National News
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.
SBI General Insurance:
- Headquarters: Mumbai
- Head: Kishore Kumar Poludasu
HSBC India:
- CEO: Hitendra Dave
- Headquarters: Mumbai
Appointment news
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 wrestler Vinesh 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).
