Thursday Acknowledge with General Knowledge
Reliance Industries Limited (RIL) announced that (X’s ) PIF, one of the world’s largest sovereign wealth funds, will invest Rs 11,367 crore for a 2.32 per cent stake in Jio Platforms. This is a historic eleventh investment in the digital unit of RIL in nine weeks.
RIL, the oil-to-retail-to-telecom conglomerate, has now shed 24.7 per cent stake in Jio and raised Rs 115,693.95 crore from some of the world’s top technology investors. For some comparison, India's start-up ecosystem raised Rs 1.10 lakh crore last year, in what was its best year.
The investment by PIF, estimated to own combined assets of nearly $400 billion, in Jio Platforms is at an equity valuation of Rs 4.91 lakh crore and an enterprise valuation of Rs 5.16 lakh crore. It comes close on the heels of investments by private equity giants L Catterton and TPG last week.
In a statement, Reliance said PIF’s investment is another strong endorsement of Jio’s tech capabilities, and a strong endorsement Of Jio’s long-term growth potential.
1. Which of the following country will be replaced by ‘X’?
a. Saudi Arabia
• The Public Investment Fund is the sovereign wealth fund of Saudi Arabia.
• It is among the largest sovereign wealth funds in the world with total estimated assets of $320 billion.
• It was founded in 1971 for the purpose of investing funds on behalf of the Government of Saudi Arabia.
2. Which of the following companies have a major stake in the Jio Platform after Reliance Industries?
b. Vista Equity Partners
c. General Atlantic
d. L Catterton
• In April 2020, Facebook, Inc. acquired a 9.99% stake in Jio Platforms for ₹43,574 crore (US$6.1 billion).
• While Jio Platforms retained Rs 14,976 crore, the parent got the remaining Rs 28,598 crore for redeeming the optionally convertible preference shares it held in the subsidiary.
3. According to the Forbes list of billionaires, what is Mukesh Ambani’s rank on the list?
• Mukesh Ambani with a recent soar in net worth has jumped into the exclusive club of the world’s top 10 richest people, as per Forbes Real-Time Billionaire list.
• The Reliance Industries Chairman and Managing Director with a net worth of USD 64.5 billion is currently ranked 9th on the list of World’s top billionaires. His net worth has increased by almost 12 times from USD 5.3 billion to USD 64.6 billion within just two months.
• Ambani’s rise in the billionaires' list comes as the world and India together head for one of its worst recession. Ambani owns 42% of Reliance Industries Ltd and the company recently declared itself net-debt free, following a rapid flow of investments into Reliance’s digital platform- Jio.
4. How many total investors did Jio see starting from Facebook til X’s PIF ?
5. According to the Forbes list of billionaires, who is the richest person?
a. Bill Gates
b. Jeff Bezos
c. Larry Page
d. Elon Musk
• Amazon Founder Jeff Bezos leads the list of billionaires with a net worth of $160.1 billion. He's followed by Microsoft Founder Bill Gates ($108.6 billion), LVMH Chairman and CEO Bernard Arnault ($102.8 billion), Facebook CEO Mark Zuckerberg ($87.9 billion), Berkshire Hathaway Chairman Warren Buffett ($71.4 billion), and others.
(X) has rolled out a unique project to produce (Y) and Palmgur which has huge potential to create employment in the country.
The project aims at promoting (Y) as a substitute to soft drinks while also creating self-employment to Adivasis and traditional trappers. (Y), extracted from the palm trees before sunrise, is a nutrient-rich health drink consumed in many Indian states.
It was launched in Maharashtra, a state with more than 50 lakh palm trees.
Neera has a high export potential as it is consumed in countries like Sri Lanka, Africa, Malaysia, Indonesia, Thailand, and Myanmar.
With an abundance of palm fields in states like Maharashtra, Gujarat, Goa, Daman & Diu, Dadra and Nagar Haveli, Tamil Nadu, Uttar Pradesh and Bihar, India can be a leading producer of Neera globally.
