Daily GK Update- 26th July, 2024

 NATIONAL UPDATES:

 

1. Government exempts Customs Duty on Cancer Medicines to Enhance Drug Affordability: Government has exempted customs duty on Cancer medicines to improve the affordability of these drugs. Union Finance Minister Nirmala Sitharaman announced the exemption of three additional cancer medicines from customs duty in the proposed Union Budget 2024-25 in Parliament. These medicine are Trastuzumab Deruxtecan for Breast Cancer, Osimertinib for Lung Cancer and Durvalumab for Lung Cancer and Biliary Tract Cancer. Union Health Ministry said, 27 lakh cancer patients in the country will benefit from this decision. Finance Minister also revised the custom duty rates on X-ray tubes and flat panel detectors. These revised rates are expected to positively impact the X-ray machine industry by enhancing component availability at lower costs.

 

2. Indigenously developed Automatic Train Protection (ATP) system Kavach deployed on 1465 Route km: Indigenously developed Automatic Train Protection (ATP) system Kavach deployed on 1465 Route km and 144 locomotives on South Central Railway. Kavach is an indigenously developed Automatic Train Protection (ATP) system and a highly technology-intensive system, which requires safety certification of the highest order. Kavach aids the loco pilot in train running within specified speed limits by automatic application of brakes in case Loco Pilot fails to do so and also helps the train safely run during inclement weather. Kavach has been certified for highest level of Safety Integrity Level -SIL4 by Independent Safety Assessor and reduces the probability of train collisions in block sections.

 

3. Union Budget 2024-25: Govt announces Venture Fund of Rs 1,000 Crore to Expand Space Economy: Finance Minister Nirmala Sitharaman has announced a Rs 1,000 crore venture capital fund to give a push to the space economy in the Union Budget 2024-25. With our continued emphasis on expanding the space economy, by 5 times in the next 10 years, a venture capital fund of Rs 1,000 crore will be set up. This is the government’s vision is to increase India’s share in the global commercial space economy to 10% by 2030. Despite being a major spacefaring nation, India currently accounts for only 2 per cent of the global space market. Sitharaman also reiterated the government’s commitment of setting up a corpus of Rs 1 lakh crore to provide long-term, interest-free loan to encourage research and development by private sector. The Anusandhan National Research Fund will support research and prototype development.

 

4. Parle continues to be the most-chosen in-home FMCG brand: Biscuit brand Parle continues to be the most chosen in-home brand according to the latest edition of the annual Brand Footprint Report released by Kantar. The report ranks brands based on Consumer Reach Points (CRP’s). CRP considers the actual purchase made by consumers and the frequency at which these purchases are made in a calendar year. The report measures CRPS of 445 brands. With a CRP score of 7980 million, Parle holds the top spot as the most chosen in-home brand for a record 12 th year in a row. Other brands in the top five rankings include Britannia, Amul, Clinic Plus and Tata Consumer Products. Seven brands in the top 25 in-home rankings witnessed more than 20 per cent penetration increase in the last decade. This includes Britannia followed by Surf Excel, Sunfeast, Haldiram’s, Patanjali, Brooke Bond and Vim.

 

5. Rashtrapati Bhavan’s Durbar Hall, Ashok Hall renamed: President Droupadi Murmu announced the renaming of two of the important halls of Rashtrapati Bhavan – namely, ‘Durbar Hall’ and ‘Ashok Hall’ – as ‘Ganatantra Mandap’ and ‘Ashok Mandap’ respectively. Earlier, Rashtrapati Bhavan’s Mughal Garden was also renamed as ‘Amrit Udyan.’ The Rashtrapati Bhavan, the office and the residence of the President of India, is a symbol of the nation, and an invaluable heritage of the people.

 

6. Ajinkya Naik elected as the Youngest MCA President: 37 years old, Ajinkya Naik has been elected as the youngest president in the history of the Mumbai Cricket Association (MCA). Naik defeated Sanjay Naik, a candidate supported by Mumbai BJP chief Ashish Shelar, by 107 votes in a one-sided election. Ajinkya Naik secured 221 votes, while Sanjay Naik received 114 votes. The election was held following the passing of the former MCA President Amol Kale. Naik, who was previously the MCA Secretary, cited his extensive experience and committee involvement as factors contributing to his victory.

 

7. Filmmaker Shekhar Kapur appointed IFFI festival director: Veteran filmmaker Shekhar Kapur has been appointed festival director for the International Film Festival of India (IFFI). Kapur will head the festival, held annually in Goa, for the 55th and 56th editions. He has directed films such as “Masoom”, “Mr India” and “Bandit Queen” in India. Kapur served as the head of the chairperson of the international competition Jury at the 54th IFFI. He also served as chairperson of the Pune-based Film and Television Institute of India from 2020-2023

 

INTERNATIONAL UPDATES:

 

1. Global Passport Index: India at 82nd with Visa-Free Access to 58 Countries: India has been ranked 82nd spot on a global passport index, allowing Indians visa-free entry to 58 countries, including popular destinations like Indonesia, Malaysia and Thailand. According to the latest ranking by the UK-based Henley Passport Index, India’s passport now ranks at an improved 82nd spot. The ranking is based on data from the International Air Transport Association (IATA). Singapore occupied the top spot in the Index with its citizens having visa-free entry to 195 countries. It dethroned Japan from the first place, which is now at the second place along with Spain, France, Germany and Italy. The passports of all five countries allow visa-free access to 192 destinations. The Henley Passport Index is a global ranking of countries according to the travel freedom allowed by those countries’ ordinary passports for their citizens.

 

2. India among top 3 countries in most significant forest area gains: FAO: According to a new report by the Food and Agriculture Organisation (FAO), India gained 2,66,000 hectares of forest area annually from 2010 to 2020, securing the third spot among the top 10 countries with the most significant forest area gains during this period. China led the world with the maximum forest area gain of 1,937,000 hectares, followed by Australia with 4,46,000 hectares, and then India. Other countries in the top 10 include Chile, Vietnam, Turkey, the United States, France, Italy and Romania. The report highlighted a significant reduction in deforestation in some countries. For example, Indonesia saw an 8.4 percent decline in deforestation from 2021 to 2022. While Brazil’s Amazon experienced a 50 percent reduction in deforestation in 2023.

