Daily GK Update- 29th Feb, 2024

 

NATIONAL UPDATES:

 

1. Nagaland govt launched universal life insurance scheme: Nagaland government has launched a fully-funded universal life insurance scheme to mitigate financial hardship caused by untimely demise. The scheme ensures financial security and protection, providing coverage for breadwinners and family members, complementing the Chief Minister’s Health Insurance Scheme. The Chief Minister’s Universal Life Insurance Scheme will be fully funded by the state government. Under this, a life insurance coverage of Rs 2 lakh will be given and additionally, accidental insurance coverage of Rs 2 lakh each will also be provided for the breadwinner and three other family members.

 

2. Reliance foundation unveils animal welfare initiative ‘Vantara’: Reliance Industries and Reliance Foundation have launched ‘Vantara’ (Star of the Forest) programme. The programme will focus on rescue, treatment, care and rehabilitation of injured, abused and threatened animals, both in India and abroad. The Vantara initiative has been conceptualized under the leadership of Anant Ambani, a Director on the boards of RIL and Reliance Foundation. Vantara aims to partner with the Zoo Authority of India and other relevant government organisations. It will help improve all the 150-plus zoos in India in terms of training, capacity building and animal care infrastructure.

 

3. PM Modi unveils India’s first hydrogen fuel cell ferry: Prime Minister Narendra Modi has flagged off India’s first indigenously built hydrogen fuel cell ferry boat in virtual mode. The vessel has been built at the Cochin Shipyard. The pilot vessel is a 24-metre catamaran which can carry 50 passengers with fully air-conditioned passenger space. It will make urban mobility smooth and easy. The hydrogen fuel vessel has fully home-grown technology and it can be replicated in other parts of the country for urban mobility application, according to CSL.

 

4. 29 February – Rare Disease Day: Rare Disease Day is observed on 29 February. Objective – To create awareness on the rare diseases that exist and how they can affect the daily lives of the patients. The theme for 2024, “Share Your Colours,” emphasizes collaboration and support. Rare Disease Day was first observed in 2008 by EURORDIS and the Council of National Alliances to raise awareness about rare diseases. It falls on the last day of February, but in leap years like 2024, it is observed on February 29th.

 

INTERNATIONAL UPDATES:

 

1. New Zealand set to scrap world’s first law banning tobacco sale: New Zealand will repeal a world-first law banning tobacco sales for future generations. Set to take effect from July, the toughest anti-tobacco rules in the world would have banned sales to those born after January 1, 2009, cut nicotine content in smoked tobacco products and reduced the number of tobacco retailers by more than 90 per cent. Repeal flies in the face of robust research evidence, ignores measures strongly supported by Maori leaders and will preserve health inequities.

 

2. Sachin Jain appointed as CEO of WGC India: The World Gold Council has named Sachin Jain as its new CEO for India. Jain’s extensive experience, particularly in the jewellery market and strategic leadership, positions him well for this crucial role. He joins from De Beers where he has held several senior roles over the past 13 years. As managing director of DeBeers India, he has led the De Beers Forevermark business in India and the Middle East.

 

OTHER UPDATES:

SPORTS

 

1. Namibia’s Jan Nicol Loftie-Eaton smashes fastest T20I Hundred: Namibia’s Jan Nicol Loftie-Eaton scripted history by scoring the fastest century in T20 International (T20I) history during a bilateral match against Nepal. Achieving this monumental feat off just 33 balls, Loftie-Eaton shattered the previous record held by Nepal’s Kushal Malla, who had set the benchmark at 34 balls against Mongolia during the Asian Games in 2023.

 

SCIENCE AND TECHNOLOGY

 

1. PM Modi inaugurates ISRO’s Second Spaceport in Tamil Nadu: Prime Minister Narendra Modi has laid the foundation stone for the Indian Space Research Organization’s (ISRO) second spaceport in Kulasekarapattinam, Tamil Nadu. The first spaceport, Satish Dhawan Space Centre, is located in Andhra Pradesh’s Sriharikota. The new spaceport will cover an area of 2,000 acres and will boost the growth and development of the region in Thoothukudi district, she added. Currently, rockets launched from Sriharikota must head east before turning south, necessitating a diversion due to the airspace of neighbouring Sri Lanka.

