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

By Ameena Ameena - Sep 11 2024

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CURRENT AFFAIRS: BANKING & FINANCE

RBI rejects Canara Bank’s bid for credit card subsidiary amid concerns

  • Current Operations: Canara Bank currently issues credit cards under its own name.
  • Proposal: The bank approached the Reserve Bank of India (RBI) to set up a non-banking financial company (NBFC) to manage its credit card business.
  • Objective: Canara Bank aimed to bring more focus and specialization to its credit card offerings, enhancing its competitiveness in the market.

RBI’s Rejection

  • Decision: The RBI turned down Canara Bank’s proposal.
  • Reasoning: The RBI seems hesitant to grant NBFC licenses to public sector banks for credit card subsidiaries, possibly due to concerns over the growth of unsecured loans.

Comparison with Other Public Sector Banks

  • Existing Subsidiaries:
    • SBI: Has a separate credit card subsidiary, SBI Cards and Payment Services.
    • Bank of Baroda: Operates its credit card business through BOB Cards.
  • RBI’s Stance: These subsidiaries were established earlier, and RBI’s perspective on such matters may have evolved since then.

Concerns Over Unsecured Loans

  • Credit Card Loans: Being a type of unsecured loan, there is no collateral involved, and the rapid growth of such loans has raised concerns for the regulator.

Canara Bank’s Growing Credit Card Business

  • Growth: As of June 2024, Canara Bank had about 9 lakh credit cards in circulation, marking a 37% growth from the previous year.
  • Customer Base: The bank has over 11 crore customers and aimed to leverage this base to further expand its credit card business.

Alternative Plan: Converting an IT Subsidiary

  • Plan: Canara Bank intended to convert its IT services subsidiary, Canbank Computer Services, into a credit card unit.
  • Subsidiary Structure: Canara Bank holds a 69.14% stake, while Bank of Baroda, DBS Bank, and Karur Vysya Bank hold the remaining shares.
  • Current Role: The subsidiary currently provides IT services, software development, business process outsourcing (BPO), ATM services, and consultancy.

About Canara Bank:

  • Founded: 1906
  • Headquarters: Bengaluru, Karnataka, India
  • MD & CEO: Satyanarayana Raju
  • Tagline: “Together We Can”

The 54th meeting of the Goods and Services Tax Council chaired by Finance Minister Nirmala Sitharaman concluded in New Delhi

Key Decisions from the 54th GST Council Meeting:

  1. Reverse Charge Mechanism (RCM) for Commercial Property:
    • Renting of commercial property by an unregistered person to a registered person will now fall under the Reverse Charge Mechanism (RCM) to prevent revenue leakage.
    • Under the RCM, the GST liability shifts from the supplier (landlord) to the recipient (tenant) of commercial rental services.
  2. Impact on Compliance:
    • This decision will increase compliance requirements for registered taxpayers as they will need to determine GST liability for all business locations under the lease.
  3. Clarification on Preferential Location Charges (PLC):
    • PLC charges paid along with the price for property construction are considered part of the same supply as construction services and taxed at the same rate (5% for residential and 12% for commercial).
    • This resolves previous confusion on whether PLC should be taxed separately at 18% or included as part of construction services.
  4. Background on Tax Treatment of PLC:
    • Earlier, there were mixed rulings under the GST regime regarding the tax rate for PLC. The new clarification aligns PLC with construction services, reducing the tax rate concerns.
  5. Government and Stakeholder Feedback:
    • Revenue Secretary Sanjay Malhotra and other key officials participated, with industry professionals like Harpreet Singh of Deloitte India commenting on the increased compliance burden.

About:

Reverse Charge Mechanism (RCM): Reverse charge is a mechanism where the recipient of the goods or services is liable to pay Goods and Services Tax (GST) instead of the supplier.

Preferential Location Charges (PLC): Preferential Location Charges (PLC) in real estate are extra costs charged for specific advantageous locations within a project.

