Current Affairs 16th March 2022, Daily GK Update
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India’s first ‘World Peace Center’ to be established in Gurugram, Haryana
- Ahimsa Vishwa Bharti (AVB) organization will establish India’s first World Peace Center in Gurugram, Haryana. The Center will work for the establishment of peace and harmony in the world.
- The land for the construction of the World Peace Center (WPC) was allocated by the Haryana Government to the organization. The Construction work of about 25000 square feet will be completed in two years.
- The Organization will conduct programs of Peace Education, prepared with the coordination of ancient knowledge and modern science for students, teachers, youth, women, doctors, engineers, lawyers, etc.
- Capital: Chandigarh
- Governor: Bandaru Dattatreya
- Chief Minister: Manohar Lal Khattar
Mumbai became first South Asian City to set target of Net-Zero Carbon Emissions by 2050
- Mumbai, Maharashtra announced its detailed framework to ‘zero out carbon emissions by 2050’ and became the first city in South Asia to set such a target.
- Mumbai’s target is 20 years ahead of India’s target to reach net zero emissions by 2070. Targets also include a 30% reduction in greenhouse gas (GHG) emissions by 2030 and 44% reduction by 2040.
- Mumbai set several short-term goals for decarbonisation measures such as electrifying public transport, it plans to adopt 2,100 electric buses by 2023 at a cost of 130 billion rupees (USD $1.7 billion).
- Brihanmumbai Municipal Corporation (BMC) has devised the Mumbai Climate Action Plan (MCAP) as a part of its commitment towards building a climate-resilient city.
Kerala topped in maternal and child health in India; recorded lowest MMR of 30
- Kerala has yet again emerged on top when it comes to maternal and child health, with the State recording the lowest Maternal Mortality Ratio (MMR) of 30 (per one lakh live births) in the country.
- According to the latest data, India’s maternal mortality ratio (MMR) has improved to 103 for the period 2017-19. Maternal Mortality Ratio (MMR) is defined as the number of maternal deaths per 100000 live births.
- The Maternal Mortality Ratio (MMR) of Kerala has dropped from 42 to 30. Kerala has achieved the UN Sustainable Development Goals of MMR in the year 2020 itself.
- Kerala, Telangana, and Maharashtra are included in the top 3 states with the lowest MMR in India. Italy, Norway, Poland, and Belarus have the lowest MMR in the world.
- The Maternal Mortality Ratio (MMR) has worsened in West Bengal, Haryana, Uttarakhand, and Chhattisgarh. The maternal mortality ratio (MMR) has drastically improved in UP, Rajasthan, and Bihar.
- Capital: Thiruvananthapuram
- Governor: Arif Mohammad Khan
- Chief minister: Pinarayi Vijayan
“Credit Guarantee Scheme for Subordinate Debt” for MSMEs extended till March 2023
- Ministry of Micro, Small & Medium Enterprises (MSME) has extended ‘Credit Guarantee Scheme for Subordinate Debt (CGSSD)’ worth Rs 20,000 crores for stressed MSMEs for 1 year till March 31, 2023, on the basis of the requests received from the stakeholders.
- Initially the scheme was up to March 31, 2021. The government later extended this scheme up to March 31, 2022.
- The ‘Distressed Assets Fund- Subordinate Debt for Stressed MSMEs’ was created on May 13, 2020 under the Aatma Nirbhar Bharat’ economic package.
- The CGSS was approved by the Government on June 1, 2020 and the scheme was launched on June 24, 2020 to provide credit facility through lending institutions to the promoters of stressed MSMEs viz. SMA (Special Mention Account)-2 and Non-Performing Assets (NPAs) accounts, who are eligible for restructuring.
India entered into World’s Top 5 Club in terms of market capitalisation for the 1st Time; ranked 5th
- As per Bloomberg’s recent data on Market capitalization, for the 1st time, India’s equities market has entered the world’s top 5 in terms of market capitalization.
- India is ranked 5th with an overall market capitalization of USD 3.21 trillion. The total world market cap stands at USD 109.22 trillion.
- The US topped the ranking with an overall market cap of USD 47.32 trillion, followed by China (USD 11.52 trillion), Japan (USD 6 trillion) and Hong Kong (USD 5.55 trillion).
- India’s market cap has surpassed the United Kingdom (UK) ranked 6th with M-Cap of USD 3.19 trillion, Saudi Arabia ranked 7th with M-Cap of USD 3.18 trillion, Canada ranked 8th with M-Cap of USD 3.18 trillion, France ranked 9th with M-Cap of USD 2.89 trillion and Germany ranked 10th with M-Cap of USD 2.29 trillion.
List of India’s Rank in Different Index 2021-22
- EIU’s Democracy Index 2021: 46th; Norway topped
- Deloitte 2022 CxO Sustainability Report: Indian businesses ranked 5th in their concern for climate change.
