09th December, 2021 – Daily News

Topics covered – ‘e-Sawaari India Electric Bus Coalition’, Digital Payment Utsav , Pradhan Mantri Awas Yojana-Gramin, Ken-Betwa interlinking of rivers project, the Surrogacy (Regulation) Bill, 2020, and the Assistive Reproduction Technology (Regulation) Bill, 2021, India Water Impact Summit , BrahMos supersonic cruise missile , CSIR-Indian Institute of Petroleum, sustainable aviation fuel (SAF) globally, UVSC Pathfinder , Asia Power Index 2021, World Inequality Report 2022 , Abu Dhabi Chemicals Derivatives Company and Reliance Industries , RBI’s monetary policy committee’s , India’s GDP growth rate , chancellor of Germany, SAARC Charter Day , Jnanpith Award , ‘The World’s 100 Most Powerful Women’ list 2021, WTA Awards 2021, Power Couples Annual survey.

Bulletins

  1. NITI Aayog has launched ‘e-Sawaari India Electric Bus Coalition’, in partnership with Convergence Energy Service Ltd (CESL) and World Resources Institute, India (WRI India), with support from Transformative Urban Mobility Initiative (TUMI).
  2. Ministry of Electronics and IT has organized the Digital Payment Utsav in New Delhi.
  3. Union Cabinet has approved the extension of the Pradhan Mantri Awas Yojana-Gramin (PMAY-G), beyond March 2021 till March 2024 to achieve the target of constructing 2.95 crore houses.
  4. Union Cabinet has approved the funding and implementation of the Rs 44,605 crore Ken-Betwa interlinking of rivers project, which will address the problem of water scarcity in Bundelkhand region spanning across Madhya Pradesh and poll-bound UP.
  5. Parliament has cleared the Surrogacy (Regulation) Bill, 2020, and the Assistive Reproduction Technology (Regulation) Bill, 2021.
  6. 6th edition of the India Water Impact Summit was organized from December 9 to 14.
  7. India has successfully test-fired the air version of the BrahMos supersonic cruise missile from a Sukhoi 30 MK-I aircraft.
  8. Permanent Mission of India to WTO has signed a tripartite MoU with Centre for Trade and Investment Law and Centre for Trade and Economic Integration for conducting research and capacity building of India in the field of international trade law and policy.
  9. IndiGo Airlines has signed an agreement with Dehradun-based CSIR-Indian Institute of Petroleum (CSIR-IIP) to manufacture and deploy sustainable aviation fuel (SAF) globally.
  10. NASA has announced to launch its UVSC Pathfinder — short for Ultraviolet Spectro-Coronagraph Pathfinder – on the STPSat-6 spacecraft of US in December 2021.
  11. Lowy Institute (Australia based think tank) has released the Asia Power Index 2021.
  12. World Inequality Report 2022 has been released by Paris based World Inequality Lab.
  13. Abu Dhabi Chemicals Derivatives Company and Reliance Industries have agreed to start a joint venture in Ruwais, Abu Dhabi in the field of chemical production.
  14. Karnataka Vikas Grameena Bank (KVGB) – headquartered in Dharwad – has signed an MoU with Liberty General Insurance for selling general insurance products through 629 branches of KVGB.
  15. RBI’s monetary policy committee’s meet’s outcomes: –
  16. Byju’s, the world’s most valuable ed-tech company, has acquired Austria-headquartered
  17. Fitch Ratings has forecasted India’s GDP growth rate at 4% for FY22.
  18. NASA has announced the fresh class of trainee astronauts, which includes an Indian-origin person named Anil Menon.
  19. Olaf Scholz has become new chancellor of
  20. SAARC Charter Day is observed annually on 8 December to commemorate the adoption of the SAARC Charter. This year marks the 37th anniversary of the regional group.
  21. Assamese poet Nilmani Phookan Jr has won the 56th Jnanpith Award for the year 2020.
  22. Forbes has released ‘The World’s 100 Most Powerful Women’ list 2021.
  23. Women Tennis Association (WTA) has released the WTA Awards 2021.
  24. Power Couples Annual survey has been released by the Indian Institute of Human Brands (IIHB) for 2021.

