Daily Current Affairs July 11 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Canara Bank Plans to Raise Rs 10,000 Crore via Infrastructure Bonds in FY25       

• Public sector lender Canara Bank plans to raise up to Rs 10,000 crore through infrastructure bonds for lending to projects in areas like roads, power and ports, among others, this financial year (FY25).
• Comparison with Other Lenders:It is the 3rd state-owned lender after:
• State Bank of India (SBI) with Rs 20,000 crore planned and Rs 10,000 crore raised in June 2024.
• Bank of India (BoI) with Rs 10,000 crore planned.

Key Highlights :

• Credit Rating:CRISIL (formerly Credit Rating Information Services of India Limited) and CareEdge Ratings have assigned an “AAA” rating to Canara Bank’s infrastructure bonds.
• Previous Year Raising : In FY24, Canara Bank raised Rs 10,000 crore via infrastructure bonds.
• Raised in two tranches:

1. Rs 5,000 crore at a 7.54% coupon rate
2. Rs 5,000 crore at a 7.68% coupon rate

• Credit to Infrastructure Sector:Canara Bank’s credit to the infrastructure sector increased by 12% Year-on-Year (YoY) to Rs 1.29 trillion as of March 2024.
• Money raised through infrastructure bonds is exempt from:
• Statutory Liquidity Ratio (SLR)
• Cash Reserve Ratio (CRR)
• Allows full deployment in lending.
• Regulatory Requirements for Deposits:
• Banks are required to keep 4.5% of deposits as CRR with the Reserve Bank of India (RBI).
• Banks must invest about 18% of deposits in securities to maintain the SLR.

About Canara Bank :

• Established : 1906
• Headquarters : Bangalore, Karnataka, India
• MD & CEO : K. Satyanarayana Raju
• Tagline : Together We Can

Federal Bank Partners with Bajaj Allianz Life Insurance for Bancassurance Services

• Federal Bank, a private sector bank, has entered into a Bancassurance tie-up with Bajaj Allianz Life Insurance, a private life insurer.
• This partnership will enable Federal Bank’s customers to seamlessly access Bajaj Allianz Life Insurance’s products, across the Bank’s extensive network in India.
• It aligns with both the companies’ strategic goals and growth plans and will drive insurance penetration and market expansion.

Bancassurance Definition and Benefits:

• Definition: Bancassurance is a distribution model where banks partner with insurance companies to sell insurance policies.
• Benefits: Both the bank and the insurance company get to benefit from this arrangement.
• Banks earn commissions from insurance sales, while insurers gain access to the bank’s customer base and distribution network.

Regulatory Framework:

• Corporate Agents: The regulator had paved the way for corporate agents (banks) to have distribution tie up with a maximum of 9 life insurers, 9 general insurers and 9 health insurers.
• Insurance Marketing Firms (IMF): Also, IMF can now enter into tie up with as many as 6 life, general and health insurers.

About Federal Bank:

• Established: 23 April 1931 (as Travancore Federal Bank), 2 December 1949 (as Federal Bank)
• Headquarters: Aluva, Kochi, Kerala, India
• MD & CEO: Shyam Srinivasan

About Bajaj Allianz Life Insurance:

• Founded: 2001
• Headquarters: Pune, Maharashtra
• MD & CEO: Tarun Chugh
• Ownership: Joint venture between Bajaj Finserv Limited and Allianz SE

Reserve Bank of India’s Financial Inclusion Index Shows Significant Growth in Q1 FY 2024

• The Reserve Bank of India (RBI) had constructed a composite Financial Inclusion Index (FI-Index) to capture the extent of financial inclusion across the country, which was first published in August 2021 for the Financial Year (FY) ending March 2021.
• The FI-Index for the year ending March 2024 has since been prepared.

Key Highlights :

• Index Value and Growth:FI-Index for March 2024 stands at 2, up from 60.1 in March 2023, indicating significant growth.
• Improvement is noted across all sub-indices, primarily driven by enhancements in the Usage dimension, reflecting deeper financial inclusion.
• Composition and Parameters:FI-Index comprises 3 main parameters: Access (35%), Usage (45%), and Quality (20%).
• These parameters include various dimensions evaluated through 97 indicators, covering aspects like ease of access, service availability, usage, and service quality.
• Annual Publication and Purpose:FI-Index was developed by the RBI in 2021, without any ‘base year’, and is published in July every year.
• It serves as a tool to monitor and improve financial inclusion efforts nationwide.

About RBI :

• Established : 1 April 1935
• Headquarters : Mumbai, Maharashtra, India
• Governor : Shaktikanta Das

16th Finance Commission Establishes 5-Member Advisory Council

• The 16th Finance Commission has established an advisory council comprising 5 members to provide guidance on its Terms of Reference (ToR) and related subjects.
• Members of the Advisory Council:

1. D.K. Srivastava
2. Neelkanth Mishra
3. Poonam Gupta
4. Pranjul Bhandari
5. Rahul Bajoria

• Poonam Gupta shall be the Convenor of the Advisory Council.

