Daily GK Update- 11th Aug, 2024

 NATIONAL UPDATES:

 

1. Third edition of ‘Har Ghar Tiranga’ campaign set for August 9-15: The third edition of the ‘Har Ghar Tiranga’ campaign, aimed at fostering patriotism and national pride by encouraging citizens to display the national flag at their homes, will run from August 9 to August 15. This initiative has seen significant public participation in the past two years, with Prime Minister Narendra Modi urging citizens to continue the tradition. The campaign was launched in 2022 under the ‘Azadi Ka Amrit Mahotsav’ program. This initiative was a huge hit among the citizens of India. The participants represented diverse communities all over India. In its launching year, more than 23 crores have taken part and around 6 crore selfies along with the flag were uploaded. Next year around 10 crore selfies were uploaded for the campaign. The initiative was successful by including participation from all the states and Union territories.

 

2. Ambani family’s wealth 10% of India GDP: Barclays-Hurun India report: According to report released’ 2024 by Barclays Private Clients Hurun India Most Valuable Family Businesses List’ the Ambani family’s combined wealth valuation of Rs 25.75 trillion was equivalent to around 10 per cent of the Indian gross domestic product (GDP). The Ambani family remains the richest business family in India, followed by the Bajaj and Birla families. According to the report, the top three business families -Ambani, Bajaj, and Birlas- are valued at $460 billion, which is equivalent to Singapore’s GDP. The Ambani family is followed by the Bajaj family in the second position with a valuation of Rs 7.13 trillion. The Pune-based automobile business is headed by Niraj Bajaj, a third-generation leader, as per the report. The Birla family ranks third at Rs 5.39 trillion, led by fourth-generation Kumar Mangalam Birla. The business primarily focuses on metals, mining, cement, and financial services. The list further features the Sajjan Jindal-led family, valued at Rs 4.71 trillion in fourth place, and the Nadar family with a value of Rs 4.30 trillion in fifth place. The Nadar family’s Roshni Nadar Malhotra is the only woman in the list of top 10 family businesses.

The 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses list does not include first-generation families. However, the Adani family, set up by current chairman Gautam Adani, has emerged as the most valued first-generation family business with a value of Rs 15.44 trillion.

 

3. Chhattisgarh Establishes Third Largest Tiger Reserve Amid Decline: Chhattisgarh has recently approved the creation of the Guru Ghasidas-Tamor Pingla Tiger Reserve to address a sharp decline in the state’s tiger population. The new reserve combines an existing national park and a wildlife sanctuary, to improve conservation efforts despite some legal and environmental challenges.

 

 

 

INTERNATIONAL UPDATES:

 

1. HCLTech unit to acquire French software firm Zeenea for 24 mn euros: HCLSoftware, the software business division of Indian IT services giant HCLTech, will acquire Zeenea, a Paris-based firm providing data catalog and governance solutions, for Euro 24 million (around Rs 218 crore).

The acquisition is expected to close in September 2024. The acquisition will strengthen its data and analytics business called Actian. Actian has seen strong growth in hybrid data management and integration in the last few years. Adding metadata management, data catalog and governance capabilities will help Actian customers.

 

2. GoI constitutes a committee to monitor the current situation on Indo-Bangladesh Border: The Government of India has constituted a committee to monitor the current situation on the Indo-Bangladesh Border (IBB). The committee will maintain communication channels with their counterpart authorities in Bangladesh to ensure the safety of Indian citizens and people belonging to minority communities in Bangladesh. The Committee will be headed by ADG, Border Security Force (BSF), Eastern Command and will have IG, BSF Frontier HQ South Bengal, IG, BSF Frontier HQ Tripura, Member (Planning & Development), Land Ports Authority of India (LPAI), and, Secretary, LPAI, as its members.

 

3. Goritsa Gruncharova-Kozhareva appoints new caretaker PM of Bulgaria: Goritsa Gruncharova-Kozhareva has been sworn in as Bulgaria’s caretaker prime minister, leaving her to oversee an interim government that has held power in the country since the resignation of former prime minister Nikolai Denkov in March. She replaces Dimitar Glavchev, who was appointed on 9 April. Kozhareva was appointed by Bulgaria’s head of state Roumen Radev, who added that he saw 20 October as a suitable date for holding another parliamentary election.

 

4. Africa Faces Urgent Mpox Outbreak, WHO Holds Emergency Meeting: Africa is facing a serious outbreak of mpox, and the World Health Organization (WHO) has held an urgent meeting to decide if this situation should be declared a Public Health Emergency of International Concern. Currently, 15 African countries, including Burundi, Kenya, Rwanda, and Uganda—which previously had no cases—are reporting confirmed cases of mpox.

 

OTHER UPDATES:

DEFENCE

 

1. US to Release $3.5 Billion Military Aid to Israel: Gaza is one of the world’s oldest inhabited areas, dating back to at least the 15th century BCE. It is densely populated, with over 5,000 people per square kilometer. Known for its history and agriculture, particularly olive and citrus production, Gaza’s economy has struggled due to conflicts and blockades. The Gaza Strip is about 41 kilometers long and was occupied by Israel until 2005 when Israel withdrew from the area.

 

2. Indian Army Conducts ‘Parvat Prahaar’ Military Exercise in Ladakh: The Indian Army recently conducted a military exercise called ‘Parvat Prahaar’ in the Ladakh region, which is located near the India-China border. This exercise focuses on preparing soldiers for high-altitude warfare, which involves fighting in the difficult and mountainous terrains of Eastern Ladakh. The exercise is a key part of India’s military strategy, especially given the ongoing tensions with China.

 

SPORTS 

 

1. Oldest Indian Medal Winner at Summer Olympics: The Oldest Indian to win a medal at the Summer Olympics is Rajyavardhan Singh Rathore. He won a silver medal in the double trap shooting event at the 2004 Athens Olympics at the age of 34 years, 6 months, and 19 days. The Oldest Indian woman to win a medal at the Summer Olympics is boxer Mary Kom. Kom won a bronze medal in the 2012 London Olympics at the age of 29 years, 8 months, and 15 days.

 

2. Flag bearer at the closing ceremony of the Paris Olympics: The Indian Olympic Association (IOA) has also announced that PR Sreejesh, along with Manu Bhaker, will be the flag bearer of the Indian contingent at the closing ceremony of the 2024 Paris Olympics. Sharath Kamal and PV Sindhu were the Indian flag bearers at the opening ceremony of the Paris Olympics.

