Daily Current Affairs 17th November, 2022

Daily Current Affairs 17 November 2022 for Banking/Insurance/SSC and other related exams.

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INTERNATIONAL NEWS

Climate Change Performance Index 2023: India Ranked 8th in the list
India rose two spots to rank eighth out of 63 countries in the Climate Change Performance Index 2023 (CCPI). In the Greenhouse Gas Emissions and Energy Use categories, the country was rated “high”. In the Climate Policy and Renewable Energy categories, it earned a “medium” rating.

• The CCPI evaluates 59 countries and the European Union, which together generate over 90 per cent of global greenhouse gas emissions. Using standardised criteria, the CCPI looks at four categories, with 14 indicators: Greenhouse Gas Emissions, Renewable Energy, Energy Use, and Climate Policy.
• In Greenhouse Gas Emissions, India ranked ninth. Under the category of Renewable Energy and Energy Use, it stood at the 24th and ninth stop, respectively. And on Climate Policy, India ranked eighth.
• In the overall standings, no country ranked first, second or third on the index. Denmark, with a score of 79.61, ranked fourth, followed by Sweden with 73.28 points. India scored 67.35 points.

India set to become World’s Most Populous Country in 2023: UN Report
India is set to surpass China to become the world’s most populous country by 2023, says a report by the United Nations.

• This is because fertility rates in China have declined considerably in past years, with the country expected to see an absolute decline in population numbers as early as 2023.
• The gap between both countries will continue to grow. By 2050, India is expected to have a population of 1.668 billion while China’s population will decline to 1.317 billion.
• These projections were made as part of the World Population Prospects Report which is released by the UN Department of Economic and Social Affairs.

BANKING & FINANCE

RBI chooses 5 banks for Retail Digital Currency Pilot
The RBI has roped in at least five banks to work with it on a pilot project for its digital currency ‘the Digital Rupee’ for the retail market. According to a report, these banks are State Bank of India, ICICI Bank, IDFC First Bank and HDFC Bank.

• The report said, citing people familiar with the matter, that the Reserve Bank of India could add more banks to run the pilot, which is expected to launch soon.
• The RBI is working on two fronts to test the central bank digital currency (CBDC): one for the wholesale market, for which a pilot project is already underway, and the other for retail (CBDC-R).

BUSINESS & ECONOMY

3 Indian cities among Largest Data Centre Markets in Asia-Pacific
Mumbai has recorded highest supply increase in data centre capacity with 24 per cent in the Asia-Pacific region, adding 200 megawatt (MW) in the third quarter this year, a new report showed, as data consumption explodes in the country via OTT, IoT devices and social media.

• Total IT capacity in Mumbai jumped from 812 MW in Q2 to 1,006 MW in Q3, according to International Property Consultants Knight Frank.
• The Indian data centre market currently houses an estimated 445 MW of critical IT capacity in the seven cities of Mumbai, NCR, Bengaluru, Pune, Chennai, Hyderabad and Kolkata.
• The digital economy in India is estimated to grow to a staggering $1 trillion by 2025.

India becomes the World’s Second Largest Producer of Steel
Union Minister of Steel Jyotiraditya Scindia has said that India has made remarkable progress in the steel sector in the last 8 years. He said, the country which was earlier a net importer of the steel has now become a net exporter. The Minister was addressing the Steel Conference of State governments in New Delhi.

• Mr. Scindia informed that  India has also moved from 4th largest producer of steel to the second largest producer of steel at global scale.
• The Steel Minister added that the per capita steel consumption grew from 57.8 kilogram to 78 kilogram, registering a growth of  50 per cent in the last 8 years. In case of installed capacity of steel, the country has moved from 100 million tonnes a year to almost 150 million tonnes.

5G may contribute up to 2% to India’s GDP by 2030
Effective collaboration between public and private players for creating a skilled workforce and cybersecurity infrastructure, reducing regulatory overlaps, and providing financial incentives, will be needed to ensure that the benefits of 5G are realised across sectors, industry body Nasscom said in a report released.

• Sectors such as healthcare, energy & utilities, manufacturing, and retail are expected to benefit the most from large-scale 5G adoption, which is expected to power up to 2 per cent of India’s GDP by 2030, the report said. India currently has the second highest number of telecom users in the world, at 1.1 billion, of which 740 million are 4G customers.

US imposes $1.4 Mn fine on Air India over delay in Refunds
The Tata group-owned Air India has been fined $1.4 million as a civil penalty over delay in refunds amounting to $121.5 million over late or cancelled flights, under an order by the US department of transportation.

• Under US law, airlines and ticket agents have a legal obligation to refund consumers if the airline cancels or significantly changes a flight to, from and within the US, and the passenger does not wish to accept the alternative offered.

SPORTS

Phrygian cap symbolising French republic chosen as 2024 Paris Olympics mascot
The Phrygian cap, the symbol of the French republic but wearing sneakers as a nod to the present, was unveiled as the mascot for the 2024 Paris Olympics.

• The Olympic Phryge ((pronounced fri-jee-uhs) is a bit smaller, the Paralympic Phryge is a bit slimmer and has a blade on his right leg because it is a Phyrge with an impairment.
• The Paralympic mascot is different in that one of the legs is a runner’s blade. The Paris Games organisers defended the fact that the toy replicas of the mascot are almost all made in China.

Formula-1 Racing: Mercedes’ George Russell won Brazilian F1 GP 2022
Mercedes’ George Russell has won his maiden F1 race in Brazilian Grand Prix in Sao Paulo. Mercedes’ Lewis Hamilton & Ferrari’s Carlos Sainz came at the second and third positions respectively.

• With Red Bull’s Max Verstappen finishing fourth. It was also Mercedes’ maiden win in the F1 2022 season. The 2022 season’s final race will be held in Abu Dhabi from November 18 to 20 at Yas Marina Circuit.

APPOINTMENTS

Ex-Chief Economic Advisor Arvind Virmani named as full-time member of NITI Aayog
Former Chief Economic Advisor Arvind Virmani has been appointed as a full-time member of NITI Aayog, according to an official notification.

• Arvind Virmani served as the chief economic adviser in the finance ministry (2007-2009).He served as a member of the Technical Advisory Committee of the Reserve Bank of India (RBI) on Monetary Policy from February 2013 to August 2016.
• He was till end-2012, Executive Director at the International Monetary Fund (IMF), Washington DC, representing India, Bangladesh, Sri Lanka and Bhutan.

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