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CURRENT AFFAIRS SNIPPETS
11th May 2022
National News
Madhya
Pradesh Chief Minister launched Ladli Laxmi scheme 2.0
Madhya Pradesh Chief Minister, Shivraj Singh Chouhan launched the second phase
of the Ladli Laxmi scheme (Ladli Laxmi scheme-2.0). The scheme is an innovative
initiative to encourage girl children to pursue higher education and make them
self-dependent. The scheme is being
implemented by the government of Madhya Pradesh since 2007 to enhance the
economic and educational status of the girls.
Ladli Laxmi scheme is a comprehensive scheme that offers financial
assistance for a girl from birth until her marriage in instalments. The family
of the girl child should be a permanent resident of Madhya Pradesh. The family should come under below the
poverty line (BPL), i.e., should not be an income taxpayer. A maximum of two
daughters can be registered under this scheme.
LS Speaker Om Birla launches One of its Kind ‘Kalam Website’
Lok Sabha (LS) Speaker, Om Birla has launched the one-of-its-kind literary
initiative Kalam website of the Prabha Khaitan Foundation (PKF) to support and
encourage vernacular literature. The aim
of Kalam is to popularize Hindi literature and provide a platform for veteran
and young authors and poets to talk about their writings and love for
vernacular literature. Kalam started its
journey back in the summer of 2015 in the cities of Jaipur and Patna and has
conducted over 550 sessions spread over 40 cities in India and overseas since
then. Kalam is in sync with the
philosophy of our nation – ‘Unity in Diversity which is reflected in the
tagline of Prabha Khaitan Foundation – ‘Aapne Bhasha Aapne Log. The Foundation is the custodian of the jewels
of literary creations in the Hindi language and Kalam scripts successful
sessions enriching the literary heritage of the nation. The hallmarks of Kalam,
one of the prized literary verticals of Prabha Khaitan Foundation have a
nationwide reach, global identity, and a niche audience.
International News
Apple's top engineer quits due to company's
return to office policy: Report
Ian Goodfellow, Apple's Director of Machine Learning, is reportedly
leaving the company over its return to office policy. According to The Verge
reporter Zoë Schiffer, Goodfellow told the company's staff, "I believe
strongly that more flexibility would have been the best policy for my
team." Starting May 23, Apple reportedly requires employees in the office
three days a week.
John Lee Ka-Chiu elected as Hong Kong’s next Chief Executive
John Lee Ka-Chiu has been confirmed as Hong Kong’s next chief executive. He
will replace Carrie Lam. He will be the first security official to hold the
Chief Executive position of Hong Kong which witnessed years of political unrest
and recent debilitating pandemic controls. Lee resigned from his position as
the city’s No 2 official last month to run and was the only contender to secure
Beijing’s backing. The 64-year-old was
sanctioned by the United States in 2020 for his role in implementing a
Beijing-imposed national security law that has crushed the city’s democracy
movement. His election places a security official in Hong Kong’s top job for
the first time. The former secretary for
security in Hong Kong ran under the slogan “Starting a new chapter for Hong
Kong together” and was the sole candidate in the polls.
Yoon Suk-yeol takes oath as South Korea’s new president
Yoon Suk-yeol was sworn in as South Korean president in a huge ceremony at
Seoul's National Assembly, taking office at a time of high tensions with
nuclear-armed North Korea. The ceremony
was attended by over 40,000 people, including officials from the US and China.
The new president is facing several challenges, including the task to balance
ties with China to defuse ongoing tensions with North Korea. Yoon Suk-yeol, who has called North Korea the
South’s “main enemy,” offered to work with the international community to craft
an “audacious plan” to improve North Korea’s economy in return for its
commitment to “complete denuclearization.” The 20th president of the country
delivered an inauguration speech vowing to build a nation that "truly
belongs to the people."
Vietnam opens world’s longest glass-bottomed bridge
World’s Largest Glass Bottom Bridge was opened in Vietnam. It is called as
Vietnam’s Bach Long pedestrian bridge, which is 632m (2,073ft) long and located
150m (492ft) above a huge jungle. As per
the reports, the Asian country has opened a glass-bottomed bridge suspended
above a lush jungle. It surpasses a 526m Glass Bottom Bridge in Guangdong,
China. The Bach Long pedestrian bridge
which means ‘white dragon’ in Vietnamese. The bridge suspends above the
rainforest The bridge can support up to 450 people at a time and the floor of
the bridge is made from tempered glass.
SL's economy will collapse if no new govt in
2 days: Central Bank chief
Sri Lanka's Central Bank Governor Nandalal Weerasinghe on Wednesday
said, "If there is no government in the next two days, the economy will
completely collapse and no one will be able to save it." "I'll resign
if there is no immediate action to form a government," he added. Notably,
Sri Lankan PM Mahinda Rajapaksa had resigned amid the economic crisis.
Marcos visits dictator father's grave after
Philippines election win
Ferdinand Marcos Junior visited the grave of his dictator father,
Ferdinand Marcos, after winning the Philippines' Presidential election on
Tuesday. One of the images shared by Marcos appeared to show him wiping away
tears as he stood before the grave. Ferdinand Marcos died in exile in 1989, but
his remains were only interred in the Manila "heroes" cemetery in
2016.
