Daily Current Affairs July 07 & 08 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Securities and Exchange Board of India Issues New Guidelines to Enhance Credit Rating Agency Operations    

• The Markets regulator Securities and Exchange Board of India (SEBI) has issued new guidelines to streamline operations and enhance the ease of doing business for credit rating agencies (CRAs).
• The guidelines aim to promote ease of doing business, bring about uniformity in handling appeals, protect investors, and foster the development and regulation of the securities market.
• These modifications will be applicable, with effect from August 01, 2024.

What is a credit rating agency?

• Credit rating agencies (CRAs) evaluate and assess an individual’s or a company’s creditworthiness by considering factors such as income, credit lines, and ability to repay debt, thereby analyzing any associated credit risks.
• CRAs in India are regulated by SEBI (Credit Rating Agencies) Regulations, 1999, under the Securities and Exchange Board of India Act, 1992.

Key Provisions:

• Specific Timelines :
• Specific timelines for handling appeals made by companies regarding rating actions during periodic surveillance.
• CRAs must communicate ratings to companies within 1 working day of the rating committee meeting.
• Companies have 3 working days to request a review or appeal of the rating decision.
• Press releases on ratings must be disseminated on the CRA’s website and notified to stock exchanges or debenture trustees within 7 working days of the rating committee meeting.
• Record Maintenance:
• CRAs must maintain records of disclosures for 10 years, which can be shared with debenture trustees upon request.
• Disclosures of ratings not accepted by issuers must be maintained for 12 months.
• Audit and Compliance:The guidelines will be monitored through the half-yearly internal audit for CRAs, as mandated under CRA norms.

Recent News :

• In July 2024, The SEBI reduced the face value of debt securities from Rs 100,000 to Rs 10,000 to encourage greater participation of retail investors in the corporate bond market.

About SEBI :

• Established : 12 April 1988 as an executive body and was given statutory powers on 30 January 1992 through the SEBI Act, 1992
• Headquarters : Mumbai, Maharashtra
• Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of the Ministry of Finance (MoF), GoI.

Life Insurance Corporation of India Unveils Agency Transformation Initiative ‘Jeevan Samarth’     

• The Life Insurance Corporation of India (LIC) launched the ‘Jeevan Samarth’ agency transformation project to address the evolving needs of customers.
• LIC has partnered with consulting firm A T Kearney to review and transform its existing agency framework on an end-to-end basis.
• Aim : To future-proof LIC’s 14 lakh agent workforce to meet the rapidly changing demands of customers.

About Jeevan Samarth :

• Project Goals:Transform LIC’s agency ecosystem to align with the needs of millions of Indian families.
• Provide suitable long-term savings, protection, health insurance, ULIP, and pension solutions.
• Operational Revamp: The project will revamp agency operations at the Branch, Division, and Zonal levels to establish global best practices in the insurance sector.
• Enhancing Agent Skills: The transformation aims to equip agents with more tools and additional skills, strengthening the bond between agents and customers.

Recent News :

• In July 2024, LIC increased its shareholding in IDFC First Bank by acquiring 18,60,34,900 shares at ₹80.63 apiece through a private placement offer by the lender.

About LIC :

• Founded : 1 September 1956
• Headquarters : Mumbai, Maharashtra
• Chairman : Siddhartha Mohanty

Reserve Bank of India Introduces Quarterly Survey on Manufacturing Sector Order Books   

• The Reserve Bank of India (RBI) launched a quarterly “order books, inventories and capacity utilisation” (OBICUS) survey of companies in the manufacturing sector.
• The survey provides key inputs used by the RBI to formulate monetary policy.
• The RBI has been conducting the OBICUS survey quarterly since 2008.

Data Collected :

• New Orders: Quantitative data on new orders received during the reference quarter (e.g., April-June 2024).
• Order Backlog: Orders pending at the beginning and end of the quarter.
• Inventories: Total inventories, including finished goods, work-in-progress, and raw material inventories at the end of the quarter.
• Production Data: Item-wise production in terms of quantity and value during the quarter compared to installed capacity.
• Capacity Utilisation: The level of capacity utilisation is estimated from the survey responses.
• Key Information: The survey collects data on reasons for changes in production and installed capacity during the quarter.
• Confidentiality: The RBI ensures that company-level data are treated as confidential and are never disclosed publicly.

