Trade setup for Wednesday: Top 15 things to know before Opening Bell

The equity market witnessed correction for the first time in the last four sessions as it lost around half a percent on May 31, weighed down by banking & financial services, and select pharma and IT stocks.

The BSE Sensex fell over 350 points to 55,566 after rising more than 2,100 points in the previous three sessions, while the Nifty50 declined 77 points to 16,584.5 and formed an Inside Bar or Doji kind of pattern on the daily charts.

"A Doji type candle pattern was formed on the daily chart, which is placed beside the long bull candle of Monday. Technically, this pattern indicates a cooling off of the uptrend post sharp upmove. This could be considered as a temporary halt in the upside momentum," Nagaraj Shetti, Technical Research Analyst at HDFC Securities said.

He further said the formation of higher tops and bottoms is intact on the daily chart and current consolidation could indicate a possibility of another minor higher bottom formation in the next few sessions. The immediate resistance of 200-day EMA is placed at 16,750 levels, the 

In the broader space, the Nifty Midcap 100 index fell 0.13 percent and Smallcap 100 index gained 1.24 percent as the market breadth was moderately in favour of bulls.

We have collated 15 data points to help you spot profitable trades:

Note: The open interest (OI) and volume data of stocks given in this story are the aggregates of three-month data and not of the current month only.

Key support and resistance levels on the Nifty

As per the pivot charts, the key support level for the Nifty is placed at 16,507, followed by 16,430. If the index moves up, the key resistance levels to watch out for are 16,676 and 16,768.

Nifty Bank

Nifty Bank fell 340 points to close at 35,487 on Tuesday. The important pivot level, which will act as crucial support for the index, is placed at 35,224, followed by 34,960. On the upside, key resistance levels are placed at 35,817 and 36,146 levels.

Call option data

Maximum Call open interest of 21.83 lakh contracts was seen at 17,500 strike, which will act as a crucial resistance level in the June series.

This is followed by 17,000 strike, which holds 21.65 lakh contracts, and 18,000 strike, which has accumulated 14.75 lakh contracts.

Call writing was seen at 17,500 strike, which added 1.99 lakh contracts, followed by 17,300 strike which added 89,500 contracts and 17,400 strike which added 88,750 contracts.

Call unwinding was seen at 16,500 strike, which shed 72,400 contracts, followed by 16,200 strike which shed 62,100 contracts and 16,800 strike which shed 42,050 contracts.

Put option data

Maximum Put open interest of 38.54 lakh contracts was seen at 16,000 strike, which will act as a crucial support level in the June series.

This is followed by 15,500 strike, which holds 31.11 lakh contracts, and 15,000 strike, which has accumulated 23.82 lakh contracts.

Put writing was seen at 16,000 strike, which added 5.41 lakh contracts, followed by 16,500 strike, which added 2.66 lakh contracts and 15,600 strike which added 59,550 contracts.

Put unwinding was seen at 15,100 strike, which shed 1.11 lakh contracts, followed by 16,300 strike which shed 41,650 contracts, and 15,500 strike which shed 14,400 contracts.

Stocks with a high delivery percentage

A high delivery percentage suggests that investors are showing interest in these stocks. The highest delivery was seen in Ambuja Cements, Kotak Mahindra Bank, ICICI Prudential Life Insurance, Godrej Consumer Products, and Havells India, among others.

46 stocks saw long build-up

An increase in open interest, along with an increase in price, mostly indicates a build-up of long positions. Based on the open interest future percentage, here are the top 10 stocks including ABB India, Astral, Max Financial Services, Vedanta, and MCX India, in which a long build-up was seen.

34 stocks saw long unwinding

A decline in open interest, along with a decrease in price, mostly indicates a long unwinding. Based on the open interest future percentage, here are the top 10 stocks including Nifty Financial, Jubilant Foodworks, Nifty, BPCL, and Whirlpool of India, in which long unwinding was seen.

55 stocks saw short build-up

An increase in open interest, along with a decrease in price, mostly indicates a build-up of short positions. Based on the open interest future percentage, here are the top 10 stocks including AU Small Finance Bank, Aarti Industries, L&T Technology Services, Apollo Tyres, and Metropolis Healthcare, in which a short build-up was seen.

62 stocks witnessed short-covering

A decrease in open interest, along with an increase in price, mostly indicates a short-covering. Based on the open interest future percentage, here are the top 10 stocks including NTPC, Apollo Hospitals Enterprises, Shriram Transport Finance, Tata Consumer Products, and HDFC AMC, in which short-covering was seen.

Bulk deals

Mold-Tek Packaging: Eam Long-Only Emerging Markets Master Fund acquired 2.5 lakh equity shares in the company via open market transactions at an average price of Rs 735 per share.

Nxtdigital: Aasia Corporation LLP sold 7,00,879 equity shares in the company via open market transactions at an average price of Rs 370 per share. However, Hinduja Group was the buyer for those shares at same price.

(For more bulk deals, click here)

Investors Meetings on June 1

Tata Consumer Products: The company's officials will meet Jefferies, and Citadel International Equities.

GMM Pfaudler: The company's officials will attend B&K Conference.

Amber Enterprises India: The company's officials will meet investors.

Orient Electric: The company's officials will meet White Oak Capital.

Suven Pharmaceuticals: The company's officials will attend B&K Securities Annual Investor Conference - Trinity India 2022.

Heranba Industries: The company's officials will attend B&K Securities Annual Investor Conference - Trinity India 2022.

Kalpataru Power Transmission: The company's officials will attend B&K Securities Annual Investor Conference - Trinity India 2022.

Shoppers Stop: The company's officials will attend B&K Securities Annual Investor Conference - Trinity India 2022.

Subros: The company's officials will attend B&K Securities Annual Investor Conference - Trinity India 2022.

Transport Corporation of India: The company's officials will attend B&K Securities Annual Investor Conference - Trinity India 2022.

Century Textiles & Industries: The company's officials will attend B&K Securities Annual Investor Conference - Trinity India 2022.

Cera Sanitaryware: The company's officials will attend B&K Securities Annual Inves

Rajratan Global Wire: The company's officials will attend B&K Securities Annual Investor Conference - Trinity India 2022.

DCM Shriram: The company's officials will meet Abakkus Asset Manager, UTI Mutual Fund, ICICI Mutual Fund, and Nippon Mutual Fund.

Zydus Wellness: The company's officials will meet analysts.

