Daily Current Affairs September 13 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Securities and Exchange Board of India Revises Margin Trading Framework to Ease Collateral Requirements  

• The Securities and Exchange Board of India (SEBI) has revised the framework for margin trading facilities (MTF) to reduce the burden of additional collateral.

Key Highlights :

• Cash Collateral as Maintenance Margin:Securities funded through cash collateral can now be considered as maintenance margin for MTF.
• If a broker uses cash collateral received from a client to meet settlement obligations with the clearing corporation (CC), this collateral can be treated as a maintenance margin.
• Applicability:This applies to securities received from the CC against the cash collateral provided, which are pledged as funded stocks in favour of the trading member.
• Effective Date:The new rules will come into effect from October 1, 2024.
• Group 1 Securities Requirement : Further, if funded stocks are used as maintenance margin based on cash collateral provided by the client, the funded stocks must be from Group 1 securities.
• The margin for these stocks will be Value at Risk (VaR) plus five times the Extreme Loss Margin, irrespective of whether they are available in the futures & options (F&O) segment.
• Identification of Collateral : Sebi clarified that stocks or units of Equity ETFs used as collateral with stock brokers for margin trading (referred to as collaterals) and the stocks or units of Equity ETFs acquired through margin trading (referred to as funded stocks) must be distinctly identifiable and must not be mixed when calculating the funding amount.
• Reporting Requirement : Additionally, the SEBI has asked trading members to report their exposure under MTF on T+1 day (the day after the trade date).

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.

Small Finance Banks Increasing Focus on High Deposit Rates  

• More than seven small finance banks (SFBs) have increased their fixed deposit (FD) rates to above 8% for two-year tenures in competition with major banks like State Bank of India (SBI) and HDFC Bank.
• SFBs are offering 100-125 basis points higher on FDs than they did a year ago and approximately 120 basis points more than what big banks like SBI and HDFC Bank currently offer.

Key Highlights :

• Current Offers:Utkarsh SFB and Suryoday SFB: Offering 8.5% on two to three-year tenures.
• Equitas SFB: Offering 8.5% on deposits with a tenure of two years to less than three years.
• Unity SFB: Offering 9% on deposits for 1,001 days.
• Rates from Major Banks:SBI: Highest rate of 7.25% for 444 days.
• HDFC Bank: Highest rate of 7.4%.
• Both SBI and HDFC Bank offer an additional 50 basis points for senior citizens.
• Market Dynamics:The RBI’s tight monetary policy aims to control inflation, influencing the demand and supply of funds.
• There is a shift towards equity investments and mutual funds, reducing the appeal of traditional bank deposits.
• Competitor Rates:Some finance companies are also offering competitive rates. For instance, Manipal Housing Finance Syndicate Ltd offers 8.25% for one to three years, and Bajaj Finance offers 8.65% for a 42-month tenure.

Bank of Baroda Approves Resolution Plan for Supertech’s Dehradun Project   

• Bank of Baroda, one of the lenders in Supertech Group has approved and sanctioned the resolution plan for company’s Dehradun project paving way for delivery of over 600 homebuyers.
• Supertech submitted a project-wise resolution plan to the National Company Law Appellate Tribunal (NCLAT), and this is the first project to receive lender approval.
• The bank has consented to the inclusion of a co-developer in the Dehradun project.
• Kotak Investment Advisors Ltd (KIAL) is investing ₹450 crore into Supertech’s stalled Noida project, providing significant financial support.

Key Highlights :

• Supernova Project Details: The ‘Supernova’ project in Noida, which is 50% complete, includes the tallest residential tower in NCR.
• It has a potential revenue of over ₹7,000 crore.
• Impact on Other Projects: The revival of Supernova is expected to help Supertech resume other delayed projects.
• Company Financials: Supertech needs to deliver over 15,000 homes and has liabilities of approximately ₹8,000 crore, with project receivables exceeding ₹14,000 crore.

About Bank of Baroda :

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

CURRENT AFFAIRS: NATIONAL NEWS

Cabinet Approves Rs 14,335-Crore Scheme to Boost Electric Mobility in India

• The Indian government has taken a significant step to promote green mobility with the approval of a new Rs 14,335-crore incentive scheme for the electric vehicle (EV) sector.
• The scheme aims to enhance electric mobility by subsidising electric two-wheelers, three-wheelers, ambulances, trucks, buses, and charging infrastructure.

1. Introduction of the PM E-DRIVE Scheme:

• Replacement of FAME: The new PM E-DRIVE scheme replaces the previous FAME (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles) scheme.
• Budget Allocation: Rs 10,900 crore has been allocated for the PM E-DRIVE scheme, which will be in effect for two years.
• Subsidies: The scheme includes Rs 3,679 crore in subsidies for electric two-wheelers, three-wheelers, e-ambulances, e-trucks, and other emerging electric vehicles (EVs).

2. Specific Incentives Under the Scheme:

• Electric Two-Wheelers and Three-Wheelers: The scheme will support approximately 24.8 lakh electric two-wheelers and 3.16 lakh electric three-wheelers.
• E-Buses: A total of Rs 4,391 crore is allocated for the procurement of 14,028 e-buses by state or public transport agencies in cities such as Delhi, Mumbai, Kolkata, Chennai, Ahmedabad, Surat, Bangalore, Pune, and Hyderabad.
• E-Ambulances:Rs 500 crore has been earmarked for the deployment of e-ambulances.

3. Development of EV Charging Infrastructure:

• Fast Chargers: To address concerns about the availability of charging infrastructure, the scheme proposes the installation of 22,100 fast chargers for electric 4-wheelers, 1,800 for e-buses, and 48,400 for electric two- and three-wheelers.
• Budget Allocation for Charging Infrastructure:Rs 2,000 crore has been allocated to enhance EV charging networks across the country.

