Daily Current Affairs July 17 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Only 6% of ₹3.68 Lakh Crore Loans under the Emergency Credit Line Guarantee Scheme are Classified as Bad Debts   

• As per the government’s report, the Non-performing assets (NPA)have been around 6% under the Emergency Credit Line Guarantee Scheme (ECLGS).
• This means the cost to provide a full guarantee under the scheme will be much less than anticipated.

Key Highlights :

• Loan Amount: The total liquidity support provided under ECLGS is over ₹3.68 lakh crore.
• Bad Debts: NPAs reported under ECLGS amount to approximately ₹22,000 crore, which is 6% of the guaranteed loans.
• NPA Definition: The definition of NPA under ECLGS aligns with the Reserve Bank of India’s (RBI) definition.
• As per RBI, an NPA is a loan where interest and/or instalment of principal remain overdue for more than 90 days in respect of a term loan.
• Cost of Guarantee: The cost to provide a full guarantee under ECLGS will be much less than anticipated due to the lower percentage of NPAs.
• Comparison with System Data:According to the latest Financial Stability Report by RBI, the gross non-performing assets (GNPA) ratio for scheduled commercial banks fell to a multi-year low of 2.8% at the end of March 2024.
• The net non-performing assets (NNPA) ratio for scheduled commercial banks fell to 0.6% at the end of March 2024.
• For non-banking financial companies (NBFCs), the GNPA ratio was 4% at the end of March 2024.

About ECLGS :

• Launch and Purpose: ECLGS was launched in May 2020 to provide liquidity support to businesses adversely impacted by the Covid-19 pandemic lockdown.
• Coverage:The scheme covers loans sanctioned under the ‘Guaranteed Emergency Credit Line’ up to March 31, 2023, or until guarantees for an amount of ₹5-lakh crore are issued, whichever is earlier.
• It provides 100% guarantee coverage to banks and NBFCs on credit extended to business enterprises/MSMEs based on their loan outstanding as of February 29, 2020.
• Eligibility: Initially targeted at MSMEs, the scheme was later expanded to include borrowers from 26 stressed sectors identified by the Kamath Committee, as well as the healthcare and hospitality sectors.
• Support Provided:Total liquidity support of ₹3.68 lakh crore was extended to 1.19 crore businesses.
• MSMEs represent 95% of the number of guarantees and about 65% of the amount of guarantees issued.

Borrower Demographics:

• 88% of borrowers supported are micro borrowers.
• 78% are MUDRA borrowers.
• 68% are women borrowers.
• Approximately 6.25 crore employees benefited from the scheme.
• Impact on MSMEs:A report by SBI indicated that at least 14.6 lakh MSME accounts were saved due to ECLGS.
• MSME loan accounts worth ₹2.2 lakh crore have improved since the inception of ECLGS, saving around 12% of the outstanding MSME credit from slipping into NPAs.
• This intervention preserved the livelihoods of 6.6 crore individuals.

Reserve Bank of India Urges Lenders to Listen to Borrowers Before Declaring Account Fraud   

• The Reserve Bank of India (RBI) has developed new standards for lenders to follow before categorising loan accounts as fraudulent.
• Aim of the New Norms : To ensure compliance with natural justice principles, which require that both parties in a dispute be heard before making a decision.
• The guidelines follow a Supreme Court judgement dated March 27, 2023, which mandates that borrowers must be given a hearing before their accounts are classified as fraud.

Key Highlights :

• Detailed Show-Cause Notice (SCN) : The RBI has updated its master direction on “Fraud Risk Management”, in which it has been mandated that lenders have to issue a detailed show-cause notice (SCN) to persons, entities, and promoters/whole-time and executive directors against whom there are allegations of fraud.
• Response Time: Borrowers must be given at least 21 days to respond to the SCN.
• Scope of Applicability: The master direction applies to commercial banks; upper-, middle-, and base-layer non-banking financial companies; all India financial institutions; and cooperative banks.
• Fraud Risk Management Policy:Lenders must have a board-approved Fraud Risk Management Policy stating roles and responsibilities of the board, board committees, and senior management.
• Policy Review: The Fraud Risk Management Policy should be reviewed by the board at least once every three years.
• It should include measures to ensure natural justice in a time-bound manner.
• System for SCN and Responses:Regulated entities must have a system for issuing SCNs and examining responses.
• A reasoned order must be provided to the borrower detailing the decision regarding the classification of the account as fraud, including relevant facts, responses to the SCN, and reasons for the classification.
• Special Committee:A special committee of the board, known as the Special Committee for Monitoring and Follow-up of Fraud Cases (SCBMF), must be constituted.
• The SCBMF should consist of at least three board members, including a whole-time director and two independent/non-executive directors.
• The SCBMF will oversee the effectiveness of fraud risk management, review fraud cases, conduct root cause analysis, and suggest measures to strengthen internal controls and minimize fraud incidence.
• Senior Management Responsibility:Senior management is responsible for implementing the fraud risk management policy and periodically reviewing fraud incidents.
• Reviews of fraud incidents must be presented to the Board/Audit Committee of the Board (ACB) as appropriate.