Role and Functions of the Advisory Council :

• To advise the Commission on any of the Terms of Reference (ToR) or related subjects that may be of relevance.
• To assist in the preparation of papers or research studies and to monitor or assess studies commissioned by the Finance Commission, thereby enhancing the Commission’s understanding of the issues in its ToR.
• To help broaden the Commission’s ambit and understanding by seeking the best national and international practices on matters pertaining to fiscal devolution and improving the quality, reach, and enforcement of its recommendations.

Terms of Reference (ToR) :

• The distribution of the net proceeds of taxes between the Union and states under Chapter I, Part XII of the Constitution and the allocation of the respective shares of such proceeds between states are among the ToR approved by the Cabinet.

About Finance Commission :

• The Finance Commission is a constitutionally mandated body established once every 5 years to devise a formula for distributing net tax proceeds between the Centre and the states as well as among states and local bodies.
• Current Tax Distribution: As recommended by the 15th Finance Commission, India shares 41% of federal taxes with the states.

About Ministry of Finance :

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

Punjab National Bank Introduces ‘Safety Ring’ for Enhanced Internet and Mobile Banking Security

• State-owned Punjab National Bank (PNB) introduced a new security feature ‘Safety Ring’ within its internet banking system and mobile banking system in response to the increasing number of cyber frauds.
• This mechanism provides an additional safety layer to minimise potential losses in case of unauthorised access by fraudsters.
• Purpose: The feature adds an additional layer of security to mitigate potential losses from unauthorized access by fraudsters.
• Functionality:’Safety Ring’ is optional and allows customers to set a daily transaction limit.
• Specifically, it applies to online closure of term deposits (TDs) or availing overdraft facilities on TDs up to the set limit amount.
• Customer Control: Customers can set their transaction limits within the consolidated digital channels limit for managing TD closures or overdraft facilities.

About PNB :

• Founded : 19 May 1894
• Headquarters : Delhi, India
• MD & CEO : Atul Kumar Goel

French Banking Giant BNP Paribas Commences Operations in Gujarat International Finance Tec-City            

• BNP Paribas, the European Union’s leading bank and a key player in international banking, has launched operations at the Gujarat International Finance Tec-City – International Financial Services Centre (GIFT-IFSC) through a new branch.
• The BNP Paribas GIFT City branch will facilitate a comprehensive product offering to attract new business opportunities with its onshore and offshore clients.
• Gift City branch will enable to serve global clientele with an expanded range of products and strategic solutions as cross-border momentum continues to increase.

About  BNP Paribas :

• Headquarters : Paris, France
• BNP Paribas (sometimes referred to as BNPP or BNP) is a multinational universal bank and financial services holding company.
• It was founded in 2000 from the merger of two of France’s foremost financial institutions, Banque Nationale de Paris (BNP) and Paribas.

Bandhan Bank Introduces New Products to Support International Trade

• Private lender Bandhan Bank has introduced a range of products aimed at facilitating international trade.

Key Highlights :

• Target Audience: These products cater to both importers and exporters, providing tailored solutions to enhance global transaction efficiency.
• Key Products: The offerings in clude letters of credit (LCs), remittances, bank guarantees, export-import collection bills, and bill/invoice discounting.
• Benefits: These products aim to streamline global transactions, enhance financial flexibility, and boost confidence in international trade operations.
• Impact on SMEs and Corporates: The new products empower small and medium enterprises (SMEs) and corporates to expand their businesses globally by providing necessary financial instruments.
• Retail Customers: Additionally, retail customers can benefit from the ability to make international remittances seamlessly.

About Bandhan Bank :

• Founded : 2015
• Headquarters : Kolkata, West Bengal, India
• MD & CEO : Chandra Shekhar Ghosh

HDFC Ergo General Insurance Successfully Completes Its Inaugural Claim Processing on National Health Claims Exchange Platform

• HDFC ERGO General Insurance Company, one of India’s leading private sector general insurers, has successfully processed its first health claim through the National Health Claims Exchange (NHCX) platform.

What is the National Health Claims Exchange?

• NHCX is a single-window interface developed by the National Health Authority (NHA).
• It provides a secure platform and efficient exchange of health insurance claims data.
• The platform will strengthen efficiency and transparency in claims processing.

Key Highlights :

• This groundbreaking achievement marks a significant leap forward in streamlining health claims processing, improving administrative efficiencies, and enhancing customer experience by building a cohesive technology-driven system.
• The process begins with the hospital generating a bill through their Hospital Information System (HIS), which is then uploaded to a Third-Party Administrator (TPA) app.
• HDFC ERGO’s Health Claim System (HCS) processes the claims in their claim processing queue.
• The NHCX platform aims to revolutionize India’s health insurance landscape by setting a new standard for efficiency and transparency in claims processing.