KVIC distributed tool kits for extraction of Neera and making palmgur to 200 local artisans who were given seven days training by KVIC. A tool kit worth Rs 15,000 comprises food-grade stainless steel Kadhai, perforated moulds, canteen burners and other equipment like knives, rope and axes for extraction of Neera. The initiative will provide direct employment to 400 local traditional trappers, amid pandemic.
Not only soft drinks but a wide range of products like candies, milk chocolates, palm cola, ice-cream and traditional sweets can be produced from Neera if properly marketed. At present palm Gur Neera worth Rs 500 crore is traded in the country and the turnover is likely to increase manifold with commercial production of the product.
6. What does (X) stand for in the given passage, which has rolled out a unique project to create employment in India?
• (X) stands for Khadi and Village Industries Commission.
• KVIC has rolled out a unique project to launch Neera and Palmgur.
7. (Y) represents the substitute of soft drinks. What does ‘Y’ stand for?
• ‘Y’ stands for Neera.
• Neera, extracted from the palm trees before sunrise, is a nutrient-rich health drink consumed in many Indian states. However, due to lack of institutionalised market technique, the commercial production and large scale marketing of Neera has not commenced yet.
• KVIC has rolled out a unique project to produce Neera and Palm Gur
8. ‘X’ functions under which of the following ministries?
a. MSME Ministry
c. Ministry of Finance
d. Ministry of External Affairs Minister
• The Khadi and Village Industries Commission (KVIC) is a statutory body formed in April 1957 by the Government of India, under the Act of Parliament, 'Khadi and Village Industries Commission Act of 1956'.
• It is an apex organisation under the Ministry of Micro, Small and Medium Enterprises, with regard to khadi and village industries within India, which seeks to - "plan, promote, facilitate, organise and assist in the establishment and development of khadi and village industries in the rural areas in coordination with other agencies engaged in rural development wherever necessary.
• Its headquarters are in Mumbai, Maharashtra.
9. Who among the following is the chairman of ‘X’?
a. Vivek Kumar Gupta
b. Vinai Kumar Raheja
c. Vinai Kumar Saxena
d. Vinesh Kumar Mehta
10. Where did ‘X’ roll out the scheme related to palm gur and Neera?
• The Khadi and Village Industries Commission (KVIC) has rolled out a unique project to produce Neera and Palm Gur which has huge potential to create employment in the country.
• It was launched at Dahanu in Palghar district of Maharashtra, a state with more than 50 lakh palm trees.
• The project aims at promoting Neera as a substitute for soft drinks while creating self-employment opportunities for Adivasis and traditional trappers.
(X) from Turkey was elected as the president of the 75th United Nations(UN) General Assembly.
He is the first turkish to hold this post and will hold the post for one year. In a secret ballot vote Bozkir, who was unopposed for the post, received 178 ballots in support as 11 nations abstained. He is currently serving as a Justice and Development (AK) Party lawmaker from Istanbul and head of the Turkish Parliament's Foreign Affairs Committee.
He was elected to the Turkish legislature in 2011 following nearly 40 years in the foreign service that included posts in Germany, Iraq, New York and Romania.
He also served as Turkey's Minister of European Affairs and Chief Negotiator.
He will succeed (Y) when the annual session opens on September 15, 2020.
His candidacy was declared last year by Turkey’s President Recep Tayyip Erdogan during his address to the UN General Assembly on September 17.
11. Who among the following has been referred to as ‘X’ in the given passage?
a. Volkan Bozkir
b. Abdullaha Gul
c. António Guterres
d. Ban Ki Moon
• ‘X’ refers to Volkan Bozkir and the UN General Assembly elected Turkish diplomat Volkan Bozkir to be its president ahead of the 75th General Debate in September.
• The United Nations Genexral Assembly is one of the six principal organs of the United Nations, serving as the main deliberative, policy-making, and representative organ of the UN.
• Its powers, composition, functions, and procedures are set out in Chapter IV of the United Nations Charter.