 

2. PM Modi announced India’s own Space Station by 2035: Prime Minister Narendra Modi has declared India’s plan to establish its own space station by 2035. This initiative aims to facilitate advanced exploration of the universe. Among other feats, India now aims for setting up ‘Bharatiya Antariksha Station’ by 2035 and sending the first Indian to the Moon by 2040. Indian is about to go to space after a gap of 40 years, in an apparent reference to Rakesh Sharma’s 1984 space flight aboard USSR’s Soyuz T-11.

 

BANKING AND FINANCE

 

1. Mahanagar Gas acquires 30.97% share in 3EV Industries: Mahanagar Gas has entered into a shareholders’ agreement with 3EV Industries Private Limited to acquire 30.97 per cent shareholding in the company that manufactures and operates three-wheeler electric vehicles (EVs). The shareholding will give MGL the right to appoint one Director on the board of 3ev and one board observer. Mahanagar Gas is in the business of City Gas Distribution (CGD), presently supplying Natural Gas.

 

2. MobiKwik introduces Pocket UPI to facilitate payments without linking bank account: MobiKwik has launched a new feature on its platform, ‘Pocket UPI’. Pocket UPI allows users to make UPI payments through MobiKwik Wallet without linking their bank account, thus giving more power in the hands of the users with an additional choice while they make UPI payments.

Pocket UPI safeguards users from compromised transactions and financial fraud by transferring funds from the MobiKwik Wallet rather than their bank account, thus limiting exposure when making financial transactions.

 

3. Jana SFB partnered with Dvara Money for digital banking: Jana Small Finance Bank Limited has partnered with Dvara Money for digital banking services. Under this, DM’s Spark Money platform has been integrated with the technical capabilities of Jana SFB. The integration of third-party application provider (TPAP) capabilities will enable the Spark Money platform to incorporate a full-stack UPI solution. This will allow customers to connect their savings accounts for digital payments and enable UPI functionalities such as Aadhaar OTP-based onboarding and credit on UPI.

 

Daily GK Update- 28th Feb, 2024

 

NATIONAL UPDATES:

 

1. Former SC judge Khanwilkar is new Lokpal chairperson: The President of India has appointed former Supreme Court judge Justice AM Khanwilkar as the Chairperson of the Lok Pal. Justice Lingappa Swamy, Justice Sanjay Yadav and Justice Ritu Raj Awasthi are the judicial members. The Lokpal has jurisdiction over central government to inquire into allegations of corruption against its public functionaries including the PM, cabinet ministers, members of parliament, Group A officers of the CG and for matters connecting them.

 

2. PM Modi to unveil Deendayal Upadhyaya statue in Maharashtra: PM Narendra Modi will visit Maharashtra's Yavatmal district where he will address one lakh members of women's self-help groups. He will disburse Rs 825 crore funds for women's self-help groups in Maharashtra. He will also inaugurate a statue of Bharatiya Jana Sangh co-founder Pandit Deendayal Upadhyaya. He will also launch the Modi Awaas Gharkul Yojana for OBC category beneficiaries in Maharashtra.

 

3. Jaishankar to confer Acharya Lokesh Muni as 'Global Jain Peace Ambassador': EAM Jaishankar will honour Acharya Lokesh Muni as the 'Global Jain Peace Ambassador' during an event in Karnataka Acharya Lokesh Muni is the founder of Ahimsa Vishwa Bharti and the World Peace Center The honour will be conferred in recognition of Acharya Lokeshji's contribution to promoting peace and harmony globally. Acharya Lokesh Muni's multifaceted role as a writer, poet, thinker, and social reformer has significantly contributed to his legacy as a peace advocate.

 

4. PM Modi launches two major initiatives to uplift MSMEs in Indian automotive: Prime Minister Narendra Modi launched the TVS Open mobility platform at Madurai. He also inaugurated the Centre of excellence on employment and livelihood. The Prime Minister said that two crore two wheelers, ten lakh commercial vehicles and lakhs of other vehicles are produced in the Country and MSMEs played a major role in boosting the big industrial sector.

