Daily Current Affairs- 30 September

Author : Palak Khanna

Updated On : September 30, 2022

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Today's Current Affairs-30th September 2022

INTERNATIONAL

US Economy Drops at 0.6% Annual Rate from April through June

  • Battered by surging consumer prices and rising interest rates, the US economy shrank at a 0.6% annual rate from April through June, the government announced, unchanged from its previous second-quarter estimate. It marked the second consecutive quarter of economic contraction, one informal rule of thumb for a recession.
  • Most economists, citing a strong and resilient American job market, believe the world’s biggest economy is not yet in a downturn. But they worry that it might be headed for one as the Federal Reserve ratchets up interest rates to combat inflation. Consumer spending grew at a 2% annual rate, but that gain was offset by a drop in business inventories and housing investment.
  • The US economy has been sending out mixed signals this year.A recession is a significant, widespread, and prolonged downturn in economic activity. A popular rule of thumb is that two consecutive quarters of decline in gross domestic product (GDP) constitute a recession.

About United States (US):

Capital: Washington, D.C.

President: Joe Biden

Currency: United States Dollar

Gross domestic product: 20.94 lakh crores USD (2020) World Bank

 NATIONAL

Adani Green commissions world's largest wind-solar plant

  • Renewable energy major, Adani Green Energy Limited (AGEL) commissioned the world’s largest wind-solar hybrid power plant with a 600 MW capacity in Jaisalmer, Rajasthan.
  • The hybrid plant comprises a 600 MW solar and 150 MW wind plant. The plant has a 25-year power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI) at Rs 2.69/ unit.
  • This 600 MW Hybrid plant is housed in two AGEL subsidiaries namely Adani Hybrid Energy Jaisalmer Two Ltd (AHEJ2L) and Adani Hybrid Energy Jaisalmer Three Ltd (AHEJ3L).
  • The co-located hybrid power plant will not only reduce intermittency of RE power but shall also help the Nation in optimal utilisation of the transmission network. Earlier this year in May, AGEL had operationalised India’s first hybrid power plant with a capacity of 390 MW at Jaisalmer in Rajasthan.
  • “With the successful commissioning of this 600 MW plant, AGEL now has a total operational generation capacity of 6.7 GW, including operational hybrid power generation capacity of 1 GW, the largest in the world,” the company said in its stock exchange filing on Thursday. This puts AGEL’s total renewable portfolio at 20.4 GW.

About Adani Group:

Founded: 1988

Headquarters: Ahmedabad

Founder: Gautam Adani

About Rajasthan:

Governor: Kalraj Mishra

Capital: Jaipur (Executive Branch)

Chief Minister: Ashok Gehlot

Sweden's Saab To Set Up Facility In India To Make M4 Rocket Launcher For Indian Army And Export

  • Swedish defence firm Saab announced its plan to set up a manufacturing facility in India for the Carl-Gustaf M4 shoulder-fired weapon system under the NDA government’s ‘Make in India’ initiative to bolster indigenous defence manufacturing, a company official said. Production at the new facility is expected to begin in 2024, even though the firm is yet to reveal the location.
  • A new company, Saab FFV India, will make the latest rocket launchers in India for the Indian armed forces, along with components for users of the weapon system around the world, the company said. The facility will be the firm’s first manufacturing facility for the Carl-Gustaf M4 weapon system outside Sweden. Saab is currently in talks with the army to take the proposal forward. The Carl-Gustaf weapon system has been in service with the Indian Army since 1976, and its earlier M2 and M3 variants have been licence-produced in India.
  • The company is looking at the 100% foreign direct investment (FDI) route to set up the new venture, but will pursue the 74% FDI option with an Indian partner if the former doesn’t work out.

About Sweden:

Capital: Stockholm

Currency: Swedish krona

Prime Minister: Magdalena Andersson

About Indian Army:

Founded: 1 April 1895, India

Headquarters: New Delhi

Notable commanders: Field Marshal K. M. Cariappa, OBE; Field Marshal Sam Manekshaw, MC; General K. S. Thimayya, DSO

 IMPORTANT DAYS

International Translation Day 2022: Theme, Significance and History

  • International Translation Day is being celebrated every year on 30 September to raise awareness about translation and languages which play an important role for society’s development. The day is meant as an opportunity to pay tribute to the work of language professionals, which plays an important role in bringing nations together, facilitating dialogue, understanding and cooperation, contributing to the development and strengthening world peace and security.
  • The United Nations in a statement mentioned, “International Translation Day is meant as an opportunity to pay tribute to the work of language professionals, which plays an important role in bringing nations together, facilitating dialogue, understanding and cooperation, contributing to the development and strengthening world peace and security.”
  • The theme for this year’s International Translation Day is ‘A world without barriers’.