- 10th International Intellectual Property Index (IIP Index 2022): India ranked 43rd; US topped
- Knight Frank’s 16th The Wealth Report 2022: India ranked 3rd in billionaire population globally; US topped
- V-Dem’s Democracy Report 2022: 93rd; Sweden topped
- London & Partners & Dealroom.co Global Investment in Digital Shopping in 2021 report: 2nd, US topped
Adani Group signed a deal for two power projects in Sri Lanka
- Adani Group of India signed an MoU with Sri Lanka for two large power projects in the Northern Province. Project aims to generate a combined capacity of 500 MW, at a cost of $ 500 million.
- The renewable power projects will be executed in two locations of Sri Lanka- Mannar, north-western coast, and Pooneryn, south of Jaffna Peninsula.
- NTPC (Formerly National Thermal Power Corporation) of India and the Ceylon Electricity Board (CEB) of Sri Lanka also agreed to set up a 100 MW solar power project in Sampur, Sri Lanka. In 2021, the group bagged a strategic port terminal project in Colombo, Sri Lanka.
About Adani Group:
- Founded: 1988
- Headquarters: Ahmedabad, Gujarat
- Chairman: Gautam Adani
- Managing Director: Rajesh Adani
India approved US$ 1 billion line of credit for Sri Lanka to help pay for crucial imports
- Government of India has approved US $ 1 billion line of credit (LoC) for Sri Lanka to help the Island nation for importing food, essential items and medicine. Sri Lanka is currently facing a severe economic crisis.
- LoC is being extended by India in line with its efforts to assist its neighbouring country in fight against the COVID-19 pandemic, and to mitigate its adverse impact and its developmental priorities.
- The island’s foreign reserves have dropped 70% in the last two years to $2.31 billion in February, stalling critical imports including of fuel. Finance Minister Basil Rajapaksa, who first announced the Indian credit line in February, signed an agreement for it on 16 March to pay for essentials including medicine, wheat flour, sugar and rice.
About Sri Lanka:
- Capital: Jayawardenepura Kotte
- Currency:Sri Lankan Rupee
- Prime Minister: Mahinda Rajapaksa
- President: Gotabaya Rajapaksa
Banking and Financial
Ujjivan Small Finance Bank launched Industry’s first Digital based Onboarding facility
- Ujjivan Small Finance Bank launched Industry’s first digital onboarding facility for its micro banking customers through its ‘Ujjivan SFB Assisted’ app.
- The Ujjivan SFB Assisted app provides the facility to update mobile numbers for individual banking transactions through paperless and secured manner. It is an OTP and biometric authentication-based process.
- Customers can update their mobile number once every six months through the platform and at any point in time by visiting any branch of the small finance bank.
About Ujjivan Small Finance Bank:
- Founded: 2017
- Headquarters: Bengaluru
- MD & CEO: Ittira Davis
- Tagline: Build a Better Life
Bank of Baroda & BNP Paribas joined hands to form Mutual Fund JV; Suresh Soni appointed CEO
- Baroda Asset Management India, a wholly-owned subsidiary of Bank of Baroda (BoB) and BNP Paribas Asset Management India, a subsidiary of BNP Paribas Asset Management Asia (BNPP AM), have entered into a strategic partnership by merging their mutual fund businesses to form a joint venture called “Baroda BNP Paribas Mutual Fund”.
- This merger involves no cash consideration and post-merger BoB will hold 50.1% stake in the merged Asset Management Company(AMC) and the rest will be held by BNPP AM.
- Suresh Soni has been appointed as the CEO of Baroda BNP Paribas Mutual Fund. The joint venture AMC will also provide offshore advisory services and has combined Assets Under Management (AUM) and advisory of Rs. 22,522 crores.
About BNP Paribas Asset Management (BNPP AM):
- Founded: 2007
- Headquarters:Paris, France.
- CEO: Sandro Pierri
Razorpay acquired 5th payments tech startup IZealiant Technologies
- Razorpay, a fintech unicorn, announced the purchase of IZealiant Technologies, a renowned Fintech business that provides banks with payments technology solutions, for an undisclosed sum.
- IZealiant is a Pune-based startup that offers banks and financial institutions mobile-first, API-enabled, and cloud-ready payment processing tools.
- Razorpay’s Banking Solutions Arm will be strengthened by the purchase of IZealiant, which will develop revolutionary payment banking solutions for partner banks, allowing businesses and their end-customers to enjoy a faster, more seamless, and secure payment experience.
- Razorpay’s Banking team has worked on a number of important projects in India, including Razorpay TokenHQ, India’s first multi-network RBI compliant card tokenization solution, and MandateHQ, an API-based, plug-and-play recurring payments interface for banks.
- CEO: Harshil Mathur
Appointment and Resignation
Bhagwant Mann sworn in as the 17th Chief Minister of Punjab
- Aam Aadmi Party leader, Bhagwant Mann sworn in as the 17th Chief Minister of Punjab. He succeeded Charanjit Singh Channi. He will be the youngest Chief Minister of the Punjab state since the 1970s.