 

3. Aman Sehrawat Wins Bronze in 57kg Wrestling at Paris 2024: Aman Sehrawat was born on July 16, 2003, in Haryana. Competing in the 57 kg weight category, he is known for his freestyle wrestling technique. Sehrawat first made a name for himself in junior competitions, winning a silver medal at the 2021 World Wrestling U23 Championships and a gold medal at the 2022 Asian U23 Wrestling Championships. His training is deeply rooted in traditional methods from his hometown, which have shaped his unique wrestling style. Aman Sehrawat’s journey from local competitions to the Olympic podium is a testament to his dedication and talent, making him a key figure to watch in the future of Indian wrestling.

 

BANKING AND FINANCE

 

1. India’s Reserve Bank of India ranks 12th around the world: Central banks play a crucial role in maintaining economic stability and growth by implementing stable monetary policy and ensuring financial stability. Globally, they have specialised departments dedicated to regulation and supervision, staffed with experts who monitor compliance with established financial laws and regulations. The total wealth of central banks reflects the economic outlook of their respective countries, which is mainly assessed through the central bank’s assets, with the balance sheet acting as a crucial indicator of the nation’s economic health.

India’s Reserve Bank of India ranks 12th around the world. The Reserve Bank of India (RBI) balance sheet grew by 11.08% year on year to Rs 70.47 trillion as of March 31, 2024, owing to its liquidity and foreign currency (forex) activities.

 

2. Pine Labs-owned Setu partners Axis Bank for UPI-focused payments platform: Pine Labs-owned Setu, an application programming interface (API) infrastructure provider, introduced a Unified Payments Interface (UPI)-focused payments platform for businesses and developers in partnership with Axis Bank. The platform, named UPISetu, supports a wide range of UPI products, from basic QR code payments, UPI Autopay, equated monthly instalments (EMIs), and third-party validation service. It also features functionalities like brand and bank offers, advanced dispute resolution, instant cashback and refunds, all provided via APIs.

 

 

Daily GK Update- 10th Aug, 2024

 NATIONAL UPDATES:

 

1. Telangana Govt, World Bank to prepare roadmap for an impactful outcome for people of State: The Telangana State government and the World Bank have decided to develop a roadmap enabling partnership between the State government and the World Bank for making a positive, ambitious and highly impactful outcome relating to lives of around four crore people of the State.

The focus of the partnership will be on initiatives for skill development, urban rejuvenation and re-imagination, net zero developments, healthcare, diagnostics and electronic records among others. World Bank backing is expected to give a massive fillip to several projects including the Musi River rejuvenation project, Skill University, Future City, Citizen Healthcare and development of Hyderabad 4.0.

 

2. Third edition of ‘Har Ghar Tiranga’ campaign set for August 9-15: The third edition of the ‘Har Ghar Tiranga’ campaign, aimed at fostering patriotism and national pride by encouraging citizens to display the national flag at their homes, will run from August 9 to August 15. This initiative has seen significant public participation in the past two years, with Prime Minister Narendra Modi urging citizens to continue the tradition. The campaign was launched in 2022 under the ‘Azadi Ka Amrit Mahotsav’ program. This initiative was a huge hit among the citizens of India. The participants represented diverse communities all over India. In its launching year, more than 23 crores have taken part and around 6 crore selfies along with the flag were uploaded. Next year around 10 crore selfies were uploaded for the campaign.

 

3. Odisha launches India’s first ‘Rice ATM’: The Odisha government has introduced India’s first round-the-clock grain ATM, also known as the ‘rice ATM,’ to revolutionise the Public Distribution System (PDS) for ration cardholders. This machine, installed at a warehouse in Mancheswar, was launched by Odisha Food Supplies and Consumer Welfare Minister Krushna Chandra Patra. The machine, developed in partnership with the World Food Programme, operates around the clock, providing beneficiaries with consistent access to their entitled food grains. The Annapurti Grain ATM, as it is officially known, is capable of dispensing up to 50 kg grain in just five minutes, with an error rate of only 0.01%. Initially launched in Bhubaneswar, the rice ATM will be introduced in all 30 districts of Odisha. It will potentially be expanded to other states under the One Nation One Ration Card scheme.

 

4. SEBI approves Praveena Rai as new MD & CEO of MCX: Capital market regulator SEBI approved Praveena Rai’s appointment as the Managing Director and CEO of MCX, the country’s largest commodity exchange. Rai was the COO of NPCI (National Payment Corporation of India) and was in charge of formulating and deploying the marketing, business development, product management, and operations strategy. She was driving product penetration, reach and visibility of NPCI’s offerings through suitable partnerships. With over 20 years of extensive experience, Rai has built expertise in various facets of payments, cards, retail, transaction, wholesale and commercial banking. The former chief of the exchange, PS Reddy, stepped down on May 9 after completing his five-year term. Though eligible, he did not offer himself for the second term.

 

INTERNATIONAL UPDATES:

 

1. Ambani family’s wealth 10% of India GDP: Barclays-Hurun India report: According to report released’ 2024 by Barclays Private Clients Hurun India Most Valuable Family Businesses List’ the Ambani family’s combined wealth valuation of Rs 25.75 trillion was equivalent to around 10 per cent of the Indian gross domestic product (GDP). The Ambani family remains the richest business family in India, followed by the Bajaj and Birla families. According to the report, the top three business families -Ambani, Bajaj, and Birlas- are valued at $460 billion, which is equivalent to Singapore’s GDP. The Ambani family is followed by the Bajaj family in the second position with a valuation of Rs 7.13 trillion. The Pune-based automobile business is headed by Niraj Bajaj, a third-generation leader, as per the report. The Birla family ranks third at Rs 5.39 trillion, led by fourth-generation Kumar Mangalam Birla. The business primarily focuses on metals, mining, cement, and financial services.

 

2. HCLTech unit to acquire French software firm Zeenea for 24 mn euros: HCLSoftware, the software business division of Indian IT services giant HCLTech, will acquire Zeenea, a Paris-based firm providing data catalog and governance solutions, for Euro 24 million (around Rs 218 crore).

