Daily Current Affairs August 06 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Write-Offs in Scheduled Commercial Banks Drop by Over 27% to ₹1.70 Lakh Crore by FY 2023-24    

• As per the data presented in the Lok Sabha showed, write-offs in scheduled commercial banks have decreased over the last five years to just over ₹1.70 lakh crore at the end of FY 2023-24 from over ₹2.34 lakh crore in FY 2019-20, reflecting a decline of more than 27%.
• In December 2023 the government informed Parliament that, against an aggregate loan write-off of ₹10.42 lakh crore, PSBs recovered ₹1.61 lakh crore from written-off loans from financial year 2014-15 till 2022-23.
• Figures for recovery under write-offs for FY24 have not been made available so far.

Key Highlights :

• RBI Guidelines on NPAs : As per the Reserve Bank of India (RBI) guidelines and policy approved by bank boards, NPAs, including those in respect of which full provisioning has been made on completion of four years, are removed from the balance sheet of the bank concerned by way of write-off.
• Banks continue recovery actions through mechanisms such as civil suits, debt recovery Tribunals, Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, Insolvency and Bankruptcy Code, 2016, negotiated settlements, and sale of NPAs.
• Impact of Write-Offs : Write-offs also help banks in freeing up capital for further disbursement.
• The money that was set aside by the bank for a loan write-off is freed up for provisioning other loans.
• Provisioning for Loans : A certain percentage of the loan amount is set aside by the banks for provisioning a loan.
• A minimum of 5% to a maximum of 20% is the standard rate of provisioning for loans in Indian banks, depending on the business sector and the repayment capacity of the borrower.
• 100% provisioning is required in accordance with the Basel-III norms in the case of non-performing assets.
• Write-Offs by Sector : Meanwhile, data also showed that write-offs by scheduled commercial banks in terms of loans to ‘Large Industries and Services’ recorded a decline in all but one of the last five years.
• In FY 2020, the amount written off was ₹1.59 lakh crore.
• This decreased to around ₹70,000 crore in FY 2022, increased to over ₹1 lakh crore in FY 2023, and then fell to about ₹71,000 crore in FY 2024.

State Bank of India Q1FY25 Net Profit Up 0.9% to ₹17,035 Crore, Net Interest Income Increases by 5.7%     

• State Bank of India (SBI), the country’s largest lender, reported a muted growth in its net profit of 0.89% year-on-year (Y-o-Y) for April-June 2024 due to erosion in net interest margins and a dip in other income and a sharp rise in loan loss provisions.
• The bank posted a net profit of Rs 17,035 crore during the Q1 of FY25 compared to Rs 16,884.29 crore during the previous financial year.
• Sequentially, net profit decreased by 17.70% from ₹20,698 crore in Q4FY24.

Key Highlights :

• Loan Loss Provisions:Loan loss provisions increased significantly by 70.37% Y-o-Y to ₹4,518 crore in Q1FY25.
• Net Interest Income (NII) : Its Net interest income (the difference between interest earned and interest expended) grew by 5.71% Year-on-Year (Y-o-Y) to Rs 41,125 crore.
• Sequentially, NII declined by 1.27% from ₹41,655 crore in Q4FY24.
• Cost of Deposits and Yield on Advances:The cost of deposits rose to 5.0% in Q1FY25 from 4.55% in Q1FY24 and 4.81% in Q4FY24.
• The yield on advances increased to 8.83% from 8.78% a year ago but decreased from 8.91% in March 2024.
• Net Interest Margins (NIM):NIM from domestic operations moderated to 3.35% in Q1FY25 from 3.47% in Q4FY24.
• SBI expects NIM to be between 3.2-3.4% for FY25.
• Other Income:Other income declined to ₹11,161 crore in Q1FY25 from ₹12,063 crore in Q1FY24.
• Gross Advances and Loans:Gross advances increased by 15.39% Y-o-Y to ₹38.12 trillion.
• Retail loans grew by 13.60% Y-o-Y to ₹13.68 trillion.
• Home loans grew by 13.64% Y-o-Y to ₹7.39 trillion.
• Asset Quality:Gross Non-Performing Assets (NPA) ratio decreased by 55 basis points to 2.21%.
• Net NPA ratio decreased by 14 basis points to 0.57%.
• Capital Adequacy:Capital adequacy ratio stood at 13.86% as of June 30, 2024, down by 70 basis points from the previous year.
• Common Equity Tier-1 (CET1) ratio was 10.25%.
• Funding Proposal:The SBI board has approved a proposal to raise up to ₹25,000 crore through Basel III compliant Additional Tier 1 Bonds and Tier 2 Bonds, to be issued to domestic and international investors.

