Daily Current Affairs 31 August 2022 for Banking/Insurance/SSC and other related exams.
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India surpasses China, UK to become 10th largest life insurer globally
The life insurance sector has grown at a CAGR of 11% from 2017-2022 and is estimated to grow at a CAGR of 9% in the next 5 years, highlighted the latest report tracking the performance of the industry by Benori Knowledge, a new-age provider of custom research and analytics solutions.
- The finding of the report shows that the life insurance penetration rate in India has grown to 3.2% in December 2021 from 2.8% in December 2019, almost at par with the global average of 3.3% and makes India the 10th largest life insurance market globally, ahead of China (at 2.4%) and the UK (at 3%).
- Italy’s Poste Italiane is the strongest insurance brand, followed by LIC of India, Mapfre of the US, and Poste Italiane of Italy.
Uttarakhand CM launches ‘CM Udyman Khiladi Unnayan Yojana’ on National Sports Day
Chief Minister Pushkar Singh Dhami launched “CM Udyman Khiladi Unnayan Yojana”, in the program organized on the occasion of National Sports Day.
- He said that considering the shortage of sports trainers under the Sports Department, 08-08 departmental sports trainers will be appointed for each district. Chief Minister Sports Development Fund will be established to be given financial benefits to the students according to accelerated rules.
- The Chief Minister stated that the State Sports Award is being provided as well as the Himalayan Gems Sports Awards as well as Devbhoomi Uttarakhand Sports Ratna, and Devbhoomi Uttarakhand Dronacharya Awards.
50th All Manipur Shumang Leela Festival 2021-2022 kicks off in Imphal
The 50th All Manipur Shumang Leela Festival 2021-2022 kicked off at Iboyaima Shumang Leela Shanglen at Palace Compound in Imphal. Manipur Governor La Ganesan and Chief Minister N. Biren Singh attended the inaugural function.
- Shumang Leela is a traditional form of theatre in Manipur and the roles of female artists are all played by male actors and male characters are played by female artists in case of female theatre groups. Shumang Leela Groups of the early stage attempted to preserve and promote humanism, tolerance, confidence, devotion, truth and justice through their performances.
World’s largest religious monument to open in West Bengal
In addition to becoming the largest religious monument in the world, the Temple of Vedic Planetarium in West Bengal, which will serve as the headquarters of the International Society of Krishna Consciousness (ISKCON), will also have the world’s biggest dome. The Vedic Planetarium will offer guests a tour of the various parts of the cosmic creation.
- The Temple of Vedic Planetarium is in West Bengal’s Mayapur in Nadia district and, once completed, it will be larger than the Taj Mahal and St. Paul’s Cathedral in the Vatican. The temple will open in 2024, following a two-year delay brought on by the COVID-19 pandemic. It will purportedly replace Cambodia’s 400-acre-large Angkor Wat temple complex as the largest religious monument.
Telangana tops inflation charts at 8.32%
India’s National average rate of Inflation is 6.79% through 2022. However, some states have reported inflation below 6%, and 12 have reported Inflation of even more than 7% through 2022.
- The consumers in Telangana, West Bengal and Sikkim have experienced a steep rise in the rate of Inflation with rural and urban areas averaging 8.32%, 8.06%, and 8.01%, respectively and henceforth increasing the prices.
India’s Gautam Adani is first Asian to become World’s Third Richest Person
It’s the first time an Asian person has broken into the top three of the Bloomberg Billionaires Index — fellow citizen Mukesh Ambani and China’s Jack Ma never made it that far. With a $137.4 billion fortune, Adani has overtaken France’s Bernard Arnault to become 3rd richest in the world, according to Bloomberg Billionaires Index.
- Elon Musk ranked first followed by Jeff Bezos .
BUSINESS & ECONOMY
RBI’s FX reserves fall to $564 billion, lowest in about 22 months
The country’s foreign exchange reserves fell by $6.69 billion to $564 billion for the week ended August 19, latest data released by the Reserve Bank of India (RBI) showed. The reserves are at its lowest level since October 2020. In the last two weeks, the foreign exchange reserves fell by almost 9 billion.
- According to data released by the RBI, the fall was mainly due to a decline in foreign currency assets, by $5.8 billion, followed by gold reserves by $704 million.
Mercedes-Benz India names Santosh Iyer as new MD & CEO
German luxury carmaker Mercedes-Benz named Santosh Iyer as the Managing Director & CEO of the Indian operations with effect from January 1, 2023. Santosh Iyer, 46, is currently working as Vice President, Sales & Marketing and would be the first Indian to lead Mercedes-Benz India operations.
- Iyer replaces Martin Schwenk who will assume the responsibility as the President and Chief Executive Officer of Mercedes-Benz Thailand.
Noted agri economist Abhijit Sen passes away
Abhijit Sen, India’s noted agriculture economist and former member of the erstwhile Planning Commission, passed away. He was 72. He passed away of heart attack.
Mikhail Gorbachev, who ended the Cold War, dies aged 91
Mikhail Gorbachev, who ended the Cold War and was the last leader of the Soviet Union, has died at the age of 91. He passed away after serious and long illness.