Daily GK Update: 2nd April 2023

Science & Technology

The Indian Space Research Organisation (ISRO) in association with the DRDO and IAF successfully demonstrated a precise landing experiment for a Reusable Launch Vehicle Autonomous Landing Mission (RLV LEX) test.
It was conducted at the Aeronautical Test Range (ATR), Chitradurga, Karnataka.
This is a part of ISRO’s efforts to develop RLVs, or space planes/shuttles, which can travel to low earth orbits to deliver payloads and return to earth for use again.

Defense

In Financial Year 2022-23, India's defense exports have reached an all-time high of 15920 crore rupees, which is almost Rs 3,000 crore more than the previous financial year (2021-22).
At present, India is now exporting to over 85 countries.
India exports major platforms like Dornier-228, 155 mm Advanced Towed Artillery Guns (ATAGs), Brahmos Missiles, Akash Missile System, Simulators, Mine Protected Vehicles, Armoured Vehicles, PINAKA Rockets & Launchers, etc.

International Affairs

The Secretary General of the North Atlantic Treaty Organization (NATO), Jens Stoltenberg has informed that Finland has become the 31st member of the alliance.
Turkey’s approval has allowed the extension of NATO.
Finland shares a long border (over 1,300 kilometers) with Russia, and its decision to join NATO was prompted by security concerns following Russia’s invasion of Ukraine in 2022.
However, Turkey and Hungary have declined Sweden’s application to join NATO.

Science & Technology

Israel has successfully launched the “Ofek-13” spy satellite into space by the Shavit launch vehicle, from Palmachim Airbase spaceport.
This satellite was manufactured by state-owned Israel Aerospace Industries (IAI).
It is the latest in a series of domestically produced satellites that were first put into orbit in 1988.
Immediately after launch, the satellite successfully entered orbit and started transmitting data, and completed an initial series of tests

Banking & Finance

According to the Reserve Bank of India (RBI), India's current account deficit (CAD) has narrowed to $18.2 billion (2.2% of GDP) in the October to December quarter (Q3FY23) from 4.4% of the GDP in the quarter ending September 2022.
Reason: The decline was mainly due to the narrowing of the merchandise trade deficit.
Services exports reported a growth of 24.5% on a y-o-y basis.
CAD: It is the difference between the inflow and outflow of foreign exchange.

Banking & Finance

Union Bank of India has become the first Indian bank to open its ‘Special Rupee Vostro’ account through its corresponding bank in Malaysia i.e. India International Bank of Malaysia for trade settlement in rupee.
The trade between India and Malaysia can now be settled in the Indian rupee, in addition to the current modes of settlement in other currencies.
In July 2022, RBI decided to allow the settlement of India’s international trade in rupee.
Malaysia currency: Ringgit

Banking & Finance

According to the Controller General of Accounts (CGA), the government's fiscal deficit for April 2022-February 2023 has widened to Rs 14.54 lakh crore, i.e. accounted for 82.8% of the full-year target for 2022-23.
In 2021-22, the Fiscal deficit in the first 11 months was 82.7% of that year's target.
The Centre made an upward revision in its fiscal deficit target for 2022-23 in the 2023 Budget to Rs 17.55 lakh crore from Rs 16.61 lakh crore.

Banking & Finance

Insurance regulator, IRDAI has identified Life Insurance Corporation (LIC), New India Assurance, and General Insurance Corporation (GIC Re) as domestic systemically important insurers (D-SIIs) for 2022-23.
These were the same institutions identified as DSII in 2021-22.
D-SIIs refer to insurers of such size, market importance, and domestic and global interconnectedness, whose distress or failure would cause a significant dislocation in the domestic financial system.

National Affairs

According to the report titled 'Women and Men in India 2022', released by the Ministry of Statistics and Programme Implementation, an average Indian woman aged between 15 and 29 spends 5.5 hours doing unpaid labor.
While a man between 15 and 29 spends about 50 minutes daily doing work that yields no money.
A senior woman (above 60 ) spends four hours a day doing unpaid labor, while a senior man spends 1.5 hours on the same.

Important Dates

World Autism day is observed annually on April 2 to promote awareness and advocacy for the rights of people with autism.
This year marks the 16th anniversary of the day.
This year the theme is “Contribution of Autistic Individuals at Home, at Work, in the Arts, and Policymaking.”
In 2007, the United Nations General Assembly officially declared April 2nd as World Autism Awareness Day, following a proposal put forward by the State of Qatar.

Obituaries

Noted author Sara Thomas passed away at 88 due to age-related ailments.
She is a two-time recipient of the Kerala Sahitya Akademi award.
Her noted work ‘Narmadipudava’ won the Kerala Sahitya Akademi award in 1979.
She was also awarded the academy’s award in 2010 for her overall contribution to Malayalam literature.
Her second novel ‘Muripadukal’ was made into a movie titled ‘Manimuzhakkam’ in 1976, which won several national and state awards.