 

5. PM Modi laid foundation stone of Sikkim’s First Railway Station: Prime Minister Narendra Modi has laid the foundation stone for Sikkim’s first railway station at Rangpo. The design of the Rangpo railway station will draw inspiration from the rich culture, heritage and architecture of Sikkim. The station will be a part of the under-construction 45-km rail line from Sevoke near Siliguri in West Bengal to Rangpo in Sikkim. It will have 14 tunnels and 22 bridges. The track on the Sevoke-Rangpo section of the Northeast Frontier Railway will have the capacity to handle 25 ton and trains can run at a maximum speed of 110 kmph. There will be three stations between Sevoke and Rangpo — Riyang, Teesta and Melli, all in West Bengal.

 

 

 

INTERNATIONAL UPDATES:

 

1. Amazon Web Services Collaborates with T-Hub and Minfy: Amazon Web Services (AWS) India announced its launch of an accelerator programme for space startups called AWS Space Accelerator: India. It is a technical, business, and mentorship opportunity designed to foster startups focused on space technology, and accelerate their development, with support from T-Hub and Minfy. This initiative follows a Memorandum of Understanding (MoU) signed between AWS, ISRO, and IN-SPACe in September the previous year.

 

2. WTO Implements New Regulations to Streamline Global Services Trade: The WTO has announced the enforcement of new regulations to streamline international services trade Following extensive negotiations, WTO members finalized the adoption of these rules on December 2nd, 2021 Over the subsequent year, each participating member obtained domestic approval, leading to the integration of these regulations into individual member schedules By establishing common rules and best practices, the WTO seeks to ensure that domestic policy objectives

 

3. Peru declares health emergency amidst Dengue surge: In Peru, the government has declared a health emergency due to the rapidly rising cases of dengue fever across the South American country. The health emergency was declared in 20 of Peru's 25 regions. Peru's Health Minister Cesar Vasquez said yesterday that more than 31,000 cases of dengue have been recorded till date, including 32 deaths. The move will enable the government to transfer funds more quickly to affected regions and more easily deploy doctors and nurses.

 

OTHER UPDATES:

DEFENCE

 

1. Daljit Singh Chaudhary appointed as new director general of NSG: Daljit Singh Chaudhary (1990 batch IPS officer), who is currently the DG of Sashastra Seema Bal (SSB), has been given the additional charge of heading the NSG. NSG is India’s counter terrorism force,trained to deal with specific situations and used only in exceptional circumstances as deemed by the government. NSG was founded on 16 October 1984, following Operation Blue Star, to combat terrorist activities and protect states against internal disturbances.

 

SPORTS

 

1. Bangladesh appoints new batting, bowling coach: The Bangladesh Cricket Board (BCB) appointed David Hemp as the national men's team batting coach for two-years. Andre Adams joined the team as the bowling coach. Hemp, who was the High-Performance Head Coach since May 2023, has already had a stint with the national side. Former New Zealand all-rounder Andre Adams has been appointed as the national team's bowling coach.

 

2. New Zealand speedster Neil Wagner retires from international cricket: New Zealand fast bowler Neil Wagner (37-years) has decided to bring the curtain down on his illustrious 64-Test career for the Black Caps, formally announcing his retirement from international cricket. Wagner leaves the Test arena as the fifth-highest wicket-taker in New Zealand's history. As the fifth-highest wicket-taker in New Zealand Test history, Wagner concludes his career with 260 wickets at an average of 27.

 

SCIENCE AND TECHNOLOGY

 

1. National Science Day 2024: February 28: National Science Day is celebrated across India on February 28 to honor the discovery of the Raman Effect by physicist Sir CV Raman in 1928. This year's theme, "Indigenous Technologies for Viksit Bharat," highlights the importance of homegrown innovations and scientific progress in India. The day aims to promote scientific temper, inspire youth towards careers in science, and celebrate India's rich scientific heritage.

