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23rd
May 2022
NATIONAL NEWS
Vinai Kumar Saxena appointed as the new Lt
Governor of Delhi
The Rashtrapati Bhavan has announced that President Ram Nath Kovind has
appointed Vinai Kumar Saxena as the new Lieutenant Governor of Delhi "with
effect from the date he assumes charge of his office". This comes days
after Anil Baijal resigned as the Lieutenant Governor of Delhi reportedly
citing personal reasons.
India better positioned to handle volatility
than other nations: Gopinath
The risk of global recession is lower than individual countries going
into recessions, IMF's First Deputy MD Gita Gopinath said on Monday.
"Inflation is a serious concern in many parts of the world," Gopinath
stated. She noted that India is in a better position to handle volatility than
other countries due to its $600 billion in reserves.
Vijay
Shekhar Sharma re-appointed as MD and CEO of Paytm
Vijay Shekhar Sharma has been re-appointed as the Managing Director (MD) and
Chief Executive Officer (CEO) of Paytm for another 5 years term. His tenure
will be from December 19, 2022, to December 18, 2027. One 97 Communications which is listed under
the Paytm brand, also announced the appointment of Madhur Deora as Additional
Director of the company for a tenure of 5 years from May 20, 2022, to May 19,
2027. Further, the Board has also
approved the appointment of Deora as the Whole-time director designated as
“Whole-time Director and Chief Financial Officer” of the Company. Deora is the
President and Group Chief Financial Officer of the Company.
Salil Parekh re-appointed MD & CEO of Infosys
IT major Infosys announced that its Board of Directors has reappointed Salil S.
Parekh as Chief Executive Officer and Managing Director (CEO & MD) of the
Company effective from July 1, 2022, for a period of five years till March 31,
2027, subject to the approval of shareholders.
This is based on the recommendations of the Nomination and Remuneration
Committee (NRC) and is subject to the approval of shareholders. Salil Parekh has been the Chief Executive
Officer and Managing Director of Infosys since January 2018 and has
successfully led Infosys over the last 4 years.
He has more than thirty years of global experience in the IT services
industry with a strong track record of driving digital transformation for enterprises,
executing business turnarounds, and managing successful acquisitions.
Prime Minister Narendra Modi's new PS: IFS Vivek Kumar
Prime Minister Narendra Modi has got IFS Vivek Kumar as his new Private
Secretary (PS). The Cabinet Appointments Committee accepted Vivek Kumar's
nomination as PM Modi's press secretary. Vivek Kumar is the director of the
Prime Minister's Office and is a 2004 batch Indian Foreign Service (IFS)
officer (PMO). Vivek Kumar will take
over as PM Modi's private secretary from Sanjeev Kumar Singla. India's
Ambassador to Israel, Sanjeev Kumar Singla, is ready to take over. Singla, an
IFS officer from the 1997 batch, was named PS to the Prime Minister in 2014.
Singla returned to India to work in the PMO after a brief stint in the Indian
Embassy in Tel Aviv. He will now resume his duties as ambassador.
International News
Anthony Albanese sworn in as Australia's new prime minister
Australia's Labor Party leader, Anthony Albanese was sworn in as the country's
new prime minister. Albanese claimed the victory in the election, ending his
wait for power after nine years and with this Anthony Albanese became the
country's 31st Prime Minister. Outgoing
Prime Minister Scott Morrison, who was heading the Liberal-National coalition
has conceded defeat. The 59-year-old new
prime minister was sworn in at a brief ceremony lasting in Government House,
Canberra. Other members of his team to
take office included Foreign Minister Penny Wong, who will join Albanese at the
Quad summit, Treasurer Jim Chalmers and Finance Minister Katy Gallagher.
Not expecting recession but it isn't out of
question: IMF MD
International Monetary Fund's (IMF) Managing Director Kristalina
Georgieva on Monday said she doesn't expect a recession for the world's major
economies "at this point". However, she added, "It doesn't mean
it's out of the question." The "horizon has darkened" since the
IMF downgraded its 2022 growth outlook because of war in Ukraine, China's
slowdown and global price shock, she added.
Rising oil prices pose risk of global
recession: IEA Executive Director
International Energy Agency (IEA) Executive Director Fatih Birol said
oil producers need to act responsibly to help rein in oil prices, otherwise
there's a risk of global recession. "If we don't make a positive
contribution here, we may see prices even going higher...becoming a major risk
for recession for the global economy," Birol said.
