25 September, 2021
Global Startup Ecosystem Report 2021: Mumbai, Bangalore and London Named among Top Startup Hubs; Silicon Valley Tops
As per the annual ranking of the international startup hubs named ‘Global Startup Ecosystem Report 2021’, compiled by research organisation ‘Startup Genome’, London, Mumbai, and Bangalore are featured among the world’s top startup hubs.
Bangalore ranked 23rd (26 in 2020) among the top 30 global startups, whereas Delhi ranked 36.
Global Startup Ranking: Silicon Valley ranked 1st followed by New York City and London (2nd) Beijing ranked at 4 and Boston at 5.
Top 5 Global Startup Ecosystem 2021 Ranking
1 Silicon Valley
2 New York City
Mumbai: It retained its 1st position in the Emerging Ecosystems ranking outperforming other fast-growing ecosystems in areas of funding, performance market research, and talent. Emerging Ecosystems are the ecosystems in earlier stages of growth that have high potential to be global performers in the future. As per the report, Indian startups raised USD 12.1 billion in the first half of 2021 and as of August 2021, India has produced 24 unicorns.
About Startup Genome:
Headquarters – San Francisco, California, United States
Founder & CEO – JF Gauthier
India Ranked 46th in GII 2021 by WIPO; Switzerland Tops
India’s rank in Global Innovation Index (GII) 2021 by the World Intellectual Property Organisation (WIPO) improved by two spots to 46th from 48th in GII 2020. India entered into the group of top 50 countries in GII for the 1st time. The NITI (National Institution for Transforming India) Aayog, along with the Confederation of Indian Industry (CII) and the WIPO, virtually hosted the India Launch of the GII 2021 and the Global Innovation Conclave in September 2021.
Overall Rank of GII Country
3 United States of America
4 United Kingdom
About WIPO (World Intellectual Property Organisation):
Establishment – 1967
Headquarters – Geneva, Switzerland
Director-General – Daren Tang (Singapore)
Members – 193 member states
UNICEF’s Fed to Fail? Report: No improvement in young children’s diets over past decade
In accordance with the United Nations Children’s Fund (UNICEF) report titled ‘Fed to Fail? The crisis of children’s diets in early life’, two in every three children between 6–23 months didn’t get the nutritious diet needed for healthy growth and the COVID-19 pandemic could make the situation much worse. This report was released ahead of the United Nations Food Systems Summit on September 23, 2021 in New York, United States (US).
Basis of Analysis:
The report examined the UNICEF Global Database on Infant and Young Child Feeding for the status, trends, inequities and barriers to nutritious diets of children aged 6–23 months. This database has collated data from 607 nationally representative surveys conducted in 135 countries, representing more than 90% of all children under 2 years. UNICEF has estimated that globally, more than half of children under the age of 5 with wasting are younger than 2 years of age.This amounts to around 23 million children.
India signs Pact for construction of Social Housing Units in Maldives
i.EXIM (Export Import) Bank of India completed its agreement with Fahi Dhiriulhun Corporation Limited (FDC) of Maldives to provide a Buyers Credit of ∼$228 million for the construction of 4000 Social Housing Units in Hulhumale’ Phase II.
ii.The construction will be undertaken by India’s National Buildings Construction Company (NBCC) and JMC Projects (India).
iii.A total of 2800 units of 3 bedrooms and 3 toilets, and, 1200 units of 2 bedrooms and 2 toilets will be constructed under this.
Capital – Male
Currency – Maldivian rufiyaa
President – Ibrahim Mohamed Solih
ICRISAT signs deal with WFP to improve food security in India
The United Nations World Food Programme (WFP) and the International Crops Research Institute for the Semi-Arid Tropics (ICRISAT) signed a memorandum of understanding (MoU) to improve food, nutrition security and livelihoods in India against the impacts of climate change. The deal was signed between WFP India representative and Country Director Bishow Parajuli and ICRISAT Director General Dr Jacqueline Hughes on September 24.
i.To bolster food security, nutrition and livelihoods that are resilient to climate change.
ii.To focus on climate-resilient food security, nutrition and livelihoods, especially for smallholder farmers and ecologically vulnerable communities.
iii.To generate ideas and frameworks for policy positions relevant not just for India but regional and global food problems.
