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

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CURRENT AFFAIRS : BANKING & FINANCE

Union Finance Minister Smt. Nirmala Sitharaman to Unveil NPS Vatsalya Scheme on September 18, 2024    

• In pursuance of the announcement in the Union Budget 2024-25, Union Minister for Finance and Corporate Affairs Nirmala Sitharaman will launch the NPS Vatsalya scheme on September 18, 2024, in New Delhi.

Key Highlights :

Features of the Launch:

• Online Platform: An online platform will be introduced for subscribing to NPS Vatsalya.
• Scheme Brochure: The brochure of the scheme will be released.
• PRAN Cards: Permanent Retirement Account Number (PRAN) cards will be distributed to new minor subscribers.
• Nationwide Events:The launch events will be held at nearly 75 locations across India.
• Other locations will participate via video conference and will also distribute PRAN membership cards to new minor subscribers.
• Scheme Objective:Purpose: NPS Vatsalya is designed to help parents save for their children’s future through a pension account.
• Benefits: Ensures long-term wealth accumulation with the power of compounding.
• Investment Details:Contribution: Parents can invest 1,000 annually in the name of their child.
• Accessibility: The scheme is designed to be accessible to families from all economic backgrounds with flexible contributions and investment options.
• Regulatory Body: The scheme will be administered by the Pension Fund Regulatory and Development Authority (PFRDA).
• Significance: Financial Planning: The initiative promotes long-term financial planning and security for future generations.
• Government Commitment: Highlights the Government of India’s commitment to enhancing financial security and independence for children.

About Ministry of Finance :

• Cabinet Minister : Nirmala Sitharaman
• Minister of State : Pankaj Choudhary
• Finance Secretary : Tuhin Kanta Pandey

Moneyview Becomes 2024’s Sixth Unicorn After Securing $4.6 Million in Funding    

• Fintech start-up Moneyview became the sixth unicorn in 2024 after raising $4.6 million (INR 38.6 Cr) from Accel India and Nexus Ventures.
• After approval from the company’s board, 23 lakh equity shares were allotted to Accel India and Nexus Ventures.

Unicorn Growth in 2024:

• Compared to 2023, there has been an increase in the number of unicorns in 2024.
• In 2023, only two unicorns were created, which include quick commerce start-up Zepto and fintech start-up InCred Finance.
• However, in 2024, by September, six unicorns had been created, including Moneyview.
• The other startups that became unicorns this year are Krutrim, Perfios, Porter, Rapido and Ather.
• Prior to this funding, Moneyview raised $75 Mn in its Series E funding round led by Apis Partners at a valuation of $900 Mn in December 2022.

About Moneyview :

• Founded : 2014
• Headquarters : Bangalore, Karnataka, India
• Founders : Puneet Agarwal and Sanjay Aggarwal.

Securities and Exchange Board of India fast-tracks credit, trading of bonus shares to T+2 days    

• The Securities and Exchange Board of India (SEBI) has decided to shorten the time taken for credit of bonus shares and their subsequent trading to two days from the record date.
• This new rule will apply to all bonus issues announced from October 1.

Key Highlights :

• Timeline Details:Credit of Bonus Shares: Bonus shares will be credited to investor accounts one working day after the record date (T+1).
• Trading of Bonus Shares: Shares will be available for trading on the second working day after the record date (T+2).
• Record Date (T Day):The record date is the cutoff date used to determine which shareholders are eligible for bonus shares.
• Approval Process:Companies must apply to the stock exchange for in-principle approval within five working days from the board meeting that approves the bonus issue.
• Deemed Date of Allotment:Companies must specify the deemed date of allotment, which is the next working day after the record date (T+1).
• Stock Exchange and Depository Requirements:After receiving intimation of the record date and necessary documents, the stock exchange will confirm the record date and notify the bonus shares involved.
• Issuer companies must submit documents to depositories for credit of bonus shares by 12 pm on the next working day of the record date (T+1).
• Trading Availability:Bonus shares must be made available for trading on the next working day after the deemed date of allotment (T+2).
• Purpose of Bonus Shares:A bonus issue involves distributing free shares to existing shareholders as an alternative to dividend payouts.
• Although the number of shares increases, the total investment value remains unchanged.

Recent News :

• In Sep 2024, SEBI established a 22-member advisory committee, chaired by R Gandhi, former Deputy Governor of the Reserve Bank of India (RBI), to streamline listing obligations and disclosure rules.

About SEBI :

• Established: 12 April 1988 as an executive body and was given statutory powers on 30 January 1992 through the SEBI Act, 1992
• Headquarters: Mumbai, Maharashtra
• Chairman: Madhabi Puri Buch
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of the Ministry of Finance, GoI

Axis Bank Expands Wealth Management Services to 15 Additional Cities   

• Axis Bank is expanding its private banking business, Burgundy Private, to 15 new cities.
• This expansion will increase Burgundy Private’s presence to 42 locations across India.

