Daily Current Affairs July 18 2024 | Latest News | Download PDF

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CURRENT AFFAIRS: BANKING & FINANCE

Bandhan Bank Introduces Payment Solution Using Bharat QR Code

• Bandhan Bank has introduced a payment solution using Bharat QR Code for Current and Savings account customers.
• This solution simplifies payments at merchant outlets and provides instant notifications through a small speaker for each transaction.

What is Bharat QR?

• Bharat QR is a standardized QR code payment system that allows for seamless transactions across banks for both cardholders and UPI users.
• It aims to promote digital payments and reduce cash transactions.

Authorization and Development:

• The Reserve Bank of India (RBI) authorized various card payment networks to implement the Bharat QR interoperable solution.
• NPCI (National Payments Corporation of India) collaborated with international card schemes to develop a common standard for QR codes and launched Bharat QR.

Benefits of Bharat QR for Customers:

• Customers can make payments using any banking or UPI app, eliminating the need for debit or credit cards.
• Provides a secure and faster method for digital payments.

Benefits for Merchants:

• Merchants of all sizes, from small vendors to large retailers, can benefit from this solution.
• It supports a wide range of transaction types, enhancing payment acceptance and customer experience.

Recent News: 

In July 2024, Bandhan Bank introduced a range of trade products to support international business operations, including Remittances, Letters of Credit (LCs), Bank Guarantees (BGs), Export-Import Collection Bills, and bill/invoice discounting, among others.

About Bandhan Bank : 

• Founded : 2015
• Headquarters : Kolkata, West Bengal, India
• MD & CEO : Ratan Kumar Kesh

International Monetary Fund Increases India’s FY25 Gross Domestic Product Growth Forecast to 7% by 20 Basis Points

IMF & Other Recent Projections : 

• The International Monetary Fund (IMF) raised its projection of growth in India’s gross domestic product (GDP) for 2024-25 by 20 basis points to 7% amid a boost in private consumption, especially in rural areas.
• In April 2024, the IMF raised India’s GDP forecast by 30 basis points to 6.8% in its World Economic Outlook.

GDP Growth in Previous Years:

• India’s GDP expanded by 8.2% in 2023-24, higher than the 7% growth in 2022-23.
• The fourth quarter of 2023-24 saw a greater than expected expansion of 7.8%, as per the National Statistical Office (NSO).

• RBI’s Projection for India:
  • The Reserve Bank of India (RBI) projected India’s economy to grow at 7.2% in FY25.

IMF’s Projections for China:

• IMF upgraded China’s growth forecast for calendar year 2024 by 40 bps to 5%, citing a rebound in private consumption and strong exports in the first quarter.

IMF’s Calendar-Year Projections for India:

• On a calendar-year basis, the IMF projects India’s growth at 7.3% in 2024 and 6.5% in 2025.

Global Growth Projections by IMF:

• The IMF’s global growth projections remain unchanged at 3.2% for calendar year 2024.
• A slight increase to 3.3% is projected for 2025.

Global Inflation Rate Forecast:

• The IMF predicts the global inflation rate to slow to 5.9% in 2024 from 6.7% in the previous year, indicating a trend towards a soft landing.

About IMF : 

• Headquarters : Washington, D.C., United States
• Managing Director : Kristalina Georgieva
• Membership : 190 countries (189 UN countries and Kosovo)

Small Industries Development Bank of India Partners with India Post Payments Bank to Provide Rural Micro-Entrepreneurs with Credit via Postmen Network

The Small Industries Development Bank of India (SIDBI) has partnered with India Post Payments Bank (IPPB) to use the extensive network of postmen for providing credit to micro-entrepreneurs in rural areas.

Aim : to enhance financial inclusion in underserved regions where traditional banking services are limited.

• Sudatta Mandal, Deputy Managing Director of SIDBI, unveiled this innovative approach at the CII Growth Summit in New Delhi.
• This new program will be launched next month, leveraging IPPB’s infrastructure of 136,000 post offices, with over 120,000 in rural areas.

Micro-Enterprise Definition: A micro-enterprise is defined as one with investment in plant and machinery or equipment not exceeding Rs 1 crore and a turnover not exceeding Rs 5 crore.

MSME Statistics: As of December 2023, there were over 30 million registered MSMEs in India.

