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Union Cabinet Approvals on June 14, 2022On June 14, 2022, the Union Cabinet chaired by Prime Minister (PM) of India Narendra Modi has approved the following proposals:
i.The Union Cabinet has approved the proposal for signing of an agreement between the Government of India (GoI) and the United Nations (UN) on a ‘Way Finding Application’ to be used in the Palais des Nations, United Nations Office at Geneva (UNOG).
ii.The Union Cabinet approves Agreement on Cooperation in the field of youth work among the authorized bodies of the member states of Shanghai Cooperation Organization (SCO) to strengthen mutual trust, friendly relations and cooperation among young people.
iii.The Cabinet also approved a Memorandum of Association (MoA) by India for the establishment of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) Technology Transfer Facility (TTF), which was signed by the BIMSTEC member countries at the 5th BIMSTEC Summit held at Colombo, Sri Lanka in March, 2022.
iv.CCEA has approved a moratorium of three years (2020-21, 2021-22 & 2022-23) to Cochin Port Authority (CoPA) on repayment of the balance Government of India (GoI) loans amounting to Rs. 446.83 crore to tide over the financial crisis due to Covid-19 pandemic.
v.CCEA has approved the proposal for development of Phase I of New Greenfield Airport at Dholera (Ahmedabad), Gujarat at an estimated cost of Rs 1305 crore, with completion time within 48 months.
vi.The Union Cabinet has approved a proposal of the Department of Telecommunications (DoT), Ministry of Communications to conduct spectrum auction through which spectrum will be assigned to the successful bidders for providing 5G services to public and enterprises.
About Shanghai Cooperation Organization (SCO):
The SCO currently comprises eight Member States (China, India, Kazakhstan, Kyrgyzstan, Russia, Pakistan, Tajikistan and Uzbekistan), four Observer States (Afghanistan, Belarus, Iran, and Mongolia) and six Dialogue Partners (Armenia, Azerbaijan, Cambodia, Nepal, Sri Lanka and Turkey).
Secretary-General– Zhang Ming
Secretariat/Headquarter– Beijing, China
>> Read Full News
4th Annual PLFS : UR fell to 4.2% in 2020-21 from 4.8% i.In accordance with the Periodic Labour Force Survey (PLFS) – Annual Report (July, 2020 – June, 2021), the Unemployment Rate (UR) saw a decrease of 0.6% and fell to 4.2% in 2020-21, compared with 4.8% in 2019-20.
ii.The survey was released by the National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI) on June 14, 2022, covering both rural and urban areas.
iii.LFPR in the population was 41.6% during 2020-21 as compared to 40.1% in 2019-20. In rural areas it was 42.7% in 2020-2021, and 38.9% in urban areas.
About National Statistical Office (NSO):
NSO works under the aegis of Ministry of Statistics and Programme Implementation (MOSPI)
Headquarters– New Delhi, Delhi
>> Read Full News
Tamil Nadu Surpasses West Bengal to Emerge as The Largest State with Outstanding Microfinance Loans Portfolio
Microfinance Institutions Network (MFIN), an industry association, has released the 41st issue of its Micrometer Report for Q4 Financial Year 2021-22 (FY22), a quarterly report that gives an overview of the microfinance (micro-credit) industry as of March 31, 2022 (Q4 FY22).
- According to Micrometer Q4 FY22 data, Tamil Nadu has overtaken West Bengal as the state with the largest outstanding portfolio of microfinance loans.
Tamil Nadu’s gross loan portfolio (GLP) was Rs 36,806 crore as of March 31, 2022. Bihar (Rs. 35,941 crore) and West Bengal (Rs. 34,016 crore) came in second and third, respectively.
- At the end of Q3FY22, West Bengal topped the chart with the highest outstanding loan portfolio of Rs. 32,880 crore, followed by Tamil Nadu (Rs. 32,359 crore).
- Building on the momentum created in Q3 FY22, the microfinance industry made significant progress in Q4 FY22.
