Double brake: On the contest in the Haryana Assembly elections
Struggling with anti-incumbency, the BJP faces a resurgent Congress in Haryana
The ruling Bharatiya Janata Party (BJP) in Haryana is leaving no stone unturned to fight back a resurgent Congress, as the State is scheduled to have a single-phase Assembly election on October 1 for all 90 seats. The attempts of the Jannayak Janta Party (JJP) to retain its position as a third player, and of the Aam Aadmi Party to emerge as one, continue, though a sharp polarisation between the two national parties appears likely. The BJP has to tackle double anti-incumbency as it has been in power in both the State and the Centre for the last 10 years. Cognisant of the headwinds, the BJP replaced then Chief Minister Manohar Lal Khattar with Nayab Singh Saini, in March ahead of the general election. Mr. Saini has been trying to pacify various interest groups, by reversing many decisions of his predecessor and announcing new schemes. Sarpanches who are up in arms over the curtailing of their rights have got their expenditure limit increased for the gram panchayats from ₹5 lakh to ₹21 lakh. He has organised special camps, or ‘Samadhan Shivirs’, to address people’s grievances; and 1.20 lakh contractual employees have been ensured job security until the age of superannuation. The creamy layer annual income for Other Backward Classes, that was reduced to ₹6 lakh by Mr. Manohar Lal Khattar, has been restored to its level of ₹8 lakh. A 10% horizontal reservation for Agniveers in various State government posts, and an expanded minimum support price regime for crops have been promised.
Haryana’s fundamental social cleft between Jats and non-Jats had worked to the BJP’s advantage in the last two Assembly elections. But the multi-caste alliance behind the BJP had begun to weaken by the 2019 Assembly election, with the farmers’ agitation and the Agnipath scheme undermining it further in the last five years. Additionally, the party is caught in numerous rivalries within the tent. The party’s majority in the Assembly itself is questionable. The Congress hopes to cash in on all this and turn around its own fortunes. Former Chief Minister Bhupinder Singh Hooda, who is helming the Congress campaign, appears to have consolidated the party behind him. His focus is on unemployment and the crisis in the agricultural sector. The Congress still has the task of ensuring that its factional leaders remain united until the end. Communal polarisation, though at its lowest in the last 10 years, can still wreck the party’s plans. Despite a decline, the BJP managed to avoid a total rout in the Lok Sabha election. The Congress and the BJP shared the 10 Lok Sabha seats equally, while the Congress increased its vote share across the State. The outcome in Haryana will have implications for the Congress and the BJP at the national level.
Meaning of the word:
Word
Meaning
Synonyms
Antonyms
Resurgent
Resurgent describes something that is experiencing a revival or comeback, particularly after a period of decline or inactivity.
Renewed Resurrected Revival Reemerging
Declining Fading Diminishing Stagnant
Predecessor
A predecessor is a person who held a position or role before someone else, or something that came before another in a sequence or development.
Forerunner Antecedent Forebear Precursor
Successor Follower Replacement Contender
Helming
Helming refers to the act of steering or directing, particularly in the context of managing or leading a project, organization, or ship.
Leading Directing Steering Guiding
Following Subordinating Neglecting Mismanaging
Implications
The effect that something will have on something else in the future.
India’s First Constitution Museum Marks 75 Years of the Indian Constitution
India’s first Constitution Museum, named “The Constitution Academy and The Rights & Freedoms Museum,” is set to be inaugurated by OP Jindal Global University on November 26, 2024. This initiative celebrates the 75th anniversary of the adoption of the Indian Constitution.
Indian Constitution Museum: Key Highlights
Significance and Focus: The museum offers a comprehensive exploration of the Indian Constitution, showcasing its various sections and their importance. Visitors can delve into profiles of Constituent Assembly members, the debates that shaped the Constitution, and its evolution over time through diverse formats including textual, audio-visual, and experiential exhibits.
Artistic and Educational Elements: The museum will display artwork from the original handcrafted Constitution and pieces inspired by its themes. It also features a Children’s Corner with interactive installations, quizzes, and graphic materials to educate young visitors about the Constitution.
Curator’s Vision: Curator Anjchita B. Nair, CEO of Culture and Head at the Centre for Museums, aims to make the Constitution more accessible to the public. The museum seeks to deepen understanding of the creators’ intentions and foster appreciation for India’s constitutional journey over the past 75 years.
Union Minister Shri Manohar Lal Khattar Launches Portal for Online Monitoring Of Projects – Thermal (PROMPT)
The Union Minister of Power and Minister for Housing and Urban Affairs, Shri Manohar Lal, today launched Portal for Online monitoring of Projects – Thermal (PROMPT) in New Delhi.
PROMPT Portal Launched for Enhanced Thermal Power Project Monitoring
Real-Time Tracking: Centralized platform for real-time tracking and analysis of thermal power projects.
Transparency and Accountability: Digitizes monitoring, ensuring transparency, timely issue resolution, and improved project efficiency.
Resource Optimization: Aids in resource predictability, helping meet electricity demand at reasonable costs.
Stakeholder Coordination: Facilitates informed decision-making by project managers and stakeholders to avoid delays.
Development: Portal developed with assistance from NTPC, under the guidance of the Central Electricity Authority (CEA).
The Union Minister of Power and Minister for Housing and Urban Affairs, Shri Manohar Lal
Banking news
RBI Tightens Regulations for NBFC-P2P Lending Platforms
The RBI has updated the 2017 Master Directions for NBFC-P2P platforms, effective immediately, with fund transfer timelines starting November 15, 2024.
Prohibition on Cross-Selling: P2P platforms are restricted from cross-selling non-loan-specific insurance products.
Investment Tool Restrictions: P2P platforms are barred from promoting P2P lending as an investment tool with assured returns.
Board-Approved Loan Disbursal: Loans can only be disbursed if lenders and borrowers are matched according to a board-approved policy.
Escrow Account Requirement: Fund transfers between participants must occur via escrow accounts managed by bank-promoted trustees, with separate accounts for lenders and borrowers.
Loan Exposure Cap: Lenders’ aggregate exposure to borrowers on P2P platforms is capped at Rs 50 lakh.
About RBI:
Governor: Shaktikanta Das (25th Governor)
Headquarters: Mumbai, Maharashtra
Established: April 1, 1935
RBL Bank Launches Special ‘Vijay Fixed Deposits’ for Independence Day
RBL Bank Limited, formerly known as Ratnakar Bank Limited, has introduced a special edition of ‘Vijay Fixed Deposits (FD)’ to celebrate India’s 78th Independence Day. This limited-time offer honors the bravery of soldiers while offering attractive financial benefits.
Special Tenor: Vijay Fixed Deposit (FD) is a 500-day scheme for deposits below Rs 3 crore.
Interest Rates: Offers 8.85% p.a. for super senior citizens, 8.60% p.a. for senior citizens, and 8.1% p.a. for regular customers.
Availability: Accessible via the RBL Bank MoBank App or at the nearest branch.
UPI and NCMC Integration: On August 1, 2024, RBL Bank became the first private sector bank in India to integrate UPI and National Common Mobility Card (NCMC) features on RuPay Credit Cards.
About RBL Bank Limited:
MD & CEO: R Subramaniakumar
Headquarters: Mumbai, Maharashtra
Tagline: Apno ka Bank
Established: 1943
Appointment news
Parvathaneni Harish Appointed as India’s Permanent Representative to the UN
Parvathaneni Harish has been appointed as the Permanent Representative of India to the United Nations in New York, USA.
Predecessor: He succeeds Ruchira Kamboj, the first woman to serve as India’s Ambassador to the UN, who retired in June 2024.
Current Role: Harish is currently India’s Ambassador to Germany, a position he has held since November 2021.
About Parvathaneni Harish:
Career: A 1990 batch Indian Foreign Service (IFS) officer.
Previous Roles: Served as Additional Secretary (Economic Relations) in the Ministry of External Affairs (MEA).
Satya Prakash Sangwan Appointed as Chef de Mission for Paris Paralympics 2024
Paralympic Committee of India (PCI) made a significant announcement regarding the leadership of the Indian contingent for the upcoming Paris Paralympics.Satya Prakash Sangwan, the vice president of PCI, has been appointed as the Chef de Mission (CDM) for the Indian team.
The Paris Paralympics 2024
India’s Largest-Ever Contingent
The Paris Paralympics 2024 will see India sending its largest-ever contingent to the Games. A total of 84 para-athletes will represent the country, competing across 12 different sports disciplines. This impressive number reflects the growing strength and diversity of India’s para-sports program.
Role and Responsibilities of the Chef de Mission
Multifaceted LeadershipThe position of Chef de Mission is a complex and demanding role that requires a unique set of skills and attributes. As the CDM, Sangwan will be responsible for:
Leadership: Guiding and inspiring the entire Indian contingent throughout the Paralympic Games.
Mentorship: Providing support and advice to athletes, coaches, and support staff.
Strategic Planning: Overseeing the logistical and operational aspects of India’s participation in the Games.
Liaison: Acting as the primary point of contact between the Indian contingent and the Paralympic Games organizers.
M Suresh Appointed as Interim Chairman of Airports Authority of India
In a significant development in India’s aviation sector, M Suresh has been appointed as the interim Chairman of the Airports Authority of India (AAI). This appointment, effective Tuesday, marks a crucial transition in the leadership of one of India’s most important aviation bodies.
Background of the Appointment
Transition from Previous LeadershipThe appointment of M Suresh comes in the wake of the government’s decision to relieve Sanjeev Kumar from his duties as the Chairman of AAI. This change in leadership was formalized through an official Government Order, highlighting the importance of ensuring continuity in the management of India’s airport infrastructure.
Airports authority of india:
Headquarters: New Delhi
Founded: 1 April 1995
Award news
PrezMurmu Confers National Geoscience Award to 21 Geoscientists
President DroupadiMurmu conferred the prestigious 2023 National Geoscience Awards to the winners at a ceremony in the Rashtrapati Bhavan in New Delhi on 20 August 2024. Prof. Dhiraj Mohan Banerjee, Emeritus Scientist, INSA, was conferred the Lifetime Achievement Award.
