Daily Current Affairs- 8 January

Today's Current Affairs 8th January 2023

INTERNATIONAL

Taiwan passes Chips Act, offers tax credits to local chipmakerss

• Taiwanese lawmakers have passed new rules that let local chip firms turn 25% of their annual research and development expenses into tax credits, part of efforts to keep cutting-edge semiconductor technologies at home and maintain the island’s technology leadership. Officials there have repeatedly said they will ensure the latest chip technologies remain in Taiwan, a point that has been reaffirmed by executives at Taiwan Semiconductor Manufacturing Co. and other local chip giants. While Taiwan’s assisted local chipmakers in the past with infrastructure construction and other measures, the island is now stepping up its efforts.
• The new incentives should take effect sometime from 2023. Chip companies in Taiwan can also claims tax credits on 5% of the annual costs of buying new equipment for advanced process technologies, the ministry said in what’s been dubbed the local version of America’s Chips Act. Any credits earned, however, cannot exceed 50% of the total annual income taxes a firm owes.

 NATIONAL

President Droupadi Murmu lays foundation stone for SJVN's 1,000 MW solar project in Rajasthan

• President Droupadi Murmu laid the foundation stone of state-owned energy firm SJVN’s 1,000 MV Bikaner Solar Power Project. The event was done virtually by the President of India in Jaipur, Rajasthan. The project is being implemented by SJVN Limited through its owned subsidiary SJVN Green Energy Limited (SGEL).
• The solar power project is being developed on 500 acres near the village of Banderwala, district Bikaner of Rajasthan. It is one of the highest solar yield areas in India.
• The development cost of the Bikaner Solar Power Project is ₹5492 crore and viability gap funding support of ₹44.72 lacks per megawatt.
• After commissioning the project will generate 2454.55 million units in the first year and approximately 56838 MU would be generated on a cumulative basis over 25 years.

Kerala declared first State to enable digital banking in all eligible accounts

• Chief Minister Pinarayi Vijayan declared Kerala as the first state in the country to go fully digital in its banking service and said this recognition would boost the state economy. Vijayan said this achievement was possible due to social interventions through local self-government institutions along with infrastructure development and technological advances in the banking sector.
• It is a joint venture between the Kerala State Information Technology Infrastructure Ltd (KSITIL), Kerala State Electricity Board (KSEB) and the state, in which the two companies hold 49% each and the state the remaining 2%. A consortium led by Bharat Electronics Ltd (BEL) is executing the project and will be responsible for the operation and maintenance of the 35,000-km-long network for the next seven years. Funded by the Kerala Infrastructure Investment Fund Board (KIIFB), the project is estimated to cost Rs 1,028.20 crore, which includes capital expenditure, administrative overheads and annual operational expenditure of Rs 104.4 crore.

 OBITURY

Keshari Nath Tripathi, former West Bengal Governor Bengal and senior BJP leader, passes away at 88

• Senior leader of the Bharatiya Janata Party (BJP) and former West Bengal governor, Keshari Nath Tripathi passed away at 88. Born on November 10, 1934 in erstwhile Allahabad, Tripathi was also a senior advocate at the Allahabad High Court. He joined RSS when he was just 12 and later switched to Bharatiya Jana Sangh. He was jailed in Naini Central Jail in 1953 for participating in the ‘Kashmir Andolan’ and again in 1990 for taking part in the Ram Janmabhoomi movement.
• A senior advocate of Allahabad high court, Tripathi served as a member of the UP Legislative Assembly six times. He represented the Jhunsi seat between 1977-1980) and Allahabad South seat for five consecutive terms between 1989-2007). He also served as the Speaker of the UP Legislative Assembly thrice between 1991 and 2004.

 AWARDS & RECOGNITION

CJI Chandrachud To Receive Harvard Law School’s ‘Award for Global Leadership’

• The Harvard Law School Center on the Legal Profession (HLS CLP) has announced Chief Justice of India Dr. DY Chandrachud as the 2022 recipient of its “Award for Global Leadership” in recognition of his lifetime service to the legal profession in India and across the world. The award will be presented to him in a virtual event on 11th January 2023.
• Professor David Wilkins of Harvard Law School will have a conversation with Chief Justice Dr. DY Chandrachud at the event.
• The “Award for Global Leadership” is the Centre’s highest Professional Honor.
• The Centre brings together leading academics, legal practitioners, and thought leaders to honor and recognize individuals whose achievements have been impactful to the legal profession.

 RANKING

Power Grid Corporation of India ranks first in services sector in PE survey 2021-22

• Power Grid Corporation of India Limited (POWERGRID) has been ranked 1st in Services Sectors across categories Gross Block, Value Addition, Net Profit, Net Worth, Dividend Declaration, and Contribution to the Central Exchequer and has also been ranked 3rd among the Top 10 profit-making Closes.
• The results were published in the Public Enterprises Survey 2021-2022 by the Department of Public Enterprises (DPE), Ministry of Finance, Government of India.
• The Public Enterprises Survey is a unique data repository to measure the progress and contribution of the CPSEs to the Indian economy.
• The total transmission assets of POWERGRID and its subsidiary as on 31st December 2022 include 1,73,791 circuit km of transmission lines.

 BANKING AND ECONOMY

Forex reserves rise $44 million to $562.9 billion as of Dec 30

• India’s foreign exchange reserves fell by $70.1 billion in 2022, data released by the Reserve Bank of India (RBI) shows. The forex reserves stood at $562.9 billion in the week ended December 30. The decline in the forex reserves is partly due to the RBI intervention in the currency markets to stave off volatility and partly on account of depreciation of other major currencies held by the central bank. The RBI net sold $33.42 billion till September, Union finance minister Nirmala Sitharaman said. The RBI holds major currencies including pound sterling, yen and euro in its reserves, which are expressed in US dollar terms.

RBI to issue green bonds in two tranches of ₹8000 cr. each

• The Reserve Bank of India (RBI) will auction ₹16,000 crore of sovereign green bonds (SGrBs) in two tranches. The RBI will auction 5-year and 10-year green bonds worth ₹4,000 crore each on 25 January and on 9 February, and this would be a uniform price auction.
• The proceeds will be deployed in public sector projects, which help in reducing the carbon intensity of the economy. As announced in the Union Budget 2022-23, the central government as part of its overall market borrowings will be issuing Sovereign Green Bonds for mobilising resources for green infrastructure.
• Green bonds are issued by companies, countries and multilateral organisations to exclusively fund projects that have positive environmental or climate benefits and provide investors with fixed income payments.
• Proceeds from these bonds are earmarked for green projects. This is unlike standard bonds, the proceeds of which can be utilised for various purposes at the discretion of the issuer.

ICICI Prudential Life Insurance ropes in Suryakumar Yadav for new campaign

• ICICI Prudential Life Insurance has announced the launch of its ‘360° Financial Protection with ICICI Prudential Life Insurance’ digital-first campaign featuring cricketer Suryakumar Yadav. According to the company, Yadav has emerged as a consistent and dependable batter in the white ball format since his international debut. The campaign’s central message is how ICICI Prudential Life Insurance offers a comprehensive suite of protection products providing all-around life cover that offers 360-degree financial protection in any critical situation.
• Since his international debut, Suryakumar Yadav has quickly risen to emerge as one of the most consistent and dependable batters in the white ball format. The multi-dimensional batter is popularly known as “Mr. 360 degree” for his wide array of shots covering every inch of the field.