Daily Current Affairs 1st July, 2022

Daily Current Affairs 1 July 2022 for Banking/Insurance/SSC and other related exams.


Govt approves investment proposals worth Rs 86,824 cr for electronics mfg
The electronics and IT ministry has approved a total of 314 applications with proposed investments of Rs 86,824 crore under a modified special incentive package scheme till May 31, 2022

  • The proposals that were approved in May included an investment of Rs 596 crore from Bosch Automotive Electronics Private Limited.
  • M-SIPS (Modified Special Incentive Package Scheme) was announced by the government in July 2012. It has been amended twice – in August, 2015 and in January, 2017, and mainly provides a capex subsidy of 20-25 per cent.
  • M-SIPS was the first scheme under which the government wooed electronics manufacturing companies.

Maharashtra govt. approves renaming of Aurangabad, Osmanabad
Maharashtra State Cabinet cleared the decisions to rename Aurangabad and Osmanabad districts to Sambhajinagar and Dharashiv respectively and also passed the proposal to extend name of farmer leader late D.B. Patil to under construction Navi Mumbai international airport.

  • Decisions to rename Aurangabad and Osmanabad were pending for many years and the Shiv Sena has been demanding the same for years.

In Odisha, DRDO successfully tests ‘Abhyas’ High-speed Expendable Aerial Target
The Defence Research and Development Organisation (DRDO) announced the successful flight test of ABHYAS – the High-Speed expendable Aerial Target (HEAT) in Odisha.

  • The test took place at the Integrated Test Range (ITR), Chandipur off the coast of Bay of Bengal in Odisha.

India’s urban population to stand at 675 million in 2035, behind China’s 1 billion: UN
India’s urban population is estimated to stand at 675 million in 2035, the second highest behind China’s one billion, the UN has said in a report, noting that after the covid-19 pandemic, the global urban population is back on track to grow by another 2.2 billion by 2050.

  • The United Nations-Habitat’s World Cities Report 2022, released on Wednesday, said rapid urbanisation was only temporarily delayed by the covid-19 pandemic.
  • The global urban population is back on track to grow by another 2.2 billion people by 2050, it said.

India will have 122 new unicorns in 4 years: Hurun Research report
India will have 122 new unicorns–startups valued each at more than $1 billion–in the next two to four years, according to the ASK Private Wealth Hurun India Future Unicorn Index 2022.

  • Hurun Research Institute’s ranking considers Indian start-ups founded in the 2000s, valued at least $200 million, and not yet listed on a public exchange. The index has classified companies as would-be unicorns (those founded after 2000 and valued at least $1 billion), gazelles (those most likely to become unicorns in two years), and cheetahs (start-ups that could go unicorn in four years).

Bengaluru ranks 14th among 20 cities in APAC in sustainable development of commercial real estate
Bengaluru ranks 14th in the list of top 20 cities in Asia Pacific in terms of compliance with sustainability norms in the development of commercial real estate, according to Knight Frank.

  • Singapore, Sydney, Wellington, Perth, and Melbourne have been ranked as the top five green-rated cities in commercial real estate in the Asia-Pacific region.
  • Four Indian cities — Bengaluru, Delhi, Hyderabad and Mumbai — also made it to the list of top-twenty sustainable cities as per the APAC Sustainability Index 2021 that rated 36 cities based on parameters like urbanisation pressure, climate risk, carbon emissions and government initiatives.
  • Bengaluru has been ranked 14th in the APAC region, while Delhi is at 17th, Hyderabad at 18th and Mumbai 20th positions.


ICICIdirect launches app to learn about markets, financial products
ICICI Securities (I-Sec) announced the launch of ICICIdirect iLearn, a learning app for customers to easily access content curated around several financial products and stock market topics.

  • “This will equip customers with the robust knowledge required to better assist them in their investment journey,” I-Sec said in its statement.

Max Life launches Insta confirmation of insurance (Insta-COI)+ to deliver superior customer experience
Max Life Insurance Company Ltd. (“Max Life” / “Company”), has rolled out a smart solution, ‘Insta confirmation of insurance (Insta-COI)’+, to customers buying the ‘Max Life Smart Fixed-return Digital Plan’ (UIN: 104N123V01), a non-linked, non-participating, individual life insurance savings plan on Max Life website or Policybazaar platform. The Insta-COI feature enables intimation to the proposer regarding the commencement of the risk cover pending release of the policy contract ensuring a quick and hassle-free onboarding.

  • This initiative becomes possible by digitizing processes for documentation during onboarding. Strengthened by AI-enabled smart underwriting, this solution is currently applicable for certain low-risk prospects choosing a sum assured of up to INR 25 Lakh.


Eoin Morgan announces retirement from International Cricket with immediate effect
2019 World Cup-winning captain Eoin Morgan announced his retirement from international cricket. The England and Wales Cricket Board took to Twitter to share the news that Morgan has decided to bid adieu to international cricket with immediate effect but he will continue playing domestic cricket.


K K Venugopal re-appointed A-G for three months
Celebrated advocate K K Venugopal, 91, has been re-appointed the Attorney General for India for three months, the Law Ministry said.

  • Venugopal, the chief legal adviser to the government and top law officer of the country, was not willing to continue in the position due to “personal reasons” but acceded to a request by the government, officials said.

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