Current Affairs Quiz - July 2022

Notes:
The 2022 Presidential Election is conducted to choose the 15th President of India are being held in India.
NDA candidate Droupadi Murmu and the opposition’s Yashwant Sinha are participating in the election. The President is elected by the members of the Electoral College, comprising elected members of both houses of Parliament and legislative assemblies of all states as well as the NCT of Delhi and the UT of Puducherry.

Notes:
NTPC and Indian Oil Corporation (IOC) have signed an agreement to set up a joint venture company for meeting the power requirements of projects of IOC refineries.
NTPC Green Energy (NGEL), a wholly owned subsidiary of NTPC, will form the JV Company for supplying RE-RTC power to Indian Oil Corporation.

Notes:
As per the data provided by the Ministry of Home Affairs, over 1.63 lakh Indian nationals renounced their Indian citizenship during 2021.
This is the highest during the last three years. The US was the top choice with almost half of Indians preferring to become US citizens. After the US, Indians preferred to get citizenship in Australia, Canada and the UK.

Notes:
The Reserve Bank of India has hiked the minimum capital adequacy ratio (CAR) for Urban Cooperative Banks (UCBs) to 12 per cent from the earlier ratio of 9 per cent.
The requirement is applied for Tier 1 banks, with deposits above Rs 100 crore. RBI has also provided a path till March 2026 to meet revised CAR norm in phases, for UCBs that don’t meet it currently. This is based on recommendations of a panel headed by N S Vishwanathan, former Deputy Governor.

Notes:
As per a recent survey of the Reserve Bank of India, the US surpassed the UAE as the top source country of India’s remittances, accounting for 23% of total remittances.
India is by far the world’s largest recipient of remittances, as it received $87 billion in 2021 with a growth of 4.6%. The share of remittances from the Gulf Cooperation Council region in India’s inward remittances is estimated to have declined.

Notes:
The Government has prohibited import of human embryos in line with the Assisted Reproductive Technology (Regulation) Act, 2021 and The Surrogacy (Regulation) Act, 2021.
This was announced by the Directorate General of Foreign Trade. Earlier, imports were prohibited except for research purposes based on the guidelines of the Department of Health Research. Surrogacy is a practice where a woman gives birth to a child for an intending couple with the intention to hand over the child after the birth to the couple.

Notes:
The Asian Development Bank cut its economic growth forecast for India to 7.2% for 2022-23 from 7.5% estimated in April.
The reasons cited are higher-than-expected inflation and monetary tightening. It also lowered the GDP growth estimate for 2023-24 to 7.8% from the 8% estimated earlier. ADB raised the inflation forecast for India to 6.7% for FY23 from the 5.8 % estimated earlier.

Notes:
India and the United Kingdom signed a Memorandum of Understanding on Mutual Recognition of Educational Qualifications including maritime education and a Framework agreement on the health care workforce.
India-UK Free Trade Agreement (FTA) negotiations are expected to be concluded by 31st August, 2022.

Notes:
The running and maintenance of ships of the Union Territory (UT) of Lakshadweep have been handed over to the Shipping Corporation of India to improve shipping operations.
The administration of the Union Territory (UT) announced that out of the five ships in service for the people of Lakshadweep and connecting between islands and Kochi, two are undergoing repairs.

Notes:
‘World Drowning Prevention Day’ is observed annually on 25 July. The United Nations General Assembly recognised this day in April 2021.
According to the UN, around 236,000 people drown annually, which makes drowning a major public health problem all around the world. Drowning is also one of the major causes of death for children and young people aged between 1 to 24 years around the globe.