The acquisition is expected to close in September 2024. The acquisition will strengthen its data and analytics business called Actian. Actian has seen strong growth in hybrid data management and integration in the last few years. Adding metadata management, data catalog and governance capabilities will help Actian customers.

 

3. Goritsa Gruncharova-Kozhareva appoints new caretaker PM of Bulgaria: Goritsa Gruncharova-Kozhareva has been sworn in as Bulgaria’s caretaker prime minister, leaving her to oversee an interim government that has held power in the country since the resignation of former prime minister Nikolai Denkov in March. She replaces Dimitar Glavchev, who was appointed on 9 April. Kozhareva was appointed by Bulgaria’s head of state Roumen Radev, who added that he saw 20 October as a suitable date for holding another parliamentary election.

 

4. 10 August – World Lion Day: World Lion Day is celebrated annually on August 10th. Objective – To raise awareness about these conservation issues and promote efforts to protect lions. The day provides an opportunity to educate people about the challenges lions face and to celebrate their vital role in ecosystems and cultural heritage worldwide World Lion Day was first established in 2013 by Big Cat Rescue, the world’s largest accredited sanctuary dedicated to lions, and was co-founded by Dereck and Beverly Joubert.

 

5. 9 August – Nagasaki Day: Nagasaki Day is observed every year on 9 August. This year marked the 79th Anniversary of Nagasaki Day. On August 9, 1945, a U.S. B-29 bomber named Bockscar dropped an atomic bomb codenamed “Fat Man” on the city of Nagasaki. This event occurred just three days after the atomic bombing of Hiroshima, making it the second and, to date, the last use of nuclear weapons in warfare. The atomic bomb “Fat Man” dropped by a US B-29 bomber on Nagasaki on August 9, 1945, killed as many as 70,000 people, three days after the bombing of Hiroshima killed more than 140,000. Thousands of people were killed in the next two to four months due to the radiation effects of the bombing. Although the exact number of casualties is unknown, the atomic bombs dropped by the US are estimated to have killed more than 200,000 people.

 

6. 10 August – World Biofuel Day: World Biofuel Day is observed on August 10 annually. Objective – To create awareness about the importance of biofuels that are made from biological materials like agricultural waste, animal waste, algae, trees, crops, or even grass. Theme 2024 – Sustainable Biofuels: Reducing Waste, Feeding Energy. August 10 was designated as World Biofuel Day because it was on this date in 1893 that German Inventor Sir Rudolf Diesel successfully operated his diesel engine with peanut oil. Later, the Ministry of Petroleum and Natural Gas (MoP&NG) and the Ministry of Environment, Forestry, and Climate Change (MoEFCC) in India started celebrating World Biofuel Day from 2015 onwards. In India, biofuels like biodiesel, bioethanol, and bio-CNG are increasingly being used.

 

OTHER UPDATES:

DEFENCE

 

1. GoI constitutes a committee to monitor the current situation on Indo-Bangladesh Border: The Government of India has constituted a committee to monitor the current situation on the Indo-Bangladesh Border (IBB). The committee will maintain communication channels with their counterpart authorities in Bangladesh to ensure the safety of Indian citizens and people belonging to minority communities in Bangladesh. The Committee will be headed by ADG, Border Security Force (BSF), Eastern Command and will have IG, BSF Frontier HQ South Bengal, IG, BSF Frontier HQ Tripura, Member (Planning & Development), Land Ports Authority of India (LPAI), and, Secretary, LPAI, as its members.

 

SPORTS 

 

1. Aman Sehrawat breaks Sindhu record to be Youngest Medallist at Olympics: Aman Sehrawat became the youngest Indian to win an Olympic medal after he won a bronze medal in the men’s freestyle 57 kg wrestling event at the Paris Olympics. Aman Sehrawat broke the record of PV Sindhu, who won a silver medal at the 2016 Rio Olympics at the age of 21 years, 1 month, and 14 days. The youngest Indian to win an Olympic Medal is wrestler Aman Sehrawat. He won the medal at the age of 21 years and 24 days.

 

2. Oldest Indian Medal Winner at Summer Olympics: The Oldest Indian to win a medal at the Summer Olympics is Rajyavardhan Singh Rathore. He won a silver medal in the double trap shooting event at the 2004 Athens Olympics at the age of 34 years, 6 months, and 19 days. The Oldest Indian woman to win a medal at the Summer Olympics is boxer Mary Kom. Kom won a bronze medal in the 2012 London Olympics at the age of 29 years, 8 months, and 15 days.

 

3. Flag bearer at the closing ceremony of the Paris Olympics: The Indian Olympic Association (IOA) has also announced that PR Sreejesh, along with Manu Bhaker, will be the flag bearer of the Indian contingent at the closing ceremony of the 2024 Paris Olympics. Sharath Kamal and PV Sindhu were the Indian flag bearers at the opening ceremony of the Paris Olympics.

 

BANKING AND FINANCE

 

1. L& T Finance Achieves NBFC-ICC Status from RBI: L&T Finance Ltd. has officially received its certificate of registration as a Non-Banking Financial Company (Investment and Credit Company) from the Reserve Bank of India (RBI). This transition marks a shift from its previous registration as an NBFC-Core Investment Company (NBFC-CIC), following the merger with its wholly owned subsidiaries, L&T Finance, L&T Infra Credit Ltd., and L&T Mutual Fund Trustee Ltd. The company further stated that this change would not impact its compliance with NBFC-ICC guidelines. L&T Finance Ltd.’s transition to an NBFC-ICC status is a move following its successful merger and consolidation of subsidiaries.

 

2. India’s Reserve Bank of India ranks 12th around the world: Central banks play a crucial role in maintaining economic stability and growth by implementing stable monetary policy and ensuring financial stability. Globally, they have specialised departments dedicated to regulation and supervision, staffed with experts who monitor compliance with established financial laws and regulations. The total wealth of central banks reflects the economic outlook of their respective countries, which is mainly assessed through the central bank’s assets, with the balance sheet acting as a crucial indicator of the nation’s economic health. India’s Reserve Bank of India ranks 12th around the world. The Reserve Bank of India (RBI) balance sheet grew by 11.08% year on year to Rs 70.47 trillion as of March 31, 2024, owing to its liquidity and foreign currency (forex) activities. Based on data compiled by the Sovereign Wealth Fund Institute (SWFI), here are the top 10 wealthiest central banks in the world by total assets:

 

3. Pine Labs-owned Setu partners Axis Bank for UPI-focused payments platform: Pine Labs-owned Setu, an application programming interface (API) infrastructure provider, introduced a Unified Payments Interface (UPI)-focused payments platform for businesses and developers in partnership with Axis Bank. The platform, named UPISetu, supports a wide range of UPI products, from basic QR code payments, UPI Autopay, equated monthly instalments (EMIs), and third-party validation service. It also features functionalities like brand and bank offers, advanced dispute resolution, instant cashback and refunds, all provided via APIs.