4. PM-eBus Sewa-Payment Security Mechanism:

• Support for E-Bus Operations: The Cabinet also approved the ‘PM-eBus Sewa-Payment Security Mechanism’ scheme to support the procurement and operation of e-buses by public transport authorities.
• Financial Support: An allocation of Rs 3,435 crore has been made to support the uninterrupted operation of over 38,000 e-buses across cities and towns.
• Duration: The scheme is designed to provide financial support for up to 12 years from the date of deployment and will be valid for four financial years up to 2028-29.

Rural Development Ministry Approves Road Construction Projects in Three States

• The Ministry of Rural Development, under the leadership of Minister Shivraj Singh Chouhan, has approved a series of road construction projects across three Indian states—Madhya Pradesh, Maharashtra, and Kerala.
• These projects fall under various central government schemes aimed at improving rural connectivity and infrastructure.

Key Highlights of the Approved Projects:

1. Madhya Pradesh:
   • Roads Approved: 60 roads spanning a total of 152.44 km.
   • Scheme: The construction in Madhya Pradesh will be carried out under the Pradhan Mantri Janjati Adivasi Nyaya Maha Abhiyan.
   • Budget Allocation: The total cost for these roads is estimated at Rs 113.58 crore.
2. Maharashtra:
   • Roads Approved: 117 roads with a total length of 745.286 km.
   • Scheme: The roads will be constructed under the Pradhan Mantri Gram Sadak Yojana (PMGSY).
   • Budget Allocation: The estimated cost for these road projects in Maharashtra is Rs 655.66 crore.
3. Kerala:
   • Infrastructure Approved: 11 bridges.
   • Scheme: The construction of these bridges will also be under the Pradhan Mantri Gram Sadak Yojana (PMGSY).
   • Budget Allocation: The project will be carried out at an estimated cost of Rs 55.28 crore.

Union Cabinet Approves Fourth Phase of Pradhan Mantri Gram Sadak Yojana (PMGSY)

• The Union Cabinet has approved the fourth phase of the Pradhan Mantri Gram Sadak Yojana (PMGSY), the flagship rural roads programme, with a significant outlay of Rs 70,125 crore over the next five years.
• This phase continues the government’s commitment to enhancing rural connectivity across India.

Key Highlights:

1. Scope of the Project:
   • Total Length of Roads:62,500 kilometers of rural roads will be constructed.
   • New Connectivity: This phase aims to connect 25,000 unconnected habitations.
   • Bridge Construction: New bridges will also be constructed and existing ones upgraded on these roads.
2. Funding Structure:
   • Centre’s Share: The central government’s contribution is estimated at Rs 49,087.5 crore.
   • States’ Share: The state governments will contribute Rs 21,037.5 crore.
3. Employment Generation:
   • The project is expected to create 40 crore human-days of employment, providing a significant boost to rural employment.
4. Targeted Habitations:
   • Population Criteria:
     • Plains: Habitations with more than 500 people.
     • Hills, Northeast, and Tribal Areas: Habitations with more than 250 people.
     • Left-Wing Affected Districts: Habitations with over 100 people.
   • The population data is based on the 2011 Census.
5. Planning and Implementation:
   • The PM Gati Shakti portal will be used for road alignment planning.
   • The portal will also assist in the preparation of Detailed Project Reports (DPRs).
6. Historical Impact:
   • Since its inception in 2000, PMGSY has seen the construction of 800,000 kilometers of rural roads.
   • This has connected 180,000 habitations under various phases of the scheme.

Union Cabinet Approves Modified Scheme for Hydro Electric Projects (HEP) Infrastructure Development

• The Union Cabinet, led by Prime Minister Narendra Modi, has approved a proposal by the Ministry of Power to modify the scheme for budgetary support for the Enabling Infrastructure for Hydro Electric Projects (HEP).
• This initiative aims to accelerate the development of hydropower projects across India, particularly in remote and hilly regions and is part of India’s broader goal to achieve 500 GW of renewable energy capacity by 2030.

Key Highlights:

1. Financial Outlay and Timeline:
   • Total Budget: ₹12,461 crore.
   • Implementation Period: FY 2024-25 to FY 2031-32.
   • Target Capacity: Development of 31,350 megawatts (MW) of hydropower projects.
2. Scope of the Scheme:
   • The scheme has been modified to include comprehensive budgetary support for the development of enabling infrastructure like roads, transmission lines, ropeways, railway sidings, and communication networks in remote project locations.
   • Applicable to all hydropower projects exceeding 25 MW capacity, including those developed by private sector entities through transparent allotment.
   • The scheme will also cover all Pumped Storage Projects (PSPs), including both captive and merchant PSPs.
3. Support for Pumped Storage Projects (PSPs):
   • A cumulative PSP capacity of around 15,000 MW will be supported under this scheme.
4. Rationalized Budgetary Support:
   • Projects up to 200 MW: ₹1.0 crore per MW.
   • Projects exceeding 200 MW: ₹200 crore plus ₹0.75 crore per MW.
   • Exceptional Cases: For unique scenarios where additional infrastructure is necessary, the budgetary support may increase to ₹1.5 crore per MW, provided adequate justification exists.
5. Expected Benefits:
   • Faster Development: The revised scheme aims to expedite the development of hydroelectric projects by improving infrastructure in remote and difficult terrains.
   • Employment Generation: A significant number of direct employment opportunities will be created for local communities.
   • Encouragement for Investment: The scheme is expected to attract fresh investments into the hydropower sector and incentivize the timely completion of projects.