About RBI :

• Established : 1 April 1935
• Headquarters : Mumbai, Maharashtra, India
• Governor : Shaktikanta Das
• Deputy Governors : Shri M. Rajeshwar Rao, Shri Swaminathan J, Shri T. Rabi Sankar, Dr. M.D. Patra

Reserve Bank of India Imposes Rs 10,000 Fine on YES Bank for Failure in Mutilated Note Exchange; Punjab National Bank Penalised Rs 1.32 Crore for Know Your Customer and Loan Compliance Violations   

Penalty on YES Bank :

• The Reserve Bank of India (RBI) imposed a penalty of ₹10,000 on YES Bank for not exchanging mutilated notes.
• Reason for Penalty:The penalty was imposed under the “Scheme of Penalties for bank branches including Currency Chests” based on the bank’s performance in customer service, specifically regarding the exchange of mutilated notes.
• Master Circular on Penalties:According to the RBI’s Master Circular, any violation of the agreement with RBI or deficiency in service, such as refusal to exchange soiled or mutilated notes, can attract penalties.
• For instance, refusal by a currency chest branch to adjudicate mutilated notes tendered by the public can result in a penalty of ₹10,000 per instance.
• Severity of Penalties:If there are multiple instances (more than five) of violations or deficiencies, the penalty can escalate significantly to ₹5 lakh.
• The RBI mandates that such penalties are promptly disclosed to the public domain and are levied immediately upon detection.
• Regulatory Compliance:The penalties underscore the importance of banks adhering to RBI guidelines and maintaining high standards in customer service, especially in handling currency-related transactions.

Penalty on Punjab National Bank :

• The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹1,31,80,000 on Punjab National Bank (PNB) for non-compliance with certain directions related to ‘Loans and Advances – Statutory and Other Restrictions’ and ‘Know Your Customer (KYC) Direction, 2016’.
• Legal Basis:The penalty has been imposed under the provisions of section 47 A (1) (c) read with sections 46 (4) (i) and section 51(1) of the Banking Regulation Act, 1949.
• Specific Non-Compliance Issues:According to the RBI, PNB failed to adhere to directives concerning loans and advances, statutory restrictions, and KYC norms.
• Specifically noted was the failure to preserve records related to customer identification and their addresses, obtained during the course of business relationships in certain accounts.

About Yes Bank :

• Established : 2004
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Prashant Kumar
• Tagline : Experience our expertise

About PNB :

• Founded : 19 May 1894
• Headquarters : Dwarka, Delhi, India
• MD & CEO : Atul Kumar Goel
• Tagline : You Can Bank Upon

Bank of Baroda Plans to Raise Up to Rs 7,500 Crore through additional Tier-I (AT1) and Tier-II bonds     

• Public sector lender Bank of Baroda (BoB) plans to raise up to Rs 7,500 crore through additional Tier-I (AT1) and Tier-II bonds to meet prudential regulator norms and support business growth, with the bank’s board of directors approving the raising of this additional capital in suitable tranches by March 31, 2025, and beyond if needed.
• The capital can be raised by issuing debt instruments in the domestic or overseas market.

Key Highlights :

• Stock Performance: BoB’s stock price rose 1.35% to Rs 273.7 per share following the announcement.
• Capital Adequacy Ratio (CAR):
• CAR: As of March 2024, BoB’s Capital Adequacy Ratio (CAR) stood at 16.31%.
• Common Equity Tier-I Ratio: 12.54%.
• Additional Tier-I Capital: 1.53%.
• Tier-II Capital: 2.24%.
• Previous Capital Raising:FY23: BoB raised Rs 2,474 crore in additional Tier-I capital.
• Tier-II Capital: Rs 5,000 crore issued.
• Ratings and Approvals:Moody’s Rating : In June 2024 global rating agency Moody’s affirmed “Baa3” long term local and foreign currency bank deposits rating for BoB.
• Additional Approval : The board approved raising Rs 10,000 crore through long-term bonds for financing infrastructure initiatives and affordable housing during FY 2024-25.

About BoB :

• Established : 20 July 1908
• Headquarters : Vadodara, Gujarat, India
• MD & CEO : Debadatta Chand
• Tagline : India’s International Bank

CURRENT AFFAIRS: NATIONAL NEWS

SEHER Credit Education Program Launched to Empower Women Entrepreneurs

• SEHER, a credit education program launched by the Women Entrepreneurship Platform (WEP) and TransUnion CIBIL, aims to empower women entrepreneurs in India with essential financial literacy content and business skills.
• This initiative will facilitate their access to financial tools, driving growth and employment in the country.

1. Program Launch:
   • Organizers: Women Entrepreneurship Platform (WEP) and TransUnion CIBIL
   • Objective: To provide financial literacy and business skills to women entrepreneurs in India.
2. WEP’s Role and Mission:
   • Incubation: WEP is a public-private partnership platform incubated at Niti Aayog.
   • Aim: To create an enabling ecosystem for women entrepreneurs.
   • Program Inclusion: SEHER is part of WEP’s Financing Women Collaborative (FWC), designed to accelerate access to finance for women entrepreneurs.
   • Launch Event: The SEHER program was launched by Ms. Anna Roy, Mission Director, WEP and Principal Economic Adviser, NITI Aayog, with several key figures in attendance, including representatives from the Department of Financial Services, Indian Banks’ Association, Reserve Bank of India, Ministry of MSME, and TransUnion CIBIL.
3. About Women Entrepreneurship Platform (WEP):
   • Established: 2018 by NITI Aayog
   • Transition: Became a public-private partnership in 2022
   • Purpose: To support women entrepreneurs across India by addressing information asymmetry and providing continuous support across various pillars:
     • Entrepreneurship promotion
     • Access to finance
     • Market linkages
     • Training and skilling
     • Mentoring and networking
     • Business development services
   • Approach: WEP focuses on convergence and collaboration with existing stakeholders.
4. About TransUnion CIBIL:
   • Role: India’s pioneer information and insights company
   • Mission: To build trust in the modern economy by providing actionable insights.
   • Impact: Facilitates economic opportunities and personal empowerment for millions.
   • Customers: Banks, financial institutions, NBFCs, housing finance companies, microfinance companies, and insurance firms.
   • Slogan: “Information for Good”