National Geoscience Award
The Union Ministry of Mines instituted the National Geoscience Award 1966 as the National Minerals Award. Its name was changed to National Geoscience Award in 2009.
It is considered one of the oldest and most prestigious awards in geosciences.
The annual National Award is given in three categories:
National Geoscience Award for Lifetime Achievement,
National Young Geoscientist Award and
National Geoscience Award.
The award honours individuals and teams for achievement in mineral discovery and exploration, Mining Technology and mineral Beneficiation, and fundamental/applied geosciences.
2023 National Geoscience Award winners
Following is the list of the winners of the 2023 awards and the category in which they have won the award
National Geoscience Award for Lifetime Achievement 2023
Professor Dhiraj Mohan Banerjee, Emeritus Scientist, Indian National Science Academy (INSA).
National Young Geoscientist Award 2023
Dr. Ashutosh Pandey, Assistant Professor, Pondicherry University.
National Geoscience Award
Category -Mineral Discovery and Exploration
Team Award
Geological Survey of India team comprising of
(i) Abhishek Kumar Shukla, Senior Geologist (ii) Smt. Danira Stephen D’silva, Senior Geologist (iii) Parsuram Behera, Director (iv) Dr. M.N. Parveen, Director
Team Award
Geological Survey of India team comprising of
(i) Sanjay Singh, Director (ii) Shailendra Kumar Prajapati, Senior Geologist (iii) Shashank Shekhar Singh, Geologist (iv) KevinguzoChasie, Geologist
Individual Award
Dr Pawan Dewangan, Senior Principal Scientist, National Institute of Oceanography, Goa
Category Mining, Mineral Beneficiation and Sustainable Mineral Development
Dr Harsh Kumar Verma, Senior Principal Scientist, Central Institute of Mining and Fuel Research, Bilaspur
Prof. Mangadoddy Narasimha, Mineral Processing & Multi-Phase Flow lab, IIT Hyderabad
Basic Geosciences
Dr Rahul Mohan, Scientist, National Centre for Polar and Ocean Research, Goa
Team Award
Geological Survey of India team of (i) Krishna Kumar, Superintending Geologist (ii) Dr Pragya Pandey, Geologist (iii)Ms. Triparna Ghosh, Geologist (iv)Mr. Debasish Bhattacharya, Dy. Director General.
Applied Geoscience
Dr. Vikram Vishal, Associate Professor, Department of Earth Sciences IIT Bombay
Dr. Bantu Prasanta Kumar Patro, Chief Principal Scientist, CSIR, National Geophysical Research
Prof. Srimath Tirumala Gudemella Raghu Kanth, IIT Madras
Agreement news
Reliance Foundation and India Meteorological Department Team Up to Protect Vulnerable Communities from Climate Change
The Reliance Foundation (RF) has signed a Memorandum of Understanding (MoU) with the India Meteorological Department (IMD), under the Ministry of Earth Sciences (MOES) to improve access to weather information for climate-vulnerable communities across India.
Objective:
Improve access to weather information for climate-vulnerable communities in India
Enhance forecasts, early warnings, and agro-advisories using new technologies
Key Points:
Partnership focuses on research, stakeholder convenings, and improving weather forecasting and early warning communication strategies
Aims to improve weather data utilization, disaster preparedness, and climate resilience
Reliance Foundation will provide a platform to improve information availability and accessibility for vulnerable communities
Reliance Foundation (RF):
Chairperson: Nita M. Ambani
Headquarters: Mumbai, Maharashtra
Founded: 2010
India Meteorological Department (IMD):
Director General (DG): Dr.Mrutyunjay Mohapatra
Headquarters: New Delhi, Delhi
Established: 1875
Sports news
ICC Moves Women’s T20 World Cup 2024 to UAE Due to Bangladesh Unrest
The ICC has announced the relocation of the Women’s T20 World Cup 2024 from Bangladesh to the United Arab Emirates (UAE) due to significant safety concerns. The event, originally set to be hosted in Bangladesh, will now take place from October 3 to 20 in Dubai and Sharjah.
Original host: Bangladesh
New host: United Arab Emirates (UAE)
Dates: October 3-20, 2024
Venues: Dubai and Sharjah
Reasons for Relocation
Safety concerns due to political unrest in Bangladesh
Travel advisories from participating countries
Escalating unrest and instability
Impact
Minimal logistical disruption due to UAE’s established infrastructure
Ensures the tournament proceeds as scheduled
Highlights challenges of hosting international sports events amidst political instability
ICC’s Statement
Disappointment over venue change
Acknowledgement of Bangladesh Cricket Board’s efforts
Assurance that Bangladesh will retain hosting rights for future ICC events
ICC:
Headquarters: Dubai, United Arab Emirates
Subsidiary: Asian Cricket Council
Founded: 15 June 1909
CEO: Geoff Allardice
Important days
International Day of Remembrance and Tribute to the Victims of Terrorism 2024
The International Day of Remembrance and Tribute to the Victims of Terrorism serves as a solemn reminder of the ongoing global challenge posed by terrorism. This day, observed annually on August 21st, aims to honour and support the victims and survivors of terrorist acts while promoting the protection of their human rights and fundamental freedoms.
The Impact of Terrorism
Widespread Harm:Terrorism continues to be a global scourge, with acts of terror propagating a wide range of hateful ideologies.
Regressive move: On minimising night duty for women
Reducing work hours of women is not the way to ensure their safety
The last thing that a rape and murder need are platitudes, and a predictably tiresome one is being peddled after the brutal killing of a woman doctor on duty at Kolkata’s R.G. Kar Hospital on August 9. One of the guidelines issued by the West Bengal government calls for minimising night duty for women. How will this dictum — “wherever possible, night duty may be avoided for women to the extent possible” — secure safety at the workplace? This regressive move will only end up removing women from the workforce, instead of ensuring a stop to violence. With the labour force participation rate for urban women in India, ages 15 and above, pegged at an abysmal 25.2% in April-June 2024, according to the Periodic Labour Force Survey’s quarterly bulletin, the governments at the Centre and States must ensure that women, employed as health-care professionals, gig and factory workers, call centre staff, auto drivers, hotel duties and journalists, are able to work safely, anywhere, and at anytime. Reducing their time at work will only lead to women losing jobs and their financial independence. The other guidelines, as part of the programme called ‘Rattirer Shaathi (helpers of the night)’, include the call for separate rest rooms and toilets for women, creating safe zones with CCTVs, and a special mobile phone app — measures which should have been already in place.
The Supreme Court, taking suo motu cognisance of the Kolkata case, in its hearing on Tuesday announced a national task force to look into the safety of doctors and medical professionals. Gender violence should be a matter of serious concern in every sphere, not least the informal sector, where women are employed in large numbers. The sweeping changes brought into the system after the 2012 Delhi rape, such as harsher laws and stringent punishment, have not been enough. The National Crime Records Bureau’s (NCRB) annual report of 2022, the latest one available, shows that 4.45 lakh cases of crimes against women were registered, which is equivalent to nearly 51 FIRs every hour. Protocols cannot be just on paper, the Chief Justice of India D.Y. Chandrachud said. In 2017, when the Court was confirming the death penalty of four men, who were accused in the 2012 Delhi rape, Justice R. Banumathi had said that apart from effective implementation of laws, a change in the mindset of the society at large and creating awareness in the public on gender justice would go a long way to combat violence against women. Campaigns led by women after the R.G. Kar rape, to “reclaim the night” in Kolkata and other parts of the country, should serve as wake-up calls to governments, and society, to do it right by women.
Meaning of the word:
Word
Meaning
Synonyms
Antonyms
Platitudes
An idea or expression that has been used by many people
CM Sukhu launches ‘Mukhyamantri Bal Paushtik Aahar Yojana’ in HP
Himachal Pradesh Chief Minister Sukhvinder Singh Sukhu launched ‘Mukhyamantri BalPaushtik Aahar Yojana’ to provide nutritious foods to schoolchildren and a scheme to provide free Tablets to primary school teachers to boost digitalisation in the state educational and administrative system. The scheme was launched by the chief minister Sukhu in Hamirpur, Himachal Pradesh, on 17 August 2024.
Mukhyamantri Bal Poshtik Aahar Yojana
The Mukhyamantri Bal Poshtik Aahar Yojana is only for government school children.
Students from nursery to class eight will be provided boiled eggs or fruits once a week. The fresh fruits will be sourced from local markets based on the preferences of the children,
The scheme will complement the existing mid-day meal scheme and provide nutritious food to children in government schools.
It will cover 15,181 government schools and 5,34,293 students in the state.
The state government has allocated Rs.12.75 crore for the ‘Mukhyamantri Bal Poshtik Aahar Yojana’ for 2024-25.
Commemorative Coin Released for Muthuvel Karunanidhi’s Birth Centenary
On 18th August 2024, Union Minister Rajnath Singh, Ministry of Defence (MoD), released a commemorative Rs. 100 coin to mark the birth centenary of former Chief Minister (CM) of Tamil Nadu (TN) Kalaignar Muthuvel Karunanidhi.
The coin was released at the event organised by the Government of Tamil Nadu in Kalaivanar Arangam, in Chennai (TN).
Key People:
MK Stalin, the CM of TN and Union Minister of State (MOS) Loganathan Murugan, Ministry of Information and Broadcasting (MIB) and Ministry of Parliamentary Affairs were present during the event.
About the coin:
The reverse side of the coin features a portrait of Karunanidhi and Tamil slogan ‘Tamil Vellum’ (Tamil win) along with the text “Birth Centenary of Kalaingar Karunanidhi’ in Hindi and English.
The Rs 100 denomination coin weigh 35 grams, have a diameter of 44 millimeters, with 200 serrations on its edge.
It will be composed of an alloy comprising 50% silver, 40% copper, 5% nickel, and 5% zinc.
About Muthuvel Karunanidhi:
Biography:
Full Name: Muthuvel Karunanidhi
Date of Birth: 3rd June 1924
Birthplace: Thirukkuvalai, Nagapattinam district, Tamil Nadu
Professions: Writer, politician
Political Affiliation: Former President of Dravida Munnetra Kazhagam (DMK)
Political Career:
Chief Minister Tenure: Served as Chief Minister of Tamil Nadu for nearly two decades over five terms from 1969 to 2011.
