Current Affairs Quiz 5th August 2022 : Daily GK Update

Exp. Centre launched State University Research Excellence scheme

The government has launched State University Research Excellence scheme.

It has been launched to augment the research capabilities in a structured way to create a robust research and development ecosystem in state and private universities and colleges.

It will provide much-needed research opportunities to the faculties of state universities, 45 percent of which are located in rural areas.

He also emphasized the need to train the faculty of the universities on how to write and submit proposals, procurements, and management of projects.

Exp. LIC enters Fortune 500 list, Reliance jumps 51 places

Life Insurance Corporation (LIC) has broken into the latest Fortune Global 500 list, while Reliance Industries has jumped 51 places.

The nation’s biggest life insurer with revenue of USD 97.26 billion and a profit of USD 553.8 million, was ranked 98th on the just released Fortune 500 list. This is the first outing of LIC on the list, which ranks listed companies by sales.

Reliance Industries jumped 51 places to 104th on the 2022 list.

Reliance, with revenue of USD 93.98 billion and a net profit of USD 8.15 billion in the latest year, has been on the list for 19 years.

The list, topped by US retailer Walmart, has nine Indian companies – five of them state-owned, and four from the private sector.

Indian Oil Corporation rose 28 places to 142nd rank while Oil and Natural Gas Corporation climbed 16 places to 190th.

The list had two Tata group firms – Tata Motors at 370th and Tata Steel at 435th spot. Rajesh Exports at 437th rank was the other private Indian company on the list.

State Bank of India climbed 17 places to rank 236th and Bharat Petroleum Corporation Ltd 19 places to 295th.

Walmart landed at No. 1 for the ninth straight year, trailed by Amazon, which reached its highest ranking ever. Chinese energy giants State Grid, China National Petroleum, and Sinopec rounded out the top five.

Fortune Global 500 list ranks companies by total revenues for their respective fiscal years ended on or before March 31, 2022.

Exp. Parliament passed National Anti-Doping Bill 2021

Parliament has passed the National Anti-Doping Bill 2021.

The Bill prohibits athletes, athlete support personnel, and other persons from engaging in doping.

Under the new legislation, violation of anti-doping rules may result in disqualification of results including forfeiture of medals, points, and prizes, ineligibility to participate in a competition or event for a prescribed period, etc.

In her maiden speech, nominated Rajya Sabha member PT Usha said a high number of doping cases in India is a serious concern and this needs to be addressed.

Exp. World’s largest floating solar power plant to be built in Madhya Pradesh

The world’s largest floating Solar Power Plant will be constructed in Khandwa Madhya Pradesh.

It is aimed at boosting power generation capacity in the state and addressing electricity problems in the central region.

It will generate 600-Megawatt power by 2022-23.

This project is estimated to be worth Rs. 3000 crores.

Khandwa district will become the only district in the state to house thermal power station, hydel power plant as well as a solar power plant.

Solar power plant will be built on the Narmada River, near Omkareshwar Dam.

The Omkareshwar Floating Solar Project was first proposed in 2019 and was later planned to be expanded into a 600 MW floating solar project.

Recently, India’s largest floating solar power project had become operational in Telangana

About Madhya Pradesh

• Capital –Bhopal

Chief Minister – Shivraj Singh Chauhan

Governor – Mangubhai C. Patel

Exp. Russia becomes India’s third-largest coal supplier in July month

Russia has become India’s third-largest coal supplier in July, with imports rising by over a fifth compared with June to a record 2.06 million tonnes.

Russia has historically been the sixth-largest supplier of coal to India, behind Indonesia, South Africa, Australia, and the United States, with Mozambique and Colombia alternatingly featuring in the top five.

India’s imports from Russia have jumped nearly five times to over $15 billion ever since Russia invaded Ukraine.

India, the world’s second-largest producer, importer, and consumer of coal, has historically imported more coking coal used mainly in steelmaking from Russia, with Australia being the other key supplier.

Thermal coal imports from Russia jumped 70.3% in July, compared with June, to a record 1.29 million tonnes, while coking coal imports rose by over two-thirds to more than 280,000 tonnes.

Overall Indian coal imports, including shipments of anthracite and PCI coal, were nearly 10% lower in July at 23.8 million tonnes, compared with record imports of 26.29 million tonnes in June.

