Daily GK Update- 2nd Sept, 2024

 NATIONAL UPDATES:

 

1. Railtel, SJVN, NHPC bag ‘Navratna’ status from FinMin: The Ministry of Finance upgraded four public-sector enterprises, SJVN, Solar Energy Corporation, NHPC and RailTel Corporation of India, to the ‘Navratna’ status on August 30. PSUs are given a status, from Maharatna companies, to Navratna companies and Miniratna companies. Navratna status is awarded to government-owned companies that were previously classified under ‘miniratna’ category I, recognizing their strong financial and market performance. Navratna companies can invest up to Rs 1,000 crore without prior government approval. Navratna PSUs also can allocate around 15 percent to a specific project or 30 percent of their net worth over an entire year, as long as it is under the Rs 1,000 crore limit.

 

2. PM inaugurates National Conference of District Judiciary in New Delhi: The Prime Minister, Narendra Modi has inaugurated the National Conference of District Judiciary at Bharat Mandapam in New Delhi. The Prime Minister also unveiled the stamp and coin commemorating 75 years of the establishment of the Supreme Court of India. The two-day Conference, organized by the Supreme Court of India, hosts five working sessions to deliberate and discuss the issues related to the District Judiciary such as Infrastructure and Human Resources, Inclusive Courtrooms for all, Judicial Security and Judicial Wellness, Case Management and Judicial Training. India on the occasion and also conveyed his best wishes to those taking part in the National Conference of District Judiciary.

 

3. PM Modi lays foundation stone of Vadhvan Port in Palghar: PM Narendra Modi laid the foundation stone of Vadhvan Port in the Palghar district of Maharashtra. He also inaugurated various fisheries projects and distributed transponders and Kisan Credit Cards to fishermen. The cost of this project is around 76,000 crore rupees. It aims to establish a world-class maritime gateway that will boost the country’s trade and economic growth by catering to large container vessels, offering deeper drafts, and accommodating ultra-large cargo ships. Vadhvan Port, located near Dahanu town in Palghar district, will be one of India’s largest deep-water ports and will provide direct connectivity to international shipping routes, reducing transit times and costs.

 

4. Visa and the Tourism & Hospitality Skill Council inked a 3-year partnership of up to $1 million USD: The Tourism & Hospitality Skill Council (THSC) under the aegis of Ministry of Skill Development and Entrepreneurship, has signed a Memorandum of Understanding with Visa (NYSE: V), a global leader in digital payments, for a three-year partnership valued at up to $1 million USD. This initiative, designed to up skill at least 20,000 Indian youth in tourism-relevant skills, was formalized in the presence of Shri Jayant Chaudhary, Minister of State (Independent Charge), Ministry of Skill Development & Entrepreneurship (MSDE) and Minister of State, Ministry of Education Government of India. The partnership, which builds upon Visa’s ongoing collaboration with the Ministry of Tourism, aims to train youth across 10 States, including Assam, Gujarat, Himachal Pradesh, and West Bengal to elevate the tourism service experience for tourists.

 

5. TV Somanathan takes over as Cabinet Secretary: T V Somanathan took over as Cabinet Secretary following the superannuation of Rajiv Gauba. TV Somanathan is the 33rd cabinet secretary of the government of India. Gauba had been Cabinet Secretary since 2019 and completed an unprecedented five-year term. Until recently the Finance Secretary, Somanathan was named Cabinet Secretary on August 10 with a two-year tenure. A 1987-batch IAS officer of the Tamil Nadu cadre, Somanathan is a qualified chartered accountant, cost accountant and company secretary. He has held important assignments at the Centre, including as Joint Secretary and later as Additional Secretary in the Prime Minister’s Office.

 

INTERNATIONAL UPDATES:

 

1. 5th Global Fintech Fest held in Mumbai: The 5th Global Fintech Fest was held in Mumbai, Maharashtra. The festival, which started in 2021, aims to establish itself as the premier global conference for the global fintech ecosystem, promote collaboration, and influence the future of the Fintech industry. PM Narendra Modi addressed the 5th Global Fintech Festival. Reserve Bank Governor Shaktikanta Das and Chairman of Global Fintech Fest (GFF) Kris Gopalakrishnan were also present at the occasion. The Global Fintech Fest is organized by the National Payment Corporation of India (NPCI), the Payment Council of India and the Fintech Convergence Council.

The Fintech Convergence Council was established in 2018 and represents the various regulated financial service providers and fintech companies.

 

2. Iran Village May Record World’s Highest Heat Index: On August 28, 2024, a village on Iran’s southern coast may have experienced an extremely high heat index of 82.2°C, the highest ever recorded on Earth. Dayrestan Airport reported this, and it has raised serious concerns among meteorologists. An official investigation is currently underway to confirm whether these readings are accurate. On August 28, the temperature in this area was recorded at 38.9°C (102°F), and the humidity level was 85%. High humidity like this makes the air feel much hotter than the actual temperature because it prevents the body from cooling down effectively through sweating.

 

OTHER UPDATES:

DEFENCE

 

1. Indian Army launches Project NAMAN to Support Veterans & Families: The Indian Army launched the first phase of Project NAMAN, which is designed to provide dedicated support and services to Defence pensioners, veterans, and their families. The importance of the project in ensuring that veterans and their families receive the care and support they deserve. In the first phase of Project NAMAN, 14 Common Services Centres have been established at key locations across India, including New Delhi, Jalandhar, Leh, Dehradun, Lucknow, Jodhpur, Bengdubi, Gorakhpur, Jhansi, Secunderabad, Saugor, Guntur, Ahmedabad, and Bangalore. The project is set to expand significantly and aims to establish approximately 200 centres nationwide over the next 2 to 3 years.

