Current Affairs

30^th September 2022

Top 18 Daily GK Updates: National & International News

Here is the Daily GK Update of the 30th of September 2022 covering the following news headlines: RBI Monetary Policy, Mastercard, Bank of Baroda, Airtel Payments Bank, Lata Mangeshkar Award, Global Innovation Index 2022, Lata: Sur-Gatha.

National News

1. Supreme Court Judgement on safe and legal abortion

Supreme Court Judgement on Abortion: The Supreme Court has declared that all women have the right to safe and legal abortions up to 24 weeks of pregnancy, no matter their marital status.

An abortion regulation that made a distinction between married and unmarried women was “artificial and constitutionally unsustainable,” according to a bench of Justices DY Chandrachud, JB Pardiwala, and AS Bopanna.

The bench determined that unmarried and single women with pregnancies between 20 and 24 weeks cannot be denied access to safe and legal abortion.

The Medical Termination of Pregnancy Act of 1971 had made it illegal for unmarried women who were 20–24 weeks pregnant after having consenting intercourse to have a legal abortion.

In reference to the MTP Act’s pertinent provision, the court’s ruling stated that “it seems to us that to give Rule 3B a restrictive and narrow interpretation would render it perilously close to holding it unconstitutional, because it would deprive unmarried women of the right to access safe and legal abortions between 20 and 24 weeks if they face a change in their material circumstances similar to married women.”

International News

2. US Economy Shrinks 0.6% in April-June

Battered by surging consumer prices and rising interest rates, the US economy shrank at a 0.6% annual rate from April through June, the government announced, unchanged from its previous second-quarter estimate.

It marked the second consecutive quarter of economic contraction, one informal rule of thumb for a recession. The US economy has been sending out mixed signals this year. Gross domestic product, or GDP, went backward in the first half of 2022.

But the job market has stayed strong. Employers are adding an average 438,000 jobs a month this year, on pace to be the second-best year for hiring (behind 2021) in government records going back to 1940. Unemployment is at 3.7%, low by historic standards. There are currently about two jobs for every unemployed American.

Economy News

3 RBI Repo Rate Hike by 50 bps to 5.9%: RBI Monetary Policy

RBI Repo Rate: The decision of RBI Governor Shaktikanta Das headed the six-member Monetary Policy Committee (MPC) has been announced.

The Reserve Bank of India (RBI) has hiked the repo rate by 50 basis points to 5.90%, the fourth straight increase in the current cycle, to tame the sustained above-target retail inflation rate.

RBI Repo Rate: Consequently, the various rates are as under

Policy Repo Rate: 5.90%

Standing Deposit Facility (SDF): 5.65%

Marginal Standing Facility Rate: 6.15%

Bank Rate: 6.15%

Fixed Reverse Repo Rate: 3.35%

CRR: 4.50%

SLR: 18.00%

4. Cabinet approves 4% increase in DA for Central Government employees

Cabinet approves 4% increase in DA: The Union Cabinet increased the dearness allowance (DA) and dearness relief (DR) by 4% beginning July 1, 2022, benefiting 6.97 million pensioners and 4.18 million central government employees. This was done ahead of the Diwali festival.

The DA and dearness relief (DR) payment is a 4% increase above the current rate of 34% of basic pay/pension.

The impact of both dearness allowance (DA) and dearness relief (DR) would be combined and amount to Rs 12,852.5 crore per year on the exchequer.

5. RBI projects 7% GDP growth for FY23, Inflation remain 6.7%

RBI projects 7% GDP growth for FY23: The Reserve Bank of India (RBI) has projected 7% real GDP growth for the Financial year 2023 (FY23). Inflation in India is predicted to remain 6.7%.

As a result, RBI raised its policy rate by 50 basis points (bps) in response to growing concerns about increasing inflation, global headwinds, and a drop in the value of the rupee to historic lows.

The Monetary Policy Committee (MPC) opted to lower its real GDP prediction for FY23 to 7.0% at its meeting in September; growth is projected for Q2FY23 to be 6.3%, Q3 to be 4.6%, and Q4 to be 4.6%, with risks largely balanced. 7.2% growth has been corrected for Q1FY24.

Bankings News

6.Mastercard to launch ‘carbon calculator’ for Indian consumers

Mastercard, a global payment and technology company is set to launch Carbon Calculator features. Mastercard is in talks with Indian Banks to launch the Carbon Calculator feature which will offer the consumers an estimated carbon footprint for each of their purchases.

