National news
Pench Tiger Reserve Embraces AI for Enhanced Forest Fire Protection
The Pench Tiger Reserve in Maharashtra has taken a significant step forward in wildlife protection by introducing an advanced Artificial Intelligence (AI) system for early forest fire detection. This innovative approach marks a new chapter in conservation efforts, combining cutting-edge technology with traditional wildlife management practices.
Understanding the AI System
High-Tech Camera
The heart of this new system is a high-resolution pan-tilt-zoom (PTZ) camera with impressive capabilities:
- 15 km visual range
- Covers over 350 sq km of the reserve
- Installed on a tower near Kirringisarra village
- Control room located in the West Pench range office
Satellite Integration
- What makes this system truly unique is its integration with satellite technology:
- Combines live camera footage with data from 15 commercial satellite services First-of-its-kind approach in wildlife conservation.
Maharashtra:
- Capital: Mumbai
- Chief minister: Eknath Shinde
- Governor: Ramesh Bais
Central Railway Has Installed a Floating Solar Plant
The Central Railway has installed a floating solar plant of 10 MWp capacity in the Igatpuri Lake located in the Western Ghats, a first-of-its’s-kind initiative by the Indian Railways. Central Railway has always played an active role in opting for clean & renewable energy for its traction requirements and has taken various bold and revolutionary steps to fulfill the same.
Harnessing Solar and Wind Power
- Moving towards its ultimate goal of zero carbon emission by 2030, Central Railway has commissioned 12.05 MWp solar plants by utilizing rooftop of Railway stations and buildings, out of which, 4 MWp solar plants were provided last year.
- MWP stands for Mega Watt Peak which is a measure of maximum potential output of power). This has resulted in a saving of Rs.4.62 crores in the year 2023-24 and saving in carbon footprints of 6594.81 MT.
- There are further plans to install an additional 7 MWp Solar plants in the current year.
Launch of Automated Portal for Interest Subvention Claims Under AIF
- Portal Launch: Union Minister Shivraj Singh Chouhan introduced a web portal to expedite and automate interest subvention claims under the Agriculture Infrastructure Fund (AIF).
- Development: Jointly developed by the Department of Agriculture and Farmers’ Welfare (DA&FW) and NABARD.
- Efficiency: Ensures claims are settled within a day, enhancing transparency and preventing corruption.
- Users: Accessible to banks, Central Project Management Unit (CPMU) of DA&FW, and NABARD.
- Accuracy: Automates calculations for eligible interest subventions, minimizing human errors and speeding up claim settlements.
- Government Support: Facilitates accurate interest subvention releases and reduces processing time.
Key Details of the Agriculture Infrastructure Fund (AIF)
- Launch: Initiated by Prime Minister Narendra Modi in 2020.
- Purpose: Develops post-harvest management infrastructure to reduce losses, enhance farmers’ value, promote agricultural innovation, and attract investment.
- Investment: As of June 2024, Rs. 72,000 crore invested, with Rs. 43,000 crore sanctioned for 67,871 projects.
- Funding: A total of Rs. 1 lakh crore to be funded through banks and financial institutions up to 2025-26.
- Subsidy: Offers a 3% interest subsidy on bank loans up to Rs. 2 crore for a maximum of 7 years, including repayment of credit guarantee fees by banks.
Ministry of Agriculture and Farmers’ Welfare (MoA&FW)
- Union Minister: Shivraj Singh Chouhan (Constituency – Vidisha, Madhya Pradesh).
- Ministers of State (MoS):
- Ram Nath Thakur (Rajya Sabha – Bihar)
- Bhagirath Choudhary (Constituency – Ajmer, Rajasthan)
International News
Bangladesh Navy Signs Contract For ‘Made In India’ 800 Tons Ocean Going Tug With India’s GRSE
- The Bangladesh Navy has signed a contract with India’s Garden Reach Shipbuilding and Engineers (GRSE) for an 800-ton ocean-going tug. India’s Defense Line of Credit: This contract is part of India’s Defense Line of Credit to Bangladesh, enhancing maritime ties between the two countries.
- Signing Event: The contract was signed during the visit of Indian Navy Chief Admiral Dinesh Tripathi to Bangladesh.
- GRSE: A government undertaking under the Indian Ministry of Defence, GRSE is known for high-quality maritime solutions and has a strong international presence.
- Other GRSE Projects: GRSE has also signed a deal with the Bangladesh Inland Waterways Transport Authority (BIWTA) to build a dredger and is involved in various shipbuilding projects such as advanced frigates, survey vessels, anti-submarine warfare shallow water crafts, fast patrol vessels, and patrol boats.
