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

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CURRENT AFFAIRS : BANKING & FINANCE

Bank of Maharashtra and UCO Bank Show Robust Credit Growth in Q1

• Public sector banks (PSBs) seem to have started FY25 on a strong note, clocking robust credit growth, going by provisional business updates of Bank of Maharashtra (BoM) and UCO Bank for the first quarter of FY25.
• However, deposit growth of these banks continues to lag credit growth.

Bank of Maharashtra

• Credit Growth:Reported a strong 19.01% year-on-year growth in gross advances in Q1 FY25.
• Gross loans stood at ₹2,09,065 crore as of June-end 2024, up from ₹1,75,676 crore in June-end 2023.
• Deposit Growth:Total deposits grew by 9.44% year-on-year, reaching ₹2,67,423 crore by June-end 2024, compared to ₹2,44,365 crore in June-end 2023.
• CASA Ratio:The share of low-cost CASA deposits declined slightly to 49.86% of total deposits by June-end 2024, down from 50.96% in June-end 2023.
• Credit-Deposit Ratio (C-D Ratio):The credit-deposit ratio (C-D) rose to 78.18% as of June-end 2024 against 71.89% as on June-end 2023.
• This ratio indicates how much a bank has lent for every ₹100 deposit it has raised.

UCO Bank

• Credit Growth:Reported a robust 17.78% year-on-year growth in gross advances for Q1 FY25.
• Domestic advances specifically grew by 19.33% year-on-year, reaching ₹1.67 lakh crore by June-end 2024, compared to ₹1.40 lakh crore in June-end 2023.
• Deposit Growth:Total deposits grew by 7.39% year-on-year, reaching ₹2.68 lakh crore by June-end 2024, compared to ₹2.50 lakh crore in June-end 2023.
• Domestic deposits increased by 5.87% year-on-year to ₹2.55 lakh crore by June-end 2024.
• CASA Ratio:The share of low-cost domestic CASA deposits increased slightly to 38.62% of total deposits by June-end 2024, up from 38.10% in June-end 2023.
• Credit-Deposit Ratio (C-D Ratio):The credit-deposit ratio rose to 72.15% as on June-end 2024 against 65.79% as on June-end 2023.

About BoM :

• Established : 16 September 1935
• Headquarters : Pune, Maharashtra India
• MD & CEO : Nidhu Saxena
• Tagline : One Family One Bank

About UCO Bank (formerly United Commercial Bank) :

• Founded : 6 January 1943
• Headquarters : Kolkata, West Bengal, India
• MD & CEO : Ashwani Kumar

Ministry of Finance Notifies 7.1% Interest Rate for Special Deposit Scheme in July-September

• The Ministry of Finance (MoF) has announced that deposits made under the Special Deposit Scheme (SDS) for non-government provident, superannuation and gratuity funds would earn 7.1% interest from July 1 to September 30, 2024.
• The rates remain unchanged from the April-June quarter.
• The interest rate on SDS significantly influences the Employee Provident Fund (EPF) interest rate declaration since nearly 80% of the EPF corpus is invested in SDS.

What is SDS? :

• SDS is a scheme where non-government provident funds, like those managed by the Employees’ Provident Fund Organisation (EPFO), invest their funds.
• Introduction:Launched in 1975 by the Government of India.
• Purpose:Designed to provide a secure and stable investment avenue for provident funds, especially those managed by both public and private sector employers.
• Guaranteed Returns:Ensures that accumulations in provident funds earn a guaranteed return, securing the financial future of employees.
• Attraction:The guaranteed rate of return makes SDS 1975 an appealing option for provident fund trustees seeking safe investments with predictable returns.

About Ministry of Finance :

• Cabinet Minister : Nirmala Sitharaman
• Minister of State : Pankaj Choudhary

State Bank of India Introduces 11 New Measures to Reduce Risks in Agricultural Loan Portfolio

• The country’s largest lender State Bank of India (SBI) announced 11 new initiatives including enhancement of its digital banking features and opening of 35 new Agricultural Centralised Processing Cells to mitigate risks in its agricultural loan portfolio.
• On the occasion of the 69th Foundation Day (1st July 2024), SBI announced these initiatives to widen the bank’s accessibility to address the banking needs of its potential customers

SBI’s New Initiatives on its 69th Foundation Day :

Digital Banking Enhancements:

• BHIM SBI PAY App:Introduction of tap-and-pay feature.
• YONO App:End-to-end digital loans against mutual funds.

SBI Surya Ghar Loan:

• Fully digital end-to-end journey for loans under the PM Surya Ghar Scheme.
• Loans available for installing solar rooftops up to 10 KW capacity.
• The entire process will be managed on SBI’s digital platform from applicant registration on the Ministry of New & Renewable Energy (MNRE)/ Rural Electrification Corporation (REC) portal to loan disbursement.