 

2. 3rd Edition of India-U.S. Defence Acceleration Ecosystem (INDUS-X): The INDUS-X Summit is a major event where leaders from India and the United States come together to talk about new ideas and technologies in the defense sector. The third edition of this summit is set to take place on September 9-10, 2024, at Stanford University in California. The goal of the summit is to strengthen the collaboration between the U.S. and India, especially in defense innovation.

 

SPORTS 

 

1. Indian shooter Rubina Francis won bronze in women’s 10-meter air pistol SH1 final at Paralympic Games: In the Paris Paralympic Games, Indian shooter Rubina Francis won bronze in the women’s 10-meter air pistol SH1 final qualification round. Rubina secured India’s fourth medal in shooting at the 17th Summer Paralympic Games. The 25-year-old shooter from Madhya Pradesh scored a total of 211.1 to finish third in the final. On the other hand, Manish Narwal secured a silver medal in the men’s 10-meter air pistol SH1 with a score of 234.9.

 

SCIENCE AND TECHNOLOGY

 

1. Reliance Jio Introduces Jio Brain AI Jio Suit: Brain is a comprehensive set of AI tools developed to enhance efficiency and engagement within Reliance and its various businesses. The goal is to integrate AI technology throughout the company’s operations to make better decisions and understand customers more deeply. Reliance plans to build large, AI-capable data centers in Jamnagar, Gujarat. These centers will use green energy, showing Reliance’s dedication to environmentally friendly practices.

 

BANKING AND FINANCE

 

1. Mastercard launches Global Payment Passkey Service in India: US-based multinational payment card services corporation Mastercard has launched its Payment Passkey Service, with plans to first introduce it to India. It Payment Passkey Service, marking a significant step forward in secure online transactions. Unveiled at the Global Fintech Fest in Mumbai, this innovative service aims to make online shopping more secure and convenient, with India chosen as the debut market for its pilot program. The pilot will involve some of the nation’s leading payment players, including aggregators like Juspay, Razorpay, and PayU, major online merchants like BigBasket, and top financial institutions like Axis Bank. The Payment Passkey Service is designed to address the growing threat of online fraud, which has seen a nearly 300% increase in India over the past two years, according to the Reserve Bank of India.

2. Razorpay unveils Groundbreaking Payment Solutions at GFF 2024: A leader in the fintech industry, Razorpay has launched a series of innovative products and enhancements at the Global Fintech Fest (GFF) 2024 aimed at transforming the payments ecosystem. With a focus on accessibility, inclusivity, and the future of financial transactions, Razorpay continues pushing the boundaries of what’s possible in fintech. Razorpay, in collaboration with Mastercard, has launched India’s first Biometric Authentication system, revolutionizing the checkout process by eliminating the need for OTPs. This advanced system leverages passkey protocols to enhance security and convenience, resulting in a 4% increase in transaction success rates and a 35% reduction in OTP-related errors. This innovation is poised to boost conversion rates for merchants, providing a seamless payment experience for customers.

 

3. RBI imposes Rs 2.68 crore penalty on UCO Bank: Reserve Bank of India (RBI) has imposed a penalty of Rs 2.68 crore on UCO Bank for contravention of certain provisions, including on opening of current accounts, interest rate on deposits and frauds classification. The RBI has also imposed a penalty of Rs 2.1 lakh on Cent Bank Home Finance Ltd for non-compliance with certain provisions of KYC directions. In both cases, penalties are based on regulatory compliance and are not intended to pronounce upon the validity of any transaction or agreement entered into by the entities with their customers.

 

4. Indian Oil and RBL Bank launch co-branded credit card: India’s energy major, Indian Oil Corporation Limited (IOCL) has launched a co-branded credit card XTRA in partnership with RBL Bank in Global Fintech Fest (GFF), Mumbai this strategic collaboration aims to provide cardholders with attractive rewards and benefits, enabling them to earn upto 250 litres of free petrol annually. RBL Bank is one of India’s leading private sector banks with an expanding presence across the country. The Bank offers specialized services under five business verticals namely: Corporate Banking, Commercial Banking, Branch Banking & Retail Liabilities, Retail Assets and Treasury & Financial Markets Operations.

 

5. ESAF Small Finance Bank to expand Dabba Savings Accounts campaign: ESAF Small Finance Bank is planning to expand its newly introduced Dabba Savings Accounts campaign across the country. The campaign aims to promote financial inclusion as part of the UN Sustainable Development Goals and the government’s push to bring the unbanked into the formal banking fold. The campaign caters to women in economically backward areas who do not have bank accounts due to fear of banking procedures or lack of accessibility. It is designed to address the financial needs of micro banking customers to promote micro savings accounts, which play a crucial role in fostering a culture of savings among the micro banking community. This scheme is a powerful tool to bring women from economically weaker sections and backward areas into the formal banking system.

 

 

 

 

AWARDS AND HONOURS

 

1. Kerala tourism presented PATA gold award 2024: Kerala Tourism was presented the globally acclaimed Pacific Asia Travel Association (PATA) Gold Award 2024 for its online contest ‘Holiday Heist’ in the Digital Marketing Campaign category, at a function in Bangkok. Tourism Director Sikha Surendran received the award at a function held during PATA Travel Mart 2024, at Queen Sirikit National Convention Centre (QSNCC) in the Thailand capital. The award was presented by Peter Semone, PATA Chair in the presence of Maria Helena de Senna Fernandes, Director, Macao Government Tourism Office and Noor Ahmad Hamid, PATA CEO. Kerala Tourism was the only destination from India to bag the PATA Gold award this year. ‘Holiday Heist’, the month-long ground-breaking campaign was launched in July 2023 to woo tourists through an engaging and thrilling bidding game on the Tourism department’s WhatsApp chatbot Maya.

