Daily Current Affairs July 02 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India Data Shows Private Corporate Sector Sales Growth Slows to 4.7% in FY24

• The Reserve Bank of India’s (RBI) data showed the annual sales growth rate of listed private non-financial companies slowed to 4.7% in FY 2023-24 from 19.8% in FY2023.
• The analysis is based on the financial results of 3,281 listed non-government non-financial companies.

Key Highlights :

• Sector-wise Sales Growth:
• Manufacturing: 3.5% (down from 18%).
• Information Technology (IT) Services: 5.5% (down from 19.4%).
• Non-IT Services: 7.9% (down from 33.5%).
• Profit Growth:
• Overall: Double-digit annual growth in profits, 18% in FY 2023-24 vs -0.2% in FY 2022-23.
• Operating Profit Growth:
• Manufacturing: 12.4% (up from -1.2% in FY23).
• Non-IT Services: 27.9% (up from 15.1% in FY23).
• IT Services: 5.6% (down from 8.8% in FY23).
• Operating Profit Margins:
• Manufacturing: 14.4%.
• Non-IT Services: 22.4%.
• IT Services: 22.7%.
• Sector-Specific Performance:
• Buoyant Industries: Automobiles, electrical machinery, and pharmaceuticals.
• Dragged Performance: Chemicals and petroleum industries negatively impacted the manufacturing sector’s overall performance.
• Expenditure Analysis:
• Input Costs: Easing input cost pressures and low sales growth kept overall expenses on raw materials unchanged from FY2022-23 for manufacturing companies.
• Staff Costs: Increased by 10.8% for manufacturing, 6.6% for IT, and 15.6% for non-IT services companies.

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

Insolvency and Bankruptcy Board of India Introduces Digital Forms for Monitoring Liquidation Processes

• The Insolvency and Bankruptcy Board of India (IBBI) has launched a set of electronic forms under the Insolvency and Bankruptcy Code (IBC), to ease the compliance burden for insolvency professionals, and enhance the effectiveness of the liquidation process.
• These forms are crucial for the liquidation process under the IBC, as they facilitate systematic and transparent record-keeping and seamless reporting.

Key Highlights :

• The new circular, issued by the IBBI, introduces forms LIQ 1 to LIQ 4, covering different stages of the liquidation process.
• Presently, the Insolvency Professionals (IPs) submit the details regarding the liquidation process, to the board through emails, which is time-consuming and inefficient.

Form Details :

• LIQ 1 includes details from the commencement of liquidation to the public announcement.
• LIQ 2 captures information from the public announcement to the progress report, including valuation, sale, and receipts.
• LIQ 3 focuses on the period from the last progress report to the application for dissolution
• LIQ 4 deals with the distribution of proceeds and other final details post-dissolution order.
• Filing Requirements: IPs must adhere to specific timelines for filing:
• LIQ 1: By the 10th day of the subsequent month after public announcement.
• LIQ 4: Within 14 days of the dissolution order.
• Benefits: Implementation of these forms aims to minimise errors, enhance transparency, and provide more reliable information for smoother liquidation processes.
• Compliance Deadline: IPs handling ongoing cases are directed to file these forms by September 30, 2024.

What is the Insolvency and Bankruptcy Code, 2016 (IBC)?

• The Insolvency and Bankruptcy Code, 2016 (IBC) is an Indian law which creates a consolidated framework that governs insolvency and bankruptcy proceedings for companies, partnership firms, and individuals.

About IBBI :

• Establishment: October 1, 2016.
• Statutory Powers: Granted through the Insolvency and Bankruptcy Code, passed by Lok Sabha on May 5, 2016.
• Headquarters: New Delhi, India.
• Chairman: Ravi Mittal.
• Role: Regulator overseeing insolvency proceedings, Insolvency Professional Agencies (IPA), Insolvency Professionals (IP), and Information Utilities (IU) in India.

Vietnam’s Q2 Gross Domestic Product Growth Accelerates to 6.93% Driven by Export Sector

• Vietnam’s Gross Domestic Product (GDP) grew by 6.93% year-on-year in the second quarter of this year(2024), accelerating from 5.87% in the first quarter.
• The economy expanded by 6.42% in the first half of the year.

