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CURRENT AFFAIRS: BANKING & FINANCE
Retail credit growth moderates to 16.6% in June 2024, shows RBI data
- Overall Decline: Retail loan growth slowed to 16.6% YoY in June 2024 from 21.3% YoY in June 2023.
- Personal Loans: Growth in unsecured personal loans dropped to 13.2% YoY from 28.4% YoY.
- Housing Loans: Growth in housing loans accelerated to 18.2% YoY from 14.8% YoY.
Non-Food Credit
- Overall Growth: Increased by 13.9% YoY in June 2024, down from 16.3% YoY a year ago.
Credit to Industry
- Overall: Rose to 7.7% YoY in June 2024 from 7.4% YoY.
- Large Industries: Improved to 6.9% YoY from 5.4% YoY.
- Sector-Specific Trends:
- Food Processing and Infrastructure: Increased.
- Basic Metal, Metal Products, Textiles: Moderated.
Credit to the Service Sector
- Overall: Moderated to 15.1% YoY from 26.8% YoY.
- NBFCs: Growth dropped sharply to 8.5% YoY from 34.7% YoY.
- Trade: Declined to 14.8% YoY from 18.5% YoY.
Credit to Agriculture and Allied Activities
- Growth: Remained robust at 17.4% YoY, although lower than 19.7% YoY in June 2023.
India Ratings raises India’s GDP growth outlook for FY25 to 7.5%
- India Ratings and Research (Ind-Ra) has recently revised its GDP growth estimate for the fiscal year 2024-25 (FY25) to 7.5%, up from the previous estimate of 7.1%.
- This forecast surpasses the Reserve Bank of India’s (RBI) prediction of 7.2%.
Key Factors Influencing Growth
- Government Capital Expenditure (Capex): Ongoing growth momentum is supported by government capital expenditure, deleveraged balance sheets of corporations and banks, and a nascent private corporate capex cycle.
- Union Government Budget: The budget includes measures to bolster agricultural and rural spending, enhance credit delivery to micro, small, and medium enterprises (MSMEs), and incentivize employment creation, which are expected to broaden consumption demand and sustain growth momentum.
- Private Final Consumption Expenditure (PFCE): PFCE is anticipated to grow by 7.4% YoY in FY25, compared to 4% in FY24, reaching a three-year high. However, consumption demand is currently skewed toward higher-income households.
- Rural and Lower Income Demand: An above-normal monsoon and budget measures are expected to improve demand for goods and services among rural and lower-income households, correcting the current skew.
- Food Inflation and Retail Inflation: Food inflation remains a risk, but average retail inflation is expected to be lower than FY24, which will support real wage growth. Ind-Ra forecasts average retail and wholesale inflation to be 4.5% and 3.2%, respectively, in FY25.
- Private Sector Capex: A potential revival in private sector capex may reduce union government capex spending, though this is expected to be a gradual process. Increased capex activity has been noted in the textile sector.
- Trade and Exports: Goods and services exports are projected to grow by 6.6% YoY, while imports are expected to increase by 8.8% YoY in FY25. This compares to 2.6% YoY and 10.9% YoY growth rates for exports and imports, respectively, in FY24.
- Global Trade Risks: Although global trade is showing signs of momentum, risks include increased global supply concentration, trade fragmentation, and protectionism, which may impact India’s export performance.
About India Ratings and Research:
- India Ratings and Research (Ind-Ra) is committed to providing India’s credit markets with accurate, timely and prospective credit opinions.
- Ind-Ra currently maintains coverage of corporate issuers, financial institutions (including banks and insurance companies), finance and leasing companies, managed funds, urban local bodies, and structured finance and project finance companies.
- Headquartered in Mumbai, Ind-Ra has seven branch offices located in Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Kolkata and Pune.
- Ind-Ra is recognised by the Securities and Exchange Board of India and the Reserve Bank of India.
- Ind-Ra is a 100% owned subsidiary of the Fitch Group.
SEBI clarifies reports regarding the T+0 settlement cycle
- Sebi’s Clarification: The Securities and Exchange Board of India (Sebi) addressed recent media reports inaccurately claiming that it was considering making the T+0 settlement cycle mandatory for all transactions.
