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CURRENT AFFAIRS SNIPPETS

MAY 17, 2022

NATIONAL NEWS

No shortage of fertilisers here, India to be self-reliant soon: Mandaviya

Union Minister Mansukh Mandaviya said on Tuesday that there is no shortage of fertilisers in India, adding that the country will become self-reliant in the sector soon. He further said that by 2025, India will achieve self-sufficiency in urea production. The government is promoting organic farming, which would greatly reduce fertiliser consumption in the country, he added.

India appoints Naveen Srivastava as next ambassador to Nepal

India on Tuesday appointed Naveen Srivastava as its next ambassador to Nepal. Srivastava, who is currently serving as the additional secretary in the Ministry of External Affairs, will take up the assignment shortly. The ministry announced his appointment a day after Prime Minister Narendra Modi visited Lumbini in Nepal.

 

Tourism Minister G. Kishan Reddy Addressed 1st Incredible India International Cruise Conference 2022 in Mumbai

On May 14, 2022, the 2 day 1st Incredible India International Cruise Conference 2022(IIICC-2022) was held at Mumbai, Maharashtra which was inaugurated by Union Minister Shri Sarbananda Sonowal, Ministry of Ports, Shipping and Waterways(MoPS&W) along with Minister of State (MoS) Shri Shripad Naik, (MoPS&W).Union Minister Gangapuram Kishan Reddy, Ministry of Tourism Addressed the event. IIICC 2022 was held on 14th and 15th May, 2022.

Challenge for India to sustain 8-9% growth for 30 yrs: NITI Aayog CEO

NITI Aayog CEO Amitabh Kant on Tuesday said the challenge for India is to "sustain high growth of 8-9% over the next three decades". Kant added that it will be difficult for India to grow at high rates without technological leapfrogging. Government's role should be in public policy and the policy should create wealth through the private sector, he added.

 

 

INTERNATIONAL

G7 using Russia's reserves for Ukraine is outright theft: Kremlin

Kremlin said on Tuesday that G7 countries seizing frozen Russian reserves and spending them on behalf of Ukraine is "outright theft". Kremlin's reaction came as German Finance Minister Christian Lindner reportedly said that he's open to using funds from Russian reserves for reconstruction of Ukraine amid its invasion. Earlier, US also proposed transfer of Russian oligarchs' assets to help Ukraine.

Finland's Parliament approves proposal to apply for NATO membership

The Finnish Parliament on Tuesday approved the proposal for Finland's membership of the NATO. Of the 200 lawmakers, 188 voted in favour and eight against the application, Speaker Matti Vanhanen said. Recently, Finland and Sweden had announced their decision to join the military alliance in a historic policy shift prompted by Russia's invasion of Ukraine.

 

WEF 2022: 5 Indian Start-Ups Joins in 2022 Technology Pioneers Network

About 100 innovative tech firms have joined the Technology Pioneers Network 2022, with five of them being Indian start-ups. This was announced a ahead of the World Economic Forum (WEF) 2022 annual meeting which going to be held from May 22 – 26 in Davos-Klosters, Switzerland. 2022 cohort composition i.100 Innovative tech firms have joined the Technology Pioneers Network 2022 with 5 being Indian Startups. ii.The 2022 cohort is forging new paths in healthcare, food production and more with cutting-edge technologies with young and growing companies. iii.The 2022 Tech Pioneers are based in 30 countries – with Vietnam, Rwanda and the Czech Republic represented for the first time. iv.Over one-third of the selected companies in Technology Pioneers Network 2022 are led by women. 5 Indian startup • Vahan – is building a full-stack labour marketplace for blue-collar workers. • SmartCoin Financials – is a tech-driven financial inclusion platform empowering the underserved. • Recykal – is Asia’s first circular economy marketplace. • Proeon – is creating next-generation plant proteins with superior taste, texture and nutrition. • Pandocorp – is making supply chain execution intelligent with a fast logistics cloud

About World Economic Forum (WEF): The World Economic Forum is the International Organization for Public-Private Cooperation. Established – 1971 Headquarters – Cologny, canton of Geneva, Switzerland Founder – Klaus Schwab President – Borge Brende

Somalia Elects Hassan Sheikh Mohamud as New President

Hassan Sheikh Mohamud, Somalia’s former leader, has been elected as President of Somalia, defeating Mohamed Abudallahi Mohamed (also known as Farmajo).Farmajo served as President of Somalia since 2017. The polling took place at Halane Camp in Mogadishu, Somalia’s capital.The 2022 election was limited to Somalia’s 328 Members of Parliament (MP). Given that the winner needs at least 184 votes to win, Mohamud received 214 votes to Farmajo’s 110 votes.

