24th September, 2022

1. United Nation Environment Program (UNEP) has signed an MOU with National Cadet Corps (NCC) to tackle the problem of plastic waste on beaches through Puneet Sagar Abhiyan and Tide Turners Plastic Challenge Program.
2. Central government has accorded the status of a Maharatna company to REC Ltd (an NBFC in energy sector).
3. The 25th edition of the Globoil summit was organised by Tefla’s in Agra, Uttar Pradesh.
4. Prime Minister Narendra Modi virtually inaugurated the National Conference of Environment Ministers in Ekta Nagar, Gujarat.
5. Central Govt is planning to implement the PM PRANAM (Promotion of Alternate Nutrients for Agriculture Management Yojana) to reduce the use of chemical fertilizers in agriculture by incentivizing states.
6. Indian Coast Guard has inducted ICG Samarth and its fleet station in Kochi, Kerala.
7. The Ministry of Defense has signed a contract with the BrahMos Aerospace Private Limited for purchasing surface to surface BrahMos missiles for Rs 1700 crores approx.
8. Tata Group has signed an MOU with CSIR-Indian Institute of Petroleum to research and develop sustainable aviation fuel.
9. USA has become the 137th country to ratify the Kigali Amendment to the Montreal Protocol on Substances that Deplete the Ozone Layer.
10. Sri Lanka has recorded 70.2% inflation rate in the month of August 2022.
11. Z/Yen in London and the China Development Institute (CDI) in Shenzhen have jointly launched the 32nd edition of the Global Financial Centres Index.
12. Max Life Insurance has appointed Rohit Sharma (captain of Indian cricket team) and Ritika Sajdeh (Indian sports team manager) as its brand ambassador.
13. Japan-based MUFG bank has increased its Indian branch’s capital by Rs 3000 crore to expand its business in India.
14. HDFC bank has partnered with Refinitiv (a London stock exchange listed company) to offer the latter’s technological services to its customers.
15. ICICI Prudential Mutual Fund has launched India’s First Nifty Auto Index Fund.
16. Federal Bank has partnered with Lulu Money to enable the NRIs in the Middle East countries to pay their bills through Bharat Bill Cross Border Payment system.
17. Mahindra & Mahindra has acquired 17.41% in Swaraj Engines Ltd. for Rs 296 crores.
18. Ageas Federal Life Insurance has become the first insurance company to have 74% foreign ownership.
19. Aditya Birla Sun Life Insurance has launched the ABSLI Akshay Plan, a non-linked, non-participating life-saving insurance plan.
20. Amsterdam-based cross border payment company Terrapay has partnered with NPCI International Payments Limited to provide UPI services in The Netherlands.
21. The Ministry of Corporate Affairs has amended the corporate social responsibility rules of 2014 to provide the framework for utilisation of unspent CSR amount and for the assessment of the social impact of CSR activities.
22. World Rose day (to encourage cancer survivors)
23. September 23 – International Sign Language Day; Theme– Sign Language Unite Us
24. September 19-25 – International Week of the Deaf People; Theme– Building Inclusive Communities For All
25. IIFL Wealth Hurun India Rich List 2022 –
26. Breakthrough Prizes 2023, dubbed the “Oscars of Science,” have been announced.
27. The International Cricket Council (ICC) announced that Oval Stadium, London will host the World Test Championship 2023.

National News

1. United Nation Environment Program (UNEP) has signed an MOU with National Cadet Corps (NCC) to tackle the problem of plastic waste on beaches through Puneet Sagar Abhiyan and Tide Turners Plastic Challenge Program.
   • The tide turners program is UNEP’s global program for tackling plastic waste on beaches.
   • Puneet Sagar Abhiyan was initiated by NCC to clean India’s coasts.
2. Central government has accorded the status of a Maharatna company to REC Ltd (an NBFC in energy sector).
   • Now, India has 12 Maharatna companies, 13 navratna, 74 miniratna companies.

