03rd July, 2021 – Daily News

Topics covered – International Astronomical Search Collaboration , of Indian Ocean Naval Symposium , Hydropower Special Market Report: Analysis and forecast to 2030, ILO Global Estimates on International Migrant Workers: Results and Methodology report , Gujarat International Finance Tec-City , Financial Stability Report 2021, Saral Pension Plan , Interest Equalisation Scheme for pre and post-shipment Rupee Export Credit, World Sports Journalist Day , Crop Insurance Awareness Campaign , “The Struggle Within: A Memoir of the Emergency”, “Janaksuta Sut Shaurya” book,

Bulletins

  1. Two members of the Tiruchy Astro Club — Bala Bharathi and Adi Mukhilan – have discovered three asteroids, and have received certificates for the same from the International Astronomical Search Collaboration (IASC) and NASA.
  2. OneWeb has launched another batch of 36 satellites on a Soyuz rocket.
  3. 7th edition of Indian Ocean Naval Symposium (IONS), a biennial event, was hosted by the French Navy at La Réunion.
  4. International Energy Agency has released the “Hydropower Special Market Report: Analysis and forecast to 2030”.
  5. According to the ILO Global Estimates on International Migrant Workers: Results and Methodology report of International Labour Organization, the number of international migrant workers has risen globally to 169 million in 2019, an increase of 3% since 2017.
  6. Gujarat International Finance Tec-City (GIFT City) has collaborated with the BIL Ryerson Technology Startups Incubator Foundation (BRTSIF) to accelerate fintech innovation in the GIFT city.
  7. RBI has released the 23rd edition of bi-annual Financial Stability Report 2021.
  8. Eroute Technologies (a fintech in the payments space) has launched OmniCard — a prepaid card aimed at youngsters aged between 15-24 years.
  9. Life Insurance Corporation of India (LIC) has launched its Saral Pension Plan with effect from July 1, 2021.
  10. RBI has extended ‘Interest Equalisation Scheme for pre and post-shipment Rupee Export Credit’ for providing interest subsidy to exporters on post and pre-shipment export credit till September 30, 2021.
  11. World Sports Journalist Day is observed on July 2.
  12. Indian Government has launched the Crop Insurance Awareness Campaign for Fasal Bima Yojana during the Crop Insurance Week (being observed from July 1 to 7).
  13. Carnegie Corporation of New York, a non-profit organisation, has honoured s in America for their contribution towards the US.
  14. Fédération Internationale de Hockey (FIH) has released the men’s and women’s outdoor hockey rankings.
  15. “The Struggle Within: A Memoir of the Emergency” book has been written by Ashok Chakravarti.
  16. “Janaksuta Sut Shaurya” book has been written by Gauri Shankar Sharma. The book was released by Madhya Pradesh CM Shivaraj Singh Chouhan.

Table of Content

National News

  1. Two members of the Tiruchy Astro Club — Bala Bharathi and Adi Mukhilan – have discovered three asteroids, and have received certificates for the same from the International Astronomical Search Collaboration (IASC) and NASA.
      • They had enrolled in the Citizen Scientist programme of the IASC and were taught the software, Astrometrica, with which they discovered the asteroids.
      • IASC will study the trajectory of the asteroid for about five years. Once the asteroid is confirmed, the Tiruchy Astro Club will be given the chance to name the asteroids.
      • Bharathi is principal of Bharathi Matriculation Higher Secondary School who inspires her students to take interest in astronomy.

International News

  1. OneWeb has launched another batch of 36 satellites on a Soyuz rocket.
      • OneWeb is a Low Earth Orbit (LEO) satellite communications operator, co-owned by Bharti Global and the UK government.
      • The launch is part of OneWeb’s ‘five to 50’ programme, which is meant to bring satellite-based broadband internet to countries like the UK, Alaska, US, Northern Europe, Greenland, Iceland, the Arctic seas, and Canada. The services will start from 2022.
      • The launch was carried out by European satellite launch company, Arianespace, from the Russian spaceport, Vostochny Cosmodrome.
      • After this launch, the total number of satellites of OneWeb has increased to 218.
      • The company plans to launch a fleet of 648 LEO satellites as part of its services.
      • The satellites are built under a joint venture between OneWeb and Airbus (a European aerospace company).
      • Last month, the OneWeb announced plans to raise $550 million (Rs 4,103 crore) by selling a 24% stake to Eutelsat Communications.
  2. 7th edition of Indian Ocean Naval Symposium (IONS), a biennial event, was hosted by the French Navy at La Réunion.
      • Admiral Karambir Singh, Chief of the Naval Staff, Indian Navy, participated virtually in the inaugural session of the event.
      • Indian Ocean Naval Symposium was conceived by the Indian Navy in 2008 to enhance maritime cooperation among Navies
      • France has assumed the Chairmanship on 29 Jun 21 for a two-year tenure.
      • IONS Conclave of Chiefs (CoC) is the decision-making body at the level of Chiefs of Navies, which meets biennially.
      • The CoC 2021 will be hosted by French Navy later this year.

