1st June, 2022

1. The Centre for Development of Advanced Computing (C-DAC) and the IIT-Gandhinagar have jointly unveiled a new supercomputer named as “Param Ananta”, with 838 teraflops speed.
2. Vice President M. Venkaiah Naidu has met the President of Gabon, Ali Bongo Ondimba, in Libreville (capital of Gabon) during his three-day visit to the country.
3. Ministry of Finance has raised the premium for its flagship insurance schemes — Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) in order to make them economically viable.
4. Telangana has attracted investments worth over Rs 4,200 crores at the World Economic Forum in Switzerland.
5. Telangana government has signed an MOU with Mastercard to formalise a Digital State Partnership for delivering world-class solutions to the rapid digitisation of the state’s citizen services with a focus on small and medium-sized businesses (SMBs) and farmers.
6. ‘Garib Kalyan Sammelan’ was organized in Shimla, Himachal Pradesh to celebrate the 8th anniversary of the BJP government at the Centre.
7. Maharashtra has overtaken Uttar Pradesh to regain its position as India’s top sugar producer with total sugar production estimated at 138 lakh tonnes for 2021-22 (October-September) season.
8. India Meteorological Department (IMD) has updated the forecast for 2022 southwest monsoon to 103% of the Long Period Average (LPA), from 99% of LPA predicted in April.
9. TATA AIA, one of India’s leading life insurers, has launched Tata AIA Life Insurance Smart Value Income Plan, a non-linked, participating life insurance savings plan.
10. ReNew Power has signed an MoU with the Karnataka government at the World Economic Forum meet in Davos, to invest Rs 50,000 crore in the state over the next seven years.
11. SEBI has restructured its 14-member Risk Management Review Committee, chaired by IIM Ahmedabad Professor JR Varma, to review the risk management framework for the cash and derivatives, including commodity derivatives.
12. Central Govt has released the entire GST compensation of Rs 86,912 crore due to states.
13. Domestic crude oil production has reduced since the financial year 2014-15 (FY15), dropping to just 4 million tonnes (MT) in FY22, the lowest since 1993-94.
14. Ministry of Defence has signed a contract worth Rs 2,971 crore with Bharat Dynamics Limited (BDL) to procure several batches of the Astra MK-I beyond visual range (BVR) air-to-air missiles and associated equipment.
15. National Statistical Office has forecasted India’s GDP growth rate at 8.7% in 2021-22.
16. Central Govt has appointed Pankaj Sharma, Joint Secretary in Department of Financial Services (DFS) as part-time member of the Pension Fund Regulatory & Development Authority (PFRDA).
17. Pradip Kumar Mohanty has been given the additional charge of Lokpal.
18. Natarajan Sundar (Former SBI executive) has been appointed as MD & CEO of the National Asset Reconstruction Company (NARCL).
19. International Everest Day (birthday of Tenzing Norgay, 1st man to summit Everest)
20. Wesley So (Filipino-American chess grandmaster) has won the 2022 Norway Chess Blitz Tournament.
21. Indian women’s shooting team of Elavenil Valarivan, Shreya Agarwal and Ramita have won a gold medal for India in the 10m air rifle women’s team event at the ISSF World Cup 2022 in Baku, Capital of Azerbaijan.

National News

1. The Centre for Development of Advanced Computing (C-DAC) and the IIT-Gandhinagar have jointly unveiled a new supercomputer named as “Param Ananta”, with 838 teraflops speed.
   • The supercomputer will rank behind C-DAC’s Param Siddhi-AI, which as of November 2021 was the 102nd most powerful supercomputer in the world — with peak performance capability of 3.3 petaflops.
   • With Param Ananta, India now has 15 supercomputers disclosed to the public, with combined performance capability of 24 petaflops.
2. Vice President M. Venkaiah Naidu has met the President of Gabon, Ali Bongo Ondimba, in Libreville (capital of Gabon) during his three-day visit to the country.