About RBI :

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

Bank of Baroda and Bank of Maharashtra Introduce Deposit Schemes to Support Credit Demand    

• Bank of Baroda (BoB) and Bank of Maharashtra (BoM) have introduced special deposit schemes to address the increasing credit demand highlighted by Reserve Bank of India (RBI) Governor Shaktikanta Das.
• These schemes are aimed at bridging the gap between deposit and credit growth in the banking sector.

Bank of Baroda (BoB) Scheme:

• Scheme Name: “Bob Monsoon Dhamaka Deposit Scheme.“
• Tenor Buckets:
• 399 days at an interest rate of 7.25% per annum.
• 333 days at an interest rate of 7.15% per annum.
• Eligibility: Retail deposits below ₹3 crore.
• Additional Benefits:Senior citizens earn an extra 0.50% interest.
• Non-Callable Deposits receive an additional 0.15% interest.
• Deposit Growth: BoB’s deposits grew by 8.83% YoY to ₹13.06 trillion as of June 30, 2024, lower than the industry growth rate of 10.64% as of June 28, 2024.

Bank of Maharashtra (BoM) Scheme:

• Tenor Buckets:
• 200 days at 6.90% interest.
• 400 days at 7.10% interest.
• 666 days at 7.15% interest.
• 777 days at 7.25% interest.
• Eligibility: Deposits up to ₹10 crore.

SBI’s New Scheme:

• SBI is set to launch a 444-day monsoon special retail deposit scheme with an interest rate of 25%.

Deposit and Loan Growth:

• Deposit growth declined to 10.6% Y-o-Y as of the latest reporting fortnight.
• Loan growth was 13.9% till June 28, 2024.

About BoB :

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

About BoM :

• Established : 16 September 1935
• Headquarters : Pune, Maharashtra, India
• MD & CEO : Nidhu Saxena
• Tagline : One Family One Bank

Bank of Baroda Raises Marginal Cost of funds based Lending Rate by 5 Basis Points for Select Tenors    

• Bank of Baroda (BoB) increased its marginal cost of funds based lending rates (MCLR) by 5 basis points (bps) on select tenors.

Key Highlights :

Revised Rates :

• One-year MCLR increased to 8.9% from 8.85%.
• Overnight MCLR increased to 8.15% from 8.10%.
• Six-month MCLR increased to 8.7% from 8.65%.
• UCO Bank MCLR Increase: Another state-run lender, UCO Bank, increased its overnight MCLR by 5 bps from 8.10% to 8.15%.
• Timing of Increases:These MCLR increases come days before the Reserve Bank of India’s (RBI) next monetary policy meeting, scheduled from August 6 to 8, 2024.
• MCLR Calculation:Banks calculate MCLR based on the marginal cost of funds, including operating costs and borrowing costs from the RBI.
• MCLR is reviewed monthly by banks on a pre-announced date with board approval.
• EBLR Introduction:InOctober 2019, the RBI introduced the external benchmark-based lending rate (EBLR), linked to the repo rate.
• All retail loans and floating-rate loans to MSMEs are now linked to EBLR.
• Loan Distribution:As of March 2024, EBLR-linked loans constituted 57.5% of the total outstanding floating rate rupee loans of banks.
• MCLR linked loans constituted 38.3% of the total outstanding floating-rate rupee loans.

Recent News :

• In July 2024, the State Bank of India (SBI) increased its benchmark Marginal Cost of Funds Based Lending Rate (MCLR) by 5 to 10 basis points across most tenures.

CURRENT AFFAIRS: NATIONAL NEWS

Indian Council of Agricultural Research (ICAR) Launches New Initiatives

• The Indian Council of Agricultural Research (ICAR) is set to launch its new initiative, ‘One Scientist-One Product’.
• This program aims to enhance research in agriculture and animal husbandry by assigning a specific product to each scientist.
• Inauguration By Union Agriculture Minister Shivraj Singh Chouhan

The objective of the Programme:

• Focus: Improve research in agriculture and animal husbandry.
• Structure: Each scientist will focus on a single product to drive in-depth research and development.

Release of New Crop Varieties

In addition to the programme launch, ICAR will also announce the release of 323 new crop varieties across 56 crops.

• Date of Announcement: July 16, 2024
• Occasion: 96th Foundation Day of ICAR

Details of the New Varieties:

• Total Varieties: 323
• Crops: Includes cereals, oilseeds, forage crops, and sugarcane.
• Categories:
  • Climate-Resilient Varieties: 289
  • Bio-Fortified Varieties: 27

Key Highlights of the 96th Foundation Day of ICAR

• Event: Formal release of new crop varieties.
• Focus: Celebration of 96 years of ICAR’s contributions to Indian agriculture.

