National News :
First Direct Flight Launched Between India And Cambodia:
- The first-ever direct flight between India and Cambodia was launched on Sunday. The flight was officially inaugurated by Deputy Prime Minister of Cambodia Neth Savoeun and the Indian Ambassador to Cambodia Devyani Khobragade.
- In a social media post, the Indian Embassy in Cambodia said, this move marks the start of the first Tourism Year and will boost tourism and people-to-people connections.
- The Embassy hailed the development as a historic moment, citing India’s Act East Policy. The flight between the two capitals will be operated four times a week by Cambodia’s national flag carrier Cambodia Angkor Air.
Cambodia:
- Capital: Phnom Penh
- Currency: Cambodian riel
- King: Norodom Sihamoni
Indian Railways Enter Its Name Into Limca Book Of Records:
- Indian Railways has entered its name into Limca Book of Records for most people at a public service event at multiple venues.
- Ministry of Railways had organized an event on 26 February this year which was attended by over 40 lakhs 19 thousand people at over two thousand venues.
- The event was organized for the inauguration of road over railway bridges and for laying the foundation stones of railway stations by Prime Minister Narendra Modi.
Ministry of railways: Officeholders: Rajen Gohain (Minister of State), Ashwini Vaishnaw (Minister)
India is World’s Second Largest Emitter of Nitrous Oxide:
- India is the second-largest source of nitrous oxide (N2O) emissions, contributing nearly 11% of global man-made N2O emissions in 2020, only surpassed by China at 16%.
- The primary source of these emissions in India is the use of fertilizers in agriculture.
Report Highlights
- The concentration of N2O in the atmosphere reached 336 parts per billion in 2022, a 25% increase over pre-industrial levels.
- This increase is faster than predicted by the IPCC scenarios, with global N2O emissions rising mainly due to food production.
- The top five countries emitting N2O in 2020 are China (16.7%), India (10.9%), the United States (5.7%), Brazil (5.3%), and Russia (4.6%).
Impact of Nitrogen Fertilizers
- Human activities have increased N2O emissions by 40% in the past four decades.
- Agricultural practices, specifically the use of nitrogen fertilizers and animal manure, are responsible for 74% of total anthropogenic N2O emissions in the last decade.
- N2O emissions contribute to 6.4% of the effective radiative forcing of greenhouse gases, adding approximately 0.1°C to global warming.
International News:
Cyril Ramaphosa secures second term as South African President
- Cyril Ramaphosa has secured a second term as the President of South Africa after he was elected by the South African Parliament in a late night sitting on 14 June 2024. Cyril Ramaphosa was re-elected after a deal was signed between his African National Congress (ANC) Party and the centre-right Democratic Alliance (DA) and other smaller parties to form a coalition government.
- Cyril Ramaphosa was elected as the President of South Africa for the first time on 15 February 2018.
- For the first time since the implementation of the 1996 constitution, the ruling ANC party has failed to secure a majority in the South African Parliament. The ANC got only 40 per cent of the votes in the parliamentary election held on 29 May 2024.
South Africa:
- Capital of South Africa: It has three capitals. Pretoria (executive), Cape Town (legislative), and Bloemfontein (judicial).
- Currency: Rand
- President: Cyril Ramaphosa
WHO Designates NIIMH as Collaborating Centre for Traditional Medicine Research:
- The National Institute of Indian Medical Heritage (NIIMH) in Hyderabad, under the Ministry of Ayush, has been designated as a WHO Collaborating Centre for traditional medicine research.
- This recognition, granted for a four-year period, marks NIIMH as the third Indian institute to receive such an honour.
About NIIMH
- Established in 1956, NIIMH has been a pioneer in various digital initiatives within the Ayush sector.
- It has played a key role in preserving and promoting traditional Indian medical knowledge.
Digital Initiatives
- NIIMH has developed the AMAR Portal, cataloguing 16,000 Ayush manuscripts, including 4,249 digitized manuscripts, 1,224 rare books, 14,126 catalogues, and 4,114 periodicals.
- The Showcase of Ayurvedic Historical Imprints (SAHI) Portal showcases 793 medico-historical artefacts.
