Daily GK Update- 4th July, 2022

NATIONAL UPDATES:

 

1. NTPC Commissions India’s largest floating solar power project in Telangana: NTPC Ltd has declared the Commercial Operations Date (COD) of the last part capacity of 20 MW out of 100 MW Ramagundam Floating Solar PV Project in Telangana. Ramagundam Floating Solar PV Project is India’s largest Floating Solar Plant commissioned by NTPC. Now the total commercial operation of Floating Solar Capacity in Southern Region has reached 217 MW. Prior to this, NTPC declared Commercial operation of 92 MW Floating Solar at Kayamkulam (Kerala) and 25 MW Floating Solar at Simhadri (Andhra Pradesh).

According to the ministry, the total installed capacity of the company is 69,134.20 MW having 23 coal based, seven gas based, one Hydro, 19 renewable energy projects. Under JV, NTPC has nine coal based, four gas based, eight hydro and five renewable energy projects.

Note: NTPC Ltd Founded: 7 November 1975; NTPC Ltd Headquarters: New Delhi, India.

 

2. Grand Hackathon: 3 day event launched by Shri Piyush Goyal: Union Minister Piyush Goyal has virtually kicked off a three-day Grand Hackathon that the Open Network for Digital Commerce (ONDC) is hosting in association with NABARD. The physical portion of this event took place at the Fort, Mumbai location of the Bombay Stock Exchange. The Grand Hackathon is divided into two categories: the Agri Grant Challenge and the Agri Innovation Hackathon, both of which will highlight innovations that will help the agriculture sector adopt eCommerce.

Key Points:

a)      Speaking at the event, Shri Goyal stated that the newly created ONDC-NABARD Grand Hackathon will give start-ups a platform to collaborate with ONDC and develop creative solutions for some of the most urgent problems in the agri-sector.

b)      Even though it might seem like a tiny move right now, in the long run, this will give farmers all throughout the nation more influence. Early signs suggest that this will likely affect not only the way e-commerce operates in India but maybe the entire world.

c)       According to Piyush Goyal, we should expect quicker economic growth the more we help our farmers access farm inputs and connect with markets utilising technology and innovation.

d)      Notably, ONDC is a Government of India effort with the goal of democratising the nation’s current e-commerce environment by creating an open network for buyers and sellers.

e)      According to Shri Goyal, it is also essential for democratising the agri-value chain and assuring the digital revolution of the agricultural industry. The entire farm value chain, including FPOs, mandis, processors, exporters, MSMEs, and small retailers, will be onboarded by ONDC with the active support of NABARD.

 

3. NMCG Plants 75 Saplings to Create Amrit Vatika: With the installation of 75 trees as part of the Azadi Ka Amrit Mahotsav, the National Mission for Clean Ganga (NMCG) established Namami Gange Amrit Vatika at Kalindi Kunj Ghat on the River Yamuna in New Delhi. The project Yamuna Ghat par Vriksharopan served as the umbrella organisation for the plantation works. The Union Government of India authorised the Namami Gange Program, an integrated conservation mission, as a “Flagship Program” in June 2014 with a financial commitment of Rs. 20,000 crore.

Speaking at the event, Director General of NMCG G. Asok Kumar stated that one of the Namami Gange Program’s main areas of concentration is cleaning up Ganga tributaries, particularly Yamuna. The attendees were inspired by him to join the Clean Yamuna initiative. The National Mission for Clean Ganga regularly hosts a cleanliness drive on the River Yamuna in Delhi on the fourth Saturday of each month.

 

4. New book explores Gandhi’s role in Champaran Satyagraha: A book titled Gandhi and the Champaran Satyagraha: Select Readings, which has been edited by Jadavpur University Vice-Chancellor Suranjan Das, was released. At the virtual book launch event, Prof. Das thanked the West Bengal government and the Netaji Institute for Asian Studies for sponsoring the research. The book would immediately become an indispensable resource for those who wanted to look at Mahatma Gandhi’s journey at its very beginning in India with respect to the Champaran Satyagraha.

 

INTERNATIONAL UPDATES:

 

1. Yair Lapid takes over as 14th Prime Minister of Israel: Leader of Yesh Atid Party, Yair Lapid has been officially became the 14th prime minister of Israel, after replacing the Naftali Benett. He is a former journalist who serving as PM of Israel since 1 July 2022. Yair Lapid’s term could be the short one as he take over the caretaker government ahead of Israel’s election which was scheduled to take place on November 1.