About United Nations (UN):

Founded: 24 October 1945, San Francisco, California, United States

Headquarters: New York, United States

Secretary General: António Guterres

 World Maritime Day 2022: last Thursday of September

  • The International Maritime Organization observed World Maritime Day on the last Thursday of September. This year, it will be observed on September 29. The day focuses on drawing public attention to maritime safety and the marine environment. The World Maritime Day 2022 Parallel Event will be organized in Durban, South Africa from 12th to 14th October 2022.
  • The theme for World Maritime Day 2022 is ‘New technologies for greener shipping’ – which reflects the need to support a “green transition of the maritime sector into a sustainable future while leaving no one behind.” The theme for this year reflects the need to support a green transition of the maritime sector into a sustainable future while leaving no one behind. It provides an opportunity to focus on the importance of a sustainable maritime sector and the need to build back better and greener in a post-pandemic world.

About International Maritime Organization:

Headquarters: London, United Kingdom

Founded: 17 March 1958

Founder: United Nations

Secretary-General: Kitack Lim

 AWARDS & RECOGNITION

Kumar Sanu, Shailendra Singh, Anand-Milind to get Lata Mangeshkar Award

  • Noted playback singers Kumar Sanu and Shailendra Singh and music-composer duo Anand-Milind were conferred with the National Lata Mangeshkar Award for different years. They will be presented the prestigious award (on September 28), the birth anniversary of the late legendary singer, at her birthplace Indore. State Culture Minister Usha Thakur conferred Shailendra Singh, Anand-Milind, and Kumar Sanu with the award for the years 2019, 2020 and 2021 respectively.
  • Singh, who carved a special place in the hearts of music lovers with his distinctive voice in the 1970-1980 decades, will be awarded the Lata Mangeshkar Award for 2019, while Anand-Milind, who composed music for over 200 films, will be honoured with the award Honors for 2020. The award for 2021 will be given to Sanu, who gave his velvety voice to several popular songs in the 1990s.
  • Officials informed the award is given for promoting excellence in the area of light music annually by the Madhya Pradesh government’s culture department. It carries a cash prize of Rs two lakh and a citation. Earlier recipients included Naushad, Kishore Kumar and Asha Bhosle.

About Madhya Pradesh:

Capital: Bhopal (Executive Branch)

Chief Minister: Shivraj Singh Chouhan

Governor: Mangubhai C. Patel

 RANKING

India climbs six notches to 40th position in Global Innovation Index 2022

  • India has climbed to the 40th rank in the Global Innovation Index of the World Intellectual Property Organization. This is a huge leap of 41 places in 7 years. India has leapfrogged to 40th position on the Global Innovation Index (GII) 2022 from the 81st spot in 2015. India’s innovation performance is above average for the upper-middle-income group in almost every innovation pillar, with the exception of infrastructure, where it scores below average. Within Central and Southern Asia, India continues to lead in the 40th position, moving further up the rankings, from its 46th position in 2021.
  • “India continues to lead the world in ICT (information and communication) services exports and holds top rankings in other indicators, including venture capital receipt value, finance for start-ups and scale-ups, graduates in science and engineering, labour productivity growth and domestic industry diversification.