About SIDBI : 

• Established : 2 April 1990
• Headquarters : Lucknow, Uttar Pradesh, India
• Chairman & MD : Sivasubramanian Ramann
• The SIDBI is the apex regulatory body for overall licensing and regulation of micro, small and medium enterprise finance companies in India.
• It is under the Ministry of Finance, Government of India (GoI) jurisdiction.

Canara Bank raises Rs 10,000 crore through infra bonds at 7.40% coupon

• Canara Bank has successfully raised Rs 10,000 crore by issuing infrastructure bonds.
• This move comes amid a backdrop where bank credit growth is outpacing deposit growth, pressuring lenders to find alternative ways to mobilize funds.

Here are some key details about the issuance:

• Coupon Rate: The bonds were sold at an interest rate of 7.40%.
• Tenure: These are 10-year bonds with a maturity date of July 19, 2034.
• Issuance Size: The issuance had a base size of Rs 5,000 crore, with an additional Rs 5,000 crore available through a greenshoe option.
• Regulatory Exemptions: Funds raised via these infrastructure bonds are exempt from the requirements to maintain the Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR).
• These bonds offer a strategic advantage to Canara Bank, providing long-term capital without the regulatory constraints associated with CRR and SLR, making them a favourable tool in an environment where credit demand is growing faster than deposits.

About Canara Bank:

• Founded: 1906; 118 years ago
• Founder: Ammembal Subba Rao Pai
• Headquarters: Bengaluru, India
• MD & CEO: K Satyanarayana Raju

Kotak Mahindra Bank integrates physical and digital branches in new distribution structure

• Kotak Mahindra Bank (KMB) has unveiled a new distribution structure, integrating the physical branch network, digital branch channel (encompassing mobile banking and net banking platforms), and voice channel.

Appointment of Pranav Mishra as Head of Distribution

• As part of the new distribution structure, the private sector lender appointed Pranav Mishra as the Head of Distribution.

Objective of the New Distribution Structure

• The bank stated in a statement that the new distribution structure is aimed at delivering an omnichannel seamless experience for customers across all group products and services.
• It added that the new structure will ensure a seamless experience for customers across all interaction channels by building synergy and improving service delivery.

About KMB:

• Founded: 1985
• Founders: Uday Kotak
• Headquarters: Mumbai, Maharashtra, India
• MD & CEO: Ashok Vaswani

SBI launches Amrit Vrishti 444-day term deposit with 7.25% interest rate

• The State Bank of India (SBI) has launched a special deposit scheme called “Amrit Vrishti” offering a 7.25 per cent interest rate on deposits for 444 days. The scheme also offers an additional 0.50 per cent interest rate to senior citizens.

Context and Purpose

• This launch comes amid concerns over slow deposit mobilization by banks, which has resulted in a higher credit-deposit growth gap.
• To address this, SBI, along with other banks, has introduced special deposit schemes with higher interest rates to attract more deposits.

Comparative Schemes from Other Banks

• Previously, Bank of Baroda (BoB) and Bank of Maharashtra have also launched special deposit schemes to garner deposits:
• Bank of Baroda’s “BoB Monsoon Dhamaka Deposit Scheme”: Offers 7.25 per cent interest for 399 days and 7.15 per cent per annum for 333 days for deposits below Rs 3 crore.
• Bank of Maharashtra’s Special Scheme: Offers different interest rates for various deposit periods:
• 90 per cent interest for 200 days.
• 10 per cent for 400 days.
• 15 per cent for 666 days.
• 25 per cent for 777 days.

Availability and Customer Benefits

• SBI’s special deposit scheme, “Amrit Vrishti,” is available for investment until March 31, 2025. The bank stated that this new variant of a term deposit scheme is designed to meet the requirements of a diverse range of customers.

About SBI:

• Founded: 1 July 1955
  Headquarters: Mumbai, Maharashtra, India
  Chairman: Dinesh Kumar Khara
  CFO (Chief Financial Officer): Kameshwar Rao Kodavanti

CURRENT AFFAIRS: NATIONAL NEWS

The government reconstitutes the composition of NITI Aayog, accommodates allies in the body

• The National Democratic Alliance (NDA) government has reconstituted NITI Aayog, India’s premier policy think tank, to include new members and adjust the composition of special invitees.
• This move reflects the latest changes in the Union Cabinet and the expanding role of NITI Aayog in national policy planning.

