Daily Current Affairs September 04 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Public Sector Banks Reduce Government Securities Holdings Under Held-to-Maturity by 50%     

• Public sector banks have cut their holdings of government securities (G-Secs) under the Held-to-Maturity (HTM) category by over 50%.
• This reduction follows revised investment norms issued by the Reserve Bank of India (RBI).
• The new guidelines came into effect from April 1, 2024.

Key Highlights :

• New RBI Guidelines : Categories: Investments must now be classified into HTM, Available-for-Sale (AFS), and Fair Value through Profit and Loss.
• Impact of Guidelines:Profitability: Holding a higher percentage of G-Secs under HTM is no longer profitable because banks cannot shuffle investments to AFS or Fair Value categories.
• Sale Restrictions: Banks can now sell only up to 5% of their HTM holdings, reducing flexibility.
• Revised Norms Details:Held for Trading (HFT): Previously a separate category, HFT is now a sub-category under the new norms.
• Profit Realization: Banks are limited to a 5% profit realization from HTM holdings, as they cannot sell more than this percentage.
• Disclosures: Banks are required to provide more detailed disclosures about their investment portfolios.
• Ceiling Removal: The 90-day ceiling on holding periods for HFT has been removed, allowing banks more flexibility in this sub-category.

Categories Explained:

• Available for Sale (AFS): Securities that can be retained for longer durations but are also available for sale.
• Held for Trading (HFT): Securities bought with the intention to sell within a year.

Unified Payment Interface Transactions Reach New High in August; Volume Increases, Value Slightly Decreases  

• Unified Payment Interface (UPI) transactions saw a 3% rise in volume in August to 14.96 billion, compared to 14.44 billion in July, the highest ever since the digital payment platform turned operational in April 2016.
• The total value of UPI transactions slightly decreased to Rs 20.61 trillion in August, compared to Rs 20.64 trillion in July.
• According to the data shared by the National Payments Corporation of India (NPCI) in August, UPI volume posted a 41% year-on-year (Y-o-Y) growth and 31% Y-o-Y growth in value.
• In June, the numbers were at 13.89 billion in volume and Rs 20.07 trillion in value.

Key Highlights :

IMPS Transactions:

• Volume: The Immediate Payment Service (IMPS) transaction volume decreased by 8% to 453 million in August, compared to 490 million in July.
• Value: The value of IMPS transactions dropped by 3% to Rs 5.78 trillion in August, from Rs 5.93 trillion in July.
• June Figures: IMPS transactions were at 517 million in volume and Rs 5.78 trillion in value in June.

FASTag Transactions:

• Volume: FASTag transactions increased by 2% to 329 million in August, compared to 323 million in July.
• Value: The value of FASTag transactions rose slightly to Rs 5,611 crore in August, up from Rs 5,578 crore in July.
• June Figures: FASTag transactions were at 334 million in volume and Rs 5,780 crore in value in June.
• Year-on-Year Growth: There was a 7% increase in volume and an 8% increase in value compared to August 2023.

Aadhaar Enabled Payment System (AePS):

• Volume: AePS transactions rose by 3% to 100 million in August, compared to 97 million in July.
• Value: The value of AePS transactions increased by 2% to Rs 24,676 crore in August, up from Rs 24,218 crore in July.
• June Figures: AePS transactions were at Rs 25,122 crore in value in June.
• Year-on-Year Change: There was a 7% decline in volume and a 10% decline in value compared to August 2023.

Securities and Exchange Board of India Suggests Comprehensive Revision of Merchant Bankers’ Regulations   

• The Securities and Exchange Board of India (SEBI) proposed an overhaul of merchant bankers’ regulations amid a boom in the equity capital market.
• Merchant bankers play an imperative role in the primary market and have been entrusted with the responsibility to ensure appropriate due diligence, maintain integrity of the primary market and ensure compliance with the relevant laws on their own account and on behalf of the issuers.

Key Highlights :

• Net Worth Requirements: The current net worth requirement for merchant bankers is ₹5 crore, which was last hiked in 1995 from ₹1 crore, said SEBI.
• The SEBI has now proposed to have two categories of investment banks based on their net worth.

1. Those with at least ₹50 crore net worth will fall under Category 1 and they will be allowed to undertake all activities that fall under SEBI’s ambit;
2. Those with net worth of at least ₹10 crore will fall under the Category 2. They would not be allowed to handle mainboard issues.

• Transition Period: SEBI proposes a two-year period for firms to meet the new net worth requirements once approved.
• Liquid Assets : Further, SEBI has also proposed that merchant bankers maintain a fourth of their net worth in “liquid” assets that can be easily converted into cash.
• Also merchant bankers will be allowed to undertake only those activities related to the securities market and come under its jurisdiction. Currently, there is no specific provision around this.
• Revenue Threshold: SEBI proposes a minimum revenue threshold of ₹25 crore in the last three financial years from permitted activities to qualify for registration as a merchant banker.

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.

BharatPe Collaborates with Unity Bank to Introduce Third-Party App for Simplified Payments     

• BharatPe has partnered with Unity Bank to launch its UPI Third Party Application Provider (TPAP) service.
• The “postpe” app has been rebranded as “BharatPe,” now available for UPI payments.