- Maritime Relations: India and Bangladesh are working to enhance inland and coastal waterways connectivity for trade and cruise movements. The establishment of the maritime boundary in 2014 and ongoing projects like the ocean-going tug contract further strengthen their maritime cooperation.
Scheme News
Launch of MSME TEAM Initiative and Yashasvini Campaign
- Jitan Ram Manjhi, the Union Minister for Micro, Small and Medium Enterprises (MSME) launched the MSME Trade Enablement and Marketing (TEAM) Initiative and Yashasvini Campaign to boost micro and small businesses trade using e-commerce and to support women entrepreneurs.
- The two initiatives were launched during the event of World MSME Day, ‘Udyami Bharat’ on June 2024 in New Delhi, Delhi.
- The Union Ministry of MSME also amending the MSME Development Act, 2006 to improve mechanisms for managing disputes related to delayed payments and to better address the evolving needs of the MSME sector.
- Purpose:
- MSME TEAM Initiative: Boosts micro and small businesses trade using e-commerce.
- Yashasvini Campaign: Supports women entrepreneurs.
- Legislation: Amendment of MSME Development Act, 2006 to enhance mechanisms for managing disputes related to delayed payments and better address the sector’s evolving needs.
Six Pillars Identified by the Ministry of MSME
- Formalization and Access to Credit
- Increased Access to Market and E-commerce Adoption
- Increased Productivity Through Modern Technology
- Enhanced Skill Levels and Digitalization in the Service Sector
- Support to Khadi, Village, and Coir Industry
- Empowerment of Women and Artisans Through Enterprise Creation
Yashasvini Campaign
- Focus: An awareness campaign aimed at formalizing women-owned micro enterprises in tier-2 and tier-3 cities, providing necessary support and assistance.
- Support:
- Capacity building
- Training
- Handholding
- Mentorship for women-owned enterprises
- Role of MSMEs: Crucial for the movement towards Atmanirbhar and Viksit Bharat.
Ministry of Micro, Small and Medium Enterprises (Mo MSME)
- Union Minister: Jitan Ram Manjhi (Lok Sabha Constituency – Gaya, Bihar)
- Minister of State (MoS): Shobha Karandlaje (Lok Sabha Constituency – Bangalore North, Karnataka)
Banking News
RBI Imposes Rs 29.60 Lakh Penalty on HSBC for Card Rule Violations
RBI Imposes Rs 29.60 lakh Penalty on HSBC for Card Rule Violations On 24th June 2024, The Reserve Bank of India (RBI) imposed a monetary penalty of Rs 29.60 lakh on The Hongkong and Shanghai Banking Corporation Limited (HSBC) for non- compliance with directions issued by RBI on ‘Credit Card, Debit Card and Rupee Denominated Co-branded Pre-paid Card operations of Banks’ reiterated in ‘RBI (Credit Card and Debit Card – Issuance and Conduct) Directions, 2022.
- The penalty was imposed in the exercise of powers vested in RBI under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949.
- RBI conducted the Statutory Inspection for Supervisory Evaluation (ISE 2022) with reference to the financial position of HSBC as on 31st March 2022.
- The HSBC failed to ensure that there was no negative amortisation while computing Minimum Payment Due(MPD)in certain credit card accounts.
Note: The Hongkong and Shanghai Banking Corp Ltd (HSBC), a subsidiary of HSBC Holdings plc, formerly known as HongkongBank. It was incorporated in 1866.
RBI Launches ‘Finquiry’ for Direct Interaction with Fintechs
RBI Launches ‘Finquiry’ to Allow Fintechs Directly Discuss with RBI The Reserve Bank of India (RBI) launched an exclusive 2-hour window called ‘Finquiry’ for fintechs to visit the FinTech department of the RBI in Mumbai, Maharashtra.
- This initiative aims to provide a platform for fintechs to seek clarity and discuss fintech-related queries directly with RBI officials.
- This will foster better communication and understanding between RBI and the fintech companies.
HDFC Life Launches ‘Bridge the Gap’ Campaign for Life Insurance Awareness
HDFC Life Launched `Bridge the Gap’ Campaign to Enhance Life Insurance Awareness On the sidelines of National Insurance Awareness Day 2024(28th June 2024), HDFC Life Insurance Company Limited introduced the ‘Bridge the Gap’ campaign to educate the public about the role of life insurance.
- This initiative aims to clarify the benefits of life insurance and inform the public about its importance.
- HDFC Life has partnered with ET NOW, an English-language business and finance news channel in India, to produce a series of informative chat shows featuring discussions with HDFC Life leaders and their partners. This will cover various aspects of financial planning with life insurance, including protection, child plans, and retirement options.
