Current Affairs October 16th & 17th 2022| Current Affairs News

Dear Readers, Daily Current Affairs News Updates about the National and International events were listed here. Read Current Affairs Today here and stay updated with current news. Candidates those who are preparing for IBPS/SBI/PO/Clerk exam and all other competitive exams can use this and try the Current Affairs Quiz to test your knowledge level.

CURRENT AFFAIRS: IMPORTANT DAYS

World Food Day: October 16

• World Food Day 2022 is observed annually on the 16th of October 2022.
• World Food Day 2022 theme is, “Leave No One Behind”
• The Food and Agriculture Organization (FAO), a specialized body of the United Nations, created World Food Day in 1945.
• However, it would take another 34 years until the 20th FAO conference in November 1979, when it was declared a global holiday.
• Following this, 150 nations continued to commemorate the day once it was given official UN recognition.
• Since 2014, the day’s popularity has been exploited to advance the causes of world hunger relief and eradicate poverty in developing countries.

World Anaesthesia Day: October 16

• World Anaesthesia Day 2022 is observed on the 16th of October 2022.
• Anaesthesia, which is generated for therapeutic reasons, is a controlled, brief loss of feeling or awareness.
• World Anaesthesia Day 2022 theme is, “Anaesthesia and children: Caring for your kids”
• World Anaesthesia Day is observed on October 16 in remembrance of W.T.G. Morton, who made the first successful official demonstration of ether as an anesthetic on this date 173 years ago.
• This event ushered in the practice of anesthesiology.
• Since 1903, unique occasions have been planned to commemorate this momentous day.
• Given in an operating room at Massachusetts General Hospital, it is regarded as one of the pivotal moments in medical history.

International Day for the Eradication of Poverty: October 17

• International Day for the Eradication of Poverty 2022 is observed on the 17th of October 2022.
• The International Day for the Eradication of Poverty 2022 is an opportunity to recognize the challenges and efforts of those who are poor, give them a voice, and highlight that they are the ones who fight against poverty first.
• International Day for the Eradication of Poverty 2022 theme, “Dignity for All in Practice”
• The first commemoration of this day took place in 1987 at the Trocadéro in Paris, where more than 100,000 people gathered to remember those who had died from extreme poverty, violence, and hunger at the unveiling of a memorial stone by a French priest and humanitarian activist named Joseph Wresinski.
• Such people declared that poverty is a violation of human rights and that we must work together to guarantee that these rights are upheld.
• The general assembly established October 17 as the International Day for the Eradication of Poverty on December 22, 1992, four years after Wresinski passed away in 1988.
• The eradication of poverty and misery was the subject of an invitation to all nations to submit and promote initiatives.

CURRENT AFFAIRS: NATIONAL NEWS

The Union Cabinet has approved the development of a container terminal at Gujarat’s Deendayal Port:

• The Union Cabinet approved a project to develop a container terminal at Tuna-Tekra, Deendayal Port in Gujarat under the public-private partnership mode.
• The estimated cost of ₹4,243.64 crore will be on the part of the concessionaire and an estimated cost of common user facilities of ₹20 crore will be on the part of the concessioning authority toward the development of common user facilities.
• On commissioning of the Project, it shall cater to the future growth in container cargo traffic.
• From 2025, a net gap of 1.88 million TEUs shall be available which can be catered by tune Tekra Development of a state-of-the-art container terminal at Tuna-Tekra will give it a strategic advantage as it will be the closed container terminal serving the vast hinterland of the northern part of India (Jammu and Kashmir, Uttar Pradesh, Madhya Pradesh, and Rajasthan).
• Deendayal Port is one of the 12 major ports in India and is located on the west coast in the Gulf of Kutch in Gujarat.
• The project is proposed to be developed on a BOT (Built Operate Transfer) basis by a private developer/ BOT operator to be selected through an international competitive bidding process.

The central government scrapped the privatization of the SAIL Bhadravathi steel plant

• The Central government scrapped the privatization of the Steel Authority of India’s (SAIL) Bhadravathi steel plant.
• This is due to insufficient bidder interest.
• The government had invited an Expression of Interest (EoI) for divesting SAIL’s 100 percent stake in Visvesvaraya Iron and Steel Plant (VISP), Bhadravathi in Karnataka in July 2019.
• The Centre’s 65 percent stake in primary steelmaker SAIL is worth about ₹29,600 crores at the current market prices.
• This is the second instance when the government withdrew the strategic stake sale offer due to insufficient bidder interest.
• Last month, DIPAM terminated the sale of its 100 percent stake in Central Electronics Limited (CEL) and disqualified the successful bidder Nandlal Finance and Leasing Private Ltd for not meeting the eligibility criteria.
• Steel Authority of India Limited (SAIL) is a central public sector undertaking based in New Delhi, India. Founded – 19 January 1954.