About HDFC ERGO General Insurance Company Limited :

• Headquarters : Mumbai, Maharashtra, India
• Managing Director : Anuj Tyagi
• Ownership: A joint venture (51:49) between HDFC and ERGO International AG, a subsidiary of Munich Re Group, Germany.
• Operates in the insurance sector under BFSI (Banking, Financial Services, and Insurance).

MobiKwik Claims Top Spot as Leading Digital Wallet by Transaction Value

• MobiKwik has emerged as the largest digital financial services platform in terms of Prepaid Payment Instrument (PPI) Wallet transactions by value for April and May, 2024.
• The company saw its market share by value grow from 11% in March 2024 to 20% in April and further to 23% in May.

Key Highlights :

• Introduction of Pocket UPI:Pocket UPI, a new product by MobiKwik, facilitates instant payments through Wallets across the UPI network.
• Users can make payments without linking their bank accounts, enhancing convenience and financial management.
• Market Share Details : MobiKwik commanded a 48% market share for PPI Wallet transactions by value in May 2024, after excluding FASTag-related transaction value.
• Upcoming IPO:One MobiKwik Systems Limited filed preliminary papers in January with Securities and Exchange Board of India (SEBI) to raise up to Rs 700 crore through an initial public offering (IPO).

About MobiKwik :

• Founded : April 2009
• Headquarters : Gurgaon, Haryana, India
• MD & CEO : Bipin Preet Singh

ICICI Prudential Mutual Fund Introduces India’s First Oil & Gas Sector Exchange Traded Fund

• ICICI Prudential Mutual Fund has launched the ICICI Prudential Nifty Oil & Gas ETF, India’s first exchange traded fund (ETF) in the oil and gas sector.
• The scheme will track the Nifty Oil & Gas TRI, an index that reflects the performance of listed sector companies.

Key Highlights :

• The Nifty Oil & Gas Index comprises a maximum of 15 stocks listed on the National Stock Exchange.
• The selection ensures that no single company holds more than 33% of the weight and the combined weight of the top 3 companies does not surpass 62% of the index.
• This ensures a balanced and diversified exposure.
• The Nifty Oil & Gas Index is updated twice a year to reflect the sector’s performance accurately and has outperformed broader market indices broader market indices in many years.
• Fund type : This is an open-ended scheme, meaning investors can redeem their units at any time.
• It’s an index fund, which passively invests in the companies that comprise the Nifty Oil & Gas TRI.
• Fund managers: Nishit Patel and Priya Sridhar
• Minimum investment: Rs 100 (plus in multiple of Re 1).
• Investment allocation: The fund allocates its assets primarily to equity and equity-related securities of companies that are part of the Nifty Oil & Gas Index, with an indicative allocation ranging from a minimum of 95% to a maximum of 100% of the total assets.
• To maintain liquidity and manage short-term cash flow needs, the fund also allows for a small allocation to money market instruments, including TREPs, with a maximum limit of 5% of total assets.

Recent News :

• In July 2024, Tata Asset Management launched India’s first-ever tourism index fund – the Tata Nifty India Tourism Index Fund.

About ICICI Prudential Mutual Fund :

• Founded : 1993
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Nimesh Shah
• It is a joint venture between ICICI Bank and Prudential plc.
• It is the second-largest asset management company in India after the SBI Mutual Fund.

State Bank of India Calls for Expressions of Interest on Stressed Exposure in Amul Industries

• State Bank of India (SBI) has invited expressions of interest (EoIs) from various entities to acquire its stressed loan exposure of Rs 14.97 crore in Amul Industries through an e-auction scheduled for August 7, 2024.

Key Highlights :

• Security Details:SBI holds primary security of Rs 43.49 crore and collateral security of Rs 55.78 crore against its exposure.
• Additionally, there is a third-party guarantee of Rs 52.77 crore.
• Entities Eligible: Interested entities such as asset reconstruction companies (ARCs), eligible non-banking finance companies (NBFCs), banks, and Indian financial institutions can submit EoIs by July 16, 2024.
• Due Diligence and Bidding Process:Entities submitting EoIs can conduct due diligence on the asset until August 5.
• Binding bids will be invited during the e-auction, and the sale will be on a 100% cash basis.
• SBI has set a reserve price of Rs 14.55 crore for the sale of the asset.

About SBI :

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

CURRENT AFFAIRS: NATIONAL NEWS

India and Russia Aim for $100 Billion Bilateral Trade by 2030

• India and Russia target increasing bilateral trade to $100 billion by 2030.
• Efforts will focus on balancing the currently uneven trade relationship and removing non-tariff trade barriers.

EAEU-India Free Trade Area:

• Both nations are exploring the establishment of a Eurasian Economic Union (EAEU)-India Free Trade Area to enhance economic cooperation.

