Daily Current Affairs September 03 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Securities and Exchange Board of India to Revise Criteria for Stock Inclusion and Exclusion in Futures and Options (F&O) Market  

• The markets regulator Securities and Exchange Board of India (SEBI) is revising the criteria for the entry and exit of stocks in the futures and options (F&O) market.
• This revision may impact 79 popular stocks, including Life Insurance Corporation of India, Paytm, DMart, Jio Financial Services, and Zomato.

Key Highlights :

• Potential Exclusions:18 stocks could be dropped from the current F&O list of 182 if they do not meet the new criteria within the next three months.
• Stocks at risk of exclusion include Syngene, United Breweries, Abbott India, Metropolis Health, Gujarat Gas, Can Fin Homes, City Union Bank, Sun TV Network, Ipca Laboratories, Granules India, Mahanagar Gas, Bata India, IDFC, and Dr Lal Pathlabs.
• Impact on Benchmark Indices:The changes will affect key benchmark indices such as Nifty 50 and BSE Sensex, which only include F&O stocks.
• New inclusions could potentially move companies like Zomato and Jio Financial Services into the Nifty 50 index, potentially as early as March 2025.
• New Entrants:Potential new entrants to the F&O list could include companies such as BSE, Central Depository Services, Angel One, Computer Age Management Services, PolicyBazaar parent PB Fintech, Nykaa, Delhivery, and Paytm parent One97 Communications.
• Three Adani Group companies-Adani Green Energy, Adani Energy Solutions, and Adani Total Gas are eligible for entry into the derivatives segment.
• Criteria for Entry and Exit:Eligibility is based on performance in the cash market over the previous six months.
• Stocks that do not meet the new criteria for three consecutive months will be removed from the F&O segment.
• Current Index Impact:Among the stocks facing possible exits, five are part of the Nifty 200 index and Nifty Midcap 150, while eight are part of the Nifty Smallcap 250 index.
• Some potential entrants are already included in indices such as Nifty Next 50, midcap, and smallcap indices.
• New Criteria Details:Sebi’s revised criteria mark the first major update in nearly six years.
• Updates include increased market-wide position limits (MWPL), median quarter-sigma order size (MQSOS), and average daily delivery value in the cash market.
• Introduction of a product success framework (PSF) for the exit of single-stock derivatives, similar to the framework used for index derivatives.
• Timeline for Exclusions:Exclusions based on the new framework are expected to take approximately 8 to 9 months.

Recent News :

• In Aug 2024, The SEBI revised the eligibility criteria for the entry and exit of stocks in the derivatives (F&O) segment to ensure only high-quality stocks with sufficient market liquidity are allowed to trade.

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.

Bank Credit to Commercial Real Estate Surges in July 2024 Due to Increased Office Space Demand   

• Bank credit to the commercial real estate sector rose to ₹4.85 lakh crore outstanding as of July 26, 2024, from ₹4.38 lakh crore on July 28,

Key Highlights :

• Growth Drivers:Office Leasing: Significant growth in office leasing activity, with expected leasing between 50 and 60 million square feet in 2024.
• The first half of 2024 saw office leasing surpass 29 million square feet, a 19% year-over-year increase.
• The June quarter saw a 50% rise in leasing across major office markets like Mumbai, Delhi-NCR, and Bengaluru.
• Other Segments: Increased attractiveness in warehousing, data centres, and retail segments due to stable cash flows and growing interest.
• Growth Rate: Although growth slowed to 10.6% this year from 44.9% last year, it is on a higher base.
• The previous year’s high growth was due to a surge in commercial activity following the pandemic lull.
• Office Space Trends:GCCs: India is projected to have 2,400 Global Capability Centres (GCCs) by 2030, up from 1,600 currently.
• CRISIL Rating Analysis: Analysis of office space owners with over ₹70,000 crore in debt and 150 million square feet of leasable area indicates strong market fundamentals.
• Data Centre Investments:Major Players: Entry of major industrial conglomerates and private equity firms into logistics and data centres has bolstered lender confidence.
• Capacity Projections: India’s data centre capacity is projected to grow threefold to 3.3 GW by 2028.
• Warehousing stock is expected to increase by over 50% to approximately 600 million square feet by 2027.
• Leasing Activity: In the first half of 2024, warehouse leasing rose by 25% to over 24 million square feet.