PM flagged off the country’s fourth Vande Bharat express train from Una to New Delhi:

• PM Shri Narendra Modi flagged off the country’s fourth Vande Bharat express train.
• This express train was launched from Himachal Pradesh’s Una.
• The new Vande Bharat Express will run from Amb Andaura to New Delhi.
• This train is an advanced version compared to the earlier ones, being much lighter and capable of reaching higher speeds in a shorter duration.
• It accelerates to 100 km per hour in just 52 seconds.
• The Integral Coach Factory has set a target of manufacturing 75 Vande Bharat trains by August 2023.
• It also has a photocatalytic ultraviolet air purification system in the roof-mounted package unit (RMPU) for air purification.
• Vande Bharat Express is a new-age train redefining passenger traveling in India.
• PM will also launch the Pradhan Mantri Gram Sadak Yojana-III in the state.
• He will also address two public meetings in Una and Chamba.
• The Pradhan Mantri Gram Sadak Yojana-III in Himachal Pradesh would augment the road network across the state.

The government has set a target of electricity transmission for renewable energy capacity of about 233 GW by 2030:

• The government is mulling electricity transmission for renewable energy capacity of about 233 GW, the latest by 2030, across the country.
• Planning of a transmission system for integration of an additional 52 GW potential REZ (renewable energy zone) by 2026-27 has been carried out transmission schemes for another 181.5 GW by 2030 have been planned and the same would be taken up for implementation in a progressive manner.
• All five regional grids in India are to be synchronized into the national grid by December 2013.
• The remote Leh region was connected to the national grid in January 2019 through the 220 kv Srinagar-Leh Transmission system.
• At present, the installed capacity of the national grid is 404 GW and the peak demand met is 216 GW.

PM inaugurated Phase 1 of Modi Shaikshanik Sankul in Ahmedabad:

• The Prime Minister, Shri Narendra Modi inaugurated Phase 1 of Modi Shaikshanik Sankul, an educational complex for needy students in Ahmedabad, Gujarat.
• The project will help provide facilities to students for holistic development.
• He highlighted that Labour has tremendous power and a large section of our ‘samaj’ belongs to the hard-working class.
• The foundation stone was also laid for one Agro Food Park, Sea Food Park, and MSME Park by the Prime Minister.
• He also dedicated 800 TPD Caustic Soda Plant at Dahej.
• Prime Minister Shri Narendra Modi dedicated and laid the foundation stone of developmental works worth more than Rs. 8200 crores including the stone laying of the State’s first bulk drug park at Amod in Bharuch District.
• The sole aim behind establishing such a mega Bulk Drug Park is to make the country self-reliant in drug manufacturing so that the nation can combat if any such situation arises again in the future.

CURRENT AFFAIRS: INTERNATIONAL NEWS

UNDP partners with Arya.ag & FWWB India to improve incomes of 10,000 households

• The United Nations Development Programme (UNDP) has partnered with the integrated grain commerce platform Arya. ag and Friends of Women’s World Banking India (FWWB India) for agri-value chain intervention, enterprise promotion, and skilling in the agriculture sector.
• The UNEP is implementing Project Excel in the Jamnagar and Dwaraka Devbhumi districts of Gujarat to improve the incomes of 10,000 farmer households through enterprise promotion, agri-value chain interventions,  skilling, employment, and social protection.

Aim :

• To create a group of community resource persons for mentoring and supporting entrepreneurs and promoting individual and group enterprises by December 2023.

About Project Excel :

Objective :

• To develop the potential of the rural and semi-urban communities and provide them with the opportunities to enhance their livelihoods in sectors like agriculture, dairy, poultry, handloom, goat rearing, handicraft,
• It will also help build their managerial capabilities and provide stronger market linkages.

Key Highlights :

• The blueprint of Project Excel includes building a team of sourcing managers to implement value chain interventions and establish market and credit linkages through collectivization.
• ag will build on farmers’ collectives to effectively manage the post-harvest process and develop the agriculture value chain of the producer group.
• This partnership is to create a conducive business environment with end-to-end solutions consisting of training and technical support, capital and market linkages, and skill enhancement support, empowering women and ensuring a sustainable income at the individual and collective level.

About FWWB India :

• Founded: 1982
• Headquarters: Ahmedabad, Gujarat, India
• FWWB India is an Indian APEX organization that assists microfinance and microenterprise organizations.

