1.Science and Technology

New Industry 4.0 solution developed by IIT Kharagpur in collaboration with TCS

IIT Kharagpur and TCS collaborated to develop a novel Industry 4.0 technology.

The new innovation will help in stimulating innovations in advanced manufacturing in order to boost capital goods sector.

The technology will control the factory operations remotely and will also provide real-time quality correction during industrial production in order to deliver quality output at low costs. 

The solution will first acquire real-time information about the welding process by multiple sensors and will later enable online control of weld quality through cloud-based communication.

Quick Fact: The Industry 4.0 technology was undertaken at the Indian Institute of Technology (IIT) Kharagpur’s centre of excellence with support from the Department of Heavy Industry, Government of India.

2.Miscellaneous

ITBP Raising Day: 24 October

Indo Tibetan Border Police (ITBP) observed it’s Raising Day on 24th October.

This was the 59th Raising Day of the ITBP.

The ITBP was raised in the aftermath of the 1962 Chinese aggression and has a strength of about 90,000 personnel with 60 battalions on the ground.

ITBP is one of the five bodies of the Central Armed Police Forces (CAPF). 

Quick Fact: TheDirector-General of ITBP is Surjeet Singh Deswal.

3.Business and Finance

Srilankan operations shut down by ICICI

ICICI Bank shut down its operations in Sri Lanka.

This was done after getting approval from the Sri Lankan monetary authority.

The Monetary Board of the Central Bank of Sri Lanka considered the request made by ICICI Bank, and granted approval to close down the business operation of the bank in Sri Lanka and also cancel the licence issued to it.

The licence issued to the bank to carry on banking business in Sri Lanka was cancelled with effect from October 23, 2020.

Quick Fact: The MD and CEO of ICICI Bank is Sandeep Bakshi

4.Person in News

Lee Kun-Hee, Samsung chairman, passed away

The chairman of the Samsung Group, Lee Kun-hee has passed away.

Lee was the person behind Samsung’s transformation from a small trading business to become the world’s largest producer of smartphones and memory chips.

Samsung Group’s overall turnover is equivalent to a fifth of South Korea’s GDP.

Lee was the richest person in South Korea, according to Forbes, with a net worth of nearly $21bn.

Quick Fact: The Samsung Group is South Korea’s largest conglomerate

5.Sports

Portuguese Grand Prix 2020 won by Louis Hamilton

Lewis Hamilton (Mercedes-Great Britain) won the 2020 Portuguese Grand Prix.

The 2020 Portuguese Grand Prix was held at Algarve International Circuit, Portugal.

This was the 12th round of the 2020 Formula One World Championship. 

Valtteri Bottas (Mercedes- Finland) was second followed by Max Verstappen (Red Bull–Netherlands) at the third spot.

Quick Fact: This victory is Hamilton’s 8th win of the season and 92nd career race victory.

6.Business and Finance

Rank 1 among Indian PSUs in Forbes’ World’s Best Employer 2020: NTPC

National Thermal Power Corporation Limited (NTPC) featured on the top on the list of Indian PSUs under the ‘World’s Best Employer 2020’.

The ranking was published by Forbes.

In a statement released by the NTPC, it was stated that the recognition is testimony to NTPC’s commitment towards inculcating best in class practices that are thoughtfully designed and robustly executed.

Quick Fact: NTPC was founded in 1975, with its headquarters in New Delhi.

7.International Affairs

UN Treaty of Banning Nuclear Weapons

The United Nations announced that 50 countries have signed an international Treaty on the Prohibition of Nuclear Weapons (TPNW) to ban nuclear weapons.

The treaty will come into force in January 2021.

Countries like Russia, The United States, Britain, France and China (the major nuclear powers) had opposed the treaty.

Netherlands was the only NATO country to vote in favour of the treaty.

Quick Fact: Honduras was the 50th country to sign the treaty.

8.India and the World

UK engineers’ body award won by the India-assisted hydroelectric project in Bhutan 

India-assisted Mangdechhu Hydroelectric project in Bhutan was awarded the Brunel Medal-2020.

The 720-MW Mangdechhu power project is built on the Mangdechhu River in Trongsa Dzongkhag district of central Bhutan.

The cost of the project was Rs 4,500-crore.

The project was jointly inaugurated by the prime ministers of the two countries in August 2019.

Quick Fact: The Brunel Medal is conferred by UK’s top engineering body, Institute of Civil Engineers.