1. Grant of Rs 1,764 crore released to four states for urban local bodies
Tags: Economy/Finance National News
The Department of Expenditure, Ministry of Finance has released an amount of Rs 1,764 crore to 4 states on 19 October 2022 for providing grants to Urban Local Bodies.
Important facts
The states to which the grant was released include Andhra Pradesh (Rs 136 crore), Chhattisgarh (Rs 109 crore), Maharashtra (Rs 799 crore) and Uttar Pradesh (Rs 720 crore).
In Uttar Pradesh, this amount has been given for Agra, Allahabad, Ghaziabad, Kanpur, Lucknow, Meerut and Varanasi.
Whereas, Vijayawada and Visakhapatnam in Andhra Pradesh, Durg, Bhilainagar and Raipur in Chhattisgarh and Aurangabad, Greater Mumbai, Nagpur, Nashik, Pune and Vasai-Virar cities in Maharashtra will spend this amount.
A total grant of Rs 4,761.8 crore has been released to urban local bodies in the year 2022-23 so far.
Two categories of Urban Local Bodies
The 15th Finance Commission in its report for the period 2021-22 to 2025-26 has divided the urban local bodies into two categories -
Urban agglomeration/cities with population Million-Plus (except Delhi and Srinagar)
All other cities and towns with less than one million population (Non-Million Plus cities).
The commission had recommended a separate grant for them.
Of the total grants recommended by the Commission for over one million cities/urban clusters (MPCs/UAs), more than 2/3 are recommended for the solid waste management component and the remaining 1/3 for ambient air quality.
Sanjay Malhotra, Secretary, Department of Financial Services, will take over as the new Revenue Secretary on November 30 2022, currently Tarun Bajaj is the Revenue Secretary.
Secretary of Finance - Benjamin E. Diokno
2. Dharmendra Pradhan launches draft of National Credit Framework for public consultation
Tags: National National News
Union Minister of Education and Minister of Skill Development & Entrepreneurship Dharmendra Pradhan launched the draft of National Credit Framework (NCrF) for public consultation on 20 October, 2022.
Important facts
The government has developed it to enable integration of academic and business domains to ensure flexibility and mobility between them.
The National Credit Framework is a multi-faceted tool for the next generation under the National Policy on Education, 2020.
It is an umbrella framework for skilling, re-skilling, up-skilling, accreditation and assessment involving people in educational and skilling institutions and the workforce.
It will open many options for the progress of the students and will prove to be a game changer in the interrelationship of school and higher education with vocational education and experiential learning.
It will also enable students who have dropped out of mainstream education and wish to re-enter the education ecosystem.
This will be an important step towards achieving 100% literacy in the next 2-3 years with knowledge acquisition, practical training and positive social outcomes.
Union Minister of Education, Skill Development & Entrepreneurship - Dharmendra Pradhan
Minister of State for Education - Annpurna Devi
Minister of State for Skill Development and Entrepreneurship - Rajeev Chandrasekhar
3. CCI imposes penalty of over Rs 392 crore on online travel firms
Tags: National Economy/Finance National News
The Competition Commission of India(CCI) on 19 October, 2022 slapped penalties totalling more than Rs 392 crore on online travel firms MakeMyTrip, Goibibo and hospitality services provider OYO for unfair business practices.
Important facts
A fine of Rs 223.48 crore has been slapped on Make My Trip-Goibibo (MMT-Go) and Rs 168.88 crore on OYO.
MMT-Go was alleged to have enforced price parity in its agreements with hotel partners.
Under such agreements, hotel partners were not allowed to sell their rooms on any other platform or on their online portal at a price lower than the price at which it was being offered on the platforms of the two other entities.
It was also alleged that MMT preferred OYO on its platform, thereby denying market access to other players.
The CCI had ordered a detailed inquiry into the matter in October 2019.
MakeMyTrip (MMT) acquired Ibibo Group Holding in 2017.
Competition Commission of India (CCI)
The Competition Commission of India (CCI) is the chief national competition regulator in India.
It was set up under the Competition Act, 2002.
It comes under the Ministry of Corporate Affairs.
It promotes healthy market competition and prevents activities that have an adverse effect on competition in India.
CCI also approves merger and acquisitions of companies in India so that the two merging entities do not dominate the market unfairly
Headquarter - New Delhi
Current Chairman - Ashok Kumar Gupta
4. Reserve Bank Innovation Hub (RBIH) to support innovations in financial products and services
Tags: Economy/Finance National News
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India Post Payments Bank (IPPB) and Reserve Bank Innovation Hub (RBIH) have come together to focus their efforts to increase access to financial solutions to large sections of society across India and enable seamless finance to one billion Indians.
