Rupee Touched An All Time Low Of 80.79
The rupee plunged by 83 paise — its biggest single-day loss in nearly seven months — touched an all-time low of 80.79 against the US dollar. The rupee touched the psychological level of 80 per dollar, but closed just below that mark at 79.98, amid foreign fund outflows and the rise in crude oil prices.
Possible Reasons:
The rupee had opened strong at 79.75 but fell again towards the 80 level, this time on the back of a supportive range from crude as Brent breached the $100 per barrel on less chance of recession in the US, said Jateen Trivedi, VP–research analyst at LKP Securities. “The rupee keeps taking resistance every time it rises towards the 20-day moving average. The rupee range can be seen between 79.75-80.50,” he added.
Forex reserves have plummeted by $62.4 billion from the record high of $642.45 billion registered on September 3, 2021. A major reason for the decline in forex reserves is capital outflows by foreign portfolio investors (FPIs) as the US Federal Reserve started the monetary policy tightening and interest rate hikes. The valuation loss, reflecting the appreciation of the US dollar against major currencies and decline in gold prices have also played a part in the decline in foreign exchange reserves. The RBI had also occasionally sold dollars from the forex kitty to prevent a major slide.
Stock Market Performance:
Meanwhile, the benchmark Sensex shot up by 760.37 points to 54,521.15 in the bull rally led by IT stocks. The NSE Nifty index gained 229.30 points at 16,278.50. Among sectors, IT, metals, capital goods and banks were the main gainers while FMCG index ended marginally in the red. The broad market indices – smallcap and midcap indices — ended up in line with the Nifty, while the advance-decline ratio was 2.8:1.
World stocks rose on Monday as scaled back bets on the latest US Fed rate hike next week and support pledges for China’s economy lifted the mood. Investors are seen staying a bit cautious ahead of a European Central Bank policy meeting and a scheduled resumption of Russian gas flows via the Nord Stream 1 pipeline.
Growth Prospects:
Morgan Stanley has slashed its forecast for India’s economic growth for this financial year and the next in view of a slowdown in global growth. The growth forecast for the country’s gross domestic product (GDP) for 2022-23 has been lowered by 40 basis points to 7.2 per cent, while that for 2023-24 has been reduced by 30 basis points to 6.4 per cent.
Vinod Nair, head of research at Geojit Financial Services, said, “Strong US retail sales data scaled down the worries of an aggressive rate hike higher than 75 bps providing the much-needed optimism to global equities. The European Central Bank, in its meeting this week, is set to increase its interest rates for the 1st time to contain record-high inflation. On the domestic front, while IT and banking stocks were lifted by bottom fishing, realty stocks accumulated gains on improving business prospects.”
GoI named Bharat Lal as new DG of National Centre for Good Governance
Retired Gujarat cadre officer, Bharat Lal has been appointed as the Director General, National Centre for Good Governance (NCGG). Bharat Lal, a 1988-batch Indian Forest officer of Gujarat cadre, had served as Gujarat government’s resident commissioner in Delhi and has been known to be close to Prime Minister Narendra Modi, the then chief minister of the state. Earlier, during December 2021, Lal was appointed as the Secretary to the Lokpal.
About the National Centre for Good Governance (NCGG):
The National Centre for Good Governance (NCGG) is an autonomous institute under the aegis of the Department of Administrative Reforms and Public Grievances, Government of India. Its head office is at New Delhi and the branch office at Mussoorie.
The NCGG has been set up to assist in bringing about governance reforms through studies, training, knowledge sharing and promotion of good ideas.
It seeks to carry out policy-relevant research and prepare case studies; curate training courses for civil servants from India and other developing countries; provide a platform for sharing of existing knowledge and pro-actively seek out and develop ideas for their implementation in the government, both at the National and International Level.
India Hypertension Control Initiative wins UN award to control and prevent hypertension
India has won the United Nations (UN) award for its ‘India Hypertension Control Initiative (IHCI)’, a large-scale hypertension intervention under the National Health Mission (NHM) that saw 3.4 million hypertensive people identified and put on treatment at various government health facilities. The ‘2022 UN Interagency Task Force, and WHO Special Programme on Primary Health Care Award’ was announced at the UN General Assembly side event at New York, USA.
Key points:
The award is for India’s initiative to control and prevent hypertension under the government’s NHM.
It has been recognized for India’s exceptional work within India’s existing primary healthcare system.
IHCI is a collaborative initiative of the Ministry of Health and Family Welfare, Indian Council of Medical Research (ICMR), state governments and the World Health Organization(WHO)India.
As per the WHO’s report:
As per the WHO’s report, one in four adults has high blood pressure, which is the common reason for sudden heart attack or stroke. It is a growing health issue in India is estimated that 20 crore adults with hypertension, and approximately only 2 crores (12%) have it under control. The Indian Government has adopted the “25 by 25” goal to reduce premature mortality due to NonCommunicable Diseases (NCDs) by 25% by 2025.
