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Daily G.K. - Top Stories

11 Jun 2022

DAILY G.K. TEST

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INTERNATIONAL AFFAIRS

Krishna Srinivasan Appoints as the Director of IMF's Asia-Pacific

  • International Monetary Fund, Managing Director Kristalina Georgieva announced the appointment of Indian national Krishna Srinivasan as director of the Asia and Pacific Department (APD). Srinivasan will succeed Changyong Rhee.
  • Mr. Srinivasan has more than 27 years of Fund experience, starting in 1994 in the Economist Program. He is currently a Deputy Director in APD where he oversees the department's surveillance work on a number of large and systemically important countries such as China and Korea, and smaller states in the Pacific such as Fiji and Vanuatu.
  • Prior to joining the Fund, Mr. Srinivasan was an Assistant Professor of Economics and International Finance at Indiana-Purdue University and a consultant at the World Bank in DC and the Center for Policy Research and Planning Commission in New Delhi.

Sri Lanka President's Brother, Basil Rajapaksa, Resigns from Parliament

  • The brother of Sri Lanka's President and the country's former Finance Minister Basil Rajapaksa resigned from parliament, the second from the influential family to step away from government amid a severe economic crisis.
  • President Gotabaya Rajapaksa's elder brother, Mahinda Rajapaksa, resigned as Prime Minister last month after prolonged protests against the economic crisis turned deadly. President Gotabaya Rajapaksa's elder brother, Mahinda Rajapaksa, resigned as prime minister last month after prolonged protests against the economic crisis turned deadly. Mahinda remains a Member of Parliament.
  • The three Rajapaksa siblings have been key players in Sri Lankan politics for decades, but are blamed by protesters who have taken to the streets in their thousands for mishandling the island nation's economy.
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BUSINESS AND ECONOMY

OECD Cuts India Growth Forecast to 6.9% in FY23

  • The Organization for Economic Cooperation and Development (OECD) pegged India's FY23 economic growth at 6.9 per cent, the lowest by a major bank or institution, saying the country had been adversely affected by Russia's invasion of Ukraine.
  • The institution said that headline inflation is projected to ease gradually, though remaining above the central bank's upper tolerance limit of 6 percent throughout 2022 and 2023.
  • As an importer of energy, fertilisers and edible oils, India is adversely affected by the war in Ukraine. Gross domestic product (GDP) growth, which reached 8.7 per cent in FY22, is projected to come down to 6.9 per cent in FY23 and 6.2 per cent in FY24, with weaker external demand growth and tighter monetary conditions being mitigated by strong government spending and an ambitious set of measures to simplify the business environment.

RBI Raises Limit for E-mandate Based Recurring Payments from Rs. 5,000 to Rs. 15,000

  • The Reserve Bank of India (RBI) raised the cap on recurring e-mandate-based payments to Rs. 15,000 from Rs. 5,000 in order to facilitate larger-value payments. The central bank also announced its decision to increase the subsidy amount for micro entrepreneurs accepting digital payments under the Payment Infrastructure Development Fund (PIDF).
  • The framework for the processing of e-mandate-based recurring payments was introduced by the RBI to offer greater convenience, safety and security to the users. Under the framework, over 62.5 million mandates have been registered in favour of a large number of domestic and over 3,400 international merchants.

WhatsApp Launche SMBSaathi Utsav to Support Small Businesses

  • Whatsapp launched SMBSaathi Utsav initiative which aims to support small businesses by helping them to adopt digital mediums like Whatsapp Business App. Utsav has started the initiative with a pilot in Jaipur's Johri Bazaar and Bapu Bazaar where over 500 small businesses were trained. The initiative was launched in the collaboration with Josh Talks. The SMBSaathi Utsav is the second phase of the SMBSaathi campaign.
  • These trainings involve educating the business owners about building a digital presence on the WhatsApp Business App to help them better manage incoming leads and queries, build a product/services showcase and market to key audiences using online tools.
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SCIENCE & TECHNOLOGY

Cabinet Allows Transfer of 10 In-orbit Communication Satellites from Govt. of India to New Space India Ltd

