29 June 2024 current affairs

29 June 2024 current affairs

DAILY-CURRENT-AFFAIRS-BY-EDUSPRINT

National news

Bioplastic Park to be set up in Uttar Pradesh Lakhimpur Kheri district

The Yogi Adityanath government in Uttar Pardesh has decided to set up a bioplastic park in the state to deal with the problem of environmental pollution caused by the pertoleum derivative based plastic products in the state. The chief minister has directed that the project shall be completed as soon as possible.

Where will the Bioplastic Park be set up? 

  • The bioplastic park to be developed on 1000 hectares of land will be constructed in Kumbhi village, Gola Gokarnnath tehsil, Lakhimpur Kheri district. The project will be developed with an estimated cost of Rs 2000 crore.
  • The state-based Balrampur Chini Mill will construct the proposed bioplastic park. 
  • The state government has made the Uttar Pradesh Expressways Industrial Development Authority (UPEIDA) the nodal agency for the development of the bioplastic park.

What is a bioplastic and its Use?

  • Bioplastic is a biodegradable material which is made from renewable sources like sunflower, corn, and sugarbeets.  It contains natural polymers obtained from agricultural crops, cellulose or potato and corn starch waste.
  • As compared to the conventional plastics made from petroleum derivatives which take hundred of years to decompose the plastic are biodegradable. They decompose relatively quickly hence they are considered as alternatives to petroleum based plastics. They are seen as a solution to conventional plastics. 
  • Bioplastics are finding increasing use in various sectors of the economy . It is being used in  agriculture, textile industry, medicine , in the container and packaging market.

Uttar Pradesh:

  • Capital: Lucknow (Executive Branch)
  • Chief minister: Yogi Adityanath
  • Governor: Anandiben Mafatbhai Patel

International news

Denmark to Impose World’s First Carbon Tax on Livestock Emissions in 2030

Denmark will impose a tax on livestock farmers starting in 2030 to reduce methane emissions from cows, sheep, and pigs.

  • The goal is to achieve a 70% reduction in Danish greenhouse gas emissions from 1990 levels by 2030.
  • Denmark will be the first country to impose a carbon tax on livestock emissions.
  • The plan includes substantial subsidies for the agricultural sector’s green transition to promote sustainable farming practices.
  • The initiative aims to reduce greenhouse gas emissions significantly and inspire other nations to follow suit.

Denmark:

  • Capital: Copenhagen
  • King: Frederik X
  • Official language: Danish

Economy news

Remittance to India in 2024 Likely to be $ 124 billion: World Bank
  • In its latest Migration and Development Brief, the World Bank expects India to receive inward remittances worth $124 billion in 2024. In 2023, India received inward remittances worth $120 billion, making it the largest remittance recipient country in the world.
  • The Migration and Development Brief is published by the World Bank twice a year, and the latest report was published on 26 June 2024. The brief provides an update on the trend and issues related to remittance flow in the world 

What are Remittances?

  • Remittance refers to the transfer of funds from one place to anotherThe fund can be transferred within a country or from one country to another. In the international context, it refers to the transfer of funds from one country to another. The country from which the fund is transferred is called the source of remittance, and the country that receives the fund is called the recipient.
  • In accounting terms, the country from which the fund is being sent will be accounted as an outward remittance, and the country that is receiving the fund will be accounted as an inward remittance.

Here are the key points from the Migration and Development Brief June 2024 regarding India’s remittances and migration:

  1. Remittance Inflows:
    • India is expected to receive $124 billion in remittances in 2024, which is a slight increase from $120 billion received in 2023. The projection for 2025 is $129 billion.
    • The growth rate of remittances to India was 7.5% in 2023 but is expected to slow down to 3.7% in 2024.
  2. Global Ranking:
    • India remains the largest recipient of remittances in the world.
    • Following India, the largest recipients are Mexico ($66 billion), China ($50 billion), the Philippines ($39 billion), and Pakistan ($27 billion).
  3. Emigration:
    • India also holds the position of being the largest country of origin for emigrants, with approximately 18.7 million individuals living abroad.
    • Other significant countries of origin include Ukraine (11.9 million), China (11.1 million), Mexico (11 million), and Venezuela (8.9 million).

Reports Published by World Bank 

The World Bank was founded in July 1944.

The World Bank is a group of five international financial institutions. It releases several research reports. The important ones are :

  • World Development Report 
  • Global Economic Prospect 
  • Global Financial Development Report
  • Commodity Market Outlook
  • International Debt Statistics

Headquarters:  Washington D.C, the United States of America

President: Ajay Banga 

Members: 180 countries.

