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CURRENT AFFAIRS : BANKING & FINANCE
Reserve Bank of India Permits Resident Indians to Open Foreign Currency Accounts in Gujarat’s International Financial Services Centre
- The Reserve Bank of India (RBI) in a notification allowed resident individuals to open Foreign Currency Account (FCA) in International Financial Services Centres (IFSCs) at GIFT City in Gujarat under the Liberalised Remittance Scheme (LRS).
Key Highlights :
- Current Scope of Remittances:Previously, remittances under LRS to IFSCs were restricted to:
- Investments in securities issued by entities within IFSCs (excluding those by companies/ entities resident in India outside IFSC).
- Payment of fees for education at foreign universities or institutions located within IFSCs for specific courses.
- Revised Scope:Authorised Persons can now facilitate remittances for:
- All permissible purposes under LRS to IFSCs.
- Availing of financial services or products as per the International Financial Services Centres Authority Act, 2019 within IFSCs.
- Conducting current or capital account transactions in any other foreign jurisdiction through a Foreign Currency Account (FCA) held in IFSCs.
- Regulatory Basis:The directions have been issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (FEMA).
About LRS :
- Introduction:The Liberalised Remittance Scheme (LRS) was introduced by the RBI in 2004 to simplify and streamline the process of remitting funds outside India.
- Objective:Designed to overcome international fund transfer restrictions set by the Foreign Exchange Management Act (FEMA), 1999.
- Eligibility:All resident individuals, including minors, can remit funds under LRS.
- Corporates, partnership firms, HUFs, trusts, etc., are excluded from the scheme.
- Remittance Limits:Individuals can remit up to USD 250,000 per financial year (April–March).
- Permissible Transactions:Remittances can be made for any permissible current or capital account transactions or a combination of both.
- Currency and Frequency:Remittances can be made in any freely convertible foreign currency.
- There is no restriction on the frequency or number of transactions during a financial year.
- However, the total amount of foreign exchange remitted through all sources in India under LRS during the current FY should be within the LRS limit as specified by the RBI.
- Taxation : Under the LRS scheme, you are liable to pay a 20% TCS(Tax Collected at Source) for remittances exceeding the limit of 7,00,000, except for education and medical reasons.
Mutual Funds Garner Record Rs 14,370 Crore Through Equity New Fund Offers in June
- In June,2024 India’s mutual fund industry achieved a record inflow of Rs 14,370 crore through 11 new fund offers (NFOs), marking the highest ever inflow in new fund offerings.
- This surpassed the previous high recorded in July 2021, where 4 NFOs accumulated Rs 13,709 crore, with ICICI Prudential MF’s flexicap NFO alone mobilising Rs 9,808 crore.
Key Highlights :
- 2024 vs. 2023 NFO Launches: In the first half of 2024, 30 active equity schemes were launched compared to 51 in the entire year of 2023.
- NFO collections by active equity schemes in 2024 reached Rs 37,885 crore by June, surpassing the Rs 36,657 crore collected in 2023.
- NFO Collections in 2022: In 2022, 27 equity NFO launches accumulated Rs 29,586 crore.
- Market Conditions: The increase in NFO launches and collections is attributed to favorable market conditions, with equity fund launches thriving during bullish phases.
- June Launches: June marked the first month in at least five years where more than 10 active equity fund launches completed their NFO period.
- New Product Introductions: Since the beginning of June 2024, mutual funds have launched 29 new products in equity categories, nearly half of the total launches from the previous five months of 2024.
- Ongoing NFOs: Currently, 7 more active and passive equity NFOs are open for subscription, including ICICI Prudential MF’s Energy Opportunities Fund, Franklin Templeton MF’s Multicap NFO, and Edelweiss MF’s Business Cycle Fund.
- Equity Scheme Inflows: Equity mutual fund schemes saw their highest inflows in May 2024 with Rs 34,697 crore, including Rs 9,563 crore from NFOs.
- This increased to a new high of Rs 40,608 crore in June, driven by the record NFO collection.
National Bank for Agriculture and Rural Development Subsidiary Launches ₹750 Crore Agri Fund to Support Startups and Rural Enterprises
- National Bank for Agriculture and Rural Development (NABARD) informed its arm that it has launched a Rs 750-crore agri fund for startups and rural enterprises.
- The fund called ‘Agri-SURE’ is announced by NABVENTURES, a subsidiary of NABARD, with an initial corpus of Rs 750 crore with Rs 250 crore each from NABARD and the Ministry of Agriculture, and Rs 250 crore from other institutions.
- Aim of the fund : To promote investment in innovative, technology-driven, high-risk, and high-impact activities in agriculture and allied areas.
Key Highlights :
- Fund Management : Managed by NABVENTURES, a wholly-owned subsidiary of NABARD, the fund is structured to support approximately 85 agri startups with investment sizes of up to Rs 25 crore each by the end of its term.
- The fund will provide support through investments in sector-specific, sector-agnostic, and debt Alternative Investment Funds (AIFs), as well as direct equity support to startups.
Focus Areas of Agri-SURE:
- Promoting innovative, technology-driven initiatives in agriculture.
- Enhancing the farm produce value chain.
- Creating new rural ecosystem linkages and infrastructure.
- Generating employment.
- Supporting Farmers Producer Organizations (FPOs).
