08th October, 2021 – Daily News

Topics covered – Maharatna CPSE, Indian Space Association, High Ambition Coalition for Nature and People, Rashtriya Indian Military College, India Ideas Summit 2021, solar cell and module manufacturing plant, Stargate Observatory Bhimtal, ‘Desh Ke Mentors’ program, Central Asian Flyway countries, Henley Passport Index, BSE Technologies Private Limited, Trade Receivables Discounting System (TReDS) , Card-on-File (CoF) tokenization services in India, Monetary Policy, National Financial Reporting Authority, advisor to Prime Minister Narendra Modi, World Cotton Day, Air Force Day

Bulletins

  1. Department of Public Enterprises, under the Ministry of Finance, has notified that Power Finance Corporation has been granted the status of Maharatna CPSE.
  2. The launch of an Indian Space Association (ISpA), an industry body of government and private companies, has been announced.
  3. India has officially joined the High Ambition Coalition for Nature and People, a group of more than 70 countries encouraging the adoption of the global goal to protect at least 30% of the world’s land and ocean by 2030.
  4. Supreme Court has permitted female candidates to appear in the examination for Rashtriya Indian Military College (RIMC) in Dehradun.
  5. India Ideas Summit 2021 was organized by US-India Business Council (USIBC).
  6. Emmvee (a Bengaluru-based solar module manufacturer) has signed an agreement with Karnataka govt for setting up 3 GW solar cell and module manufacturing plant in the state.
  7. Starscapes has launched its second astronomical observatory – named Stargate Observatory Bhimtal – for public in Bhimtal, Uttarakhand.
  8. Delhi govt launched the ‘Desh Ke Mentors’ programme under which the 9 lakh students of classes 9 to 12 in Delhi government schools will be connected with noteworthy citizens who will offer them career and general guidance.
  9. NABARD has sanctioned Rs 303 crores to the Odisha govt for the construction of 24 bridges.
  10. Uttar Pradesh government has set up a One-Member Commission, chaired by Allahabad High Court Judge, Pradeep Kumar Srivastava, for probing the Lakhimpur Kheri incident that happened recently in the state.
  11. Électricité de France S.A. (EDF), one of the world’s leading power sector companies headquartered in Paris, France, and NTPC Ltd has signed an MoU to explore potential power project development opportunities in the Middle East, Asia, Europe and Africa.
  12. Iran has conducted its annual air defence exercise named “Velyat”.
  13. Online meeting of 30 Central Asian Flyway countries was held to discuss measures to strengthen the conservation of migratory birds and their habitats in the Central Asian Flyway.
  14. Henley and Partners has released the Henley Passport Index: Q4 of 2021.
  15. BSE Technologies Private Limited (BSE Tech), wholly owned subsidiary of BSE, has received an in-principle approval from RBI for setting up and operating Trade Receivables Discounting System (TReDS) under the Payments and Settlement Systems Act, 2007.
  16. Visa has launched Card-on-File (CoF) tokenization services in India to secure customers’ financial data.
  17. Federal Bank has tied up with CredAvenue for portfolio management of its securitisation book.
  18. RBI has released its Monetary Policy.
  19. Fitch Ratings has forecasted an 8.7% GDP growth rate for India for 2021-22.
  20. Ministry of Corporate Affairs (MCA) has appointed the Chairperson of Competition Commission of India, Ashok Kumar Gupta, as the Chairperson of National Financial Reporting Authority (NFRA).
  21. Fire-Boltt has appointed Virat Kohli as its brand ambassador.
  22. Rajnish Kumar (former chief of State Bank of India) has been appointed as the Chairman of BharatPe, a fintech firm.
  23. Amit Khare (retired IAS) has been appointed as advisor to Prime Minister Narendra Modi on a contract basis.
  24. First edition of the World Cotton Day is observed on October 7 by UN.
  25. Air Force Day is celebrated on October 8 in India.

Table of Content

National News

  1. Department of Public Enterprises, under the Ministry of Finance, has notified that Power Finance Corporation has been granted the status of Maharatna CPSE.
      • Incorporated in 1986, PFC is the largest infrastructure finance company dedicated to the power sector.
      • Benefits of the Maharatna status –
        • Now, PFC can make equity investments to undertake financial joint ventures and wholly-owned subsidiaries and undertake mergers and acquisitions in India and abroad, subject to a ceiling of 15% of its net worth, limited to Rs 5,000 crore in one project.
      • PFC Chairman and Managing Director – R S Dhillon
  2. About Maharatna CPSEs:

      • Criteria for grant of Maharatna status to CPSEs
        • Should have the Navratna status
        • Listed on Indian stock exchange
        • An average annual turnover of more than Rs. 25,000 crore during the last 3 years
        • An average annual net worth of more than Rs. 15,000 crore during the last 3 years
        • An average annual net profit after tax of more than Rs. 5,000 crore during the last 3 years
        • Should have significant global presence/international operations
      • Total Maharatna CPSEs at present: –
        • Bharat Heavy Electricals Limited
        • Bharat Petroleum Corporation Limited
        • Coal India Limited
        • GAIL (India) Limited
        • Hindustan Petroleum Corporation Limited
        • Indian Oil Corporation Limited
        • NTPC Limited
        • Oil & Natural Gas Corporation Limited
        • Power Grid Corporation of India Limited
        • Steel Authority of India Limited
        • Power Finance Corporation
      • Now, there are 13 Navratna CPSEs, 61 Miniratna Category – I CPSEs, and 12 Miniratna Category – II CPSEs.
  3. The launch of an Indian Space Association (ISpA), an industry body of government and private companies, has been announced.
      • The main aim of an industry body is to acquaint the players about the industry, laws related to it, run training and education programs, seminars, mentoring programs etc.
      • Many private companies such as L&T, Oneweb, Nelco, MapmyIndia, etc. are the founding members of this industry association.
Indian Space Association
Additional Facts:

    • Indian National Space Promotion and Authorization Center (IN-SPACe) is an upcoming organization which will permit and facilitate the space activities undertaken by non-government private entities (NGPE).
      • It’s launch was announced in 2020.
    • NewSpace India Limited is the commercial arm of ISRO. It launches the satellites of private entities and foreign countries for commercial purposes.
      • This organization also works for the capacity building of private satellite companies in India.
      • It was established in 2019.
  1. India has officially joined the High Ambition Coalition for Nature and People, a group of more than 70 countries encouraging the adoption of the global goal to protect at least 30% of the world’s land and ocean by 2030.
      • India is the first country from BRICS group to join this coalition.
      • This announcement was made at the UN Biodiversity Conference (CBD COP 15) in Kumming, China that will continue till October 24.
      • The High Ambition Coalition for Nature and People, was initiated at the “One Planet Summit” in Paris in January 2021.
  2. Announcements made at the COP 15:

      • China will donate 1.5 billion yuan (US$232.5 million) to set up a new fund to help developing countries protect the variety of plant and animal life in the world.
      • Kunming Declaration‘ puts forth the demand for including biodiversity conservation in the core policy making of the govt.
  3. Supreme Court has permitted female candidates to appear in the examination for Rashtriya Indian Military College (RIMC) in Dehradun.
      • The decision was taken by a bench headed by Justice S K Kaul.
  4. India Ideas Summit 2021 was organized by US-India Business Council (USIBC).
      • Theme – “Recovery to Resurgence”

State News

  1. Emmvee (a Bengaluru-based solar module manufacturer) has signed an agreement with Karnataka govt for setting up 3 GW solar cell and module manufacturing plant in the state.
  2. Starscapes has launched its second astronomical observatory – named Stargate Observatory Bhimtal – for public in Bhimtal, Uttarakhand.
      • Starscapes is India’s first and only chain of observatories.
  3. Delhi govt launched the ‘Desh Ke Mentors’ programme under which the 9 lakh students of classes 9 to 12 in Delhi government schools will be connected with noteworthy citizens who will offer them career and general guidance.
      • Actor Sonu Sood had been appointed as the brand ambassador for the programme on August 27.
      • The programme includes a two-month mandatory mentoring module and another optional four-month module.
      • Mentors from various professional and academic backgrounds, between the ages of 18-35, will guide and support 2-5 students studying in Delhi government schools.
  4. NABARD has sanctioned Rs 303 crores to the Odisha govt for the construction of 24 bridges.
  5. Uttar Pradesh government has set up a One-Member Commission, chaired by Allahabad High Court Judge, Pradeep Kumar Srivastava, for probing the Lakhimpur Kheri incident that happened recently in the state.

Memorandum of Understanding

  1. Électricité de France S.A. (EDF), one of the world’s leading power sector companies headquartered in Paris, France, and NTPC Ltd has signed an MoU to explore potential power project development opportunities in the Middle East, Asia, Europe and Africa.
      • EDF and NTPC will jointly explore the possibility of power project development in the countries of mutual interest, as well as exchange knowledge and technical expertise.

