Daily GK Update- 20th July, 2023

NATIONAL UPDATES:

1. DG Rakesh Pal appointed as 25th Director General of Indian Coast Guard: DG Rakesh Pal has been appointed as the 25th Director General of the Indian Coast Guard. He was conferred with Tatrakshak Medal in 2013 and President Tatrakshak Medal in 2018 for his successful service and also holds the recognition of being the First Gunner of ICG. He has commanded all classes of ICG ships namely; ICGS Samarth, ICGS Vijit, ICGS Sucheta Kriplani, ICGS Ahalyabai, and ICGS C-03, two Coast Guard bases of the forward area in Gujarat - Okha & Vadinar.

 

2. Nivruti Rai appointed as Managing Director & CEO of Invest India: Nivruti Rai joined as the Managing Director & CEO of Invest India on July 2023. She has received a special award called the "Nari Shakti Puraskar" for her outstanding achievements in the field of technology. The Board of Invest India is chaired by Shri Rajesh Kumar Singh, Secretary, DPIIT. Invest India is well acknowledged for its contributions and instrumental role in executing the Government’s flagship initiatives like Make in India, Startup India.

 

3. President Droupadi Murmu to inaugurate 'Festival of Libraries 2023': President of India, Droupadi Murmu would inaugurate the ‘Festival of Libraries 2023’, to be held on 5th - 6th August 2023 in New Delhi. Aims: To facilitate the formulation of action-oriented policies for the development of Model Libraries in India, right down to the village and community levels The launch of a crowd-sourced Directory of Libraries, the signing of a Tripartite MoU between 3 libraries, and the release of Cursive Writing Books in the 22 vernacular languages

 

4. Regional Office of Universal Postal Union gets inaugurated in New Delhi: Devusinh Chauhan and Masahiko Metoki inaugurated the Regional Office of UPU in New Delhi. India would undertake UPU’s technical assistance activities in the South Asia region. India announced a contribution of USD 2,00,000 for four years towards the UPU’s Development and Technical Assistance activities. Aims: To support capacity building, infrastructure development, and other essential activities to strengthen the postal sector in the region.

 

5. Culture Ministry and Indian Navy sign an MoU to revive shipbuilding method: To revive the ‘stitched shipbuilding method’, the Ministry of Culture and the Indian Navy signed an MoU.  Aims: To revive the maritime memory and instill a sense of pride in India's rich maritime heritage among its citizens and to promote cultural memories among the Indian Ocean littoral countries. Construction: By stitching wooden planks together rather than using nails, offered flexibility and durability, making them less susceptible to damage from shoals and sandbars.

 

6. Cognizant, Max Life Insurance to launch innovation and development centre: Cognizant Technology Solutions in collaboration with Max Life Insurance Co. Ltd launched an innovation and development centre in Chennai.  Aims: To drive product innovations, enhance customer experiences, and lead operational excellence for Max Life. Cognizant will use expertise in consulting and emerging technologies, including artificial intelligence, automation, and cloud transformation to further enhance the digital experience for customers, as per a release.

 

7. Indian Building Surpasses Pentagon To Become World's Largest Office: Surat Diamond Bourse, a building in Surat has surpassed the Pentagon (headquarters of the US Army) to become the world’s largest office. Surat is known as the world’s diamond capital, where 90% of the precious stones are cut. Diamond Bourse was designed by Delhi-based Morphogenesis and is based on the concept of Panchtatva, the five elements of nature – water, fire, air, earth, and sky. The building will be officially inaugurated by Narendra Modi in November 2023.

 

8. Chachin Grazing Festival celebrated in Arunachal Pradesh: The Chachin grazing festival was celebrated with great enthusiasm by local graziers in the Tawang region near Bumla Pass, Arunachal Pradesh. The festival featured a medical camp for aiding local graziers and a veterinary camp for their yaks. The two-day event held at Chachin saw enthusiastic participation from Graziers from all over Tawang region. Chachin and other traditional grazing areas, near Bumla Pass have historically served as the backbone of the local Monpa lifestyle that is largely dependent on nomadic herding – a primitive form of subsistence farming – as means of livelihood. The event showcased the rich pageantry of Monpa culture. Nearly 100 graziers and their herds of yaks attended the event from nearby villages.

 

9. Lucknow University unveils ‘heritage point’: Lucknow University has unveiled a “heritage point” at its zoology department, featuring bricks from the 19th century and a 100-year-old wooden log. The items mark the university’s centenary year. The log, extracted from a mango tree on the campus, is also over a century old, according to scientists. A stone plaque next to the heritage point documents the university’s historical progression. The university’s vice chancellor inaugurated the heritage point, which aims to display the rich heritage of the institution to students Featuring some bricks that were exclusively moulded in the early 19th century, and a 100-year-old wooden log that clearly exhibits the annual rings formed around it.

 

10. Cement Manufacturers Association elects Neeraj Akhoury as its president: Managing Director of Shree Cement, Neeraj Akhoury has been elected as the new President of the Cement Manufacturers’ Association (CMA). While JSW Cement Managing Director Parth Jindal has been appointed as Vice President of CMA. Both were unanimously elected at the Extraordinary General Meeting of CMA. Akhoury, who has 30 years of experience in the steel and cement industries, takes over from UltraTech Cement’s Managing Director K C Jhanwar. CMA represents almost 80 percent of the total installed cement capacity in India.

