Who Inaugurated Medha Rail Coach Factory in Hyderabad on 22nd June 2023?

Daily Current Affairs

Tamilisai Soundararajan

Ashwini Vaishnaw

Nitin Gadkari

K Chandrashekhar Rao

Correct Answer : K Chandrashekhar Rao

Chief Minister K Chandrashekhar Rao inaugurated Medha Rail Coach Factory, the largest private coach factory in India, at Kondakal in Shankarpally mandal of Rangareddy district on Thursday (22nd June 2023).

On behalf of the State government, he assured complete support to Medha Servo Group for its expansion in Telangana and was confident that it would create massive employment opportunities for the local youth.

Addressing the factory employees after the inauguration, Chandrashekhar Rao said he was impressed with the state-of-the-art facility created by the company founders Kashyap Reddy and Srinivas Reddy. He termed it as a proud moment as both sons of Telangana have established such a massive manufacturing facility to supply rail coaches to the entire world.

CM Chandrashekhar Rao emphasized the importance of a congenial eco-system for the progress of any state or country. He praised the Telangana State Industrial Project Approval and Self Certification System (TS-iPASS) for creating such an eco-system for industrial growth in Telangana. The establishment of the rail coach factory has led to the development of ancillary industries in the surrounding areas, thereby creating additional job opportunities for the local population.

Joint Venture and Investment : The rail coach manufacturing facility at Kondakal was established through a joint venture between Telangana-based Medha Servo Group and Stadler Rail, with a significant investment of Rs 1,000 crore. Despite the Central government’s failure to fulfill its promise of establishing a rail coach factory at Kazipet under the Andhra Pradesh Reorganisation Act, the Industries Department, led by Minister KT Rama Rao, successfully attracted this substantial investment for the establishment of India’s largest private coach factory in Hyderabad.

The coach factory, which currently spans about 25 acres, will be further expanded in phases. It has already manufactured components for two Vande Bharat trains operating in the Telugu States and supplied 160 coaches to the Indian Railways. Additionally, the Medha Servo Group intends to establish a wagon manufacturing unit spanning an additional 75 acres, further contributing to the development of the region’s rail infrastructure.

Inaugural Ceremony Attendees : Ministers KT Rama Rao, T Harish Rao, P Sabith Indra Reddy, MPs, MLAs, and MLCs along with Chief Secretary A Santhi Kumari, Principal Secretary for IT and Industries Jayesh Ranjan, Medha Servo Group MD Kashyap Reddy and others participated in the inaugural ceremony.

Source : Telangana Today

Published On : June 24, 2023

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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 :

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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

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Consistent Growth: From $53.48 Billion to $111.22 Billion

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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