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21st September 2022

 

 

National News

 

Telangana govt to distribute 1 cr Bathukamma sarees from tomorrow

The Telangana government has announced that the annual distribution of Bathukamma sarees to women in the state will begin tomorrow (Thursday). The government will distribute nearly one crore sarees this year. Telangana Textiles and Handlooms Minister KT Rama Rao said the initiative was first launched in 2017 to support weavers amid unemployment and to present a small gift to women.

 

India’s Presidency of AIBD extended for one more year

India's Presidency of the Asia-Pacific Institute of Broadcasting Development (AIBD), has been extended for one more year. The Chief Executive Officer of Prasar Bharati and Director General of Doordarshan Mayank Kumar Agrawal is the President of AIBD.  The decision to extend AIBD was taken at the two-day General Conference of the AIBD held in New Delhi. The conference was inaugurated by the Union Minister for Information and Broadcasting Anurag Thakur.  The conference was inaugurated by Information and Broadcasting Minister Anurag Thakur on 19th September 2022.

Bihar govt is set to introduce ‘no-bag day’ in schools 

The Bihar government is set to introduce a "no-bag day" rule in schools and a mandatory games period at least once a week to reduce the burden on students. The weekly ''no-bag day'' will have task-based practical classes.  At least once a week, students will come to school only with their lunch boxes. They do not need to carry books. The day will be devoted to practical and experiential learning. The objective of such a policy is to engage students in various activities which can positively impact their learning.

Maharashtra to establish an institution similar to NITI Aayog

Maharashtra: The state's deputy chief minister, Devendra Fadnavis, revealed in a meeting that the Maharashtra government intends to create an organisation along the lines of Niti Aayog. The organisation would be in charge of doing thorough data analysis and coming to informed choices about various state sectors.  The Chief Minister of Maharashtra met with representatives from NITI Aayog to discuss a number of issues, including asset monetisation and blockchain in agriculture.  The discussion covered topics in the meeting are: alternative fuels, electric automobiles, drone healthcare, and agribusiness among others.  According to Devendra Fadnavis, the NITI Aayog has also conducted a thorough investigation into connection issues and created a technology that allows for the analysis of interrelated data from many departments in order to improve decision-making.

INTERNATIONAL

US Federal Reserve hikes interest rates by 0.75% for the 3rd time in a row

The US Federal Reserve System on Wednesday raised its benchmark interest rate by 0.75% for the third straight time. The move will raise its key rate to a range of 3.00% to 3.25%, the highest since 2008. US stock indexes rose on Wednesday ahead of the rate hike announcement by the US Federal Reserve System.

 

EAM Jaishankar informs Ukrainian PM of India's position in war

EAM S Jaishankar met Ukrainian PM Denys Shmyhal on Wednesday at the UN headquarters and told him that India hopes for "cessation of all hostilities" in the ongoing Russia-Ukraine war. "Discussed their (the war's) consequences, including for food security, energy security and safety of nuclear facilities," Jaishankar tweeted. The leaders met on the sidelines of a UN General Assembly session.

Agreements News

India, Egypt sign MoU to bolster defence cooperation in mutual interest sectors 

India and Egypt have signed an MoU to bolster defense cooperation and decided to enhance joint military exercises, training, co-production, and maintenance of equipment. The MoU was signed by Defence Ministry of India Rajnath Singh and General Mohamed Zaki from Egypt at a meeting in Cairo.  The MoU will enhance defense cooperation across all the sectors of mutual interest.  The ministers of both countries exchanged views on regional security and acknowledged the contribution of their countries to peace and stability.  The Egyptian counterparts were also invited to the India-Africa Defence Dialogue and Indian Ocean Region Defence Ministers' conclave to be held as part of the 12th DefExpo in Gandhinagar.

BANKING, BUSINESS AND ECONOMY

India's mineral production falls 3.3% in July 2022

According to provisional data by the government, the country's mineral production declined by 3.3% in July 2022 compared to the same month in the previous year. The cumulative year-on-year growth during the April-July period of the ongoing fiscal stood at 6.1%. The important minerals which showed positive growth in July 2022 were phosphorite, coal, copper concentrate, and zinc concentrate.

