Endeavor Careers Choicest Blogs: Weekly Current Affairs: March 2022, Week 04

Welcome to the Endeavor Editors’ Weekly Current Affairs Choicest Blog series. Get a weekly roundup – on news from business, economy, markets, policy, and more. A quick capsule format news summary and update to keep you abreast with all the latest current affairs.

1) International News and Global Economy

Express from the Frontline: Missiles shatter Lviv calm and an opera

A safe haven providing passage for people seeking to enter or leave Ukraine’s Lviv was jolted out of its lull Saturday afternoon with four Russian missiles struck just east of the city, leaving five people wounded. The first of the blasts hit around 4.45 pm, minutes after a public opera performance in front of the Lviv National Academic Opera and Ballet Theatre—the city that has been at the receiving end of Russian invasion—was cut short by air sirens. Head of Lviv region’s military administration Maksym Kozytsky confirmed the missile attacks. On his official Telegram channel, he posted: “Information that there was an impact on a residential building or other infrastructure facilities has not been confirmed. According to preliminary data, five people were injured.” He also said that the threat of a missile strike was still on, asking people to stay indoors or in shelters. Kozytsky later said at a media briefing that two critical infrastructure objects had been hit, including an oil storage facility and a defense facility, “both in residential areas” of the city.

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Russia Ukraine conflict: Explosions heard in Lviv, as Biden promises more military support

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Several grounds for Russia to use nuclear weapons says Russia’s former president Medvedev

It is “foolish” to believe that Western sanctions against Russian businesses could have any effect on the Moscow government, Russian ex-president and deputy head of security council Dmitry Medvedev was quoted as saying on Friday. The sanctions will only consolidate the Russian society and not cause popular discontent with the authorities, Medvedev told Russia’s RIA news agency in an interview. The West has imposed an array of sanctions on Russia following its invasion of Ukraine, but one month into the war, the Kremlin says it will continue the assault until it accomplishes its goals of Ukraine’s “demilitarisation and denazification”. Medvedev said there are several grounds under which Russia has the right to use nuclear weapons, including an attack on the country or encroachment on infrastructure as a result of which Russia’s nuclear deterrent forces would be paralyzed. Medvedev said opinion polls showed three-quarters of Russians supported the Kremlin’s decision to carry out a military operation in Ukraine and even more supported President Vladimir Putin.

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‘Russia may use Tactical Nuclear Weapons on Ukraine’ | Will Putin be the first to use Nukes since WW II?

The war in Ukraine seems to have reached a stalemate. Neither the Russian forces are able to declare victory nor the Ukrainian soldiers are able to push the Russians out of Ukraine. This stalemate is frustrating Putin as Russia warns of using tactical nuclear weapons. What are these weapons and what will be the consequence of using one?

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Blinken meets Israel, Arab partners as looming renewed Iran deal rattles ties

While President Joe Biden’s administration has been seized by the global response to Russia’s war on Ukraine, another foreign policy crisis looms ahead over the Iran nuclear deal. Talks to revive the accord have been on pause for over two weeks now, but the sides remain close to finalizing an agreement. Without one, the administration has warned Iran is just weeks away from having enough fissile material for a nuclear bomb. But the top U.S. partners in the Middle East are largely opposed to a renewed deal, with Israel rallying concern among its new Arab partners under the banner of the Abraham Accords, the Trump era deals that established diplomatic and economic ties between Israel and several Arab countries. Secretary of State Antony Blinken walked into that minefield this weekend, arriving in the region for four days of meetings, including a historic summit with Israel and three of the Abraham Accord countries — the United Arab Emirates, Bahrain, and Morocco – as well as Egypt.

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Israeli-Arab summit extension of Abraham Accords

“Now the fact that Israel is hosting is showing in a way the upgrade of Israel, the increasing importance of Israel as a major pillar in the region,” Danny Ayalon, former Israeli ambassador to the US, says in an interview.

