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Current Affairs Daily Digest – March 19 & 20 2024
1. Arvind Kapil Takes Over as Poonawalla Fincorp CEO
Arvind Kapil has been named Managing Director and Chief Executive Officer of Poonawalla Fincorp, a prominent NBFC. The present MD and CEO, Abhay Bhutada, is retiring early, and he will be succeeding him.
Kapil Has Been in the Industry for More Than 26 Years
Arvind Kapil has been a banker for over 26 years, which he contributes to his new position. He has been with HDFC Bank since 1998 and has had multiple important roles; presently, he is the Country Head of Mortgages.
In addition to holding master’s degrees in engineering and management, Kapil has also graduated from the advanced management programs at Harvard Business School and the Indian Institute of Management Bangalore.
Five-Year Duration Begin in June of 2024
Starting on June 24, 2024, Kapil will serve for five years as an Additional Director in addition to his role as MD and CEO. The Nomination and Remuneration Committee has recommended this, and it must be approved by the shareholders.
2. SAKHI: The Lifeline for Gaganyaan Crew
For the Gaganyaan space flight project, the innovative SAKHI app was created by the Vikram Sarabhai Space Centre (VSSC). In several crucial areas of the mission, SAKHI (Space-borne Assistant and Knowledge Hub for Crew Interaction) provides invaluable support.
Advice on Technical Matters
With SAKHI, astronauts have digital access to training manuals and technical documents, saving them time and effort by doing away with the need for bulky manual documentation.
Vital Signs Tracking
Monitoring Your Health in Real Time: The app keeps tabs on vital signs like the astronauts’ oxygen saturation, heart rate, and blood pressure. To make sure they’re healthy throughout the trip, it also notifies them when to eat, how much water to drink, and when to sleep.
3. Insurance Sector Attracts Massive Rs 54,000 Crore FDI in 9 Years
Foreign Direct Investment (FDI) totaling Rs 53,900 crore has poured into India’s insurance industry during the past nine years, from 2014 to 2024, according to Financial Services Secretary Vivek Joshi. Currently, the country is home to 70 insurance companies.
Permitting Individuals and International Teams
Following the advice of the R.N. Malhotra committee, which was established by the government in 1993 to reform the insurance sector, the sector was opened to the private sector in the year 2000. A 26% ownership cap was initially in place for foreign corporations.
After that, in 2015, the FDI limit was raised to 49%, and in 2021, it was raised to 74%. Insurance intermediaries were allowed full foreign direct investment in 2019 by the government.
4. Vaughan Gething Becomes First Black Leader of a European Country
The newly elected leader of the Welsh Labour Party is Vaughan Gething, who is presently the Economic Minister of Wales. He becomes the first Black person to head a European country, marking a historic milestone with his triumph.
Background and Early Years
A child of Welsh and Zambian descent, Gething entered this world in 1974 in Zambia. When he was two years old, his family relocated to Wales. However, his father faced work discrimination, so the family eventually returned in England.
He was a union lawyer and a graduate of Aberystwyth and Cardiff universities. As president of the Wales National Union of Students and the Wales Trades Union Congress, Gething made history as the first Black president of either organization.
5. YES Bank Partners with the Indian Olympic Association for the Paris Olympics
Team India’s Official Banking Partner for the 2024 Summer Olympics in Paris will be YES Bank, thanks to a strategic alliance with the Indian Olympic Association (IOA). The Indian Olympic team and their families will receive full assistance thanks to this partnership.
Introducing the Campaign: “Milkar Jitayengey”
The ‘Milkar Jitayengey’ campaign is YES Bank’s way of showing solidarity and resolve to win.
This campaign is a perfect example of the cooperative attitude that permeates YES Bank and the Indian Olympic Association as they rally around Team India’s Olympic effort in Paris.
6. Tamil Nadu Makes History with India’s Second Privately Developed Rocket
Agnikul Cosmos Private Limited, a space startup based in Tamil Nadu, is getting ready to launch their first rocket, the Agnibaan Sub Orbital Technology Demonstrator (SOrTeD), from the Satish Dhawan Space Centre in Sriharikota, Andhra Pradesh.
