Current Affairs 10th March 2022, Daily GK Update
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India’s largest reclining statue of Lord Buddha being built at Bodh Gaya, Bihar
- India`s largest reclining statue of Lord Buddha is being built in Bodh Gaya, The construction of the giant statue started in the year 2019. It will be open for devotees from February 2023.
- It is being built by Buddha International Welfare Mission. The statue (Lord Buddha is in the sleeping posture) will be 100 feet long and 30 feet high. It is being made with fibre glass and built by sculptors from Kolkata.
- The idol of this posture of Lord Buddha is in Uttar Pradesh`s Kushinagar where he attained his Mahaparinirvana.
- Capital: Patna
- Governor: Phagu Chauhan
- Chief Minister: Nitish Kumar
Karnataka government launched ‘Women@Work’ programme to provide 5 lakh jobs to women
- The Government of Karnataka has launched ‘Women@Work’ program to provide five lakh jobs within 2026 to women with necessary employable skills.
- The program aims to focus on the efforts of corporate programs on attracting women workforce.
- It has been developed by Karnataka Digital Economy Mission (KDEM) in association with KTECH, Karnataka Skill Development Corporation.
- It will act as an enabler for women to actively participate and join the workforce through industry upskilling.
Recent Karnataka Schemes:
- Grama One Program
- Janasevaka Scheme
- Janaspandana platform
Haryana’s CM presented Rs 1.77 Lakh crores Budget for the FY 2022-23; announced ‘Sushma Swaraj Award’ for women
- Haryana Chief Minister Manohar Lal Khattar, while presenting the state budget, has announced a ‘Sushma Swaraj Award’ for women for their significant achievements or contribution in different walks of life in the international and national spheres.
- The Sushma Swaraj Award will carry an award money of Rs 5 lakh along with a commendation. The Haryana government presented a Rs 1.77-lakh-crore Budget for the financial year 2022-23.
- The Budget comprises Rs 61,057.36 crore as capital expenditure and Rs 1,16,198.36 crore as revenue expenditure.
- Sushma Swaraj was a lawyer of the Supreme Court as well as an Indian politician. She was a senior member of the Bharatiya Janata Party, served as India’s Minister of External Affairs during the first Narendra Modi government (2014–2019). After Indira Gandhi, she was the second woman to occupy this position.
- Also, a new award will be started in the name of late Darshan Lal Jain, environmentalist of Haryana. The ‘Darshan Lal Jain Environment Award’.
- Capital: Chandigarh
- Governor: Bandaru Dattatreya
- Chief Minister: Manohar Lal Khattar
IMF approved $1.4 billion emergency support for Ukraine
- The International Monetary Fund (IMF) has approved $1.4 billion in emergency support for Ukraine to finance expenditures and shore up the balance of payments.
- Ukraine has turned to financing from allies and international institutions to support its economy after the Russian invasion began on February 24.
- The disbursement under the IMF’s Rapid Financing Instrument (RFI), equivalent to 50% of Ukraine’s quota in the IMF, will help fund urgent spending needs in the short term, while helping to catalyze financing from other partners.
- Capital: Kyiv
- Currency: Ukrainian hryvnia
- President: Volodymyr Zelenskyy
- Prime minister: Denys Shmyhal
India, Bangladesh, and Nepal signed an MoU to boost trade and connectivity
- India, Bangladesh, and Nepal finalized an enabling MoU for implementing the long-gestating Bangladesh-Bhutan-India-Nepal (BBIN) Motor Vehicles Agreement (MVA).
- It is aimed at boosting regional trade and connectivity. The enabling MoU to be signed by India, Bangladesh, and Nepal to implement the BBIN MVA was finalised at a meeting held in New Delhi during March 7-8. Bhutan participated in the meeting as an observer.
- The BBIN connectivity project was conceived after the South Asian Association for Regional Cooperation (SAARC) failed to agree on a regional motor vehicles agreement at a summit in Nepal in 2014, mainly because of opposition from Pakistan.
- Capital: Dhaka
- Currency: Bangladeshi taka
- President: Abdul Hamid
- Prime minister: Sheikh Hasina
India & Singapore signed MoU on cooperation in Science, Technology and Innovation
- Department of Science & Technology, Government of India and Ministry of Trade & Industry, Government of Singapore Signed an MoU on cooperation in the fields of Science, Technology, and Innovation.
