Daily GK Update- 5th June, 2024

 

NATIONAL UPDATES:

 

1. School Education Department Signs MoU with National Book Trust to Create Institutional Framework for Rashtriya E-Pustakalaya: The Department of School Education, Ministry of Education, has signed an MoU with the National Book Trust to establish an institutional framework for Rashtriya e-Pustakalaya, a pioneering digital library platform. This collaboration aims to enhance the accessibility of non-academic books for children and adolescents across India. The digital library aims to resolve the ‘last mile’ accessibility issue for many states by offering over 10,000 books in more than 100 languages within the next 2-3 years. Currently, over 1,000 books in 23 languages are available.

 

2. Tata Motors form subsidiary for Commercial Vehicle: Tata Motors has announced the formation of a wholly-owned subsidiary for its commercial vehicle business. The owned subsidiary will be called TML Commercial Vehicle Ltd (TMLCVL). TMLCVL is proposed to be incorporated with a paid-up capital of ₹10,00,000 comprising of 5,00,000 equity shares of face value of ₹2 each fully paid-up cash. Earlier the company had announced the demerger of its passenger and commercial vehicle business into a separate entity. Further Tata Motors Finance Ltd (TMFCL) will be merged with Tata Capital Ltd (TCL).

 

3. IndiGo to host IATA annual general meeting in Delhi: IndiGo will host the 81st annual general meeting of the International Airport Transport Association (IATA) in Delhi in June 2025. The meeting will be held in the country after a gap of 42 years. The decision to host the 81st IATA Annual General Meeting (AGM) in India was made at the ongoing AGM here. India has hosted the AGM twice in the past in Delhi — in 1958 and 1983.

 

INTERNATIONAL UPDATES:

 

1. Businesswoman Halla Tomasdottir elected Iceland’s President: Businesswoman and investor, Halla Tomasdottir has been elected as Iceland’s seventh President. She will be sworn in on 1 August 2024 and replace the incumbent president, Guana Johannesson. The President of Iceland has a term of four years. The president is elected directly by the people. Iceland is a parliamentary democracy and the post of president is largely ceremonial. The real executive power is exercised by the Prime Minister, who heads the council of ministers.

 

2. 5 June – World Environment Day: World Environment Day is celebrated every year on June 5.

This day is dedicated to raising awareness and taking action for the protection of our environment. Theme 2024 – Land Restoration, Desertification, and Drought Resilience 2024 will mark the 30th anniversary of the UN Convention to Combat Desertification. The sixteenth session of the Conference of the Parties (COP 16) to the United Nations Convention to Combat Desertification (UNCCD) will be held in Riyadh in December 2024.

3. Netherlands Emerges as India’s 3rd Largest Export Destination in 2023-24: The Netherlands became India’s third-largest export market in the fiscal year 2023–24, after the US and the UAE. This was the case even though India’s total exports of goods fell by 3%, according to reports from the Commerce Ministry.

 

4. Slovenia Recognizes Palestinian State Following European Trend: After a vote in parliament with 52 votes in favor, Slovenia legally recognized Palestine as a sovereign state on June 4. This puts Slovenia in the same group as Spain, Norway, and Ireland, all of which have recently recognized Palestine.

OTHER UPDATES:

 

SCIENCE AND TECHNOLOGY

 

1. Reverse Transcriptase: Key Player in COVID Testing and Research: During the COVID-19 pandemic, reverse transcriptase got a lot of attention because it was so important in making diagnostic tests for finding the SARS-2 virus. Molecular diagnostics has relied on it for quick and accurate tests, which has helped a lot.

 

2. IIT Dharwad Unveils Innovative Fire Rescue Drone: At the Indian Institute of Technology (IIT) Dharwad, a groundbreaking team lead by Sudheer Siddapureddy and Ameer Mulla created a fire rescue assistant drone that was shown off. This is a new step forward in fire safety. At the DDANFR ..

 

BANKING AND FINANCE

 

1. SEBI sets up committee to review ownership, economic structure of clearing corporations: Financial market regulator SEBI has formed a committee to review the ownership and economic structure of clearing corporations and suggest measures to ensure that those entities function as resilient, independent, and neutral risk managers. The ad-hoc committee will be chaired by Usha Thorat, who was a former Deputy Governor of the Reserve Bank of India (RBI). The market regulator said given the substantial growth of Indian securities markets in recent years, clearing corporations as central risk management institutions are important.

 

2. Goldman Sachs boosts India GDP forecast to 6.9% for CY24: Foreign brokerage Goldman Sachs has upped India GDP growth forecast by 20 basis points to 6.9 per cent this calendar year from an earlier projection of 6.7 per cent. This follows the stronger-than-expected GDP growth print of 7.8 per cent for the January-March 2024 quarter on the back of strong investment demand and a recovery in consumption growth. For the current fiscal (2024-25), Goldman Sachs has projected India’s GDP growth at 6.8 per cent.

 

3. SEBI launches ‘Saarthi 2.0’ mobile app for investors: The market regulator SEBI has unveiled its latest mobile app, ‘Saa ₹thi 2.0’, designed to help investors manage their personal finances. The app is packed with tools to make complex financial concepts easier to understand. The ‘Saa ₹thi 2.0’ app comes with a user-friendly interface and includes:

 

4. PNB partners with IIFCL to provide financing for infrastructure projects: Punjab National Bank (PNB), a leading public sector bank, has signed an MoU with India Infrastructure Finance Company Ltd (IIFCL) to collaborate in financing of infrastructure projects. Under this collaboration, the parties can mutually participate under consortium/multiple lending arrangement to provide financial support to the prospective borrowers subject to due diligence and on case-to-case basis. This MoU is expected to be a milestone in finding new avenues of lending to the infrastructure projects of the country.

 

5. Axis Bank partners with Bajaj Allianz for strategic bancassurance: Axis Bank and Bajaj Allianz General Insurance have entered a strategic bancassurance partnership to boost insurance penetration and financial inclusion in the country. Under this Bancassurance tie-up, a comprehensive suite of Bajaj Allianz General Insurance products will be distributed through Axis Bank’s network of 5,250 plus branches. The suite of insurance solutions would include personal insurance products such as motor insurance, health insurance, home insurance, travel insurance, and commercial insurance products, including engineering and marine insurance.

 

AWARDS AND HONOURS

 

1. Siddhalinga Pattanashetti wins Gudleppa Hallikeri Award 2024: Poet and playwright Siddhalinga Pattanashetti has been chosen for the prestigious Gudleppa Hallikeri Award for 2024 by the Gudleppa Hallikeri Memorial Foundation, Hosaritti (Haveri District). Pattanashetti will be the 19th recipient of the award. The award comprises a purse of ₹25,000 and a memento. People who have made important contributions to literature, society, or social service are recognized with the Gudleppa Hallikeri Award. It was named for a famous freedom fighter named Gudleppa Hallikeri who believed in the same things that Mahatma Gandhi did.