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Saudi-led coalition launches operation against Yemen’s Houthis

The Saudi-led coalition fighting in Yemen began a military operation on Saturday to stop attacks on its oil facilities and “protect global energy sources,” Saudi state media reported. The coalition said it was carrying out air strikes in Yemen’s Houthi-controlled capital Sanaa and the Red Sea port city of Hodeidah. It said it aims to “protect global energy sources and ensure supply chains” and that the operation would continue until it achieves its goals. The operation was in its early stages and Iran-aligned Houthis should bear the consequences of their “hostile behavior”, the coalition said. Saudi media earlier quoted the coalition as saying it would “directly deal with sources of threat”, asking civilians to stay away from any oil site or facility in Hodeidah.

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Yemen’s Houthi rebels attack another Aramco facility in Saudi Arabia ahead of Grand Prix

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Facing no-confidence motion, Imran Khan urges people to attend power show

The ruling Pakistan Tehreek-e-Insaf has alleged that there have been attempts to stir up an internal rebellion by rivals after a no-confidence motion was submitted against Imran Khan. Facing a no-confidence motion, Pakistan prime minister Imran Khan has been trying hard to put up a show of strength in Islamabad on Sunday. The no-confidence motion is likely to be taken up on Monday after the National Assembly was adjourned on Friday by speaker Asad Qaiser. The ruling Pakistan Tehreek-e-Insaf has alleged that there have been attempts to stir up an internal rebellion by rivals after a no-confidence motion was submitted against Imran Khan on March 8. Nearly 100 members of the 342-member National Assembly have submitted a no-confidence motion against Imran Khan over, what they allege, a mounting economic crisis in the country. The PTI has 155 members and Imran Khan needs the support of over 170 lawmakers.

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No-confidence motion against Imran Khan Govt in Pakistan today

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2nd black box found as investigators search for answers in China plane crash

The second black box from China Eastern Airlines Flight 5735 was found Sunday as investigators try to piece together what caused the passenger plane to plunge straight into the ground, killing all 132 onboard. The second black box, the flight data recorder, was discovered at the crash site about 1.5 meters under the soil at about 9 a.m. local time, according to state-owned media outlets CCTV and Xinhua. The crash has been a mystery to investigators, including officials from the U.S. National Transportation Safety Board and Federal Aviation Administration, who are joining Chinese agencies looking into the crash. Early data shows the airliner plunged from 29,000 feet to 8,000 feet, leveled off, and then went into a freefall, exploding into a fireball.

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Sri Lankan newspapers run out of newsprint due to forex crisis; suspend publication

Sri Lanka’s two major newspapers on Saturday suspended their publication over newsprint shortage and price escalation caused by the country’s all-time worst foreign exchange crisis. The Island, an English daily along with its sister Sinhala paper Divayina, ceased to print as the newsprint scarcities and price escalations hit the media organization. Sri Lanka is facing its all-time worst foreign exchange crisis after the pandemic hit the nation’s earnings from tourism and remittances. The import costs of newsprint also rose remarkably since the government’s decision early this month to float the Sri Lankan rupee against the US dollar. As part of its measures to tackle the crisis, the Sri Lankan government has sought India’s assistance. After months of resistance, the government is preparing to approach the International Monetary Fund (IMF) for an economic bailout.

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Sri Lanka Crisis: India Helps, China Holds Back

The situation in Sri Lanka is so bad that there is a shortage of food, a shortage of fuel, long power cuts, and a massive rise in prices across the board. Why has this happened? What has caused this economic crisis – the worst that Sri Lanka has ever seen?

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2) India

New Delhi reaches out in the Indian Ocean: Jaishankar in the Maldives, next stop Lanka

At a time when the opposition party in the Maldives, led by former President Abdulla Yameen, has spearheaded an anti-India campaign, External Affairs Minister S Jaishankar arrived in the island nation Saturday ahead of his travel to Sri Lanka on March 28. Jaishankar’s five-day (March 26-30) visit to the two key maritime neighbors in the Indian Ocean region is part of India’s attempt to proactively reach out with projects and initiatives to counter China’s influence. Jaishankar and Maldives President Ibrahim Solih will inaugurate a police training academy and a drug rehabilitation center built with Indian financial assistance at Addu, a city in the southernmost atoll of the Indian Ocean archipelago. Jaishankar’s visit, during which he will also hold talks with Foreign Minister Abdulla Shahid, “will see the signing of several agreements related to bilateral development co-operation, inauguration/handing-over and launch of a number of key India-supported projects”, the Ministry of External Affairs said.