India to Host the Second Asia Pacific Ministerial Conference on Civil Aviation

• India will host the Second Asia Pacific Ministerial Conference on Civil Aviation on September 11-12, 2024, in New Delhi.
• The conference will bring together representatives from around 40 countries, including China and Pakistan, to discuss and shape the future of civil aviation in the Asia Pacific region.
• Event Dates: September 11-12, 2024
  Location: National Capital, India

Key Details:

• Participants: Representatives from 40 countries.
• Organizers: Indian Government and International Civil Aviation Organization (ICAO) APAC.

Significance of the Conference

• The Asia Pacific region plays a crucial role in global aviation, with India being the world’s fastest-growing aviation market. The conference aims to address current challenges and opportunities within the sector and to foster international collaboration.

Historical Context

First Asia Pacific Ministerial Conference on Civil Aviation

• Year: 2018
• Location: Beijing, China
• Key Fact: The first conference set the stage for regional cooperation in aviation.

India’s Aviation Sector Growth

India’s aviation sector has seen remarkable growth, reflecting its position as a global aviation leader.

Key Statistics:

• Aircraft Increase: From 400 to more than 800 in the last decade.
• Airports Growth: From 74 to 157 in the last decade.
• Current Status: India is the third largest domestic aviation market globallyafter the U.S. and China.

Thane-Borivali Twin Tunnel Project: A Major Infrastructure Milestone for Mumbai

• Indian Prime Minister Narendra Modi led the groundbreaking ceremony for the Thane-Borivali Twin Tunnel project in Mumbai.
• This ambitious infrastructure initiative is a key part of Mumbai’s broader urban development plan, which aims to enhance connectivity and reduce traffic congestion in the city.

Project Overview

Thane-Borivali Twin Tunnel

• Cost: ₹16,600 crore
• Length: 11.8 km
• Type: Urban Tunnel
• Expected Completion: [TBD]

Key Features

• Twin Tunnels: The project includes two tunnels, one for each direction of travel.
• Lanes: Each tunnel will feature two regular lanes and one emergency lane.
• Route: The tunnel will connect Thane to Borivali, finishing at National Highway 8.
• Travel Time Reduction: From over an hour to just 12 minutes.
• Distance Reduction: 12 km cut in the travel distance between Thane and Borivali.

Environmental Impact

• Carbon Emission Reduction:
  • Reduction: 150,000 MT of carbon pollution annually.
  • Sustainability: Environmentally friendly construction practices to protect nearby Sanjay Gandhi National Park.

Construction

• Tunnel-Boring Machine: India’s longest and most advanced machine, capable of boring up to 10.25 km of tunnel.
• Safety Measures:
  • Cross Passages: Every 300 meters for maintenance and safety.
  • Environmental Considerations: Careful planning to ensure minimal impact on natural surroundings.

About Mumbai Metropolitan Region Development Authority (MMRDA)

• Established: 1975
• Initial Project: Bandra-Kurla Complex (now a major business hub).
• Notable Achievements:
  • 2014: Initiated the first train services in Mumbai.
  • Ongoing Projects: Mumbai Metro expansion, Mumbai Urban Infrastructure Project.
  • Upcoming: Mumbai Trans-Harbour Link to connect Mumbai with Navi Mumbai.

CURRENT AFFAIRS : INTERNATIONAL NEWS

India Calls for Revitalization of BIMSTEC with New Energies and Resources    

• India has called on the 7-nation Bay of Bengal Initiative for Multi-sectoral Technical and Economic Cooperation (BIMSTEC) grouping to infuse new energies, resources, and a fresh commitment to bolster cooperation among the Bay of Bengal countries.
• This call was made by External Affairs Minister S. Jaishankar during a two-day retreat with his counterparts from the seven BIMSTEC nations: India, Sri Lanka, Bangladesh, Myanmar, Thailand, Nepal, and Bhutan.
• Jaishankar highlighted that BIMSTEC aligns with India’s ‘Neighbourhood First’ policy, ‘Act East Policy,’ and ‘SAGAR’ vision, which focuses on the Bay of Bengal region.
• External Affairs Minister Dr. S. Jaishankar hosted the 2nd BIMSTEC Foreign Ministers’ Retreat in New Delhi on 11-12 July 2024.
• The first edition of the BIMSTEC Foreign Ministers’ Retreat was held in Bangkok, Thailand on 17 July 2023.

About BIMSTEC :

• Chairmanship : Thailand (since March 2022)
• The BIMSTEC is a regional organization founded in 1997 to promote economic cooperation and technical collaboration among countries bordering the Bay of Bengal.
• The BIMSTEC region is home to more than 1.7 billion people which constitute around 23% of the global population.

