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31st May 2022

Assam govt delivers 1st instalment of PMAY to 15,000 beneficiaries

Assam CM Himanta Biswa Sarma on Tuesday handed over the first instalment of ₹32,500 each of the Pradhan Mantri Awas Yojana (PMAY) to around 15,000 beneficiaries of Sivasagar and Charaideo districts. "The government wants all sections of...society, regardless of their social strata, to be adequately served so that no one stays out of...reach of the government's welfare measures," Sarma said.


Karnataka Chief Minister Basavaraj Bommai Launched AAYU App 

Karnataka Chief Minister Basavaraj Bommai has launched a new health and wellness app AAYU to address and help heal chronic diseases and lifestyle disorders through yoga.  Swami Vivekananda Yoga Anusandhana Samsthana (S-VYASA) collaborated to develop the App with RESET TECH, an AI-driven integrated health-tech platform that aims to deal with chronic diseases and lifestyle conditions through yoga and meditation.  The App would provide users with personalised wellness solutions and offer doctor consultations based on an individual’s personal history and monitor its progress enabling them to accelerate healing and recovery.  The app would provide users with customised wellness solutions and doctor consultations based on their specific histories, as well as track their progress, allowing them to heal and recover faster.  The App is accessible in various languages and aims to reach and impact over five million chronic disease patients within the next five years.  The App addresses the root cause of the diseases goes beyond temporary care and helps restore lost health. Also, aims to cure diseases borne out of lifestyle disorders that have plagued people over the past decades.

UP MLAs' Local Area Development Fund hiked to ₹5 cr from ₹3 cr: CM

The MLA Local Area Development (MLALAD) Fund in Uttar Pradesh will be hiked to ₹5 crore from ₹3 crore, CM Yogi Adityanath announced on Tuesday. Notably, the announcement was met with thumping of desks by MLAs of both ruling and opposition parties, according to a media report. The amount was previously hiked from ₹2 crore to ₹3 crore in 2020.


18 lakh homes to be built in K'taka under PMAY in 3 yrs: CM Bommai

Karnataka CM Basavaraj Bommai announced that over 18 lakh homes will be constructed in the state under the Pradhan Mantri Awas Yojana (PMAY) in the next three years. "PMAY aims at ensuring a roof over the head for each family in the country," he said. Bommai also lauded PM Narendra Modi's several initiatives for the welfare of the marginalised sections.



Inflation in EU countries hits 8.1% in May, highest since 1997

Inflation in 19 European Union countries hit an all-time high of 8.1% in May, authorities said. Inflation, which is at its highest level since 1997, was driven by a rise in food and energy prices after Russia's invasion of Ukraine sent commodity prices soaring. Core inflation, which excludes volatile components like food, energy and alcohol, rose to 3.8% in May.


American supercomputer becomes world's fastest, beats Japan's 'Fugaku'

'Frontier', a supercomputer built by Hewlett Packard Enterprise (HPE), has been ranked the world's fastest, according to the TOP500 list. The supercomputer overtook Japan's 'Fugaku', which has topped the TOP500 list for the last two years. Further, 'Frontier' has reached 1.1 exaflops, making it the world's first supercomputer to break the exascale speed barrier, TOP500 said.




Banking, Business and Economy  News


Hindustan Unilever CEO Sanjiv Mehta's salary jumps 47% to ₹22 crore in 2021-22

Sanjiv Mehta, the CEO and MD of Hindustan Unilever (HUL), received a salary of ₹22 crore in 2021-22, marking a 47% jump from ₹15 crore in 2020-21. Mehta's total compensation included ₹3.7 crore salary, ₹9.2 crore in allowances, ₹4.3 crore bonus and ₹4.2 crore as perquisite. In 2019-20, Mehta was the highest-paid FMCG CEO, with a salary of ₹19.42 crore.