Global NRI Centre (GNC):

• Opening of the second GNC in Patiala, Punjab.
• Specialised services for NRI customers.
• Network includes 434 specialised NRI branches in India, foreign offices in 29 countries, partnerships with 45 exchange houses and 5 banks in GCC countries.

High Court Branches:

• Comprehensive redesign to enhance services for the legal community.
• Tailored financial solutions for lawyers and legal professionals, including financial management, transaction facilitation, and personalised financial advice.

Home Loan Transparency:

• Automated email and SMS notifications for home loan applicants.
• Updates on loan application status at various processing stages.
• Initiative focuses on enhancing customer satisfaction and convenience.

Recent News :

• In July 2024, SBI launched “MSME Sahaj,” a web-based digital business loans solution focused on invoice financing for MSMEs (micro, small, and medium enterprises) under the Goods and Service Tax (GST) regime.

About SBI :

• Established : 1 July 1955
• Headquarters : Mumbai, Maharashtra, India
• Chairman : Dinesh Kumar Khara

Indiabulls Housing Finance Rebranded and Renamed as ‘Sammaan Capital Limited’

• Non-banking finance company (NBFC) Indiabulls Housing Finance has officially changed its name to ‘Sammaan Capital Limited’, following the receipt for Certificate of Incorporation issued by the Registrar of Companies (RoC), and Certificate of Registration (CoR) as an NBFC-ICC (Investment and Credit Company) from the Reserve Bank of India (RBI).
• The company had announced its plans to rebrand the company on May 22, 2023 and January 25, 2024.
• Legal Alteration : The company informed that Clause I [that is Name Clause] of the Memorandum of Association of the Company stands altered accordingly and the name ‘Indiabulls Housing Finance Limited’ wherever it appears in the Memorandum of Association and the Articles of Association, gets replaced with the new name ‘Sammaan Capital Limited’.

About Indiabulls Group :

• Founded: January 2000
• Headquarters: Gurgaon, Haryana, India
• Founder & Chairman: Sameer Gehlaut
• Businesses: The Indiabulls Group operates primarily in housing finance, consumer finance, and real estate sectors in India.

DBS Bank India Introduces Pre-Shipment Financing Solution on Trade Receivables Discounting System (TReDS), Empowering Micro, Small, and Medium Enterprises (MSMEs)   

• DBS Bank India has partnered with Receivables Exchange of India Limited (RXIL), a Trade Receivables Discounting System (TReDS) platform, to offer a pre-shipment financing solution.

What is TReDS?

• TReDS is an electronic platform for facilitating the financing/discounting of trade receivables of micro, small and medium enterprises (MSMEs) through multiple financiers.
• Significant Milestone: The first transaction on TReDS in India occurred on January 9, 2017, through RXIL.

Key Highlights of DBS Bank India’s Initiative :

• Empowerment of MSMEs:Simplified Process: Transparent and streamlined process for securing funding against purchase orders.
• Cash Flow Management: Helps MSMEs streamline cash flows by securing funding in advance.
• Export Contribution: MSMEs contributed 56% of total exports from April-September 2023 (as per the Ministry of External Affairs report).
• Innovative Financing: DBS Bank India will be the first bank to partner with RXIL to offer end-to-end supplier financing using platform data for credit assessment and sanctioning limits.
• Managing Director & CEO of RXIL : Ketan Gaikwad

About DBS Bank India:

• Established: 1994
• Headquarters: Mumbai, Maharashtra, India
• MD & CEO: Surojit Shome
• Tagline: “Live more, Bank less”

National Bank for Agriculture and Rural Development and Online PSB Loans to Integrate Jan Suraksha Schemes Across 43 Regional Rural Banks    

• National Bank for Agriculture and Rural Development (NABARD) and Online PSB Loans Limited. have signed a Memorandum of Understanding (MoU) to smoothen the enrolment and claim settlement processes under the Jan Suraksha Schemes for all 43 Regional Rural Banks (RRBs).
• Objective: To democratise access to financial protection schemes such as Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) in remote areas of the country.

Key Features:

• Integration with Jan Suraksha Portal:NABARD’s Role: NABARD will integrate all 43 RRBs onto the Jan Suraksha Portal.
• Technology Use: The integration will connect the Jan Suraksha Portal with the Core Banking Solutions (CBS) of RRBs via Application Programming Interfaces (APIs), ensuring a hassle-free experience for banks and customers.

About Jan Suraksha Portal:

• Initiative by: Department of Financial Services (DFS), Ministry of Finance (MoF), Government of India (GoI).
• Function: Facilitates digital enrolment and claim settlements for PMJJBY and PMSBY schemes.

About NABARD :

• Headquarters: Mumbai, Maharashtra, India
• Chairman: Shri Shaji K V
• Establishment: Established on July 12, 1982, on the recommendations of the B. Sivaraman Committee, by Act 61, 1981 of Parliament.
• Role:Apex Regulatory Body: Regulates regional rural banks and apex cooperative banks in India.
• Ministry Jurisdiction: Under the jurisdiction of the Ministry of Finance (MoF), Government of India (GoI).