Bank of Baroda receives a 2.8X subscription for its ₹5,000 cr infra bond issuance

  1. Bond Issuance Details:
    • Date: September 9, 2024.
    • Amount Raised: Rs 5,000 crore.
    • Coupon Rate: 7.26% per annum.
    • Type: Long-term, 10-year infrastructure bonds.
  2. Investor Response:
    • Total Demand: Rs 14,215 crore from 105 bids.
    • Strong demand allowed pricing at a competitive rate of 7.26% per annum.
  3. Comparison to Previous Issuance:
    • This issuance tightened the pricing by 4 basis points (bps) compared to the previous issuance on August 26, 2024, which was at 7.3%.
  4. Bond Characteristics:
    • Type: Senior, unsecured, listed, rated, taxable bonds.
    • Maturity: Fixed at 10 years from the date of allotment.
    • Credit Rating: Rated ‘AAA’ with a Stable outlook by CRISIL and India Ratings.
  5. Previous Issuance:
    • On August 26, 2024, Bank of Baroda raised an additional Rs 5,000 crore through 10-year infrastructure bonds at a 7.3% coupon rate.

About Bank of Baroda:

  • Founded: July 20, 1908
  • Headquarters: Vadodara, Gujarat, India
  • MD & CEO: Debadatta Chand
  • Tagline: “India’s International Bank”

Union Bank of India becomes first major Indian Bank to sign Partnership for Carbon Accounting Financials (PCAF)

  • Union Bank of India has announced its decision to join the Partnership for Carbon Accounting Financials (PCAF), an international alliance of financial institutions dedicated to standardizing the measurement and disclosure of greenhouse gas emissions related to loans and investments.

Significance of Joining PCAF:

  • Commitment to Climate Risk Management: By joining PCAF, Union Bank of India aligns itself with global efforts to measure and manage financed emissions, which are crucial for understanding and mitigating climate risks in banking.
  • Compliance with Regulatory Guidelines: This decision reflects the bank’s commitment to adhering to the Reserve Bank of India’s (RBI) recent draft guidelines on climate risk disclosures.
  • Global Leadership in Sustainable Finance: Becoming a signatory to PCAF enhances the bank’s reputation as a responsible financial institution, committed to sustainability and environmental transparency in its operations.

About Union Bank of India:

  • Founded: November 11, 1919
  • Headquarters: Mumbai, Maharashtra, India
  • MD & CEO:Manimekhalai
  • Tagline: “Good People to Bank With”

E Magazine

CURRENT AFFAIRS: NATIONAL NEWS

Extension of EV Subsidies and Upcoming FAME-III Program

  • Union Heavy Industries Minister D. Kumaraswamy has announced that the third phase of the Faster Adoption and Manufacturing of Electric (and Hybrid) Vehicles (FAME-III) will be introduced in approximately two months.
  • Objective: The new phase aims to continue providing subsidies to support India’s electric vehicle (EV) sector’s growth.
  1. Current Subsidy Extension
    • EMPS Extension: The Electric Mobility Promotion Scheme (EMPS), which replaced FAME-II, will be extended until September.
    • This extension includes an additional budget of ₹778 crore.
    • Subsidy Mechanism: Consumers benefit from discounted EV prices, with the government covering the difference paid to manufacturers.
    • This mechanism is designed to encourage the adoption of EVs.
  2. Market Trends
    • Sales Data: Recent figures indicate a decrease in EV sales. As of August 2023, only 5.28% of two-wheelers and 1.99% of four-wheelers sold in India were electric models, reflecting challenges in market expansion.

Key Initiatives Launched on the Foundation Day of Indian Cyber Crime Coordination Centre (I4C)