Key Highlights :

• UPI Features: Customers can create UPI IDs on the BharatPe app to make payments to individuals, merchants, and pay various bills directly through the app.
• Platform Availability: The BharatPe UPI app is currently available for Android users, with a launch on Apple’s App Store planned in the coming months.
• App Variants: BharatPe now offers two apps – “BharatPe” for general users and “BharatPe for Business” for merchants.
• Payment Features: The app supports various payment functions including scan and pay, pay to UPI ID, bank transfers, balance checks, collection requests, and utility bill payments.
• UPI Lite Feature: The app includes a UPI Lite feature, allowing customers to preload an online wallet and make transactions up to ₹500 without using a UPI PIN, for both person-to-person (P2P) and person-to-merchant (P2M) transactions.

About BharatPe :

• Founded : 2018
• Headquarters : New Delhi, India
• CEO : Nalin Negi
• BharatPe is an Indian fintech company that sells digital payment and financial services to small merchants and Grocery stores.

About Unity Bank :

• Founded : 2006
• Headquarters : Lagos, Nigeria
• Managing Director : Tomi Somefun

Reserve Bank of India Permits Foreign Investors in International Financial Services Centre to Invest in Sovereign Green Bonds   

• The Reserve Bank of India (RBI) has introduced a scheme to allow foreign investors in the International Financial Services Centre (IFSC) to invest in sovereign green bonds (SGrBs), aiming to facilitate wider non-resident participation.

About Sovereign Green Bonds :

• The Government of India issued sovereign green bonds in January 2023.
• The scheme shall apply to investments in Sovereign Green Bonds issued by the Government of India by eligible investors in the IFSC in India.
• Investors can participate in the primary auctions of securities undertaken by the Reserve Bank and transact in the secondary market for securities in the IFSC.

Eligibility:

• Foreign Investors: Eligible investors include persons resident outside India, as defined by Section 2(w) of the FEMA, 1999, and those not incorporated in High-Risk Jurisdictions as identified by FATF.
• Also includes International Banking Units (IBUs) of foreign banks without branches or subsidiaries in India.
• IBUs of Indian Banks: Eligible IBUs of Indian banks and foreign banks with branches or subsidiaries in India can participate in the scheme.
• Investment Opportunities : Investors can participate in the primary auctions of securities undertaken by the Reserve Bank and transact in the secondary market for securities in the IFSC, as per the terms and conditions defined in the Scheme.
• Restrictions : Further, eligible IBUs are not permitted to participate in the primary auctions under the scheme but they can undertake transactions in the secondary market.
• Operational Requirements : For operationalising the Scheme, authorised depository and the authorised clearing corporation(s) shall each open a CSGL account and a current account with the Reserve Bank; and The authorised depository and the authorised clearing corporation(s) may open an INR account with a commercial bank in India.
• Participation by investors in the primary auctions of securities conducted by the Reserve Bank shall be in terms of the following:
• Submission : Investors desirous of participating in the auction of securities conducted by the Reserve Bank shall submit competitive bids in the primary auction through the authorised clearing corporation(s).
• Role of Clearing Corporations : For the purpose, the authorised clearing corporation(s) shall act as an aggregator / facilitator and submit bids on the basis of firm orders from investors on the Reserve Bank’s Core Banking Solution (E-Kuber) system or any other platform / system as may be notified by the Reserve Bank in this regard.
• Secondary market transactions in securities undertaken in the IFSC shall be subject to the following:
• Trading ; Investors can trade in the secondary market in the IFSC with other investors and with eligible IBUs. Transactions between two eligible IBUs shall not be undertaken.
• Trading Hours : The trading hours for securities shall be from 09:00 hours to 17:00 hours IST, or as specified by the Reserve Bank from time to time.
• KYC and Compliance: KYC verification and due diligence will follow IFSC rules and procedures. All transactions must be reported to the Clearing Corporation of India Limited (CCIL) or another RBI-designated agency within three hours of trading close.
• Operational Requirements:Account Opening: Authorised depositories and clearing corporations must open specific accounts with the RBI as per the Government Securities Act, 2006, and the Foreign Exchange Management Act, 1999.
• Record Keeping: Transaction records must be maintained for at least ten years.

About Green Deposits:

• Framework: While it is not mandatory, entities (REs) raising green deposits should follow the prescribed framework.
• Interest Rates: No differential interest rates on green deposits are allowed; interest must be paid as per agreed terms regardless of the allocation/utilisation of proceeds.
• Premature Withdrawal: No restrictions on premature withdrawal; it does not affect the green projects funded by the deposits.
• Parking Proceeds: Proceeds can be temporarily invested in liquid instruments with a maximum maturity of one year until allocated to green projects.
• Allocation Penalties: No penalty for non-allocation of proceeds to green projects, but subject to supervisory review.
• Priority Sector Classification: Green projects financed under the framework can be classified as priority sector if they meet the RBI’s PSL guidelines.
• Overdraft Facility: Banks may offer overdraft facilities against green deposits.
• Insurance: Deposits are covered by DICGC as per the Deposit Insurance and Credit Guarantee Corporation Act, 1961.
• Denomination: Green deposits can only be denominated in Indian Rupees.

Karnataka Bank to Provide Personal Loans through Open Network for Digital Commerce                               

• Karnataka Bank will offer personal loans through the Open Network for Digital Commerce (ONDC), becoming the first bank to do so.
• The personal loans will be available through buyer apps on the ONDC network.
• Initially, this service will be available to the bank’s existing customers.