  • The Union Cabinet approved the transfer of 10 in-orbit communication satellites from Government of India to M/s. New Space India Limited, NSIL, a wholly owned Public Sector Enterprise of the Centre under the administrative control of the Department of Space. The Cabinet has also approved increasing the authorized share capital of NSIL from one thousand crore rupees to seven thousand 500 crore rupees.
  • Transfer of these assets to NSIL will further provide the desired financial autonomy to the company to realize capital intensive programmes aor projects and thereby offering huge employment potential and technology spin-off to other sectors of the economy. This approval is expected to trigger domestic economic activity in space sector and increase India's share in the global space market.
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SPORTS

International Cricket Returns to Multan after 14 Years

  • Pakistan took on West Indies in the first of the three-match One-day International series at the Multan Cricket Stadium, with crucial ICC Cricket World Cup Super League (CWCSL) points up for grabs. This was after a gap of more than 14 years that international cricket returned to the venue with Bangladesh having played here in April 2008. International cricket got suspended in Pakistan due to terrorist attack on Sri Lanka team bus in 2098. The series was initially scheduled to be played in Rawalpindi but was moved to Multan at the last minute.
  • One of the biggest challenges for both teams was dealing with the heat. Temperatures were around the high 40s.

Shot Putter Jasmine Kaur Sets New Youth National Record

  • Jasmine Kaur won a gold medal in the shot put event of the Khelo India Youth Games, and also registered a New Youth National Record.
  • Hailing from a small village, Samundari, an hour away from Anandpur Sahib, Jasmine surprised everyone at the Tau Devi Lal Stadium with a throw of 16.12m. She improved her previous Khelo India Games record, which was 14.85.
  • Notably, her younger sister Gurleen Kaur (U-16 national medallist) was also competing against her today. However, she was ruled out from the medal round owing to an injury. The youngster admires her father and gives all credit to him.
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PERSONS IN NEWS

AR Rahman Appointed Ambassador of Indo-UK Culture Platform

  • Music Maestro, AR Rahman was appointed as ambassador of The Season of Culture, which marks the 75th anniversary of India's independence. It was officially launched, by Britain's Deputy High Commissioner to India Jan Thomson and Director (India) of the British Council Barbara Wickham. The Season of Culture aims to strengthen India-UK collaboration in the areas of arts, English and education.
  • Over 1,400 artists will showcase their collaborations to millions of audiences across India, Britain, Scotland, Wales, and Northern Ireland, through a wide array of arts such as theatre, dance, visual arts, literature, music, architecture, design, fashion, tech-art and new media art. The 'Season of Culture' intends to build on the British Council's work in India and strengthen partnerships between India and the UK in the arts, English, and education. People in both nations will get the opportunity to see unique and exciting creative work by UK and Indian artists.
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GENDER/ HEALTH/ EDUCATION

Jindal Global University Ranks No. 1 in 2023 QS Rankings

  • OP Jindal Global University (JGU) was ranked India's No 1 private university for the third year in a row, according to the QS World University Rankings, 2023, released in New York, US. London-based Quacquarelli Symonds (QS) analysed a total of 2,462 institutes and ranked 1,422 of them in the world, including 41 institutes from India. JGU was ranked in the 651-700 band this year, making it the only Indian private university to have found a place among the world's top 700 universities.
  • JGU focuses solely on social sciences, arts and humanities. It is the only Indian non-STEM and non-Medicine university to have found a place in the QS rankings. For the QS rankings, universities are evaluated on the basis of academic reputation, employer reputation, faculty-student ratio, citations per faculty, international faculty ratio and international students ratio. In faculty-student ratio, JGU is the second highest-ranked Indian university. In international faculty ratio, JGU is the third highest-ranked Indian university. In employer reputation, JGU scored higher than 31 of the 41 institutes ranked from India.
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BOOKS AND AUTHORS

"The Winning Formula for Success" India's 1st Sports Marketing Book

  • India's leading sports and Management institute, the International Institute of Sports & Management (IISM) in Mumbai, Maharashtra, launched India's first-ever book on Sports Marketing titled "Business of Sports: The Winning Formula for Success" authored by noted Sports author Vinit Karnik.
  • This is the first book in a series to be launched as a part of a knowledge series. The book has been published by Popular Prakashan Pvt. Ltd. The book was released by Bhagat Singh Koshiyari, the Governor of Maharashtra in the presence of Nilesh Kulkarni Founder & Director of IISM.
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