Current affairs 09 August 2024

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.