Reserve Bank of India manages liquidity to align inflation with 4% target while supporting economic growth   

• With the July retail inflation easing to a five-year low of 3.54% and the first quarter GDP growth decelerating to a five-quarter low of 6.7%, the RBI is focusing on maintaining adequate liquidity in the banking system.
• This approach is aimed at balancing its dual objectives of steering inflation towards a sustainable 4% and supporting economic growth, according to market experts.

Key Highlights :

• RBI’s Monetary Policy Statement:Retail Inflation: RBI Governor Shaktikanta Das indicated that the expected moderation in retail inflation during Q2 of 2024-25 might reverse in Q3 due to base effects.
• Domestic Growth: Domestic growth remains steady, supported by strong urban and rural consumption, and robust investment demand.
• Banking System Liquidity:Current Liquidity: The banking system has experienced a surplus of ₹1 lakh crore to ₹1.50 lakh crore in recent months.
• Government Spending: Increased government spending post-elections has contributed to this liquidity surplus.
• RBI’s Liquidity Management:Variable Rate Reverse Repo (VRRR) Auctions: The RBI conducted 19 VRRR auctions in August 2024 to manage excess liquidity and align with its “withdrawal of accommodation” policy stance.
• Liquidity Reduction: The RBI successfully reduced system liquidity to around ₹1 lakh crore in August 2024.
• Inflation and Economic Indicators:Retail Inflation: CPI-based retail inflation fell to 3.54% in July 2024, a five-year low, from 5.08% in June 2024.
• GDP Growth: The first quarter GDP growth slowed to 6.7%, a five-quarter low, compared to 8.2% in the same quarter of the previous year.
• Expert Opinions:Venkatakrishnan Srinivasan: Emphasized the RBI’s commitment to maintaining inflation at or below 4% through active liquidity management.
• Ashima Goyal: Highlighted the need for adequate liquidity buffers and balanced policies to support the financial sector while avoiding over-strictness.
• System Liquidity Trends:Surplus Liquidity: System liquidity remained in surplus due to increased government spending, return of currency to the banking system, and RBI’s forex operations during July and August.

Life Insurance Corporation of India Receives ₹606 Crore GST Demand and Penalty Notice  

• Life Insurance Corporation of India (LIC) received a GST tax demand, interest, and penalty order amounting to ₹605.58 crore.
• The order was issued by the Deputy Commissioner of State Tax, Mumbai, Maharashtra.

Breakdown of the Demand:

• The total demand for the Financial Year 2020 is divided as follows:
• GST: ₹294.43 crore
• Interest: ₹281.70 crore
• Penalty: ₹29.44 crore
• Impact on LIC:According to LIC’s exchange filing, there is no material impact on the financials, operations, or other activities of the corporation due to this demand notice.

About LIC :

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

State Bank of India Secures ₹7,500 Crore Through Tier 2 Bond Issuance     

• State Bank of India (SBI) raised ₹7,500 crore through its first Basel III compliant Tier 2 bond issuance for the current financial year.
• The bonds were issued at a coupon rate of 7.42%.
• The bonds have a tenure of 15 years, with a call option after 10 years and on each anniversary date thereafter.
• SBI received 70 bids amounting to over ₹8,800 crore, against a base issue size of ₹5,000 crore, indicating oversubscription and strong investor interest.
• The total number of bids received was 70 indicating wider participation with heterogeneity of bids.
• The investors were across provident funds, pension funds, mutual funds and banks.

About SBI :

• Headquarters : Mumbai, Maharashtra, India
• Chairman :Challa Sreenivasulu Setty

Union Bank of India freezes accounts of telecom firm MTNL over non-payment of dues     

• Union Bank of India has frozen all accounts of the telecom company MTNL due to non-payment of dues.
• In Aug 2024, MTNL reported to stock exchanges that it defaulted on bank loan payments amounting to Rs 422.05 crore.

Breakdown of Loan Defaults:

• Union Bank of India: Rs 155.76 crore
• State Bank of India (SBI): Rs 140.37 crore
• Bank of India: Rs 40.33 crore
• Punjab & Sind Bank: Rs 40.01 crore
• Punjab National Bank (PNB): Rs 41.54 crore
• UCO Bank: Rs 4.04 crore
• Government Allocation: The Indian government allocated Rs 3,668.97 crore in the Budget for the repayment of the principal amount of MTNL bonds.