IRCTC: The company's officials will meet Aegas Life, Birla Sunlife, Motilal MF, Max Life, SBI Life Suyash Advisor, UTI MF etc.

Stocks in News

Bharat Dynamics: The state-owned defence company has signed a contract worth Rs 2,971 crore with Ministry of Defence for supply of ASTRA MK-I Beyond Visual Range (BVR) air to air missile and associates equipments to Indian Air Force & Indian Navy.

Gujarat Themis Biosyn: Jagadish G Kaujalgi has resigned as Chief Executive Officer of the company with effect from July 10.

Somany Ceramics: Saikat Mukhopadhyay has resigned as Chief Financial Officer of the company. He ceased to be Chief Financial Officer of the company w.e.f. May 31.

Venus Remedies: Promoter Pawan Chaudhary acquired 1.26 lakh equity shares in the company via open market transactions. His shareholding in the company stands increased to 12.82 percent, up from 11.87 percent earlier.

HFCL: The company, along with its material subsidiary HTL, has received the purchase orders ('PO') of Rs 237.25 crore, from one of the leading private telecom operators of the country. The company will supply optical fibre cables. The contract will be executed by October 2022.

Rail Vikas Nigam: Joint venture RVNL - Bhartia has received Letter of Acceptance (LoA) from Northeast Frontier Railway for construction of single line BG tunnel. The total estimated cost of the project is Rs 560.26 crore.

Fund FlowFII and DII data

Foreign institutional investors (FIIs) have net sold Rs 1,003.56 crore worth of shares, whereas domestic institutional investors (DIIs) remained net buyers, to the tune of Rs 1,845.15 crore worth of shares on May 31, as per provisional data available on the NSE.

Stocks under F&O ban on NSE

The National Stock Exchange has not put any stock under its F&O ban segment for June 1. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.

The Enforcement Directorate on Monday arrested Delhi government minister Satyendar Jain in a case connected to hawala transactions related to Kolkata-based companies owned and controlled by him

The Enforcement Directorate on Monday arrested Delhi government minister Satyendar Jain in a case connected to hawala transactions related to Kolkata-based companies owned and controlled by him. Jain is the minister of Health, Home, Power and PWD, among other departments, in the AAP-led Delhi government.

ED sources said Jain was evasive during questioning today, following which he was arrested from the agency’s office in Delhi.

The ED has recently provisionally attached immovable properties worth Rs 4.81 crore belonging to Akinchan Developers Pvt Ltd, Indo Metal Impex Pvt Ltd, Paryas Infosolutions Pvt Ltd, Manglayatan Projects Pvt Ltd, JJ Ideal Estate Pvt. Ltd and Swati Jain, Sushila Jain, and Indu Jain. All three women are relatives of the Delhi Health Minister.

Sources told CNN-News18 that the ED made the arrest after it found in its investigation under the Prevention of Money Laundering (PMLA) case that the above-mentioned companies received accommodation entries to the tune of Rs 4.81 crore from shell companies against cash transferred to Kolkata-based entry operators through the Hawala route. The sources further said that entries were taken at a time when Jain occupied the public office in 2015-16.

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These amounts were utilised for the direct purchase of land, or for the repayment of loans taken for the purchase of agricultural land in and around Delhi.

The agency had said last month that assets worth Rs 4.81 crore of Jain’s family and companies “beneficially owned and controlled” by him were provisionally attached as part of a money-laundering probe against him.

Earlier, the CBI had also registered a case of disproportionate assets against Jain. In 2018, the ED questioned the Aam Aadmi Party (AAP) leader in connection with the case.

ED sources said that Jain will be produced before the court on Tuesday morning.

AAP leaders slam Jain’s arrest

Reacting to Jain’s arrest, AAP legislator Somnath Bharti lashed out at the BJP for “misusing” the agency. “ED is no god in the country….we have seen how they have been misused by the BJP. It’s just an extension of the BJP,” Bharti told CNN-News18. He also added, “This is in response to our popularity increasing day by day… I am sure he will come out of this.”

Delhi Deputy CM Manish Sisodia took to Twitter to condemn Jain’s arrest and hit out at the BJP, saying the party is targeting Jain since he is the election in-charge of Himachal Pradesh, where elections are due this year.

On Hijab Row, Boxing Champ Nikhat Zareen's Pro-Choice Strike

New Delhi : Boxing world champion Nikhat Zareen on Monday weighed in on the smouldering controversy over Muslim girls wearing the hijab in schools and colleges, saying one's attire was entirely the subject of their choice.

"It is totally their own choice. I can't comment on their choices. I have my own choice. I like to wear such clothes. I don't mind wearing such clothes. My family doesn't mind me wearing such clothes. So, I don't care what people say about me," she told NDTV in an interview.

"But if they want to wear hijab and follow their religion, it's their personal choice. I don't have any problem with them wearing hijabs. After all, it's their own choice. I am okay with that," Nikhat Zareen said.

22nd and 23rd May Daily Current Affairs 2022: Today GK Updates for Bank Exam

23 May 2022
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22nd and 23rd May Daily Current Affairs 2022: Today GK Updates for Bank Exam

Daily GK updates are incorporated with the important news that made the current affairs headlines for banking or other competitive exams. Daily GK Update is the complete bag of the important news that is held all day long. One should have complete knowledge about banking terms, current affairs news, etc. So, here is the GK update for 22nd and 23rd May 2022 to help you prepare the Current affairs part. After reading this section, you can successfully attempt Current Affairs Quiz.

Here is the Daily GK Update of the 22nd and 23rd May 2022 covering the following news headlines: Paytm General Insurance Ltd, India's State of Inequality Report, CORPAT, UEFA Europa Football League, Chessable Masters online.

Top 20 Daily GK Updates: National & International News 

Here is providing below the top 20 important Daily General Knowledge 2022 updates with national & international news.

International News

1. Anthony Albanese sworn in as Australia's new prime minister

• Australia's Labor Party leader, Anthony Albanese was sworn in as the country's new prime minister. Albanese claimed the victory in the election, ending his wait for power after nine years and with this Anthony Albanese became the country's 31st Prime Minister.
• Outgoing Prime Minister Scott Morrison, who was heading the Liberal-National coalition has conceded defeat.
• The 59-year-old new prime minister was sworn in at a brief ceremony lasting in Government House, Canberra.
• Other members of his team to take office included Foreign Minister Penny Wong, who will join Albanese at the Quad summit, Treasurer Jim Chalmers and Finance Minister Katy Gallagher.

Important takeaways for all competitive exams:

• Australia Capital: Canberra;
• Australia Currency: Australian dollar.

