National News
NTPC Vidyut Vyapar Nigam Ltd. To Set Up Green Charcoal Plant In Haryana
Municipal Corporations of Gurugram and Faridabad are all set to establish two waste-to-charcoal plants, also known as green coal plants, in the two districts at a cost of ₹500 crore each. They added that these plants would convert 1,500 tonne of waste daily into charcoal using indigenous technology.
MoU Signing:
- An MoU was signed between NTPC Vidyut Vyapar Nigam Limited (NVVNL) and the Municipal Corporations of Gurugram and Faridabad.
- The signing ceremony took place in Chandigarh on July.
- Attended by Union Minister Manohar Lal, Haryana CM Nayab Singh Saini, and Minister of State for Urban Local Bodies Subhash Sudha.
Land Allocation:
- Each plant will receive 20 acres of land from the respective municipal corporations.
- NTPC will start setting up the plants, expected to be completed in 30 months.
What are the aims of the establishment of these plants?
- support Swachh Bharat campaign for a garbage-free Gurugram and Faridabad.
- Produce torrefied charcoal for power generation, reducing mineral coal usage.
- Enhance urban cleanliness and promote environmental sustainability.
- Play a crucial role in achieving a cleaner and more sustainable environment.
NTPC limited:
- Headquarters: New Delhi
- CEO: Gurdeep Singh (28 Jan 2016–)
- Founder: Government of India
- Founded: 7 November 1975
IRCTC Upgraded to ‘Schedule A’ CPSE Status
IRCTC, a “Mini-Ratna” Schedule B CPSE under the Ministry of Railways, has been upgraded to a ‘Schedule A’ CPSE. The upgrade coincides with IRCTC’s 25th anniversary, having been incorporated in 1999. Reflects IRCTC’s strong performance and commitment to the hospitality, travel, and tourism sectors.
Growth Rate:
- Achieved a CAGR of 50.63% in total income and 29.80% in profit after tax from FY 2021-22 to FY 2023-24.
- For FY 2023-24, IRCTC earned a total income of ₹4,434.66 crores, with a PAT of ₹1,111.26 crores and a dividend of ₹520 crores.
Criteria for Categorization of CPSEs:
- CPSEs are categorized into Schedules ‘A’, ‘B’, ‘C’, and ‘D’.
- The Department of Public Enterprises (DPE) under the Ministry of Finance sets the criteria for categorization.
- Proposals for categorization are initiated by the concerned Ministry, reviewed by DPE in consultation with the Public Enterprises Selection Board (PESB).
- Quantitative parameters for categorization include performance metrics over the last 5 years: investment, capital employed, net sales, profit before tax, number of employees and units, revenue per employee, sales/capital employed, capacity utilization, and value added per employee.
IRCTC: Indian Railway Catering and Tourism Corporation
- Founded: 27 September 1999
- Headquarters: New Delhi
- Founder: Ministry of Railways
- Head: Sh. Sanjay Kumar Jain
Union Minister Unveils Theme for 8th India Mobile Congress and Announces Telecom Excellence Awards 2023
On July 19, 2024, the Union Minister Jyotiraditya Madhavrao Scindia, Ministry of Communications (MOC) unveiled the theme of the 8th India Mobile Congress (IMC) i.e. ‘The Future is Now’.
- The theme highlights India’s central role in technological evolution and IMC 2024, which is scheduled for October 15-18 at Pragati Maidan, New Delhi, Delhi.
- At the event, DoT announced conferment of Pandit Deendayal Upadhyay Telecom Excellence Awards 2023 for exceptional contributions in Telecom Innovations, Telecom Skilling, Telecom Services, Telecom Manufacturing, and Telecom Applications.
About Ministry of Communications (MoC):
- Union Minister: Jyotiraditya Madhavrao Scindia (Constituency: Guna-Shivpuri, Madhya Pradesh).
- Minister of State (MoS): Pemmasani Chandra Sekhar (Constituency: Guntur, Andhra Pradesh).
Banking news
Tata AIA Life Insurance Achieves Top Global and National MDRT Rankings
Tata AIA Life Insurance secured the 6th position among the top 100 global companies in the 2024 Global Million Dollar Round Table (MDRT) rankings.
National Leadership:
- Tata AIA has the largest number of MDRT-qualified Life Insurance Advisors in India with 2,584 advisors as of December 31, 2023, marking a 30.64% increase over the previous year.
