Daily Current Affairs- 7 October

Author : Palak Khanna

Updated On : October 7, 2022

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Today's Current Affairs - 7th October 2022

INTERNATIONAL

Ibrahim Traore officially named Burkina Faso President after military coup

  • President of Burkina Faso: Following Burkina Faso ‘s second coup in less than nine months, Captain Ibrahim Traore was named president, according to an official announcement. At the weekend, newly-emerging competitor Captain Ibrahim Traore, who was heading a band of unhappy junior officers, overthrew Lieutenant-Colonel Paul-Henri Sandaogo Damiba, who had seized control in January, sending the poor Sahel nation into fresh upheaval.
  • It was the most recent coup to occur in the Sahel, a region that, like Burkina Faso, is grappling with an escalating Islamist insurgency.
  • Following the two-day standoff, which was resolved by community and religious leaders, Damiba escaped to Togo.
  • A seven-year-old jihadist campaign in Burkina Faso has resulted in thousands of deaths, over two million house evacuations, and the loss of government authority over more than a third of the nation.
  • Damiba’s January coup against the elected president was brought about by growing resentment among the military forces.

With record sugar production, India emerges as the world’s largest producer, consumer of sugar

  • India has emerged as the largest producer and consumer of sugar in the world and the second largest exporter. During the sugar season in India, over 5,000 lakh metric tons (LMT) of sugarcane was produced out of which about 3,574 LMT was crushed by Sugar Mills to produce about 349 LMT of Sugar. 35 LMT of Sugar is diverted to ethanol production and 359 LMT of sugar was produced in sugar mills.
  • During this season all records of sugarcane production, sugar production, sugar export, came to produce, cane dues paid and ethanol production were made.
  • In 2020-21, India made records with the highest exports of about 109.8 LMT with no financial assistance.
  • The sugar exports from India earned foreign currency of about Rs 40,000 crore for the country.
  • This achievement of the sugar industry was possible with the help of the Central and State Governments, Farmers, Sugar Mills, etc.

NATIONAL

First green tech based incubation centre of India to come up at NIT Srinagar

  • At the National Institute of Technology (NIT) Srinagar, a technology company incubator centred on green technology (Green Technology incubation facility) called the “Greenovator Incubation Foundation” will soon open. The Department of Science and Technology (DST) is supporting a three-year initiative known as Inclusive TBI (i-TBI) for educational institutions, idea generators, innovators, and entrepreneurs to support innovative ideas, startup initiatives, and promote self-employment and job creation through incubation.
  • All of the money required to establish the Green Technology incubation facility centre will be provided by the Department of Science and Technology. Startups will have access to the co-working space, which includes conference spaces, a prototype lab, and other amenities.
  • In addition to office space, financial support in the form of seed money would be provided on an individual basis with equity in accordance with DST criteria.
  • Saad Parvez, the center’s CEO, described the forthcoming centre as the first of its type in the area and claimed that it would foster ideas that would lead to entrepreneurship and self-employment.

ECLGS: Finance Ministry increases loan limit to Rs 1,500 cr for aviation sector

  • The Union Finance Minister allowed airlines to avail of up to Rs 1,500 crore loan under the Emergency Credit Line Guarantee Scheme (ECLGS). The ECLGS will help them to recover their cash flow problems. Earlier, an airline could only avail of a loan of not more than Rs 400 crore under the ECLGS. In 2020, the Centre started to provide collateral-dree and government-guaranteed loans to businesses affected by the Covid-19 pandemic.
  • The Finance Minister’s decision will likely benefit the financially affected airlines.It is a positive approach for the airlines to secure their working capital and funds for operation.
  • The Department of Financial Services has informed that it has enhanced the maximum loan amount eligibility for airlines under the ECLGS to 100 percent of their total credit outstanding. The modification in the policy aims to give necessary collateral-free liquidity at reasonable interest rates

SPORTS

Irani Cup: Rest of India thwarts Saurashtra comeback to win title by eight wickets

  • The Rest of India’s side won the Irani Cup title after beating the Ranji Trophy Champion of 2019-2020 Saurashtra by eight wickets in Rajkot. Rest of India (ROI) chased down the 105-run target, with Abhimanyu Easwaran remaining undefeated on 63 runs while adding 81 runs and Kona Bharat not out at 27.
  • Irani Trophy is also known as Mastercard Irani Trophy. It is a test match format cricket tournament in India. It is played annually between the incumbent Ranji Trophy winners and the Rest of the India Cricket Team. It is organized by the Board of Control for Cricket in India (BCCI).