 

11. 20 July – National Moon Day: National Moon Day, also known as the Space Exploration Day, is observed on July 20 every year to commemorate the anniversary of the United States’ first crewed mission to the moon, and the landing of astronauts Neil Armstrong and Buzz Aldrin on moon on July 20, 1969. Theme 2023 – Lunar Exploration, Coordination and Sustainability On this day, the spaceflight Apollo 11 that carried Neil Armstrong and the pilots Buzz Aldrin and Michael Collins landed on the moon for the first time. The grand Apollo 11 was a mission that became a reality eight years after the national goal was announced by then US President John F Kennedy. Armstrong was the commander of the mission while Buzz and Collins were the lunar module pilots. The celebration behind the day is not only about the landing on the moon but also about the progress made by mankind towards lunar exploration so far. In 1971, President Richard Nixon proclaimed National Moon Landing Day on July 20, two years after the man’s first moon landing. However, it was not followed by a resolution. In 2019, President Donald Trump proclaimed July 20 as the 50th Anniversary Observance of the Apollo 11 Lunar Landing, but no National Moon Day was declared.

 

INTERNATIONAL UPDATES:

 

1. India to host ASEAN Countries Conference on Traditional Medicines: India would host the ASEAN Countries Conference on Traditional Medicines in New Delhi  In this conference, 10 ASEAN countries including Cambodia, and Vietnam will participate in it. Aims: To strengthen the platform between India and ASEAN countries to share their best practices and draw a roadmap for future cooperation in the field of Traditional Medicines. AYUSH has the potential for expansion of ‘Act East Policy’ in traditional systems of medicine.

 

2. Union Minister Parshottam Rupala inaugurates International Symposium: Parshottam Rupala, UM of Fisheries,(AH&D)  inaugurated an International Symposium on Sustainable Livestock Transformation at NDDB, Anand under the Agriculture Working Group of G20. Aims: To promote insightful discussions and collaborations to ensure a more efficient and sustainable future for the global livestock sector. “Vasudaiva Kutumbakam” is the signature theme of India’s G20 Presidency.

 

3. Meta collaborates with Microsoft to launch Llama 2 AI language model: Meta CEO Mark Zuckerberg said, the company is partnering with Microsoft to introduce AI large language model’s next generation and make technology known as Llama 2.  It will be available for research and commercial use, enabling developers and businesses to hold the next generation of generative AI tools. Meta had already released the first iteration of Llama(Large Language Model Meta)  in February 2023. 

 

4. India will host global food regulators summit: The Global Food Regulators Summit 2023 has been organized in New Delhi. This is for the first time that a meeting like this is organized as a G20 event. In this high-profile meeting, food regulators from over 40 countries participated along with representatives from 30 International Organizations and 25 International Research Institutes and universities. The summit was organized by the Food Safety and Standards Authority of India (FSSAI) under the aegis of the Ministry of Health and Family Welfare. The Summit will provide a valuable platform to the participants to deliberate on a cohesive network on Food Safety and Regulatory aspects, effective understanding of compliance requirements and mutual exchange of best practices, experiences and success stories on food safety norms and regulations. This is the first time the summit is being held outside Rome, Italy. The Global Food Regulators Summit will bring focus on the crucial aspect of food safety, which needs as much attention as food security.

 

5. Henley Passport Index 2023- India ranked 80th; topped by Singapore: Singapore has overtaken Japan to become the most powerful passport in the world in 2023, according to the latest Henley Passport Index. Those who possess a Singaporean passport can visit 192 countries visa-free. Japan that dominated the top spot for five years, now ranks third on the list along with Austria, Finland, France, Luxembourg, South Korea and Sweden. Citizens of these countries can visit 189 countries visa free. The US, which once topped the ranking nearly a decade ago, slid two places to eighth place with 184 destinations listed as visa free, the same as Lithuania. Indian passport holders can now enter 57 countries visa free or get a visa on arrival as India has gone up five positions to be in the 80th spot. The UK jumped two places to fourth position with 188 visa-free countries accessible, a position it last held in 2017. Afghanistan stands at the bottom of the ranking, its passport holders can visit just 27 destinations without a visa. Just above sit Iraq with a score of 29 and Syria with 30, rounding out the three weakest passports in the world.

 

6. US’s largest reptile sanctuary wants to import gharials from India: The United States’ largest reptile bank based in Arizona has applied to the federal government to import six gharials and another equal number of mugger crocodiles from Tamil Nadu, which it argued would help preserve these endangered species. The Phoenix Herpetological Society has applied for permission in this regard to the US Fish and Wildlife Service. Phoenix Herpetological Society has requested a permit to import three male and three female captive-bred gharials (Gavialis gangeticus) and three male and three female captive-bred mugger crocodiles (Crocodylus palustris kimbula and Crocodylus palustris) from Madras Crocodile Bank Trust in Tamil Nadu.

 

7. 20 July – World Chess Day: World Chess Day is observed every year on 20 July. The game of chess offers important opportunities to contribute to the implementation of the 2030 Agenda for Sustainable Development and the Sustainable Development Goals, including strengthening education, gender equality, and social inclusion International Chess Day was announced in 1996 by UNESCO to commemorate the establishment of the International Chess Federation, commonly known as FIDE by its French acronym.

·       FIDE was founded in Paris, France, and currently has its headquarters in Switzerland.

·       FIDE is an international body responsible for connecting various international chess federations and acts as the governing body for international chess competitions.