Union Cabinet Expands Ayushman Bharat Health Coverage to All Senior Citizens Aged 70 and Above

• In a significant step towards enhancing healthcare access for the elderly, the Union Cabinet has approved the expansion of the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-PMJAY) to cover all senior citizens aged 70 years or above.
• This move is set to benefit approximately 45 million families, encompassing around 60 million senior citizens, providing them with free health insurance coverage of ₹5 lakh on a family basis.

Key Highlights of the Expansion:

1. Universal Coverage for Senior Citizens:
   • All senior citizens aged 70 years and above, regardless of their socio-economic status, will now be eligible for the benefits of AB-PMJAY.
   • This initiative will be implemented with a budgetary outlay of ₹3,437 crore.
2. Scope of the AB-PMJAY Scheme:
   • The scheme provides cashless and paperless health insurance cover of ₹5 lakh per annum per family on a floater basis in empanelled hospitals across India.
   • As of now, over 352 million citizens have been covered under AB-PMJAY, receiving free hospitalization insurance.
3. Distinct Card for Senior Citizens:
   • Eligible senior citizens will receive a new, distinct card under AB-PMJAY to ensure seamless access to healthcare services.
4. Additional Top-Up Cover:
   • Senior citizens aged 70 years and above, already part of families covered under AB-PMJAY, will receive an additional top-up cover of up to ₹5 lakh per year, specifically for themselves.
   • This additional cover will not be shared with family members under the age of 70.
5. Options for Existing Scheme Beneficiaries:
   • Senior citizens aged 70 and above who are currently benefiting from other public health insurance schemes like the Central Government Health Scheme (CGHS), Ex-Servicemen Contributory Health Scheme (ECHS), and Ayushman Central Armed Police Force (CAPF) will have the choice to continue with their existing scheme or opt for AB-PMJAY.
   • Those covered under private health insurance policies or the Employees’ State Insurance Corporation (ESIC) scheme will also be eligible for benefits under AB-PMJAY.

India’s Push for Semiconductor Manufacturing Gains Momentum with Over $15 Billion in Investments

• India is making significant strides in becoming a global hub for semiconductor manufacturing, with the government approving investments exceeding $15 billion in the sector.
• This move aligns with Prime Minister Narendra Modi’s ambitious goal to expand the country’s electronics sector to$500 billion by the end of the decade.

Key Announcements and Developments:

1. Semicon India 2024 Inauguration:
   • At the inauguration of Semicon India 2024 in Greater Noida, Prime Minister Narendra Modi emphasized India’s growing strengths in semiconductor manufacturing and the broader electronics sector.
   • Modi highlighted that India’s current electronics market is valued at approximately $155 billion, showcasing the country’s potential for rapid growth in this domain.
2. Major Semiconductor Investments:
   • The Indian government has approved over $15 billion in semiconductor investments, demonstrating its commitment to creating a conducive environment for chipmakers.
   • Notable investments include:
     • Tata Group’s plans to establish the country’s first major semiconductor plant.
     • Micron Technology Inc., a US-based company, is set to build a $2.75 billion semiconductor assembly and test facility in Gujarat.
     • Israel’s Tower Semiconductor Ltd. is considering a $10 billion partnership with billionaire Gautam Adani to develop a fabrication plant in western India. However, a formal proposal for this venture is yet to be submitted to the Indian government.

3. NXP Semiconductors NV’s Commitment:
   • Kurt Sievers, CEO of NXP Semiconductors NV, announced at the event that the Dutch chipmaker plans to invest over $1 billion in India in the coming years. This investment will focus on expanding research and development efforts, reinforcing the company’s commitment to leveraging India’s talent and market potential.
4. Strategic Vision for the Electronics Sector:
   • The government’s approval of significant investments in semiconductor manufacturing is a testament to India’s strategic vision of becoming a critical player in the global electronics supply chain.
   • With the goal to grow the electronics sector to $500 billion by 2030, the government is positioning India as a favourable destination for semiconductor makers and other electronics manufacturers, offering incentives, policy support, and a skilled workforce.

India Aims for Full Telecom Coverage by Mid-2025 with Expanded BSNL 4G Network Rollout

• Telecom Minister Jyotiraditya Scindia announced that 25,000 villages currently lacking telecom and mobile internet connectivity will be connected by mid-2025 as part of India’s efforts to achieve “full saturation” in telecom coverage.

Key Points from Scindia’s Announcement:

1. BSNL 4G Network Expansion:
   • Bharat Sanchar Nigam Limited (BSNL), the state-run telecom operator, is set to roll out its 4G network across India with the installation of 100,000 telecom towers by mid-2025.
   • This initiative aims to cover unconnected villages, especially those in remote and challenging areas.
2. Nationwide Tower Infrastructure:
   • India currently has 450,000 telecom towers However, some villages remain without coverage.
   • To bridge this gap, the government has committed to erecting 20,000 additional towers with an investment of Rs 45,000 crore by mid-2025.
3. Focus on Northeast India:
   • The Northeast region has the highest number of unconnected villages, with approximately 6,000 villages still lacking connectivity.
   • The telecom department has connected about half of these villages, demonstrating progress but also highlighting the need for continued efforts in these regions.
   • Scindia, who also oversees the Ministry for the Development of the North Eastern Region, emphasized the importance of bringing connectivity to these remote areas.
4. Broad Targets and Challenges:
   • The government has set three broad targets for the telecom sector:
     1. Expansion of telecom connections to unserved areas.
     2. Indigenous production of telecom equipment, including mobile phones.
     3. Advancing new technologies, such as contributing to the Bharat 6G Alliance and increasing India’s share of international telecom patents to 10 percent.

