Daily News Analysis : 7 July 2024

India-Russia JV Delivers 35000 AK-203 Rifles to Indian Army

Indo-Russian Rifles Private Limited (IRRPL), a joint venture between India and Russia, has delivered 35,000 AK-203 assault rifles to the Indian Army. The AK-203, a modern, gas-operated firearm designed by Mikhail Kalashnikov, is manufactured in India using Russian technology. This marks the first production of AK-200 series rifles outside Russia and aims for 100% localisation of production in India.

Key Points:

A) The IRRPL joint venture, co-founded by Roboronexport on the Russian side, has completed the first phase of the project to produce AK-203 Kalashnikov assault rifles in India.
B) To increase the degree of localisation, all necessary equipment has been shipped to the Korwa Ordnance Factory in Amethi, Uttar Pradesh.
C) The first batch of 35,000 rifles was delivered to the Indian Army within the time period approved by the Ministry of Defense.
 

Defence Production Hit Record High in FY 2023-24

India achieved its highest indigenous defence production value in FY 2023-24, reaching ?1,26,887 crore, a 16.7% increase from ?1,08,684 crore in FY 2022-23. Defence Public Sector Undertakings contributed 79.2%, with the private sector contributing 20.8%. Defence exports also grew to ?21,083 crore, a 32.5% rise, exporting military hardware to approximately 85 countries.

Key Points:

A) The value of defence production in FY23 was ?1,08,684 crore, while it was ?94,845 crore in FY22, ?84,643 crore in FY21 and ?79,071 crore in FY20.
B) The defence exports touched a record-high of ?21,083 crore in FY24, reflecting a growth of 32.5 per cent over the last fiscal when the figure was ?15,920 crore.
 

Union Minister for Coal and Mines Launches NIRMAN Portal

Coal India Limited (CIL) has launched the NIRMAN scheme to provide financial assistance of ?1 lakh to meritorious candidates from SC/ST, female and third-gender categories, who have cleared UPSC prelims 2024 and reside in CIL’s operational districts. The scheme aims to support underprivileged candidates in their pursuit of civil services.

Key Points:

A) The entire application process is done through a dedicated website which makes it transparent and transparent about the applications, thus making Prime Minister Narendra Modi’s dream of Digital India come true.
B) CPSE of the Ministry of Coal, Coal India Limited, a Maharatna company, is not only the pillar of the country’s energy security but also plays an important role in promoting education in the coal sector, the bodies responsible for the business.
 

Banknotes with 3D hologram technology issued by Japan

Japan introduced new banknotes featuring 3D hologram technology to combat counterfeiting. Holograms are intricate, three-dimensional images created using light interference, preserving the depth and properties of real objects. They are visible to the naked eye and challenging to replicate, serving as effective security measures across various sectors including finance, medicine, and defence.

Key Points:

A) The government said that by the end of March 2025, nearly 7.5 billion new banknotes would have been printed.
B) The new 10,000 yen, 5,000 yen and 1,000 yen bills feature people celebrating Japan’s capitalism, women’s equality and scientific innovation.
C) The 10,000 yen bill has the face of Eiichi Shibusawa known as “the father of Japanese capitalism,” a key figure in building the country’s modern economy.
 

Rare Vampire Squid Spotted by Scientists

Scientists recently discovered a rare vampire squid in the South China Sea, only the second living species ever found. This small cephalopod inhabits deep, dark ocean depths, exhibiting characteristics of both squids and octopuses. Unique adaptations like non-functional chromatophores and bioluminescent photophores to produce light, enable its survival in this extreme environment. Additionally, it boasts the largest eyes relative to the body size of any known animal, aiding its scavenging lifestyle.

Key Points:

A) The scientists were left stunned when they found a rare vampire squid, the second known living species, inside the deep water off Hainan island, China.
B)  Vampire squid, also known as Vampyroteuthis infernalis, has a length of nearly 1 foot (0.3 metres).
C) This species was for the first time officially recognised in 1903 after a deep-sea expedition headed by German marine biologist Carl Chun.
 

SEHER Programme

NITI Aayog’s Women Entrepreneurship Platform (WEP) and TransUnion CIBIL have collaborated to launch SEHER, a program aimed at enhancing the financial literacy and business skills of women entrepreneurs. It aims to facilitate women’s access to financial tools, enabling business growth and job creation. This collaboration supports WEP’s mission to enhance financing opportunities for women in India’s MSME sector.

Key Points:

A) The initiative, according to WEP, is a part of its Financing Women Collaborative (FWC) that focuses on improving credit access for women entrepreneurs.
B) According to the TransUnion CIBIL data, demand for business loan by women jumped over 3.9x between FY2019 and FY 2024 while the women borrower count increased by 10 per cent.
C) The portfolio balance for business loans held by women grew by 35 per cent CAGR from March 2019 to March 2024.

Lokpath Mobile App Launched by the MP Government

The Chief Minister of Madhya Pradesh recently introduced the Lokpath Mobile App aimed at swiftly resolving road-related issues within the State. Citizens can report road problems like potholes via the app, ensuring swift resolution within seven days. The initiative aims to enhance road maintenance accountability across the State, starting with major highways and expanding to rural roads in subsequent phases.

Key Points:

A)  Madhya Pradesh State Electronic Development Corporation Limited has developed it.
B) The Lokpath mobile app aims to maintain a transparent and accountable working system while continuing to work for public welfare.
C) Through the mobile app, the general public will be able to report problems on the routes and hold the officers accountable.
 

Robot Suicide

A robotic government servant named “Robot Supervisor” employed by Gumi City Council in South Korea was found damaged at the bottom of stairs, leading to speculation of “robot suicide.” Its malfunction, possibly due to operational stress, halted plans for further robotic deployment, prompting reflections on the ethical and safety implications of integrating robots into public service.

Key Points:

A) This robot was responsible to help with daily document deliveries, city promotion and delivering information to residents.
B) Appointed back in October 2023, it was the first robot that served the Gumi City Council.
C) The robot was manufactured by a California-based startup called Bear Robotics and had its own employee ID card.
 

Global Conclave on Plastic Recycling and Sustainability (GCPRS)

The Global Conclave on Plastics Recycling and Sustainability (GCPRS), organised by All India Plastic Manufacturers’ Association (AIPMA) and Chemical and Petrochemicals Association (CPMA), will take place at Bharat Mandapam in Pragati Maidan from July 4–7, 2024. It aims to address plastic pollution through enhanced recycling efforts, fostering industry-government collaboration, and showcasing innovations like biodegradable plastics to spur business opportunities in India’s growing recycling market.

Key Points:

A) India’s plastic recycling industry is growing rapidly and is expected to reach US$6.9 billion by 2033.
B) Government initiatives and a robust existing recycling rate of approximately 60 per cent highlight the country’s commitment to managing plastic waste, adding that this conference will address critical issues in plastic waste management.
 

Juventus Signs Goalkeeper Di Gregorio from Monza

Juventus has officially signed goalkeeper Michele Di Gregorio from fellow Serie A side Monza for 18 million euros. The 26-year-old Italian, known for his excellent shot-stopping abilities and footwork, was last season’s Serie A Best Goalkeeper. He kept 12 clean sheets for Monza in the previous season.

Key Points:

A) Michele joins Juventus as the winner of the Best Goalkeeper prize in Serie A last season, which was earned through his excellent reactions between the posts for Monza.
B) Juventus’ move towards Di Gregorio comes at a time when uncertainty continues over the future of coach-elect Wojciech Szczesny.
C) He is an all-round goalkeeper, though.