National News
Government Announces 3 Crore Additional Homes under PMAY
Prime Minister Narendra Modi announces the decision to add 3 crore additional rural and urban houses under Pradhan Mantri Awas Yojana (PMAY). Emphasizes government’s commitment to addressing housing needs and improving citizens’ quality of life.
- Increased Assistance for PMAY-G Beneficiaries
- Each PMAY-G beneficiary to receive increased assistance.
- Assistance raised to Rs 1.8 lakh in plains and Rs 2 lakh in hilly areas, up from Rs 1.2 lakh and Rs 1.3 lakh respectively.
- This decision aims to provide better housing infrastructure to beneficiaries, especially in difficult areas and tribal districts.
- Enhanced Assistance Details
- PMAY-G beneficiaries in plains to receive Rs 1.8 lakh for house construction, up from Rs 1.2 lakh.
- Beneficiaries in hilly areas to receive Rs 2 lakh, increased from Rs 1.3 lakh.
- This move aims to boost rural housing and upliftment in tribal and backward regions.
- Objective of PMAY
- Pradhan Mantri Awas Yojana (PMAY) aims to provide affordable housing to all citizens by 2022.
- The additional 3 crore homes demonstrate a significant step towards achieving this goal.
Chandrababu Naidu Reaffirms Amaravati as Sole Capital of Andhra Pradesh
TDP supremo N Chandrababu Naidu reaffirms Amaravati as the sole capital of Andhra Pradesh. Made the announcement a day before his swearing-in as chief minister.
- Unanimous Decision: Chandrababu Naidu addressed a joint meeting of TDP, BJP, and Janasena legislators, where he was unanimously elected as NDA leader in the Andhra Pradesh Legislative Assembly.
- Capital City Affirmation
- Naidu asserted that there will be no deviation from the decision, stating, “Our capital is Amaravati. Amaravati is the capital.”
- Stresses the stability and continuity of Amaravati as the capital city.
- Historical Context
- Naidu had initiated the idea of Amaravati as the capital during his tenure as the first chief minister of bifurcated Andhra Pradesh between 2014 and 2019.
Mohan Charan Majhi: BJP’s first Chief Minister of Odisha:
Mohan Charan Majhi of the Bharatiya Janata Party (BJP) was sworn in as the Chief Minister of Odisha. The ceremony took place at Janata Maidan, Bhubaneswar, on 12 June 2024.
Historic Moment
- Mohan Charan Majhi becomes the first BJP leader to hold the position of Chief Minister in Odisha.
- He is also the third tribal leader after Giridhar Gamang and Hemananda Biswal (both from the Congress party) to become the Chief Minister of Odisha.
Deputy Chief Ministers Two Deputy Chief Ministers were also sworn in: Kanak Vardhan Singh Deo and Mrs. Pravati Parida.
BJP’s Majority in Assembly The BJP secured a comfortable majority in the Odisha Legislative Assembly with 78 seats out of 147. The election results were declared on 4 June 2024.
End of Naveen Patnaik’s Rule Mohan Charan Majhi’s appointment ended Naveen Patnaik’s 24-year uninterrupted rule as the Chief Minister of Odisha.
Background
- The BJP won 20 out of 21 Lok Sabha seats from Odisha during the Lok Sabha elections.
- The Biju Janata Dal (BJD) won 51 seats, and the Congress Party won 14 seats in the legislative assembly.
About Odisha
- The modern state of Odisha was founded on 1 April 1936 after Odisha (then Orissa) was carved out of the Orissa and Bihar province by the British with the addition of the Ganjam and Koraput districts of Madras province.
- After the constitution was promulgated on 26 January 1950, Harekrushna Mahtab became the first chief minister of Odisha.
- Naveen Patnaik was the 14th chief minister of Odisha and holds the record for being the longest-serving chief minister of the state, having served for 24 years and 99 days.
- Mohan Charan Maji is the 15th chief minister of Odisha after the promulgation of the constitution.
- Odisha’s capital is Bhubaneshwar (since 19 August 1949; earlier, Cuttack was the capital).
- The state name was changed to Odisha from Orissa in 2011.
- Governor: Raghubar Das.