12. Who among the following has been referred to as ‘Y’ in the given passage?
a. Tijjani Muhammad-Bande
b. Amina J. Mohammed
c. Syed Akbaruddin
d. Peter Thomson
• ‘Y’ in the above passage is Tijjani Muhammad-Bande.
• He is the 74th UNGA President and is from Nigeria and has been in office since 17 September 2019; after previously served as vice president from September 2016.
• He is also the Nigerian Ambassador to the United Nations.
13. Where are the headquarters of United Nations situated?
a. New York
b. Los Angeles
• The United Nations is headquartered in New York City, in a complex designed by a board of architects led by Wallace Harrison, and built by the architectural firm Harrison & Abramovitz.
• The complex has served as the official headquarters of the United Nations since its completion in 1952.
• The other main offices are in Geneva, Nairobi, Vienna and The Hague.
14. Who among the following is the current secretary general of the United Nations?
a. Ban Ki Moon
b. António Guterres
c. Kofi Annan
d. Boutros Boutros-Ghali
15. Which of the following is not the official language of the United Nations?
The six official languages of the UN, used in intergovernmental meetings and documents, are Arabic, Chinese, English, French, Russian, and Spanish.
India continues to remain ranked (X) on an annual World Competitiveness Index compiled by Institute for Management Development (IMD). While its overall position has remained unchanged in the 2020 list, it has recorded improvements in areas like long-term employment growth, current account balance, high-tech exports, foreign currency reserves, public expenditure on education, political stability and overall productivity.
However, it has moved down in areas like exchange rate stability, real GDP growth, competition legislation and taxes. (Y) has retained its top position on the index. Denmark has moved up to the 2nd position, it was 8th last year. Switzerland has ranked 3rd while Netherland has retained its 4th place. Hong Kong has secured the 5th place, it was 2nd in 2019.
16. According to the given passage, India’s rank is ‘X’ on the World Competitive Index. What does ‘X’ stand for?
• India’s rank on the World Competitive Index is 43rd. India has ranked 41st on the IMD World Competitiveness Ranking every year since 1989. It slipped to 45th in 2017 but improved to 44th in 2018 and then to 43rd in 2019.
17. The given passage mentions that ‘Y’ has topped the index. What does ‘Y’ stand for?
• ‘Y’ stands for Singapore and it has topped the World Competitive Index 2020 followed by Denmark and Switzerland.
• Of the 63 countries assessed, Venezuela fared the worst, ahead of Argentina and Mongolia in 62nd and 61st places, respectively.
18. The World Competitive Index compiled by Institute for Management Development ranks how many countries?
• The World Competitive Index is a ranking of 63 countries released by the Institute for Management Development.
• The ranking was topped by Singapore and the Venezuela is the worst.
• This year’s results are a combination of hard data on economic performance taken from 2019 and survey responses of mid- and upper-level managers from early 2020. For the first time, this edition includes additional criteria to take into account a country’s progress towards achieving the United Nations Sustainable Development Goals.
19. What was India’s rank on the Ease of Doing Business 2020 report?
• India has moved 14 places to be 63rd among 190 nations in the World Bank’s ease of doing business ranking.
• The report assess improvement in ease of doing business environment in Delhi and Mumbai.
• While there has been substantial progress, India still lags in areas such as enforcing contracts (163rd) and registering property (154th). It takes 58 days and costs on average 7.8% of a property’s value to register it, longer and at greater cost than among OECD high-income economies. And it takes 1,445 days for a company to resolve a commercial dispute through a local first-instance court, almost three times the average time in OECD high-income economies.
20. Which of the following releases Ease of Doing Business report annually?
a. World Bank
• The World Bank releases the Ease of Doing Business Reports annually.
• The Doing Business assessment provides objective measures of business regulations and their enforcement across 190 economies on ten parameters affecting a business through its life cycle.
• The DBR ranks countries on the basis of Distance to Frontier (DTF), a score that shows the gap of an economy to the global best practice.