Key Highlights :

• Purpose and Focus:The expansion aims to provide bespoke wealth management services to clients in India’s Tier 2 markets.
• Targeted at addressing the unique needs of discerning clients in these rapidly evolving regions.
• New Locations:The new cities include Bhubaneswar, Patna, Raipur, Agra, Ghaziabad, Jodhpur, Udaipur, Jalandhar, Meerut, Belgaum, Kozhikode, Thiruvananthapuram, Aurangabad, Nagpur, and Gandhidham.
• Assets Under Management (AUM):Burgundy Private has an AUM of nearly ₹2.07 trillion, reflecting a 33% year-on-year increase.
• Currently manages wealth for over 13,000 families across 27 cities.

About Axis Bank :

• Established : 1993
• Headquarters: Mumbai, Maharashtra, India
• MD & CEO: Amitabh Chaudhry

HDFC Bank Aims to Increase Income for 5 Lakh Marginal Farmers by 2025 Through Parivartan CSR Initiative

• The country’s biggest private sector lender, HDFC Bank, looks to increase the income of 5 lakh marginal farmers earning less than Rs 60,000 annually by 2025 as part of its corporate social responsibility (CSR) initiative, Parivartan.
• Parivartan Overview: Launched in 2014, Parivartan is one of India’s largest CSR programs, active in 28 states and 8 Union Territories, with a focus on rural development and sustainable livelihoods.
• CSR Expenditure: HDFC Bank has spent ₹5,100 crore on CSR activities over the last decade, and reported a CSR spend of ₹945.31 crore for FY 2023-24.

Key Initiatives:

• Skill training for 2 lakh individuals to promote self-sufficiency.
• Bringing 2 lakh acres of unirrigated land under irrigation to improve agricultural productivity.
• Providing 25,000 scholarships to meritorious underprivileged students for better access to education.
• CSR Alignment with SDGs: Parivartan aligns its efforts with 9 of the 17 United Nations Sustainable Development Goals (SDGs), focusing on areas like education, skill development, healthcare, and financial inclusion.
• CSR Regulations: Under Section 135 of the Companies Act, 2013, companies that meet the following criteria must mandatorily contribute to CSR:
• Net worth exceeding ₹500 crore.
• Turnover exceeding ₹1,000 crore.
• Net profit exceeding ₹5 crore.
• Sustainable Finance Bond: In February 2024, HDFC Bank raised $300 million through its first sustainable finance bond issue.
• CSR Requirement: Companies covered under the CSR provisions must spend at least 2% of their average net profits from the last three financial years on CSR activities.

About HDFC Bank :

• Founded : 1st July 2023 (via the merger between HDFC-HDFC bank)
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Sashidhar Jagdishan
• Tagline : We Understand Your World

Life Insurance Corporation of India Chooses Infosys for Advanced Digital Insurance Platform Development   

• The Life Insurance Corporation of India (LIC) has selected IT major Infosys to develop its NextGen digital platform.
• This platform will be a comprehensive end-to-end digital insurance solution aimed at providing excellent customer services, sales lifecycle management, and operational support for employees and intermediaries.

What is the NextGen Platform?

• The NextGen Digital Platform will be modular, flexible, cloud-native, and have platform driven architecture which will be capable of quickly adopting innovative technologies, new products and features.
• This platform will form the foundation for building high value business applications such as the Customer & Sales Super Apps, Portals and Digital Branch for LIC.
• Infosys will deliver turnkey system integration services to LIC, utilizing AI capabilities from Infosys Topaz and DevSecOps services from Infosys Cobalt.
• Also, LIC has undertaken a digital transformation programme named DIVE (Digital Innovation and Value Enhancement).
• Under DIVE, LIC aims to significantly boost its digital platform with an aim to provide superior experience to its customers, field force, partners and employees.

About LIC :

• Founded : 1 September 1956
• Headquarters : Mumbai, Maharashtra, India
• CEO and MD : Siddhartha Mohanty

Securities and Exchange Board of India Approves Tenfold Increase in NSE’s Share Capital   

• The Securities and Exchange Board of India (SEBI) has approved amendments to the National Stock Exchange (NSE) memorandum of association, allowing a 10-fold increase in authorised share capital to ₹500 crore.
• This move will pave the way for the bourse’s proposed bonus issue.
• This increase also provides flexibility if the exchange decides to issue fresh shares during its public offering.
• On August 27, the NSE board also sought a no-objection certificate (NOC) from Sebi to move forward with its IPO, which has been delayed due to ongoing regulatory matters, including the co-location case.

About NSE :

• Founded : 1992
• Location : Mumbai, Maharashtra, India
• Chairman : Girish Chandra Chaturvedi
• MD & CEO : Ashishkumar Chauhan
• NSE is under the ownership of various financial institutions such as banks and insurance companies.

ICRA ESG Ratings Issues First Rating to InCred Financial Services   

• ICRA ESG Ratings Limited has assigned its first Environmental, Social, and Governance (ESG) rating to InCred Financial Services, a Non-Banking Financial Company (NBFC).