- Dr. Alok Misra is the CEO & Director of MFIN.
i. The top 10 states (based on total microcredit universe) account for 82.44 % of the industry’s total GLP.
ii.West Bengal was followed by Karnataka, Uttar Pradesh, and Maharashtra.
iii. According to the report, the East, Northeast, and Southern regions account for around 64% of the microfinance portfolio.
iv.As of March 31, 2022, India’s overall microfinance industry had a total GLP of Rs. 2,85,441 crore, a growth of 10% year on year (YoY) from Rs. 2,59,377 crore as of March 31, 2021.
- The microfinance industry served 5.8 crore unique borrowers, through 11.3 crore loan accounts.
i. With a total loan outstanding of Rs. 1,14,051 crore, or 40% of the total microcredit universe, 12 banks had the greatest share of the portfolio in microcredit.
ii.With a loan portfolio of Rs. 1,00,407 crore, Non-Banking Financial Companies-Micro Finance Institutions (NBFC-MFI) are the second largest providers of micro-credit, accounting for 35.2 % of the total industry portfolio.
iii. Small finance banks (SFBs) have a total loan amount outstanding of Rs. 48,314 crore, accounting for 16.9%, followed by NBFCs at 6.9%. Other MFIs make up 1% of the overall universe.
Observations From the Report
i. According to the report, the proportion of NBFC-MFI portfolios in the universe portfolio climbed by 4.1 % to 35.2 % as of March 31, 2022, however banks remained the primary contributors.
ii.The geographical distribution of the portfolio also changed, with a decrease in the share of the east and northeast by 3.3 %, while the south and north regions increased by 1.3 % each.
GoI to set up ‘PM Shri Schools’ to Prepare Students for Future
Dharmendra Pradhan, Union Minister, Ministry of Education announced that the Government of India is set to establish “PM Shri Schools” which are fully equipped to prepare the students for future. These state-of-the-art schools will also act as a laboratory for the New National Education Policy(NEP) 2020.
- The announcement was made during the two-day National Education Minister’s Conference held in Gandhinagar, Gujarat. The conference focused on the implementation of the new NEP 2020.
Startup Genome launched GSER 2022 at London Tech Week 2022On 14th June 2022, Startup Genome, a world-leading innovation policy advisory and research firm, released the Global Startup Ecosystem Report 2022(GSER 2022), the 10th-anniversary edition of GSER, at the Elevating Founders event of London Tech Week 2022 (13th to 17th June 2022).
Various Indian ecosystems have risen in the ranking compared to 2021 ranking.
Bengaluru, Karnataka has ranked 22nd on the global ranking, up one place from the 2021 ranking, while Delhi has moved up 11 places and ranked 26th and Mumbai is ranked at 36.
i.According to the report, Bengaluru has ranked 5th on the global stage for tech venture capital (VC) investment in 2022.
ii.Bengaluru, Karnataka is among the top 20 in the Global ecosystem in Bang for Buck, among the top 15 in the Global Ecosystem in Funding and among the top 25 in Global Ecosystem in Performance.
>> Read Full News
IMD’s World Competitiveness Index 2022: India jumps 6 places to 37th rank; Denmark topsAccording to the International Institute for Management Development (IMD)’s annual World Competitiveness Index – 2022 (34th edition) India has jumped 6 positions from 43rd in 2021 to 37th in the 2022 ranking. India has recorded the sharpest rise among the Asian economies.
Denmark has topped the 2022 ranking featuring 63 economies, followed by Switzerland(2nd) and Singapore(3rd).
The major 4 factors in the ranking are Economic Performance, Government Efficiency, Business Efficiency, and Infrastructure.
i.The economies among the top 10 include the Netherlands (6th), Taiwan (7th), Finland (8th), Norway (9th), and the USA (10th).
ii.According to the 2022 ranking, Singapore (3rd), Hong Kong (5th), Taiwan (7th), China (17th), and Australia (19th) were the top-performing Asian economies.
About International Institute for Management Development
President– Jean-François Manzoni
Location– Lausanne (Switzerland) & Singapore
>> Read Full News
India, Israel, UAE And US Form New I2U2 Grouping: I2U2’s First Virtual Summit To Be Held in July 2022
The United States of America (USA) has announced the formation of I2U2, a new group that includes India, Israel, the USA, and the United Arab Emirates (UAE).
