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Important Current Affairs for CLAT-4th February 2023

Australia Announced Decision to Remove British Monarchy from its Banknotes

Australia announced it will erase the British monarch from its banknotes, replacing the late Queen Elizabeth II’s image on its $5 note with a design honoring Indigenous culture.

Australia announced it will erase the British monarch from its banknotes, replacing the late Queen Elizabeth II’s image on its $5 note with a design honoring Indigenous culture. The central bank’s decision to leave her successor Charles III off the $5 note means no Britain-based monarch will remain on Australia’s paper currency.

Australia Announced Decision to Remove British Monarchy from its Banknotes- Key Points

The Reserve Bank of Australia informed that it would consult with Indigenous people on a new design that “honors the culture and history of the First Australians”.

The new banknote would take “several years” to be designed and printed, with the existing $5 note remaining legal tender even after the new design is in people’s hands.

Queen Elizabeth’s death on September 8 last year was marked by public mourning in Australia, but some Indigenous groups also protested the destructive impact of colonial Britain at the time, calling for the abolition of the monarchy.

The central bank informed that its decision was supported by the center-left Labor government of Prime Minister Anthony Albanese, who supports an eventual move to an Australian republic.

The move was hailed by the nation’s republican movement, which noted that Indigenous people predated British settlement by 65,000 years.

Australian Republic Movement chair Craig Foster informed that Australia believes in meritocracy so the idea that someone should be on the currency by birthright is irreconcilable as is the notion that they should be the head of state by birthright.

Union Budget 2023 vs Union Budget 2022

Union Budget 2023 vs Union Budget 2022: Nirmala Sitharaman presented the Union Budget 2023. Let us have a comparative study of Union Budget 2023 vs Union Budget 2022.

Union Budget 2023 vs Union Budget 2022

Nirmala Sitharaman, the Union Finance Minister, delivered her final comprehensive budget before the 2024 Lok Sabha elections on Wednesday in Parliament. Budget 2023 placed a strong emphasis on increasing government capital spending, fiscal stabilization, and alluring incentives and rebates under the new income tax system. Let us have a comparative study of Union Budget 2023 vs Union Budget 2022.

Union Budget 2023 vs Union Budget 2022: Key Points

Five instead of six tax slabs are now available. When income surpasses Rs 5 crore, a surcharge of 37% will be replaced with a 25% surcharge.

A rebate and no taxes are already available to persons with incomes up to Rs 5 lakh; this maximum has been increased to Rs 7 lakh. Additionally, under the new tax system, the standard deduction will be accessible.

The tax exemption for news organisations established only for the gathering and dissemination of news will be eliminated.

For income tax exemption, charitable trusts must use 85% of their income during the year.

As of April 2023, only 85% of a donation made by a charity trust to another charitable trust would be counted as income.

For MSMEs to qualify for presumed taxes, the threshold for turnover has increased from Rs 2 crore to Rs 3 crore.

For professionals who are subject to presumed taxes, the upper limit on gross revenues has increased from Rs. 50 lakh to Rs. 75 lakh.

For new cooperative societies that engage in manufacturing operations, the income tax rate has been reduced from 22% to 15% (with a 10% surcharge).

To the extent that another residential property is purchased or built, capital gains from the sale of one residential property may be deducted. The deduction’s maximum amount is Rs 10 crore.

If a premium of Rs. 5 lakh was paid in any year, the income from investments in life insurance policies will be taxed. The sum that is paid when a policyholder passes away will still be free from income tax.

Online gaming winnings are subject to 30% tax deductibility at source.

Startups that are established within the timeframe and satisfy other requirements may deduct up to 100% of their profits; the deadline for doing so has been moved from March 31 to March 31 of the following year.

Additionally, the time frame for carrying forward initial losses has been increased from seven to ten years.

Union Budget 2023 vs Union Budget 2022: Expenditure

In 2023–24, the government plans to spend Rs 45,03,097 crore, a 7.5% increase above the updated estimate for 2022–23. The total spending for 2022–23 is anticipated to be 6.1% higher than anticipated in the budget.

Union Budget 2023 vs Union Budget 2022: Receipts

It is anticipated that receipts (other than borrowings) will total Rs 27,16,281 crore in 2023–24, an increase of 11.7% from the revised projection for 2022–23. The total receipts (excluding borrowings) are anticipated to be 6.5% higher in 2022–23 than projected in the budget.

Union Budget 2023-24: All About the Union Budget 2023-24 Presentation

Union Budget 2023 vs Union Budget 2022: GDP

In 2023–2024, the government forecasts a nominal GDP growth rate of 10.5%. (i.e., real growth plus inflation).

Union Budget 2023 vs Union Budget 2022: Deficits

The target revenue deficit for 2023–24 is 2.9% of GDP, which is less than the previously estimated 4.1% for 2022–23. The target fiscal deficit for 2023–24 is 5.9% of GDP, which is less than the previously estimated 6.4% for 2022–23. Although the revised estimate was identical to the budget projection in terms of GDP, the fiscal deficit in 2022–23 was higher in nominal terms by Rs 94,123 crore (an increase of 5.7%). An estimated 41% of revenue revenues, or Rs 10,79,971 crore, will be spent on interest.

