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  • Bit by Bit 23rd Oct. ||‘India climbed 5 spots in 8 yrs to become 5th largest economy': PM Modi||Ola launches its most affordable electric scooter in India& more

Bit by Bit 23rd Oct. ||‘India climbed 5 spots in 8 yrs to become 5th largest economy': PM Modi||Ola launches its most affordable electric scooter in India& more

October 23, 2022

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Good Afternoon! Wishing our readers success on Diwali. May this auspicious occasion bring along lots of fun, entertainment, and good times with your loved ones.

So, here are:

"5 amazing stories in 5 minutes to make you future ready"

Happy reading!

MARKET UPDATE

(Markets were closed on 22/10/2022, Saturday)

ECONOMY

The Story:

The world's fifth-largest economy is now India, according to Prime Minister Narendra Modi on Saturday, who also emphasized that India was able to move up from the tenth position in just eight years. India had overcome the United Kingdom a few weeks prior to take the fifth spot on the list. The nation was then expected to move up to the third position, according to predictions.

India rose from the eighth to the fifth rank in the last eight years. When speaking at a virtual event for the "Rozgar Mela," Prime Minister Modi said, "This has been made possible because in the previous seven to eight years, we have removed the barriers that were standing in the way of the economic growth. According to PM Modi, several major economies around the world are "struggling with inflation, unemployment...side effects of the largest crisis in 100 years, which can't just go away in 100 days," according to news agency ANI. He was referring to the coronavirus, which had a devastating economic impact on many countries.

Over 10 lakh people are the goal of the government's recruitment drive, and 75,000 of them received offer letters on Saturday. In addition to stating that "self-reliance" is crucial for progress, PM Modi said that "thousands of others would be granted work chances in the coming months."

AUTOMOTIVE

Key Facts:

• Ola S1 Air is the company's third electric scooter after Ola S1 and Ola S1 Pro

• The Ola S1 Air is claimed to jump from 0 to 40km in 4.3 seconds

• It will be available at a discounted price of ₹79,999 till Diwali, October 24

The Story:

The S1 Air scooter was introduced on Saturday by Ola Electric, the cab aggregator Ola's EV manufacturing division.

Despite being based on the S1 platform, the S1 Air weighs 25 kg less than the S1 Pro. In addition to many other features, the two-wheeler has eco and sports modes, OTA updates, reverse mode, Bluetooth connectivity, GPS navigation, side stand alert, audio playback, and remote boot unlock.

According to the corporation, the scooter would first be introduced in neighbouring Nepal later this year, and then in Europe and Latin America at the beginning of 2023.

"The end of the ice age is now closer than ever to becoming a reality. Prior to our foray into electric mobility, we sold 4,000 units a month. Today, EVs account for 15% of the whole scooter market, and in cities like Delhi, Bengaluru, and Pune, that percentage is much higher at 40% of the new scooter sales. According to media sources, Ola CEO and founder Bhavish Aggarwal stated that the S1 Air is a key step in making India's EV revolution a mass movement that would truly put an end to the era of ice vehicles.    

Key Points :

  • The first day of Diwali, Dhanteras, is regarded as an auspicious time to purchase new stuff, particularly gold and silver jewelry, utensils, kitchenware, cars, ready-to-wear clothing, electronics, and electrical goods, among other things.

  • Dhanteras this year is spread over the weekend, with the muhurat starting at 2 p.m. on Saturday and ending at 6 p.m. on Sunday.

The Story :

On the strength of strong consumer sentiment, the Confederation of All India Traders (CAIT) predicted that this Dhanteras, which will be observed over the weekend, will bring in about 40,000 crores in revenue.

According to Pankaj Arora, national president of the All-India Jewellers and Goldsmith Federation, there is a lot of excitement among jewellery merchants all over the nation about the Dhanteras sales this weekend, for which the industry has made extensive preparations. This year, artificial jewellery is also in demand, and Dhanteras is likely to see significant increases in purchases of gold, silver, coins, notes, and idols, he added.

TECH

Key Facts:

The Story:

Apple reportedly reached out to at least one iPhone assembly partner to immediately halt iPhone 14 Plus production. The US-based firm has also contacted two component suppliers to lower production by up to 90%. The report has resulted in speculations whether iPhone 14 Plus is not as popular among users as Apple expected.

Last month, Apple dropped its plan to increase production of the new iPhone models as an anticipated surge in demand failed to materialize.

Want a BIT More?

The Story:

The 24-hour countdown for the launch of the 36 "OneWeb" satellite-carrying GSLV Mk III heavy lift rocket by the Indian space agency began on Saturday at 12.07 a.m.The 644-ton, 43.5-meter-tall LVM3 M2 rocket is slated to launch at 12.07 a.m. on Sunday from the first launch pad at India's rocket port in Sriharikota, Andhra Pradesh.

The countdown is proceeding without incident. The L110 stage's activities for gas charging and propellant loading are progressing, an Indian Space Research Organisation (ISRO) official informed IANS.The rocket and satellite systems will be examined during the countdown. The rocket's fuel will also be replenished.

India typically uses the GSLV rocket to launch its geostationary communication satellites. It was given the moniker GeoSynchronous Satellite Launch Vehicle as a result (GSLV). The third generation rocket is referred to as GSLV MkIII.

The ISRO has renamed GSLV MkIII as LVM3 because the rocket that will launch on Sunday morning will be orbiting the OneWeb satellites in Low Earth Orbit (LEO) (Launch Vehicle MkIII).The rocket will launch the 36 tiny broadband communication satellites of Network Access Associated Ltd (OneWeb) into LEO little over 19 minutes into its mission.

OneWeb is a partnership between the UK government and India Bharti Global.

The satellite provider intends to provide communication services using a network of roughly 650 satellites in low earth orbit (LEO).

The LVM3 M2 is a three stage rocket that uses liquid fuel for the first stage, solid fuel for the two strap-on motors, liquid fuel for the second stage, and cryogenic fuel for the third stage.

The LEO carrying capacity of the ISRO's heavy lift rocket is 10 tonnes, while the geo transfer orbital carrying capability is 4 tonnes (GTO).

The dispenser system for the 36 satellites will be produced by Beyond Gravity, a Swiss company that was formerly known as RUAG Space. Network Access Associated Ltd. (OneWeb) and NewSpace India Ltd. (NSIL), the commercial arm of ISRO, have inked two contracts for the launch of the latter's broadband communication satellites into low earth orbit.

The Sunday rocket voyage, meanwhile, marks numerous firsts for the Indian space industry. For the first time ever, an Indian rocket will be carrying a payload of around six tonnes in this GSLV MkIII commercial launch.

Similar to this, the OneWeb is launching its satellites into orbit for the first time using an Indian rocket. The GSLV MkIII is also being used for the first time to launch satellites into low-Earth orbit (LEO), and it is the first commercial launch of the vehicle under a contract with NSIL.