About World Intellectual Property Organization:

Headquarters: Geneva, Switzerland

Founded: 14 July 1967

Head: Daren Tang; Director General

Parent organization: United Nations

Akash Ambani only Indian in Time magazine's 100 emerging leaders' list

  • Akash Ambani, son of Reliance Industries chairman Mukesh Ambani and head of India’s largest telecom firm Jio, has been named in the Time100 Next — the magazine’s list of world’s rising stars. He is the only Indian on the list.
  • “The scion of Indian industrialist royalty, Akash Ambani was always expected to rise in business. But he has been putting in hard work,” Time said about him.
  • Born on 23 October, 1991, Akash Ambani is the eldest son of Mukesh Ambani and Nita Ambani. He did his schooling at the Dhirubhai Ambani International School and then graduated from Brown University with a major in economics.
  • Akash Ambani, 30, was promoted in June to the chairman of Jio, India’s largest telecom company, with over 426 million subscribers, after being handed a board seat at just 22. “He’s since played a key role landing multibillion-dollar investments from Google and Facebook,” TIME said. The list highlights 100 emerging leaders who are shaping the future of business, entertainment, sports, politics, health, science and activism, Time said.

About Time magazine:

First issue date: 3 March 1923

Circulation: 3,400,000 (2007)

Based in: New York City

Publisher: Time Inc., WarnerMedia, Meredith Corporation

About Reliance Industries:

Founded: 8 May 1973, Maharashtra

Headquarters: Mumbai

Founder: Dhirubhai Ambani

 BANKING AND ECONOMY

RBI keeps inflation projection for FY23 unchanged at 6.7% on upside risks to food prices

  • The Reserve Bank of India (RBI) has projected 7% real GDP growth for the Financial year 2023 (FY23). Inflation in India is predicted to remain 6.7%. As a result, RBI raised its policy rate by 50 basis points (bps) in response to growing concerns about increasing inflation, global headwinds, and a drop in the value of the rupee to historic lows.
  • The Monetary Policy Committee (MPC) opted to lower its real GDP prediction for FY23 to 7.0% at its meeting in September; growth is projected for Q2FY23 to be 6.3%, Q3 to be 4.6%, and Q4 to be 4.6%, with risks largely balanced. 7.2% growth has been corrected for Q1FY24.
  • The government has given the central bank the responsibility of ensuring that the consumer price index (CPI) stays at 4% with a margin of 2% on either side, but since January, retail inflation has stubbornly remained over the RBI’s comfort level.
  • The MPC’s decision to raise the policy rate is an effort to reduce the high inflationary pressures that the public is experiencing as a result of rising food (especially cereal) prices due to supply disruptions brought on by Russia’s invasion of Ukraine, which has caused a trade imbalance.

About Reserve Bank of India (RBI):

Governor: Shaktikanta Das 

Ownership: Ministry of Finance, Government of India

Founded: 1 April 1935, Kolkata

Founder: British Raj

About Monetary Policy Committee:

Founded: 27 June 2016

Committee executive: Shaktikanta Das, IAS, Governor of the Reserve Bank of India and ex-officio chairperson

RBI hikes repo rate by 50 bps to 5.9%; pegs GDP growth at 7% for FY23

  • The decision of RBI Governor Shaktikanta Das headed the six-member Monetary Policy Committee (MPC) has been announced. The Reserve Bank of India (RBI) has hiked the repo rate by 50 basis points to 5.90%, the fourth straight increase in the current cycle, to tame the sustained above-target retail inflation rate. RBI had slashed the repo rate in March 2020 with an aim to cushion the impact of covid-induced lockdown and maintained the status quo in the benchmark interest rate for almost two years before increasing it on May 4, 2022.
  • Reserve Bank of India leaves inflation projection for FY23 unchanged at 6.7% on upside risks to food prices.
  • The RBI has lowered the real gross domestic product (GDP) growth forecast for FY23 to 7% from 7.2%. Q2FY23 growth is seen at 6.3%, Q3 at 4.6% and Q4 at 4.6% with risks broadly balanced. Growth for Q1FY24 has been revised to 7.2%.

The various rates are as under-

  1. Policy Repo Rate: 5.90%
  2. Standing Deposit Facility (SDF): 5.65%
  3. Marginal Standing Facility Rate: 6.15%
  4. Bank Rate: 6.15%
  5. Fixed Reverse Repo Rate: 3.35%
  6. CRR: 4.50%
  7. SLR: 18.00%

About Reserve Bank of India (RBI):

Governor: Shaktikanta Das 

Ownership: Ministry of Finance, Government of India

Founded: 1 April 1935, Kolkata

Founder: British Raj

About Monetary Policy Committee:

Founded: 27 June 2016

Committee executive: Shaktikanta Das, IAS, Governor of the Reserve Bank of India and ex-officio chairperson

 

