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                                                   UNION BUDGET

HIGHLIGHTS OF THE UNION BUDGET 2024-25

• The Union Minister of Finance and Corporate Affairs Nirmala Sitharaman presented the Union Budget 2024-25 in Parliament.
• The highlights of the budget are as follows:

                                                                                                    Part-A

Budget Estimates 2024-25:

• Total receipts (excluding borrowings): ₹32.07 lakh crore.
• Total expenditure: ₹48.21 lakh crore.
• Net tax receipt: ₹25.83 lakh crore.
• Fiscal deficit: 4.9% of GDP.
• Government target: Reduce the deficit below 4.5% next year.

Inflation:

• Overall inflation: Low, stable, moving towards the 4% target.
• Core inflation (non-food, non-fuel): 3.1%.

Budget Focus Areas:

• Employment
• Skilling
• MSMEs (Micro, Small, and Medium Enterprises)
• Middle class

Package of PM’s 5 schemes for Employment and Skilling

• Prime Minister’s Package of 5 Schemes and Initiatives for employment, skilling and other opportunities for 4.1 crore youth over a 5-year period.
  1. Scheme A – First Timers: One-month salary of up to `15,000 to be provided in 3 installments to first-time employees, as registered in the EPFO.
  2. Scheme B – Job Creation in manufacturing: Incentive to be provided at specified scale directly, both employee and employer, with respect to their EPFO contribution in the first 4 years of employment.
  3. Scheme C – Support to employers: Government to reimburse up to `3,000 per month for 2 years towards EPFO contribution of employers, for each additional employee.
  4. New centrally sponsored scheme for Skilling
     • 20 lakh youth to be skilled over a 5-year period.
     • 1,000 Industrial Training Institutes to be upgraded in hub and spoke arrangements.
  5. New Scheme for Internship in 500 Top Companies  to 1 crore youth in 5 years

9 Budget Priorities in pursuit of ‘Viksit Bharat’:

1. Productivity and resilience in Agriculture
2. Employment & Skilling
3. Inclusive Human Resource Development and Social Justice
4. Manufacturing & Services
5. Urban Development
6. Energy Security
7. Infrastructure
8. Innovation, Research & Development and
9. Next Generation Reforms

Priority 1: Productivity and resilience in Agriculture

• Allocation for Agriculture:₹1.52 lakh crore allocated for agriculture and allied sectors.
• High-Yielding Varieties:109 new high-yielding and climate-resilient varieties of 32 field and horticulture crops to be released for cultivation.
• Natural Farming:1 crore farmers to be initiated into natural farming with certification and branding within the next 2 years.
• Establishment of 10,000 need-based bio-input resource centres for natural farming.
• Digital Public Infrastructure (DPI) for Agriculture:DPI for Agriculture to be implemented to cover farmers and their lands within 3 years.

Priority 2: Employment & Skilling

• As part of the Prime Minister’s package, 3 schemes for ‘Employment Linked Incentive’ to be implemented – Scheme A – First Timers; Scheme B – Job Creation in manufacturing; Scheme C – Support to employers.
• To facilitate higher participation of women in the workforce,
  • working women hostels and crèches to be established with industrial collaboration
  • women-specific skilling programmes to be organized
  • market access for women SHG enterprises to be promoted

Skill Development Initiatives:

• New centrally sponsored scheme for skilling 20 lakh youth over 5 years under the Prime Minister’s Package.
• Revision of the Model Skill Loan Scheme to facilitate loans up to ₹7.5 lakh.

Financial Support for Higher Education:

• Provision of financial support for loans up to ₹10 lakh for higher education in domestic institutions for youth not eligible for any benefits under government schemes and policies.

Priority 3: Inclusive Human Resource Development and Social Justice

Purvodaya Initiative:

• Industrial Node at Gaya: Development along the Amritsar-Kolkata Industrial Corridor.
• Power Projects: New 2400 MW power plant at Pirpainti with a project cost of ₹21,400 crore.

Andhra Pradesh Reorganization Act:

• Special Financial Support: ₹15,000 crore in the current financial year through multilateral development agencies.
• Industrial Nodes:
  • Kopparthy along Vishakhapatnam-Chennai Industrial Corridor.
  • Orvakal along Hyderabad-Bengaluru Industrial Corridor.

Women-led Development:

• Allocation for Women and Girls: Total allocation of more than ₹3 lakh crore for schemes benefiting women and girls.

Pradhan Mantri Janjatiya Unnat Gram Abhiyan:

• Socio-Economic Development: Targeting tribal families in tribal-majority villages and aspirational districts.
• Coverage: 63,000 villages benefiting 5 crore tribal people.

Bank Branches in North-Eastern Region:

• India Post Payment Bank: Establishment of 100 branches in the North East region.

Priority 4: Manufacturing & Services

Credit Guarantee Scheme for MSMEs in the Manufacturing Sector:

• A scheme offering credit guarantees without collateral or third-party guarantee for term loans to MSMEs for the purchase of machinery and equipment.

Credit Support to MSMEs during Stress Period:

• A new mechanism to facilitate the continuation of bank credit to MSMEs during periods of financial stress.

Mudra Loans:

• The limit for Mudra loans under the ‘Tarun’ category to be enhanced from ₹10 lakh to ₹20 lakh for those who have successfully repaid previous loans.

Enhanced Scope for Mandatory Onboarding in TReDS:

• The turnover threshold of buyers for mandatory onboarding on the TReDS platform to be reduced from ₹500 crore to ₹250 crore.

MSME Units for Food Irradiation, Quality & Safety Testing:

• Financial support to set up 50 multi-product food irradiation units in the MSME sector.

