Daily GK Updates – 24th Jan, 2021

NATIONAL UPDATES:

 

1. Cabinet approves Rs 5,282-cr investment for 850 MW Ratle project on Chenab river: The Union Cabinet has approved 850 megawatts (MW) Ratle hydropower project worth an Rs. 5281.94 crore on Chenab river in Kishtwar district of Jammu and Kashmir. The project is being implemented under the Centre’s plan to expedite strategically important hydropower projects in the union territory post its reorganization. The project will be developed by a new joint venture company between state-run National Hydroelectric Power Corporation (NHPC) Ltd and Jammu & Kashmir State Power Development Corporation Ltd (JKSPDC), where NHPC will have a 51% stake in the JV firm, while the balance will be held by JKSPDC.

 

2. CM to inaugurate first child-friendly police station of U’khand: Uttarakhand Chief Minister, Trivendra Singh Rawat will inaugurate the first child-friendly police station of Uttarakhand, which is meant to provide a friendly environment to children associated with crimes. The child-friendly police unit has been set up in the Dalanwala police station with a budget of about Rs 5 lakhs on the recommendation of the Child Protection Committee of Uttarakhand.

According to the chairperson of State Commission for Protection of Child Rights (SCPCR) Usha Negi, the children who are either victims or need proper counselling or visit police station due to other reasons should be provided with a comfortable and unintimidating environment rather than keeping them in a dull and scary atmosphere. To keep children at ease, the walls are painted in bright colours and cartoons and the police personnel will also be dressed in casual clothes rather than their uniforms.

Note: Uttarakhand Chief Minister: Trivendra Singh Rawat; Governor of Uttarakhand: Baby Rani Maurya.

 

3. Karnataka CM Yediyurappa launches Avalokana software: The Karnataka Chief Minister, BS Yediyurappa recently launched Avalokana software. The software will enable the state government to access data on expenditures and sanctions incurred on 1,800 programmes. The software provides a focused eye view on Sustainable Development goals, Scheduled Caste Sub-Plan, Tribal Sub-plan and Centrally Sponsored Schemes.

Avolokana software: It is a transparent e-governance tool that will provide Assembly constituency-wise release of government grants and allocations to different government programmes. This will help the government to decide on releasing funds based on the expenditure incurred by the department. It will eventually increase the government hold over resources. The software provides a focused view on scheduled caste sub-plan, sustainable development goals and tribal sub-plan and centrally sponsored scheme.

Note: Chief Minister of Karnataka: B.S. Yediyurappa; Governor: Vajubhai Vala.

 

4. MeITY and AWS announced Quantum Computing Applications Lab in India: The Ministry of Electronics and Information Technology (MeitY) has announced the establishment of a Quantum Computing Applications Lab in partnership with Amazon Web Services (AWS). The move will give select researchers, scientists access to Amazon’s Bracket cloud-based quantum computing service. National Mission on Quantum Technology and Applications:

(1) It is to be implemented by the Department of Science and Technology operating under the Ministry of Science and Technology.

(2) The mission focuses on fundamental science, technology development and addresses the issues concerning the national priorities.

(3) It will prepare next-generation skilled manpower and encourages entrepreneurship and startup ecosystem development.

(4) The Union Budget 2020-21 had proposed to spend Rs 8,000 crores on the National Mission on Quantum Technologies and Applications.

Quantum Technology: Quantum Technology is based on principles of quantum physics. That is, it is based on quantum theory. In simple words, it is the behaviour of energy and material in atomic and subatomic levels. It will help achieve information processing that will go beyond the limits of the classical world. A conventional computer will process in bits. On the other hand, a quantum computer will process in quantum bits.

Note: Minister of Electronics and Information Technology: Ravi Shankar Prasad.

Amazon Web Services CEO: Andy Jassy; Amazon Web Services Founded: 2006; Amazon Web Services Headquarters: Seattle, Washington, United States.

 

5. Parakram diwas: 23th January: Netaji Subhas Chandra Bose’s, 125th birth anniversary on 23 January 2021 is observed as Parakram Diwas. The day is celebrated to honour and remember Netaji’s indomitable spirit and selfless service to the nation.

About Netaji Subhas Chandra Bose: Netaji’ was born on January 23, 1897, in Cuttack in Odisha. He graduated from Kolkata and proved his mettle by becoming an Indian Civil Services (ICS) officer. But he left the comfort and amenities that came with his job and decided to be part of the freedom struggle. With the slogan “Give me blood and I will give you freedom”, he awakened the country towards fighting against the British. Netaji built a force known as the Azad Hind Fauj (Indian National Army) giving the slogan of “Dilli Chalo”. Thousands of soldiers of his 60,000-strong army sacrificed their lives for the country.

 

6. National Girl Child Day: 24th January: In India, the National Girl Child Day (NGCD) is observed annually on January 24. The day aims to focus on the inequalities faced by girls, to promote the education, health & nutrition of the girl child, and to spread awareness about the rights of a girl child. The day was observed for the first time in 2008 as an initiative by the Ministry of Women and Child Development and the Government of India.

The day was initiated by the Ministry of Women and Child Development to: Spread awareness among people about all the inequalities faced by girls in the country. Promote awareness about the rights of a girl child. Increase awareness on the importance of girl education, health, and nutrition.

Note: Minister of Women and Child Development: Smriti Zubin Irani.

 

INTERNATIONAL UPDATES:

 

1. The Global Risks Report 2021 released: The World Economic Forum (WEF) has released the Global Risks Report 2021, 16th Edition. The findings of the report are based on the Global Risks Perception Survey (GRPS) undertaken by over 650 members of WEF’s diverse leadership communities. The Report is prepared with Strategic Partners, Marsh McLennan in Partnership with SK Group and Zurich Insurance Group. The report is being released before WEF’s upcoming virtual Davos Agenda scheduled to be held between January 25-29, 2021. The main objective behind the publishing of the report is to enable better preparation by Government & other International Communities during the times of crisis.