Canada to quickly ratify Finland, Sweden's membership in NATO: Minister

Canada will quickly ratify Finland and Sweden's membership in NATO as and when it's approved, Foreign Minister Melanie Joly has said. Joly's comment comes as Finland and Sweden have announced their intent to join the alliance, while the latter has also formally applied for the same. Finland and Sweden will require approval of all 30 member countries to join NATO.

Farmers protest against Indonesia's ban on palm oil export

Hundreds of farmers in Indonesia on Tuesday staged a protest against the country's decision to ban the export of palm oil last month. The export of crude palm oil and some of its derivative products was banned to control soaring prices of domestic cooking oil. A sign at the protest read, "Malaysian farmers are wearing full smiles, Indonesian farmers suffer."

US Prez Biden to host Sweden, Finland leaders amid NATO membership bid

US President Joe Biden will host his Finnish counterpart Sauli Niinistö and Sweden's PM Magdalena Andersson for a meeting at the White House on Thursday. The meeting will discuss the countries' membership bid in NATO as well as the state of European security, the White House said. Finland and Sweden will submit their respective applications to NATO on May 18.

Russia jumps 6 positions to be India's 4th-largest oil supplier

Russia became the fourth-largest oil supplier to India in April, tanker tracking data showed. Russia's share in India's oil purchases rose to a record 6%, about 2,77,000 barrels per day (bpd) in April, up from about 66,000 bpd in March, when it was in 10th position. Meanwhile, the share of US oil imports almost halved to 3% in April.

 

BANKING, BUSINESS AND FINANCE

Indian Oil posts highest-ever revenue by any Indian firm in FY22

India's biggest oil firm Indian Oil Corporation (IOC) on Tuesday reported standalone revenue of ₹7.28 lakh crore in FY22, the highest-ever revenue reported by any Indian company, IOC Director (Finance) Sandeep Gupta said. IOC also reported its highest-ever net profit of ₹24,184.10 crore in FY22. IOC earned $18.54 on turning every barrel of crude oil into fuel in Q4 FY22.

RBI rejects six bank licence applications, including Sachin Bansal's

The RBI rejected six applications to set up banks under the guidelines for 'on tap' licensing of Universal Banks and Small Finance Banks. These include an application by Flipkart Co-founder Sachin Bansal's Chaitanya India Fin Credit, a microfinance entity of Navi Technologies. The RBI said the applicant was not found suitable under guidelines for 'on tap' licensing of Universal Banks

Not the end of the road: Sachin Bansal as RBI rejects banking licence application

Navi Chairman Sachin Bansal said, "It is not the end of the road for us," after Navi's subsidiary Chaitanya India Fin Credit Private Limited's application for a universal banking licence was rejected by the RBI. "There are many things to explore including re-applying," said Bansal, who previously co-founded Flipkart. "We haven't received written communication from RBI yet," he added.

Growth forecast range reasonable despite monetary tightening: CEA

Chief Economic Advisor Dr V Anantha Nageswaran said India's growth forecast is "reasonable" despite monetary tightening. He added that global price shocks posed "upward risks to domestic inflation", which, over time and with increase in interest rates, would dampen demand and put downward pressure on energy prices. The risk of sustained high inflation "is somewhat low" in India, he said.

 

RBI Permitted Lending by Commercial Banks to NBFCs & SFBs to NBFC-MFIs for on-lending to Priority Sectors

The Reserve Bank of India (RBI) permitted commercial banks to continue providing credit facility to NBFCs (Non-Banking Financial Companies) for the purpose of on-lending to certain priority sectors. The same is applicable for lending by Small Finance Banks (SFBs) to NBFC-MFIs (Microfinance institutions).