 

2. PM Modi announces 4 astronauts for Gaganyaan: Prime Minister Narendra Modi has revealed the name of four astronauts who have been selected for the Gaganyaan Mission. The four Indian Air Force Officers will be the first Indians to go to space from Indian soil on an indigenous space vehicle. The four astronauts are Group Captain Prashanth Balakrishnan, Group Captain Ajith Krishnan, Group Captain Angad Pratap, Wing Commander Shubhanshu Shukla. The four astronauts have undergone extensive training at Russia and the program is now underway in India at ISRO training facility.

 

BANKING AND FINANCE

 

1. HDFC Bank Raises $300 Million through Inaugural Sustainable Finance Bond: HDFC Bank has raised $300 million in its maiden sustainable finance bond issue. The country's biggest private lender by market capitalisation priced its three-year sustainability bond at a yield of 5.196%. This is 95 basis points (bps) over the 3-year U.S. Treasury yield, sharply lower than the initial guidance of a 125-bps spread. The money raised is part of the $750 million bond-raise that will be listed on the GIFT City.

 

2. EPFO organizing its monthly district outreach programme Nidhi Aapke Nikat 2.0: Employees’ Provident Fund Organization (EPFO) is organising its monthly district outreach programme Nidhi Aapke Nikat 2.0 in over 670 districts of the country. For the ease of EPS’95 pensioners, a special dedicated Pension Helpdesk will be set up wherein various pensioners-centric services like submission of Digital Life Certificates, Enquiries, and Pension Payment Order (PPO) handover on the day of retirement will be provided. Besides, a service kiosk will also be set up with a special focus on on-the-spot grievance redressal for employees, employers and pensioners and to share information with stakeholders. The locations of camps can be accessed from the EPFO website under the What’s New section.

Daily GK Update- 27th Feb, 2024

 

NATIONAL UPDATES:

 

1. British Council brings 'Future of English' exhibition to Delhi: The UK's international organization for cultural relations and educational opportunities, is excited to announce the arrival of its global 'Future of English' exhibition to New Delhi. This exhibition is a unique display of cutting-edge developments and best practices in English language teaching, learning, and assessment. Exhibition time: 19 February 2024 to 17 April 2024.

 

2. India's first septic tank cleaning robot strengthening Swatch Bharat campaign: India's first septic tank cleaning robot is strengthening the Swachhata Abhiyan in different corners of the country. The technology called Homosep Atom solves manual cleaning methods and transforms them into robotic cleaning methods. It has been developed by the startup incubated in the Department of Science and Technology (DST)-Technology Business Incubator (TBI) of IIT Madras. It has reached 16 cities in different parts of India.

 

3. PM Modi inaugurates three space infrastructure projects worth about 1,800 c: PM Narendra Modi visited the Vikram Sarabhai Space Centre (VSSC) in Thiruvananthapuram, Kerala and inaugurated three important space infrastructure projects worth about 1,800 crore rupees. These projects include the PSLV Integration Facility at the Satish Dhawan Space Centre, Sriharikota; the new ‘Semi-cryogenics Integrated Engine and stage Test facility’ at ISRO Propulsion Complex at Mahendragiri and ‘Trisonic Wind Tunnel’ at VSSC, Thiruvananthapuram.

 

4. Anurag Thakur urges to join ‘Mera Pehla Vote Desh Ke Liye’ campaign: Union Minister Anurag Singh Thakur has urged every citizen to join the ‘Mera Pehla Vote Desh Ke Liye’ campaign, encourage young voters to exercise their democratic rights in the upcoming elections. Mr. Thakur shared the anthem of the campaign and called upon everyone to take the campaign forward in one’s ways and style. Everyone embraces this responsibility and celebrates the power of the collective voices online through the My Gov India portal as well as in the colleges

 

INTERNATIONAL UPDATES:

 

1. International Polar Bear Day 2024:February 27: International Polar Bear Day falls on February 27 every year. The day was established by Polar Bears International, a non-profit organisation dedicated to the conservation of polar bears and their habitat. It is a day to educate people about the importance of conservation efforts and inspire collective action to preserve the future of polar bears and their ecosystem.

 

2. Elena Norman resigns as Hockey India CEO: Elena Norman resigned as the CEO of Hockey India after holding the position for nearly 13 years. Hockey India, in her tenure, hosted numerous international hockey events including the FIH Champions Trophy, FIH World League Finals in 2015 and 2017, FIH Olympic Qualifiers in 2019 and 2024 as well as the FIH Hockey Pro League home games.