About RRBs (Regional Rural Banks):

• Founded: October 2, 1975.
• Ownership Structure:
• Government of India: 50%
• Nationalised Banks: 35%
• State Governments: 15%
• Function: Government-owned scheduled commercial banks operating at a regional level in different states of India.
• Ministry Jurisdiction: Under the Ministry of Finance (MoF).

CURRENT AFFAIRS: NATIONAL NEWS

Ministry of New and Renewable Energy issues scheme guidelines for implementation of Green Hydrogen under SIGHT Scheme

• The Ministry of New and Renewable Energy (MNRE) notified the Scheme Guidelines for the “Strategic Interventions for Green Hydrogen Transition (SIGHT) Programme – Component II: Incentive Scheme for Green Hydrogen Production (under Mode 1)- Tranche-II”.
• The scheme will be implemented with a total budgetary outlay of ₹200 crore till FY26.
• The National Institute of Solar Energy (NISE) will be the Scheme Implementation Agency (SIA).

Key Details of Tranche-II:

• Capacity: 450,000 TPA of Green Hydrogen.
• Pathway Allocation:
  • 40,000 TPA reserved for biomass-based pathways (Bucket-II).
  • Remainder for technology agnostic pathways (Bucket-I).
• Implementing Agency: Solar Energy Corporation of India (SECI).
• Request for Selection (RfS): To be issued by SECI soon.

Bidding Details:

• Incentive Basis: Based on the least average incentive quoted by the bidder.
• Bucket-I (Technology Agnostic):
  • Minimum bid: 10,000 TPA.
  • Maximum bid: 90,000 TPA.
• Bucket-II (Biomass-based):
  • Minimum bid: 500 TPA.
  • Maximum bid: 4,000 TPA.
• Bid Flexibility: Bidders can bid in either or both buckets.
• Maximum Allotment: Up to 90,000 TPA per bidder in Tranche-II.

About National Green Hydrogen Mission:

• Launch Date: 4th January 2023.
• Outlay: Rs. 19,744 crores up to FY 2029-30.
• Objectives:
  • Foster Aatma Nirbhar Bharat (self-reliant India) through clean energy initiatives.
  • Drive global Clean Energy Transition.
  • Achieve significant economy-wide decarbonisation.
  • Reduce dependence on fossil fuel imports.
  • Establish India as a leader in Green Hydrogen technology and markets.

50k villages in 310 districts: Government prepares plan for climate-resilient farming

• The Union government is set to unveil a framework to promote climate-resilient agriculture in 50,000 villages located in climatically-vulnerable districts.

Selection of Villages:

• Officials will select the 50,000 villages from 310 districts already identified as climatically vulnerable.
• These districts are spread across 27 states, with Uttar Pradesh having the most (48 districts), followed by Rajasthan (27 districts).

National Programme:

• This initiative is part of a broader national programme on climate-resilient agriculture.
• The Ministry of Agriculture and Farmers’ Welfare plans to launch this programme as part of a 100-day agenda.
• A proposal for this programme is expected to receive approval from the Union Cabinet soon.

Climate-Resilient Crop Varieties:

• The ministry aims to promote climate-resilient crop varieties in the selected villages.
• The Indian Council of Agricultural Research (ICAR) has developed over 2,000 such crop varieties.
• These varieties include both abiotic stress-tolerant and biotic stress-tolerant types, aimed at improving food production.

National policy on farmer producer organisations for cheaper loans

• The government has introduced a draft national policy on Farmer Producer Organisations (FPOs), outlining several measures to aid and benefit millions of farmers across the country.

Key Proposals of the Policy

1. Cheaper Institutional Loans:
   • Lending Norms: Advocates for a special subset within primary sector lending norms to make it easier for banks to lend to FPOs.
   • Objective: To provide more accessible and affordable financial support for FPOs.
2. Three-Tier Amul-like Model:
   • Structure: Proposes a three-tier model similar to the Amul cooperative structure.
   • Function: Designed to enhance the operational efficiency and integration of FPOs at various levels.
3. Incentivising Talent:
   • Scheme: Suggests a scheme to incentivize the hiring of skilled personnel in FPOs.
   • Goal: To improve the managerial and operational capacities within FPOs.
4. Agribusiness Marketplaces:
   • Encouragement: Encourages farmer groups to establish agribusiness marketplaces.
   • Legal Status: These marketplaces are to act as deemed ‘mandis’ under state agricultural produce laws.
   • Role: Primary FPOs’ marketplaces will act as aggregators of farmer produce.

Functionality of FPO Marketplaces

• Aggregation: The proposed marketplaces by primary FPOs will serve as aggregators for farmer produce.
• Quality Assurance: They will ensure the provision of quality standards for aggregated products.

