GK Dossier

2022-23

Brought to you with love

by Mantavya,
The Literary and Quizzing Cell of
NMIMS
CONTENTS

INTERNATIONAL ............................................................................................................................... 3
NATIONAL ....................................................................................................................................... 22
PHARMA ......................................................................................................................................... 40
BFSI ................................................................................................................................................. 47
E COMMERCE AND STARTUPS ........................................................................................................ 59
INFORMATION TECHNOLOGY (IT) ................................................................................................... 67
FMCG .............................................................................................................................................. 72
SPORTS ........................................................................................................................................... 77

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 INTERNATIONAL
Russo-Ukraine War

Background:

• Following Russia's takeover of Crimea in early 2014, armed warfare began in eastern
Ukraine. Protests in Ukraine's capital Kyiv the previous year were greeted with a brutal
crackdown by state security forces in response to Ukrainian President Viktor
Yanukovych's decision to reject a plan for closer economic integration with the
European Union (EU). The protests grew in size, worsening the crisis, and President
Yanukovych fled Ukraine in February 2014.
• Russian military took control of Ukraine's Crimea area a month later, in March 2014.
Russian President Vladimir Putin emphasized the importance of defending the rights
of Russian people and Russian speakers in Crimea and southeast Ukraine. After a
contentious local referendum, Crimeans decided to join the Russian Federation, Russia
legally seized the peninsula.
• Armed fighting erupted in the region swiftly between Russian-backed troops and
Ukrainian forces. Moscow denied military participation, despite reports from Ukraine
and NATO of a build-up of Russian troops and military equipment in Donetsk, as well
as Russian cross-border shelling shortly after Russia took Crimea.
• Through the Minsk Accords, France, Germany, Russia, and Ukraine sought to relaunch
discussions and arrange a cease-fire beginning in February 2015. The framework deal
included requirements for a cease-fire, the removal of heavy armament, and complete
Ukrainian government authority over the combat zone.

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 • The United States slapped fresh sanctions in January 2018 on twenty-one individuals,
including many Russian officials, and nine corporations tied to the crisis in eastern
Ukraine. The State Department approved the supply of anti-tank munitions to Ukraine
in March 2018.
Concerns:

• The present crisis has strained US-Russia ties and raised the prospect of a larger
European confrontation. Due to alliance security obligations, tensions between Russia
and nearby NATO member nations are expected to rise, perhaps involving the United
States. Furthermore, the Ukrainian crisis will have far-reaching consequences for
future collaboration on important problems including as weapons control,
cybersecurity, nuclear non-proliferation, energy security, counter-terrorism, and
political solutions in Syria, Libya, and elsewhere.
Latest Developments:

• Since Russia's full-scale military invasion of Ukraine on February 24, 2022,

approximately 3,000 civilians have been killed and over seven million displaced,
according to the UN. The violence has caused five million more Ukrainians to migrate
to neighbouring nations, with the bulk arriving in Poland, a NATO member where the
US and other allies are assisting with refugee intake.
• Russia began mobilizing troops and military equipment near the Ukrainian border in
October 2021, reigniting fears of an invasion. In November and December 2021,
commercial satellite photos, social media posts, and publicly available information
indicated heavy armament flowing into Ukraine with no official reason.
• By December, over 100,000 Russian troops were stationed along the Ukraine-Russia
border, and US intelligence authorities warned of a possible Russian invasion in early
2022. In mid-December 2021, Russia's foreign ministry demanded that the US and
NATO suspend all military action in Eastern Europe and Central Asia, commit against
further NATO expansion against Russia, and prevent Ukraine from joining NATO. They
rejected these requests and threatened Russia of harsh economic repercussions if it
attacked Ukraine.
• President Joe Biden dispatched roughly 3,000 US soldiers to Poland and Romania,
NATO nations bordering Ukraine, in early February 2022 to oppose Russian troops and
reassure NATO allies.
• The US said Russia will attack Ukraine in late February 2022, citing an increased military
posture along the Russian-Ukrainian border. In response, Russian President Vladimir
Putin dispatched soldiers to the rebel areas of Luhansk and Donetsk in Eastern Ukraine,
stating the forces were needed for “peacekeeping.”
• On February 24, Putin announced the start of a full-scale land, sea, and air invasion of
Ukraine, targeting Ukrainian military installations and cities across the nation. Biden
called the strike “unprovoked and unjustified” and has subsequently announced
punitive penalties alongside European partners, targeting four of Russia's top banks,
its oil and gas industry, and Putin and Russian Foreign Minister Sergey Lavrov's financial

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 holdings. America has provided $3.4 billion in security aid since Russia's incursion,
including heavy weaponry and artillery. The US has also boosted its soldier presence
in Europe to around 100,000. A number of international bodies continue to oppose
Russian activities and back Ukrainian soldiers. On March 2, 141 of the UN's 193
member nations condemned Russia's invasion of Ukraine and asked that Moscow stop
using force immediately.
• Russia announced in late March 2022 that it would “reduce military activity” near Kyiv
and Chernihiv. Russian long-range missile attacks inflicted severe damage to Ukrainian
military and civilian assets, as well as communication and transportation
infrastructure. Hospitals and residential buildings were also shelled and bombed.
• On April 6, Russia has evacuated all soldiers from Kiev. Following the Russian retreat
from Kyiv, Ukrainian people reported apparent Russian war crimes like as summary
killings, torture, and rape.
• Meanwhile, residents of Mariupol, a port city in southeast Ukraine, have been
suffering from significant food, water, and heat shortages. By late March, analysts
believed that the Russian shelling had destroyed or damaged over 90% of Mariupol.
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US withdrawal from Afghanistan

After three months in office and a complete assessment of U.S. policy toward Afghanistan,
President Joe Biden announced on April 14 the departure of all American forces from
Afghanistan by September 11, 2021, claiming "it is time to finish America's longest conflict."
Where does US stand?

• President Biden has reversed several foreign policy choices made by his predecessor,
including withdrawal from the Paris climate agreements and WHO participation, and
is considering entering the JCPOA. In contrast, he has adhered to the Afghanistan
strategy of the previous administration by declaring the total departure of US forces
by September 11.
• This decision was predicated on the belief that the US aim was "achieved" in 2011
when Bin Laden was killed. Since then, "reasons for being in Afghanistan have become

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 less evident" as the threat of terrorism has "become more diffuse, metastasizing
around the globe."
• The US move will also open the door for its NATO allies to depart, allowing them to
focus on the escalating situation in Ukraine and the South China Sea. Allies of the North
Atlantic Treaty Organization in Europe, including Australia and the United Kingdom,
have already declared the evacuation of their troops.
• Withdrawal from Afghanistan indicates that the United States will have no presence
on the Eurasian landmass and will be forced to rely on bases in the Middle East or
carrier task forces operating in the Persian Gulf, even as Taliban troops solidify and
extremist organizations reconstitute.
• Politically and economically allied with Russia and China, Central Asian Republics are
unlikely to supply the United States with sites for information collection or operations.
The Taliban perspective:

• The Taliban have claimed that the United States' plan to prolong the departure of
troops until September violates the Doha Agreement. The Taliban only benefited from
the February 2020 deal, which led in the release of 5,000 of its incarcerated cadre
members and recognized as a key political force in Afghanistan.
• Over the past two decades, the Taliban have been able to successfully redirect
attention from the issue of Islamist extremism and terrorism to the struggle of ideas,
the West vs Islam. In light of their inability to deliver peace and prosperity to
Afghanistan, they have constantly resisted western democratic principles.
• While condemning the Kabul government for its incapacity to rule and corruption, the
Taliban have pledged a Sharia-based accountability system. This leaves little question
that, if elected, the Taliban would continue to govern according to mediaeval
principles, as it did in the 1990s. With Biden's announcement, the Taliban feels it is
getting closer to its objective.
• The Doha accord was the result of the same tactic as their current demand for the
release of the remaining 7,000 Taliban detainees and the elimination of all UNSC
sanctions prior to accepting any ceasefire.
The Doha Agreement:

• The United States and the Taliban signed the Doha Agreement, also known as the
Agreement for Bringing Peace to Afghanistan, on February 29, 2020, in an effort to end
the war in Afghanistan.
• The Agreement stipulated the departure of all NATO personnel from Afghanistan in
exchange for a Taliban commitment to prohibit al-Qaeda from functioning in regions
under Taliban control, as well as the continuation of negotiations between the Taliban
and the Afghan government.

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Sri Lanka Economic Crisis

Sri Lanka has just defaulted on its foreign loans for the first time since its independence, and
the country's 22 million inhabitants are experiencing debilitating 12-hour power outages and
a severe lack of food, gasoline, and other necessities such as medication. It has led to
unprecedented levels of inflation, near-depletion of foreign exchange reserves, shortages of
medical supplies and price increases in basic commodities. The crisis has said to have been
caused by multiple compounding factors such as the tax cuts, money creation, a nationwide
policy to shift to organic or biological farming as well as events such as the Easter bombings in
2019 and the impact of the COVID-19 pandemic.
President Gotabaya Rajpaksa announced a state of emergency on April 1. In less than a week,
he withdrew it in response to widespread citizen demonstrations over the government's
handling of the problem. Numerous essentials, including gasoline, food, and pharmaceuticals,
are imported by the nation. The sky-high prices are attributable to a scarcity of foreign cash in
Sri Lanka. Most nations will maintain foreign currencies on hand in order to trade for these
commodities, but a lack of foreign exchange is to blame in Sri Lanka.

Causes:
1. Tax cuts: President Gotabaya Rajapaksa's administration lowered taxes, leading
financial imbalances to skyrocket. These cutbacks included increasing tax-free
thresholds, cutting VAT to 8%, reducing corporation tax from 28% to 24%, abolishing
the PAYE tax, and implementing a 2% "nation-building tax" to fund infrastructure
development. Massive tax revenue loss caused rating agencies to downgrade the
sovereign credit rating, making it difficult to borrow. The Central Bank began printing
money in unprecedented volumes to finance government expenditure, disregarding
IMF instructions to cease printing money and instead raise interest rates and taxes
while cutting spending. IMF warned that printing money will cause an economic
meltdown.
2. External Debt: Sri Lanka's external debt increased between 2010 and 2020. In 2019,
foreign debt was 42% of GDP; by 2021, it was 119%. By 2022, the country must pay $4

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 billion to borrowers, although government reserves were $2.3 billion in April 2022.
Bellwether highlighted that Sri Lanka would require a credible fiscal strategy and
monetary policy, boosting taxes to service debt, and allowing imports to allow money
to flow back to the Treasury. It's feasible to raise rates and produce dollars to repay
foreign debt by cutting domestic lending, but it's impractical to do so for many years.
After debt repayments, investors may regain trust. The government declared an
economic emergency because to the declining national currency exchange rate, rising
food costs, and pandemic limitations on tourism, which diminished the country's
income. Sri Lanka's foreign reserves fell to US$1.9 billion by March 2022, unable to
satisfy its US$4 billion foreign debt and US$1 billion International Sovereign Bond (ISB)
payment for 2022.
3. Fall of Foreign Remittances: Cabraal's Central Bank tried to keep the LKR fixed by
creating money and enforcing exchange restrictions, lowering the rupee's market
value. By February 2022, the unofficial market value of the LKR was above 248 to the
US dollar, while the government tried to keep it at 200. Due to the lack of foreign
currency in Sri Lankan banks and the decline in official remittances, the country's banks
ran out of foreign currency in January 2022.
4. Tourism: Tourism made well over 10% of Sri Lanka's GDP. The Easter bombs of 2019
and COVID-19 impeded rehabilitation. Although the COVID-19 epidemic had a toll on
Sri Lanka's economy and population, the World Bank projects a recovery in 2021.
5. Agricultural Crisis: Agrochemicals and inorganic fertilizers have been banned from
April 2021 by President Gotabaya Rajapaksa. The fertilizer prohibition caused a 20
percent decline in rice output within the first six months, reversing the country's self-
sufficiency in rice production and forcing it to import rice at a cost of $450 million.
6. Russo - Ukrainian War: the Russo-Ukrainian War is still having an impact on Sri Lanka's
economy, which is already weak. The 2022 Russian invasion of Ukraine has
compounded Sri Lanka's economic crisis since Russia is the second largest market for
tea exports and Sri Lanka's tourism sector relies largely on Russia and Ukraine for
visitor arrivals. The Ukrainian crisis has halted Sri Lanka's economic growth, hurting its
tea and tourist sectors.
With interest payments looming, Sri Lanka has asked India for help. On April 12, it notified
creditors of a probable default and froze certain international loans. The finance ministry
would also speed up IMF aid discussions. Former Finance Minister Ali Sabry informed
parliament in early May, before the government was disbanded, that it may take two years to
recover. The IMF scheme may take six months to commence, he added. In order to avoid
unpopular austerity measures, the Rajapaksa administration has been reluctant to seek IMF
assistance.
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Sanskrit used for the first time in UNSC

• Union Minister of Environment, Forest, and Climate Change Prakash Javadekar

launched India's presentation to the United Nations Security Council (UNSC) meeting
by reciting a brief song from the Sukla Yajurveda in Sanskrit for the first time ever.
• Translating it for the attendees, Javedkar said, "Let there be balance in the space, the
sky, the earth! Let there be growth in the plants, in the trees! Let there be grace in God
and bliss in the soul. Let there be balance in everything and let such peace be with
every one of us! From this vedic message it is clear that environment belongs to all
living beings, so it needs protection by all, and for the welfare of all."

