Current Affairs 8th April 2022, Daily GK Update
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Sarhul Festival celebrated in Jharkhand
- Sarhul is the festival of the New Year celebrated in the state of Jharkhand by the tribal communities as part of the local Sarna religion.
- It is celebrated in the Hindu month of Chaitra, three days after the appearance of the new moon. It is also a celebration of the beginning of spring. The word ”Sarhul” is connected with tree worship. It is a festival where nature is venerated. In the year 2022, it falls on 04 April, Monday.
- Sarhul is celebrated by many tribes in Jharkhand, but most notably the Munda, Ho, and Oraon tribes. While nature veneration is an important aspect of the festival, there are also many cultural programmes that are enjoyed along with it. Among these many cultural events is “Baa Porob”, the festival of flowers and the worship of the Sal Tree as well as a special Sarhul dance.
- Capital: Ranchi
- Chief Minister: Hemant Soren
- Governor: Ramesh Bais
Pradhan Mantri Mudra Yojana completed 7 years
- Pradhan Mantri Mudra Yojana (PMMY) has completed its seven years on 8th April 2022.
- The scheme was launched in 2015 by PM Modi for providing financial support of up to 10 Lakh rupees to non-corporate, non-farm small, or micro-enterprises.
- More than 34 crores 42 lakh loans for an amount of 18.60 lakh crore rupees have been sanctioned since the launch of the scheme. 68% of the total number of loans have been sanctioned to Women Entrepreneurs.
- Almost 22 percent of the loans have been given to New Entrepreneurs.
12th QS World University Rankings by Subject 2022: IIT Bombay & IIT Delhi among top 100
- Quacquarelli Symonds released the 12th edition of QS World University Rankings by Subject 2022.
- The QS World University Rankings by Subject are compiled annually to help prospective students identify the leading universities in a particular subject.
- Indian Institute of Technology (IIT)-Bombay ranked 65th and Indian Institute of Technology (IIT)- Delhi ranked 72nd, the only Indian institutes to be featured among the top 100 ranks under the Engineering and Technology category.
Top 3 QS World University Rankings 2022:
- Massachusetts Institute of Technology (MIT),
- The University of Oxford,
- Stanford University & the University of Cambridge.
The QS World University Rankings by Subject 2022 cover a total of 51 disciplines, grouped into five broad subject areas:
- Arts & Humanities
- Engineering and Technology
- Life Sciences & Medicine
- Natural Sciences
- Social Sciences & Management
Top institutes under each category:
|Category||Top Institute (Rank 1)|
|Arts and Humanities||University of Oxford (UK)|
|Engineering and Technology||Massachusetts Institute of Technology (USA)|
|Life Sciences & Medicine||Harvard University (USA)|
|Natural Sciences||Massachusetts Institute of Technology (MIT)(USA)|
|Social Sciences & Management||Harvard University (USA)|
World Bank & AIIB will provide Rs 7,500 crores loan for Gujarat’s Mission School of Excellence Project
- The World Bank and Asian Infrastructure Investment Bank (AIIB) will provide a loan of Rs 7,500 crore to the government of Gujarat for its ‘Mission School of Excellence project’.
- The ‘Mission Schools of Excellence’ will be implemented in the next five years at an estimated cost of Rs 10,000 crore.
- The project aims to improve the quality of education, make infrastructure better and build skills, which would help in generating more employment opportunities among youth across all districts in Gujarat.
- The Mission School of Excellence project was launched in 2021, under this, the government of Gujarat will spend Rs 10,000 crore in the next five years and cover all 35,133 government and 5,847 grant-in-aid schools in the state.
List of Loan approved by AIIB in 2020-21
- $500 million-COVID-19 Emergency Response and Health Systems Preparedness Project”
- $145 million-Improve irrigation services in West Bengal
- $500 Million: Improve the network capacity, service quality and safety of the suburban railway system in Mumbai.
- $67 million: For expansion of the Chennai Metro Rail System
- USD 150 Million: for the implementation of the Sustainable Urban Services Program (SUSP) for the Chennai Metropolitan Area.