Key Highlights

• Policy Focus: National policy on Farmer Producer Organisations (FPOs)
• Key Measures:
  • Institutional Loans: Introduction of easier lending norms for banks to support FPOs.
  • Three-Tier Model: Proposal of an Amul-like three-tier structure for FPOs.
  • Talent Incentives: Scheme to incentivize hiring talent in FPOs.
  • Agribusiness Marketplaces: Encouragement for FPOs to establish marketplaces acting as deemed ‘mandis.’
• Objective: To provide financial support, improve management, and enhance market access for farmers through FPOs.

ASSOCHAM Announces Uttar Pradesh MSME Sammelan: MSME Vision for Viksit Bharat

• The Associated Chambers of Commerce and Industry of India (ASSOCHAM), India’s premier chamber for commerce and industry, is pleased to announce the Uttar Pradesh MSME Sammelan: MSME Vision for Viksit Bharat, in Lucknow, Uttar Pradesh.

Event Objectives

• Promotion of MSMEs:
  • Focus: To promote the growth and development of Micro, Small, and Medium Enterprises (MSMEs).
  • Objective: Enhance awareness of policies supporting the MSME sector.
• Engagement Opportunities:
  • Participants: Offers MSMEs the chance to engage with a diverse range of experts.
  • Sectors: Includes experts from industries, policymakers, Public Sector Undertakings (PSUs), state bodies, export promotion councils, development institutions, and financial institutions.

Key Highlights

• Organizer: Associated Chambers of Commerce and Industry of India (ASSOCHAM)
• Event Name: Uttar Pradesh MSME Sammelan: MSME Vision for Viksit Bharat
• Dates: 26 and 27 June 2024
• Location: Lucknow, Uttar Pradesh
• Objectives:
  • Promotion: Promote MSMEs and relevant policies.
  • Engagement: Facilitate interaction between MSMEs and a wide spectrum of experts from various sectors.
• Focus Areas: Development of MSMEs, policy promotion, industry engagement, export promotion, and financial support.

DPIIT Recommends Removal of Angel Tax for Startups Ahead of Union Budget

• With the Union Budget expected, the Department for Promotion of Industry and Internal Trade (DPIIT) has proposed the removal of the contentious angel tax for startups.

Key Recommendations by DPIIT

1. Consultations with Ecosystem:
   • Previous and Current Proposals: DPIIT has consistently recommended the removal of angel tax based on consultations with the startup ecosystem.
   • Input Nature: Recommendations by DPIIT are advisory and not binding on the government.
2. Industry Inputs:
   • Written Submissions: DPIIT has forwarded inputs from industry associations to the finance ministry advocating for the repeal of the angel tax.
   • Decision-Making: The final decision rests with the finance ministry, integrating DPIIT’s suggestions.
3. Understanding Angel Tax:
   • Definition: Angel tax is levied on capital raised by unlisted companies if the share value issued to investors exceeds their fair market value (FMV).
   • Tax Rate: Imposed above 30%.
   • Background: Introduced in 2012 under Section 56(2)(viib) of the Income Tax Act, 1961, to prevent misuse by shell companies and circulation of black money.
4. Exemption and Industry Response:
   • 2019 Guidelines: The Centre issued G.S.R 127(E) guidelines in February 2019, allowing startups to seek exemptions from angel tax to address industry concerns.
   • Application Statistics: Despite the guidelines, only 10,939 out of 1.14 lakh registered startups have applied for exemption.

Industry Views

• Criticism: TV Mohandas Pai, former CFO of Infosys and partner at Aarin Capital, referred to angel tax as a “constant blot” on India’s otherwise thriving startup ecosystem over the past decade.

Key Highlights

• Agency Involved: Department for Promotion of Industry and Internal Trade (DPIIT)
• Proposal: Removal of the contentious angel tax for startups
• Decision Authority: Finance Ministry (final decision)
• Tax Details:
  • Angel Tax Definition: Tax on capital raised exceeding fair market value (FMV) by unlisted companies
  • Tax Rate: Above 30%
• Historical Context: Introduced in 2012 under Section 56(2)(viib) of the Income Tax Act, 1961
• 2019 Exemption Guidelines: G.S.R 127(E) guidelines issued for exemptions
• Application Data: Only 10,939 startups applied for exemption out of 1.14 lakh registered startups
• Industry Perspective: Criticized by prominent industry figures for impacting the startup ecosystem

NBCC Seeks Approval to Demolish Unsafe Towers in Green View Complex, Gurugram

• The National Buildings Construction Corporation Limited (NBCC) has requested permission from the Gurugram district administration to demolish seven towers at the Green View condominium complex in Sector 37 D, following their declaration as “unsafe for habitation.”

