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08th &  9TH October 2022









Government to commence FY24 budget making exercise on Monday

The government will begin its annual budget-making exercise for financial year 2023-24 on Monday. The meeting would start with consultations with various ministries and departments on the revised estimates (RE) of expenditure for ongoing financial year and the fund requirement for 2023-24. Most of these discussions would be chaired by the Finance Secretary and Expenditure Secretary.

Was surprised: Pankaj on Election Commission making him national icon

Actor Pankaj Tripathi revealed he was surprised after he was named the national icon by the Election Commission of India. Pankaj added the Election Commission noticed that he's eager to take forward "the message of the importance of democracy". "It's for the love of democracy which has pushed me to contribute and it was acknowledged with the tag," he stated.


Ex-CJI K.G. Balakrishnan to head Commission to inquire into demand for SC status to non-Hindu Dalits

The Union Government has appointed a three-member commission, headed by former Chief Justice of India K G Balakrishnan, to consider the possibility of granting SC status to “new persons who have historically belonged to the Scheduled Castes’’ but have converted to religions other than Hinduism, Buddhism and Sikhism.  According to a notification issued by the Union Ministry of Social Justice and Empowerment, the commission will also include retired IAS officer Dr Ravinder Kumar Jain and UGC member Prof (Dr) Sushma Yadav as members.  The commission will have to submit its report to the Ministry in two years, it said. The Government’s move to set up a national commission to study the social, economic and educational status of members of SCs who have converted mainly to Islam and Christianity.

Mohit Bhatia named CEO of Bank of India Mutual Funds

Mohit Bhatia- New CEO of Bank of India Mutual Funds: The appointment of Mohit Bhatia as CEO of Bank of India Investment Managers Private Ltd (Bank of India Mutual Funds) has been made public. In the fields of sales and distribution, team development, marketing & branding, and the creation of digital eco-systems, Bhatia has more than 26 years of professional expertise.  Mohit Bhatia 's most recent position was head of sales and marketing at Canara Robeco Asset Management Company Ltd.  The Bank of India Mutual Funds firm achieved 50,000 crores in assets under management (AUM) during his leadership.



OPEC oil cuts 'unhelpful & unwise' for global economy: Janet Yellen

US Treasury Secretary Janet Yellen called the decision of the OPEC+ to cut oil production "unhelpful and unwise" for the global economy. Speaking to the Financial Times, Yellen said, "We're very worried about developing countries and the problems they face." She added that keeping prices low was particularly helpful for countries suffering due to high energy prices.


Meta to notify Facebook users against apps stealing login details

Facebook's parent company Meta said that it has identified more than 400 apps which stole login credentials of users. "We are also alerting people who may have unknowingly self-compromised their accounts by downloading these apps and sharing their credentials," Meta said. It said that Google and Apple had been notified about these malicious apps available on their app stores.



SBI lines up NPAs over ₹746 crore for sale in October and November

The State Bank of India has put various non-performing assets (NPAs) up for sale in October and November, including the fraud account of Sintex-BAPL, to recover over ₹746 crore. NPAs will be offered to asset reconstruction companies/financial institutions, banks or Non-Banking Financial Companies. The auction will include accounts of Sintex-BAPL, Surat Hazira NH6 Tollway and Shreebhav Polyweaves.

India, Taiwan should consider finalising FTA at the earliest: Taiwanese envoy

Taiwan's de-facto Ambassador Baushuan Ger said that India and Taiwan should finalise the proposed free trade agreement (FTA) as soon as possible to remove barriers for trade and investment. Ger said Taiwan is keen to share its expertise with India in sectors like semiconductors, 5G, information security and AI. He reaffirmed Taipei's focus on supporting the rules-based international order.

Foreign investors invest ₹2,400 crore in Indian equities in first week of October

According to data from the depositories, foreign portfolio investors (FPI) have invested a net ₹2,440 crore in the domestic equity markets in the first week of October. FPI flow is expected to remain volatile in the coming months on a slew of global and domestic factors, experts said. FPIs had withdrawn over ₹7,600 crore last month.

IDBI Bank buyers need MHA clearance in 1st stage of bidding

The central government has mandated that interested buyers of IDBI Bank will have to seek security clearance from the Ministry of Home Affairs (MHA) during the first stage of the bidding process. The government and LIC will together divest a 60.72% stake in the lender. Interested parties will have to certify that no regulatory authority's investigation is pending against them.

India will stand out with 7% growth rate in FY23: EAC member

A member of the Economic Advisory Council to the PM, Sanjeev Sanyal, on Sunday said, "We are...entering an environment where many countries...will be facing much slower growth or even slipping into recession." "Under those circumstances, India's performance will stand out as being perhaps...strongest of any major economy with around 7% GDP growth rate in current fiscal year," he added


Govt Pushes IDBI Bank Disinvestment Process

After facing challenges in the plan to privatise IDBI Bank, the government has asked the Reserve Bank of India to consider tweaking the promoter criteria that may bring a wider pool of bidders for public sector banks. There are currently 12 public sector banks.  The bank privatisation has come a cropper because RBI's norms are clear that no existing bank can promote a new bank, and the same promoter cannot promote another bank, a source said. "This has limited the pool of possible bidders and the government wants RBI to take a relook.  The Budget for 2021-22 (Apr-Mar) had proposed privatising two public sector banks and one general insurance company. Privatisation of public sector banks will require legislative amendments. The Banking Laws (Amendment) Bill 2021, which was listed for business in the Winter session last year, has not yet been introduced in Parliament due to protests by bank unions.