Japan to contribute to smart cities, 5G
projects in India: NEC Corporation
NEC Corporation's Chairman Nobuhiro Endo met Prime Minister Narendra
Modi in Tokyo on Monday and discussed the Japanese company's role in India's
telecommunications sector. "From smart cities point of view, we can
contribute from the application and...provide the communication platforms like
5G," Endo said after meeting PM Modi. He added that they have the solution
to all these areas.
Banking, Business and Economy News
We've been cautioning, look what happened:
RBI Governor on crypto crash
RBI Governor Shaktikanta Das told CNBC-TV18, "We've been cautioning
on crypto and look at what has happened to the crypto market now." Talking
about the recent crash in crypto market, he added, "Had we been regulating
it...people would be raising questions, 'what happened to regulations?'."
He further said crypto will "seriously undermine" India's monetary,
financial and macroeconomic stability.
Zomato's net loss nearly triples to ₹359.7
crore in Q4, revenue rises 75%
Zomato on Monday reported a net loss of ₹359.7 crore for the fourth
quarter ended March 31, 2022, marking a nearly threefold increase compared to
₹134.2 crore in the corresponding quarter last year. The food delivery
company's revenue from operations stood at ₹1,211.8 crore, up 75.01% from
₹692.4 crore in the year-ago period.
India's GDP growth may have declined to 3.5%
in Q4: ICRA
India's GDP growth may have slowed down to 3.5% in Q4 FY22 from 5.4% in
the previous quarter, rating agency ICRA said. The GVA seems to have risen even
slower at 2.7% in Q4, compared to 4.7% in Q3, ICRA added. It cited impact of
higher commodity prices on margins and decline in wheat yields, among others,
as the reasons.
RBI fines Bilaspur Nagrik Sahakari Bank ₹2.5
lakh for violating norms
The Reserve Bank of India (RBI) on Monday imposed a monetary penalty of
₹2.5 lakh on Bilaspur Nagrik Sahakari Bank for violation of certain directives
issued by it. As per RBI, the bank had not adhered to the prudential inter-bank
(gross) exposure limit, among other violations. Last month, RBI fined Bank
of Maharashtra ₹1.12 crore for non-compliance.
Paytm announced a Joint Venture named ‘Paytm General Insurance Ltd’
Paytm has announced a Joint Venture (JV) general insurance company named as
Paytm General Insurance Ltd (PGIL). Paytm has announced plans to infuse Rs 950
crore in PGIL in tranches, over a period of 10 years and to hold an upfront
equity stake of 74% in JV. Following the
investment, Paytm General Insurance will become a subsidiary of Paytm.
Incorporated in 2018, PGIL plans to register for and undertake general
insurance business defined under Section 2(6B) of the Insurance Act, 1938
(“Insurance Act”). Notably, PGIL is yet to commence its general insurance business
which is currently subject to receipt of the certificate of registration from
IRDAI.
RBI authorises a surplus transfer to the Central Government of Rs 30,307
crore
The Reserve Bank of India has sanctioned a surplus transfer to the Central
Government of 30,307 crore rupees for the fiscal year 2021-22. The Reserve Bank
of India's Central Board of Directors met for the 596th time in Mumbai, under
the chairmanship of Governor Shaktikanta Das, to adopt the Reserve Bank's
Annual Report and Accounts for the year.
The board agreed to keep the Contingency Risk Buffer at 5.50 percent
after examining the present economic condition, global and domestic issues, and
the effect of recent geopolitical developments.
Inflation is at its greatest level in years. The April wholesale price
index was 15.05 percent. 7.8% is the consumer price index. These are extremely high rates, and India is
not alone in this regard. In America, where the goal inflation rate is 2%, the
most recent inflation rate was 8.5 percent, which has now dropped to 8.3
percent. As a result, worldwide inflation exists. Commodity, service, and manufacturing prices
have all risen dramatically in the recent year.
Inflation started in 2021, and the war in Ukraine has intensified it.
Right now, the globe is stuck in a massive inflationary trap.
RBI sets up panel to review customer service
standards in banks
The RBI on Monday said it has set up a six-member committee to review
customer service standards in banks, NBFCs and other entities regulated by it.
