Daily Current Affairs August 14 & 15 2022 | Latest News | Download PDF

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CURRENT AFFAIRS: NATIONAL NEWS

Cabinet has approved the ratification of amendments to the Constitution of the Universal Postal Union (UPU):

The Cabinet has approved the ratification of amendments to the Constitution of the Universal Postal Union (UPU) as contained in the Eleventh Additional Protocol to the Constitution.
The amendments to the Constitution of UPU were signed during the 27th Congress of the Universal Postal Union held at Abidjan.
This decision of the cabinet will fulfill the obligations mentioned in Articles 25 and 30 of the UPU Constitution.
The amendments will ensure further legal clarity and stability to the Acts of the Union.
Universal Postal Union (UPU) was established in 1874.
It is the second oldest international organization in the world.
It is the postal sector’s primary forum for international cooperation.

Meghalaya host the 2nd edition of the North East Olympics:

Meghalaya is all set to host the upcoming 2nd edition of the North East Olympics from October the 30th to November the 6th in Shillong.
A joint meeting of the North East Organising Committee, Meghalaya Department of Sports and Youth Affairs, and the North East Olympic Association was held to finalize the list of sports disciplines.
The first edition of the Games was held in Manipur in 2018, with 12 disciplines.
The edition of the Games will be special as Meghalaya is celebrating the 50th year of its Statehood.
In this edition, about 4,000 participants from eight North Eastern States will be competing in 18 disciplines at 13 venues spread across Shillong. Participants will be competing in disciplines, such as archery, athletics, badminton, basketball, boxing, football, judo, karate, shooting, swimming, table tennis, taekwondo, tennis, wushu, cycling (Mountain Bike), golf, weightlifting, and wrestling.

Income taxpayers will not be eligible for the Atal Pension Yojana:

Income taxpayers will not be eligible for the Atal Pension Yojana (APY), a universal social security scheme, from 1 October.
In case a subscriber of the scheme, who joined on or after 1 October 2022, is subsequently found to have been an income-tax payer on or before the date of application, the APY account shall be closed and the accumulated pension wealth to date would be given to the subscriber, as per the order.
Atal Pension Yojana was launched in 2015 to create a universal social security system for the citizens, especially the poor, the underprivileged, and the workers in the unorganized sector.
It is administered by the Pension Fund Regulatory and Development Authority (PFRDA).
It is currently open to all bank account holders in the age group of 18 to 40 years and the contributions differ, based on the pension amount chosen.
Subscribers would receive a guaranteed minimum monthly pension at the age of 60.

The government has set a target of reducing import dependence on palm oil by 25 to 30%:

The government is aiming at reducing import dependence on palm oil by 25 to 30% through the production of 2.8 million tonnes (MT) of oil by 2030 under the National Edible Oil Mission.
Currently, around 0.35 million hectares (MH) are under palm plantation.
Under the mission launched last year, an additional area of 0.65 MH will be brought into palm plantations by 2025-26.
India imports 56% of its edible oil requirement annually.
The country imports around 8 MT of palm oil while the domestic production is around 0.5 MT.
In August 2021, the national oil palm mission was launched with an investment of Rs 11,040 crore.
Out of which the Centre’s share is Rs 8,844 crore, while the rest is contributed by the state government for providing viability gap funding and financial assistance for planting material.
Under the palm oil mission, the Tripura government signed an agreement with Patanjali Foods Limited for palm oil plantations.
Hyderabad-based 3F oil palm has planned to expand its palm plantation in Assam and Arunachal Pradesh.
Andhra Pradesh, Telangana, and Kerala are the major oil palm growing states, which account for 98% of the total production.

CURRENT AFFAIRS: STATE NEWS

Flipkart signs MoU with District Administration of Varanasi, Govt of UP under the Samarth program

Flipkart, India’s homegrown e-commerce marketplace, has signed a Memorandum of Understanding (MoU) with the District Administration of Varanasi, Government of Uttar Pradesh, to enable national market access for artisans, weavers, and people with disabilities.
The MoU was exchanged at an event in Varanasi in the presence of Bhanu Pratap Singh Verma, Hon’ble Minister of State for Micro, Small and Medium Enterprises, Government of India between Shri Umesh Kumar Singh, Joint Commissioner, Department of Industries, Varanasi Division and Shri. Rajneesh Kumar, Chief Corporate Affairs Officer, Flipkart Group.

About the Partnership :

Through this partnership, iconic goods such as Banaras Sarees, Handmade Carpets, Zardoji Craft, Metal Crafts, and Handmade Dari from the state will now be available to 400 million customers on the Flipkart platform.
The Flipkart Samarth program will offer training and time-bound incubation support, which will help artisans, weavers, people with disabilities, and craftsmen grow their businesses through e-commerce.