5. Challenges in Meeting Previous Deadlines:
   • India has struggled to meet previous deadlines for telecom connectivity. For instance, in July 2019, then-Telecom Minister Ravi Shankar Prasad mandated that companies connect all 43,000 villages without basic telephony services within a year. However, these deadlines have consistently been missed.
   • In April 2023, then-Minister of State for Telecom Devusinh Chauhan announced plans to cover 38,000 villages lacking 4G connectivity by 2024. However, BSNL’s efforts to launch 4G services have been delayed multiple times, lagging behind private providers such as Reliance Jio, Bharti Airtel, and Vodafone Idea.
6. Focus on Indigenous Telecom Production:
   • As part of its broader telecom strategy, India is focusing on indigenous production of telecom equipment and mobile phones. The Bharat 6G Alliance initiative is a key component of this effort, aimed at enhancing India’s technological self-reliance and leadership in the global telecom sector.

Union Cabinet Approves “Mission Mausam” to Enhance Weather and Climate Prediction

• The Union Cabinet, led by Prime Minister Narendra Modi, has approved”Mission Mausam” with a significant budget of Rs 2,000 crore over the next two years.
• This ambitious initiative aims to strengthen India’s capabilities in predicting and responding to extreme weather events and the impacts of climate change.

Key Highlights of Mission Mausam:

1. Objective:
   • Enhance India’s ability to predict and manage extreme weather events, including monsoon variability, cyclones, and other climate impacts.
   • Improve weather and climate information across different temporal and spatial scales.
2. Implementation:
   • Lead Institutions:
     • India Meteorological Department (IMD)
     • Indian Institute of Tropical Meteorology (IITM)
     • National Centre for Medium-Range Weather Forecasting (NCMRWF)
   • Supporting Institutions:
     • Indian National Centre for Ocean Information Services (INCOIS)
     • National Centre for Polar and Ocean Research (NCPOR)
     • National Institute of Ocean Technology (NIOT)

3. Critical Elements:
   • Advanced Observation Systems: Deployment of next-generation radars and satellite systems with advanced sensors.
   • High-Performance Computing: Investment in high-performance supercomputers.
   • Enhanced Models: Development of advanced Earth system models.
   • Decision Support System: Implementation of a GIS-based automated system for real-time data sharing.
4. Beneficiaries:
   • Sectors: Agriculture, disaster management, defence, aviation, energy, water resources, tourism.
   • Applications: Urban planning, transportation, environmental monitoring.
5. Goals and Impact:
   • Research and Development: Expansion in atmospheric sciences, including weather surveillance, modelling, and forecasting.
   • Technology Integration: Use of artificial intelligence (AI) and machine learning (ML) for precise weather prediction.
   • Capacity Building: Strengthen resilience and capacity across communities, sectors, and ecosystems to better manage extreme weather events and climate change impacts.
6. Long-Term Vision:
   • Precision Forecasting: Set new benchmarks for weather prediction accuracy.
   • Resilience: Enhance the ability of stakeholders, including citizens, to tackle weather-related challenges effectively.

India’s ₹30 Trillion Renewable Energy Investment Strategy: Financial Institutions to Pledge Support

• The Ministry of New and Renewable Energy (MNRE) is actively engaging with financial institutions, including public and private sector banks, to secure funding for India’s ambitious goal of installing 500 GW of non-fossil fuel capacity by 2030.
• To meet the substantial funding requirements estimated at ₹30 trillion, these institutions are being encouraged to commit a portion of their loans to renewable energy projects.

Key Details:

1. Funding Goal:
   • Total Required: ₹30 trillion
   • Target Capacity: 500 GW of non-fossil fuel energy by 2030
2. Current Efforts:
   • The MNRE is negotiating with banks and financial institutions to allocate funds specifically for renewable energy initiatives.
3. Upcoming Event:
   • Re-Invest Summit: Scheduled to take place in Gandhinagar next week.
   • Purpose: Financial institutions, banks, developers, manufacturers, and private equity investors will present their funding commitments through “shapathpatra” (promissory notes).
4. Participants:
   • Major banks
   • Financial institutions
   • Developers
   • Manufacturers
   • Private equity investors
5. Objective:
   • To secure formal commitments for renewable energy funding.
   • To ensure alignment of financial resources with India’s renewable energy targets.

CURRENT AFFAIRS : INTERNATIONAL NEWS

Mexico Becomes the 1st Country to Approve Popular Election of Judges   

• Mexico became the first country to allow voters to elect judges at all levels.
• The reform was driven by outgoing President Andrés Manuel López Obrador, who criticised the judiciary for favouring political and economic elites.

Key Highlights :

• Constitutional Amendment: The reform was passed with 86 votes in favour and 41 against, surpassing the two-thirds majority required to amend the constitution.
• Scope: The reform affects judges at all levels, including local, high-level, and Supreme Court judges.
• Election Timeline: Around 1,600 judges are expected to stand for election in 2025 or 2027.
• Opposition: Court employees and law students protested against the reform, arguing concerns about the potential impact on the judiciary.
• Political Support: The reform was approved in an upper chamber dominated by the ruling Morena party and its allies.