Legacy: One of the longest-serving Chief Ministers in Indian history.
Recent Inaugurations by Defence Minister Rajnath Singh:
Maritime Rescue Coordination Centre (MRCC):
Location: Chennai, Tamil Nadu
Purpose: Enhances maritime rescue operations.
Regional Marine Pollution Response Centre (RMPRC):
Location: Chennai, Tamil Nadu
Purpose: Addresses marine pollution and response strategies.
Coast Guard Air Enclave (CGAE):
Location: Puducherry
Purpose: Supports Coast Guard air operations and response capabilities.
Economy news
Impact of Climate Extremes on India: World Economic Forum Report
According to the World Economic Forum (WEF),India lost 33.9 million hectares (ha) of crops due to excess rains and an additional 35million ha due to drought during 2015 to 2021.
Key Findings:
Crop Losses (2015-2021):
Excess Rains: 33.9 million hectares
Drought: 35 million hectares
Economic and Social Impact:
Agriculture: Contributes 15% of India’s GDP and employs 40% of the population; severely impacted by climate extremes.
Economic Losses (2021): Nearly USD 160 billion due to lost working hours from extreme climate events.
Insurance Gap: A significant coverage gap prevents many from protecting their livelihoods against extreme weather and climate change.
About the World Economic Forum (WEF):
Founder: Prof. Klaus Schwab
Managing Director: Saadia Zahidi
Headquarters: Cologny, Switzerland
Established: 1971
Banking news
Punjab National Bank (PNB) Launches ‘PNB ANTAH DRISHTI’ Braille Debit Card
Punjab National Bank (PNB) has launched ‘PNB ANTAH DRISHTI Braille Debit Card’, a new initiative designed for Visually Impaired (VI) customers. The contactless National Common Mobility Card (NCMC) debit card is accessible on the RuPay network.
The launch of the new braille debit card reflects the bank’s commitment to inclusivity and financial accessibility.
Objective:
Inclusivity: Designed for Visually Impaired (VI) customers to enhance financial independence and convenience.
Card Details:
Type: Contactless National Common Mobility Card (NCMC)
Network: Accessible on the RuPay network
Eligibility: Available to visually impaired individuals with savings or current accounts at any PNB branch.
Features:
Raised Braille Dots: The card displays the brand name ‘PNB’ in Braille. The accompanying welcome letter is also in Braille.
Rounded Notch: Facilitates orientation of the card during use in ATMs or Point of Sale (POS) terminals by indicating the card’s direction.
Significance:
Reflects PNB’s commitment to financial accessibility and inclusivity for the visually impaired community.
Features of the ‘PNB ANTAH DRISHTI’ Braille Debit Card
Rounded Notch:
Feature: Rounded notch on the opposite side of the chip.
Purpose: Helps cardholders identify the card’s orientation during ATM or Point of Sale (POS) transactions.
Glossy Spot UV Lamination Effect:
Bank’s Logo: Raised texture with glossy spot UV lamination.
Contactless Symbol: Rough spot UV silk screen.
Benefit: Aids visually impaired users in locating the bank’s logo and reading the contactless symbol.
Contrasting Colours:
Purpose: Enhances readability of card details for visually impaired customers.
Transaction Limits:
Contactless Transactions: Up to Rs. 5,000 per day at NFC-enabled PoS terminals without a PIN.
ATM Withdrawals: Rs. 25,000 per day.
PoS Transactions: Rs. 60,000 per day.
About Punjab National Bank (PNB)
Founded: May 19, 1894
Commenced Operations: April 12, 1895
Managing Director & CEO: Atul Kumar Goel
Headquarters: New Delhi, Delhi
Tagline: “The Name You Can Bank Upon”
RBI Approves Tata Capital’s Conversion into NBFC-ICC
RBI Approves Tata Capital’s Conversion into NBFC-ICC From NBFC-CIC The Reserve Bank of India (RBI) has approved the conversion of Tata Capital Limited’s (TCL) from a Non-Banking Finance Company (NBFC)-Core Investment Company (CIC) to an NBFC-Investment Credit Company (ICC).
Conversion Details:
Previous Status: Non-Banking Finance Company (NBFC)-Core Investment Company (CIC)
New Status: Non-Banking Finance Company-Investment Credit Company (NBFC-ICC)
Reason for Conversion: Following Tata Capital Limited’s merger with Tata Cleantech Capital Limited (TCCL) and Tata Capital Financial Services Limited (TCFSL).
Key Points:
Certificate of Registration (COR):
Status: Received COR as NBFC-ICC, confirming compliance with RBI guidelines.
Regulatory Classification:
2023 Classification: RBI classified Tata Capital and its parent company, Tata Sons Private Limited (TSPL), as NBFC with an upper layer distinction.
Public Listing Requirement: Both Tata Capital and Tata Sons are required to go public by September 2025.
Financial Overview (FY24):
Total Income: Rs. 8,630 crore
Total Assets: Rs. 1.76 lakh crore
Profit After Tax: Rs. 3,327 crore
About Tata Capital Limited (TCL):
Industry: Financial and investment services
Headquarters: Mumbai, Maharashtra
RBI Imposes Monetary Penalties on Financial Institutions
RBI Imposes Monetary Penalties on BoM, Hinduja Leyland Finance, Poonawalla Fincorp The Reserve Bank of India (RBI) has imposed monetary penalties on three financial institutions namely Bank of Maharashtra (BOM), Hinduja Leyland Finance Limited (HLF) and Poonawalla Fincorp Limited (PFL) for non-compliance with its regulatory directives.
Institutions Penalized:
Bank of Maharashtra (BoM)
Location: Pune, Maharashtra
Penalty Amount: Rs. 1.27 crore
Reason: Non-compliance with:
‘Loan System for Delivery of Bank Credit’
‘Cyber Security Framework in Banks’
‘Know Your Customer’ (KYC) guidelines
Hinduja Leyland Finance Limited (HLF)
Location: Chennai, Tamil Nadu
Penalty Amount: Rs. 4.90 lakh
Reason: Non-compliance with certain provisions of KYC Directions, 2016.
Note: The penalty reflects deficiencies in regulatory compliance but does not affect the legitimacy of transactions or agreements with consumers.
Poonawalla Fincorp Limited (PFL)
Location: Pune, Maharashtra
Penalty Amount: Rs. 10 lakh
Reason: Non-compliance with provisions of the ‘Non-Banking Financial Company (NBFC) – Systemically Important Non-Deposit Taking Company and Deposit Taking Company (RBI) Directions, 2016’.
International news
Nepal To Export 1000 MW Electricity To India
Nepal will export nearly 1,000 MW of electricity to India, External Affairs Minister S Jaishankar said after meeting his Nepalese counterpart Arzu Rana Deuba in New Delhi on August 19. He went on to describe the development as a “new milestone“.
Key Development:
Announcement: Nepal will export nearly 1,000 MW of electricity to India.
Significance: External Affairs Minister S. Jaishankar described this as a “new milestone” in India-Nepal relations.
Talks Overview:
Meeting: External Affairs Minister S. Jaishankar and Nepalese Foreign Minister Arzu Rana Deuba in New Delhi.
Topics Covered:
Energy Cooperation: Notable electricity export agreement.
Other Areas: Trade, connectivity, and infrastructure development.
Additional Bilateral Discussions:
Kathmandu Visit: Indian Foreign Secretary Vinay Kwatra met with Nepal’s Foreign Minister Arzu Rana Deuba, President Ramchandra Paudel, and Prime Minister KP Sharma Oli.
Focus: Strengthening bilateral cooperation across various sectors and addressing mutual interests.
WHO declares Mpox as PHEIC for the second time
The World Health Organization (WHO) Director General, Dr Tedros Adhanom Ghebreyesus, declared mpox (monkeypox) disease a “public health emergency of international concern(PHEIC)” after an upsurge in the mpox case in the Democratic Republic of Congo and other African countries. This is the second time that mpox has been declared as PHEIC by WHO. Earlier in July 2022 it was declared as PHEIC by the WHO.
The monkeypox disease was renamed mpox by the WHO in November 2022 after complaints by countries that the disease’s original name was considered “racist and stigmatising’ in certain countries of the world.
No such cases of Mpox have been detected in India so far.
Public Health Emergency of International Concern (PHEIC)
Definition:
PHEIC is the World Health Organization’s (WHO) highest alert level.
Declared for serious, sudden, unusual, or unexpected health situations with implications beyond a country’s borders, potentially requiring international action.
Impact of WHO Declaration:
Legal Obligations: Member countries must respond and take appropriate measures.
Funding: Encourages international funding for research, vaccine, or medicine development.
Awareness: Generates global public awareness about the disease.
Diseases Declared as PHEIC:
H1N1 Influenza (2009): Originated in Mexico; first PHEIC declaration.
Wild Polio and Vaccine-Derived Poliovirus (2014): Ongoing PHEIC affecting Afghanistan, Nigeria, and Pakistan.
Ebola Virus (August 2014): Outbreak in West Africa, spread to Europe and the US.
Zika Virus (February 2016): Started in Brazil; affected Latin America.
Ebola Virus (July 2019): Second declaration due to outbreak in the Democratic Republic of Congo.
COVID-19 (January 2020): Declared after the virus spread outside China.
Monkeypox (July 2022): Also known as Mpox; spread globally.
Mpox (August 2024): Current declaration.
About Mpox:
Origin: First identified in monkeys; zoonotic (animal-to-human transmission).
Transmission: Person-to-person through prolonged contact, sexual contact, animal lesions, body fluids, respiratory droplets, and contaminated materials.
Vaccination: No specific vaccine; smallpox vaccines are up to 85% effective.
World Health Organization (WHO):
Founded: 7 April 1948
Headquarters: Geneva, Switzerland
Director-General: Tedros Adhanom Ghebreyesus
Member Countries: 194
Sports News
Sumit Antil & Bhagyashri Jadhav: 2024 Paris Paralympic Flag Bearer
The Paralympic Committee of India has named Tokyo Paralympics gold medallist para-athletes Sumit Antil and Shot Putter BhagyashriJadhav as the Indian flag bearers for the opening ceremony of the 2024 Paris Paralympics Games, which will be held on 28 August 2024.