·       FIDE was recognised by the International Olympic Committee in 1999.

 

OTHER UPDATES:

 

SPORTS

 

1. Harmehar, Sanjana win silver in skeet mixed team at ISSF Junior World.: Harmehar Singh Lally and Sanjana Sood won a silver medal in the skeet mixed team event at ISSF Junior World Championships, in Korea. Indian duo lost their match with the Italian duo of Andrea Galardini and Sara Bongini. China is at the top with six gold, eight silver, and four bronze medals. India stayed in second place on the medals table with four gold, four silver and three bronze medals. Italy is in the third spot with two gold, one silver and three bronze medals.

 

2. Indian Team won bronze medal at Asian Surfing Championship 2023: At the Asian Surfing Championship 2023 held in Maldives, the Indian Surf Team earned the bronze medal. In this championship, 18 countries from Asia participated. The Surfing Federation of India sent a team consisting of 4 senior male surfers and 2 surfers in the Under 18 category.5 out of the 6 surfers representing India were from Tamil Nadu. Arun Vasu: The President of the Surfing Federation of India 

 

3. Keerthana upstages Anupama for World U-21 snooker title: Keerthana Pandian defeated fellow Indian Anupama Ramachandran in the final to emerge as the IBSF World under-21 women’s snooker champion in Riyadh, Saudi Arabia. Bengaluru’s Natasha Chethan made it a memorable outing for the Indians by claiming the bronze medal. Natasha lost 1-3 to the eventual winner in the last-four stage, while Anupama had outclassed Hong Kong China’s Chan Wai Lam 3-0 in the other semis.

 

BANKING AND FINANCE

 

1. RBI cancels banking license of United India Co-operative Bank Bijnor: The license of United India Co-operative Bank Limited, Bijnor has been revoked by the Reserve Bank of India. The bank is not allowed to continue its banking operations, which include taking deposits and returning deposits. Result: The bank will stop functioning, and all depositors will be eligible to receive up to Rs 5 lakh as a deposit insurance claim from the Deposit Insurance and Credit Guarantee Corporation.

 

2. ADB retains India’s growth forecast at 6.4% for the current fiscal: The Asian Development Bank (ADB) has retained India’s economic growth forecast at 6.4 percent for the current financial year (2023-24). ADB has set growth forecast at 6.7 percent for India for the next financial year (2024-25). The ADB noted that inflation is expected to continue to fall, and is expected to approach its pre-pandemic levels as fuel and food prices decline The bank forecasted 3.6 percent inflation this year for developing economies in Asia, and 3.4 percent in 2024. India’s economy grew by 7.2 percent in the 2022-23 fiscal ended in March 2023.

3. Simplifai launches world-first generative Al tool for insurance: An Al automation solutions provider, Simplifai has launched Simplifai Insurance GPT a world-first custom-built GPT tool, fuelled by the company’s revolutionary no-code Al-powered platform. With Insurance GPT, Simplifai has strengthened its end-to-end business process automation capabilities, providing enriched communication between insurers and their customers through the power of generative AI – delivering fast, concise, and accurate responses in a secure way. While several insurance product providers have merely begun to integrate ChatGPT or Google Bard into their services, Simplifai’s InsuranceGPT large language model (LLM) is the first to be trained specifically on information directly relevant to the insurance sector.

 

AWARDS AND HONOURS

 

1. Ami Bera receives Champion of Healthcare Innovation Award: An Indian-American physician-turned-politician, Ami Bera has received the Champion of Healthcare Innovation Award for his contributions to making high-quality care affordable and accessible in the US. Bera the longest-serving Indian-American serving in the US Congress, was among those facilitated during the council’s Innovation Expo held here last week. Bera served as Chief Medical Officer for Sacramento County in California before being sworn in as a congressman in 2013 and has represented Sacramento County in the US House of Representatives since then. He is currently a member of the House Foreign Affairs Committee, where he serves as Chairman of the Subcommittee on Asia, the Pacific, Central Asia, and Non-proliferation. He is also a member of the House Permanent Select Committee on Intelligence and the Select Subcommittee on the Coronavirus Pandemic.

Daily GK Update- 19th July, 2023

NATIONAL UPDATES:

 

1. The book titled, ‘Tree & Serpent: Early Buddhist Art in India’, authored by: The book titled, ‘Tree & Serpent: Early Buddhist Art in India’, authored by John Guy, would be released soon. This book is published by Mapin in collaboration with The Metropolitan Museum of Art (MET) in New York. It is a pioneering study of the emergence of Buddhist art in southern India, featuring vibrant photography of rare works  It will feature over 125 objects, including a series of spectacular sculptural masterpieces from southern India on public display 

 

2. Ashok Leyland bags orders worth Rs 800 crore from Indian Army: Ashok Leyland (A subsidiary of the Hinduja Group) has bagged orders worth Rs 800 crore from the Indian Army. Reason: To deliver specialized vehicles to the defense sector. These vehicles includes the Field Artillery Tractor (FAT 4x4) and the Gun Towing Vehicle (GTV 6x6). The FAT 4x4 and GTV 6x6 are specialized vehicles employed by the Artillery for towing light and medium guns, respectively.