Key Changes in NITI Aayog’s Composition

• New Ex-Officio Member:
  • Shivraj Singh Chouhan replaces Narendra Singh Tomar.
    • Position: Former Madhya Pradesh Chief Minister and current Union Minister for Rural Development.
    • Role: Chouhan will serve as an ex-officio member, contributing to NITI Aayog’s policy discussions and planning.
• Special Invitees Dropped:
  • Ashwini Vaishnaw – Union Minister for Railways, Electronics and IT, and Information and Broadcasting.
  • Piyush Goyal – Union Minister for Commerce and Industry.
• New Special Invitees:
  • Ram Mohan Naidu – Civil Aviation Minister, representing the Telugu Desam Party.
  • HD Kumaraswamy – Former Karnataka Chief Minister, currently the Minister for Heavy Industries and Steel.

Details of the Reconstitution

• Notification Issued: The reconstitution was announced on September 11, 2024, through a late-night notification by the Union Cabinet.
• Previous Reconstitution: NITI Aayog was last reconstituted in 2021 and updated again in 2022 to include Arvind Virmani, former Chief Economic Adviser.

Special Invitees: Roles and Growth

• Special Invitees List Expansion:
  • The list has grown from 5 members in 2021 to 11 members in 2024.
  • Role: Special invitees participate in deliberations on key policy issues, offering diverse perspectives and expertise.

Historical Context of NITI Aayog

• Establishment: Formed in 2015 as a successor to the Planning Commission, NITI Aayog is tasked with fostering cooperative federalism and guiding national policy and economic strategies.
• Past Reconstitutions: Adjustments are made periodically to align the Aayog’s composition with the current political and economic environment.

Special Invitees

1. Ram Mohan Naidu – Minister of Civil Aviation
2. HD Kumaraswamy – Minister of Heavy Industries and Steel
3. Others (Total of 11 invitees)

India Successfully Concludes Fourth Periodic Review by UN Human Rights Committee

• India has completed its fourth periodic review under the International Covenant on Civil and Political Rights (ICCPR) at the UN Human Rights Committee session in Geneva.
• This review marks a significant step in assessing the country’s adherence to international human rights standards.

Overview of the Review

• Event: Fourth Periodic Review under ICCPR
• Location: Geneva

• The UN Human Rights Committee, composed of 18 independent experts, is responsible for monitoring the implementation of the ICCPR.
• The Committee reviews reports submitted by member countries, offering observations and recommendations on their human rights practices.

Indian Delegation

The Indian delegation was led by:

• Attorney General R. Venkataramani
• Solicitor General Tushar Mehta

The delegation also included:

• Pavan Kapoor – Secretary (West)
• Senior officials from various ministries including:
  • Women and Child Development
  • Social Justice and Empowerment
  • Electronics and Information Technology
  • Minority Affairs
  • External Affairs
  • Tribal Affairs
  • Home Affairs

• What is ICCPR?
  • The ICCPR is an international treaty that aims to protect civil and political rights.
  • It is monitored by the Human Rights Committee, which reviews country reports, addresses concerns, and provides recommendations.
• India’s Commitment:
  • India became a party to the ICCPR in 1979.
  • The country has undergone three previous reviews, with the last one conducted in 1997.

Key Observations and Recommendations

The Human Rights Committee’s review process involves:

• Observations: Assessing current human rights practices.
• Recommendations: Suggesting improvements or adjustments to align with ICCPR standards.

Background on ICCPR

• Established: The ICCPR was adopted by the United Nations General Assembly in 1966.
• Purpose: To protect civil and political rights, including the rights to freedom of expression, assembly, and fair trials.

Recent Developments

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India’s Domestic Technology and Electronics Ecosystem Seeks Up to ₹50,000 Crore in Union Budget 2024

• India’s technology and electronics sector is advocating for up to ₹50,000 crore in incentives in the upcoming Union Budget 2024.
• This request aims to bolster the local supply chain for technology components and further the ‘Make in India’

Key Details of the Request

• Objective: To create a robust local supply chain for components and support domestic value addition in the technology and electronics sectors.
• Requested Incentives: Up to ₹50,000 crore.
• Focus Areas: Smartphones, televisions, consumer gadgets, and electronics.