About Mexico :

• Capital : Mexico City
• Currency : Mexican peso

CURRENT AFFAIRS : STATE NEWS

Madhya Pradesh Government Approves Transfer of State Cooperative Dairy Operations to National Dairy Development Board for 5 Years   

• The Madhya Pradesh government has approved the transfer of operations of the State Cooperative Dairy Federation and affiliated milk unions to the National Dairy Development Board (NDDB) for the next five years.
• The opposition Congress views this decision as a potential “backdoor” entry for Gujarat’s Amul to take over MP’s state-run milk brand Sanchi since Amul is a major shareholder in NDDB.
• This move follows a controversy in Karnataka over the alleged takeover of the state’s milk brand ‘Nandini’ by Amul.
• The decision was made during a meeting chaired by Chief Minister Mohan Yadav in Bhopal.

Key Highlights :

• Economic Impact: The MOU between NDDB and the state government is expected to help milk farmers in around 11,000 villages in MP by providing better prices for their produce, thereby boosting their economic prosperity.
• Previous NDDB Takeovers: NDDB has previously taken over operations of other state cooperatives, such as Mahananda Cooperative Dairy in Maharashtra and Sreeja Cooperative Dairy in Uttar Pradesh.
• Milk Production: Madhya Pradesh is the third-largest milk producer in India, contributing 9-10% of the country’s total milk production, following Uttar Pradesh and Rajasthan.
• Daily Production: The state produces approximately 5.5 crore litres of milk daily and has a per capita milk availability better than the national average.

About MP :

• Governor: Mangubhai C. Patel
• Chief Minister: Mohan Yadav
• Capital: Bhopal
• National Park: Satpura National Park, Kanha National Park, Bandhavgarh National Park
• Wildlife Sanctuary: Nauradehi Wildlife Sanctuary, Bori Wildlife Sanctuary

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Federation of Automobile Dealers Associations Names C S Vigneshwar as New President for 2024-26 Term  

• The Federation of Automobile Dealers Associations (FADA) appointed C S Vigneshwar as its 37th President for the 2024-26 term.
• Vigneshwar succeeds Manish Raj Singhania.
• The decision was made at FADA’s 315th governing council meeting, which followed its 60th Annual General Meeting.

About C S Vigneshwar :

• Vigneshwar is the Managing Director of Anaamalais Toyota in Coimbatore, Tamil Nadu.
• He also oversees dealerships for Volvo Eicher Commercial Vehicles (VECV) and Ather Energy.
• He has been a FADA council member for 12 years and has significant experience in the automotive sector.
• He has been a member of the Apex Consultative Committee of VECV for 16 years.
• He has served on the Toyota Dealer Council for 11 years and was Head of the Toyota India Service Dealer Council for 7 years.

Additional Appointments:

• Sai Giridhar, MD of Saisha Motors Pvt Ltd, was elevated to Vice President.
• Amar Jatin Sheth, Managing Director of Group Shaman, was appointed as
• Pradeep Agarwal, Managing Partner of JMG Group, was elected as Treasurer.

About FADA :

• Founded : 1964
• FADA, is the apex national body of Automobile Retail Industry in India engaged in the sale, service and spares of 2 & 3 Wheelers, Passenger Cars, UVs, Commercial Vehicles (including buses and trucks) and Tractors.

Y Haragopal appointed as Managing Director of NABCONS  

• Y Haragopal has been appointed Managing Director of NABCONS (NABARD Consultancy Services), a wholly-owned subsidiary of the National Bank for Agriculture and Rural Development.
• He was previously the Chief Operating Officer (COO) at NABCONS.
• NABCONS has four Zonal offices in Mumbai, Hyderabad, Jaipur, and Guwahati.

About Y Haragopal :

• Y Haragopal joined NABARD in 1996 as a direct recruit officer; served in various positions, including the Refinance Department at the Head Office (Mumbai) for 14 years and at regional offices in Punjab, Haryana, Andhra Pradesh, and Telangana.
• He Served as General Manager of NABARD’s Telangana Regional Office before joining NABCONS.

About NABCONS :

• NABCONS, a wholly-owned subsidiary of NABARD was created in 2003 to provide consultancy in all spheres of agriculture, rural development and allied areas.

CURRENT AFFAIRS : DEFENCE NEWS

Indian Army Contingent Leaves for India-Oman Joint Military Exercise Al Najah V

• The Indian Army contingent departed for the 5th edition of India-Oman Joint Military Exercise AL NAJAH.
• The exercise is scheduled to be conducted from 13th to 26th September 2024 at Rabkoot Training Area in Salalah, Oman.

History :

• Exercise AL NAJAH has been held biennially since 2015, alternating between India and Oman.
• The 4th edition of the exercise was conducted at Mahajan in Rajasthan.

Participants :

• The Indian Army contingent comprising 60 personnel is being represented by a Battalion of the Mechanised Infantry Regiment along with personnel from other arms and services.
• The Royal Army of Oman contingent also comprising 60 personnel will be represented by the troops of Frontier Force.
• Aim of the Joint Exercise : To enhance the joint military capability of both sides to undertake counter-terrorism operations under Chapter VII of the United Nations Charter.
• The exercise will focus on operations in the Desert environment.
• Tactical drills to be rehearsed during the exercise include Joint Planning, Cordon and Search Operation, Fighting in Built Up Area, establishment of Mobile Vehicle Check Post, Counter Drone and Room Intervention, among others.
• Exercise AL NAJAH V will allow both sides to exchange best practices in tactics, techniques and procedures for joint operations.

About Ministry of Defence :

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

About Oman :

• Capital : Muscat
• Currency : Omani rial

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Bharat Biotech and Alopexx Inc. to Co-Develop and Commercialize Anti-Microbial Vaccine AV0328 for India and Other Low-Income Countries  

• Hyderabad-based vaccine maker Bharat Biotech and clinical-stage U.S. biotechnology firm Alopexx Inc. will collaborate to co-develop and commercialise anti-microbial vaccine AV0328 in India and other low-income and lower-middle-income countries.