About SBI :

• Established : 1 July 1955
• Headquarters : Mumbai, Maharashtra, India

J&K Government Receives ₹7,900 Crore from Central Government to Settle Dues with J&K Bank     

• The Union government has granted Rs 7,900 crore to the Union Territory (UT) of Jammu and Kashmir to clear its outstanding dues with the J&K Bank.
• The allocated funds have been specifically included in the J&K budget to address and clear the dues of the J&K government with the J&K Bank.

Key Highlights :

• Overall Budget Allocation: For the financial year 2024-25, the Union government has allocated a total of Rs 42,277.74 crore for Jammu and Kashmir, which represents a 1.2% increase from the previous year’s allocation.
• Central Assistance: Out of the total allocation, Rs 40,619.3 crore is designated as Central Assistance to the UT to bridge the resource gap and address financial needs.
• Usage of Funds: The funds will be utilized by the J&K government to cover essential expenses including pensions, salary payments, and other financial obligations related to J&K Bank.

About J&K Bank :

• Founded : 1 October 1938
• Headquarters : Srinagar, Jammu and Kashmir, India
• MD & CEO : Baldev Prakash

Insurance Regulatory and Development Authority of India Fines HDFC Life Rs 2 Crore for Regulatory Violations    

• The Insurance Regulatory and Development Authority of India (IRDAI) has imposed a penalty of ₹1 crore on HDFC Life Insurance Company for violation of various norms.
• The norms violated included those pertaining to insurance web aggregators, insurance brokers, insurance intermediaries (payment of commissions) and outsourcing activities.
• The insurer was also directed by the regulator to review its vendor regulating policy and review all existing vendor agreements and make necessary changes to the policy in line with existing norms, according to an order.
• Additionally, a penalty of Rs 1 crore was imposed for irregularities concerning the outsourcing of services by the company.
• The penalty was levied after an onsite inspection conducted by IRDAI in September 2020, covering the financial years 2017-18, 2018-19, and 2019-20.

About IRDAI :

• Established : 1999
• Headquarters : Hyderabad, Telangana
• Chairperson : Debasish Panda
• The IRDAI is a statutory body under the jurisdiction of the Ministry of Finance (MoF), Government of India (GoI) and is tasked with regulating and licensing the insurance and reinsurance industries in India.

CURRENT AFFAIRS: NATIONAL NEWS

More than 13.35 lakh Indian students pursuing higher studies abroad, Canada top destination

• The Ministry of External Affairs in response to questions regarding students who have embarked on their study abroad journey has revealed that more than 13.35 lakh students are pursuing higher studies in countries abroad.

Key Statistics:

• Total Indian Students Abroad: Over 13.35 lakh (1.335 million) students.
• Top Study Destinations:
  • Canada: 427,000 students (slight decrease from 427,085 in 2023).
  • USA: 337,630 students.
  • UK: 18,500 students.
  • Australia: 122,202 students.
  • Germany: 42,997 students.

Historical Data:

• 2019: 675,541 students studied abroad.
• 2021: 1,158,702 students studied abroad (peak).
• 2022: 907,404 students studied abroad (decrease from 2021).

Trends:

• Increase in Study Abroad Numbers: Post-COVID, there has been a rise in the number of students studying abroad compared to pre-COVID years.
• Decreased Enrollment in Russia and Ukraine:
  • Russia: 24,940 students (increase from 23,515 in 2022).
  • Ukraine: 2,510 students (decrease from 23,515 in 2022).

Indian Missions’ Role:

• Engagement: Indian Missions/Posts abroad actively engage with students to encourage registration and ensure they stay informed about security issues.
• Registration: Students are encouraged to register with Indian Missions/Posts or on the Global Rishta Portal.
• Data Collection: Missions use voluntary registrations and coordination with host governments to collect data on Indian students abroad.

CURRENT AFFAIRS : INTERNATIONAL NEWS

Zimbabwe Joins UN Water Convention, Signalling Commitment to Cross-Border Water Cooperation    

• Zimbabwe, a landlocked country in drought-stricken Southern Africa, has joined the UN Water Convention in a clear demonstration of political will for water cooperation across borders.
• It is the 54th Party to the 1992 Convention on the Protection and Use of Transboundary Watercourses and International Lakes (UN Water Convention) and 11th African country to join this treaty, following closely the accession of Cote d’Ivoire announced.
• The Convention constitutes a unique global legal and intergovernmental framework for the sustainable management of transboundary water resources serviced by UNECE.