Union Budget 2023 vs Union Budget 2022: Ministry allocations

The Ministry of Railways (49%), Ministry of Jal Shakti (31%), and Ministry of Road Transport and Highways (25%) are the top three ministries with the greatest appropriations among the top 13 ministries in 2023–2024.

World Cancer Day 2023: 4th February, Know History, Significance and Theme

World Cancer Day 2023: Each year on February 4, World Cancer Day is celebrated worldwide. Know World Cancer Day 2023 History, Significance and theme here.

World Cancer Day 2023

World Cancer Day 2023: Each year on February 4, World Cancer Day is celebrated worldwide. It is believed to have brought everyone together in the fight against cancer. World Cancer Day seeks to save millions of lives by educating the public, promoting awareness, and pressuring individuals and governments around the world to take action every year.

On World Cancer Day, we demonstrate to the world the value of teamwork and teach ourselves that every single person, no matter how tiny or large, can make a difference in the fight against cancer. February 4th, is World Cancer Day 2023, which is being observed to create a cancer-free world. We should all pledge to play a part in this effort, regardless of who we are or how we behave, no matter where we are. Every year on February 4th, we observe World Cancer Day to increase public awareness of cancer prevention, detection, and treatment.

What is Cancer?

Cancer is any of a wide range of illnesses characterized by the growth of abnormal cells with the capacity to invade and damage healthy bodily tissue while dividing uncontrollably. It is frequently possible for cancer to spread throughout your body.

Cancer is the second leading cause of  death in the world. But because to advancements in cancer screening, therapy, and prevention, survival rates for many cancer types are rising.

Symptoms of Cancer

The symptoms of the cancer are: swallowing difficulties, often occurring mouth ulcers, food retention, alteration in urinary patterns, irregular urination, abnormal bleeding, extreme fatigue, prolonged coughing and bloody coughing in women Initial symptoms include complaints of filthy water, indigestion, flatulence, extended fever in youngsters, lumps in the body, weight loss, and loss of appetite. They must not be disregarded.

International Day of Human Fraternity: History & Significance

World Cancer Day 2023: History

The World Health Organization, on their initiative, established the inaugural Cancer Day in 1933 in Geneva, Switzerland.

The goal of World Cancer Day is to increase public awareness of the risks associated with cancer, as well as its symptoms and prevention.

World Cancer Day was established in 2000 during the first World Summit Against Cancer. The event, which was held in Paris, was attended by many representatives of cancer organizations as well as significant international leaders from many nations and their respective governments.

World Wetlands Day observed on 2nd February

World Cancer Day 2023: Theme

“Close The Care Gap” has been the theme for World Cancer Day for the past three years (2022, 2023, and 2024).

The multi-year campaign’s main objectives are to increase global awareness of Cancer Day through exposure, involvement, and opportunities.

World Cancer Day 2023: Significance

Nobody underestimates the severity of the cancer disease. It is a disease that leads to the uncontrolled growth and spread of specific bodily cells throughout the body. Cancer can manifest itself almost anyplace in the human body.

The lethal disease remains undetected at an early stage because its signs and symptoms don’t manifest until an advanced stage. According to the most recent releases of GLOBOCAN 2020 data from the WHO, cancer will be the cause of one in six fatalities in 2020.

Breast Cancer Day Awareness

The greatest line of action is to educate yourself about cancer even though it could be intimidating. Although there may not yet be a cure for cancer, we can undoubtedly learn more about its prevention, detection, and treatment.

World Cancer Day 2023: Official Colour

Blue and Orange are the official colours for the world cancer day 2023.

World Cancer Day 2023: World Cancer Day Ribbon Colour

On this World Cancer Day, let’s look at the ribbon’s colour scheme. In reality, World Cancer Day Ribbon Colors are clothing items that individuals wear to show their compassion and support for those dealing with cancer.

Thyroid cancer that is blue, pink, and teal

Lung cancer with white pearls

Bladder cancer that is blue, yellow, and purple

Skin cancer of colour

All cancers lavender

Pancreatic cancer in purple

Blue-periwinkle colon cancer

Testicular cancer that is pale purple

Color-changing colon cancer

Kelly green: The cancer Ger Hodgkin lymphoma

Colorectal cancer

Uterine cancer in a peach

Head and neck cancer that is white and burgundy

Multiple myeloma burgundy

Renal cancer in orange

National Cancer Awareness Day 2022: History & Significance

World Cancer Day 2023: Prevention of Cancer

First and foremost, we need to consume less highly processed foods in fruits and vegetables if we want to prevent cancer.

Aside from this, World Cancer Day 2023 Awareness Day requires a minimum level of alcohol and tobacco use.

Additionally, one needs to keep up a healthy weight and engage in frequent exercise.

In order to prevent cancer, we must safeguard ourselves against environmental exposure to dangerous chemicals as well.