About Flipkart :

Founded: 2007
Headquarters: Bangalore, Karnataka, India
CEO: Kalyan Krishnamurthy

About UP :

Governor: Anandiben Patel
Chief minister: Yogi Adityanath
Capital: Lucknow

Haryana government launches the Cheerag program for EWS Students

Haryana Chief Minister Shri Manohar Lal Khattar launched the “Chief Minister Equal Education Relief, Assistance, and Grant (Cheerag)” scheme.
Under the scheme, the government will provide free education to Economically Weaker section (EWS) students of Government schools in private schools.

About Cheerag Scheme :

Under the Cheerag scheme, government school students whose parents have an annual verified income of less than Rs 1.8 lakh can enroll in private schools from Class II to XII.
The government will reimburse Rs 700 per student from Classes II to V, Rs 900 per student from Classes VI to VIII, and Rs 1,100 per student from Classes IX to XII.
Under this, 533 “budget” private schools mostly in villages and small towns applied to offer seats to EWS students
However, the authorities found only 381 schools eligible due to different technical reasons.
These schools offered 24,987 seats for EWS students from government schools.
However, only 1,665 students have preferred to opt for the scheme, which is just 6.66 percent of the total offered seats.
It replaced a similar scheme launched in 2007, by Bhupinder Singh Hooda’s government. The scheme was launched by Rule 134 A of Haryana School Education Rules, 2003.

About Haryana :

Governor: Bandaru Dattatreya
Chief minister: Manohar Lal Khattar
Capital: Chandigarh

Govt of Odisha Signs Pact With National Institute of Ocean Technology For Protecting Coastline

The Odisha government has signed a Memorandum of Understanding (MoU) with the National Institute of Ocean Technology for the protection of its coasts.

Signatories :

The MoU was signed between Water Resources Department Engineer in Chief B K Mishra and G A Ramdass, Director, NIOT, Chennai, Tamil Nadu.
Odisha govt is taking all possible measures for disaster mitigation and focusing on zero casualties.
The MoU will be a milestone in the Disaster Risk Reduction (DRR) in the coastal areas of Odisha.

About the MoU :

NIOT will provide technical guidance, design, and drawing of climate resilient coastal protection measures.
The inhabitants of six coastal districts of the state such as Balasore, Bhadrak, Kendrapara, Jagatsinghpur, Puri, and Ganjam will be benefitted.
Odisha has a vast coastline of about 480 km and the coastal areas are exposed to natural disasters. Cyclones cause high tidal surges with very high wind speed, resulting in loss of lives and properties.

About NIOT :

Established: November 1993
Headquarters: Chennai, Tamil Nadu
Director : Dr. Gidugu Ananda Ramadass
NIOT, under the Ministry of Earth Sciences, is a premier institute in India specializing in the field of ocean engineering and coastline protection.

About Odisha :

Governor: Ganeshi Lal
Chief minister: Naveen Patnaik
Capital: Bhubaneswar

CURRENT AFFAIRS: BANKING & FINANCE

RBI Cancels License of Pune’s Rupee Co-operative Bank

The Reserve Bank of India (RBI) has canceled the license of Pune-based Rupee Co-operative Bank Ltd as the lender does not have adequate capital and earning prospects following an order from the Bombay High Court.
The order shall come into effect after six weeks from August 11, 2022.
Consequently, the bank will cease to carry on banking business, with effect from September 22, 2022.

RBI canceled the license of Rupee Co-operative Bank due to following reasons:

The bank does not have adequate capital and earning prospects. As such, it does not comply with the provisions of Section 11(1) and Section 22 (3) (d) read with Section 56 of the Banking Regulation Act, 1949.
The bank has failed to comply with the requirements of Sections 22(3) (a), 22 (3) (b), 22(3)(c), 22(3) (d), and 22(3)(e) read with Section 56 of the Banking Regulation Act, 1949
The continuance of the bank is prejudicial to the interests of its depositors
The bank with its present financial position would be unable to pay its present depositors in full; and
The public interest would be adversely affected if the bank is allowed to carry on its banking business any further.

On liquidation, every depositor would be entitled to receive deposit insurance claim amount of his/her deposits up to a monetary ceiling of ₹5,00,000/ from Deposit Insurance and Credit Guarantee Corporation (DICGC) subject to the provisions of the DICGC Act, 1961.
As per the data submitted by the bank, more than 99% of the depositors are entitled to receive the full amount of their deposits from DICGC.
As of May 18, 2022, DICGC has already paid ₹44 crores of the total insured deposits under the provisions of Section 18A of the DICGC Act, 1961 based on the willingness received from the concerned depositors of the bank.