- Actual Discussion: Sebi’s chief, Madhabi Puri Buch, was actually discussing the Application Supported by Blocked Amount (ASBA) facility during a recent NSE event.
Key Points from the NSE Event:
- At the event, Madhabi Puri Buch released a report titled “Indian Capital Markets: Transformative Shifts Achieved through Technology and Reforms.”
- The report highlighted that full adoption of the ASBA facility for the secondary market could potentially save Rs 2,800 crore annually for retail investors.
- ASBA ensures that investors’ funds are only moved when allotments are completed, providing a safeguard against premature fund transfers.
- Buch mentioned that Sebi might propose to its board the idea of making it mandatory for Qualified Stock Brokers to offer ASBA as an option to their clients.
- However, she emphasized that the choice to use ASBA would ultimately be up to the clients.
Media Misinterpretation:
- Incorrect Reporting: Some media outlets incorrectly reported Sebi’s discussion as an advocacy for a mandatory T+0 settlement cycle for all transactions. Sebi clarified that this was not the case and stressed that the actual focus was on the ASBA facility.
- Correct Information: The clarification is essential to ensure that the public and investors receive accurate information about Sebi’s plans and discussions. This helps prevent confusion and ensures that stakeholders are informed about the actual regulatory focus and potential benefits.
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.
Ransomware attack cripples payment systems at nearly 300 small Indian banks
- Attack Impact: A ransomware attack on C-Edge Technologies, a major banking technology provider in India, has led to the temporary shutdown of payment systems at nearly 300 small local banks.
- Immediate Response: The National Payment Corporation of India (NPCI) has temporarily isolated C-Edge Technologies from accessing the retail payments system to contain the attack. As a result, customers of affected banks are unable to complete online transactions, such as RTGS and UPI payments.
Details of the Disruption:
- Affected Banks: The ransomware attack primarily impacts small cooperative and regional banks, which make up about 0.5% of the country’s payment system volumes.
- Transaction Issues: Online transactions are disrupted; money may be deducted from the sender’s account but may not be credited to the receiver’s account.
- Scope: India’s network includes approximately 1,500 cooperative and regional banks, primarily serving areas outside major cities. These smaller institutions are most affected by the current attack.
NPCI and Regulatory Actions:
- Audit and Containment: The NPCI is conducting a thorough audit to prevent the spread of the attack.
- Regulatory Warnings: Both the Reserve Bank of India (RBI) and Indian cybersecurity authorities had previously issued warnings about potential cyberattacks.
What is Ransomware?
- Definition: Ransomware is malicious software designed to encrypt a user’s files, rendering them inaccessible until a ransom is paid.
- Ransom Demand: Cybercriminals demand a ransom (often in cryptocurrency) to provide the decryption key and restore access to the files.
- How It Spreads: Ransomware often spreads through malicious email attachments, infected websites, or software vulnerabilities.
- Prevention: Strong passwords, regular software updates, and cautious online behaviour are essential to mitigate the risk of ransomware attacks.
- Business Impact: Ransomware can severely disrupt business operations, leading to significant financial losses and operational downtime.
- Data Hostage: It’s akin to a digital hostage situation, where criminals hold data hostage and demand payment for its release.
World Bank Approves $1.5 Billion for Ethiopia’s Sustainable Growth
World Bank Financing
- Approval: $1.5 billion for Ethiopia’s budget support.
- Components: $1 billion grant + $500 million low-interest credit line.
- Significance: First direct budgetary support facility provided to Ethiopia by the World Bank.
Context and Conditions
- Debt Restructuring: Financing aligns with Ethiopia’s ongoing debt restructuring efforts.
- Economic Reforms: Support contingent on implementing key reforms, including foreign currency market liberalization.
Additional Support
- IMF Program: Ethiopia received a $3.4 billion program from the IMF, following its decision to float its currency.
- Overall Package: The $1.5 billion from the World Bank is part of a $10.7 billion financial package involving the IMF, World Bank, and other lenders.