E-Commerce Export Hubs:

• Establishment of E-Commerce Export Hubs under public-private-partnership (PPP) mode for MSMEs and traditional artisans to sell their products in international markets.

Critical Mineral Mission:

• Creation of a Critical Mineral Mission for domestic production, recycling of critical minerals, and overseas acquisition of critical mineral assets.

Digital Public Infrastructure (DPI) Applications:

• Development of DPI applications in areas such as credit, e-commerce, education, health, law and justice, logistics, MSME services, service delivery, and urban governance.

Priority 5: Urban Development

Transit Oriented Development

• Formulation of Transit Oriented Development plans and strategies to implement and finance 14 large cities above 30 lakh population.

Urban Housing

• Investment of `10 lakh crore, including the central assistance of `2.2 lakh crore in next 5 years,  under PM Awas Yojana Urban 2.0 proposed to address the , housing needs of 1 crore urban poor and middle-class families.

Street Markets

• New scheme to support the development of 100 weekly ‘haats’ or street food hubs every year for the next 5 years in select cities.

Priority 6: Energy Security

Energy Transition

• Policy document on ‘Energy Transition Pathways’ to balance the imperatives of employment, growth and environmental sustainability to be brought out.

Pumped Storage Policy

• Policy for promoting pumped storage projects for electricity storage to be brought out.

Research and development of small and modular nuclear reactors

• Government to partner with private sector for R&D of Bharat Small Modular Reactor and newer technologies for nuclear energy, and to set up Bharat Small Reactors.

Advanced Ultra Super Critical Thermal Power Plants

• Joint venture proposed between NTPC and BHEL to set up a full scale 800 MW commercial plant using Advanced Ultra Super Critical (AUSC) technology.

Roadmap for ‘hard to abate’ industries

• Appropriate regulations for transition of ‘hard to abate’ industries from the current ‘Perform, Achieve and Trade’ mode to ‘Indian Carbon Market’ mode to be put in place.

Priority 7: Infrastructure

Infrastructure investment by Central Government

• `11,11,111 crore (3.4 % of GDP) to be provided for capital expenditure.

Infrastructure investment by state governments

• Provision of `1.5 lakh crore for long-term interest free loans to support states in infrastructure investment.

Pradhan Mantri Gram SadakYojana (PMGSY)

• Launch of phase IV of PMGSY to provide all-weather connectivity to 25,000 rural habitations.

Irrigation and Flood Mitigation

• Financial support of `11,500 crore to projects such as the Kosi-Mechi intra-state link and other schemes in Bihar.
• Government to provide assistance to Assam, Himachal Pradesh, Uttarakhand and Sikkim for floods, landslides and other related projects.

 Tourism

• Comprehensive development of Vishnupad Temple Corridor, Mahabodhi Temple Corridor and Rajgir.
• Assistance for development of temples, monuments, craftsmanship, wildlife sanctuaries, natural landscapes and pristine beaches of Odisha.

Priority 8: Innovation, Research & Development

• Anusandhan National Research Fund for basic research and prototype development to be operationalised.
• Financing pool of `1 lakh crore for spurring private sector-driven research and innovation at commercial scale.

Space Economy

• Venture capital fund of `1,000 crore to be set up for expanding the space economy by 5 times in the next 10 years.

Priority 9: Next Generation Reforms

Rural Land Related Actions

• Unique Land Parcel Identification Number (ULPIN) or Bhu-Aadhaar for all lands
• Digitization of cadastral maps
• Survey of map sub-divisions as per current ownership
• Establishment of land registry
• Linking to the farmers registry

Urban Land Related Actions

• Land records in urban areas to be digitized with GIS mapping.

NPS Vatsalya

• NPS-Vatsalya as a plan for contribution by parents and guardians for minors.

PART B

Indirect Taxes

• GST will be simplified and expanded to more sectors.

Customs Duty Changes

• Medicines and Medical Equipment: Three cancer drugs (TrastuzumabDeruxtecan, Osimertinib, Durvalumab) are exempt from customs duty. Reduced duty on x-ray tubes and detectors.
• Mobile Phones and Parts: Duty on mobile phones, PCBs, and chargers reduced to 15%.
• Precious Metals: Reduced customs duties on gold and silver to 6%, platinum to 6.4%.
• Other Metals: Duty removed on ferro nickel, blister copper, ferrous scrap, and nickel cathode. Concessional duty on copper scrap at 2.5%.
• Electronics: Duty removed on oxygen-free copper for resistors.
• Chemicals and Petrochemicals: Duty on ammonium nitrate increased to 10%.
• Plastics: Duty on PVC flex banners increased to 25%.
• Telecommunication Equipment: Duty on specified telecom equipment PCBs increased to 15%.

Trade Facilitation

• Extended time for export of goods for repairs from six months to one year.
• Extended time for re-import of goods for warranty repairs from three to five years.

Critical Minerals

• 25 critical minerals fully exempted from duties. Reduced duty on two critical minerals.

Solar Energy

• Capital goods for solar cell and panel manufacturing exempted from duty.

Marine Products

• Reduced duty on certain broodstock, worms, shrimp, and fish feed to 5%. Exempted inputs for shrimp and fish feed from duty.

Leather and Textile

• Reduced duty on down filling material. Reduced duty on MDI for spandex yarn manufacturing to 5%.

Direct Taxes Simplification

Efforts to simplify taxes, improve taxpayer services, and reduce litigation will continue to enhance government revenues for development and welfare schemes.

Corporate and Personal Tax Regimes

• 58% of corporate tax in FY23 came from the simplified tax regime.
• Over two-thirds of taxpayers used the simplified personal income tax regime in FY24.