About DICGC :

Established: 15 July 1978
Headquarters: Mumbai, Maharashtra, India
Chairman: M D Patra
DICGC is a specialized division of the Reserve Bank of India which is under the jurisdiction of the Ministry of Finance, GoI.

RBI issues strict norms for digital lending to curb malpractice

The Reserve Bank of India (RBI) issued a regulatory framework to make digital lending safe for members of the public.

Aim :

To curb rising malpractices in the digital lending ecosystem.
The regulatory framework to support orderly growth of credit delivery through digital lending methods while mitigating the regulatory concerns has been firmed up.
The Reserve Bank’s regulatory framework is focused on the digital lending ecosystem of RBI’s Regulated Entities (REs) and the LSPs engaged by them to extend various permissible credit facilitation services.

The RBI classified digital lenders into three categories :

Entities regulated by the RBI and permitted to carry out lending business
Entities authorized to carry out a lending as per other statutory or regulatory provisions but not regulated by the RBI
Entities lending outside the purview of any statutory or regulatory provisions.

Key Highlights :

All loan disbursals and repayments are required to be executed only between the bank accounts of the borrower and the RE without any pass-through/ pool account of the LSP or any third party
Also, any fees, and charges, payable to LSPs in the credit intermediation process shall be paid directly by RE and not by the borrower.
A standardized Key Fact Statement (KFS) must be provided to the borrower before executing the loan contract.
This has been mandated to be followed by REs, their LSPs, and Digital Lending Apps (DLAs) of REs, among others.
If any complaint lodged by the borrower is not resolved by the RE within the stipulated period (currently 30 days), he/she can complain to the Reserve Bank – Integrated Ombudsman Scheme (RB-IOS).
The RBI constituted a Working Group on ‘digital lending including lending through online platforms and mobile applications (WGDL) on January 13, 2021.

About RBI :

Established: 1 April 1935
Headquarters: Mumbai, Maharashtra, India
Governor : Shaktikanta Das
Deputy governors: Mahesh Kumar Jain, Rajeshwar Rao, Michael Patra, and T. Rabi Shankar

Navi Mutual Fund launches India’s first manufacturing index fund

Navi Mutual Fund has introduced the launch of its sixth fund for this year, the Navi Nifty India Manufacturing Index Fund.
This is India’s first open-ended index fund that will seek to replicate the Nifty India Manufacturing Index, which tracks the performance of manufacturers among the top 300 companies in India.

Aim :

To simplify investing in the Indian manufacturing sector.
The companies in the index are selected from the combined universe of the Nifty 100, Nifty Midcap 150, and Nifty Smallcap 50 index based on the 6-month average free-float market.
The weight of each stock in the index is based on its free float market capitalization and is reconstituted and rebalanced semi-annually along with Nifty Broad-based indices.
The index also has a minimum weight of 20% for certain manufacturing sectors.
The largest sectors in the Nifty India Manufacturing Index currently are automobile & auto components, capital goods, healthcare, and metals & mining.
The top 10 stocks including Sun Pharma, Reliance Industries, Tata Steel, Maruti Suzuki India, Mahindra & Mahindra, and JSW Steel constitute about 37 percent of the index.

About Navi Mutual Fund :

Established: 2018
Headquarters: Bangalore, Karnataka, India
Founders: Sachin Bansal and Ankit Agarwal

Airtel Africa signs up for a $125 million credit pact with Citi

Airtel Africa has signed up for a USD 125 million revolving facilities from American banking major Citi.
The facility involves borrowing both local currencies and US dollars.
The facility has a tenor up to September 2024 and will be used to support Airtel Africa’s operations and investments in four of its subsidiaries.
It provides interest rate savings in exchange for achieving social impact milestones relating to digital inclusion and gender diversity with a focus on rural areas and women.
The deal was executed by Citi’s Indian unit, where Airtel Africa’s parent Bharti Airtel is headquartered.
The credit facility will be extended through its branch offices or subsidiaries in sub-Saharan Africa.

About Airtel Africa plc :

Founded: 8 June 2010
Headquarters: London, United Kingdom

Airtel Africa plc is a multinational company that provides telecommunications and mobile money services in 14 countries in Africa, primarily in East, Central, and West Africa.

