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Vice President flagged off Har Ghar Tiranga Bike Rally from Bharat Mandapam in Delhi
Vice President Jagdeep Dhankhar flagged off the Har Ghar Tiranga Bike Rally from Bharat Mandapam in New Delhi this morning.
Culture Minister Gajendra Singh Shekhawat and Parliamentary Affairs minister Kiren Rijiju were also present on the occasion.
The rally will end at Major Dhyan Chand National Stadium. The ‘Har Ghar Tiranga’ campaign is part of the Azadi Ka Amrit Mahotsav, designed to bring the tricolor into homes across the nation.
MP govt gives cash to girl students to buy sanitary napkins
The Dr Mohan Yadav government in Madhya Pradesh has become the first state government in India to provide cash to adolescent girls to buy sanitary napkins. The cash is being provided under the state government’s Sanitation and Hygiene scheme.
Many state governments in India provide free sanitary napkins to adolescent girls, but none of them give cash to the beneficiaries.
Main features of the Cash for Sanitary Napkins scheme
School girls from class seventh to twelfth are eligible for these cash benefits.
They will get Rs three hundred for one year.
The government has transferred more than 57 crore 18 lakh rupees to more than 19 lakh beneficiary girl students.
Udita Scheme of the Madhya Pradesh Government
The state government launched the Udita Scheme on 1 November 2016 under its Women and Child Development Project to address the myths and taboos related tomenstruation.
The Scheme is being implemented through Anganwadi workers and assistants.
The first phase of the scheme was implemented in Gwalior, Indore and Badwani and later in all the districts of Madhya Pradesh.
Adolescents and women in the age group of 18 to 49 years are eligible under the Udita scheme.
Aim of the Scheme
The aims of the Udita scheme are as follows:
To create awareness and educate adolescent girls about the importance of proper hygiene during menstruation and overall menstrual management.
dispelling the doubts and myths related to this topic,
encourage adolescent girls to use quality sanitary pads,
increase the availability of sanitary pads in villages and increase its accessibility,
proper disposal of used sanitary napkins
create awareness among adolescents about anaemia,
create awareness among adolescents about Nutrition,
provide free sanitary napkins to adolescent girls and women.
Madhya Pradesh:
Capital: Bhopal (Executive Branch)
Governor: Mangubhai C. Patel
One India-One Ticket’ to boost tourism
The Indian Railway Catering and Tourism Corporation (IRCTC) and the National Capital Region Transport Corporation (NCRTC) have collaborated to launch ‘One India-One Ticket’ initiative to enhance the travel experience for passengers on Indian Railways and Namo Bharat Trains. It will allow passengers to book Namo Bharat tickets through IRCTC platform with flexible cancellation and payment.
IRCTC in a statement said that passengers can generate Unique QR code for Namo Bharat train ticket. The code will be valid for 4 days around the journey date options. Namo Bharat tickets can be booked up to 120 days in advance, aligning with the current Railway reservation window.
Banking news
UPI merchant transactions in Nepal cross 100,000 milestone
NPCI International Payments Limited (NIPL) has exceeded 100,000 cross-border Unified Payments Interface (UPI) Person-to-Merchant (P2M) transactions in Nepal.
Partnership: This success follows NIPL’s collaboration with Fonepay, Nepal’s largest payment network, which started in March 2024.
Global Reach:UPI, supported by a mobile-based real-time payment system, is widely accepted across several countries, including Bhutan, France, Mauritius, Singapore, Sri Lanka, and the UAE, establishing it as a major real-time payment platform worldwide.
On August 2024, during President Droupadi Murmu’s official visit to New Zealand, India and New Zealand formalized a Bilateral Customs Cooperation Arrangement to streamline trade between the two nations. This agreement aims to facilitate easier and more efficient trade processes.
Visit Highlights:
Itinerary:President Murmu’s three-nation tour includes Fiji, New Zealand, and Timor Leste, with her visit to New Zealand on August 8 and 9, 2024.
Previous Visits: The last visit by an Indian President to New Zealand was by Pranab Mukherjee in May 2016.
Welcome Ceremony:President Murmu was greeted with a traditional Maori welcome in Wellington.
Formal Meetings: She was welcomed by New Zealand’s Governor General Dame Cindy Kiro and met with Deputy Prime Minister and Foreign Minister Winston Peters. Discussions included collaboration on traditional medicine through the WHO Global Centre for Traditional Medicine in Jamnagar, Gujarat.
Conference Address: President Murmu spoke at the New Zealand International Education Conference, where India was the Guest of Honour.
India-New Zealand Relations:
Diplomatic History: India established a Trade Mission in New Zealand in 1950, upgraded to a High Commission.
Trade Statistics: As of June 2023, India is New Zealand’s 15th largest trading partner with trade valued at US$1.56 billion.
Imports from New Zealand: Wool, edible fruits & nuts, forestry products.
Exports to New Zealand: Precious metals and gems, textiles, motor vehicles, pharmaceuticals, non-knitted apparel.
About New Zealand:
Location: An archipelago in the South Pacific Ocean.
Unique Species: Home to the flightless Kiwi bird.
Historical Milestone: Edmund Hillary, a New Zealander, was the first to climb Mount Everest in 1953.
Indigenous Population: Maoris.
Independence: Gained from the UK in 1947, part of the Commonwealth.
Head of State: Represented by UK Monarch, King Charles III.
Capital: Wellington
Currency: New Zealand Dollar
Prime Minister: Christopher Luxon
Appointment News
T.V. Somanathan Appointed as New Cabinet Secretary
Senior IAS Officer T.V. Somanathan has been appointed as the new Cabinet Secretary of India, succeeding Rajiv Gauba, whose term ends this month.Somanathan will begin his two-year tenure on August 30, 2024. He will also serve as Officer on Special Duty (OSD) in the Cabinet Secretariat until he formally assumes the role of Cabinet Secretary.
Rajiv Gauba’s Tenure
Duration:Rajiv Gauba has served as Cabinet Secretary for five years, a record term. His tenure included three extensions, with the most recent one granted in August 2023.
Achievements:Gauba is recognized for his role in the Jammu and Kashmir Reorganisation Act, 2019, which led to the bifurcation of the state into two Union Territories.
Award news
Shah Rukh Khan Honored with Career Achievement Award at 77th Locarno Film Festival
Shah Rukh Khan received a career achievement award on August 10, 2024, at the Locarno Film Festival’s Piazza Grande, addressing an audience of 8,000.
Views on Cinema: He described cinema as a profound artistic medium that transcends boundaries and emphasized that art’s purpose is to affirm life.
Reflections on Creativity: Khan highlighted love as the foundation of creativity, connecting it to universal understanding and joy.
Humorous Award Renaming: He humorously renamed his award the “Leopard award for being the most awesome in the world, in the history of humility and kindness and goodness.”
Agreement news
SAMEER Partners for Large-Scale Production of Advanced Brix Measurement System
The Society for Applied Microwave Electronics Engineering & Research (SAMEER) has signed a Transfer of Technology (ToT) agreement with Toshniwal Hyvac Pvt. Ltd. and Sir Automation Industries to enable large-scale manufacturing of a Microwave-Based Brix Measurement System.
Technology Overview: Developed by SAMEER, this system provides a rapid, non-destructive, and precise method for measuring sugar concentration (Brix) in real-time during sugar production. It eliminates manual sampling, reducing production time and increasing efficiency.
Alignment with PM’s Vision: This technology supports the PM’s vision of “Jai Jawan, Jai Kisan, Jai Vigyan, Jai Anusandhan” by fostering indigenous advancements in the sugar industry in India.
Ranking and report news
IIT-Madras retains Top Ranking in the 9th NIRF 2024 Overall Category
The Indian Institute of Technology(IIT) Madras has retained its top spot in the recentlyreleased 9th India Rankings report which ranks the High Educational Institutions in India.
IIT Madras retained its first position in the Overall Category for the sixth consecutive year, from 2019 to 2024.
The 9th Indian Rankings report was released by the Union Minister for EducationDharmendra Pradhan on 12 August 2024 in New Delhi.
About India Rankings
The Union Ministry of Human Resource Development approved the National Institutional Ranking Framework (NIRF) in 2015. The Ministry was later renamed as the Union Ministry of Education.
The NIRF outlines a methodology for ranking the country’s higher educational Institutions (HEIs). The HEIs are ranked on five parameters: Teaching, Learning and Resources, Research and Professional Practices, Graduation Outcomes, Outreach and Inclusivity, and Perception.
The ministry released the first Indian Ratings of the country’s HEIs in 2016 based on the NIRF.
Changes in the 9th India Ranking of HEIs
In the 9th India Ranking, two changes have been made as compared to the 8th edition.
State Public Universities, Open Universities, and Skill Universities categories have been added.
Innovation Institution category has been included in the India Ranking.
Top Three Institutions in the 9th India Ranking 2024
Here is the list of the top three institutions in the following categories.
Overall Categories
Ranking
Institution
Year of Establishment
City
State/Union Territory
1
IIT-Madras
1959
Chennai
Tamil Nadu
2
Indian Institute of Science
1909
Bengaluru
Karnataka
3
IIT Bombay
1958
Mumbai
Maharashtra
Universities
Ranking
Institution
Year of Establishment
City
State /Union Territory
1
Indian Institute of Science
1909
Bengaluru
Karnataka
2
Jawaharlal Nehru University
1969
New Delhi
Delhi
3
Jamia Millia Islamia
1920
New Delhi
Delhi
State Public Universities
Ranking
Institution
Year of Establishment
City
State /Union Territory
1
Anna University
1978
Chennai
Tamil Nadu
2
Jadavpur University,
1955
Kolkata
West Bengal
3
Savitribai Phule University
1949
Pune
Maharashtra
Open University
Ranking
Institution
Year of Establishment
City
State /Union Territory
1
Indira Gandhi National Open University (IGNOU)
1985
New Delhi
Delhi
Skill Universities
Ranking
Institution
Year of Establishment
City
State /Union Territory
1
Symbiosis Skills and Professional University
2107
Pune
Maharashtra
Colleges
Ranking
Institution
Year of Establishment
City
State /Union Territory
1
Hindu College
1899
New Delhi
Delhi
2
Miranda House,
1948
New Delhi
Delhi
3
Ramakrishna Mission Vidyamandira
1941
Howrah
West Bengal
Research Institutions
Ranking
Institution
Year of Establishment
City
State /Union Territory
1
Indian Institute of Science
1909
Bengaluru
Karnataka
2
Indian Institute of Technology Madras,
1959
Chennai
West Bengal
3
Indian Institute of Technology Delhi
1961
New Delhi
Delhi
Innovation Institutions
Ranking
Institution
Year of Establishment
City
State /Union Territory
1
Indian Institute of Technology Bombay
1958
Mumbai
Maharashtra
2
Indian Institute of Technology Madras,
1959
Chennai
West Bengal
3
Indian Institute of Science, Bengaluru
1909
Bengaluru
Karnataka
Engineering
Ranking
Institution
Year of Establishment
City
State /Union Territory
1
Indian Institute of Technology Madras,
1959
Chennai
West Bengal
2
Indian Institute of Technology Delhi
1961
New Delhi
Delhi
3
Indian Institute of Technology Bombay
1958
Mumbai
Maharashtra
Books and author news
‘75 Great Revolutionaries of India’ Book Launch Celebrates Unsung Heroes
Rajya Sabha Deputy Chairman Harivansh Narayan Singh attended the book launch of ’75 Great Revolutionaries of India’ by MP Bhim Singh on August 11, 2024.
Focus on Lesser-Known Heroes: Singh praised the book for its spotlight on lesser-known freedom fighters and its meticulous research.
Inspirational Goal: The book is intended to inspire efforts towards a ‘Viksit Bharat’ (Developed India) by drawing strength from the stories of these revolutionaries.
Defence news
10th bilateral Mitra Shakti Military Exercise Commences in Sri Lanka
The 10th annual Mitra Shakti military exercise between the Indian Army and the Sri Lankan Army began on August 12, 2024, at the Sri Lankan Army Training School in Maduru Oya. The exercise will run until August 25.
Objective: The exercise aims to strengthen military-to-military ties and bilateral relations between India and Sri Lanka, focusing on anti-terrorist operations in urban areas.
Historical Context: Initiated in 2012, the Mitra Shakti exercise alternates between India and Sri Lanka. The 2024 edition marks the 10th iteration, following the 9th edition held in Pune, India, in 2023.
Participants:This year, the Rajputana Rifles from India and the Gajaba Regiment from Sri Lanka are participating. The exercise involves each side deploying one Infantry Battalion, three Armoured Tanks, four BMP tanks, five to ten Artillery observers, and fifty Engineers personnel.
Phases of the Exercise:
Phase One: Static display and demonstration of weapons and equipment by both sides.
Phase Two: Training and rehearsals, including night training.
Phase Three: Sports competition to foster friendship and camaraderie.
Phase Four: Comprehensive exercise involving both armed forces.
International Youth Day 2024, Date, Theme and History
International Youth Day, observed annually on August 12th, is a global celebration that recognizes the contributions of young people to society and addresses the challenges they face. The day serves as a platform to raise awareness about socio-economic and socio-political issues affecting youth worldwide.
The 2024 theme, “From Clicks to Progress: Youth Digital Pathways for Sustainable Development,” highlights the crucial role of digital technologies in advancing the United Nations Sustainable Development Goals (SDGs)
History of International Youth Day
Establishment and First Celebration:
1999:The United Nations officially declared August 12 as International Youth Day.
August 12, 2000: The first official celebration of International Youth Day took place.
Origins and Development:
1965:The United Nations General Assembly began its efforts to educate and inspire youth.
December 17, 1999:The World Conference of Ministers Responsible for Youth in Lisbon proposed the establishment of International Youth Day.
ISLRTC and AWES Partner to Promote Indian Sign Language and Enhance Accessibility for Deaf Students
the Indian Sign Language Research and Training Centre (ISLRTC) signed a Memorandum of Understanding (MoU) with the Army Welfare Education Society (AWES) to promote Indian Sign Language (ISL) and enhance accessibility for students who are deaf or hard of hearing.
Key People Involved:
N. Honnareddy: Director of ISLRTC, who signed the MoU.
Major General P.R. Murali: Managing Director (MD) of AWES, who also signed the MoU.
Rajesh Aggarwal: Secretary, Department of Empowerment of Persons with Disabilities (DEPWD), Ministry of Social Justice and Empowerment (MOSJE), who chaired the signing ceremony.
Key Points of the MoU:
Training and Promotion: The partnership aims to train school administrators, students, parents, and teachers to promote Indian Sign Language (ISL), with a special focus on enhancing sign language skills among the faculty of Army Public Schools (APS).
Empowerment and Integration: The collaboration is intended to expand the reach and effectiveness of ISL initiatives, contributing to the empowerment and integration of the Deaf community.
Educational Impact: This partnership is expected to significantly impact the educational ecosystem by empowering educators and fostering an inclusive environment for students who are deaf or hard of hearing.
About the Indian Sign Language Research and Training Centre (ISLRTC):
Type: Autonomous body under the Department of Empowerment of Persons with Disabilities (DEPWD).
Director: N. Honnareddy
Headquarters: New Delhi, Delhi
Established: 28th September 2015
About the Army Welfare Education Society (AWES):
Purpose: Provides quality education to the children of Indian Army soldiers.
Managing Director (MD): Major General P.R. Murali (Retd.)
Headquarters: New Delhi, Delhi
Established: 1983
India-Nepal MoU for Launch of Munal Satellite
Ministry of External Affairs (India) and NewSpace India Limited (NSIL) signed an MoU for the launch of Nepal’s Munal satellite.
Signatories: Shri Anurag Srivastava (MEA) and Shri Arunachalam A (NSIL) signed the MoU.
Witnessed by EAM: External Affairs Minister of India witnessed the exchange of the Launch Service Agreement during his visit to Nepal.
Munal Satellite: Developed by Nepal’s NAST, with assistance from Antarikchya Pratishan Nepal (APN), designed to build a vegetation density database.
Launch Vehicle: The satellite will be launched on NSIL’s Polar Satellite Launch Vehicle (PSLV).
Ministry of external affairs: Officeholder: S. Jaishankar (Union Minister)
Chhattisgarh Approves Country’s Third Largest Tiger Reserve
Chhattisgarh clears the proposal for Guru Ghasidas-Tamor Pingla Tiger Reserve, the third largest in India, spanning 2,829 sq km across four northern districts.
Declining Population: Chhattisgarh’s tiger population dropped from 46 in 2014 to 17 in 2022, according to a 2023 NTCA report.
States with Small Populations: States like Mizoram, Nagaland, Jharkhand, Goa, Chhattisgarh, and Arunachal Pradesh report low tiger populations.
Eco-tourism & Employment: The reserve aims to boost eco-tourism and create jobs for local villagers in the core and buffer zones.
Legal Push: The decision follows a 2019 PIL and a high court order in July 2023 urging the state to act.
Largest Reserves: Nagarjunasagar Srisailam (Andhra Pradesh) is the largest, followed by Manas (Assam).
Chhattisgarh:
Chief Minister (CM): Bhupesh Baghel (Vishnu Deo Sai is a former CM)
Governor: Ramen Deka
Wildlife Sanctuaries:
Tamor Pingla Wildlife Sanctuary
Udanti Wild Buffalo Wildlife Sanctuary
Tiger Reserve: Indravati Tiger Reserve
Odisha Launches India’s First ‘Rice ATM’
Odisha has introduced India’s first round-the-clock grain dispensing machine, known as the Annapurti Grain ATM, designed to transform the Public Distribution System (PDS) for ration cardholders. Officially launched by Food Supplies and Consumer Welfare Minister Krushna Chandra Patra, this innovative machine is located at a warehouse in Mancheswar and developed in collaboration with the World Food Programme.
Operation: Dispenses up to 50 kg of rice in 5 minutes with a 0.01% error rate. Users enter their ration card number, complete biometric verification, and receive up to 25 kg of rice.
Benefits:
Reduced Queues: Minimizes waiting times at traditional distribution points.
Decreased Theft: Reduces fraud and black marketing.
Accuracy: Ensures precise distribution and cuts waiting times by 70%.
24/7 Access: Provides continuous availability.
Expansion Plans:
Initial Deployment: Launched in Bhubaneswar, with plans for statewide expansion.
Energy Efficiency: Consumes 0.6 watts per hour, compatible with solar panels.
KYC Updates: Implementing Aadhar-based e-KYC verification for transparency.
New Initiatives: Individual ration cards, home delivery for vulnerable groups, and a special biometric system for those with thumb impression issues.
odisha:
Capital: Bhubaneswar
Chief minister: Mohan Charan Majhi
Bill Gates Foundation to set up FSTP at Sarovaram
The city of Kozhikode in Kerala, India, is set to receive a significant upgrade to its waste management infrastructure.Bill and Melinda Gates Foundation, in collaboration with the Habitat Charitable Trust, has proposed the construct of a state-of-the-art faecal sludge treatment plant (FSTP) at Sarovaram. This development marks a crucial step towards improving sanitation and water hygiene in the region.