The 17th Summer Paralympics for disabled athletes will take place in Paris, France, from 28 August to 8 September 2024.
The International Paralympics Committee organises the Summer and Winter Paralympics games. Since the 2008 Beijing Summer Olympics, the Paralympics have been held shortly after the conclusion of the Summer Olympics. The 33rd Summer Olympics ended on 11 August 2024 in Paris.
Indian Flag Bearer at Opening Ceremony
Like the Olympics, the opening and closing ceremonies of the Paralympics Games involve two flag bearers—one male and one female.
Para-athlete Sumit Antil and Bhagyashri Jadhav will be the flag bearers at the opening ceremony of the 2024 Paris Paralympics.
25-year-old World Champion Sumit Antill won a gold medal in the javelin throw at the 2020 Tokyo Paralympics in the men’s F64 category. Sumit also holds the world record in the category.
39-year-old Bhagyashri Jadhav is a silver medallist in the women’s shot put event in the F34 category at the Asian Para Games.
She has also won a silver medal in women’s F34 shot put at the World Para Athletics Championships in May 2024.
Indian Contingent for the Paris Paralympics
Before the Paris Paralympics, India competed in the 11 edition of the Summer Paralympics. The first Summer Paralympic Games was held in the Italian capital city of Rome in 1960.
The Indian contingent consists of 84 athletes, including 32 women athletes. It is the largest contingent of Indian athletes to participate in a Summer Paralympics edition.
Indian athletes will compete in 12 sporting events, including para-cycling, para-rowing, and blind judo, which they will be participating in for the first time.
A total of 22 sports will be held at the Paris Paralympics.
Indian Medal Record at Summer Paralympics
Before the start of the Paris Paralympics, India had won 31 medals- 9 gold, 12 silver, and 10 bronze.
India’s most successful Paralympics were the 2020 Tokyo Paralympics, where it won 19 medals—five gold, eight silver, and six bronze.
Murlikant Petkar was the first Indian to win a medal in the Paralympics. He won a gold medal in the 1972 Heidelberg Games in the men’s 50m freestyle 3 event.
Deepa Malik was the first female athlete to win a medal in Paralympics for India. She won a silver in the Women’s shot put in the F53 category at the 2016 Rio Summer Paralympics.
Avani Lekhara was the first Indian woman to win a gold medal in the Paralympics. She won a gold medal in the women’s 10m air rifle shooting, standing SH1 category at the 2020 Tokyo Paralympics.
Mascot and Motto of the 2024 Paris Paralympics
Mascot –Paralympic Phryge—It is based on the Phrygian cap, a historical symbol of liberty and freedom. Its colours were blue, white, and red, reflecting the colours of the French Flag.
Motto-. Games Wide Open
Appointment news
Shri Ashok Kumar Singh takes over the charge of Director General, ESIC
Shri Ashok Kumar Singh, IAS took over the charge of Director General of Employees’ State Insurance Corporation (ESIC) under Ministry of Labour & Employment, Govt. of India at its Headquarters in New Delhi today.
Shri Ashok Kumar Singh is an IAS Officer of 1999 batch of Kerala cadre. Earlier, he has worked as a Principal Secretary, Water Resources Department, Govt. of Kerala. He has got vast experience of governance and management of District and State level organisations.
At the centre level, he has served as the Executive Director in the National Mission for Clean Ganga, as Joint Secretary in Ministry of Defence and as Director in Ministry of Finance in the Govt. of India also.
Shri Singh, holds an M. Phil from National Defence College, New Delhi and is a Graduate in Mechanical Engineering from IIT, Kanpur.
ESIC:
Formed: 24 February 1952 (72 years ago)
Headquarters: New Delhi
Important days
World Humanitarian Day 2024- Date, Theme and History
World Humanitarian Day, observed annually on August 19th, takes on a somber tone in 2024 as the global community faces a grim reality: humanitarian workers are increasingly becoming targets in conflict zones.
The year 2023 marked the deadliest year on record for aid workers, and 2024 threatens to surpass this grim milestone.
This alarming trend underscores a critical failure in protecting those who dedicate their lives to helping others in the world’s most challenging environments.
The Origins of World Humanitarian Day
World Humanitarian Day traces its origins to a tragic event. On August 19, 2003, a bomb attack on the Canal Hotel in Baghdad, Iraq, resulted in the deaths of 22 humanitarian aid workers.
Among the victims was Sergio Vieira de Mello, the UN Special Representative of the Secretary-General for Iraq.
Award news
Major Milestones in Airport Carbon Accreditation: Delhi’s IGIA and Bengaluru’s KIA Achieve Top Certifications
Key Achievements in Airport Carbon Accreditation
1. Delhi’s Indira Gandhi International Airport (IGIA):
Achievement: First airport in India to achieve “Net Zero Carbon Emission” (NZCE) status.
Certification Level: Level 5 under the Airport Carbon Accreditation (ACA) program.
Significance: Demonstrates the airport’s commitment to completely offsetting its carbon emissions.
2. Kempegowda International Airport (KIA), Bengaluru:
Achievement: First airport in Asia to receive the Airports Council International’s (ACI) highest Level 5 accreditation.
Significance: Highlights KIA’s leadership in carbon neutrality and environmental sustainability in the aviation sector.
About the Airport Council International (ACI)
Established: 1991
Role: Association representing the collective interests of airports worldwide, promoting excellence in the aviation industry.
Director-General: Luis Felipe de Oliveira
Headquarters: Montréal, Québec, Canada
Books and author news
Union Minister Amit Shah Releases Book on Modi’s Governance Triumph
Union Minister Amit Shah Releases a Book ‘Modi’s Governance Triumph: Reshaping India’s Path to Prosperity’ By Tarun Chugh
On August 2024, Union Minister Amit Shah,Ministry of Home Affairs (MHA) released the book titled ‘Modi’s Governance Triumph: Reshaping India’s Path to Prosperity’, written by Tarun Chugh, General Secretary of Bharatiya Janata Party (BJP), in New Delhi, Delhi.
Book Title: Modi’s Governance Triumph: Reshaping India’s Path to Prosperity
Author: Tarun Chugh, General Secretary of Bharatiya Janata Party (BJP)
Released by: Union Minister Amit Shah, Ministry of Home Affairs (MHA)
Key Highlights of the Book:
Inspiration: Chronicles Prime Minister Narendra Modi’s decades-long dedication to public service.
Content Overview:
Antyodaya Mission: In-depth exploration of innovative initiatives and changes driven by Modi’s administration.
Transformative Changes: Focuses on significant reforms and developments, including those in Jammu & Kashmir (J&K).
Key Policies: Covers the ‘Make in India’ initiative and the implementation of the Goods and Services Tax (GST).
Socio-Economic Issues: Addresses poverty alleviation and national security impacts on India’s socio-economic landscape.
Film awards regained some prestige by sticking with good cinema
The National Film Awards appeared to be facing a credibility crisis in recent years following some questionable choices and glaring omissions. For instance, last year, the award for ‘Best Feature Film on National Integration’, for The Kashmir Files, encapsulated the general political thrust of the awards, where, during the screenings, cinema theatres became platforms for communal sloganeering. Thus, the 70th National Film Awards, declared earlier this week, came as a sort of surprise, somewhat redeeming the prestige associated with the highest cinematic honours. Malayalam film Aattam, directed by debutant Anand Ekarshi, became an interesting choice for the Best Feature Film, Best Screenplay and Best Editing winner, especially in the era of the #MeToo movement. Without ever slipping into preachiness, the film-maker uses the subtle chamber drama to analyse male behaviour after a woman raises an allegation of sexual abuse within a theatre group. The award also comes at a time when protests and debates are roiling the country after the rape and murder of a doctor in Kolkata. Kannada film Kantara, which won Best Popular Film, and also fetched its director Rishab Shetty the Best Actor Award, taps into folk traditions to raise contemporary environmental concerns. Bhoota Kola, a tribal ritualistic performance from coastal Karnataka, is the centrepiece, with Shetty’s frenzied interpretation in the climax going a long way towards the film’s success as well as getting him the national award.
One commonality between these films is the lack of a formula, especially the kind dictated by corporate studios. Aattam, in fact, originated from a theatre group, giving its working-class members a chance at cinema; they play themselves in the film. Nithya Menen’s Best Actress award is also an unconventional choice — as the effervescent Shobhana in Thiruchitrambalam, hers is not a typical award-bait role. Yet, within the film’s scheme, it was a stunning performance which raised its overall effect by several notches. The awards reinforce the recent trend of South Indian cinema surpassing Bollywood, which, despite its humongous budgets, has been finding it hard to match the consistent quality of content from regional industries. It is also heartening that the juries and the larger public have started discovering more meaningful content from the southern industries. The National Awards in the 70th edition seem to have fulfilled, to an extent, the purpose for which they were instituted: to celebrate good cinema.
Meaning of the word :
Word
Meaning
Synonyms
Antonyms
Omissions
Omissionsrefers to instances where something is left out or not included, often unintentionally. It is derived from the verb “omit,” which means to leave out or exclude something.
Exclusions Neglects Oversights Exceptions
Inclusions Additions Completions Involvements
Encapsulated
Encapsulated means to express or show the most important facts about something
Contained Enclosed Wrapped Summarized
Opened Revealed Unprotected Expanded
Preachiness
The quality of seeming to want to give moral advice, even when this is not wanted or needed.
Moralizing Lecturing Didacticism Sermonizing
Objective Neutral Reserved Neutral
Humongous
Humongous is an informal adjective used to describe something that is extremely large or enormous.
“Maharashtra Declares Ratnagiri’s Petroglyphs and Geoglyphs as Protected Monuments”
The Maharashtra Government has officially designated the Petroglyphs and Geoglyphs in Ratnagiri as ‘Protected Monuments’ under the Maharashtra Ancient Monuments and Archaeological Sites and Remains Act, 1960. This move aims to preserve these ancient artworks, which are significant for their historical and cultural value.
Key Details:
Petroglyphs:
Location: Found in Deud, Ratnagiri, Maharashtra.
Dating: Mesolithic age (approximately 20,000-10,000 years ago).
