Daily Current Affairs July 05 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Government of India and Asian Development Bank sign $170 Million Loan Deal to Enhance Pandemic Preparedness and Response    

• The Government of India (GoI) and the Asian Development Bank (ADB) have signed a $170 million policy-based loan to consolidate and strengthen India’s health system preparedness and response capacity to future pandemics.
• This loan is a part of the ‘Strengthened and Measurable Actions for Resilient and Transformative Health Systems Programme (Subprogramme 1)’

About ‘Strengthened and Measurable Actions for Resilient and Transformative Health Systems Programme (Subprogramme 1):

• The proposed program will help India consolidate and develop its pandemic preparedness and response (PPR) capability through a multifaceted and cross-sectoral strategy involving both central and subnational governments.
• The related policy actions will increase institutional capacity and systems for infrastructure planning and management in the health sector, hence increasing India’s ability to avoid and mitigate the effects of future public health emergencies and complex systemic hazards.

Signatories:

• Juhi Mukherjee, Joint Secretary of the Department of Economic Affairs, Ministry of Finance, represented GoI.
• Mio Oka, Country Director of ADB’s India Resident Mission, represented ADB.

Key Highlights :

• Through this policy-based loan, ADB will help the government fill the gaps in policy, legislative, and institutional governance and structures and contribute to India’s goal of providing universal access to quality and affordable health care services.
• Alignment with Government Initiatives:The programme aligns with key national initiatives including the National Health Policy 2017, Pradhan Mantri Ayushman Bharat Health Infrastructure Mission (PM-ABHIM), and the National One Health Mission.
• It also supports efforts to strengthen human resources for health (HRH).
• The targeted reform areas through the program include:

(i) strengthened disease surveillance and multisectoral response,

(ii) strengthened human resources for health,

(iii) expanded climate resilient public health infrastructure and innovative service delivery.

• Enhanced Disease Surveillance:The programme aims to strengthen disease surveillance systems across different levels (state, union, metropolitan) through the establishment of laboratory networks for infectious disease surveillance.
• Governance Improvements:It will enhance the governance of India’s One Health approach, promoting a coordinated response to emerging infectious diseases across multiple sectors.
• Health Professional Support:ADB will support policy reforms to ensure an adequate supply of competent health professionals.
• Infrastructure Development:The programme will manage integrated public health laboratories in 5 states and establish district critical care hospital blocks.
• Climate-Resilient Healthcare Facilities:It will assist in establishing green and climate-resilient healthcare facilities to enhance sustainability and readiness to climate-related challenges in the healthcare sector.

About ADB :

• Established: 19 December 1966
• Headquarters:  Manila, Philippines
• Membership: 68 Countries
• President: Masatsugu Asakawa (from 17 January 2020)

Bank of India Plans to Raise Up to Rs 5,000 Crore through Infrastructure Bonds

• Bank of India (BOI) plans to raise up to Rs 5,000 crore through infrastructure bonds.
• The capital raising committee is scheduled to meet soon to finalize the details of the fundraising plan.

Key Highlights :

• Rating and Market Conditions:The proposed infra bond offering by BOI has been assigned an “AA+” rating by India Ratings.
• The actual amount raised and timing will be contingent upon market conditions.
• Infrastructure Loan Book:BOI’s infrastructure loan book was reported at Rs 58,860 crore as of March 2024, highlighting its significant exposure in this sector.
• Growth Projections:According to CRISIL Ratings, Investments in key infrastructure sectors like renewable energy, roads, and real estate are expected to grow by 38% in FY 2025 and FY 2026, reaching Rs 15 trillion.

Recent News :

• In June 2024, State Bank of India (SBI) had raised Rs 10,000 crore through 15-year infrastructure bonds at a coupon of 7.36%.

About Bank of India :

• Founded : 7 September 1906
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Rajneesh Karnatak
• Tagline : Relationship beyond Banking

Securities and Exchange Board of India Lowers Face Value of Debt Securities to ₹10,000 to Enhance Retail Participation              

• The Markets regulator Securities and Exchange Board of India (SEBI) has reduced the face value of debt securities from Rs 100,000 to Rs 10,000 to encourage greater participation of retail investors in the corporate bond market.
• This move aims to enhance liquidity and broaden the investor base in corporate bonds.

What Is Face Value?

• Face value is a financial term used to describe a security’s nominal or dollar value as given by its issuer.