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Mixed signals from Chinese experts on FM Wang Yi’s India visit

Chinese foreign minister Wang Yi’s visit to India is key to resuming high-level bilateral engagements, stalled since 2020 due to the dragging border tensions along the Line of Actual Control, but New Delhi has to change its attitude towards Beijing for ties to gain a positive thrust, Chinese experts on international affairs have said. Given their relations with Russia, it’s crucial for India and China to engage more in the backdrop of the war in Ukraine, and to be prepared for the aftermath, they said. Wang, also one of China’s state councilors, flew into New Delhi late on Thursday from Kabul and held talks with external affairs minister S Jaishankar and National Security Advisor Ajit Doval. Yi is the senior-most Chinese official to visit India since border clashes began in eastern Ladakh in June 2020, causing a sharp plunge in relations between the Himalayan neighbors. There seems to be a consensus among Chinese experts that India is giving more importance than what is due to resolving the border tension, but neglecting other aspects of bilateral ties – a bone of contention between the two neighbors.

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China’s Foreign Minister Wang Yi’s surprise India visit; To meet Jaishankar, NSA Doval later

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Europe is the biggest importer of Russian oil & gas even as India is targeted

Energy hungry India is being targeted for purchasing Russian oil to meet its growing demand but fact remains that Europe and parts of Asia are bigger importers of Russian oil and gas even to this date. India’s daily requirement of crude oil is about five million barrels or about 1800 million barrels a year. And it is a well-known fact that 85% of India’s crude oil requirements are met through imports. For FY 2020-21, India’s oil imports stood at 1440.3 million barrels; while for the current FY, India has already imported 1289.3 million barrels. Even with announced reductions by one-third, the EU’s reliance on Russian gas will still remain significant. For gas itself, Europe is still the largest regional importer of Russia’s natural gas, accounting for nearly 75% of Russia’s total natural gas exports. The recipients include Germany and Italy. Exceptions and exclusions have been built into the design of the sanctions so that Europe can continue to use and pay for Russian crude and gas, sources pointed out.

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India successfully test-fires medium-range surface-to-air missile off Odisha coast

India on Sunday successfully carried out the test firing of the medium-range surface-to-air missile air defense system off the coast of Odisha’s Balasore, the Defence Research and Development Organisation (DRDO) said. “MRSAM-Army missile system flight tested from ITR Balasore, Odisha at around 10.30 hours intercepting a high-speed aerial target at long range. The target was destroyed by the missile in a direct hit,” the DRDO said. The system is part of the Indian Army. In the test, the missile secured a direct hit at the target at a very far-off distance, DRDO officials said. On January 20, the Brahmos Supersonic Cruise Missile was test-fired from Integrated Test Range (ITR) off the coast of Odisha validating several new indigenous systems.

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10 key points on Supreme Court committee report on the ill-fated farm reform laws

Shekhar Gupta looks at the Special Committee’s report on farm laws which was recently made public by Anil Ghanwat, one of the authors of the report. What are the committee’s analysis and recommendations of the contentious farm laws, including the essential commodities act and MSP?

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Bharat Bandh on March 28, 29: Banking, transport & other services likely to be hit

A joint forum of central trade unions, supported by the All India Bank Employees Association, has called for a nationwide strike on March 28 and 29 against the Central government’s policies affecting workers, farmers, and people in general. The decision comes following a meeting on March 22 where the trade unions said that they would protest against the Centre’s “anti-worker, anti-farmer, anti-people and anti-national policies”. The bank unions are participating to protest against the government’s plan to privatize public sector banks, as well as the Banking Laws Amendment Bill 2021.