- The e-books of Ayush project provides digital versions of classical textbooks, contributing to the accessibility of traditional medical knowledge.
World Health Organization (WHO):
- Chairman: Dr. Tedros Adhanom Ghebreyesus (Director-General)
- Headquarters: Geneva, Switzerland
- Established: April 7, 1948
- Parent Organization: United Nations
- Mission: To promote health, keep the world safe, and serve the vulnerable by coordinating international health activities and supporting national health initiatives.
Economy News:
India’s Textile Exports Grew By 9.59% In May This Year Despite Unfavourable Economic Conditions In Major Markets
- India’s textile exports grew by 9.59 per cent in May this year compared to the previous year despite unfavourable economic conditions in major markets such as the European Union (EU), the US, and West Asian nations.
- In a report, the Confederation of Indian Textile Industry (CITI) said, India’s apparel exports also saw a growth of 9.84 per cent during the same period. The cumulative exports of textiles and apparel during May 2024 registered a growth of 9.70 per cent over May last year. The country’s overall exports for May 2024 surged to 68.29 billion US Dollars.
- This was a substantial year-on-year increase of 10.2 percent according to data released by the Commerce Ministry on June 14.
- During April-May this year, India’s textile exports registered a growth of 6.04 per cent over the previous year, while apparel exports registered a growth of 4.46 per cent during the same period.
Finance Ministry Caps Arbitration Value at ₹10 Crore:
- The Finance Ministry has introduced new guidelines limiting arbitration to disputes under ₹10 crore involving government entities or Public Sector Enterprises (PSEs).
- The aim is to reduce costs, streamline resolution processes, and address concerns regarding the integrity of arbitral processes.
Key Points
- Objective: The move intends to mitigate challenges associated with lengthy arbitration proceedings and potential misconduct among arbitrators.
- Advisory Against Arbitration: Large government contracts will no longer automatically include arbitration clauses. Instead, mediation and judicial adjudication are encouraged as viable alternatives.
- Concerns Addressed: The directive reflects concerns about the cost, duration, and integrity of arbitration processes, especially concerning government-related disputes.
Government’s Arbitration Directive
- Scope: Arbitration is now limited to disputes under ₹10 crore involving government entities or PSEs.
- Emphasis on Alternatives: Ministries and states are advised to avoid mandating arbitration in large-scale procurements, promoting judicious contract management practices instead.
Purpose and Impact
- Cost Reduction: By limiting arbitration to smaller disputes, the government aims to reduce the financial burden associated with lengthy arbitration processes.
- Streamlined Processes: The directive aims to streamline dispute resolution processes and ensure timely resolutions.
- Promotion of Alternatives: Encouraging mediation and judicial adjudication can lead to more efficient and satisfactory dispute resolutions.
Significance
- The directive underscores the government’s commitment to efficient and transparent dispute resolution mechanisms.
- It highlights a shift towards alternative dispute resolution methods and emphasizes the importance of contract management practices.
Banking News
Karnataka Bank Launches KBL WISE Senior Citizen Savings Account
Karnataka Bank Limited (KBL) has introduced KBL WISE (Wellness Investments and Savings for Elderly) Senior Citizen Savings Account, tailored to meet the specific needs of senior citizens in banking, healthcare, and wellness.
Launch Details:
- Launched By: H. Srikrishnan, Managing Director (MD) and Chief Executive Officer (CEO), KBL.
- Presence of: Sekhar Rao, Executive Director of Karnataka Bank.
- Location: Bengaluru, Karnataka.
Product Details:
- Variants: Available in two formats: KBL WISE Signature (regular format) and KBL WISE Advantage (premium format).
- Features: Includes free top-up health insurance up to Rs 10 lakh, MediBuddy Healthcare benefits, HospiCash facility, discount on locker rentals, doorstep banking, lifetime free Rupay Select Debit card, and more.
Collaborations: KBL has partnered with Care Health Insurance Co Limited and MediBuddy, a digital healthcare platform, to provide comprehensive health and wellness benefits.