- The new grouping is known as “I2U2,” with “I” standing for India and Israel and “U” standing for the USA and the UAE.
US President Joe Biden will host the first-of-its-kind virtual summit of I2U2 during his visit to West Asia from July 13 to 16, 2022 with Indian Prime Minister (PM) Narendra Modi, Israel’s PM Naftali Bennett, and UAE President Mohammed bin Zayed Al Nahyan.
- The summit will focus on the food security challenge and other areas of cooperation across hemispheres, with the UAE and Israel serving as significant innovation hubs.
About the United States (US):
President – Joe Biden
Capital – Washington, DC
>> Read Full News
Coursera: India has Ranked 68th in Overall Skill Proficiency Globally; Switzerland tops
United States based Coursera’s latest annual Global Skills Report (GSR) 2022 reveals that India ranked at the 68th position globally and Asia’s 19th position in overall skills proficiency.
- The report named Switzerland in the number one spot in the second consecutive year in overall skills, with 99% proficiency in business, 94% in technology, and 97% in data science followed by Denmark, Indonesia, Belgium,and Singapore.The report ranks the United states 29th in overall skills proficiency, lagging behind countries in Asia and Europe.
- The report has drawn data from 100 million learners in more than 100 countries who have used the edtech platform to develop a new skill.
- The report benchmarks three most in-demand skill areas including business, technology, and data science.
Note – The reports estimate that 28 million new technology jobs will be created in India by 2025.
India’s Report in Detail:
The report shows an increase in India’s technology proficiency levels from 38% to 46% and proficiency in data science has dipped from 38% in 2021 to 26% in 2022, leading to a drop in 12-rank .India ranked 67th in Global Skills Report (GSR) 2021.
- India ranks 56th globally in building technology skills like cloud computing, theoretical computer science, and web development compared to the 66th rank in 2021.
- Cloud Computing is India’s strongest technology skill with 74% proficiency.
- According to the GSR 2022, Indian learners in southern states perform better than those in states in the north across all the three domains.
- The strongest skill in the domain for India continues to be Machine Learning (41%).
ii. India scores low on foundational and specialised data science skills like Data Visualisation (10%), Statistical Programming (14%), Data Management (22%) among others.
iii.According to the GSR 2022, learners in India are over-indexed in skills such as investment management (1.38x), blockchain (1.33x) and risk management (1.22x).
Statewise Report of India:
i.India’s West Bengal state ranked No.1 in terms of skills proficiency across the three domains and also earned a perfect 100% proficiency in more than 10 skills, across the three domains, such as leadership & management, human resources, cloud computing, computer programming, ML, and data analysis.
ii.Karnataka ranks No.4 in technology and No.6 in data science.
iii.Andhra Pradesh is one of the top 3 performing states with high proficiency in business and technology skills, including 100% proficiency in security engineering, operating systems, and computer networking.
- Andhra Pradesh State Skill Development Corporation (APSSDC), has created a robust pool of skilled workers with coordinated approach to skill development, public-private partnerships.
CEO – Jeff Maggioncalda
Managing Director (MD) – Raghav Gupta (India and APAC)
Establishment – 2012
Headquarters: California, United States
BANKING & FINANCE
CASHe Launches Industry First Instant Credit Line on WhatsApp
CASHe, a credit- led, Artificial Intelligence (AI)-driven financial wellness platform, has introduced an industry-first instant credit line service on WhatsApp leveraging its AI-powered chat capability.
- CASHe provides an instant credit limit 24/7 on WhatsApp to customers, by merely typing their names into the service, without the need for any paperwork, app downloads, or time-consuming application forms.
CASHe’s WhatsApp Instant Credit Line
i. CASHe’s WhatsApp chat service is built on the WhatsApp Business Platform,an enterprise solution that enables businesses to engage with new and existing consumers on WhatsApp in a simple, secure, and reliable manner.
ii.Leveraging WhatsApp’s growing user base in India, CASHe has become the first fintech (financial technology) firm to offer the service using its AI-powered chatbot.
iii. During the beta stage, the service gained a lot of popularity with clients, with a near-zero delay in approving credit limits for KYC (Know Your Customer)-compliant customers.