 

 

Daily GK Update- 9th Aug, 2024

 NATIONAL UPDATES:

 

1. Government declares Adichunchanagiri in Karnataka and Choolannuar in Kerala as Peacock Sanctuary: Union Minister for Environment, Forest, and Climate Change, Mr. Bhupender Yadav, announced the creation of two new Peacock Sanctuaries in India: Adichunchanagiri in Karnataka and Choolannuar in Kerala. This decision shows the government’s ongoing effort to protect wildlife and the national bird, the peacock. Peacock conservation involves protecting both the Indian blue peacock and the green peafowl. These birds face threats from habitat loss and hunting, so efforts include restoring their habitats and preventing poaching. Peafowl play key roles in ecosystems, such as spreading seeds. The International Union for Conservation of Nature (IUCN) lists the green peafowl as Near Threatened. Local communities are engaged in these conservation efforts, emphasizing the importance of cultural awareness in protecting these birds, which symbolize beauty and grace across cultures.

 

2. National Commission for Women Inaugurates Digital Shakti Center in New Delhi: The National Commission for Women has inaugurated the Digital Shakti Center to combat cyber crimes against women in New Delhi. The centre is a dedicated facility that aims at raising awareness about cyber crimes. It will provide essential technical support for registering and addressing complaints. The commission emphasized that with the alarming rise in cyber crimes such as identity theft, cyberstalking, and sexual exploitation, this initiative is crucial in empowering women to navigate and protect themselves in the digital world. The Digital Shakti Center was inaugurated by the National Commission for Women (NCW) Chairperson Rekha Sharma in collaboration with the Cyber Peace Foundation. Addressing the gathering Ms Sharma noted that there has been a surge in cyber crime cases in India, rising from 52,974 in 2021 to 65,893 in 2022.

 

3. UNICEF, West Bengal govt join hands to promote fathers’ role in encouraging breastfeeding: The West Bengal government and UNICEF have joined hands for promoting the involvement of fathers in encouraging new mothers to breastfeed their babies till six months of age. As part of the initiative, workers at Anganwadis have begun to discuss the benefits of breastfeeding with fathers of the newborn and other family members. According to the state Women, Child Development and Social Welfare Department is actively promoting breastfeeding in the backdrop of the findings that 53 percent of mothers still need to exclusively breastfeed their children for the first six months.

 

4. 9 August – Quit India Movement Day: Every year, on August 9th, India commemorates the Quit India Movement, a pivotal moment in the country’s struggle for independence from the British rule. Launched by Mahatma Gandhi in 1942, the movement called for the British to leave India, marking the beginning of the final phase of the freedom struggle. The Quit India Movement, was marked by widespread non-violent protests advocating for an “orderly British withdrawal” from India. Gandhi’s speeches inspired the masses with his call for Indians to be their own guides in the struggle for freedom. On August 9, 1942, Gandhi issued the famous “Do or Die” exhortation, urging all Indians to expel the British. The movement originated from Gawalia Tank in Mumbai. This day is annually commemorated as August Kranti Day

 

INTERNATIONAL UPDATES:

 

1. India and New Zealand sign customs co-operation arrangement to ease trade between the two countries: President Droupadi Murmu held bilateral talks with Prime Minister Christopher Luxon and Deputy Prime Minister and Foreign Affairs Minister Vinston Peters at Government House in Wellington. Discussions were held on wide range issues including customs co-operation, traditional medicine and renewable energy. India and New Zealand inked the bilateral customs cooperation arrangement which is expected to ease trade between the two countries. New Zealand also ratified the International Solar Alliance paving way for enhanced opportunities for joint research and development in this field. Both the countries also agreed to exchange the best practices in the field of traditional medicine through the Global Centre for traditional medicine in Jamnagar. India and New Zealand acknowledged the progress in bilateral relations and deliberated upon ways of exchanging cooperation in several areas

 

2. Kamel Madouri appointed as the PM of Tunisia: Tunisian President Kais Saied sacked his Prime Minister Ahmed Hachani without explanation and replaced him with Social Affairs Minister Kamel Madouri. Hachani had taken office on August 1 last year, replacing Najla Bouden, who was also dismissed without an official reason by Mr. Saied. The President was democratically elected in 2019 but orchestrated a sweeping power grab in 2021 and is now seeking another term in office in elections on October 6.

 

3. 9 August – International Day of the World’s Indigenous Peoples: The International Day of the World’s Indigenous Peoples is observed annually on August 9. The day is intended to raise awareness about the needs of indigenous peoples. The day also gives Indigenous peoples the opportunity to communicate their thoughts and issues on a worldwide scale. Theme 2024 – Protecting the Rights of Indigenous Peoples in Voluntary Isolation and Initial Contact The United Nations General Assembly (UNGA) declared this special day in 1994, with resolution 49/214. The UN Working Group on Indigenous Populations met for the first time on this date in 1982. The UNGA’s primary goal is to strengthen international cooperation so that Indigenous peoples’ problems can be solved.

 

OTHER UPDATES:

DEFENCE

 

1. Army conducts ‘Parvat Prahaar’ exercise in Ladakh: The Indian Army has conducted a strategic military exercise, ‘Parvat Prahaar’, in Ladakh, focusing on high-altitude warfare and operations.

The ‘Parvat Prahaar’ (Mountain Strike) exercise emphasises mountainous and rugged terrains, such as those found in regions like Eastern Ladakh. It is crucial for maintaining the readiness and effectiveness of the Army in the region, which is close to the India-China border. The exercise, which continues for over a fortnight, involves simulating real-world combat scenarios to train soldiers in the unique challenges posed by such terrains. Various arms of the Army, including infantry, armored, artillery, and support units, are participating in this drill. Different kinds of tanks, artillery guns including K-9 Vajra, air-defense systems, UAVs, and other aviation assets of the Army are showcasing their operability and war preparedness. The Mountain Strike Corps of the Northern Command, which is responsible for operations in this sensitive region along the Line of Actual Control (LAC), is involved in the exercise.