Potential Benefits

1. Enhanced Domestic Production:
   • Goal: Increase local production of technology components.
   • Impact: Reduction in import dependency and boost to local manufacturing sectors.
2. Strengthened Local Supply Chains:
   • Goal: Build a comprehensive domestic supply chain.
   • Impact: Improved availability of components for tech manufacturers.
3. Economic Growth and Job Creation:
   • Goal: Support economic growth and employment opportunities.
   • Impact: Creation of new jobs and growth in the tech sector.
4. Support for Innovation:
   • Goal: Foster innovation in technology and electronics.
   • Impact: Encouragement for startups and established companies to innovate.

Background of ‘Make in India’

• Launched: September 25, 2014
• Objective: To encourage national as well as multinational companies to manufacture their products in India.
• Vision: To transform India into a global manufacturing hub.

India Launches MANAS: National Toll-Free Helpline for Narcotics Crimes

• Union Home Minister Amit Shah will officially launch MANAS, India’s first-ever national toll-free telephonic helpline dedicated to addressing narcotics crimes and related issues.
• This initiative marks a significant step in the country’s efforts to combat drug trafficking and other drug-related offences.

Details of the MANAS Helpline

• Helpline Number: 1933
• Email Address: [email protected]
• Website: ncbmanas.gov.in

About MANAS

• Full Form: Madak Padarth Nisedh Asuchna Kendra (Narcotics Prohibition Intelligence Centre)
• Purpose: To provide a 24×7 platform for citizens to report drug-related activities and crimes.

Features of the MANAS Helpline

• Accessibility: The helpline is toll-free, ensuring that individuals can report issues without financial barriers.
• 24×7 Availability: Operates around the clock to receive tips and information from the public.

Objectives of MANAS

1. Encourage Reporting: Facilitate a user-friendly platform for citizens to report drug-related crimes.
2. Strengthen Coordination: Enhance collaboration among central and state anti-narcotics agencies, special bureaus, and police departments.
3. Combat Drug Trafficking: Address issues related to drug trafficking, illegal sale, purchase, storage, manufacturing, and cultivation of narcotic drugs and psychotropic substances.

Seventh Apex-Level NCORD Meeting

• Date: July 18, 2024
• Chair: Union Home Minister Amit Shah
• Participants: Central and state anti-narcotics agencies, departments, special bureaus, and police officials.

MANAS and NCORD

• The launch of MANAS coincides with the seventh apex-level meeting of the Narco-Coordination Centre (NCORD), an initiative designed to improve coordination and strategic responses to narcotics issues in India.

• NCORD: A high-level body tasked with formulating and implementing national strategies against narcotics trafficking and abuse.

CURRENT AFFAIRS: STATE NEWS

Karnataka Cabinet clears draft bill reserving 50-75% private sector jobs for locals

• In its latest populist move, the government of Karnataka has cleared a bill that reserves up to 75 per cent of private sector jobs for locals.

Overview of the Bill

• The Karnataka government cleared a bill that seeks to reserve 50 per cent of management jobs and 75 per cent of non-management jobs for locals, according to the report.
• The bill is formally called the State Employment of Local Candidates in the Industries, Factories and Other Establishments Bill, 2024.

Details of the Job Reservation Bill

• The proposed law in Karnataka does not reserve private jobs for Karnataka residents but for Kannadigas along linguistic lines.
• The bill reserves private jobs only for those locals who speak Kannada, according to the report.

Criteria for Local Candidates

The bill defines a local candidate eligible for the reserved jobs as someone who:

• Has been born in Karnataka,
• Has been domiciled in the state for 15 years,
• Is fluent in Kannada,
• Passes a required test by the nodal agency, according to the report.

About Karnataka:

• Capital: Bangalore
  Governor: Thawar Chand Gehlot
  Chief Minister: Siddaramaiah
• National Park & Wildlife Sanctuary:  Bandipur National Park,  Nagarhole National Park, Dandeli Wildlife Sanctuary, Bhadra Wildlife Sanctuary, Bhimgad Wildlife Sanctuary

CURRENT AFFAIRS: MOUS AND AGREEMENT

FlixBus Partners with Paytm to Expand Distribution Network

• Global travel tech firm FlixBus has entered into a strategic partnership with fintech major Paytm, aimed at expanding its distribution network and enhancing its reach in the travel industry.
• This collaboration will enable customers to book FlixBus tickets directly through the Paytm app.