Key Highlights :

• Impact on Retail Investors:Lowering the face value makes debt securities more accessible to non-institutional investors and may attract more retail participation.
• It facilitates easier entry into the corporate bond market for individual investors.
• Conditions for Issuers:Issuers intending to issue debt securities or non-convertible redeemable preference shares at the reduced face value must fulfil certain conditions.
• These include appointing at least one merchant banker and ensuring the instruments are plain vanilla, interest-bearing, or dividend-bearing.
• Credit Enhancements:SEBI allows credit enhancements in these instruments, which could potentially mitigate risk and attract more investor interest.
• Documentation Requirements:Issuers must update their General Information Document (GID) or issue an addendum to the shelf placement memorandum to reflect the new face value of Rs 10,000.
• This ensures transparency and compliance with regulatory standards.
• Background:Previously, in October 2022, SEBI had reduced the face value of corporate bonds from Rs 10 lakhs to Rs 1lakh.
• The regulatory changes are aimed at addressing issues like fund diversion, asset siphoning, and financial manipulation detected in the market.

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.

Securities and Exchange Board of India Introduces New Mutual Fund Lite Regulations to Streamline Criteria for Passive Fund Managers     

• The Securities and Exchanges Board of India (SEBI) has proposed the introduction of Mutual Fund (MF) Lite Regulations in the Mutual Funds segment to simplify the offering of passive funds.
• Aim of the framework : To facilitate easier entry for new passive fund players and streamline operations for existing fund houses.

Key Highlights :

• Criteria Relaxation:Proposed reduction in net worth and profit track record criteria for fund houses interested solely in managing passive assets.
• Allows existing and new players to manage passive funds with eased financial eligibility requirements.
• Eligibility Routes:Asset Management Companies (AMCs) can choose either the main eligibility route or the alternate eligibility route to offer passive funds under the proposed regulations.
• Existing fund houses can establish a separate section dedicated to their passive fund businesses, registered under the MF Lite framework.
• Segregation Requirement:Existing AMCs must segregate and ring-fence resources such as infrastructure, technology, and staff specifically for passive fund management, distinct from active fund management.
• Financial Requirements:Sponsors must demonstrate a positive net worth in the preceding 5 years and registered net profit in 3 out of the last 5 years.
• Average profit over the last 5 years should be at least ₹5 crore.
• Minimum net worth proposed is ₹35 crore, potentially reduced to ₹25 crore with 5 consecutive years of profit.
• Types of Hybrid Passives:MF Lite proposes 3 categories of hybrid passives:

1. Debt-oriented (Equity: Debt-25:75)
2. Balanced (Equity: Debt-50:50)
3. Equity-oriented (Equity: Debt-75:25)

• These categories are permitted for launch under the new regulations, providing flexibility in fund offerings.

New Banking Malware ‘Snowblind’ Targets Android Users for Banking Credential Theft     

• A new banking malware called ‘Snowblind’ is targeting Android users to steal banking credentials.

About Snowblind Android malware:

• Discovered by cybersecurity firm Promon, headquartered in Norway.
• Functionality : This malware can take your banking login details and perform unauthorised transactions.
• Exploitation of Security Features:Snowblind exploits a built-in Android security feature to bypass anti-tamper protections in apps that handle sensitive information.
• This allows the malware to operate undetected and compromise sensitive data.
• Impact on Security Measures: Snowblind can disable biometric authentication (like fingerprint or facial recognition) and two-factor authentication (2FA).
• These security features are commonly used by banking apps to prevent unauthorized access, making Snowblind particularly dangerous.
• Implications:Users are at risk of financial losses due to unauthorized transactions initiated by Snowblind.

Securities and Exchange Board of India Simplifies Process for Public Issuance of Debt Securities                    

• The Markets regulator Securities and Exchange Board of India (SEBI) decided to streamline the process for public issuance of debt securities to provide faster access to funds for such issuers.

Key Highlights :

• Under this, The period for seeking public comments on draft offer documents reduced:
• From 7 working days to 1 day for issuers with already listed specified securities.
• From 7 working days to 5 days for other issuers.
• Subscription and Listing Timelines:
• Minimum subscription period cut from 3 to 2 working days.
• Listing timeline reduced from T+6 to T+3 working days, initially optional for one year, mandatory thereafter.
• Flexibility in Advertising Public Issues:SEBI allowed electronic advertising modes, with QR codes/links in newspapers.
• Harmonised application procedures using UPI for individual investors up to Rs 5 lakh, retaining other application modes.
• Simplified Disclosure Requirements:SEBI simplified disclosure requirements for non-convertible securities in offer documents.
• Removed the requirement for PAN and personal address disclosure of promoters in offer documents.
• Alignment of Disclosure Procedures:SEBI aligned disclosure procedures for the use of issue proceeds and payment obligation timelines for listed commercial papers with debt securities.
• Guidelines for Category I and II AIF Borrowing and LVF Tenure Extensions:In addition, the SEBI has approved guidelines for Category I and II Alternative Investment Funds (AIFs) Borrowing and tenure extensions for Large Value Fund (LVF).
• Under this, Sebi has decided to allow Category I and II AIFs to temporarily borrow for up to 30 days to cover temporary investor shortfalls when making investments.