This launch is going to be historically significant. For India, this launch represents many watershed moments in its space program.
Launchpad for Private Enterprises in India
The Agnibaan SOrTeD launch will be a watershed moment for India’s space industry as it will be the country’s first launch from a private launchpad.
The Power of a Semi-Cryogenic Engine
India will be showing its propulsion technology breakthroughs with its maiden rocket launch fueled by a semi-cryogenic engine.
The First Engine Ever to Be 3D-printed in a Single Piece
Another impressive achievement by Agnikul Cosmos, showcasing indigenous invention and engineering prowess, is the world’s first single-piece 3D printed engine.
7. Finland Tops Happiness Rankings For 7th Year, Afghanistan Ranks Last
The World Happiness Report is an annual survey conducted by the United Nations. It ranks countries based on factors like life satisfaction, GDP per capita, social support, healthy life expectancy, freedom, generosity, and corruption.
For the seventh year in a row, Finland has been named the happiest country in the world. Other Nordic countries like Denmark, Iceland, and Sweden also ranked among the top 10 happiest nations.
World’s 10 Happiest Countries in 2024
| Rank | Country |
|---|---|
| 1 | Finland |
| 2 | Denmark |
| 3 | Iceland |
| 4 | Sweden |
| 5 | Israel |
| 6 | Netherlands |
| 7 | Norway |
| 8 | Luxembourg |
| 9 | Switzerland |
| 10 | Australia |
Afghanistan Remains the Unhappiest Country
At the bottom of the list is Afghanistan, which has been plagued by a humanitarian crisis since the Taliban regained control in 2020.
8. P&G India Announces Kumar Venkatasubramanian as its New CEO Appointment
Kumar Venkatasubramanian has been named Chief Executive Officer (CEO) of P&G India, a prominent fast-moving consumer goods (FMCG) firm, with effect from May 1, 2024.
Former Chief Executive Officer LV Vaidyanathan to Focus on Personal Matters
Current CEO LV Vaidyanathan has been with P&G for 28 years, however, he is stepping down to explore other interests.
A Journey of Venkatasubramanian at P&G
After graduating from IIM Calcutta in 2000, Venkatasubramanian began his career with Procter & Gamble in India as a member of the sales team. He was at the helm of P&G India’s sales force until 2020 before taking over as CEO of P&G ANZ.
9. Begusarai Tops Global List of Most Polluted Cities
According to the World Air Quality Report 2023 published by IQAir, a Swiss group, the most polluted city in the world is Begusarai, a city in Bihar.
Among the world’s 100 most polluted locations, 83 are located in India, according to the research. The most polluted cities in India are Begusarai, Guwahati, Delhi, and Mullanpur (Punjab), in that order.
Ranked Third Worst for Pollution, India
India is one of the most polluted countries in the world. Out of 134 nations, it ranks third, just behind Pakistan and Bangladesh.
The research emphasized that India’s PM2.5 level of 54.4 µg/m3 is about ten times greater than the yearly threshold set by the WHO. Pollutants in the 2.5-micron size range are known as PM2.5.
10. World Sparrow Day 2024 is observed on March 20
On March 20th, the world celebrates World Sparrow Day, a day set aside to bring attention to the dramatic reduction in the domestic sparrow population. This small bird used to be seen all over the world, but these days you won’t see it very often.
When Was World Sparrow Day First Celebrated?
World Sparrow Day was conceptualized by the French Eco-Sys Action Foundation and the Nature Forever Society (NFS) of India.
In 2010, organizers of the first World Sparrow Day hoped that drawing attention to the house sparrow’s sad loss would motivate people to work together to save these birds.
The ‘Save the Sparrow’ movement, which started in Rajasthan, India in the 1960s and was inspired by Mohammed Dilawar, the founder of NFS, looked to that movement.
He wanted this grassroots effort to become a worldwide phenomenon. With data on sparrow species from more than 25 nations, the NFS website serves as an information center.