About UNEP :

• Establishment: 22 November 1965
• Headquarters: New York, United States
• Administrator : Achim Steiner
• The UNEP is a United Nations agency tasked with helping countries eliminate poverty and achieve sustainable economic growth and human development

CURRENT AFFAIRS: STATE NEWS

Odisha CM Launches SAACAR Portal for quick justice to SC/ST victims of atrocities

• Odisha Chief Minister Shri Naveen Patnaik launched a web portal ‘Single Window Application Atrocity Compensation Assistance and Relief’ (SAACAR ) for end-to-end processing of atrocity cases registered in various police stations.
• The departments of Home, ST & SC Development, and Revenue & Disaster Management have developed the portal.

About SAACAR :

• The portal will facilitate faster investigation and payment of compensation in the first phase to the victims of SC-ST atrocity cases within 21 days.
• It will be able to avoid the delay caused by the existing manual system of inquiry and payment of compensation to the victims.
• It will increase efficiency in the delivery mechanism of the Government of Odisha through the 5T initiative.
• Meanwhile, the CM also released a book titled ‘Pandemic Disruptions and Odisha’s Lessons in Governance’, written by BJD MP Amar Patnaik.
• The book contains a collection of essays on issues that emerged in India during the pandemic years of 2020-21 and 2021-2022.

About Odisha :

• Governor: Ganeshi La
• Chief minister: Naveen Patnaik
• Capital: Bhubaneswar
• National Park: Simlipal National Park, Bhitarkanika National Park
• Wildlife Sanctuaries: Tikarpada Wildlife Sanctuary, Chilika Wildlife Sanctuary, Sunabeda Wildlife Sanctuary, Kotagarh Wildlife Sanctuary
• Dance : Ghumara, Ranapa Dance, Jodi Sankha
• Festival : Rath Yatra

Andhra Pradesh top performer in agri and allied Grass Value Output (GVO)

• Andhra Pradesh (AP), with ₹2,03,638.5 crore combined gross value output (GVO) in the agriculture, forestry, and fishing sectors, has registered more than 90% growth in 9 years to 2019-20, the highest among all the states, while Kerala is the only state to have recorded negative growth of over 10%.
• According to the report on the value of output from agriculture, forestry, and fishing sectors released recently by the National Statistical Office (NSO) under the Ministry of Statistics and Programme Implementation, Uttar Pradesh, a leading producer of paddy, wheat, and sugarcane, the GVO in agri and allied activities recorded at ₹3,05,615.24 crore in 2019-20, up 24.8% from ₹2,44,884.44 crore in 2011-12
• The GVO was higher than the growth at the national level in as many as 10 States, including Tripura and Mizoram, and two union territories Lakshadweep and Daman and Diu.
• The all-India GVO in agri and allied sectors was 30.6% up at ₹24,92,052.67 crore in 2019-20 against ₹19,08,087.53 crore in 2011-12.
• Kerala, Delhi, and Dadra & Nagar Haveli were the only ones where the output value declined in the past nine years under the review period.
• The GVO in Kerala, declined almost every year from ₹55,584.37 crores in 2011-12 to ₹49,785.83 crores in  2019-20.
• Madhya Pradesh was the top State in recording the highest 56.7% growth at ₹1,31,781.42 crore in only crops (agri and commercial) in 2019-20 against ₹84,077.42 crores in 2011-12.

India’s only business museum set to undergo a makeover will soon go digital

• The Indian Business Museum, housed inside the Indian Institute of Management Kozhikode (IIMK) campus and the only one of its kind, will soon offer visitors a slice of history digitally.
• The museum intends to collect, consolidate, and conserve the rich business history of India.

About Indian Business Museum :

• Conceptualized in 2010 and officially opened in 2013, the museum traces the subcontinent’s business history from the time of the Indus Valley Civilisation.
• The museum, spanning over 23,000 square feet (2,100 m²), also has a Malabar Pavilion sponsored by the Malabar Chamber of Commerce
• The museum also has exclusive pavilions set up by the Tatas, Godrej, India Post, the Indian Navy, and SBI, among others, showcasing the business history of the respective organizations.
• A major part of the museum is the RBI gallery, which mirrors the evolution of both the Reserve Bank of India as well as the modern financial system.
• The makeover is expected to cost Rs 15-20 crore.

