Weekly Current Affairs 16th to 22nd April 2022

FINANCE AND BANKING

RBI allows rural co-operative banks to raise funds from preference shares, debt instruments

• Reserve Bank of India allowed Rural Cooperative Banks (RCBs) to raise funds from people in their area of operation or existing shareholders through a variety of instruments.
• RCBs, which include state co-operative banks and district central co-operative banks, can raise funds from preference shares and debt instruments.

NBFCs: Reserve Bank of India to step up vigil with four-layered regulatory framework

• The detailed set of norms, which will come into force from October 2022.
• RBI will put in place a four-layered regulatory structure for non-banking financial companies to keep a stricter vigil on the shadow banking sector and minimise risks for the overall financial system.
• It provides for a Scale Based Regulation (SBR) framework that takes into consideration capital requirements, governance standards, prudential regulation and other aspects of the Non-Banking Financial Companies (NBFCs).

SEBI issues operational guidelines for covenant monitoring with DLT

• SEBI has issued operational guidelines for security and covenant monitoring using Distributed Ledger Technology (DLT).
• SEBI specified the manner of recording of charges by issuers and manner of monitoring by debenture trustees, credit rating agencies and responsibilities, among others.
• The measures were aimed to strengthen the process of security creation and monitoring of security created, asset cover and covenants of the non-convertible securities.

ECONOMY

Government amends FEMA rules to allow 20% Foreign Direct Investment in LIC

• The government has amended rules of the Foreign Exchange Management Act, paving the way for up to 20% foreign direct investment in LIC. The rule called Foreign Exchange Management (Non-debt Instruments) (Amendment) Rules, 2022.
• The government is planning to dilute its stake in LIC through the the Initial Public Offering (IPO).

CPSE purchases via government e-marketplace portal hit record Rs 45,971 crore in FY22

• Central public-sector enterprises (CPSEs) have turned out to be the biggest buyers on the government e-marketplace (GeM) portal, pipping central government ministries/departments and states.
• CPSEs bought goods and services worth Rs 45,971 crore through the GeM portal in FY22.

NATIONAL

Pradhanmantri Sangrahalaya

• To honour the contribution of all the Prime Ministers of India towards nation-building, the Pradhanmantri Sangrahalaya is a tribute to every Prime Minister of India since Independence, irrespective of their ideology or tenure in office.
• The museum deals with the life and times of all 14 Prime Ministers.

PM Narendra Modi unveils 108-feet statue of Hanuman in Gujarat's Morbi

• Prime Minister Narendra Modi unveiled a 108 feet statue of Lord Hanuman in Gujarat's Morbi.
• The statue is the second of the four statues being built in the four directions across the country, as part of the 'Hanumanji Char Dham' project.
• The statue has been set up in the west, at the Ashram of Bapu Keshvanand ji in Morbi.
• The first statue of the series was set up in the north in Himachal Pradesh's Shimla in 2010, while the work on the third statue has been started in the south at Rameswaram.

NITI Aayog Plans Platform to Make Govt Data More Accessible to Public

• The NITI Aayog intends to launch a National Data and Analytics Platform (NDAP) to deliver government data in a user-friendly manner, and to foster data-driven decision-making and research.
• The platform aims to standardise data across government sources and provide flexible analytics to allow users to easily analyse facts and statistics using numerous datasets.

INTERNATIONAL

Russian warship: Moskva sinks in Black Sea

• A Russian warship Moskva, the flagship of Russia's Black Sea Fleet that was damaged by an explosion has sunk.
• The 510-crew missile cruiser was a symbol of Russia's military power, leading its naval assault on Ukraine.
• The Moskva was the only ship in the fleet which had long-range air defences on board.

Bangla New Year Pohela Boisakh celebrated in Bangladesh

• The Bangla new year Pohela Boisakh was celebrated across Bangladesh on April 14 with enthusiasm and festivity.
• The traditional Mongol Shovajatra got the UNESCO recognition in 2016 as World Heritage.

India handover consignment of Covishield vaccines to PM of Cambodia Hun Sen

• Indian ambassador to Cambodia, Devyani Khobragade, along with representatives from the embassies of Australia, Japan, and the US to Cambodia, jointly handed over a consignment of 25 lakh doses of Covishield vaccines to PM Sen at the Peace Palace in Phnom Penh.