 

3. Cement Manufacturers Association elects Neeraj Akhoury as its president: Neeraj Akhoury has been elected as the new President of the Cement Manufacturers' Association (CMA) the apex body of India's large cement manufacturers. While Parth Jindal has been appointed as Vice President of CMA. Both were unanimously elected at the Extraordinary General Meeting of CMA. ICI will reiterate its commitment to being India's partner in nation-building for creating business value chains, supporting infrastructure growth and a sustainability agenda.

 

4. Sarbananda Sonowal launches Global India Maritime Summit: Union Minister Sarbananda Sonowal has inaugurated the 3rd edition of its most prestigious ‘Global India Maritime Summit’.

Objective – To create an international forum for key decision makers and industry leaders; to Provide opportunity platform for start-ups, researchers and incubators; to Showcase the latest technology and emerging trends in the maritime sector The Curtain Raiser for the ‘Global Maritime India Summit 2023’ will provide a glimpse into the grandeur and significance of the main summit, highlighting India’s strength in the maritime sector and setting the stage for fruitful collaborations and new investment opportunities. The event will focus on new investment opportunities along with collaborations for knowledge and technology, enhancing trade between nations and promoting Ease-of-Doing-Business.

 

5. Maharashtra CM inaugurates PM MITRA Park in Amravati: Chief Minister of Maharashtra Eknath Shinde has virtually inaugurated the PM Mega Integrated Textile Regions and Apparel Park (PM MITRA Park) at Amravati, Maharashtra. A Memorandum of Understanding of the PM-MITRA Park was signed between the Government of India and the Government of Maharashtra at the event. MoUs were also signed with investors for PM-MITRA Park. In March this year, the Government of India announced the sites for setting up of 7 PM MITRA Parks for the Textile industry. The Parks are aimed at creating world-class industrial infrastructure that would attract large-scale investment including foreign direct investment (FDI) and encourage innovation and job creation within the sector. Inspired by the 5F vision of Prime Minister Narendra Modi (i.e. Farm to Fibre to Factory to Fashion to Foreign). The PM MITRA Parks are a major step forward in realizing the Government’s vision of making India a global hub for textile manufacturing and exports.

 

INTERNATIONAL UPDATES:

 

1. Fourth Energy Transitions Working Group meeting in Goa: The 4th G20 Energy Transitions Working Group meeting chaired by Pankaj Agarwal, the secretary of the Union Ministry of Power, is being held at Goa on 19^th July 2023. The Priority Areas focus on healing our ‘One Earth’, creating harmony within our ‘One Family’, and giving hope for our ‘One Future’.  Highlights: ‘Enabling policies to accelerate e-mobility’, ‘Promoting solar energy for universal energy access’ and ‘DRE applications for achieving SDG7 goals’.

 

2. Indian, Indonesian naval ships to conduct joint exercise in Jakarta: Two frontline Indian Naval ships INS Sahyadri and INS Kolkata arrived in Indonesia's Jakarta to participate in the Maritime Partnership Exercise with the Indonesian Navy. INS Sahyadri is the third indigenously designed and built Project-17 class stealth frigate and INS Kolkata is the first indigenously designed and built stealth destroyer of the Project-15A class. Recently, Indo-Indonesia concluded its bilateral Exercise Samudra Shakti-23 in the South China Sea

 

3. India and the US jointly launched a call for proposals on CET: India and the United States jointly launched a call for collaborative proposals on “Critical and Emerging Technology: Quantum Technologies and Artificial Intelligence for Transforming Lives". The Indo-US Science and Technology Forum and the Secretariat for USISTEF have designed the program. Aim: To foster technology innovation and entrepreneurship in commercially viable and socially relevant areas.

 

4. Singapore’s passport becomes the most powerful in the world: According to the Henley Passport Index 2023, published by Henley & Partners, Singapore becomes the world’s most powerful passport with visa-free access to 192 travel destinations out of 227 around the world.

While India ranked 80^th with visa-free entry to 57 nations. Germany, Italy, and Spain shared second place with 190 visa-free destinations.  Japan has slipped to third place as the number of destinations its passport can access without a visa fell to 189.

 

5. Nokia and TSSC launch 5G skill development centre in Gujarat: Nokia joined hands with Telecom Sector Skill Council (TSSC) to establish a 5G skill development CoE at Kaushalya - The Skills University, Gujarat. The Center of Excellence (CoE) at ITI Kubernagar would establish a skill Lab dedicated to training individuals in 5G technology skills. Aim: To offer job placements to at least 70% of learners within 4-6 weeks after completing the course President and CEO of Nokia: Pekka Lundmark

6. BIMSTEC meeting begins in Bangkok, Thiland: The BIMSTEC Foreign Ministers’ Retreat began in Thailand’s capital city BIMSTEC is an economic and technical initiative which brings together the countries of the Bay of Bengal for multifaceted cooperation. The retreat would discuss ways to further deepen the BIMSTEC agenda and strengthen the organization. The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) is a regional multilateral organization. Its members lie in the littoral and adjacent areas of the Bay of Bengal constituting a contiguous regional unity. BIMSTEC not only connects South and Southeast Asia but also the ecologies of the Great Himalayas and the Bay of Bengal. It mainly aims to create an enabling environment for rapid economic development; accelerate social progress; and promote collaboration on matters of common interest in the region.