 

SPORTS 

 

1. Neeraj Chopra won Silver at Paris Olympics 2024: Neeraj Chopra has won the Silevr Medal in the men’s javelin throw event with a best throw of 89.45 meters at the Paris Olympics. Following his performance, Chopra became the second male athlete post-independence to win two Olympic medals in an individual event. Pakistan’s Arshad Nadeem won gold with a throw of 92.97 meters, setting a new Olympic record and surpassing Denmark’s Andreas Thorkildsen’s mark from Beijing 2008. Grenada’s Anderson Peters secured bronze with a throw of 88.54 meters.

 

2. India defeats Spain to clinch bronze medal at Paris Olympics: The Indian men’s hockey team led by Harmanpreet Singh won the bronze medal in the 2024 Paris Olympics, beating Spain 2-1. The match to decide the bronze medal was held at the Yves-du-Manoir Stadium in Paris, France. Earlier in the semi-final, India lost to Germany 3-2. This is the second back-to-back bronze medal for the Indian men’s hockey team after their bronze medal at the 2020 Tokyo Olympics. The match against Spain was also the last international match for the veteran Indian goalkeeper PR Sreejesh, who had an outstanding Olympics. Indian captain Harmanpreet Singh scored both goals in the match, and Miralles scored the only goal for Spain. The Indian captain finished the Paris Olympics as the highest goal scorer in the Paris 2024 men’s hockey tournament with ten goals. The bronze medal at the Paris Olympics was the 13th medal won by the Indian men’s hockey team in the Summer Olympics.

 

3. Vinesh Phogat announces retirement from wrestling: Indian wrestler Vinesh Phogat from Haryana has announced her retirement from wrestling a day after she was disqualified from the 50kg category Paris Olympics finals. The seasoned wrestler was disqualified after weighing 100 grams more than the permissible limit in the morning weigh-in ahead of the final.

 

SCIENCE AND TECHNOLOGY

 

1. ISRO to launch Remote Sensing EOS 8 Satellite on 55th Foundation Day: The Indian Space Research Organisation (ISRO) will launch its Earth Observation Satellite-08 (EOS-08) on 15 August 2024, its 55th foundation day. The EOS-08 satellite will be launched by ISRO’s Small Satellite Launch Vehicle (SSLV)-D3. Here, D stands for Developmental. The satellite will be launched from Satish Dhawan Space Centre (SDSC) in Sriharikota, Andhra Pradesh.

 

BANKING AND FINANCE

 

1. RBI keeps repo rate unchanged at 6.5% for 9th time in a row: The Reserve Bank of India has decided to keep the policy repo rate unchanged at 6.50 per cent for the ninth time in a row. Consequently, the standing deposit facility (SDF) rate remains at 6.25 percent and the marginal standing facility (MSF) rate and the Bank Rate at 6.75 per cent. The Monetary Policy Committee, MPC, also decided by a majority of 4 out of 6 members to remain focused on withdrawal of accommodation to ensure that inflation progressively aligns with the target, while supporting growth. These decisions are in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4 per cent within a band of plus or minus 2 percent, while supporting growth. The next meeting is scheduled for October 7 to 9, 2024. RBI has not changed its forecast for the Indian economic growth rate for the financial year 2024-25 and expects the Indian GDP to grow by 7.2%

 

2. Limit for tax payments via UPI to increase from ₹1 lakh to ₹5 lakh: RBI: The Reserve Bank of India (RBI) has proposed raising the upper limit for tax payments through the Unified Payments Interface (UPI) from Rs 1 lakh to Rs 5 lakh per transaction. Currently, the transaction limit for UPI is Rs 1 lakh except for certain categories of payments which have higher transaction limits. It has now been decided to enhance the limit for tax payments through UPI from Rs 1 lakh to Rs 5 lakh per transaction. This will further ease tax payments by consumers through UPI. The decision was made during the 50th meeting of the Monetary Policy Committee (MPC) held on 8 August. The increased limit is expected to offer greater convenience to taxpayers, particularly for high-value transactions, potentially encouraging more taxpayers to use UPI for their tax liabilities.

 

Daily GK Update- 8th Aug, 2024

 NATIONAL UPDATES:

 

1. Gati Shakti Vishwavidyalaya in collaboration with Airbus begins its first executive training program for aviation sector: Gati Shakti Vishwavidyalaya in collaboration with Airbus has started its first executive training program for the aviation sector in New Delhi. This three-day program, will be focused on Safety Management Systems for working professionals. The program attracts participants from leading airlines as well as representatives from Airbus and the Ministry of Civil Aviation. This course is also being attended by international professionals, including four participants from Nepal and four from Bhutan. The instructors for the program are leading experts from the industry.

 

2. Microsoft regains top spot as best employer to work for in India: Randstad: Microsoft has emerged as India’s most ‘attractive employer brand,’ according to the findings of Randstad Employer Brand Research (REBR) 2024. Tata Consultancy Services climbed the rankings this year to emerge as the runner-up, followed by Amazon, which occupied the third spot. Drawing insights from 3,507 respondents in the country, the report reveals that work-life balance, equity, and attractive salary & benefits, are the three most important drivers for the Indian workforce when choosing an employer. Tata Power Company, which was the top brand last year, slipped to fourth rank this year. Another Tata brand, Tata Motors stood fifth. All the top five most attractive companies to work for received high ratings for their financial health and good reputation.

 

3. Government appoints Harish Dudani as Member in Central Electricity Regulatory Commission: Harish Dudani has been administered Oath of Office and Secrecy by the Hon’ble Minister for Power as Member, Central Electricity Regulatory Commission (CERC). CERC was established by the Government of India under the provisions of the Electricity Regulatory Commissions Act, of 1998. CERC is the Central Commission for the Electricity Act, 2003. Which has repealed the ERC Act, of 1998. Harish Dudani held the post of Principal Judge, Family Court, in the High Court of Delhi. Before this, he held the charge of District Judge (Commercial Court), Additional Session Judge, and Special Judge (PC Act) CBI in the High Court of Delhi.

