National News
Revised Composition of NITI Aayog Approved by PM Narendra Modi
Prime Minister Narendra Modi approved the revised composition of the National Institution for Transforming India (NITI Aayog) with 4 full-time members and 15 Union ministers, including members from the Bharatiya Janata Party (BJP)-led National Democratic Alliance (NDA) allies, serving as either ex-officio members or special invitees.
Key Details
- Chairperson: Prime Minister Narendra Modi
- Vice-chairperson: Economist Suman K. Bery
Full-time Members
- V. K. Saraswat: Missile Scientist
- Ramesh Chand: Agricultural Economist
- Vinod K. Paul: Paediatrician
- Dr. Arvind Virmani: Macro Economist
Ex-officio Members
- Raj Nath Singh: Minister of Defence (MoD)
- Amit Shah: Minister of Home Affairs (MHA) and Minister of Cooperation (MOC)
- Shivraj Singh Chauhan: Minister of Agriculture and Farmers Welfare (MOA&FW) and Minister of Rural Development (MoRD)
- Nirmala Sitharaman: Minister of Finance (MOF) and Minister of Corporate Affairs (MCA)
About NITI Aayog
- Established: 2015, replacing the 65-year-old Planning Commission.
- Role: Premier policy think tank of the Government of India (GOI).
Chennai Super Kings sets up Super Kings Academy in Sydney
The Chennai Super Kings (CSK), one of the most successful franchises in the Indian Premier League (IPL), has announced a significant expansion of its global presence with the establishment of its third international Super Kings Academy in Sydney, Australia. This move not only enhances CSK’s international profile but also reinforces the franchise’s long-standing connection with Australian cricket.
Prime Setting
- Location: Super Kings Academy at Cricket Central, 161 Silverwater Road, Sydney Olympic Park.
- Environment: Situated in Sydney’s premier sporting precinct, ideal for developing cricket talent.
State-of-the-Art Training Center
- Facilities:
- Indoor training areas for all-weather practice.
- Outdoor facilities for match-like conditions.
- Advanced equipment for skill enhancement.
Comprehensive Coaching Program
- Inclusive Approach:
- Programs for both boys and girls starting in September.
- Aligns with CSK’s vision of promoting cricket across genders.
Expert Guidance
- Coaching Staff: Yet to be announced, but expected to feature experienced and high-quality coaches, reflecting CSK’s reputation.
Launch of ‘e-Mobility R&D Roadmap for India’ by PSA Ajay Kumar Sood
On 16 July 2024, Professor Ajay Kumar Sood, the Principal Scientific Adviser (PSA) to the Government of India (GoI), launched the ‘e-mobility R&D Roadmap for India’ report at Vigyan Bhawan Annexe in New Delhi.
Key Highlights
- Purpose: Outline critical research initiatives to position India as a global leader in electric mobility (e-mobility).
- Goals:
- Achieve energy independence by 2047.
- Attain Net Zero Emissions (NZE) by 2070.
- Investment: Rs 1,151 crore over the next five years for the EV sector.
- Prepared By: Automotive Research Association of India (ARAI), Pune, under the guidance of the Consultative Group on eMobility (CGEM).
Automotive Research Association of India (ARAI)
- Director: Dr. Reji Mathai
- Headquarters: Pune, Maharashtra
- Founded: 1966
International news
German Ursula von der Leyen reelected European Commission President
The European Parliament re-elected German politician Ursula von der Leyen as the European Commission President for another 5-year term on 18 July 2024. She was first elected in July 2019 and joined the office on 1 November 2019. Her current term expires on 31 October 2024. She will resume her second term on 1st November 2024 and will remain in office until October 2029.
Responsibilities of the European Commission and Its President
- Establishment: 1958
- Nature: Politically independent executive branch of the European Union (EU).
- Composition: 27 Commissioners, one from each EU member country.
- Legislative Role: Proposes new legislation to the European Parliament.
- Implementation Role: Implements decisions of the European Parliament and the Council of the European Union.
- President’s Role:
- Leads the European Commission.
- Represents the EU at G7 and G20 summits and summits with non-EU countries.
About the European Union (EU)
- Origins: Began as the European Coal and Steel Community (ECSC) in 1952, a free trade area among six Western European countries (Belgium, France, Italy, Luxembourg, the Netherlands, and West Germany).
- Evolution:
- Treaties of Rome 1957: Established the European Economic Community (EEC).
- Maastricht Treaty 1992: Created the European Union, effective 1 November 1993.
- Goals of the Maastricht Treaty:
- Promote political and economic integration.
- Establish a common currency (euro).
- Develop a unified foreign and security policy.
- Grant common citizenship rights.
- European Parliament:
- Members: 720, elected by citizens of EU member countries.
- Locations: Sits in Luxembourg, Brussels (Belgium), and Strasbourg (France).
- Members: 27 countries.
- Headquarters: Brussels, Belgium.
