Daily GK Update- 17th Dec, 2023

 

NATIONAL UPDATES:

 

1. India, ADB sign $200 million loan agreement for Uttarakhand power system project: The Centre has signed an agreement with the Asian Development Bank (ADB) for a $200 million loan from the latter to improve the quality, efficiency, and reliability of power supply in the State of Uttarakhand. The ADB funding for the project will strengthen power system infrastructure and help Uttarakhand in achieving its goal of providing 24×7 power to its residents. The project will modernize Dehradun city’s power network infrastructure by introducing an advanced and climate-resilient underground cable system comprising 537 km subterranean cables, 354 ring main units, and 99 compact substations. Additionally, it will enhance the current power system by installing upstream substations and their associated power lines that will help meet increasing electricity demand, reduce network congestion, and improve power distribution reliability in urban and suburban areas.

 

INTERNATIONAL UPDATES:

 

1. Zepto founders top Hurun India’s list of ‘Top 100 under 30: The young entrepreneurs Kaivalya Vohra (21) and Aadit Palicha (22), founders of the Quick Commerce app Zepto, have claimed the top spots in the Hurun India Top 100 Under 30 List 2023. The list showcases 100 entrepreneurs aged 30 and below who have demonstrated exceptional prowess in their respective fields. Zepto, the brainchild of Vohra and Palicha, stands out for its commitment to delivering a diverse array of products within minutes. The app caters to a wide spectrum of consumer needs, ranging from online groceries and fresh produce to personal care items and electronics. Earlier this year, the company secured $200 million in funding which propelled Zepto’s valuation to $1.4 billion, marking it as the first Indian unicorn of 2023.

 

2. Shah Rukh Khan tops UK’s 2023 South Asian celebrity list: Bollywood superstar Shah Rukh Khan, referred to as the King Khan of the Indian film industry, has topped a UK list of the ‘Top 50 Asian Celebrities in the World’. The 58-year-old actor, who had double box-office success this year with action thrillers “Pathaan” and “Jawan”, is currently preparing for the Christmas release of comedy-drama “Dunki”. Popular actor Alia Bhatt came in second for her impact in Bollywood and Hollywood and also for being a strong role model for working mothers. Third-placed Priyanka Chopra Jonas, the most famous Indian on the planet, has been recognised for her ground-breaking work on the international stage, including with big-budget series “Citadel”, Hollywood film “Love Again”, humanitarian work and lighting up the red carpet globally. Fourth-placed Diljit Dosanjh confirmed his place as the biggest Punjabi star, with stunning work as an actor and singe.

 

3. India’s Uma Sekhar elected to Governing Council of UNIDROIT: In a historic moment for India, Ms. Uma Sekhar has secured a remarkable victory by garnering 45 out of 59 votes in the initial round of elections for the Governing Council of the International Institute for the Unification of Private Law (UNIDROIT) held in Rome, Italy. This win not only signifies Ms. Sekhar’s individual achievement but also elevates India to a prominent position on the Governing Council for the term spanning 2024-28. Securing a position on the Governing Council required a minimum of 21 votes, and Ms Uma Sekhar’s substantial support of 45 votes underscores the confidence and trust vested in her capabilities. The Governing Council, comprising 25 positions occupied by distinguished legal experts, holds a pivotal role in shaping international legal frameworks.

 

OTHER UPDATES:

 

BANKING AND FINANCE

 

1. SBI signed 70-million-euro LoC with KfW for solar projects: State Bank of India (SBI) has signed a 70-million-euro (about Rs 630 crore) Line of Credit (LoC) with German Development Bank KfW for promoting solar projects in the country. The Line of Credit (LoC) is specifically tailored to bolster Solar Photovoltaics (PV) projects in India, aligning with the nation’s commitment to clean and renewable energy sources. This collaboration between SBI and KfW reflects a shared vision of promoting sustainable practices and reducing the carbon footprint through solar initiatives.

