Daily Current Affairs July 10 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

RBI KLEMS Data Shows Employment Growth Rate Rising to 6% in FY24

• According to the Reserve Bank of India’s (RBI’s) KLEMS [Capital (K), Labour (L), Energy (E), Material (M) and Services (S)] database, Employment growth rate rose to 6% in FY24 against 3.2% in FY23.
• This increase coincided with India’s real Gross domestic product (GDP) growth rate rising to 8.2% in FY24, compared to 7% in the previous fiscal year.

Key Highlights :

• RBI’s Data Release:RBI released an update on “Measuring Productivity at the Industry Level – The India KLEMS Database,” including a Data Manual 2024 and time-series data on productivity for 27 industries from 1980-81 to 2022-23.
• Unemployment Rate (UR):All-India unemployment rate declined to a 20-month low of 7% according to Centre for Monitoring Indian Economy (CMIE) data cited in RBI’s monthly bulletin.
• The decline was driven by lower unemployment rates in rural areas.
• Labour Market Indicators:Labour participation rate (LPR) saw a marginal decline, while the employment rate (ER) increased, contributing to the lower unemployment rate.
• Sectoral Employment Trends:Organised manufacturing employment saw the fastest expansion in 18 months, driven by new orders and positive demand expectations indicated by the Purchasing Managers Index (PMI) employment outlook.
• Services job creation expanded to its strongest since August 2022, boosted by growth in new business segments.
• MGNREGA Employment:Demand for household work under Mahatma Gandhi National Rural Employment Guarantee Act, 2005 (MGNREGA) increased by 26.4% month-on-month in May 2024, reflecting seasonal patterns in agricultural production.
• However, year-on-year MGNREGA employment declined by 14.3% in May 2024.

About RBI :

• Established : 1 April 1935
• Headquarters : Mumbai, Maharashtra, India
• Governor : Shaktikanta Das
• Deputy Governors : Shri M. Rajeshwar Rao, Shri Swaminathan J, Shri T. Rabi Sankar, Dr. M.D. Patra

State Bank of India Research Urges Centre to Target 4.9% Fiscal Deficit in 2024, Advocate Continued Consolidation

• State Bank of India (SBI) Research has urged the Government to strike the right balance between fiscal consolidation and promoting growth and recommended that fiscal deficit be brought down at the most to 4.9% for FY25.

What is the fiscal deficit?

• Fiscal deficit is the difference between the total revenue and total expenditure of the government.
• It indicates the total borrowing requirement of the government.

Key Highlights :

• Comparison with Interim Budget:The Interim Budget had set a fiscal deficit target of 5.1%, which SBI Research views as higher than ideal for fiscal consolidation.
• Government’s Long-Term Goal:The government aims to bring the fiscal deficit below 4.5% of GDP by FY 2025-26, indicating a gradual reduction in borrowing requirements over the coming years.
• Market Borrowing Estimates:Gross market borrowing for FY25 is projected to be around ₹13.5 lakh crore, lower than the ₹14.1 lakh crore estimated in the Interim Budget. Net market borrowing is expected to be ₹11.1 lakh crore, down from ₹11.8 lakh crore.
• Economic Assumptions:Nominal GDP growth rate is expected to be around 11%.
• Tax buoyancy is projected to be between 1.2% to 1.3%, with gross tax revenues anticipated to grow by over 13%.
• Impact on Yield Curve:SBI Research predicts that India’s inclusion in Global Bond indices will help anchor yield curve movements, impacting borrowing costs and market dynamics.
• Previous Fiscal Targets:For FY 2023-24, the initial fiscal deficit target was 5.9% of GDP, later revised downward to 5.8%.

About SBI :

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

Export-Import Bank of India’s Government of India-supported Line of Credit of USD 2.50 Million to the Government of Co-operative Republic of Guyana for Installation of Solar PhotoVoltaic Power Plant at Cheddi Jagan International Airport

• Export-Import Bank of India (Exim Bank) has entered into an agreement with the Government of the Co-operative Republic of Guyana (GO-GUY), for making available to the latter, Government of India (GoI) supported Line of Credit (LoC) of USD 2.50 million for installation of Solar PhotoVoltaic Power Plant at Cheddi Jagan International Airport in

Key Highlights :

• Export Eligibility:Eligible goods and services from India are defined under the agreement and must comply with the Foreign Trade Policy of the Government of India.
• Purchases may be financed by Exim Bank under this agreement.
• Procurement Conditions:At least 75% of the contract price must be supplied by the seller from India.
• The remaining 25% of goods and services may be procured from outside India for the eligible contract.
• Agreement Effectiveness and Disbursement:The agreement under the LoC became effective on June 24, 2024.
• The last date for disbursement is 48 months after the scheduled completion date of the project.
• Regulatory Directions:Directions have been issued under section 10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999.

About Exim Bank :

• Established : 1982 (under the Export-Import Bank of India Act, 1981)
• Headquarters : Mumbai, Maharashtra
• Chairman & Managing Director : Ms. Harsha Bangari

About Guyana :

• President : Irfaan Ali
• Prime Minister : Mark Phillips
• Capital : Georgetown
• Currency : Guyanese dollar

Reserve Bank of India Cancels Registration of 2 Non Banking Finance Companies – Star Finserv India and Polytex India, Over Irregular Lending Practices

• The Reserve Bank of India (RBI) has cancelled the certificates of registration (CoR) of 2 Non Banking Finance Companies (NBFCs), Star Finserv India and Polytex India, due to irregular lending practices.