RBI to start a pilot programme for Digital Rupee

Pilot programme for Digital Rupee: The Reserve Bank of India (RBI) said that it will shortly start restricted test launches of the digital rupee for particular use cases. The concept paper was made public as part of an experiment with digital money in India. The Reserve Bank of India (RBI) is currently developing a phased deployment plan while investigating the advantages and disadvantages of a central bank digital currency.  Additionally, the central bank stated that the Concept Note on Central Bank Digital Currency was published to raise awareness about Central Bank Digital Currency (CBDC) in general and the proposed features of the Digital Rupee.  According to the Reserve Bank of India (RBI)'s concept paper on Central Bank Digital Currency (CBDC), application cases for an electronic rupee are being looked at in a way that causes little to no interruption to the financial system. The Central Government said in February that a digital rupee will be introduced during the current fiscal year.

World Bank slashes India's economic growth forecast to 6.5% for FY23

The World Bank  cut its 2022-23 (FY23) real gross domestic product (GDP) growth forecast for India to 6.5%, from an earlier estimate of 7.5%, while warning that spillovers from Russia's invasion of Ukraine and global monetary tightening will weigh on the economic outlook.  In its twice-a-year report on South Asia, the World Bank said, "Private investment growth is likely to be dampened by heightened uncertainty and higher financing costs." The international financial institution also noted that slowing global demand will impact the country's exports. This is the third time the World Bank has revised its GDP growth forecast for India in FY23. In June, it had slashed its FY23 GDP growth forecast for India to 7.5%. Earlier in April, it had trimmed the forecast from 8.7% to 8%.

Ranks and Reports News

56 Million Indians may have turned Poor in 2020 due to pandemic: World Bank

About 56 million Indians may have plunged into extreme poverty in 2020 as a result of the pandemic, increasing the global tally by 71 million and making it the worst year for poverty reduction since World War II, according to fresh estimates by the World Bank.  “The global goal of ending extreme poverty by 2030 is likely to be missed: By then, about 600 million people will remain in abject poverty. A major course correction is needed,” Indermit Gill, chief economist at the World Bank, tweeted. The World Bank in its latest “Poverty and Shared Prosperity” made fresh estimates of poverty using a new extreme poverty line based on the purchasing power parity (PPP) of $2.15, the earlier one being at $1.9.

Schemes and Committees News

GoI named Delhi HC Judge Justice Dinesh Kumar Sharma as Presiding Officer Of UAPA Tribunal

The government of India has appointed Justice Dinesh Kumar Sharma of the Delhi High Court as the presiding officer of the tribunal for the Unlawful Activities Prevention Act (UAPA), related to the ban on the Popular Front of India (PFI) and its associates.  Once an organisation is banned under the provisions of UAPA, a tribunal is set up by the government to adjudicate whether there are sufficient grounds for the decision.  According to procedure, the Union Home Ministry requests the Law Ministry to name a sitting judge of a High Court to be the presiding officer, and the Law Ministry, in turn, requests the Chief Justice of the concerned High Court to recommend a name. The Home Ministry will now issue a formal notification naming Justice Sharma as presiding officer.

Cheetah Introduction Project Monitoring: Centre set up 9-member task force

Cheetah Introduction Project Monitoring: The Center has established a Task Force to oversee the introduction of cheetahs in Madhya Pradesh's Kuno National Park and other suitably specified places.  The National Tiger Conservation Authority (NTCA) would support the Cheetah Task Force's operations and provide all essential assistance. Principal Secretaries of Madhya Pradesh's Forests and Tourism, as well as Dr. Amit Mallick, Inspector General of the NTCA in New Delhi, will be among the task force's nine members.  The Task Force will be active for two years, according to a statement from the Ministry of Environment, Forests, and Climate Change.  As and when they want, this task group may designate a subcommittee to visit the Cheetah introduction area on a regular basis.

Summits and Conferences News

5th Assembly of International Solar Alliance to be held in New Delhi

5th Assembly of International Solar Alliance: The curtain raiser for the 5th Assembly of International Solar Alliance and associated side activities, which will take place in New Delhi from October 17–20, 2022, was unveiled by Union Minister for Power and New and Renewable Energy RK Singh.  According to the Ministry of New and Renewable Energy, India currently holds the position of President of the International Solar Alliance (ISA) Assembly.  Energy access, energy security, and energy transformation are three crucial problems that will be discussed at the ISA's 5th Assembly of International Solar Alliance.  The strategic strategy of the ISA in programmatic assistance for LDC and SIDS Member Countries, capacity building support to all developing Member Countries, and analytics & advocacy help to all Member Countries will also be covered by world leaders from ISA Member Countries.  There should be more agreement among nations to promote solar energy following the 5th Assembly of International Solar Alliance.  The energy transformation will be supported by increased international collaboration, which will drive investment and generate millions of new green jobs during this important decade of climate action.