India's GDP grows 8.7% in 2021-22 compared to 6.6% contraction in 2020-21

India's GDP grew 8.7% in the financial year 2021-22, as compared to a contraction of 6.6% in 2020-21, as per provisional estimates released by the Ministry of Statistics and Programme Implementation on Tuesday. In January-March quarter (Q4), the GDP growth slowed to 4.1%, compared to a 5.4% growth during the October-December quarter (Q3) of 2021-2022.
India faces low stagflationary risks: CEA Nageswaran

Chief Economic Advisor (CEA) V Anantha Nageswaran on Tuesday said India faces low stagflationary risks as compared with the rest of the world. After data showed GDP growth in January-March quarter (Q4) slowed down to 4.1%, he said there's considerable momentum in economic activity. RBI's confidence to raise rates is a sign that economic recovery is taking hold, he added.

Centre releases ₹86,912 cr to states, clears GST compensation dues

The Centre on Tuesday said it has released ₹86,912 crore to state governments, thereby clearing all GST compensation due to them. The Centre paid part of the compensation dues from its own resources as only about ₹25,000 crore was available in the GST compensation fund. Of the total compensation released, ₹47,617 crore was due up to January.

India's textiles exports highest-ever in 2021-22 at $44.4 bn: Govt

The government on Tuesday said that India recorded its highest-ever textiles and apparel exports in the financial year 2021-22 at $44.4 billion. This represents a 41% growth in exports as compared to the previous financial year. The US was the biggest destination for Indian textiles and apparel shipments at 27%, followed by European Union at 18% and Bangladesh at 12%.


LIC Launches Savings Life Insurance Plan Bima Ratna 

The Life Insurance Corporation of India (LIC), India’s largest insurer, has launched “Bima Ratna” – a non-linked, non-participating, individual, savings life insurance plan. The new plan, which is aimed at the domestic market, provides both protection and savings.  Bima Ratna can be purchased through Corporate Agents, Insurance Marketing Firms (IMF), Brokers, CPSC-SPV, and POSP-LI employed by these intermediaries namely Corporate Agents, Insurance Marketing Firms (IMF), and Brokers.  The key features of the plan include Death benefits, Survival benefits, Maturity benefits, Guaranteed Additions, Settlement Options, Grace Period and Revival solutions among other things.  The Bima Ratna plan from LIC provides financial assistance to the policyholder’s family in the case of the policyholder’s untimely death during the policy term. It offers for periodic payments for the policyholder’s survival at specified intervals to address various financial demands.  The plan also addresses liquidity requirements through a loan facility.  Premiums can be paid on a yearly, half-yearly, quarterly, or monthly basis (monthly premiums can only be paid through the National Automated Clearing House (NACH)) or by deductions from salary.


US Overtakes China as India’s Largest Trading Partner in FY22 

The United States overtook China to become India’s top trading partner in 2021-22, reflecting strong economic ties between the two countries. According to commerce ministry data, in 2021-22, bilateral trade between the US and India stood at US$ 119.42 billion as against US$ 80.51 billion in 2020-21.  Exports to the US increased to US$ 76.11 billion in 2021-22 from US$ 51.62 billion in the previous fiscal, while imports rose to US$ 43.31 billion as compared to around US$ 29 billion in 2020-21.  During 2021-22, India's two-way commerce with China aggregated at $115.42 billion as compared to $86.4 billion in 2020-21, the data showed.  Exports to China marginally increased to $21.25 billion last fiscal year from $21.18 billion in 2020-21, while imports jumped to $94.16 billion from about $65.21 billion in 2020-21. The trade gap rose to $72.91 billion in 2021-22 from $44 billion in the previous fiscal year.  In 2021-22, the UAE is India’s third-largest trading partner with USD 72.9 billion. It is followed by Saudi Arabia (USD 42.85 billion) as 4th, Iraq (USD 34.33 billion) as 5th, & Singapore (USD 30 billion) as its 6th largest trading partner.

Public Sector Banks doubled their Net Profit to almost Rs 66,500 crore in FY22 

Public sector banks (PSBs) more than quadrupled their net profit in the fiscal year 2021-2022. During the financial year 2021-22, the aggregate profit of 12 state-owned banks was Rs 66,539 crore, up 110 percent from Rs 31,816 crore in the previous year. For the first time in years, all 12 state-owned banks made a profit. This was also a significant improvement over FY18, when just two of the 21 PSBs declared a profit.  Only two PSBs (Central Bank and Punjab & Sind Bank) declared losses in FY21, dragging down the overall net profit.  Profitability has increased as a result of the conclusion of the bad loan clean-up and economies of scale gained through the merger of ten state-owned banks.  Other factors include the Reserve Bank of India's (RBI) cheap liquidity and growth categories such as retail lending.