 

3. India and Bangladesh Collaborate for Transboundary Tiger Conservation: A cross-border initiative, focused on harmonious coexistence with tigers in the Sunderbans, seeks to preserve biodiversity in both India and Bangladesh. The people-centric engagement took place at Joymoni, Bagerhat District, Bangladesh, under the Integrated Tiger Habitat Conservation Program supported by IUCN and Germany’s KfW Development Bank. The WTI partnered with the Lokamata Rani Rashmoni Mission, Joynagar (West Bengal), and WildTeam, Bangladesh.

 

4. Japan commits ODA loan of JPY 232.209 billion for nine projects in India: The Govt. of Japan has committed an Official Development Assistance loan of an amount of JPY 232.209 billion for nine (09) projects in various sectors. India and Japan have had a long and fruitful history of bilateral development cooperation since 1958. Economic partnership, a key pillar of India-Japan relations, has steadily progressed in the last few years.

 

5. World NGO Day 2024:February 27: World NGO Day is observed every year on February 27. World NGO Day honours the incredible contributions of non-governmental organizations (NGOs) worldwide. The World NGO Day was proposed for the first time by the Baltic Sea NGO Forum in 2010. Africa's largest mosque inaugurated in Algeria: Algeria President Abdelmadjid Tebboune inaugurated the gigantic mosque on its Mediterranean coastline after years of political upheaval transformed the project from a symbol of state-sponsored strength and religiosity to one of delays and cost overruns. The mosque has been open to international tourists and state visitors to Algeria for roughly five years. The Great Mosque of Algiers features the world’s tallest minaret, measuring 265 metres (869ft).

 

OTHER UPDATES:

 

SPORTS

 

1. Indian Squash player Abhay Singh wins Goodfellow Classic squash: Indian Squash player Abhay Singh clinched the Goodfellow Classic PSA Challenger Tour Title in Toronto, Canada. In the finals, he defeated Elliott Morris Devred of Wales by 3-0. With this win, the Asian Games Gold medalist has won his eighth PSA World Tour title.

 

2. India bags nine gold medals at Archery Asia Cup 2024 in Baghdad: India finished the Archery Asia Cup 2024 with 14 medals, including nine gold, four silver and one bronze medal in Baghdad, Iraq. In the women’s individual recurve category, three-time Olympian Deepika Kumari won the gold medal by defeating compatriot Simranjeet Kaur 6-2. Meanwhile, in an all-Indian final, Dhiraj Bommadevara beat Tarundeep Rai 7-3 to win the men’s recurve archery title. India swept the top podiums in all the individual events, clinching top positions in both the men’s and women’s compound events.

 

BANKING AND FINANCE

 

1. Vijay Shekhar Sharma resigns as chairman of Paytm Payments Bank: Paytm founder Vijay Shekhar Sharma has resigned as part-time non-executive Chairman of Paytm Payments Bank Limited (PPBL). The banking regulator had ordered the fintech firm to stop its banking activities after February 29 and later extended the deadline to March 15. Sharma owns a 51% stake in Paytm Payments Bank, while One 97 Communications, as Paytm is formally known, owns the rest.

Daily GK Update- 26th Feb, 2024

 

NATIONAL UPDATES:

 

1. PM Modi inaugurateS Bharat Tex 2024 at Bharat Mandapam in New Delhi: PM Narendra Modi inaugurated the Bharat Tex 2024 at Bharat Mandapam in New Delhi. The 4-day textile event is considered one of the largest-ever global textile events to be organised in India. The Bharat Tex 2024 will feature over 65 knowledge sessions with more than 100 global panelists discussing various issues facing the sector. The Bharat Tex is expected to witness more than 40 thousand business visitors, besides  students, weavers, artisans and textile workers.