Charities and TDS

• Two tax exemption regimes for charities will merge into one.
• TDS rates simplified: 5% rate merged into 2%, 20% rate on mutual fund repurchase withdrawn, e-commerce TDS reduced to 0.1%.
• Delay for TDS payment up to the due date of filing the statement is decriminalized.

Reassessment Simplification

• Assessment can reopen up to five years after the assessment year if escaped income is ₹50 lakh or more.
• In search cases, the time limit reduced from ten to six years.

Capital Gains Rationalization

• Short-term gains on certain financial assets taxed at 20%.
• Long-term gains on all assets taxed at 12.5%.
• Exemption limit for capital gains on certain financial assets increased to ₹1.25 lakh per year.

Taxpayer Services and Digitalization

• All remaining Customs and Income Tax services, including rectification and order implementation, to be digitized over the next two years.

Litigation and Appeals

• “Vivad Se Vishwas Scheme, 2024″ for resolving pending income tax disputes.
• Increased monetary limits for filing appeals: ₹60 lakh for Tax Tribunals, ₹2 crore for High Courts, and ₹5 crore for Supreme Court.
• Expanded safe harbour rules for international taxation.

Employment and Investment Incentives

• Angel tax abolished to support startups.
• Simpler tax regime for foreign shipping companies operating domestic cruises.
• Safe harbour rates for foreign mining companies selling raw diamonds.
• Corporate tax rate for foreign companies reduced from 40% to 35%.

Deepening the Tax Base

• Security Transactions Tax on futures and options increased to 0.02% and 0.1%, respectively.
• Income from share buybacks to be taxed.

Social Security Benefits

• Employer deduction for NPS contributions increased from 10% to 14% of employee salary.
• Non-reporting of small movable foreign assets up to ₹20 lakh de-penalized.

Other Proposals

• Equalization levy of 2%

Personal Income Tax Changes

• Standard deduction for salaried employees increased from ₹50,000 to ₹75,000.
• Deduction on family pension for pensioners increased from ₹15,000 to ₹25,000.

Revised tax rate structure:

0-3 lakh rupees	Nil
3-7 lakh rupees	5%
7-10 lakh rupees	10%
10-12 lakh rupees	15%
12-15 lakh rupees	20%
Above 15 lakh rupees	30%

• Salaried employee in the new tax regime stands to save up to ₹ 17,500/- in income tax.

CURRENT AFFAIRS : BANKING & FINANCE

Small Industries Development Bank of India to Establish $1 Billion Green Financing Fund with $215 Million Contribution from Green Climate Fund    

• The Small Industries Development Bank of India (SIDBI), which received approval of funding of $ 215.6 m from the Green Climate Fund, will create a corpus of $1 billion for ‘financing mitigation and adaptation projects’ (FMAP) of Medium and Small Enterprises (MSMEs).
• The board of the Green Climate Fund, which is an entity set up by the United Nations Framework Convention on Climate Change (UNFCCC), approved a $200 million loan and $15.6 million grant for capacity building to SIDBI.

Key Highlights :

• Funding Structure:SIDBI will add another $800 million to this fund, sourced from its balance sheet and market raising.
• The fund will support projects such as renewable energy, energy efficiency, energy storage, and e-mobility.
• Impact:The FMAP facility is expected to provide nearly 10,000 concessional loans to MSMEs.
• Anticipated outcomes include a reduction in greenhouse gas emissions by 35.3 million tonnes.
• Adaptation activities will lead to significant water savings and build resilience in vulnerable communities, benefiting over 10.8 million people.

About Green Climate Fund (GCF) :

• Overview : GCF is described as “the world’s largest dedicated climate fund.”
• It is an operating entity of the financial mechanism of the UNFCCC.
• Portfolio:GCF manages a portfolio of 270 projects valued at $14.9 billion ($58.7 billion including co-financing) aimed at transformative climate action in 130 developing countries.
• Recent Approvals:The SIDBI loan is part of a broader approval of $1 billion for 17 projects across 35 developing countries.

Recent News :

• In July 2024, the Asian Development Bank (ADB) approved a $240 million loan for rooftop solar projects in India, to be routed through the State Bank of India (SBI) and National Bank For Agriculture And Rural Development (NABARD).

About SIDBI :

• Established : 2 April 1990
• Headquarters : Lucknow, Uttar Pradesh, India
• Chairman & MD : Sivasubramanian Ramann
• The SIDBI is the apex regulatory body for overall licensing and regulation of micro, small and medium enterprise finance companies in India.
• It is under the jurisdiction of the Ministry of Finance , Government of India (GoI).

Cashfree Payments Receives Reserve Bank of India Licence for Payment Aggregator and Cross-Border Transactions    

• Cashfree Payments, a Bengaluru-based company, has received approval from the Reserve Bank of India (RBI) to operate as a Payment Aggregator-Cross Border (PA-CB).
• The approval comes nearly a year after the RBI issued a circular on the regulation of PAs for cross-border transactions.

Key Highlights :

• License Type:Cashfree Payments is one of the first non-banks to receive this PA-CB license. It has been approved as a PA-CB in the Export and Import (PA-CB-E&I) category.
• Functions of PA-CB:PA-CBs facilitate cross-border payment transactions for the import and export of permissible goods and services in an online mode.
• Categories of PA-CBs:The RBI categorizes PA-CBs into three types:

1. Export only PA-CB (PA-CB-E)
2. Import only PA-CB (PA-CB-I)
3. Export and Import PA-CB (PA-CB-E&I)

• Net Worth Requirements:As per the RBI’s circular issued in October 2023:
• Non-banks must have a minimum net worth of Rs 15 crore at the time of application.
• This must increase to Rs 25 crore by March 31, 2026.
• New non-banks must achieve a minimum net worth of Rs 25 crore by the end of the third financial year after receiving authorization.
• Implications for Cashfree Payments:The PA-CB license allows Cashfree Payments to support global businesses and regulated entities collecting payments in India.
• It also enables the company to offer cross-border payment solutions to Indian exporters and freelancers.