About Russia

• Capital –Moscow
• Currency –Rubel
• President –Vladimir Putin

Exp. India adds 10 more wetlands designated as Ramsar sites

India adds 10 more wetlands designated as Ramsar sites to make a total of 64 sites in the country.

The 10 new sites include Six sites in Tamil Nadu and One each in Goa, Karnataka, Madhya Pradesh and Odisha. Designation of these sites would help in the conservation and management of wetlands and the wise use of their resources.

India is one of the Contracting Parties to Ramsar Convention, signed in Ramsar, Iran, in 1971. India signed it on 1st Feb 1982. So far 64 wetlands covering an area of 12,50,361 ha have been designated as Ramsar Sites of International Importance from India, till date.

1. Koonthankulam Bird Sanctuary (Tamil Nadu)
2. Satkosia Gorge (Odisha)
3. Nanda Lake (Goa)
4. Gulf of Mannar Marine Biosphere Reserve (Tamil Nadu)
5. Ranganathituu BS (Karnataka)
6. Vembannur Wetland Complex (Tamil Nadu)
7. Vellode Bird Sanctuary (Tamil Nadu)
8. Sirpur wetland (Madhya Pradesh)
9. Vedanthangal Bird Sanctuary (Tamil Nadu)
10. Udhayamarthandapuram Bird Sanctuary (Tamil Nadu)

Exp. Ministry of Culture released the third comic book

Ministry of Culture has released the third Comic book on stories of 20 Tribal Freedom Fighters on at Tiranga Utsav celebration in New Delhi.

This collection of stories recalls the sacrifices of some of the bravest men and women who inspired their tribes and gave up their lives to fight British rule.

Ministry of Culture as a part of Azadi Ka Amrit Mahotsav (AKM) has released pictorial books on 75 freedom fighters in collaboration with Amar Chitra Katha (ACK) to create awareness among the youth and children about the supreme sacrifice and patriotism of our lesser-known heroes of freedom struggle.

The first ACK Comic book on India’s 20 Women Unsung Heroes and the Second Comic book on stories of 15 Women elected to the Constituent Assembly has been released earlier.

Recent Book

• Dilip Kumar: In the Shadow of a Legend – Faisal Farooqui
• Beyond The Misty Veil, Temple Tales of Uttarakhand’ book released – Aradhana Johri

The McMahon line- A century of discord – former Chief of Army Staff General JJ Singh (Retd).

The Winning Formula for Success – Vinit Karnik

Fearless Governance – Dr Kiran Bedi

Bhartiya Samvidhan Ankani Kahani – Ram Bahadur Rai

The Life and Times of Georeg Fernandes – Rahul Ramgundan

The Struggle for Police Reforms in India- Ruler’s Police to People’s Police – Prakash Singh

A Place Called Home – Preeti Shenoy

Tomb of Sand – Geetanjali Shree

Listen to Your Heart- The London Adventure – Ruskin Bond

Exp. Justice Uday U Lalit to be the 49th Chief Justice of India

Justice Uday Umesh Lalit has been named by Chief Justice of India NV Ramana as the latter’s successor to the top post.

CJI Ramana is set to retire on August 26 and 64-year-old Justice Lalit will assume the office on August 27 for a period of 74 days as the 49th CJI.

Justice Lalit is slated to retire on November 8, 2022

He is only the second judge after justice SM Sikri elevated directly from the bar who will go on to become the CJI.

Sikri was CJI between 1971 and 1973.

Exp.  Adani Enterprises partnered with Israel Innovation Authority for cooperation in technological innovations

Adani Enterprises, the business incubation arm of the Adani Group has announced that it has signed a Memorandum of Understanding (MoU) with the Israel Innovation Authority (IIA) for cooperation in technological innovations.

The deal includes the creation of a ‘cutting-edge innovation platform’ that will allow Adani arms to access tech solutions provided by Israeli start-ups whereby selected innovation projects will be supported by the partnership.