Key Highlights

• Program Name: SEHER Credit Education Program
• Objective: Empower women entrepreneurs with financial literacy and business skills
• Organizers: Women Entrepreneurship Platform (WEP) and TransUnion CIBIL
• Launch: Today by Ms. Anna Roy, with key officials from financial and governmental sectors in attendance
• WEP Details:
  • Established: 2018, transitioned to public-private partnership in 2022
  • Purpose: Support women entrepreneurs with a comprehensive ecosystem
• TransUnion CIBIL:
  • Role: Provides actionable insights and solutions for economic opportunities
  • Customers: Financial sector entities including banks, NBFCs, and insurance firms

Union Budget to Propose 20 Million More Rural Houses Under PMAY Gramin

• The Union Budget is likely to propose the construction of an additional 20 million rural houses over the next five years under the Pradhan Mantri Awas Yojana (PMAY) Gramin.
• This initiative is in addition to the 10 June Cabinet decision to build 30 million homes for both urban and rural poor under PMAY.

Key Highlights

1. New Housing Proposal:
   • Target: 20 million new rural houses in the next five years.
   • Context: Part of the Union Budget proposal.
2. Existing PMAY Initiative:
   • Cabinet Decision Date: 10 June
   • Target: 30 million homes for urban and rural poor.
   • Objective: To address rural economic distress and support housing needs.
3. Amenities Provided:
   • All houses constructed under PMAY include:
     • Toilets
     • Access to cooking gas
     • Electricity
     • Piped water
   • Integration: With other government schemes to ensure comprehensive amenities.
4. Economic and Political Context:
   • Backdrop: Rural economic distress due to high food inflation and stagnant farmers’ income.
   • Political Context: The plan follows an electoral setback for the ruling Bharatiya Janata Party (BJP) and is timed before crucial state assembly elections.

Government Mandates BIS Standards for Stainless Steel and Aluminium Utensils

• To enhance kitchen safety, quality, and efficiency, the Government of India has mandated adherence to the Bureau of Indian Standards (BIS) for stainless steel and aluminium utensils.

Key Highlights

1. Mandatory BIS Conformity:
   • Order Issued by: Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry.
   • Order Date: March 14, 2024.
   • Requirement: All stainless steel and aluminium utensils must have the ISI mark.
   • Penalty for Non-Compliance: Non-compliance with the BIS standards is punishable, reflecting the government’s commitment to consumer safety and product integrity.
2. Development of BIS Standards:
   • Scope: The BIS has developed a comprehensive range of standards covering essential kitchen items.
   • Objectives:
     • Ensure all kitchen utensils meet stringent criteria.
     • Adhere to quality and safety benchmarks.
   • Cultural Consideration: The standards aim to uphold cultural diversity in culinary practices.
3. Consumer Safety and Product Integrity:
   • Focus: The introduction of these standards underscores the BIS’s commitment to promoting superior product performance and consumer safety.

CURRENT AFFAIRS : STATE NEWS

Madhya Pradesh Chief Minister Mohan Yadav Unveils Lokpath App for Resolving Road Issues Within 7 Days    

• Madhya Pradesh (MP) Chief Minister (CM) Mohan Yadav introduced the ‘Lokpath Mobile App’ in Bhopal, MP.
• This app aims to resolve road problems within 7 days, ensuring officer accountability.
• The app was developed by Madhya Pradesh State Electronic Development Corporation Limited.

Features of the Lokpath Mobile App :

• The app allows the public to report road issues by taking photos and submitting them directly to concerned officers.
• The Officers are required to fix the problems within 7 days and update the status on the app.

Implementation Phases :

• The scheme will be implemented in 2 phases.

1. The first phase includes national highways, state highways, and main district roads.
2. The second phase will cover other district and rural roads.

Impact and Benefits:

• The app is expected to help improve 40,000 kilometres of roads in the state.
• It addresses challenges like excessive rainfall and heavy traffic.

About MP :                                                                                         

• Governor : Mangubhai C. Patel
• Chief Minister : Mohan Yadav
• Capital : Bhopal
• National Park : Satpura National Park, Kanha National Park, Bandhavgarh National Park
• Wildlife Sanctuary : Nauradehi Wildlife Sanctuary, Bori Wildlife Sanctuary

CURRENT AFFAIRS: BUSINESS NEWS

Hindustan Aeronautics Ltd (HAL): Transition to Helicopter Production

• Since the early 1960s, Hindustan Aeronautics Ltd (HAL) has established a robust income stream from fixed-wing combat aircraft, notably by designing and building the HF-24 Marut and assembling MiG-21 fighters from Soviet blueprints.