Key Highlights :

• Zimbabwe’s Accession to UN Water Conventions:Accession Process:Zimbabwe has expressed its intention to fast-track its accession to the 1992 UN Water Convention and the 1997 UN Watercourses Convention.
• Zimbabwe’s accession to the 1997 UN Watercourses Convention makes it the 39th Party to this treaty.
• Regional Context:Zimbabwe joins Namibia and South Africa from the Southern African region as parties to the 1997 UN Watercourses Convention.
• Upcoming Events:Zimbabwe’s accession will be celebrated during the 10th session of the Meeting of the Parties (MOP) to the Water Convention, which will be held in Ljubljana, Slovenia from 23-25 October 2024.
• The MOP to the UN Water Convention, organised every three years, is the largest and only international meeting driving the transboundary water cooperation agenda at the global level.

About UN Water Convention :

• The UN Water Convention is also known as the Convention on the Protection and Use of Transboundary Watercourses and International Lakes which was adopted in Helsinki in 1992 and entered into force in 1996.
• It was originally negotiated as a regional framework for the pan-European region.
• Following an amendment procedure, since March 2016 all UN Member States can accede to it.

About Zimbabwe :

• President : Emmerson Mnangagwa
• Capital : Harare
• Currency : Zimbabwe Gold

India and Vietnam Collaborate on Developing National Maritime Heritage Complex in Lothal, Gujarat      

• India and Vietnam, two nations with a rich and intertwined maritime history, are joining forces to develop the National Maritime Heritage Complex (NMHC) in Lothal, Gujarat.
• This partnership, rooted in centuries-old maritime connections, highlights the enduring bond between the two countries and their commitment to preserving and celebrating their shared heritage.
• An MoU was signed at Hyderabad House, New Delhi, in the presence of Prime Minister Narendra Modi and Vietnam’s Prime Minister Pham Minh Chinh.
• This MoU marks a significant step in advancing the NMHC project.

Key Highlights :

• Land Allocation:The Government of Gujarat has allocated 400 acres in Saragwala village for the NMHC and is responsible for developing the project’s external infrastructure.
• Construction Progress:Phase 1A of the construction is underway with over 55% physical progress already achieved.
• Opening Timeline:The NMHC is expected to open to the public next year.
• Features:The complex will include one of the world’s tallest lighthouse museums, the world’s largest open aquatic gallery, and India’s grandest naval museum.
• It will also feature a Lothal mini recreation replicating Harappan architecture, four theme parks (Memorial, Maritime and Navy, Climate, and Adventure and Amusement), and fourteen galleries showcasing India’s maritime heritage from Harappan times to the present day.
• Global Significance:The NMHC is set to become the world’s largest maritime museum complex and a major international tourist destination.

About Vietnam :

• President : Tô Lâm
• Prime Minister : Phạm Minh Chính
• Capital : Hanoi
• Currency : Vietnamese đồng

CURRENT AFFAIRS : STATE NEWS

Centre Approves Parandur Site for Chennai’s Second Airport Development   

• The Union government has granted its approval for the Parandur site to develop Chennai’s second airport.
• The approval was granted by the Steering Committee on Greenfield Airports on July 9, 2024.
• The approval followed an application from the Tamil Nadu Industrial Development Corporation Limited (TIDCO).

Key Highlights :

• The proposal has been examined in consultation with Airports Authority of India (AAI), Directorate General of Civil Aviation (DGCA) and Ministry of Defence/Indian Air Force as per GFA Policy.
• After completion of the consultation process, the proposal was placed before the Steering Committee on Greenfield Airports and the same has been recommended for grant of Site Clearance.
• The committee comprises nine officials, including those from the Ministry of Civil Aviation, the DGCA, the Airports Authority of India, the Ministry of Defence, the Indian Meteorological Department, among others.
• Project Details : The TIDCO had sent the application for site clearance in 2023.
• The Tamil Nadu government finalised Parandur in Kancheepuram district as the site for developing the second airport for Chennai in 2022.
• Cost and Phases : The greenfield airport will be developed at an estimated cost of ₹32,704 crore.
• It will be constructed in four phases:
• Phase 1: Construction to begin in January 2026 and end by December 2028.
• Remaining Phases: To be developed subsequently, with the final phase completing by December 2046.
• Capacity:The airport will have three terminal buildings.
• It is designed to handle 100 million passengers per annum.

About Tamil Nadu :

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

CURRENT AFFAIRS: BUSINESS NEWS

Vodafone Idea clears Rs 1,500 crore DoT bill

• Vodafone Idea has paid dues worth Rs 1,500 crore, comprising revenue share licence fee and spectrum usage charges, to the Department of Telecommunications (DoT).
• Total Payment: ₹1,500 crore paid to the Department of Telecommunications (DoT).
• Breakdown:
  • ₹720 crore for January-March quarter dues.
  • Full payment for April-June period dues.