 

Daily GK Update- 1st Sept, 2024

 NATIONAL UPDATES:

 

1. Union Cabinet approved ‘Agriculture Infrastructure Fund’ for progressive expansion: The Union Cabinet chaired by Prime Minister, Narendra Modi approved the progressive expansion in the Central Sector Scheme of financing facility under ‘Agriculture Infrastructure Fund’ to make it more attractive, impactful, and inclusive. The government has announced a series of measures to expand the scope of Agricultural Infrastructure Fund (AIF) scheme. These initiatives aim to expand the scope of eligible projects and integrate additional supportive measures to foster a robust agricultural infrastructure ecosystem. Since its launch by the Prime Minister in 2020, AIF has been instrumental in supporting the creation of 6623 warehouses, 688 cold stores, and 21 silos projects, resulting in additional storage capacity of about 500 LMT in the country. This includes 465 LMT of dry storage and 35 LMT of cold storage capacity. In addition, infrastructure projects sanctioned under AIF have helped in generating more than 8.19 Lakh rural employment opportunities in the agriculture sector.

 

2. Union Cabinet approves rolling out Private FM Radio to 234 uncovered new cities & towns: Prime Minister Narendra Modi-led Union Cabinet has approved a proposal for e-auctions to set up 730 channels in 234 new cities across the country with an estimated reserve price of ₹784.87 crore, as part of the initiative to expand the reach of private FM Radio channels. The Cabinet decision on the rollout of private FM Radio to 234 cities and towns will enhance access to diverse and local content, thus encouraging creativity and encouraging local languages as well as cultures. Many of these cities and towns are located in aspirational districts and areas affected by Left-Wing Extremism. A maximum of 100 channels are to be provided in 32 cities/towns of Uttar Pradesh, followed by 68 across 22 cities/towns of Andhra Pradesh, 61 in 20 cities/towns of Madhya Pradesh, and 59 in 19 cities/towns of Rajasthan. While 57 channels will be made available in Bihar, 53 channels have been proposed for Karnataka’s 16 cities/towns, 42 in West Bengal, 36 in Maharashtra, 33 in Tamil Nadu, 31 in Telangana, 28 in Punjab, 24 in Gujarat, 27 in Haryana and 19 in Jharkhand.

 

3. Cabinet approves 12 Industrial nodes/cities under NICD Programme: The Cabinet Committee on Economic Affairs chaired by Prime Minister Narendra Modi has approved 12 new greenfield industrial smart cities under the National Industrial Corridor Development Programme (NICDP) to transform the country’s industrial landscape. The combined estimated investment in these industrial areas will be 28,602 crore rupees. These projects will create ten lakh direct and up to 30 lakh indirect jobs. The projects span across ten states and are strategically planned along six major corridors. These are Khurpia in Uttrakhand, Gaya in Bihar, Rajpura-Patiala in Punjab, Zaheerabad in Telangana, Dighi in Maharashtra, Orvakal and Kopparthy in Andhra Pradesh, Palakkad in Kerela, Jodhpur-Pali in Rajasthan, and Agra and Prayagraj in Uttar Pradesh.

 

4. Sports Minister launches ‘Retired Sportsperson Empowerment Training’ (RESET) Programme: Union Minister of Youth Affairs and Sports Dr. Mansukh Mandaviya has launched the “Retired Sportsperson Empowerment Training” (RESET) Programme on the occasion of National Sports Day in New Delhi. RESET Programme is aimed at empowering retired sportspersons who have played for the country and brought immense laurels to the nation. The programme will support retired athletes on their career development journey by empowering them with the necessary knowledge and skills and making them more employable. The RESET programme will bridge the gap between generations, allowing the unique skills of our retired athletes to benefit the new generation of aspiring athletes. The applications will be invited through a dedicated portal. Initially, the programmes will be of two levels based on educational qualifications of Class 12th and above and Class 11th and below.

 

5. Gautam Adani replaces Mukesh Ambani as the richest Indian on Hurun list: With a wealth of Rs 11.6 lakh crore, Gautam Adani replaced Mukesh Ambani and clinched the no.1 spot in the 2024 Hurun India rich list. The report says India minted a new billionaire every 5 days last year. Wealth calculations are a snapshot as of 31st July 2024. India is emerging as Asia’s wealth creation engine! While China saw a 25% decline in its number of billionaires, India experienced a 29% increase, reaching a record 334 billionaires. Mukesh Ambani has taken the second top spot in the 2024 Hurun India Rich List, with a wealth of Rs 1,014,700 crore. Shiv Nadar & family of HCL Technologies is in third place this year with a wealth of Rs 314,000 crore. Vaccine maker Cyrus S Poonawalla & family of Serum Institute of India holds the fourth position in the list followed by Dilip Shanghvi of Sun Pharmaceutical Industries.

 

INTERNATIONAL UPDATES:

 

1. India to host inaugural World Audio Visual and Entertainment Summit (WAVES) in Goa: The Government of India will host the inaugural World Audio Visual and Entertainment Summit (WAVES) to bolster India’s media and entertainment industry and extend its global influence. The Summit is being held in Goa from November 20th to November 25th this year. The Union Minister of Information and Broadcasting Ashwini Vaishnaw launched 25 Challenges under the ‘Create in India Challenge – Season 1’ on August 22nd. WAVES is poised to become a significant platform for icons of the media and entertainment fraternity worldwide, focusing on entertainment economics and technology.