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3) Economy

China economy faces worst slowdown since pandemic: Nomura

China’s economy faces its worst downward pressure since the spring of 2020 when it was hit by the first wave of Covid-19, according to Nomura Holdings Inc. The slowdown in China’s growth worsened in the first quarter and markets should be concerned about a further slide in the second, Nomura Holdings Inc. economists including Lu Ting wrote in a note Saturday. Economic activities “may notably deteriorate across the board” in March, weighed down by increasing mobility restrictions across the country and a continued property sector slump, they said. With the outbreaks suppressing a wide range of sectors, including in-person services, construction, and some manufacturing activity, “it’s getting harder for Beijing to achieve its ‘around 5.5%’ GDP growth target for 2022,” the economists said.

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Oil prices up due to Russia-Ukraine war: Gadkari

Union Minister Nitin Gadkari on Friday justified the hikes in fuel prices, thrice in the last four days, saying that the oil prices had gone up within the international market owing to the ongoing war between Russia and Ukraine, which was beyond the Indian government’s control. “In India, 80 percent of the oil is imported. Amid the ongoing war between Russia and Ukraine, the oil prices have spiraled up within international markets and we can not do anything about that,” he said when asked about the high petrol and diesel prices and how the government was planning to tackle the issue. “India will soon have a Rs 40,000 crore ethanol, methanol, and bio-ethanol production economy, reducing our dependence on petroleum imports,” he said.

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4) Markets, Banking, and Finance

IPO market plunges 70% as higher rates, war curb risk appetite

Initial public offerings worldwide have plummeted in the first quarter after a record showing in 2021, as volatility stoked by the war in Ukraine and soaring inflation set investors on edge and scuppers deals. About $65 billion has been raised via IPOs around the world in 2022, down 70% from $219 billion in the first three months of last year, according to data compiled by Bloomberg. That puts the global market on track for the lowest quarterly proceeds since the onset of the coronavirus pandemic in 2020. Still, companies such as renewable-energy provider Plenitude and skin-care business Galderma are lining up to test investors’ appetite for new shares in the coming months. “This is probably the worst time in five years in terms of market sentiment,” said Li Hang, head of equity capital markets and syndicate at brokerage CLSA. Rising interest rates combined with sharp market swings have prompted investors to steer clear of companies with high forecast growth rates yet relatively little in the way of current profits – the kind of stocks that dominate the IPO market.

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5) Business

Developer Supertech Declared Bankrupt, 25,000 Home Buyers May Be Impacted

Real estate developer Supertech was declared bankrupt by the National Company Law Tribunal (NCLT) on Friday in a move that could have an effect on 25,000 home buyers. The company law tribunal took the decision in response to a petition filed by the Union Bank of India (UBI) for non-payment of dues. An NCLT bench allowed the plea filed by UBI, a financial creditor, claiming default against Supertech, and appointed an interim resolution professional superseding the board of the company. In response, the developer stated that it will file an appeal with the National Company Law Appellate Tribunal (NCLAT) against the NCLT move.

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Supertech Declared Bankrupt: How Will It Impact Homebuyers?

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Tata Play to downgrade 50% monthly packs to stem churn

India’s top direct-to-home (DTH) television company, Tata Play, is planning to voluntarily downgrade the subscription plans of almost half of its subscribers. The move, the first by any distribution platform operator, will result in monthly savings of ?30-100 for subscribers, while further reducing the company’s average revenue per user (ARPU). However, Tata Play believes that given the state of the economy and churn the pay-TV industry had witnessed in the last two years due to the implementation of the new tariff order (NTO), this decision would help it retain subscribers. Tata Play, formerly Tata Sky, claims to have 19 million active subscribers.

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India pays for Russian LNG imports in US dollar

India’s largest gas utility GAIL (India) Ltd continues to pay for the LNG it imports from Russia’s Gazprom in US dollars and will seek exchange rate neutrality in case payments are sought in any other currency such as Euro, two sources said. GAIL has a deal to receive 2.5 million tonnes of liquefied natural gas (LNG) annually on a delivered basis from Russia’s Gazprom. This translates into 3 to 4 cargoes or shiploads of super-cooled natural gas every month. Gazprom reportedly is looking to wean away from the US currency after the Russian invasion of Ukraine. The US and European nations have imposed sanctions on Russia for military action but have so far excluded energy trade from the sanctions. Russian banks continue to be on the main financial messaging SWIFT system, enabling payments for commodities bought or sold.

