25 June: International Day of the Seafarer
The “Day of the Seafarer” is celebrated annually on June 25 to honour the vital contribution that seafarers make to global trade and the economy, frequently at considerable personal sacrifice to themselves and their families. Governments, shipping associations, businesses, shipowners, and all other interested parties are asked to support and commemorate the Day in a meaningful and suitable way.
The International Convention on Standards of Training, Certification, and Watchkeeping for Seafarers (STCW), 1978, held in Manila, Philippines, in June 2010, adopted a resolution that established the Day of the Seafarer and made significant revisions to the STCW Convention and Code.
The resolution established the Day of the Seafarer, which was first observed in 2011.
The annual list of United Nations Observances now includes the Day of the Seafarer.
International Day of the Seafarer, 2022:
Although each seafarer’s voyage is unique, they all encounter the same difficulties. With the theme “Your voyage – then and now, share your adventure,” the Day of the Seafarers campaign for 2022 will examine seafarer voyages, including what they entail, how they have changed over time, and what has remained central to seafarers’ reality.
This campaign offers seafarers the ability to express what is currently on their minds, whether it is the ongoing crew change dilemma or the direction that technology is headed in.
S.S. Mundra appointed as chairman of BSE
S.S. Mundra, a public interest director to lead the world’s largest stock exchange, according to the BSE. Justice Vikramajit Sen will be replaced by Mr. Mundra. After serving for three years, Mr. Mundra left his position as Reserve Bank of India’s Deputy Governor in July 2017. Before that, he held the positions of Chairman and Managing Director at Bank of Baroda, until he retired in July 2014.
Mr. Mundra has held a number of significant positions over his more than 40-year banking career, including Executive Director of Union Bank of India and Chief Executive of Bank of Baroda (European Operations), among others.
Additionally, he represented the RBI as the G20 Forum’s nominee on the Financial Stability Board and its numerous committees.
Additionally, he served as the International Network on Financial Education’s Vice-Chair for the OECD.
He served on the boards of a number of multi-faceted businesses before to the RBI, including Clearing Corporation of India Ltd. and Central Depository Services (India) Ltd. (CDSL).
NSE and BSE approve the merger of PVR-INOX
The Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) have approved the merger of multiplex chain PVR and Inox Leisure. According to their separate exchange filings, PVR and Inox Leisure received observation letters from the BSE on June 20 and 21 with “no unfavourable observations” and “no objection,” respectively. According to the documents, the Competition Commission of India must provide the necessary regulatory licences before the merging plan can forward (CCI).
In March of this year, the boards of directors of PVR and INOX authorized the merger of the two multiplex companies. If the merger goes through, Ajay Bijli will take over as managing director and Pavan Kumar Jain would be named non-executive chairman of the board.
In the amalgamated entity, Siddharth Jain will be appointed as a non-executive non-independent director in addition to Sanjeev Kumar’s appointment as executive director.
The proposed merger would be in the best interest of the transferee business, the transferor firm, and each of their respective shareholders, workers, creditors, and other stakeholders, according to PVR’s exchange filing.
It also stated that greater size, technological advancements, and extended reach will benefit lenders, workers, customers, and shareholders by increasing prospects for growth, increasing cross-selling opportunities to a broader client base, and increasing productivity, among other things.
About the Merger:
Following the merger, INOX promoters will own 16.66% of the combined firm, while PVR promoters will own 10.62%. Promoter families will have equal participation on the board with two seats each, and the board of directors of the combined firm will be reconstituted with a total of 10 members.
Three PVR shares will be exchanged for ten INOX shares under the share exchange ratio.
The merged firm would run 1,546 screens over 341 buildings in 109 cities, making it the largest movie theatre chain in India. At the moment, PVR runs 871 screens 181 properties in 73 cities, whereas INOX runs 675 screens 160 properties in 72 cities.
India likely to be affected by US recession, could impede growth in medium term
According to economists, the medium-term economic trajectory of India is expected to be hampered by the imminent growth slowdown in the United States. According to the research firm, Nomura India Normalization Index (NINI), the Indian economy is currently returning to above-normal levels and is being driven by broad-based gains in consumption, investment, industry, and the external sector.
In March 2022, the service sector was about 4pp behind pre-Covid levels; however, it is currently heading close to 40pp above those levels.
This improvement is anticipated to boost the Indian economy’s trajectory of growth in the near future.
However, India’s economy is projected to experience a growth slowdown in the medium term with a “prolonged mild recession” in the US, as predicted by the firm.
There are already difficulties with growth; India is the only Asian nation whose inflation rate is the highest.
Impact of US market on India:
Around 18% of India’s exports of goods are made to the US, as are more than 60% of its exports of IT-ITeS.
Additionally, the prognosis for India’s export and investment is likely to be negatively impacted by the slower overall global economy.
