Important Current Affairs 27th January 2022

INTERNATIONAL

Russia delivers all the contracted 70,000 AK-203 to India

• Russia delivered all the contracted 70,000 AK-203 Kalashnikov assault rifles to the Indian Armed Forces. The Indian Armed Forces had placed an order for 670,000 rifles, for which the contract was signed on December 06, 2021, between India and Kalashnikov (Russian defence manufacturing unit). The total cost of the contract is around Rs 5,124 crore. The contract included procuring 70,000 rifles off the shelf.
• The remaining 600,000 rifles will be manufactured by an Indo-Russian joint venture company, Indo-Russia Rifles Private Limited (IRRPL), based at Amethi, Uttar Pradesh India under transfer of technology (ToT). [at Korwa Rifle Factory, Amethi]. The lightweight AK-203 Rifles will replace the military’s in-service INSAS (Indian Small Arms System) Rifle.

Iran, Russia and China begin naval drill

• The Russian, Chinese and Iranian navies undertook naval exercises CHIRU-2Q22 in the Gulf of Oman. The maritime drills conducted in the northern parts of the Indian Ocean aimed at deepening practical cooperation among the navies of the three countries. The participants practised various tactics and operations, such as rescuing ablaze vessels, saving hijacked vessels, shooting at targets, nocturnal shooting at aerial targets, and other tactical manoeuvres as a part of the drill. At least 140 warships and over 60 aircraft with nearly 10,000 military personnel would be taking part in the military exercises.

Apple Retains Most Valuable Brand Title in 2022

• Apple has retained its position as the most valuable brand in 2022 as well, according to the Brand Finance 2022 Global 500 report. The brand valuation of Apple was recorded at $355.1 billion in 2022, which is an increase of 35% from last year. This is the highest brand value ever recorded in the Brand Finance Global 500 ranking history.
• TikTok (18th) has been named the world’s fastest-growing brand in the list. Its brand value increased from US$18.7 billion in 2021 to US$59.0 billion in 2022.
• Tech remained the most valuable industry in the list in terms of sector. This was followed by Retail, Banking, Media and Telecoms in top 5 respectively.

NATIONAL

Indian Navy conducts 20-day joint maritime exercise at Arabian Sea

• Western Naval Command of the Indian Navy conducted a joint maritime exercise Paschim Lehar (XPL-2022) off the West Coast which concluded. The exercise continued for 20 days and was conducted with an aim to enhance Inter-Service synergy among the Indian Navy, IAF, Indian Army and Coast Guard. The Western Naval Command (HQ- Mumbai) is one of the three command-level formations of the Indian Navy. The other two are Eastern Naval Command (HQ- Visakhapatnam) and Southern Naval Command (HQ- Kochi).
• A variety of weapon firings in a realistic tactical scenario, besides validation of operational missions and tasks under varying settings, were undertaken during the exercise. The exercise provided all participating forces an opportunity to operate together under realistic conditions, in responding to contemporary maritime challenges, across the areas of the Command’s responsibility.

Rajasthan set to get its fourth tiger reserve

• Ramgarh Vishdhari Wildlife Sanctuary, which is among the proposed five sites in the country, is expected to be formally notified as tiger reserve (TR) soon before the Global Tiger Summit, which is to be held at Vladivostok, Russia. The Centre also announced the development during the 4th Asia ministerial conference on tiger conservation. The Centre has already given its approval of granting tiger reserve status to Ramgarh Vishdhari Wildlife Sanctuary, along with MM Hills in Karnataka, Guru Ghasidas National Park in Chhattisgarh.
• The Ramgarh Vishdhari Sanctuary will be spread across 1,071 sq kms. A 302 Sq Km area in the proposed tiger sanctuary will be left as critical habitat for Tigers and the rest of the area will act as a buffer zone for the Ranthambore National Park.
• Ramgarh Vishdhari Wildlife Sanctuary was established in 1982. The core areas of the sanctuary have 8 villages and are home to large numbers of wild animals like sambhars, caracals, wild boars, nilgai, and striped Hyena.

IMPORTANT DAYS

International Holocaust Remembrance Day 2022: 27th January

• International Day of Commemoration in memory of the victims of the Holocaust (International Holocaust Remembrance Day) is observed on 27 January. In 2022, the theme guiding the United Nations Holocaust remembrance and education is “Memory, Dignity and Justice”. The objective of the day is to commemorate the anniversary of the tragedy of the Holocaust that occurred during the Second World War.
• A genocide occurred during World War II in which Nazi Germany, aided by its collaborators, systematically murdered some six million European Jews, around two-thirds of the Jewish population of Europe, between 1941 and 1945. United Nations designated the day in 2005 to serve as a date for official commemoration of the victims of the Nazi regime and to promote Holocaust education throughout the world.

RANKING

India ranks 85th out of 180 countries in Corruption Perceptions Index

• Transparency International has released the Corruption Perceptions Index (CPI) 2021 in which India has been ranked at 85th spot (Score of 40). The ranking has been topped jointly by three countries- Denmark, Finland and New Zealand (Score of 88). This ranking measures how corrupt each country’s public sector is perceived to be. The results are given on a scale of 0 (highly corrupt) to 100 (very clean). 180 countries are ranked in it.
• Last year (for 2020) India was ranked 86th with a score of 40. This year’s Corruption Perceptions Index (CPI) reveals that corruption levels are at a worldwide standstill. The global average remains unchanged for the tenth year in a row, at just 43 out of 100 points.

BANKING AND ECONOMIC

Government approves PMC Bank merger with Unity Small Finance Bank

• The Government of India has sanctioned and notified the Scheme for the amalgamation of the Punjab and Maharashtra Co-operative Bank Ltd with Unity Small Finance Bank Ltd. This means that from January 25, 2022 all the branches of the PMC Bank will function as branches of Unity Small Finance Bank Ltd. Unity Small Finance Bank Limited is promoted by Centrum Financial Services Limited along with Resilient Innovation Private Limited. Both the promoters have infused capital of Rs 1105.10 crore in the bank.
• After the amalgamation of PMC Bank with Unity SFB, Unity SFB will pay the customers of PMC Bank the amount it receives from DICGC (maximum up to amount insured by DICGC i.e Rs 5 Lakh) in instalments of 10 years. Section 45 of the Banking Regulation Act, 1949 empowers the Reserve Bank of India to prepare a scheme of reconstruction or amalgamation of banking companies (which include co-operative banks).

IMF cuts India's GDP forecast for FY22 to 9% from 9.5%

• The International Monetary Fund (IMF) has cut India’s economic growth forecast for the current fiscal 2021-22 (FY22) to 9 per cent, in its latest world economic outlook report. Earlier this was estimated at 9.5%. IMF has projected the growth forecast for India in 2022-23 (FY23) at 7.1% IMF has projected the global growth rate in 2022 to 4.4%, and in 2023 to 3.8%.
• According to the IMF, India’s prospects for 2023 are marked up on expected improvements to credit growth and, subsequently, investment and consumption, building on the better-than-anticipated performance of the financial sector. A revised assumption removing the Build Back Better fiscal policy package from the baseline, earlier withdrawal of monetary accommodation, and continued supply shortages produced a downward 1.2 percentage-point revision for the United States.