 

4. Amit Singh Negi appointed Additional Secretary in PM’s Office: Senior IAS officer Amit Singh Negi has been appointed additional secretary in the PMO as part of a major top-level reshuffle effected by the Centre. A 1999-batch Indian Administrative Service (IAS) officer of the Uttarakhand cadre, Mr Negi is currently joint secretary in the Department of Expenditure under the Union Ministry of Finance. Samir Ashwin Vakil, a 1998-batch Indian Revenue Service (Income Tax) officer, has been appointed director in the Serious Fraud Investigation Office (SFIO) under the Union Ministry of Corporate Affairs for a tenure of five years. Maneesh Garg, Sanjay Kumar and Ajeet Kumar have been appointed deputy election commissioners in the Election Commission of India.

 

5. Challa Sreenivasulu Setty appointed Chairman of SBI: The Appointments Committee of the Cabinet (ACC) has approved a proposal to appoint Challa Sreenivasulu Setty as Chairman of State Bank of India (SBI), the country’s largest commercial bank, for a three-year term. Setty will be succeeding current chairman Dinesh Khara, whose term ends on August 28 as he will be turning 63, the upper age limit for the SBI’s chairman position. Before this elevation as Chairman, Setty was the SBI Managing Director heading Global Markets & Technology. In June this year, the Financial Services Institutions Bureau (FSIB) recommended the name of Challa Sreenivasulu Setty for being appointed SBI Chairman.

 

6. DBS Bank CEO Piyush Gupta to step down in Mar 2025; Tan Su Shan to take over: Piyush Gupta, the Indian origin Chief Executive of Singapore’s largest bank DBS Group, will step down in March 2025. He will be succeeded by Tan Su Shan, who was appointed as deputy CEO, in addition to her current role as the group head of institutional banking. Gupta, who took the top position in DBS in 2009 after spending 27 years at Citigroup, was awarded the Public Service Star by Singapore’s President in 2020. During his tenure, DBS was recognized for its use of technology and named the “World’s Best Bank” by publications such as Euromoney and Global Finance.

 

7. Kailashnathan Sworn in as 25th Lieutenant Governor of Puducherry: Kailashnathan took the oath as the 25th Lieutenant Governor of Puducherry. The oath was administered by the Acting Chief Justice of the Madras High Court, D. Krishnakumar. Kailashnathan, a retired Gujarat cadre IAS officer, is the first full-time Lt. Governor of Puducherry since Kiran Bedi left in 2021.

 

8. 7 August – National Handloom Day: National Handloom Day is celebrated every year on 7 August to honour the nation’s handloom weavers and to shed spotlight on India’s handloom industry. Notably, this is the 10th Handloom Day in India. The first Handloom Day was celebrated in 2015 by Prime Minister Narendra Modi in Chennai. Now, it is celebrated across the country with a variety of events and activities. The origin of National Handloom Day has its roots back in the Swadeshi Movement of 1905. The objective of the movement was to boycott British goods in favour of Indian-made products. Notably, handloom textiles were one of the essential products that were widely promoted during this time. all States/UTs.

 

INTERNATIONAL UPDATES:

 

1. Purandar Highlands exports India’s first GI-tagged fig juice to Poland: Purandar Highlands Farmers Producer Company Ltd has achieved a significant milestone by exporting India’s first GI-tagged fig juice to Poland. This follows the successful export of India’s first commercial consignment of GI-tagged Purandar figs to Hong Kong in February 2023. Purandar Highlands has become the first company to export Indian fig juice to the European market and the first to export commercial quantities of Purandar figs to Hong Kong. The successful export to Poland and Hong Kong has generated interest in these products, indicating a promising global market for Indian figs and fig-based products.

2. India to host World Telecommunication Standardization Assembly 2024 in New Delhi: India will host the World Telecommunication Standardization Assembly (WTSA) 2024 from October 15 to 24 at Bharat Mandapam in New Delhi. The event will be preceded by the Global Standards Symposium (GSS) on October 14, as announced by the Department of Telecommunications (DoT). The theme for GSS-24 is “Charting the Next Digital Wave: Emerging Technologies, Innovation, and International Standards.” Organized by the International Telecommunication Union (ITU), WTSA occurs every four years to “define the work program, working methods, and structure of study groups” for ITU’s Telecommunication Standardization Sector (ITU-T). The assembly is expected to bring together 1,800 to 2,000 delegates from 193 member countries, global standardization bodies, and the telecom/ICT industry.

 

3. Muhammad Yunus appointed head of Bangladesh’s interim government: Nobel laureate Muhammad Yunus has been appointed as the head of Bangladesh’s interim government. Bangladesh President’s Press Secretary Joynal Abedin made the announcement. The decision to appoint Bangladesh’s interim government head was made during a meeting between President Shahabuddin and the coordinators of the Anti-Discrimination Student Movement. A day after Sheikh Hasina resigned as Prime Minister of Bangladesh and left the country, President Mohammed Shahabuddin announced the dissolution of the country’s parliament to make way for the formation of an interim administration.

 

OTHER UPDATES:

 

SPORTS 

 

1. Vinesh Phogat Disqualified Over Weight Issues Before Match: Weight cutting is when athletes lose a lot of weight quickly to meet weigh-in requirements. This often involves methods like sweating a lot and not eating. Athletes might quickly regain weight after the weigh-in to have an advantage during the competition. Weight cutting can be dangerous. It can lead to dehydration and heart problems, and there have been life-threatening incidents. Both the physical and mental health impacts can be severe.

 

SCIENCE AND TECHNOLOGY

 

2. New Plant Species Ceropegia Shivrayiana Discovered at Vishalgad: In August 2024, another species of Ceropegia was found at the same location, showing the area’s rich variety of plants. Dr. Kamble, an expert on Ceropegia, confirmed that this new plant could be a distinct species after further study. The discovery of Ceropegia shivrayiana highlights the biodiversity of Vishalgad Fort and the need to protect such ecologically rich areas.