Ranks and Reports News

Forbes Magazine: 7th Forbes 30 Under 30 Asia list 2022 Released 

Forbes magazine has released the 7th edition of the Forbes 30 Under 30 Asia List 2022, featuring 10 categories each honouring 30 individuals under the age of 30. The list was edited by Rana Wehbe Watson.  The honourees on the list represent 22 countries and territories across the Asia-Pacific region. India tops the list in terms of the number of entries with 61, followed by Singapore (34), Japan (33), Australia (32), Indonesia (30) and China (28).  The average age of the 2022 list is 26.8 and the youngest honouree on the list is 14-year old Japanese Olympics skateboarding gold-medalist Momiji Nishiya.

Awards News

Sanjit Narwekar conferred with V Shantaram Lifetime achievement award at MIFF 2022

The 17th edition of the Mumbai International Film Festival of India (MIFF 2022) confers Dr V. Shantaram Lifetime Achievement Award on noted author and documentary filmmaker Shri Sanjit Narwekar to commemorate his exquisitely deep, remarkably diverse and inspiring body of work.  Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles Piyush Goyal presented the award to Sanjit Narwekar along with a cash prize of Rs 10 lakhs (Rs 1 million), Golden Conch and a citation.  Shri Narwekar is a National award-winning film historian, author, publisher and documentary filmmaker with more than four decades of cross-media experience in Journalism, Public Relations, Publishing and Filmmaking.  Shri Narwekar has rendered a seminal contribution for the enrichment of documentary cinema and its literature. Through his lifelong and passionate engagement with the past, present and future of films, Shri Narwekar has touched many hearts across ages.  Winner of the National Award for the Best Book on Cinema in 1996, Shri Narwekar’s passion for film history has manifested in writing and editing more than 20 books on cinema, including Marathi cinema ‘In Retrospect’, which won him the Swarna Kamal.

RJ Umar receives Immunisation Champion award by UNICEF 

Radio Jockey Umar Nisar (RJ Umar) from South Kashmir, has been awarded the ’01 Best Content Award’ and the Immunization Champion award by United Nations International Children’s Emergency Fund (UNICEF) at the annual Radio4Child 2022 Awards in Mumbai, Maharashtra.  The award was presented by multi-Grammy Award-winning music composer, environmentalist, and UNICEF celebrity supporter Ricky Kej, OIC UNICEF, UP Dr Zafrin Chowdhury, chief of communications and advocacy and partnerships, UNICEF India.  The award has been conferred to Umar for his work of providing awareness and countering rumours to reach audiences during the pandemic. The Radio4Child felicitated radio professionals from private FM and All India Radio from across the country for their commendable work during the COVID-19 pandemic as well as for routine vaccination. These radio professionals highlighted the importance of routine vaccination among people.

Schemes and Conferences News

Border Coordination Conference between the BSF and the BGB gets underway in Bangladesh 

The Border Coordination Conference between India and Bangladesh was opened at Sylhet by Inspector General BSF-Regional Commander BGB. According to a Border Guards Bangladesh official press release, the four-day seminar will end on June 2.  (BGB). The Indian team arrived in Bangladesh via the Integrated Check Post (ICP) in Dawki, Meghalaya, where they were greeted by top BGB personnel.  The conference will be attended by a five-member BSF team led by IG BSF Sumit Sharan. Brigadier General Tanvir Gani Chowdhury, Regional Commander, Chittagong, leads the Bangladesh delegation.  The Bangladesh delegation also comprises representatives from the Home Ministry, the Ministry of Foreign Affairs, and the Department of Land Records and Survey, in addition to BGB personnel.  The conference will cover all aspects of border security and administration.  Illegal entrance, drug and other item smuggling, human trafficking of women and children, development activities within 150 yards of international borders, and attempts to improve mutual trust between the BGB and BSF will all be addressed.