 

7. India & UAE sign MoU for planning to establish IIT-Delhi campus: India and UAE have signed an MoU for planning to establish the Indian Institute of Technology (IIT) Delhi in Abu Dhabi, which could be the second IIT abroad after Tanzania. The MoU was signed following talks between UAE President Sheikh Mohamed bin Zayed Al Nahyan and PM Narendra Modi in Abu Dhabi. IIT Delhi – Abu Dhabi will become operational by January 2024 by offering a Master’s program in Energy Transition and Sustainability. Other Bachelor, Master’s, and Ph.D. Level programs are expected to be offered from September 2024, in addition to establishing research centers in the fields of sustainable energy, climate studies, computing, and data sciences, according to a joint statement issued after the dialogue.

 

8. Biden appoints Indian-American business leader Shamina Singh: US President Joe Biden has appointed Shamina Singh, a prominent Indian-American business leader, to the President’s Export Council. The President’s Export Council serves as the principal national advisory committee on international trade. She is the Founder and President of the Mastercard Center for Inclusive Growth. The Council advises the president of government policies and programmes that affect US trade performance, promotes export expansion and provides a forum for discussing and resolving trade-related problems among the business, industrial, agricultural, labour and government sectors.

 

OTHER UPDATES:

 

SPORTS

 

1. Indian Shuttler sets Guinness world record for fastest badminton shot: Indian shuttler Satwiksairaj Rankireddy managed to feature in the Guinness World Record by striking the fastest smash in the ongoing Korea Open 2023. He broke the record of Malaysian Tan Boon Heong by surpassing his speed by 72 kmph and registered a record-breaking speed of 565 kmph. He and his partner, Chirag Shetty, are the only men's doubles pair from India to win the BWF World Tour 1000 & be ranked inside the top 10 of the BWF World Ranking

 

2. Ruturaj Gaikwad to lead India men’s squads for 19th Asian Games: The BCCI has announced both the men’s and the women’s team which will take part in the upcoming Hangzhou Asian Games, scheduled to start from September 23 and end on October 8. The women’s cricket competition will take place from September 19-28 while the men’s competition will start from 23 September 28 to October 8. Both competitions will be played in T20 formats. The men’s team will be captained by Ruturaj Gaikwad and boasts the talents of Yashasvi Jaiswal, Rahul Tripathi, Tilak Varma and Rinku Singh among others. The likes of Yash Thakur, Sai Kishore, Venkatesh Iyer, Deepak Hooda and Sai Sudharsan are standbys. Meanwhile, the women’s team will be led by captain Harmanpreet Kaur with Smriti Mandhana as her deputy. Harleen Deol, Kashvee Gautam, Sneh Rana, Saika Ishaque and Pooja Vastrakar are in the standby list. Cricket was part of two editions of the Asiad, in 2010 and 2014, but India did not field a team. After being left out of the 2018 Asiad in Jakarta, cricket has returned to the programme for the Hangzhou Games, which were supposed to be held last year but were postponed due to China’s zero-Covid policy. India men’s team: Ruturaj Gaikwad (Captain), Yashasvi Jaiswal, Rahul Tripathi, Tilak Varma, Rinku Singh, Jitesh Sharma (wk), Washington Sundar, Shahbaz Ahmed, Ravi Bishnoi, Avesh Khan, Arshdeep Singh, Mukesh Kumar, Shivam Mavi, Shivam Dube, Prabhsimran Singh (wk)

 

3. Ajit Singh won gold medal in Para Athletics Championship in Paris: Indian athlete Ajit Singh won the gold medal in the final of men’s javelin throw F46 at the Para Athletics Championships in Paris. Ajit Singh topped the event with a throw of 65.41m. He broke the previous championship record of 61.89 held by Chunliang Guo of China. Rinku, another Indian athlete, won the silver medal with a best throw of 65.38m. Sri Lanka’s Dinesh Priyanta Herath and Rinku finished joint second in the event. Sundar Singh Gujjar, representing India, finished fourth with a throw of 61.81m.

 

BANKING AND FINANCE

 

1. PhonePe launches India’s first Health Insurance platform: PhonePe Insurance Broking Services announced the launch of health insurance plans that will for the first time in India offer monthly subscriptions Aim: To reduce the burden by breaking down the premium payments into manageable monthly installments These insurance plans come with coverage up to one crore rupees, allow users to choose any hospital room. Only platform in the country where customers can pay for Insurance in easy installments through UPI on the PhonePe app

 

2. SBI to set up Trustee Company to manage CDMDF: SBI would set up a new trustee company as its wholly-owned subsidiary for managing the Corporate Debt Market Development Fund. SBI has a 62.53 percent stake in SBI Funds Management Ltd. The fund will act as a safety net to buy high-quality corporate debts when the bond market gets stress. This will make investors feel more secure. It will also improve the trading of these debts by setting up a system that can step in and help during tough market situations.