Features of CASHe’s WhatsApp Instant Credit Line
i. This service is available to all salaried customers, and any customer can use it by sending a “Hi” message to CASHe’s WhatsApp number +918097553191.
ii.An AI-powered bot underpins this service, matching the customer’s inputs and automatically facilitating a formal application as well as a KYC check.
- It will set up a credit line in a few clicks through a guided conversational flow once the above specifications are verified.
iii. The borrower’s details will be generated and displayed depending on the name entered – the only key input required at the start of the conversation.
Note: V. Raman Kumar is the Founder & Chairman of CASHe.
CEO – Dhruv Jain
Founded – 2016
Headquarters – Mumbai, Maharashtra
Canara HSBC OBC Life Insurance Rebranded as Canara HSBC Life Insurance
On 15th June 2022 Canara HSBC Oriental Bank of Commerce (OBC) Life Insurance renamed itself as Canara HSBC Life Insurance, coinciding with its 14th Foundation and launched its 1st brand campaign #PromisesKaPartner aligned to its new positioning and its campaign tagline is ‘Powering India to re-imagine their dreams and aspirations’.
- All existing policy holders will continue to enjoy the benefits of its existing policies under the new brand identity.
i.The newly conceptualised Total Variable Cost (TVCs) by Canara HSBC Life Insurance signifies 3 phases of life which fulfils the dream of child savings, long term wealth accumulation and early retirement.
ii.The new logo is based on 3 pillars – the Company’s strong parentage, technology, and people that have helped in developments of the company.
iii.At present, Canara Bank holds 51% of stake in the insurance arm, and HSBC holds 26 % and PNB 23%. Following the PNB’s exit, the stake will be acquired by existing shareholders.
About Canara HSBC Life Insurance:
MD & CEO – Anuj Mathur
Establishment – 2008
Headquarters – Gurugram, Haryana
ECONOMY & BUSINESS
Tata Projects wins bid to construct Noida International Airport at Jewar, UP
The Yamuna International Airport Private Limited (YIAPL) has selected Tata Projects to undertake the Engineering, Procurement and Construction (‘EPC’) of the new greenfield airport, Noida International Airport (NIA), at Jewar, Uttar Pradesh.
Tata Projects Limited, the infrastructure and construction arm of the Tata Groups, has won the bid to construct the terminal, runway, airside infrastructure, roads, utilities, landside facilities and other ancillary buildings at NIA.
- The NIA, spread across 1334 hectares, will have a single-runway operation in the 1st phase with a capacity to handle 12 million passengers per annum at an investment of Rs 5700 crore. The NIA is expected to be functional by 2024.
- YIAPL, a 100% subsidiary of Zurich Airport International AG, was incorporated as a Special Purpose Vehicle(SPV) to develop NIA.
APPOINTMENTS & RESIGNATIONS
Somalia’s President Appoints Lawmaker Hamza Abdi Barre as PM
On 15th June 2022 Somalia’s President Hassan Sheikh Mohamud appointed a former chairman of the Jubbaland state election commission, Hamza Abdi Barre as the prime minister (PM).
- The 48-year-old Hamza Abdi Barre from the semi-autonomous state of Jubaland replaces Mohamed Hussein Roble.
- Hassan Sheikh Mohamud won the presidency for the 2nd time in May 2022, having previously served from 2012 to 2017.
About Hamza Abdi Barre
i.Hamza Abdi Barre, served as the chairperson of the Jubaland Independent Boundaries and Electoral Commission in 2019-20 and is the 1st prime minister to emerge from Somalia’s Ogaden clan.
ii.He has served in several public and political roles and from 2011 to 2017 he was secretary-general of the Peace and Development Party (PDP), the precursor to the Union for Peace and Development (UDP) now led by Mohamud.
iii.He has also been involved in the education sector, co-founding Kismayo University and leading a community-based network that aimed to rebuild Somalia’s schooling system.
