August Current Affairs 2022 (Daily Updates)

August Current Affairs

Last Updated: 17 August 2022

Gkgigs publishes August Current Affairs 2022 events that will help you to boost your General Knowledge and help you crack exams like Banking, SSC, Railways, UPSC, CLAT, State Government Exams, General Aptitudes of various exams, etc.

Read the Latest August Current Affairs of 2022 and boost your General Knowledge. Stay updated on all the Important News and August Current Affairs 2022.

17th August


India


  • Akasa Air: New entrant Akasa Air is financially strong enough to place an aircraft order in the 18 next months that will be significantly larger than its first, its founder and CEO Vinay Dube said on Wednesday.
    • Rakesh Jhunjhunwala who along with his family held around a 45 percent stake in Akasa Air passed away on Sunday morning.
    • The airline on November 26 last year signed its first aircraft deal with Boeing to purchase 72 Max planes.
    • The airline has received three of the aforementioned 72 aircraft to date.
  • Yes Bank: Retail banking company Yes Bank has said that it has invested an undisclosed amount in Venture Catalysts Group Funds in a bid to increase its visibility in the start-up ecosystem.
    • The bank has already invested in two of its linked firms, Beams Fintech Fund, and 9 Unicorns.
    • Venture Catalysts Group Fund is an integrated startup incubator offering funding, mentorship, and a business network to start-up founders.
    • Since 2016, Venture Catalysts has backed over 110 start-ups across multiple sectors.
    • Some of the prominent start-ups it has supported are BharatPe, Supr Daily, Fynd, and Beardo, among others.
  • Mahanagar Gas: Mahanagar Gas on Tuesday cut the prices of kitchen fuel Piped Natural Gas (PNG) and automobile fuel Compressed Natural Gas (CNG), following an increase in allocation of domestically produced natural gas from the government.
    • The price of PNG has been reduced by Rs 4 per standard cubic meter to Rs 48.50 per SCM, while that of CNG by Rs 6 a kilogram to Rs 80 per kg, as per an official statement.
    • After the rate revision, CNG usage will help a vehicle owner save 48 percent on fuel costs in the financial capital, Mahanagar Gas Ltd (MGL) said.
    • In the case of PNG users, the savings will be 18 percent when compared with the most used alternative Liquified Petroleum Gas (LPG), it said.
  • Aadhaar Number: A recent circular issued by the Unique Identification Authority of India (UIDAI) has notified that those who don’t have an Aadhaar number or enrolment slip, may not be able to avail of government subsidies and benefits.
    • The UIDAI circular issued to all central ministries and state governments last week has come into being to tighten the Aadhaar rules for those who don’t have an Aadhaar number and are availing of the subsidies and benefits provided by the government.
    • This circular issued on August 11 states that those who want certificates by the government that is used for determining the eligibility of beneficiaries for delivery of benefits, subsidies, and services under government schemes, must have the Aadhar number.
    • There is an existing provision in section 7 of the Aadhaar Act to facilitate a person who has not been assigned an Aadhaar number, to avail of the benefits, subsidies, and services “through alternate and viable means of identification”.
    • The latest circular says that more than 99 percent of adults in the country have been issued an Aadhaar number now, as per the circular issued last week.
  • SBI: SBI has raised its marginal cost of lending rate (MCLR) on loans by 20 basis points or 0.2 percent.
    • The higher MCLR is effective from August 15, 2022.
    • Loans linked to an external benchmark (EBLR) and repo linked (RLLR) have also been hiked.
    • According to the public sector lender’s website, the one-year MCLR rate has increased to 7.70 percent.
    • The rates for overnight, one month, and three months have been increased from 7.35 percent.
    • MCLR for a six-month term has been increased to 7.65 percent from 7.45 percent earlier.
    • Rates for the two-year and three-year MCLR have been hiked to 7.90 percent and 8 percent, respectively.
    • State Bank of India has also hiked the external benchmark-based lending rate (EBLR) with effect from 15th August 2022. The rates have been hiked to 8.05 percent + credit risk premium (CRP) + BSP.
    • EBLR is a combination of repo rate plus a spread plus a credit risk premium which is based on one’s credit score.
    • The bank repo-linked lending rate (RLLR) has also been increased to 7.65%+CRP.
    • Note that many banks including ICICI Bank, Bank of Baroda, PNB, and HDFC Bank already hiked their MCLR soon after the Reserve Bank of India (RBI) repo rate hike.

World


  • United Kingdom: British inflation surged to a new 40-year high in July on rising food prices, official data showed Wednesday, adding to a cost-of-living crisis as the country faces the prospect of recession.
    • The Consumer Prices Index (CPI) accelerated to 10.1 percent last month from 9.4 percent in June, the Office of National Statistics said.
    • The Bank of England warned earlier this month that inflation will climb to just over 13 percent this year, the highest level since 1980.
    • It also projected that the country would enter a recession that would last until late 2023.
    • The central bank raised its key rate by 0.50 percentage points to 1.75 percent at its last policy meeting, the biggest hike since 1995.
    • The BoE move mirrors aggressive monetary policy from the US Federal Reserve and the European Central Bank last month, as the world races to cool red-hot inflation that has been fuelled by Russia’s invasion of Ukraine.
    • The UK’s statistics office said the “largest movements” in the CPI in July came from food.
    • Bread and cereals were the largest contributors to the rise in food prices, followed by milk, cheese, and eggs.
  • NASA: NASA’s Artemis program to return to the Moon could launch its first uncrewed test flight as early as August 29, the agency has said.
    • Artemis I is the first in a series of increasingly complex missions that NASA will conduct to eventually put humans on the lunar surface by 2025.
    • Ahead of the launch of the Artemis I mission, NASA has revealed the list of items that it is sending on the SLS rocket and accompanying Orion spacecraft on its journey to swing by the Moon.
    • The items include 245 silver Snoopy pins, a Shaun the Sheep mascot, a Dead Sea pebble, and 567 American flags – all items of cultural significance, says NASA.
    • Snoopy, of course, has had a long association with NASA.
    • The beloved comic character was used to encourage NASA’s spaceflight safety initiative during the time of Apollo and will ride along as the zero gravity indicator on Artemis I.
    • Besides that, 245 silver Snoopy pins will also be included in the mission.
    • The European Space Agency (ESA), which built the power-providing service module for the mission, arranged to include a Shaun the Sheep mascot.
    • “This is an exciting time for Shaun and for us at ESA,” David Parker, director for human and robotic exploration at ESA, said.

16th August


India


  • FIFA: FIFA, the apex football body on Tuesday announced that it has decided to suspend the All India Football Federation (AIFF) with immediate effect and the decision was taken unanimously by the Bureau of the FIFA Council.
    • The decision has been taken due to undue influence from third parties, which constitutes a serious violation of the FIFA Statutes.
    • “The Bureau of the FIFA Council has unanimously decided to suspend the All India Football Federation (AIFF) with immediate effect due to undue influence from third parties, which constitutes a serious violation of the FIFA Statutes,” stated an official media release, issued by FIFA.
    • The body also said that the suspension will be lifted once an order to set up a committee of administrators to assume the powers of the AIFF Executive Committee has been repealed and the AIFF administration regains full control of the AIFF’s daily affairs.
    • “The suspension means that the FIFA U-17 Women’s World Cup 2022, scheduled to take place in India on 11-30 October 2022, cannot currently be held in India as planned,” stated the release further.
  • Amul Milk: The Gujarat Cooperative Milk Marketing Federation (GCMMF), which sells milk and milk products under the brand name ‘Amul’ has increased milk prices by ₹2 per liter.
    • The prices have been increased in Ahmedabad and Saurashtra of Gujarat, Delhi-NCR, West Bengal, Mumbai, and all other markets where Amul is marketing its fresh milk.
    • Prices of Amul’s Gold, Shakti, and Taaza milk brands increased by ₹2 per liter, GCMMF said.
    • The change in prices will be effective from 17 August. As per Amul, the milk price is hiked due to an increase in the overall cost of operation and production of milk.
    • “This price hike is being done due to an increase in an overall cost of operation and production of milk. The cattle feeding cost alone has increased to approximately 20 percent compared to last year. Considering the rise in input costs, our member unions have also increased farmers’ prices in the range of 8-9 percent over the previous year,” the statement added.
    • The increase of ₹2 per liter translates into a 4 percent increase in maximum retail price (MRP) which is lower than average food inflation, it said.
    • Post the revision, the price of Amul Gold in Ahmedabad and Saurashtra markets will be ₹31 per 500 ml, Amul Taaza will be ₹25 per 500 ml, and Amul Shakti will be at ₹28 per 500ml, it said in a statement on Tuesday.
    • Amul passes almost 80 paise of every rupee paid by consumers for milk and milk products to the milk producers.
  • Housing Prices: A resurgence in residential demand has led to a 5 percent increase in prices across the top eight cities while registering a marginal decline in unsold inventory during the April-June quarter, according to a report.
    • Realtors’ apex body Credai, real estate consultant Colliers India and data analytic firm Liases Foras have come out with ‘Housing Price-Tracker Report 2022’ for eight major cities; Delhi-NCR, Mumbai Metropolitan Region (MMR), Chennai, Kolkata, Bengaluru, Hyderabad, Pune, and Ahmedabad.
    • Delhi-NCR saw the highest increase in residential prices at 10 percent YoY, followed by Ahmedabad and Hyderabad with 9 percent and 8 percent YoY increases respectively.
    • As per the data, housing prices in Ahmedabad rose 9 percent year-on-year (y-o-y) to ₹5,927 per square foot during the April-June quarter of this calendar year.
    • Bengaluru saw a 4 percent price appreciation to ₹7,848 per square foot, while Chennai witnessed only a 1 percent increase to ₹7,129 per square foot.
    • Housing rates in Hyderabad stood at ₹9,218 per square foot in April-June, up 8 percent from the year-ago period.
    • Prices of residential properties in Kolkata too increased 8 percent to ₹6,362 per square foot.
    • MMR, the costliest real estate market, saw only a 1 percent rise in housing prices at ₹19,677 per square foot.
    • Housing prices in the Delhi-NCR property market saw the highest annual increase of 10 percent to ₹7,434 per square foot.
    • Pune reported a 5 percent rise in housing prices to ₹7,681 per square foot during the June quarter. The prices are based on carpet area.

