National News
“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 Resolutions 83 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.
Obituary news
Iconic Classical Dancer Yamini Krishnamurthy Passes Away
- 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.