Bilateral Settlement System:

• Plans are underway to create a bilateral settlement system utilizing national currencies.
• The introduction of digital financial instruments for mutual settlements is also being considered.

Strengthening Bilateral Ties:

• The announcement followed extensive discussions between Prime Minister Narendra Modi and Russian President Vladimir Putin.
• Modi was honoured with the ‘Order of St Andrew the Apostle’ award by Putin, recognizing his efforts in strengthening India-Russia relations.

Indian Gaming Industry Poised for 20% Growth by FY25

• A recent report highlights that the Indian gaming industry is set to achieve a remarkable 20% growth, reaching a value of Rs 23,100 crore by FY25.
• The report, released by Grant Thornton Bharat and the E-Gaming Federation, provides insights into the industry’s current state and future prospects.

Key Points:

1. Growth Forecast:
   • The Indian gaming industry is expected to grow by 20% and hit Rs 23,100 crore by FY25.
   • The growth is driven by a vibrant young demographic and an overall dynamic gaming landscape in India.
2. Online Gamer Statistics:
   • India now has 442 million online gamers, surpassing China in terms of the number of online gamers.
3. Advocacy for Code of Conduct:
   • The report advocates for a comprehensive Code of Conduct (CoC) to ensure ethical behavior, accountability, and transparency within the gaming industry.
4. Investment and Financials:
   • Over the past five years, the Indian gaming sector has attracted USD 2.8 billion in investments from both domestic and global sources.
5. Real Money Gaming (RMG) Segment:
   • The RMG segment is becoming a major revenue driver for the industry.
   • Users spend an average of 8.5 hours per week on RMG platforms in FY22.
   • This segment is challenged by a 28% Goods and Services Tax (GST) in 2023, leading to layoffs and start-up closures due to the tax burden.
6. RMG Sector Impact:
   • Despite challenges, the RMG sector still accounts for 83-84% of the industry’s revenue, with 100 million daily online gamers, including 90 million paying users.

Digital IDs for Farmers: A New Initiative for Efficient Agricultural Support

• The Agriculture Ministry is implementing a new system to create unique digital IDs for farmers.
• This system aims to streamline the delivery of various government benefits and services.

Key Points:

1. Purpose of Digital IDs:
   • The unique IDs will include details on farmers’ land holdings, crops grown, and other relevant information.
   • This system will facilitate:
     • Direct cash benefits (e.g., PM Kisan)
     • Sanctioning of credits
     • Crop insurance
     • Projecting crop yield in advance
2. Current System:
   • Under the Pradhan Mantri Kisan Samman Nidhi (PM-Kisan) scheme, an API-based software verifies farmers’ land records for benefit claims.
   • Most states have already digitized their land records.
3. Pilot Projects:
   • Several districts are piloting digital credit sanctions under the Kisan Credit Cards (KCCs):
     • Farrukhabad (Uttar Pradesh)
     • Beed (Maharashtra)
     • Gandhinagar (Gujarat)
     • Fatehgarh Sahib (Punjab)
     • Virudhunagar (Tamil Nadu)
4. Karnataka’s FRUITS Software:
   • The new system is modeled after Karnataka’s FRUITS software, which integrates:
     • Aadhar-based registration
     • Bhoomi digitized land records for land ownership verification.
   • Through FRUITS, farmers can access benefits such as:
     • PM Kisan cash incentives
     • Minimum Support Price payments
     • Special financial assistance
     • Caste certificate authentication
     • Ration cards
5. Farmer Statistics:
   • Out of 140 million farmers in India, 35-40% are tenancy farmers without land ownership.
6. Mandatory Digital IDs:
   • In the next couple of years, digital IDs will become mandatory for receiving direct cash benefits like those under PM Kisan.
7. Current Benefit Transfer System:
   • The PM Kisan scheme provides Rs 6000 annually to eligible farmers through three equal instalments.
   • The direct cash transfer is made to Aadhaar-seeded bank accounts of the farmers.
8. Budget Provision for FY25:
   • For FY25, a budget of Rs 60,000 crore has been allocated for the PM Kisan scheme, the same amount as the previous fiscal year.
9. Eligibility and Exclusions:
   • The PM Kisan scheme excludes institutional land holders and those holding constitutional or government positions.
   • The benefits help farmers manage agricultural expenses and other incidental costs.

Bhoj Wetland faces delisting from the Ramsar Convention list

• Bhoj Wetland in Bhopal is at risk of being delisted from the Ramsar Convention’s list of Wetlands of International Importance due to potential damage to its ecological character.