- NABARD Foundation Day 2024 : NABARD Foundation Day 2024 marked the 43rd Foundation Day of NABARD, on 12th July celebrating commitment and excellence in facilitating rural development and agricultural growth in India.
About NABARD :
- Headquarters: Mumbai, Maharashtra, India.
- Chairman: Shri Shaji K V.
- Establishment:
- Recommendation: B. Sivaraman Committee.
- Act: Act 61, 1981 of Parliament.
- Date: 12 July 1982.
- Purpose: Implement the National Bank for Agriculture and Rural Development Act 1981.
- Role: Apex regulatory body for regional rural banks and apex cooperative banks in India.
- Jurisdiction: Ministry of Finance (MoF), Government of India (GoI).
Asian Development Bank Approves $100 Million Loan to Boost Financial Sustainability Reforms in Sri Lanka’s Power Sector
- The Asian Development Bank (ADB) approved a $100 million policy-based loan to support and facilitate reforms aimed at enhancing the financial sustainability of the power sector in Sri Lanka.
- The loan is part of the “Power Sector Reforms and Financial Sustainability Program.”
Objectives:
- Support Reforms: To complement the International Monetary Fund’s Extended Fund Facility arrangement and bolster operational efficiency and competitiveness of the power sector.
- Create Investment Environment: Enhance the environment for private investments and boost renewable energy development.
- Modernize Infrastructure: Modernize power grids and improve operational sustainability.
Key Highlights :
- Objective and Focus:Support reforms in Sri Lanka’s power sector under the Electricity Act.
- Improve operational sustainability and accelerate the transition to clean energy.
- Align with Sri Lanka’s nationally determined contributions (NDCs) for climate goals.
- Renewable Energy Development:Support renewable energy expansion plans for 2023–2030.
- Key initiatives:
- Periodic revision of feed-in tariffs for small power plants and rooftop solar users.
- Facilitate integration of renewable energy projects into the national grid.
- Implement a competitive procurement framework for renewable energy projects.
- Women’s Participation:Promote equitable participation of women in the power sector.
- Develop policies to support female customers, female entrepreneurs, and disadvantaged community groups.
- Technical Assistance:ADB to provide an additional $1 million technical assistance grant from its Technical Assistance Special Fund.
- Support for program implementation, capacity building of electricity companies, development of business plans, and overall power system development.
Recent News :
- In June 2024, The ADB approved a USD 170 million (over Rs 1,418 crore) policy-based loan to improve India’s health system preparedness and capacity to respond to future pandemics.
- In March 2024, The ADB approved a $100 million loan to provide small and medium-sized enterprises (SMEs) in Sri Lanka more access to finance and build their resilience to external shocks, such as the economic crisis and climate change.
About ADB :
- Formation: 19 December 1966
- Headquarters: Manila, Philippines
- Membership: 68 Countries
- President: Masatsugu Asakawa (from 17 January 2020)
Jio Financial Services Receives Reserve Bank of India Approval to Operate as a Core Investment Company
- Jio Financial Services received approval from the Reserve Bank of India (RBI) to become a Core Investment Company (CIC) from a Non-Banking Financial Company (NBFC).
- Jio Financial Services applied to the RBI for conversion on November 21, 2023.
What is a core investment company (CIC)?
- Definition : A Core Investment Company (CIC) is a specialised NBFC with an asset size greater than ₹100 crore.
- RBI Circular: Based on the RBI circular from December 20, 2016, the primary function of a CIC is the acquisition of shares and securities.
- Asset Requirement: A CIC must hold at least 90% of its net assets in the form of investments in equity shares, preference shares, bonds, debentures, debt, or loans in group companies.
- Regulation: All CICs with an asset size above ₹100 crore are regulated by RBI laws.
What changes for Jio Financial Services?
- Operational Flexibility: Jio Financial Services will now have more flexibility in its day-to-day operations.
- Focus Shift: The company can now emphasize core investments rather than other finance activities.
- Diversification: Jio Financial can diversify its investment portfolio to adapt to changing market conditions.
About Jio Financial Services Limited :
- Founded : 22 July 1999
- Headquarters : Mumbai, Maharashtra, India
- MD & CEO : Hitesh Kumar Sethia
- It is an Indian financial services company that was originally a subsidiary of Reliance Industries (RIL).
Micro-finance Industry Network for limiting indebtedness up to Rs 2 lakh per borrower
- Micro-finance Industry Network (MFIN), announced that Micro-credit indebtedness per borrower should be limited to Rs 2 lakh, while the number of lenders to a debtor should also be restricted to a maximum of four.
Key Highlights :
- Impact on Borrowers: Nearly 80% of micro-loans have durations of 18 months or more.
- A Rs 2 lakh limit would reduce the repayment burden on borrowers.
- Responsibility of Lenders: MFIN emphasizes that managing indebtedness is the responsibility of microfinance lenders, aiming to promote responsible lending practices and ensure sustainable sector growth.
- Sector Overview: The microfinance sector targets borrowers with annual incomes below Rs 3 lakh and is supported by favourable regulations.
- As of now, it has a gross loan portfolio of Rs 4.33 lakh crore, serving nearly 7.8 crore borrowers.
About MFIN :
- Founded : 2009
- Location : Gurgaon, Haryana, India
- Chairman : Manoj Kumar Nambiar
- CEO : Alok Misra
India Generates 12.5 Crore Jobs in FY14-23, Compared to 2.9 Crore in FY 04-14: State Bank of India Report
- According to the State Bank of India (SBI) study based on Reserve Bank of India (RBI) data, India has created 5 crore jobs during FY14-23, compared to only 2.9 crore during FY04-14.