  • The first Foundation Day of the Indian Cyber Crime Coordination Centre (I4C) was held at Vigyan Bhavan, New Delhi.
  • Union Home Minister Amit Shah was the Chief Guest and launched several key initiatives for the prevention of cybercrime.
  1. New Initiatives Launched:
    • Cyber Fraud Mitigation Centre (CFMC): Aimed at bringing banks, financial institutions, telecom companies, ISPs, and police on a single platform to prevent cyber fraud. It focuses on identifying the modus operandi of cybercriminals and preventing online financial crimes through cooperative federalism in law enforcement.
    • Samanvay Platform: A web-based module for the Joint Cybercrime Investigation Facilitation System. It acts as a central data repository for cybercrime, facilitating data sharing, crime mapping, data analytics, and coordination among Law Enforcement Agencies (LEAs).
    • ‘Cyber Commandos’ Program: Focuses on establishing a special wing of trained ‘Cyber Commandos’ in States/UTs and Central Police Organizations (CPOs) to counter cyber threats. Aims to prepare about 5,000 cyber commandos in 5 years.
    • Suspect Registry: A national-level registry for cybercrime suspects. It will enable different states to share information and collaborate, preventing cyber crimes more effectively.
  2. Importance of I4C:
    • Established in 2015 under the ‘Safe Cyber Space’ campaign initiated by Prime Minister Narendra Modi.
    • It has evolved into a strong institution contributing to cyber security and is envisioned to become a major pillar for a cyber-secured India.
  3. Role of Cyber Security in National Development:
    • Amit Shah highlighted that cyber security is crucial for national security, as technology use increases.
    • Cyber security is no longer limited to digital threats but has become an important aspect of overall national security.
  4. Public Awareness Campaign:
    • A large-scale campaign to raise awareness about cyber crimes and the use of the national cyber crime helpline (1930).
    • Planned to be disseminated through 72 TV channels, 190 FM radio channels, cinema halls, and various other platforms.
  5. Impact of Digital Growth:
    • The number of internet users in India grew from 25 crores in 2014 to 95 crores in 2024, with a massive increase in digital transactions.
    • With increased digital activity, the need to prevent cyber fraud and ensure data security has also grown significantly.
  6. Legal Framework for Cyber Security:
    • New criminal laws—Bharatiya Nyaya Sanhita (BNS), Bharatiya Nagrik Suraksha Sanhita (BNSS), and Bharatiya Sakshya Adhiniyam (BSA)—include provisions to make the country cyber-secure.
    • These laws incorporate technology-driven initiatives for effective and scientific investigation methods.
  7. Achievements and Future Goals:
    • I4C has issued over 600 advisories, blocked various websites, social media pages, and apps operated by cybercriminals.
    • Established a National Cyber Forensic Laboratory and trained over 1,100 officers in cyber forensics.
    • Joint Cyber Coordination Teams have been formed in key regions to address specific cybercrime hotspots effectively.

Government to Launch Farmers’ Registration for Unique ID:

  • The Indian government is set to begin the registration of farmers across the country to provide them with a unique ID similar to Aadhaar.
  • Agriculture Secretary Devesh Chaturvedi announced the initiative at the Outlook Agri-Tech Summit and Swaraj Awards.
  1. Implementation Timeline:
  • Guidelines for the registration process will be issued soon.
  • The registration is set to begin in the first week of October.
  • The target is to register five crore farmers by March next year.
  1. Digital Agriculture Mission:
    • The registration initiative is a part of the government’s Rs 2,817-crore Digital Agriculture Mission.
    • The mission, recently approved by the Cabinet, aims to digitize the agriculture sector.
  2. Purpose and Benefits of the Unique ID:
    • The unique ID will streamline farmers’ access to various agricultural schemes, such as the Minimum Support Price (MSP) and Kisan Credit Card programme.
    • It will eliminate the need for repeated verification, reducing costs and harassment for farmers.
    • The data collected will assist the government in policy planning and providing targeted extension services.
  3. Current Data Limitations:
    • The existing government data is limited to farm land parcels and crop details provided by states.
    • The new registry will gather individual farmer-wise information, addressing the current data gap.
  4. Awareness and Participation:
    • Progressive farmers, scientists, and companies are urged to spread awareness about the registration process.
    • Camps will be organized nationwide to facilitate the registration drive.
  5. Technological Interventions:
    • The government is also working on other technological interventions, including a Kisan AI-based chatbox system, to improve services and support for farmers.
  6. Pilot Project and State Participation:
    • A pilot project was conducted in Maharashtra and Uttar Pradesh.
    • 19 states have already onboarded the project, indicating a strong start to the nationwide rollout.