Appointments News

2. Vijay Shekhar Sharma re-appointed as MD and CEO of Paytm 

• Vijay Shekhar Sharma has been re-appointed as the Managing Director (MD) and Chief Executive Officer (CEO) of Paytm for another 5 years term. His tenure will be from December 19, 2022, to December 18, 2027.
• One 97 Communications which is listed under the Paytm brand, also announced the appointment of Madhur Deora as Additional Director of the company for a tenure of 5 years from May 20, 2022, to May 19, 2027.
• Further, the Board has also approved the appointment of Deora as the Whole-time director designated as “Whole-time Director and Chief Financial Officer” of the Company. Deora is the President and Group Chief Financial Officer of the Company.

Important takeaways for all competitive exams:

• Paytm Founded: August 2010;
• Paytm Headquarters: Noida, Uttar Pradesh, India.

3. Salil Parekh re-appointed MD & CEO of Infosys

• IT major Infosys announced that its Board of Directors has reappointed Salil S. Parekh as Chief Executive Officer and Managing Director (CEO & MD) of the Company effective from July 1, 2022, for a period of five years till March 31, 2027, subject to the approval of shareholders.
• This is based on the recommendations of the Nomination and Remuneration Committee (NRC) and is subject to the approval of shareholders.
• Salil Parekh has been the Chief Executive Officer and Managing Director of Infosys since January 2018 and has successfully led Infosys over the last 4 years.
• He has more than thirty years of global experience in the IT services industry with a strong track record of driving digital transformation for enterprises, executing business turnarounds, and managing successful acquisitions.

Important takeaways for all competitive exams:

• Infosys Founded: 2 July 1981, Pune;
• Infosys Headquarters: Bengaluru;
• Infosys Founders: N.r. Narayana Murthy and Nandan Nilekani.

4. Prime Minister Narendra Modi's new PS: IFS Vivek Kumar

• Prime Minister Narendra Modi has got IFS Vivek Kumar as his new Private Secretary (PS). The Cabinet Appointments Committee accepted Vivek Kumar's nomination as PM Modi's press secretary. Vivek Kumar is the director of the Prime Minister's Office and is a 2004 batch Indian Foreign Service (IFS) officer (PMO).
• Vivek Kumar will take over as PM Modi's private secretary from Sanjeev Kumar Singla. India's Ambassador to Israel, Sanjeev Kumar Singla, is ready to take over. Singla, an IFS officer from the 1997 batch, was named PS to the Prime Minister in 2014. Singla returned to India to work in the PMO after a brief stint in the Indian Embassy in Tel Aviv. He will now resume his duties as ambassador.

Awards News

5. Anjali Pandey bags the CII EXCON Committed Leader Award

• Anjali Pandey, Engines and Components Business Unit Leader at Cummins India has been awarded the Committed Leader Award at CII EXCON 2022 in Bengaluru for her efforts to create a more diverse, equitable, and inclusive workplace. Cummins views Diversity, Equity, and Inclusion (DE&I) as a competitive advantage and hence it’s a business imperative.
• Cummins India has taken active measures to increase its female representation over the past few years resulting in an increase in gender diversity ratio from 5 to 32 per cent over the last two decades, which is a significant achievement for a manufacturing organization.
• Cummins drives various initiatives to provide equal opportunities to women, including Women in Technology, gender balance during recruitment, ensuring pay parity, gender-neutral workstations, Cummins Women& Empowerment Network, flexible work arrangements, and award-winning breastfeeding-friendly facilities for new mothers, all of which are strongly supported by leadership.
• Diversity & Inclusion is one of Cummins & core values and the organization has an unwavering commitment to building a more dynamic workplace where all employees are inspired and encouraged to achieve their full potential.

Business News

6. Paytm announced a Joint Venture named ‘Paytm General Insurance Ltd’

• Paytm has announced a Joint Venture (JV) general insurance company named as Paytm General Insurance Ltd (PGIL). Paytm has announced plans to infuse Rs 950 crore in PGIL in tranches, over a period of 10 years and to hold an upfront equity stake of 74% in JV.
• Following the investment, Paytm General Insurance will become a subsidiary of Paytm. Incorporated in 2018, PGIL plans to register for and undertake general insurance business defined under Section 2(6B) of the Insurance Act, 1938 (“Insurance Act”). Notably, PGIL is yet to commence its general insurance business which is currently subject to receipt of the certificate of registration from IRDAI.

Banking News

7. RBI authorises a surplus transfer to the Central Government of Rs 30,307 crore 

• The Reserve Bank of India has sanctioned a surplus transfer to the Central Government of 30,307 crore rupees for the fiscal year 2021-22. The Reserve Bank of India's Central Board of Directors met for the 596th time in Mumbai, under the chairmanship of Governor Shaktikanta Das, to adopt the Reserve Bank's Annual Report and Accounts for the year.
• The board agreed to keep the Contingency Risk Buffer at 5.50 percent after examining the present economic condition, global and domestic issues, and the effect of recent geopolitical developments.
• Inflation is at its greatest level in years. The April wholesale price index was 15.05 percent. 7.8% is the consumer price index.
• These are extremely high rates, and India is not alone in this regard. In America, where the goal inflation rate is 2%, the most recent inflation rate was 8.5 percent, which has now dropped to 8.3 percent. As a result, worldwide inflation exists.
• Commodity, service, and manufacturing prices have all risen dramatically in the recent year.
• Inflation started in 2021, and the war in Ukraine has intensified it. Right now, the globe is stuck in a massive inflationary trap.

Ranks and Reports News

8. India's State of Inequality Report has been Released

• Prime Minister's Economic Advisory Council Chairman Dr. Bibek debroy, launched the State of Inequality in India Report  (EAC-PM). The Institute for Competitiveness authored the research, which provides a comprehensive examination of the level and type of inequality in India.
• The study combines data on inequality in the health, education, household characteristics, and labour market sectors. Inequities in these areas, according to the research, render the population more vulnerable and lead to multidimensional poverty.
• There has been significant progress in strengthening health infrastructure capacity, with a particular focus on rural regions. In 2005, there were 1,72,608 total health centres in India; by 2020, there would be 1,85,505.
• Between 2005 and 2020, states and union territories like as Rajasthan, Gujarat, Maharashtra, Madhya Pradesh, Tamil Nadu, and Chandigarh expanded the number of health centres (which include Sub-Centres, Primary Health Centre’s, and Community Health Centres).