About Karnataka Bank :

• Founded : 18 February 1924
• Headquarters : Mangalore, Karnataka, India
• MD & CEO : Srikrishnan Hari Hara Sarma
• Executive Director : Sekhar Rao

CURRENT AFFAIRS: NATIONAL NEWS

India Joins Indo-Pacific Economic Framework for Prosperity (IPEF) Agreements on Clean and Fair Economy

• The Union Cabinet has approved India’s participation in the Indo-Pacific Economic Framework for Prosperity (IPEF) agreements focused on creating a clean and fair economy.
• This decision follows the commerce ministry’s proposal and marks India’s entry into collaborative efforts on key issues like energy security, climate resilience, and anti-corruption.

Key Points:

• Cabinet Approval: The Union Cabinet has approved India’s decision to join two agreements under the IPEF: a clean economy and a fair economy. This decision comes after India’s earlier reservation, which required domestic approval before joining.
• IPEF Overview: The IPEF is a 14-member bloc launched in May 2022 by the United States and other Indo-Pacific partners, including Australia, Japan, South Korea, and ASEAN members. The framework is built around four pillars: trade, supply chains, clean economy, and fair economy. India has joined all pillars except the trade component.
• Clean Economy Agreement: This agreement focuses on reducing greenhouse gas (GHG) emissions, promoting clean energy technologies, enhancing climate resilience, and encouraging collaboration for energy security. It includes provisions for investments, concessional financing, technical assistance, and joint projects in clean energy sectors.
• Fair Economy Agreement: Aims to create a more predictable and transparent business environment to boost trade and investment among member countries. It seeks to strengthen anti-corruption measures, improve tax transparency, and enhance the exchange of tax information between countries.
• Entry into Force: The agreements will come into effect once at least five IPEF member countries complete their internal procedures for ratification, acceptance, or approval.
• Significance: India’s participation in these agreements aligns with its objectives of promoting sustainable development and transparent economic practices. It also reflects India’s growing engagement with the Indo-Pacific region.

Union Cabinet Approves Semiconductor Unit in Sanand, Gujarat

• The Union Cabinet approved establishing a semiconductor manufacturing unit in Sanand, Gujarat, by Kaynes Semicon Pvt Ltd.
• This approval aligns with the India Semiconductor Mission under the government’s modified scheme to boost semiconductor manufacturing in India.

Key Points:

• India Semiconductor Mission Scheme: The project approval comes under the India Semiconductor Mission’s modified scheme, which provides 50% fiscal support for capital investment in setting up semiconductor fabs. The scheme has a total outlay of ₹76,000 crore.
• Investment Details: The Sanand plant by Kaynes Semicon Pvt Ltd will involve an initial investment of ₹3,300 crore.
• Production Capacity and Applications: The facility will have a production capacity of six million chips per day. The chips produced at this unit will cater to a range of sectors, including industrial, automotive, electric vehicles, consumer electronics, telecom, and mobile phones.
• Previous Approvals in February 2024: The Centre previously approved three semiconductor units under the same scheme:
  1. Tata Electronics – Support for setting up a semiconductor fab at Dholera, Gujarat.
  2. CG Power – Assistance for establishing a semiconductor unit in Sanand, Gujarat.
  3. A semiconductor unit at Morigaon, Assam.
• Significance: This move is a part of India’s strategy to build a robust semiconductor manufacturing ecosystem to reduce reliance on imports, enhance technological self-reliance, and support growing demand in various sectors like automotive, telecom, and electronics.
• Boost to ‘Make in India’ Initiative: The establishment of these semiconductor units underlines the government’s efforts to attract investment in high-tech manufacturing and reinforces the ‘Make in India’ mission.

Nitin Gadkari Urges GST Reduction on Flex-Fuel Vehicles

• Union Minister Nitin Gadkari suggested that state finance ministers consider reducing the Goods and Services Tax (GST) on flex-fuel vehicles to 12% during the upcoming GST Council meeting.
• His remarks came during his address at the India Bio-Energy & Tech Expo organized by the Indian Federation of Green Energy (IFGE).

Key Points:

• Call for Lower GST on Flex-Fuel Vehicles: Gadkari proposed reducing GST on flex-engine vehicles, cars, and scooters to 12% to encourage the adoption of these eco-friendly alternatives.
• Promotion of Biofuels: The minister emphasized the need to cut down on fossil fuel imports and promote the use of biofuels as a sustainable energy source.
• Supportive Factors for Flex-Fuel Development: Gadkari highlighted several factors favoring the development of flex-fuel engines:
  • Economic Viability: The potential cost benefits of adopting flex-fuel technology.
  • Proven Technology: The availability of reliable technology to produce and run flex-fuel vehicles.
  • Availability of Raw Materials: The adequate supply of necessary materials to support biofuel production.
  • Marketability: The potential for flex-fuel vehicles to gain market acceptance.
• Government’s Target: The government is focused on developing and promoting flex-fuel engines as part of its larger strategy to advance sustainable and eco-friendly transportation.
• Need for Collaborative Efforts: Gadkari called for joint efforts from state governments to create a favourable environment for flex-fuel vehicles by providing tax incentives and policy support.

Union Cabinet Approves ₹13,966 Crore Schemes for Agriculture and Semiconductor Sector

• The Union Cabinet approved seven schemes worth nearly ₹13,966 crore aimed at enhancing farmer incomes through technological advancements and modernizing existing agricultural practices.