Entities Involved:

• Star Finserv India, based in Hyderabad, operated under ‘Progcap’ by Desiderata Impact Ventures Private Limited.
• Polytex India, headquartered in Mumbai, operated under the ‘Z2P’ mobile application by Zaitech Technologies Private Limited.

Reasons for CoR Cancellation:

• Star Finserv:Violated RBI guidelines on outsourcing core decision-making functions in digital lending operations.
• Specifically, outsourcing credit appraisal, loan sanctioning, and KYC verification processes to service providers.
• Failed to maintain data confidentiality and security of customer information by providing complete access to customer data to the service provider.
• Polytex India:Violated norms on outsourcing core functions related to client sourcing, Know Your Customer (KYC) verification, credit appraisal, loan disbursal, loan recovery, and customer complaint resolution.
• Earned a fixed fee from the service provider while the service provider charged interest to borrowers, sometimes at exorbitant rates, violating Fair Practice Code (FPC) guidelines.
• Consequences:Following the cancellation of their CoR, both entities are prohibited from conducting business as a Non-Banking Financial Institution (NBFI).

Ageas Federal Life Insurance Launches Golden Years Pension Plan with Bluechip Pension Fund

• Ageas Federal Life Insurance has launched a new pension plan named ‘Golden Years Pension Plan’ that aims to provide a comprehensive solution for securing the financial futures of policyholders during their retirement years.
• The plan is a Unit Linked, Non-Participating, Individual Pension Plan specifically designed to provide financial stability during retirement.

Key features :

• Early Investment Booster: Additional allocations to encourage early retirement planning (ages 18-35).
• Golden Waiver of Premium: Helps in accumulating retirement corpus for loved ones post policyholder’s demise.
• Entry Ages: 18-70 years for Classic Option; up to 60 years for Golden Waiver of Premium Option.
• Premium Payment Options: Flexible options available.
• Guaranteed Loyalty Booster: Boosts investments over time.
• Limited Time Offer: Flat NAV of Rs 10 per unit on Bluechip Pension Fund.
• Investment Strategy:Bluechip Pension Fund: Invests in listed equities, focusing on established and emerging blue-chip stocks with a strong track record.
• It aims to generate high returns and diversifies risk across multiple sectors.

About Ageas Federal Life Insurance :

• Established : 2007
• Headquarters : Mumbai, Maharashtra
• MD & CEO : Vignesh Shahane

Securities and Exchange Board of India Raises Investment Cap to 25%: Exchange-Traded Funds and Index Funds Can Invest More in Group Companies

• Market regulator Securities and Exchange Board of India (SEBI) has streamlined norms for passive funds, including index funds and Exchange Traded Funds (ETFs).
• Aim : To create a level playing field for mutual funds concerning their exposure to securities of group companies of the sponsor.

Key Highlights :

• Amended Investment Rules:SEBI has amended mutual fund rules to allow equity-oriented ETFs and index funds to invest in the listed securities of group companies of the sponsor beyond 25% of the net assets.
• Previously, mutual fund schemes were restricted from investing more than 25% of their net asset value (NAV) in group companies of the sponsor.
• Impact on Passive Funds:The previous restriction hindered passive funds from effectively replicating the underlying index when group companies of sponsors comprised more than 25% of the index.
• This placed asset management companies (AMCs) with sponsor group companies comprising over 25% in the underlying index at a disadvantage compared to other AMCs.
• New Exposure Limits:To address this issue and ensure a level playing field for all AMCs, SEBI approved an amendment allowing equity passive schemes to take exposure up to the weightage of the constituents in the underlying index.
• However, this exposure is subject to an overall cap of 35% investment in the group companies of the sponsor.

Recent News :

• In July 2024, SEBI issued new guidelines to streamline operations and enhance the ease of doing business for credit rating agencies (CRAs).

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.

Indian Overseas Bank Introduces Enhanced Features for Savings Scheme

• Public sector Indian Overseas Bank (IOB) has unveiled a slew of upgradation facilities on savings schemes that offer enhanced features to its customers.
• The initiative was in the backdrop of simplifying banking processes by leveraging digital technology providing convenience.

Key Highlights :

• The facility is to be available through the bank’s website, the higher variants of savings accounts like “SB Max” and “SB HNI” offer a host of enhanced facilities and features which includes concessions and waiver of various charges providing more value and flexibility solutions to customers.
• In addition to this service, IOB has launched a new service enabling customers to access their loan account statements directly through the Digilocker application or website under its move to expand the service.

About IOB :

• Founded : 10 February 1937
• Headquarters : Chennai, Tamil Nadu, India
• MD & CEO : Ajay Kumar Srivastava
• Tagline : Good people to grow with

Tata Asset Management Introduces India’s First Tourism Index Mutual Fund

• Tata Asset Management has launched India’s first-ever tourism index fund – the Tata Nifty India Tourism Index Fund.
• The Tata Nifty India Tourism Index Fund will track the Nifty India Tourism Index (TRI, i.e., total returns index).
• Nifty India Tourism Index (TRI) is a stock market index that specifically focuses on companies in the Indian tourism sector.