Summits and Conferences News

9. Piyush Goyal to lead India at the WEF in Davos for 2022

• The World Economic Forum's Annual Meeting kicks off in Davos, Switzerland. The Indian delegation will be led by Commerce and Industry Minister Piyush Goyal throughout the five-day meeting. This event will assist to strengthen India's status as a vital and relevant player in creating the global narrative, especially as it prepares to take over the G-20 presidency next year.
• The World Economic Forum will also serve as a platform for promoting India as a desirable investment destination, owing to its strong economic development and stable macroeconomic indicators.
• Mr. Goyal will also visit the United Kingdom on the 26th and 27th of this month to discuss the progress made in the Free Trade Agreement negotiations with UK government and businesses.
• The Prime Ministers of India and the United Kingdom agreed to hold a summit conference in Diwali 2022 to finalise the Free Trade Agreement between the two countries.

10. North East Research Conclave 2022 inaugurated by Dharmendra Pradhan

• Shri Dharmendra Pradhan, Union Minister for Education and Skill Development, launched the North East Research Conclave (NERC) 2022 at IIT Guwahati.
• Dr. Himanta Biswa Sarma, the Chief Minister of Assam, stated in his deliberation that Research and Development is critical for a fast-developing country like India.
• He went on to say that in a progressive society, research and development has always been seen as a key building component since it is so important in the process of innovation and growing our knowledge and understanding.
• Entrepreneurs and research institutions can display their innovations at the North-East Research Conclave.
• This is a fantastic effort for the North East since it puts policymakers, industry leaders, and researchers together on one platform. This huge event will have a significant impact on the region's educational sector.

Important Takeaways For All Competitive Exams:

• Union Education and Skill Development Minister: Shri Dharmendra Pradhan
• Chief Minister of Assam: Dr. Himanta Biswa Sarma
• Minister of State for Education: Shri Rajkumar Ranjan Singh

Defence News

11. 4th edition of India-Bangladesh Navy Coordinated Patrol (CORPAT) commences

• The fourth edition of the Indian Navy-Bangladesh Navy Coordinated Patrol (CORPAT) commenced. The patrolling drill commenced in the northern Bay of Bengal and would continue between May 22 and 23.
• Both units will undertake joint patrolling along International Maritime Boundary Line. The last IN-BN CORPAT was conducted in October 2020. Indian Navy’s indigenous warships, INS Kora and INS Sumedha along with Bangladesh Navy’s warships BNS Ali Haider and BNS Abu Ubaidah would touch the waters during patrolling.
• Maritime Patrol Aircraft of both navies will also undertake joint patrol along the International Maritime Boundary Line (IMBL) during CORPAT. The regular conduct of CORPATs has strengthened mutual understanding and enhanced interoperability between both the navies in countering transnational maritime threats at sea.

Science and Technology News

12. Dr. Jitendra Singh, Launches 'BioRRAP' Portal for Biotech Researchers

• In keeping with the ethos of One Nation, One Portal, Union Minister Dr. Jitendra Singh unveiled the Single National Portal for Biotech Researchers and Start-ups. All those seeking regulatory permission for biological research and development activity in the country will use BioRRAP.
• According to the Minister, biotechnology has quickly become a viable academic and career option for Indian youth. The country currently has over 2,700 biotech start-ups and over 2,500 biotech enterprises in operation.
• Dr. Jitendra Singh, speaking after the portal's debut, stated that India is on track to become a global bio-manufacturing hub and will rank among the top five countries in the world by 2025. He added that the Portal will allow stakeholders to view the approvals given to a specific application using a unique BioRRAP ID. He hailed DBT's one-of-a-kind gateway as a step toward making science and scientific research more accessible to Indians, as well as making it easier to create businesses.

Sports News

13. Odisha won the 12th Hockey India Senior Women's National Championship title

• Odisha women's team has won its first-ever gold in Senior Nationals as they defeat Karnataka 2-0 in the final of the 12th Hockey India Senior Women's National Championship. Earlier, Hockey Jharkhand defeated Hockey Haryana 3-2 in the third-fourth place match.
• The 12th Hockey India Senior Women’s National Championship was held in Bhopal, Madhya Pradesh. However solid defensive performances from both sides ensured that the match went into the Halftime with the scoreline reading 0-0.
• Punam Barla (34′) opened the scoring in the match in the third quarter as Odisha picked up the lead. Ashim Kanchan Barla (59′) sealed the game with a late goal as Odisha beat Karnataka 2-0 to claim the championship.

14. UEFA Europa Football League title won by Germany’s Eintracht Frankfurt

• German club Eintracht Frankfurt has won their first European trophy in 42 years after defeating the Rangers by 5-4 on penalties in Seville, Spain. Goalkeeper, Kevin Trapp has saved at the end of extra time and another in the shootout to help give Frankfurt the 5-4 win on penalties.
• Scottish club Rangers was also trying to win its first European title since the Cup Winners’ Cup in 1972. Kevin Trapp (Eintracht Frankfurt) was Man of the Match. Colombia striker Rafael Borré, who scored a second-half equalizer for Frankfurt, converted the decisive penalty to clinch the club's first European trophy since the 1980 UEFA Cup, a predecessor to the Europa League. The win also secures a first appearance in the Champions League next season for Frankfurt.

15. Indian teenager R Praggnanandhaa stuns Magnus Carlsen for the 2nd time in 2022

• Indian GM Praggnanandhaa posted his second win over world champion Magnus Carlsen in 3 months when he stunned the Norwegian at the Chessable Masters online rapid chess tournament.
• 16-year-old Praggnanandha beat Magnus Carlsen for the first time in February at Airthings Masters, an online rapid chess tournament. Praggnandha took his tally to 12 points while Carlsen was 2nd on the leaderboard behind China's Wei Yi on Day 2 of the tournament.
• Abhimanyu Mishra, the youngest Grand Master in the world, is also part of the 16-man tournament. Praggnanandhaa had won with black pieces to end Carlsen's 3-match winning run at the Airthings Masters in just 19 moves in a Tarrasch variation game.

16. Red Bull's Max Verstappen wins Spanish Grand Prix

• Formula One world champion, Max Verstappen won the Spanish Grand Prix in a Red Bull to take over at the top from Ferrari's Charles Leclerc, who retired with an engine failure while leading at Circuit de Barcelona-Catalunya.
• Mexican Sergio Perez finished second, 13 seconds behind but with the consolation of a bonus point for fastest lap, after being told to let his teammate pass for a third victory in a row after Imola and Miami.
• Britain's George Russell came third for a revived Mercedes and after going wheel-to-wheel with Verstappen early on in a thrilling display of defensive driving as they battled for second place behind Leclerc.