- The MoU was signed during the inaugural event of India – Singapore Technology Summit 2022. This Memorandum will remain in effect for a period of 5 years and will be automatically extended for a successive period of 5 years.
- This MoU will also encourage, develop and facilitate cooperation between India and Singapore in other fields like Agriculture, Food Science & Technology, Advanced Manufacturing & Engineering, Green Economy, Energy, Water, Climate & Natural Resources, Data Science, Emerging Technologies, Advanced Materials, And Health & Biotechnology.
- Currency: Singapore dollar
- President: Halimah Yacob
- Prime minister: Lee Hsien Loong
Banking and Financial
CRISIL projected GDP growth forecast at 7.8% for 2022-23
- Domestic rating agency CRISIL retained its real GDP growth forecast at 7.8% for the fiscal year 2023, as compared with the 8.5% projected in the Economic Survey.
- FM Nirmala Sitharaman’s Budget proposals focused on loosening the purse strings by boosting capital expenditure and going slow on fiscal consolidation are aimed in the right direction.
- The agency expects the nominal growth to come at 12-13%, higher than the 11.1% Budget Estimate, and the headline inflation to average 5.2%.
Note: India GDP projected for FY22 (2021-2022)
- Care Rating– 8.8 to 9%
- Barclays: 7.7%
- Brickwork Ratings: 8.3%
- Economic Advisory Council to PM: 0-7.5% in FY23, 5% in FY22
- Goldman Sachs: 9.1% in FY22
- National Statistical Office (NSO): 9.2% in the FY 2021-22, 6.6% in 2020-21
- Economic Survey 2021-22: 8-8.5% for FY23
Karnataka Bank signed an MoU with SELCO Solar Light
- Karnataka Bank has signed an MoU with SELCO Solar Light Pvt Ltd to provide energy access to the underserved population.
- Under this initiative, Karnataka Bank provides financial support to purchase the solar energy products of SELCO Solar Light Pvt Ltd. Customers can avail of loans from the Bank with a competitive interest rate.
About Karnataka Bank:
- Founded: 18 February 1924
- Headquarters: Mangaluru, Karnataka
- MD & CEO: Mahabaleshwara M. S
RBI issued guidelines for Extended Interest Equalisation Scheme for Export Credit
- Reserve Bank of India (RBI) issued modified norms on ‘Interest Equalisation Scheme (IES) on Pre and Post Shipment Rupee Export Credit-Extension’ after the extension of the scheme till March 31, 2024 by the Central Government w.e.f. October 1, 2021.
- The extended scheme will not be applicable to the ones availing benefit under any Production Linked Incentive (PLI) scheme of the Central Government.
- The telecom instrument sector having six HS (Harmonised System) lines will not be included, except for MSME (Ministry of Micro, Small & Medium Enterprises) manufacturer exporters.
- Revised interest equalisation rates under the scheme will now be 3% for MSME manufacturer exporters exporting under any HS lines and 2% for manufacturer exporters and merchant exporters exporting under 410 HS lines (after excluding 6 HS lines of the telecom sector).
- The bank will be required to provide the prevailing interest rate, the interest subvention being provided, and the net rate being charged to each exporter when issuing approval to the exporter, according to the RBI, in order to ensure transparency and greater accountability in the scheme’s operation.
- It further stated that beginning April 1, 2022, banks will cut the interest rate charged to eligible exporters upfront in accordance with the standards, and that claims must be submitted in writing within 15 days after the end of the fiscal year.
About Reserve Bank of India (RBI):
- Founded: April 1, 1935
- Headquarters: Mumbai, Maharashtra
- Governor: Shaktikanta Das
- Deputy Governors: Mahesh Kumar Jain, Michael Debabrata Patra, M Rajeshwar Rao, T Rabi Sankar
SEBI raised UPI Limit for Public Debt Investment up to Rs 5 Lakhs
- The Securities and Exchange Board of India (SEBI) has raised the investment limit for retail investors applying in public debt securities issuance via the Unified Payments Interface (UPI) mechanism to Rs 5 lakh from Rs 2 lakh previously.
- The move comes after the National Payments Corporation of India (NPCI) decided to increase the per transaction limit for UPI-based Applications Supported by Blocked Amount (ASBA) initial public offering.
- It has been decided to enhance the ceiling for investment through UPI mechanism to 5 lakhs based on consultations with market participants, in order to bring about uniformity in the requirements and for ease of investment for investors.
