Daily GK Updates – 14th Feb, 2021

 

NATIONAL UPDATES:

 

1. GMR Group inks MoU with Airbus for aircraft maintenance & other airport services: The Indian airport operator and aviation infrastructure developer, GMR Group [Headquarter: New Delhi], has signed a Memorandum of Understanding (MoU) with Airbus, a European multinational aerospace corporation based in Leiden, Netherlands, to explore collaboration opportunities across aviation services, technologies and innovation. The main objective of this partnership will be to explore potential synergies in several strategic areas of aviation services like maintenance, components, training, digital and airport services both for commercial and military aircraft to benefit the entire aerospace ecosystem in the country.

 

2. Finance Minister releases monthly PDRD Grant of over Rs 6195 cr to States: Ministry of Finance has released the monthly Post Devolution Revenue Deficit, PDRD Grant of over 6 thousand 1 hundred 95 crore rupees to the States. This was the 11th instalment of the PDRD grant released to the States. So far, over 68 thousand 1 hundred 45 crore rupees have been released to eligible States as Post Devolution Revenue Deficit Grant in the current financial year. The Post Devolution Revenue Deficit Grants are provided to the States under Article 275 of the Constitution. The grants are released in monthly instalments as per the recommendations of the Fifteenth Finance Commission to meet the gap in Revenue Accounts of the States post devolution.  The Commission has recommended PDRD grants to 14 States

 

3. Uttarakhand: Union Environment Ministry approves Lakhwar electricity project: Union Environment Ministry approved the Lakhwar electricity project on Yamuna river, informed a press release by Chief Minister Office (CMO). Apart from electricity generation, six states will also get irrigation and pure drinking water from this project. Its construction will provide 330 metric cusec meters of additional water. Due to this project, Uttarakhand will get 572.54 million units of electricity every year. With this, the availability of water in the Yamuna will also increase. The total cost of the Lakhwar power project is Rs 5747.17 crore, the central government will bear a total of 90 per cent on the irrigation and drinking water arrangements associated with this project. The remaining 10 per cent will be shared equally among the six states.

 

4. Education Ministry to name residential schools, hostels after NetajiSubhas Chandra Bose: The Ministry of Education has decided to name residential schools and hostels funded under SamagraShiksha of the Ministry as NetajiSubhas Chandra Bose residential schools or hostels. The association of these schools with NetajiSubhash Chandra Bose will act as an inspiration to the children and also motivate the teachers, staff and administration to enable them to achieve high standards of excellence. This will also help create awareness about the facility of these Residential Schools and Hostels in difficult areas and inspire these schools to achieve high standards of quality education.

 

5. Centre grants permission to raise additional five thousand 34 crore rupees through Open Market Borrowings to four states: Government said that four more states Assam, Haryana, Himachal Pradesh and Punjab have been granted permission to raise additional five thousand 34 crore rupees through Open Market Borrowings. The total number of States which have undertaken the stipulated reforms to facilitate ease of doing business has gone up to 12. Earlier, Andhra Pradesh, Karnataka, Kerala, Madhya Pradesh, Odisha, Rajasthan, Tamil Nadu and Telangana had reported completion of this reform, which was confirmed by the Department for Promotion of Industry and Internal Trade. On completion of reforms facilitating ease of doing business, these twelve States have been granted additional borrowing permission of 28 thousand 183 crore rupees.

 

INTERNATIONALUPDATES:

 

1. Pakistan Army successfully test-fires Babur cruise missile: The Pakistan Army conducted a successful test-firing of a short-range surface-to-surface ballistic missile ‘Babar’ on February 11, 2021. This test was the third missile test carried out over the past three weeks.

About the missile: The Babur cruise missile IA was launched from Multi Tube Missile Launch Vehicle. This missile is capable of hitting land and sea targets with “high precision” up to 450 kilometres away. Earlier, Pakistan army conducted a successful test of the surface-to-surface ballistic missile Shaheen-III in January 2021, followed by the ‘training launch’ of nuclear-capable ballistic mis­sile Ghaznavi in February 2021.

Note: President of Pakistan: ArifAlvi; Prime Minister of Pakistan: Imran Khan.

 

2. GRSE signs contract to deliver fast patrol vessel to Seychelles: Defence PSU Garden Reach Shipbuilders and Engineers Ltd (GRSE) has signed a contract to deliver a fast patrol vessel (FPV) to Seychelles. The signing of the contract with Seychelles comes within a month of the shipyard concluding an agreement for one ocean-going passenger and cargo ferry vessel with Guyana. The Seychelles Coast Guard ship ”Zoroaster” will be a powerful, fuel-efficient platform designed to perform multipurpose operations, such as patrolling, anti-smuggling, anti-poaching, and search and rescue.