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North Korea COVID outbreak

• Since January 2020, North Korea's borders have been securely shut to keep the virus
at bay, further isolating the so-called "hermit nation" from the rest of the world. It
even turned down invitations to compete at the Olympics in Tokyo and Beijing, citing
the threat of Covid-19.
• As new versions emerged, North Korea intensified its efforts, severing practically all
commerce with China — the country's largest trading partner and economic lifeline for
the Kim government — with imports from Beijing falling 99 percent from September
to October 2020.

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 • Kim placed all cities under lockdown and ordered "those with fever or odd symptoms"
to be quarantined. He also instructed the delivery of medical supplies that the
government had apparently prepared in the event of a Covid outbreak.
• North Korea's approach of blocking its exterior borders - one of the first countries to
do so in January 2020 - has also prevented crucial supplies from entering the country,
resulting in food shortages and an economy in decline.
• In reaction to the announcement of the outbreak, the South Korean government has
reaffirmed its offer of humanitarian help to the North.
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Omicron Variant and COVID Performance Index

• The Omicron strain (B.1.1.529) of SARS-CoV-2 was first reported to the World Health
Organization (WHO) on 24 November 2021 from South Africa.
• Omicron multiplies approximately 70 times faster than the Delta variation in the
bronchi (lung airways), however there is evidence that it is less severe than earlier
strains, particularly in comparison to the Delta form. Omicron may have a diminished
ability to reach deep lung tissue. Omicron infections had a 91 percent lower mortality
rate and a 51 percent lower risk of hospitalisation compared to the delta variety.
• The exceptionally rapid rate of spread, coupled with its capacity to elude both double
vaccination and the body's immune system, means that the overall number of patients
requiring medical treatment at any given moment remains a cause for worry.
• The COVID Performance Index was compiled by the Lowy Institute in Australia and
released on Thursday. The institute is a Sydney-based independent foreign policy think
organisation.
• The coronavirus performance index ranks India 86th out of 98 nations, whereas New
Zealand, Vietnam, and Taiwan occupy the top three slots, respectively.
• Economic development levels and political system disparities did not have the
predicted effect on coronavirus response.
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China’s Evergrande Crisis

• The 2020–2022 Chinese property industry crisis is a current financial crisis precipitated
by the financial troubles of Evergrande Group and other Chinese property developers
in the aftermath of new Chinese legislation limiting the debt limitations of these
enterprises.
• In August 2021, as a result of widespread online dissemination of a letter in which
Evergrande allegedly warned the Guangdong government that it was at risk of
experiencing a cash crunch, the company's stock price plummeted, impacting global
markets and resulting in a significant slowdown of foreign investment in China from
August to October 2021.
• The corporation missed the September 23 due date for an interest payment of $83.5
million on certain of its dollar-denominated bonds. Chinese official media stated that
Evergrande avoided default by completing the payment on October 21, as the end of
a 30-day grace period approached. Later in October, the business purchased extra time
by paying a second delayed interest payment of $45 million on dollar bonds.
• In 2020, pandemic lockdowns hindered home sales for months, and by the fall of that
year, they had snowballed into fears about a financial shortage.
• At the end of June, the corporation had around $88 billion in outstanding debt, with
approximately 42 percent due in less than a year. According to S&P Global Market
Intelligence, its overall debt load is the highest of any publicly listed real estate
management or development firm in the world. According to research company
Capital Economics, Evergrande has also sold an estimated 1,400,000 unfinished units
for $200 billion.
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Women to be allowed in Military service in Saudi Arabia

• Saudi Arabia has allowed women to register for military duty for the second time.
• General Directorate of Public Security announced the decision, which is part of Saudi
Arabia's Vision 2030 social agenda.
• Candidates from Riyadh, Makkah, Al-Qusaim, and Madina can apply through the
government's internet site.
• To be admitted, candidates must meet 12 conditions, including being Saudi natives
who were reared in the Kingdom, unless their dads were had to reside abroad due to
"government-related tasks."
• In addition, they must be between 25 and 35 years old, possess at least a high school
diploma, and pass a necessary medical examination. Additionally, they must be taller
than 155 centimetres and have an appropriate weight-to-height ratio.
• Ineligible applicants include women married to non-Saudis, those with a criminal
record, and those with prior government work experience.

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KP Sharma’s Expulsion from Nepal Communist Party’s general membership

• In December 2020, the faction ousted Oli, one of the two co-chairmen of the ruling
party, from his position as party chairman. Madhav Nepal was appointed as the second
chairman of the party. Prachanda is the party's first chairman.

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 • The group led by Prachanda requested clarification from Oli on January 15, stating that
he was engaging in actions contrary to the party's regulations. Oli's refusal to provide
clarity resulted in the faction's decision to strip him of even his regular membership in
the party.
• Madhav Nepal, who succeeded Oli as party chairman by Prachanda's side last month,
stated that the Constitution does not grant the prime minister the authority to dismiss
Parliament.
• Oli, the chairman of a part of the NCP, stated that he was compelled to disband the
House after learning that the Prachanda-led faction intended to submit a vote of no
confidence against him and launch an impeachment petition against President Bidya
Devi Bhandari.
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2021–2022 Belarus–European Union border crisis

• The 2021–2022 Belarus–European Union border crisis is a migrant crisis consisting of

an influx of several tens of thousands of immigrants, primarily from Iraqi Kurdistan,
with smaller groups hailing from elsewhere in Asia and from parts of Africa, to
Lithuania, Latvia, and Poland via those countries' borders with Belarus.
• The crisis was triggered by the severe deterioration in Belarus–European Union
relations, following the 2020 Belarusian presidential election, the 2020–2021
Belarusian protests, the Ryanair Flight 4978 incident and its sanctions, and the
attempted forced repatriation of Olympic sprinter Krystsina Tsimanouskaya from
Tokyo, Japan.
• Between January and August 2021, an estimated 97,000 refugees and migrants arrived
in Europe, a 95 per cent increase compared to the same period in 2020.This trend is
likely to continue in 2022.The current number includes some 25,000 children, among
whom 9,300 are unaccompanied or separated.

Background:

• Alexander Lukashenko has ruled Belarus since July 1994. The Lukashenko regime has
been widely accused of electoral fraud in previous elections, including by Organization
for Security and Co-operation in Europe (OSCE) observers, who were often restricted

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 from monitoring election conduct. He claimed victory in the 2020 Belarusian
presidential election.
• According to independent digital exit polls, Lukashenko might have lost the elections
to Sviatlana Tsikhanouskaya and the official results were generally implausible,
particularly at the countrywide level.
• Numerous countries refused to accept the result of the election, as did the European
Union, which imposed sanctions on Belarusian officials deemed to be responsible for
"violence, repression and election fraud". The results of the election also led to
widespread protests in Belarus.
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Formation of QUAD and its significance for India

• The Quad, also known as the "Quadrilateral Security Dialogue" (QSD), is an informal
strategic meeting involving the United States of America (USA), India, Australia, and
Japan. The Quad has as one of its key purposes the promotion of a free, open,
prosperous, and inclusive Indo-Pacific area.
• In 2007, the organisation convened for the first time in conjunction with the
Association of Southeast Asian Nations (ASEAN). It is a coalition of democratic marine
states. All member nations sustain the forum through meetings, semi-regular summits,
information exchanges, and military exercises.
• The purpose of the Quad is to preserve the Indo-critical Pacific's water corridors free
of military and political interference. It is primarily viewed as a strategic alliance aimed
at decreasing China's dominance. The primary purpose of the Quad is to ensure a
global order based on laws, freedom of passage, and a free trade system. Additionally,
the alliance intends to provide alternative debt financing for states in the Indo-Pacific
area.
• It is claimed that the conference fights China's economic and military growth
strategically. As a member of the Quad, India may rely on the help of the other Quad
states in the event that Chinese hostilities increase on its borders. In addition, India
may conduct strategic explorations in the Indo-Pacific area with the aid of its naval
front.

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 • The Quad arrangement affords India the chance to collaborate multilaterally on a
variety of projects that can contribute to the formation of a free and open Indo-Pacific
region.
• China initially opposed the establishment of Quad, and its attitude has not altered
since then. In 2018, China's foreign minister referred to the Quad as a "headline-
grabbing notion" and accused the organisation of actively encouraging unrest among
Asian regional countries. Beijing views the establishment of the Quad as part of a
bigger attempt to encircle China, and it has exerted pressure on nations such as
Bangladesh to prevent them from working with the organisation.
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Myanmar: State of emergency extended

• The military who seized power in Myanmar in a coup in February has appointed himself
prime minister and stated that emergency rule may be extended until August 2023.
• In a one-hour address, Min Aung Hlaing vowed to arrange "free and fair multiparty
elections" but also referred to the party he deposed as "terrorists."
• Myanmar has claimed 300,000 illnesses and 9,300 fatalities, although inadequate
testing reveals that these figures are grossly underestimated.
• The general stated that Covid would be contained by the administration of more
vaccinations, the extension of public holidays, and what he termed the harmonic
cooperation of the populace.
• Since the coup, scores of medical staff have been jailed and many more are in hiding,
while individuals seeking treatment claim that the military is denying them access to
oxygen and turning them away from hospitals, leaving many to die in their homes.
• In February 2021, the military took power and declared a one-year state of emergency.

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AsterX: France’s first military space exercise

• The exercises are nicknamed "AsterX" to honour the 1965 launch of the French
spacecraft Asterix.
• The drills are part of France's plan to become the third-largest space force in the world,
behind the United States and China.
• These space military drills are a first for both the French military and Europe as a whole.
• In addition, France intended to develop anti-satellite laser weapons and enhance
surveillance capabilities to bridge the gap with China and Russia, its adversaries.

The objective of the exercise:

• To monitor a possibly hazardous space object and threats to its own satellite posed by
a foreign state with a substantial space force.

Participants:
• In addition to France, the new United States Space Force and the German space
agencies are participating in the drills.

Background:
• In 2018, the Russian spacecraft Olymp-K attempted to intercept messages from the
satellite Athena-Fidus, which is used by the Italian and French militaries for secure
communications. This act was classified as espionage.
• In 2020, the United States said that Russia "conducted a non-destructive test" of an
anti-satellite weapon in space.
• France announced the Commandement de l'Espace (CdE) in 2019. (French Space
Command). It is projected to have 500 employees by 2025.

Similar Indian Initiatives:

IndSpaceEx: India’s first ever simulated space warfare exercise
Mission Shakti: An Anti-Satellite (ASAT) Missile Test

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El Salvador - the first country to give legal tender status to bitcoin

• El Salvador is the first nation in the world to recognise Bitcoin as legal money. The
government of El Salvador asserts that the move would provide many residents with
their first access to banking services. In addition, bitcoin trading will save the
government around $400 million in fees charged by banks and other organisations on
money returned home by expatriates.
• El Salvador's recognition of Bitcoin as legal tender stems from a June bill passed by the
country's legislature. The nation at the time permitted Bitcoin to be accepted as
payment for all products and services. The measure was passed within twenty-four
hours after its introduction to Congress by President Nayib Bukele.
• Bukele said that El Salvador has acquired its first 400 Bitcoins, following the decision.
Bitcoins were acquired in two instalments of 200. Bukele even vowed that the country
will receive more cryptocurrencies.
• Bitcoin will assist El Salvador in avoiding the exorbitant bank transaction fees incurred
when nearly 1.5 million of its residents living abroad send money home. According to
World Bank figures, such remittances comprised more than a fifth of the country's GDP
in 2020 and exceeded $5.9 billion.

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US joins India-led International Solar Alliance as 101st member

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 • The United States joined the International Solar Alliance (ISA), becoming the 101st
nation to join the sunshine club.
• The United States' entry into the ISA has been in the works for years. Initially hesitant,
the United States was not one of the first signatories. In 2016, the United States chose
to join the alliance.
• Nevertheless, it was halted during the Trump administration. Given the importance of
solar energy in the transition to a net-zero economy supported by a transition away
from fossil fuels and the geopolitical context, the United States' membership in the
International Solar Alliance (ISA) was a reasonable move.
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Global Innovation index 2021

About the Index of Global Innovation Index: Since its inception in 2007, the Global Innovation
Index (GII) has shaped the innovation measurement agenda and become a cornerstone of
economic policymaking, with an increasing number of governments systematically analysing
their annual GII results and designing policy responses to improve their performance.

The 2021 edition of the Global Innovation Index (GII) provides the most recent global
innovation rating of 132 economies based on 81 parameters. In addition to tracking the most
recent global innovation trends, this issue of the Global Innovation Tracker examines the
impact of the COVID-19 epidemic on innovation.

According to the GII 2021 rankings, Switzerland will have the most innovative economy in
2021, followed by Sweden, the United States of America (U.S.), the United Kingdom (U.K.),
and the Republic of Korea.

India in GII: India has moved up two positions and is now rated 46th on the Global Innovation
Index (GII) for 2021.

• India ranks second among the 34 economies in the lower middle-income group.
• Among the top 10 economies in Central and Southern Asia, India ranks first.