 

 

 

BANKING AND FINANCE

 

1. SBI approves Rs 25,000 crore fundraising plan via issue of Tier 1 and Tier 2 bonds: The board of India’s largest public sector lender State Bank of India approved a proposal for raising funds of up to Rs 25,000 crore via the issue of Tier 1 and Tier 2 bonds. The bonds will be Basel-lll compliant and SBI plans to raise the amount in INR/USD. The fundraising plan was announced by SBI along with its April-June quarter earnings where the lender reported a standalone net profit of Rs 17,035 crore, up by 0.9% over Rs 16,884.29 crore reported in the year-ago period. It was higher than the Street’s estimates of Rs 16,786 crore. The interest earned during the reported quarter stood at Rs 1,11,526 crore, which was higher by 16% versus Rs 95,975 crore reported in the corresponding quarter of the last financial year. Interest expended by the bank in the April-June quarter stood at Rs 70,401 crore versus 57,041 crore a year ago. This translates into a 23% YoY uptick.

 

2. IFC, ADB, DEG consortium to invest $275 mn in Fourth Partner Energy: Global investors International Finance Corporation (IFC), the Asian Development Bank (ADB), and Deutsche Investitions (DEG) have invested $275 million in Hyderabad-based renewable energy solutions platform Fourth Partner Energy Ltd (FPEL). The consortium’s investment will infuse capital to fund FPEL’s business expansion plans which include a target portfolio of 3.5 GW of renewable energy assets by 2026. FPEL has an installed base of 1.5 GW of green assets and is set to commission the first phase of its maiden 575 MW wind solar hybrid project under the ISTS (Inter State Transmission System) route, in Karnataka, later this quarter. World Bank’s International Finance Corporation (IFC) is leading the consortium with an investment of $ 125 million, while Asian Development Bank (ADB) is infusing $ 100 million and Germany’s Deutsche Investitions- und Entwicklungsgesellschaft (DEG) is at $ 50 million to complete this round of fundraising.

 

3. Chola MS General Insurance forges strategic partnership with Mahindra Finance: Chola MS General Insurance Company, a joint venture between the Murugappa Group and Mitsui Sumitomo Insurance Company Limited of Japan, has partnered with Mahindra Finance, one of India’s leading Non-Banking Finance Companies. This collaboration will provide motor and other non-life insurance solutions to over 10 million customers of Mahindra Finance. Leveraging Mahindra Finance’s extensive distribution network across India, Chola MS plans to enrich its general insurance offerings with customized digital solutions. These customer-centric solutions are designed to provide long-term financial protection to customers and their families. Both organizations are committed to delivering excellence through innovation and consistency catering to the diverse needs of the customers.

 

AWARDS AND HONOURS

 

1. Rashtriya Vigyan Puraskar Awards 2024: The Indian government has brought back the Rashtriya Vigyan Puraskar, marking the first national awards for scientists since their number was reduced in 2022. On August 7, 2024, it was announced that thirty-three awards would be given out on August 23, which is also National Space Day. This date celebrates the successful Chandrayaan-3 moon landing.

 

Daily GK Update- 7th Aug, 2024

 NATIONAL UPDATES:

 

1. MoSPI launches e-Sankhyiki Portal to Revolutionize Data Management: The Ministry of Statistics and Programme Implementation (MoSPI) has launched the e-Sankhyiki portal, marking a significant advancement in data management and dissemination in India. This initiative aims to streamline the sharing of official statistics through a comprehensive system designed to enhance ease of access and analysis. The e-Sankhyiki portal is designed with two key modules- the Data Catalogue and Macro Indicators. The Data Catalogue Module offers a detailed listing of the major data assets of the Ministry, providing users with the ability to search and download data effortlessly. Meanwhile, the Macro Indicators module provides time series data of macroeconomic indicators of four key products of the Ministry. This module is equipped with features for filtering and visualizing data, along with metadata to aid in comprehensive data analysis.

 

2. IPO-bound Swiggy appoints Sairam Krishnamurthy as COO of Instamart: IPO-bound Swiggy has appointed Sairam Krishnamurthy as senior vice-president and chief operating officer of its quick commerce vertical Swiggy Instamart. In this new role, he will oversee Swiggy Instamart’s operating units, which include dark store operations, infrastructure operations, city growth and expansion. With over 18 years of experience in leadership roles in the retail and FMCG sectors, he joins Swiggy Instamart as its first COO. Prior to joining Swiggy, Krishnamurthy spent over three-and-a-half years at More Retail, an Amazon company (through a joint venture with Samara Capital) that runs a chain of offline retail stores.

 

3. 7 August – National Javelin Day: National Javelin Day is observed every year on 7 August. The Athletics Federation of India, the governing body for athletics in the country, designated this date to honour Neeraj Chopra’s historic gold medal win in the javelin throw at the Tokyo Olympics. This celebration recognises his achievement and promotes the sport of javelin throwing across the nation. On August 7, 2021, Neeraj Chopra made history by throwing the javelin 87.58 meters in the men’s Javelin Throw final at the Tokyo Olympics, securing the gold medal. This victory marked India’s first-ever gold medal in track and field events at the Olympics. With this achievement, Chopra also became the second individual gold medallist from India, following Abhinav Bindra’s gold medal in shooting at the 2008 Beijing Games.

 

INTERNATIONAL UPDATES:

 

1. RIL top-ranked Indian Company on the 2024 Fortune Global 500 List: Reliance Industries Limited (RIL) maintained its status as the top-ranked Indian company in the 2024 Fortune Global 500 list. Nine Indian companies were included in the 2024 list, with RIL improving its rank from 86 to 88. Only eight Indian companies were included in the list in 2023, and HDFC Bank was included for the first time this year. Companies are ranked on the Fortune Global 500 by total revenues for their respective fiscal years ending on or before March 31, 2024. American company Walmart retained its top position on the list for the 11th consecutive year. Saudi Arabian company Aramco remained the most profitable global company.

 

2. Who is Muhammad Yunus, Chief Adviser to Bangladesh Interim Government?: Muhammad Yunus, who won the Nobel Peace Prize in 2006, has been appointed as the chief adviser to Bangladesh’s interim government. This happened after Prime Minister Sheikh Hasina resigned due to growing protests. The announcement was made by Army Chief Waker-uz-Zaman and is related to widespread unrest over government job quotas.

 

3. Bangladesh’s Leadership Transition Poses Risks to India Relations: Since Sheikh Hasina became Prime Minister of Bangladesh in 2009, the country has built a strong relationship with India. This partnership is based on working together against terrorism and sharing economic and cultural interests. However, leadership changes could threaten this relationship, potentially affecting trade, travel, and a planned Free Trade Agreement (FTA).