1. Historical Aircraft Production:
   • Key Projects: HF-24 Marut and MiG-21 fighters.
   • Current Status: Income from assembling Sukhoi-30MKI fighters is diminishing.
2. Shift to Helicopter Production:
   • New Focus: HAL is now prioritising helicopter manufacturing to sustain its position as India’s leading defence public sector undertaking (DPSU).
   • Dhruv Advanced Light Helicopters (ALH):
     • Deliveries: Over 320 Dhruv ALHs were delivered to the Army, Navy, and Indian Air Force (IAF).
3. Prachanda Light Combat Helicopter (LCH):
   • Orders:
     • Ministry of Defence (MoD): 10 LCHs for the IAF and 5 for the Army.
     • Future Plans: Total intended purchases include 162 Prachanda LCHs (65 for the IAF and 97 for the Army).
   • Limited Series Production (LSP):
     • Purpose: Initial 15 LCHs to be used by IAF and Army for performance evaluation and design feedback.
   • Capabilities:
     • Weight: 5.8 tonnes.
     • Altitude: Can operate up to 20,000 feet.
     • Siachen Glacier Performance: Demonstrated capability to operate from 15,000-feet altitude helipads with combat loads.

Key Highlights

• HAL’s Historical Focus: Building HF-24 Marut and assembling MiG-21 fighters.
• Current Shift: Transition from fixed-wing aircraft to helicopter production due to diminishing Sukhoi-30MKI assembly income.
• Helicopter Production Focus: Over 320 Dhruv ALHs delivered; Prachanda LCH receives initial orders.
• Prachanda LCH Orders:
  • Initial MoD Order: 10 for IAF, 5 for Army.
  • Future Plans: Total of 162 LCHs planned for IAF and Army.
• Evaluation: LSP order to assess performance and design improvements.
• Operational Capabilities: Prachanda LCH operates at altitudes up to 20,000 feet, with proven performance at 15,000 feet in Siachen Glacier.

Bajaj Auto Launches World’s First CNG-Powered Two-Wheeler

• Bajaj Auto has launched the world’s first compressed natural gas (CNG)-powered two-wheeler, the Freedom 125, in Pune.
• This marks a significant innovation in the motorcycle market under the brand Bajaj’s bi-fuel motorcycle.
• The bike will be available at a starting price of Rs 95,000 (ex-showroom) and comes in six colors and three variants.
• The Freedom 125 boasts a range of 330 km and promises 50% lower maintenance costs compared to other bikes.

Key Highlights:

• Launch and Pricing:
  • Model: Freedom 125
  • Price: Rs 95,000 (ex-showroom) for the base model.
  • Variants: Drum (Rs 95,000), Drum LED (Rs 1.05 Lakh), and Disc LED (Rs 1.10 Lakh).
  • Booking: Starts today at the Bajaj Auto website and dealerships.
• Dual-Fuel Capability:
  • Fuel Types: Runs on both petrol and CNG.
  • Switching: Simple button switch between fuels.
• Technical Specifications:
  • Engine: 125cc single-cylinder.
  • Power and Torque: Generates 9.5 PS of power and 9.7 Nm of torque.
  • Mileage: Offers 213 km per kg of CNG.
  • Seat Length: Longest seat in its segment at 785mm.
  • CNG Tank: Includes a 2 kg CNG tank.
• Market Position: Targeting the entry-level segment, which constitutes half of the local motorcycle market.
• Event and Remarks:
  • Attendee: Union Transport Minister Nitin Gadkari.
  • Operational Cost: Gadkari noted that the operational cost for CNG two-wheelers is approximately Re 1 per kilometer.

CURRENT AFFAIRS: AWARDS AND HONOURS

President awards 6 CRPF personnel, including 4 posthumously, for gallantry

• President Droupadi Murmu honoured six Central Reserve Police Force (CRPF) personnel, including four posthumously, with gallantry medals during a Defence Investiture Ceremony.
• The event took place at the Rashtrapati Bhawan, recognizing bravery displayed during an anti-Naxal operation in Chhattisgarh’s Bijapur district on April 3, 2021.