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Oil PSUs lose $2.25 billion in revenue since November

Since November last year, state-owned refining and marketing companies have together lost about $2.25 billion (about Rs 17,000 crore) in revenue on petrol and diesel due to non-revision of prices, Moody’s Investor Service said in a report. Indian oil companies could see an impairment in the value of upstream investments in Russia and a decline in the cash flows from these assets going ahead, it said in a note on Thursday. At the current market price, Indian oil marketing companies are incurring a revenue loss of around $25/bbl and $24/bbl on the sale of petrol and diesel, respectively, the report said. The high oil prices will weaken state-owned refiners’ profitability and raise their working capital costs, as they may not be able to fully pass on the recent spike in crude oil prices to the final consumer, it added.

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Akasa Air to launch operations from June, expects fleet size at 72 in 5 years- CEO Dube

Rakesh Jhunjhunwala-backed airline Akasa Air is all set to roll out its commercial operation from June, its CEO Vinay Dube has said here. Speaking at an interactive session on the sidelines of Wings India 2022, Dube on Friday said the airline hopes to have a fleet of 72 aircraft in the next five years.

To begin with, Akasa Air will have services from metros to Tier II and III cities. There will also be flights from metros to metros so that the aircraft is moved around the system, the CEO had earlier said. Dube had said the airline targets to start overseas flights in the second half of the calendar year 2023 once there are 20 planes in its fleet. In October, the airlines got a no-objection certificate (NOC) for the operations from the Ministry of Civil Aviation.

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PVR, INOX announce merger; Ajay Bijli appointed MD, Sanjeev Kumar Executive Director

Two major movie theatre chain companies, PVR and Inox Leisure on Sunday received board of directors approval for stock amalgamation of Inox with PVR. The merger will be carried in a share exchange (“swap”) ratio where 3 equity shares of PVR will be swapped for 10 equity shares of INOX. The amalgamation will bring together two of India’s best cinema brands to deliver an unparalleled consumer experience with a network of more than 1500 screens. Post the merger, promoters of INOX will become co-promoters in the merged entity along with the existing promoters of PVR. Upon effectiveness of the scheme, the Board of Directors of the merged company would be re-constituted with total board strength of 10 members and both the promoter families having equal representation on the Board with 2 board seats each. Under the amalgamation agreement, Ajay Bijli would be appointed as the Managing Director and Sanjeev Kumar will take charge as the Executive Director. Pavan Kumar Jain to take the role as the Non- Executive Chairman of the Board. Siddharth Jain would be appointed as Non-Executive Non-Independent Director in the combined entity.

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Infosys plays down business ties in Russia after Rishi Sunak grilled

Infosys played down its business ties in Russia on Friday after British finance minister Rishi Sunak came under fire over his wife’s stake in the IT giant. Infosys, with a market value of some $100 billion, was co-founded by Sunak’s father-in-law N. R. Narayana Murthy. His daughter Akshata Murthy, Sunak’s wife, owns a stake worth around $1 billion. With Britain and others seeking to isolate Russia economically over its invasion of Ukraine, Sunak was grilled in an interview with Sky News on Thursday about Infosys and his wife’s share. Infosys issued a statement saying that it had committed $1 million towards relief efforts for victims of the war.

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Anil Ambani resigns as director of RPower, RInfra

Reliance Group Chairman Anil Ambani on Friday resigned as director of Reliance Power and Reliance Infrastructure, following markets regulator SEBI order restraining him from associating with any listed company. The two Reliance Group companies said that Rahul Sarin has been appointed as an Additional Director in the capacity of Independent Director for a term of five years on Friday on the boards of RPower and RInfra, subject to the approval of members at the general meeting. The board of directors of the company unanimously reposed full trust in Ambani’s leadership and invaluable contribution to steering the company through great financial challenges and towards being potentially debt-free in the course of the coming financial year, the firm said.