Key Developments and Background

1. Structural Safety Concerns:
   • Audit Reports: The IIT Roorkee and Central Building Research Institute conducted a structural audit, leading to the declaration of the towers as unsafe.
   • District Administration Action: The district magistrate and chairperson of the District Disaster Management Authority (DDMA) issued an order on February 17, 2022, highlighting imminent dangers to life and property due to structural issues.
2. Request for Demolition:
   • NBCC’s Request: In a letter dated June 25 to the Gurugram Deputy Commissioner, Nishant Yadav, NBCC’s head of the real estate division sought demolition approval.
   • Reason: Addressing structural concerns to ensure resident safety.
3. Project Details:
   • Launch and Possession: The Green View project was launched in 2010, with possession granted in 2017.
   • Condominium Size: The complex includes 784 apartments in seven towers and 139 EWS flats.
   • Sales Data: 255 out of 784 flats have been sold.

Key Highlights

• Agency Involved: National Buildings Construction Corporation Limited (NBCC)
• Action Requested: Permission to demolish seven unsafe towers
• Location: Green View condominium complex, Sector 37 D, Gurugram
• Safety Concerns:
  • Audit Reports: Conducted by IIT Roorkee and Central Building Research Institute
  • District Order: February 17, 2022, citing imminent danger
• Correspondence: Letter sent to Gurugram Deputy Commissioner on June 25, 2024
• Project Timeline:
  • Launch: 2010
  • Possession: 2017
• Project Details:
  • Apartments: 784 in seven towers, plus 139 EWS flats
  • Sales: 255 flats sold out of 784

CURRENT AFFAIRS : STATE NEWS

Ezhavas, Nairs Represent 41% of Kerala Government Workforce

• Ezhavas and Nairs, the two major Hindu communities in Kerala, account for about 41% of the government employees in the state.

Key Details :     

• The caste data on employment, prepared by the Kerala State Commission for Backward Classes, reveal that 1,15,075 Ezhava and 1,08,012 Nair community members are employed in government service.
• Muslim and Christian Representation:Muslims and Christians have 73,774 and 73,713 employees in government service, respectively.
• Other Community Representations:Latin Catholics/Latin Christians: 22,542 employees.
• Brahmin/Namboothiri, Potty/Tamil Brahmin: 7,112 employees.
• Total Government Employees:The total number of government employees in Kerala is 5,45,413.

Population Proportion:

• Ezhavas: Nearly 23% of Kerala’s population.
• Muslims: 26%.
• Christians: 18%.
• Nairs: 15%.
• Other Backward Classes (OBC):Members of OBC, including Ezhavas, Muslims, Viswakarmas, Latin and Anglo-Indians, hold 2,85,335 government jobs.
• General Category:1,96,837 employees fall under the general category, which is not subject to caste-based reservation.
• Significance:The data is significant amidst allegations that minority communities benefit from ‘appeasement policies’ by the Left Democratic Front and the United Democratic Front.

About Kerala:

• Capital: Thiruvananthapuram
• Chief Minister: Pinarayi Vijayan
• Governor: Arif Mohammad Khan
• National Parks: Periyar National Park, Mathikettan National Park, Eravikulam National Park, Silent Valley National Park, Indira Gandhi National Park

CURRENT AFFAIRS: BUSINESS NEWS

Coal Sector Achieves Remarkable Growth of 10.2 % among Eight Core Industries in May 2024

• The coal sector has shown the highest growth rate of 10.2% (provisional), following the electricity industry among the eight core industries for May 2024, as per the Index of Eight Core Industries (ICI) with the base year 2011-12, released by the Ministry of Commerce & Industries.
• The coal industry’s index reached 184.7 points in May 2024, up from 167.6 points in the same month the previous year.
• The cumulative index rose by 8.9% from April to May 2024-25 compared to the corresponding period last year.

Key Highlights

• Index of Eight Core Industries (ICI): Measures the production performance of eight core industries.
• Industries Included: Cement, coal, crude oil, electricity, fertilizers, natural gas, refinery products, and steel.

Coal Sector Performance

• Growth Rate: 10.2% (provisional) in May 2024.
• Index Value: 184.7 points in May 2024, up from 167.6 points in May 2023.
• Cumulative Growth: 8.9% increase from April to May 2024-25 over the previous year.

Overall ICI Performance

• Combined Index Growth: 6.3% increase in May 2024 compared to the previous year.
• Coal Sector Contribution: Significant contributor to overall industrial growth.

Production Surge

• Output in May 2024: 83.91 million tonnes.
• Growth in Production: 10.15% increase compared to May 2023.

EU slaps Chinese electric cars with tariffs of up to 38%

• The European Union has imposed provisional duties up to 38% on Chinese electric car imports.
• This move is in response to what the EU considers “unfair” state subsidies by China.

Reason for Tariffs:

• An EU investigation found that Chinese state subsidies for electric vehicle (EV) manufacturers undercut European competitors unfairly.
• The EU aims to protect its EV industry during its transition from thermal to electric power.