Key Points:

1. Threat of Delisting:
   • Bhoj Wetland is facing the threat of being delisted from the Ramsar Convention’s list due to concerns about damage to its ecological character.
   • Citizens have raised concerns over proposed road construction activities that might impact the wetland’s catchment area.
   • The Ramsar Convention Secretariat in Switzerland has requested clarification from India on this issue.
2. Delisting Process:
   • This request is the first step in the delisting process, involving an analysis of potential changes to the wetland’s ecological character due to pollution or human interference.
3. Role of the Environment Ministry:
   • The Environment Ministry of India, the nodal authority for wetlands, is expected to respond to the Convention Secretariat under Article 3.2 of the Ramsar Convention.
   • The ministry will evaluate whether the proposed construction activities will alter the ecological character of Bhoj Wetland.
4. Characteristics of Wetlands:
   • Wetlands are land areas covered by water, either temporarily, seasonally, or permanently.
   • They include marshes, ponds, lakes, fens, floodplains, and swamps.
   • Wetlands play crucial roles in the hydrological cycle, flood control, and water supply, and they provide food, fiber, and raw materials.
5. Ramsar Convention Background:
   • Bhoj Wetland was designated as a Ramsar site in August 2002.
   • It is one of 82 Ramsar sites in India, part of a global list for wetland conservation.
   • The Ramsar Convention was adopted in 1971 in Ramsar, Iran. It offers a framework for the conservation and wise use of wetlands across 172 member countries, including India.
   • The number of Ramsar sites in India increased from 26 to 82 in the past decade, with 40 sites added in the last three years.
6. Importance of Ramsar Sites:
   • Ramsar sites are recognized for their importance in global wetland conservation and are managed under an international framework.

India Plans $1 Billion Investment for 12 Hydropower Stations in Arunachal Pradesh

• India is set to invest US$1 billion to accelerate the construction of 12 hydropower stations in the northeastern Himalayan state of Arunachal Pradesh.
• This major move could potentially escalate tensions with China, which claims sovereignty over the region.

Key Points:

1. Investment Details:
   • India plans to spend US$1 billion to speed up the construction of 12 hydropower stations in Arunachal Pradesh.
   • The federal finance ministry, led by Nirmala Sitharaman, has recently approved up to 7.5 billion rupees (US$89.85 million) in financial support for each hydropower project in the northeastern region.
2. Scheme Overview:
   • The investment scheme will allocate approximately 90 billion rupees for the development of these 12 hydropower projects.
   • This scheme is designed to:
     • Support northeastern states in financing equity holdings in the projects.
     • Facilitate regulatory clearances, local rehabilitation, and negotiations on sharing electricity with the host state.
3. Announcement and Budget:
   • The official plans for the hydropower stations are expected to be announced in the 2024/2025 federal budget.
   • Prime Minister Narendra Modi’s government will unveil the budget on July 23, with detailed project plans.
4. Background on Project Contracts:
   • Last August, the Indian government awarded contracts to state-run firms:
     • NHPC (National Hydroelectric Power Corporation)
     • SJVNL (Satluj Jal Vidyut Nigam Limited)
     • NEEPCO (North Eastern Electric Power Corporation)
   • These contracts are part of a larger initiative to develop infrastructure in the border region, involving an estimated investment of US$11 billion for the construction of 11.5-gigawatt-capacity plants.
5. Purpose of Hydropower Stations:
   • The hydropower stations will help in:
     • Expanding India’s renewable energy capacity.
     • Enhancing energy security in the northeastern region.
     • Supporting sustainable development and regional growth.
6. Importance of the Initiative:
   • This investment is a significant step towards improving energy infrastructure in Arunachal Pradesh.
   • It aligns with India’s broader goal of developing border infrastructure and securing strategic interests in the region.

CURRENT AFFAIRS : STATE NEWS

Maharashtra Announces Free Higher Education for Girls from Economically Weaker Sections (EWS), Socially and Educationally Backward Classes (SEBC), and Other Backward Classes (OBC)   

• In a significant move, the Maharashtra government announced that higher education for girls belonging to the Economically Weaker Section (EWS), Socially and Economically Backward Classes (SEBC), and Other Backward Classes (OBC) will be made free.
• Aim of this initiative : To promote women’s education in Maharashtra.

Key Highlights :

• Cabinet Decision: The decision was made during a cabinet meeting chaired by Chief Minister Eknath Shinde.
• Additional Benefits : Additionally, tuition and exam fees for orphaned students of both genders will be waived, as per a government resolution (GR).
• Implementation Date: The scheme will start from the 2024-25 academic year.
• Estimated Cost: The initiative is expected to cost Rs 906 crore.
• Eligible Courses: The scheme covers recognised vocational courses in government, aided private, semi-aided private, and non-aided colleges, polytechnics, autonomous government universities, and open universities.
• Courses include higher and technical education, medicine, pharmacy, agriculture, animal husbandry, pisciculture, and dairy development.
• Exclusions: Students from private autonomous universities, self-funded universities, and those enrolling through management and institutional quotas are not eligible.
• Eligibility Criteria: Female students must come from families with an annual income of Rs 8 lakh or less and belong to the EWS, SEBC, or OBC categories.
• Both new admissions and current students pursuing their degrees are eligible.

