Current Affairs

26 June, 2021

International

QS EMBA Rankings 2021: IIM Bangalore Ranked Best in India

The Post Graduate Programme in Enterprise Management (PGPEM) of the Indian Institute of Management Bangalore (IIMB) ranked the best in India in the ‘QS Executive MBA Rankings 2021’ of Quacquarelli Symonds(QS).
Note-While employer reputation carries a weightage of 30 percent, thought leadership and executive profile hold 25 percent and 15 percent, respectively.Career outcomes and diversity hold the rest 20 percent and 10 percent, respectively.
About Indian Institute of Management Bangalore (IIMB):
It is a leading graduate school of management in Asia. Under the IIM Act of 2017, IIMB is an Institute of National Importance.
Director – Rishikesha T Krishnan
About Quacquarelli Symonds(QS) Limited:
QS publishes the annual publication of university rankings, the QS World University Rankings, it was inaugurated in 2004.
Headquarters – London, United Kingdom

NSA Ajit Doval attends 16th Meeting of Security Council Secretaries of SCO

India’s National Security Advisor (NSA) attended the 16th meeting of Security Council Secretaries of Shanghai Cooperation Organisation (SCO) held at Dushanbe, Capital of Tajikistan. The meeting was held from June 23-24, 2021 and was chaired by Tajikistan (Chairmanship of SCO in 2021). National Security officials of the 8 member nations of SCO attended the meeting. The National Security officials discussed key regional security issues and also about the current situation in Afghanistan.
Shanghai Cooperation Organisation (SCO)
It is a Eurasian political, economic, and security alliance that was established in 2001 in Shanghai, China. India & Pakistan joined SCO in 2017.
About Shanghai Cooperation Organisation (SCO)
Secretary-General – Vladimir Norov
Headquarters – Beijing, China
Chairmanship of 2021 – Tajikistan

275mn People used Drugs Worldwide in 2020: UNODC Report

i.The United Nations Office on Drugs and Crime’s (UNODC) released a World Drug Report 2021 which states that around 275 million people used drugs worldwide in 2020 of which 36.3 million people or 13% suffered from drug use disorders.
ii.The report referred a term drug as a substance controlled under international drug control conventions, and their non-medical use.
iii.Opioids contribute to the largest burden of disease due to drug use.
About United Nations Office on Drugs and Crime (UNODC):
Executive Director– Ghada Fathi Waly
Headquarter– Vienna, Austria

Over 19,300 children suffered of grave violations in 2020: UN Report

According to the ‘Annual report of the Secretary-General on Children and Armed Conflict (CAAC)’ released by Office of the UN Special Representative of the Secretary-General for Children and Armed Conflict (SRSG CAAC)- More than 19,300 boys and girls affected by war in 2020 were victims of grave violations like abduction, recruitment or sexual violence. Around 26, 425 grave violations were committed against children in 2020, which included attacks on schools and hospitals. The Grave violations against children in conflict remained ‘alarmingly high’. The report further states that one in four children affected by grave violations were girls. The report is titled ‘A Stolen Childhood and a Future to Repair: Vulnerability of Girls & Boys in Armed Conflict Exacerbated by COVID-19 Pandemic’.
Note – The Office of the UN Special Representative of the Secretary-General for Children and Armed Conflict (OSRSG CAAC) serves to protect the rights of children affected by war.
About Office of the UN Special Representative for Children and Armed Conflict (SRSG CAAC)
Special Representative – Virginia Gamba de Potgieter
Established – December, 1996

National

Goa Becomes First Rabies-Free State in India

Goa Chief Minister Pramod Sawant announced that Goa became the First Rabies-Free State in India as it has not reported a single rabies case in the last three years.
About Goa:
Capital: Panaji
Governor: Bhagat Singh Koshyari
Chief Minister: Pramod Sawant

Narendra Singh Tomar addressed 3rd CII Northern Region Food Processing Summit 2021 virtually

The 3rd edition of the Northern Region Food Processing Summit 2021 was virtually organized by the Confederation of Indian Industry (CII). It was addressed by Union Minister Narendra Singh Tomar, Ministry of Food Processing Industries (MoFPI).
Point to be noted:
i.In 2020-21, MoFPI launched the Prime Minister formalization of Micro Food Processing Enterprises (PMFME) scheme with a total outlay of Rs 10,000 crore under Atmanirbhar Bharat Abhiyan for a period of 5 years i.e. till 2024-25. It aims to enhance the competitiveness of existing individual micro-enterprises in the unorganized sector.
About Confederation of Indian Industry (CII):
Establishment– 1895 as Engineering and Iron Trades Association (EITA)
Director General– Chandrajit Banerjee
Headquarter– New Delhi