Important Days

17. International Day to End Obstetric Fistula: 23 May

• United Nations (UN) International Day to End Obstetric Fistula is marked on 23rd May since 2013 to promote action towards treating and preventing obstetric fistula, a condition that affects many girls and women during childbirth in developing countries.
• In 2003 the United Nations Population Fund (UNFPA) and its partners launched the global Campaign to End Fistula, a collaborative initiative to prevent fistula and restore the health of those affected by the condition. The day was officially recognised in 2012.
• Obstetric fistula is a devastating childbirth injury, and a neglected public health and human rights issue. Two million women in low-resource settings have an obstetric fistula, and 100,000 more develop one every year. Leaking urine and/or faeces and, as a result, living in desperate circumstances, only 1 in 50 ever receives treatment.

Important takeaways for all competitive exams:

• United Nations Population Fund Headquarters: New York, United States;
• United Nations Population Fund Head: Natalia Kanem;
• United Nations Population Fund Founded: 1969.

18. International Day for Biological Diversity 2022: 22 May

• International Day for Biological Diversity or World Biodiversity Day is observed on 22nd May every year to increase awareness and understanding of the issues of biodiversity. Biodiversity is essential for sustaining the balance of the planet. It is the cornerstone of ecosystem services, which are completely tied to human well-being.
• The theme in 2022 is “Building a shared future for all life”. Fitting within the context of the ongoing United Nations Decade on Restoration, which highlights that biodiversity is the answer to several sustainable development challenges, the slogan conveys the message that biodiversity is the foundation upon which we can build back better.
• In December 2000, the UN General Assembly adopted 22 May as IDB, to commemorate the adoption of the text of the Convention on 22 May 1992 by the Nairobi Final Act of the Conference for the Adoption of the Agreed Text of the Convention on Biological Diversity.

Miscellaneous News

19. 10-year-old girl Rhythm Mamania from Maharashtra summits Everest base camp

• A little 10-year-old champion skater from Worli, Rhythm Mamania, has become one of the youngest Indian mountaineers to summit the Everest Base Camp (EBC) in the Himalayan ranges in Nepal.
• She has joined young Indian climbers to climb the base camp. Rhythm has achieved a rare feat by completing the climb to the base camp at an altitude of 5,364 meters in 11 days. Rhythm went to base camp with Nepal-based company Satori Adventures.
• A group of some trekkers from Kutch also accompanied him. The 11-day expedition was organized by Rishi Bhandari of Satori Adventures, Nepal.

20. India Celebrates 250th Birth Anniversary of Raja Ram Mohan Roy

• The 250th birth anniversary of Raja Ram Mohan Roy was celebrated and commemorated by the Ministry of Culture under the Azadi ka Amrit Mahotsav. The ministry of Culture organized an inaugural ceremony on 22nd May 2022.
• The inaugural ceremony was organized at the Raja Ram Mohan Roy Library Foundation, Salt Lake, Kolkata, and at Science City Auditorium, Kolkata. According to the press release by the ministry, it was the 250th birth anniversary of Raja Ram Mohan Roy and the 50th foundation day of the Raja Ram Mohan Roy Library Foundation.
• Several ministers including the Governor of West Bengal, Jagdeep Dhankar were also present at the inaugural ceremony. The union minister of culture, tourism, and development of the North-eastern Region (DoNER), G Kishan Reddy, also joined the ceremony virtually.

4th edition of India-Bangladesh Navy Coordinated Patrol (CORPAT) commences

23 May 2022
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4th edition of India-Bangladesh Navy Coordinated Patrol (CORPAT) commences

The fourth edition of the Indian Navy-Bangladesh Navy Coordinated Patrol (CORPAT) commenced. The patrolling drill commenced in the northern Bay of Bengal and would continue between May 22 and 23. Both units will undertake joint patrolling along International Maritime Boundary Line. The last IN-BN CORPAT was conducted in October 2020.

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Indian Navy’s indigenous warships, INS Kora and INS Sumedha along with Bangladesh Navy’s warships BNS Ali Haider and BNS Abu Ubaidah would touch the waters during patrolling. Maritime Patrol Aircraft of both navies will also undertake joint patrol along the International Maritime Boundary Line (IMBL) during CORPAT. The regular conduct of CORPATs has strengthened mutual understanding and enhanced interoperability between both the navies in countering transnational maritime threats at sea.

10-year-old girl Rhythm Mamania from Maharashtra summits Everest base camp

23 May 2022
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10-year-old girl Rhythm Mamania from Maharashtra summits Everest base camp

A little 10-year-old champion skater from Worli, Rhythm Mamania, has become one of the youngest Indian mountaineers to summit the Everest Base Camp (EBC) in the Himalayan ranges in Nepal. She has joined young Indian climbers to climb the base camp. Rhythm has achieved a rare feat by completing the climb to the base camp at an altitude of 5,364 meters in 11 days.

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Rhythm went to base camp with Nepal-based company Satori Adventures. A group of some trekkers from Kutch also accompanied him. The 11-day expedition was organized by Rishi Bhandari of Satori Adventures, Nepal.

World bank sanctioned USD 350 million for SRESTHA-G project to Gujarat

20 May 2022
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World bank sanctioned USD 350 million for SRESTHA-G project to Gujarat

World Bank has approved USD 350 million as financial aid for the Systems Reform Endeavors for Transformed Health Achievement in Gujarat (SRESTHA-G) project. The SRESTHA-G project will be worth USD 500 million, with the World Bank contributing USD 350 million. The project will include transforming key health delivery systems in the state.

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Key points of the SRESTHA-G project:

• Gujarat Chief Minister Bhupendra Patel approved the SRESTHA-G project, after which the proposal was forwarded to the Union Finance Ministry. The Gujarat government will implement the programme through the Health and Family Welfare Department (HFWD).
• The Program Development Objective is to improve service delivery in Gujarat by improving primary health care quality, equity, and comprehensiveness, improving service delivery models for adolescent girls, and increasing disease surveillance system capacity.

Important takeaways for all competitive exams:

• World Bank Headquarters: Washington, D.C., United States.
• World Bank Formation: July 1944.
• World Bank President: David Malpass.