PM Modi to Inaugurate Global RE-INVEST 2024 in Gujarat:

  • Prime Minister Narendra Modi will inaugurate the fourth edition of the Global RE-INVEST Renewable Energy Investors Meet and Expo.
  • The event will be held at Mahatma Mandir in Gandhinagar, Gujarat, from September 16 to 18, 2024.
  1. Purpose of RE-INVEST 2024:
  • Organized by the Union Ministry of New and Renewable Energy, the event aims to promote international cooperation and innovation in the renewable energy sector.
  • It serves as a platform for global investors and stakeholders to explore opportunities in the field of renewable energy.
  1. Review of Preparations:
    • Union Minister for New and Renewable Energy, Prahlad Joshi, reviewed the preparations for RE-INVEST 2024 in Gandhinagar.
    • Ensuring smooth organization and effective participation are key focuses of the preparation.

CURRENT AFFAIRS: APPOINTMENTS & RESIGNATIONS

DIPAM Secretary Tuhin Kanta Pandey appointed as Finance Secretary

  • Tuhin Kanta Pandey, a senior bureaucrat and 1987-batch Indian Administrative Service (IAS) officer of the Odisha cadre, has been designated as the new finance secretary, according to an official order issued by the personnel ministry.
  • Pandey is presently serving as the Secretary of the Department of Investment and Public Asset Management (DIPAM).
  • The Appointments Committee of the Cabinet approved Pandey’s designation as finance secretary.
  • The position became vacant following the appointment of TV Somanathan as the Cabinet Secretary last month.
  • By convention, the senior-most secretary in the Union finance ministry is designated as the finance secretary.

Randhir Singh becomes Olympic Council of Asia (OCA) president

Background:

  • Position: Randhir Singh, a five-time Olympian and sports administrator, has been elected as the President of the OCA.
  • Event: 44th OCA General Assembly in New Delhi.
  • Age: 77 years old.
  • Previous Role: Acting President of the OCA since 2021, filling in for Kuwait’s Sheikh Ahmad Al-Fahad Al-Sabah, who was banned from sports administration in May 2024.

Election Details:

  • Term: 2024-2028.
  • Votes: Received 44 out of 45 votes, with one abstention.
  • Election Status: Ran unopposed.
  • Additional Positions: All other vice presidents and executive committee members were also elected unopposed.

CURRENT AFFAIRS: DEFENCE

Indian Army and Indian Air Force signs MoU with Gati Shakti Vishwavidyalaya

  • To enhance the skills and capability building of personnel from the Indian Army and Indian Air Force, a Memorandum of Understanding (MoU) was signed with Gati Shakti Vishwavidyalaya, Vadodara.
  • The signing took place in the presence of Raksha Mantri Shri Rajnath Singh and Minister of Railways Shri Ashwini Vaishnaw in New Delhi on September 09, 2024.
  • The MoU aims to enable the two Services to acquire higher expertise in logistics and develop in-house knowledge on various aspects of logistics operations, contributing to the national development plans – PM Gati Shakti National Master Plan 2021 and National Logistics Policy 2022.
  • Raksha Mantri Shri Rajnath Singh described the collaboration as a monumental partnership that strengthens the logistics backbone of the Armed Forces, aligning with the vision of ‘Aatmanirbharta’ (self-reliance) in defence.
  • The Defence Minister emphasized that logistics is no longer merely a support function, but a crucial factor in military operations and national security.
  • An efficient logistics system is vital for the rapid mobilisation of forces and timely delivery of resources.

Benefits of the MoU

  • The MoU will contribute towards self-reliance in the defence sector by providing the Armed Forces with training in logistics through Indian resources like Gati Shakti Vishwavidyalaya and promoting indigenous production of equipment.
  • The MoU also includes provisions for experiential learning through real-world case studies.
  • The leadership, management, and operational experience of Armed Forces personnel will help shape a new generation of logistics experts and managers to meet the dynamic needs of modern warfare.
  • Minister of Railways Shri Ashwini Vaishnaw expressed confidence that Gati Shakti Vishwavidyalaya will empower the Armed Forces with cutting-edge logistics education, research, and innovation.