- His oath-taking ceremony was held in Khatkar Kalan village in Nawanshahr district, which is the ancestral village of iconic freedom fighter Bhagat Singh.
- Capital: Chandigarh
- Governor: Banwarilal Purohit
- Chief Minister: Bhagwant Mann
Axis Bank won ‘Asian Bank of the Year’ and ‘India Bond House’ award at IFR Asia Awards 2021
- Axis Bank, India’s third-largest private sector bank, was adjudged as the Asian Bank of The Year 2021 and India Bond House at the IFR Asia Awards 2021.
- The awards are organized by IFR Asia, a Hong Kong-based provider of capital markets intelligence.
Axis bank has been honored with the Asian Bank of The Year 2021 for its breadth of coverage and depth of expertise in the Asian investment banking space.
- Morgan Stanley has been honored with the Bank of the year award at the IFR Asia Award 2021 and the JSW Group has been awarded with the Issuer of the year award.
About Axis Bank:
- Founded: 3 December 1993
- Headquarters: Mumbai
- MD & CEO: Amitabh Chaudhary
- Chairperson: Shri Rakesh Makhija
- Tagline: Badhti Ka Naam Zindagi
India’s ‘Writing with Fire’ nominated for Best Documentary feature category at Oscars 2022
- A documentary about the Dalit-led, all-woman newspaper Khabar Lahariya, “Writing With Fire” became the first Indian documentary to be nominated at the Oscars.
- ‘Writing With Fire’ had won Audience and Jury Awards at the Sundance Film Festival last year. It is produced by Ticket Films and directed by filmmakers Rintu Thomas and Sushmit Ghosh. ‘Khabar Lahariya’ is a newspaper founded in May 2002 in Chitrakoot, Uttar Pradesh.
- Other nominees in the category are: “Ascension”, “Attica”, “Flee”, and “Summer of Soul (Or, When the Revolution Could Not Be Televised)”.
ISRO successfully tested solid fuel-based booster stage of SSLV
- Indian Space Research Organization (ISRO) has successfully completed the ground test of the solid fuel-based booster stage (SS1) of its new Small Satellite Launch Vehicle (SSLV) at Satish Dhawan Space Centre (SDSC), Sriharikota at Sriharikota, Andhra Pradesh.
- It completes the ground testing of all three stages of the launch vehicle. Vehicle is now ready for its first development flight, which is scheduled for May 2022. Other stages of SSLV like SS2 & SS3 have successfully undergone necessary ground tests and are ready for integration.
- At present, the launch of small satellites has been dependent on ‘piggy-bank’ rides with big satellite launches on the PSLV (Polar Satellite Launch Vehicle) of ISRO, which has completed around 50 successful launches.
- Founded: 15 August 1969
- Headquarters: Bengaluru
- Chairman: S Somanath
India will host FIDE Chess Olympiad 2022 in Chennai
- India has won the bid to host FIDE Chess Olympiad 2022 in Chennai. It was originally scheduled to be hosted in Russia.
- FIDE has recently announced that it pulled out from Russia following the Ukraine invasion. After the announcement, Tamil Nadu government and All-India Chess Federation made a joint bid to host the tournament.
- It is the first time that India is hosting FIDE Chess Olympiad since its inception in It will be held from 26th July to 8th August 2022.
About International Chess Federation (FIDE):
- Founded: 1924 in Paris, France
- Headquarters: Lausanne, Switzerland
- President: Arkady Dvorkovich (Russia)
- Motto: “Gens una Sumus” (“We are one Family”)
Book and Author
Sahitya Akademi published a book-length poem ‘Monsoon’ by Indian poet-diplomat Abhay K
- Sahitya Akademi, India’s National Academy of Letters has published a book-length poem ‘Monsoon’ by Indian poet-diplomat Abhay K on the occasion of its 68th anniversary.
- Monsoon is a poem of 150 stanzas of 4 lines each that commence its journey in Madagascar and follows the path of the monsoon invoking the rich flora and fauna, languages, cuisine, music, monuments, landscapes, traditions, myths and legends of the places through which monsoon travels and acts as a messenger to carry the poet’s message from Madagascar to his beloved in Srinagar in the Himalayas.
- Sahitya Akademi was established on 12th March in 1954. Its logo was designed by Satyajit Ray himself and Pt. Jawaharlal Nehru was its first President. The first book published by the Academy was Bhagwan Buddha by D.D. Koshambi in 1956. It was a translation from Marathi into Hindi.
16 March: National Vaccination Day or National Immunisation Day
- National Vaccination Day also known as National Immunisation Day, is observed each year in India on March 16 to convey the importance of vaccination and its role in public health.
- On March 16, 1995, the first oral polio vaccine dose was started in the country. The day was first observed in the year 1995, the year on which India started Pulse Polio Programme.
- In 2022, the National Immunization Day is important since the Government of India has started the COVID-19 vaccination for children between 15 to 18 years of age and booster dose for senior citizens.
- Theme 2022: “Vaccines Work for all”.
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