 

3. ADB retains India’s growth forecast at 6.4% for the current fiscal: The Asian Development Bank retained India's economic growth forecast at 6.4 per cent for the current FY (2023-24) and 6.7 per cent for the next FY (2024-25) The ADB noted that the inflation is expected to continue to fall, and is expected to approach its pre-pandemic levels as fuel and food prices decline The bank forecasted 3.6% inflation this year for developing economies in Asia, and 3.4% in 2024

India's economy grew by 7.2% in the 2022-23 fiscal ended in March 2023

 

AWARDS AND HONOURS

 

1. Prof. Thalappil Pradeep of IIT Madras won the international EniAward: Prof. T. Pradeep from the Department of Chemistry, Indian Institute of Technology Madras (IIT-M) has won the prestigious Eni Award 2023 Reason: To discover the advanced sustainable and affordable nano-scale materials for the removal of toxic contaminants from water Eni Award is considered among the top global honors for scientific research in energy and environment. It is given in three categories-Energy Transition, Energy Frontiers and Advanced Environmental Solutions

 

2. NTPC wins ET HR World Future Skills Awards 2023: NTPC has received the prestigious Economic Times (ET) HR World Future Skills Awards 2023 for “Best use of AI/AR/VR in Learning and Upskilling” and “Best Advance in Creating an Extended Enterprise Learning Programme”. Director (HR) of NTPC Dillip Kumar Patel received the awards on behalf of NTPC at a programme held in Gurugram. These awards bear testimony to NTPC’s focus on the adoption of cutting-edge technologies such as virtual reality (VR) in Learning and Development (L&D). NTPC has been adopting and institutionalizing progressive and best HR practices, which have been recognized by various prestigious fora at national and international levels.

 

OBITUARIES

 

1. Former Kerala CM Oommen Chandy passed away: Senior Congress leader and Former Kerala of CM Oommen Chandy passed away at the age of 79. He was the chief minister twice for a total of seven years (2004–2006 and again from 2011–2016). Chandy had also served as Minister of Labour, Home, and Finance in various governments headed by K Karunakaran and AK Antony. He also served as the Leader of the Opposition in the Kerala Assembly. He was the longest-serving legislator, representing the Puthuppally Assembly constituency from 1970 until his death.

Daily GK Update- 18th July, 2023

NATIONAL UPDATES:

 

1. Shantanu Deshpande appointed as new MD of Michelin India: French-based company Michelin has confirmed the appointment of Shantanu Deshpande as MD of Michelin India. He will be based out of Pune, India. During his career, he held various leadership roles in sales and marketing in India, North America, Africa, the Middle East, and Asia. He joined Michelin India in 1999 as an Area Sales Manager. He was appointed India Marketing Director in 2007 and also served as VP of Marketing with a Michelin subsidiary in North America.

 

2. NITI Aayog releases Export Preparedness Index 2022 report in New Delhi: NITI Aayog Vice Chairman, Suman Bery has released the third edition of the Export Preparedness Index 2022 report in New Delhi. Prepared by: NITI Aayog and Institute for Competitiveness Evaluate 4 pillars: Policy, Business Ecosystem, Export Ecosystem, and Export Performance Top Performers: (1) TN, (2) Maharashtra, (3) Karnataka, and (4) Gujarat The higher average of coastal states represents their better preparedness and higher contribution to national export.

 

3. HM Amit Shah to launch 'CRCS-Sahara Refund Portal': nion Home and Cooperation Minister Amit Shah has launched the ‘CRCS-Sahara Refund Portal’ Aim: To strengthen the cooperative movement in the country and to protect the interests of the members of the cooperatives SC directed that 5000 crore rupees be transferred out of the ‘Sahara-SEBI Refund Account’ to the Central Registrar of Cooperative Societies for disbursement against the legitimate dues of the genuine depositors of the Sahara Group of Cooperative Societies. 

 

4. Oil 2023 (Analysis & forecast to 2028) medium-term market report: The International Energy Agency (IEA) has launched the Oil 2023 medium-term market report, titled 'IEA Oil 2023 – Supply and demand dynamics to 2028' in New Delhi. It was launched in collaboration with the Petroleum Planning and Analysis Cell (PPAC). As per the report, biofuel production expands by nearly 600 kb/d from 2022 to 2028, with Brazil, Indonesia, and India combined accounting for 70% of this increase.

 

5. 135 mn Indians came out of poverty trap in five years: Niti Aayog report: NITI Aayog released the 'National Multidimensional Poverty Index: A Progress of Review 2023' in New Delhi. As per the report, India witnessed 13.5 crore people moving out of multidimensional poverty between 2015-16 and 2019-21 with the fastest reduction in UP, Bihar, MP, Odisha, and Rajasthan. The National MPI measures deprivations across three equally weighted dimensions of health, education, and standard of living that are represented by 12 SDG-aligned indicators.

 

6. Union govt establishes new panel to review all surveys conducted under NSO: The government has set up a new oversight mechanism for official data, replacing the Standing Committee on Economic Statistics (SCES) with a Standing Committee on Statistics (SCoS). The SCES was tasked with examining economic indicators pertaining to the industrial sector, the services sector, and the labor force statistics. The former Chairman of the National Statistical Commission, Pronab Sen has been named the new chair of the committee.

 

7. Govt launches sale of subsidised chana dal under brand name 'Bharat Dal': Consumer Affairs Minister Piyush Goyal has launched the sale of subsidized Chana Dal under the brand name ‘Bharat Dal’ at the rate of 60 rupees/Kg for one-kilogram-pack and 55 rupees/Kg for a 30-kilogram pack. Aim: To make pulses available to consumers at affordable prices The retail outlets of the NAFED in Delhi-NCR are selling the chana dal. The milling and packaging of the Chana Dal has been undertaken by NAFED for distribution through its retail outlets in Delhi-NCR

 

8. Andhra Pradesh introduces cashless payment at inter-state check posts: Andhra Pradesh transport department has introduced a UPI payments system at inter-state check posts to curb corruption. The policy will support the Chief Minister’s directives toward corruption-free administration without any intermediaries. The new policy has been implemented at 15 check posts of the transport department across the state. Further, people can pay border tax, temporary permit tax, voluntary tax, compounding fee, etc by scanning the QR code. The State has interstate checkposts with Karnataka, Tamil Nadu, Odisha and Telangana.