New Faecal Sludge Treatment Plant (FSTP) in Kozhikode:
Location & Capacity: The FSTP will be located at Sarovaram, within the premises of the proposed sewage treatment plant (STP) of the Kozhikode Corporation. It has a capacity of 200 KLD (0.2 MLD).
Financial Investment: The project, costing ₹36 crore, is fully funded by the Bill and Melinda Gates Foundation and the Habitat Charitable Trust, ensuring no financial burden on the Kozhikode Corporation
Kerala:
Capital: Thiruvananthapuram
Governor: Arif Mohammad Khan
Chief minister: Pinarayi Vijayan
Centre Forms Committee to Monitor Bangladesh Border Situation
In response to the volatile situation in Bangladesh, India has set up a committee to monitor the Indo-Bangladesh border and ensure the safety of Indian nationals and minority communities.
Committee Details:
Chair: ADG, Border Security Force (BSF), Eastern Command.
Members:
IG, Frontier HQ, South Bengal, BSF.
IG, BSF Frontier HQ, Tripura.
Member (Planning & Development), Land Ports Authority of India (LPAI).
Secretary, LPAI.
Recent Developments:
Incident Reports: On August 7, Bangladeshi nationals gathered near the International Boundary (IB) fearing violence. BSF intervened, ensuring safety and security.
Actions Taken: BSF coordinated with local authorities and Border Guard Bangladesh (BGB), escorting 35 civilians back home and deploying additional forces.
Background: Unrest in Bangladesh escalated after the resignation of former PM Sheikh Hasina, with anti-government protests and attacks on Awami League supporters and minority communities, prompting India’s precautionary measures at the border.
Indian Gold Sector Establishes First Self-Regulatory Body to Boost Consumer Trust
The Indian Gold sector, with support from the World Gold Council (WGC), has established its first self-regulatory body, the Indian Association for Gold Excellence and Standards (IAGES).
This initiative aims to promote fair, transparent, and sustainable practices within the bullion industry, covering the entire value chain—from bullion trade and refinery to manufacturing, retailing, and digital platforms.
Economy news
Government of India Relaxes Long-Term Capital Gains (LTCG) Rules for Real Estate
The Government of India (GOI) announced that it has relaxed Long Term Capital Gains (LTCG) Rules on real estate which will provide relief to property owners in India.
Now property owners will have the option to choose between two tax rates either a 20% rate with indexation benefits, or a 12.5% rate without indexation for properties purchased before July 23, 2024 to ensure lower tax ability.
Key Changes:
Option for Tax Rates: Property owners can now choose between two LTCG tax rates:
20% with indexation benefits
12.5% without indexation
Eligibility: This option is available for properties purchased before 23rd July 2024.
Indexation:
Indexation is a method to adjust capital gains for inflation during the ownership period, calculated using the Cost Price Index (CPI).
Background:
In July 2024, Union Finance Minister Nirmala Sitharaman proposed reducing the LTCG tax rate on real estate from 20% to 12.5%, removing the benefit of indexation in the Union Budget for FY25 (2024-25).
Holding Period: Real estate assets are considered long-term if held for a minimum of 24 months (2 years).
Eligibility Specifics:
The new rules apply to individuals and Hindu Undivided Families (HUFs) who acquired property before 23rd July 2024.
Exclusions:Non-Resident Indians (NRIs), companies, and Limited Liability Partnerships (LLPs) are not eligible for this benefit.
The change applies to both residential and commercial properties.
Banking news
Power Finance Corporation Secures ¥25.5 Billion Loan from Japan Bank for International Cooperation for Karnataka Wind Energy Project
The Power Finance Corporation Limited (PFC), under the Ministry of Power, has secured a long-term loan of 25.5 billion Japanese Yen (approximately ₹1,454 crore) from the Japan Bank for International Cooperation (JBIC). This loan will finance the 300.3 MW Wind Energy Project of Ostro Kannada Power Private Ltd (OKPPL) in Chitradurga, Karnataka.
Key Points:
The loan is co-financed by Sumitomo Mitsui Banking Corporation (SMBC), the Bank of Yokohama Limited (BOY), the Shiga Bank Ltd, and the Bank of Fukuoka Ltd (BoF).
This loan is part of a credit line signed between JBIC and PFC in July 2022, specifically for renewable energy projects and energy-efficient power generation and heat supply projects.
The loan falls under JBIC’s “Global Action for Reconciling Economic Growth and Environmental Preservation (GREEN)” initiative, which aims to promote sustainable development and reduce carbon emissions.
About Power Finance Corporation (PFC):
Chairman and Managing Director (CMD): Parminder Chopra
Headquarters: New Delhi, Delhi
Established: 1986
Appointment news
Praveena Rai Appointed as New MD & CEO of Multi Commodity Exchange of India Limited (MCX)
The Securities and Exchange Board of India (SEBI) has approved the appointment of Praveena Rai as the new Managing Director (MD) and Chief Executive Officer (CEO) of MCX, India’s largest commodity exchange.
Vacancy: The MD & CEO position at MCX has been vacant since 9th May 2024, after the previous MD, Padala Subbi Reddy (P.S. Reddy), completed his 5-year term.
Conditions: Praveena Rai’s appointment is subject to her acceptance of the offer and approval from MCX shareholders.
About Multi Commodity Exchange of India Limited (MCX):
Operations: MCX is a leading commodity derivatives exchange in India, offering online trading of commodity derivatives transactions.
Regulatory Framework: It began operations in November 2003 under the regulatory framework of SEBI.
Chairman: Dr. Harsh Kumar Bhanwala
Headquarters: Mumbai, Maharashtra
State news
Gujarat CM Bhupendra Patel Inaugurates IACC-MSME Centre of Excellence in Ahmedabad
On August 8, 2024, Bhupendra Patel, Chief Minister (CM) of Gujarat, inaugurated Indo- American Chamber of Commerce (IACC)’s first ever “IACC-MSME (Micro, Small and Medium Enterprises)Centre of Excellence (CoE)” for at the KCG auditorium, i-HUB campus in Ahmedabad, Gujarat.
Centre of Excellence (CoE) Overview:
Purpose: The IACC-MSME Centre of Excellence (CoE) aims to upgrade and strengthen Micro, Small, and Medium Enterprises (MSMEs) in Gujarat, preparing them to compete in global export markets.
Key Objectives:
Enhance the industrial relationship between India and the United States of America (USA).
Equip MSMEs with the skills and knowledge necessary for global market navigation and export enhancement.
Address challenges faced by Indian MSMEs and facilitate their access to the American market.
Additional Information:
Gujarat’s MSME Sector:
Operational MSMEs: 19.80 lakh registered MSMEs are operational in Gujarat.
Employment: These MSMEs employ nearly 1.07 crore people.
Sahitya Akademi Awardee & Renowned Scholar C. G. Rajagopal Passes Away at 93
A renowned scholar and translator C. G. Rajagopal, who won the Sahitya Akademi Translation Award in 2019 passed away at the age of 93. He was born in 1932 in Kerala.
He received the Sahitya Akademi Translation Award for translating ‘Sreeramacharitamanasam (Thulasidasaramayanam)’ from Hindi to Malayalam.
The original book ‘Sree Ramacharithamanasa (Poetry), Hindi, was authored by Thulasidas.
He was the founder president of Drishyvedi, a kathakali connoisseur’s association and he is the former Chancellor of Amrit Bharati Vidyapeeth.
He also received the Kamala Goenka Foundation’s Satyanarayana Goenka Anudith Sahitya Award for translation.
Sports news
2024 Paris Olympics Ends, Los Angeles to Host 34th Summer Olympics
Closing Ceremony:
The 33rd Summer Olympics ended on August 11, 2024, in Paris, France.
International Olympic Committee (IOC) President Thomas Bach and French swimmer Leon Marchand extinguished the Olympic flame.
The Olympic flag was handed over to Los Angeles, USA, which will host the 34th Summer Olympics in 2028.
Paris and Los Angeles Olympic Hosting:
Paris hosted the Olympics for the third time (previously in 1900 and 1924).
Los Angeles will also host for the third time (previously in 1932 and 1984).
Indian Flag Bearers:
Opening Ceremony: PV Sindhu (Badminton) and Sharath Kamal (Table Tennis).
Closing Ceremony: Manu Bhaker (Shooting) and PR Sreejesh (Hockey).
India’s Performance:
India finished with 6 medals: 1 silver and 5 bronze.
Notable Medalists:
Silver: Neeraj Chopra (Javelin).
Bronze: Manu Bhaker (Women’s 10m Air Pistol), Manu Bhaker & Sarabjot Singh (10m Air Pistol Mixed Team), Swapnil Kusale (Men’s 50m Rifle 3 Positions), Men’s Hockey Team, Aman Sehrawat (Wrestling 57kg Freestyle).
India ranked 71st in the overall medal tally.
Aman Sehrawat made history by becoming the youngest Indian to win an Olympic medal. He secured a bronze medal in the men’s freestyle 57 kg wrestling event at the 2024 Paris Olympics, breaking the previous record held by PV Sindhu. Sindhu had won a silver medal at the 2016 Rio Olympics at the age of 21 years, 1 month, and 14 days.
Overall Medal Tally:
Top Countries:
1st: USA with 126 medals (40 Gold, 44 Silver, 42 Bronze).
2nd: China with 91 medals.
3rd: Japan with 45 medals.
Unique Features of the 2024 Paris Olympics:
Opening Ceremony: Held on the River Seine, a first for the Olympics.
Participation: Athletes from 206 National Olympic Committees and the IOC Refugee Olympic Team.
Events: 329 medal events across 32 sports and 48 disciplines.
Debut Sports: Breaking (breakdancing) introduced for the first time.
First-Time Medal Winners:
Countries Winning Their First Olympic Medal:
Albania, Cape Verde, Dominica, Saint Lucia, Refugee Olympic Team.
Countries Winning Their First Gold Medal:
Botswana, Dominica, Guatemala, Saint Lucia.
Mascot and Motto:
Mascot: Olympic Phryge, based on the traditional French Phrygian Hat in blue, white, and red.
Motto: “Alone, we go faster, but together, we go further.”
Defence news
IAF Su-30 MKI return after participating in Exercise Udara Shakti 2024
The Indian Air Force (IAF) contingent, consisting of seven Sukhoi-30 MKI fighter jets, returned to India on August , 2024, after participating in the bilateral Exercise Udara Shakti 2024.
The exercise was hosted by the Royal Malaysian Air Force (RMAF) at its Kuantan base in Malaysia from August 2024.
Opening Ceremony:
The opening ceremony was attended by key dignitaries, including Group Captain Ajay Rathi, the IAF team leader, Ms. Subhashini Narayanan, Deputy High Commissioner of India to Malaysia, and senior officers from the RMAF.
Deployment and Collaboration:
Both the IAF and RMAF deployed seven Sukhoi-30 fighter planes during the exercise.
The Sukhoi-30 fighter planes are procured from Russia, with the majority of the IAF’s fleet being produced domestically by Hindustan Aeronautics Limited (HAL) under a licensing agreement.
Significance of Sukhoi-30 MKI:
The Indian variant of the Sukhoi Su-30, known as the Su-30MKI, is one of the most advanced fighter jets in the IAF’s arsenal, tailored specifically for India’s needs.
India is one of the largest operators of the Sukhoi Su-30 fighter jets, alongside Russia.
Exercise Features:
Training Exercises: Focused on air combat scenarios involving the Sukhoi-30 fighter planes from both air forces.
Subject Matter Expert Exchange: Aimed at sharing knowledge, expertise, and skills in aviation and engineering related to the Sukhoi-30 aircraft.
HOP Exercise: Pilots from both nations flew each other’s Sukhoi fighter planes to test the aircraft, exchange ideas on combat tactics, and explore differences in equipment functionality.
Objectives of Exercise Udara Shakti 2024:
To enhance interoperability between the IAF and RMAF.
To exchange tactical knowledge and experience in operating the Sukhoi-30 fighter jets.
To strengthen defense ties between India and Malaysia through mutual learning and cooperation.
The Union Cabinet, chaired by Prime Minister Narendra Modi, approved the Pradhan Mantri Awas Yojana-Urban (PMAY-U) 2.0 on August, 2024.
The scheme envisages an investment of Rs 10 lakh crores.
Background:
PMAY-U 2.0 replaces the original PMAY-U, which was launched on June 25, 2015, and ended on December 31, 2024.
The initiative is part of the central government’s Housing for All policy, aimed at providing all-weather pucca houses to eligible beneficiaries in urban areas.
Duration and Goals:
PMAY-U 2.0 has a duration of five years.
It aims to facilitate the construction of one crore houses in urban areas for the urban poor and middle-class families.
Nodal Ministry: The Union Ministry of Housing and Urban Affairs is the nodal body responsible for implementing the PMAY-U 2.0 scheme.
Coverage: The scheme will cover all areas declared as towns by law and mentioned in the 2011 census across the country.
Beneficiaries:
Eligible beneficiaries include the Economically Weaker Section (EWS), Low Income Group (LIG), and Middle Income Group (MIG) in urban areas who do not have any pucca houses.
Income criteria for eligibility:
EWS: Annual income not exceeding Rs 3 lakh.
LIG: Annual income not exceeding Rs 6 lakh.
MIG: Annual income not exceeding Rs 9 lakh.
Assam Launches Mukhya Mantrir Nijut Moina Asoni (MMNMA) Scheme to Combat Child Marriage
Mukhya Mantrir Nijut Moina Asoni (MMNMA), a monthly financial assistance scheme, aimed at combating child marriage in Assam by 2026, during a program at Lok Sewa Bhawan in Guwahati, Assam. The scheme is expected to cost the exchequer around Rs.300 crore in the first year and Rs.1500 crore over 5 years. Under this scheme, 10 lakh girls (one million) will be supported with financial grants as admission incentives to pursue higher education.
Note:In the Dhubri and South Salmara districts of Assam, 50% of girls married before 18 years old.
Scheme Overview:
Objective: To combat child marriage in Assam and increase girls’ enrollment in higher education institutions.
Target: Support 10 lakh girls with financial grants to pursue higher education.
Cost: Rs. 300 crore in the first year and Rs. 1500 crore over 5 years.
Scheme Features:
Target Group: Girls enrolled in Government and Venture Educational Institutions (VEIS) in Higher Secondary (HS) 1st year, Graduation (1st year), and Post Graduation (PG) 1st year. Private Education Institutions (PEIS) are excluded.
Complementary: The scheme will work alongside the existing “Free Admission” scheme.
Financial Incentives:
Class 11: Rs 1000 per month until the completion of Class 12 board exams.
Graduation (1st year): Rs 1,250 per month for up to 3-4 years.
PG (1st year) / B.Ed.: Rs 2,500 per month until course completion.
Eligibility Criteria:
Open To: All girls who are legal residents of Assam.
Not Eligible: Married girls (except PG and B.Ed. categories), in-service B.Ed. candidates, daughters of Ministers, MPs, and MLAs, and girls receiving scooters under the Banikanta Kakati Award.
Context:
In Dhubri and South Salmara districts of Assam, 50% of girls are married before the age of 18.
The scheme aims to address this issue by encouraging higher education among girls.
Banking Laws (Amendment) Bill 2024 Introduced in Lok Sabha
The Banking Laws (Amendment) Bill 2024 was introduced in the Lok Sabha today by Union Minister of State for Finance, Pankaj Choudhary.
This bill seeks to amend several significant banking laws to modernize and enhance the regulatory framework of the banking sector.
The amendments proposed include changes to the Reserve Bank of India Act, 1934, the Banking Regulation Act, 1949, the State Bank of India Act, 1955, and the Banking Companies (Acquisition and Transfer of Undertakings) Acts of 1970 and 1980.
The bill aims to streamline banking operations and align them with contemporary financial practices, reflecting the government’s commitment to improving the efficiency and effectiveness of banking regulations.
Lok Sabha Introduces Railways (Amendment) Bill 2024
The Lok Sabha saw the introduction of the Railways (Amendment) Bill 2024 by Railways Minister Ashwini Vaishnaw. The bill aims to amend the Railways Act of 1989 to enhance the powers of the Railways Board and improve operational efficiency.
Key provisions of the bill include the integration of the Indian Railway Board Act, of 1905 into the Railways Act, of 1989.
This move seeks to simplify the legal framework governing Indian Railways by repealing the Indian Railway Board Act, of 1905 and incorporating its provisions into the Railways Act.
The changes are intended to streamline the constitution and composition of the Railway Board, thereby boosting the overall efficiency of railway operations.
The bill was introduced to modernize and strengthen the administrative framework of Indian Railways.
Banking news
RBI Shortens Frequency of Credit Reporting to Fortnightly
The Reserve Bank of India (RBI) has revised the credit information reporting frequencyfrom monthly to every 15 days, effective immediately.
Objective: The change aims to enhance the accuracy and timeliness of credit data, benefiting both lenders and borrowers.
Faster Updates for Borrowers: Borrowers will see quicker updates in their credit reports, allowing positive financial actions, such as loan repayments, to be reflected more promptly.
Enhanced Accuracy: More frequent updates ensure that credit reports are up-to-date, offering a clearer and more accurate assessment of a borrower’s financial health, potentially leading to better loan terms.
RBI:
Founded: 1 April 1935, Kolkata
Headquarters: Mumbai
governor: Shaktikanta Das
Pine Labs-owned Setu Launches UPISetu in Partnership with Axis Bank
Setu, a Pine Labs-owned API provider, launched UPISetu with Axis Bank, focusing on UPI solutions for businesses and developers.
Platform Features: UPISetu offers a variety of UPI services including QR Code Payments, UPI Autopay, EMI Payments, Third-Party Validation, brand and bank offers, dispute resolution, instant cashbacks, and refunds.
Market Impact: The platform aims to capitalize on UPI’s growing adoption in India, enhancing transaction success rates and supporting merchant digitization.
Statements: Pine Labs CEO B Amrish Rau and Axis Bank’s Sanjeev Moghe emphasized UPISetu’s potential to advance UPI’s evolution and support digital payments.
About Setu and Pine Labs: Setu, founded in 2018 and acquired by Pine Labs in 2022, provides API solutions and is RBI-licensed as an account aggregator. Pine Labs focuses on merchant commerce and digital payments across India, the Middle East, and Southeast Asia.
DBS Bank India Launches ‘DBS Golden Circle’ for Senior Citizens: Key Highlights
DBS Bank India Limited (DBIL) has introduced the ‘DBS Golden Circle,‘ a priority banking program tailored for senior citizens aged 60 and above, offering enhanced banking services and income security.