(1) The Survey respondents also assessed Individual Global Risks based on Likelihood & Impact: The Top 3 Risks by Likelihood (Very Likely to happen in the next 10 years) are Extreme Weather, Climate Action Failure & Human Environmental Damage. The Top 3 Risks by Impact (amount of impact they are expected to create) are Infectious diseases, Climate Action Failure & Weapons of mass destruction.

(2) Widespread Effects: COVID-19 has brought a major change in the 2021 rankings compared to Global Risks Report Rankings of 2020. In 2020, Infectious diseases were ranked 10th in the list of most critical threats. COVID-19 has caused both widespread losses of life & delay of economic development in poorest parts of the world, thus amplifying wealth inequalities across the world.

(3) Climate Concerns: Even though carbon emissions have seen a decline due to lockdown & disruption due to Lockdown, they are expected to increase when the recovery process starts.

(4) Process to Counter Risks: The report has stated the Global Communities to draw lessons from the responses to COVID-19 to boost the Global Resilience in future. This includes formulating Analytical Frameworks, Creating new forms of partnerships and Building trust through clear & consistent communication.

Note: World Economic Forum Founder and Executive Chairman: Klaus Schwab; World Economic Forum Headquarters: Cologny, Switzerland.

 

2. International Day of Education: 24th January: International Day of Education is celebrated globally on 24th January. The first-ever International Day of Education was celebrated on 24 January 2019 as per the resolution passed by the United Nations General Assembly on December 3rd 2018 to celebrate the role of education in development. International Day of Education 2020 theme is ‘Learning for people, planet, prosperity and peace’. The theme highlights the integrated nature of education, its humanistic aims, as well as its centrality to our collective development ambitions.

 

OTHER UPDATES:

 

BANKING AND FINANCE

 

1. SBI, ICICI Bank, HDFC Bank remain as (D-SIBs): The RBI state-owned SBI, along with private-sector lenders ICICI Bank and HDFC Bank continue to be Domestic Systemically Important Banks (D-SIBs) or institutions which are ‘too big to fail’. SBI, ICICI Bank, and HDFC Bank continue to be identified as Domestic Systemically Important Banks (D-SIBs), under the same bucketing structure as in the 2018 list of D-SIBs.

About SIBs: SIBs are subjected to higher levels of supervision so as to prevent disruption in financial services in the event of any failure. The Reserve Bank had issued the framework for dealing with D-SIBs in July 2014. The D-SIB framework requires the central to disclose the names of banks designated as D-SIBs starting from 2015 and place these lenders in appropriate buckets depending upon their Systemic Importance Scores (SISs). SIBs are seen as ‘too big to fail (TBTF)’, creating the expectation of government support for them in times of financial distress. These banks also enjoy certain advantages in funding markets.

Note: Reserve Bank of India (RBI) Headquarters: Mumbai, Maharashtra; Reserve Bank of India Establishment: 1 April 1935; Reserve Bank of IndiaGovernor: Shaktikanta Das.

 

AWARDS AND HONOURS

 

1. Shyam Srinivasan is Business Standard Banker of the Year: Shyam Srinivasan, managing director and chief executive officer (CEO) of Federal Bank, is the Business Standard Banker of the Year for 2019-20. The award was given for his bank’s consistent healthy performance at a time when most of its peers witnessed large stress on asset quality, registered losses, or even invited regulatory actions. The unanimous decision was taken by a high-profile jury of five, chaired by former RBI deputy governor S S Mundra. He was chosen for his bank’s consistent healthy performance at a time when most of its peers witnessed losses or other issues.

Note: Federal Bank Founder: K.P Hormis; Federal Bank Founded: 23 April 1931.

 

DEFENCE

 

1. Andaman and Nicobar Command to conduct joint military exercise ‘Kavach’: The Indian Army is to conduct a large scale joint military exercise Kavach in the Andaman Sea and Bay of Bengal. The exercise is to be held under the aegis of Andaman and Nicobar Command. The Joint Military Exercise Kavach will involve Indian Navy, Indian Army, Indian Air Force and Indian Coast Guard.

About the exercise: During the exercise, the joint forces will execute high-density offensive and defence measures in the Andaman sea and Bay of Bengal. Also, they will carry out amphibious landing operations, helicopter-borne insertion of Special Forces from sea culminating in tactical follow-on operations on land. The exercise is to fine-tune the joint war capabilities of all the three forces of India. Kavach Exercise will also involve coordinated air and maritime strikes, synergized application of maritime surveillance assets, air defence and landing operations. Along with Kavach Exercise, the Joint Intelligence Surveillance Reconnaissance (ISR) Exercise will also be held. The ISR will validate the capabilities of intelligence gathering. Also, it will validate the capabilities of information sharing from space, land, air and sea.

 

OBITUARIES

 

1. Popular Bhajan Singer Narendra Chanchal passes away: The iconic Indian Bhajan singer Narendra Chanchal, who specialized in religious songs and hymns, has passed away. He sang a Bollywood song Beshak Mandir Masjid for the 1973 film Bobby and won Filmfare Best Male Playback Award. Some of his ever-popular bhajans include Chalo Bulawa Aaya Hai, Tune Mujhe Bulaya Sherawaliye, Ambe Tu Hai Jagadambe Kali, Hanuman Chalisa, Sankat Mochan Naam Tiharo, Ram Se Bada Ram Ka Naam among others. Besides several bhajans, Chanchal had also given voice in several Hindi films as well.