Mindspace REIT Secures Sustainability-Linked Bond from IFC
  • Mindspace Business Parks Real Estate Investment Trusts (Mindspace REIT), has secured Sustainability-Linked Bond(SLB) worth Rs 650 crore from the World Bank member International Finance Corporation (IFC).
  • It has become the first Indian Real Estate Investment Trust(REIT) to issue such bonds.

Key Points

  • The bonds have been issued for the tenure of 7 years with final redemption date of June 24, 2031, at a coupon of 7.94% per annum, payable quarterly. These bonds are to be listed on the Wholesale Debt Market (WDM) segment of the Bombay Stock Exchange (BSE Limited). ii. This investment would help Mindspace improve the sustainability of its business parks and reduce greenhouse gas emissions in the coming times.
  • The total sustainability linked financing is now worth Rs 1,860 crore after securing the funds from IFC.
  • The coupon of these bonds is fixed in nature and shall be lowered gradually on the basis of the achievement of the set targets. These targets include reduction in Greenhouse gases (GHGs) emissions, increasing the share of green certified area for existing buildings (under operations and maintenance), and decline in energy intensity.
  • his partnership supports India’s net-zero targets and demonstrates the viability of climate

Banking news

SBI Raises Rs 10,000 Crore through 15-Year Infrastructure Bonds at 7.36% Coupon Rate
  • SBI raised Rs 10,000 crore through 15-year infrastructure bonds at a 7.36% coupon rate.
  • The bonds were oversubscribed nearly four times the base size of Rs 5,000 crore.
  • The issuance received 143 bids from diverse entities, including provident funds, pension funds, insurance companies, mutual funds, and corporates
  • The proceeds will be used to enhance SBI’s infrastructure loan portfolio, including significant exposures in sectors like power, ports, roads, and telecom.
  • The bonds allow SBI to circumvent regulatory reserve requirements like SLR and CRR, enabling full deployment of the raised amount into lending operations.

SBI:

  • Founded 1 July 1955
  • Headquarters: Mumbai
  • Head: Shri Dinesh Kumar Khara


Ranking and report news

Global Liveability Index 2024 Highlights and EIU Overview
  • According to the Economist Intelligence Unit (EIU)’s Global Liveability Index 2024, Vienna, the capital of Austria, has topped the index as the most liveable city for the third consecutive year.
  • Denmark’s Copenhagen maintained its second position, while Switzerland’s Zurich moved up from 6th place(2023) to 3rd on the 2024 list.

Note: No India City is ranked on the 2024 list of top 10 liveable cities in the world.

About Economic Intelligence Unit (EIU):

  • EIU is the research and analysis division of the Economist Group the sister company to The
  • Economist newspaper.
  • Managing Director- Robin Bew
  • Headquarters- London, The United Kingdom
  • Founded 1946


Defence news

DRDO successfully conducts final test of ABHYAS system at Chandpur

  • The Defence Defence Research and Development Organisation (DRDO) successfully tested the High-Speed Expendable Aerial Target (HEAT) ‘ABHYAS’ at the Integrated Test Range (ITR), Chandipur, Odisha on 27 June 2024. According to the DRDO the ABHYAS  system has successfully conducted 10 developmental flights, demonstrating the reliability of the system. With the final successful testing of the ABHYAS system, it is now ready for production and induction in the Indian armed forces.
  • In the test conducted on 27 June DRDO tested the newly improved Radar Cross Section, Visual and Infrared augmentation  undertaken in the ABHYAS system. The tests validated the system performance in the field of safe release of booster, launcher clearance, endurance  and performance.

About ABHYAS: The ABHYAS system sounds quite advanced and useful for military training purposes. It’s interesting to see the collaboration between various DRDO laboratories and both public and private sector companies like Hindustan Aeronautics Limited and Larsen & Toubro in its production. This kind of technology plays a crucial role in enhancing the preparedness of armed forces by providing realistic training scenarios. The recent successes and developments by DRDO highlight India’s strides in defence technology.

Award news

Booker Prize winner Arundhati Roy wins the 2024 PEN Pinter Prize

  • Booker Prize winner Arundhati Roy has been chosen for the 2024 PEN Pinter Literary Prize for her courageous and unswerving writing. The award to Arundhati Roy comes after the Lieutenant Governor of Delhi, V.K. Saxena, sanctioned her prosecution under the preventive detention law Unlawful Activities (Prevention) Act 1967 this month. 
  • Arundhati Roy will receive her award at a ceremony to be held in October in London, England.
  • Arundhati Roy joins a list of literary giants like Salaman Rushdie, Margret Atwood, Tom Stoppard, Carol Ann Duffy and Malorie Blackman, who have previously won the prize.

