National News
Launch of GAINS 2024 by GRSE in Kolkata
On July 10, 2024, Minister of State (MOS) Sanjay Seth, Ministry of Defence (MoD), launched the 2nd edition of the “GRSE Accelerated Innovation Nurturing Scheme (GAINS 2024)” in Kolkata, West Bengal.
This innovative scheme by Garden Reach Shipbuilders & Engineers Limited (GRSE) aims to find solutions for shipyard-related problems and promote technology development through Indian start-ups.
Event: MOS Sanjay Seth launches the 2nd edition of the “GRSE Accelerated Innovation Nurturing Scheme (GAINS 2024)”.
Objective: Scheme aims to address shipyard-related challenges and promote technology development through Indian start-ups.
Organizer: Garden Reach Shipbuilders & Engineers Limited (GRSE), a Miniratna Category I PSU under MoD.
Key People: GRSE CMD Cmde PR Hari, Directors, and dignitaries present.
About GAINS:
- Initiative: National initiative launched in 2023.
- Challenge: Open challenge to inspire innovation among start-ups and entities.
- Selection Process:
- Stage I: Initiation/Familiarization phase.
- Stage II: Submission of detailed Project Report with technical descriptions.
The Ministry of Defence: Officeholder: Rajnath Singh (Minister)
Thazhakara Sets Milestone with 2nd Volume of People’s Biodiversity Register
Kerala becomes the first state in India to publish the 1st volume of PBR across all local bodies, with dynamic updates on ecosystems, species, and traditional knowledge.
- KSBB Progress: KSBB aims to complete PBR updates in 50% of local bodies by the end of 2024.
- Thazhakara’s Achievement: Thazhakara (Alappuzha) releases the 2nd volume of PBR, becoming Kerala’s first Gram Panchayat to update and publish this comprehensive document, detailing regional biodiversity, traditional knowledge, and climate change impacts.
- Document Details: The 261-page report includes extensive insights into local biological resources, discoveries, and community involvement in biodiversity conservation.
About Kerala:
- Chief Minister (CM)- Pinarayi Vijayan
- Governor- Arif Mohammed Khan
- Capital – Thiruvananthapuram
- Wildlife Sanctuaries- Peppara Wildlife Sanctuary, and Shendurney Wildlife Sanctuary Zoological Parks- Thiruvananthapuram Zoological Park, and Thrissur Zoo & Museum
International news
UNESCO Launches New World Soil Health Index
UNESCO introduced the World Soil Health Index at an International Conference on Soils in Agadir, Morocco.
Organizers: Co-organized by UNESCO and Morocco’s ANDZOA, attended by experts from 30+ countries.
Purpose: Establish global standards for assessing soil quality.
Functionality:
- Standardized measure for evaluating and comparing soil quality worldwide.
- Identifies degradation or improvement patterns.
- Pinpoints high-risk areas.
- Enhances understanding of soil management practices’ effectiveness.
Key Points on Soil Degradation and Global Concerns
- World Atlas of Desertification (WAD): Reports 75% of soils globally are degraded, impacting 3.2 billion people.
- Future Projections: Predicts 90% of Earth’s land surface could be degraded by 2050 without intervention, posing a threat to biodiversity and human life.
- India’s Situation:
- 32% of India’s land is degraded, with 25% facing desertification.
- Factors include deforestation and industrial pollution.
- Upcoming Conference:
- Event: Global Soils Conference 2024
- Organized by: Indian Society of Soil Science (ISSS) and International Union of Soil Sciences (IUSS)
- Dates: November 19-22, 2024
- Location: NASC Complex, New Delhi, India
- Theme: “Caring soils beyond food security: Climate Change mitigation and Ecosystem Services”
About United Nations Educational, Scientific and Cultural Organization (UNESCO):
- Director – General (DG) – Audrey Azoulay
- Headquarters – Paris, France
- Established 1945 (Came into force on 1946)
- Member States – 194(as of July 2024)
Banking News
Muthoot Finance and FATF’s Mutual Evaluation Report (MER)
Muthoot Finance is the only Indian Non-Banking Financial Company (NBFC) selected for the Financial Action Task Force’s (FATF) Mutual Evaluation Report (MER) for year 2023-24.
- Purpose: Assessment of a country’s efforts to combat money laundering, terrorism financing, and proliferation of weapons of mass destruction.
- Conducted By: Financial Action Task Force (FATF).
- Content: Provides detailed analysis and description of the country’s anti-money laundering and counter-terrorist financing systems.
- Recommendations: Includes key recommendations to strengthen the country’s financial security systems.
- Evaluation Parameters: Considers actions by Indian law enforcement agencies, industry bodies, banks, and NBFCs to combat financial crimes.