ADB Approves USD 240.5 Million for Rooftop Solar Systems in India
The Asian Development Bank (ADB) has approved USD 240.5 million in loans to support the installation of rooftop solar systems across India. This financing is part of the Multitranche Financing Facility (MFF) Solar Rooftop Investment Program.
Key Details:
- Purpose: To finance tranches 2 and 3 of the MFF Solar Rooftop Investment Program, focusing on residential solar rooftop deployments.
- Program Approval: The MFF Solar Rooftop Investment Program was initially approved in 2016 and restructured in 2023.
- Support for PM Surya Ghar Program: ADB’s financing will assist the Prime Minister Surya Ghar program (PM Surya Ghar Muft Bijli Yojana), aimed at promoting the adoption of rooftop solar systems across India.
- India’s Energy Targets: India aims for 50% of its cumulative electric power installed capacity to come from non-fossil fuel energy by 2030, in line with global carbon emission reduction commitments.
Fund Allocation:
- State Bank of India (SBI):
- Amount: USD 90.5 million
- Source: Clean Technology Fund (CTF)
- National Bank for Agriculture and Rural Development (NABARD):
- Total Amount: USD 150 million
- Breakdown:
- USD 80 million from ADB’s ordinary capital resources
- USD 70 million from CTF
Both SBI and NABARD will distribute these loans to developers and end-users nationwide for the installation of rooftop solar systems.
About the Asian Development Bank (ADB):
- ADB was established in 1966 and is owned by 68 members, 49 from the region.
- President- Masatsugu Asakawa
- Headquarters- Mandaluyong City, Metro Manila, Philippines
Banking news
RBI Authorizes Brickwork Ratings for Capital Adequacy Risk Weight Determination
The Reserve Bank of India (RBI) has authorized banks to utilize the ratings from Brickwork Ratings India Private Limited (BWR) for determining risk weights for capital adequacy purposes.
Key Points
- Credit Ratings Scope: BWR provides credit ratings for various financial instruments including bank loans, Non-Convertible Debentures (NCDs), commercial paper, bonds, and securitized paper.
- New Rating Mandate:
- Loan Ratings: BWR can rate bank loans up to Rs. 250 crore.
- Rating Surveillance: BWR is allowed to conduct rating surveillance on existing ratings regardless of the loan amount until the loan’s residual tenure.
- Working Capital Facilities: For existing ratings on working capital facilities over Rs. 250 crore, BWR’s rating surveillance is limited to the next renewal of the facility by the banks.
Background
- Regulatory Approval: In April 2024, after meeting regulatory requirements, BWR received approval from the Securities and Exchange Board of India (SEBI) to resume normal operations, including onboarding new clients.
- Board Diversification: Since receiving SEBI approval, BWR has diversified its Board of Directors by adding Independent Directors with expertise in banking, ratings, law, Information Technology (IT), and corporate business.
About Brickwork Ratings India Private Limited(BWR):
- BWR offers credit rating services for financial instruments such as bank loans, NCDs,
- commercial paper, bonds, and securitized paper.
- Managing Director (MD) & Chief Executive Officer (CEO)- Alok Kedia
- Headquartered- Bengaluru, Karnataka
- Establishment- 2007
Indian PSBs Launch Deposit Schemes to Fund Credit Demand
Three Indian Public Sector Banks (PSBs) – State Bank of India (SBI), Bank of Baroda (BOB), and Bank of Maharashtra (BOM) – have launched new deposit schemes aimed at garnering deposits to meet the rising credit demand.
Development Context
- RBI Meeting: The launch follows a caution by RBI Governor Shaktikanta Das about the persistent gap in deposit and credit growth during a meeting with Managing Directors (MDs) and Chief Executive Officers (CEOs) of public and private sector banks on 2nd July 2024.
Details of the New Deposit Schemes
- Bank of Baroda (BOB):
- Scheme: “bob Monsoon Dhamaka Deposit Scheme”
- Tenor Buckets:
- 399 days: 7.25% per annum interest rate
- 333 days: 7.15% per annum interest rate
- Eligibility: Applicable for retail deposits less than Rs 3 crore.
- Bank of Maharashtra (BOM):
- Scheme: Special deposit scheme with 4 tenor buckets.
- Eligibility: Applicable for deposits up to Rs 10 crore.
- State Bank of India (SBI):
- Scheme: “Amrit Vrishti”
- Interest Rates:
- General Citizens: 7.25% per annum for deposits of 444 days.
- Senior Citizens: 7.75% per annum for deposits of 444 days.
About State Bank of India (SBI)
- Chairman: Dinesh Kumar Khara
- Headquarters: Mumbai, Maharashtra
- Tagline: The Banker to Every Indian
- Founded: 1st July 1955
Ranks and report news
Ireland Surpasses Mauritius to Become 4th Top FPI Destination
According to data from the National Securities Depository Limited (NSDL) as of June 30, 2024, Ireland has replaced Mauritius as the 4th most preferred Foreign Portfolio Investor (FPI) destination, with Assets Under Custody (AUC) amounting to Rs 4.41 trillion.