It stands for International Crops Research Institute for the Semi-Arid Tropics.
Headquarters: Patancheruvu, Hyderabad, Telangana
Director: Jacqueline d’Arros Hughes
Parent organisation:Consultative Group on International Agricultural Research (CGIAR)
About World Food Programme (WFP)
Headquarters: Rome, Italy
Head: David Beasley
Parent organisation: United Nations
Indian Army to procure 118 Main Battle Tanks Arjun Mk-1A worth Rs 7,523 crore
i.the Heavy Vehicles Factory (HVF) of Avadi, Chennai (Tamil Nadu) grabbed Rs 7,523 crore order from the Ministry of Defence (MoD) for the supply of 118 Main Battle Tanks (MBTs) Arjun Mk-1A for the Indian Army.The tank is known as the “hunter killers”.
ii.It is a new variant of MBT Arjun TankMk-1A with 72 new features, more indigenous content, and numerous upgrades.
iii.MoD also promulgated a framework for enhanced and synergised utilization of simulators by the three(Army, Navy and Air Force) Services and the Indian Coast Guard (ICG).
About Ministry of Defence (MoD):
Union Minister- Rajnath Singh (Constituency- Lucknow, Uttar Pradesh)
Minister of State– Ajay Bhatt (Constituency- Nainital–Udhamsingh Nagar, Uttarakhand)
DFC and USAID Announce $55 million Credit Guarantee Programme to Address Economic Impact of COVID-19 in India
United States (US) International Development Finance Corporation (DFC) in collaboration with United States Agency for International Development (USAID) jointly announced an 8-year sponsor project programme with a credit guarantee of USD 55 million (~ Rs 400 crores) named ‘India Covid Response Programme for Agriculture Transition’ to address the economic impact of COVID-19 in India.
This initiative will offer customized financial solutions to entities interested in adopting climate-smart and green solutions.
Objective: To improve the linkages and increase the income of farmers while having a positive environmental impact.
Beneficiaries: Loans will be provided to Farmer Producer Organizations(FPO), agriculture- technology companies (Ag-tech), Companies engaged in Clean Energy Sectors of agriculture, women and vulnerable sections in India.
About USAID (United States Agency for International Development)
Established- 3 November 1961
Founder– John F. Kennedy
Headquarters– Washington, DC, United States of America
Administrator- Samantha Power
Bank Deposits Grew by 11.9% in FY21 due to Higher CASA growth: RBI
As per the Reserve Bank of India’s (RBI) publication of ‘Deposits with Scheduled Commercial Banks – March 2021’, Scheduled Commercial Banks (SCBs) deposits in FY21 grew by 11.9 percent year-on-year compared to 8.8 percent in FY20 due to high growth in the Current Account and Savings Account (CASA) deposits. The share of CASA deposits in FY21 increased to 43.7 percent in March 2021, compared to 41.7 percent in FY20.
Private Sector Banks: The share of private sector banks in total bank deposits in FY21 increased to 30.5 percent from 29.5 percent in FY20.
Non-financial corporations: In FY21, the Bank deposits of non-financial corporations increased by 18.8 percent and their share in total deposits also increased to 16.2 percent. Deposits of Metropolitan bank branches (which accounts for over half of total deposits) increased to 59.6 percent in FY21 compared with 43.2 percent in FY20.
About Reserve Bank of India (RBI):
Establishment – 1st April 1935
Headquarters – Mumbai, Maharashtra
Governor – Shaktikanta Das
Deputy Governors – Mahesh Kumar Jain, Michael Debabrata Patra, and M Rajeshwar Rao, T. Rabi Sankar
BPCL, SBI Card Launched Co-branded RuPay Contactless Credit Card for the Cashless Payments
Bharat Petroleum Corporation Limited (BPCL) and State Bank of India (SBI) card launched the ‘BPCL SBI Card co-branded RuPay Contactless Credit Card’, to enhance the savings of the customers and provide a boost to cashless transactions ,
i.The card provides a 1 percent surcharge waiver on every transaction up to Rs 4000 with a 4.25 percent value back.
ii.The credit cardholders will get reward points on fuel purchase at BPCL petrol pumps and different categories such as grocery, departmental store etc.
iii.The card will strengthen the portfolio of SBI Cards on the Rupay platform.