Table of Content

National News

  1. NITI Aayog has launched ‘e-Sawaari India Electric Bus Coalition’, in partnership with Convergence Energy Service Ltd (CESL) and World Resources Institute, India (WRI India), with support from Transformative Urban Mobility Initiative (TUMI).
      • The coalition has been launched with the aim to share knowledge and learnings on e-bus adoption in India.
      • The coalition will spread awareness among various stakeholders like central-state govt agencies, transit service providers, original equipment manufacturers etc. about the adoption of e-buses.
  2. Ministry of Electronics and IT has organized the Digital Payment Utsav in New Delhi.
    • Launches announced during the Utsav:

        • DIGIDHAN logo
        • Digital Payments Sandesh Yatra (awareness campaign)
        • Chutki Baja Ke (digital payments anthem)
        • Digidhan Awards for Fintech and Banks to encourage them for promoting digital payment.

      Innovative Solutions:

        • Rupay On The Go – Launched by the City Union Bank
        • SOFTPOS mobile App – Launched by Union Bank of India for small merchants.
        • YES Bank launched Rupay Credit Card in partnership with NPCI. This card
        is a variant of Yes Prosperity Rewards Plus Credit card.
  3. Union Cabinet has approved the extension of the Pradhan Mantri Awas Yojana-Gramin (PMAY-G), beyond March 2021 till March 2024 to achieve the target of constructing 2.95 crore houses.
      • Recently, PMAY-Urban was also extended till 2023 to complete the pending construction of houses.
  4. Union Cabinet has approved the funding and implementation of the Rs 44,605 crore Ken-Betwa interlinking of rivers project, which will address the problem of water scarcity in Bundelkhand region spanning across Madhya Pradesh and poll-bound UP.
      • The Cabinet approved central support of Rs 39,317 crore for the project, covering a grant of Rs 36,290 crore and a loan of Rs 3,027 crore.
      • The project involves the transfer of water from the Ken to the Betwa river through the construction of Daudhan dam and a canal linking the two rivers (Bina Complex multipurpose project).
  5. Parliament has cleared the Surrogacy (Regulation) Bill, 2020, and the Assistive Reproduction Technology (Regulation) Bill, 2021.
      • The two bills aim to regulate in vitro fertilization (IVF) clinics and prohibit commercial surrogacy in India.
Surrogacy (Regulation) Bill, 2020Assistive Reproduction Technology (Regulation) Bill, 2021
It establishes National Surrogacy Board at the central level and state surrogacy boards at state/ UT level.This bill aims to regulate and supervise assisted reproductive technology clinics and assisted reproductive technology banks, and prevent misuse.
It prohibits commercial surrogacy but allows altruistic surrogacy.The bill mandates ART clinics and banks to be registered under the National Registry of Banks and Clinics of India.
The Bill further clarifies that a donor will not have any parental rights over the child born through ART. The child so born will be deemed to be a biological child of the commissioning couple and will be entitled to the rights and privileges available to a natural child of the commissioning couple.
6. 6th edition of the India Water Impact Summit was organized from December 9 to 14.

    • Organizers – National Mission for Clean Ganga (NMCG) and Centre for Ganga River Basin Management and Studies
    • Location – NMCG office, New Delhi and IIT, Kanpur
    • Theme – ‘River Resources Allocation “Planning and Management at the Regional Level’
    • Focus – Collaborations with the European Union, Denmark, Netherlands, Norway, USA, UK, Australia and the BRICS countries.
    • Mode – Hybrid (online and offline)

Defence News

  1. India has successfully test-fired the air version of the BrahMos supersonic cruise missile from a Sukhoi 30 MK-I aircraft.
      • The missile was successfully test-fired from Indian Air Force’s (IAF) Sukhoi 30 MKI supersonic fighter aircraft from the Integrated Test Range (ITR), based in Chandipur, off the coast of Odisha.

Memorandum of Understanding

  1. Permanent Mission of India to WTO has signed a tripartite MoU with Centre for Trade and Investment Law and Centre for Trade and Economic Integration for conducting research and capacity building of India in the field of international trade law and policy.
      • Permanent Mission of India to WTO is located in WTO’s HQ in Geneva, Switzerland.
      • Centre for Trade and Investment Law is located at Indian Institute of Foreign Trade, New Delhi.
      • Centre for Trade and Economic Integration is located at The Graduate Institute, Geneva.
  2. IndiGo Airlines has signed an agreement with Dehradun-based CSIR-Indian Institute of Petroleum (CSIR-IIP) to manufacture and deploy sustainable aviation fuel (SAF) globally.<
      • SAF is defined as “fuel that has the potential to generate lower carbon emissions than conventional kerosene on a life cycle basis”.