CURRENT AFFAIRS : STATE NEWS

Andhra Pradesh Government to Enact New Law to Combat Land-Grabbing: N Chandrababu Naidu     

• The Andhra Pradesh (AP) Government, led by Chief Minister N Chandrababu Naidu, will introduce a new Act aimed at preventing illegal land-grabbing.
• This legislation will be modelled on the Gujarat Act.
• Under the new Act, the burden of establishing ownership will fall on the alleged land-grabbers, not the original landowners.

Key Highlights :

• White Paper Presentation: Naidu presented a white paper detailing the state of natural resources and their misuse during the YSRCP rule.
• Financial Irregularities: The white paper highlighted illegal financial gains amounting to ₹9,750 crore over the last 5 years.
• Land Scams and Irregularities: The white paper pointed out numerous irregularities in mining and quarrying leases, including violations of the first-come-first-serve norm and preferential treatment of private agencies.
• Illegal Land Transfers: It was reported that 13,800 acres of private land were illegally transferred to YSR Congress Party leaders in Visakhapatnam, Ongole, and Chittoor.
• Corruption in YSRCP Era: The previous YSR Congress regime was accused of facilitating land grabbing and other irregularities in resource management.

About AP :

• Governor: S. Abdul Nazeer
• Chief minister: N. Chandrababu Naidu
• National Park : Papikonda National Park, Rajiv Gandhi (Rameshwaram) National Park, Sri Venkateswara National Park
• Wildlife Sanctuaries : Coringa Wildlife Sanctuary, Kambalakonda Wildlife Sanctuary, Krishna Wildlife Sanctuary, GundlaBrahmeswaram Wildlife Sanctuary

CURRENT AFFAIRS: BUSINESS NEWS

Spike in food prices pushes WPI inflation to a 16-month high in June 2024

• India’s Wholesale Price Index (WPI)-based inflation climbed for the fourth consecutive month in June 2024, reaching a 16-month high of 3.36 per cent compared to 2.61 per cent in May 2024.
• This increase was primarily driven by adverse base effects and a significant rise in food prices, according to data released by the Ministry of Commerce and Industry.

Key Points of June 2024 WPI Inflation:

• Overall Inflation: WPI inflation rose to 3.36 per cent in June 2024 from -4.18 percent in June 2023.
• Food Prices: Food inflation surged to 10.87 per cent during the month.
• Price Increases in Specific Categories:
  • Vegetables:76 percent increase.
  • Onion:35 percent increase.
  • Potato:37 percent increase.
  • Cereals:27 percent increase.
  • Fruits:14 percent increase.
  • Wheat:25 percent increase.
• Moderating Prices:
  • Pulses: While prices decelerated to 21.64 percent, they remained high.
  • Protein-Rich Items: Eggs & meat (-3.06 percent) and milk (3.37 percent) saw slight relief.

CURRENT AFFAIRS: MOUS AND AGREEMENT

AMD and IIT Bombay’s SINE Collaborate to Develop Energy-Efficient Neural Network Chips

• AMD has announced a partnership with the Society for Innovation and Entrepreneurship (SINE) at IIT Bombay.
• The collaboration aims to provide grants to startups incubated at IIT Bombay, focusing on developing energy-efficient Spiking Neural Network (SNN) chips.
• Numelo Technologies has received the first grant to develop SNN chips using ultralow power quantum tunnelling on silicon on insulator (SOI) technology.

Details of the Initiative

• Energy Efficiency Focus: Startups will work on devising ways to significantly reduce the energy consumption of conventional neural networks.
• AMD’s Commitment: The goal is to achieve a 30x improvement in energy efficiency for AMD processors and accelerators in high-performance computing (HPC) and artificial intelligence (AI) training by 2025.

Future Prospects

• Enhanced Energy Efficiency: Continued focus on improving the energy efficiency of computing devices, which is critical for the advancement of AI and HPC.
• Innovation in Quantum Tunneling Technology: Numelo Technologies’ project will contribute to the cutting-edge field of ultralow power computing.

NLC India plans ₹12,000 crore investment in new coal mine, shares hit record high

• NLC India has officially taken over the Machhakata coal mine in the Angul district of Odisha, a strategic move set to potentially double the company’s coal and lignite production and 12,000 crore planned for the development of the coal mine.
• The development was formalized with the signing of a Coal Mine Development and Production Agreement with the Ministry of Coal.

Key Details of the Machhakata Coal Mine Acquisition

• Agreement Signed: Coal Mine Development and Production Agreement with the Ministry of Coal.
• Mine Location: Angul District, Odisha.
• Investment: ₹12,000 crore planned for the development of the coal mine.
• Production Commencement: Expected to start in 2030.
• Auction Round: Won in the 8th round of coal mine auctions conducted by the Ministry of Coal.
• Production Potential: The mine is expected to yield 30 million tonnes of coal annually.

Impact on NLC India

• Current Production: NLC India’s total coal and lignite production was 36.32 million tonnes in the previous year.
• Stock Market Reaction: The company’s share price touched ₹302.60 before closing at an all-time high of ₹297.75, reflecting investor optimism. The stock’s valuation is currently 21 times its earnings and 2.42 times its book value.

