Topic: Indian Economy
1. India to be one of fastest growing emerging market economies.
- India will be one of the fastest growing emerging market economies with a 10% growth in the fiscal year 2021-22.
- Standard & Poor’s Director, Sovereign & International Public Finance Ratings, Andrew Wood made this estimate in a webinar on India’s outlook for 2021.
- As per Andrew Wood, forecast for India in 2021 is very good. He said that forecasts shows that economic activity is returning to normalization. As per S&P, India’s economy has stabilized in recent months.
- S&P is an American credit rating agency. S&P, Moody’s Investors Service and Fitch Ratings are known as Big Three credit-rating agencies.
2. Government releases guidelines for acquiring and producing Geospatial data.
- On 15 February 2021, the government released guidelines for acquiring and producing Geospatial data.
- These guidelines would also apply to acquiring and producing of Geospatial Data Services, including Maps.
- These guidelines have provisions for the liberalisation of acquisition and production of geospatial data and geospatial data services, including maps.
- In the guidelines released by the Department of Science and Technology (DST), government has highlighted the importance of the availability of Geospatial data for the blue economy and Atmanirbhar Bharat.
- Fisheries, deep-sea mining and offshore oil and gas come under the blue economy.
- Guidelines will apply to Geospatial Data Services, maps and products provided by government agencies, private organizations and individuals.
- Autonomous bodies, academic and research institutions and NGOs offering these services will also be required to follow the guidelines.
- As per the guidelines, political maps published by the Survey of India would be taken as standard and private entities should adhere to these standards when publishing such maps.
- Digital Maps/Geospatial Data with accuracy greater than the threshold value can be stored on the domestic cloud or servers physically located within the territory of India.
- As per the guidelines, DST would constitute the Geospatial Data Promotion and Development Committee for the promotion of activities related to Geospatial Data.
- The guidelines say that only Indian Entities would get access to Indian ground stations for real-time positioning and their data.
- Only Indian Entities would be allowed to carry Terrestrial Mobile Mapping Survey, Street view surveys. Similarly, only Indian entities would be allowed to survey in Indian territorial waters.
3. NRGene collaborates with Foragen Seeds to transfer technology for production of better varieties of maize, rice and chili pepper.
- NRGene has collaborated with Foragen Seeds to transfer technology for the production of better varieties of maize, rice and chili pepper.
- Under the collaboration, Foragen Seeds will get license to their germplasm. It will get access to technology from NR Gene.
- Foragen Seeds is planning to expand its offerings in fodder seed market.
- NRGene has used genomics artificial intelligence to develop DNA markers for complex traits in the breeding population.
- NRGene is a genomics big data company based in Israel. Foragen Seeds is a seed genetics start-up based in Hyderabad.
- DNA markers are DNA sequences that help in the identification of individuals and species.
Topic: Banking System
4. Indian Bank and Society for Innovation and Development (SID) signs an MoU for providing credit facility to start-ups and MSMEs.
- Indian Bank and Society for Innovation and Development (SID) has signed an MoU for providing credit facilities to start-ups and MSMEs.
- Under the MoU, start-ups and MSMEs would be identified by SID and then referred to Indian Bank.
- Indian Bank will provide loans up to Rs 50 crore to start-ups identified and referred by Society for Innovation and Development (SID). SID is an initiative of the Indian Institute of Science, Bengaluru.
- The initiative comes under Ind Spring Board for financing Start-ups scheme of Indian Bank. MSME Prerana programme has also been launched by Indian Bank.
- MSME Prerana programme has been launched to empower MSME entrepreneurs through skill development.
- It has also been launched to empower them through capacity-building workshops in local languages.
- Indian Bank was founded in 1907. Its headquarters are in Chennai. Ms. Padmaja Chunduru is its MD & CEO. From 1 April 2020, Allahabad bank has been merged with Indian Bank.
5. K Sailendra becomes Executive Director – Regional Services of IndianOil Southern Region.
- K Sailendra has become Executive Director – Regional Services of IndianOil Southern Region.
- He has earlier served as LPG group of IndianOil in Karnataka. He has served as regional level coordinator for oil and gas industry in five states.
- Indian Oil Corporation Limited is one of the Maharatna public sector companies. It is the largest commercial oil company in India. Its headquarters is located in New Delhi.
6. Amrit Singh appointed as Chief Financial Officer & Executive Vice President, Strategy of Max Life Insurance.
- Amrit Singh has been appointed as Chief Financial Officer & Executive Vice President, Strategy of Max Life Insurance.
- In 2013, Amrit Singh joined Max Life. He had earlier worked with Infosys and other companies.
- Max Life Insurance is the largest non-bank private-sector life insurer in India.
7. TIGER uncrewed Ultimate Mobility Vehicle concept introduced by Hyundai.
- It is Hyundai’s first uncrewed Ultimate Mobility Vehicle (UMV) concept. TIGER stands for Transforming Intelligent Ground Excursion Robot. TIGER is Hyundai’s second Ultimate Mobility Vehicle (UMV).
- The UMV can transform itself into a four-legged walking machine from a four-wheeler. It can use its walking ability to travel over difficult terrain.
- It uses robotic and wheeled locomotion technologies. It can connect to drones.
- It can be used for 360-degree surface evaluation in areas affected or damaged by sudden natural disasters. It can also be used as a mobile exploration platform in extreme, remote locations.
- Hyundai Motor Group’s New Horizons Studio is developing the UMV in collaboration with Autodesk and Sundberg-Ferar. X-1 is the first version of TIGER.
- Elevate was Hyundai Motor Group’s first-ever UMV concept. Hyundai is a South Korean automotive manufacturer.