Sports News

Red Bull’s Sergio Perez won Monaco F1 Grand Prix 2022 

The Red Bull racing driver Sergio Pérez (Mexican) has won the Formula 1 (F1) Grand Prix (GP) De Monaco 2022 with 25 points, held at Circuit de Monaco, Monaco, Europe.  The event took place between May 27 to May 29 2022. With this victory, Sergio Pérez becomes the first Mexican to win the Monaco Grand Prix, and the first North American to win it since Gilles Villeneuve in 1981.  The Second position was occupied by the Ferrari racing driver Carlos Sainz Jr. (Spanish) with 18 points. The third position was taken by the Belgian-Dutch racing driver Max Emilian Verstappen who drove for Red Bull Racing.  The Monacan race driver Charles Leclerc who drove for Ferrari finished the race fourth. The victory was Sergio Perez’s first win of the season, ending the domination of Verstappen and Leclerc, and the third of his career, making him the most successful Mexican F1 driver surpassing Pedro Rodriguez.

India win first ever medal at the IBSA Judo Grand Prix 

In Nur Sultan, Kazakhstan, India earned its first-ever medal at the IBSA Judo Grand Prix.  The Indian Blind and Para Judo Association's Judoka Kapil Parmar deserves heartfelt praise for bringing medals to the country. It's worth noting that 18 of the 21 countries that competed won medals.  Several countries, including Iraq, Switzerland, and India, earned their first medals in the IBSA Grand Prix as a result of these. Nur-Sultan is already a universal personality. This Kazakh city hosted the IBSA Grand Prix, and it was here that we saw this universality between countries come to life, as well as the challenge of earning any medal.  After two days of thrilling competition in Nur-Sultan, the 2022 IBSA Judo Grand Prix Kazakhstan came to a close. More than a hundred judokas from 21 countries competed for gold, and Turkey, Iran, Uzbekistan, Romania, Japan, Brazil, and Kazakhstan all ascended to the top of the podiums on an opening day.

Important Days

World No Tobacco Day observed on 31st May 

World No Tobacco Day is observed on 31st May globally. This yearly celebration aims to raise awareness amid the global citizens about not only the dangers of using tobacco but also the business practices of tobacco companies, what WHO is doing to fight the tobacco epidemic and what people around the world can do to claim their right to health and healthy living and to protect future generations.  The theme for 2022 is Tobacco: Threat to our environment. The Day is an annual celebration that informs the public on the dangers of using tobacco, the business practices of tobacco companies, what the World Health Organization (WHO) is doing to fight tobacco use, and what people around the world can do to claim their right to health and healthy living.  In 1987, the World Health Assembly passed Resolution WHA40.38, calling for April 7, 1988, to be "a world no-smoking day" and in 1988, Resolution WHA42.19 was passed, calling for the celebration of World No-Tobacco Day, every year on May 31.

World Vape Day 2022 observed 2022 On 30th May

World Vape Day is observed on 30th May across the globe to create awareness about the alternatives to harmful tobacco products and highlights the relative safety of e-cigarettes and their potential as harm reduction and smoking cessation tools.  World Vape Day (May 30) is observed on the day before World No Tobacco Day(May 31), observed by the World Health Organisation(WHO). World Vape Day was initiated by the World Vapers’ Alliance(WVA). WVA was established by and receives funding from the Consumer Choice Center.

Obituaries News

Former Albania President Bujar Nishani Passes Away

Bujar Nishani, a former Albanian President had died at 55 due to a health problem. President Bujar Nishani born on 29 September 1966 in Durrës, Albania, was well known for his centre-right political affiliation with the leftist coalition.  He served as president from 2012 until 2017. At 45, he was elected as the youngest and sixth president in post-communist Albania, supported only by lawmakers from the centre-right Democratic party of then-Prime Minister Sali Berisha.

We will always remember him through his songs: PM Modi after singer KK's demise

Condoling the demise of singer KK, PM Narendra Modi tweeted, "Saddened by the untimely demise of noted singer Krishnakumar Kunnath popularly known as KK." "His songs reflected a wide range of emotions...We will always remember him through his songs," he added. The singer died aged 53 after a live performance in Kolkata.


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