Key Highlights of the Partnership

• Availability of FlixBus Tickets: Customers can now purchase FlixBus tickets via the Paytm app, providing a convenient and seamless booking experience.
• Growth Potential: This partnership is expected to drive significant growth for both companies. It will expand Paytm’s travel offerings and solidify its position in the travel sector, while FlixBus will benefit from Paytm’s extensive customer base and technological capabilities.
• Stock Market Impact: Following the announcement, shares of Paytm settled at Rs 459.75 apiece on the BSE, marking a 2% decline from the previous close.

Strategic Benefits

• For Paytm:
  • Enhanced Travel Options: By adding FlixBus tickets to its platform, Paytm enhances its travel service portfolio, providing more choices to its users.
  • Market Position: The partnership strengthens Paytm’s position in the travel industry, making it a one-stop solution for various travel-related services.
• For FlixBus:
  • Access to a Larger Customer Base: FlixBus can tap into Paytm’s vast user base, increasing its ticket sales and market penetration in India.
  • Technological Integration: Leveraging Paytm’s advanced technology, FlixBus can offer a more streamlined and efficient booking process to customers.

AWS India Supports Tamil Nadu Technology Hub to Launch Generative AI Startup Program

• Amazon Web Services (AWS) India Private Limited announced its support for the Tamil Nadu Technology (iTNT) Hub to launch a new generative Artificial Intelligence (AI) startup hub program.
• This initiative focuses on accelerating the development of generative AI solutions for public-centric initiatives through the startup ecosystem in Tamil Nadu.

Key Aspects of the Generative AI Startup Program

• Program Focus: The program aims to enable startups to collaborate with the industry to develop public sector-focused solutions using generative AI. It will specifically target sectors such as government, healthcare, education, and non-profit organizations operating in the AI, generative AI, and deep-tech spaces.
• Selection Process: The initiative will solicit and shortlist startups building solutions in these areas to participate in the program.
• Support and Mentorship: Startups will receive mentorship and support from industry leaders, leveraging AWS’s expertise and resources.

Launch Event and iTNT Hub

• Announcement: The initiative was announced during the ‘Generative AI Startup–Venture Capital’ mixer event held by AWS and iTNT Hub in Chennai.
• iTNT Hub: Established by the Ministry of Electronics and Information Technology (MeitY, Government of India), and Information Technology and Digital Services Department (IT&DS, Government of Tamil Nadu), with industry support. Located at Anna University in Chennai, the hub focuses on building a deep tech innovation network in Tamil Nadu, combining the strengths of startups, innovators, academia, government, and industry leaders.

CURRENT AFFAIRS: RANKING AND INDEX

Kantar’s Brand Inclusion Index 2024: Insights on Diversity, Equity, and Inclusion (DEI) in Brand Perception

• According to Kantar’s Brand Inclusion Index 2024, a significant majority of global consumers are influenced by a brand’s diversity and inclusion (DEI) reputation when making purchasing decisions.
• The report highlights notable findings on how DEI affects consumer behaviour and identifies leading brands in promoting these values.

Key Findings from the Report

• Global Perspective on DEI:
  • 75% of global consumers consider a brand’s DEI reputation as a crucial factor in their purchasing decisions.
• DEI Experiences in India:
  • 68% of Indians report experiencing discrimination, mostly in commercial settings and brand interactions.
  • This figure is notably higher than the 46% global average.
• Importance of DEI in India:
  • A striking 86% of Indians believe DEI is important both in their personal lives and when choosing brands.

Survey Details

• Report Name: Kantar’s Brand Inclusion Index 2024
• Scope: Surveyed over 23,000 people across 18 countries.
• India Focus: Over 1,000 respondents with a diverse demographic representation.
• Categories Explored: Skincare, banking, automotive, and technology.

Top Inclusive Brands in India

Rank	Brand	Category
1	Google	Technology
2	Tata Motors	Automotive
3	Amazon	E-commerce
4	Jio	Telecommunications
5	Apple	Technology

Top Inclusive Brands Globally

Rank	Brand	Category
1	Google	Technology
2	Amazon	E-commerce
3	Nike	Sportswear
4	Dove	Personal Care
5	McDonald’s	Fast Food

DEI’s Role in Indian Advertising

• Current State: DEI representation is still evolving in Indian advertising.
  • Women’s Roles: Often portrayed in traditional roles, such as homemakers and mothers.
  • Skin Colourism: Persistent biases in advertisements and brand imagery.

