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By admin: Oct. 10, 2022

Three American gets Nobel Prize for Economics for their research in preventing bank collapse

Tags: Awards Person in news

The Royal Swedish Academy of Science has awarded three American economists Ben Bernanke, Douglas Diamond and Philip Dybvig, the Nobel Prize in economics 2022 for their pioneering work on “improving our understanding of the role of banks in the economy, particularly during financial crises and why avoiding bank collapses is vital.” The Sveriges Riksbank Prize in Economic Sciences for 2022 was announced 10th October 2022.

Ben Bernanke 

According to the Nobel committee ““Through statistical analysis and historical source research, Bernanke demonstrated how failing banks played a decisive role in the global depression of the 1930s, the worst economic crisis in modern history. The collapse of the banking system explains why the downturn was not only deep, but also long-lasting. It added the importance of well-functioning bank regulation is also understood thanks to this research.

Ben Bernanke was the chairman of the United States Central Bank, Federal Reserve in 2008 when the failure of Lehman Brothers sparked a worldwide financial crisis.

Douglas W Diamond and Philip H Dybvig

Both Diamond and Dybvig worked together to develop theoretical models explaining why banks exist, how their role in society makes them vulnerable to rumours about their impending collapse, and how society can lessen this vulnerability. These insights “form the foundation of modern bank regulation,” said the Academy.

Nobel Prize in Economics 

The economics prize is not one of the original five awards created in the 1895 will of industrialist and dynamite inventor Alfred Nobel.

It was established by Sweden's Central Bank, Sveriges Riksbank in 1968 and the first prize was given in 1969 to Ragnar Frisch of Norway and Jan Tinbergen of Netherlands.

The prize money of 10 million Swedish crown ($885,000) prize money will be distributed between them three. 

The prize will be conferred in a ceremony in Stockholm, Sweden on 10 December which is the death anniversary of Alfred Nobel.

Nobel Prize Winner 2022

National Conference on Skilling in Non- Traditional Livelihood for Girls “Betiyan Bane Kushal”

Tags: National National News

Women and Child Development Ministry to organize National Conference on Skilling in Non-Traditional Livelihood for Girls 'Betiyan Bane Kushal' on 11 October.

Important facts

• The conference is being organized under the banner of Beti Bachao Beti Padhao on the occasion of International Day of the Girl Child on October 11, 2022.

• Under the Betiyan Bane Kushal initiative, the emphasis will be on convergence between Ministries and Departments to ensure skill development of girls.

• It will be organized by the Union Ministry of Women and Child Development.

• The conference will emphasise on the importance of boosting the capacity and skills of girls in STEM (science, technology, engineering and mathematics) fields to increase their participation in related professions and research.

• During the conference, the Ministry of Skill Development and Entrepreneurship (MSDE) and Minority Affairs will sign a Memorandum of Understanding (MoU) to promote the skills of young girls so that they can participate in the workforce in an equitable and empowered manner.

• During the event, both these ministries will commit towards focusing on promoting entrepreneurship skills, digital literacy, financial literacy and employability skills of girls and women.

Minister of Women and Child Development - Smriti Zubin Irani

Minister of Skill Development and Entrepreneurship - Dharmendra Pradhan

Anurag Singh Thakur starts 'Kick Off The Dream' campaign

Tags: Sports Sports News

Union Minister of Youth Affairs and Sports Anurag Singh Thakur launched a campaign named 'Kick Off the Dream' to support the Indian Women's U-17 football team set to participate in the U17 FIFA Women's World Cup from October 11. 

Important facts

• This is the first time India is hosting the event.

• He nominated Law Minister Kiren Rijiju, athlete Neeraj Chopra and actor Ajay Devgn to join the 'Kick off the Dream' campaign and support Indian women footballers participating in the FIFA U-17 Women's World Cup for the first time.

• The Under 17 Women's World Cup will be held in Bhubaneswar, Goa and Navi Mumbai from 11 October.

World Mental Health Day

Tags: Important Days

World Mental Health Day is observed every year on October 10.

Important facts

• The day is celebrated across the world to raise awareness about the importance of mental health.

• According to the World Health Organisation, this day provides an opportunity for all people working on mental health issues to speak about their work.

• The day highlights the importance of how efforts towards mental health are important and what needs to be done next.

• The theme for 2022 - ‘Make mental health and well-being for all a global priority’.

Background of the day

• World Mental Health Day was first observed on 10 October 1992.

• It was an initiative of the World Federation for Mental Health, a global organization with over 150 member countries.

• This day was initiated by Richard Hunter, Deputy Secretary General of  World Federation for Mental Health.

• World Mental Health Day was celebrated for the first time in 1994 with a specific theme 'Improving the quality of mental health services around the world'.

Mental health status in India

• WHO estimates that around 7.5 percent of Indians suffer from some mental disorder.

• 56 million Indians suffer from depression and 38 million Indians suffer from anxiety-related disorders.

