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03rd September 2022

 

 

 

 

National News

 

NGT orders Bengal to pay ₹3,500 crore for gap in waste management

The National Green Tribunal (NGT) has imposed a penalty of ₹3,500 crore on the West Bengal government for allegedly not managing solid and liquid waste, causing harm to the environment. Continuing damage is required to be prevented in the future and past damage is to be restored, the bench said. The penalty is to be paid within two months.

25 lakh households received zero electricity bills: Punjab Minister

Punjab Power Minister Harbhajan Singh on Saturday said the AAP government in Punjab has fulfilled its promise of providing 300 units of free electricity per month. He added that 25 lakh households have received zero electricity bills. This was the first time a government is fulfilling its election promises in the initial year itself, Singh claimed in a statement.

India's first female racing champion Alisha Abdullah joins BJP

Indian bike and car racing champion Alisha Abdullah joined the BJP in Chennai on Saturday. BJP's Tamil Nadu President K Annamalai was present in the event. "I am very happy to welcome a true sporting icon and fabulous competitive racer today," Annamalai said. Alisha is the country's first female national racing champion.

 

Home Minister Amit Shah will unveil the "CAPF eAwas" web portal in Delhi

CAPF eAwas: Home Minister Amit Shah unveiled the CAPF eAwas web portal for the Central Armed Police Forces. The Central Armed Police Forces have always been a solid backbone of the nation's internal security, Mr. Shah stated in remarks made on the occasion.  More than 35,000 police officers have died since independence day while maintaining internal security, he mentioned, and as a result of their sacrifices, people may sleep well at night and feel secure.  The Indian government launched the "Ayushman CAPF" programme to give families of fallen soldiers access to better medical care.

IILM University: Law School is India's 1st NEP 2020 compliant Law School

IILM University launched the first National Education Policy 2020 (NEP 2020) Compliant Law School in the Country. The IILM University also got the approval of the Government of Uttar Pradesh and the recognition of the Bar Council of India (BCI).  The IILM Law school is also known for its state-of-the-art infrastructure. The IILM University’s interdisciplinary teaching and training techniques comply with NEP 2020 which directs the IILM Law School to achieve its goals and planned experiential learning through various practical initiatives.

States News

Karnataka introduces the VentuRISE Global Startup Challenge

VentuRISE Global Startup Challenge: The Karnataka government announced the worldwide startup competition VentuRISE Global Startup Challenge, which aims to aid entrepreneurs in the manufacturing and sustainability-related industries.  The global startups will give business owners from all over the world a stage to present their cutting-edge goods or solutions and make connections with potential investors.  The Global Investors Meet-Invest Karnataka 2022, which takes place from November 2 to 4 in Bengaluru, will include VentuRISE as a participant.  The challenge's winners will get a cash prize of USD $100,000.

Odisha Govt Disburses Rs 869 crore for Farmers Under KALIA Scheme

Odisha government distributed ₹869 crore to 41.85 state farmers under the Krushak Assistance for Livelihood and Income Augmentation (KALIA) scheme and assured them of additional aid for crop losses due to floods in the state. ₹2000 each was directly transferred to the bank accounts of 41 lakh farmers and 85,000 landless farmers under the KALIA Scheme.  The state government launched the KALIA Scheme in 2019, under which the farmers of the state are given 4000 in two instalments. The first instalment of 2000 per farmer was distributed on Akshaya Tritiya and the occasion of Nuakhai, and the second instalment was distributed among the farmers.

 

INTERNATIONAL

Russia sees over 50,000 new COVID-19 cases for 2nd straight day

For the second consecutive day on Saturday, Russia reported more than 50,000 new COVID-19 cases, with 51,699 testing positive. The country also recorded 92 coronavirus-related deaths over the last 24 hours, the government's coronavirus task force said. Russia reported 50,952 new COVID-19 cases on Friday, breaching the 50,000 mark for the first time in almost six months.

World noted India's independent stance on Ukraine war: EAM Jaishankar

External Affairs Minister S Jaishankar on Saturday said India's stand on the Russia-Ukraine war was "noted" by the world. Speaking at the Indian Institute of Management, Ahmedabad, Jaishankar said when two countries are at war there is pressure on third parties to carefully choose sides. "The fact that we have taken an independent stance...that the world has noted," he said.

 

PM Modi writes letter to UAE President to strengthen strategic ties

PM Narendra Modi has written a letter to UAE President Sheikh Mohamed Bin Zayed Al Nahyan to talk about further strengthening strategic relations between the countries. PM Modi's letter was delivered by EAM S Jaishankar when he met the UAE President in Dubai. According to UAE's news agency, the letter also talks of developing strategic relations to serve common interests.