Key Highlights :

• Index Composition:The Nifty India Tourism Index currently comprises 17 companies (as of June 21st, 2024) but can include up to 30 companies from the broader Nifty 500 index.
• The weightings within the index showcase the current focus: Hotels and resorts (32%), Airlines (19%), Restaurants (19%), Tour & Travel related services (16%), Airports & airport services (10%),Luggage (3%).
• Index Design and Criteria:The index is designed to ensure a balanced representation of different tourism sectors, with strict selection criteria.
• To prevent over-concentration, no single stock can have a weightage exceeding 20% in the index.
• Fund Objectives and Structure:The fund aims to replicate the performance of the Nifty India Tourism Index (TRI), offering investors exposure to the growth potential of the Indian tourism sector.
• It is an open-ended scheme, allowing investors to redeem units at any time.
• Fund Management:Kapil Menon is responsible for managing the fund’s investments, ensuring alignment with the index’s performance and objectives.
• Investment Details:During the New Fund Offer (NFO) period, the minimum investment amount is 5,000, with further investments possible in multiples of Rs. 1.
• There are no entry loads for investing in this NFO, making it accessible to investors without additional fees.

Star Health Insurance collaborates with Himachal Pradesh State Cooperative Bank to boost health insurance coverage in HP

• Star Health and Allied Insurance Company Limited, India’s largest retail health insurance company announced a strategic corporate agency agreement with Himachal Pradesh State Cooperative Bank (HPSCB), the leading bank of Himachal Pradesh.
• Through this partnership, Star Health Insurance aims to enhance access to health insurance across the region, particularly in rural areas where the bank holds a significant presence.
• The partnership will enable Star Health Insurance to offer its comprehensive range of health insurance products to the bank’s vast customer base by leveraging HPSCB’s robust and extensive branch network of 262 branches.
• The partnership seeks to increase insurance penetration in rural and Tier 3 regions, aligning with IRDAI’s goal of ‘Insurance for all by 2047’.

About HPSCB :

• Managing Director : Sharwan Manta
• The HPSCB is performing a dual function in the state, one of an Apex Co-operative Bank in Himachal Pradesh to play a leading role in the development of Co-operatives in the State and second of a Co-operative Bank in 6 districts viz. Bilaspur, Chamba, Kinnaur, Mandi, Shimla and Sirmour.

About Star Health and Allied Insurance Company Limited :

• Founded : 2006
• Headquarters : Chennai, Tamil Nadu, India
• MD & CEO : Anand Roy

Life Insurance Corporation of India invest Rs 14 crore in Sri Lankan subsidiary

• Life Insurance Corporation of India (LIC) has infused additional capital amounting to Sri Lankan Rupee (LKR) 500 million (approximately Rs 14 crore) into its subsidiary, Life Insurance Corporation (Lanka).
• Shareholding Increase:Before the allotment of shares, LIC’s shareholding in the subsidiary was 90.91%.
• Post allotment, LIC’s shareholding will increase to 93.75% in the company.
• Purpose of Infusion:The capital infusion was made to comply with the statutory requirement of maintaining minimum total available capital as per regulations of the Insurance Regulatory Commission of Sri Lanka.

Recent News :

• In July 2024, The LIC launched the ‘Jeevan Samarth’ agency transformation project to address the evolving needs of customers.

About LIC :

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

CURRENT AFFAIRS: NATIONAL NEWS

Government reopens application window for PLI Scheme for White Goods (ACs and LED Lights) for 90 days

• The Production Linked Incentive (PLI) Scheme for White Goods (ACs and LED Lights) application window is being reopened due to increased industry interest and investment potential.
• The application window is open from 15th July 2024 to 12th October 2024 on the online portal: https://pliwhitegoods.ifciltd.com/.
• Applications will follow the terms and conditions of the PLIWG Scheme notified on 16.04.2021 and amended guidelines issued on 04.06.2021.

Eligibility for New and Existing Applicants:

• Both new applicants and existing beneficiaries proposing to invest more (switching to a higher target segment or applying under different target segments) can apply.
• Eligibility is subject to fulfilling conditions in Para 5.6 of the Scheme Guidelines and adhering to the investment schedule in Appendix-1 or Appendix-1A.

Incentive Eligibility and Duration:

• Applicants approved in the third round are eligible for PLI for a maximum of three years for new applicants and existing beneficiaries (investment period up to March 2023).
• Existing beneficiaries (investment period up to March 2022) moving to a higher category are eligible for PLI for a maximum of two years.
• Flexibility to revert to the original investment plan if threshold investments or sales are not achieved is allowed once during the Scheme period.

Quarterly Claims Processing:

• To enhance liquidity, better working capital management, and operational efficiency, Quarterly claims processing of PLI has been introduced, replacing the Annual claims processing.