Related Schemes Announced:

• Mukhyamantri Annapoorna Yojana: Three free cylinders to women.
• Mukhyamantri Yuva Karyaprashikshan Yojana: Youth training initiative.
• Mukhyamantri Krishi Pump Yojana: Agriculture pump scheme.
• Mukhyamantri Majhi Ladki Bahin Yojana: Monthly allowance of Rs 1,500 for eligible women aged 21 to 60 years.
• Free Education Scheme: Aimed at providing free education to women.

About Maharashtra :

• Governor: Ramesh Bais
• Chief Minister: Eknath Shinde
• Capital: Mumbai
• National Park: Tadoba National Park, Navegaon National Park
• Wildlife Sanctuaries: Bhimashankar Wildlife Sanctuary, Karnala Bird Sanctuary, Nagzira Wildlife Sanctuary
• UNESCO Heritage Sites: Chhatrapati Shivaji Maharaj Terminus, The Victorian and Art Deco Ensemble of Mumbai, Ajanta Caves, Elephanta Caves, Ellora Caves

CURRENT AFFAIRS: BUSINESS NEWS

ONGC’s Ambitious Plan for Net-Zero Carbon Emissions by 2038

• ONGC plans to invest ₹2 lakh crore to achieve net-zero carbon emissions by 2038.
• Focus areas include renewable energy and green hydrogen initiatives.
• ONGC produces two-thirds of India’s crude oil and 58% of its natural gas.
• In 2023-24, ONGC produced 21.14 million tonnes of oil and 20.648 bcm of gas.

Stock Performance:

As of July 10, 2024, ONGC shares are trading at ₹297, reflecting a 0.17% increase from the previous close.

The stock has gained 83% in the past year and 45% since the start of the year.

Major Investment Plans:

• By 2030: ₹97,000 crore for 5 gigawatts of renewable energy, green hydrogen, biogas, pump storage plants, and offshore wind projects.
• By 2035: ₹65,500 crore for green hydrogen and green ammonia facilities.
• By 2038: ₹38,000 crore for 1 gigawatt of offshore wind projects.

Carbon Emission Reduction:

• The initiatives aim to offset 9 million tonnes of carbon emissions (Scope-1 and Scope-2).
• ₹5,000 crore investment by 2030 to eliminate gas flaring with advanced technology.
• ₹30,000 crore investment to develop 5 gigawatts of solar parks and 1 gigawatt each of solar and onshore wind capacity by 2035 and 2038.

Green Hydrogen and Ammonia Projects:

• ₹40,000 crore each by 2030 and 2035 to produce 1,80,000 tonnes of green hydrogen and green ammonia per annum.

Offshore Wind Turbines:

• Plan to install 0.5 gigawatts by 2030 and double capacity by 2035 with investments of ₹12,500 crore for the first phase and ₹12,000 crore for the subsequent phases.

Moody’s 2024 Growth Projection for India and Inflation Expectations

• Moody’s has maintained India’s 2024 growth projection at 6.8%, consistent with its estimate from March.
• Looking ahead to 2025, the agency anticipates that the Indian economy will grow by 6.4%.

Key Points:

1. Growth Projections:
   • Moody’s has kept India’s 2024 growth forecast at 6.8%, unchanged from the March estimate.
   • For 2025, Moody’s projects a slightly lower growth rate of 6.4% for the Indian economy.
   • The Reserve Bank of India (RBI) recently raised its growth forecast to 7.2% for 2024, up from its previous projection of 7%.
2. Domestic and International Demand:
   • Moody’s notes that rising domestic and international demand is supporting GDP growth in emerging markets.
   • However, there is significant variability in growth rates among different nations.
3. Inflation Expectations:
   • Moody’s forecasts a decrease in inflation to 2% for the current year, down from 5.7% in 2023.
   • A further decline to 4.8% is projected for 2025.
   • Recent government data showed that inflation in May hit a 12-month low of 4.75%.
4. Factors Affecting Inflation:
   • Headline inflation in countries like Indonesia and India has slowed mainly due to lower food prices.
   • Despite this, the volatility of food prices remains a concern.
5. Inflation Trends in Emerging Asia:
   • In emerging Asia, overall headline inflation is generally at or below central bank targets.
   • This trend is supported by subdued wage growth across the region.
   • India and Vietnam are exceptions, with stronger wage increases exceeding 5% year-on-year.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Professor Soumya Swaminathan appointed as the Principal Advisor at the Union Ministry of Health & Family Welfare for the National Tuberculosis Elimination Programme       

• Professor (Dr.) Soumya Swaminathan has been appointed as the Principal Advisor at the Union Ministry of Health & Family Welfare (MoHFW) for the National Tuberculosis Elimination Programme (NTEP) on a pro bono basis.