International news:
Oxford University Agrees to Return Stolen 500-Year-Old Bronze Idol to India:
Oxford University’s Ashmolean Museum is returning a 16th-century bronze sculpture of Saint Tirumankai Alvar to India. The decision follows a formal request from the Indian government.
- Stolen Artifact
- The 60cm-tall bronze statue is believed to have been stolen from a temple in Tamil Nadu, India.
- It was acquired by the Ashmolean Museum in 1967 from Sotheby’s auction house.
- Initiation of Return Process
- The decision to return the statue was prompted after an independent researcher alerted the museum to its stolen origins.
- The museum then notified the Indian High Commission and initiated the return process.
- Cultural Significance: The sculpture of Saint Tirumankai Alvar holds significant cultural and religious importance in Tamil Nadu.
- Legal and Ethical Obligations
- Returning stolen cultural artifacts is part of Oxford University’s commitment to ethical practices and international law.
- The decision reflects the recognition of the importance of repatriating cultural heritage to its rightful owners.
Economy news
World Bank Retains India’s FY25 Growth Forecast at 6.6%
The World Bank maintains India’s growth forecast for FY25 at 6.6%. India retains its position as the fastest-growing major economy.
- Affirmation of Growth: India’s growth projection in the latest biannual Global Economic Prospects reaffirms its status as the fastest-growing among the largest economies.
- Moderate Pace of Expansion: The forecast reflects a moderate pace of expansion following a high growth rate in FY 2023/24.
- Average Growth Projection: Over the subsequent three fiscal years, India is expected to sustain an average growth rate of 6.7%. Projections include 6.7% for FY26 and 6.8% for FY27.
- Factors Driving Growth
- India’s growth trajectory is supported by various factors such as structural reforms, infrastructure development, and favorable demographic trends.
- Continued investment in key sectors contributes to sustained economic expansion.
World bank:
- Headquarters: Washington, D.C., United States
- Founded: July 1944
- President: Ajay Banga
Centre releases ₹1,39,750 crore instalment of Tax Devolution to States:
- Ministry of Finance has released an additional instalment of tax devolution to states for June 2024.
- The total amount released to states for June now stands at ₹1,39,750 crores.
- This decision was taken to accelerate development projects of different states so that their all projects should not get delayed because of capital requirement.
- Finance Ministry’s decision to release tax devolution was taken following a high-level meeting with the Finance Secretary and the Secretary of the Department of Economic Affairs
- The biggest chunk of the fund went to Uttar Pradesh at ₹25,069.88 crores, followed by Bihar at ₹14,056.12 crores, Madhya Pradesh got ₹10,970.44 crores, and West Bengal was devolved ₹10,513.46 crores.
- The additional instalment of funds is part of a broader fiscal strategy outlined in the Interim Budget for 2024-25, which has allocated ₹12,19,783 crores towards the devolution of taxes to states.
- State governments will benefit from this enhanced financial support, enabling them to accelerate their capital expenditures, including critical infrastructure projects such as road construction, public facilities, and other development initiatives.
Ministry of finance: Officeholders: Nirmala Sitharaman (Union Minister), Shiv Pratap Shukla (Minister of State), P. Radhakrishnan (Minister of State)
Urban-Rural Consumption Expenditure Differential Falls to 71% In 2022-23: Survey: MoSPI Survey:
- The Survey on Household Consumption Expenditure by the Ministry of Statistics and Programme Implementation has found that Rural India’s average monthly capital expenditure stood 71 percent lower than Urban India in the period from August 2022 to July 2023.
- The survey said that rural India on average, clocked a monthly Per capita consumption expenditure (MPCE of ₹3,773) in the period under review.
- At Urban India’s average estimated MPCE during the period stood at 6,459 rupees.
- The survey stated that in the 2022-23 period, Rural India spent 46 percent of its household consumption expenditure towards food.
- The National Sample Survey Office has been regularly conducting household consumption expenditure surveys since its establishment in 1950.
State news
Social media channels to publicise State government welfare schemes
- The Department of Information and Public Relations has started a WhatsApp channel ‘TNDIPR, Govt. of Tamil Nadu’.
- The channel would help people become aware of the various welfare schemes implemented by the State government.