 

OTHER UPDATES:

 

SPORTS

 

1. ViratKohli Slips to 5th Position in Latest ICC Test Rankings for Batsmen: The updated MRF Tyres ICC Men’s Test Player Rankings was released.

The top 5 Batsmen in the list are:

(1) Kane Williamson – New Zealand

(2) Steve Smith – Australia

(3) Joe Root – England

(4) MarnusLabuschagne – Australia

(5) ViratKohli – India

Top 5 Bowlers in the list are:

(1) Pat Cummins – Australia

(2) Stuart Broad – England

(3) James Anderson – England

(4) Neil Wagner – New Zealand

(5) Josh Hazlewood – Australia

 

BANKING AND FINANCE

 

1. Bharti AXA General Insurance has launched ‘Salute to Caregivers – EkNayaNazariya Campaign‘: Bharti AXA General Insurance, a joint venture between Bharti Enterprises, one of India’s leading business groups, and AXA, one of the world’s largest insurance companies, launched its unique campaign ‘Salute to Caregivers – EkNayaNazariya Campaign’ to support cancer survivors in the battle against the killer disease. Through this awareness drive, the company aims to engage with close to a million Indians on Facebook, Instagram, and LinkedIn and focuses on highlighting everyone’s role in achieving a cancer-free world.

 

2. ICICI Bank signs MoU with MUFG Bank to cater banking requirements of Japanese corporates in India: ICICI Bank announced it has signed a Memorandum of Understanding(MoU) with Japan’s MUFG Bank for collaboration towards catering to the banking requirements of Japanese corporates present in India. The MoU establishes a framework of partnership between the banks across various domains including trade, investment, treasury, corporate and retail banking. It also paves way for the two banks to cater to the banking requirements of Japanese corporates operating in India.

 

BUSINESS AND ECONOMY

 

1. New Development Bank Commits $100 million in NIIF Fund of Funds: The New Development Bank (NDB) has committed to invest USD 100 million (Rs 727.6 crore), into the National Investment and Infrastructure Fund Limited (NIIF) Fund of Funds (FoF). With NDB’s investment, the total commitments secured by the FoF has reached $800 million (about Rs 5,820 crore). This investment marks NDB’s first equity investment into India and its first-ever investment into a Fund of Funds. Currently, the Government of India (GoI), Asian Infrastructure Investment Bank (AIIB) and Asian Development Bank (ADB) are the investor in the FoF. Now NDB has joined the group. The FoF was established in 2018 with the objective of providing homegrown Indian private equity fund managers access to an India-focused institutional investor that operates at scale.

Benefits to Indian Economy: The Investments will hugely benefit the Indian economy which is facing difficulties due to pandemic. It will also support India’s efforts to boost investment in infrastructure. NDB’s support will further address issues like investment gaps, availability of institutional funding for domestic private equity funds.

Note: NIIFL Managing Director & Chief Executive Officer (CEO): Sujoy Bose; NIIFL Headquarters: Mumbai, Maharashtra.

New Development Bank Chairperson of the Board of Governors: Anton Siluanov (Russia); New Development Bank Headquarters: Shanghai, China.

 

AWARDS AND HONOURS

 

1. “Koozhangal” Wins Tiger Award at Rotterdam International Film Festival 2021: The Tamil film “Koozhangal” has won “Tiger” award, at the 50th edition of the International Film Festival Rotterdam 2021. The Tiger award is the top honour of the festival, given for best film. Koozhangal (meaning Pebbles) has been Produced by Nayanthara and directed by Vinod Raj PS. This is the second Indian film to win this international award and the first Tamil Film. The first Indian film was “Durga” directed by the Malayalam director Shashidharan. The Tiger Award worth Euro 40,000 cash prize, is shared between the director and producer of the winning film.

 

DEFENCE

 

1. Indian Navy receives 3 Mk III Advanced Light Helicopters from HAL: The Indian Navy received three “made in India” Advanced Light Helicopters (ALH) from the state-run Hindustan Aeronautics Ltd (HAL). The helicopters are customised for coastal security. These helicopters have latest generation avionics, indigenous low frequency dunking sonar, full glass cockpit with integrated architecture display system and the powerful Shakti engines. It also has a nose mounted surveillance radar with 270 degree coverage that can detect and track multiple marine targets. Its synthetic aperture radar and inverse synthetic aperture radar can detect targets on sea.