About AV0328 :

• AV0328 is a proprietary broad-spectrum anti-microbial vaccine candidate from Alopexx.
• It is designed to target poly N-acetyl glucosamine (PNAG), which is present on the surface of a variety of bacterial, fungal, and parasitic pathogens.
• Alopexx will receive one-time upfront and milestone payments as well as royalties on future sales in the licensed territories.
• Pre-clinical studies targeting PNAG showed effectiveness in preventing and treating infections caused by over 15 different pathogens.
• A phase I, first-in-human trial of AV0328 has been completed.
• The trial showed that the vaccine is well-tolerated with no serious adverse events and induced antibodies capable of killing a broad range of PNAG-expressing pathogens.
• The vaccine has shown promise as a broad-spectrum antimicrobial solution due to its effectiveness against a wide range of pathogens.
• Alopexx CEO : Daniel Vlock

About Bharat Biotech :

• Founded : 1996
• Headquarters : Hyderabad, India
• Executive Chairman : Krishna Ella

Indian Scientists Create ‘Brain on a Chip’ Technology

• Indian scientists at the Indian Institute of Science (IISc) have developed a groundbreaking “brain on a chip” technology.
• This technology can store and process data in 16,500 states within a molecular film.
• The advancement was made by a team from IISc’s Centre for Nano Science and Engineering, including Sreetosh Goswami, Navkanta Bhat, Deepak Sharma, Santi Prasad Rath, Bidyabhusan Kundu, and Sreebrata Goswami. They collaborated with Anil Korkmaz and R Stanley Williams from Texas A&M University, and Damien Thompson from the University of Limerick.
• The research paper detailing this technology was published in the journal Nature.

Key Highlights :

• Technology Type: The technology represents a significant leap from traditional binary computing to neuromorphic computing, which is brain-inspired and analog.
• Unlike conventional computing, it can learn from its environment.
• Applications: This neuromorphic platform could enable complex AI tasks, such as training Large Language Models (LLMs), to be performed on personal devices like laptops and smartphones.
• Benefits: The new technology addresses key challenges in AI development, including the need for optimal hardware and energy inefficiency. It uses the natural movement of ions to process and store data, mimicking brain functions, and promises greater energy efficiency and space-saving compared to traditional computing systems.
• Design: The molecular system was designed by Prof Sreebrata Goswami and operates similarly to a human brain, creating a “molecular diary” for data processing and storage.

Indian Immunologicals Limited and Central Institute of Brackishwater Aquaculture Collaborate to Create Commercial Fish Vaccine    

• Indian Immunologicals Limited (IIL) and the Central Institute of Brackishwater Aquaculture (CIBA) have partnered to develop a commercial vaccine targeting Viral Nervous Necrosis (VNN) in finfish.
• VNN is a disease that causes high mortality rates in young fish and can be transmitted from adults to offspring.

Key Highlights :

• India’s Fish Production:India is the third-largest fish producer globally.
• Over 65% of India’s fish production comes from inland fisheries and aquaculture.
• Current Vaccine Situation:There are currently no commercially available fish vaccines in India.
• Infections in fish are managed with anti-infectives and other conventional measures, which have varying degrees of success.
• Economic Impact of Infections:Aquaculture in India faces economic losses due to infections caused by bacterial, viral, fungal, and other agents.

About IIL:

• IIL was established by the National Dairy Development Board in 1982 and entered the aqua business in 2022.
• IIL has launched products for pond and gut management and has announced partnerships with ICAR institutes to develop fish vaccines.
• IIL’s Managing Director, K Anand Kumar, stated that IIL is the first company in India to develop fish vaccines and is working on solutions for various fish species and culture conditions.

SpaceX Mission Sends All-Civilian Crew on Historic First Private Spacewalk in Orbit    

• SpaceX launched its daring Polaris Dawn mission, a multiday orbital expedition carrying a four-member civilian crew for the first spacewalk by non-professional astronauts.
• The Polaris Dawn crew consists of four members: Anna Menon, Scott Poteet, Jared Isaacman, and Sarah Gillis.
• The launch took place from Launch Complex-39A at NASA’s Kennedy Space Center (KSC).
• The mission was delayed several times, initially due to a technical issue with the launch tower and then because of weather constraints.

Key Highlights :

• Historical Context:Launch Complex-39A is historically significant for hosting NASA’s Apollo moon missions, which were the last crewed missions to travel as far as Polaris Dawn.
• Mission Highlights:The mission is notable for being the first spacewalk composed entirely of non-professionals.
• The astronauts are using newly developed SpaceX extravehicular activity (EVA) suits, equipped with heads-up displays, helmet cameras, and advanced joint mobility systems.
• Polaris Program:Polaris Dawn is the first of three missions under the Polaris program.
• The program is a collaboration between Jared Isaacman, founder of Shift4 Payments, and SpaceX, led by Elon Musk.

About SpaceX :

• Founded : March 14, 2002
• Headquarters : United States
• CEO : Elon Musk

CURRENT AFFAIRS: BUSINESS NEWS

India’s Global Capability Centres (GCCs) Poised for Significant Growth by 2030

• India’s global capability centres (GCCs) have dramatically transformed the tech landscape over the past five years.
• According to a report, 70 per cent of Fortune 500 companies will expand their presence to India by 2030.
• According to a report by Nasscom and Zinnov, titled ‘India GCC Landscape Report: The 5-year Journey’, the expansion of GCCs in India is set to continue at a robust pace, driven by increasing global roles, advancements in AI, and a focus on engineering and R&D.