Naval might: 2 anti-submarine warfare ships launched at Cochin Shipyard

  • The Indian Navy launched the fourth and fifth ships of the 8 Anti-Submarine Warfare Shallow Water Craft (ASW SWC) project.
  • The ships, Malpe and Mulki, were built by Cochin Shipyard Limited (CSL), Kochi.
  • The launch was conducted by Mrs. Vijaya Srinivas in the presence of Vice Admiral V. Srinivas, Flag Officer Commanding in Chief, Southern Naval Command, in line with maritime traditions.
  • Specifications and Capabilities
    The Mahe class ships are equipped with indigenously developed underwater sensors and are designed to undertake anti-submarine operations in coastal waters, low-intensity maritime operations, and mine-laying operations.

    • Length: 78 meters
    • Displacement: Approximately 900 tons
    • Maximum Speed: 25 knots
    • Endurance: Up to 1800 nautical miles
  • Contracts and Delays
    Contracts for a total of 16 ASW SWC ships were signed in April 2019 for construction of eight ships each by CSL, Kochi and Garden Reach Shipbuilders and Engineers (GRSE), Kolkata. The delivery, originally scheduled to commence in October 2022, was delayed.
  • Strategic Importance
    With a coastline of 7516.6 kilometers, 12 major ports, 184 minor ports, and 1197 island territories, coastal surveillance for ASW operations is crucial for India. The induction of these ships will significantly enhance the Indian Navy’s shallow water anti-submarine warfare capability.
  • Indigenous Content and Aatmanirbhar Bharat
    The simultaneous launch of the two ships marks a significant stride in indigenous shipbuilding under the vision of Aatmanirbhar Bharat (self-reliant India). The ships will have over 80% indigenous content, contributing to local defence production, employment generation, and capability enhancement.
  • Naming and Legacy
    The Mahe class ASW Shallow Water Crafts are named after ports of strategic importance along India’s coast, continuing the legacy of the erstwhile minesweepers.

Release of Joint Doctrine for Amphibious Operations

  • Introduction of Joint Doctrine
    Chief of Defence Staff General Anil Chauhan released India’s Joint Doctrine for Amphibious Operations during the Chiefs of Staff Committee (COSC) meeting on Monday.
  • Objective of the Doctrine
    The Ministry of Defence stated that the doctrine provides guidance for the conduct of Amphibious Operations in complex military environments.

MoD signs ₹26,000-crore contract with HAL for 240 SU-30MKI jet engines

  • The Defence Ministry signed a ₹26,000-crore contract with Hindustan Aeronautics Limited (HAL) for 240 aero-engines to power the Indian Air Force’s (IAF) Sukhoi-30 MKI fighter aircraft.
  • The deal was cleared by the Cabinet Committee on Security on September 2.
  • HAL will supply 30 AL-31FP engines annually from its Koraput facility in Odisha, with the delivery scheduled for completion over eight years.
  • The engines will be manufactured from the raw material stage with technology transfer from Russia.
  • Some spares, forgings, and castings are expected to be imported, with an eventual indigenous content of up to 63%.
  • The IAF currently operates a fleet of 260 Su-30s and will receive an additional 12 fighters to replace planes lost in accidents.
  • HAL has already manufactured and supplied 113 AL-31FP engines to the IAF, with an estimated 900 engines required throughout the Su-30 fleet’s lifecycle.
  • The IAF’s Su-30 fleet will also undergo upgrades by HAL, costing around ₹65,000 crore.
  • The upgrades will include the installation of the indigenous Uttam active electronically scanned array (AESA) radar, electronic warfare suites, weapon control systems, avionics, and new weapons.

HAL’s Current Projects and Collaborations

  • Tejas LCA Programme and Engine Production Deal
    HAL is currently facing delays in the Tejas light combat aircraft (LCA Mk-1A) programme and is negotiating a deal with GE Aerospace for the joint production of F414 engines in India.
  • This deal, signed in June 2023, involves producing 99 F414 engines for India’s future LCA Mk-2 programme and aims to close a critical technology gap while laying the groundwork for the indigenous development of larger jet engines.
  • On August 30, HAL signed a contract with SAFHAL Helicopter Engines for the joint design, development, and production of a new engine, Aravalli, for the future 13-tonne Indian Multi-Role Helicopter (IMRH) and its deck-based version.
  • SAFHAL is a joint venture between the French firm Safran Helicopter Engines and HAL. Production of helicopters with the new engine could commence by 2031.