2. Digital Agriculture Mission:
   • Outlay: ₹2,817 crore.
   • Purpose: To build Digital Public Infrastructure (DPI) for farmers, which includes:
     • Agri Stack: An open-source digital infrastructure for data access, enabling better farm incomes.
     • Krishi Decision Support System: Provides geospatial data, drought and flood monitoring, weather data, groundwater tracking, and crop yield modeling.
   • Technological Integration: The mission will incorporate Artificial Intelligence (AI), Big Data, and facilitate connections between farmers and buyers, delivering crucial farming knowledge via mobile phones.
3. Other Approved Schemes:
   • Crop Science for Food and Nutritional Security:
     • Outlay: ₹3,979 crore.
     • Focus: Research and development in plant genetics, improving food and fodder crops, pulses, oilseeds, and commercial crops.
   • Strengthening Agriculture Education and Management:
     • Outlay: ₹2,291 crore.
     • Objective: Modernizing agricultural research and education aligned with the New Education Policy 2020.
   • Sustainable Livestock Health and Production:
     • Outlay: ₹1,702 crore.
     • Focus: Enhancing animal health management, veterinary education, and dairy production.
   • Sustainable Development of Horticulture:
     • Outlay: ₹860 crore.
     • Objective: Supporting horticultural growth across various crop categories.
   • Strengthening Krishi Vigyan Kendras (KVKs):
     • Outlay: ₹1,202 crore.
     • Purpose: Enhancing agricultural extension services.
   • Natural Resource Management:
     • Outlay: ₹1,115 crore.
     • Objective: Managing and conserving natural resources for sustainable agriculture.

4. Semiconductor Sector Development:
   • Semiconductor Testing Unit:
     • Investment: ₹3,307 crore.
     • Location: Sanand, Gujarat.
     • Company: Kaynes Semicon.
     • Output: The unit will produce 6.3 million chips a day for various sectors including industrial, automotive, electric vehicles, consumer electronics, and telecom.
     • Micron’s Sanand ATMP Unit: The first assembled and tested chip is expected by mid-next year, marking a significant milestone under the Indian Semiconductor Mission.

5. Economic Context:
   • India’s Economy: Grew by 6.7% in the June quarter, the slowest in five quarters.
   • Agriculture Sector: Grew by 2% in the April-June quarter, down from 3.7% the previous year. However, a good monsoon is expected to boost agricultural performance in the coming quarters.

Cabinet Committee on Economic Affairs Approves Major Railway Projects

• The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, has approved three major railway projects with a total estimated cost of ₹6,456 crore.

2. Project Details:
   • The projects will span seven districts across Odisha, Jharkhand, West Bengal, and Chhattisgarh.
   • They will expand the Indian Railways network by approximately 300 kilometers.
3. Employment and Completion:
   • The projects are expected to generate around 114 lakh man-days of direct employment during construction.
   • Expected completion by the fiscal year 2028-29.
4. Individual Projects:
   • Jamshedpur-Purulia-Asansol 3rd Line (121 km; ₹2,170 Cr):
     • Enhances connectivity between West Bengal and Jharkhand.
     • Strengthens major trunk routes and supports the transport of iron ore and coal.
     • Will generate 42 lakh man-days of employment and save 74 crore kg of CO2 emissions.
   • Sardega-Bhalumuda New Double Line (37 km; ₹1,360 Cr):
     • Connects Odisha and Chhattisgarh, improving access for tribal populations.
     • Expected to generate 25 lakh man-days of employment and save 84 crore kg of CO2 emissions.
   • Bargarh Road-Nawapara Road New Line (138 km; ₹2,926 Cr):
     • Enhances connectivity in Odisha and shortens the distance between Sambalpur and Raipur.
     • Will generate 47 lakh man-days of employment and save 82 crore kg of CO2 emissions.

5. Strategic Importance:
   • Infrastructure Development: These projects aim to improve logistics, reduce congestion, and enhance regional development.
   • Environmental Benefits: The new lines will contribute to significant reductions in CO2 emissions, equivalent to planting approximately 10 crore trees.
6. Alignment with National Goals:
   • The projects align with the PM-Gati Shakti National Master Plan, focusing on multi-modal connectivity and promoting comprehensive regional development.
7. Local Impact:
   • Connectivity: The projects will benefit around 2,600 villages and approximately 30 lakh people.
   • Economic Growth: Improved infrastructure will support the transportation of essential commodities and stimulate economic growth.

Union Cabinet Approves Expansion of Agriculture Infrastructure Fund Scheme

• The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved expanding the Agriculture Infrastructure Fund (AIF) scheme to enhance agricultural infrastructure and support the farming community.
• The expansion aims to make the AIF scheme more attractive, impactful, and inclusive by broadening the scope of eligible projects and integrating supportive measures.

1. New Initiatives:
   • Viable Farming Assets:
     • All eligible beneficiaries can now create infrastructure under “viable projects for building community farming assets,” enhancing community farming capabilities and improving productivity.
   • Integrated Processing Projects:
     • Inclusion of integrated primary and secondary processing projects as eligible activities under AIF, while standalone secondary projects will be covered under MoFPI
   • PM KUSUM Component-A:
     • Convergence of Component-A of PM-KUSUM with AIF for farmers, Farmer Producer Organizations (FPOs), cooperatives, and panchayats to promote sustainable energy solutions alongside agricultural infrastructure development.
   • NABSanrakshan:
     • Extension of AIF credit guarantee coverage for FPOs through NABSanrakshan Trustee Company Pvt. Ltd., enhancing financial security and encouraging investments in agricultural infrastructure.

2. Achievements of AIF:
   • Since its launch in 2020, AIF has supported:
     • Creation of 6,623 warehouses, 688 cold stores, and 21 silos, adding approximately 500 LMT of storage capacity.
     • The additional storage can save 18.6 LMT of food grains and 3.44 LMT of horticulture produce annually.
   • Financial Mobilization:
     • ₹47,575 crore sanctioned for 74,508 projects, mobilizing a total investment of ₹78,596 crore in the agriculture sector, with ₹78,433 crore from private entities.
   • Employment Generation:
     • Infrastructure projects under AIF have created over 8.19 lakh rural employment opportunities.