CURRENT AFFAIRS: BUSINESS NEWS

Retail Inflation Eases To 6.71% In July:

Retail inflation fell to 6.71 percent in July due to lower food costs, although it remained above the Reserve Bank’s comfort limit of 6% for the seventh consecutive month.
With retail inflation remaining high despite a drop in prices of vegetables and edible oils, among other commodities, in July, the Reserve Bank of India (RBI) may boost interest rates again in September.
Retail inflation based on the Consumer Price Index (CPI) was 7.01 percent in June and will be 5.59 percent in July 2021.
From April through June of the current fiscal year, it was more than 7%.
Food inflation in July was 6.75 percent, down from 7.75 percent in June, according to figures provided by the National Statistical Office (NSO).
Meanwhile, according to government statistics, India’s manufacturing production, as measured by the Index of Industrial Production (IIP), fell to 12.3% in June from 19.6% in May.
Since March 2020, when it contracted 18.7%, the coronavirus pandemic has dragged on industrial productivity.
In June 2022, the manufacturing sector’s production increased by 12.5%.
In June of this year, mining production jumped by 7.5%, while electricity generation increased by 16.4%.

Hindalco has entered into a commercial arrangement with Greenko Energies to set up a renewable energy project:

Aditya Birla Group’s Hindalco Industries Ltd has entered into a commercial arrangement with Greenko Energies Pvt Ltd to set up a renewable energy project for the supply of 100 MW round-the-clock carbon-free power to its smelter in Odisha.
The arrangement involves the development of 375-400 MW of solar and wind capacity.
The renewable energy project will be set up as a captive generation facility under a 25-year offtake arrangement and will supply power to Hindalco’s Aditya Aluminium smelter in Odisha, enabling a reduction of CO2 emissions by 680,000 tonnes annually.
Aluminum smelting requires reliable and continuous power.
According to Hindalco, the project will be one of the world’s first for the aluminum sector with very high (over 85%) reliability from solar and wind power without dependence on grid electricity.
Hindalco will also be the first aluminum company in India to use such RTC (round-the-clock) carbon-free power for smelting.

CURRENT AFFAIRS: AWARDS AND HONOUR

Senior Congress leader Shashi Tharoor to receive France’s highest civilian award:

Shashi Tharoor, a senior Congress politician, is slated to receive France’s highest civilian honor, the Chevalier de la Legion d’Honneur.
The French government has recognized him for his writings and talks, and the French Ambassador here, Emmanuel Lenain, has informed Tharoor of the honor.
Tharoor earned a similar honor from the Spanish government in 2010, when King Carlos III conferred the Encomienda de la Real Order Espanola de Carlos III on him.
Shashi Tharoor is the Chairman of the Parliamentary Standing Committee on External Affairs and a two-term Lok Sabha MP from Thiruvananthapuram.
He previously served in the UPA government as Minister of State for Human Resource Development and Minister of State for External Affairs.
Tharoor is also a former UN diplomat with a 23-year career with the organization.
He is also a well-known novelist, having written both fiction and nonfiction works.

Sangeetha Abhayan won the World Women Entrepreneurs’ Award:

Kerala’s Sangeetha Abhayan won the World Women Entrepreneurs’ Award instituted by the Junior Chamber International Hong Kong (JCIHK) for her handloom and handicrafts startup’s performance in tune with the United Nation’s sustainable development goals (SDGs).
JCIHK, which provides development opportunities for youngsters, chose Sangeetha, who is CEO of eveworld.com from upstate Kasaragod district, among more than 225 female entrepreneurs from across the world.
Based out of Nileshwar, 40 km south of Kasaragod city, eveworld.com won international recognition for creating social changes and financial stability among women entrepreneurs.
The online platform, whose name eWe is an abbreviation of Empowering Women Entrepreneurs, received the JCIHK award at a virtual event held in Hong Kong.

CURRENT AFFAIRS: MOUS AND AGREEMENT

NHIDCL and the National Skill Development Corporation have signed an MOU to facilitate collaboration in skill development initiatives:

The National Highways Infrastructure Development Corporation and the National Skill Development Corporation have signed an agreement to facilitate collaboration in skill development initiatives.
The Memorandum of Understanding (MoU) provides a formal basis for interaction between NHIDCL and NSDC and will play a significant role in realizing the aims and objectives of the Prime Minister’s skill development program.
The purpose of this MoU is to establish the basis of collaboration between NHIDCL and NSDC, and to take up multiple initiatives contributing toward making India the Skill Capital of the World.
The National Highways and Infrastructure Development Corporation Limited is a fully owned company of the Government of India, set up in 2014, and is responsible for the management of a network of National Highways.
National Skill Development Corporation is a not-for-profit public limited company incorporated on July 31, 2008, under section 25 of the Companies Act, 1956.
NSDC was set up by the Ministry of Finance as a Public Private Partnership model.