 

MSME bad loans for banks may rise to 11% by March 2024: Crisil

Crisil Ratings stated that gross NPAs (GNPA) in the MSME segment may rise to around 10-11% by March 2024. It added that the MSME segment saw a restructuring at around 6%, and about a fourth of these accounts could potentially slip into NPAs. GNPA in the MSME segment was approximately 9.3% as on March 31, 2022.

Indian exports to Gulf countries grew by 44% in 2021-22: FIEO

The Federation of Indian Export Organisations (FIEO) reported that India's exports to six Gulf Cooperation Council countries grew by 44% to about $43.9 billion in 2021-22. UAE led the trade with exports worth $28 billion, showing a 68% growth compared to the previous fiscal year. India has a 16% market share in GCC and is targeting 25% by 2027.

Apple may move a quarter of iPhone production to India by 2025: Report

JP Morgan analysts have said that Apple may make one out of four iPhones in India by 2025. The analysts expected that the company could move about 5% of iPhone 14 production from late 2022 to India. This comes as Apple is reportedly moving some production away from China amid mounting geopolitical tensions and strict COVID-19 lockdowns in the nation.

Future Enterprises defaults on ₹15.73 cr interest payment for NCDs

Future Enterprises, a part of Future Group, on Wednesday said that it defaulted on an interest payment of ₹15.73 on Non-Convertible Debentures (NCDs). The default occurred for the period March 21, 2022, to September 19, 2022 and the gross principal amount on which it occurred is ₹327 crore. The company had earlier defaulted on another interest payment of ₹4.10 crore.

Inshorts Co-founder & CEO Azhar Iqubal named 'Entrepreneur of the Year (Media)'

Inshorts Co-founder and CEO Azhar Iqubal has been named 'Entrepreneur of the Year' in the media category at Entrepreneur Awards 2022 organised by Entrepreneur India magazine. The award recognises an entrepreneur who has done phenomenal work in the field of media, the magazine said. Founded in 2013, Inshorts operates 60-word news app Inshorts and location-based social media platform Public.

 

Jio Cinema's OTT merger with Viacom18 Media approved by CCI

Jio Cinema's OTT merger with Viacom18: The merger of Jio Cinema OTT and Viacom18 Media received approval from fair-trade regulator Competition Commission of India (CCI).  The CCI announced, following investments from BTS Investment and Reliance Projects & Property Management Services, it has approved the merger of the Jio Cinema OTT platform with Viacom18 Media.  Reliance Industries Ltd. (RIL) and Viacom18 announced a strategic partnership with Bodhi Tree Systems in April.  Bodhi Tree to invest Rs 13,500 crore in Viacom18, and Reliance Projects & Property Management Services, a wholly-owned subsidiary of RIL, will invest Rs 1,645 crore in the broadcaster as part of the tripartite partnership, creating one of the largest TV and digital streaming firms in India.  Reliance's well-liked Jio Cinema OTT app will be moved to Viacom18 as part of the cooperation.

 

Govt approves ₹19,500-crore PLI scheme on solar PV modules

The government has approved Production Linked Incentive (PLI) scheme on 'national programme on high efficiency solar PV modules', with an outlay of ₹19,500 crore. Union Minister Anurag Thakur said the PLI is aimed at achieving manufacturing capacity of Giga Watt (GW) scale in high efficiency solar PV modules. Thakur said the scheme will bring direct investment of around ₹94,000 crore.

Banking sector liquidity in deficit for 1st time in 40 months: RBI

India's banking sector liquidity has slipped into a deficit for the first time in 40 months, data from the Reserve Bank of India (RBI) showed. RBI infused ₹21,873 crore into the banking system on Tuesday, the highest since May 2019. The Centre is reportedly in no hurry to push inflation, which is near 7%, back to RBI's 4% medium-term target.

CBI arrests ABG Shipyard founder-chairman Rishi Agarwal in ₹22,842-crore bank fraud case

The CBI arrested the founder-chairman of ABG Shipyard Limited, Rishi Kamlesh Agarwal, in connection with an alleged bank fraud of ₹22,842 crore. The company was sanctioned credit facilities from 28 banks and financial institutions led by ICICI Bank, with SBI having an exposure of ₹2,468.51 crore. Funds were used for purposes other than for which they were released, officials said.