• According to WHO, there is a huge shortage of psychiatrists in India.

• India accounts for 36.6 percent of suicides globally.

Initiatives of Government of India

• National Mental Health Programme (NMHP) in 1982

•  Mental Healthcare Act, 2017

• Manodarpan Initiative provides psycho-social support to students for their mental health and well-being.

SP founder Mulayam Singh Yadav passes away

Tags: Person in news

Samajwadi Party founder Mulayam Singh Yadav passed away while undergoing treatment at Medanta hospital in Gurugram on 10 October. He was 82.

Important facts

• Mulayam Singh Yadav's condition was "very critical" for the past few weeks and he was on life-saving drugs.

• Mulayam Singh Yadav born on November 22, 1939 in Etawah, was a senior Indian politician and Samajwadi Party supremo.

• He was representing the Azamgarh constituency of Uttar Pradesh.

• Presently he was MP from Mainpuri Lok Sabha seat.

• He emerged in the politics of Uttar Pradesh during a period of intense social and political upheaval after the 1970s.

• He was a three-time Uttar Pradesh chief minister.

• He took oath as the 15th CM of UP in 1989, after which the Congress failed to return to power in the state.

• After the 1989 UP elections, Mulayam took over as chief minister with the outside support of the BJP as the leader of the Janata Dal.

• He became chief minister for the second time as an SP leader in 1993, when the Kanshi Ram-led Bahujan Samaj Party (BSP) became his ally.

• He took oath as chief minister for the third time in 2003 as the leader of the SP-led coalition.

• He was the Chief Minister for a period of about six years and 9 months during the three terms.

• He was first elected MLA from Jaswantnagar in Etawah as a candidate of Samyukta Socialist Party (SSP) in 1967 but lost the election in 1969 to Bishambhar Singh Yadav of Congress.

• He was elected 10 times as MLA and seven times as MP from Mainpuri and Azamgarh.

Jyotiraditya Scindia inaugurates 4th Heli-India Summit 2022

Tags: National National News

Union Civil Aviation Minister Jyotiraditya Scindia and Jammu and Kashmir Lieutenant Governor Manoj Sinha inaugurated the 4th Heli-India Summit 2022 in Srinagar on 10 October.

Important facts

• The theme of 4th Heli-India Summit 2022 is ‘Helicopters for last Mile Connectivity’.

• He said that a civil enclave will be built in Jammu at a cost of Rs 861 crores and the Srinagar’s present terminal will be expanded three times from 20,000 square meters to 60,000 square meters at a cost of Rs 1500 crores. 

• He said that the decrease in VAT on Aviation Turbine Fuel (ATF) from 26.5 percent to one percent by the J&K government.

• The HeliSewa portal is completely online and is being used by all operators to obtain landing permissions for helipads, and is also creating a database of helipads in the country.

• Helidisha, guidance material on helicopter operations for the state administration has been distributed in 780 districts.

• Helicopter Accelerator cell is fully proactive in resolving helicopter issues and an advisory group of industry representatives is helping to identify the problem areas.

• Three helicopter corridors have been built from Mumbai-Pune, Ahmedabad-Gandhinagar and Shamshabad-Begumpet and new IFR corridors are being planned.

• In terms of railway connectivity, Jammu and Kashmir will be connected with Kanyakumari by next year.

Chandrayaan-2 spectrometer maps abundance of sodium on moon for first time

Tags: Science and Technology

The X-ray spectrometer ‘CLASS’ instrument on the Chandrayaan-2 orbiter has mapped an abundance of sodium on the moon for the first time, according to the Indian Space Research Organisation.

Important facts

• This is the first attempt to measure sodium on the lunar surface on a global scale using X-ray fluorescent spectra.

• CLASS was built at the U R Rao Satellite Centre of ISRO in Bengaluru. 

• This report has recently been published in 'The Astrophysical Journal Letters'.

• The new findings from Chandrayaan-2 provide an opportunity to study surface-exosphere interactions on the Moon.

X-Ray Fluorescence

• It is commonly used to study the structure of matter in a non-destructive way.

• When the Sun generates a solar flare, a large amount of X-ray radiation falls on the Moon, triggering X-ray fluorescence.

• CLASS measures the energy of incoming X-ray photons from the Moon and calculates the total number.

• The energy of the photon indicates the atom (for example, sodium atoms emit X-ray photons of 1.04 keV) and the intensity indicates the number of the atom.

The Plenary Session of North Eastern Council Concludes

Tags: National National News

The two-day plenary session of the North Eastern Council (NEC), which was held in Guwahati, under the chairmanship of Union Home Minister Amit Shah concluded in Guwahati on 9 October.

Important facts

• The meeting was attended by the Governors, Chief Ministers of North Eastern States, Union Ministers and Ministers of State for North Eastern Affairs and senior officers of various departments of the Centre and North Eastern States.