18
 • Prior to the pandemic, innovation investments hit an all-time high, with R&D
expanding at an unprecedented pace of 8.5% in 2019.
• For the eleventh year in a row, India, Kenya, the Republic of Moldova, and Vietnam
hold the record for innovation compared to their level of development.

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African Union suspends Sudan after military coup

• The African Union has suspended Sudan's participation in activities until a civilian-led
government is reinstated.
• The African Union's Political Affairs, Peace and Security department tweeted the
announcement of the suspension, which is a usual response to military coups.
• The World Bank joined the United States in suspending funding to Sudan in response
to the highly denounced military coup.
• In the meanwhile, state oil company employees and physicians said that they would
join a rising campaign of civil disobedience planned by a coalition of unions in
opposition to the power grab.
Background:

• The coup followed a two-year transition period stipulated in an August 2019 power-
sharing agreement between the military and civilians.
• This followed the ousting of tyrant Omar al-Bashir as a result of widespread opposition
to his leadership.
• Sudan remained one of the world's most impoverished countries after nearly three
decades of isolation under Bashir.
• In particular, it attained pariah status as a result of Washington's imposition of harsh
sanctions on Bashir's administration in the 1990s for harbouring Islamic militants,
including al-Qaeda leader Osama bin Laden.
• In June 2019, the African Union suspended Sudan after pro-democracy demonstrators
were killed outside the army headquarters in Khartoum.
• After three months, membership was reintroduced after Hamdok announced the
selection of Sudan's first government following Bashir's ouster.

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 • Burhan, the next strongman, has committed to hold elections as scheduled in July
2023. A technocratic administration would be appointed in the interim.
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Starlink Satellites SpaceX

• Starlink is a constellation of satellites by SpaceX that aims to deliver a high-speed and

low-latency internet connection worldwide. SpaceX plans to increase Starlink's
connectivity speed to 10 Gigabits per second.
• Each Starlink customer receives a receiver about the size of a pizza box. This receiver
requires an unobstructed view of the sky. The SpaceX app makes it simple to confirm
that a Starlink receiver has a sufficient field of vision. This receiver has both phased
array antennas and motorized angle adjustment.
• The majority of existing satellite Internet networks are delivered by satellites in a
35,786 km orbit. This is referred to as geostationary orbit, as a satellite at this height
travelling at around 3 km/s will always be over the same location on the Earth. This is
necessary for a single satellite to offer uninterrupted coverage to a given area.
• In contrast, Starlink satellites are in low earth orbit at a height of around 550
kilometres. This means that a single satellite would be incapable of providing constant
coverage over a certain region. Instead, Starlink relies on the movement of thousands
of satellites such that when some move out of range, others move into range.
• More than 2,500 Starlink satellites have already been launched by SpaceX, but the
company has ambitions to hoist many more. The next-generation version of the
internet mega constellation may potentially house up to 30,000 satellites.
• By 1 October 2021, SpaceX had sold 5,000 Starlink preorders in India and announced
that Sanjay Bhargava, who had worked with Elon Musk as part of the team that
developed PayPal, would lead the Starlink satellite broadband business in India. On 31
December 2021, Bhargava resigned "for personal reasons" because the Indian
government ordered SpaceX to stop selling preorders for Starlink service until SpaceX
has regulatory licence to provide satellite internet services in the nation.
• In February 2022, SpaceX unveiled Starlink Business, a version of the service with
enhanced performance. It delivers a bigger high-performance antenna and speeds

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 between 150 and 500Mbps, with an antenna costing $2500 and a monthly subscription
price of $500. Additionally, users will receive 24/7 priority assistance. The advertised
delivery commencement date is the second quarter of 2022.
• Group 4-7 of Starlink satellites were launched on February 3, 2022. A considerable
increase in air drag induced by a G2-grade geomagnetic storm on February 4 was
predicted to trigger the loss of up to 40 of these satellites. By the 12th of February, 38
satellites had re-entered the atmosphere, while 11 continued to ascend into higher
orbits.
• Elon Musk announced the activation of the Starlink satellites above Ukraine on 26
February 2022, in response to a request from the Ukrainian government to restore
internet services damaged during the Russian invasion of Ukraine in 2022. By 6 April
2022, SpaceX had shipped more than 5,000 Starlink terminals to Ukraine so that
Ukrainians could access the Starlink network. The U.S. Agency for International
Development, along with the governments of France and Poland, provided some
funding for the shipment of Starlink equipment to Ukraine.
• SpaceX reported in March 2022 that Starlink now has 250,000 members.
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 NATIONAL
IPO wave

• The IPO craze has taken India by a storm. With investors largely displaying a bullish
sentiment, companies mopped up a whopping $9.7 billion through initial share sales
in the first 9 months of 2021, the highest amount that companies have incurred via
IPO proceeds for the 9-month period in two decades. However, this still amounts to
just 3% in terms of funds raised by IPOs globally.
• The catalyst, in a word, is Zomato Ltd. The food-delivery startup went public in July
and, despite deep losses and mediocre prospects for profitability, shares have soared
more than 70%.
• In total, 72 IPOs hit the stock market during the Jan- Sept period of 2021.
• Tech start-ups have raised $8.8 billion in local IPOs till September 2021.
• Indian start-ups have raised about $10.9 billion in funding in the third quarter alone.
• Global investors like Fidelity Investments, KKR & Co. and Singapore’s Temasek Holdings
Pte have pumped money into India, while China’s crackdown on private enterprise has
made financiers wary. The value of venture investments in India reached $7.9 billion
in July, surpassing China for the first time on a monthly basis since 2013.
• Companies that have launched initial public offerings in the past couple of weeks
include beauty and fashion e-commerce site Nykaa, online insurance comparison firm
PolicyBazaar and digital payments giant Paytm.
• The Covid-19 pandemic has helped the technology start-up sector by pushing more
transactions online amid lockdowns and other precautions. Other drivers include India

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 having some of the cheapest data rates in the world and an increase in smartphone
ownership.
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Cryptocurrency taxing

• From 1st April 2022, some changes in the income tax rules announced by Finance
Minister Nirmala Sitharaman while presenting Union Budget 2022 will get
implemented.
• Income from transfer of virtual digital assets such as crypto, NFTs will be taxed at 30%.
• No deduction, except the cost of acquisition, will be allowed while reporting income
from transfer of digital assets.
• Loss from digital assets cannot be set-off against any other income.
• Gifting of digital assets will attract tax in the hands of receiver. Losses incurred from
one virtual digital currency cannot be set-off against income from another digital
currency.
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A year of many firsts- Leather park, Underwater tunnel, Wetland Conservation Centre &
largest solar power plant

• CM Yogi Adityanath-led state government is developing a Mega Leather Park, the first
leather park in the country, as part of the Mega Leather Cluster Project in Kanpur
spread over an area of 235 acres. The park project is aimed at re-establishing Kanpur
as the textile hub and leather city (Manchester of the East).
• On the World Wetland Day 2021 (2 February), India got its first specialised institution
- Centre for Wetland Conservation and Management (CWCM) in Chennai. It will work
as a knowledge hub for various stakeholders for conserving wetlands that occupy 4.6%
of the country's total land area.
• Railway Ministry and Road Transport Ministry along with the Border Road Organisation
(BRO) are planning to construct the country's first-ever underwater road-cum-rail
tunnels across the Brahmaputra River in Assam at an estimated cost of Rs 7,000 crore.
• State-run NTPC Ltd will set up India’s largest solar park of 4.75 gigawatt (GW) at Rann
of Kutch in Gujarat from where it will also generate green hydrogen on a commercial
scale. NTPC plans to invest ₹1 trillion between 2019 and 2024 to become a 130GW
power producer by 2032.
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Indian aviation updates

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• Jet Airways has welcomed Akasa Air on Twitter as Rakesh Jhunjunwala-backed airline
announced its airline code on Twitter. Both the airlines will soon start their commercial
flight operations in India.
• Akasa Air on May 17 announced its airline code to be ‘QP’ and plans to start its commercial
flight operations in July 2022.
• Currently, airlines like Indigo, GoAir, and Spicejet are prominent low-cost air carriers,
Akasa Air will join these airlines. On the other hand, airlines like Air India, and Vistara,
operate as full-service providers with international operations as well and Jet Airways will
soon join them.
• After being in the skies for 15 years, Wadia Group owned GoAir has rebranded itself as 'Go
First' as the airline focuses on ultra-low-cost business model.
• The spiraling jet fuel prices are another major worry for the recovering aviation space.
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Digital real-time flood reporting system in Assam

• Jishnu Barua, Chief Secretary, Assam launched a real time Digital Flood Reporting and
Information Management System (FRIMS).
• Assam has a mandatory system of daily flood reporting between May 15 to October
15.
• The FRIMS jointly developed by ASDMA & UNICEF will replace the present manual
system with the web cum mobile application-based technology driven system which
will help in efficient delivery of relief, ex-gratia, rehabilitation grants to the flood
affected people besides tracking of damages to agricultural crops, loss of livestock,
infrastructure damages etc and providing financial assistance for restoration.
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UP govt announces a unique 16-digit Unicode to identify landholdings

• The UP government has introduced a system of issuing a unique 16-digit Unicode to

mark all kinds of landholdings in the state.
• The Unicode number of the land will be 16 digits with the first six digits based on the
population of the land, the next 4 digits determining the unique identity of the land.
The digits from 11 to 14 will be the number of the division of the land. The last 2 digits
will have the details of the category, through which, the agricultural, residential and
commercial land will be identified.
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MasterCard banned from issuing new cards

• The RBI on July 14 put an indefinite ban on Mastercard from issuing new credit, debit
and prepaid cards. The ban came into effect from July 22.
• Mastercard is the third company to have been barred by RBI from acquiring new
customers over data storage issues, after American Express Banking Corp and Diners
Club International.
• The restrictions were put in place because of the company's failure to comply with
local data storage norms that require payments companies to store data related to
Indian customers only in the country. RBI had said that Mastercard was found to be

26
 noncompliant with the directions on 'Storage of Payment System Data' despite being
given adequate opportunities.
• However, the regulator had said the ban on issuing new cards was not going to impact
the services of the existing customers of Mastercard in India.
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Desh Ke Mentor Programme: Delhi Government

• The programme was launched in October 2021, aiming at connecting students in

classes IX to XII with voluntary mentors. Actor Sonu Sood had been appointed as the
brand ambassador for the programme.
• The app, which was developed by a team from Delhi Technological University (DTU),
will connect students and mentors based on how their profile and interests align.
• Recently, the National Commission for Protection of Child Rights (NCPCR) suggested
that the Delhi government suspend its flagship ‘Desh ke Mentor’ Programme till “the
time when all the loopholes pertaining to the safety of the children are overhauled.
• It has stated that assigning children to a mentor of the same gender as them does not
necessarily assure their safety from abuse. It has also expressed concern over the lack
of police verification of the mentors.
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Save Water to Get Free Water: Goa free water scheme

• Goa CM Pramod Sawant announced that the state will become the first state in the
country to supply water free of cost to its citizens.

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 • Sawant launched the 'Save Water to Get Free Water' scheme under which households
in the state will not be charged for consumption up to 16,000 litres.
• He also announced that small businesses and restaurants will be transferred from the
industrial to commercial segment for water billing, due to which, they also will be able
to avail the benefit of this scheme.
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Henley Passport Index : Indian passport status

• India has improved its position by seven places to rank at 83rd place among 111
countries in the latest Henley Passport Index, released for Q1 of 2022.
• The Indian passport has visa-free access to 60 destinations worldwide in Q1 2022, as
compared to 58 destinations in Q4 of 2021.
• Oman and Armenia are the latest destinations where Indian passport holders can visit
without obtaining a visa.
• Japan and Singapore stood at the top of this year’s list, with their passports holders
allowed to travel visa-free to 192 countries.
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UP One District One Product Scheme

• The ODOP programme aims to make product-specific traditional industrial hubs in as

many as 75 districts of Uttar Pradesh.

