Daily Current Affairs 16th August, 2023

Daily Current Affairs 16 August for Banking/Insurance/SSC and other related exams.

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Yogi govt set to build India’s largest IT hub in Lucknow
The Yogi Adtiyanath government of Uttar Pradesh has started preparations for setting up new IT hub in the capital Lucknow, said the government in a press release. This IT hub is expected to be India’s largest.

  • The Uttar Pradesh Rajkiya Nirman Nigam (UPRNN) has already prepared a blueprint for setting up the IT hub on 40 acres in the Nadarganj Industrial Area of Amausi on Kanpur Road.
  • Officials said the IT hub will be divided into three parts, including IT Park, Business Park and International Incubation Facility Center.
  • IT Park is to be constructed on 11.47 acres, while the Business Park will be developed on 7.4 acres. Aside from that, the International Incubation Facility Center will be built on 6.9 acres, and a total of 8.7 acres of land will be developed as a green area to protect the environment.


RBI to use AI for better regulatory supervision, selects McKinsey and Company, Accenture Solutions
The Reserve Bank of India plans to work with global consultancy firms in order to improve regulatory supervision over banks and NBFCs. The central bank has reportedly selected McKinsey and Company India LLP and Accenture Solutions Pvt Ltd India to develop systems that use artificial intelligence and machine learning for supervisory functions.

  • As per a Reserve Bank document the contract – worth about ₹91 crore – has been awarded to McKinsey and Company India LLP and Accenture Solutions Private Limited India.
  • Earlier in September last year, the RBI had invited expressions of interest for engaging consultants who would use advanced analytics, artificial intelligence and machine learning to generate supervisory inputs. Following the initial announcement it had selected seven of the applicants to participate in the request for proposal process.


Retail inflation surges to 7.44% in July
Retail inflation resurged in July to hit 7.44% from 4.87% in June, with consumers facing a sharp 11.5% spike in food prices. This is the highest pace of retail inflation since April 2022 and the first time since September 2022 that price rise has been over 7%.

  • Vegetable prices soared 37.3% while cereals and pulses became over 13% costlier, lifting the food bill by over 12.3% for urban consumers, while rural consumers encountered 11% food inflation.
  • Rural residents however faced a higher overall inflation rate of 7.63% in July, as per the National Statistical Office. The Consumer Price Index was up 2.9% from June’s levels, while food prices were up 6.7% month-on-month.

Govt hikes windfall tax on crude petroleum to Rs 7100 per tonne
The government has increased the windfall tax on petroleum crude to ₹7,100 per tonne from ₹4,250 per tonne with effect from tomorrow, 15 August according to a government notification.

  • In the last fortnightly review, windfall tax on domestically produced crude oil was set at ₹4,250 per tonne. Besides, the Special Additional Excise Duty (SAED) or duty on export of diesel will be hiked to ₹5.50 per litre from Re 1 per litre at present.
  • Windfall tax on diesel has been hiked to 5.50 rupees per litre from 1 rupee per litre, while the levy on aviation turbine fuel has been raised to 2 rupees per litre from nil earlier, the notification said.
  • The windfall tax on petrol will remain nil. SAED on petrol will continue to be zero. India first imposed windfall profit taxes on July 1, 2022.

India’s per capita income to rise 7.5-times by FY47: SBI Research
India’s per capita income is projected to increase significantly over the next few decades.According to a study conducted by SBI Research economists, India’s per capita income is estimated to grow 7.5 times from Rs 2 lakh ($2,500) in FY23 to Rs 14.9 lakh ($12,400) per annum by FY47.

  • The Indian government has set an ambitious target to become a developed economy by FY47.
  • Prime Minister Narendra Modi emphasised this goal in his Independence Day address ahead of the 2024 Lok Sabha elections, stating that the next five years are crucial for India to achieve its 2047 objective.


Former England pacer Steven Finn announces retirement from all forms of Cricket following chronic knee injury
Former England pacer Steven Finn has announced retirement from all forms of Cricket following chronic knee injury. A knee injury that he suffered almost a year ago kept him out of action from most of the activity this year.

  • Finn has had a decent career with England, having featured in 36 Tests, 69 One-Day Internationals and 21 T20 Internationals. Making his debut in 2010, he grabbed 14 wickets during the 2010-11 Ashes, which his side famously won 3-1 in Australia.

Indian men’s hockey team jumps to third spot in FIH Men’s Hockey World Rankings
Indian men’s hockey team has jumped to the third spot in FIH Men’s Hockey World Rankings following their Asian Champions Trophy title win in Chennai. India has reached the third spot with 2771.35 points. They gained 8.61 points following their win.

  • The rankings are topped by three-time World Champions Netherlands with 3095.90 points. Belgium is in the second position with 2917.87 points.
  • Meanwhile, the Indian Junior Men’s and Women’s Hockey Team departed for their European tour from Bengaluru. They will be flying to Germany for the 4 Nations Tournament- Dusseldorf 2023, where they will be seen in action against England, Spain, and hosts Germany.


Centre appoints R Doraiswamy as LIC Managing Director
Centre has appointed R Doraiswamy, Executive Director, Life Insurance Corporation of India (LIC) as Managing Director of the insurance behemoth.

  • Doraiswamy will replace Ipe Mini, who is currently an MD of LIC and is due to superannuate at the end of this month.
  • Doraiswamy has been appointed from the date of assumption of charge of office on or after September 1, 2023 and upto the date of his superannuation (August 31, 2026) or until further orders, whichever is earlier, according to the government order.


India’s first long range revolver ‘Prabal’ to be launched on Aug 18
India’s first long range revolver ‘Prabal’, manufactured by state-owned company Advanced Weapons and Equipment India Limited (AWEIL), Kanpur in Uttar Pradesh will be launched on August 18.

  • Besides, the long range revolver, ‘Prabal’ happens to be the first revolver being manufactured in India which has a side swing cylinder. The company claims that the fire range is the best among revolvers made in the country.
  • It is only 700 grams (without cartridges) in weight and its barrel length is 76 mm, while its overall length is 177.6 mm. Its trigger pull is also quite easy. This makes it an easy choice for women who can also carry it easily in their handbags and use it for their safety.

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