About Bharat Petroleum Corporation Limited (BPCL):
Headquarters– Mumbai, Maharashtra
Chairman and Managing Director– Arun Kumar Singh
About State Bank of India (SBI)
Founded- 1 July 1955
Headquarters- Mumbai, Maharashtra
Chairperson– Dinesh Kumar Khara
Magnus Carlsen won 9th EY Norway Chess 2021; India’s Gukesh won Norway Open 2021 Masters
Magnus Carlsen, Norwegian chess Grandmaster won the 9th edition of EY Norway Chess 2021 against Russian Grandmaster Ian Alexandrovich Nepomniachtchi. This marks Magnus Carlsen’s 3rd consecutive title in Norway chess and 4th overall title.
Norway Chess 2021, a 6-player double round-robin tournament was held from 7th to 17th September 2021 in Stavanger, Norway. Grandmaster Alireza Firouzja (Iranian-French Chess Player) finished 2nd by defeating Hungarian grandmaster Richárd Rapport. Richárd Rapport finished 3rd in the Norway Chess 2021.
About Norway Chess:
i.Norway chess started in 2012 is one of the world’s most prestigious chess tournaments annually hosting a tournament with the global top players.
ii.This is an annual super tournament for the highest-ranked chess players in the world.
i.Magnus Carlsen tops the September ranking of FIDE (International Chess Federation) followed by Fabiano Caruana of the USA(2nd) Liren Ding of China (3rd). Indian Grandmaster Viswanathan Anand is ranked 17th.
ii.Among women players, China’s YifanHou tops the list followed by Aleksandra Goryachkina of Russia (2nd) and Humpy Koneru of India(3rd).
India’s Gukesh D won Norway Open 2021 Masters:
Indian Grandmaster Gukesh D won the Norway Chess open 2021 under the masters’ section and won 60000 (Norwegian Krone)NOK (around Rs 509000). This marks his 2nd consecutive win in a month. Gukesh’s ranks 18th in FIDE’s Juniors September ranking. Indian Grandmaster Iniyan P secured the second position with 7½/10 points, finishing a half-point ahead of Dmitrij Kollars (Germany) and Valentin Dragnev (Austria). Iniyan P has won 40000 NOK(around Rs 339000).
Odisha to Host U-21 FIH Men’s Hockey Junior World Cup 2021; To be held in Kalinga Stadium, Bhubaneswar
Odisha is set to host the U-21 FIH Men’s Hockey Junior World Cup 2021, the men’s under-21(U-21) field hockey world championship, organized by the International Hockey Federation(FIH- Fédération Internationale de Hockey). This is the 12th edition of the FIH Men’s Hockey Junior World Cup. The U-21 FIH Hockey Men’s Junior World Cup 2021 will be held in the Kalinga Stadium, Bhubaneswar, Odisha from 24 November to 5 December 2021. Naveen Patnaik, Chief Minister(CM) of Odisha unveiled the trophy and logo for the tournament.
About the Junion World Cup:
i.A total of 16 teams will compete in the FIH U-21 Men’s Hockey Junior World Cup 2021.
ii.The event will feature India(host and the defending champion), South Korea, Malaysia, Pakistan, South Africa, Egypt, Belgium, England, France, Germany, the Netherlands, Spain, United States of America(USA), Canada, Chile and Argentina.
iii.FIH announced that the USA and Canada will replace Australia and New Zealand, which withdrew from the event due to COVID-19 related travel restrictions.
i.In 2016, India won its 2nd Junior World Cup title at the 11th edition of FIH Men’s Hockey Junior World Cup, hosted in Lucknow, Uttar Pradesh.
ii.Previously Bhubaneswar has hosted the 2014 FIH Men’s Champions Trophy, 2017 FIH Hockey World League and 2018 FIH Men’s World Cup.
iii.Bhubaneswar and Rourkela of Odisha are set to co-host the 2023 FIH Men’s Hockey World Cup.