Key Highlights :

• ICRA ESG Registration:ICRA ESG received registration as a Category-I ESG Rating Provider (ERP) from the Securities and Exchange Board of India (SEBI) earlier this fiscal year.
• ICRA ESG was previously known as Pragati Development Consulting Services Limited (PDCSL).
• Rating Details:InCred Financial Services has been assigned an [ICRA ESG] Impact 57 rating, categorized as Moderate.
• The rating helps assess non-financial risks and opportunities and supports better investment decisions, promoting a more sustainable and responsible investment landscape.
• Purpose of ESG Ratings:The ratings assist entities in understanding and diagnosing their ESG impact and guide them in planning and executing future sustainability actions.
• ICRA ESG Ratings:ICRA ESG offers Impact, Transition, and Combined ratings as per SEBI’s regulatory framework.
• The rating scale ranges from 0 to 100.
• ESG Impact Rating:The ESG Impact Rating reflects the state of a rated entity’s ESG profile in terms of the impact that its business activities create on the environment and the society against the backdrop of its governance practices.

About ICRA Limited :

• Founded : 1991
• Headquarters : Gurgaon, India
• MD & Group CEO : Ramnath Krishnan

Star Health and Policybazaar Introduce ‘SUPER STAR’: A Modular Long-Term Health Insurance Plan     

• Star Health and Allied Insurance Company Limited (Star Health Insurance) and Policybazaar announced the launch of ‘SUPER STAR’, a personalised long-term health insurance plan which is customer-centric in nature with an objective of delivering greater customer value.
• This game-changer product is designed to meet the evolving needs of policyholders and offers unparalleled flexibility and customization.
• The long-term 5-year policy term for individuals and families alike.
• SUPER STAR is a digital-only product available through the Policybazaar website and Star Health’s online portal here.
• The Super Star plan has multiple sum insured options ranging from ₹5 lakh to ₹1 crore.
• Customers will get up to 7.5% discount while purchasing the same policy for their parents or parents-in-law.

About Policybazaar :

• Founded : July 2008
• Headquarters : Gurgaon, Haryana

About Star Health and Allied Insurance Co Ltd  :

• Founded : 2006
• MD & CEO : Mr. Anand Roy

AU Small Finance Bank and Kotak Life Partner to Provide Life Insurance and Financial Security Solutions    

• AU Small Finance Bank (AU SFB) and Kotak Life announced a partnership to offer life insurance and financial security solutions.
• This collaboration is a continuation of Kotak Life’s previous relationship with the former Fincare Small Finance Bank, which is now merged with AU SFB.
• This partnership enables AU SFB’s new and existing customers, including those from former Fincare SFB branches, to access Kotak Life’s full range of life insurance products, such as term, retirement, savings, and select investment plans.

About AU SFB :

• Founded : 1996
• Headquarters : Jaipur, Rajasthan, India
• MD & CEO : Sanjay Agarwal
• AU Small Finance Bank Limited (AU SFB) is a scheduled commercial bank and has established itself as the largest SFB in India since starting its banking journey in April 2017.

About Kotak Mahindra Life Insurance Company Limited :

• Founded : 2001
• Headquarters : Mumbai, Maharashtra, India
• Chairman : Uday Kotak
• MD : Mahesh Balasubramanian
• Kotak Mahindra Life Insurance Company Limited (Kotak Life) is a 100% owned subsidiary of Kotak Mahindra Bank Limited (Kotak). Kotak Life provides insurance products with high customer empathy.

CURRENT AFFAIRS: NATIONAL NEWS

Statistics Ministry to Leverage AI for the Eighth Economic Census in 2025

• The Statistics Ministry plans to use Artificial Intelligence (AI) in the Eighth Economic Census (EC), scheduled from January to December 2025.
• AI will be used to pre-fill data in survey forms, reducing errors and the time required to complete the process.
• AI is expected to become a key tool in future government surveys, helping streamline data collection and analysis.

1. Importance of the Economic Census
   • The Economic Census collects detailed data on the operational and structural characteristics of establishments across India.
   • It provides crucial insights into the geographical distribution, ownership structures, and workforce composition of economic activities.
   • The data is essential for socio-economic development planning at the state and district levels.
2. Increased Frequency of the Census
   • Currently, the Economic Census is conducted every five to seven years, but the government aims to increase its frequency using advanced technology like AI.
3. Seventh Economic Census Results Pending
   • The seventh Economic Census (conducted between 2019 and 2021) results have been delayed due to data quality concerns, but they are expected to be released soon.
4. Historical Data from the Sixth Economic Census (2013-14)
   • The sixth census recorded 58.5 million establishments operating across India.
     • Rural areas accounted for 34.8 million establishments (59.48%).
     • Urban areas had 23.7 million establishments (40.52%).
   • A total of 131.29 million people were employed across these establishments:
     • 67.89 million (51.71%) in rural areas.
     • 63.4 million (48.29%) in urban areas.

Indian Government’s Rs 6,000-Crore Scheme to Promote Precision Farming

• The Indian government has proposed a Rs 6,000-crore initiative to promote precision farming through smart technologies like AI, IoT, and drones.
• The Smart Precision Horticulture Programme, under the Mission for Integrated Development of Horticulture (MIDH), aims to revolutionise Indian agriculture with technology-driven solutions.

Overview of Precision Farming

• Definition: Precision farming, also known as precision agriculture, leverages modern technologies such as GPS, sensors, drones, AI, and IoT to monitor and optimize crop production.
• Goal: Improve resource efficiency (water, fertilizers) and increase crop yields while minimizing environmental impact.