About the World Bank:
- Headquarters: Washington, D.C., United States
- Founded: July 1944, Bretton Woods, New Hampshire, United States
- President: Ajay Banga
- CFO: Anshula Kant
CURRENT AFFAIRS: NATIONAL NEWS
Prime Minister Narendra Modi Receives “Call of the Gir” Book
- Prime Minister Shri Narendra Modi received the coffee table book “Call of the Gir,” dedicated to Gir and the Asiatic lions, from Rajya Sabha Member Parimal Nathwani.
- The book celebrates the majestic landscapes of Gir, highlighting the urgent need for conservation.
Details of the Book Presentation:
- Author: Parimal Nathwani
- Book Title: “Call of the Gir”
- Publication: Published by QUIGNOG
- Dedication: Nathwani dedicated the book to PM Modi, recognising him as the visionary behind Project Lion and Lion@2047: Vision for Amrit Kaal.
- Previous Work: Nathwani’s first coffee table book, “Gir Lions: Pride of Gujarat,” was published by Times Group Books in 2017.
CURRENT AFFAIRS: INTERNATIONAL
India’s Act East Policy: Vietnam’s Strategic Role in the Indo-Pacific
- Vietnamese Prime Minister Pham Minh Chinh’s visit to India from July 30 to August 1, 2024, underscores Vietnam’s growing significance in the Indo-Pacific region.
- Accompanied by a high-level delegation, Chinh’s state visit, at the invitation of Indian Prime Minister Narendra Modi, aims to bolster bilateral ties, particularly in defence cooperation and economic collaboration.
- Additionally, Chinh is scheduled to meet with President Droupadi Murmu, Vice President Jagdeep Dhankhar, and External Affairs Minister Jaishankar, reflecting the high-level nature of this diplomatic engagement.
Strengthening Defence Cooperation
- In 2023, India demonstrated its commitment to deepening defence ties with Vietnam by handing over the in-service missile corvette INS Kirpan to the Vietnam People’s Navy.
- This unprecedented gesture symbolized the growing strategic partnership between the two nations.
- These efforts align with India’s Act East Policy, which aims to strengthen ties with Southeast Asian countries, including
Act East Policy and Indo-Pacific Strategy
- Vietnam holds a strategic position within India’s Act East Policy and broader Indo-Pacific strategy.
- The engagement between India and Vietnam underscores their role in maintaining regional stability and security.
- India’s Act East Policy focuses on fostering strong ties with Southeast Asian nations, with defence cooperation as a cornerstone.
Historical and Recent Developments
- The India-Vietnam relationship was elevated to a “strategic partnership” in 2007 and further upgraded to a “comprehensive strategic partnership” during Prime Minister Narendra Modi’s visit to Vietnam in
- In June 2022, Indian Defence Minister Rajnath Singh visited Vietnam, consolidating the partnership by handing over 12 high-speed guard boats built with Indian assistance.
- Ongoing discussions about Vietnam’s potential acquisition of the BrahMos supersonic anti-ship cruise missiles from India highlight the increasing defence collaboration and Vietnam’s interest in advanced Indian weaponry.
About Vietnam:
- Capital: Hanoi
- Currency: Vietnamese dong (VND)
- Prime Minister: Pham Minh Chinh
- President: To Lam
CURRENT AFFAIRS: STATE
Wayanad was among Kerala districts that ranked high on ISRO ‘Landslide Atlas’
- Wayanad, Kerala, recently experienced a devastating landslide on July 30, highlighting the district’s vulnerability to such natural disasters.
- The Indian Space Research Organisation (ISRO) had identified Wayanad as a high-risk area for landslides based on various socio-economic parameters in a 2023 national-level database.
Landslide Atlas of India Rankings
The Landslide Atlas of India, prepared by the National Remote Sensing Centre (NRSC) of ISRO in February 2023, ranked Wayanad 13th among 147 districts in 17 States and two Union Territories based on landslide exposure. Other districts in Kerala also ranked high in this atlas:
- Thrissur: 3rd
- Palakkad: 5th
- Malappuram: 7th
- Kozhikode: 10th
Forest Fragmentation in Wayanad
- A recent report by the Comptroller and Auditor General of India (CAG) highlighted significant forest fragmentation in Wayanad.
