Today's Current Affairs - 6th November 2022

NATIONAL

Rising Sun Water Festival concludes in Meghalaya

• Rising Sun Water Fest 2022 culminated with a grand Closing Ceremony at Umiam Lake, Meghalaya. The Rising Sun Water Fest 2022 was a three-day watersport and it was held from 3th to 5th November 2022. Rising Sun Water Fest 2022 was the first of its kind in the North East and aimed at encouraging the sports-loving youth of North East to take up water sports like Rowing and Sailing. It also aimed at promoting tourism in the North East.
• Rising Sun Water Fest 2022 was an initiative by the Indian Army’s Eastern Command with the governments of Assam and Meghalaya.
• The three-day event was witnessed by a large number of viewers, locals as well visitors from other cities and states.
• The Rowing Trophy was won by the DGAR team, securing one gold and one silver medal.
• The Sailing Trophy was won by the Yachting Club of Hyderabad securing three gold, two silver, and one bronze medal.

Indian men's squash team win their first ever gold medal at Asian Team Championships

• The Indian men’s team, led by the seasoned Saurav Ghosal, clinched its first-ever gold at the Asian Squash Team Championships with a 2-0 win over Kuwait in the final. Star player Ghosal sealed the victory after Ramit Tandon had given India the lead with a fluent straight games win over Ali Aramezi (11-5, 11-7, 11-4). Ghosal then made short work of Ammar Altamimi 11-9, 11-2, 11-3 to give the team an unassailable lead. The third match between Abhay Singh and Falah Mohammad was not played as the tie had been decided following wins for Tandon and Ghosal.
• They topped Pool A with an all-win record, recording victories over Qatar, Pakistan, Kuwait, South Korea, and Chinese Taipei 3-0 before edging out Malaysia 2-1 in the semifinal. They defeated Kuwait in the final in straight sets in Cheongju, South Korea. It is the biggest win of Indian Men’s Team since they won 2014 Asian Games Gold. The Indian men’s team has won three silver medals in the Asian Team Squash Championships and seven bronze medals.
• It is the biggest win of Indian Men’s Team since they won 2014 Asian Games Gold. The Indian men’s team has won three silver medals in the Asian Team Squash Championships and seven bronze medals.
• Hong Kong upset favourites Malaysia to win the women’s Asian Team Championship title for the fourth time this millennium. Earlier, the Indian women’s team settled for the Bronze medal after losing to Malaysia 1-2 in the semifinals.

Haryana Forest Department and USAID launch initiative to increase tree coverage

• The Haryana Forest Department and US Agency for International Development (USAID) launched the “Trees Outside Forests in India (TOFI)” program in the state. The “Trees Outside Forests in India” program will enhance carbon sequestration, support local communities, and strengthen the climate resilience of agriculture. This initiative will bring farmers, companies, and other private institutions together to rapidly expand tree coverage outside of traditional forests in the state.
• The Trees Outside Forests in India (TOFI) program will take Haryana’s State Action Plan on Climate Change forward and will build on Haryana’s progress and harness agroforestry to bolster the resilience of farming systems.
• The program will leverage India’s private sector to promote and scale tree-based enterprises and the sale of carbon credits, helping to create jobs and boost incomes.

Army Commanders’ Conference starts 7 Nov to discuss security, administrative issues

• Army Commanders’ Conference begins in New Delhi from the 7th of November to brainstorm on current and emerging security and administrative aspects and chart the future course for the Indian Army.
• It is an apex-level biannual event(occurs once in a 6 months) which is an institutional platform for conceptual level deliberations and culminating in making important policy decisions for the Indian Army.
• The event which is attended by senior officers of the Indian Army is also a formal forum for the senior leadership of the Indian Army to interact with the senior officials of the Department of Military Affairs and Department of Defence. During the course of the conference, the apex leadership of Indian Army will brainstorm on current and emerging security and administrative aspects to chart the future course for the Indian Army.

 OBITURY

Independent India’s first voter, Shyam Saran Negi, passes away in Himachal Pradesh

• Three days after casting his vote for the 34th time, India’s oldest voter Shyam Saran Negi died on November 5, 2022 at his home in Kalpa in Himachal Pradesh. He was 106. Negi, who was the Election Commission’s brand ambassador, voted for the Himachal Pradesh Assembly election through postal ballot on November 2. It was the last vote for the man who was 31 when India gained Independence.
• The Election Commission has mourned the demise of the first voter of Independent India, Shyam Saran Negi. The Commission said, he was not just the first voter of Independent India, but a man with exceptional faith in democracy. He inspired millions to vote, even before his demise, he voted for the ensuing Himachal Pradesh Assembly Elections through postal ballot on the 2nd of this month, the Commission said.