Significance:

• First Full and Timely Payment: This is the first time in recent years that Vodafone Idea has paid its statutory quarterly bills in full and on time.
• Moratorium: These payments are concurrent dues not covered by the four-year moratorium.

Financial Support and Capital Raise:

• Fundraising:
  • Raised ₹18,000 crore through a follow-on public offering (FPO) in April.
  • Aditya Birla Group (ABG) infused ₹2,075 crore in equity.
• Spectrum Payment: Paid the first installment of ₹346 crore for spectrum acquired in June auctions.
• Vendor Dues: Began clearing past dues to vendors like Indus Towers.

Debt and Financial Obligations:

• Gross Debt: As of the March quarter, gross debt stands at ₹2.16 trillion.
  • Components:
    • Deferred spectrum payment obligations: ₹1.3 trillion.
    • Adjusted Gross Revenue (AGR) liabilities: ₹70,320 crore.
    • Debt from banks and financial institutions: ₹4,212 crore.
    • Optionally convertible debentures: ₹160 crore.
• Future Payments:
  • After the moratorium ends in September 2025, Vodafone Idea will need to pay ₹29,100 crore by the end of March 2026.
  • From FY27 onwards, the annual payment will be ₹43,000 crore till FY31.

Additional Measures and Requests:

• Debt Funding: Engaged with a consortium of banks for ₹25,000 crore in debt funding and additional non-fund-based facilities up to ₹10,000 crore.

Tata Electronics Assam chip plant to be operational in 2025:

• Tata Electronics is set to significantly impact the semiconductor industry in India with its new chip assembly and testing facility in Jagiroad, Assam.
• With an investment of ₹27,000 crore, the plant is expected to be operational by 2025, creating substantial employment opportunities and boosting the local economy.
• This facility is part of a broader initiative supported by the Union Cabinet to strengthen India’s semiconductor manufacturing capabilities.

Overview:

• Investment: ₹27,000 crore
• Operational Date: Expected to be operational in 2025
• Location: Jagiroad, Assam
• Groundbreaking Ceremony: attended by Assam Chief Minister Himanta Biswa Sarma, Tata Sons Chairperson N Chandrasekaran, and others.

Project Significance:

• Impact on Region: The construction of the Assam plant is expected to boost the overall ecosystem in the region.
• Talent Development: Seven NITs across different states of the North-east will be involved in talent development for the facility, as stated by Union Minister for Electronics and IT Ashwini Vaishnaw.

Broader Initiative:

• Union Cabinet Approval: In February, the Union Cabinet approved the proposal for Tata’s semiconductor unit in Morigaon, Assam, along with:
  • A fab plant in Dholera by Tatas.
  • A CG Power facility in Sanand, Gujarat.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Daljit Singh Chawdhary Appointed as Additional Border Security Force Director General Following Nitin Agrawal’s Repatriation                                                  

• Nitin Agrawal, the Director General (DG) of the Border Security Force (BSF), was repatriated to his state cadre by the Central government.
• Daljit Singh Chawdhary, the DG of the Sahastra Seema Bal (SSB), has been given the additional charge of the BSF DG position until a regular appointment is made or further orders are issued.
• Daljit Singh Chawdhary will oversee BSF operations in addition to his current role at SSB.
• Y B Khurania, the Special DG (West) of BSF, was also removed and repatriated to his state cadre with immediate effect.

About Daljit Singh Chawdhary :

• Daljit Singh Chawdhary is a 1990 batch officer of the Indian Police Service, Uttar Pradesh cadre.
• He assumed the charge of DG SSB on January 23, 2024.
• In his 34 years of service, he has served in different capacities in Uttar Pradesh and also has the privilege of serving on Central Deputation since 2017, as ADG in Indo-Tibetan Border Police (ITBP) and as SDG in Central Reserve Police Force.
• He is a renowned marksman and qualified skydiver.

Awards & Honors :

• He has been awarded 4 police medals for Gallantry, the police medal for meritorious Service, the President’s police medal for distinguished service and the Ati Utkrisht seva medal.

About BSF :

• Founded : 1965
• Headquarters : New Delhi, Delhi, India
• Motto : Duty Unto Death
• Role: The BSF is a paramilitary force responsible for guarding India’s borders, particularly with Pakistan and Bangladesh.
• It operates under the Ministry of Home Affairs and was established after the Indo-Pakistani War of 1965 to secure India’s borders and related matters.