Financial Performance Overview

• 2023-24 Revenue:
  • Power Sales: ₹8,363 crore.
  • Mining Operations: ₹7,902 crore.
• Profit Contributions:
  • Mining Profit: ₹1,550 crore (56% of total net profit).
  • Power Profit: ₹907 crore.
• Profit Margins:
  • Mining:61% of sales.
  • Electricity:8% of sales.

India’s Strategy to Boost Trade with Russia and Achieve $100 Billion Bilateral Trade Target by 2030

• India is focused on addressing non-tariff barriers (NTBs) and enhancing market access to achieve a significant bilateral trade target with Russia, as outlined in recent high-level discussions.

Key Objectives

1. Bilateral Trade Target:
   • Goal: Achieve $100 billion in annual trade with Russia by 2030.
   • Current Trade Volume: Approximately $65 billion in 2023-24.
   • Focus: Increase Indian exports and address trade imbalances.
2. Trade Imbalance:
   • Issue: India’s exports to Russia amounted to around $4 billion in 2023-24, while imports were about $61 billion.
   • Strategy: Reduce the trade deficit by boosting Indian exports.

Strategic Measures

1. Addressing Non-Tariff Barriers (NTBs):
   • Sectors of Focus: Marine products and pharmaceuticals.
   • Objective: Improve access for Indian products in the Russian market.
2. Expanding Market Access:
   • Target Areas: Engineering products and electronics.
   • Approach: Work towards increasing Indian market share in these sectors.
3. Utilizing Economic Sanctions:
   • Context: Western sanctions on Russia due to the Ukraine conflict.
   • Opportunity: Tap into sectors where Russia faces Western sanctions to boost Indian exports.
4. Rupee-Rouble Trade Mechanism:
   • Strategy: Leverage the rupee-rouble trading system to facilitate smoother trade transactions.

Recent Developments

1. Summit Agreement:
   • Leaders Involved: Prime Minister Narendra Modi and President Vladimir Putin.
   • Outcome: Fixed the $100 billion trade target for 2030 and discussed reducing the trade deficit.
2. Proposed Free Trade Agreement (FTA):
   • Participants: Russia, Armenia, Belarus, Kazakhstan, Kyrgyzstan (Eurasian Economic Union).
   • Current Status: Working on finalizing the terms of reference for the FTA.

Current Trade Dynamics

• Imports from Russia:
  • Primary Commodity: Discounted crude oil.
  • Impact: Major contributor to the $61 billion import figure.
• Exports to Russia:
  • Current Value: Approximately $4 billion.
  • Focus: Increase this figure through NTB resolution and market expansion.

Economic Context

• Western Sanctions:
  • Impact: Created a gap in the Russian market for Indian products.
  • Response: India aims to fill this gap through strategic exports.
• Commerce Secretary’s Statement:
  • Objective: Explore opportunities due to sanctions and enhance trade through the rupee-rouble mechanism.

Future Directions

1. Enhanced Collaboration:
   • Focus: Strengthen trade relations and address barriers.
   • Plan: Utilize the FTA and NTB strategies to meet the $100 billion target.
2. Sectoral Growth:
   • Emphasis: Engineering products, electronics, marine products, and pharmaceuticals.

NITI Aayog Unveils GearShift Challenge to Accelerate Zero-Emission Truck Adoption in India

• NITI Aayog, in collaboration with IIM Bangalore, Smart Freight Centre India, CALSTART/Drive to Zero, and WRI India, has announced the launch of the NITI GearShift Challenge as part of the e-FAST India
• This innovative hackathon aims to develop creative business models for the adoption of zero-emission trucks (ZETs) in India, addressing both economic and environmental challenges.

About the NITI GearShift Challenge

• The NITI GearShift Challenge is a groundbreaking competition designed to foster innovative solutions for the adoption of zero-emission trucks in India. Here’s an overview of the initiative and its objectives:

Event: NITI GearShift Challenge
Collaborators: NITI Aayog, IIM Bangalore, Smart Freight Centre India, CALSTART/Drive to Zero, WRI India
Initiative: e-FAST India

Objectives:

• Foster Innovation: Encourage the development of new business models for zero-emission trucks.
• Address Challenges: Tackle financial, technical, and operational barriers to the adoption of electric trucks.
• Promote Sustainability: Support the transition to zero-emission freight solutions to reduce CO2 emissions and improve air quality.

Importance of the NITI GearShift Challenge

India’s freight sector is crucial to its economy, responsible for the delivery of goods to over 1.4 billion people. However, it also faces significant challenges:

• Diesel Consumption: Road freight accounts for 55% of India’s annual diesel consumption.
• CO2 Emissions: The sector contributes nearly 40% of CO2 emissions from road transport.