Key Highlights :

• Exports and Industrial Production: Exports increased by 14.5% year-on-year to $190 billion in the first half of the year. Industrial production also rose by 10.9% compared to the previous year.
• Government Targets: The government aims for GDP growth between 6.0% to 6.5% for the year, with policies focused on stimulating economic activity.
• Inflation: Inflationary pressures are significant, with consumer prices rising by 4.32% in June compared to a year earlier, nearing the government’s annual target ceiling of 4.5%.
• Average consumer prices for the first half of the year rose by 4.08% year-on-year.
• Government Measures: To support economic growth, the government has increased base salaries for state employees by 30% and pensions for retirees by 15% starting July 1,2024 which is expected to contribute to inflationary pressures.

CURRENT AFFAIRS: NATIONAL NEWS

The Ministry of Statistics and Programme Implementation (MoSPI) Launches eSankhyiki Portal for Enhanced User Experience and Ease of Data Access

• The Ministry of Statistics and Programme Implementation (MoSPI) is the leading body responsible for the integrated development of India’s national statistical system, aligning it with global standards and practices.
• MoSPI aims to enhance user experience and data accessibility by leveraging advanced technologies and adopting international best practices.

eSankhyiki Portal Overview

• Purpose: To provide real-time data for planners, policy-makers, researchers, and the public, facilitating a comprehensive data management and sharing system for official statistics.
• Access: Available at eSankhyiki Portal.

Portal Modules

1. Data Catalogue Module:
   • Function: Centralizes the Ministry’s major data assets for easy access and searchability within datasets and tables.
   • Data Products:
     • National Accounts Statistics
     • Consumer Price Index
     • Index of Industrial Production
     • Annual Survey of Industries
     • Periodic Labour Force Survey
     • Household Consumption Expenditure Survey
     • Multiple Indicator Survey
   • Features: Over 2291 datasets with metadata and visualizations for user convenience.
2. Macro Indicators Module:
   • Function: Provides time series data of key macro indicators with features for data filtering, visualization, and downloading.
   • Major Products:
     • National Accounts Statistics
     • Consumer Price Index
     • Index of Industrial Production
     • Annual Survey of Industries
   • Data Scope: Includes data from the last ten years, hosting more than 1.7 million records.

Key Event

• Launch: The eSankhyiki portal was launched on Statistics Day, 29th June 2024, by Dr. Arvind Panagariya, Chairman of the 16th Finance Commission of India.
• Theme: Aligns with the Statistics Day theme, ‘Use of data for Decision making’, emphasising the importance of data accessibility for evidence-based decisions.
• User Focus: Designed as a user-centric data portal to facilitate data usage and reusability, enhancing impact through value addition and analysis.

FATF adopts Mutual Evaluation Report of India in its June 2024 Plenary held in Singapore

• India has achieved remarkable success in the Mutual Evaluation conducted by the Financial Action Task Force (FATF) during 2023-24.
• The Mutual Evaluation Report, adopted in the FATF plenary in Singapore categorizes India under the ‘regular follow-up’ category—a distinction shared by only four other G20 nations. This achievement marks a significant milestone in India’s efforts to combat money laundering (ML) and terrorist financing (TF).

Key Highlights

• FATF Mutual Evaluation: India placed in the ‘regular follow-up’ category during 2023-24 evaluation.
• Achievement Significance: Shared distinction with only four other G20 countries.
• Recognized Efforts:
  • Mitigation of risks from corruption, fraud, and organized crime.
  • Transition from cash-based to digital economy.
  • Implementation of JAM Trinity enhancing financial inclusion and traceability.
• Economic Advantages:
  • Demonstrates financial system stability and integrity.
  • Better access to global financial markets and increased investor confidence.
  • Supports global expansion of UPI.

What is Money laundering?

• Money laundering is the process of hiding the source of money obtained from illegal sources and converting it to a clean source, thereby avoiding prosecution, conviction, and confiscation of the criminal funds.

What is Terrorism Financing?

• Terrorism Financing involves the raising and processing of funds to supply terrorists with resources.
• Terrorism financing is the provision of funds or providing financial support to individual terrorists or non-state actors. Most countries have implemented measures to counter terrorism financing often as part of their money laundering laws.

About FATF:

• Establishment: 1989
• Role: International watchdog against money laundering, terrorist financing, and related threats.
• Membership: India has been a member since 2010.
• Headquarters: Paris, France

Shri Bhupender Yadav urges the BRICS nations to promote the implementation of the Resolution on Sustainable Lifestyles, adopted at the sixth United Nations Environment Assembly

• The 10th Meeting of BRICS Environment Ministers took place on 28th June 2024, chaired by the Russian Federation in a hybrid format.
• Union Minister of Environment, Forest, and Climate Change, Shri Bhupender Yadav, participated virtually.
• This marked the first meeting with the inclusion of five new members: Egypt, Ethiopia, Iran, the United Arab Emirates, and Saudi Arabia.