Key Highlights :
- Employment in MSMEs : Total employment reported by Micro, Small, and Medium Enterprises (MSMEs) registered with the MSME Ministry has surpassed the 20-crore mark.
- Data from the Udyam registration portal as of July 4 indicates 4.68 crore Udyam-registered MSMEs reported 20.19 crore jobs.
- Informal Sector Jobs:Of the reported jobs, 2.32 crore are from GST-exempted informal micro enterprises.
- This reflects a 66% increase from 12.1 crore jobs reported in July, 2023.
- Jobs in Manufacturing and Services:From FY14-FY23, 8.9 crore jobs were created in the Manufacturing and Services sectors.
- City-Level Hiring Increase:Bengaluru recorded the highest increase in hiring at 24%.
- Coimbatore followed with a 23% increase, and Jaipur saw a 21% increase.
- Labour Force Data:The KLEMS data shows the total labour force in India is 597 million.
- This figure is nearly equivalent to 568 million as per the ASUSE survey for 2022-23.
Recent News :
- In July 2024, According to SBI’s economic research department (ERD), the government needs to address the fault lines in the IBC (Insolvency and Bankruptcy Code, 2016) set-up to reduce the time taken for the corporate insolvency resolution process.
About SBI :
- Established : 1 July 1955
- Headquarters : Mumbai, Maharashtra, India
- Chairman : Dinesh Kumar Khara
ixigo and AU Small Finance Bank Unveil Travel Credit Card for RuPay Users
- ixigo, India’s leading OTA for the next billion users and AU Small Finance Bank, the largest Small Finance Bank of India, announced the launch of the RuPay variant for its premium co-branded ixigo-AU Small Finance Bank travel credit card, enabling UPI-based payments and rewards.
Key Features :
- Reward Points:
- 10 reward points for online UPI transactions.
- 5 reward points for offline UPI transactions.
- Additional Benefits:
- Concierge Services: Access to premium 24/7 concierge services.
- Insurance Cover: Comprehensive insurance cover of up to INR 2 Lakhs, including Personal Accident Insurance and Permanent Disability Cover.
- Travel-Specific Benefits:
- Discounts: 10% discount on flights, buses, and hotels.
- Zero PG Charges: Zero payment gateway charges on train bookings via the ixigo app.
- Additional Benefits for RuPay Cardholders:
- 1000 reward points and Rs. 1000 ixigo money reward on completing the first transaction within 30 days.
- Fuel surcharge waiver of 1%.
- 10% reward points on train transactions.
- Zero forex markup fee on international spends.
- Complimentary access to 8 railway lounges and 8 airport lounges, plus 1 international lounge access per year.
About ixigo :
- Founded : June 2007
- Headquarters : Gurugram, Haryana, India
- Chairman, MD & Group CEO : Aloke Bajpai
- Director & Group Co-CEO : Rajnish Kumar
About AU Small Finance Bank Limited :
- Founded : 1996
- Headquarters : Jaipur, Rajasthan, India
- MD & CEO : Sanjay Agarwal
Gold Comprises 69% of Reserve Bank of India’s Reserves Increase in April-June Quarter, Boosted by Purchases and Valuation Gains
- Gold accounted for 69% of the Reserve Bank of India’s (RBI) reserves increase during the April-June quarter.
- The increase was due to both gold purchases and valuation gains from a rise in gold prices.
Key Highlights :
- Total Reserves Increase:RBI added $5.6 billion to its stock of reserves in the June quarter.
- Gold value in reserves rose by $3.8 billion.
- Foreign currency assets increased by $1.9 billion during the same period.
- Current Reserves Status:As of June 28,2024 India’s foreign currency reserves stand at $652 billion.
- Gold Purchases:As per the latest available data with the RBI the RBI bought around 9 tonnes of gold between end March and end May.
- Global Position:RBI is one of the top three central banks to accumulate gold in the first quarter of the calendar year.
- Turkey and China’s central bank purchased more gold than India according to World Gold Council data.
- Gold Accumulation Strategy:RBI has been actively accumulating gold as part of its reserves management strategy since December 2017.
- The central bank has become more aggressive in gold accumulation post-COVID.
About RBI :
- Established : 1 April 1935
- Headquarters : Mumbai, Maharashtra, India
- Governor : Shaktikanta Das
Kotak Mahindra Mutual Fund Introduces Kotak BSE PSU Index Fund
- Kotak Mahindra Mutual Fund has launched the Kotak BSE PSU Index Fund, an open-ended scheme that replicates or tracks the BSE PSU Index.
- The BSE PSU Index comprises 56 public sector undertaking (PSU) stocks from various sectors.
- This fund offers investors a chance to be part of that journey through a comparatively cost-effective and systematically managed investment vehicle.
Key Highlights :
- Investment Allocation:Equity Allocation: 95-100% of the fund is allocated to equity and equity-related securities covered by the index.
- Debt and Money Market: The remaining portion is invested in debt and money market instruments.
- Benchmark: The fund is benchmarked against the BSE PSU Index (Total Return Index).
- Investment Objective: The fund aims for long-term capital appreciation.
- Fund Managers: The fund is managed by Abhishek Bisen and Mr. Devender Singhal, who have significant experience in fund management and equity research.