CURRENT AFFAIRS : INTERNATIONAL NEWS

2nd Joint Russian-Indian Commission Meeting on Emergency Management Held in Moscow  

• The Second Meeting of the Joint Russian- Indian Commission on the Cooperation in the Field of Emergency Management was held in Moscow, Russia.
• Shri Nityanand Rai, Minister of State for Home Affairs, India is leading the Indian delegation.

Key Agreements:

• The working plan of the Joint Russian-Indian Commission on Cooperation in the Field of Emergency Management for 2025-2026 was signed by Mr. Rai and Minister of the Russian Federation for Civil Defence, Emergencies, and Elimination of Consequences of Natural Disasters, Kurenkov Aleksandr Vyacheslavovich.
• Both countries agreed to implement this plan and continue exchanging best practices and lessons learned in disaster management.
• Historical Context:The meeting aimed to strategize and execute previous agreements, including:
• The Inter-Governmental Agreement (IGA) for Emergency Management cooperation in December 2010.
• The Regulation to establish the Indo-Russian Joint Commission for Cooperation in 2013.
• The first meeting of the commission was held in New Delhi in 2016.
• Focus Areas:Three specific issues were discussed:

1. Use of space monitoring technologies for risk forecasting and emergency response.
2. Exchange of experiences in responding to large-scale disasters.
3. Cooperation in training fire and rescue specialists.

• Commitments:Shri Nityanand Rai expressed India’s commitment towards the Sendai Framework for substantial reduction of disaster risks in the country and Prime Minister Shri Narendra Modi’s 10-point agenda on Disaster Risk Reduction.

About Russia :

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

World Health Organization Designates Monkeypox a Global Public Health Emergency    

• The World Health Organization (WHO) has declared monkeypox, which has badly affected the Democratic Republic of the Congo (DRC) and a growing number of countries in Africa, to be a public health emergency of international concern.
• This is the second time the viral infection has been designated such.

Characteristics of Monkeypox:

• Cause: It is a self-limiting viral infection caused by an orthopoxvirus.
• Symptoms: Includes fever, enlarged lymph nodes, and a painful rash that progresses from blisters to crusts.
• Severity: While generally self-limiting, it can be fatal, particularly among children and individuals with weakened immune systems.

Key Highlights :

Geographic Impact:

• Origin: Monkeypox was first discovered in humans in the Democratic Republic of the Congo (DRC) in 1970.
• Spread: Outbreaks have affected several African countries, including the DRC and its neighboring countries.

Variants:

• Endemic Strain: The initial outbreaks were caused by clade 1.
• New Variant: Clade 1b, a new variant, spreads more easily through regular close contact.
• Current Statistics:Cases and Deaths: More than 15,000 monkeypox cases and 461 deaths have been reported in Africa this year, reflecting a 160% increase compared to the same period last year.

About WHO :

• Formation : 7 April 1948
• Headquarters : Geneva, Switzerland
• Director General : Tedros Adhanom Ghebreyesus
• The WHO is a specialized agency of the United Nations responsible for international public health.

India and Poland Elevate Bilateral Ties to ‘Strategic Partnership’ During PM Modi’s Historic Visit, Announce 5-Year Implementation Program  

• During Prime Minister (PM) Narendra Modi’s visit to Poland, India and Poland elevated their bilateral relationship to a “strategic partnership” and announced a five-year Action Plan for 2024-2028.
• Both countries will maintain regular contacts between their foreign ministers, utilizing both bilateral and multilateral fora for interactions.

Key Highlights :

• Multilateral Cooperation: India and Poland will support each other’s aspirations on a case-by-case basis to enhance multilateral cooperation, aligning with the spirit of the United Nations Charter.
• Areas of Cooperation: The partnership will explore cooperation in high-tech, agriculture, agritech, food tech, energy, climate, green technologies, infrastructure, smart cities, defence, healthcare, pharmaceuticals, and mining.
• Further discussions will take place at the next Joint Commission for Economic Cooperation (JCEC) meeting scheduled for the end of 2024.
• Five-Year Action Plan: A comprehensive Action Plan for 2024-2028 was unveiled, focusing on cooperation in defense, trade, agri-tech, energy, green technologies, infrastructure, pharmaceuticals, and mining.

About Poland :

• President : Andrzej Sebastian Duda
• Prime Minister : Donald Tusk
• Capital and largest city : Warsaw
• Currency : Zloty

CURRENT AFFAIRS : STATE NEWS

Maharashtra Government Declares Ratnagiri Geoglyphs and Petroglyphs as Protected Monuments Under 1960 Act   

• The Maharashtra government has declared the geoglyphs and petroglyphs in Ratnagiri as ‘protected monuments’ under the Maharashtra Ancient Monuments and Archaeological Sites and Remains Act, 1960.
• According to a notification issued by the Culture Department, the group of petroglyphs at Deud in Ratnagiri dates back to the Mesolithic Age (about 20,000–10,000 years ago).

Key Highlights :

Types of Ancient Art:

• Geoglyphs: Images or designs created on the surface of the earth.
• Petroglyphs: Images or designs carved into rock surfaces.
• Depictions: The petroglyphs include depictions of rhinoceros, deer, monkey, donkey, and footprints.
• Historical Significance: The petroglyphs are important in the Konkan region as they represent the works of Mesolithic man.
• Geographical Spread:Maharashtra and Goa: Geoglyphs are spread over a 900-kilometer area of the Konkan coast.
• Ratnagiri: Hosts more than 1,500 artworks across 70 sites, with seven sites on UNESCO’s tentative World Heritage List.

