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Daily Current Affairs 24th and 25th October 2023 Daily GK Update
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India to host the world’s largest textiles event, Bharat Tex 2024
- The Indian textile industry in collaboration with industry bodies will host the world’s largest textiles event “Bharat Tex 2024”.
- This mega exhibition is scheduled to take place from 26 February to 29 February 2024 in New Delhi.
- The initiative marks India’s dedication to becoming a global textile powerhouse, combining innovation, collaboration, and the “Make in India” spirit.
- Bharat Tex 2024 represents India’s 5F vision, encompassing Farm to Fibre to Factory to Fashion to Foreign.
- It emphasizes the nation’s readiness to take on global competition in the textile sector, creating products not only for India but the entire world.
- Bharat Tex 2024” is anticipated to be a comprehensive representation of the entire textile industry value chain, encompassing India’s rich cultural heritage, traditional textile practices, and the latest technological innovations, read the press release.
- With over 1,000 exhibitors and more than 30,000 visitors from 40 countries, the event will feature knowledge sessions, seminars, conferences, CEO roundtables, B2B and G2G meetings, strategic investment announcements, product launches, and global collaborations that will reshape the textile industry.
India to invest 143 lakh crore in Infrastructure by 2030
- India will spend nearly Rs143 lakh crore on infrastructure between fiscals 2024 and 2030, more than twice the ₹ 67 lakh crore spent in the past seven financial years starting 2017, according to rating agency Crisil.
- Of the total, ₹ 36.6 lakh crore will be green investments, marking five times rise compared with the amount spent during fiscals 2017-2023.
- The agency expects India’s gross domestic product to grow at an average 6.7 percent through fiscal 2031 to be the fastest-expanding large economy.
- Per capita income is seen rising from USD 2,500 now to USD 4,500 by fiscal 2031, creating a middle-income country. This growth will be underpinned by massive all-round infrastructure development, with sharp focus on integrating sustainability.
- Four of these — roads and highways, power transmission, renewable energy and ports — have an overall score of 7-plus (out of 10), which underscores the pace of reforms and developments of the past few years.
Amit Shah inaugurated India’s first nano DAP plant in Gujarat
- Union Home Minister Amit Shah has inaugurated India’s first liquid nano di-ammonia phosphate (DAP) plant of Indian Farmers Fertilizer Cooperative Limited (IFFCO) in Ahmedabad.
- IFFCO’s Nano DAP (Liquid) contains 8% of nitrogen and 16% of phosphorus. This can replace a 50 kg bag of traditional DAP is currently priced at Rs.1350 for farmers.
- This would not only cut India’s fertilizers import dependence, but also boost wheat, sugar and potato farmers’ income significantly.
- IFFCO owns a patent on its nano urea and nano DAP. The cooperative will get royalties for the product for the next 20 years.
- According to the central government, the impact of one bottle of 500 ml on the crop is equivalent to that of 45 kg bag of granular urea.
- IFFCO is expected to manufacture 18 crore bottles of nano DAP by 2025–2026. According to the cooperative, this will reduce the consumption of 90 lakh tonnes of traditional DAP.
Amit Shah in News
- Amit Shah chairs review meeting on Left Wing Extremism in New Delhi
- Amit Shah chaired Northern Zonal Council at Amritsar
- Amit Shah chaired Northern Zonal Council at Amritsar
- Amit Shah launches “Amrit Kalash Yatra” under ‘Meri Maati-Mera Desh’ campaign in New Delhi.
- Amit Shah chairs 26th meeting of Western Zonal Council in Gandhinagar
Mumbai second most polluted major global city as air quality worsens
- Mumbai was the second most polluted city among 109 places tracked by IQAir, a Swiss technology company measuring air quality in real-time.
- Beijing, meanwhile, took the top spot.
- The air quality index (AQI) score is based on the US system where a score of between 0-50 is good, 51-100 is moderate, 101-150 is unhealthy for sensitive groups, 151-200 is unhealthy, 201-300 is very unhealthy and >301 is hazardous.