CURRENT AFFAIRS: NATIONAL NEWS
Central Government Declares June 25 as “Samvidhaan Hatya Divas” to Commemorate Emergency Victims
- The central government has declared June 25 as “Samvidhaan Hatya Divas” (Constitution Murder Day) to remember the “inhuman pain” suffered by those jailed during the Emergency imposed on June 25, 1975.
- The day aims to honor the sacrifices of individuals who endured severe hardships during this period.
- Historical Context:
- On June 25, 1975, then Prime Minister Indira Gandhi declared a state of Emergency, which lasted until March 21, 1977.
- The government describes this as a period when the democratic framework of India was severely undermined, and many were unjustly imprisoned, and media freedom was suppressed.
- Government’s Stance:
- The central government stated that Indira Gandhi’s decision to impose the Emergency demonstrated a dictatorial mindset.
- They assert that lakhs of people were jailed without cause, and the media was effectively silenced during this period.
- Observance of the Day:
- “Samvidhaan Hatya Divas” will be observed annually on June 25 to serve as a reminder of the perils of undermining the Constitution.
- The observance will pay homage to those who suffered during the Emergency, highlighting the importance of upholding democratic principles.
India to Host Inaugural World Audio Visual and Entertainment Summit (WAVES)
- India will host the first World Audio Visual and Entertainment Summit alongside the International Film Festival of India in Goa, scheduled from November 20-24.
- Information and Broadcasting Minister Ashwini Vaishnaw emphasized strengthening intellectual property (IP) rights protection in the media and entertainment sector.
Highlights:
- Summit Details:
- Venue: Goa, coinciding with the International Film Festival of India.
- Objective: Positioning India in the global media and entertainment landscape under Prime Minister Narendra Modi’s vision.
- IP Rights Emphasis:
- Value: IP rights hold significant importance in the media sector.
- Commitment: Government to enhance the ecosystem for protecting IP rights.
- Sector Support:
- Financial Initiatives: Exploring avenues for providing low-cost funds to the media and entertainment sector, drawing from venture capital models.
- Technological Advancements: Acknowledgment of technology’s transformative impact on the M&E industry, fostering both opportunities and challenges.
- Public Policy Role:
- Adaptation: Ensuring public policy enables optimal harnessing of technological advancements.
- Ecosystem Support: Commitment to supporting the entire M&E ecosystem through ongoing structural changes.
Vision for WAVES
- The inaugural WAVES summit aims to bolster India’s presence in global M&E sectors, fostering innovation, and ensuring robust IP protection.
- With a strategic focus on technology integration and sectoral growth, the event underscores India’s commitment to shaping the future of media and entertainment globally.
The government may hand over MTNL operations to BSNL and not merge them
- The Indian government is evaluating whether to transfer the operations of the public sector telecom operator MTNL to the larger BSNL instead of pursuing a full merger.
- Both MTNL and BSNL have faced significant financial challenges and have received bailouts, including one about two years ago.
Highlights:
- Financial Performance of MTNL:
- Increased Loss: ₹3,303 crore for FY 2023-24, up from ₹2,911 crore in the previous year.
- Revenue Decline: Revenue fell 15% to ₹728 crore from ₹862 crore.
- Debt Increase: Debt rose to ₹25,795 crore from ₹23,500 crore over the past year.
- Interest Payment Issues: Announced inability to make interest payments to bondholders due to insufficient funds.
- Rationale for Handing Over Operations:
- Merger Challenges: A merger would require de-listing MTNL, necessitating the government to buy back MTNL shares.
- Alternative Approach: Handing over operations avoids the complexities and costs associated with a merger.
- MTNL vs. BSNL:
- MTNL Services: Limited to Delhi and Mumbai.
- BSNL Services: Offers pan-India services, excluding Delhi and Mumbai.
- Customer Base Trends:
- MTNL: Subscriber base decreased from 4.66 million in Jan-Mar 2023 to 4.1 million in 2024.
- Private Operators: Growth in subscriber base for Reliance Jio and Bharti Airtel.
Prime Minister Narendra Modi: A Global Icon of Leadership and Recognition
- Prime Minister Narendra Modi has been awarded the Order of St Andrew the Apostle by Russia, marking the 15th prestigious international accolade of his career.
- PM Modi has been recognized globally throughout his ten years as Prime Minister, receiving numerous high-level awards from various countries.
Latest International Honour
- Award: Order of St Andrew the Apostle
- Country: Russia
- Significance: The Order of St Andrew the Apostle is Russia’s highest civilian honour. PM Modi received this award during a two-day visit to Russia.