3. Ministry of Finance has raised the premium for its flagship insurance schemes — Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) in order to make them economically viable.
   • The premium rate of PMJJBY has been increased to Rs 1.25 per day, translating into an increase from Rs 330 to Rs 436 annually (32% increase).
   • The annual premium for PMSBY has been hiked from Rs 12 to Rs 20 (67% increase).
   • The new premium rates are effective from June 1, 2022.
   • The number of active subscribers enrolled under PMJJBY and PMSBY as on March 31, 2022 were 6.4 crore and 22 crore, respectively.

State News

1. Telangana has attracted investments worth over Rs 4,200 crores at the World Economic Forum in Switzerland.
   • The investment will be used to make Telangana as an investment destination for global companies and bringing investments to the state and thereby creating more employment opportunities to the youth of Telangana.
   • Telangana’s pavilion at WEF had a slogan of “India Welcomes the World, Telangana First Stop”.
2. Telangana government has signed an MOU with Mastercard to formalise a Digital State Partnership for delivering world-class solutions to the rapid digitisation of the state’s citizen services with a focus on small and medium-sized businesses (SMBs) and farmers.
3. ‘Garib Kalyan Sammelan’ was organized in Shimla, Himachal Pradesh to celebrate the 8th anniversary of the BJP government at the Centre.
   • PM Narendra Modi participated in the event and released Rs 21,000 crore to more than 100 million beneficiary farmers under the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) scheme.

Agriculture and Rural Development

1. Maharashtra has overtaken Uttar Pradesh to regain its position as India’s top sugar producer with total sugar production estimated at 138 lakh tonnes for 2021-22 (October-September) season.
   • Reason – Good rainfall
   • This year, both Karnataka and Gujarat have also witnessed a growth in sugarcane production (which is a 12-18 months duration crop).
   • National Federation of Cooperative Sugar Factories’ MD – Prakash Naiknavare

2. India Meteorological Department (IMD) has updated the forecast for 2022 southwest monsoon to 103% of the Long Period Average (LPA), from 99% of LPA predicted in April.
   • Reason – La Niña conditions are expected to prevail during the entire stretch of the four-month monsoon season
   • The monsoon can vary between 99% to 107%.
   • If the forecasts come true, it will be the fourth straight year when the southwest monsoon will be ‘normal’ or ‘above normal’ for the country as a whole.
   • The LPA for the seasonal rainfall for the country as whole from 1971 to 2010 is 87 centimetre (cm).
   • Rainfall in Northeast India is considered to be ‘normal’ if it is within 96-106% of LPA, while in Northwest India, the normal range falls between 92-108% of LPA.
3. According to the Ministry of Textile’s data, India has recorded its highest-ever textiles and apparel exports in the financial year 2021-22 at $44.4 billion.
   • The exports tally, which also includes handicrafts, has witnessed a substantial increase of 41% and 26% over corresponding figures in FY21 and FY20, respectively.
   • USA was the top export destination for the country’s textiles and apparel shipments accounting for 27% share, followed by the European Union (18%), Bangladesh (12%) and UAE (6%).

Defence News

1. Ministry of Defence has signed a contract worth Rs 2,971 crore with Bharat Dynamics Limited (BDL) to procure several batches of the Astra MK-I beyond visual range (BVR) air-to-air missiles and associated equipment.
   • The Astra MK-I BVR AAM has been indigenously designed and developed by the DRDO based on the requirements issued by the IAF.
   • Defence Ministry has already signed a contract with BDL for the supply of Astra MK-I BVR air-to-air missile (AAM) and associated equipment for the Indian Air Force and the Indian Navy at a cost of Rs 2,971 crore under Buy (Indian-IDDM) category.