Nirmala Sitharaman chairs the 7th Annual Meeting of Board of Governors of NDB

20 May 2022
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Nirmala Sitharaman chairs the 7th Annual Meeting of Board of Governors of NDB

Union Minister of Finance & Corporate Affairs and India’s Governor for the New Development Bank (NDB), Smt. Nirmala Sitharaman chaired the 7th Annual Meeting of Board of Governors of NDB through video conference in New Delhi. The meeting was also attended by Governors/Alternate Governors of Brazil, China, Russia, South Africa and the newly joined members Bangladesh and United Arab Emirates (UAE).

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About the meeting:

This Annual Meeting of NDB which was hosted/chaired by India this year was organised in virtual mode. This year’s theme for the Annual Meeting was “NDB: Optimising Development Impact”, which is particularly important and relevant in the current global economic scenario.

Highlights of the meeting:

• Highlighting that India is celebrating 75 years of Independence this year, the Union Finance Minister mentioned that India’s economic growth in the current financial year has been robust and is estimated to be 8.9 per cent which is the highest among all large economies.
• This reflects India’s strong resilience and speedy recovery. Smt. Sitharaman expressed confidence that India will continue to achieve a high growth rate in the current and next financial year.
• While acknowledging the NDB’s achievements and progress made over the last six years, Smt. Sitharaman highlighted that the Bank has demonstrated strong results within its core mandate.
• The Union Finance Minister also appreciated the progress made towards setting up of the India Regional Office in Gift City, Gujarat.
• The Finance Minister concluded her statement on a positive note, stating that NDB will play a significant and meaningful role in the development journey of its member countries in the decades to come.

20th May Daily Current Affairs 2022: Today GK Updates for Bank Exam

20 May 2022
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20th May Daily Current Affairs 2022: Today GK Updates for Bank Exam

Daily GK updates are incorporated with the important news that made the current affairs headlines for banking or other competitive exams. Daily GK Update is the complete bag of the important news that is held all day long. One should have complete knowledge about banking terms, current affairs news, etc. So, here is the GK update for 20th May 2022 to help you prepare the Current affairs part. After reading this section, you can successfully attempt Current Affairs Quiz.

Here is the Daily GK Update of the 20th May 2022 covering the following news headlines: CSpace, Lok Milni, SRESTHA-G, PNB MetLife, National Endangered Species Day, World Bee Day, Madam Tussaud Museum.

Top 15 Daily GK Updates: National & International News 

Here is providing below the top 15 important Daily General Knowledge 2022 updates with national & international news.

States News

1. Rs 1,500 per acre incentive for farmers approved by Punjab Cabinet

• The Punjab Cabinet has authorised a Rs 1,500 per acre incentive for farmers who grow paddy using the direct seeding of rice technology. A total of Rs 450 crore has been set aside to provide incentives to farmers who promote the DSR (Direct Seeding of Rice) technique, which uses less water and is more cost-effective. The incentive scheme was approved by the Cabinet in a meeting headed by chief minister Bhagwant Mann.
• The incentive was offered by Bhagwant Mann to combat the state's diminishing ground water table.
• Paddy seeds are drilled into the field using the DSR process, which uses a machine that accomplishes both rice seeding and pesticide spraying at the same time.
• Farmers nurture immature paddy plants in nurseries before uprooting and transplanting them onto a puddled field, according to the customary practise.
• The incentive will encourage farmers to use this established approach, which uses significantly less water for irrigation, enhances percolation, decreases farm labour dependency, and improves soil health, increasing paddy and wheat yields by 5-10%.
• The Cabinet also resolved to provide farmers Rs 1,500 per acre in financial support via Direct Benefit Transfer (DBT), for which the Punjab Mandi Board's Anaj Kharid portal has already generated a database of roughly 11 lakh farmers with their Aadhaar numbers, mobile numbers, and bank account numbers.

Important Takeaways For All Competitive Exams:

• Chief Minister of Punjab: Sh. Bhagwant Mann

2. Kerala To Bring India's First State-Owned OTT Platform 'CSpace'

• The Kerala government will launch a state-owned over-the-top (OTT) platform on November 1, offering film lovers an array of movies, short films and documentaries of their choice. Kerala will become the first state in India to have a state-owned OTT platform. Kerala Minister for Cultural Affairs Saji Cheriyan revealed the name of the OTT platform as CSPACE.
• CPSACE is an initiative of Kerala State Film Development Corporation (KSFDC) on behalf of the state government.
• The OTT platform will also showcase films with artistic value irrespective of their performance at the box office, along with internationally recognised and award-winning films, best films screened at the annual International Film Festival of Kerala (IFFK), and short films and documentaries. The registration of films to be streamed on CSpace will begin on June 1.

Important takeaways for all competitive exams:

• Kerala Capital: Thiruvananthapuram;
• Kerala Governor: Arif Mohammad Khan;
• Kerala Chief Minister: Pinarayi Vijayan.

3. Punjab CM Bhagwant Mann launched ‘Lok Milni’ scheme for redressal of public complaints 

• Chief Minister of Punjab, Bhagwant Mann heard the grievances of the people of the state and issued redressal directions in ‘Lok Milni’, a first-of-its-kind public interaction programme.
• This interactive programme was launched with the aim of providing a single-window platform to the people of the state for the redressal of the complaints that they have. The people of the state who had submitted various grievances and complaints with the state government in the previous two months were called to attend this programme.
• As many as 61 complainants listed their grievances before the chief minister during this 'Lok Milni'. He directed the top officers of the various departments present on the occasion to ensure the resolution of these complaints in a time-bound manner.

Important takeaways for all competitive exams:

• Punjab Capital: Chandigarh;
• Punjab Governor: Banwarilal Purohit;
• Punjab Chief Minister: Bhagwant Mann.

4. World bank sanctioned USD 350 million for SRESTHA-G project to Gujarat

• World Bank has approved USD 350 million as financial aid for the Systems Reform Endeavors for Transformed Health Achievement in Gujarat (SRESTHA-G) project. The SRESTHA-G project will be worth USD 500 million, with the World Bank contributing USD 350 million. The project will include transforming key health delivery systems in the state.
• Gujarat Chief Minister Bhupendra Patel approved the SRESTHA-G project, after which the proposal was forwarded to the Union Finance Ministry. The Gujarat government will implement the programme through the Health and Family Welfare Department (HFWD).
• The Program Development Objective is to improve service delivery in Gujarat by improving primary health care quality, equity, and comprehensiveness, improving service delivery models for adolescent girls, and increasing disease surveillance system capacity.