1. Awarded Personnel:
   • Posthumous Awards:
     • Inspector Dilip Kumar Das
     • Head Constable Raj Kumar Yadav
     • Constables Bablu Rabha and Shambhu Roy
   • Medal: Kirti Chakra (Posthumous)
2. Ceremony Details:
   • Occasion: Defence Investiture Ceremony (Phase-I)
   • Location: Rashtrapati Bhawan
   • Awards Conferred: Gallantry awards including Kirti Chakras and Shaurya Chakras.
3. Historical Context of Gallantry Awards:
   • Instituted on: January 26, 1950
   • Categories and Precedence:
     • Param Vir Chakra: Highest military decoration, awarded for the most conspicuous bravery or self-sacrifice in presence of the enemy.
     • Mahavir Chakra: Second highest, for acts of conspicuous gallantry in the presence of the enemy.
     • Vir Chakra: Third in precedence, for acts of gallantry in the presence of the enemy.
     • Ashoka Chakra: Highest peacetime gallantry award, equivalent to the Param Vir Chakra but for valor away from the battlefield.
     • Kirti Chakra: Second in peacetime gallantry awards, for conspicuous gallantry otherwise than in the face of the enemy.
     • Shaurya Chakra: Third in peacetime gallantry awards, for gallantry otherwise than in the face of the enemy.
   • Awarding Process:
     • Recommendation: Invited biannually from Armed Forces and the Union Ministry of Home Affairs.
     • Eligibility: Indian armed forces, paramilitary forces, and civilians.
     • Approval: Awards Committee headed by the Defence Minister, ratified by the President of India.

Key Highlights

• Event: Defence Investiture Ceremony at Rashtrapati Bhawan.
• Honoree: President Droupadi Murmu.
• Honored Personnel: Six CRPF personnel (four posthumously) awarded for bravery in an anti-Naxal operation.
• Gallantry Awards Conferred:
  • Kirti Chakra: Posthumously awarded to Inspector Dilip Kumar Das, Head Constable Raj Kumar Yadav, Constables Bablu Rabha, and Shambhu Roy.
• Historical Background of Gallantry Awards:
  • Instituted: January 26, 1950.
  • Categories:
    • Param Vir Chakra, Mahavir Chakra, Vir Chakra: Wartime bravery awards.
    • Ashoka Chakra, Kirti Chakra, Shaurya Chakra: Peacetime bravery awards.
• Award Eligibility: Armed forces, paramilitary forces, and civilians.
• Selection Process: Recommendations, approved by the Awards Committee, and ratified by the President.

CURRENT AFFAIRS: MOUS AND AGREEMENT

MoU Signed Between DPIIT and NCAER for Logistics Cost Assessment in India

• The Department for Promotion of Industry and Internal Trade (DPIIT), the Ministry of Commerce & Industry, and the National Council of Applied Economic Research (NCAER) signed a Memorandum of Understanding (MoU) in New Delhi.
• The agreement focuses on the Framework & Assessment of Logistics Costs in India, aiming to streamline logistics expenses across various sectors.

1. Signatories and Officials Present:
   • Anil Sharma (Secretary and Operations Director, NCAER)
   • S K Ahirwar (Joint Secretary, DPIIT)
   • Shri Rajesh Kumar Singh (Secretary, DPIIT)
2. Objectives and Deliverables of the MoU:
   • Framework Development: Create a detailed framework for assessing logistics costs in India.Comprehensive Study: Conduct a thorough assessment of logistics costs for the year 2023-24.
   • Differential Assessment: Evaluate logistics cost differentials across various routes, modes, products, types of cargo, and service operations.
   • Determinant Identification: Identify major determinants influencing logistics costs across different sectors.
3. Background and Context:
   • National Logistics Policy (NLP): Launched on September 17, 2022, to reduce logistics costs relative to GDP.
   • Previous Initiatives: In December 2023, DPIIT’s Logistics Division released the report “Logistics Cost in India: Assessment and Long-term Framework,” prepared by NCAER, outlining baseline logistics cost estimates and a framework for long-term logistics cost calculation.
4. Significance:
   • Continuous Monitoring: Regular assessment and monitoring of logistics costs are essential for informed policy-making and industry benefits.
   • Data Utilization: The process involves analyzing trade flows, product types, industry trends, and origin data pairs. It also requires an institutionalized framework for systematic and periodic data collection.

Key Highlights

• MoU Between: DPIIT and NCAER.
• Purpose: Develop a framework and assess logistics costs in India.
• Signatories:
  • Dr. Anil Sharma (NCAER)
  • Dr. S K Ahirwar (DPIIT)
• Key Deliverables:
  • Framework for Assessment
  • Study for 2023-24
  • Differential Cost Assessment
  • Determinant Identification
• Timeline: Report submission within one year.
• Policy Context:
  • National Logistics Policy (NLP) launched on September 17, 2022.
  • Previous Report: “Logistics Cost in India” released in December 2023.

BPCL has partnered with the Indian Olympic Association as Principal Sponsor for four years

• Bharat Petroleum Corporation Limited (BPCL), a Maharatna and Fortune Global 500 company, has proudly announced its role as the official Principal Partner of the Indian Olympic Association (IOA) for four years, from the Paris Olympics in 2024 to the Los Angeles Olympics in 2028.