List of Prestigious Awards Conferred Upon PM Modi
| Date | Country | Award/Honour | Description |
| July 2024 | Russia | Order of St Andrew the Apostle | Highest civilian honour of Russia |
| March 2024 | Bhutan | Order of the Druk Gyalpo | Bhutan’s highest civilian award, first non-citizen recipient |
| July 2023 | France | Grand Cross of the Legion of Honour | Highest French honour in military/civilian orders |
| June 2023 | Egypt | Order of the Nile | Highest state honour of Egypt |
| May 2023 | Papua New Guinea | Grand Companion of the Order of Logohu | Highest honour of Papua New Guinea |
| May 2023 | Fiji | Companion of the Order of Fiji | Highest honour of Fiji |
| 2023 | Palau | Ebakl Award | Awarded by President Surangel S. Whipps, Jr. |
| December 2021 | Bhutan | Order of the Druk Gyalpo | Bhutan’s highest civilian decoration |
| 2020 | United States | Legion of Merit | Award of the United States Armed Forces |
| 2019 | Bahrain | King Hamad Order of the Renaissance | Prestigious national honour of Bahrain |
| 2019 | Maldives | Order of the Distinguished Rule of Nishan Izzuddin | Highest honour of the Maldives |
| 2019 | Russia | Order of St. Andrew Award | Russia’s highest civilian honour |
| 2019 | United Arab Emirates | Order of Zayed Award | Highest civilian honour of the UAE |
| 2018 | Palestine | Grand Collar of the State of Palestine Award | Highest civilian honour of Palestine |
| 2016 | Afghanistan | State Order of Ghazi Amir Amanullah Khan | Highest civilian honour of Afghanistan |
| 2016 | Saudi Arabia | King Abdulaziz Sash | Highest civilian honour of Saudi Arabia |
Other Notable Awards
| Year | Award | Organization |
| 2021 | Global Energy and Environment Leadership Award | Cambridge Energy Research Associates (CERA) |
| 2019 | Global Goalkeeper Award | Bill and Melinda Gates Foundation (for Swachh Bharat Abhiyan) |
| 2019 | Philip Kotler Presidential Award | Philip Kotler Presidential Award |
| 2019 | United Nations Champions of The Earth Award | United Nations |
| 2018 | Seoul Peace Prize | Seoul Peace Prize Foundation |
CURRENT AFFAIRS : STATE NEWS
Chief Minister Yogi Adityanath inaugurates Uttar Pradesh mango festival
- Uttar Pradesh (UP) Chief Minister (CM) Yogi Adityanath announced in Lucknow that the State would be exporting 40 tonnes of mangoes to Japan and Malaysia.
- For the first time in its 160-year history, Lucknow’s famous Dussehri is to be exported to the United States.
About Mango Festival 2024:
- The festival is held at Awadh Shilp Gram from July 12–14, 2024.
- Inaugurated by UP CM Yogi Adityanath.
- Features include:
- A mango exhibition with 120 varieties of special mangoes.
- A mango-eating competition.
- A training seminar for mango farmers.
- Participants include mango farmers from U.P., Uttarakhand, Madhya Pradesh, Rajasthan, and Chhattisgarh.
Key Details :
- Price Comparison:In India, Dussehri mangoes are priced between ₹60 and ₹100 per kilogram.
- In the U.S The price of Dussehri mangoes has risen to ₹900 per kilogram.
- The cost of sending one kilogram of mangoes to the U.S., including duties and transportation, could be ₹250-300.
- Mango Production in UP :P. produces 58 lakh metric tonnes of mangoes on 3,15,000 hectares, accounting for approximately 30% of India’s mango production.
- Infrastructure Development:The UP government has set up 4 pack houses in Saharanpur, Amroha, Lucknow, and Varanasi in collaboration with the Government of India to support mango farmers.
About UP :
- Governor : Anandiben Patel
- Chief Minister : Yogi Adityanath
- Capital : Lucknow
- National Park : Dudhwa National Park
- Wildlife Sanctuary : Bakhira Wildlife Sanctuary, Chandraprabha Wildlife Sanctuary, National Chambal Wildlife Sanctuary
CURRENT AFFAIRS: BUSINESS NEWS
Adani Ports to Invest $1.2 Billion in Vizhinjam Port to Attract World’s Largest Ships
- Adani Ports and Special Economic Zone Ltd. (APSEZ) plans to invest 100 billion rupees ($1.2 billion) to enhance the Vizhinjam port in Kerala.
- This investment marks the second phase of the project, expected to be completed by 2028.
- Strategic Importance:
- Vizhinjam port, located near the southernmost tip of India, is strategically positioned close to international shipping routes and boasts the deepest shipping channels in the region.
- The port aims to attract the world’s largest container ships, currently bypassing India for deeper harbors in Colombo, Dubai, and Singapore.
- Major Shipping Lines:
- Adani Ports is courting major container lines like MSC Mediterranean Shipping Co., A.P. Moller – Maersk A/S, and Hapag-Lloyd to utilize the Vizhinjam port.
- The port is set to receive its first container vessel from Maersk on July 12 for a trial run on its 800-meter container berth.
- Port Inauguration:
- Vizhinjam port was inaugurated in October as part of billionaire Gautam Adani’s vision to place India on the global maritime map.
- The port’s development is an effort to capture a larger share of the international maritime trade, which is currently dominated by China.
- Expansion and Future Plans:
- Adani Ports plans to invest up to 60 billion rupees annually to expand the port’s capacity.
- Chief Executive Director Karan Adani emphasized the group’s commitment to growing the port’s infrastructure to accommodate the increasing demand and vessel size.
ICAI to Establish Section 8 Company for Mediation and Arbitration
- The Institute of Chartered Accountants of India (ICAI) is set to establish a Section 8 company focused on mediation and arbitration activities.
- Section 8 companies are formed for not-for-profit objectives and must apply profits or other income to promote their objectives.
- Context and Purpose:
- This initiative aligns with directives from the Law Ministry, aiming to provide structured support for mediation and arbitration.