Exclusive Benefits: The program provides higher interest rates on savings accounts (up to 7% per annum for balances above Rs 4 lakhs) and Fixed Deposits (additional 0.50% per annum for tenures of 376 to 540 days), cyber insurance, and other perks.
Milestone: The launch coincides with DBS Bank’s 30th anniversary in India, utilizing its branch network and digital services to improve customer experiences.
DBIL Leadership: Managing Director and CEO – Surojit Shome. Headquarters – Mumbai, Maharashtra. Founded in 1994, DBIL is a wholly-owned subsidiary of DBS Bank Ltd, Singapore
DBS:
CEO: Piyush Gupta (9 Nov 2009–)
Headquarters: Singapore
Founded: 16 July 1968, Singapore
RBI Ranks 12th in Global Central Bank Asset Rankings
The Reserve Bank of India (RBI) secured the 12th spot in the Sovereign Wealth Fund Institute’s (SWFI) Top 100 Largest Central Bank Rankings by Total Assets in 2024, with total assets amounting to USD 839 billion.
Balance Sheet Growth: RBI’s balance sheet grew by 11.08% year-on-year, reaching Rs 70.47 trillion as of March 2024.
Top Global Central Banks:
1st: The Federal Reserve System (FRS) of the USA, with assets of USD 7.84 trillion.
2nd: People’s Bank of China (PBC), with USD 6 trillion.
3rd: Bank of Japan (BOJ), with USD 5.54 trillion
Top 10 Largest Central Banks by Total Assets
Rank
Name of the Bank
Total Assets
Country
1
Federal Reserve System (FRS)
USD 7.84 trillion
United States of America (USA)
2
People’s Bank of China (PBC)
USD 6 trillion
China
3
Bank of Japan (BOJ)
USD 5.54 trillion
Japan
4
Deutsche Bundesbank (DBB)
USD 2.77 trillion
Germany
5
Bank of France
USD 2.01 trillion
France
6
Norges Bank
USD 1.63 trillion
Norway
7
Bank of Italy (BOI)
USD 1.38 trillion
Italy
8
Bank of England (BOE)
USD 1.28 trillion
United Kingdom (UK)
9
Bank of Spain (BOS)
USD 1.04 trillion
Spain
10
Swiss National Bank (SNB)
USD 944 billion
Switzerland
About the Sovereign Wealth Fund Institute (SWFI)
Incorporation: Established in 2008, SWFI provides in-depth research and analysis on global capital, investor intelligence, money flows, and transparency.
Leadership: The institute is chaired by Lakshmi Narayanan.
Corporate Offices: Located in Las Vegas, Nevada, USA.
Appointment news
DBS Appoints Tan Su Shan As First Female CEO
Indian-origin top Singapore banker Piyush Gupta is set to step down as the Chief Executive Officer of the DBS Group in March 2025. He will be succeeded by Tan Su Shan, who was appointed Deputy CEO yesterday, in addition to being Group Head, Institutional Banking, at DBS.
First ever female chief executive
Gupta is set to retire at the next Annual General Meeting of DBS on March 28, 2025, according to the bank. Her first stint at DBS was as a university student. When she becomes CEO, the banking group will have its first ever female chief executive.Her past roles have been at Morgan Stanley and Citigroup. Tan has also been a nominated MP in Singapore from 2012 to 2014.
Tunisia’s President Replaces Prime Minister Ahead of October Election
In a recent political shakeup, Tunisia’s President Kais Saied has dismissed Prime Minister Ahmed Hachani and appointed Kamel Maddouri, the former Social Affairs Minister, to the role. This change marks the sixth prime ministerial appointment under Saied’s administration. The announcement comes just before Tunisia’s presidential election on October 6, amid growing social and economic unrest.
Political Shift: President Saied’s decision to replace Hachani, who had been in office for only a year, was made without providing specific reasons. The new prime minister, Kamel Maddouri, is stepping into a turbulent political environment characterized by high inflation, unemployment, and social discontent. Saied’s administration has faced criticism for its handling of economic challenges and increasing authoritarian measures.
Background on Saied’s Rule: Since coming to power in 2019, Saied has implemented significant changes, including suspending the parliament and rewriting the constitution to centralize power. These actions have sparked controversy and raised concerns about democratic backsliding in Tunisia, once seen as a beacon of progress following the Arab Spring uprisings.
About Tunisia
President: Kais Saied
Capital: Tunis
Currency: Tunisian Dinar (TND)
Sports news
Prez Droupadi Murmu, VP Jagdeep Dhankhar & PM Modi congratulates Indian wrestler Aman Sehrawat on winning Bronze Medal at Paris Olympics
Praised Aman Sehrawat as one of the youngest male wrestlers to win a medal in his first Olympics, highlighting his promising future and India’s continued success in wrestling. on winning the Bronze Medal at the Paris Olympics.
Vice President Jagdeep Dhankhar: Commended Aman’s dedication and perseverance, expressing pride in his achievement on the global stage and wishing him continued success.
Prime Minister Narendra Modi: Celebrated Aman’s dedication and perseverance, noting that the entire nation is rejoicing in his remarkable accomplishment.
Union Home Minister: Lauded Aman for his exceptional perseverance and strength in achieving the Olympic medal.
Science And Tech News
IIT Indore and DRDO Develop Energy-Harvesting GPS Tracking Shoes
Indian Institute of Technology (IIT) Indoreand Defence Research and Development Organisation (DRDO) have developed advanced shoes with energy-harvesting and GPS tracking capabilities.
Purpose: Designed specifically for soldiers, these shoes can generate electricity and track the real-time location of the wearer.
Initial Supply: The first batch of 10 pairs has been supplied by IIT Indore to DRDO units.
Key Features:
Energy Harvesting: The shoes use Tribo-Electric Nanogenerator (TENG) technology to generate electricity with each step. This energy is stored in a device within the shoe soles and can power small appliances.
GPS and RFID: Equipped with GPS and Radio Frequency Identification (RFID) technologies for real-time location tracking of personnel.
Development: Guided by Professor IA Palani from IIT Indore.
DRDO:
Date founded: 1958
Headquarters: DRDO Bhavan, New Delhi, India
Agency executive: : Sameer V. Kamat, Chairman, DRDO;
Important days
Quit India Movement Day (August Kranti Day)
Date: Annually observed on August 8
Significance: Commemorates the launch of the Quit India Movement in 1942, a crucial movement in India’s fight for independence from British rule, demanding the immediate withdrawal of British forces.
Themes: Highlights the power of non-violent resistance and civil disobedience in achieving social and political change, emphasizing democracy, freedom, and unity.
2024: Marks the 82nd anniversary of Quit India Movement Day.
Har Ghar Tiranga Campaign to be celebrated from August 9-15
As India prepares to celebrate its 78th Independence Day, Prime Minister Narendra Modi has issued a nationwide call to action, urging citizens to participate in the ‘Har Ghar Tiranga’ campaign. The Prime Minister is encouraging Indians to hoist the national flag at their residences, transforming the initiative into a mass movement.
Leading by example, PM Modi changed his social media profile picture to the Tricolor and invited others to do the same. He also shared a link to the official campaign website, harghartiranga.com, where citizens can upload selfies with the national flag.
About the campaign: to bolster a sense of patriotism among citizens
Why Waqf Board Amendment Bill 2024 In News?
The Waqf (Amendment) Bill, 2024, seeks to amend the Waqf Act, 1995, introducing over 40 amendments aimed at increasing government regulation and ensuring broader representation, including Muslim women and non-Muslims, in Waqf Boards.
Board Composition: The Bill mandates the inclusion of two Muslim women and two non-Muslim members in Waqf Boards.
Property Regulation:
Introduces measures to prevent the wrongful declaration of properties as Waqf.
Requires registration of Waqf properties with the District Collector, who will evaluate and decide if a property is Waqf or government land.
Government Oversight: The Central Government gains authority to audit Waqf properties at any time through the Comptroller and Auditor-General or designated officers.
Dispute Resolution: Appeals against Waqf Board decisions can now be made to the respective High Courts.
Waqf Property Declaration: The Bill limits the designation of properties as Waqf without proper documentation, requiring a valid waqfnama to avoid disputes.
Impact on Waqf Boards: The amendments aim to curtail the powers of Waqf Boards in property management, shifting more control to government authorities.
Background: Waqf Boards manage properties donated by followers of Islam for religious or charitable purposes. The Waqf Act was last amended in 2013.
Draft Broadcasting Services (Regulation) Bill 2024:
The Bill is set to replace the Television Network Act of 1995, bringing new regulations to the broadcasting sector.
Inclusion of Digital News: The draft Bill proposes to classify social media influencers and pages that create content or write about current affairs and news online as “digital news broadcasters.”
Broader Scope: The Bill aims to regulate not just traditional television networks but also digital platforms that disseminate news and current affairs content.
Impact on Influencers: Social media influencers who engage in news-related content creation may fall under new regulatory frameworks, potentially requiring them to comply with broadcasting standards and regulations.
Centre Reshuffles Senior Bureaucrats, Amit Negi Made Additional Secretary
The Centre has implemented a significant top-level reshuffle, appointing senior IAS officer Amit Singh Negi as additional secretary in the Prime Minister’s Office (PMO). Mr. Negi, a 1999-batch IAS officer of the Uttarakhand cadre, is currently the joint secretary in the Department of Expenditure under the Union Ministry of Finance.
Top-Level Government Reshuffle: Key Appointments Across Ministries and Departments
Prime Minister’s Office (PMO): Amit Singh Negi, a 1999-batch IAS officer of the Uttarakhand cadre, has been appointed as Additional Secretary.
Serious Fraud Investigation Office (SFIO): Samir Ashwin Vakil appointed as Director.
Election Commission of India: Maneesh Garg, Sanjay Kumar, and Ajeet Kumar appointed as Deputy Election Commissioners.
Department of Personnel & Training (DoPT):
Manisha Saxena appointed as Additional Secretary.
Mugdha Sinha to take over as Director General (Tourism).
Union Ministry of Home Affairs:
Ashutosh Agnihotri appointed as Additional Secretary.
Niraj Kumar Bansod appointed as Joint Secretary.
Union Ministry of Commerce & Industry: Ajay Bhadoo appointed as Additional Secretary.
Union Ministry of Environment, Forest & Climate Change: Amandeep Garg appointed as Additional Secretary.
Employees’ State Insurance Corporation: Ashok Kumar Singh appointed as Director General.
Khadi and Village Industries Commission: Vatsalya Saxena appointed as CEO.
NITI Aayog: Nidhi Chhibber appointed as Additional Secretary.
Union Ministry of Rural Development:
TK Anil Kumar appointed as Additional Secretary.
Caralyn Khongwar Deshmukh appointed as Additional Secretary.
Union Ministry of Cooperation: Rabindra Kumar Agarwal appointed as Additional Secretary.
Union Ministry of Road Transport & Highways: Puneet Agarwal appointed as Additional Secretary and Financial Advisor.
Department of Telecommunications: N Gulzar appointed as Additional Secretary.
Tribal Co-operative Marketing Development Federation of India: Ashish Chatterjee appointed as Managing Director.
Department of Administrative Reforms and Public Grievances: Puneet Yadav appointed as Additional Secretary.
Cabinet Secretariat: Nila Mohanan appointed as Joint Secretary.
Department of Defence: Pawan Kumar Sharma appointed as Joint Secretary.
Department of Economic Affairs: Alok Tiwari appointed as Joint Secretary.
Department of Military Affairs: Kumar Ravi Kant Singh appointed as Joint Secretary.
National eGovernance Division (NeGD): Nand Kumarum appointed as CEO.
Department of Health & Family Welfare:
Latha Ganapathy and Nikhil Gajraj appointed as Joint Secretaries.
V Kiran Gopal appointed as Joint Secretary in the National Health Authority.
Capacity Building Commission: V Lalithalakshmi appointed as Secretary with additional charge of CEO, Karmayogi Bharat.
Registrar General and Census Commissioner, India: Sunil Kumar appointed as Additional Registrar General.
Census Operations:
P Bala Kiran, Pooja Pandey, and Sheetal Verma appointed as Directors in Andhra Pradesh, Arunachal Pradesh & Meghalaya, and Uttar Pradesh, respectively.
Department of Petroleum & Natural Gas: Vinod Seshan appointed as Joint Secretary.
Department of Revenue: Naval Kishore Ram appointed as Joint Secretary.
Economy news
World Bank’s ‘World Development Report 2024: The Middle Income Trap’
The World Bank (WB) has released its report titled ‘World Development Report(WDR) 2024: The Middle Income Trap’, highlighting the challenges faced by middle-income countries in achieving high-income status.
Middle-Income Trap: The report discusses the challenges middle-income countries face in transitioning to high-income status, a phenomenon known as the ‘middle-income trap.’
Country Comparisons:
India: Estimated to take 75 years to reach one-quarter of the USA’s income per capita.
China: Expected to take over 10 years.
Indonesia: Projected to take nearly 70 years.
Economic Insights:
The trap typically occurs when a country’s GDP per capita reaches about 10% of the USA’s GDP per person, approximately USD 8,000 today.
Global Context:
As of the end of 2023, 108 middle-income countries contribute to 40% of the world’s economic output, nearly two-thirds of global carbon emissions, and house three-quarters of the global population.
Word bank:
Headquarters: Washington, D.C., United States
Founded: July 1944, Bretton Woods, New Hampshire, United States
President: Ajay Banga
Banking news
RBI August 2024 MPC Meeting: Repo Rate Unchanged at 6.5%
The Reserve Bank of India’s Monetary Policy Committee (MPC) decided to maintain the repo rate at 6.5%, continuing the stance held since February 2023. The decision was made by a 4:2 majority.
Other Key Rates:
Marginal Standing Facility (MSF) rate remains at 6.75%.
Standard Deposit Facility (SDF) rate remains at 6.25%.
Economic Projections:
Real GDP growth for FY 2025-26 is projected at 7.2%.
Inflation forecast is maintained at 4.5%.
RBI Hikes UPI Limit for Tax Payments to Rs 5 Lakh per Transaction
The Reserve Bank of India (RBI) has raised the upper limit for tax payments via UPI to Rs 5 lakh per transaction, up from the previous Rs 1 lakh limit.
Purpose: The increase aims to facilitate larger tax payments in a single transaction, minimizing the need for multiple payments.
Convenience and Promotion: This move is expected to enhance convenience for taxpayers, especially those making high-value payments, and is part of RBI’s broader effort to promote digital payments and reduce cash dependency.
Encouragement for Digital Adoption: The RBI anticipates that this will encourage more taxpayers to use digital methods for settling their tax liabilities.
Ongoing Reviews: The RBI has been periodically reviewing and enhancing transaction limits across various categories, including capital markets, IPO subscriptions, loan collections, insurance, medical, and educational services.
RBI:
Founded: 1 April 1935, Kolkata
Headquarters:Mumbai
governor:Shaktikanta Das
Award news
1st Rashtriya Vigyan Puraskar: Chandrayaan 3 Team wins Team Award
The Chandrayaan 3 team of the Indian Space Research Organisation (ISRO) has won the Vigyan Team Award of the first Rashtriya Vigyan Puraskar. The government of India announced the first Rashtriya Vigyan Puraskar on 7 August 2024, and it is considered to be one of the highest awards in the field of science, technology, and innovation.
Rashtriya Vigyan Puraskar: Overview
Introduction: The Rashtriya Vigyan Puraskar was instituted by the Government of India in 2023, replacing over 300 previous awards. It honors the contributions of Indian scientists, technologists, and innovators across various fields.
Award Structure: Recipients receive a medal and a citation, with no cash prize included.
Categories: The award is presented in four categories:
Vigyan Ratna: Up to 3 individuals
Vigyan Shri: Up to 25 individuals
Vigyan Yuva: Up to 25 young scientists
Vigyan Team: Up to 3 teams
Domains:The award covers 13 domains, including:
Biological Sciences
Mathematics and Computer Science
Physics
Chemistry
Earth Science
Medicine
Engineering Sciences
Agricultural Science
Environmental Science
Technology and Innovation
Atomic Energy
Space Science and Technology
Others
This award recognizes excellence and innovation across these diverse scientific and technological fields, promoting significant contributions to India’s progress in these areas.
Defence news
Indian Army’s ‘Parvat Prahaar’ Exercise in Ladakh
The Indian Army conducted ‘Parvat Prahaar’ (Mountain Strike), a large-scale strike corps exercise, in the Union Territory (UT) of Ladakh. The strategic military exercise focused on high-altitude warfare and operations, involving various military units and equipment to maintain readiness near the India-China border.
Troop and Equipment Deployment:
Over 500 tanks and 50,000 troops have been deployed near the Line of Actual Control (LAC) in Eastern Ladakh since 2020.
Additional troops were stationed at the frontlines to counter Chinese deployments.
Infrastructure Development:
New all-weather roads and communication networks have been built along the LAC in Eastern Ladakh to support troops during harsh winters.
Indian Army Overview:
Established: 1895
Chief of the Army Staff (COAS): Lieutenant General Upendra Dwivedi
Headquarters: New Delhi, Delhi
Theme for 2024: Year of Technology Absorption
Sports news
Neeraj Chopra Wins Silver at 2024 Paris Olympics; President Murmu, PM Modi Lead National Congratulations
At the 2024 Paris Olympics, India’s track and field star Neeraj Chopra delivered an impressive performance, securing a silver medal in the men’s javelin with a season-best throw of 89.45 meters.
This achievement marks a significant milestone, making Neeraj the first Indian track and field athlete to win two Olympic medals post-independence.
His performance in the final, despite fouling five of his six attempts, was highlighted by a remarkable qualification throw of 89.34 meters.
Pakistani javelin thrower Arshad Nadeem broke the Olympic record with a throw of 92.97 meters, winning the gold medal, while Grenada’s Anderson Peters took the bronze with a throw of 88.54 meters. Neeraj’s silver adds to India’s tally, bringing the nation’s total to five medals at the Paris Games.
Indian Hockey Team Clinches Back-to-Back Olympic Bronze; Leaders Extend Congratulations
The Indian hockey team won a bronze medal at the 2024 Paris Olympics, their second consecutive Olympic bronze after the 2020 Tokyo Games, achieving this feat for the first time since the 1972 Munich Games.
Captain Harmanpreet Singh played a crucial role, scoring two decisive goals in the 2-1 victory over Spain, while retiring goalkeeper PR Sreejesh made exceptional saves.
The Indian hockey team has a storied history in the Olympic Games, particularly in men’s field hockey. Here are the key highlights of their achievements:
India won its first gold medal in 1928 in Amsterdam and dominated the sport until the 1950s, winning six consecutive gold medals from 1928 to 1956.
The team won its last Olympic gold in 1980 at the Moscow Games.