IIT Kanpur and BHEL signed an MoU to boost opportunities in the Indian Defence and Aerospace sectors:

The Indian Institute of Technology (IIT) Kanpur and Bharat Heavy Electricals Ltd (BHEL) entered into a memorandum of understanding (MoU) to jointly work on the emerging opportunities in the Indian Defence and Aerospace sectors.
Both parties agreed in principle to co-operate, pursue research & development, and collaborate in manufacturing and supplying components, sub-assemblies, and systems or equipment in mutually agreed areas of interest to address opportunities in the Indian Defence and Aerospace sectors.
A working group of members from both organizations will be formed to realize the major goals envisioned under the MoU.
The MoU is envisioned in the line of ‘Make in India’ and ‘Atmanirbhar Bharat’ initiatives.

CURRENT AFFAIRS: APPOINTMENTS & RESIGNATIONS

Mr. Rishabh Pant appointed as the brand ambassador of Uttarakhand

Uttarakhand Chief Minister Shri Pushkar Singh Dhami, appointed Star Indian wicketkeeper-batter Rishabh Pant as the brand ambassador of Uttarakhand in a program organized at Uttarakhand Sadan in New Delhi.
Special Principal Secretary Shri Abhinav Kumar was also present on the occasion.
The move will help encourage the youth of Uttarakhand toward sports and public health.

About Rishabh Pant :

Rishabh Pant was born in Roorkee, Uttarakhand, India.
He was the vice-captain of the India U-19 team for the 2016 Under-19 Cricket World Cup.
He became the first Asian wicketkeeper-batter to score centuries in ODIs.
He became the second-youngest cricketer to an Indian skipper in the T20s.
Overall, he emerged as the eighth-youngest to lead the Men in Blue across all three formats.
In ODIs, he has so far played 27 runs and scored 840 runs at a strike rate of 108.80.
In June 2022, Pant was named as the Indian captain for the T20I series against South Africa

About Uttarakhand :

Governor: Gurmit Singh
Chief minister: Pushkar Singh Dhami
Capital: Bhararisain, Dehradun

UN Appoints Mr. Rear Admiral Guillermo Pablo Ríos as new UNMOGIP Head Of Mission And Chief Military Observer

United Nations Secretary-General Mr. Antonio Guterres has appointed a veteran Argentinean naval officer Mr. Rear Admiral Guillermo Pablo Ríos as Head of Mission and Chief Military Observer for the United Nations Military Observer Group in India and Pakistan (UNMOGIP).
He succeeds Major General José Eladio Alcaín of Uruguay, who will shortly complete his assignment.

About Mr. Rear Admiral Guillermo Pablo Ríos :

He has served in two peacekeeping operations, including the United Nations Peacekeeping Force in Cyprus (UNFICYP) in 1993 and 1994 & the United Nations Truce Supervision Organisation (UNTSO) in
He held various positions, Marines Infantry Commander (Corps Commander) (2020-2021); Marines Infantry Fleet Commander (Brigade Commander) (2019); Education Department Chief, Navy Warfare School (2018); and Defence, Military, Naval, and Air Attaché in Russia (2016-2018).
Recently, he served as the General Director of Education, Training, and Doctrine of the Joint Staff (2022).

About UN :

Headquarters: New York City
Membership: 193 member states

About UNMOGIP :

Founded: January 1949
Headquarters: Islamabad, Pakistan
Purpose: To oversee the ceasefire between India & Pakistan in the state of Jammu & Kashmir.

Dabur India Chairman Mr. Amit Burman resigns; Mr. Mohit Burman is the new Chairman

FMCG firm Dabur India Limited has announced that the board has accepted the resignation of Mr. Amit Burman as the Chairman of the company.
Mohit Burman has been appointed as the Non-Executive Chairman for five years.
However, Mr. Amit Burman would continue to be the Non-Executive Director of the company.

Other Appointments :

Dabur India Limited Board has also approved the appointment of Saket Burman as the Non-Executive Vice-Chairman of the Board of Directors of the Company for 5 years.

About Mr. Amit Burman :

Amit Burman took charge as CEO of Dabur Foods in 1999 and stepped down from the post after the company was merged into Dabur India Ltd in 2007.
He served as the vice chairman before becoming chairman in 2019.
He took over as the chairman of Dabur India in 2019.

About Dabur India :

Founded: 1884
Headquarters: Ghaziabad, Uttar Pradesh, India
Dabur Ltd is an Indian multinational consumer goods company.
It manufactures Ayurvedic medicine and natural consumer products, & is one of the largest fast-moving consumer goods (FMCG) companies in India.

Govt reappoints four independent directors on RBI central board

The government has reappointed four independent directors on the board of the Reserve Bank of India (RBI) for another four years.