CURRENT AFFAIRS: DEFENCE NEWS

India releases fresh ‘positive indigenisation list’ to boost domestic defence manufacturing

• India announced a fresh list of 346 military hardware items, including “strategically important” systems and weapons, that will only be procured from state-run domestic manufacturers after a ban on their import kicks in under a staggered timeline.

Indigenisation Efforts and Achievements

• The defence ministry stated that over 12,300 items have been indigenised in the last three years to boost domestic defence industries.
• The fifth positive indigenisation list comprising 346 items has been notified, and these items will be produced by the defence public sector undertakings (DPSUs).

Previous Indigenisation Lists and Achievements

• The ministry mentioned that four PILs comprising 4,666 items were notified by the department of Defence Production earlier for the DPSUs, of which 2,972, having an import substitution value worth Rs 3,400 crore, have already been indigenised.
• These five lists for DPSUs are in addition to the five positive indigenisation lists of 509 items notified by the Department of military affairs, which include highly complex systems, sensors, weapons, and ammunition.

Government’s Defence Production Vision

• In the last few years, the government has taken a series of measures to promote domestic defence production.
• India is one of the largest importers of arms globally.
• According to estimates, the Indian armed forces are projected to spend around $130 billion in capital procurement over the next five-six years.
• The government now aims to reduce dependence on imported military platforms and support domestic defence manufacturing.

About Ministry of Defence:

• Formed: 15 August 1947
  Jurisdiction: Government of India
  Headquarters: New Delhi
  Minister of Defence: Rajnath Singh
  Deputy Minister responsible: Sanjay Seth, Minister of State for Defence

CURRENT AFFAIRS: APPOINTMENTS & RESIGNATIONS

Nallathamby Kalaiselvi’s Extension as Director General of CSIR

• Nallathamby Kalaiselvi, the first woman Director General of the Council of Scientific and Industrial Research (CSIR), was granted a two-year extension in service.

Government Approval

• A government order stated the Appointments Committee of the Cabinet had approved the extension of tenure of Ms Kalaiselvi “for a period of two years beyond 07.08.2024, or until further orders, whichever is earlier.”
• She was appointed to the post in August 2022 following the superannuation of Shekhar Mande in April of that year.
• She will also hold the charge of Secretary, Department of Scientific and Industrial Research.

Career Highlights

• Kalaiselvi has risen through the ranks in CSIR and broke the proverbial glass ceiling by becoming the first woman scientist to head the Central Electrochemical Research Institute (CSIR-CECRI) in February 2019.

Wales’ First Minister Vaughan Gething resigns

• Wales‘ First Minister Vaughan Gething has announced his resignation, only four months after taking the job.

Resignation Amid Controversy

• It comes after three of his Welsh government ministers and his top legal adviser dramatically released resignation statements calling for him to stand down.
• Mr Gething has been embroiled in controversy since he took over in March and has been dogged by questions over a £200,000 campaign donation from a businessman convicted of environmental offences.

Cabinet Resignations

• Cabinet members Mick Antoniw, Lesley Griffiths, Julie James, and Jeremy Miles all resigned from their positions and called on Mr Gething to quit.

Roberta Metsola Re-Elected As European Parliament Chief

Election and Term:

• Roberta Metsola was re-elected as President of the European Parliament until 2027.
• She secured 562 votes out of 699 in the first round of voting, attaining an absolute majority.
• Metsola will lead Parliament for the first two and a half years of the 10th legislative term.

Background and Career:

• Born in Malta in 1979, Roberta Metsola has been serving as a Member of the European Parliament (MEP) since 2013.
• She previously held the position of First Vice-President and acted as President following the passing of President Sassoli in January 2022.
• Metsola was elected President for the latter half of the 9th legislative term, marking her as the third female President after Simone Veil and Nicole Fontaine.

European Parliament Composition:

• The European Parliament consists of 720 directly elected Members of the European Parliament (MEPs) who represent various member states and political affiliations.