Recent News :

• In June 2024, The SEBI imposed additional measures and surveillance to curb manipulation in the process involved in computing the opening price for a stock on the day of its listing following an initial public offering (IPO).

Hitachi Payment Services Granted Reserve Bank of India’s  Final Authorization for Online Payment Aggregator License

• Hitachi Payment Services, India’s end-to-end payments and commerce solutions provider, has announced that it has received the final authorisation from the Reserve Bank of India (RBI) to operate as an Online Payment Aggregator, under the Payments and Settlement Systems Act, 2007.
• This authorization allows Hitachi Payment Services to expand its digital solutions and services stack to include a comprehensive suite of payment options such as UPI, netbanking, cards, wallets, EMI, Paylater, Buy Now Pay Later (BNPL), Link Based payments, and loyalty solutions for merchants.

Key Highlights :

• Innovative Offerings: Hitachi Payment Services provides UPI Solutions, SoftPOS, Value Added Services, artificial intelligence (AI) & Machine learning (ML) -based solutions, next-gen mobile-based merchant platforms, and UPI ATM on Android platform.
• Transaction Volume: Currently processes over 2.5 billion digital transactions annually for leading banks and fintech companies in India.
• HPX Accelerator Program: Launched in 2023 to collaborate with fintech startups across India for digital payment innovation.

Recent News :

• In April 2024, Hitachi Payment Services launched India’s first upgradable ATMs, allowing conversion to cash recycling machines (CRM) as needed by banks, eliminating the need for separate CRM installations.

About Hitachi Payment Services:

• Founded: 2008 as Prizm Payment Services.
• Headquarters: Mumbai, Maharashtra.
• MD & CEO: Sumil Vikamsey

CURRENT AFFAIRS: NATIONAL NEWS

NITI Aayog to launch ‘Sampoornata Abhiyan’campaign

• NITI Aayog is set to launch the ‘Sampoornata Abhiyan’ campaign on 4th July 2024, running until 30th September 2024.
• This campaign aims to achieve complete coverage (saturation) of 6 key performance indicators (KPIs) in 112 Aspirational Districts and 500 Aspirational Blocks
• The campaign operates under the Aspirational Districts Programme (ADP) and the Aspirational Blocks Programme (ABP).

Focus Areas for Aspirational Blocks

The campaign will address the following 6 KPIs in all Aspirational Blocks:

1. Antenatal Care (ANC) Registration: Percentage of pregnant women registered for ANC within the first trimester.
2. Diabetes Screening: Percentage of individuals screened for diabetes against the targeted population.
3. Hypertension Screening: Percentage of individuals screened for hypertension against the targeted population.
4. Supplementary Nutrition: Percentage of pregnant women regularly receiving supplementary nutrition under the ICDS Programme.
5. Soil Health Cards: Percentage of Soil Health Cards generated against the soil sample collection target.
6. Revolving Fund for SHGs: Percentage of Self-Help Groups (SHGs) receiving a Revolving Fund against the total SHGs in the block.

Focus Areas for Aspirational Districts

The 6 KPIs targeted in all Aspirational Districts include:

1. Antenatal Care (ANC) Registration: Percentage of pregnant women registered for ANC within the first trimester.
2. Supplementary Nutrition: Percentage of pregnant women regularly receiving supplementary nutrition under the ICDS Programme.
3. Child Immunization: Percentage of children fully immunized (9-11 months) covering BCG, DPT3, OPV3, and Measles 1.
4. Soil Health Cards Distribution: Number of Soil Health Cards distributed.
5. Functional Electricity in Schools: Percentage of secondary-level schools with functional electricity.
6. Textbook Provision in Schools: Percentage of schools providing textbooks to children within 1 month of the academic session’s start.

Implementation Strategy

• NITI Aayog will issue a list of activities for districts and blocks to implement as part of the campaign.
• In collaboration with relevant Central Ministries, State Governments, and Union Territories, NITI Aayog will focus on improved planning, capacity building, and establishing systems to enhance and sustain service delivery.

Background of the Programmes

• Aspirational Districts Programme (ADP): Launched in 2018, covering 112 districts to accelerate development in backward areas. ADP has shown significant improvements in key indicators benefiting citizens.
• Aspirational Blocks Programme (ABP): Initiated in 2023 by the Hon’ble Prime Minister, targeting 500 blocks to ensure saturation of essential government services in various sectors like health, nutrition, education, sanitation, agriculture, water resources, financial inclusion, and basic infrastructure.