About Cashfree Payments :

• Established : 2015
• Headquarters : Bangalore, Karnataka
• CEO : Akash Sinha

CURRENT AFFAIRS: NATIONAL

Economic Survey 2024: India is now among the top 25 arms exporter nations

• India has significantly transformed its defence sector, moving from being a major arms importer to joining the list of the top 25 arms-exporting nations.
• The Economic Survey 2024 highlights this substantial progress, showcasing India’s growing capabilities in defence production and exports.

Growth in Defence Production

• Substantial Increase: India’s defence production has grown from Rs 74,054 crore in FY17 to Rs 108,684 crore in FY23.
• Boost in Exports: This growth has bolstered India’s defence exports, marking a significant shift in its defence industry landscape.

Shift from Importer to Exporter

• Former Importer: Between 2015 and 2019, India was the world’s second-largest arms importer.
• Current Exporter: India is now among the top 25 arms-exporting countries, reflecting a successful transition.

Defence Industry Efforts

• Collaborative Achievement: The defence industry’s private sector and Defence Public Sector Undertakings (DPSUs) have made tremendous efforts to achieve record-high defence exports.
• Increase in Export Authorisations: Export authorisations rose from 1,414 in FY23 to 1,507 in FY24, facilitating more exports.

Key Defence Exports

• Products and Equipment: Approximately 100 domestic companies export a wide range of defence products, including:
  • Aircraft: Dornier-228
  • Artillery Guns: Advanced Towed Artillery Guns
  • Missiles: Brahmos Missiles, Akash Missile System
  • Rockets: PINAKA Rockets & Launchers
  • Vehicles: Mine Protected Vehicles, Armoured Vehicles
  • Other: Radars, Simulators, Ammunitions, Thermal Imagers, Body Armours, Systems, Line Replaceable Units, and Parts & Components of Avionics and Small Arms.

Policy Initiatives and Reforms

• Simplified Export Procedures: The Centre has implemented industry-friendly export procedures with end-to-end online export authorisation, reducing delays and facilitating ease of doing business.
• Aatmanirbhar Bharat Initiatives: These initiatives have encouraged indigenous design, development, and manufacture of defence equipment, aiming to reduce dependency on imports in the long run.

Lumbini and Stonehenge Under UNESCO Review for Heritage Conservation

• The 46th session of the World Heritage Committee (WHC) is currently being held in India for the first time, from July 21 to July 31 at Bharat Mandapam.
• During this session, the Committee will examine Nepal’s Lumbini and the UK’s Stonehenge, both UNESCO heritage properties, due to issues that could affect the values of these iconic landmarks.

Key Highlights

1. Issues Affecting Lumbini and Stonehenge
   • Lazare Eloundou Assomo, Director of UNESCO World Heritage, mentioned that Lumbini and Stonehenge are under examination because of potential threats that could affect their heritage values.
   • These sites, although on the World Heritage List, are not currently on the List of World Heritage in Danger.
2. UNESCO World Heritage Session
   • The session includes discussions on the state of conservation of heritage properties inscribed on the List of World Heritage in Danger.
   • Three sites in Ukraine, among others, are being discussed for their conservation status.
3. Significance of Lumbini and Stonehenge
   • Lumbini was inscribed on the UNESCO World Heritage List in 1997.
   • Stonehenge, along with Avebury and associated sites, was inscribed in 1986. These sites are among the most famous groups of megaliths in the world.

World Heritage in Danger List

• Current List: There are 56 properties currently on the List of World Heritage in Danger.
• Examples of Sites:
  • Cultural Landscape and Archaeological Remains of the Bamiyan Valley in
  • Historic Centre of Vienna in Austria.
  • Archaeological Site of Cyrene in Libya.
  • Three sites in Ukraine:
    • Saint-Sophia Cathedral and Related Monastic Buildings, Kyiv-Pechersk Lavra in
    • The Ensemble of the Historic Centre in L’viv.
    • The Historic Centre of Odesa.

Purpose and Actions of the WHC

• Objective: To provide solutions and recommendations with advisory bodies for the conservation of World Heritage Sites.
• Corrective Measures: The Committee gives corrective measures and advice to improve the conservation of these sites.
• Collaborative Efforts: The WHC works with State Parties to implement recommendations and improve the situations at the heritage sites.

Current WHC Members

• The WHC comprises representatives from 21 State Parties elected by the General Assembly of UNESCO.
• Current members include India, Argentina, Belgium, Italy, Ukraine, and Vietnam.
• As of now, 1,199 properties from 168 State Parties are inscribed on the World Heritage List.

Economic Survey suggests use of digital system ‘Agri Stack’ for better targeting of fertiliser subsidy

The Economic Survey has called for significant reforms in India’s fertiliser administration system, pointing out that similar reforms have been successfully implemented in various countries.