 

2. President Murmu inaugurated ‘Purple Fest’ in Rashtrapati Bhawan: President Droupadi Murmu inaugurated a day long ‘Purple Fest’ at Amrit Udyaan in Rashtrapati Bhawan. The Department of Empowerment of Persons with Disabilities under the Ministry of Social Justice and Empowerment is organizing the Purple Fest after the success of ‘International Purple Fest, 2024’ at Goa in January. The key activities at ‘Purple Fest’, Know your Disabilities, Purple Cafe, Purple Kaleidoscope, Purple Live Experience Zone, and Purple Sports.

 

3. Ministry of YAS unveils logo for 7th North East Youth Festival 2024: The Ministry of Youth Affairs and Sports  revealed the logo for the upcoming 7th North East Youth Festival 2024, symbolizing the essence of the eight northeastern states. Further, Phayre's leaf monkey was declared the mascot for the festival. Scheduled to occur in Tripura from February 26 to 29, extravaganza will showcase a diverse array of cultural events. It will bring together youth representatives from the National Service Scheme (NSS) and Nehru Yuva Sansthan.

 

4. Khattar launches initiative for early detection of breast cancer: Haryana CM Manohar Lal Khattar inaugurated the ‘Savera’ programme, aimed at early detection and prevention of breast cancer, a growing concern among women. Under the ‘Savera’ programme, the help of visually impaired women will be taken for screening of breast cancer. In the first phase, this programme will be implemented in the Civil Hospital of Sector-10 of Gurugram, the Polyclinic of Sector-31 and the Primary Community Center of Wazirabad village in Gurugram.

 

5. PM Modi inaugurates India’s longest cable-stayed bridge Sudarshan Setu: Prime Minister Narendra Modi has inaugurated the Sudarshan Setu, India’s longest cable-stayed bridge, connecting Okha mainland and Beyt Dwarka. The unique design of the bridge includes a footpath with verses from the Bhagavad Gita and images of Lord Krishna. The bridge, equipped with solar panels, generates one megawatt of electricity. The construction of the 2.32 km bridge, costing Rs 979 crore, is significant for local residents and pilgrims visiting the Dwarkadhish Temple. The bridge has a width of 27.20 metres with 2.50-metre-wide footpaths on both sides.

 

 

INTERNATIONAL UPDATES:

 

1. Palestinian PM Mohammad Shtayyeh submits resignation: Palestinian Prime Minister Mohammad Shtayyeh resigned for the formation of a broad consensus among Palestinians about political arrangements following Israel's war against the Islamist group Hamas in Gaza. The move comes amid growing US pressure on President Mahmoud Abbas to shake up the Palestinian Authority as international efforts have intensified to stop the fighting in Gaza and begin work on a political structure to govern the enclave after the war.

 

2. Maryam becomes Pakistan’s first female chief minister: The Punjab Assembly elected PML-N’s Maryam Nawaz as the first female chief minister of the province and Pakistan. Maryam clinched an overwhelming victory with 220 votes against rival Rana Aftab Ahmed Khan of the Sunni Ittehad Council (SIC). She also announced a Ramazan relief package, Nigheban, for the province. She said it included essentials worth Rs6.5 to Rs7 million which would be distributed to the public during Ramazan.

 

3. UAE removed from FATF’s global money laundering list: The Financial Action Task Force (FATF) had removed the United Arab Emirates from its “grey list” of countries subject to increased monitoring, while Kenya and Namibia were added. Countries on the list have “strategic deficiencies” in their efforts to counter money laundering and terrorist financing, but are cooperating with the global anti-money laundering watchdog to correct the problems and are subject to increased monitoring.

 

OTHER UPDATES:

DEFENCE

 

1. India – Japan Joint Exercise “DHARMA GUARDIAN” begins in Rajasthan: The 5th edition of Joint Military Exercise ‘DHARMA GUARDIAN’ between the Indian Army and the Japan Ground Self Defence Force commenced at Mahajan Field Firing Ranges in Rajasthan. The Exercise is scheduled to be conducted from 25th February to 9th March 2024. Exercise ‘DHARMA GUARDIAN’ is an annual exercise and conducted alternatively in India and Japan. The contingent of both sides comprises of 40 personnel each. The Japanese contingent is represented by troops from the 34th Infantry Regiment and the Indian Army contingent is represented by a Battalion from the Rajputana Rifles.

