Corning to Build $113m India's First Gorilla Glass Plant in Which State?

Daily Current Affairs

Karnataka

Gujarat

Maharashtra

Telangana

Correct Answer : Telangana

US-based multinational technology company "Corning" has announced plans to set up a $113m Gorilla Glass manufacturing facility in the Indian state of Telangana.

The announcement follows a meeting between Telangana’s Minister for IT, electronics and communication, KT Rama Rao, global operations executive Ravi Kumar and Sarah Cartmell, director of government affairs at Corning.

The proposed facility in Telangana is expected to generate 800 new jobs. Telangana accounts for 6% of the electronic production in India, with more than 250 companies employing over 50,000 people across different industry sub-segments there.

“Happy to share that Corning, one of the world’s leaders in material sciences, has decided to invest in Telangana to set up a manufacturing plant to make Gorilla Glass for smartphones, for the first time in India,” Rao said in a post on Facebook.

“The investment size of â‚¹934 Crore will employ 800 people but more importantly [it is] a strategic investment in manufacturing for smartphones and other electronic devices.”

News about the factory comes amid a difficult period for Corning, with the company reporting $303m in net income during the second quarter of 2023, down 48% from the same period in 2022 ($584m).

However, business sales grew by 3% in the second quarter, prompting the company’s executive vice-president and chief financial office, Ed Schlesinger, to comment: “Looking ahead, we will continue improving profitability and cash generation in the second half of 2023 despite our current sales outlook. Overall, we remain well positioned to capture upside, and as sales grow, we’ll drive strong operating leverage."

Corning is a tech company with more than 51,000 employees and 18 research and development labs across North America, Europe and Asia. In September 2022, it opened an optical fibre factory in Mszczonów, Poland, in response to the growing demand for high-speed connectivity in Europe. The investment in Mszczonów will create jobs for around 250 people.

Corning to build $113m Gorilla Glass plant in India was originally created and published by Investment Monitor, a GlobalData owned brand..

Source : MSN

Published On : September 6, 2023

Solar’s Ascendance in India :

In 2015, India ranked ninth in solar energy deployment, but by 2023, it produced 5.8% of its electricity from solar, up from 0.5% in 2015. This significant increase underscores India’s commitment to clean energy and its pivotal role in mitigating climate change.

Global Solar Growth Trends :

Ember’s report highlights that solar energy witnessed a remarkable increase globally, with 2023’s solar generation exceeding six times that of 2015. The top four solar growth countries, including India, accounted for 75% of this growth, emphasizing the widespread adoption of solar power worldwide.

Published On : May 9, 2024

Q .

India's Toy Exports Slip to _____ Million in 2023-24

$102.92

$121.19

$139.53

$152.34

Correct Answer : Option (D) - $152.34

India’s toy exports experienced a slight decline to USD 152.34 million in the fiscal year 2023-24, with limited benefits from quality control measures. Despite efforts to bolster the domestic industry and ensure product safety, exports did not see significant improvement.

Declining Export Trends :

Export figures dropped marginally from USD 153.89 million in the previous fiscal year to USD 152.34 million in 2023-24, as outlined by the Global Trade Research Initiative (GTRI). Despite a modest increase in exports from FY’2020 to FY’2022, the subsequent year witnessed a downturn.

Import Trends :

Conversely, imports rose to USD 64.92 million in 2023-24 from USD 62.37 million in the preceding year, indicating a persistent challenge in balancing trade dynamics.

GTRI’s Recommendations :

Comprehensive Industry Development Strategy : GTRI Founder Ajay Srivastava emphasized the necessity for a holistic approach to foster the growth of India’s toy industry and bolster exports.

Domestic Ecosystem Strengthening : Developing a robust domestic ecosystem is paramount, alongside measures to encourage renowned global toy brands to establish manufacturing facilities within India’s borders.

Published On : May 9, 2024

Q .

India Leads Global Remittances, Surpassing _____ Billion Mark.

$50

$100

$200

$250

Correct Answer : Option (B) - $100

India emerged as the global leader in remittances in 2022, receiving over $111 billion, surpassing the $100 billion mark for the first time. The International Organisation for Migration (IOM) highlighted India, alongside Mexico, China, the Philippines, and France, as the top five remittance recipient countries.

Consistent Growth: From $53.48 Billion to $111.22 Billion

The UN’s World Migration Report 2024 underscored India’s consistent growth in remittances, noting a rise from $53.48 billion in 2010 to $111.22 billion in 2022. This significant increase showcases India’s pivotal role in the global remittance landscape.

Southern Asia’s Significance in Global Remittances :

The IOM emphasized Southern Asia’s importance as a major recipient of global remittances, attributed to its high proportion of migrant workers and emigrants. India, Pakistan, and Bangladesh all ranked among the top ten recipients worldwide, highlighting the sub-region’s reliance on labor migration.

Prominent Migration Corridors and Destination Countries :

While India ranks 13th as a destination country for immigrants, it features prominently in various international migration corridors, including India-United Arab Emirates, India-Saudi Arabia, and Bangladesh-India, all of which are among the top 10. This indicates India’s significant role in global labor migration patterns.

Published On : May 9, 2024