National news
Union Cabinet Accepts the Recommendations on Simultaneous Elections (One Nation One Election – ONOE)
One Nation, One Election” envisions holding simultaneous elections for both the Lok Sabha and state assemblies. This would require restructuring India’s election cycle so that elections to the states and the center coincide, allowing voters to cast their votes for both on the same day.
- Historical Context: Simultaneous elections were held in India between 1951 and 1967, but the cycles became unsynchronized over time.
- High-Level Committee (HLC): A committee chaired by former President Shri Ram Nath Kovind was set up in September 2023 to study the feasibility and issues related to ONOE. It submitted its report in March 2024, after extensive consultations with political parties and experts.
- Recommendations: Previous reports, such as the Law Commission’s 170th report (1999) and the Parliamentary Committee’s 79th report (2015), supported simultaneous elections, suggesting methods like conducting them in phases.
- Current Status: The Union Cabinet, chaired by Prime Minister Narendra Modi, has accepted the HLC’s recommendations, signaling widespread support for the ONOE proposal.
BEL Secures Rs 850 Crore Order for Indigenous Radars from Cochin Shipyard Limited
Bengaluru-based Bharat Electronics Limited (BEL), a public sector company, has secured an order worth Rs 850 crore from Cochin Shipyard Limited (CSL) for the supply of indigenous Multi-Function Radars in the X Band. This radar, developed by the Defence Research and Development Organisation (DRDO) and manufactured by BEL, will enhance the defence capabilities of naval vessels.
Key Points:
- Order Details:
- TD Nandakumar, General Manager (Advanced Defence Systems-Navy) at BEL, received the order from Sreejith, Director (Operations) at CSL.
- The radar is designed to detect, acquire, and track airborne targets, providing enhanced protection for naval ships.
- Additional Orders:
- BEL also secured a Rs 305 crore order to manufacture ship navigational systems, thermal imagers, communication equipment, fire and gun control systems, along with related spares and services.
- FY 2024-25 Accumulated Orders:
- With these new developments, BEL’s accumulated orders for the Financial Year 2024-25 (FY25) have reached a total of Rs 7,075 crore.
This order signifies BEL’s growing contribution to India’s defence manufacturing, specifically in the naval defence sector. The partnership with CSL and the advanced radar systems designed by DRDO are expected to bolster the nation’s defence capabilities.
BEL:
- Founded: 1954, Bengaluru
- Headquarters: Bengaluru
- Key people: Manoj Jain (Chairman & Managing Director)
Banking news
Bank of Baroda (BoB) Introduces Generative AI-Powered Solutions for Enhanced Customer and Employee Experience
Bank of Baroda (BoB) has launched three cutting-edge Generative Artificial Intelligence (AI)-powered solutions to improve customer service and boost employee efficiency. These AI-driven tools include:
- Aditi – A virtual relationship manager for customers.
- GyanSahay.AI – A knowledge management platform for employees.
- ADI – A chatbot for enhancing digital customer interactions.
Key Solutions:
- Aditi (Virtual Relationship Manager):
- A Generative AI-powered virtual relationship manager designed to offer enhanced digital customer services.
- Features:
- Provides conversational banking through digital avatars.
- Accessible via BoB’s web portal with support for audio, video, and chat-based assistance.
- Available 24×7 with multilingual support.
- The service is gradually being rolled out to existing customers through an enrollment process on BoB’s website.
- GyanSahay.AI (Knowledge Management Platform):
- A Generative AI-enabled platform aimed at helping BoB employees handle customer queries efficiently.
- Features:
- Trained in the bank’s product policies and processes.
- Provides employees with instant and accurate responses to queries.
- Enhances customer satisfaction by enabling employees to work smarter.
- ADI (AI-powered Chatbot):
- A Generative AI chatbot designed to assist customers with their queries digitally.
- Features:
- Improves the digital banking experience by providing quick and efficient answers.
- Enhances customer interactions through the chatbot interface.
About Bank of Baroda (BoB):
- Managing Director (MD) & CEO: Debadatta Chand
- Headquarters: Vadodara, Gujarat
- Established: 1908
- Tagline: India’s International Bank
PhonePe Partners with Liquid Group to Expand UPI Payments in Singapore
Bengaluru-based PhonePe has partnered with Singapore-based Liquid Group, a fintech leader in digital cross-border payment solutions, to enable Indian travellers to make Unified Payments Interface (UPI) payments at various merchants in Singapore. This partnership enhances the convenience of using UPI for Indian visitors and Non-Resident Indians (NRIs) in Singapore.