Note :

• Director of IIMK: Debashis Chatterjee

Centre approves New Coastal Zone Management Plan in Karnataka

• Prime Minister Shri Narendra Modi laid the foundation for 8 projects worth Rs 3,800 crore at Goldfinch city and approved the New Coastal Zone Management Plan (CZMP) for
• This Plan would give a boost to the economy and tourism in the coastal region of  Karnataka.

Key Highlights :

• As per the 2019 CRZ notification, the new Coastal Zone Management Plan has been approved by the Ministry of Forest, Environment, and Climate Change. 
• Karnataka is the first State in southern India and only the second state in the country to get the Plan prepared and approved as per the new CRZ notification.

Project worth :

• ₹280 crores for mechanization of Berth No. 14 for handling containers and other cargo undertaken by the New Mangalore Port Authority (NMPA).
• NMPA is a 100% solar-powered port, which has won several awards for zero emission.
• He laid the foundation of 5 projects worth around ₹ 1,000 crores undertaken by the port.
• He will also inaugurate two projects undertaken by Mangalore Refinery and Petrochemicals Limited BS VI Upgradation Project and Sea Water Desalination Plant, worth ₹1,830 crores and ₹680 crores respectively.

Other Highlights :

• Under the Sagar Mala project, 18 projects have been completed and 14 schemes worth Rs 950 crore are approved by the Union Ministry of Inland Transport and Ports.
• The Government has approved the development of Maajali Port in Karwar at Rs 350 crore.
• Under the Pradhan Mantri Matsya Sampada scheme, the Central Government has approved to supply of 100 high-speed boats to help deep sea fishing.
• The government has implemented the Vidyanidhi scheme for the children of fishermen and it will benefit 2 lakh children. 
• 5000 houses are constructed at Rs 65 crore. 
• The Inland and Fishery Institute will be established in Karwar.

About Karnataka :

• Governor: Thawar Chand Gehlot
• Chief minister: Basavaraj Bommai
• Capital: Bengaluru
• National Park : Bandipur NP, Kudremukh NP, Bannerghata NPRajiv Gandhi NP
• Wildlife Sanctuaries: B R Hills Wildlife Sanctuary, Cauvery Wildlife Sanctuary, Gudavi Bird Sanctuary, Bhadra Wildlife Sanctuary
• Tiger Reserve: Nagarahole Tiger Reserve, Bhadra Tiger Reserve
• Festival: Hampi, Mahamastakabhisheka (Shravanabelagola)
• Dance : Yakshagana, Dollu Kunitha, Bolak-aat (Bolak Dance)

CURRENT AFFAIRS: BANKING & FINANCE

World Bank extends unconditional loan of $250 million for the SALT project in AP

• The World Bank (WB) has extended an unconditional loan of $250 million to Support Andhra’s Learning Transformation (SALT) project in appreciation of the path-breaking reforms implemented by the Andhra Pradesh (AP) government.

About SALT Project :

• The SALT is the first project in the school education sector to be funded by the World Bank without any precondition.
• The facilities in schools were vastly improved under the Nadu-Nedu program to provide an atmosphere that was conducive to teaching and learning.
• Approximately ₹53,000 crores had been spent on school education in the last 3 years and a major chunk of it (₹22,617 crores) had gone to Amma Vodi and the first phase of the Nadu-Nedu scheme. 
• In the academic year 2022-2023, more than 40,31,239 children were studying in government schools.

About World Bank :

• Established: December 1944
• Headquarters: Washington, D.C., United States
• President : David Malpass
• The World Bank is an international financial institution that provides loans and grants to the governments of low- and middle-income countries.

Reserve Bank of India issues consolidated guidelines on unhedged foreign currency exposure

• The Reserve Bank of India (RBI) issued modified and consolidated guidelines to the banks on Unhedged Foreign Currency Exposure (UFCE) Directions in 2022.
• These directions will apply to all commercial banks (excluding Payments Banks & Regional Rural Banks).
• These instructions shall come into force from January 1, 2023.
• Entities that do not hedge their foreign currency exposure can incur significant losses during a period of heightened volatility in foreign exchange rates.
• These losses may reduce their capacity to service the loans taken from the banking system and increase their probability of default thereby affecting the health of the banking system.

About RBI :

• Established: 1 April 1935
• Headquarters: Mumbai, Maharashtra, India
• Governor : Shaktikanta Das
• Deputy governors: Mahesh Kumar Jain, Rajeshwar Rao, Michael Patra, and T. Rabi Shankar

Universal Sompo General Insurance adopts a village in Maharashtra 

• Universal Sompo General Insurance Company Ltd adopts Tung village, in the Maval sub-district of Maharashtra. Universal Sompo committed to pledging INR 50 Lakh in developmental activities in the village.
• This was followed by sharing details of the project with the village chief and the entire community and simultaneously introducing the physician who would supervise healthcare-related activities. 