 

SPORTS

 

1. Jacintha Kalyan becomes India's First Female Pitch Curator in WPL 2024: Jacintha Kalyan becomes India’s first female curator and is all set for an exciting WPL season ahead. Jacintha Kalyan moved from Harobele village to Bengaluru three decades ago; is overseeing pitch preparation for the first leg of Women's Premier League in Bengaluru. She will prepare the pitches for the Bangalore leg of the tournament. In the year 2018, she cleared the BCCI curatorship exam. She developed her own interest in preparing pitches.

 

BANKING AND FINANCE

 

1. India’s GDP to grow at around 6.75-6.8% in FY25: BoB: The Bank of Baroda (BoB) has projected India’s gross domestic product (GDP) to grow at around 6.75 to 6.8 per cent in FY25 and 6.8 per cent for the current financial year. The IMF has projected the Indian economy to grow at 6.7 per cent for the current fiscal, upgrading the estimates by 40 basis points from its previous forecast in Oct 2023. The International Monetary Fund (IMF) has projected the Indian economy to grow at 6.7 per cent for the current fiscal, upgrading the estimates by 40 basis points from its previous forecast in October 2023.

 

Daily GK Update- 25th Feb, 2024

 

NATIONAL UPDATES:

 

1. India’s First Gati Shakti Research Chair to be established at IIM Shillong: The country’s first ‘Gati Shakti Research Chair’ will be established at the Indian Institute of Management (IIM), Shillong. The Ministry of Ports, Shipping and Waterways (MoPSW) has collaborated with IIM-Shillong to set up India’s first ‘Gati Shakti Research Chair’. This initiative aims to discuss the multimodal logistics development strategy focused on connecting the North Eastern Region (NER) with wider national and international regions to fortify the local economy. Through an MoA, IIM Shillong aims to contribute significantly to comprehensive research efforts, envisioning a significant impact not only within the Northeast region but also on a national scale.

 

2. SJVN commissions 50 MW Gujrai Solar Power Station in Uttar Pradesh: SJVN Limited, a Mini Ratna, Category-I and Schedule ‘A’ Central public sector enterprise under the administrative control of Ministry of Power, Government of India, has begun the successful commercial operation of its 50 MW Gujrai Solar Power Station in Kanpur Dehat, Uttar Pradesh. With this milestone, the total installed power capacity of SJVN stands at 2,277 MW. The 50 MW Gujrai Solar Power Station has been executed by SJVN through its renewable arm, SJVN Green Energy Limited (SGEL) at a cost of Rs 281 crores. The annual revenue from energy generated is expected to be approximately Rs 32 crores. The project will generate 107 million units in the first year and the cumulative energy generation over a period of 25 years is estimated to be 2,477 million units.

 

3. Kalyani Steels signs MoU with Odisha govt to set up manufacturing unit: Kalyani Steel Ltd has signed an MoU with the Odisha government to set up a manufacturing facility with an investment of Rs 11,750 crore. The project for manufacturing titanium metal, aerospace and automotive components and advanced speciality steel at Gajamara in Dhenkanal district will create 10,000 job opportunities. The project would catalyze the growth of micro, small and medium enterprises (MSMEs), spurring the development of a vibrant ecosystem of ancillary industries and OEM (original equipment manufacturer) suppliers, providing many more employment opportunities.

 

4. 24 February – Central Excise Day: Central Excise Day is observed every year on 24 February. The day commemorates the establishment of the Central Excise and Salt Act, which came into effect in 1944. On this day, we also honour the contributions of the Central Board of Indirect Taxes and Customs (CBIC) to the Indian economy. CBIC is the administrative authority for its subordinate organizations, which include Central Excise and Central GST Commissionerates, Central Revenues Control Laboratory, and Custom Houses.

 

INTERNATIONAL UPDATES:

 

1. PFC ties with Italian export credit agency SACE to boost India-Italy cooperation: State-owned Power Finance Corporation (PFC) has become the first government firm to collaborate with SACE, an Italian export credit agency, to boost the cooperation between the two countries. PFC is partnering with SACE, the export credit agency of Italy, for an innovative ECA-backed financing facility under its ‘Push Strategy’ initiative. This proposed partnership will position PFC as the first government-owned entity in India to partner with SACE under this initiative. Through this structure, PFC will benefit from an 80 per cent guarantee from SACE, with HSBC acting as a coordinating bank, lead arranger and facility agent for the financing of up to 200 million euros.