 

OTHER UPDATES:

DEFENCE

 

1. 26 July – Kargil Vijay Diwas: Kargil Diwas, also known as Kargil Vijay Diwas, is celebrated annually on July 26 to commemorate India’s victory over Pakistan in the Kargil War. On this day, in the year 1999, India successfully outed Pakistani Forces from their occupied positions on the mountain tops of Northern Kargil District in Ladakh. As the nation approaches the 25th anniversary of this historic victory, Prime Minister Narendra Modi is set to visit the Drass sector in the Union Territory of Ladakh. The Kargil War, a armed conflict between India and Pakistan, took place from May 8, 1999, to July 26, 1999. This period was marked by intense fighting and strategic maneuvers that would shape the future of Indo-Pakistani relations.

 

SPORTS 

 

2. Real Madrid become first football club in world to report €1 billion in revenue: Real Madrid have become the first football club to report revenue generation of over €1 billion ($1.08bn). As per the financial report for 2023-24, the La Liga giants Real Madrid made €1.073bn in revenue, registering a rise of 27% and a total gain of €230 million. The revenue statement did not include player transfers. They also registered after-tax profits of €16m, 32% higher than last season. Real Madrid is valued at $6.07bn by Forbes – the most valuable football club in the world and the 11th most valuable sports team overall. The Dallas Cowboys are the highest-valued sports team in the world as per Forbes with a valuation of $9bn.

 

BANKING AND FINANCE

 

1. Credit guarantee cover extended to ₹7.5 lakh under revamped Model Skill Loan Scheme: Minister of State for Skill Development and Entrepreneurship Jayant Chaudhary has launched the ‘Model Skill Loan Scheme’ in New Delhi. The scheme aims to empower the country’s future-ready workforce. Under the scheme, education and upskilling opportunities will be provided to 25 thousand youth across the country. Under the new scheme, the loan amount limit has been increased to 7.5 lakh rupees which was 1.5 lakh rupees earlier. This scheme had been mentioned by the Union Finance Minister Nirmala Sitharaman in Union Budget 2024-25. The earlier Credit Guarantee Fund Scheme for Skill Development, notified in November 2015 to create a credit guarantee fund for courses aligned to the National Skill Qualification Framework, faced multiple challenges. As on March 31, 2024, loans amounting to ₹115.75 crore had been extended to just 10,077 borrowers.

 

2. Acko acquires healthtech company OneCare in all cash deal: Insurtech company Acko has acquired digital chronic care management company OneCare in an all-cash deal. This is a strategic move to re-emphasise Acko’s broader vision of being a comprehensive healthcare provider to its customers, going beyond the insurance services. Following the move, Rakesh Shivran and Sagar Bhat, co-founders of OneCare, will also be joining the leadership team of Acko, bringing in their substantial learning and experience in building large scale health-tech services. OneCare has developed a unique omnichannel care model that combines advanced wearables, data-driven insights, and the accessibility of both physical clinics and virtual care teams.

 

3. IRDAI revises its guidelines on commission on long-term motor insurance: The Insurance Regulatory and Development Authority of India (IRDAI) has revised its guidelines regarding the commission for long-term motor insurance policies. The recent policy change brings these long-term policies in line with the standard one-year motor insurance policies. Under the updated regulation, insurers are now permitted to provide commissions within the expense management framework for long-term policies. For three-year comprehensive motor insurance policies for four-wheelers, the commission cap was originally set at 15% for the first year, 10% for the second year, and 5% for the third year. The recent guidelines have granted insurers the freedom to tailor commission structures according to their management expenses.

 

Daily GK Update- 25th July, 2024

 NATIONAL UPDATES:

 

1. Government estimates Rs 50,000 crore from disinvestment, asset monetisation in FY25: The government has estimated to collect Rs 50,000 crore from disinvestment and asset monetisation in the current fiscal. Besides, the government estimates a total of Rs 56,260 crore dividend from CPSEs (central public sector enterprises), more than Rs 48,000 crore estimated in the interim budget. The budget also estimates that dividend from RBI, banks and financial institutions would be Rs 2,32,874 crore in FY25, more than double of interim budget estimate of Rs 1.02 lakh crore.

The massive increase in the number is on account of the windfall dividend of Rs 2.11 lakh crore from the RBI. As per the budget document, the government has estimated Rs 50,000 crore towards capital receipts. This is same as the amount provisioned for in the interim budget. The revised estimates for last fiscal have been pegged at Rs 30,000 crore.

 

2. Rs 6.22 lakh crore allocated to MoD, highest among Ministries, in Regular Union Budget 2024-25: In the Regular Union Budget of Financial Year (FY) 2024-25, the Ministry of Defence (MoD) has been allocated Rs 6,21,940.85 crore (approx. US $75 Billion), the highest among the Ministries. While maintaining the allocation made to MoD during the interim budget, the Government has made an additional allocation to the tune of Rs 400 crore on innovation in defence, through the Acing Development of Innovative Technologies with iDEX (ADITI) scheme.

Through this scheme, MoD is engaging with start-ups/MSMEs and innovators to develop Def-Tech solutions and supply the Indian military with innovative and indigenous technological solutions. A grant of up to 50% of the Product Development Budget with an enhanced limit (Max) of Rs 25 crore per applicant will be awarded as per extant iDEX guidelines.

 

3. Prime Minister’s package worth Rs 2 lakh crore central outlay announced; employment, skilling and other opportunities: The finance minister announced the Prime Minister’s package of 5 schemes and initiatives. The package aims to facilitate employment, skilling, and other opportunities for 4.1 crore youth over a 5-year period with a central outlay of Rs. 2 lakh crores.

The government will implement the following three schemes for ‘Employment Linked Incentive’, as part of the Prime Minister’s package. These will be based on enrolment in the EPFO, and focus on recognition of first-time employees, and support to employees and employers.