Khurania Likely to Be Appointed as New Police Chief of Odisha    

• Senior Indian Police Service (IPS) officer Yogesh Bahadur Khurania (Y.B. Khurania) of the 1990 batch is likely to become the next Director General of Police (DGP) of Odisha.
• The Ministry of Home Affairs (MHA) has approved Khurania’s premature repatriation to Odisha, increasing speculation about his appointment as DGP.
• The approval was granted by the Appointment Committee of the Cabinet (ACC).
• Currently, Khurania is posted as Special DG, BSF HeadQuarters in New Delhi.
• Service in Odisha:Khurania has served in various roles in Odisha, including:
• Superintendent of Police (SP) of Nayagarh, Jajpur, Rourkela, Mayurbhanj, and Ganjam districts.
• Southern Range and Northern Range DIG.
• Additional Commissioner of Police (CP) and Police Commissioner of Bhubaneswar-Cuttack Police Commissionerate.
• Director of Biju Patnaik State Police Academy (BPSPA)-cum-IG Training.
• Commendations and Rewards:Khurania has received several commendations and rewards, including the Governor’s Medal and President’s Police Medal for Meritorious Service.

CURRENT AFFAIRS : DEFENCE NEWS

Indian Navy Submarine INS Shalki Docks in Colombo for Official Visit     

• Indian Navy’s submarine INS Shalki is on a two-day visit to Sri Lanka, reflecting the growing maritime security cooperation between India and Sri Lanka.
• The submarine was given a ceremonial reception by the Sri Lanka Navy on 2nd August 2024.

Key Highlights :

• Diplomatic Engagements:During the visit, the Commanding Officer of INS Shalki is scheduled to meet Rear Admiral WDCU Kumarasinghe, the Commander of the Western Naval Area.
• Sri Lanka Navy personnel will receive a briefing onboard INS Shalki.
• Personnel from the High Commission of India in Sri Lanka and Sri Lanka Defence Forces will also visit the submarine.
• Strategic Context:India sends submarines to a select group of countries with which it has close defence and strategic ties.
• The visit is significant against the backdrop of China’s attempts to increase its strategic and military influence in Sri Lanka.

About INS Shalki :

• INS Shalki is a Shishumar class diesel-electric submarine, commissioned into the Indian Navy on 7th February 1992.
• It is the first submarine to be built in India.
• The submarine is 64.4 meters long and has a crew of 40, commanded by Commander Rahul Patnaik.

Historical Visits:

• Earlier, Kalvari class submarines INS Karanj and INS Vagir had visited Colombo in Feb 2024 and June 2023 (to celebrate International Day of Yoga).

About Ministry of Defence :

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

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

India Chooses 2 Crew Members for Axiom-4 Mission to the International Space Station     

• India has shortlisted two astronaut-designates for the upcoming Axiom-4 mission to the International Space Station.
• Indian astronauts Group Captain Shubhanshu Shukla and Group Captain Prasanth Balakrishnan Nair have been shortlisted to go to the U.S. to train for the upcoming Axiom-4 mission to the International Space Station (ISS).
• A National Mission Assignment Board has recommended two Gaganyatris (astronauts) as prime and backup Mission Pilot for this mission. Group Captain
• Shukla will be the prime mission pilot and Group Captain Nair will be the back up.

About Axiom Mission 4 (Ax-4) :

• Axiom Mission 4 (Ax-4) is a private spaceflight to the International Space Station operated by Axiom Space using a SpaceX Crew Dragon spacecraft.
• In collaboration with NASA, it follows Axiom Missions 1, 2, and 3, and is scheduled to launch in 2024.
• Ax-4 aims to further Axiom Space’s efforts to establish a sustainable human presence in Low Earth Orbit (LEO).
• Joint Efforts : It can be recalled that the India-U.S. joint statement during the official state visit of Prime Minister Narendra Modi to the U.S. in June 2023 envisions a joint ISRO-NASA effort to the ISS.
• Approval Process : ISRO added that the assigned crew members will be finally approved to fly to the International Space Station by the Multilateral Crew Operations Panel (MCOP).
• Gaganyaan Mission : Group Captain Shukla and Group Captain Nair are among the four astronaut-designates selected for India’s Gaganyaan mission.
• Background of Astronauts:Group Captain Shubhanshu Shukla :
• Group Captain Shukla is an alumnus of the National Defence Academy (NDA) and was commissioned on June 17, 2006 in the fighter stream of IAF.
• He is a Fighter Combat Leader and a Test Pilot with approx 2000 hrs of flying experience.
• Group Captain Prasanth Balakrishnan Nair : Group Captain Nair is alumnus of NDA and recipient of Sword of Honour at Air Force Academy.
• He was commissioned on December 19, 1998 in the fighter stream of IAF.
• He is a Cat A Flying Instructor and a Test Pilot with approx 3000 hours of flying experience.