European Divide:

• Supporters: France and Italy favor tariffs due to the rapid increase in market share of Chinese EVs in the EU.
• Opponents: Sweden and Germany are cautious, and Hungary is against the tariffs.

International Context:

• The United States has already raised tariffs on Chinese EVs to 100%.
• Canada is considering similar measures.

EU’s Strategic Balance:favour

• The EU aims to defend its auto industry while avoiding a trade war with China.
• Meeting carbon emission targets remains a priority, with plans to ban new fossil fuel-powered cars by 2035.

Market Impact:

• Chinese EVs’ market share in the EU has surged from around 3% to over 20% in the past three years.

DPIIT close to finalising model to launch Producer Price Index in India

• The Department for Promotion of Industry and Internal Trade (DPIIT) is nearing the finalization of a model to launch a Producer Price Index (PPI) in India, which may eventually replace the Wholesale Price Index (WPI).
• Measurement Focus: PPI measures wholesale prices from the perspective of producers of goods and services.
• Tracking Prices: It tracks prices at different stages of production.
• International Standards: PPI is conceptually in line with the internationally agreed System of National Accounts (SNA), making it a preferred measure over WPI in most countries.

Transition from WPI to PPI

• Historical Context: The government has been working for over two decades to determine the methodology for constructing a PPI suitable for the Indian context.
• Challenge: The biggest challenge has been finalizing a model that improves upon the existing WPI.
• Current Status: Despite efforts, WPI remains the most widely followed measure of inflation due to its long history.

Role of WPI and CPI

• Inflation Measure: WPI is used as one of the deflators, along with the Consumer Price Index (CPI), to calculate real GDP from nominal GDP.

Key Highlights

• Department Involved: Department for Promotion of Industry and Internal Trade (DPIIT)
• New Index: Producer Price Index (PPI)
• Potential Replacement: Wholesale Price Index (WPI)
• PPI Measurement: Tracks prices from producers’ perspective at different production stages.
• International Alignment: PPI aligns with the System of National Accounts (SNA).
• Historical Effort: Over two decades of effort to develop PPI methodology for India.
• Challenges: Finalizing an improved model over WPI.
• Current Usage: WPI remains the primary inflation measure due to its historical significance.
• Economic Metrics: WPI and CPI are used to calculate real GDP from nominal GDP.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Justice Sheel Nagu appointed as Chief Justice of Punjab and Haryana High Court                                

• The President of India, in exercise of the powers conferred by the Constitution of India, appointed Shri Sheel Nagu, Judge of the High Court of Madhya Pradesh as the Chief Justice of the High Court of Punjab and Haryana with effect from the date he assumed charge of his office.
• Justice Sanjeev Sachdeva has been appointed as the new Acting Chief Justice of the Madhya Pradesh High Court, succeeding Justice Sheel Nagu.
• This is the second high-profile judicial appointment cleared by the Centre within two days, after a prolonged pending period of over six months.
• The prior appointment was of Justice BR Sarangi as the Chief Justice of the Jharkhand High Court on July 3, 2024.

Indian Information Service Officer Dhirendra K Ojha Appointed as Government’s New Principal Spokesperson   

• Dhirendra K Ojha, a senior Indian Information Service (IIS) officer of the 1990 batch, has been appointed as the principal spokesperson of the central government.
• He will also assume the role of Principal Director General (DG) of the Press Information Bureau (PIB).
• Ojha succeeds Sheyphali B Sharan, also a 1990-batch IIS officer, who was appointed as the Director General of the Publications Division.
• Sheyphali B Sharan held the position of Principal DG, PIB from April 1, 2024, until Ojha’s appointment.
• With Ojha’s new role as Principal Spokesperson and Principal DG, PIB, the position of Director General at the CBC will now be taken over by Y K Baweja, who is currently the PIB Director General.
• Before this appointment, Dhirendra K Ojha served as the Director General of the Central Bureau of Communications (CBC).

Canada Appoints Lieutenant-General Jennie Carignan as Chief of Defence Staff, Marking First Woman in the Role    

• The Canadian government has appointed Lieutenant-General Jennie Carignan chief of the defence staff – the highest position in the country’s armed forces.
• She will be the first woman to hold the post.
• Carignan was promoted to the rank of General and officially assumed office on July 18,2024 succeeding General Wayne Eyre.
• She currently serving as chief, professional conduct and culture, National Defence, focusing on combatting sexual harassment and transforming military culture.

Statistics:

• Representation: Women constitute 16% of the Canadian military, according to government data.

About Jennie Carignan :

• Military Career: Joined the armed forces in 1986; became the first woman to lead a combat arms unit in 2008.

Notable Assignments:

• Led North Atlantic Treaty Organization (NATO) Mission Iraq (2019-2020) aimed at enhancing Iraq’s security forces.
• Served in Afghanistan, Bosnia-Herzegovina, and Syria.
• Awards: Received the Meritorious Service Medal and the Governor General’s Order of Military Merit.