Aim:

• To educate the women in the village on digital literacy and farm animal (veterinary) treatment. 

About the Project :

• To boost enterprise, women from the village will be trained to utilize digital platforms like Google Pay, and YouTube, along with various social media platforms for developing businesses.
• The project also helps to equip 60% of the households in the village with solar lights, helping 200 families with reduced electricity bills.
• Additionally, the project aims to increase the groundwater level in the village, with artificial recharges to conserve water.

About Universal Sompo General Insurance Co. Ltd :

• Founded: 2007
• Headquarters: Mumbai, Maharashtra
• MD & CEO: Mr. Sharad Mathur

Universal Sompo is a Joint venture of Indian Bank, Indian Overseas Bank, Karnataka Bank, Dabur Investments, and Sompo Japan Insurance Inc.

CURRENT AFFAIRS: RANKING AND INDEX

Mercer CFA Institute Global Pension Index: Iceland topped the list

• Mercer and the CFA Institute released its 14th annual Mercer CFA Institute Global Pension Index (MCGPI) which comprises a list of 44 countries with the best and worst pension systems in the world.
• India ranked 41st and has the forth-lowest retirement income system in the world, according to the report.
• It comprises an earnings-related employee pension scheme, a DC employee provident fund (EPFO), and supplementary employer-managed pension schemes, which are largely DC in nature.
• According to the report, Iceland’s retirement income system has once again topped the list, followed by the Netherlands and Denmark respectively while Thailand has been ranked lowest.
• The US ranked 20th of the 44 countries surveyed, while newcomer Portugal came in at 24 and mainland China was ranked 36. Mexico, in 29^th place, was singled out for improving its score significantly due to pension reforms.
• Thailand was ranked lowest, coming in just below the Philippines, Argentina, and India.
• As fertility rates decline and people live longer, the United Nations predicts the portion of the world’s population aged 65 or over will rise from 9.7% this year to 16.4% in 2050.
• Singapore’s retirement system retains its top spot in Asia, ranking 9th out of 44 retirement systems reviewed in the 14th annual Mercer CFA Institute Global Pension Index (MCGPI).
• Hong Kong SAR and Malaysia round out the top three in the region, while ranking 19th and 23rd, respectively, against their global peers.
• The 2022 MCGPI, which features Portugal as a new addition, measures each retirement system through three sub-indices: sustainability, adequacy, and integrity.
• This year, the Global Pension Index compares 44 retirement income systems across the globe and covers 65 percent of the world’s population.
• The 2022 Global Pension index includes one new retirement income system – Portugal.
• The Global Pension Index is a collaborative research project sponsored by CFA Institute, the global association of investment professionals, in collaboration with the Monash Centre for Financial Studies (MCFS), part of Monash Business School at Monash University, and Mercer.

CURRENT AFFAIRS: MOUS AND AGREEMENT

IRFC has signed an MoU with IIFCL to strengthen cooperation in financing railway infrastructure projects:

• Indian Railway Finance Corporation (IRFC) has signed a Memorandum of Understanding (MoU) with India Infrastructure Finance Company (IIFCL) to strengthen cooperation in financing railway infrastructure projects.
• The MoU was signed to strengthen cooperation in financing railway infrastructure projects with forward and backward linkages to the Indian Railways sector.
• Through this MoU, IRFC, and IIFCL plan to amplify each other’s capabilities, enabling them to jointly leverage the financing opportunities for viable infrastructure projects.
• India Infrastructure Finance Company (IIFCL) was set up in 2006, as a wholly-owned Government of India enterprise to cater to the long-term financing needs of the infrastructure sector in India.
• Since its inception, IIFCL has been actively involved in the promotion, development, and financing of the infrastructure sector in India.

About IRFC:

• IRFC is a dedicated financing arm of the Indian Railways for mobilizing funds from domestic as well as overseas markets.
• The Government of India held an 86.36% stake in the company as on 30 June 2021.
• Amitabh Banerjee, CMD of IRFC.

CURRENT AFFAIRS: APPOINTMENTS & RESIGNATIONS

Infosys president Mr. Ravi Kumar S resigns

• IT services major Infosys has announced that its president Mr. Ravi Kumar S has resigned from his post.