Daily Current Affairs- 30 September

Author : Palak Khanna

September 30, 2022

SHARE

Today's Current Affairs-30th September 2022

INTERNATIONAL

US Economy Drops at 0.6% Annual Rate from April through June

  • Battered by surging consumer prices and rising interest rates, the US economy shrank at a 0.6% annual rate from April through June, the government announced, unchanged from its previous second-quarter estimate. It marked the second consecutive quarter of economic contraction, one informal rule of thumb for a recession.
  • Most economists, citing a strong and resilient American job market, believe the world’s biggest economy is not yet in a downturn. But they worry that it might be headed for one as the Federal Reserve ratchets up interest rates to combat inflation. Consumer spending grew at a 2% annual rate, but that gain was offset by a drop in business inventories and housing investment.
  • The US economy has been sending out mixed signals this year.A recession is a significant, widespread, and prolonged downturn in economic activity. A popular rule of thumb is that two consecutive quarters of decline in gross domestic product (GDP) constitute a recession.

About United States (US):

Capital: Washington, D.C.

President: Joe Biden

Currency: United States Dollar

Gross domestic product: 20.94 lakh crores USD (2020) World Bank

 NATIONAL

Adani Green commissions world's largest wind-solar plant

  • Renewable energy major, Adani Green Energy Limited (AGEL) commissioned the world’s largest wind-solar hybrid power plant with a 600 MW capacity in Jaisalmer, Rajasthan.
  • The hybrid plant comprises a 600 MW solar and 150 MW wind plant. The plant has a 25-year power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI) at Rs 2.69/ unit.
  • This 600 MW Hybrid plant is housed in two AGEL subsidiaries namely Adani Hybrid Energy Jaisalmer Two Ltd (AHEJ2L) and Adani Hybrid Energy Jaisalmer Three Ltd (AHEJ3L).
  • The co-located hybrid power plant will not only reduce intermittency of RE power but shall also help the Nation in optimal utilisation of the transmission network. Earlier this year in May, AGEL had operationalised India’s first hybrid power plant with a capacity of 390 MW at Jaisalmer in Rajasthan.
  • “With the successful commissioning of this 600 MW plant, AGEL now has a total operational generation capacity of 6.7 GW, including operational hybrid power generation capacity of 1 GW, the largest in the world,” the company said in its stock exchange filing on Thursday. This puts AGEL’s total renewable portfolio at 20.4 GW.

About Adani Group:

Founded: 1988

Headquarters: Ahmedabad

Founder: Gautam Adani

About Rajasthan:

Governor: Kalraj Mishra

Capital: Jaipur (Executive Branch)

Chief Minister: Ashok Gehlot

Sweden's Saab To Set Up Facility In India To Make M4 Rocket Launcher For Indian Army And Export

  • Swedish defence firm Saab announced its plan to set up a manufacturing facility in India for the Carl-Gustaf M4 shoulder-fired weapon system under the NDA government’s ‘Make in India’ initiative to bolster indigenous defence manufacturing, a company official said. Production at the new facility is expected to begin in 2024, even though the firm is yet to reveal the location.
  • A new company, Saab FFV India, will make the latest rocket launchers in India for the Indian armed forces, along with components for users of the weapon system around the world, the company said. The facility will be the firm’s first manufacturing facility for the Carl-Gustaf M4 weapon system outside Sweden. Saab is currently in talks with the army to take the proposal forward. The Carl-Gustaf weapon system has been in service with the Indian Army since 1976, and its earlier M2 and M3 variants have been licence-produced in India.
  • The company is looking at the 100% foreign direct investment (FDI) route to set up the new venture, but will pursue the 74% FDI option with an Indian partner if the former doesn’t work out.

About Sweden:

Capital: Stockholm

Currency: Swedish krona

Prime Minister: Magdalena Andersson

About Indian Army:

Founded: 1 April 1895, India

Headquarters: New Delhi

Notable commanders: Field Marshal K. M. Cariappa, OBE; Field Marshal Sam Manekshaw, MC; General K. S. Thimayya, DSO

 IMPORTANT DAYS

International Translation Day 2022: Theme, Significance and History

  • International Translation Day is being celebrated every year on 30 September to raise awareness about translation and languages which play an important role for society’s development. The day is meant as an opportunity to pay tribute to the work of language professionals, which plays an important role in bringing nations together, facilitating dialogue, understanding and cooperation, contributing to the development and strengthening world peace and security.
  • The United Nations in a statement mentioned, “International Translation Day is meant as an opportunity to pay tribute to the work of language professionals, which plays an important role in bringing nations together, facilitating dialogue, understanding and cooperation, contributing to the development and strengthening world peace and security.”
  • The theme for this year’s International Translation Day is ‘A world without barriers’.