- Achieved the highest number of MDRT members in India for the second consecutive year.
Female MDRT Qualifiers:
- Tata AIA has the highest number of female MDRT qualifiers in India, with 1,238 women advisors, ranking No. 1 in India and No. 7 globally.
- This represents a 32.26% increase in female MDRT qualifiers compared to the previous year.
About Tata AIA Life Insurance Company Limited (Tata AIA):
- Tata AIA is a Joint Venture (JV) company formed by Tata Sons Private Limited and AIA Group Limited (AIA).
- It was licensed to operate in India on 12 February 2001 and started operations on 1 April 2001.
- Managing Director (MD) & Chief Executive Officer (CEO)- Mr. Venkatachalam Iyer Headquarters- Mumbai, Maharashtra
Fusion MicroFinance Limited Renamed to Fusion Finance Limited
Fusion MicroFinance Limited has been renamed to Fusion Finance Limited, effective from July 9, 2024.
Service Focus: The company provides financial services primarily to poor women in India organized into Joint Liability Groups (JLGs).
Company History:
- Initially incorporated as Ambience Fincap Private Limited on September 5, 1994, in New Delhi.
- Renamed to Fusion Micro Finance Private Limited by Devesh Sachdev in 2010.
- Further changed to Fusion Micro Finance Ltd in 2021 before adopting the current name, Fusion Finance Limited.
Award news
“ISRO’s Chandrayaan-3 Team Wins Prestigious World Space Award 2024”
Chandrayaan-3 mission team of Indian Space Research Organisation (ISRO) won the prestigious World Space Award for 2024, presented by International Astronautical Federation (IAF) for its significant contributions to space exploration.
- The award is given in recognition of the Chandrayaan-3, India’s lunar mission historic achievement of soft landing near the lunar South Pole.
- The award recognises the mission’s historic achievement of making India the first country to land near the lunar South Pole
IAF World Space Award 2024: Presented annually by International Astronautical Federation (IAF)
Recognizes exceptional contributions in:
- Space science
- Space technology
- Space medicine
- Space law
- Space management
Impact: Significant contribution to the world’s progress in astronautics
Presentation:
- Officially presented during the 75th International Astronautical Congress (IAC)
- Date: 14th October, 2024
- Location: Milan, Italy
- Theme: “Responsible Space for Sustainability”
About International Astronautical Federation (IAF):
It is the world’s leading space advocacy body which comprises 513 members across 77 countries. It advances knowledge about space, supporting the development and application of space assets by promoting international cooperation.
- President- Eugene Clayton Mowry
- Headquarters– Paris, France
- Established– 1951
About Indian Space Research Organisation(ISRO):
- Chairman- Sreedhara Panicker Somanath
- Headquarters – Bengaluru, Karnataka
- Established 1969
Appointment news
Kristen Michal Sworn In as New Prime Minister of Estonia
On 23rd July 2024, President of Estonia Alar Karis swore in Kristen Michal, Chairman of the centrist Reform party, as the New Prime Minister (PM) of Estonia.
- He succeed Kaja Kallas, who resigned as of Estonia PM on 15th July 2024 to become the High Representative of the Union for Foreign Affairs and Security Policy of the European Union (EU).
- Prior to this, Kristen Michal was serving as the Minister of Climate since April 2023.
About Estonia:
- President- Alar Karis
- Prime Minister– Kristen Michal
- Capital- Tallinn
- Currency– Euro
Agreement news
NFDC and Netflix India Launch ‘The Voicebox’ Upskilling Program for Indian Voice-Over Artists”
NFDC & Netflix India signed MoU to Launch ‘The Voicebox’, Upskilling Program for Indian Voice-Over Artists
The National Film Development Corporation (NFDC), a Public Sector Enterprise (PSE) under the Ministry of Information and Broadcasting (MIB), and Netflix India have signed a Memorandum of Understanding (MoU) to launch “The Voicebox”, an upskilling program for voice-over artists in India.
- Program aims to upskill voice-over artists in India.
- Offers Recognition of Prior Learning (RPL) training in 8 languages.
- Sponsored by Netflix Fund for Creative Equity (USD 100 million annually).
- Pearl Academy is the training partner.