Yair Lapid is an Israeli politician and a former journalist. He also previously served as the Alternate Prime Minister of Israel and the Prime Minister of Foreign Affairs from 2021 to 2022. Before entering politics, Yair Lapid was an author, TV presenter, and news anchor.

Note: Israel Capital: Jerusalem; Israel Currency: New Shekel; Israel President: Isaac Herzog.

 

2. Singapore’s T. Raja Kumar is new president of FATF: T. Raja Kumar of Singapore has been appointed as the president of Financial Action Task Force (FATF), the anti-money laundering watchdog. Kumar has replaced Marcus Pleyer who was holding the post till now, and will discharge his service for next two years.

Kumar has been working against global terror financing for quite a long time. Soon after taking over the charge, Kumar presented his objectives for the coming plenary period (July 2022 -June 2024) to strength the FATF. During the Singapore Presidency, the FATF will continue its core work of identifying and analysing money laundering and terrorist financing methods and trends, developing and refining the FATF Standards, and evaluating and supporting the assessments of countries within the Global Network

Note: FATF Headquarters: Paris, France; FATF Founded: 1989.

 

3. QS Best Student Cities Ranking 2023: Mumbai tops in India: According to the QS Best Student Cities Ranking 2023, released by global higher education consultancy Quacquarelli Symonds (QS), Mumbai ranked at 103 has emerged as India’s highest-ranked student city. The other Indian cities in the rankings include Bengaluru at 114, Chennai at 125 and New Delhi at 129.

London (UK) has topped the list ranked 1 followed by Munich (Germany) and Seoul (South Korea) ranked 2nd and 3rd respectively. The ranking provides students with independent data regarding a range of factors relevant to their study decisions: affordability, quality of life, the standard of university, and the views of previous students that have studied in that destination.

Cities based on QS Best Student Cities Ranking 2023:

 

Rank 1 – London (UK)

Rank 2 – Munich (Germany)

Rank 2 – Seoul (South Korea)

Rank 4 – Zurich (Switzerland)

Rank 5 – Melbourne (Australia)

Rank 51 – Dubai (UAE)

Rank 103 – Mumbai (India)

Rank 114 –Bengaluru (India)

Rank 125 – Chennai (India)

Rank 129 – New Delhi (India)

 

OTHER UPDATES:

 

SPORTS

 

1. Jasprit Bumrah breaks Lara’s world record smashes Broad for 29 runs: India captain Jasprit Bumrah bludgeoned a hapless Stuart Broad for 29 runs to create a world record for maximum runs off a single over in Test cricket, beating the legendary Brian Lara’s feat by one run. The world record stayed with Lara for 18 years, he had hit South African left-arm spinner Robin Peterson for 28 runs in a Test match in 2003-04, which included four fours and two sixes off six legal deliveries.

Broad, who had also been hit for six sixes in an over by Yuvraj Singh in the inaugural World T20 in 2007, gave away 35 in the 84th over of the Indian first innings in the fifth rescheduled Test here. There were six extra runs — five wides and a no-ball. The Indian skipper was not out on 31 off 16 balls with four boundaries and two sixes.

 

2. FanCode onboards Ravi Shastri as brand ambassador: Former team India coach and cricketer, Ravi Shastri has been appointed the new brand ambassador for FanCode, a live content, sports statistics and e-commerce marketplace. FanCode is set to host some of the best cricketing action with exclusive rights to India’s tour of the West Indies and ECB’s The Hundred; and Shastri will bring out FanCode’s ‘fan-first’ proposition by leading the upcoming campaigns for these properties.

 

BANKING AND FINANCE

 

1. Govt revamps Banks Board into Financial Services Institutions Bureau: The government has transformed Banks Board Bureau (BBB), the headhunter for directors of state-owned banks and financial institutions, into Financial Services Institutions Bureau (FSIB) by making some amendments. Guidelines for selection of general managers and directors of public sector general insurance companies have been made part of FSIB.

Why this happen?

a)      The amendments were required as the Delhi High Court in its order last year said the BBB is not a competent body to select the general managers and directors of state-owned general insurers.

b)      The Appointments Committee of the Cabinet (ACC) has asked the Department of Financial Services to carry out necessary modifications in the Nationalized Banks (Management and Miscellaneous Provisions) Scheme of 1970/1980 with the approval of Finance Minister, and then notify the government resolution for establishing FSIB as a single entity for making recommendations for appointments of whole time directors and non-executive chairman of banks and financial institutions.

c)       The Appointments Committee of the Cabinet (ACC) has also approved the appointment of Bhanu Pratap Sharma, former Chairman, BBB as initial chairperson of FSlB for a term of two years. Other members of the headhunter are Animesh Chauhan, former Chairman and Managing Director of erstwhile Oriental Bank of Commerce, RBI’s ex-executive director Deepak Singhal and Shailendra Bhandari, former MD of erstwhile ING Vysya Bank.

