Latest Current Affairs Daily Update

08th Oct 2021 Current Affairs in English

Important Days

World Cotton Day: 07 October

World Cotton Day (WCD) is observed globally on 7th October. The international day aims to celebrate the advantages of cotton, ranging from its qualities as a natural fiber to the benefits people obtain from its production, transformation, trade, and consumption.

WCD Day was initiated by the Group of Cotton-4 countries namely Benin, Burkina Faso, Chad, and Mali to reflect the importance of cotton as a global commodity.

The initiative of World Cotton Day was born in 2019, when four cotton producers in sub-Saharan Africa– Benin, Burkina Faso, Chad, and Mali, known as the Cotton Four -proposed the World Trade Organization a World Cotton Day celebration on October 7.

Useful notes for all competitive exams:

  • World Trade Organization Headquarters: Geneva, Switzerland.
  • World Trade Organization Founded: 1 January 1995.
  • World Trade Organization Director-General: Ngozi Okonjo-Iweala.

National

Centre approves setting up 7 PM MITRA Parks in 5 years

The Centre has approved the setting up of seven new mega textile parks, or PM MITRA parks across the country in an effort to help to further the growth of the textile sector in the economy and position India strongly on the Global textiles map.

The Mega Integrated Textile Region and Apparel Parks (PM MITRA) will be based on the 5F vision of the Hon’ble Prime Minister. The ‘5F’ Formula consists of Farm to fibre; fibre to factory; factory to fashion; fashion to foreign.

These parks will be set up at Greenfield and Brownfield sites in different States by a Special Purpose Vehicle which will be owned by the State Government and Government of India in a Public-Private Partnership (PPP) Mode. The total outlay for the project has been set at Rs 4,445 crore for five years.

Andhra government launched the ‘Swechha’ programme

Andhra Pradesh Chief Minister Y.S. Jagan Mohan Reddy has launched the ‘Swechha’ program to tackle the stigma attached to menstruation, prioritize female personal hygiene, and encourage a healthy dialogue of information.

‘Swechha’ (meaning freedom) is intended to ensure affordable access to health and menstrual hygiene in adolescent girls and women.

The state government will provide good quality branded sanitary napkins to female students at government educational institutions free of cost.

Ten sanitary napkins will be given every month to about 10 lakh adolescent girls studying from 7th-12th grades in all government schools and intermediate colleges across the state at a financial outlay of INR 32 crores.

A total of 120 napkins per year is allotted to every female student, even during summer vacations, the students will be supplied with their quota before they leave school.

Useful notes for all competitive exams:

  • Chief Minister of Andhra Pradesh: YS Jagan Mohan Reddy; Governor: Biswa Bhusan Harichandan.

India’s first e-fish market App Fishwaale launched in Assam

Assam Minister for Fisheries, Environment and Forest and Excise, Parimal Suklabaidya launched an App Fishwaale, India’s first e-fish market. Table size fish such as bhangon, mrigal and rohu and freshwater and seawater frozen fish (icebox) will be available coupled with dry fish packets, dry fish raw, fish pickles and processed fish products.

Developed by Aqua Blue Global Aquaculture Solutions Pvt. Ltd. in collaboration with the fisheries department at a function held at Sri Madhabdev Bhawan auditorium, the minister called the app “a one-stop solution for aquaculture” that will help both the buyers and sellers.

This platform will help the fish farming community get a reasonable price for their produce and lead to the elimination of middlemen.

Useful notes for all competitive exams:

  • Assam Governor: Jagdish Mukhi;
  • Assam Chief Minister: Himanta Biswa Sarma.

Economy

Moody’s upgrades India’s rating outlook to ‘stable’ from ‘negative’

Rating agency Moody’s Investors Service has upgraded India’s sovereign rating outlook to ‘stable’ from ‘negative’, on October 05, 2021, following an improvement in the financial sector and faster-than-expected economic recovery across sectors.

Moody’s expects real GDP growth to average around 6 per cent over the medium term, reflecting a rebound in activity to levels at potential as conditions normalise.

While it retained India’s rating at Baa3, reflecting the lowest investment grade rating, Moody’s said it expects real GDP to surpass pre-pandemic levels of 2019-20 this year itself, as the ongoing economic recovery is picking up steam with activity upticks broadening across sectors.

It expects 2021-22 to record 9.3% growth in GDP, followed by 7.9% next year.

Banking

Kotak Bank gets approval from the government to collect direct, indirect taxes

Kotak Mahindra Bank Ltd (KMBL) has received approval from the government for the collection of direct & indirect taxes, such as income tax, Goods and Services Tax (GST) etc, through its banking network.

With this, the bank becomes the first scheduled private sector bank to receive approval after the announcement by Finance Minister Nirmala Sitharaman allowing all banks to participate in the government-related business.

After technical integration, KMBL customers will be able to pay their direct and indirect taxes straight from KMBL’s mobile banking or net banking platforms as well as through KMBL’s branch banking network, resulting in immense ease and convenience for customers.

Useful notes for all competitive exams:

  • Kotak Mahindra Bank Establishment: 2003;
  • Kotak Mahindra Bank Headquarters: Mumbai, Maharashtra;
  • Kotak Mahindra Bank MD & CEO: Uday Kotak;
  • Kotak Mahindra Bank Tagline: Let’s Make Money Simple.

RBI grants a license to NARCL under Sarfaesi Act

The Reserve Bank of India (RBI) has granted the National Asset Reconstruction Company (NARCL) the license to register as an asset reconstruction company (ARC). The Licence is given under Section 3 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act 2002.