Key Highlights:

• Partnership Announcement: BPCL becomes the Principal Partner of the IOA for the Paris 2024 and Los Angeles 2028 Olympics.
• Support for Athletes: The partnership aims to honor and support Indian athletes, particularly those from underprivileged backgrounds, underscoring BPCL’s commitment to nurturing sporting talent and fostering national unity.
• Campaigns and Initiatives: BPCL plans to launch campaigns to support Indian athletes at the Olympics, celebrating their pursuit of excellence and inspiring new sporting icons.
• Shared Vision: The partnership reflects a shared vision between BPCL and IOA to cultivate sports role models and promote national pride.
• Investment in Sports: BPCL is dedicated to investing in sports development across India, encouraging the next generation of athletes.
• Sustainability and Community Initiatives: Beyond sports sponsorship, BPCL aims to become a Net Zero Energy Company by 2040 and is involved in education, skill development, and environmental conservation.

CURRENT AFFAIRS: RANKING AND INDEX

Hong Kong, and Singapore most expensive cities to live in the world

• Mercer’s Cost of Living City rankings for 2024 reveal that Hong Kong, Singapore, and Zurich remain the world’s most expensive cities for expatriates.
• Conversely, cities like Islamabad, Lagos, and Abuja are among the cheapest.

Indian Cities:

• Mumbai: Highest ranked Indian city at 136th place.
• Delhi: Moved up 4 spots to 165th place.
• Other Indian cities include Chennai (189), Bengaluru (195), Hyderabad (202), Pune (205), and Kolkata (207).

Mercer’s 2024 Ranking Analysis:

• Evaluation: Mercer assessed 226 cities globally, analyzing the cost of over 200 items, including housing, transport, food, and entertainment.
• Baseline: New York City serves as the baseline, with costs measured in US dollars.
• Influencing Factors: Exchange rate fluctuations, inflation, housing costs, taxes, education, and utilities all influence living expenses for expats.
• Macroeconomic and Geopolitical Impacts: Increased instability has led to rising costs in several areas.

Regional Highlights:

• Europe: High costs in London (8th), Copenhagen (11th), Vienna (24th), Paris (29th), and Amsterdam (30th).
• Middle East: Dubai is the most expensive city (15th).
• South America: Uruguay ranks as the most expensive city (42nd).
• North America: New York City is the top city (7th).
• Africa: Bangui is the most expensive city (14th).
• Pacific: Sydney is the most expensive city.

Most Expensive Cities in the World:

1. Hong Kong
2. Singapore
3. Zurich
4. Geneva
5. Basel
6. Bern
7. New York
8. London
9. Nassau
10. Los Angeles

Least Expensive Cities in the World:

1. Abuja, Nigeria (226)
2. Lagos, Nigeria (225)
3. Islamabad, Pakistan (224)
4. Bishkek, Kyrgyzstan (223)
5. Karachi, Pakistan (222)
6. Blantyre, Malawi (221)
7. Dushanbe, Tajikistan (220)
8. Durban, South Africa (219)
9. Windhoek, Namibia (218)
10. Havana, Cuba (217)

CURRENT AFFAIRS : DEFENCE NEWS

Indo-Russian joint venture delivers 35,000 AK-203 assault rifles to Ministry of Defence: Rostec   

• The Indo-Russian Rifles Private Limited (IRRPL), a joint venture (JV) between India & Russia, has produced and transferred 35,000 Kalashnikov AK-203 assault rifles to the Indian Ministry of Defence, Rostec state corporation of Russia announced.
• Of the delivered rifles, 10,000 have been handed over to units, and inspection of the remaining 25,000 is complete, with delivery to troops imminent.

AK-203 Rifle Specifications:

• Type: The AK-203 is a Russian gas-operated, magazine-fed, select-fire assault rifle.
• Cartridge: It is designed to chamber the 62×39mm cartridge.
• Design Lineage: The AK-203 is one of the latest iterations of the AK series, originally designed by Mikhail Kalashnikov.
• Development: Developed by Kalashnikov Concern in Russia in the 2010s, with the prototype of the AK-200 series beginning in 2007 and first tested in 2010.
• IRRPL Establishment: IRRPL was established in 2019 as a collaboration between India’s Advanced Weapons and Equipment India Limited (AWEIL), Munitions India Limited (MIL), and Russia’s Rosoboronexport (RoE) and Kalashnikov Concern of Russia.
• Location: The rifles are manufactured at the Korwa Ordnance Factory in Amethi district, Uttar Pradesh (UP).
• Local Production: The joint venture aims to achieve 100% localization of AK-203 rifle production in India.
• Significance: India is the first country outside Russia to start the production of AK-200 series assault rifles.
• Director General of Rosoboronexport : Alexander Mikheev

Recent News :

• Prime Minister Narendra Modi is scheduled to visit Moscow from July 8 to 9,2024 to attend the 22nd India-Russia Annual Summit at the invitation of Russian President Vladimir Putin.