About United Nations (UN):

Founded: 24 October 1945, San Francisco, California, United States

Headquarters: New York, United States

Secretary General: António Guterres

 World Maritime Day 2022: last Thursday of September

  • The International Maritime Organization observed World Maritime Day on the last Thursday of September. This year, it will be observed on September 29. The day focuses on drawing public attention to maritime safety and the marine environment. The World Maritime Day 2022 Parallel Event will be organized in Durban, South Africa from 12th to 14th October 2022.
  • The theme for World Maritime Day 2022 is ‘New technologies for greener shipping’ – which reflects the need to support a “green transition of the maritime sector into a sustainable future while leaving no one behind.” The theme for this year reflects the need to support a green transition of the maritime sector into a sustainable future while leaving no one behind. It provides an opportunity to focus on the importance of a sustainable maritime sector and the need to build back better and greener in a post-pandemic world.

About International Maritime Organization:

Headquarters: London, United Kingdom

Founded: 17 March 1958

Founder: United Nations

Secretary-General: Kitack Lim

 AWARDS & RECOGNITION

Kumar Sanu, Shailendra Singh, Anand-Milind to get Lata Mangeshkar Award

  • Noted playback singers Kumar Sanu and Shailendra Singh and music-composer duo Anand-Milind were conferred with the National Lata Mangeshkar Award for different years. They will be presented the prestigious award (on September 28), the birth anniversary of the late legendary singer, at her birthplace Indore. State Culture Minister Usha Thakur conferred Shailendra Singh, Anand-Milind, and Kumar Sanu with the award for the years 2019, 2020 and 2021 respectively.
  • Singh, who carved a special place in the hearts of music lovers with his distinctive voice in the 1970-1980 decades, will be awarded the Lata Mangeshkar Award for 2019, while Anand-Milind, who composed music for over 200 films, will be honoured with the award Honors for 2020. The award for 2021 will be given to Sanu, who gave his velvety voice to several popular songs in the 1990s.
  • Officials informed the award is given for promoting excellence in the area of light music annually by the Madhya Pradesh government’s culture department. It carries a cash prize of Rs two lakh and a citation. Earlier recipients included Naushad, Kishore Kumar and Asha Bhosle.

About Madhya Pradesh:

Capital: Bhopal (Executive Branch)

Chief Minister: Shivraj Singh Chouhan

Governor: Mangubhai C. Patel

 RANKING

India climbs six notches to 40th position in Global Innovation Index 2022

  • India has climbed to the 40th rank in the Global Innovation Index of the World Intellectual Property Organization. This is a huge leap of 41 places in 7 years. India has leapfrogged to 40th position on the Global Innovation Index (GII) 2022 from the 81st spot in 2015. India’s innovation performance is above average for the upper-middle-income group in almost every innovation pillar, with the exception of infrastructure, where it scores below average. Within Central and Southern Asia, India continues to lead in the 40th position, moving further up the rankings, from its 46th position in 2021.
  • “India continues to lead the world in ICT (information and communication) services exports and holds top rankings in other indicators, including venture capital receipt value, finance for start-ups and scale-ups, graduates in science and engineering, labour productivity growth and domestic industry diversification.