- The district’s forest land reduced from 1,811.35 sq km in 1950 to 863.86 sq km in 2021, due to increasing areas under plantation and cultivation.
- This fragmentation exacerbates the risk of landslides and other ecological impacts.
ISRO’s Landslide Inventory
- The ISRO database includes a comprehensive landslide inventory covering “seasonal, event-based, and route-wise” incidents from 1998 to 2022. The event-based component documented major disasters, such as the 2021 landslide at Puthumala in Wayanad.
Other Kerala districts in the ISRO Landslide Atlas include:
- Ernakulam: 15th
- Idukki: 18th
- Kottayam: 24th
- Kannur: 26th
- Thiruvananthapuram: 28th
- Pathanamthitta: 33rd
- Kasaragod: 44th
- Kollam: 48th
- Alappuzha: 138th
ISRO’s Disaster Management Support Initiative
- In the preface to the Landslide Atlas, ISRO chairman Somanath emphasised ISRO’s active role in landslide disaster response and mitigation through its Disaster Management Support (DMS) initiative.
- This initiative aims to provide critical data and support to mitigate the impacts of landslides and enhance preparedness.
About Kerala
- Capital: Thiruvananthapuram
- Chief Minister: Pinarayi Vijayan
- Governor: Arif Mohammed Khan
- National Parks in Kerala: Anamudi Shola National Park, Eravikulam National Park, Mathikettan National Park, Pampadum Shola National Park, Periyar National Park, Silent Valley National Park
CURRENT AFFAIRS: BUSINESS NEWS
Toyota Kirloskar Motor Announces New Manufacturing Plant in Maharashtra
- Toyota Kirloskar Motor (TKM) will establish a new greenfield manufacturing facility in Maharashtra, with an investment of approximately Rs 20,000 crore.
- The plant will be located in Chhatrapati Sambhaji Nagar.
- TKM signed a Memorandum of Understanding (MoU) with the Maharashtra government to explore the establishment of this new facility.
Key Highlights:
- TKM is headquartered in Karnataka and already operates two manufacturing units in Bidadi, near Bengaluru.
- In Karnataka, TKM and its group companies have invested over Rs 16,000 crore and created approximately 86,000 jobs throughout the value chain.
- TKM’s cumulative export contributions are around Rs 32,000 crore, highlighting the company’s strong export focus.
- Expansion and Growth:
- The new facility marks a significant step in TKM’s growth strategy, aiming to enhance mobility solutions both locally and globally.
- The move aligns with TKM’s commitment to India’s automotive sector and regional development, particularly in the Marathwada region of Maharashtra.
- Current Production Capacity:
- TKM currently has an installed production capacity of 3.42 lakh vehicles per year at its existing Bidadi-based units.
India’s Core Sector Output Growth Slows to 4% in June 2024
- India’s core sector output growth fell to 4% in June 2024, marking the slowest growth in 20 months.
- This sector accounts for about 40% of the country’s industrial production.
- The slowdown is attributed to reduced electricity, steel, and natural gas activities.
- Output in crude oil and refinery products contracted during June.
- Comparison with Previous Periods:
- In June 2023, the core sector output grew by 8.4%.
- A month earlier, in May 2024, the growth was 6.4%.
- The June 2024 growth rate is the lowest since October 2022, which saw a growth of 0.7% as the economy was emerging from the pandemic.
- Sector-wise Performance in June 2024:
- Coal: Production grew by 14.8%, up from 10.2% in May.
- Fertilizers: Production increased by 2.4%, compared to a 1.7% contraction in May.
- Cement: Output grew by 1.9%, rebounding from a 0.6% contraction in May.
- Electricity: Output expanded by 7.7%, down from 13.7% growth in May.
- Steel: Growth slowed to 2.7%, from 6.8% in May.
- Natural Gas: Growth decreased to 3.3%, from 7.5% in May.
- Crude Oil: Output contracted by 2.6%, after a 1.1% contraction in May.