About the India Hypertension Control Initiative:
The initiative was launched in 2017 and gradually increased to cover more than 130 districts across 23 states. IHCI aims to accelerate progress toward the NCD target by supplementing and intensifying evidencebased strategies to strengthen the building blocks of hypertension management and control.
PM Modi receives copy of the Assamese Dictionary Hemkosh in braille
Assamese Dictionary Hemkosh in Braille: In New Delhi, Jayanta Baruah gave Prime Minister Narendra Modi a copy of the Assamese Dictionary Hemkosh in Braille. Jayanta Baruah and his colleagues received praise from Mr. Modi for their efforts. Assamese Dictionary Hemkosh was one of the first Assamese dictionaries, published in the nineteenth century. Sarbananda Sonowal, the minister for ports, shipping, and waterways, as well as other officials, were present on this occasion.
About Assamese Dictionary Hemkosh:
The earliest Assamese etymological dictionary based on Sanskrit spellings is called Assamese Dictionary Hemkosh and was created by Hemchandra Barua. 33 years after the release of Bronson’s dictionary, it was first published in the early 20th century under the direction of Capt. P. R. Gordon, ISC, and Hemchandra Goswami. There were around 22,346 words in it. Assamese Dictionary Hemkosh, which is still being published by Hemkosh Printers, is regarded as the primary source for Assamese spelling.
ISRO tests hybrid motors successfully, plans to develop new rocket propulsion technology
ISRO tests hybrid motors successfully: The Indian Space Research Organization (ISRO) successfully tested a hybrid motor. This may lead to the development of a new propulsion system for next launch vehicles. The Bengaluru-based space agency claimed that the 30 kN hybrid motor tested at the ISRO Propulsion Complex (IPRC) at Mahendragiri in Tamil Nadu is stackable and scalable.
ISRO tests hybrid motors successfully: Key Points
The ISRO Liquid Propulsion Systems Center (LPSC) provided support for the test.
Liquid oxygen (LOX) served as the oxidizer and hydroxyl-terminated polybutadiene (HTPB) served as the fuel for the motor.
A hybrid motor employs solid fuel and liquid oxidizer, as opposed to solid-solid or liquid-liquid combinations.
It was explained that using liquids makes throttling easier and that managing the flow rate of LOX makes it possible to restart.
Both HTPB and LOX are environmentally friendly, but LOX is safer to handle, according to ISRO.
According to the statement from ISRO, “The test of a hybrid motor with a 30 kN flight equivalent showed ignition and sustained combustion for the planned 15 seconds. The motor function was adequate.”
Delhi Lt General V K Saxena launched ‘We Care’ community policing initiative
Lt General V K Saxena inaugurated ‘We Care’ a community policing initiative here aimed at spreading awareness about various schemes of the Delhi Police among people. This initiative is inaugurated at an event organised at Kartvaya Path at India Gate on the occasion of ‘Sewa Divas, which is being celebrated to mark the 72nd birthday of Prime Minister Narendra Modi. The aim of this initiative is to spread awareness among people about different schemes of the Delhi Police to maintain coordination and establish a police-public interface.
Under the ‘We Care’ initiative:
In the ‘We Care’ initiative, all DCPs will hold community policing activities in their respective areas on every Saturday and Sunday for the next three months.
They will also arrange visits of school children and RWA members to the police stations at 30 selected locations and interact with them through quiz sessions and by disseminating information through community discussion.
These initiatives help in providing protection to children, women, senior citizens and foreign tourists.
Project “Saaras” for menstruation health launched by Israeli embassy in Ghaziabad
Project “Saaras”: The women of Arthala village in Ghaziabad are fond of 27-year-old Uzma Kazmi; it was she who gave them better coping mechanisms for those “uncomfortable days” of the month by bringing affordable and environmentally friendly sanitary napkins, “Saraas,” within their grasp. As part of project “Saraas,” an initiative of the Israeli embassy in India in conjunction with NGO Khushii, which aims to raise awareness about menstruation health and cleanliness and improve skills and capacity for women, the centre was opened by Naor Gilon, the Israeli ambassador to India.
Project “Saaras”: Facility in Arthala village by Israeli embassy
About 20 kilometres from the national capital of Delhi, the densely populated Arthala hamlet, with its little roads and winding byways crisscrossing its length and breadth, is home to an estimated 200,000 inhabitants, the majority of whom are from lower socioeconomic classes.
With assistance from MASHAV, Israel’s organisation for foreign development cooperation, this industrial facility was constructed.
The facility can already produce 10,000 sanitary pads every day and currently has a workforce of 15 women, the most of whom are from Arthala.
The cost of each pack of 10 is £20, which is significantly less expensive than the equivalent product’s lowest price on the market.
Project “Saaras”: Naturally made Sanitary Pads
The pads sold under the Saaras brand are likewise entirely natural and do not go through any chemical washing or refining processes.
The embassy has partnered with an NGO that has the resources and expertise necessary to professionally oversee the initiative and ensure its long-term viability.
An all-female local team that has received training from the NGO Khushii oversees the entire process, from the initial stage of pad creation to its distribution.