Key Points:
- Partnership Benefits for Indian Travellers:
- Indian travellers can easily scan and pay using their PhonePe app at Liquid Group’s wide merchant network in Singapore.
- Liquid Group has enabled its merchants to accept UPI as a payment option, ensuring seamless transactions for Indian travellers.
- Collaboration Facilitated by NIPL:
- This partnership is facilitated through Liquid Group’s collaboration with NPCI International Payments Limited (NIPL), the international arm of the National Payments Corporation of India (NPCI).
- Transactions in Indian Rupees (INR):
- Transactions will be processed in Indian Rupees (INR), ensuring transparency and convenience for Indian travellers when using UPI in Singapore.
- UPI and PayNow Real-Time Remittance Corridor:
- PhonePe users can receive international remittances via UPI using the PayNow-UPI real-time remittance corridor.
- This eliminates the need to share bank account details such as Indian Financial System Code (IFSC), making remittances faster and more convenient.
- NRI Payments via NRE and NRO Accounts:
- Non-Resident Indians (NRIs) in Singapore can link their Non-Resident External (NRE) and Non-Resident Ordinary (NRO) bank accounts to make payments for services in India.
Phonepe:
- CEO: Sameer Nigam (Dec 2015–)
- Parent organization: Walmart
- Founded: 2015
Ranks and reports news
HCLTech Recognized as Top Indian Firm in TIME Magazine’s World’s Best Companies 2024 List
Indian Information technology (IT) firm HCLTech has been recognized as the No. 1 India- headquartered company in World’s Best Companies 2024 list published by the United States of America (USA) based TIME Magazine and German based Statista.
- HCLTech, an Indian IT firm headquartered in Noida, has been recognized as the No. 1 India-headquartered company in the World’s Best Companies 2024 list, published by TIME Magazine (USA) and Statista (Germany).
- Global Ranking: HCLTech secured the 112th position globally, making it the highest-ranked Indian firm on the list.
- Category Performance: HCLTech also ranked among the global top 10 in the Professional Services category.
- Global Leader: The US-based tech giant Apple topped the global list, followed by Accenture (Ireland), Microsoft, BMW Group, and Amazon.
About the World’s Best Companies 2024 Ranking:
- The ranking is based on several criteria, including employee satisfaction surveys, revenue growth, and Environmental, Social, and Corporate Governance (ESG) data.
About TIME Magazine:
- CEO: Jessica Sibley
- Headquarters: New York, USA
- Founded: 1923
India is set to become the Third-largest Economy by 2030-31
India is on track to become the third largest economy by fiscal 2030-31, driven by a robust projected annual growth rate of 6.7%, the credit rating agency S&P Global said in its report called India forward Emerging Perspectives.
- Strong Growth Momentum:
- India is emerging as the fastest-growing large economy post-pandemic, with a growth rate of 8.2% in FY 2023-24, surpassing earlier estimates.
- India has maintained the highest private sector PMI globally, signaling strong economic activity.
- Impact of the Union Budget 2024-25:
- The budget maintains momentum for infrastructure development, with a 17.1% increase in capital expenditure.
- Import duties on critical minerals have been reduced, encouraging domestic value addition and private investments.
- India’s Rising Contribution to Global Growth:
- By FY 2030-31, India’s nominal GDP is expected to exceed US$7 trillion, nearly doubling from FY 2023-24 (US$3.6 trillion).
- This would make India the third-largest economy, raising its share of global GDP from 3.6% to 4.5%.
- External Buffers Against Uncertainties:
- India’s current account deficit has sharply narrowed to 0.7% of GDP in FY 2023-24.
- Strong foreign exchange reserves of over US$650 billion and fiscal consolidation provide a buffer against global risks.
- Capital Inflows:
- India’s inclusion in global bond indexes is expected to attract US$20-30 billion in portfolio inflows over the next two years, supporting financial markets.
These factors position India to become a global economic powerhouse by fiscal 2030-31.
Science news
Cabinet Clears Chandrayaan-4 and Venus Orbiter Mission for Space Exploration
The Union Cabinet has approved the Chandrayaan-4 mission, which aims to develop technologies for returning to Earth after landing on the moon and collecting lunar samples for analysis. The total cost of the mission is Rs 2104.06 crore, covering spacecraft development, two LVM3 launches, deep space network support, and special tests for validation. The mission will be completed within 36 months, involving significant participation from industry and academia.
Chandrayaan-4 Mission:
- Approved by the Union Cabinet with a budget of Rs 2104.06 crore.
