Daily GK Update- 17th Jan, 2024

NATIONAL UPDATES:

 

1. Boeing opens its first distribution center in India: Global aerospace giant Boeing has opened its first distribution center in India, located in Khurja, Uttar Pradesh. Spanning 36,000 square feet, this parts warehouse aims to assist regional aviation customers in optimizing fleet utilization. This new facility is part of its ongoing efforts to expand its footprint in the country, providing an efficient, cost-effective, and localized solution. This is one of Being’s eight distribution centers in the world. Furthermore, Boeing has pledged a USD 100 million investment in infrastructure and pilot training programs to meet India’s growing demand for pilots over the next two decades.

 

2. L&T wins Rs 10,000 crore electrification order for high-speed rail project: Larsen & Toubro (L&T) has secured a mega contract from an authorized Japanese agency to construct an electrification system for the Mumbai-Ahmedabad High-Speed rail project in India. Valued in the range of Rs 10,000 crore to Rs 15,000 crore, the project, according to company executives, is the largest single rail-electrification order in India. This would be the first of its kind railway project in India involving the implementation of Japanese Shinkansen High-Speed Electrification Techno­logy. This electrification system will enable trains to travel at speeds of up to 320 kmph.

 

3. Centre approves equity investments for setting up two thermal power plants: The Cabinet Committee on Economic Affairs approved a proposal for equity investments for setting up two thermal power plants in the country. These power plants will be set up by the subsidiaries of Coal India Limited to provide cheaper and affordable power to the people. As per the decision, a 1×660 megawatt supercritical coal-based thermal power plant will be set up at Amarkantak Thermal Power Station in Madhya Pradesh.

 

4. Government considers repeal of 1899 Stamp Act: The Union government is contemplating the repeal of the Indian Stamp Act of 1899, paving the way for a more contemporary stamp duty regime. The Department of Revenue, under the Ministry of Finance, has unveiled a draft of the proposed 'Indian Stamp Bill, 2023,' and sought public input over the next 30 days. The existing Indian Stamp Act, dating back to the pre-Constitution era, currently governs the taxation of transactions through stamps.

 

5. National workshop in Tirupati to focus on healthy villages: Minister of State for Panchayati Raj Kapil Moreshwar Patil is set to inaugurate a three-day national workshop on “Healthy Village towards Healthier Tomorrow” in Tirupati, Andhra Pradesh. The workshop will focus on the localization of sustainable development goals in gram panchayats through adopting thematic approaches, specifically addressing the theme Healthy Village. The workshop, with over 800 participants from 24 states and UTs.

 

India levies 50% export duty on sugar-derivative molasses: India is the world’s largest molasses exporter and contributes about 25% to global trade. The Indian government has imposed a 50% export duty on molasses due to the potential decrease in domestic sugar production this season. 

According to an official notification from the Ministry of Finance, the proposed export duty will take effect on January 18, 2024.

 

INTERNATIONAL UPDATES:

 

1. Switzerland to Host Ukraine Peace Summit: Switzerland has agreed to host a global peace summit on Ukraine at the request of Ukrainian President Volodymyr Zelenskiy. Neutral Switzerland has previously acted as a broker to resolve conflicts and could now help find a resolution for the war that began when Russia sent troops into Ukraine on Feb 24, 2022. The summit, aimed at resolving the conflict sparked by Russia’s incursion into Ukraine in 2022, highlights Switzerland’s role as a neutral mediator.

 

2. Kuwait announces formation of New Government under New Emir: Kuwait formed a new government,  the first under the country’s new Emir Sheikh Meshal al-Ahmad al-Sabah. The freshly formed cabinet, led by PM Sheikh Mohammad Sabah Al-Salem Al-Sabah, consists of 13 members and includes new appointments for the ministries of oil, finance, and foreign affairs. A notable departure from tradition is seen in the appointment of Foreign Minister Abdullah Ali al-Yahya, marking the first time a non-royal family member.