Name of 4 independent directors :

The central government has re-nominated Satish Kashinath Marathe and Swaminathan Gurumurthy as part-time, non-official directors on the Central Board of Reserve Bank of India for a further period of four years.
Besides, the Center also re-nominated Revathy Iyer and Sachin Chaturvedi as part-time, non-official directors on the Central Board of Reserve Bank of India for a further period of four years after completion of their present tenure on September 18, 2022.
Non-official directors are appointed for four years and are eligible for re-appointment.

Union Minister Ms. Smriti Irani gets additional charge of Minority Affairs and Shri Jyotiraditya Scindia of Steel Ministry

Civil Aviation Minister Shri Jyotiraditya Scindia has been given the additional charge of the Ministry of Steel.
Meanwhile, Women and Child Development Minister Ms. Smriti Irani has been assigned the charge of the Ministry of Minority Affairs, in addition to her existing portfolio.
The President of India, as advised by the Prime Minister, has accepted the resignations of Shri Mukhtar Abbas Naqvi and Shri Ram Chandra Prasad Singh from the Union Council of Ministers, with immediate effect, under clause (2) of Article 75 of the Constitution
With the resignation of Naqvi, who was also the Deputy Leader of Rajya Sabha, the BJP will have no Muslim MP among its 395 Members of Parliament.

PT Usha, Ilaiyaraaja, V Vijayendra Prasad, and Veerendra Heggade nominated to Rajya Sabha

Music maestro Ilaiyaraaja, sports icon P T Usha, acclaimed screenwriter V Vijayendra Prasad and philanthropist and spiritual leader Veerendra Heggade were nominated to the Rajya Sabha.
While Ilaiyaraaja hails from Tamil Nadu and Usha from Kerala, Prasad is from Telangana and Heggade from Karnataka.

Key Highlights :

The Rajya Sabha has 245 seats, of which 233 are elected by the legislatures of the states and union territories & 12 are nominated by the President on the recommendation of the Government.
They are nominated under Article 80(3) of the Constitution, according to which they should have special knowledge or practical experience in matters like literature, science, art, and social service.
As per the constitutional limit, the strength of the Upper House cannot exceed 250.
A nominated member, however, is allowed to join a political party within the first six months of taking a seat.

CURRENT AFFAIRS: DEFENCE NEWS

IAF to Participate in Military Drills ‘Udarashakti’ with Malaysia

The Indian Air Force (IAF) and the Royal Malaysian Air Force (RMAF) conduct a bilateral air exercise named ‘Udarashakti’, at the RMAF base of Kuantan in Malaysia.
The four-day exercise will witness the conduct of various aerial combat drills between the two Air Forces.
IAF is participating in the air exercise with Su-30 MKI and C-17 aircraft while the RMAF will be flying Su 30MKI aircraft.

About Ex Udarashakti :

Ex Udarashakti will fortify the long-standing bond of friendship and enhance the avenues of defense cooperation between the two Air Forces, thereby augmenting security in the region.
The exercise will allow IAF contingent members to share and learn best practices with some of the best professionals from RMAF, while also discussing mutual combat capabilities.
In 2021, RMAF issued a Request for Proposal (RfP) to five countries: Italy, Russia, China, South Korea, and India to procure fighter jets.

Note :

Udarashakti is the first bilateral exercise being conducted between Indian Air Force (IAF) and Royal Malaysian Air Force (RMAF).

About IAF :

Founded: 26 January 1950
Headquarters: New Delhi, Delhi, India
Chief of the Air Staff: Air Chief Marshal Vivek Ram Chaudhari
Vice Chief of the Air Staff: Air Marshal Sandeep Singh

About Ministry of Defence :

Defence Minister: Rajnath Singh
Minister of Defence: Ajay Bhatt
Defence Secretary: Dr. Ajay Kumar

CURRENT AFFAIRS: SCIENCE & TECHNOLOGY

Ministry of Heavy Industries launches Automated Online Data Transfer to monitor PLI scheme for the auto sector

The Ministry of Heavy Industries (MHI) launched automated online data transfer for capturing critical data related to domestic value addition in the Production Linked Incentive (PLI) scheme for the auto sector.
The new system will capture data from the PLI applicant’s ERP (Enterprise Resource Planning) system to the PLI auto portal.

About ERP :

All approved applicants for the PLI Scheme have their ERP system.
ERP is a type of software that organizations use to manage business activities.
The IT-enabled system has been devised to enable the smooth transfer of data from the applicant’s existing ERP system to the PLI Auto portal of MHI in a safe environment.
The Application Programming Interface (API) will be embedded with the ERP system of the applicant and will enable automaticity and paperless processing in this scheme.

Background :

In Sep 2021, Government approved the PLI Scheme for Automobile and Auto Component Industry in India (PLI-Auto) for enhancing India’s manufacturing capabilities for Advanced Automotive Products (AAT) with a budgetary outlay of ₹25,938 crores.
The Scheme has been successful in attracting a proposed investment of ₹67,690 crores against the target estimate of investment of ₹42,500 crores over five years.
The scheme shall bring in incremental production of AAT products of over ₹3 lakh crore.

About PLI-Auto Scheme :

The PLI-Auto Scheme proposes financial incentives to boost domestic manufacturing of Advanced Automotive Technology (AAT) products and attract investments in the automotive manufacturing value chain.
The scheme incentivizes only those eligible AAT products for which a minimum of 50% Domestic Value Addition (DVA) is achieved.
Pre-approved eligible products with minimum of 50% domestic value addition will be eligible for incentives under this scheme.
FY 2022-23 is the first financial year for which an approved applicant can claim incentive on the Determined sales.
Sales of AAT products with DVA of a minimum of 50%, with sales from April 01, 2022, onwards, for 5 years, shall be eligible for the incentive.

About MHI :

Union Minister : Mahendra Nath Pandey
Minister of State: Krishan Pal Gujjar

CURRENT AFFAIRS: ENVIRONMENT

ZSI released a report titled ‘Threatened animals of Kerala’:

Zoological Survey of India (ZSI) released a report titled ‘Threatened animals of Kerala’.
The report ‘Threatened animals of Kerala’ has been released as part to promote sustainable management and conservation of various animal species.
The Zoological Survey of India (ZSI) has released a book titled “Fauna of Thattekkad Bird Sanctuary”.
Thattekkad Bird Sanctuary is the first bird sanctuary in Kerala.
It is spread over an area of 25 km².
On this occasion, the Zoological Survey of India has also signed an MoU with the University of Calicut and the Dr. Gafoor Memorial MES Mampad College.
The MoU has been signed to promote zoological research through advanced pedagogical techniques and to exchange academic knowledge.

CURRENT AFFAIRS: SPORTS NEWS

Sunil Chhetri, Manisha Kalyan named men’s and women’s Footballer of the Year:

Sunil Chhetri and Manisha Kalyan have been selected for the All-India Football Federation (AIFF) Men’s and Women’s Footballers of the Year for 2021-22,
Manisha earned the Women’s Emerging Footballer of the Year title last season, while Sunil has won the accolade seven times, most recently in 2018-19.
Sunil Chhetri earned the AIFF Men’s Footballer of the Year award for the seventh time, having previously won it in 2007, 2011, 2013, 2014, 2017, and 2018-19.
No one has won it more often than the 38-year-old veteran.
Sunil Chhetri is presently third on the list of top goal scorers in international football among active players, trailing only Cristiano Ronaldo and Lionel Messi, and sixth all-time.
Manisha Kalyan, the AIFF Women’s Footballer of the Year for 2021-22, was also the Women’s Emerging Footballer of the Year the previous season.

1st Khelo India Women’s Hockey League under-16 will be held in New Delhi:

1st Khelo India Women’s Hockey League under-16 will be held at the Major Dhyanchand Stadium in New Delhi.
According to the Ministry of Youth Affairs and Sports, a total of 16 teams from across the country are participating.
A total of 56 matches will be played and over 300 players will compete in Phase 1 of the league.
The Sports Authority of India has allocated a total of 53.72 lakhs rupees for 3 phases of the competition, which includes Prize money of 15.5 lakh rupees.
Phase 1 and 2 of the Khelo India Women’s Hockey League U-16 will be in a round-robin format.
The final ranking of teams will be determined after the completion of the first 2 phases.
Phase 3 will consist of classification matches where each team will play a minimum of 3 matches.

CURRENT AFFAIRS: BOOKS AND AUTHOR

NK Singh authored a new book titled ” Recalibrate: Changing Paradigms”:

Recalibrate: Changing Paradigms, by K. Singh with select insights from P.K. Mishra, principal secretary to the prime minister – presents the progress and the unfinished tasks of proximate developmental goals that are essential in the life of India.
K. Singh is a prominent Indian economist, academician, and policymaker.
He chaired the Fifteenth Finance Commission and is currently the president of the Institute of Economic Growth (IEG).
He was conferred the Sasakawa Award 2019 for Disaster Risk Reduction by the United Nations Office for Disaster Risk Reduction (UNDRR).