About Canada :

• Prime Minister : Justin Trudeau
• Capital : Ottawa
• Currency : Canadian dollar

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Life Insurance Corporation of India Increases Stake in IDFC First Bank to 2.68% at ₹80.63/Share Through Private Placement Offer   

• The Life Insurance Corporation of India (LIC) shareholding in IDFC First Bank increased after the insurer acquired 18,60,34,900 shares at ₹80.63 apiece in a private placement offer by the lender.
• The shareholding increased from 0.20% of the pre-issue paid-up capital to 2.68% of the post-issue paid-up capital.
• In terms of the number of shares, LIC’s holding increased from approximately 1.42 crore to over 20.02 crore shares.
• This follows the IDFC First Bank board approving preferential issue on private placement basis of a total of 39,68,74,600 shares at ₹80.63 each aggregating to ₹3,200 crore to 6 insurers.
• LIC received the highest allocation of shares in this private placement.

Other Insurers’ Allocations:

• HDFC Life Insurance Company: 8,06,15,200 shares.
• Aditya Birla Sun Life Insurance Company: 6,20,11,600 shares.
• Bajaj Allianz Life Insurance Company: 3,10,05,900 shares.
• ICICI Lombard General Insurance Company: 3,10,05,800 shares.
• SBI General Insurance Company Limited: 62,01,200 shares.

Recent News :

• In May 2024, IDFC First Bank’s Board of Directors approved a proposal to raise ₹3,200 crore via preferential issue of shares at ₹80.63 apiece to LIC, SBI General Insurance, HDFC Life Insurance, and ICICI Lombard.

About IDFC FIRST Bank :

• Founded : October 2015
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : V. Vaidyanathan
• It is an Indian private sector bank formed by the merger of the banking arm of Infrastructure Development Finance Company and Capital First, an Indian non-bank financial institution.

About LIC :

• Founded : 1 September 1956
• Headquarters : Mumbai, Maharashtra
• MD & CEO : Siddhartha Mohanty

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Indian Solar Mission Aditya-L1 Achieves 1st Halo Orbit Around Sun-Earth L1 Point   

• India’s first solar mission, the Aditya-L1 spacecraft, completed its first halo orbit around the Sun-Earth L1 point.
• Indian Space Research Organisation (ISRO) stated its station-keeping (SK) manoeuvre ensured its seamless transition into the second halo orbit.

What are station keeping maneuvers?

• To ensure the satellite remains in its designated orbit, stationkeeping manoeuvres are performed to make adjustments and compensate for these perturbations.

About Sun-Earth L1 point :

• Sun-Earth L1 is the point where the gravitational pull of two large bodies — Sun and Earth, will be equal and hence the spacecraft will not gravitate towards any one of them.

Key Highlights :

• The Aditya-L1 mission, which is an Indian solar observatory at Lagrangian point L1, was launched on September 2, 2023 and was inserted in its targeted halo orbit on January 6, 2024.
• Aditya-L1, dedicated to the study of the Sun, carries 7 payloads.
• It will observe the photosphere, chromosphere, and the Sun’s outermost layers (the corona) using electromagnetic, particle, and magnetic field detectors.
• Orbital Characteristics : According to ISRO, the Aditya-L1 spacecraft in the halo orbit takes 178 days to complete a revolution around the L1 point.
• The orbit of Aditya-L1 spacecraft is a periodic halo orbit which is located roughly 1.5 million km from Earth on the continuously moving Sun–Earth line with an orbital period of about 177.86 earth days.
• Halo orbit is a periodic, three-dimensional orbit at L1 involving Sun, Earth and a spacecraft.
• This halo orbit is with a size of 6 lakh km in one dimension, over 2 lakh km in another dimension and 1 lakh km in one more dimension, forming an egg-shaped orbit.
• For a two body gravitational system, the Lagrange Points are the positions in space where a small object tends to stay, if put there.

About Lagrange Points :

• Lagrange Points are named in honour of Italian-French mathematician Joseph-Louis Lagrange.
• Of the 5 Lagrange points, 3 are unstable and 2 are stable.
• The unstable Lagrange points – labelled L1, L2, and L3 – lie along the line connecting the two large masses.
• The stable Lagrange points – labelled L4 and L5 – form the apex of two equilateral triangles that have the large masses at their vertices.