Key Benefits of Precision Farming

1. Increased Productivity: Tailoring inputs like water and fertilizers to specific crop needs.
2. Resource Optimization: Reducing wastage of resources and lowering production costs.
3. Environmental Benefits: Limiting chemical use to protect soil and water.
4. Risk Management: Use of real-time data for better decision-making in uncertain conditions.

Challenges in Precision Farming

1. High Initial Costs: Significant investment needed for advanced tools and infrastructure.
2. Technical Expertise: Training farmers to operate precision tools and analyze data.
3. Digital Divide: Limited internet connectivity in rural areas hampers adoption.
4. Data Management: Interpreting large data sets requires specialized knowledge.

Precision Farming in India

• Current Status: Still in its early stages with limited application, especially in nutrient-use efficiency (NUE) and water-use efficiency (WUE).
• Challenges:
  • Fragmented Land Holdings: Small farm sizes restrict large-scale technology use.
  • Awareness and Cost: Small farmers lack awareness and resources for tech adoption.
  • Infrastructure Gaps: Rural digital infrastructure is underdeveloped.

Government Initiatives

1. Existing Schemes:
   • National Mission on Sustainable Agriculture (NMSA) and Pradhan Mantri Krishi Sinchayee Yojana (PMKSY) for water-use and soil health monitoring.
   • Agriculture Infrastructure Fund (AIF) for financing precision agriculture projects.
   • Digital Public Infrastructure (DPI) for improving farmers’ access to technology.
2. Collaborations: India is partnering with countries like Israel and the Netherlands to establish Centres of Excellence (CoEs) for advanced farming techniques.

Proposed Rs 6,000-Crore Scheme for Precision Farming

• Objective: To promote smart technologies (AI, IoT, drones) for increasing productivity and reducing environmental impacts.
• Coverage: Targeting 15,000 acres and 60,000 farmers between 2024-2029 through the Smart Precision Horticulture Programme under the Mission for Integrated Development of Horticulture (MIDH).

Role of Agriculture Infrastructure Fund (AIF)

• Focus: Financing precision farming projects, including:
  • Farm automation.
  • Drone purchases.
  • Use of sensors and AI for data-driven farming.
  • Remote sensing and IoT applications.
• Benefits: Farmers are eligible for loans with a 3% interest subvention, helping lower the cost of adopting advanced technologies.

8th India Water Week 2024: A Global Event for Inclusive Water Development and Management

• President of India, Smt. Droupadi Murmu, will inaugurate the 8th India Water Week (IWW) 2024 on 17th September in New Delhi.
• Union Minister of Jal Shakti, Shri C. R. Paatil, and Minister of State, Shri Raj Bhushan Choudhary, will also be present.
• The event will witness participation from international water experts, Central and State Government leaders, academics, NGOs, and civil society representatives.

• The theme of IWW 2024
  The theme is “Partnerships and Cooperation for Inclusive Water Development and Management”, emphasizing the need for cross-sectoral collaboration to achieve sustainable water management.

Objectives of India Water Week

• Launched by the Ministry of Jal Shakti, this event aims to facilitate systematic dialogue among water sector stakeholders through seminars, exhibitions, and other sessions.
• Focuses on conservation, preservation, and optimum utilization of water resources.

Key Highlights of the Event

1. Inaugural Session & Ministerial Plenary: Government leaders will share their vision for the water sector.
2. Global Water Leaders’ Plenary: Experts from around the world will present innovative ideas and insights.
3. Water Leaders’ Forum: Sector-specific sessions will feature insights from public and private sectors.
4. Country Forum: Countries like Denmark, Israel, Australia, and Singapore will discuss their contributions to water management.
5. Practitioners’ Forum: Implementers will share best practices in water management.
6. Water Convention: Scholarly papers on water management themes will be presented.
7. Startup Forum: Startups will have the opportunity to pitch innovative solutions for the water sector.
8. Exhibition: Spanning 4,800 square meters, featuring high-tech water solutions from countries like Australia, Canada, USA, and UK.
9. Valedictory Session: A reflection on the outcomes of the event.

International WASH Conference

• Organised by the Department of Drinking Water and Sanitation (Ministry of Jal Shakti), the International WASH Conference will provide a platform for knowledge exchange on Water, Sanitation, and Hygiene (WASH).

Key Organising Partners
The event is co-organized with ministries and departments such as:

• Ministry of Environment, Forest & Climate Change
• Ministry of Power
• Ministry of Agriculture & Farmers’ Welfare
• Ministry of Housing and Urban Affairs
• Ministry of Rural Development

Collaborating International and National Organizations

• Key organizations include World Bank, Asian Development Bank (ADB), World Water Council (WWC), International Water Management Institute (IWMI), ASSOCHAM, and Indian Chamber of Commerce (ICC), which will contribute expertise on water management issues.

ICAR-Central Institute of Fisheries Technology Designated as a Fisheries Incubation Centre

• During the 4th Anniversary Celebrations of the Pradhan Mantri Matsya Sampada Yojana (PMMSY) in New Delhi, the ICAR-Central Institute of Fisheries Technology (ICAR-CIFT) was officially designated as a Fisheries Incubation Centre under PMMSY.
• The announcement was made in the presence of key dignitaries, including:

• Shri Rajiv Ranjan Singh, Union Minister of Fisheries, Animal Husbandry & Dairying, and Minister of Panchayati Raj
• Prof S. P. Singh Baghel and Shri George Kurian, Union Ministers of State for Fisheries and related ministries.