 

2. 31 August – International Day for People of African Descent: International Day for People of African Descent i observed every year on 31 August. The International Day for People of African Descent marks a significant milestone in the global recognition of the contributions and challenges faced by individuals of African descent worldwide. On June 19, 2020, the Council adopted a resolution on the “Promotion and protection of the human rights and fundamental freedoms of Africans and people of African descent against excessive use of force and other human rights violations by law enforcement officers.”

 

3. Iran Village May Record World’s Highest Heat Index: When the heat index reaches 40-54°C, it can pose serious health risks, such as heatstroke, which is a life-threatening condition. Prolonged exposure to such high heat can be extremely dangerous, especially in regions already experiencing intense heat. This extreme heat event in Iran is part of a broader heatwave affecting much of West Asia. In recent weeks, temperatures in the region have reached up to 50°C, making the situation even more concerning.

 

4. 3rd Edition of India-U.S. Defence Acceleration Ecosystem (INDUS-X): The INDUS-X Summit is a major event where leaders from India and the United States come together to talk about new ideas and technologies in the defense sector. The third edition of this summit is set to take place on September 9-10, 2024, at Stanford University in California. The goal of the summit is to strengthen the collaboration between the U.S. and India, especially in defense innovation.

 

OTHER UPDATES:

DEFENCE

 

1. Rajesh Dhankhar takes over as DG of Project Seabird: Vice Admiral Rajesh Dhankhar NM, assumed duties of the Director General Project Seabird, with a charter to oversee the largest defence infrastructure project currently progressing at the Karwar Naval Base, from Vice Admiral Tarun Sobti. VAdm Rajesh Dhankhar was commissioned into the Indian Navy on 01 July 1990 and is a specialist in Navigation & Direction. The Flag Officer is an alumnus of the prestigious Naval Academy, Defence Services Staff College, and has undergone the Higher Command Course in Japan. During his illustrious career spanning 34 years, the Flag Officer has tenanted specialist appointments onboard warships Pondicherry, Godavari, Kora, and Mysore. The officer has also done instructional tenures in the erstwhile Project 15 Training Team, Navigation & Direction School and at the MIDS Wing Officer’s Cadet School, Singapore.

 

2. India’s 2nd nuclear missile submarine ‘INS Arighat’ commissioned by Rajnath Singh: India’s second nuclear-powered ballistic missile submarine, the INS Arighaat, was commissioned into service at Visakhapatnam in the presence of Defence Minister Rajnath Singh. It joins the first such submarine, the INS Arihant, which was commissioned into service in 2016. The INS Arihant was quietly commissioned into service in August 2016. It has a displacement of 6,000 tonnes and is powered by an 83 MW pressurised light-water reactor with enriched uranium. INS Arighaat retains the same reactor and dimensions, but has several technological upgrades. The completion of the nuclear triad was announced in November 2018, when Prime Minister Narendra Modi announced on social media that INS Arihant had returned from its first deterrence patrol.

 

 

 

 

SPORTS 

 

1. Shannon Gabriel retires from International Cricket: Shannon Gabriel of the West Indies has announced his retirement from international cricket. Since his West Indies debut in 2012, the right-arm quick played 59 tests, 25 ODIs and two T20 Internationals finishing with 202 wickets across the three formats. Gabriel was more successful in test matches and became a regular member of the West Indies team in 2017. He last played for West Indies in a test match against India in July 2023.

 

2. Avani Lekhara wins gold medal in para shooting at Paris Paralympics: India’s Avani Lekhara and Mona Agarwal won the gold and bronze respectively in the women’s 10m Air Rifle competition.Avani bettered her previous record set in the Tokyo Games to finish at the top. She finished with a total of 249.7 to achieve the new Paralympic record in the category. Her previous best was 249.6 in the Tokyo Paralympics. Mona won the first medal for the country in the Paris Paralympics on her debut in the Games. Manish Narwal clinched a silver medal in the men’s 10-meter Air Pistol with a score of 234.9. The 22-year-old, who bagged a gold in the Mixed 50-meter Pistol event in the Tokyo Paralympics, held the first spot in the final after an initial round of shots in stage 2, but eventually lost his lead to finish second.

 

3. Aarti wins Bronze Medal in Women’s 10000m race walk event at World U20 Athletics Championships: In the World U20 Athletics Championships, Aarti won a Bronze medal in the Women’s 10000m race walk event with the National U20 record time to open India’s medal account at Lima in Peru. She clocked 44 minutes 39.39 seconds to finish third in the gruelling event on the penutimate day of competitions. The 17-year-old Aarti broke her own earlier national record of 47 minutes 21.04 seconds which she had clocked in March this year in the National Federation Cup U20 Championships in Lucknow. Chinese race walkers Zhuoma Baima won the gold while and Meiling Chen clinched silver.

 

4. Women’s Asian Champions Trophy 2024 to begin from 11th Nov at Rajgir: Hockey India has announced that the 8th Women’s Asian Champions Trophy 2024 will begin at Rajgir in Bihar on November 11th this year. The event, a joint effort between Hockey India and the Bihar Government, will take place at the Rajgir Hockey Stadium between 11th November and 20th November. Last year, Hockey Jharkhand hosted the Women’s Asian Champions Trophy in Ranchi, where India emerged as the champion. Besides the defending champions, India, reigning Olympic silver- medallists China, Japan, Korea, Malaysia, and Thailand are expected to participate in this tournament.