Key Highlights

• Event: 10th Meeting of BRICS Environment Ministers, chaired by Russia on 28th June 2024.
• Participants: Union Minister Bhupender Yadav attended virtually.
• New Members: Egypt, Ethiopia, Iran, UAE, and Saudi Arabia joined.
• India’s Actions:
  • National and international environmental initiatives.
  • Call for support on campaigns and global initiatives.
• Cooperation Among BRICS:
  • Strengthening collaboration and multilateral engagement.
  • Upholding principles of equity and CBDR-RC.

Union Minister Shri Shivraj Singh Chouhan launched a web portal for faster bank settlements of interest subvention claims under Agriculture Infrastructure along with the Krishi Katha blog site to amplify the voice of Indian farmers

• Union Minister for Agriculture and Farmers’ Welfare and Rural Development, Shri Shivraj Singh Chouhan, has launched a web portal developed in collaboration with the Department of Agriculture and Farmers’ Welfare (DA&FW) and NABARD.
• This portal is designed to automate and expedite the settlement of interest subvention claims submitted by banks under the Agriculture Infrastructure Fund (AIF).
• The event was also attended by the Minister of State for Agriculture and Farmers’ Welfare, Shri Bhagirath Choudhary, the Chairman of NABARD, and senior officers from DA&FW and banks.

Key Developments

• Agriculture Infrastructure Fund (AIF):
  • Investments Mobilized: ₹72,000 crore
  • Sanctions: ₹43,000 crore for 67,871 projects
  • Benefit: Accelerated settlement of interest subvention claims for banks.
• Krishi Katha Blogsite:
  • Purpose: Digital platform for showcasing the voices of Indian farmers.
  • Content: Experiences, insights, and success stories of farmers.
  • Objective: Comprehensive and immersive storytelling space celebrating India’s agricultural community.

AIF Scheme Details

• Launch: 2020
• Objective: Develop post-harvest management infrastructure to reduce losses, improve value realization for farmers, foster innovation, and attract investments in agricultural infrastructure.
• Funding: Total outlay of ₹1 lakh crore through banks and financial institutions up to 2025-26.
• Benefits:
  • 3% interest subvention on loans up to ₹2 crore for a maximum of 7 years.
  • Reimbursement of credit guarantee fee paid by banks.

Union Ministers of State for Health and Family Welfare, Shri Prataprao Ganpatrao Jadhav and Smt. Anupriya Singh Patel unveil three initiatives at the Ayushman Bharat Quality Health event

• Union Ministers of State for Health and Family Welfare, Shri Prataprao Ganpatrao Jadhav and Smt. Anupriya Singh Patel, unveiled three significant initiatives at the आयुष्मानभारत, गुणवत्तस्वास्थ्य (Ayushman Bharat Quality Health) event.
• These initiatives aim to enhance healthcare service quality and ease of doing business in India.

Key Initiatives Launched

1. Virtual National Quality Assurance Standards (NQAS) Assessment:
   • Target: Ayushman Arogya Mandirs (AAM)
   • Purpose: To ensure and monitor quality standards in healthcare facilities.
2. Monitoring Dashboard:
   • Function: Assists national, state, and district health institutions in monitoring compliance with Indian Public Health Standards (IPHS).
   • Purpose: Enables quick compliance checks and timely actions.
3. Spot Food Licence and Registration Initiative:
   • System: Launched through the Food Safety and Compliance System (FoSCoS).
   • Functionality: Instant issuance of licenses and registrations for food vendors.
   • Platform: FoSCoS, a pan-India IT platform designed for food safety regulatory needs.
   • Purpose: Simplifies licensing and registration processes, enhancing user experience.

Additional Release

• NQAS for Integrated Public Health Laboratories (IPHL): Ensures quality standards in public health laboratories.