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6) Technology

Ukraine launches NFT ‘Museum of War’ in crypto crowdfunding push

Ukraine started auctioning off a collection of non-fungible tokens (NFTs) on Friday in an expansion of a cryptocurrency fundraising push that Kyiv says has already collected more than $65 million for its war effort. The ‘Meta History: Museum of War’ collection is a series of digital images – including silhouettes of warplanes, screengrabs of news reports and a cartoon-style image of an explosion – each one marking a different day in the conflict. Ukraine’s Ministry of Digital Transformation started appealing for donations in digital tokens such as bitcoin and ether three days after Russia launched its invasion, which Moscow calls a “special military operation”. Ukraine has so far bought supplies for its military with its crypto donations including bulletproof vests, helmets, lunches, and medicines, Ukraine’s deputy minister of digital transformation, Alex Bornyakov, said on Twitter this month.

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Temasek joining Mohalla funding round at $5 billion value

India’s Mohalla Tech Pvt., the startup behind social media platform ShareChat and short-video app Moj, is seeking to raise fresh funds at a valuation of $5 billion, people with knowledge of the matter said. The Bangalore-based firm is in advanced talks with Singapore state investor Temasek Holdings Pte and Indian digital media group Times Internet Ltd. for the series H round, said the people, who asked not to be identified as the information is private. The company could raise at least $200 million, the people said. Alphabet Inc.’s Google is also weighing participating in the fundraising, the people said.

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7) Politics

Financial support of Rs 4,374 crore to local bodies in Delhi budget

The Delhi government will provide financial support of Rs 4,374 crore to the local bodies, Deputy Chief Minister Manish Sisodia said in his budget speech on Saturday. The budget size for the next financial year is 9.86 percent higher than that of the previous year’s Rs 69,000 crore, he said in his address in the Assembly, adding that Delhi’s economy is recovering gradually from the impact of COVID-19. In addition to the above, an amount of Rs 1,780 crore has been provided for local bodies as a share in stamps and registration fees and a one-time parking fee. Delhi government is thus giving a “total financial support of Rs 6,154 crore to the local bodies in the Budget Estimate 2022-23,” said Sisodia, who is also Delhi’s Finance Minister. Presenting the budget for the eighth consecutive year, Sisodia said the city government will spend Rs 4,500 crore in the next five years to generate 20 lakh jobs, and Rs 800 crore will be set aside in the 2022-23 budget for the purpose.

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Akhilesh Yadav elected Samajwadi Party legislature party leader in UP

Samajwadi Party president Akhilesh Yadav was unanimously elected as the leader of the SP legislature party at a meeting of the newly-elected party MLAs here on Saturday. Briefing reporters after the first meeting of the newly-elected MLAs at the party headquarters, Uttar Pradesh SP chief Naresh Uttam said Yadav has been elected as the leader of the legislature party. With this, the SP president is all set to become the leader of opposition in the Uttar Pradesh Assembly. Yadav, who won from the Karhal seat in Mainpuri in the Uttar Assembly polls, had recently resigned from his Lok Sabha membership from Azamgarh.

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Will challenge Bill for the merger of Delhi civic bodies in court if need be: Arvind Kejriwal

Delhi Chief Minister Arvind Kejriwal on Saturday said they will study the Bill that has been introduced in Parliament to unify the three municipal corporations and if the need arises, they will challenge it in court. Currently, the three corporations in Delhi — North Delhi Municipal Corporation (NDMC), South Delhi Municipal Corporation (SDMC), and East Delhi Municipal Corporation (EDMC) — have 272 wards. While the North and South corporations have 104 wards each, the East corporation has 64. A bill to merge the three municipal corporations in the national capital into a single entity was introduced in the Lok Sabha on Friday amid Opposition claims that the move was beyond the legislative competence of Parliament.