Use a decent sunscreen, be mindful of UV radiation, and wear protective clothing.

SpaceX Awarded shared NASA contract worth up to $100 million

Space Exploration Technologies Corp. is part of a payload contract NASA has awarded for as much as $100 million over a decade.

Space Exploration Technologies Corp. is part of a payload contract NASA has awarded for as much as $100 million over a decade. Elon Musk’s rocket launch and satellite operator will share the contract for unspecified “commercial payload processing services” with Astrotech Space Operations LLC, a unit of Lockheed Martin Corp., the government’s space agency announced in a statement. The deal is for payload processing, which involves preparing spacecraft to be flown on top of a rocket ahead of a flight to space.

More About The Mission:

The uncrewed missions will be launched out of Cape Canaveral, Florida, or Vandenberg Space Force Base in California and the contract could run for as many as 10 years through February of 2033, NASA said. The missions that SpaceX and Astrotech will work on involve launching satellites to observe the Earth or spacecraft that visit deep-space destinations in the Solar System, it said.

Foxconn, Vedanta plan tech tie-up with STM for Semiconductor Manufacturing unit in India

Foxconn and Vedanta are close to inducting European chipmaker STMicroelectronics as the technology partner in their proposed semiconductor chip manufacturing unit in India.

Foxconn and Vedanta are close to inducting European chipmaker STMicroelectronics as the technology partner in their proposed semiconductor chip manufacturing unit in India. Foxconn will be the lead partner in the joint venture (JV) that was announced last February. The Vedanta-Foxconn consortium is one of the five applicants seeking government incentives under a $10-billion package announced in December 2021 to promote domestic semiconductor manufacturing.

More About The Development in Semiconductor Manufacturing :

So far, in addition to the Foxconn-Vedanta proposal, the Centre has received five bids to set up semiconductor fabrication units. These include Next Orbit Ventures, which has partnered with Israel’s Tower Semiconductor (Tower has been acquired by Intel but the merger is awaiting regulatory approvals), as well as Singapore-based IGSS Ventures. 

Foxconn’s Bullishness on India:

Foxconn, which is one of the largest electronics manufacturing companies in the world, is very “committed to India” and will invest close to $70-80 billion towards chip manufacturing.

Google Invests $300 million in Artificial Intelligence Startup Anthropic

Google has invested around $300 million in Anthropic, an artificial intelligence startup whose technology is said to rival OpenAI, the company behind ChatGPT.

Google has invested around $300 million in Anthropic, an artificial intelligence startup whose technology is said to rival OpenAI, the company behind ChatGPT. According to the deal, Anthropic has agreed to purchase some of Google’s services to support its technology. The terms of the deal, through which Google will take a stake of about 10 per cent, requires Anthropic to use the money to buy computing resources from the search company’s cloud computing division.

More About The Google & Anthropic Partnership:

The partnership is designed so that the companies can co-develop AI computing systems; Anthropic will leverage Google Cloud’s cutting-edge GPU and TPU clusters to train, scale, and deploy its AI systems.

About Anthropic and its startup Claude:

Anthropic was founded in 2021 by OpenAI former leaders at OpenAI, including Daniela and Dario Amodei. Since its founding, Anthropic has published 14 research papers showing how to build language models that are reliable and controllable.

In January, Anthropic began deploying its technology publicly, starting off with a language model assistant named ‘Claude’.  The AI startup is working with a broad range of early partners on deploying Claude and will be expanding access to the assistant in the coming months. Claude pairs RLHF with a variety of safety techniques built by Anthropic to make AI systems that are predictable, steerable, and easier to interpret. Claude runs on Google Cloud as will other systems developed by Anthropic.

Azad Engineering is India’s first supplier of Parts for Nuclear Turbines

Azad Engineering Private Limited, a Hyderabad-based market leader in engineering, has been approved as the first Indian company to supply critical rotating parts for nuclear turbines.

Azad Engineering Private Limited, a Hyderabad-based market leader in engineering, has been approved as the first Indian company to supply critical rotating parts for nuclear turbines. The company has delivered its first set of critical parts. These will be assembled on nuclear turbines manufactured in Belfort, France.

Azad Engineering is India’s first supplier of Parts for Nuclear Turbines- Key Points

Azad Engineering has signed a long-term supply agreement with General Electric (GE) Steam Power for the supply of nuclear turbine parts.

They have signed a long-term agreement with GE Steam Power to manufacture critical rotating parts for nuclear turbines in one of the most stringent environments.

GE Steam Power informed that it offers a broad portfolio of technologies and services for power plants, helping customers deliver reliable power as they transition to a lower carbon future.

The world is rapidly moving towards generating energy from green and zero-emission clean energy sources. At present, nuclear power is one of the most cost-effective, clean zero-carbonized electricity sources. It is one of the best alternatives available to coal-based power plants.

Azad Engineering, an end-to-end solution provider, noted that it expects to deepen its relationship as a preferred partner and continue to enjoy the flagship position with a new facility coming up over the next 18-24 months.

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