Why Zero-Emission Trucks?:

• Reduce Emissions: Electric trucks can significantly lower CO2 emissions and improve air quality.
• Enhance Energy Security: Shifting to electric trucks supports energy independence and sustainability.
• Economic Benefits: New business models can drive innovation and create economic opportunities in the transport sector.

Background Information

• NITI Aayog: Established in 2015, NITI Aayog (National Institution for Transforming India) is the premier policy think tank of the Government of India. It provides strategic and technical advice to the central and state governments on various development issues.
• e-FAST India: An initiative aimed at promoting electric vehicles and sustainable transportation solutions in India.
• Smart Freight Centre India: A non-profit organization focused on improving the efficiency and sustainability of freight transportation.
• CALSTART/Drive to Zero: An initiative dedicated to advancing zero-emission transportation technologies.
• WRI India: A research organization working on sustainable development solutions.

Government Launches Skill India Digital To Revolutionize Skill Development For Indian Youth

• Union Minister Dharmendra Pradhan launched the Skill India Digital (SID) platform, marking a significant advancement in India’s approach to skill development, education, employment, and entrepreneurship.

Overview of Skill India Digital (SID)

Date of Launch: September 13, 2024
Union Minister: Dharmendra Pradhan
Objective: Enhance access to quality skill development, relevant opportunities, and entrepreneurial support for every Indian.

What is Skill India Digital (SID)?
SID is a comprehensive digital platform designed to harmonize and revolutionize the skills landscape in India. It serves as a central hub for skill development, educational resources, job opportunities, and entrepreneurial support.

Key Features of SID:

• Unified Platform: Consolidates various skill development programs from Central and State governments and multiple departments.
• Industry Collaboration: Partners with leading organizations to drive digital skilling and foster industry participation.
• Global Vision: Aligns with India’s G20 Presidency vision for global digital public infrastructure and addressing skills gaps.

Key Announcements and Collaborations

During the launch event, several Memorandums of Understanding (MoUs) were exchanged with prominent organizations to advance digital skilling and enhance learner engagement:

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

China Expert Vikram Misri Appointed as India’s New Foreign Secretary    

• Vikram Misri, a seasoned diplomat and expert on China and national security, assumed charge as India’s 35th Foreign Secretary.
• He succeeded Vinay Kwatra
• Misri was serving as the Deputy National Security Advisor before his appointment
• His term as Foreign Secretary will last for two years, ending in July 2026.

About Vikram Misri :

• Born in Srinagar, Jammu and Kashmir, in 1964.
• He is a 1989-batch Indian Foreign Service (IFS) officer.

Career Highlights:

• Served as Private Secretary to three Prime Ministers: Inder Kumar Gujral, Manmohan Singh, and Narendra Modi.
• Deputy Secretary for the Pakistan Desk in the Ministry of External Affairs (MEA) from April 1998 to August 2000, including during the Kargil War.
• Held various roles in the MEA, Prime Minister’s Office, and Indian missions in Europe, Africa, Asia, and North America.
• Worked on the MEA’s Pakistan desk and was on the staff of two External Affairs Ministers: IK Gujral and Pranab Mukherjee.

Ambassadorial Roles:

• Appointed as India’s Ambassador to Spain in 2014.
• Served as Ambassador to Myanmar in 2016.
• Ambassador to the People’s Republic of China from January 2019 to December 2021.

Mamata Banerjee Reappoints Senior IPS Officer Rajeev Kumar as West Bengal Director General of Police    

• Senior Indian Police Service (IPS) officer Rajeev Kumar has been reinstated as the Director General of Police (DGP) of West Bengal by the state government.
• Rajeev Kumar replaces Sanjoy Mukherjee, who was appointed as DGP by the Election Commission of India during the Lok Sabha polls.
• Rajeev Kumar will continue to hold his current position as Additional Chief Secretary in the Department of Information Technology and Electronics.
• Sanjoy Mukherjee has been appointed as the new Director General of the State’s Fire and Emergency Services.
• Before the Lok Sabha elections, Vivek Sahay was appointed DGP on March 18, replacing Rajeev Kumar, but within a day, Sanjoy Mukherjee was appointed as DGP.

About Rajeev Kumar :

• Kumar, a 1989 batch IPS officer, was previously named the state’s top police officer in December 2023.
• He served as the Kolkata Police Commissioner from February 2016 to February 2019, except for a brief period in April 2016 when he was removed by the Election Commission of India due to his proximity to the chief minister ahead of the assembly elections.

About West Bengal:

• Capital: Kolkata
• Chief Minister: Mamata Banerjee
• Governor: C V Anantha Bose
• National Parks: Neora Valley National Park, Buxa Tiger Reserve, Jaldapara National Park, Gorumara National Park, Sunderbans National Park

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Indian Scientists Develop Open-Source Tool for Generating Infrared Star Catalogue for Thirty Meter Telescope   

• Indian scientists have created an open-source tool designed to generate an infrared star catalogue for the Adaptive Optics System (AOS) of the Thirty Meter Telescope (TMT).
• This advancement is crucial for the telescope’s ability to generate sharper astronomical images.