Investment and Beneficiaries:

• So far, 66 applicants with a committed investment of Rs 6,962 crore have been selected.
• Companies like DAIKIN, VOLTAS, HINDALCO, and others have invested in manufacturing AC components.
• Companies like DIXON, R K LIGHTING, SURYA, and others have invested in manufacturing LED light components.
• Investments cover the complete value chain, including components not currently manufactured in India in sufficient quantities.

Background and Objectives:

• The PLI Scheme for White Goods was approved by the Union Cabinet on 7.04.2021 as part of the ‘Atmanirbhar Bharat’ initiative.
• The Scheme aims to boost manufacturing, drive India’s growth, and create jobs.
• Implementation spans from FY 2021-22 to FY 2028-29 with an outlay of Rs. 6,238 crore.

Digital Bharat Nidhi, the government’s fresh attempt at improving rural telecom connectivity

• The Department of Telecommunications (DoT) released draft rules to operationalise the Digital Bharat Nidhi, in a fresh attempt by the central government to increase telecom connectivity in rural areas.
• Digital Bharat Nidhi would replace the erstwhile Universal Service Obligation Fund (USOF), a pool of funds generated by a 5 per cent Universal Service Levy charged upon all the telecom fund operators on their Adjusted Gross Revenue (AGR).

Introduction of Digital Bharat Nidhi (DBN):

1. • DBN replaces the Universal Service Obligation Fund (USOF) to improve telecom connectivity in rural areas.
   • DBN has a broader scope than USOF, focusing on various aspects of telecommunications.

DBN Objectives:

1. • Enhance rural telecom connectivity.
   • Support research and development in telecommunication technologies.
   • Fund pilot projects and consulting services to improve connectivity.
   • Finance telecom services for underserved groups like women and people with disabilities.
   • Foster innovation and the introduction of new technologies in the telecom sector.
2. DBN Framework:
   • Funding Mechanism:
     • Telecom companies’ contributions will go to the Consolidated Fund of India and then be transferred to DBN.
     • Funds will support telecom services in underserved areas, R&D, pilot projects, and new technology introduction.
   • Operational Structure:
     • An administrator will be appointed to select DBN implementers through bidding or applications.
     • Funding modalities include full, partial, co-funding, market risk mitigation, and risk capital.
   • Targeted Schemes and Projects:
     • Focus on underserved groups like women, persons with disabilities, and economically weaker sections.
     • Promote next-generation telecom technologies, improve affordability, encourage innovation, R&D, indigenous technology, and support start-ups in the telecom sector.
3. Background on Universal Service Obligation Fund (USOF):
   • Established in December 2003 by amending the Indian Telegraph Act, 1885.
   • Objective: To provide affordable telecom services in rural and remote areas, bridging the rural-urban digital divide.
   • Funding Mechanism:
     • Funded by a 5% levy on telecom operators’ Adjusted Gross Revenue (AGR).
     • Supported telecom network expansion in remote areas.
   • Administration:
     • Headed by the Administrator, USO Fund, appointed by the Central Government.
     • An attached office of the Department of Telecommunications (DoT), Ministry of Communications.
4. Underutilisation of USOF:
   • Faced criticism for underutilisation since its inception.
   • From 2017-2022, only 72% of collected funds were used.
   • In 2019-20, only Rs 2,926 crore of Rs 7,962 crore collected was utilized.
   • FY23 expenditure estimates were significantly revised lower due to underspending, particularly in the BharatNet project for village fibre connectivity.

After Andhra and Telangana, Godrej Agrovet eyes Tamil Nadu to expand oil palm area

• Godrej Agrovet Ltd (GAVL) is aiming to revive oil palm cultivation in Tamil Nadu, where many farmers had switched to other crops like sugarcane or faced crop destruction due to cyclones over the past decade.
• The company has inaugurated “Samadhan“, a one-stop solution centre, in Echankottai hamlet, Orathanadu Taluk, Thanjavur district, to support and empower oil palm farmers.
• Aims to triple area in TN to 6,000 hectares in three years; to attract farmers back to oil palm cultivation with improved variety, package of practices

Key Points:

1. Inauguration of Samadhan Centre:
   • The center was inaugurated by Industries Minister T.R.B. Rajaa.
   • It exemplifies the Tamil Nadu government’s commitment to bringing food processing units to the agriculturally rich Delta districts under Chief Minister M.K. Stalin’s leadership.
2. Purpose of Samadhan Centre:
   • The center aims to provide a package of practices, inputs including planting materials, tools, and services to enhance yields and productivity of oil palm farmers.
   • It seeks to attract farmers back to oil palm cultivation by offering comprehensive support.
3. Expansion Plans:
   • After focusing on Andhra Pradesh and Telangana, GAVL is now targeting Tamil Nadu for expanding oil palm cultivation.
   • The company plans to bring more area under oil palm cultivation in districts like Villupuram, Cuddalore, Thanjavur, and Thiruvallur.
   • Five more Samadhan Centres are planned to be set up in Tamil Nadu over the next few years to support this expansion.
4. Current State of Oil Palm Cultivation:
   • Oil palm cultivation in Tamil Nadu has reduced from over 12,000 hectares to around 5,000 hectares over the past decade.
   • Farmers had shifted to competing crops like sugarcane, and cyclones in 2019 destroyed about 1,500 hectares of oil palm plantations.
   • GAVL currently operates a processing unit at Ariyalur and has around 2,000 hectares under oil palm.