Here are the important points about the PEN Pinter Award:

  1. Institution and Purpose:
    • Instituted in 2009 in memory of playwright Harold Pinter, who won the Nobel Prize for Literature in 2005.
    • Awarded annually to writers from the United Kingdom, the Republic of Ireland, or the Commonwealth, recognizing outstanding literary merit.
  2. Criteria and Scope:
    • Award recipients are writers in the English language known for exceptional work in plays, poetry, essays, or fiction.
    • Emphasizes writers who offer unflinching insights into global issues.
  3. 2024 Recipient: Arundhati Roy:
    • Chosen by a panel including English PEN chair Ruth Borthwick, actor Khalid Abdalla, and writer Roger Robinson.
    • Recognized for her impactful commentary on diverse issues such as environmental degradation and human rights abuses.

About Arundhati Roy 

  • Arundhati Roy is the first Indian to win the prestigious Booker Prize in 1997 for her fiction ‘The  God of Small Things’. 
  • Her second novel, ‘The Ministry of Utmost Happiness’ was published in 2017. 
  • She is also the author of Capitalism: A Ghost Story and The Algebra of Infinite Justice.
  • She has written against the abuse of human rights, war and capitalism.  She is an outspoken critic of the Narendra Modi government and has spoken about India’s declining press freedoms during its tenure.
  • She faces prosecution for her comment made at an event in New Delhi in 2010 for saying that Kashmir was never an integral part of India.


Appointment news

Vikram Misri appointed as the 35th Foreign Secretary of India

  • The Appointment Committee of the Cabinet chaired by Prime Minister Narendra Modi has approved the appointment of Vikram Misri as the new foreign secretary of India. He will succeed Vinay Mohan Kwatra and take charge on 15 July 2024
  • Vikram Misri is considered a China expert and was the ambassador to China from January 2019 to December 2021 (during the Galwan Valley clashes).
  • As the foreign secretary, he will head the bureaucracy of the Ministry of External Affairs.

Important days

National Insurance Awareness Day 2024, Date, History and Significance

  • Observed on June 28th every year
  • Aims to promote the importance of insurance and financial security
  • Encourages people to take proactive steps towards a more protected future

History of Insurance

 Ancient roots:

  • 3000 BCE: Chinese merchants distributed cargo to limit losses
  • 1750 BCE: Code of Hammurabi included basic insurance concepts
  • 600 BCE: Greeks and Romans introduced early forms of life and health insurance

Modern insurance:

  • 1666: Great Fire of London highlighted need for financial protection
  • 1667: First fire insurance office opened in London
  • 1752: First American insurance company established (Benjamin Franklin)
  • 1840s: First automobile insurance policy sold
  • 1911: First group disability insurance offered
  • 1965: Medicare established in the US
  • 1970s: First cyber insurance policies emerged

18th Statistics Day: Background, Theme & contibution of Mahalanobis

  • Every year since 2007, India has celebrated 29 June as Statistics Day in memory of Prof Prasanta Chandra Mahalanobis who was born on this day in 1893 in Kolkata(then Calcutta) , West Bengal. The day is celebrated to honour the contribution of Professor Mahalanobis in the field of Statistics and to create awareness amongst the public about the role and importance of statistics in socio-economic planning and policy formulation.
  • However, it is worth remembering that World Statistics Day is observed on 20 October.

Background to the Statistics Day: The government of India decided during the Prime Ministership of  Dr Manmohan Singh decided to observe the birthday of Prof Prasanta Chandra Mahalanobis to acknowledge his contribution to building the discipline of statistics in India and his overall contribution to the nation’s economic planning,

The first Statistics Day was observed on 29 June 2007.

Theme of the 18th Statistic Day 2024 The  annual Statistic Day is observed with a theme which has a contemporary relevance.The theme of the 18th Statistics Day 2024 is “Use of data for decision-making”. 

Fuel your success with Edusprint! Our seasoned faculty, proven strategies, and personalized support ensure a transformative learning experience. Enroll now to conquer competitive exams and fast-track your dream job. #EdusprintSuccess

10-years-exp-in-competitive-exams-coaching-edusprint-ssc-railway-tnpsc-bank-coaching

Edusprint Academy for SSC, Railways, TNPSC, Bank Exams.

Shape Your Future with Edusprint - Igniting Careers for Success!

Discover Exclusive Course Fee Offers: Inquire Now for Special Deals!

Latest & Trending Posts

Inquire Now

All Inquiries will get a Demo Class & Study Materials for Free