Gross Direct Tax Collection Registered Growth of 30% in 2022-23 

The Central Board of Direct Taxes(CBDT) in a statement said that the net direct tax collections so far this financial year are at ₹700,669 crore, an increase of 23% as compared to ₹568,147 crore till the same period of the corresponding financial year. The total includes corporation tax of ₹368,484 crore and personal income tax (including securities transaction tax) worth ₹330,490 crore.  The CBDT statement noted that the direct tax collections continue to grow at a robust pace, a clear indicator of the revival of economic activity post-pandemic, notably as also the result of the stable policies focusing on simplification and streamlining of processes and plugging of tax leakage through effective use of technology.

RBI Removes Central Bank of India from PCA Framework 

The Reserve Bank of India (RBI) removed Central Bank of India from its Prompt Corrective Action Framework (PCAF) after the lender showed improvement in various financial ratios, including minimum regulatory capital and net non-performing assets (NNPAs).  The RBI had imposed the PCA norms on the bank in June 2017 due to its high net NPA and negative return of assets (RoA). After reviewing the performance of the Central Bank of India, RBI decided to remove the restrictions on the bank.  The PCA norm is a supervisory tool and is imposed when a bank breaches certain regulatory thresholds on capital to risk weighted assets ratio (CRAR), net NPAs and return on assets (RoA).

Elets BFSI and Union Bank of India announce digitalization of Kisan credit card 

Digitalization of Kisan credit card: As part of the flagship Digital Transformation initiative "Sambhav," Union Bank of India announced an industry-first, end-to-end digitalization of the Kisan Credit Card product with a farmer-focused focus.  By digitalizing the KCC financing process, the company hopes to increase its effectiveness and farmer friendliness.  The Reserve Bank of India (RBI) oversees the Union Bank of India's (UBI) Fintech initiative, Digitalization of Kisan Credit Card, which aims to address the challenges farmers face, such as the need to visit a bank branch in person, provide proof of land ownership and other documents, and wait a long time to receive the KCC.

Defence News

Patrol vessel Samarth commissioned with Indian Coast Guard

Patrol vessel Samarth commissioned: The new ship for the Indian Coast Guard in Kochi will unquestionably improve the operational capability of the Indian Coast Guard at sea.  The ship was operating under the operational control of Coast Guard District Headquarters-4 while it was headquartered in Kochi from Goa.  To improve the coastal security system, the Indian Coast Guard (ICG) added Patrol Vessel Samarth to its fleet. The 105-meter-long ICGS Samarth can travel at a top speed of 23 knots (approx 43 Kmph).  The new ship for the Indian Coast Guard in Kochi will unquestionably improve the operational capability of the Indian Coast Guard at sea.

Indian Army activates satellite-based internet service on Siachen Glacier, world's highest battlefield

The Indian Army has achieved a remarkable achievement, activating satellite-based Internet service on the Siachen Glacier, which is the world's highest battlefield.  On the same day, the domestic defense industry was invited to offer critical equipment for emergency procurement in consonance with its commitment to 'fight future wars with Indigenous solutions'.  Siachen Glacier is very important for the Indian Army as it is a place of concern and a constant target of attacks from both enemy countries, which is China and Pakistan.  The Indian Army has collaborated with Bharat Broadband Network Limited (BBNL), which is a fully government-owned broadband infrastructure provider company. BBNL helps in providing internet services to the soldiers.

Sports News
World Wrestling Championships 2022: Bajrang Punia won bronze medal 

Indian wrestler Bajrang Punia won the bronze medal after defeating Daulet Niyazbekov of Kazakhstan in the men's freestyle 65kg category at the World Wrestling Championships 2022. It was Bajrang’s fourth medal at the world championships.  With his silver in 2018 and bronze medals in 2013 and 2019, he was already India’s most successful wrestler at the world championships coming into this edition.