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 • This scheme will provide job opportunities to 25 lakh unemployed candidates across
the state.
• Under ODOP Scheme, govt. will promote Micro, Small and Medium Enterprises
(MSME) by fostering the traditional industries. Accordingly, UP govt. will provide Rs.
25000/- to local craftsmen and entrepreneurs in the upcoming 5 years.
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Army launches ASIGMA app

• ASIGMA, which stands for Army Secure indigenous Messaging Application, is a new
generation, state-of-the-art, web-based application developed entirely in-house.
• ASIGMA has a variety of contemporary features, including multi-level security,
message prioritisation and tracking, dynamic global address book and various options
to meet the Army's requirements.
• The new application is being deployed on the Army's internal network as a
replacement of Army Wide Area Network (AWAN) messaging application which has
been in service for the past 15 years.
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Karnataka hijab row

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 • In December a government school in Udupi district barred six students from entering
the classroom because they were wearing hijabs. As the controversy spiralled,
students from a college in Mangaluru district made similar claims.
• Several petitions were filed in the Karnataka High Court on January 31 in which Muslim
students sought the right to wear Hijabs in classrooms under Article 14, 19 and 25 of
the Constitution of India.
• The Karnataka government justified the ban on hijab inside classrooms under its 1983
Education Act.
• A three-member bench led by Chief Justice Ritu Raj Awasthi said the wearing of hijabs
is not ‘essential religious practice’ in Islam and that students could not object to
‘reasonable restrictions’ in the form of uniforms. The court upheld the state's February
5 ‘incompetent and manifestly arbitrary’ order and said it did not violate constitutional
provisions.
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Air India Divestment

• Tata Sons, the holding company of Indian multinational conglomerate Tata Group, won
the bid to take control of Air India.
• Tata Airline turned into Air India in 1946 the same year it went public and became a
joint stock company. Soon afterwards, the Tatas initiated the country's first
experiment with public-private-partnership model offering the government to
subscribe to 49 per cent of the airline's capital, while the group retaining 25 per cent
stake, and rest of shares being given to the public. Tatas then wanted to transfer the
management right to the government and therefore kept two per cent of its
shareholding to be offered to the Centre to provide it full control of the airline. After
taking control, the government in 1953 nationalised the airline with 100 per cent
control with the state.
• In June 2017, the government finally approved privatisation of the airline with decision
to divest its entire 100 per cent equity.
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Farmers Protest

• Things took a dramatic turn on January 26, 2021, during India's Republic Day
celebrations when thousands of protestors clashed with police during the tractor
parade called by farmer unions. At Red Fort, the property was damaged and a
protester died in the chaos.
• As months passed, the farmers' agitation became one of the longest and best-
coordinated protests against laws legislated by Parliament that the nation has seen.
The situation took a turn for the worse in October 2021 when eight people were killed
in the Lakhimpur Kheri violence in Uttar Pradesh (UP).
• 11 rounds of talks were held between the Centre and farm unions. The Opposition and
the critics claimed the decision to repeal the farm laws by the Centre was driven by
the looming Assembly elections early next year. The majority of the protesting farmers
were from Haryana, Punjab and Uttar Pradesh, of which the latter two goes to polls in
February-March 2022. Prime Minister Narendra Modi's backing down on farm reforms
was a surprise victory for protesters as the BJP government said last year there was no
question of repealing the laws.
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Assembly elections

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 • Four states -- West Bengal, Kerala, Assam, Tamil Nadu and Union Territory Puducherry
went to polls amid the pandemic. The elections saw massive crowds at rallies of
politicians. All Covid norms had gone for a toss and this was among other reasons that
added to rising cases.
• In West Bengal, Trinamool Congress (TMC) swept the assembly polls with 213 of the
292 seats, while the main rival Bharatiya Janata Party (BJP) bagged 77 seats.
• In Assam, the election saw the incumbent BJP-led NDA retaining power with 75 seats,
which marked the first time a non-Congress alliance winning consecutive terms in the
state. The Mahajot led by Congress won 50 seats.
• Kerala too saw the incumbent Left Democratic Front (LDF) retaining power, marking
the first time that an alliance won consecutive terms in the state since its 1977
election.
• In Tamil Nadu, the DMK led by MK Stalin won the election, ending the decade-long
reign of the AIADMK. The poll was Tamil Nadu's first assembly election after the
demise of the two most prominent Chief Ministers -- J Jayalalithaa of AIADMK and M
Karunanidhi of DMK, who died in 2016 and 2018, respectively.
• In Puducherry, the AINRC-led NDA captured power, dethroning the Congress
government led by Narayanasamy.
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Kashi Vishwanath Corridor

• The Kashi Vishwanath Temple Corridor project in Varanasi connects the iconic Kashi
Vishwanath temple and the ghats along the river Ganga.
• The project is aimed at ensuring easy movement of pilgrims and devotees between the
ghats and the temple. Earlier, they had to pass through congested streets to reach the
temple.
• The first phase of the project, which Prime Minister Narendra Modi will inaugurate in
a short while, has been built at a cost of ₹ 339 crore. The first phase is spread across
an area of about 5 lakh sq feet and comprises 23 buildings.
• The project, foundation stone for which was laid in 2019, will cost about ₹ 800 crore
overall. Over 300 properties have been acquired to implement the grand plan. About
1,400 shopkeeps, tenants and homeowners were rehabilitated, a statement from the
Prime Minister's Office (PMO) said.

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 • More than 40 ancient temples were rediscovered during the work on the project. They
were restored while ensuring there is no change in the original structure, the PMO
statement said.

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PM Modi At UNGA; Meeting with Joe Biden, Harris

• Prime Minister Narendra Modi in September embarked on a historic three-day visit to

the United States for the Quad Leaders’ Summit and the 76th session of the United
Nations General Assembly (UNGA).
• He was hosted at the White House by US President Joe Biden for their first in-person
bilateral meeting ahead of the sessions. The maiden bilateral visit of PM Modi was
dubbed as a 'critical moment' for strengthening bilateral relations between the two
nations. This was also the first-in-person address of PM Modi in the UNGA after the
outbreak of the Covid-19 pandemic.
• Narendra Modi reaffirmed India's commitment to democracy, highlighted its great
strides in developing and manufacturing COVID-19 vaccines, and warned against
“countries with regressive thinking.”
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Tamil Nadu Helicopter Crash

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 • Chief of Defence Staff Gen Bipin Rawat, his wife and 11 others died after the Mi-17V5
helicopter they were flying in crashed in the southern state of Tamil Nadu.
• The accident happened in foggy weather in the hills near Coonoor in Nilgiris district.
Images from the crash site showed thick plumes of smoke billowing from the mangled
remains of the helicopter.
• General Rawat was the country's first Chief of Defence Staff. He was appointed to the
post on January 1, 2020. The helicopter was on its way to Defence Staff College in
Wellington where General Rawat was to give a lecture.
• The helicopter crash was one of the deadliest in the history of military aviation.
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PM Modi Meeting with Pope Francis

• On October 30, Prime Minister Narendra Modi met with Pope Francis, spiritual head
of the 1.3 billion Catholics spread across the globe. The meeting took place at the
Vatican City.
• He met Pope Francis on the sidelines of the G20 summit in Rome. Narendra Modi was
the first Indian Prime Minister to meet Pope Francis since he became head of the
Catholic Church in 2013. The Prime Minister invited Pope Francis to visit India
• PM Modi and the Pope discussed a wide range of issues aimed at making our planet
better such as fighting climate change and removing poverty.
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Central Vista

• The Central Vista project was announced in 2019 and the foundation stone was laid by
Prime Minister Narendra Modi in 2020. The Central Public Works Department (CPWD)
is executing the project. The project is expected to cost around Rs 12,000 crore. It will
be fully completed by 2024.
• The redevelopment project of the Central Vista -- the power corridor of the country --
envisages a new triangular Parliament building, a common Central Secretariat and the
revamping of the three-km-long Rajpath from the Rashtrapati Bhavan to India Gate
and new residences for the Prime Minister and the Vice President.
• The work for the first phase of redeveloped Central Vista Avenue, which comprises the
Rajpath leading from the Rashtrapati Bhawan to the India Gate, is now scheduled to
be completed by May 2022, the Centre said in the Parliament on Monday. This phase
of the project was earlier scheduled for completion by December 2021.
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Nagaland firing incident

• On December 4, the Army's Special Forces, acting on specific intelligence, laid an

ambush for insurgents in Nagaland.
• Six innocent people were killed when the ambush fired on a vehicle suspected to be
ferrying the insurgents. The Army authorities were quick to acknowledge that it was a

35
 case of 'mistaken identity' and army personnel on the ground swiftly evacuated the
two injured to a nearby hospital. As the evening progressed, angry locals attacked the
Army personnel.
• One soldier was killed and many more were injured. Two army vehicles were burnt. In
order to disperse the mob, the Army personnel opened fire and consequently, seven
people died in the firing. Violence continued the following day, as the Company
Operating Base of Assam Rifles in Mon town was attacked by an infuriated mob,
compelling the forces to open fire to protect lives and property. One person was killed,
and another injured in the firing.
• On December 6, Union Home Minister Amit Shah unequivocally regretted the incident
in Parliament and ordered an interagency SIT to carry out the investigations and submit
its report within a month. Additionally, a Court of Inquiry was ordered by the Indian
Army.
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Assam- Mizoram border dispute

• At least six Assam Police personnel were killed and several others suffered injuries in
clashes at Assam-Mizoram border on Monday, July 26. Both the state's claim land on
the border between Cachar in Assam and Kolasib in Mizoram. In October last year,
residents of Assam and Mizoram had clashed twice over the territory, leaving a dozen
injured.
• The border dispute between Assam and Mizoram dates backs to the British era. In
1875, a notification was issued that differentiated Lushai Hills from the plains of Cachar
(a district in Assam). In 1933, another notification was issued that demarcated a
boundary between Lushai Hills and Manipur.
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India – China border row

India and China achieved a major milestone in 2021 when the bilateral trade crossed USD 100
billion. However, it did not generate any fanfare as the two Asian giants were engaged in a
major border standoff following a violent clash in the Galwan Valley of Ladakh in 2020. China
violated agreements that led to the military standoff. The clash claimed the lives of 20 Indian
soldiers and more than 40 Chinese soldiers. It is the first deadly skirmish in decades between
the two neighbours at their disputed border. The clash saw both sides gradually enhancing
their deployment by rushing in tens of thousands of soldiers as well as heavy weaponry. The
disengagement started after a series of military-level talks between the two sides.
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Vladimir Putin visits India

Prime Minister Narendra Modi hosted Russian President Vladimir Putin for the 21st Annual
Summit in New Delhi on 6th December. Though by normal diplomatic standards this official
visit was a short one - President Putin was in Delhi for less than four hours, its timing and
outcome were significant, both for bilateral relations and on key questions concerning the

37
global situation. A Joint Statement was released at the conclusion of the Summit. 28
agreements and MOUs were concluded. Earlier that day, the first 2+2 meeting at the
Ministerial level was held in addition to separate bilateral meetings, respectively, between the
Foreign and Defence Ministers of both countries. Given the complications of the Covid
pandemic, the restoration of physical meetings at the Summit level, after a gap of two years,
is significant in its own right. The last bilateral Summit was held in September 2019, when
Prime Minister Modi was chief guest at the Eastern Economic Forum held in Vladivostok.
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Uttarakhand disaster

The disaster began in February in the environs of the Nanda Devi National Park, a UNESCO
World Heritage Site. It was caused by a large rock and ice avalanche consisting of material
dislodged from Ronti peak. The avalanche caused large-scale damage to the NTPC's Tapovan-
Vishnugad hydel project besides totally demolishing the Rishiganga hydel project. This also
caused flooding in the Chamoli district. The NTPC's Tapovan-Vishnugad hydel project was
destroyed. The disaster killed over 300 and several went missing. Most were workers at the
Tapovan dam site.
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Cyclones that hit India in 2021

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 • India witnessed four cyclones -- Gulab, Tauktae, Yaas and Jawadin 2021, leaving behind
a trail of destruction across several states.
• Gulab was a storm that impacted eastern states on September 24. It made landfall in
Andhra Pradesh on September 26, 2021, but was weakened.
• Tauktae was a powerful, deadly and damaging tropical cyclone that became the
strongest tropical cyclone to make landfall in Gujarat since the 1998 cyclone. Tauktae
began to parallel the coast of the Indian states of Kerala, Karnataka, Goa and
Maharashtra, before intensifying into a very severe cyclonic storm on May 16. It
intensified into an extremely severe cyclonic storm, making landfall on a subsequent
day near the coast of Gujarat. Tauktae brought heavy rainfall and flash floods to areas
along the coast of Kerala and on Lakshadweep. There were reports of heavy rain in the
states of Goa, Karnataka and Maharashtra as well. It resulted in at least 169 deaths in
the country and left more than 80 people missing.
• Yaas was a strong and very damaging tropical cyclone that made landfall in Odisha in
May. It also affected West Bengal. Around 20 people across India and Bangladesh died
due to Yaas. Although Jawad was a weak tropical cyclone, it caused major disruptions
over Andhra Pradesh, Odisha and West Bengal while bringing heavy rainfall and strong
winds over these states as a weakened system.