Key Highlights

• Campaign Duration: 4th July – 30th September 2024
• Key Performance Indicators (KPIs): 6 for Aspirational Blocks and 6 for Aspirational Districts
• Programmes Involved: Aspirational Districts Programme (ADP) and Aspirational Blocks Programme (ABP)
• Launch Years: ADP (2018), ABP (2023)
• Focus Areas: Health, Nutrition, Education, Agriculture, Infrastructure, Financial Inclusion

Smart Cities Mission extended till March 2025

• The Centre has extended the Smart Cities Mission (SCM) under the Union Urban Development Ministry till March 31, 2025.
• This is the third extension to the mission.
• The Mission was to end on June 30, 2024.
• The Smart Cities Mission is a pioneering initiative in India’s urban development, launched in June 2015.
• This mission has introduced several innovative strategies including:

• City Competition: Cities competed to be selected among the 100 smart cities.
• Stakeholder-Driven Projects: Projects were chosen based on stakeholder input.
• Special Purpose Vehicles (SPVs): These were formed for the implementation of smart city projects.
• Technology Integration: Use of digital solutions to enhance urban governance.
• Third-Party Evaluations: Premier academic and professional institutes conducted impact evaluations.

• Project Statistics:
  • Total Projects: Over 8,000 multi-sectoral projects worth approximately ₹ 1.6 lakh crore.
  • Completed Projects (as of 3rd July 2024): 7,188 projects (90% of total) valued at ₹ 1,44,237 crore.
  • Ongoing Projects: 830 projects worth ₹ 19,926 crore in advanced completion stages.

Financial Overview

• GOI Budget Allocation: ₹ 48,000 crore for the mission.
• Funds Released (as of date): ₹ 46,585 crore (97% of the allocated budget).
• Utilization of Released Funds: 93% utilized by the cities.
• Full Financial Support: Provided to 74 out of 100 cities under the mission.

Extension and Completion

• Requests for Extension: Several States/City governments requested additional time to complete the remaining 10% of projects, delayed due to various on-ground conditions.
• Mission Extension: The Government of India extended the mission period to 31 March 2025 for the completion of these projects.

Key Highlights

• Launch Date: June 2015
• Key Innovations:
  • City competition for selection.
  • Stakeholder-driven project selection.
  • Formation of SPVs for implementation.
  • Deployment of technology for governance.
  • Third-party impact evaluations.
• Project Completion (as of 3rd July 2024): 90% completed.
• Total Budget: ₹ 48,000 crore.
• Funds Released: ₹ 46,585 crore.
• Funds Utilized: 93%.
• Extension Deadline: 31 March 2025 for the remaining 10% projects.
• Number of Cities Receiving Full Financial Support: 74 out of 100.

6th meeting of the GPAI Ministerial Council held at New Delhi

• The 6th meeting of the Global Partnership on Artificial Intelligence (GPAI) Ministerial Council was held at Bharat Mandapam, New Delhi in a hybrid format.
• Shri Jitin Prasada, the Hon’ble Minister of State for Electronics and Information Technology and Commerce & Industry, chaired the meeting.
• Key attendees included Shri Hiroshi Yoshida, Hon’ble Vice Minister from Japan (Outgoing Chair), and Jelena Begovic, Hon’ble Minister from Serbia (Incoming Chair).
• Representatives from OECD and UNESCO were also present.
• India’s Leadership in AI: The consensus reached at the 2024 GPAI meeting highlights India’s pivotal role in global AI discourse, reinforcing its leadership in ethical and inclusive AI development.

Key Highlights

• Date and Venue: 3rd July 2024, Bharat Mandapam, New Delhi
• Chairperson: Shri Jitin Prasada
• Key Attendees: Representatives from Japan, Serbia, OECD, UNESCO
• Key Points Discussed:
  • AI’s transformative potential and associated risks.
  • Commitment to trustworthy, human-centric AI.
  • Reaffirmation of OECD and UNESCO AI recommendations.
  • Strengthening GPAI’s identity and international cooperation.
  • Call for inclusivity and equal participation.
  • Serbia elected as Lead Chair for 2024-25.
• Significance: Emphasizes India’s leadership in global AI ethics and governance.

TDF scheme playing a crucial role in promoting ‘Aatmanirbharta’ in defence; Start-ups & MSMEs being encouraged to enhance capabilities in cutting-edge technology

• The Technology Development Fund (TDF) scheme is a significant initiative under the ‘Make in India’ campaign, led by the Ministry of Defence and executed by the Defence Research and Development Organisation (DRDO).
• The scheme aims to promote ‘Aatmanirbharta’ (self-reliance) in defence by encouraging participation from public and private industries, especially start-ups and MSMEs (Micro, Small, and Medium Enterprises).

Key Achievements and Projects

• Sanctioned Projects: To date, 77 projects have been sanctioned, with a financial commitment exceeding ₹ 300 crore.
• Defence Technologies Realised: 27 defence technologies have successfully been developed under the scheme.