 

4. C-DOT partners with IIT Roorkee and Mandi to boost 6G standardization, connectivity: The Centre for Development of Telematics (C-DOT), signed an agreement with the Indian Institute of Technology Roorkee (IIT Roorkee) and Indian Institute of Technology, Mandi (IIT Mandi). Goal for the development of ‘Cell-Free’ 6G Access Points. Both the IITs are collaborating to develop this technology. This scheme aims to enable affordable broadband and mobile services, playing a significant role in bridging the digital divide across India. The agreement is signed under the Telecom Technology Development Fund (TTDF) scheme of Department of Telecommunications, Government of India, which has been designed for providing funding support to domestic companies, Indian startups, academia and R&D institutions involved in technology design, development, commercialization of telecommunication products and solutions.

 

INTERNATIONAL UPDATES:

 

1. Nepal, Sri Lanka, Seychelles get more funds under Budget allocation for MEA: India-funded projects in the neighbourhood received the bulk of the allocation for the Ministry of External Affairs (MEA) under the Union Budget presented by Finance Minister Nirmala Sitharaman. Nepal secured an allocation of ₹700 crore, which is a jump of ₹150 crore from previous year’s allocation of ₹550 crore. Sri Lanka, which has a number of India-funded projects, has received ₹245 crore, an improvement of ₹95 crore over last year’s funding of ₹150 crore.

 

2. Nita Ambani unanimously re-elected as International Olympic Committee Member: The International Olympic Committee (IOC) announced that Nita Ambani has been re-elected unanimously as the IOC member from India at the 142nd session. Nita is the founder of Reliance Foundation and won unanimously with 100 per cent of the vote. Nita Ambani was first appointed to join the prestigious body in 2016, at the Rio de Janeiro Olympic Games. Since then, as India’s first woman to join the IOC, Nita Ambani has made great strides for the association, whilst also championing India’s sporting ambitions and Olympic vision. This includes recently hosting the first IOC session in Mumbai for over 40 years, in October 2023, which was hailed as showcasing the new, ambitious India to the world.

 

3. 25 July – World Drowning Prevention Day: World Drowning Prevention Day is observed every year on 25 July. Objective – To raise awareness and accelerating action on global drowning prevention.Theme 2024 – Anyone can drown, no one should This observance gains additional significance in light of the World Health Assembly Resolution WHA76.18, passed in 2023, which underscores the urgent need for coordinated multi-sectoral action to combat drowning—a leading cause of injury-related death and disability worldwide.

 

4. 25 July – World Embryologist Day: World Embryologist Day, or World IVF Day is celebrated every year on July 25. It gives us a chance to recognise the amazing work that embryologists from the past and present have accomplished. This day honours their contributions to the field of reproductive medicine, particularly in vitro fertilisation (IVF), which has helped countless individuals and couples realise their goal of becoming parents. July 25 was chosen as World IVF Day because it is the birthday of Louise Brown, the first baby ever born through in vitro fertilisation (IVF). Louise was born in Oldham, United Kingdom, on this day in 1978. Since then, over 8 million babies have been born through IVF.

 

 

OTHER UPDATES:

DEFENCE

 

1. Goa Shipyard Launches First Indigenous P1135.6 Frigate ‘Triput’: In a significant achievement for India’s naval capabilities and the ‘Atmanirbhar Bharat’ initiative, Goa Shipyard Ltd (GSL) successfully launched the first indigenous P1135.6 Frigate, named Triput. This marks the first time these vessels are being constructed indigenously in India. Triput is the first of two P1135.6 Class Frigates being built at GSL. The 124-meter-long ship can reach speeds of 28 knots at a displacement of approximately 3200 tonnes and is equipped with advanced state-of-the-art weaponry and sensors. The frigate features indigenous components, including specialized low-carbon micro-alloy grade steel for the hull and various systems developed by private industry.

 

SPORTS 

 

1. Khelo India once again gets lion’s share in Budget for sports: Khelo India, which is the government’s flagship project to promote sports at the grassroots level, was once again the biggest beneficiary in the union budget for the sports ministry as it was assigned ₹900 crore from the overall allocation of ₹3,442.32 crore.Khelo India’s share, announced in the budget presented by Finance Minister Nirmala Sitharaman in New Delhi, is ₹20 crore more than the revised allocation of ₹880 crore during the previous financial year.The budget for the previous cycle was ₹3,396.96 crore for the previous financial year.While Khelo India’s actual allocation in 2022-23 stood at ₹596.39 crore, it was increased by more than ₹400 crore, to ₹1,000 crores, in the 2023-24 budget, before being revised to ₹880 crore.The budget for Sports Authority of India, which apart from maintaining its stadia across the country also manages the Target Olympic Podium Scheme (TOPS) to prepare athletes for the global sporting extravaganzas, has also been enhanced from ₹795.77 crore to ₹822.60 crore, which is a jump of ₹26.83 crore.

 

2. IOA ropes in BPCL as principal sponsor for four years: The Indian Olympic Association (IOA) has named Bharat Petroleum Corporation Limited (BPCL) as its official principal sponsor for four years, starting with the Paris Olympics till the 2028 Los Angeles Games. The collaboration between BPCL, a Maharatna company, and IOA will also encompass the Commonwealth Games, Asian Games, Summer Youth Olympics, Winter Olympics, and Winter Youth Olympics. As part of this collaboration, BPCL will launch series of campaigns designed to support the Indian contingent heading to Paris. These initiatives aim to inspire the nation, galvanize support for the athletes, and celebrate their relentless pursuit of excellence on the global stage.

 

3. French Alps to Host 2030 Winter Olympics and Paralympic Games: The International Olympic Committee (IOC) announced that the French Alps will host the Winter Olympic and Paralympic Games in 2030. The announced plans are conditional based on the guarantees given by French President Emmanuel Macron that the new office being formed in the country after 2024 will underwrite all the organisational guarantees that must still be signed. The 2030 Winter Games will be the first time the event returns to France since the 1992 edition. The 2026 edition of the prestigious tournament will be held in Italy.

 

BANKING AND FINANCE

 

1. With ₹2.65 lakh crore outlay, Railways to prioritise safety: The Ministry of Railways has received a record allocation of over ₹2.55 lakh crore in financial year 2024-25, which is a jump of 5.85% from the previous year’s ₹2.41 lakh crore, according to Union Budget documents. The total outlay provided for capital expenditure includes ₹2.52 lakh crore from general revenues, ₹200 crore from Nirbhaya Fund, ₹3,000 crore from internal resources and ₹10,000 crore from extra budgetary resources, bringing it up to ₹2.65 lakh crore. This amount will be spent on assets, acquisitions, construction and replacement. The actual operating ratio of the railways for FY2022-23 stood at 98.10%. In Budget Estimates of FY2024-25, this has gone up a bit to 98.22%. Operating ratio is number of rupees spent to earn every hundred rupees.