US inflation rises 8.3% in April, slight
drop from March's 40-yr-high
Retail inflation in the US rose 8.3% in April from 12 months earlier,
the country's Labor Department said on Wednesday. This is however below the
8.5% y-o-y rise in March, which was the highest rate in 40 years since 1981. On
a month-to-month basis, prices rose 0.3% from March to April, the smallest
increase in eight months.
Banking , Business and Economy
HDFC Bank Launches ‘Xpress Car Loan’ Industry First Digital New Car
Loan
HDFC Bank, a private sector lender, has introduced 30-minute ‘Xpress Car
Loans’, an end-to-end digital new car loan solution for both existing and
non-customers. The bank has integrated
its lending application with automobile dealers throughout India. It is the
industry’s first automotive lending experience, and it is expected to change
the way automobile financing is done in India.
The facility will be offered at all of the bank’s branches, dealerships,
and, eventually, on third-party aggregator platforms. This comprehensive, faster, more convenient,
and inclusive digital journey for car buyers will simplify the automobile
purchase process and boost car sales across India, particularly in semi-urban
and rural locations. As it has
integrated its lending application with vehicle dealers across India, it
anticipates 20%–30% of clients to use this loan facility of up to Rs. 20 lakhs. Currently, the facility is only available for
four-wheelers, and it will be gradually extended to include two-wheeler loans.
FHRAI again urges SEBI to cancel OYO's IPO
citing its losses
The Federation of Hotel and Restaurant Associations of India (FHRAI) has
once again urged SEBI to call off OYO's IPO citing massive losses suffered by
the travel-tech firm in recent years. FHRAI said OYO suffered ₹3,943.84 crore
in FY21. Since its inception in 2013, OYO's total turnover has fallen 69% from
₹13,413 crore in 2020 to ₹4,157 crore in 2021.
UPI hits record 5.58 Bn transactions worth Rs 9.83 trillion in April
2022
According to the National Payments Corporation of India (NPCI), Unified
Payments Interface (UPI), India’s flagship digital payments platform, has
recorded 5.58 billion(bn) transactions worth Rs 9.83 trillion in April 2022. This is the highest ever number of
transactions recorded by UPI. The monthly UPI recorded a 3.33 % increase in
transaction volume from 5.4 billion transactions worth Rs 9.6 trillion in March
2022. Compared to April 2021, the
transaction volume increased by 111% and the transaction value increased by
nearly 100%. In April 2021, UPI processed 2.64 billion transactions worth Rs
4.93 trillion. The UPI had breached the
USD 1 trillion mark in transaction values in the financial year 2021-22.
State laws don't apply to RBI-registered
NBFCs: Supreme Court
State moneylending laws would have no application on non-banking finance
companies (NBFCs) registered with and regulated by the Reserve Bank of India
(RBI), the Supreme Court (SC) said on Tuesday. The court observed that the
Chapter IIIB of the RBI Act is a complete code in itself. Earlier, the Kerala
High Court had said the state moneylending laws were applicable.
800 WhiteHat Jr employees resign after being
asked to return to office: Report
More than 800 employees of kids online coding learning startup WhiteHat
Jr, which was acquired by BYJU'S, have resigned in the last 60 days after they
were asked to return to their offices, Inc42 reported. WhiteHat Jr's full-time
employees from various teams across the company resigned. They were asked to
report to their respective offices in a month's time.
24x7 digital payments helpline 'DigiSaathi'
now on WhatsApp: NPCI
The government's 24x7 helpline 'DigiSaathi' that provides information on
digital payment products and services is now available on WhatsApp, the
National Payments Commission of India (NPCI) said. Users can access the
helpline by texting +91-892-891-3333 via WhatsApp. It answers queries on cards,
UPI, NEFT, RTGS, Wallets, ATM, QR (UPI/Bharat), mobile and net banking, among
others.
On closing day of LIC IPO, the total subscription at 2.95 times
On the final day of bidding, the insurance behemoth Life Insurance Corporation
of India's (LIC) IPO, the country's largest ever, witnessed 2.95 times greater
demand than the shares on sale, generating bids totalling Rs 43,933 crore. Domestic investors, mostly retail, were the
primary drivers of the subscription. The IPO received 7.33 million retail
investor applications, breaking the previous record of 4.8 million set by
Reliance Power in 2008. Foreign portfolio investors (FPIs) were lukewarm on the
issue, owing to global risk aversion caused by rising bond yields. The policyholders' component witnessed the
highest level of participation, with bids totaling over Rs 12,000 crore.
Employees' shares were 4.4 times subscribed, while retail individual investors'
shares were two times subscribed, with bids totaling over Rs 12,450 crore.