World


  • United Kingdom: Britain has become the first country to authorize a Covid-19 vaccine that targets the Omicron variant.
    • The UK medicine regulator (MHRA) approved the ‘bivalent’ vaccine made by Moderna as a booster for adults, Reuters reported.
    • The agency’s decision was based on clinical trial data that showed the booster triggered “a strong immune response” against both Omicron (BA.1) and the original 2020 virus, it said.
    • The UK medicine regulator also cited an exploratory analysis in which the shot was also found to generate a good immune response against the currently dominant Omicron sub-variants BA.4 and BA.5.
  • NASA: NASA is set to launch a shoebox-sized CubeSat to perform the first long-duration biology experiment in deep space, as part of the Artemis I mission.
    • The CubeSat, called BioSentinel, will carry yeast.
    • The goal of the Artemis missions on the Moon is to prepare humans to travel on increasingly farther and longer-duration missions to destinations like Mars.
    • The CubeSat, called BioSentinel, will carry microorganisms, in the form of yeast, to obtain more knowledge about the health risks in space posed by space radiation.
    • According to NASA, space radiation is like a ‘demolition derby’ on the nanoscale.
    • Demolition derby is non-racing motorsport in which five or more drivers competing by deliberately ramming their vehicles into one another. Space radiation is the phenomenon in which high-energy galactic cosmic rays and bursts of solar particles permeate deep space, and which can wreak havoc on electronics and living cells alike.
  • European Union: The European Union is planning a five-fold increase in financial support to an African military mission in Mozambique, an internal EU document shows, as Islamist attacks threaten gas projects meant to reduce the EU’s reliance on Russian energy.
    • The energy squeeze due to the Ukraine war has added impetus to Europe’s scramble for gas off Mozambique’s northern coast, where Western oil firms are planning to build a massive liquefied natural gas (LNG) terminal.
    • The move also comes as the West seeks to counter Russian and Chinese influence in the southern African nation, three years after Russian private military firm Wagner withdrew most of its forces following a string of defeats by Islamist militants.
    • Mozambique has been grappling with militants linked to the Islamic State in its northernmost gas-rich province of Cabo Delgado since 2017, near LNG projects worth billions of dollars.

15th August


India


  • Indian Independence Day: A made-in-India gun was used for the ceremonial 21-shot salute to the tricolor at the historic Red Fort on Independence Day.
    • This is a big day for the country as till now, only British guns were used for the ceremonial salute.
    • For the unversed, the indigenous howitzer gun that was used for the ceremonial salute on Monday has been designed by the Centre-run Defence Research and Development Organisation (DRDO).
    • In India, on Independence Day, a 21-gun salute occurs after the national anthem is played by a military band after the Prime Minister unfurls the tricolor at the Red Fort.
    • It is done by the firings of cannons or artillery and this tradition has western roots.
    • In the past, western navies would fire guns at the port in a specific manner to show that there was no offensive intention.
    • India got the tradition from the British who had different kinds of gun salutes.
    • The Advanced Towed Artillery Gun System or ATAGS was developed by the Defence Research and Development Organisation (DRDO) and its Pune-based facility Armament Research and Development Establishment (ARDE).
    • It is a 155 mm x 52 caliber howitzer gun with a range of about 48 km.
  • SBI: State Bank of India (SBI), India’s biggest lender, increased the marginal cost of funds-based lending rate or MCLR on loans with effect from today, a move that will make EMIs expensive for those who availed loans benchmarked against the MCLR.
    • The one-year MCLR is considered important from a retail loans perspective, as a bank’s long-term loans like home loans are linked to this rate.
    • The overnight to three-month SBI MCLR rate has been hiked to 7.35%, from 7.15%.
    • The SBI six-month MCLR goes up to 7.65% from 7.45%, one-year to 7.7%, from 7.5%, two-year to 7.9% from 7.7% and three-year to 8% from 7.8%.
    • Last month, SBI raised the marginal cost of fund-based lending rates by 10 basis points across various tenors.
    • MCLR came in April 2016 wherein the banks were given the formula to calculate their cost of funding and then conduct monthly reviews of their offerings across various tenors.
    • Each bank calculates its MCLR by taking into account factors such as its incremental cost of raising funds (say, via deposits) and operating expenses, among others.
    • The MCLR was later replaced by the external benchmark linked rate so that the lending rate moves directly in sync with policy moves.
    • All existing floating rate bank loans are linked to the MCLR or the external benchmark-based lending rate (EBLR) or the base rate.
  • DigiYatra: The Indira Gandhi International Airport Ltd., which is run by the GMR group on the 75th Independence Day launched the beta version of its DigiYatra app for Android devices.
    • The app, which uses facial recognition technology, is a part of the Centre’s initiative to enhance the efficiency of the airport.
    • It has been piloted at the airport and has the necessary infrastructure in place.
    • The app will allow passengers to pass through the various checkpoints of the airport using their facial features.
    • They will then be able to link their boarding pass to their identity.
    • The app will then process the entry of passengers through the various checkpoints of the airport using facial recognition technology.
    • These include entry into the facility, security check areas, and boarding passes.
    • The facial recognition technology will then be used to process the entry of passengers through the various checkpoints of the airport. This includes entry into the facility, security check areas, and boarding passes.
    • To enter the airport, passengers will first need to scan their boarding passes using the app.
    • They will then look into the camera installed at the e-gate using facial recognition technology.
    • This method will also be applicable for other checkpoints.

World


  • Taiwan: Eleven Chinese military aircraft crossed the Taiwan Strait’s median line or entered Taiwan’s air defense zone on Sunday, Taiwan’s Defence Ministry said, as Beijing continues military activities close to the Chinese-claimed island.
    • China is continuing its military activity near Taiwan, though on a much smaller scale compared with last week.
    • Taiwan’s government says that as the People’s Republic of China has never ruled the island, it has no right to claim it or decide its future, which can only be set by Taiwan’s people.
    • The defeated Republic of China government fled to Taiwan in 1949 after losing a civil war to Mao Zedong’s Communist Party, which established the People’s Republic of China in Beijing.

14th August


India


  • Mango Exports: India resumed mango exports to the US after a pandemic-induced two-year gap.
    • More than 1,000 tonnes of Alphonso, Kesar, and other varieties of mangoes have been shipped recently, trade sources said.
    • India also exported mangoes to Japan for the first time while shipment to South Korea resumed after two years too.
    • Officials told that in the current year, Alphonso and Kesar mangoes from India have been sold in the US market at a premium of $9 and $7 per kg, respectively, compared to $3 to $4 a kg realized from mangoes sourced from other countries.
    • The exports of mangoes were halted in 2020 and 2021 as inspectors from the US department of agriculture (USDA) could not visit India for inspection of irradiation facilities due to travel restrictions because of Covid19.
  • Rakesh Jhunjhunwala: Ace stock market investor Rakesh Jhunjhunwala died today morning at a Mumbai hospital.
    • He was the co-founder of Akasa Air, India’s newest airline which began commercial operations last week.
    • Rakesh Jhunjhunwala was rushed to the Breach Candy Hospital in Mumbai at around 6.45 am after he suffered a cardiac arrest. He was declared dead on arrival by the hospital authorities.
    • He was 62.
    • Jhunjhunwala was discharged from the same hospital a few weeks ago after being treated for kidney-related issues.
    • He is cremated this evening at Banganga crematorium in Mumbai.
    • The veteran trader-cum-investor, known as the Big Bull of Dalal Street, was reported to have a net worth of around $5.8 billion.
    • He was the 36th richest billionaire in India, according to Forbes’ 2021 listing.
  • Gallantry Awards: A total of 347 police personnel have been awarded Police Medal for Gallantry on the occasion of India’s 76th Independence Day.
    • DGP Dilbagh Singh-led Jammu and Kashmir Police were awarded 108 medals, the most among states and union territories.
    • Maharashtra and Chhattisgarh are also among the states with the highest number of Police Medals for Gallantry this time.
    • 109 CRPF personnel, led by DG Kuldiep Singh, have been awarded gallantry medals, the most among central armed police forces and other security forces.
    • Among the personnel receiving Gallantry Awards, 109 are from CRPF, 108 are from Jammu and Kashmir Police, 19 are from BSF, 42 are from Maharashtra, and 15 are from Chhattisgarh.
    • Jammu and Kashmir police and the CRPF have been involved in dozens of counter-terrorism and left-wing extremism operations.
    • 204 personnel are being awarded for their gallant action in Jammu and Kashmir, 80 personnel for their gallant action in Left Wing Extremism affected areas, and 14 personnel for their gallant action in the North-East Region, according to a list released by the ministry of home affairs.
  • World’s Highest Railway Bridge: The World’s Highest Railway bridge- Chenab Bridge’s Golden Joint was inaugurated on Saturday.
    • The bridge will prove direct connectivity to the Kashmir valley.
    • The construction started in 2004 but the work was stopped in 2008-09 to consider the aspect of safety of rail passengers in view of frequent high-velocity winds in the area.
    • The company is building 16 other railway bridges for Konkan Railway Corporation Limited (KRCL) in the dangerous terrain of Jammu and Kashmir in addition to the Chenab Bridge.
    • All the bridges are part of the Udhampur Srinagar Baramulla Rail Link (USBRL) project.
    • The Chenab bridge is 1,315 meters long.
    • The bridge forms a crucial link in the 111-km stretch from Katra to Banihal, which is part of the Udhampur-Srinagar-Baramulla section of the Kashmir Railway project.
    • More than 1,300 workers and 300 engineers have been working round the clock to complete the bridge.
    • It will be the highest Railway Bridge in the world being 359m above the river bed level.
    • The Chenab Bridge will be 35 meters higher than the iconic Eiffel Tower in Paris (France).
    • The construction of the bridge involved the fabrication of 28,660 MT steel, 10 Lakh Cum Earthwork, 66,000 Cum Concrete, and 26 Km motorable roads.
    • The arch of the bridge consists of steel boxes. The overall weight of the arch is 10,619 MT.
    • The Chenab Bridge is designed to withstand high wind speeds up to 266 Km/Hour.
    • The Bridge will remain operational at a restricted speed of 30 Km/Hour.
    • As per the Centre, the Chenab Bridge is being built at ₹1,486 crores.
    • The Design life of the bridge is at least 120 years.
    • Approximately 584 Km of welding was done to join the different parts of the structure, which is to the tune of the distance between Jammu Tawi to New Delhi.

World


  • WHO: The World Health Organisation (WHO) has announced new names for variants of the monkeypox virus that are currently in circulation.
    • This is to avoid causing any cultural or social offense, the WHO said in a statement.
    • The global health agency, World Health Organisation (WHO), named Monkeypox variants as Clades I, IIa, and IIb.
    • Experts in pox virology, evolutionary biology, and representatives of research institutes from across the globe reviewed the phylogeny and nomenclature of known and new monkeypox virus variants or clades.
    • “Newly identified viruses, related diseases, and virus variants are given names to avoid causing offense to any cultural, social, national, regional, professional, or ethnic groups, and to minimize the negative impact on trade, travel, tourism, or animal welfare,” said WHO said in a statement.
    • According to WHO, “Consensus was reached to now refer to the former Congo Basin (Central African) clade as Clade one (I) and the former West African clade as Clade two (II). Additionally, it was agreed that the Clade II consists of two subclades.”