This facility was earlier allowed till March 31, 2022. • To ensure continuation of the synergies that have been developed between banks and NBFCs in delivering credit to the specified priority sectors, it has been decided to allow the above facility on an on[1]going basis. Key Points: i.Bank credit to NBFCs (including Housing Finance Companies-HFCs) for on-lending will be allowed up to an overall limit of 5% of an individual bank’s total Priority Sector Lending (PSL) in case of commercial banks. ii.In case of SFBs, credit to NBFC-MFIs and other MFIs (Societies, Trusts, etc.) which are members of RBI recognized ‘Self-Regulatory Organisation’ of the sector, will be allowed up to an overall limit of 10% of an individual bank’s total PSL. iii.SFBs are allowed to lend to registered NBFC-MFIs and other MFIs which have Gross Loan Portfolio (GLP) of up to Rs 500 crore as on March 31, 2022, for this purpose. iv.These limits are computed by averaging across four quarters of the financial year, to determine adherence to the prescribed cap.

Recent Related News: i.RBI has proposed to assess the impact of its multi-media awareness campaigns that promote financial literacy and safe banking practices. In this regard, it has invited the Request for Proposal (RFP) from certain shortlisted entities, which will be required to undertake outcome and impact assessment of its multilingual, pan-India public awareness campaigns. ii.In exercise of the powers conferred by sub-section (1) read with clauses (b) to (f) of subsection (2) of Section 38 of the Payment and Settlement Systems Act, 2007 (51 of 2007), the RBI updated the Payment and Settlement Systems Regulations, 2008. These allow companies to run payment businesses to seek licenses from the regulator. About Reserve Bank of India (RBI): i.RBI was established on April 1, 1935, in accordance with the provisions of the RBI Act, 1934. ii.The Central Office of the Reserve Bank was initially established in Calcutta but was permanently moved to Mumbai in 1937. iii.Though originally privately owned, since nationalization in 1949, the Reserve Bank is fully owned by the Government of India

Govt considers selling part of BPCL instead of full stake: Report

Centre is considering inviting bids for a 20%-25% stake in Bharat Petroleum Corp Ltd (BPCL), instead of selling its entire 52.98% holding, Reuters reported quoting government officials. The officials added that the discussions about the plan were in the early stages. Initially, the government had aimed to raise $8-$10 billion from selling its full stake in BPCL.

Reliance Retail to enter beauty sector with 400 stores: Report

Reliance Retail is looking to enter the beauty and cosmetics segment with around 400 exclusive stores in the coming years, the Economic Times reported. The company will reportedly open two kinds of outlets, a multi-brand store modelled on Sephora and a chain of value products targeting the mass market. It'll open a high-end store, code-named Tiara, within months, ET reported.

RBI sold $20.1 billion in spot foreign exchange in March

The Reserve Bank of India (RBI) sold a net $20.1 billion in the spot foreign exchange market in March to defend rupee against dollar, its monthly bulletin showed. RBI said its net outstanding forward dollar purchases rose to $65.79 billion in March compared to $49.11 billion in February. In March, the rupee hit its first record low for 2022.

LIC's debut 2nd-worst among 11 global companies that listed this year after raising $1bn

Investors of Life Insurance Corporation of India (LIC) lost over ₹50,000 crore on the stock's debut on May 17. Its first-day performance makes for the second-worst debut among 11 global companies that listed this year after raising at least $1 billion through first-time share sales. The shares ended 7.8% lower than the IPO price of ₹949 after losing 9.4% earlier.

BSE appoints ex-RBI Deputy Governor SS Mundra as Chairman

BSE Limited on Tuesday announced that its board has appointed Public Interest Director SS Mundra as the Chairman of the stock exchange. Mundra retired as Deputy Governor of RBI in July 2017 after a stint of three years. Prior to that, he was Bank of Baroda's Chairman and MD. He will replace Justice Vikramajit Sen.