- From May 1, 2022, the new investment limit will apply to public debt securities offerings. The investor can use the method to block money for up to Rs 5 lakh in application value per application.
About The Securities and Exchange Board of India (SEBI):
- Founded: 12th April 1992
- Headquarters: Mumbai, Maharashtra
- Chairman: Madhabi Puri Buch
Star Health and Allied Insurance launched women-centric medical insurance policy ‘Star Women Care Insurance Policy’
- Star Health and Allied Insurance Company Limited, a health insurance company launched ‘Star Women Care Insurance Policy’, a woman-centric comprehensive health cover specially designed to protect the healthcare needs of women at every stage of their lives.
- Policy can be purchased through premiums that can be paid in quarterly or half-yearly installments, and this policy can also be taken for 1 year, 2 year or 3-year terms.
- The Star Women Care Insurance Policy is available as both an individual policy and a floater policy. Individual Sum– Insured only for females aged between 18 years and 75 years. Floater Sum Insured – Adult 18 years to 75 years with at least one female in the family along with the spouse and dependent children.
About Star Health and Allied Insurance Company Limited:
- Headquarters: Chennai, Tamil Nadu
- Wholetime Director & CEO: Jagannathan
Appointment and Resignation
Yoon Suk-yeol elected as South Korea’s new President
- In South Korea, opposition candidate Yoon Suk Yeol of People Power Party has been elected as the country’s new President. He defeated his ruling liberal party opponent Lee Jae-myung.
- With more than 99 percent of the ballots counted, Yoon won 48.6 percent of the votes, narrowly edging his rival Lee Jae-myung of Democratic Party, who garnered 47.8 percent.
About South Korea:
- Capital: Seoul
- Currency: South Korean won
Rizwana Hasan to get US International Women of Courage Award 2022
- Bangladeshi environmental lawyer, Rizwana Hasan has been selected for the International Women of Courage (IWOC) Award for 2022.
- She is among the 12 women from around the world who will be honoured by the US Department of State with the award for showing exceptional courage and leadership to make a difference in their communities.
- Rizwana Hasan is a lawyer who has demonstrated exceptional courage and leadership in her mission to protect the environment and defend the dignity and rights of the marginalised Bangladeshis. She is the Chief Executive of the Bangladesh Environmental Lawyers Association. She received the Ramon Magsaysay Award in 2012 for her activism.
- The International Women of Courage (IWOC) award was established in 2007 by the US Department of State to honor women of exceptional courage, strength, and leadership who work to bring change to their communities.
Indian GM S L Narayanan won Grandiscacchi Cattolica International Open Chess Tournament
- In Chess, Indian Grandmaster, S L Narayanan was declared the winner in the Grandiscacchi Cattolica International Open, held in Italy.
- Meanwhile, his compatriot R Praggnanandhaacame second. Though Narayanan and six others, including Praggnanandhaa, finished equal first with 6.5 points after nine rounds. But Narayanan took the top spot on the basis of a better tie-break score.
- The 24-year-old S L Narayanan from Thiruvananthapuram earned the title of Grandmaster in 2015 and is the 41st Grandmaster from India.
Book and Author
Ratnakar Shetty released his autobiography titled “On Board: Test. Trial. Triumph. My years in BCCI “
- Ratnakar Shetty, a Board of Control for Cricket in India (BCCI) veteran and one of India’s long served cricket administrators has released a book titled “On Board: Test. Trial. Triumph. My years in BCCI “.
- The book is an autobiography, narrating his experience as an administrator in Board of Control for Cricket in India.
- The book was released by Sharad Pawar, former President of BCCI and International Cricket Council (ICC) alongside former Indian Cricket Team Captain Dilip Vengsarkar.
10 March 2022: World Kidney Day
- World Kidney Day is celebrated annually on the second Thursday of March. This year, it is being observed on 10 March. World Kidney Day is a global health awareness campaign that focuses on the importance of kidneys, reducing the impact and frequency of kidney diseases.
- The day aims to raise awareness among people who have kidney-related problems and the treatment and impact of kidney illnesses overall.
- The observance of this day was started by the International Society of Nephrology and the International Federation of Kidney Foundations. World Kidney Day was first celebrated in 2006.
- Theme 2022: ‘Kidney Health for All’
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