Important facts
The collaboration between IPPB and RBIH will explore projects which shall have impact on the masses by:
Leveraging the deep rural outreach of IPPB- Department of Posts (DOP) to take rural finance to one billion Indians.
Enabling access to sustainable and secure finance services for every section of the society through research and innovation.
Additionally, IPPB will work as an active partner with RBIH on initiatives of national importance under the leadership of RBIH.
The partnership with RBIH is a milestone in IPPB's journey to leverage its digital platform and physical network to provide comprehensive, customer-centric and convenient digital solutions to one billion Indians.
About Reserve Bank Innovation Hub (RBIH)
It has been set up under Section 8 of the Companies Act, 2013 with an initial capital contribution of Rs.100 crore.
It is a wholly owned subsidiary of RBI.
It has been set up to promote and facilitate an environment that accelerates innovation across the financial sector.
It is working on a plan to identify and mentor start-ups with maximum potential.
It aims to create an ecosystem that focuses on promoting access to financial services and products for the low-income population in the country.
About India Post Payment Bank (IPPB)
It is set up under the Department of Posts, Ministry of Communications with 100% equity owned by the Government of India.
Founded- 1 September 2018
Headquarters- New Delhi
MD & CEO- J. Venkataramu
In January 2022, IPPB had crossed 5 crore customers.
5. Barauni Plant of HURL commences Urea production
Tags: National Economics/Business National News
Barauni Plant of Hindustan Urvarak and Rasayan Limited (HURL) commenced urea production on 19 October, 2022.
Important facts
The country has achieved another milestone by setting up a new Ammonia Urea Plant at Barauni, Bihar which started urea production.
The gas-based Barauni plant is part of the government's initiative to revive the closed urea units of Fertilizer Corporation of India Limited (FCIL) and Hindustan Fertilizers Corporation Limited (HFCL) to achieve self-reliance in the urea sector.
Revival of closed units of FCIL and HFCL has been the top priority of the Government to increase the availability of domestically produced urea.
The government has approved an estimated investment of Rs 8,387 for the revival of the Barauni unit of Hindustan Fertilizers and Rasayan Limited (HURL).
The plant will have a urea production capacity of 12.7 LMTPA.
About Hindustan Urvarak and Rasayan Limited (HURL)
It is a Joint Venture Company authorised with effect from 15th June, 2016.
It has been authorised to revive Gorakhpur, Sindri and Barauni units in association with Coal India Limited (CIL), NTPC Limited (NTPC), Indian Oil Corporation Limited (IOCL) and FCIL/HFCL.
An investment of Rs 25,000 crore has been made for this work.
The commissioning of all three HURL plants will increase indigenous urea production to 38.1 LMTPA in the country and help make India 'self-reliant' in urea production.
It is one of the largest fertilizer manufacturing units in India, the foundation stone of which was laid by Prime Minister Narendra Modi.
6. 14th World Spice Congress to be held on 16-18 February in Maharashtra
Tags: Summits National News
The 14th World Spice Congress (WSC), organised by Spices Board India in association with various trade and export farmers will be held on 16-18 February at CIDCO Exhibition and Convention Centre, Navi Mumbai, Maharashtra.
Important facts
Organised by Spice Board India, this biennial event is the premier forum that brings together the global spice industry to deliberate on the problems and prospects in the spice sector.
The event will deliberate on aspects such as production, processing, value addition, quality and safety, trade and supply chain management of spices in the new normalcy.
The Spice Board is organising the World Spice Congress as G20 during India's G20 Presidency for the period from December 2022 to November 2023, with a greater focus on further strengthening India's trade ties with the G20 countries.
14th World Spice Congress Theme - ‘Vision 2030: SPICES’ (Sustainability– Productivity – Innovation – Collaboration- Excellence and Safety)."
About World Spice Congress
It is a conglomerate of the global spice industry, which in its three decades long presence has become the most appropriate forum to deliberate upon the concerns and views of the sector.
It is organised under the leadership of the Spices Board, Ministry of Commerce and Industry, Government of India.
It was established in 1990.
Spices Board (Ministry of Commerce and Industry) is the premier organisation for the development and worldwide promotion of Indian spices.
7. PM inaugurated India Urban Housing Conclave 2022 in Rajkot
Tags: National National News
Prime Minister Narendra Modi inaugurated ‘Indian Urban Housing Conclave-2022’ (IUHC2022) a three-day event being organised by the Ministry of Housing and Urban Affairs (MoHUA), Government of India from 19-21 October 2022 at Rajkot, Gujarat.
Important facts
Union Minister of Housing and Urban Affairs and Petroleum and Natural Gas, Hardeep Singh Puri and Minister of State for Housing and Urban Affairs Kaushal Kishor were present on the occasion.