- Refinery Products: Output contracted by 1.5%, after a 0.5% growth in May.
- Significance of Refinery Products:
- The output of refinery products, which contracted by 1.5% in June, represents over 28% of the index for the eight core industries.
CURRENT AFFAIRS: APPOINTMENTS & RESIGNATIONS
Boeing’s new CEO is aerospace veteran Robert ‘Kelly’ Ortberg
- Boeing has named aerospace veteran Robert “Kelly” Ortberg as its next CEO.
- Ortberg, who previously led Rockwell Collins’s integration into United Technologies (which later merged with Raytheon to form RTX), will officially take over on August 8.
- His appointment comes at a time when Boeing is grappling with significant operational problems and financial losses.
Key Points on Robert “Kelly” Ortberg:
- Retirement from RTX: The 64-year-old retired from RTX in 2021.
- Aerospace Expertise: Ortberg is an experienced aerospace engineer and an outsider to Boeing.
- Leadership Role: His appointment is part of Boeing’s efforts to rebound from safety and quality control issues, which have increased scrutiny of the company.
- Financial Losses: Boeing reported a $1.4 billion loss in the second quarter, compared to a $149 million loss in the same period last year.
- 737 MAX Incident: Boeing has been under intense scrutiny since a January incident where a 737 MAX operated by Alaska Airlines made an emergency landing after a fuselage panel blew out mid-flight.
- Outgoing CEO: Dave Calhoun, who became CEO in January 2020 after Dennis Muilenburg’s ouster, announced he would step down by the end of this year following the Alaska Airlines incident.
- Leadership Transition: Calhoun had initially been expected to stay on as CEO until 2028, but the incident hastened his departure.
CURRENT AFFAIRS: DEFENCE
India to host first multinational air exercise ‘Tarang Shakti 2024’ in two phases
- Indian Air Force vice chief Air Marshal AP Singh announced that the air exercise ‘Tarang Shakti’ will be the largest international air exercise ever conducted in India, with invitations extended to 51 countries.
- The exercise will be held in two phases and aims to boost military cooperation and highlight India’s defence industry, supporting the country’s vision of Atmanirbhar Bharat (self-reliant India).
Participation and Phases
- The Indian Air Force has received confirmation from ten countries for participation with their assets and 18 countries as observers for the exercise.
- Phase One: This phase will be conducted at Sulur in Tamil Nadu from August 6 to August 14. Countries participating with their assets include France, Germany, Spain, and the United Kingdom. The Indian Navy will also participate in this phase with MiG-29K aircraft.
- Phase Two: Held at Jodhpur in Rajasthan from September 1 to 14, this phase will see participation from Australia, Bangladesh, Greece, Singapore, UAE, and the USA with their assets.
Showcasing Indigenous Defence
- An important objective of the exercise is to showcase India’s booming indigenous defence ecosystem.
- In the flying part of the exercise, indigenous assets like Tejas, Prachand, Dhruv, and Rudra will participate actively, demonstrating India’s capabilities with homegrown products.
- The event will also feature a defence industrial expo showcasing top Indian defence companies and innovative startups.
Conclusion
- Tarang Shakti 2024 represents a significant step in enhancing international military cooperation and promoting India’s self-reliance in defence.
- The participation of various countries and the focus on indigenous assets and industries underline the strategic importance of this exercise for India’s defence aspirations.
About the Indian Armed Forces
- Headquarters: New Delhi, India
- Founded: 8 October 1932
- Chief of Defence Staff (CDS): General Anil Chauhan
- Commander-in-Chief: President Draupadi Murmu
CURRENT AFFAIRS: SPORTS NEWS
Leon Marchand Secures Second Gold Medal at Paris Olympics, Eyes Historic Same-Day Double
- Leon Marchand from France won his second gold medal at the Paris 2024 Olympics.
- He set an Olympic record in the 200-metre butterfly event.
- Marchand is aiming for an unprecedented same-day double in the 200-metre butterfly and breaststroke events.
Key Highlights:
- Marchand triumphed in the 200-metre butterfly, setting an Olympic record.