About Union Bank of India :

• Founded : 11 November 1919
• Headquarters : Mumbai, Maharashtra, India
• MD &CEO : A. Manimekhalai
• Tagline : Good people to bank with

IndiaFirst Life Becomes the First Indian Life Insurer to Launch Operations in GIFT City         

• IndiaFirst Life Insurance Company Limited (IndiaFirstLife ) has become the first Indian life insurer to commence operations in Gujarat International Finance Tec City (GIFT City), Gandhinagar, Gujarat.
• The company inaugurated its IFSC Insurance Office (IIO) at the country’s international financial gateway.

Key Highlights :

• IndiaFirst Life’s IIO will have a dedicated team involving specialists who will cater to the needs of GIFT City’s global audience.
• The company offers a specially designed ULIP product for global Indians — IndiaFirst Life Wealth Wise plan.
• This US dollar denominated plan is ideal for international customers looking for long-term wealth and legacy creation.

About IndiaFirst Life Insurance Company Ltd :

• Established: 2009
• MD & CEO: Rushabh Gandhi
• Headquarters: Mumbai, Maharashtra
• Paid-Up Share Capital: ₹754 crore
• Shareholders: Bank of Baroda, Union Bank of India, and Carmel Point Investments India Pvt Ltd

Amazon Pay ICICI Bank Credit Card: India’s Top Co-Branded Card with 5 Million Users     

• The Amazon Pay ICICI Bank credit card, powered by VISA, has achieved a significant milestone becoming the first co-branded credit card in India to onboard over 5 million customers nationwide.

Key Highlights :

Benefits and Features:

• Offers a straightforward rewards program with unlimited cashback.
• Lifetime free credit card.
• Instant issuance within 30 minutes through a digital process.
• Exclusive six-month no-cost EMI options on millions of products on Amazon.in.
• Widely used for tap and pay transactions.
• Digital-First Approach: The card is known for its seamless digital experience, contributing to one of the highest Net Promoter Scores (NPS) in the industry.

Attractive Cashback Rates:

• 5% cashback on Amazon purchases for Prime members.
• 3% cashback for non-Prime members.
• Cashback available on other categories as well.
• High Spending Patterns: The card’s average spend per user is 22% higher than the industry standard, making it popular for both high-value and small-ticket transactions.
• Exclusive No-Cost EMI : It offers exclusive six-month no-cost EMI options on millions of products on Amazon.in and is one of the most widely used credit cards for tap and pay transactions, empowering customers to make payments conveniently and efficiently.

CURRENT AFFAIRS: NATIONAL NEWS

Labour Ministry to Launch Revamped Shram Suvidha Portal with AI and ML Integration

• The Labour Ministry is set to launch a revamped, user-friendly version of the Shram Suvidha Portal by the end of the year.
• The new portal aims to enhance the ease of doing business by simplifying processes for businesses.

AI and ML Integration:

• The upgraded portal will incorporate Artificial Intelligence (AI) and Machine Learning (ML) technologies to streamline various operations.
• This will facilitate easier filing of registrations and submission of returns required under different labour laws.
• The use of AI and ML will help in automating processes, reducing errors, and improving compliance for businesses.

Centre Plans to Increase Insurance Cover Under PMJJBY and PMSBY Schemes

• The central government is planning to increase the insurance coverage amount under its flagship schemes—Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY).
• The proposed increase will raise the coverage from the current ₹2 lakh to ₹5 lakh under both schemes.
• The move aims to address the protection gap in insurance coverage and provide adequate financial support to insured individuals or their dependents.
• The enhancement is being considered in the lead-up to the state Assembly elections in Maharashtra, Haryana, and Jammu and Kashmir.
• The increase in coverage aligns with the government’s goal of achieving “insurance for all by 2047.”

2. Scheme Statistics and Significance:
   • PMJJBY has over 200 million subscribers, while PMSBY enrolments stand at 453.6 million.
   • India’s insurance penetration is currently at 4%, lower than the global average of 6.8%.
3. Premiums and Subscription Options:
   • Following the increase, individuals can either opt for the higher cover with an increased premium or maintain the current ₹2 lakh cover.
   • For the existing coverage, the premium is ₹20 per annum for PMSBY and ₹436 per annum for PMJJBY.
4. Overview of PMJJBY and PMSBY:
   • PMSBY provides one-year renewable personal accident insurance, covering death and disability due to accidents for individuals aged 18 to 70.
   • PMJJBY offers life insurance coverage for the death of the insured for individuals aged 18 to 50.