 APPOINTMENS & RESIGNATIONS

K V Kamath becomes an independent director for Reliance Industries

• Reliance Industries has appointed K V Kamath as the Independent Director of the company for a period of five years. The Board of Directors has, at its meeting held, based on the recommendation of the human resources, nomination and remuneration committee considered and recommended to the shareholders for approval the appointment of Shri K. V. Kamath.
• KV Kamath has also been appointed as an Independent Director and non-executive Chairman for Reliance Strategic Investment Limited (RSIL). RSIL will be renamed as Jio Financial Services Limited (“JFSL”) and the scheme of demerger approved by the board of directors for demerger of the financial services business.
• Currently the Chairman of the National Bank for Financing Infrastructure and Development (NaBFID), Kamath has served as Chairman of Infosys. In 2015 he was appointed as the first President of the New Development Bank set up by the BRICS countries from where he retired in 2020. Under his leadership, ICICI Bank transformed itself into a diversified, technology-driven financial services group across banking, insurance and asset management in India, and a global presence. He retired as Managing Director and CEO in 2009 and continued as the Chairman of ICICI Bank till 2015.

 IMPORTANT DAYS

International Day for Preventing the Exploitation of the Environment in War and Armed Conflict 6 November

• On November 6th, the UN observes the International Day for Preventing the Exploitation of the Environment in War and Armed Conflict. The day seeks to make people aware of the consequences that war and conflict have on the environment. This day was established to protect the environment as a source of security and peace and to prevent its use in military conflicts. We are all encouraged to speak up and reaffirm our commitment to protecting our threatened planet, even in the face of armed aggression.
• The United Nations attaches great importance to ensuring that action on the environment is part of conflict prevention, peacekeeping and peacebuilding strategies because there can be no durable peace if the natural resources that sustain livelihoods and ecosystems are destroyed. The goal of the day is to raise awareness about the environmental consequences of war and conflict. War and armed conflict have a wide range of negative effects on the natural environment.

 RANKING

Eight warmest years on record witness upsurge in climate change impacts

• The global mean temperature in 2022 is estimated to be 1.15 degree Celsius above the pre-industrial (1850-1900) average, likely making the eight years from 2015 the warmest on record, the World Meteorological Organisation said in a report.
• The report titled ‘WMO Provisional State of the Global Climate 2022’ released at the 27th Conference of Parties to the UNFCCC stated that the rate of sea level rise has doubled since 1993 and has risen by nearly 10 mm since January 2020 to a new record high this year.
• The past two-and-a-half years account for 10 per cent of the overall rise in sea level since satellite measurements started nearly 30 years ago, the report stated. “The global mean temperature so far in 2022 has been 1.15 degree Celsius above the 1850-1900 average. If the current anomaly continues to the end of the year, the analysis would place 2022 as either the fifth or sixth warmest year on record (from 1850), and in each case marginally warmer than 2021. The eight years — 2015 to 2022 — are likely to be the eight warmest years on record,” the report read.
• Despite La Nina conditions keeping the global temperature low for the second consecutive year, this would make 2022 as either the fifth or sixth warmest year on record. The 10-year average for the period 2013-2022 is estimated to be 1.14 degrees Celsius above the pre-industrial baseline. This compares with 1.09 degrees Celsius from 2011 to 2020, as estimated by the Intergovernmental Panel on Climate Change (IPCC) Sixth Assessment report.

 BOOKS & AUTHOR

Giriraj Singh unveiled a booklet on "Agenda for Members of Panchayati Raj Institutions for Rural Development”

• Union Minister for Rural Development and Panchayati Raj, Giriraj Singh unveiled the booklet ‘Agenda for Members of Panchayati Raj Institutions for Rural Development’. The ‘Agenda for Members of Panchayati Raj Institutions for Rural Development” booklet will provide information about all the schemes such as MGNREGA, Deen Dayal Antyodaya Yojna- National Rural Livelihood Mission, PM Awas Yojna- Grameen, PM Gram Sadak Yojna, etc. will be available to the representative and the general public.
• The ‘Agenda for Members of Panchayati Raj Institutions for Rural Development’ book will be brought in regional languages soon.
• The Minister said that the booklet will be made available at each Gram Panchayat in the country.
• The book can form the basis for an informed discussion on the different schemes of the Ministry of Rural Development among members of the Gram Panchayats.

 BANKING AND ECONOMY

SBI records highest ever quarterly profit with 74% jump in Q2

• State Bank of India reported 74 per cent year-on-year increase in net profit at ₹13,265 crore for quarter ended September, buoyed by robust loan sales, higher interest income and lower provisions. This marks the highest ever quarterly net profit posted by the bank.
• The bank’s net interest income rose by 13 per cent to ₹35,183 crore, while its operating profit expanded to ₹21,120 crore, up 17 per cent year-on-year. Robust growth in advances at ₹30,35,071 crore, up 20 per cent year-on-year boosted the bank’s financials in the September quarter.
• The bank’s gross non-performing assets (NPA) at 4 per cent or ₹1,06,804 crore and net NPA at 0.8 per cent or ₹23,572 crore was at decadal best levels. Slippages or accounts which turned bad during the quarter at ₹2,399 crore almost halved from year-ago level, while credit cost eased to 0.28 per cent in Q2. Provisioning cost during the quarter was ₹2,011 crore, down 25 per cent year-on-year. An improvement in asset quality and robust loan growth took bank’s return on assets and return on equity to a 20-year best levels of 0.76 per cent and 16 per cent, respectively. The bank’s capital adequacy ratio stood at 14 per cent and its common tier-1 capital was 10 per cent in Q2.