IAF, Indian Navy conduct Passage Exercise with the US Navy in IOR

i.Indian Air Force (IAF) and Indian Navy participated in the two days Passage Exercise (PASSEX) with the United States (US) Navy during its asset transit through Indian Ocean Region (IOR).
ii.India was represented by Indian Naval Ship (INS) Kochi and INS Teg along with P8I and MiG 29K aircraft.
iii.US was represented by the Carrier Strike Group (CSG) comprising Nimitz class aircraft carrier Ronald Reagan, Arleigh Burke class guided missile destroyer USS (United States Ship) Halsey and Ticonderoga class guided missile cruiser USS Shiloh.
About United States:
Capital– Washington, D.C.
Currency– United States Dollar
President– Joseph Robinette Biden Jr.
Indian Ambassador to US– Taranjit Singh Sandhu

Economy

India’s ER&D Market to Reach USD 63 Bn By 2025: Nasscom

According to Industry body Nasscom, India’s share in the global engineering and research and development (ER&D) market will reach USD 63 billion by 2025. India’s share in the global ER&D market is expected to grow at a compound annual growth rate (CAGR) of 12-13 percent to reach USD 63 billion by 2025 from USD 31 billion in 2019. This growth is being driven by global enterprises who are tapping into Indian ER&D’s ability to power innovation, drive high impact service delivery by leveraging the think force of the future.

India Attracts FDI Inflow of USD 6.24 Billion During April 2021

The Ministry of Commerce and Industry on June 23, 2021 notified that, India has attracted a total Foreign Direct Investment (FDI) inflow of USD 6.24 billion during April 2021 which is 38 % higher FDI inflow as compared to April, 2020. Mauritius is the top investing country with 24 per cent of the FDI Equity inflows, followed by Singapore with 21 percent and Japan with 11 per cent. The top sector during April, 2021 is the Computer Software and Hardware sector with around 24 percent share of the total FDI Equity inflow followed by Services Sector with 23 per cent and Education Sector with 8 per cent. In case of states, Karnataka is the top recipient state during April, 2021 with 31 percent share of the total FDI Equity inflows, followed by Maharashtra with 19 percent and Delhi with 15 percent.

Aarogyam Healthcare Business Loan Launched By SBI

The country’s largest lender, State Bank of India (SBI) launched “Aarogyam Healthcare Business Loan”, for the healthcare sector to extend loan support in view of the novel coronavirus pandemic.
About State Bank of India(SBI):
Establishment – 1st July 1955
Chairman – Dinesh Kumar Khara
Headquarters – Mumbai, Maharashtra
Tagline – The Banker to Every Indian

India’s Bank Credit-to-GDP Ratio Increased to 56.075% in 2020, but still behind Peers: BIS

As per the data of the Bank for International Settlements (BIS), the bank credit-to-GDP ratio of India in 2020 rose to a 5-year high of about 56.075 percent (whereas in 2016 the ratio was at 59 percent) The incremental credit growth in FY21 was about 5.56 percent (at Rs 109.51 lakh crore), which was the lowest recorded growth in 59 years (whereas in FY 1962 it was at 5.38 percent), in FY20, credit growth was at a 58-year-low at 6.14 percent. The total outstanding bank credit in 2020 stood at $1.52 trillion.
About Bank for International Settlements (BIS):
It is an international financial institution owned by central banks, it fosters international monetary and financial cooperation, and serves as a bank for central banks. The Reserve Bank of India is also a member of BIS.
Establishment – 1930
Headquarters – Basel, Switzerland
Chairman – Jens Weidmann (Germany)
Members – 63 central banks and monetary authorities

RBI Issued Norms for Dividend Distribution by NBFCs

The Reserve Bank of India (RBI) linked the declaration of dividend by non-banking finance companies (NBFCs) to their minimum prudential norms on Capital to Risk-Weighted Assets Ratio (CRAR) and Non-Performing Assets (NPAs). In order to infuse greater transparency and uniformity in the payout practice, RBI has issued guidelines on the distribution of dividend by NBFCs to be effective from the profits of FY22 and onwards.
RBI’s Guidelines for NBFCs’ Declaration of Dividend:
Eligibility criteria: RBI has stated the minimum prudential requirements to be eligible to declare dividend as follows.