- The concentration of fine particulate matter (PM2.5) in Mumbai was 14.7 times the World Health Organization (WHO) guideline of five micrograms per cubic metre. In Delhi, it was 9.8 times the guideline value.
- Around 1.6 million deaths in the country in 2019 were due to air pollution, according to a study published in The Lancet in December 2020 titled ‘Health and economic impact of air pollution in the states of India: The Global Burden of Disease Study 2019’.
- India incurred billions in losses due to air pollution in 2019. Of this, $28.8 billion was from premature deaths and $8 billion from morbidity.
- Among South Asian countries, the increase in particulate matter between 2000 and 2021 was the highest in India at 54.8 per cent, followed by Bangladesh (44.1 per cent), Afghanistan (42.3 per cent), and Pakistan (39.9 per cent), according to Air Quality Life Index 2023 report by University of Chicago authors Michael Greenstone and Christa Hasenkopf.
ADAS Show to be held at ICAT Track in Gurugram
- The Advanced Driver Assistance Systems (ADAS) Show organized by the International Centre for Automotive Technology (ICAT) will be held on the 7th of December at ICAT Track in Gurugram.
- Director Of ICAT Saurabh Dalela said, Show will bring together the brightest minds in the automotive industry to share knowledge, demonstrate innovations, and discuss the future of ADAS technology.
- Safety is a huge matter of concern for people and more efforts are being made to ensure road safety. The focus is on enhancing technology and ADAS SHOW will be a milestone.
- The government is not against quick mobility but is aiming to lower the number of casualties due to road accidents.
APAAR: ‘One Nation, One ID’ to be rolled out for students
- The Ministry of Education and Government of India has initiated the APAAR ID (Automated Permanent Academic Account Registry ID), known as the “One Nation One Student ID Card.”
- This groundbreaking program aims to digitally centralize academic data, including degrees, scholarships, rewards, and other credits for students.
What is APAAR?
- The Automated Permanent Academic Account Registry – APAAR, dubbed as the ‘One Nation, one Student ID’ is an Education Ecosystem Registry or an ‘EduLocker’.
- The APAAR will give each student enrolled from pre-primary to higher education, a unique identification number. This will be in addition to the already existing Aadhaar ID that every individual has.
- Earlier in May this year, the National Educational Technology Forum (NETF) head and former AICTE chairman Dr Anil Sahasrabuddhe had mentioned working on a registry of the entire educational ecosystem, comprising students, teachers, and schools and colleges.
- NETF, an autonomous body under the Ministry of Education, was set up under the NEP 2020, to look into addressing gaps and creating strategic thrust on technology-based intervention in the education domain. Such as laying down standards of content and technology, and guidelines for online/digital teaching-learning.
How does One Nation, One ID benefit students?
- The APAAR or EduLocker will be a lifelong ID number for students for seamless tracking of their academic journey and achievements.
- They will be able to digitally store their exam results, learning outcomes, co-curricular achievements such as ranking in Olympiads or receiving specialized skill training and much more.
- In addition to that, students transferring from one school to another will face less hassle in obtaining admission to a new institution in any part of the country.
- The enrolment process will be carried out by the school, with the consent of their parents, who will also be able to withdraw their consent at any given point of time.
- The government assured that the data will be shared only with concerned government agencies if and when required.
- The data collected on each student by the schools will be stored in a centrally functioning District Information for Education portal.
APAAR: Challenges and concerns
- Given the ongoing concerns about Aadhaar’s data security, and the numerous instances of data breaches, many people have raised concerns about the initiation of the APAAR registration process.
- School authorities have raised the issue of already pending Aadhaar verification of students, which is kept optional. The addition of the APAAR registry can increase the administrative burden on the teaching faculty.
Banking and Financial
India to surpass Japan to become 2nd largest economy in Asia by 2030: S&P Global
- India, the world’s fifth largest economy in the world, is likely to overtake Japan to become the world’s third-largest economy with a GDP of $ 7.3 trillion by 2030, S&P Global Market Intelligence.