 

5. Dawid Malan retires from International Cricket: Dawid Malan, England’s former world No. 1 T20I batter, has announced his retirement from international cricket at the age of 37. The left-handed batter announced his decision in an interview with British Daily ‘The Times’, following his omission from the upcoming white-ball series against Australia. Malan is one of only two England men’s players, alongside Jos Buttler, to have scored centuries in Tests, ODIs, and T20Is. Despite this remarkable achievement, Malan had not featured for England since last year’s 50-over World Cup in India.

 

SCIENCE AND TECHNOLOGY

 

1. Astronomers Discover Brightest Quasar Ever: J0529-4351: J0529-4351 is notable for being exceptionally bright and expanding very quickly. It absorbs mass at a rate of one solar mass (the mass of our Sun) per day and shines more than 500 trillion times brighter than the Sun. According to astronomer Christian Wolf, J0529-4351 is in an extreme environment with high-speed clouds, intense heat, and enormous cosmic lightning storms. This makes it one of the most extreme places known in the universe. Quasars are incredibly bright centers of distant galaxies. They are powered by supermassive black holes at their cores. As gas and dust from the surrounding area fall into these black holes, they produce huge amounts of light and other forms of radiation, making quasars shine extremely brightly.

 

BANKING AND FINANCE

 

1. Berkshire Hathaway First Non-Tech Company to Hit $1 Trillion: Buffett is a strong believer in value investing, a strategy he learned from his mentor, Benjamin Graham. This approach involves finding undervalued stocks, meaning they are priced lower than their true worth. Value investors like Buffett look for opportunities where the market has overlooked the potential of a company, aiming to buy these stocks and hold onto them for long-term gains. Buffett started his career as an investment analyst, first working at his father’s firm and later at Graham-Newman Corp., where he further honed his investment skills. By the age of 30, he had already become a millionaire, showcasing his talent for making smart investment decisions. In 1965, he co-founded Berkshire Hathaway with Charlie Munger, who would become a key partner in his investment journey.

 

 

Daily GK Update- 31st Aug, 2024

 NATIONAL UPDATES:

 

1. Modi Lays Foundation Stone for Vadhvan Port Project: The Vadhvan Port is being designed to handle a massive amount of cargo specifically 23.2 million TEUs, which are standard-sized containers used in shipping. The port will be able to accommodate large container ships and is meant to serve as a top-tier maritime gateway that will boost India’s trade and help the economy grow. The port will be located near Dahanu, a strategic spot because it will be a deep-water port, meaning it can handle very large ships. Its location near major international shipping routes will help reduce the time and cost of shipping goods for businesses in India.

 

2. West Nile Virus – Current Updates (August, 2024): A teenager in Missouri recently got sick with the West Nile virus, leading to very serious health problems. These included paralysis (loss of the ability to move parts of the body) and the need for machines to help him breathe in the intensive care unit (ICU). His situation has made many people more aware of the dangers of the West Nile virus and has caused concern in the community.

 

3. Union Minister Inaugurates ASSOCHAM Environment Conference: Mission Life is an initiative that encourages people to live in more environmentally friendly ways. The idea is that by making small changes in our daily lives, we can contribute to larger environmental goals. This mission is crucial for achieving long-term sustainability. To reach net zero emissions, where the amount of greenhouse gases released into the atmosphere is balanced by the amount removed, we need to consider many different factors. This means looking at how global activities affect local environments and developing a strategy that covers all aspects of sustainable development.

 

4. Assam Assembly Passes Bill Regulating Muslim Marriages and Divorces: The old law, known as the Assam Muslim Marriage and Divorce Registration Act of 1935, allowed some harmful practices. For example, it permitted child marriages and didn’t require the mutual consent of both people involved in the marriage. The government decided to repeal, or cancel, this outdated law because it supported these practices, which are no longer acceptable. The problematic aspects of the old law were mainly found in Sections 8 and 10.

 

INTERNATIONAL UPDATES:

 

1. Iran Village May Record World’s Highest Heat Index: When the heat index reaches 40-54°C, it can pose serious health risks, such as heatstroke, which is a life-threatening condition. Prolonged exposure to such high heat can be extremely dangerous, especially in regions already experiencing intense heat.This extreme heat event in Iran is part of a broader heatwave affecting much of West Asia. In recent weeks, temperatures in the region have reached up to 50°C, making the situation even more concerning. When the air is very humid, sweat doesn’t evaporate as quickly from the skin, which is the body’s natural way of cooling down. As a result, the body feels much hotter than the actual air temperature, which is why the heat index can be so high.

 

2. Vulture Count 2024: World Wide Fund (WWF)-India has started a new project called “Vulture Count 2024,” which will take place from September 7 to October 6, 2024. This initiative is timed to coincide with International Vulture Awareness Day. The goal is to count and evaluate the number of vultures in India, particularly focusing on species that are critically endangered. The project also aims to raise public awareness about the importance of vultures in our ecosystems.

 

3. Baffling Temperature Drop Discovered in Atlantic Ocean: It lies between the Americas on one side and Europe and Africa on the other. The ocean’s average depth is about 12,080 feet, with its deepest point, the Puerto Rico Trench, reaching 27,490 feet. The Atlantic is also home to the Gulf Stream, a powerful warm ocean current. The ocean contains over 1,000 islands, with Greenland being the largest. The Mid-Atlantic Ridge, a large underwater mountain range where tectonic plates meet, runs through it. Because of its busy shipping routes and rich marine life, the Atlantic is the most studied ocean in the world.