Government to Revise 2016 Guidelines on Dividend, Bonus Issues, and Share Buyback by CPSEs

• The Indian government is working to amend its 2016 guidelines regarding dividend payments, bonus issues, and share buybacks by Central Public Sector Enterprises (CPSEs).
• The revised guidelines are expected to be issued by the finance ministry this month.
• The existing guidelines, titled ‘Capital Restructuring of Central Public Sector Enterprises (CPSEs),’ were issued by the finance ministry in May 2016 to ensure efficient management of government investments in CPSEs.
• These guidelines mandated CPSEs to pay a minimum annual dividend of 30% of Profit After Tax (PAT) or 5% of net worth, whichever is higher.

1. Need for Revision:
   • With CPSEs having strengthened their balance sheets and improved their market capitalization, the government believes it is time to re-evaluate the capital restructuring guidelines for better alignment with current market conditions.
2. Current Guidelines Overview:
   • Dividend Payments: CPSEs must pay a minimum annual dividend of 30% of PAT or 5% of the net worth.
   • Share Buybacks: CPSEs with a net worth of at least ₹2,000 crore and a cash and bank balance of over ₹1,000 crore are required to opt for share buybacks.
   • Bonus Shares: CPSEs with reserves and surplus equal to or more than 10 times their paid-up equity share capital must issue bonus shares.
   • Stock Splits: CPSEs where the market price or book value of shares exceeds 50 times their face value must appropriately split their shares.
3. Objectives of the Guidelines:
   • The primary aim is to encourage CPSEs sitting on large cash reserves to pay dividends, thereby keeping investors interested in their stock and ensuring efficient use of surplus funds.
4. Growth in Market Capitalization:
   • Over the past three years, the combined market capitalization of CPSEs, banks, and insurance companies has grown over 500%, from ₹15 lakh crore to over ₹58 lakh crore.
   • The government’s equity holding has risen fourfold from ₹9.5 lakh crore in January 2021 to ₹38 lakh crore.
5. Dividend Collection Target:
   • In the 2024-25 fiscal year, the government has budgeted to collect ₹56,260 crore as dividends from public sector enterprises, up from ₹50,000 crore in the 2023-24 fiscal year.
   • So far, ₹10,604.74 crore has been collected as dividends from CPSEs in the current fiscal year.

Samunnati to Host 4th FPO Conclave on Sustainable Agriculture in Hyderabad

• Samunnati, a prominent agri-value chain enabler, will host the 4th edition of the Farmer Producer Organization (FPO) Conclave on September 3-4, 2024, in Hyderabad, Telangana.
• The conclave will focus on ‘Sustainable Agriculture Solutions’, aiming to empower small-holder farmers and agribusinesses across over 20 states in India.

2. Participation and Focus:
   • The event will feature over 500 FPO representatives, industry experts, and policymakers who will discuss and explore innovative, eco-friendly agricultural solutions.
   • The goal is to create a platform for FPOs to connect, grow, and thrive by adopting sustainable farming practices and advancing agri-business solutions.
3. Key Attendees:
   • Union Minister of Agriculture & Farmers Welfare and Minister of Rural Development, Shivraj Singh Chouhan, is set to address the conclave virtually.
   • Chief Guest Faiz Ahmed Kidwai, Additional Secretary, Agriculture & Farmers Welfare, and Special Guest M. Raghunandan Rao, Secretary, Ministry of Agriculture, Telangana, will inaugurate the event.
   • Representatives from NABARD and the Food and Agriculture Organization (FAO) will provide insights on fostering sustainable agricultural practices in India.
4. Industry Participation:
   • Leading agri-tech industry players such as Olam Agri, Bayer, Farmers One, Credit Access Life, Bioseed, Indofil Industries, Accel Sine, and Villgro will showcase their innovative solutions and discuss opportunities for collaboration.
   • The conclave highlights the Indian government’s repeated calls to strengthen FPOs to overcome challenges in traditional and sustainable farming, advocating for increased financial support for these organizations.

CURRENT AFFAIRS : STATE NEWS

Maharashtra Chief Minister Eknath Shinde Unveils Solar Village Scheme, With Manyachiwadi as the First 100% Solar-Powered Village   

• Maharashtra Chief Minister Eknath Shinde launched the Solar Village Scheme, an initiative aimed at providing 100% solar-powered electricity to 100 villages, at a function held in Satara.
• Manyachiwadi, a village in Satara district, has become the 1st village in the state to be electrified 100% by solar power.
• The scheme aims to achieve zero electricity bills for households under the PM SuryagarhMuft Bijali Yojana.
• It also aims to provide free electricity to farmers.