Reports & Indices

  1. International Energy Agency has released the “Hydropower Special Market Report: Analysis and forecast to 2030”.
      • This is the first report dedicated to the hydropower sector.
  2. Global Scenario:

      • Globally, hydropower capacity will increase by 17% to 230 GW to 2030.
      • China will account for 40% of this hydropower capacity in 2030.
      • In 2020, hydropower supplied one sixth of global electricity generation and became the third-largest source after coal and natural gas.
      • Hydropower capacity provided for almost 4,500 TWh – 55% more than nuclear.
      • Hydropower technologies are the world’s main source of low-carbon electricity, producing more than all other renewables-based generation combined.
Hydropower Market Report
India’s Scenario:

    • India is expected to add 26 GW of hydropower projects by 2030. The current hydropower project capacity is 46,209 MW (from 207 projects).
    • More than 9,000 MW of large hydropower projects are under construction in India at present.
    • Hydropower’s share in the overall energy mix is 12% at present, down from 40% in 1980.
    • Upcoming hydropower projects – 201 MW of Luhri Stage I Hydroelectric project in Himachal Pradesh and 850 MW of Ratle Hydroelectric project on Chenab river in J&K.
  1. According to the ILO Global Estimates on International Migrant Workers: Results and Methodology report of International Labour Organization, the number of international migrant workers has risen globally to 169 million in 2019, an increase of 3% since 2017.
      • In 2017, the number of migrants was 164 million.
      • There has also been a 2% increase in the share of youth migrant workers (aged 15-24) since 2017. Their number reached 16.8 million in 2019.
      • International migrant workers constituted nearly 5% of the global labour force yet many migrant workers are often in temporary, informal or unprotected jobs, which exposes them to a greater risk of insecurity and layoffs.
      • Women migrant workers are at a greater risk as they are over-represented in low-paid and low-skilled jobs and have limited access to social protection and fewer options for support services.
      • Arab States, and Asia and the Pacific each host about 24 million migrant workers, which, in total, correspond to 28.5% of all migrant workers. In Africa there are 13.7 million migrant workers, representing 8.1% of the total.
      • 66.2% of migrant workers are in services, 26.7% in industry and 7.1% in agriculture.
      • The share of youth among international migrant workers has increased, from 8.3% in 2017 to 10% in 2019.

Banking & Economy

  1. Gujarat International Finance Tec-City (GIFT City) has collaborated with the BIL Ryerson Technology Startups Incubator Foundation (BRTSIF) to accelerate fintech innovation in the GIFT city.
      • BRTSIF is a joint venture among BSE Institute Mumbai, Ryerson University and Simon Fraser University, Canada.
      • As part of the collaboration, Zone Startups India, a part of BRTSIF, will explore avenues to set up and promote a fintech hub in GIFT SEZ.
  2. RBI has released the 23rd edition of bi-annual Financial Stability Report 2021.
      • GNPA of scheduled commercial bank (SCB) will rise to 9.8% in March 2022, in the baseline scenario. In the severe stress scenario, it can increase to 11.22%. It was 7.48% in March 2021.
Stability Report 2021
    • The report covered the second half of FY21 (October-March).
    • The report was released by sub-committee of Financial Stability Development Council.
    • SCB’s GNPA and NNPA ratio in the second half of FY21 (as of March 2021):
Type of banks GNPA (Gross NPA) NNPA (Net NPA)
All SCBs 7.5% 2.4%
Public Sector Banks 9.5% 3.1%
Private banks 4.8% 1.5%
Foreign banks 2.4% 0.6%
NBFC 6.4% 2.7%
Financial report 2021
Other Ratios:

    • Capital to Risk Weighted Asset Ratio (CRAR): SCB (16% as of March 2021); Scheduled Urban Co-op Bank (9.5% as of March 2021)
    • Common equity Tier I (CET-1) capital ratio of SCBs may decline from 12.78% in March 2021 to 12.58% under the baseline scenario and further to 11.76% and 10.73%, respectively, under the medium and severe stress scenarios by March 2022.
    • Provisioning Cover Ratio (PCR) of banks was 68.9% in March 2021.
    • Bank Credit Growth increased by 5.4% (y-o-y), which was the lowest in the last four financial years.
    • Gross fiscal deficit of central govt was 9.3% of GDP in FY21 (lower than the forecast of 9.5%).
    • Net Foreign Portfolio Investment inflow was $36.2 billion in FY21.
    • India’s merchandise exports contracted by 7.3% whereas imports contracted by 18% in FY21.
  1. Eroute Technologies (a fintech in the payments space) has launched OmniCard — a prepaid card aimed at youngsters aged between 15-24 years.
      • OmniCard, which is issued in physical form with tap-and-pay option included, can be used both offline and online.
  2. Life Insurance Corporation of India (LIC) has launched its Saral Pension Plan with effect from July 1, 2021.
      • It is an Individual Immediate Annuity Plan. An annuity is a financial product that makes regular payment to its buyer as per the agreed terms and conditions.
      • LIC Saral Pension is a non-linked, non-participating plan. The buyer needs to buy this annuity with a single premium after which the annuity begins.
      • The annuity rates in LIC’s Saral Pension scheme are guaranteed at time of inception of the policy and annuities are payable throughout the lifetime of annuitants.
      • The Saral Pension schemes comes with two annuity options:
          • Option 1: Life Annuity with return of 100% of purchase price;
          • Option 2: Joint life last survivor annuity with return of 100% of purchase price on death of the last survivor.
      • Other features of the Saral Pension scheme:
          • The minimum annuity is Rs 12,000 per annum.
          • The minimum purchase price will depend on the annuity mode, option chosen and age of the annuitant.
          • There is no ceiling on the maximum purchase price. The modes of annuity available are yearly, half- yearly, quarterly, and monthly.
          • An incentive for purchase price above Rs 5 lakh is available by way of increase in the annuity rate.
          • The plan is available for ages from 40 years to 80 years.
          • Policyholder can take a loan against the scheme after six months of commencement of the policy.
          • This plan is sold both offline and online.

    Note: The other features are provided for reading purpose only.

  3. RBI has extended ‘Interest Equalisation Scheme for pre and post-shipment Rupee Export Credit’ for providing interest subsidy to exporters on post and pre-shipment export credit till September 30, 2021.
      • The scheme provides interest subsidy on credit taken for exports. In November 2018, the interest subsidy was increased to 5% from 3% to boost MSME sector exports.
      • Later, the government included other merchant exporters too under the scheme and allowed them interest equalisation at the rate of 3% on credit for the export of certain products.

Important Days

  1. World Sports Journalist Day is observed on July 2.
  2. Indian Government has launched the Crop Insurance Awareness Campaign for Fasal Bima Yojana during the Crop Insurance Week (being observed from July 1 to 7).

Awards

  1. Carnegie Corporation of New York, a non-profit organisation, has honoured 34 immigrants in America for their contribution towards the US.
      • ‘2021 Great Immigrants’ honourees include Gita Gopinath (IMF chief economist), Kamlesh Lulla (NASA Scientist), among other immigrants (from 30 countries).
      • The 2021 honourees, who mark the 16th class of Great Immigrants, will be recognised at the US Independence Day on July 4 and through a social media campaign.

Sports

  1. Fédération Internationale de Hockey (FIH) has released the men’s and women’s outdoor hockey rankings.
      • Men’s
          • First – Australia
          • India’s rank – 4th
      • Women’s
          • First – Netherlands
          • India’s rank – 10th
      • FIH President – Narinder Batra

Miscellaneous

  1. “The Struggle Within: A Memoir of the Emergency” book has been written by Ashok Chakravarti.
  2. “Janaksuta Sut Shaurya” book has been written by Gauri Shankar Sharma. The book was released by Madhya Pradesh CM Shivaraj Singh Chouhan.

Start Quiz of 03rd July 2021

Q.1) How much hydropower capacity is India expected to add by 2030 as per the “Hydropower Special Market Report: Analysis and forecast to 2030” of IEA?
Q.2) With which organization has Gujarat International Finance Tec-City (GIFT City) collaborated to accelerate fintech innovation in the GIFT city?
Q.3) What is the expected India’s GNPA of scheduled commercial bank (in baseline scenario) in March 2022?
Q.4) What is Indian men’s hockey team ranking in FIH Outdoor Rankings 2021?
Q.5) Who is the author of “The Struggle Within: A Memoir of the Emergency” book?
Q.6) Which country hosted the 7th edition of Indian Ocean Naval Symposium?
Q.7) How many youth migrant workers (aged 15-24 years) were there in 2019, as per the ILO Global Estimates on International Migrant Workers: Results and Methodology report?
Q.8) As per RBI’s 23rd Annual Report, India’s merchandise exports contracted by _ percent in FY21?
Q.9) Which of the following company has launched OmniCard - a prepaid card aimed at youngsters aged between 15-24 years?
Q.10) How much was the bank credit growth in FY21, as per RBI’s Financial Stability Report 2021?
CEO of Anujjindal.in


About Anuj Jindal

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Anuj Jindal, the founder, is an ex-manager from SBI, with an M.Com from Delhi School of Economics. He also has a JRF in Commerce & Management and NET in HRM, along with more than 4 years of experience in the field of Education.

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