 

3. Smriti Irani announces establishment of B20 Global Institute at WEF Davos: Union Minister Smriti Irani announced the creation of the B20 Global Institute,a concept conceived during the B20 Summit 2023 in New Delhi. The B20 Global Institute aims to strengthen global value chains, leverage digital innovations and AI for societal benefit, promote ESG principles, and support sustainability & energy transition. Key initiatives outlined by B20 India included the establishment of a B20 Global Instituter and policy advocacy to global enterprises

 

OTHER UPDATES:

DEFENCE

 

1. Vineet McCarty appointed as Commandant in Indian Naval Academy: Vice Admiral Vineet McCarty took over as Commandant of the Indian Naval Academy. The Flag Officer was commissioned into the Indian Navy on 01 Jul 1989 and is a graduate of Defence Service Staff College, Wellington (2005) and National Defence College, New Delhi (2017). A specialist in ‘Gunnery and Missiles’, he served as the commissioning crew of INS Delhi and did all his specialist tenures onboard the frontline Guided Missile Destroyer. Before assuming charge as the Commandant of Indian Naval Academy, he was Flag Officer Commanding the Western Fleet.

 

SPORTS

 

1. Indian President Inaugurated 5th Meghalaya Games: President of India, Droupadi Murmu has inaugurated the 5th Edition of the Meghalaya Games in Tura, Meghalaya. The President highlighted the tremendous potential for the development of sports and sportspersons in the North East region, citing its rich tradition of a strong sports culture. It is the first time ever that the Meghalaya Games have been conducted in Garo hills in Tura. Around 3000 athletes will compete across 23 sports disciplines. The torch’s final lap through Tura’s West Garo Hills was carried by Shri Simeon Marak, a Northeast Olympics representative, during the inauguration ceremony at the P.A. Sangma Stadium. The Torch Relay Ceremony illuminated the state’s commitment to athleticism, unity, and youth empowerment, setting the stage for the upcoming Meghalaya Games, 2024.

 

2. Yogesh Singh wins gold medal in men’s 25m centre fire pistol: Yogesh Singh won the gold medal in the men’s 25m centre fire pistol competition in Jakarta, Indonesia. Yogesh claimed the individual gold medal after shooting 573, finishing ahead of silver winner Muad Al Balushi of Oman (570) and Indonesia’s Anang Yulianto (567). The other two Indian participants in the event, Pankaj Yadav (567) and Akshay Jain (564), ended fourth and sixth. In the women’s event, the Indian trio of Shreyasi, Manisha Keer and Bhavya Tripathi, however, won the silver medal in the women’s trap team event with a total of 328, finishing behind China and ahead of Kazakhstan.

 

SCIENCE AND TECHNOLOGY

 

1. Pixxel opens new spacecraft manufacturing facility in Bengaluru: Bengaluru-based space data company Pixxel has inaugurated its first spacecraft manufacturing facility in Bengaluru. The new facility holds significance as it targets to launch six satellites this year and 18 more by 2025, further advancing its mission of building a “health monitor” for the planet. Spread across 30,000 square feet, the facility, at its full capacity, is equipped to handle more than 20 satellites simultaneously that can be turned around within a timeframe of six months, making possible a total of 40 large satellites per year. The facility was inaugurated by S. Somanath, chairman of the Indian Space Research Organization (ISRO)

 

BANKING AND FINANCE

 

1. IndusInd Bank ties up with EazyDiner to launch credit card: IndusInd Bank has launched the ‘EazyDiner IndusInd Bank Platinum Credit Card’ in association with EazyDiner. The credit card offers an additional discount of ₹500 while paying through the EazyDiner App via PayEazy for both dining and takeaway at select restaurants. Cardholders get an EazyDiner Prime membership for three months, with guaranteed discounts of 25 percent to 50 percent, at over 2,000 premium restaurants, without any joining or annual fees. Users can renew their membership upon payment of ₹30,000 every 90 days. The card offers up to 2 reward points on every ₹100 spent; in addition to the discounts, the reward points earned can be redeemed instantly against dining bills on the EazyDiner app.