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Adityanath government inducts 31 new faces, retains 21 ministers to strike balance between youth & experience

The new Yogi Adityanath government inducted 31 new faces while retaining 21 ministers to strike a balance between youth and experience with an eye on the 2024 parliamentary elections. The ruling BJP also took into consideration caste and regional aspirations while picking ministers in a bid to further consolidate its hold over the politically crucial state which sends a maximum of 80 members to Lok Sabha. Adityanath on Friday took oath as the Uttar Pradesh chief minister for a second term at a ceremony where 52 others were sworn in as ministers.

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Ritu Khanduri becomes first woman speaker of Uttarakhand Assembly

BJP MLA Ritu Khanduri, the daughter of former chief minister BC Khanduri, was elected unopposed as the first woman speaker of the Uttarakhand Assembly on Saturday. In her maiden address to MLAs soon after her election, Khanduri exhorted first-time legislators to utilize five years of their tenure in learning about legislative procedures and participate enthusiastically in debates in the House on matters of public interest. Congratulating her, Chief Minister Pushkar Singh Dhami dwelt on her academic achievements and said her assumption of office as the first woman speaker of the state was an acknowledgment of the valuable contribution made by women in Uttarakhand’s movement for statehood. Singh also expressed hope that under her stewardship, the House will pass a resolution granting 33 percent reservation to women in the state legislature.

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Patnaik’s BJD sweeps municipal polls, leaves BJP and Congress far behind

Continuing its winning spree, the ruling Biju Janata Dal (BJD) on Saturday swept the municipal elections, bagging 76 out of 108 urban local bodies. In last month’s panchayat polls, the party had won 766 of 852 Zilla Parishad seats in 30 districts. The ruling camp has also pocketed posts of mayor and chairperson in all 76 bodies. This is the first time people in Odisha could directly elect mayors of corporations and chairpersons of municipalities and NACs, besides ward councilors, with the municipal laws having been amended recently. Of the 105 municipalities and notified area councils (NACs) in the state, the BJD emerged victorious in 73, while the BJP managed to secure just 16, followed by the Congress at seven.

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Pramod Sawant to be sworn in as Goa CM on Monday; PM Modi, Rajnath Singh to attend the function

Three-time MLA Pramod Sawant, who led the BJP to win 20 seats in the recently concluded elections to the 40-member Goa Assembly, will be sworn as the state’s chief minister for the second time on Monday in the presence of Prime Minister Narendra Modi and other dignitaries, an official said on Sunday. In the recently concluded state polls, the BJP won 20 seats, one short of the majority in the 40-member House. Three independent MLAs and two legislators of the Maharashtrawadi Gomantak Party (MGP) have extended support to the BJP.

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8) Sports

India miss out on semi-final spot as SA win last-ball thriller

It was heartbreak for India as they were eliminated from the tournament after a thrilling match against South Africa that went down to the last ball. The momentum swung both ways throughout the chase but in the end, South Africa prevailed off the very last ball of the match and India missed out on a spot in the semi-final. The result also triggered celebrations in the West Indies camp as they went through as the fourth-placed team with India finishing fifth. Mithali Raj, Shafali Verma, and Smriti Mandhana scored half-centuries and Harmanpreet Kaur made 48 as India put up a total of 274/7. An inspired Harmanpreet then led the way with the ball and in the field as India kept striking back whenever it looked like South Africa was getting comfortable but then former captain Mignon Du Preez scored an unbeaten half-century to lead her side to victory.

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World Cup: England clinches semifinal place

Defending champion England eased into the semifinals of the Women’s Cricket World Cup Sunday with a 100 run win over Bangladesh in its final match of the group stage. Sophia Dunkley made 67 and Nat Sciver 40 as England posted 234-6 as it batted first after winning the toss. Its spinners then shackled Bangladesh who was unable to threaten the total and was bowled out for 134 in the 48th over. The pitch at the Basin Reserve in Wellington was used and was slow which suited spin bowlers but made batting tricky. Dunkley surmounted the conditions more than any other batter, taking her 67 runs from 72 balls with eight boundaries. England lost its first three matches in New Zealand and struggled to find its best form but came into the last day of the eight-team round-robin in a three-way contest for two remaining semifinal places.