About ISS :

• The International Space Station (ISS) is a modular space station (habitable artificial satellite) in low Earth orbit.
• The ISS was launched in 1998 as part of joint efforts by the U.S., Russia, Japan, Canada and Europe.
• It is a large space station assembled and maintained in low Earth orbit by a collaboration of five space agencies and their contractors: NASA (United States), Roscosmos (Russia), ESA (Europe), JAXA (Japan), and CSA (Canada).

Indian National Space Promotion and Authorization Centre Authorizes Azista BST Aerospace to Establish and Operate Ground Station    

• The Indian National Space Promotion and Authorization Centre (IN-SPACe) has granted authorisation to Azista BST Aerospace Private Limited, Hyderabad, for the establishment and operation of a ground station in UHF frequency bands.

Key Highlights :

• Functions and Services:The ground station will support Azista BST Aerospace’s satellites and offer Ground Station as a Service (GSaaS) for Telemetry, Tracking, and Command (TT&C) operations.
• It will also provide data reception from remote sensing satellites to both Indian and international customers.
• Frequency Bands:The ground stations will operate in the UHF frequency band (300 MHz to 3 GHz), primarily used for satellite communications, including data relay for remote sensing, telemetry, and control of satellites.
• Applications:These ground stations support various applications such as weather forecasting, environmental monitoring, and communications for scientific research and military operations.

About Azista BST Aerospace :

• Azista BST Aerospace is a joint venture between Azista Industries (Hyderabad) and Berlin Space Technologies.
• The venture aims to leverage business opportunities in large volume small satellite requirements in the international market and meet emerging needs and applications in India.

About IN-SPACe :

• Established : 2020
• IN-SPACe, headquartered in Ahmedabad, Gujarat, is promoting space-related activities in India.
• IN–SPACe is a single-window autonomous agency under the Department of Space of the Government of India.
• It recently released an Expression of Interest (EoI) inviting proposals from Indian entities to build and manage a space-based Earth Observation (EO) system under a Public-Private Partnership (PPP) model to boost the Earth Observation-based space economy in India.

CURRENT AFFAIRS: SPORTS NEWS

Toni Kroos is Germany’s player of the year, Xabi Alonso wins coaching accolade

• Toni Kroos capped his illustrious career by being named Germany’s Player of the Year for the 2023-24 season.
• Xabi Alonso, having masterminded Bayer Leverkusen’s unbeaten Bundesliga campaign and German Cup victory, was honoured as Germany’s Coach of the Year.

Player of the Year: Toni Kroos

• Winner: Toni Kroos
• Recognition: Voted Germany’s Player of the Year for the second time (previously won in 2018).
• Career Milestones:
  • Retirement: Ended his playing career after Germany’s European Championship exit.
  • Achievements: Helped Real Madrid win the Champions League and Spanish league double last season.
• Votes:
  • Total: 285 votes.
  • Runner-ups:
    • Florian Wirtz (Leverkusen) – 246 votes.
    • Granit Xhaka (Leverkusen) – 66 votes.

Coach of the Year: Xabi Alonso

• Winner: Xabi Alonso
• Achievements:
  • Bundesliga Title: Led Bayer Leverkusen to an unbeaten league season, ending Bayern Munich’s 11-year title run.
  • German Cup: Secured a domestic double by winning the German Cup.
  • Turnaround: Took over Leverkusen when they were second from bottom in October 2022.
• Votes:
  • Total: 503 votes.
  • Runner-ups:
    • Frank Schmidt (Heidenheim) – 50 votes.
    • Sebastian Hoeneß (Stuttgart) – 42 votes.
• Team Performance:
  • Stuttgart: Finished second in the Bundesliga.
  • Heidenheim: Finished eighth in its first-ever top-flight season after promotion.

Paris 2024 Summer Olympics:

Kaylia Nemour Makes History with Olympic Gold in Gymnastics

• Kaylia Nemour, the 17-year-old Algerian gymnast, made history by becoming the first African to win an Olympic gymnastics medal, capturing gold on the uneven bars.

Key Highlights:

• Historic Achievement: Nemour is the first African gymnast to win an Olympic medal.
• Event: Uneven Bars Final.
• Score: 15.700 points.
• Competitors:
  • Silver: Qiu Qiyuan (China) – 15.500 points.
  • Bronze: Sunisa Lee (USA).
  • Fourth: Nina Derwael (Belgium), the defending champion.

Background:

• Nationality: French-born, Nemour chose to represent Algeria, embracing her father’s nationality after a dispute with the French gymnastics federation and her club, Avoine Beaumont.
• Training: She continues to train in France despite competing for Algeria.

