Daily GK Update- 7th Apr, 2024

 

NATIONAL UPDATES:

 

1. Power Finance pays Rs 2,033 crore interim dividend to Govt for FY24: State-owned Power Finance Corporation (PFC) has paid a total dividend of ₹2,033 crore to the government for the financial year 2023-24. The company has paid the dividend in three instalments of Rs 554 crore, Rs 832 crore and Rs 647 crore. PFC pays the highest-ever interim dividend of ₹2,033 crore to the Government of India for the FY24. PFC has so far paid interim dividend amounting to ₹3,630 crore to its shareholders for the financial year 2023-24, the highest-ever interim dividend paid by the company.

 

2. India to stop importing urea by end of 2025: According to the Union Minister for Chemicals and Fertilizers, Mansukh Mandaviya, India will stop importing urea by the end of 2025 due to an increase in local production capacity with the commissioning of new fertilizer plants. India is a big importer of Urea and meets around 30% of its 35 million tonnes of annual urea requirement from imports. The urea production in the country increased from 225.08 lakh tonnes in 2014-15 to 284.95 lakh tonnes in 2022-23.

 

3. Syama Prasad Mookerjee Port registers record cargo handling in 2023-24: In its 154-year history, Syama Prasad Mookerjee Port (Kolkata) including Kolkata Dock System (KDS) and Haldia Dock Complex (HDC), achieved a milestone in the just-concluded financial year 2023-24 by handling 66.4 million tonnes of cargo. It marked a 1.11 per cent increase from the previous record of 65.66 million tonnes moved in 2022-23. The complex handled 49.54 million tonne in 2023-24, marking its highest cargo volume ever since its inception and surpassing the previous record of 48.608 million tonne in 2022-23, representing an increase of 1.91 per cent.

 

INTERNATIONAL UPDATES:

 

1. UAE’s Masdar to host World Future Energy Summit: Abu Dhabi Future Energy Company PJSC – Masdar, the UAE’s clean energy powerhouse, will host the World Future Energy Summit (WFES). Taking place from April 16 to 18 at the Abu Dhabi National Exhibition Centre (ADNEC), WFES is the world’s leading business event for future energy, clean technology and sustainability, with a packed programme of events, activations, discussions and forums. The Masdar Pavilion at WFES will act as a hub for innovation, collaboration and knowledge sharing, with its theatre featuring an engaging programme of panels and presentations, including forums by Masdar’s global strategic initiatives, Y4S (Youth 4 Sustainability) and WiSER (Women in Sustainability, Environment and Renewable Energy).

 

 

 

OTHER UPDATES:

DEFENCE

 

1. Love Kumar appointed as Inspector General in SPG: Indian Police Service (IPS) officer Love Kumar has been appointed as Inspector General in Special Protection Group (SPG). Kumar is a 2004-batch Indian Police Service (IPS) officer of Uttar Pradesh cadre. He has been appointed to the post for a period of two years with effect from the date of assumption of post or till further orders, whichever is earlier. Currently, he is posted as DIG in the same group. Further, Umesh Chander Datta (IPS) has also been appointed as IG in SPG for a period of two years from the date of assumption of the charge of the post. Till the further order whichever is earlier.

 

2. Army inducted ‘Akashteer’ Systems to enhance air defence postue: The Army has started the induction of control and reporting systems under ‘Project Akashdeep’ to bolster its air defence capabilities. The deployment of the systems began with flagging off of the first batch of Control Centres from BEL Ghaziabad. Developed by Bharat Electronics Limited (BEL), the project is aimed at significantly enhancing the operational efficiency and integration of the Army’s air defence mechanisms. The Akashteer Project is a cutting-edge initiative designed to automate air defence control and reporting processes by digitising the entire process.

 

SPORTS

 

1. Bilquis Mir became India’s First Female Jury Member at Paris Olympics: Bilquis Mir from Jammu and Kashmir is set to create history as the first woman from India to serve as a jury member at this year’s Summer Olympics in Paris, scheduled from July 26 to August 11. Bilquis Mir, water sports promoter, developer, athlete, jury member of Indian Kayaking and Canoeing association has been nominated as the member of the jury to officiate at the Paris Olympics games. She is the first person from India to be appointed as a jury member at the Paris Olympics.

 

BANKING AND FINANCE

 

1. MPC holds rate at 6.5% to tame inflation: The Monetary Policy Committee (MPC) has decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.50%. This is the 7th time that the rates have been kept on hold. The MPC also decided to remain focused on withdrawal of accommodation to ensure that inflation progressively aligns to the target, while supporting growth. The Monetary Policy Committee (MPC) on April 5 decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.50%. This is the 7th time that the rates have been kept on hold.

 

2. RBI penalizes IDFC First Bank, LIC Housing Finance for non-compliance: RBI has imposed a penalty of ₹1 crore on IDFC First Bank for non-compliance with certain directions on ‘Loans and Advances – Statutory and Other Restrictions’. The Statutory Inspection for Supervisory Evaluation for FY22 revealed that the bank had sanctioned term loans to a public sector undertaking for financing infrastructure projects without undertaking due diligence on the viability and bankability of the projects to ensure that revenue streams from the projects were sufficient to take care of the debt servicing obligations. Further, the repayment/servicing of the term loans was made out of budgetary resources.

 

AWARDS AND HONOURS

 

1. SJVN honoured with 15th Vishwakarma Awards 2024: SJVN Limited has won two prestigious awards at the 15th CIDC Vishwakarma Awards 2024, instituted by the Construction Industry Development Council. SJVN has been conferred with ‘Achievement Award for Creating Social Development & Impact’ and ‘CIDC Partners in Progress Trophy’. These awards demonstrate SJVN’s commitment to driving positive change through innovative and concrete CSR initiatives.