13th August


India


  • Commonwealth Games: The Indian contingent that represented the country in the recently-concluded Commonwealth Games contingent on Saturday met Prime Minister Narendra Modi at his residence.
    • The Indian contingent ended the mega event with 61 medals to their kitty, including 22 gold.
    • Stars like PV Sindhu, Bajrang Punia, Vinesh Phogat, and Lakshya Sen ended up winning the gold medal.
    • The official Twitter handle of the Sports Authority of India (SAI) on Saturday put out pictures of the contingent getting ready to meet Prime Minister Modi at his home.
  • Foreign Exchange Reserves: The country’s foreign exchange reserves declined from USD 897 million to USD 572.978 billion in the week ended August 5, according to the Reserve Bank of India (RBI).
    • In the previous week ended July 29, the reserves had risen from USD 2.315 billion to USD 573.875 billion.
    • In the week ended August 5, the fall in the foreign exchange reserves was due to a dip in the Foreign Currency Assets (FCA), a major component of the overall reserves, as per the Weekly Statistical Supplement released by RBI on Friday.
    • FCA declined from USD 1.611 billion to USD 509.646 billion, the data showed. Expressed in dollar terms, FCA includes the effect of appreciation or depreciation of non-US units like the euro, pound, and yen held in the foreign exchange reserves.
    • Gold reserves increased from USD 671 million to USD 40.313 billion in the week ended August 5.
    • The Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) rose from USD 46 million to USD 18.031 billion.
    • The country’s reserve position with the IMF declined from USD 3 million to USD 4.987 billion in the reporting week, the data showed.
  • Corporate Tax: The Income-tax department on late Friday said that tax collections from corporates soared 34 percent in the first four months of the fiscal over that in the equivalent period in 2021-22, indicating that the “simplified tax regime with low rates and no exemptions” has lived up to its promise, the department said.
    • In a series of tweets, the department highlighted that the corporate tax collections during April and July period stood at Rs 7.23 lakh crore registering a growth of over 58 percent as compared to the tax collection of FY 2020-21.
    • An official estimation suggests that in companies with total income above Rs 50 crore, more than 60 percent were elected for the new corporate tax regime last fiscal year.
    • Companies with income above Rs 50 crore account for 78 percent of taxable income and corporate tax liability. However, it received a lukewarm response from individuals under the new regime.
    • The center had slashed the corporate tax rate to 22 percent for existing domestic companies and to 15 percent for newly incorporated manufacturing companies in September 2019. The intention was to provide impetus to investment and spur demand.
    • Even when compared to collections of FY 2018-19 (the pre-Covid period), the collections of FY 2021-22 are higher by over 9 percent, the department said.
    • This included Corporation Tax (CIT) of Rs 78,842 crore and Personal Income Tax (PIT) of Rs 22,175 crore.
    • The net collections for the fiscal Year 2022-23, (till June 16), were at Rs 3,39,225 crore, up from Rs 2,33,651 crore in the previous year’s same period, showing a 45 percent rise over the previous year’s collections.

World


  • London: The British government said on Friday that parts of southern, central, and eastern England had officially moved into drought status after a prolonged period of hot and dry weather.
    • England suffered its driest July since 1935, with only 35% of the average rainfall for the month, and parts of England and Wales are now in the middle of a four-day “extreme heat” alert.
    • Water companies will now begin enacting pre-agreed drought plans to help protect supplies, and the government said members of the public and businesses in drought-affected areas were urged to use water wisely.
    • The last drought in England was in 2018.

12th August


India


  • Dabur India: Fast moving consumer goods company Dabur India Ltd on Friday informed that Amit Burman has resigned as the Chairman of the company, with effect from the close of working hours on August 10, 2022.
    • Though, Burman will continue as Non-Executive Director.
    • Meanwhile, Dabur said its board has approved the appointment of Mohit Burman, who is currently the Non-Executive Vice Chairman, as the Non-Executive Chairman of the Board of Directors of the Company for a period of 5 years with effect from August 11, 2022.
    • Further, the board has also approved the appointment of Saket Burman as the Non-Executive Vice-Chairman of the Board of Directors of the Company for a period of 5 years w.e.f. August 11, 2022.
    • Dabur’s net profit was flat at ₹441 crores in the three months ended 30 June from ₹438 crores in the year-ago period.
    • Its operating revenue rose 8% to ₹2,822 crores in the three months ended 30 June from ₹2,612 crores in the year earlier.
  • Independence Day: For the first time ever, the Indian government has called upon Canada to ensure adequate security during Independence Day celebrations at missions in the country but to also prevent the disruption of events organized by the Indo-Canadian community.
    • This was conveyed by India’s high commission in Ottawa to Global Affairs Canada, the country’s foreign ministry, in a diplomatic communique.
    • It came as the community prepares to observe August 15 with public in-person events for the first time since 2019 as Covid-19-related restrictions ease.
    • A senior Indian official confirmed that this was the first time India has broadened its security request for Independence Day from enhanced measures at its diplomatic premises in Ottawa, Toronto, and Vancouver, to guarding “Indian interests” related to community events across the country.
    • The official clarified that such celebrations were organized by Canadian citizens but the “broader” concern was due to the large presence of Indian citizens including students and children.
    • “We recognize this is an internal matter for Canada, but we encourage Canadian authorities to ensure their safety as well,” the official said.
    • Last year, the non-profit Panorama India organized an event for August 15 in the Toronto suburb of Mississauga but there were disturbances caused by protesters reported at the time.
  • Atal Pension Yojana: The Centre will bar income taxpayers from availing themselves of the Atal Pension Yojana (APY) from October 1 this year to ensure that the scheme’s benefits reach the poor and underprivileged.
    • Atal Pension Yojana, launched in 2015, is a social security scheme for citizens aged 18 to 40.
    • Subscribers, based on their contributions, get a guaranteed monthly pension of Rs 1,000 to Rs 5,000 per on turning 60.
    • Subscribers who join the scheme on or after October 1 and are income taxpayers will have their APY accounts closed.
    • The accumulated pension wealth would be given to subscribers, the Centre said.
    • As the scheme has an element of subsidy or commitment to pay a subsidy, the view is that it should benefit the poor and underprivileged, said a government official.
    • The idea is to discourage those who can afford a pension plan from availing of the scheme.
    • The government guarantees assured returns through the scheme, a low-interest rate regime in the future may increase its burden for gap funding.
    • Contributions to the scheme can be monthly, quarterly, or half-yearly.
    • In case of death of a person, the spouse will receive the pension and on the death of both, the pension corpus will be returned to the nominee.

World


  • CubeSat: Nasa prepares the Space Launch System (SLS) to liftoff on its inaugural flight around the Moon, before humans board it, about 10 satellites will hitch a ride into lunar orbit.
    • Among them is BioSentinel, a CubeSat that will perform the first long-duration biology experiment around the Moon.
    • The shoebox-sized satellite will carry microorganisms in the form of yeast to understand the health risks posed by long-duration travel in deep space.
    • The experiments are aimed at filling the gap in data that could provide key insights and set in motion plans to send humans to Mars in the future.
    • “BioSentinel is the first of its kind. It will carry living organisms farther into space than ever before. That’s really cool!” Matthew Napoli, BioSentinel project manager, said in a statement.
  • China: China has blocked a move by India and the US to list Pakistan-based Jaish-e-Mohammed (JeM) leader Abdul Rauf Azhar as a global terrorist at the UN Security Council, the second time Beijing has resorted to such a step in less than two months.
    • Azhar is the younger brother of JeM founder Masood Azhar and the deputy leader of the terrorist group that has its main base at Bahawalpur in Pakistan’s Punjab province.
    • Azhar was designated as a terrorist by the US treasury department in December 2010.
    • China blocked the joint bid by India and the US to designate Azhar at the UN Security Council on Wednesday by placing a “technical hold” on the proposal on the ground that more time is required to study the matter.
    • People familiar with the matter said this was the same position taken by China in the past to block proposals for sanctioning other terrorists based in Pakistan, its traditional ally.
    • In June, China had similarly placed a technical hold on a joint move by India and the US at the Security Council to list Pakistan-based Lashkar-e-Taiba (LeT) leader Abdul Rehman Makki, the brother-in-law of LeT founder Hafiz Saeed.
    • The listing of Makki continues to be pending because of the block by China.

11th August


India


  • Bank Credit: Bank credit rose 14.52 percent to ₹123.69 lakh crore and deposits increased 9.14 percent to ₹169.72 lakh crore in the fortnight ended July 29, according to RBI data.
    • In the fortnight ended July 30, 2021, bank advances stood at ₹108 lakh crore and deposits at ₹155.49 lakh crore, as per the Reserve Bank of India’s Scheduled Banks’ Statement of Position in India as of July 29.
    • In the previous fortnight ended July 15, 2022, bank credit went up 12.89 percent and deposits increased 8.35 percent, the data showed.
    • In FY 2021-22, bank credit rose 8.59 percent and deposits rose 8.94 percent.
  • Supreme Court: The Supreme Court Thursday observed that promising and distribution of freebies by political parties during the poll season is “a serious issue” as the economy is losing money due to this.
    • The apex court was hearing a PIL filed by lawyer Ashwini Upadhyay, seeking a ban on political parties promising ‘freebies’ to lure voters in the run-up to elections.
    • The plea asked for steps to be taken to regulate poll manifesto and make political parties accountable for promises made therein.
    • “Nobody says it is not an issue. It is a serious issue. Those who are getting they want it and ours is a welfare state. Some may say that they are paying taxes and it has to be used for the developmental process. So it’s a serious issue. So both side has to be heard by the committee,” Chief Justice of India NV Ramana was quoted.
    • The Chief Justice of India also noted that India was a country “where there is poverty and the central government also has plans to feed hungry” and said that the economy was losing money and that “people’s welfare has to be balanced.”
  • Digital Lending: The Reserve Bank of India on August 10 released norms to regulate digital lending to crack down on the growing number of frauds and unlawful activities.
    • All loan disbursals and repayments have to be executed only between the bank accounts of the borrower and the regulated entity without any pass-through or pool account of the lending service provider (LSP) or any third party, the regulator said.
    • Any fees or charges payable to LSPs in the credit intermediation process shall be paid directly by the regulated entity and not by the borrower.
    • The RBI had in January 2021 set up a working group to study issues regarding digital lending and suggest regulations.
    • In November, the working group proposed stricter norms for digital lenders, including subjecting the digital lending apps to a verification process by a nodal agency to be set up in consultation with stakeholders.
    • It also suggested a self-regulatory organization covering the participants in the digital lending ecosystem.
  • PMAY-Urban: The Union Cabinet on Wednesday approved the continuation of Pradhan Mantri Awas Yojana (Urban) till December 2024, a statement stated.
    • Launched in June 2015, the original deadline for the scheme – ‘Housing for All’ Mission – aimed at providing pucca houses to all eligible urban beneficiaries was March 2022.
    • According to the government, financial assistance will be provided for the completion of already sanctioned 122.69 lakh houses till March 31, 2022.
    • Based on the request of states and Union territories, the Union Cabinet, chaired by Prime Minister Narendra Modi, decided to extend the implementation period of PMAY-Urban till December 31, 2024, the statement stated.
    • In 2017, the originally projected demand was 100 lakh houses. Against this demand, 102 lakh houses have been grounded/under construction.
    • Therefore, based on the requests from the states and UTs, Union Cabinet decided to extend the implementation period of PMAY-U till December 31, 2024, the statement added.
  • Odisha: The Odisha government on Wednesday accorded in-principle approval to 10 major industrial projects worth ₹74,620.18 crores, including Adani Enterprises Limited Alumina Refinery, which will generate employment opportunities for over 24,047 people in the state.
    • The projects which got the state government’s nod at the High-Level Clearance Authority Committee meeting chaired by Chief Minister Naveen Patnaik were mostly in green hydrogen and green ammonia, metal and metal downstream, and infrastructure sectors.
    • The 10 mega projects include Goutam Adani-led Adani Enterprises Limited’s plan to invest Rs 41,653 crore investment for setting up a 4.0 MTPA Alumina Refinery and 175 MW CPP Plant at Kashipur in Rayagada district.
    • The project will generate employment opportunities for over 7,750 people.
    • The committee also approved the proposal of ReNew EFuels Private Limited (REFPL) to set up green hydrogen (capacity: 20 KTPA), and green ammonia plant (capacity: 100 KTPA) in Paradip, Jagatsinghpur district, at an investment of ₹2,000 crores which will generate employment opportunities for 2,000 persons.

