Current Affairs for BANK, IBPS Exams - 01 March 2022

::National::

Andhra Pradesh Chief Minister Jagan Mohan Reddy formally dedicated INS Visakhapatnam to the City of Destiny

ShriJagan Mohan Reddy Hon'ble CM of Andhra Pradesh dedicated INS Visakhapatnam, the indigenously designed and constructed guided-missile stealth destroyer named after the City of Destiny – Visakhapatnam, in a formal ceremony held at Naval Dockyard on 27 Feb 22.
The ship is on her maiden visit to the port for participating in the PFR and MILAN 2022.
INS Visakhapatnam is the lead ship of P15B class of guided missile stealth destroyers and was commissioned on 21 Nov 21. The ship symbolises India's matured shipbuilding capability and quest for the Make in India initiative towards achieving 'Atmanirbhar Bharat'.
The crew of the ship abides by her motto 'YashoLabhasva' - a sanskrit phrase that translates to 'Attain Glory'. It embodies the indomitable spirit and capability of this mighty ship to achieve success and glory in every endeavour.
The motto inspires her crew to surmount all odds and uphold the glory of the Ship, Service and Nation always.

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::International::

Ukraine: Russian army destroys world's largest cargo plane An-225 Mriya near Kyiv

Amid Moscow’s assault on Ukraine, the world’s largest cargo aircraft, the Antonov AN-225 or ‘Mriya’, was destroyed by Russian troops during an attack on an airport near Kyiv, Ukrainian authorities announced.
According to Ukrainian officials, the plane was extensively damaged after Russian troops entered a Ukrainian air base in Hostomel, where the aircraft was parked. While they have not confirmed the extent of damage, Ukraine has said that it will be rebuilding the legendary plane.
“This was the world’s largest aircraft, AN-225 ‘Mriya’ (‘Dream’ in Ukrainian). Russia may have destroyed our ‘Mriya’. But they will never be able to destroy our dream of a strong, free and democratic European state. We shall prevail,” Ukraine’s Foreign Minister DmytroKuleba said.
With a wingspan of over 290-feet, the unique Antonov AN-225 was designed in what was then the Ukrainian USSR during the 1980s amid a tense race to space between the United States and the Soviet Union. The plane, nicknamed ‘Mriya’ or ‘dream’ in Ukrainian, is very popular in aviation circles, and is known to attract huge crowds of fans at air shows around the world.
Only one AN-225 was ever built by the Kyiv-based Antonov Company, the defence manufacturers who originally designed the plane. It is essentially a large version of another design by the Antonoccompany — the four-engine An-124 ‘Condor’, which is used by the Russian Air Force.

::Economy::

India's GDP growth was 5.4 percent in the third quarter (October-December) of 2021-22

India’s GDP is seen growing at 8.9 per cent in the current financial year, lower than the earlier estimate of 9.2 per cent, the second advance estimates of national income released by the National Statistical Office (NSO) on Monday showed.
GDP growth rate for the October-December quarter is seen at 5.4 per cent as against 0.7 per cent growth in the corresponding period a year ago, with the construction sector recording a contraction of 2.8 per cent and manufacturing sector registering a meagre growth of 0.2 per cent.
The lower GDP print for this fiscal comes on the back of an upward revision in the GDP growth rate for FY21 to a contraction of 6.6 per cent as against minus 7.3 per cent earlier, as part of the first revised estimates for FY21 released on January 31.
The 8.9 per cent GDP estimate for this year has been projected assuming a 4.8 per cent growth rate for the fourth quarter, indicating a further slowdown as the full impact of the Covid restrictions reflect on the economic momentum.
Economists said the full impact will be visible in the Q4 numbers. “…the implicit message is that Q4 will witness a slowdown which will be around 4.8%. The Omicron effect is responsible for this…a disappointment has been the low growth in manufacturing in Q3 of just 0.2% even though corporates have established healthy growth in profit. It means that the unorganised sector has still not gotten up.
India and Japan renew $75 billion bilateral swap arrangement
India and Japan on Monday renewed their bilateral swap arrangements to the extent of $75 billion, a Reserve Bank of India (RBI) statement said. The Bank of Japan, acting as an agent for the Minister of Finance Japan, and the RBI signed the amendment and restatement agreement of the bilateral swap agreement (BSA), the statement read.
“Japan and India believe that the BSA, which aims to strengthen and complement other financial safety nets, will further deepen financial cooperation between the two countries and contribute to regional and global financial stability”, the RBI statement said.
Essentially, BSA is a two-way arrangement where both authorities can swap their local currencies in exchange for dollars.

::Science and tech::

On February 28, 1928, the physicist Sir C.V. National Science Day celebrated to commemorate the discovery of 'Raman Effect' by Raman

Indian physicist ChandrasekharaVenkata Raman was awarded the 1930 Nobel Prize in Physics for his work on the scattering of light and for the discovery of the Raman Effect. Every year, National Science Day is observed on February 28 in India, to commemorate the discovery of the Raman Effect.
Sir CV Raman announced the discovery of the Raman Effect on February 28, 1928. He was awarded the 1930 Nobel Prize in Physics "for his work on the scattering of light and for the discovery of the effect named after him," the Nobel Prize organisation said on its website.
Raman was born at Tiruchirapalli in Southern India on November 7, 1888. His father was a lecturer in mathematics and physics, as a result of which Raman was immersed in an academic atmosphere from the start.
In 1902, Raman entered Presidency College, Madras, and in 1904, passed his BA examination, winning first place and a gold medal in physics, according to the Nobel Prize organisation.
He obtained his MA degree in 1907, with the highest distinctions.

::Sport::

Russia excluded from more sports as sanctions mount

Russia was barred from competing in international ice skating, skiing, basketball and track on Tuesday, a day after being kicked out of football competitions and hockey. The decisions follow the IOC's request to international sports federations to keep Russian athletes out of events they organize.
More and more sports are following the appeal of the International Olympic Committee and banning Russian athletes from competing in the wake of the country's invasion of Ukraine.
The International Skating Union, the body that runs the sport around the world, said no athletes from Russia or Belarus “shall be invited or allowed to participate” in events until further notice.
Belarus has been a key ally of Russia in its attack on Ukraine.