Topic: Indian Economy/Financial Market
1. US surpassed China and became India’s top trading partner in 2021-22.
- During 2021-22, bilateral trade between US and India stood at $119.42 billion. In 2020-21, it stood at $80.51 billion.
- Exports to US grew from $51.62 billion in 2020-21 to $76.11 billion in 2021-22.
- Imports increased from about $29 billion in 2020-21 to $43.31 billion in 2021-22.
- During 2021-22, bilateral trade between India and China increased from $86.4 billion in 2020-21 at $115.42 billion.
- The UAE was India's third-largest trading partner in 2021-22, at $72.9 billion. It was followed by Saudi Arabia ($42,85 billion), Iraq ($34.33 billion) and Singapore ($30 billion).
2. Pankaj Sharma has been appointed as part-time member of PFRDA.
- Pankaj Sharma is Joint Secretary in Department of Financial Services (DFS).
- He has come in the place of erstwhile DFS Additional Secretary Vandita Kaul.
- Pension Fund Regulatory & Development Authority (PFRDA) consists of a Chairman, three whole-time members and three part-time members.
- Out of three part-time member posts, two are filled now. Anne George Matthew is the other part-time member of PFRDA Board.
- The post of two whole time members-Law and Economics are falling vacant today (on May 31, 2022).
- Suchindra Mishra has been appointed as a member in the Board of International Financial Services Authority (IFSCA).
- Shashank Saxena has been appointed as a member in IFSCA.
Topic: Banking System
3. Stressed assets of NBFC-MFIs declined by 800 basis points to 14% in March 2022 as per report of Crisil Ratings.
- Stressed assets of non-banking financial companies-microfinance institutions (NBFC-MFIs) reached at peak level of 22% in September 2021.
- According to report of Crisil Ratings, stressed assets of NBFC-MFIs are still above pre-pandemic levels of about 3%.
- Stressed assets of NBFC-MFIs comprise of 30+ Portfolio at Risk (PAR) and loan book restructuring.
- PAR 30 plus refers to loan portfolio with 30 days overdue or more divided by total loan portfolio.
- Crisil Ratings is an Indian company providing rating services. It is a subsidiary of S&P Global (an American company). It is headquartered in Mumbai. Amish Mehta is its CEO.
4. Government will launch ‘Jan Samarth’ platform.
- The government will launch common portal 'Jan Samarth' for the delivery of schemes run by various ministries and departments.
- Initially, 15 credit-linked government schemes will be linked to the portal.
- The portal aims to bring services of all schemes on a single platform so that beneficiaries can use the service without any hassle.
- The portal will have open architecture enabling state governments and other institutions to also onboard their schemes.
- The government launched a portal in 2018 to give various kinds of credit products, including MSME, home, auto and personal loans.
5. Less than 25% households have functional tap water connection in UP, Jharkhand, Rajasthan and Chhattisgarh.
- Goa, Telangana, Puducherry and Haryana have achieved 100% household water connections.
- Jal Jeevan Mission has on an average covered 50% of rural households in the country.
- Uttar Pradesh has the lowest coverage at 13.75%. It is followed by Jharkhand at 20.01%, Chhattisgarh at 23.26% and Rajasthan at 24.58%.
- Jal Jeevan Mission aims to make safe and adequate drinking water available through individual household tap connections by 2024 to all households in rural India.
- Under it, tap water connections are also being made available to government schools, Anganwadi centres, gram panchayat offices and community health centres (CHCs).
- Jharkhand has the lowest coverage of tap water connections in schools and Anganwadi centres.
Topic: Infrastructure and Energy
6. Adani Hybrid Energy Jaisalmer One Limited commissioned India's first wind and solar hybrid power plant in Jaisalmer.
- The plant at Jaisalmer in Rajasthan has a capacity of 390 MW. It is first ever wind and solar hybrid power generation plant in India.
- It has a 25-year Power Purchase Agreement (PPA) with the Solar Energy Corporation of India (SECI).
- Adani Hybrid Energy Jaisalmer One Limited is a subsidiary of Adani Green Energy Limited (AGEL). AGEL’s operational capacity is now 5.8 GW.
- Adani Green Energy Limited is an energy company headquartered in Ahmedabad, Gujarat.
7. Life Insurance Corporation of India (LIC) has launched Bima Ratna.
- Bima Ratna is non-linked, non-participating individual savings life insurance plan.
- LIC has said that an exercise to determine Indian Embedded Value as on March 31, 2022 is being carried out.
- It said that exercise will be completed by June 30, 2022. As on September 2021, LIC had an embedded value of ₹5.4 lakh crore.
- LIC’s fourth quarter (Q4FY22) net profit declined 18% to ₹2,371 crore.
- Bima Ratna provides both protection and savings. It can be purchased through Corporate Agents, Insurance Marketing Firms (IMF), and Brokers etc.
- It includes death benefits, maturity benefits, survival benefits, settlement options and other features. It is available for a term of 15, 20 and 25 years.