About TMT :

• The Thirty Meter Telescope (TMT) is a revolutionary class of extremely large telescopes that will enable us to explore deeper into space and observe cosmic objects with unparalleled sensitivity.
• This is an ambitious international project involving India, the United States, Canada, China, and Japan that aims to significantly advance our understanding of the universe.
• It is a next-generation astronomical observatory designed to provide unprecedented resolution and sensitivity with its massive 30-meter primary mirror, advanced adaptive optics system, and state-of-the-art instruments.

Primary goals of TMT :

• Study the early universe, the formation and evolution of the first galaxies and stars after the Big Bang.
• Investigate galaxy formation, structure, and evolution over cosmic time.
• Examine the relationship between supermassive black holes and their host galaxies.
• Explore star and planetary system formation.
• Characterize exoplanets and study their atmospheres.
• Instruments on TMT:The TMT will feature instruments such as the Infrared Imaging Spectrometer (IRIS) and the Wide-Field Optical Spectrograph (WFOS).
• India’s Contribution:Indian participation includes three key institutes: Indian Institute of Astrophysics (IIA), Bengaluru; Inter-University Center for Astronomy and Astrophysics (IUCAA), Pune; and Aryabhatta Research Institute for Observational Sciences (ARIES), Nainital.

CURRENT AFFAIRS : ENVIRONMENT NEWS

Zoological Survey of India Scientist Discovers New Species of Dogfish Shark, Squalus hima, in India  

• Scientists from the Zoological Survey of India (ZSI) have discovered a new species of deep-water dogfish shark, named Squalus hima, from the Sakthikulangara fishing harbour in Kerala, along the Arabian Sea.

Key Highlights :

• Genus and Family:Squalus is a genus of dogfish sharks, also known as spurdogs, belonging to the family Squalidae.
• They are characterized by smooth dorsal fin spines.
• Discovery Details:The discovery was made by a team led by Bineesh K. K., Scientist at the Marine Biology Regional Centre of ZSI.
• The findings were published in the journal Records of the ZSI.
• Comparison with Other Species:The new species, Squalus hima, is very similar to Squalus lalannei but differs in several characteristics, including the number of precaudal vertebrae, total vertebrae, teeth count, trunk and head heights, fin structure, and fin color.
• Characteristics of Squalus hima:Belongs to the Squalus megalops group, characterized by an angular short snout, a small mouth almost as wide as the snout, first dorsal fin origin behind the pectoral fins, and a body without spots.
• Economic Importance:Sharks of the genus Squalus and Centrophorus are exploited for their liver oil, which contains high levels of squalene.
• This oil is in high demand in the pharmaceutical industry, particularly for high-end cosmetic products and anti-cancerous products.

About ZSI:

• Established: July 1, 1916
• Headquarters: Kolkata, West Bengal, India
• Director: Dhriti Banerjee
• Founded by: Ministry of Environment, Forest and Climate Change, Government of India
• Purpose: To promote the survey, exploration, and research of fauna in India.

CURRENT AFFAIRS: SPORTS NEWS

Five American Women in WTA Top 15 for First Time in Two Decades

• The United States Tennis Association (USTA) announced that five American players are ranked in the Women’s Tennis Association (WTA) Top 15 for the first time in 20 years.

Top American Players

Historical Context

• The last time five American women were ranked in the WTA Top 15 was on May 24, 2004.
  • At that time, Lindsay Davenport was ranked 4th in the world.

Recent Achievements

• Coco Gauff: Ranked #2, showing exceptional form and consistency.
• Jessica Pegula: Currently #6, reflecting strong performance in the current season.
• Danielle Collins: Improved to #9, ending her season on a high note.
• Madison Keys: Holding steady at #14, a consistent presence in the top ranks.
• Emma Navarro: Reached a career-high ranking of #15 after notable success at Wimbledon.

Significance of the Achievement

• Historical Milestone: This marks the first time in over 20 years that five American women have been ranked in the WTA Top 15.
• Rising Stars: The achievements of these players highlight the resurgence of American talent in women’s tennis.

Sabeera Haris Wins Bronze medal at ISSF Junior World Cup in Italy

• India’s Sabeera Haris clinched the bronze medal in the women’s trap event at the International Shooting Sport Federation (ISSF) Junior World Cup held in Porpetto, Italy.

Event Overview

• Event: ISSF Junior World Cup
• Location: Porpetto, Italy
• Category: Women’s Trap

Medal Winners

Indian Performances

Event Highlights

• Gold Medalist: Carey Garrison from the US won gold by shooting down 40 out of 50 targets.
• Silver Medalist: Sofia Gori from Italy earned silver with 39 hits out of 50 targets.
• Bronze Medalist: Sabeera Haris secured bronze with a score of 29 out of 40 targets in the final.
• Other Indian Competitors: Bhavya Tripathi finished 26th with a score of 102, while Rajkuwar Ingle was in 33rd place with 100 points.