The objective of the conclave is to showcase the achievements of other urban missions of MoHUA along with the successful implementation of PMAY-U by the States/UTs and their roadmap/action plan for promoting economic development and improving the quality of life of the people.
In this Swachh Bharat Mission, Atal Mission for Rejuvenation and Urban Transformation (AMRUT), Smart City Mission, Urban Transport, Deendayal Antyodaya Yojana, National Urban Livelihoods Mission, SWANIDHI etc. Other urban missions will participate in this event.
The program included the following components -
Inauguration of Light House Project (LHP) Rajkot, Gujarat
National Exhibition on Innovative Construction Practices
Exhibition on best practices adopted by States/UTs under Pradhan Mantri Awas Yojana-Urban including Gujarat
affordable housing discussions
PMAY (U) Awards 2021 honoured
8. Russia-Ukraine conflict forces over 4 million children into poverty: UNICEF
Tags: International News
The UN agency UNICEF has revealed that the economic crisis due to Russia-Ukraine conflict has thrown more than 4 million children into poverty across eastern Europe and Central Asia.
Important facts
In an official statement, UNICEF said that children are bearing the biggest burden of the economic crisis caused by the Ukraine war.
Conflict and rising inflation have pushed an additional 4 million children into poverty in Eastern Europe and Central Asia, a 19 percent increase since 2021.
UNICEF has concluded this from a study of data from 22 countries.
Russians and Ukrainian children have been the most affected since Russia's attack on Ukraine in February this year.
On the other hand, the World Food Program estimates that around 19 million Afghans face food insecurity.
United Nations Children’s Fund (UNICEF)
It was established by the United Nations General Assembly on 11 December 1946.
Poland’s physician Ludwik Rauschmann was instrumental in the formation of UNICEF.
The main purpose of establishing it was to provide food and health services in case of emergency to children and mothers in countries devastated by World War II.
9. Review of site work progress of Maritime Heritage Complex at Lothal, Gujarat
Tags: National National News
Prime Minister Narendra Modi reviewed the site work progress of the National Maritime Heritage Complex at Lothal in Gujarat on 18 October via video conferencing.
About National Maritime Heritage Complex
It is being developed in Lothal (Indus Valley civilisation) region of Gujarat.
The project not only showcases India's rich and diverse maritime heritage but also helps Lothal to emerge as a world class international tourist destination.
The foundation stone of the project was laid by Prime Minister Narendra Modi and the master plan was agreed in March 2019.
Work on this project started in March 2022, it is being developed at a cost of about Rs 3500 crore.
This heritage theme park will cover an area of 400 acres with structures like the National Maritime Heritage Museum, Lighthouse Museum, Maritime Institute, and eco-resorts.
It is one of the major projects under the Sagarmala scheme of the Ministry of Culture (MoC) and Ministry of Ports, Shipping and Waterways (MoPSW).
About Lothal
Lothal was one of the southernmost sites of the ancient Indus Valley civilization, located in the Bhil region of the state of Gujarat.
Construction of the city Lothal is believed to have begun around 2200 BCE.
Lothal was discovered in 1954 by the Archaeological Survey of India (ASI).
Lothal is known for the discovery of the oldest man-made dockyard.
It was an important and thriving trade centre in ancient times, with its trade in pearls, gems and precious jewellery reaching the far corners of West Asia and Africa.
About Indus Valley Civilization
It is also known as the Harappan civilization which developed in the western part of South Asia, contemporary Pakistan and western India around 2,500 BC.
It was basically an urban civilization and people lived in well-planned and well-built towns, which were also centres of trade.
It had wide roads and a well-developed drainage system and houses were built of burnt bricks and had two or more storeys.
10. Ulf Kristersson elected Sweden's new Prime Minister
Tags: Person in news International News
Sweden's parliament on 17 October elected Ulf Kristersson, 59, leader of the Conservative Moderate Party, as the new Prime Minister.
Important facts
He will head a coalition that is also backed by a once radical right-wing party.
His government is expected to assume office on October 18.
His alliance consists of three parties. Although the coalition does not have a majority, in Sweden, the prime minister can rule as long as there is no majority against him in parliament.
His party emerged as the major winner in Sweden's 11 September general election, with a record 20.5 percent of the vote, behind outgoing Prime Minister Magdalena Andersen's Social Democrats.
The Social Democrats have dominated Swedish politics since the 1930s.
The new government plans to cut taxes, start the process of building new nuclear power plants, tighten immigration rules and give more police powers as part of a policy deal with the Sweden Democrats.
About Sweden
It is located on the Scandinavian Peninsula in northern Europe.
The ancient name of the country was Svitiod.
Prime Minister - Ulf Kristersson
Capital - Stockholm
Currency - Swedish krona
King - Carl XVI Gustaf
