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Important Current Affairs 25th February 2022

NATIONAL

Boeing delivers 12th P-8I patrol aircraft to Indian Navy

• The Indian Navy has received the 12th anti-submarine warfare aircraft P-8I from the US-based aerospace company Boeing. This is the fourth of four additional aircraft, for which the contract was signed in 2016. The Ministry of Defence had signed a contract for eight P-8I aircraft in 2009. However, later in 2016, it signed a contract for four additional P-8I aircraft.

• In May 2021, the US State Department approved the proposed sale of six P-8I patrol aircraft and related equipment, a deal estimated to cost 2.42 billion dollars.

• P-8I is a long-range maritime reconnaissance and Anti-Submarine Warfare Aircraft, and a variant of the P-8A Poseidon used by the US Navy. India was the first international customer of Boeing for this aircraft. The Indian Navy inducted the first P-8I aircraft in 2013. The P-8I aircraft is a variant of the P-8A Poseidon aircraft that Boeing developed as a replacement for the US Navy’s ageing P-3 fleet.

Central Government launched  “Janbhagidari Empowerment” portal in the Union Territory of JK

• The Central Government launched the “Janbhagidari Empowerment” portal in the Union Territory of Jammu and Kashmir, in line with the government’s digital mission. The portal was hosted on a different server with higher bandwidth, in order to provide easy and ready accessibility to the general public.

• This intervention comes amid concerns related to the slow speed or bandwidth issues related to the portal. This has led to disenchantment among users despite its great value as an information platform. After the movement of this portal on a different server, it has started to open quickly enough, and thus the whole experience of visiting the portal has improved. About 70 thousand people have accessed the portal until now. With the increase in bandwidth, the portal is likely to receive more hits in near future.

SAAF and National Cross Country Athletics Championship to be held in Kohima on March 26

• Nagaland is all set to host the South Asian Athletic Federation (SAAF) cross country championship and 56th National Cross-Country athletics championships from 26th of next month in Kohima. Meanwhile, the official mascot of the South Asian Cross Country Championships and 56th National Cross Country is a joyous happy running ‘Hornbill’. The name of the Mascot is Akimji – a connotation of the word AMBITION derived from Sumi dialect of Naga tribe which exemplifies the ambition of the new generation of Naga youth.

• This event is going to be perhaps Nagaland’s biggest sporting event in our 50 plus years of statehood and expressed optimism that the event will propel the image of Nagaland and the state’s sporting dream towards national and international platforms. On this occasion, the official team Nagaland kit was also launched.

APPOINTMENS & RESIGNATIONS

Rakesh Sharma reappointed as MD&CEO of IDBI Bank for a period of 3 years

• Industrial Development Bank of India (IDBI Bank) has informed the stock exchanges that its board has approved the reappointment of Rakesh Sharma as the managing director and chief executive officer of the bank for a period of three years, effective March 19, 2022. Sharma’s reappointment as the MD&CEO of the bank has received the banking regulator, Reserve Bank of India’s (RBI) nod.

• Sharma was previously the MD&CEO of Canara Bank and retired from this position in July 2018. Prior to that, he served as the MD&CEO of Laxmi Vilas Bank from March 2014 to September 2015. He was previously associated with the State Bank of India (SBI).

Nitin Paranjpe to be HUL's non-executive Chairman

• Hindustan Unilever Ltd (HUL) has announced the separation of the position of Chairman of the Board and the CEO & Managing Director of the company. Nitin Paranjpe has been appointed as the Non-Executive Chairman of the company with effect from March 31, 2022. He is currently serving as Chief Operating Officer of Unilever, the parent company of HUL. Sanjiv Mehta will continue to be the Chief Executive Officer & Managing Director (CEO & MD) of the company.

• The Board accepted the recommendation made by the NRC and has appointed Paranjpe as a Non-Executive Chairman. The appointment is subject to approval of the shareholders which the Company will seek as per applicable regulations.

IMPORTANT DAYS

Central Excise Day 2022: 24th February

• Central Excise Day, which is observed on February 24 commemorates the Central Excise and Salt Act which was enacted on 24th February 1944. This annual event is celebrated to highlight the essential role played by the Central Excise Department in the industrial development of the country.

• The purpose of celebrating the day is to inform the common public of the country about the importance of the Central Board of Excise and Customs (CBEC). Several events are organized by the central board on this day, which includes seminars, workshops, educational and cultural programmes, awareness programmes, competitions, and award ceremonies.

BOOKS & AUTHOR

Book ‘The Great Tech Game’ Authored by Anirudh Suri

• Indian author, Anirudh Suri has come out with his new book titled “The Great Tech Game: Shaping Geopolitics and the Destinies of Nations.’ It has been published by HarperCollins India. In this book, the author lays out a roadmap for how any country must develop its own strategic plan to succeed in this technology-dominant era.

• In this book, the author provides a coherent framework outlining the key drivers that will determine the ability of a nation to succeed in this technology-dominant era. He lays out a roadmap for how any country must develop its own strategic plan for success. Leaders must develop a new set of capabilities to understand and take advantage of these trends and create enabling environments for their nations to not be left behind. A particularly challenging aspect will be the ability of countries to define and manage the roles of state and non-state actors in a global race for technological leadership and success.

BANKING AND ECONOMY

India may grow at 9.5% in 2022: Moody's

• Moody’s has revised India’s economic growth estimates in the Current Year 2022 upwards to 9.5 per cent from 7 per cent on stronger than expected recovery after a lockdown in 2020 and Covid-19’s Delta wave in 2021. It maintained a forecast for 5.5 per cent growth in CY2023. In its update on Global Macro Outlook 2022-23 today, Moody’s said sales tax collection, retail activity and Purchasing Managers Index suggest solid momentum. However, high oil prices and supply distortions remain a drag on growth for India.

RBI to conduct sell/buy swap auction for $5 bn

• The Reserve Bank of India (RBI) has announced a US Dollar/Rupee two-year sell-buy swap auction with a view to elongating the maturity profile of its forward book and smoothening the receivables relating to forwarding assets. The Central bank will undertake a sell/buy swap auction of $5 billion, which will enable access to a wider set of market participants.

• RBI will conduct a spot sale to sell USD 5 billion to banks in exchange of rupees, through this auction on March 10, 2022. On March 11, 2024, it will make a forward purchase from banks in two years. The forward purchase will help in reducing RBI’s current foreign exchange reserves and increase its two-year forward USD purchases.

RBI cautioned People against using car pooling app sRide

• Reserve bank of India (RBI) has cautioned the public against carpooling app sRide. The caution against sRide App, stating that this firm was operating a semi-closed pre-paid instrument, without receiving authorization from the central bank, under Payment and Settlement Systems Act, 2007.

• sRide Tech Private Limited is a registered company, with a registered office in Gurgaon, Haryana. This company is operating a semi-closed (non-closed) pre-paid instrument (wallet) through its ‘sRide’ carpooling app. Thus, RBI cautioned that persons dealing with the app will be doing at their own risk.

• sRide app is a carpooling mobile application, that connects people within the community to share rides. The app help users in sharing the cost of travel, increasing mobility, reducing travel time, and building communities. The app also helps in using existing infrastructure, reducing parking needs, traffic and emissions for cities and organisations.

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