CURRENT AFFAIRS: IMPORTANT DAYS

World Day for International Justice 2024: July 17

• World Day for International Justice 2024 is celebrated and observed all over the world on July 17^th
• Every year on July 17, the day of many names, also known as International Justice Day, World Day for International Justice, or Day of International Criminal Justice, is celebrated to acknowledge the system of international justice.
• Between 1945–1949, The victorious Allied governments established an International Military Tribunal in Nuremberg, Germany, to bring justice to perpetrators of World War II — major Nazi war criminals are indicted.
• On April 29, 1946, The Tokyo Trials took place, and An International Military Tribunal for the Far East (IMTFE) is created in Tokyo, Japan, to punish major war criminals in the Far East.
• On July 17, 1998,120 states adopted the treaty known as the Rome Statute, thus informally establishing the International Criminal Court.
• On July 1, 2002, 60 countries ratified the Rome Statute, making the International Criminal Court official.
• On June 1, 2010, The Assembly of State Partiesdecided to celebrate the day the Rome Statute was adopted as the World Day for International Justice.
• On July 10, 2012, Congolese criminal warlord, Thomas Lubanga Dyilo, was the first person to be convicted and sentenced by the ICC and he was sentenced to 14 years in prison.

Daily CA One- Liner: July 17^th

• The Indian Council of Agricultural Research (ICAR) is set to launch its new initiative, ‘One Scientist-One Product’.
• India will host the Second Asia Pacific Ministerial Conference on Civil Aviation on September 11-12, 2024, in New Delhi.
• Indian Prime Minister Narendra Modi led the groundbreaking ceremony for the Thane-Borivali Twin Tunnel project in Mumbai
• India’s Wholesale Price Index (WPI)-based inflation climbed for the fourth consecutive month in June, reaching a 16-month high of 3.36 per cent compared to 2.61 per cent in May.
• AMD has announced a partnership with the Society for Innovation and Entrepreneurship (SINE) at IIT Bombay.
• NLC India has officially taken over the Machhakata coal mine in the Angul district of Odisha, a strategic move set to potentially double the company’s coal and lignite production and 12,000 crore planned for the development of the coal mine.
• India is focused on addressing non-tariff barriers (NTBs) and enhancing market access to achieve a significant bilateral trade target with Russia, as outlined in recent high-level discussions
• NITI Aayog, in collaboration with IIM Bangalore, Smart Freight Centre India, CALSTART/Drive to Zero, and WRI India, has announced the launch of the NITI GearShift Challenge as part of the e-FAST India
• Union Minister Dharmendra Pradhan launched the Skill India Digital (SID) platform, marking a significant advancement in India’s approach to skill development, education, employment, and entrepreneurship
• The United States Tennis Association (USTA) announced that five American players are ranked in the Women’s Tennis Association (WTA) Top 15 for the first time in 20 years.
• India’s Sabeera Haris clinched the bronze medal in the women’s trap event at the International Shooting Sport Federation (ISSF) Junior World Cup held in Porpetto, Italy
• World Day for International Justice 2024 is celebrated and observed all over the world on July 17^th
• As per the Government’s notification, Non-performing assets (NPA)have been around 6% under the Emergency Credit Line Guarantee Scheme (ECLGS).
• The Reserve Bank of India (RBI) has established new guidelines that lenders must follow before classifying loan accounts as fraudulent.
• Bank of Baroda (BoB) and Bank of Maharashtra (BoM) have introduced special deposit schemes to address the increasing credit demand highlighted by Reserve Bank of India (RBI) Governor Shaktikanta Das.
• Bank of Baroda (BoB) increased its marginal cost of funds based lending rates (MCLR) by 5 basis points (bps) on select tenors.
• India has called on the 7-nation Bay of Bengal Initiative for Multi-sectoral Technical and Economic Cooperation (BIMSTEC) grouping to infuse new energies, resources, and a fresh commitment to bolster cooperation among the Bay of Bengal countries.
• The Andhra Pradesh (AP) Government, led by Chief Minister N Chandrababu Naidu, will introduce a new Act aimed at preventing illegal land-grabbing.
• Vikram Misri, a seasoned diplomat and expert on China and national security, assumed charge as India’s 35th Foreign Secretary.
• Senior Indian Police Service (IPS) officer Rajeev Kumar has been reinstated as the Director General of Police (DGP) of West Bengal by the state government.
• Indian scientists have created an open-source tool designed to generate an infrared star catalogue for the Adaptive Optics System (AOS) of the Thirty Meter Telescope (TMT).
• Scientists from the Zoological Survey of India (ZSI) have discovered a new species of deep-water dogfish shark, named Squalus hima, from the Sakthikulangara fishing harbour in Kerala, along the Arabian Sea.

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