Important takeaways for all competitive exams:

• World Bank Headquarters: Washington, D.C., United States.
• World Bank Formation: July 1944.
• World Bank President: David Malpass.

Appointments News

5. IndiGo appoints Pieter Elbers as CEO

• The Board of Directors of InterGlobe Aviation Limited (Indigo) appointed Pieter Elbers as Chief Executive Officer. He will join IndiGo on or before 1 Oct 2022. He succeeds Ronojoy Dutta who has decided to retire on 30 September 2022.
• Elbers has served as the President and CEO of KLM Royal Dutch since 2014 and is also a member of the Executive Committee of the Air France-KLM Group.
• Elbers, 52, has served as the President & Chief Executive Officer of KLM Royal Dutch Airlines. He is also a member of the Executive Committee of the Air France – KLM Group.
• He started his career at KLM in 1992 at their Schiphol hub and over time, held several managerial positions in both The Netherlands and overseas in Japan, Greece and Italy. After he returned to The Netherlands, he was appointed as the Senior Vice President of Network & Alliances, before he was promoted in 2011 as the Chief Operating Officer.
• Elbers was born in Schiedam, The Netherlands. He received a Bachelor’s degree in Logistics Management and a Master's Degree in Business Economics.

Important takeaways for all competitive exams:

• Managing Director of IndiGo: Rahul Bhatia;
• IndiGo Founded: 2006;
• IndiGo Headquarters: Gurugram.

Banking News

6. RBI: Public sector banks' frauds down 51% to Rs 40,295 crore in FY22

• The Reserve Bank of India has said that public sector banks reported over a 51 per cent fall in the amount involved in frauds to Rs 40,295.25 crore during the financial year 2021-22 (FY22).
• As many as 12 PSBs (Public Sector Banks) had reported frauds worth Rs 81,921.54 crore in the preceding fiscal 2020-21, the central bank said in response to an application under the Right to Information (RTI) Act.
• According to the RBI data on frauds reported by PSBs in all categories during FY22, the highest amount of Rs 9,528.95 crore was reported by the city-based Punjab National Bank (PNB), involving 431 such incidents.
• The country's largest lender State Bank of India reported frauds worth Rs 6,932.37 crore in as many as 4,192 cases -- reflecting incidents of a large number of small value frauds.
• Bank of India reported frauds worth Rs 5,923.99 crore (209 incidents), followed by Bank of Baroda at Rs 3,989.36 crore (280); Union Bank of India Rs 3,939 crore (627), while Canara Bank reported frauds worth Rs 3,230.18 crore in just 90 cases -- showing that the transactions were of high-value frauds.

Important takeaways for all competitive exams:

• RBI Founded: April 1, 1935;
• RBI Headquarters: Mumbai, Maharashtra;
• RBI Governor: Shaktikanta Das;
• RBI Deputy Governors: Mahesh Kumar Jain, Michael Debabrata Patra, M Rajeshwar Rao, T Rabi Sankar.

7. PNB MetLife launched India’s 1st dental health insurance plan

• PNB MetLife India Insurance Company has launched India’s first dental health insurance plan. This is the first insurance plan in India that covers fixed-benefit outpatient expenses and provides financial assistance with costs related to overall dental health.
• This launch reinforces PNB MetLife leadership in the industry with this one-of-a-kind, standalone, the dental health insurance plan that covers major dental procedures without the hassles of hospitalisation.
• PNB MetLife's new Dental Care Plan will help customers manage their dental health and ensure they do not have to dive into their savings or reduce their essential spending in order to make space for dental treatment. To provide convenience to its customers, PNB MetLife has tied up with more than 340 dental clinics.

Important takeaways for all competitive exams:

• PNB MetLife Established: 2001;
• PNB MetLife Headquarters: Mumbai, Maharashtra;
• PNB MetLife Chairman: Kishore Ponnavolu;
• PNB MetLife MD & CEO: Ashish Kumar Srivastava.

Economy News

8. WPI inflation at a record high of 15.08% in April 2022

• India’s wholesale inflation soared to a three-decade high in April as high commodity prices and supply-chain disruptions pushed up input costs for producers. The annual rate of inflation was 15.08% (Provisional) for the month of April 2022 (Y-o-Y) as compared to 10.74% in April 2021.
• The rate of inflation based on the WPI Food Index increased marginally from 8.71% in March 2022 to 8.88% in April 2022.
• The high rate of inflation in April 2022 was primarily due to a rise in prices of mineral oils, basic metals, crude petroleum & natural gas, food articles, non-food articles, food products and chemicals & chemical products etc. as compared to the corresponding month of the previous year.
• Fuel prices, a big component of the increase, were up 38.66 % on the year versus 34.52 % in March.
• The Office of the Economic Adviser, Department for Promotion of Industry and Internal Trade released the index numbers of wholesale prices in India (Base Year: 2011-12) for the month of April 2022 (Provisional) and for the month of February 2022 (Final).

Awards News

9. Wesley Morgan won William E. Colby award for his book ‘The Hardest Place’

• Author and journalist, Wesley Morgan has won the William E. Colby Award 2022 for his military and intelligence writing. He was cited for his book “The Hardest Place: The American Military Adrift in Afghanistan’s Pech Valley.”
• The Colby Award, a $5,000 prize named for the former ambassador and CIA director William E. Colby, is given for “a major contribution to the understanding of military history, intelligence operations or international affairs.” The Colby Award is presented by Norwich University in Northfield, Vermont. The Colby award was established in 1999.

Summits and Conferences News

10. Nirmala Sitharaman chairs the 7th Annual Meeting of Board of Governors of NDB

• Union Minister of Finance & Corporate Affairs and India’s Governor for the New Development Bank (NDB), Smt. Nirmala Sitharaman chaired the 7th Annual Meeting of Board of Governors of NDB through video conference in New Delhi.
• The meeting was also attended by Governors/Alternate Governors of Brazil, China, Russia, South Africa and the newly joined members Bangladesh and United Arab Emirates (UAE).
• This Annual Meeting of NDB which was hosted/chaired by India this year was organised in virtual mode. This year’s theme for the Annual Meeting was “NDB: Optimising Development Impact”, which is particularly important and relevant in the current global economic scenario.