Rwanda’s President Is Set to Secure Fourth Term With 99% of Vote

• Rwanda votes as President Kagame set to extend rule to secure 4^th term.
• Paul Kagame has been in power since 2000, dominating every election with overwhelming victories, often exceeding 90% of the vote.
• He has effectively led Rwanda since serving as vice president and defence minister from 1994 to 2000.

Domestic Achievements:

• Under Kagame’s leadership, Rwanda has achieved notable advancements, including a clean capital city, Kigali, and the world’s highest proportion of female MPs at 61%.
• His governance style has been likened to that of a CEO, focusing on excellence in various sectors as described in the book “Rwanda, Inc.”

About Rwanda:

• Capital: Kigali
• President: Paul Kagame
• Prime Minister: Édouard Ngirente
• Currency: Rwandan franc (RWF)

CURRENT AFFAIRS: SCIENCE & TECHNOLOGY

Missy Elliott’s ‘The Rain’: NASA beams 1st hip-hop song to Venus in 14 mins

• Lyrics for Missy Elliot’s song “The Rain (Supa Dupa Fly)” were transmitted from the DSN’s Goldstone complex to Venus, about 158 million miles (254 million kilometers) away.
• The agency’s Jet Propulsion Laboratory in Southern California sent the transmission on Friday, July 12.

Deep Space Network (DSN)

• As the largest and most sensitive telecommunication service of NASA’s Space Communications and Navigation (SCaN) program, the DSN has an array of giant radio antennas that allow missions to track, send commands, and receive scientific data from spacecraft venturing to the Moon and beyond.
• To date, the system has transmitted only one other song into space, making the transmission of Elliott’s song a first for hip-hop and NASA.

The Journey of the Song

• The song travelled about 158 million miles (254 million kilometers) from Earth to Venus — the artist’s favourite planet.
• Transmitted at the speed of light, the radio frequency signal took nearly 14 minutes to reach the planet.
• The transmission was made by the 34-meter (112-foot) wide Deep Space Station 13 (DSS-13) radio dish antenna, located at the DSN’s Goldstone Deep Space Communications Complex, near Barstow in
• Coincidentally, the DSS-13 also is nicknamed Venus.

CURRENT AFFAIRS: SPORTS NEWS

Gareth Southgate Steps Down as England Manager After Eight Years

• Gareth Southgate has announced his departure from the role of England coach after a successful eight-year tenure.
• The decision comes despite the Football Association’s hope that he would extend his contract following his leadership to the final of Euro 2024.

Overview of Southgate’s Tenure

• Contract Status: Southgate’s contract was set to be extended, but he has decided to pursue a new challenge.
• Notable Achievements:
  • Euro 2024: Led England to the final, where they finished as runners-up.
  • Euro 2021: Took England to the final, which they lost to Italy.
  • World Cup 2018: Guided England to the semi-finals, where they were defeated by Croatia.
  • World Cup 2022: Led the team to the quarter-finals, where they were eliminated by France.

Career Background

• Initial Appointment: Southgate began his role as England manager on a caretaker basis in September 2016 following Sam Allardyce’s sudden departure.
• Previous Experience: Before managing England, Southgate was involved with the FA since 2011 and had a brief stint as a club manager with Middlesbrough from 2006-2009.
• Manchester United Interest: Southgate has garnered interest from Manchester United, especially after Erik ten Hag’s contract extension this summer.

CURRENT AFFAIRS: OBITUARY

Subhash Dandekar, founder of Camlin, is no more

• Subhash Dandekar, chairman emeritus of Kokuyo Camlin, passed away on July 15 in He was 86.

• Subhash Dandekar took over Camlin from his father, Digambar Dandekar, transforming it from an ink manufacturer into a leading stationery company.
• Under his leadership, Camlin expanded its product range to include office stationery, art materials, writing instruments, and more.

Promoting Camlin Colours:

• Initially faced skepticism from artists regarding product quality.
• Persuaded artists by guaranteeing the longevity of their paintings with Camlin colours.
• Launched the art material division in 1964, pioneering quality art supplies in India.

Business Expansion:

• Introduced writing instruments like stencils and geometry boxes in 1971.
• Formed a joint venture in Southeast Asia for distribution, expanding Camlin’s global footprint.

Later Years and Recognition:

• In 2011, facilitated a major stake acquisition by a Japanese stationery and office equipment giant.
• Actively involved in social organizations and served as the former president of the Maharashtra Chamber of Commerce and Industry.
• Honored with awards such as ‘Game Changers of Maharashtra’ and ‘Lifetime Achievement Award’.