The Adani Group will screen and select Israeli start-ups and other innovation companies developing new and exciting solutions in the tech space. Approved projects will then be assisted by the Adani Group and supported by the Israel Innovation Authority

Recent MoUs

• National Institute for Entrepreneurship and Small Business Development (NIESBUD) partnered with Hindustan Unilever Limited to develop entrepreneurial skills
• IOC signed an MoU with National Tiger Conservation Authority (NTCA) for Cheetah relocation from Africa to India
• SVC Bank signed an agreement with SIDBI for empowering MSMEs
• Airbus signed an agreement with GMR Group for aircraft maintenance engineering
• Blockchain network 5ire signed an MoU with Goa Police to implement a smart policing solution

Exp. Haryana government launched Cheerag scheme for EWS students

Haryana government has 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.

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

Rs 1,100 per student from Classes IX to XII

Around 533 budget private schools, in villages and small towns, had applied under the  Cheerag scheme. However, only 381 schools were found to be eligible because of different technical reasons.

Haryana’s recent scheme

Chaara-Bijaee Yojana

e-Adhigam Scheme

Mukhya Mantri Bagwani Bima Yojana

Haryana Kaushal Rozgar Nigam Web-portal

Uttam Beej portal

One Block, One Product scheme.

Exp. US Senate approved Sweden and Finland joining NATO’s membership

The US Senate has approved Finland and Sweden’s accession to NATO.

Before the conflict between Russia and Ukraine, Finland and Sweden avoided military alliances. However, with the latest war, the countries took an essential step in joining NATO and a 74-year-old pact for mutual defense between the US and its European allies.

Currently, all 30 member nations have to approve a new country joining the NATO Alliance. Finland and Sweden applied for membership around three months back, after which they have gained ratifications from more than half the member nations.

Besides approving the two countries’ membership, the Senate also approved an amendment that calls for NATO members to spend a minimum of 2% of their GDP (Gross Domestic Product) on defense and 20% of the defense budget on necessary equipment and R & D.

About North Atlantic Treaty Organization (NATO)

Formation: 4 April 1949

Headquarters: Brussels, Belgium

Secretary General: Jens Stoltenberg

Exp. South Korea launched the first Moon mission

South Korea has successfully launched its first lunar mission, Korea Pathfinder Lunar Orbiter, also known as Danuri, from Cape Canaveral in Florida.

South Korea became the seventh country in the world to launch a mission to the Moon as its orbiter hitched a ride on SpaceX Falcon-9.

This mission is jointly developed by NASA and the Korea Aerospace Research Institute (KARI). The satellite launched by SpaceX, will arrive in December 2022.

Built at nearly $180 million, the spacecraft is carrying six science instruments, including a camera for Nasa. It’s designed to peer into the permanently shadowed, ice-filled craters at the lunar poles. Nasa favours the lunar south pole for future astronaut outposts because of evidence of frozen water.

South Korea has also planned to land its own spacecraft on the moon by 2030.

About South Korea

• Capital –Seoul
• Currency –South Korean Won
• Prime Minister –Han Duck-soo
• President –Yoon Seok-youl

Exp. Ranjit Rath appointed as CMD of Oil India Limited

Ranjit Rath has been appointed as the new Chairman and Managing Director (CMD) of Oil India Limited (OIL).

He replaces Sushil Chandra Mishra.

Before taking over the charge of Oil India Limited, Rath was the chairman cum managing director of Mineral Exploration & Consultancy Limited under the Ministry of Mines.

He also served as Chief Executive Officer of Khanij Bidesh India Limited, Managing Director of Bharat Gold Mines Limited, and also held additional charge of the Director General of Geological Survey of India under the Government of India.

OIL is the second-largest public sector exploration and production company.

OIL is the Navratna PSU under the Ministry of Petroleum & Natural Gas, Government of India.

 Recent Appointment

Central Vigilance Commissioner – Suresh N Patel

Chairman of Vodafone Idea – Ravinder Takkar

Additional charge of DG of ITBP – Dr. Sujoy Lal Thaosen

Delhi police commissioner – Sanjay Arora

Principal DG of PIB – Satyendra Prakash

Exp. India and USA to hold mega military exercise in Uttarakhand’s Auli in October

India and the USA will kick-start an over two-week-long mega military exercise in Uttarakhand’s Auli in October amid the fast-evolving regional security scenario.

The 18th edition of exercise “Yudh Abhyas” is scheduled to take place from October 14 to 31.

The last edition of the exercise took place in October last year in Alaska in the US.