About Mr. Ravi Kumar S :

• Ravi Kumar S started his career as a nuclear scientist at the Bhabha Atomic Research Center.
• He joined Infosys in 2002 and was appointed as its president in 2016.
• In 2017, he was named the Deputy Chief Operating Officer (COO).
• According to the 2021-22 annual report of Infosys, Mr. Kumar was the third highest-paid senior executive of the company after CEO Mr. Salil Parekh and former COO UB Pravin Rao.

About Infosys Limited :

• Founded: 2 July 1981
• Headquarters: Bangalore, Karnataka, India
• MD & CEO : Salil Parekh
• Infosys is the second-largest Indian IT company after Tata Consultancy Services by 2020 revenue figures.

Iraqi parliament elects Mr. Abdul Latif Rashid as the new president

• The Iraqi parliament elected Kurdish former minister Mr. Abdul Latif Rashid as the new president of Iraq.
• He became 9th president of Iraq, following the 2022 Iraqi presidential election.
• Rashid received 162 votes in the second round of voting, defeating Mr. Barham Salih who gained 99 votes, while 8 votes were considered invalid.
• According to the Iraqi constitution, the President-elect needs to gather at least two-thirds of the votes of the 329 parliament members.

About Mr. Abdul Latif Rashid :

• Rashid was born in 1944 in Sulaymaniyah, Kingdom of Iraq.
• He worked as Minister for Water Resources from September 2003 to December 2010
• He is an active member of the Patriotic Union of Kurdistan (PUK) under the leadership of Jalal Talabani, who became President of Iraq in 2005.

About Iraq :

• Prime Minister : Mustafa Al-Kadhimi
• Capital: Baghdad
• Currency: Iraqi dinar

CURRENT AFFAIRS: DEFENCE NEWS

INS Tarkash reaches South Africa for maritime exercise IBSAMAR

• INS Tarkash reached Port Gqeberha (also known as Port Elizabeth), South Africa to participate in the 7th edition of IBSAMAR, a joint multinational maritime exercise among Indian, Brazilian, and South African Navies.
• The Indian Navy is represented by the Teg class guided missile frigate, INS Tarkash, a Chetak helicopter, and the personnel from the Marine Commando Force (MARCOS).

About the Exercise :

• The Exercise will strengthen maritime security, joint operational training, sharing of best practices, and building interoperability to address common maritime threats.
• The harbor phase of IBSAMAR VII includes professional exchanges such as damage control and fire-fighting drills alongside VBSS/cross-boarding lectures and interaction among special forces.
• In Aug 2022, INS Tarkash participated in a Maritime Partnership Exercise with the Brazilian Navy which included operations such as cross-deck landing, replenishment at sea (RAS) approaches, and other tactical maneuvers.
• The warship also hoisted the Indian Tricolour on August 15, 2022, at Rio De Janeiro, as part of Azadi Ka Amrit Mahotsav celebrations.
• The 6th edition of IBSAMAR (IBSAMAR VI) was conducted off Simons Town, South Africa from October 1-13 in 2018 in which INS Tarkash, INS Kolkata, BNS Barroso, SAS Amatola, SAS Protea, and SAS Manthatisi

Prime Minister Shri Narendra Modi commissions India’s first indigenous aircraft carrier INS Vikrant in Kochi

• Prime Minister Shri Narendra Modi commissioned India’s first indigenous aircraft carrier Indian Naval Ship (INS) Vikrant at Cochin Shipyard Limited (CSL) in Kochi, Kerala.
• Also, during the event, the PM unveiled the new Naval Ensign (Nishaan), doing away with the colonial past and befitting the rich Indian maritime heritage.
• He dedicated the new ensign to Chhatrapati Shivaji.

About INS Vikrant :

• INS Vikrant is designed by the Indian Navy’s in-house Warship Design Bureau (WDB) and built by Cochin Shipyard Limited, a Public Sector Shipyard under the Ministry of Ports, Shipping & Waterways.
• Vikrant has been built with state-of-the-art automation features and is the largest ship ever built in the maritime history of India.

Key Features :

• The 262.5 m long and 61.6 m wide Vikrant displaces approx 43,000 T, having a maximum designed speed of 28 Knots with an endurance of 7,500 Nautical Miles.
• The ship has around 2,200 compartments, designed for a crew of around 1,600 including women officers and sailors.
• The ship is capable of operating an air wing consisting of 30 aircraft comprising MiG-29K fighter jets, Kamov-31, MH-60R multi-role helicopters, in addition to indigenously manufactured Advanced Light Helicopters (ALH) and Light Combat Aircraft (LCA) (Navy).
• Using a novel aircraft-operation mode known as Short Take-Off But Arrested Recovery (STOBAR), INS Vikrant is equipped with a ski jump for launching aircraft, and a set of ‘arrester wires’ for their recovery onboard.
• With 76% indigenous content, the construction of INS Vikrant has resulted in direct employment generation for over 2,000 employees of CSL.
• It has resulted in indirect employment generation for approx 12,500 employees for over 550 OEMs, sub-contractors, ancillary industries, and over 100 Micro Small Medium Enterprises (MSMEs).

