Daily GK Update: 11th May 2023

 National & International Appointments

1. SN Subrahmanyan appointed as Chairman and MD of L&T

• Larsen & Toubro board has appointed S N Subrahmanyan as Chairman and MD, with effect from October 1, 2023.
• He will succeed A M Naik, who steps down as Non-Executive Chairman of the L&T Group at the end of his tenure on 30 September 2023.
• Currently, S N Subrahmanyan is serving as the CEO and MD of L&T.
• He has also worked as Deputy MD & President leading L&T’s infrastructure business to its position as the country’s largest construction organization.

 Science & Technology

2. IBM partners NASA to convert satellite data into high resolution maps

• International Business Machines (IBM) has collaborated with the National Aeronautics and Space Administration (NASA) to launch a new geospatial foundation model.
• It is designed to convert satellite data into high-resolution maps of floods, fires, and other landscape changes to reveal the planet’s past and hint at its future.
• It is expected to be available for preview in the second half of 2023.
• This model would be part of IBM’s watsonx.ai, a next-gen enterprise studio.

 National Affairs

3. ‘Harit Sagar’ the Green Port Guidelines 2023 launched

• Minister of Ports, Sarbananda Sonowal has launched ‘Harit Sagar’ the Green Port Guidelines 2023.
• Aim: To promote environment-friendly practices across all our Ports
• It provides a comprehensive action plan for achieving targeted outcomes in terms of quantified reduction in carbon emission over defined timelines and achieving SDG.
• It also aims to minimize waste through reducing, reusing, repurposing, and recycling to attain zero waste discharge from port operations.

 Defense

4. Indian Navy and Royal Thai Navy conduct 35th Indo-Thai coordinated patrol

• The 35th edition of India-Thailand Coordinated Patrol (Indo-Thai CORPAT) between the Indian Navy and the Royal Thai Navy was concluded in the Andaman Sea on May 10, 2023.
• Aim: To reinforce maritime linkages between the two countries and ensure the safety and security of the international trade route in the Indian Ocean
• INS Kesari, an indigenously built LST (L), and HTMS Saiburi, a Chao Phraya Class Frigate participated in the exercise.

 Banking & Finance

5. Sebi allows DMA facility to registered FPIs for participating in ETCDs

• The Securities and Exchange Board of India (SEBI) has allowed stock exchanges to extend direct market access (DMA) to registered Foreign Portfolio Investors (FPIs) with immediate effect.
• Reason: To promote institutional participation in Exchange Traded Commodity Derivatives (ETCDs)
• DMA facilitates the clients of a broker to directly access the exchange trading system through the broker's infrastructure to place orders without manual intervention by the broker.

 National Affairs

6. Smriti Irani launches “Poshan Bhi Padhai Bhi” campaign

• Union Ministry of WCD has launched a campaign named “Poshan Bhi Padhai Bhi” for strengthening Early Childhood Care and Education (ECCE).
• This unique initiative is aimed at ensuring that India has a high-quality preschool network.
• ECCE is a significant component of Mission Saksham Anganwadi and Poshan 2.0 and is envisaged under the NEP.
• The work will be taken by Anganwadis across the country for providing nutrition as well as better education to children.

 Important Dates

7. National Technology Day 2023: May 11

• National Technology Day is observed every year on May 11 across the nation to commemorate India's nuclear test success that was conducted on May 11th, 1998, at Pokhran, Rajasthan.
• 2023 theme: School to Startups-Igniting Young Minds to Innovate
• This term was coined by former PM Atal Bihari Vajpayee to recognize the contributions of Indian scientists.
• On May 11, 1998, India successfully fired the Shakti-I nuclear missile at an Army test range in Rajasthan's Pokhran.

 State Affairs

8. Punjab becomes first state to enforce 'right to walk'

• Punjab has become the first state in India to implement the 'right to walk' by making it mandatory for all road-owning agencies to provide footpaths and cycle tracks in all future expansions of roads and construction.
• Reason: Every month more than 10 pedestrians/ bicycle riders are killed in road accidents due to encroachment on pedestrian footpaths
• Road-owning agencies include NHAI, the public works department, local bodies, and urban development departments.

 Banking & Finance

9. YES BANK launches solar financing program to aid MSMEs

• Yes Bank has launched YES KIRAN for offering financial assistance to MSMEs manufacturers, who wish to install solar panels at their premises
• Aim: To support the adoption of sustainable energy practices by small and midsized enterprises
• MSMEs will get various benefits such as reduced operational cost, a flexible loan tenure at competitive interest rates, and a broad range of tie-ups with leading solar panel manufacturers and installers to help MSMEs

 Agreement

10. India Post launches Bharat eMart portal

• India Post, Confederation of All India Traders (CAIT), and Tripta Technologies signed an MoU for the Bharat eMart portal.
• This portal will provide the facility of pick-up of consignments from the premises of traders and ensure delivery at the doorsteps of the consignees across the country.
• In the recent past, India Post has entered into similar agreements with GeM, Regional Centers of Tribal Cooperative Marketing Development Federation of India Limited (TRIFED).

 National Affairs

11. GST: Government lowers threshold for e-invoicing to Rs 5 crore

• The Union government has lowered the threshold limit of e-invoicing from Rs 10 crore to Rs 5 crore.
• It will be mandatory for smaller businesses to carry out business transactions via e-invoices from August 1, 2023.
• In the exercise of the powers of the Central Goods and Services Tax Rules, 2017, the government has made the amendment in the notification on the recommendations of the Council.
• The threshold was lowered to Rs 10 crore on October 1, 2022.

 Banking & Finance

12. Settle fee, charges on forex prepaid cards in rupee: RBI

• RBI has stated that fees and charges payable in India on forex prepaid cards, store value cards, and travel cards must be denominated and settled in local currency.
• The use of such cards is limited to permissible current account transactions.
• It is subject to the prescribed limits under the Foreign Exchange Management Rules.
• The RBI had previously stated that no prior permission from the bank is needed for such cards.

 International Affairs

13. India among top 5 countries where babies are born pre-term: UN Report

• According to a report, released by the UN, an estimated 13.4 million babies were born pre-term in 2020, with 45% of them being born in just five countries, including India, Pakistan, Nigeria, China, and Ethiopia.
• Report title: Born Too Soon: Decade of Action on Pre-term Birth
• It is jointly produced by the WHO, UNICEF, and Partnership for Maternal, Newborn & Child Health (PMNCH).
• The global pre-term birth rate increased to 9.9% in 2020, compared to 9.8% in 2010.