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Swiss Open 2022 Highlights: PV Sindhu clinches title, HS Prannoy goes down against Christie

P V Sindhu notched up her second women’s singles title of the season with a straight-game win over Thailand’s Busanan Ongbamrungphan in the summit clash of the Swiss Open Super 300 badminton tournament here on Sunday. Playing her second successive final in the tournament, Sindhu, a double Olympic medallist, took 49 minutes to get the better of the fourth-seeded Thai 21-16 21-8 at the St. Jakobshalle. It was Sindhu’s 16th win over Busanan in 17 meetings, having lost to the Thai only once — at the 2019 Hong Kong Open. Meanwhile, HS Prannoy lost his match against Indonesia’s Jonatan Christie in the men’s singles final.

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9) Opinion

How Russia’s Nuclear Arsenal, the World’s largest, compares with others | WSJ

Russia has the largest inventory of nuclear weapons in the world, but many are in need of modernization. WSJ breaks down Vladimir Putin’s arsenal as Moscow touts its nuclear capabilities amid the war in Ukraine.

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VIEW: A resurgent SP, joblessness, the development will be new challenges for Yogi 2.0

Yogi Adityanath has begun his second consecutive term as chief minister amid hopes for BJP which has declared that the recent Uttar Pradesh Assembly results have paved the way for a hat-trick in the Lok Sabha polls in 2024. However, there are clear signs that there is no room for complacency as the new government will face new challenges that include a resurgent Samajwadi Party and the disenchantment among voters due to high unemployment, rising inflation, and insufficient development. UP is the most important state for BJP as it contributed significantly to the party’s seat tally in 2014 (73/80 seats for NDA) and 2019 (64/80 for NDA) Lok Sabha polls, making it a formidable force in the lower House. With Adityanath harboring national ambitions, he will also have to fight the image of being primarily a Thakur leader who favors his caste over others in transfers and postings. He will have to achieve much on the development front as well in the mold of Narendra Modi in Gujarat from 2002 to 2014.

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View: The problems with the one-size-fits-all test for admissions to central universities

In a development that has taken everyone by surprise, the Common University Entrance Test, a computer-based, multiple-choice test, has suddenly become the new normal for college admissions. Class 12 board exams will no longer be the admissions criteria for the 45 central universities. However, this is still optional for the state, private, and deemed universities. What are the implications of this change for students? The goals of the CUET are laudable and will likely transform the education landscape in a few years. After all, unreasonable high school cut-offs for example are a valid concern and the CUET might level the playing field in the long term for students across the country. However, it is hard for students and educators not to be skeptical about a system that seems to be changing abruptly without any vision or concern for the disorientation students is bound to face.

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10) Weekly special

NPCI CEO Dilip Asbe on how UPI went from a concept to 10,000 transactions per second in India

In 2009-10, Dilip Asbe, along with a few others, was exploring the possibility of using Aadhaar for building a digital payments ecosystem in India. At the time, the National Payments Corporation of India (NPCI) was still new, and it was taking large strides in creating IMPS, NEFT, and RuPay. Fast forward to 2015-16, both NPCI and the Indian government realized the IMPS technology — although efficient — is not scalable. Thus, it launched UPI technology in India through the BHIM app. Today, the UPI system tackles around 10,000 transactions per second. And, the innovation has transformed how Indians today transact around the country.

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11) Did you know?

What are Tactical Nukes?

A tactical nuclear weapon (TNW) or non-strategic nuclear weapon is a nuclear weapon that is designed to be used on a battlefield in military situations mostly with friendly forces in proximity and perhaps even on contested friendly territory. Generally smaller in explosive power, they are defined in contrast to strategic nuclear weapons, which are designed mostly to be targeted at the enemy interior away from the war front against military bases, cities, towns, arms industries, and other hardened or larger-area targets to damage the enemy’s ability to wage war.

Tactical Nuclear Weapon | What Are Tactical Nukes? | Russia Nuclear Bomb | Putin Nuclear Threat

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With that, we come to an end for our Weekly Current Affairs March 2022 -Week 4. Hope you have liked it. Write your feedback in the comments below and let us know if there is anything else you would like us to cover.

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