PRELIMS BITS
1. Who took charge as India’s New Foreign Secretary?
--Vinay Mohan Kwatra
2. Who is appointed as Vice Chief of Indian Army
--Lt Gen BS Raju (Baggavalli Somashekar Raju)
3. India’s ‘open-for-all’ digital ecosystem for MSMEs has been lanched by?
--ICICI Bank
4. Who won bronze at Asian Badminton Championships
--P.V. Sindhu
5. World Laughter Day 2022?
--1st May (celebrated on first Sunday of every May)
6. International Labour Day 2022 observed globally on:
--1st May
7. Statehood day 2022 of Maharashtra and Gujarat
--Maharashtra and Gujarat celebrated their statehood day on 1st May 2022.
On May 1st, 1960, the bilingual state of Bombay was divided into two separate states by the Bombay Reorganisation Act, 1960. Gujarat was established as the 15th state of the Indian Union.
NEWS IN DETAIL (FOR U.P. JUDICIARY MAINS + PRELIMS)
8. INDIA’S EMPLOYMENT STATE
According to the latest data from the Centre for Monitoring Indian Economy (CMIE), India’s Labour Force Participation Rate (LFPR) has fallen to just 40% from an already low 47% in 2016.
According to the Centre for Monitoring Indian Economy (CMIE), the labor force consists of persons who are of age 15 years or older, and belong to either of the following two categories:-
• Are employed
• Are unemployed and willing to work and are actively looking for a job
There is a crucial commonality between the two categories — they both have people “demanding” jobs. This demand is what LFPR refers to. While those in category 1 succeed in getting a job, those in category 2 fail to do so.
Which state has the lowest unemployment rate?
Chhattisgarh has the country’s lowest unemployment rate.
India’s Female and Male LFPR
According to CMIE data, as of December 2021
Male LFPR - 67.4%
Female LFPR - 9.4%.
Reason for low LFPR of India
Due to abysmally low level of female LFPR (25%)
Reason for low female LFPR
• Lack of adequate job opportunities for women.
• Lack of conducive working conditions — such as law and order, efficient public transportation, violence against women, societal norms, etc.
• Incorrect measuring of women’s contribution to the economy. Many women in India are exclusively involved within their own homes (caring for their family), which is not measured
9. INDIA’S FOREX RESERVES
What is Forex Reserves
Forex or foreign exchange reserves are assets held by the central bank in foreign currencies as a reserve.
Current status of India’s Forex Reserves
• According to the latest data from the Reserve Bank of India (RBI), India’s forex reserves stood at $600.42 billion as of April 22, 2022.
• All components in India’s forex reserves witnessed a fall in the week ending April 22, 2022.
What are the components of forex reserves?
The components of forex reserves are:
• Foreign currency assets (FCA)
• Gold holdings
• SDRs (special drawing rights) of the International Monetary Fund (IMF).
• Reserve tranche position (RTP) in the International Monetary Fund (IMF).
Foreign currency assets (FCA) are expressed in terms of which currency?
• US dollar
Reason of dip in Forex reserves of India
• Reserve Bank of India (RBI) is selling dollars to prevent a slide in the value of the rupee amid the ongoing Russia-Ukraine conflict.
• The RBI intervention started when the rupee crossed the 76 level.
• The increase in global oil prices crossing $100 per barrel has affected India’s forex reserves. This is because India depends on imports for 85% of its oil needs.
• There is also capital outflow due to sustained selling by foreign portfolio investors (FPIs).
10. OPEN NETWORK FOR DIGITAL COMMERCE (ONDC)
About ONDC
An initiative aimed to promote open networks for all aspects of the exchange of goods and services over digital or electronic networks.
It will be based on open-sourced methodology, using open network protocols independent of any specific platform.
Pilot phase is being conducted across five cities Delhi, Bengaluru, Coimbatore, Bhopal, and Shillong.
11. IOC PROJECT ON METHANOL BLENDED PETROL
Recently, the Indian Oil Corporation (IOC) rolled out M15 petrol on a pilot basis in Assam’s Tinsukia district. M15 is a blend of 15 % methanol and 85 % Petrol.
Why Tinsukia district
Because of availability of methanol, which is being manufactured by Assam Petrochemical Ltd in the vicinity of the Digboi refinery
12. MAHARASHTRA GENE BANK PROJECT
Maharashtra Cabinet has approved ‘Maharashtra Gene Bank’; it is a first-of-its-kind project in India. To conserve genetic resources in Maharashtra including marine diversity, seeds of local crops, and animal diversity.
The project will be implemented by the Maharashtra State Biodiversity Board (MSBB) and will be overseen by committees under the chief secretary and the principal secretary (forests).
13. SEMICON INDIA CONFERENCE 2022
The Semicon India Conference-2022 was inaugurated by Prime Minister Narendra Modi. Bengaluru will host this three-day conference. It is organised by India Semiconductor Mission in partnership with industry associations. Theme: Catalyzing India’s Semiconductor Ecosystem.