The Mastercard Carbon Calculator will help consumers to become cause-driven.

Mastercard has started the Priceless Planet Coalition, which is a campaign to restore 100 million trees.

The Cabron Calculator will let the consumers see the carbon effect of their purchase.

The Mastercard CIO said that the broadening definition of money, intelligent experience, and ESG-conscious consumer behavior are the three big factors that will influence the next economy.

7.Bank of Baroda launches ‘Khushiyon ka Tyohaar’

Bank of Baroda (BOB) has announced to launch of ‘Khushiyon Ka Tyohaar’. The ‘Khushiyon Ka Tyohaar’ includes a series of offers as an annual festival campaign.

The bank will offer to attractive interest rates on a home loans, car loans, education loans, and many more during the ‘Khushiyon Ka Tyohaar’ campaign.

The BOB customers will receive many benefits through the ‘Khushiyon Ka Tyohaar’ campaign.

The offers and benefits include pre-payments, part-payment charges, concessional processing charges, and longer tenure of seven years.

Bank of Baroda (BOB) home loans are available at a competitive interest rate beginning at 7.95% per annual with no processing charges.

The BOB customers will be given a special rate starting from 7.95% per annum on BOB car loans.

The facilities are available through the BOB World mobile app, Net banking, and the Bank of Baroda website for both existing and new customers.

Business News

8. Amazon launches ‘AmazeWIT Circles’ to upskill women in technology

Amazon India has launched ‘AmazeWIT Circles’, to reiterate its commitment to upskilling and providing meaningful career opportunities to women in the technology space. The ‘AmazeWIT Circles’ is a dedicated networking event to educate women and make them industry ready for careers in technology.

The ‘AmazeWIT Circles’ is curated for tenured Software Development Engineers and is led by technology leaders at Amazon who cover topics relevant to technical upliftment and sustained career development.

The ‘AmazeWIT Circles’ is a cohort-based connect that helps women to refine their skills and address the challenges faced by working women.

9.Airtel Payments Bank rolling out 1.5 lakh micro ATMs this fiscal

Airtel Payments Bank has started rolling out 1.5 lakh micro ATMs in a phased manner across tier 2 cities and semi-urban regions to facilitate cash withdrawal for its customers.

The Bank will gradually expand its service to cover more banking points in a phased manner. The bank will leverage its strong network of over 5 lakh banking points across India to give users access to easy cash withdrawals through this initiative, it added.

Important takeaways for all competitive exams:

Airtel Payments Bank Founded: January 2017;

Airtel Payments Bank Headquarters: New Delhi;

Airtel Payments Bank Managing Director & CEO: Anubrata Biswas.

Defence News

10. Swedish Defence Maker Saab To Produce Carl-Gustaf M4 Rocket Launchers In India

Swedish defence firm Saab announced its plan to set up a manufacturing facility in India for the Carl-Gustaf M4 shoulder-fired weapon system under the NDA government’s ‘Make in India’ initiative to bolster indigenous defence manufacturing, a company official said. Production at the new facility is expected to begin in 2024, even though the firm is yet to reveal the location.

The company is looking at the 100% foreign direct investment (FDI) route to set up the new venture but will pursue the 74% FDI option with an Indian partner if the former doesn’t work out. India allows 100% FDI in defence only on a case-by-case basis.

Awards News

11. Kumar Sanu, Shailendra Singh, Anand-Milind gets Lata Mangeshkar Award (2019-2021)

Noted playback singers Kumar Sanu and Shailendra Singh and music-composer duo Anand-Milind were conferred with the National Lata Mangeshkar Award for different years.

They will be presented the prestigious award (on September 28), the birth anniversary of the late legendary singer, at her birthplace Indore. State Culture Minister Usha Thakur conferred Shailendra Singh, Anand-Milind, and Kumar Sanu with the award for the years 2019, 2020 and 2021 respectively.

Officials informed the award is given for promoting excellence in the area of light music annually by the Madhya Pradesh government’s culture department. It carries a cash prize of Rs two lakh and a citation. Earlier recipients included Naushad, Kishore Kumar and Asha Bhosle.