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

Andhra Pradesh Chief Minister Unveils India’s First Homegrown RT-PCR Kit for Monkeypox Detection   

• Andhra Pradesh (AP) Chief Minister (CM), Nara Chandrababu Naidu launched India’s first indigenous Monkeypox RT-PCR Kit at the AP Medtech Zone (AMTZ) in Visakhapatnam.
• The kit was developed at AMTZ in collaboration with Transasia Diagnostics.
• It has been validated by the Indian Council of Medical Research (ICMR) and the Central Drugs Standard Control Organization (CDSCO).

Kit Features:

• The kit includes lyophilized components designed for easy shipping and use in remote areas.
• It offers precise, reliable, and accessible diagnosis for Monkeypox.
• This marks a significant step in India’s capability to produce and utilize indigenous medical technology for emerging health threats like Monkeypox.

About AP :

• Governor : Syed Abdul Nazeer
• Chief Minister : N. Chandrababu Naidu
• Capital : Amaravati
• Wildlife Sanctuaries : Coringa Wildlife Sanctuary, Kambalakonda Wildlife Sanctuary, Rollapadu Wildlife Sanctuary,Koundinya Wildlife Sanctuary & Gundla Brahmeswaram Wildlife Sanctuary

CURRENT AFFAIRS: BUSINESS NEWS

Indian Economy Projected to Grow 7% in FY25 Despite Q1 Slowdown

• The Indian economy is forecasted to grow at 7% in FY25, according to HSBC Global Research, despite experiencing a slowdown to 6.7% in the first quarter of FY25.
• This marks the lowest growth rate in five quarters.
• The positive outlook is supported by robust underlying growth momentum and a reduction in key economic data gaps.

Key Highlights:

• Quarterly Performance:
  • The first quarter of FY25 saw a slowdown with GDP growth at 6.7%, down from 7.8% in the previous quarter.
  • Gross Value Added (GVA) increased by 6.8%, up from 6.3% in the prior quarter.
• Economic Growth Projections:
  • Reserve Bank of India (RBI) estimates GDP growth at 7.2% for FY25.
  • International Monetary Fund (IMF) projects a 7% growth rate.
• Narrowing Economic Gaps:
  • Significant economic gaps being addressed include:
    • GDP vs. GVA
    • Consumption vs. Investment
    • Industry vs. Services
    • Exports vs. Imports
  • Investment and Consumption Trends:
    • Investment growth converged with private consumption after six quarters of higher investment growth (average 7.5%) compared to private consumption (average 3.2%).
    • Gross Fixed Capital Formation (GFCF) grew 34.8% annually in Q1 FY25, slightly up from 34.6% the previous year.
  • Sector Performance:
    • Industrial Growth has surpassed services growth for the past three quarters, although this trend is changing as industrial growth slows, particularly in manufacturing.
    • Services Growth is accelerating, driven by public and private services, and trade and transport services.
  • Outlook for Rural and Food Production:
    • Improved food production and rural demand are expected as temperatures normalize following the heatwave in March.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Nokia to Build World’s Largest Fixed Network Testbed in Chennai to Advance Ultra-High-Speed Internet Technology  

• Nokia is set to establish the world’s largest fixed network testbed in Chennai, marking a significant step towards advancing technology in ultra-high-speed internet access.
• The project involves an investment of approximately US$ 54.07 million (Rs. 450 crore).
• The testbed will concentrate on advancements in 10G, 25G, 50G, and 100G passive optical networks
• The new facility, to be located at the State Industries Promotion Corporation of Tamil Nadu in Siruseri, will serve as one of Nokia’s major research and development centres.
• The deal signing is scheduled to occur in San Francisco, with Tamil Nadu Chief Minister M K Stalin in attendance, as part of his efforts to attract US investments.
• This move underscores Tamil Nadu’s growing reputation as a hub for R&D and technology services, with Nokia’s commitment reflecting a longstanding partnership in the state’s development journey.
• The establishment of a centre by the Finnish major is set to advance the development of next-generation networks and create approximately 100 specialised jobs.
• This partnership enhances Chennai’s strategic role in Nokia’s global operations and highlights the region’s growing significance as a hub for technological innovation.

About Nokia :

• Founded : 12 May 1865
• Headquarters : Espoo, Finland
• Chairwoman : Sari Baldauf
• President & CEO : Pekka Lundmark

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Financial Services Institutions Bureau Recommends Rama Mohan Rao Amara for State Bank of India Managing Director    

• The Financial Services Institutions Bureau (FSIB), the headhunter for directors of state-owned banks and financial institutions, recommended Rama Mohan Rao Amara for the position of managing director (MD) of State Bank of India (SBI).
• Amara is currently Deputy Managing Director of the bank.
• The vacancy arose following the elevation of C S Setty to the position of Chairman of SBI.

SBI Board Structure :

• Current Composition: The SBI board is led by the Chairman and supported by four Managing Directors (MDs).
• Impact of Appointment: With Amara’s selection, SBI will have a total of four MDs.

About FSIB :

• FSIB is headed by Bhanu Pratap Sharma, former Secretary, Department of Personnel and Training (DoPT).
• Other members include Animesh Chauhan (former Chairman and MD of Oriental Bank of Commerce), Deepak Singhal (former RBI Executive Director), and Shailendra Bhandari (former MD of ING Vysya Bank).
• The final decision on FSIB’s recommendation would be taken by the Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi.

