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Current Affairs Daily Digest – September 03 2024

1. RIL Becomes India’s First Company to Surpass Rs 10 Lakh Crore in Annual Revenue

Reliance Industries Limited (RIL) has achieved a significant milestone by becoming the first Indian company to surpass ₹10 lakh crore in annual revenue. Chairman Mukesh Ambani announced this historic achievement during the company’s Annual General Meeting (AGM). For the financial year 2023-24, RIL reported a record consolidated turnover of ₹10,00,122 crore (USD 119.9 billion) and a net profit of ₹79,020 crore (USD 9.5 billion).

Export and Tax Contributions

Exports: RIL’s exports reached ₹2,99,832 crore (USD 35.9 billion), making up 8.2% of India’s total merchandise exports.
Tax Contributions: The company contributed ₹1,86,440 crore (USD 22.4 billion) to the national exchequer through various taxes and duties during FY 2023-24.
Three-Year Contribution: Over the past three years, RIL’s total contribution to the exchequer has exceeded ₹5.5 lakh crore (USD 68.7 billion), the highest by any Indian corporation.
This accomplishment highlights RIL’s significant role in India’s economy, both as a leading exporter and as a major contributor to the country’s tax revenues.

2. Google DeepMind’s Morni AI to Cover 125 Indic Languages

Google DeepMind’s India unit is leading an ambitious artificial intelligence (AI) project called Morni (Multimodal Representation for India). This project aims to encompass 125 Indic languages and dialects, with a particular focus on improving digital representation and accessibility. Among these languages, 73 had no existing digital corpus before this initiative.

Key Highlights from the Global Fintech Fest

Hindi’s Online Presence: Despite Hindi being spoken by nearly 10% of the global population, its representation online is extremely low, at just 0.1%.
Project Vaani: To address the scarcity of digital data for these languages, Google launched Project Vaani in collaboration with the Indian Institute of Science and ARTPARK (Artificial Intelligence & Robotics Technology Park).
Progress and Goals
Phase One: The first phase of Project Vaani has been completed, creating an open-source database with over 14,000 hours of speech data from 58 languages. This data was contributed by 80,000 speakers from 80 districts across India.
Phase Two: The project is now in its second phase, aiming to collect 154,000 hours of anonymized speech data from all Indian districts. This will further enhance the database, making it a valuable resource for AI development and language preservation.

3. Bisleri Partners with Goa for Improved Waste Management

Bisleri International Pvt. Ltd. has joined forces with the Government of Goa to enhance waste management in Mormugao, Vasco. This partnership was formalized at the Green Goa Summit 2024, where a Letter of Intent (LOI) was exchanged between Bisleri and the Goa State Pollution Control Board (GSPCB) in the presence of Chief Minister Dr. Pramod Sawant. The collaboration is part of Bisleri’s Corporate Social Responsibility (CSR) initiative, ‘Bottles for Change,’ which focuses on sustainable development and environmental stewardship, particularly in improving plastic waste management.

Key Partners

The initiative is a collaborative effort involving several key partners:

Goa State Pollution Control Board (GSPCB): The state’s regulatory body overseeing pollution control.
Goa Waste Management Corporation (GWMC): Responsible for managing waste across the state.
Mormugao Municipal Council (MMC): The local governing body in Mormugao, Vasco.
SampurnEURarth Environment Solution Pvt. Ltd.: Bisleri’s local waste management partner, contributing expertise and resources to effectively manage waste.
Goals and Impact
The partnership aims to significantly improve plastic waste management in the region by promoting responsible waste disposal and recycling practices. The initiative will help in reducing environmental impact, fostering a cleaner and greener Goa, and setting an example for sustainable waste management practices in other regions.

4. Uttar Pradesh to Invest Rs 33,500 Crore in IT and ITeS Hubs

The Uttar Pradesh government is planning a significant investment of approximately ₹33,500 crore (around $4 billion) to boost the Information Technology (IT) and IT-enabled Services (ITeS) sectors over the next five years. This ambitious plan aims to increase the presence and impact of these sectors tenfold by establishing technology hubs in five key cities: Noida, Lucknow, Kanpur, Varanasi, and Prayagraj (Allahabad).

City-Specific Focus Areas

Noida: Positioned as a major IT and ITeS hub, Noida will leverage its already established global IT ecosystem to attract further investments and foster growth.
Lucknow: The capital city will be targeted for advancements in artificial intelligence (AI) and machine learning (ML), focusing on developing cutting-edge technologies in these fields.
Kanpur: Known for its industrial base, Kanpur will become a center for drones and robotics, encouraging innovation and development in these emerging technologies.
Varanasi and Prayagraj (Allahabad): Both cities will focus on Engineering Research and Development (ER&D), promoting research-driven growth and the development of new engineering solutions.

5. Philips Appoints Bharath Sesha as New Managing Director for India

Dutch multinational conglomerate Philips has appointed Bharath Sesha as the Managing Director for India, effective September 1. In this role, Sesha will be responsible for leading Philips’ growth strategy in India, with a focus on improving customer satisfaction and driving operational excellence, especially in the healthcare sector. He takes over from Daniel Mazon, who has moved to a global position at Philips’ headquarters in the Netherlands.

Leadership and Experience

Bharath Sesha: Sesha has over 20 years of global experience and is well-versed in the Indian market, particularly in the pharmaceutical and chemical sectors.
Previous Role: He was the Managing Director of Heubach Colorants India.
Educational Background: Sesha holds a Master’s in International Management from Thunderbird School of Global Management and an MBA from ITM.