 

SPORTS

Lionel Messi Topped Forbes’ Highest-Paid Athletes List For 2022

Lionel Messi, a football player from Argentina is reportedly earning pre-tax gross earnings of $130 million a year from on-field and off-field pursuits on the Forbes’ Top 10 List 2022 of the World’s Highest-Paid Athletes followed by LeBron James, an American professional basketball player, and Cristiano Ronaldo,a Portuguese Professional Footballer. • Forbes calculates the estimates based on prize money, salaries and bonuses as well as estimations of sponsorship deals and other off-field revenue streams.
Tom Harrison steps down as ECB CEO, to be replaced by Clare Connor on interim basis

Tom Harrison has announced that he is stepping down as the CEO of England and Wales Cricket Board (ECB) after seven years in the role. Clare Connor, the former England Women captain, has taken over the position on an interim basis. "I believe now is the right time to bring in fresh energy to continue this work," Harrison said.

Which Indian male wrestlers have been selected for CWG 2022?

As many as six Indian male wrestlers have qualified for Commonwealth Games (CWG) 2022. Ravi Dahiya (57 kg), Bajrang Punia (65 kg), Naveen (74 kg), Deepak Punia (86 kg), Deepak (97 kg) and Mohit Dahiya (125 kg) were selected during the trials to represent the country at the event. The CWG 2022 will be held in Birmingham.

 

SCIENCE & TECHNOLOGY

Union Communications Minister Ashwini Vaishnaw launched Gatishakti Sanchar Portal

On May 14, 2022, the Union Minister Ashwini Vaishnaw, Ministry of Communications (MoC), Ministry of Electronics and Information Technology(Meity) launched the GatiShakti Sanchar portal for Centralised Right of Way (RoW) approvals. It was launched on the lines of PM GatiShakti National Master Plan (NMP), and can be accessed at http://www.sugamsanchar.gov.in

 

This portal will provide a robust mechanism to achieve the goal of Broadband for All as envisaged in the National Digital Communication Policy (NDCP)-2. Developer: The portal has been developed by Bhopal, Madhya Pradesh (MP)-based MP state Electronics Development Corporation on behalf of Department of Telecommunications (DoT), MoC. Key Points: i.The portal has been developed keeping in view the vision areas of the National Broadband Mission (NBM) which was set up by the DoT on December 17, 2019 to facilitate universal and equitable access to broadband services across India, especially in rural and remote areas, covering citizens, governance and services. ii.For the fulfillment of NBM, a smooth and efficient deployment of Digital Communications Infrastructure is required that is why GatiShakti Sanchar portal is launched. Benefits of Portal: i.It will act as an enabler to the objective of Ease of doing business for telecommunications infrastructure works. • The portal will enable applicants from various Telecom Service providers (TSPs) as well as Infrastructure providers (IPs) to apply at a common single portal for RoW permissions to lay down Optical Fibre Cable and for erecting mobile towers to State/UT 9Union Territories) and local bodies. • The portal has been adopted by all central ministries, state governments and UTs. ii.The timely disposal of RoW applications, within a span of 20 to 22 days from around 100 days, will enable speedy infrastructure creation resulting timely rollout of 5G Network also. iii.It will also ensure uninterrupted digital access, digital delivery of services and digital inclusion of all, based on technology that is sustainable, affordable and transformative. Recent Related News: i.Union Minister Ashwini Vaishnaw inaugurated the 3rd Edition of ‘NIC Tech Conclave 2022’ a 2-day event organised by the National Informatics Centre(NIC) on 3rd and 4th March 2022 at Vigyan Bhawan, New Delhi, Delhi. The Theme for NIC Tech Conclave 2022 is “Next Gen Technologies for Digital Government”. ii.For the development of a futuristic railway system by 2030, the Indian Railways has come up with ‘National Rail Plan (NRP) for India-2030’. The information for the same was provided by Union Minister Ashwini Vaishnaw, Ministry of Railways in a written reply to a question in Lok Sabha. About Ministry of Communication (MoC): Union Minister– Ashwini Vaishnaw (Constituency- Rajya Sabha, Odisha) Minister of State (MoS)– Devusinh Jesingbhai Chauhan (Constituency- Kheda, Gujarat)