President – Hassan Sheikh Mohamud
Capital – Mogadishu
Currency – Somali Shilling
SCIENCE & TECHNOLOGY
India Successfully Tests Short-Range Ballistic Missile Prithvi-II
On 15th June 2022 India successfully carried out the night launch of a Short-Range Ballistic Missile, Prithvi-II from an integrated test range, Chandipur, Odisha.
- Prithvi-2 missile is also capable of carrying nuclear weapons and the precision on striking the target is very high with which the night attack is feasible.
- The launch successfully validated all operational and technical parameters of the missile.
i.Prithvi-II is a surface-to-surface short-range ballistic missile (SRBM), developed by the Defence Research and Development Organisation (DRDO) of India under its Integrated Guided Missile Development Program (IGMDP).
- It was initially developed for the Indian Air Force (IAF) as its primary user and was later inducted into the Indian Army.
ii.The missile is a single-stage liquid-fueled missile that has a maximum warhead mounting capability of 500 kg, along with 250 km extended range and it can be launched from a mobile launcher.
iv.Prithvi-2 missile can carry a weapon ranging from 500 to 1000 kg and is powered by a two-engine liquid propellant.
Background – In February 2018, Prithvi-2 missile was tested at night from Chandipur, Odisha, after which two consecutive tests of Prithvi-2 were done in November 2019.
About Prithvi Missile:
i.India has three Prithvi missiles with Prithvi-1 having a range of 150 km, Prithvi-2 with 250 km range and Prithvi-3 with 350 km range.
ii.On 27th January 1996 the missile was 1st test-fired and the development stages were completed in 2004.
Note – Prithvi series was the 1st missile developed by IGMDP and inducted into India’s Strategic Forces Command.
About Defence Research and Development Organisation (DRDO):
Parent Ministry – Ministry of Defence (MoD)
Chairman – G. Satheesh Reddy
Headquarters – New Delhi, Delhi
Formed in – 1958
ISRO Chairman Dr S Somanath Inaugurates Ananth Technologies’ New Spacecraft Manufacturing Facility in Bengaluru
Dr S Somanath, Chairman of Indian Space Research Organisation (ISRO) inaugurated the Ananth Technologies’ new state of the art spacecraft manufacturing facility at Karnataka Industrial Area Development Board (KIADB) Aerospace Park, Bengaluru, Karnataka. This is India’s first such facility in the private sector.
The 15000 square metre facility can simultaneously conduct assembly, integration and testing of four large spacecraft.
Objective: to pursue space science research and planetary exploration and to harness space technology for the development of India.
Ananth Technologies established in 1992 designs and manufactures systems for Indian aerospace. It has manufactured 89 satellites and 69 launch vehicles built/launched by ISRO, including 2 satellites for European customers that ISRO had built in collaboration with Airbus, France.
Renowned Critic & Linguist Professor Gopi Chand Narang Passes Away
On 15th June 2022 a distinguished 91 year old Urdu scholar, an Indian theorist, and Linguist Professor Gopi Chand Narang passed away at Charlotte in North Carolina, United States.
- He was born in Dukki, present-day Balochistan, Pakistan and was Professor Emeritus at the University of Delhi and Jamia Millia Islamia.
Awards & Honours:
i.Gopi Chand Narang has received the title of Padma Bhushan (2004) and Padma Shri (1990) in India.
ii.In 2012 He was conferred with Sitara-i-Imtiaz (Star of Excellence) in Pakistan and he received the Sahitya Akademi Award in 1995.
iii.He is the only Urdu writer honoured by the presidents of both India and Pakistan.