Key Highlights :

• Further Implementation : According to the Maharashtra State Electricity Distribution, Shivtirth Nagar in Kothrud and Sector 25 in Nigdi will be electrified 100% with solar power.
• The power utility has decided to electrify two villages in each district completely with solar power.
• Future Plans:Deputy Chief Minister and Energy Minister Devendra Fadnavis announced that 12,000 megawatts of electricity will be generated from solar energy in Maharashtra within the next 1.5 years.
• Over 70 additional villages across Maharashtra are expected to be included in the project following Manyachiwadi.

Recent News :

• In Aug 2024, The Maharashtra cabinet decided to implement the Unified Pension Scheme (UPS) for state government employees, making it the first state to adopt the scheme announced by the Union government.

About Maharashtra :

• Governor: C. P. Radhakrishnan
• Chief Minister: Eknath Shinde
• Capital: Mumbai
• National Park: Tadoba National Park, Navegaon National Park
• Wildlife Sanctuaries: Bhimashankar Wildlife Sanctuary, Karnala Bird Sanctuary, Nagzira Wildlife Sanctuary
• UNESCO Heritage Sites: Chhatrapati Shivaji Maharaj Terminus, The Victorian and Art Deco Ensemble of Mumbai, Ajanta Caves, Elephanta Caves, Ellora Caves

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Air Marshal Tejinder Singh Assumes Role as Deputy Chief of the Air Staff

• Air Marshal Tejinder Singh has taken over as the Deputy Chief of the Air Staff (DCAS) of the Indian Air Force at Air Headquarters (Vayu Bhawan).
• After assuming his new role, he paid homage to the fallen soldiers by laying a wreath at the National War Memorial in New Delhi.

About Air Marshal Tejinder Singh :

• He is an alumnus of the National Defence Academy and was commissioned into the fighter stream of the IAF on 13 June 1987.
• He is a Category ‘A’ Qualified Flying Instructor with over 4,500 hours of flying experience.

Command and Staff Appointments:

• He has commanded a Fighter Squadron, a Radar Station, a premier Fighter Base, and was the Air Officer Commanding, Jammu and Kashmir.
• His staff appointments include roles such as:
  • Operational Staff at a Command HQ
  • Air Commodore (Personnel Officers-1) at Air HQ
  • Deputy Assistant Chief of Integrated Defence Staff (Financial Planning) at HQ IDS
  • Air Commodore (Aerospace Safety)
  • Assistant Chief of Air Staff Operations (Offensive)
  • ACAS Ops (Strategy) at Air HQ
• Prior to his current role, he served as the Senior Air Staff Officer at HQ Eastern Air Command of IAF in Shillong, Meghalaya.

Awards:

• He was awarded the Vayu Sena Medal in 2007 and the AtiVishist Seva Medal in 2022 by the President of India in recognition of his meritorious services.

About Ministry of Defence :

• Cabinet Minister :Rajnath Singh
• Minister of State :Sanjay Seth

V Satish Kumar Assumes Additional Charge as Chairman of Indian Oil Corporation    

• Satish Kumar, Director (Marketing) of Indian Oil Corporation Limited (IOCL), has taken over as the interim Chairman after Shrikant Madhav Vaidya completed his tenure.

About V. Satish Kumar :

• Satish Kumar has been the Director (Marketing) since October 2021.
• He also held additional charge as Director (Finance) from October 2022 for one year.
• Kumar’s career spans 35 years, during which he has held key positions across various regions in India.
• He served as Non-Executive Chairman of Indian Oil Petronas Pvt. Ltd., a joint venture between Indian Oil and Petronas (Malaysia), and as Non-Executive Chairman of Indian Oil Mauritius Ltd, a subsidiary of Indian Oil.
• During this period, IndianOil emerged as leader in sales of high octane and energy efficient fuels, green combo lubricants, composite LPG cylinders and 25 Kg bitumen packs in the market for making products affordable and customer conveniences.
• Before becoming Director (Marketing), Kumar was the State Head for Madhya Pradesh and Chhattisgarh, where he implemented key business initiatives, including the direct benefit transfer for LPG consumers under the Pradhan Mantri Ujjwala Yojana (PMUY).

About IOCL :

• Founded : 30 June 1959
• Headquarters : New Delhi, India
• IndianOil, is an Indian multinational oil and gas company under the ownership of the Ministry of Petroleum and Natural Gas, Government of India.