About New Ensign of Navy :

• The White Ensign identified nationwide with the Navy, now comprises two main constituents – the National Flag in the upper left canton, and a Navy Blue – Gold octagon at the center of the fly side (away from the staff).
• The Octagon is with twin golden octagonal borders encompassing the golden National Emblem (Lion Capital of Ashoka – undescribed with ‘Satyamev Jayate’ in blue Devnagri script) resting atop an anchor; and superimposed on a shield.
• Below the shield, within the octagon, in a golden bordered ribbon, on a Navy Blue background, is inscribed the motto of the Indian Navy ‘Sam No Varunah’ in golden Devnagriscript.
• The design encompassed within the octagon has been taken from the Indian Naval crest, wherein the fouled anchor, which is also associated with a colonial legacy, has been replaced with a clear anchor underscoring the steadfastness of the Indian Navy.

About Ministry of Defence :

• Union Minister: Rajnath Singh
• Minister of State: Ajay Bhatt
• Defence Secretary: Dr. Ajay Kumar

Eastern Naval Command conducts offshore security exercise – Pradhan

• An offshore security exercise, ‘Prasthan’ was conducted in the Krishna Godavari Basin (KGB) Offshore Development Area (ODA) under the aegis of Headquarters, Eastern Naval Command.

Aim :

• To integrate the efforts of all maritime stakeholders involved in offshore defense.

About the Exercise :

• The exercise is conducted every six months and is an important element of ensuring offshore security.
• It was conducted onboard Drill rigs Platinum Explorer and DDKG- of ONGC and RIL located about 40 nm south of Kakinada.
• It saw participation from the various oil operators, like Oil and Natural Gas Corporation (ONGC), Reliance Industries Limited (RIL), Vedanta, & other stakeholders in the domain of maritime security including AP Marine Police, AP fisheries department, and the Coast Guard.
• The exercise resulted in refining standard operating procedures (SOPs) and response actions to several contingencies in the Offshore Defence Area off Kakinada.

CURRENT AFFAIRS: SCIENCE & TECHNOLOGY

ISRO developing new rocket NGLV to replace PSLV

• The Indian Space Research Organisation (ISRO) is developing a rocket named Next Generation Launch Vehicle (NGLV) to replace the Polar Satellite Launch Vehicle (PSLV).
• This was announced by ISRO chairman Shri S Somanath on the sidelines of the ‘Engineers Conclave 2022’ at the Liquid Propulsion Systems Centre (LPSC) at Valiyamala.
• Currently, India has two operational launchers, PSLV and Geosynchronous Satellite Launch Vehicle (GSLV).

About NGLV :

• NGLV will feature semi-cryogenic propulsion (refined kerosene as fuel with liquid oxygen (LOX) as oxidizer) which is both efficient and cost-effective.
• The new rocket could also be ‘reusable’ and will have a smaller payload than an expendable one.
• The payload will be around five tonnes and if it’s expendable, it will go up to 10 tonnes.

About PSLV :

• PSLV is an expendable medium-lift launch vehicle indigenously designed and operated by the Indian Space Research Organisation (ISRO).
• It was developed in the 1980s.
• It is the first Indian launch vehicle to be equipped with liquid stages.
• All the operations of PSLV are controlled from the Satish Dhawan Space Center, Sriharikota, east coast, India. 
• It has a four-stage system comprising a combination of solid and liquid-fuelled rocket stages.

1. The first stage at the very bottom is solid fuelled, having six strap-on solid rocket boosters wrapped around it. ∙
2. The second stage is liquid-fuelled
3. The third stage has a solid fuelled rocket
4. In the fourth stage, the launcher uses a liquid propellant to boost outer space.

• Notable payloads launched by PSLV include India’s first lunar probe Chandrayaan-1, India’s first interplanetary mission, Mars Orbiter Mission (Mangalyaan), and India’s first space observatory, Astrosat.
• Potential uses will be in the areas of launching communication satellites, deep space missions, future human spaceflight, and cargo missions.