The committee will evaluate the efficacy, adequacy and quality of customer
service and also suggest measures. It will submit a report in three months from
the date of its first meeting, the RBI added.
Summits and Conferences News
Piyush Goyal to lead India at the WEF in Davos for 2022
The World Economic Forum's Annual Meeting kicks off in Davos, Switzerland. The
Indian delegation will be led by Commerce and Industry Minister Piyush Goyal
throughout the five-day meeting. This event will assist to strengthen India's
status as a vital and relevant player in creating the global narrative,
especially as it prepares to take over the G-20 presidency next year. The World Economic Forum will also serve as a
platform for promoting India as a desirable investment destination, owing to
its strong economic development and stable macroeconomic indicators. Mr. Goyal will also visit the United Kingdom
on the 26th and 27th of this month to discuss the progress made in the Free
Trade Agreement negotiations with UK government and businesses. The Prime Ministers of India and the United
Kingdom agreed to hold a summit conference in Diwali 2022 to finalise the Free
Trade Agreement between the two countries.
North East Research Conclave 2022 inaugurated by Dharmendra Pradhan
Shri Dharmendra Pradhan, Union Minister for Education and Skill Development,
launched the North East Research Conclave (NERC) 2022 at IIT Guwahati. Dr. Himanta Biswa Sarma, the Chief Minister
of Assam, stated in his deliberation that Research and Development is critical
for a fast-developing country like India.
He went on to say that in a progressive society, research and
development has always been seen as a key building component since it is so
important in the process of innovation and growing our knowledge and
understanding. Entrepreneurs and
research institutions can display their innovations at the North-East Research
Conclave. This is a fantastic effort for
the North East since it puts policymakers, industry leaders, and researchers
together on one platform. This huge event will have a significant impact on the
region's educational sector.
Science and Technology News
Dr. Jitendra Singh, Launches 'BioRRAP' Portal for Biotech Researchers
In keeping with the ethos of One Nation, One Portal, Union Minister Dr.
Jitendra Singh unveiled the Single National Portal for Biotech Researchers and
Start-ups. All those seeking regulatory permission for biological research and
development activity in the country will use BioRRAP. According to the Minister, biotechnology has
quickly become a viable academic and career option for Indian youth. The
country currently has over 2,700 biotech start-ups and over 2,500 biotech
enterprises in operation. Dr. Jitendra
Singh, speaking after the portal's debut, stated that India is on track to
become a global bio-manufacturing hub and will rank among the top five
countries in the world by 2025. He added that the Portal will allow
stakeholders to view the approvals given to a specific application using a
unique BioRRAP ID. He hailed DBT's one-of-a-kind gateway as a step toward
making science and scientific research more accessible to Indians, as well as making
it easier to create businesses.
Sports News
Odisha won the 12th Hockey India Senior Women's National Championship
title
Odisha women's team has won its first-ever gold in Senior Nationals as they
defeat Karnataka 2-0 in the final of the 12th Hockey India Senior Women's
National Championship. Earlier, Hockey Jharkhand defeated Hockey Haryana 3-2 in
the third-fourth place match. The 12th
Hockey India Senior Women’s National Championship was held in Bhopal, Madhya
Pradesh. However solid defensive performances from both sides ensured that the
match went into the Halftime with the scoreline reading 0-0. Punam Barla (34′)
opened the scoring in the match in the third quarter as Odisha picked up the
lead. Ashim Kanchan Barla (59′) sealed the game with a late goal as Odisha beat
Karnataka 2-0 to claim the championship.
UEFA Europa Football League title won by Germany’s Eintracht Frankfurt
German club Eintracht Frankfurt has won their first European trophy in 42 years
after defeating the Rangers by 5-4 on penalties in Seville, Spain. Goalkeeper,
Kevin Trapp has saved at the end of extra time and another in the shootout to
help give Frankfurt the 5-4 win on penalties.
Scottish club Rangers was also trying to win its first European title
since the Cup Winners’ Cup in 1972. Kevin Trapp (Eintracht Frankfurt) was Man
of the Match. Colombia striker Rafael Borré, who scored a second-half equalizer
for Frankfurt, converted the decisive penalty to clinch the club's first
European trophy since the 1980 UEFA Cup, a predecessor to the Europa League.
The win also secures a first appearance in the Champions League next season for
Frankfurt.