STATES

Poila Baisakh, Vishu

• Poila Baisakh or Pohela Boishakh is the first day in the month of Baisakh, which is the first month according to the Bengali calendar. Poila Baisakh is also known as Bangla Noboborsho.
• The day marks the Bengali New Year and is celebrated by people in West Bengal, Assam, and Tripura. The festival is also celebrated with great joy and fervour in

1st flight from Keshod to Mumbai flagged off

• Union Minister for Civil Aviation Jyotiraditya M Scindia flagged off the first flight from Gujarat’s Keshod to Maharashtra’s Mumbai and vice-versa.
• Alliance Air will commence the first flight from Keshod to Mumbai and vice-versa under the “Ude Desh ka Aam Naagrik” Regional Connectivity Scheme (UDAN-RCS).

Work for Seaweed park in TN will start

• For the first time in the country, a seaweed park will be set up in Tamil Nadu to improve the livelihood of fishermen.
• A project to raise quality fish fry in the sea would be implemented under the Prime Minister's Matsya Sampada Yojana to increase fish stocks in Rameswaram and Mandapam areas.
• Rs 1,500 would be provided as relief assistance on behalf of the Central Government during the fishing ban period and a group insurance scheme would be implemented for fishermen.

REPORTS AND INDEXES

2022 Financing for Sustainable Development Report: Bridging the Finance Divide: UN Report

• UN Department of Economic and Social Affairs in collaboration with more than 60 international agencies, including the UN system and international financial institutions produced a report titled “2022 Financing for Sustainable Development Report: Bridging the Finance Divide”.
• The report is on financing to achieve UN development goals for 2030, including ending poverty, ensuring quality education for all young people and achieving gender equality.

IMF cuts India’s GDP growth forecast for FY23

• International Monetary Fund has slashed the gross domestic product (GDP) growth forecast for India in FY23 to 8.2% in its latest World Economic Outlook report, released on April 19, 2022, in January report, this was estimated at 9%.
• IMF has also cut India’s FY24 GDP growth forecast to 6.9%. Earlier this was 7.1%. In the case of the global economy, IMF has cut the growth forecast for the calendar year 2022 to 3.6% from 4.4%.

India's retail inflation rises to 6.95% in March 2022: NSO

• India’s annual retail inflation shot up to a 17-month high in March, 2022 while factory output contracted sequentially in February, complicating policy choices for the central bank.
• The data released by the National Statistical Office (NSO) showed that the retail inflation rate rose to 6.95% in March, 2022.
• The Index of Industrial Production (IIP), on the other hand, grew 1.7% on an annual basis in February but contracted 4.7% month on month, signalling that economic revival is yet to find a strong footing.

SCIENCE AND TECHNOLOGY

IIT Guwahati, NTPC develop energy-efficient tech to capture carbon dioxide from power plants

• The Indian Institute of Technology Guwahati has partnered with NTPC Limited to design and develop a highly energy-efficient plant for CO2 capture from power plants.
• This technology, which works on flue gas using a newly activated amine solvent (IITGS), consumes up to 11 percent less energy compared to commercial activated MDEA (Monoethanolamine) solvent and up to 31 percent less energy compared to benchmark MEA (Monoethanolamine) solvent.

AGRICULTURE AND RURAL DEVELOPMENT

Govt sets foodgrain output target at record 328 million tonnes for 2022-23

• Government has set the foodgrain production target at a record level of 328 million tonnes for the 2022-23 crop year on the back of good monsoon rains.
• The target is 8% higher compared to previous year’s output.
• As per the second advance estimate of the agriculture ministry, foodgrains production is estimated to be a record of 316.06 million tonne in ongoing 2021-22 crop year ending June.

Indian mills produce 32.99 MT sugar till 15, April 2022: Indian Sugar Mills Association (ISMA)

• Sugar mills in the country have produced 32.99 million tonnes of sugar till 15, April 2022, this year, which is 3.8 million tonne (MT) higher than 29.18 MT produced by the last year.
• ISMA said Maharashtra has recorded sugar production of 12.64 MT till April 15 this year as against 10.39 MT at the same time last year, almost 2.25 MT higher.
• In the current 2021-22 sugar season, reportedly 45 mills have stopped crushing operations in Maharashtra, while 153 sugar mills are still crushing cane.

Pune’s GI-tagged figs exported to Germany

• For the first time, fresh figs from Purandar taluka of Maharashtra’s Pune district with GI tags have been exported to Europe.
• The Purandar Highlands Farmers Producers Company (PHFPC) has managed to successfully export a consignment to Germany.
• The export was facilitated by the Maharashtra State Agriculture Marketing Board (MSAMB).