Other Launch Vehicles Developed by ISRO :

• Satellite Launch Vehicle (SLV)
• Augmented Satellite Launch Vehicle (ASLV)
• SLV and ASLV both could carry small satellites, weighing up to 150 kg, to lower earth orbits
• Geosynchronous Satellite Launch Vehicle (GSLV)
• GSLV is a much more powerful rocket, to carry heavier satellites much deeper into space.
• Until now, GSLV rockets have carried out 18 missions, of which 4 failed.
• It can take 10,000 kg of satellites to lower the earth’s orbits.

About ISRO :

• Founded: 15 August 1969
• Headquarters: Bangalore, Karnataka, India
• Chairman: Sreedhara Panicker Somanath
• ISRO is the national space agency of India, operating under the Department of Space (DOS).

Daily CA on October 16 & 17

• World Food Day 2022 is observed annually on the 16th of October 2022.
• World Anaesthesia Day 2022 is observed on the 16th of October 2022.
• International Day for the Eradication of Poverty 2022 is observed on the 17th of October 2022.
• The Union Cabinet approved a project to develop a container terminal at Tuna-Tekra, Deendayal Port in Gujarat under the public-private partnership mode.
• The Central government scrapped the privatization of the Steel Authority of India’s (SAIL) Bhadravathi steel plant.
• PM Shri Narendra Modi flagged off the country’s fourth Vande Bharat express train.
• The government is mulling electricity transmission for renewable energy capacity of about 233 GW, the latest by 2030, across the country.
• The Prime Minister, Shri Narendra Modi inaugurated Phase 1 of Modi Shaikshanik Sankul, an educational complex for needy students in Ahmedabad, Gujarat.
• Mercer and the CFA Institute released its 14th annual Mercer CFA Institute Global Pension Index (MCGPI) which comprises a list of 44 countries with the best and worst pension systems in the world.
• Indian Railway Finance Corporation (IRFC) has signed a Memorandum of Understanding (MoU) with India Infrastructure Finance Company (IIFCL) to strengthen cooperation in financing railway infrastructure projects.
• The United Nations Development Programme (UNDP) has partnered with the integrated grain commerce platform Arya. ag and Friends of Women’s World Banking India (FWWB India) for agri-value chain intervention, enterprise promotion, and skilling in the agriculture sector.
• Odisha Chief Minister Shri Naveen Patnaik launched a web portal ‘Single Window Application Atrocity Compensation Assistance and Relief’ (SAACAR ) for end-to-end processing of atrocity cases registered in various police stations.
• Andhra Pradesh (AP), with ₹2,03,638.5 crore combined gross value output (GVO) in the agriculture, forestry, and fishing sectors, has registered more than 90% growth in 9 years to 2019-20, the highest among all the states, while Kerala is the only state to have recorded negative growth of over 10%.
• The Indian Business Museum, housed inside the Indian Institute of Management Kozhikode (IIMK) campus and the only one of its kind, will soon offer visitors a slice of history digitally.
• Prime Minister Shri Narendra Modi laid the foundation for 8 projects worth Rs 3,800 crore at Goldfinch city and approved the New Coastal Zone Management Plan (CZMP) for
• The World Bank (WB) has extended an unconditional loan of $250 million to Support Andhra’s Learning Transformation (SALT) project in appreciation of the path-breaking reforms implemented by the Andhra Pradesh (AP) government.
• The Reserve Bank of India (RBI) issued modified and consolidated guidelines to the banks on Unhedged Foreign Currency Exposure (UFCE) Directions in 2022.
• Universal Sompo General Insurance Company Ltd adopts Tung village, in the Maval sub-district of Maharashtra. Universal Sompo committed to pledging INR 50 Lakh in developmental activities in the village.
• IT services major Infosys has announced that its president Mr. Ravi Kumar S has resigned from his post.
• The Iraqi parliament elected Kurdish former minister Mr. Abdul Latif Rashid as the new president of Iraq.
• INS Tarkash reached Port Gqeberha (also known as Port Elizabeth), South Africa to participate in the 7th edition of IBSAMAR, a joint multinational maritime exercise among Indian, Brazilian, and South African Navies.
• Prime Minister Shri Narendra Modi commissioned India’s first indigenous aircraft carrier Indian Naval Ship (INS) Vikrant at Cochin Shipyard Limited (CSL) in Kochi, Kerala.
• An offshore security exercise, ‘Prasthan’ was conducted in the Krishna Godavari Basin (KGB) Offshore Development Area (ODA) under the aegis of Headquarters, Eastern Naval Command.
• The Indian Space Research Organisation (ISRO) is developing a rocket named Next Generation Launch Vehicle (NGLV) to replace the Polar Satellite Launch Vehicle (PSLV).