Regulatory Compliance: Launched under the provisions of Regulation 30 and other applicable provisions of Securities and Exchange Board of India (SEBI) (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Significance:
- KBL WISE addresses the specific banking and healthcare needs of senior citizens, offering them a comprehensive financial and wellness solution.
- The collaboration with leading health insurance and healthcare platforms ensures access to quality healthcare services.
About Karnataka Bank Limited (KBL):
- MD and CEO- Srikrishnan Hari Hara Sarma Headquarters- Mangaluru, Karnataka
- Tagline- Your Family Bank Across India
- Established – 1924
- About MediBuddy: Co-founder and CEO- Satish Kannan
NEC Corporation India Private Limited Selected as System Integrator by PFRDA
The Pension Fund Regulatory and Development Authority (PFRDA) has chosen NEC Corporation India Private Limited as the System Integrator (SI) for a period of 6 years.
Role of NEC Corporation India Private Limited: NEC Corporation India Private Limited will play a crucial role in the digital transformation journey of PFRDA.
Project Details:
- Project Name: PFRDA- Tracking, Reporting, Analytics, and Compliance e- Platform (TRACE)
- Part of: Technology Architecture (TARCH) project
About PFRDA-TRACE:
- Comprehensive Tool: PFRDA-TRACE serves as a comprehensive tool for intermediaries to submit regulatory and supervisory compliance reports to PFRDA.
- Functions: Monitors functions, facilitates workflow for PFRDA departments to review and track submissions.
- Communication and Validation: Enables communication of observations and remarks. Includes a validation process for reports and data submitted by intermediaries.
Key Features:
- Allows intermediaries to share reports and data with PFRDA efficiently.
- Facilitates monitoring, review, and validation processes, ensuring regulatory compliance.
Significance:
- The selection of NEC Corporation India Private Limited as the System Integrator highlights PFRDA’s commitment to leveraging technology for efficient regulatory and supervisory functions.
- PFRDA-TRACE will streamline reporting processes, enhance transparency, and ensure compliance with regulatory requirements.
About Pension Fund Regulatory and Development Authority (PFRDA): It is a regulatory body that operates under the Ministry of Finance.
- Chairman- Dr. Deepak Mohanty
- Headquarters- New Delhi, Delhi
- Established – 2003
NEC Corporation India Private Limited:
- It is a leading IT and Networking company in India.
- Chairman- Aalok Kumar
- Headquarters- New Delhi, Delhi
- Established – 2006
Sports News
Ankita Bhakat Wins Archery Individual Quota For Paris Olympics
- Ankita Bhakat and Bhajan Kaur sealed India a quota place in the women’s individual recurve event from the Final Olympic Qualifier in Antalya, Turkey on Sunday.
- By progressing to the quarter-final stage, they helped book a place for India at the Paris Olympics.
Eight individual quota places were there with a maximum of one individual quota for each country. India have also made it to the mixed team event as Dhiraj Bommadevara’s got quota in the men’s event
India Clinches Their First Medal At BRICS Games In Kazan, Russia
- India clinched their first medal at the ongoing BRICS Games in Kazan, Russia with the women’s table tennis team comprising Poymantee Baisya, Moumita Dutta and Yashini Sivasankar clinching a bronze medal. Indian women’s TT team lost to China 1-3 in the semi-final to settle for a bronze in the Russian city. Yashini won 11-7, 4-11, 11-8, 7-11, 11-2 in the first game but China came back strongly to win their remaining three rubbers to make the final. Newly-appointed Sports Minister Mansukh Mandaviya congratulated the women’s TT team. The Indian men’s tea of Anirban Ghosh, Jeet Chandra and Snehit Suravajjula, meanwhile, finished fifth after securing a 3-1 win over Bahrain in their classification match.
BRICS Games Overview
- The BRICS Games is an annual multi-sport event organized by the BRICS nations (Brazil, Russia, India, China, South Africa).
- The host country is the one holding the BRICS chairmanship for that year.
History:
- 2016: Preliminary under-17 football tournament in Goa, India.
- 2017: First multi-sport BRICS Games in Guangzhou, China, featuring volleyball, wushu, and taolu.