- Top participants will contribute to Netflix’s “Azaadi ki Amrit Kahaniya” project Program aligns with NFDC and Netflix’s vision to promote Indian cinema and nurture talent in the Media and Entertainment industry
Ranks And Report News
World’s Most Powerful Passports 2024: Singapore Leads; India at 82nd
Singapore has reclaimed its title as the world’s most powerful passport, offering visa-free access to a record 195 global destinations according to the Henley Passport Index. India ranks 82nd, allowing visa-free entry to 58 countries.
Top Passport Rankings:
- Singapore: 195 destinations (visa-free)
- Joint Second: France, Germany, Italy, Japan, Spain – 192 destinations
- Joint Third: Austria, Finland, Ireland, Luxembourg, Netherlands, South Korea, Sweden – 191 destinations
- Fourth Place: UK, Belgium, Denmark, New Zealand, Norway, Switzerland – 190 destinations
- Eighth Place: US – 186 destinations (continuing a decade-long slide)
India’s Position: Ranked 82nd (tied with Senegal and Tajikistan) Allows visa-free entry to 58 countries
Sports News
Sania Mirza, Mary Kom And Rannvijay Singha Join Play Sports As Brand Ambassadors
Six-time Grand Slam winner and former World No. 1 in women’s doubles Sania Mirza, six-time World Champion and Olympic bronze medallist MC Mary Kom and actor Rannvijay Singha have joined ‘Play Sports’ as brand ambassadors. Play Sport’s objective is to create a sustainable sports eco system in India by working with schools, developing sports, managing sports infrastructure, running academies and scouting talent from grassroots.
Aims of Play Sports:
- Improve sports infrastructure and training facilities in schools and societies.
- Upgrade existing sports infrastructure and develop new playgrounds.
- Provide equipment support to schools.
- Develop sports curriculum for schools.
- Scout talent from schools and provide training and equipment support to prepare future Olympians.
- Contribute to India’s goal of becoming a top-10 sporting nation by 2036.
- Support India’s bid to host the 2036 Olympics.
Overall Goal: Make India a top-10 sporting nation by 2036 through mass participation of the country’s youth.
IndusInd Bank Launches ‘Wrestle for Glory’ CSR Initiative
IndusInd Bankhas introduced the ‘Wrestle for Glory’ program, a significant CSR initiative developed in partnership with the Inspire Institute of Sport (IIS). This initiative aims to support 50 promising female wrestling athletes from across India by providing them with fully-funded scholarships for coaching at IIS’s premier facility in Vijayanagar, Bellary.
Wrestle for Glory Program:
- Focuses on inclusivity and sporting excellence
- Empowers female wrestlers from diverse backgrounds, including:
- Underprivileged communities
- Individuals with disabilities
Offers:
- Top-tier training facilities
- Expert coaching and sports science resources
- Cutting-edge equipment and nutritional support
- Educational assistance and supportive training environment
IndusInd For Sports:
- A non-banking vertical established in 2016
- Emphasizes diversity, differentiation, and domination in sports
- Seeks to:
- Engage stakeholders through sports
- Educate through sports
- Excite stakeholders through sports
- “Wrestle for Glory” program is part of this initiative
Induslnd bank:
- CEO: Sumant Kathpalia (24 Mar 2020–)
- Owners: Life Insurance Corporation, Hinduja Group
- Headquarters: Mumbai
- Founder: S. P. Hinduja
- Founded: April 1994, Mumbai
Important Days
National Income Tax Day, Background and its Applicability in Country
Since 2010, every year, 24 July has been observed in India as National Income Tax Day. On 24 July 1860, Sir James Wilson imposed Income tax for the first time in the country. This day is observed to highlight the importance of citizens paying taxes on time and the contribution it makes to the nation’s development.
National Income Tax Day:
Background:
- 150th anniversary of income tax imposition in India (2010)
- First National Income Tax Day celebrated on July 24, 2010
Key Milestones:
- Income Tax Act of 1922: laid framework for direct tax administration
- Income Tax Act of 1961: consolidated and replaced 1922 Act
- Applicability extended to Sikkim (1989) and Jammu & Kashmir/Ladakh (2019)
Tax Administration Structure:
- Central Board of Revenue (1924)
- Central Board of Direct Taxes (CBDT) constituted (1963)
Power to Levy Income Tax:
- Central government: levies and collects income tax (Income Tax Act 1961)
- State government: levies income tax on agricultural income
Key Officials:
- Union Finance Minister: Nirmala Sitharaman
- Chairman, CBDT: Ravi Agarwal