Features: Includes footprints, images of a donkey, a rhino, a deer, and a monkey.
Significance: Showcases the artistic endeavors of Mesolithic humans.
Protected Area: 210 square meters (sq.m) surrounding the petroglyphs.
Discoveries: Seven significant petroglyphs found in Umbarle village of Dapoli taluka, including a 17-foot long petroglyph. An additional petroglyph was discovered in Borkhat village of Mandangad.
Geoglyphs:
Location: Spanning the 900 km Konkan coast in Maharashtra and Goa.
Characteristics: Unique clusters of pictorial representations depicting marine and riverine species, animals, reptiles, amphibians, and birds that are no longer present in the region.
Concerns: Conservationists have expressed concerns about a proposed oil refinery in Barsu (Maharashtra), which could potentially damage these geoglyphs.
Additional Notes:
Rock Art Significance: Rock art in India represents some of the oldest material evidence of early human creativity. Common forms include rock paintings, rock engravings, and various marks like bowl-shaped and ring-shaped impressions.
Tiger Reserves: Bor Tiger Reserve, Tadoba-Andhari Tiger Reserve
Union Cabinet Approves Major Airport Projects in West Bengal and Bihar
The Union Cabinet has greenlit significant airport infrastructure projects in West Bengal and Bihar, with a total investment of approximately ₹2,962 crore. These developments are set to enhance air travel facilities and address growing passenger demand in these regions.
Patna’s Second Airport
The Cabinet has approved the construction of a second airport at the Indian Air Force (IAF) base in Bihta, Patna, with an estimated cost of ₹1,413 crore.
This new civil enclave will help alleviate capacity constraints at the existing Patna airport. The new terminal, covering 66,000 square meters, will have a peak capacity to handle 3,000 passengers per hour and will include an apron with two link taxiways and 10 parking bays.
The Bihta project is designed to accommodate up to 1 crore passengers annually if needed.
Bagdogra Airport Expansion
In West Bengal, a new terminal building will be constructed at Bagdogra airport at a cost of ₹1,549 crore. This expansion addresses the airport’s near-full capacity due to its proximity to popular tourist destinations in Sikkim.
The new terminal, spanning 70,390 square meters, will also handle 3,000 passengers per hour and support up to 10 million passengers annually. The project will include an apron for 10 A-321 type aircraft, two taxiways, and multi-level parking facilities.
West Bengal
Chief minister: Mamata Banerjee
Capital: Kolkata
Bihar:
Capital: Patna
Chief minister: Nitish Kumar
“Launch of Krishi-DSS: A Cutting-Edge Geospatial Platform for Advancing Indian Agriculture”
On August, 2024, Bhagirath Choudhary, Minister of State for Agriculture and Farmers Welfare, launched the Krishi-Decision Support System (DSS) at the Bharat Mandapam in New Delhi. This event was part of the nationwide Space-Driven Solutions for Agricultural Transformation conference and coincided with the Department of Space’s celebrations of Chandrayaan-3’s success and the establishment of National Space Day on August 23.
Krishi-DSS Overview:
Purpose: A digital geo-spatial platform designed to enhance agricultural practices in India.
Features:
Data Access: Provides satellite images, weather data, reservoir storage levels, groundwater information, and soil health insights.
Modules: Includes advanced tools for crop mapping, drought monitoring, and weather impact analysis.
Sustainability: Supports sustainable agriculture through crop rotation analysis and real-time updates on crop conditions, soil moisture, and weather effects.
Integration: Combines various data sources to deliver farmer-centric solutions for improved agricultural management.
Agreement news
“India and Uzbekistan Strengthen Audit Cooperation with New MoU”
The Comptroller and Auditor General of India (CAG) and the Chamber of Accounts of Uzbekistan have signed a Memorandum of Understanding (MoU) in Tashkent, Uzbekistan, aimed at enhancing collaboration and expertise in auditing between the two countries.
Signatories:
Girish Chandra Murmu: CAG of India
Adiz Muzaffarovich Boboyev: Chairman of the Chamber of Accounts of Uzbekistan
Benefits of the MoU:
Knowledge Sharing:
Facilitates the exchange of best practices and innovative auditing solutions, creating a global network of auditing expertise.
Capacity Building:
Enhances skills and capabilities of auditing professionals to effectively handle complex government audits.
Promoting Best Practices:
Contributes to the development of resilient and sustainable governance frameworks.
About Uzbekistan:
President: Shavkat Miromonovich Mirziyoyev
Capital: Tashkent
Currency: Uzbekistani Som
Economy news
“DSP MF Launches India’s First Nifty Top 10 Equal Weight Index Fund and ETF”
DSP Mutual Fund (DSP MF) has introduced India’s inaugural Nifty Top 10 Equal Weight Index Fund and its corresponding Exchange Traded Fund (ETF). This initiative aims to offer investors balanced exposure to the top 10 companies on the Nifty Index by allocating equal weight to each stock in the portfolio.
Key Details:
New Fund Offer (NFO):
Open for Subscription: August 16, 2024
Closes on: August 30, 2024
Fund Characteristics:
DSP Nifty Top 10 Equal Weight Index Fund: Tracks the Nifty Top 10 Equal Weight Index.
DSP Nifty Top 10 Equal Weight ETF: Mirrors the returns of the Nifty Top 10 Equal Weight Index.
Investment Objective:
To provide returns consistent with the performance of the Nifty Top 10 Equal Weight Index, subject to tracking error.
Science and tech news
“Union Minister Launches National Pest Surveillance System (NPSS) to Revolutionize Pest Management for Indian Farmers”
Union Minister Shivraj Singh Chouhan has introduced the National Pest Surveillance System (NPSS), a digital platform designed to enhance pest management for Indian farmers. Here’s a summary of the initiative:
Overview:
Launch Event: Indian Council of Agricultural Research (ICAR), New Delhi.
Objective: To reduce farmers’ reliance on pesticide retailers and foster a scientific approach to pest management.
Target Beneficiaries: Approximately 14 crore (140 million) farmers in India.
Key Features:
Technology Integration:
Utilizes Artificial Intelligence (AI) and Machine Learning (ML) to provide real-time pest management advice.
Analyzes current pest data to assist in effective pest control and management strategies.
Platform Accessibility:
Available as both a mobile application and a web portal, making it easily accessible to farmers.
Farmers can upload photos of pest-infested crops or insects, which are then reviewed by experts.
Benefits:
Real-Time Advisories: Provides timely and accurate pest management recommendations.
Enhanced Pest Identification: Improves the accuracy of pest identification and management.
Optimal Pesticide Use: Helps ensure that pesticides are used correctly, both in terms of quantity and timing, to minimize waste and environmental impact.
Objective of NPSS:
To connect farmers directly with agricultural scientists and experts.
To promote a more scientific, data-driven approach to pest management, reducing dependence on traditional pesticide retailers.
The NPSS represents a significant step forward in integrating technology with agriculture, aiming to boost productivity and sustainability in pest management across India.
Appointment news
RBI Approves Salee Sukumaran Nair as MD & CEO of Tamilnad Mercantile Bank
Salee Sukumaran Nair has been appointed Managing Director and Chief Executive Officer (MD & CEO) of Tamilnad Mercantile Bank (TMB) for a three-year term, pending shareholder approval.
Previous Role: Nair previously served as Deputy Managing Director and Chief Credit Officer at the State Bank of India (SBI).
Tamilnad Mercantile Bank:
Headquarters: Thoothukudi
CEO: K V Rama Moorthy (Sept 2017–)
Founded: 11 May 1921
“Paetongtarn Shinawatra Elected as Thailand’s Youngest and Second Female Prime Minister”
On August , 2024, Paetongtarn Shinawatra, aged 37, was elected as Thailand’s youngest-ever and second female Prime Minister by the Parliament. She succeeds Phumtham Wechayachai, who served as Acting PM for two days following the removal of Srettha Thavisin.
Election Details:Votes Secured: 319 in favor, 145 against, and 27 abstentions.
Key Points:
Political Role:
Serving as the leader of the Pheu Thai Party since 2023.
Started her political career in 2021 as Chief of the Pheu Thai Party’s Inclusion and Innovation Advisory Committee.
Thailand:
Capital: Bangkok
Official language: Thai
King: Maha Vajiralongkorn
Currency: Thai Baht
Sports news
“Hockey India Retires No. 16 Jersey in Honor of Goalkeeper PR Sreejesh”
Hockey India has officially retired the No. 16 jersey from the national senior men’s team in tribute to Parattu Raveendran (PR) Sreejesh, the celebrated goalkeeper who is set to retire after the Paris Olympics 2024. This honor reflects his significant contributions to Indian hockey and his esteemed legacy.
Key Details:
Farewell Ceremony: Announced during a special event organized by Hockey India.
New Role: Appointed as the coach for the Junior Men’s Hockey Team.
Career Highlights:
Olympic Participation:
Competed in four Olympic Games since 2012.
Captained the team at the Rio 2016 Olympics.
Secured two Olympic bronze medals (Tokyo 2020, Paris 2024).
Other Accolades:
Asian Games: Gold medals in 2014 and 2023; Bronze in 2018.
Commonwealth Games: Silver medals in 2014 and 2022.
Asian Champions Trophy: Victories in 2011, 2016, 2018, and 2023.
About PR Sreejesh:
Early Career:
Debuted with the junior national team in 2004 at age 16, and with the senior team in 2006 at age 18.
Awards and Honors:
Major Dhyan Chand Khel Ratna Award: Received in 2021.
World Games Athlete of the Year: Named in 2021, becoming the second Indian athlete to receive this honor, following Rani Rampal in 2020.
International Hockey Federation (FIH) Goalkeeper of the Year: Earned the title, recognizing his exceptional skills.
PR Sreejesh, known as “The Wall of India,” is celebrated for his remarkable contributions to the sport and his leadership on the field. His legacy will continue to inspire future generations of hockey players.
On August, 2024, the 78th Independence Day of India, Yogi Adityanath, Chief Minister of Uttar Pradesh (UP), unveiled the Mukhyamantri Yuva Udyam Vikas Abhiyan (MYUVA) scheme. This initiative is designed to empower the youth of Uttar Pradesh by fostering entrepreneurship and self-employment opportunities.