Appointments News

Yamuna Kumar Chaubey named as CMD of NHPC

Yamuna Kumar Chaubey takes over as Chairman and Managing Director of NHPC for three months beginning September 1. He succeeded Abhay Kumar Singh.  Chaubey is currently Director (Technical) in NHPC & has been given additional charge of the post of CMD for a period of 3 months till a regular incumbent joins the post.  Abhay Kumar Singh ceased to be the Chairman and Managing Director (CMD) of the company with effect from August 31, 2022, upon attaining the age of superannuation.

Starbucks named Indian-origin executive Laxman Narasimhan as CEO

The coffee giant Starbucks has appointed its new Indian-origin Chief Executive Officer, Laxman Narasimhan. He will join Starbucks on October 1, after replacing Howard Schultz who will continue as interim chief until April 2023.  The 55-years-old Indian, Narasimhan, has served as chief executive of Lysol and Enfamil baby formula, UK-based Reckitt Benckiser Group PLC. Starbucks Corporation is an American multinational chain of coffeehouses and roastery reserves headquartered in Seattle, Washington.  It is the world's largest coffeehouse chain. As of November 2021, the company had 33,833 stores in 80 countries, 15,444 of which were located in the United States.

Former goalkeeper Kalyan Chaubey elected as new AIFF chief 

Kalyan Chaubey, who was a goalkeeper with the storied Mohun Bagan and East Bengal football clubs in Kolkata, was elected president of the All India Football Federation.  Choubey got 33 votes in the 34-member electorate comprising representatives of various state associations. His opponent and former East Bengal teammate Bhaichung Bhutia, also 45, had to be content with a solitary vote.

Agreements News

Adobe and AICTE collaborate to promote digital literacy in India

The All-India Council for Technical Education (AICTE) in order to advance digital creativity capabilities throughout the nation, has struck a partnership deal with Adobe. =  According to a release, under the terms of the agreement, Adobe will provide training for educators, provide courses, and incorporate digital creativity into the curriculum to give kids the fundamental creative and digital literacy skills they need to succeed in today's digital-first society.  By 2024, the alliance hopes to equip more than 75,000 educators working in 10,000 institutions of higher learning with critical digital creativity abilities.

Economy News

India pips UK, our colonial ruler: Kotak on India becoming 5th largest economy

Kotak Mahindra Bank's CEO Uday Kotak said it is a "proud moment for India to pip UK, our colonial ruler" to become the world's fifth largest economy. "But a reality check of population denominator: India: 1.4 bn vs UK: 0.068 bn. Hence, per capita GDP we [are] at $2,500 vs $47,000. We've miles to go," Kotak wrote in a tweet.

 

India's forex reserves fall by $3 billion to $561.04 billion

India's foreign exchange reserves fell by $3 billion to $561.04 billion in the week ended August 26, according to the Reserve Bank of India (RBI) data. The fall was because of a decline in the foreign currency assets (FCA) and the gold reserves. The FCA fell by $2.57 billion in the said week and gold reserves fell by $271 million.

 

India's 2022 GDP growth prediction reduced by Goldman Sachs from 7.6% to 7%

Goldman Sachs has revised lower its growth projections for India. A lower-than-expected growth during April to June increased the negative risk to current fiscal year growth predictions by 40 basis points.  The current fiscal year predictions decreased by 20 basis points from 7.2% and downgraded the full-year 2022 GDP growth forecast from 7.6% to 7%.  In the reporting quarter, India's real GDP growth increased 13.5% year over year, falling short of the 15.2% projection made by experts surveyed by Reuters.  GDP growth momentum decreased to -3.3% quarter-on-quarter after increasing by 0.5% from January to March.

India's GDP projection lowered by Moody's to 7.7 percent 

According to Moody's Global Macro Outlook 2022-2023 study, India's central bank is anticipated to maintain a hawkish posture this year and keep a moderately restrictive policy stance in 2023 to prevent domestic inflationary pressures from escalating.  India's GDP is now expected to grow at a 7.7% annual rate, down sharply from the earlier estimate of 8.8% in May. Moody's Investors Service drastically reduced India's GDP growth by 1.1 percentage points, citing a slowdown in global growth, rising interest rates, and an irregular monsoon as reasons for the economy's potential to lose steam in the coming quarters.

India Surpasses UK to Become World's 5th Largest Economy

India has surpassed Britain to become world’s fifth largest economy, Bloomberg reported. The change in ranking has pushed the United Kingdom to the sixth spot as the country continues to grapple under the brutal cost-of-living shack.  The Indian economy is forecast to grow more than 7 per cent this year. On an adjusted basis and using the dollar exchange rate on the last day of the relevant quarter, the size of Indian economy in “normal” cash terms in the quarter through March was USD 845.7 billion. On the same basis, UK was USD 816 billion, according to the report.