 

2. Paytm partners with Axis Bank to provide payment technology solutions: One97 Communications (OCL), the company that owns fintech firm Paytm, has partnered with Axis Bank to provide point-of-sale (POS) solutions and electronic data capture (EDC) or card machines to the lender and its merchant network. Paytm’s technology solutions, via payment acceptance devices, will reach a wider base through Axis Bank. Paytm’s software offers complete store management services, including inventory management, invoice generation, promotions and discounts, sales tracking and reporting, and customer relationship management.

 

AWARDS AND HONOURS

 

1. Shah Rukh Khan gets honoured with Customised Gold Coins by Paris’ Grevin Museum: Bollywood superstar Shah Rukh Khan has been honoured with customised gold coins by the Grevin Museum in Paris. Shah Rukh is the first Indian actor to have gold coins in his name at the museum. According to the report, the Gervin Museum is a wax museum located on the Grands Boulevards in Paris. The Dunki actor has his wax statues in several wax museums across the globe including the US, the UK, Germany, France, Czech Republic, Thailand, India, Singapore and Australia. Shah Rukh will soon be receiving the prestigious Pardo alla Carriera at the 77th edition of the Locarno Film Festival as well.

 

 

Daily GK Update- 24th July, 2024

 NATIONAL UPDATES:

 

1. TIDCO gets site clearance from the centre to develop Parandur airport: The greenfield airport at Parandur near Chennai is closer to becoming a reality as the Tamil Nadu Industrial Development Corporation gets the site clearance from the Centre. The Steering Committee on Greenfield Airports has recommended for grant of Site Clearance to Tamil Nadu Industrial Development Corporation (TIDCO) for developing the Greenfield airport at Parandur, Kancheepuram District. An investment of ₹20,000 crore is being planned to develop a greenfield airport at Parandur, which would annually handle 10 crore people; it will have two runways, terminal buildings, taxiways, an apron, and a cargo terminal. The Chennai airport handles around 2.2 crore people annually. After the ongoing modernization work, it can handle 3.5 crore people a year for the next seven years.

 

2. Department Of School Education and Literacy to observe Shiksha Saptah: The Department of School Education and Literacy under the Ministry of Education (MoE) has begun its week-long observance of ‘Shiksha Saptah’ (Education Week), to mark the fourth anniversary of the National Education Policy 2020. The event is scheduled from July 22 to July 28 with the first day being observed as the Teaching-Learning Material (TLM) Day. This event, organized under the ambit of the Ministry of Education, Govt. of India, aims to present a common platform to resonate and live the spirit of achievements gained over the last four years of NEP 2020 implementation. During the week theme-based days will be observed. It includes Teaching-Learning Material Day, Foundational Literacy and Numeracy Day, Sports Day and Cultural Day.

 

3. NTPC Vidyut Vyapar Nigam Ltd. to set up Green Charcoal plant in Haryana: NTPC Vidyut Vyapar Nigam Limited (NVVNL) will set up two green charcoal plants in Gurugram and Faridabad, Haryana. These plants will convert municipal waste into charcoal or green coal. The MoU was signed in the presence of Union Power Minister Manohar Lal, Chief Minister Nayab Singh Saini and Minister of State for Urban Local Bodies Subhash Sudha. NTPC Vidyut Vyapar Nigam Limited, a subsidiary of National Thermal Power Corporation Limited, will set up this plant under the Atmanirbhar Bharat Abhiyan. These green charcoal plants will be set up in Bandhwari in Gurugram and Mothuka in Faridabad. Each plant will cost around 500 crore rupees. These plants will convert 1,500 tonnes of waste collected daily from Gurugram and Faridabad into charcoal.

 

4. Hardik Pandya teams up with FanCode Shop to launch his brand: Allrounder Hardik Pandya has inked an exclusive licensing pact with FanCode Shop, the online merchandise store of Dream Sports-owned FanCode, to launch his performance wear range. FanCode will design, manufacture, and market the items. Rise Worldwide’s Nikhil Bardia noted this is Pandya’s first licensing venture. The launch includes key items like t-shirts, vests, and jackets, diversifying from his typical endorsement deals. The initial product lineup includes t-shirts, vests, polos, shorts, and jackets, with prices ranging from Rs 999 to Rs 2299.

5. Bibhuti Bhusan Nayak elected new president of ICMAI for 2024-25: Bibhuti Bhusan Nayak has been elected unanimously as the new President of the Institute of Cost Accountants of India (ICMAI) for the 2024-25 period. He will succeed Ashwin Dalwadi, who was the president for the 2023-24 period. TCA Srinivasa Prasad has been elected as the vice president of the Institute of Cost Accountants of India for 2024-25.

 

6. 23 July – National Broadcasting Day: National Broadcasting Day is celebrated in India every year on July 23. It is a day to remember and appreciate the impact of radio as a medium of communication, entertainment, and education. Radio has played a significant role in connecting people across India, sharing news, music, and stories that have shaped the nation’s cultural and social landscape. The history of National Broadcasting Day dates back to July 23, 1927. On this day, the Indian Broadcasting Company (IBC) made its first radio broadcast from Bombay (now Mumbai). This event marked the start of organized radio broadcasting in India. The IBC was later taken over by the government and renamed All India Radio (AIR) in 1936. Since then, AIR has become one of the largest radio networks in the world, reaching millions of listeners across the country.

 

7. 24 July – National Income Tax Day: India celebrates the Income Tax Day, or Aaykar Divas, every year on July 24. This day commemorates the historical evolution of tax administration in India and the ongoing reforms that aim to enhance tax compliance and simplify the process for taxpayers. On this day, Income tax was first levied as a duty in India in 1860. The department celebrated this day for the first time in 2010 marking 150 years of the introduction of Income tax in India. This year marks the 165th occasion of National Income Tax Day. The history of National Income Tax Day dates back to 1860; it was first imposed by Sir James Wilson in 1860. The initial implementation laid the groundwork, it was the comprehensive Income Tax Act of 1992 that truly established a structured tax administration in the country.