- He defeated Hungary’s world record holder and reigning champion Kristof Milak.
- Canada’s Ilya Kharun secured the bronze medal.
- Marchand is the poster boy for Paris 2024, symbolizing French hopes and athletic excellence.
- His performance is particularly noteworthy as he is competing on home soil, adding to the excitement and national pride.
- A same-day double in two swimming disciplines (butterfly and breaststroke) is unprecedented, showcasing Marchand’s versatility and endurance.
63rd Subroto Cup Football Tournament Kicks Off with Junior Girls Event
- The 63rd Subroto Cup football tournament will commence with the Junior girls’ event.
- The tournament will be held in the National Capital Region (NCR) from August 5 to 14.
- Four grounds, including the iconic Ambedkar Stadium, will host the matches.
- The sub-junior boys competition will take place in Bengaluru from August 19 to 28.
Key Highlights
- The junior boys event is scheduled to be held in Delhi NCR from September 2 to 11.
- A record 111 teams will compete this year, featuring teams from India and international participants from Sri Lanka, Bangladesh, Bhutan, and Nepal.
- Outstanding players from the junior boys and girls sections will receive exposure opportunities at the Indian Football Centre in Austria/Germany.
- The Subroto Cup is one of India’s most prestigious youth football tournaments, known for nurturing young talent and promoting football at the grassroots level.
Sarah Sjostrom Claims Women’s 100m Freestyle Gold at Paris Olympics
- Sarah Sjostrom of Sweden won the women’s 100-metre freestyle gold at the Paris Olympics.
- The victory came as a surprise, as Sjostrom only decided to race the 100m freestyle shortly before the Games.
- Sjostrom clocked 52.16 seconds, winning by 0.13 seconds.
- She made a strong comeback in the final 50 metres to secure the gold medal.
Key Highlights
- At 30 years old, Sjostrom secured her second Olympic gold medal.
- Her previous Olympic gold was in the 100m butterfly at the Rio 2016 Games.
- Sjostrom’s win adds a 100m freestyle gold to her impressive career and solidifies her status as one of the greatest swimmers of the modern era.
- Siobhan Haughey secured her fourth Olympic medal and second at Paris, having previously won bronze in the 200m freestyle.
Podium Finishers:
- Gold: Sarah Sjostrom (Sweden)
- Silver: Torri Huske (USA)
- Bronze: Siobhan Haughey (Hong Kong)
Daniel Wiffen’s Historic Win in the 800m Freestyle – Paris 2024 Olympics
- Wiffen became the first athlete from Northern Ireland to win an Olympic gold medal in 36 years.
- He triumphed in the 800m freestyle final at 7:38.19, setting an Olympic record.
- His stunning finish over the last 50 meters allowed him to edge out American Bobby Finke by 0.56 seconds.
- Finke, a formidable competitor, was narrowly defeated by Wiffen’s remarkable final surge.
Key Highlights:
- Daniel Wiffen’s victory marks a significant achievement for Northern Ireland, as he is the first athlete from the region to win Olympic gold since Stephen Martin and Jimmy Kirkwood with GB’s hockey team in 1988.
- Additionally, he is the first individual gold medalist from Northern Ireland since Lady Mary Peters won the pentathlon at the 1972 Games.
- Wiffen is the first Olympian from Northern Ireland to win Olympic gold for Ireland and the first Irish swimmer to win a gold medal since 1996.
- This gold medal adds to Wiffen’s remarkable year, following his 800m and 1500m triumphs at the World Championships in Doha.
Cassandre Beaugrand’s Triumphant Win in the Women’s Triathlon – Paris 2024 Olympics
Gold: Cassandre Beaugrand (France)
- Beaugrand claimed France’s first individual Olympic medal in triathlon, delivering an impressive performance.
- She was among the leaders from the start and surged ahead in the final kilometre of the 10km run to secure the gold medal.
Silver: Julie Derron (Switzerland)
- Derron continued Switzerland’s strong tradition in Olympic women’s triathlon, finishing six seconds behind Beaugrand.