Meesho Appoints Mohit Rajani as Chief Product Officer  

• E-commerce major Meesho has appointed Mohit Rajani as Chief Product Officer (CPO).
• In his role as CPO, Mohit will lead Meesho’s product organisation, overseeing the product management, design, and analytics teams.
• Rajani has previously been associated with Meta, Google, and Carta.

Recent News :

• In August 2024, Meesho appointed four independent directors to strengthen its board.

Appointees:

1. Kalpana Morparia: Former JPMorgan veteran.
2. Hari S Bhartia: Former President of the Confederation of Indian Industry (CII).
3. Surojit Chatterjee.
4. Rohit Bhagat.

About Meesho :

• Founded : December 2015
• Headquarters : Bangalore, Karnataka, India
• CEO : Vidit Aatrey

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Competition Commission of India Clears $8.5 Billion Merger Between Reliance and Disney India

• The Competition Commission of India (CCI) has approved the $8.5 billion merger between Reliance Industries Limited and Disney’s Indian media assets.
• CCI has not yet specified any voluntary modifications for the original merger deal made by the two companies.
• The merger aims to create the largest entertainment player in India to compete with major players like Sony, Netflix, and Amazon.

Key Highlights :

• Assets and Ownership: The merged entity will include 120 TV channels and two streaming services. Reliance and Viacom18 will hold a 63.16% stake, while Walt Disney will hold 36.84%.
• Leadership: Nita Ambani will be the chairperson of the joint venture, with Uday Shankar serving as the vice chairperson.
• Major Shareholder: The merged company will be majority owned by Mukesh Ambani’s Reliance, who is Asia’s richest man.

About CCI :

• Established : 14 October 2003
• Headquarters : New Delhi, India
• Chairman : Ravneet Kaur
• The CCI is the chief national competition regulator in India.
• It is a statutory body within the Ministry of Corporate Affairs and is responsible for enforcing the Competition Act, 2002 to promote competition and prevent activities that have an appreciable adverse effect on competition in India.

CURRENT AFFAIRS: SPORTS NEWS

India’s Impressive Performance at Paris Paralympics 2024

• India’s para-athletes have made the nation proud at the Paris Paralympics 2024, securing a total of 15 medals: 3 gold, 5 silver, and 7 bronze.
• This remarkable achievement highlights India’s growing strength in para-sports on the global stage.

Key Highlights

Sumit Antil’s Historic Achievement:

• Event: Men’s Javelin Throw – F64
• Medal: Gold
• Performance: Sumit Antil defended his Paralympic title with a record throw of 70.59m, surpassing his previous Paralympic record of 68.55m set in Tokyo. His world record stands at 73.29m.
• Significance: Sumit became the first Indian man to defend a Paralympic title, following shooter Avani Lekhara.

Preethi Pal’s Dual Success:

• Events:
  • Women’s 200m T35
  • Women’s 100m T35
• Medals: 2 Bronze
• Personal Best: 30.01 seconds in the 200m T35 category.
• Background: Preethi Pal, a 23-year-old from Muzaffarnagar, Uttar Pradesh, overcame significant physical challenges from birth. She is now the second Indian woman, after Avani Lekhara, to win two medals in a single Paralympics.

Nishad Kumar’s Consistency:

• Event: Men’s High Jump T47
• Medal: Silver
• Performance: Nishad Kumar cleared 2.04m, securing his second consecutive Paralympic silver, after a similar performance in Tokyo.
• Background: Nishad, from Una, Himachal Pradesh, lost his right hand in a childhood accident. Despite this, he has consistently excelled in para-athletics.

India’s Overall Medal Winners:

• Gold Medalists:
  • Sumit Antil – Men’s Javelin Throw F64
  • Nitesh Kumar – Men’s Singles SL3 (Badminton)
  • Avani Lekhara – Women’s 10m Air Rifle Standing SH1
• Silver Medalists:
  • Suhas – Men’s Singles SL4 (Badminton)
  • Thulasimathi Murugesan – Women’s Singles SU5 (Badminton)
  • Yogesh Kathuniya – Men’s Discus Throw F56
  • Manish Narwal – Men’s 10m Air Pistol SH1
  • Nishad Kumar – Men’s High Jump T47
• Bronze Medalists:
  • Preethi Pal – Women’s 100m T35 and 200m T35
  • Manisha Ramadass – Women’s Singles SU5 (Badminton)
  • Nithya Sre Sumathy Sivan – Women’s Singles SH6 (Badminton)
  • Mona Agarwal – Women’s 10m Air Rifle Standing SH1
  • Rubina Francis – Women’s 10m Air Pistol SH1
  • India – Mixed Team Compound Open (Archery)

India’s Medal Tally at Paris Paralympics 2024

• Rank: 15th
• Total Medals: 15 (3 Gold, 5 Silver, 7 Bronze)

Global Medal Tally Highlights

• 1st: China – 87 Medals (43 Gold)
• 2nd: Great Britain – 54 Medals (29 Gold)
• 3rd: United States – 42 Medals (13 Gold)

Dhanush Srikanth Shines at World Deaf Shooting Championship

• Dhanush Srikanth won three gold medals for India at the World Deaf Shooting Championship in Hanover, Germany.
• World Record: He broke the world record in the men’s 10m air rifle event qualification with a score of 632.7, outperforming fellow Indians Shourya Saini (625) and Mohammed Vania (622.7) in the finals.
• Team Events: Dhanush secured gold in the 10m mixed team event alongside Mahit Sandhu and in the 10m air rifle men’s team event with Saini and Vania, setting world records in both qualifications and finals (628.8).