 

OTHER UPDATES:

DEFENCE

 

1. Lieutenant General Vikas Lakhera takes over as 22nd DG of Assam Rifles: Lieutenant General Vikas Lakhera took over as the 22nd Director General of the Assam Rifles known by the sobriquet of “Sentinels of the North-East”. He has varied and rich professional experience of Assam Rifles and the North East region, having served extensively in North East including being Inspector General in Assam Rifles at Nagaland. The General Officer was commissioned from Indian Military Academy into 4 SIKH LI 1990, the Unit which he subsequently commanded in lower Assam under the Red Horn Division.

 

2. India Conducts Large-Scale Military Exercise in Eastern Ladakh: The Indian Army has stationed a large number of heavily armored units close to the border. This includes T90 and T72 main battle tanks, which are powerful vehicles designed for combat. They also have K9 Vajra self-propelled artillery guns, which are mobile and can fire long distances, and different missile systems. One important missile system they are using is the BrahMos supersonic cruise missile. This missile is very fast and can travel at high speeds, making it effective for both defense and attack. By deploying these advanced weapons and equipment, the Indian Army aims to enhance its ability to both defend itself and launch attacks if needed.

 

SPORTS 

 

1. Indian Wrestler Vinesh Phogat disqualified from Paris Olympics: Vinesh Phogat was disqualified from the women’s 50kg wrestling final at the Paris Olympics. The 29-year-old was found ineligible to compete on the second day as she was found 100 gram overweight during the weigh-in on the day of the final. Unfortunately, Vinesh Phogat will not win any medal at the Paris Olympics, if the disqualification stays. Vinesh Phogat was in the 50kg permissible limit. She stunned World No. 1 Yui Susaki, Japan, in the opening round before working her way through in the quarter-final and the semi-final to become the first-ever Indian woman to reach the Olympic wrestling final.

 

2. Sable becomes 1st Indian man to qualify for 3000m steeplechase final: Avinash Sable became the first Indian man to qualify for the 3000m steeplechase final after finishing fifth in his heat. But quartermiler Kiran Pahal failed to book an automatic semi-final berth in women’s 400m following a seventh-place finish in her heat at the Paris Olympics. Sable, easily the most decorated track and field athlete after Neeraj Chopra in the current contingent, timed 8:15.43 minutes to finish fifth in the second heat to make it to the final round. However, Sable’s heat timing was well below his best effort of 8:09.91 minutes, which he had clocked at the Paris Diamond League last month. Sable’s heat was won by Morocco’s Mohamed Tindouft with a timing of 8:10.62 minutes, while Samuel Firewu of Ethiopia with 8:11.61 minutes came second.

Abraham Kibiwot of Kenya (8:12.02 minutes) was third, while Ryuji Miura of Japan came fourth. He clocked 8:12.41 minutes.

 

3. Noah Lyles wins Men’s 100-Meter Gold in Paris: USA’s Noah Lyles edged past Jamaican Kishane Thompson to win his first Olympic gold medal in a lifetime-best 9.784 seconds. Lyles crossed the finish line just five-thousandths of a second ahead of Thompson, who posted a time of 9.789. The result wasn’t clear until nearly 30 seconds after the end of the race, as the competitors waited nervously for the details of their photo finish. Noah Lyles was a gold medalist. Thompson took silver, and American Fred Kerley claimed bronze, Kerley’s second career Olympic medal in the 100m.

 

BANKING AND FINANCE

 

1. Google Pay, PhonePe, Amazon Pay, Cred, MobiKwik seek entry into RBI’s eRupee pilot program: Five prominent payment companies, including Google Pay, Walmart-backed PhonePe, and Amazon Pay, have applied to join the Reserve Bank of India’s (RBI) pilot program for the eRupee, India’s central bank digital currency (CBDC). Fintech firms Cred and Mobikwik have also submitted applications. The RBI launched the eRupee pilot in December 2022, but transaction volumes have declined significantly since an initial surge, reflecting the challenges central banks worldwide face in popularizing digital currencies. Initially, the RBI restricted eRupee transactions to banks’ mobile applications. However, in April, the central bank opened the door for payment companies to participate in the pilot, pending approval. The five payment firms are now working closely with the RBI and the National Payments Corporation of India (NPCI) to integrate eRupee functionality into their platforms. They are expected to roll out access over the next three to four months.

 

2. Deloitte India predicts economic growth between 7% and 7.2% in FY25: Deloitte’s India Economic Outlook for August 2024 predicts strong economic growth between 7.0% and 7.2% in FY25, driven by robust economic fundamentals, surpassing the Economic Survey’s prediction, but aligning with the Reserve Bank of India’s outlook. According to the outlook, despite modest private consumption due to various factors, there is a noticeable shift towards non-food and discretionary spending. Rural spending preferences offer significant growth opportunities for businesses. According to Deloitte research, India is witnessing distinct and broad-based shifts in the consumption patterns.

 

3. Capital SFB and Edelweiss Life Insurance enter into bancassurance tie-up: Capital Small Finance Bank Limited (CSFB), and Edelweiss Life Insurance have entered into a bancassurance tie-up. This strategic partnership will enable CSFB’s customer base to access Edelweiss Life Insurance’s life insurance products suite, thereby meeting their need for financial security. The arrangement aims to enhance the CSFB’s life insurance offerings by providing its customers with access to Edelweiss Life’s digital platform and service touchpoints. CSFB has 177 branches and with this tie-up, all products of Edelweiss Life will be available to bank’s customers at these branches.

 

4. LIC launches 4 new term life insurance plans: Life Insurance Corporation of India (LIC) has launched new term life insurance plans for providing term insurance and safety net against loan repayments – LIC’s Yuva Term, LIC’s Digi Term, LIC’s Yuva Credit Life, LIC’s Digi Credit Life. The plans are available online and offline. LIC’s Yuva Term is available offline through our intermediaries and LIC’s Digi Term is available online only through our website. The purpose of these products is to cater to youngsters who wish to take Term insurance in initial stages of life and give them a wider choice to buy offline or online. LIC’s Yuva Credit Life/ Digi Credit Life is a non-par, non-linked, Life, individual, pure risk plan. It is a pure decreasing term assurance plan wherein the death benefit will reduce over the term of the policy.

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