- An official release said the Tamil Nadu government under Chief Minister M.K. Stalin has been implementing several welfare measures for the people.
- To take such measures to the public, social media pages have been started in mediums, such as Facebook, Instagram, Twitter and YouTube.
- It used via QR code by scanning through Whatsapp.
Banking news:
State Bank of India (SBI) launches ‘SME Digital Business Loans’, aiming to revolutionize MSME lending. The innovative product offers quick loan sanctioning within just 45 minutes.
- Recognition of MSME Importance: SBI recognizes the crucial role of micro, small, and medium enterprises (MSMEs) in its growth strategy.
- Streamlined Borrowing Process
- SBI eliminates traditional credit underwriting and appraisal procedures to simplify the lending process.
- The new system aims to expedite loan disbursement and reduce paperwork for SMEs.
- Speed and Accessibility
- SBI’s SME Digital Business Loans offer SMEs a seamless digital loan journey.
- Turnaround time drastically reduced, making loans more accessible and convenient for entrepreneurs.
- Data-Driven Credit Assessment
- Leveraging data from income tax returns (ITR), GST returns, and bank statements.
- SBI has developed a sophisticated credit assessment engine capable of providing sanction decisions within just 10 seconds, without human intervention.
- Key Benefits
- Quick loan sanctioning process within 45 minutes.
- Drastically reduced turnaround time enhances accessibility and convenience for SMEs.
- Simplified lending process eliminates traditional paperwork hassles.
- Data-driven assessment ensures efficient and accurate credit decisions.
SBI: State bank of India:
- Headquarters: Mumbai
- Founded: 1955
- Head: Dinesh Kumar Khara
The Reserve Bank of India (RBI) has introduced new regulations:
The Reserve Bank of India (RBI) has introduced new regulations which allowed listed Indian companies and resident individuals to invest in offshore funds that are regulated through their fund managers.
- RBI issued these directions under Section 10(4) and Section 11 (1) of the Foreign Exchange Management Act, 1999(FEMA Act) (42 of 1999).
- RBI has made certain amendments regarding Overseas Portfolio Investments (OPIs). Therefore, amended the Foreign Exchange Management (Oversea Investment) Directions, 2022.
Note:
- Earlier, Overseas Portfolio Investment (OPI) was allowed only if the “funds” were regulated
- in their home jurisdiction and the investments were in ‘units’ of the funds.
- Also, the banks permitted remittance only when the funds weres directly regulated.
• In case, if funds were not directly regulated, new funds had to be established in jurisdictions like: the Cayman Islands, Mauritius to ensure that investments from Indian LPs would be possible.
About Reserve Bank of India (RBI):
- Governor: Shaktikanta Das(25th Governor of RBI)
- Headquarter: Mumbai, Maharashtra
Established: 1 April, 1935
Appointment news:
Lt General Upendra Dwivedi Named New Army Chief:
Lieutenant General Upendra Dwivedi appointed as the next Chief of the Army Staff (COAS), effective June 30.
- Career Highlights
- With a service of over 39 years, Lt General Dwivedi has held key positions including Northern Army Commander and Director General (DG) Infantry.
- Professional Background
- Lt General Upendra Dwivedi was born in 1964.
- He studied at Sainik School Rewa, National Defence College, and US Army War College.
- He has also undergone courses at DSSC Wellington and Army War College, Mhow.
Defence news:
The 8th edition of the Japan-India Maritime Exercise(JIMEX-24) has started at Yokosuka, Japan. The JIMEX-24 exercise is being hosted by the Japan Maritime Self-Defence Force (JMSDF). The Japanese Navy is called the Japan Maritime Self-Defence Force.
Indian Ship at the JIMEX-24 and aim of exercise
- The Indian Navy’s indigenously built Stealth Frigate INS Shivalik is participating in the JIMEX -24 exercise. The JMSDF is represented by its Guided Missile Destroyer JS Yugiri.
- The exercise will include both the harbour and the sea phases. The main aim of the harbour phase is to further the interaction between the sailors of both navies and strengthen the bond between the two countries’ navies.