Key Features of the MYUVA Scheme:
Objective:
To prepare one lakh young entrepreneurs annually.
Provides interest-free loans for projects up to Rs 5 lakh.
Additional Benefits:
Offers interest subsidies and coverage under the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE).
Supports the formation of one million Micro, Small, and Medium Enterprises (MSMEs) over the next decade.
Financial Allocation:
Budget for 2024-25: Rs 1,000 crore.
Support Structure:
Annual provision of industrial training and finance to about 100,000 youths for the next 10 years.
Aims to benefit one million units by financing 1,000,000 units each year.
Second-Stage Financing:
Successful repayment of the initial loan qualifies units for additional financing up to Rs 7.50 lakh, double the original loan amount.
Two States: On elections to Jammu and Kashmir and Haryana
Elections to Jammu and Kashmir and Haryana are of great Import
Assembly elections for Haryana and Jammu and Kashmir (J&K), to be held from September 18 to October 1, will test India’s democratic institutions and, especially, the Election Commission of India (ECI), to the fullest extent. This will be the first election for J&K since it lost its statehood and Ladakh was carved out as a separate UT without an Assembly in 2019. After a a three-phase poll in J&K and a single-phase one in Haryana, the counting of votes will be on October 4. Curiously, the ECI has said that elections that are due in Maharashtra and Jharkhand will be announced later. In 2019, Haryana and Maharashtra went to the polls together. Security concerns and festivals have been cited as the reason for holding these elections in batches of two each. Falling within the first year of the 2024 general election, these four Assembly elections, and then the one in Delhi, will be notable for the political signals that will emanate. Of import will be the J&K exercise, as a new elected government can be the first step to a durable political process after J&K’s reorganisation five years ago. The enthusiasm that the electorate showed in the general election and the recurring incidents of violent insurgency are two aspects of the situation in Kashmir. Elections could open the possibility of the emergence of new political actors. An election process that is demonstrably fair and transparent is essential for a healthy democracy, and in Kashmir’s case, no less so.
The Bharatiya Janata Party (BJP) went in for a changing of the guard in Haryana ahead of the general election to dilute the discontent against the party and its governments at the Centre and the State. The Agnipath short service scheme that was introduced by the Centre is a topic of intense interest in a State where many young people look to the military for a career option. The Congress is hoping to benefit from the double anti-incumbency and a disarray in the non-Jat social coalition that propelled the BJP to the top in 2014. The impact of the Assembly elections will not be limited to the two States/UTs. The general election had loosened the BJP’s grip over the country’s politics and given the Opposition a fresh lease of life. Whether that trend holds or there is a reversal is to be seen. Politics within the BJP, among the National Democratic Alliance partners, between the BJP and the larger Sangh Parivar, and between the BJP and the Opposition, could all be influenced by these elections. The BJP and the Congress both know that the stakes are high, giving this round of elections an added edge.
Word
Meaning
Symons
Antonym
Emanate
“Emanate” means to come out or flow from a source.
Radiate Exude Issue Emit
Absorb Recede Contain Inhibit
Discontent
“Discontent“ the state of being unhappy with something.
“Incumbency” the period during which someone has a particular official position:
Tenure Officeholding Responsibility Reign
Vacancy Absence Resignation Departure
Propelled
“Propelled” means to drive or push something forward or onward with force. It can also mean to stimulate or motivate someone or something to move or progress.
India-SriLanka ferry service resumes between Nagapattinam and Kankesanthurai near Jaffna
The passenger ferry service between India and Sri Lanka resumed operations yesterday, marking a significant step in enhancing maritime connectivity between the two nations. This service was initially launched in October 2023, connecting Nagapattinam in India with Kankesanthurai (KKS) near Jaffna in Sri Lanka’s Northern Province.
Route: The service connects Nagapattinam in India with Kankesanthurai (KKS) near Jaffna in Sri Lanka’s Northern Province.
Launch: Initially launched in October 2023.
Ferry Details: The ferry Sivagangai, operated by IndSri Ferry Services, completed its maiden journey in approximately four hours, carrying around 50 passengers.
Welcome Ceremony: Passengers were welcomed at KKS port by the Indian Consul General in Jaffna.
Indian Government Support: India is providing financial assistance of over 25 million Sri Lankan Rupees (LKR) per month for one year to cover operational costs at Nagapattinam port.
Sri Lankan Government Support: Sri Lanka has reduced the deviation tax for passengers departing via passenger vessels and ships.
Sri lanka:
Capitals: Colombo, Sri Jayawardenepura Kotte
Currency: Sri Lankan Rupee
Official languages: Sinhala, Tamil
President: Ranil Wickremesinghe
Prime minister: Dinesh Gunawardena
Launch of ‘Jiyo Parsi Scheme Portal’ and ‘Haj Applications (App) – 2025’
On August 2024, Union Minister Kiren Rijiju, Ministry of Minority Affairs (MoMA) along with the Minister of State (MOS) George Kurian, MOMA launched the ‘Jiyo Parsi Scheme Portal’ and ‘Haj Applications (app) – 2025′ at Manthan Hall in New Delhi, Delhi.
Key Figures:
Union Minister: Kiren Rijiju, Ministry of Minority Affairs (MoMA)
Minister of State (MOS): George Kurian, MoMA
National Commission for Minorities (NCM):
Chairman: Iqbal Singh Lalpura
Vice-Chairperson: Kersi Kaikhushroo Deboo
Jiyo Parsi Scheme Portal:
Purpose: Enables Parsis to apply, check application status, and receive financial aid through Direct Benefit Transfer (DBT).
Scheme Overview:
Launched: 2013-14
Objective: Stabilize and reverse the decline in the Parsi population through scientific protocols and structured interventions.
Components: Medical Assistance, Advocacy, and Health of Community.
Assistance: Provides support for medical treatment, childcare, and elderly dependents. Over 400 Parsi youths have benefited.
Haj Applications (App) – 2025:
Introduction: For the first time, applications can be submitted via the Haj Suvidha App as well as the Haj Committee of India (HCI) website.
Application Deadline: September 9, 2024
App Features:
Access to training content, accommodation, flight details, baggage information, emergency helpline (SOS), grievance redressal, feedback, language translation, and other pilgrimage-related services.
Improved coordination and control for Indian pilgrims in Saudi Arabia.
Quota: Over 1.75 lakh slots allocated by Saudi Arabia for Haj 2025.
Passport Requirement: Must be machine-readable, valid through at least January 15, 2026, and issued before the application deadline.
India-Israel Partnership: Establishment of ‘Center of Water Technology’
India and Israel have partnered to set up a ‘Center of Water Technology (CoWT)’ at the Indian Institute of Technology (IIT) Madras, Chennai, Tamil Nadu. This center focuses on Water Resources Management (WRM) and Water Technologies.
Initiative Launch: A capacity-building course titled ’24/7 Water Supply in Urban Areas’ was held at IIT Madras from August 5 to 8, 2024, to equip stakeholders with skills for managing urban water systems.
Background:
A tripartite agreement for the CoWT was signed in 2023 among the Embassy of Israel, IIT Madras, and the Atal Mission for Rejuvenation and Urban Transformation (AMRUT) mission of the Ministry of Housing and Urban Affairs (MOHUA).
This partnership underscores the commitment of both nations to tackle water scarcity and improve water management.
About IIT Madras:
Director: Professor Kamakoti Veezhinathan
Location: Chennai, Tamil Nadu
Established: 1959
About Israel:
President: Isaac Herzog
Prime Minister: Benjamin Netanyahu
Capital: Jerusalem
Currency: New Israeli Shekel (NIS)
Agreement news
EEPC India and ISSDA Sign MoU to Boost MSME Exports in Engineering and Stainless Steel Sectors
The Engineering Export Promotion Council of India (EEPC India) and the Indian Stainless Steel Development Association (ISSDA) signed a Memorandum of Understanding (MOU) to enhance the export of Micro, Small and Medium Enterprises (MSME) members in the engineering and stainless steel sectors.
Signatories:
EEPC India: Adhip Mitra, Executive Director
ISSDA: Rohit Kumar, Executive Director
Other Attendees: Rajamani Krishnamurti, President of ISSDA, and senior officials from EEPC India.
Objectives of the MoU:
Export Enhancement: Identify potential export products and boost trade activities through trade exhibits, buyer-seller meetings, and economic summits. The agreement facilitates the transfer and exchange of trade and business information to member exporters.
International Investment: Enhance trade information exchange and promote international investments through Joint Ventures (JVs) and technological collaboration.
Capacity Building: Conduct regional capacity-building sessions to support the growth of the engineering goods and stainless steel sectors.
Market Opportunities: Leverage the expertise and networks of EEPC India and ISSDA to create new global market opportunities for Indian businesses.
About the Indian Stainless Steel Development Association (ISSDA)
Nature: Non-profit organization
Registration: Under Section 8 of the Companies Act, 2013
Purpose: Dedicated to the growth and development of the stainless steel industry in India
President: Rajamani Krishnamurti
Headquarters: Gurugram, Haryana
Founded: 1989
IRCTC and NCRTC Launch ‘One India – One Ticket’ Initiative
IRCTC & NCRTC Collaborates To Launch ‘One India – One Ticket’ Initiative The Indian Railway Catering and Tourism Corporation (IRCTC) and National Capital Region Transport Corporation (NCRTC) have collaborated to launch the ‘One India – One Ticket’ initiative designed to enhance the travel experience for passengers on Indian Railways(IR) and Namo Bharat Trains.
Features:
Booking: Passengers can book Namo Bharat tickets for up to 8 travelers in a single transaction on the IRCTC platform, with flexible cancellation and payment options.
QR Code: Each RRTS ticket will feature a Unique Quick-Response (QR) code on the Electronic Reservation Slip (ERS), valid for 4 days around the journey date.
Advance Reservation: Namo Bharat tickets can be reserved up to 120 days in advance.
IRCTC: Indian Railway Catering and Tourism Corporation is an Indian public sector undertaking that provides ticketing, catering, and tourism services for the state-owned Indian Railways.