About World Intellectual Property Organization:

Headquarters: Geneva, Switzerland

Founded: 14 July 1967

Head: Daren Tang; Director General

Parent organization: United Nations

Akash Ambani only Indian in Time magazine's 100 emerging leaders' list

  • Akash Ambani, son of Reliance Industries chairman Mukesh Ambani and head of India’s largest telecom firm Jio, has been named in the Time100 Next — the magazine’s list of world’s rising stars. He is the only Indian on the list.
  • “The scion of Indian industrialist royalty, Akash Ambani was always expected to rise in business. But he has been putting in hard work,” Time said about him.
  • Born on 23 October, 1991, Akash Ambani is the eldest son of Mukesh Ambani and Nita Ambani. He did his schooling at the Dhirubhai Ambani International School and then graduated from Brown University with a major in economics.
  • Akash Ambani, 30, was promoted in June to the chairman of Jio, India’s largest telecom company, with over 426 million subscribers, after being handed a board seat at just 22. “He’s since played a key role landing multibillion-dollar investments from Google and Facebook,” TIME said. The list highlights 100 emerging leaders who are shaping the future of business, entertainment, sports, politics, health, science and activism, Time said.

About Time magazine:

First issue date: 3 March 1923

Circulation: 3,400,000 (2007)

Based in: New York City

Publisher: Time Inc., WarnerMedia, Meredith Corporation

About Reliance Industries:

Founded: 8 May 1973, Maharashtra

Headquarters: Mumbai

Founder: Dhirubhai Ambani

 BANKING AND ECONOMY

RBI keeps inflation projection for FY23 unchanged at 6.7% on upside risks to food prices

  • The Reserve Bank of India (RBI) has projected 7% real GDP growth for the Financial year 2023 (FY23). Inflation in India is predicted to remain 6.7%. As a result, RBI raised its policy rate by 50 basis points (bps) in response to growing concerns about increasing inflation, global headwinds, and a drop in the value of the rupee to historic lows.
  • The Monetary Policy Committee (MPC) opted to lower its real GDP prediction for FY23 to 7.0% at its meeting in September; growth is projected for Q2FY23 to be 6.3%, Q3 to be 4.6%, and Q4 to be 4.6%, with risks largely balanced. 7.2% growth has been corrected for Q1FY24.
  • The government has given the central bank the responsibility of ensuring that the consumer price index (CPI) stays at 4% with a margin of 2% on either side, but since January, retail inflation has stubbornly remained over the RBI’s comfort level.
  • The MPC’s decision to raise the policy rate is an effort to reduce the high inflationary pressures that the public is experiencing as a result of rising food (especially cereal) prices due to supply disruptions brought on by Russia’s invasion of Ukraine, which has caused a trade imbalance.

About Reserve Bank of India (RBI):

Governor: Shaktikanta Das 

Ownership: Ministry of Finance, Government of India

Founded: 1 April 1935, Kolkata

Founder: British Raj

About Monetary Policy Committee:

Founded: 27 June 2016

Committee executive: Shaktikanta Das, IAS, Governor of the Reserve Bank of India and ex-officio chairperson

RBI hikes repo rate by 50 bps to 5.9%; pegs GDP growth at 7% for FY23

  • The decision of RBI Governor Shaktikanta Das headed the six-member Monetary Policy Committee (MPC) has been announced. The Reserve Bank of India (RBI) has hiked the repo rate by 50 basis points to 5.90%, the fourth straight increase in the current cycle, to tame the sustained above-target retail inflation rate. RBI had slashed the repo rate in March 2020 with an aim to cushion the impact of covid-induced lockdown and maintained the status quo in the benchmark interest rate for almost two years before increasing it on May 4, 2022.
  • Reserve Bank of India leaves inflation projection for FY23 unchanged at 6.7% on upside risks to food prices.
  • The RBI has lowered the real gross domestic product (GDP) growth forecast for FY23 to 7% from 7.2%. Q2FY23 growth is seen at 6.3%, Q3 at 4.6% and Q4 at 4.6% with risks broadly balanced. Growth for Q1FY24 has been revised to 7.2%.

The various rates are as under-

  1. Policy Repo Rate: 5.90%
  2. Standing Deposit Facility (SDF): 5.65%
  3. Marginal Standing Facility Rate: 6.15%
  4. Bank Rate: 6.15%
  5. Fixed Reverse Repo Rate: 3.35%
  6. CRR: 4.50%
  7. SLR: 18.00%

About Reserve Bank of India (RBI):

Governor: Shaktikanta Das 

Ownership: Ministry of Finance, Government of India

Founded: 1 April 1935, Kolkata

Founder: British Raj

About Monetary Policy Committee:

Founded: 27 June 2016

Committee executive: Shaktikanta Das, IAS, Governor of the Reserve Bank of India and ex-officio chairperson

 

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