 

INTERNATIONAL UPDATES:

 

1. Atal Innovation Mission and WIPO sign a Letter of Intent towards building joint innovation programs in global south: A high-level delegation from World Intellectual Property Organization (WIPO) comprising of Mr. Sherif Saadallah, Executive Director, WIPO Academy and Ms. Altaye Tedla, Head WIPO Academy visited NITI Aayog for signing of a Joint Letter of Intent (JLoI) between Atal Innovation Mission (AIM) and WIPO. The JLoI is aimed at building programs for Innovation, Entrepreneurship & Intellectual Property (IP) for countries in the Global South. This pathbreaking partnership between AIM and WIPO will take the best of India’s innovation models to countries that are on similar development trajectories, and will enhance understanding and awareness about IPR right from the school-level and unlock the innovation potential of the world as well as foster inclusive and sustainable economic growth. Atal Innovation Mission is a flagship initiative by the NITI Aayog to create a culture of innovation and entrepreneurship across India.

 

2. China makes world’s first high-speed carbon fiber train: China has shown off a revolutionary passenger train made of only carbon fiber. This is a big step forward in high-speed rail technology.

According to Interesting Engineering, the country has unveiled the first carbon fiber-only passenger train in history. The world looks to China’s vast high-speed rail network, which currently covers around 28,000 miles. This advanced train can reach a top speed of 87 mph. It is expected to consume 7% less energy than a typical steel train, according to Qingdao Sifang. This is a notable advancement in sustainable transportation since the decrease in energy usage is in line with larger environmental objectives.

 

3. Kristen Michal nominated Estonian Prime Minister: Kristen Michal was sworn in as the new Prime Minister of Estonia for the Estonian Reform Party (Eesti Reformierakond). The Estonian Parliament voted in favour of Michal, previously the Minister of Climate, to become the country’s new leader after he was nominated for the position by his party to replace outgoing Prime Minister Kaja Kallas. Estonian liberals retain the Prime Minister position as well as six ministerial roles. Yoko Alender, Member of the Estonian Parliament, is the new Minister of Climate and Erkki Keldo has become the Minister of Economic Affairs and Industry.

 

OTHER UPDATES:

 

SPORTS 

 

1. Nuno Borges beat Nadal to Lift Swedish Open Men’s Singles Trophy: In Swedish Open Tennis, Nuno Borges of Portugal defeated Spaniard Rafael Nadal in the final, 6-3, 6-2, to win the men’s singles tennis title at Bastad in Sweden. It was Borges’s first ATP Tour title. He became the second Portuguese player in the Open Era to win a main tour singles title, after João Sousa. It was also Nadal’s first final since the 2022 French Open.

 

2. Scotland’s Charlie Cassell Sets ODI Record; Takes 7 Wickets for 21 against Oman: In the ICC Men’s Cricket ODI World Cup League 2, Scotland fast bowler Charlie Cassell scripted history on his debut breaking an all-time ODI record by taking 7 wickets for 21 against Oman, in Dundee. Cassell broke the 2016 record of 6 for 16 of South African paceman Kagiso Rabada on his debut against Bangladesh. Apart from Rabada, West Indies pacer Fidel Edwards also had taken 6 for 22 on his ODI debut.

 

3. Andy Murray to retire from professional tennis after Paris Olympics: Andy Murray from UK has said the tennis tournament in the Paris Olympics will be the last of his professional career. Murray, who became the first man to win two singles Gold medals at the Olympics. Andy Murray won the Olympic Gold in men’s singles tennis in 2012 and defended it in 2016. The 37-year-old also won a mixed doubles silver in London in 2012. Murray won two Wimbledon crowns in 2013 and 2016. The former World No. 1 tasted success on clay, winning the Roland Garros in 2016.

 

BANKING AND FINANCE

 

1. SIDBI to build $1 b fund for green financing with $215 m from GCF: The Small Industries Development Bank of India (SIDBI), which received approval of funding of $ 215.6 m from the Green Climate Fund, will create a corpus of $1 billion for ‘financing mitigation and adaptation projects’ (FMAP) of Medium and Small Enterprises (MSMEs). The board of the Green Climate Fund, which is an entity set up by the United Nations Framework Convention on Climate Change (UNFCCC), approved a $200 million loan and $15.6 million grant for capacity building to SIDBI. The development financial institution would bring in another $ 800 m – partly from its balance sheet and partly raised from the market – to form a fund of $ 1 billion. The fund will provide a ‘FMAP facility’ for MSMEs, for projects such as renewable energy, energy efficiency, energy storage and e-mobility.

 

2. BoB launches Generative AI-powered virtual relationship manager and credit line on UPI: Bank of Baroda (BoB) has launched a range of digital and technology-led initiatives, including a Generative AI-powered virtual relationship manager (VRM), and credit line on UPI for enhancing payments and banking experience for customers. The GenAI-powered VRM, a first-of-its-kind initiative in the Indian banking sector, provides real-time information about the bank’s products and services while also capturing customer requirements for specific banking services. This VRM, which communicates in multiple languages and is accessible through video, audio, and chat interfaces, will fulfil everyday basic banking services, including account statements, cheque book requests, debit card requests, interest certificates, and more.

 

Daily GK Update- 23rd July, 2024

 NATIONAL UPDATES:

 

1. Amit Shah chairs 7th NCORD top-level meeting: Union Home Minister and Minister of Cooperation, Amit Shah chaired the 7th Apex Level Meeting of Narco-Coordination Center (NCORD) in Vigyan Bhawan, New Delhi. On this occasion, the Home Minister launched National Narcotics Helpline ‘MANAS’ (Madak Padarth Nishedh Asuchna Kendra) and virtually inaugurated Narcotics Control Bureau (NCB) Zonal Office at Srinagar. Shah also released NCB ‘Annual Report 2023’ and Compendium on ‘Nasha Mukt Bharat’. MANAS will have a toll-free number 1933, a web portal, a mobile app, and a UMANG app so that citizens of the country can anonymously connect with NCB 24×7 to seek advice on de-addiction and rehabilitation and share information on drug trafficking. And informed that, for capacity-building, the “Centre of Excellence for Narcotics Control” has been founded and ‘Mission Spandhan’ has been initiated to create awareness among the public regarding issues relating to drugs.