Recommended Reforms

1. Standard Norms for Fertiliser Requirement
   • Calculation: Fertiliser requirements should be calculated based on standard norms, with the quantity of subsidised fertiliser fixed according to land records.
   • Targeting Genuine Farmers: Subsidised fertiliser should be sold only to genuine farmers or their representatives to ensure proper distribution.
2. Pilot Projects
   • Implementation: Conduct pilot projects in one district per state with well-developed agri-stack systems to test the new system before a nationwide rollout.
   • Purpose: To gauge the effectiveness of the reforms and address the sensitive nature of fertiliser administration.
3. Integration with Agri Stack
   • Agri Stack Utilisation: Use the well-developed Agri Stack to target fertiliser subsidies more effectively, ensuring they are distributed to verified farmers based on land ownership and prominent crops.
   • Parameters: Fix subsidised fertiliser quantities based on land ownership, prominent crops, and possibly crop type and soil nutrient status.
4. Seamless Payment System
   • E-RUPI Integration: Utilize E-RUPI for direct subsidy payments to farmers. This seamless payment mechanism ensures that subsidies are used only through registered PoS devices at authorised outlets.
   • Unused Subsidy: Allow unused subsidy to be converted into a small savings instrument at a post office or used for purchasing other agricultural inputs like seeds and pesticides.

Proposed System Enhancements

• Targeted Subsidy: Ensure subsidised fertilisers are sold to verified farmers or their representatives and based on specific parameters like land ownership and crop types.
• E-RUPI Benefits: The E-RUPI system will streamline subsidy distribution, prevent misuse, and allow flexibility in using any remaining subsidy for other agricultural needs.

India to seek licences to scout the Pacific Ocean for critical minerals

• India is preparing to apply for licenses to explore deep-sea minerals in the Pacific Ocean, aiming to secure critical resources for energy transition technologies.
• This move highlights India’s strategic effort to diversify its mineral supply sources amid growing global competition.

Key Points:

1. Exploration Licenses and Regulatory Context
   • Current Status: The International Seabed Authority (ISA), a UN-backed body, has issued 31 deep-sea exploration licenses, including two for India in the Indian Ocean. However, mining has not yet commenced as the ISA is finalizing regulations.
   • Ongoing Discussions: The ISA council is meeting in Jamaica to negotiate the latest draft of a mining code, which will govern deep-sea mining activities.
2. India’s Exploration Plans
   • Target Area: India will focus on the Clarion-Clipperton Zone, a mineral-rich area in the Pacific Ocean between Hawaii and Mexico. This zone is known for its large volumes of polymetallic nodules containing manganese, nickel, copper, and cobalt.
   • Timeline: India plans to apply for exploration licenses next year but will need at least three to four years to develop the necessary expertise and technology for deep-sea mining.
3. Comparison with Other Nations
   • Competitors: China, Russia, and several Pacific Island nations have already secured exploration licenses for the Pacific Ocean.
   • India’s Status: India currently lacks the advanced seabed mining expertise that other nations possess, which could affect its ability to quickly enter the deep-sea mining sector.
4. Environmental and Technical Challenges
   • Environmental Concerns: Opponents argue that the environmental impacts of deep-sea mining are not fully understood, with concerns about potential harm to marine ecosystems.
   • Technical Readiness: India’s current deep-sea mining technology is still in development, and experts believe it will take several years to perfect.
5. Additional Permits and Strategic Goals
   • Indian Ocean Exploration: India anticipates receiving two more exploration permits from the ISA for the Indian Ocean. These permits will focus on the Carlsberg Ridge and Afanasy-Nikitin Seamount regions, known for polymetallic sulphide deposits and ferromanganese crusts.
   • Critical Minerals: India has listed 24 minerals as critical for energy transition, including those found in the Pacific Ocean. The country is also exploring overseas mineral assets to meet its growing green energy requirements.
6. Global and Regional Dynamics
   • Moratorium Calls: Some 27 countries have called for a moratorium or suspension of deep-sea mining, citing environmental concerns.
   • Pacific Support: Some Pacific nations, such as Nauru and Cook Islands, support deep-sea mining. Nauru is expected to submit a mining license application on behalf of The Metals Company later this year.

India features among the world’s fastest-growing 5G networks: Eco Survey

Highlights from the Economic Survey 2023-24 on India’s Telecom Sector

1. Rapid Growth in 5G Network

• International Ranking: Post the launch of 5G services, India’s international rank for mobile broadband speed has surged from 118 to 15 as of March 2024.
• Infrastructure: As of June 2024, India has 8.02 lakh mobile towers, 29.37 lakh Base Transceiver Stations (BTSs), and 4.5 lakh 5G BTSs.

2. Investment in Telecom Technology

• Patient Capital: Recognizing the need for substantial investment in research, development, and commercialization, the government has allocated 5% of annual collections from the Universal Services Obligation Fund (USOF) for telecom R&D.
• Telecom Technology Development Fund: Formulated in 2022, this fund has seen significant participation from start-ups, MSMEs, academia, and industry.

3. Growth in Teledensity and Mobile Connections

• Teledensity: Increased from 75.2% in March 2014 to 85.7% in March 2024.
• Wireless Telephone Connections: Stood at 116.5 crore at the end of March 2024.

4. Internet Expansion

• Subscriber Base: Jumped from 25.1 crore in March 2014 to 95.4 crore in March 2024, with 91.4 crore accessing the internet via wireless phones.
• Internet Density: Increased to 68.2% in March 2024.
• Data Costs: The cost of data has declined substantially, improving average wireless data usage per subscriber.

5. BharatNet and Broadband Connectivity

• BharatNet Programme: Amended to provide broadband connectivity to all Gram Panchayats.
• Optical Fibre Cable (OFC): As of March 31, 2024, 6,83,175 kilometres of OFC has been laid, connecting 2,06,709 Gram Panchayats in BharatNet phases I and II.