- The announcement was made by ICAI President Ranjeet Kumar Agarwal during the inaugural session of ‘RESOLVE-2024: An International Convention on Insolvency Resolution & Valuation’ in New Delhi.
- Role in Valuation Standards:
- The Insolvency and Bankruptcy Board of India (IBBI) has requested ICAI to assist in developing valuation standards for ‘Land & Building’ and ‘Plant & Machinery.’
- These standards are being developed by the Insolvency & Valuation Standards Board of ICAI, along with ICAI Registered Valuers Organisation (RVO), and have been submitted to the IBBI for feedback.
- Existing Section 8 Companies by ICAI:
- ICAI has previously established five Section 8 companies, namely:
- ICAI Accounting Research Foundation (ARF)
- XBRL India (Extensible Business Reporting Language)
- IIIPI (Indian Institute of Insolvency Professionals of ICAI)
- ICAI RVO (Registered Valuers Organisation)
- ISAI (ICAI Social Audit Initiative)
- ICAI has previously established five Section 8 companies, namely:
CPI Inflation in June Rises To 4-Month High of 5.08%, IIP Growth Jumps To 5.9%
- Retail Inflation: India’s Consumer Price Index (CPI) inflation in June 2024 stood at 5.08%, the highest in four months.
- IIP Growth: India’s Index of Industrial Production (IIP) growth rose to 5.9% in May 2024 from 5% in April 2024.
Inflation Details:
- Comparative Inflation Rates:
- May 2024: 4.75%
- February 2024: Last high at 5.09%
- June 2023: 4.87%
- Food Basket Inflation:
- June 2024: 9.36%
- May 2024: 8.69%
- June 2023: 4.55%
Expert Commentary:
- Upasna Bhardwaj, Chief Economist at Kotak Mahindra Bank:
- CPI Inflation: Slightly higher than expected.
- Food Inflation Risks: Expected to dominate in the near term.
- Future Outlook: Better sowing patterns and spatial distribution of rains may ease price pressures beyond the volatile months.
Godrej Consumer Products Introduces Patented Mosquito Repellent Molecule
- Godrej Consumer Products (GCPL) has developed ‘Renofluthrin’, a patented mosquito repellent molecule.
- Product Integration: Renofluthrin will be integrated into GCPL’s household insecticide products.
Highlights:
- Innovation and Effectiveness:
- Significant Leap in Mosquito Control: Renofluthrin promises to double the effectiveness of existing liquid vaporiser solutions.
- Statement from Leadership: Sudhir Sitapati, Managing Director (MD) and Chief Executive Officer (CEO), emphasized the breakthrough innovation in mosquito control.
- Research and Development:
- Collaborative Effort: Developed in collaboration with GCPL’s partner, Shogun.
- Duration of Development: A decade of research and investment went into creating Renofluthrin.
- Development Costs: The company has not disclosed the amount spent on developing the molecule.
- Exclusive Rights:
- Usage Rights: GCPL holds exclusive rights to use Renofluthrin in its products for six to eight years.
India can become the world’s second-largest economy by 2031: RBI Deputy Governor
- Michael Debabrata Patra, Deputy Governor of the Reserve Bank of India, asserts that India can become the second-largest economy by 2031 and the largest by 2060.
- OECD Projection: The Organisation for Economic Cooperation and Development (OECD) predicts India will overtake the US by 2048 in purchasing power parity (PPP) terms to become the second-largest economy.
key highlights:
- Potential Economic Milestones:
- 2031: India could become the second-largest economy.
- 2060: India could become the largest economy globally.
- 2027: India’s $5 trillion GDP milestone translates to $16 trillion in PPP terms.
- Current Economic Standing:
- Exchange Rate: India is the 5th largest economy with a GDP of $3.6 trillion.
- PPP Terms: India is the 3rd largest economy with a GDP of $14.5 trillion, behind China ($34.6 trillion) and the US ($27.4 trillion).
- Importance of PPP:
- Explanation by Patra: Purchasing power parity (PPP) is a more accurate measure for cross-country comparisons as it considers the price of an average basket of goods and services in each country, avoiding exchange rate volatility.
- Current Position: In PPP terms, India is already the third-largest economy globally.
Forex reserves jump $5.16 billion to $657.16 billion
- India’s foreign exchange reserves rose by $5.158 billion to reach $657.155 billion for the week ending July 5, 2024.
- Previous Decline: The reserves had decreased by $1.713 billion in the two weeks prior, falling to $651.997 billion for the week ending June 28, 2024.
Highlights:
- Current Reserve Status:
- Total Forex Reserves: $657.155 billion (week ending July 5, 2024).
- Previous High: $655.817 billion (all-time high on June 7, 2024).
- Components of Forex Reserves:
- Foreign Currency Assets:
- Increase: Up by $4.228 billion to $577.11 billion.
- Details: These assets include the effects of appreciation or depreciation of non-U.S. currencies like the euro, pound, and yen.
- Gold Reserves:
- Increase: Up by $904 million to $57.432 billion.
- Special Drawing Rights (SDRs):
- Increase: Up by $21 million to $18.036 billion.
- Reserve Position with the IMF:
- Increase: Up by $4 million to $4.578 billion.
- Foreign Currency Assets:
CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS
Government Appoints Robert J Ravi as Chairman and Managing Director of Bharat Sanchar Nigam Limited
- The government has appointed Robert Jerard Ravi as the new Bharat Sanchar Nigam Limited (BSNL) chairman and managing director (CMD) for a period of 6 months.