 APPOINTMENS & RESIGNATIONS

Arunachal governor BD Mishra assumes additional charge as Meghalaya governor

  • At the Raj Bhavan in Shillong, Brigadier (Dr.) B.D. Mishra (Retd. ), the governor of Arunachal Pradesh, assumed the role of governor of Meghalaya. After previous Governor Satya Pal Malik’s term ended because he did not receive a term extension, he has been handed the extra responsibility. The oath was delivered by Justice Harman Singh Thangkhiew, acting chief justice of Meghalaya.
  • B. D. Mishra recalled that he had previously visited Shillong during the conflict of 1971, therefore this was not his first time there.
  • The swearing-in event included participation from Speaker Metbah Lyngdoh, Home Minister Lahkmen Rymbui, Cabinet Minister Banteidor Lyngdoh, Hamletson Dohling, and other authorities.

Indian-Origin Dr Vivek Murthy Is US Representative On WHO Executive Board

  • Indian-origin Dr. Vivek Murthy has been nominated by US President Joe Biden to serve as the country’s representative on the Executive Board of the World Health Organisation. Dr. Murthy will serve as the US Representative on WHO Executive Board and he will continue his duties as the US Surgeon General.
  • On March 2021, Dr. Vivek Murthy was confirmed to serve as the 21st Surgeon General of the Country.Previously, he served as the 19th Surgeon General under the Presidency of Barack Obama.
  • Murthy as the nation’s doctor aims to draw attention to and work across Government to address several critical public health issues. Dr. Murthy is also the Vice Admiral of the US Public Health Service Commissioned Corps; he also commands a uniformed service of over 6000 dedicated public health officers.

 BANKING AND ECONOMY

Reserve Bank issues directions for appointment of Internal Ombudsman for all Credit Information Companies

  • To enhance the effectiveness of its grievance redressal systems, the Reserve Bank of India (RBI) has urged Credit Information Companies to designate an internal ombudsman (IO) by April 1, 2023. The Central Bank made the decision in August to include CICs in the scope of the RBI-Integrated Ombudsman Scheme 2021 in order to broaden its appeal.
  • Only complaints that the CIC has already reviewed but rejected in whole or in part will be handled by the IO. Direct complaints from complainants or members of the public won’t be handled by it, the RBI said in a circular. The RBI claimed that the action would give clients of regulated businesses a free alternative dispute resolution method for complaints regarding CICs. “Every CIC shall appoint the internal ombudsman for a fixed term of not less than three years, but not exceeding five years” the circular said.
  • The IO position cannot at any moment be left unfilled, hence the CIC must make sure of that, the circular said. Furthermore, it stated that the IO will not be handling any complaints involving fraud and misappropriation, with the exception of those brought about by a CIC service failure.

RBI launches advanced supervisory monitoring system DAKSH

  • The Reserve Bank Governor Shaktikanta Das launched a new ‘SupTech’ initiative DAKSH – the bank’s Advanced Supervisory Monitoring System, which is expected to make the supervisory processes more robust.
  • In a statement, the Reserve Bank of India (RBI) said it has been taking various initiatives in strengthening supervision, which among other initiatives include adoption of latest data and analytical tools as well as leveraging technology for implementing more efficient and automated work processes.
  • DAKSH means ‘efficient’ & ‘competent’, reflecting the underlying capabilities of the application. DAKSH is a web-based end-to-end workflow application through which RBI shall monitor compliance requirements in a more focused manner with the objective of further improving the compliance culture in Supervised Entities (SEs) like Banks, NBFCs, etc.
  • The Reserve Bank of India performs this function under the guidance of the Board for Financial Supervision (BFS).The Board is constituted by co-opting four Directors from the Central Board as members for a term of two years and is chaired by the Governor.

India services sector loses momentum in September, growth falls to 6-month low

  • Growth in India’s services industry eased to a six-month low in September, led by a cooling in demand amid high inflation, a private survey showed. The S&P Global India services Purchasing Managers’ Index fell to 54.3 in September from August’s 57.2, lower than the Reuters poll expectation of 57.0.
  • However, the September reading stayed above the 50-mark separating growth from contraction for the fourteenth straight month – the longest stretch of expansion since October 2016.
  • Capacity pressures moderated in September, with services companies signalling the slowest increase in backlogs since February. Nevertheless, efforts to clear pending workloads and ongoing expansions in sales supported another round of job creation. Employment rose at a slower rate than in August, however,” the survey said.
  • Pollyanna De Lima, Economics Associate Director at S&P Global Market Intelligence, said: “The Indian service sector has overcome many adversities in recent months, with the latest PMI data continuing to show a strong performance despite some loss of growth momentum in September.”
  • But “an upturn in inflation could damage consumer spending, dampen business confidence and test the resilience of the Indian service sector in the coming months but, at least for September, service providers were strongly upbeat towards growth prospects,” she said. “Currency instability poses renewed inflation worries as imported items become more costly, and undoubtedly means that the RBI will continue hiking interest rates to protect the rupee and contain price pressures,” added De Lima.