Key Functions of ICAR-CIFT ICAR-CIFT specializes in harvest and post-harvest aspects of fisheries, focusing on areas such as:

• Sustainable harvest systems and eco-friendly craft and gear development
• Hygienic handling, processing, and packaging of fishery resources
• Waste utilization to achieve zero waste in the fisheries sector
• Value addition and extraction of aquatic bioactive ingredients
• Ensuring quality and safety of fishery products
• Development of indigenous, low-cost machinery for the sector, along with hands-on training and dissemination.

Fisheries Incubation Centre: Focus & Impact The newly designated Fisheries Incubation Centre at ICAR-CIFT aims to promote innovation and entrepreneurship in the fisheries and aquaculture sectors. It will focus on:

• Transforming business ideas into viable enterprises, particularly supporting women entrepreneurs and aquapreneurs
• Commercializing fisheries-related innovations
• Offering shared infrastructure like labs, pilot plants, office spaces, and libraries
• Providing mentorship and resource support to startups and Farmer Producer Organizations (FPOs)

Historical Leadership in Incubation ICAR-CIFT has been a leader in fisheries incubation since 2009, having established one of the first Business Incubation Centres in Southern India. This platform has helped entrepreneurs bring innovative ideas to the market.

Contribution to the Blue Economy This recognition further solidifies ICAR-CIFT’s role in advancing the Blue Economy of India, driving innovation, sustainability, and entrepreneurship in the fisheries sector.

ICAI Approves AQMM 2.0 for Enhanced Audit Quality

• The Institute of Chartered Accountants of India (ICAI) has officially approved the second version of its Audit Quality Maturity Model (AQMM 2.0).
• This updated model will be mandatory for audit firms engaged with specific public interest entities, including listed companies, banks, and insurance companies.

Key Details of AQMM 2.0

• Applicability: AQMM 2.0 will apply to audit firms auditing listed entities, banks, and insurance companies. Co-operative and multi-state co-operative banks are excluded.
• Purpose: The AQMM 2.0 is part of a broader initiative to enhance audit quality in response to recent corporate fraud incidents and the role of statutory auditors in detecting malpractices.
• History: AQMM 1.0, introduced in 2021, has been mandatory since April 1, 2023, for firms auditing listed entities, banks, and insurance companies. Firms conducting only branch audits were exempt from this requirement.

Features of AQMM

• Self-Evaluation Tool: The AQMM serves as a self-evaluation tool for audit firms to assess and improve their audit quality maturity.
• Peer Review: The performance level determined by AQMM 1.0 is subject to peer review and is recorded on the ICAI website. This is linked to the validity of the firm’s peer review certificate.
• No Change in Applicability Criteria: The criteria for AQMM 2.0 remain consistent with its predecessor.

Context and Challenges

• Unique Initiative: India’s introduction of a self-evaluation model for audit quality maturity is a unique approach, with approximately 96,000 audit firms nationwide, most of which are proprietorships.
• Recent Disputes: In August 2024, ICAI and the National Financial Reporting Authority (NFRA) were reported to have disagreements over updating domestic audit standards to align with global norms. ICAI representatives expressed concerns about NFRA’s draft norms for revising Standard on Auditing (SA) 600, which would apply only to listed companies and banks, excluding state-run entities.

CURRENT AFFAIRS: MOUS AND AGREEMENT

Vodafone Partners with Microsoft to Deploy AI Assistants Across Operations

• Vodafone Group Plc has signed a major agreement with Microsoft Corp. to integrate AI assistants across its business operations.
• Vodafone will acquire 68,000 licenses for Microsoft’s AI-based Copilot technology, which will be used across Microsoft Office products such as Word, Excel, and Teams.

1. Increased Efficiency Through AI
   • A trial conducted by Vodafone revealed that the use of Copilot helped employees save three hours per week, significantly enhancing operational efficiency.
2. Widespread Adoption of Microsoft’s AI Tools
   • Other prominent companies like Honeywell International Inc. and Finastra Group Holdings Ltd. have also integrated Microsoft’s Copilot
   • According to Microsoft, Copilot usage increased by 60% last quarter, with the number of clients having over 10,000 Copilot users doubling.
3. Microsoft’s AI Integration via OpenAI
   • Microsoft uses OpenAI to integrate advanced AI features within its Office products, enabling improved performance and capabilities.
   • A new feature called Pages enables employees to collaboratively edit AI-generated content, boosting teamwork and creativity.
4. Advanced AI Features for Office Applications
   • New AI tools in Word, PowerPoint, Teams, and Outlook are designed to enhance productivity. For instance, the ‘Prioritize My Inbox’ feature in Outlook helps users manage their emails by prioritizing important messages.
5. Long-Term Vodafone-Microsoft Partnership
   • Earlier this year, Vodafone and Microsoft entered into a 10-year partnership aimed at developing AI, digital solutions, and cloud services for 300 million businesses across Europe and Africa.
6. Leadership Changes at Microsoft
   • Carolina Dybeck Happe, former CFO of General Electric, was appointed as Executive Vice President and COO of Microsoft.
   • Mustafa Suleyman, co-founder of DeepMind, is now leading Microsoft’s AI division.