FSSAI Cancels Licenses of 111 Spice Producers Due to Safety Concerns

• The Food Safety and Standards Authority of India (FSSAI) has revoked the manufacturing licenses of 111 spice producers across the nation.
• These producers have been ordered to halt production immediately.

1. Reason for Action:
   • The action follows the collection of spice samples by FSSAI since April.
   • The sampling was prompted by bans on Indian spice brands MDH Pvt. Ltd and Everest Food Products Pvt in Singapore and Hong Kong due to the detection of the carcinogenic pesticide ethylene oxide.
2. Sampling and Testing:
   • So far, 4,000 samples have been collected, with nearly 2,200 samples tested.
   • FSSAI continues to test more samples, indicating the possibility of further license cancellations.
3. Brands and Regions Affected:
   • Samples were collected from major brands including Everest, MDH, Catch, and Badshah.
   • The majority of affected producers are from Kerala and Tamil Nadu, with additional scrutiny on companies in Gujarat, Maharashtra, and Madhya Pradesh.
4. Adulteration Issues:
   • Common spices like turmeric, chili powder, black pepper, cinnamon, and coriander powder are susceptible to adulteration.
   • Adulterants such as starch, sawdust, artificial colors, and chemical dyes are used to increase volume and reduce production costs, compromising safety and quality.
5. Regulatory Response:
   • In response to adulteration complaints, FSSAI announced an increase in the permissible pesticide levels by ten times to prevent further adulteration.

CURRENT AFFAIRS : STATE NEWS

Tamil Nadu Forms Committee to Propose State Amendments to Three New Criminal Laws

• Tamil Nadu (TN) Chief Minister (CM) MK Stalin formed a one-man committee to study and recommend the amendments to be made at the state level in three criminal laws enacted by the Government of India.
• The Committee will be headed by Madras High Court judge M Satyanarayan (retired) to study and recommend the amendments, which will also include a change of the name of the laws in Hindi.
• The three new criminal laws – the Bharatiya Nyaya Sanhita, 2023, the Bharatiya Sakshya Adhiniyam, 2023 and the Bharatiya Nagarik Suraksha Sanhita, 2023 – came into effect from July 1.
• They have replaced the Indian Penal Code, 1860, the Indian Evidence Act, 1872 and the Code of Criminal Procedure, 1973.
• The committee would examine, among other issues, the “change in nomenclature” of the new laws at the State level, and submit its recommendations to the State government.
• The committee will also consult various stakeholders, including lawyers, to recommend amendments.
• The one-member committee will submit its report within a month.
• The decision was taken at a meeting chaired by Chief Minister M.K. Stalin at the Secretariat in Chennai, TN.
• The bills were passed in the Parliament during the Winter Session last year. Notably, over 140 MPs were suspended from the Parliament, a point the Opposition has continuously targeted the Bharatiya Janata Party for.

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

India’s coal import rises 5 pc to 52 MT in April-May 2024

• India’s coal imports rose by 5.3% to 52.29 million tonnes (MT) during the first two months of the current fiscal year compared to the same period last year, which saw imports of 49.62 MT.
• This data was compiled by mjunction services ltd, a B2B e-commerce platform from a joint venture between Tata Steel and SAIL.

Key Points:

1. Monthly Import Figures:
   • April-May FY25: 52.29 MT
   • April-May FY24: 49.62 MT
   • May FY25: 26.19 MT
   • May FY24: 26.57 MT (a decrease of 1.43% year-over-year)
2. Types of Coal Imports in May:
   • Non-coking Coal: 17.53 MT (down from 18.10 MT in May FY24)
   • Coking Coal: 5.03 MT (slightly down from 5.10 MT in May FY24)

Market Trends and Predictions:

• Demand Outlook: According to Vinaya Varma, MD and CEO of mjunction, the demand for coal imports is expected to remain subdued in the coming weeks due to the onset of the monsoon season.
• Production: Domestic coal production is anticipated to grow healthily.
• Coking Coal Prices: Expected to increase in the seaborne market due to supply tightness, potentially impacting buyer interest in India.

Domestic Market:

• Coal India: Accounts for over 80% of the domestic coal output, playing a critical role in meeting the country’s coal needs.

ICAI, MeitY will join hands to develop ‘AI Audit Tool’ to oversee India Inc

• The Institute of Chartered Accountants of India (ICAI) has initiated discussions with the Ministry of Electronics and Information Technology (MeitY) to jointly develop an AI Audit Tool aimed at enhancing corporate performance tracking and fraud detection in corporate India.
• ICAI President Ranjeet Kumar Agarwal emphasized that this tool will leverage artificial intelligence to assist companies in maintaining their status as ‘going concerns’ and to ensure better compliance and fraud reporting.