- Significance: Muthoot Finance is the sole Indian NBFC selected for the MER in 2023-24.
- Adoption: MER of India adopted during FATF’s 6th Plenary session under the Presidency of T. Raja Kumar in Singapore, June 26-28, 2024.
About Financial Action Task Force (FATF)
- Established: 1989
- Type: Intergovernmental organization
- Purpose: Acts as an international watchdog to combat money laundering (ML), terrorist financing (TF), and related threats to uphold the integrity of the international financial system.
- Member Since: India joined in 2010
- President: Elisa de Anda Madrazo (Mexico)
- Member Nations: 39
- Headquarters: Paris, France
About Muthoot Finance
- Managing Director: George Alexander Muthoot
- Headquarters: Kochi, Kerala
RBI’s Financial Inclusion Index (FI-Index) and Its Impact
The Reserve Bank of India (RBI) released its Financial Inclusion Index (FI-Index) which increased to 64.2 in FY24 (in March 2024) from 60.1 in FY23 (in March 2023).
- Purpose: Measures the extent of financial inclusion across India.
- Latest Update: Increased to 64.2 in FY24 (March 2024) from 60.1 in FY23 (March 2023).
- Parameters: Includes banking, investments, insurance, postal, and pension sectors.
- Driving Factor: Growth primarily driven by the ‘Usage’ parameter, indicating deeper financial inclusion.
- Annual Publication: Released annually in July for the previous Financial Year ending in March.
- Background: First published by RBI in August 2021, with FY21 FI-Index at 53.9 (March 2021) compared to 43.4 for FY17.
- Scoring: Comprehensive index ranging from 0 to 100, capturing various aspects of financial inclusion efforts.
About Reserve Bank of India (RBI)
- Governor: Shaktikanta Das (25th Governor of RBI)
- Headquarters: Mumbai, Maharashtra
- Established: 1 April 1935
Ranks And Reports News
SBI Economic Research Department Report on Job Creation Trends in India
According to the State Bank of India (SBI)’s Economic Research Department (ERD) based on the Reserve Bank of India (RBI) data, India generated 125 million jobs between FY14 (2013- 14) and FY23 (2022-23) against 29 million jobs generated between FY04 and FY14.
- So, jobs created during FY14-23 are 4.3 times more than the preceding decadal period of FY04-FY14.
- Excluding agriculture, the total jobs generated in manufacturing and services sector increased by 33%, from 66 million jobs during FY04-FY14 to 89 million during FY14-23.
Key Findings of the Report:
- The report noted that the total employment recorded by Micro, Small and Medium Enterprises (MSMEs) registered with the Ministry of MSME, Government of India (GoI) has breached the mark of 200 million which indicates towards a robust growth in the MSME sector.
- The report highlighted that as of 4th July 2024, nearly 47 million MSMEs registered on Udyam portal, reported 202 million jobs which include 23.2 million jobs by Goods and Services Tax (GST)-exempted informal micro enterprises, saw an increase of 66% from 121 million jobs in July, 2023.
- The report compared the Employees’ Provident Fund Organisation (EPFO)data with Reserve Bank of India (RBI)’s) KLEMS (Capital K, Labour L, Energy E, Material M, and Services S) data which was recently released on 8th July, 2024.
About State Bank of India(SBI):
- Chairman- Dinesh Kumar Khara
- Headquarters– Mumbai, Maharashtra
- Tag line-The Banker to Every Indian
- Founded in- 1st July 1955
Defence News
IAF Contingent Reaches Australia To Participate In Exercise Pitch Black
An Indian Air Force (IAF) contingent today landed at Royal Australian Air Force Base Darwin, Australia to participate in the biennial, multinational exercise Pitch Black. The exercise which focuses on night time flying will take place from 12th July to 2nd August.
- Location: Royal Australian Air Force Base Darwin, Australia.
- Dates: 12th July to 2nd August.
- Scale: Largest edition in 43-year history with participation from 20 countries, over 140 aircraft, and 4,400 military personnel.
- IAF Contingent: 150 skilled Air Warriors, including pilots, engineers, and technicians.
- Aircraft: Su-30 MKI fighters, C-17 Globemaster, and IL-78 Air-to-Air Refuelling aircraft.
- Focus: Night-time flying, Large Force Employment warfare, international cooperation, and experience enhancement.
- Collaborations: IAF’s Su-30 MKI to operate alongside F-35, F-22, F-18, F-15, Gripen, and Typhoon fighters.
- History: IAF previously participated in 2018 and 2022 editions.
Appointment news
Rajat Sharma Elected as NBDA President
In a significant development for the Indian media landscape, Rajat Sharma, the esteemed Chairman and Editor-in-Chief of India TV, has been unanimously elected as the President of the News Broadcasters & Digital Association (NBDA).