About the late scholar
i.He held the Professor Emeritus position at Jamia Millia and Delhi University.
ii.In addition to teaching, Professor Narang was Vice-chairman of the Delhi Urdu Academy (1996-1999) and the National Council for Promotion of Urdu Language – HRD (1998-2004) and Vice-president (1998-2002) and President (2003-2007) of the Sahitya Akademi which is dedicated to the promotion of Indian literature in the 24 languages of India..
i.He worked extensively on explaining and analysing the works of Ghalib, Mir Taqi Mir and later Faiz Ahmad Faiz and Firaq Gorakhpuri beyond thematic and typical writings.
ii.He has published more than 65 scholarly and critical books on language, literature, poetics and cultural studies in Urdu, Hindi and English including 10 books for children under the title ‘Let’s Learn Urdu’ in English and Hindi.
iii.Few Famous books – Ghalib, Hindostaan Ke Urdu Musanafeen Aur Shora, Kaghaz-e-Aatish Zada, Jadeediyat Ke Baad, Kulliyat-e-Hindavi Ameer Khusro
International Day of Family Remittances 2022 – June 16
The United Nations (UN)’s International Day of Family Remittances (IDFR) is annually observed across the globe on 16th June to recognise more than 200 million migrant workers across the globe who send money home to more than 800 million family members.
- The day also highlights the resilience of the migrant workers in facing economic insecurities, natural and climate-related disasters and a global pandemic.
- As a part of the IDFR’s biannual campaign 2021-2022 “Recovery and Resilience Through Digital and Financial Inclusion”, IFAD has organised various in-person events.
i.International Day of Family Remittances (IDFR), a universally recognized observance
adopted by the Governing Council of the International Fund for Agricultural Development (IFAD) on 17 February 2015.
ii.The United Nations General Assembly(UNGA) adopted the resolution A/RES/72/281 on 12th June 2018 and proclaimed the 16th June of every year as the International Day of Family Remittances(IDFR).
>> Read Full News
Israel & Haryana Government Sign Joint Declaration on Water CooperationThe Government of Haryana and Israel have signed a joint declaration on integrated water resources management and capacity building. This marks a significant event as India and Israel celebrate 30 years of diplomatic relations. Water security has been one of the most important pillars of the India-Israel relationship.
- The joint declaration was signed by Ambassador Eynat Shlein, Israeli Ambassador to India and head of Mashav, Israel’s Agency for International Development Cooperation at Israel’s Ministry of Foreign Affairs and the Irrigation and Water Resources Department, Government of Haryana, India.
i.Through this joint declaration, both Israel and Haryana(India) will,
- Strengthen the relationship in the water management sector.
- Preserve the water resources in public water areas in Haryana.
- Improve public health in the region, and cooperate and coordinate efforts to protect the water resources.
ii.As part of this joint declaration, Mashav will share knowledge capacity building and Israeli technologies for Haryana’s development in the water management sector.
President– Isaac Herzog
Prime Minister– Naftali Bennett
Currency– Israeli New Shekel
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Current Affairs Today (AffairsCloud Today)
|S.no||Current Affairs 17 June 2022|
|1||Union Cabinet Approvals on June 14, 2022|
|2||4th Annual PLFS : UR fell to 4.2% in 2020-21 from 4.8%|
|3||Tamil Nadu Surpasses West Bengal to Emerge as The Largest State with Outstanding Microfinance Loans Portfolio|
|4||GoI to set up ‘PM Shri Schools’ to Prepare Students for Future|
|5||Startup Genome launched GSER 2022 at London Tech Week 2022|
|6||IMD’s World Competitiveness Index 2022: India jumps 6 places to 37th rank; Denmark tops|
|7||India, Israel, UAE And US Form New I2U2 Grouping: I2U2’s First Virtual Summit To Be Held in July 2022|
|8||Coursera: India has Ranked 68th in Overall Skill Proficiency Globally|
|9||CASHe Launches Industry First Instant Credit Line on WhatsApp|
|10||Canara HSBC OBC Life Insurance Rebranded as Canara HSBC Life Insurance|
|11||Tata Projects wins bid to construct Noida International Airport at Jewar, UP|
|12||Somalia’s President Appoints Lawmaker Hamza Abdi Barre as PM|
|13||India Successfully Tests Short-Range Ballistic Missile Prithvi-II|
|14||ISRO Chairman Dr S Somanath Inaugurates Ananth Technologies’ New Spacecraft Manufacturing Facility in Bengaluru|
|15||Renowned Critic & Linguist Professor Gopi Chand Narang Passes Away|
|16||International Day of Family Remittances 2022 – June 16|
|17||Israel & Haryana Government Sign Joint Declaration on Water Cooperation|