Daily CA on August 14 and 15:

The Cabinet has approved the ratification of amendments to the Constitution of the Universal Postal Union (UPU) as contained in the Eleventh Additional Protocol to the Constitution.
Meghalaya is all set to host the upcoming 2nd edition of the North East Olympics from October the 30th to November the 6th in Shillong.
Income taxpayers will not be eligible for the Atal Pension Yojana (APY), a universal social security scheme, from 1 October.
The government is aiming at reducing import dependence on palm oil by 25 to 30% through the production of 2.8 million tonnes (MT) of oil by 2030 under the National Edible Oil Mission.
Retail inflation fell to 6.71 percent in July due to lower food costs, although it remained above the Reserve Bank’s comfort limit of 6% for the seventh consecutive month.
Aditya Birla Group’s Hindalco Industries Ltd has entered into a commercial arrangement with Greenko Energies Pvt Ltd to set up a renewable energy project for the supply of 100 MW round-the-clock carbon-free power to its smelter in Odisha.
Shashi Tharoor, a senior Congress politician, is slated to receive France’s highest civilian honor, the Chevalier de la Legion d’Honneur.
Kerala’s Sangeetha Abhayan won the World Women Entrepreneurs’ Award instituted by the Junior Chamber International Hong Kong (JCIHK) for her handloom and handicrafts startup’s performance in tune with the United Nation’s sustainable development goals (SDGs).
The National Highways Infrastructure Development Corporation and the National Skill Development Corporation have signed an agreement to facilitate collaboration in skill development initiatives.
The Indian Institute of Technology (IIT) Kanpur and Bharat Heavy Electricals Ltd (BHEL) entered into a memorandum of understanding (MoU) to jointly work on the emerging opportunities in the Indian Defence and Aerospace sectors.
Zoological Survey of India (ZSI) released a report titled ‘Threatened animals of Kerala’.
Sunil Chhetri and Manisha Kalyan have been selected for the All-India Football Federation (AIFF) Men’s and Women’s Footballers of the Year for 2021-22,
1st Khelo India Women’s Hockey League under-16 will be held at the Major Dhyanchand Stadium in New Delhi.
Recalibrate: Changing Paradigms, by K. Singh with select insights from P.K. Mishra, principal secretary to the prime minister – presents the progress and the unfinished tasks of proximate developmental goals that are essential in the life of India.
Flipkart, India’s homegrown e-commerce marketplace, has signed a Memorandum of Understanding (MoU) with the District Administration of Varanasi, Government of Uttar Pradesh, to enable national market access for artisans, weavers, and people with disabilities.
Haryana Chief Minister Shri Manohar Lal Khattar launched the “Chief Minister Equal Education Relief, Assistance, and Grant (Cheerag)” scheme.
The Odisha government has signed a Memorandum of Understanding (MoU) with the National Institute of Ocean Technology for the protection of its coasts.
The Reserve Bank of India (RBI) has canceled the license of Pune-based Rupee Co-operative Bank Ltd as the lender does not have adequate capital and earning prospects following an order from the Bombay High Court.
The Reserve Bank of India (RBI) issued a regulatory framework to make digital lending safe for members of the public.
Navi Mutual Fund has introduced the launch of its sixth fund for this year, the Navi Nifty India Manufacturing Index Fund.
Airtel Africa has signed up for a USD 125 million revolving facilities from American banking major Citi.
Uttarakhand Chief Minister Shri Pushkar Singh Dhami, appointed Star Indian wicketkeeper-batter Rishabh Pant as the brand ambassador of Uttarakhand in a program organized at Uttarakhand Sadan in New Delhi.
United Nations Secretary-General Mr. Antonio Guterres has appointed a veteran Argentinean naval officer Mr. Rear Admiral Guillermo Pablo Ríos as Head of Mission and Chief Military Observer for the United Nations Military Observer Group in India and Pakistan (UNMOGIP).
FMCG firm Dabur India Limited has announced that the board has accepted the resignation of Mr. Amit Burman as the Chairman of the company, Mr. Mohit Burman has been appointed as the Non-Executive Chairman for five years.
The government has reappointed four independent directors on the board of the Reserve Bank of India (RBI) for another four years.
Civil Aviation Minister Shri Jyotiraditya Scindia has been given the additional charge of the Ministry of Steel, Meanwhile, Women and Child Development Minister Ms. Smriti Irani has been assigned the charge of the Ministry of Minority Affairs, in addition to her existing portfolio.
Music maestro Ilaiyaraaja, sports icon P T Usha, acclaimed screenwriter V Vijayendra Prasad and philanthropist and spiritual leader Veerendra Heggade were nominated to the Rajya Sabha.
The Indian Air Force (IAF) and the Royal Malaysian Air Force (RMAF) conduct a bilateral air exercise named ‘Udarashakti’, at the RMAF base of Kuantan in Malaysia.
The Ministry of Heavy Industries (MHI) launched automated online data transfer for capturing critical data related to domestic value addition in the Production Linked Incentive (PLI) scheme for the auto sector.

This post was last modified on August 17, 2022 9:44 am

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