- USD 150 million: to invest in the development of data centres that mostly serve emerging Asia through the Keppel Data Centre Fund II (KDCF II)
Banking and Financial
IFSCA signed MoU with GVFL Limited for strengthening the FinTech ecosystem in GIFT IFSC
- The International Financial Services Centres Authority (IFSCA) has signed an MoU with GVFL Limited for cooperation and collaboration to support and facilitate the FinTech ecosystem in GIFT IFSC.
- The MoU focuses on the exchange of information, undertaking diverse initiatives for the growth of FinTech in the GIFT IFSC.
- GVFL Limited is promoted by the World Bank and the Government of Gujarat in 1990. IFSCA was established on April 27, 2020, under the IFSCA Act, 2019.
Karnataka established ‘Nandini Ksheera Samridhi Cooperative Bank’ for milk producers
- Karnataka Chief Minister, Basavaraj Bommai established the ‘Nandini Ksheera Samridhi Cooperative Bank’, which will provide greater financial strength for the milk producers.
- Karnataka is the only state in the country to set up an exclusive bank for milk producers. Union Home Minister Amit Shah launched the logo of “Nandini Ksheera Samurdhi Sahakar Bank”.
- The Milk Producers cooperatives have a turnover of about Rs 20,000 crore in various banks every day. It will bring a second wave of White Revolution in the dairy sector.
- The state government has provided Rs 100 crore as its share capital and the Milk Federation and Cooperatives would contribute Rs 260 crore as their share of capital for the proposed cooperative bank which would stimulate huge economic activity in rural hinterland.
- Capital: Bengaluru
- Chief Minister: Basavaraj S Bommai
- Governor: Thawar Chand Gehlot
Reserve Bank of India Monetary Policy 2022 released; key rates unchanged
- The six-member Indian Monetary Policy Committee headed by RBI Governor Shaktikanta Das has released Monetary Policy 2022. The committee keeps the rate unchanged.
- MPC committee keeps Repo rate unchanged at 4 per cent & reverse repo rate unchanged at 3.35 percent as Russia’s invasion of Ukraine added to a rise in inflation. The MPC kept the repo rate unchanged for the 11th consecutive time.
- RBI also lowered the GDP Forecast for FY23 from 7.8% to 7.2%. RBI also extended the Rationalisation of risk weights for individual housing loans till March 31, 2023.
- RBI announced that now people can withdraw money from ATMs without a card in all banks across the nation. This has been done to give a push to Digital India. Net worth requirement for Bharat Bill Payments System Operating Unitslowered from Rs 100 crore to Rs 25 crore.
- Rationalisation of risk weights for individual housing loans to be extended till March 31, 2023. RBI sees the Current account deficit at sustainable levels and forex reserves at$606.5 billion. Inflation is now projected at 5.7% in 2022-23 with Q1 at 6.3%, Q2 at 5%, Q3 at 5.4% and Q4 at 5.1%. India’s 10-year bond yield rises to 7%, the highest since 2019.
|Reverse Repo Rate||3.35%|
|Marginal Standing Facility (MSF) Rate||4.25%|
|Cash reserve Ratio (CRR)||4.0%|
|Statutory Liquidity Ratio (SLR)||18.0%|
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
India’s trade deficit rose 88% to $192.41 billion in FY22
- According to the government data, India’s trade deficit rose 87.5% to USD 192.41 billion in 2021-22 as against USD 102.63 billion in the previous year.
- The total exports in the last fiscal year have increased to USD 417.81 billion and imports also increased to USD 610.22 billion which leaves a trade gap of USD 192.41 billion.
- As per the ministry of commerce and industry, “India’s merchandise imports in April 2021-March 2022 totalled $610.22 billion, up 71 percent from $394.44 billion in April 2020-March 2021 and 28.55 percent higher than $474.71 billion in April 2019-March 2020.”
- The trade deficit in March 2022 was USD 18.69 billion, compared to $192.41 billion for the entire fiscal year 2021-22. In March 2022, India’s monthly merchandise exports exceeded $40 billion, reaching $40.38 billion, up 14.53 percent from $35.26 billion the previous month.