Strategic Importance

  • The contract and collaborations are significant strides towards Aatmanirbhar Bharat (self-reliant India), focusing on indigenous production and reducing dependency on foreign technology.
  • The joint ventures and technology transfers are expected to boost India’s defence production capabilities, create employment, and enhance technological expertise.
  • The collaborations and contracts, including those with GE Aerospace and SAFHAL Helicopter Engines, could pave the way for further indigenous development and potential exports of defence products, contributing to India’s strategic and economic interests.

CURRENT AFFAIRS: MOUS AND AGREEMENT

India-Japan Finance Dialogue 2024: Enhancing Bilateral Financial Cooperation

  • The second India-Japan Finance Dialogue was held in Tokyo on September 6, 2024.
  • The primary aim was to enhance financial cooperation and strengthen bilateral relations between India and Japan.
  1. Key Participants and Delegations:
    • Indian Delegation: Led by Ajay Seth, Economic Affairs Secretary. Other participants included representatives from the Ministry of Finance, RBI, SEBI, PFRDA, IRDAI, and IFSCA.
    • Japanese Delegation: Led by Atsushi Mimura, Vice Minister of Finance for International Affairs. The team included Ministry of Finance and the Financial Services Agency (FSA) members.
  2. Main Discussion Areas:
    • Macroeconomic Situations: Both countries shared insights on their respective macroeconomic conditions to understand potential areas of cooperation.
    • Financial Regulatory Issues: Representatives from Japan’s financial services industry joined the discussions to focus on expanding investment in India and resolving financial regulatory challenges.
  3. Commitment to Future Cooperation:
    • Both sides agreed to continue discussions to promote financial collaboration and strengthen bilateral ties.
    • Plans to hold the next India-Japan Finance Dialogue in New Delhi were proposed.
  4. Significance of the Dialogue:
    • This dialogue reflects the commitment of both countries to deepen financial relations, boost investment opportunities, and support each other’s economic development.

US and India Partner to Strengthen Semiconductor Ecosystem:

  • The US Department of State will collaborate with the India Semiconductor Mission and the Ministry of Electronics and IT of the Government of India.
  • The collaboration aims to enhance and diversify the global semiconductor ecosystem under the International Technology Security and Innovation (ITSI) Fund, established by the CHIPS Act of 2022.
  1. Objectives:
    • Create a resilient, secure, and sustainable global semiconductor value chain.
    • The partnership reflects a significant step in expanding the US-India strategic cooperation in technology.
  2. Key Initiatives:
    • INDUS-X will serve as a cornerstone for advancing ICET, focusing on technology leadership and strategic cooperation.
    • The US and Indian governments have allocated USD 1.2 million in seed funding under INDUS-X to support joint challenges and innovations.
  3. Broader Context:
    • The CHIPS Act (August 2022) appropriated funding to boost domestic semiconductor manufacturing and research in the US and created the ITSI Fund to promote secure and trusted telecommunications technologies and supply chains.
    • This collaboration highlights the importance of a robust semiconductor supply chain for global digital transformation and essential product manufacturing.

India and UAE Sign Key Agreements to Boost Energy Cooperation

  • India and the United Arab Emirates (UAE) signed five agreements to enhance cooperation in the energy sector and other areas.
  • The agreements were finalized during the three-day visit of Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan to India.

Key Agreements:

  • Liquefied Natural Gas (LNG) Supply: An agreement between Abu Dhabi National Oil Company (ADNOC) and Indian Oil Corporation (IOC) for the long-term supply of LNG. ADNOC will deliver 1 million tonnes of LNG annually for 15 years from its Ruwais natural gas project.
  • Crude Storage: An MoU between ADNOC and India Strategic Petroleum Reserve Limited (ISPRL) to explore additional crude storage opportunities in India and renew their existing agreement. ADNOC has been storing crude in ISPRL’s facilities since 2018.

Production Concession Agreement:

  • Signed between Urja Bharat (a joint venture of IOC and Bharat Petro Resources Ltd) and ADNOC for the Abu Dhabi Onshore Block 1. The joint venture holds a 100% stake to explore and appraise oil and gas reserves in the 6,162-square-kilometer block.