3. The 25th edition of the Globoil summit was organised by Tefla’s in Agra, Uttar Pradesh.
   • During the summit, India, Sri Lanka, Pakistan, Bangladesh, and Nepal created the Asian Palm Oil Alliance.
   • All of the above mentioned countries are the major importers of palm oil in Asia.
   • Purpose – two facilitate smooth trade between palm oil producers and consumers
   • Atul Chaturvedi has been appointed as the 1st chairman of this alliance.
   • The alliance will be managed by the Solvent Extractors Association of India in its initial years.
   • The next meeting of the alliance will be held in Indonesia in 2023.
4. Prime Minister Narendra Modi virtually inaugurated the National Conference of Environment Ministers in Ekta Nagar, Gujarat.
   • Six themes (focused on LiFE initiative) were addressed in the conference, which are –
     • Combating Climate Change (Updating State Action Plans on Climate Change for Mitigation of Emissions and Adaptation to Climate Impacts)
     • PARIVESH (Pro-Active and Responsive facilitation by Interactive and Virtuous Environment Single-window Hub) – Launched in 2018; Single Window System for Integrated Green Clearances for reducing time taken for granting clearances
     • Forestry Management
     • Prevention and Control of Pollution
     • Wildlife Management
     • Plastics and Waste Management
5. Central Govt is planning to implement the PM PRANAM (Promotion of Alternate Nutrients for Agriculture Management Yojana) to reduce the use of chemical fertilizers in agriculture by incentivizing states.
   • The scheme was announced during the National Conference on Agriculture for Rabi Campaign 2022.
   • The proposed scheme intends to reduce the subsidy burden on chemical fertilisers, which is expected to increase to Rs 2.25 lakh crore in 2022-2023, which is 39% higher than the previous year’s figure of Rs 1.62 lakh crore.

   Financing of the Scheme –

   • The scheme will not have a separate budget and will be financed by the “savings of existing fertiliser subsidy”.
   • Further, 50% subsidy savings will be passed on as a grant to the state that saves the money.
   • 70% of the grant provided under the scheme can be used for asset creation related to technological adoption of alternate fertilisers and alternate fertiliser production units at village, block and district levels.
   • The remaining 30% grant money can be used for incentivising farmers, panchayats, farmer producer organisations and self-help groups that are involved in the reduction of fertiliser use and awareness generation.
   • The government will compare a state’s increase or reduction in urea in a year, to its average consumption of urea during the last three years. Data available on a fertiliser Ministry dashboard, iFMS (Integrated fertilisers Management System), will be used for this purpose.

   Additional Facts –

   • Central Govt has been providing a fixed rate of subsidy (in Rs per Kg basis) on Nitrogen (N), Phosphate (P), Potash (K) and Sulphur (S) under the Nutrient Based Subsidy (NBS) Scheme, on an annual basis, since April 2010.
   • In total, the govt provides subsidies on four fertilisers — Urea, DAP (Di-ammonium Phosphate), MOP (Muriate of potash), NPKS (Nitrogen, Phosphorus, Potassium and Sulphur) — increased by 21% between 2017-2018 and 2021-2022, from 528.86 lakh metric tonnes (LMT) to 640.27 LMT.

Defence News

1. Indian Coast Guard has inducted ICG Samarth and its fleet station in Kochi, Kerala.
   • Indian Navy has indigenously designed and developed two new diving support vessels named Nistar and Nupur in Visakhapatnam, Andhra Pradesh.
   • These vessels have been developed by Hindustan Shipyard Limited.
2. The Ministry of Defense has signed a contract with the BrahMos Aerospace Private Limited for purchasing surface to surface BrahMos missiles for Rs 1700 crores approx.
   • The missiles are capable of dual performance that is attacking ship and land surfaces.

Memorandum of Understanding

1. Tata Group has signed an MOU with CSIR-Indian Institute of Petroleum to research and develop sustainable aviation fuel.
   • The International Air Transport Association has pledged to make the aviation industry net carbon emission free by 2050.

International News

1. USA has become the 137th country to ratify the Kigali Amendment to the Montreal Protocol on Substances that Deplete the Ozone Layer.
   • The Kigali Amendment calls for a gradual reduction in the consumption and production of hydrofluorocarbons (“HFCs”), which are potent greenhouse gases.
   • Its global implementation should avoid as much as half a degree Celsius of warming by the end of the century.
   • S. ratification will support 33,000 new U.S. manufacturing jobs and generate $12.5 billion in new investments in the U.S. economy over the next decade.
   • Montreal Protocol, which also regulates the production and consumption of ozone depleting substances, is one of the most successful international environmental agreements.
   • USA’s stance is expected to restore the stratospheric ozone layer by 2065.
2. Sri Lanka has recorded 70.2% inflation rate in the month of August 2022.