CURRENT AFFAIRS: BUSINESS NEWS

Top-10 Valued Indian Firms See Market Valuation Surge by ₹1.53 Lakh Crore

• Eight of the top 10 most valued Indian companies saw their combined market valuation surge by ₹1,53,019.32 crore last week.
• The biggest gainers were Bharti Airtel, Infosys, and Tata Consultancy Services (TCS).
• The gains aligned with a record rally in the equity markets, with the BSE Sensex climbing 1,279.56 points (1.57%) last week.
• The Sensex rallied for the ninth straight session, rising 231.16 points to close at an all-time high of 82,365.77.

2. Top Gainers:
   • Bharti Airtel saw the highest gain with a market valuation increase of ₹47,194.86 crore, reaching ₹9,04,587.12 crore.
   • Infosys added ₹33,611.37 crore to its valuation, now standing at ₹8,06,880.50 crore.
   • TCS gained ₹31,784.9 crore, taking its valuation to ₹16,46,899.17 crore.
3. Other Notable Increases:
   • ICICI Bank’s valuation surged by ₹18,734.3 crore to ₹8,66,374.41 crore.
   • Reliance Industries climbed ₹13,396.42 crore to ₹20,43,107.10 crore.
   • HDFC Bank saw an increase of ₹5,600.24 crore, reaching ₹12,44,206.43 crore.
   • Life Insurance Corporation of India (LIC) and State Bank of India (SBI) valuations went up by ₹2,340.25 crore and ₹356.98 crore
4. Declines in Valuation:
   • Hindustan Unilever’s market cap fell by ₹8,411.54 crore to ₹6,52,739.95 crore.
   • ITC’s valuation declined by ₹4,776.48 crore to ₹6,27,587.76 crore.
5. Top 10 Most Valued Firms:
   • Reliance Industries retained its top spot, followed by TCS, HDFC Bank, Bharti Airtel, ICICI Bank, Infosys, SBI, LIC, Hindustan Unilever, and ITC.

GST Collections Rise 10% in August 2024, Indicating Robust Economic Activity

• The gross Goods and Services Tax (GST) collections for August 2024 (reflecting transactions from July) rose 10% year-on-year (YoY) to ₹1.75 lakh crore, according to data from the finance ministry.
• In contrast, GST collections for July 2024 (transactions from June) were ₹1.82 lakh crore, up 10.3% YoY.

2. Net Collections and Refunds:
   • With refunds amounting to ₹24,460 crore issued during August, the net GST collections stood at ₹1.5 lakh crore, reflecting a 6% increase from the same period last year.
   • Gross collections from domestic transactions rose 8.7% YoY to ₹1.25 lakh crore, while collections from imports increased 12.1% YoY to ₹49,976 crore.
3. April to August Performance:
   • For the period from April to August 2024, gross GST collections amounted to ₹9.14 lakh crore, up 10.1% YoY. The net collections during the same period were ₹8.06 lakh crore, also up 10.1%.

State-wise Collection Trends:

• Large states like Maharashtra, Karnataka, Uttar Pradesh, Madhya Pradesh, and Haryana recorded double-digit increases in GST collections, driven by strong consumption and enhanced compliance measures by tax authorities.
• Conversely, states such as Gujarat, Andhra Pradesh, and Tamil Nadu saw single-digit growth in GST collections, which may warrant closer attention from tax authorities.

EV Registrations in India Drop to 14-Month Low in August 2024

• The total electric vehicle (EV) registrations in India fell to a 14-month low in August 2024, showing a decline both month-on-month (MoM) and year-on-year (YoY).
• The total EV registrations across all categories stood at approximately 1.06 lakh units in August, a 17% decline from 1.28 lakh units in July.

Decline in Electric Two- and Three-Wheelers:

• Registrations of electric two-wheelers dropped significantly to 46,085 units in August, down from 61,498 units in July and 62,646 units in August 2023.
• Electric three-wheelers recorded higher volumes than two-wheelers, with 54,861 units sold in August, though this was still lower than 59,151 units in July and 56,581 units in August 2023.

Performance of Key Players in Electric Two-Wheeler Market:

• Ola Electric, the market leader in electric two-wheelers, saw its volumes decline to 12,628 units in August from 18,602 units in July.
• TVS Motor retained its position as the second-largest seller with 9,514 units, down from 11,555 units in July.
• Bajaj Auto‘s sales dropped to 4,899 units from 7,797 units in July, while Ather Energy registered 4,278 units, down from 6,076 units.
• Hero MotoCorp saw a slight decline, selling 4,742 units compared to 5,060 units in July, and Greaves Cotton‘s sales fell to 2,816 units from 3,158 units.