India’s agriculture exports cross $50 billion mark for the first time in 2021-22
- Exports of Indian agricultural products have crossed a mark of $50 billion for the first time during the financial year 2021-22 (FY22) with an increase of 20 percent.
- The Directorate General of Commercial Intelligence and Statistics (DGCI&S), Ministry of Commerce & Industry, has released provisional figures stating that agricultural exports rose to USD 50.21 billion in 2021-22, which is 19.92%.
- The highest ever exports have been achieved for staples like rice (USD 9.65 billion), wheat (USD 2.19 billion), Sugar (USD (4.6 billion) and other cereals (USD 1.08 billion). The export of wheat is almost quadrupled from $568 million in 2020-21 to $2.12 billion in 2021-22.
- The growth in exports has been mostly achieved on account of an increase in shipments of rice, marine products, sugar, buffalo meat, raw cotton and wheat. India has captured nearly 50 per cent of the world market for rice.
Infosys and Rolls-Royce launched ‘Aerospace Engineering and Digital Innovation Centre’ in Bengaluru
- IT major Infosys and leading industrial tech company Rolls-Royce opened their joint “aerospace engineering and digital innovation centre’’ in Bengaluru.
- This centre has been established to provide high-end R&D services integrated with advanced digital capabilities to Rolls-Royce’s engineering and group business services from India.
- As part of this collaboration, Infosys and Rolls-Royce will combine their aerospace, engineering and digital services capabilities to explore opportunities for driving digital and engineering innovation and associated cost optimisation strategies.
- Founded: 2 July 1981, Pune
- Headquarters: Bengaluru
- CEO: Salil Parekh
Amazon signed agreement with three firms for Project Kuiper to launch its satellite internet constellation
- Amazon has signed agreements with three companies – Arianespace, Blue Origin, and United Launch Alliance (ULA), to deploy the majority of satellites for its Project Kuiper, which aims to provide high-speed, low-latency broadband to a wide range of customers across the globe.
- The company has finalized a total of 83 launches over a period of five years, which is one of the largest commercial procurements of launch vehicles in history.
- Project Kuiper plans to launch two prototype missions later this year (2022) on ULA’s ABL Space Systems’ RS1 (Revolutionary Simplicity) rocket.
- The two prototype satellites – KuiperSat-1 and KupierSat-2, will include much of the technology and subsystems that power the production version of the company’s satellite design.
- Establishment: 1994 (initially started as an online marketplace for books)
- Headquarters: Washington, United States
- President & CEO:Andy Jassy
India will host the Asian Junior U-20 Men & Women and Cadet U-17 Boys & Girls Fencing Championships in 2023
- The Fencing Association of India has won the bid to host the Asian Junior U-20 Men & Women and Cadet U-17 Boys & Girls Fencing Championships in 2023.
- The championship will be held in Ahmedabad, Gujarat. The bid was submitted by the Secretary-General, Rajiv Mehta.
- The championships, which will witness the participation of approximately 1200 fencers from 20 to 25 countries, will take place in March or April 2023.
Book and Author
Harish Mehta authored a book titled ‘The Maverick Effect’
- “The Maverick Effect”, tells the untold story of how in the 1970s and 80s a ‘band of dreamers’ joined hands to create NASSCOM and pave the way for the IT revolution in India.
- The book, touted to be an authoritative biography of the National Association of Software and Service Companies (NASSCOM), the apex body of software and IT service companies, is written by Harish Mehta.
- Harish Mehta is the founder and executive chairperson of Onward Technologies Ltd. He is the founding member and the first elected chairman of NASSCOM, a not-for-profit representing India’s burgeoning IT industry and considered among the world’s most exemplary associations.
1-7 April: Prevention of Blindness Week
- Prevention of Blindness Week is annually observed across India from 1st to 7th April to create awareness about blindness.
- The week is annually organised by National Society for the Prevention of Blindness, India. (NSPB-I), with the aim to raise awareness of the importance of eyes to visually impaired people across India.
- The NSPB-I was formed on the basis of the resolution of the National Association for the Blind in 1959. The Society was registered on 24th August 1960 under the Societies Registration Act, 1860.
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