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PM Gati Shakti Plan

• On India’s 75th Independence Day, Prime Minister Narendra Modi announced that the
Centre will launch ‘PM Gati Shakti Master Plan’, a Rs. 100 lakh-crore project for
developing ‘holistic infrastructure’.
• The PM Gati Shakti will also ensure true public-private partnership in infrastructure
creation from infrastructure planning to development and utilisation stage, the Prime
Minister noted.
• Emphasising on the importance of PM Gati Shakti initiative, he said in 2013-14, the
direct capital expenditure of the Government of India was about Rs 2.50 lakh crore,
which has increased to Rs 7.5 lakh crore in 2022-23.
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 PHARMA
Covid-19 in India | Updates

• More than a year after the onset of the pandemic, the country in April saw the
pandemic taking an ugly turn, something that was unpredictable. Even as the
government was making efforts to scale up vaccination, the country started recording
more than 4 lakh active cases and 40,000 deaths daily.
• The rise in mutant variants of SARS-CoV-2 virus -- Delta (B.1.617.2), even led to
concerns regarding vaccine effectiveness.
• The shortage of Liquid Medical Oxygen, hospital beds exposed the grim reality of the
country's healthcare system.
• The Ministry of Railways started running Oxygen Express to transport Liquid Medical
Oxygen from one city to another. The situation was, however, brought under control
with the scaling up vaccination and people strictly adhering to the Covid protocol.
• Covaxin was one of the first two vaccines that were granted approval for emergency
use in India by the DGCI. The other vaccine that was granted emergency use nod in
India by the DGCI in January is Covishield.
• The third vaccine to obtain the regulator's nod for vaccination was Sputnik V. In
December, two more Covid vaccines (Corbevax and Covovax) and one pill
(Molnupiravir) were given the nod for emergency use. Other than this, vaccines that
have been given the nod for emergency use in India are ZyCoV-D, Moderna, Corbevax,
Covovax and Johnson and Johnson. However, these vaccines are currently not
available in the market.
• India achieved the landmark of administering 100 crore Covid-19 vaccines on October
21.
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Pfizer Projects 2021 Revenues of $81 - $82 Billion

• The financial impact of the pandemic on individual company performance is most

dramatically illustrated by Pfizer, which has projected 2021 revenues of between $81
billion and $82 billion, which includes anticipated 2021 revenues of approximately $36
billion for Comirnaty, its COVID-19 vaccine developed in partnership with BioNTech.
Revenues for non-COVID-19 products for the full-year 2021 are estimated at $45 billion
to $46 billion.
• The projected 2021 revenues of $36 billion for its COVID-19 vaccine represents the
largest annual revenue amount for a single product in the history of the bio/pharma
industry. To put into perspective, the top-three selling pharmaceuticals from 2020
were: AbbVie’s Humira (adalimumab), an anti-inflammatory drug to treat multiple
conditions, at $19.8 billion; Merck & Company’s anticancer drug, Keytruda
(pembrolizumab), with sales of $14.4 billion; and Bristol-Myers Squibb’s (BMS)
Revlimid (lenalidomide), an anticancer drug acquired from BMS’ $74-billion acquisition
of Celgene in 2019, with 2020 revenues of $12.1 billion.
• Pfizer made a bold move by deciding to develop the vaccine independently, along with
its partner, BioNTech, a Mainz, Germany-based bio/pharmaceutical company.
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Merck & Co’s. Spin-Off of Organon

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 • A major reorganization of a large bio/pharmaceutical company was Merck & Co.’s spin-
off of its women’s health, established brands, and biosimilars businesses to form a
new, independent company, Organon, which launched in June 2021. Merck had
announced its intention to spin off the company in February 2020 through a
distribution of Organon’s publicly traded stock to company shareholders.
• In making the decision to spin off those three business (women’s health, established
brands, and biosimilars), Merck stressed its commitment to what it deemed as its
growth pillars in oncology, vaccines, hospital and specialty products, and animal
health, which it expects will drive approximately 90% of Merck’s revenue growth going
forward.
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J&J to split into two separate companies

• An important strategic company move in 2021 was the decision by Johnson & Johnson
(J&J), announced in November 2021, to split the company into two separate,
standalone, publicly traded companies, one focused on pharmaceuticals and medical
devices, and the other on consumer health.
• The new J&J, focused on pharmaceuticals and medical devices, is expected to have full-
year 2021 revenues of approximately $77 billion, and the planned new Consumer
Health company is projected to have full-year 2021 revenues of $15 billion.
• In a leadership move announced earlier in 2021, Alex Gorsky, currently Chairman &
CEO, J&J, will serve as Executive Chairman of J&J and transition the CEO role to Joaquin
Duato, currently Vice Chairman of the company’s Executive Committee, effective
January 3, 2022. Mr. Duato would continue to lead the new J&J following completion
of the planned separation.
• The company is targeting completion of the planned separation in 18 to 24 months (as
reported on November 12, 2021), subject to the satisfaction of certain conditions.
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AstraZeneca’s $39-Bn Acquisition of Alexion Pharmaceuticals

• the largest deal from 2021 was AstraZeneca’s completion of its $39-billion acquisition
of Alexion Pharmaceuticals, a Boston-based bio/pharmaceutical company focused on
rare diseases. With the closing of the deal, AstraZeneca formed a dedicated rare-
disease group, Alexion, AstraZeneca Rare Disease, headquartered in Boston.
• The acquisition gives AstraZeneca a further scientific presence in immunology and
Alexion’s complement-biology platform and pipeline focused on rare diseases. Alexion
posted 2020 net product sales of $6.07 billion. Its top-selling product is Soliris
(eculizumab), which is approved to treat two rare blood disorders. The drug posted
2020 revenues of $4.06 billion and accounted for 69% of the company’s 2020 net
product sales.
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Novartis exits 20-year Roche stake

• Novartis has agreed to sell back 53.3 million Roche bearer shares, or roughly 33% of
Roche's voting stake, for about $20.7 billion, allowing for what Roche called the
“disentanglement of the two competitors.”
• The share buyback comes as Roche’s stock price on the SIX Swiss Exchange has been
trading at all-time highs thanks in part to its strong performance from COVID-19
products. The move also comes as the two companies have grown increasingly
competitive against one another.
• For Roche, by removing the ownership of a third of its voting power by a competitor,
the company has “gained even more strategic flexibility”.
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Thermo Fisher completes $17.4B acquisition of PPD

• Thermo Fisher Scientific has concluded its previously announced acquisition of clinical
research services provider PPD in a deal valued at $17.4bn in cash, assuming the net
debt of nearly $3bn.
• In April 2021, Thermo Fisher entered a definitive agreement to acquire PPD for
$47.50 for each share.
• With the takeover, Thermo Fisher intends to provide a complete suite of services
across the clinical development spectrum, comprising scientific discovery, safety,
efficacy and healthcare outcome assessment, handling trial logistics, as well as the
development and production of the therapeutics.
• The company expects to realise nearly $125m in overall synergies by three years
following the acquisition.
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Moderate Growth for Global Bio/Pharma Industry, US Growth Slows

• Near-term growth projections for the bio/pharma industry show moderate growth
overall through 2025, but show flat-to-moderate growth in the US, increased
biosimilars and generic competition in Europe, and slowing growth in major emerging
markets such as China.
• Global spending on medicines—using invoice price levels—is expected to grow at a
compound annual growth rate (CAGR) of 3%–6% through 2025 to reach about $1.6
trillion by 2025, excluding spending of COVID-19 vaccines, according to a 2021 analysis
by the IQVIA Institute for Human Data Science.
• Figure 3 below outlines the growth prospects in developed countries (defined as those
countries with upper-middle or high incomes), “pharmerging” countries (defined as
the most promising emerging market countries for medicines spending), and lower-
income countries, which represent only a small fraction of global spending on
medicines.

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• Medicines spending in developed countries is expected to grow 2%–5% from 2021
through 2025, similar by comparison to the past five years (2016–2020). Pharmerging
countries will see slowing growth and volume declines across many markets with an
overall CAGR in the forecast period (2021–2025) of 7%–10%, according to the IQVIA
Institute analysis.

• The US, the largest national market in the global bio/pharma market with an
approximate 40% share, will see flat to low single-digit growth (0%–3%) at net levels
from 2021 to 2025 (see Figure 4 above) as rising off-invoice discounts and rebates are
expected to slow spending growth over time. In total, off-invoice discounts and rebates
are projected to be 31% lower than the invoice level in 2020 and 36% lower than the
invoice level projected in 2025.

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 • In addition to discounts and rebates, ongoing market dynamics around the use of
medicines, the adoption of newer treatments, the impact of patent expiries, and new
competition from generics or biosimilars will all contribute to historically slow market
growth in the US for the next five years (2021–2025).
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Pharma exports hit Rs 1.83 lakh crore in 2021-22

• Pharma exports have touched Rs 1,83,422 crore in 2021-22 against Rs 90,415 crore in
2013-14, said the commerce ministry
• The exports in 2021-22 sustained a positive growth despite the global trade disruptions
and drop in demand for COVID-related medicines, it added.
• India ranks third worldwide for production in terms of volume and 14th by value.
• The current market size of the domestic pharmaceutical industry is around $50 billion.
• The share of pharmaceuticals and drugs in the global exports is 5.92 per cent.
• Formulations and biologicals continue to account for a major share of 73.31 per cent
of the country's total exports, followed by bulk drugs and drug intermediates,
according to the ministry.
• India's top five pharma export destinations are the US, UK, South Africa, Russia and
Nigeria.

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 BFSI
Yes Bank launches Agri Infinity Program

• Private sector lender, Yes Bank has launched an ‘Agri Infinity’ programme for digital
financing solutions in the food and agriculture sector ecosystem by mentoring
entrepreneurial ventures in this field.
• Agri-fintech start-ups working on financial innovations across the food and agriculture
value chain are eligible to apply under this programme and can work with Yes Bank for
digital solutions.
• Through the initiative, a select cohort of startups will not only receive mentoring by
veteran bankers for experiential co-development but also get access to YES BANK’s
digital banking infrastructure and network, collaborative opportunities to pilot new
solutions and fundraising advisory.
• Those involved in originations, farmer on-boarding, farmer KYC, credit scoring, risk
assessment, monitoring and mitigation, disbursement and recovery solutions and cash
management system, among others, can apply.
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JP Morgan becomes first bank to enter the metaverse

• JP Morgan has become the world’s first bank to set up shop in the metaverse.

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 • The largest bank in the US has opened a lounge in the blockchain-based world
Decentraland.
• Users can create their virtual avatars, build virtual spaces and roam in the lounge
christened ‘Onyx Lounge’ after its suit of Ethereum-based services.
• The lounge also features a digital image of the bank’s CEO Jamie Dimon.
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Axis Bank launches the initiative ‘HouseWorkIsWork’

• Due to a low participation of urban educated women in the workforce, Axis Bank has
launched the ‘HouseWorkIsWork’ project, which provides possibilities for those who
want to return to the workforce.
• The intent behind this initiative is to give these women the confidence that they are
employable, that they have skills, and that they can fit in various job roles in a bank,
and it is about getting these women back to work.
• ‘HouseWorkIsWork’ is the bank’s method of branching out beyond the tried-and-true
models.
• the concept of ‘HouseWorkIsWork’ arose from an intriguing and innovative résumé of
one of the company’s newest hires, Pallavi Sharma, who skillfully compared her
numerous home jobs to those at professional firms.
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The Merger of HDFC Bank and HDFC Ltd

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 • Mortgage lender HDFC Ltd. and India’s largest private sector bank HDFC Bank
announced a mega merger in April 2022.
• The amalgamation will create a financial behemoth that is expected to better tap the
rising demand for credit.
• The proposed transaction is to create a large balance sheet and net-worth that would
allow greater flow of credit into the economy. It will also enable underwriting of larger
ticket loans, including infrastructure loans -- an urgent need of the country.
• As a result, when the scheme takes effect, public shareholders would control 100% of
HDFC Bank, while existing HDFC Ltd. shareholders will own 41%.
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Paytm Payments Bank punished for breaching data to Chinese firms

• The RBI has stopped Paytm Payments Bank from accepting new customers because it
broke the laws by allowing data to transit to servers in other countries and failing to
properly authenticate its consumers.
• Annual inspections by the Reserve Bank of India (RBI) discovered that the company’s
servers were sharing information with China-based organisations that indirectly held
an interest in Paytm Payments Bank.
• The Reserve Bank of India said in a statement that the bank has also been asked to
appoint an audit company to perform a complete assessment of its IT system.
• Customers’ services will not be affected, according to the statement. Existing PPBL
customers will be able to continue to benefit from seamless banking and digital
payments services without interruption, according to the statement.
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IndusInd Bank’s Indus Merchant Solutions App won Digital CX Awards

• ‘Indus Merchant Solutions’, a mobile app for merchants of IndusInd Bank, got the
Digital CX Awards 2022 for ‘Outstanding Digital CX – SME Payments’.
• ‘Indus Merchant Solutions’ was launched in November 2021. It is a mobile application
(app) to enable merchants, retailers, and professionals to various facilities such as
Accepting instant cashless payments through multiple digital modes, tracking
inventory via in-built dashboards, apply for an exclusive Point of Sale (POS) machine to
facilitate card-based payments, Avail small ticket business loans from the Bank, etc.
• The Digital CX Awards is organised by Digital Banker, a globally trusted financial news
service provider that recognises the world’s leading Financial Services Organisations
(FSO) that blend the best of technology, and innovation, with the power of their people
to provide a superior customer experience and reinvent their industry.
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Kotak Mahindra Bank Launches Digital Platform, FYN

• Kotak Mahindra Bank (KMBL) has launched Kotak FYN, a new enterprise platform
designed specifically for Business Banking and Corporate clients. Customers of the
bank can utilise the portal to conduct all trade and service transactions.
• Kotak FYN seeks to provide clients with a consistent experience across all product
platforms through a unified perspective.
• The platform ensures paperless transactions and the ability to follow transactions from
beginning to end.
• It delivers status updates, decreasing requests and retrieval of uploaded documents,
as well as a safe and secure channel with authentication.
• Kodak FYM is a digital corporate portal that serves as a one-stop shop. The backbone
of rising digital trade will be FYN’s end-to-end digital architecture, better efficiency,
speed, and enhanced security protocols.
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Nexo launched World’s first crypto-backed payment card – Nexo card

• London-based Cryptocurrency lender, Nexo has joined hands with global payments
company Mastercard to launch the world’s first “crypto-backed” payment card.
• Electronic money firm DiPocket is Nexo’s card issuer. The card requires no minimum
repayments, monthly, or inactivity fees.
• There are no FX fees for up to 20,000 euros per month. Interest remains at 0% for
customers who maintain a loan-to-value ratio of 20% or below.
• Initially, the card will be available in selected European countries. There are no
restrictions on how much a customer can spend or withdraw from the open credit line
and interest is only paid on the amount of credit actually used.
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Mahila Money, Visa, And Transcorp Launched Prepaid Card for Women entrepreneurs

• The digital payments network Mahila Money, Visa, and Transcorp Prepaid Payment
Instruments (PPI) have launched Mahila Money Prepaid Card to help women
entrepreneurs easily collect payments, loans and get incentives for transactions.
• The card is for community members who want the convenience of a bank account with
added flexibility, safety and convenience. This collaboration will pave the way to
economic freedom and financial inclusion for millions of women entrepreneurs.
• The card makes it easy for women entrepreneurs to collect payments digitally for their
businesses and helps boost their working capital, as loans can be transferred directly
into the card.