Key Highlights

• Event: आयुष्मानभारत, गुणवत्तस्वास्थ्य
• Union Ministers: Shri Prataprao Ganpatrao Jadhav and Smt. Anupriya Singh Patel.
• Initiatives Launched:
  • Virtual NQAS Assessment for AAM: Ensures quality in healthcare facilities.
  • Monitoring Dashboard: Compliance with Indian Public Health Standards.
  • Spot Food Licence and Registration: Instant licensing via FoSCoS.
• FoSCoS:
  • Pan-India IT platform for food safety regulation.
  • Simplifies the licensing and registration process.
• NQAS for IPHL: Maintains quality in public health laboratories.

CURRENT AFFAIRS : STATE NEWS

Tamil Nadu Passes Bill to Increase Prison Terms and Fines for Illicit Liquor Offences

• The Tamil Nadu (TN) Legislative Assembly adopted a Bill that makes punishment more stringent for offences pertaining to prohibited liquor such as denatured spirits and methanol.
• The Bill aims to amend the Tamil Nadu Prohibition Act, 1937, to impose stricter punishments for offences related to prohibited liquor, particularly in cases where consumption results in death.

Key Highlights :

• Stringent Punishments:Death due to Consumption: Rigorous imprisonment for life and a fine of not less than ₹10 lakh for those involved in the sale or distribution of illicit liquor leading to death.
• Other Offences: Maximum rigorous imprisonment of seven years and a fine ranging from ₹2 lakh to ₹3 lakh for certain other offences related to illicit liquor.
• Confiscation: All movable assets used in committing offences related to illicit liquor will be confiscated.
• Sealing: Unlicensed places used for liquor consumption will be sealed.
• Non-Compoundable Offences: Offences under this Bill are non-compoundable, meaning they cannot be settled out of court.
• Empowerment of Magistrates: Executive magistrates are empowered to issue orders requiring habitual offenders to execute bonds with substantial sureties.
• The amendment was proposed in response to incidents like the Kallakurichi tragedy, aiming to strengthen punishments to deter the manufacture, possession, and sale of illicit liquor.
• Legislative Process: The Bill was introduced by Prohibition Minister S Muthusamy and later passed by the Tamil Nadu Legislative Assembly.

Recent News :

• In June 2024, Tamil nadu (TN) Chief Minister (CM) M.K. Stalin inaugurated the ‘Chief Minister’s MannuyirKaathuMannuyirKaappom’ scheme to improve soil health across TN.

About Tamil Nadu :

• Governor: R. N. Ravi
• Chief minister: M. K. Stalin
• Capital: Chennai
• Dance : Bharatnatyam, Karakattam
• National Park: Mudumalai National Park, Mukurthi National Park, Guindy National Park, Gulf of Mannar Marine National Park
• Wildlife Sanctuaries: Kalakad Wildlife Sanctuary, Karikili Bird Sanctuary, Vedanthangal Bird Sanctuary
• Tiger Reserve: Anamalai Tiger Reserve
• Biosphere Reserve :Agasthyamalai Biosphere Reserve

Tamil Nadu Passes Bill to Raise Age Limit for Chief of Scheduled Castes and Scheduled Tribes Panel

• The Tamil Nadu (TN) Assembly approved an amendment to the State Commission for the Scheduled Castes and Scheduled Tribes Act, 2021 enhancing the age limit for the Chief of the Commission from 70 to 75 years.
• Purpose: This change aims to utilize the expertise of experienced former judges of the High Court for the role.

Key Highlights :

• Land Reforms Amendment:The Assembly also passed a Bill to amend the Land Reforms (Fixation of Ceiling on Land) Act,1961.
• Gender Equality: The amendment provides unmarried women with rights equal to those of unmarried men concerning land ownership, promoting gender equality.
• Merger of Village Panchayats:Public Hearings: Minister for Municipal Administration K.N. Nehru announced that a committee would conduct public hearings on the merger of village panchayats with urban local bodies.
• This initiative involves secretaries from the Municipal Administration and Rural Development departments.
• Other Legislative Actions:Urban Local Bodies Bills: The Assembly adopted two Bills concerning urban local bodies.
• Total Bills Passed: 10 other Bills were also passed during this session, and the Assembly adjourned sine die.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

General Upendra Dwivedi Assumes Role as 30th Army Chief, Succeeds Manoj Pande

• General Upendra Dwivedi took over as the 30th Chief of the Army Staff (COAS) of the Indian Army on June 30, 2024.
• He succeeded General Manoj Pande, who retired after over four decades of service.
• Lieutenant General NS Raja Subramani has assumed the appointment of the Vice Chief of Army Staff

About General Upendra Dwivedi :

• Gen. Dwivedi was commissioned into the Infantry (Jammu & Kashmir Rifles) of the Army on December 15, 1984.
• His Command appointments include Command of Regiment (18 Jammu & Kashmir Rifles), Brigade (26 Sector Assam Rifles), DIG, Assam Rifles (East) and 9 Corps.
• He has held important appointments including that of Director General Infantry and General Officer Commanding in Chief, Northern Command) from 2022-2024
• He has vast operational experience along the frontiers with China and Pakistan, and was serving as the Vice Chief of the Army on February 19,2024.
• He was serving as the General Officer Commanding-in-Chief of Northern Command from 2022-2024.