- Focuses on developing technologies for lunar landing, sample collection, and safe return to Earth.
- Involves spacecraft development, two LVM3 launches, and special tests.
- Will be completed in 36 months with participation from Indian industry and academia.
Venus Orbiter Mission (VOM):
- Approved with a budget of Rs 1,236 crore, with Rs 824 crore for spacecraft development.
- Scheduled for launch in March 2028, the mission aims to explore Venus’ surface, subsurface, and atmosphere.
- Seeks to provide insights into the evolution of Venus and Earth.
Technological and Scientific Advancements:
- Chandrayaan-4 will demonstrate technologies like docking, undocking, landing, and lunar sample collection.
- VOM will help answer questions about Venus’ transformation.
Economic and Technological Impact: The missions will create employment opportunities and contribute to India’s vision for space exploration, including an Indian Space Station by 2035 and a human moon landing by 2040.
Collaboration and Future Goals: These projects build on the success of Chandrayaan-3, aiming for self-sufficiency in space technology and involve academia for scientific analysis.
India’s Own Space Station for Scientific research to be established with the launch of its first module in 2028
The union cabinet chaired by the Honorable Prime Minister Shri Narendra Modi has approved the building of the first unit of the Bharatiya Anatriksh Station (BAS) by extending the scope of Gaganyaan program.
Bharatiya Antariksh Station (BAS):
- India’s own space station being developed by ISRO.
- Set to be established by 2035 in a phased manner.
- The project is currently in the conceptualisation phase, identifying the modules needed for the station.
- The Union Cabinet has approved the development of the first module, BAS-1, along with missions to demonstrate and validate technologies for building and operating BAS.
Extension with Gaganyaan Programme:
- The Gaganyaan Programme, India’s human spaceflight initiative, will be expanded to include the development of BAS.
- The scope of Gaganyaan has been revised to include additional uncrewed missions and hardware requirements for BAS development.
- ISRO will conduct eight missions for technology development and demonstration by December 2028 to launch the first BAS unit.
About Gaganyaan:
- Launched in December 2018, Gaganyaan aims to undertake human spaceflight to Low Earth Orbit (LEO).
- It serves as the foundation for India’s long-term human space exploration program.
- The program is a national effort, led by ISRO in collaboration with Industry, Academia, and National Agencies.
How to Achieve BAS:
- Four additional missions under Gaganyaan will be completed by 2026.
- Four more missions for demonstration and validation of BAS technologies will be conducted by December 2028.
- This will be alongside the two uncrewed and one crewed mission already approved under the Gaganyaan program.
Scheme news
Fabindia Limited Collaboration with MoMSME under PM Vishwakarma Scheme
Fabindia Limited, India’s leading lifestyle brand has collaborated with the Ministry of Micro, Small, and Medium Enterprises (MoMSME) to empower India’s Artisanal Heritage under the Pradhan Mantri (PM) Vishwakarma Scheme.
Purpose of the Collaboration:
- The collaboration between Fabindia Limited and the Ministry of Micro, Small, and Medium Enterprises (MoMSME) aims to empower traditional artisans by promoting their products and expanding their market reach.
- The initiative supports artisans such as potters, carpenters, boat makers, weavers, sculptors, stone breakers, and other skilled craftsmen.
Key Objectives:
- Market Integration: Fabindia will incorporate artisan-made products into its retail network, offering artisans access to a wider market.
- Capacity Building: Fabindia will assist artisans in improving craftsmanship by introducing modern design trends and technology to enhance product appeal.
- Branding & Promotion: Through its vast marketing channels, Fabindia will promote the artisans’ products both online and offline, increasing visibility and demand.
- Sustainability and Preservation: The collaboration focuses on preserving India’s cultural heritage and supporting sustainable livelihoods for traditional artisans.
PM Vishwakarma Scheme:
- Launched by Prime Minister Narendra Modi on 17th September 2023, the PM Vishwakarma Scheme is a Central Sector Scheme aimed at empowering traditional artisans through financial support, skill development, and marketing assistance.
- The scheme is implemented by MoMSME, the Ministry of Skill Development and Entrepreneurship (MSDE), and the Department of Financial Services (DFS), Ministry of Finance.
Fabindia Limited:
- CEO: Rajeshwari Srinivasan
- Headquarters: New Delhi, Delhi
- Established: 1960
MoMSME Leadership:
- Union Minister: Jitan Ram Manjhi (Gaya, Bihar)
- Minister of State: Shobha Karandlaje (Bangalore North, Karnataka)