CURRENT AFFAIRS: IMPORTANT DAYS

Nelson Mandela International Day 2024: July 18

• On July 18th, Nelson Mandela International Day 2024 is celebrated and observed worldwide as an honouring event.
• Nelson Mandela International Day (also known as Mandela Day) is a yearly international celebration honouring Mandela that is observed on his birthday, July 18th.
• Theme for 2024: “It’s still in our hands to combat poverty and inequity”.
• On July 18, 1918, Nelson Mandela was born in a village called Mvezo in the Eastern Cape, South Africa.
• In 1963 Mandela was jailed for leading the liberation movement against apartheid and he was referred to by his inmate number, 46664.
• In 1990, Mandela left prison after 27 years.
• In 1994 Mandela was elected President of South Africa and served in office until 1999.
• On July 18, 2009, The first Nelson Mandela International Day was held in New York.

Daily CA One- Liner: July 17

• The National Democratic Alliance (NDA) government has reconstituted NITI Aayog, India’s premier policy think tank, to include new members and adjust the composition of special invitees
• India has completed its fourth periodic review under the International Covenant on Civil and Political Rights (ICCPR) at the UN Human Rights Committee session in Geneva.
• India’s technology and electronics sector is advocating for up to ₹50,000 crore in incentives in the upcoming Union Budget 2024.
• Union Home Minister Amit Shah will officially launch MANAS, India’s first-ever national toll-free telephonic helpline dedicated to addressing narcotics crimes and related issues
• Global travel tech firm FlixBus has entered into a strategic partnership with fintech major Paytm, aimed at expanding its distribution network and enhancing its reach in the travel industry
• Amazon Web Services (AWS) India Private Limited announced its support for the Tamil Nadu Technology (iTNT) Hub to launch a new generative Artificial Intelligence (AI) startup hub program.
• According to Kantar’s Brand Inclusion Index 2024, a significant majority of global consumers are influenced by a brand’s diversity and inclusion (DEI) reputation when making purchasing decisions
• Gareth Southgate has announced his departure from the role of England manager after a successful eight-year tenure.
• Bandhan Bank has introduced a payment solution using Bharat QR Code for Current and Savings account customers.
• The Small Industries Development Bank of India (SIDBI) has partnered with India Post Payments Bank (IPPB) to use the extensive network of postmen for providing credit to micro-entrepreneurs in rural areas.
• The International Monetary Fund (IMF) raised its projection of growth in India’s gross domestic product (GDP) for 2024-25 by 20 basis points to 7% amid a boost in private consumption, especially in rural areas.
• Canara Bank has successfully raised Rs 10,000 crore by issuing infrastructure bonds.
• Kotak Mahindra Bank (KMB) has unveiled a new distribution structure, integrating the physical branch network, digital branch channel (encompassing mobile banking and net banking platforms), and voice channel.
• The State Bank of India (SBI) has launched a special deposit scheme called “Amrit Vrishti” offering a 7.25 per cent interest rate on deposits for 444 days. The scheme also offers an additional 0.50 per cent interest rate to senior citizens.
• India announced a fresh list of 346 military hardware items, including “strategically-important” systems and weapons, that will only be procured from state-run domestic manufacturers after a ban on their import kicks in under a staggered timeline.
• In its latest populist move, the Congress government of Karnataka has cleared a bill that reserves up to 75 per cent of private sector jobs for locals.
• Nallathamby Kalaiselvi, the first woman Director General of the Council of Scientific and Industrial Research (CSIR), was granted a two-year extension in service.
• Wales’ First Minister Vaughan Gething has announced his resignation, only four months after taking the job.
• Roberta Metsola was re-elected as President of the European Parliament until 2027.
• Rwanda votes as President Kagame set to extend rule to secure 4^th
• Lyrics for Missy Elliot’s song “The Rain (Supa Dupa Fly)” were transmitted from the DSN’s Goldstone complex to Venus, about 158 million miles (254 million kilometers) away by NASA.
• Subhash Dandekar, chairman emeritus of Kokuyo Camlin, passed away on July 15 in
• On July 18th, Nelson Mandela International Day 2024 is celebrated and observed worldwide as an honouring event