World


  • United States: US stock index futures extended gained sharply today while European equities jumped after US inflation data showed monthly consumer prices rose at a slower pace than expected, dousing expectations of an aggressive rate hike by the Federal Reserve in September.
    • Consumer prices jumped 8.5% in July compared with a year earlier, the government said today, down from a 9.1% year-over-year jump in June.
    • On a monthly basis, prices were unchanged from June to July, the smallest such rise in more than two years.
    • Falling gas prices gave Americans a slight break from the pain of high inflation last month, though the surge in overall prices slowed only modestly from the four-decade high it reached in June.
    • Meanwhile, Dow e-minis were up 427 points, or 1.3%, S&P 500 e-minis were up 71.25 points, or 1.73%, and Nasdaq 100 e-minis were up 316 points, or 2.42% at 08:33 am ET.

10th August


India


  • Uttar Pradesh: The Centre told Parliament that Uttar Pradesh and Bihar have the highest number of registered and active taxpayers who have paid nil GST since its implementation.
    • In a written reply to a question, MoS for finance Pankaj Chaudhary said a total of 2.22 lakh active normal registered persons under Centre jurisdiction from UP have paid nil tax in cash under GST (that is, by not debit any amount from electronic cash ledger) since its implementation.
    • This is followed by Bihar with 1.10 lakh registered taxpayers and 1.05 lakh taxpayers from Maharashtra.
    • Even after four years of implementation of GST, a proper system of review and post-audit of refunds had not been effectively institutionalized so that the department may rectify mistakes in time, a report by government auditor CAG had said earlier, noting that the audit noticed 410 instances of double payments, amounting to Rs 13.73 crore.
  • RBI: Cracking down on the increasing number of frauds and unlawful activities, the Reserve Bank of India on Wednesday released detailed guidelines that will increase scrutiny and supervision over digital lending apps and lenders who engage with them.
    • Based on the inputs received from the Working Group on ‘digital lending including lending through online platforms and mobile apps’ (WGDL), the central bank has firmed up a regulatory framework to support the orderly growth of credit delivery through digital lending.
    • All loan disbursals and repayments have to be executed only between the bank accounts of the borrower and the regulated entity without any pass-through or pool account of the lending service provider (LSP) or any third party, the RBI state.
    • Any fees, charges, etc, payable to LSPs in the credit intermediation process shall be paid directly by RE and not by the borrower.
    • A standardized Key Fact Statement (KFS) must be provided to the borrower before executing the loan contract.
    • Automatic increase in credit limit without explicit consent of the borrower is prohibited.
  • Retail inflation: India’s retail inflation rate likely slowed in July due to lower food prices.
    • In June, the inflation rate measured by the Consumer Price Index (CPI) decelerated to 7.01 percent from 7.04 percent in May.
    • The Ministry of Statistics and Programme Implementation will release the retail inflation figure for July at 5.30 pm on 12th August.
    • According to economists, headline retail inflation likely cooled in July, led by lower food prices, with prices of certain key items posting a sequential fall.
    • Data from the Department of Consumer Affairs shows that prices of all six edible oils on which data is available fell in July from June. The drop ranged from 0.4 percent to 6.4 percent.
    • The price of pulses also broadly fell in July. While the price of tur and urad dal rose 1.1 percent and 0.2 percent month-on-month, respectively, in July, the prices for gram, moong, and masoor dal fell 0.2-0.4 percent.
    • Among vegetables, though the prices of potato and onion increased by 6 percent and 5.8 percent, respectively, in July from June, tomato prices were down a massive 24.2 percent.
    • Overall, food and beverage inflation likely fell to 6.6 percent in July from 7.56 percent in June, said Rahul Bajoria, chief India economist at Barclays.
  • Tax Devolution: The Union government on 10th August released Rs 1.17 lakh crore to states as tax devolution, double what it would have normally transferred.
    • “This is in line with the commitment of the government of India to strengthen the hands of states to accelerate their capital and developmental expenditure,” the finance ministry said in a statement.
    • The Centre’s tax devolution to states is done in 14 installments every year.
    • For FY23, this works out to be Rs 58,333 crore a month.
    • In the April-June period, Rs 47,592 crore was transferred to states a month, data from the Controller General of Accounts showed.
    • Assuming a similar sum was transferred in July, states have received Rs 3.07 lakh crore from the Centre as tax devolution in the first five months of FY23.
    • This amounts to 38 percent of the full-year estimate of Rs 8.17 lakh crore.
    • Tax devolution being done in 14 installments means one or two months see larger sums of money being released on account of the two extra installments.
    • This is usually done towards the end of the financial year, once the Centre has greater clarity on its finances.
    • For instance, in FY21 and FY20, the Centre transferred the two additional installments to states only in the last month of the financial year.
  • Tea Exports: Exports of tea during the first five months of the current calendar from January to May 2022 increased around seven percent to 78.64 million kg as compared to 73.19 million kg in the similar previous period, according to Tea Board data.
    • For the first time, UAE lifted 13.17 million kg during the current five-month period, more than Russian Federation which stood at 11.52 million kg during the concerned period.
    • It was 5.80 million kg in the comparable similar period.
    • During the period, Russia lifted 11.52 million kg during the current five-month period as against 13.52 million kg in the previous period.
    • Total offtake by the CIS block also declined marginally to 16.41 million kg during the current five-month period as compared to 18.01 million kg in the previous similar period, according to the data.
    • Iran, another major buyer, imported 8.91 million kg from January to May 2022 as compared to 7.58 million kg in a previous similar period.
    • Exports to Iran had been suffering due to payments issues after sanctions by the US and many other countries.
    • The total value of exports during the period of the current quarter stood at Rs 2,037.78 crore, higher than Rs 1,901.63 crore in the comparable similar period, the data showed.
    • The other major importers are the USA at 4.81 million kg, followed by Germany at 2.95 million kg during the period concerned in the current calendar period of five months.

World


  • China: A new animal origin virus, which could infect humans, has been discovered in two provinces in China, scientists from China and Singapore have said in a new study.
    • The new study said that this newly discovered, possibly animal-derived Nipah virus, has been associated with some febrile cases – cases of fever where the cause is unknown with symptoms including fever, fatigue, cough, anorexia, myalgia, and nausea.
    • At least 35 such cases have been recorded in eastern China’s Shandong province and central China’s Henan province said the study published in the New England Journal of Medicine (NJEM) on August 4.
    • The authors have named it Langya henipavirus or LayV.
    • “During sentinel surveillance of febrile patients with a recent history of animal exposure in eastern China, a phylogenetically distinct henipavirus, named Langya henipavirus (LayV), was identified in a throat swab sample from one patient by means of metagenomic analysis and subsequent virus isolation,” the study said.
    • “Subsequent investigation identified 35 patients with acute LayV infection in the Shandong and Henan provinces of China, among whom 26 were infected with LayV only (no other pathogens were present),” the study said.
    • The paper was jointly written by several scientists including from the Beijing Institute of Microbiology and Epidemiology, Qingdao Municipal Center for Disease Control and Prevention, Duke–National University of Singapore Medical School, and Institute for Infection and Immunity, Melbourne.