KRIBHCO and Novonesis Partner to Enhance Agri Biosolutions for Indian Farmers

• KRIBHCO, a leading fertilizer cooperative, and Novonesis, a biological solutions company, have entered a long-term collaboration to improve crop yield and soil quality for Indian farmers.
• The partnership combines KRIBHCO’s strong farmer connections and distribution network with Novonesis’ scientific expertise and dynamic biological solutions portfolio, benefiting Indian agriculture.

1. First Phase of Collaboration:
   • The collaboration will launch ‘KRIBHCO Rhizosuper’, a Mycorrhizal Biofertilizer powered by Novonesis’ LCO Promoter Technology®, which enhances microbial activity and plant growth.
   • Indian farmers across all crops will benefit from this advanced biofertilizer, which improves the use of phosphatic fertilizers, other nutrients, and water.
2. Technology Highlight:
   • LCO (Lipo-chitooligosaccharides) Promoter Technology® is a signaling molecule that boosts the natural processes of plants and improves communication between plants and soil microbes, essential for nutrient uptake and plant health.
3. Future Developments:
   • The partnership aims to explore more biosolutions in the plant health space and support KRIBHCO in enhancing its biofertilizer production facilities.
4. Focus on Sustainability:
   • Both companies are committed to sustainable agriculture by reducing reliance on chemicals, rejuvenating soil health, and ensuring food security in the face of climate change.

CURRENT AFFAIRS: AWARDS AND HONOURS

2024 Primetime Emmy Awards:

• The 2024 76^th Emmy Awards were held at the Peacock Theatre and broadcast live on Lionsgate Play in India, celebrating exceptional television performances and productions.

Comedy Categories:

• Best Comedy Series: Hacks – WINNER
• The Bear set a record with 11 Emmy wins, including:
  • Best Lead Actor in a Comedy Series: Jeremy Allen White
  • Best Supporting Actress: Liza Colón-Zayas (first Latina winner)
  • Best Supporting Actor: Ebon Moss-Bachrach
  • Best Directing: Christopher Storer

Drama Categories:

• Best Drama Series: Shogun – WINNER
  • Best Actress in a Drama Series: Anna Sawai (first Japanese actress to win)
  • Best Actor in a Drama Series: Hiroyuki Sanada (first Japanese actor to win)
  • Best Directing: Frederick E.O. Toye

Limited or Anthology Series:

• Best Limited Series: Baby Reindeer – WINNER
  • Best Lead Actor: Richard Gadd
  • Best Supporting Actor: Lamorne Morris (Fargo)
  • Best Supporting Actress: Jessica Gunning (Baby Reindeer)

Reality and Talk Series:

• Outstanding Talk Series: The Daily Show – WINNER
• Outstanding Reality Competition: The Traitors – WINNER

Writing and Directing:

• Outstanding Writing for a Drama Series: Slow Horses – WINNER
• Outstanding Writing for a Comedy Series: Hacks – WINNER
• Outstanding Writing for a Variety Special: Alex Edelman: Just For Us – WINNER
• Outstanding Directing for a Drama Series: Shogun – Frederick E.O. Toye
• Outstanding Directing for a Comedy Series: The Bear – Christopher Storer – WINNER
• Outstanding Directing for a Limited or Anthology Series: Ripley – Steven Zaillian – WINNER

Special Recognition:

• Governors Award: Greg Berlanti
  The Emmys returned with grandeur after delays due to last year’s strikes, highlighting the finest in television storytelling and talent.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

World Trade Organization Chief Ngozi Okonjo-Iweala to Pursue Second Term   

• Ngozi Okonjo-Iweala, the Director-General of the World Trade Organization (WTO), is seeking a second term.
• Her current term expires on August 31, 2024.
• Okonjo-Iweala made history in 2021 by becoming the first female and first African Director-General of the WTO.
• The WTO is facing rising protectionism from some of its founding members, impacting its role as a rule-setting body for international commerce.
• The appointment process is done by consensus of the WTO’s 166 members, typically starting nine months before the expiry of the current term.
• Okonjo-Iweala, a former Nigerian finance minister, has had mixed support from the past two US executives — both of which have pushed for reform at the WTO.
• During the 2020 U.S. presidential election year, the Trump administration supported Yoo Myung-hee (then South Korean Trade Minister) as WTO Director-General, which slowed the selection process.
• The Biden administration, elected in early 2021, supported Okonjo-Iweala, leading to her appointment.

About WTO :

• Established : 1 January 1995
• Headquarters : Geneva, Switzerland
• Membership : 166 members (162 UN member states, the European Union, Hong Kong, Macao, and Taiwan

RS Sharma appointed as  Non-Executive Chairperson of Open Network for Digital Commerce   

• The Open Network for Digital Commerce (ONDC) announced the appointment of RS Sharma as the Non-Executive Chairperson of ONDC.
• In his career in the Indian Administrative Service (IAS), he has held many key positions, including Director General and Mission Director of UIDAI, Chairman of TRAI, and CEO of the National Health Authority.
• He has been a member of the ONDC Advisory Council and the ONDC Technology & Strategy Review Council.