Reports and Indices

1. Z/Yen in London and the China Development Institute (CDI) in Shenzhen have jointly launched the 32nd edition of the Global Financial Centres Index.
   • Total – 119 countries
   • Top – New York
   • India’s rank – New Delhi (68th) and Mumbai (70th)
   • Overall, the average rating of centres in the index has improved by 83% from GFCI 31.
   • The top 20 global financial centres are –

Banking and Economy

1. Max Life Insurance has appointed Rohit Sharma (captain of Indian cricket team) and Ritika Sajdeh (Indian sports team manager) as its brand ambassador.
2. Japan-based MUFG bank has increased its Indian branch’s capital by Rs 3000 crore to expand its business in India.
   • Now, the total capital of MUFG stands at Rs 5,207 crores.
   • MUFG – mitsubishi ufj financial group
   • In March 2022, MUFG established the MEFG Ganesha fund worth $300 million to support budding Indian startups.
   • MUFG has also established a branch in GIFT City, Gandhinagar.
3. HDFC bank has partnered with Refinitiv (a London stock exchange listed company) to offer the latter’s technological services to its customers.
4. ICICI Prudential Mutual Fund has launched India’s First Nifty Auto Index Fund.
   • The index fund will trace the performance of automobile companies listed on Nifty.
5. Federal Bank has partnered with Lulu Money to enable the NRIs in the Middle East countries to pay their bills through Bharat Bill Cross Border Payment system.
6. Mahindra & Mahindra has acquired 17.41% in Swaraj Engines Ltd. for Rs 296 crores.
7. Ageas Federal Life Insurance has become the first insurance company to have 74% foreign ownership.
   • The Belgium-based Ageas Insurance International NV acquired the 25% stake in IDBI Bank.
8. Aditya Birla Sun Life Insurance has launched the ABSLI Akshay Plan, a non-linked, non-participating life-saving insurance plan.
9. Amsterdam-based cross border payment company Terrapay has partnered with NPCI International Payments Limited to provide UPI services in The Netherlands.
10. The Ministry of Corporate Affairs has amended the corporate social responsibility rules of 2014 to provide the framework for utilisation of unspent CSR amount and for the assessment of the social impact of CSR activities.
    • The new rules will be called as Companies (Corporate Social Responsibility) Amendment Rules of 2022.
    • According to the new rules, the total expenditure incurred on social impact assessment cannot exceed 2% of total CSR expenditure or Rs 50 lakhs whichever is greater.
    • Companies having a net worth of Rs 500 crores, turnover of Rs 1000 crores or a profit of Rs 5 crores or more are required to undertake CSR activities.

Important Days

1. September 22 –
   • World Rhino day; Theme – five rhino species forever
   • World Rose day (to encourage cancer survivors)

2. September 23 – International Sign Language Day; Theme– Sign Language Unite Us
3. September 19-25 – International Week of the Deaf People; Theme– Building Inclusive Communities For All

Awards

1. IIFL Wealth Hurun India Rich List 2022 –
   • Rank 1 – Gautam Adani
   • Rank 2 – Mukesh Ambani
   • Rank 3 – Cyrus Poonawalla
   • Rank 4 – Shiv Nadar
   • Rank 5 – Radhakrishan Damani
2. Breakthrough Prizes 2023, dubbed the “Oscars of Science,” have been announced.
   • The Breakthrough Prizes, created in 2010 by a group of Silicon Valley entrepreneurs in US.
   • Each prize carries $3 million — more than the $1 million for a Nobel winner.
   • Breakthrough Prize in mathematics – Daniel Spielman of Yale University
   • Breakthrough Prize in fundamental physics – Charles Bennett, Gilles Brassard, David Deutsch and Peter Shor
   • Breakthrough Prize in Life Sciences – Clifford Brangwynne and Anthony Hyman for discovering a new mechanism of cellular organization
     • Other winners of life sciences prizes are Demis Hassabis and John Jumper for developing AlphaFold, which predicts the structure of proteins, and Emmanuel Mignot and Masashi Yanagisawa for discovering the causes of narcolepsy

Sports

1. The International Cricket Council (ICC) announced that Oval Stadium, London will host the World Test Championship 2023.
   • The World Test Championship 2025 will be hosted at Lord’s Stadium, London.

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