- This will be Ravi’s second stint at BSNL.
- Earlier, he had served as an additional general manager at the state-run firm for about 6 years.
- Ravi will replace PK Purwar, whose tenure is expiring on July 14. Purwar assumed charge as BSNL CMD in July 2019.
- Ravi is currently appointed as deputy director general, standards, research and innovation at the department of telecommunications (DoT).
Key Tasks of Robert Jerard Ravi :
- Expedite 4G services rollout and prepare for 5G launch.
- Improve BSNL’s financial position.
- Restrict subscriber churn and improve market share.
- Implement Phase-3 of BharatNet and manage MTNL operations.
- Current Market Position : Currently, BSNL has a 7.5% mobile subscribers market share, with 86.8 million subscribers, according to data by the Telecom Regulatory Authority of India (Trai).
- Government Support:Government has allocated over Rs 3.2 trillion for BSNL’s revival through packages in 2019, 2022, and 2023.
About BSNL :
- Founded : 15 September 2000
- Headquarters : New Delhi, Delhi, India
- BSNL is an Indian central public sector undertaking under the ownership of the Department of Telecommunications, which is part of the Ministry of Communications, Government of India.
CURRENT AFFAIRS: AWARDS AND HONOURS
Odisha CM Honors Sudarshan Pattnaik for the Golden Sand Master Award
- Odisha Chief Minister Mohan Charan Majhi honoured sand artist Sudarshan Pattnaik for winning the Golden Sand Master Award at the International Sand Sculpture Championship in Russia.
- Pattnaik’s award-winning sand sculpture depicted Mahaprabhu Jagannath and the devotee Balaram Das.
Highlights:
- Award Achievement:
- Golden Sand Master Award: Sudarshan Pattnaik received the prestigious Golden Sand Master Award and a gold medal at the International Sand Sculpture Championship.
- Event Location: St. Petersburg, Russia.
- Event Dates: July 4-12, 2024.
- Pattnaik’s Sculpture: A 12-foot sand sculpture featuring Mahaprabhu Jagannath and Balaram Das, a prominent 14th-century poet.
- Competition Details: The event featured 21 master sand sculptors from around the world, with Pattnaik being the sole Indian participant.
- Honoring Ceremony:
- Venue: Bhubaneswar residence of Odisha Chief Minister Mohan Charan Majhi.
- Recognition: CM Majhi expressed national pride and acknowledged Pattnaik’s remarkable achievement in the global sand sculpture arena.
- Significance of the Award:
- National Pride: Pattnaik’s victory brings national recognition and pride for Indian artistry on an international stage.
- Historical Context:
- Mahaprabhu Jagannath: A revered deity in Odisha with a rich cultural and spiritual significance.
- Balaram Das: Celebrated as a significant poet and devotee of Jagannath in 14th-century Odisha.
CURRENT AFFAIRS: RANKING AND INDEX
Kerala Tops NITI Aayog’s SDG India Index 2023-24, Sharing Spot with Uttarakhand
- Kerala and Uttarakhand secured the top spot in the SDG India Index 2023-24 with a composite score of 79 points.
- Kerala excelled in ‘zero hunger’ and quality education, ranked second in climate action, and third in gender equality and ‘industry, innovation, and infrastructure.’
- Both states are recognised as ‘achievers’ in affordable and clean energy.
- Overall National Progress:
- India’s overall Sustainable Development Goal (SDG) score increased to 71 in 2023-24 from 66 in 2020-21.
- Significant improvements were seen in eliminating poverty, providing decent work and economic growth, climate action, and life on land.
- Top and Bottom States:
- Following Kerala and Uttarakhand, Tamil Nadu (78) and Goa (77) were among the top-performing states.
- Bihar (57), Jharkhand (62), and Nagaland (63) were the lowest-performing states.
- Union Territories:
- Among the union territories, the top performers were Chandigarh, Jammu and Kashmir, Puducherry, Andaman & Nicobar Islands, and Delhi.
- Government Interventions:
- Significant improvements in the SDG index are attributed to various government schemes, such as:
- PM Awas Yojana (PMAY): Over 4 crore houses constructed.
- Swachh Bharat Mission: 11 crore toilets and 2.23 lakh community sanitary complexes built in rural areas.
- PM Ujjwala Yojana: 10 crore LPG connections provided.
- Jal Jeevan Mission: Tap water connections in over 14.9 crore households.
- Ayushman Bharat-Pradhan Mantri Jan Arogya Yojana: Benefited over 30 crore people.
- National Food Security Act (NFSA): Benefited 80 crore people.
- Direct Benefit Transfer: Rs 34 lakh crore through PM-Jan Dhan accounts.
- Significant improvements in the SDG index are attributed to various government schemes, such as:
- Rapid Improvement States:
- Uttar Pradesh showed the fastest improvement, increasing its score by 25 points, followed by Jammu and Kashmir, Uttarakhand, and Sikkim.
- SDG Progress and Measurement:
- The SDG India Index, first launched in 2018, tracks national and sub-national progress on 113 indicators across 17 goals and 169 targets set for 2030.
- Goal 13 (climate action) showed the most substantial improvement, with its score rising from 54 to 67.
- Goal 1 (no poverty) also saw significant progress, with its score increasing from 60 to 72.
