Current Affairs for BANK, IBPS Exams - 14 February 2022

::National::

CSR activities log 64% dip in 2020-21; private sector improves

The number of companies engaged in CSR activities dropped by about 93% on an annualised basis at 1,619 in 2020-21, compared to 22,531 a year ago, as per data on the CSR portal of the corporate affairs ministry sourced from directors’ reports and forms filed by companies as on September 30, 2021
Social spending by companies mandated by law plunged by a sharp 64.24% in the pandemic year of 2020-21, official data showed, as contributions towards corporate social responsibility slumped to ₹8,828 crore compared to ₹24,689 crore spent in the preceding financial year.
The number of companies engaged in CSR activities dropped by about 93% on an annualised basis at 1,619 in 2020-21, compared to 22,531 a year ago, as per data on the CSR portal of the corporate affairs ministry sourced from directors’ reports and forms filed by companies as on September 30, 2021.
The disruption caused by the Covid-19 pandemic and challenges in vetting organisations and projects to fund are among the reasons for the fall in CSR spending, experts said. The earmarked funds can be utilised once these obstacles are removed.
Reliance Industries maintained its pole position in social expenditure, with an enhanced ₹922 crorecontribution in 2020-21 compared to ₹908.71 crore spent in the preceding financial year. Tata Consultancy Services remained the second largest spender with ₹674 crore compared to ₹602 crore earlier.
It is mandatory in India for companies with a net worth of at least ₹500 crore, or revenue of ₹1,000 crore, or net profit of ₹5 crore, to spend a minimum 2% of their average net profit booked in the three preceding financial years on welfare activities.
The combined expenditure of state-run firms in 2020-21 was a mere 6% ( ₹561 crore) of the total ₹8,828 crore spent on CSR activities, while private firms contributed 94%. However, in the previous financial year, the combined contributions of public sector firms was ₹5,242 crore, which was 21% of the total ₹24,689 crore spent, according to official data.
The fall in numbers is possibly because most of the designated funds are parked in bank accounts for future use, according to SagunaSodhi, partner, forensic and integrity services at consultancy firm EY.
Any unspent amount from the CSR budget can be transferred to an appointed bank account within 30 days from the end of a financial year, and can be used within the next three financial years.

Printed Study Materials for IBPS, SBI Bank Exam

::International::

An Ocean Summit was held in France on 9-11 February to mobilize the international community to protect and support a healthy and sustainable ocean

The One Ocean Summit will take place in Brest in Brittany in the northwest of France on 9-11 February 2022, aiming to mobilise the international community to take tangible action towards preserving and supporting a healthy and sustainable ocean. The first major event of a “super year” for the ocean, the Summit is an opportunity to kick-off the second year of the Ocean Decade with the first big international commitments to protect the ocean and reverse its declining health.
The “One Ocean Summit” will be held in the context of the French Presidency of the Council of the European Union, with the support of the United Nations.
The goal of the One Ocean Summit is to raise the collective level of ambition of the international community on marine issues and to translate our shared responsibility to the ocean into tangible commitments.
IOC-UNESCO is working closely with the Government of France to coordinate the scientific programme for the Summit and ensure it addresses the major challenges and emerging knowledge trends when it comes to unlocking ocean solutions for sustainable development.
Combining global scientific and education expertise, UNESCO and its IOC also contributed to mainstreaming ocean literacy into the summit programme, with a dedicated workshop to take stock of the development of ocean literacy communities across the world.
On 9 and 10 February, more than thirty events (workshops, forums, roundtables and other initiatives) will be held ahead of a high-level segment, to engage the international maritime community. UNESCO is organising two thematic workshops on 10 February: “The Science we Need for the Ocean we Want” and “Educate to the Sea, Ocean for Youth” to advance ocean science knowledge and support the conservation and sustainable management of the ocean.
On 11 February, President Emmanuel Macron will bring together Heads of State and Government, leaders of multilateral institutions, business leaders and civil society policymakers to make ambitious commitments in the Summit’s high level segment.
Several important initiatives will be launched on this occasion in favour of marine ecosystem protection and sustainable fisheries, intended to fight pollution, in particular from plastics, respond to the impacts of climate change, as well as advocate for improved governance of the oceans.