Electric Three-Wheeler Market Dynamics:

• Mahindra Electric Mobility led the electric three-wheeler segment with over 4,500 units sold in August, down from 6,504 units in July.
• Bajaj Auto followed, selling 4,030 units in August, an increase from 3,694 units in July.
• YC Electric Vehicle recorded 3,545 units, slightly down from 3,651 units, while Piaggio‘s sales dropped to 1,558 units from 1,959 units.
• TI Clean Mobility, the electric car division of the Murugappa Group, showed a modest increase, selling 598 units in August compared to 580 units in July.
• Electric car registrations declined to 4,755 units in August from 6,855 units in July.

CURRENT AFFAIRS: SPORTS NEWS

Rubina Francis Secures Bronze in Women’s 10m Air Pistol at Paris Paralympics

• Rubina Francis, a 25-year-old shooter from Jabalpur, Madhya Pradesh, won a bronze medal in the women’s 10m air pistol SH1 event at the Paris Paralympics.
• Rubina scored an aggregate of 1 to finish third in the eight-woman final.
• She was behind Sareh Javanmardi of Iran (gold with 236.8 points) and Aysel Ozgan of Turkey (silver with 231.1 points).

1. Qualification Round:
   • Rubina qualified for the final by securing the seventh spot in the qualification round held earlier in the day.
2. India’s Medal Tally:
   • This bronze marks India’s fourth medal in shooting and fifth overall at the Paris Paralympics.
3. Assured Medal in Badminton:
   • Meanwhile, in badminton, Sukant Kadam advanced to the men’s singles SL4 semifinal and will face Suhas Yathiraj, assuring India of another medal.

Charles Leclerc Triumphs at Italian Grand Prix; Lando Norris Cuts Verstappen’s Championship Lead

• Charles Leclerc secured victory at the Italian Grand Prix on September 1, 2024, delighting the massive Ferrari fanbase. This win marks Leclerc’s second victory at Monza, having previously won in 2019.
• Leclerc led the race from the 16th lap, maintaining his position after a single pit stop.
• He held McLaren’s Oscar Piastri and Lando Norris off, with Piastri finishing second and Norris in third.
• Leclerc’s strategic decision to stick with hard tyres proved effective, as he managed to stay ahead despite competitors, including McLaren drivers, opting for multiple pit stops.

2. Max Verstappen’s Performance:
   • Reigning champion Max Verstappen finished sixth in the race, nearly 38 seconds behind Leclerc. This result marks Verstappen’s continued struggle, as he has not won any of the last six Grands Prix after a dominant start to the season.
   • Verstappen’s recent performance raises questions about his and Red Bull’s dominance in Formula One.
3. Championship Standings:
   • Lando Norris, who clocked the fastest lap, managed to reduce Verstappen’s championship lead to 62 points with eight races remaining in the season. Despite starting on pole, Norris’s race finish was disappointing given his initial advantage.

Yogesh Kathuniya Wins Silver at Paris Paralympics 2024

• Indian para-athlete Yogesh Kathuniya secured a silver medal in the men’s discus throw F56 event at the Paris Paralympics 2024.
• This marks his second consecutive Paralympic silver medal.
• Kathuniya, a 27-year-old from Haryana, achieved a throw of 22m in his first attempt, securing the second position.
• His subsequent throws were 50m, 41.55m, 40.33m, 40.89m, and 39.68m.

India’s Medal Tally:

• With Kathuniya’s silver, India’s total medal count at the Paris Paralympics rose to eight, with four medals in athletics and four in shooting events.

Competitors:

• Claudiney Batista dos Santos of Brazil won the gold with a Paralympic record throw of 86m.
• Konstantinos Tzounis of Greece claimed the bronze with a throw of 32m.

About Kathuniya:

• Kathuniya, who serves in the Indian Army, was diagnosed with Guillain–Barré syndrome at the age of 9.
• He studied at the Indian Army Public School in Chandigarh and later earned a Bachelor’s degree in Commerce from Kirori Mal College, Delhi.
• His journey in para sports began in 2016, inspired by Sachin Yadav, the General Secretary of the Kirori Mal College students’ union.

2. Previous Achievements:
   • In the 2020 Summer Paralympics, Kathuniya won his first silver medal with a throw of 38m.
   • He was honoured with the Arjuna Award in November 2021 by President Ram Nath Kovind for his achievements.
   • In 2018, he set a world record with a throw of 18m at the World Para Athletics European Championships in Berlin.

