

SEBI’s Ananta Barua And SK Mohanty Gets 2-Year Extension of Term as WTM

The Centre has extended the tenure of appointment of Ananta Barua and SK Mohanty as Whole-time Members (WTM) of the Securities and Exchange Board of India (SEBI) for a period of two years. The three-year terms of two WTMs, SK Mohanty and Ananta Barua, were to end in June and July 2021 respectively. The order for re appointment is given by the Department of Economic Affairs in the Finance Ministry.

Vijay Deshwal Appointed as Magma Fincorp Group CEO

Poonawalla group that had earlier obtained Magma Fincorp appointed Vijay Deshwal as its Group Chief Executive Officer (CEO). He would be responsible to take control of the lending, housing finance business and insurance business and will be managing his responsibilities out of the Pune office. In May 2021,Poonawalla Group acquired a majority stake of 60 percent in Magma Fincorp through its holding company Rising Sun Holdings.

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