 

4. New Study Reveals Dire State of Global Fish Stocks: The study supports using ecosystem-based sustainable fishing practices. This includes allowing fish to reproduce before they are caught, using gear that doesn’t harm the environment, and creating protected marine areas. This approach aims to maintain a balance between fishery productivity and the health of the environment, especially for important species that other marine life depends on.

 

5. Berkshire Hathaway First Non-Tech Company to Hit $1 Trillion: Buffett’s approach to investing is disciplined and straightforward. He categorizes investment opportunities into three groups: “yes,” “no,” and “too tough to understand.” For a long time, he stayed away from technology stocks, believing they were difficult to predict. However, he later changed his view when he saw the strong market position of companies like Apple, which he now considers to have a strong competitive advantage, or a “moat.” Warren Buffett’s success is built on a combination of value investing, smart diversification, and a long-term vision. These principles have helped make Berkshire Hathaway one of the most valuable companies in the world.

 

OTHER UPDATES:

DEFENCE

 

1. 3rd Edition of India-U.S. Defence Acceleration Ecosystem (INDUS-X): The INDUS-X Summit is a major event where leaders from India and the United States come together to talk about new ideas and technologies in the defense sector. The third edition of this summit is set to take place on September 9-10, 2024, at Stanford University in California. The goal of the summit is to strengthen the collaboration between the U.S. and India, especially in defense innovation.

2. India Commissions Second Nuclear Submarine, INS Arighaat: India recently commissioned its second nuclear-powered ballistic missile submarine (SSBN) called INS Arighaat. This event took place in Visakhapatnam and was a significant step in strengthening India’s defense capabilities. Defence Minister Rajnath Singh mentioned that this move is crucial for boosting India’s nuclear triad, which is a three-part system that includes land-based missiles, aircraft, and submarines capable of launching nuclear weapons. This makes India more secure against potential threats.

 

3. India, China Commit to Peace in Border Areas: The Working Mechanism for Consultation & Coordination on India-China Border Affairs (WMCC) was set up in 2012 to handle border problems and improve communication. It includes representatives from both countries’ foreign and defense ministries. The WMCC helps with discussions on managing the border, building trust, and resolving disputes in border areas. It meets regularly, especially when tensions are high. The goal is to avoid conflicts and handle crises through talks, showing a commitment to keeping peace and stability along the India-China border.

 

SCIENCE AND TECHNOLOGY

 

1. Astronomers Discover Brightest Quasar Ever: J0529-4351: J0529-4351 is notable for being exceptionally bright and expanding very quickly. It absorbs mass at a rate of one solar mass (the mass of our Sun) per day and shines more than 500 trillion times brighter than the Sun.According to astronomer Christian Wolf, J0529-4351 is in an extreme environment with high-speed clouds, intense heat, and enormous cosmic lightning storms. This makes it one of the most extreme places known in the universe.

 

2. Reliance Jio Introduces Jio Brain AI Suite: To boost user engagement, Ambani announced the Jio AI-Cloud service, which will offer up to 100GB of free data storage starting this Diwali. This service is intended to make cloud storage and AI tools more accessible to users. Reliance is also investing in research and development for new technologies like 6G, AI, and the Internet of Things (IoT). The company has filed patents in these areas, showing a strong commitment to innovation. The introduction of Jio Brain and related initiatives highlights Reliance’s ambition to become a leader in AI. This move is expected to drive significant growth by enhancing operations and offering valuable new services to customers. Mukesh Ambani’s vision positions Reliance for major advancements through technology.

 

3. ChatGPT Hits 200 Million Weekly Users: OpenAI is facing more competition from big technology companies that have been around for a long time. These companies are putting more resources into improving their own generative AI products, trying to stay leaders in the market. As AI technology advances, regulators (people who make sure businesses follow the rules) are becoming more worried about issues like fair competition and the safety of AI models. There is a challenge to make sure that as AI gets better, it doesn’t harm users or make the market unfair.

 

 

 

Daily GK Update- 30th Aug, 2024

 NATIONAL UPDATES:

 

1. ICAR-CIFE and VAMNICOM Sign MoU to Enhance Cooperative Management in Fisheries: In a significant stride towards fostering collaboration in the field of cooperative management within the fisheries sector, the Central Institute of Fisheries Education (ICAR-CIFE) and the Vaikunth Mehta National Institute of Cooperative Management (VAMNICOM) signed a Memorandum of Understanding (MoU). This is an important step forward in realization of the vision of establishment of 2 lakh PACS, Dairy, and Fishery Cooperatives in every Panchayat.Fisheries in India provides livelihood to 14.46 million people and this strategic partnership aims to enhance integration and reach of advanced technology as well as promotion of value addition in fishery cooperatives.VAMNICOM and ICAR-CIFE will together explore new opportunities in the area of Fish, Fish cooperative and Fisheries ecosystem from the perspective of education, research, capacity building and consultancy.

 

2. RINL & IOCL ink MoU towards the supply of hydraulic and lubricating oils & greases to RINL: The corporate entity of Visakhapatnam Steel Plant, RINL has signed an MoU with M/s. IOCL for the supply of hydraulic and lubricating oils & greases for a period of 5 years from 2024 to 2029.

This MoU between RINL & IOCL will stand as a benchmark to show how a progressive collaborative work can be taken by different industries towards Nation building.It may be noted that the 1st MoU was signed in the year 1994-95 between RINL & IOCL.This MOU will benefit VSP by ensuring an uninterrupted and continuous supply of lubricants from IOCL to meet the RINL’s requirements. IOCL will provide technical support to RINL, Visakhapatnam steel plant in the field of lubrication, condition monitoring of critical and large hydraulic and lube systems, total bulk oil handling, and used oil management.

