# 2nd July, 2022 Current Affairs

NATIONAL

KK Venugopal Re-Appointed Attorney General For Three Month

• Attorney General (A-G), K.K. Venugopal has been re-appointed as the country’s top law officer for a period of three months. Mr.Venugopal, whose current one-year term ends on June 30, agreed to a short tenure following a request from the government. The sources cited above said that he was initially not willing to continue in the Constitutional post due to “personal reasons”.
• In July 2017, Mr.Venugopal, 90, was appointed by the President of India to succeed MukulRohatgi as the A-G. The government’s top law officer enjoys a tenure of three years. However, when Mr.Venugopal’s first term as A-G was to end in 2020, he requested the government to give him a one-year tenure keeping in mind his advanced age. Last year too, he was reappointed for one year.

100% two-wheelers to be energised by FY27

• NITI Aayog and the Technology Information, Forecasting and Assessment Council (TIFAC) made an upbeat prediction that by FY2026-27, electric two-wheelers would be completely incorporated into the Indian market.
• The Department of Science & Technology established the independent TIFAC in 1988 with the mission to forecast technological developments, evaluate technological trajectories, and foster innovation.
• Forecasting Electric Two-Wheeler Penetration in India was the report’s title.
• It gave significant insights into the sector’s priorities for technology development as well as the necessary industrial capacity and infrastructure.
• Even without extending demand-side incentives, the penetration of electric two-wheelers may reach about 72% in FY 2031-32 if an R&D programme is successful in increasing their range and power by 5% annually between FY 2023-24 and 2025-26 and by 10% in FY 2026-2027.
• By FY2028-29, the number of electric two-wheeler sales could surpass 220 lakh units.

INTERNATIONAL
Ferdinand Marcos Jr. takes oath as Philippine president

• Ferdinand Marcos Jr, the son of late dictator Ferdinand Marcos Sr, won the elections on 9th May with 31.6 million votes and was swore as the 17th President of the Philippines. He took the oath at the National Museum of Fine Arts in Manila before the Supreme Court Justice, Alexander Gesmundo. The former President’s daughter and his running mate, Sara DuterteCarpio, swore as vice president on 19th June. The two will be serving the nation until 2028.
• Marcos Jr. is more popularly known as “Bongbong” in the country and won on the platform of national unity, promising more jobs, lowering prices, and increasing investment in agriculture and infrastructure.

NATO Summit 2022 Concludes in Madrid

• The 2022 NATO Madrid Summit was held in Madrid, Spain, from June 28 to 30, 2022. This was the 32nd edition of the summit, since the first summit meeting held in Paris in 1957. The Summit was chaired by NATO Secretary General Jens Stoltenberg. The heads of state and heads of government of NATO member and partner countries participated in the three-day Summit. NATO summit meetings is a platform for member countries to evaluate and provide strategic direction for Alliance activities.
• During the Summit, 22 NATO members agreed to launch the NATO Innovation Fund. It is a multi-sovereign venture capital fund that will invest 1 billion euros ($1.05 billion) in startups and other venture capital funds that develops emerging technologies for both civilian and military use. • NATO leaders on Wednesday agreed to strengthen the alliance’s forward defenses, enhance the bloc’s battlegroups on its eastern flank and increase the number of high readiness forces to more than 300,000. • During the Summit, NATO’s closest partners Finland and Sweden were invited to join the Alliance. World Sports Journalist Day 2022 observed on 2nd July • World Sports Journalists Day is observed on July 2 every year to celebrate the services of sports journalists for the promotion of sports. Sports journalism is a form of reporting that focuses on matters pertaining to any subject or topic related to sports. It is an essential component of every media organization. • Sports journalists work on various media platforms including print, broadcast, and the internet. There are several local and national journalism organisations active in sports reporting. ECONOMY Crisil projects India’s FY23 GDP growth estimate to 7.3% • Domestic rating agency Crisil has cut the real GDP growth forecast for India to 7.3 percent in FY23 (FY 2022-2023). Earlier this was estimated at 7.8 percent. It attributed the downward revision to higher oil prices, slowing of export demand and high inflation. • Crisil said there are a slew of negatives like high commodity prices, elevated freight prices, drag on exports as global growth projections get lowered, and the largest demand side driver of private consumption remaining weak. Inflation, which has been pegged to average at 6.8 per cent in FY23 as against 5.5 per cent in FY22, reduces purchasing power and would weigh on revival of consumption the largest component of GDP which has been backsliding for a while Finance Minister NirmalaSitharaman announces the Business Reform Action 2020 • The Business Reform Action Plan (BRAP)-2020 was presented by Finance Minister NirmalaSitharaman in New Delhi. According to the report’s analysis of the Business Reforms Action Plan’s execution, seven states have been named as the top achievers. Andhra Pradesh, Gujarat, Haryana, Karnataka, Punjab, Telangana, and Tamil Nadu are the states in question. • The BRAP exercise aims to improve the business climate in each State and Union Territory by instilling a culture of learning from other States’ best practices. • India becoming one of the world’s most popular investment destinations is BRAP’s overarching goal. India will have 122 unicorns in 25 cities within next 2-4 years • According to a report by the Hurun Research Institute titled Hurun India Future Unicorn Index 2022, India is predicted to have 122 new unicorns in the following 2-4 years. The total worth of these potential unicorns is currently 49 billion US dollars. When a startup is valued at$1 billion USD, it is considered to be a Unicorn.
• The survey states that 63% of these businesses focused on consumer-facing businesses, while the remaining 37% belonged to the business-to-business (B2B) industry that provided services to the financial services, logistics, healthcare, and education sectors.
• The report has divided would-be unicorns into three groups: Gazelles, which are startups with the greatest likelihood of becoming unicorns in the next two years, and Cheetahs, which are startups with the potential to become unicorns in the following four years.
Published date : 02 Jul 2022 06:05PM