6. Policy Reforms and Competition

• Regulatory Reforms: Implemented to promote competition, reduce regulatory burdens, and protect consumer interests.
  • Adjusted Gross Revenue (AGR): Changes in definitions.
  • Spectrum Sharing and Trading: New policies to optimize spectrum use.
  • Spectrum Usage Charges: Rationalized charges.
  • Foreign Direct Investment (FDI): Allowed 100% FDI in the telecom sector under specific safeguards.

7. Bharat 5G Portal

• Purpose: Propels India’s 5G capabilities and fosters innovation, collaboration, and knowledge-sharing within the telecom sector.

CURRENT AFFAIRS : INTERNATIONAL NEWS

Indian Renewable Energy Development Agency to Invest ₹290 Crore in 900 MW Project in Nepal   

• The Indian Renewable Energy Development Agency Limited (IREDA) has announced a strategic investment in a 900 MegaWatt (MW) hydroelectric power project in Nepal.

Key Highlights :

• Investment Details:The investment amounts to approximately Rs 290 Crore.
• IREDA will secure up to a 10% shareholding in GMR Upper Karnali Hydro Power Limited and Karnali Transmission Company Pvt. Ltd., both based in Nepal.
• Project Partners:The investment is in partnership with SJVN Limited.
• The main shareholders currently include GMR and the Nepal Electricity Authority, Government of Nepal.
• Project Contingency:The advancement of the project is contingent upon approvals from the Government of India and other regulatory bodies.

About IREDA :

• Founded : 1987
• Headquarters : New Delhi, Delhi,India
• Chairman & MD : Pradip Kumar Das
• IREDA is a Navratna organisation owned by the Government of India and administratively controlled by the Ministry of New and Renewable Energy (MNRE).

About Nepal :

• President : Ram Chandra Poudel
• Prime Minister : KP Sharma Oli
• Capital : Kathmandu
• Currency : Nepalese rupee

CURRENT AFFAIRS : STATE NEWS

Gujarat Government Introduces ‘Shramik Basera’ Scheme Offering Rented Accommodation to Construction Workers for ₹5 Per Day   

• Gujarat Chief Minister Bhupendra Patel launched a scheme named ‘Shramik Basera’ to provide temporary accommodation to nearly 15,000 construction workers at a nominal rate of Rs 5 per day.
• The scheme aims to bring a “qualitative change” in the standard of living of workers from the unorganised sector and construction workers by providing food, health, housing, and financial support.
• The CM performed the ground-breaking ceremony for 17 dwelling structures in Ahmedabad, Gandhinagar, Vadodara, and Rajkot.
• Patel laid the foundation stone for one site in Ahmedabad (Jagatpur area) and launched other facilities virtually.
• A dedicated portal for the ‘Shramik Basera’ scheme was also launched.
• Over the next three years, additional dwelling centers will be constructed across Gujarat.
• The scheme is expected to benefit about 3 lakh construction workers.
• The total cost of the project is ₹1,500 crore.

About Gujarat

• Capital: Gandhinagar
• Chief minister: Bhupendrabhai Patel
• Governor: Acharya Devvrat
• NP: Gir National Park, Marine National Park, Velavadar National Park, Jambughoda Wildlife Sanctuary, Barda Wildlife Sanctuary, Vansda National Park, Purna Wildlife Sanctuary, Gaga Wildlife Sanctuary

Telangana Government and Singareni Collieries Introduce ₹1 Lakh Support Scheme for Civil Services Aspirants  

• Telangana Chief Minister A. Revanth Reddy launched the “Rajiv Gandhi Civils Abhayahastam” scheme.
• The scheme provides financial assistance of ₹1 lakh to civil services aspirants who qualify for the UPSC Mains exam.
• This is the first time the Telangana government has offered financial support specifically for UPSC Mains preparation.
• The scheme aims to support about 400 candidates from Telangana who qualify for the Mains exam annually.
• Singareni Collieries Company Limited (SCCL) will provide the assistance as part of its ‘Nirmaan’ programme.

Eligibility Criteria :

• Beneficiary Categories:Candidates from SC, ST, OBC, women, and economically weaker sections (EWS) in the general category are eligible.
• Income Limit:The annual family income should not exceed ₹8 lakh.
• Residency Requirement:Applicants must be permanent residents of Telangana.
• Employment Status:Candidates employed in permanent positions in central, state, or government sector organizations are ineligible.

About Telangana :

• Governor : C. P. Radhakrishnan
• Chief Minister : Anumula Revanth Reddy
• Capital : Hyderabad
• National Park : Mrugavani National Park, KBR Park
• Wildlife Sanctuary : Pranahita wildlife sanctuary, Shivaram wildlife Sanctuary

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Krishnan Venkat Subramanian was Appointed as the New Managing Director and Chief Executive Officer of the Federal Bank    

• The Reserve Bank of India (RBI) has approved the appointment of Krishnan Venkat Subramanian (KVS Manian) as the next Managing Director and Chief Executive Officer (MD & CEO) of Federal Bank for three years.
• The appointment will be effective from September 23, 2024.
• KVS Manian will succeed Shyam Srinivasan, whose term expires on September 22, 2024.

About Krishnan Venkat Subramanian :

• Manian was the Joint Managing Director of Kotak Mahindra Bank until April 30, 2024.
• He led corporate banking, commercial banking, private banking, and asset reconstruction businesses.
• He played a significant role in upgrading technology and enhancing transaction banking capabilities.
• Prior to his role at Kotak Mahindra Bank, Manian worked in the Non-Banking Financial Company (NBFC) sector, specifically at Kotak Mahindra Finance Ltd.
• He also has experience in investment banking.