About International Hockey Federation(FIH):
President– Dr Narinder DhruvBatra
Chief Executive Officer– Thierry Weil
Headquarters– Lausanne, Switzerland
NHPC’s 510 MW Teesta-V Power Station, Sikkim won 2021 IHA Blue Planet Prize
The 2021 IHA Blue Planet Prize for excellence in sustainable hydropower development has been awarded to 510 MW Teesta-V Power Station, Sikkim, owned and being operated by NHPC Limited. The award was presented by the International Hydropower Association (IHA), a non-profit membership association operating in 120 countries, based in London, United Kingdom(UK). The award was announced during the World Hydropower Congress, 2021 held from 7th to 24th September 2021 over a virtual platform.
2021 IHA Mosonyi Award for Excellence in Hydro power has been awarded to former CEO of IHA Richard Taylor, Director at RMT Renewables Consulting Ltd. Ashtead, England.
About NHPC’s 510 MW Teesta-V project:
The Teesta-V project is located on the Teesta River, Sikkim, India.
About Blue Planet Prize:
The Blue Planet Prize is awarded to the hydropower projects that demonstrate excellence in sustainable development.
About NHPC Limited:
NHPC ltd was Incorporated on 7th November 1975 as National Hydro-Electric Power Corporation Pvt Ltd and in April 1986, it was converted into a public limited company.
CMD– Abhay Kumar Singh
Headquarters– Faridabad, Haryana
GeM bags CIPS Award 2021
Government e Marketplace (GeM) wins CIPS Excellence in Procurement Awards 2021 (CIPS Awards) in the “Best Use of Digital Technology” category. The award was given by The Chartered Institute of Procurement & Supply (CIPS), London. The award was received by High Commission of India First Secretary (Economic) Rohit Vadhwana on behalf of GeM in a programme held in London on September 22. GeM was also shortlisted as a finalist in two additional categories, i.e., ‘Public Procurement Project of the Year’ and ‘Best Initiative to Build a Diverse Supply Base’.
i.Government e Marketplace is the government owned Section 8 company setup under the aegis of Department of Commerce, Ministry of Commerce and Industry.
ii.It offers a cashless, contactless, and paperless experience and serves as an end-to-end solution for procurement of goods and services.
i.The Chartered Institute of Procurement & Supply (CIPS) is a global not-for-profit organisation and professional body dedicated to promoting good practices in procurement and supply management, with a community across 150 countries.
IndusInd Bank Acquired 4.79% Stake in McLeod Russel India
The IndusInd Bank has acquired a 4.79% stake in debt-laden McLeod Russel India Limited(MRIL) by involving pledged shares for recovery of its dues.
The bank, in accordance with the invocation of the pledge of shares, acquired 5000000 equity shares of MRIL.
MRIL, the leading bulk tea manufacturer in India, is a flagship company of the BM Khaitan group.
i.The equity shares of McLeod Russel held by Ichamati Investments were pledged with IndusInd bank for securing the outstanding dues of MRIL.
ii.The IndusInd bank invoked the pledged shares to recover its due from MRIL.
i.In June 2021, IndusInd bank acquired 7067500 equity shares of MRIL forming 6.77% paid-up equity share capital of MRIL, by invoking pledged shares for recovery of its dues.
ii.By the end of the first quarter of this fiscal, the promoter shareholdings in MRIL stood at 10.07%.
iii.The other financial creditors of MRIL include Indian Bank, Axis Bank, HDFC Bank, ICICI Bank, State Bank of India, UCO Bank, Punjab National Bank, Yes Bank, RBL Bank and Standard Chartered Bank.
About IndusInd Bank:
MD & CEO– Sumant Kathpalia
Headquarters– Pune, Maharashtra
About McLoed Russel India Ltd (MRIL):
MRIL was incorporated as Eveready Company India. Private Limited on 5th May 1998.
CMD– Aditya Khaitan
Headquarters– Kolkata, West Bengal