9th August


India


  • Unemployment Rate: The PLFS data indicates that the unemployment rate has a declining trend in rural areas as well as at all India levels, said Minister of State for Labor and Unemployment Rameswar Teli.
    • The government said the unemployment rate dipped to 4.2% in 2020-21 from 5.8% in 2018-19 nationally and to 3.3% compared to 5% during the same period in rural areas.
    • It said Sikkim (71.3%) had the highest Worker Population Ratio in 2020-21 followed by Himachal Pradesh (69.5%) and Chhattisgarh (63.6%) while Bihar had the lowest (39.9%) while Lakshadweep 40.1% and Manipur 41%.
    • Teli said that employment generation coupled with improving employability was a priority of the government under schemes such as Aatmanirbhar Bharat and Mahatma Gandhi National Rural Employment Guarantee Scheme.
  • UGC-NET: The National Testing Agency (NTA) will now conduct phase two of the UGC-NET December 2021 and June 2022 (merged cycles) examination between September 20th and 30th, the UGC Chairman, M Jagadesh Kumar, announced on Monday.
    • Earlier, the phase two exams were scheduled to be held on August 12th, 13th, and 14th August.
    • According to the new schedule, the city of the examination center shall be displayed on September 11th and the admit cards for phase two candidates will be issued on September 16th at the official websites ugcnet.nta.nic.in.
    • Phase one of the UGC-NET December 2021 and June 2022 (merged cycles) examinations were successfully conducted on the 9th, 11th, and 12th of July 2022 for 33 subjects.
    • The exams were held at 310 examination centers located in 225 cities across the nation.
  • RBI: The Reserve Bank of India (RBI) has imposed a monetary penalty on eight banks across India.
    • These eight bankers were – Chhattisgarh Rajya Sahakari Bank, The Goa State Co-operative Bank, Garhaa Co-Operative Bank, The Yavatmal Urban Co-operative Bank, Jila Sahakari Kendriya Bank, Warud Urban Co-operative Bank, Indapur Urban Co-operative Bank, and The Mehsana Urban Co-operative Bank.
    • The penalty ranged from ₹1 lakh to ₹40 lakh on these eight banks.
    • Additionally, RBI also levied a monetary penalty on NBFC, Spandana Sphoorty Financial.
    • RBI imposed a penalty of ₹25 lakh on this bank for non-compliance with certain provisions of the ‘Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016’.
    • The penalty comes after the statutory inspection of the bank conducted by NABARD concerning the bank’s financial position as of March 31, 2020.
  • 8th Pay Commission: The government is not considering setting up the 8th Pay Commission for central government employees, Minister of State for Finance Pankaj Chaudhary informed Lok Sabha on Monday.
    • “No such proposal is under consideration with the government for constitution of 8th Central Pay Commission for the central government employees,” Chaudhary said in a written reply to a question if the government proposes to ensure timely constitution of Pay Commission for central government employees so that it could be implemented on January 1, 2026.
    • ln order to compensate central government employees for erosion in the real value of their salaries on account of inflation, Dearness Allowances (DA) are paid to them and the rate of DA is revised periodically every six months on the basis of the rate of inflation as per All India Consumer Price Index for Industrial Workers released by Labour Bureau under the Ministry of Labour & Employment, he said.
    • The government set up the 7th Pay Commission in February 2014. The recommendations of the panel were effective from 1st January 2016.
  • HDFC: Mortgage financier Housing Development and Finance Corporation (HDFC) on Monday increased its retail prime lending rate (RPLR), on which its adjustable-rate home loans are benchmarked, by 25 basis points, with effect from 9th August 2022, HDFC said in a BSE filing.
    • In a statement, HDFC said, “HDFC increases its Retail Prime Lending Rate (RPLR) on Housing loans, on which its Adjustable Rate Home Loans (ARHL) are benchmarked, by 25 basis points, with effect from 9th August 2022.”
    • This is the second hike in this month as an earlier hike of 25 basis points was effected from 1st August.
    • This is the sixth increase undertaken by HDFC in three months.
    • In all the rate has been increased by 140 basis points since May 2022.
    • Previously, on 9th June, the country’s largest housing finance company increased the RPLR by 50 basis points.
    • On 1st June, it raised the same by 5 basis points.
    • On 2nd May, it hiked the rate by 5 basis points and on 9th May, the home loan rates were increased by 30 basis points.
  • EPFO: Retirement fund body EPFO has invested ₹1,59,299.46 crore in Exchange Traded Funds (ETFs) till March 2022 and its notional market value of these investments was ₹2,26,919.18 crore, Parliament was informed on Monday.
    • The EPFO has been investing in ETFs since August 2015.
    • Initially, the body decided to invest 5 percent of its investible deposits into stock markets.
    • Later, the proportion increased to 10 percent in 2016-17 and 15 percent in 2017-18 and onwards.
    • Union minister of state for labor and employment Rameshwar Teli stated in a written reply to the Lok Sabha that the Employees’ Provident Fund Organisation (EPFO) has invested ₹1,59,299.46 crore in ETFs till March 31, 2022.
    • The reply showed that the notional market value of the EPFO’s investment in ETFs stood at ₹2,26,919.18 crore as of March 31, 2022.
    • The minister also told the House that the EPFO invested Rs 12,199.26 crore in ETFs in the April-June period this year, while the total investment (in debt and equity) was ₹84,477.67 crore.
    • The body had invested Rs 43,568.02 crore in 2021-22, ₹32,070.84 crore in 2020-21 and ₹31,501.09 crore in 2019-20 in ETFs.
    • The EPFO invests 85 percent of the funds in debt instruments and 15 percent of the investment is made in ETFs, as per the investment pattern notified by the government.
    • The investment in ETFs is made based on Nifty 50, Sensex, Central Public Sector Enterprises (CPSEs), and Bharat 22 indices, Rameshwar Teli said.

World


  • United States: Democrats pushed their election-year economic package to Senate passage Sunday, a hard-fought compromise less ambitious than President Joe Biden’s original domestic vision but one that still meets deep-rooted party goals of slowing global warming, moderating pharmaceutical costs, and taxing immense corporations.
    • The estimated $740 billion package heads next to the House, where lawmakers are poised to deliver on Biden’s priorities, a stunning turnaround of what had seemed a lost and doomed effort that suddenly roared back to political life.
    • Democrats held united, 51-50, with Vice President Kamala Harris casting the tie-breaking vote.

8th August


India


  • Electricity Amendment Bill: The Electricity Amendment Bill 2022 that enables the entry of private companies into the power distribution landscape was on Monday introduced in the Lok Sabha amid stiff opposition by a group of parties and was referred to the parliamentary standing committee on energy for wider consultations.
    • The Congress, Left parties, TMC and DMK voiced strong opposition to the introduction of the Bill which, they said, violated the federal principles of the Constitution, permitted indiscriminate privatization of the power sector, and sidestepped consultations with states even though electricity is on the concurrent list.
    • The Bill was brought to Lok Sabha close on the heels of the Samyukta Kisan Morcha warning the government against the introduction.
  • Commonwealth Games: Indian shuttler PV Sindhu wins women’s singles Gold at Commonwealth Games with 21-15 21-13 victory over Canada’s Michelle Li.
    • Lakshya Sen will be in action next in the men’s singles final. Sen will be will face Malaysian shuttler Tze Yong NG.
    • India’s men’s doubles pair of Satwiksairaj Rankireddy and Chirag Shetty will also be in action in their gold medal match.
    • History beckons the Indian men’s hockey team as it looks to end Australia’s dominance in the Commonwealth Games by securing a maiden gold in the quadrennial showpiece. India has never won a gold in the six editions of CWG.
    • Till 7 Pm IST on 8th August 2022, India has won 22 Gold, 16 Silver, and 23 Bronze, a total of 61 Medals taking India to the 4th Position in CWG 2022.
  • Infrastructure Assets: Infrastructure assets worth over Rs 1.62 lakh crore are expected to be monetized during the current fiscal, Parliament was informed on Monday.
    • The government had last year announced a ₹6 lakh crore National Monetisation Pipeline (NMP) to unlock value in infrastructure assets across sectors, ranging from power to road and railways in four years till 2025.
    • In a written reply to the Lok Sabha, Minister of State for Finance Pankaj Chaudhary said about ₹97,000 crore worth of public assets were monetized in the last fiscal (2021-22).
    • The key transactions include highway toll-operate-transfer (TOT) based PPP concessions, NHAI’s Infrastructure Investment Trust (InvIT), PowerGrid InvIT, and annual accruals from mineral and coal blocks auctioned in FY21-22.
    • Private investment in the redevelopment of railway colonies, receipts from 6 airports leased on PPP mode and private investment from port terminals bid out on PPP mode.
  • Tata Motors: Tata Motors is set to sign a definitive agreement with Ford Motor Co. to acquire its plant in Sanand, Gujarat.
    • The announcement could come as early as Monday, said people in the know.
    • The homegrown car maker will pay Rs 700-750 crore for the plant and the workforce, they said.
    • This includes the engine facility, which will be leased back to the US carmaker to cater to its global powertrain requirement.
    • Both sides had signed a memorandum of understanding (MoU) on a possible deal at the end of May.
    • The takeover of the Gujarat plant will offer much-needed capacity for Tata Motors, which has set its sights on crossing half a million annual sales this financial year, up from 370,400 in FY22.
    • The company is currently operating at 85-90% capacity and to sustain this momentum it will need fresh capacity.
    • The company produces its cars at Pune and Ranjangaon in Maharashtra and Sanand in Gujarat.

World


  • Oil Prices: Oil prices edged up from multi-month lows on Monday as investors’ appetite improved following data on U.S. jobs and Chinese exports that eased recession concerns.
    • Brent crude futures had risen 22 cents, or 0.2%, to $95.14 a barrel by 0439 GMT. U.S. West Texas Intermediate crude was at $89.18 a barrel, up 17 cents, or 0.2%.
    • Both contracts settled higher on Friday after jobs growth in the United States, the world’s top oil consumer, unexpectedly accelerated in July.
    • On Sunday, China also surprised markets with faster than expected growth in exports.
    • Front-month Brent prices last week hit the lowest levels since February, tumbling 13.7% and posting their largest weekly drop since April 2020, while WTI lost 9.7%, as concerns about a recession hitting oil demand weighed on prices.
    • China, the world’s top crude importer, imported 8.79 million Barrels Per Day (BPD) of crude in July, up from a four-year low in June, but still 9.5% less than a year earlier, customs data showed.
    • Reflecting lower U.S. gasoline demand, and as China’s zero-COVID strategy pushes recovery further out, ANZ revised its oil demand forecasts for 2022 and 2023 by 300,000 bpd and 500,000 bpd, respectively.

7th August


India


  • NITI Aayog: Prime Minister Narendra Modi is chairing the seventh governing council meeting of the government’s think tank Niti Aayog which is currently underway at Rashtrapati Bhawan’s cultural center in the national capital.
    • Telangana Chief Minister K Chandrashekar Rao and Bihar Chief Minister Nitish Kumar are two big leaders who are skipping the meeting.
    • KCR earlier wrote a letter to PM Modi saying that his decision is a mark of protest against what he termed as the Centre’s alleged blatant discrimination against states including Telangana.
    • Nitish Kumar, who just recovered from COVID-19, is skipping an event led by the PM for the second time in a month.
    • This meeting is the first in-person meeting of the Governing Council since July 2019.
    • The Council, the top body of NITI Aayog, includes all chief ministers, lieutenant governors of Union Territories, and several Union ministers.
    • The prime minister is the Chairman of NITI Aayog.
  • ISRO: The Indian Space Research Organisation’s (ISRO) newly developed small satellite launch vehicle (SSLV) suffered some data losses in the final stage of its maiden flight Sunday morning.
    • The space agency said that the satellites were no longer usable as the SSLV D1 placed them into an elliptical orbit instead of a circular orbit.
    • Isro chairperson Dr. S Somanath said: “We had in the terminal phase of the mission some data losses occurring and we are analyzing the data. And, we will come back on the status of the satellites as well as the vehicle performance soon.”
    • The new rocket was carrying earth observation satellite EOS-02 weighing 145 kg and AzaadiSat, made by 750 school girls to celebrate the 75 years of Independence under SpaceKidz India, weighing 8 kg.
    • The SSLV, which uses three solid fuel-based stages and a liquid fuel-based velocity trimming module (VTM) to place the satellite in orbit, was designed keeping in mind the quick turnaround time needed for commercial launch.
    • The lift-off from India’s only spaceport in Sriharikota at 9:18 am was typical of any other launch and remained so for the first three stages of the vehicle.
  • Commonwealth Games: In the men’s triple jump, India won the top two medals, courtesy of Eldhose Paul (17.03m jump for gold) and Abdulla Aboobacker Narangolintevid (17.02 jump for silver).
    • Annu Rani and Sandeep Kumar bagged bronze medals for India in the women’s javelin throw and men’s 10km race walk.
    • Indian shuttler Laskhya Sen has entered the final of badminton men’s singles.
    • Kidambi Srikanth had to face defeat in the badminton men’s singles semi-final.
    • Boxers Amit Panghal and Nitu Ganghas bagged gold medals for India in the men’s flyweight and women’s minimumweight categories.
    • PV Sindhu won her semi-final in straight games to reach the women’s singles final.
    • India also won the bronze medal in women’s hockey after beating New Zealand in a shootout.
    • Pugilists Nikhat Zareen and Sagar Ahlawat will also try to bring gold medals home when they step out to play their final bouts.
    • Till 7th August 2022, India won 16 Gold, 12 Silver, and 19 Bronze, a total of 47 Medals taking India to the 5th Position.