Awards and Recognitions:

• General Upendra Dwivedi has been honoured with the Param Vishisht Seva Medal, Ati Vishisht Seva Medal, and three General Officer Commanding-in-Chief Commendation Cards.

Other Appointments:

• Vice Chief of Army Staff: Lt. Gen. N. S. Raja Subramani, previously GOC-in-C Central Command.
• Central Army Commander: Lt. Gen. Anindya Sengupta, succeeding Lt. Gen. N. S. Raja Subramani.
• Southern Army Commander: Lt. Gen. Dhiraj Seth, replacing retiring Lt. Gen. A. K. Singh.
• South West Army Commander: Lt. Gen. Manjinder Singh, replacing Lt. Gen. Dhiraj Seth.
• Western Command Chief of Staff: Lt. Gen. Devendra Sharma, to replace Lt. Gen. Manjinder Singh as ARTRAC Commander.

About Ministry of Defence :

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

Indian Revenue Service Officer Ravi Agrawal Appointed as Chairman of the Central Board of Direct Taxes

• Ravi Agrawal, a 1988-batch Indian Revenue Service (IRS) officer, has been appointed as the new chairman of the Central Board of Direct Taxes (CBDT), the administrative body for the Income Tax Department.
• Agrawal was appointed as the Chairman from July 1, 2024 till his superannuation on September 30, 2024 and subsequently on contract basis till June 30, 2025.
• Effectively, he will remain the chairman of the body for one year.
• The new CBDT chief is currently working as member (administration) in the board.
• He takes over from Nitin Gupta, a 1986-batch IRS officer, whose extended tenure as the chairman ends on June 30,2024.
• Gupta was appointed as the CBDT chief in June, 2022.

About CBDT :

• Established : 1963
• Headquarters : New Delhi, Delhi
• It is a part of the Department of Revenue, Ministry of Finance (MoF).
• The CBDT is headed by a chairman and can have six members who are in the rank of special secretary.
• The other serving members in the board are Pragya Sahay Saksena, HBS Gill, Pravin Kumar, Sanjay Kumar and Sanjay Kumar Verma.
• Verma will retire from service, June 30, 2024.

IAS officer Sujata Saunik appointed as Maharashtra’s 1st female Chief Secretary

• Senior Indian Administrative Service (IAS) officer Sujata Saunik took over as Maharashtra’s Chief Secretary (CS), becoming the first woman to hold this position in the state’s history.
• She will be the 45th CS of Maharashtra since 1960, when the state came into being.
• Saunik succeeds Nitin Kareer, who retired from the position.
• She will serve a one-year tenure before retiring in June, 2025.
• Chief Minister Eknath Shinde and Deputy Chief Minister Devendra Fadnavis reportedly unanimously appointed Saunik for the role.
• The transition ceremony took place at Mantralaya, the State Secretariat in Mumbai, where Nitin Kareer formally handed over the charge to Saunik.

Sujata Saunik’s Previous Roles:

• Before becoming Chief Secretary, Saunik held the position of Additional Chief Secretary in the State’s Home Department.
• Her previous roles include Additional Chief Secretary in the General Administration Department and other departments such as public health.
• Maharashtra’s top two posts, Chief Secretary and Director General of Police (DGP) are now occupied by women.
• Senior IPS officer Rashmi Shukla in January 2024 took charge as Maharashtra Director General of Police (DGP).
• She was also the first woman to occupy the said post.

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Competition Commission of India Clears Sale of WeWork’s Entire 27.5% Stake in Indian Unit to Real Trustee Advisory Company

• The Competition Commission of India (CCI) approved American co-working space firm WeWork’s entire 27.5% stake in its India unit to be sold to Real Trustee Advisory Company.