 

3. Government approves 4 Start-Ups in the field of Technical Textiles: Secretary, Ministry of Textiles chaired the 8th Empowered Programme Committee (EPC) meeting under the National Technical Textiles Mission, at Udyog Bhawan, New Delhi.The committee has approved 4 Start-Ups with a grant of approx. INR 50 Lakhs, each, under the ‘Grant for Research & Entrepreneurship across Aspiring Innovators in Technical Textiles (GREAT)’ scheme.The committee has also approved a grant of approx. INR 20 Cr. to 5 Education Institutes to introduce courses in Technical Textiles under the ‘General Guidelines for Enabling of Academic Institutes in Technical Textiles’.

The approved Start-Up projects are focused on key strategic areas of Composites, Sustainable Textiles, and Smart Textiles.

 

4. India’s Bharti Airtel announces content partnership with Apple: Bharti Airtel has partnered with Apple to bring exclusive offers for Apple Music and Apple TV+ to customers in India later this year.Apple TV+ will be included on Airtel’s video-streaming service Xstream with premium wifi and postpaid plans, and users of the company’s music-streaming service,Wynk Premium, will have access to offers on Apple Music.This comes as Disney and Reliance try to secure India antitrust approval for their $8.5 billion merger, aiming to create India’s biggest entertainment player.

 

5. PMJDY completes a decade of successful implementation: The world’s largest financial inclusion programme, Pradhan Mantri Jan Dhan Yojana (PMJDY) completed 10 years on 28 August 2024.The Pradhan Mantri Jan Dhan Yojana (PMJDY) was launched by the government of India on 28 August 2014 with the aim of bringing the unbanked population within the formal banking system.The scheme launched in 2014, has proven to be the foundation stone in bringing over 80 percent of Indian women under the ambit of financial inclusion.A significant boost in the bank account ownership of women in a decade, it has gone up from just 26 percent in 2011 to 78 percent in 2021.Out of the total 53.13 crore Jan Dhan accounts over 30 crore are women’s accounts. Over 35 crore of the Jan Dhan account hail from rural or semi-urban areas.

 

6. Rajasthan & MP govts to develop ‘Shri Krishna Gaman Path’ connecting Mathura to Ujjain: Rajasthan Chief Minister Bhajan Lal Sharma announced a new religious circuit called ‘Shri Krishna Gaman Path’ which will connect Krishna’s birthplace Mathura with Ujjain in Madhya Pradesh.This new circuit will be built connecting the places where Krishna left his footprints while travelling to Ujjain from his birthplace in Mathura.Both governments will work jointly for the development of this circle while identifying the places where he (Krishna) left his footprints while travelling from Mathura to Ujjain.The development of the Shri Krishna Gaman Path will be a joint effort between the states of Rajasthan and Madhya Pradesh, demonstrating inter-state cooperation in the realm of cultural and religious tourism.

 

7. Maharashtra becomes first state to adopt Unified Pension Scheme: The Maharashtra Cabinet has approved the central government’s Unified Pension Scheme (UPS), becoming the first state to do so.The move by the Maharashtra government comes hours after employee unions demanded states to implement the newly approved scheme by the Modi government, which will take effect from April 1, 2025.The cabinet also cleared the proposal to expand the uninterrupted power supply scheme to more farmers in the state. They would get supply during the day. It cleared the ₹7,000 crore Nar-Par-Girna River linking scheme that would primarily benefit north Maharashtra districts like Nashik and Jalgaon.The project involves lifting 9.19 TMC of water from the Nar, Par, and Auranga rivers, carrying it through a 14.56-kilometre tunnel, and releasing it in the Girna river basin near the Chankapur dam.

 

8. PM Modi chairs 44th PRAGATI Interaction: Prime Minister Narendra Modi has chaired the meeting of the 44th edition of PRAGATI, the ICT-based multi-modal platform for Pro-Active Governance and Timely Implementation, involving Centre and State governments.It was the first meeting of PRAGATI in the third term of the Narendra Modi Government.In the meeting, seven significant projects were reviewed including two projects relating to road connectivity, two rail projects and one project each of the Coal, Power and Water Resources sectors.The cost of these projects totalled more than 76 thousand 500 crore rupees. The projects relate to Uttar Pradesh, Uttarakhand, Jharkhand, Maharashtra, Rajasthan, Gujarat, Odisha, Goa, Karnataka, Chhattisgarh and Delhi.

 

9. Government launches She-Box portal to make workplaces safer for women: The government has launched the She-Box portal to make workplaces safer for women.Women and Child Development Minister Annpurna Devi launched the portal in New Delhi.She-Box portal is a centralized platform for registering and monitoring complaints of sexual harassment of women at the workplace.This platform provides facility to file complaints, track its status and ensure a time-bound processing of complaints by Internal Committees.This initiative is a critical step forward in providing a more efficient and secure platform for addressing workplace-related sexual harassment complaints.

 

10. 30 August – Small Industry Day: Small Industry Day is observed on 30 August every year.This day recognises the contributions of small businesses and industries to the economy. It also highlights the crucial role that small enterprises play in fostering innovation, creating jobs, and driving economic growth.Theme 2024 – Leveraging Power and Resilience of Micro-, Small and Medium-sized Enterprises (MSMEs) to Accelerate Sustainable Development and Eradicate Poverty in Times of Multiple CrisesThe origins of Small Industry Day can be traced back to the year 2000 when the Indian government introduced a comprehensive policy package for small-scale industries (SSI). To mark this significant development, the Ministry of Small-Scale Industries declared August 30 as Small Industries Day.