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 • Users are offered incentives, rewards, and cashback from the Mahila Money
ecosystem of partners. The card is useful for women who may not operate their bank
accounts actively but want to transact digitally for their businesses and expenses.

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HDFC Life joined UN as signatory

• HDFC Life has joined the UN-backed Principles for Responsible Investment (PRI),
demonstrating its commitment to long-term value creation and sustainable growth.
HDFC Life is dedicated to the Responsible Investment principles (RI).
• The Group feels that it is its moral duty as an active asset manager for policyholders
who have entrusted their funds to HDFC Life to deliver maximum risk adjusted returns
in the long run.
• This goal can be achieved by using the RI approach to investment decisions, which
comprises core stewardship principles and consideration of environmental, social, and
governance (ESG) considerations in addition to financial parameters and prospects.
• This approach is in line with HDFC Life’s vision of long-term growth. The company
presently has about Rs. 2 lakh crores in assets under management.
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India gets 100th unicorn startup as Neobank opens

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 • India got its 100th unicorn when neo-banking fintech portal, “Open”, raised fresh
capital to push up its value to over a billion dollars.
• The five-year-old Bengaluru-based Neobank raised $50 Mn in a Series D funding round
from IIFL, Singaporean state holding company Temasek, American investment firm
Tiger Global and another Indian firm 3one4 Capital. This helped its valuation cross the
$1 bn mark.
• The funding comes just six months after Google, Temasek, Visa, and Japan’s SoftBank
invested $100 million in the Neobank startup.
• This funding signifies the enthusiasm in the Indian startup ecosystem, which is the
world’s third-largest according to Economic Survey, 2021-22. India overtook the UK to
reach the spot after the US and China, which added 487 and 301 unicorns respectively,
according to the survey.
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Bank Of Baroda launched a new feature ‘BoB World Gold’ for Senior Citizens

• Bank of Baroda has launched “BoB World Gold”, a new feature on its BoB World mobile
banking platform for seniors and the elderly.
• It is a unique digital banking platform that has been designed to provide its senior
customers with a simple, smooth and secure mobile banking experience. This platform
has easy navigation, large fonts, sufficient spacing and clear menus.
Features of BoB World Gold:

• Simple and Easy User Interface: A minimalistic design and simple infographics
supported by easy-to-navigate screens and ready-to-assist voice-based search service,
provided right on the dashboard.
• Customization: BoB World Gold is customized to understand the preferences of senior
citizen customers with relevant and favourite menu options.
• Preferential research-based service: BoB World Gold is customized specifically for
senior citizens (60 years and above) and provides a new revamped dashboard with

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 larger icons and fonts, better-contrasting colours with special attention given to
helping text, tooltips, and navigation.
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Airtel Payments Bank tie-up with IndusInd Bank to offer FD Facility

• Airtel Payments Bank has partnered with IndusInd Bank to offer fixed deposit (FD)
facilities to its customers.
• A customer can open FD of Rs 500 up to Rs 190,000 on the Airtel Thanks app. With this
partnership, customers of Airtel Payments Bank savings account will get an interest
rate of up to 6.5 %p.a. and senior citizens will get an additional 0.5% on all fixed
deposits.
• Customers of the Airtel Payments Bank will be able to book several FDs for a fixed term
of one, two, or three years.
• Customers can dissolve an FD before its maturity date via the Airtel Thanks app without
incurring any penalties or processing fees for early withdrawals. Within minutes, the
invested amount will be paid back to the associated account.
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Axis Bank and IDBI Bank fined 93 lakh each by RBI

• The Reserve Bank of India announced that it has fined IDBI bank and Axis Bank Rs 93
lakh each for a variety of infractions, including those connected to KYC standards.

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 • The RBI, on the other hand, stated that the penalties are based on regulatory
compliance issues and are not intended to rule on the validity of any transaction or
arrangement they have with their clients.
• IDBI Bank was fined for failing to follow instructions on ‘fraud classification and
reporting by commercial banks and select financial institutions.’
• According to another announcement, it was also punished for violating standards on
strengthening the controls of the payment ecosystem between sponsor banks and
corporate customers such SCBs/UCBs’ and ‘cyber security framework.’
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Indian Bank launched Digital Broking solutions ‘E-broking’

• Indian Bank has introduced its digital broking solution – ‘E- Broking’, as a strategic
move toward comprehensive digitalisation of its customer products.
• E-Broking, an instant and paperless demat & trading account opening service, is now
available through the bank’s mobile banking app, IndOASIS. The product was
introduced in collaboration with Fisdom, the bank’s financial technology partner.
• The E-Broking initiative will assist the bank in increasing its CASA (Current Account
Savings Account).
• This initiative also enables the customers to invest in the ongoing Life Insurance
Corporation of India (LIC) Initial Public Offering (IPO) effectively.
• IndOASIS, the bank’s mobile banking app, would provide users with a unified
experience ranging from Demat and trading account opening to reduced broking
services backed by research-based investment in the secondary market, starting with
equity, futures, options, and initial public offerings on a single platform.
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RBI Unveiled Framework For Geo-Tagging Of Payment System Touch Points

• The Reserve Bank of India (RBI) has released the framework for geo-tagging of
payment system touchpoints. The framework is part of the central bank’s focus for
deepening digital payments and providing inclusive access to all citizens of the country.
• Geo-tagging of payment system touchpoints will enable proper monitoring of the
availability of payment acceptance infrastructure like Points of Sale (PoS) terminals,
Quick Response (QR) codes, etc.
• Geo-tagging of Payment System TouchPoints/acceptance infrastructure under Section
10 read with Section 18 of Payment and Settlement Systems Act, 2007 (Act 51 of 2007).
• This system will be deployed by banks / non-bank Payment System Operators (PSOs)
to ensure proper monitoring of the availability of payment acceptance infrastructure.
The framework was issued on the lines of the Monetary Policy Statement 2020-21of
October 08, 2021.
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Union Bank becomes first public sector bank to go live on account aggregator framework

• Union Bank of India became the first public sector bank to go live on the Account
Aggregator (AA) ecosystem. The framework facilitates sharing of financial information
on a real-time basis between regulated entities.
• AAs are licensed by the Reserve Bank of India to enable the flow of data between
Financial Information Providers (FIPs) and Financial Information Users (FIUs). The
Account Aggregator Ecosystem helps the Lenders to leverage Digital data acquired
with the consent of the Customers for providing them with a seamless journey and
eliminating the need of physical documentation.

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 • Financial Information User (FIU) can request data from the Financial Information User
(FIP) based on a simple consent given by the Customer on their Account Aggregator
handle.

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HDFC Bank to launch ‘SmartHub Vyapar Programme’ and ‘Autofirst’ app

• HDFC Bank has announced to launch the “SmartHub Vyapar programme” & ‘AutoFirst’
app the following two initiatives/application to give a digital push to small business
loans.
• The financial institution has onboarded over 2.7 million retailers and is buying 100
thousand retailers each month. More than half of the newly onboarded retailers solely
function by means of the app platform.
• HDFC Bank is also looking to launch a utility ‘AutoFirst’ that may provide totally
automated auto loans.
• The SmartHub Vyapar programme for retailers will probably be launched quickly. It is
an app that bundles all cost platforms – playing cards, UPI, QR code, faucet pay and
SMS-based funds.
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Chennai Super Kings and ICICI Bank partners for co-branded credit card

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 • ICICI Bank announced that it has partnered with Chennai Super Kings (CSK), one of
India’s most successful cricket teams, to introduce a co-branded credit card. The card,
dubbed the ‘Chennai Super Kings ICICI Bank Credit Card,’ has been expressly developed
with a range of exclusive perks for the iconic team’s millions of cricket fans.
• The new card is part of a limited-edition line of co-branded credit cards offered by the
Bank to allow sports fans to interact with their favourite teams while also taking
advantage of credit card features.
• The new card is another addition to an exclusive set of co-branded credit cards offered
by the Bank to enable sports enthusiasts to connect with their favourite teams as well
as avail benefits of a credit card.
• ICICI Bank and Manchester United, a professional football club in England, launched a
co-branded credit card four years ago.
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City Union Bank & NPCI launched ‘On-the-Go’ wearable keychain

• City Union Bank (CUB), in collaboration with National Payments Corporation of India
(NPCI) and its manufacturing partner Seshaasai, has announced the launch of RuPay
On-the-Go contactless wearable keychain for its debit card customers.
• This contactless wearable keychain will be part of their daily lifestyle and enable
customers to tap and make cashless payments securely.
• This On-the-Go solution allows the bank’s customers to carry payment cards on their
keychains, making for fast and convenient payments up to ₹5,000 at all Rupay-enabled
point of sale devices (PoS) without entering a PIN.
• This would increase digital payment behaviour among customers, especially the
younger generation and students, by enabling faster check out and less waiting in
queue with features to set the spending limit, enable/disable usage through net
banking, and CUB’s All-in-One mobile app.
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 E COMMERCE AND STARTUPS
IndiaMART InterMESH acquires 51.09% stake in Livekeeping

• Finlite Technologies Private Limited (Livekeeping) has received a Rs 45.98 crore

investment from IndiaMART InterMESH, India's largest B2B marketplace, which will
give the company a 51.09 percent share. IndiaMART will invest Rs35 crore in the
company through a primary infusion and purchase the remaining shares from the
promoters as part of the deal.
• Finlite Technologies' 'Livekeeping' brand provides value-added services to
organisations in addition to their existing on-premise accounting software, primarily
"Tally". It offers desktop-based digital connection with on-premise accounting
software that immediately syncs data to its mobile-based application, allowing users
to examine their accounting data on the go.
• Businesses can use the Livekeeping application to view, analyse, and exchange
accounting data like as sales, receivables, and outstanding payments in real time.
Furthermore, Livekeeping provides APIs for connecting on-premise accounting
software with various e-commerce platforms, ERPs, and software, allowing for rapid
data transfer.
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Flipkart marks debut into the healthcare sector with Flipkart Health+ App

• Flipkart Health+, India's homegrown Flipkart Group's digital healthcare marketplace

platform, today announced the introduction of the Flipkart Health+ app, a tech-
platform that gives millions of customers across the country access to real
pharmaceuticals and healthcare items and services.
• Flipkart Health+ will offer quick and convenient access to quality and inexpensive
pharmaceuticals and healthcare products from independent vendors through the
Flipkart Health+ app, with an aim to serve clients across 20,000 pin codes in India.

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 • Flipkart Health+ would benefit from the Flipkart Group's expertise and last-mile supply
chain skills, as well as Sastasundar.com's extensive healthcare network across the
country. It aspires to boost India's healthcare ecosystem by providing inexpensive
access to a wide range of medicines and healthcare products and services, as well as
collaborating with the healthcare ecosystem on long-term sustainable well-being and
social development.
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PM Modi to launch Madhya Pradesh start-up policy

• The state of Madhya Pradesh is announcing its Startup Policy and Implementation Plan
- 2022, with the goal of promoting startups and encouraging entrepreneurs.
• This startup policy includes provisions to help strengthen and realise the
entrepreneurial ideas of the state's youth. To raise awareness about the Madhya
Pradesh Startup Policy, a series of events are being planned across the state.
• The SPARK Sagar Smart City Incubation Centre has achieved significant progress in
promoting the Madhya Pradesh Startup Policy 2022. Various educational institutions,
businesses, and the startup community, notably Government ITI College and Edina
Institute of Science in Sagar, have held policy awareness bootcamps and workshops.
Not only that, but a live webinar including startup policy experts and consultants was
held today to explore the essential components of the MP Startup Policy. This webinar
was broadcast on all of Sagar Smart City's social media accounts.

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Amazon Offers Intellectual Property Protection for Businesses in India

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 • Amazon, the e-commerce behemoth, introduced its Intellectual Property Accelerator
or IP Accelerator programme, which aims to give sellers, particularly those who are
also brand owners, access to legal services.
• This access will assist sellers gain trademark protection for their businesses as well as
safeguard them from infringement on Amazon websites across the country.
• Amazon's IP Accelerator programme already available in the United States, Europe,
and Canada.
• The Intellectual Property Accelerator Program helps businesses secure their
intellectual property, which helps to ensure that everyone has an authentic shopping
experience.