Significance:

• For Algeria: This victory is a monumental achievement for Algeria, marking its first Olympic medal in gymnastics.
• For Africa: Nemour’s gold medal is a groundbreaking moment for African gymnastics, setting a precedent and inspiring young athletes across the continent.

THEA LaFond Wins Dominica’s First Olympic Medal with Gold in Triple Jump

• THEA LaFond achieved a historic milestone for Dominica by winning the gold medal in the triple jump, marking the country’s first-ever Olympic medal.

Key Highlights:

• Event: Triple Jump.
• Gold Medal Performance: LaFond secured the gold with her second attempt, achieving a distance of 15.02 meters, the best in the world this year.
• Competitors:
  • Silver: Shanieka Ricketts (Jamaica).
  • Bronze: Jasmine Moore (USA).

Performance:

• Winning Jump: LaFond’s jump of 15.02 meters on her second attempt was unbeatable, even as the weather conditions became challenging due to rain.

Significance:

• For Dominica: LaFond’s victory is a historic achievement for Dominica, as it represents the nation’s first Olympic medal.
• For LaFond: This gold medal not only marks a personal triumph but also sets a new benchmark for the country’s athletes on the global stage.

Katie Ledecky Triumphs Again in 800-Meter Freestyle at Paris Olympics

• Katie Ledecky showcased her legendary prowess by winning the gold medal in the grueling 800-meter freestyle final at the Paris Olympics, fending off a strong challenge from Australian star Ariarne Titmus, who secured the silver med

Key Highlights:

• Event: 800-Meter Freestyle.
• Gold Medal Performance: Ledecky finished with a time of 8:11.04, maintaining a lead over Titmus.

Medalists:

• Gold: Katie Ledecky (USA) – 8:11.04
• Silver: Ariarne Titmus (Australia) – Close behind Ledecky
• Bronze: Paige Madden (USA) – Fought her way to third place

United States Sets World Record in Mixed 4x100m Medley Relay at Paris Olympics

• Caeleb Dressel made history from the sidelines as the United States shattered the world record in the mixed 4x100m medley relay, securing a gold medal at the Paris Olympics.

Key Highlights:

• Event: Mixed 4x100m Medley Relay.
• Winning Time: 3:37.43, surpassing the previous record of 3:37.58 set by Great Britain at the Tokyo Games.
• Medalists:
  • Gold: United States
  • Silver: China
  • Bronze: Australia

Team Composition:

• USA Team:
  • Opening Leg: Ryan Murphy
  • Second Leg: Nic Fink
  • Third Leg: Gretchen Walsh
  • Final Leg: Torri Huske

Novak Djokovic Wins Olympic Gold, Completes Career Achievements

• Novak Djokovic defeated Carlos Alcaraz 7-6 (3) and 7-6 (2) in the Olympic men’s tennis singles final.
• Significance: This victory secured Djokovic’s first-ever Olympic gold medal, completing his illustrious tennis career.

Career Highlights:

• Grand Slam Titles: Djokovic holds a record of 24 Grand Slam titles, the highest in men’s tennis history.
• Rankings Record: He has spent the most weeks at No. 1 in the ATP rankings, surpassing all male and female players.
• Previous Olympic Achievement: Djokovic previously won a bronze medal at the 2008 Beijing Olympics.
• The podium is complete in men’s singles tennis at the 2024 Paris Olympics

• GOLD: Novak Djokovic of Serbia
• SILVER: Carlos Alcaraz of Spain
• BRONZE: Lorenzo Musetti of Italy

CURRENT AFFAIRS : OBITUARIES

Renowned Bharatanatyam Dancer Yamini Krishnamurthy Passed Away   

• Bharatanatyam and Kuchipudi veteran Yamini Krishnamurthy passed away in New Delhi at the age of 83.

About Yamini Krishnamurthy :

• Born on December 20, 1940 in Madanapalli in Andhra Pradesh’s Chittoor district to Sanskrit scholar M. Krishnamurti.
• She began dancing at the tender age of five at the Kalakshetra School of Dance in Chennai under the tutelage of legendary Bharatanatyam dancer Rukmini Devi Arundale.
• Also proficient in the form of Kuchipudi, Ms. Krishnamurthy expanded her horizon by learning Odissi from the likes of Pankaj Charan Das and Kelucharan Mohapatra.
• Besides learning the various dance forms, she was trained in Carnatic vocals and the veena.
• In recognition of her contributions, she was appointed as the Asthana Nartaki (transl. resident dancer) of the Tirumala Tirupati Devasthanam.
• Krishnamurthy published her autobiography, “A Passion For Dance” in 1995.

Awards & Honors :

• Krishnamurthy received the Padma Shri at the young age of 28 in 1968, Padma Bhushan in 2001 and Padma Vibhushan in 2016.
• She was also conferred the Sangeet Natak Akademi Award in 1977.