About Ministry of Defence :

• Defence Minister : Rajnath Singh
• Minister of State : Sanjay Seth
• Defence Secretary : Giridhar Aramane

About Russia :

• President : Vladimir Putin
• Prime Minister : Mikhail Mishustin
• Capital : Moscow
• Currency : Ruble

Annual Defence Production Reaches Record High of Approximately Rs 1.27 Lakh Crore in FY 2023-24    

• The Ministry of Defence (MoD) has achieved the highest-ever growth in indigenous defence production in value terms during Financial Year (FY) 2023-24, on the back of the successful implementation of the policies and initiatives of the Government, led by Prime Minister Shri Narendra Modi, focusing on achieving ‘Atma Nirbharta Or self-reliance.

Key Highlights :

• Growth in Defence Production:As per the data received from all Defence Public Sector undertakings (DPSUs), other public sector units (PSUs) manufacturing defence items and private companies, the value of defence production in the country has gone up to a record-high figure i.e., Rs 1,26,887 crore, reflecting a growth of 16.7% over the defence production of the previous financial year.
• The value of defence production in FY 2022-23 was Rs 1,08,684 crore.
• Contribution by Sectors :Of the total value of production (VoP) in 2023-24, about 2% has been contributed by DPSUs/other PSUs and 20.8% by the private sector.
• Trend in Production Growth : The value of defence production has grown by more than 60% since 2019-20, when it stood at ₹79,071 crore.
• Defence Exports : Defence exports also reached a record high of Rs 21,083 crore in FY 2023-24, reflecting a 32.5% growth over the previous fiscal’s Rs 15,920 crore.
• India is currently exporting military hardware to around 85 countries including missiles, artillery guns, rockets, armoured vehicles, offshore patrol vessels, personal protective gear, a variety of radars, surveillance systems and ammunition.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Indian Space Research Organisation Selects 2 Gaganyaan Astronauts for International Space Station Mission Under Axiom-4  

• As a part of the Axiom-4 mission, the Indian Space Research Organisation (ISRO) has shortlisted two of its four trained Gaganyaan astronauts to travel to the International Space Station (ISS).

About Axiom-4 Mission :

• Axiom Mission 4 (or Ax-4) is a private spaceflight to the ISS.
• It is operated by Axiom Space and uses a SpaceX Crew Dragon spacecraft.
• The flight is in collaboration with NASA and will be the 4th flight of Axiom Space after Axiom Mission 1, Axiom Mission 2 and Axiom Mission 3.
• Scheduled to launch in 2024, Axiom-4 will continue the company’s pioneering efforts to establish a sustainable human presence in Low Earth Orbit (LEO).
• Axiom-4 is expected to be a short-duration mission, lasting approximately 14 days.
• Axiom Space’s long-term vision includes building the world’s first commercial space station.
• The Axiom-4 mission is part of the company’s broader plan to eventually transition from the ISS to their own independent orbital outpost.

About International Space Station (ISS) :

• The ISS is a modular space station launched in 1998.
• The ISS is the largest space station ever built.
• Its primary purpose is to perform microgravity and space environment experiments.
• It is a collaborative project involving 5 space agencies:

1. National Aeronautics and Space Administration (NASA) – USA
2. Roscosmos State Corporation for Space Activities – Russia
3. Japan Aerospace Exploration Agency (JAXA) – Japan
4. European Space Agency (ESA) – Europe
5. Canadian Space Agency (CSA) – Canada

CURRENT AFFAIRS: SPORTS NEWS

Pankaj Advani Beaten By Dhruv Sitwala To claim 2024 Asian Billiards Championship Title

• Ace Indian cueist Pankaj Advani fell short in his quest to secure a hat-trick of titles, losing 2-5 to compatriot Dhruv Sitwala in the final of the 2024 Asian Billiards Championship.

Match Highlights

• Start of the Match: Dhruv Sitwala set an impressive tone with a strong start, scoring 103 points, while Pankaj Advani struggled, finishing with zero points.
• Second Frame: Advani improved his performance, scoring 36 points. However, Dhruv maintained his lead with another 100 points.
• Third Frame: Advani found his rhythm and outplayed Dhruv with a remarkable 101 points, while Dhruv scored only two points.
• Fourth Frame: Advani continued his momentum, achieving a perfect 100 points, whereas Dhruv managed only 11 points.
• Fifth Frame: Dhruv’s consistency shone through as he scored another 100 points.

Key Highlights

• Event: 2024 Asian Billiards Championship
• Location: Riyadh
• Final Match Result: Dhruv Sitwala defeated Pankaj Advani 5-2
• Notable Performances:
  • Dhruv Sitwala: Strong start with 103 points, maintained lead with consistent 100-point scores.
  • Pankaj Advani: Improved performance in the third frame with 101 points, scored a perfect 100 in the fourth frame.
• Overall Outcome: Dhruv Sitwala won the championship, denying Pankaj Advani a hat-trick of titles.

CURRENT AFFAIRS : OBITUARIES

Dal Khalsa founder Gajinder Singh Khalsa, hijacker of the 1981 Indian Airlines flight, Passed away in Pakistan  

• 74-year-old Gajinder Singh, the wanted terrorist and hijacker of an Indian Airlines (IA) flight to Lahore in 1981, has died of a heart attack at a hospital in Pakistan.