Key Points:

1. AI Audit Tool Development:
   • ICAI and MeitY are collaborating on an AI-powered tool to monitor company performance, detect fraud, and provide guidance to companies.
   • The tool will help in fraud reporting and qualification, ensuring companies remain compliant and sustainable.
2. Budget and Investment:
   • ICAI has initially allocated ₹25 crore for building AI tools for its students and members.
   • Plans are in place to increase the AI budget to ₹100 crore, reflecting the commitment to leveraging AI for professional development and corporate governance.
3. Scope and Reach:
   • India has over 6,000 listed companies and approximately 17 lakh unlisted entities that can benefit from these AI tools.
   • The AI Audit Tool will serve to enhance transparency and performance tracking across a wide range of companies.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Mahabaleshwara Appointed as Independent Director of Tourism Finance Corporation of India Limited

• Mahabaleshwara MS, has been appointed as Independent Director of Tourism Finance Corporation of India (TFCI) Limited.
• His appointment is effective from July 6, 2024, for a term of 5 years, pending approval from shareholders.

About Mahabaleshwara MS :

• Mahabaleshwara was the Managing Director (MD) and Chief Executive Officer (CEO) of Karnataka Bank for two consecutive terms of total six years from April 15, 2017 to April 14, 2023.
• He has four decades of experience in all facets of banking and finance, payment and settlements, HR management, IT and digital banking, treasury and forex operations, life and general insurance, agriculture and rural economy etc.
• Presently he is the Chairman of the Special Advisory Committee to the PoornaPrajna Educational Institution run by USAMEC (Udupi Sree Adamaru Matha Education Council) in Udupi.

Reserve Bank of India Approves Govind Singh’s Re Appointment as Managing Director and Chief Executive Officer of Utkarsh Small Finance Bank   

• The Reserve Bank of India (RBI) has approved the re-appointment of Govind Singh as the Managing Director (MD) and Chief Executive Officer (CEO) of Utkarsh Small Finance Bank (Utkarsh SFB).
• The re-appointment is effective from September 21, 2024, for a period of 3 years.
• Govind Singh’s current term as MD and CEO ends on September 20, 2024.
• The re-appointment was approved by the board of Utkarsh SFB during a meeting on January 27, 2024.

About Utkarsh Small Finance Bank :

• Founded : 2016
• Headquarters : Varanasi, Uttar Pradesh

CURRENT AFFAIRS: AWARDS AND HONOURS

HCLTech chairperson Roshni Nadar Malhotra was awarded France’s highest civilian honour

• HCLTech chairperson Roshni Nadar Malhotra has been awarded France’s highest civilian honour, the Chevalier de la Légion d’Honneur (Knight of the Legion of Honour).
• This prestigious award, given for outstanding service to France, acknowledges her significant contributions to business and sustainability, as well as her efforts to enhance economic ties between France and India.

Key Points:

• Recognition: The Chevalier de la Légion d’Honneur recognizes Roshni Nadar Malhotra’s contributions to business, sustainability, and promoting France-India economic relations.
• HCLTech’s Role: As the fourth largest player in India’s $250 billion IT export industry, HCLTech serves numerous French companies in sectors including aerospace, manufacturing, financial services, and pharmaceuticals.
• Educational Initiatives: HCLTech is also active in France’s local technology ecosystem, providing software coding skills to middle school students.
• Award Ceremony: The honor was presented at a special ceremony held at the French Ambassador’s residence in Delhi.

Roshni Nadar Malhotra’s Achievements:

• Roshni Nadar Malhotra has been a prominent figure in the global business landscape, leading HCLTech to new heights and fostering international collaborations.
• Her work in sustainability and education underscores her commitment to corporate social responsibility and community development.
• This award adds to her numerous accolades and highlights the impact of her leadership in enhancing bilateral ties and contributing to the global economy.

CURRENT AFFAIRS: RANKING AND INDEX

UP, West Bengal, Maharashtra had highest share of informal sector enterprises in 2022-23

• Uttar Pradesh, West Bengal, and Maharashtra had the highest share of informal sector enterprises in both rural and urban areas in 2022-23.
• Uttar Pradesh led with a 13.83% share, up from 12.99% the previous year.
• West Bengal was second with a 12.04% share, a slight decrease from 12.31% in 2021-22.
• Maharashtra’s share increased to 9.37% from 8.81% during the same period.

Post-Pandemic Trends:

• The share of informal sector enterprises decreased in some states such as Gujarat, Haryana, Karnataka, Kerala, Madhya Pradesh, Tamil Nadu, and West Bengal in 2022-23.
• Uttar Pradesh saw a notable increase in the number of unincorporated non-agricultural enterprises post-pandemic.

Employment Trends in the Informal Sector:

• Uttar Pradesh: Informal sector workers declined to 1.57 crore in 2022-23 from 1.65 crore in 2015-16 but rose from 1.30 crore in 2021-22.
• West Bengal: Informal sector workers decreased to 1.05 crore in 2022-23 from 1.35 crore in 2015-16, but increased marginally from 1.02 crore in 2021-22.
• Maharashtra: Recorded a consistent increase, with workers rising to 1.15 crore in 2022-23 from 91.23 lakh in 2015-16 and 98.81 lakh in 2021-22.

States with Lowest Share of Informal Sector Enterprises:

• Uttarakhand, Assam, Chhattisgarh, Delhi, and Jammu & Kashmir had the lowest shares of informal sector enterprises.
• Notably, Delhi saw a significant increase, rising to 1.43% in 2022-23 from 0.64% in 2021-22.

