Daily GK Update: 5th April 2023

By Neha Bisarya|Updated : April 5th, 2023

 Science & Technology

1. Skyroot Aerospace successfully test-fires 3D-printed cryogenic engine

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  • Skyroot Aerospace has successfully test-fired a fully 3D-printed 'Dhawan II' cryogenic engine for 200 seconds.
  • The company developed the engine for its heavier vehicle, Vikram II.
  • This engine will be used as the upper stage of the updated version of Vikram-II.
  • A cryogenic upper stage instead of a solid fuel stage enhances the payload-carrying capacity of a rocket.
  • In 2022, Skyroot Aerospace became the first Indian private company to send a rocket into space.
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 Banking & Finance

2. Canara Bank launches Premium Payroll Account

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  • Canara Bank has introduced a “Premium Payroll Package” for Salary account holders with competitive features.
  • This product has been designed to meet all Banking requirements of Salaried Customers.
  • Features: Free Term Life Insurance, Insta over Draft, free Personal & Air Accident Insurance coverage, Premium Cards, etc.
  • Eligibility:
    • All employees of a firm/company with a minimum of 5 employees.
    • Age: 18-65 years
    • Salary Band: Rs. 50,000-Rs.1,00,000
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 Banking & Finance

3. ADB cuts India GDP growth forecast to 6.4% for FY24

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  • According to the latest edition of ADB's flagship economic publication, Asian Development Outlook (ADO) April 2023, India's GDP would grow to moderate to 6.4% in FY24 (2023-24).
  • Reason: Risks arising from global and domestic factors
  • ADB has also highlighted that India's GDP will rise in FY25 to 6.7%.
  • While inflation will likely moderate to 5% in 2023-24, assuming moderation in oil and food prices.
  • Inflation will be at 4.5% in FY25.
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 Summits & Conferences

4. IIT Kanpur host Y20 Consultation under G20 Presidency of India

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  • The Indian Institute of Technology (IIT) Kanpur is being hosted the Youth20 (Y20) Consultation under the G20 Presidency of India on April 5, 2023.
  • The two-day event was attended by more than 1,200 youth delegates from across India and abroad.
  • It is a platform that brings young people together to connect and share ideas on finding innovative solutions to pressing global concerns.
  • It is a pan-India activity in the run-up to the final Y20 Summit to be held in Varanasi, UP
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 Important Dates

5. National Maritime Day 2023: April 5

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  • India observed the 60th National Maritime Day on April 5, 2023, to commemorate the sailing of the first Indian commercial vessel, SS Loyalty.
  • The ship sailed from Mumbai to London.
  • This day was started by the Ministry of Ports, Shipping, and Waterways in 1964.
  • The theme for 2023 has not yet been announced.
  • The theme for National Maritime Week 2023 is 'Amrit Kaal in Shipping'.
  • World Maritime Day is observed on 28 September.
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 Banking & Finance

6. Govt withdraws windfall gains tax on crude oil production

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  • The government has removed the windfall tax on crude oil production to nil from 3,500 rupees ($42.56) per tonne and on diesel has been slashed to Rs 0.5 per litre from Re 1 per litre, effective from April 4, 2023.
  • Windfall tax: It is levied by governments when an industry unexpectedly earns large profits.
  • The tax was levied in July 2022 as high energy prices led to soaring profits for oil producers.
  • The decision comes at a time when OPEC+ decided to cut production.
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 National & International Organizations

7. Mukesh Ambani regains Asia's richest person spot: Forbes

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  • According to the Forbes Billionaire 2023 list, Mukesh Ambani has regained his spot as Asia's richest person after rival Gautam Adani (USD 47.2 billion) tumbled to No. 24.
  • Ambani (65) was ranked at No. 9 on the world billionaire list with a net worth of USD 83.4 billion.
  • Bernard Arnault (CEO of LVMH) topped the Forbes Billionaires 2023 Rankings with an estimated net worth of a whopping 211 billion.
  • Elon Musk placed second, followed by Jeff Bezos and Lary Ellison.
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 Defense

8. Govt approves Army proposal to induct woman officers in Artillery

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  • Minister of State for Defence Ajay Bhatt informed the Lok Sabha that the central government approved the induction of women in the Regiment of Artillery.
  • In January 2023, the proposal to induct woman officers in the Regiment of Artillery was sent to the government.
  • The exact number of woman officers who will be inducted into the Artillery will only be known at the time of the commission of the next batch from the Officers Training Academy (OTA) in Chennai.
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 Banking & Finance

9. PhonePe's e-commerce app Pincode live on ONDC network

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  • PhonePe has launched a new consumer-facing application named Pincode, which will be a part of India's Open Network for Digital Commerce (ONDC) framework.
  • Aim: To strengthen its e-commerce forays
  • Pincode is a buyer app that focuses on hyperlocal commerce and is available for download on both Google Play and the App Store.
  • It will launch in six major categories including grocery, food, pharma, electronics, home decor, and fashion.
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 Defense

10. India US to sign Rs 2400 crore deal for missiles, torpedoes for Indian Navy

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  • The Indian government will sign a weapons deal with the United States government to buy American weapons, including the Hellfire missiles and Mark 54 anti-submarine torpedoes.
  • Aim: Towards strengthening their military hardware cooperation
  • These weapons will be fitted on the 24 MH-60 helicopters that are going to be fully inducted into the Navy in the near future.
  • The deal would be inked under the Foreign Military Sales route.
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 State Affairs

11. Telangana announces ‘cool roof’ policy to reduce heat impact on buildings

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  • Telangana govt has launched India’s first Cool Roof Policy 2023-2028 at the CDMA office in Telangana.
  • It is jointly launched by the state's municipal administration and urban development department.
  • The policy aims to drive state-wide adoption of cool roofs by making it mandatory to install cool roofing materials, such as solar reflective paints, tiles, or sheets.
  • It is a five-year policy, that came into force on April 1, 2023, and continues till March 31, 2028.
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 State Affairs

12. PM applauds GI Tag for Ladakh's Wood Carving

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  • The world-famous Basohli Paintings from the Kathua district of Jammu and Kashmir and the Ladakh Wood Carving of Ladakh have received the Geographical Indication (GI) Tag.
  • The process for GI Tagging of these products was started by NABARD in consultation with and support from the Department of Handicrafts and Handloom in December 2020.
  • A GI tag is a sign used on a product that has a special geographical origin.
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 Honours & Awards

13. Kiran Nadar conferred with France's highest civilian award

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  • Kiran Nadar was conferred “Chevalier de la Légion d’Honneur” (Knight of the Legion of Honour) by French Ambassador to India Emmanuel Lenain in April 2023.
  • Reason: In recognition of her contribution to the field of art, her commitment to providing greater access to culture both nationally and internationally, and her leading role in fostering Indo-French cultural ties
  • She is a chairperson of the Kiran Nadar Museum of Art.
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Daily GK Update: 5th April 2023

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