All-India House Price Index rose by 3.5% in Q1 of 2022-2023

The all-India house price index (HPI) increased by 3.5% year over year, during the first quarter of 2022–2023 according to information made public by the Reserve Bank of India. The HPI increased by 1.8% between January and March and by 2% between April and June of 2021–22.  According to the RBI, there were significant differences in the year-over-year movements of the HPI among the cities, ranging from a growth of 16% in Kolkata to a contraction of 4% in Bengaluru.  In the first quarter of 2022–2023, the all-India HPI climbed by 2.2% sequentially.  The indicator sequentially decreased in Delhi, Kolkata, and Jaipur, while it increased in all other cities.

NPPA Launched Apps for Enhancing Ease of Business

The National Pharmaceutical Pricing Authority (NPPA) launched Pharmaceutical Database Management System 2.0 and Pharma Sahi Daam 2.0 app during the celebration of the silver jubilee on 29th August 2022.  The National Pharmaceutical Pricing Authority has provided quality products for years. The Union Health minister Mansukh Mandaviya urged NPPA to produce medicines and conduct innovative research to ensure good health and well-being of people other than for commercial purposes. The Pharmaceutical Database Management System 2.0 and Pharma Sahi Daam 2.0 app were launched during the inaugural event.

 

Ranks and Reports News

World Bank Applauds India's Effective Response to the COVID-19 Crisis Strategies

The World Bank acknowledged that the Indian government's decision to have centralised procurement, support to long-term market development and production of Emergency Medical Equipment (EME), and early export restrictions worked in its favour during the public health emergency in the country in a paper titled "India Covid-19 Procurement: Challenges, Innovations, and Lessons."  The health ministry shared in a report detailing the difficulties, innovations, and lessons learned in the purchase of crucial medical supplies, the World Bank praised India's efforts to combat the Covid-19 outbreak.  According to the report, the development of strong inter-ministerial bodies enabled the government to decide quickly on a centralised procurement to aid the states.

Awards News

64th Ramon Magsaysay Award 2022 Announced

The Ramon Magsaysay Awards Foundation (RMAF), which is widely regarded as the "Nobel Peace Prize of Asia," recently announced this year's awardees in a global announcement ceremony.  The 2022 Ramon Magsaysay Awardees are Sotheara Chhim (Cambodia), Bernadette Madrid (Philippines), Tadashi Hattori (Japan) and Gary Bencheghib (Indonesia).  The Ramon Magsaysay Award, established in 1957, is Asia’s greatest honour and distinction. The award is managed by RMAF. It is named after Ramon Magsaysay, the third president of the Philippines. The award is regarded around the world as ‘’Asia’s Nobel Prize’’. The prize is annually presented in a ceremonial ceremony in Manila, Philippines on August 31. The first Ramon Magsaysay Awards ceremony was held on 31st August 1958.

Hardeep S. Puri presents Smart Solutions Challenge & Inclusive Cities Awards 2022

The Minister for Housing & Urban Affairs & Petroleum and Natural Gas, Hardeep Singh Puri presented Smart Solutions Challenge & Inclusive Cities Awards 2022.  These awards are an initiative of the National Institute of Urban Affairs (NIUA) and the United Nations (UN) in India to address city-level accessibility and inclusion challenges faced by persons with disabilities (PwD), women and girls, and the elderly.

Summits and Conferences News

India to Host Quad Senior Officials' Meeting

The Quad group meeting will be hosted by India in New Delhi with Japan, U.S, and Australia in the coming week. The Quad meeting is the first such "Senior Officers Meeting" (SOM) to be held after tensions rose between China and Taiwan. The Quad SOM meeting is one of several meetings to be held between India and Indo-Pacific Partners.  The Quad SOM meeting is going to be held anytime between 5th-6th September. The SCO summit in Uzbekistan in mid-September is ahead of the Quad SOM meeting. Prime Minister Narendra Modi along with the important leaders of Russia, Iran, China, Pakistan, and Central Asia will attend the SCO Summit, as it is the first such in-person meeting since the outbreak of the COVID-19 pandemic and the Russia-Ukraine war.

Sports News

Apeksha Fernandes Becomes 1st Indian Woman to Reach WJS Championships Final

Apeksha Fernandes became the first Indian woman to make the Junior World finals by finishing eighth overall. Apeksha Fernandes sets a new national record with a time record of 2:18.18.  She finished eighth in the women's 200m butterfly finals by clocking 2:19.14 at the FINA World Junior Swimming Championships 2022. The previous National record was set in June 2022 at 2:18.39 which was set by Apeksha Fernandes. She has one of the fastest reaction times of 0.65s.

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