Role as Principal Advisor :

• She will provide technical advice on the overall strategy to achieve program goals, suggest policy directions and necessary course corrections for optimal outcomes, and advise on research strategy.
• She will also assist in the formation of expert groups with top talent globally. Additionally, she will support the Union Health Ministry, state officials, and development partners in assessing the impact of the programme.

About Soumya Swaminathan :

• She will be based out of Chennai,Tamil Nadu (TN) where she heads the MS Swaminathan Research Foundation that works on issues of agriculture and climate change.
• She was the former Chief Scientist of the World Health Organization and has also served as the Director General of the Indian Council of Medical Research (ICMR) during 2015-2017.
• According to the India TB report released by the Centre, India accounts for 25% of world’s TB burden and over 25 lakh new cases of TB were notified in 2024 in India.

About Ministry of Health and Family Welfare :

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

Appointments Committee of the Cabinet Approves Appointment of 8 Executive Directors in Public Sector General Insurance Companies

• The Appointments Committee of the Cabinet (ACC) has approved the appointment of 8 Executive Directors (EDs) in Public Sector General Insurance Companies (PGICs).

Individual Appointments:

1. Rashmi Bajpai: Currently General Manager (GM) in Oriental Insurance Company Limited (OICL) appointed as Executive Director (ED) in OICL.
2. Amit Mishra: GM in New India Assurance Company Ltd (NIACL) appointed as ED in OICL.
3. Hitesh Ramesh Chandra Joshi: GM in GIC Re appointed as ED in GIC Re.
4. Radhika C.S.: GM in United India Insurance Company Ltd (UIICL) appointed as ED in GIC Re.
5. T. Babu Paul: GM in National Insurance Company Ltd (NICL) appointed as ED in NICL.
6. Prasad C.G.: GM in NIACL appointed as ED in NICL.
7. Sunita Gupta: GM in OICL appointed as ED in UIICL.
8. Dasarathi Singh: GM in Agriculture Insurance Company of India Limited appointed as ED in the same company.

• The tenures of the appointed Executive Directors range from less than a year to 4 years.

About ACC :

• Headquarters : New Delhi, Delhi, India
• Chairman : Narendra Modi (Prime Minister of India)

CURRENT AFFAIRS” AWARDS AND HONOURS

Prime Minister Narendra Modi Awarded ‘Order of St. Andrew the Apostle’ by Russian President Vladimir Putin

• Prime Minister Narendra Modi was officially awarded the ‘Order of St. Andrew the Apostle’ by Russian President Vladimir Putin.
• This award recognizes Modi’s exceptional contributions to strengthening the bilateral relations between India and Russia.

Key Points:

1. Award Ceremony:
   • Prime Minister Narendra Modi received the Order of St. Andrew the Apostle from Russian President Vladimir Putin.
   • The Order of St. Andrew the Apostle is Russia’s highest order of chivalry.
   • It was established by Tsar Peter the Great in 1698 to honour Saint Andrew, Russia’s patron saint and the first apostle of Jesus.
2. Purpose and History:
   • created to recognize outstanding civilian and military merit.
   • The order was abolished after the Russian Revolution in 1917 but was revived in the post-Soviet era.
   • It continues to be awarded by the President of Russia for exceptional service to the state.
3. Insignia of the Order:
   • The insignia includes a blue sash, a badge featuring the cross of St. Andrew, and a star worn on the chest.
   • The badge is a golden cross with an image of Saint Andrew crucified on an X-shaped cross.
4. Award Criteria:
   • The order is given for exceptional contributions to the state, reflecting a prestigious symbol of honor and distinction.
5. Modi’s Contribution:
   • The award highlights Modi’s role in strengthening the strategic partnership between India and Russia.
   • It reflects the significant impact of his efforts in fostering amicable relations between the two nations.
6. Historical Context:
   • The Order of St. Andrew the Apostle is a symbol of Russia’s highest honors and reflects historical significance in recognizing outstanding achievements.

CURRENT AFFAIRS: SPORTS NEWS

Gautam Gambhir Appointed as New Head Coach of Indian Men’s Cricket Team

• Former Indian cricketer Gautam Gambhir has been named the new head coach of the Indian men’s cricket team, as announced by BCCI Secretary Jay Shah.

Key Points:

1. New Appointment:
   • Gautam Gambhir is appointed as the new head coach of the Indian men’s cricket team.
   • The announcement was made by Jay Shah, the Secretary of the Board of Control for Cricket in India (BCCI).
2. Replacement of Rahul Dravid:
   • Gambhir replaces Rahul Dravid, who previously led the team to significant achievements:
     • Finalist in the ICC World Test Championship.
     • Reached the final of the ODI Cricket World Cup in 2023.
     • Won the T20 World Cup 2024 in June.
   • Dravid stepped down after a three-year contract with BCCI, following a successful T20 World Cup campaign in the USA and West Indies.
3. Gambhir’s Tenure:
   • Gautam Gambhir will start his role as head coach from the upcoming away series against Sri Lanka.
   • The series includes three ODIs and three T20Is, starting from July 27.
4. Previous Experience:
   • Although Gambhir lacks formal coaching experience, he has been a mentor for two Indian Premier League (IPL) teams:
     • Lucknow Super Giants.
     • Kolkata Knight Riders, where he was instrumental in their IPL 2024 title

5. Gambhir’s Background:
   • A former Indian Test captain, Gambhir has been recognized for his contributions as a player and mentor in the cricketing world.