Daily Current Affairs- 7 October

Author : Palak Khanna

October 7, 2022

SHARE

Today's Current Affairs - 7th October 2022

INTERNATIONAL

Ibrahim Traore officially named Burkina Faso President after military coup

  • President of Burkina Faso: Following Burkina Faso ‘s second coup in less than nine months, Captain Ibrahim Traore was named president, according to an official announcement. At the weekend, newly-emerging competitor Captain Ibrahim Traore, who was heading a band of unhappy junior officers, overthrew Lieutenant-Colonel Paul-Henri Sandaogo Damiba, who had seized control in January, sending the poor Sahel nation into fresh upheaval.
  • It was the most recent coup to occur in the Sahel, a region that, like Burkina Faso, is grappling with an escalating Islamist insurgency.
  • Following the two-day standoff, which was resolved by community and religious leaders, Damiba escaped to Togo.
  • A seven-year-old jihadist campaign in Burkina Faso has resulted in thousands of deaths, over two million house evacuations, and the loss of government authority over more than a third of the nation.
  • Damiba’s January coup against the elected president was brought about by growing resentment among the military forces.

With record sugar production, India emerges as the world’s largest producer, consumer of sugar

  • India has emerged as the largest producer and consumer of sugar in the world and the second largest exporter. During the sugar season in India, over 5,000 lakh metric tons (LMT) of sugarcane was produced out of which about 3,574 LMT was crushed by Sugar Mills to produce about 349 LMT of Sugar. 35 LMT of Sugar is diverted to ethanol production and 359 LMT of sugar was produced in sugar mills.
  • During this season all records of sugarcane production, sugar production, sugar export, came to produce, cane dues paid and ethanol production were made.
  • In 2020-21, India made records with the highest exports of about 109.8 LMT with no financial assistance.
  • The sugar exports from India earned foreign currency of about Rs 40,000 crore for the country.
  • This achievement of the sugar industry was possible with the help of the Central and State Governments, Farmers, Sugar Mills, etc.

NATIONAL

First green tech based incubation centre of India to come up at NIT Srinagar

  • At the National Institute of Technology (NIT) Srinagar, a technology company incubator centred on green technology (Green Technology incubation facility) called the “Greenovator Incubation Foundation” will soon open. The Department of Science and Technology (DST) is supporting a three-year initiative known as Inclusive TBI (i-TBI) for educational institutions, idea generators, innovators, and entrepreneurs to support innovative ideas, startup initiatives, and promote self-employment and job creation through incubation.
  • All of the money required to establish the Green Technology incubation facility centre will be provided by the Department of Science and Technology. Startups will have access to the co-working space, which includes conference spaces, a prototype lab, and other amenities.
  • In addition to office space, financial support in the form of seed money would be provided on an individual basis with equity in accordance with DST criteria.
  • Saad Parvez, the center’s CEO, described the forthcoming centre as the first of its type in the area and claimed that it would foster ideas that would lead to entrepreneurship and self-employment.

ECLGS: Finance Ministry increases loan limit to Rs 1,500 cr for aviation sector

  • The Union Finance Minister allowed airlines to avail of up to Rs 1,500 crore loan under the Emergency Credit Line Guarantee Scheme (ECLGS). The ECLGS will help them to recover their cash flow problems. Earlier, an airline could only avail of a loan of not more than Rs 400 crore under the ECLGS. In 2020, the Centre started to provide collateral-dree and government-guaranteed loans to businesses affected by the Covid-19 pandemic.
  • The Finance Minister’s decision will likely benefit the financially affected airlines.It is a positive approach for the airlines to secure their working capital and funds for operation.
  • The Department of Financial Services has informed that it has enhanced the maximum loan amount eligibility for airlines under the ECLGS to 100 percent of their total credit outstanding. The modification in the policy aims to give necessary collateral-free liquidity at reasonable interest rates

SPORTS

Irani Cup: Rest of India thwarts Saurashtra comeback to win title by eight wickets

  • The Rest of India’s side won the Irani Cup title after beating the Ranji Trophy Champion of 2019-2020 Saurashtra by eight wickets in Rajkot. Rest of India (ROI) chased down the 105-run target, with Abhimanyu Easwaran remaining undefeated on 63 runs while adding 81 runs and Kona Bharat not out at 27.
  • Irani Trophy is also known as Mastercard Irani Trophy. It is a test match format cricket tournament in India. It is played annually between the incumbent Ranji Trophy winners and the Rest of the India Cricket Team. It is organized by the Board of Control for Cricket in India (BCCI).