 

2. Geeta Batra is 1st Woman Director of World Bank Body: Geeta Batra, an India-born economist, has been named as the new Director of the Independent Evaluation Office (IEO) of the World Bank’s Global Environment Facility (GEF). This appointment marks a significant milestone, as Batra becomes the first woman from a developing country to assume this prestigious role. Batra, 57, is currently the chief evaluator and deputy director for evaluation at the GEF IEO, affiliated to the World Bank. Batra’s name was unanimously recommended for the coveted position at the 66th GEF council meeting held in Washington.

 

3. 23 February – World Understanding and Peace Day: World Understanding and Peace Day is every year on 23 February. This day is celebrated to promote peace, empathy and cooperation between people of various origins and cultures. In 1905, Paul P. Harris assembled a meeting with three of his friends in Chicago. This was the first meeting for the development of Rotary International. In 1910, the first Rotary Clubs in America were founded, mainly in Seattle, San Francisco, Oakland, and in Los Angeles. The club soon spread to the world and became one of the significant associations. Subsequently, the name of the association was changed to Rotating International. Rotary International’s objective is worldwide peacebuilding and positive goals.

 

OTHER UPDATES:

DEFENCE

 

1. Bhupinder Kumar (IAS) appointed as DCR of J&K and Ladakh: The Central Government has approved the appointment of Bhupinder Kumar (IAS) for the post of Director of Census Operations (DCO)/Director of Citizen Registration (DCR) (Deputy Secretary level) of Jammu & Kashmir and Ladakh. Kumar has been appointed to the post under the Central Staffing Scheme on additional charge basis with effect from the date of taking over charge of the post and for a period up to December 31, 2025 or until further orders, whichever is earlier. Kumar is a 2011-batch Indian Administrative Service (IAS) officer of AGMUT cadre.

 

2. India – Japan Joint Exercise “DHARMA GUARDIAN” begins in Rajasthan: The 5th edition of Joint Military Exercise ‘DHARMA GUARDIAN’ between the Indian Army and the Japan Ground Self Defence Force commenced at Mahajan Field Firing Ranges in Rajasthan. The Exercise is scheduled to be conducted from 25th February to 9th March 2024. Exercise ‘DHARMA GUARDIAN’ is an annual exercise and conducted alternatively in India and Japan. The contingent of both sides comprises of 40 personnel each. The Japanese contingent is represented by troops from the 34th Infantry Regiment and the Indian Army contingent is represented by a Battalion from the Rajputana Rifles.

 

BANKING AND FINANCE

 

1. Zurich Insurance to acquire 70% stake in Kotak General: Private sector lender Kotak Mahindra Bank has informed the exchanges that Zurich Insurance will acquire a 70 per cent stake in the bank’s general insurance arm, Kotak Mahindra General Insurance, for Rs 5,560 crore, in a single tranche. In November 2023, the bank had announced the sale of a 51 per cent stake in Kotak Mahindra General Insurance to Zurich Insurance for Rs 4,051 crore through a combination of fresh capital infusion and share purchase, followed by a 19 per cent stake sale within a period of three years. The proposed 70 per cent acquisition is subject to regulatory approval from the Reserve Bank of India (RBI) and the Insurance Regulatory and Development Authority of India (IRDAI).

 

2. India’s GDP to grow at around 6.75-6.8% in FY25: BoB: The Bank of Baroda (BoB) has projected India’s gross domestic product (GDP) to grow at around 6.75 to 6.8 per cent in FY25 and 6.8 per cent for the current financial year. The IMF has projected the Indian economy to grow at 6.7 per cent for the current fiscal, upgrading the estimates by 40 basis points from its previous forecast in Oct 2023. The International Monetary Fund (IMF) has projected the Indian economy to grow at 6.7 per cent for the current fiscal, upgrading the estimates by 40 basis points from its previous forecast in October 2023.