Nuclear Energy:

  • An MoU between Emirates Nuclear Energy Company (ENEC) and Nuclear Power Corporation of India Limited (NPCIL) for the operation and maintenance of the Barakah Nuclear Power Plant in the UAE. This is the first commercial nuclear power plant in the Arab world.

Food Parks Development:

  • An MoU was signed between the Government of Gujarat and Abu Dhabi Developmental Holding Company PJSC (ADQ) for the development of food parks in India.

CURRENT AFFAIRS: RANKING AND INDEX

South India secures 40% share in NIRF top 25 rankings for last 5 years

  • South Indian institutions have consistently secured a significant portion of the top 25 spots in the National Institutional Ranking Framework (NIRF) over the past five years.
  • At least 40 percent of the top 25 spots have been occupied by institutions from South Indian states: Tamil Nadu, Kerala, Karnataka, Andhra Pradesh, and Telangana.
  1. Tamil Nadu’s Leadership:
    • Tamil Nadu has emerged as the leading state among South Indian states, frequently placing the highest number of institutes in the top 25.
    • In the 2024 NIRF rankings, Tamil Nadu had six institutions in the top 25, followed by five from Delhi.
    • Tamil Nadu has averaged 5–6 institutes in the top 25 from 2020 to 2024.
  2. Performance of IITs:
    • Indian Institutes of Technology (IITs) have maintained a strong presence, accounting for about 32 percent of the top 25 spots.
    • IIT Madras has held the number one position for six consecutive years since 2019.
    • Indian Institute of Science (IISc) Bengaluru often secures the second spot.
  3. Regional Strengths:
    • Engineering and medical institutions from South India have performed exceptionally well.
    • Tamil Nadu has had the highest number of engineering institutions in the top 25 over the past five years.
    • Tamil Nadu and Karnataka have produced the most top-ranked medical colleges in the country.
  4. Management Education:
    • South Indian institutions are less represented in the management category.
    • In the 2024 rankings, only three management institutes from the South made it to the top 25.
    • North and Central India have outperformed South India in the management category.

CURRENT AFFAIRS: SPORTS NEWS

Velavan Senthilkumar Wins ACE Challenger Tour 2024

  • Velavan Senthilkumar, a top-seeded Indian squash player, won the ACE Challenger Tour 2024.
  • He defeated Noor Zaman of Pakistan with scores of 11-5, 11-6, 11-9 in the final.
  1. Consistent Performance:
    • Senthilkumar showcased his form by reaching the semi-finals of the recent Tuanku Muhriz Squash Trophy.
    • The tournament was held at the S2 Sports Complex in Negeri Sembilan, Malaysia.
  2. Winning Streak:
    • In the ACE Challenger Tour, Senthilkumar won the final in 36 minutes.
    • He achieved straight-game victories over:
      • Tayyab Aslam and Nasir Iqbal of Pakistan
      • Ameeshenraj Chandaran of Malaysia
  1. Significance:
    • This win marks a significant achievement for Senthilkumar, as he claimed his latest PSA (Professional Squash Association) title without dropping a game in the tournament.

Indian Team Tops Medal Tally at World Deaf Shooting Championships

  • India won a total of 21 medals at the second World Deaf Shooting Championships held in Hanover, Germany.
  • The medal tally included 7 gold, 7 silver, and 7 bronze
  1. Medal Standings:
    • India topped the medal tally.
    • Ukraine secured second place with 7 gold, 5 silver, and 6 bronze.
    • Germany finished third with 2 gold, 1 silver, and 1 bronze.
  2. Notable Performances:
    • Mahit Sandhu won gold in the women’s 50m rifle 3 positions (3P).
    • Abhinav Deshwal secured gold in the men’s 25m standard pistol
    • Chetan Hanmant Sapkal won bronze in the same event as Deshwal.
    • Dhanush Srikanth won two gold medals in 10m air rifle individual and mixed events.
    • Anuya Prasad (women’s 10m air pistol) and Shourya Saini (men’s 50m 3P) also won gold medals for India.
  3. Team Contributions:
    • Abhinav Deshwal won the highest number of individual medals, totaling five (one gold and four silver).
    • Mahit Sandhu earned four medals (three gold and one silver) in rifle events.
  4. Records and Reception:
    • The Indian shooters broke multiple deaf world records and championship records during the event.
    • The team received a warm reception upon their return to New Delhi.