About ONDC :

• Founded : 31 December 2021
• CEO: Thampy Koshy
• ONDC, is a private non-profit Section 8 company established by the Department for Promotion of Industry and Internal Trade of Government of India to develop open e-commerce.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

SpaceX Launches Polaris Dawn Mission: Civilian Crew Embarks on First-Ever Spacewalk by Non-Professional Astronauts 

• SpaceX launched its daring Polaris Dawn mission, a multiday orbital expedition carrying a four-member civilian crew for the first spacewalk by non-professional astronauts.
• The mission will involve orbiting through the Van Allen Belts.
• The Allen Belt discovered in the 1950s is Located beyond low-Earth orbit, these radiation belts were discovered in 1958 by astrophysicist James Van Allen who helped uncover the key to enabling exploration of the outer solar system.

Key Highlights :     

• Polaris Program:The Polaris Program is a series of three space missions in collaboration between Jared Isaacman, founder of Shift4 Payments, and SpaceX.
• Polaris Dawn is the first of these missions.
• Aimed to fly deeper into space, reaching a peak altitude of 1,400 km, beyond the altitude of the International Space Station (ISS).
• Crew and Mission Objectives:The mission is led by Jared Isaacman, CEO of Shift4 Payments.
• The objective includes testing trailblazing space technology, including advanced spacesuits and depressurization processes for future missions.
• The mission involves two astronauts from a SpaceX capsule conducting the world’s first private spacewalk.
• Jared Isaacman (41) and Sarah Gillis (30) were the first two non-government astronauts to perform a spacewalk, tethered to the Crew Dragon spacecraft.
• Spacewalk Details:Spacewalk duration: scheduled for 30 minutes, but took a total of 1 hour and 46 minutes due to preparation and completion procedures.
• Tested new slim spacesuits and full depressurization of the Crew Dragon cabin.
• Significance of Polaris Dawn:The mission tested technology that could be utilized in future private space missions, with SpaceX as a major collaborator.
• It marks a milestone in commercial space exploration and private space travel.
• Previous Experience:Jared Isaacman previously funded and flew on the Inspiration4 mission with SpaceX in 2021

About SpaceX :

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

CURRENT AFFAIRS: SPORTS NEWS

Detailed Overview of the 21st HCL International Bridge Championship

• The 21st HCL International Bridge Championship recently concluded in Delhi with a series of highly competitive events, showcasing exceptional skill and strategy in the game of bridge.
• The championship featured multiple categories, including the Mixed IMP Pairs event, where players competed for top honours and significant prizes.

Mixed IMP Pairs Event

• Winning Pair: Arun Jain & Gopika Tandon
  Score: 69 points
  Prize: ₹2,50,000
  Details: Arun Jain and Gopika Tandon clinched the top position in the Mixed IMP Pairs event, demonstrating a high level of skill and teamwork to secure victory. Their performance was marked by strategic plays and precise bidding.
• Runners-up: Alka Kshirsagar & Joyrup Mullick
  Score: 68 points
  Prize: ₹1,80,000
  Details: Alka Kshirsagar and Joyrup Mullick finished just one point behind the winners. Despite a close contest, they showcased strong performances and strategic expertise throughout the event.
• Third Place: Marianne Karmarkar & Sandeep Karmarkar
  Score: 54.3 points
  Prize: ₹1,20,000
  Details: The Karmarkar duo secured third place with a solid performance, earning recognition for their adept handling of the bridge challenges.

Mixed IMP Pairs Silver

• Winners: T.V. Ramani & Bindiya Kohli
  Score: 72.2 points
  Details: In the Silver category, T.V. Ramani and Bindiya Kohli emerged victorious, showcasing their abilities and strategy in this competitive section.
• Runners-up: Dagmar Neumann & Maurits van der Vlugt
  Score: 60 points
  Details: The pair of Dagmar Neumann and Maurits van der Vlugt finished in second place, reflecting their competitive edge and tactical acumen.
• Third Place: Timur Edis & Elvan Edis
  Score: 48 points
  Details: Timur Edis and Elvan Edis secured third place, rounding out a strong performance in the Silver category.

Mixed IMP Pairs Strata-II

• Winners: Aditi Sahastrabuddhe & Hemant Purkar
  Score: 91.8 points
  Details: Aditi Sahastrabuddhe and Hemant Purkar excelled in the Strata-II category, showcasing exceptional skill and coordination.
• Runners-up: Amarjit Wadhawan & Nikita Kamal
  Score: 90.7 points
  Details: The team of Amarjit Wadhawan and Nikita Kamal finished as runners-up, displaying a strong understanding of the game.
• Third Place: Kamna Sharma & Ajus Kantii Baroi
  Score: 78.4 points
  Details: Kamna Sharma and Ajus Kantii Baroi rounded out the top three in this category with a commendable performance.

Event Structure and Participation:

• Total Pairs Competed: 102
• Finals Qualification: The top 26 pairs from the initial rounds qualified for the finals.
• Silver Category: An additional 24 teams competed in the Silver category.

Upcoming Events: The championship will continue with the main event of Team of Four, featuring both gold and silver competitions. Other pairs events are also scheduled, promising more exciting matches and strategic plays.