Founded: 27 September 1999
Headquarters: New Delhi
Note:Namo Bharat Trains are Indian Electric Multiple Unit (EMU) trains designed for Regional Rapid Transit services (RRTS).
Awards news
Government announces 70th National Film Awards 2022 winner’s List
The 70th National Film Awards for the year 2022 were announced on 16 August 2024. The head of the jury for the various segments of the National Film Awards presented the list of winners of the 70th National Film Awards to the Union Minister for Railways, Information and Broadcasting and Electronics and Information Technology Ashwini Vaishnaw in New Delhi
Rahul Rawail was the Chairperson of the Feature Film Jury, Nila Madhab Panda was the Chairperson of the Non-Feature Film Jury and Gangadhar Mudalair was theChairperson of the Best Writing on Cinema Jury.
The films which were made in 2022 were considered for the awards. The winners will be conferred the award in a ceremony to be hosted by the ministry later on.
List of Important Award winner (Feature Film Category)
Best Feature Film – Aattam (Malayalam), Director: Anand Ekarshi
Best Debut Film of a Director– Fouja (Hrryanvi), Director Parmod Kumar
Best Popular Film Providing Wholesome Entertainment– Kantara (Kannada), Director Rishab Shetty
Best Feature Film Promoting Social, National, and Environmental Values– Kutch Express (Gujarati) – Director: Viral Shah
Best Film in AVGC (Animation, Visual Effects Gaming & Comic)– Brahamstra Part -1 Shiva, Director: Ayan Mukerji
Best Direction -Uunchai (Hindi), Director: Sooraj R. Barjatya
Best Actor in a Leading Role– Rishab Shetty for the film Kantara
Best Actress in a Leading Role– Nithya Menen for film Thiruchitrambalam (Tamil), Manasi Parekh – Kutch Express (Gujarati),
Best Actor in a Supporting Role -Pavan Raj Malhotra for the film Fouja
Best Actress in a Supporting Role – Neena Gupta for the film Uunchai
Best Child Artist – Sreepath for film Malikappuram (Malayalam)
Best Male Playback Singer –Arijit Singh for the film Brahmastra
Best Female Playback Singer -Bombay Jayashri for film Chaayum Veyil (Malayalam)
Best Music Direction – Pritam for the film Brahmastra
Other Category
Best Hindi Film– Gulmohar Directed by Rahul V. Chittella
Best Tiwa film -Sikaisal (If Only Trees Could Talk), Directed by Dr. Bobby Sarma Baruah
Special Mention – Gulmohar (Hindi) and Kadhikan (Malayalam)
Best Non-Feature Film- Ayena (Hindi/Urdu), Directed by Siddhant Sarin
Award for Best Book on Cinema– Kishore Kumar: The Ultimate Biography(English) Author-Anirudha Bhattacharjee & Parthiv Dhar
Award for Best Film Critic-Deepak Dua (Hindi)
Appointment News
IRS Officer Rahul Navin new Director of Enforcement Directorate (ED)
The Appointment Committee of the Cabinet, chaired byPrime Minister Narendra Modi on 14 August 2024, has approved the appointment ofRahulNavin as the Director of the Directorateof Enforcement(ED).Rahul Navin was appointed as the acting director of the Enforcement Directorate by the government of India on 15 September 2023 after Sanjay Kumar Mishra’s retirement. Sanjay Mishra had to retire after the Supreme Court held the frequent extension given to him by the government of India as illegal.
About the Appointments Committee of the Cabinet
The appointment committee of the Cabinet is the highest body of the government of India, which approves the appointment to various top administrative posts of the government of India. The Appointments Committee of the Cabinet consists of two cabinet ministers of the government of India. They are :
Prime Minister Narendra Modi and
Amit Shah– Union Minister for Home Affairs and Minister of Cooperation.
Award news
Thiruvananthapuram International Airport Limited (TIAL) Receives Greentech Award
TIAL won the ‘Pollution Control Waste Management & Recycling (PCWR) Award 2024’ from the Greentech Foundation.
Event: The award was presented at the Greentech PCWR 2024 Summit, Awards, and Expo in Guwahati, Assam.
Recognition: The award acknowledges TIAL’s success in implementing a ‘zero waste to landfill’ policy.
Waste Management Practices:
Cradle-to-Cradle Concept: Waste generation and management are based on this sustainable approach.
Landfill Diversion Rate: Achieved 99.50% through practices like reduction, reuse, recycling, and recovery.
Processing: 100% of plastic and solid waste is processed.
ISO Certification: TIAL has an ISO 14001:2015 certified waste management system with efficient waste collection and recycling mechanisms.
Management: TIAL is managed by Adani Airport Holdings Limited (AAHL), a subsidiary of Adani Enterprises, and is located in Thiruvananthapuram, Kerala.
Books and author news
Rajya Sabha Deputy Chairman Harivansh Releases a Book Titled ‘Bharat ke 75 mahan krantikari’
Harivansh Narayan Singh, Deputy Chairman of the Rajya Sabha, launched the book ‘Bharat ke 75 Mahan Krantikari’ in New Delhi.
Author: The book is authored by Bhim Singh, a Rajya Sabha MP from Bihar.
Content: The book highlights the lives of 75 lesser-known revolutionary freedom fighters, including Tantia Bhil, Surya Sen, Pritilata Waddedar, and Permanand Jhansi, who played significant roles in India’s struggle for independence.
Scheme news
Himachal Pradesh Launches ‘HIM-UNNATI’ Initiative
The Himachal Pradesh (HP) Government has launched ‘HIM-UNNATI’, the third phase of the Rajiv Gandhi Start-up Yojana, to promote natural farming across the state.
Funding: Rs 150 crore has been allocated for the scheme.
Focus: The scheme aims to support approximately 1.92 lakh farmers practicing chemical-free farming on over 32,149 hectares of land. It will use a cluster-based development model to make agriculture commercially viable.
Key Components:
Cluster-Based Model: Combining smallholding farmers for bulk production and marketable surplus.
Integration: Coordination with departments like Animal Husbandry, Horticulture, Fisheries, and Rural Development to enhance the scheme’s effectiveness.
Benefits:
Target Groups: Small and marginal farmers, including women, SC, ST, and BPL families.
Employment: Expected to generate self-employment for about 50,000 farmers through 2,600 agricultural clusters.
Productivity: Anticipated to increase productivity by 15% to 20% in vegetables and cereals.
Himachal Pradesh Overview:
Chief Minister: Sukhvinder Singh Sukhu
Governor: Shiv Pratap Shukla
National Parks: Khirganga National Park, Inderkilla National Park
ISRO Successfully Completes SSLV Development Project with SSLV-D3 Launch
Indian Space Research Organisation (ISRO) successfully launched its 3rd and final developmental flight of the Small Satellite Launch Vehicle (SSLV-D3) from the Satish Dhawan Space Centre (SDSC), Sriharikota, Andhra Pradesh.
Payload:
Earth Observation Satellite (EOS-08): Developed by U R Rao Satellite Centre (URSC), Bengaluru.
SR-0 DEMOSAT: The first satellite from Chennai-based startup, Space Rickshaw.
Mission Outcome: Both satellites were successfully placed into a 450 km circular orbit around Earth.
Objectives:
Enhance commercial satellite launch operations for NewSpace India Limited (NSIL), the commercial arm of ISRO.
Design and develop microsatellite technologies, create payload instruments for microsatellite buses, and incorporate new technologies for future operational satellites.
About ISRO:
Chairman: Sreedhara Panicker Somanath
Headquarters: Bengaluru, Karnataka
Established: 1969
DRDO Conducts Successful Tests of MP-ATGM and ‘GAURAV’
The Defence Research and Development Organisation (DRDO),the Research and Development (R&D) wing of the Ministry of Defence (MOD), and the Indian Army successfully conducted the test-firing of the indigenously developed Man-Portable Anti-Tank Guided Missile (MP-ATGM).
The test was conducted at Pokhran Field Firing Range (PFFR) in Jaisalmer, Rajasthan.
Maiden Flight Test of ‘GAURAV’:
Event: DRDO successfully conducted the maiden flight test of the Long Range Glide Bomb (LRGB) named ‘GAURAV’.
Platform: Launched from an Indian Air Force (IAF) Su-30 MK-I aircraft.
Location: Off the coast of Odisha.
Development: Designed and developed by Research Centre Imarat (RCI), Hyderabad, Telangana.
India adds three new Ramsar sites to wetlands network, bringing the total to 85
Environment, Forest and Climate Change MinisterBhupendra Yadav has said India has added three more Ramsar sites to the network, taking the tally to 85.
Nanjarayan Bird Sanctuary and Kazhuveli Bird Sanctuary in Tamil Nadu and Tawa Reservoir of Madhya Pradesh have been added to the list of India’s Ramsar sites.
In a social media post, the Minister said this achievement reflects the emphasis that Prime Minister Narendra Modi has laid on establishing harmony with nature.
Prime Minister Modi called this a joyous occasion for India, saying that this indicates the priority government accords to sustainable development as well as living in harmony with nature. He gave compliments to the people of Madhya Pradesh and Tamil Nadu. He said his government will continue to be at the forefront of such efforts in the times to come.
What is ramsar site?
A Ramsar Site is a wetland area designated under the Ramsar Convention, an international treaty established in 1971 in the Iranian city of Ramsar. The primary objective of the convention is to promote the conservation and sustainable use of wetlands, which are vital ecosystems that provide numerous ecological services, including water purification, flood control, and habitat for a wide variety of species.
Key Points About Ramsar Sites:
Ramsar Convention:
The Ramsar Convention, also known as the “Convention on Wetlands of International Importance,” was adopted on February 2, 1971, and came into force in 1975. This date is celebrated annually as World Wetlands Day.
It is the first international treaty dedicated to the conservation of a particular type of ecosystem—wetlands.
Criteria for Designation:
A wetland is designated as a Ramsar Site based on specific criteria, such as its importance in conserving biological diversity, supporting vulnerable or endangered species, and its role in sustaining human life through resources like fish and water.
Other criteria include unique ecological features, or its significance in terms of hydrology, ecology, or biodiversity.
