1. Government appoints Anantha Nageswaran as Chief Economic Advisor (CEA).
- The Government of India has appointed Dr. V. Anantha Nageswaran as Chief Economic Advisor (CEA).
- On January 28, Nageswaran took over his new post in the Finance Ministry.
- He succeeded Krishnamurthy Subramanian, who served as CEA for three years.
- From 2019 to 2021, Nageswaran was also a part-time member of India's Prime Minister's Economic Advisory Council.
- Chief Economic Adviser:
- It is the post equivalent to the rank of Secretary to the Government of India.
- Chief Economic Adviser heads the economic division of the Department of Economic Affairs.
- JJ Anjaria was the first Chief Economic Advisor of India.
2. Government appoints Raghuraj Madhav Rajendran on PTC India board.
- Government has appointed Raghuraj Madhav Rajendran as nominee director of the Ministry of Power on PTC India board.
- PTC India is controlling company of PTC India Financial Services (PFS). It holds controlling stake (65%) in PFS. LIC is also a shareholder.
- PFS was recently in controversy after its independent directors resigned from the board over corporate governance issues.
- PFS will submit the report to SEBI on this issue by February 22. On January 22, SEBI ordered PFS to submit a report in one month.
- Rajendran is posted as a joint secretary in the Power Ministry.
Topic: Banking/Financial Schemes
3. Union Ministry of Heavy Industries notifies guidelines of Phase II of the scheme to enhance competitiveness in Indian Capital Goods Sector.
- Government had notified the scheme on ‘Enhancement of competitiveness in the Indian Capital Goods Sector’ in November 2014.
- Phase II aims to expand and enlarge the impact produced by the Phase I pilot scheme.
- The components under Phase II include identification of technologies through Technology Innovation Portals, establishing of 4 New Advanced Centres of Excellence and augmenting of Existing Centres of Excellence.
4. Government fixes target to increase area under zaid crops by 29%.
- Government has fixed a target to increase the area under zaid crops (excluding paddy) by 29% at 52.72 lakh hectares (lh) in 2022.
- Out of 52.72 lakh hectares, 21.05 lh will be under pulses, 17.89 lh under coarse cereals and 13.78 lh under oilseeds.
- Among pulses, government targets 17.58 lh under moong against 14.45 lh last year.
- In oilseeds, targets are fixed at 7.6 lh and 5.25 lh respectively for groundnut and sesame grown in summer season.
5. SC gives three weeks’ time to SpiceJet to sort out financial dispute with Credit Suisse AG.
- Supreme Court has given three weeks’ time to SpiceJet to sort out financial dispute with Credit Suisse AG.
- Apex Court has stayed the Madras High Court ruling directing the official liquidator to take over assets of SpiceJet.
- Swiss firm Credit Suisse AG had moved to the single-judge Bench of the high court and alleged that SpiceJet failed to honour its commitment to pay the bills for over $24 million.
Topic: Reports and Indices
6. Buy Now Pay Later (BNPL) increased by 637.27 % in 2021 according to Razorpay’s ERF report.
- Buy Now Pay Later (BNPL) has increased by 637.27 % in 2021 according to Razorpay’s ‘The (Covid) Era of Rising Fintech (ERF)’ report.
- Telecom and Electricity bill transactions registered a growth of 3640 % and 2353 % respectively, from 2020 to 2021.
- Lifestyle and Fashion contributed maximum to the E-commerce transactions in 2020. Groceries contributed maximum to E-commerce transactions in 2021.
- According to the report, Tier-2 cities and Tier-3 cities registered a significant average growth of almost 50% in digital transaction volumes from 2020 to 2021.
- The contribution of bank transfers in transaction volumes declined by 51.77 %.
- Razorpay is a full-stack financial solutions company. The ERF report is based on online transactions held on the Razorpay platform from January to December 2020 & 2021.
7. Total area under foodgrain crops drops by 1.8% to 587.1 lakh hectares (lh) as of 28 January 2022.
- Total area under foodgrain crops has declined by 1.8% to 587.1 lakh hectares (lh) as of 28 January 2022 from 597.58 lh in the corresponding period a year ago.
- However, the overall area under pulses is marginally higher than last year due to a 4% increase in the area under gram.
- The area under foodgrain crops (wheat, rice, pulses and coarse cereals) has declined. Despite the decline, overall sowing increased 1.2%.
- Wheat acreage increased by 1.55 lh and pulses acreage increased by 2.08 lh during the past one week.
- Pulses like urad, kulthi and field peas have reported drop in acreage.
- The acreage under all coarse cereals has dropped 3.53% and total area under oilseeds has reached 102.04 lh.
8. India and Israel to work together to convert 150 villages into Villages of Excellence.
- 150 villages located around Centres of Excellence will be converted into Villages of Excellence.
- Out of 150 villages, 75 villages are being taken in 1st year to mark the 75th year of India’s Independence.
- Israel has set up 29 Centres of Excellence in 12 states. These centres are equipped to train 1.2 lakh farmers every year.
9. AIDWA asks for withdrawal of ‘anti-women’ SBI guidelines.
- All India Democratic Women’s Association (AIDWA) has asked for the withdrawal of the “anti-women” guidelines of SBI.
- State Bank of India has revised guidelines related to the appointment of pregnant women.
- According to the revised guidelines, candidates who are pregnant three months and above will be considered temporarily unfit.
- As per present guidelines, candidates up to six months of pregnancy can be appointed if they provide a fitness certificate from the gynecologist.