Mcap of 8 of top-10 most-valued firms jumps Rs 1.83 lakh crores; TCS, Infosys biggest gainers

• Eight of India’s top-10 most valued companies saw a significant increase in their market valuations, collectively adding Rs 1,83,290.36 crore.
• This surge aligned with a notable rally in equities, where the BSE benchmark index climbed 963.87 points or 1.21%.

Biggest Gainers:

1. Tata Consultancy Services (TCS)
   • Added Rs 38,894.44 crore
   • New Valuation: Rs 14,51,739.53 crore
2. Infosys
   • Added Rs 33,320.03 crore
   • New Valuation: Rs 6,83,922.13 crore

Other Significant Increases:

1. Reliance Industries
   • Added Rs 32,611.36 crore
   • New Valuation: Rs 21,51,562.56 crore
2. ICICI Bank
   • Added Rs 23,676.78 crore
   • New Valuation: Rs 8,67,878.66 crore
3. Life Insurance Corporation of India (LIC)
   • Added Rs 16,950.99 crore
   • New Valuation: Rs 6,42,524.89 crore
4. Hindustan Unilever
   • Added Rs 16,917.06 crore
   • New Valuation: Rs 5,98,487.89 crore
5. ITC
   • Added Rs 10,924.13 crore
   • New Valuation: Rs 5,41,399.95 crore
6. State Bank of India (SBI)
   • Added Rs 9,995.57 crore
   • New Valuation: Rs 7,67,561.25 crore

Declines:

1. HDFC Bank
   • Fell by Rs 26,970.79 crore
   • New Valuation: Rs 12,53,894.64 crore
2. Bharti Airtel
   • Fell by Rs 8,735.49 crore
   • New Valuation: Rs 8,13,794.86 crore

Current Top Valued Firms:

1. Reliance Industries
2. TCS
3. HDFC Bank
4. ICICI Bank
5. Bharti Airtel
6. State Bank of India
7. Infosys
8. LIC
9. Hindustan Unilever
10. ITC

India ranks fifth in GenAI innovations, China leads

• India ranks fifth globally in Generative AI (GenAI) innovations, behind China, the US, the Republic of Korea, and Japan.
• Despite its position, India has shown the highest annual growth rate in GenAI patent publications, highlighting significant potential for economic impact.

Global Rankings and Patent Data:

1. China: 38,210 patents
2. United States: 6,276 patents
3. Republic of Korea: 4,155 patents
4. Japan: 3,409 patents
5. India: 1,350 patents (2014-2023)

India has surpassed the UK (714 patents) and Germany (708 patents). Notable patents from India include:

• Retail AI assistant solution: RN Chidakashi Technologies (Miko Robotics)
• GenAI tool for contract lifecycle management: Tata Consultancy Services

Key Highlights:

• Annual Growth Rate: India leads with a 56% annual growth rate in GenAI patent publications.
• Share of Total GenAI Patents: India holds a 3% share globally.
• Increase in GenAI Patent Activities: From 4.2% of all AI patents in 2017 to 6.1% in 2023.
• Recent Publications: Over 25% of all GenAI patents and 45% of scientific papers were published in 2023 alone.
• OpenAI: Reflecting its non-profit origins, OpenAI did not file any patents until 2023.

India’s GenAI Patenting Landscape:

• Domestic Filing: 98% of India’s 1,350 patents were filed domestically.
• Notable Increase: Significant rise in GenAI patenting activities since 2021.
• Patent Regime: WIPO data shows China’s mature patent regime with over 40,000 patents filed domestically.

Economic Impact:

• EY Report (May 2024): GenAI could boost India’s GDP by $359-438 billion by 2030, with a cumulative impact of $1.2-1.5 trillion over the next seven years.

Government Initiatives:

• Global IndiaAI Summit: Launched by the Ministry of Electronics and Information Technology (MeitY) on July 3, 2024, emphasizing a global approach to addressing AI risks and featuring key dignitaries.

CURRENT AFFAIRS: SPORTS NEWS

Gagan Narang Replaces Mary Kom As India’s Chef-De-Mission; Pv Sindhu-Sharath Kamal To Be Flag-Bearers

• Shooter Gagan Narang, the 2012 Olympic Games men’s 10m air rifle bronze medallist, has been chosen to replace M.C. Mary Kom as the chef-de-mission of the Indian contingent for the 2024 Paris Olympic Games, beginning on July 26, 2024.
• Narang steps into this crucial administrative role following Mary Kom’s decision to step down due to personal reasons.

Background of Gagan Narang:

• Olympic Achievements: Gagan Narang won a bronze medal in the men’s 10m air rifle event at the London 2012 Olympics.
• Role at Paris 2024: Originally tasked with leading the Indian shooting team, Narang will now oversee the entire Indian contingent.

Role of the Chef-de-Mission:

• Responsibilities: The Chef-de-Mission is responsible for the athletes’ well-being and serves as the main point of contact with various organizing committees and sporting members of the contingent.
• Importance: This position is crucial for ensuring that athletes have all the necessary support and coordination required for their participation in the Games.