About Gajinder Singh :

• Singh was placed on the list of 20 most-wanted terrorists in 2002.
• On September 29, 1981, Singh, along with four others-Tajinderpal Singh, Satnam Singh, Jasbir Singh Cheema, and Karan Singh—hijacked an Indian Airlines plane carrying 111 passengers and six crew members.
• The hijackers forced the plane to land in Lahore, demanding the release of Jarnail Singh Bhindranwale and several other Khalistani extremists.
• He was also the co-founder of terrorist outfit Dal Khalsa and actively involved in anti-India activities till recently.
• In September 2020, the five high priests headed by the then officiating (High Priest) Jathedar of Akal Takht (Highest Temporal Seat of Sikhs) Harpreet Singh had decided to honour Gajinder Singh with the title Sikh warrior in-exile but the ceremony could not take place.

Daily CA One- Liner: July 7 & 8

• SEHER, a credit education program launched by the Women Entrepreneurship Platform (WEP) and TransUnion CIBIL, aims to empower women entrepreneurs in India with essential financial literacy content and business skills
• The Union Budget is likely to propose the construction of an additional 20 million rural houses over the next five years under the Pradhan Mantri Awas Yojana (PMAY) Gramin
• To enhance kitchen safety, quality, and efficiency, the Government of India has mandated adherence to the Bureau of Indian Standards (BIS) for stainless steel and aluminium utensils
• Since the early 1960s, Hindustan Aeronautics Ltd (HAL) has established a robust income stream from fixed-wing combat aircraft, notably by designing and building the HF-24 Marut and assembling MiG-21 fighters from Soviet blueprints
• Bajaj Auto has launched the world’s first compressed natural gas (CNG)-powered two-wheeler, the Freedom 125, in Pune
• President Droupadi Murmu honoured six Central Reserve Police Force (CRPF) personnel, including four posthumously, with gallantry medals during a Defence Investiture Ceremony
• The Department for Promotion of Industry and Internal Trade (DPIIT), the Ministry of Commerce & Industry, and the National Council of Applied Economic Research (NCAER) signed a Memorandum of Understanding (MoU) in New Delhi
• Bharat Petroleum Corporation Limited (BPCL), a Maharatna and Fortune Global 500 company, has proudly announced its role as the official Principal Partner of the Indian Olympic Association (IOA) for four years, from the Paris Olympics in 2024 to the Los Angeles Olympics in 2028
• Mercer’s Cost of Living City rankings for 2024 reveal that Hong Kong, Singapore, and Zurich remain the world’s most expensive cities for expatriates
• Ace Indian cueist Pankaj Advani fell short in his quest to secure a hat-trick of titles, losing 2-5 to compatriot Dhruv Sitwala in the final of the 2024 Asian Billiards Championship
• Markets regulator Securities and Exchange Board of India (SEBI) has issued new guidelines to streamline operations and enhance the ease of doing business for credit rating agencies (CRAs).
• The Life Insurance Corporation of India (LIC) launched the ‘Jeevan Samarth’ agency transformation project to address the evolving needs of customers.
• The Reserve Bank of India (RBI) launched a quarterly “order books, inventories and capacity utilisation” (OBICUS) survey of companies in the manufacturing sector.
• The Reserve Bank of India (RBI) imposed a penalty of ₹10,000 on YES Bank for not exchanging mutilated notes.
• The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹1,31,80,000 on Punjab National Bank (PNB) for non-compliance with certain directions related to ‘Loans and Advances – Statutory and Other Restrictions’ and ‘Know Your Customer (KYC) Direction, 2016’.
• Public sector lender Bank of Baroda (BoB) plans to raise up to Rs 7,500 crore through additional Tier-I (AT1) and Tier-II bonds to meet prudential regulator norms and support business growth, with the bank’s board of directors approving the raising of this additional capital in suitable tranches by March 31, 2025, and beyond if needed.
• Madhya Pradesh (MP) Chief Minister (CM) Mohan Yadav introduced the ‘Lokpath Mobile App’ in Bhopal, MP.
• The Indo-Russian Rifles Private Limited (IRRPL), a joint venture (JV) between India & Russia, has produced and transferred 35,000 Kalashnikov AK-203 assault rifles to the Indian Ministry of Defence, Rostec state corporation of Russia announced.
• The Ministry of Defence (MoD) has achieved the highest-ever growth in indigenous defence production in value terms during Financial Year (FY) 2023-24, on the back of the successful implementation of the policies and initiatives of the Government, led by Prime Minister Shri Narendra Modi, focusing on achieving ‘Atma Nirbharta Or self-reliance.
• As a part of the Axiom-4 mission, the Indian Space Research Organisation (ISRO) has shortlisted two of its four trained Gaganyaan astronauts to travel to the International Space Station (ISS).
• 74-year-old Gajinder Singh, the wanted terrorist and hijacker of an Indian Airlines (IA) flight to Lahore in 1981, has died of a heart attack at a hospital in Pakistan.