Today in History (June 24th, 1812)
The French Emperor, Napolean Bonaparte, launched an invasion to Russia with his Grand Army numbering 6 lakhs troops in 1812. The invasion was disaster for the French Army as the Russian army refused to fight the French troops, and 4 lakh French armies died of cold and starvation.
Summary of Today’s News
State of the Economy report: RBI
As per the State of the Economy Report published by the Reserve Bank of India (RBI), controlling inflation is pre-requisite for revival of consumer spending, private capital expenditure and supporting growth. Private consumption spending expanded 2.8% in the last quarter of FY23, which is estimated to have actually contracted 3.2% sequentially.
Most States failed to meet their capital spending targets in FY23.
As per the Bank of Baroda report from the 25 States, large States like Uttar Pradesh and Maharashtra have failed to meet their capital spending plans for 2022-23. Only four States- Karnataka, Arunachal Pradesh, Bihar and Sikkim- met their targets or exceeded their capital spending targets. Andhra Pradesh recorded the worst performance which met 23% of its capital expenditure target. Tripura, Nagaland and Haryana spent less than 50% of their target.
Micron to produce first semiconductor chip in India by December 2024.
The $2.7 billion semiconductor assembly and testing plant to be built by U.S. chip manufacturing company Micron will produce its first chip by December, 2024. The plant would create five thousand direct and 15,000 indirect jobs. Semiconductors are foundational technology used in electronics appliances like phones, computers and cars. Ultra-pure water required in semiconductor manufacturing would be manufactured in large quantities for the Micron plant.
Air Defender 23
The German-led “Air Defender 23” was NATO’s largest ever air force deployment exercise in Europe in a show of force against potential threats such as Russia. 250 military aircrafts from 25 NATO and partner countries like Japan and Sweden participated in the exercise. Up to 10,000 service members participated in the drills intended to boost interoperability and preparedness to protect against drones and cruise missiles in the case of an attack within NATO territory.