World


  • Berkshire Hathaway: The slide in U.S. stock prices punished Berkshire Hathaway Inc’s bottom line in the second quarter as the company run by billionaire Warren Buffett posted a $43.8 billion loss.
    • Berkshire nevertheless generated nearly $9.3 billion of profit from its operating businesses, as improvement from reinsurance and the BNSF railroad offset a loss at the Geico car insurer, where car parts shortages and higher vehicle prices boosted losses from accidents.
    • Rising interest rates and dividend payouts helped Berkshire’s insurance units generate more money from investments, while the strengthening U.S. dollar boosted profit from the company’s European and Japanese debt investments.
    • Berkshire also slowed purchases of its stocks, including its own, though it ended June with $105.4 billion of cash and equivalents it could still deploy.
    • “It shows the fickle nature of markets,” said Tom Russo, a partner at Gardner, Russo & Quinn in Lancaster, Pennsylvania, who invests more than $8 billion, of which 17% is in Berkshire.

6th August


India


  • Commonwealth Games: Top wrestlers will be in focus again as India looks for more medals in the sport.
    • The nation looks forward to progressing further in the knockout stages in sports like cricket, badminton, hockey, and table tennis.
    • Priyanka Goswami clinches the silver medal in a women’s 10,000m race walk.
    • Nitu Ghanghas assures India of at least silver with an RSC win over Canada’s Priyanka Dhillon.
    • Vinesh Phogat beats Nigeria’s Mercy Bolafunoluwa Adekuoroye in Women’s Freestyle 53 kg (Nordic).
    • Amit Panghal enters the final of the men’s flyweight (48 kg) category. He defeats Zambia’s Patrick Chinyemba.
    • Till 6th August 2022, India won 9 Gold, 10 Silver, and 9 Bronze, a total of 28 Medals taking India to the 5th Position.
  • PFRDA: The Pension Fund Regulatory and Development Authority (PFRDA) is mulling over a guaranteed pension programme under the National Pension System (NPS) and it may launch it on September 30.
    • The PFRDA has always been aware of the inflation and depreciation of the rupee and accordingly gave the investors an inflation-protected return.
    • The PFRDA chairman said the size of the pension assets is Rs 35 lakh crore, of which 22 percent totaling Rs 7.72 lakh crore is with the National Pension System (NPS), while the EPFO deals with 40 percent of the funds.
    • PFRDA Chairperson Supratim Bandhyopadhyay said the subscriber enrolment has increased substantially over a period of time from 3.41 lakh to 9.76 lakh this year.
    • He projected the subscriber enrolment to increase to 20 lakh in the current fiscal.
    • The chairman of the regulatory body said the subscriber can opt for premature exit after five years of joining the NPS and the investment choice can be changed four times in a financial year.
  • Indian Bank: Indian Bank, a public sector lender, increased interest rates on fixed deposits below ₹2 crores.
    • The bank’s website states that the revised rates are effective as of 4th August 2022.
    • The bank increased interest rates on fixed deposits with one-year maturity after the revision.
    • The bank currently offers interest rates on deposits with maturities ranging from 7 days to 5 years and over that range from 2.80 percent to 5.60 percent for the general public and 3.30 percent to 6.10 percent for senior citizens.
    • Indian Bank has mentioned on its website that “Additional rate of interest payable would be 0.50% p.a. for an amount up to 10 crores for all tenors over the card rate in respect of Short Term Deposits, Fixed Deposits and Money Multiplier Deposit Schemes. Similarly, for Recurring Deposit accounts, the additional interest rate would be eligible for the period from 6 months to 120 months (In multiples of 3 months).”
    • According to Indian Bank, the current interest rates also apply to NRE term deposits, the Tax Saver Scheme, and the Capital Gains Scheme Type B (Term Deposits) 1988 Scheme.
  • NRI: The Reserve Bank of India (RBI) has allowed NRIs to pay bills on behalf of their families in India through the Bharat Bill Pay System (BBPS).
    • This facility will start soon. Experts say this is a significant development showing RBI’s commitment to standardizing and further optimizing the digital payments ecosystem in India.
    • “The announcement by RBI to allow NRIs to pay bills for their family members in India directly on BBPS, depicts a further liberalization measure on cross-border payment transactions front,” said Sudhir Sharma, Senior Partner, DSK Legal.
    • Instead of transmitting money to Indian accounts and using it to pay such bills, NRIs will soon be able to directly pay such bills on BBPS.
    • BBPS is a one-stop financial framework for payment of bills that is interoperable and accessible at any point in time and from anywhere.
    • It has been authorized by the RBI and is the brainchild of the National Payments Corporation of India (NPCI) which has been at the forefront of piloting this novel project.
    • NRIs will now be able to make direct payments of various utilities such as water bills, electricity bills, or telecom for their respective families in India via the BBPS platform. 

World


  • United States: America’s hiring boom continued last month as employers added a surprising 528,000 jobs despite raging inflation and rising anxiety about a recession.
    • July’s hiring was up from 398,000 in June.
    • The unemployment rate slipped to 3.5 percent.
    • The US economy shrank in the first two quarters of 2022 an informal definition of recession.
    • Most economists believe the strong jobs market has kept the economy from slipping into a downturn.
    • The American job market has repeatedly defied skeptics this year.
    • Economists had expected only 250,000 new jobs this month.
    • In the United Kingdom, the Bank of England on Thursday projected that the world’s fifth-largest economy would slide into a recession by the end of the year.

5th August


India


  • India’s Coal Supplier: Russia became India’s third-largest coal supplier in July, with imports rising by over a fifth compared with June to a record 2.06 million tonnes, data from Indian consultancy Coalmint showed.
    • Russia has historically been the sixth-largest supplier of coal to India, behind Indonesia, South Africa, Australia, and the United States, with Mozambique and Colombia alternatingly featuring in the top five.
    • India expects its central bank’s recent approval to allow payments for commodities in the Indian rupee to provide a major fillip to bilateral trade with Russia.
    • India’s imports from Russia have jumped nearly five times to over $15 billion ever since Russia invaded Ukraine.
    • India, the world’s second-largest producer, importer, and consumer of coal, has historically imported more coking coal used mainly in steelmaking from Russia, with Australia being the other key supplier.
  • Commonwealth Games: Badminton player Kidambi Srikanth has entered the quarter-finals of men’s singles badminton.
    • Indian wrestler Bajrang Punia reached the quarterfinals of the men’s 65 kg after beating Nauru’s Lowe Bingham.
    • Deepak Punia also cruised to the quarterfinals after winning his bout in the men’s freestyle 86 kg wrestling.
    • Bhavinaben Patel reached the final of the women’s singles para table tennis classes 3-5.
    • Manika Batra and Sathiyan Gnanasekaran reached the quarterfinals of the table tennis mixed doubles event.
    • The Indian pair defeated the Nigerian duo of Ojomu Ajoke and Omotayo Olajide in straight games.
    • Another Table Tennis player Achanta Sharath Kamal has entered the Round of 16 in men’s singles.
    • Till 5th August India has won 6 Gold, 7 Silver, and 7 Bronze Medals.
  • NPS: The Pension Fund Regulatory and Development Authority (PFRDA) has decided to stop accepting payment of subscriptions/contributions by using credit cards as a mode of payment in the National Pension System (NPS) Tier-II account.
    • The regulator has instructed all Points of Presence (PoPs) to immediately stop accepting credit cards for payments to NPS Tier II accounts.
    • In a circular dated 03 August 2022, the PFRDA said, “The Authority has decided to stop the facility of payment of subscriptions/contributions using credit card as a mode of payment in the Tier-II account of NPS. Accordingly, all PoPs are advised to stop the acceptance of credit cards as a mode of payment for the Tier-II account of NPS with immediate effect.”
    • The regulator said it has taken the decision to stop the use of credit cards in NPS Tier-II accounts in the exercise of the powers conferred under Section 14 of Pension Fund Regulatory and Development Authority Act 2013 “to protect the interests of subscribers and to regulate, promote and ensure orderly growth of the national Pension System and pension schemes to which the Act applies.”
  • CCPA: The Central Consumer Protection Authority (CCPA) on August 4 passed an order against Amazon for allowing the sale of domestic pressure cookers in violation of mandatory standards on its e-commerce platform.
    • It has asked Amazon to pay a fine of Rs 1,00,000 for “allowing the sale of pressure cookers in violation of QCO and for violating the rights of consumers”.
    • The Central Consumer Protection Authority, headed by Chief Commissioner Nidhi Khare, passed the order against the violation of consumer rights by Amazon’s e-commerce platform by allowing the sale of domestic pressure cookers.
    • The authority has initiated suo-moto action against e-commerce platforms such as Amazon, Flipkart, Paytm Mall, Shopclues, and Snapdeal, and the sellers registered on these platforms, for the sale of domestic pressure cookers in violation of compulsory standards on its e-commerce platforms.
    • After examining the response submitted by Amazon, it was observed that a total of 2,265 pressure cookers not conforming to mandatory standards were sold through Amazon after notification of the QCO.
    • The total fee earned by the Amazon on sale of such pressure cookers through its platform was Rs 6,14,825.41.
  • RBI: The Reserve Bank of India hiked its key lending rate by 50 basis points to pre-pandemic levels of 5.40 percent on Friday, a third increase in a row to tame surging inflation which has remained above the upper end of the central bank’s target this year.
    • June retail inflation at 7 percent, well above the RBI’s 2-6 percent medium-term target, the monetary policy committee (MPC) raised the key lending rate or the repo rate by 50 basis points (bps) to 5.40 percent, the highest since 2019.
    • With the latest hike, the repo rate or the short-term lending rate at which banks borrow crossed the pre-pandemic level of 5.15 percent.
    • All six members of the Monetary Policy Committee (MPC), headed by RBI Governor Shaktikanta Das, unanimously voted for the rate hike.
    • The RBI had caught markets off guard with a 40 bps hike at an unscheduled meeting in May, followed by a 50 bps increase in June, but prices have shown little signs of cooling so far.
    • RBI Governor Shaktikanta Das weighed in on the dilemma the central bank faces, with pressing economic concerns to be addressed.
    • Retail inflation, based on the Consumer Price Index (CPI), which RBI factors in while fixing its benchmark rate, stood at 7.01 percent in June.
    • Inflation has been ruling above the RBI’s comfort level of 6 percent since January this year and the Governor expects that trend to continue.
    • Inflation based on the Wholesale Price Index (WPI) remained double-digit for 15 months in a row. The WPI reading was at 15.18 percent in June.