• In his address, Amit Shah said that there were three major hurdles in the path of development of the Northeast for decades - violence and unrest by extremist groups, lack of rail, road and air connectivity in the Northeast and previous governments' lack of emphasis on development of the Northeast.

• He said that the whole of India considers the languages, cultures, food and costumes of the Northeast of the country as its heritage and the Government of India is making every effort to preserve and promote the natural identity of this region.

• The 70th Plenary meeting reviewed the status of different ongoing social and developmental projects in the North Eastern Region.

NEHHDC Mobile Application launched

• The Home Minister launched the North Eastern Handicrafts & Handlooms Development Corporation Limited (NEHHDC) Mobile Application during the session. 

• It would help register artisans and weavers online and collect authentic data through the app.

About North Eastern Council

• It is the nodal agency for the economic and social development of the North Eastern Region.

• It consists of the eight States of Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim and Tripura. 

• It was constituted under the North Eastern Council Act in 1971.

• The Council comprises Governors and Chief Ministers of constituent States and three members nominated by the President.

• The Union Cabinet, in June 2018, approved the proposal of the Ministry of Development of North Eastern Region (DoNER) to nominate the Union Home Minister as the ex-officio Chairman of the North Eastern Council (NEC).

• The Cabinet also approved that the Minister of State (Independent Charge), Ministry of DoNER will act as the Vice-Chairman of the Council.

• It discusses any matter in which some or all the States represented on the Council have a common interest and advises the Central Government and the respective State Governments as to the action to be taken on any such matter.

• The headquarters - Shillong

'Project Mausam': ASI holds two-day meet

Tags: National National News

Under “Project Mausam”, the Archaeological Survey of India (ASI) organised a two-day event on 7th and 8th October, 2022 at India Habitat Centre, New Delhi with an aim to promote future research and broaden our understanding of the subject.

Important facts

• The "Jaladhipurayatra: Exploring Multi-Cultural Relations among Indian Ocean Rim Countries" conference covered many aspects of maritime exchanges and interactions.

• The conference was inaugurated by Arjun Ram Meghwal, Minister of State for Culture and Parliamentary Affairs and Meenakshi Lekhi, Minister of State for Culture and External Affairs.

• A brochure on the objectives and scope of the Mausam project along with a brief outline of India's maritime heritage and a list of World Heritage properties of India was released on the occasion.

• The conference consisted of a plenary session followed by six academic sessions, each dealing with a particular aspect of India's maritime dialogue.

• On the second day an interaction session with eminent ambassadors of the Indian Ocean Rim countries was organized, which was presided over by the Minister of State for Culture and External Affairs Meenakshi Lekhi.

About "Project Mausam" 

• It was launched by the Ministry of Culture, Government of India, at UNESCO's 38th World Heritage Committee Meeting held in Doha, Qatar, in 2014.

• Its main objective is to conduct archaeological and historical level research in relation to the multi-faceted Indian Ocean in order to uncover the cultural, commercial and religious interrelationships of this diverse region.

• Presently, the Archaeological Survey of India is in charge of overseeing the project.

The Archaeological Survey of India (ASI)

• It is the premier organisation for archaeological research and conservation of the nation's cultural heritage.

• It works under the Ministry of Culture.

• It manages more than 3650 ancient monuments, archaeological sites and remains of national importance.

• It was founded in 1861 by Alexander Cunningham. 

• Alexander Cunningham was the first Director-General of ASI. 

• He is also known as the “Father of Indian Archaeology”.

• It is headed by a Director-General and is headquartered in New Delhi.

• Director General - V. Vidyavathi

S Jaishankar inaugurates new Indian High Commission Chancery at Wellington in New Zealand

Tags: International Relations International News

External Affairs Minister S Jaishankar on 9 October inaugurated the new Indian High Commission Chancery in Wellington, New Zealand.

Important facts

• He said that coordinating each other's potentials is a more prudent way to further deepen the vital ties between India and New Zealand.

• S. Jaishankar, who is on his first visit to New Zealand as External Affairs Minister, also said that there is a need to take the ties between the two countries afresh.

• He also said that there is massive potential for partnership between India and New Zealand in the field of agri-business.

• Strong cooperation between India and New Zealand will ensure peace, prosperity and progress in the shared region, he said.

• There is huge potential in business, digital, agriculture, education, skills, traditional medicine and maritime security domains, he said.

About New Zealand

• It is a remote, mountainous group of islands located off the southeast coast of Australia. 

• Prime Minister - Jacinda Ardern

• Capital - Wellington

• Currency - New Zealand dollar

• New Zealand was the first country to allow women to vote in 1893.

• New Zealand's wetapunga is one of the heaviest insects in the world.

• Major rivers - Waikato, Clurtha, Rangitaiki, Wanganui, Manawatu, Buller, Rakaia, Waitaki, Waiau

• Major Mountain Ranges - Southern Alps, Kaikoura Ranges

• New Zealand's two main islands - North and South Islands, are separated by the Cook Strait.