- Increased State Participation:
- In 2023-24, 32 states/UTs scored between 65 and 99, up from 22 in the 2020-21 edition, indicating broader participation and progress in achieving SDGs.
- Role of SDG India Index:
- Developed in collaboration with the United Nations in India, the index serves as the primary tool for monitoring SDG progress and fostering competition among states and union territories.
- It also acts as an advocacy tool, promoting sustainability, resilience, and partnerships.
CURRENT AFFAIRS: IMPORTANT DAYS
World Youth Skills Day 2024: July 15
- On July 15th World Youth Skills Day 2024 is celebrated to mention the significance of developing skills among young people worldwide.
- World Youth Skills Day 2024, the theme “Youth Skills for Peace and Development”
- The United Nations General Assembly (UNGA) proclaimed this day in November 2014 to highlight the importance of investing in youth skills development.
- World Youth Skills Day was created by the United Nations General Assembly on November 11, 2014, through a resolution initiated by Sri Lanka, and supported by some other countries.
- The first World Youth Skills Day was celebrated on July 15, 2015.
- The day intends to “raise awareness on the importance of investing in youth skills development” with that in mind.
- The day is an opportunity to ensure that young people have the skills and knowledge needed to contribute meaningfully to society and the economy. World Youth Skills Day 2024 aims to encourage governments, employers, industries, training providers, and other stakeholders to address the global challenge of a lack of technical vocational education and training (TVET) for young people.
Daily CA One-Liner: July 14 & 15
- The central government has declared June 25 as “Samvidhaan Hatya Divas” (Constitution Murder Day) to remember the “inhuman pain” suffered by those jailed during the Emergency imposed on June 25, 1975.
- India will host the first World Audio Visual and Entertainment Summit alongside the International Film Festival of India in Goa, scheduled from November 20-24.
- The Indian government is evaluating whether to transfer the operations of the public sector telecom operator MTNL to the larger BSNL instead of pursuing a full merger.
- Prime Minister Narendra Modi has been awarded the Order of St Andrew the Apostle by Russia, marking the 15th prestigious international accolade of his career
- Adani Ports and Special Economic Zone Ltd. (APSEZ) plans to invest 100 billion rupees ($1.2 billion) to enhance the Vizhinjam port in Kerala.
- The Institute of Chartered Accountants of India (ICAI) is set to establish a Section 8 company focused on mediation and arbitration activities
- Retail Inflation: India’s Consumer Price Index (CPI) inflation in June 2024 stood at 5.08%, the highest in four months
- Godrej Consumer Products (GCPL) has developed ‘Renofluthrin’, a patented mosquito repellent molecule.
- Michael Debabrata Patra, Deputy Governor of the Reserve Bank of India, asserts that India can become the second-largest economy by 2031 and the largest by 2060
- India’s foreign exchange reserves rose by $5.158 billion to reach $657.155 billion for the week ending July 5, 2024.
- Odisha Chief Minister Mohan Charan Majhi honoured sand artist Sudarshan Pattnaik for winning the Golden Sand Master Award at the International Sand Sculpture Championship in Russia.
- Kerala and Uttarakhand secured the top spot in the SDG India Index 2023-24 with a composite score of 79 points.
- The Reserve Bank of India (RBI) in a notification allowed resident individuals to open Foreign Currency Account (FCA) in International Financial Services Centres (IFSCs) at GIFT City in Gujarat under the Liberalised Remittance Scheme (LRS).
- In June,2024 India’s mutual fund industry achieved a record inflow of Rs 14,370 crore through 11 new fund offers (NFOs), marking the highest ever inflow in new fund offerings.
- National Bank for Agriculture and Rural Development (NABARD) informed its arm that it has launched a Rs 750-crore agri fund for startups and rural enterprises.
- The Asian Development Bank (ADB) approved a $100 million policy-based loan to support and facilitate reforms aimed at enhancing the financial sustainability of the power sector in Sri Lanka.
- Jio Financial Services received approval from the Reserve Bank of India (RBI) to become a Core Investment Company (CIC) from a Non-Banking Financial Company (NBFC).
- Micro-finance Industry Network (MFIN), announced that Micro-credit indebtedness per borrower should be limited to Rs 2 lakh, while the number of lenders to a debtor should also be restricted to a maximum of four.
- According to the State Bank of India (SBI) study based on Reserve Bank of India (RBI) data, India has created 5 crore jobs during FY14-23, compared to only 2.9 crore during FY04-14.
- ixigo, India’s leading OTA for the next billion users and AU Small Finance Bank, the largest Small Finance Bank of India, announced the launch of the RuPay variant for its premium co-branded ixigo-AU Small Finance Bank travel credit card, enabling UPI-based payments and rewards.
- Gold accounted for 69% of the Reserve Bank of India’s (RBI) reserves increase during the April-June quarter.
- Kotak Mahindra Mutual Fund has launched the Kotak BSE PSU Index Fund, an open-ended scheme that replicates or tracks the BSE PSU Index.
- Uttar Pradesh (UP) Chief Minister (CM) Yogi Adityanath announced in Lucknow that the State would be exporting 40 tonnes of mangoes to Japan and Malaysia.
- The government has appointed Robert Jerard Ravi as the new Bharat Sanchar Nigam Limited (BSNL) chairman and managing director (CMD) for a period of 6 months.
- On July 15th World Youth Skills Day 2024 is celebrated to mention the significance of developing skills among young people worldwide.
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