New cricket rules: ICC changes to the playing conditions 

A host of changes have been announced by the International Cricket Council to the Playing Conditions, which will come into effect on October 1 2022.  The Men's Cricket Committee led by former India captain Sourav Ganguly recommended changes to the Playing Conditions in MCC’s updated 3rd Edition of the 2017 Code of the Laws of Cricket.  The conclusions were also shared with the Women’s Cricket Committee, who endorsed the recommendations.

The main changes are as follows:

Batters returning when caught

Use of saliva to polish the ball

Incoming batter ready to face the ball

Striker’s right to play the ball

Unfair movement by the fielding side

Running out of the non-striker

Bowler throwing towards striker’s end before delivery

World Para Athletics Grand Prix: Devendra Jhajharia won silver

Indian javelin thrower, Devendra Jhajharia has clinched a silver medal in the World Para Athletics Grand Prix, in Morocco. Paralympics gold medalist Devendra threw the javelin to a distance of 60.97 meters to capture the silver.  Devendra is a three-time Paralympics medalist. While 2020 Tokyo Paralympics silver medallist Nishad Kumar won the gold medal in the men's T47 high jump, javelin throwers Ajeet Singh and Devendra Jhajharia bagged gold and silver respectively in F46 category.

SAFF Women's Championship 2022: Bangladesh Beat Nepal to Clinch Maiden Title

Bangladesh won a historic victory at the SAFF Women’s Championship to lift the maiden title at the Dashrath Rangshala Stadium in Kathmandu, Nepal.  The Bangladesh team defeated hosts Nepal by 3-1 in the finals before a full stadium to watch some brilliant football on display.  Bangladesh skipper Sabina Khatun, who was the top scorer of the tournament netting eight goals in five games, dedicated the trophy to the people of Bangladesh.  Goalkeeper Rupna Chakma from Bangladesh was named the best goalkeeper. She conceded just one goal in the tournament.

Important Days

International Day of Peace celebrates on 21st September

The International Day of Peace is observed globally on September 21. The United National General Assembly marks the day by promoting ideals of peace among nations and people by observing non-violence and ceasefire for 24 hours.  This year's theme is “End racism. Build peace.” The UN General Assembly has declared this as a day devoted to strengthening the ideals of peace, through observing 24 hours of non-violence and cease-fire.  The International Day of Peace was established in 1981 by the United Nations General Assembly. Two decades later, in 2001, the General Assembly unanimously voted to designate the Day as a period of non-violence and cease-fire.  This year's UN page on International Day of Peace highlights the ace-based discrimination at borders.

World Alzheimer’s Day 2022 observed on 21st September

World Alzheimer’s Day is observed annually on September 21 to raise awareness about neurological disorders. Alzheimer’s disease is the most common cause of dementia and affects the person’s memory, mental ability, and ability to carry out simple tasks.  On World Alzheimer’s Day, healthcare organisations support Alzheimer’s walks while seminars and public activities are held in communities around the globe to raise awareness on Alzheimer’s.  This year’s theme for World Alzheimer’s Month is ‘Know Dementia, know Alzheimer’s’.

Obituaries

Comedian Raju Srivastava passes away at the age of 58

Comedian Raju Srivastava has passed away in Delhi at the age of 58. He had suffered a heart attack while exercising on August 10. As per a report Raju was still conscious and with normal body movements. The comedian was earlier registering Spo2 levels of 80 per cent to 90 per cent without oxygen support.  Srivastava appeared in Hindi films such as "Maine Pyar Kiya", "Baazigar", "Bombay to Goa" (remake) and "Aamdani Atthani Kharcha Rupaiya". He was one of the contestants on "Bigg Boss" season three.  He was the chairman of the Uttar Pradesh Film Development Council.

Senior RSS pracharak Keshav Rao Dattatreya Dikshit passes away

Senior most pracharak of Rashtriya Swayam Sevak Sangh, Keshav Rao Dattatreya Dikshit has passed away. He was 98. Born in 1925 at Pulgaon village of Wardha district in Maharashtra, Keshav Rao came to Bengal in 1950 to act as a pracharak.  He was respected one and all of the Sangh Pariwar. The mortal remains of Keshav Rao was kept at the state headquarters, Keshav Bhavan. Sukanta Majumder the state president and other senior leaders of the party express their condolences at his death.

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