Military Exercise between Indian and Japan: India and Japan enjoy close political ties. The Indian defence forces regularly conduct military exercises with the Japanese force. Some of the military exercises are as follows:
JIMEX: JIMEX is a bilateral naval exercise between the navies of the two countries. It was started in 2012 in Japan. The 7th JIMEX -23 was hosted by the Indian Navy off Visakhapatnam in July 2023.
DHARMA GUARDIAN: The DHARMA GUARDIAN is an annual military exercise conducted between the Indian Army and the Japan Ground Self Defence Force. The DHARMA GUARDIAN exercise was started in 2018 and was held in India.
The exercise is held alternatively in India and Japan. The 5th DHARMA GUARDIAN exercise was held at Mahajan Field Firing Ranges in Rajasthan in February/ March 2024.
Veer Guardian: Veer Guardian is a joint military exercise of the Indian Air Force and the Japan Air Self-Defence Force (JASDF). The first Veer Guardian exercise was held at Hyakuri Air Base, Japan, from 12 to 26 January 2023.
Japan:
• Capital: Tokyo
• Prime minister: Fumio Kishida
Sports news:
India Named Hosts for 2025 FIH Hockey Men’s Junior World Cup
India secures hosting rights for the 2025 FIH Hockey Men’s Junior World Cup. The tournament will feature 24 teams for the first time.
- Expanded Event Format
- FIH’s Executive Board designates India as the host country for the inaugural FIH Hockey Men’s Junior World Cup with 24 teams.
- This decision aims to expand opportunities for National Associations and promote diversity in the sport.
- Event Details
- The tournament is set to take place in December 2025, showcasing junior hockey talent from across the globe.
- FIH President’s Enthusiasm
- FIH President Tayyab Ikram expresses enthusiasm for the expanded event format, highlighting its significance in shaping the future of hockey.
- Hockey India’s Response
- Dr. Dilip Tirkey, President of Hockey India, expresses gratitude for the opportunity to host the prestigious event.
- Highlights India’s commitment to fostering hockey talent on a global stage.
Scheme news:
Modi Clears PM-Kisan 17th Instalment
Prime Minister Narendra Modi signed the release of the 17th instalment of the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN Nidhi) scheme on June 10. The move is expected to benefit more than 93 million farmers, disbursing over Rs 20,000 crore.
Previous Release: The 16th instalment of the PM-KISAN scheme was released on 28th February 2024.
- About PM-KISAN Nidhi
- PM-KISAN Nidhi is a central government scheme launched in December 2018 to support farmers’ income.
- It provides annual financial assistance of Rs 6,000 to eligible farmers.
- The assistance is provided in three equal instalments of Rs 2,000 every four months.
- The funds are transferred directly into the beneficiaries’ bank accounts through Direct Benefit Transfer.
- Significance
- The scheme aims to provide financial support to farmers for the procurement of seeds, fertilizers, and other necessities.
- Direct transfer of funds ensures transparency and eliminates middlemen, ensuring the benefits reach the intended beneficiaries.
- Massive Coverage: More than 93 million farmers have received Rs 2,000 as the 16th instalment of PM-KISAN Nidhi.
Important day:
International Year of Quantum Science and Technology 2025:
The United Nations has officially designated 2025 as the International Year of Quantum Science and Technology (IYQ). This initiative aims to raise global awareness about the importance and applications of quantum science.
Key Points:
- Commemoration: IYQ marks 100 years of modern quantum mechanics, celebrating its historical and ongoing contributions to science.
- Global Initiative: The year-long event unites national scientific societies worldwide, emphasizing collaboration and the sharing of knowledge.
Goals:
- Strengthen Capacities: Enhance national capabilities in basic sciences and science education.
- Highlight Contributions: Showcase the impact of quantum science on energy, education, communications, and human health.
- Sustainable Solutions: Promote the role of quantum technologies in developing sustainable solutions for global challenges.
Background:
- Resolution: The decision followed a resolution led by Mexico in May 2023, adopted by UNESCO and supported by nearly 60 countries.
- UNESCO’s Role: As the coordinating body, UNESCO aims to facilitate activities and events that underscore the significance of quantum science and technology.
The IYQ 2025 will be a pivotal moment for increasing public understanding and appreciation of quantum science, fostering educational initiatives, and driving advancements in technology critical for sustainable development.