- Her silver adds to the country’s previous successes, including gold medals by Brigitte McMahon in 2000 and Nicola Spirig in 2012.
Bronze: Beth Potter (Great Britain)
- Potter’s bronze medal further solidified Great Britain’s status as the most successful nation in the Olympic triathlon, bringing the country’s total medal count to nine.
Key Highlights:
- Cassandre Beaugrand’s win was a significant and emotional achievement for France, marking their first individual Olympic medal in triathlon. Her performance was boosted by the thousands of enthusiastic home fans lining the streets of Paris.
- The race faced early uncertainty due to pollution tests but was given the green light in the morning. Despite heavy rain and treacherous conditions on the cobblestone sections of the bike leg, Beaugrand and the leading group managed to avoid major incidents.
- Defending champion Flora Duffy of Bermuda, competing in her fifth Olympics at 36, led the swim but could not maintain her lead in the run.
- The challenging conditions on the bike leg led to several crashes, but the main contenders, except Germany’s Laura Lindemann, managed to navigate the route safely.
- Beth Potter’s bronze medal reinforced Britain’s dominance in the sport, building on the legacy of previous Olympic successes.
Alex Yee’s Dramatic Victory in Men’s Olympic Triathlon – Paris 2024
- Gold: Alex Yee (Great Britain)
- Yee ran a perfectly paced 10km, overtaking New Zealand’s Hayden Wilde in the final 300 meters.
- Known for his exceptional running ability, Yee clinched the gold in brutal 30°C conditions, adding another triumph to his illustrious career.
- Silver: Hayden Wilde (New Zealand)
- Wilde, the bronze medalist from Tokyo, took an early lead in the run but could not maintain his pace under the harsh conditions, ultimately finishing second.
- Bronze: Leo Bergere (France)
- Bergere secured the bronze, contributing to a successful day for the host nation, following Cassandre Beaugrand’s victory in the women’s race.
Key Highlights:
- The race, originally scheduled for July 31st, was postponed due to poor water quality in the Seine River.
- After the swim and bike legs, a large group of 32 athletes entered the run together, but Yee and Wilde quickly pulled ahead.
- Wilde’s early move in the run initially gave him the lead, but the intense heat took its toll. Yee, utilizing his expertise in the 10,000 meters, patiently waited and then surged past Wilde in the final stretch.
- Both athletes, exhausted, collapsed at the finish line, with Wilde showing sportsmanship by putting his arm around Yee.
- Alex Yee‘s victory marked Great Britain’s 10th medal in Olympic individual triathlon, solidifying the country’s dominance in the sport.
- Norway’s Kristian Blummenfelt, the Tokyo gold medalist, finished 12th.
- Britain’s Sam Dickinson played a crucial supportive role during the bike stage, ensuring Yee was in a favourable position for the run. Dickinson’s efforts now shift towards the mixed-team relay, where France will be a strong contender.
CURRENT AFFAIRS: OBITUARY
Legendary cricketer Anshuman Gaekwad dies at 71 after battling cancer
Early Career and Playing Achievements
- Former Indian cricketer Anshuman Gaekwad passed away at the age of 71 after a prolonged battle with blood cancer.
- In a career that spanned 12 years, Gaekwad played 40 Tests and 15 ODIs, scoring a total of 2254 runs.
- He achieved two centuries, with his highest score being 201 against Pakistan in Jalandhar in 1983.
Solidarity from Cricket Legends
- Notably, 1983 World Cup-winning captain Kapil Dev also rallied for monetary support for Gaekwad.
- Dev, alongside former cricket legends such as Mohinder Amarnath, Sunil Gavaskar, Sandeep Patil, Dilip Vengsarkar, Madan Lal, Ravi Shastri, and Kirti Azad, worked towards raising funds to support their ailing colleague.
- In a compassionate gesture, BCCI Secretary Jay Shah pledged INR 1 crore to aid Gaekwad and directly contacted Gaekwad’s family to extend heartfelt support during this challenging period.
Coaching and Administrative Roles
- Gaekwad also served as the head coach of the Indian team in two stints, between 1997 and 1999 and in 2000.