 

2. GC Murmu inaugurates ‘International Centre for Audit of Local Governance’ in Rajkot: The Comptroller and Auditor General of India Girish Chandra Murmu inaugurated the International Centre for Audit of Local Governance (iCAL) at Rajkot in Gujarat. The centre will serve as a think tank for addressing governance issues at the grassroots level across the nations. The centre will also serve as a platform for information sharing and play a key role in strengthening local self-institutions. CAG Girish Chandra Murmu also stressed on the transparency and accountability in the local self-governance and capacity building of local government auditors.

 

3. Airbus to launch first ‘Made in India’ H 125 helicopter in 2026: Airbus and Tata are joining forces to manufacture India’s first FAL (Final Assembly Line) H125 helicopter, which is set to roll out by 2026. This partnership aligns with India’s Atmanirbhar Bharat initiative and reflects Airbus’s commitment to investing in the Indian aerospace market despite regulatory challenges. The initial production capacity will be 10 helicopters per year, with the potential to scale up to 50 helicopters annually in subsequent years.

 

4. Jyotiraditya M. Scindia releases ‘The Future is Now’ as the theme for India Mobile Congress 2024: The theme of the India Mobile Congress 2024, ‘The Future is Now’, was unveiled today by

Jyotiraditya M. Scindia, Minister for Communications and Development of North Eastern Region.

The theme signifies how India stands at the heart of the technological evolution and IMC 2024 bringing together global leaders – visionaries, pioneers, and innovators – to collaborate and actively shape the technologies transforming our world today, where the future isn’t just a concept – it’s happening. The eighth edition of Asia’s premier digital technology exhibition, India Mobile Congress (IMC), co-hosted by the Department of Telecommunications (DoT) and Cellular Operators Association of India (COAI) will be held from 15th October at Pragati Maidan in New Delhi this year.

 

5. 23 July – National Vanilla Ice Cream Day: National Vanilla Ice Cream Day is celebrated every year on July 23 and marks a special occasion for the simple, yet all-time favorite dessert. Vanilla is traditionally made by combining cream, sugar, and of course, vanilla. In fact, vanilla is added to other ice cream flavors as it helps to enhance their taste. Vanilla ice cream has a wide fanbase as it is the single most popular ice cream flavor around the world. Vanilla ice cream was so adored that Thomas Jefferson, who is often credited with the ice cream’s popularity in America, had it served to almost every guest at the White House.

 

INTERNATIONAL UPDATES:

 

1. Assam’s Charaideo Maidam nominated for UNESCO World Heritage Site: Charaideo Maidam, an ancient burial ground in Assam, is poised to become Northeast India’s first cultural UNESCO World Heritage Site. This prestigious nomination was announced during the 46th session of the World Heritage Committee held in New Delhi. Previously, Northeast India boasted two natural UNESCO World Heritage Sites — Kaziranga National Park, famous for its one-horned rhinoceroses, and Manas National Park, a renowned tiger reserve. Charaideo Maidam’s nomination fills a significant gap, recognizing Assam’s rich cultural heritage.

 

2. PM Modi announces One Million Dollar Grant to UNESCO World Heritage Centre: Prime Minister Modi announced that India will contribute one million dollars to the UNESCO World Heritage Centre. This grant will be used for capacity building, technical assistance and conservation of the world heritage sites. The grant will especially be used for the countries of the Global South. The World Heritage Committee meets once a year and is responsible for managing all matters pertaining to World Heritage and deciding on sites to be inscribed on the World Heritage list. During this meeting, proposals for nominating new sites on the World Heritage list, State of Conservation reports of 124 existing World Heritage properties, International Assistance and Utilisation of World Heritage Funds among others will be discussed. Over two thousand international and national delegates from more than 150 countries attend the meeting.

 

OTHER UPDATES:

DEFENCE

 

1. Mysuru’s Capt. Supreetha becomes first woman officer to be deployed at Siachen Glacier: Captain Supreetha C.T., who hails from Mysuru, has become the first woman officer from the Corps of Army Air Defence, to be operationally deployed at Siachen Glacier. The Siachen Glacier, which is also known as the world’s highest battlefield located in the Eastern Karakoram range in the Himalayas. India launched Operation Meghdoot in 1984 to capture the Siachen Glacier in Kashmir from Pakistan, successfully gaining control of the strategically important glacier. It is the second-longest glacier in the world’s non-polar areas and lies south of the drainage divide separating the Eurasian Plate from the Indian subcontinent. The Nubra River originates from the Siachen Glacier.

 

SPORTS 

 

1. Shikhar Dhawan announced brand ambassador of MotoGP India: Star India opener Shikhar Dhawan has been appointed the brand ambassador for MotoGP in India. Dhawan, known for his dynamic presence on the cricket field, will ignite his passion for racing through the latest campaign, ‘Face Kar Race Kar’. The ‘Face Kar Race Kar’ campaign encapsulates the indomitable spirit of MotoGP, celebrating resilience and inspiring fan. This strategic partnership marks a significant milestone in the promotion of motorcycle racing in a country traditionally dominated by cricket fandom.

 

2. India’s Kush Maini wins his first-ever Formula 2 Sprint Race at Hungarian GP: India’s Kush Maini won his maiden Formula 2 Sprint Race at the Hungarian Grand Prix after initial winner Richard Verschoor’s was disqualified due to a technical infringement. Following the top of podium finish, the 23-year-old Invicta racing driver added 10 points to his season tally. This victory marks Maini’s fifth podium of the season, placing him eighth in the championship standings, just three points behind Dennis Hauger. With the win at the at Hungaroring, Maini surpassed Mercedes junior driver Kimi Antonelli in the Formula 2 Drivers’ Standings to P8 with 66 points under his belt.

 

3. Oscar Piastri wins Formula 1 Hungarian Grand Prix 2024: Oscar Piastri won his first Formula One race after completing a McLaren one-two with Lando Norris at the Hungarian Grand Prix 2024.