- After two years of rapid economic growth in 2021 and 2022, the Indian economy has continued to show sustained strong growth during the 2023 calendar year.
- India’s gross domestic product (GDP) is expected to grow 6.2-6.3 percent in the fiscal year ending in March 2024, being the fastest-growing major economy this fiscal year.
- Asia’s third-largest economy grew by a stellar 7.8 percent in the April-June quarter.
- The acceleration of foreign direct investment inflows into India over the past decade reflects the favourable long-term growth outlook for the Indian economy, helped by a youthful demographic profile and rapidly rising urban household incomes.
- India’s nominal GDP measured in $ terms is forecast to rise from $ 3.5 trillion in 2022 to $ 7.3 trillion by 2030.
- This rapid pace of economic expansion would result in the size of the Indian GDP exceeding Japanese GDP by 2030, making India the second largest economy in the Asia-Pacific region.
RBL Bank introduces GO savings account
- RBL Bank has launched GO Savings Account, its latest digital banking product.
- It is a zero-balance account with simple account opening process and easy-to-operate features, the product caters to customers of all age groups.
- The GO Savings Account signifies a modern shift in the world of banking, presenting a novel subscription-based model.
- The launch of GO Savings Account bridges the gap between traditional and digital banking by offering a compelling value proposition for customers.
- With our user-friendly account opening experience bundled with the new-age subscription-based model and services there on, we aim to bring digital convenience to a larger customer segment.
About RBL BANK
- Founded – 1943
- Headquarters – Mumbai
- MD & CEO – R Subramaniakumar
- Tagline – Apno ka Bank
RBI imposes ₹2.5 Crore penalty on L&T Finance for Non-Compliance
- The Reserve Bank of India (RBI) has taken regulatory action against L&T Finance Limited by imposing a monetary penalty of ₹2.50 crore on the company.
- This action follows non-compliance with specific provisions of the Non-Banking Financial Company – Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016.
- The penalty has been levied by the RBI under the relevant sections of the Reserve Bank of India Act, 1934.
- This decision comes in the wake of a statutory inspection of L&T Finance Limited, which covered its financial position as of March 31, 2021, and March 31, 2022.
Recent penalties imposed by RBI on banks
- RBI imposed ₹2.5 Crore penalty on L&T finance company for Non-Compliance
- RBI imposed a penalty or ₹12.19 crore on ICICI Bank and ₹3.95 crore on Kotak Mahindra Bank for non-compliance of certain regulatory norms.
- The RBI imposed a penalty of ₹1 crore on Union Bank of India for non-compliance with directions on ‘Loans and Advances – Statutory and Other Restrictions.
- RBI imposed Rs 2.5 crore penalty on Jammu & Kashmir Bank, Axis Bank and Bank of Maharashtra
- RBI imposes Rs 20 lakh penalty on Manappuram Finance
HDFC Bank unveils XpressWay digital platform for Swift Loans
- HDFC Bank has launched XpressWay, a digital platform offering banking products and services, enabling customers to experience the fastest way to bank.
- XpressWay offers an array of services, including Xpress Personal Loan, Xpress Business Loans, Xpress Car Loan, Xpress Home Loan, Xpress Loan on cards, Xpress Credit Card, Xpress Savings Accounts, service journeys and more, designed to cater to diverse customer needs.
- XpressWay is an integral component of HDFC Bank’s ‘NOW,’ an umbrella brand encompassing the bank’s digital products and services.
- This initiative represents the bank’s commitment to embracing digital solutions for its customers’ benefit.
Recent Facilities Launched in Banking & Insurance Sector
- Federal Bank launched the ‘Mookkannoor Mission’ initiative at its founder’s village
- ICICI Bank launched ‘iFinance, a One-Stop Solution
- Yes Bank becomes first lender to offer ‘ONDC Network Gift Card’
- SBI launches ‘Mobile Handheld Device’ to improve accessibility and convenience.