- Under his coaching, India finished as the runners-up in the 2000 Champions Trophy.
- During his tenure, Anil Kumble set the record for becoming the first Indian bowler to pick up 10 wickets in a Test innings at the Arun Jaitley Stadium in New Delhi.
- Additionally, Gaekwad served as a national selector in the 1990s and held the position of president of the Indian Cricketers’ Association, demonstrating his continued involvement and influence in the cricketing community.
CURRENT AFFAIRS: IMPORTANT DAYS
World Breastfeeding Week 2024: August 1-7
- World Breastfeeding Week is an annual global healthcare event celebrated from August 1st to 7th.
- This observance unites international and local organizations to emphasize the importance of breastfeeding for both newborns and mothers.
- The campaign advocates for women’s rights to breastfeed anytime and anywhere, highlighting the benefits of breastfeeding.
The theme for 2024:
- “Closing the Gap: Breastfeeding Support for All“
- This year’s theme focuses on celebrating the diversity of breastfeeding mothers and their journeys. The campaign aims to demonstrate how families, societies, communities, and health workers can support every breastfeeding mother, regardless of their circumstances.
Historical Context:
- World Breastfeeding Week has been celebrated since 1990, following the Innocenti Declaration.
- Since 2016, the event has aligned with the United Nations’ Sustainable Development Goals (SDGs).
- In 2018, a World Health Assembly resolution endorsed World Breastfeeding Week as a vital strategy for promoting breastfeeding globally.
Daily CA One- Liner: August 2nd
- Prime Minister Shri Narendra Modi received the coffee table book “Call of the Gir,” dedicated to Gir and the Asiatic lions, from Rajya Sabha Member Parimal Nathwani
- Toyota Kirloskar Motor (TKM) will establish a new greenfield manufacturing facility in Maharashtra, with an investment of approximately Rs 20,000 crore
- India’s core sector output growth fell to 4% in June 2024, marking the slowest growth in 20 months.
- Leon Marchand won his second gold medal at the Paris 2024 Olympics.
- The 63rd Subroto Cup football tournament will commence with the Junior girls event.
- Sarah Sjostrom of Sweden won the women’s 100-metre freestyle gold at the Paris Olympics.
- Wiffen became the first athlete from Northern Ireland to win an Olympic gold medal in 36 years.
- Beaugrand claimed France’s first individual Olympic medal in triathlon, delivering an impressive performance
- Yee ran a perfectly paced 10km, overtaking New Zealand’s Hayden Wilde in the final 300 meters.
- Bank credit growth slows to 13.9% in June on higher base effect and focus on managing CD ratio
- India Ratings and Research (Ind-Ra) has recently revised its GDP growth estimate for fiscal year 2024-25 (FY25) to 7.5%, up from the previous estimate of 7.1%.
- The Securities and Exchange Board of India (Sebi) addressed recent media reports inaccurately claiming that it was considering making the T+0 settlement cycle mandatory for all transactions.
- A ransomware attack on C-Edge Technologies, a major banking technology provider in India, has led to the temporary shutdown of payment systems at nearly 300 small local banks.
- The World Bank’s Board of Executive Directors approved $1.5 Billionfor Ethiopia’s First Sustainable and Inclusive Growth Development Policy Operation.
- Vietnamese Prime Minister Pham Minh Chinh’s upcoming visit to India from July 30 to August 1, 2024, underscores Vietnam’s growing significance in the Indo-Pacific region.
- The Indian Space Research Organisation (ISRO) had identified Wayanad as a high-risk area for landslides based on various socio-economic parameters in a 2023 national-level database.
- Boeing has named aerospace veteran Robert “Kelly” Ortberg as its next CEO.
- Indian Air Force vice chief Air Marshal AP Singh announced that the air exercise ‘Tarang Shakti’ will be the largest international air exercise ever conducted in India, with invitations extended to 51 countries.
- Former Indian cricketer Anshuman Gaekwad passed away at the age of 71 after a prolonged battle with blood cancer.
- World Breastfeeding Week is an annual global healthcare event celebrated from August 1st to 7th.
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