Science and Technology News
WEF to focus on innovative technology to assist small and marginal
farmers
The World Economic Forum (WEF), in collaboration with the government's research
institute Niti Aayog, is focusing on how to better employ emerging technologies
like artificial intelligence (AI), the Internet of Things (IoT), blockchain,
and drones to aid farmers, especially small and marginal farmers. Agriculture is an important part of the
Indian economy, employing 43 percent of the country's workers. Small holders, who account for 86 percent of
all farmers in India and own less than 2 hectares of land (compared to 2-10
hectares for medium holders and more than 10 hectares for large holders), are
still among the poorest people in the country, earning only 39 percent of what
medium holders earn and only 13 percent of what large holders earn.
Green Satellite Propulsion tested by Bellatrix Aerospace
Bengaluru-based Bellatrix Aerospace has successfully tested an environmentally
friendly satellite propulsion system that offers a 20 percent increase in fuel
efficiency over hydrazine-dependent fuel systems. Bellatrix's recent testing of
its green propulsion system also signals a turning point in the company's quest
to develop a space taxi for satellites. Satellite
thrusters use the poisonous substance hydrazine, which has a negative influence
on the environment, prompting space experts to look for environmentally
friendly replacements. According to a
press statement from ISRO, the union cabinet approved two unmanned missions and
one crewed mission as part of the Rs 9,023-crore Gaganyaan project. Should green propellants be explored for
human flight missions, they would result in faster processing times and fewer
handling needs, both of which are key roles in a crewed human flight mission.
Ranks and Reports News
NSO survey: Unemployment rate of India at 8.7% in October-December 2021
The National Statistical Office (NSO) data has revealed that the unemployment
rate for people above 15 years in urban areas slipped from 10.3% to 8.7%
between October and December 2021. Joblessness or unemployment rate (UR) is
defined as the percentage of unemployed persons in the labour force. Among males, the unemployment rate in urban
areas also dipped to 8.3% in October-December 2021 compared to 9.5% a year ago.
It was 9.3% in July-September 2021. The
data also showed that the joblessness or unemployment rate among females (aged
15 years and above) in urban areas also declined to 10.5% from 13.1% in the
same period. It was 11.6% in July-September 2021. Labour force participation rate in CWS
(current weekly status) in urban areas for persons 15 years of age and above
remained unchanged at 47.3% in the October-December quarter of 2021, compared
to the same period a year ago. It was 46.9% in July-September 2021. Labour force refers to the part of the
population which supplies or offers to supply labour for pursuing economic
activities for the production of goods and services. The work Population Ratio in urban areas for
persons of age 15 years and above stood at 43.2% in October-December 2021, up
from 42.4% in the same period a year ago. It was 42.3% in July-September 2021.
Schemes and Committee news
SEBI formed Advisory Committee for ESG-related matters
The Securities and Exchange Board of India (SEBI) has constituted a committee
for advising on Environmental, Social and Governance (ESG) related matters in
the securities market. The committee will be chaired by Navneet Munot, the
Chief Executive Officer (CEO) of HDFC Mutual Fund. N The terms of reference of
the committee include Enhancements in business responsibility and
sustainability report, ESG ratings, and ESG investing. It will examine evolving
disclosures/metrics relevant to the Indian context and suggest areas for
assurance and a plan for implementation.
They include MD & CEO of Tata Chemicals, C Siva Kumar, executive
director of NTPC, Amit Talgeri, chief risk officer, Axis Bank, Sharad
Kalghtagi, ESG head Cipla, Amit Tandon, Institutional Investor Advisory
Services, J N Gupta, founder & MD of Stakeholders Empowerment Services,
Rama Patel, Director Crisil Ratings and Ramnath.
Books and Authors News
A book Titled “The Struggle for Police Reforms in India” by Ex-IPS
Prakash Singh
Vice President (VP) of India, M Venkaiah Naidu, released a book titled “The
Struggle for Police Reforms in India: Ruler’s Police to People’s Police”
authored by a former IPS officer, Prakash Singh in New Delhi. The book is published by Rupa Publications
India Pvt Ltd. This book documents the efforts made to bring about police
reforms in India. The book provides the
historical background to the origin of the Indian Police and traces the
evolution during British Rule and subsequently since independence. The book focuses on the efforts of Prakash
Singh to bring transformational changes in the Indian Police.
Important Days
National Technology Day 2022 Observed on 11th May
National Technology Day is observed every year on 11th May across the country.
National Technology Day has significant historical importance in India. Every
year on this day, officials pay honour to India's scientists for their
achievements. This day is commemorated
as an achievement of India's technical advances, since on May 11, 1998, the
country successfully tested nuclear weapons in Pokhran. The theme for National
Technology Day 2022 is "Integrated Approach in Science and technology for
sustainable future". The theme was launched by Union Minister Jitendra
Singh. It was on 11th May 1998,
that India achieved a major technological breakthrough by successfully carrying
out a series of nuclear tests at Pokhran. In addition, the first indigenous
aircraft “Hansa-3” was tested on this day, besides which, India also performed
a successful test firing of the Trishul missile on the same day. Considering the technological advancements,
the then Prime Minister, Atal Bihari Vajpayee, declared 11th May to be celebrated
as National Technology Day every year.
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