Top Seed Ajay Malik Triumphs in AITA Men’s Tennis Tournament

• The Rs. 100,000 AITA Men’s Tennis Tournament, held at the Ace Academy, concluded with top seed Ajay Malik clinching the championship title.
• The tournament showcased competitive matches and high-level tennis.

Final Match Result:

• Champion: Ajay Malik
  Final Score: 6-4, 6-4
  Opponent: Vansh Nandal (8th Seed)

Performance Highlights:

• Ajay Malik:
  • Achievement: Won the tournament without dropping a set throughout the competition.
  • Final Match: Demonstrated consistent and high-level performance in both sets, securing a straight-set victory.
• Vansh Nandal:
  • Achievement: Reached the final as the eighth seed, showing strong form and competitive play throughout the tournament.
  • Final Match: Despite a strong effort, was unable to overcome the top seed in the final.

CURRENT AFFAIRS: IMPORTANT DAYS

World Bamboo Day 2024: September 18

• Every year 18th of September is celebrated as World Bamboo Day.
• the World Bamboo Organization recognized World Bamboo Day in the year of 2009.
• World Bamboo Day was founded by Kamesh Salam, the former president of the World Bamboo Organization.
• The World Bamboo Organization Headquarters was located in Antwerp, Belgium.
• The 8th World Bamboo Congress was held in Bangkok on 18 September 2009.
• So on this day, the World Bamboo Organization declared that every year the 18th of September is observed as World Bamboo Day.
• The World Bamboo Congress organized this day in order to achieve the protection of natural resources and to promote new cultivation of Bamboo for new industries in regions around the world.

Daily CA One- Liner: September 18

• The Statistics Ministry plans to use Artificial Intelligence (AI) in the Eighth Economic Census (EC), scheduled from January to December 2025.
• The Indian government has proposed a Rs 6,000-crore initiative to promote precision farming through smart technologies like AI, IoT, and drones.
• President of India, Smt. Droupadi Murmu will inaugurate the 8th India Water Week (IWW) 2024 on 17th September in New Delhi
• During the 4th Anniversary Celebrations of the Pradhan Mantri Matsya Sampada Yojana (PMMSY) in New Delhi, the ICAR-Central Institute of Fisheries Technology (ICAR-CIFT) was officially designated as a Fisheries Incubation Centre under PMMSY
• The Institute of Chartered Accountants of India (ICAI) has officially approved the second version of its Audit Quality Maturity Model (AQMM 2.0).
• Vodafone Group Plc has signed a major agreement with Microsoft Corp. to integrate AI assistants across its business operations
• KRIBHCO, a leading fertilizer cooperative, and Novonesis, a biological solutions company, have entered a long-term collaboration to improve crop yield and soil quality for Indian farmers
• The 2024 76^th Emmy Awards were held at the Peacock Theatre and broadcast live on Lionsgate Play in India, celebrating exceptional television performances and productions
• The 21st HCL International Bridge Championship recently concluded with a series of highly competitive events, showcasing exceptional skill and strategy in the game of bridge.
• The Rs. 100,000 AITA Men’s Tennis Tournament, held at the Ace Academy, concluded with top seed Ajay Malik clinching the championship title
• In pursuance of the announcement in the Union Budget 2024-25, Union Minister for Finance and Corporate Affairs Nirmala Sitharaman will launch the NPS Vatsalya scheme on September 18, 2024, in New Delhi.
• Fintech start-up Moneyview became the sixth unicorn in 2024 after raising $4.6 million (INR 38.6 Cr) from Accel India and Nexus Ventures.
• The Securities and Exchange Board of India (SEBI) has decided to shorten the time taken for credit of bonus shares and their subsequent trading to two days from the record date.
• Axis Bank is expanding its private banking business, Burgundy Private, to 15 new cities.
• The country’s biggest private sector lender, HDFC Bank, looks to increase the income of 5 lakh marginal farmers earning less than Rs 60,000 annually by 2025 as part of its corporate social responsibility (CSR) initiative, Parivartan.
• The Life Insurance Corporation of India (LIC) has selected IT major Infosys to develop its NextGen digital platform.
• The Securities and Exchange Board of India (SEBI) has approved amendments to the National Stock Exchange (NSE) memorandum of association, allowing a 10-fold increase in authorised share capital to ₹500 crore.
• ICRA ESG Ratings Limited has assigned its first Environmental, Social, and Governance (ESG) rating to InCred Financial Services, a Non-Banking Financial Company (NBFC).
• Star Health and Allied Insurance Company Limited (Star Health Insurance) and Policybazaar announced the launch of ‘SUPER STAR’, a personalised long-term health insurance plan which is customer-centric in nature with an objective of delivering greater customer value.
• AU Small Finance Bank (AU SFB) and Kotak Life announced a partnership to offer life insurance and financial security solutions.
• Ngozi Okonjo-Iweala, the Director-General of the World Trade Organization (WTO), is seeking a second term.
• The Open Network for Digital Commerce (ONDC) announced the appointment of RS Sharma as the Non-Executive Chairperson of ONDC.
• SpaceX launched its daring Polaris Dawn mission, a multiday orbital expedition carrying a four-member civilian crew for the first spacewalk by non-professional astronauts.
• Every year 18th of September is celebrated as World Bamboo Day.

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