- 2018: Held in Johannesburg, including men’s and women’s volleyball, and women’s football.
- 2021: Hosted by India alongside the Khelo India Games. Announcement made by Sports Minister Kiren Rijiju.
Recent Events:
- 2022: Scheduled to be hosted by China, but not held in-person due to COVID-19 policies.
- 2023: Hosted by South Africa in Durban in October.
- 2024: Scheduled to be hosted by Russia in Kazan.
Agreement News
IMD Signs MoU with ONAMET for Meteorological Cooperation
The India Meteorological Department (IMD), under the Ministry of Earth Sciences (MoES), Government of India (GoI), has signed a Memorandum of Understanding (MoU) with the National Meteorological Office (Oficina Nacional de Meteorología – ONAMET) of the Dominican Republic.
Aim: The MoU aims to enhance technical capacities at ONAMET for improved forecasting and monitoring of meteorological phenomena in the Dominican Republic.
Key Points:
- Climate Change Mitigation:
- The MoU also focuses on addressing climate change through advanced technological solutions.
- Cooperative Activities:
- Cooperative exchanges will include early warning systems, capacity building in weather predictions, and data analysis.
Specifics of the MoU:
- Training Programs: IMD will design training programs for ONAMET personnel.
- Exchange of Experiences: Both parties will exchange experiences on early warning mechanisms.
- Access to Satellite Data: ONAMET will have access to satellite data to develop meteorological models.
Significance:
- The MoU enhances collaboration between India and the Dominican Republic in meteorological research and forecasting.
- It facilitates technology transfer and capacity building, contributing to better disaster preparedness and response.
India Meteorological Department:
- Agency executive: Mrutyunjay Mohapatra, Director General of Meteorology
- Formed: 15 January 1875
- Ministers responsible: Kiren Rijiju, Union Minister of Earth Sciences; M Ravichandran, Secretary, Ministry of Earth Sciences
Ranks And Report News
Mumbai and Delhi Among Top 5 Global Cities for Luxury Real Estate Growth
Mumbai’s Prime Residential Price Growth:
- Mumbai ranks 3rd globally for prime residential price growth according to Knight Frank’s report.
- Experienced a year-on-year (YoY) growth of 11.5% in prime residential prices during January-March 2024.
- Moved up from sixth place in the same period in 2023.
Delhi’s National Capital Region (NCR) Performance:
- Delhi’s NCR witnessed a significant rise, securing 5th place globally for prime residential price growth.
- Recorded a YoY growth of 10.5% in house prices during the same period.
- Improved from seventeenth place in the previous year’s rankings.
Bengaluru’s Position:
- Bengaluru dropped from 16th to 17th place in the global rankings.
- Despite a 4.8% YoY growth in residential prices, it experienced a decline in ranking.
Global Leaders:
- Manila: Topped the index with a remarkable 26.2% increase in prices.
- Tokyo: Secured the second position with a 12.5% rise, attributed to favorable mortgage terms and increased foreign investment.
Key Insights:
- Mumbai’s Surge: The significant growth in Mumbai’s prime residential prices highlights the city’s robust real estate market.
- Delhi’s Ascendancy: Delhi’s NCR rising to the top 5 globally showcases increased demand and investment in luxury properties in the region.
- Bengaluru’s Contrast: Despite growth, Bengaluru’s drop in rankings indicates a slower pace compared to Mumbai and Delhi.
Implications:
- The performance of Mumbai and Delhi reflects the attractiveness of Indian real estate to global investors.
- Favorable market conditions and increased investment contribute to the growth of luxury real estate in these cities.
India Dominates THE University Impact Rankings 2024
- India has become the most represented nation in the Times Higher Education (THE). University Impact Rankings 2024 with 96 entries. Amrita Vishwa Vidyapeetham in Coimbatore, Tamil Nadu(TN), ranked 81st, tops among the Indian Universities featured on the list.
- India is followed by Türkiye with 91 universities and Pakistan with 89 universities respectively.