Static gk:
- News Broadcasters & Digital Association Founded: 3 July 2007;
- News Broadcasters & Digital Association President HQ: New Delhi.
Olympian PV Sindhu Joins Wellness Brand Hoop as Investor, Brand Ambassador
PV Sindhu joins Hoop, a Gurugram-based wellness brand, as both investor and brand ambassador.
Announcement: Marks a significant move in Sindhu’s career beyond badminton, emphasizing entrepreneurship and brand involvement.
Company Profile – Hoop:
- Founded: 2022, focusing on active lifestyles in India.
- Specialization: Offers products with natural ingredients.
- Product Range: Addresses pain management, sleep improvement, stress reduction, and workout enhancement.
- Market Position: Established itself in the competitive wellness sector with a unique approach.
Establishment of 16th Finance Commission’s Advisory Council
the 16th Finance Commission (FC) headed by Arvind Panagariya established an advisory council comprising five eminent members. This council is tasked with advising the Commission on various Terms of Reference (TOR) and related subjects, enhancing its understanding and broadening its scope.
The Director General (DG) of the National Council of Applied Economic Research (NCAER), Dr. Poonam Gupta appointed as the convenor of the Advisory Council.
- Purpose: Advises on Terms of Reference (TOR) and related subjects to enhance scope.
- Chairperson: Arvind Panagariya, heading the 16th Finance Commission.
- Convenor: Dr. Poonam Gupta, Director General of NCAER.
- Members:
- D.K. Srivastava, Chief Policy Advisor at Ernst & Young, London, UK.
- Neelkanth Mishra, Chief Economist at Axis Bank, Mumbai, Maharashtra.
- Pranjul Bhandari, Chief India Economist at HSBC Securities & Capital Markets (India), Mumbai, Maharashtra.
- Rahul Bajoria, Managing Director and Head of EM Asia (ex-China) Economics at Barclays, UK.
Role of the Advisory Council: The advisory council is responsible for:
- Assisting the Commission in preparing papers and research studies.
- Monitoring and assessing studies commissioned by the FC.
- Enhancing the Commission’s understanding of the ToR issues.
- Seeking national and international best practices on fiscal devolution.
- Improving the quality, reach, and enforcement of the Commission’s recommendations.
- Advising on the distribution of tax proceeds, principles governing grants-in-aid of state revenues, and measures to augment state funds to support panchayats and municipalities. Currently, India shares 41% of federal taxes with states as recommended by the 15th panel, which was headed by Nand Kishore Singh.
About Finance Commission (FC)
- Constitution: Established by the President of India under Article 280 of the Constitution.
- First Commission: Appointed in 1951, chaired by K. C. Niyogi for the period 1952-57.
- 16th Finance Commission (FC):
- Established: 31st December 2023.
- Chairperson: Arvind Panagariya, former Vice-Chairman of NITI Aayog.
- Secretary: Ritvik Ranjanam Pandey.
- Composition: Includes 3 full-time members and 1 part-time member.
- Recommendations: Expected by 31st October 2025, covering a 5-year award period starting from 1st April 2026.
Appointment of Executive Directors in Public Sector General Insurance Companies
The Appointments Committee of the Cabinet (ACC) headed by Prime Minister(PM) Narendra Modi, has approved the appointment of 8 Executive Directors (EDs) in various Public Sector General Insurance Companies (PSGICs), to bolster leadership within these institutions.
- This decision aligns with the Union Government’s ongoing efforts to enhance the efficiency and performance of Public Sector Undertakings (PSUs) in the insurance sector.
- The appointed executives have tenures ranging from less than a year to four years.
Here are the appointments of Executive Directors in various Public Sector General Insurance Companies:
- United India Insurance Company Limited (UIICL):
- Sunita Gupta has been appointed as Executive Director (ED). She currently serves as General Manager (GM) at Oriental Insurance Company Ltd (OICL).
- National Insurance Company Limited (NICL):
- T. Babu Paul has been appointed as ED. He is currently GM at National Insurance Company Ltd (NICL).
- Prasad C.G. has been appointed as ED. He currently serves as GM at New India Assurance Company Ltd (NIACL).
- Oriental Insurance Company Limited (OICL):
- Rashmi Bajpai has been promoted to the position of ED. She currently serves as GM at OICL.
- Amit Mishra has been appointed as ED. He currently holds the position of GM at NIACL.
- General Insurance Corporation of India (GIC Re):
- Hitesh Ramesh Chandra Joshi has been promoted to ED. He currently serves as GM at GIC Re.
- Radhika C.S. has been appointed as ED. She currently holds the position of GM at UIICL.
- Agriculture Insurance Company of India Limited (AIC):
- Dasarathi Singh has been elevated to the role of ED. He currently serves as GM at AIC.