Success Stories of Start-ups

1. Combat Robotics, Pune
   • Innovation: Developed an Innovative Simulator for Unmanned Vehicles.
   • Capabilities: Supports Unmanned Ground Vehicles (UGVs), Unmanned Underwater Vehicles (UUVs), Unmanned Surface Vehicles (USVs), and Unmanned Aerial Vehicles (UAVs).
   • Usage: Serves as a development tool for agencies working on autonomous systems.

Main Objectives of the TDF Scheme

1. Grant in Aid: Provide financial support to Indian industries, including MSMEs, start-ups, academic, and scientific institutions for developing defence and dual-use technologies not available with the Indian defence industry.
2. Private Sector Engagement: Promote a culture of Design & Development in Military Technology within private industries, especially MSMEs and start-ups, and support them financially.
3. Focus on Niche Technologies: Encourage Research, Design, and Development of technologies being developed for the first time in India.
4. Bridge Creation: Establish connections between the Armed Forces, research organizations, academia, certifying agencies, and private sector entities.

Key Highlights

• Scheme Name: Technology Development Fund (TDF)
• Managing Body: Ministry of Defence, executed by DRDO
• Focus: Enhancing capabilities in cutting-edge technology and promoting self-reliance in defence.
• Achievements:
  • Total Projects Sanctioned: 77
  • Total Commitment: Over ₹ 300 crore
  • Defence Technologies Realised: 27
• Notable Start-up Contributions:
  • Combat Robotics, Pune: Simulator for Unmanned Vehicles
  • ChiStats Labs, Pune: Virtual Sensors for Aero Gas Turbine Engine Health Monitoring
  • NewSpace Research and Technologies, Bengaluru: Autonomous Drone for Indoor Operations
• Main Objectives:
  • Financial Support: For Indian industries and institutions.
  • Engagement: With MSMEs and start-ups for Military Technology development.
  • Focus Areas: Niche technology development.
  • Bridge Creation: Between Armed Forces, research bodies, academia, and private sector.

Ayushman Bharat Yojana may extend to cover senior citizens

• Budget 2024 may witness ‘Modi 3.0’ expanding the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB PM-JAY) to encompass senior citizens in India, fulfilling the NDA’s pledge to extend healthcare support to those aged 70 and above.

Key Highlights:

• Expansion of AB PM-JAY: Proposal to include senior citizens in the upcoming Budget.
• Objective: Aligns with NDA’s commitment to healthcare for the elderly under the scheme.
• Inclusion of Elderly-Focused Hospitals: Planned under PM-JAY framework.
• Beneficiary Increase: Consideration to expand AB PM-JAY coverage.
• Scheme Details:
  • AB-PMJAY: Largest publicly funded health insurance globally.
  • Coverage: Provides Rs 5 lakh annually for secondary and tertiary care to 12 crore families.
• Role of State Health Agencies (SHAs): Responsible for hospital inclusion to ensure widespread access.
• Current Coverage:
  • Elderly Coverage: Around 20% of those aged 60+ covered by existing health schemes.
  • Gender Disparity: Higher coverage among elderly men (19.7%) compared to women (16.9%).
  • Rural-Urban Parity: Minimal coverage difference between rural and urban areas.
• Source: Data sourced from the India Ageing Report 2023.

The government forms 8 Cabinet committees; security, and appointments panels remain unchanged

• The Union government reconstituted eight Cabinet committees.
• The eight key Cabinet Committees in India include the Cabinet Committee on Economic Affairs (CCEA), Appointments Committee of the Cabinet(ACC), Cabinet Committee on Security (CCS), Cabinet Committee on Accommodation, Cabinet Committee on Parliamentary Affairs, Cabinet Committee on Political Affairs, Cabinet Committee on Investment and Growth, and Cabinet Committee on Skill, Employment, and Livelihood.

Key Highlights:

• Committee Leadership: Prime Minister Narendra Modi chairs six committees, excluding the Cabinet Committee on Accommodation and the Cabinet Committee on Parliamentary Affairs.
• Composition Changes: The CCEA will now comprise 11 members, including PM Modi, Defence Minister Rajnath Singh, Home Minister Amit Shah, and others.
• Appointments Committee: Narendra Modi heads the Appointments Committee, with Shah as the sole member.
• CCS Stability: The CCS, led by Modi, remains unchanged with members Rajnath Singh, Amit Shah, Nirmala Sitharaman, and S Jaishankar.
• Inclusion of NDA Partners: Ministers like Chirag Paswan and Jayant Chaudhary from NDA are appointed to various committees, enhancing coalition representation.
• Special Invitee: Jayant Chaudhary serves as a Special Invitee on the Cabinet Committee on Skill, Employment, and Livelihood.