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Walmart invites Indian sellers to sell on Walmart Marketplace, reach over 120 mn US
consumers

• Walmart announced that Indian manufacturing and trading companies can now offer
as cross-border vendors on its Walmart Marketplace, reaching over 120 million US
shoppers each month.
• Walmart said it lay out a thorough roadmap for local sellers with export ambitions at
the recent Walmart Global Seller Summit in New Delhi, alongside Flipkart and cross-
border commerce provider Payoneer. Walmart's goal is to increase sourcing from India
to $10 billion per year by 2027, according to the roadmap.
• Walmart Marketplace already has over 170 million unique items and plans to add
40,000 new merchants this year. It also wants to increase its product selection to over
200 million things. Walmart believes India-made products have a lot of potential in
high-demand categories including furniture, bedding, and home décor.
• In India, Walmart's Vriddhi supplier development programme provides training and
support to MSMEs with export ambitions.
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Bharti Airtel, Tech Mahindra to co-develop and market 5G use cases in India

• Airtel and Tech Mahindra will collaborate to create a 5G innovation centre that will
focus on building 'Make in India' use cases for both the domestic and global markets.
• This is a win-win cooperation because the two companies have proven technology
skills and deep consumer trust.
• In India, Airtel has led 5G demonstrations and testing, while Tech Mahindra has
created world-class 5G applications and platforms.
• Airtel's industry-leading integrated connectivity portfolio of 5G ready mobile networks
will be combined with Tech Mahindra's system integration capabilities to bring
customised Enterprise Grade Private Networks to market.
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Tiger Global is now an investor in three of the five B2B ecommerce unicorns in India

• In a new $207 million investment round headed by Tiger Global, OfBusiness, which
allows enterprises to buy bulk orders from merchants online, has increased its
valuation to $3 billion.
• When it secured $160 million from SoftBank, Falcon Edge, and Matrix Partners in July,
the company was valued at $1.5 billion. Softbank, along with Falcon Edge-managed
Alpha Wave Incubation, contributed $43 million to the newest round.
• Tiger Global, based in New York, has invested $150 million in the New Delhi-based
startup, which is also a backer of Infra.Market and Moglix, two other B2B
marketplaces. In the next round, it is expected to inject another $15-20 million.
• OfBusiness has completed its third significant fundraising round this year. The
company raised $110 million in April this year, backed by Falcon Edge Capital, at a
valuation of $800 million.

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 • Interestingly, this is Tiger Global's third unicorn investment in the B2B ecommerce
area. In this sub-segment of B2B, Infra.Market, Moglix, and OfBusiness are
competitors, but their businesses are significantly different.

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Social e-commerce platform DealShare raises $45 million from ADIA

• DealShare, a social e-commerce platform has raised another $45 million from the Abu
Dhabi Investment Authority (ADIA) as part of its series E investment round, bringing its
total funding to $393 million and valuation to $1.7 billion.
• The money will be used to improve product innovation and technology to support the
company's rapid expansion and expanding client base, according to the company.
• The company has grown to over 10 million customers and over 100 cities across 10
states in only three years.
• DealShare combines low-cost essentials with a gamified, fun-filled, and virality-driven
purchasing experience, making online shopping simple for first-time internet users.

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Tata's BigBasket is finally joining Swiggy, Blinkit in 10-minute grocery delivery

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 • BigBasket, an online grocery delivery service bought by Tata Digital last year, stated
that it will offer 10-20 minute delivery through BBnow within a 1.5-2.5 kilometre
radius. The BBnow service will sell over 3,000 products.
• Apart from that, BigBasket will focus on BBexpresss one-hour delivery within a 6-
kilometer radius of the business. Over 8,000 products would be available on the
BBexpress.
• For these operations, the corporation will rely on its own dark stores. Dark stores are
small fulfilment centres geared to expediting online orders. Although there is no limit
to the number of products that may be ordered through these platforms, the company
claims that typical order amounts range from 3-5 products to about $400 for speedy
commerce deliveries.
• Tata Digital's flagship app TataNeu will include BigBasket. The Tata Enterprise
organisation also stated that they have established a "massive" distribution network
that is constantly expanding across India. In 2021, BigBasket opened a chain of offline
outlets, with 90 of them now open. By the end of 2022, the business wants to open
700 more of these outlets.
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The hype around online car retailers

• The growth trajectory of India's online vehicle vendors is unusual. In the previous 14
months, three automobile-focused ecommerce sites have been valued at over a billion
dollars: Cars24, Droom, and now CarDekho.
• During the same time period, CarTrade went public, and Droom revealed its public
offering plans for the following 14 months.
• India's automotive sales have begun to recover after the economic downturn and the
epidemic, but these internet sellers have had very little to do with it.
• According to Preetam Mohan Singh, senior vice president of automotive at global
management consulting firm Praxis Global Alliance, the organised sector sells roughly
seven lakh used cars per year, accounting for 20% of the overall used car industry.
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Tata Group’s new ‘all-in-one’ app packs power brands

• As the sprawling Indian conglomerate vies for a piece of the fiercely competitive sector
currently dominated by Amazon.com Inc., Walmart Inc., and Reliance Industries Ltd.,
the $103 billion Tata Group will launch its long-awaited all-in-one e-commerce app,
allowing users to buy everything from apparel to airline tickets.
• Tata Neu, a digital services platform launched by Mumbai-based Tata Digital Pvt.,
would contain in-house brands such as Croma, Westside, AirAsia India, the Taj chain
of luxury hotels, and BigBasket.
• The 154-year-old Tata group, which manufactures luxury cars, trucks, air conditioners,
smart watches, and tea in addition to operating luxury hotels, airlines, utilities,
department stores, and a local Starbucks Corp. franchise, wants to use the variety of
its products and services to entice buyers in a country with nearly 1.4 billion people
who are increasingly shopping online.
• To keep customers, the all-in-one app will offer a loyalty programme. According to the
website, each brand on Tata Neu is "linked by a common reward called NeuCoins,
which can be earned across all brands online and in physical locations and utilised
similarly as well."
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Big Fox aspiring to lead Indian market space with trendy footwear choices

• Big Fox, a contemporary Indian footwear brand founded in 2016, is known for its
diverse range and high quality. They're recognised for their distinctive designs in men's
footwear, and their recent venture into women's sliders is sure to be a hit.

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 • Big Fox has been advertising the "Vocal for Local" moniker for a long time as an Indian
company. They now want to use creative ideas and superb design to revolutionise the
shoe industry.

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Sohail Tariq: Revolutionising the e-commerce space

• Sohail has earned a place among the world's top business executives and mentors for
his accomplishment in expanding his own business into one of the largest internet
companies.
• Sohail has managed over 200 drop-shipping accounts, 100 wholesale accounts, 50
Amazon PL projects, and 30 Walmart accounts for over 200 clients in the last few years.
He currently employs around 250 people, which speaks something about his success
in the internet selling market.
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Government e-Marketplace: one stop portal

• The Government e-Marketplace is an online marketplace that allows buyers and sellers
to interact and compete for services and products. Tenders are published on the
website, and interested service providers submit bids.
• The government has responded by creating a comprehensive web gateway with all of
the necessary features for proper trade.
• The login support option is another really handy feature that can be found immediately
on the portal's first page. We see an option called 'Raise a Ticket' when we enter the
portal's sign-in form.
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 INFORMATION TECHNOLOGY (IT)
Project Pegasus

• Pegasus is a hacking software or spyware, that has been developed, marketed and
licensed globally to several countries by the Israeli firm NSO Group.
• It is potentially one of the most powerful pieces of spyware developed. Essentially,
Pegasus has the capability of worming its way into billions of phones that run iOS or
Android operating systems and without the person’s attention, can turn the phone
into a 24-hour surveillance device.
• It has the ability to copy sent or received messages, harvest photos, record calls, can
film through the phone camera and activate the microphone to record conversations.
• Pegasus can also pinpoint where you have been and who you have met.
• The earliest version of the spyware was discovered in 2016 after infecting phones
through a method known as “spear-phishing”, wherein text messages or emails trick
targets into clicking on malicious links. Ever since then, NSO’s attack capabilities have
become even greater.
• “Infections” can be achieved through “zero-click” attacks, which do not even require
any contact with the phone’s owner to succeed.
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e-Rupi

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 • Prime Minister Narendra Modi launched a new mode of cashless and contactless
digital payment to ensure seamless transfer of benefits to the citizens in a “leak-proof”
manner.
• e-RUPI is an e-voucher, which will be delivered to beneficiaries in the form of a QR
code and SMS-string-based voucher through which funds will be directly transferred
to their bank account.
• Any government agency and corporation can generate e-RUPI vouchers via their
partner banks.
• A beneficiary will be required to show the QR code or the SMS message to the
merchant, who will scan the same and a verification code will be sent to the
beneficiary’s phone number. The latter will have to share the code with the merchant
and the payment will be successful.
• These vouchers are person- and purpose-specific, meaning if they are released by the
government for the purpose of vaccination, for instance, then they can be redeemed
only for that.
• The one-time payment mechanism has been developed by the National Payment
Corporation of India (NPCI), with the support of the Department of Financial Services,
the Ministry of Health and Family Welfare, and the National Health Authority.
• State Bank of India, HDFC Bank, Axis Bank, Punjab National Bank, Bank of
Baroda,Canara Bank, IndusInd Bank, and ICICI Bank have come on board as partners.
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Bellatrix Aerospace, Dhruva Space sign MoU’s with L&T

• Indian space technology (spacetech) startups — Bellatrix Aerospace and Dhruva Space
— have each signed a memorandum of understanding (MoU) with Larsen & Toubro
Ltd. (L&T), even as they ramp up individual efforts to address the growing global
demand for affordable access to space.
• Bellatrix Aerospace, which became the first private Indian company to develop and
test a hall-effect thruster (a type of electric propulsion system), while Bellatrix has
developed unique thrusters for space vehicles and satellites, Dhruva is a developer of
satellites and launch platforms.

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 • Bellatrix and Dhruva have also signed an MoU for space qualification of its thrusters
and also development of a “space taxi” for hurling multiple satellites into orbit on a
single launch vehicle.
• Bellatrix also has partnerships with Skyroot Aerospace, which is building affordable
small satellite launch vehicles for its orbital transfer vehicle.
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H&M launches metaverse store

• In the metaverse CEEK city, the Swedish fashion clothes company appears to have
erected a new virtual store.
• It hopes to provide a shopping experience for its consumers by allowing them to
explore CEEK's virtual reality (VR)A surroundings.
• CEEK is a VR-based metaverse known for its virtual worlds, which are meant to connect
the players within, with music artists, athletes, and other digital content creators.
• Just as CEEK seeks to offer a three-dimensional musical experience to its users, H&M's
possible presence was meant to add the element of shopping within the space.
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NFTs

• A Non-fungible Token (NFT) is essentially a digital asset or cryptographic asset that is

distinguished from fungible tokens by its unique identifying code and information.
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 Similarly, to cryptocurrencies, they cannot be bought or swapped for similar amounts.
Cryptos vary from fungible tokens in that they are identical and hence may be used in
business transactions.
• By tokenizing tangible assets, a more efficient means of purchasing, selling, and
exchanging them is created, as well as a reduction in fraud. Additionally, NFTs can be
utilised to represent the property and identity rights of persons.
• NFTs utilise the blockchain technology. Each NFT has the potential for several uses due
to its unique structure. A digital asset management platform is appropriate for digitally
portraying tangible assets such as real estate and artwork. Blockchain-based NFTs can
potentially act as identity management platforms in addition to eliminating
intermediaries and connecting artists with audiences. NFTs can eliminate middlemen,
increase the efficiency of transactions, and generate new markets.
• NFTs have existed since 2014, but they are gaining popularity for a variety of reasons.
The primary reason for this is that cryptocurrencies are fungible, meaning they can be
traded or swapped for other cryptocurrencies.
• NFT contains both physical and intangible elements, such as Music, Tweets, GIFs, Art,
and Designer products, due to the ease with which digital objects may be transformed
into NFT.

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UIDAI is developing a smartphone that will serve as a global authenticator

• According to a top official at the Unique Identification Authority of India (UIDAI),

smartphones might be used as a "universal authenticator" to confirm a resident's
identification.
• He stated that of the 120 crore mobile connections currently in use, 80 crore are
smartphones that may be used for verification.
• However, no additional information was provided on how the identifying process may
be completed using a smartphone.
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Facebook announces live chat support for people who lose access to their accounts

• Meta has started testing a new much-needed feature globally including creators,
who’ve been locked out of their accounts.
• This would be a useful feature because people often don’t know how to retrieve their
accounts or who to get in touch with.
• The note says that users can speak with a support agent if the users have a problem.
When you tap on the “Chat to us” option, a new chat window will open, and you will
be connected to a customer service executive, who will help you in getting your
account back.
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LinkedIn’s exit from China

• Nearly seven years after its introduction, Microsoft Corp. is shutting down LinkedIn in
China, signalling the end of the last major US-owned social network in the country as
China plans to replace the platform later this year with a stripped down version named
"InJobs" that would focus solely on employment opportunities.
• LinkedIn's moves in China have been closely watched as a model for how a Western
social media app could operate within the country's tightly regulated internet, where
many other platforms such as Twitter, Facebook and Alphabet Inc's YouTube are
banned.
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 FMCG
Budget 2022 analysis: Impact on FMCG

• The Union Budget 2022 does not have any specific measure for the FMCG sector.
• However, increase in government expenditure in the areas of infrastructure, mobility
and connectivity will help boost rural incomes
• The scope of PM Gati Shakti National Master Plan will encompass the seven engines of
infrastructure: roads, railways, airports, ports, mass transport, waterways, and
logistics infrastructure
• The National Highways network will be expanded by 25,000 km in 2022-23. Rs 20,000
crore will be mobilized through innovative ways of financing to complement the public
resources.
Railways will develop new products and efficient logistics services for small farmers
and Small and Medium Enterprises, besides taking the lead in integration of Postal and
Railways networks to provide seamless solutions for movement of parcels.
• ‘One Station-One Product’ concept will be popularized to help local businesses &
supply chain
• The extension of the credit schemes to micro, small and medium enterprises will help
boost the employment opportunities.