International News

  1. Iran has conducted its annual air defence exercise named “Velyat”.
      • The army and the paramilitary Revolutionary Guard of Iran participated in this exercise.
  2. Online meeting of 30 Central Asian Flyway countries was held to discuss measures to strengthen the conservation of migratory birds and their habitats in the Central Asian Flyway.
      • Central Asian Flyway (CAF) is the region between Eurasia and Asia (from the Arctic to the Indian Ocean). This entire region is the corridor of a plethora of migratory waterbird species.
      • All the range countries (that fall in this region, as shown in the picture below) are collaboratively striving for the conservation of these birds.
Central Asian Flyway countries
    • There is another agreement – Agreement on the Conservation of African-Eurasian Migratory Waterbirds (AEWA) – is an intergovernmental treaty dedicated to the conservation of migratory waterbirds and their habitats across Africa, Europe, the Middle East, Central Asia, Greenland and the Canadian Archipelago.
    • The AEWA was concluded in 1995, at The Hague, Netherlands.
    • 16 out of the 30 countries encompassed by the CAF are located in the AEWA Agreement Area.

Reports & Indices

  1. Henley and Partners has released the Henley Passport Index: Q4 of 2021.
      • India’s rank is 90th as only 58 countries allow a visa-free entry to Indian passport holders.
      • India is sharing this rank with Burkina Faso and Tajikistan.
      • Afghanistan is at the last position at 116 rank.
Rank Passport Visa-Free score
1 Japan
Singapore
192
2 Germany
South Korea
190
3 Finland
Italy
Luxembourg
Spain
189
4 Austria
Denmark
188
5 France
Ireland
Netherlands
Portugal
Sweden
187

Banking & Economy

  1. BSE Technologies Private Limited (BSE Tech), wholly owned subsidiary of BSE, has received an in-principle approval from RBI for setting up and operating Trade Receivables Discounting System (TReDS) under the Payments and Settlement Systems Act, 2007.
      • TReDS is an electronic platform for facilitating the financing/discounting of trade receivables of MSMEs through multiple financiers.
  2. Visa has launched Card-on-File (CoF) tokenization services in India to secure customers’ financial data.
      • Visa’s card tokenisation service is currently available with ecommerce platforms such as Grofers, Bigbasket and MakeMyTrip.
      • Visa has launched CoF tokenization services in over 130 countries globally.
  3. Federal Bank has tied up with CredAvenue for portfolio management of its securitisation book.
      • The bank has also implemented CredPool, an institutional debt platform of CredAvenue.
  4. RBI has released its Monetary Policy.
      • Policy rates – unchanged
      • Stance – Accommodative
  5. Note: To understand the implications of the Monetary Policy, you can watch this video.

GDP Forecasts

  1. Fitch Ratings has forecasted an 8.7% GDP growth rate for India for 2021-22.
      • For FY23 – 10%
      • It was published in “APAC Sovereign Credit Overview”.

Appointments

  1. Ministry of Corporate Affairs (MCA) has appointed the Chairperson of Competition Commission of India, Ashok Kumar Gupta, as the Chairperson of National Financial Reporting Authority (NFRA).
  2. Fire-Boltt has appointed Virat Kohli as its brand ambassador.
  3. Rajnish Kumar (former chief of State Bank of India) has been appointed as the Chairman of BharatPe, a fintech firm.
  4. Amit Khare (retired IAS) has been appointed as advisor to Prime Minister Narendra Modi on a contract basis.
      • He was the former higher education secretary. He took charge as the higher education secretary in December 2019
      • Khare helped in the formation of National Education Policy 2020.
      • Prior to this, he served as information and broadcasting ministry secretary between May 2018 and December 2019.
      • The Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021 were issued under Khare.

Important Days

  1. First edition of the World Cotton Day is observed on October 7 by UN.
      • Social media hashtag is #CottonForGood.
  2. Air Force Day is celebrated on October 8 in India.
      • On October 8, 1932, the Indian Air Force was established as a supporting force of the UK’s Royal Air Force.

Start Quiz of 08th October 2021

Q.1) Which of the following company is no more a Navratna company?
Q.2) ‘Desh Ke Mentors’ programme is the program of which state / UT?
Q.3) Which country conducts Velyat air defence exercise?
Q.4) How many countries allow a visa-free entry to an Indian passport holder?
Q.5) With which company has NTPC signed an MoU to explore potential power project development opportunities in the Middle East, Asia, Europe and Africa?
Q.6) Who has been appointed as the Chairman of BharatPe?
Q.7) Amit Khare (a retired IAS officer) has been appointed as advisor to Prime Minister Narendra Modi on a contract basis. Prior to this, he has served as the secretary of which ministry?
Q.8) When is the World Cotton Day observed?
Q.9) Who has been appointed as the chairperson of National Financial Reporting Authority (NFRA)?
Q.10) Which bank has tied up with CredAvenue for portfolio management of its securitisation book?
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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