::Economy::

Tata Sons may remove age limit for Tata Trusts nominees on its board

Ratan Tata, who was a special invitee to the board meeting expressed his satisfaction on the progress and performance of the Tata Group under the leadership of N Chandrasekaran.
Tata Sons Pvt Ltd board on Friday considered and approved the re-appointment of its executive chairman N Chandrasekaran for another five years.
Ratan Tata, who was a special invitee to the board meeting expressed his satisfaction on the progress and performance of the Tata Group under the leadership of N Chandrasekaran. He recommended his term be renewed for a further five-year period.
The continuity in leadership comes as the 154-year-old conglomerate that makes salt to luxury sedans, is working on an all-in-one ecommerce superapp -- one of Chandrasekaran’s key projects -- to market its swathe of consumer products and services as part of a digital makeover. The group is also reinventing its aviation businesses after successfully acquiring Air India Ltd. from the federal government last year.
“It has been a privilege to lead the Tata Group for the last five years and I am delighted at the opportunity to lead the Tata Group for another five years, in its next phase," Chandrasekaran said.
Chandrasekaran's current tenure as the chairman of the company expires at the end of this month.
Chandrasekaran joined the board of Tata Sons in 2016 and took over as Chairman in 2017 at a time when the group was mired in crisis after the ouster of his predecessor Cyrus Mistry in a shock boardroom coup led by Ratan Tata, who heads Tata Trusts - a bunch of philanthropic organizations that hold 66% stake in Tata Sons.
The ouster triggered a years-long legal battle between the two sides and was finally put to bed after India’s top court ruled in March 2021 that Mistry’s dismissal was legal.
Tata Steel, which managed to turn around the company renamed as Tata Steel BSL, however, couldn't close a deal to sell its European business to ThyssenKrupp.
In October last year, Tata Sons made a winning bid for Air India, bringing back an airline that the group had originally founded.
The Tata group now has three airlines - Tata SIA Airlines, AirAsia India and Air India with a combined market share of over 25%.

Fiscal deficit could narrow to 6.3% in FY23: SBI

India's budget deficit target could narrow to 6.3% of gross domestic product (GDP) in the next financial year, according to a report by the State Bank of India.
Assuming that the government keeps the expenditure growth at 8% over FY22 estimates at ₹38 lakh crore in FY23 and receipts (minus borrowing and other liabilities) would grow by around 10.8%, it would lead to fiscal deficit of around ₹16.5 lakh crore or 6.3% of GDP in FY23, SBI economist SoumyaKantiGhosh wrote in the research report.
The country is expected to meet its fiscal deficit target in the ongoing financial year, the report says. “Even if we consider the additional spending announced by the government in early Dec’21, fiscal deficit of the government still comes at ₹15.80 lakh crore or 6.8% of the GDP.”
The budget estimate (BE) for fiscal deficit during the current financial year is ₹15.06 lakh crore or 6.8% of GDP.
If disinvestment of state-run Life Insurance Corporation (LIC) passes through in FY22, the Centre might be ending fiscal with a large cash balance of ₹3 lakh crore, the report says, adding it can come handy in supporting a large part of government fiscal deficit without taking recourse to market borrowings.
Budget 2022 should also allow for very gradual fiscal consolidation, Ghosh recommends. "For FY23, the fiscal consolidation should remain limited to 30-40 bps from the current fiscal."
"The main objective of the budget should be to create an environment that will give further impetus to growth," by giving higher weightage to a short-term stabilisation policy rather than long term policy, the report says.
Ghosh, however, cautions that any new taxes like wealth tax or others at this point could do more harm than benefit.

::Science and tech::

Isro's PSLV-C52 lifts off with earth observation and 2 small satellites

The Polar Satellite Launch Vehicle (PSLV-C52) blasted off at 05:59am from the first launch Pad of SatishDhawan Space Centre, marking the space agency's first mission launch in 2022.
Isro's Polar Satellite Launch Vehicle PSLV-C52 blasted off from the First Launch Pad of SatishDhawan Space Centre, Sriharikota at the scheduled time of 5:59am on Monday morning. The launch vehicle carrying earth observation satellite EOS-04 along with two co-passenger payloads – INSPIREsat-1 and INS-2TD – lifted off from the spaceport at the end of a 25-hour countdown, marking the Indian space agency's first mission launch in 2022.
PSLV-C52 injected EOS-04 into an intended sun-synchronous polar orbit of 529km altitude at 0617am IST, said the Indian Space Research Organisation.
EOS-04 is a Radar Imaging Satellite designed to provide high-quality images under all weather conditions. The images can be used for agriculture, forestry and plantations, soil moisture and hydrology and flood mapping.

::Sport::

FIH Men's Pro League: India beat South Africa 10-2

India overcame Saturday's shock defeat to France with a scintillating 10-2 win against hosts South Africa in the FIH Men's Hockey Pro League 2022 on 13-02-2022.
Drag flick specialist Harmanpreet Singh (36', 52', 60', 60') starred in the match with four sensational goals while Surender Kumar (15'), ShilanandLakra (27', 48'), Mandeep Singh (28'), Sumit (45') and Shamsher Singh (56') scored to ensure India ended their South African sojourn on a winning note. For South Africa, Daniel Bell (12') and Connor Beauchamp (53') scored goals.
Earlier in the match, both teams displayed high-intensity hockey offering some thrilling moments for hockey buffs. While it was India who was quick to create a scoring opportunity through a PC in the very first minute of the game, India's ace drag-flicker Harmanpreet's drive was well blocked by the South African defenders.