As per Section 3 of the SARFAESI Act, a company can carry the business of asset reconstruction only after obtaining a certificate of registration from RBI and, having the owned fund of not less than Rs 2 crore or such other amount not exceeding 15% of total financial assets acquired or to be acquired by the securitization company or reconstruction company.

The NARCL has been incorporated under the Companies Act, and public sector banks will hold 51 percent in NARCL.

Useful notes for all competitive exams:

  • RBI 25th Governor: Shaktikant Das; Headquarters: Mumbai; Founded: 1 April 1935, Kolkata.

Business

BharatPe launches ‘buy now pay later’ platform

Fintech company BharatPe, announced its entry into the ‘Buy Now Pay Later’ (BNPL) category with the launch of ‘postpe’. The new platform provides credit to customers to buy now, but pay later from anywhere.

Customers using the postpe platform can download the app from Play Store and avail interest-free credit limit of up to Rs 10 lakh. The company said that postpe is not only limited to big-ticket purchases but can also be used for micro-purchases, making it the first of its kind.

BharatPe stated that it aims to facilitate a loan book of $300 million on postpe in the first 12 months for its lending partners. The fintech company added that customers can shop across offline as well as online and repay easily through EMIs.

All a customer has to do is scan the QR code through the postpe app and pay using credit. Users can also pay through a postpe card that will be accepted across millions of offline as well as e-commerce platforms. Cashbacks and rewards are also on offer.

Useful notes for all competitive exams:

  • Chief Executive Officer of BharatPe: Ashneer Grover;
  • Headoffice of BharatPe: New Delhi;
  • BharatPe Founded: 2018.

Awards

The Nobel Prize in Literature 2021 announced

The Nobel Prize in Literature 2021 was awarded to Abdulrazak Gurnah born in Zanzibar and active in England, “for his uncompromising and compassionate penetration of the effects of colonialism and the fate of the refugee in the gulf between cultures and continents.” The Nobel Prize in literature is awarded by the Swedish Academy, Stockholm, Sweden.

The Tanzanian novelist was born in Zanzibar in 1948 and has since lived in the UK and Nigeria. He writes in English, and his most famous novel is Paradise, which was shortlisted for the Booker prize in 1994.

Gurnah currently lives in the UK and taught English Literature at the University of Kent. Until recently, he was Professor of English and Postcolonial Literature at the University of Kent, Canterbury, and has published ten novels and a number of short stories.

Sports

Germany unveils Euro 2024 championship logo

Germany has unveiled the logo for soccer’s 2024 European Championship during a ceremony with a light show in the stadium that will hold the final.

The logo features an outline of the Henri Delaunay Cup — the bulbous tournament trophy — set on a colored oval outline that resembles the Olympiastadion’s roof.

It features colors from the flags of UEFA’s 55 member nations, set in 24 slices around the trophy to represent the 24 teams that will ultimately qualify for the tournament in Germany.

Logos for each of the 10 host cities; Berlin, Cologne, Dortmund, Düsseldorf, Frankfurt, Gelsenkirchen, Hamburg, Leipzig, Munich, and Stuttgart were also presented. The tournament is due to be played in June and July 2024 with the match schedule to be confirmed next year.

ISSF Junior Championships: Aishwary Pratap Singh Tomar wins gold

Young Indian shooter, Aishwary Pratap Singh Tomar smashed the world record in the final to win gold in the men’s 50m rifle 3 positions event at the ISSF Junior World Championships in Lima, Peru.

The youngster then bettered the junior world record in the final with a score of 463.4, finishing nearly seven points ahead of second-placed Frenchman Lucas Kryzs, who won the silver with a score of 456.5. Gavin Barnick of the USA won bronze with a score of 446.6.

Ranks and Reports

Health Minister released “The State of the World’s Children 2021” report

Union Health Minister Mansukh Mandaviya has released UNICEF’s global flagship publication “The State of the World’s Children 2021; On My Mind: promoting, protecting, and caring for children’s mental health in New Delhi.

The report details the significant impact of the COVID-19 pandemic on children’s mental health. This is very vital to address mental health as an important aspect for creating a healthy society. Mansukh noted that teachers are very important stakeholders for addressing mental health issues along with parents and family.

UNICEF India Representative Dr. Yasmin Ali Haque presented some key findings of the report.

As per the report, around 14 percent of 15 to 24-year-olds in India, or 1 in 7 of them, reported often feeling depressed or having little interest in doing things.

Obituary

Arvind Trivedi, best known for his role as ‘Raavan’ in Ramayan, passes away

Veteran television actor Arvind Trivedi, who is famously known for his iconic role of demon-king Raavan in Ramanand Sagar’s TV serial Ramayan, has passed away. He was 82.

He was also part of the political field, as an MP from Sabarkatha constituency in Gujarat, and had served the Parliament from 1991-96. He served as the acting chairman of the Central Board of Film Certification (CBFC) from 2002 to 2003.

Miscellaneous

Palghar’s famed Wada Kolam rice gets GI tag

A variety of rice widely grown in Wada in the Palghar district has been given a ‘Geographical Indication’ tag, which will give it a unique identity as well as wider markets.

Wada Kolam, also known as Zini or Jhini rice, is a traditional variety grown in the Wada tehsil of Palghar, with the grain being off-white in color.

Wada Kolam rice commands a price of Rs 60-70 per kg in domestic markets and has a sizeable demand overseas as well. Wada Kolam has been grown in Palghar for years. It is known for its small grain, aroma, taste, and for being light for digestion. It is gluten-free. However, it is a low yielding crop


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