 

9. Arvind Kumar appointed chairman of UP Electricity Regulatory Chief: Arvind Kumar has been appointed as the chairman of Uttar Pradesh Electricity Regulatory Commission (UPERC). Kumar succeeds Raj Pratap Singh whose tenure ended in June. Kumar, a 1988 batch IAS officer, earlier headed the state energy department and was also the chairman of UP Power Corporation Ltd (UPPCL) and the state’s Infrastructure and Industrial Development Commissioner (IIDC). He was also instrumental in framing the state’s industrial policy. Kumar was appointed as an advisor on industries to the Uttar Pradesh chief minister Yogi Adityanath in February 2023. He was also the chairman of UP Power Corporation Ltd (UPPCL) and the state’s Infrastructure and Industrial Development Commissioner (IIDC).

 

INTERNATIONAL UPDATES:

 

1. The Curtain Raiser of Global Maritime India Summit 2023 launched: Minister of Ports, Sarbananda Sonowal has launched the Curtain Raiser of Global Maritime India Summit 2023 event on July 18, 2023 at St. Regis, Mumbai, Maharashtra. Objective: To create an international forum for key decision makers and industry leaders; to provide an opportunity platform for start-ups, researchers, and incubators The official brochure for the Maritime India Summit was also unveiled. The Global Summit event is scheduled on 17-19th October 2023.

 

2. China and Russia hold Joint Military Drills 'Northern Interaction-2023': A Joint Military Drills 'Northern Interaction-2023', between Chinese and Russian naval and air forces would be conducted in the central region of the Sea of Japan. It is organized by the Chinese People's Liberation Army (PLA) Northern Theater Command. Aim: To enhance the level of strategic cooperation between both militaries, as well as strengthen the ability to jointly safeguard regional peace China Capital: Beijing; Russia Capital: Moscow

 

3. Adani Group commissions India’s first transnational power project: Gautam Adani met Bangladesh PM Sheikh Hasina for full load commencement and handover of the 1,600 MW ultra-supercritical Godda power plant. Adani Power set up the 1,600 MW thermal power in Jharkhand’s Godda to supply power generated to Bangladesh Power Development Board (BPDB) through a dedicated transmission line. The Godda Plant became fully operational in June. The plant was commissioned in a record time of three-and-a-half years. The first unit of the power plant, with 800 MW capacity, achieved its COD in April this year.

 

4. Joint military exercise between Indian and Mongolian armies begins: The 15th edition of the joint military exercise between India and Mongolia, ‘Nomadic Elephant 2023’, begins at Ulaanbaatar, Mongolia from 17 to 31 July 2023. An Indian Army contingent, comprising 43 personnel, left for Mongolia yesterday to take part in a joint military exercise ‘Nomadic Elephant 2023’. Indian Army soldiers from the Jammu and Kashmir Light Infantry Regiment and Soldiers of the Mongolian Armed Forces Unit 084 from will be participating in the exercise. The primary theme of the exercise will focus on counter-terrorism operations in mountainous terrain under United Nations mandate. The scope of this exercise involves Platoon level Field Training Exercise (FTX).

 

5. 18 July – Nelson Mandela International Day: Nelson Mandela International Day is observed every year on July 18 to commemorate the birth anniversary of the great South African leader and Nobel Peace Prize winner Nelson Madela. Born on July 18, 1918, in South Africa, Nelson Mandela grew to become a symbol of hope and unity in the face of adversity. Despite facing immense challenges, he emerged as a beacon of peace, reconciliation, and equality. The United Nations officially recognised Nelson Mandela International Day in 2009, on Mandela’s 91st birthday. It was a tribute to his remarkable efforts to promote peace, freedom, and equality for all. The day aims to inspire individuals to take action and make a difference in their communities, just as Mandela did throughout his life. Theme 2023 – The Legacy Lives on Through You: Climate, Food, and Solidarity.

 

OTHER UPDATES:

 

SPORTS

 

1. Australia withdraws from hosting Commonwealth Games 2026: Australia's state of Victoria has withdrawn from hosting the 2026 Commonwealth Games (CWG). Reason: Due to a significant increase in projected costs, reaching around $7 billion, exceeding their budgetary limits Victoria stepped in to bid for the 2026 Games when no other countries showed interest.

The event rotates across different host cities within the Commonwealth. It was first held in 1930. 

 

2. Shubham Bisla, Sainyam win gold at ISSF world championship 2023: Indian shooters Shubham Bisla and Sainyam won gold medals in the 10m air pistol for men and women respectively at the ISSF Junior World Championships 2023. Sainyam beat Oh Ye Jin of Korea by 2.6 points for the junior women’s gold. The junior shooting world championships are being held at Changwon Shooting Range, Republic of Korea. India’s contingent of 90 shooters for the 2023 junior world championships is the largest.

 

3. India third with 27 medals in Asian Athletics Championships 2023: India won a total of 27 medals and secured the third position in the Asian Athletics Championships 2023 held in Bangkok, Thailand. India finished third with a total of 27 medals, including six gold, twelve silver and nine bronze medals, in the second-best-ever performance. Athlete Jyoti Yaraji won India’s first gold medal in women’s 100m race and silver medal in women’s 200m race in this championship. Indian athletes won a total of 13 medals including 8 silver and 5 bronze medals on the last day of competition in Bangkok Athletics Championships 2023.