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International News

  1. NASA has announced to launch its UVSC Pathfinder — short for Ultraviolet Spectro-Coronagraph Pathfinder – on the STPSat-6 spacecraft of US in December 2021.
      • The mission is the joint effort of NASA and S. Naval Research Laboratory.
      • The mission will study the origins of solar energetic particles (the most dangerous form of radiation of Sun).

Reports & Indices

  1. Lowy Institute (Australia-based think tank) has released the Asia Power Index 2021.
      • Total – 26 countries
      • Top – US (score 82.2), followed by China, and Japan and 2nd and 3rd rank
      • India’s rank – 4th (score 37.7), followed by Russia
        • Parameter-wise India’s rank
India's Rank Chart
o	Parameter-wise India’s rank
    • Bottom – Papua New Guinea
    • Parameters – 131 indicators divided into 8 domains.

2. World Inequality Report 2022 has been released by Paris based World Inequality Lab.

    • The report assesses inequalities inter- and intra- countries in terms of wealth, income, ecology (per capita emissions), female labour force participation, etc.
    • The lead author of this report is Lucas Chancel.

Global Scenario:

    • According to the report, global inequalities have reached the same level as it was in the early 20th.
    • Wealth Inequality – 50% of the global population holds only 2% wealth whereas the top 10% population holds 76% of all wealth.
    • Region-wise – Middle East and North Africa (MENA) region has the highest inequality in wealth distribution.
Wealth Inequality Division
  • Female Labour Force Participation – Overall, it has grown from 30.6% in 1990 to 34.7% in 2015-20.
    • However, it is still low.
    • Women make only 35% of global labour incomes, men make the remaining 65%.
    • Female participation has increased across all regions, except China which shows a declining trend in relation to female labour incomes or female participation.
  • Ecological inequality – Globally, the top 10% of the world’s population is responsible for 48% of global carbon emissions. In contrast, the bottom 50% population only contributes 12% to it.
  • Global Per-capita inequality
Global Per-capita Chart

India’s Scenario:

  • India is a very unequal country.
  • Top 10% population holds 57% of National Income.
  • Average Household Wealth: It stands at 9,83,010.
  • Gender Inequality – The female labour income share is equal to 18% which is significantly lower than the average in Asia [21%, excluding China] and this value is one of the lowest in the world.
  • Private wealth – The private wealth increase seen in India over this time is also remarkable (up from 290% in 1980 to 560% in 2020).

Banking & Economy

  1. Abu Dhabi Chemicals Derivatives Company and Reliance Industries have agreed to start a joint venture in Ruwais, Abu Dhabi in the field of chemical production.
      • The partnership is worth $2 billion.
      • The JV will be known as TA’ZIZ EDC & PVC.
      • The JV will export the materials to target markets in Southeast Asia and Africa as well as selling them domestically.
  2. Karnataka Vikas Grameena Bank (KVGB) – headquartered in Dharwad – has signed an MoU with Liberty General Insurance for selling general insurance products through 629 branches of KVGB.
      • Chairman of KVGB – P Gopi Krishna
  3. RBI’s monetary policy committee’s meet’s outcomes: –
      • Policy rates unchanged.
Policy rates Chart
  • Accommodative Stance
  • GDP and Inflation Estimates by RBI –
GDP and Inflation Chart
  • RBI announced to continue to use Variable Rate Reverse Repo (VRRR) operations to absorb funds.
    • It will conduct a VRRR auction of Rs 6.5 lakh crore in mid-December and Rs 7.5 lakh crore at the end of the month.
    • In August this year, RBI had announced to conduct four variable rate reverse repo (VRRR) auctions to absorb the excess liquidity from the banking system.
    • Explanation of VRRR
In VRRR, RBI asks banks to deposit their excess money with RBI. Purpose - to reduce liquidity with banks, which will reduce inflation RBI will offer these banks an interest rate higher than the existing reverse repo rate (at which banks deposit their surplus with RBI) Now, RBI will conduct auctions for selecting the banks which would agree to deposit money at the lowest VRRR rate. Thus, in the end, banks will be lured as they will get more interest than reverse repo rate. Less liquidity with banks will lead to less money in market, which will help in controlling inflation.
  • RBI has proposed to launch UPI-based payment product for feature phone users.
      • National Payments Corporation of India launched a USSD (Unstructured Supplementary Services Data)-based mobile banking service called *99# in 2012.
      • Currently, feature phone users can use NUUP (National Unified USSD Platform) as an option for availing basic payment services using the shortcode of *99#.
      • However, the adoption of NUUP has declined. Therefore, RBI proposes to create UPI-based payment product for feature phone users.
  • Enhanced limit for investment in IPO and RBI Retail Direct Scheme via UPI.
      • Earlier, the limit was Rs 2 lakhs and now it has been enhanced to Rs 5 lakhs.
      • RBI Retail Direct Scheme facilitates investment in the Govt securities (G-Secs) by retail (individual) investors.
  • RBI has also proposed a simpler process flow by enabling small value transactions through an “On-device” wallet in UPI app.
      • On-device wallet will enable the users to segregate their small value UPI transactions from their bank account.
      • The users will just need to load their wallet with a bigger amount from their bank account and then make small payments through this wallet.
      • These small transactions will reflect only in the wallet history and will not be part of the bank account statement of the user.
  • 4. Byju’s, the world’s most valuable ed-tech company, has acquired Austria-headquartered