About ISRO :

• Established: 15 August 1969
• Headquarters: Bangalore, Karnataka, India
• Chairman: S. Somanath

CURRENT AFFAIRS: IMPORTANT DAYS

World Zoonoses Day 2024: July 6

• Every year on June 6th, World Zoonoses Day is commemorated as the anniversary of the first-ever vaccine given for any zoonotic disease way back in 1885.
• In 2300 B.C., Rabies was first recorded and the Mosaic Esmuna Code of Babylon showed the first written account of rabies causing death in humans and dogs.
• on September 29, 1976, Ebola was Discovered. It was named after the Ebola River in the Democratic Republic of Congo.
• In 2009, Swine Flu Outbroke. The C.D.C. estimates that the global death toll is due to H.1.N.1. influenza is more than 284,000.
• On January 30, 2020, WHO declares the novel coronavirus outbreak a public health emergency of worldwide concern.
• On this day on 6th July 1885, a French biologist named Louise Pasteur who is also very known for his theory of pasteurization successfully administered the first-ever vaccination given for a zoonotic disease to a man named Joseph Meister who was bitten by a dog with rabies.

Daily CA One-Liner: July 6

• The Ministry of New and Renewable Energy (MNRE) notified the Scheme Guidelines for the “Strategic Interventions for Green Hydrogen Transition (SIGHT) Programme – Component II: Incentive Scheme for Green Hydrogen Production (under Mode 1)- Tranche-II
• The Union government is set to unveil a framework to promote climate-resilient agriculture in 50,000 villages located in climatically-vulnerable districts.
• The government has introduced a draft national policy on Farmer Producer Organisations (FPOs), outlining several measures to aid and benefit millions of farmers across the country.
• The Associated Chambers of Commerce and Industry of India (ASSOCHAM), India’s premier chamber for commerce and industry, is pleased to announce the Uttar Pradesh MSME Sammelan: MSME Vision for Viksit Bharat, in Lucknow, Uttar Pradesh
• With the Union Budget expected, the Department for Promotion of Industry and Internal Trade (DPIIT) has proposed the removal of the contentious angel tax for startups
• The National Buildings Construction Corporation Limited (NBCC) has requested permission from the Gurugram district administration to demolish seven towers at the Green View condominium complex in Sector 37 D, following their declaration as “unsafe for habitation”.
• The coal sector has shown the highest growth rate of 10.2% (provisional), following the electricity industry among the eight core industries for May 2024, as per the Index of Eight Core Industries (ICI) with the base year 2011-12, released by the Ministry of Commerce & Industries.
• The European Union has imposed provisional duties up to 38% on Chinese electric car imports.
• The Department for Promotion of Industry and Internal Trade (DPIIT) is nearing the finalization of a model to launch a Producer Price Index (PPI) in India, which may eventually replace the Wholesale Price Index (WPI)
• Public sector banks (PSBs) seem to have started FY25 on a strong note, clocking robust credit growth, going by provisional business updates of Bank of Maharashtra (BoM) and UCO Bank for the first quarter of FY25.
• The Ministry of Finance (MoF) has announced that deposits made under the Special Deposit Scheme (SDS) for non-government provident, superannuation and gratuity funds would earn 7.1% interest from July 1 to September 30, 2024.
• The country’s largest lender State Bank of India (SBI) announced 11 new initiatives including enhancement of its digital banking features and opening of 35 new Agricultural Centralised Processing Cells to mitigate risks in its agricultural loan portfolio.
• Non-banking finance company (NBFC) Indiabulls Housing Finance has officially changed its name to ‘Sammaan Capital Limited’, following the receipt for Certificate of Incorporation issued by the Registrar of Companies (RoC), and Certificate of Registration (CoR) as an NBFC-ICC (Investment and Credit Company) from the Reserve Bank of India (RBI).
• DBS Bank India has partnered with Receivables Exchange of India Limited (RXIL), a Trade Receivables Discounting System (TReDS) platform, to offer a pre-shipment financing solution.
• National Bank for Agriculture and Rural Development (NABARD) and Online PSB Loans Limited. have signed a Memorandum of Understanding (MoU) to smoothen the enrolment and claim settlement processes under the Jan Suraksha Schemes for all 43 Regional Rural Banks (RRBs).
• Ezhavas and Nairs, the two major Hindu communities in Kerala, account for about 41% of the government employees in the state.
• The President of India, in exercise of the powers conferred by the Constitution of India, appointed Shri Sheel Nagu, Judge of the High Court of Madhya Pradesh as the Chief Justice of the High Court of Punjab and Haryana with effect from the date he assumed charge of his office.
• Dhirendra K Ojha, a senior Indian Information Service (IIS) officer of the 1990 batch, has been appointed as the principal spokesperson of the central government.
• The Canadian government has appointed Lieutenant-General Jennie Carignan chief of the defence staff – the highest position in the country’s armed forces.
• The Life Insurance Corporation of India (LIC) shareholding in IDFC First Bank increased after the insurer acquired 18,60,34,900 shares at ₹80.63 apiece in a private placement offer by the lender.
• India’s first solar mission, the Aditya-L1 spacecraft, completed its first halo orbit around the Sun-Earth L1 point.
• Every year on June 6th, World Zoonoses Day is commemorated as the anniversary of the first-ever vaccine given for any zoonotic disease way back in 1885.