CURRENT AFFAIRS: IMPORTANT DAYS

Hiroshima Day 2024: August 6

• Every year August 6 is celebrated as Hiroshima Day.
• Hiroshima Day 2024 is observed all over the world to promote peace politics. This day is observed to raise awareness of the bomb attack on Hiroshima.
• In 1945, the United States (US) deployed a nuclear bomb in the city of Hiroshima which is located in the country of Japan.
• This nuclear bomb wiped out 39 percent of the civilians of Hiroshima.
• The US has named the atomic bomb named “The Little Boy” which was dropped on August 6.
• During the bomb attack, approximately 90,000 to 1,40,000 people were killed and thousands of people were injured.
• When the bomb was dropped, Japan was struck by a blinding light, and giant-shaped cloud, and almost 60,000 buildings crashed.
• During the Second World War, Japan was against the US.
• The United States and its allies won the war and thousands of soldiers were killed during the war.
• Nuclear radiation comes out of the bomb, and it causes horrible illness among many other people.

Daily CA One- Liner: August 6

• The Ministry of External Affairs in response to questions regarding students who have embarked on their study abroad journey has revealed that more than 35 lakh students are pursuing higher studies in countries abroad.
• Vodafone Idea has paid dues worth Rs 1,500 crore, comprising revenue share licence fee and spectrum usage charges, to the Department of Telecommunications (DoT).
• Tata Electronics is set to significantly impact the semiconductor industry in India with its new chip assembly and testing facility in Jagiroad, Assam
• Toni Kroos capped his illustrious career by being named Germany’s Player of the Year for the 2023-24 season.
• Kaylia Nemour, the 17-year-old Algerian gymnast, made history by becoming the first African to win an Olympic gymnastics medal, capturing gold on the uneven bars
• THEA LaFond achieved a historic milestone for Dominica by winning the gold medal in the triple jump, marking the country’s first-ever Olympic medal.
• Katie Ledecky showcased her legendary prowess by winning the gold medal in the gruelling 800-meter freestyle final at the Paris Olympics, fending off a strong challenge from Australian star Ariarne Titmus, who secured the silver med
• Caeleb Dressel made history from the sidelines as the United States shattered the world record in the mixed 4x100m medley relay, securing a gold medal at the Paris Olympics.
• Novak Djokovic defeated Carlos Alcaraz 7-6 (3) and 7-6 (2) in the Olympic men’s tennis singles final.
• As per the data presented in the Lok Sabha showed, write-offs in scheduled commercial banks have decreased over the last five years to just over ₹1.70 lakh crore at the end of FY 2023-24 from over ₹2.34 lakh crore in FY 2019-20, reflecting a decline of more than 27%.
• State Bank of India (SBI), the country’s largest lender, reported a muted growth in its net profit of 89% year-on-year (Y-o-Y) for April-June 2024 due to erosion in net interest margins and dip in other income and a sharp rise in loan loss provisions.
• The Union government has granted Rs 7,900 crore to the Union Territory (UT) of Jammu and Kashmir to clear its outstanding dues with the J&K Bank.
• The Insurance Regulatory and Development Authority of India (IRDAI) has imposed a penalty of ₹1 crore on HDFC Life Insurance Company for violation of various norms.
• Zimbabwe, a landlocked country in drought-stricken Southern Africa, has joined the UN Water Convention in a clear demonstration of political will for water cooperation across borders.
• India and Vietnam, two nations with a rich and intertwined maritime history, are joining forces to develop the National Maritime Heritage Complex (NMHC) in Lothal, Gujarat.
• The Union government has granted its approval for the Parandur site to develop Chennai’s second airport.
• Nitin Agrawal, the Director General (DG) of the Border Security Force (BSF), was repatriated to his state cadre by the Central government.
• Senior Indian Police Service (IPS) officer Yogesh Bahadur Khurania (Y.B. Khurania) of the 1990 batch is likely to become the next Director General of Police (DGP) of Odisha.
• Indian Navy’s submarine INS Shalki is on a two-day visit to Sri Lanka, reflecting the growing maritime security cooperation between India and Sri Lanka.
• India has shortlisted two astronaut-designates for the upcoming Axiom-4 mission to the International Space Station.
• The Indian National Space Promotion and Authorization Centre (IN-SPACe) has granted authorisation to Azista BST Aerospace Private Limited, Hyderabad, for the establishment and operation of a ground station in UHF frequency bands.
• Bharatanatyam and Kuchipudi veteran Yamini Krishnamurthy passed away in New Delhi at the age of 83.
• Every year August 6 is celebrated as Hiroshima Day.