CURRENT AFFAIRS: IMPORTANT DAYS

Skyscraper Day 2024: September 3

1. Date and Significance:
   • Skyscraper Day is celebrated on September 3 every year.
   • The day marks the birth anniversary of Louis H. Sullivan, known as the ‘father of modern skyscrapers’.
2. Historical Background:
   • The world’s first skyscraper was the Home Insurance Building in Chicago, completed in 1885.
   • This 10-story building reached a height of 138 feet, setting the standard for future skyscrapers.
   • Skyscraper Day is observed to capture people’s imagination and celebrate the architectural and engineering feats that make such towering buildings possible.
   • The term “skyscraper” was first used in the 19th century to describe buildings over 10 stories tall.
   • The day can be celebrated by visiting a local skyscraper and taking a trip up to appreciate the view and the construction’s ingenuity.
   • While tall buildings were constructed in cities like New York, St. Louis, Pittsburgh, and Detroit during the mid-19th century, the first steel-frame skyscraper wasn’t built until 1885.

Daily CA One- Liner: September 3

• The markets regulator Securities and Exchange Board of India (SEBI) is revising the criteria for the entry and exit of stocks in the futures and options (F&O) market.
• Bank credit to the commercial real estate sector rose to ₹4.85 lakh crore outstanding as of July 26, 2024, from ₹4.38 lakh crore on July 28,
• With the July retail inflation easing to a five-year low of 3.54% and the first quarter GDP growth decelerating to a five-quarter low of 6.7%, the RBI is focusing on maintaining adequate liquidity in the banking system.
• Life Insurance Corporation of India (LIC) received a GST tax demand, interest, and penalty order amounting to ₹605.58 crore.
• State Bank of India (SBI) raised ₹7,500 crore through its first Basel III compliant Tier 2 bond issuance for the current financial year.
• Union Bank of India has frozen all accounts of the state-run telecom company MTNL due to non-payment of dues.
• IndiaFirst Life Insurance Company Limited (IndiaFirstLife ) has become the first Indian life insurer to commence operations in Gujarat International Finance Tec City (GIFT City), Gandhinagar, Gujarat.
• The Amazon Pay ICICI Bank credit card, powered by VISA, has achieved a significant milestone becoming the first co-branded credit card in India to onboard over 5 million customers nationwide.
• Maharashtra Chief Minister Eknath Shinde launched the Solar Village Scheme, an initiative aimed at providing 100% solar-powered electricity to 100 villages, at a function held in Satara.
• Air Marshal Tejinder Singh has taken over as the Deputy Chief of the Air Staff (DCAS) of the Indian Air Force at Air Headquarters (Vayu Bhawan).
• Satish Kumar, Director (Marketing) of Indian Oil Corporation Limited (IOCL), has taken over as the interim Chairman after Shrikant Madhav Vaidya completed his tenure.
• The Labour Ministry is set to launch a revamped, user-friendly version of the Shram Suvidha Portal by the end of the year
• The central government is planning to increase the insurance coverage amount under its flagship schemes—Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY).
• The Indian government is working to amend its 2016 guidelines regarding dividend payments, bonus issues, and share buybacks by Central Public Sector Enterprises (CPSEs).
• Samunnati, a prominent agri-value chain enabler, will host the 4th edition of the Farmer Producer Organization (FPO) Conclave on September 3-4, 2024, in Hyderabad, Telangana
• Eight of the top 10 most valued Indian companies saw their combined market valuation surge by ₹1,53,019.32 crore last week
• The gross Goods and Services Tax (GST) collections for August 2024 (reflecting transactions from July) rose 10% year-on-year (YoY) to ₹1.75 lakh crore, according to data from the finance ministry
• The total electric vehicle (EV) registrations in India fell to a 14-month low in August 2024, showing a decline both month-on-month (MoM) and year-on-year (YoY).
• Rubina Francis, a 25-year-old shooter from Jabalpur, Madhya Pradesh, won a bronze medal in the women’s 10m air pistol SH1 event at the Paris Paralympics
• Charles Leclerc secured victory at the Italian Grand Prix on September 1, 2024, delighting the massive Ferrari fanbase. This win marks Leclerc’s second victory at Monza, having previously won in 2019
• Indian para-athlete Yogesh Kathuniya secured a silver medal in the men’s discus throw F56 event at the Paris Paralympics 2024
• Skyscraper Day is celebrated on September 3 every year

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