Background:

• Dhanush, 22, trains at the Gun For Glory Shooting Academy in Hyderabad, under the guidance of Olympic medallist Gagan Narang and coach Neha Chavan.
• He is part of a 13-member Indian contingent that had already secured medals in the air pistol category earlier in the championship.

Previous Achievements:

• Dhanush’s international success includes two gold medals at the Deaflympics in 2022 and a gold and silver at the ISSF Junior World Cup in 2023.
• He boasts 13 international medals along with over 30 state and national-level medals since starting his journey in 2015.

Significance:

• Dhanush’s accomplishments highlight his dominance in international competitions for deaf athletes and contribute to India’s growing reputation in shooting sports.

CURRENT AFFAIRS : OBITUARIES

New Zealand’s Māori King Kiingi Tuheitia Passed away

• New Zealand’s Māori King, Kiingi Tuheitia Pootatau Te Wherowhero VII, passed away at the age of 69.
• His death occurred shortly after celebrating his 18th year on the throne.

About Kiingi Tuheitia :

• Born Tuheitia Paki in 1955 in Huntly, North Island, New Zealand.
• He was crowned as Māori King on August 21, 2006, following the death of his mother, Te Arikinui Dame Te Atairangikaahu.
• He was the seventh monarch in the Kiingitanga movement, a position established in 1858.
• The Kiingitanga movement was created to unite New Zealand’s Indigenous Māori tribes against British colonization.

Daily CA One- Liner: September 4

• The Union Cabinet has approved India’s participation in the Indo-Pacific Economic Framework for Prosperity (IPEF) agreements focused on creating a clean and fair economy.
• The Union Cabinet approved establishing a semiconductor manufacturing unit in Sanand, Gujarat, by Kaynes Semicon Pvt Ltd.
• Union Minister Nitin Gadkari suggested that state finance ministers consider reducing the Goods and Services Tax (GST) on flex-fuel vehicles to 12% during the upcoming GST Council meeting
• The Union Cabinet approved seven schemes worth nearly ₹13,966 crore aimed at enhancing farmer incomes through technological advancements and modernizing existing agricultural practices
• The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, has approved three major railway projects with a total estimated cost of ₹6,456 crore
• The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved expanding the Agriculture Infrastructure Fund (AIF) scheme to enhance agricultural infrastructure and support the farming community
• The Indian economy is forecasted to grow at 7% in FY25, according to HSBC Global Research, despite experiencing a slowdown to 6.7% in the first quarter of FY25
• India’s para-athletes have made the nation proud at the Paris Paralympics 2024, securing a total of 15 medals: 3 gold, 5 silver, and 7 bronze
• Dhanush Srikanth won three gold medals for India at the World Deaf Shooting Championship in Hanover, Germany.
• Public sector banks have cut their holdings of government securities (G-Secs) under the Held-to-Maturity (HTM) category by over 50%.
• Unified Payment Interface (UPI) transactions saw a 3% rise in volume in August to 14.96 billion, compared to 14.44 billion in July, the highest ever since the digital payment platform turned operational in April 2016.
• The Securities and Exchange Board of India (SEBI) proposed an overhaul of merchant bankers’ regulations amid a boom in the equity capital market.
• BharatPe has partnered with Unity Bank to launch its UPI Third Party Application Provider (TPAP) service.
• The Reserve Bank of India (RBI) has introduced a scheme to allow foreign investors in the International Financial Services Centre (IFSC) to invest in sovereign green bonds (SGrBs), aiming to facilitate wider non-resident participation.
• Karnataka Bank will offer personal loans through the Open Network for Digital Commerce (ONDC), becoming the first bank to do so.
• The Second Meeting of the Joint Russian- Indian Commission on the Cooperation in the Field of Emergency Management was held in Moscow, Russia.
• The World Health Organization (WHO) has declared monkeypox, which has badly affected the Democratic Republic of the Congo (DRC) and a growing number of countries in Africa, to be a public health emergency of international concern.
• During Prime Minister (PM) Narendra Modi’s visit to Poland, India and Poland elevated their bilateral relationship to a “strategic partnership” and announced a five-year Action Plan for 2024-2028.
• The Maharashtra government has declared the geoglyphs and petroglyphs in Ratnagiri as ‘protected monuments’ under the Maharashtra Ancient Monuments and Archaeological Sites and Remains Act, 1960.
• Andhra Pradesh (AP) Chief Minister (CM), Nara Chandrababu Naidu launched India’s first indigenous Monkeypox RT-PCR Kit at the AP Medtech Zone (AMTZ) in Visakhapatnam.
• Nokia is set to establish the world’s largest fixed network testbed in Chennai, marking a significant step towards advancing technology in ultra-high-speed internet access.
• The Financial Services Institutions Bureau (FSIB), the headhunter for directors of state-owned banks and financial institutions, recommended Rama Mohan Rao Amara for the position of managing director (MD) of State Bank of India (SBI).
• E-commerce major Meesho has appointed Mohit Rajani as Chief Product Officer (CPO).
• The Competition Commission of India (CCI) has approved the $8.5 billion merger between Reliance Industries Limited and Disney’s Indian media assets.
• New Zealand’s Māori King, Kiingi Tuheitia Pootatau Te Wherowhero VII, passed away at the age of 69.

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