Ranks and Reports News

12. Reliance Jio Chairman Akash Ambani listed on Time’s 100 Emerging Leaders’

Reliance Jio Chairman Akash Ambani, son of billionaire Mukesh Ambani, has been named by TIME magazine in the TIME100 Next list that recognises “rising stars from across industries and around the world. Significantly, he is the only Indian to be featured on the list this year.

However, there is another Indian-born American business leader, subscription social platform OnlyFans’ Indian-origin CEO Amrapali Gan, on the list as well. The list also features the likes of American singer SZA, actress Sydney Sweeney, basketball player Ja Morant, Spanish tennis player Carlos Alcaraz, actor and television personality Keke Palmer, and environment activist Farwiza Farhan.

13. Top 25 startups in India listed by LinkedIn

The world’s largest online professional network, LinkedIn has released its 2022 LinkedIn Top Startups List for India, revealing the top 25 startups that have shown resilience in an uncertain market environment, and are continuing to innovate in 2022.

Topping this year’s list is the unified payment interface CRED (#1). Valued at $6.4 billion, this young startup maintained its podium position on the LinkedIn Top Startups list, moving from #3 in 2021 to #1 in 2022.

The next highest placing businesses on the list include upGrad (#2), one of India’s largest online higher education companies that curates vast upskilling opportunities for professionals and college students, followed by Groww (#3), an online investment platform that provides an objective evaluation of various investment opportunities through stocks and mutual funds.

14. ‘Hurun India 40 & under self-made rich list 2022’ topped by Zerodha’s Nikhil Kamath

Nikhil Kamath, the cofounder of Zerodha, topped the ‘IIFL Wealth Hurun India 40 & Under Self-Made Rich List 2022’ with a net worth of Rs 17,500 crore.

Bhavish Aggarwal, the founder of Ola, came in second place (Rs 11,700 crore), and Divyank Turakhia of Media.net in third place (Rs 11,200 crore).

15. Global Innovation Index 2022: India climbs to 40th rank

Global Innovation Index 2022: India has climbed to the 40th rank in the Global Innovation Index of the World Intellectual Property Organization. This is a huge leap of 41 places in 7 years. India has leapfrogged to 40th position on the Global Innovation Index (GII) 2022 from the 81st spot in 2015.

India’s innovation performance is above average for the upper-middle-income group in almost every innovation pillar, with the exception of infrastructure, where it scores below average. Within Central and Southern Asia, India continues to lead in the 40th position, moving further up the rankings, from its 46th position in 2021.

Switzerland remains the world’s leader in innovation for the 12th consecutive year. It leads globally in innovation outputs, and specifically in patents by origin, software spending, high-tech manufacturing, production, and export complexity. The second position was secured by the US followed by Sweden, the UK, and the Netherlands.

Important takeaways for all competitive exams

WIPO Headquarters: Geneva, Switzerland;

WIPO Founded: 14 July 1967;

WIPO Membership: 193 member states;

WIPO Director General: Daren Tang.

Books and Authors News

16. English translation of ‘Lata: Sur-Gatha’ to release in January 2023

The English translation of the award-winning book “Lata: Sur-Gatha” will be released in January 2023. “Lata: A Life in Music”, originally written in Hindi by writer-poet Yatindra Mishra, is translated by noted writer and translator Ira Pande.

And now celebrating the life and times of Lata Mangeshkar on her 93rd birth anniversary in 2023, the book is being published in the English language announced by publisher Penguin Random House India. The book has won the 64th National Film Award and the MAMI Award for Best Writing on Cinema (2016–17).

Important Days

17. International Translation Day 2022: 30th September

International Translation Day is being celebrated every year on 30 September to raise awareness about translation and languages which play an important role for society’s development.

The day is meant as an opportunity to pay tribute to the work of language professionals, which plays an important role in bringing nations together, facilitating dialogue, understanding and cooperation, contributing to the development and strengthening world peace and security.

The theme for this year’s International Translation Day is ‘A world without barriers’.

18. World Maritime Day 2022: Theme, Significance and History

The International Maritime Organization observed World Maritime Day on the last Thursday of September. This year, it will be observed on September 29. The day focuses on drawing public attention to maritime safety and the marine environment.

The World Maritime Day 2022 Parallel Event will be organized in Durban, South Africa from 12th to 14th October 2022.

The theme for World Maritime Day 2022 is ‘New technologies for greener shipping’ – which reflects the need to support a “green transition of the maritime sector into a sustainable future while leaving no one behind.”