- The 2024 ranking is topped by the Western Sydney University in Australia, followed by The University of Manchester, the United Kingdom (UK) and the University of Tasmania, Australia at 2nd place.
About Times Higher Education (THE):
- Times Higher Education (THE) is a company that provides data, insights, and expertise on higher education worldwide.
- Headquarters- London, the United Kingdom(UK).
India Ranks 176th in 2024 Environment Performance Index (EPI)
- According to the 2024 Environment Performance Index (EPI), India is ranked 176th out of 180 countries with an EPI score of 27.6, surpassing only Pakistan, Viet Nam, Laos, and Myanmar.
- Estonia topps the 2024 EPI with an EPI score of 75.3 followed by Luxembourg and Germany at 2nd and 3rd spot.
- Previously, India was ranked 180th in the EPI 2022 and 168th in the EPI 2020.
- EPI is a biennial index released by the Yale Center for Environmental Law & Policy and the Center for International Earth Science Information Network Earth Institute, Columbia University with support from The McCall MacBain Foundation. This index was first published in 2002.
Science And Tech News
Reliance’s JPL-SES Joint Venture Approved for Satellite Internet Launch in India
Orbit Connect India, a joint venture (JV) between Reliance Industries’ Jio Platforms Limited (JPL) and Luxembourg-based SES, has received approvals from IN-SPACE to launch satellite internet services in India.
Approval Details:
- Approvals Received: Secured landing rights and market access to operate satellites above India.
- Purpose: To provide satellite-based high-speed internet services across India.
Key Points:
- JV Details: Orbit Connect India is a 51:49 Joint Venture between Reliance Industries’ Jio Platforms Limited (JPL) and SES.
- IN-SPACE Approval: Granted for secured landing rights and market access for satellite operations.
- Department of Telecommunications (DoT): Applied for trial satellite spectrum in the ‘Ka’ and ‘Ku’ bands.
Spectrum Details:
- Ka-band Spectrum:
- Frequency Ranges: 27.5 to 29.1 gigahertz (GHz) and 29.5 to 30 GHz.
- Required for operating Orbit Connect’s earth station in Andhra Pradesh.
- Ku-band Spectrum:
- Frequency: 14 GHz.
- Needed for User Access Terminals (UATs).
Objective: To offer high-speed
Scheme News
Karnataka Leads with Rs 1 Crore Accident Insurance Compensation
- Karnataka has become the first state in India to announce Rs 1 crore in insurance compensation for employees who die in road accidents.
- Karnataka State Road Transport Corporation (KSRTC) has disbursed Rs. 1 crore each as Accident Insurance Relief Compensation to the dependents of 4 employees who lost their lives in the line of duty.
Details:
- Total Families Supported: This initiative has supported a total of 39 families.
- Accident Compensation: 17 families have received Rs 1 crore each as Accident Insurance Relief Compensation.
- Additional Support: Rs 10 lakh compensation has been given to 23 dependents of employees who died due to various illnesses while in service.
Objective:The initiative aims to provide substantial financial support to the dependents of deceased employees, ensuring their well-being.
Karnataka:
- Chief minister: Siddaramaiah
- Capital: Bengaluru
- Governor: Thawar Chand Gehlot
Books And Author News
A Book titled “A Fly on the RBI Wall” Authored by Alpana Killawala
- When Alpana Killawala joined the Reserve Bank of India (RBI), the bank’s communication department was just beginning to take shape.
- Over a career that spanned more than two decades, Alpana not only witnessed but actively contributed to the evolution of the RBI’s communication strategies.
- Her book, A Fly on the RBI Wall: An Insider’s View of the Central Bank, offers an insightful glimpse into her journey and the institution’s transformation over 25 years.
Alpana Killawala’s Journey:
- Alpana’s career at the RBI coincided with the establishment and development of the bank’s communication department.
- She not only witnessed but actively contributed to the evolution of the RBI’s communication strategies over the years.
RBI’s Evolution:
- The book delves into the RBI’s adaptation to significant economic and trade reforms in India over the past 25 years.
- It highlights the pivotal role of the RBI in shaping and navigating India’s economic landscape during this period.