Awards News

Nobel Peace Prize 2022: Human rights campaigners in Ukraine, Russia and Belarus awarded

Nobel Peace Prize 2022: Ales Bialiatski, a human rights defender from Belarus who is now incarcerated, Memorial, a Russian human rights organisation, and Center for Civil Liberties, a Ukrainian human rights organisation, have all been jointly given this year's Nobel Peace Prize 2022.  The Russian human rights organisation Memorial is one of the two organisations to receive this year's Nobel Peace Prize. The Memorial was ordered to close down during a wave of repression against critical voices and refers to it as "the conscience of Russia prohibited under Putin." During a time of unrest in Ukraine, the Center for Civil Liberties was established in 2007 to advance democracy and human rights there.  The centre has stepped its efforts to support Ukrainian civil society and put pressure on the government to transform Ukraine into a fully fledged democracy and a state ruled by the rule of law, according to Nobel committee head Berit Reiss-Andersen.  The organisation has tried to compile evidence of Russian war crimes committed against Ukrainian citizens since Russia invaded Ukraine in February.  When it comes to bringing the guilty parties accountable for their misdeeds, the centre is paving the way.

Important Days

Indian Air Force celebrates its raising day on 8th October

Indian Air Force was raised on October 8, 1932, and it is completing 90 years today. The day and its observance is a matter of pride for Indians and inspire a patriotic zeal among the citizenry for the air arm of the Indian Armed Forces.  The President of India is the Commander-in-chief of the IAF. This time Air Force Day flypast is scheduled to take place over Sukhna Lake in Chandigarh this afternoon.  In a historic first, the parade and fly-past of Air Force day have been moved out of the national capital region by the Indian Air Force. President Draupadi Murmu and Defence Minister Rajnath Singh will be present on this occasion. Indian Air Force was officially established on 8 October 1932 by the British Empire as the Royal Indian Air Force.

World Migratory Bird Day 2022 celebrates on 8th October

Since its creation in 2006, World Migratory Bird Day has been commemorated twice a year. It is supposed to be celebrated on the second Saturday of May and the second Saturday of October. This year, it was previously celebrated on 14 May and for the second time, the world marks this day again today, 8 October.  At least 4,000 different bird species travel long distances, making up about 40% of the world’s bird population.  The purpose of World Migratory Bird Day is to increase public awareness on the issues migrating birds encounter, their ecological importance, and the need for global cooperation to safeguard them. They migrate in search of food. Twice a year, these birds spend the winter in warmer regions before coming home to reproduce.

World Cotton Day 2022 is celebrated on October 7

October 7 is celebrated each year as World Cotton Day. Year 2022 marks the third-anniversary celebration of the international event. Below, we look at the theme of this year’s celebration, its history and its significance. Cotton fibre and cottonseed are two of the most heavily used plant products globally.  India is one of the largest cotton producers globally. It is a multipurpose plant chiefly used in the textile industry but also in the medical sector, edible oil industry, animal feeds, and bookbinding, among others.  The theme for 2022’s celebration of World Cotton Day appears to be “Weaving a better future for cotton,” as apparent from the posters released by the Food and Agriculture Organisation of the United Nations (FAO).

World Cerebral Palsy Day 2022: Theme, History & Significance

World Cerebral Palsy Day is observed on October 6. Cerebral Palsy is a lifelong disability with no known cure. The day celebrates lives of 17 million people living with Cerebral Palsy, bringing people living with cerebral palsy, their families, allies, supporters and organisations across more than 100 countries together.  In 2012, Cerebral Palsy Alliance created World Cerebral Palsy Day on October 6. The day aims to ensure that children and adults with cerebral palsy have the same rights, access and opportunities as rest of the world.  The Theme for World Cerebral Palsy Day 2022 is “Millions of Reasons”. This year’s them highlights that there are 17 million people all over the world who are suffering from the cerebral palsy disorder.

Obituaries News

Arun Bali, actor passes away

Arun Bali Death: Arun Bali, a seasoned actor best remembered for playing Kunwar Singh in Swabhimaan, passed away on 7 October 2022 at the age of 79. The actor passed away in Mumbai, according to various sources.  On October 7, his final movie, Goodbye, was released in theatres. In the Friday-released movie Goodbye, Arun Bali made his final appearance.  Arun Bali performed in a number of movies and TV shows, notably the 1991 historical drama Chanakya, in which he played King Porus.  In the movie Hey Ram, he also played Huseyn Shaheed Suhrawardy, the chief minister of West Bengal (2000).  Arun Bali 's performance as Harshvardhan Wadhwa in Kumkum is well renowned.  Arun Bali is well recognised for his parts in films like Panipat, Kedarnath, and 3 Idiots.



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