The two countries have also inked key defence and security pacts over the past few years, including the Logistics Exchange Memorandum of Agreement (LEMOA) in 2016 that allows their militaries to use each other’s bases for repair and replenishment of supplies as well as provides for deeper cooperation.

The two sides also signed the COMCASA (Communications Compatibility and Security Agreement) in 2018 which provides for interoperability between the two militaries and provides for the sale of high-end technology from the US to India.

In October 2020, India and the US sealed the BECA (Basic Exchange and Cooperation Agreement) to further boost bilateral defence ties.

Recent Exercise in News

The biennial Pacific Dragon ballistic missile defense exercise between the military of South Korea, the United States and Japan is being held from August 01 to August 14, 2022 off the coast of Hawaii.

4th Edition of India-Oman Joint Military Exercise ‘AL NAJAH-IV’ is scheduled to be held in Rajasthan at the Foreign Training Node of Mahajan Field Firing Ranges.

3rd India-Vietnam Bilateral Army Exercise “Ex VINBAX 2022” to begin at Chandimandir in Haryana.

India-Japan conducted a Maritime Partnership exercise (MPX) in the Andaman Sea.

38th India-Indonesia Coordinated Patrol (IND-INDO CORPAT) Conducted in Andaman Sea.

Indian Army participates in a multinational exercise “Ex Khaan Quest 2022” where 16 other countries also took part in Mongolia.

India-Bangladesh bilateral defence cooperation, a joint military training exercise Ex SAMPRITI-X is being conducted at Jashore Military Station in Bangladesh from 05 June to 16 June 2022.

Third edition of Indian Navy – Bangladesh Navy Bilateral Exercise ‘Bongosagar’ commenced at Port Mongla, Bangladesh.

4th edition of India-Bangladesh Navy Coordinated Patrol (CORPAT) commenced in the northern Bay of Bengal.

Trishakti Corps conducts EX KRIPAN SHAKTI in Siliguri, West Bengal

9th India – Kyrgyzstan Joint Special Forces Exercise Concludes at Bakloh, Himachal Pradesh.

20th India-France Bilateral Naval Exercise ‘VARUNA -2022’ kicks-off in Arabian Sea.

Exp. The monetary policy committee of Reserve Bank of India (RBI) has decided to increase repo rate, the main lending rates to banks, by 50 basis points to 5.4% with immediate effect.

The Standing Deposit Facility rate and the Marginal Standing Facility Rate were accordingly adjusted higher by the same quantum to 5.15% and 5.65%, respectively.

RBI retained GDP growth forecast at 7.2%.

The retail inflation in India has remained above 7% for the last three months but has eased from eight-year high of 7.79%, hit in April.

The RBI retained inflation projection at 6.7% for 2022-23, with Q2 at 7.1% Q3 at 6.4%; and Q4 at 5.8%

Updated Monetary Policy Rates

• Repo Rate – 5.40%
• Reverse Repo Rate – 3.35%
• MSF – 5.65%
• Bank Rate – 5.65%
• CRR – 4.50%
• SLR – 18.00%
• SDF – 5.15%
• GDP Forecast for FY23 – 7.2%.
• Inflation Rate for FY 23 – 6.7%.

Exp.

About Monetary Policy Committee (MPC)

The Monetary Policy Committee is a statutory and institutionalized framework under the Reserve Bank of India Act, 1934, for maintaining price stability, while keeping in mind the objective of growth.

An RBI-appointed committee led by the then deputy governor Urjit Patel in 2014 recommended the establishment of the Monetary Policy Committee.

The Governor of RBI is ex-officio Chairman of the committee.

The committee comprises six members (including the Chairman) – three officials of the RBI and three external members nominated by the Government of India.

The MPC determines the policy interest rate (repo rate) required to achieve the inflation target.

Six-member Monetary Policy Committee (MPC) 3 from RBI and 3 from Govt of India.

Three members from RBI Side are Rajiv Ranjan, Dr. Michael Debabrata Patra and Shri Shaktikanta Das.

Three members from Govt of India Side are Ashima Goyal, Jayanth R Varma and Shashanka Bhide

Monetary Policy Committee (MPC) has been constituted by the Central Government under Section 45ZB of RBI Act, 1934.