Silver Medals: 1 (1960)
India won the silver medal at the 1960 Rome Olympics, finishing second to Pakistan.
Bronze Medals: 3 (1968, 1972, 2020)
The team secured bronze medals in Mexico City (1968), Munich (1972), and most recently in Tokyo (2020).
Other Notable Performances:
The Indian men’s hockey team is one of the most successful in Olympic history, particularly during the mid-20th century, where they were considered unbeatable.
Olympic Games Record – Indian Women’s Hockey Team
The Indian women’s hockey team made its Olympic debut in 1980, where they finished in 4th place.
The team also achieved a notable 4th place finish at the 2020 Tokyo Olympics, narrowly missing out on a medal.
India wins the 4th CAVA Women’s Volleyball Nations League
The Indian women’s national volleyball team has won the 4th CAVA(Central Asian Volleyball Association) Women’s Volleyball Nations League by defeating the host Nepal by 3-2 sets in the final. The final was played at the Dasharath Stadium in Kathmandu, Nepal, on 7 August 2024. This was the second CAVA title for the Indian women.
Final Medal position
Gold Medal winner – India
Silver Medal -Nepal runner up asn Silver Medal
Bronze Medal – Iran
India´s Shalini was declared the most valuable player of the tournament.
India’s First GI-Tagged Fig Juice Exported to Poland
Purandar Highlands company has achieved a significant milestone by exporting India’s first Geographical Indication (GI)-tagged fig juice to Poland.
First GI-Tagged Purandar Figs Export: In February 2023, the company also made history by exporting India’s first commercial consignment of GI-tagged Purandar figs to Hong Kong.
Significance:
Pioneering Export: Purandar Highlands has become the first Indian company to export both fig juice and commercial quantities of Purandar figs to international markets.
GI-Tagged Produce: The GI tag highlights the unique qualities of Purandar figs, including their taste, size, and nutritional value, which have been recognized internationally.
Government Support:Acknowledgment: The company credits its success to the support and encouragement from key figures such as Piyush Goyal, Minister of Commerce and Industry, and Sharad Pawar, former Agriculture and Defence Minister.
Poland:
Capital: Warsaw
Prime minister: Donald Franciszek Tusk
Australia Announces Maitri Grants For Research And Cultural Collaboration With India
The Australian government has unveiled the Maitri Research and Cultural Partnerships Grants.These grants, aimed at fostering Australia-India collaboration, encompass sustainable manufacturing, energy transition research, and artistic projects.Minister Penny Wong praised the initiatives for strengthening bilateral ties, emphasizing the importance of human connections in the relationship.
Key Projects and Goals of these grants
Among the recipients are projects focused on sustainable manufacturing of Australian technology in India, workshops connecting Australian energy transition researchers with Indian start-ups, and an artistic duo transforming Melbourne’s Federation Square into a living canvas.
The Maitri grants, administered by the Centre for Australia-India Relations, aim to deepen links and allow for closer collaboration between the two countries.
The five Maitri Research Grants will explore opportunities in agribusiness, critical technology, energy transition, and advanced manufacturing.
Australia:
Capital: Canberra
President: Hon Anthony Albanese
Reconstitution of the Executive Council and General Body of NIPCCD
The Ministry of Women and Child Development (MWCD),Government of India (Gol) has reconstituted the Executive Council (EC) and General Body (GB) of the National Institute of Public Cooperation and Child Development (NIPCCD) after more than 50 years.
Key Details:
Historical Context: The NIPCCD, an autonomous institute under the Ministry of Women and Child Development (MWCD), was previously known as the Central Institute of Research and Training in Public Cooperation. It was initially established in 1966.
Reconstitution: The Executive Council (EC) and General Body (GB) have been reconstituted after more than 50 years.
General Body (GB): Reduced from 94 to 22 members.
Executive Council (EC): Reduced from 21 to 13 members.
Current Leadership:
President of GB: Annpurna Devi
Chairperson of EC: Annpurna Devi
About NIPCCD:
Establishment Date: 28 February 1966
Purpose: To promote voluntary action in social development.
Functioning: Under the Ministry of Women and Child Development (MWCD): Officeholder: Krishna Raj
Headquarters: New Delhi, Delhi
QCI Launches Surajya Recognition & Ranking Framework to Enhance State Excellence and Quality of Life
The Quality Council of India (QCI), an autonomous body set up by the Ministry of Commerce and Industry (MoC&I), is introducing the QCI Surajya Recognition & Ranking Framework, designed to drive excellence among states to improve citizens’ quality of life for Viksit Bharat.
This framework is categorised under 4 pillars namely, Shiksha (Education), Swasthya (Health), Samriddhi (Prosperity), and Sushasan (Governance).
About the Quality Council of India (QCI):
Chairperson- Jaxay Shah
Headquarters- New Delhi, Delhi
Established 1997
Banking news
Capital Small Finance Bank and Edelweiss Life Partner for Bancassurance
Capital Small Finance Bank (CSFB) and Edelweiss Life Insurance have joined forces in a bancassurance tie-up. This strategic partnership allows CSFB’s 177 branches to offer Edelweiss Life’s insurance products, enhancing CSFB’s financial solutions and expanding Edelweiss Life’s reach.
Key Features
Benefits for CSFB Customers: Gain access to Edelweiss Life’s comprehensive life insurance suite, along with their digital platform and service touchpoints.
Strategic Win-Win: CSFB aims to become the primary banker for middle-income customers by offering a wider range of financial products. Edelweiss Life leverages CSFB’s extensive network to reach new customers and offer innovative products.
Bancassurance Model Explained: This partnership utilizes the bancassurance model, where banks and insurance companies collaborate to distribute insurance products. Banks earn commission on sales, while insurers benefit from the wider distribution network.
Capital Small Finance Bank
Headquarters: India
Founded: 1999
Chairman: Madan Gopal Sharma
Fourth Partner Energy Secures $275 Million Investment to Expand Renewable Energy Portfolio
On August 2024, Fourth Partner Energy Limited (FPEL) secured USD 275 million from three Development Financial Institutions (DFIs):International Finance Corporation (IFC), Asian Development Bank (ADB), and DEG
IFC: USD 125 million
ADB: USD 100 million (USD 70 million from ordinary capital resources, USD 30 million from LEAP 2)
DEG: USD 50 million
Purpose: The investment will help FPEL expand its renewable energy portfolio to 3.5 GW by 2026.
Projects:
FPEL will launch a 575 MW wind-solar hybrid project in Karnataka.
The company currently has 1.5 GW of green assets and is developing an additional 1.2 GW in Maharashtra, Uttar Pradesh, Tamil Nadu, and Gujarat.
Achievements:
FPEL has commissioned over 2,000 projects for 300+ clients, including Walmart, Unilever, and Tata Motors.
Industry Outlook: India’s renewable energy sector is projected to attract USD 25 billion annually through 2030.
Fourth Partner Energy Company Details:
Founder & Executive Director: Saif Dhorajiwala
Headquarters: Hyderabad, Telangana
Established: 2010
RBI Issues Master Directions on Wilful Defaulters and Large Defaulters
the Reserve Bank of India (RBI) issued a Master Directions on the Treatment of Wilful Defaulters and Large Defaulters (Directions 2024), under which banks and Non-Banking Financial Companies (NBFCs) are required to scrutinize all Non- Performing Asset (NPA) accounts which have outstanding amounts of Rs 25 lakh and above for wilful default. These directions will come into effect after 90 days from the date of publication.
Objective:
Establish a transparent and non-discriminatory framework for identifying “wilful defaulters.”
Disseminate credit information to prevent further financing to defaulters.
Scope:
Banks and Non-Banking Financial Companies (NBFCs) must scrutinize all Non-Performing Asset (NPA) accounts with outstanding amounts of Rs 25 lakh and above for wilful default.
Implementation:
Directions will come into effect 90 days from the date of publication.
Legal Basis:
Issued under the powers of Section 45-L of the RBI Act, 1934.
Related to Sections 21, 35-A, and 56 of the Banking Regulation Act, 1949.
Section 11 of the Credit Information Companies (CICs) (Regulation) Act, 2005.
RBI Details:
Governor: Shaktikanta Das (25th Governor of RBI)
Headquarters: Mumbai, Maharashtra
Established: April 1, 1935
SBI General Insurance and HSBC India Form Bancassurance Partnership
SBI General Insurance (Mumbai, Maharashtra) and HSBC India (Hongkong and Shanghai Banking Corporation Limited) have entered into a bancassurance agreement.
Objectives:
General Insurance: To offer innovative non-life insurance solutions to HSBC India’s customers.
HSBC India: To provide its customers with SBI General Insurance’s full range of non-life insurance products, including health, property, motor, and travel insurance.
Impact:
Aims to enhance insurance accessibility and increase insurance penetration across India.
Partnership Significance:
This collaboration is a notable step towards broadening insurance coverage and improving service reach in the Indian market.
Nobel Laureate Muhammad Yunus To Lead Bangladesh Interim Government
Muhammad Yunus, a Nobel laureate from Bangladesh, has been appointed as the chief adviser of the interim government.
Background:This decision follows the resignation and departure of former Prime Minister Sheikh Hasina amid widespread protests.
Announcement Date: August 7, as confirmed by Joynal Abedin, press secretary of President Mohammed Shahabuddin.
Reason for Appointment: Prof. Yunus agreed to lead the interim government in response to a call from student leaders and the current political turmoil.
About Bangladesh:
Capital- Dhaka
President- Mohammed Shahabuddin
Currency– Bangladeshi Taka
Sports news
Paris Olympics- Heartbreak for Vinesh Phogat Disqualified Before Final
In a heartbreak for women’s wrestlerVinesh Phogat and India, she has been disqualified from the 2024 Paris Olympics. She was to compete in the final of the women’s 50 kg category on 7 August 2024. Phogat was disqualified for being overweight in her category. Although she usually competes in the 53 kg category, she competed in the 50 kg event at the Paris Olympics.
Note: She failed by 100 grams of weight extra
Before her disqualification, Vinesh was the first Indian women wrestler to reach the final of the Olympics. Before her,Sakshi Malik is the only Indian women’s wrestler to have won a medal -bronze medal at the 2016 Rio Olympics.
Details of Disqualification:
Usual Category: Vinesh Phogat typically competes in the 53 kg category but competed in the 50 kg event at the Paris Olympics.
Weigh-In Rule: At the 33rd Summer Olympics in Paris, wrestlers are weighed on two competition days.
Specific Rule for Disqualification: If a wrestler fails the weigh-in on either of these days, they are disqualified from the event.
Important days
National Javelin Day: August 7
Celebrates Neeraj Chopra’s gold medal win in javelin throw at the Tokyo Olympics 2020 and promotes the sport of javelin throw in India.
Observance:
Date: August 7, 2024, marks the 3rd National Javelin Day.
Initiation: Declared by the Athletics Federation of India (AFI) on August 11, 2021.
First Observance: August 7, 2022.
Significance:
Achievement: On August 7, 2021, Neeraj Chopra won gold in the Men’s javelin throw at the Tokyo Olympics 2020 with a throw of 87.58 meters.
Historic Milestone: Chopra became the first Asian athlete to win an Olympic gold medal in javelin throw and the second Indian Olympic gold medalist after Abhinav Bindra (Beijing 2008 Summer Olympics).
PM Marks 5 Years of Abrogation of Articles 370 and 35(A)
On the fifth anniversary of the abrogation of Articles 370 and 35(A), Prime Minister Narendra Modi highlighted the decision as a pivotal moment in Indian history, marking the beginning of a new era of progress and prosperity for Jammu and Kashmir (J&K) and Ladakh. He emphasized that the abrogation ensured the full implementation of the Indian Constitution in these regions, aiming to enhance security, dignity, and development opportunities for marginalized communities while reducing corruption.
Article 370:
Context: Part of the Indian Constitution.
Purpose: Provided special autonomy to the region of Jammu and Kashmir.
Key Provisions:
Allowed Jammu and Kashmir to have its own constitution.
Gave the state legislative powers over all matters except defense, foreign affairs, finance, and communications.
The state had a special relationship with India, including a unique flag and laws.
Abrogation: On August 5, 2019, the Indian Parliament abrogated Article 370 through the Presidential Order and the Jammu and Kashmir Reorganisation Act, effectively ending the special status of Jammu and Kashmir and bifurcating it into two Union Territories: Jammu & Kashmir and Ladakh.
Article 35(A):
Context: An extension of Article 370.
Purpose: Allowed the Jammu and Kashmir state legislature to define permanent residents of the state and provide them with special rights and privileges.
Key Provisions:
Gave the state legislature the authority to decide who could be considered a permanent resident and the rights they enjoyed, such as property ownership and employment within the state.
Abrogation: Also nullified on August 5, 2019, along with Article 370, leading to the removal of special privileges and laws exclusive to Jammu and Kashmir.
SOPs for Seamless Transportation of Human Organs
The Ministry of Health and Family Welfare (MoHFW) has introduced Standard Operating Procedures (SOPs) for the seamless transportation of human organs via air, road, rail, and waterways.
Objective: To streamline the transportation of human organs across various modes of transport—air, road, rail, and waterways—to ensure timely delivery between hospitals or cities, thereby improving organ transplant outcomes.
Key Features:
Timely Transport: Addresses the urgent need to deliver organs swiftly due to their limited shelf life.
Coordination: Facilitates collaboration among multiple agencies to ensure efficient transport logistics.
Background:
Collaboration: Developed with inputs from:
National Institution for Transforming India (NITI) Aayog
Ministries of Civil Aviation (MoCA), Housing and Urban Affairs (MOHUA), Railways, Road Transport & Highways (MORTH), Ports, Shipping and Waterways (MOPSW), Home Affairs (MHA), and Defence.
Context:
Global Ranking: India is the 3rd largest globally in organ transplants and 2nd in corneal transplants.
Achievements: In 2023, India achieved over 1,000 deceased organ donations and saw an increase in annual transplants from 4,990 in 2013 to 17,168 in 2023.
Peacock Sanctuaries Declared in India
Recent Announcements: Union Minister Bhupender Yadav of the Ministry of Environment, Forest, and Climate Change (MoEF&CC) has declared two new Peacock Sanctuaries in India:
Choolannuar Peacock Sanctuary in Kerala
Adichunchanagiri Peacock Sanctuary in Karnataka
Details on Sanctuaries:
1. Choolannuar Peacock Sanctuary
Established: March 14, 1996 (originally named “Chulannur Peafowl Sanctuary”).
Location: About 30 km from Palakkad town, Kerala.
Renaming: Renamed to “Chulannur Peafowl Sanctuary” in 2008 to honor K.K.
Local Name: Mayiladumpara.
Significance: First Peacock Sanctuary in India and unique to Kerala.
2. Adichunchanagiri Peacock Sanctuary
Established: 1981.
Location: Nagamangala Taluk, Mandya district, Karnataka (about 115 km west of Bengaluru).
Area: Approximately 88.4 hectares.
Features: Popular for trekking and mountain climbing; scenic views.
Significance: Close to the Chunchanagiri Temple, a notable pilgrimage site.
About the Peacock:
Scientific Name: Pavo cristatus.
Status: Declared the national bird of India in 1963.
Protection: Fully protected under the Indian Wildlife Protection Act, 1972.
Conservation History: Since 1963: The MoEF&CC has been establishing breeding and conservation centers for peacocks.
Other Peacock Sanctuary: Bankapur Peacock Sanctuary in Karnataka, focused on conservation and breeding.
Airports: Calicut International Airport (Karipur Airport), Kannur Airport
Banking news
LIC Launches New Insurance Products for Youth: Yuva Term and Digi Term Plans
The Life Insurance Corporation of India (LIC) launched four new products for the youth of India, including LIC’s Yuva Term/Digi Term, and LIC’s Yuva Credit Life/Digi Credit Life, which are available offline and online for sale from August 6, 2024.
About LIC’s Yuva Term/Digi Term:
Types:
LIC’s Yuva Term: Available offline through licensed agents, corporate agents, brokers, and insurance marketing firms.
LIC’s Digi Term: Available online via LIC’s website.
Plan Features:
Type: Non-Par, Non-Linked, Life, Individual, Pure Risk Plans.
Target Audience: Young individuals seeking early term insurance.
Entry Age: Minimum 18 years, Maximum 45 years.
Maturity Age: Ranges from 33 to 75 years.
Sum Assured: Rs 50 lakh to Rs 5 crore (higher amounts considered on a case-by-case basis).
Premium Rates: Lower for women.
Death Benefits:
Regular and Limited Premiums: 7 times the annualized premium, 105% of total premiums paid, or the absolute amount assured.
Single Premium Payments: 125% of the single premium or the absolute amount assured.
About Life Insurance Corporation of India (LIC):
Managing Director (MD) and Chief Executive Officer (CEO): Siddhartha Mohanty
Headquarters: Mumbai, Maharashtra
Establishment: 1956
SEBI Directs Mutual Funds to Value AT-1 Bonds on Yield-to-Call Basis
On August 5, 2024, the Securities and Exchange Board of India (SEBI) directed Mutual Funds (MFs) to value Additional Tier-1 (AT-1) bonds issued by banks using the Yield-to-Call (YTC) method. This decision was made to align with market practices and Indian Accounting Standard (Ind AS) 113 principles, following recommendations from the National Financial Reporting Authority (NFRA). The directive is based on SEBI’s powers under the SEBI Act, 1992 and SEBI (Mutual Funds) Regulations, 1996.
Key Points:
Directive Purpose: Protect investor interests and regulate the securities market.
Scope: The change applies only to the valuation of AT-1 bonds; other uses follow existing guidelines.
Bond Characteristics: AT-1 bonds retain their 100-year maturity despite the new valuation method.
Securities and Exchange Board of India (SEBI) Overview:
Established: Originally as a non-statutory body in April 1988.
Statutory Status: Granted statutory authority through the SEBI Act, 1992, effective January 30, 1992.
Chairman: Madhabi Puri Buch.
Headquarters: Mumbai, Maharashtra.
J&K Bank Launches “Kisan Ka Samman” Program to Reward Financially Disciplined Farmers
On August , 2024, Jammu & Kashmir (J&K) Bank launched the “Kisan Ka Samman” program to recognize and reward farmers in J&K who demonstrate exceptional financial discipline and timely management of their accounts. The initiative, which runs until September 30, 2024, aims to acknowledge farmers who have consistently renewed their Kisan Credit Cards (KCC) and adhered to financial best practices.
Launch: The program was inaugurated by Baldev Prakash, MD & CEO, and Sudhir Gupta, Executive Director, along with other senior bank officials in Srinagar.
Recognition: Farmers who meet the criteria will receive a Certificate of Appreciation (COA) at various branches, clusters, and zonal levels.
Incentives: Awarded farmers will also be eligible for additional loan products under the “Kisan Dost” scheme to support the enhancement of their agricultural infrastructure.
Appointment news
Government appointed C S Setty as Chairman of SBI
The government has appointed C S Setty as Chairman of State Bank of India (SBI) for a period of three years. Mr Setty, currently senior most MD of the bank, will replace incumbent chairman Dinesh Kumar Khara on August 28.
The Appointments Committee of the Cabinet has approved the proposal of the Department of Financial Services for the appointment of Mr Setty as chairman of SBI for a period of three years with effect from the date of assumption of charge.
Sheikh Hasina Wazed resigns as Bangladesh PM and flees to India
Sheikh Hasina Wazed,five five-time Bangladesh Prime Minister, resigned on 4 August 2024 and fled to India in a military helicopter after a month-long deadly student protest. The student protests against the job quota soon turned into an anti-government agitation, which has led to over 300 people, mainly civilians, dead in the country.
Her resignation ended her uninterrupted 15-year rule in Bangladesh. She had been the Prime Minister of Bangladesh for 20 years.
Bangladesh’s longest-serving prime minister helicopter landed at the Indian Air Forces Hindon air base in Ghaziabad, Uttar Pradesh.
National Security Advisor Ajit Doval met her at the Hindon air base.
Bangladesh:
President of Bangladesh: Mohammad Shahabuddin Chuppu
Capital: Dhaka
Currency: Taka
Lt. Gen. Vikas Lakhera Appointed as the 22nd Director General of Assam Rifles
On August , 2024, Lt. Gen. Vikas Lakhera took over as the 22nd Director General of the Assam Rifles, succeeding Lt. Gen. Pradeep Chandran Nair, who retired on July 31, 2024.
The Assam Rifles, known as the “Sentinels of the North-East,” is India’s oldest paramilitary force. Prior to this role, Lakhera served as the Additional Director General of Military Operations, specializing in information warfare.
About the Assam Rifles
Established: 1835, originally as the “Cachar Levy”
Nickname: ‘Friends of the North East People’
Current Director-General (DG): Lt. Gen. Vikas Lakhera
Headquarters: Shillong, Meghalaya
Ranks and reports news
RIL top-ranked Indian Company on the 2024 Fortune Global 500 List
Mukesh Ambani’s Reliance Industries Limited (RIL) maintained its status as the top-ranked Indian company in the 2024 Fortune Global 500 list. Nine Indian companies were included in the 2024 list, with RIL improving its rank from 86 to 88.
Only eight Indian companies were included in the list in 2023, and HDFC Bank was included for the first time this year.
Companies are ranked on the Fortune Global 500 by total revenues for their respective fiscal years ending on or before March 31, 2024.
The 2024 Fortune Global 500 List was released by the global multi-platform media company Fortune on 5 August 2024. American company Walmart retained its top position on the list for the 11th consecutive year.
Indian Companies on the 2024 Fortune Global 500 List
This year nine Indian companies have been included in the list, with RIL leading the list. Following is the list of the Indian companies with their rank
Serial Number
Company
2024 rank
2023 rank
Improvement (+)/decline in ranks (-) as compared to 2023
1
Reliance Industries Limited (RIL)
86
88
+2
2
Life Insurance Corporation (LIC)
95
107
+12
3
Indian Oil Corporation (IOC)
116
94
-22
4
State Bank of India (SBI)
178
235
+57
5
Oil and Natural Gas Corporation (ONGC)
180
158
-22
6
Bharat Petroleum Corporation Limited (BPCL)
258
233
-25
7
Tata Motors
271
337
+66
8
HDFC Bank
306
Not included
–
9
Rajesh Export
473
353
-120
Walmart leads the Fortune 500 Global List
For the 11th consecutive year, the American company Walmart has topped the Fortune Global 500 list. Saudi Arabian company Aramco remained the most profitable global company.
Summit news
BIMSTEC Business Summit 2024: Fostering Regional Trade and Investment
The Ministry of External Affairs of the Government of India in association with Confederation of Indian Industries (CII) will host the 1st BIMSTEC Business Summit in New Delhi on August 6, 2024.
Objective: Enhance regional collaboration and trade relations among BIMSTEC member countries
Inauguration: External Affairs Minister Dr. S. Jaishankar
Keynote Addresses: Minister of Commerce and Industries Shri Piyush Goyal and other leaders
Participants: Ministers from BIMSTEC member states (Trade, Commerce, Industry, Energy), high-ranking officials, policy makers, entrepreneurs, and industry associations
About BIMSTEC
Full Name: Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC)
Members: Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, Thailand
Population: 1.73 billion people
Combined GDP: US$5.2 trillion (2023)
Geographic Focus: Countries dependent on the Bay of Bengal
Agreement news
Gati Shakti Vishwavidyalaya in collaboration with Airbus begins its first executive training program for aviation sector in New Delhi
Gati Shakti Vishwavidyalaya in collaboration with Airbus has started its first executive training program for the aviation sector in New Delhi.
This three-day program, will be focused on Safety Management Systems for working professionals.
The program attracts participants from leading airlines as well as representatives from Airbus and the Ministry of Civil Aviation.
This course is also being attended by international professionals, including four participants from Nepal and four from Bhutan.
The instructors for the program are leading experts from the industry.
Ministry of civil aviation:Officeholder: Murlidhar Mohol
Airbus:
Headquarters: Leiden, Netherlands
Founded: 18 December 1970
Head: Michael Schoellhorn
India and Saint Kitts and Nevis Sign MoU to Boost Sports Cooperation
On August 5 2024, the Union Minister Mansukh Mandaviya, Ministry of Youth Affairs and Sports (MYAS) of the Government of India (GoI) has signed a Memorandum of Understanding (MoU) with the Denzil Llewellyn Douglas, Minister of Foreign Affairs of Saint Kitts and Nevis(SKN) in New Delhi(Delhi) to enhance cooperation in various sport matters.
The MoU was signed during Denzil Douglas’s official visit to India from August 4th to 9th, 2024
Aim: Enhance sports capacities and promote mutual growth in athletic disciplines.
Key areas of cooperation include athlete training, coach development, exchange programs, technology and infrastructure development, and sports research.
Focus on youth and junior exchanges in sports like wrestling, kabaddi, badminton, shooting, and athletics.
The Federation of Saint Kitts and Nevis consists of two islands, with Basseterre as the capital and East Caribbean Dollar (XCD) as the currency.
Science and tech news
Tata Group Unveils ₹27,000 Crore Semiconductor Facility in Assam
The Tata Group has inaugurated a ₹27,000 crore semiconductor assembly and test facility in Assam, aiming to produce 15 billion chips annually. This landmark project, set to be operational by next year, aligns with the Indian government’s semiconductor mission and is poised to transform Assam into a key player in the global semiconductor ecosystem.
Location: Jagiroad, Assam
Capacity: 15 billion semiconductor chips annually
Uses: Electric vehicles, healthcare devices, mobile phones, laptops
Timeline: Partial operations expected by 2025; Bhoomi Pujan marks the start of development
Significance: Aligns with India’s semiconductor mission, aiming to enhance Assam’s role in the global semiconductor industry
Defence news
ITBP To Get Russian KAMAZ Typhoon Vehicle For LAC
The Indo-Tibetan Border Police (ITBP) has successfully conducted a demonstration and trial of the formidable Typhoon vehicle at its Transport Battalion in Chandigarh. The event, attended by officials from Vehicle Factory Jabalpur, marks an important step in upgrading the force’s vehicles.
About Typhoon-K Vehicle
Kamaz-53949 Typhoon-K is a Russian-made 4×4 Mine-Resistant Ambush Protected (MRAP) vehicle.
It was developed by Remdiesel, a subsidiary of KamAZ.
It was developed for the safe transportation of troops and military cargo in areas with a high risk of mines.
It can also be configured as a command post vehicle, ambulance, and logistics support vehicle.
The Indo-Tibetan Border Police:
Formed: 1962
Governing body: Ministry of Home Affairs (India)
Head: Rahul Rasgotra
Russia:
Capital: Moscow
Continent: Europe, Asia
Prime minister: Mikhail Mishustin
Sports news
Dinesh Karthik Appointed SA20 League Ambassador
Former India Wicket Keeper Dinesh Karthik Appointed as SA20 League Ambassador Krishnakumar Dinesh Karthik, an Indian commentator and former India wicket keeper has been appointed as the league ambassador of South Africa’s premier T20 cricket League (SA20 League) ahead of the 2025 edition of the tournament.
Details:
Dinesh Karthik, former Indian wicketkeeper and commentator, has been appointed as the ambassador for the 2025 SA20 League.
He is the first Indian player to be associated with this South African T20 tournament.
Karthik will join AB de Villiers, a former teammate, as one of the league’s ambassadors.
He announced his retirement from all forms of cricket in June 2024, following the IPL 2024 season.
Karthik has represented India in 26 Tests, 94 ODIs, and 60 T20Is, including the 2007 T20 World Cup win.
SA20 League:
Organized By: Cricket South Africa (CSA)
Inception: First contested in 2023
Upcoming Season: 3rd season from January 9 to February 8, 2025
Teams: MI Cape Town, Joburg Super Kings (JSK), Durban SuperGiants (DSG), Paarl Royals, Pretoria Capitals, Sunrisers Eastern Cape (SEC)
Ownership: Teams are owned by IPL franchise owners
Important days
National Handloom Day 2024, A Tribute to India’s Rich Textile Heritage
August 7, chosen to commemorate the anniversary of the Swadeshi Movement’s formal launch in 1905.
Swadeshi Movement: A key part of India’s independence struggle, promoting self-reliance and indigenous craftsmanship as a form of resistance against British rule.
Handloom Symbolism: Handlooms became a symbol of resistance and national pride during colonial times.
Commemoration:
Initiated: In 2015, marking the centenary of the Swadeshi Movement.
Purpose: Recognizes the handloom industry’s vital role in India’s socio-economic fabric and cultural identity.
Padma Bhushan Awardee Shobhana Sitaram Ranade, a renowned Gandhian activist and social worker passed away at the age of 99 in Pune, Maharashtra. She was born on 26th October 1924 in Pune.
Awards:
National Award (1983): For Child Welfare Services
Jamnalal Bajaj Award (2011): For Development and Welfare of Women and Children
Lifetime Achievement Award (2017): By Federation of Indian Chamber of Commerce and Industry (FICCI) Ladies Organization (FLO), Pune
About Shobhana Ranade:
Inspired by Mahatma Gandhi’s principles, she dedicated her life to serving underprivileged individuals, especially women and children.
President Droupadi Murmu conferred highest honour – Companion of the Order of Fiji in capital Suva
President Droupadi Murmu who is on a two-day visit to Fiji, was conferred the Companion of the Order of Fiji, the highest honour of Fiji by the President of Fiji.President Murmu addressed the Fijian Parliament where she recalled the 75 years diplomatic association between the countries.
Honor Conferred: Companion of the Order of Fiji, the highest honor of Fiji
Ceremonial Events:
Arrival: Received a ceremonial guard of honor from the Fiji Military Force.
Welcome Ceremony: Held in Suva with Prime Minister Sitiveni Rabuka.
Bilateral Meeting: Held with Fijian President Williame Katonivere at State House.
Address to Fijian Parliament:
Recalled 75 years of diplomatic relations between India and Fiji.
Expressed gratitude for Fiji’s support of India’s Aditya L1 Mission.
Mentioned India’s support to Fiji during the COVID-19 crisis through the Vaccine Maitri initiative.
Highlighted the importance of the Global South in advocating for climate justice and addressing concerns of developing nations.
Fiji country:
Capital: Suva
Currency: Fijian Dollar
Prime minister: Sitiveni Rabuka
Ministers Mandaviya and Scindia Releases Commemorative Stamps for Paris 2024 Olympics in New Delhi
Commemorative stamps celebrating the 33rd Olympics Paris 2024 were released by Youth Affairs and Sports Minister Dr. Mansukh Mandaviya and Communications Minister Jyotiraditya Scindia.
Significance: Stamps symbolize India’s commitment to sports and national pride.
Dr. Mandaviya’s Remarks: Emphasized the role of sports in national health and prosperity; highlighted government support for athletes through initiatives like Khelo India and TOPS.
Athletes’ Achievement: Of the 117 Indian athletes going to Paris, 28 benefited from the Khelo India scheme.
Scindia’s Remarks: Stamps honor India’s sports legacy; aligns with the Prime Minister’s vision of improving sports infrastructure.
Sports Depicted in the Commemorative Stamp
The four stamps released by the ministers depict five Olympic sports – Javelin Throw, Field Hockey, Sailing and Table Tennis.
India has one gold medal in Javelin at the Olympics. Neeraj Chopra won the medal in the 2020 Tokyo Olympics.
The Indian men’s hockey team has won 12 medals—8 gold,1 silver, and 3 bronze—in the Olympics. It won a bronze medal in the 2020 Tokyo Olympics.
Leander Paes is the only Indian to win a medal in tennis at the Olympics. He won a bronze medal in the men’s singles at the 1996 Atlanta Olympics.
Minister responsible:
Youth Affairs and Sports Minister Dr. Mansukh Mandaviya
Communications Minister Jyotiraditya Scindia.
Approval of 8 National High-Speed Road Corridor Projects by CCEA
The Cabinet Committee on Economic Affairs (CCEA) chaired by the Prime Minister (PM) Narendra Modi has approved 8 National High-Speed Road Corridor projects, with a length of 936 kilometers (km) for Rs. 50,655 crore across India.
The 8 National High-Speed Road Corridor projects include:
4-Lane: Northern Guwahati Bypass and Widening/Improvement of Existing Guwahati Bypass (Assam)
8-Lane Elevated: Nashik Phata – Khed Corridor near Pune (Maharashtra)
About the Cabinet Committee on Economic Affairs (CCEA):
The CCEA established in 1990 is responsible for high-level economic decision-making. Chairperson- Prime Minister Narendra Modi
Headquarters- New Delhi, Delhi
Banking news
Government Extends Deadline for Minimum Public Shareholding Compliance Until August 2026
The government has extended the deadline for the Central Public Sector Enterprises (CPSES),Public Sector Banks (PSBs), and Financial Institutions (FIs) to adhere to the Minimum Public Shareholding (MPS) norms until August 2026. This extension allows CPSES, PSBs, and FIs to increase their public shareholding to at least 25% by 1 August 2026.
Purpose: To allow Central Public Sector Enterprises (CPSES), Public Sector Banks (PSBs), and Financial Institutions (FIs) to increase public shareholding to at least 25%.
Previous Deadline: August 1, 2024
Regulatory Body: Securities and Exchange Board of India (SEBI)
Legal Basis: Rule 19A(6) of the Securities Contract (Regulation) Rules, 1957
Public Sector Lenders’ Compliance:
Requirement: All listed companies, including state-owned, must maintain a Minimum Public Shareholding (MPS) of 25% for continuous listing.
Lenders’ Plans: Five public sector lenders—Bank of Maharashtra (BoM), Indian Overseas Bank (IOB), United Commercial Bank (UCO Bank), Central Bank of India (CBI), and Punjab and Sind Bank (P&S Bank)—are working to reduce government stakes to below 75%.
Current Government Holdings:
P&S Bank: 98.25%
IOB: 96.38%
UCO Bank: 95.39%
CBI: 93.08%
BoM: 86.46%
Compliance Status: As of March 31, 2024, 7 out of 12 PSBs comply with the MPS norm, including State Bank of India (SBI), Punjab National Bank (PNB), Canara Bank, Bank of Baroda, Indian Bank, Union Bank of India (UBI), and Bank of India (BOI).
LIC: Given until May 16, 2027, to achieve a 10% public shareholding.
RBI Issues Revised Instructions on Bad and Doubtful Debt Reserve for Co-operative Banks
On August 2024, the Reserve Bank of India (RBI) issued revised instructions on Bad and Doubtful Debt Reserve (BDDR) for co-operative banks to ensure uniformity in the treatment of this reserve for prudential purposes.
Reasons for Revision:
Misalignment with Accounting Standards (AS) due to non-recognition of provisions for Non-Performing Assets (NPAs) as expenses in the Profit & Loss (P&L) account.
Inconsistent treatment of provisions for NPAs across co-operative banks, with some deviations from regulatory norms.
Key Points:
Identification:
Banks must identify and quantify BDDR balances as of March 31, 2024, created by appropriating net profits rather than recognizing them as expenses.
Provision:
Starting FY25 (2024-25), provisions should be charged as an expense to the P&L account in the accounting period in which they are recognized.
Provisions will remain eligible for capital purposes as defined in existing capital adequacy guidelines.
RBI:
Founded: 1 April 1935, Kolkata
Headquarters: Mumbai
Head: Shri Shaktikanta Das
Nagaland Signs First-of-Its-Kind Disaster Risk Transfer Insurance MoU with SBI General Insurance
the Government of Nagaland has signed a Memorandum of Understanding (MOU) with State Bank of India (SBI) General Insurance Company Limited for Disaster Risk Transfer Parametric Insurance Solution (DRTPS). With this, Nagaland becomes the 1st state in India to implement a disaster risk management insurance solution.
MoU Duration: 3 years (2024-2027) with immediate effect.
Parties Involved: Nagaland State Disaster Management Authority (NSDMA) and SBI General Insurance.
Insurance Coverage: Protects critical infrastructure and mitigates economic losses due to disasters.
Payment: Government of Nagaland will cover the insurance premium.
Managing Director (MD) and Chief Executive: Kishore Kumar Poludasu
Headquarters: Mumbai, Maharashtra
Tagline: “Suraksha Aur Bharosa Dono”
Established: 2009
Thomas Cook India and NPCI Launch First RuPay Forex Card for UAE
Thomas Cook India Partners with NPCI To Launch RuPay Forex Card For UAE Mumbai (Maharashtra) based Thomas Cook (India) Limited (TCIL) has partnered with the National Payments Corporation of India (NPCI) to launch RuPay AED (United Arab Emirates Dirham) Forex Card, first RuPay Prepaid Forex Card for Indian travellers visiting the United Arab Emirates (UAE).
Product: RuPay AED (United Arab Emirates Dirham) Forex Card, India’s first RuPay prepaid forex card for UAE travelers.
Technology Partner: CARD91.
Features:
Usable for transactions and ATM withdrawals across the UAE.
Pilot launch in UAE with plans for a global phased rollout.
Innovation: A Made-in-India initiative and first partnership of its kind with an Indian non-banking entity.
Defence news
Kalyani Strategic Systems Receives Defence Manufacturing Licence
Bharat Forge’s Kalyani Strategic Systems Gets Licence To Make Defence Products Pune (Maharashtra) based – Kalyani Strategic Systems Limited (KSSL),a defence subsidiary of Bharat Forge Limited (BFL), received a defence licence to manufacture various defence products specifically developed for military use at its Jejuri unit in Maharashtra.
Licence Granted By: Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry (MoCI).
Regulation: Under the Industries (Development and Regulation) Act, 1951.
Scope: Permits manufacturing of various defence products for military use.
Validity: Perpetual, subject to terms and restrictions.
Appointment news
DG SSB Daljit Singh Chawdhary Takes Over Additional Charge of Director General, BSF
Daljit Singh Chawdhary, Director General of Sahastra Seema Bal (SSB), assumed additional charge as Director General of the Border Security Force (BSF) on August 3, 2024.
Profile:
Batch: 1990 Indian Police Service (IPS) officer, Uttar Pradesh cadre.
Current Role: DG SSB since January 23, 2024.
Previous Experience: Served in various roles in Uttar Pradesh and on central deputation since 2017, including ADG in Indo-Tibetan Border Police (ITBP) and SDG in Central Reserve Police Force (CRPF).
About Border Security Force (BSF):
BSF is India’s border guarding organisation which is known as the 1st line of defence and
also one of the seven Central Armed Police Forces (CAPF) of India.
Director General (DG) – Daljit Singh Chawdhary
Headquarters – New Delhi, Delhi
Motto ‘Duty Unto Death’
Summit news
PM Inaugurates The 32nd International Conference of Agricultural Economists
32nd ICAE inaugurated by Prime Minister Narendra Modi on August 3, 2024, at the National Agricultural Science Centre (NASC) Complex, New Delhi.
Delegates: Approximately 1,000 delegates from 75 countries.
Theme: “Transformation Towards Sustainable Agri-Food Systems.”
Aim: Address global challenges such as climate change, resource degradation, rising production costs, and conflicts; enhance partnerships between research institutes and universities; influence policymaking; and showcase India’s agricultural advancements, including digital agriculture.
Opportunities: Platform for young researchers and professionals to present their work and network globally.
Prime Minister’s Remarks:
Highlighted ancient Indian agricultural practices and the emphasis on science and logic in Indian traditions.
Referenced ‘Krishi Parashar,’ a 2000-year-old agricultural treatise, and India’s robust agriculture research and education system, including ICAR’s 100+ research institutes, over 500 agricultural colleges, and more than 700 Krishi Vigyan Kendras.
Apps and portal news
Amit Shah launch four new App for implementation of New Criminal laws
The Union Home Minister and Minister of Cooperation Amit Shah launched four apps—e-Sakshya, Nyaya Setu, Nyaya Shruti, and e-Summon—to ensure the smooth implementation of the three new criminal laws in the country.
Amit Shah launched the apps at an event in Chandigarh on 4 August 2024. The Punjab Governor and Administrator of the Union territory of Chandigarh, Gulab Chand Kataria, and the Union Home Secretary Ajay Kumar Bhalla were also present.
Speaking on the occasion, Amit Shah said that with the full implementation of the three new criminal laws, a judgment to the Supreme Court will be possible within three years.
Functions of the Four Apps:
e-Sakshya:
Stores all testimonies, videography, and photography on the e-evidence server.
Provides real-time access to all courts.
e-Summon:
Facilitates the electronic sending of summons from courts to police stations and the concerned individuals.
Nyaay Setu Dashboard:
Links police, medical, forensic, prosecution, and prison authorities.
Offers real-time information related to investigations.
Nyaay Shruti:
Allows courts to hear witnesses via videoconferencing.
New Criminal Laws in India:
Bharatiya Nyaya Sanhita, 2023:
Replaces the Indian Penal Code, 1860.
Bharatiya Nagarik Suraksha Sanhita, 2023:
Replaces the Code of Criminal Procedure, 1973.
Bharatiya Sakshya Adhiniyam, 2023:
Replaces the Indian Evidence Act, 1872.
Implementation: Effective nationwide from July 1, 2024.
Forensic Requirement: Forensic investigation is mandatory in criminal cases where the minimum sentence is 7 years.
The Union Home Minister and Minister of Cooperation Amit Shah
Union Minister Piyush Vedprakash Goyal, Ministry of Commerce and Industry (MOCI) has launched the book titled ‘India@100: Envisioning Tomorrow’s Economic Powerhouse’, authored by Professor K V Subramanian, the Executive Director (ED), International Monetary Fund (IMF).
Book Predictions:
India could achieve a USD 55 trillion economy by 2047.
Forecasts include self-sufficiency, stronger currency, and an 8% Annual Growth Rate (AGR).
Vision: India is set to become a developed nation by 2047, excelling in infrastructure, employment, tourism, manufacturing, shipping, and technology.
Minister’s Note: Piyush Goyal emphasized the role of collective efforts from 1.4 billion citizens in achieving the target of ‘Viksit Bharat.’
“VIRAASAT”, 10th National Handloom Day Begins At Handloom Haat, New Delhi
VIRAASAT,” a fortnight-long handloom expo, began on August 2024 at Handloom Haat, Janpath, celebrating the 10th National Handloom Day.
Organizers: The event is organized by National Handloom Development Corporation Ltd (NHDC) under the Ministry of Textiles, Government of India, and will run until 16th August 2024.
Event Highlights: The exhibition features 75 stalls showcasing handloom products from across India, along with live loom demonstrations, workshops, folk dances, and regional cuisines.
Public Participation: The event is open to the public daily from 11 am to 8 pm, with a special emphasis on promoting handloom weavers and artisans.
My Product My Pride: Prime Minister Modi, during the 112th episode of “Mann ki Baat,” encouraged people to support local handloom products and share their experiences on social media with the hashtag #MyProductMyPride.
Union Minister Pralhad Venkatesh Joshi Launches Price Monitoring System (PMS) Version 4.0
Union Minister Pralhad Venkatesh Joshi, Ministry of Consumer Affairs, Food & Public Distribution (MoCAF&PD), launched the Version 4.0 Price Monitoring System (PMS) Mobile Application on August , 2024, in New Delhi.
Expanded Monitoring: The Department of Consumer Affairs (DCA) has expanded its PMS to include 16 additional commodities, bringing the total monitored items to 38, up from 22. Newly added items include Bajra, Jowar, Ragi, Suji, Maida, Besan, Ghee, Butter, Brinjal, Egg, Black Pepper, Coriander, Cumin, Red Chillies, Turmeric Powder, and Banana.
Government Measures to Control Inflation:
The government has implemented measures like providing subsidized food items under the “Bharat” brand and selling tomatoes through the National Co-operative Consumers’ Federation of India Ltd. (NCCF).
These measures, along with progress in Kharif pulses (2024-25), have stabilized the market.
Price Stabilisation Fund (PSF):
The government has allocated Rs 10,000 crore under the PSF in the Union Budget 2024-25 to maintain stable prices and ensure the affordability of key commodities like pulses, onions, and potatoes.
The PSF is designed to address inflationary trends by procuring, storing, and regulating the release of selected agri-horticultural commodities to moderate prices and protect consumer interests.
International news
Germany Joins the United Nations Command (UNC) in South Korea
On August, 2024, the Federal Republic of Germany officially became the 18th member of the United Nations Command (UNC) in Pyeongtaek, South Korea, which is led by the United States of America (USA).
This is the first expansion of the UNC since Italy was reinstated in 2013.
Role of the UNC:
The UNC was established on July 7, 1950, following the UN’s recognition of North Korea’s aggression against South Korea.
It is responsible for policing the heavily fortified border with North Korea and is committed to defending South Korea in the event of war.
The UNC is led by the commander of the USA military stationed in South Korea, but it is not affiliated with the United Nations (UN).
Historical Background:
The UNC was authorized by UN Security Council Resolutions83 and 84, which provided the international legal authority for member states to restore peace on the Korean Peninsula.
During the Korean War and the reconstruction period following the signing of the Armistice Agreement on July 27, 1953, 22 countries contributed either combat forces or medical assistance under the UN flag.
About the Federal Republic of Germany (FRG):
Chancellor: Olaf Scholz
President: Frank-Walter Steinmeier
Capital: Berlin
Currency: Euro (EUR)
Economy news
Ind-Ra Raises FY25 GDP Growth Forecast to 7.5%
India Ratings & Research (Ind-Ra) has increased its forecast for India’s GDP growth in FY25 to 7.5%, up from the previous estimate of 7.1%. This revised projection surpasses the RBI’s forecast of 7.2% and the Finance Ministry’s Economic Survey estimate of 6.5-7%. The upward revision is attributed to expected improvements in consumption demand driven by government policies and increased capex.
Key Drivers
Government Initiatives: The union budget’s focus on enhancing agricultural and rural spending, improving credit access for MSMEs, and incentivizing employment is anticipated to boost consumption demand across various income brackets.
Corporate and Bank Balance Sheets: A reduction in corporate and bank leverage, alongside a potential rise in private corporate capex, is expected to support economic growth.
Banking news
RBI Cancels Licenses of 78 UCBs Since 2014
The Reserve Bank of India (RBI) has canceled the licenses of 78 Urban Cooperative Banks (UCBs) since 2014, with Maharashtra seeing the highest number at 36.
Reasons for Cancellation:
Inadequate capital
Poor earning prospects
Deteriorating financial position
Operations detrimental to depositors and the public
Recent Statistics:
2024: 10 UCB licenses canceled (spread across Maharashtra, Karnataka, Uttar Pradesh, Gujarat, Rajasthan, Assam, and Andhra Pradesh)
2023: 14 UCB licenses canceled
2022: 12 UCB licenses canceled
Geographic Distribution:
Maharashtra: 36 UCBs
Uttar Pradesh: 14 UCBs
Karnataka: 8 UCBs
Gujarat: 2 UCBs (latest: Shree Mahalaxmi Mercantile Co-operative Bank Ltd., Dabhoi, January 2024)
Other affected states include Rajasthan, Assam, Odisha, Andhra Pradesh, Telangana, West Bengal, Goa, Madhya Pradesh, and Kerala.
RBI:
Founded: 1 April 1935, Kolkata
Headquarters: Mumbai
Head: Shri Shaktikanta Das
The Launch Of A Smartwatch: Kotak Mahindra Bank, In Partnership With Tech Firm GOQii
Kotak Mahindra Bank Ltd and GOQii have introduced the Kotak – GOQii Smart Vital Plus smartwatch, combining contactless payment capabilities with health monitoring features.
Pricing and Payment Features: Priced at INR 3499, the smartwatch enables seamless contactless transactions up to INR 5000, powered by RuPay On-The-Go, without the need for a PIN.
Health Monitoring: The smartwatch allows users to track key health metrics such as blood pressure, body temperature, and SpO2 levels directly from their wrist.
Ease of Use: With a user-friendly interface, customers can easily link their Kotak accounts to enable secure contactless payments, eliminating the need for cash, cards, or smartphones.
Vision for Preventive Healthcare: The collaboration between Kotak Mahindra Bank and GOQii aims to promote a convenient, healthy, and efficient lifestyle by integrating contactless payments with advanced health monitoring, reflecting the growing trend of technological integration in everyday life.
Kotak Mahindra Bank:
CEO: Ashok Vaswani (1 Jan 2024–)
Headquarters: Mumbai
Founder: Uday Kotak
Founded: 21 November 1985
India and World Bank Sign $500 Million Agreement for Green National Highway Corridors Project (GNHCP)
On August 1, 2024, Union Minister Nitin Gadkari,Ministry of Road Transport and Highways (MoRTH), announced that the Government of India and the World Bank have signed a $500 million agreement to construct the Green National Highway Corridors Project (GNHCP).
Project Overview:
The GNHCP aims to build safe and environmentally friendly highways using green technologies and climate-resilient methods.
The project covers four states: Himachal Pradesh, Rajasthan, Uttar Pradesh, and Andhra Pradesh, with a total length of 781 kilometers.
Timeline: The scheduled date for the final completion of the GNHCP project is May 2026.
Background:
The loan arrangement between the Government of India and the World Bank was initially signed in December 2020.
The loan, provided by the International Bank for Reconstruction and Development (IBRD), part of the World Bank Group, has a maturity period of 18.5 years, including a 5-year grace period.
Financials: The World Bank’s $500 million loan will contribute to the total project cost of $1,288.24 million (approximately ₹7,662.47 crore).
World Bank Overview:
President: Ajay Banga
Headquarters: Washington, D.C., United States of America (USA)
Member Nations: 189 (including India)
Established: 1944
RBI Grants ‘Fit & Proper’ Certificates for IDBI Bank Acquisition
the Reserve Bank of India (RBI) issued ‘Fit & Proper’ certificates, allowing these entities to proceed with the due diligence process for acquiring Industrial Development Bank of India (IDBI) Limited.
Ownership:
The Government of India (GoI) and the Life Insurance Corporation of India (LIC) together hold around 94% of IDBI Bank’s shares.
LIC, as the promoter, holds 49.24%, while the GoI, as the co-promoter, holds 45.48%.
Potential Suitors:
Fairfax Financial Holdings Limited, Toronto (Canada)
Emirates NBD Bank, Dubai (UAE)
Kotak Mahindra Bank Limited (KMBL), Mumbai (Maharashtra)
About IDBI Limited:
Managing Director (MD) and Chief Executive Officer (CEO)- Rakesh Sharma
Headquarters- Mumbai, Maharashtra
Tagline- Banking for All
Established 1964
HDFC Securities Limited Partners with Vested Finance Inc. for Global Investing 2.0:
The partnership aims to democratize global investing for Indians and Non-Resident Indians (NRIs) through a platform called Global Investing 2.0.
This initiative will enable investors to access international markets, offering tools, augmented protection, innovative features, and deep portfolio diversification.
Partnership:
HDFC Securities Limited has teamed up with Vested Finance Inc., a US-based investment platform registered with the Securities and Exchange Commission (SEC).
Vested Finance Inc. provides secure access to the US stock market for international investors, ensuring a reliable and regulated investment environment.
Key Details about HDFC Securities Limited:
Managing Director (MD) & Chief Executive Officer (CEO): Dhiraj Relli
Headquarters: Mumbai, Maharashtra
Founded: 2000
Sports news
Star Shooter Manu Bhaker Set To Be India’s Flagbearer In Closing Ceremony
Manu Bhaker, a two-time Olympic bronze medallist, has been chosen as India’s flagbearer for the closing ceremony of the Paris Olympics.
Event Details: The closing ceremony will take place on August 11, 2024. The Indian Olympic Association (IOA) has yet to confirm the men’s flagbearer.
Performance in Paris: Bhaker excelled in the Paris Olympics, securing two bronze medals and setting multiple records, marking a significant redemption after her gun malfunctioned during the Tokyo Olympics in 2021.
Novak Djokovic Clinches First Olympic Gold Medal at the Paris 2024 Olympics
Novak Djokovic of Serbia secured his first Olympic gold medal at the Paris 2024 Olympics. The 37-year-old tennis legend overcame Spain’s Carlos Alcaraz in a gripping men’s singles final at Roland Garros on Sunday, cementing his status in the annals of tennis history.
Yamini Krishnamurthy (1940-2024): A revered Indian classical dancer, she passed away on August 3, 2024, at 83 in New Delhi.
Dance Forms: Mastered Bharatanatyam, Kuchipudi, and Odissi, elevating these forms on the global stage.
Early Life and Training:
Born: December 20, 1940, in Madanapalli, Andhra Pradesh.
Training: Began dance at age five, trained at Kalakshetra under Rukmini Devi Arundale.
Kuchipudi: Learned from masters like Vedantam Lakshmi Narayana Sastry.
Odissi: Trained under Pankaj Charan Das and Kelucharan Mohapatra.
Other Talents: Also trained in Carnatic vocals and the veena.
Career and Achievements:
Debut: First solo performance at age 17 in 1957.
Awards:
Padma Shri (1968)
Sangeet Natak Akademi Award (1977)
Padma Bhushan (2001)
Padma Vibhushan (2016)
Artistic Style and Impact:
Renowned For: Elegant stage presence, expressive eyes, and a powerful, glamorous style in Bharatanatyam.
Influence: Played a key role in globalizing Indian classical dance.
Tributes and Legacy:
Tributes: Dignitaries and the dance community, including Sonal Mansingh, Raja and Radha Reddy, and Jayalakshmi Eshwar, praised her contributions and passion for dance.
Legacy: Remembered for her dedication to perfecting her art and her impact on the international dance scene.
New Delhi host 14th Indo-Vietnamese Defence Policy Dialogue
India hosted the 14th India-Vietnam Defence Policy Dialogue in New Delhi on 1 August 2024. The meeting was part of the wider military-to-military dialogue between the two countries to strengthen the bilateral defence relationship.
The dialogue coincided with Vietnamese Prime Minister Pham Minh Chinh’s official three-day visit to India from 30 July to 1 August 2024.
Who chaired the 14th India-Vietnam Defence Policy Dialogue?
The 14th India-Vietnam Defence Policy Dialogue was co-chaired by the Indian Defence Secretary Giridhar Aramane and Vietnam’s Deputy Minister of National Defence, Senior Lieutenant General Hoang Xuan Chien.
Comprehensive Strategic Partnership (2016):
Bilateral relations between India and Vietnam were upgraded to a “Comprehensive Strategic Partnership” during Prime Minister Narendra Modi’s visit to Vietnam in 2016.
This elevated relationship signifies a deepening of ties across various sectors, including defence and security.
Agenda of the Meeting (2024):
Both sides discussed and reviewed bilateral defence cooperation issues.
Vietnam proposed cooperation in delegation exchanges, staff talks, Service-to-Service cooperation, education and training, and Defence Industry cooperation.
India welcomed these proposals and suggested cooperation in emerging areas such as Submarine Search and Rescue, Cyber Security, Information Security, and Military Medicine.
A Letter of Intent was signed to enhance cooperation in training, including the exchange of instructors and experts.
About Vietnam country:
Capital: Hanoi
Official language: Vietnamese
Currency: Vietnamese dong
Prime minister: Pham Minh Chinh
President: To Lam
Supreme Court permits sub-quota in the reservation of SC/ST Category
In a significant judgement, the seven-judge bench of the Supreme Court led by Chief Justice of India D Y Chandrachud in the Davinder Singh Vs the State of Punjab case ruled by a 6:1 majority that the State Government can create sub-classifications within the Scheduled Caste (SC) and Scheduled Tribes (ST) for reservation purposes.
The seven-judge bench verdict delivered on 1st August 2024 overturned the earlier five-judge bench judgement in the E V Chinnaiah v State of Andhra Pradesh case of 2004.
In E V Chinnaiah v State of Andhra Pradesh, the Supreme Court held that the SC/ST list is a homogenous group and that there can be no sub-quota within it.
The constitution provides 15 per cent reservation to the Scheduled Castes and 7.5 per cent to the Scheduled Tribes in government jobs and educational institutions.
Supreme Court Review of Scheduled Castes and Backward Classes Reservation
Legal Basis: Articles 341 and 342 define Scheduled Castes and Tribes; Parliament’s exclusive power to modify lists.
Judicial Background: E V Chinnaiah v State of Andhra Pradesh affirmed Parliament’s sole authority; barred sub-quotas within SC/ST.
Punjab Act Challenge: 2006 Act preferred Balmiki and Mazhabi Sikh communities; struck down by Punjab and Haryana High Court.
Current Review: Seven-judge bench reviewing SC’s homogeneity, equality within SC/ST, and socially backward classes based on recent developments.
President Murmu Presides over the 52nd Conference of Governors
President Droupadi Murmu presided over the 52nd Conference of Governors at the Rashtrapati Bhavan in New Delhi on 2 August 2024. In 2021, the 51st Conference of Governors was held at the Rashtrapati Bhavan. The conference was presided over by the then President Ram Nath Kovind.
This was the first time that President Murmu was presiding over the Conference of Governors.
In 1949, the first Conference of Governors was held at the Rashtrapati Bhavan, which was then known as the Government House. The then Governor General of India, C. Rajagopalachari, presided over the conference,
In India, the President of India has the power to appoint and dismiss the State Governors, the Lieutenant Governors and Administrators of the Union Territories.
The Union Territory of Ladakh, Jammu and Kashmir, Puducherry, Andaman and Nicobar Islands and the National Capital Territory of Delhi have Lieutenant Governors.
The Union Territory of Dadra and Nagar Haveli and Daman and Diu, Chandigarh and Lakshadweep have Administrators.
Agenda of the Conference
The Conference will discuss various national issues like reforms in higher education and accreditation of universities; implementation of three criminal laws; development of focus areas like tribal areas, aspirational districts and blocks and border areas; role of Governors in campaigns like Ek Vriksha Maa ke Naam’,‘MYBharat’ and ‘Ek Bharat Shreshtha Bharat. It will also discuss the role of Governors in promoting better coordination between various central agencies in the state and in furthering natural farming and enhancing public connections.
Kashmir City Receives World Craft City Certificate from World Crafts Council
In a grand ceremony held in Srinagar, the capital of the Union Territory of Jammu and Kashmir, Kashmir City was awarded the prestigious Certificate of World Craft City by the World Crafts Council International. This significant event was graced by the presence of Jammu and Kashmir Lieutenant Governor Manoj Sinha, Sa’ad Hani Al-Qaddumi, President of the World Crafts Council, and other notable personalities from the council. This recognition came after the World Crafts Council announced its decision in June 2024 to include Kashmir in its World Craft City list.
World Craft City Status: Kashmir has been honored as the fourth Indian city to receive the World Craft City certificate from the World Crafts Council, joining Jaipur, Mamallapuram, and Mysore.
Previous Recognitions: Jaipur and Mamallapuram were recognized in 2015, with Mamallapuram specifically noted for stone carving. Mysore received the title in 2018.
Cultural Heritage: Kashmir boasts a rich cultural heritage spanning over 4000 years, influenced by Iranian and Central Asian art.
Crafts: The region is renowned for several crafts:
Carpet Weaving: Known for intricate designs.
Kani Shawl: Fine wool with detailed patterns.
Paper Machie: Artistic creations from paper pulp.
Khatamband: Unique wooden ceiling designs.
Wood Carving: Detailed craftsmanship.
Kandikari Copperware: Exquisite copper utensils.
Tilla Work: Embroidery using gold and silver threads.
Word crafts council:
The current headquarters of WCC: State of Kuwait
The WCC was founded in 1964
Introduction of Electronic Human Resource Management System
Union Minister Dr. Jitendra Singh announced in the Rajya Sabha that the Union Government has introduced a new Electronic Human Resource Management System (e-HRMS). This system aims to streamline and enhance the management of government employees’ service matters through digital means.
Overview of e-HRMS
Purpose:
Designed to streamline and enhance the management of government employees’ service matters through digital means.
Facilitates data-driven decisions related to training and personnel management.
Features:
Digitization: Enables digital management of service records, reducing transaction time and costs.
Accessibility: Provides 24/7 access to service details for all government employees (central and state).
Lifecycle Management: Digitizes the entire employee service lifecycle from entry to exit.
Process Automation: Facilitates digitized processing of reimbursements, claims, advances, leaves, etc.
Transparency: Enhances transparency and accountability with e-sign functionality and alerts/notifications.
Key Benefits of e-HRMS
Enhanced Productivity: Reduces manual intervention and enhances productivity in cadre management.
Cost Efficiency: Lowers transaction costs associated with traditional paper-based processes.
Accurate Data: Ensures a single source of authentic data for improved decision-making.
Improved Service Delivery: Enables quicker and more efficient handling of employee-related matters.
Compliance: Helps in maintaining compliance with regulations through automated processes.
This initiative aims to leverage technology to modernize HR management within government departments, promoting efficiency, transparency, and accountability across various employee-related processes.
India and Vietnam Partner on Maritime Heritage Complex in Lothal
India and Vietnam have partnered to develop the National Maritime Heritage Complex (NMHC) in Lothal, Gujarat, reflecting their deep maritime connections. The Memorandum of Understanding (MoU) signed at Hyderabad House in New Delhi marks a significant step in this collaborative effort, which aims to preserve and celebrate the shared maritime heritage of both nations.
Key Points:
Collaborative Partnership: India and Vietnam signed an MoU to develop the NMHC in Lothal, Gujarat, reflecting shared maritime heritage.
Artifact Exchange: Both nations will exchange maritime artifacts, replicas, paintings, and archival data.
Expertise Sharing: Collaboration includes sharing design, technology, and maintenance expertise to create an educational and recreational space.
Project Development:
Location: 400 acres in Saragwala village, Gujarat.
Progress: Phase 1A is over 55% complete; opening expected next year.
Innovative Features:
World’s tallest lighthouse museum
World’s largest open aquatic gallery
Grandest naval museum in India
Recreation of Harappan architecture and lifestyle
Four theme parks and fourteen galleries showcasing maritime heritage.
Economy news
GST Collection Surges 10.3% in July 2024 to ₹1.82 Lakh Crore
In July 2024, India’s Goods and Services Tax (GST) collections rose by 10.3% to ₹1,82,075 crore, marking a significant increase from ₹1,65,105 crore in July 2023. This uptick highlights strong domestic consumption and economic resilience.
Key Figures and Trends
July 2024 Collection: ₹1,82,075 crore, a 10.3% year-on-year increase.
Year-to-Date 2024: Total GST collections stand at ₹7,38,894 crore, up 10.2% from ₹6,70,766 crore in the same period of 2023.
Monthly Records: April 2024 recorded ₹2,10,000 crore, May and June saw ₹1,73,000 crore and ₹1,74,000 crore, respectively.
2023-24 Fiscal Year: Gross GST collections amounted to ₹20,18,000 crore, an 11.7% increase from the previous fiscal year. The average monthly collection was ₹1,68,000 crore, surpassing the previous year’s average of ₹1,50,000 crore.
GST Implementation and Impact
Introduction: Implemented on July 1, 2017, GST replaced a fragmented indirect tax system, simplifying tax compliance and reducing cascading tax effects.
Key Items: Significant GST rate reductions or zero rates have been applied to mobile phones, refrigerators, and TVs up to 32 inches.
International news
India Announces $300 Million Loan to Vietnam During Vietnam PM Visit
The government of India has announced two loans totalling$300 million to Vietnam during the visit of the Prime Minister of Vietnam, Pham Minh Chinh. The loan is for strengthening Vietnam’s maritime security.
The Vietnamese Prime Minister was on an official three-day, from 30 July to -1 August 2024 visit to India.
Nine agreements were signed between India and Vietnam during the visit of the Vietnamese Prime Minister Pham Minh Chinh. During the visit, it was announced that Vietnam will join the Coalition for Disaster Resilient Infrastructure (CDRI).
Significance of the Vietnamese Prime Visit to India
This is the first visit of a Vietnamese leader to India after India and Vietnam established their comprehensive strategic partnership in September 2016. India became the third country in 2016 after China (2008) and Russia (2012), with which Vietnam has signed a comprehensive strategic partnership. India has a close relationship with Vietnam and shares strong defence ties.
About Vietnam
Vietnam is a Southeast Asian country which is a member of the Association of Southeast Asian Nations (ASEAN).
It is a communist country which is ruled by the Communist Party of Vietnam.
Capital: Hanoi
Currency: Dong
President: To Lam
Prime Minister :Pham Minh Chinh
Nelson Mandela Legacy Sites Inscribed as UNESCO World Heritage
In a momentous decision that celebrates the life and legacy of one of the world’s most revered leaders, the United Nations Educational, Scientific and Cultural Organisation (UNESCO) has inscribed several iconic South African sites associated with Nelson Mandela as World Heritage Sites.
This recognition, announced during the 46th session of the UNESCO World Heritage Committee in New Delhi, marks a significant milestone in preserving the memory of South Africa’s journey from apartheid to democracy.
UNESCO:
Founded: 16 November 1945, London, United Kingdom
Headquarters: Paris, France
Director-General, United Nations Educational, Scientific and Cultural Organization (UNESCO) Audrey Azoulay
Summit news
4th Rashtriya Hindi Vigyan Sammelan 2024 held in Bhopal
The 4th edition of the Rashtriya Hindi Vigyan Sammelan 2024 was held in the Madhya Pradesh capital, Bhopal, on 30 and 31 July 2024. The Rashtriya Hindi Vigyan Sammelan’s main purpose is to provide a platform for researchers to present and discuss their work in Hindi, enrich science and technology-based research in Hindi and popularise science and technology through Hindi medium.
The conference featured six sessions on diverse topics of Science, Technology, Ayurveda, Engineering, and Science Communication.
Organizer: The 4th Rashtriya Hindi Vigyan Sammelan 2024 was organized by CSIR-Advanced Materials and Processes Research Institute (AMPRI), Bhopal, in collaboration with several institutions including CSIR-National Institute of Science Communication and Policy Research (NIScPR), Vijnana Bharati Madhya Bharat Province, Madhya Pradesh Council of Science and Technology, Madhya Pradesh Bhoj (Open) University, and Atal Bihari Vajpayee Hindi University, Bhopal.
Inauguration: The event was inaugurated by the Chief Minister of Madhya Pradesh, Dr. Mohan Yadav, on 30 July 2024.
Valedictory Session: The valedictory session was presided over by the Deputy Chief Minister of Madhya Pradesh, Rajendra Shukla, on 31 July 2024.
Theme: The theme of the 4th Rashtriya Hindi Vigyan Sammelan 2024 was “Upgradation of National Scientific Consciousness in Amrit Kaal,” focusing on enhancing India’s scientific consciousness in alignment with Prime Minister Narendra Modi’s vision of Amrit Kaal, aimed at making India a developed country by 2047.
India International Hospitality Expo 2024: Poised for Great Success
The India International Hospitality Expo (IHE) 2024, set to take place from August 3rd to 6th at India Expo Centre & Mart, Greater Noida, Delhi NCR, is on track to become a landmark event in the hospitality sector. With over 1000 exhibitors and an anticipated attendance of more than 20,000 B2B buyers, this seventh edition promises to be a significant event, showcasing a wide range of products and services from luxury hotels, resorts, restaurants, and more.
Banking news
ADB Provides $200 Million Loan for Solid Waste Management in India
The Asian Development Bank (ADB) has committed a $200 million (approximately Rs 1,700 crore) loan to improve solid waste management and sanitation in 100 cities across eight states in India. This funding is part of the Swachh Bharat Mission 2.0 – Comprehensive Municipal Waste Management in Indian Cities Program.
Loan Agreement Details
The loan agreement was signed by Juhi Mukherjee, Joint Secretary of the Finance Ministry, and Mio Oka, Country Director for ADB – India Resident Mission. The program aims to support the goals of the Swachh Bharat (Clean India) Mission – Urban 2.0 by enhancing infrastructure for waste segregation, collection, and disposal.
Asian development bank:
Headquarters: Mandaluyong, Philippines
Founded: 19 December 1966
President: Masatsugu Asakawa
IRDAI Fines HDFC Life Rs 2 Crore for Violations
The Insurance Regulatory and Development Authority of India (IRDAI) has fined HDFC Life Insurance Rs 2 crore for breaching regulatory norms. The penalty, detailed in an order dated August 1, 2024, follows an inspection covering the financial years 2017-18 to 2019-20.The penalty must be paid within 45 days, and additional directives have been issued to address the violations.
Key Points of the Penalty
Amount and Breakdown
Rs 1 crore for violations related to policyholders’ interests.
Rs 1 crore for issues concerning outsourcing irregularities.
HDFC life insurance:
CEO: Vibha Padalkar (12 Sept 2018–)
Headquarters: Mumbai
Founded: 2000
Ranks and reports news
India Ranked 39th in the Travel and Tourism Development Index 2024
The World Economic Forum (WEF) recently released its Travel and Tourism Development Index (TTDI) for 2024, offering a comprehensive evaluation of India’s standing in the global tourism landscape. This index is a crucial benchmark for assessing the competitiveness and sustainability of tourism sectors worldwide.
Rank
Country
Score
1
United States
5.24
2
Spain
5.18
3
Japan
5.09
4
France
5.07
5
Australia
5
6
Germany
5
7
United Kingdom
4.96
8
China
4.94
9
Italy
4.9
10
Switzerland
4.81
39
India
4.25
India Retains Eighth Position in Global Agriculture Exports in 2023
India held onto its position as the world’s eighth-largest exporter of agricultural products in 2023, despite a decline in exports from $55 billion in 2022 to $51 billion. This stability comes amid a general decrease in agricultural exports among seven of the top ten exporting nations.
Here are the key insights from the WTO Trade Statistics 2023 report based on the provided information:
Top Exporting Countries:
European Union (EU): Maintained its top position with agricultural exports increasing by 5% to $836 billion.
Brazil: Ranked third with a 6% increase in agricultural exports to $157 billion.
Thailand: Experienced a modest 0.2% growth in exports, although it remains outside the top three.
India’s Export Challenges:
Geopolitical Factors: India’s agricultural export decline was influenced by geopolitical issues like the Red Sea crisis and the Russia-Ukraine war, which disrupted global trade dynamics.
Export Bans: India imposed bans on wheat (May 2022), non-basmati rice (July 2023), and sugar (October 2023), contributing to the overall decrease in agricultural exports.
India Ranked 2nd Largest Aluminium Producer in the World
India has solidified its position as a global leaderin mineral production, with impressive rankings across several key minerals.The country stands as the 2nd largest Aluminium producer, the 3rd largest lime producer, and the 4th largest iron ore producer in the world. These rankings underscore India’s significant contribution to the global mineral industry and highlight its growing importance in the sector.
Record-Breaking Production in FY 2023-24
The fiscal year 2023-24 witnessed unprecedented levels of mineral production in India, setting a strong foundation for continued growth. Two key minerals, iron ore and limestone, emerged as the backbone of India’s mineral sector, collectively accounting for an impressive 80% of the total MCDR mineral production by value. The production figures for these crucial minerals in FY 2023-24 were as follows:
Iron Ore: 275 million metric tons (MMT)
Limestone: 450 million metric tons (MMT)
These figures not only represent a significant achievement for India’s mineral sector but also indicate the robust demand from various industries that rely on these raw materials.
Award news
Google CEO Sundar Pichai Honored with Honorary Doctorate from IIT-Kharagpur
In a momentous occasion that bridged Silicon Valley and the prestigious halls of Indian academia, Google and Alphabet CEO Sundar Pichai and his wife Anjali Pichai were honored by their alma mater, the Indian Institute of Technology (IIT) Kharagpur. The ceremony, held in San Francisco, marked a significant milestone in the couple’s already illustrious careers and underscored the global impact of India’s premier technological institutes.
Appointment news
Sanjay Shukla Assumes Charge As M.D Of National Housing Bank
The National Housing Bank announced that Sanjay Shukla has officially taken on the role of managing director (MD) as of July 30, 2024. A seasoned chartered accountant with over three decades of experience in housing and retail asset finance, Shukla has a distinguished history of leading and transforming financial institutions.
National housing bank:
Founded: 9 July 1988
Headquarters: New Delhi
Lt Gen Sadhna Saxena Nair: First woman DG of Medical Services (Army)
In a boost to women empowerment in the Armed Forces, Lieutenant General Sadhna Saxena Nair assumed the office of the Director General of Medical Services (Army) on 1 August 2024. She is the first woman to hold this prestigious post in the Indian Army’s Medical Services. Lt General Sadhna Saxena Nair is a third-generation member of a family which has served in the Indian Armed Forces in various capacities for the last seventy years.
About Director General Armed Forces Medical Services
Every wing of the Indian Armed Forces -Army, Navy, and Air Force—has a medical wing that caters to the needs of the personnel employed in the respective forces.
All three Medical services were integrated, and the government of India set up an Armed Forces Medical Service in 1948.
The Armed Forces Medical Service was set up by the government of India under the Ministry of Defence on the recommendation of the Dr B C Roy Committee on ‘Armed Forces Medical Services and Research Integration.’
The head of the Armed Forces Medical Services is called the Director-General. It can be an officer of the Indian Army ( rank of Lt General), Indian Navy (rank of Vice Admiral), or Indian Air Force ( rank of Air Marshal).
Current Director General Armed Forces Medical Services: Lt Gen Daljit Singh
Dr. Grinson George Appointed Director of ICAR-CMFRI
Dr. Grinson George has assumed the role of Director at the ICAR-Central Marine Fisheries Research Institute (CMFRI). Previously, he led the Marine Biodiversity and Environment Management Division at CMFRI and served as Senior Programme Specialist at SAARC in Dhaka.
Professional Background
Dr. George brings over two decades of experience as a seasoned fishery researcher. His expertise spans fishery resource management, marine biodiversity, environment management, fisheries oceanography, remote sensing, and climate change.
RBI Re-approves MDs and CEOs for Small Finance Banks
The Reserve Bank of India (RBI) has re-approved the appointments of Inderjit Camotra and Govind Singh as MDs and CEOs of Unity Small Finance Bank and Utkarsh Small Finance Bank, respectively, reflecting their effective leadership in expanding their banks’ operations and reach.
Re-appointment of Inderjit Camotra
Position: Managing Director (MD) and Chief Executive Officer (CEO) of Unity Small Finance Bank (Unity SFB)
Term: Two years
Science and tech news
India Selects Crew for Axiom-4 Mission to ISS
India has announced the selection of two astronauts, Group Captain Shubhanshu Shukla and Group Captain Prasanth Balakrishnan Nair, for the upcoming Axiom-4 mission to the International Space Station (ISS). This mission represents a significant step in strengthening human spaceflight cooperation between ISRO and NASA, as well as advancing India’s own human space program.
Primary and Backup Pilots: Group Captain Shubhanshu Shukla is the primary pilot, with Group Captain Prasanth Balakrishnan Nair as backup for the Axiom-4 mission.