Key Points:
- Ireland:
- AUC: Rs 4.41 trillion
- Change: +26% increase in AUC in the first half of fiscal year 2024
- Mauritius:
- AUC: Rs 4.39 trillion
- Current Position: 5th
- Change: +11% increase in AUC in the first half of fiscal year 2024
Top 3 FPI Destinations:
- United States of America (USA):
- AUC: Rs 3,068,188 crore
- Singapore:
- AUC: Rs 7.05 trillion
- Change: +18% increase from nearly Rs 6 trillion (December 2023)
- Luxembourg:
- AUC: Rs 5.57 trillion
Notable Changes:
- Singaporesaw the highest increase in AUC among the top 5 countries.
- France experienced a decline of 15% in AUC, from Rs 1.88 trillion (December 2023) to Rs 1.60 trillion (June 2024).
National Securities Depository Limited (NSDL) Overview
- Establishment: NSDL was established in 1996 as the first depository in India, following the enactment of the Depositories Act, 1996.
- Headquarters: Mumbai, Maharashtra
- Managing Director (MD) and Chief Executive Officer (CEO): Padmaja Chundru
Award news
Space Scientist Prahlad Agrawal & Anil Bhardwaj honoured by COSPAR
Space scientists Prahlad Chandra Agrawal and Anil Bhardwaj were honoured by the Committee on Space Research (COSPAR) at its biannual meeting in Busan, South Korea, for their contributions to space research.
- The 45th COSPAR scientific assembly is being held in Busan, South Korea, from 13 -21 July 2024.
Harrie Massey Award to Prahlad Chandra Agrawal
- Recipient: Prahlad Chandra Agrawal
- Award Significance: Outstanding contribution to space research with a leadership role.
- Additional Honor: A minor planet named after Professor Agrawal.
- Professional Background: Former professor at Tata Institute of Fundamental Research, Mumbai.
- Notable Contributions: Led ISRO’s AstroSat programme (launched 2015) and was part of the Chandrayaan-1 mission (launched 22 October 2008).
Vikram Sarabhai Medal for Anil Bhardwaj
- Recipient: Anil Bhardwaj
- Award Significance: Given to a space scientist from a developing country for outstanding contribution to space research.
- Current Position: Director of the Physical Research Laboratory, Ahmedabad, Gujarat.
- Notable Contributions: Involved in ISRO’s interplanetary missions, including Chandrayaan, Mangalyaan, and Aditya-L1 (Sun study).
About Committee on Space Research (COSPAR)
- Establishment: 1958, post-Sputnik launch.
- Founder: International Council of Scientific Unions (now International Science Council).
- Scientific Assembly: Held biennially with global participation.
- Headquarters: Paris, France.
Important days
73rd Foundation Day of CSIR – Central Road Research Institute (CRRI)
On July 2024, the Council of Scientific and Industrial Research (CSIR) – Central Road Research Institute (CRRI), based in New Delhi, celebrated its 73rd Foundation Day at the CSIR – CRRI Auditorium in New Delhi.
Background
- Initial Discussion: The idea for CRRI was first discussed at the 1943 conference of Chief Engineers in Nagpur, Maharashtra.
- Approval: Approved by the CSIR General Body in March 1950, under the guidance of Sir Shanti Swaroop Bhatnagar, the first Director General (DG) of CSIR, on 16 July 1952.
Extension of Tenure for CSIR Director General
- Director General (DG): N. Kalaiselvi
- Extension: The Appointments Committee of the Cabinet (ACC) has approved a two-year extension of her tenure as DG of CSIR and Secretary of the Department of Scientific and Industrial Research (DSIR), effective beyond 7th August 2024, or until further orders, whichever is earlier.
About the Council of Scientific and Industrial Research (CSIR)
- President: Narendra Modi
- Director General (DG): Nallathamby Kalaiselvi
- Headquarters: New Delhi, Delhi
Science And Tech News
Dhruva Space Authorized by IN-SPACE for GSaaS
Dhruva Space Private Limited, based in Hyderabad, Telangana, has received authorization from the Indian National Space Promotion and Authorization Center (IN-SPACE) to offer Ground Stations as a Service (GSaaS).
Key Points:
- Ground Support: Provides essential ground support for satellite operations.
- Real-Time Communication: Facilitates real-time satellite communication and control.
- Benefits: Ensures reliable data transmission, enhances mission flexibility, and reduces operational expenses.
Sports news
BTS Jin Becomes First K-Pop Idol to Carry Olympic Torch Abroad
- On July, 2024, BTS member Jin became the first Korean singer or K-Pop idol to carry the Olympic torch abroad.
- Jin handed off the torch to French skier Sandra Laoura at the Louvre Pyramid.
- He received “The Heart of Torch” and a certificate with inscriptions “PORTEUR DE LA FLAMME,” “ECLAIREUR DES JEUX,” and “PARIS 2024.”
- The Olympic torch, lit in Olympia, Greece on April 16, 2024, will arrive in Paris for the Games’ opening ceremony on July 26, 2024.
- The relay involves around 10,000 torchbearers covering 400 cities in France and some overseas regions.