CURRENT AFFAIRS: IMPORTANT DAYS

National Forest Martyrs Day 2024: September 11

  • National Forest Martyrs Day is observed annually on September 11th.
  • The day honours individuals who sacrificed their lives in the protection of India’s forests and wildlife.
  • It aims to raise awareness about forest conservation and recognize the efforts of forest guards, rangers, and officers.

Historical Significance:

  • The date commemorates the Khejarli Massacre of 1730.
  • In this event, 363 members of the Bishnoi community in the Marwar Kingdom sacrificed their lives to protect Khejri trees from being cut down by the orders of Maharaja Abhai Singh Rathore.

 Role of the Bishnoi Community:

  • The Bishnoi community is renowned for its commitment to environmental conservation.
  • Their resistance to tree felling in their village of Khejarli is remembered as a symbol of environmental activism and dedication.

 Establishment:

  • National Forest Martyrs Day was officially established by the Ministry of Environment, Forest and Climate Change in 2013.
  • It was declared to honour the legacy of those who made the ultimate sacrifice for forest and wildlife protection.

Daily CA One-Liner: September 11

  • Union Heavy Industries Minister D. Kumaraswamy has announced that the third phase of the Faster Adoption and Manufacturing of Electric (and Hybrid) Vehicles (FAME-III) will be introduced in approximately two months.
  • The first Foundation Day of the Indian Cyber Crime Coordination Centre (I4C) was held at Vigyan Bhavan, New Delhi.
  • The Indian government is set to begin the registration of farmers across the country to provide them with a unique ID similar to Aadhaar.
  • Prime Minister Narendra Modi will inaugurate the fourth edition of the Global RE-INVEST Renewable Energy Investors Meet and Expo
  • The second India-Japan Finance Dialogue was held in Tokyo on September 6, 2024.
  • The US Department of State will collaborate with the India Semiconductor Mission and the Ministry of Electronics and IT of the Government of India.
  • The US Department of State will collaborate with the India Semiconductor Mission and the Ministry of Electronics and IT of the Government of India.
  • South Indian institutions have consistently secured a significant portion of the top 25 spots in the National Institutional Ranking Framework (NIRF) over the past five years
  • Velavan Senthilkumar, a top-seeded Indian squash player, won the ACE Challenger Tour 2024
  • India won a total of 21 medals at the second World Deaf Shooting Championships held in Hanover, Germany.
  • Recently, the Reserve Bank of India (RBI) turned down Canara Bank’s proposal to set up a separate credit card subsidiary.
  • The 54th meeting of the Goods and Services Tax Council chaired by Finance Minister Nirmala Sitharaman concluded in New Delhi
  • BoB receives a 2.8X subscription for its ₹5,000 cr infra bond issuance
  • Union Bank of India has announced its decision to join the Partnership for Carbon Accounting Financials (PCAF), an international alliance of financial institutions dedicated to standardizing the measurement and disclosure of greenhouse gas emissions related to loans and investments.
  • Tuhin Kanta Pandey, a senior bureaucrat and 1987-batch Indian Administrative Service (IAS) officer of the Odisha cadre, has been designated as the new finance secretary, according to an official order issued by the personnel ministry.
  • Randhir Singh, a five-time Olympian and sports administrator, has been elected as the President of the OCA.
  • To enhance the skills and capability building of personnel from the Indian Army and Indian Air Force, a Memorandum of Understanding (MoU) was signed with Gati Shakti Vishwavidyalaya, Vadodara.
  • The Indian Navy launched the fourth and fifth ships of the 8 Anti-Submarine Warfare Shallow Water Craft (ASW SWC) project.
  • The Defence Ministry signed a ₹26,000-crore contract with Hindustan Aeronautics Limited (HAL) for 240 aero-engines to power the Indian Air Force’s (IAF) Sukhoi-30 MKI fighter aircraft.
  • National Forest Martyrs Day is observed annually on September 11th.

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