Key Highlights :

• Deal Structure:The deal involves a two-step process where WeWork Inc and Embassy Group will collectively sell about 40% stake in the Indian co-working unit.
• This transaction will result in WeWork exiting the Indian market.
• Ownership Details:Embassy Group holds a majority 72.5% stake in WeWork India.
• 1 Ariel Way Limited, WeWork’s UK subsidiary, holds the remaining stake.
• WeWork India Operations:Started in 2017.
• Operates over 8 million square feet of assets across 54 locations in New Delhi, Bengaluru, Mumbai, Gurugram, Noida, Pune, and Hyderabad.
• Previous Investment:In June 2021, WeWork Global invested $100 million in WeWork India for a 27% stake.

About CCI:

• Establishment: October 14, 2003.
• Headquarters: New Delhi, India.
• Chairman: Ravneet Kaur.
• Role: Chief national competition regulator, statutory body under the Ministry of Corporate Affairs, enforces the Competition Act, 2002 to promote competition and prevent anti-competitive activities.

CURRENT AFFAIRS: BUSINESS NEWS

IBM to set up AI cluster for BFSI units in GIFT City, Gujarat

• IBM is set to establish an Artificial Intelligence (AI) cluster for Banking, Financial Services, and Insurance (BFSI) units in GIFT City, Gujarat.
• This initiative aims to enable BFSI units to experiment with and scale AI capabilities.

Key Initiatives

1. AI Cluster by IBM:
   • Location: GIFT City, Gujarat
   • Purpose: Facilitate AI experimentation and scaling for BFSI units.
2. AI Centre of Excellence:
   • Collaborators: Gujarat government, Microsoft, and Nasscom.
   • Focus Areas:
     • Development of sector-specific AI use cases.
     • Secure data exchange.
     • Infrastructure setup.
     • AI model training.
     • Pilot projects.
     • Adoption of AI models across various sectors.

3. Capacity-Building Programme:
   • Target: 25,000 students.
   • Objective: Train and certify students in AI and IT/ITeS skills to boost employability in the digital economy.
4. STEM Workshop:
   • Target: 10,000 high school students.
   • Location: Science City.
   • Purpose: Promote STEM education and skills.

CURRENT AFFAIRS: MOUS AND AGREEMENT

BFI signs seven-year deal with ACG Sports for professional basketball league

• The Basketball Federation of India (BFI) has signed a seven-year deal with ACG Sports Limited, securing Rs. 216.30 crore to host the National Star Basketball League for both men and women.
• The agreement allocates Rs. 20.6 crore annually for the 5×5 format and Rs. 10.3 crore for the 3×3 format.

Key Points of the Deal

• Duration: Seven years
• Total Financial Commitment: Rs. 216.30 crore
• Annual Breakdown:
  • 5×5 Format: Rs. 20.6 crore
  • 3×3 Format: Rs. 10.3 crore
• League Ownership: BFI will retain 100% ownership, reinvesting revenue into developmental projects.

Strategic Initiatives

• Collaboration with NBA: BFI President Aadhav Arjuna toured the USA to establish collaborations with the NBA for the enhancement of Indian basketball.

Key Highlights

• Event: National Star Basketball League
• Agreement: Seven-year deal with ACG Sports Limited
• Total Financial Commitment: Rs. 216.30 crore
• Annual Financial Breakdown:
  • 20.6 crore for the 5×5 format
  • 10.3 crore for the 3×3 format
• League Ownership: 100% by BFI
• Reinvestment: Revenue used for developmental projects
• Strategic Initiatives: Collaboration with the NBA for Indian basketball improvement

An MoU between Govt. of Haryana and NFSU, Gandhinagar was signed in Panchkula in the presence of Union Home Minister Shri Amit Shah

• A Memorandum of Understanding (MoU) was signed between the Government of Haryana and the National Forensic Science University (NFSU), Gandhinagar, in Panchkula, Haryana.
• The signing ceremony was attended by Union Home Minister and Minister of Cooperation, Shri Amit Shah, along with other dignitaries including Union Minister Shri Manohar Lal and Chief Minister of Haryana Shri Nayab Singh.
• This collaboration aims to enhance the criminal justice system in Haryana by leveraging the expertise of NFSU.

Strengthening Criminal Justice:

• Objective: Improve the criminal justice system in Haryana with NFSU’s expertise.
• Mandate: Forensic team visits for offences punishable by 7 years or more, increasing the demand for forensic experts.