 

4. Vondrousova becomes first unseeded woman to win Wimbledon: Czech Republic’s Marketa Vondrousova has become the first unseeded woman to win the Wimbledon title in the Open era. The Czech swept to a shock 6-4, 6-4 victory over Tunisia’s Ons Jabeur in the final match. This is Vondrousova’s first Grand Slam title. She lost in the final of the 2019 French Open as a teenager. Notably, Vondrousova beat Jabeur to become the first Czech woman to win the title since Petra Kvitova in 2014. Vondrousova’s win marks her maiden Grand Slam title and makes her the fifth left-handed player to win the women’s singles title at Wimbledon in the Open Era.

 

BANKING AND FINANCE

 

1. India needs average annual 7.6% GDP growth to become developed by 2047: RBI: An article published by the Reserve Bank of India (RBI) in its July 2023 bulletin stated that India could become a developed country by 2047 with an average annual real GDP growth of 7.6% over the next 25 years. India must rebalance its economic structure by strengthening its industrial sector

Agriculture and services would have to grow at 4.9% and 13% per annum, respectively Collaboration between the government, private sector, civil society and citizens is essential.

 

2. India, UAE sign MoUs for promoting use of local currencies: The Reserve Bank of India and the Central Bank of UAE (CBUAE) have signed two MoUs related to the promotion of local currencies for cross-border transactions and interlinking their payment systems UPI with the Instant Payment Platform (IPP) of UAE. Both of them would now help each other in establishing a common framework for the promotion of the use of local currencies, i.e, the Indian rupee (INR) and the UAE Dirham (AED) for cross-border transactions. The MoU on establishing a framework for the use of local currencies for transactions between India and UAE aims to put in place a Local Currency Settlement System (LCSS) to promote the use of INR and AED bilaterally.

The first MoU on establishing a framework for the use of local currencies for transactions aims to put in place a Local Currency Settlement System (LCSS) to promote the use of INR and AED bilaterally. It covers all current account transactions and permitted capital account transactions. LCSS would enable exporters and importers to invoice and pay in their respective domestic currencies, which in turn would enable the development of an INR-AED foreign exchange market. While under the second MoU, on ‘Payments and Messaging Systems’, the two central banks agreed to cooperate on linking their Fast Payment Systems (FPSs) – UPI of India with IPP of UAE. Also, apart from this, linking of respective Card Switches (RuPay switch and UAESWITCH) and exploring the linking of payments messaging systems — SFMS) of India with the messaging system in the UAE — were also included.

 

3. Australia names first woman to Lead Central Bank: Australia has appointed the first woman to lead the Reserve Bank of Australia (RBA) in the 63-year history of the central bank. Michele Bullock, a veteran economist at the central bank, will take over from outgoing governor Philip Lowe in September. Bullock joined the RBA in 1985 after graduating from Australia’s University of New England the previous year. She served in a variety of roles related to areas including payment settlements and government banking before being appointed as the first woman deputy governor in April 2022. Bullock’s appointment comes after the government decided not to reappoint Lowe to a second seven-year term. Lowe’s replacement had been widely expected after the outgoing governor came under heavy criticism for overseeing a steep rise in interest rates that heaped pressure on mortgage owners, some of whom had taken on cheap debt during the pandemic.

 

AWARDS AND HONOURS

 

1. NTPC wins ET HR World Future Skills Awards 2023: NTPC has received the Economic Times (ET) HR World Future Skills Awards 2023 in two categories - (1) Best use of AI/AR/VR in Learning and Upskilling and (2) Best Advance in Creating an Extended Enterprise Learning Programme. The award was received by Director (HR), NTPC, Dillip Kumar Patel. NTPC has been adopting and institutionalizing progressive and best HR practices, which have been recognized by various prestigious fora at national and international levels.

 

OBITUARIES

 

1. Former Kerala CM Oommen Chandy passes away: Former Kerala CM Oommen Chandy passed away at the age of 79 in Bengaluru due to prolonged illness. He served as the Kerala chief minister twice from 2004-06 and 2011-16. The veteran leader began his stint as a legislator by winning the 1970 state assembly elections at the age of 27. He later went on to win 11 consecutive polls. He represented the Puthupally assembly constituency and was the longest-serving MLA in the state assembly.

2. Eminent mathematician Dr Mangala Narlikar passes away: Eminent mathematician and scientist Dr Mangala Narlikar passed away at the age of 80. She is the wife of Dr Jayant Narlikar, who is the founder and director of the Pune-based Inter-z Centre for Astronomy and Astrophysics (IUCAA). She initially worked at the Tata Institute of Fundamental Research (TIFR) in Mumbai before joining as a lecturer at Bombay and Pune universities. Her core fields of interest were real and complex analysis, analytic geometry, and topology. Dr Narlikar has authored several books in English and Marathi. Some of the books she wrote include A Cosmic Adventure, An easy Access to Basic Mathematics (book for school students), Ganit Gappa (Part 1, 2), Easy access to mathematics (book for school students), Nabhat Hasre Taare (Co-Authors – Dr. Ajit Kembhavi and Dr. Jayant Narlikar), Astronomy Related Book – Pahalale Desh, Bhetleli Manasam.