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FMCG bigwigs boarding the D2C ride

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 • Since the outbreak, the Direct-to-Consumer (D2C) channel has grown at an
unprecedented rate.
• Several large fast-moving consumer goods (FMCG) firms, such as ITC, HUL, Marico,
Emami, Tata Consumer Products, Dabur India, and others, have joined the D2C
bandwagon.
• While some of these businesses have bought well-known D2C brands, others have
grown organically by launching their own brands online and developing their own D2C
platforms, Companies are attempting to accomplish both
• Traditional distribution models are multi-layered, need more capital and take years in
achieving scale. Through DTC, companies can reach out to a much larger consumer
pool, deliver the product in a shorter time frame and lower their costs of acquiring new
customers.
• Above that, D2C provides more insights into consumer behaviour which helps in the
product and company growth
• Success of D2C depends on companies’ ability to respond with agility, maximize the
potential of data and technology and put in the right effort, time and investments
needed.
• More importantly, larger companies will have to find the right balance needed to
converge D2C with their traditional operations to make the most of this opportunity.
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Adani Wilmar acquires Kohinoor rice

• Because of its control over the edible oil supply chain, Adani Wilmar is in a unique
position among its peers.
• 'Fortune' oil contributes close to 80% of Adani Wilmar’s revenues.
• At Rs 45,401 crore, sales of edible oils segment jumped 47.3% YoY from Rs 30,818 crore
in FY2020-21.
• To strengthen its position in food FMCG category this acquisition was made.
• It would give Adani Wilmar (AWL) exclusive rights over the brand 'Kohinoor’ basmati
rice along with ‘Ready to Cook’, ‘Ready to Eat’ curries and meals portfolio under the
Kohinoor brand umbrella in India.
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‘Shrinkflation’—a combination of the works shrink and inflation.

• It means downsizing the size, quantity, or quality of the product without increasing the
costs
• Shrinkflation has been chosen by major industry players in India, including Dabur, Hin
dustan Unilever, Nestle, Britannia, Coca-Cola, Pepsi Co, and P&G.
• With no signs of inflation abating in the near future, consumers have become
increasingly price-sensitive when purchasing basic necessities.
• As the industrial production remained sombre at 1.9 per cent in March this year owing
to the poor performance of the manufacturing sector, FMCG companies are trying
pretty hard to survive inflation.
• Companies are aware that an increase in the prices of the products, would likely make
the customers opt out of purchasing the product or turn to a cheaper alternative.
• Haldirams has reduced the weight of its 55 gram of Aloo Bhujia packet to 42 gm
• Nestle has reduced the weight of its earlier 80 gram of Maggi to 55 gram.
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Adani Wilmar dislodges HUL from position of India’s largest FMCG company

• Adani Wilmar reported operational revenue of Rs 54,214 crores in FY22.

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 • Its major chunk of profit came from Edible oil business, contributing almost 84%
towards Adani groups top-line.
• Edible oil revenue stands at Rs 45,401 crore, logging around 47% YoY rise against Rs
30, 818 crores in FY21
• Adani Wilmar's industry essentials business that caters to beauty care and skin care
items, has grown 42 per cent to ₹6,191.5 crore in FY2021-22

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HUL’s Dove, Rin, Vim brands enter Rs 2000 crore club in FY22

• HUL, India’s largest packaged consumer goods company, reported a turnover

of ₹50,336 crore for FY22, up 11% year-on-year, with volumes rising 3%.
• HUL’s other brands in the ₹2,000 crore club include detergent brand Wheel, health
food drink Horlicks, personal care brand Lifebuoy and Glow & Lovely cream.
• Laundry brand Surf Excel and tea brand Brooke Bond belongs to ₹5000 crore club
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Emami acquires Dermicool prickly heat talc brand from Reckitt for Rs 432 cr

• Acquisition will be funded through internal accruals and is subject to customary closing
conditions.
• One of Emami’s biggest acquisitions after ‘Kesh King’ brand of hair and scalp products
in 2015 and Zandu Pharmaceuticals in 2008.

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 • Dermicool has a 20 per cent market share in the high growth and low penetrated
category, according to Emami. Combined with Emami’s Navratna Cool Talc, Emami will
become a leader in this niche category which would also help realise synergetic
benefits and optimize costs, the company said.
• Emami’s major brands are Boroplus, Navratna, Zandu, Fair & Handsome and Kesh King
among others.
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Tata Consumer Products plans re-entry into non-foods FMCG business

• Tata Consumer Products will not restrict itself to the foods business but will transition
to being a fast-moving consumer goods (FMCG) firm. After exiting the non-foods FMCG
space in the 1990s, the conglomerate is looking to re-enter the field.
• The company plans to strengthen its foothold in foods and beverages. Also, the
company will find out if there are too many players or too few. Both can be a problem,
he said. Along with that, the company will check if the category has enough margin
and if it requires significant capital expenditure.
• The company is focused on expanding its distribution reach and it told investors in a
conference call that it intended to reach four million outlets by FY23 and take its direct
reach to 1.5 million. It will focus on ramping up distribution network in semi-urban and
rural areas.

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Products of 30,000 small brands cater to 80% of population

• Products of Fast-Moving Consumers Goods (FMCG), consumer durables and cosmetics

from over 30,000 small and medium brands are catering to the demand of 80% of
India's population, according to the survey by traders' body CAIT.
• Big brands are in demand among people of higher and upper-middle class due to
extensive media and outdoor publicity and endorsements by celebrities.
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 SPORTS
ICC T20 world cup 2022

• The tournament will begin on October 16 with Round 1 matchup, while the Super 12
rounds will begin on October 22.
• To preserve the integrity of the Super 12 matches, the majority of Super 12 matches
will take place on brand-new surfaces.
• Geelong will host six Round 1 matches, Hobart will host six Round 1 matches, and
Super 12 will host three matches. The remaining Super 12 matches will take place in
Brisbane, Sydney, Perth, Sydney, as well as Adelaide.
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Qatar to host the 2022 FIFA World Cup

• Vivo has announced its partnership with the FIFA World Cup Qatar 2022, as the of
official sponsor and the official smartphone.
• Through this partnership, vivo will leverage its rights to the FIFA World Cup 2022,
including the emblem, official brand identities, and run unique promotions to connect
with passionate football fans globally.
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Wimbledon Championships 2022

• The Wimbledon Championships 2022 will be the 135th time the competition has been
held.
• The Grand Slam is set to start 27th June and will continue till 10th July’22.
• The All-England Club and the Committee of Management of The Championships have
announced that all players from Russia and Belarus will be banned from participating
in the Tournament this year due to Russia-Ukraine war.
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India’s first unicorn sports enterprise

• Chennai Super Kings has become the first sports unicorn, market value touching over
$1 Billion.
• They won their 4th title in 2021 under the leadership of M.S Dhoni, although the team
is out of playoffs in ongoing 2022 season.
• CSK’s current market cap is more than market cap of parent entity India Cements.
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Tokyo Paralympics

• Indian Paralympians brought five gold, eight silver and six bronze in the Tokyo
Paralympic Games held in 2021.
• This was a huge victory compared to the four medals won by India in the 2016
Paralympic Games.
• India won in total 19 medals and landed in the 23rd position.
• Harvinder Singh made history by becoming the first-ever Indian archer to medal at the
Paralympics.

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Khelo India scheme

• The Government has decided to continue the scheme of 'Khelo India - National
Programme for Development of Sports' over the 15th Finance Commission Cycle --
2021-22 to 2025-26 -- at an outlay of Rs 3165.50 crore.
• Its budget was increased by 48% in budget 2022, also was included in PMs award
scheme
• It aims at infusing sports culture and achieving sporting excellence in the country
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Tokyo Olympics: IOA rope in Adani Group as sponsor

• Indian Olympics Association secured good sponsorship and future association from the
Adani Group.
• Earlier, IOA had announced sponsorships from SFA Private Limited (INR 1 crore), MPL
Sports Foundation (INR 8 crore), JSW Group (INR 1 crore) and Amul (INR 1 crore)
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WADA reinstates India's dope testing lab accreditation

• The World Anti-Doping Agency (WADA) said it has reinstated the accreditation of
India's National Dope Testing Laboratory, which had been suspended since August
2019 for not conforming to international standards.
• Decision to reinstate was taken following a remote assessment and the lab has been
allowed to resume anti-doping activities, including urine and blood tests.
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AIBA becomes IBA as key constitutional amendments approved to secure boxing's Olympic
future

• The IOC had suspended AIBA in 2019 and conducted the Tokyo Olympics boxing event
through a task force.
• Post this, the International Boxing Association (IBA) began the process of revamping
itself in a virtual Extraordinary Congress which approved crucial constitutional
amendments, in accordance with the suggestions of IOC.
• Boxing has managed to stay on board for the 2024 Paris Olympics but has been
dropped from the provisional roster for the 2028 Games subject to the roadmap of
good governance by IBA.
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TCS becomes title sponsor of Jaguar Formula E racing team

• The ABB FIA Formula E Championship is the world’s first fully electric international
single-seater category in motorsport.
• While Tech Mahindra is already active in this space through its Mahindra Formula E
racing team, this will be TCS’s second foray into motorsports after 2017.
• The team will be known as Jaguar TCS Racing.
• TCS and Jaguar will create a dynamic platform during the period of partnership which
will drive research and innovation for high performance luxury electric vehicle
technologies.
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ESL Gaming partners with Lenovo Legion for IEM

• ESL Gaming and Lenovo have agreed on an exclusive PC partnership for ESL’s Intel
Extreme Masters tournament.
• As a part of this partnership, a series of online and in-person activations around IEM
tournaments will be created, showcasing Lenovo Legion gaming computers and
equipment.
• The partnership will start with IEM Dallas, and is set to last at least until IEM Katowice
2023.
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UEFA Champions League

• The final format and access list for European club competitions for the 2024/25 season
were accepted by the UEFA Executive Committee.

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 • The most significant changes include the lowering of the league phase of the UEFA
Champions League from 10 to 8 matches
• The stage will still grow from 32 to 36 teams based around a single standing rather
than eight groups.
• The league stage will determine an overall ranking for each club from 1st to 36th, with
three points for a win and one for a draw.
• The top eight clubs will go to the last 16, while the 16 teams ranking ninth to 24th will
compete in a two-legged play-off, with the winner advancing to the last 16 and the
losers relegated to the Europa League.
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Italian Cup

• Inter Milan claimed their eighth Italian Cup.

• They beat Juventus by 4-2 in an extra-time victory.
• Hakan Calhanoglu stepped up from the penalty spot with 80 minutes on the clock to
force extra time before another spot-kick was converted by Ivan Perisic to put the
Nerazzurri within touching distance of the trophy.
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ICC Women’s Cricket World Cup 2022

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 • Australia beat England by 71 runs in the final to secure a record-extending seventh ICC
Women's World Cup title.
• Alyssa Healy and Rachael Haynes added 160 runs for the first wicket.
• Alyssa Healy scored 170 runs in 138 balls, the highest individual score in either a
women's or men's World Cup final.
• Mooney too scored a fine half-century as Australia piled on the pain on England to post
a mammoth 356 for five in their 50 overs.
• Sciver's 148 was the second highest score in a Women's World Cup final, but was not
sufficient to beat Australia.

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Golden throw: Neeraj Chopra

• Neeraj Chopra won GOLD in men's javelin throw at Olympic Games, Tokyo.
• He has become the first Indian athlete to win gold ever and India's second ever
individual Olympic gold medallist after shooter Abhinav Bindra.
• He threw his best 87.58m (in the second of six attempts).
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Argentina wins Copa America

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 • Argentina win their first major title since 1993
• Argentina’s winning goal at the Maracana Stadium in Rio de Janeiro came in the 22nd
minute
• Argentina’s win was a particular triumph for Barcelona striker Lionel Messi, who picked
up his first ever title in a blue and white shirt after more than 10 years of club and
individual honours.
• The victory was Argentina’s 15th Copa America triumph and means they draw level
with Uruguay as the all-time leading winners.

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Rajiv Gandhi Khel Ratna award renamed

• PM announced renaming of India’s highest sporting honor Rajiv Gandhi Khel Ratna
award, after hockey legend Major Dhyan Chand.
• The announcement was made after the exceptional performance of both men’s and
women’s hockey team in Tokyo Olympics
• The prestigious award carries a prize money of Rs 25 lakh.

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