CURRENT AFFAIRS: IMPORTANT DAYS

World Population Day 2024: July 11

• On July 11th of this current year, World Population Day 2024 is celebrated and observed all over the world as an awareness program.
• “World Population Day 2024 theme is “To leave no one behind, count everyone.”
• In 1804, The world population reached 1 billion people.
• In 1927, The world population doubled to 2 billion.
• In 1989, The world population reached 3 billion.
• In 1989, The United Nations recognized July 11 as World Population Day.
• On 11 July 1990, the day was first marked in more than 90 countries.
• Since then, many UNFPA country offices and other organizations and institutions have commemorated World Population Day in partnership with governments and civil society.
• In 2000, Just 40 years after it reached 3 billion, the population doubles to 6 billion.
• On April 24, 2017, statistical models estimated that the world population is at 7.5 billion.

Daily CA One- Liner: July 11

• India and Russia target increasing bilateral trade to $100 billion by 2030.
• A recent report highlights that the Indian gaming industry is set to achieve a remarkable 20% growth, reaching a value of Rs 23,100 crore by FY25.
• The Agriculture Ministry is implementing a new system to create unique digital IDs for farmers.
• Bhoj Wetland in Bhopal is at risk of being delisted from the Ramsar Convention’s list of Wetlands of International Importance due to potential damage to its ecological character.
• India is set to invest US$1 billion to accelerate the construction of 12 hydropower stations in the northeastern Himalayan state of Arunachal Pradesh.
• ONGC plans to invest ₹2 lakh crore to achieve net-zero carbon emissions by 2038
• Moody’s has maintained India’s 2024 growth projection at 6.8%, consistent with its estimate from March
• Prime Minister Narendra Modi was officially awarded the ‘Order of St. Andrew the Apostle’ by Russian President Vladimir Putin
• Former Indian cricketer Gautam Gambhir has been named the new head coach of the Indian men’s cricket team, as announced by BCCI Secretary Jay Shah.
• Public sector lender Canara Bank plans to raise up to Rs 10,000 crore through infrastructure bonds for lending to projects in areas like roads, power and ports, among others, this financial year (FY25).
• Federal Bank, a private sector bank, has entered into a Bancassurance tie-up with Bajaj Allianz Life Insurance, a private life insurer.
• The Reserve Bank of India (RBI) had constructed a composite Financial Inclusion Index (FI-Index) to capture the extent of financial inclusion across the country, which was first published in August 2021 for the Financial Year (FY) ending March 2021.
• The 16th Finance Commission has established an advisory council comprising 5 members to provide guidance on its Terms of Reference (ToR) and related subjects.
• State-owned Punjab National Bank (PNB) introduced a new security feature ‘Safety Ring’ within its internet banking system and mobile banking system in response to the increasing number of cyber frauds.
• BNP Paribas, the European Union’s leading bank and a key player in international banking, has launched operations at the Gujarat International Finance Tec-City – International Financial Services Centre (GIFT-IFSC) through a new branch.
• Private lender Bandhan Bank has introduced a range of products aimed at facilitating international trade.
• HDFC ERGO General Insurance Company, one of India’s leading private sector general insurers, has successfully processed its first health claim through the National Health Claims Exchange (NHCX) platform.
• MobiKwik has emerged as the largest digital financial services platform in terms of Prepaid Payment Instrument (PPI) Wallet transactions by value for April and May, 2024.
• ICICI Prudential Mutual Fund has launched the ICICI Prudential Nifty Oil & Gas ETF, India’s first exchange traded fund (ETF) in the oil and gas sector.
• State Bank of India (SBI) has invited expressions of interest (EoIs) from various entities to acquire its stressed loan exposure of Rs 14.97 crore in Amul Industries through an e-auction scheduled for August 7, 2024.
• In a significant move, the Maharashtra government announced that higher education for girls belonging to the Economically Weaker Section (EWS), Socially and Economically Backward Classes (SEBC), and Other Backward Classes (OBC) will be made free.
• Professor (Dr.) Soumya Swaminathan has been appointed as the Principal Advisor at the Union Ministry of Health & Family Welfare (MoHFW) for the National Tuberculosis Elimination Programme (NTEP) on a pro bono basis.
• The Appointments Committee of the Cabinet (ACC) has approved the appointment of 8 Executive Directors (EDs) in Public Sector General Insurance Companies (PGICs).
• On July 11th of this current year, World Population Day 2024 is celebrated and observed all over the world as an awareness program.