 

2. Reliance Industries partners with DBS Bank for financing programme: Reliance Industries Limited (RIL) and DBS Bank India have collaborated to establish a financing programme customized to the requirements of the compressed biogas project initiated by RIL. The financing will enable the ecosystem development for vendor partners to aggregate agri-residue as inputs for the Reliance compressed biogas production plants across India. The company targets to establish 100 compressed biogas (CBG) plants in the next five years, consuming 5.5 million tonnes of agro-residue and organic waste. The move would help in mitigating nearly 2 million tonnes of carbon emissions and producing 2.5 million tonnes of organic manure annually.

 

3. IDFC FIRST Bank, LIC Cards, and Mastercard to co-launch Credit card: IDFC First Bank, LIC Cards, and Mastercard have partnered to launch an exclusive co-branded credit card to meet the dynamic financial needs of the country. Available in two variants — LIC Classic and LIC Select — the credit cards will let more than 27 crore policyholders across the country save in the form of reward points on every LIC insurance premium payment. It will also come with other benefits, including up to Rs 50,000 cover for lost card liability and a personal accident insurance cover of up to Rs 5 lakh. The new partnership will create synergy by collaborating Brand LIC which signifies ‘Trust’ and IDFC First Bank which represents new age “Customer Centricity”

 

4. ADB raises India FY24 growth forecast to 6.7%: Asian Development Bank (ADB) has raised India’s growth forecast from 6.3 % to 6.7% for the Financial Year 2023-24 (FY24). ADB’s growth forecast for FY25 is unchanged at 6.7 percent. Fixed investments – driven by increased capital spending by the central and state governments – will compensate for lower growth in private consumption expenditure and weaker-than-expected exports in FY24. ADB kept its earlier forecasts on Indian inflation unchanged 5.5 percent in FY24. Similarly, Morgan Stanley predicted the Indian economy to grow by 6.9 percent in the current fiscal year and Kotak Mahindra Bank revised its estimate to 6.8 percent. The two had projected the economy to grow 6.4 percent and 6.2 percent, respectively.

 

AWARDS AND HONOURS

 

1. BBG Foundation becomes winner of Telangana Business Awards: In recognition of its outstanding commitment to empowering girls through education, BBG Foundation has been honored with the prestigious title of Best Girl Child Empowerment Program Initiative of the Year.

The award was presented by Telangana Business Awards (TBA), a distinguished platform dedicated to recognizing excellence in various sectors. Telangana Business Awards serves as a beacon for enhancing productivity and quality in companies, entrepreneurs, and service providers, acknowledging their remarkable achievements and performance in their respective fields. The awards aim to promote business excellence by providing a structured framework for assessment. BBG Bangaaru Thalli, a non-profit organization founded in 2019 by Mallikarjuna Reddy and a team of dedicated experts, is dedicated to revolutionizing girls’ education in rural and educationally disadvantaged areas of India.

 

2. Ali Abu Awwad and Daniel Barenboim won Indira Gandhi Peace Prize: The Indira Gandhi Prize for Peace, Disarmament, and Development for 2023 has been jointly awarded to Daniel Barenboim and Ali Abu Awwad for their efforts in bringing together the youth and peoples of Israel and the Arab World for a non-violent resolution of the Israel-Palestine conflict. The International Jury of the Indira Gandhi Prize for Peace was chaired by former CJI T.S. Barenboim and Mr. Awwad have fostered meaningful, mutual social, and cultural understanding, and peaceful public cooperation via the tools of music, dialogue and people’s participation.

 

3. Federal Bank as the top performer of the 2023 Climate Assessment for Financial Institutions (CAFI) Awards: International Finance Corporation (IFC), a World Bank Group has recognized Federal Bank as the top performer of the 2023 Climate Assessment for Financial Institutions (CAFI) Awards for Climate Reporting. Out of the 258 financial institutions globally participating in climate reporting through the CAFI tool, Federal Bank emerged as a standout performer. Federal Bank secured two positions on the global stage i.e. Highest Climate Loan Amount Reported and Most GHG Mitigated category. Furthermore, in the South Asian region, Federal Bank clinched four prestigious recognitions in the following categories: