National news
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.
About Kerala:
- Chief Minister: Pinarayi Vijayan
- Governor: Arif Mohammed Khan
- Capital: Thiruvananthapuram
- Wildlife Sanctuaries: Chinnar Wildlife Sanctuary, Chimmony Wildlife Sanctuary
- 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.
Obituary news
Renowned Gandhian Activist Shobhana Sitaram Ranade Passes Away
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.