 

2. RBI modifies the rules for banknote sorting and authentication: The Reserve Bank of India (RBI) published guidelines ordering banks to test their currency sorting equipment every three months. Following the release of the new series of banknotes, the central bank updated the preexisting standards for authentication and sorting. The Reserve Bank stated that vendors will need to re-calibrate the equipment in the event of inconsistencies during the sorting.

According to new changes, banks must prepare a test deck containing at least 2,000 pieces of dirty notes, including mutilated and phoney Indian currency notes. The machine must be tested using notes in various denominations, including Rs. 100 notes from the old and new series, Rs. 200 notes, Rs. 500 notes, and Rs. 2,000 notes.

About the Modifications made by RBI:

a)      The new set of instructions are enclosed for implementation after a review of these parameters in light of the release of the new series of banknotes.

b)      According to statistics in the RBI’s annual report for 2021–22, banknotes are now issued in the following denominations: Rs 2, Rs 5, Rs 10, Rs 20, Rs 50, Rs 100, Rs 200, Rs 500, and Rs 2000.

c)       In terms of value, the combined proportion of the Rs. 500 and Rs. 2000 banknotes made up 87.1 percent of the banknotes in use.

d)      When it comes to volume, the biggest percentage of banknotes in circulation as of March 31 belonged to the Rs 500 denomination, which made up 34.9 percent of the total.

 

BUSINESS AND ECONOMY

 

1. Rs 1,44,616 Crore Gross GST Revenue Collection For June 2022: Gross GST collection in June 2022 is the second-highest collection next to the April 2022 collection GST collection crosses Rs 1.40 lakh crore mark 5th time since the inception of GST; 4th month at a stretch since March 2022. The gross GST collection in June 2022 is the 2nd highest collection subsequent to the April 2022 GST collection of Rs 1,67,540 crore.

Key Points:

a)      The total GST revenue collected in the month of June 2022 would be Rs 1,44,616 cr of which CGST would be Rs 25,306 cr, SGST is Rs 32,406 crore, IGST stands at Rs 75887 cr (along with Rs 40102 cr collected on the goods import and cess stood at Rs 11,018 crore (along with Rs 1197 crore collected on import of goods).

b)      The is a settlement of Rs 29,588 crore to CGST and Rs 24,235 cr to SGST from IGST done by the government. Moreover, the center initiated a settlement of Rs 27,000 cr for IGST on the grounds of ad-hoc in the ration of 50:50 between the center and states/UTs in the same month.

c)       The total revenue of the center and the states in June 2022 post to regular and ad-hoc settlement would be Rs 68,394 crore for CGST and Rs 70,141 cr for the SGST.

 

AWARDS AND HONOURS

 

1. HCL Technologies bags Microsoft Partner of the Year Awards 2022: HCL Technologies was recognised at Microsoft Partner of the Year Awards 2022, for innovation and implementing customer solutions based on Microsoft technology. HCL Tech bagged Microsoft Partner of the Year Award for Healthcare and Life Sciences (global winner) and the 2022 UK Microsoft Partner of the Year Award (country winner). The IT company was also named a finalist in the 2022 Microsoft Partner of the Year Award for Internet of Things (domain finalist).

Note: HCL Technologies CEO: C Vijayakumar (Oct 2016–); HCL Technologies Founded: 12 November 1991; HCL Technologies Headquarters: Noida.

 

DEFENCE

 

1. Indian Army Organises Suraksha Manthan-2022: The Desert Corps of the Indian Army organised the “Suraksha Manthan 2022”, on aspects of Border & Coastal Security at Jodhpur (Rajasthan). During the course of the discussions, aspects of interoperability, operational cohesion and logistics were ironed out in order to enhance overall security along the International Boundary (IB) and coastal sectors.

A joint training calendar was also formulated to achieve a higher degree of interoperability and jointness amongst the security forces. Current security threats and challenges, along with joint mitigation response, were deliberated upon and such scenarios would now form part of the forthcoming exercises. It was further decided to create an enabling security environment and develop a tangible capability development road map to achieve the same.

Participants: The manthan was jointly presided over by Shri Pankaj Kumar Singh, IPS, Director General Border Security Force (BSF), Director General VS Pathania, Indian Coast Guard and Lieutenant General Rakesh Kapoor, General Officer Commanding Desert Corps and attended by serving officers of the Army, BSF and Coast Guard.