Key Highlights

• Event: MoU signing between Haryana Government and NFSU
• Location: Panchkula, Haryana
• Key Figures:
  • Union Home Minister Shri Amit Shah
  • Union Minister Shri Manohar Lal
  • Chief Minister of Haryana Shri Nayab Singh
• Objectives:
  • Enhance Haryana’s criminal justice system with NFSU’s expertise.
  • Ensure forensic team visits for serious offences (punishment of 7 years or more).
• Legislative Changes:
  • Revisions in three British-era laws for speedy and just legal processes.
• NFSU Expansion:
  • Current: Campuses in 9 states
  • Future: Expand to 16 states
  • Aim: Train manpower and improve crime-solving and conviction rates.
• NFSU Roles:
  • Educate and prepare skilled manpower.
  • Strengthen forensic infrastructure nationwide.

CURRENT AFFAIRS: SPORTS NEWS

Rohit Sharma joins Kohli in retiring from T20Is after World Cup triumph

• Rohit Sharma has joined Virat Kohli in retiring from T20 internationals following India’s victory over South Africa in the World Cup final in Barbados.
• Despite retiring from T20Is, Rohit confirmed his intention to continue playing ODIs and Tests.
• Highest Scorer: Rohit retires as the highest scorer in T20 internationals with 4231 runs in 159 matches.
• Record Holder: Holds the record for the most centuries (five) in T20 internationals.
• T20 World Cup Titles: Won two T20 World Cup titles – the inaugural one as a player in 2007 and as captain in 2024.

Key Highlights

• Retirement: Rohit Sharma retires from T20 internationals, joining Virat Kohli.
• ODIs and Tests: Rohit will continue playing in these formats.
• T20I Records:
  • Highest scorer: 4231 runs in 159 matches.
  • Most centuries: Five.
• World Cup Titles:
  • 2007 as player.
  • 2024 as captain.
• 2024 T20 World Cup:
  • Second-highest run-scorer: 257 runs, strike rate 156.70.
  • Key innings: Half-centuries against Australia and England.

Max Verstappen wins Austrian GP sprint

• Max Verstappen of Red Bull secured victory in the Austrian Grand Prix sprint race, successfully defending against an early challenge from McLaren.
• This win, achieved from pole position, extends Verstappen’s lead in the Formula One championship to 71 points.

Key Race Details

• Winner: Max Verstappen (Red Bull)
• Lead Extension: 71 points in the championship
• Second Place: Australian Oscar Piastri (McLaren), finished 4.616 seconds behind
• Third Place: Lando Norris (McLaren), Verstappen’s closest championship rival

Race Dynamics

• Early Challenge: Norris overtook Verstappen at turn three on the fifth lap of 23.
• Lead Recovery: Verstappen regained the lead at turn four, surpassing both Norris and Piastri.

CURRENT AFFAIRS : OBITUARIES

Senior Sri Lankan Tamil Leader Sampanthan Passed away

• Rajavarothiam Sampanthan, a veteran Sri Lankan politician and a moderate Tamil leader, who relentlessly pursued a life of peace, justice and dignity for Tamil nationals in the island nation, passed away at the age of 91.

About R Sampanthan :

• Sampanthan, of the Ilankai Tamil Arasu Katchi (ITAK), was a sitting Member of Parliament (MP) from the eastern Trincomalee district, and led the Tamil National Alliance, the main grouping representing Tamils of Sri Lanka’s war-hit north and east.
• He was a Member of Parliament from 2001 until his death, and previously served as a Member of Parliament from 1977 to 1983 and from 1997 to 2000.
• He was the Leader of the Opposition from September 2015 to December 2018.

CURRENT AFFAIRS: IMPORTANT DAYS

World UFO Day 2024: July 2

• Every year on July 2nd, World UFO Day is commemorated to raise awareness about Unidentified Flying Objects (UFO) spotted in several parts of the world and alien life forms.
• In 1561, A broadsheet reported widespread sightings of a celestial phenomenon over Nuremberg.
• In July 1947, Farmers in Roswell, New Mexico reported hearing a large crash, and later citizens recover the wreckage of what is purported to be a flying saucer.
• In 1561, the term ‘UFO’ for Unidentified Flying Object was coined by US Air Force officer Edward Ruppelt.
• On September 10, 1993, the Science fiction drama television series “The X-Files” debuts on Fox.
• July 2 is celebrated as World UFO Day to commemorate the supposed UFO crash incident in Roswell New Mexico in 1947.
• The meaning of UFO is a mysterious flying object in the sky that is sometimes assumed to be a spaceship from another planet

World Sports Journalists Day 2024: July 2

• World Sports Journalists Day is observed globally on 2nd July every year to acknowledge the work of sports journalists & to encourage them to do better at their work.
• From 1820 to the 1830s, Sports Journalism Took Off, and the era of sports journalism began.
• In 1883, the first full-time newspaper sports department was created in the “New York World.”
• In 1924, the International Sports Press Association was founded in Paris, France during the Olympic Games.
• In 1994, World Sports Journalists Day was created by the A.I.P.S.