Training: Both pilots will commence training in the United States from the first week of August.
Role: They will conduct scientific research, technology experiments, and engage in outreach activities during the Axiom-4 mission.
Crew Composition: Commander Peggy Whitson (USA), Pilot Group Captain Shubhanshu Shukla (India), Mission Specialists SÅ‚awosz Uznanski (Poland) and Tibor Kapu (Hungary).
Impact on Indian Space Program: Enhances India’s human spaceflight capabilities through collaboration with NASA.
Gaganyaan Mission: A precursor to Gaganyaan, aiming to demonstrate India’s three-day human spaceflight capability.
Training for Gaganyaan: Four Indian Air Force test pilots selected; training ongoing at ISRO’s Astronaut Training Facility in Bengaluru.
Scheme news
Jharkhand launches Mukhyamantri Maiyaan Samman Yojana for women
The Hemant Soren government in Jharkhand has launched the Mukhyamantri MaiyaanSamman Yojana to provide financial assistance to eligible women in the state. Jharkhand Chief Minister Hemant Soren will officially launch the scheme on 16 August 2024.
The 81-member Jharkhand legislative Assembly will go to poll in November /December 2024, as the tenure of the present assembly will end on 5 January 2025.
The scheme is seen as a pre-election sop announced by the Hemant Soren government in the state before the next legislative assembly election.
About the Mukhyamantri Maiyaan Samman Yojana
The Mukhyamantri MaiyaanSamman Yojana was earlier called Jharkhand Behan Beti Swavalamban Protsahan Yojana.
The Mukhyamantri Maiyaan Samman Yojana aims to empower the women of the state by making them financially strong. It also aims to improve the level of education, health and nutrition of women by providing them with financial assistance.
The state government, in order to ensure the enrollment of the eligible women, will set up special camps in all the panchayats and wards of all the districts from 3-10 August 2024.
Women to get Rs 1000 per month
The Mukhyamantri Maiyaan Samman Yojana is a direct benefit transfer (DBT) scheme in which eligible women beneficiaries receiveRs 1000 per month from the state government directly in their bank accounts.
Chief Minister Hemant Soren and State Women and Child Development Minister Baby Devi will transfer the first instalment to the beneficiary’s account on 16 August 2024.
Women in the age group of 21-50 years are eligible for the scheme.
The beneficiary’s annual income shall be less than Rs 8 lakhs.
An estimated 48 lakh women are estimated to be eligible for the scheme.
The scheme is expected to cost the state government around Rs 4000 crore per month.
Jharkhand:
Chief minister: Hemant Soren
Capital: Ranchi
Important days
Indian Organ Donation Day
The 14th Indian Organ Donation Day is being observed across the country on 3 August 2024. The Indian Organ Donation Day is observed to increase awareness about organ donation amongst the people. It also commemorates the contributions made to society by deceased donors and their families.
The Indian Organ Donation Day also aims to clear myths and misconceptions regarding organ donation and motivate and encourage people to donate their organs and tissues after death.
Background to the Indian Donation Day
The Indian Organ Donation Day has been observed since 2010 in the country. Earlier, the Indian Organ Donation Day used to be observed every year on 27 November.
In 2022, the National Organ and Tissue Transplant Organisation decided to observe the Indian Organ Donation Day on 3 August every year.
Thus, from 2023 onwards, the Indian Organ Donation Day is observed on 3rd August.
This day has been chosen because on 3 August 1994 the first successful deceased donor heart transplant was conducted in India. A brain stem dead person’s heart was donated by a family member, which saved the life of another person.
Thus, the day encourages people to pledge to donate their organs after death.
World Organ Donation Day
Many countries have their own Organ Donation Day. In general, World Organ Donation Day is observed on 13 August in many parts of the world to raise awareness of Organ Donation.
Union Minister for Health and Family Welfare-Jagat Prakash Nadda
National Friendship Day 2024
Friendship Day, a celebration of one of life’s most cherished relationships, is observed annually across the globe. While the date may vary from country to country, the sentiment remains universal. In India, this special day is marked on the first Sunday of August, bringing friends together in a joyous commemoration of their bonds.
Date and Global Observance
Indian Celebration: In India, Friendship Day 2024 will be celebrated on August 4th, adhering to the tradition of observing it on the first Sunday of August. This date allows friends to come together over the weekend, making it convenient for many to participate in the festivities.
International Recognition: The United Nations has designated July 30th as the official International Day of Friendship. This global recognition underscores the importance of friendship in promoting peace, understanding, and unity across diverse cultures and nations.
Sports news
Swapnil Kusale Secures Bronze Medal in 50m Rifle 3 Positions at Paris Olympics
In a thrilling display of marksmanship, 28-year-old Swapnil Kusale has secured India’s third medal at the Paris Olympics. Kusale clinched the bronze medal in the 50m rifle 3 positions final on Thursday, adding to India’s growing tally in the shooting events.
Medal Standings
Gold: Y.K. Liu
Silver: Serhiy Kulish
Bronze: Swapnil Kusale
Kusale’s impressive performance saw him accumulate a total of 451.4 points, narrowly missing out on the silver medal. The gold medalist, Y.K. Liu, amassed 463.6 points, while Ukrainian Serhiy Kulish secured the silver with 461.3 points.
India’s Shooting Success
This bronze medal marks India’s third medal in shooting at the current Olympic Games. Notably, all three medals in this discipline have been bronze:
Manu Bhaker: Women’s 10m air pistol
Manu Bhaker and Sarabjot Singh: Mixed team event
Swapnil Kusale: 50m rifle 3 positions
Lt Col Kabilan Sai Ashok, India’s Youngest Boxing Referee At Olympics
In a remarkable achievement, Lieutenant Colonel Kabilan Sai Ashok, a serving Indian Army Officer, has become the youngest Olympic referee in boxing from India at the Paris Olympics 2024. This milestone reflects his exceptional dedication, professionalism, and integrity, embodying the high standards of the Indian Army.
About Lt Kabilan Sai Ashok: Currently serving in Indian Army as Joint Secretary at Services Sports Control Board, Lieutenant Colonel Ashok’s participation as an Olympic referee demonstrates his unwavering commitment to moral ethics, fair play, and excellence in sportsmanship. As a referee, he ensures the games are conducted with utmost integrity and impartiality, upholding the true spirit of the Olympics.
India to host first multinational air exercise ‘Tarang Shakti 2024’ from August 6
India will host its first multinational air exercise ‘Tarang Shakti 2024’ in two phases from 6th of next month in Sular,Tamil Nadu.
In this exercise, nearly 30 countries will participate, and out of 30, ten countries will join the exercise with their fighter aircraft.
The exercise will showcase India’s defense prowess and provide a platform for participating militaries to foster interoperability.
Addressing a curtain raiser press conference in New Delhi, Vice Chief of the Air Staff, Air Marshal A P Singh informed that the first phase is to be held in Sular, Tamilnadu from 6th to 14th August, and the second phase in Jodhpur, Rajasthan from 29th August to 14th September.
Indian air force:
Headquarters: New Delhi
Founded: 8 October 1932, India
Chief of Defence Staff (CDS): General Anil Chauhan
Union Civil Aviation Minister introduces Bharatiya Vayuyan Vidheyak 2024
The Bharatiya Vayuyan Vidheyak 2024 was introduced in the Lok Sabha today by the Union Civil Aviation Minister Kinjarapu Rammohan Naidu. While introducing the Bill, the Minister said, Aircraft Act was established in 1934 and a lot of amendments have been made over the years. He said the amendments were incorporated into the Act in bits and pieces.
Purpose:To address confusion created by piecemeal amendments to the 1934 Aircraft Act.
Empowerment:Grants the Central Government authority to regulate aircraft design, manufacture, maintenance, and operations.
Safety and Investigation:Aims to enhance rules for aircraft safety and the investigation of air accidents and incidents.
Union Civil Aviation Minister: Kinjarapu Rammohan Naidu.
Appointment news
Former Union Health Secretary Preeti Sudan appointed as Chairperson of UPSC
Former Union Health Secretary and 1983-batch IAS officer Preeti Sudan has been appointed as the Chairperson of the Union Public Service Commission (UPSC). President Droupadi Murmu has approved the appointment of Ms. Sudan. She will take charge on 1st August. Ms Sudan will succeed Dr. Manoj Soni, who resigned earlier this month before the end of his tenure.
UPSC:
Founded: 1 October 1926
Founder: Government of the United Kingdom
India elected as Vice-Chair of the Supply Chain Council of IPEF
India has been elected as the Vice-Chair of one of the three supply chain bodies set up under the Indo-Pacific Economic Framework for Prosperity (IPEF) Agreement relating to Supply Chain Resilience. The 14-member IPEF established these bodies at its virtual meetings. They are the Crisis Response Network (CRN) , Supply Chain Council (SCC) and Labor Rights Advisory Board (LRAB).
India Vice Chair of Supply Chain Council
The 14 member countries of the IPEF elected a Chair and Vice Chair of these three supply chain bodies. The Chair and Vice Chair will serve a two-year term.
Supply Chain Council:Chair-USA, Vice-Chair – India.
Crisis Response Network:Chair- South Korea, Vice-Chair – Japan.
Labor Rights Advisory Board:Chair- USA, Vice-Chair – Fiji.
Indo-Pacific Economic Framework for Prosperity (IPEF)
Overview: The Indo-Pacific Economic Framework for Prosperity (IPEF) is a U.S.-led initiative launched by President Joe Biden on May 23, 2022, in Tokyo, Japan.
Objectives:Promote Economic Interaction: Enhance growth, economic stability, and regional prosperity among partner countries.
Pillars:
Fair and Resilient Trade: Ensure equitable and robust trade practices.
Supply Chain Resilience: Strengthen and secure supply chains.
Infrastructure, Decarbonization, and Clean Energy: Focus on sustainable infrastructure and clean energy transitions.
Tax and Anti-Corruption: Address tax issues and combat corruption.
India’s Status:
India is a member of IPEF but has observer status in Pillar I (Fair and Resilient Trade).
Member Countries:
India
Japan
Australia
Brunei
Fiji
Indonesia
Republic of Korea
Malaysia
New Zealand
Philippines
Singapore
Thailand
Vietnam
USA
Mohsin Naqvi Set to Become President of the Asian Cricket Council
The Asian Cricket Council (ACC) is poised for a significant leadership change as Mohsin Naqvi, the current chairman of the Pakistan Cricket Board (PCB), is expected to assume the role of ACC president later this year.
Rotation Policy in Action: This transition adheres to the ACC’s established rotation policy, ensuring representation from various member nations at the helm of the organization.
Jay Shah’s Tenure
Jay Shah, the secretary of the Board of Control for Cricket in India (BCCI), is the incumbent ACC president.
Shah received a one-year extension in January 2024 for his third consecutive term.
State news
UP Assembly Passes Amended Anti-Conversion Bill
The Uttar Pradesh Assembly on July 30, passed the UP Prohibition of Unlawful Conversion of Religion (Amendment) Bill, 2024 that enhances punishment for forced conversions. The punishment for marrying a woman by deceiving her or converting her religion was 10 years with a fine of ₹50,000.The new Bill now enhances punishment to life imprisonment.
UP Prohibition of Unlawful Conversion of Religion (Amendment) Bill, 2024
Overview:Introduction: The Bill was introduced by Parliamentary Affairs Minister Suresh Khanna on July 29, 2024.
Key Provisions:
Offenses Classified as Serious: Includes threats, attacks, marriages, promises of marriage, conspiracies, or trafficking with the intent to convert individuals.
Penalties: Conviction can result in 20 years to life imprisonment.
Objective: To address and penalize unlawful religious conversions through coercion or deceitful practices.
Uttar Pradesh:
Capital: Lucknow (Executive Branch)
Chief minister: Yogi Adityanath
Governor: Anandiben Mafatbhai Patel
Ranks and report news
India’s Steel production to surpass 300 million tonnes by 2030
Steel production in India, driven by robust demand for government infrastructure projects, is projected to surpass 300 million tonnes (MT) by 2030, Steel Secretary Nagaendra Nath Sinha said. Addressing the Bharat Chamber of Commerce (BCC) in New Delhi, the senior official said current steel demand remains strong with an infrastructure push from the government and expects a growth of about 10 percent. Mr. Sinha further said that amid the strong GDP growth and continued emphasis on infrastructure from both government and private sectors, steel demand will continue to stay strong.
Earlier this week, Union Minister of Steel and Heavy Industries HD Kumaraswamy launched SIMS 2.0 portal, the upgraded Steel Import Monitoring System, to provide actionable intelligence to stakeholders for effective decision-making and strategic planning.
Union Minister of Steel and Heavy Industries: HD Kumaraswamy
Sports news
BFI Sets Up The National Basketball Academy In Collaboration With CAA
The Basketball Federation of India (BFI) has partnered with Corvuss American Academy to establish the National Basketball Academy in Mumbai.
Initial Setup:
Participants: The Academy will start with 30 boys and 30 girls selected through a nationwide talent hunt.
Coaching: Players will receive guidance from a competent foreign coach.
Support and Facilities:
Academic and Sports Support: The partner institution will provide a comprehensive academic program, nutritional support, sports counseling, and access to world-class facilities.
Competitions: Players will have the freedom to represent their states in state and national championships.
Location and Institution:
Location: The Academy is located 95 km from both Pune and Mumbai.
Corvuss American Academy: Known as India’s first international residential school for student-athletes, it follows an American curriculum and caters to students from grades 6 to 12.
The basketball federation:
President: Aadhav Arjuna
Headquarters: New Delhi
Founded: 1950; 74 years ago
Scheme news
3.5 lakh A.P. Farmers Benefited From PM Fasal Bima Yojana In 2022-23
As many as 3,49,633 farmers benefited to the tune of ₹563 crore for the financial year 2022-23 under the Pradhan Mantri Fasal Bima Yojana (PMFBY). The number of farmers who had enrolled themselves under the scheme from Andhra Pradesh stood at 1.23 crore and 1.31 crore respectively for the financial years 2022-23 and 2023-24, said Minister of State for Agriculture and Farmers Welfare Ramnath Thakur.
Pradhan Mantri Fasal Bima Yojana (PMFBY)
Overview:
Launch: Initiated by the Ministry of Agriculture & Farmers Welfare, New Delhi, from the Kharif 2016 season.
Participation:
Insurance Provider: National Insurance Company joined from Rabi 2016.
Coverage: The scheme has covered 8 States and 2 Union Territories over the past 5 seasons (Rabi 2016-17, Kharif & Rabi 2017, Kharif & Rabi 2018).
Financials:
Farmers’ Share of Premium: Rs. 453 crores.
Subsidy from State/Central Governments: Rs. 1909 crores.
Gross Premium: Rs. 2362 crores for the 5 seasons combined.
Claims and Benefits:
Claims Processing: Claims for Kharif 2018 and Rabi 2018 are still under process.
Completed Seasons: For the first 3 seasons:
Gross Premium Collected: Rs. 1804 crores from 35,22,616 farmers.
Claims Paid: Rs. 1703 crores.
Farmers Benefitted: 17,66,455 farmers, indicating that nearly 50% of insured farmers received benefits.
Periyar Tiger Reserve (PTR) in Thekkady has installed a wind turbine to power real-time monitoring cameras and Wi-Fi connectivity within the forest, marking a significant advancement in conservation technology and communication.
Power Generation for Technology:
Previous System: The PTR East Division used solar power for wireless communication and operations, but its effectiveness was often compromised by the region’s foggy climate and heavy rainfall.
New Solution: The wind turbine is intended to provide a more reliable energy source, overcoming the limitations of solar panels and ensuring continuous operation of monitoring and communication systems.
About Periyar Tiger Reserve:
Location and Size: Located in Kerala, India, the reserve spans over 925 square kilometers.
Establishment: Founded in 1978 as India’s 10th tiger reserve under Project Tiger.
Biodiversity: Home to over 2,000 plant species, 76 mammal species, and 338 bird species.
Conservation Approach: Engages in participatory conservation with 81 eco-development committees, providing livelihood opportunities to local communities and involving former poachers in conservation efforts.
Technological Integration: Uses real-time wildlife monitoring through camera traps and a wireless network to support anti-poaching measures and research.
Recognition: Recently ranked as the top-performing tiger reserve in India.
Important days
National Mountain Climbing Day 2024: Celebrating Adventure and Achievement
National Mountain Climbing Day, observed annually on August 1st, is a day dedicated to honouring the spirit of adventure and the remarkable achievements of mountaineers.
Purpose:
Honoring Adventure: A day dedicated to celebrating the spirit of adventure and the accomplishments of mountaineers.
Commemoration: Established to honor Bobby Matthews and Josh Madigan for their remarkable feat of scaling all 46 peaks of the Adirondack Mountains.
Historical Significance:
Achievement: Matthews and Madigan completed their ascent on August 1, 2015, with their final climb of Whiteface Mountain.
Inspiration: Their accomplishment led to the creation of National Mountain Climbing Day, symbolizing perseverance and passion in the mountaineering community.
Origins: Established: The day was officially recognized in 2015 to celebrate the significant achievement of Matthews and Madigan.
Books and author news
P.M Receives Parimal Nathwani’s Book On Gir And Asiatic Lions
Rajya Sabha MP Parimal Nathwani presented the first copy of his new book, Call of the Gir, to Prime Minister Narendra Modi at a family get-together at the PM’s residence.
Dedication:
Reason: The book is dedicated to PM Modi for his visionary role in Project Lion and Lion@2047: Vision for Amrit Kaal.
Message: The book includes a message from the Prime Minister.
Prime Minister’s Feedback:
Tourism and Infrastructure: Modi inquired about tourism in Gir and stressed the need for improved infrastructure to attract foreign tourists.
Forestation: He highlighted the importance of enhancing forestation around the periphery of Gir sanctuary.
About the Book:
Title: Call of the Gir
Author: Parimal Nathwani
Publisher: QUIGNOG
Content: The book is Nathwani’s second coffee-table book, following Gir Lions: Pride of Gujarat (2017), published by Times Group Books (TGB). It features vivid photography and narratives focused on the Asiatic lions of Gir and underscores the urgency of conservation efforts.
Piyush Goyal Launches ‘India@100’ by Prof. K V Subramanian, Envisions India as a Developed Nation by 2047
Union Minister of Commerce and Industry Piyush Goyal today launched the book titled ‘India@100: Envisioning Tomorrow’s Economic Powerhouse’ authored by Prof.
K V Subramanian in New Delhi. Addressing the launch event, Mr Goyal said that India can achieve the target of Viksit Bharat with the collective efforts of 1.4 billion citizens.
He has expressed confidence that India will become a developed nation by 2047 in all sectors, including infrastructure, employment generation, tourism, manufacturing, shipping, and technology.
Union Minister of Commerce and Industry: Piyush Goyal