DEFENCE

Vagsheer, last Scorpene-class submarine under Project-75, launched

• The sixth Scorpene class submarine, INS Vagsheer, constructed by Mazagon Dock Shipbuilders Limited for the Indian Navy, was launched in Mumbai.
• INS Vagsheer will now undergo rigorous trials and tests, both in harbour and at sea before it is commissioned into the Navy. These submarines are being constructed at Mazagon Dock Shipbuilders Limited (MDL) Mumbai, under collaboration with Naval Group, France.

IIT Madras signs agreement with IAF to develop solutions to maintain weapon systems

• The Indian Air Force (IAF) signed an agreement with the Indian Institute of Technology (IIT) Madras to develop indigenous solutions to maintain various weapon systems.
• IIT Madras will provide consultancy duly supported by research for feasibility studies and prototype development.

National Level Pollution Response Exercise of Indian Coast Guard inaugurated

• Defence Secretary Dr Ajay Kumar inaugurated the 8th edition of two-day National Level Pollution Response Exercise, ‘NATPOLREX-VIII’, being conducted by Indian Coast Guard (ICG) off Mormugao harbour, Goa.
• The event is being attended by more than 85 participants from 50 agencies, including 29 observers from 22 friendly foreign countries & International Organisations and two Coast Guard ships from Sri Lanka and Bangladesh.

EVENTS

40th edition of ‘Hunar Haat’ to be inaugurated in Mumbai

• The 40th edition of “Hunar Haat”, a platform to preserve, protect and promote local artisans and craftsmen, was inaugurated Union Minister Anurag Thakur in Mumbai.
• At least 1,000 artisans and craftsmen from all over the country will participate in the 40th edition of the initiative, which will be inaugurated by Union Minister for Information and Broadcasting and Youth Affairs and Sports Anurag Thakur.

PM Modi to Global Ayush Investment and Innovation Summit

• Prime Minister Narendra Modi will inaugurate the three-day Global Ayush Investment & Innovation Summit (GAIIS) in Gandhinagar, Gujrat.
• The most pertinent event of Ministry of Ayush for 2022, this Summit will witness the participation of industry leaders, academicians, and scholars to deliberate upon ways to promote traditional medicines, and systems.

Beach Festival “I Sea PONDY-2022” inaugurated

• Lieutenant Governor Dr. Tamilisai Soundararajan inaugurated the Puducherry's first-ever Beach Festival I Sea PONDY-2022.
• The festival will be celebrated for four days in Puducherry Gandhi Beach, Pondy Marina and Sandunes of Paradise Beach. Various cultural events and contests will be held during the festival.

AWARDS AND REWARDS

Prime Minister’s Award for Excellence in Public Administration 2020

• Ministry of Civil Aviation (MoCA) flagship Regional Connectivity Scheme UDAN (UdeDeshkaAamNagrik) has been selected for Prime Minister’s Award for Excellence in Public Administration 2020 under the category “Innovation (General) – Central”.
• UDAN aims to enhance aviation infrastructure and air connectivity in Tier II and III cities

International Gandhi Award for Leprosy 2021

• Vice President M. Venkaiah Naidu conferred the International Gandhi Award for Leprosy 2021 to Bhushan Kumar of Chandigarh and Sahyog Kushtha Yagna Trust, Gujarat at a function in New Delhi.
• The annual award was instituted by Gandhi Memorial Leprosy Foundation.

Malcolm Adiseshiah Award 2022

• Economist and political commentator Prabhat Patnaik will receive the Malcolm Adiseshiah Award 2022, by the Malcolm and Elizebath Adiseshiah Trust.
• The award comprises a citation and prize money of Rs 2 lakh.

SPORTS

Santosh Trophy kicks off at Malappuram in Kerala

• 75th edition of Santosh Trophy began in Malappura, Kerala.
• The semifinals will be played on April 28 and 29 and the final on May 2.

Cricketer Joe Root steps down from England's Test captaincy

• Joe Root has stepped down as England Test captain following a run of poor results capped by dispiriting tours of Australia and the Caribbean.
• Root was appointed as Sir Alastair Cook's successor in 2017, and holds the record for the most number of matches and wins as England Test captain.

Odisha CM unveils logo of 2023 Men’s Hockey World Cup

• Odisha Chief Minister Naveen Patnaik unveiled logo of 2023 FIH Men’s Hockey World Cup at the Kalinga stadium in the capital Bhubaneswar. To be held in the twin cities of Bhubaneswar and Rourkela, the prestigious quadrennial tournament is scheduled from January 13 to 29.
• Hockey India and its official partner Odisha will host the marquee event for the second consecutive time in the country after 2018....