Key Insights from the Report:

1. Growth Projections:
   • Revenue Forecast: GCC revenue in India is expected to reach between $99 billion and $105 billion by 2030, marking a compound annual growth rate (CAGR) of 9-10% from the current revenue of $64.6 billion.
   • Number of GCCs: The number of GCCs is projected to increase to 2,100-2,200 by 2030, up from over 1,700
2. Expansion Drivers:
   • Global Roles: Indian GCCs are increasingly housing global roles across engineering, IT, shared services, and multiple verticals. The number of global roles is anticipated to grow from over 6,500 to 30,000 in the next six years.
   • AI and ML Focus: Over 500 centres are now dedicated to AI and machine learning (ML), with more than 120,000 AI professionals working across GCCs and Centres of Excellence (CoEs) in India.
3. Talent Pool and Revenue Growth:
   • Headcount Increase: The headcount at GCCs is expected to rise to 5-2.8 million by 2030, up from the current 1.9 million.
   • Revenue and Headcount Growth: Between FY19 and FY24, there has been a 60% increase in revenue and a 36% increase in headcount due to GCC expansion into Tier-II and Tier-III cities and the establishment of centres by Global Unicorns and Global 2000 enterprises.
4. Strategic Evolution:
   • Innovation and Strategic Growth: GCCs have evolved from operational hubs to engines of innovation and strategic growth. They are increasingly leading global agendas, securing critical managerial roles, and shaping decision-making processes.
   • Digital Transformation: India is positioned to become a global leader in digital transformation and sustainable business practices, with GCCs playing a pivotal role in this journey.

Launch of “Trade Connect e-Platform” to Boost Indian Exports

• The Ministry of Commerce and Industry has introduced the “Trade Connect e-Platform”, a new online tool designed to streamline and enhance foreign trade for existing and aspiring exporters.
• This platform aims to provide comprehensive, real-time trade information and facilitate connections between exporters and key government entities.

Key Features:

1. Centralized Information Hub:
   • Offers access to critical trade-related data, including global demand, country-specific trade information, international standards, market access conditions, and compliance requirements.
2. Government and Expert Integration:
   • Connects exporters with Indian Missions abroad, the Department of Commerce, Export Promotion Councils, and trade experts.
   • Includes over 180 officials from Indian missions and industry experts to address queries.
3. Support for Exporters:
   • Assists in maximizing benefits from Free Trade Agreements (FTAs) and provides documents for exporting at preferential tariffs.
   • Facilitates application for certificates of origin for FTA partners.
4. Country Guide and Export Opportunities:
   • Lists export opportunities, rules, and tariffs for different countries.
   • Allows exporters to create a public webpage showcasing their company profile and products, initially for “status holders” recognized by the Department of Commerce.
5. Future Enhancements:
   • The platform will be updated regularly based on stakeholder feedback, with plans for a second version in 2025.
   • Future updates will include availability in additional official languages.

IREDA’s New Subsidiary Receives Provisional Registration

• IREDA Global Green Energy Finance IFSC Limited, a wholly-owned subsidiary of the Indian Renewable Energy Development Agency (IREDA), has secured provisional registration from the International Financial Services Centre Authority (IFSCA) to operate as a finance company in GIFT City.

Key Points:

• Provisional Registration:
  • IREDA Global Green Energy Finance IFSC Limited has been granted provisional registration to operate within the GIFT City, Gujarat.
  • The announcement was made in the presence of Union Minister Prahlad Joshi and Gujarat Finance Minister Kanubhai Desai.
• IREDA’s Stock Performance:
  • IREDA shares were trading at ₹231.75 on the NSE, reflecting a decrease of ₹1.75 or 0.75%.
• Credit Rating:
  • S&P Global Ratings recently assigned a ‘BBB-’ long-term and ‘A-3’ short-term issuer credit rating to IREDA with a ‘Stable’ outlook.
  • This rating reflects IREDA’s strong government support and is one notch above the baseline for financial companies in India.

CURRENT AFFAIRS: AWARDS AND HONOURS

Sanjukta Sethi Receives National Florence Nightingale Award-2024

• Sanjukta Sethi, a dedicated nursing officer at the Malkangiri district headquarters hospital (DHH), was honoured with the prestigious National Florence Nightingale Award-2024 by President Droupadi Murmu at Rashtrapati Bhawan.

Key Highlights:

• Award Details:
  • National Florence Nightingale Award-2024 is presented by the Ministry of Health and Family Welfare to recognize exemplary service by nurses.
• Recipient’s Background:
  • Sanjukta Sethi has served as a nurse for 30 years, currently holding the position of nursing officer and OT in-charge at Malkangiri DHH.
  • She is involved in mentoring skilled birth attendant (SBA) training, is a member of the district quality assurance team, and supervises biomedical waste management.

CURRENT AFFAIRS: RANKING AND REPORTS

India Retains Top Spot in Global Cryptocurrency Adoption Amid Regulatory Challenges

• India has maintained its leadership position in global cryptocurrency adoption for the second consecutive year, despite facing stringent regulations and high trading taxes.
• This insight comes from a recent report by blockchain analytics firmChainalysis.