Importance of Ramsar Sites:
Ramsar Sites are recognized for their global ecological importance. They are protected under the convention’s framework, which encourages national governments to manage and preserve these areas.
The designation helps raise awareness and attract resources for the conservation and sustainable management of wetlands.
Government to Launch ‘Kisan Ki Baat’ Radio Programme for Farmers
Union Agriculture Minister Shivraj Singh Chouhan announced the launch of ‘Kisan Ki Baat’, a monthly radio programme.
Objective: The initiative aims to modernize agricultural practices and empower farmers with scientific knowledge.
Content: The programme will feature agricultural scientists, department officials, and the minister, providing vital information on best practices and scientific advancements.
Target Audience: The programme is specifically designed to educate and inform farmers across the country.
Submit news
India to Host 3rd Voice of Global South Summit on August 17
India will host the 3rd Voice of Global South Summit on Saturday. The theme of the Summit is – An Empowered Global South for a Sustainable Future. External Affairs Ministry in a statement said that it will act as a platform to expand discussions held in the previous Summits on a range of complex challenges that continue to affect the world, such as conflicts, food and energy security crises and climate change.
Purpose: The summit aims to expand discussions on global challenges like conflicts, food and energy security, and climate change, focusing on the priorities and solutions for the Global South, particularly in development.
Format: The Summit will be held virtually, featuring a Leaders’ Session and Ministerial sessions. The inaugural session at the Head of State and Government level will be hosted by Prime Minister Narendra Modi.
Initiative: The Summit is part of Prime Minister Modi’s vision of ‘Sabka Saath, Sabka Vikas, Sabka Vishwas aur Sabka Prayas’ and is based on India’s philosophy of Vasudhaiva Kutumbakam, emphasizing global unity and cooperation.
Background: This initiative provides a platform for countries of the Global South to share their perspectives and priorities on a wide range of issues.
Banking news
L&T Finance Achieves NBFC-ICC Status from RBI
L&T Finance Ltd. has transitioned from an NBFC-Core Investment Company (NBFC-CIC) to a Non-Banking Financial Company (Investment and Credit Company) (NBFC-ICC) following the merger of its wholly-owned subsidiaries, including L&T Finance, L&T Infra Credit Ltd., and L&T Mutual Fund Trustee Ltd. The Reserve Bank of India (RBI) issued the certificate of registration on August 2. This change in registration is not expected to affect the company’s compliance with the NBFC-ICC guidelines.
Compliance: The change is not expected to impact compliance with NBFC-ICC guidelines.
Record Net Profit: In Q1FY25, L&T Finance reported a net profit of ₹685 crore, a 29% year-on-year increase.
Loan Book Growth: The company’s consolidated loan book grew by 13% to ₹88,717 crore, with retail loans making up 95% of this total.
Stock Performance: Despite a recent 0.77% decline, the stock has risen 2.31% year-to-date and 29.84% over the past year.
L&T Finance:
Headquarters: Mumbai
Head: Sudipta Roy
RBL Bank Launches “Vijay Fixed Deposits” to Celebrate 78th Independence Day
RBL Bank introduces “Vijay Fixed Deposits” in honor of India’s 78th Independence Day.
Interest Rates: Offers 8.85% p.a. for super senior citizens, 8.60% p.a. for senior citizens, and 8.1% p.a. for regular customers on a 500-day fixed deposit.
Booking Options: Customers can book through the RBL Bank MoBank app or by visiting a branch.
Limited-Time Offer: Available for deposits below Rs 3 crore.
Recent Innovations: On August 1, 2024, RBL Bank became the first private bank in India to integrate UPI and NCMC features on RuPay Credit Cards.
Bank Overview:
Established: Originally founded as Ratnakar Bank in 1943, rebranded to RBL Bank in 2014.
Headquarters: Mumbai, India.
Branches: 545 branches across 28 states and Union Territories.
Customer Base: Approximately 15.90 million customers.
Recent Initiatives: Integration of UPI and NCMC features on RuPay Credit Cards.
SEBI Report on Foreign Portfolio Investment (FPI) in India – FY24
According to a report by the Securities and Exchange Board of India (SEBI), the United States led Foreign Portfolio Investment (FPI) in India during the Fiscal Year 2023-24 (FY24), with 3,457 registered FPIs. Luxembourg and Canada followed with 1,393 and 804 FPIs, respectively.
Key Highlights:
Total FPIs: As of March 31, 2024, the total number of FPIs in India rose to 11,219, up from 11,081 in FY23.
FPI Inflows: FY24 recorded the highest FPI inflows into India since 1992-93.
Assets Under Custody (AUC):By March 31, 2024, the AUC of FPIs saw a significant increase of 42.8%, reaching Rs 69.5 lakh crore, up from Rs 48.7 lakh crore on March 31, 2023. This rise reflects growing foreign investor confidence in India.
Equity Assets:
Distribution: Equity assets constituted 92.2% of the total AUC.
Top Contributors:
The USA contributed 39.2% of the total equity assets.
Singapore followed with a 9.8% share.
Luxembourg contributed 7.1%.
This surge in FPI and AUC growth underscores India’s attractiveness as an investment destination, driven by robust economic performance and a favorable regulatory environment.
SEBI:
Founded: 12 April 1988
Founder: Government of India
Agency executive: Madhabi Puri Buch, Chairperson
Headquarters: Mumbai, Maharashtra
RBI Constitutes Expert Committee on Statistics – August, 2024
The Reserve Bank of India (RBI) has established a 10-member expert committee chaired by Dr. Michael Debabrata Patra, Deputy Governor of RBI. The purpose of this committee is to benchmark RBI’s regularly disseminated statistics against global standards and best practices.
Key Responsibilities:
Quality Assessment: The committee will evaluate the quality of various statistics published by the RBI, such as the Consumer Confidence Survey (CCS), Balance of Payments (BOP), Foreign Trade Statistics (FTS), India’s External Debt, and the Handbook of Statistics on the Indian Economy.
Benchmarking: It will assess these statistics against international benchmarks and best practices.
Guidance on Data Refinement: The committee will also explore areas where routine data lacks existing benchmarks, including sectors like national security, and provide recommendations for further data refinement.
Timeline:
The expert committee is expected to submit its report by the end of November 2024.
About the Reserve Bank of India (RBI)
Governor: Shaktikanta Das (25th Governor of RBI)
Headquarters: Mumbai, Maharashtra
Established: April 1, 1935
Appointment news
Senior IAS officer Govind Mohan appointed New Union Home Secretary
Senior IAS officer Govind Mohan today appointed as the new Union Home Secretary. He will succeed Ajay Kumar Bhalla whose tenure is going to end on 22nd of this month.
A 1989 batch IAS Officer, Mr Mohan is currently Secretary in Culture Ministry.
The Appointments Committee of the Cabinet has approved his name.
Sports news
Alexander Zverev becomes 1st player to earn 50 tour-level wins this season
In Tennis, German star Alexander Zverev overcame Karen Khachanov in straight sets at the Cincinnati Open in USA last night, becoming the first player to earn 50 tour-level wins this season.
Zverev defeated Khachanov 6-3, 6-2 for an opening win at the ATP Masters 1000 event. Zverev, who lifted the trophy in Cincinnati in 2021, will play Australian Max Purcell or Spaniard Pablo Carreno Busta in the third round.
CAS rejects Wrestler Vinesh Phogat’s appeal against disqualification from Paris Olympics
Wrestler Vinesh Phogat’s joint silver medal hope came to an end with the Court of Arbitration for Sport, CAS, rejecting her appeal against disqualification from the Paris Olympics.
The ad-hoc division of the CAS rejected her appeal days after it concluded the hearing in the case.
Vinesh Phogat was disqualified after she weighed 100 grams more than her 50-kg weight category on the day of her final gold medal bout.
Following this, Phogat approached the CAS for a joint silver medal. In a statement, IOA President PT Usha expressed shock and disappointment at the decision of the CAS. The IOA said that it is exploring the next legal remedy available for Phogat.
Science and tech news
Naming of Underwater Geographical Structures in the Indian Ocean
The International Hydrographic Organization (IHO) and the Intergovernmental Oceanographic Commission (IOC) of UNESCO have officially named three underwater geographical structures in the Indian Ocean as Ashoka Seamount, Chandragupt Ridge, and Kalpataru Ridge. These names were proposed by India, reflecting the country’s historical and cultural heritage:
Ashoka Seamount – Named after the Mauryan Emperor Ashoka.
Chandragupt Ridge – Named after Chandragupta Maurya, the founder of the Maurya Empire.
Kalpataru Ridge – Named after the mythological wish-fulfilling tree, Kalpataru.
Discovery and Research
These underwater features were discovered by oceanographers from the National Centre for Polar and Ocean Research (NCPOR) in Goa. The discoveries were made during the Indian Southern Ocean Research Programme, specifically in the Southwest Indian Ridge area of the Indian Ocean.
International Hydrographic Organization (IHO)
The IHO, established in 1921, is an intergovernmental organization that focuses on ensuring safe navigation and supporting marine environmental protection.
Secretary-General: Dr. Mathias Jonas (Germany)
Secretariat Location: Monaco
Member States: 100, including India
This recognition by IHO and IOC showcases India’s growing involvement in marine research and international cooperation in oceanographic studies.
Obituary news
Father of Agni Missiles, Dr. Ram Narain Agarwal Passes Away
Dr. Ram Narain Agarwal, a renowned Indian scientist and the driving force behind India’s missile program, passed away on Thursday in Hyderabad at the age of 84. Known affectionately as the ‘Father of Agni Missiles‘, Dr. Agarwal’s contributions to India’s defence capabilities have been nothing short of revolutionary.
Early Career and Collaborations
Dr. Agarwal’s illustrious 22-year career in defence research saw him working alongside other luminaries in the field, including Dr. Arunachalam and former President of India, Dr. APJ Abdul Kalam. This collaboration of brilliant minds laid the foundation for India’s robust missile defense system.
Contributions to Missile Technology
During his tenure, Dr. Agarwal made significant strides in various aspects of missile technology:
Established re-entry technology
Developed all-composite heat shields
Advanced onboard propulsion systems
Innovated guidance and control systems for missiles
These technological advancements were crucial in positioning India as a formidable player in global defence.