World


  • China: China on Friday said it was ending cooperation with the United States on a litany of key issues including climate change, anti-drug efforts, and military talks, as relations between the two superpowers nosedive over the island of Taiwan.
    • Beijing has reacted furiously to a visit by US House Speaker Nancy Pelosi to the island, which it claims as its territory, and has vowed to retake it by force if necessary.
    • It has since Thursday encircled the self-ruled, democratic island with a series of huge military drills that have been roundly condemned by the United States and other Western allies.
    • On Friday china’s foreign ministry hit back further against the United States, suspending talks and cooperation on multiple agreements between the two including on fighting climate change.
    • The world’s two largest polluters last year pledged to work together to accelerate climate action this decade, and vowed to meet regularly to “address the climate crisis”.

4th August


India


  • Azadi ka Amrit Mahotsav: Entry to all monuments protected under the Archeological Survey of India (ASI) will be free from 5th August to 15th August as part of the ‘Azadi ka Amrit Mahotsav’ campaign and the country’s 75th Independence Day celebrations.
    • The information was shared by the Union minister for culture and tourism G Kishan Reddy.
    • Taking to social media, Reddy shared a statement of the ASI that said no fee shall be charged at any ticketed centrally protected monuments as well as Archeological Site museums from August 5 to 15 as part of the celebrations.
    • The Union ministry of culture is taking several initiatives to celebrate India’s 75th year of Independence under the ‘Azadi ka Amrit Mahostav’ campaign.
  • UNSC: India will host diplomats of the 15-nation UN Security Council on 29th October for a special meeting on counter-terrorism.
    • India is halfway through the second year of its two-year term as an elected non-permanent member of the UN Security Council.
    • India’s tenure at the Council will end in December when the country will also preside as President of the powerful UN organ for the month.
    • India chairs the Security Council Counter-Terrorism Committee for 2022 and will in October host diplomats of the 15-nation Security Council, including the US, China, and Russia, for the counter-terrorism committee’s special meeting.
    • Current members of the Security Council are Albania, Brazil, Gabon, Ghana, India, Ireland, Kenya, Mexico, Norway, and the UAE, along with five permanent members China, France, Russia, the UK, and the US.
  • Bharti Airtel: After waiting for years for 5G connectivity, one of India’s three major telecom operators, Bharti Airtel finally has a launch timeline for the next-gen cellular network technology.
    • In a new press release, Airtel has confirmed that it will roll out its 5G services in the country before the end of the month.
    • “We are delighted to announce that Airtel will commence roll out of 5G services in August. Our network agreements are finalized and Airtel will work with the best technology partners from across the world to deliver the full benefits of 5G connectivity to our consumers,” an Airtel press release noted.
    • Airtel is in agreement with Ericsson, Nokia, and Samsung as network partners to deliver the 5G services in the country.
    • The news come soon after the recent spectrum auditions conducted by the DoT (Department of Telecom) in India, where Bharti Airtel bid for and acquired 19867.8 MHZ spectrum in 900 MHz, 1800 MHz, 2100 MHz, 3300 MHz, and 26 GHz frequencies.

World


  • Bank of England: The Bank of England is expected to raise interest rates by the most since 1995 on Thursday, even as the risks of a recession mount, in an attempt to stop a surge in inflation from becoming embedded in Britain’s economy.
    • Most investors and economists predict the BoE will increase its benchmark rate by half a percentage point to 1.75%, its highest level since late 2008 at the start of the global financial crisis when it announces its decision at 1100 GMT.
    • Britain’s main inflation rate has soared to 9.4% and could hit 15% in early 2023 according to the Resolution Foundation think-tank as the repercussions of Russia’s invasion of Ukraine combine with post-pandemic strains on the world economy.
    • The BoE, which has already raised borrowing costs five times since December, said in June it would act forcefully if inflation pressures became more persistent.
    • A Reuters poll published on Monday showed more than 70% of 65 economists expected a half-point increase.

3rd August


India


  • IBPS PO 2022: The Institute of Banking Personnel Selection (IBPS) has invited applications for the post of probationary officer (PO) and management trainees.
    • The application process will begin on August 2 and the last date to submit applications and fee payment is August 22.
    • Interested candidates can apply online at ibps.in.
    • A total of 6432 vacancies are to be filled through this recruitment process.
    • The preliminary exam will be held in October.
    • The result for prelims will be declared in November.
    • The final dates will be announced by IBPS soon.
    • A candidate should be at least 20-year-old and the upper age is capped at 30 years as of August 1, 2022.
    • The upper age limit will be relaxed for the reserved categories as per government rules.
  • DoT: The Department of Telecommunications (DoT) will garner around Rs13,500 crore in the next 10 days from telcos as the first installments for the spectrum bought in the recently concluded 5G auction, a senior government official said.
    • As per DoT’s calculations, Reliance Jio’s first installment will be ₹7,838 crores, Bharti Airtel’s will be ₹3,834 crores, and Vodafone Idea’s first tranche will be about ₹1,673 crores.
    • New entrant Adani Data Networks is expected to pay its entire bid amount of ₹212 crores.
    • Market leader Jio was the largest bidder in the 5G airwave auctions which ended on Monday, spending ₹88,078 crores, while Airtel and Vodafone Idea bought airwaves worth ₹43,084 crores and ₹18,799 crores, respectively.
    • Telcos have the option of either paying up in 20 equal annual installments or making a greater upfront payment followed by annual installments.
  • SpiceJet: SpiceJet’s lessor, Alterna Aircraft Ltd, located in Ireland, has urged the Directorate General of Civil Aviation (DGCA) to de-register its aircraft.
    • In its Monday appeal to India’s aviation regulator, Alterna did not state why one of its Boeing 737-800 planes should be deregistered.
    • Recently, SpiceJet has been in the news due to a number of events involving technical difficulties on its flights.
    • Additionally, the Indian aviation authority was asked to deregister three of SpiceJet’s aircraft by one of its lessors with a base in Dubai.
    • When lease agreements are terminated for reasons such as nonpayment of lease rentals, lessees frequently request de-registration.
    • In 18 days, Spicejet Airlines reported at least eight occurrences of technical difficulties.
    • Following this, the Directorate General of Civil Aviation (DGCA) did not discover any significant safety violations during spot checks on SpiceJet aircraft, according to Union Minister of State for Civil Aviation V K Singh on Monday.
  • Commonwealth Games 2022: The Indian women’s hockey team has progressed into the semi-finals with a 3-2 win over Canada in their last Pool A match.
    • This came after India’s Lovepreet Singh bagged a bronze medal in men’s 109kg weightlifting while setting a national record in the clean and jerk round.
    • The Indian women’s hockey team is playing against Canada.
    • In round 2 of the lawn bowls, the Indian women’s pair of Lovely Choubey and Nayanmoni Saikia won their match 23-6, while Mridul Borgohain registered a superb 21-5 win in his men’s singles match.
    • Judoka Tulika Maan also entered the semifinal of women’s +78kg.
    • On Tuesday, the women’s four lawn bowls team had a superb fifth day in the ongoing event as the country clinched a historic lawn bowls gold in the women’s fours event.
    • The mixed badminton team and weightlifter Vikas Thakur (96kg) bagged a silver each.
    • On Wednesday, the likes of boxers Nikhat Zareen and Lovlina Borgohain are also set to hog the limelight.
    • The Indian women’s cricket team will be in action late at night.
    • Till 3rd August 2022, India has won 5 Gold, 5 Silver, and 4 Bronze.

World


  • Shortest Day: The Earth has set the record for the shortest day ever recorded since scientists began using atomic clocks to measure its rotational speed.
    • On June 29, our planet completed one rotation in 1.59 milliseconds less than 24 hours.
    • Time and Date reports that the Earth almost broke this record soon after when it completed a rotation in just 1.50 milliseconds less than 24 hours.
    • Scientists studying the Earth’s rotation use a measurement called “length of day” to describe how fast or slow the planet is spinning.
    • The length of the day is the difference between the time the planet takes to complete one rotation on its axis and 86,400 seconds (24 hours).
    • When the length of the day is a positive number and rising, the Earth is spinning slower and vice versa.
    • In recent years, our planet seems to be in quite a hurry.
    • In 2020, Time and Date reported that the planet achieved its 28 shortest recorded days in the same year.
  • Tonga Eruption: The Hunga Tonga-Hunga-Ha’apai volcano erupted on January 15 sending a tsunami racing across the world and letting off a sonic boom that circled the Earth twice.
    • Along with that, the underwater volcano eruption also sent up a massive plume of water vapor into the Earth’s stratosphere.
    • Enough water to fill 58,000 Olympic-sized swimming pools has been sent into the stratosphere, meaning that it could temporarily warm up the planet’s surface.
    • An atmospheric scientist from NASA’s Jet Propulsion Laboratory in Southern California led a new study that examines the amount of water vapor that the volcano ejected into the stratosphere (the atmospheric layer between 12 and 53 kilometers) above Earth’s surface.
    • The study published in Geophysical Research Letters estimates that the eruption sent around 146 teragrams (trillion grams) of water vapor into the stratosphere, which is an amount equal to about 10 percent of the water already present there.
    • The team analyzed the data from the Microwave Limb Sounder (MLS) instrument on NASA’s Aura satellite to measure atmospheric gases including water vapor and ozone.