Sports News

11. Nikhat Zareen wins gold at Women's World Boxing Championships

• Nikhat Zareen gave a dazzling performance to beat Thai Olympian Jutamas Jitpong 5-0 and become the fifth Indian woman to win a World title at the Women's World Championships, Istanbul.
• Nikhat thus becomes only the fifth Indian women's boxer after Mary Kom, Sarita Devi, Jenny RL and Lekha KC to win a gold at the World Championships. The 25-year-old Zareen is a former junior youth world champion.
• The 25-year-old Indian took full advantage of her long reach and maintained her dominance against the Thai boxer, whom she had beaten in the 2019 Thailand Open semi-final—the only meeting between the two, enroute her silver medal finish.

Important Days

12. National Endangered Species Day 2022: 20th May

• Every year on the third Friday of May, people across the globe observe National Endangered Species Day. This year the day is celebrated on May 20. This year, it marks the 16th National Endangered Species Day.
• National Endangered Species Day is celebrated with the main emphasis on conserving our planet Earth’s flora and fauna. The National Endangered Species Day theme 2022 is “Recovering key species for ecosystem restoration”.
• Every year the awareness campaign takes place around a theme. On 28 December to lift up the importance of wildlife conservation and restoration efforts for all endangered species The Endangered Species Act of 1973 was signed into law.
• National Endangered Species Day was founded and started by David Robinson and the Endangered Species Coalition in 2006. Since 2006 third Friday of May is observed as National Endangered Species Day.

13. World Bee Day 2022 celebrates globally on 20th of May

• World Bee Day is observed worldwide on May 20. World Bee Day is to acknowledge the role of bees and other pollinators in the ecosystem.
• Raising awareness of the importance of pollinators in our environment, the threats they face and their important role in sustainability in the ecosystem is the key purpose behind the observance of this day. Also, it highlights how each individual can make a difference to support, restore and enhance the role of pollinators.
• This year Food and Agriculture Organization (FAO) will celebrate World Bee Day through a virtual event, under the theme ‘Bee Engaged: Celebrating the diversity of bees and beekeeping systems’.
• World Bee Day was first inaugurated on 20th May 2018 and is celebrated every year ever since. This day commemorates the birth of Anton Jansa in 1734. She is considered the pioneer of beekeeping. In December 2017, the United Nations Member States approved the proposal of Slovenia to proclaim 20 May as World Bee Day.
• Beekeeping is something that is deeply rooted in the Slovenian tradition, and it is one of the leading European countries in terms of beekeepers.

Important takeaways for all competitive exams:

• Food and Agriculture Organization Director-General: QU Dongyu;
• Food and Agriculture Organization Headquarters: Rome, Italy;
• Food and Agriculture Organization Founded: 16 October 1945.

14. International Day against Homophobia, Transphobia and Biphobia

• On May 17, the International Day Against Homophobia, Biphobia, and Transphobia is commemorated, with the goal of coordinating international events to raise awareness of LGBT rights violations and inspire interest in LGBT rights work around the world.
• There had been commemorations in over 130 countries till now. Despite progress, consensual same-sex relationships are still illegal in nearly 70 nations. Only one out of every three countries protects people from discrimination based on sexual orientation, one out of every ten protects people based on gender identity, and a minority protect people based on sex characteristics.

Miscellaneous News

15. Madam Tussaud Museum to start in Noida next month

• The wax museum Madame Tussauds is returning to India. The museum will be located in a Noida mall. 50 Indian and international luminaries from sports, entertainment, history, and music will be featured at the new venue.
• Madame Tussauds India will let visitors to get up up and personal with celebrities as well as some of their most iconic moments. The museum first opened in Connaught Place, Delhi, in 2017, but was forced to close owing to the pandemic. DLF Mall of India, one of the country's major shopping malls, would be its new destination.
• The museum is open to the public under rigorous anti-Covid guidelines. Madame Tussauds has a 200-year history and legacy, having first opened its doors in London in 1835. Sculptors at Madame Tussauds employ the same techniques as the legendary Marie Tussaud to produce each figure. It takes a minimum of 12 weeks for an artist to construct a single life-like figure.

Engine relight test on the HANSA-NG aircraft successful

20 May 2022
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Engine relight test on the HANSA-NG aircraft successful

The HANSA-NG 2 seater flying trainer aircraft, designed and developed by CSIR-NAL, passed an in-flight engine relight test at DRDO‘s Aeronautical Test Range (ATR) facility in Challakere. Wg Cdr K V Prakash and Wg Cdr NDS Reddy, Test Pilots from the Indian Air Force’s Aircraft and Systems Testing Establishment (ASTE), conducted a flight test at an altitude of 7000-8000 feet with a speed range of 60 to 70 knots (IAF).

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KEY POINTS:

• The aircraft’s in-flight engine relight capability was proven using a wind milling propeller and a starter aided start. During these test flights, the aircraft handling characteristics and flight parameters were found to be normal.
• The in-flight engine relight test, according to CSIR-NAL, is the most significant and important milestone toward DGCA certification of the aircraft. After gaining the requisite clearances from the DGCA, the aircraft was transferred to ATR, Challakere.
• The flight tests were overseen by Mr Abbani Rinku, HANSA’s Project Director, as well as members of the CSIR-NAL design team and ASTE’s flight test crew: Wg Cdr Senthil Kumar, Flight Test Director, Sq Ldr Sahil Sarin, Safety Pilot, and Gp Capt M Rangachari, Chief Test Pilot.
• Mr Jitendra J Jadhav, Director, CSIR-NAL, commended the CSIR-NAL, DGCA, ASTE-IAF, and ADE-DRDO teams, stating that the integrated team’s combined and coordinated efforts resulted in flawless test flight execution.

WPI inflation at a record high of 15.08% in April 2022

20 May 2022
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WPI inflation at a record high of 15.08% in April 2022

India’s wholesale inflation soared to a three-decade high in April as high commodity prices and supply-chain disruptions pushed up input costs for producers. The annual rate of inflation was 15.08% (Provisional) for the month of April 2022 (Y-o-Y) as compared to 10.74% in April 2021. The rate of inflation based on the WPI Food Index increased marginally from 8.71% in March 2022 to 8.88% in April 2022.

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Why does this happen?

• The high rate of inflation in April 2022 was primarily due to a rise in prices of mineral oils, basic metals, crude petroleum & natural gas, food articles, non-food articles, food products and chemicals & chemical products etc. as compared to the corresponding month of the previous year.
• Fuel prices, a big component of the increase, were up 38.66 % on the year versus 34.52 % in March.
• The Office of the Economic Adviser, Department for Promotion of Industry and Internal Trade released the index numbers of wholesale prices in India (Base Year: 2011-12) for the month of April 2022 (Provisional) and for the month of February 2022 (Final).