 APPOINTMENS & RESIGNATIONS

Arunachal governor BD Mishra assumes additional charge as Meghalaya governor

  • At the Raj Bhavan in Shillong, Brigadier (Dr.) B.D. Mishra (Retd. ), the governor of Arunachal Pradesh, assumed the role of governor of Meghalaya. After previous Governor Satya Pal Malik’s term ended because he did not receive a term extension, he has been handed the extra responsibility. The oath was delivered by Justice Harman Singh Thangkhiew, acting chief justice of Meghalaya.
  • B. D. Mishra recalled that he had previously visited Shillong during the conflict of 1971, therefore this was not his first time there.
  • The swearing-in event included participation from Speaker Metbah Lyngdoh, Home Minister Lahkmen Rymbui, Cabinet Minister Banteidor Lyngdoh, Hamletson Dohling, and other authorities.

Indian-Origin Dr Vivek Murthy Is US Representative On WHO Executive Board

  • Indian-origin Dr. Vivek Murthy has been nominated by US President Joe Biden to serve as the country’s representative on the Executive Board of the World Health Organisation. Dr. Murthy will serve as the US Representative on WHO Executive Board and he will continue his duties as the US Surgeon General.
  • On March 2021, Dr. Vivek Murthy was confirmed to serve as the 21st Surgeon General of the Country.Previously, he served as the 19th Surgeon General under the Presidency of Barack Obama.
  • Murthy as the nation’s doctor aims to draw attention to and work across Government to address several critical public health issues. Dr. Murthy is also the Vice Admiral of the US Public Health Service Commissioned Corps; he also commands a uniformed service of over 6000 dedicated public health officers.

 BANKING AND ECONOMY

Reserve Bank issues directions for appointment of Internal Ombudsman for all Credit Information Companies

  • To enhance the effectiveness of its grievance redressal systems, the Reserve Bank of India (RBI) has urged Credit Information Companies to designate an internal ombudsman (IO) by April 1, 2023. The Central Bank made the decision in August to include CICs in the scope of the RBI-Integrated Ombudsman Scheme 2021 in order to broaden its appeal.
  • Only complaints that the CIC has already reviewed but rejected in whole or in part will be handled by the IO. Direct complaints from complainants or members of the public won’t be handled by it, the RBI said in a circular. The RBI claimed that the action would give clients of regulated businesses a free alternative dispute resolution method for complaints regarding CICs. “Every CIC shall appoint the internal ombudsman for a fixed term of not less than three years, but not exceeding five years” the circular said.
  • The IO position cannot at any moment be left unfilled, hence the CIC must make sure of that, the circular said. Furthermore, it stated that the IO will not be handling any complaints involving fraud and misappropriation, with the exception of those brought about by a CIC service failure.

RBI launches advanced supervisory monitoring system DAKSH

  • The Reserve Bank Governor Shaktikanta Das launched a new ‘SupTech’ initiative DAKSH – the bank’s Advanced Supervisory Monitoring System, which is expected to make the supervisory processes more robust.
  • In a statement, the Reserve Bank of India (RBI) said it has been taking various initiatives in strengthening supervision, which among other initiatives include adoption of latest data and analytical tools as well as leveraging technology for implementing more efficient and automated work processes.
  • DAKSH means ‘efficient’ & ‘competent’, reflecting the underlying capabilities of the application. DAKSH is a web-based end-to-end workflow application through which RBI shall monitor compliance requirements in a more focused manner with the objective of further improving the compliance culture in Supervised Entities (SEs) like Banks, NBFCs, etc.
  • The Reserve Bank of India performs this function under the guidance of the Board for Financial Supervision (BFS).The Board is constituted by co-opting four Directors from the Central Board as members for a term of two years and is chaired by the Governor.

India services sector loses momentum in September, growth falls to 6-month low

  • Growth in India’s services industry eased to a six-month low in September, led by a cooling in demand amid high inflation, a private survey showed. The S&P Global India services Purchasing Managers’ Index fell to 54.3 in September from August’s 57.2, lower than the Reuters poll expectation of 57.0.
  • However, the September reading stayed above the 50-mark separating growth from contraction for the fourteenth straight month – the longest stretch of expansion since October 2016.
  • Capacity pressures moderated in September, with services companies signalling the slowest increase in backlogs since February. Nevertheless, efforts to clear pending workloads and ongoing expansions in sales supported another round of job creation. Employment rose at a slower rate than in August, however,” the survey said.
  • Pollyanna De Lima, Economics Associate Director at S&P Global Market Intelligence, said: “The Indian service sector has overcome many adversities in recent months, with the latest PMI data continuing to show a strong performance despite some loss of growth momentum in September.”
  • But “an upturn in inflation could damage consumer spending, dampen business confidence and test the resilience of the Indian service sector in the coming months but, at least for September, service providers were strongly upbeat towards growth prospects,” she said. “Currency instability poses renewed inflation worries as imported items become more costly, and undoubtedly means that the RBI will continue hiking interest rates to protect the rupee and contain price pressures,” added De Lima.

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