      • GeoGebra is an interactive geometry, algebra, statistics and calculus application, intended for learning and teaching mathematics and science from primary school to university level.

GDP Forecasts

  1. Fitch Ratings has forecasted India’s GDP growth rate at 4% for FY22.
      • FY23 GDP forecast – 10.3%

Appointments

  1. NASA has announced the fresh class of trainee astronauts, which includes an Indian-origin person named Anil Menon.
  2. Olaf Scholz has become new chancellor of
      • German Parliament’s name – Bundestag
      • President of Germany – Frank-Walter Steinmeier

Important Days

  1. SAARC Charter Day is observed annually on 8 December to commemorate the adoption of the SAARC Charter. This year marks the 37th anniversary of the regional group.
      • On 8 December 1985, the SAARC Charter was adopted, in Dhaka, during the first summit of the group.
      • Specialised agencies of SAARC:
        • South Asian University – New Delhi
        • SAARC Regional Standards Organization – Dhaka
        • SAARC Development Fund – Thimphu
        • SAARC Arbitration Council – Islamabad

Awards

  1. Assamese poet Nilmani Phookan Jr has won the 56th Jnanpith Award for the year 2020.
      • Konkani novelist Damodar Mauzo has won the 57th Jnanpith Award for the year 2021.
  2. Forbes has released ‘The World’s 100 Most Powerful Women’ list 2021.
      • Rank 1 – MacKenzie Scott (US, Philanthropist)
      • Rank 2 – Kamala Harris (US, Vice-President)
      • India – Nirmala Sitharaman (Rank – 37); Roshni Nadar Malhotra (Rank -40); Kiran Mazumdar-Shaw (Rank – 72); Falguni Nayar (Rank – 88)
  3. Women Tennis Association (WTA) has released the WTA Awards 2021.
      • Ashleigh Barty has won the WTA Player of the Year award 2021.
  4. Power Couples Annual survey has been released by the Indian Institute of Human Brands (IIHB) for 2021.
      • Rank 1 – Mukesh and Nita Ambani
      • Rank 2- Ranveer Singh and Deepika Padukone
      • Rank 9 – Katrina Kaif and Vicky Kaushal

Start Quiz of 09th December 2021

Q.1) What is the female labour force participation ratio in India as per the World Inequalities Report 2022?
Q.2) What is India’s score in the Asia Power Index 2021?
Q.3) Which of the following entity is partnering with NITI Aayog for 'e-Sawaari India Electric Bus Coalition'?
Q.4) Who has won the 57th Jnanpith Award for the year 2021?
Q.5) Which bank has launched the Rupay On The Go service during the Digital Payment Utsav?
Q.6) Where was the 6th edition of the India Water Impact Summit held?
Q.7) With which airline has CSIR-Indian Institute of Petroleum (CSIR-IIP) partnered to manufacture and deploy sustainable aviation fuel (SAF) globally?
Q.8) Which of the following missions will be sent by NASA to study the origins of solar energetic particles?
Q.9) What is the new UPI limit for retail investors who want to invest in IPO and RBI Retail Direct Scheme?
Q.10) Recently, Byju’s, the world’s most valuable ed-tech company, has acquired GeoGebra (an interactive geometry, algebra, statistics and calculus application for students). Where is GeoGebra headquartered?
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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