2nd August


India


  • Tamil Nadu: Chennai’s long wait for its second airport is set to end as Parandur near Sriperumbudur has been chosen as the site to construct the greenfield facility.
    • To a question raised by Rajya Sabha MP from Tamil Nadu Dr. Kanimozhi NVN Somu, Union Minister of State for Civil Aviation VK Singh said Monday that after comparing the viability and feasibility, including the presence of habitations and industrial establishments and the land acquisitions cost of both sides, the state government had shortlisted Parandur as the location for the development of the greenfield airport.
    • He added that as per the provisions of the Greenfield Airport Policy (2008), the state government is now required to submit a proposal to the Ministry of Civil Aviation (MoCA) for a grant of ‘site clearance’.
    • The proposed second airport is approximately 57 kilometers away from the existing one at Meenambakkam.
  • New Form 6B: People willing to link their Aadhaar numbers with the electoral roll can do so from Monday by filling a new Form 6B, an official said.
    • The Election Commission has introduced the new form with an aim to weed out duplicate entries in the electoral roll.
    • However, furnishing of Aadhaar number is purely voluntary.
    • 1st April 2023, is the date on or before which every person whose name is included in the electoral roll may intimate his Aadhaar number in accordance with Section 23 of the Representation of the People Act, 1950.
    • Furnishing of Aadhaar numbers is purely voluntary.
    • Last year the Union Ministry of Law and Justice amended laws for this purpose.
    • Further, the ministry has notified 1st August 2022, as the date on which the Election Laws (Amendment) Act, 2021 shall come into force.
  • Fiscal Deficit: The government is committed to lowering its fiscal deficit to less than 4.5 percent of the gross domestic product by the financial year 2025-26, minister of state for finance Pankaj Chaudhary said on 1st August 2022.
    • The Centre’s fiscal deficit ballooned and revenue took a hit in the wake of the coronavirus pandemic.
    • The Centre is set to borrow a record Rs 14.95 lakh crore on a gross basis from the market through bonds in this financial year.
    • It has targeted a fiscal deficit of 6.4 percent.
    • The fiscal deficit was 6.7 percent of the GDP in FY22, 20 basis points lower than the revised target of 6.9 percent.
    • One basis point is one-hundredth of a percentage point.
    • The fiscal deficit stood at Rs 3.52 lakh crore in April-June, accounting for 21.2 percent of the full-year target, data released on July 29 by the Controller General of Accounts showed.
    • The widening of the fiscal deficit in June a deficit of Rs 1.48 lakh crore is partially due to a cut in the excise duty on petrol and diesel in late May.
  • Income Tax Return: A record 72.42 lakh income tax returns were filed on the last day of such filing on 31st July taking the cumulative returns to 5.83 crores, near to the same levels as last year.
    • Initially income tax return (ITR) filing was slow, but the pace picked up as the deadline neared.
    • “The surge of filing ITRs peaked on 31st July 2022 (due date for salaried taxpayers and other non-tax audit cases) with over 72.42 lakh ITRs being filed on a single day,” an official statement said.
    • The total ITRs filed till 31st July 2022, for assessment years 22-23 is about 5.83 crore, it said.
    • Last fiscal (2020-21), about 5.89 crores ITRs (Income Tax Returns) were filed by the extended due date of 31st December 2021.
    • Over the last two financial years, the government had extended the deadline for filing ITRs to ease compliance for taxpayers battling the Covid pandemic. This year the deadline was not extended even by a day.
    • The initial pace of e-filing was relatively much slower with the first 1 crore ITRs for AY 22-23 being filed only by July 7. The pace picked up marginally, with about 2.48 crore ITRs being filed by July 22.
    • Out of 5.83 crores ITRs filed for AY 2022-23, 50 percent of these are ITR-1 (2.93 crores), 11.5 percent are ITR-2 (67 lakh), 10.9 percent are ITR-3 (63.35 lakh) and 26 percent are ITR-4 (1.54 crore).
  • 5G Auction: The fifth generation (5G) telecom services are likely to be launched in India by October this year as the government on Monday successfully completed the spectrum auction mopping up over ₹ 1.50 lakh crore in bids by four companies including Reliance Jio, Bharti Airtel, Vodafone Idea and Adani Data Networks.
    • Addressing a media briefing after the end of the bidding for the 5G spectrum, Union Minister of Communications, Electronics, and Information Technology Ashwini Vaishnaw said out of the total 72,098 MHz of spectrum on offer, 51,236 MHz or around 71 percent has been sold in the auction.
    • A total of 40 rounds of bidding were conducted in the past seven days.
    • The total value of the bid stands at ₹ 1,50,173 crore.
    • Reliance Jio Infocomm Limited has made bids worth ₹ 88,078 crores accounting for 58.65 percent of the total value of ₹ 1,50,173 crore received by the government in the 5G spectrum auction.
    • Jio has made bids to acquire 24,740 MHz spectrum in 700 MHz, 800 MHz, 1800 MHz, 3300 MHz, and 26 GHz.
    • Bharti Airtel has made bids worth ₹ 43,084 crores to acquire 19867.8 MHz spectrum in 900 MHz, 1800 MHz, 2100MHz, 3300 MHz, and 26 GHz frequency bands.
    • Vodafone Idea Limited has made bids worth ₹ 18,799 crores to acquire 6,228 MHz spectrum in 1800 MHz, 2100 MHz, 2500 MHz, 3300 MHz, and 26 GHz.
    • Four firms are in the fray for the 5G auction. Adani Data Networks Limited has made bids worth ₹ 212 crores to acquire 400 MHz spectrum in the 26 GHz frequency band.

World


  • California: California Governor Gavin Newsom on Monday declared a state of emergency to combat rising monkeypox cases in the state.
    • California is the third US state after New York and Illinois to issue a statewide emergency over the disease.
    • Governor Newsom said a declaration of a statewide emergency will help coordinate a better response to monkeypox, raise awareness and secure more vaccines.
    • Last week, San Francisco became the first major US city to declare a local emergency over the monkeypox outbreak.
  • Maldives-India: Prime Minister Narendra Modi Tuesday stated that India will extend an additional $100 million line of credit to the Maldives.
    • Following bilateral talks between PM Modi and President of Maldives Ibrahim Mohamed Solih, India and Maldives signed six pacts to facilitate cooperation in capacity building, cyber security, housing, disaster management, and infrastructure.
    • Solih also reiterated his country’s “firm commitment to deal with the threat of terrorism.”
    • Solih’s visit to India comes amid his widening political rift with Mohammed Nasheed, former President of the island nation and the current parliament speaker.
    • Both Solih and Nasheed are senior leaders of the Maldivian Democratic Party.

1st August


India


  • Commonwealth Games 2022: With three gold, two silver, and one bronze, India (six medals) now moved to sixth in the medal tally.
    • Australia continued to lead the table with 54 medals (22 Gold, 14 Silver, and 18 Bronze).
    • England is second with 35 medals (12 Gold, 16 Silver, and 7 Bronze).
    • New Zealand is third with 19 medals (10 Gold, 5 Silver, and 4 Bronze).
    • Achinta Sheuli is the third Gold Medal holder from India with the games record combined lift of 313 kg
    • India lifters have so far won six medals (three gold, two silver, and one bronze)
  • FPI: After nine consecutive months of relentless selling, foreign investors have turned into net buyers and invested nearly Rs 5,000 crore in Indian equities in July on softening dollar index and good corporate earnings.
    • This is in sharp contrast to a net withdrawal of Rs 50,145 crore from the stock market seen in June.
    • This was the highest net outflow since March 2020, when foreign portfolio investors (FPIs) had pulled out Rs 61,973 crore from equities, data with depositories showed.
    • From now on, Hitesh Jain, Lead Analyst – Institutional Equities, Yes Securities, believes that FPI flows to remain positive during August as the worst for the rupee seems to be over, and oil seems to be confined in a range.
    • FPIs turned net buyers for the first time in July after nine straight months of massive net outflows, which started in October last year. Between October 2021 till June 2022, they sold a mammoth Rs 2.46 lakh crore in the Indian equity markets.
  • DGCA: Amidst the rising technical snag incidents faced by domestic carriers in recent weeks, aviation watchdog authority DGCA’s chief Arun Kumar has said that the aviation sector is ‘absolutely safe’ and there is no need to panic.
    • He further added that all the protocols laid down by the International Civil Aviation Organisation (ICAO) are being followed.
    • “All the snags experienced are routine and happen with all airlines and fleet types. In the last 16 days, even for the foreign operators who come to India, we have seen 15 technical snags, which have been attended to and rectified,” DGCA’s chief Kumar told PTI in an interview.
    • Kumar also said that the technical snags faced by domestic carriers in recent weeks did not have the potential to cause havoc and that even foreign airlines that came to India reported 15 technical snags in the last 16 days.
    • On July 28, Civil Aviation Minister Jyotiraditya Scindia told the Lok Sabha that a total of 478 technical snags were reported in the last year from July 1, 2021, to June 30, 2022.
  • IIT-Madras: In view of “high demand from the students,” the Indian Institute of Technology Madras (IIT Madras) today announced their BSc in Programming and Data Science will have an option for a four-year BS Degree in Data Science and Applications.
    • As part of the BS level, students can do an 8-month apprenticeship or a project with companies or research institutes.
    • This programme, as per IIT-Madras, is designed to offer students multiple entry and exit options where the learner can earn a certificate, diploma, or degree.
    • This provides flexibility to learners and empowers them to choose what they want to accomplish through this programme.
    • Students who are currently in Class 12 can also apply and secure admission to the programme.
    • Those who get admissions will start the programme after successfully completing their Class 12.
    • Students from any stream can enroll and there is no age limit.
    • Anyone who has studied English and Mathematics in Class 10 is eligible to apply.
    • As the classes are conducted online, there is also no geographic limit.
  • GST Collection: India collected Rs 1.49 lakh crore in Goods and Services Tax (GST) in July, posting an increase of 28 percent from the same month last year, the finance ministry said on August 1.
    • Compared to the money collected in June, the July GST mop-up was 3 percent higher.
    • “For five months in a row now, the monthly GST revenues have been more than Rs 1.4 lakh core, showing a steady increase every month,” the finance ministry said in a statement.
    • Of the total GST collections, Central GST was Rs 25,751 crore, while State GST was Rs 32,807 crore. Integrated GST was Rs 79,518 crore and cess was Rs 10,920 crore.
    • The government settled Rs 32,365 crore to Central GST and Rs 26,774 crore to State GST from Integrated GST.
    • The total revenue of the Centre and the States in July was Rs 58,116 crore and Rs 59,581 crore, respectively.
    • At Rs 1.49 lakh crore, the July GST mop-up is the new second-highest amount collected in a month, pipping the June number by 3 percent.
    • The highest-ever GST collected in a month is Rs 1.68 lakh crore and was achieved earlier this year in April.

World


  • NASA: The first helicopter that NASA sent to Mars worked so well that it is sending two more.
    • The helicopters are similar to Ingenuity, the “Marscopter” that accompanied NASA’s Perseverance rover to Mars.
    • But they’ll have the added ability to be able to grab and transport small tubes filled with bits of Martian rock.
    • That is part of a major rejiggering of NASA’s next great mission to Mars, a collaboration with the European Space Agency to bring Martian rocks back to Earth for close examination by scientists using state-of-the-art laboratory equipment that cannot fit into a spacecraft.
    • The Perseverance rover has been drilling rock samples during its exploration of a crater named Jezero.
    • Its focus is on a dried-up river delta along the crater rim, a prime location where signs of ancient life might be preserved if any organisms ever lived there.
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