Today's Current Affairs 2nd September 2023

INTERNATIONAL

Indo-US task force set up to elevate electronics trade to $100 bln in next decade

• In a remarkable endeavor to strengthen trade relations between India and the United States within the electronics sector, the Indian Cellular & Electronics Association (ICEA) has established a dedicated task force. With a goal to elevate the current Indo-US electronics trade, currently at $8 billion, to an ambitious $100 billion within the next decade, this initiative follows collaborative efforts initiated after Prime Minister Narendra Modi’s state visit to the United States last month.
• Ambitious Trade Target: ICEA Chairman Pankaj Mohindroo emphasized that achieving this monumental goal would significantly bolster India’s aspirations to become a global hub for innovation and manufacturing in the electronics sector.
• Comprehensive Representation: ICEA, serving as the apex industry body, represents the entire electronics ecosystem in India, including components, subassemblies, EMS (Electronic Manufacturing Services), and finished goods across various Electronic System Design and Manufacturing (ESDM) verticals, such as mobile phones, consumer electronics, and IT hardware.
• The establishment of the Critical and Emerging Technology (iCET) is a pivotal component of this initiative. It will facilitate cooperation in futuristic domains, including artificial intelligence, quantum computing, space exploration, semiconductors, and defense technology.

 NATIONAL

Union Minister Jyotiraditya Scindia Inaugurates Utkela Airport In Odisha With Maiden Flight

• On August 31, 2023, Union Civil Aviation Minister Jyotiraditya Scindia, accompanied by Gen Vijay Kumar Singh (Retd), Minister of State for Civil Aviation, marked a significant milestone with the inauguration of Utkela Airport in Odisha. This development comes as part of the ambitious UDAN (Ude Desh Ka Aam Nagrik) scheme, aimed at enhancing regional air connectivity across India.
• The key highlight of this inauguration is the introduction of a direct flight route between Utkela and Bhubaneshwar. This air link promises to strengthen regional connectivity and stimulate economic growth within the region.
• Travel between Utkela and Bhubaneshwar will now be remarkably efficient, with the flight covering the distance in just one hour and twenty minutes. Minister Scindia emphasized that this improved connectivity would catalyze economic activities and create employment prospects in the area.

SCIENCE & TEHNOLOGY

Aditya-L1: Significance behind name, objectives of India's first solar mission

• The Indian Space Research Organisation (ISRO) is set to embark on a groundbreaking space mission, Aditya L-1, designed to unravel the mysteries of our closest star, the Sun. Scheduled for launch from the Satish Dhawan Space Centre in Sriharikota on Saturday, September 2nd, at 11:50 am, this mission promises to shed light on the enigmatic solar processes that impact our planet and the wider cosmos.
• The “L1” in Aditya L-1 stands for Lagrange point 1, a celestial location nestled precisely between the Sun and Earth. Lagrange points are regions where the gravitational forces of two massive objects, in this case, the Sun and Earth, balance each other, allowing a spacecraft to essentially “hover” in place.

APPOINTMENS & RESIGNATIONS

Manish Desai assumes charge of Principal Director General PIB

• The Ministry of Information and Broadcasting has made significant appointments, including the transfer of Manish Desai, the Central Bureau of Communications (CBC) chief, to lead the Press Information Bureau (PIB).
• Manish Desai, a distinguished officer of the Indian Information Service (IIS) since 1989, has taken on several critical roles in his career. He held the position of CBC chief, overseeing the government’s advertising and public communication arm. His responsibilities encompassed a broad spectrum of communication activities across various media platforms, including print, electronic, outdoor, transit, and new media.
• From November 2019 to January 2020, Manish Desai served as the Director General of the Registrar of Newspapers of India (RNI). Additionally, he has an impressive six-year tenure as the Additional Director General (ADG) of PIB from 2012 to 2018. He has also held the position of Director General of the West Zone PIB in Mumbai.