CURRENT AFFAIRS : STATE NEWS

Uttar Pradesh Cabinet Approves Draft of UP NIRMAN (Nodal Investment Region for Manufacturing (Construction) Area Bill) -2024 to Attract Investors      

• The Uttar Pradesh (UP) government has approved the draft Uttar Pradesh Nodal Investment Region for Manufacturing (Construction) Area Bill (NIRMAN)-2024, aiming to propel the state towards achieving a one trillion dollar economy.
• This draft of the Bill to make a Special Investment Region (SIR) was approved in the cabinet meeting held in Lok Bhavan under chairmanship of Chief Minister Yogi Adityanath.

Key Highlights :

• Special Investment Regions (SIRs):At least 4 SIRs to be created in four geographical areas of UP.
• 20,000 acres of land bank available for these regions.
• SIRs are major investment regions where cluster development takes place and the power vested in the state government or other departments is decentralised at the authority level.
• UP became the 4th state to implement such a law, following Gujarat, Rajasthan, and Karnataka.

Benefits:

• Promotes ease of doing business.
• Accelerates economic development.
• Generates new employment opportunities.
• Provides legal protection for investment regions.
• Large areas allocated for SIRs similar to Bundelkhand Industrial Development Authority (5,000 hectares).

Additional Cabinet Approvals :

• In order to promote a favourable environment for industrial investment in the state, the proposal for signing a Memorandum of Understanding (MoU) between India Trade Promotion Organisation (ITPO) and Micro, Small and Medium Enterprises (MSME) was also approved in the cabinet.
• The UP cabinet has also approved the proposal to temporarily employ 2,200 teachers, who were removed from service in 2023 on the orders of the Supreme Court orders, on honorarium in non-government-aided secondary schools.

About UP :

• Governor : Anandiben Patel
• Chief Minister : Yogi Adityanath
• Capital : Lucknow
• National Park : Dudhwa National Park
• Wildlife Sanctuary : Bakhira Wildlife Sanctuary, Chandraprabha Wildlife Sanctuary, National Chambal Wildlife Sanctuary

CURRENT AFFAIRS: BUSINESS NEWS

Services Purchasing Managers’ Index(PMI( rises in June 2024 after May 2024 break on new orders

• In June 2024, the services sector in India showed improvement with the HSBC India Services Business Activity Index (services PMI) rising to 60.5, up from 60.2 in May.
• This increase was driven by a stronger uptick in new orders and an unprecedented expansion in international sales, according to S&P Global.

Key Highlights:

• Services PMI: Increased to 60.5 in June from 60.2 in May.
• Drivers of Growth: Stronger rise in new orders and record international sales expansion.
• Activity Level: Quicker than May and above its long-run average.
• Impact on Composite PMI: The composite PMI, combining manufacturing and services, rose to 60.9 in June.
• Manufacturing PMI: Also improved, rising to 58.3 in June from 57.5 in May.
• International Orders: Services firms experienced unprecedented growth in orders from Asia, Australia, Europe, Latin America, the Middle East, and the US during June.

Franklin Templeton plans to launch a series of fixed-income schemes

• Following the abrupt cessation of six debt schemes worth ₹20,215 crore in April 2020 due to a liquidity crisis amid the Covid pandemic, Franklin Templeton Asset Management plans to launch a series of fixed-income schemes.
• Avinash Satwalekar, President of Franklin Templeton–India, announced that the fund house aims to enter the fixed-income market within the next three months, with initial preparations already underway.

Key Highlights:

• New Initiatives: Franklin Templeton plans to launch new fixed income schemes.
• Background: Six debt schemes worth ₹20,215 crore were halted in April 2020 due to liquidity issues.
• Leadership Change: Rahul Goswami, former head of debt investments at ICICI Prudential AMC, was appointed as Chief Investment Officer and Managing Director – Fixed Income.
• Market Strategy: Janakiraman R, Chief Investment Officer-Emerging Markets Equity-India, Franklin Templeton, highlights the multi-cap fund’s 50% exposure to small and mid-cap stocks, positioned to benefit from India’s economic growth and stable fiscal policies.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Dr. B.N. Gangadhar Named Chairperson of the National Medical Commission   

• The Appointment Committee of the Cabinet (ACC) has appointed various individuals to posts of the National Medical Commission (NMC) and the Autonomous Boards.
• The appointments are for a period of 4 years, until the appointee attains the age of 70 years, or until further orders, whichever is earliest.