Ranks And Report News
Brand Finance’s India 100 Report 2024 Highlights
- According to the Brand Finance’s India 100 2024: The annual report on the most valuable and strongest Indian brands June 2024, TATA Group retained the Number 1 position in the Brand Value Ranking 2024 with a 9% growth in brand value to USD 28.6 billion. TATA Group, the most valuable brand in India, became the 1st Indian brand to near a USD 30 million brand value mark.
- Infosys continues to retain its 2nd spot, with a steady 9% growth in brand value (USD 14.2 billion), followed by HDFC Group in the 3rd spot with a brand value of USD 10.4 billion.
- Taj retains its reputation as the strongest Indian brand for the 3rd consecutive year with a AAA+ brand strength rating.
About Brand Finance India:
- Managing Director (MD)- Ajimon Francis
- Headquarters- Mumbai, Maharashtra
- Established-1996
Summit News
Jaishankar to represent India at SCO summit in Astana
- External Affairs Minister S Jaishankar will represent India at the annual summit of the Shanghai Cooperation Organisation (SCO) in Astana next week. The summit, to be held on July 3 and 4, is expected to focus on the regional security situation and ways to boost connectivity and trade.
- “The Indian delegation at the SCO summit will be led by external affairs minister S Jaishankar,” external affairs ministry spokesperson Randhir Jaiswal said at his weekly media briefing.
- The situation in Afghanistan, the Ukraine conflict and boosting overall security cooperation among the SCO member countries are expected to figure in the summit.
Award News
Sanjana Thakur Wins 2024 Commonwealth Short Story Prize
- On June 26, 2024, The Commonwealth Foundation announced Sanjana Thakur, an Indian writer from Mumbai (Maharashtra) as the overall winner of 2024 Commonwealth Short Story Prize for her story `Aishwarya Rai’, a reversed adoption story.
- Thakur is the third Indian writer to win the prize, which was launched in 2012.
- Previously it was won by the Indian writers Parashar Kulkarni (2016) and Kritika Pandey (2020).
Defence News
Adani Defence & Aerospace and Thales Group Partnership
- Partnership Details: Adani Defence & Aerospace has partnered with Thales Group to locally manufacture 70mm rockets, supporting India’s “Make in India” initiative.
- Recent Agreement: Earlier this month, Adani signed a significant agreement with UAE’s EDGE Group to enhance defense technology capabilities.
- UAV Manufacturing: Adani manufactures the Drishti-10 Starliner UAV, based on the Israeli Elbit Hermes 900, with over 70% indigenous content.
- Strategic Aim: The collaboration aims to create a global platform that combines the defense and aerospace expertise of both companies to meet global and local market needs.
- About Thales Group: A French multinational specializing in electrical systems and equipment for aerospace, defense, transportation, and security, headquartered in Paris.
INS Shivalik Joins RIMPAC Exercise In Hawaii
- Deployment: INS Shivalik, an indigenous stealth frigate of the Indian Navy, is deployed to the South China Sea and Pacific Ocean.
- RIMPAC 2024: Participating in the 29th Rim of the Pacific (RIMPAC) exercise, the world’s largest international maritime exercise, held in Hawaii.
- Scale of Exercise: Involves approximately 29 nations, 40 surface ships, three submarines, 14 national land forces, over 150 aircraft, and more than 25,000 personnel.
- Exercise Theme: “Partners: Integrated and Prepared,” running until August 1.
- Hosted by: Commander of the US Pacific Fleet.
- Capabilities Exercised: Ranges from disaster relief and maritime security operations to sea control and complex warfighting.
- Participating Countries: Include Australia, Belgium, Brazil, Brunei, Canada, Chile, Colombia, Denmark, Ecuador, France, Germany, Indonesia, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Peru, South Korea, the Philippines, Singapore, Sri Lanka, Thailand, Tonga, United Kingdom, and the USA.
Sports News
BCCI Announces 125 Crore Rupees Prize for Team India After T20 World Cup Win
- The Board of Control for Cricket in India (BCCI) announced a prize money of 125 crore rupees for Team India.
- Achievement: This follows India’s victory in the ICC Men’s T20 World Cup 2024.
- Venue: The announcement was made after the win at Kensington Oval.
- Statement by Jay Shah: BCCI secretary Jay Shah praised the team’s talent, determination, and sportsmanship throughout the tournament.
BCCI:
- President: Roger Binny
- Headquarters: Mumbai
- Founded: December 1928
Football: Spain Defeats Georgia By 4-1 In Euro Cup 2024
- In Football, Spain defeated Georgia by 4-1 in Euro Cup 2024
- Spain’s Robin Le Normand’s own goal gave a surprise lead to Georgia but Rodri scored an equaliser in the 39th minute, followed by Fabian Ruiz, Nico Williams and Dani Olmo’s goals in the second half.
- The dominant performance of Spain over Euro Cup debutant Georgia secured them a place in the quarter-finals against Germany.