Lewis Hamilton finished third behind the papaya-colored pair for his record-extending 200th career podium. Points leader Max Verstappen finished fifth behind Charles Leclerc in a Ferrari and has now gone three races without a victory. Verstappen leads the standings with 265 points to Norris’ 189.

 

4. Sania Mirza, Mary Kom & Rannvijay Singh join ‘Play Sports’ as brand ambassadors: Six-time Grand Slam winner and former World No. 1 in women’s doubles Sania Mirza, six-time World Champion and Olympic bronze medallist MC Mary Kom and actor Rannvijay Singha have joined ‘Play Sports’ as brand ambassadors. Play Sport’s objective is to create a sustainable sports eco system in India by working with schools, developing sports, managing sports infrastructure, running academies and scouting talent from grassroots. Play Sports aims to improve the sports infrastructure and training facilities at schools and societies in Delhi NCR and Jaipur in the first phase and then take it to the entire country. India’s dream of hosting the 2036 Olympics is a vision that reflects the country’s growing stature on the global stage and its deep commitment to the development of sports.

 

5. PR Sreejesh to retire from international hockey after Paris Olympics 2024: India veteran goalkeeper PR Sreejesh is set to retire from international hockey after the Paris Olympics, starting later this month. Sreejesh will take part in his fourth Olympic Games in Paris and will be hoping to sign off by adding to his bronze medal from the 2020 edition in Tokyo. The 36-year-old, who made his debut for India in 2006. Sreejesh was conferred with the Khel Ratna award, the highest sporting honour in the country.

 

AWARDS AND HONOURS

 

1. Abhinav Bindra awarded prestigious Olympic Order by IOC: Olympic gold medal winning shooter Abhinav Bindra was awarded with Olympic Order by the International Olympic Committee (IOC). The award which was presented to Bindra for his outstanding services to the Olympic Movement, will be officially handed over to him during the 142nd IOC Session in Paris on August 10. Bindra became India’s first individual Olympic gold medallist when he won the men’s 10m air rifle event at 2008 Beijing Games.

 

 

Daily GK Update- 22nd July, 2024

 NATIONAL UPDATES:

 

1. Kishan Reddy launches Mineral Exploration Hackathon and National DMF Portal in Hyderabad: Union Minister of Coal and Mines, G. Kishan Reddy has launched Mineral Exploration Hackathon focused on Innovative Mineral Hunt Techniques in Hyderabad. This Hackathon aims to promote use of emerging technologies like Artificial Intelligence (AI) and Machine Learning (ML) for geophysical data, integration of multiple mineral exploration data sets such as baseline data, available exploration data, etc., to identify new Mineral targets, particularly for deep seated/concealed ore bodies. Kishan Reddy also launched the National District Mineral Foundation (DMF) Portal. This portal is a centralized platform to gather the information on the District Mineral Foundations across the country. The aim for launching this portal is to facilitate the access to the DMF data and track the developments and utilizations thereunder.

 

2. “Rajiv Gandhi Civils Abhayahastam” launched by Telangana CM: Telangana Chief Minister A. Revanth Reddy has launched a unique programme to provide financial assistance to the Civil Services aspirants from Telangana, under which the candidates who qualify for the Mains exams will be provided with ₹1 lakh for preparation. Named “Rajiv Gandhi Civils Abhayahastam”, the scheme will be helpful to about 400 candidates from Telangana region who qualify for the Mains every year. Candidates from the SC, ST, OBC, Women and the Economically Weaker Sections (EWS) category are eligible for the scheme but their family annual income must be below ₹8 lakhs. The applicants must be permanent residents of Telangana.

 

3. BIS signs MoU with Indian Institute of Science, Bengaluru to promote Standardization: The Bureau of Indian Standards (BIS) has signed an MoU with the Indian Institute of Science (IISc), Bengaluru for the establishment of the ‘BIS Standardization Chair Professor’ at the latter. This initiative formalized, marks a significant step towards institutionalizing BIS’s collaboration with leading academic and research establishments across India. The BIS Standardization Chair Professor aims to foster a robust partnership between BIS and IISc, promoting collaborative activities in Standardization and Conformity Assessment on the principles of equality and reciprocity.

 

4. MP tops in PM SVANidhi Scheme as Best Performing State: Madhya Pradesh has secured the first place under the ‘Best Performing State’ category in the Prime Minister SVANidhi scheme. The micro-credit scheme for urban street vendors, which provides collateral-free loans up to Rs 50,000, was launched by the Narendra Modi government in 2020 during the COVID-19 outbreak.

Assam has been ranked second in the ‘Best Performing States- Innovation and Best Practices Award’ category. In the ‘Best Performing ULBs – Loan Performance with mega and million plus cities’ category, the Municipal Corporation of Delhi (MCD) has received the first place, followed by the Bruhat Bengaluru Mahanagara Palike (BBMP) and the Ahmedabad Municipal Corporation.

 

5. EESL to launch retail shops to distribute energy-efficient products: State-owned Energy Efficiency Services Ltd (EESL) will introduce retail franchisee shops called ‘Urja Dakshta Dukan’ which will offer affordable energy-efficient products like LED lights, ACs, and fans to consumers.

EESL, at present, distributes products through retail tie-ups with power distribution utilities to consumers. Buyers can also purchase the products online from its web portal EESLMART.in. The first batch of franchisee outlets is expected to open in Jharkhand, Maharashtra, and Telangana.

The invitation for pan India franchise tie-ups will be available on the EESL website from August.

 

6. Sanjeev Krishan re-elected for second term as PwC India Chairperson: Sanjeev Krishan has been re-elected for a second term as Chairperson of PwC India for a four-year period beginning on April 1, 2025. As Chairperson, Krishan will continue to lead PwC in India, representing them externally and internally. He will also continue to serve on the PwC Global Strategy Council. Krishan, whose first term as Chairperson started on January 1, 2021, joined PwC in 1991 as an articled trainee. He became a partner in 2006 and has successfully led the firm’s deals, transactions and private equity business, getting the firm to a pre-eminent position amongst Private Equity firms and their investee companies, family businesses and MNC clients over the years.

