China Launches First Satellites to Compete with Starlink.
- China successfully launched 18 LEO satellites as part of its Thousand Sails Constellation plan, aiming to rival SpaceX's Starlink.
- The launch by Shanghai Spacecom Satellite Technology took place at Taiyuan Satellite Launch Centre.
- China views Starlink as a U.S. space hegemony threat, with significant military implications in controlling LEO satellites.
RBI Increases UPI Tax Payment Limit to ₹5 Lakh per Transaction.
- Taxpayers can now use UPI to pay up to ₹5 lakh in a single transaction, up from the previous ₹1 lakh limit.
- Introduction of delegated payments via UPI, allowing authorized individuals to make payments from another user's bank account within a set limit.
- In December 2023, the limit for certain payments, such as those to hospitals and educational institutions, was raised to ₹5 lakh.
Reliance Industries climbed 86th position on Fortune Global 500 List.
- Reliance Industries Ltd. secured the 86th position on the 2024 Fortune Global 500 list, marking its highest rank among Indian firms and rising 69 places since 2021.
- LIC ranked 95th, SBI at 178th, with other notable entries including IOC, ONGC, BPCL, Tata Motors, HDFC Bank, and Rajesh Exports.
- Walmart retained the top spot globally, followed by Amazon in second.
ISRO to Launch Earth Observation Satellite via SSLV.
- ISRO to launch an Earth Observation Satellite on August 15th at 9:17 am using the Small Satellite Launch Vehicle (SSLV) from Sriharikota.
- SSLV, designed for low-cost, rapid deployment, can carry 500 kg payloads to 500 km orbits and supports multiple microsatellites.
- The success of this launch will pave the way for SSLV's transfer to the private sector for production.
Govt to Allow Up to 35% Bio-Bitumen Mixing.
- The Indian government will permit up to 35% lignin mixing in petroleum-based bitumen.
- This move aims to reduce foreign exchange outflows, potentially saving Rs 10,000 crore.
- India consumed 88 lakh tonnes of bitumen in 2023-24, with a projected increase to 100 lakh tonnes in 2024-25.
- Approximately 50% of bitumen is imported, costing Rs 25,000-30,000 crore annually.
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