 IMPORTANT DAYS

World Coconut Day 2023: September 02

• Every year, World Coconut Day is celebrated on September 2. The day is celebrated to understand the benefits of this fruit and promote awareness. In India, Tamil Nadu, Karnataka, Kerala, West Bengal and Andhra Pradesh are the main states that grow coconuts.
• Coconuts are one of the most loved fruits in India. The country produces a lot of coconut every year, and the flesh is used in a range of dishes across India. From making sweet dishes with coconut to using the coir to make ropes. Every bit of coconut can be used, and it is a highly nutritious food as well.
• The flesh of the coconut, also known as kernel, is an excellent fruit to consume. Loaded with benefits, coconuts are used in a range of dishes. Coconut milk and oil are also extracted from the fruit. Used both for cooking and nourishing the hair and face, coconut oil makes for a healthy alternative to other cooking oils. Coconut milk is a very important ingredient in a range of cuisines. Coconut water is a healthy beverage as well. Coconut coir is used for making ropes, rugs and doormats.

 AWARDS & RECOGNITION

Telangana CIO Dr. Shanta Thoutam honoured with World Innovation Award at BRICS

• Telangana’s Chief Innovation Officer (CIO) Shanta Thoutam has been presented with the World Innovation Award at the first BRICS Innovation Forum hosted at Moscow from August 27 to 29. The award is given for outstanding contribution to the Sustainable Development Goal-4 that ensures inclusive and equitable quality education and promotes lifelong opportunities for all. There were representations from more than 30 countries at the forum.
• The other two nominees in the category were Fernando Padula Novaes, Municipal Minister of Education of Sao Paulo in Brazil and Saif Al-Hiddabi, Undersecretary of Research and Innovation at Ministry of Higher Education, Research, and Innovation in Oman.
• Shanta Thoutam completed 7 years of her service in the innovation ecosystem of Telangana starting with the role of Vice President at T-Hub, then Officer on Special Duty (OSD) for State Handlooms and Textiles Department, and currently serving as the first woman CIO.
• With over 30 countries’ representatives at the first-of-its-kind forum, Shanta Thoutam as one of the panelists in the Cloud City Conference enlightened about the various pathbreaking initiatives and achievements of the government of Telangana in the space of open data, digital innovation, and urban development.

BANKING AND ECONOMY

UPI crosses 10 billion transactions for the first time in August

• The Unified Payments Interface (UPI) in India has achieved a significant milestone by surpassing 10 billion monthly transactions in August. This achievement was confirmed by the National Payments Corporation of India (NPCI), the Reserve Bank’s non-profit agency. UPI has been a key driver of digital payments in India, and its rapid growth is noteworthy.
• In August, UPI recorded an impressive milestone of 10 billion monthly transactions, as confirmed by NPCI. This signifies the increasing popularity and adoption of digital payments in India.
• UPI’s growth trajectory has been remarkable, with monthly transactions exceeding 10.24 billion by the end of August. This represents a significant increase from the 6.58 billion transactions recorded in August of the previous year, marking a growth rate of over 50% year-on-year.
• UPI’s journey began in October 2019 when it crossed 1 billion monthly transactions for the first time. In less than four years, it has grown fourfold, showcasing its rapid adoption and acceptance in the Indian payment landscape.

Moody's raises India's GDP growth estimates for 2023 to 6.7%

• Global rating agency Moody’s Investor Service has revised its economic growth projection for India, providing a positive outlook for the year 2023. The agency has increased its forecast for India’s Gross Domestic Product (GDP) growth to 6.7 percent, up from the previous estimate of 5.5 percent. This adjustment is attributed to the notable performance in the second quarter, driven by robust expansion in services and capital expenditures, resulting in a 7.8 percent real GDP growth compared to the previous year.
• Initial Forecast: Moody’s previously estimated India’s GDP growth for 2023 at 5.5 percent.
• Revised Projection: The agency has raised its forecast to 6.7 percent for 2023 due to strong services expansion and capital expenditures, driving a 7.8 percent real GDP growth in the second quarter of the year.

Centre, states collect ₹1.59 trillion in GST in August

• In August, India witnessed a notable surge in Goods and Services Tax (GST) collection, amounting to ₹1.59 trillion, signifying an 11% increase compared to the same period last year. This impressive growth can be attributed to enhanced compliance and anti-evasion measures put in place.
• August 2023’s collection marked a significant rise from the ₹1.43 trillion collected in August 2022.
• However, it’s important to note that GST collection moderated compared to the previous month, which recorded ₹1.65 trillion in July.
• The moderation in collection is primarily attributed to subdued growth in integrated GST (IGST) and the cess on imports, which increased by only 3% in August.
• Importantly, both imports and IGST collections have experienced fluctuations in recent months.