Flag-Bearers for India:

• PV Sindhu: Two-time Olympic medallist in badminton.
• Sharath Kamal: 13-time Commonwealth Games medallist in table tennis.
• Significance: Following the tradition of gender equality, the Paris 2024 Olympics will be the second successive Summer Games where India will have two flag-bearers. At Tokyo 2020, Mary Kom and Manpreet Singh were the flag-bearers.

About the Flag-Bearer:

• Symbolic Leader: The flag-bearer is the first person to march a country’s delegation out during the grand Opening Ceremony parade, proudly displaying the country’s flag.

Event Details:

• Dates: The Paris 2024 Olympics will commence on July 26 and conclude on August 11.

Daily CA One-Liner: July 10

• The Production Linked Incentive (PLI) Scheme for White Goods (ACs and LED Lights) application window is being reopened due to increased industry interest and investment potential.
• The Department of Telecommunications (DoT) released draft rules to operationalise the Digital Bharat Nidhi, in a fresh attempt by the central government to increase telecom connectivity in rural areas
• Godrej Agrovet Ltd (GAVL) is aiming to revive oil palm cultivation in Tamil Nadu, where many farmers had switched to other crops like sugarcane or faced crop destruction due to cyclones over the past decade
• The Food Safety and Standards Authority of India (FSSAI) has revoked the manufacturing licenses of 111 spice producers across the nation
• India’s coal imports rose by 5.3% to 52.29 million tonnes (MT) during the first two months of the current fiscal year compared to the same period last year, which saw imports of 49.62 MT.
• The Institute of Chartered Accountants of India (ICAI) has initiated discussions with the Ministry of Electronics and Information Technology (MeitY) to jointly develop an AI Audit Tool aimed at enhancing corporate performance tracking and fraud detection in corporate India.
• HCLTech chairperson Roshni Nadar Malhotra has been awarded France’s highest civilian honour, the Chevalier de la Légion d’Honneur (Knight of the Legion of Honour).
• Uttar Pradesh, West Bengal, and Maharashtra had the highest share of informal sector enterprises in both rural and urban areas in 2022-23
• Eight of India’s top-10 most valued companies saw a significant increase in their market valuations, collectively adding Rs 1,83,290.36 crore
• India ranks fifth globally in Generative AI (GenAI) innovations, behind China, the US, the Republic of Korea, and Japan
• Shooter Gagan Narang, the 2012 Olympic Games men’s 10m air rifle bronze medallist, has been chosen to replace M.C. Mary Kom as the chef-de-mission of the Indian contingent for the 2024 Paris Olympic Games, beginning on July 26, 2024.
• According to the Reserve Bank of India’s (RBI’s) KLEMS [Capital (K), Labour (L), Energy (E), Material (M) and Services (S)] database, Employment growth rate rose to 6% in FY24 against 3.2% in FY23.
• State Bank of India (SBI) Research has urged the Government to strike the right balance between fiscal consolidation and promoting growth and recommended that fiscal deficit be brought down at the most to 4.9% for FY25.
• Export-Import Bank of India (Exim Bank) has entered into an agreement dated February 29, 2024 with the Government of the Co-operative Republic of Guyana (GO-GUY), for making available to the latter, Government of India (GoI) supported Line of Credit (LoC) of USD 2.50 million for installation of Solar PhotoVoltaic Power Plant at Cheddi Jagan International Airport in
• The Reserve Bank of India (RBI) has cancelled the certificates of registration (CoR) of 2 Non Banking Finance Companies (NBFCs), Star Finserv India and Polytex India, due to irregular lending practices.
• Ageas Federal Life Insurance has launched a new pension plan named ‘Golden Years Pension Plan’ that aims to provide a comprehensive solution for securing the financial futures of policyholders during their retirement years.
• Market regulator Securities and Exchange Board of India (SEBI) has streamlined norms for passive funds, including index funds and Exchange Traded Funds (ETFs).
• Public sector Indian Overseas Bank (IOB) has unveiled a slew of upgradation facilities on savings schemes that offer enhanced features to its customers.
• Tata Asset Management has launched India’s first-ever tourism index fund – the Tata Nifty India Tourism Index Fund.
• Star Health and Allied Insurance Company Limited, India’s largest retail health insurance company announced a strategic corporate agency agreement with Himachal Pradesh State Cooperative Bank (HPSCB), the leading bank of Himachal Pradesh.
• Life Insurance Corporation of India (LIC) has infused additional capital amounting to Sri Lankan Rupee (LKR) 500 million (approximately Rs 14 crore) into its subsidiary, Life Insurance Corporation (Lanka).
• Tamil Nadu (TN) Chief Minister (CM) MK Stalin formed a one-man committee to study and recommend the amendments to be made at the state level in three criminal laws enacted by the Government of India.
• Mahabaleshwara MS, has been appointed as Independent Director of Tourism Finance Corporation of India (TFCI) Limited.
• The Reserve Bank of India (RBI) has approved the re-appointment of Govind Singh as the Managing Director (MD) and Chief Executive Officer (CEO) of Utkarsh Small Finance Bank (Utkarsh SFB).