 

7. National Flag Day on July 22: The Constituent Assembly of India officially accepted the National Flag on July 22, 1947. This was a big step in India’s journey to become free from colonial rule. This adoption was a sign of the hopes and togetherness of the country during hard times.

 

INTERNATIONAL UPDATES:

 

1. New Delhi hosts the 46th World Heritage Committee session of UNESCO: Prime Minister Narendra Modi has inaugurated the 46th Session of the World Heritage Committee at Bharat Mandapam in New Delhi. This is the first time India is hosting the World Heritage Committee Meeting. The event will run from 21st to 31st July at Bharat Mandapam. The Committee, which meets annually, manages all matters related to World Heritage sites and decides on new sites to be added to the World Heritage list. During this session, they will discuss nominations for new World Heritage sites, conservation reports for 124 existing sites, international assistance, and the use of World Heritage Funds. More than 2000 delegates from over 150 countries are expected to attend.

 

2. Vinay Mohan Kwatra appointed next Indian ambassador to US: Vinay Mohan Kwatra has been appointed India’s next Ambassador to the United States. Vinay Mohan Kwatra is a retired Indian Foreign Service (IFS) Indian diploma. He is known to have extensive expertise in dealing with India’s neighbourhood as well as the US, China and Europe. Kwatra served as the 34th Foreign Secretary of India, taking over from Harsh Vardhan Shringla from May 2022 till July 14, 2024. Previously, Kwatra served as the Ambassador of India to France and Nepal.

3. 22 July – Pi Approximation Day: Pi Approximation Day is celebrated every year on July 22nd because the date (22/7) is commonly used as an approximation for the mathematical constant Ï€ (pi). This fundamental constant represents the ratio of a circle’s circumference to its diameter. Since Ï€ is irrational, it cannot be expressed as a simple fraction, and its decimal form is infinite and non-repeating. A casual and enjoyable approach to honouring mathematics and the intriguing characteristics of Ï€ is to observe Pi Approximation Day.

 

4. 22 July – World Brain Day: World Brain Day is celebrated every year on 22 July. Objective – To raise awareness about brain diseases and promotes research for new treatments. Theme 2024 – Brain Health and Prevention This day serves as a reminder of the critical importance of brain health and the need to take proactive steps to prevent and manage neurological conditions.

 

OTHER UPDATES:

 

SPORTS 

 

1. Yuki Bhambri, Albano Olivetti clinch Men’s Doubles Title at ATP Swiss Open: India’s Yuki Bhambri and his French partner Albano Olivett clinched the men’s doubles title at the Swiss Open ATP Tour tennis tournament defeating French pair of Ugo Humbert and Fabrice Martin in the final in Gstaad, Switzerland. This was the third ATP doubles title for the 32-year-old Bhambri. The pair of Bhambri and Olivett, beat their French opponents 3-6 6-3 10-6 to win the title. This is the year’s second ATP Tour title for the Indo-French pair. Bhambri and Olivetti also won the Bavarian International Tennis Championships in Munich in April.

 

2. Kush Maini Secures First Formula 2 Win in Hungary: Kush Maini is an emerging Indian racing driver known for his accomplishments in various motorsport categories. Born on September 22, 2000, he hails from a family with a strong racing background, including his older brother, Arjun Maini, who is also a professional racing driver. He has competed in several formula racing championships, including the FIA Formula 3 Championship and the Formula Renault Eurocup. Kush’s performances in these series have showcased his driving skills and potential for higher-level competitions. Over the years, Kush Maini has gained recognition for his consistent performances and determination.

 

SCIENCE AND TECHNOLOGY

 

1. Apollo 11 Anniversary: Apollo 11, which took off in 1969, was the first mission to land people on the moon. Neil Armstrong was the first person to walk on the Moon. Buzz Aldrin came after him. The command module was named Columbia, and the module that went to the moon was named Eagle. It was an 8-day, 3-hour, 18-minute mission. A rocket from the Kennedy Space Center called Saturn V was used to bring back more than 800 pounds of moon rock. People often say the popular phrase “That’s one small step for a man” in the wrong way.

AWARDS AND HONOURS

 

1. BJP govt renames Biju Patnaik Sports Award to Odisha Rajya Krida Samman: The newly elected BJP government has renamed Biju Patnaik Sports Award as Odisha Rajya Krida Samman’. Odisha Sports and Youth Services Department issued guidelines for the Rajya Krida Samman’ which will be awarded in eight categories annually, subject to availability of suitable candidates. The cash rewards remain unchanged. According to the guidelines, the lifetime achievement award for promoting sports will carry a cash prize of Rs 3 lakh, while Rs 2 lakh will be awarded for outstanding performance in sports, and Rs 1 lakh for excellence in coaching. Similarly, a cash award of Rs 1 lakh will be given in each of the following categories – best contribution to sports promotion, excellence in sports journalism, para-sports person of the year,  upcoming athlete of the year (junior category), and sports technical official/support staff of the year.

 

2. Arpit Jagdish Kabra honoured with International Excellence Award: CA Arpit Jagdish Kabra from Ajmer Rajasthan has received the prestigious International Excellence Award. This accolade recognises his outstanding contribution to forensic investigation and his unwavering dedication to social impact initiatives. The award, presented at the House of Commons, underscores the international recognition and impact of his work. At a young age, Arpit Kabra assumed the role of Chairman of the Western India Regional Council (WIRC) of ICAI. His efforts towards the empowerment of women and youth, along with the initiatives undertaken under his leadership at WIRC, have made him deserving of this honour. Under his leadership, the WIRC team also set a world record for the Largest Human Mosaic in Mumbai.

 

3. Leander Paes and Vijay Amritraj inducted into International Tennis Hall of Fame: Former doubles world number one Leander Paes and tennis broadcaster, actor and player Vijay Amritraj became the first Asian men inducted into the International Tennis Hall of Fame. The first inductees from India were joined by British tennis journalist and author Richard Evans in enshrinement ceremonies at the Hall of Fame in Newport, Rhode Island. Paes recounted his youth playing football and hockey before turning to tennis and eventually following his hockey-captain father as an Olympic medalist. Leander Paes, aged 51, was inducted under the player category, a testament to his extraordinary career spanning three decades. Vijay Amritraj was inducted under the contributor category, acknowledging his significant impact on tennis both on and off the court.