Indian teenager R Praggnanandhaa stuns Magnus Carlsen for the 2nd time in
2022
Indian GM Praggnanandhaa posted his second win over world champion Magnus
Carlsen in 3 months when he stunned the Norwegian at the Chessable Masters
online rapid chess tournament. 16-year-old
Praggnanandha beat Magnus Carlsen for the first time in February at Airthings
Masters, an online rapid chess tournament. Praggnandha took his tally to 12
points while Carlsen was 2nd on the leaderboard behind China's Wei Yi on Day 2
of the tournament. Abhimanyu Mishra, the
youngest Grand Master in the world, is also part of the 16-man tournament.
Praggnanandhaa had won with black pieces to end Carlsen's 3-match winning run
at the Airthings Masters in just 19 moves in a Tarrasch variation game.
Red Bull's Max Verstappen wins Spanish Grand Prix
Formula One world champion, Max Verstappen won the Spanish Grand Prix in a Red
Bull to take over at the top from Ferrari's Charles Leclerc, who retired with
an engine failure while leading at Circuit de Barcelona-Catalunya. Mexican Sergio Perez finished second, 13
seconds behind but with the consolation of a bonus point for fastest lap, after
being told to let his teammate pass for a third victory in a row after Imola
and Miami. Britain's George Russell came
third for a revived Mercedes and after going wheel-to-wheel with Verstappen
early on in a thrilling display of defensive driving as they battled for second
place behind Leclerc.
Important Days
International Day to End Obstetric Fistula: 23 May
United Nations (UN) International Day to End Obstetric Fistula is marked on
23rd May since 2013 to promote action towards treating and preventing obstetric
fistula, a condition that affects many girls and women during childbirth in
developing countries. In 2003 the United
Nations Population Fund (UNFPA) and its partners launched the global Campaign
to End Fistula, a collaborative initiative to prevent fistula and restore the
health of those affected by the condition. The day was officially recognised in
2012. Obstetric fistula is a devastating
childbirth injury, and a neglected public health and human rights issue. Two
million women in low-resource settings have an obstetric fistula, and 100,000
more develop one every year. Leaking urine and/or faeces and, as a result,
living in desperate circumstances, only 1 in 50 ever receives treatment.
International Day for Biological Diversity 2022: 22 May
International Day for Biological Diversity or World Biodiversity Day is
observed on 22nd May every year to increase awareness and understanding of the
issues of biodiversity. Biodiversity is essential for sustaining the balance of
the planet. It is the cornerstone of ecosystem services, which are completely
tied to human well-being. The theme
in 2022 is “Building a shared future for all life”. Fitting within the
context of the ongoing United Nations Decade on Restoration, which highlights
that biodiversity is the answer to several sustainable development challenges,
the slogan conveys the message that biodiversity is the foundation upon which
we can build back better. In December
2000, the UN General Assembly adopted 22 May as IDB, to commemorate the
adoption of the text of the Convention on 22 May 1992 by the Nairobi Final Act
of the Conference for the Adoption of the Agreed Text of the Convention on
Biological Diversity.
India Celebrates 250th Birth Anniversary of Raja Ram Mohan Roy
The 250th birth anniversary of Raja Ram Mohan Roy was celebrated and
commemorated by the Ministry of Culture under the Azadi ka Amrit Mahotsav. The
ministry of Culture organized an inaugural ceremony on 22nd May 2022. The inaugural ceremony was organized at the
Raja Ram Mohan Roy Library Foundation, Salt Lake, Kolkata, and at Science City
Auditorium, Kolkata. According to the press release by the ministry, it was the
250th birth anniversary of Raja Ram Mohan Roy and the 50th foundation day of
the Raja Ram Mohan Roy Library Foundation.
Several ministers including the Governor of West Bengal, Jagdeep Dhankar
were also present at the inaugural ceremony. The union minister of culture,
tourism, and development of the North-eastern Region (DoNER), G Kishan Reddy,
also joined the ceremony virtually.
Moderna, Pfizer making $1,000 profit every
second from vaccine monopoly: Oxfam
Oxfam International in its latest research revealed
that the COVID-19 pandemic created 40 new pharma billionaires and alleged that
companies like Moderna and Pfizer are making $1,000 profit every second from
their monopoly control of COVID-19 vaccines. It also said these companies are
charging governments up to 24 times more than the potential cost of generic
production.
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