Parameter Requirements

CRAR Deposit-taking NBFCs (other than standalone primary dealers(SPDs)) should have a CRAR (consisting of Tier-I and Tier-II capital) of at least 15 percent for the last 3 years, including the accounting year for which it proposes to declare a dividend.
SPDs should have maintained a minimum CRAR of 20 percent for the FY for which a dividend is proposed.

Net NPAs
Ratio It should be less than 6 percent in each of the last 3 years, including the accounting year for which it proposes to declare a dividend.
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

Sports

Australian Swimmer Kaylee McKeown Breaks 100-meter Backstroke World Record

Australian Swimmer Kaylee McKeown breaks the 100-meter backstroke world record at the South Australian Aquatic Centre with a time of 57.45 seconds, from the previous mark of 57.57 seconds set by American Regan Smith in 2019. Emily Seebohm finished 2nd in 58.59 seconds to qualify for her 4th Olympics.
Ethiopia’s Letesenbet Gidey sets the women’s 10,000 metres new world record of 29 minutes and 1.03 seconds at Ethiopia’s Olympic trials held in the Netherlands.Gidey currently holds the new world records in the 5,000m and 10,000m track, became the first woman to hold both the world records simultaneously after Norway’s Ingrid Kristiansen who hold the record from 1986-1993.

IOA ropes in MPL, Amul, JSW Group as sponsors for Tokyo Olympics 2020

Indian Olympic Association (IOA) has roped in mobile gaming platform MPL Sports Foundation as the principal sponsor for 2020 Tokyo Olympics ,2022 Asian Games & Birmingham Commonwealth Games. The association is for one-and-a-half years(till December 31, 2022). As per the deal, It will pay a total of Rs eight crore to IOA. Amul has agreed to be a sponsor for the Tokyo Olympics with an amount of Rs 1 crore for a period till 31st december, 2021. Similarly, IOA also roped in JSW Group as sponsor for Tokyo Olympics with a sponsor amount of Rs 1 crore.

Miscellaneous

DRDO successfully test-fires Nuclear capable cruise missile ‘Nirbhay’

Defence Research and Development Organisation (DRDO) successfully test-fired the nuclear capable subsonic cruise missile ‘Nirbhay’ from the Integrated Test Range (ITR) at Chandipur, Odisha. It is India’s 1st indigenously developed cruise missile. ‘Nirbhay’ is designed and developed in India by the Aeronautical Development Establishment (ADE) which comes under DRDO. The Missile has a range of 1000 kms and is capable of reaching speeds of 0.6 – 0.7 Mach. It is capable of carrying multiple payloads and can engage several targets in a single flight. It can be launched from all 3 platforms – Land, Sea & Air.
About Defence Research and Development Organisation (DRDO)
Chairman – Dr G Satheesh Reddy
Headquarters – New Delhi

IFSCA formed Panel to Examine Best Practices in Ship Financing, Leasing; Chaired by Vandana Aggarwal

International Financial Services Centres Authority (IFSCA) has constituted a committee under the chairmanship of Vandana Aggarwal, former Senior Economic Advisor, Government of India, to examine global best practices in ship financing and leasing, identify opportunities and devise a roadmap to enable such activities from GIFT (Gujarat International Finance Tec) International Financial Services Centres (IFSC). The committee includes representatives from the central government, Gujarat Maritime Board and industry experts with domain knowledge. The committee will examine the existing legal, regulatory, tax and other applicable frameworks, identify the restrictions related to ship financing and leasing, and recommend specific measures regarding them to IFSCA. The committee is mandated to submit its recommendations to IFSCA within 3 months. IFSCA aims to make GIFT IFSC an international hub for Ship Financing & Leasing activities by providing an enabling regulatory framework and facilitative environment.
About International Financial Services Centres Authority (IFSCA):
Establishment – April 27, 2020, under IFSCA Act, 2019
Headquarters – GIFT City, Gandhinagar, Gujarat
Chairperson – Injeti Srinivas

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