About Federal Bank :

• Headquarters : Aluva, Kochi, Kerala, India
• Tagline : Your Perfect Banking Partner

Saloma Yomdo Appointed as Director (E&D) at Oil India Limited   

• Saloma Yomdo has assumed the position of Director (Exploration & Development) at Oil India Limited (OIL).

About Saloma Yomdo :

• Yomdo joined Oil India Limited in 1994.
• Before his current role, he served as Executive Director (Exploration & Development) at OIL, where he managed exploration and development activities both in India and internationally.
• He is an active member of the Society of Petroleum Engineers (SPE) and the Association of Petroleum Geologists (APG).

About Oil India Limited :

• Founded : 18 February 1959
• Headquarters : Duliajan, Assam
• Chairman & MD : Dr. Ranjit Rath
• It is the country’s oldest oil and gas company and is recognized as the youngest Maharatna Central Public Sector Enterprise (CPSE) under the Government of India.

CURRENT AFFAIRS: AWARDS & HONOURS

Abhinav Bindra awarded a prestigious Olympic Order by the IOC

• Abhinav Bindra, the first Indian to win individual gold at the Olympics, has been honoured with the Olympic Order for his outstanding contributions to the Olympic movement.
• The Olympic Order is the highest accolade bestowed by the International Olympic Committee (IOC) for exceptional service.

The Olympic Order Award

• The Olympic Order is the highest award presented by the International Olympic Committee (IOC).
• Established in 1975, it is awarded to individuals who have rendered distinguished service to the Olympic Movement.

Grades of the Award

• The award comes in three grades: gold, silver, and bronze, with the gold medal being the most prestigious.
• The recipients of the Olympic Order are chosen by the IOC’s Executive Board.

Abhinav Bindra’s Achievements

Olympic Achievements

• Olympic Gold Medal: Secured the gold at the 2008 Beijing Olympics in the men’s 10-meter air rifle event.

World Championships

• World Championships Gold: Won the gold medal at the 2006 World Championships in the 10m air rifle event.

Commonwealth Games

• Commonwealth Games Medals:a
  • Gold in pairs events in 2002, 2006, and 2010.
  • Individual gold in

Asian Games

• Asian Games Medals:
  • Silver in the 10m air rifle team event at the 2010 Asian Games.
  • Bronze in the 10m air rifle team event at the 2014 Asian Games.
  • Individual bronze in the 10m air rifle event at the 2014 Asian Games.

HSBC awarded Best Int’l Bank in Sri Lanka by Euromoney

• HSBC has been named the World’s Best Bank in three categories – Sustainable Finance, Payments and Treasury, and Public-Sector Clients – in the Euromoney Awards for Excellence 2024.
• These awards recognize the strength of HSBC’s international network and the breadth of its offerings.

Achievements in Multiple Categories

Overview of Award Wins

In total, HSBC topped 33 categories in this year’s awards. Notably, HSBC won the Best Bank award in its two home markets, Hong Kong and the UK. Other significant recognitions include:

• Asia’s Best Bank
• Middle East’s Best Investment Bank
• Western Europe’s Best Bank for Transaction Services

World’s Best Bank in three categories:

• World’s Best Bank for Sustainable Finance
• World’s Best Bank for Payments and Treasury
• World’s Best Bank for Public-Sector Clients

CURRENT AFFAIRS: SPORTS

NBA superstar James named USA’s Olympic flagbearer

• Los Angeles Lakers superstar LeBron James has been selected as the male flagbearer for Team USA at the Olympic Games opening ceremony.
• James, a 39-year-old two-time gold medalist, was nominated by his fellow American Olympians.
• His achievements have made him an iconic figure in basketball and sports worldwide.

Olympic Achievements

James will be competing in his fourth Olympic Games in Paris. His Olympic journey includes:

• Bronze Medal: Athens 2004
• Gold Medals: Beijing 2008, London 2012

Unique Opening Ceremony

This year’s opening ceremony will be held on the River Seine, marking the first time in summer Olympic history that the ceremony will take place outside the main stadium.

This historic setting adds to the significance of James’s role as flagbearer.

ICC forms a three-member committee to review the conduct of the T20 World Cup 2024

• The International Cricket Council (ICC) has established a three-member committee to “review the delivery” of the T20 World Cup 2024, which was co-hosted by the USA and the West Indies last month.
• This decision comes in light of significant financial losses and operational challenges faced during the tournament.

Committee Members

The review committee comprises:

• Roger Twose: Former New Zealand batter
• Lawson Naidoo: ICC director
• Imran Khwaja: Deputy chair of the ICC

Financial Losses and Operational Challenges

• It is reported that the ICC incurred losses exceeding 20 million dollars due to matches held in New York, Florida, and Dallas.
• The allocated budget for the US leg of the tournament was approximately 150 million dollars, but expenditures significantly surpassed this amount.

Several factors contributed to the financial and operational difficulties:

• Poor Quality of Drop-In Pitches
• Ticketing System Problems
• Logistical Issues
• Concerns Over Tender Processes
• Executive Roles Under Review

Nick Dunlap becomes the first player to win as an amateur and a professional in the same year on the PGA tour

• Nick Dunlap made history for the second time in 2024 with his come-from-behind victory at the Barracuda Championship.
• The 20-year-old rookie demonstrated remarkable skill and composure, relying heavily on his Qi10 3-wood, P·7MC irons, and MG4 wedges to secure his win in the Modified Stableford format.

Historic Moments:

• Dual Wins in One Year: Dunlap became the first player in PGA Tour history to win a tournament as both an amateur and a professional in the same year.
• Rookie Season Success: He also became the first player to win twice in his rookie season since

Impact on Rankings and Status

• FedEx Cup Standings: The victory propelled Dunlap from 95th to 63rd in the FedEx Cup standings, with the top 70 advancing to the FedEx Cup Playoffs.
• DP World Tour: Dunlap secured 500 DP World Tour Rankings points and fully exempt status on the DP World Tour through 2026.