Key Appointments:

Dr. B.N. Gangadhar:

• Position: Chairperson of the National Medical Commission (NMC)
• Appointment Details: Appointed under Section 4 of the NMC Act, 2019.
• Previous Role: President of the Medical Assessment and Rating Board

Dr. Sanjay Behari:

• Position: President of the Medical Assessment and Rating Board
• Appointment Details: Appointed under Section 17(2) of the NMC Act, 2019.
• Previous Role: Director of Sree Chitra Tirunal Institute for Medical Sciences and Technology, Thiruvananthapuram

Dr. Anil D’Cruz:

• Position: Whole-time member of the Post-Graduate Medical Education Board
• Appointment Details: Appointed under Section 17(2) of the NMC Act, 2019.
• Previous Role: Director (Oncology) of Apollo Hospital, Mumbai

Dr. Rajendra Achyut Badwe:

• Position: Part-time member of the Under-Graduate Medical Education Board
• Duration: 2 years, until he attains the age of 70 years, or until further orders, whichever is earliest.
• Previous Role: Professor Emeritus at Tata Memorial Centre, Mumbai
• Note : NMC Act, 2019: Governs the appointments and functioning of the National Medical Commission and its associated boards.

About the Ministry of Health and Family Welfare :

• Cabinet Minister : Jagat Prakash Nadda
• Minister of State : Anupriya Patel, Prataprao Ganpatrao Jadhav

About NMC :

• Established : 25 September 2020
• Headquarters : New Delhi, India
• NMC is a statutory body in India that regulates medical education, medical professionals, institutes, and research.

Former Portuguese Prime Minister Antonio Costa Elected as President of the European Council              

• Antonio Costa, former Prime Minister of Portugal (2015-2024), has been elected as the new President of the European Council.
• He will replace Charles Michel of Belgium.
• The European Council also selected Estonian Prime Minister Kaja Kallas as the next High Representative for Foreign Affairs and Security Policy.

Election Process and Structure:

• The President of the European Council is elected by a secret ballot.
• The European Council consists of the Head of State or Government of the 27 EU members, the European Council President, and the European Commission President.
• The President is elected for a term of 5 years and can be re-elected once, for a maximum tenure of 5 years.
• A European Summit held in Brussels at the Rue de la Loi in the buildings of the Council of the European Union on 27 and 28 June 2024.

Recent News :

• In June 2024, European Union leaders agreed to nominate Ursula von der Leyen of Germany for a second five-year term as President of the European Commission.

About European Union :

• The EU is an international organization created by the Maastricht Treaty, which came into force on 1 November 1993.
• Headquarters: Brussels, Belgium.
• Members: 27 countries.
• The European Council sets the political agenda of the EU and meets twice a year.

CURRENT AFFAIRS: SPORTS NEWS

Hardik Pandya becomes the first Indian to occupy the top spot in the ICC T20I all-rounders’ rankings

• Hardik Pandya climbed two places to become the first Indian cricketer to reach the number one spot in the ICC’s T20I all-rounders’ rankings, buoyed by India’s recent World Cup victory.

Key Highlights:

• Achievement: Hardik Pandya achieves first-ever number-one ranking for an Indian in ICC’s T20I all-rounders’ list.
• Performance: Pandya was pivotal in the T20 World Cup final, taking 3/20 against South Africa.
• Ranking: Pandya shares the top spot with Sri Lanka’s Wanindu Hasaranga.
• Jasprit Bumrah: India’s Jasprit Bumrah, awarded Player of the Tournament for his 15 wickets, rose 12 spots to 12th in the rankings.
• Other Movements: Marcus Stoinis, Sikandar Raza, Shakib Al Hasan, and Liam Livingstone each moved up one spot in the top 10.
• Mohammad Nabi: Nabi dropped four spots outside the top five in the T20I all-rounders’ rankings.
• T20I Bowling Rankings: South Africa’s Anrich Nortje climbed seven places to a career-best second position, just behind Adil Rashid with 675 rating points.

Paris Olympics 2024: Yarraji set to be first Indian 100m hurdler to compete in Games

• Jyothi Yarraji is set to be the first Indian 100m hurdler to compete in the Olympics while shot putter Abha Khatua made a surprise cut through world rankings for the upcoming Paris Games.
• Ramesh, an athletics coach with the Sports Authority of India (SAI), experienced a significant moment when his trainee, 24-year-old Jyothi Yarraji, became the first Indian woman to qualify for the 100m hurdles at the Paris Olympics.
• Yarraji achieved this feat by clocking 12.78 seconds in a Finland event in May, narrowly missing the automatic qualification time of 12.77 seconds by one-hundredth of a second.
• Her achievement places her 34th in the world ranking quota list, with 40 athletes set to compete in the event in Paris.
• World Athletics released a list detailing athletes who qualified directly by meeting entry standards and through world ranking quotas.
• The Athletics Federation of India (AFI) now holds the responsibility to select from those who qualified via world rankings.
• National Olympic Committees (NOCs) must notify World Athletics (WA) of their intention to decline quotas by midnight on July 4.
• Between July 4 and 6, WA will redistribute declined quotas to the next highest-ranked athletes in respective events.
• The final revised list will be published by WA on July 7.