 

IMPORTANT DAYS

 

International Day of Families 2022 – May 15

The United Nations(UN)’s International Day of Families is annually observed across the globe on 15th May to create awareness about the issues related to the family and to increase the knowledge of the social, economic and demographic processes affecting families

The day offers a platform to highlight the role of the family in the development process. The theme of International Day of Families 2022 is “Families and Urbanization”. The 2022 theme aims to raise awareness of the importance of sustainable, family-friendly urban policies. Background: i.The United Nations General Assembly(UNGA) adopted the resolution 44/82 on 9th December 1989 and proclaimed the year 1994 as the “International Year of the Family”. ii.In 1993, UNGA adopted the resolution A/RES/47/237 titled “International year of the Family” and decided to devote one of its plenary meetings at the 48th session in early December 1993 to launch the International Year of the Family. iii.The resolution also decided that beginning in 1994, 15th May of every year shall be observed as the International Day of Families. Families and Urbanization: i.Urbanization is one of the most important megatrends shaping our world and the life and well-being of families worldwide. ii.Sustainable urbanization is related to the achievement of several Sustainable Development Goals (SDGs) like SDG-1: Poverty eradication; SDG-3: Good health and well-being; SDG-11: Make cities and human settlements inclusive, safe, resilient and sustainable; and SDG-10: Reduce inequality within and among countries.

 

International Day of Living Together in Peace 2022 – May 16

The United Nations (UN)’s International Day of Living Together in Peace is annually observed across the globe on 16th May to promote inclusion, tolerance, solidarity and peace amongst the diverse communities of people. The day also aims to uphold the desire to live and act together, united in differences and diversity, in order to build a sustainable world of peace, solidarity and harmony. Background: i.The United Nations General Assembly(UNGA) adopted the resolution A/RES/72/130 on 8th December 2017 and declared the 16th May of every year as the International Day of Living Together in Peace. ii.The first-ever International Day of Living Together in Peace was observed on 16th May 2018. Significance: Living together in peace is about accepting differences and having the ability to listen to, recognize, respect and appreciate others without distinction as to race, sex, language or religion.

 

International Day of Light 2022 – May 16

International Day of Light(IDL) is annually observed across the globe on 16th May to celebrate the role of light in science, culture and art, education, and sustainable development, and in fields as diverse as medicine, communications, and energy.

The observance of the International Day of Light calls to strengthen scientific cooperation and harness its potential to foster peace and sustainable development. • The day marks the anniversary of the first successful operation of the laser in 1960 by physicist and engineer, Theodore Maiman. Background: i.In 2015, United Nations(UN) observed the International Year of Light and Light-based Technologies 2015 (IYL 2015) to create global awareness of the achievements of light science and its applications. ii.Following the success of IYL 2015, Ghana, Mexico, New Zealand and Russia placed a resolution to the United Nations Educational, Scientific and Cultural Organization(UNESCO) Executive Board supporting the idea of an International Day of Light. iii.The resolution was adopted on 19th September 2016, at the Board’s 200th session at the UNESCO headquarters in Paris, France. iv.In November 2017, The UNESCO’s General Conference adopted the 39 C/Resolution 16 and proclaimed the 16th May of every year as the International Day of Light. The first ever International Day of Light was observed on 16th May 2018. Key Points: The IDL is administered by the International Basic Science Programme (IBSP) of UNESCO, and its Secretariat is located at the Abdus Salam International Centre of Theoretical Physics (ICTP) at Trieste, Italy

Vesak Day or Buddha Purnima – 16th May 2022

Vesak Day or Buddha Purnima is annually celebrated by members of the Buddhist community across the world on the first full moon day of the month of Vaisakh, which usually falls in April-May of the Gregorian calendar. The Buddha Purnima 2022 falls on 16th May 2022.

 

The Buddha Purnima 2021 was celebrated on 26th May 2021. • The Buddha Purnima 2023 will be observed on 5th May 2023. The day is observed based on the Asian lunisolar calendar.

 

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