- PhonePe launched its own app store platform Indus Appstore
Lay’s announces Mahendra Singh Dhoni as brand ambassador
- Lay’s announces cricketer Mahendra Singh Dhoni as its brand ambassador, starring in a campaign – ‘No Lay’s, No Game.’
- The brand is excited to reunite with the beloved cricketer, MS Dhoni, as the face of Lay’s, solidifying the deep bond between the brand and our cricket-obsessed nation.
- The partnership and ‘No Lay’s, No Game’ campaign will continue to deliver boundless joy to consumers and remind them to continue to elevate their match-viewing experience with Lay’s chips,” Saumya Rathor, category lead – potato chips.
- The ‘No Lay’s No Game’ global campaign has been associated with football icons Thierry Henry and Lionel Messi in other markets.
Recent Brand Ambassador
- Mohammed Shami – Sports brand Puma
- Neeraj Chopra – Laureus Ambassador
- Mahendra Singh Dhoni – Reliance Retail’s Jio Mart
- Katrina Kaif – Uniqlo India
- Hrithik Roshan – Exxon Mobilil
- Anushka Sharma – Women’s fashion brand ‘W’
- Mahendra Singh Dhoni – Swaraj Tractors
Shubman Gill becomes fastest batter to score 2000 runs in ODIs
- Shubman Gill has become the fastest batter to score 2000 runs in ODIs.
- He achieved the feat in India’s World Cup 2023 match against Tom Latham’s New Zealand at the Himachal Pradesh Cricket Association Stadium in Dharamsala.
- Back on January 21, 2011, Hashim Amla set the record in his 40th innings in the match against India at St George’s Park in Port Elizabeth. Gill raced to the milestone in only his 38th ODI innings.
- The right-handed Shubman also broke Shikhar Dhawan’s record of being the fastest Indian batter to score 2000 runs. Back on November 9, 2014, Dhawan set the record in his 48th innings in the match against Sri Lanka at the Rajiv Gandhi International Stadium in Hyderabad.
24 October – United Nations Day
- United Nations Day, which falls on October 24 each year, is a significant occasion that commemorates the anniversary of the UN Charter coming into effect in 1945.
- This milestone event marked the official establishment of the United Nations, a unique global organization dedicated to fostering cooperation, maintaining peace and security, and promoting international relations.
- Theme 2023 – The Frontlines of Climate Action.
- The United Nations, often abbreviated as the UN, plays a pivotal role on the world stage. It possesses unparalleled legitimacy, the ability to bring nations together, and a profound influence on shaping international norms.
24 October – World Development Information Day
- World Development Information Day is celebrated annually on October 24.
- Objective – To raise awareness of development problems and the need to strengthen international cooperation to solve them.
- Theme 2023 – Harnessing the Power of Information and Communication Technologies to Build a Better World.
- The UN General Assembly in 1972 established the World Development Information Day to direct people’s attention toward developmental problems and the need to strengthen international cooperation to solve them.
Former Indian Captain, Bishan Singh Bedi passed away at 77
- Former India captain Bishan Singh Bedi, a legendary spinner, died at the age of 77 years.
- Between 1967 and 1979, the legendary spinner played 67 Tests for India, taking 266 wickets. In addition, he took seven wickets in ten One-Day Internationals.
- Bedi, along with Erapalli Prasanna, BS Chandrasekhar, and S. Venkataraghavan, was the architect of a sort of revolution in the history of Indian spin bowling.
- He was instrumental in India’s first ODI victory. In a 1975 World Cup match, his miserly bowling figures of 12-8-6-1 held East Africa to 120 runs.
- He began his international cricket journey in 1966, representing India until 1979. Bedi was renowned for his mastery of flight and spin, using subtle variations to outwit batsmen.
- His leadership was pivotal in India’s historic 1971 series victory against England when he captained the team in the absence of the injured Ajit Wadekar, solidifying India’s reputation as a competitive cricketing nation.
- In 1970, Bishan Singh Bedi was honored with the Padma Shri, one of India’s highest civilian awards, in recognition of his outstanding contributions to cricket.
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