CURRENT AFFAIRS: IMPORTANT DAYS

National Flag Day 2024: JULY 22

• Every year, India observes National Flag Adoption Day on July 22 to honour the adoption of the tricolour flag and the Ashoka Chakra, symbols of the country’s freedom, unity, and sovereignty.
• This observance commemorates the Constituent Assembly’s 1947 adoption of India’s tricolour flag, just weeks before the country’s independence from British colonial authorities on August 15.

History

• Flag Design: The design of India’s flag, adopted shortly before the country gained independence, replaced its previous version.
• Ashoka Chakra: The Ashoka Chakra, which replaced the spinning wheel or ‘Charkha’ on the flag, symbolized self-reliance and resistance during India’s struggle for freedom. This modification was proposed by Badr-ud-Din Tyabji and supported by Mahatma Gandhi.
• Flag Code of India: In 2002, amendments to the Flag Code of India expanded citizens’ rights regarding the national flag. Previously restricted to national days, the flag can now be displayed and used on any day of the year, subject to guidelines ensuring respect and dignity. These guidelines stipulate that the flag should be hoisted between sunrise and sunset unless it is appropriately illuminated during the night.

Income Tax Day 2024: July 24 Celebrated As Aaykar Diwas

• India’s National Income Tax Day or Rashtriya Aaykar Divas is a significant event in India, commemorated on July 24th each year.
• It marks the country’s commitment to responsible financial citizenship and reflects the importance of taxation in nation-building.

Why is It Celebrated in India?

• The Indian National Income Tax Day is an annual observance held on July 24th to commemorate the introduction of India’s first Income Tax Act in 1860 by Sir James Wilson.
• The Income Tax Act was an essential step towards organizing and regulating the country’s taxation system, ensuring a steady flow of revenue for national development.
• India celebrates National Income Tax Day on July 24 annually. This day had been chosen because it was the first day that income tax was collected as a duty in India, back in 1860.
• The Income Tax department first chose to honor this day in 2010 to mark 150 years of tax collection.
• This year we will witness the 164th National Income Tax Day.
• National Income Tax is observed every year to spread the awareness and understanding of Taxation System in India.

Daily CA ON July 24 :

• Finance Minister Nirmala Sitharaman presented her seventh straight Budget on July 23 for the fiscal 2024-25, surpassing the record of former Prime Minister Morarji Desai.
• The Small Industries Development Bank of India (SIDBI), which received approval for funding of $ 215.6 m from the Green Climate Fund, will create a corpus of $1 billion for ‘financing mitigation and adaptation projects’ (FMAP) of Medium and Small Enterprises (MSMEs).
• Cashfree Payments, a Bengaluru-based company, has received approval from the Reserve Bank of India (RBI) to operate as a Payment Aggregator-Cross Border (PA-CB).
• The Indian Renewable Energy Development Agency Limited (IREDA) has announced a strategic investment in Nepal’s 900 MegaWatt (MW) hydroelectric power project.
• Gujarat Chief Minister Bhupendra Patel launched a scheme named ‘Shramik Basera’ to provide temporary accommodation to nearly 15,000 construction workers at a nominal rate of Rs 5 per day.
• Telangana Chief Minister A. Revanth Reddy launched the “Rajiv Gandhi Civils Abhayahastam” scheme.
• The Reserve Bank of India (RBI) has approved the appointment of Krishnan Venkat Subramanian (KVS Manian) as the next Managing Director and Chief Executive Officer (MD & CEO) of the Federal Bank for three years.
• Saloma Yomdo has assumed the position of Director (Exploration & Development) at Oil India Limited (OIL).
• India has significantly transformed its defence sector, moving from being a major arms importer to joining the list of the top 25 arms-exporting nations.
• The 46th session of the World Heritage Committee (WHC) is currently being held in India for the first time, from July 21 to July 31 at Bharat Mandapam. During this session, the Committee will examine Nepal’s Lumbini and the UK’s Stonehenge, both UNESCO heritage properties, due to issues that could affect the values of these iconic landmarks.
• The Economic Survey has called for significant reforms in India’s fertiliser administration system, pointing out that similar reforms have been successfully implemented in various countries.
• India is preparing to apply for licenses to explore deep-sea minerals in the Pacific Ocean, aiming to secure critical resources for energy transition technologies.
• Post the launch of 5G services, India’s international rank for mobile broadband speed has surged from 118 to 15 as of March 2024.
• Abhinav Bindra, the first Indian to win individual gold at the Olympics, has been honoured with the Olympic Order for his outstanding contributions to the Olympic movement.
• HSBC has been named the World’s Best Bank in three categories – Sustainable Finance, Payments and Treasury, and Public-Sector Clients – in the Euromoney Awards for Excellence 2024.
• Los Angeles Lakers superstar LeBron James has been selected as the male flagbearer for Team USA at the Olympic Games opening ceremony.
• The International Cricket Council (ICC) has established a three-member committee to “review the delivery” of the T20 World Cup 2024, which was co-hosted by the USA and the West Indies last month.
• Dunlap became the first player in PGA Tour history to win a tournament as both an amateur and a professional in the same year.
• Every year, India observes National Flag Adoption Day on July 22 to honour the adoption of the tricolour flag and the Ashoka Chakra, symbols of the country’s freedom, unity, and sovereignty.
• Indian National Income Tax Day or Rastriya Aaykar Divas is a significant event in India, commemorated on July 24th each year.