Key Highlights from the Report:

1. Global Adoption Trends:
   • India ranks highly in the use of both centralized exchanges and decentralized finance (DeFi) assets from June 2023 to July 2024.
   • While the previous year saw growth in crypto adoption primarily driven by lower-middle-income countries, this year has witnessed increased activity across all income brackets. However, high-income countries have experienced a decline in crypto adoption since early 2024.
2. Regulatory Environment:
   • India has maintained a stringent regulatory stance on cryptocurrencies since 2018. The Financial Intelligence Unit (FIU) issued show-cause notices to nine offshore exchanges in December 2023 for non-compliance with local regulations.
   • Binance, the world’s largest crypto exchange, was fined INR 18.82 crore ($2.25 million) in June 2024, shortly after registering with the FIU to resume operations. KuCoin faced a smaller penalty of INR 34.5 lakh in March 2024.
3. Global Cryptocurrency Adoption Index:
   • Seven out of the top 20 countries in Chainalysis’ global adoption index are from Central and South Asia, including countries like Indonesia, Vietnam, and the Philippines.
   • Countries with lower purchasing power are seeing significant decentralized transactions under $10,000. For instance, Indonesia, where cryptocurrencies are banned as a payment method but allowed for investment, saw digital asset trading inflows reach $157.1 billion over the year ending in July 2024.
4. Pending Petitions by Crypto Platforms:
   • The Finance Ministry’s FIU is set to hear petitions from seven offshore crypto platforms seeking to restart operations in India. The platforms include Bitfinex, MEXC Global, Kraken, Huobi, Gate.io, Bittrex, and Bitstamp.
   • These platforms were previously banned for violating the Prevention of Money Laundering Act (PMLA) but could resume operations after settling an estimated INR 2,900 crore in pending Goods and Services Tax (GST).

Top 5 countries:

1. India
2. Nigeria
3. Indonesia
4. United States
5. Vietnam

Daily CA One- Liner: September 13

• The Securities and Exchange Board of India (SEBI) has revised the framework for margin trading facilities (MTF) to reduce the burden of additional collateral.
• More than seven small finance banks (SFBs) have increased their fixed deposit (FD) rates to above 8% for two-year tenures in competition with major banks like State Bank of India (SBI) and HDFC Bank.
• Bank of Baroda, one of the lenders in Supertech Group has approved and sanctioned the resolution plan for the company’s Dehradun project paving the way for delivery of over 600 homebuyers.
• Mexico became the first country to allow voters to elect judges at all levels.
• The Madhya Pradesh government has approved the transfer of operations of the State Cooperative Dairy Federation and affiliated milk unions to the National Dairy Development Board (NDDB) for the next five years.
• The Federation of Automobile Dealers Associations (FADA) appointed C S Vigneshwar as its 37th President for the 2024-26 term.
• Y Haragopal has been appointed Managing Director of NABCONS (NABARD Consultancy Services), a wholly-owned subsidiary of the National Bank for Agriculture and Rural Development.
• The Indian Army contingent departed for the 5th edition of India-Oman Joint Military Exercise AL NAJAH.
• Hyderabad-based vaccine maker Bharat Biotech and clinical-stage U.S. biotechnology firm Alopexx Inc. will collaborate to co-develop and commercialise anti-microbial vaccine AV0328 in India and other low-income and lower middle-income countries.
• Indian scientists at the Indian Institute of Science (IISc) have developed a groundbreaking “brain on a chip” technology.
• Indian Immunologicals Limited (IIL) and the Central Institute of Brackishwater Aquaculture (CIBA) have partnered to develop a commercial vaccine targeting Viral Nervous Necrosis (VNN) in finfish.
• SpaceX launched its daring Polaris Dawn mission, a multiday orbital expedition carrying a four-member civilian crew for the first spacewalk by non-professional astronauts.
• The Indian government has taken a significant step to promote green mobility with the approval of a new Rs 14,335-crore incentive scheme for the electric vehicle (EV) sector
• The Ministry of Rural Development, under the leadership of Minister Shivraj Singh Chouhan, has approved a series of road construction projects across three Indian states—Madhya Pradesh, Maharashtra, and Kerala.
• The Union Cabinet has approved the fourth phase of the Pradhan Mantri Gram Sadak Yojana (PMGSY), the flagship rural roads programme, with a significant outlay of Rs 70,125 crore over the next five years
• The Union Cabinet, led by Prime Minister Narendra Modi, has approved a proposal by the Ministry of Power to modify the scheme for budgetary support for the Enabling Infrastructure for Hydro Electric Projects (HEP)
• In a significant step towards enhancing healthcare access for the elderly, the Union Cabinet has approved the expansion of the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-PMJAY) to cover all senior citizens aged 70 years or above.
• India is making significant strides in becoming a global hub for semiconductor manufacturing, with the government approving investments exceeding $15 billion in the sector.
• Telecom Minister Jyotiraditya Scindia announced that 25,000 villages currently lacking telecom and mobile internet connectivity will be connected by mid-2025 as part of India’s efforts to achieve “full saturation” in telecom coverage
• The Ministry of New and Renewable Energy (MNRE) is actively engaging with financial institutions, including public and private sector banks, to secure funding for India’s ambitious goal of installing 500 GW of non-fossil fuel capacity by 2030
• India’s global capability centres (GCCs) have dramatically transformed the tech landscape over the past five years
• The Ministry of Commerce and Industry has introduced the “Trade Connect e-Platform”, a new online tool designed to streamline and enhance foreign trade for existing and aspiring exporters
• IREDA Global Green Energy Finance IFSC Limited, a wholly-owned subsidiary of the Indian Renewable Energy Development Agency (IREDA), has secured provisional registration from the International Financial Services Centre Authority (IFSCA) to operate as a finance company in GIFT City
• Sanjukta Sethi, a dedicated nursing officer at the Malkangiri district headquarters hospital (DHH), was honoured with the prestigious National Florence Nightingale Award-2024 by President Droupadi Murmu at Rashtrapati Bhawan.
• India has maintained its leadership position in global cryptocurrency adoption for the second consecutive year, despite facing stringent regulations and high trading taxes.
• This insight comes from a recent report by blockchain analytics firmChainalysis.

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