Daily CA One- Liner: July 2^nd

• The Reserve Bank of India’s (RBI) data showed the annual sales growth rate of listed private non-financial companies slowed to 4.7% in FY 2023-24 from 19.8% in FY2023.
• The Insolvency and Bankruptcy Board of India (IBBI) has launched a set of electronic forms under the Insolvency and Bankruptcy Code (IBC), to ease the compliance burden for insolvency professionals, and enhance the effectiveness of the liquidation process.
• Vietnam’s Gross Domestic Product (GDP) grew by 6.93% year-on-year in the second quarter of this year, accelerating from 5.87% in the first quarter.
• The Tamil Nadu (TN) Legislative Assembly adopted a Bill that makes punishment more stringent for offences pertaining to prohibited liquor such as denatured spirits and methanol.
• The Tamil Nadu (TN) Assembly approved an amendment to the State Commission for the Scheduled Castes and Scheduled Tribes Act, 2021 enhancing the age limit for the Chief of the Commission from 70 to 75 years.
• General Upendra Dwivedi took over as the 30th Chief of the Army Staff (COAS) of the Indian Army on June 30, 2024.
• Ravi Agrawal, a 1988-batch Indian Revenue Service (IRS) officer, has been appointed as the new chairman of the Central Board of Direct Taxes (CBDT), the administrative body for the Income Tax Department.
• Senior Indian Administrative Service (IAS) officer Sujata Saunik took over as Maharashtra’s Chief Secretary (CS), becoming the first woman to hold this position in the state’s history.
• The Competition Commission of India (CCI) approved American co-working space firm WeWork’s entire 27.5% stake in its India unit to be sold to Real Trustee Advisory Company.
• Rajavarothiam Sampanthan, a veteran Sri Lankan politician and a moderate Tamil leader, who relentlessly pursued a life of peace, justice and dignity for Tamil nationals in the island nation, passed away at the age of 91.
• The Ministry of Statistics and Programme Implementation (MoSPI) is the leading body responsible for the integrated development of India’s national statistical system, aligning it with global standards and practices
• India has achieved remarkable success in the Mutual Evaluation conducted by the Financial Action Task Force (FATF) during 2023-24
• The 10th Meeting of BRICS Environment Ministers took place on 28th June 2024, chaired by the Russian Federation in a hybrid format.
• Union Minister for Agriculture and Farmers’ Welfare and Rural Development, Shri Shivraj Singh Chouhan, has launched a web portal developed in collaboration with the Department of Agriculture and Farmers’ Welfare (DA&FW) and NABARD
• Union Ministers of State for Health and Family Welfare, Shri Prataprao Ganpatrao Jadhav and Smt. Anupriya Singh Patel, unveiled three significant initiatives at the आयुष्मानभारत, गुणवत्तस्वास्थ्य (Ayushman Bharat Quality Health) event
• IBM is set to establish an Artificial Intelligence (AI) cluster for Banking, Financial Services, and Insurance (BFSI) units in GIFT City, Gujarat
• The Basketball Federation of India (BFI) has signed a seven-year deal with ACG Sports Limited, securing Rs. 216.30 crore to host the National Star Basketball League for both men and women
• A Memorandum of Understanding (MoU) was signed between the Government of Haryana and the National Forensic Science University (NFSU), Gandhinagar, in Panchkula, Haryana
• Rohit Sharma has joined Virat Kohli in retiring from T20 internationals following India’s victory over South Africa in the World Cup final in Barbados.
• Every year on July 2nd, World UFO Day is commemorated to raise awareness about Unidentified Flying Objects (UFO) spotted in several parts of the world and alien life forms.
• World Sports Journalists Day is observed globally on 2nd July every year to acknowledge the work of sports journalists & to encourage them to do better at their work