Nomura projects that India’s GDP would increase by an average of 7.2 percent annually in 2022 before slowing to 5.4 percent in 2023, with downside risks.
Unattainable: A soft landing ach the US
Whether it be the stock market, commodities, or rates, all have fallen recently due to the growing likelihood of a recession.
There is disagreement among experts as to whether or not we are currently in a recession.
Central banks, including the US Federal Reserve, have aggressively raised interest rates in an effort to stop the inflation from spiralling out of control.
An economic downturn will probably result from this.
The Fed is “fully committed” to bringing down inflation and can do so with its monetary policy instruments, Fed Chair Jerome Powell admitted the prospect of the same.
Government to transfer NDPS from Ministry of Finance to Ministry of Home Affairs
To bring all matters relating to narcotics under one department, the government is reportedly considering moving the administration of the Narcotic Drugs and Psychotropic Substances Act, 1985, and the Prevention of Illicit Traffic in Narcotic Drugs and Psychotropic Substances Act, 1988 from the finance ministry to the Ministry of Home Affairs.
The Narcotic Drugs and Psychotropic Substances (NDPS) Act of 1985 and the Prevention of Illicit Traffic in Narcotic Drugs and Psychotropic Substances Act of 1988 are currently administered by the Department of Revenue (DoR) in the finance ministry, while the Narcotics Control Bureau is under the control of the home ministry.
The transfer of DoR‘s administration of the two Acts to MHA is currently being discussed.
Under the terms of the NDPS Act, the Narcotics Control Bureau (NCB) is a major law enforcement and intelligence organisation entrusted with preventing the use and trafficking of illegal drugs.
About the NDPS:
A person is not allowed to produce, manufacture, cultivate, hold, sell, buy, transport, store, consume, or possess any narcotic drugs or psychotropic substances, according to the Narcotic Drugs and Psychotropic Substances Act of 1985, or NDPS Act.
To stop the unlawful trade in narcotic drugs and psychotropic substances, the Prevention of Illicit Traffic in Narcotic Drugs and Psychotropic Substances (PITNDPS) Act of 1988 allows for imprisonment in specific circumstances.
The transfer was taken into account in accordance with the 1961 Government of India (Allocation of Business) Rules.
About the Transfer:
The Rules provide that, with the exception of those entrusted to MHA, DoR is responsible for “all matters relating to international treaties, agreements, protocols, etc. in respect of narcotic narcotics, psychotropic substances, and precursor chemicals.” Although it has a drug department, MHA is home to the Narcotics Control Bureau.
The MHA is responsible for “all matters relating to Narcotics Control Bureau established pursuant to Section 4(3) of the Narcotic Drugs and Psychotropic Substances Act, 1985 and coordination of all measures for preventing and combating abuse of and illicit traffic in narcotic drugs and psychotropic substances.”
List of 10 Popular Harvest Festivals Celebrated in India
India is a diverse country and here people from several cultural and religious beliefs live together. There are several festivals celebrated in India, out of which harvest festivals are of different kinds. There are 29 states in India and the harvest festival is celebrated in all parts of India at different times throughout the year. The variation in celebrating the harvest festival in different parts of the country is because of the changing climate.
Few harvest festivals are Bihu, Makar Sankranti, Pongal, etc. The harvest festivals are celebrated to acknowledge the first yield of a new crop. There may be several names for the harvest festivals in India but the significance remains the same for all. The major part of India is involved in agricultural practices and the harvest festivals are a cheerful time of the year for them. In this article, we have explained the 10 harvest festivals of India.
List of Harvest Festival in India
The harvest festival of Assam is Bihu and it is also the beginning of the Assamese new year.
This festival is also known as Magh Bihu or Bohag Bihu.
The night before the festival a traditional communal feast known as Uruka kicks off the festival and the farmers in Assam enjoy their harvesting efforts.
On the day of Bihu, the Mejis or pavilions are built out of clay and hay and then burnt. The festival is celebrated by groups of local ladies dancing and singing while wearing the magnificent mukhtars.
People perform their traditional folk dance Bihu and enjoy bullfights, bird battles, and Sunga Pitha, Til Pitha, and Laru.
Makar SankrantiGujarat, West Bengal, Punjab, Haryana, Himachal Pradesh, Tamil Nadu, and Kerala
The oldest and most colorful harvest festival of India is Makar Sankranti which is celebrated across the country.
The festival is mostly celebrated in Gujarat, Kerala, Tamil Nadu, Himachal Pradesh, West Bengal, Punjab, and Haryana.
The festival marks the arrival of the Sun into the zodiac sign of makar or Capricorn. According to mythology, this festival signifies the end of the bad phase and the beginning of good times.
In Gujarat makar Sankranti is known as uttarayana, in Punjab, it is known as Maghi, in Himachal Pradesh it is known as Magha Saaji, in Uttar Pradesh khicheri, and in Tamil Nadu, it is known as Pongal.