Banking and Economy

1. TATA AIA, one of India’s leading life insurers, has launched Tata AIA Life Insurance Smart Value Income Plan, a non-linked, participating life insurance savings plan.
   • Tata AIA Life Smart Value Income Plan provides several first-time features along with best-in-class regular and consistent income options, enabling consumers to secure their financial future and create wealth for long-term goals.
2. ReNew Power has signed an MoU with the Karnataka government at the World Economic Forum meet in Davos, to invest Rs 50,000 crore in the state over the next seven years.
   • ReNew Power intends to set up production units in Renewable Energy, Battery Storage and Green Hydrogen with potential to create employment opportunities for 30,000 people.
   • ReNew Power has implemented over 120 Wind, Solar and Hydro Power projects spread over nine states of the country.
3. SEBI has restructured its 14-member Risk Management Review Committee, chaired by IIM Ahmedabad Professor JR Varma, to review the risk management framework for the cash and derivatives, including commodity derivatives.
4. Central Govt has released the entire GST compensation of Rs 86,912 crore up to May, due to states.
   • Under the compensation regime, the Centre is mandated to compensate states until June 30 for any loss in revenue under the GST.
   • The decision has been taken despite only about ₹25,000 crores being available in the GST Compensation Fund.
5. Domestic crude oil production has reduced since the financial year 2014-15 (FY15), dropping to just 4 million tonnes (MT) in FY22, the lowest since 1993-94.
   • However, the demand for crude oil has increased over those years, therefore, imports of petroleum products rose to 212 MT in FY22, 676.5% higher than the 27.3 MT imported in FY95.
6. SEBI has released a new standard operating procedure (SOP) for resolution of disputes between a listed firm or its shareholders under the stock exchange arbitration mechanism.
   • The arbitration mechanism will be the last resort for parties, after exhausting all options, including the Sebi Complaints Redress System (SCORES) portal.
   • The arbitration officer will be appointed by the stock exchange within 30 days from the date of receipt of application.
   • For disputes involving a claim of up to ₹25 lakh, a single arbitrator will be appointed.
   • If the value of the claim is more than ₹25 lakh, a panel of three arbitrators will be appointed.
7. According to the Comptroller and Auditor General of India’s data, the fiscal deficit ratio for 2021-22 was 6.7% of GDP, as against the budgeted target of 6.9%.
   • For 2022-23, the fiscal deficit target is set at 6.4%.
   • Revenue receipts in 2021-22 at ₹21.68 trillion was 104.3% of the revised estimates of ₹20.78 trillion.
   • India’s total expenditure was Rs 37.94 trillion against the RE of Rs 37.7 trillion in 2021-22.
8. National Statistical Office has released the ‘Provisional Estimates of Annual National Income, 2021-22’ and ‘Quarterly Estimates of Gross Domestic Product for the Fourth Quarter (JAN-MAR), 2021-22’.

9. According to the Ministry of Commerce and Industry’s data, the eight sectors—coal, crude, natural gas, refinery products, fertilizers, cement, steel, and electricity—expanded by 8.4% in April from 4.9% in March.

Appointments

1. Central Govt has appointed Pankaj Sharma, Joint Secretary in Department of Financial Services (DFS) as part-time member of the Pension Fund Regulatory & Development Authority (PFRDA).
   • PFRDA Chairman – Supratim Bandyopadhyay
2. Pradip Kumar Mohanty has been given the additional charge of Lokpal.
3. Natarajan Sundar (Former SBI executive) has been appointed as MD & CEO of the National Asset Reconstruction Company (NARCL).
   • 15 Indian banks hold stakes in NARCL, with Canara Bank being the sponsor bank.

Important Days

1. May 29 –
   • International Everest Day (birthday of Tenzing Norgay, 1st man to summit Everest)
   • World Digestive Health Day; Theme – “Colorectal Cancer Prevention: Getting Back on Track”

Sports

1. Wesley So (Filipino-American chess grandmaster) has won the 2022 Norway Chess Blitz Tournament.
   • GM Viswanathan Anand has been ranked at the 4th
2. Indian women’s shooting team of Elavenil Valarivan, Shreya Agarwal and Ramita have won a gold medal for India in the 10m air rifle women’s team event at the ISSF World Cup 2022 in Baku, Capital of Azerbaijan.

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