 

INTERNATIONAL UPDATES:

 

1. Berkshire Hathaway First Non-Tech Company to Hit $1 Trillion:  Buffett’s approach to investing is disciplined and straightforward. He categorizes investment opportunities into three groups: “yes,” “no,” and “too tough to understand.” For a long time, he stayed away from technology stocks, believing they were difficult to predict. However, he later changed his view when he saw the strong market position of companies like Apple, which he now considers to have a strong competitive advantage, or a “moat.” Warren Buffett’s success is built on a combination of value investing, smart diversification, and a long-term vision. These principles have helped make Berkshire Hathaway one of the most valuable companies in the world.

 

2. Global Fintech Fest (GFF) 2024: The Global Fintech Fest is a major conference dedicated to innovations in financial technology. It started in 2020 and brings together industry leaders, startups, and regulators. The event features more than 250 speakers and draws thousands of participants from around the world. Key topics include digital payments, blockchain technology, and financial inclusion. The festival encourages collaboration between fintech companies and traditional financial institutions. It is organized by the Association of Global Fintech and the National Payments Corporation of India, to advance fintech policies and developments globally.

OTHER UPDATES:

DEFENCE

 

1. India Commissions Second Nuclear Submarine, INS Arighaat: India recently commissioned its second nuclear-powered ballistic missile submarine (SSBN) called INS Arighaat. This event took place in Visakhapatnam and was a significant step in strengthening India’s defense capabilities. Defence Minister Rajnath Singh mentioned that this move is crucial for boosting India’s nuclear triad, which is a three-part system that includes land-based missiles, aircraft, and submarines capable of launching nuclear weapons. This makes India more secure against potential threats.

 

2. India, China Commit to Peace in Border Areas: The Working Mechanism for Consultation & Coordination on India-China Border Affairs (WMCC) was set up in 2012 to handle border problems and improve communication. It includes representatives from both countries’ foreign and defense ministries. The WMCC helps with discussions on managing the border, building trust, and resolving disputes in border areas. It meets regularly, especially when tensions are high. The goal is to avoid conflicts and handle crises through talks, showing a commitment to keeping peace and stability along the India-China border.

 

3. B Srinivasan Appointed New NSG Director General: B Srinivasan, a 1992 batch Indian Police Service (IPS) officer from Bihar, will lead the NSG until his retirement on August 31, 2027. The Ministry of Personnel confirmed his appointment. Nalin Prabhat, who was the previous NSG Director General, has been reassigned to the Special DG role in Jammu and Kashmir Police. He is also a 1992 batch IPS officer, but from Andhra Pradesh. Prabhat has had a distinguished career, receiving three Police Gallantry Medals and the Parakram Padak. He has significant experience in counter-insurgency operations and previously led the Greyhounds unit in Andhra Pradesh.

 

SCIENCE AND TECHNOLOGY

 

1. Google DeepMind Launches AI Project for 125 Indian Languages: One big challenge that Manish Gupta, the Director of Google DeepMind, has pointed out is the lack of digital data for many Indian languages. For 73 out of the 125 languages targeted by the project, there is no digital data available at all. This makes it very hard to develop AI that can understand and work with these languages. Even Hindi, which is widely spoken, makes up only 0.1% of all the text available on the internet.

 

BANKING AND FINANCE

 

1. ESAF Small Finance Bank launches Inori RuPay Platinum Credit Card: ESAF Small Finance Bank has launched the Inori RuPay Platinum Credit Card, a premium financial product designed in collaboration with the National Payments Corporation of India (NPCI) to offer cardholders exclusive benefits and privileges.The card’s name “Inori” is derived from the Japanese word for “wish,” symbolising our aspiration to fulfil the desires and expectations of customers.Cardholders can enjoy a range of rewards, including exciting cashback offers on monthly transactions and comprehensive insurance coverage of up to ₹2 lakh.Additionally, the card provides access to exclusive merchant offers and global acceptance. The RuPay Platinum Credit Card also includes personalized concierge services, offering assistance with travel, dining, and lifestyle needs.

 

2. GST taxpayers without valid bank account to be barred from filing GSTR-1 from Sep 1: GST taxpayers who do not furnish bank account details to GST authorities will be barred from filing outward supply return GSTR-1 from September 1, GST Network (GSTN) has said in an advisory.As per GST Rule 10A, a taxpayer is required to furnish details of a valid bank account within 30 days from the date of grant of registration, or before furnishing the details of outward supplies of goods or services or both in Form GSTR-1 or using Invoice Furnishing Facility (IFF), whichever is earlier.The GST Council in its meeting in July last year, had approved an amendment to Rule 10A to strengthen the registration process and to effectively deal with the menace of fake and fraudulent registrations in GST.

 

3. Jana SFB Sweeps 4 Awards at ICC Emerging Asia Banking Conclave: Jana Small Finance Bank has once again cemented its status as a frontrunner in the Indian banking industry.The bank’s commitment to excellence and innovation was recognized at the prestigious 2nd ICC Emerging Asia Banking Conclave & Awards, where it clinched four coveted awards.Jana Small Finance Bank was honoured with the titles of Best Small Finance Bank, India, Best Performance on Profitability (Runners-up), Best Performance on Asset Quality, and Best Performance on Risk Management.This quadruple win underscores the bank’s exceptional performance across key metrics and its dedication to providing innovative financial solutions.