Key Highlights:

• Achievement: Jyothi Yarraji qualifies as the first Indian woman in the 100m hurdles for the Paris Olympics.
• Performance: She clocked 12.78 seconds, very close to the automatic qualification mark.
• World Ranking: Yarraji ranks 34th globally in the event.
• Coach’s Legacy: N. Ramesh previously mentored Satti Geetha, another notable sprinter from Andhra Pradesh, identified by SAI coach M. Ranga Rao.

CURRENT AFFAIRS : OBITUARIES

Former high jump world champion Jacques Freitag found dead in South Africa         

• South African former high jump world champion Jacques Freitag found dead with gunshot wounds in South Africa at the age of 42.

About Jacques Freitag :

• Birth: Born on 11 June 1982 in Warrenton, Cape Province, South Africa.

Achievements:

• One of only ten athletes to win world championships at youth, junior, and senior levels.
• 2003: Won gold in the high jump at the World Championships in Paris.
• Four-time South African high jump champion.
• Holds the South African National Record with a jump of 2.38m set in 2005.

Daily CA One- Liner: July 5

• NITI Aayog is set to launch the ‘Sampoornata Abhiyan’ campaign on 4th July 2024, running until 30th September 2024.
• The Centre has extended the Smart Cities Mission (SCM) under the Union Urban Development Ministry till March 31, 2025.
• The 6th meeting of the Global Partnership on Artificial Intelligence (GPAI) Ministerial Council was held at Bharat Mandapam, New Delhi in a hybrid format
• The Technology Development Fund (TDF) scheme is a significant initiative under the ‘Make in India’ campaign, led by the Ministry of Defence and executed by the Defence Research and Development Organisation (DRDO)
• Budget 2024 may witness ‘Modi 3.0’ expanding the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB PM-JAY) to encompass senior citizens in India, fulfilling the NDA’s pledge to extend healthcare support to those aged 70 and aboveThe eight key Cabinet Committees in India include the CCEA, ACC, CCS, Cabinet Committee on Accommodation, Cabinet Committee on Parliamentary Affairs, Cabinet Committee on Political Affairs, Cabinet Committee on Investment and Growth, and Cabinet Committee on Skill, Employment, and Livelihood
• In June, the services sector in India showed improvement with the HSBC India Services Business Activity Index (services PMI) rising to 60.5, up from 60.2 in May.
• Following the abrupt cessation of six debt schemes worth ₹20,215 crore in April 2020 due to a liquidity crisis amid the Covid pandemic, Franklin Templeton Asset Management plans to launch a series of fixed-income schemes
• Hardik Pandya climbed two places to become the first Indian cricketer to reach the number one spot in the ICC’s T20I all-rounders’ rankings, buoyed by India’s recent World Cup victory
• Jyothi Yarraji is set to be the first Indian 100m hurdler to compete in the Olympics while shot putter Abha Khatua made a surprise cut through world rankings for the upcoming Paris Games
• The Government of India (GoI) and the Asian Development Bank (ADB) have signed a $170 million policy-based loan to consolidate and strengthen India’s health system preparedness and response capacity to future pandemics.
• Bank of India (BOI) plans to raise up to Rs 5,000 crore through infrastructure bonds.
• Markets regulator Securities and Exchange Board of India (SEBI) has reduced the face value of debt securities from Rs 100,000 to Rs 10,000 to encourage greater participation of retail investors in the corporate bond market.
• Securities and Exchanges Board of India (SEBI) has proposed the introduction of Mutual Fund (MF) Lite Regulations in the Mutual Funds segment to simplify the offering of passive funds.
• A new banking malware called ‘Snowblind’ is targeting Android users to steal banking credentials.
• Markets regulator Securities and Exchange Board of India (SEBI) decided to streamline the process for public issuance of debt securities to provide faster access to funds for such issuers.
• Hitachi Payment Services, India’s end-to-end payments and commerce solutions provider, has announced that it has received the final authorisation from the Reserve Bank of India (RBI) to operate as an Online Payment Aggregator, under the Payments and Settlement Systems Act, 2007.
• The Uttar Pradesh (UP) government has approved the draft Uttar Pradesh Nodal Investment Region for Manufacturing (Construction) Area Bill (NIRMAN)-2024, aiming to propel the state towards achieving a one trillion dollar economy.
• Medical Assessment and Rating Board President Dr B N Gangadhar has been appointed the chairperson of the National Medical Commission (NMC).
• Antonio Costa, former Prime Minister of Portugal (2015-2024), has been elected as the new President of the European Council.
• South African former high jump world champion Jacques Freitag found dead with gunshot wounds in South Africa at the age of 42.

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